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fin atiri.al
0111111rttial
Volume 137
lirtintrie
New York, Saturday, July 22 1933.
Number 3552
The Financial Predicament of New York City—Further Elimination of Salary
Increases the Remedy,Rather Than New Tax Levies.
OVERNOR LEHMAN has yielded reluctantly to
the requests of the Board of Estimate and Apportionment of the City of New York and has called
an extra session of the State Legislature, to convene
on Wednesday of next week, for the purpose of providing means with which to raise an additional
$41,000,000 of revenue so as to enable the City to
finance further expenditures for work and home
relief. The City authorities had petitioned the Governor to call an extra session of the Legislature to
enact "revenue bills that will provide the funds
required during the term of the emergency."
In his reply indicating that he would call an extra
session, since there appeared to be no other course
open to him, and though he found himself utterly
out of harmony with the proposals for raising the
amounts needed, Governor Lehman took occasion
to go into careful analysis of the City's situation
and to make certain observations which the Administration of the City could hardly have relished, but
which the latter might well take seriously to heart.
The Governor points out that there are ovbiously
two ways in which additional funds might be made
available to the City. The first would be through
reductions in the operating budget; the second by
levying additional taxes. As to the first he said:
"I assume that your Board will effeet every possible
economy so that governmental cost may be reduced
to the lowest point consistent with the maintenance
of the essential functions of the City." But he
also went on to add: "I urge the necessity for
further reduction of the budget to the end that
additional savings be made and the credit of the
r_lity thereby improved."
This last is good and sensible advice, and is the
method by which the existing emergency should be
met, rather than by burdening the community with
additional taxes. The Governor also said that he
deemed it his duty to remind the Board of Estimate
that the immediate question of securing funds to
finance unemployment relief, while of the utmost importance, was only one phase of the general financial situation of the City. It appeared from public
statements of the Comptroller, he averred, that the
City has a large aggregate of floating indebtedness
which comes due within the next few months. This
must be met either through payment, extension or
refunding into long-term obligations. The Gover-
G
nor also called the attention of the Board of Estimate to the fact that last December, while he was
serving as Acting Governor, he was suddenly confronted with the responsibility of calling an extraordinary session to permit the City of New York to
meet an emergency situation. As to this he remarks: "Because of the urgency of the situation
I had no choice but to comply with the request.
Since then, you will recall, that on several other
occasions there have developed so-called 'financial
crises' in the affairs of the City, which were cared
for only at the last minute, and which undoubtedly
affected the credit of the City. Now comes this
request for another extraordinary session."
In other words, the City is in chronic financial
difficulties, and the Governor is simply stating a
well-known truth when he says so. All this merely
emphasizes the Governor's warning of "the necessity for further reduction of the budget to the end
that additional savings be made and the credit of
the City thereby improved." And this object, in
our estimation, can be attained in no better way
than by the elimination of some more of the salary
increases which were made with such prodigality
during the last 10 years, either directly by the City
authorities, or through the mandate of the State
Legislature, often in response to the request of these
same City authorities. We believe it correct to say
that no other municipality in the country during the
last dozen years made salary increases with such
great freedom and in such a wholesale way as did
the City of New York. The general feelink seemed
to be that the City had endless sources of revenue
with which to meet demands of that kind and a
ready means of providing additional revenue seemed
always at hand in the raising of the assessed values
and actually billions were added to these assessed
values in the short space of a few years, with the
result that the tax rate was prevented from rising,
thereby conveying the impression that the City was
being administered with due economy when the reverse was the case, and the yearly budget kept increasing by the hundreds of millions. Between 1923
and 1931 the assessed value of City property was
raised from $11,060,821,243 to $20,073,060,764, while
the City budget was run up from $353,350,975 in
1923 to $631,366,297 in 1932, without counting the
contribution by the State towards education, which
534
Financial Chronicle
amounted to $18,542,556 in 1923 and $47,023,649
in 1932.
We say that no better way can be suggested of
reducing the budget of expenses than by the elimination of "some more" of the salary increases of recent
years, because last December certain salary reductions were put into effect at the special session of the
State Legislature to which reference has already
been made, this having been done in response to the
demand of the bankers, who insisted on a cutting
down of the budget before they would extend further
aid to the City in meeting its pressing current obligations. These salary reductions, however, canceled
only a part of the tremendous salary increases previously made, and the aim now ought to be to cancel
the remainder of such increases. It was estimated
at the time that the City payroll had been reduced
through these reductions in the aggregate amount
of $19,112,068. But as proving that these reductions, while substantial, went only part way in the
process, it is necessary only to enumerate a few
instances of the exact changes made in the case of
the higher officials of the City government.
Thus we find that the President of the Board of
Aldermen, whose salary was increased from $15,000
to $25,000 beginning with 1930, has been reduced to
$20,000, which is still $5,000 more than the rate
of pay before the advance in 1930. In like manner
the Corporation Counsel, whose salary in 1930 was
raised in the same manner from $15,000 to $25,000,
now, after the 1933 cut, is still $5,000 in excess of
his pay before the increase of 1930. The Mayor, who
had his salary increased towards the close of 1929
from $25,000 to 0,000, now gets $29,915, or nearly
$5,000 more than the rate of pay before the 1930
increase.
The six Commissioners of the Board of Taxes and
Assessments, who were getting $9,000 and were
raised in 1930 to $12,000, have suffered a cut, but
only to $10,840, leaving still an addition of $1,840
over the amount previously paid. The New York
"Evening Post" on June 13 1933 published a table
prepared by the City Party, which showed that 49
high positions in the City Administration are still
paying higher salaries than before the increase made
at the close of 1929. It was also pointed out that 39
City officials receiving more than $10,000 a year
are still getting higher pay after the cuts of last
December than in the prosperous year 1929. We
reproduce this table below, and have also made footings to show the total amount involved, after allowing for the number of officials to be taken into
account where there is a body of officials at a given
rate of pay. This table shows that the 78 positions,
the aggregate pay of, which was $685,000 before the
increase of 1930, and the amount of which was raised
by said increase to $873,500, are now receiving
$768,575, which is $83,575 in excess of what these
positions paid in the aggregate before the increase
referred to-which shows how much room there is
for further reductions in order to get back to the
Tqty scale before the notorious rise in 1930.
July 22 1933
PRESENT SALARIES OF NEW YORK CITY OFFICIALS
COMPARED WITH 1932 AND 1929.
Salary
Position1933.
1932.
1929.
President Board of Aldermen
$20,000 $25,000 $15,000
Assistant to Board of Aldermen
9,140
10,000
6,500
City Clerk
10,840
12,000
10,000
First Deputy City Clerk
7,790
8,500
7,500
Secretary Board of Estimate and Appropriations__
10,840
12,000
10,000
Mayor29,915
40,000
25,000
Director of Budget
15,040
17,500
12,000
Secretary to Mayor
13,390
15,000
12,000
Controller
28,000
35,000
25,000
Chamberlain
13,390
15,000
12,000
Corporation Counsel
20,000
25,000
15,000
President Board of Taxes and Assessments
13,390
15,000
12,000
Commissioners, Board of Taxes and Assessments (6)- 10,840
12,000
9,000
Commissioners, Board of Elections (4)
7,340
8,000
8,000
President Municipal Civil Service Commission
9,140
10,000
8,500
Commissioners, Municipal Civil Serv. Corn. (2)
7,790
8,500
7,500
Commissioner of Accounts
13,390
15,000
10,000
Commissioner of Licenses
13,390
15,000
10,000
Commissioner of Public Markets
13,390
15,000
10,000
Borough Presidents (5)
16,695
20.000
15,000
Commissioners of Public Works (5)
10,840
12,000
10,000
President Park Board
10,840
12,000
10,000
9,140
Commissioners of Park Board (4)
10,000
9,000
Commissioner of Health
13,390
15,000
10,000
Commissioner of Public Welfare
13,390
15,000
10,000
13,390
Commissioner of Hospitals
15,000
10,000
13,390
Commissioner of Tenement Houses
15,000
10,000
Commissioner of Water Supply, Gas and Electricity 13,390
15,000
10,000
13,390
Commissioner of Correction
15,000
10,000
13,390
Commissioner of Plant and Structures
15,000
10,000
13,390
Commissioner of Docks
15,000
10,000
Commissioner of Purchases
13,390
15,000
12,000
7,340
Chief Clerk, Magistrate Courts
8,000
8,000
4,185
Municipal Court Clerks (25)
4,500
4,500
Grand totals
$768,575 $873,500 $685,000
Our contention is that the whole of this rise of
1930 should be expunged. Not only that, but that
all other salary increases made, say, during the last
10 years, should also be expunged-and these salary
increases were numerous in all branches of the City
government-and that if this were done it would go
a great way, if not the entire way, toward wiping
out the budget deficiency under which the City
government is now laboring. This is the view, too,
of all the mercantile bodies of the City which have
made an investigation into the subject and expressed
their opinion in the matter. Thus the Chamber of
Commerce of the State of New York,ever alive to the
City's welfare, on June 7 1933 reiterated its opposition to the raising of additional City revenues by
increasing taxation, and again urged reduction in
mandatory salaries and the elimination of unnecessary positions. James Brown, President of the
Chamber, sent the following telegram to Mayor
O'Brien at the time: "The Chamber of Commerce
of the State of New York has repeatedly recommended curtailment of municipal expenditures, but
with little success, and is opposed to any method
for raising new revenues in its place. Reduction in
mandatory salaries and elimination of unnecessary
positions can be effected by special session of State
Legislature also approved by Chamber."
This hits the nail on the head, and is the policy
that the City Administration should implicitly
accept for its guidance. Not alone should all sinecures and useless job-holders be abolished, which of
course is a necessary preliminary in any event, but
during the last 10 years there have been innumerable
wage and salary advances, as already stated, some
of them mandatory but a great many others voluntary. It should now be made a specific requirement
that all these wage and salary increases, both in the
'case of the higher officials and the lower officials,
and also in the case of all other bodies of employees
for which the City is in any way responsible, be
reduced to their former levels. Mere reductions of
5% or 10% or 15%, or higher, such as have recently
been undertaken, will not suffice for the purpose
where the antecedent increases have been two or
Volume 137
Financial Chronicle
three times that amount. Every rate of pay, from
that of the Mayor himself down to the lowest city
office-holder, should at once be reduced to the level
of 10 years ago. Where there has been no increase
there will be no reduction, but where there have been
big increases, as has so generally happened, the former scale of pay should be quickly restored, and no
body of City employees should be allowed to escape,
considering the necessities of the City—the rate of
pay should be put back to the level that prevailed
say 10 years ago, since, owing to the City's distress
and desperate financial plight, no other course is
open.
We wish to say, too, that this rule should be applied in the case of the school teachers, as well as
in the case of all other City employees. We are
prompted to make this remark because we notice
that the Citizens' Budget Commission, with Peter
Grimm as Chairman, in a letter under date of
July 17 to Governor Lehman, suggesting retrenchment measures for the City to follow, while giving
much sensible advice which the community should
insist that the City Administration heed, enumerates as one of the things to be done "the repeal of
mandatory salary laws," but says "except as to
teachers." We think there ought not to be any such
exception. On the contrary, the big increases given
the teachers in 1927, after a long antecedent series
of increases, presents the most flagrant case of all.
An addition to the City payroll was made at that
time for which there was not the slightest warrant
or justification. It was simply an unconsionable
raid upon the City Treasury. A special Commission which then had the salary increase under consideration made unqualified admission that the City
teachers were then receiving (without the proposed
increase) a higher rate of pay than was being paid
for the same kind of professional work in other
cities of the United States, but recommended the
increase nevertheless. And the City Administration
seemed only too anxious to placate this body of
voters. To be sure, last December, at the special
session of the Legislature to which several references
have already been made, a reduction in school teachers' pay was forced after most vociferous protests
upon the part of the representatives of the teachers,
but these reductions eliminated only a part of the
big increases made in 1927. These reductions were
on a graded scale, running from 6% on the first
42,000 of the wage to 33 9/10% on amounts of wage
:and salary above $15,000 per year. But, as said,
this still left a considerable part of the huge increase
made in 1927 unaffected. And this remainder
.should now also be eliminated.
We think this paper was the only publication that
took a vigorous stand against the unpardonable increase of 1927, and what we then said in opposition
is worth reprinting now when retrenchment and
economy in City affairs are such an urgent need of
the day. We went into a long and extensive analysis
of the pay of the City school teachers at that time,
showing not only the proposed increases of 1927
535
(subsequently adopted) but also the long series of
preceding increases, using as a basis figures prepared by the special Commission of Fifteen, and
we now reprint a few extracts from our remarks at
that time. The article itself which we then published on the subject covered nearly five of the
"Chronicle" pages, and appeared in our issue of
April 2 1927 (pages 1879 to 1883), but we have room
for only a few especially pertinent excerpts from
the same to illustrate our point, as per the following:
REPRINT OF ARTICLE ON SCHOOL TEACHERS' PAY IN "FINANCIAL
CHRONICLE" OF APRIL 2 1927.
It is high time that the public became aroused as
to what is going on in the matter of raising the salaries of New York City school teachers and gave consideration to the utter lack of merit there is in the
proposition. Year after year proposals of one kind
or another keep cropping up for making these wage
increases and involving additions to the City Budget
running all the way from $15,000,000 to $20,000,000
a year. The "cause" of the City teachers—if such
it can be called—is being urged with a persistency
that is perfectly amazing and which has few if any
parallels in endeavors to add to the pay of other
Governmental employees.
. . •
Are these school teachers really being underpaid?
Is there any basis for the idea, to which such wide
currency is being given, that they are now and have
for a long time been badly treated from the standpoint of proper compensation? Authentic material
is now available for determining the question, and
this material is illumining in the highest degree.
It completely knocks away any and every prop that
may have been supposed to exist in support of the
argument in favor of higher pay. These school teachers are not being underpaid. The exact reverse is the
case.
The material to which we allude is contained in
the report rendered on March 14 by the Mayor's Committee on Teachers' Salaries. The Committee was
an entirely friendly one, as is evident from the tenor
of its remarks. The Committee indeed recommends
pay increases which it takes pains to declare "it justi
fies entirely upon the need for attracting to the
schools a better quality of teachers and offering inducements which will hold them in the service And
stimulate professional growth and increased devotion to their work for the children." As a matter of
fact, every page in the report refutes the idea that
• any such need exists or that any such inducements
are necessary, since they are already present to an
overwhelming degree.
Indeed, the Committee finds itself obliged to say
that "at the present time there seems to be no dearth
of candidates for teaching positions except in cases
where unusual qualifications are demanded. The
training schools are overcrowded, and the fact that
the entering classes are increasing in size is evidence
that the overcrowding is not due entirely to the
lengthening of the training school course. The time
is not far distant when the City schools will be unable
to absorb the products of the training schools unless
this product is limited in number by higher standards
of admisgion."
The Committee was appointed on Oct. 10 last. It
was appointed in response to a resolution adopted
by the Board of Estimate and Apportionment a considerable time before. The resolution noted that a
number of bills were pending before the Governor
providing for salary increases, and that the City
Comptroller had reported that one of these bills
singled out for special mention, namely, that by
Assemblyman Ricca, "would require an additional
expenditure of $17,000,000 for teachers' salaries next
Financial Chronicle
536
year, and that the City is financially unable to meet
this increase within the 2% constitutional tax limitation," and inasmuch as the increases contained in the
various bills were not believed to be founded on a
scientific or disinterested basis the resolution provided that "a committee of fifteen be designated to
make a thorough and scientific study of the entire
question of teachers' salaries in the City of New
York,five members to be appointed by the President
of the Board of Education, 10 members to be appointed by the Mayor, and to proceed with diligence
and make a report at the earliest possible date." It
is this Committee that has now rendered its report.
In the first place, the report destroys the illusion
that there have been no previous pay increases for
the teachers. There have been many of them, the
last in 1920, at the time when commodity values were
on such an inflated basis. Indeed, there were two
increases in 1920, one in January and the other in
August, the effect of the two together being to raise
the pay in many cases over 100%. This fact should
be clearly kept in mind that in 1920, as the result of
two separate increases, the teachers had their pay
doubled and in some instances more than doubled.
Yet they are not satisfied. The report points out that the present salary agitation by members of the supervising and teaching
staff dates back to 1924, when the teachers introduced into the Legislature a bill designed to increase
substantially the salary schedules for members of
the supervising and teaching staff. This bill was
passed by the Legislature in 1925 and was vetoed by
the Governor. In 1926 a revised bill was again
passed by the Legislature and vetoed by the Governor. In each instance Governor Smith took the position that under the Home Rule Law the City had
full and adequate power to determine what salaries
should be paid to its teachers. The report states
that the teachers' salary laws of 1898, 1900, 1912,
1919 and 1920 "have steadily raised the rates of pay"
of the teachers and furnishes the following schedule
of the rates for the larger groups of the teaching
force in support of the statement. We have added
a line to show the further increases now suggested:
ElementaryHigh School
Minimum. Maximum. Minimum. Maximum.
$2,160a
$900d
$2,100a
$720a
*1898--Men_ _
1,800f
1,360c
900e
500b
Women _
2,400
1,300
2,400
900
1900-Men _ _ _
1,100
1,440
1,900
600
Women_
1,820
900
2,650
720
1912
900
2,650
1,920
900
1919
1,350
2,700
3,150
1,005
1920-Jan. 1_ _
1,900
3,700
3,250
1,500
Aug
Proposed and
subsequently
2,148
4,656
4,092
1,608
adopted__
*There were different rates in each Borough. These represent the lowest
single rate and the highest single rate, the latter for 8B teachers.
a Manhattan and Bronx. b Brooklyn. c Queens. d Richmond. e Richmond and Queens. !Manhattan, Bronx and Brooklyn.
The report also furnishes the following tabulation
to show the cost of the foregoing increases as reflected in the total salary payments for the years
given. The school register and the total number of
teachers are also shown:
1901
1912
1920_
1922
1925
Register.
440,286
693,249
829,573
902,872
964,804
Number of
Teachers.
11,393
18,897
25,135
27,092
30,506
Paid in
Salaries.
$15,579,977.87
28,161,997.38
54,599,458.04
73,328,878.0
82,222,465.41
It will be seen from this last table that while as
between 1901 and 1925 the school register, or number of pupils, increased only 2.19 times (rising from
440,286 to 964,804) and the number of teachers 2.68
times (the number rising from 11,393 to 30,506) the
payroll increased over 51/4 times, in exact figures
5.27%,rising from $15,579,977 in 1901 to no less than
$82,222,465 in 1925. The report observes that notwithstanding these tremendous increases from 1901
July 22 1933
to 1926, "the teaching force in 1924 again sought
legislation increasing salaries." The Committee,
after saying that it also has investigated the cost of
living and the relative drawing power of positions
outside the teaching force, makes the unqualified
declaration that "from these investigations it has
reached the conclusion that neither the cost of living,
nor the drawing power of other positions, justifies
any substantial increase in the rates paid to teachers
over those fixed in 1920."
A table is given of salaries paid to elementary
teachers in a number of cities having from 30,000 to
100,000 population and this shows that the present
York City elementary teachers is
maximum for New'
far in excess of the highest paid to any of them. Another table is presented to show the salaries paid
elementary teachers in the larger cities of the United
States, and here again a wide difference exists in
favor of New York City. And in its final summary
on this point the Committee does not hesitate to say:
"We can find no other city in the United States
where teachers are now as highly paid as by the New
York City Board of Education." The Committee has
also gathered facts as to the salaries paid teachers in
private schools in this city, all typical schools which
prepare pupils for college and cover the courses of
the public schools from kindergarten through the
senior high schools. The result is the same. The
scale of the Board of Education averages much
higher.
The above relates entirely to the case of the City
school teachers. The increase proposed was made,
though so utterly without merit. If the wage payments of other classes of City employees were
studied and analyzed they would, we are sure, reveal
numerous other bodies of employees which at one
time or another have had increases granted to them
during the last 10 or 15 years. Accordingly, if a
general rule were now made, to put all wages back
to the rates existing, say 10 years ago,in 1923, which
was five years after the signing of the Armistice
in 1918, when the general wage level was by no
means low, a very important reduction in the City
budget could be affected, thereby avoiding the
greater part if not the whole of the deficiency in
revenues with which the City is now confronted.
The method, too, is a very simple one. The State
Legislature need only declare that no City employee
should receive a larger pay than that which his
position commanded back in 1923. And it is a
much fairer method, too, than a percentage reduction from existing rates, because if there has been
no increase since 1923 there would likewise be no
decrease now. In the case of the reductions made
in December last, a few bodies of higher officials
were cut to lower figures than those prevailing before the rise in 1930, though this might not be true
where the rule is extended so as to eliminate the
increases not alone since 1929, but since 1923. As
one instance, the 25 Municipal Court clerks, who
had not been raised at all at the time of the 1930
increases, their pay being left unchanged at $4,500
per year, were nevertheless obliged in the reduction
of last December to accept a cut to $4,185 per year.
To carry rates of pay now back to 1923 would, as
already stated, avoid any inequalities of that kind,
since if there had been no increase in the rate of
pay since 1923 there would of course be no decrease now.
Volume 137
inancial Chronicle
537
The Financial Situation
T WAS definitely decided on Wednesday of this
1 week by the Administration at Washington to
put into effect a blanket or omnibus code for the
regulation of wages and hours of labor in every
business enterprise throughout the length and
breadth of the land, and on that day and on Thursday and on Friday the stock market suffered a collapse very suggestive of the way in which the security markets underwent destruction in the memorable
days of October and November 1929. The two events
of this week referred to cannot be regarded as otherwise than closely related, and they suggest reflection
and deep thinking as to whether the country is to
invite a repetition of the long trail of reverses such
as followed the stock market debacle of 1929.
Rumors have been current for a long time that
some of the leading spirits in the Federal Administration were urging that the Government should undertake regulatory control over business of every
character and description, but it was not known
whether President Roosevelt could be induced to
give unqualified assent to a scheme of such all-embracing character and so far-reaching in its application. On Wednesday, however, all doubt in that
regard was removed, and it was announced that
printed forms to carry the project into effect were
in readiness and that all that was needed to launch
the scheme was Mr. Roosevelt's signature. The
stock market, sensing what this meant, and having
within the last two or three weeks become the scene
of speculative excesses, immediately suffered a
breakdown, and this breakdown was further extended during Thursday and Friday, until it reached
alarming dimensions under a fear that the bottom
would completely drop out of the market just as it
did during the exciting days of 1929.
The Washington correspondent of the New York
"Herald Tribune," writing on Wednesday (July 19)
in describing the action taken on that day with
reference to the extension of Government control
over business enterprises in general, thereby involving a complete surrender of individual control,
stated that the President's Cabinet Committee on
Industrial Control had come to an agreement on
that day to enlist employers on a nation-wide front
for an immediate advance in mass purchasing
power. Subject to the perfection of blanket agreements covering maximum hours and minimum
wages, a signal from the President was all that
remained to start a drive for patriotic public cooperation, which means, of course, that Federal control over business was to be carried on in the guise
of an appeal to the patriotic spirit of the community.
In a further report of what had happened in the
particular referred to the "Herald Tribune" correspondent said that with influential members of the
Roosevelt high command yielding their objections,
it had been decided to adopt the short cut to industrial mobilization. Forms of agreement, it was
stated, had been approved for submission to employers throughout the country. Designed to raise the
wage level and spread employment to keep pace with
rising prices and production, these agreements
would blanket all industrial activities pending the
development of specific codes for each industry. It
was explained that while the co-operation of employers would necessarily be voluntary, the incentive
would be stimulated by the development of a public
psychology in the light of which it would be unpatriotic to hold back. Certain members of the
Cabinet Committee, it was stated, gave their support to this part of the plan upon assurances that
this appeal to patriotism, on the lines of the wartime Liberty Loan drives, would not be pushed to
the point of hysteria and "national boycott." This
was finally left, we are told, to the discretion of
General Hugh S. Johnson, the Industrial Control
Administrator. The reader need not be told how
insistent and unrelenting General Johnson is in
the carrying out of plans for the regulation of wages
and the fixing of hours of work. Indeed, the correspondent took pains to state that there were indications that the General had taken a leaf from the book
of his war-time activities under the selective service
draft and had already started a great assortment of
literature to the printers for a running start the
moment the President gave the word to go ahead.
By the plan the workers of the entire nation are
divided into three groups, the mercantile, the "white
collar" and the manufacturing, with a schedule of
hours and wages for each class.
All this meant that America's venture into economic planning would start on a wholesale basis.
The correspondent referred to well said that nothing
of the kind had ever been undertaken in peace times.
As to the nature of the campaign General Johnson,
it was pointed out, had taken no chances on being
caught unprepared. "Churches, cinemas, rotary
clubs, newspapers—every conceivable kind of public
forum—was to be utilized in the campaign to encourage public support."
We go at length into this phase of the scheme for
the entry of Government into private business, so as
to make it clear that the weapon, above all others,
which is to be used to compel compliance to the general scheme for the regulation of wages and the
hours of work, even in the case of the so-called
"white collar" group, is to be an appeal to the patriotism of the employer. No account is taken of the
fact that the employer may be in the highest degree
patriotic, while yet conditions relating to his own
business may render it altogether out of the question to comply. The underlying idea in prescribing
the different codes is that the employer, if the cost
of his goods is increased through changes in wages
and in reduction of working hours, shall receive
compensation in the shape of higher prices for his
own products. But there are innumerable instances
where the raising of prices of the finished goods or
the particular article produced is altogether out of
the question, since at higher prices it would be impossible to find a market for the goods or the article
produced. How are such cases to be treated? Is
the employer to be branded as lacking in patriotism
because he finds it impossible to pay the wages and
the hours of labor prescribed, since to do so would involve himself in disaster; if so, then itis quite obviou
that there must be tens of thousands and hundreds
of thousands of precisely such cases in every important section of the country. In such a plight
what is the unfortunate employer who finds himself
in such a situation to do? The Government mean,
to bombard him and his neighbors with literature.
as well as with spoken appeal.
, 538
Financial Chronicle
July 22 1933
' The idea is to have it appear that the objecting em- present emergency the retailers of the country have
ployer, even though objecting for a good reason, is an obligation to maintain their 1932 prices
as long
an unworthy individual, not meriting the respect as possible," J. B. Swinney, of the Specialty
Stores
and good opinion of his neighbor. How in such Association, told the Ready-to-Wear Division. "Incircumstances can the unfortunate employer escape creased prices must come as slowly as possible
if
being classed with the outcasts?
we are not to face a great buying strike this
Nay, more than that, it was stated yesterday that autumn." This last is precisely the danger most
to
it is intended to enlist the services of women to dis- be feared from the Government attempt
to assume
grace and injure every such individual. Women, regulatory control of private business in general.
who do most of the country's buying, are to be asked Many business concerns will actually be driven
out
by President Roosevelt and his Recovery Adminis- of business if they are forced to accept the
rates of
tration to buy nothing, after Aug. 1, from stores pay and the hours of work which the
Government
which do not display a Government badge showing will undertake to prescribe.
membership in the National Recovery AdministraThe simple truth of the matter is that the Fedtion. The badge will contain a blue eagle, the letters eral Government,in the execution of its scheme
of a
N. R. A., and the words "We do our part." When planned recovery, finds itself obliged all the
time
she sees this emblem the housewife will know that to extend its activities into new fields and new
directhe store displaying it or the manufacturer of the tions, one step making necessary the next, and
this
goods labeled with it, has voluntarily gone on the still another, and so on through the whole
scale,
short work week and has raised his workers' wages until in the end the Government finds itself
obliged
under a pledge to the President. Where the woman to regulate and control everything relating
to busibuying for her family does not see the NRA sign, ness in all its various forms and every detail
of
she is to be asked to take her trade to a store that operation. This thought is well expressed in a
copyexhibits the blue eagle. She is to be asked to lay righted article by Mark Sullivan which appeared
in
aside any article, no matter how well it suits her, the "Herald Tribune" on Thursday morning
(July
that does not bear the NRA stamp.
20). In this article Mr. Sullivan notes that General
This is the most reprehensible part of the pro- Johnson is besieged for rulings by both industry
and
ceeding, and it will defeat the very object sought. labor, and points out that the original simple
miniThe Government aims by fixing wages and reduc- mum wage proposal has become lost in complex
ing hours of work in private enterprise, as well as regulations which are increasing automatical
ly. In
in the great industries of the land, to increase mass the following we reproduce the Sullivan article in
purchasing so as to maintain and extend the present full:
trade activity, but as the effect in the cases here
"There is a condition in the industrial bill—indusenumerated will be to drive many private enterprises trial control is tabooed in Washington—which opercompletely out of business because they cannot make ates automatically to carry it farther than was first
their subsistence under the conditions prescribed, contemplated, each new step leading to yet further
the effect may readily be to reduce mass purchasing steps not foreseen.
"The original plan about wages was to fix a
instead of increasing it as desired.
minimum
and stop there. When the code for the
It is this latter thought that is now dominant in
cotton
industry
was adopted a stipulation was
the business world, and it accounts for the appreexisting amounts by which
added,
'The
saying:
hension aroused by the news that the Administrawages in higher-paid classes . . . exceed wages
tion had definitely embarked upon a venture so full in the lowest-paid classes, shall be
maintained.'
of menace to the whole business world. And it That means that if an employee had been
receiving
should not escape notice that when the stock market $5 above a former minimum of, say, $8, he must now
collapsed on Wednesday and Thursday, the com- be paid $5 above the new minimum of $14. All
modity markets also collapsed—among others, wages, up to $30 a week, went up automatically with
wheat and cotton suffered the loss of a substantial the minimum. The result, not foreseen, would be an
part of the recent advances in prices. As a matter immense raising of the entire wage structure as a
of fact, everything has since been going down, and whole, with new and awkward differentials set up.
"At once the mill owners and managers were down
the fear is that if the Government persists in its mis- on
Washington by long-distance
taken course business recovery, which is now under in person and through the agentstelephone, airplane,
which every indussuch splendid headway, will be dealt such a blow try feels it necessary to maintain in
Washington.
as to threaten its continuance.
They said the innovation was too violent to put in
In the meantime many other disturbing features effect at once. It would disrupt things. They made
are constantly cropping out going to show that a out a good case. General Johnson, head of Indusplanned recovery, based entirely on artificial con- trial Recovery, agreed. He suspended the provision
trivances devised at Washington, by the famous for the present.
"Thereupon labor was down on Washington and
"Brain Trust" is not working as satisfactorily or
General Johnson's neck. Not only the labor affected
as smoothly as could be wished. The retailers had but all
labor, organized labor. They implied Gena conference in this city on Wednesday and they eral Johnson had done something
furtive. He had
found it necessary to urge that a sharp curb be put suspended a provision that had been in the
interest
on soaring prices, saying that buying power must of labor. He had taken away something that labor
be permitted to catch up with increased production had had. So soon—within the space of a few days—
and also expressing fears of a consumers' strike. does an advance of wages become a vested right.
"This is but one of literally hundreds of matters
One of the newspaper accounts tells us that warnput
up to Washington. A code forbids more than
ings that retailers must put the brakes on rising
prices as long as possible were voiced by numerous two shifts a day. Eliminating a third shift, where
it exists, involves laying off some men. Immediately
speakers on Wednesday in six divisional conferences labor
is again on General Johnson's neck—it will
of the National Retail Dry Goods Association's Re- need to be the neck of a Titan.
There are charges
covery Forum at the Hotel Pennsylvania. "In the that the men chosen to be laid off
were men who
Volume 137
Financial Chronicle
belonged to the union. There was discrimination
against union men. The organized labor leaders
would insist on a hearing, and the hearing must take
place before General Johnson personally. No one
else would do, unless it be President Roosevelt.
"From the side of industry comes a corresponding
set of complaints, corresponding demands for hearings. The oil code operates to the disadvantage of
the coal industry. Uniform conditions in all coal
areas will operate to the disadvantage of the Southern West Virginia fields and shift of production
away from that area will paralyze some of the coalcarrying railroads now the most prosperous. So
the railroads come to Washington.
"Settling of one such question often has the effect
of merely opening up several new questions more
intricately refined and complex. It is arising in
every industry, in every unit within every industry,
virtually in every shop, store and office. Employees
feel their wages are being determined at Washington or ought to be. Owners and managers feel the
fortunes of their plants hang in the balance of decisions made at Washington. It all converges on
Washington as through a funnel.
The condition is unescapable. It works automatically to increase itself. It will take a Colossus to
bear the burden and an enormous organization at
Washington. Nearly every employer and every employee has something he would like to have Washington do or not do. Expansion has been inherent
in the bill from the beginning. The industrial recovery bill as recently as April was a simple measure
dealing with one matter only. It provided for maximum hours. Then a minimum wage was inserted.
Then other matters. It is now what it is. The end
is not yet, decidedly not yet. This characteristic of
automatically increasing volume of decision and
regulation piling up in Washington must be taken
Into account in any effort to estimate the direction
or the program, and where and how it will end."
Some remarks made by General Johnson on
Thursday have added greatly to the prevailing disquietude. They came at a most unfortunate time,
when the stock market was already in the dumps,
and they served further to propel prices downward
in a very distressing fashion. General Johnson gave
expression to some really alarming utterances. In
their effect upon the stock market these utterances
recall the day, many years ago, when another Roosevelt was at the helm, who made it a practice to issue
pronouncements against corporations and against
malefactors of wealth, and whose bellowings from
the White House had the invariable effect of sending stock prices downward. The present Mr. Roosevelt is too amiable and too genial to engage in
practices of that kind, but in General Johnson he
has an individual who would make a fit successor
to the former Theodore Roosevelt. At any rate, on
Thursday General Johnson indulged in some very
extreme talk, and as the stock market then was in a
state of great demoralization the effect was to intensify the prevailing feeling of apprehension and
anxiety, lest the business of the country be once
more started on a downward course.
General Johnson deemed it incumbent to issue
a public warning saying that industry must act now
to put buying power on a par with prices. According to Associated Press advices from Washington,
July 20, he issued a pronouncement to all industries
saying that a crisis must be faced within the next
30 to 60 days in bringing the country's purchasing
power to a parity with rising prices. "We have
had a rapid increase in prices throughout the in-
539
dustry," General Johnson is represented as having
declared emphatically. "We recognize that costs
are .going to increase, and prices will have to also.
Every time in the past there has been a rapid increase in prices there has been a lag in wages. But
now the distortion of increased prices is so rapid
and the lag of purchasing power so great that it is
plain we can't stage industrial recovery with
12,000,000 men out of work." He declared that industry would have to move on a broad front to put
people back to work, "not six months from now,
but right now—at wages that permit them to live."
"If we don't," he said, "there will be the buyers' in
ability to buy the products of industry. There is no
escape." He said he had seen advance wholesale quotations for retail restocking which showed increases
of some 60% to 130%. Calling this "appalling," he
added: "This shows what we are up against in a
little while, and it lies in your hands to meet the
situation."
The truth is, business activity is proceedingin an entirely satisfactory way, and men desire now simply
to be let alone from further interference at the hands
of the Government. The wild gyrations which have
marked the course of prices of stocks the present
week, more particularly the so-called alcohol stocks,
are speculative excesses which are to be deeply deplored and they certainly are full of menace. Everything should be done to hold under subjection performances of that kind. But that need not occasion
solicitude regarding the course of trade and industry for the immediate future, if the Government refrains from projecting further schemes calculated
to upset the whole business world. As the best evidence of the way trade and industry are growing,
the returns of railroad earnings which are now beginning to come in for the month of June may be
cited as illustrations. The weekly statements of
car loadings furnish further illustrations to the
same effect. These car loadings are now showing
constant increases as compared with the corresponding weeks in 1932.
And there is every reason for believing that this
satisfactory state of things will continue for a long
time to come, the Federal Administration permitting. The trouble with the railroads has been that
they had no traffic to move. This is now in process
of correction, and they are now in receipt of a
larger volume of gross revenues, while at the same
time expenses are being kept well within bounds,
with the result that improvement in net earnings
is now becoming as striking a feature as the reverse
was the case until within the last few months. Not
many reports of earnings for the month of June have
yet come to hand, but those thus far received are
encouraging in the extreme. The Union Pacific was
the first of the large railroad systems to make public
its statement for the month of June, and it showed
gross operating revenues for the month this year of
$9,972,344 as against $8,805,826 in June of last year,
being an increase of $1,166,518, while at the same
time expenses were reduced in amount of $126,793,
with the result that the net revenue from railwayoperations for the month the present year stands at
$3,720,790 against $2,427,479 last year. The Kansas
City Southern Railway reports an increase in gross.
as compared with a year ago of $55,210 attended by
a reduction in operating revenue of $58,145, and the,
company accordingly has net from railway operations for June 1933 of $299,418 as against $186,063:
540
Financial Chronicle
in June 1932. The Chesapeake & Ohio, in turn, in
its June return is able to report a gain of $2,299,359
in gross revenue and a gain of $1,293,721 in net
revenue.
With such exhibits as these no concern need be
felt about the future of business if the Federal Administration does not itself cause a new setback, and
by this we do not mean it should abandon control
of the big industries. The stock market had recently
become the subject of speculative manipulation in
the case of special groups of stock, and its decline
now to more reasonable levels may really be accepted
as a corrective, and in that sense beneficial. It
hence need not involve any detriment to the upward
course and the onward swing of general trade and
business if other disturbing circumstances are not
allowed to come into play.
HE London Monetary and Economic Conference
is now in its dying gasps, but we notice that
even with the death rigor spreading the effort to
do something for silver still persists. London advices on Wednesday (July 19) stated that Senator
Key Pittman, the silverite from Nevada, had stated
that a "fairly definite" sales limitation agreement
had been reached whereby India agrees, beginning
Jan. 1, to sell not more than 35,000,000 ounces of
silver annually; Spain 5,000,000 ounces, and China
none. This, however, was contingent, Mr. Pittman
said, upon the silver producing countries absorbing
from their own output an amount equal to the total
of the amounts named. This confirms our own fears
that in the event of the United States resorting to
the unlimited coinage of silver, as provided in the
inflationary rider to the Farm Relief Act, the
United States would have to absorb large supplies
of silver from outside sources. India, it will be
observed; does not agree to stop dumping its huge
supplies of the metal upon the market. It simply
agrees to limit the amount of its annual sales. And
even this is contingent upon certain other conditions. Senator Pittman professed, we are told,
complete satisfaction with this arrangement, which,
however, is to cover a period of only four years, and
announced that appropriate legislation to increase
the United States Treasury's silver reserves would
be introduced at the next session of Congress, though
he admits that while the three countries already
mentioned have agreed to lessen their exports of
the metal the seven producing nations had not yet
completed plans for absorbing in their treasuries
an amount of silver equal to sales by India and
Spain. The projected American legislation, he said,
would take the form of increasing the Treasury's
silver holdings as a basis for a currency issue. The
silver resolution adopted by the silver group, which
has been continuing its activities in connection with
the Monetary and Economic Conference, laid down
the following propositions whichi we print here as a
matter of record:
"First, that an agreement be sought between the
chief silver-producing countries and those countries
which are the largest holders or users of silver, with
a view to mitigating fluctuations in the price of
silver, and that other nations not parties to such
agreements should refrain from measures which
could appreciably affect the silver market.
"Second, that the governments shall refrain from
new legislative measures which would involve further debasement of their silver coinage below the
fineness of 800-1,000. '
T
july 22 1933
"Third, that they shall substitute silver coins for
low-value paper currency insofar as the budgetary
and local conditions of each country will permit.
"Fourth, that all provisions of this resolution are
subject to the following exceptions:
"The requirements of such provisions shall lapse
April 1 1934, if the agreement recommended in paragraph one does not come into force by that date, and
in no case shall extend beyond Jan. 1 1938. Governments may take any action relative to their silver
coinage they may deem necessary to prevent the
flight or destruction of their silver coinage by reason
of a rise in the bullion price of the silver content of
their coin above nominal or parity value of such
silver coin."
HE Federal Reserve statements this week disclose no new features. There is no evidence
of inflationary tendencies beyond the continued purchases of United States Government securities which
the present week have been on a reduced scale, aggregating only $10,024,000, while Federal Reserve notes
continue to flow back from circulation, thereby
reducing the amount of such notes outstanding.
This week's addition of $10,024,000 to the holdings
of Government securities increases these holdings to
$2,017,257,000. But against this increase of $10,024,000 in the holdings of United States Government
securities the discount holdings of the 12 Reserve
banks (reflecting member bank borrowing) have
been reduced from $167,866,000 to $163,129,000,
while at the same time the holdings of acceptances
purchased in the open market have been reduced
from $13,194,000 to $9,848,000. The result altogether
is that the total of the bill and security holdings,
which constitutes a measure of the volume of Reserve
credit afloat, have increased only from $2,190,450,000 to $2,192,260,000 in face of the $10,024,000
of new acquisitions of United States securities.
The amount of Federal Reserve notes in circulation fell during the week from $3,067,062,000 to
$3,037,508,000, though as partial offset the amount
of Federal Reserve bank notes (against which no
cash reserves are required) increased from $115,853,000 to $118,137,000. Gold holdings remained
almost exactly the same, being reported at $3,545,879,000 July 19 and at $3,545,842,000 on July 12.
The volume of deposits increased during the week
from $2,521,817,000 to $2,541,839,000, mainly owing
to the increase in member bank reserves (which constitutes the main item in the deposits) from $2,268,728,000 to $2,289,811,000. With the gold holdings
unchanged, and with the increase in the liability on
account of the deposits almost entirely offset by the
decreased liability on account of the smaller amount
of Federal Reserve notes in circulation, the ratio
of total gold reserves and other cash to deposit and
Federal Reserve note liabilities combined remains
this week the same as last week, namely, at 68.4%.
The amount of United States Government securities
pledged as part collateral for Federal Reserve notes
outstanding has been reduced during the week from
$499,200,000 to $485,200,000.
T
HE New York Stock Market this week suffered
one of the most noteworthy relapses in Stock
Exchange history, and with such huge declines in
prices on Wednesday, Thursday and Friday that the
only parallel to them for magnitude is to be found
in the complete breakdown of stock prices in the
autumn of 1929. The relapse must be considered as
having grown entirely out of the frenzied speculation
T
Volume 137
Financial Chronicle
that had been carried on in recent weeks in the
alcohol or "wet" group of stocks during which these
stocks had been whirled upward with such rapidity
and in such a spectacular way as to invite certain
collapse when the movement reached its termination
or any sudden adverse feature developed. And the
announcement on Wednesday of the Roosevelt omnibus code furnished the occasion for the undoing of
the market. During the early part of the week the
course of values was still upward, and many new
high iecords for the year were established. The
alcohol stocks then were foremost in the continued
upward flight in prices. On Monday the tone was
still buoyant and prices continued to mount upward
in a very noteworthy fashion. Advances in the alcohol stocks remained a feature on that day, these advances running as high as nine points or more.
Soaring commodity prices served as a stimulating
factor. May wheat at Chicago closed above $1.25 a
bushel, while corn and the other grains all pushed
ahead with great rapidity, and with barley a special
feature, with a rise of over 10c. a bushel, and with
a further rise the next day of the same amount or
more. Cotton also displayed great strength, and
rubber likewise showed no little strength. The tendency of everything was upward in the commodity
line as well as in the security markets. On Tuesday the general course of stock prices was still upward, but the alcohol stocks suffered a shakeout,
with losses running as high as 12 points from the
early high figures, the main reason for this being
that in view of the violent way in which these stocks
had been marked up the banks insisted on larger
margins.
On Wednesday the market may be said to have
broken wide open, with declines in the alcohol group
of stocks running as high as 25 points. The grain
markets were also concurrently decidedly weak,
with a break in wheat of from 13c. to 16c. a bushel.
It remained for Thursday to turn the downward
course of values into utter rout. The alcohol stocks
again suffered especially severe losses. National
Distillers, after losing 251/
2 points on Wednesday,
tumbled another 22 points; American Commercial
Alcohol, after selling off 213
4 points on Wednesday,
dropped another 187
/8 points, and Commercial Solvents declined another 9 points after the break of
131/
8 points the day before. The general market at
first held up well under great selling pressure, but
finally tumbled in helter-skelter fashion. The commodity markets all tumbled in similar violent
fashion, showing tremendous losses, and gloom
spread over the whole of the commercial and financial markets. There had been, as is known, violent
outside speculation in these commodity markets during the period of the great rise, and hosts of these
outsiders were now, as a consequence, shaken out.
As it happened, the alcohol stocks suffered their
severe punishment at the very time that the news
was especially favorable to them, the voting on the
repeal of the Federal Prohibition Amendment in
such dry States as Alabama and Arkansas being
overwhelmingly in favor of repeal, and Tennessee
also falling into line. Fluctuations between sales
in some of the stocks ran as high as 4 to 10 points.
Trading, of course, was of enormous size, the sales
on Monday and Tuesday running in excess of
6,000,000 shares each day, on Wednesday approximating 7,500,000 shares, on Thursday running in
excess of 8,000,000 shares, and on Friday over
541
9,500,000 shares. On the New York Curb Exchange
dealings in excess of a million shares each day were
recorded.
As indicating the violent character and extent of
the fluctuations, it may be noted that National Dis/8 on July 17,
stillers, after reaching a high of 1247
dropped to 6434 on July 21, with the close yesterday
8 the close on Friday
at 67, in comparison with 1121/
of last week. American Commercial Alcohol, after
/8 on July 18, tumbled to 291/
8
touching a high of 897
on July 21, with the close yesterday at 32 against 77
the close on Friday of last week. Commercial Solvents, after touching a high of 5714 on July 18,
dropped to 241/
2 on July 21, with the close yesterday
/ on Friday of last week.
at 261/
2 against 405
4 on July 18,tumbled
Owens Glass,from a high of 963
to 67 on July 21, with the close yesterday at 68, in
2 the close the previous Friday.
comparison with 911/
Industrial
Alcohol, from a high of 94
States
United
on July 17, fell to 41 on July 21, with the close
8 the previous Friday.
yesterday at 46 against 851/
Standard Brands, after moving up to 37% on
July 18, dropped to 21 July 21, with the close yester/
8 the previous Friday.
/8 against 287
day at 227
The commodity markets passed through similar
wild gyrations, and the extent of their fluctuations
deserves to be recorded as a concomitant of the collapse of the speculation on the Stock Exchange.
On Friday of this week the Chicago, Minneapolis and
St. Louis grain markets remained closed. The September option for barley, which on Friday of last
2c., and on Tuesday
week (July 14) had sold at 631/
/8c. on
was quoted as high as 90c., dropped to 757
/8c. in comJuly 20, with the close the same day at 757
parison with 65c. the close on Friday of last week.
September option for rye in Chicago sold as high as
$1.05y2 on Tuesday, July 18, but sold down to 67c.
July 20, closing the same day at 67c. against $1.003
4
the close on Friday of last week. The September
option for wheat at Chicago, as against a high of
$1.20Y8 on Monday, dropped to 90c. on July 20, with
2 the
the close on Thursday at 91c. against $1.101/
previous Friday. It will be observed that the range
covered in this case was over 19c. The May 1934
8 on Tuesday, but
option for wheat touched $1.281/
was down to 9734c. on Thursday against $1.18 the
close on Friday of last week. The September option
for corn in Chicago touched 717
/8c. on Monday, but
was down to 51c. on July 20, with the close the same
day at 53c. against the close the previous Friday of
643
/
8c. Spot cotton here in New York was quoted
at 11.75c. on Tuesday, July 18, but was down to
10.55c. on Thursday and 10.10c. on Friday. The spot
price of rubber here in New York yesterday was
7.00c. against 8.50c. on Friday of last week. Domestic copper was strong early in the week and closed
yesterday at 9c. against 9c. on Friday of last week.
Silver in London fluctuated within a narrow range,
with the London quotation yesterday at 181/
8 pence
per ounce against 18 11/16 pence on Friday of last
week, and the New York quotation yesterday at
35.70c. against 40.25c. The foreign exchanges continued day by day to move steadily higher, indicating a further depreciation of the American dollar,
but reversed their course on Thursday. Thus, cable
transfers on London on Monday touched $4.80%, on
Tuesday $4.85/
1
2,and on Wednesday $4.861/
2 (the old
parity being $4.8665), but the exchange market was
nonplussed on the announcement that Great Britain
late the night before made an offer to convert the
542
Financial Chronicle
20-year 51/
2% gold bonds due in 1937 held here in
the United States on the basis of £260 for each $1,000
5/
1
2% bond, this being the equivalent of $3.85 for the
paper pound, whereas the latter was selling in the
exchange market at the time at fully $1 higher. The
foreign exchange houses did not know what to make
of this low price for the pound, and cable transfers
on Thursday sold down to $4.64, and yesterday to
$4.571%, with the close at $4.68 against $4.79 the
close on Friday of last week. Cable transfers on
Paris kept steadily rising, and on Wednesday were
quoted at 5.73c., but on Thursday there was a drop
2@
to 5.16c., with the range yesterday at 5.381/
4c. as against
5.551/
2c., and the closing price 5.511/
the close of 5.62c. on Friday of last week.
Underlying conditions affecting the course of
values were much the same as in previous weeks.
Car loadings continued to run well ahead of the
corresponding period in 1932, and the production
of electricity by the electric light and power industry
of the United States was reported at 1,648,339,000
kilowatt hours against 1,415,704,000 kilowatt hours
in the corresponding week of last year, giving a
ratio of increase of 16.4%, the largest yet shown in
any week of the current year. The "Iron Age" reported a slight downward dip in the production of
steel, the steel mills now being reported at 58% of
capacity as against 59% last week. The bond market continued to hold up well until Thursday, when
the tumble in stocks carried everything down with
it. Of the stocks sold on the New York Stock Exchange,324 new high figures were established during
the current week (all, of course, in the early days
of the week, before the general breakdown), while
three sold down to new low figures for the year. In
the case of the New York Curb Exchange the record
is 192 new highs and 15 new lows. The OwensIllinois Glass Co. declared an extra dividend of 25c.
a share, in addition to the usual quarterly dividend
of 50c. a share on the common stock, and the General
Foods Corp. increased the quarterly dividend on
common from 40c. a share to 45c. a share. The rate
for call loans on the Stock Exchange again remained
unaltered the entire week at 1%.
Trading, as already indicated, has been of tremendous size. On the New York Stock Exchange
the sales at the half-day session on Saturday last
were 2,242,460 shares;on Monday they were 6,380,650
shares; on Tuesday 6,585,733 shares; on Wednesday
7,449,990 shares; on Thursday 8,117,170 shares and
on Friday 9,572,020 shares. On the New York Curb
Exchange the sales last Saturday were 662,182 shares;
on Monday 1,404,801 shares; on Tuesday 1,502,249
shares; on Wednesday 1,474,049 shares; on Thursday
1,289,833 shares, and on Friday 1,440,334 shares.
As compared with Friday of last week, losses of
huge size appear. General Electric closed yesterday
at 231
4 against 29 on Friday of last week; North
American at 253j against 343; Standard Gas &
Electric at 143/i against 20; Consolidated Gas of N. Y.
at 52 against 61; Pacific Gas & Electric at 27 against
31; Columbia Gas & Electric at 19 against 2614;
Electric Power & Light at 93/b against 1434; Public
Service of N. J. at 453<1 against 52; International
Harvester at 30% against 43; J. I. Case Threshing
Machine at 78 against 963'; Sears, Roebuck & Co.
at 31 against 43; Montgomery Ward & Co. at 21
against 26%; Woolworth at 425
% against 49; Safeway
Stores at 52 against 563/
2; Western Union Telegraph
at 55 against 71; American Tel. & Tel. at 120 against
July 22 1933
1303; Brooklyn Union Gas at 793/ against 853/2;
American Can at 8434 against 92%; Commercial
/s; Shattuck & Co. at 9
Solvents at 263/ against 405
against 12, and Corn Products at 753/ against 803'.
Allied Chemical & Dye closed yesterday at 115
against 130 on Friday of last week; Associated Dry
1 against 17; E. I. du Pont de Nemours
Goods at 13%
at 66 against 803/s; National Cash Register A at 17%
against 207
%; International Nickel at 1634 against
19%; Timken Roller Bearing at 23 against 33%;
Johns-Manville at 41 against 55; Gillette Safety
Razor at 1134 against 1734; National Dairy Products
at 19% against 24; Texas Gulf Sulphur at 27 against
% against 181A
3334; American & Foreign Power at 105
4 against 3934; United Gas
Freeport-Texas at 343
Improvement at 20 against 233A; National Biscuit
at 493/ against 573/8; Coca-Cola at 96 against 103;
Continental Can at 5634 against 62; Eastman Kodak
4against
at 703/ against 8694; Gold Dust Corp. at 193
253
4; Standard Brands at 22% against 28%; Paramount Publix Corp. ctfs. at 17/i against 23/8; West4; Drug,
inghpuse Elec. & Mfg. at 4034 against 553
Inc. at 443
4 against 543/2; Columbian Carbon at 51
against 65; Reynolds Tobacco class B at 44 against
493/2; Lorillard at 19% against 24; Liggett & Myers
class B at 88 against 9434, and Yellow Truck &
Coach at 43A against 73'.
Stocks allied to or connected with the alcohol or
brewing group have been the worst sufferers as
already noted. Canada Dry closed yesterday at 21
against 263
4 on Friday of last week; Crown Cork &
Seal at 333/ against 60; Liquid Carbonic at 23 against
433'; Mengel & Co. at 11.% against 12 8; National
8; Owens Glass at 68
Distillers at 67 against 1123/
against 913/2, and U. S. Industrial Alcohol at 46
against 85N.
The steel shares have of course participated in the
general break. United States Steel closed yesterday
at 523' against 6434 on Friday of last week; United
States Steel pref. at 94 against 103; Bethleham Steel
5 and Vanadium at 213 against
at 33 against 45%,
303'. In the auto group Auburn Auto closed yes,erday at 50 against 75 on Friday of last week; General
Motors at 243A against 323; Chrysler at 28 against
369'; Nash Motors at 17% against 25; Packard
Motors at 43/i against 694; Hupp Motors at 4%
5 against
against 734, and Hudson Motor Car at 9%
15. In the rubber group, Goodyear Tire & Rubber
closed yesterday at 323' against 43 on Friday of last
week; B. F. Goodrich at 133' against 19, and United
States Rubber at 14% against 1834.
The railroad shares have not escaped in the general
collapse. Pennsylvania RR. closed yesterday at 29
against 38% on Friday of last week; Atchison Topeka
& Sante Fe at 60 against 75%; Atlantic Coast Line
at 493' against 553'; Chicago Rock Island & Pacific
at 5 against 83/2; New York Central at 38%
5
5 Baltimore & Ohio at 23% against
against 54%;
35; New Haven at 22% against 313v; Union
Pacific at 11194 against 126; Missouri Pacific
at 6% against 894; Southern Pacific at 25 against
3534; Missouri-Kansas-Texas at 10 against 153
%;
Southern Railway at 1994 against 3032; Chesapeake
& Ohio at 40 against 453'; Northern Pacific at 253
%
against 313', and Great Northern at 2494 against 31.
The oil stocks have been carried down with the
rest. Standard Oil of N. J. closed yesterday at 33%
against 399' on Friday of last week; Standard Oil of
California at 33 against 383'; Atlantic Refining at
2134 against 293/2, and Texas Gulf Sulphur at 27
Volume 137
Financial Chronicle
against 333. In the'copper group, Anaconda Copper
closed yesterday at 15M against 193
4 on Friday of
last week; Kennecott Copper at 195A against 23%;
American Smelting & Refining at 31 against 37M;
Phelps-Dodge at 13M against 157A; Cerro de Pasco
Copper at 25 against 3578, and Calumet & Hecla at
53 against 834TOCK exchanges in the leading European financial centers were irregular but fairly firm in
the early sessions of this week. Beginning with
Thursday's sessions, however, prices moved sharply
downward in all speculative sections of the markets
at London, Paris and Berlin, largely under the influence of reports from New York. Declines in
stocks occasioned a demand for sound bonds, which
improved in the European markets. All eyes were
turned to developments in the United States, after
the drastic decline started in New York on Wednesday, and all the European markets moved in
sympathy with the trend here. Reports of industrial
trends in Britain, France and Germany were considered less important for the time being than events
on this side of the Atlantic. It was noted, however,•
that trade within the chief European countries continues to expand, although foreign trade returns in
every case are declining. There is much debate in
all the European markets regarding the ability of
the gold standard countries to maintain their
positions, in view of the sharp drop of sterling and
the dollar from parity. It is held, in general, that
France, Belgium, Holland and Switzerland will be
able to remain on gold for some months at least,
and perhaps indefinitely.
The London Stock Exchange was slightly irregular in the initial session of the week, partly as a
result of profit-taking in the more speculative departments. There were some good features, however, among British industrial stocks. Gilt-edged
issues advanced a little on investment of speculative
profits. The international group was dull. Prices
advanced broadly, Tuesday, after the receipt of
favorable over-night reports from New York. British industrial issues were in demand, while colliery
shares advanced on news that Government assistance would be given the extraction of oil from coal.
British funds again were well supported. The international list was quiet, owing to a new drop in the
dollar. The London market remained cheerful and
animated, Wednesday, owing to the further advance
in New York the previous day. Most industrial
issues were strong, but a decline developed in distillery shares. British funds remained in favor on
good revenue returns. Anglo-American trading
favorites were strong. In Thursday's dealings the
trend of industrial issues was sharply downward because of the reports from New York of a severe reaction. British funds were in demand. International
issues dropped, notwithstanding adjustments for
the upward movement of the dollar. Prices of industrial stocks again sold off in fairly heavy trading
at London yesterday. The international section was
marked down sharply.
The Paris Bourse started the week with a favorable trend, nearly all issues advancing after the
three-day close for Bastille Day and the week-end.
Good reports from London and New York aided the
rise, which extended to all sections of the list.
French and foreign stocks alike were in demand.
however, and rentes also improved. The trend,
S
543
Tuesday, was firm, but trading was on a small scale,
with price changes unimportant. Most French industrial stocks advanced, and rentes also improved.
In an irregular session, Wednesday, prices lost a
little ground. The opening was weak and a recovery
toward the close wiped out only a part of the losses.
Considerable doubt was said to exist in Bourse
circles regarding the American experiment, and
there was a quite general tendency to liquidate speculative holdings. The downward trend was continued in the Paris market, Thursday, as reports
from New York had a depressing effect. Selling was
not on a very extensive scale, however, and the
losses were moderate. Rentes were irregular.
The Berlin Boerse was firm and active, Monday,
mainly as a reflection of a new series of Government decrees designed to stimulate employment and
lessen the economic difficulties of the Reich. Industrial stocks which are expected to benefit from the
Government measures were in greatest demand, but
others also improved. The tone remained favorable,
Tuesday, notwithstanding a little profit-taking.
Most securities advanced, while a contrary movement developed in a few of the more speculative
issues. Bonds were in demand throughout the session. A further good session was reported Wednesday, with professional traders interested in stocks,
while public buying was concentrated mainly in
bonds. The rise was maintained throughout, and
closing prices were the best of the session. Like
other markets, the Boerse was soft Thursday, with
prices of the more speculative issues off sharply.
Trading dwindled at the lower levels, however, and
this tended to kep the decline within reasonable
bounds. Bonds were firm but inactive. The trend
was soft at Berlin, yesterday, with reports from New
York a discouraging factor.
HE World Monetary and Economic Conference
marked time in London, this week, awaiting
the recess on July 27 to which the principal nations
agreed on July 14. Subcommittees of the gathering
were asked early this week to put their reports in
order in ample time for adjournment, so that these
documents can be adjusted and adopted by the main
Monetary and Economic Commissions. There is
still a little doubt whether the Conference will fix
a date for reassembling in the final plenary session
next Thursday, but most observers believe there is
little likelihood of any definite arrangement. Instead, it is probable that a "Super-steering Committee" will be established to function during the recess
and call the Conference together again at some
future time, if conditions seem propitious for international agreements. It is already quite obvious,
however, that any such gathering, if it ever is called,
would constitute a distinctly new conference and in
all probability a much smaller one. All reports from
London indicate the lesson has been well learned
that an international conference is worse than useless unless preceded by clear understandings, to
which the conferences themselves merely lend
official sanction and publicity.
The degree of somnolence reached by the present
Conference prompted the remark in a dispatch to
the New York "Times" early this week that the
meeting "is already in the first phases of that sleep
which has been decreed as its safest course until
some time in the autumn." Whether the Conference
ever will be reconvened was held to depend entirely
T
544
Financial Chronicle
upon the United States. The choice of July 27 as
the date for adjournment was explained as due to a
desire on the part of Prime Minister Ramsay MacDonald to avoid interpellations on the Conference
in the House of Commons. The British Parliament
will not recess until July 27,and it is being arranged
for the Conference and the Parliament to lapse
simultaneously. Because of the position into which
the United States was maneuvered in the Conference and the apparent importance of dollar stabilization for any sort of international monetary or
economic agreement, it was suggested in London
this week that the Conference reconvene in Washington, if it is decided later to resume. The United
States delegation was said to see no advantage in
such ideas, and the suggestion was dropped. Secretary of State Cordell Hull, leader of the American
delegation, was one of the few statesmen at London
this week who still clung to the belief that something could be accomplished in this or a subsequent
Conference. If any "Super-steering Committee" is
named, it will probably be due to the insistence of
Mr. Hull, who declared last Monday that there is a
real need for keeping the World Conference alive,
whether in session or in recess.
Post-mortems on the present Conference already
have started, and, indeed, the whole procedure of
international negotiation by means of open conferences has been questioned. "The pre-war system of
private conversations between diplomats finally
proved its own undoing, but at least it had the merit
that it did not advertise its failures," a dispatch to
the New York "Herald Tribune" remarks. "National
feelings were not exacerbated when individual politicians found themselves forced to retreat from untenable positions, and when statesmanship went
periodically bankrupt the fact was buried in the
files of Foreign Offices, rather than broadcast to the
world. On the other hand, if one assumes that
modern conditions demand the continued washing
of dirty diplomatic linen in public, the only conclusion to be drawn therefrom is that the world is in
for more and more conferences which will achieve
bigger and better failures." Apart from such considerations it was universally agreed at London that
the present Conference failed so dismally because
of its untimeliness and because preparations were
entirely inadequate.
Despite its apparent failure, work was continued
at the Conference this week in what one press correspondent referred to as a "more or less unreal
atmosphere." Numerous questions of a minor
nature were debated by the various committees and
subcommittees in the initial session of this week,
while somewhat more important problems were
taken up Tuesday. A subcommittee dealing with
copper unanimously accepted an American proposal
that the copper-producing countries submit before
Sept. 15 their views on the organization of copper
production and trade, with a view of summoning a
meeting to discuss them. Wheat became the chief
subject of the Conference on Wednesday, even
though the conversations between representatives of
the important producing countries are not strictly
a part of the Conference activities. It appeared for
a time that agreement on curtailment of wheat production would be reached by the United States,
Canada, Argentina and Australia, and an attempt
was made to take over the negotiations and make
them a part of the Conference. This was blocked
July 22 1933
by the American wheat experts, who insisted that
the negotiations continue independently. The tentative agreement on wheat called for a reduction of
import tariffs and quotas by some of the European
wheat importing countries, but such action seems
improbable and a real agreement on curtailment is
correspondingly remote. A report on sugar production was made early in the week by a committee
designated to consider this staple, and it indicated
fairly general agreement on the principle that
present production should be stabilized. Brazil
urged that European importers reduce their tariffs
on coffee, but the request received scant consideration.
The protracted debate on silver ended Wednesday,
when the subcommittee presided over by Senator
Key Pittman adopted a resolution recommending
that governments of the chief silver-producing countries shall continue to seek agreements for reducing
fluctuations in the price of this commodity. Other
nations are asked to "refrain from measures which
would appreciably affect the silver market." This
feature of the negotiations has already been referred
to in the earlier portion of this article, where also
we print the resolution on the subject adopted by the
silver group. It is believed this resolution will be
adopted by the Conference in its final plenary session. Senator Pittman did not succeed in his effort
to make silver acceptable along with gold, in a
stated percentage, for central bank reserves.
Formal subcommittee work was virtually concluded at the Conference on Thursday, and final reports were prepared on a number of subjects for
submission to the main Monetary and Economic
Commissions. A group studying permanent monetary measures was somewhat startled to hear Senator Key Pittman of the United States affirm. a
personal belief in a fixed metallic currency standard
and skepticism regarding managed currencies. He
still favored eventual re-establishment of the gold
standard, Senator Pittman stated, notwithstanding
the message from President Roosevelt to the Conference on July 3. A resolution adopted by the
Monetary Subcommittee favored central bank cooperation, but an American reservation held such
action premature. A report on private external indebtedness urged respect for contracts, but recognized the necessity for readjustment of some debts
and the advisability of negotiation machinery.
There was some discussion of the tariff truce
arranged among some of the leading nations to last
for the duration of the Conference. Prime Minister
MacDonald was said to have convinced Secretary of
State Mill that no new tariff truce arrangement is
needed, and that the present truce agreement may be
regarded as in effect during the Conference recess
which impends. The work of the Conference ceased
entirely late Thursday, when a garden party was
given at Buckingham Palace by King George and
Queen Mary, almost all delegates attending the fete.
Secretary of State Hull surprised the Conference
yesterday by introducing a resolution in the Economic Commission designed to extend indefinitely
the truce on tariff increases and to stimulate reductions in these barriers to trade. This proposal was
laid before the gathering together with a long covering letter. It does not fall strictly within the work
of the Commission, reports state, and therefore will
be appended without a vote to the report to be made
next week at the plenary session. The preamble
Volume 137
Financial Chronicle
545
to the proposal states that "the governments repre- "The impression now is that the pact may mark the
sented at this Conference, being desirous of aban- beginning of genuine Franco-Italian rapprochedoning economic conflict and collaborating in seek- ment," the report added. It was noted with some
ing general economic improvement through mutually interest that Premier Edouard Daladier, of France,
profitable exchanges of goods, undertake to reach sent a cordial message of congratulation to Signor
an agreement, first in the negative way of ceasing Mussolini on the conclusion of the pact. The Gerto erect new tariff barriers and then in the positive man Chancellor, Adolf Hitler, sent a highly laudaway of progressive reduction of existing barriers." tory message to Premier Mussolini. Conclusion of
The resolution contains two sections devoted to the agreement also received the warm endorsement
these aims, but also a formidable list of exceptions of Arthur Henderson, President of the General Dis
which embrace chiefly any duties that the United armament Conference, who expressed the opinion
States might find advisable in furthering President that it would prove an important factor in providing
Roosevelt's program for raising wages and improv- a solution of the disarmament problem.
ing the conditions of labor. In the accompanying
letter Secretary Hull pointed out that the work of
l
.ITHUR HENDERSON, the British Laborite
the Commission is far from finished, and that a
who is President of the General Disarmament
recess soon will be taken. "During and following Conference, assiduously toured the capitals of
this recess," he added, "it is to be hoped that the Europe in the last two weeks on his mission of 'savinterested governments will bring forward, through ing" the Conference from complete collapse. When
diplomatic or other channels, substantial proposals the gathering reached a further impasse recently
aimed to carry out ultimately the fundamental pur- and decided to adjourn until October, Mr. Henderposes for which the Conference was called."
son was asked to sound out the leaders of all important European countries regarding a possible
EPRESENTATIVES of the four leading coun- basis for some sort of agreement on disarmament.
tries of Europe attached their signatures at He visited Paris and Rome last week, and was presRome, last Saturday, to the four-Power pact pro- ent in the latter capital when the four-Power pact
posed originally by Premier Mussolini of Italy as a was signed by representatives of Great Britain,
means of preserving peace in the Old World. The France, Italy and Germany. Talks with German
text of the new treaty is identical with the docu- officials were held in Berlin early this week by Mr.
ment initialed by plenipotentiaries of Great Britain. Henderson, who issued a statement Tuesday advoFrance, Germany and Italy last month, after long cating a "heart-to-heart" conversation between
and arduous negotiations in which the proposal of Chancellor Hitler of Germany and Premier Daladier
the Italian Premier was whittled down under of France. "Only in this way," he said, "would
French pressure to little more than an expression some of the doubts, fears and suspicions be reof good intentions. Signor Mussolini's original in- moved." Mr. Henderson was unable to see Chantention was to obtain an agreement among the four cellor Hitler until Thursday, as the German Nazi
Powers for peaceable revision of some of the more leader was on a holiday in Bavaria. He discussed
obviously dangerous territorial settlements of the the disarmament problem with Foreign Minister
Treaty of Versailles. As finally agreed upon, the Bonstantin von Neurath and other German Minispact avoids all reference to such matters of genuine ters of State, Tuesday, and appeared satisfied that
significance and sets forth merely that the four French fears could be diminished by direct converPowers will co-operate to maintain peace for 10 sations between the heads of the French and Geryears. They are to collaborate for disarmament, man Governments.
taking joint action to this end if the General DisConcerning the general problem, he issued a statearmament Conference fails. All measures to be ment in Berlin indicating that the realities of the
taken under the terms of the treaty are to be within position have been seriously examined in all conthe provisions of the League of Nations covenant, versations, with the result that the "divergencies
which is another way of stating that the Versailles on several important matters had been narrowed."
Treaty is not to be disturbed. This four-Power pact Mr. Henderson conferred in Prague, Wednesday,
was signed at Rome in a simple ceremony by Pre- with Dr. Edouard Benes, Foreign Minister of
mier Mussolini for Italy, Ambassador Sir Ronald Czechoslovakia, who is rapporteur of the DisarmaGraham for Great Britain, Ambassador Henri de ment Conference. He went to Munich, Thursday, to
Jouvenal for France, and Ambassador Ulrich von talk personally with Chancellor Hitler, the latter
Hassel for Germany.
interrupting his vacation in order to see him. FurCompletion of this agreement was hailed in the ther conversations are to follow in Paris, with the
Fascist press of Italy as marking the introduction aim of arranging a meeting in Geneva between Herr
of a "new era in European politics." In a Rome re- Hitler and M.Daladier. Reports from several Europort to the New York "Herald Tribune," such re- pean capitals indicate that these activities of Mr.
marks were deprecated as due to an excess of Henderson's are not diminishing to any noticeable
enthusiasm. In Paris it was hoped that the agree- degree the pessimism felt generally with regard to
ment might mark the end of the long period of mis- the disarmament problem.
—6—
understanding between France and Italy. French
Government circles and the French press alike
O ITS long series of recent funded debt converemphasized this feature of the accord, and the
sion operations the British Treasury has
optimism in France created the impression in some •added another, in the form of an invitation to holdEuropean circles.that the treaty may actually prove ers of the $136,333,500 issue of 5/
1
2% gold dollar
an important document. In a London dispatch of bonds to exchange their obligations for sterling
Sunday to the New York "Times" it was remarked bonds bearing 2/
1
2% interest on an exchange basis
that when the text of the Treaty was published it of £260 for every $1,000. The new bonds, like the
was discounted as a wholly innocuous document. outstanding issue, would mature Feb. 1 1937. The
A
R
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546
Financial Chronicle
$136,333,500 loan is the unamortized part of a $250,000,000 war loan raised in the United States in
January 1917, and it is the only gold dollar obligation of the British Treasury in private hands. This
exchange offering has several unusual characteristics, and coming at this time it is subject to a variety
of interpretations. In the New York market it was
emphasized that the exchange basis of dollar bonds
for sterling bonds corresponds to a sterling valuation of approximately $3.85, whereas sterling
actually was quoted as fluctuating within a few
cents of the former level of $4.8665 on Wednesday,
when the exchange announcement was made in London. This means that the British Treasury was
offering an apparent premium of about 20% to
induce conversion of the dollar loan into sterling
obligations, the sharp reduction in interest being,
of course, a material offset. On the basis of this
foreign exchange factor the bonds promptly were
marked upward on the New York Stock Exchange,
where they are listed, the advance amounting to
slightly more than $90 a $1,000 bond on Thursday,
when the offer became known here. In yesterday's
dealings, however, the quotation declined nearly $20
a $1,000 bond.
In London the offer was accepted as an attempt
to stimulate further repatriation of the loan, which
is already held very largely in England. The favorable rate of conversion was construed in the British
capital as a compensation not only for the reduced
coupon, but also for relinquishment of the contract
right to payment in gold dollars in New York of the
standard of weight and fineness existing at the time
the loan was arranged, or in sterling in London at
the fixed exchange rate of $4.86/
1
2. An announcement by the British Treasury remarked that recent
legislation in the United States provides that any
obligation expressed in gold or the coin or currency
of the United States shall be discharged upon payment in any coin or currency of the United States
which at the time of payment is legal tender. "It
follows from the terms of the legislation," the statement continued, "that payment of interest and repayment of principal under the existing bonds, if
made in New York, can only be made in coin or
currency which is at the date of payment legal
tender in the United States for the discharge of
debts; that is, in paper dollars and not gold dollars.
In the very special circumstances which surround
this particular case, however, his Majesty's Government propose to make an offer to the holders of the
bonds to surrender their existing bonds after encashment of the interest coupon due Aug. 1 1933, and
receive in exchange new sterling bonds which would
be issued subject to the following terms and conditions: (a) Bondholders who desire to avail themselves of the offer of exchange must signify their
intention not later than Aug. 31 1933, in such manner as may be required; (b) the exchange will be
made on the basis that for every $1,000 of 5/
1
2%
gold bonds the holder will receive £260 of sterling
bonds; (c) the sterling bonds will be repayable in
London on Feb. 1 1937, and bear interest at the
1
2%."
rate of 2/
The British announcement of the exchange offering contained the information that the effect, to
the extent that it is accepted, will be to increase
the total amount of principal but to diminish the
interest payments during the period which remains
before maturity. "The amount of 20-year bonds is
July 22 1933
$136,333,500—£28,013,733 at par," the statement
added. "If all these bonds were converted into
sterling bonds, the amount of the latter to be issued
would be £35,446,710. At par, the interest payment
on the 20-year bonds is equivalent to £1,540,755
yearly, while the charge for interest on the sterling
bonds would be £886,168 yearly." There was some
criticism of the exchange offering in London, where
it was calculated that the interest savings would
amount, in the event of complete conversion, to
£1,963,761, whereas the increase in principal would
be £7,432,977, so that the apparent net cost of the
operation to the British Treasury would be
£5,469,216. In this market, however, it was recalled
that Chancellor of the Exchequer Neville Chamberlain recently predicted, during an interpellation in
the House of Commons, that the foreign exchange
value of the dollar would improve in the autumn,
when the usual payments for American products are
heaviest. This belief, also shared by financial experts here, led to the conclusion that the British
Treasury merely chose an exceptionally favorable
opportunity to dispose of a debt problem that might
prove slightly embarrassing in the future, because
of the gold clause in the contract. It was noted with
some interest that the encashment of the Aug.1 1933
coupons will be effected in paper dollars.
FFORTS of German authorities to conserve the
gold and foreign exchange reserves of the
Reichsbank were extended late last week to include
the settlement made with Belgium covering the compensation for 6,000,000,000 marks of German currency left in Belgian territory at the end of the
World War. It was announced officially in Brussels, July 14, that Belgium would be credited with
the annual payments on this account hereafter in
the compensation office in Berlin. This means, a
dispatch to the New York "Times" remarked, that
Belgium will have to accept some $5,000,000 worth
of goods from Germany annually. When the agreement for compensation was made, Germany agreed
to pay for the marks irrespective of whether the
Young plan was carried out, but reserved the right
to supply goods instead of currency, and the German
authorities are thus held to be technically within
their rights. The action nevertheless was said to
have produced great indignation in Belgium, and a
formal protest was made to Berlin.
Foreign creditors of German long-term borrowers
in the international capital markets appear to be
consenting reluctantly to the provisional regime
established by the Reichsbank on debt service of such
loans, in order to protect the German central bank.
A Swiss committee representing creditors of that
country advised acceptance of the German offer,
according to Berlin reports of last Saturday. Representatives of American investment bankers concerned in the flotation of German bonds here are
non-committal in this respect,a statement issued last
week indicating that acceptance is a matter for the
individual bondholder to decide, but it was stated
that the arrangement is considered fair to all concerned. The transfer moratorium of June 9, applicable July 1, was modified to provide for payment of
50% of interest due on external bonds in foreign
currencies, while the remaining 50% is to be paid
in scrip representing marks deposited by the debtors
in the newly-established German Conversion Bank.
External loans of the German Government are to
E
Volume 137
Financial Chronicle
be exempted from this arrangement, the Dawes plan
1
2% loan so
7% loan entirely, and the Young plan 5/
far as interest is concerned. Of interest to the creditors of German private long-term borrowers are
ancillary arrangements by the Reichsbank, which
are expected to result in the maintenance of markets
by the Reichsbank for mark checks to cover 50% of
the interest due during the final six months of this
year. It is indicated that the Reichsbank will purchase such checks, paying half the face value in foreign currencies. The recipients naturally have the
privilege of holding their mark checks and awaiting
developments.
547
The difficulty of this aim is perhaps best illustrated
by an announcement that 18,000 persons are being
held under "protective arrest" by the Nazis.
RGENTINA was in the throes of a governmental
crisis this week, as the question of the recently
negotiated trade treaty with Great Britain was debated in the Chamber of Deputies. Uncompromising opposition to the treaty was expressed by Finance Minister Alberto Hueyo, and there was also
considerable antagonism in the Argentine Congress,
chiefly because customs revenues will be curtailed
materially under the treaty. Internal issues also
contributed to the crisis, according to Buenos Aires
reports to the New York "Times." A popular demand exists for currency inflation and for a moratorium on foreign debt payments, it is said, and
these proposals also were opposed by Senor Hueyo.
The Finance Minister handed his resignation to
President Justo early this week, rather than accept
any of the proposals, and the resignation was accepted Tuesday, following unsuccessful efforts by
President Justo to conciliate the dispute. The entire question was made acute by a formal British
protest against further delay in ratification of the
Anglo-Argentine treaty by the Congress in Buenos
Aires. It was rumored that the British Government
would reduce imports of Argentine chilled beef unless ratfication took place speedily. The treaty was
approved by the Chamber of Deputies, Thursday,
by a vote of 61 to 41. President Justo announced
Wednesday that Minister of Justice Manuel de Iriondo would act as Finance Minister, pending the
appointment of a successor to Senor Hueyo. He
indicated at the same time that the Government
would continue to follow the Hueyo financial policy.
"This means," a dispatch to the New York "Times"
said, "that the Government proposes to continue
prompt payments of foreign obligations, despite
passage of the law suspending sinking fund payments."
A
HANCELLOR ADOLF HITLER and his associates of the German Fascist Government are
turning their attention more and more to economic
conditions within the Reich, but without abating
in any way their persecution of real or imagined
opponents of their regime. A general economic
council was appointed by the Chancellor last Saturday, to advise the Government on its problems and
direct the campaign against unemployment. The
Councilors include such prominent German industrialists as Dr. Gustov Krupp von Bohlen, Dr. Carl
Bosch, Karl Friedrich von Siemens, Dr. Fritz Thyssen and Dr. Albert Voegler. This group is to attempt "co-ordination" of the Nazi program for economic recovery, the need for such action being illustrated by German foreign trade figures of last
Saturday, which revealed a sharp drop in exports
• and an increase in imports during June. The German Cabinet met on July 14, and in a session that
lasted into the small hours of the next day passed
some 30 laws dealing with various phases of the
Fascist political and economic program.
The laws include an Act for the confiscation of
the property of individuals who are deemed hostile
to the Nazi State, an Act for the withdrawal of citizenship from individuals who were naturalized since
the World War, and an Act prohibiting the formation of new political parties or the revival of old
HERE have been no changes this week in the
ones. A further measure provides for the seizure
discount rate of any of the foreign central
of property and the withdrawal of citizenship of all
banks. Present rates at the leading centers are
critics of the Government who live abroad and refuse
shown in the table which follows:
to return to Germany. Another law limits the use
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
of machinery in the German cigar industry, and
PreRate in
Rate in
reflects the Nazi opposition to the use of machinery.
PreDate
Mous
Country. Effect
Country. Effea
Date
aims
July21 Established. Rate.
July21 Established. Rate.
The animus against the Weimar Constitution was
_ 5
Mar. 23 1933 6
Hungary_.._ 434 Oct. 17 1932 5
again shown by a measure which permits public Austria_
Belgium _ _ _
334 Jan. 13 1932 23.t India
314 Feb. 16 1933 . 4
Bulgaria..._ 834 May 17 1932 934 Ireland__
3
June 30 1932 354
gambling,in contrast with the former constitutional Chile
4
43 Aug. 23 1932 534 Italy
Jan. 9 1933 5
Colombia__ 5
Sept. 19 1932 6
Japan
3.65 July 3 1933 4.38
prohibition. One of the laws regularized the rela- CsechosioJava
5
July 1 1933 431
vakia_ ___ 334 Jan. 25 1933 434 Lithuania
7
May 5 1932 734
tions of the Nazi State with the Protestant and Ro- Danzig_
_ __ 4
July 12 1932 5
Norway _ _ _ 334 May 23 1933 4
Denmark_. 3
June 1 1933 334 Poland._ _ 6
Oct.
20 1932 734
man Catholic churches.
England_ __
2
June 30 1932 234 Portugal_.._ 6
Mar. 14 1933 654
Estonia__
534 Jan. 29 1932 634 Rumania
6
Apr.
1933 7
Among the more important economic edicts was an Finland__ 534 May 27 1933 6 SouthAtrica 4 Feb. 217 1933
5
France_ __ _
234 Oct. 9 1931 2
Spain
6
Oct. 22 1932 634
agrarian law to exclude any foreign grain imports Germany __ 4 Sept.31 1932 5 Sweden__
3
June 1 1933 334
Greece
May 29 1933 9
Switzerland 2
Jan. 22 1931 234
this year, except to compensate for German grain Holland _ 4734 Imly
14 1021 414
exports. The interest paid by agricultural credit
In London open market discounts for short bills
institutions on foreign credits was reduced by the on Friday were 7-16%, as against 3/2@9-16% on
Government to 4%, the Reich itself paying the dif- Friday of last week and 7-16@3/
2% for three months'
ference between that figure and the contract rates. bills, as against 3@9-16% on Friday of last week.
Extensive tax reductions were granted to enter- Money on call in London yesterday was 17
3 0. At
prises that employ additional labor or purchase Paris the open market rate remains at 2h% and in
machinery replacements, while exemptions were Switzerland at 13/
27o.
granted new undertakings producing products that
do not compete with existing enterprises. The GovHE Bank of England statement for the week
ernment also allotted approximately 150,000,000
ended July 19 shows a further small gain in
marks in additional credits for labor creation. gold holdings, amounting to £11,287, which again
Earlier this month Chancellor Hitler informed the brings the total up to a new high mark. The Bank
German people that they must become 100% Nazi. now holds £190,980,652 as compared with L137,422,-
C
T
T
548
Financial Chronicle
347 a year ago. Circulation contracted £1,097 000
and this together with the gain in gold brought about
an increase of £1,108,000 in reserves. Public deposits
increased £2,211,000 while other deposits decreased
£929,201. The latter consists of bankers' accounts
which fell off £1,799,476 and other accounts which
rose £870,275. The reserve ratio is now at 43.19%
in comparison with 42.86% a week ago and 34.53%
a year ago. Loans on Government securities rose
£2,535,000 and those on other securities decreased
£2,336,082. Other securities include discounts and
advances and securities. The former fell off £3,853,192 while the latter increased £1,517,110. The reserve ratio is unchanged at 2%. Below we show
a comparison of the different items for five years.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
July 19
1933.
Circulation a
Public deposits
Other deposits
Bankers' accounts_
Other accounts_ _ _
Governm't securities
Other securities
Disct. & advances_
Securities
Reserve notes & coin
Coln and bullion
Proportion of reserve
to liabilities
Bank rate
July 20
1932.
July 22
1931.
July 23
1930.
July 24
1929.
£
£
£
£
£
377,375,000 365,758,894 356,098,249 364,137,682 367,332,145
19,052,000 13,379,064 16,373,298 9.904.246 11,684,787
151,363,885 121,751,271 92,943,628 103,472,542 97,493,360
94,159,317 88,023,928 60,179,250 67,265,603 61,009,441
57,204,568 33,727,343 32,764,378 36,206,939 36,483,919
89,590,471 66,230,765 34,375,906 51,355,547 50,781,855
25,309,013 40,315,295 39,075,446 29,200,737 33,099,759
11,246,485 14,307,079 7,098,770 7,098.343 9,426,937
14,062,528 26,008,216 31,976,676 22.102,394 23,672,822
73,606,000 46,663,453 52,946,336 50,896,217 43,368,013
190,980,652 137,422,347 150,044,584 155,033,899 150,700,158
49.3%
34.53%
44.89%
39.72%
43.19%
3%
2%
335%
534%
2%
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
note Issues, adding at that time £234,199,060 to the amount of Bank of England
notes outstanding.
HE Bank of France in its statement for the week
ended July 14 reveals an increase in gold holdings of 284,850,865 francs. Gold now aggregates
81,549,342,441 francs, in comparison with 82,407,812,725 francs last year and 56,646,581,780 francs
the year before. Credit balances abroad and creditor
current accounts record gains of 2,000,000 francs and
589,000,000 francs while French commercial bills
discounted and advances against securities show decreases of 110,000,000 francs and 73,000,000 francs
respectively. Notes in circulation are off 690,000,000
francs, the total of which is now 83,217,659,275
francs. A year ago the total of circulation was
81,546,994,825 francs, and two years ago 77,953,685,160 francs. The proportion of gold on hand to
sight liabilities stands at 78.48% and compares with
76.31% last year and 56.32% the previous year.
Below we furnish a comparison of the various items
for three years:
July 22 1933
3,338,409,000 marks, in comparison with 3,796,300,000 marks last year and 4,161,809,000 marks the
previous year. Silver and other coin, notes on other
German banks and investments reveal increases of
29,780,000 marks, 3,290,000 marks and 313,000
marks respectively. The proportion of gold and
foreign currency to note circulation stands at 8.9%,
last year it was 23.5% and the year before 35.8%.
Below we furnish a comparison of the various items
for three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
July 15 1933. July 15 1932. July 15 1931.
Assets—
Iteichsmarks. Reichsmarks. Retchsmarks. Reichsmarks.
+24,156,000 218,212,000 754,109,000 1,366,092,000
Gold and bullion
Of which depos. abroad
No change.
19,645,000
47,069,000
81,652,000
Res've in foreign curr
—5,741,000
80.325,000 137,549.000 124,367,000
Bills of exch. & checks_ —106,657,000 3,078,593,000 2,986,854,000 2,753,439,000
Silver and other coin.._
+29,780,000 259,311,000 252,653,000
78,723,000
Notes on other Ger.bks.
+3,290,000
11,007,000 8,688,000,040
9,221,000
Advances
—14,094,000
70,599,000 145,706,000 386.007,000
Investments
+313,000 320,025,000 365,220,000 102,259,000
Other assets
—1,603,000 461,822,000 764,561,000 856,386,000
Liabilities—
Notes in circulation
—53,763,000 ,338,409,000 3,796,300,000 4,161,809,000
Other daily matur.obllg.
—2,171,000 357,003,000 338,621,000 307,124,000
Other liabilities
—14,622,000 180,791,000 712,993,000 720,240,000
Propor.of gold & foreign
curr, to note circurn.•
+0.6%
8.9%
23.5%
35.8%
NLY slight changes have been reported in the
New York money market this week, pronounced ease remaining the rule under the open
market operations of the Federal Reserve banks.
Variations in rates have been very small, and they
reflected entirely the highly uncertain course of the
securities markets. Time loans have been somewhat
firmer. Call loans on the New York Stock Exchange
have been 1% for all transactions, whether renewals
or new loans. There were no funds available at
concessions in the unofficial street market until
Thursday, when a few trades were reported done at
347o. Offerings of call money in the street market
yesterday at M% were said to find no takers.
Bankers' acceptance and commercial paper rates are
unchanged. An issue of $75,000,000 Treasury discount bills due in 91-days was awarded, Monday at
an average discount of 0.39%. Brokers' loans
increased $12,000,000 for the week to Wednesday
night, according to the statement of the Federal
Reserve Bank of New York.
O
EALING in detail with call loan rates on the
Stock Exchange from day to day, 1% has
ruling quotation all through the week for
been
the
BANK OF FRANCE'S COMPARATIVE STATEMENT.
both new loans and renewals. The market for time
Changes
money has been extremely quiet this week, the only
for Week.
July 14 1933. July 15 1932. July 17 1931.
transactions recorded being of one90-dayloan at1
Francs.
Francs.
Francs.
Francs.
Gold holdings
+284.850,865 81,549,342,441 82,407,812,725 56,646,581,780
Rates are nominal at 1@13'4% for 30 and 60 days,
Credit bals. abroad_
+2,000,000 2,575,759,060 4,458,052,465 8,659,194.558
a French commercial
13@
,13/2% for three and four months and 3/2@2%
bills discounted_ _ —110,000,000 3,063,939,042 2,830,470,653 4,562,717,599
b Bills bought abed
No change.
1,404,168,232 1,843,583,229 16,990,303,647
2.794,447,197
2,839,214,961
for
five and six months. The market for commercial
Adv. against securs_
—73,000,000 2,689,847,382
Note circulation..._ —690,000,000 83,217,659,275 81,546,994,825 77,953,685.160
Cred. current accts_ +589,000,000 20,701,965,183 26,448,836,601 22,622,497,772
paper
has been brisk this week. The demand conProportion of gold
on hand to sight
tinues
to hold up and there has been a good supply
76.31%
liabilities
78.48%
56.32%
+0.35%
of
available. Rates are 11
/% for extra choice
paper
a Includes bills purchased in France. b Includes bills discounted abroad.
names running from four to six months and 134%
HE Bank of Germany in its report for the second for names less known.
quarter of July shows an increase in gold and
HE market for prime bankers' acceptances has
bullion of 24,156,000 marks. Owing to this gain, the
shown no change this week. The market is
total of bullion stands now at 218,212,000 marks, in
comparison with 754,109,000 marks a year ago and quiet and most of the demand comes from out of
1,366,092,000 marks the year before. A decrease town banks. Rates are unchanged. The quotaappears in reserve in foreign currency of 5,741,000 tions of the American Acceptance Council for bills
marks, in bills of exchange and checks of 106,657,000 up to and including 45 days are %% bid, and %
8%
marks, in advances of 14,094,000 marks, in other asked; for 46 to 90 days they are %% bid and
7 3% bid and 4
assets of 1,063,000 marks, in other daily maturing M% asked;for four months,/
3 % asked;
obligations of 2,171,000 marks and in other liabilities for five and six months, 13/g% bid and 1% asked.
of 14,622,000 marks. Notes in circulation contracted The bill buying rate of the New York Reserve Bank
53,763,000 marks reducing the total of the item to is 1% for bills running from 1 to 90 days, and pro-.
T
D
Volume 137
Financial Chronicle
549
portionately higher for longer maturities. The York were negligible, the quotation as already stated
Federal Reserve banks' holdings of acceptances fell went as high as 4.863/2 here and reached 4.8675 in
during the week from $13,194,000 to $9,848,000. London.
Their holdings of acceptances for foreign correWhen these high figures were reached, the market
spondents has also decreased during the week from resumed speculation as to the probable course of the
$35,761,000 to $35,694,000. Open market rates for dollar, and it seemed to be the consensus of opinion
acceptances are as follows:
that these rates would prove the signal for further
SPOT DELIVERY.
depreciation of the dollar. Upon the announcement
—180 Days— —150 Days— —120 DM/3—
of the British Treasury conversion plan the rate
Asked.
BM.
Asked.
Bid.
Bid.
Asked.
Prime eligible bills
1;4
1H
1
1
broke sharply in New York, in London, and in all
—90Days— -45 to 60 Days- —15045 Days—
markets. The sigaificance of the offering may be
Bid.
Asked.
Asked.
Bid.
Asked.
Bid.
Prime eligible bills
$44
$4
$4
$46
best comprehended if it is recalled that only a few
FOR DELIVERY WITHIN THIRTY DAYS.
months ago in the early part of the year it was very
Eligible member banks
1H% bid
Eligible non-member banks
1H% bid
evident that the London authorities were endeavoring
to hold sterling around 3.40. With the great return
HERE have been no changes this week in the of confidence in London as a money center and safe
rediscount rates of the Federal Reserve banks. place of deposit for foreign funds, the steady flow
The following is the schedule of rates now in effect of funds to London for purposes of security upset all
for the various classes of paper at the different Re- plans which the British Treasury or the Bank of
serve banks:
England may have had for this 3.40 point, and for
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
some time it was clear that they would determine on
Rate in
a higher level around 3.50. At the opening of the
Federal Reserve Bank.
Previous
Date
Effect on
Ride.
Established.
July 21.
Monetary and Economic Conference it became cerBoston
314
June 1 1933
3
tain that this was the level desired by London and
New York
3
May 26 1933
214
Philadelphia
3H
June 81933
3
the American delegates to the conference intimated
Cleveland
314
June 10 1933
3
Richmond
4
Jan. 25 1932
314
clearly that they hoped for a stabilization point
Atlanta
3
Nov. 14 1931
334
Chicago
334
3
May 27 1933
around
4.00. The market slumped in New York
St. Louis
3
June 8 1933
314
Minneapolis
4
Sept. 12 1930
314
Kansas City
and
everywhere
on Thursday as the conversion offer
3
Oct. 23 1931
314
Dallas
4
Jan. 28 1932
334
San Francisco
seemed to convey as strongly as possible that the
314
June 2 1933
3
British authorities were planning a stabilization point
TERLING exchange further sharply advanced of 3.846. In consequence of this conjecture, which
early in the week involving further depreciation was later declared unfounded, sterling dropped not
of the dollar, but as has been the case for many only against the dollar but also in terms of francs
months, the pound has been weak in terms of gold or and all the gold-bloc units. The London check rate
the French franc. Quotations are highly erratic and on Paris dropped to 84.85 francs to the pound, and
the volume of transactions is negligible both in New the British Exchange Equalization Fund was forced
York and abroad, with the smallest actual trades to supply sterling against gold. On Friday of last
effecting marked price changes. Bankers everywhere week the London check rate on Paris closed at 85.25
are entirely at sea as to the probable trend of the ex- francs to the pound, representing a depreciation of
changes. Traders are unable to formulate technical sterling in terms of gold of approximately 31°X.
positions and all markets are seriously handicapped
Prior to the abandonment of gold by London in
by the prevailing uncertainty. The strength of September 1931, the London check rate on Paris
sterling in terms of dollars merely points to the varied only slightly from day to day at around
weakness and downward trend of the dollar. Matters 124 francs to the pound. For the present, at
have been further complicated this week by the an- least, foreign exchange traders are strongly inclined
nouncement on Thursday of the British Treasury's to believe that 3.846 represents a stabilization pound
plan to convert the $250,000,000 532% dollar loan intended by London, but there is absolutely no way
into new 23/2% sterling bonds at the rate of £260 per of knowing this. Bankers everywhere have noted
$1,000. This is the equivalent of $3.846 for the with singular interest the few remarks made by
pound and compares with the recent high touched in J. Pierpont Morgan on his arrival in England on
London on Wednesday of $4.8675. A detailed ac- Wednesday, which are reported an another page.
count of the conversion offer will be found on another It might be pointed out here that he said that one
page. Sterling made a new advance each day this of the first men he intends to see is Montagu Norman.
week up to and including Wednesday, cable transfers Governor of the Bank of England, and that he
touching $4.783
4 Monday, would not be surprised if stabilization were discussed.
4 on Saturday, 4.803
4.853/i Tuesday and 4.863/2 Wednesday; on Thursday Funds are in great abundance in London and the
as a result of the conversion offer, there was a drop to big five London clearing banks are hard pressed to
4.64 and on Friday to 4.571%. The range this week find profitable employment for their balances. Their
has been between 4.57 and 4.863 for bankers' sight joint deposits rose more than 11% during the fiscal
bills, compared with a range between 4.64 and 4.83 year ended June 30, and they have found it more
I last week. The range for cable transfers has been difficult to use their funds profitably this year than
between 4.573. and 4.863/2, compared with a range ever before. The total increase during the year
of between 4.65 and 4.833/i a week ago. It will be amounted to £179,875,359. The embarrassment of
recalled that on Monday of last week the pound funds has been reflected for many months in the low
jumped to 4.833/i for cable transfers. There was a open market money rates. Call money against bills
recession on Friday last to 4.79 and the rate moved is in abundant supply at 3,1%. Two-months' bills
fractionally lower again on Saturday. On Monday are 5-16% to 7-16%, three-months' bills, 7-16% to
of this week the pound returned to about the closing %%;four-months' bills, 7-16% to %%;six-months'
rates for Friday last. On Wednesday the market bills, 11-16% to Y
i%. These rates have changed
was decidedly firm even though transactions in New hardly at all from day to day for many months.
T
S
FinanciaI Chronicle
550
The British Treasury and the Bank of England seem
to have taken but small amounts of the gold on offer
in the London market this week, doubtless deterred
by the heavy gold premium. On Saturday last
£145,000 was available and taken for Continental
account at a premium of 11d. Bars were quoted
124s. 3d. On Monday £125,000 was available and
taken at a premium of 11%d. for Continental account. Bars were quoted 124s. 3d. On Tuesday
£225,000 was taken for an unknown destination at a
premium of lid. Bars were quoted 124s. 53/2d.
On Wednesday £60,000 was taken for Continental
account and the Bank of England bought £968
gold bars, which were quoted 124s. 4d. On Thursday 030,000 is believed to have been taken for
Continental account at a premium of 8d. Bars
were quoted 124s. 6d. On Friday £435,000 was
available and taken for Continental account at a
premium of 8d. Bars were quoted 124s. ld. On
Friday also the Bank of England bought £349,098
in gold bars.
This week the Bank of England shows an increase
in gold holdings of £11,287, the total standing at
£190,980,652, which compares with £137,422,347 on
July 20 1932, and with the minimum of £150,000,000
recommended by the Cunliffe committee. It has
been asserted in important quarters that the British
authorities are well satisfied with the gold holdings
of the Bank of England as they stand at present and
for the time being at least no serious attempt will
be made to increase the present figure.
At the Port of New York the gold movement
for the week ended July 19, as reported by the Federal
Reserve Bank of New York, consisted of exports of
$16,344,000, of which $11,342,000 was shipped to
France and $5,002,000 to Sweden. There were no
gold imports. The Reserve Bank reported a decrease
of $16,251,000 in gold earmarked for foreign account.
In tabular form the gold movement at the Port of
New York for the week ended July 19, as reported
by the Federal Reserve Bank of New York, was as
follows:
GOLD MOVEMENT AT NEW YORK, JULY 13-JULY 19, INCL.
Exports.
Imports
$11,342,000 to France.
5,002,000 to Sweden.
None.
$16,344,000 total.
Net Change in Gold Earmarked for Foreign Account.
Decrease: $16,251,000.
The above figures are for the week ended Wednesday evening. On Thursday there were no imports
of gold but $6,252,400 was shipped to France, and
gold held earmarked for foreign account decreased
$6,252,400. On Friday there were no imports of
gold but $5,000,600 of the metal was exported to
France, gold held earmarked for foreign account
decreased $5,000,600. There have been no reports
during the week of gold having been received at any
of the Pacific ports.
Canadian exchange has approached much nearer
dollar parity, although Canadian funds are still at
a discount. On Saturday last Montreal funds were
at a discount of 44%, on Monday at 43/2%, on
Tuesday at 332%, on Wednesday at 434%, on
Thursday at 53/g% and on Friday at 5%.
Referring to day-to-day rates, sterling exchange on
Saturday last was dull but firm. Bankers' sight was.
8@4.783. On
/
4.77@4.78; cable transfers 4.775
with the pound
dull
continued
Monday the market
was
range
The
2(4)4.803
firmness.
4.773/
inclining to
transcable
for
4.77%@4.80%
and
sight
bankers'
for
July 22 1933
fers. On Tuesday sterling advanced sharply. Bankers' sight was 4.82@4.85; cable transfers 4.82%@
8. On Wednesday sterling was firm against the
4.853/
dollar. The range was 4.809@4.863 for bankers'
sight and 4.81@4.863/ for cable transfers. On
Thursday sterling was sharply lower. The range was
4.63%@4.75% for bankers' sight and 4.64@4.75%
for cable transfers. On Friday there was further
weakness; the range was 4.57@4.723 for bankers'
sight and 4.573@4.723/2 for cable transfers. Closing
quotations on Friday were 4.68 for demand and
4.683/i for cable transfers. Commercial sight bills
finiOed at 4.68; 60-day bills at 4.673; 90-day bills
at 4.67; documents for payment (60 days) at 4.673,
and seven-day grain bills at 4.66. Cotton and grain
for payment closed at 4.68.
on the Continental countries presents
EXCHANGE
no new features of importance. The resume of
exchange gives a picture of the movement of
sterling
the gold bloc currencies. French francs are particularly firm in terms of sterling and the dollar, and the
franc is now a guidepost to the movements of all other
exchanges, whether on or off gold. The franc,while
firm, declined 10 points on Thursday following the
announcement of the British Treasury's conversion
offer, which seemed to indicate a determination
sooner or later to stabilize sterling around $3.846.
The drop was reflected in sterling itself and in nearly
all currencies, and indicates the nervousness of the
market. The Bank of France statement for the
week ended July 14 shows an increase in gold holdings
of 284,850,865 francs, the largest increase in many
weeks. Some of this gold came from the French
Bank's earmarked stock in New York, but doubtless
some of it represents withdrawals from London openmarket purchases of private interests. As noted
above, the Federal Reserve Bank reports a shipment
of $11,342,000 gold to France this week, which
follows shipments aggregating $21,810,000 in the two
previous weeks. The Bank of France statement for
the week ended July 14 shows total gold holding at
81,549,342,441 francs, which compares with 82,407,812,725 francs on July 14 1932 and with 28,935,000,000francs in June 1928 when the franc was stabilized.
Italian lire are fluctuating of course with the other
major exchanges, but are on the whole steady and
firm. Italian opinion seems to be that the gold bloc
countries will continue to sustain their position with
the utmost vigor in view of the sacrifices they have
made in the past.
German marks are quoted high with all other
currencies in terms of the dollar, but these quotations
are highly nominal. The Reichsbank current statement reports a slight increase in reserves, reflecting
an easing of strain on the bank, which has been accomplished by means of the transfer moratorium in
effect since July 1.
The London check rate on Paris closed on Friday
at 85.30, against 85.25 on Friday of last week. In
New York sight bills on the French centre finished
on Friday at 5.50%, against 5.61% on Friday of
last week; cable transfers at 5.513, against 5.62,
and commercial sight bills at 5.473, against 5.48.
Antwerp belgas finished at 19.62 for bankers' sight
bills and at 19.63 for cable transfers, against 20.04
and 20.05. Final quotations for Berlin marks were
33.64 for bankers' sight bills and 33.65 for cable
transfers, in comparison with 34.34 and 34.35.
Italian lire closed at 7.41 for bankers' sight bills
Volume 137
Financial Chronicle
551
and at 7.42 for cable transfers, against 7.58 and
7.59. Austrian schillings closed at 16.10, against
16.25; exchange on Czechoslovakia at 4.20, against
4.263/2; on Bucharest at 0.91, against 0.92; on Poland
at 15.75, against 16.15, and on Finland at 2.10,.
against 2.12. Greek exchange closed at 0.81 for
bankers' sight bills and at 0.811A for cable transfers,
against 0.813 and 0.813
4.
prompt payments of foreign obligations despite
passage of the law suspending sinking fund payments.
The question of inflation depends largely on action
in Congress, where there is a strong Conservative
Party movement in favor of several inflationary
measures now in committee.
Argentine paper pesos closed on Friday nominally
at 36.00 for bankers' sight bills, against 363/
2 on Friday of last week; cable transfers at 363j, against
XCHANGE on the countries neutral during the 363
4. Brazilian milreis are nominally quoted 7.81
war has followed the main trends in evidence for bankers' sight bills and 8% for cable transfers,
during the past few weeks. Holland guilders are against 7.95 and 8.00. Chilean exchange is nomiexceptionally firm with respect to the dollar and the nally quoted 8%, against 83
4. Peru is nominal at
pound, as also the other gold-bloc neutral, the Swiss 22.25, against 22.00.
franc. It will be recalled that a few weeks ago when
XCHANGE on the Far Eastern countries has
the guilder was threatened the Bank of The Nether, been easier on the decline in the price of silver
lands ran up its rediscount rate sharply from 3%
latter part of the week. Silver in New York
the
to 4% as a measure to protect its reserves. On
ranged
this week from between 403A cents and 37
Friday, July 14, the rate was reduced to 4%,although
cents
per
fine ounce. The Shanghai silver market
when the advance to 432% was made Amsterdam dishas
more active than in many years. The
been
patches clearly indicated that further increases in the
Indian
fluctuates with the pound, to which it
rupee
rate could be looked for if there were any signs of
is
anchored
at
the fixed rate of is. 6d. per rupee.
raids on the guilder. It is pointed out that the present
reduction indicates that the gold-bloc countries, fol- The Japanese yen is especially firm when it is conlowing policies largely dictated by France, will en- sidered that around the first of the year the Japanese
deavor to keep money rates low and a further reduc- authorities frequently expressed themselves as satistion in the Bank of The Netherlands rate is looked for fied that the yen could be held around 203'. Par of
unless signs of a speculative drive against guilders the yen is 49.85 and current quotations are around
become evident. The agreements of every kind made 30. This does not represent so much a rise in the
between the gold-bloc countries are so largely secret yen as it reflects a decline in the dollar.
Closing quotations for yen checks yesterday were
that there is no way of discovering what action any
29,
against 30 on Friday of last week. Hong Kong
of these central banks may take. Speculators who
closed
at 329@33 11-16, against 353@35 7-16;
had sold Dutch florins short hastened to cover last
Shanghai
at 289@29%, against 313.; Manila at 50,
week and Dutch exchange, having risen above the
against
50;
Singapore at 55, against 56; Bombay at
gold point, gold shipments took place between Paris
and Amsterdam. Because of the uncertainties as to 353., against 363', and Calcutta at 353, against
the course of the dollar and sterling exchange there 36N.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
has been some evidence of a return flow of funds to '
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JULY 15 1933 TO JULY 21 1933, INCLUSIVE.
the Dutch and Swiss centers in search of security.
Noon Buying Rate for Cable Transfers in New York,
The Scandinavian currencies are strongly inclined to Country and M
Value in United Stales Money.
Unit.
move in sympathy with sterling.
Julg 15. July 17. July 18. July 19. July 20. July 21.
Bankers' sight on Amsterdam finished on Friday
EUROPE$
Austria,schilling
.160000* .158750* .162166* .164333* .158750* .158125*
at 56.75, against 57.85 on Friday of last week; cable Belgium,
belga
.199836 .199883 .202509 .202900 .199500 .195790
Bulgaria, ley
.010750* .010500• .010250* .010750• .010250* .010000*
transfers at 56.80, against 58.10, and commercial Czechoslovakia,
krone .042528 .042514 .043108 .043314 .042500 .042040
Denmark, krone
.213209 .212966 .215566 .215910 .212018 .208087
sight bills at 56.65, against 57.75. Swiss francs England, pound
sterling
4.778750 4.777000 4.841500 4.834250 4.750000 4.652500
closed at 27.24 for checks and at 27.25 for cable Finland,
markka
021140 .021140 .021283 .021520 .020850 .020500
France,franc
056069 .056101 .056885 .056923 .056040 .054596
transfers, against 27.84 and 27.85. Copenhagen Germany, reichsmark .342146
.341750 .346075 .346450 .341000 .333318
Greece, drachma
008131 .008137 .008175 .008217 .008103 .003028
Holland, guilder
checks finished at 21.85 and cable transfers at 21.86, Hungary,
.577961 .578225 .586071 .586964 .577625 .594318
pengo
.250000* .250000 .252250* .250000* .250000* .249166•
lira
.075650 .075593 .076652 .076857 .075504 .073823
against 21.39 and 21.40. Checks on Sweden closed Italy,
Norway, krone
239822 .239890 .243127 .243045 .238409 .234100
Poland. zloty
158000 .158666 .162666 .163333 .158875 .156250
at 24.09 and cable transfers at 24.10, against 24.64 Portugal,
escudo
044025 .043775 .044133 .044370 .043766 .042883
Rumania,leu
008975 .009033 .009200 .009250 .008937 .008933
and 24.65; while checks on Norway finished at 23.49 Spain,
peseta
.119558 .119542 .121350 .121625 .119431 .117083
krona
.246127 .246253 .249309 .249400 .244714
and cable transfers at 23.50, against 24.09 and 24.10. Sweden,
Switzerland, franc_ _ _ .277500 .277514 .280466 .280900 .276300 .240300
.299750
dinar
.019700 .019225 .019525 .019575 .019287 .019162
Spanish pesetas closed at 11.76 for bankers' sight Yugoslavia,
ASIAbills and at 11.75 for cable transfers, against 11.99 ChinaChefoo dollar
309583 .308333 .312916 .310416 .299583 .292083
Hankow dollar_ _ _ _ .309583 .308333 .312916 .310416 .299583 .292083
and 12.00.
Shanghai dollar_
.310156 .308125 .313750 .311250 .300000 .292187
E
E
Tientsin dollar
309583 .308333 .312916 .310416 .299583 .292083
Hong Kong dollar
.346666 .345468 .355625 .352500 .335833 .332916
India, rupee
358700 .359225 .363375 .364125 .355700 .350550
Japan. yen
297050 .296770 .300937 .301500 .295312
Singapore (S.S.) dollar .554375 .554375 .559375 .563750 .553750 .288800
.545000
NORTH AMER.Canada, dollar
.952656 .952604 .963645 .965677 .955170 .952031
Cuba, peso
.999150 .999150 .999150 .999150 .999150 .999225
Mexico, peso (silver). .280933 .280933 .281420 .281575 .281366 .281675
Newfoundland, dollar .950000 .950000 .960500 .963250 .952656 .949625
SOUTH AMER.Argentina, peso (gold) .833494 .831203* .841269* .845272* .827924 .813549*
Brazil, milreis
.079100 .078730* .079137* .081133* .079550 .080500*
Chile, peso
08.5625 .086250* .087500* .087500* .086250* .083750.
Uruguay, Peso
.670000 .675833* .680000. 686666* .672083* .657833.
Colombia, peso
862100 .862100* .862100* .862100* .862100* .862100*
OTHERAustralia, pound
3 802500 3.803750 3.856666 3.845833 3.772083
New Zealand, pound. 3.808750 3.813333 3.865000 3.854166 3.780416 3.694166
3.702500
South Africa, pound._ 4.717500 4.720000 4.875000 4.780625 4.693750 4.598750
• Nominal rates; firm rates not available.
XCHANGE on the South American countries although only nominally quoted, as these markets
are under the strict control of government exchange
boards, is nevertheless firm and seems to have risen
proportionately to the decline of the dollar in terms
of gold. The major South American markets report
that in the past few weeks there has been a practical
cessation of requests.to repatriate American export
balances in these markets. This is especially the
case in Rio de Janeiro and Buenos Aires. The export
business of the South American countries has greatly
HE following table indicates the amount of gold
benefited from the rise of commodity prices here.
bullion in the principal European banks as of
Buenos Aires recently stated that President Justo July 20 1933, together with comparisons as of the
asserted that the Government proposes to continue corresponding dates in the previous four years:
E
T
Financial Chronicle
Banks of—
1933.
£
190,980.652
652,378,739
9,928,350
90,383.000
72,645,000
62,062,000
76,573,000
61,459,000
11,997,000
7,307,000
6,569,000
1932.
1931.
1930.
1929.
£
137,422,347
659,262,501
33,347,950
90,233,000
61,221,000
84,105,000
73,314,000
89,155,000
11,445,000
7,440,000
8,324,000
£
150,044,684
453,172,654
68,304,600
90,933,000
57,678,000
41,451,000
41,113,000
29,496,000
13,261,000
9,546,000
8,130,000
£
155,033,899
359,296,669
123,447,000
98,866,000
56,323,000
34,540.000
34.340,000
23,156,000
13,486,000
9,567,000
8.142,000
£
150,700,158
294,288,557
99,215,300
102,486,000
55,646,000
37,042,000
28,561,000
19,839.000
12,979,000
9,588,000
8,154,000
Total week_ 1,242,372,741 1,255,269,798
Prey. week_ 1,238.321,497 1,251,941,662
963,189,838
980.699,357
916,197,568
915,314,905
818,499,015
823,195,653
England_ _ _
France a_ __
Germany b_
Spain
Italy
Netherlands
Nat. Belg'm
Switzerland
Sweden _
Denmark
Norway
a These are the gold holdings of the Bank of France as reported in the new form of
statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £982,250.
Germany and the New Political Groupings
in Europe.
One of the questions which has been asked with
increasing frequency of late in European political
circles is whether Germany, in surrendering to the
Hitler regime of extreme nationalism, has not sacrificed something of its position and influence among
the Powers. The British journalist who uses the
pen name "Augur," writing on July 5 in an article
which was reprinted by the New York "Times" on
the 16th, declared that fear of Germany, which recently was dominant in London, was "disappearing
fast," and that "it has been revealed to the British
public that, at the present time at least, Germany
has fallen out of the ranks of the great Powers in
Europe." "Events at the World Conference, no
doubt," he continued, "have served to create this
impression, but the fear of Germany has been dissipated principally because of the events which are
taking place in that country itself." A similar
change of opinion, although much less emphatically
expressed, is to be noted in the French press, while
from other countries have come expressions indicating that the menace of German nationalism, or
Hitlerism as it is more commonly called, is regarded
with considerably less apprehension than it was a
short time ago.
Such fear of Germany as has existed in Europe
has been due to various causes. Its immediate origin
can be traced back to a point before the establishment of the Hitler Government, when the representatives of the Bruening Government and its successors demanded arms equality, and let it be known
that the disarmament proposals that were under discussion at Geneva would not be supported by Germany unless arms equality were conceded. The
natural inference, strengthened by various official
or semi-official declarations, was that if the concession were not made German armaments would
probably be increased. To this occasion of fear
were added the overwhelming success of the National
Socialists and Nationalists at the polls, the rapid
suppression and absorption of opposing political
parties, the proscription of the Jews, the assumption
of autocratic control over German industry and
business, and the successful outcome of the struggles
with the Catholic and Protestant churches. The
apprehension which was naturally aroused by the
establishment in central Europe of another Fascist
State, similar in many respects to that of Italy, was
intensified by the extreme rapidity with which the
transformation of the Reich was accomplished and
the ruthlessness with which opposition was overborne.
This pervading fear of what an aggressive Fascist
Germany might do cannot be dissociated from a
succession of recent political movements whose immediate fruit bas been the emergence of new group-
July 22 1933
ings of the European Powers. The four-Power pact,
the formal signature of which took place at Rome on
July 15, was apparently designed in part to curb
Germany by binding it in an accord with Italy,
France and Great Britain to maintain peace and
support the cause of disarmament. The fact that
revision of the peace treaties, if entered upon at all,
is to be undertaken only through the League of Nations, whereas in the first draft of the pact it appeared to be something that the four Powers might
consider independently, suggests that Germany may
have been given some assurance that its demand for
revision would not be opposed. If such is the case,
and if the pledge which Germany has given, jointly
with the other signatories, to work for disarmament
is not a mere formal gesture, two of the reasons for
fear which German fascism has inspired would seem
to have lost much of their force.
In Italy and France, on the other hand, the
signature of the pact has been hailed as marking a
long step in the direction of settling the differences
between those two countries. The differences, which
at times have seemed acute, are principally those
relating to Franco-Italian trade, naval parity, the
enlargement of the Italian colonial possessions in
North Africa, and the strained relations between
Italy and Yugoslavia, France's ally. The trade tension has recently been relieved by the removal of
some French import duties. A United Press dispatch from Paris on Tuesday reported that preliminary negotiations regarding naval matters had
lately been resumed, and that the two Powers were
already in agreement "on nearly every point except
the replacement of a few thousand tons of obsolete
ships" and the question of compensating Italy for
the French battleship Dunkerque now under construction. The Paris correspondent of the New York
"Times" reported on July 15 some intimations in
the French press of "decidedly important concessions" obtained by the French Ambassador, Henry
de Jouvenel, from Italy in relation to Yugoslavia,
the concessions presumably having to do with the
Yugoslav navy in the Adriatic, which Premier Mussolini is known to regard as an impediment to Italian
naval plans in the Mediterranean. The proceedings
of the World Economic Conference further indicate
that any real rapprochement of Italy and France
would probably find the two countries united in behalf of currency stabilization on the Continent.
A new factor of special importance, or perhaps one
should say an old factorY of greatly increased importance, has entered the European situation in the
political and commercial activities of Russia. We
referred recently (see our issue for July 8, page 198)
to the success of M. Litvinov, Russian Commissar
for Foreign Affairs, in negotiating non-aggression
agreements with a number of the States of eastern
Europe and effecting a restoration of commercial
relations between Russia and Great Britain. The
conclusion of a new Anglo-Russian trade agreement,
to take the place of the one that had been scrapped
when trade relations were broken off, was reported
on Tuesday to be making "steady progress" at
London. M. Litvinov promptly followed up his success at London by informal commercial discussions
t Paris, and some small orders for steel and other
metal products were reported on Tuesday to have
been placed in France as preliminary, it was believed, to an agreement which would include credits
to the amount of 400,000,000 francs. A revision of
Volume 137
Financial Chronicle
Russian commercial relations with Italy is also
understood to be in progress.
The net effect of all these arrangements has been
to create an impression that Germany was being
isolated both politically and commercially. The
four-Power pact, in spite of the telegram of warm
congratulation which Chancellor Hitler transmitted
to Premier Mussolini when the pact was signed, is
seen by some of Hitler's supporters as tying Germany's hands in the matter of armament and treaty
revision, while the non-aggression agreements in
eastern Europe appear to offer a barrier to the
spread of German political influence in that direction. Comment is heard in London and Paris that
any increase in Russian purchases in Great Britain
or France that may result from new commercial
treaties will be at the expense of Germany, which
may also suffer further in exports if the agreement
to restrict exports of wheat from the Danubian
countries which is being worked out at London
is perfected. Whether because of the repression of
the German Communists or for other reasons, Russia
has for some time shown a disposition to draw away
from Germany and seek political and trade relations
with other countries of Europe, and its commercial
advances, if reciprocated, are likely to broaden as
long as Russian purchases depend upon the grant
of long term credits either with or without Government guarantees. Chancellor Dollfuss's vigorous
resistance to the Austrian Nazis has subjected the
political relations of Austria and the Reich to a
severe strain, and while the relations between Danzig and Poland have lately appeared to be more
cordial, a revision of the Polish Corridor arrangement is obviously a matter of the remote future.
Some significance, accordingly, attaches to the
efforts of Arthur Henderson, President of the Disarmament Conference, to bring Chancellor Hitler
and Premier Daladier together for a frank discussion of the differences between the two countries.
Mr. Henderson, who is making a tour of the
European capitals in an attempt to save the Conference, issued to the press at Berlin on Tuesday a
statement in which he declared that "there is one
essential factor which must be constantly kept in
mind if finally success is to be achieved, and that is
the importance of a friendly understanding between
France and Germany." The signing of the fourPower pact, he said, would have a "salutary effect,"
but the signing "should in his mind be followed by
heart-to-heart talks between the French Prime Minister and the German Chancellor. Only in this way
would some of the doubts, fears and suspicions be
removed, and until they are removed the full value
of the new pact cannot be realized." Mr.Henderson
added that he spoke on his own initiative without
consulting the German Government, but that the
suggestion would shortly be submitted to Chancellor
Hitler at Munich and afterwards to Premier Daladier at Paris. The proposal is understood to have
been discussed at Munich yesterday, but with what
result is not known. It is of some interest to note
that two days before Mr. Henderson's statement was
issued, Colonel Louis M. Howe, Secretary to President Roosevelt, in one of his commercial radio broadcasts, declared that the Disarmament Conference,
which has been adjourned until Oct. 16, "is neither
dead nor dying, nor at all likely to die," and that
the President was hopeful of substantial results
when the Conference reconvened.
553
It cannot be said that the Hitler Government has
exerted itself conspicuously as yet to offset the isolation of Germany that appears to be under way. The
appointment on July 15 of a General Economic
Council of prominent business men, to assist the
Government in "co-ordinating" industry and fighting unemployment, is in line with the efforts lately
made to put an end to unauthorized interference
with business by Nazi radicals, and to that extent
indicates a disposition to deal with the economic
life of the country on more conservative and sensible
lines than were at first laid down. Some trade
statistics issued at the same time, and summarized
in a dispatch to the New York "Times," suggest that
the sharp decline in German exports to European
countries, among them Russia, France, Sweden and
Czechoslovakia, during June was responsible for
pushing forward the new policy. On the other hand,
such a speech as that which Dr. Joseph Goebbels,
Minister for Popular Enlightenment and Propaganda, was reported by the New York "Evening
Post" on Thursday to have delivered upon his return
from Italy is hardly calculated to allay foreign fears.
Without implying any intention on the part of Germany to press its present form of government upon
other nations, Dr. Goebbels nevertheless declared
his conviction that Italian Fascism and German
National Socialism "will gradually conquer all
Europe," and that a revolution "dare not make compromises." It is against this "boring from within,"
more than against aggression from without, that
Europe seems disposed to guard itself until the aims
of the Hitler Government are better known or its
methods substantially modified.
Mr. Sloan Warns Against Psychology of 1929.
A timely word of warning has come from George
A. Sloan, President of the Cotton Textile Institute.
"It would be a fatal mistake," he says, "to let the
psychology of 1929 now control the business and
speculative world."
The experience of only four years ago is altogether
too recent to be forgotten by those who suffered
most. But in that brief period there have been great
changes among the men who lead in industrial and
financial affairs. Many of the builders who brought
American industry to the highest point of production which it had ever attained have either passed
on or have been so crippled financially that they
have not only lost position and financial strength
but the wonderful spirit which enabled them to
achieve marvelous results has been dulled.
There has been a rapid and broad transfer of
wealth since 1928 and 1929. The psychology of that
period, of which Mr. Sloan speaks, was most contagious. Everybody was affected by it from the
laborer who lived beyond his means and the white
collar workers who made commitments and incurred
long-time obligations which later it was impossible
for them to meet, to the industrialist, the merchants,
the bankers—in fact, all persons in civil life including the politicians who had at their disposal public
revenues which they were bent upon increasing by
every possible device of taxation.
To use a popular phrase,"The sky was the limit."
Expansion knew no bounds. Billions were expended
in the enlargement of factories for whose machinery
there was soon to be little or no use. Everything in
the way of construction had to be the best and the
largest of its kind regardless of cost. Literally the
554
Financial Chronicle
sky appeared to be the limit in the erection of high
buildings in large cities. Municipal, State and Government projects were pushed upon an enormous
scale, a buoyant security market making it easy for
those in control of the borrowing power to satisfy
their utmost fancies.
The whirlwind of extravagance naturally was
manifest in the stock and investment markets.
Never was credit so easy; never were the prices of
stocks and bonds pushed to such unwarranted
heights as during the boom period of 1929. In such
an atmosphere resistance seemed to be impossible
for human nature to overcome.
It would be folly to undertake to put the blame
upon this or that individual, whether in private or
public life, because conditions were so unusual that
the natural impulse of every active man was to go
along and "make hay while the sun was shining."
Something of the same spirit has been in evidence
during the current active and rising stock and commodity markets from their very low points of last
spring, but the advance in market values has had
very substantial justification in the fact that prices
had swung too low and recovery, to some extent,
was inevitable.
What were regarded as normal values, however,
were based upon strong assurances of the payment
of interest upon bonds and the distribution of liberal dividends upon stocks. Those are the features
which always appeal to investors, and they are really
the backlog of security values. The speculator on
the bull side of the market, however, is not seeking
income, but profits, and he uses income prospects
only as a level to boost market values. Many issues
of stocks which had regularly paid dividends prior
to the breaks in the market in 1929 and 1930 are
now off the dividend list. They have advanced enormously from the market's lowest level during the
spring of 1932, but in most cases dividends have not
yet been renewed even upon a very small scale. The
advance in the market has been chiefly based upon
future developmnts, but at that the rise has not discounted fully, it is believed, a resumption of dividends, as many former dividend issues are still selling far below par. When dividends are re-established
the earlier distributions to shareholders will naturally be moderate and will be increased from time
to time until a satisfactory rate upon the par value
is established.
A number of old corporations with enviable dividend records have heretofore followed a policy as to
distribution of earnings, which no doubt will receive
consideration again when income justifies. After
dividends have been suspended for a period and a
corporation again enjoys a period of prosperity,
directors, upon re-establishing a satisfactory rate of
dividend, often adopt the policy of declaring extra
dividends as earnings may justify. They reason that
inasmuch as the shareholders were deprived of dividends or had the rate cut in hard times they should
be reimbursed through the receipt of such extra dividends as earnings may justify.
As recovery progresses, therefore, there should
still be opportunity for further enhancement of
market values as the country progresses up to normal, though such wild excesses as have marked the
recent course of the so-called alcohol stocks can only
be viewed with dismay. Furthermore, an entirely
new factor has appeared in the regulation of wages
and prices by the Federal Government. The "New
July 22 1933
Deal" presents aspects which call for careful
thought on the part of investors who look not for
quick turns of the market but for assurance of
income. The speculator can take care of himself.
He is quick in action, a bull to-day and perhaps a
bear to-morrow, being always alert for a temporary
turn on either side of the market which he believes
at the moment will afford a profit.
The Course of the Bond Market.
The bond averages reached new high levels early this
week and held very well, with only slight recessions, during
the break in stock prices on Wednesday and Thursday. On
Friday, however, they eased off. Weakness was evident
chiefly in speculative bonds, most high grade issues remaining
firm.
The Federal Reserve banks purchased only $10,000,000 of
Government bonds this week, while money in circulation
declined $32,000,000. United States Government long term
bonds have remained practically stationary in price. Money
rates have firmed up somewhat in the last two weeks.
Railroad bonds in general were strong during the first part
of the past week. High grade investment issues gained, as
well as low grade speculative issues. During the latter part
of the week, however, drastic price declines occurred. Some
of the more spectacular changes were as follows: Chicago &
North Western, 434s, 1949, from 41 to 28; Alleghany Corp.
5s, 1950,from 43 to 2834; Southern 4s, 1956,from 59 to 534
8;
and Denver & Rio Grande Western 5s, 1978,from 57 to 5034.
The losses among high grade bonds were much less severe,
opening and closing prices for the past week for some of the
best grade issues having been as follows: Atchison Topeka
& Santa Fe 4s, 1995, 953-96; Union Pacific 4s, 1947,
994-1003. Railroad news continued favorable, June
earnings reported having been much larger than those of
June, last year, with carloadings reports favorable also. The
declines recorded may, thus, be attributed almost entirely
to the general collapse of the securities and commodity
markets.
Utility bonds, particularly the second grade and speculative
issues, were strong in the early part of the week, but turned
reactionary on Thursday following the slump in the stock
section. The decline in the utilities did not appear to be
disorderly. High grades, on the whole, were more or less
motionless showing fractional gains during the period of
strength and holding their own pretty well when the general
market was weak. Some issues registered losses of several
points on Friday. Net changes for the week were mixed, as
seen in the following: Hudson & Manhattan inc. 58, 1957,
from 54 to 50 for the week; American Water Works & Electric 6s, 1975, from 82% to 84; Carolina Power & Light 5s,
1956, from 763-i to 7634 and Kentucky Utilities 634s, 1948,
from 9034 to 82.
After moving against the stock market trend on the first
day of the reaction, industrial bonds weakened the following
day and lost their gains of earlier in the week. While some
speculative and special privilege issues lost several points, the
recession in the main was moderate, though high grade issues
here and there lacked support. The better grade steels did
well, Republic and Youngstown bonds reaching new highs.
Warner Brothers Pictures 6s, 1939, reached a new high for
the year at 41% but fell back to 30; Baldwin Locomotive 534s,
1933, ran up to 12034 and dropped back to 100 as the stock
declined. Liggett & Myers 5s, 1951, declined 634 points on
Thursday, but went back on Friday to 107, against a high
for the year of 11034, the 7s of 1944 of the same company
remaining fractionally under the year's high.
The foreign bond market was strong in the early part of
the week but reacted sharply on Thursday and Friday. Argentine bonds declined several points bringing about weakness
in the entire South American field. Most German bonds,
with the exception of Government issues, advanced somewhat. There was a sharp rise in British 534s as a result of
the conversion offer. Japanese issues were slightly lower
and Finnish and Polish bonds were up somewhat.
Moody's computed bond prices and bond yield averages
are given in the tables below:
MOODY'S BOND YIELD AVERAGES.t
(Based on Individual Closing Prices.)
4
3
1
WeeklyJune 30
23
16
9
2
May 26
19
12
5
Apr. 28
21
14
13
7
1
Mar. 24
17
10
3
Feb. 24
17
10
3
Jan. 27
20
13
106.96 99.36
106.96 100.00
106.96 100.00
106.96 99.52
106.78 99.52
106.78 99.44
106.98 99.04
106.78 98.73
106.42 98.25
106.60 98.09
106.42 98.09
106.25 98.09
106.25 97.62
106.07 97.31
105.89 97.16
Stock
89.45 106.07 97.16
89.17 105.89 96.85
90.97
91.96
92.39
92.39
91.96
91.81
91.67
91.25
90.69
90.55
90.55
90.55
90.41
90.00
89.59
88.90
87.96
86.77
86.64
85.87
85.10
84.10
82.74
79.68
77.11
74.67
105.72
105.54
105.20
104.16
103.82
103.99
103.32
102.30
99.36
99.68
97.78
75.61 100.00
74.46 99.84
74.77 99.52
77.88 101.64
79.11 102.30
74.67
78.77
81.30
83.23
82.38
83.11
82.99
83.85
81.66
92.39
74.15
82.62
67.57
99.04
102.98
104.51
105.89
105.37
105.54
105.03
105.54
104.85
106.96
97.47
103.99
85.61
96.54
95.33
93.85
94.43
93.99
93.26
92.25
90.55
87.30
85.35
83.35
Stock
85.87
85.10
84.48
87.83
89.17
Stock
85.48
89.31
90.83
92.68
92.53
92.39
91.81
92.25
90.69
100.00
82.99
89.72
71.38
120 Domestics
by Groups.
RR.
P. U. Indus.
88.23 74.67 91.96
89.17 76.35 92.82
89.31 77.44 93.26
89.31 77.66 92.97
88.63 77.33 92.68
88.63 77.11 92.53
88.23 76.67 92.39
87.69 76.35 91.96
87.43 75.50 19.53
87.17 75.19 91.39
86.91 75.50 91.11
86.77 75.61 91.11
86.91 75.40 90.97
86.12 75.19 90.55
85.61 74.57 89.59
Excha nge Cl sed.
85.74 74.05 89.31
85.61 73.65 89.04
84.72
85.99
86.64
86.77
86.38
86.12
85.87
85.48
84.97
84.85
85.10
84.97
84.72
84.35
84.47
97.16
97.78
97.78
97.94
97.62
97.16
97.31
97.00
96.23
96.08
95.93
95.93
95.93
95.63
95.18
84.47
84.22
95.18
95.03
85.35 73.35 88.90
84.60 72.06 87.17
83.60 70.43 85.61
83.48 70.15 86.12
82.87 68.94 85.61
81.78 68.04 84.47
80.72 66.98 83.35
79.34 65.62 81.66
76.67 62.56 78.55
74.46 58.32 74.36
72.16 55.73 71.38
Excha nge Clo sod
73.95 54.80 71.09
72.65 53.28 70.62
72.85 53.88 71.38
75.82 57.24 73.65
77.33 58.52 74.57
Excha nge Clo sod
72.05 54.18 69.59
76.25 57.98 73.15
79.45 60.60 75.50
81.54 62.48 77.77
80.49 61.34 76.25
81.18 62.95 76.25
81.07 63.11 75.09
81.90 64.31 75.71
79.34 61.56 71.96
89.31 77.66 93.26
71.87 53.16 69.59
78.55 67.86 78.99
54.43 37.94 47.58
83.85
83.23
82.50
81.90
81.18
80.84
80.14
79.11
75.92
74.05
72.06
94.73
94.14
92.68
92.25
91.11
90.27
89.31
87.69
84.85
83.35
81.30
74.67
73.25
73.35
78.10
80.49
81.90
79.91
80.14
82.14
82.74
76.35
80.80
83.85
85.99
85.99
87.56
88.23
89.17
88.23
89.31
71.96
87.69
65.71
78.44
83.11
84.97
86.25
85.48
86.38
86.64
87.56
88.38
97.94
78.44
85.61
62.09
AU
120 Domestics by Rat ngs.
120
1933
DomesDaily
Baa.
A.
An.
Aaa.
Averages. tic.
M
:''
m
oM
A w 80
o
c.
o
440-!<,occocowomwomo.wom&..mww.,-.mcAwoowcowot..wa,cAmmoo.ww&mooc..
; ; ; 1 ;;
;
;
July 21
20
19
18
17
15
14
13
12
11
10
8
7
6
AU
120
120 Domestics by Ratings.
DomesBaa.
Aa.
A.
Lie.
Aaa.
5.35
5.28
5.25
5.25
5.28
5.29
5.30
5.33
5.37
5.38
5.38
5.38
5.39
5.42
5.45
4.34
4.34
4.34
4.34
4.35
4.55
4.34
4.35
4.37
4.36
4.37
4.38
4.38
4.39
4.40
4.79
4.75
4.75
4.78
4.78
4.81
4.81
4.83
4.86
4.87
4.87
4.87
4.90
4.92
4.93
5.46
5.48
4.39
4.40
4.93
4.95
5.50
5.57
5.66
5.67
5.73
5.79
5.87
5.98
6.24
6.47
6.70
4.41
4.42
4.44
4.50
4.52
4.51
4.55
4.61
4.79
4.77
4.89
4.97
5.05
5.15
5.11
5.14
5.19
5.26
5.38
5.62
5.77
5.93
6.61
6.72
6.69
6.40
6.29
4.75
4.76
4.78
4.65
4.61
5.73
5.79
5.76
5.58
5.48
6.70
6.32
6.10
5.94
6 81
5.95
5.96
5.89
6.07
6.75
5.25
8.74
5.99
4.81
4.57
4.48
4.40
4 43
4.42
4.45
4.42
4.46
4.91
4.34
5.75
4.51
5.76
5.47
5.36
5.23
5 24
5.25
5.29
5.26
5.37
5.98
4.75
7.03
5.44
120 Domestics
by Groups.
RR.
5.28
6.70
5.55
5.22
5.48
6.54
5.19
6.44
5.47
5.21
5.47
6.42
5.23
6.45
5.52
5.24
6.47
5.54
5.25
6.51
5.55
5.28
6.54
5.59
5.31
6.62
5.61
5.32
5.63
6.65
6.62
5.34
5.65
661
5.34
5.66
5.35
6.63
5.65
5.38
6.65
5.71
5.45
6.71
5.75
Stock Excha nge CM
6.76
5.47
5.74
5.49
5.75
6.80
5.50
5.77
6.83
5.63
8.96
5.83
5.75
7.13
5.91
5.71
7.16
5.92
5.75
7.29
5.97
7.39
5.84
6.06
5.93
7.51
6.15
6.07
7.67
6.27
6.34
8.05
6.51
6.73
8.63
6.72
7.03
9.02
6.95
Stock Excha nge Clo
9.17
7.06
6.77
7.11
9.42
6.90
7.03
9.32
6.88
6.80
8.79
6.59
6.71
8.60
6.45
Stock Excha nge Clo
7.22
6.96
9.27
8.68
6.85
6.55
8.31
6.62
6.26
8.06
6.41
6.08
6 55
8 21
6 17
8.00
6.55
6.11
7.98
6.66
6.12
6.60
6.05
7.83
6.97
6.27
8.18
7.22
6.98
9.44
6.42
5.19
5.47
9.23 12.96 10.49
6.30
6.34
7.41
40
ForP. U. Indus. eigns.
0.mwoov.v.accbcflocoopoloolom000ppo.4. cne.apaapv,wpwoenc
ZoL,1666;-..4gebo
imio;-t
8 0 6Ch;p.Zoinis,l
00 0. 00.00...1001
0^ ,4-0 0 4;008:408L4L4L400z0:40
0 00000000
00..1-40000000
0
MOODY'S BOND PRICES.*
(Based on Average Yields.)
1933
Daily
Averages.
555
Financial Chronicle
Volume 137
4.93
4.89
4.89
4.88
4.90
4.93
4.92
4.94
4.99
5.00
5.01
5.01
5.01
5.03
5.06
8.84
8.68
8.63
8.65
8.72
8.79
8.89
9.04
9.18
9.24
9.30
9.32
9.32
9.44
9.49
5.06
5.07
9.53
9.53
5.09
5.13
5.23
5.26
5.34
5.40
5.47
6.59
5.81
5.93
6.10
9.65
9.51
9.68
9.78
9.62
9.66
10.08
10.07
9.89
10.20
10.58
6.05
6.22
6.20
6.03
5.98.
10.83
11.02
10.89
10.70
10.73
6.35
5.95
5.80
.570
5.76
5.69
5.67
5.60
5.69
6.35
4.88
8.11
5.75
11.19
11.01
10.44
10.01
10.8€
9.81
9.81
9.61
9.91
11.11
8.61
15.81
9.80
..< .4•I •
High 1933
Low 1933
High 1932
Low 1932_....
Year Ago7.34 12.14
8.60
5.21
6.43
8.09 10.69
7.61
July 21 1932
66.13 92.97 77.55 62.25 46.64 58.52 72.85 68.49
Two Years Ago5.79
7.90
5.64
7.06
5.61
5.46
4.35
4.80
87.43
96.08
85.10
July 22 1931
71.09
87.04
89.45 106.78 99.20
* Note.-The prices are computed from average yield on the basis o one "ideal" bond (44% coupon, maturing in 31 years) and do not purport to show either
the average level or the average movement of actual price quotations. They merely serve to illustrate in a more comprehensive way the relative levels and the relative
movement of yield averages, the latter being the truer picture of the bond market.
t The last complete list of bonds used in computing these indexes was published in the "Chronicle" of Jan. 14 1933, page 222. For Moody's index of bond pricby months back to 1928. refer to the "Chiron de" of Feb. 6 1932, page 907.
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, July 21 1933.
Evidence of greater activity in general business is still
multiplying though the collapse of the stock market has been
a disturbing influence. Steel operations continue to make a
good showing being now above the 1930 level, and railroad
car loadings, coal production and electric power output all
made rurther gains. Employment continues to increase and
wages have been advanced substantially in some cases.
There are no signs of the usual summer lull. Retail sales
have increased, especially in the agricultural sections where
early crops have been marketed. Buying power has increased to some extent but is not commensurate with the
rapidly rising retail prices all over the country, according
to the views of the Administration which accordingly has
arranged to assume regulatory control of private business
all over the land, creating a feeling of uneasiness. Summer
wearing apparel was in better demand owing to the recent
warm weather. Wholesale business has been larger although
buyers are showing more caution. There was a brisk demand
for spot merchandise. Cotton goods continue in good
demand and purchases of fall coats and furs for August sales
exceeded those of a week ago. In some cases it is impossible
to get immediate delivery of certain textiles because of
the fact that cotton mills have sold their output until
October.
The furniture trade is increasing and orders already on
hand are said to be the largest over three years, but some in
instances manufacturers are refusing orders unless the buyer
agrees to pay the extra costs which may be entailed by reason
of the Recovery Act. In many cases factories will be unable
to fill orders for fall delivery despite the fact that operations
are at capacity. Industrial activity is still expanding, some
of the basic industries having already exceeded the peak
levels of 1932 and 1931. In textiles, orders exceed the high
level of 1929 and steel operations are now up to the level of
1930. There is an increase in the output of shoes, hardware, paints, glass, plant equipment as well as electrical
appliances and metal goods. The lumber business has increased materially. There has been a heavy demand for
steel and inquiries for third quarter have increased in anticipation of higher prices as a result of the recent wage increase
to steel workers. Automobile production is large especially
for this time of the year. In the textile industry production
is on a good scale despite the uncertainty over the imposition
of processing and floor taxes and higher production costs and
wages under the industry's code. In the Pittsburgh district the recent gains in production are being maintained and
backlogs are said to be sufficient to hold the output at its
present rate of 55 to 57% over the month. Pig iron advanced $1 during the week. Fuel prices are up. Furnace
coke at Connellsville oven was quoted at $2.25 and foundry
coke at $3. Cotton reached the highest levels since Apri
1931 early in the week owing to the drouth in Texas and
Oklahoma but of late under heavy general liquidation and
other selling as result of sharply lower prices for wheat, prices
declined and show a loss for the week of 139 to 152 points.
Wheat after advancing sharply in the forepart of the week
on reports of further serious damage to the spring wheat
crop in the American Northwest and in Western Canada
encountered a flood of liquidation and a sensational decline
followed which sent prices nearly 20 cents below last Friday's close. Trading was feverish. Barley advanced sensationally early in the week on prospects of a small crop but
declined sharply with other grain later. The other grains
were under the influence of wheat. Prices of other commodities are all sharply lower. Stocks broke 3 to 15 points today after sales of 9,570,000 shares.
The growing activity in trade and industry is reflected in
the various reports that are coming to hand. Cotton
spinning operations reached a new high record during June.
The cotton mills were operated at 129.1% of their capacity
on a single shift basis as compared with 57.6% of capacity
for June 1932. The aggregate number of active spindle
hours reported was 9,299,176,026, or an average of 369 hours
for each spindle in place.
Financial Chronicle
556
Rubber consumption by manufacturers in the United
States for the month of June amounted to 51,326 long tons,
or the highest consumption figure of rubber on record. This
is an increase of 23.8% over June last year when 41,475 long
tons of rubber were consumed.
Loading of revenue freight in the United States for the
week ended July 8 totaled 539,223 cars as compared with
415,928 cars in the same week of 1932.
Production of bituminous coal in the United States for
the week ended July 15 is estimated by the National Coal
Association as about 6,950,000 net tons. Production for the
corresponding week of 1932 was 4,155,080 tons and for 1931
6,855,000 tons.
Electricity production by the electric light and power
industry of the United States continues to increase. For the
week ended July 15 production of electricity was 1,648,339,000 kwh., an increase of 16.4%, over 1,415,704,000
kwh. produced in the corresponding week a year ago. This
is the eleventh consecutive week that the production of
electricity has been larger than in the corresponding week
last year. The ratio of increase keeps mounting week by
week and the July 15 increase of 16.4% compares with 14.7%
last week, 13.7% two weeks ago, 10.9% three weeks ago and
with 0.5% for the week ending May 6, the first week that
the weekly production of electricity exceeded that of a
year ago.
. The weather over the last week-end was favorable in most
sections of the country. Lower temperatures along with
rains and showers proved decidedly favorable for the crops.
Reports have been coming in, saying that many crops have
been saved from entire distruction and that prospects now
looked much brighter and in many instances the harvest is
to be better than early expectations. The past few days
temperatures have again risen and those parts of the country
that received only light showers are still in danger of further
damage, particularly in those parts that have been suffering
from drouth during the past month or more.
In Canada rainfall has been mostly light and scattered,
with temperatures lower. The previous warm dry spell
caused wheat to develop rapidly and cutting will be general
in many southern Manitoba points by Aug. 1. The area
north of the Canadian Pacific main line has a fair to excellent
wheat crop, while southward the crop is poor to very poor.
In a few sections there will be little more than seed. Some
sections are still in need of rain while in other parts crops are
too far advanced to be benefited by moisture.
To-day it was 69 to 82 degrees here and clear. The forecast is for fair and continued warm weather. Overnight
Boston was 62 to 82 degrees, Baltimore, 72 to 86,Pittsburgh,
70 to 90, Portland, Me., 62 to 74; Chicago, 76 to 92; Cincinnati, 68 to 94; Cleveland, 74 to 92; Detroit, 76 to 94;
Charleston, 76 to 84; Milwaukee, 76 to 90; Dallas, 76 to 94;
Savannah, 72 to 88; Kansas City, 76 to 92; Springfield, Mo.,
72 to 90; St. Louis, 76 to 96; Oklahoma City, 74 to 94;
Denver, 66 to 80; Salt Lake City, 70 to 94; Los Angeles,
58 to 78; San Francisco,54 to 68; Seattle, 56 to 76; Montreal,
66 to 82, and Winnipeg, 62 to 82.
Moody's Daily Index of Staple Commodity Prices
Breaks Sharply After Reaching New Highs.
Primary commodity prices suffered the most severe break of
the year in the last three days of the week under review, when
Moody's Daily Index of Staple Commodity Prices declined
14.8 points from a high of 148.9 reached on Tuesday, to
close at 134.1, or 9.6 points lower for the week. At the
high of 148.9, commodity prices were 89.2% above the low
of 78.7 reached on Feb. 4. Before the break occurred, the
Index had made a new high on every working day since
July 3.
Vertical declines in wheat, cotton, corn, and rubber from
the high points were also chiefly responsible for the net change
in the Index for the week. Sugar, silk, silver and cocoa were
also lower for the week, while scrap steel, hogs and wool
tops advanced, and hides, copper, lead and coffee were
nominally unchanged.
The movement of the Index number during the week,
with comparisons, is as follows:
July 14
Fri.
Sat. July 15
Mon. July 17
Tues. July 18
Wed. July 19
Thurs. July 20
July 21
Fri.
143.7 2 wks. ago
145.3 Month ago
148.5 Year ago
High
148.9 .
145.2 "az Low
High
137.8
Low
"
134.1 AV
July 7
June 21
July 23
Sept. 6
Dec. 21
July 18
Feb. 4
135.4
121.9
86.3
103.9
79.3
148.9
78.7
Railroad Freight Loadings Continue to Gain.
The first 14 major railroads to report car loadings of
revenue freight originated on their own lines for the seven
July 22 1933
days ended July 15 1933 loaded 267,243 cars, as compared
with 221,226 cars in the preceding week (which included the
July 4 holiday) and 207,615 cars in the corresponding period
last year. With the exception of Atchison Topeka & Santa
Fe Ry. and the Missouri-Kansas-Texas Lines, all of these
carriers showed increases over the July 16 1932 week.
Comparative statistics follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS..
(Number of Cars.)
Loaded on Lines.
Rec'd from Connections.
Weeks Ended.
July 15 July 8 July 16 July 15 July 8 July 16.
1933. 1933. 1932. 1933. 1933. 1932.
Atch. Topeka & Santa Fe By......
Chesapeake & Ohio Ry
Chic. Burl & Quincy RR
Chic. Milw. St. Paul & Pac. By..
& North Western Ry
Gulf Coast Lines & subsidiaries_ _
International Great Northern
Missouri-Kansas-Texas Lines
Missouri Pacific RR
New York Central Lines
Nerfolk & Western Ry
Pennsylvania System
Pere Marquette Ry
Wabash Ry
20,256
24,667
16,335
19,446
16,546
2,128
4,923
4,639
14,668
48,046
21,106
63,763
4,629
6,091
18,442
19,244
13,396
15,912
13,459
1,607
4,013
4,021
12,556
38,064
17,420
54,653
3,705
4,834
25,000 4,226 3,791 3,349
14,953 9,221 7,800 5,144
13,130 5,756 5,870 4,303
14,395 5,989 6,067 5,457
12,911 8,383 8,139 6,331
1,704
938
890 1,101
1,691
1,292 1,377 1,275.
5,082 2,206 2,172 2,025
12,905 7,526 6,808 5,759
33,864 59,975 52,704 41,706
12,638 4,041 3,750 3,196
49,998 38,349 34,633 27,601
3,592
5,752 7,032 6,289 6,554
267.243 221.226 207.615 154,934 140.290 113,801
Total
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(No. of Cars.)
July 15
1933.
Week Ended.
Illinois Central System
St. Louis-San Francisco By
Total
July 8
1933.
28,412
12,368
July 16
1932.
23,329
21,269
11,227
11,569
38,780
34,556
32,838
Loading of revenue freight for the latest full week that is,
for the week ended on July 8, totaled 539,223 cars, according
to figures compiled by the American Railway Association.
Due to Independence Day holiday, this represented a reduction of 94,851 cars under the preceding week this year, but
was an increase of 123,295 cars above the corresponding
week in 1932, which week also included the holiday. Compared with the corresponding week in 1931, which did not
include the holiday, loadings for the week ended on July 8
this year showed a reduction of 223,221 cars. For the week
in 1931 which did include the Independence Day holiday,
but which corresponded to the preceding week this year,loading of revenue freight amounted to 667,630 cars. Details
for the latest full week follow:
Loading of all commodities for the week of July 8showed increases over
the same week In 1932.
Miscellaneous freight loading for the week of July 8 totaled 200.039
cars, a decrease of 36,162 cars below the preceding week, but an increase
of 49,769 cars above the corresponding week in 1932. It was, however, a
decrease of 89,781 cars under the same week In 1931.
Loading of merchandise less than carload lot freight totaled 146,331 cars,
a decrease of 25,031 cars under the preceding week, but 3,161 cars above
the corresponding week last year. Compared with the same week two
years ago it was a reduction of 70,488 cars.
Grain and grain products loading for the week totaled 44,940 cars, a
decrease of 1,183 cars below the preceding week, but 14,647 cars above the
corresponding week last year. It was, however, 15,432 cars below the same
week in 1931. In the Western districts alone, grain and grain products
loading for the week ended July 8 totaled 31,311 cars, an increase of 9,461
cars above the same week last year.
Forest products loading totaled 21,440 cars, 6,679 cars below the preceding week but 10,068 cars above the same week in 1932. Compared
with the corresponding week in 1931 it was a reduction of 4,734 cars.
Ore loading amounted to 16,358 cars, a decrease of 1,055 cars below the
week before, but an Increase of 10,918 cars above the corresponding week
in 1932. It was, however, 19,930 cars below the same week in 1931.
Coal loading amounted to 90,382 cars, a decrease of 21,920 cars below
the preceding week, but 30,387 cars above the corresponding week in
1932. The total for the week of July 8 this year was a reduction of 19,509
cars below the same week in 1931.
Coke loading amounted to 6,250 cars, 940 cars below the preceding week.
but 3,790 cars above the same week last year, and 1,170 cars above the
same week two years ago.
Live stock loading amounted to 13,483 cars, a decrease of 1,881 cars
below the preceding week, but an increase of 555 cars above the same week
last year. It was, however, a decrease of 4,517 cars below the same week
two years ago. In the Western districts alone, loading of live stock for the
week ended on July 8 totaled 9,732 cars, an increase of 508 cars compared
with the same week last year.
All districts reported increases In the total loading of all commodities.
compared with the same week in 1932, but all reported decreases compared
with the corresponding week In 1931.
Loading of revenue freight in 1933 compared with the two previous years
follows:
Four weeks in January
Four weeks in February
Four weeks in March
Five weeks in April
Four weeks in May
Four weeks in June
Week ended July 1
Week ended July 8
Total
1933.
1932.
1,910,496
1,957,981
1,841,202
2,504,745
2,127,841
2,265,379
634,074
539,223
2,266,771
2,243,221
2,280,837
2,774,134
2,088,088
1,966,488
488,281
415,928
2,873,211
2,834,119
2,936,928
3,757,863
2,958,784
2,991,950
667,630
762,444
13.780.941
14.523.748
10 709 050
1931.
The foregoing, as noted, covers total loadings by the railroads of the United States for the week ended July 8. In
the table below we undertake to show also the loadings for
the separate roads and systems. It should be understood,
557
Financial Chronicle
Volume 137
however, that in this case the figures are a week behind
those of the general totals-that is, are for the week ended
July 1. During the latter period a total of only 13 roads
showed decreases as compared with the corresponding week
last year. Among the most important carriers showing
increases over a year ago were the Pennsylvania System, the
Baltimore & Ohio RR., the New York Central RR., the
Chesapeake & Ohio Ry., the Atchison Topeka & Santa Fe
Ry., the Southern Ry. System, the Norfolk & Western Ry.,
the Chicago Milwaukee St. Paul & Pacific Ry., the Illinois
Central System, the Louisville & Nashville RR., and the
Chicago & North Western Ry.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS(NUMBER OF CARS)-WEEK ENDED JULY 1.
1933.
Eastern DistrictGroup A:
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N.H.& Hartford...
Rutland
Total
Group B:
Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western
Pittsburgh & Shawmut
Pitts. Shawmut & Northern_ Total
Group C:
Ann Arbor
Chicago Ind. & Louisville
Cleve. Gin. Chic. & St. LouisCentral Indiana
Detroit & Mackinac
Detroit & Toledo Shore LineDetroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. LouisPere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia
Wabash
Wheeling dv Lake Erie
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
1932.
1931.
1933.
1932.
689
3,075
8,555
949
2,779
11,626
664
763
3,003
7,316
681
2,720
9,737
564
643
3,198
8,739
741
2,954
12,439
583
242
4,987
9,868
2,417
1,690
12,220
1,094
260
3,856
8,081
2,142
1,614
9,832
884
28,337
24,784
29,297
32,518
26,669
6,205
9,414
12,660
189
1,707
8,949
2,172
21,071
1,864
565
356
4,200
7.108
9,678
163
1,141
6,286
1,029
15,937
1,543
362
200
6,636
9,994
11,957
177
1,442
8,711
1,502
23,264
1,947
630
487
6,825
5,629
14,260
1,988
855
7,226
72
29,114
2,288
29
210
5,615
4,913
9,706
1,530
863
5,214
14
19,726
1,578
41
149
65,152
47,647
66,747
68,496
49,349
533
1,366
8,109
30
165
330
1,556
3.772
7,586
3,646
4,714
5,099
6,033
1,407
5,295
3,314
476
1,288
6,502
26
272
143
1,904
2,080
4,783
2,732
3,348
3,714
2,978
1,311
5,251
2,508
463
1,981
8,181
42
301
189
1,587
3,305
6,843
3,793
4,736
4,698
4,417
901
5,432
3.071
1,007
1,962
11,845
74
113
2,035
805
5,484
8,360
213
8,485
4,350
4,392
884
7,103
3,052
791
1,439
8,259
33
83
1,086
818
3,816
5,685
161
5,721
2,938
2,980
503
6,167
1,896
52,955
39,316
49,940
60,164
42,376
Grand total Eastern District
146,444
111,747
145,984
161,178
118,394
Allegheny DistrictBaltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek dr GauleY
Central RR.of New Jersey
Cornwall
Cumberland & Pennsylvania
Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
29,435
2,716
243
6,228
507
243
93
952
63,406
13,619
9,010
41
2.907
21.542
1,059
74
5,125
1
117
63
1,036
49,708
9,829
2,777
39
1,989
28,072
3,912
119
7,761
98
245
97
1,244
64,829
13,752
6,156
53
2,724
14,728
1,973
5
9,945
27
33
33
2,614
38,613
15,412
2,300
1
3,864
10,287
404
2
8,627
31
27
4
2,179
27,647
11,927
772
2
2,479
129,400
93,359
129,062
89,548
64,388
22,120
19,107
799
3,523
14,365
11,795
692
1,719
20,152
17,405
1,002
2,587
8,867
4,356
1,211
541
5,244
2,923
1,082
345
45,549
28,571
41,146
14,975
9,594
7,778
1,237
483
161
46
1,847
574
425
6,437
20,584
171
7.544
659
328
117
39
1,754
433
297
5,338
15,950
172
9,233
1,058
579
174
63
2,048
532
440
7,144
19,481
192
4,623
1,555
887
235
94
976
959
3,432
3,155
12,374
665
3,396
875
505
204
49
766
535
3,560
2,486
7,959
580
Total
Total
Pocahontas District-Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Lin
Virginian
Total
Southern DistrictGroup A:
Atlantic Coast Line
Crinchrield
Charleston & Western Carolina
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & rotors
Seaboard Air Line
Southern System
Winston-Salem Southbound...
40,944
28,955
20.915
32.631
39,743
x Estimated. y Included In Gulf Coast Lines. •Previous week's figures.
Total
Colonel Leonard P. Ayres of Cleveland Trust Co. Finds
Business Recovery Going Forward at "Most Rapid
Rate Ever Reached"-President Roosevelt's Message to London Economic Conference Held of
"First Importance" to Business Men-Regarded
as Move for Higher Price Levels.
The statement that "business recovery is now going forward in this country at the most rapid rate ever reached in
our economic history" is made by Colonel Leonard P. Ayres,
Vice-President of the Cleveland Trust Co., in the company's
"Business Bulletin," dated July 15. Colonel Ayres states
that "activity in business is increasing more than twice as
swiftly as it has done in any previous period of upturn from
depression conditions, and at a pace about five times as rapid
as that attained in 1915 when the huge war orders poured in
from Europe." Adding that part of the evidence on which
Group B:
Alabama Tenn.& Northern....
Atlanta Birmington & Coast--Atl.& W.P.-West.RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah-.
Mississippi Central
Mobile & Ohio
Nashville Chatt. & St. LouisNew Orleans-Great Northern
Tennessee Central
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
1933.
1932.
1931.
1933.
219
973
721
4,223
209
318
750
573
948
18,535
18,185
120
170
2,000
3,101
556
318
228
895
545
2,811
176
305
736
536
645
14,791
13,283
91
116
1,746
2,097
397
283
212
1,161
593
3,670
237
448
930
624
752
19,336
17,773
91
156
2,124
2,699
744
617
154
511
1,031
2,875
153
326
1,542
481
800
9.107
3.672
285
258
1,484
2,654
352
494
1932.
150
330
701
2,280
158
382
1,096
454
531
6,143
2,713
237
138
771
1,978
204
359
51,919
39,681
52,167
26,179
18,625
Grand total Southern District..
91,662
72,312
93,111
55,134
39,540
Northwestern DistrictBelt Ry. of Chicago
Chicago dc North Western
Chicago Great Western
Chic. Milw.St. Paul & Pacific..
Chic. St. Paul Minn.& Omaha_
Duluth Missabe & Northern-..
Duluth South Shore & Atlantic_
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern.
GreatNorthern
Green Bay & Western
Minneapolis & St. Louis
Minn.St. Paul & S.8. Marts...
NorthernPacific
Spokane Portland & Seattle....
850
17,219
2,567
18,396
3,708
5,835
670
5,057
351
10,025
480
2,158
5,558
8.453
1,144
1,311
13,281
2,115
14,445
3,302
2,545
454
2,940
310
7.341
497
1,818
3,690
6,955
1,325
1,462
19.304
2.671
18,360
3,664
11,657
598
3,993
351
11,015
558
2,785
5,661
7.669
936
1,651
8.325
2,068
6,917
3,171
63
377
5,028
227
2,107
439
1,374
2,021
2,112
1,235
1,354
6,313
1,682
4,991
2.380
64
313
2,739
122
1,914
295
935
1,602
1,964
,839
82,471
62,329
90.684
37,115
27,507
20,185
3,096
186
14,839
12,529
2,418
590
*1,356
*184
1,424
588
145
15,866
256
327
11,104
160
1,080
18,805
2,851
110
12,245
12,035
2,116
656
1,179
266
1,105
517
215
15,228
223
287
10,282
112
1,185
34,172
3,394
122
15,730
17,207
2,459
780
1,672
190
2.272
595
118
19,016
365
270
11,830
189
1,147
4,284
2,204
17
5,735
6,192
2,090
858
1,829
22
995
322
29
3,034
270
1,011
6,154
3
1,080
3.212
1,433
1
4,299
5,609
1,365
582
1,317
9
681
322
23
2,796
234
692
4,624
9
973
86,333
79,417
111,528
36,129
28,181
112
127
107
1,784
3,392
274
145
1,049
2,025
203
114
992
1:iii
920
1,398
665
723
278
230
2,392
7,284
17
60
3,429
1,522
1,475
458
1,084
520
346
184
193
1,896
5,006
7
50
2.539
1,188
Total
Total
Central Western DistrictAtch. Top.& Banta Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy..
ChicagoRock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western..
Denver & Salt Lake
Fort Worth & Denver City....
NorthwesternPacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District185
Alton & Southern
192
Burrington-Rock Island
160
Fort Smith & Western
1,957
Gulf Coast Lines
y Houston & Brazos Valley4,297
International-Great Northern..
143
KansasOklahoma & Gulf
1,697
Kansas City Southern
1,016
Louisiana & Arkansas
307
Litchrield & Madison
555
Midland Valley
112
Missouri & North Arkansas...4,846
Missouri-Kansas-Texas Lines..
14,515
MissouriPacific
65
Natchez & Southern
152
Quanah Acme & Pacific
7,921
St. Louis-San Francisco
2,375
St. Louis Southwestern
y San Antonio Uvalde & Gulf
5.303
Southern Pacific in Texas & La_
4,141
Texas & Pacific
Terminal RR. Assn. of St. Louis .2,259
17
Weatherford Min.Wells & N.W.
1,598
180
1,247
1,010
88
386
38
4,192
11,639
51
103
6,634
1,872
200
132
157
x1,878
_
3,862
534
1,977
1,628
162
889
49
4,739
15,843
40
190
9,285
2,489
4,832
2,958
1,573
15
5,852
4,222
1,937
50
2,605
3,658
2.293
33
2,372
3,089
1,430
81
52,215
40,546
56,115
33,908
25,252
Total
these tstatements are based is shown in a diagram presented
in the "Bulletin," Colonel Ayres goes on to say:
The irregular line shows the percentage increases or decreases in business
activity during the second and fourth quarters of each year since 1830. The
data were taken from the records of nronthly changes in business activity compiled by this bank. For the period since 1900 they are based on the index
of industrial production compiled by the Federal Reserve Board. If the
records for all four quarters of each year had been included there would not
have been added any instances of changes more extreme than those shown,
but the diagram would have been much more congested.
The most severe decline in business activity in any one quarter came with
the panic of 1937 and amounted to nearly 27%. It was shortly followed
by a recovery of nearly 17%. This decline and advance remained the most
extreme quarterly changes of record in our business history for nearly 100
years. In recent years the most violent changes were the abrupt decline of
nearly 24% in the closing quarter of the panic year of 1907, and the advance
of over 13% in the first quarter of 1922 when business was recovering from
the primary post-war depression. Even these exceptionally rapid changes
are dwarfed by comparison with the increase of nearly 41% that has taken
place during the second quarter of 1933.
558
Financial Chronicle
The advance of nearly 41% during the second quarter of this year does not
mean that industrial production at the end of the second quarter was 41%
greater than at the end of the first quarter. It means rather than at the
end of the first quarter our data showed that Industrial production was only
55% of the computed normal volume, and that at the end of the second
quarter it was 77% of normal, and that 77 is 141% of 55, so the rate of
increase for the quarter is found to be 41%.
It is not now possible to judge whether or not so rapid an advance will
prove to be undesirably swift, for there is no similar previous case with
which to make comparisons. We do know that the spectacular recovery in
1838 was largely based on speculation and so-called wildcat money, and that
it was followed by another period of depression. Nevertheless conditions
obtaining then were so different from those existing now that the earlier
instance may be of little value as a guide.
There can be no doubt that much of the recent sudden demand for goods
has been caused by fear that our money will be progressively less valuable
in the months ahead. In large measure people have been demanding goods
to make up accumulated shortages, but in some considerable degree they are
exchanging hoarded money for goods that they may hoard instead. Perhaps
we could wisely moderate temporarily our efforts to stimulate business still
further.
Colonel Ayres states that "the message sent by President
Roosevelt to the World Economic Conference on July 3 is of
the first importance to all business men here." Continuing,
he says:
It takes the definite stand that this Government is not willing to enter into
any arrangements at this time for stabilizing the exchange value of the
dollar. The clear purpose of this declared policy is that the Administration
intends to strive for higher general price levels here. This means that the
business man may confidently expect higher prices for commodities, increasing wage rates, and advancing quotations for securities.
The message further states that in the near future, when prices have advanced to the desired levels, the Administration seeks to establish a new
kind of dollar which will have a relatively constant purchasing power, and
not a changing one. This means that it is the policy of our Government
to have this present price advance the last one that we shall ever experience.
If this policy is successfully put into effect we need not fear a decline after
this price advance has run its course. The problem of the business man is to
take full advantage of the general price increase while it still continues,
remembering that dollars not actively employed are constantly shrinking
in value.
The effect of the announcement in further stimulating business activity
and every fdrm of speculation is sure to be important. It should result in
the rapid employment of the huge sums of currency still in hoarding, for a
part of the value of that money evaporates with each day that passes. The
announced policy is avowedly designed to benefit debtors, and in this country
that means primarily the owners of stocks, for most of our existing debts
are corporation bonds. If price levels are lifted so that bonds may be paid
off the result will be greatly to benefit the stockholders who in reality owe
the debts that the bonds represent.
Recovery from depression has come repeatedly, both in this country and
abroad, by a restoration of public confidence in the soundness and integrity
of the national money. Our present experiment is based on the creation of
doubt concerning the value of our money, which results in a general movement to buy commodities and equities. Its justification depends on its
success.
The Corner Turned.
It has become convincingly evident that the corner of the great depression
was turned in this country between the first and second quarters of this year.
The accompanying diagram [this we omit.—Ed.] shows a depression index
or indicator of three components developed more than a year ago, and designed to reflect promptly and surely any real improvement in the fundamental factors of business activity. It has been clearly doing just that during the past three months. The diagram covers the period since the beginning of 1929, and the figures used are weekly data with the averages of the
entries for January of 1929 considered as being equal to 100.
.The upper line in the diagram reflects changes in the amount of bank
credit in use. It shows changes in the sum of loans and of demand deposits
in the city banks that are members of the Federal Reserve System. In recent
weeks it has sharply turned up. The great increase in the autumn of 1929
was caused by the banks taking over at the time of the stock market crash
many large accounts that had been with brokers. The long decline that
began in the closing weeks of 1930, and which has continued most of the
time since then, reflects the severe shrinkage in bank credit that still constitutes one of the serious elements in the situation. Bank loans were paid
down, and deposits shrank. That was credit deflation, while what we need
for business revival, and are now rapidly getting, is credit expansion.
The dotted line shows the long decline in the wholesale pripes of COM.
modities. The line is constructed by counting each week the numbers of
advances and declines in Dun's list of commodity price quotations, and recording cumulatively the net differences. Since the declines were almost continuously more numerous than the advances, the line has moved downward
almost steadily since the autumn of 1929. Its recent advance has carried
it back up to the levels of early 1932.
The dashed line is a weekly index of industrial production. It is a combination of a weekly index compiled by this bank, that of the "Business
Week," and through 1932 that of the "Times Annalist." In 1933 this last
index has been replaced by the new index compiled by the "Econostat."
These three indexes of bank credit, of wholesale commodity prices, and of
industrial production have been given equal weights, and combined into the
depression index represented by the heavy solid line. All the data are
brought up to the end of June.
It is worth noting that the depression index and its three components
turned up last summer, and in the main held their gains well to about the
end of last year, when political dissensions and the banking troubles brought
a decline that carried them down to new lows in March, after which the
present recovery began. That recovery which began last summer appears to
have been the turning point for most of the other important industrial countries. Industry continues its advance abroad, while here we are making
our second attempt at recovery.
Price Changes.
During the past quarter the value of our money has been declining abroad,
and the prices of securities and commodities have been advancing here. So
far there have been fairly close relationships between these price movements. We may measure the changes in the exchange value of our money
by determining the price of an ounce of gold in American dollars. If we
do that we shall find that it advanced during the second quarter by about
July 22 1933
25%. Meanwhile the prices of active wholesale commodities moved up by
about 50% and those of industrial stocks by about 75%.
The three lines in the diagram represent the daily changes from the
levels of the first of April in the prices of the Dow Jones industrial stocks,
in those of active commodities if the advances are doubled, and in those of
gold if the advances are trebled. The three lines run closely together. They
have all been slightly smoothed to remove minor fluctuations. During the
third week in May the value of the dollar recovered abroad temporarily,
with the result that the line showing the price of gold declined. Our prices
for commodities and stocks also declined. The same thing happened again
in the middle of June, and once more the prices of our stocks and commodities moved down and then recovered to new high levels.
This close relationship between the depreciation of the dollar abroad and
the prices of our securities and our commodities here is disquieting. It is
even more disturbing to find that even a moderate demonstration of strength
by the dollar abroad results in a decline of prices here. A prosperity that
depends on the progressive debasement of our money does not rest on a firm
foundation. The diagram shows clearly why our Administration at Washington moved to halt arrangements that were being discussed at London
looking toward the stabilization of the exchange values of the leading
currencies.
Those discussions had no more than been reported by the newspapers when
commodity prices turned down and there was a sharp break in quotations
for stocks. It quickly became evident that a stabilized value for the dollar
would result in a general downward revision of the prices of commodities
and securities, and probably in a consequent slowing down of the pace of
recovery in general business activity. Nevertheless at some time in the future
the issue of stabilization must be faced and dealt with.
Iron and Steel.
At the end of March only 13% of the 289 blast furnaces in this country
were actively engaged in producing pig iron. By the end of May the percentage had increased to 21, and by the close of June it had advanced to 31.
There has been no such rapid increase since the early months of 1922, when
business was recovering from the last great depression. Steel production
is running at about 53% of capacity, which is the highest rate attained since
the spring of 1931. No signs of a normal summer decline have so far
appeared.
Industrial Production.
In March the indei of industrial production used by this bank as the current part of its long-term indexes of business activity was at the low level of
45.4% below the computed normal level. The April figure was only 39%
below the normal level, and the preliminary May figure is only 30.8% below.
This is approximately the level of September 1931. Nearly all of the 18
industrial series composing the total index, except those for coal production.
showed notable advances in May.
Hoarded Funds.
Apparently more than a billion dollars of idle currency is still being
hoarded in this country. Two years ago, in June of 1931, business activity
was at about the same levels as it is now. At that time the practice of
hoarding was almost unknown, and the amount of currency in circulation,
other than small coins, amounted to about four and a half billion dollars.
At the present time the amount is approximately a billion dollars greater
than it was then, and since price levels are lower, and wages less, and business activity no greater, it seems clear that the amount of currency being
hoarded is still between a billion and a billion and a half dollars.
After June of 1931 the money reported as in circulation began to increase
although business activity and prices were falling. The explanation is that
increasing amounts were being kept in strong boxes, and office safes, and In
hiding places in homes, instead of being used in business and deposited in
bank accounts. In reality this money was not in circulation but in hoarding. The •amounts reported as in circulation increased as the depression
grew more serious until at the time of the bank crisis last March they
totaled
more than seven and a half billions.
Since then they have rapidly declined until the present amounts
are not
much more than five and a half billions. 1Ve do not know how the
hoarded
money is distributed about the country, but we do know about the
Federal
Reserve money which constitutes about half of it. The diagram
[this we
omit—Ed.] consists of 12 columns representing for the Reserve districts
the percentages that their circulation of Reserve notes in June
of this year
were of those in June of 1931 before boarding began.
In a rough way the amounts of the columns above the 100
level represent
funds that are probably still hoarded. The circulation in the
New York
and Chicago districts is still well over twice as great as it
was two years
ago. In the Richmond and St. Louis districts it is nearly
twice as great.
In San Francisco and Dallas it is not seriously large, and in
Atlanta it is
almost unchanged from the level of two years ago.
Commodity Prices Showed Another Large Gain for
Week Ended July 15 According to National Fertilizer A!sociat'on.
Wholesale commodity pries owed another large gain
during the week ended July 15 according to the index of
The National Fertilizer Association. This index, based on
476 quotations gained 24 points during the latest week and
advanced to 67.8 as of July 15. (The three-year average
1926-1928 equals 100.) The latest index number is 66 points
higher than it was a month ago, 64 points higher than ,t was
a year ago and is only one point below the 'evel for July 1931.
The Association further reported as follows under date of
July 17:
For the second week not a single group in the index declined.
Eleven
groups advanced and three showed no change. The advancing
groups were
foods,fuel, grains, feeds and livestock, textiles, miscellaneous commodities,
building materials, metals, house-furnishing goods, fats and oils,
fertilizer
materials and mixed fertilizer. The largest gains wore shown in the foods,
grains, feeds and livestock and textile groups although fairly large gains
were also shown in several other groups.
Seventy-six commodities, the largest number in many weeks, advanced
during the latest week. Only nine commodities showed price losses. During
the preceding week there were 54 advances and 11 declines. Two
weeks ago
there were 53 advances and 14 declines. Spot cotton gained a whole
cent
during the latest week, wheat advanced about eight cents per bushel, cattle
prices advanced about 50 cents per hundredweight and many other farm
products advanced materially. The list included cotton, cottonseed meal,
other feedstuffs, wool,lard,cottonseed and other vegetable oils and
potatoes.
Semi-finished products that advanced during the latest week included
cotton yarns, woolen yarns and copper wire. Basic raw materials that
advanced included pig iron, lead, hides, rubber, sulphate of amonia, silk.
and petroleum. The gains In the prices for commodities extended through
practically every group in the index. Listed among the few commodities
that declined during the latest week were butter, eggs, oats, lambs, rosin
and sodium nitrate.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES. (1926-192100.)
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
Group,
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements
100.0
All grouts] combined
Latest
Week
July 15
1933.
Preceding
Week.
Month.
Ago.
71.9
56.6
57.5
66.9
65.5
84.4
74.1
78.2
77.2
57.5
87.9
65.6
65.9
90.1
67.0
56,0
55.1
63.2
63.2
84.4
72.4
77.0
75.4
55.4
87.9
64.9
65.7
90.1
63.1
49.2
47.5
56.3
62.8
84.4
71.9
73.7
75.4
49.9
87.9
64.1
65.7
90.1
co.uctoo4=-4opawa.c.a
m..4-4,0oocco-4ko
Per Cent
Each Group
Bears to Me
Total Index.
559
Financial Chronicle
Volume 137
67.8
65.4
61.2
61.4
Year
Ago.
Department Store Sales in Metropolitan Area of New
York During First Half of July.
Sales of department stores in the metropolitan area of
New York from July 1 to July 14 declined 4.1% as compared
with the same period last year, according to the New York
Federal Reserve Bank in a report released to-day (July 22).
In each period there were 10 shopping days. New York
and Brooklyn department stores reported a drop of 4.1%
and department stores in Newark a drop of 4.5%.
Increase Reported by United States Department of
Labor in Employment and Payrolls in Manufacturing Industries During June Over May
-Non-Manufacturing Industries Also Show
General Improvement.
Index numbers showing the trend of employment and payrolls in manufacturing industries are computed monthly
by the Bureau of Labor Statistics of the United States
Department of Labor from reports supplied by representative establishments in 89 of the principal manufacturing
industries of the United States covering the pay period
ending nearest the 15th of the month. These indexes of
employment and payrolls are figures showing the percentage
represented by the number of employees or weekly payrolls
in any month compared with employment and payrolls
in a selected base period. The year 1926 is the Bureau's
index base year for manufacturing industries, and the
average of the 12 monthly indexes of employment and payrolls in that year is represented by 100%. Under date of
July 18 the Bureau said:
Comparing the index number of employment in June 1933 (62.8) with
the index of May 1933 (58.7), it is seen that employment has increased 7%
over the month interval, while a similar comparison of the June payroll
Index (43.1) with the index of payrolls in May 1933 (38.9) shows a gain
of 10.8% in payrolls. Comparing employment in June 1933 with June
1932, it is seen that the level of employment in June of the present year
Is 9.2% above the level of the June 1932 employinent index (57.5) and payrolls in June 1933 are 9.7% above the level of the June 1932 payroll
Index (39.3).
The change in employment and payrolls in June 1933 are based on reports
supplied by 17,952 establishments in 89 of the principal manufacturing
Industries of the United States. These establishments reported 2,802,711
employees on their payrolls during the pay period ending nearest June 15
whose combined weekly earnings were $50.408,132. The employment
reports received from these co-operating establishments cover approximately
50% of the total number of wage earners in all manufacturing Industries
of the country.
The upswing in business activity which was reflected in May by increases
In employment in 72 industries was further extended in June, when 79
of the 89 industries reported increases in number of workets over the
month interval, and 80 industries reported gains in payrolls. The usual
seasonal movement at this period of the year is downward, the average
percentage decrease in employment between May and June during the
past 10 years having been 1.4% and in payrolls 3%•
The following tabulation shows the percentage of change in employment
and payrolls in the Bureau's indexes between May and June for the years
from 1923 to date:
Percent. of Change.
Month and Year.
May-June 1923
May-June 1924
May-June 1925
May-June 1926
May-June 1927
May-June 1928
May-June 1929
May-June 1930
May-June 1931
May-June 1932
May-June 1933
10-year average, 1923-1932
Emplottment.
Payrolls.
+0.1
-3.2
-0.9
-0.5
-0.6
+0.1
--0.4
-2.4
-2.4
-3.7
---0.1
---5.9
--2.8
--0.1
--2.4
+7.0
-1.4
d-0.1
--1.9
--3.8
--5.8
--7.5
+10.8
--3.0
A comparison of the June 1933 index of employment with the index
of employinent in July 1932 (55.2),In which month the low po nt of employment in 1932 was reached, shows a gain in June 1933 of 13.8% in employment over this 11-month interval. The June 1933 payroll index is
19.1% above the July 1932 payroll index (36.2).
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES.
(12-Month Average 1926=100).
Payroll Totals.
Emplatmlent•
Manufacturing Industries,
General index
may
June
1932.
1933.
57.5
58.7
83.2
80.9
Food and kindred products
78.2
82.4
Baking
136.1
82.1
Beverages
94.6
103.4
Butter
74.1
65.2
Confectionery
84.0
82.8
Flour
67.4
84.7
Ice cream
87.5
Slaughtering and meat packing. 86.2
43.6
39.7
Sugar, beet
78.0
74.7
Sugar refining, cane
73.3
5.86
Textiles and their products
75.4
58.1
Fabrics
51.2
52.0
Carpets and rugs
79.3
57.4
Cotton goods
81.2
71.6
Cotton small wares
77.2
71.5
Dyeing and finishing textiles _
67.2
56.4
Hats,fur-felt
82.7
74.7
Knit goods
41.2
57.0
Silk and rayon goods
75.6
Woolen and worsted goods- - 49.2
Wearing apparel:
68.4
59.8
Clothing, men's
64.6
55.9
Clothing, women's
74.2
Corsets and allied garments.- 64.8
99.0 100.5
Men's furnishings
58.4
56.8
Millinery
71.4
55.7
Shirts and collars
59.3
Iron and steel and their products 55.0
53.3
not including
- 54.9
64.9
64.1
Bolts, nuts, washers
machinery_-and
24.5
31.3
rivets_Ca-Ion
ItiPe
Cutlery (not including silver
and plated cutlery) and edge
58.2
68.9
tools
56.2
58.2
Forgings. Iron and steel
48.6
62.4
Hardware
54.2
54.9
Iron and steel
66.8
63.6
Plumbers' supplies
Steam and hot water heating
36.7
apparatus and steam fittings, 33.7
46.3
48.7
Stoves
Structural & ornamental metal
38.0
47.7
work
73.8
76.7
Tin cans and other tinware
Tools (not including edge tools,
58.0
65.3
machine tools, files & saws).93.0
93.7
Wirework
Machinery, not Including trans
44.6
50.1
portation equipment
22.1
25.5
Agricultural implements
Cash registers, adding machine
71.1
64.6
& calculating machines_
_
Electrical machinery,apparatu
_47.3
59.6
and supplies
Engines, turbines, tractors am
38.5
45.0
water wheels
43.0
46.9
Foundry& machine shop Drod'h
27.8
34.5
Machine tools
81.3
63.9
Radios and phonographs
54.1
Textile machinery and parts- _. 52.0
55.1
58.9
Typewriters and supplies
52.0
53.7
Nonferrous metals & their prod'n
49.4
46.7
Aluminum manufactures
51.5
Brass, bronze & copper prod ts. 51.9
Clocks and watches and time
42.5
35.7
devices
33.8
35.8
Jewelry
68.5
60.5
Lighting equipment
60.6
59.1
Silverware and plated ware_
Smelting and refining; copper.
60.5
56.5
lead and zinc
61.8
62.4
Stamped and enameled ware_
46.9
59.0
Transportation equipment
244.8
196.6
Aircraft
48.9
61.0
Automobiles
17.5
Cars, electric & steam railroad. 19.0
9.9
18.0
Locomotives
57.0
83.9
Shipbuilding
46.2
48.3
Railroad repair shops
63.6
69.4
Electric railroad
44.9
46.7
Steam railroad
35.3
37.8
Lumber and allied products
43.8
43.0
Furniture
33.1
36.5
Lumber, millwork
32.0
35.8
Lumber,sawmitls
44.7
44.0
Turpentine and rosin
41.2
Stone, clay and glass products- - - 43.5
24.1
29.8
Brick, tile and terra cotta
41.5
37.2
Cement
64.2
57.8
Glass
Marble, granite, slate .4 other
42.1
32.8
products
58.1
58.8
Pottery
75.6
Leather and Its manufactures..._ 69.7
71.3
76.3
Boots and shoes
63.4
73.0
Leather
77.4
79.9
Paper and printing
69.1
69.1
Boxes, paper
74.8
73.3
Paper and pulp
66.7
75.1
Printing & pub.-Book ar lob
97.7
96.5
Newspapers and periodicals_
77.3
Chemicals and allied prod ucts. - 69.3
88.4
83.6
Chemicals
23.2
23.8
Cottonseed, oil, cake and meal_
70.5
66.2
Druggists' preparations
71.3
75.0
Expo:elves
32.5
67.2
Fertilizers
72.3
71.6
Paints and varnishes
64.7
63.6
Petroleum refining
93.4 147.0
Rayon and allied products_ _ _ _
95.7
95.8
Soap
63.0
67.6
Rubber products
39.8
55.8
Rubber boots and shoes
Rubber goods,other than boots.
80.5
81.6
shoes, tires and inner tubes_ _
62.4
Rubber tires and Inner tubes.,. 65.8
66.2
17.1
Tobacco manufactures
Chewing & smoking tobacco
89.4
86.7
and snuff
68.7
63.6
Cigars and cigarettes
June
1933.
June
1932.
May
1933.
June
1933.
62.8
39.3
38.9
43.1
86.5
79.3
160.8
102.0
73.6
82.8
78.0
90.3
48.9
78.3
80.7
85.4
59.1
91.7
89.2
81.0
68.5
89.2
59.7
93.3
69.9
71.4
74.8
89.0
51.2
68.3
70.9
73.6
35.7
66.7
35.2
36.4
26.2
35.2
47.9
49.5
27.7
49.1
24.9
32.6
67.1
62.5
132.1
71.5
51.0
66.2
50.9
69.6
33.8
68.1
45.4
49.6
32.9
52.5
58.9
55.2
36.4
54.0
35.7
52.6
69.7
63.7
151.6
75.7
48.6
62.6
58.8
72.6
36.2
68.8
52.7
60.1
42.3
65.1
66.4
60.2
43.8
59.6
39.3
72.1
69.4
69.9
68.2
100.8
63.0
68.8
65.1
58.5
73.0
29.4
32.8
25.9
36.6
71.6
35.7
35.2
34.1
26.9
35.7
17.5
37.1
31.1
39.3
76.2
33.0
44.3
36.1
29.5
36.4
13.2
38.0
36.9
33.9
77.5
37.4
42.4
43.0
36.0
47.3
16.1
60.6
63.1
52.6
59.4
77.1
46.4
31.0
26.9
23.3
37.3
37.0
31.7
24.6
28.7
41.7
41.7
39.2
29.5
35.9
51.9
40.0
53.4
20.5
25.1
21.8
29.2
33.6
39.4
78.9
27.1
46.8
19.8
45.7
21.0
50.3
63.0
104.3
37.6
65.9
31.0
72.3
40.0
87.5
48.2
27.7
30.6
16.4
27.0
18.4
31.3
21.7
25.1
70.6
47.5
48.1
53.5
49.8
40.9
33.0
36.6
42.4
46.5
31.2
92.1
62.5
54.0
55.8
52.2
57.7
27.6
26.1
20.3
54.0
27.4
31.6
34.4
23.9
30.7
23.9
23.0
15.5
62.3
33.5
30.4
34.2
31.5
33.6
27.9
27.3
20.2
655
47.2
31.7
38.5
35.3
40.2
40.0
36.0
64.8
60.2
26.1
22.9
50.7
36.3
19.6
21.4
41.9
35.0
23.9
22.9
47.8
37.0
56.8
67.1
49.9
251.2
52.8
15.2
10.6
57.5
45.0
63.0
43.6
39.9
48.5
36.3
36.9
50.4
46.0
27.7
42.7
70.6
40.1
40.6
44.6
202.6
45.8
11.3
14.3
66.2
38.3
60.9
36.5
20.9
22.1
22.3
19.3
36.4
27.0
13.8
26.6
43.9
36.4
39.2
36.9
232.5
39.3
9.3
6.2
39.6
35.6
51.1
34.4
17.9
21.9
18.2
15.3
36.0
23.8
9.7
19.7
48.7
38.6
43.4
39.0
233.1
42.1
7.5
6.8
39.6
34.9
49.8
38.4
61.8
78.9
78.5
80.3
78.9
73.6
77.3
67.4
96.2
78.9
94.3
29.1
67.0
75.4
44.3
76.4
64.7
154.9
99.5
70.4
42.2
27.2
31.6
43.4
42.5
46.6
67.7
57.8
49.9
62.8
88.4
60.4
61.6
26.4
70.6
45.5
25.1
61.8
59.4
78.3
90.5
51.1
35.4
18.2
31.3
49.1
47.2
55.7
60.3
55.8
50.2
51.9
77.5
61.1
63.7
22.0
63.1
46.9
36.8
57.9
53.7
117.8
78.8
44.4
32.5
22.7
34.9
55.5
52.7
65.4
61.9
61.4
54.1
52.2
77.5
64.5
69.1
30.5
66.1
51.2
27.9
62.3
54.6
130.1
83.2
54.4
36.0
88.1
71.6
68.4
53.5
53.9
55.5
52.1
44.5
48.5
61.3
56.2
50.3
90.1
65.6
73.3
53.3
70.7
45.8
71.9
47.7
33.7
21.6
25.8
21.1
19.2
38.3
27.8
12.3
23.4
52.9
Non-manufacturing Industries.
The general improvement in the employment situation between May and
June 1933, was also reflected in the non-manufacturing industries surveyed
monthly by the Bureau of Labor Statistics. Increased employment
was reported for June in 14 of the 16 non-manufacturing industries surveyed and increased payrolls were reported in 11 industries. The increases in employment in June 1933. in most instances were contarry
to the May-June trend in the preceding years, for which data are available,
and, while two industries reported declines in employment, the decrease
(8.5%) reported in June in one of these industries (anthracite mining)
Financial Chronicle
560
was not as pronounced as in previous payroll years, while the decrease in
the other (telephone and telegraph) was only 1.3%.
The most pronounced gain in employment between May and June was
shown in the canning and preserving industry (22.2%). Quarrying and
non-metallic mining, which had reported a gain of 10.5% in employment
in May. reported an additional gain of 8.9% in June. Employment in
the building construction industry increased 6.1%;the metalliferous mining
industry reported a gain of5%;the dyeing and cleaning industry an increase
of 4.5%; laundries gained 3.3%; hotels, 2.5%; wholesale trade, 2.3%;
crude petroleum producing, 1.8%;retail trade. 1.7%, and banks-brokerageinsurance-real estate, 1.2%. In the remaining three industries the upward
trend was less than 1%,and was as follows: power and light, 0.4%; electric
railroad and motor bus operation and maintenance, 0.3%, and bituminous
coal mining, 0.1%.
The 16 non-manufacturing industries surveyed, together with the percentage of change over the month interval and the index numbers of employment and pay rolls, where available, are shown In the table below.
The monthly average for the year 1929 was used as the index base or 100
in computing the Index numbers of these non-manufacturing industries,
as information for earlier years is not available from the Bureau's records.
The year 1929 may be considered a fairly normal recent year for these nonmanufacturing Industries.
INDEXES OF EMPLOYMENT AND PAYROLL TOTALS IN MAY AND
JUNE 1933. TOGETHER WITH PERCENTS OF CHANGE BETWEEN
MAY AND JUNE 1933 IN NON-MANUFACTURING INDUSTRIES.
Industries.
Anthracite mining
Bituminous coal mining
Metalliferous mining
Quarrying & non-metallic min'g
Crude petroleum producing_ _
Telephone and telegraph
Power and light
Electric-railroad & motor bus
operation & maintenance__
Wholesale trade
Retail trade
Hotels
Canning and Preserving
Laundries
Dyeing and cleaning
Banks. brokerage, Insurance,
and real estate
Building construction
Indexes of Per Cent
Per Cent
Indexes of
of
Payroll Totals.
of
Employment.
(Avg.1929=100) Change (A0g1929=100) Change
May to
May to
May June June May June June
1933. 1933. 1933. 1933. 1933. 1933.
43.2
61.2
30.0
43.4
56.9
70.1
76.9
39.5
61.3
31.6
47.3
58.0
69.2
77.3
-8.5
+0.1
+5.0
+8.9
+1.8
-1.3
+0.4
30.0
26.9
17.0
23.8
41.6
68.5
69.9
34.3
29.2
18.3
27.5
40.6
66.6
69.9
+14.3
+8.4
+7.6
+15.2
-2.5
-2.8
-Y
69.1
74.0
77.0
71.9
45.5
73.5
82.0
69.3
75.7
78.3
73.6
55.6
76.0
85.6
+0.3
+2.3
+1.7
+2.5
+22.2
+3.3
+4.5
58.2
57.4
59.5
51.8
31.8
54.5
53.9
58.0
57.3
60.5
52.3
36.7
56.7
56.7
-0.4
-0.3
+1.8
+1.1
+15.3
+4.1
+5.2
96.4
97.6
+1.2
+6.1
83.6
83.7
+0.1
+4.4
x Indexes not computed as data for Index base year are not available.
y Less than one-tenth of 1%.
Wholesale Price Index of United States Department of
Labor Increased During Week Ended July 15.
The Bureau of Labor Statistics of the United States Department of Labor announces that its index number of wholesale prices for the week ending July 15 stands at 68.9 as
compared with 67.2 for the week ending July 8 showing an
increase of approximately 2.5%. The Bureau further said:
These index numbers are derived from price quotations of 784 commodities, weighted according to the importance of each commodity and
based on average prices for the year 1926 as 100.0.
The accompanying statement shows the index numbers of groups of commodities for the weeks ending June 17,24. and July 1, Sand 15 1933.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF
JUNE 17, 24, AND JULY 1.8 AND 15 1933.
(1926=100)
Week Ending
July 15
July 1
July 8
All commodities
64.5
65.1
66.3
67.2
68.9
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting
Metals and metal products
Building materials
Chemicals and drugs
Houseturnishing goods
52.8
61.0
82.8
60.2
61.4
78.9
73.4
73.8
72.8
an a
53.2
61.4
83.5
61.5
63.6
78.9
74.2
73.6
72.8
Al 1
56.9
62.6
83.3
62.2
64.3
79.2
75.9
73.5
73.2
62.1
58.5
62.9
83.7
64.1
65.7
79.9
77.0
73.0
73.6
62.9
61.1
65.9
85.4
66.5
66.7
80.6
78.8
72.9
74.0
63.5
June 17 June 24
United States Department of Labor Notes an Increase
of 3 1-3% in Retail Food Prices During Period
from May 15 to June 15.
Retail food prices in 51 cities of the United States, as reported to the Bureau of Labor Statistics of the United States
Department of Labor, showed an average increase of about
3 1/3% on June 15 1933, when compared with May 15 1933,
and an average decrease of 3 1/3% since June 15 1932. The
Bureau's weighted index numbers, with average prices in
1913 as 100.0, were 100.1 for June 15 1932; 93.7 for May 15
1933, and 96.7 for June 15 1933. The Bureau, under date of
July 13, continued:
During the month from May 15 1933 to June 15 1933, the following articles
increased in average price for the month: Potatoes, 35%; onions, 18%,
lard, 9%; oranges, 8%; sliced bacon, sliced ham, and leg of lamb, 6%;
sirloin steak, round steak, and bananas, 5%; cheese and navy beans, 4%;
; rib
pork chops, evaporated milk, corn meal, rice, and canned tomatoes,
roast, chuck roast, canned red salmon, fresh milk, margarine, bread, pork
and beans, sugar, and prunes, 2%; canned peas, and raisins, 1%; and wheat
cereal, less than .5 of 1%. Decreases were shown in the airerage prices of
the following: Cabbage, 12%; tea, 2%; strictly fresh eggs, 1%; and hens
and butter, less than .5 of 1%. The following articles showed no change
in the month: Plate beef, vegetable lard substitute, flour, rolled oats, corn
flakes, macaroni, canned corn, and coffee.
Changes in Retail Prices of Food By Cities.
During the month from May 15 1933 to June 15 1933, all of the 51 cities
from which prices were received showed increases in the average cost of
July 22 1933
food: Indianapolis, 8%; Atlanta and Salt Lake City, 6%; Birmingham,
Boston, Bridgeport, Cleveland, Manchester, and Omaha, 5%; Buffalo, CMcinnati, Detroit, Fall River, Kansas City, Louisville, Memphis, Minneapolis,
Newark, Philadelphia, Providence, Rochester, St. Louis, St. Paul, Savannah,
Seattle, and Springfield (Ill.), 4%; Columbus, Dallas, Mobile, New Haven,
Peoria, Richmond, and Scranton, 3%; Baltimore, Charleston (S. C.), Chicago, Denver, Jacksonville, Los Angeles, Milwaukee, New Orleans, New York,
Norfolk, Pittsburgh, Portland (Me.), Portland (Oreg.), San Francisco, and
Washington, 2%; Butte and Houston,
; and Little Rock, less than
.5 of 1%.
For the year period June 15 1932 to June 15 1933, the following of the 51
cities showed decreases: Norfolk, 11%; Charleston (S. C.), 10%; Newark,
; New Haven, 7%; Chicago, Jacksonville, and St.. Paul, 6%; Butte,
Fall River, Minneapolis, New York, Philadelphia, Portland (Me.), and Rochester, 5%; Atlanta, Bridgeport, Buffalo, Cleveland, Columbus, Portland
(Oreg.), Providence, Richmond, and Scranton, 4%; Baltimore, Cincinnati,
Indianapolis, Memphis, Milwaukee, Pittsburgh, Savannah, and Washington,
3%; Boston, Detroit, Houston, Little Rock, Los Angeles, Manchester, Mobile, New Orleans, and Peoria, 2%; San Francisco and Springfield (Ill.),
1%; and Birmingham, Denver, St. Louis, and Seattle, less than .5 of 1%.
Increases were shown in the following cities: Dallas, 2%; Louisville and
Salt Lake City, 1%; and Kansas City, less than .5 of 1%. In Omaha there
was no change in the year.
"Annalist" Weekly Wholesale Price Index at Highest
Point on July 18 Since April 7 1931.
An advance of 2.8 points for the week carried the
"Annalist" weekly index of wholesale commodity prices to
106.8 on July 18 from 104.0 (revised) July 11; the index
is now at the highest point since April 7 1931. The
"Annalist" added:
Fresh advances in most of the groups were led by a rise of 5.2 points
in the farm products index, which now stands at 100.6. Sharp advances
In the grains and flour, cotton, steers and hogs, and rubber were outstanding. The gains, however, were insufficient to offset the renewed
decline of the dollar, the latter falling to 68.6 cents from 71.3; the index
on a gold basis accordingly fell to a new low of 73.3 from 74.2 (revised).
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for Seasonal Variation. (1913=-100.)
July 18 1933.
July 111933.
July 19 1033.
100.6
Farm products
b95.4
70.2
110.2
Food products
108.0
97.5
8115.4
Textile products
b114.1
65.6
115.6
Fuels
114.6
143.9
104.4
Metals
103.8
954
107.0
Building materials
107.0
107.0
96.9
Chemicals
96.9
95.0
84.9
Miscellaneous
1383.7
79.3
All commodities
106.8
b104.0
92.0
73.3
All Commodities on (clgold basis
b74.2
a Preliminary. b Revised. c Based on exchange quotations for France.
Switzerland, Holland and Belgium.
Industrial Gas Sales Register Gains in May.
Revenues of the manufactured and natural gas industry
aggregated 855,563,700 for May 1933, as compared with $59,682,600 for May 1932, a decline of 6.9%, it was announced on
July 19 by Paul Ryan, Chief Statistician of the American Gas
Association.
The manufactured gas industry reported revenues of $32,204,800 for the month, a drop of 9% from a year ago, while
revenues of the natural gas industry totalled $23,358,900 or
3.9% less than for May 1932,continued the Association, which
further reported as follows:
Sales of manufactured gas reported for May totalled 29,936,700,000 cubic
feet, a decline of 6.3%. Natural gas sales for the month amounted to 62,095,400,000 cubic feet, a figure approximately equal to the volume sold during the corresponding month a year ago.
The relatively better showing of the natural gas companies was the result
of a pronounced increase in sales to large scale industrial users. In May
1932 sales for this purpose amounted to 8,115,300,000 cubic feet, but in
May 1933 rose to 9,088,500,000 cubic feet, a gain of 12%.
This increase in industrial gas sales was prevalent in most natural gas
territories, reflecting the pronounced gains in industrial activity and production registered during the month. In New York, sales of natural gas for
industrial purposes increased more than 46%, while in Ohio the gain in
this class of business was nearly 27%.
The Mid-continent area also registered pronounced gains in industrial
sales, the increase amounting to 12% in Kansas and 9% in Texas, while in
Oklahoma ordinary industrial sales increased 26% and sales to main line
or large scale industrial users were up 47%.
Further Increase Noted in "Annalist" Monthly Index
of Business Activity.
A further rise of 9 points has carried The "Annalist" Index
of Business Activity to 76.0 (preliminary) for June from 66.8
for May, 57.4 for April and 52.9 for March. The index is
now at the highest level since July 1931. Continuing, the
"Annalist" noted under date of July 21, as follows:
MI nine components of the index for which June figures are available were
sharply higher in June than in May. The widest gain, on a weighted basis,
was in the adjusted index of cotton consumption, which was 125.8 for
June,
as compared with a previous all-time high record of 120.2 in June, 1627.
The adjusted indices of freight-car loadings, steel ingot production and elec-
tric power production also contributed heavily to the rise in the combined
index.
Although June figures for wool consumption are not available, the May
figures are illuminating with respect to the recent rise in manufacturing
output of consumers' goods. The adjusted index of wool consumption for
May was 112.4, as against 67.5 for April and 51.4 for March, and was at
the highest level since August 1931. The adjusted Index of boot and shoe
production was 120.2 for May,as against 98.2 for April and 88.9 for March,
and was at the highest level on record, the previous all-time peak having
been registered in December 1922, at 117.5.
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 1928.
TABLE I. THE "ANNALIST" INDEX OF BUSINESS ACTIVITY AND
COMPONENT GROUPS.
Pig iron production
Steel Ingot production
Freight car loadings
Electric power production
Bituminous coal production
Automobile production
Cotton consumption
Wool consumption
Boot and shoe production
Zinc production
Combined index
June.
May.
April.
39.9
57.5
58.9
071.2
65.6
b55.0
125.8
25.7
39.8
54.7
66.9
57.9
47.9
100.7
112.4
120.2
42.4
66.8
18.1
27.6
53.0
63.0
55.7
40.9
75.3
67.5
98.2
42.0
57.4
c1-2I8
51.0
78.0
•Subject to revision. a Based on an estimated output of 7,290,000 kilowatthours, as against the Geological Survey total of 6,964,000,000 kilowatt-hours In
May and 6,563,000,000 kilowatt-hours in June 1932. b Based on Automotive Daily
News estimate of 228,425 cars and trucks. United States and Canada, as against
Department of Commerce total of 227,567 cars and trucks in May and 190,204 cars
and trucks in June, 1932. c Based on estimated output of 34,000,000 Pairs, as
against the Department of Commerce total 01 32,937,205 pairs in May and 23,561,566
pairs in June, 1932.
TABLE II THE COMBINED INDEX SINCE JANUARY 1928.
1933.
January
February
March
April
May
June
July
August
September
October
November
December
57.2
56.5
52.9
57.4
66.8
•67.0
1932.
1931.
1930.
1929.
1928.
62.8
62.6
61.6
56.5
52.9
52.9
52.0
55.5
60.4
60.0
59.7
59.2
74.4
76.2
78.0
80.8
78.1
76.5
78.2
73.5
70.8
66.3
65.1
65.5
95.0
94.2
91.2
95.0
90.0
89.0
86.4
83.1
82.4
79.5
76.1
76.1
105.5
106.1
104.3
108.8
110.1
108.9
109.9
108.1
107.3
105.7
96.9
92.1
98.0
99.7
99.4
99.9
101.3
98.7
100.5
102.1
102.4
105.0
103.7
102.0
*Subject to revision.
Business Failures Lower in June.
Business failures continue to show a considerable drop in
the number and in the amount of losses involved. The
completed record for the month of June this year, according
to reports to Dun & Bradstreet, Inc., numbers 1,648 insolvencies for the United States. In the preceding month,
May, there were 1,909. These figures are the lowest of
any month in the past four years. For a similar reduction
in the total for the month of June it is necessary to go back
to June 1924.
A year ago in June the number of business defaults was
2,688. The decline for June this year from that of June
1932 was 1,040, equivalent to a reduction of 38.7%. Defaults in each month this year were considerably reduced in
number as compared with those of a year ago.
The liabilities also make a good showing. The total for
June is $35,344,909, which is the lowest figure for June
reported since 1929, when the monetary loss was $31,374,761.
The monthly and quarterly failure figures showing the
number and the amount of Hal:aides are contrasted below:
Lfabllities.
Number.
1933.
1932.
1931.
1933.
1932.
1931.
June
May
April
1.648
1,909
1,921
2,688
2,788
2,816
1,993
2,248
2,383
Second Quarter_ _
5.478
8,292
8,624 $134,413,866 $261,763,666 $155,894,995
March
February
January
1,948
2,378
2,919
2,951
2,732
3.458
2,604
2,563
3,316
9,141
8,483 $193,176,882 8275,520,622 $214,602,374
First quarter_
Half-year
_ 7,245
561
Financial Chronicle
Volume 137
$35,344,909 $76,931,452 851,655,648
47,971,573 83,763,521 53,371,212
51,097,384 101,068,693 50,868,135
$48,500,212 $93,760,311 $60,386,550
65,576,068 84,900,106 59,607,612
79,100,602 96,860,205 94,608,212
12,723 17,433 15,107 8327,590,748 $537,284,288 $370,497,369
Improvement in Geographical Section.
The record for the month of June was particularly favorable in New England, in some parts of the West, and for the
Pacific Coast States. There was a very marked reduction
in the number of failures in the First Federal Reserve District compared with June 1932, and that district comprises
nearly all of New England. The number this year was less
than one-half of that of a year ago. The same thing was
true for the Cleveland and the St. Louis districts. Liabilities in each of these sections were considerably smaller this
year than they were a year ago.
In the New York and Chicago districts the heaviest mortality occurred in the past money, as it did a year ago.
The number of defaults in both of these sections, however,
was very much less than it was in June 1932. For the
Philadelphia district there was also an excellent showing.
At the South the improvement was quite marked, especially
in the Richmond Federal Reserve District, where the number of defaults was less than one-half of that in June 1932.
In the Atlanta District last month failures were much less
numerous, but the liabilities were nearly as large in that
district as they were a year ago.
The Minneapolis District reported a somewhat smaller
number of defaults in June this year, but this was the only
section where the indebtedness, though not especially heavy,
was in excess of that for June 1932. In the Kansas City
District the number of failures last month was the same as
that a year ago, but the liabilities were very much less than
one-half the amount in the preceding year. For the Dallas
friarict the improvement this year in both respects was
noteworthy.
FAILURES BY FEDERAL RESERVE DISTRICTS FOR JUNE.
Liabilities.
Number.
1933.
1932.
1931.
Boston (1)
New York (2)
Philadelphia (3)_
Cleveland (4)_
Richmond (5).
Atlanta (6)
Chicago (7)
St. Louts (8)_ _ _ _
Minneapolis (9)..
Kansas City (10).
Dallas (11)
San Fran.(12).
143
420
92
135
84
92
201
60
63
108
57
193
296
545
130
296
179
124
390
132
87
108
112
289
199
370
86
138
112
135
327
133
46
83
61
303
United States_
1,648
2,688
1,993
1931.
1932.
1933.
$6,222,924
20,377,748
4,652,221
7,895,147
6,996,072
2,185,441
13,498,477
1.987,322
738,168
3,237,825
2,283,041
6,857,068
$2,508,312
9,844,722
2,588,489
3,626,702
1,646,019
2,153,845
.5,975,257
1,049,752
1,224,310
1,019.170
819,128
2,889,203
$2,699,608
7,049,363
2,337,374
10,968,726
2,393,591
3,013,825
8,950,196
2,615,417
365,702
2,502,400
1,522,700
7,236,746
835.344,909 576,931,452 851,655.648
Electric Output Continues to Show a Larger Percentage
Increase Over the Corresponding Period in 1932.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
United States for the week ended July 15 1933 was 1,648,339,000 kwh., an increase of 16.4% over the corresponding
period last year when output totaled 1,415,704,000 kwh.
This was the 11th consecutive week that production exceeded
that for the same week in 1932 and also compares with1,538,500,000 kwh. produced during the week ended July 8 1933
and 1,655,843,000 kwh. during the week ended July 1 1933
Electric output in the New England region during the
week ended July 15 was 26% over that for a year ago, the
Middle Atlantic region showed a gain of 12.2%, the Central
Industrial region an increase of 19.2%, the Southern States
region an advance of 25.8% and the Pacific Coast region a
gain of 5.3%. The Institute's statement follows:
PER CENT CHANGES.
Major Geographic Divisions.
Week Ended
July 15 1933.
Week Ended
July 8 1933.
Week Ended
July 1 1933.
+26.0
+12.2
+19.2
+25.8
+5.3
+22.2
+13.3
+16.2
+29.1
+0.2
+20.9
+11.1
+17.6
+17.1
-0.3
+16.4
+14.7
+13.7
New England
Middle Atlantic
Central Industrial
Southern States
Pacific Coast
Mearal TinItAr1 AtA,P51
Note.-Specific Information on the trend of electric power production is now
available for the Southern States, the addition of another geographic region in
the weekly reports of electric power output. This major economic division includes
the territory south of the Potomac and Ohio rivers and the States of Arkansas,
Oklahoma, Louisiana and Texas.
The region formerly described as the Atlantic Seaboard has been changed to the
"Middle Atlantic" area and includes the States of Maryland, Delaware. New
Jersey and the central and eastern portion of New York and Pennsylvania.
Central
No changes have been made in New England, the Pacific Coast, or the
Cincinnati,
Industrial region, which, as before, is outlined by Buffalo, Pittsburgh,
St. Louis and Milwaukee.
Arranged in tabular form, the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1930, is as follows:
1933.
Week ofMay 6
May 13
May 20
May 27
June 3
June 10
June 17
June 24
July 1
July 8
July 15
July 22
July 29
Aug. 5
Aug 12
1932.
Week of-
1,435,707,000 May 7
1,468,035,000 May 14
1,483.090,000 May 21
1,493,923,000 May 28
1,461,488,000 June 4
1,541,713,000 June 11
1,578,101,000 June 18
1,598,136,000 June 25
1,655,843,000 July 2
1,538,500,000 July 9
1,548,339,000 July 16
July 23
July 30
Aug 6
A... 13
1,429,032,000 May 9
1,436,928,000 May 16
1,435,731,000 May 23
1,425,151,000 May 30
1,381,452,000 June 6
1,435,471,000 June 13
1,441,532,000 June 20
1,440,541,000 June 27
1,456,961,000 July 4
1,341,730,000 July 11
1,415,704,000 July 18
1,433,993,000 July 25
1,440,386,000 Aug. 1
1,426,986,000 Aug. 8
1 415 122 non Ana. 15
1933
Over
1932.
1931.
Week of-
1,637,296,000
1,654,303,000
1,644,783,000
1,601,833,000
1,593,862,000
1,621,451,000
1,609,931,000
1,634,935,000
1,607,238,000
1,603,713,000
1,644,638,000
1,650,545,000
1.644,089,000
1,642,858,000
1.629.011.000
0.5%
2.2%
3.3%
4.8%
5.8%
7.4%
9.5%
10.9%
13.7%
14.7%
16.4%
____
- ---
DATA FOR RECENT MONTHS.
Month of-
1933.
1932.
1931.
January - - - _
February
March
April
May
June
July
August
September _
October.
November
December_
6.480,897,000
5,835,263,000
6,182,281,000
6,024,85.5,000
6,532,686,000
7,011,736,000
6,494,091,000
6,771,684,000
6,294,302,000
6,219,554,000
6,130,077,000
6,112,175,000
6,310,667,000
6,317,733,000
6,633,865,000
6,507,804,000
6,638,424,000
7,435,782,000
6,678,915,000
7,370,687,000
7,184,514,000
7,180,210.000
7,070,729,000
7,286,576,000
7,166,086,000
7,099,421,000
7,331,380,000
6,971,644,000
7,288,025,000
77 5.49
1933.
Under
1932.
1930.
8,021,749,000 7.6%
7,066,788,000 10.1%
7,580,335,000 8.7%
7,416,191,000 4.3%
7,494,807,000 a5.0%
____
7,239,697,000
_
7,363,730.000
7,391,196,000
7,337,106,000
7,718,787,000
-7,270.112,000
-.7,566,601,000
112 non RA nAn ARA non no 5.57 AGO
nno
a Increase over 1932.
Noie.-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%.
562
Financial Chronicle
July 22 1933
Sales of Ordinary Life Insurance in United States
During June and First Six Months of 1933 Accord- Trans-Mississippi Grain Co. of Omaha to Be Merged
Into the Bartlett Frazier Co. of Chicago—Coning to Life Insurance Sales Research Bureau,
solidation to Be Effective Aug. 1.
Hartford.
Effective Aug. 1, the Bartlett Frazier Co. of Chicago, one
At tile close of the first six months of 1933 sales of ordinary
life insurance were 79% of the volume of new insurance paid of the largest grain concerns in the trade, will acquire the
for in the same six month period of 1932. The New England capital stock of the Trans-Mississippi Grain Co. of Omaha,
States together with the four States of the East South it was announced on July 12. The consolidated firm will
Central Section of the country showed the best experience have capital of more than $3,000,000. The Chicago "Jourduring the six months. In these two sections sales were nal of Commerce" of July 13 said that the consolidation of
86% of those of last year. The West Central Sections also these two firms constitutes one of the biggest mergers in the
showed better experience than the country average. The history of the trade and will give to Chicago a concern with
Life Insurance Sales Research Bureau at Hartford, Conn., few rivals in elevator capacity and in volume of operations
in cash grain and futures. The paper quoted continued in
in noting the foregoing on July 19, continued:
part:
The June figures indicate an improvement in sales conditions. In the
country as a whole, the volume of new insurance was 88% of that of last
June. In every section the monthly ratio showed a better experience than
the figure for the six months which indicates an upward trend. The East
South Central States showed a gain of 5% in June compared to June 1932.
The New England States as a whole paid for a volume of new insurance 98%
of last June's total. In this section both Massachusetts and Rhode Island
showed increased sales.
The figures below afford a comparison of sales during the past month to
those of June 1932 and also a comparison of the six months' volume. A
decided upward trend is indicated in every section.
These figures are compiled from reports made to this Bureau. The 79
companies reporting their experience represent 91% of the total legal
reserve ordinary life insurance in force in the United States.
First 6 Mos. 1933
Compared to First
6 Mos. 1932.
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific
United States total
June 1933
Compared to
June 1932.
88%
79
78
81
78
813
83
73
76
98%
85
89
87
88
105
89
81
82
79%
88%
Volume of Business in Minneapolis Federal Reserve
District Advanced Further During June—Broader
Increase as Compared With June 1932.
The increase in business volume in the Ninth (Minneapolis)
Federal Reserve District continued during the month of
June, and in that month the gain, as compared with the
corresponding month last year, broadened. The Federal
Reserve Bank of Minneapolis, in noting the foregoing in its
preliminary summary of business conditions in the Ninth
District issued July 15, continued:
The adjusted index of bank debits rose from 58 in May to 61 in June
and in the latter month, the total was 13% larger than in June last year.
Furthermore, 33 cities reported increases in bank debits in June over
June last year, whereas only 13 cities reported increases in the annual
comparison for May. The adjusted country check clearings index increased from 79 in May to 88 in June, and country check clearings in the
latter month were considerably larger than a year ago. Increases over last
year's figures for June were also reported for freight carloadIngs,flour shipments, linseed products shipments, iron ore movement, grain marketings
and receipts of cattle and hogs. Decreases occurred in building permits,
department store sales and receipts of calves and sheep.
The cash income to northwestern farmers during June from seven important items was 80% larger than in June last year. Sharp increases in
farm commodity prices, together with very much greater marketings of
grains and heavier marketing weights for hobs, accounted for most of the
increase. Prices of all major northwestern farm products were higher during
June than a year ago, with the exception of hens.
ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS MARKETED IN
THE NINTH FEDERAL RESERVE DISTRICT.
.
Bread wheat
Durum wheat
Rye
Flax
Potatoes
Dairy products
Hogs
Tntal nf craven Itama
June 1933.
June 1932.
% June 1933
of June 1932.
$9,056,000
1,387,600
1,238,000
1,127,000
182,000
11,760,000
4,433,000
51,156,000
437,000
97,000
418,000
145,000
10,490,000
3,500,000
783
313
1,276
270
126
112
127
Ann
slA 942 nnn
150
590 1R1
Index of Western Business of Wells Fargo Bank & Union
Trust Co. of San Francisco Reached Highest Point
During June Since April 1932.
The highest point since April 1932 was reached in June by
the index of western business computed by Wells Fargo
Bank & Union Trust Co. of San Francisco.
The June position of the index was 64% of the 1923-25
average levels, as against 60.5% in May, 52.4% in March
(the depression low point) and 61.6% in June of last year.
In reporting the foregoing, an announcement in the matter
continued:
For the third month in succession, all four factors of the index—hidustria
production, freight carloadings, bank debits and department store sales—
increased, the first three factors considerably and department store sales
moderately.
The principal items included under industrial production are lumber,
petroleum, copper, lead, silver, paper and pulp, flour, livestock, wool and
cement.
C. D. Sturtevant, present head of the Trans-Mississippi Co., will be
President of the new organization, with J. W. McCulloh of the Bartlett
Frazier Co., Executive Vice-President. Headquarters will be in Chicago.
The new concern will continue to operate in Omaha with I. C. Harden,
Vice-President, as Western Manager.
The firm will have a combined elevator capacity of 10,000.000 bushels,
located in the Chicago and Omaha territory. For years the Bartlett
Frazier house had been a prominent figure in the grain trade, centering
its activities on grain, both cash and futures.
Other officers of the new corporation are:
0. E. Harris, Vice-President: H. B. Godfrey, Vice-President; I. C.
Harden, Vice-President: B. W. Snow, Vice-President; S. L. Moore, Treasurer; J. D. Wade, Secretary.
W. E. Hudson and E. S. Westbrook retain their interest in the corporation will retire from active management.
Increase Made in Price of Nitrate of Soda.
An increase of $1.50 a ton in the carload price to dealers of
nitrate of soda was announced on July 12 by the Chilean
Nitrate Sales Corp. The change became effective immediately. The new price is $26.50 a ton, ex-vessel at the usual
United States ports on the Atlantic seaboard in 100-pound
bags for delivery until December 1933.
Monthly Wholesale Commodity Price Index of United
States Department of Labor Increased from May
to June—Fourth Consecutive Monthly Rise.
The index number of wholesale commodity prices as
computed by the Bureau of Labor Statistics of the Department of Labor shows an increase from May to June 1933, it
was announced July 17. This index number which includes
784 commodities or price series weighted according to their
importance and based on the average prices for the year
1926 as 100.0 averaged 65.0 for June as compared with
62.7 for May, showing an increase of more than
33%
between the two months, all groups participating in the
advance. This is the fourth consecutive month showing an
increase, corresponding indexes for February, March and
April 1933, were 59.8, 60.2 and 60.4, respectively. The
announcement of July 17 added:
When compared with June 1932, with an index number of 63.9 an increase
of about 1U% has been recorded in the 12 months. This is
the first time
since early in 1929 that prices for the current month have shown
an increase
over the corresponding month of the year before.
The farm products group showed an advance of almost 6%
from the
previous month. A sharp rise took place in the average prices of grains.
cattle, sheep, cotton, lemons, oranges, fresh milk, peanuts, seeds, tobacco,
onions, white potatoes and wool. Decreases were recorded in
the average
prices of calves, live poultry, eggs, fresh apples, dried beans,
hay and
sweet potatoes.
Among foods price advances during the month were reported for
butter.
cheese, condensed, evaporated and powdered milk, rye and
wheat flour,
corn meal, rice, dried fruits, canned vegetables, cured beef,
lamb, ham.
mess pork, fresh pork. cocoa beans, oleomargarine, raw and granulated
sugar, and vegetable oils. On the other hand, fresh beef at New
York.
mutton, veal and coffee averaged lower than in the month
before. The
group as a whole increased 3% in June when compared with May.
The hides and leather products registered the second largest
increase,
the index rising approximately 7% during the month. All subgroups
shared
In the advance, with the subgroup of hides and skins
mounting over 20%
Textile products as a whole advanced 10% from May to June, showing the
largest increase for the individual groups, due largely to sharp increases
in
the subgroups of cotton goods, silk and rayon, and woolen
and worsted
goods.
Coke, gas and most petroleum products showed advances in average
prices causing the group offuel and lighting materials to increase
more than
% from the previous month. Bituminous coal remained at the May
level while anthracite coal and electricity declined slightly.
Metals and metal products as a whole continued upward during June
due to advancing prices for iron and steel, nonferrous metals, and plumbing
and heating fixtures. Agricultural implements and motor vehicles
showed
little or no change between May and June. The index for the group
was
2% higher than for the month before. In the group of building materials
the average prices of brick and tile, lumber, paint and paint materials
and
other building materials moved upward during the month, while structural
steel and cement showed no change between the two months. The group
as
a whole recorded an increase of more than 4
The group of chemicals and drugs increased approximately
31 of 1%
during June due to advancing prices for chemicals, drugs and pharmaceuticals and fertilizer materials. On the other hand, mixed fertilizers
decreased slightly. As a whole the housefurnishing goods group increased
2 1-3% from the previous month. Both furniture and furnishings shared
in the advance.
The group of miscellaneous commodities rose nearly 33i% between May
and June due to advances in all subgroups.
The June averages for all the special groups of commodities were above
those for May.ranging from less than 2h% in the case of finished products
to more than 63i% in the case of semi finished articles.
Between May and June price increases took place in 395 instances, decreases in 58 instances, while in 331 instances no change In price occurred.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES (1926=-100.0)•
Groups and Subgroups.
All commodities
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese and milk
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and leather products
Boots and shoes
Hides and skins
Leather
Other leather products
Textile products
Clothing
Cotton goods
Knit goods
Silk and rayon
Woolen and worsted goods
Other textile products
Fuel and lighting materials
Anthracite coal
Bituminous coal
Coke
Electricity
Gas
Petroleum products
Metals and metal products
Agricultural implements
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and beating
Building materials
Brick and tile
Cement
Lumber
Paint and paint materials
Plumbing and heating
Structural steel
Other building materials
Chemicals and drugs
Chemicals
Drugs and pharmaceuticals
Fertilizer materials
Mixed fertilizers
HousefurnIshing goods
Furnishings
Furniture
Miscellaneous
Automobile tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Raw materials
Semi-manufactured articles
Finished products
Non-agricultural commodities
All commodities other than farm products
and foods
• Data not yet available.
June 1932. May 1933. June 1933.
63.9
45.7
37.7
46.7
48.2
58.8
57.4
66.8
62.4
56.0
55.4
70.8
87.5
32.5
58.7
98.4
52.7
62.2
51.0
49.6
27.5
55.0
66.7
71.6
85.3
81.8
76.9
105.5
106.3
48.2
79.9
84.9
79.8
93.8
47.5
88.7
70.8
76.1
77.1
57.6
73.3
66.7
81.7
77.6
73.1
78.6
58.3
68.0
69.0
74.7
75.4
74.0
64.2
39.6
42.1
76.2
5.8
84.6
53.2
57.6
70.0
67.8
62.7
50.2
52.8
46.8
51.8
59.4
58.8
69.3
58.8
52.3
60.4
76.9
83.6
67.3
68.3
77.2
55.9
61.9
57.9
48.0
29.1
61.5
70.7
60.4
78.5
78.3
75.2
94:6
103.3
31.2
77.7
83.0
75.2
90.4
56.6
81.3
71.4
75.2
81.8
59.6
70.7
61.3
81.7
78.8
73.2
80.9
55.0
66.8
63.1
71.7
72.0
71.6
58.9
37.6
54.4
70.7
10.2
74.0
53.7
61.3
67.2
65.4
65.0
53.2
57.4
46.6
56.2
61.2
63.1
70.7
63.9
52.4
61.1
82.4
85.5
81.4
74.3
78.5
61.5
64.5
67.1
50.9
35.2
68.8
73.6
61.5
76.8
78.3
75.3
70.1
66.5
68.9
•
34.4
79.3
83.0
76.2
90.4
63.2
67.4
74.7
77.0
81.8
67.4
71.9
67.4
81.7
80.6
73.7
81.5
55.5
68.0
63.0
73.4
73.6
73.4
60.8
40.1
55.8
73.5
12.6
75.0
56.2
65.3
69.0
67.4
Lumber Production Exceeds Current Orders First Time
Since July 1932.
Lumber orders at the mills during the week ended July 15
1933, for the first time in a year fell below production, which
in turn was the heaviest since July 1931, according to telegraphic reports to the National Lumber Manufacturers
Association from regional associations covering the operations
of 639 leading hardwood and softwood mills. The rise in
production may be due in part to curtailment possibilities
and anticipated higher manufacturing costs under the
pending lumber industry code. The drop in orders, which are
now about the same in volume as during April of this year,
may signify decline in speculative buying. The Association's
report follows:
Production during the week ended July 15 was 205,954,000 feet; shipments were 219,280,000 feet and orders, 187,011.000 feet. All softwood
regime, except northern Hemlock. shows excess of production over orders.
Hardwood orders on the other hand were 34% above production. Total
softwood orders were 86% of production, all lumber orders 91% of Production.
All regions show substantial gains of orders, shipments and production
over the corresponding week of last year, total orders being 56% above last
year; shipments. 83%, and production 82% above.
Unfilled orders at the mills on July 15 showed slight decline from the
preceding week but were 87% above those recorded for corresponding date
of 1932.
Due to the Fourth of July holiday, forest products carloadings at 21.440 cars were 6,679 cars less than the preceding week. They were 9,461
cars above the same week of 1932 and 3,455 cars less than similar week of
1931.
Lumber orders reported for the week ended July 15 1933. by 415 softwood
mills totaled 159,965.000 feet, or 14% below the production of the same
mills. Shipments as reported for the same week were 191,380,000 feet, or
3% above production. Production was 185,793,000 feet.
Reports from 239 hardwood mills give new business as 27,046,000 feet,
or 34% above production. Shipments as reported for the same week were
27,900,000 feet, or 38% above production. Production was 20,161.000 feet.
Unfilled Orders.
Reports from 369 softwood mills give unfilled orders of 685,185,000 feet,
on July 15 1933. or the equivalent of 26 days' production. The 523 identical
mills, softwood and hardwood, report unfilled orders as 755,121,000 feet on
July 15 1933, or the equivalent of 26 days' average production, as compared with 404,026,000 feet. or the equivalent of 14 days' average production on similar date a year ago.
Last week's production of 400 identical softwood mills was 177,784,000
feet, and a year ago it was 99.822,000 feet; shipments were respectively
563
Financial Chronicle
Volume 137
186,373,000 feet and 106,574,000; and orders received 153,372,000 feet and
105.724,000. In the case of hardwoods, 178 identical mills reported production last week and a year ago 15.688.000 feet and 6.351.000; shipments
22,886,000 feet and 7,704,000; and orders 22,920.000 feet and 7,060.000feet.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 182 mills reporting for
the week ended July 15:
SHIPMENTS.
UNSHIPPED ORDERS
NEW BUSINESS.
Feet.
Feet.
Feet.
Domestic cargo
Coastwise and
Domestic cargo
delivery
39,757,000 delivery _ _ _272,457,000 Intercoastal _ 43,156,000
16,358.000
107,871,00 Export
Export
16,088,000 Foreign
37,141,000
106,669,000 Rail
Rail
26,259,000 Rail
7,936,000
Local
Local
7,933,000
486,997,000
Total
90,040,000 Total
Production for the week was 106,094,000 feet.
Total
Southern Pine.
The Southern Pine Association reported from New Orleans that for
101 mills reporting, shipments were 5% above production, and orders
12% below production and 16% below shipments. New business taken
during the week amounted to 26,898,000 feet, (previous week 28,390.000
at 104 mills); shipments 32,052.000 feet, (previous week 30,811,000); and
production 30,670,000 feet, (previous week 28.388,000). Production was
51% and orders 45% of capacity, compared with 48% and 48% for the
previous week. Orders on hand at the end of the week at 100 mills were
84,560.000 feet. The 100 identical mills reported an increase in production
of 54%, and in new business an increase of 25%, as compared with the
same week a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
110 mills reporting, shipments were 12% above production, and orders
15% below production and 24% below shipments. New business taken
during the week amounted to 38,413.000 feet, (previous week 43.603,000
at 119 mills); shipments 50,425,000 feet, (previous week 41,998,000); and
production 45,145,000 feet, (previous week 34,876,000). Production was
34% and orders 30% of capacity, compared with 24% and 30% for the
previous week. Orders on hand at the end of the week at 109 mills were
157,109.000 feet. The 107 identical mills reported an increase In producdon
of 34%, and in new business a gain of 45%, as compared with the same
week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn.. reported
production from seven mills as 3,590,000 feet, shipments 2,742,000 feet
and new business 2,820,000 feet. The same mills reported production
442% above and new business 176% above that of the same week last year.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported softwood production from 15 mills as 294,000
feet, shipments 1,570,000 and orders 1.794,000 feet. Orders were 23% of
capacity compared with 19% the previous week. The 14 identical mills
reported a gain of 435% in production and a gain of 181% in new bustness,
compared with the same week a year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis. Tenn., reported
production from 224 mills as 19,144,000 feet,shipments 25.940.000 and new
business 25.568.000. Production was 41% and orders 55% of capacity.
compared with 40% and 59% the previous week. The 164 identical mills
reported production 138% greater and new business 234% greater than
for the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported hardwood production from 15 mills as 1,017,000
feet, shipments 1,960,000 and orders 1,478,000 feet. Orders were 27% of
capacity, compared with 47% the previous week. The 14 identical mills
reported a gain of 681% in production and a gain of 125% in orders, compared with the same week last year.
Rubber Consumption Reaches All-Time High.
Consumption of crude rubber by manufacturers in the
United States for the month of June amounted to 51,326 long
tons, which is the highest consumption figure on record, reports the Rubber Manufacturers' Association, Inc. This
compares with 44,580 long tons for May this year, and represents an increase of 15.1% over May and 23.8% over June
a year ago. Consumption for June 1932 was reported to be
41,475 long tons. Consumption for first six months 1933
amounted to 184,724 long tons as compared with 190,924
long tons for the same period 1932.
The Association reports imports of crude rubber for June
to be 22,729 long tons, a decrease of 17.5% under May and
45.1 %below June 1932.
Total domestic stocks of crude rubber on hand as of June
30 are estimated at 333,954 long tons, which compares with
May 31 stocks of 364,623 long tons. June stocks show a
decrease of 8.4% as compared with May of this year, and
were slightly lower than June 30 1932.
The participants in the statistical compilation report
63,608 long tons of crude rubber afloat for the United States
ports on June 30 compared with 43,342 long tons afloat on
May 31 this year, and 43,079 long tons afloat on June 301932.
June reclaimed rubber consumption is estimated to be 9,674
long tons, production 10,591 long tons, stocks on hand June 30,
13,231 long tons.
Automobile'Financing' During May 1933.
A total of 168,366 (preliminary) automobiles were financed
in May, on which $58,200,533 was advanced, compared
with 132,100 (revised) on which $45,353,863 was advanced
in April, and with 164,721 on which $58,435,573 was ad-
Financial Chronicle
564
vanced in May 1932, the Department of Commerce reported
on July 15.
Volume of wholesale financing in May was $55,005,590
(preliminary), as compared with $40,840,508 (revised) in
April and $38,608,439 in May 1932.
Monthly statistics on automobile financing, based on data
reported to the Bureau of the Census by 289 identical automobile financing organizations, are presented in the table
below for December 1932, and January, February, March
April and May 1933. The month of December 1932 is included in both series to afford comparability. Data for 1931
and 1932 include reports from 313 organizations. The figures
include complete revisions to date.
July
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS.
[From figures estimated to represent 100% of the Industry.]
May 1933
April 1933
May 1932
Shipments.
Production.
Inventory.
5,180,725
3,653,943
4,258,116
5,189,291
3,123,494
3,820,063
6,760,165
6,773,724
9,378,691
The Association, in its bulletin dated July 17 1933, gave
the following data:
PRODUCTION AND SHIPMENTS OF PNEUMATIC CASINGS AND INNER
TUBES (BY MONTHS).
[From figures estimated to represent 80% of the Industry.]
Pneumatic Cas lags.
Retail Financing.
Year
and
41onth.
Wholesale
Financing
Volume
in Dollars.
1931.
January
February
March
April
May
June
July
August
September
October
November
December
Total year
Total year
Number
of Cars.
40,164,672
49,812,959
63.089.716
71,194.343
72,623.199
58,171,936
48,853,330
43,942,549
35,840,571
25.770.269
15,719,974
29,257,137
160.490
172,958
237,273
290,076
277,950
265,389
236.878
204,878
176,663
159,980
131,047
134,663
554.440,655 2,448,245
1932.
January
February
March
April
May
June
July
August
September
October
November
December
New Cars.
Total.
Number
of Cars.
Volume
in Dollars.
61.691,837
66,130,134
91,997,270
112,982,254
109,372,143
104,642,284
95,910,307
79,598,201
68,284,838
60.691,614
48,568,648
50,432,428
Volume
in Dollars.
58.499
67.599
102,665
133.347
126.729
115,106
100,832
83.602
67,609
58,055
44,701
48,131
32,945,588
36,854,428
55,022,086
70,544,761
68,564.134
63.554,955
59,300.107
46,865,947
38,609,797
33,195.759
25,394,801
27,305.927
950,301,958 1,006,875
558.158,290
122,344
123,574
140.779
155,691
164,721
177,961
132,467
131,069
111,189
97,922
82,161
82,110
44,628,529
44,829,138
51,148,285
56,415,652
58.435,573
63,169,095
44,716,907
45,088,741
38,837,225
33,623,573
27,727,369
27,025,018
41,375
40,780
46,234
57,661
63,885
74,205
45,816
46,416
39,513
31,241
24,666
26,194
23,475,671
23,623,496
26,887,515
31.835.792
33,590,555
38,329,334
24,149.326
24,644,532
21,551,246
17,644,406
13,980,978
14,090,821
330,267,440 1,521,988
535,625,105
537,986
293,803,672
34,841,766
33,276,393
34,121,364
33,903,704
38,608,439
43,682.471
26,016,028
22,104,084
18,676,535
13,131,603
11.774,473
20,130,580
11932.
December
20,103,537
81,853
26,855,722
26,067
13,965,921
1933.
January_ a
February_ a
%larch_ a
kpr11_a
Way b
30,133,915
92,171
27,515,254
87,588
27,706,336 101,529
40,840,508 132.140
55,005,590 c168,366
31,304,227
29,212,741
33,570.022
45,353,863
58,200,533
35,568
32.634
38,357
55,587
75,026
18,339,986
16,855,461
19.476,763
28,234,089
37,475,774
1933January
February
March
April
May
Output.
Shipments.
Invest.tory.
Output.
Shipmeats.
5,789,476
5,901,557
5,831,981
5.418,979
5,408,132
1.806,277
1,871,498
1,630,319
2.498,795
4,151,433
2,077,268
1,833,970
1,673,502
2,923,154
4,144,138
4,957,298
5,085,321
5,095,340
4,951,399
5,105,389
1,674,557
1,778,818
1,506,141
2,282,298
3,760,121
2,028,100
1,681,853
1,521,736
2,440,555
3,570,700
11,952,322 12,652,032
Total
1932January
February
March
April
May
June
July
August
September_ _ _ _
October
November_ _
December
6,329.417
7,337,796
7,902,258
7.876,656
7,502,953
13,999,260
4,962.285
5,327,179
4,876,878
5,500,784
5,963,554
6,115,487
Used Cars.
Number
of Cars.
Volume
in Dollars.
7,165,846
7,628,520
8,011,592
8,025,135
8,249,856
8,357.768
7,935,565
7,117,037
6,526,762
6,640,062
6,335,227
6,219,776
2,769,988 2,602,469 6,175,055
3.098.976 2,042,789 7,007,567
2,936,872 2,363,323 7,558,177
2,813,489 2,958,014 7,552,674
3,056,050 3,406,493 7,130,625
4,514,663:8.051,932 14,139,358
2,893,463 1,923,276 4,779,814
2,471.361 2.123,890 4,901,884
2,030,976 2,465,828 4,602,160
2,054,913 1,439,309 4,970,898
1,842,836 1,369,038 5,329,819
1,586,145 1,454,960 5,399,551
2,939,702
3,188,274
3,730,061
3,955,491
4,543,003
4,537,970
3,941,187
3.124,746
2,537,575
2,379,004
2,000,630
2,114,577
Total year
Total year
97,834
100,696
128.311
149,112
142,796
141,935
128,707
115,020
103,234
97,437
82,818
82,757
27,236,324
27,707,242
34,688.428
39,546,288
37,781,543
37,988,162
34,126,071
30,486,513
27,580,567
25,882,006
21,891.123
21,859.828
4,157
4,663
6,297
7,617
8.425
8,348
7,339
6,256
5,820
4,488
3,530
3,775
1,509,925
1,568,464
2,286,756
2.891,205
3,026.466
3,099,167
2,484,129
2,245,741
2,094,474
1,613,849
1,282.724
1,266,673
1,370,655
366,774,095
70.715
25,369,573
77,321
78,802
90,121
93,398
96.010
99,513
82.687
80,648
67,724
63,791
54,696
53,609
19,974,288
19,941,665
22.779,892
23,066,269
23,257,953
23,394.676
19,225,478
18.908,584
15,989,259
15,035,731
12,833,770
12,174,121
3,648
3,992
4,424
4,632
4,826
4,243
3,964
4,005
3,952
2,890
2,799
2,307
1.178,572
1,263,977
1,480,878
1,513,591
1,587,065
1,445,085
1,342,103
1,515,625
1,298,720
943,436
912,621
760,076
938,320
226,581,684
45.682
15.239.749
53.364
12,103,044
2,422
786.757
1932.
December
1933.
JannarY-a
February..
March.*
April_ a
May_ b
12,185,347
2,303
54,300
778,894
52,847
11,736,451
2,107
620,829
60,670
13,345,513
2,502
747,746
16,115,145
73,303
3,250
1,004,629
19,435,288
89,297
4,043
1,289,471
a January, February, March and April revised. b May-preliminary. c 01 this
number 44.56% were new cars, 53.04% used cars, and 2.40% unclassified.
Production and Shipment of Pneumatic Casings and
Tubes Increased in May 1933.
Shipments of pneumatic casings for the month of May
amounted to 5,180,173 casings, an increase of 41.8% over
April and 21.7% above May 1932, according to statistics
released by the Rubber Manufacturers Association, Inc.
Production of pneumatic casings for May amounted to
5,189,291 casings, an increase of 66.1% over April and 35.8%
above May 1932. Pneumatic casings in the hands of
manufacturers May 31 amounted to 6,760,165 units, practically no change as compared with April 30 stocks but was
Cotton
Fabrics
(80%)
Volume
in Dollars.
1932.
January
February
March
April
May
June
July
August
September
October
November
December
29,513,246 30,328,536
7,551,503
9,936,773
8,379,974
8.330,155
8,438,799
8,403.401
7,671,801
7,019,217
6,476,191
6.658,913
6,495,708
6,337,570
Consumption.
1931.
January
February
March
April
May
June
July
August
September
October
November
December
2,995,479
2,721,347
3,297,225
3,945.525
4,332,137
4,457,509
4,369,526
3,967,987
3,145.488
2,281,322
2,309,971
2,225,036
2,718,508 2,803,369
3,056,988 2,182,405
2,801,602 2,148,899
2,579,768 2,708,186
2,727,462 3,0931593
4,222,816 z7,215‘371
2,349,761 1,727,750
2,198,560 2,002,347
2,081,146 2,478,234
1,749,188 1,326,824
1,604,071 1,262,634
1,423,376 1,378,924
2,898,405
3,132,770
3,559,644
3,693,222
4,329,731
4,286,467
3,964,174
3,548,335
2,759,431
2.461,578
1,954,915
2,077,704
3,249,734
2,720.135
3,031,279
3,708,949
4,224,594
4,317,543
4,664,964
4,240,403
3,320,103
2,250,494
2,075,716
2,213,261
Total
38,992,220 40,048,552
38,666,376 40,017,175
Revised.
CONSUMPTION OF COTTON FABRICS AND CRUDE RUBBER IN THE
PRODUCTION OF CASINGS, TUBES, SOLID AND CUSHION TIRES
AND OUTPUT OF PASSENGER CARS AND TRUCKS.
Unclassified.
Number
of Cars.
11,001,935 11,242,944
32,067,732 32,200,820
Total
1931January
February
Ware
apill
)day
rune
fuly
kugust
3eptember
)ctober
November_
December
Inner Tubes.
Inventory,
Retail Financing.
Year and
Month.
22 1933
27.9% below stocks May 30 1932. The actual figures are
as follows:
Crude
Rubber
(80%)
Produaion. x
Gasoline
(100%)
Calendar years:
1929
1930
1931
1932
First five months:
1929
1930
1931
1932
1933
Month of Jan. 1933
Month of Feb. 1933
Month of Mar. 1933
Month of April 1933
(pounds.)
208,824,653
158,812,462
151,143,715
128,981,222
(Pounds.)
(Gallons.)
598,994,708 14,748,552,000
476,755,707 16,200,894,000
456,615,428 16.941,750,000
416,577,533 15,698,340,000
108,415,889
77,683,018
72,034,820
59,095,400
48,765,527
7,899,233
7,263.337
6,364,276
10,460,327
304,756,070
229,680,338
213,254.790
185,622,602
167,372,380
27,368,276
25.123,700
21,508,416
35,169.724
114nnth Af Me., 10.1%
10 7712 qqA
08202264
Passenger
Cars
7'ructs
(100%) (100%)
4,811,107
2,939,791
2,036,567
1,196,357
810,549
569,271
435,784
245,285
5,849,466,000 2,454,738 380,169
6,226,520,000 1,668,334 285,772
6,430,746,000 1,152,321 225,952
6,017,970,000
598,144 123,609
5,971,644,000
664,539 120,058
1,110,564,000
111,318 22,154
979.608,000
94,517 15,595
1,186,122,000
106,472 18,752
1.267,392,000
160.678 28.606
1427055000
1090.
04011
x These figures Include Canadian production and cars assembled abroad the
Parts of which were manufactured In the United States.
WHOLESALE PRICES OF COMMODITIES.
Average Prices.
Index Numbers.
192100.
Commodity.
May
1933.
All commodities
Crude rubber (cents per pound)
Smoked sheets (cents per pound)._ .050
Latex crepe (cents per pound)
.056
Tires (dollars per unit)
Balloon (dollars per unit)
7.67
Cord (dollars per unit)
3.73
Truck and bus (dollars per unit)... 22.19
Tubes, Inner (dollars per imit)_ - 2.16
* No quotations.
April
1933.
.036
.042
7.47
3.89
21.48
2.22
May May April May
1932. 1933. 1933. 1932.
:65i
.043
4.48
24.29
62.7
10.2
10.2
11.3
37.6
35.8
39.2
36.2
38.9
60.4
7.4
7.3
8.5
37.4
34.9
40.9
35.1
40.0
64.4
6.7
6.5
8.6
39.2
4-6:9
39.7
The Condition of the Canadian Crop.
The Dominion Bureau of Statistics on July 18 issued the
eighth of a series of 15 weekly telegraphic reports covering
crop conditions in the three Prairie Provinces. Forty-two
correspondents distributed over the agricultural area supply
the information on which the reports are based. Most of
these correspondents are agriculturists of the Dominion
and Provincial Departments of Agriculture, but in Manitoba
and Alberta a number of selected private observers and
grain men also co-operate in this service.
Crop conditions in the Prairie Provinces did not, it is
stated, change materially during the past week. Rainfall
was extremely light and the need for general and heavy rains
was further intensified. The effects of the hot, dry weather
in June are evident over wide areas where wheat is maturing
Volume 137
Financial Chronicle
early, stands being thin and short. In many cases harvesting will be difficult. As a result of June conditions, the
wheat plant did not stool properly and small heads are now
general throughout the affected areas. Crops are poor
throughout the southern half of Manitoba and the yield
will be very light. In northern Manitoba crops range from
fair to good, reflecting a more adequate moisture supply.
In Saskatchewan crops are poor in the southwestern and
west-central areas and part of south-central area, where
drouth and heat have damaged crops beyond any possibility
of recovery. In other areas crops are fair to good. Rain
is urgently needed in the southern area of Alberta, where
crops are showing the effects of adverse conditions. Conditions in northern Alberta continue favorable and the outlook is promising. Considerable hail damage is reported
in Manitoba and Saskatchewan during the past week. The
report also says:
Manitoba received scattered showers but no general rains during the past
week. Crops have developed rapidly in the past six days and harvesting
will commence at an early date this year. Crops are poor south of the main
line of the Canadian Pacific Ry., where two-thirds of the wheat acreage of
Manitoba is located. In many cases wheat is short and thin and harvesting
will be difficult. Coarse grains are generally inferior to wheat. A trace
of stem ruse is reported but no damage indicated. In northern Manitoba
crops range from fair to good, reflecting more adequate rainfall.
The crop situation in Saskatchewan did not change materially during
the past week. Light rains in some parts of the west-central area improved
the feed situation, but wheat crops are too far advanced to benefit. Crops
in west-central and south-west portions of the Province are poor. Somewhat better crops are reported in south-central area, although in this area
wheat is inclined to be short and patchy. Other districts report fair to
good crops. Grasshoppers are still active, especially in dry areas.
In Alberta most of the good crops are located north of a line drawn from
Wetaskiwin to Wainwright. The large acreage south and east of Calgary
has suffered greatly and will not give an average yield under optimum conditions from now on. Southern Alberta is still suffering from drouth. In
northern Alberta crops are developing well, fields are even and straw averages two feet in length, In some cases heads are reported as being small.
Processors' Tax on Wheat Used by Farmers Held Illegal
—Ruling Follows Reports Virginia Millers Have
Threatened Levy.
The following (Associated Press) is from the Washington
"Post" of July 14:
Told of complaints that some Virginia millers have passed word among
Shenandoah Valley farmers that the 30 cents processors' tax may be applied
to wheat for home consumption, Agricultural Administration officials
said such application would be "completely outside the law."
The complaints, received by Representative Robertson of Lexington,
were brought unofficially to the attention of George N. Peek, Farm Administrator, by newspapermen.
Mr. Peek said no course of action has been planned against persons
who violate the law in that way, but that regulations to be issued would
cover the situation.
Reading from the law, he pointed out that in addition the Secretary
of Agriculture is permitted to exempt processed agricultural products
which the farmer intends to sell himself. Secretary Wallace has not exercised that discretion.
Representative Robertson said he had no reports of violations of the law,
but that farmers had written him millers were circulating word that the
wheat for home use might be levied upon, along with that intended for
the trade.
Members of Chicago Board of Trade Called Upon to
Report Net Long Position Where Open Interest
Exceeds 500,000 Bushels of Wheat, Rye, &c.
The Business Conduct Committee of the Board of Trade
on July 7 ordered members to report the net long position
of all individual accounts where the open interest in any
one future of wheat, corn or oats exceeds 500,000 bushels
or 200,000 bushels of rye. The Chicago "Daily Tribune"
of July 8, from which we quote, added:
An individual operator who clears his trades through other members
must make a report when his net long position is in excess of 2,000,000
bushels of any one future. The order became effective with the close of
business yesterday.
For some time past the trade has been reporting to the Committee the
net short position of individual accounts where the open interest exceeded
similar amounts. It is understood the new order is to forestall any charges
4:d manipulation in the recent advance in grains.
"Police" Own Members.
For years the grain trade has been fighting for the right to "police" the
actions of its own members rather than have the Grain Futures Administration do it. No returns of individual open interest in the market have
been made to the latter for a number of months and it is claimed speculative activity has increased as a result. The announcement appeared to
have no market influence yesterday.
Flour Prices in Montreal Raised 20 Cents.
From the "Wall Street Journal" of July 17 we take the
following from Montreal:
Flour prices in Montreal were advanced again Friday [July 14], this time
by 20 cents a barrel. New prices are: First patents 86.60 a barrel; second
patents $6; third patents $5.90.
Canada's First $1 Wheat in Three Years.
On July 15, Canadian Press accounts from Winnipeg said:
Prices of wheat on the Winnipeg Grain Exchange rushed upward to-day
In a scramble of buying to the highest prices since August 1930. For
the first time in three years dollar wheat appeared on the boards, as the
May, propelled by a speculative buying wave, went to 100%•
565
World Wheat Outlook—Figures at Rome Indicate Crop
Will Exceed Requirements.
The poor American wheat crop does not seem to have influenced world prices to any marked degree, said a wireless
message from Rome (Italy) July 15 to the New York "Times"
which also had the following to say:
Official figures indicate that as of Aug. 1 the total world crop will exceed
world requirements for the year.
Existing stocks will therefore further increase. It is predicted that the
total crop will exceed 1,000,000,000 quintals, while consumption is expected
to reach 980,000,000 quintals.
Plans For Regulating Sugar Industry Through Stabilization Committee—Submitted to Agricultural Adjustment Administration by Dr. Coulter of Tariff
Commission—Would Fix Quotas and Provide for
Licensing of Refiners.
A program for regulating the sugar industry, calling for
the establishment of a stabilization committee, fixing quotas
and licensing domestic refiners was submitted to Secretary
of Agriculture Wallace on July 19 by Dr. John Lee Coulter,
member of the Tariff Commission. Regarding the plan
Associated Press accounts from Washington, July 19, said:
Mr. Coulter, recently appointed by Secretary Wallace to work out a
trade marketing agreement for the industry, asked for an early public
hearing on the plan which he explained was in "tentative form."
A committee representing many of the sources of the American sugar
supply assisted in the drafting. Most of the members said they "agreed
with reservations," with none committed to the quotas establishing
the share of each in the American market.
The agreement would be in effect for three years, starting as of July
1, and would be renewable from year to year.
Secretary Wallace has authority to change its provisions and then
order it into effect, but has indicated he intends to take no arbitrary action.
The raw sugar quotas proposed for each source of supply follow:
Hawaii, 975,000 short tons; Virgin Islands, 9.080 tons; Puerto Rico,
875,000 tons; Philippine Islands, 955,920 tons; Cuba, 1.700,000 tons;
Louisiana (cane), 250,000 tons; Florida (cane), 60,000 tons; United States
beet sugar areas, 1,525,000 tons.
Louisiana also would be authorized to market not to exceed 6.000.000 gallons of commercial syrups, 4,000,000 gallons of "first" molasses
and 2,000,000 gallons of "second" molasses for direct consumption, with
no limitation on Florida for these products.
The plan would limit the portion of sugar brought into this country
in refined form. Each 107 pounds of raw sugar would be regarded as
equal to 100 pounds of refined sugar in the quotas. Annual shipments
of refined would be limited to the following maximums from sources outside of continental United States:
Hawaii, 30,000 tons: Puerto Rico, 100,000 tons; Virgin Islands, none;
Philippine Islands, 56,000 tons; Cuba, 110,000 tons.
The plan grows out of the conference which opened at
Washington on June 24 at the instance of the Agricultural
Adjustment Administration, at which those representing
not only continental American interests, but sugar growers
and refiners in Hawaii, Puerto Rico, Philippines, Virgin
Islands and Cuba were invited to participate. It was
opened by Co-administrator Charles J. Brand, and Dr.
Coulter, whose services were loaned to the Agricultural
Adjustment Administration by the Commission, conducted
the meeting and subsequent negotiations which it was
hoped (said a preliminary announcement, June 24) would
open a way toward a solution to the problems of this industry, recently hard pressed by lowering sugar prices.
On June 28 the conference named an eight-man committee
to draft a general plan. It was stated that the members
of the Sugar Council committee, selected by various branches
of the industry to draft the agreement with Dr. Coulter,
put the final touches on the agreement on July 18.
Meetings Will Consider Individual Sugar Quotas
Under Proposed Plan Submitted to Agricultural
Adjustment Administration.
Advices from Washington, July 19, to the New York
"Journal of Commerce," said:
Under the proposed sugar agreement filed with the Agricultural Adjustment Administration to-day quotas for individual producers are not
specified from the total allotment to the various areas. This matter will
be taken up by domestic refiners at a meeting to be held in New York
city and by the beet processors at a meeting to be held in Denver, both
within the next two or three days.
Announcement of the public hearing that must be held on the agreement before it. can be effective is now being held up pending word from
the Philippine Islands, whether the Island Minister of Agriculture will
be able to attend. It is understood that efforts are being made from the
Islands to delay the hearing as long as possible.
Practically all interests engaged in formulating the sugar agreement
have "reservations" to it in completed form, with most of the controversy centering around the question of quotas.
Sugar Conference at London—Cuban Delegate Predicts "World Struggle" Over Product.
United Press advices from London, July 19, are taken
as follows from the New York "Herald Tribune":
With the exception of Cuba and Belgium, all countries participating
in the Chadbourne sugar agreement to-day notified the International
Sugar Council of their willingness to extend the plan for three years beyond
Sept. 1 1935, under two conditions.
First, it was stipulated, prices drawn up In the Chadbourne plan must be
considered on a gold basis, and, second, the governments of other prin-
566
Financial Chronicle
cipal countries concerned with the world sugar situation must reach an
international sugar convention before the end of this year.
The Cuban and Belgian delegates announced they were unable to give
a decision on this proposal at the present time.
Dr. Herbert Fels, chief technical adviser of the American delegation, told
the sugar committee that the United States cannot commit itself as yet.
Following objections by the British and French, Dr. Orestes Ferrara, of
Cuba. withdrew his draft of an international sugar convention. He predieted a "fierce struggle" over the world sugar situation and a non-renewal of the Chadbourne plan.
On June 24 a London cablegram to the New York "Times,"
indicating that the Sugar Conference was to be held at
London, instead of Belgium, as originally planned, added:
The conference is to be held here because the World Economic Conference adopted resolutions favoring limitation of sugar production. Francis E. Powell. Chairman of the National Sugar Council said:
"We have already adopted similar resolutions and want now to get
this policy e tended to all nations. We shall endeavor to get something
definite and concrete out of the economic conference. If we can succeed
in that we can then go on to something bigger."
Price Rise for Tires Seen in Cotton Textile Code.
In the opinion of W. O'Neil, President of the General
Tire dz Rubber Co., tire prices will have to be increased as
direct result of the signing of the Cotton Textile Code by
President Roosevelt. The New York "Times" of July 14
quoted Mr. O'Neil as saying:
We are thoroughly in accord with the provisions of the code fixing a
minimum wage for te tile mill labor and the child labor provisions.
While we control 50% of our own cotton fabric supply in the South, we
had not e pected the Government to show any preference to tire manufacturers ha',ing their own mills. We are willing to take our chances with
the others, who must buy from independent cotton mills.
July 22 1933
Under the terms of the option contracts, producers holding options will
not be permitted to call prior to Dec. 1 1933, at a price under ();i cents
Per Pound. They may call upon the Secretary of Agriculture for settlement
on the cotton options held by them at any time before that date if the
price is not below the 93, cent level. After December 1, the producers
may sell their cotton at any time. The options expire May 1 1934.
The exact amount of cotton to be optioned to producers will not be
known until all offers have been received and compiled.
Census Report on Cotton Consumed and on Hand, &c.,
in June.
Under date of July 14 1933 the Census Bureau issued its
report showing cotton consumed in the United States, cotton
on hand, active cotton spindles and imports and exports of
cotton for the month of June 1933 and 1932. Cotton consumed amounted to 696,472 bales of lint and 81,468 bales of
linters, compared with 620,909 bales of lint and 76,084 bales
of linters in May 1933 and 322,706 bales of lint and 46,775
bales of linters in June 1932. The June cotton consumption
total of 696,472 is the largest reported for one month since
the inauguration of these reports in September 1912. It
will be seen that there is an increase over June in 1932 in
the total lint and linters combined of 408,459 bales, or
110.54%. The following is the statement:
JUNE REPORT OF COTTON CONSUMED, ON HAND, IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES.
(Cotton In running bales, counting round as halt bales, except foreign, which is
500-pound bales.)
Cotton Consumed
DuringYear
George N. Peek of Agriculture Adjustment Administration Sees Increase in Price of Cotton GoodsProbable, "Not Necessarily" He Says Incident to
Processing Tax.
From Washington, July 14, Associated Press advices said:
The Agriculture Adjustment Administration did some figuring to-day
as to whether the consumer would pay more for cotton goods as a result of
the 4.2 cents per pound processing tax on cotton announced as effective
Aug. 1. George N. Peek, Chief Administrator, and his aides say "probably, but not necessarily."
Mr.Peek said the prices of cotton goods had gone up much faster in recent
months than the price of raw cotton and that spinners and dealers "apparently have anticipated the tax" in price schedules recently issued.
He said that cotton print goods and sheeting had been produced and sold
at prices recently which made it possible for spinners to pay up to 20 cents a
pound for raw cotton, while the market price was around 10 to 11 cents.
During the first week of July. prices of cotton goods advanced 30% faster
than the price of raw cotton, his aides reported.
June.
(bales)
Cotton on Hand
June 30-
Cotton
Eleven
In Con- In Public Spindles
Months suming
Storage
elate.
Ended Establish- & at Corn- During
June 30 ments.
presses.
June.
(bales)
(bales)
(bales) (Number)
I 1933 696,472 5,535,382 1,400,804 6,318,944 25,540,504
1 1932 322,706 4,587,448 1,320,703 7,150,937 20,846,966
Cotton-growing States_ __ _ 1933 565,644 4.603,153 1,092,144 5,870,156 17,593,128
1932 2715,832 3,794,282 1,022,638 6,688,745 15,347,908
1933 112,681 784,212 255,129 260,024 7,242,362
New England States
1932 37,133 644,830 246,958 253,742 4,569,172
1933 18,147 148,017
All other States
53.531 179,764
705,014
1932 9,741 148,338
51,107 208,450
729,886
Included Abate8,977
1933
79.105
Egyptian cotton
26,430
30,114
73,379
1932 6,026
30,590
31,357
38,576
1933 4,862
Other foreign cotton
27,844
6,322
39,779
1932 2,860
22,945
6,834
16,178
1933 1,607
Amer.-Egyptian cotton
6,169
4,622
11,642
457
1932
5,488
10,721
Not Included Above1933 81,468 620,730 328,420
Linters
42,412
1022 48_775 599.423 309457
A, ann
United States
Imports of Foreign Cotton (500-1b. Bates),
All Available Cotton Held By Government Agencies
Taken Over By Secretary of Agriculture Wallace to
Meet Options.
The Secretary of Agriculture has taken over from the
Farm Credit Administration all available cotton held by
Governmental credit agencies to fulfill the terms of the
options with producers in the cotton !eduction program.
Oscar Johnston, Director of Finance, who has handled the
negotiations for the Agricultural Adjustment Administration,
stated that the contracts were completed July 19 for immediate delivery of 1,019,184 bales of actual cotton and 455,200
bales of cotton futures, and that delivery was expected, some
time between August 1 and August 5, of between 150,000
and 200 000 bales, making an available total of more than
1,624,384 bales. The Department of Agriculture in making
an announcement to this effect July 19 added:
In addition to this amount of cotton, the Farm Credit Administration
is endeavoring to acquire title to an appreciable portion of the 788.000
bales of cotton upon which the Government holds crop production loan liens.
Acquisitions from this source, added to the cotton already delivered, will
provide sufficient cotton to cover the options to producers who have agreed
to reduce production.
Mr. Johnston lammed the following statement concerning this transaction:
"Through the delivery of actual cotton and futures from the Farm Credit
Administration and the additional cotton which it is now seeking to acquire.
the Agricultural Adjustment Administration will have a sufficient amount
to cover the options to be issued producers.
"On the face of returns from some 900,000 producers submitting offers,
between 500,000 and 600,000 have asked for cotton options. It is estimated
that the Government's requirements could not exceed 2,300.000 bales.
That figure probably will be scaled down appreciably when some contracts
are rejected because of legal or other defects or when growers, in some
cases, may fail to carry out the terms of their offers. The reductions from
these sources should reduce the amount of cotton required to cover these
options to between two million and and two and one-quarter million bales."
Mr. Johnston further announced that an agreement had been concluded
with the American Cotton Co-operative Association of New Orleans, to
act as agents for the Agricultural Adjustment Administration in marketing
the actual cotton when growers call their options. Negotiations are also
pending, Mr. Johnston said, with the Staple Cotton Co-operative Association of Greenwood. Miss., to handle some 75,000 bales of long staple cotton
now stored in the Mississippi Valley.
"All actual cotton will be sold to the trade generally." Mr. Johnston
said, "without discrimination or favoritism and with every caution to
avoid dumping or taking any action that might have an unfavorable effect
on the market."
In formulating plans dealing with this cotton and the cotton futures,
Mr. Johnston stated that the Agricultural Adjustment Administration had
the counsel and co-operation of the leading co-operatives as well as the
nation's largest cotton shippers and merchants.
Country of Production.
June.
1933.
Egypt
Peru
China
Mexico
British India
All other
Total
7,034
721
5,319
11 Mos. End. June 30.
1932.
16,578
419
775
1933.
1,023
L,139
100
61,998
4,318
48,217
8
3,130
817
14,097
19,011
118,488
1932.
74,897
2.534
6,915
20,436
16,940
1,583
123,305
Exports of Domestic Cotton Excluding Linters
(Running Bales-See Note for Linters).
Country to Which Exported.
June.
1933.
United Kingdom
France
Italy
Germany
Spain
Belgium
Other Europe
Japan
China
Canada
Au other
141,787
51,691
58,667
133,578
13,433
15,417
47,070
94,767
37,276
18,864
2,211
11 Mos. End. June 30.
1932.
1933.
1932.
48.173 1.388,297 1,280,518
22,668
819,960
446,847
25,103
749,939
813,030
65,657 1,729,249 1,496,831
18,355
272,346
288,020
4,840
126,613
173,701
28,173
359,144
499,798
80,086 1,349,082 2,206,088
55,471
278,860 1,051,317
9,128
162,823
175,592
4,553
107,883
249,746
614.561
360,205 7,727,302 8,258,072
Note.-LIntera exported, not included above, were 21,064 bales during June In
1933 and 8.483 bales In 1932; 166,275 bales for the 11 months ended June 30 in
1933 and 107,150 bales in 1932. The distribution for June 1933 follows; United
Kingdom, 5,269; Netherlands, 1,313; Belgium, 329; France, 2.263; Germany, 6,655;
Italy, 400; Poland and Danzig, 3,287; Canada, 1,414; New Zealand, 4; Panama,30;
South Africa, 100.
WORLD STATISTICS.
The world's production of commercial cotton, exclusive of linters, grown in 1932,
as compiled from various sources was 22,771,000 bales, counting American In running bales and foreign in bales of 478 pounds lint, while the consumption of cotton
(exclusive of linters in the United States) for the year ended July 31 1932, was
approximately 22,896,000 bales. The total number of spinning cotton spindles,
both active and idle is about 161,000,000.
Total
Administration's Cotton Acreage Reduction Program
-Over 10,000,000 Acres Pledged for AbandonmentSecretary Wallace Authorizes Immediate Destruction of Crops in Advance of Receipt of Acceptance
Blanks-Executive Order Imposing Processing Tax
of 4.2 Cents a Pound.
It was made known on July 17 by the Agricultural Adjustment Administration that over 10,000,000 acres of cotton
had been pledged for abandonment in furtherance of the
Administration's campaign to effect a reduction in acreage.
On July 14 the Administration announced (at the close of
the campaign) rant more than 3,000,000 bales had been
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Financial Chronicle
offered the Secretary of Agriculture by the cotton producers
of the South. At that time Secretary Wallace indicated
his determination to accept such offers as would meet the
legal requirements and comply with the regulations, and a
proclamation to make such benefit payments was signed
July 14 as required by the Agricultural Adjustment Act.
A processing tax on the first domestic processing of
cotton will, under the provisions of the law, go into effect
at the beginning of the marketing year, which is Aug. 1.
Secretary Wallace, in announcing that the cotton plan
would be adopted and the producers' offer accepted, issued
the following statement on July 14:
Incomplete reports from the 16 cotton producing States that have been
received by Mr. Cully A. Cobb, chief of the cotton production section, indicate that the response of growers to the program has been sufficient for
me to announce to-day that offers will be accepted.
We estimate that, on the basis of the reports from the extension directors,
approximately 3,500,000 bales have been offered to us under the terms of the
proposals submitted to the growers. This amount of cotton represents in
excess of 9,000,000 acres.
Our reports further indicate that the estimates placed on their yields by
growers have been conservative and fair. Considering the elimination of
land that produces under 100 pounds of cotton to the acre, the estimates that
have been made on production appear, on the whole, entirely consistent with
previously recorded averages.
A processing tax will, under the law, be in effect as of August 1. The
rate of this tax is fixed by law and is being computed now.
I wish to emphasize that cotton producers should not construe this announcement as an acceptance of individual offers. Under the regulations,
individual acceptances are required. These individual acceptances are being
prepared just as rapidly as the individual contracts can be examined and
reviewed. They will be sent to the county agents as quickly as possible.
The first of such acceptances will be mailed out promptly. No producer
should take steps to eliminate the acreage he has offered from cotton production until he has been instructed to do so and his individual acceptance received. It should be remembered that under the terms of the offer, we have
the right to scale down the amount of acreage offered. Also it is probable
that there will be offers which may be legally defective or for other reasons
must be rejected or the defects remedied. Upon sufficient evidence of compliance with the terms of accepted offers—which do not become a contract
until the individual acceptances have been received—the checks for the rental
payments and the options on Government-held cotton will be immediately
forthcoming.
The proclamation imposing the processing tax was issued
as follows:
July 14 1933.
THE UNITED STATES DEPARTMENT OF AGRICULTURE
AGRICULTURAL ADJUSTMENT ADMINISTRATION
I. Henry A. Wallace, Secretary of Agriculture of the United States of
America, acting under and pursuant to an Act of Congress known as the
Agricultural Adjustment Act, approved May 12 1933, as amended, have
determined and hereby proclaim that rental and/or benefit payments are
to
be made with respect to cotton, a basic agricultural commodity.
In testimony whereof I have hereunto set my hand and caused the official
seal of the Department of Agriculture to be affixed in the City of Washington this 14 day of July 1933.
(Signed)
Henry A. Wallace,
Secretary of Agriculture.
THE UNITED STATES DEPARTMENT OF AGRICULTURE
AGRICULTURAL ADJUSTMENT ADMINISTRATION
(Cotton Regulations, Series 2)
(Marketing Year, Rate of Processing Tax, and Conversion Factor.)
COTTON REGULATIONS MADE BY THE SECRETARY OF
AGRICULTURE
WITH THE APPROVAL OF THE PRESIDENT, UNDER
THE AGRICULTURAL ADJUSTMENT ACT.
United States Department of Agriculture,
Office of the Secretary.
By virtue of the authority vested in the Secretary of Agriculture
by the
Agricultural Adjustment Act, approved May 12 1933, as
amended, I, Henry
A. Wallace, Secretary of Agriculture, do make, prescribe, publish, and
give
public notice of these regulations with the force and effect
of law, to be in
force and effect until amended or superseded by regulations
hereafter made
by the Secretary of Agriculture with the approval of the
President, under
said Act.
I do hereby ascertain and prescribe that for the purposes
of said Act the
first marketing year for cotton shall begin August 1 1933.
I do hereby determine as of August 1 1933, that the
processing tax on
the first domestic processing of cotton shall be at the rate of
4.2 cents per
pound of lint cotton, net weight, which rate equals the
difference
the current average farm price for cotton and the fair exchange between
value of
cotton, which price and value, both as defined in said Act,
have been ascertained by me from available statistics of the Department
of Agriculture.
I do hereby establish that the conversion factor for articles
(other than
non-spinnable waste, hereby defined as including
only opener, breaker and
finisher picker waste, card motes and fly, sweepings,
and clearer waste, and
the products thereof), processed from cotton, to determine the
amount of
tax imposed or refunds to be made with
respect thereto, is, per
cotton content, 105.2 per centum of the per pound processing pound of
tax. The
cotton content of such articles shall be deemed
to include the weight of
cotton in the fomi of yarn, fabric, thread, twines, roving,
sliver, laps and
all other forms. No deduction shall be made
from the weight of such articles
for normal moisture content, but reasonable deductions shall
be made for
sizing, buttons, and such other non-cotton materials.
In testimony whereof I have hereunto set my hand
and caused the official
seal of the Department of Agriculture to be affixed
in the City of Washington this 14th day of July 1933.
(Signed)
Henry A. Wallace,
Secretary of Agriculture.
Approved:
(Signed) Franklin D. Roosevelt,
The President of the United States.
July 14th 1938.
567
Washington advices July 14 to the New York "Times"
stated that because of the prospect of a rising market as a
result of the announcement that day and the resulting
narrowing of the difference between the current and pre-war
prices for cotton on farms, the question arose as to the length
of time that the maximum processing tax might remain in
effect. The dispatch to the "Times" continued:
The maximum tax under the law must not exceed the current and base
price difference, and the tax would become automatically inoperative if
there was a sustained rise in the current farm price to the pre-war level.
But Mr. Peek said in that connection that the law authorized the Secretary to alter the tax if he finds it an undue burden on cotton consumption.
Beyond that, it is the administration's position that the tax should not be
altered on account of market fluctuations from time to time and that only
a sustained price should be considered. The law, moreover, does not say
for how long a period cotton prices should be sustained at the pre-war level
so as to require a change.
On the basis of a processing tax of $21 on a bale of cotton and an estimated domestic consumption of 5,500,000 bales during the coming year,
it is expected that a fund of about $120,000,000 will be available for payments to farmers for land leased out of cultivation.
These payments will vary according to the past average yield of the land
leased, and according to whether the contracting grower desires to take options on the 2,000,000 bales of Government-owned cotton at 6 cents a pound
for subsequent resale at higher prices.
Growers desiring to take options have a wide range of rental payments,
which also vary according to yield per acre. On the basis of returns so far
received it is estimated that about 60% of the contracting growers will take
options in amounts equaling their acreage reduction, and that the remaining
40% will contract for a higher cash rental payment without the option
privilege.
Recognizing the existence of an emergency in some cotton
producing areas where climatic conditions provide opportunity for immediate planting of feed crops for home consumption, the Agricultural Adjustment Administration announced on July 18 that producers would be permitted to
plow up cotton without having to await receipt of formal acceptance blanks. Telegrams were dispatched to County
Agents to-day as follows:
The Secretary of Agriculture has authorized acceptance and approval of
all producer contracts where same are approved by County Agent and County .
Committee. Printed instructions and emergency permit blanks on way to
be used by farmers to secure permit from County Agent to immediately
destroy cotton without having to await arrival of formal acceptance blanks.
Instructions and emergency permit blanks should reach you Friday. In no
event shall producer begin the destruction of his crop until his application
has been approved and permit issued by County Agent.
The Administration said:
The application for a permit to take the land out of production does not
relieve the producer of the requirement of executing the formal acceptances
which will be sent out to individual producers. The application also gives
the Secretary of Agriculture the right to correct all irregularities, imperfections, omissions and inaccuracies which may appear in the offer. The
producer is also required, under the terms of the permit, to furnish proof of
performance of his obligations under his contract upon the forms prescribed
by the Secretary of Agriculture and it is expressly provided that the producer shall be entitled to no compensation until this is done.
Cotton Textile Code Approved by American Cotton
Manufacturers Association.
Atlanta advices July 11 to the New York "Journal of Commerce" stated:
While hundreds of idle mill workers in Southern towns reached for dinner
pails in anticipation of work, cotton mill executives of Georgia, Alabama,
Mississippi and Tennessee, at a meeting here to-day, pledged their support
to the Textile Code which President Roosevelt signed Sunday.
The 60-hour work week now operative in Georgia, will give way next
Monday to the 40-hour week provided in the Code. A minimum wage
of
$12 in the South and discontinuance of working anyone under sixteen
years
of age also will become effective.
Several hundred cotton executives attended the conference here and heard
T. M. Marchant of Greenville, S. 0., President of the
American Cotton
Manufacturers' Association, explain the Code, which was indorsed in
resolutions. It is expected that manufacturers in the Atlanta area
will meet sometime this week to determine their policy in increasing the
volume of employment to coincide with the Code.
Cotton Textile Merchants Act to Adjust Prices—Ch
ange
in Contracts Recommended to Allow for Rise in
Cost of Manufacture.
The Industrial Recovery Committee of the Association
of
Cotton Textile Merchants made public on July 16 its recommendations for a uniform method for fair and equitable adjustment of existing contracts where the cost of manufacture
had been increased as a result of the National Industrial
Recovery Act. We quote from the New York "Times" of
July 17
which stated further:
The general principles of its plan, the Committee announced,
have been
approved by the Cotton Textile Industry Committee.
The recommendations include the provision that
deliveries for the week
of July 17 shall be invoiced without price increase,
while in subsequent
weeks deliveries shall be invoiced with an increase in
contract price "proportionate to the increased cost which one week bears to the
number of
weeks required to process the cotton from bale opening to
cloth packed for
shipment."
Complete schedules for application of additional costs will
be announced
later as soon as the Committee has analyzed information
it is obtaining from
the entire industry.
Gerrish H. Milliken is Chairman of the Committee, which
includes W. H.
Baldwin, S. F. Dribben, S. Robert Glassford and Leavelle
McCampbell.
568
Financial Chronicle
Cotton Men Face Floor Tax August 1.
When the cotton processing tax of 4.2 cents a pound goes
into effect on August 1 a floor tax on cotton goods will also
become effective on stocks in the warehouses of spinners,
manufacturers and wholesalers. Associated Press advices
July 19 to the New York "Evening Post," reporting this also
said:
Retailers will have thirty days before the tax becomes effective on their
stocks, but they will be required to submit an inventory of cotton materials
on hand as of August 1. This inventory can then be checked against the
goods on hand thirty days later.
New cotton goods obtained by retailers in the meantime on which either
a processing tax on the raw cotton or a floor tax by processors and wholesalers has been paid will be non-taxable.
Later, when the flow of cotton goods is entirely from new materials on
which processing taxes have been collected, manufacturers, wholesalers and
retailers will not be directly concerned in its collection.
Livestock Producers Face Serious Feed Situation—
Yield Per Acre of Oats and Barley Viewed as
Smallest Since 1900—Short Hay Crop.
The Department of Agriculture stated on July 12 that livestock producers in the principal livestock producing States
from Ohio westward to the Pacific Coast States are facing
one of the most threatening feed situations in many years.
As a result of the record June drought and high temperature
over most of this area, said the Department, pasture conditions on July 1 were the poorest for any July on record; range
feed conditions in the Western range States were the poorest
for July 1 in the 11 years for which records are available;
and the condition of both cattle and sheep in these States
was the lowest on July 1 for these 11 years. The Department
also had the following to say:
The yield per acre of oats and barley will be the smallest since 1900 at
least, if not the smallest on record, and the total production of these will be
the smallest in many years, according to the July report of the Crop Reporting Board of the U. S. Department of Agriculture. The hay crop is short
generally and especially short in the Western Corn Belt and Great Plains
States. With the wheat crop very small, also, the supply of straw for roughage will be very greatly curtailed.
There is still the possibility of making a fair corn crop if growing conditions during July and August should turn favorable since the June weather
had not damaged this crop greatly. But precipitation above average in
July and August in the Western Corn Belt and a late fall in the Eastern
Corn Belt are necessary for such an outcome. As a result of last year's
large corn crop there was a large amount of corn still on farms on July 1
which will help to offset a part of the deficiency in this year's crop.
Contrasted with reduced feed prospects is the relatively large number of
livestock on farms. The number of grain consuming animal units on January 1 1933 was the largest in 9 years and the spring pig crop of this year
was 3% larger than that of last year, with the increased number mostly
in the Corn Belt States where the prospective feed shortage is most marked.
If corn production should correspond to the July 1 forecast, the production
of feed grains per animal unit of grain consuming animals would be the
smallest since 1901 and under conditions unfavorable to the crop the production per animal unit would be the smallest on record.
What to do in the lace of such a situation presents a difficult problem to
livestock producers, according to the Bureau of Agricultural Economics. It
is apparent, however, that a very careful conservation of all available feeds
will be necessary to avoid widespread liquidation and heavy losses.
At the present time there are considerable areas in the Western Corn Belt
and Great Plain States from which cattle are being moved or will have to
be moved soon and heavy marketings of grass cattle from many States are
not unlikely during the next few months. Since there are no large areas
of surplus feed to which livestock from drought areas can be moved, most of
these shipments must go to livestock markets where the principal outlet
will be for slaughter. With the present low prices for common and cutter
grades of cows, neither dairymen nor beef cattle growers can afford to
maintain such stock on high priced leed and consequently a heavy marketing
of such cows may occur.
The number of cattle now on feed is fairly large and probably larger than
a year ago. Finishers of these cattle are in a somewhat difficult position
because of recent sharp advances in feed prices and prospects for greatly
reduced feed crops this year. However, the movement of feeder cattle to
feed lots during the next few months is likely to be small and in sharp
contrast to the heavy movement in the corresponding months a year ago
and it is quite probable that the supply of grain finished cattle for market
during the last 3 months of this year will be considerably smaller than for
corresponding months In 1932.
The immediate problem confronting hog producers is less pressing than
that of cattle producers whose pastures are gone, since there are still
relatively large supplies of old corn on hand. Their problem is to adjust
the production of this year's pigs to prospective feed supplies with which
to finish these pigs. With corn prices now relatively high compared to hog
prices the tendency will be to push mature hogs to market as soon as possible which indicates relatively heavy runs for the next few weeks. With
a larger spring pig crop and short supplies of feed grains, it is highly probable that these pigs will be marketed early and at light weights, which will
result in heavy runs in October, November and December.
Another practical readjustment which seems highly desirable is a heavy
disposal of sows bred for fall farrow which would cut down fall farrowings
below last year and much below the 8% increase that the recent report
indicated there would be, based upon farmers' reports as of June 1.
Sheep producers in the native sheep States may be 'forced by short pastures
and limited feed supplies to market a good many unfinished lambs during
the next two months. In the western sheep States, except Texas, high ranges,
where most of the sheep and lambs summer, are in fairly good condition but
the prospects for fall range feed are poor in a number of States. No immediate forced marketing of western lambs seems probable but western
sheep growers are faced with a probsoility of a limited outlet for feeder
lambs in the Corn Belt this year.
July 22 1933
New York State Milk Control Board Orders One-Cent
Milk Price Rise, Effective July 21—Weather and
Grain Rate Cited as Reasons for Increase to Aid
Producer.
The New York State Milk Control Board announced on
July 19 increased rates, effective yesterday (July 21), which
raised the minimum prices on milk one cent a quart for the
benefit of producers and labor. The order makes the new
prices per quart bottled in New York City 12 cents for
ordinary grade, delivered, and 11 cents "over the counter,"
while in larger up-State cities the new prices will be 11 and
10 cents, respectively. An Albany dispatch to the New York
"Times," discussing the order, said:
The price to the producer on milk in fluid form will be raised 35 cents
to $2.23 per hundred pounds. Milk to be used in manufacture of fluid cream
was advanced to $1.51 per hundred pounds, an increase of 20 cents.
Milk to be used in the manufacture of cream for ice cream purposes in
the City of New York was advanced 23 cents to $1.45 per hundred pounds.
Other classes, including those dependent on the market price of butter, were
also increased proportionately.
The price changes give the dealer a margin of 12 cents per hundred pounds
on Class One milk, and are expected to take care of increased wages which
dealers are paying employes. This was not the full amount of "dealers'
spread" asked by the dealers. The Board said that further requests would
be refused unless sworn statements of salaries and expenses were presented.
Unusual weather which has hampered the dairy industry, and the steadily
mounting price of grain were among factors the Board took into consideration in raising the prices, Charles H. Baldwin, Chairman, said.
Increased prices of 1 cent were announced by the Board
to go into effect in Rochester, Syracuse, Buffalo, Niagara
Falls, Albany, Utica, Binghamton, Poughkeepsie, Troy, Cohoes, Schenectady, Rensselaer and Watervliet.
In its issue of July 21 the "Times" said:
The rise in minimum retail milk prices will affect prices of both Grade A
and Grade B milk and of heavy and light cream in this city, representatives
of the large milk distributors said yesterday.
There will be an increase of 1 cent In the retail price of pints as well
as quarts of milk, it was said at the office of Borden's Farm Products Company. Grade A milk will be 15 cents a quart delivered and Grade B 12
cents a quart. Heavy cream will rise 2 cents a half pint, bringing the delivered retail price to 20 cents a half pint. Light cream will be raised
1 cent a half pint.
Similar increases will be made by the Sheffield Farms Company as
result of the Board's order in both milk and cream.
The Dairymen's League, which delivers principally to stores, will have
similar increases, although the price to stores is less than the price as delivered to consumers direct.
Secretary of Agriculture Wallace Says Wheat Production Control Plan Is Imperative—Surplus, He
Asserts, Will Mount Unless 1934 Crop Is Held
in Check—Exports Not Expected to Exceed 40,000,000 Bushels—Carryover Estimated at 200,000,000 Bushels.
Any assumption that the Government's wheat production
control plan is no longer necessary because the 1933 crop
may total less than 500,000,000 bushels is shortsighted and
erroneous. This statement was made by Secretary of Agriculture Wallace on July 18 in announcing that the Agricultural Adjustment Administration would proceed with its
plan to effect control of the output of American wheat in
line with demand. Secretary Wallace declared that unless
the acreage for the 1934 crop is held in check "the surplus
will mount again when the next crop is harvested, and
prices may be expected to reflect increased plantings as
early as this fall, when winter sowings are completed." He
further stated that "a liberal estimate calls for 40,000,000
bushels for export shipments. On the basis of the most
liberal estimates, total disappearance of stocks may be
expressed in 660,000,000 bushels, leaving a carryover of
200,000,000 bushels July 1 1934." Secretary Wallace said,
In part:
Farmers who have wheat to sell are gratified by the higher prices resulting from a short crop. With wheat prices at their highest level since 1929,
it is inevitable that some growers would assume that the domestic wheat
surplus problem has been solved, and that production control is unnecessary.
I do not share in this assumption, and neither does the Agricultural
Adjustment Administration. Officials of the Agricultural Adjustment Administration, after analysis of the current and probable future relationships
between supply and demand for domestic wheat, conclude that production
control is vital to the maintenance of the current wheat price level and to
the welfare of wheat producers.
The Government's wheat plan for production control, providing for cash
compensation payments to producers who contract to reduce their acreage
in 1934 and 1935, if required, will be carried out. These payments,
approximating 30c. a bushel, on the domestically food consumed percentage
of the aviwage crop of those who co-operate with the Government, will be
paid, irrespective of price fluctuations on wheat during 1933-34.
Prior to the beginning of the 1934-35 crop year the wheat situation will
be re-examined, and the specific course of action to be followed that year
will be determined on the basis of conditions existing at that time.
The determination of the Agricultural Adjustment Administration to
proceed with its wheat plan is not based upon an arbitrary decision but
upon the facts of the economic position of wheat.
Data presented to me show that during the period of 1922 through 1931
wheat production in the United States averaged 832,000,000 bushels
Volume 137
Financial Chronicle
annually. This level of production was based upon an export trade
approximating 200,000,000 bushels annually. After 1926 we found it
increasingly difficult to export this tonnage except at disastrously low
prices, due to increased competition from expanded European acreages and
in other major competing export countries. In 1931 our net exports had
shrunk to 123,000,000 buthels. In the 1932 season just closed we were
able to sell only about 40,000,000 bushels abroad.
It was this inability to export our wheat which resulted in a tremendous
accumulation of stocks in the United States. On July 1 1926 our domestic
carryover totaled less than 100,000,000 bushels. By 1930 our carryover
stocks totaled 291,000,000 bushels. On July 1 1932 they reached an unprecedented carryover of 363,000,000 bushels.
The carryover into the current season is not materially different from
the all-time high level of 1932. Accumulation of stocks has taken place
despite the extraordinary use of cheap wheat as feed 'during the past three
years of low prices. Since 1929 we have been burdened with a pricebreaking wheat surplus.
The 1932 wheat crop was unusually small. By feeding enormous quantities of this cheap wheat to livestock we were able to keep the surplus from
increasing during the past season. The 1933 crop will be even smaller.
We are now faced with the cheering prospect, for the first time since 1926,
of ending the year with smaller stocks on hand than when we entered it.
Unless the acreage for the 1934 crop, however, is held in check, the surplus will mount again when the next crop is harvested, and prices may
be expected to reflect increased plantings as early as this fall, when winter
sowings are completed.
If this year's crop proves to be around 500,000,000 bushels, we will have
a total supply for the season, including the crop and the carryover, of
approximately 860,000,000 bushels. Domestic consumption for food, feed,
and seed will total probably not more than 620,000,000 bushels. In fact,
it may fall as low as 590,000,000 bushels, since feed use will be restricted
seriously by the relatively high price level.
Because our prices are tar above our export level, exports will be small.
A liberal estimate calls for 40,000,000 bushels for export shipments. On
this basis of the most liberal estimates, total disappearance of stocks may
be expressed in 660,000,000 bushels, leaving a carryover of 200,000,000
bushels July 1 1934.
Such a level of stocks would be satisfactory if there were any guarantee that it would not increase immediately. Without the Agricultural
Adjustment Administration's wheat plan, growers will certainly increase
their wheat acreage sharply this fall and next spring. Even with no
increase, an average yield would produce a normal crop of 850,000,000
bushels.
Even if exports should increase to 100,000,000 bushels in 1934-35, and
there is no basis for anticipating any new outlet for such a tonnage, that
would still leave approximately 100,000,000 bushels to be added to our
excess supplies, which would bring the carryover back to 300,000,000
bushels, or only slightly below what it now is.
One more year of an average continued wheat acreage would undo all
the improvements in the wheat situation which has resulted from this
year's short crop, and American wheat producers would be plunged once
more into an era of disastrously low purchasing power for their grain.
Efforts to Effect Agreement on Wheat Production
and Marketing at World Monetary and Economic
Conference.
Efforts to reach an agreement for the management of
wheat production and marketing have figured conspicuously
in the activities of the World Monetary and Economic
Conference on July 19, Associated Press accounts from
London said:
569
In various speeches at a meeting this morning some of the importing
countries were described as probably able to make greater and more specific suggestions for encouraging the use of wheat.
A small subcommittee of importing and exporting countries was appointed to meet this afternoon to determine if an agreeable compromise
could be effected.
Representatives of wheat importing countries of Europe pledged themselves to increase imports as a measure of co-operation in the attempt
to regulate world production and improve prices.
France Fixes Minimum Price for Wheat and Grants
Export Premium on Domestic Wheat and Flour.
A law for the organization of the French wheat market,
providing for a minimum price for wheat and an export
premium for domestic wheat and flour, was published in
the French "Journal Offieiel" for July 11 1933, it is made
known in a cablegram to the Department of Commerce
from Acting Commercial Attache Daniel J. Reagan, Paris.
The Department on July 13, further reported:
Under the law provision is made for the following:
Beginning July 15 1933, an initial minimum price of 115 francs per 100
kilos for wheat, to be increased by 1.50 francs monthly,for a period of one
year.
A premium of 80 francs per 100 kilos to be paid on domestic wheat exported as grain or flour;
The establishment of a milling tax;
The suspension for two months of the temporary duty-free entry of soft
wheat to be milled for re-exportation.
Furniture Prices Increase 10 to 15% at Fall Opening—
Registrations Reported Heaviest in 40 Years—
Buying Heavy—No Prices Quoted Beyond Sept. 1.
Furniture prices quoted on July 17 at the opening of the
fall market in the New York Furniture Exchange, Inc.,
were 10 to 15% above the levels prevailing two weeks ago
at the Chicago opening, buyers in New York said on July 17.
The New York "Times" of July 18,from which the foregoing,
is taken, went on to say:
The sharpest rise was in case goods, which advanced in some instances
as much as 60% above the Chicago quotations.
Although more than 400 producers were represented in the local market,
50 of those showing lines refused to accept orders. They explained that
business booked earlier in the summer will keep their factories at peak
production for weeks to come.
Buyer registrations yesterday were the heaviest for any single day in the
40 years in which the furniture industry has been holding markets in this
city. More than 850 buyers, coming from all parts of the country, were
registered up to 5 o'clock last night. The largest previous registration was
In 1930, when 725 buyers visited the building in one day.
An unusual feature of yesterday's opening was the volume of business
placed by buyers. Ordinarily, according to executives of the exchange,
purchasing is limited on the first two days of a market, as representatives
of retail stores usually require that length of time to inspect the numerous
lines of goods and make their selections. Yesterday buying was heavy
In spite of the fact that producers refused to quote prices beyond Sept. 1.
All orders for later delivery, were subject to value at time of shipment.
Petroleum and Its Products—Secretary Ickes Issues
Rules Governing Roosevelt's "Hot Oil" Order—
Pennsylvania Crude Prices Up—Independents May
File Own Code as Industry's Leaders Gather in
Washington for Hearing Monday.
As the petroleum industry's leaders gather in Washington
to-day in advance of the code hearing scheduled for next
Monday, July 24, it is becoming more apparent that independent interests not affiliated with the American Petroleum
Institute may at the last moment inject a controversial issue
by the presentation of a separate code. Meanwhile many
Texas interests have wired petitions to General Hugh S.
Johnson, protesting against the continuation of several price
levels for Texas crude. The petition, signed by bankers,
business and civic leaders, and oil interests, stated:
According to Associated Press accounts from London,
"On the eve of the launching by the Roosevelt AdminisJuly 18, Henry Morgenthau, American wheat negotiator, tration of its program for industrial recovery we are faced
announced that day that the "big four" wheat producing by the stubborn refusal of a few major units of the oil industry
nations (United States, Canada, Australia and Argentina) to pay a fair price—a living wage—to oil producers. As you
had reached an agreement with the Danubian countries well know, crude oil has for many months been produced
providing for restriction of exports from the Danube area and sold below cost. Efforts to restore some part of the
to 54,000,000 bushels this year and 50,000,000 next. These drastic price cuts are now resisted by elements of the industry
accounts also said:
who feel that they are strong enough to starve the weaker but
From other sources it was learned that Thomas A Le Breton, Argenfar
more numerous elements out of existence.
tina's representative, and Stanley M. Bruce, Australia's delegate, had been
"This destructive policy can only be dictated by a desire
present at the negotiations only by proxy. It was said, however, that they
were likely to agree to the scheme published by Mr. Morgenthau.
to destroy competition and at the end of the struggle will
The Czechoslovakian representative asked 24 hours time to communileave
alive only those who have the great resources necessary
cate with his Government before acceptance was final, but it was indito enable anyone to survive this campaign of extermination.
cated that a favorable response was expected.
The following (Associated Press) came from London, This policy will re-establish the satne monopoly of the oil
business once struck down by public opinion and by our
July 20:
courts. It will leave in its train incalculable distress over
Representatives of countries exporting and producing wheat rejected
to-day an offer by importers of the cereal to take measures for increasing
great areas of the country. It is directly in conflict with the
wheat importations on the ground they were insufficient to justify the
policy of the Administration. We pray that this situation
restriction of acreage.
may have your early consideration and that there may be a
"They have got to do more than that," said a spokesman of one of
the big four countries—the United States, Canada, Argentina and Ausdetermination of present conditions and present policies of
tralia—whose delegates have been seeking ways to increase wheat prices.
certain dominant elements of the industry before any code
"Their offer is in much too general terms and leaves too much to be
of practices receives your approval."
taken for granted," he asserted.
Although really outside the conference, the wheat accord appeared to be
the only positive accomplishment of the delegations here in prospect, and
every effort was being put forward to rush it to completion for announcement on or before the first plenary session a week from to-morrow.
Final bricks in the structure erected with so much effort by Frederick E.
Murphy of Minneapolis and Henry Morgenthau, Sr., another American
delegate, were being shaped in negotiations with Russia and European
importing countries.
Desire to co-operate in efforts by world wheat producers to put their
staple on an economic and profitable basis was expressed by representatives
of importing countries, it was understood after a wheat meeting to-day.
France particularly was described as insisting that if an agreement to
restrict acreage and to manage exports and imports finally is reached,
the nations participating in the agreement should undertake to deal only
with other participants.
The importing countries were to meet late this afternoon to draft the
terms of their willingness and ability to co-operate. This will be studied at
a meeting of the exporters to-morrow.
Financial Chronicle
July 17:-South Penn Oil Co. and Tidewater Pipe Lines, Ltd.. post 15C.
advance in Pennsylvania grade crude oils, new prices being: South PennSouthwest Pennsylvania Pipe Lines, $1.52; Buckeye Pipe Lines, $1.32:
Eureka Pipe Lines, $1.47; Tidewater-New York Transit and National
Transit Lines, $1.85.
July 17:-Pure Oil Co. posts 15c. increase in Midland District, Michigan,
new price being 90c. a barrel.
July 18:-South Penn posts 10c. advance in Corning crude in Buckeye
Pipe Lines, new price being 90c.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
$1.85 Eldorado, Ark., 40
Bradford, Pa
$ .61
.90 Rusk, Tex., 40 and over
.75
Corning, Pa
.90 Salt Creek. Wyo.,40 and over
.50
illinois
Darst Creek
.52
Western Kentucky
.go
Mid-Cont., Okla., 40 and above_ .82-.75 Midland District, Mich
Hutchinson, Tex., 40 and over.... .63 Sunburst Mont
.80
.75 Santa Fe Springs, Calif., 40and over 1.14
Spindletop, Tex., 40 and over
.75 Huntington, Calif., 26
.96
Winkler, Tex
.30 Petrolia, Canada
1.82
Smackover, Ark., 24 and over
REFINED PRODUCTS-EARLY ADVANCE DUE IN RETAIL
GASOLINE PRICES-BUNRER AND DIESEL OILS REPORTED
IN LIGHT SUPPLY AT SEABOARD POINTS-BUFFALO BULK
GAS PRICES UP.
Gisoline, Service Station, Tax Included,
New York
Cleveland
5.182
*5.19
New Orleans
$ 183
Atlanta
.195
.1934 Denver
Philadelphia
.135
Baltimore
.156
Detroit
.203
San Francisco:
Boston
.175
Houston
.182
Third grade_ _ _..151
Jacksonville
Buffalo
.189
.20
Above 65octane.. .195
Chicago
.14
Kansas City
.165
Premium
.229
Minneapolis
Cincinnati
.159
..19
St. Louis
.145
•Less 2 cents cash discount.
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery.
New YorkChicago
$.0234-.0334 New Orleans, ex_ .$.0311
(Bayonne)
I Los Ang.,ex_ _ .045i-oo
Tulsa
04-34-.0314
North Texas
.03
Fuel Oil, F.O.B. Refinery or Terminal.
N. Y.(Bayonne)California 27 plus D
Gulf Coast C
$ .70
Bunker C
8.75-1.00[Chicago 18-22 D_ .4216-.50
$ .85
1.75 New Orleans C
Diesel 28-30 D
.70 Philadelphia C
.85
Gas Oil, F.O.B. Refinery or Terminal.
N. Y.(Bayonne)I ChicagoTulsa
28 plus G 0„3.0334-.041 32-36 G 0
8.0134
$.0134
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery.
N. Y.(Bayonne)
N. Y.(Bayonne)Shell Eastern Pet _$.0590
Standard Oil, N.J.New YorkMotor, U. S___$.06
Colonial-Beacon __ .06
Stand. Oil, N. Y_ .0615
Tide Water 011 Co .06
a Texas
.0590
Richfield Oil(Cal.) .0625
06
Gulf
Republic Oil
Warner-Quin. Co_ .06
06
:Richfield "Golden." z"Fire Chief," 5.0615.
Chicago
5.05-.0515
New Orleans,ex_ .04-.0414
Arkansas
.04-.0414
California
05-.07
Los Angeles, ex_ .0434-.07
Gulf ports
.05-.0534
Tulsa
(15-.05%
Pennsylvania...
.0534
Crude Oil Output Increased 36,900 Barrels Per Day
During Week Ended July 15 1933-A Further Falling Off in Inventories Noted.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
July 15 1933 was 2,633,150 barrels, compared with 2,596,250
barrels per day during the preceding week, a daily average of
2,586,250 barrels for the four weeks ended July 15 and an
average daily output of 2,154,850 barrels for the week ended
July 16 1932.
Stocks of motor fuel at all points showed a further falling
off during the week ended July 15 1933, amounting at the
latter date to 51,798,000 barrels. This compares with
52,168,000 barrels at July 8 1933, or a decrease of 370,000
barrels for the period. Inventories declined 266,000 barrels
during the preceding week and 883,000 barrels during the
week ended June 24 1933.
Reports received for the week ended July 15 1933 from
refining companies controlling 92.2% of the 3,586,900-barrel
estimated daily potential refining capacity of the United
States, indicate that 2,376,000 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,
28,692,000 barrels of, gasoline and 127,776,000 barrels of
gas and fuel oil. Gasoline at bulk terminals, in transit and
in pipe lines, amounted to 19,531,000 barrels. Cracked
gasoline production by companies owning 95,1% of the
potential charging capacity of all cracking units, averaged
503,000 barrels daily during the week.
The report for the week ended July 15 1933 follows in
detail:
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures in barrels.)
Week
Ended
July 15
1933.
g8S888.i22228828822
45.
0
0mO/MM...4,
N...w,MWM
587,750
132,400
45,800
50,350
21,750
159,700
58,200
547,800
77,600
53,150
27,450
31,300
126,500
43,450
91,850
16,600
26,450
7,500
2,550
37,300
487,700
Average
4 ;Yeas
Ended
July 15
1933.
MCq
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
North Louisiana
Arkansas
Coastal Texas (not including Conroe)
Coastal Louisiana
Eastern (not Including Michigan)
Michigan
Wyoming
Montana
Colorado
New Mexico
:3aI1tomIa
Week
Ended
July 8
1033.
ne-;ae.7.6,:a,ria
I.-NV .0MM** vM
C 0100011'0.30*
MM
C..,
...4
../H
July 19-Standard of New York advances tank car gasoline 31c. a
gallon at Buffalo, new price Sc. a gallon.
Week
Ended
JO/ 16
1932.
1
All indications point to an early advance in tank car,
tank wagon, and service station gasoline prices throughout
the Eastern territory. One of the smaller companies, Hartol
Products, this week advanced tank car gasoline here 3c. a
gallon to 63j0., while the market rules generally at 6c. for
above 65 octane. Standard of New York on July 19 advanced tank car gasoline 34c. to 6c. at Buffalo, N. Y.
Any stiffening in the crudeymarket, such as is expected to
materialize during the ensuing week, should be immediately
reflected in refined products. In fact, several companies
are said to be ready with new/price postings on higher levels
but are holding off until advances in crude give further
warrant of such aetion. There is also some feeling that
action on the industry's code at Washington next week will
automatically bring about an upward revision of prices,
and rather than take the initiative now, they prefer to wait
until higher prices become the rule, rather than the exception.
Reports from the Tulsa market to-day quote U. S. Motor
gasoline below 65 octane at 4c., and at 43.o. to 43
4c. at
the Gulf Coast. These levels show little variation from
the prices existing last week.
Pennsylvania lubricating oils continue exceptionally
strong, a further price advance:of13/
2c. on bright stocks being
noted this week.
There is little action now in kerosene, but prices are firm
and unchanged within a range of 5c.-514c. for 41-43, water
white. Bunker fuel oil is strong and firmly held at 85c. a
barrel, at refinery. It is reported that available stocks of
bunker at seaboard points are not large. Diesel holds
steady with prices firm.
Price changes follow:
ofJuly
Products advances tank car gasoline 34c. to new price
6m
888M88888888S8888888
Secretary Ickes has made public the rules and regulations
governing the carrying out of Pre.ident Roosevelt's "hot oil"
order, which require the filing monthly, beginning with
August 5, of reports by producers, purchasers, refiners and
shippers. The Secretary of the Interior emphasized the
point that his Department is to institute vigorous enforcement of the President's order prohibiting the transportation
of illegal oil in inter-State commerce. He said that immediate
and drastic action will be taken where violations are found.
Anyone who produces and transports oil in excess of State
allowables will be subject to the penalties of the law, a fine
of $1,000 and six months imprisonment.
Producers must give the locations of their respective producing properties and wells, the allowable production for
each as prescribed for them by the proper State agency, as
well as daily production in barrels from each property and
well and a report of all sales showing the names of purchasers and transporting companies, their places of business,
and the quantity involved in each sale or shipment.
Purchasers, refiners and shippers each must give the place
and time of receipt and the amount received of petroleum
and the products thereof, and its disposition, including the
place and time of sales, the amount sold, the destination
and consignee.
Pennsylvania crude oil prices were again advanced this
week when, on Monday, July 17, a 15c. per barrel increase
was posted by South Penn Oil Co. and Tidewater Pipe Lines,
Ltd. The increase brought prices to:
South Penn:-Southwest Pennsylvania Pipe Line, $1.52;
Eureka Pipe Lines, $1.47; Buckeye Pipe Lines, $1.32. Tidewater:-New York Transit and National Transit Lines,
$1.85. On the following day South Penn posted a 10c. per
barrel advance for Corning crude in Buckeye Pipe Lines, the
new price being 90c. The last advance in Corning was on
July 6, when the price was raised to 80c. per barrel.
Midland District, Michigan, crude was advanced 15c.
a barrel to a new price of 90c. per barrel on Monday, the
increase being posted by the Pure Oil Co.
It is believed inevitable that some settlement of the Midcontinent and Texas crude price situation must come about
within a few days, due to the fact that petroleum will be
very much in the public eye during the hearings on the code.
Price changes follow:
July 22 1933
0...
43.4000101.3..000I00010..00.-.10
570
406,900
97,250
52,900
50,050
24,800
179,500
57,300
337,400
250
56,500
30,350
34,100
118,150
32,650
104,850
19,200
34,250
7,350
2,900
35,700
472,500
Total
2,633,150 2,596,250 2,586.250 2154850
Nole.-The figures indicated below do not include any estimate of any oil which
might have been surreptitiously produced.
Volume 137
Financial Chronicle
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS, GAS AND FUEL OIL
STOCKS AND CRACKED GASOLINE PRODUCTION. WEEK ENDED
JULY 115 1933.
(Figures in barrels of 42 gallons each.)
Potential
Rate.
East Coast
Appalachian_ _
Ind., Ill., Ky.__
Okia.,Kans.,Mo.
Inland Texas__.
Texas Gulf
Louisiana Gulf
North La.-Ark
Rocky Mountain
California
Totals week:
July 15 1933
Tull: R 1033
582,000
150,800
436,600
462,100
274,400
507,500
162,000
82,600
80,700
848,200
Reporting.
Total.
%
Crude Runs
to Stills.
%
Daily OperAverage. ated.
582,000 100.0 487,000
139,700 92.6
29,000
425,000 97.3 359,000
379,500 82.1 256,000
161,100 58.7 104,000
497,500 98.0 417,000
162,000 100.0 114,000
76,500 92.6
43,000
63,600 78.8
47,000
821,800 96.9 457,000
0-4cpvipoomehool
iuMLIC..6;oL.4
Daily Refining Capacity
of Plants.
District.
a Vator
Fuel
Stocks.
Gas and
Fuel Oil
Stocks.
14,652,000 7.487,000
1,916,000
926,000
7,377,000 4,404,000
4,550,000 3.668,000
1,283,000 2,146,000
6,150,000 6,742,000
1,168,000 1,902,000
252,000
498,000
1,082,000
760,000
13,368,000 99.243,000
3,586,900 3,308,700 92.2 2,376,000 71.8 c51798000 127,776,000
3 MR 0110 2 205 7011 09 99 545 0011 7110 59 1050110 127 024 nnn
a Below are set out estimates of total motor fuel stocks on U. S. Bureau of Mines
basis for week of July 15 compared with certain June 1932 Bureau figures:
A. P. L. estimate on IL of M. basis, week July 15 1933_b
53,800,000 barrels
U. S. B. of M. motor fuel stocks, July 1 1932
61,558,000 barrels
xJ, S. B. of M. motor fuel stocks, July 31 1932
62,181,000 barrels
b Estimated to permit comparison with A. P. I. Economics report, which is on
Bureau of Mines basis.
c Includes 28,692,000 barrels at refineries, 19,531,000 bulk terminals, In transit
and pipe lines, and 3,575,000 barrels of other fuel stocks.
Secretary Ickes Says East Texas Pool Contains Chief
Offenders in Inter-State Transportation of Illegally
Produced Petroleum-Interior Department Lawyers
Go to Field-Illegal Movement Reported Being
Curbed.
Declaring that the chief offenders in inter-State transportation of illegally produced petroleum seem to be in the East
Texas pool, Secretary of the Interior Ickes on July 18 said
that two attorneys for his Department were in the East Texas
field surveying the situation. Meanwhile the "Wall Street
Journal" in a special dispatch from Austin on the same day,
said that although there was an unexpected increase of
illegal oil production during the first four days of last week,
the railroads have started to comply with the Texas Railroad Commission's order requiring approved tenders for all
inter-State tank car shipments, and this has brought the
illegal oil movement to a low level. Mr. Icke's announcement regarding investigations being conducted in East Texas
was reported in part as follows in Associated Press advices
from Washington on July 18:
Norman L. Meyers, borrowed from the Federal Power Commission, and
J. Howard Marshall of the Department's legal division, are in Tyler, Texas,
Mr. Ickes said.
He added that "some oil interests in Texas are threatening injunction
suits" against the orders prohibiting movement of petroleum or its products
produced in violation of State Conservation and proration orders.
Mr. Marshall,formerly assistant dean of the Yale University Law School,
has made a special study for several years of oil legislation and with Mr.
Meyers is consulting the various interests in the Lone Star State's eastern
flush pool.
Several investigators are also in the East Texas area and others are
expected to be invited into Oklahoma, although officials here are of the
opinion that illegal production of petroleum has fallen off in the Oklahoma
area in recent months.
Gasoline Prices Advanced in Pennsylvania.
Effective July 17 the Atlantic Refining Co. advanced the
price of gasoline in tank wagons and at service stations
one cent a gallon throughout Pennsylvania. In Philadelphia and vicinity the service station price of gasoline
was increased one cent a gallon by the Sun Oil Co. and the
Standard Oil Co. of Pennsylvania, meeting the advance
made by the Atlantic Refining Co. This change also
became effective July 17.
Pennsylvania Grade Crude Oil Prices AdvancedCorning Grade Up 10 Cents.
Advances of 15 cents a barrel on Pennsylvania crude and
10 cents a barrel on Corning were announced July 17 by
the Joseph Seep Purchasing Agency of the South Penn
Oil Co. Higher quotations were announced at the same
time by the Tide Water Pipe Line Co., Ltd. The companies' new schedules follow:
South Penn Oil Co.: Pennsylvania crude in Southwestern pipe lines,
$1.52; in Eureka Pipe Line Co.lines, $1.47; in Buckeye Pipe Line Co.lines,
$1.32, and the Corning grade in Buckeye Pipe Line Co. lines at 80 cents.
Tide Water Pipe Co.: $1.85 for Pennsylvania grade oil in New ork
Transit lines and Bradford district oil in National Transit lines.
Somerset Crude Oil Prices Advanced by Ashland Oil
& Transportation Co.
The Ashland Oil & Transportation Co., subsidiary of the
Ashland Refining Co., advanced the price of Somerset crude
oil 13 cents a barrel. The new price, which became effective
July 14, is 88 cents.
571
Active Trading in Copper and Zinc-Trend of Prices
Continues Upward.
"Metal and Mineral Markets" in its issue of July 20
reports that realizing that higher prices for major non-ferrous
metals will have to prevail for the industry to operate
profitably under the Administration's program, demand
continued fairly active, especially in copper and zinc. The
trend in prices was upward, higher quotations obtaining
for silver, zinc, antimony, quicksilver, bismuth, platinum
and iridium. Copper was strong at the close, with several
operators asking above 9c., delivered. Lead sold in fair
volume, but the price underwent no change. As for the
codes of practice in copper, lead and zinc, progress is being
made, though slowly, owing to the complexity of the problems in hand. Some producers now believe that a "blanket
code" will have to be employed as a temporary measure.
The same publication also says:
Copper Price Stiffens.
Copper was generally available yesterday for general consumer accounts at the 9c., delivered Connecticut, level. Bids by dealers, however,
were said to be rejected in all directions and in the afternoon most of the
principal producers were out of the market as a result of moving their
offers up to a 9.25c. level. That a higher price for the metal was Imminent
seemed to be a widely held opinion in the trade at yesterday's close. With
the exception of one fair-sized lot sold last Saturday at 8.875c.. Connecticut,
for prompt delivery, all the business of the week was booked on a 9c.
basis. Total sales, which were at about the same level as those of the
preceding seven-day period, included several round lots; shipping specifications extended into the fourth quarter. Dealers managed to acquire
a substantial tonnage during the week.
Activity in the foreign market showed little change from that of the
preceding week, although prices were generally higher. During the sevenday period prices ranged from 8.90c. to 9.175c., c.i.f., the higher figure
applying to part of'yesterday's business.
The Phelps Dodge smelter in Douglas. Ariz., resumed production on
July 17. This approximately doubles the rate of copper production by
Phelps Dodge and again brings the rate to about 20% of the company's
rated capacity, or about 3,000 tons a month. H. A. Clark, manager
of the smelting division, said that changing conditions had made the
move necessary.
Magma Copper produced 9,688,730 pounds of copper during the second
quarter of the current year, against 10,020,105 pounds in the first quarter.
Canada produced 19,776.008 pounds of copper during April, against
21,708,287 pounds in March and 22,077,843 in April 1932. according to
the Dominion Bureau of Statistics. During the first four months of 1933
total copper production in Canada was 81.600,744 pounds, or 7.1% below
the production in the same period last year.
Refined copper statistics circulated among producers who account for
about 90% of the world's output, in short tons, follow:
May._
June.
Production
82,000
85,000
DeliveriesUnited States34,000
51.300
Foreign
58,600
59.800
Totals
92.600
111,100
Stocks_a
748.500
a Stocks held by producers credited with about 90% of the 711,000
world's
total; includes metal held for account of fabricators.
Fair Trade in Lead.
Buying of lead held at a good rate, the tonnage sold during the week
being slightly above what might be regarded as average. Through the
London market strengthened toward the close, and the domestic price
situation was regarded as firm, quotations were maintained at 4.50c.,
New York, the contract basis of the American Smelting & Refining Co.,
and 4.35c., St. Louis, throughout the week. Increased activity, in the
opinion of operators, might easily result in a higher market here. Consumers, on the other hand, are trying to obtain a better picture on actual
consumption of lead before accumulating more metal in quantity. With
sales booked so far for shipment during July totaling around 39,500 tons,
both buyers and sellers are disposed to move a little slowly.
The June statistics are expected to-day and will probably show a moderate
reduction in stocks of refined metal. The movement of scrap again
was
fairly large last month.
Good Sales of Zinc.
Demand for zinc was again at a high level, with total sales
volume
exceeding even the very substantial business of the preceding
seven-day
period. Included in the week's bookings were several round
lots of more
than 1,000 tons. Price of the metal fluctuated through a
narrow range
on each trading day, with the general price level
trending upward from
4.85c. at the beginning of the week to 5.00c. yesterday.
Some of the
week's business was for prompt or nearby delivery, but
the greater part
specified either third or fourth-quarter shipment.
Demand for High Grade zinc has been excellent and production
is being
increased. During the last week the Anaconda zinc
plant at Great Falls.
Mont., started up the eighth unit. This is the first
time in several years
that the plant has placed all eight units in
operation.
The base price of sheet zinc was raised ;ic., effective
July 12.
Tin Buying Slackens.
Though consumption of tin in this country is holding at a
high level,
new purchases of the metal have been small. Prices
here held steady
to firm on the weakness in the dollar. The International Tin
Committee
is concerned over the future of the control plan,
largely because of the
tendency by outsiders to raise output of uncontrolled metal.
Uncertainty
as to what method the Pool will pursue to market its surplus
also was
an unsettling factor. The premium for Straits tin over
other brands
is now about back to normal.
Chinese, 99%, prompt shipment, was quoted as follows:
July 13,
45c.; July 14. 45c.: July 15, 45c.: July 17, 45.125c.:
July 18, 46.250c.:
July 19, 46c.
Pay Increased 15% by Beth'ehem Steel Corp.-Affects
Approximately 50,000 Workers.
A 15% general increase in wages at its various plants,
effective as of July 16, was announced on July 17 by the
Bethlehem Steel Corp. The increase affects about 50,000
employees. The announcement was made following meetings
572
Financial Chronicle
of various groups of employees' representatives with officials
of the concern. Associated Press advices from Bethlehem,
Pa., July 17, said:
While the announcement did not make any reference to previous pay
cuts, it was stated unofficially that the increase of 15% taken in the light
of the reduced coat of living, is a substantial restoration of the purchasing
power of employees.
It was stated also schedules of minimum wages and working hours would
be made to conform with the provisions of the steel code after its adoption.
Pay increases were announced recently by certain subsidiaries of the corporation.
The increase announced to-day affects such major plants as those at
Bethlehem, Johnstown, Steelton, Lebanon and Coatesville, Pa.: Sparrows
Point, Md., Lackawanna, N. Y., and the Pacific Coast Steel Co., with
plants at Seattle, South San Francisco and Los Angeles.
Empire Steel Corp. Advances Wages 5%-Affects
1,200 Employees.
A 5% wage increase, partly restoring previous cuts and
bringing the minimum scale to 31 cents an hour, was announced July 17 by the Empire Steel Corp., according to
Associated Press advices from Mansfield, Ohio, July 17.
The increase affects 1,200 employees, excluding office
workers.
Workers of Sharon Steel Hoop Co. Receive Pay
Increase.
The Sharon Steel Hoop Co. on July 19 increased the
salaries of its executives, clerical workers and other salaried
employees 15%. The increase, which is effective retroactive
to July 16, followed the general 15% advance for wage
earners throughout the steel industry.
Salaried
1,80- Workers of Bridgeport Brass Co. Receive 10%
Advance in Hourly and Piece Work Rates.
The 1,800 employees of the Bridgeport Brass Co., Bridgeport, Conn., received increases of 10% in hourly and piece
work rates effective July 17. The advance was announced
on July 14 by Ralph E. Day, General Manager of the firm.
With regard to the announcement, Associated Press advices
from Bridgeport to the New Haven "Register" of July 14,
said.
In making the announcement Mr. Day declared that the Increases are
granted in appreciation of the upward trend of living costs and will be comparable with the new rates to be set in code of the brass industry which will
be presented to President Roosevelt next week.
He further stated that the present personnel has increased to nearly
2,000 including salaried employees from 600 in March of this year.
July 22 1933
and steel users by the "Iron Age" discloses that, in most cases, increased
consumption has paralleled increased purchases of materials.
Steel production has apparently gone about as far as it can without the
support of the heavy industries. While ingot output has increased from
49 to 50% at Pittsburgh and from 40 to 41% in eastern Pennsylvania,
there have been recessions in the Cleveland-Lorain district, in the South
and at Buffalo and the national average has declined from 59 to 58%
of capacity.
Private building continues to lag, although giving scattered indications
ofincipient revival. Public work is not yet appearing in significant volume.
Fabricating awards, at 7.950 tons, compare with 27,225 tons a week ago.
Lettings of reinforcing steel, at 7,400 tons, include 3,000 tons for a Milwaukee sewage plant.
Railroad purchases of steel for car and locomotive repairs are gradually
increasing, but the carriers are unlikely to abandon their present caution
before June and July earnings statements have been analyzed.
Farm equipment programs, heretofore limited mainly to the manufacture of repair parts, have now been enlarged to include the production
of new machinery. Export business in agricultural implements has been
showing a steady increase.
Indications that activity in the reborn brewing industry may have been
overdone are seen In the abandonment of several proposed plant construction projects.
Scrap prices continue to rise throughout the country. Advances in heavy
melting steel at Pittsburgh, Chicago and Philadelphia have raised the
"Iron Age- scrap composite from $10.88 to $11.58 a ton. Furnace coke
has risen another 25c. a ton to $2.50, Connellsville. Fluorspar has been
marked up to $14 a ton, domestic mines. Advances of $1 a ton in pig iron
prices, now effective in virtually all markets, have caused the "Irom Age"
pig iron composite to rise from $15.17 to $15.90 a con. The finished steel
composite is unchanged at 1.973c. a lb. Bolt, nut and rivet manufacturers
have extended present discounts and prices through the third quarter.
Reflecting the pronounced gain in iron and steel works operations,
consumption of Lake Superior ore in June amounted to 1,894,004 tons, an
Increase of 628.381 tons over May. There were 164 Lake vessels in commission July 15, a gain of 65 since June 15.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Based on steel bars, beams, tank plates,
July 18 1933, 1.973c. a Lb.
1.9730. wire, rails, black pipe and sheets.
One week ago
1.892c. These products make 85% of the
One month ago
1.9760.
United States output.
One year ago
High.
Low.
1
973e. July 5
1.867c. Apr. 18
1933
19770. Oct. 4
1932
1.9260. Feb. 2
2.037c. Jan. 13
1931
1.045c. Dec. 29
2.273c. Jan. 7
2.0180. Dec. 9
1930
2.317c. Apr. 2
2.2830. Oct. 29
1929
2.2860. Dec. 11
2.217c. July 17
1928
2.4020. Jan. 4
2.212c. Nov. 1
1927
Pig Iron.
Ton.
on
(Based
Gross
average
of basic iron at Valley
July 18 1933, 515.90 a
$15.17 furnace foundry irons at Chicago.
One week ago
15.01 Philadelphia, Buffalo, Valley and sirOne month ago
13.76
mingham.
One year ago
High.
Low.
$15.90 July 18
$13.56 Jan. 3
1933
14.81
Jan. 5
13.56 Dec. 6
1932
15.90 Jan. 6
15.79 Dec. 15
1931
18.21 Jan. 7
15.90 Dec. 16
1930
18.71 May 14
18.21 Dec. 17
1929
18.59 Nov. 27
17.04 J1113, 24
1928
19.71
Jan.
4
17.54 Nov. 1
1927
Steel Scrap.
July 18 1933, 511.58 a Gross Ton. (Based on No. 1 heavy melting steel
$10.88 Quotations at Pittsburgh, Philadelphia
One week ago
9.96 and Chicago.
One month ago
6.42
One year ago
High.
Low.
511.58 July 18
$6.75 Jan. 3
1933
8.50 Jan. 12
6.42 July 5
1932
11.33 Jan. 6
7.62 Dec. 29
1931
15.00 Feb. 18
11.25 Dec. 9
1930
17.58
Jan.
29
Dec. 3
14.08
1929
16.50 Dec. 31
13.08 July 2
1928
15.25 Jan. 11
13.08 Nov.22
1927
City Workers of Cleveland Receive Pay IncreaseRestores Cut Previously Made.
Wage increase of 5 to 25 cents an hour to the 4,000 city
employees in Cleveland, Ohio, who are paid on an hourly
basis, were voted by the Board of Control of that city on
July 19. The increases, according to Associated Press
advices from Cleveland, July 19, were made at the request
of Mayor Ray T. Miller, who said he wanted the city to
Specifications against contracts are broadening suffi"get in step" with other cities. The increase ranges between
8 and 20% for each worker and restores a cut made in ciently to lift the steelworks operating rate two more points
to 57%, but the tendency of consumers to withhold further
March, the advices noted.
commitments, especially in view of the higher prices that
Steel Production Shows Signs of Having Reached would be applied, is more pronounced, stated "Steel," of
Summer Peak, Says "Iron Age"-Operations Now Cleveland, on July 17. "Steel" adds:
at 50% of Capacity-Pig Iron and Steel Scrap
Automotive consumption is undiminished; railroads in an unspectacular
Prices Advance Further.
but more satisfactory volume are placing material for equipment repairs;
of
those
behind
run
farm implement manufacturers are more active; the oil and brewing indusFinished steel releases continue to
requirements are expanding; but building construction continues
last month, but mill backlogs have not been materially tries'
better in prospect than in actuality.
for
Pressure
20.
July
of
Age"
"Iron
reduced, reports the
Steelmakers are confident of a revival in buying toward the close of
deliveries is still severe, particularly from the automotive July or early next month, as a comparatively small proportion of requirements for August and September have been covered. In the meantime,
industry. New demand from that source, however, has de- the
majority of mills have sufficient backlogs to carry them at their present
manufacturers
car
motor
clined, indicating that some of the
rate to the middle of August, and in a few instances all through next month.
Continued pressure for material, the bulk of which is going into immediate
are apprehensive of a reduction in their production schedules
consumption, has raised the steelworks rate in practically all districts.
to
proved
year
the
in
earlier
caution
in August. Similar
Cleveland is up 5 points to 87%; Birmingham up 2 to 77; Youngstown up
be unwarranted, and it is possible that present estimates 3 to 66; Buffalo up 8 to 62; Chicago up 4 to 60; Pittsburgh up 2 to 48;
Pennsylvania up 2 to 42. The Wheeling, W. Va., district remains
fail to take into account current accessories to mass buying eastern
at 90%. Detroit steelworks are operating at 55.
power from wage advances, increased farm prices and higher
The national average of .57%. reaching for the first time the 1930 trend
line, compares with 80% as the average for July in the five years 1926-30.
security markets. The "Age" continues:
Uncertainty in the automotive field is offset, in part at least, by the
removal of uncertainty regarding iron and steel prices. The adoption of
maa code by iron and steel producers has clarified the price situation
terially, causing concessions to disappear on virtually all products and overEstabrecent
advances.
accept
to
reluctance
coming lingering consumer
lishment of a single quotation for all buyers, under the provisions of the
code, will wipe out preferences enjoyed by larger users and will mean
higher realization prices to mills. Already buyers are hastening to enter
specifications against bars, plates, shapes and other products on which
releases likewise are
prices were extended through this month. rig iron
increasing, not only on account of the certainty of a rising market but also
because of increased foundry melt.
The wage advances that have been put into effect by iron and steel
producers, together with rising costs of fuel, scrap and other raw materials.
have destroyed the last doubts of the trade about the permanence of recent
price increases. Undeniably buyers have been purchasing further ahead
than usual, but it is by no means established that they have accumulated
.excessive inventories. A survey of a large number,of representative iron
Tin plate mill operations have rebounded to 95%, following a brief letdown due to the holiday in the preceding week. A Cleveland steelworks
operating at capacity, and unable to put another blast furnace into commission immediately, has purchased 10,000 tons of basic iron from the
Ford Motor Co.
An element of strength has been added to the markets by adoption of
the steelworks industrial code, which was to be filed with the Recovery
Administration July 17. raising wages and putting in effect a maximum
work-week of 40 hours. Largely in anticipation of this, but also because
of recent advances in coal and coke, prices pig iron producers throughout
the country have raised prices $1 a ton effective immediately.
While no further advances have been made in finished steel prices, it Is
evident that the large consumers of plates, shapes and bars will have to
pay more for their material after July 31, when single open-market prices
will go in effect.
On some of the lighter finished products, chiefly sheets and strip, there
is a tendency to quote prices as advanced for July through the remainder
of the quarter. Wire mills have adopted this policy. Seamless steel
573
Financial Chronicle
Volume 137
boiler tubes have been advanced $8 to $12 a ton. Fluorspar is up $3.50
a ton.
Plate demand is beginning to feel renewed impetus from larger buying
by the railroads, ship and barge builders, as well as from the oil and brewing industries. Car and locomotive repair shops have Increased their
operations.
Pennsylvania RR. Is to take 5,150 cars from storage for repairing this
month, in addition to 5,600 previously scheduled. Northwestern roads
are getting equipment in condition for a heavy grain movement. Substantial rail purchasing is not in prospect until late this year; Erie is expected to release 6,000 tons on last year's purchase. Structural shape
awards for the week dropped to 5,700 tons.
Due to the advance in pig iron prices, "Steel's" iron and steel composite
has risen 47 cents to $30.14. The finished steel composite is off 10 cents to
$47.40, reflecting the willingness of some producers to accept hot-strip
at 1.60c. base Pittsburgh; while the steelworks scrap composite is up 34
cents to $10.50.
Steel ingot production for the week ended July 17 is
placed at about 56% of capacity, according to the "Wall
Street Journal" of July 18. This compares with 533/2%
in the week before and 52% two weeks ago. The "Journal"
adds:
15. S. Steel is estimated at approximately 47%. against 43 1-3% in the
previous week and 42% two weeks ago. Independents are credited with a
rate of 63%,compared with 61% in the preceding week and 60% two weeks
ago.
The following table gives the percentage of production in the corresponding week of previous years, together with the approximate change from the
week immediately preceding.
Industry.
U. S. Steel.
1932*
1931
3134+
1930
1929
5736+ Si
95 + 2
33 -I- 2
64 + 1
99 + 3
1928
1927
* Not computed.
6934- 134
67 + 34
73 - 2
69
14
Independents.
cite tonnage was due only in part to the holiday on July 4,
however. Loadings on other days were generally lower,
and the average daily rate of output declined 27.1%.
During the calendar year to July 8 1933 production was
estimated at 151,587,000 net tons of bituminous coal and
23,229,000 tons of anthracite, as against 147,265,000 tons
of bituminous coal and 24,438,000 tons during the calendar
year to July 9 1932. The Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
July 1
1933.d
1933.
1932.
1929.
a Includes lignite, coal made into coke, local sales, colliery fuel. b Includes
Sullivan county, washery and dredge coal, local sales and colliery fuel. c Subject
to revision. d Revised since last report.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS).
Week Ended
June
State.
July 2
1932.
July 4
1931.
1,784,000
64,000
13,000
16,000
188,000
18,000
112,000
14,000
51,000
158,000
181,000
48,000
78,000
411,000
147,000
14,000
3,000
34,000
20,000
10,000
109,000
1,179,000
55,000
16,000
16,000
114,000
24,000
214,000
48,000
54,000
570,000
193,000
44,000
69,000
567,000
121,000
27,000
2,000
30,000
24,000
17,000
323,000
1,600,000
72,000
13,000
32,000
168,000
28,000
387,000
70,000
175,000
1,243,000
416,000
88,000
128,000
661,000
183,000
47,000
12,000
38,000
51,000
14,000
888,000
3,613.000
113,000
21,000
89,000
240,000
44,000
1,461,000
342,000
48.000
1,000
884,000
321,000
67.000
4,000
1,387,000
359,000
61,000
1,000
1,380,000
856,000
104,000
5,000
Total Mum. coal_ 6,570,000
Penna. anthracite_ _ _ 1,137,000
5,990,000
1,015,000
4,070,000
561,000
6,024,000
950,000
10,866,000
1,956,000
7 7A7 Ann
7 nnk OAR
4 631 Ann
6 074 OM
12.822.000
1933.
2934- 134
52
Production of Bituminous Coal and Anthracite Curtailed During Week Ended July 8 1933, Due to
Observance of Independence Day Holiday.
Curtailed by the Independence Day holiday throughout
the country, the total production of soft coal during the
week ended July 8 1933 amounted to 5,530,000 net tons,
according to the United States Bureau of Mines, Department of Commerce. This is a decreaseof 1,040,000 tons as
compared with the preceding week, but is 1,938,000 tons
higher than in the corresponding period last year. The average daily rate of output (1,106,000 tons) for the five active
days in the week of July 8, however, was 2.9% higher than
that for the previous week during which latter period it was
1,075,000 tons.
Anthracite production in Pennsylvania during the week
ended July 8 is estimated at 691,000 tons, a decrease of
446,000 tons from the preceding week. The loss in anthra-
July 9
1932.
Bitum. coal: a
Weekly total 5,530,000 6,570,000 3,592,000 151,587,000 147,265,000 267,123,000
952,000
926,000 1,676,000
Daily aver_ _ 1,106,000 1,075,000 718,000
Pa. anthra.: b
Weekly total 691,000 1,137,000 520,000 23,229,000 24,438,000 36,505.000
231,800
147,500
155,200
Daily aver_ _ 138,200 189,500 104,000
Beehive coke:
408,300 3,513,200
418,300
8,400
13,100
12,800
Weekly total
21.821
2,536
2.598
1,680
2,183
2,560
Daily aver__
July 1
91 A- 1
67 - 1
64
Calendar Year to Date.
Week Ended
July 8
1933.c
184,000
Alabama
25,000
Arkansas and Okla
40,000
Colorado
540,000
Illinois
200,000
Indiana
45,000
Iowa
Kansas and Missouri
64,000
Kentucky-Eastern.
615,000
Western
95,000
23,000
Maryland
1,000
Michigan
27,000
Montana
New Mexico
15,000
15,000
North Dakota
330,000
Ohio
1,930,000
Pennsylvania
71,000
Tennessee
12,000
Texas
30,000
Utah
223,000
Virginia
21,000
Washington
West Virginia:
1,585,000
Southern_ b
416,000
Northern _c
62,000
Wyoming
1,000
Other States
June 24
1933.
157,000
24,000
42,000
468,000
190,000
44,000
53,000
585,000
87,000
20,000
2,000
25,000
16,000
14,000
328,000
1923,
Arerage.a
a Average weekly rate for the entire month. b Inc udes operat ons on the
N. & W.: C. & O.; Virginian; K. & M. and B. C. & G. c Rest of State, including
Panhandle.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ending July 19, as reported by
the Federal Reserve banks, was $2,196,000,000, a decrease
of $34,000,000 compared with the preceding week and of
$242,000,000 compared with the corresponding week in 1932.
After noting these facts, the Federal Reserve Board proceeds as follows:
On July 19 total Reserve bank credit amounted to $2,197,000,000, a
decrease of $4,000,000 for the week. This decrease corresponds with a
decrease of 832,000,000 in money in circulation and an increase of $17,000,000 in Treasury currency, adjusted, offset in part by increases of
$21,000,000 in member bank reserve balances and $24,000,000 in unexpended capital funds, non-member deposits, &c.
Bills discounted decreased $5,000,000 at the Federal Reserve Bank of
New York and at all Federal Reserve banks. The System's holdings of
bills bought in open market declined $3,000,000, while holdings of Treasury
notes increased $9.000.000 and of Treasury certificates and bills $1,000.000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain otheritems not included
in the condition statement, such as monetary gold stocks and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the
different items, was published in the May 31 1930 issue of
the "Chronicle" on page 3797.
The statement in full for the week ended July 19, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
pages 643 and 644.
Beginning with the statement of March 15 1933, new
items were included, as follows:
1. "Federal Reserve bank notes in actual circulation," representing the
amount of such notes issued under the provisions of paragraph 6 of Section
18 of the Federal Reserve Act as amended by the Act of March 9 1933.
2. "Redemption fund-Federal Reserve bank notes," representing the
amount deposited with the Treasurer of the United States for the redemption of such notes.
3. "Special deposits-member banks" and "Special deposits-nonmember banks," representing the amount of segregated deposits received
from member and non-member banks.
A new section has also been added to the statement to show the amount
of Federal Reserve bank notes outstanding, held by Federal Reserve banks.
and in actual circulation and the amount of collateral pledged against
outstanding Federal Reserve bank notes. '
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ending
July 19 1933 were as follows:
Increase (+) or Decrease (-)
Since
July 19 1933. July 12 1933. July 20 1932.
Bills discounted
Bills bought
163,000,000
10,000,000
-5,000,000 -375,000,000
-3,000,000 -42,000,000
2,017,000,000
7,000,000
+10.000,000
-6,000,000
TOTAL RESERVE BANK CREDIT 2,197,000,000
Monetary gold stock
4 319,000,000
Treasury currency adjusted
1,947,000,000
+17,000,000
U. S. Government securities
Other Reserve bank credit
+181,000,000
-5.000.000
-4,000,000 -241,000,000
+367,000.000
+177,000,000
Money in circulation
5 635,000,000 -32,000,000 -100.000,000
Member bank reserve balances
2,290,000,000 +21,000,000 +254,000,000
Unexpended capital funds, non-member deposits, 3:c
538,000,000 +24,000,000 +149,000,000
Returns of Member Banks in New York City and
Chicago-Brokers' Loans.
Beginning with the returns for June 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in New York City, as well as those in
Chicago, on Thursday, simultaneously with the figures for
the Reserve banks themselves, and for the same week, instead
of waiting until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks, for the
574
Financial Chronicle
current week, as thus issued in advance of the full statement
of the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
course, also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week shows an increase of $12,000,000, the total of these
loans on July 19 1933 standing at $967,000,000, as compared
with $331,000,000 on July 27 1932, the low record for all
time since these loans have been first compiled in 1917.
Loans "for own account" decreased from $846,000,000 to
$833,000,000, but loans "for account of out-of-town banks"
increased from $I01,000,000 to $128,000,000, while loans
"for account of others" decreased from $8,000,000 to
$6,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
Loans and Investments—total
New York.
July 19 1933. July 12 1933. July 20 1932.
$
6,858.000.000 6,932,000,000 6,285,000,000
Loan—total
1,862,000,000 1,894,000.000 1,648,000.000
1,598,000,000 1.609,000.000 1,851,000,000
All other
Investments—total
3,400,000,000 3,429,000,000 2,786,000,000
U.S. Government securities
Other securities
2 332,000,000 2,354,000,000 1,839,000,000
1.068.000.000 1,075,000,000 947,000,000
Reserve with Federal Reserve Bank__ — 740,000,000
Cash in vault
37,000,000
742,000,000
40,000,000
750,000,000
38,000,000
Net demand deposits
Time deposits
Government deposits
5,318,000,000 5,420,000,000 4,857,000,000
795,000.000 782,000,000 774,000,000
265,000,000 265,000,000
29,000,000
Due from banks
Due to banks
71,000,000
73,000,000
74,000,000
1,162,000,000 1,226,000,000 1,066,000,000
Borrowings from Federal Reserve Bank..
Loans on secur. to brokers & dealers;
For own account
833,000,000
For account of out-of-town banks_ _
128,000,000
For account of others
6,000,000
Total
Loans and Investments—total
967,000,000
846,000,000
101,000,000
8,000,000
307,000,000
17,000,000
8,000.000
955,000,000
332,000,000
721,000,000 723,000,000 243,000,000
246,000,000 232,000,000
89,000,000
Chicago.
1 274,000,000 1,276,000,000 1,237,000,000
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank-
713,000,000
689,000,000
873,000,000
357,000,000
356,000,000
342,000,000
347,000,000
508,000,000
365,000,000
561,000,000
587,000,000
364,000,000
355,000,000
206,000,000
374,000,000
213,000,000
195,000,000
169,000,000
270,000,000
27,000,000
252,000,000
31,000,000
179,000,000
17,000,000
1 018,000,000 1,006,000,000
359,000,000 357,000,000
43,000,000
43,000,000
785,000,000
336,000,000
7,000,000
187,000.000
275,000,000
186,000,000
286,000,000
178,000,000
227,000,000
7,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
The Federal Reserve Board resumed on May 15 the
publication of its weekly condition statement of reporting
member banks in leading cities, which had been discontinued
after the report issued on March 6, giving the figures for
March 1. The present statement covers banks in 90 leading
cities instead of in 101 leading cities as formerly, and shows
figures as of Wednesday, July 12, with comparisons for
July 5 1933 and July 13 1932.
As is known, the publication of the returns for the New
York and Chicago member banks was never interrupted.
These are given out on Thursday, simultaneously with the
figures for the Reserve banks themselves and cover 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 90 cities cannot be got ready.
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 on July 12.
The Federal Reserve Board's condition statement of weekly reporting
member banks in 90 leading cities on July 12 shows increases for the week
of $38.000,000 in loans and investments, $67.000.000 in net demand deposits, $29,000,000 in time deposits and $36,000.000 In reserve balances
with Federal Reserve banks, and decreases of $23,000,000 in Government
deposits and $10,000.000 in borrowings from Federal Reserve banks.
Loans on securities increased $49,000,000 at reporting member banks in
the New York district and $63,000,000 at all reporting member banks.
"MI other" loans increased $19,000,000 in the Chicago district. $16,000.000
in the Boston district and $49,000,000 at all reporting banks.
Holdings of United States Government securities declined $56,000,000
in the New York district, $15.000,000 in the Boston district, 38,000,000 in
the San Francisco and $77,000,000 at all reporting member banks. Hold-
22 1933
ings of other securities increased $5,000,000 in the Chicago district
and
$3.000.000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $21,000,000 on July 12, the principal change for the
week being a decrease of $10,000.000 at the Federal Reserve Bask of San
Francisco.
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 $811,000,000 and net demand
time and Government deposits of $807,000.000 on July 12. compared
with
$802,000,000 and $801,000.000, respectively, on July 5.
A summary of the principal assets and liabilities of the reporting member
banks, in 90 leading cities, that are included in the statement, together
with changes for the week and the year ended July 12 1933, follows:
July 12 1933.
$
Loans and investments—total___16,724,000,000
Loans—total
8,642,000,000
On securities
All other
3,874.000,000
4,788,000,000
Investments—total
+112,000,00071,006,000,000
+63,000,000
+49,000.000
—202,000,000
—804,000,000
8,082,000,000
—74,000,000 +1,350,000,000
—77,000,000 +1,269,000,000
+3,000,000
+81.000.000
1,637,000,000
201,000.000
+36,000,000
—2,000,000
10,709,000,000
4,521,000,000
581,000,000
+67,000,000
+29,000,000
—23,000,000
+184,000,000
-F1.000.000
+561,000,000
+49,000,000
+468.000,000
1,276,000,000
2,771,000,000
—53,000,000
—75,000,000
+180,000,000
+311,000,000
21,000,000
—10,000,000
—130.000,000
Reserve with F. R. banks
Cash In vault
Net demand deposits
Time deposits
Government deposits
Increase 1+) or Decrease (—)
Since
July 5 1933.
July 13 1932.
$
+38,000,000 +344,000,000
5.126.000.000
2,956,000,000
U.S. Government securities
Other securities
3,458,000,000 3,503,000.000 3,499,000,000
On securities
On demand
On time
July
Due from banks
Due to banks
Borrowings from F. R. banks....
J. P. Morgan Arrives in London—Said to Plan Currency Stabilization Discussion with Montagu
Norman of Bank of England.
With his arrival in Engand on July 19 on the steamer
"Olympic," J. P. Morgan departed from his usual custom
of declinng to be interviewed, and according to a London
account to the New York "Times" had something to say
with regard to his proposed movements. From the "Times"
London message, we quote:
Discussing his present plans, he iMr. Morgan]said:
"I am combining business with pleasure."
Instead of going direct to his Hertfordshire estate. Wall Hall, at Watford, he decided to motor from Southampton to "the
City," London's
financial district.
"My movements seem to be well known." he said, and
continued:
"I want it understood I am here for a holiday first and foremost,
but
there are also important business matters to be considered.
"One of the first men I am going to see is Montagu Norman, Governor of the Bank of England. He is a great personal friend. I
am hoping
to have several long conversations with him.
"It is impossible to predict what will enter into our conversations.
I should not be surprised if currency stabilization were discussed.
"I firmly believe that somewhere there is some diseased spot in the
world of international finance, but the ways to it are very tangled and
complicated. It will take a great brain to break it, and probably it will
take a long time.
"I do not think it will be impossible to trace this spot and to deal with
it when found."
He added, however, that he was determined not to worry about the
future.
"During my time in England. I am going to forget finance as much
as I can and have a real holiday," he concluded.
Mr. Morgan's visit is earlier than usual, as there are still several weeks
before the grouse shooting season in Scotland starts.
Mr Morgan's departure for Europe was noted in our
issue of July 15, page 414.
World Monetary and Economic Conference "Marks
Time" as Delegates Impatiently Await Recess
Scheduled for July 27—Subcommittee Adopts
Resolution Seeking to Stabilize Silver Price—
Secretary Hull Offers Draft of International Truce
Against Trade Barriers.
The World Monetary and Economic Conference, meeting
at London, did little more than mark time during the past
week, while awaiting with seeming impatience the recess
which will almost certainly be called on July 27. Many of
the leading delegates have already left London, and most of
the others have made definite plans for departure. Meanwhile, the last few days have been occupied chiefly with
meetings of subcommittees which adopted a few resolutions
and discussed a few more. These resolutions may or may not
be approved by the conference proper, but at the present
time none appears to hold any hint of important immediate
action which could appreciably affect the currents of
international trade.
The difficulty of recording concrete accomplishments was
illustrated by the report of the subcommittee on commercial
policy, issued on July 15, which said:
It should be stressed at the outset that the hypothesis on which the whole
work of the subcommission was based was stabilization or at any rate the
de facto stabilization of currencies. When events showed the hypothesis
could not be realized, several countries deemed it necessary to reserve full
liberty of action in the matter either of foreign exchange control or tariffs.
Volume 137
Financial Chronicle
The report added that some delegations urged that a
program should be formulated indicating measures they
would be willing to take when stability had been achieved
and that this difference of opinion made unanimous agreement impossible. Further differences are described below,
in a quotation from the London correspondent of the New
York "Times:"
All delegations agreed that quantitative restrictions on the exchange of
goods, whether direct or indirect, must disappear as soon as possible. But
some countries made reservations regarding the maintenance of quotas
for agricultural products until sufficient progress had been made in the
International co-ordination of production.
The same difference of opinion existed in connection with the mostfavored-nation principle, many delegations urging that too-rigid application of it hindered recovery from the present slump. They urged exceptions
In favor of collective conventions for tariff reduction, open to all countries,
in favor of agricultural products: agreements arising from the historic
ties between certain countries, agreements binding only those countries
which undertake to accept a certain regime and maintain a certain standard
ofliving for their population, agreements made at the Stresa conference,and
regional and collective agreements concluded under the auspices of the
League of Nations.
On July 18 it was tentatively arranged that representatives
of eight principal nations will speak in the plenary session
of the conference on adjournment day, July 27. Secretary
of State Hull, representing the United States, will be one of
these speakers. Little else of moment was forthcoming from
the conference on July 18, since the day was spent chiefly in
subcommittee work and no important announcements were
made. The copper subcommittee unanimously accepted the
American proposal that copper-producing countries submit
before Sept. 15 their views on the organization of copper
production and trade. The indebtedness subcommittee
accepted with United States approval a resolution favoring
direct negotiations between debtors and creditors and better
organization of creditors in each country. The resolution
was amended by Senator Couzens of the United States, who
added a paragraph stating that it did not apply to intergovernmental debts, which were outside the scope of the
conference.
The chief conference development on July 19 wasthe
adoption by the monetary subcommittee, presided over by
Senator Key Pittman of the United States, of a resolution
recommending to governments of the prmcipal silverproducing countries and to those which are large holders or
users of silver that they shall continue their efforts to reach
an agreement to reduce silver price fluctuations. The
resolution also asks that other nations "refrain from measures
which could appreciably affect the silver market." Other
provisions adopted by the subcommittee were said by Senator
Pittman to remove "factors that have made for violent fluetutations in prices on silver exchanges and have prevented
time contracts. The resolution will enable China to restore
business with the United States because uncertainty will be
removed and it will help toward increasing th3 purchasing
power of half the world." The text of the resolution approved
by the subcommittee follows:
First, that an agreement be sought between the chief silver-producing
countries and those countries which are the largest holders or users of
silver, with a view to mitigating fluctuations in the price of silver, and
that other nations not parties to such agreements should refrain from measures which could appreciably affect the silver market.
Second, that the governments shall refrain from new legislative measures
which would involve further debasement of their silver coinage below the
fineness of 800-1.000.
Third, that they shall substitute silver coins for low-value paper currency
in so far as the budgetary and local conditions of each country will permit.
Fourth, that all provisions of this resolution are subject to the following
exceptions:
The requirements of such provisions shall lapse April 1 1934, if the
agreement recommended in paragraph does not come into force by that
date, and in case shall extend beyond Jan. 1 1938. Governments may take
any action relative to their silver coinage they may deem necessary to
prevent the flight or destruction of their silver coinage by reason of a rise
in the bullion price of the silver content of their coin above nominal or
parity value of such silver coin.
Perhaps the most signficant event of the past week in
connection with the conference and with future international
trade possibilities was the presentation yesterday (July 21)
by Secretary of State Hull of a draft of an international truce
against restrictions on trade, designed to supplement the
so-called "tariff truce" already in effect. Mr. Hull's proposal was submitted to the economic commission as a basis
for study during the conference recess, scheduled to begin
on July 27.
"The governments represented at the world economic conference," it
said, "being desirous of abandoning economic conflict and collaborating
In seeking general economic improvement through mutually possible exchange of goods, undertake to reach an agreement, first in a negative way
of ceasing to erect new barriers, and then in a positive way of progressive
reduction of existing barriers."
In an accompanying letter Mr. Hull said that his resolution
advocated the immediate attempt to reduce existing barriers
by the encouragement of bilateral and of practical multilateral agreements.
575
"I contemplate," the letter said, "that this truce agreement might be
carried into effect when and as the conference truce—which I understand
remains in ef£ect among adhering States during the recess—may end.
"This further truce may carry through a longer period required for
carrying out the general aim of reducing existing barriers. The terms
suggested are more precise than those of the conference truce."
Further details of Secretary Hull's proposal are given below,as cabled by the Associated Pressfrom London yesterday:
The Hull resolution said that as the first step in carrying out the proposed
program the nations should endeavor to reach an agreement at the earliest
possible moment "not to introduce any new obstacles, direct or indirect,
to the movements of international commerce, whether such obstacles are
embodied in new legislation or brought into existence by the exercise of
administrative or executive power under existing legislation."
The resolution pointed out that the agreement should not bind participating governments toward those not participating.
It provided that the agreement be subject to several reservations, the
outstanding one from the American viewpoint was "new or additional
duties or restrictions necessitated by governmental measures of an emergency character which—by raising wages, shortening hours and improving
conditions of labor—have resulted in increased costs and prices.
The document also contained an exception evidently designed to give
the United States freedom to act under the farm relief act. This would
permit additional duties or taxes "on imported products to offset internal
excise taxes not competing with domestic products."
In addition, it allowed for protection of countries which might participate in agreements "for the regulation of production and marketing of
natural products," an instance of which might be the wheat agreement now
under negotiation.
Another provision was for regional trade agreements. The document
said that the general principle of equality of treatment shall not require
"generalization to nonparticipants of reduction of tariff rates or import
restrictions made in conformity with plurilsteral agreements that give
reasonable promise of bringing about such general economic strengthening
of the trade areas involved as to prove of benefit to the nations generally."
In his accompanying letter, which was addressed to Premier Hendryk
Colljn of Holland, chairman of the economic commission, Mr. Hull pointed
out that the chief portion of the commission's work was not completed and
a recess was about to be entered upon.
"During and following this recess," he wrote. "it is to be hoped that
the interested governments will bring forward through diplomatic or other
channels substantial proposals aimed to carry out ultimately the fundamental purpose for which the conference was called."
British Treasury Offers to Pay 1917 5,1.70 Gold Bond
Issue in Silver—Suggests Conversion at Rate of
£260 to $1,000, with 23'% Interest Instead of
5%—Move Prompted by U. S. Abrogation of Gold
Standard—$136,333,500 Outstanding of $250,000,000
Issue.
The British Treasury on July 19 published details of a
voluntary conversion offer to the holders of the 5%% 20year gold bonds which it issued in New York in 1917. The
offer proposes to replace these bonds, which are not redeemable until February 1937, by 21A% sterling Treasury
bonds due Feb. 1 1937, with the basis of exchange specified
at £260 for every $1,000. The offer was made in an attempt
to find an equitable solution of the situation created by the
abrogation of the gold clause by the United States. It was
said the British Treasury felt that American legislation
made it impossible to adhere to the original terms of the
issue, providing for interest payable at the option of the
holder either in gold coin of the United States or in sterling
at the rate of 84.863/2. Further details of the conversion
offer are given below, as contained in press adviees from
London on July 19:
The 20-year gold bonds which Great Britain offered to-night to convert
into sterling bonds were issued to the amount of $250,000,000 at New York
in 1917 to purchase munitions. They were floated just before America
entered the World War in the form of one and two year gold notes, converted at expiration into 20-year bonds bearing a payment clause reading,
"in gold coin of the United States of America of the standard of weight and
fineness existing Feb. 1 1917, or in the City of London. England,in sterling
money at the fixed rate of $4.86 to the pound."
The announcement of the "invitation" to conversion contained the
following explanation:
"Recent legislation in the United States has provided that any obligation
expressed in gold or in the coin or currency of the United States shall be
discharged upon payment dollar for dollar in any coin or currency of the
United States which at the time of payment is legal tender for public and
private debts.
"It follows from the terms of the aforesaid legislation that payment of
Interest and repayment of principal under the existing bonds, if made in
New York, can only be made in currency or coin which is at the date of
payment legal tender in the United States for the discharge of debts, that
is, paper dollars and not in gold dollars.
"In the very special circumstances which surround this particular case,
however, His Majesty's government propose to make an offer to holders
of the bonds to surrender their existing bonds after encashment of the
interest coupon due Aug. 1 1933 and to receive in exchange new sterling
bonds which would be issued subject to the following terms and conditions:
"(a) Bondholders who desire to avail themselves of the offer of exchange
must signify their intention not later than Aug. 31 1933 in such manner
as may be required.
"(b) The exchange will be made on the basis that for every $1,000 of
% gold bonds the holder will receive £260 of sterling bonds.
"(c) The sterling bonds will be repayable in London on Feb. 1 1937
and bear interest at the rate of 2%% per annum payable half yearly in London on Aug. 1 and Feb. 1, the first payment being made on Feb. 1 1934.
"(d) Income tax on the interest on the sterling bonds will be deductible
at the source, but exemptions from United Kingdom taxation which now
attach to holdings of gold bonds by persons neither domiciled nor ordinarily
resident in the United Kingdom will continue to attach to the new bonds.
"The effect of the proposed conversion offer, to the extent to which it
Is accepted, will be to increase the total amount of principal but diminish
the interest payment during the period which remains before maturity.
576
Financial Chronicle
"The amount of 20-year bonds outstanding is $136,333,500 (£28,013,733
at par). If all these bonds were converted to sterling bonds the amount of
the latter to be issued would be £35,446,710. At par the interest payment
on the 20-year bonds is equivalent to £1,540,755 yearly, while the charge
for interest on the sterling bonds would be £886,168 yearly."
Further accounts from London July 19 (Associated Press)
said:
In American quarters this comment concerning the offer was made:
"Great Blitain is well within her rights in offering to exchange even at
par, inasmuch as the gold bond is legally a paper bond in the United States
now, although Britain asks a voluntary acceptance of the virtual abrogation
of the gold clause. This 13 particularly interesting in view of the storm
of protest in Great Britain when the United States announced it was paying
Interest on its bonds in paper dollars.
"It is an obvious invitation to continue the flight from the dollar—the
trade is contemplated at $3.84 when the pound actually was worth $4.87
at one time to-day.
"The offer probably will prove very attractive to some American holders,
who thus will get an advantageous rate of exchange even at a lower rate of
interest, at a time when even Washington intimates do not know exactly
what the dollar is going to do."
The effect of the conversion upon Great Britain's finances was stated
in this fashion:
"The effect of the proposed conversion offered to the extent to which it
is accepted will be to increase the total amount of principal but to diminish
the interest payment during the period which remains before maturity.
"The amount of 20-year bonds is $136,333,500-128,013,733 at par. If
all these bonds were converted into sterling bonds, the amount of the latter
to be issued would be £35,446,710. At par, the interest payment on the
20-year bonds is equivalent to £1,540,755 yearly, while the charge for
interest on the sterling bonds would be £886,168 yearly."
Semi-official British quarters stated that the Treasury has been concerned
about the proper course to pursue concerning these bonds. It was explained
that the Treasury did not wish to deprive the holders of the right to receive
payment in gold, but, on the other hand, it was actually illegal at the
moment to pay in gold, and there was "a real doubt what gold was going
to be worth in 1937," and there was no desire to repay then with something
possessing a chimerical value.
Holders are asked to cash their coupons which are due Aug. 1: but to
avail themselves of the conversion offer they must signify their assent not
later than Aug. 31.
The new Treasury issues will be repayable in London on Feb. 1 1937,
with interest payable in half-yearly instalments.
London Sees New Burden in Bond Conversion Plan—
Means £5,469,216 Cost to British Taxpayer.
The following London advices July 20 are from the New
York "Times":
With the British Government's offer to holders of 531% United Kingdom bonds issued in New York in 1917 was hailed here as a gesture indicative of Great Britain's determination to maintain the spirit of its obligations at whatever cost, some alarm was shown to-night when it became
known that the cost in this instance means an additional burden of S5,469,216 on the British taxpayer.
The first reaction of the Government's offer was improvement in the
value of the dollar in terms of sterling. On Wednesday the rate went
above the old parity of $4.86 2-3, reaching $4.8731. This morning the
rate dropped sharply to $4.70, and after recovering to $4.7331 declined
further on the curb to $4.67. The money market here was short of what
is known as "floaters," and they eagerly bought bonds in New York for
conversion purposes at from 112% to 12131.
It was emphasized in Treasury circles that there was no departure from
the original contract and that there was no obligation for the holders to
accept the proposals. Although no official statement is yet forthcoming.
It is assumed here that those bonds whose holders do not turn them in will
be paid in depreciated paper dollars.
The Government announced that it had decided definitely to pay interest
due on Aug. 1 in depreciated paper dollars, instead of gold dollars or their
equivalent. As a result, holders will receive about 30% less than they
are entitled to receive under the terms of the original contract.
The London "Times" editorially says to-night that, although this decision
involves an appreciable loss to the holder, "in the legal sense there is no
default because the United States Government had passed legislation legalizing the payment of all gold obligations in paper dollars at par. This
piece of legislation sanctions the fiction that the depreciated paper dollar
is equal to the undepreciated gold dollar. It is only because the two
dollars are in fact unequal that the circulation of gold has been stopped."
By electing to pay in paper dollars, the London "Times" says, the
Government is saving money, but at the same time the Government
admits its moral obligation in the offer made to the bondholders to convert
dollar bonds into sterling bonds, which will be repaid on the same date as
the existing bonds.
"The offer," the London "Times" adds, "does not profess to put the
holders back to the position which was originally intended for them, but
It is regarded by the Treasury as fair compensation. In these circumstances
many will think the Government missed a fine opportunity to strike a blow
for the sanctity of contract, which is being violated all too easily to-day.
The saving, after deducting the cost of compensation, seems hardly worth
the possible loss of credit."
Criticism of the Government comes from those who calculate that while
conversion will save interest payments amounting to £1,963,761, it will
have to pay an additional amount of £7,432,977 in capital, so that the net
cost of the operation to Great Britain will be £5,469,216.
Under the heading "Ingenious if Immoral," the "Financial Times" editorially says it is useless to try to obscure the fact that the British Government in its treatment of holders of the dollar issue has "quite definitely
dishonored its bond."
"Either there was an obligation to pay gold or their was not—there
cannot have been an obligation merely to pay a reasonably generous
premium over paper at discretion," the newspaper says. "It is extremely
conciliatory to the United States, as it not merely condones but actually
supports the unquestionable legality and even the moral reasonableness of
the original default on a grand scale which occurred there, and of which
Roosevelt almost certainly still is slightly ashamed, but also conciliates
bondholders in the gold countries and Dominions."
Subject to official permission to deal, business was done to-day in the
new 231%s at 10131.
Washington Officials Say British Bond Conversion
Plan Does Not Affect Our Government.
From Washington July 20 the New York "Times" reported
the following:
Great Britain's plan to convert its 531% war loan bonds floated in this
country in 1917 into
% sterling bonds was received with interest in
official circles to-day but without surprise.
July 22 1933
In taking this action, officials pointed out, the British Government
was doing just what it attempted in the refinancing of its internal debt,
which was converted into securities at a lower rate of interest, resulting in
heavy savings in money costs.
The proposal for abrogation of the gold clause in the new British securities was not regarded as important. Official said the elimination of the
gold clause in American Government securities had little effect on official
financing, although it might have resulted in some flight of capital.
British Treasury Offers "Bargain" Sterling Under
Bond Plan—Holder's Gain Depends on Future
Dollar Rate.
The following by Bernard Kilgore, is from the "Wall
Street Journal" of July 20:
The present world-wide currency and exchange unsettlement has given
investors in foreign securities a number of large-sized problems to work out.
Perhaps their position is even more uncomfortable than that of the export
and import traders because, generally speaking, they have to look further
ahead and act accordingly. And, of course, the so-called gold clause, once
relied upon to insure against monetary upsets, has taken it on the chin so
often during recent months that it doesn't amount to much any more.
It was Uncle Sam himself, as a matter of fact, who delivered the real knockout blow.
The British offer regarding its 531% issue of dollar bonds due in 1937
serves to illustrate the foreign investor's problem. The British Government borrowed money in the United States and agreed to pay interest and
principal in gold dollars or the equivalent. But now that agreement has
run into trouble on both sides of the Atlantic.
England is off the gold standard and payment according to the original
terms would take roughly 45% more sterling than it would have required
before British money began to depreciate. The pound is at now a discount
of approximately 30% from its gold parity. The United States is off the
gold standard too, and the British Government interprets the joint resolution of Congress passed in early June, outlawing the gold clause in contracts, to mean that payments on its debts in New York must be made in
paper dollars. Paper dollars are at a discount of roughly 30% from gold
also.
So the British, by way of killing two birds with one stone, have drawn up
a conversion offer. They agree to exchange a sterling obligation for a
dollar obligation at the rate of $3.85 for the pound. Those are substantially
cheaper pounds than are available to-day in the foreign exchange markets.
But as an offset to these "bargain" pounds they cut the rate of interest
to 231% from 534% and eliminate anything that may be left (4 the gold
clause.
The position of the American holder of one of the present British bonds
might be outlined about as follows:
He holds an obligation that entitles him, theoretically, to 1,000 gold
dollars in 1937 and 55 gold dollars a year as interest. On the basis of
the current discount on the dollar from gold, he holds an obligation that
is worth 1,430 paper dollars and should return 78 paper dollars a year to
him. But the gold clause has been washed out. So for all practical purposes the best he can expect from his present bond is 55 paper dollars annually and 1,000 paper dollars early in 1937.
If the investor in these British 534s chooses to convert, then he has this
to consider: He receives an obligation which will pay him £260 in 1937 and
will return 1634 pounds interest a year. On the basis of the present quotation for the pound sterling in terms of U. S. dollars (around $4.75) that
means his principle is worth about 1,235 paper dollars and his annual return
is worth about 31 paper dollars. That is better than his original bargain.
sans gold clause but not so good as it was while the gold clause was working.
Compromise Between Gold and Paper Dollars.
Apparently the British Government has drawn a compromise between
gold and paper. It will pay more of its own money than it originally
expected to have to pay but less gold dollar equivalent and less interest.
But having converted his bond. the American investor becomes subject
to foreign exchange fluctuations—something that he didn't count on when
England and the United States were both on gold. He can't possibly be
certain yet what pounds will be worth in terms of dollars a month from now,
let alone four years from now.
If the pound sterling goes to $3.85 he loses the conversion advantage
and if it should drop below that figure he is worse off than if he had held
his original bond even with its gold clause rubbed out.
If, on the other hand, the pound is worth $4 when the maturity date
rolls around, he would get about $1,040. If the pound is $4.50 he would
get about $1,170. If the pound should go to $5 he would be paid approximately $1,300. And so on. As long as exchange stabilization has not
been put into effect, either by a return of England and the United States
to gold or by some other device, the American holder of a bond expressed
In terms of British money is somewhat of a speculator in foreign exchange
and he can't get away from it.
Incidentally, the old "parity" of $4,8665 for sterling doesn't mean a
thing any more. When the pound sold slightly "above' par" the other
day in London it merely meant that the pound and the dollar were, at the
moment, almost exactly the same distance from the former gold values.
Neither one of them was "at par" if the gold standard is to be taken as the
basis for judgment.
Sir Basil Blackett Approves President Roosevelt's
Action in Abandoning Gold Standard—Says"'Nations of World Will Never Again Tie Themselves to
Old Basis—Virgil Jordan's Views.
"The nations of the world will never again tie themselves
to an International Gold Standard in any way comparable
to that which was supposed to be in force throughout the
greater part of the world up to 1930 or 1931," states Sir Basil
P. Blackett, a Director of the Bank of England, in his article
"Sanctity of Contract and the Gold Standard," which appears in the summer issue of "Economic Forum." Sir Basil,
who represented the British Treasury in the United States
during the World War, approves President Roosevelt's action
in legally abandoning the gold standard. Sir Basil says:
The Englishman who applauds the action of his Government in leaving
the Gold Standard in September 1931 should be the last person to condemn
Mr. Roosevelt's action in April 1933, for now that the United States has
adopted a policy of action, others and particularly England, are bound not
only to follow, but to co-operate in raising not only internal prices but
world prices.
Volume 137
Financial Chronicle
The Administration's National Industrial Recovery Act is
given no such support by Virgil Jordan in his article on the
Industrial Recovery Act, which appears in the same issue of
"Economic Forum." Mr. Jordan, the President of the National Industrial Conference Board, says:
The opportunities for bureaucratic waste and graft, implied in the vague
grants of powers under the measures, are so vast as to create the possibility
of a pork barrel paradise unprecedented in this or any other place in the
world. Taken in conjunction with the Farm Act and the Securities Control
Act, which are inseparable from it, it is, in fact, not a piece of legislation
at all, in the usual sense of the world, but a general and practically unlimited grant of power to persons largely unspecified to reorganize, control,
and administer the entire economic system of the nation.
Sir J. S. Wardlaw-Milne of Great Britain Urges Empire
Money—Says Sterling Is "Master" and Co-operation by U. S. Is Not Necessary.
The following London cablegram July 17 is from the New
York "Times":
Discussing Empire currency problems at Oxford University to-day, Sir
J. S. Wardlaw-Milne, a former member of the Imperial Economic Committee
and Conservative member of Parliament, said unless an Empire currency
standard were created it would be useless to discuss tariff policy.
"Sterling is the master currency of the world to-day," he declared. "We
don't require the co-operation of the United States."
The thesis that to co-operate with the United States to the extent required
to tie the pound to the dollar would be unnecessary was elaborated to-day by
Lord Bradbury, former Treasury Secretary, in his second article on the
subject in the London "Times."
His conclusion is that in so far as the resources of the British equalization fund permit, the pound should be kept for the time being at the 86-franc
level. When sterling prices reach a purchasing power at parity with those
of low-tariff gold-standard countries, or if France abandons the gold stand.
ard, the situation should be reconsidered, he says. He declared such a policy
would remove the menace of exchange dumping, "the value of which to our.
selves is problematical and evanescent, but which is one of the main bug.
bears of France and other gold countries."
0. H. Lamm, Swedish Consul-General in New York,
Resigns, Effective Nov. 30.
Olof H. Lamm, Swedish Consul-General in New York City
since 1919, has resigned from the foreign service to enter
private business in Stockholm, according to an announcement on July 13. His resignation will become effective November 30, but he plans to sail for Sweden late in October.
Prior to his entrance into the consular service, Mr. Lamm
was engaged in shipping. He will become an executive of
. the Stockholm Marine Insurance Company.
French Treasury Bills Offered in London at 2
Interest—Rate Higher Than That Paid in Paris.
According to Paris advices July 18 to the New York
"Times" the news that French three-month Treasury bills
were being offered in the London market aroused considerable
comment in the French city. The Paris advices continued:
These bills, it is understood, are not new ones but bills that were not
taken up by the French Treasury on maturity, the French banks that held
them selling them to London bankers at the old rate of 2%%.
It is said that a substantial amount is involved, which is being handled
by "a well-known foreign exchange broker," the French Government not
being a party to the matter. French banks, however, could not sell French
Treasury bills in London without the authorization of the Treasury.
By this deal the Treasury is relieved of the necessity of meeting the bills
on the date due, the French bankers get their cash and the British bankers
get 254% interest, which is a high rate for the London market.
The question that is being asked, however, is how the French Treasury,
which on July 13 reduced the interest rate on its three-month bills to 2%,
can pay more in London than in Paris on the same bills. Speculation is
also rife as to the extent to which the big London banks have taken them.
The lists still remain open for the Treasury's 2,000,000,000-franc (currently about $112,900,000) bond issue, and it is expected that the same
principle will be followed as in the previous loan when more than 5,000,000,000 francs was ultimately accepted. Premier Daladler has stated that half
France's loan from London, amounting to about 1,250,000,000 francs, will
be met on its due date, Aug. 1, while the other half is renewed. It is understood part of this bond issue will be used for that purpose.
577
dollar's depreciation because she failed to buy any great amount of raw
material before the general rise in prices in the United States.
It appears that by neglecting to buy cotton from the United States before
Its rise in price, the French lost all of the temporary advantage for industrial
production offered for several weeks by the devaluated dollar.
The final text of the Government's wheat bill after its many modifications in the Chamber of Deputies and Senate was published in the "Official
Journal" to-day.
As predicted, the minimum price is set at 115 francs, which, at to-day's
exchange rate, equals about $1.74 a bushel. This begins July 15 and continues a year, with the price rising a franc and a half each month commencing
Sept. 1,
Other Provisions of Law.
Other articles in the law concern measures for control of milling and
baking, declarations as to acreage to be sown, and stocks of wheat and flour
at the beginning of each season. Provision is made for storage with the
financial aid of the State, stocks so stored to be partly sold in stages and
partly denatured.
The necessary resources to support the price will come from duties on
importation of hard wheat,from fines for infractions of the law,from a tax
on rice and secondary cereals, a tax on milling and a surtax on grain sales.
It is expected 300,000,000 francs will be raised by these means, and since
the money will come in gradually, the Ministry of Agriculture will set aside
the full amount as budgetary expense.
Should collections fall short of needs, the national agricultural credit
fund is empowered to float loans up to 400,000,000 francs.
11% Fall in Exports Suffered by France—Unfavorable
Trade Balance for First Half of 1933 Amounts
to 6,129,000,000 Francs.
According to a Paris message July 18 to the New York
"Times" figures for the first half of 1933 reveal France had
an unfavorable trade balance amounting to 6,129,000,000
francs, compared with 5,156,000,000 francs for the first
six months last year. The advices also stated:
The total trade diminished by only 1,233,000,000 francs, but the reduction affected exports much more seriously than imports. While
imports dropped only ji of 1% the decline in exports amounted to 11%.
The reduction of imports affected only manufactured articles, while all
three main categories of exports, raw materials. foodstuffs and manufactures declined.
The imports for the first half of 1933 amounted to 15,105.000,000 francs,
against 15,235,000,000 francs in 1932. Exports for the 1933 period
amounted to 8,976,000.000 francs, against 10,080,000,000 francs in 1932.
Abolition of Quotas Protested by France—Manufacturers Apparently Fear Higher Tariffs Will Not
Give Aclequate Protection.
In a Paris wireless message to the New York "Times"
it was stated that French industrialists are concerned and
generally displeased over the prospect of the imminent
abandonment of the quota restrictions on imports by the
Government. The message went on to say:
The raising of tariffs by legislative action makes quotas no longer necessary. The quota restrictions on foreign imports were hastily established
by Ministerial decrees which could be promptly enforced. But they were
intended to remain effective only until new high protective tariffs were
sanctioned by Parliament.
French manufacturers, however, are frankly reluctant now to have
the quotas, which rigidly limited foreign imports, replaced by higher
tariffs. They apparently fear their foreign competitors will be able to
pay the new higher duties and still undersell them, or at least equal their
prices in the French market because of lower production costs.
The committee of action and propaganda of the French leather and
show industry to-day addressed to the Minister of Commerce a protest
against "the abolition or weakening of the quota policy."
To-day's "Journal Officiel" published a notice to importers that import
quotas for twist drills, taps, dies and ready-made clothing from the United
States were exhausted.
France Announces Partial List of Import Quotas on
Agricultural Products for Third Quarter, 1933.
On July 5 the Department of Commerce at Washington
issued the following announcement:
Duties Raised 30 to 150% in France—"Journal" Reveals
Parliament Rushed Through Increases on 64
Classes of Goods—Many American Exports Affected
—National Agricultural Credit Fund Empowered
to Float Loans.
From Paris, July 11, the New York "Times" reports that
it was revealed in the "Official Journal" issued that day
that before the Parliament adjourned July 8 for the summer
holidays a bill had been rushed through which increased
the existing tariff rates from 30 to 150% in 64 categories of
imports. The Paris advices to the "Times" continued:
A partial list of the French import quotas for the third quarter of 1933
on agricultural products from all countries was published in the French
"Journal Official" of June 29 1933, according to a report from Acting
Commercial Attache Daniel J. Reagan, Paris, to the Commerce Department.
The total quotas remain unchanged, as compared to second quarter
quotas on (item ex 17) salted meats, (19) canned meats and (165) bran.
On other items of special interest to the United States, the new quotas
for all countries are as follows, in metric tons (second quarter quotas given
In parentheses):
(17 ter) Sausages, 185 (350); (35 ter) condensed milk, unsweeteend,
300 (500) (35 quarter) condensed milk, sweetened, 450 (800); (35 quinq.)
lacteous meal, sweetened, 15 (30); (ex 84 A) fresh apples and pears, 3,100
(6.700).
Renewals of quotas on industrial products under the Ministry of Commerce for the third quarter of 1933 were announced in the French "Journal
Officiel" of July 1 1933, apparently without material changes in the basic
figures or commodities, although some quantities have been altered to
compensate for previous excess or under-shipments. Existing licensing
systems are maintained.
The quotas applying to individual countries are not yet available. gi
These increases in duties will make restrictions on the articles affected
no longer necessary, as the import quotas were established only by ministerial decree as temporary protective measures until a legislative upward
revision of the tariff could be effected.
Although most French tariff increases are intended as retaliation for the
recent rise in German duties, a large number of United States exports to
France also are affected.
Rise in Wholesale Prices.
A steady rise in wholesale prices corresponding with the increased industrial production since the beginning of the year, as shown by official
statistics issued to-day, indicates that France has not benefited by the
France Announces Third and Fourth-Quarter
Lumber Quotas.
On July 8 the Department of Commerce at Washington
stated that the import quotas for the third and fourthquarters of 1933 for imports into France of those lumber
products which are under quota restrietion have been fixed
for the various supplying countries at the same quantities
as for the first and second-quarters, according to a decision
•
578
Financial Chronicle
published in the French "Journal Officiel" for June 15 1933
and forwarded to the Department from its Paris office.
The Department further said:
The quotas for imports from the United States are fixed at 5,170 metric
tons per quarter for products classified under items 128, 128 bis and 133
of the French import tariff(mainly common woods in logs and those squared
or sawn),and at 44.6 metric tons for products under items 597 (construction
wood, shaped) and 600 (wood, planed, grooved and(or) tongued, including planks and flooring).
•
Germany Bars Boycotts Against Newspapers.
Franz Seldt, Labor Minister, issued an order on July 15
to all labor trustees to "avoid any boycott or threat of a
boycott against bourgeois newspapers and to rescind any
orders issued to that effect. A Berlin wireless message,
July 15 to the New York "Times" states that this order
follows the receivership asked by the Rudolf Mosso Foundation, which publishes the "Berliner Tageblatt" and which
for a time has been put under a Nazi commissioner.
Thirty Laws Decreed by German Cabinet—Results of
a 13-Hour Session Include Economic Measures of
Far-Reaching Effect—Drop in Dollar Involved—
Grain Imports Banned for Year.
A total of 30 laws, some of the most far-reaching effect on
German life as well as Germany's standing in the world,
were passed by the Cabinet in its session on July 14, which
lasted from 11 a. m. until mid-night. A Berlin wireless
message, July 14 to the New York "Times" went on to say
that one of the laws provides that German agrarian credit
institutions working with dollars must give their clients the
benefit of the depreciation of the dollar. The message to
the "Times" likewise said:
Among the other economic laws adopted are the following:
Agrarian laws to exclude any foreign grain imports—except to compensate
for German grain exports—this year on the ground that despite the somewhat smaller prospective harvest Germany has sufficient grain to supply
her needs. If necessary, the Government will fall back on the" national
grain reserve of the Reich." created during previous months.
The Government reduced the interest on all foreign credits granted to
German agriculture to 4%, itself paying the difference between that and
the contract rate.
The Government granted further tax reductions to enterprises that
employ additional labor or purchase machinery replacements and exempted from all taxes new undertakings producing entirely new products
that do not compete with any existing business.
The Government allotted approximately 150.000,000 marks [the mark
is currently worth 34.25 cents] in additional credits for the purpose of labor
creation.
"Film Chamber" was established to promote the moving picture industry,
now virtually at a standstill.
Taxes on department stores were increased.
The use of additional labor-saving machinery in the cigarette industry
that would throw persons out of employment was prohibited.
Finally, the Government provided for the appointment of trustees who
are to adminster the homes of German refugees who have fled to the country.
The trustees will pay any rent due by selling the furniture.
The record of passing these 30 laws in one day is hailed by some newspapers as a model performance that shows the efficiency of the dictatorship compared with the long debates of the liveralistic democratic era.
Nevertheless, the laws adopted yesterday that in effect revive the lettres
de cachet ofthe Kings of France and deprive those who displease the Government of the right ofliberty, property and citiz enship at the arbitrary will of
the Minister of the Interior were passed over gingerly by the press to-day.
Instead it stressed the economic laws.
Hamburg Exporters Seek German Government Aid.
Demands for the enactment of measures to relieve the
adverse situation in the German export trade have been
forwarded to Reich authorities by the Association of Hamburg Exporters, it is indicated in a report from Consul
John N. Bruins, Hamburg, made public by the Department
of Commerce. The Department on July 10 further announced:
Speedy negotiations by the German Government with large South
American governments with a view of securing more favorable exchange
allotments for importers of German goods, is asked by the exporters, the
report states.
The Reich was also requested to make advances on, or purchase claims
of German exporters in foreign countries which are "frozen" because of
exchange restrictions.
Other measures requested by the Hamburg exporters to aid their trade
included a reduction of interest rates and banking charges in favor of exporters; compulsory withdrawal of industrial manufacturers from direct
overseas trade; refund of the turnover tax on all goods exported; reduction
of postal and cable charges to foreign countries; and lowering of steamship
passenger rates in favor of salesmen traveling on behalf of German export
firms.
Bonds of German Central Bank for Agriculture Dealt
in "Flat" on the New York Stock Exchange.
Ashbel Green, Secretary of the New York Stock Exchange,
issued the following notice on July 15:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
July 15 1933.
Notice having been received that the interest due July 15 1933 on German
Central Bank for Agriculture farm loan secured s% gold sinking fund
bonds, due 1960, is not being paid:
July 22 1933
The Committee on Securities rules that beginning July 15 1933 and
until further notice the said bonds shall be dealt in "flat" and to be a
delivery must carry the July 15 1933 and subsequent coupons.
The Committee further rules that in settlement of all contracts in said
bonds made heretofore on which interest ordinarily would be computed
beyond July 14 1933 interest shall cease on July 14 1933.
ASIIBEL GREEN, Secretary.
Additional Rulings on Bonds of Kingdom of the Serbs,
Croats and Slovenes (Jugoslavia) Issued by New
York Stock Exchange.
The following announcement was issued on July 17 by
Ashbel Green, Secretary of the New York Stock Exchange:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
July 17 1933.
Referring to the ruling of the Committee on Securities dated Nov. 1
1932, Sec.-609, notice having been received that payment of $7 per $1,000
bond is now being made on account of the interest due Nov. 1 1932 on
Kingdom of the Serbs, Croats and Slovenes 40-year 8% secured external
gold bonds, due 1962:
The Committee on Securities further rules that the bonds be quoted
ex-interest $7 per $1,000 bond on July 18 1933; that the bonds shall continue to be dealt in "flat" and to be a delivery after July 18 1933 must
carry the Nov. 1 1932 coupon stamped as to payment of $7 per $1,000 bond
and subsequent coupons. Such coupons must be securely attached and
bear the same serial number as the bond.
ASHBEL GREEN, Secretary.
The ruling of the Committee on Securities of Nov. 1 was
noted in our issue of Nov. 5 1932, page 3071.
Partial Payment of Interest on Loan of Kingdom of
Serbs, Croates and Slovenes.
City Bank Farmers Trust Co. is notifying holders of the
8% secured external gold bonds, due 1962, of the National
External Gold Loan of 1922 of the Government of the
Kingdom of the Serbs, Croates and Slovenes that it has
available the sum of $104,125 for the payment of the semiannual interest instalment on these bonds due Nov. 1 1932.
The total amount required to pay this instalment on these
bonds is $595,000. The announcement of the trust company
July 17 added:
As it appears improbable that sufficient funds for payment of interest
requirements in full will be remitted in the near future, the City Bank
Farmers Trust Co., fiscal agent, is prepared to make a partial payment
on and after July 17 1933 to holders of Nov. 1 1932 coupons at the rate
of $7 for each $40 coupon and $3.50 for each $20 coupon and 70 cents for
each $4 coupon upon presentation. The coupons will be stamped to
Indicate the amount paid and returned to the persons presenting them.
Holders are requested to present their coupons accompanied by a form
letter of transmittal which will be furnished upon request.
W. E. Dodd, New U. S. Ambassador to Germany, Arrives
in Berlin—Condemns Policy of Isolation and Says
We Must Co-operate with Other Nations to Insure
Return of Prosperity.
Professor William E. Dodd, newly-appointed United
States Ambassador to Germany, arrived in Berlin on July 13,
and denied that he had any intention of attempting to settle
the Nazi question in Germany. Before leaving New York,
on July 5, Professor Dodd said that the United States
cannot pursue a policy of economic self-sufficiency and isolation, but must co-operate with other nations if the depression
is to be overcome. His additional remarks were reported, as
follows, in the New York "Times," on July 5:
Freer commercial intercourse produced marvelous recoveries in former
crises, and nearly all historians now think and have thought for years that a
freer acceptance of the great facts of 1918-20 by American leaders would
have prevented most of the disasters of recent years. The United States is
of necessity a leader of the Western world, and its people cannot isolate
themselves, no matter how much they may try to do so. Washington declared his tie-up with Europe more often than he talked of isolation, and
the pacific Jefferson often used the same language.
The realities of the American past as well as the dilemma of the present
reconcile me to the adventure I am about to undertake. Germany can hardly
fail to realize the importance of friendly co-operation with the 120,000,000
people of the United States and the United States can hardly fail to realize
the value of economic and social co-operation with the land of Luther, Stein
and Bismarck. Though difficulties lie ahead, one can hardly think that an
honest, frank mission to Berlin can fail of good result.
The nomination of Professor Dodd (Professor of American History at the University of Chicago) was sent to the
Senate by President Roosevelt on June 10, and was confirmed
by the Senate the same day.
Disarmament Cause Would Best Be Furthered by
Meeting Between Chancellor Hitler and Premier
Daladier, According to Arthur Henderson—
President of Arms Conference Plans Talk with
Hitler in Munich.
Direct conversations between Chancellor Adolf Hitler of
Germany and Premier Edouard Daladier of France would
be the best method of dispelling "the doubts, fears and
suspicions" which hamper the conclusion of an agreement
on the disarmament problem, according to statements made
to newspaper correspondents in Berlin on July 18 by Arthur
Henderson, President of the World Disarmament Confer-
Volume 137
Financial Chronicle
once. Mr. Henderson told reporters that he would meet
Chancellor Hitler in Munich after conversations scheduled
with Dr. Edouard Benes, Foreign Minister of Czechoslovakia, in Prague. Further remarks by Mr. Henderson, as
cabled by the Berlin correspondent of the New York "Herald
Tribune" on June 18, follow:
Mr.Henderson gave it as his personal view that"a friendly understanding
between France and Germany" was"the key to international relationships,"
and that this understanding was obtainable only by meeting of the responsible political leaders of these two countries.
In German diplomatic circles it was stated somewhat cryptically to-night
that the Reich Government would "welcome any step which contained
prospects of success and a fruitful (arms) convention," but that it was as
Yet premature to discuss a time for a meeting between MM. Hitler and
Daladier.
Mr. Henderson told the correspondents to-night that he believed the
differences on a number of important points in the disarmament question
had been "narrowed" as a result of his talks in the capitals of Europe. He
added that he was now "hopeful that practical results will be achieved by
the disarmament conference."
Mr. Henderson said that after visiting Dr. Benes in Prague and Chancellor Hitler in Munich he was going to Paris and then to London, and might
"find it necessary to make a further journey to European capitals just
before the bureau of the conference meets in September."
A German communique on the Henderson talks issued this evening said
non-committally that "the conversations were conducted in a friendly spirit
and in an effort to prepare success of the disarmament conference."
Germany and Vatican Sign Treaty Designed to Prevent
Conflict on Religious Questions—Accord Is Praised
by Chancellor Hitler and President von Hindenburg.
A concordant between the Vatican and Germany was initialed at Rome on July 8 by Cardinal PaceIli, Papan Secretary of State, and Vice-Chancellor Franz von Papen of the
Reich. This accord was designed to safeguard various instrumentalities of the Roman Catholic Church in Germany,
including the confessional, schools, and to guarantee the existence of all church and other Catholic cultural organizations. In a decree published in Berlin on July 8, Chancellor
Hitler issued orders for the release of all Catholic priests
and leaders who had been arrested on political charges, and
remarked that the conclusion of the concordat guarantees
that Catholics in Germainy "will henceforth support unreservedly the National Socialist State." On July 10 President
von Hindenburg sent the following telegram of congratulation to Vice-Chancellor van Papen, according to a Berlin dispatch to the New York "Times":
My best thanks for notification of the conclusions of the Reich concordat.
I congratulate you most heartily on the result of the quick and successful
negotiation, in which I, see a valuable promotion of the ideals of the Reich
and of the domestic pacification of our people.
With friendly greetings,
VON HINDENBURG, Reich President.
The concordat, which consists of 35 articles, combines in
one treaty all rights guaranteed to Catholics by existing accords with Prussia, Bavaria and Baden. A summory of its
principal provisions, as contained in Associated Press advices
from Rome, on July 8, is given below:
Two million Catholics who are not named in the three State concordats
are included in the new one which embraces Wuerttemberg, Hesse, the Palatinate, Anhalt and Saxony.
The most important points are: First, the Church agrees to keep its
priests and religious associations out of politics; second, the State agrees
to the continuance of Catholic religious associations, whether clerical or lay,
provided that they be confined to religious activities.
The pact merely specifies this second point as a general principle without
naming the associations to be permitted, a definite list of which will be
drawn up later and inserted into the concordat on agreement by the two
authorities when the pact is signed.
The accord deals with other questions usually found in concordats such as
religious instruction in elementary schools, the nomination of bishops, and
marriage.
The first point in the concordat provides that Protestant or Catholic instruction shall be compulsory, according to the faith of the majority of
pupils in a school district.
The minority shall receive instruction apart in their own faith.
In reference to the nomination of bishops the Pope was left at complete
liberty to choose them without a veto by the State, but in practice the present
custom of referring such nominations for the Government's opinion will be
followed.
With reference to marriages the present system requiring that a civil ceremony be performed before a magistrate in addition to the religious marriage,
will be continued.
The concordat nowhere mentions a national church, either Catholic or
Protestant.
Chancellor Hitler Says National Socialist Revolution
Has Ended and Must Be Succeeded by Evolution
to Create Jobs and Protect Business—Says Last
Traces of Democracy in Local Government and
Industry).MustlBe Effaced.
The National Socialist revolution has come to an end, and
must be followed by evolution which will protect business and
solve the problem of unemployment, Chancellor Adolf Hitler
of Germany told the assembled Governors of the former Federal States at a meeting in Berlin on July 0. The extinction
of all political parties in Germany, with the exception of the
579
National Socialist party, the Chancellor said, is an historic
event of importance, and "the consequences of it are scarcely
realized at yet." He then added, according to a Berlin dispatch to the New York "Times":
"Now we must destroy the last vestiges of democracy, especially the
methods of taking votes and reaching decisions by majorities, such as are
still being used in the municipal governments, in business organizations and
in committees. The responsibility of the individual personality must be
brought to a new importance everywhere."
But this process of mopping up the remnants of democracy apparently is
to be the last concession to the revolution, for Chancellor Hitler continued:
"There have been more revolutions which have succeeded at the first
assault than there have been successful revolutions which were quickly intercepted and brought to a halt. Revolution is no permanent condition; it
must not turn into an enduring situation. The liberated stream of revolution must be directed into the secure river of evolution.
"We must guard against purely formal decisions overnight. We must
make changes only if we have proper reasons for these changes. We must
not depose a business man if he is efficient just because he is not yet a
National Socialist, especially if the National Socialist to be put in his place
knows nothing about business. Ability alone must decide in business."
The Chancellor's corollary, of course, was that everybody must be educated to become a National Socialist. But he continued:
"The task of National Socialism is the assurance of the development of
our people. We should not look around to find whether something is still
left that should be revolutionized; our task is rather to assure ourselves
of one position at a time, to maintain it and gradually to fulfill it in an
exemplary manner. In this, we must plan for many years and reckon in
long periods.
"Theoretical co-ordination creates no bread for workers. But history
will not base her judgment of us on how many business men we have deposed
and locked up, but on whether we were able to provide work.
"To-day we have all the power necessary to enforce our will, but we must
be able to replace deposed business men by better ones. The business man
must be judged first of all by his ability, and we must naturally put the
business machinery in order.
Aims Are Practical.
"Business commissions, organizations, artificial constructions and theories
will not abolish unemployment. The important thing is not programs and
ideas, but daily bread for 5,000,000 people. Business is a living organism
which cannot be changed at one fell swoop.
"Business is based on primitive laws that are anahored in human nature.
The poisonous germs which are now trying to penetrate into business bring
the State and the people into danger. We must not reject a practical experiment simply because it is against a certain theory. If we come before the
nation with reforms, we must also prove that we understand the problems
and can master them.
"Our task is work, work, and once again, work. The success of our
labor-creation efforts will give us our strongest authority. Our program haa
not been created as a pretty gesture, but to keep the German people alive.
'This program has pledged us, not to act like fools and overthrow everything, but to realize our ideas wisely and carefully. In the end our power
will be secured all the better the more we succeed in giving it a healthy
economic foundation."
The State Governors, Herr Hitler said, are responsible to him personally
to see "that no organization or party official usurps governmental authority,
deposes persons or occupies offices for which the Government alone is competent."
Dr. Breitscheid, Former Leader of German Social
Democrats, Attacks- Nazi Rule Before Peace Congress at Oxford—Message from Premier[MacDonald
of Great Britain Read to Delegates.
Nazi policies and government were attacked on July 7 by
Dr. Rudolf Brietscheid, former leader of the Social Democratic party in Germany, in an address before the 123rd National Peace Congress which met at Oxford, England. Five
hundred delegates to the Congress also heard messages of
greeting from Prime Minister MacDonald,the Union of Peace
Societies in Austria and the National Council for Prevention
of War in the United States. Mr. MacDonald's message
read:
Establishment of peace remains a great end for international political
efforts, and every nation which, for any purpose whatever, gives its neighbors
reason to doubt and fear rivets arms upon the world.
Dr. Breitscheid's remarks were quoted as follows in an
Oxford dispatch to the New York "Times":
Germany is no longer a State founded on law. There is no real law
there. What is happening cannot be described in terms too severe. It is
the most terrible despotism that can be conceived.
At the root of the anti-Semitic feeling is the fear, envy and hatred by
doctors and lawyers against their Jewish colleagues who have been more
successful than themselves and by smaller trades people and artisans against
the Jewish people.
Nazi Storm Troops Made Members of,Prussian Council
—New Constitution Restricts Council to Advice
and Does Not Permit Vote.
A new constitution for the Prussian State Council, officially recognizing storm troop members as among the chief
advisers of the State Premier, was promulgated on July 8 by
Captain William Goering, Premier of Prussia, who described
the new State Council as "the most important organ of government next to the State Cabinet." Under the terms of the
new constitution this Council will function merely formally
to receive pronouncements of Captain Goering, make observations concerning them and then adjourn. Article 10 of the
constitution states that the Council does not vote, but "advises the State Ministry regarding the conduct of the State's
580
Financial Chronicle
July 22 1933 ,
affairs." An Associated Press Berlin dispatch, from which
we have quoted, continues:
said a wireless message from The Hague July 15 to the New
York "Times" which also had the following to say:
Membership is composed of the Prussian Cabinet and fifty persons appointed by the Premier, among them chiefs and subchiefs of the brownshirted Nazi storm troops and black-shirted shock troops. Representatives
of the churches, industry, business, science and labor also will be included.
The constitution provides that the members must serve without pay and
that, while in the past the State Council met publicly, meetings will be
secret.
Captain Goering, explaining the constitution to newspaper men, said:
"The new Germany is built on national socialistn. Chancellor Hitler's
ideas constitute a platform on which hereafter Germany will be reared and
governed.
"In the Nazi State there will be no voting. The Nazi State knows but one
authority, namely, that from above downward, and but one responsibility,
from the bottom upward. Not since the times of Frederick the Great was
authority so concentrated. Call it dictatorship if you please; really it is
merely the principle of leadership."
Members of the State Council, he added, rank about members of the Diet
and come directly behind the Cabinet members.
A bill which will be discussed in Parliament soon provides retaliatory
measures against countries which discriminate against Dutch exports.
Where there is no commercial treaty the bill empowers the Dutch Government to prohibit or restrict.imports of specific articles or increase the
tariff on them. The Government sees no other way, it says, to safeguard
Dutch commercial interests against policies of self-sufficiency prevailing
almost everywhere.
Another measure which awaits a royal decree to become operative is
the result of injuries to Dutch trade by foreign exchange restrictions, especially the German transfer moratorium. It is proposed that payments to
German creditors will henceforth be made through the Bank of the Netherlands, which will act toward foreign creditors as does the Conversion Bank
in Germany. The bank will attempt to indemnify Dutch creditors who lose
as a result of currency regulations of other countries.
Chancellor Hitler Appoints General Economic Council
to Advise Cabinet when Request—Prominent Industrialists Among Those Named.
Chancellor Adolf Hitler of Germany on July 15 announced
the appointment of a General Economic Council to advise
the Cabinet on all economic problems on request. The
17 councilors appointed include some of the prominent
German business men who have participated in the process
of "co-ordination." Included in this list were:
Dr. Otto Fischer,President ofthe Central Association of German Bankers.
Dr. Albert Voegler, director general of the United Steel Trust.
Dr. Fritz Thyssen, Rhineland coal and iron producer.
Karl Friedrich von Siemens, head of the electrical company which bears
his name.
Baron Kurt von Schroeder. President of the German Chamber of Commerce and a banker of Cologne.
Vincent Krogmann, Mayor of Hamburg and a German delegates to
the economic conference at London.
Dr. Krupp von Bohlem und Halbach, head of the Krupp firm.
Dr. Robert Ley, leader of the German labor movement.
Four-Power Pact is Signed at Rome—No Change Made
in Agreement Initialed on June 7 by France, Italy,
Great Britain and Germany.
The four-power pact of co-operation and consultation,
designed to guarantee the peace of Europe for 10 years, was
signed at Rome on July 15 by representatives of Italy,
Great Britain, France and Germany. No Change was made
in the text as originally initialed on June 7 (described in
our issue of June 10, page 3990). The pact was signed by
Premier Mussolini for Italy and by the Ambassadors of thn
three other nations—Sir Ronald Graham for Great Britain,
Henry de Jouvenel for France and Ulrich von Hassel for
Germany. Ratification of the treaty by the four Governments is considered assured. The French Foreign Office
expressed the belief that the signing of the pact was the forerunner of the settlement of Franco-Italian differences, while
Arthur Henderson, President of the World Disarmament
Conference, said on July 15 that the agreement "should
prove an important factor in providing a solution of the
disarmament problem." Chancellor Hitler of Germany on
July 15 telegraphed his congratulations to Premier Mussolini. Associated Press advices from Berlin reported his
message as follows:
"Signature of the four-power pact affords me a welcome opportunity
to convey warm congratulations on a treaty cementing the friendship
of the two countries, happily concluded after difficult negotiations thanks
to your Excellency's statesmanlike initiative. In the present grave world
situation this willingness of the four powers to agree and co-operate is a
ray of hope in the life of European peoples."
Payment of Aug. 1 Coupon o Kingdom of Hungary
League Loan of 1924.
Speyer & Co. announced on July 20 that they are advised
that the following communique of the Hungarian Government was published on July 15 in London by the League
Leans Committee:
As stated in the communique of Aug.4 1932, the Hungarian Government
always recognizes the special position of its League Loan. The trustees
were so far able to meet the full interest service by drawing on the reserve
fund. As regards the Aug. 1 1933 coupon, the Government has transferred funds necessary to supplement the balances of the reserve fund and
thus to meet also this coupon in full. The Government regrets that exchange
difficulties will not permit to meet the full service in exchanges of the maturities Feb. and Aug. 11934. The Government hopes, however,to transfer
for the next 12 months 50% of the interest service. The Government has
provided full service of the loan in pengoes within its current budget, but
relies on the facility of reborrowing for budgetary purposes amounts corresponding to untransferred services against deposit of Pengoe Treasury
Bills bearing 2% interest.
Hungary Pays U. S. Bonds at Market Pengo Rate.
The following is from the New York "Journal of Commerce" of July 18:
Blocked pengo payments on Hungarian dollar bonds hereafter will be
paid at the market rate of the dollar instead of at gold parity, according to
dispatches yesterday from Budapest.
At par the Hungarian pengo approximates 173,5c.. but at market is 25c.
On a $35 coupon 200 pengoes would have been impounded under the old
system; at the new rate the bondholder receives about 140 pengoes. These
are blocked payments which are worth about half the rate of free exchange.
Payment of Six Coupons on Bonds of State Mortgage
Bank of Yugoslavia—Two Plans of Payment
Offered.
Holders of secured 7% sinking fund gold 'onds of the
State Mortgage Bank of Yogoslavia, due April 1 1957,
have been notified by Radoye Yankovitch, Consul General
of Yugoslavia in New York, that the bank has made arrangements to pay, on and after July 20, the six coupons maturing
from Oct. 1 1932 to April 1 1935, both inclusive, by either
of two methods, which may be selected by each bondholder
at his option, as follows:
1. Such coupons will be paid in dinars, at the rate of 56.78 dinars for
each dollar, at the office of the State Mortgage Bank in Belgrade, Yugoslavia, during a period of six months after their respective maturity dates.
except that in the case of coupons which have heretofore matured, the
same will be so paid in dinars at any time on or before Jan. 20 1934. The
disposal of the dinars so receivable will be subject to the applicable legislative or regulatory restrictions of the Kingdom of Yugoslavia from time to
time in force regarding transactions in moneys and foreign exchange.
2. Such coupons will be paid at the office of J. Zic W. Seligman & Co.,
54 Wall St., New York, N. Y., to the extent of 10% of the face amount
thereof in 'United States dollars and the balance thereof in 5% funding
bonds (or fractional certificates therefor) of the Mortgage Bank, due Oct. 1
1956, and including or bearing interest at the rate of 5% per annum from
the respective maturity dates of the coupons exchanged therefor, except
that in the case of the Oct. 1 1932 coupons upon which partial payments
have already been made, the amount of such partial payment in cash will
be at the rate of $3 for each coupon appurtenant to a $1,000 bond and of
$1.50 for each coupon appurtenant to a $500 bond.
In commenting on the offers Mr. Yankovitch said:
German Holdings by Dutch Investors—List Inquiry
Shows 47,500 Have Bonds or Shares.
The following copyright cablegram from The Hague,
July 8, is from the New York "Herald Tribune":
The inquiry inaugurated by the Dutch Government and carried out by
the Netherlands Bank and the Committee of the Amsterdam Stock Exchange has collected information as to holdings in German bonds and
shares of some 47,500 institutions, firms and individuals. Informadon
gathered is to the effect that on June 1 Dutch investors held 12.100,000
florins (at the exchange rate of the day), 30.300.000 florins in the Dawes
loan and about 388,200,000 in government securities. Other bonds held
by Dutch investors amounted to 613.400,000 florins and shares to 263,800.000, while participations in properties amounted to 136.100,000. The
Stock Exchange states that conditions of the German transfer moratorium
are not in accordance with the agreement with holders and discussions
between the authorities and the government now are taking place so as to
see what are the best methods of protection for Dutch interests.
Holland to Combat Curbs on Exports—Government
Also Seeks to Indemnify Dutch Credits Hit by
Currency Regulations.
Holland is being driven from her traditional free trade
tiolicy, whether or not she will be driven off the gold standard,
The Yugoslav Governmentfinances are in order and business is improving.
This temporary arrangement, I believe, is the best proof of Yugoslavia's
willingness to abide by its financial obligations and of its sense of international solidarity. I hope that a similar arrangement concerning the payment of maturing coupons of the 7% and 8% bonds of the government of
Yugoslavia will be soon effected.
Despite the disastrous economic depression which has hit Yugoslavia
along with the rest of the world, King Alexander of Yugoslavia and his
government have done their best to satisfy the claims of American bondholders, although many difficulties had to be overcome in connection with
exchange transfer. Recent negotiations by the representatives of the
American bondholders' committees in Paris with the representatives of
my government have been successfully concluded. It is my firmest hope
that, with the improvement of American economic conditions, Yugoslavia
along with the rest of the world, will shortly regain a great measure of
prosperity.
Default Conditions in South America—Statement by
American Council of Foreign Bondholders.
The American Council of Foreign Bondholders, Inc., issued
under date of July 8, made public a statement dealing with
"Default Conditions in South America." It is revealed
therein that out of 10 South American republics, seven have
contracted loans in the American market, with the result
Volume 137
Financial Chronicle
dui t this debt aggregates about $1,456,560,000—$1,012,760,000
of which now does not yield the stipulated interest and $61,790,000 addition will probably be in default later on this
year. It is further indicated:
581
regulation. The following is the telegram of Senator
Thomas:
Three of those seven republics, namely, Chile, Peru and Bolivia, are in
complete default, with no immediate prospect of financial betterment. Brazil
tendered 5% scrip instead of cash bond service. Colombia offers payment
of one-third in cash and two-thirds in non-interest bearing scrip. Argentina
continues to pay interest on the national and Buenos Aires City debts.
To-day's activity in your Exchange demonstrates absolute necessity'
for immediate adoption of a rule limiting amount of loss on any stock
during any one session. The country is not prepared to withstand the
effect of a repetition of what happened to-day. Unless a rule is adopted
and published establishing a reasonable amount of depreciation in any one
session, campaign for reform will immediately take shape with possible
result either closing Exchange entirely or placing same under Gover'nment
supervision.
Max Winkler is President of the American Council for Foreign Bondholders.
From the Washington dispatch July 19 to the New York
"Times" we quote the following:
August 1 Payment on 63/'%
2 Externa' Bonds of Province
of Buenos Aires (Argentine) Under Read ustment
Plan.
The Province of Buenos Aires, Argentine Republic is
notifying ho!ders of its 63/2% external sinking fund gold
bonds of 1930, dated Feb. 1 1930, due Aug. 1 1961, who
assent to the Province of Buenos Aires' Loan Readjustment
Plan of 1933 that it has made available at the office of the
First of Boston International Corp., 100 Broadway, New
York, for delivery on or after Aug. 1 1933 the following sum
in cash: $25.52 with respect to each $32.50 coupon and
$12.76 with respect to each $16.25 coupon, maturing Aug. 1
1933, together in each case with 5% arrears certificates for
the balance remaining unpaid on such coupons. These
sums, it is announced, are payable only against the surrender
of the substituted coupons due Aug. 1 1933.
Tenders Asked for Amortization of Argentine Internal
Gold Loan.
J. P. Morgan & Co. are prepared to receive tenders for
the amortization on or before Sept. 30 1933, of $797,900
Argentine gold pesos, say £159,580 nominal capital of the
Argentine Internal Gold Loan of 1909. Tenders for sale of
bonds with coupons due March 1 1934, and subsequently,
at a flat price under par expressed in dollars per bond, must
be lodged with J. P. Morgan & Co. not later than 3 p. m.
July 24. Tenders will also be received in London by Baring
Brothers & Co., Ltd., and in Buenos Aires by the Credito
Public° Nacional. The tenders will be opened in London
on July 26, and notice of the result will be given as soon
as possible thereafter.
Additional Data Sought by New York Stock Exchange
from Investment Trusts—Publishing of Quarterly
Statements on Net Asset Value of Outstanding
Stock and Bond Issues Held Advisable.
The New York Stock Exchange announced on July 12
that it has sent letters to certain of the investments trusts
listed on its board requesting co-operation with regard to
further and more frequent publicity as to their operations.
The letters were sent to those trusts that publish their portfolios and statements as to the asset values of their outstanding securities only annually and semi-annually. Several
of the leading companies already publish full reports four
times a year. On the other hand, some give statements
only once a year.
The letter, written by J. M.B. Hoxey, Executive Assistant
to the Committee on Stock list, of the Exchange, follows:
Although the requirements of the New York Stock Exchange do not
contemplate quarterly reports for investment trusts and your company is
therefore under no agreement to render such statements, there is an insistent demand from the public that some information as to the status of
Investment trusts be disseminated more frequently than semi-annually or
annually.
This Committee does not feel that it would be desirable to request
quarterly publication of investment trust portfolios. Although a number
of investment trusts are now publishing voluntarily quarterly statements,
qte Committee as yet does not see its way clear to request such publication
from those which have not seen fit to do so.
To meet the demand referred to, the Committee feels it advisable that
Investment trusts not publishing full quarterly statements should make
public at quarterly intervals the net asset value of the various classes of
their stock and bond issues outstanding in the hands of the public and
would appreciate an agreement from you to do this. Such information
could be released for publication to the press and statistical services and
hould impose no burden of expense upon you.
Stock Exchange Action Toward Limiting Losses Urged
by Senator Thomas—Warns New York Exchange
and Chicago Board of Trade Closing of Those
Bodies May Result Unless Rule Is Adopted—
President Roosevelt Reported Concerned Over
Situation.
With the severe decline in prices witnessed on the New
York Stock _Exchange and the Chicago Board of Trade on
July 19, Senator Thomas of Oklahoma telegraphed the heads
of the two Exchanges, urging the immediate adoption of a
rule limiting the amount of loss on any stock during any
one session. Otherwise, he indicates, action will be taken
toward closing the Exchange or placing of it under Federal
Senator Thomas was not the only official exercised over to-day's happenings on the markets. Concern over the situation was said to extend
to the President himself, who has been fearful all along that speculative
prices would so far outrun more fundamental upward progress that national
recovery would be set back or imperiled.
So far the administration has held in restraint its devices for dealing
with a runaway speculative market. It has been content to work day and
night on the recovery program, by which it hoped to support rather than
curb the upward trend. Ways to check on speculation have been under
consideration, however, and it was the opinion of one high Administration
official to-day that the President would not hold off much longer if convinced that a real crash was in prospect.
Much of the speculative buying up to date, according to officials who
have watched the situation, has resulted from what they term a "flight from
the dollar." One group of President Roosevelt's advisers have suggested
that he give the country some unmistakable indication that he would soon
seek to stabilize the dollar and thus put an end to this flight.
Some of the buying has been seen as a conversion of bonds into higher
speculative securities. This stabilization group has suggested that the
President invoke his power under the inflation Act and start the Reserve
banks buying bonds and thus stabilize, at least, the Federal issues.
The responsible officials were watching the situation to-night out of one
eye, while they looked with the other to General Hugh S. Johnson, Recovery Administrator, who is seeking to effect a plan for an immediate universal
shorter work week and higher wage by voluntary agreement with industry.
Should success for this plan be indicated within the next few days, the
Administration would expect to stop any appreciable market slump with
a guarantee of an actual increased buying power for the masses capable
of supporting the recent upturn.
Vice-President Hoit of Chicago Board of Trade Declares Grain Market Strengthened as Result of
Heavy Trading July 19.
Lowell M. S. bit, Vice-President of the Chicago Board
of Trade, speaking for that Exchange, said on July 19,
according to a Chicago dispatch to the New York "Times,"
that the technical condition of the grain market, incident to
heavy public buying, had been tremendously strengthened
by the day's selling. He was further quoted as saying:
The general feeling in the grain trade has been that wheat is worth
Its current price, but that prices had been enhanced too rapidly through
impulsive public buying. The public is always extreme whether its interest centres in securities, real estate or commodities.
•
Toronto Stock Exchange to Close To-Day to Bring
Books Up to Date.
From Toronto, July 19, advices to the New York "Journal of Commerce" said:
Following a meeting of directors after the close of the local Stock Exchange to-day,it was announced officially that the Toronto Stock Exchange
will close down Saturday for the purpose of enabling Exchange and brokers'
employees to bring books up to date. No statement was issued by officials
of the Standard Stock and Mining Exchange to-day, but it was considered
likely that a session would be held to-morrow with the same result, due to
the fact that the exchanges are interlocked by the fact that some brokers
here are members on both exchanges.
Recent activity on the Toronto exchanges has exceeded that of any
year in the history of either, which takes in a period of more than 80 years.
Trading on the Toronto Stock Exchange is now running at a rate at which
one day's trading is exceeding trading for an entire month of 1932, with the
result that employees are working well into the next day's trading in an
effort to bring books into shape.
Trading in Grain and Provision Futures Suspended
for One Day on Chicago Board of Trade and Other
Leading American Exchanges—Limits Placed on
Daily Grain Price Fluctuations—Secretary Wallace
Issues Warning Regarding Plans to Curb Excessive
Speculation.
Trading in futures grain, and provision contracts on the
Chicago Board of Trade was suspended yesterday (July 21)
for the entire day, and other leading grain exchanges in the
United States also suspended dealings for the day in order to
permit re-organization of disordered ranks after several
sessions marked by huge activity and sharp price declines.
Trading in cash trains was conducted as usual, however.
After the Chicago Board of Trade decided on July 20 to
suspend dealings on the following day, a holiday was also
declared by Board of Trade in Kansas City, Minneapolis,
St. Louis and Duluth. Meanwhile, on July 20, Secretary
of Agriculture Wallace, at the direction of President Roosevelt, restored the requirement that all long and short accounts
of wheat of 500,000 bushels or more on the Chicago Board of
Trade must be reported daily to the Grain Futures Administration. The order also applied to all other grains and grain
exchanges. Mr. Wallace said that if the order was not sufficient to curb unwarranted speculation he might resort to
the licensing provisions of the Agricultural Adjustment Act.
582
Financial Chronicle
The reporting requirements of the Grain Futures Act had
been suspended on October 1932, when Secretary of Agriculture Hyde removed them in the hope of raising prices.
In response to a suggestion by Secretary Wallace on July 20
directors of the Chicago Board of Trade at an emergency
meeting imposed a limit on future daily price fluctuations.
Wheat and rye were limited to 8 cents, corn to 5 cents and
oats to 4 cents. Similar action was taken by the grain
exchanges at Minneapolis, Kansas City and Duluth.
In making the announcement on July 20 that trading in
grain and provision futures would be prohibited on the following day, the directors of the Chicago Board of Trade said:
"At a special meeting to-day of the directors of the Chicago Board of
Trade it was voted under the provisions of Rule 251 of the Exchange there
will be no futures trading in grain or provisions on the Board of Trade
Friday, July 21. The cotton, securities and cash grain markets will remain
open and adhere to regular trading hours.
The reasons for halting futures trading in grain and provisions for the
day, it was explained by Vice-President Robert P. Boylan,is to afford relief
to overburdened employes of commission houses, which have shouldered a
tremendous burden of business in the last three weeks. The brief holiday,
according to Mr. Boylan, will afford some measure of relief to the employees
who have worked night and day for several weeks under what has been a
record volume of business.
A similar situation was encountered less than three weeks ago, when
three shortened trading sessions were adopted by the exchange to give commission house employees a much needed rest.
Among other exchanges to rule on restrictive measures,
the Governing Committee of the Baltimore Stock Exchange
announced that, effective July 21, restriction on public
trading in banks and trust companies listed on the exchange
will be revoked. These restrictions have been in effect since
September 1931.
Grain Futures Reporting Requirements Restored.
President Roosevelt on July 20 directed Secretary of Agriculture Wallace to restore reporting requirements under the
Grain Futures Act. The Department of Agriculture's
announcement in the matter, July 20, said:
These requirements vary from market to market, and also to some extent
as between commodities.
For the Chicago Market, they require reporting of long or short accounts
of 500,000 bushels or more in any future at the close of each day's trading.
The status of the requirements for reporting to the Grain Futures Administration now is the same as it was prior to the suspension in October
1932.
Chicago Board of Trade executives have co-operated in restoring the
regulations. After the requirements were suspended last October, reports
as to the short position in excess of 500,000 bushels were made directly
to the Business Conduct Committee of the Board and recently the Committee also has been receiving reports as to the long position. Beginning
to-day, however,reports for all future's markets will be made directly to the
Department of Agriculture.
Installation of Additional Ticker Service by Western
Union Telegraph Co.—Reflects Renewed Public
Interest in Stock Market.
From the New York "Times" of July 8, we take the
following:
The Western Union Telegraph Co. reports that renewed public interest
in the markets has been reflected in the last three months by the addition
of more than 200 tickers each month on the 31 stock and commodity ticker
systems operated by the system. The number of tickers in use is now
greater than a year ago.
Such distant places as Butte. Mont.; Spokane, Wash.; Tucson, Phoenix
and Bisbee, Ariz.; Santa Fe and Albuquerque, N. M., have had their first
tickers installed recently. The New York Stock Exchange quotation tickers
show the largest increase, followed by those of the Chicago Board of Trade
and the Chicago Stock Exchange.
Bond tickers also have shown a fair increase, and the ticker system for
ork, which opened on
the new Commodity Exchange, Inc., of New
July 5, will be used by a much larger number of brokers than had tickers
of the four predecessor exchanges.
Lapse of "Gentlemen's Agreement" Under Which
Clearing House Banks Agree to Hold to Official
Rate.
The following is from the New York "Times" of July 20:
The lapse of the "gentlemen's agreement," under which the Clearing
House banks informally agreed to hold out for the "official" rate for call
money instead of lending funds outside the Stock Exchange at less than the
official rate, is a matter of complete insignificance to the money market.
The history of this agreement simply demonstrated once more a favorite
thesis of the banks themselves—that price-fixing is seldom successful. The
purpose of the agreement was merely the practical desire on the part of the
banks to get a better rate for their money. But all during the life of the
agreement there was plenty of money available on call at less than the Stock
Exchange rate, except for the rare intervals of money market crisis when all
rates tightened. In allowing the agreement to lapse the bankers are giving
up a plan which never did work to anybody's great satisfaction.
Banks Required to Pay Interest on State or Municipal
Funds According to New York State Comptroller
Tremaine—Funds Unaffected by Federal Banking
Act He Rules.
Banks and municipal fiscal officers throughout the State
were notified on July 13 by New York State Comptroller
Morris S. Tremaine that in his opinion the recently enacted
Federal Banking Act barring Federal Reserve banks from
paying interest on demand deposits does not apply to de-
July 22 1933
posits of public money by the State of New York or its municipalities. The "Knickerbocker Press" of Albany from which
we quote also contained the following information:
His opinion resulted from numerous inquiries for advice from banks
and fiscal officials for guidance in handling public funds.
The Comptroller, after consultation with Harry T. O'Brien, Director
of his Bureau of Municipal Accounts, called attention to provisions of
State law requiring banks to pay interest on State funds.
As regards second-class cities, it was pointed out that the subject of
interest on their demand deposits is fully covered in the second-class cities
law, section 69 of which specifically required the "interest on all deposits
shall be the property of the city and shall be accounted for and credited
to the appropriate fund."
Cities which operate under the provisions of their own charters are
grouped into three classes by Comptroller Tremaine's announcement:
1. Those whose charters unequivocally require interest to be paid on
deposits:
2. Those containing provisions similar to those in the Second-class Cities
Law, in which the interest requirement is clearly inferred, and
3. Those which contain no provisions at all dealing with the question
of interest.
Those in the last group, in Mr. Tremaine's opinion "must for the time
being, at least, await further action, by the Legislature, unless under
authority of the so-called Home Rule Law these cities may amend their
charters to bring them within the favored classes."
Concerning towns, the Comptroller observed that except in the case of
towns operating on a budgetary basis there appears to be nothing in the
present town law which makes it mandatory to collect interest on town
deposits. But the new town law, which becomes effective Jan. 1 1934.
requires town supervisors to collect interest on town bank deposits.
Comptroller Tremaine's announcement said the Education Law "apparently fails to make it mandatory for school districts to collect interest on
demand deposits."
However, the Comptroller said he would recommend suitable legislation to clarify any doubtful points, and invited suggestions from "public
officers and others who may be interested in the question."
James A. Goldsmith Elected President of Silk Association of America, Inc.—Formation of Silk and Rayon
Institute Approved.
James A. Goldsmith of IIess, Goldsmith & Co., Inc., was
elected President of the Silk Association of America, Inc.,
with full power to act for the industry in the present emergency at a special meeting of the Association's Board of Managers, held on July 18. Mr. Goldsmith will fill the unexpired
term of office of Paolino Gerli, recently resigned. Ramsay
Peugnet, for 25 years Secretary and Treasurer of the Association, was elected Vice-President and Treasurer, George G.
Sommaripa, economist, was elected Vice-President in charge
of planning and research, and Irene L. Blunt, Assistant Secretary, was elected Secretary.
By resolution, the Silk Association Board approved of the
formation of a Silk and Rayon Institute. The new institute
will provide the basis for a federation of associations of those
branches of the silk and rayon industry which are closely
allied in interest.
Sale of Globe & Rutgers Fire Insurance Co. Opposed
by Company, Claiming Solvency,
Elihu Root Jr., counsel for the Globe & Rutgers Fire
Insurance Co., opposed on July 19 the application of George
S. Van Schaick, State Superintendent of Insurance, for permission to sell sufficient securities of the company to obtain
$10,000,000 with which to pay the company's creditors.
In his argument before Surpeme Court Justice Frankenthaler, counsel maintained that the company was solvent,
able to meet its obligations and that its security assets should
not be drained at a time when indications were that security
markets would continue their rise. Mr. Root also questioned
the authority of the Superintendent to sell such a large quantity of the company's securities as a condition of ending the
rehabilitation order, and opposed the proposition that the
financial committee of the company should be reconstituted
and an adviser retained to handle its investments.
The company has been in the custody of Superintendent
of Insurance George S. Van Schaick as rehabilitator since
March 24.
As of July 15 the Globe & Rutgers' investments consisted of 373.6%
bonds and 6714% stocks, which Is a larger ratio of bonds to stocks than is
found in the portfolios of many insurance companies, Ellhu Root Jr.,
declared in supporting the company's contention that the Insurance De- .
partment has no jurisdiction over the investment practices of a solvent
Insurance company so long as investment laws are followed.
It is the contention of the Superintendent of Insurance that, so long as
he is rehabilitator he has the power to sell securities without consulting the
company's directors, whose positions are subordinate to his under the
rehabilitation law.
Additional papers were filed on July 19 in the Supreme
Court of New York in the application made by the Globe
& Rutgers for termination of the rehabilitation proceeding.
E. C. Jameson, President of the company,stated:
The board of directors of Globe & Rutgers Fire Insurance Co. seeks return of the company to its management in order that the company may
pay its claims as and when they mature. Considerable of the business of
the company is still in force and under the rehabilitation order the company is unable to pay losses on this business as they occur. The company
being solvent the directors desire its return In order that all claims against
Volume 137
the company may be promptly paid as they fall due, and feel that it is decidedly in the interest of creditors to have the company restored to its
management.
The board of directors at its meeting on July 5 decided to apply for the
termination of rehabilitation proceedings and authorized the officers to consent to the sale of sufficient securities to cover claims payable at the time
the rehabilltation order is lifted and to maintain a reasonable cash reserve
to pay future claims as they mature. Affidavits filed to-day on behalf of
the company indicate that with securities figured at present market values
the company's balance sheet shows a substantial surplus to policyholders.
Volume of Trading on New York Cocoa Exchange
During Week of July 14 Greatest in Exchange's
History.
Following is the weekly review of the New York Cocoa Exchange for the week ended July 14:
Steady accumulation of cocoa futures by outside investment interests took
place on the New York Cocoa Exchange during the past week and prices
closed with new gains of 11 to 15 points as a result. The volume of trading
was the greatest in the history of the Exchange. Although most of the
business came from outside interests, there was a growing tendency on the
part of the trade itself to join in the purchasing. Cocoa manufacturers,
whose heavy buying season does not normally start until late in August, were
on the sidelines chiefly. Behind the steady advance in cocoa prices is seen
the desire of outside interests to get rid of dollars and hold conrmodities
instead. Many believe that cocoa is headed for substantially higher levels
because the commodity has lagged somewhat behind the general commodity
advance and is still in a favorable statistical position. Warehouse stocks in
New York were up a few thousand bags for the week.
Senator Smith Before New York Cotton Exchange
Says Conditions for Recovery From Depression
Were Never More Propitious Than Now.
Trading was suspended on the New York Cotton Exchange
on July 19 while an address was made to the members of the
Exchange from the rostrum by Senator Ellison D. Smith of
South Carolina, Chairman of the Senate Agricultural Committee. Senator Smith is the author of the Smith cotton
acreage reduction plan, which was first proposed by him in
December 1930, but was not enacted into law until June
1933, when it became a part of the Agricultural Adjustment Act. In addressing the Cotton Exchange he said
in part:
It has been predicted that recovery from the depression would be very
slow. However, conditions for recovery were never more propitious than
right at this time for the reason that every evidence that leads for an
almost immediate recovery is present. We have the finished goods, the
raw material, the resources and the money. Unfortunately, during the
past few years, we did not have men in power who saw the necessity of so
modifying the policies of Government as to distribute the wealth and
reinstate the buying power of the masses so that the material we had could
find a ready and profitable market.
Under the new Administration, in response to an overwhelming vote of
the people, policies have been initiated which are already bringing a radical
change, not only in policies but in many instances in the principles of the
laws themselves, and I congratulate the members of the New York Cotton
Exchange that we now have turned rapidly toward recovery. But it took
us three long years to move. We are inspiring hope, and inspiring confidence, and every man's shoulder is to the wheel.
America's position in the family of nations makes it commanding. It is
up to America to lead the world out of this unspeakable financial and
industrial chaos. It is wholly within our power to do that thing and we
are now addressing ourselves to that task. The co-operation of the world
will follow of necessity by virtue of our position in world affairs.
In the New York "Journal of Commerce" Senator Smith
was reported as declaring that"any man is taking hisfinancial
life in his own hands who dares to bear the market." The
same paper said:
After remarking on the danger to one's financial life of bearing the
market, the Senator said that he did not, however, advocate any "skyrocketing condition." He noted that "every element was present" for a
good market, and said, "if I wasn't a Senator I believe I'd make some
money."
New York Tobacco & Commodities Exchange, Inc.,
Issued Charter by New York State.
The New York Tobacco and Commodities Exchange, Inc.,
has been granted a charter by the State of New York. A
charter has also been obtained from the State for a Clearing
Association, which, in conjunction with the Exchange, will
afford complete facilities for trading in tobacco and other
farm and dairy commodities.
The need for such an Exchange in New York City, not only
by the tobacco industry, but also by the potato and citrus
fruit trade,(has been a subject of discussion for some time,
according to Herman L. Brodfeld, New York, who is attorney
for the proposed Exchange. Mr. Brodfeld adds:
The Board of Governors will contain the names of several men prominently
identified with the principal commodities to be traded in. . . .
Several locations for a trading floor are under consideration, and the
Exchange will open for trading as soon as necessary arrangements can be
made, which, it is expected, will be in the near future.
Stock Transactions by Foreign Diplomatic Representatives in United States Subject to New York State
Stock Transfer Tax.
Under a ruling by Seth T. Cole, Counsel for the New York
State Tax Commission, sales or transfers of stock by or to
diplomatic representatives of foreign governments in the
583
Financial Chronicle
United States are subject to the New York State stock
transfer tax. In the case of the Federal regulations, such
sales or transfers are exempt from the Federal tax. Mr.
Cole's ruling was given as follows in an Albany dispatch
July 17 to the New York "Journal of Commerce":
"It would seem that the Federal rule is the result of an unwarranted
extension of the principle of exemption. Obviously, if an Ambassador is
to be regarded as living in his home country, he should not be taxed in
the country to which he is sent in all respects as a resident is taxed. However, it seems necessary to distinguish between ordinary taxes and taxes
of the class known as excises. If an Ambassador may escape an excise
tax in the form of a stock transfer tax, he should be exempt from every
excise tax. When he buys motor fuel, playing cards, cigarettes, wines or
beer, he should buy them free from all excises. Such a situation would be
absurd and. one quite unnecessary even though an Ambassador be given
all the privileges justified by the principles laid down by any of the writers
on international law."
In conclusion, Mr. Cole declares: "While it is always desirable to have
New York tax regulations in accord with Federal tax regulations, it seems
to me that here is a cliae where the Federal rule is wrong and that we should
not follow it."
Federal Income Tax—Change in Method of Figuring
Two-Year Period for Capital and Gain and Loss
in Case of Stock Acquired by Exercise of Rights.
A new income tax ruling has just been announced by the
General Counsel to the Bureau of Internal Revenue, making
an important change in the way the two-year period is to
be figured for capital gain and loss purposes in the case of
stock acquired by the exercise of rights, according to J. S.
Seidman, tax expert, of Seidman & Seidman, certified public accountants. Mr. Seidman says:
It is now held that the two-year period begins at the time the rights are
exercised. Under the rule that heretofore existed, a split-up was made.
The part of the stock represented by the value of the rights was deemed to
be an outgrowth of the original stock, and to have been acquired when
the original stock was purchased. Only the remainder, represented by
the new investment, wasAeemed to have been acquired at the time the
rights were exercised.
Dividends Paid in Stock Not Subject to Federal Tax.
Stock dividends paid in stock are not subject to the 5%
dividend tax, L. K.Sunderland, chief of the rules and regulations section of the Internal Revenue Bureau, said on July 7
in response to an inquiry. A Washington dispatch July 7
to the New York "Times" added:
Cash dividends on stocks are, of course, subject to the tax.
About ten years ago the Supreme Court ruled that dividends payable
in stock did not constitute taxable income.
Volume of Commercial Paper Outstanding as Reported
to Federal Reserve Bank of New York $72,700,000
on June 30, as Compared with $60,100,000 May 31.
The following release was issued under date of July 20
by the Federal Reserve Bank of New York:
Reports received by this Bank from commercial paper dealers show
a total of $72,700,000 of open market commercial paper outstanding on
June 30 1933.
Below we furnish a record of the figures since they were
first reported by the Bank on Oct. 31 1931:
1933—
June 30
May 31
April 30
Mar. 31
Feb. 28
Jan. 31
1932—
,
372:700:000 Dec. 11
64,000,000
71,900,000
84,200,000
84,600,000
Oct. 31
Sept. 30
Aug. 31
July 31
June 30
May 31
$81,100,000
109,500,000
113,200,000
110,100,000
108,100,000
100,400,000
103:300:000
1932April 30
Mar. 31
Feb. 29
Jan. 31
1931—
Dec. 31
Nov.
c.
, 11?
$107,800,000
105,806,000
102,818.000
107,902,000
$117,714,784
173,684,384
210,000,000
Increase of $17,863,122 in Bankers Acceptances Unusual
at this Period of Year—Regarded as Reflecting
Return of Activity in Commerce—Total Amount
Outstanding $686,674,450.
An increase of $17,863,122 in the volume of bankers' acceptances outstanding at the end of June is revealed in the
monthly report of the American Acceptance Council, released
July 19. This increase brings the total volume of bills up
to $686,674,450, a total only $60,573,912 less than was outstanding at the end of June 1932. Robert H. Bean, Executive Secretary of the American Acceptance Council, in making public these figures, said:
An increase in the volume of bills as of the end of June is an unusual
and important change in the acceptance business and must be considered as
another illustration of the return of activity in the commerce of the country. The demand for financial arrangements for the seasonal crops does
not usually make its appearance before late July or early August, and the
current increase cannot be laid to this annual demand on the banks for cropmoving credit.
Acceptances created for imports advanced $3,538,811 during June, while
acceptances created for the purpose of financing exports declined in volume
$5,617,016. The volume of acceptances for domestic shipment purposes
increased $2,678,428, and acceptances arising out of the financing of goods
in domestic warehouses increased $29,640,046. The volume of bills based
on goods stored in or shipped between foreign countries continued the
decline which has been steadily noted in previous surveys since 1931, the
present total is off $12,286,984, leaving the amount of such foreign bills
at $212,573,175, against practically $500,000,000 just two years ago.
Within the past 30 days there has been a marked improvement in the
open market distribution of bills. This is readily traceable to the demand
,
584
Financial Chronicle
coming from corporations, insurance companies, savings banks and to a
considerable extent, interior banks, for bills to take the place of bank
balances which now no longer draw interest. This active demand has
resulted in drawing down the volume of bills held by accepting banks.
On May 31 all accepting banks reported holdings of their own bills
totaling $229,478,748, whereas on June 30, notwithstanding the increase in
total bill volume of $17,800,000, the accepting banks held only $200,692,902 of their own bills. Of other banks' bills held on June 30, accepting banks had $286,562,351 against $275,512,648 at the end of May.
The combined totals of own and others are thus $487,255,253 on June 30
against $504,991,396 at the end of May.
As dealers' portfolios and the holdings of the Federal Reserve System for
their own account or for foreign correspondents remain practically unchanged for the month, it is clearly evident that the outside market is
taking an increasing volume of bankers' acceptances for the employment
of their surplus funds.
For the first time since rates were officially quoted, the dealers provided
a rate for bills from one to 45 days, and from 46 to 60 days in place of
the former quotations for maturities of 30, 60 and 90 days. This new rate
which went into effect on July 12 provides for bills which may be created
or offered up to Sept. 1, which is usually the beginning of the firmer rate
scale for commercial credits, occasionedsby crop-moving demands.
The statistics supplied by Mr. Bean follow:
TOTAL OF BANKERS DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS.
Federal Reserve District,
1
2
3
4
5
6
7
8
9
10
11
12
June 30 1933.
May 311933.
June 30 1932.
$47,372,205
551,511,129
11,908,915
1,051,301
1,140,053
4,678,198
40,175,586
2,230,431
5,369,933
1,500,000
1,496,653
'18,240,046
$45,523,707
546,104,773
10,038,266
1,211,745
1,346,562
4,086,087
34,070,275
1,410,421
2,443,686
1,150,000
1,242,359
19,583,447
$43,362,885
604,641,709
13,633,973
10,498,307
1,891,696
5,457,030
42,742,558
1,241,919
1,093,802
650,000
626,874
21,407,609
$686,674,450
8668,811,328
$747,248,362
60,573,912
Grand total
Decrease
Fneranna
217 5112 199
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
June 30 1933.
Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored in or shipped
hpriarpan foreleg countries
May 311933. June 30 1932.
880,080,381
168,011,555
13,896,665
203,108,538
9,004,136
876,541,570
173,628,571
11,218,237
173,468,492
9,094,299
$96,949,875
173,194,076
13,615,037
179,231,752
13,243,015
212.573.175
224.880.159
271 014 507
CURRENT MARKET QUOTATIONS ON PRIME BANKERS'ACCEPTANCES
JULY 15 1923.
Days—
1 to 45
48 to 80
go
Dealers'
Dealers'
Buying Rate. Selling Rafe.
Si
X
%
X
X
15
Days—
120
150
180
Dealers'
Dealers'
Buying Rate. Selling Rate.
X
ho
116
1
1
X
July 22 1933
bidders. The bills will be used to retire an issue of $80,295,000 maturing on July 26. Acting Secretary Hewes'
announcement said in part:
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
that basis of 100, with not more than three decimal places, e. g.. 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on July 24 1933.
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 26 1933.
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. No loss from the sale
or other disposition of the Treasury bills shall be allowed as a deduction,
or otherwise recognized, for the purposes of any tax now or hereafter
imposed by the United States or any of its possessions.
$75,172,000 of Bids Accepted to Offering of $75,000,000
or Thereabouts of 91-Day Treasury Bills Dated
July 19 — $228,835,000 Received — Average Rate
0.39%.
Of tenders totaling $228,835,000 received to the offering
of $75,000,000 or thereabouts of 91-day Treasury bills
dated July 19, Acting Secretary of the Treasury Thomas
Hewes announced on July 17 that $75,172,000 had been
accepted. The Acting Secretary stated that the bills were
sold at an average rate on a bank discount basis of 0.39%.
This compares with previous rates of 0.36% (bills dated
July 12); 0.28% (bills dated July 5) and 0.27% (bills dated
June 28). The average price of the bills to be issued is
99.901. Tenders to the offering, referred to in our issue of
July 15, page 423, were received at the Federal Reserve
Banks, or the branches thereof, up to 2 p. m., Eastern
standard time, July 17. Advices from Washington July 17
to the New York "Herald Tribune" gave as follows Mr.
Hewes' announcement of the result of the offering:
Acting Secretary of the Treasury Hewes to-night (July 17) announced
Federal Open Market Committee Meets in Washington
—Unit of Federal Reserve System Takes Up Rules that the tenders for 875.000,000, or thereabouts, of 91-day Treasury bills.
dated July 19, which were opened at the Federal Reserve banks to-day,
of Procedure Under Glass-Steagall Banking Act. amounted
to $228,835,000, of which $75,172,000 was accepted.
Questions relating to operation of the Glass-Steagall
The accepted bids ranged in price from 99.950, equivalent to a rate of
Banking Act were taken up at the first meeting in Washing- about 0.20% per annum, to 99.891, equivalent to a rate of about 0.43%
per
on a bank discount basis. Only part of the amount bid for at
ton on July 20 of the Federal Open Market Committee at the annum,
latter price was accepted. The average price of Treasury bills to be
the Treasury Department.
issued is 99.901 and the average rate is about 0.39%.
Meeting for the first time under provisions of the 1933
Glass-Steagall Banking Act, the committee (said the WashMcNinch Named Chairman of Federal Power
ington correspondent of the New York "Journal of Com- F. R.
Commission to Succeed George Otis Smith, Who
merce") started the preparation of regulations for future
Resigns to Permit President Roosevelt to Make
procedure. The account in the paper from which we quote
His Own Selection.
continued:
' Frank R. McNinch, a Democrat and friend of President
When drafted the regulations will be submitted to the Federal Reserve
Roosevelt, was named Chairman of the Federal Power ComBoard for approval.
mission to succeed George Otis Smith on July 19. Mr.
The 1933 law provides that the open market committee shall be composed
of a representative of each of the Federal Reserve districts, and shall meet
McNinch has been acting as Vice-Chairman of the Commisin Washington four times a year or on special call.
sion for several months. In his letter of resignation to the
"The time, character and volume of open market operations are to be
President, Mr. Smith said that while he remained on the
governed with a view to accommodating commerce and business and with
regard to their bearing upon the general credit situation of the country,"
Commission his change in duties would "in no wise affect
according to an analysis of the Banking Act prepared by the finance demy continued endeavor to promote the movement toward
partment of the Chamber of Commerce of the United States.
the better regulation of business which is so outstanding a
"A Reserve bank which decides not to participate in recommended open
market operations must file with the chairman of the committee within
policy of your administration." Mr. Smith became chairthirty days a notice of its decision and transmit a copy thereof to the Federal
man of the Power Commission in 1930 when it was set up
Reserve Board."
as an independent agency. For nearly 25 years prior to
Black Visits White House.
that time he had been director of the Geological Survey.
During the afternoon Gov. Eugene Black, of the Federal Reserve Board,
who had conferred with the Governors, visited the White House but deMr. McNinch's appointment as Chairman was confirmed
clined to make any statement relative to the meeting.
unanimously by the Commission on July 19, and Basil
New Offering of $80,000,000 or Thereabouts of 91-Day Manly, who was appointed in May by President Roosevelt,
was selected as Vice-Chairman. Mr. McNinch is 60 years
Treasury Bills—To Be Dated July 26.
On July 19 Thomas Hewes, Acting Secretary of the of age and a native of Charlotte, N. C. In his first stateTreasury, invited tenders to a new offering of 91-day ment as Chairman on July 19 he said:
It is a happy circumstance to me that my course during my two and a
Treasury bills to the amount of $80,000,000 or thereabouts,
half years' service as a commissioner is in harmony with the President's
or
the
Banks,
to be received at the Federal Reserve
branches views with regard to this vital public question.
Power Is a necessity in the present state of society and the power industry
thereof, up to 2 p. m., Eastern standard time, Monday,
a social agency, indeed a governmental agency where hydroelectric power
July 24. Tenders will not be received at the Treasury is
Is involved. Through privately administered, its administration is a public
Department, Wash. The bills, the announcement said, trust in the interest of the consuming public.
This industry offers no fair field for stock jobbing, intercorporate traffickwill be dated July 26 and will mature Oct. 25 1933, and on
ing or any other exploitation of the public. Every dollar honestly invested
the maturity date the face amount will be payable without Is entitled
to a fair return and no more; every dollar paid by the con-nterest. They will be sold on a discount basis to the highest suming public is entitled to a full return in service and no less.
Volume 137
Financial Chronicle
Mr McNinch said the Commission "will go the limit
within the law" in co-operating with and assisting State
regulatory commissions.
R. B. Stevens of New Hampshire Begins Duties as
Member of Federal Trade Commission.
Raymond B. Stevens of New Hampshire has entered on
duty as a member of the Federal Trade Commission, having
been appointed to the position June 9 by President Roosevelt, the Commission announced on July 11, continuing:
His new position will not be the first which Mr. Stevens has had with
the Federal Trade Commission, he having served as a member of its legal
staff in the early days of its organization. Mr. Stevens also was ViceChairman of the U. S. Shipping Board and American representative on the
Allied Maritime Transport Council, London and Paris in 1917-18. He
represented his home districts of New Hampshire both in the State and
National House of Representatives, having resided in Landaff, N. H.
Appointment of Commissioner Stevens restores to the Commission its
full membership of five Commissioners.
Plan for Re-organization of Chicago Joint Stock Land
Bank.
Several important holders of bonds of the Chicago Joint
Stock Land Bank, which is in receivership, have already
indicated their willingness to co-operate in the plan of re-organization proposed by Gertler, Devlet & Co., Michael J.
Devlet stated, according to the "Wall Street Journal" of
July 21 which also had the following to say regarding the
re-organization plan:
Until a substantial part of the $42,000,000 bonds and $4,000,000 Par
value stock outstanding has been deposited, however,the plan, which hinges
upon purchase of the assets of the Bank from the receivers, will not become
operative.
Bonds of the Chicago Joint Stock Land Bank—the second largest in the
system—currently are selling around 36, compared with a low this year of
13. Under the proposed plan, holders who choose to withdraw from the
situation rather than receive new 20-year 43i% bonds of a face value
equal to two-thirds of the face value of present bonds plus four shares of
common stock of the new corporation for each $1,000 face value of present
bonds will receive 40 for their bonds. Shares of new common stock which
would otherwise have been issued to such holders would be issued to Gertler,
Devlet & Co., who would transfer to each.depositing stockholders one share
of new common for each five old shares deposited; shares remaining after
such distribution would constitute the reorganization manager's compensation.
"Interests of the security holders should come first," Mr. Devlet stated.
"We have supplied holders with exceptionally complete information in
connection with our announcement of this plan of reorganization. Our
aim will be to provide for maximum realization of the assets of this bank
through conservation and orderly liquidation instead of forced liquidation."
The plan probably cannot become operative before next December.
Rate of Interest on New Mortgage Loans by Federal
Land Banks Reduced to 5%—Reduction to 4%.(7
0
Under Emergency Farm Mortgage Act To Apply
on Payments Through National Farm Loan Associations.
The basic rate of interest on new first mortgage loans by
the Federal Land Banks was reduced to 5% through an order
issued July 11, by Albert S. Goss, Land Bank Commissioner,
with the approval of Henry Morgenthau, Jr., Governor of
the Farm Credit Administration. . The order is effective
immediately, it was stated in an announcement July 11 by
the Farm Credit Administration, which also said:
The new rate will not apply, however, on interest payments to be made
within the next five years as the Emergency Farm Mortgage Act of 1933
provides for a reduction to 4%% for that period of the interest payments
on all mortgages, both old and new, made through National farm loan associations. This new emergency rate also became effective to-day.
The 5% rate will apply to all loan contracts made by the Land Banks
beginning to-day and will affect interest payments subsequent to the
emergency five-year period.
The Farm Loan Act provides that each Land Bank may charge a rate of
Interest equal to the rate of the last series of bonds issued by the Bank,
plus a charge for administration and profits not to exceed 1%. The Land
Bank Commissioner, however, has the power to review and alter these
rates with the object of making them uniform so far as possible.
Two banks, those at New Orleans, La., and Columbia, S. C., have had
a rate of6% per annum prior to to-day, while the rate of the other 10 banks
has been 53 %. To-day's order establishes a uniform rate for all the banks.
It is based on the issue of bonds of the new consolidated series bearing 4%
interest guaranteed by the Treasury, which was authorized by the Emergency Farm Mortgage Act.
Stockholders of St. Louis Joint Stock Land Bank Not
Individually Liable on Joint Holdings — Court
Rules State Law Is Superseded by Federal Act.
Seven stockholders of the St. Louis Joint Stock Land
Bank are not each individually liable to assessment on their
joint holdings, Federal Judge Faris of St. Louis ruled on
July 7, according to a dispatch to the "Kansas City Star"
which went on to say:
The stockholders were sued by C. N. Patridge of Kansas City, a bondholder, who sought to assess them on their holdings under the double liability
clause.
Patridge's petition contended that shortly before the bank went into
receivership the defendants transferred their stock to the Land Bank Securities Corporation. The Corporation, the petition stated, was in reality
a partnership and therefore each of the partners was individually liable
for the total debts of the partnership.
585
Judge Faris, however, ruled that the State law governing liability of
partners had been superseded by a Federal law limiting liability. The
ruling was made on the motion of the defendants to strike out a part of the
petition which asked that each of the defendants be assessed $950,400.
the par value of the 9,504 shares of stock held by them.
Warning to Bondholders of Joint Stock Land Banks
Against Inequitable Reorganization Plans—Brochure Comprising "Study in Equities" Issued by
Gertler, Devlet & Co.
Pointing out that "the radical amendment of the Federal
Farm Loan Act of March 24 1923 by the Farm Credit Act
oTiMy -12 1933 expanded the functions of the Federal Land
Banks and drastically curtailed the activities of the Joint
Stock Land Banks. Gertler,
siatei that the
new law prohibits Joint Stock Banks from issuing bonds or
making new loans except such as are necessary and incidental
to the refinancing of existing loans. The law further provides for the orderly liquidation of each Joint Stock Land
Bank.
"Bondholders however should not be too perturbed,"
says the firm in its brochure just published, entitled Joint
Stock Land Banks, a Study in Equities. Stockholders of
individual banks they note, are interested in realizing a
return on their investments, accordingly, inequitable reorganization plans will be offered the bondholders of the
weaker banks in order that outstanding bonds may be purchased by the bank at drastically depreciated values. They
further state that bond holders should seek the counsel of
unbiased authorities before parting with their bonds, as
precedent has unmistakably indicated that even in liquidating insolvent Joint Stock Banks, bondholders have fared
relatively well, realizing on the average, better than 60 cents
on the dollar par value of bonds outstanding. They add:
Contrary to opinion, these banks do not have a poor record, having
survived a 10 year uninterrupted period of deflation and depression in
agriculture—a record really that will be difficult for commercial banks to
match and, incidentally, for industrial and railroad companies, foreign
governments or city real estate, as well.
In ease of the stronger banks, of which there are a number,
amply fortified against a continuance of untoward economic
circumstances, interest payments without doubt, said the
firm, will be continued and in case of liquidation outstanding
bonds should be paid off at par.
Members of the firm of Gertler, Devlet & Co., have
specialized in Land Bank securities since the original Farm
Loan Act of 1916 established the Land Bank System. In
the past several months they have developed indices with
which to compare the individual Joint Stock Land Banks.
These indices include Operating Index, Relative Worth Index, Asset Value Index, Liquidating Value Index, when
applied enable the weighing and determing bond equities of
any specific Joint Stock Bank.
"Blanket" Cede for Industry and Business Approved
by President Roosevelt—Issued Under National
Industrial Recovery Act in Effort to Increase
Purchasing Power and Employment Pending Adoption of Specific Codes.
*Approval by President Roosevelt of a "blanket" code of
competition for all business and industry in an effort to
effect an immediate increase in the Nation's purchasing
power as well as to increase employment was announced on
July 20, when the new Code, issued under the title of the
"President's Re-employment Agreement" was made public.
The issuance of the "blanket" code was -forecast on July 19,
following a meeting of the Cabinet Recovery Board which
was reported to have endorsed the program formulated by
General Hugh S. Johnson, Recovery Administrator. After
completing the code, General Johnson submitted it to President Roosevelt for his endorsement. The voluntary agreement which business and industry is asked to adopt, would
be made immediately effective and would continue in force
pending the adoption of specific codes for each industry.
After the meeting of the Cabinet Recovery Board on July
19, Secretary Roper, the Chairman, made the following announcement:
Certain procedure and forms for carrying out this procedure were given
careful consideration and approved, subject to some minor changes suggested
by the Department of Justice and the Secretary of Agriculture. The forms,
with the suggested changes, are in possession of General Johnson and will
be given out by him.
According to WaMiington advices July 20 to the New York
"Herald Tribune" the President's decision to approve the
plan was reached that night after a long final conference in
the study adjoining his bedroom with Brigadier-General
Hugh S. Johnson, who took his final draft of the voluntary
agreement to the White House after all objections to the
586
Financial Chronicle
program raised in the special Industrial Recovery Board of
Cabinet members had been eliminated. The advices continued:
"Truce On Selfishness."
The form of agreement was made public soon after, with an explanation
designated Bulletin No. 3 of the National Industrial Recovery Administration, which characterized it as "a truce on selfishness." The proposed agreement amounts to a pledge which will be mailed to the 5,000,000 employers
of the United States to be signed and delivered to the Government to show
that industry and business, large and small, joins in the push to bring purchasing power up to the level of production and prices as they have risen in
the last three months.
It will be in the hands of all employers by next Thursday [July 27] under
instructions sent out to all postmasters throughout the country. The pledge
will be followed by a publicity campaign of nation-wide proportions to
arouse the American people to get behind the program and push it to success without stint.
The re-employment drive will be carried on for a period of five months,
that is, from August 1 to December 31, and the pledge of the employer under
the agreement will extend for that period unless terminated earlier by the
approval of a detailed code of fair competition covering his specific industry.
What the President Asks.
Briefly, by this agreement "to raise wages, create employment and thus
increase purchasing power and restore business," the President requests the
co-operation of the industry and business of America to do the following
things:
Employ none under the age of 16 years.
To limit the work hours of the white collar and the service workers to
40 hours a week and maintain the operation of stores at a minimum of
52 hours.
Make the factory work-week not more than 35 hours except that the
44-hour week may be averaged over any six weeks' period, not employing
workers more than eight hours a day. The maximum hours are not applied
to employees in establishments not employing more than two persons or in
towns of less than 2,500 population, registered pharmacists and members
of profession or executives receiving more than $35 a week.
Minimum Wage Set.
Create a wage minimum of $15 in large cities for the white collar and
service employees and $14.50 and $14 in smaller cities, according to population, with a minimum of $12 for towns of 2,500 or less.
Provide a minimum wage of not less than 40 cents an hour for labor
unless the wages of 1929 for the class was less, and in no event less than
30 cents an hour. The minimum is guaranteed whether the employee Is
compensated by piecework or not.
Maintain the compensation now in excess of minimum wages and increase
the pay for such employment by equitable readjustment.
Not to use "subterfuge" to frustrate the spirit of the agreement.
Not to increase the price of any merchandise sold over the prices of
July 1 by more than the actual increases in production and replacement of
taxes resulting from the Agricultural Adjustment Act.
To support and patronize any who have signed the agreement and are
listed as members of the National Recovery Administration.
The agreement also includes a provision for adjustment of contracts
signed prior to July 16.
September 1 Is Deadline.
A virtual deadline of September 1 was set for the submission of codes by
agreement within industries. After that date, the bulletin announced, the
President will order hearings to develop codes for industries which have not
succeeded in agreeing on drafts of their own.
July 22 1933
(5) Not to pay any of the classes of employees mentioned in paragraph
(2) less than $15 per week in any city of over 500,000 population or in the
immediate trade area of such city, nor less than $14.50 per week in any
city of between 250,000 and 500,000 population, or in the immediate trade
area of such city; nor less than $14 per week in any city of between 2,500
and 250,000 population or in the immediate trade area of such city; and
In towns of less than 2,500 population to increase all wages by not less
than 20%, provided that this shall not require wages in excess of $12 per
week.
(6) Not to pay any employees of the classes mentioned in paragraph (3)
less than 40 cents per hour unless the hourly rate for the same class of work
on July 15 1929, was less than 40 cents per hour, in which latter case not
to pay less than the hourly rate on July 15 1929, and in no event less than
30 cents per hour. It is agreed that this paragraph establishes a guaranteed
minimum rate of pay regardless of whether the employee is compensated on
the basis of a time rate or on a piecework performance.
(7) Not to reduce the compensation for employment now in excess of
the minimum wages hereby agreed to (notwithstanding that the hours worked
in such employment may be hereby reduced) and to increase the pay for
such employment by an equitable readjustment of all pay schedules.
(8) Not to use .any subterfuge to frustrate the spirit and intent of this
agreement, which is, among other things, to increase employment by a universal covenant, to remove obstructions to commerce, and to shorten hours
and to raise wages for the shorter week to a living basis.
(9) Not to increase the price of any merchandise sold after the date hereof over the price on July 1 1933, by more than is made necessary by actual
increases in production, replacement, or invoice coats of merchandise since
July 1 1933, or by taxes or other costs resulting from action taken pursuant
to the Agricultural Adjustment Act, and in setting such price increases, to
give full weight to probable increases in sales volume and to refrain from
taking profiteering advantage of the consuming public.
(10) To support and patronize establishments which also have signed
this agreement and are listed as members of the N. R. A. (National Recovery
Administration).
(11) To co-operate to the fullest extent in having a code of fair competition submitted by his industry at the earliest possible date and in any
event before Sept. 1 1933.
(12) Where, before June 16 1933, the undersigned had contracted to
purchase goods at a fixed price for delivery during the period of this agreement, the undersigned will make an appropriate adjustment of said fixed
price to meet any increase in cost caused by the seller having signed this
President's re-employment agreement or having become bound by any code
of fair competition approved by the President.
(13) This agreement shall cease upon approval by the President of a
Code to which the undersigned is subject; or, if the N. R. A. so elects, upon
submission of a Code to which the undersigned is subject and substitution
of any of its provisions for any of the terms of this agreement.
(14) It is agreed that any person who wishes to do his part in the President's re-employment drive by signing this agreement but who asserts that
some particular provision hereof, because of peculiar circumstances, will
create great and unavoidable hardship, may obtain the benefits hereof by
signing this agreement and putting it into effect and then, in a petition approved by a representative trade association of his industry, or other representative organization designated by N. R. A., may apply for a stay of
such provision pending a summary investigation by N. R. A., if he
agrees
In such application to abide by the decision of such investigation.
This
agreement is entered into pursuant to Section 4 (a) of the National Industrial Recovery Act and subject to all the terms and conditions required
by Sections 7 (a) and 10 (b) of that act.
Dated
1933.
(Sign here)
(Name)
As approved by the President the agreement was made
public as follows:
To every employer:
1.—This agreement is part of a nation-wide plan to raise wages, create
employment, and thus increase purchasing power and restore business. That
plan depends wholly on united action by all employers. For this reason I
ask you as an employer to do your part by signing.
2.—If it turns out that the general agreement bears unfairly on any group
of employers they can have that straightened out by presenting promptly
their proposed Code of Fair Competition.
FRANKLIN D. ROOSEVELT.
President's Re-Employment Agreement.
(Authorized by Section 4-A, National Industrial Recovery Act.)
During the period of the President's emergency re-employment drive,
that is to say, from Aug. 1 to Dec. 31 1933, or to any earlier date of approval of a Code of Fair Competition to which he is subject, the undersigned hereby agrees with the President as follows:
(1) After Aug. 31 1933, not to employ any person under 16 years of
age, except that persons between 14 and 16 may be employed (but not in
manufacturing or mechanical industries) for not to exceed three hours per
day, and those hours between 7 A. M. and 7 P. If., in such work as will not
interfere with hours of day school.
(2) Not to work any accounting, clerical, banking, office, service or
sales employees (except outside salesmen) in any store, office, department,
establishment or public utility, or on any automotive or horse-drawn passenger, express, delivery or freight service, or in any other place or manner,
for more than 40 hours in any one week and not to reduce the hours of any
store or service operation to below 52 hours in any one week, unless such
hours were less than 52 hours per week before July 1 1933, and in the latter
case not to reduce such hours at all.
(3) Not to employ any factory or mechanical worker or artisan more
than a maximum week of 35 hours until Dec. 31 1933, but with the right
to work a maximum week of 40 hours for any six weeks within this period
and not to employ any worker more than eight hours in any one day.
(4) The maximum hours fixed in the foregoing paragraphs (2) and (3)
shall not apply to employes in establishments employing not more than two
persons in towns of less than 2,500 population which towns are not part
of a larger trade area; nor to registered pharmacists or other professional
persons employed in their profession; nor to employees in a managerial or
executive capacity, who now receive more than $35 per Week; nor to employees on emergency maintenance and repair work; nor to very special cases
where restrictions of hours of highly skilled workers on continuous processes
would unavoidably reduce production, but, in any such special case, at least
time and one-third shall be paid for hours worked in excess of the maximum.
Population •for the purposes of this agreement shall be determined by reference to the 1930 Federal census.
(Official position)
(Firm and corporation name)
(Industry or trade)
--(Number of employees at the date of signing)
(Street)
(Town or city)
(State)
Object of "Blanket" Agreement for Industry
and
Business Indicated by Recovery Administrator
Hugh S. Johnson—In Addition to and Not in
Place of Codes—District Recovery Boards and
State Recovery to Be Created.
Incident to the issuance of the so-called "blanket" code—
or the President's Re-employment Agreement--Hugh
S.
Johnson, Recovery Administrator, gave out the following
explanation of the President's Re-employment Agreement,
occording to United Press advices from Washington to the
New York "World Telegram":
1. Names.
To save space and time, we will call the National
Industrial Recovery
Act NIRA, and the National Recovery Administration,
NRA.
2. Industrial Self-Government.
Bulletin No. 2, dated June 19 1933, shows how to submit
codes of fair
competition under NIRA. Sec. 3.
(A). It permits industries and trade associations to
organize for selfgovernment, to increase employment and improve labor conditions, to
wipe out unfair practices, to discipline themselves and
to stabilize their
Operations.
li,Nothing will be permitted to slow up that process. It must go fast if
business is to do for itself and for the country the great good
offered by
NIRA. It will proceed as promptly as codes can come in and be heard.
Nothing in this bulletin and nothing in our plans or statements change
that process, which will go on without any regard whatever to
the new
and additional plan set forth in this bulletin (No. 3)3. Codes and Agreements Distinguished.
But swift-moving changes require swift action. A rapid rise in prices
and mass production is going on. Mass purchasing power must
rise as
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Financial Chronicle
fast. The President has stated his policy to do this by prompt shortening of the work-week and raising of wages for the shorter week.
Rules governing hours and wages of labor must be included in every
code and codes must continue to come along, as fast as possible. But
whole industries must organize and have many conferences before codes
can be worked out, and that takes a long time.
In this national emergency, we cannot delay broad re-employment while
we wait for codes. If we are not to have a set-back in our returning prosperity, and if we are to take this chance to get out of this depression, we
must act more quickly to get more and fatter pay envelopes to our workers.
We can do this under Section 4(A) NIRA, which, in addition to codes,
permits trade groups and also individual employers to make agreements
with the President himself to do their part in this great effort. We are
going to use this additional power.
This bulletin sets forth this swifter plan which is in addition to (and not
in place of) codes. These new Presidential agreements should be sent in
by all individual employers at once, as provided in Bulletin No. 3 NRA.
4. Time Limit on Codes.
In order to assist these trades and industries which are not sufficiently
organized to present their codes in representative fashion and to help
compose the difficult problems in other trades and industries, where economic
differences have delayed the submission of codes, it is assumed that to
all trades or industries which have not submitted codes under Section 3(A)
by Sept. 1 1933, the President will begin to hold hearings under Section 3
(D) as fast as proper notice can be given and hearings arranged.
So much for codes:—The plan to create nationwide re-employment by
Presidential agreements is as follows:5. Re-employment Drive.
A truce on selfishness. Before Labor Day—six weeks away—it is possible
to solve the problem of re-employment through individual agreements with
the President. But to do this the country must act quickly, vigorously
and boldly, as one man—get together in one powerful effort—declare a
truce on selfishness.
In this mass attack on depression there is a clear-cut part for every
group. Members of each group are invited to become members of NRA on
the plan set forth in this bulletin.
The employers' part is to act at once and all together to submit and
scrupulously comply with agreements with the President to shorten hours
and raise wages and to co-operate with employees in peaceful adjustment of
differences. The way to make these agreements is shown in Paragraph 7.
The employees' part is to do their best on the job and to co-operate with
NRA and employers in peaceful adjustment of differences. More can be
done now for workers through this co-operation of 125,000,000 people than
can ever be done by discord and dispute.
The public's part—and especially the part of women (who control the bulk
of buying)—is to support all those employers and employees who do their
parts to put breadwinners back to work.
6. Employers' Badge.
For the public to do its part, it must know which employers have done
their part to put people back to work by making these agreements with the
President and by codes.
Every industry and every employer who has agreed with the President on
this plan, or who has had approved a code covering the vital subject of reemployment, will be enrolled as a member of NRA and given a certificate
and a government badge showing the seal of NRA and the words:"Member
NRA. We do our part."
It will be authorized to show this badge on all its equipment*
g°°d$
'
communications and premises. Lists of all employers authorized to use
this badge will be on file at all post offices so that any misrepresentation
by unauthorized use Of NRA badges can be prevented.
7. Employers' Agreements.
During the three days beginning July 27, letter carriers will deliver at
each place of business a message from the President, accompanied by a copy
of the form for the President's re-employment agreement; a certificate
of compliance form, and a return envelope addressed to the District Office
of the Department of Commerce. Any employer who has not received this
material by July 29 can obtain it from his local postmaster.
Each employer who wants to do his part will sign the agreement and mail
it in the return envelope.
On or after Aug. 1, each employer who has signed his agreement and put
It into effect may sign the certificate of compliance, take it to his post office and receive the posters, &c., which evidence his membership in the
NRA.
The district offices of the Department of Commerce will prepare each
week a list of agreements received from each town, and will send one
copy to Washington and one copy to the post office, where it will be posted
for public inspection. Postmasters will send certificates of compliance
to the district offices, where they will be checked off against the list.
8. Consumers' Badge.
Every consumer in the United States who wishes to co-operate in the
President's re-employment drive and be considered as a member in NRA
may at any time after Aug. 1 1933, go to the authorized establishment
in his locality (to be announced later) and sign a statement of co-operation,
as follows:
"I will co-operate in re-employment by supporting and patronizing employers and workers who are members of NRA."
Any such signer will then be given and may thereafter use insignia of
membership in NRA.
9. District Boards.
There is hereby created one district recovery board of seven members for
each district of the Department of Commerce to be appointed by the
President. The board will consist of one Person prominent in each manufacture, retail trade, wholesale trade, banking, farming, labor and social
service who is willing to volunteer his services without compensation.
The local district manager of the Department of Commerce will serve as
secretary of the board. The board will consider, advise and report to NRA
on the progress of the execution of NIRA and will pass upon such matters
as shall be referred to it for action by NRA.
10. State Boards.
There is hereby created for each State a State recovery board of nine
members from each State to be appointed by the Presiednt. The board
shall serve without compensation and shall select its chairman and secretary from among its own members.
The memberships will be truly representative of commercial, industrial,
labor and civic interest of each State. The State boards will advise and report upon the execution of NIRA in their States and receive and act upon
all matters referred to them by NRA or by their district boards.
Each Governor will be notified of the appointment of the State Board
and it will meet at the call of the Governor. At the first meeting it will
organize and decide upon and promulgate its own rules and procedure.
587
11. State Council.
There is hereby created, to be organized by and to serve in co-operation
with each State Board, a State Recovery Council. Upon application to
the State Recovery Board by any State labor, manufacturing, trade, civic,
social-service or welfare association, organization or club, the presiding
officer thereof is entitled, ex-officio, to membership on the State Recovery
Council.
The function of the council is to recommend to the Board any necessary
action with regard to the organization presided over by any member of the
council, to request the services of the Board and of NRA in any proper
matter to the end of perfecting and strengthening any such organization
and to assist to make available to the administration of NRA the services of
any such organization.
12. Policy and Purpose.
There is no force here except conscience and opinion. This is an appeal
to those good instincts of our people which have never been besought in
vain. But it is not a ballyhoo campaign.
The plan is new; the agreement is not simple and a thorough public
program of explanation is needed and will be carried out.
After four years of hopeless and seemingly helpless suffering and inaction,
it would be unforgivable not to open to the country the chance it now has
under this law to unite once more to overcome an emergency and,it may be,
to defeat depression.
This is a test of patriotism. It is the time to demonstrate the faith of
our fathers and our belief in ourselves. We are a people disciplined by democracy to a self-control—sufficient to unite our purchasing power—our
labor—our management power to carry out this great national covenant with
vigor, with determination but with the calm composure and fair play which
should always mark the American way.
President Roosevelt, in Series of Executive Orders,
Extends Provisions of Cotton Textile Code to Silk,
Rayon, Cotton Thread and Throwing Industries—
Minor Alterations Made in Cotton Code, Which
Became Effective July 17.
The cotton textile code, which had already received the
approval of President Roosevelt and which became effective
on July 17, was extended so that similar regulations would
immediately apply to the rayon, cotton thread, silk and
throwing, or thread-twisting industries. This was done by
the President in Executive orders signed on July 16, while
in another order the President required objecting business
groups within these inClustries to file petitions for an open
hearing on their objections within ten days, or subject themselves to penalties for violation of the code. Another Executive order approved on July 16 provides that the 23% of
the cotton textile industry which did not accept the code authorized by the Recovery Administration will be given ten
days within which to present their arguments against it, and
after July 26 they will be subject to the penalties provided
by the Industrial Recovery Act. The President also made a
few minor modifications of a technical nature in the cotton
textile code, including a rewriting of the clause on higher
wage levels so that It now provides that no worker in the
upper classifications shall receive less pay for forty hours
than he formerly received for the longer work week. It was
also provided that higher wages shall bear the same relation to the new minimum that they did to the old and that
mill office workers shall be employed an average of forty
hours a week over a six months' period, instead of a flat
forty hours each week. The cotton textile industry formally
signified its approval of the President's requirements, thus
giving them the same force as the original code.
The text of the various Executive orders relating to industrial codes which were issued on July 16 by President
Roosevelt follows:
1.—Extending Authority of the Administrator.
Pursuant to the authority vested in me by Title I of the National Industrial Recovery Act, approved June 16 1933, and in supplement to my
Executive order of June 16 1933, appointing Hugh S. Johnson to be Administrator for Industrial Recovery under Title I of said Act, and appointing a special Industrial Recovery Board, I hereby authorize the Administrator, subject to the general approval of the Special Industrial Recovery
Board, to appoint the necessary personnel on a permanent basis and to fix
their compensation and to conduct such hearing and to exercise such other
functions as are vested in me by Title I of said Act, except the approval of
codes, or making of agreements, or issuance of licenses, or exercise of powers
conferred in Section 3 (e), Section 8 (b), Section 9 and Section 10.
2.—Respectiso Appeals from Codes.
Pursuant to the authority vested in me by Title I of the National Industrial Recovery Act, approved June 16 1933, I hereby prescribe the following regulation modifying any previous order inconsistent therewith:
Any code of fair competition approved by me shall be deemed in full force
and effect on the effective date as stated in the code; but after the approval
of a code and as an incident to the immediate enforcement thereof, hearings
may be given by the Administrator or his designated representative to
persons (hereby defined to include natural persons, partnerships, associations or corporations) who have not in person or by representative participated in establishing or consenting to a code, but who are directly affected
thereby and who claim that applications of the code in particular instances
are unjust to them and who apply for an exception to or exemption from
or modification of the code.
Such persons so applying, within ten days after the effective date of the
code, shall be given an opportunity for a hearing and determination of the
issue raised prior to incurring any liability to enforcement of the code, and
the administrator shall, if justice requires, stay the application of the code
to all similarly affected pending a determination by toe of the issues raised.
588
Financial Chronicle
3.
In supplement to an application filed for approval of a code of fair competition for the rayon-weaving industry, the applicants have requested immediate approval of certain provisions, and after due consideration, acting
under the provisions of the National Industrial Recovery Act, I agree with
the applicants who have filed said code for the rayon-weaving industry, that
the provisions of Section V, Paragraphs A, B, D and R. which are identical
with corresponding provisions in the cotton textile code, approved by me
July 9 1933, should be made effective on July 17 1.933, which is the effective
date of the cotton textile code, and I hereby approve of said provisions of
said code for the rayon-weaving industry subject to the interpretation and
conditions imposed by me on my approval of the corresponding provisions
of said cotton textile code, and subject further to such revision or modification as I may find proper after a hearing has been held on said code of fair
competition for the rayon-weaving industry, now set for July 25 1933.
4.—Regarding Throwing Industry.
In supplement to an application filed for approval of a code of fair competition for the throwing industry, the applicants have requested immediate
approval of certain provisions of said code, with amendments thereto, and
after due consideration, acting under the provisions of the National Industry Recovery Act, I agree with the applicants who have filed said code
for the throwing industry, that the provisions of Section III, IV, V. IX,
which, as amended, are identical with corresponding provisions in the cotton
textile code, approved by me July 9 1933, should be effective as amended
on July 17 1933, which is the effect date of the cotton textile code, and I
therefore hereby approve of said provisions of said code for the throwing
industry, as amended, subject to the interpretations and conditions imposed
by me on my approval of the corresponding provisions of said cotton textile
code and subject further to such revisions or modifications as I may find
proper after a hearing has been held on said code of fair competition for the
throwing industry now set for July 25 1933.
5.—Regarding Cotton Thread Industry.
In supplement to an application filed for approval of a code of fair competition for the cotton thread industry, the applicants have requested immediate approval of certain provisions, and after due consideration, acting
under the provisions of the National Industrial Recovery Act, I agree with
the applicants who have filed said code for the cotton thread industry that
the provisions of Title 2, Paragraphs 3 and 6, and the provisions of Title
3, Paragraphs 4 and 5, which are identical with corresponding provisions
in the cotton textile code, approved by me July 9 1933, should be made
effective on July 17 1933, which is the effective date of the cotton textile
code, and I, therefore, hereby approve of said provisions of said code for
the cotton thread industry, subject to the interpretations and conditions imposed by me on my approval of the corresponding provisions of said cotton
textile code, and subject further to such revisions or modifications as I may
fin'd props, after a hearing has been held on said code of fair competition
for the cotton thread industry.
6.—Regarding Silk Industry.
Pursuant to the authority vested in me by Title I of the National Industrial Recovery Act, approved June 16 1933, and pending action upon a
code of fair competition to be presented by the Silk Association of America,
I agree with the Committee representing the broadsilk and rayon weavers
division, the ribbon division and the woven label division, the converters
division, the special fabrics division of the Silk Association of America, that
they shall be bound beginning July 17 by the provisions of the cotton textile
industry code as set forth in the telegram, dated July 14, offering this agreement to the President of the United States, pursuant to Section 4 of the National Recovery Act, which telegram is signed by Henry H. Stehli, James C.
Black, Paul C. Debry, Sol C. Moss, Ramsay Peugnet, George C. Sommaripa,
and addressed to Mr. Nelson Slater, Deputy Administrator, Department of
Commerce, Washington, D. C., with the express understanding that this
agreement is subject to cancellation at any time without notice.
7.—Changing Textile Coda
A code of fair competition for the cotton textile industry has been heretofore approved by order of the President dated July 9 1933, on certain conditions set forth in such order. The applicants for said code have now requested the withdrawal of Condition 12 of said Order providing for the
termination of approval at the end of four months unless expressly renewed,
have accepted certain other conditions, have proposed amendments to the
code, to effectuate the intent of the remaining conditions, and have requested
that final approval be given to the code as so amended and on such conditions.
Pursuant to the authority vested in me by Title I of the National Industrial Recovery Act, approved June 16 1933, on the report and recommendation of the Administrator and on consideration,
It is ordered that the conditions heretofore imposed as to the termination
of approval of the code is now withdrawn and that the code of fair competition for the cotton textile industry is finally approved with the conditions
so accepted and with the amendments so proposed as set forth in Schedule A,
attached hereto.
On July 17 the rayon weaving industry filed with General
Hugh S. Johnson a code of fair competition limiting hours
of work to forty hours a week and fixing a minimum wage
of $12 a week for workers in the South and $13 a week in
the North. Hearings on this code were set for July 25, and
in the meantime the industry will operate under the cotton
textile code, as provided in the Executive orders of July 16.
The agreement was filed by the Executive Committee of the
National Rayon Weavers' Association, a group representing
manufacturers consuming approximately 70% of the rayon
and other synthetic yarn woven into fabrics of synthetic
fiber yarn warps, and operating a majority of the looms engaged on such fabrics.
Cotton Textile Code Under National Industrial Recovery Act Should Result in Putting 100,000
Additional Employees to Work, According to
George A. Sloan of Cotton Textile InstituteDeclares Industry Must Work Under the Act to
End Emergency.
On July 17, when the cotton textile code (the first under
the National Industrial Recovery Act) became operative,
July 22 1933
George A. Sloan, President of the Cotton Textile Institute,
observed that "the cotton textile industry has thus taken its
courage in its hands." Mr. Sloan added:
It has blocked out a plan of operations on its sector of the industrial
front and to-day putting that plan into effect advances as the spearhead
of the attack under the Act. Its plan should result in putting an additional
100.000 employees to work. Through this additional payroll and minimum
wage rates and through adjustments the industry will make a marked
contribution to an increase in general consumer purchasing power. All
this together with reduced weekly hours of employees to aid in reducing
unemployment means a heavy increase in our costs.
Such a far-reaching, bold plan inevitably involves tremendously difficult
Immediate problems of adjustment to every unit in the industry. It is not
merely a matter of convenience, it is a matter of immediate hardship in
one form or another to practically every unit. Too much cannot be paid
for the spirit In which these hardships, which from the nature of the case
as in war time, can not be distributed with anything like exact equality,
are being undertaken. It is this industry's contribution toward meeting
the emergency and securing a return of general welfare to all.
Mr. Sloan also said:
The very passage of this Act, with its potentialities, went far to restore
Immediate hope and confidence. It stimulated buying and the re-stocking
at the abnormally low prices by indicating that the bottom in price had
been reached and that an advance both in price and purchasing power,
through the operation of the Act, was to be expected. Dut it would be a
fatal mistake to let speculative profits in the stock and commodity markets
make us return to the psychology of 1929. The real problem of restoring
consumer purchasing power and wiping out unemployment lies ahead. It
isn't enough to have the Act. Industry must actually work under the Act
to end the emergency. Someone must pioneer.
The cotton textile industry gave broad powers to a committee to work
out a plan. It was fortunate in having as its representatives a group of
men representative of every branch of the industry who put all personal
considerations and interests aside and worked out a plan in co-operation
with the Recovery Administration with a single eye to the welfare of the
Industry as a whole and the contribution which it could make to the general
welfare in this time of national emergency. The committee was able to
reach a result because of the broad confidence and support it received from
stockholders, management and employees of the mills in presenting a code
under the Act, promotive of their interests and that of the public.
Wool Textile Code Submitted to Recovery Administration—Sets Minimum Wage of 35 Cents an Hour
2
and Maximum Week of 40 Hours in North-323/
Cents Fixed as Minimum Hourly Wage in South—
Child Labor Prohibited—Letter from National Wool
Association to Gen. Johnson.
The wool textile industry submitted its code of fair competition to the National Recovery Administration in Washington on July 15, on the same day as the code from the steel
industry was filed for approval. The wool code provides a
minimum wage of 35 cents an hi:Air or $14 for a 40-hour week
1
2 cents, or $13, for the same week in
in the North, and 32/
the South. Maximum hours of labor are set at 40-hours per
week, except in the case of certain specified classes of
workers, while hours of operation of machinery are limited
to eighty hours per week. Employment of minors under sixteen years of age is prohibited. The "effective date" for the
code is set at August 14 or, if it is not approved at least two
weeks prior to that date, the second Monday after such approval. The other provisions of the code were summarized
as follows in the New York "Times" on July 16:
High Points of the Wool Code.
It will apply to the manufacture of worsted men's wear, worsted women's
wear, carded men's wear and women's wear, blankets, cotton warp fabrics,
reworked wool, knitted woolen goods, worsted sales yarn (Bradford system),
worsted sales yarn (French system), carded sales yarn and combing, wool
scouring and carbonizing.
The code is to become effective on Aug. 12, or on the second Monday
after President Roosevelt's approval should this not be given two weeks
before Aug. 12.
It sets up a minimum wage of 35 cents an hour or $14 a week for 40 hours
of labor North of the Mason and Dixon line. South of the Mason and Dixon
/
4 cents an hour, or $13 a week of 40 hours.
line the minimum rate is 321
No worker is to be employed snore than 40 hours a week except repair
shop crews, engineers, electricians, firemen, office, sales and supervisory
staffs, shipping, watching and outside crews.
The code provides that no comb or spinning spindle, loom or knitting
machine shall be operated for more than two shifts of 40 hours each a week.
The employment of any minor under the age of sixteen years is prohibited.
The National Association of Wool Manufacturers, 229 Fourth Avenue,
New York City, is designated the agency to receive reports from members of
the industry and to transmit their substance to the President. The purpose
of the reports is to check on the effectiveness of the code with respect to
intelligent adjustment of hours, wages and productive capacity to changing
consumer demand and industrial trends.
Provision is made for adjustment, to take care of increased costs due to.
the code, of contracts made prior to the effective date. The Association is
to be the arbiter in cases where the parties cannot agree on adjustments,
either as to additional costs or the need of more time to fulfill contract
obligations.
The application for approval of the code was accompanied
by the following letter from the National Association of Wool
Manufacturers to General Hugh S. Johnson:
"By this application for approval of a preliminary code submitted herewith dealing chiefly with matters of employment as you have suggested, thewool textile industry, through this association, offers its wholehearted support toward accomplishment of the objectives of the National Industrial Recovery Act.
"The code provides for a shorter work week for employes, which will increase the total number of employee; for higher minimum wages for the.
shorter week than those now generally prevailing for a longer week; for a
Volume 137
Financial Chronicle
limitation of the hours of operation of productive machinery, with a view to
the adjustment of output to demand and to the stabilization of employment,
and for the elimination of any employment of minors below the age of 16.
We understand that these objectives are the first and immediate concern of
the Administration and we desire to co-operate in their attainment in our
industry.
"The cost of the products of the industry will be materially increased by
the larger wage cost per unit of product resulting from the establishment
of this code. We realize, however, that our action in becoming subject to
the code is part of the large program of the Administration looking toward
the prompt increase of purchasing power and the general improvement of
economic conditions. We stand ready to go forward in this industry with
the initial step toward the success of this vital effort.
"We have endeavored to gather together all available data bearing upon
the subjects which we have dealt with in the code. Existing data concerning
present and past operations and such additional facts as could be secured
without unduly delaying the submission of this code are not sufficient to
allow intelligent dealing with long range economic planning for this industry. To this end we have provided in the code for a broad program
of factual information as the future basis for suggesting modifications of
or supplements to this code.
"We must direct attention to the fact that the economic welfare of the
employes in this field has been dependent, in considerable measure, upon the
tariff on foreign importations. If the facts show that the increased cost of
manufacture resulting from this code required proceedings under the section
of the act providing for protection from undue importations of competing
foreign products we expect that the necessary official action will be taken
in order to preserve security of employment and to maintain the industry.
"Believing that our employes and customers on their part will loyally cooperate, we submit this code confident that the President, with the recornrnendation of yourself and your associates under the act, will hereafter approve such modifications thereof covering wages, hours of labor or of machinery, and such supplements to this code covering fair trade practices or
other subjects, as will be necessary to enable this industry successfully to
adjust production to changing demands, to stabilize employment and to serve
its customers and the public.
"Respectfully submitted,
"The National Association of Wool Manufacturers."
By following directors: Harold S. Edwards, Walter Humphreys, Lewis
A. Hird, William H. Folwell, Abbot Stevens, Frederic W. Tipper, H. H. Ashby, A. E. Bonin, Marland C. Hobbs, Frank D. Levering, Albert 0. Bowman,
Rowe B. Metcalf, Percy Ainsworth, Louis Bachmann, F. C. Dumaine Jr.,
Curt F. Foorstmann, Norman J. Fox, Franklin IV. Hobbs, Richard Lennihen, Allen It. Mitchell Jr., Addison L. Green, Millard D. Brown, Arthur S.
Harding, Fred NVolstenholme, J. L. Hutcheson Jr., Charles F. H. Johnson,
R. A. Julia. Austin T. Levy, William B. MacColl, J. L. Meader, Lionel J.
Noah. W.
Nutter, Moses Pendleton. By Harold S. Edwards, President.
Millinery Code Provides 40-Hour Week and Minimum
Pay Ranging from 30 to 35 Cents an Hour—Employees Forbidden to Work in Their Homes.
A code of fair eompetiton for the millinery industry was
completed on July 19 by the National Millinery Council
and forwarded to the National Recovery Administration in
Washington. The code was submitted, it was raid, on behalf of more than 80% of the manufacturers, importers and
distributors of millinery throughout the country. It provides a maximum work week of 40 hours and a minimum
wage of 35 cents an hour for workers in New York City;
323/ cents at hour in Chicago, and 30 cents an hour elsewhere. These minimums are said not to apply to skilled
and semi-skilled workers. Employees are barred from doing
any work in their homes.
Rayon Industry Submits Code Providing for Average
Work Week of 40 Hours and Minimum Wage of
$13—Hearings to Be Held July 27.
The rayon and synthetic yarn industry gnbmitted a tentative code of fair competition to General Hugh S. Johnson,
Recovery Administrator, on July 19, and it was immediately
announced that hearings on the agreement would be held
on July 27 at Washington. The code, which sets a 40-hour
work week under a flexible schedule for periods of four weeks,
also specifies a minimum wage of $13. No employee who
previously worked 48 hours weekly is to receive less pay for
the 40-hour week. It was said the agreement represents
SO% of the industry and that it was submitted after a meeting of the manufacturers held in New York City. A summary of the pri cipal provisions of the code is given below
as contained in Washington advices of July 19 to the New
York "Herald Tribune":
"This code is based upon the fact that an inherent characteristic of the
manufacture of synthetic yarns is that production must of necessity be continuous—the chemical and textile departments being in balance: thus any
limitation of the hours of machinery cannot economically apply to the
rayon and synthetic yarn industry and still have the industry survive."
The term "rayon and synthetic yarn" industry was defined to mean
any manufacturer of such products from cellulose for the consuming and
fabricating branches of the textile industry.
The code would take effect on the fourteenth day after approval by the
President.
Employees who serve in executive, administrative, supervisory, sales and
technical capacities would be excepted from the code.
A schedule of hours oflabor is presented as follows:
"(a) The maximum hours of labor for employees shall be 40 per week,
subject to the flexible provision that the average hours worked per week by
any individual employee shall not exceed the maximum established when
figured over a period of four weeks, except in cases of emergencies, in
which latter event a record shall be made of the circumstances and reported as hereinafter provided.
589
"(b) Inasmuch as some manufacturers of this industry have already
made some adjustments in hours and wages and have recently raised rates of
pay, and inasmuch as this code now proposes in clause (a) next preceding
to establish a uniform practice of 40 hours' maximum employment for
employees, no employee after the effective date shall receive for the 40hour period of work less compensation for said 40-hour period than was
received or would have been received by said employee for 48 hours of labor
as of May 1 1933; and on and after the effective date the minimum wage
which shall be paid by employers in the rayon and synthetic yarn industry.
whether based upon productive effort or efficiency or hourly rates, shall be
at the rate of $13.00 per week for 40 hours of labor, except apprentices
during a period limited to six weeks shall be paid at the rate of 85% of the
minimum wage specified herein."
Child labor under 16 years is barred.
Recovery
The collective bargaining sections of the National Industrial
Act are incorporated in the code.
Provision is made for the industry to set up an agency to check monthly
code prothe component industry members as to the observance of the
visions.
Two Codes for Men's Clothing Industry Filed with
Recovery Administration—Both Agree on 40-Hour
Week, Minimum Wage Rates and Collective Bargaining Provisions—One Asks 20% Wage Increase
Over July 1 Rates.
Two codes of fair competition for the men's and boys
clothing industry have been presented to the National Recovery Administration. One was made public on July 14 by
States,
the Clothing Manufacturers Association of the United
ClothAmalgamated
the
with
associated
are
whose members
by
ing Workers of America. The other code was prepared
ManuClothing
of
Association
Recovery
Industrial
the
agreements
facturers, some of whose members operate under
of
with the United Garment Workers of America and some
salient
several
have
codes
Both
shops.
open
whom operate
points of agreement, such as the right of collective bargaining, the fixing of a maximum 40-hour work week and minimum wage rates. Principal differences between the two
dispatch
codes were noted as follows in an Associated Press
17:
July
from Washington on
cents an
Wages—The Clothing Manufacturers provide minimums of 35
maintenance of
hour in the North and 32% cents in the South, direct the
-hour miniexisting differentials for higher priced classes and an 80-cents-an
32% cent
mum for cutters. The Recovery Association proposes the 35 and
and
employees
rates, a 20% minimum increase above July 1 rates for all
beginners.
75% of the minimum for twelve weeks to
of five
Hours—The Clothing Manufacturers provide a 40-hour work week
40-hour week.
days of eight hours each. The Recovery Association proposes a
more emBoth would prohibit any employee from working for one or
ployers for more hours.
exPrices—The Clothing Manufacturers code prohibits sales below cost
a unicept during fixed seasonal clearance dates, directs the setting up of
proform cost-accounting system and forbids manufacturers to contract for
duction below such costs. The Recovery Association forbids below-cost
sales, price fixing among manufacturers and the use of bonuses and rebates
unless uniform to all.
Labor—The Clothing Manufacturers embody the provision of the Recovery
Act guaranteeing labor the right of collective bargaining. The Recovery
Association does likewise, adding that non-union employees shall be free of
coercion from labor unions. Both prohibit child labor and home work on
garments. The Recovery Association proposes ultimate elimination of the
"contract shop."
Unfair practices—The Clothing Manufacturers prohibit "the delivery of
merchandise on consignment or memorandum" including making the distributor an agent of the manufacturer; forbid manufacturing on a "cut,
make and trim basis," and prohibit the manufacture of garments obtained
with funds advanced by the distributor. The Recovery Association prohibits
the manufacture of garments with materials supplied by the distributor, requires uniform credit terms to all customers, and forbids sales on "consignment" by which in any way the seller retains a lien on the delivered goods.
The Clothing Manufacturers forbid enticing employees from competitors.
The Recovery Association condemns false labeling, false advertising, commercial bribery and defamation of competitors.
Administrative Agency—The Clothing Manufacturers would set up a committee of its association with three persons named by the Federal Administrator as a "planning and fair practice agency." The Recovery Association would create an "administrative and advisory agency" of five members
elected by its association, five by the Clothing Manufacturers and one
named by the Federal Administrator.
Steel Code Submitted to Recovery Administration—
Nation's Key Industry Formulates Agreement
Stipulating 15% Pay Increase for Skilled Workers
and 40-Hour Week—Minimum Wage Specified at
25 to 40 Cents an Hour According to District—
Many Companies Place Wage Increase in Effect
Immediately—Eliminates "Pittsburgh Plus" Formula—Statement by Gen. Johnson.
The steel industry submitted to the National Industrial
Recovery Administration its code of fair competition on
July 15, and this act was hailed as perhaps the most important development thus far recorded in the Administration's recovery program, representing as it did the formulation of tentative regulations for the conduct of the Nation's
key industry. The code contains an agreement for an immediate 15% increase in the wages of skilled employees, and
a plan of maximum hours and minimum pay to spread further employment among unskilled workers. Under the code
a 40-hour week would be-set for the industry, while a minimum wage scale ranging from 25 to 40 cents an hour would
590
Financial Chronicle
be specified, varying in 21 designated wage districts. The
agreement also contained a long list of unfair trade practices
which would be specifically prohibited not only under the
penalties of the Industrial Recovery Act but also by the penal
and liability provisions of the steel code itself. Furthermore
the code would establish a new plan of price quotation within the industry, eliminating the old "Pittsburgh plus" formula and substituting therefor a system of regional computations. It would control output by means of a check on the
installation of new machinery, although no other specific
proposals for curtailment of production were listed. One of
the most important provisions of the code is that it would
commit the steel industry to the principle of the open shop,
although it contains the sections of the Industrial Recovery
Act which guarantee the right of collective bargaining by employees through representatives of their own selection and
barring as a condition of employment any requirements that
workers join or refrain from joining any organization.
• Specific provisions, however, were made for the recognition
of company unions in any wage agreements which may be
concluded under the code. The code carried a description of
the Employee Representation Plan said now to be in force
generally in steel plants and suggested that this plan be followed in the organization of employees for collective bargaining under the guarantees provided by the code. The steel
code, said to have been agreed to by more than 90% of the
ingot capacity of the country, was delivered to General Hugh
S. Johnson, Administrator of the Act, by Robert P. Lamont,
President of the American Iron and Steel Institute. A broad
outline of its principal provisions, as given in the New York
"Times" on July 16, follows:
Main Proof:lona of the Stool Code.
Labor—Employees shall have the right to organize for collective bargaining and may not be compelled to join company unions. Plants have the right
to employ non-union as well as union workers. Child labor is prohibited.
Hours—The industry adopts an average 40-hour week, and will continue
the policy of spreading the work as far as possible.
Wages—An increase of 15% in wages is provided. Piece-workers' wages
are to be readjusted to conform to the increase. Minimum rates for unskilled
workers range from 40 cents an hour in the Pennsylvania, Ohio, Illinois and
Colorado districts, to 27 cents in the Birmingham district.
Production—There is no provision to control the volume of production,
as the industry believes elimination of unfair practices automatically will
eliminate overproduction.
Administration—Administration shall be by the Directors of the Iron and
Steel Institute.
Prices—Members shall make no terms to purchasers more favorable than
terms provided in code schedules.
Reports—Directors of the Institute have the power to call on members
from time to time to submit reports and statistics on operations.
Penalty—A penalty of $10 a ton on any product sold in violation of the
code is prescribed.
Prices—Within ten days of the code's effective date members must file
with Institute's Secretary a list of base prices of all their products. The
Directors have power to fix fair base prices.
Discounts—Discounts of one-half of 1% for payment within ten days in
the East and twenty-five days on the Pacific Coast are allowed.
Practices—Shipping on consignment will constitute unfair competition.
Unfair practices include bribes, gifts, gratuities; procuring information concerning another member's business without his consent; pirating of designs
and trade-marks; canceling or permitting cancellations of a contract
except
for fair consideration; disseminating false information concerning a competitor ; inducing contract violations, and guaranteeing purchasers against
price declines.
After receiving the tentative steel code on July 15, General
Johnson issued the following statement:
The American Iron and Steel Institute has filed to-day the code of fair
competition for this industry, which is stated to represent the wishes of
substantially the entire industry.
The National Recovery Administration, in conformity with its established
policy, has given no preliminary sanction to any part of this code. But
it
is appropriate to express my appreciation of the intensive and continuous
work of the executives of the industry in the preparation of this code.
As I well know, they have been working practically night and
day ever
since the passage of the National Industrial Recovery Act to bring the
enterprises within this industry into agreement upon the presentation of
this
code.
Recognizing the difficulties involved in dealing with the problems
of this
major industry, I want to say that not even in wartime have I seen
a more
wholehearted, patient and persistent effort on the part of the leaders of an
industry to solve their internal problems and to bring about a solution
which,
In their judgment, would meet the needs of the present emergency.
Notice of a hearing upon this code will be issued next week, providing
ample opportunity for all interested parties to be represented and heard.
In this connection let me point out that with the codes already filed,
and
those certain to be filed within the next few days, codes covering the
major
Industries of the country will be under way in public hearings
before the
end of the month.
Almost immediately after the tentative steel code had been
submitted, many of the largest steel companies in the country
Issued announcements that they would increase the basic
pay of their workers by 15%, thus anticipating the increase
provided for by the code. Such announcements came from
a number of the subsidiaries of the United States Steel Corporation, as well as from the Bethlehem Steel Co. and the
Youngstown Sheet & Tube Co. the largest independents, as
July 22 1933
well as from many others. On July 17 officials of steel companies estimated that employment in the industry has advanced 233% in July as compared with the first quarter of
1933 and that the increased purchasing power of the workers
amounted to 283%. It was indicated on July 15 when the
steel code was submitted, however, that organized labor was
not satisfied with its collective bargaining features. President William Green of the American Federation of Labor
said that his organization would undoubtedly fight these provisions in the hearings before General Johnson.
Lumber Industry Submits Proposed Code of Fair
Competition to Industrial Recovery Administration—Hearings to Start July 20—Work Week
Set at 40 to 48 Hours and Minimum Hourly Wage
Ranges from 223/ Cents to 45 Cents—General
Johnson Intimates Hours Are Too Long and Pay
Too Small.
A code of fair competition for the lumber industry was
submitted to the National Industrial Recovery Administration on July 11 by a committee which stated that it represented 85% of the industry, and public hearings on the code
began on July 20. The proposed code contains not only plans
for control of production and prices, but also outlines a
national conservation program for timber resources. The
tentative code provides a varied maximum work schedule
for the 25 industrial groups of 40, 44 and 48 hours weekly,
and proposes a wage scale ranging from 22%c. to 45c. an
hour. General Hugh S. Johnson, Industrial Administrator,
said on July 11 that the proposed 48-hour week was too
long even to merit consideration, and the wages of 22%c
an hour was far below what he regards as a minimum wage.
Among the chief features of the lumber code are the following:
Maximum working week of 40, 44 and 48 hours, dependent on the branch
and location of the industry.
Creation of an Emergency National Committee, which shall co-operate
with representatives of the Recovery Administration, and which shall establish production quotas for the divisions of the lumber and timber products
industries. This Committee could establish and "from time to time revise"
minimum prices for products offered for sale. It would also report to the
President if it considered that imports of lumber from abroad were coming
Into the country in such volume as to "render ineffective or seriously to
endanger" the maintenance of the code.
The Emergency Committee is to ask for an immediate conference with
the Secretary of Agriculture and with State officials in order to formulate
a plan to prevent ruthless destruction of the forest preserves.
Employees shall have the right to organize and bargain collectively and
shall not be required as a condition of employment to join a company union.
Members of the Association shall not be permitted to sell to wholesalers
or other distributers at prices less than the minimums agreed upon.
Minimum prices for the domestic sale of imported lumber shall not be
lower than the prices specified for domestic products.
The code was submitted to the Industrial Recovery Administration by John D.Tennant, Chairman of the industry's
Emergency National Committee. Remarks of General Johnson, after receiving the proposed code on July 11, were
described as follows in a Washington dispatch to the New
York "Times":
General Johnson received the code with the announcement that he would
expect to modify some of its principal provisions in the "goldfish bowl"
procedure of public hearings.
"While the hours
work and minimum wages in some regions are wholly
unacceptable and will in no case be approved," he said, "and while production quotas and minimum prices will have to be shown to be fully justified
and the interest of the public amply protected, and while there are other
features which will require reconsideration, the hearing is called in the
belief that provisions more in accord with announced policies of the Administration may develop in the proceeding."
General Johnson quoted Mr. Tennant to the effect that the industry now
Is far below its normal strength of 750,000 employees. He
quoted an
estimate, also, that the proposed code, if speedily approved, would
increase
payrolls by more than $10,000,000 during the month of August.
The Administrator said in his announcement of the hearing that
any
person or group who could show reasonable interest in the effect
of any
provision of the proposed code would be heard.
He placed no time limit on the hearing, but said that it
would run at
least until July 25. All who have filed requests up until
noon of July 24
would be heard, he said.
a
Two Codes of Fair Competition Filed by Hat Industry—
Forty-Hour Week Adopted, Child Labor Prohibited
and Minimum Wages Specified.
Two codes of fair competition for the hat industry were
filed with the Industrial Recovery Administration at Washington on July 18. One was formulated by the Hat Institute, Inc., and the other byTthe Hatters Fur Cutters'
Association, an organization affiliated with the Hat Institute. The hat manufacturing code, said to represent more
than 75% of the industry, provides a minimum wage of
35 cents an hour for all workers, except learners during
apprenticeship, miscellaneous minor help, cleaners and outside workers. Under the code, manufacturers whose compensation to employees is based on piece work will be required to change to a rate of pay by the hour. Child labor
Volume 137
Financial Chronicle
is abolished, and a maximum 40-hour week is specified.
The Hat Institute, Inc., is named as an administrative
agency which may call for reports to enable it to determine
whether members are conforming to the provisions of the
code. Prices and terms must be published. The effective
date of the code is fixed for Sept. 1 1933. If it has not been
approved by the President two weeks prior to that date it
will become effective on the second Monday following its
approval.
The fur cutters' code is to be administered by an executive
committee to be appointed by the President. It provides a
40-hour week, which, however, does not apply to office
staffs, supervisors, foremen, engineers, electricians, repairshop men, shipping crews, watchmen, cleaners and outside
crews. A minimum wage of 35 cents an hour is set for men
and 3234 cents an hour for women, although the minimum
does not apply to learners, limited to 10% of the total number of employees, during a six weeks' apprenticeship. Child
labor under 17 years of age is prohibited. Selling below cost
of production is termed unfair competition.
Food Trade Heads Form Food Industries Advisory
Board of Agricultural Administration—Conference Held at Instance of Charles J. Brand—Seek
to Restore Prices.
On July 9 at Atlantic City, 29 executives of food handling,
processing and distributing companies, representing, it is
stated, the largest food industries of the nation, with a total
business turnover of $8,000,000,000 annually, completed
a program for the conduct of their industry under the
"new deal."
The conference was called by Charles J. Brand,Co-administrator of the Agricultural Adjustment Act, and it resulted
in the setting up of the Food Industries Advisory Board of
the Agricultural Administration, those participating selecting officers and an executive group. A dispatch from Atlantic City July 9 to the New York "Times," giving the foregoing information, further reported:
The action was in line with that being taken by all industries under
the provisions of the Industrial Recovery Act and the Agricultural Adjustment Act, key acts of President Roosevelt's "new deal" program, with an
eye toward regulating hours, wages and prices and thus building up the
nation's purchasing power through increased employment.
Under the agreement the Agricultural Adjustment Act,twin to the Industrial Recovery Act, is thrown into the limelight. Where the latter law
aims to establish a market for wage earners, the agricultural measure is
for the purpose of pulling the nation's 6,000,000 farmers and their 25,000,000
dependents back on their feet.
A "Partnership" Formed.
At the close of the conference Mr. Brand issued a statement in which
he said:
"The new organization will be a partnership between Government and
business. The President has placed the food industries under the Agricultural Administration, except for the labor and wage provisions, which
fell under the Industrial Recovery Act.
"We already had our responsibility for raising the net income of the
6,000,000 farmers of the United States, which included the imposition of the
processing tax, the reducing of acreage, the negotiating of marketing agreements, and other steps.
"Now we are to assume the responsibility of establishing a self-government in the food business. The final decision is our responsibility, but in
approaching that decision we will need advice from men impressed with
their responsibility for serving the Government.
"Twenty-nine of the busiest men in American business have agreed to
serve the Government in this advisory way. Under their auspices an office
will be opened in the Department of Agriculture, to which the Administration and business will be able to turn with confidence.
"The original group offers no more than a centre from which thousands of
business men will be called to service."
Never since World War days has such a group been gathered in the food
industry, Mr. Brand said.
After the main conference the members of the Board to-day broke
up into committees and began consideration of what they called the first
two pressing problems.
One,they said, is to help the farmer, through concerted action,in marketing his perishables so that he can avoid the usual tremendous losses. The
other is to eliminate such factors of destructive competition as price-cutting
and "loss-leaders," which by forcing down retail prices below cost force
down also the farmer's return.
Membership of Board.
The members of the Board are:
EARL D. BABST, Chairman of the board, American Sugar Refining Co.,
New York.
JAMES F. BELL, President. General Mills, Inc.. Minneapolis.
COLBY M. CHESTER, President, General Foods Corp., New York.
J. S. CRUTCHFIELD, President, American Fruit Growers, Inc., Pittsburgh.
R. R. DEUPREE,President. Procter & Gamble Co., Cincinnati.
ARTHUR C. DORANCE,
R
President, Campbell Soup Co., Camden, N.J.
B. M.FLICKINGER, President, S. M. Flickinger Co., Inc., Buffalo.
A. F. GOODWIN, Chairman of the board, First National Stores, Somerville, Mass.
JOHN A. HARTFORD. President, Great Atlantic & Pacific Tea Co.,
New York.
HOWARD HEINZ, President, H. J. Heinz Co., Pittsburgh.
A. T. JOHNSTON, President, Borden Co., New York.
FRANCIS E.KAMPER , President, C.J.Kemper Grocery Co., Atlanta,
JOSEPH H. KLINE, Housom Kline Co. Cleveland.
M.LEE MARSHALL,Chairman of the board, Continental Baking Corp..
New York.
WILLIAM M.D.MILLER,President, Pennsylvania Grocers' Association,
Allentown.
G. M. MOFFETT, President, Corn Products Refining Co., New York.
JOHN W.MOREY,President, Morey Mercantile Co., Denver.
ALBERT H. MORRILL, President, Kroger Grocery & Baking Co.,
Cincinnati,
WALWORTH PIERCE,President, S. S. Pierce Co.. Boston.
FREDERICK S. SNYDER, former Chairman of the board. Institute of
American Meat Packers, Boston.
591
SYLVAN L. STIX, Vice-President, Seeman Brothers, New York.
JOHN STUART, President, Quaker Oats Co., Chicago.
G.F. SWIFT,President, Swift & Co., Chicago.
CHARLES C. TEAGUE, President, California Fruit Growers' Co.,
Santa Paula. Calif.
ROY E.TOMLINSON,President, National Biscuit Co., New York.
KARL TRIEST, President, Haas Baruch & Co., Los Angeles.
FRED WOLFERMAN, President. Fred Wolferman, Inc., Kansas City.
LEONARD E. WOOD,President, California Packing Corp., San Francisco.
SAMUEL ZEMURRAY, Managing Director, United Fruit Co., Boston.
Officers and Executive Board.
Officers were elected by the new Board as follows:
Chairman—R. R. Deupree.
Treasurer—John Stuart.
Secretary Pro Tern—Arthur C. Dorrance.
Vice-Chairman—A. F. Goodwin, Howard Heinz and Fred Wolferman.
Administrative responsibility was voted to an executive board of seven—
Colby M. Chester, Howard Heinz, Francis E. Hamper, Albert H. Morrill,
Sylvan L. Stir, G. F. Swift and Samuel Zemurray. In addition, Mr.
Deupree will serve ex officio and Gordon C. Corbaley of New York as his
assistant, delegated to the Board by Mr. Brand as special representative
of the Agricultural Administration.
Department of Interior Issues Rigid Oil Regulations—
Provide for Drastic Federal Control Over All Shipments of Petroleum and Its Products to End
"Bootleg" Production—Complete Records Required
Under Provisions of Industrial Recovery Act.
Regulations designed to eliminate "bootlegging" in petroleum and its products were issued on July 15 by the Department of the Interior,under the provisions of the Industrial
Recovery Act under which petroleum and its products are
declared to be in inter-State and foreign commerce when in
the course of shipment by rail, pipe line, water, truck or
any other means between the States or to foreign countries.
These regulations supplement the Executive Order by
President Roosevelt on July 12, in which he prohibited the
shipment in inter-State commerce of petroleum produced
or withdrawn from storage in violation of State conservation
laws. (The text of that order was given in our issue of
July 15, page 409.) The new regulations made public by
Secretary Ickes cover production in excess of proration
quotas and the provisions of the law prescribing conservation measures limiting petroleum output. Violation of the
regulations is in every instance a separate offense subject
to the penalties fixed in the Industrial Recovery Act. The
text of the regulations follows:
1.
Under the terms of the aforesaid Act and orders,petroleum or the products
thereof is in inter-State and foreign commerce (I) when petroleum or any
of the products thereof is in the course of shipment or transportation by
rail, pipe line, water, truck, or any other means of conveyance from any
State, Territory or District of the United States to any other State, Territory or District of the United States, or to a foreign country; or (2) when
petroleum or any of the products thereof is in any quantity or in any manner
commingled with petroleum or the products thereof some part of which is
in the course of such shipment or transportation, regardless of how such
commingling occurs during the various processes of shipment or refining.
Excess production of petroleum or the products thereof under said Act
and orders includes petroleum produced in excess of proration quotas,
oil-gas ratio requirements or any other purported conservation measure
which tends to limit, directly or indirectly, the production of petroleum
or the products thereof.
Any producer, operator, lessee, royalty owner, or other person, natural
or artificial, having an interest in any petroleum producing property,
or possessing any right,title or interest in petroleum or the products thereof.
who shall ship, transport, or deliver to another for shipment or transports,
tion or shall acquiesce in the procuring or conspire with any other persons,
natural or artificial, to procure the transportation in inter-State or foreign
commerce of any petroleum or the products thereof: or any person, natural
or artificial, who shall receive for shipment or transportation in inter-State
and foreign commerce, or shall purchase for shipment in inter-State and
foreign commerce any petroleum or the products thereof, with the knowledge that such petroleum was produced or withdrawn from storage in vie'Eaton of any law, or valid regulation or order prescribed thereunder by
any Board, Commission, Officer, or other duly authorized agency of a
State, shall be deemed to have violated the provisions of Section 9 (c)
of the National Industrial Recovery Act (Public No. 67. 73d Congress),
and the orders and regulations thereunder, and shall be subject to the penalties prescribed in the Act. And each transaction shall be deemed a
separate offense.
Because of the inter-relation of inter-State and intra-State commerce
in petroleum and the products thereof and the direct effect upon interState and foreign commerce of petroleum and the products thereof moving
in intra-State commerce, it is essential and hereby required for the proper
enforcement of the provisions of Section 9 (c) of the National Industrial
Recovery Act (Public No. 67,73d Congress) and the orders and regulations
issued thereunder, that there shall be furnished the Division of Investigations of the Department of the Interior such information as respects production, purchases and shipments as is hereinafter required, regardless of
whether such production, purchases and shipments are in inter-State and
foreign commerce or in intra-State commerce.
IV.
Every producer of petroleum shall file a statement under oath, sworn
to before any duly authorized State or Federal officer, not later than the
fifth day of each and every calendar month, beginning with the period
ending Aug. 5 1933, with the Division of Investigations of the Department
of the Interior, unless otherwise ordered to report at more frequent intervals by the Division, which statement shall contain the following:
1. Residence and postoffice address of producer.
2. Location of his producing properties and wells, the allowable production for each property and well as prescribed by the proper State agency
for both the property and wells.
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3. The daily production in barrels produced from each property and well.
4. A report of all sales showing the names of purchasers and transporting agencies, their places of business, and the quantity involved in each
sale or shipment.
5. A declaration that no part of the petroleum or the products thereof
produced and shipped has been produced or withdrawn from storage in
excess of the amount permitted to be produced or withdrawn from storage
by any State law or valid regulation or order prescribed thereunder by
any board, commission, officer, or other duly authorized agency of the
State in which the petroleum was produced.
V.
Every purchaser, shipper and refiner of petroleum or the products
thereofshallfile a statement under oath,sworn to before any duly authorized
State or Federal officer, not later than the fifth day of each and every calendar month beginning with the period ending Aug. 5 1933, with the
Division of Investigations of the Department of the Interior, unless otherwise ordered to report at more frequent intervals by the Division, which
statement shall contain the following:
1. Residence and postoffice address of purchaser,shipper, or refiner.
2. Place and time of receipt and the amount received of petroleum and
the products thereof.
3. The disposition of petroleum and the products thereof, including
the place and time of sales, the amount sold, the destination and consignee.
4. A declaration that upon information and belief none of the petroleum
and the products thereof handled has been produced or withdrawn from
storage in excess of the amount permitted to be produced or withdrawn
from storage by any State law or valid regulation or order prescribed thereunder by any board, commission, officer, or other duly authorized agency
of the State in which petroleum was produced.
VI.
No transporting agency, whether by rail, pipe line, water, truck, or any
other means of conveyance, shall receive for transportation any petroleum
or the products thereof unless the shipper shall furnish and the transporting agency shall receive in good faith an affidavit, sworn to before any
duly authorized State or Federal officer, which shall contain the following:
1. Residence and postoffice address of both the producer and the shipper.
• 2. A declaration that none of the petroleum shipped has been produced
or withdrawn from storage in excess of the amount permitted to be produced or withdrawn from storage by any State law or valid regulation or
order prescribed thereunder by any board, commission, officer, or other
duly authorized agency of the State in which the petroleum was produced.
3. A recital of supporting facts including the number of barrels included
within the shipment, a designation by wells or otherwise of the wells producing the petroleum shipped, the time during which such petroleum was
produced and the rate of daily production during this period, together with
the amount of production allowed by State law or regulations thereunder
during this period of production.
4. Such other Information as may be required from time to time by
the Division of Investigations of the Department of the Interior, for the
proper enforcement of these orders and regulations.
Provided, however, that carriers may receive from other carriers for
such transportation and may transport any petroleum or the products
thereof without requiring such affidavit and shall not be subject to any
liability or penalty for or on account of so receiving or transporting the
same.
The affidavits required by this regulation shall be filed and kept subject
to inspection by the Division of Investigations of the Department of the
Interior.
VII.
All persons, natural or artificial, embraced within the terms of Section 9(c) of the National Industrial Recovery Act (Public No. 67,73d congress) and the Executive orders and regulations issued thereunder, shall
keep and maintain available for inspection by the Division of Investigations of the Department of the Interior adequate books and records of all
transactions involving the production and transportation of petroleum and
the products thereof.
VIII.
All reports required by these regulations shall be filed with the Division
of Investigations of the Department of the Interior in Washington, D. C.,
or with such regional agencies as may be from time to time designated by
the Division of Investigations.
IX.
Each and every false declaration in any statement under oath zequired
by these orders and regulations, or each and every failure to file reports or
to keep and maintain adequate records as required by these orders and
regulations, and any participation by any officer or agent of a corporation
in any acts of commission or omission in performing the duties prescribed
by these orders and regulations shall constitute a violation under the terms
of Section 9 (c) of the National Industrial Recovery Act (Public No. 67,
73d Congress).
X.
These regulations may be suspended in whole or in part by the Secretary
of the Interior in any region, area, field, pool, or as applied to any particular properties or wells wheneva• In his discretion he deems their application unnecessary for the proper enforcement of the said Act or orders issued
thereunder, but no such suspension shall relieve any person, natural or
artificial, from the duty of complying with the aforesaid Act and orders;
these regulations may be by him at any time amended or changed in whole
or in part.
Approved and promulgated this 15th day of July, 1933.
HAROLD L. ICKES,
Secretary of the Interior.
Appointment by Governor Lehman of New York of
Advisory Committee of Sixteen to Study Operation
of Federal Home Owners' Loan Corporation—L. R.
Eastman Named Chairman—Will Recommend Steps
to Protect Home and Farm Owners in State from
Foreclosures.
On July 11 Governor Lehman of New York announced
the appointment of an Advisory Committee to study the
operation in New York State of the Federal Home Owners'
Loan Act, under which (as indicated in our issue of July 1,
page 20) provision is made for the creation of the Home
Owners' Loan Corporation. Governor Lehman has also
called upon the Committee to make recommendations as to
necessary steps to be taken by the State to protect "home
July 22 1933
and farm ownersfrom unnecessary and wastefulforeclosures."
The statement, issued July 11 by Governor Lehman,follows:
I am very deeply concerned over the situation of many of the home
and farm owners in our State. Such owners constitute the finest body of
citizens and are entitled to every consideration and every legitimate relief.
The Federal Home Owners' Loan Corporation presently will be operating
In New York State. In order to secure for our home and farm owners the
maximum benefits under the Federal Home Owners' Loan Act, I am to-day
Inviting a group of public-spirited citizens to serve as an Advisory Committee to study the operation of the Federal Act, to co-operate with the
Federal agencies and to determine to what extent the Act is bringing, or
likely to bring, the relief which the home and farm owners are expecting
from it.
I am also requesting this Advisory Committee to make recommendations
to me as to the steps which our State Government might find it necessary
and wise to take in order to protect home and farm owners from unnecessary
and wasteful foreclosures.
In the meantime, it is of the utmost importance that the mortgagee
exercise patience and forbearance and that the owner and the mortgage
holder co-operate fully.
The Committee will organize immediately.
The membership of the Advisory Committee follows:
Lucius R. Eastman, President of the American Arbitration Committee,
member of the Consumers' Advisory Board of the Recovery Administration,
former President of Merchants' Association of New York, Chairman.
Miss Susan Brandeis, New York lawyer, daughter of Associate Justice
Louis D. Brandeis, of United States Supreme Court.
Raymond V. Ingersoll, Chairman of Advisory Council of City Party of
New York.
Morris L. Ernst, New York lawyer, member of New York State Banking
Board.
Paul Baerwald, banker, Chairman Executive Committee of the FidelityPhenix Fire Insurance Co., Chairman American Joint Distribution Committee.
Dr. F. G. Crawford, Professor of Political Scleace of Syracuse University,
co-author of "Public Utility Regulation."
George V. McLaughlin,former Police Commissioner of New York,former•
State Superintendent of Banks, President of the Brooklyn Trust Co.
Edward H. Butler, Editor and publisher the Buffalo "Evening News";
former President American Newspaper Publishers' Association; former
Vice-President of the Associated Press.
Fred J. Freestone, Master of New York State Grange; Trustee of Now
York State Power Authority.
Dr. Meyer Jacobstein, former Representative; President First National
Bank & Trust Co. of Rochester, who becomes publisher of the Rochester
"Journal-American" on Aug. 1.
Warnick J. Kernan, lawyer, of Utica, N. Y.
George W. Alger, impartial Chairman of cloak and suit industry, Independent Judges'Party candidate for Supreme Court bench last November.
Manfred W.EhrIch, New York lawyer; Chairman of legislative committee
of New York County Lawyers' Association.
James A. Beha, General Manager and Counsel National Bureau of
Casualty and Surety Underwriters, former State Superintendent of Insurance.
Dr. John Lovejoy Elliott, senior leader of New York Society for Ethical
Culture, succeeding the late Dr. Felix Adler.
Franklin Chase Hoyt, Presiding Justice of Children's Court in New York.
Home Owners' Loan Act Bill Passed in Massachusetts.
The following from Boston, July 10 is fLom the Springfield "Republican':
The House this afternoon, without debate, passed to be engrossed the
bill to authorize banks to participate in the purposes of the Federal Home
Owners' Loan Act of 1933. In its present form, it is a permissive measure
in so far as the banks are concerned.
A bill providing for payment and distribution of income taxes in two
Instalments, regulating the assessment and refunding of interest thereon,
and fixing the date when certain late assessments thereof are payable,
also was passed to be engrossed.
The House concurred in Senate amendment, adding an emergency
preamble, to bill relative to taxation of banks, trust companies and certain
other corporations, especially with respect to definition of net income.
Report of Consolidated Home Owners' Mortgage Committee Filed with Governor Lehman of New York—
Special Session of State Legislature to Insure
Mortgage Relief.
In a report filed at Albany on July 11 with Governor
Lehman, the New York State Division of the Consolidated
Home Owners' Mortgage Committee declared that a special
session of the Legislature is necessary "to insure mortgage
relief and should be called by the Governor in response to
over 50,000 signatures already on his desk."
From an Albany dispatch July 11 to the New York
"Times" we quote:
"No public question has brought to the Governor's desk so many anneals," the Committee said. "Fifty thousand signatures have been sent
him for a special session of the Legislature to meet the mortgage emergency,.
He has not acted. Such an emergency was declared for tenants after the
war. It is the only way consideration can be shown the 2,000,000 home
owners who have lost all cash and who must be helped by a foreclosure
moratorium to restrain lending institutions and private lenders from
taking selfish advantage of this pathetic situation."
Matthew Napear is President of the New York State Division: J. Charles
Laue, Executive Secretary, and Thomas G. Herendeen, Statistician. They
comprised a committee which conducted a survey up-State, where, they
reported, they found that a crisis exists for the small home owner and
farmer equally as grave as that which has been revealed by surveys in the
metropolitan area.
Eight Counties "Sampled."
Eight up-State counties were "sampled" by the committee, which
traveled 1,500 miles to make the survey. Two hundred persons were
Interviewed. Among the conclusions reached, they said that foreclosures
were not stopped by the President's proclamation: that the debtor's plight
has been concealed and Is more desperate than is commonly revealed, and
that the State must decide whether it will allow a ruthless acquiring of
equities that represent the last dollar invested in farms and homes.
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Financial Chronicle
The faith which debtors are putting in Federal legislation, the committee said, "in the opinion of competent observers, is wholly unjustified
in a majority of instances."
"Strong objection is offered by banking institutions and by individuals
now called upon to exchange their mortgages for Federal bonds," the
conclusions state.
"The foreclosure crisis will be precipitated when wholesale foreclosures
begin; when Federal agents refuse to aid the applicant for loans, as they
must do in two out of every three cases, and when prospects of revival give
the rapacious leader a direct invitation to acquire a fine property on which
he has a mortgage which is past due as to interest, principal payment
or taxes.
Na:ion-w:de Set-up to Aid Home Owners in Refinancing
Loans—Central Offices of Managers of Home
Owners' Loan Corporation Opened in Various
States—Loans Authorized.
Thh $2,200,000 000 Home Owners' Loan Corporation
created under the Home Owners' Loan Act to relieve owners
small omes who find themselves in financial difficulties,
is completing the work of organization and prepar ng for
actual operation, said the "United States Daily" of July 15.
Willi m Stevenson, Chairman, has announced the establishment of State headquarters in almost three-quarters of
the States, according to the paper quoted, which further
stated:
Through these offices and branch agencies the Corporation will reach every
locality in the country.
First Application Received.
The first loan application has been received by the Corporation and
started through the process of consideration. It was received by Frank
Holden, State manager of Georgia, on July 12, while he was conferring
in Washington with the central offices of the Corporation.
While its new sister organization proceeds with its organization, the
Home Loan Bank System, established a little less than a year ago, has
continued its expansion. Operating as a discount agency for home mortgage
companies, the banks had advanced $47,532,632 to member organizations
up to July 1, Chairman Stevenson, who is also head of the Home Loan
Bank Board, announces.
Total of Loans Made.
An additional $13,273,844 in loans have been authorized by the banks
but not yet paid out, bringing the total of authorized advances up to $60,806,477. Loans made last month alone aggregated $7,711,276.
Membership in the Home Loan Bank System now totals 1,320 mortgage
companies. They have subscribed to 125,801 shares of stock in the system
which has a value of $12,580,100.
The Home Owners' Loan Corporation was created to supplement the
bank system, which dealt only with mortgage companies, and to bring the
program of mortgage relief directly in touch with the mortgagee and
mortgagor. Its task is the refinancing of mortgages on homes valued at
less than $20,000 in cases where owners are in danger ofloosing their equities.
Benefit to HOMO Owner.
The Corporation will refinance up to 80% of the value of the property
exchanging the mortgage for a bond in the Corporation. The mortgage
holder gets the bond on which the Government guarantees interest. The
home owner gets a 5% interest rate and, if he wishes an extension on principal payments.
To carry out the work of apprasing homes and examining titles, the
Corporation is setting up a central office in each State. A general manager
will be in charge with assistants if necessary and with a general counsel
and general appraiser for the State. Branch offices are being established
in those States where the need requires them.
In addition an appraiser and counsel will be retained on a fee basis in
almost every county in the country. They will do most of the field work
of examining titles and appraising property.
Applications for assistance should be filed with the State manager or
the proper branch office. Forms and regulations are being forwarded to
them as fast as the appointments are made.
•
Managers Appointed.
Already central offices have been set up with managers in about threequarters of the States. These managers and their headquarters are listed
as follows:
Alabama: E. H. Wrenn Jr., Birmingham.
Colorado: John Lynch: Denver.
Maryland: David I. Stiefel, Baltimore.
Mississippi: Wiley A. Blair, Jackson.
Missouri: G. C. Vandover, St. Louis.
Montana: L. C. Carruth, Great Falls.
Nevada: George W. Friedhoof, Reno.
Tennessee: Charles H. Utterer, Nashville.
Florida: James R. Stockton, Jacksonville.
Idaho: C. C. Wilburn, Boise City.
New Mexico: E. C. Robertson, Albuquerque.
West Virginia: Walter V. Ross, Charleston.
South Carolina: Donald S. Matheson, Columbia.
Arizona: William R. Wayland, Phoenix.
Georgia: Frank Holden, Atlanta.
North Carolina: Alan S. O'Neal, Salisbury.
Arkansas: Frank Milwee, Little Rock.
Kansas: W. M. Price, Topeka.
Kentucky: W. T. Beckham, Louisville.
Michigan: John S. Hamilton, Detroit.
South Dakota: Almer 0. Steensland. Sioux Falls.
Texas: James Shaw, Dallas.
Virginia: John J. Wicker Jr., Richmond.
Wyoming: Bayard Wilson, Casper.
In six other States managers have been chosen for the State offices, but
the cities in which the headquarters will be are undetermined. They are:
Pennsylanvia: Jacob H. Mays.
Nebraska: Charles Smrha.
North Dakota: Fred W. McLean.
Oklahoma: John F. Mahr.
Washington: W. E. McCroskey.
Utah: J. F. Fowler.
Illinois: William G. Donne.
New Jersey: G. Frank Shanley.
New Hampshire: Charles E. Bartlett.
In some States branch offices have been set up and branch managers
appointed to handle the business. These branches and managers are:
593
Missouri: Kansas City, W. C. Crawford; Moberly, John Atterbury.
Another branch will be located at Springfield, but the manager has not
been.chosen.
South Carolina: Spartanburg, Howard H. Carlisle; Charleston, Gus L.
Knobeloch; Greenville, T. P. P. Carson.
Georgia: Savannah, John H. Calais.
Tennessee: Memphis, John P. Bullington; Chattanooga. J. M. Payne;
Knoxville, Cowan Rodgers.
In Arkansas branches will be placed in Jonesboro, Texarkana, Pine Bluff,
and Fort Smith.
The text of the Home Owners' Loan Act, creating the
Home Owners' Loan Corporation, was published in our
issu3 of July 1, page 20.
G. V. Kenton Elected Secretary of Farm and Home
Savings and Loan Associations of Missouri.
G. V. Keaton, former direc or of public relations at the
Mercanti e-Commerze Bank and Trust Co. of St. Louis,
has been elected Se3retary of the arm and Home Savings
and Loan Association of Missouri with 1- e.dquarters at
Ne ad., Mo. Mr. Kenton, served for seven years as directo • if public elatiors at the Mercantile-Commerce. For
the last six years he also has been Chairman of the Committee on Education of the Missouri Bankers Association.
Prior to entering the financial field, Mr. Kenton was engaged
in the newspaper busi_ ess, having served for several years
as city editor on the St. Louis "Star" and as chief copy
editor on the Los Angeles "Times." He also organized the
St. Louis News Service.
Co-ordination of Folicy Fetween Reconstruction Finance Corporation and Home Loan Bank Board—
Conference of Directors of I wo Ag ncies.
Co-ordinatio i o! policy between the Reconstruction Fin nee Cot poration and the Home Loan Bank Board was
discussed at a meeting of the directors of the two governmental agencies held on July 11 at the office of Jesse H.
Jones, Chairman of the Reconstruction Finance Corppration.
The latters announcement July 11 said:
Expansion of the Home Loan Bank Board through the creation of the
Home Owners' Loan Corporation has presented many problems which it
was thought necessary to consider jointly so that a policy might be determined upon of greatest benefit to the borrowers and the agencies of the
Government.
The Reconstruction Finance Corporation in the past has extended aid
in the field which the Home Owners' Loan Corporation now will enter
through loans to building and loan associations and mortgage companies
which have operated in the real estate mortgage field. To-day's conference
was concerned principally with so arranging the work of the two organizations as to prevent duplication of effort and to afford the greatest relief
possible to mortgage holders and borrowers.
The members of the Home Loan Bank Board who attended the conference were: W. F. Stevenson, Chairman, John H. Fahey, Russell Hawkins, Walter H. Newton, and T. D. Webb.
The directors of the Reconstruction Finance Corporation, in addition to
Mr. Jones, who participated were: C. B. Merriam, J. J. Blaine and F. H.
Taber.
Relief Accorded by Farm Credit Administration to
Drouth and Storm Stricken Areas of Middle West
and Northwest—Seed Loans to Farmers by Crop
Production Loan Offices at St. Louis and Minneapolis.
It was made known on July 14 that the Farm Credit
Administration had promptly responded to appeals for
relief coming from drouth and storm stricken areas of the
Middle West and Northwest. On July 13 Henry Morgenthan Jr., Governor of the Farm Credit Administration,
authorized the crop production loan offices at St. Louis,
Mo., and Minneapolis, Minn., to make special seed loans to
farmers in Wisconsin, Illinois, North Dakota and Minnesota,
where crops have been damaged by intense heat or hail
and windstorms recently. Farmers have been left with
little or no feed for their livestock this fall and winter in
from one to six counties in. these States, according to the
Farm Credit Administration's announcement of July 14,
from which we also quote as follows:
Immediately after Mr. Morgenthau's message of authorization reached
the regional crop production offices, steps were taken to notify county
crop loan committees to accept loan application from farmers in the restricted areas affected by drouth and storms. The loans, limited to not
more than $10 for each family, will be made to livestock and grain farmers
for use in buying amber cane, millet and similar seed that may be sown now
for hay and forage crops. Farmers may apply for these special seed loans
up to July 31 1933.
On June 29 Mr. Morgenthau authorized the granting of loans for similar
purposes in South Dakota, where drouth and grasshoppers have caused
crop damage over a wide area, particularly in the central counties of the
State.
Reports indicate that the most severe damage caused by recent storms
was in Illinois and Wisconsin. Boone, Cook,Du Page, De Kalb, McHenry
and Kane counties in northern Illinois were hit by a damaging windstorm.
In Wisconsin hail and wind uprooted whole fields of corn and small
grains, leaving many farmers short of livestock feed in Vernon, Crawford,
Richland and Lafayette counties.
During the last month special livestock feed loans have been made
available by the Farm Credit Administration to farmers in drouth areasof Kansas, Colorado, Oklahoma, Texas and New Mexico. About 40 counties have been affected by drouth in the Southwestern States. Loans in
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Financial Chronicle
these counties, authorized by Mr. Morgenthau on June 14, are being made
to farmers in need of feed for their livestock. The maximum special feed
loan to any individual is $250. A first mortgage on the livestock is taken
as security for the loan.
Farm Credit Administration Will Issue Licenses to
Milk Dealers.
Secretary Henry A. Wallace and Administrators George
N. Peek and Charles J. Brand announced on July 13 their
decision to issue licenses under provisions of the Agricultural
Adjustment Act to processors and all distributors of milk,
both wholesale and retail, at the same time a marketing
agreement for milk becomes effective for a specified area.
The announcement said:
The license procedure was determined upon after conferences with the
Attorney-General and President Roosevelt and has their approval.
Marketing agreements have been submitted by groups of processors,
associations of producers and others engaged in the handling and distribution of milk in many of the larger cities.
After a formal hearing has been held on one of these agreements and the
agreement has been approved and executed by the Secretary and the parties
proposing and approving it, it will become effective upon a date specified
In the agreement.
At that time licenses will be issued to all processors and distributors of
milk in the area covered by the agreement, whether or not they have signed
the agreement, so that uniformity of milk prices and distributive practices
within the area may be attained. No one will be required to apply for a
license since all processors and distributors will be licensed by the Secretary
without any such applications
Formal hearings on proposed marketing agreements have been held for
Chicago, Atlanta, Philadelphia, Detroit. Evansville, Indiana. Los Angeles,
Ban Diego County and Oakland.
Proposed marketing agreements thus far listed for hearing are San Francisco, July 14; Kansas City, July 18; Baltimore, July 20; and St. Paul and
Minneapolis. July 24.
Hearings on other proposed agreements will be listed from time to time.
Allotment of $115,513,610 from Federal Public Works
Fund Approved by President Roosevelt-350,000,000
for Roads in National Parks and Forests-364,561,542 to Be Spent Through 35 Government
Agencies—Additional Estimates Returned to Cabinet Advisory Board for Reconsideration—Nation
Divided Into Ten Administrative Zones.
President Roosevelt on July 14 approved an allotment
of $115,513,610 from the $3,300,000,000 public works fund,
after projects estimated to aggregate $400,000,000 had been
studied by the Cabinet Advisory Board and reduced in
number until they totaled the smaller figure. At the same
time, the President announced that the complete authorization of $3,300,000,000 will eventually be expended. The
allotment approved on July 14 was divided into three
classifications. A total of $64,561,542 was assigned for
expenditure through 35 Government agencies; $952,068 was
allotted for water works and sewerage systems in 25 municipalities, and $50,000,000 was specified for roads in National
parks, Indian reservations and forests. This last sum was
earmarked in the National Industrial Recovery Act and was
therefore mandatory, so that the actual new allotment on
July 14 was $65,513,610. Among the requests which were
not approved at that time, but will be given further study,
are the army plan for housing, rivers and harbors, and
flood control work, and the Navy Department proposal to
expend $75,000,000 for modernizing shore stations. The
projects already announced, together with the $400,000,000
previously approved for State highway construction and the
$238,000,000 set aside by the President for naval construction over a three-year period, bring to $753,513,610
the amount allocated under the Recovery Act. Secretary
of the Interior Ickes, in announcing the allotment, said that
the Board had made the following three qualifications:
Immediate availability to create large employment; lasting
social benefits to the community and the Nation, and
the fact that the projects would not require additional Federal
appropriations. Mr. Ickes also issued the following statement on July 14:
This distribution is the first in the program of giving men work so that
1,000,000 may be employed by Oct. 1, in accordance with President Roosevelt's expressed wish.
The allotments made to-day are to projects which qualify within the
Intent of Congress and the policy of the Administration that only work of
permanent and real social value shall be embarked upon. The special
board for public works submitted these projects to intensive examination
and deemed them qualified.
The Board now has before it a vast number of additional projects which
may or may not meet with their requirements. Absence of these projects
from the first list does not of necessity disquality them. The Board wished
to act quickly in making work available for many, and to that end eliminated controversial projects from its first submission to the President.
This enabled clearing of the initial group without the long delays which
would be required to establish the worth of challenged projects.
A determined effort was made to keep out any work that would cause
the Government recurring expense or could not be started shortly and
completed within a year. The Board also sought to salvage Government
property and prevent additional expenses to taxpayers by doing emergency
repair work which would give men labor wherever possible. The result
Is shown by the large amount of repair and renovizing work included in
these allotments.
July 22 1933
Every effort has been made to remove any unworthy projects and conserve the fund for the benefit of unemployed who want work for wages to
which they are entitled. That will be the undeviating policy of the Publlc
Works Administration.
The sum of $50,000,000 provided for forest road work was
allotted as follows: Forest highways, $15,000,000; forest
road trails, $10,000,000; National park roads, $16,000,000;
roads on Indian reservations, $4,000,000; roads on public
domains, $5,000,000.
The Federal projects approved on July 14 included the
following allocations among Governmental Departments:
Agriculture
Within the District of Columbia—$345,800, for repairing, renovizing
and improving property and equipment of the departmental buildings.
Agricultural Engineering Building—$77,812, for improving, preserving
and perfecting equipment.
Bureau of Animal Industry—$549,240, for preserving, repairing, renovizing and improving equipment.
Chemistry and Soils Bureau--$33,919, to repair, preserve and equip
laboratories.
Chemistry and Soils and Agricultural Engineering Bureaus--$57,750.
for reconstruction, drainage, roadways, implement sheds and similar
purposes.
Bureau of Dairy Industry-3173,677, for repair work, improvements
and installations.
Bureau of Entomology—$15,150, for research to prevent loss through
Insects and bugs.
Experimental Stations—$4,950, to be spent in Hawaii and Puerto Rico
for repair and improvements for stations.
Food and Drug Administration—$70,000, for repairs, painting and reconstruction of equipment.
Plant Industry Bureau-5648,806. for repairing, renovizing and reconstruction work.
Bureau of Plant Quarantine—$63.050, for repairs and improvements.
largely to protect the Mexican border from invasion by plant and animal
plagues.
Weather Bureau—$20,000, for repair work on stations.
Department of Commerce.
Bureau of Aeronautics—$443,000, for relocating and improving air
beacons and airway radio facilities.
Bureau of Fisheries—$150,000. for reconditioning and repairing hatcheries, buildings and vessels.
Bureau of Lighthouses—$5,353,551. for repairs, replacements and improvements on lighthouses, light ships, radio signals, buoys and other
equipment.
Navigation and Steamboat Inspection—$30,000, for repairs on two
vessels.
Bureau of Standards—$100,000, for placing its Washington plant in
repair.
Department of Interior.
Alaska Railroad—$210.008, for reconditioning entire system.
Alaska Road Commission—$1,000,000, for highway construction and
$96,000 for air fields.
Columbia Institution for the Deaf—$10.000, for preserving and improving plant.
Freedmen's Hospital—$83,000, for reconditioning and repairing plant
and equipment.
Geological Survey—$1,200,000, for work throughout country, mostly
for gauging stream levels.
Howard University—$948,811, for reconditioning and construction.
Office of Indian Affairs—$2,820,000, for schools, hospitals and equipment on reservations.
National Park Service-41,250,000, for improvements in parks.
Bureau of Reclamation—$44,460,000, for various Projects, $38,000,000
of this being for the Boulder Dam project.
St. Elizabeth's Hospital—$850,000, for reconditioning and construction.
Virgin Islands—$114,500, for reconstruction, repair, construction and
the building of a leper asylum at St. Croix.
Department of Labor.
Bureau of Immigration—$1,344,480, for repairing, altering and improving stations on boundaries.
Post Office Department.
In Washington—$7,600. for roofing shops.
State Department.
International Boundary Commission—$1,528,000, for work on the northern and Alaska boundaries and chiefly for International Flood Control
Works in the lower Rio Grande Valley, contingent on Mexican expenditure.
Treasury Department.
Public Health Service—$102,438, largely for reconditioning vessels used
for quarantine purposes.
Independent Offices.
Arlington Memorial Bridge Commission—$200,000, for approaches to
the bridge.
National Advisory Committee on Aeronautics—$200,000, for experimental work and equipment at Langley Field.
The following municipal projects were approved on July 14:
Alabama—Arab, water works system, $23.000; Uniontown, water works
Improvement, $6,000; Sylacauga, water works system, $100,000; Mont-gomery, water works system, $70,000.
Florida—Pahokoe, water works system, $100,000.
Georgia--Warrenton. water works, $6,000.
Indiana—Petersburg, water works improvement, $50,000; Beech Grove.
sewers, $37,000.
Kentucky—Salyersville, water works system, $42,000.
Michigan—Northport, water works, $33,000.
Missouri—Clarkton, water works system, $20.000.
Montana—Fort Benton, water works, $45,000.
New Jersey—East Brunswick Township, water system, $60,000; Pleasantville, extension sewer system, $27,000.
Ohlo—Procterville, water works and sewer system, $58.000.
South Dakota—Belie Fourche. improvement to water works, $.30,000;
Spearfish, improvement to water works, $41,000.
Utah—Ifamas, water works,$12.500; Tooele City, water works, $50,000:
Orangeville City, water works, $9,000; Spanish Fork, water works. $80.000;
Sandy City, water works, $14,000.
Washington—Poulsbo, sewer system, $18.568.
Wyoming—Newcastle, water works, $20,000.
On July 17 Secretary Ickes again issued a warning that the
$3,300,000,000 fund to aid industrial recovery must not be
regarded as a "grab bag." On the same day President
Roosevelt returned to the Cabinet Advisory Board estimate,
for public building, river and harbor and flood control works
indicating that additional study should be made of these
proposals. Secretary Ickes said that the list would be
carefully "reconsidered to make sure the money is wisely
spent."
In order to assist in proper distribution of Federal construction funds, the Cabinet Advisory Board on July 13
divided the country into ten regional zones for their administration. Ten regional administrators will be appointed for
the following sections:
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Financial Chronicle
1. New England.
2. New York, Pennsylvania and New Jersey.
3. Wisconsin, Illinois, Michigan, Indiana and Ohio.
f 4. North Dakota, South Dakota, Nebraska, Minnesota, Iowa and
Wyoming.
S. Montana, Idaho, Washington and Oregon.
6. California, Nevada, Utah and Arizona.
7, Texas, New Mexico and Louisiana.
8. Colorado, Kansas, Oklahoma, Missouri and Arkansas.
9. Mississippi, Alabama. Georgia, South Carolina and Florida.
10. Tennessee, Kentucky, West Virginia, Maryland, Delaware, Virginia and North Carolina.
Cabinet Advisory Board Approves Federal Appropriations of 840,363,948 for Road Work—Total
Allotted $166,532,363 — Secretary Ickes Denies
"Friction" Between Members of Administration on
Recovery Program but Secretary Dern Issues
Statement Declaring that Army Should Be Given
"Substantial Sums."
The Cabinet Advisory Board on July 18 allotted an
additional $40,368,948 to nine States for road work, bringing the total approved for future distribution to 24 States
and the District of Columbia to $166,532,363. Approval of
the remainder of the $400,000,000 set aside for highway
projects was said to be expected shortly. The approval of
the plans does not authorize immediate distribution of the
money, since in each case the State Highway Commissioner
must approve individual plans and submit them to the
Board, which will then authorize construction and permit
the money to be advanced as rapidly as the work proceeds.
The States whose general road plans were approved on
July. 18 and the amounts were as follows:
Idaho, $4,486,249.
North Dakota, $5,804,448.
Maine, $3,369,917.
West Virginia, $4,474,324.
Delaware, $1,819,088.
Louisiana, $5,828,591.
Florida, $5,231,834.
New Hampshire, $1,909,989.
Montana, $7,439,748.
On the same day (July 18) Secretary Ickes denied reports
of conflicts between himself and other officials, and said
that all persons associated with the Administration's recovery program were in harmony. Secretary of War Dern,
however, issued a statement in which he said that reports
that he had withdrawn requests for appropriations, submitted several weeks ago, were "misleading." Mr. Dern
continued, in part:
I was not satisfied with the action that I anticipated was about to be
taken by the Board, and therefore asked that further consideration be
dropped until a subsequent meeting.
The United States Army in size ranks seventeenth among the armies of
the world. While there is no thought of enlarging this small force, which
is only the framework of an army to be Created in case of emergency, I am
In favor of making it the most modern and effective military organization
possible in the interest of national defense.
To that end I think we ought to be given substantial sums for these
purposes. Comprehensive plans were prepared under my direction and
submitted to the Board of Public Works weeks ago.
Such allocations to the army out of the public works fund are justified
In the present emergency for several reasons.
The projects are ready to start, hence men could be put to work immediately and a goodly share of the employees would belong to the building
trades.
The construction of airplanes, besides enabling the army to complete its
five-year program, would give work to a great many highly specialized
workers in an industry that is vital and that has been having a hard time
to keep going.
Insurance Companies Preferred Stock—Reconstruction Finance Corporation Authorized to Subscribe
to Same and Purchase Their Capital Notes—Text
of New Law Passed by Congress.
We are giving below the text of the Ad as signed by Presi-
dent Roosevelt on June 10, authorizing the Reconstruction
Finance Corporation to purchase preferred stock on capital
notes of insurance companies. Loans by the Corporation,
secured by such stock, are likewise authorized under the
Act, and the total amount of loans outstanding, preferred
stock subscribed for, and capital notes purchased by the
Corporation, is not to exceed $50,000,000. The bill originally passed the Senate on May 4; in amended form, it passed
the House on May 24; as a result of the changes by the House,
the bill was sent to conference, and on June 6 both the
Senate and House adopted the conference report. In making
known his intention to vote against the report Senator
Black had the following to say in addressing the Senate on
June 6:
The Senate adopted an amendment to the bill which would have prohibited the payment of salary in excess of $17.500 to the officer of any
company borrowing money from the Government. That amendment has
been stricken out. There has been substituted for it a provision that no
salary shall be paid by any company borrowing from the Reconstruction
Finance Corporation in excess of that deemed reasonable by the Reconstruction Finance Corporation. . . .
"I still take the position which I took on this subject last year when
the Reconstruction Finance Corporation measure was before us—that when
any business enterprise comes to this Government with its hat in hand to
595
borrow money, it should reduce the salaries paid its officers to somewhere
near those paid officials of the United States. I am of the opinion that
$17,500, the amount fixed by the Senate was liberal with reference to the
salaries of officers of corporations operating their business on loans from the
United States."
The stock-purchasing authority was asked by Jesse R.
Jones, Chairman of the Reconstruction Finance Corporation,
who said it was essential that the Federal Government be
able to supply new capital in order to prevent a loss of confidence in insurance companies. In the House on June 6
the conference report was adopted by a vote of 113 to 36.
In the Senate the report was agreed to on June 6 without a
record vote.
The following is the text of the bill as passed by Congress
and signed by the President:
[s. loot]
AN ACT.
To authorize the Reconstruction Finance Corporation to subscribe for
preferred stock and purchase the capital notes of insurance companies,
and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That during the continuance of the existing emergency heretofore recognized by Public No. 1 of the 73d Congress
or until this Act shall be declared no longer operative by proclamation of the
President, and not withstanding any other provision of any other law, if,
in the opinion of the Secretary of the Treasury, any insurance company
of any State of the United States is in need of funds for capital purposes
either in connection with the organization of such company or otherwise, he
may,with the approval of the President,request the Reconstruction Finance
Corporation to subscribe for preferred stock of any class, exempt from
assessment or additional liability, in such insurance company, or to make
loans secured by such stock as collateral, and the Reconstruction Finance
Corporation may comply with such request. The Reconstruction Finance
Corporation may, with the approval of the Secretary of the Treasury and
under such rules and regulations as he may prescribe,sell in the open market
the whole or any part of the preferred stock of any such insurance company acquired by the Corporation pursuant to this section. The total
face amount ofloans outstanding,preferred stock subscribed for,and capital
notes purchased and held by the Reconstruction Finance Corporation,
under the provisions of this section and section 2, shall not exceed at any
one time $50,000,000, and the amount of notes, bonds, debentures, and
other such obligations which the Reconstruction Finance Corporation is
authorized and empowered to issue and to have outstanding at any one
time under existing law is hereby increased by an amount sufficient to
carry out the provisions in this section and section 2.
Sec. 2. In the event that any such insurance company shall be incorporated under the laws of any State which does not permit it to issue
preferred stock, exempt from assessment or additional liability, or if such
laws permit such issue of preferred stock ony by unanimous consent of
stockholders, or upon notice of more than 20 days, the Reconstruction
Finance Corporation is authorized for the purposes of this Act to purchase
the legally issued capital notes of such insurance company or to make loans
secured by such notes as collateral, which may be subordinated in whole
or in part or to any degree to claims of other creditors.
Sec. 3. The Reconstruction Finance Corporation shall not subscribe
for or purchase any preferred stock or capital notes of any applicant insurance company, (1) until the applicant shows to the satisfaction of the
Corporation that it has unimpaired capital stock, or that it will furnish
new capital which will be subordinate to the prefered stock or capital notes
to be subscribed for or purchased by the Corporation, equal to the amount
ofsaid preferred stock or capital notes so subscribed for or purchased by the
Corporation: Provided, That the Corporation may make loane upon said
preferred stock or capital notes, if, in its opinion, such loans will be adequately secured by said stock or capital notes, and (or) such other forms of
security as the Corporation may require: (2) if at the time of such subscription, purchase, or loan any officier, director, or employee of the applicantis receiving compensation in a sum in excess of $17,500 per annum from
the applicant and (or) any of its affiliates, and (3) unless at such time the
applicant agrees to the satisfaction of the Corporation not to increase the
compensation of any of its officers, directors, or employees,and not to retire
any of its stock, notes, bonds or debentures, issued for capital purposes,
while any part of the preferred stock, notes, bonds, or debentures of such
company is held by the Corporation. For the purposes of this section,
the term "compensation" includes any salary, fee, bonus, commission, or
other payment, direct or indirect, in money or otherwise, for personal
services.
Sec. 4. The Reconstruction Finance Corporation shall not make,renew,
or extend any loan under the Reconstruction Finance Corporation Act, as
amended, or under the Emergency Relief and Construction Act of 1932,
(1) if at the time of making, renewing, or extending such loan any officer,
director or employee of the applicant is receiving compensation at a rate
In excess of what appears reasonable to the Reconstruction Finance Corporation, and (2) unless at such time the applicant agrees to the satisfaction of
the Corporation not to increase the compensation of any of its officers,
directors, or employees to any amount in excess of what appears reasonable
to the Reconstruction Finance Corporation while such loan is outstanding
and unpaid. For the purposes of this section the term "compensation"
includes any salary, fee, bonus, commission, or other payment, direct or
indirect, in money or otherwise for personal services.
Sec. 5. That the second and third sentences of paragraph (6) of section
201 (a) of the Emergency Relief and Construction Act of 1932, as amended,
are hereby amended to read as follows: "Obligations accepted hereunder
shall be collateraled (a) in the case of loans for the repair or reconstruction
of private property, by the obligations of the owner ofsuch property secured
by a paramount lien except as to taxes and special assessments on the property repaired or reconstructed, or on other property of the borrower, and
(b) in the case of municipalities or political subdivisions of States or their
public agencies, including public-school boards and public-school districts,
by an obligation of such municipality, political subdivision, public agency.
public-school board, or public-school district. The Corporation shall not
deny an otherwise acceptable application for loans for repair or construction
of the buildings of municipalities, political subdivisions, public agencies,
public-school boards, or public-school districts because of constitutional or
other legal inhibitions affecting the collateral."
Sec. 6. The fourth sentence of paragraph (6) of section 201 (a) of such
Act, as amended, is hereby amended by striking out the period at the end
thereof and inserting in lieu thereof the following "in case of loans made
under clause (a) of this paragraph, and not exceeding 20 years in case of
loans made under clause (b)."
Sec. 7. The fifth sentence of paragraph (6) of section 201 (a) ofsuch Act,
as amended,is hereby amended by striking out the period at the end thereof
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Financial Chronicle
and inserting in lieu thereof a comma and the following: "and, in case of
loans made under clause (b), shall be deemed to be so secured if, in the
opinion of the Reconstruction Finance Corporation, such loans will be repaid from any source, including taxation, within a reasonable period, not
exceeding 20 years."
Sec. 8. The seventh sentence of paragraph (6) of section 201 (a) of such
Act, as amended, is hereby amended to read as follows: "The aggregate
ofloans made under clause (a)shall not exceed $5,000,000,and the aggregate
ofloans made under clause (b)shall not exceed $12,000,000."
Sec. 9. The first sentence of section 201 (a) of such Act, as amended,
which follows paragraph (6) thereof is hereby amended by striking out the
period at the end of such sentence and inserting in lieu thereof a comma
and the following: "except that for the purposes of clause (b) of paragraph
(6) of this subsection a project shall be deemed to be self-liquidating if the
construction cost thereof will be returned by any means, including taxation,
within a reasonable period,not exceeding 20 years.
Sec. 10. That an Act entitled "An Act to provide emergency financing
facilities for financial institutions, to aid in financing agriculture, commerce, and industry, and for other purposes," approved Jan. 22 1932, and
amended by an Act approved July 21 1932, be further amended by adding
at the end of section 5 thereof the following: "Provided further, That the
Corporation may make said loans to trustees of railroads which proceed to
reorganize under section 77 of the Bankruptcy Act of March 3 1933."
Sec. 11. As used in this Act the term "insurance company" shall include
any corporation engaged in the business of insurance or in the writing of
annuity contracts, irrespective of the nature thereof, and operating under
the supervision of a State superintendent or department of insurance in any
of the States of the United States.
Sec. 12. Section 5 of the Reconstruction Finance Corporation Act, as
amended, is amended by adding at the end thereof the following new
paragraph:
"The Reconstruction Finance Corporation is further authorized and
empowered to make loans if adequately secured to any State insurance
fund established or created by the laws of any State for the purpose of
paying or insuring payment of compensation to injured workmen and
those disabled as a result of disease contracted in the course of their employment, or to their dependents. As used in this paragraph, the term 'State'
Includes the several States and Alaska, Hawaii, and Puerto Rico."
Sec. 13. Section 5 of the Reconstruction Finance Corporation Act, as
amended, is amended by adding at the end thereof the following new
paragraph:
"The Reconstruction Finance Corporation is further authorized and empowered to make loans if adequately secured to any fund created by any
State for the purpose of insuring the repayment of deposits of public moneys
of such State or any of its political subdivisions in banks or depositories
qualified under the law of such State to receive such deposits. Such loans
may be made at any time prior to Jan. 23 1934, and upon such terms and
conditions as the Corporation may prescribe: except that any fund which
receives a loan under this paragraph shall be required to assign to the
Corporation, to the extent of such loan, all amounts which may be received
by such fund as dividends or otherwise from the liquidation of any such
bank or depository in which deposits of such public moneys were made.
As used in this paragraph, the term 'State' includes the several States and
Alaska, Hawaii, and Puerto Rico."
Sec. 14. The right to alter or amend or repeal this Act is hereby expressly
reserved. If any provision of this Act, or the application thereof to any
person, firm, association, or corporation, is held invalid, the remainder
of the Act,and the application ofsuch provision to any other person, firm,
association, or corporation, shall not be affected thereby.
Approved, June 10 1933.
Issuance of Regulations Governing Purchase of or
Loans on Preferred Stock in Insurance Companies
by Reconstruction Finance Corporation.
Regulations governing the purchase of preferred stock in
insurance compani_ s by the Reconstruction Finance Corporat:on, as Trovided for in legislation passed by the recent
session of Congress, were issued on July 11 by the directors
of the Corporation. The new law, the text of which is given
elsewhere in our issue to-day, also authorizes the Corporation
to make loans on insurance companies' preferred stocks.
In its announcement of July 11 the Corporation said:
Applications under the Act, which places a limit of $50,000,000 on the
total of such subscriptions or loans, may be received by any R. F. C.
loan agency or the Washington office. Subscriptions to preferred stock
may be made only to companies with unimpaired capital structure or new
capital, subordinate to the preferred stock or capital notes, equal in amount
to the proposed subscription or purchase. Loans on preferred stock may
be made when adequately secured by such stock or notes or other forms
of security.
Sound net worth of the applicants will govern the amount of subscriptions
or loans. Present market values on securities and sound values on mortgages will be used in all appraisals. Compromising of liabilities or subordination of funds will be permitted only in conformity with statutory
authority and the unqualified approval of supervisory authorities.
In conformity with the Act of Congress, annual salaries of all officers,
directors or employees of applicant companies must be within the $17,500
limitation. The regulations also provide that no compensation shall be
Increased nor any stock, notes, bonds or debentures issued for capital purposes be retired while any such securities are held by the Corporation.
Another provision of the regulations is that the applicants must show
an earning capacity sufficient to pay dividends on preferred stock at the
rate of 5% for five years and 6% thereafter.
Loans on adequate security may be made to individuals, firms or corporations desiring to purchase the preferred stock or capital notes of insurance companies.
Specific information which should be contained in all applications for
preferred stock subscriptions, purchases or loans is included in the regulations.
Purchases of preferred stock and loans are not to exceed $50,000,000.
Newsprint Code, Submitted to Recovery Administration Specifies 48-Hour Week and Mininimum
Wage Of 35 Cents an Hour for Men and 27 Cents
for Women—Sale of Output Below Cost of Production Described as "Unfair Competition."
A code of fair competition, adopted by the newsprint
industry and submitted to the National Industrial Recovery
Administration at Washington, was made public on July 17
July 22 1933
by the Association of Newsprint Manufacturers of the
United States, which supplied copies of the code to manufacturers and to between 400 and•500 members of the
American Newspaper Publishing Association. The agreement provides for a 48-hour week and a minimum wage
of 35 cents an hour for men and 27 cents for women. William
A. Whitcomb, President of the Great Northern Paper Co.,
was elected permanent Chairman of the Newsprint Association on July 11, when the industry approved the final draft
of the code. The Association in its code states that "it is
an unfair method of competition for any manufacturer to
sell below the cost of production." It then continues:
But the United States newsprint industry as a whole is selling its product
below the cost of production, and to correct this condition, and at the same
time not to embarrass the consumers of newsprint by any immediate change
in price, the following provisions are established:
At the beginning of the year 1933 the base price generally prevailing was.
$46 a ton. Later in the year, because of the extreme depressed condition
of business, a %temporary discount of $5 a ton from contract price has been
allowed by the manufacturers. Until a price having proper relation to
cost can be determined for the industry, and approved by the President,
the minimum base price of newsprint in the industry shall continue to be
$46 a ton, subject to zone differentials as shown on Appendix B. which is
hereto attached and made a part hereof, and subject to the temporary
discount of $5 a ton.
Appendix B is a zone map showing the existing price
differentials in different parts of the country, and was not.
made public on July 17 with the text of the code. After
stating that some mills in Canada are American owned,
the code provides that:
The operation and the sale of the product of such Canadian mills is not
to be subject to this code by reason of that fact, or by reason of their subscribing to this code, to any greater degree or in any different manner than
the operation or the sale of the product of other Canadian mills is subject
to this code.
Rail Chiefs Told by Co•ordinator to Reduce Own Pay—
Eastman Informs Them that Economic Conditions
Dictate Voluntary Slash.
Large salaries of railroad executives are not justified
under prevailing economic conditions and must be reduced,
Joseph B. Eastman, Transportation Co-ordinator, told the
heads of the principal railroads on July 14. Addressing a
meeting of the regional co-ordinating committees of the
carriers in the Eastern, Southern and Western groups,
Mr. Eastman implied that unless adjustment was made
voluntarily by the executives themselves he would issue
orders requiring that it be done. He referred, he said, to
"salaries at or near the top," and while recognizing that
many had been voluntarily reduced from the 1929 level,
asked the executives to consider "whether they have been
reduced enough in view of prevailing conditions." The New
York "Times" July 15 in a special dispatch from Washington
further states:
"It will be easy for you to get your backs up on this matter," said Mr.
Eastman,"but I ask you not to let that happen. I believe you will understand that I am not trying to bullyrag you, nor to appeal to the galleries.
Nor am I passing out censure for what has been done. The salaries towhich many executives attained were a symptom of the boom disease
and not a subject for personal blame.
"I am putting the question up to you, as I must do in the first instance
under the law, because I believe very sincerely that there must be an
adjustment of this matter of salaries before the railroads will stand right
with the shippers, investors and labor under conditions which now exist.
"The executives have much more to gain by such an adjustment than
they can possibly lose. I greatly hope that you will consider this subject
In the spirit in which I have attempted to present it to you, and that,
with your help, the executives themselves will be able to accomplish a
reasonable adjustment."
Senate Testimony Recalled,
While nothing was said directly by Mr. Eastman as to what might
be done in event the executives failed to act voluntarily, it was recalled
that he had testified before a Senate committee that salaries of railroadexecutives might properly be considered in the category of "unwarranted
expense and preventable waste" under the Emergency Railroad Transportation Act, which was then being discussed.
The elimination of avoidable expense and waste in railroad operation
Is the principal achievement at which the Emergency Act was aimed.
It provides that unless steps in this direction are taken by the regional
committees of railroad executives, the Co-ordinator may take affirmative
action.
Sees Danger in Other Salaries.
Mr. Eastman dealt also with the high salaries of executives of "big
business" generally.
"My belief," he said, "Is that a danger now exists in the fixing of salaries
for executives in private business which did not once exist, and which
grows out of the fact that great corporations with widely held stock are
not really controlled by the legal owners of their properties, but rather
by boards of directors who tend to become self-perpetuating and who mar
have a comparatively small financial stake in the industry.
"It is easy for the directors to drift into the conclusion that the executives, fellow-members of these boards, are justly entitled to very large
compensation for their services. The question is not viewed through quite
the same glasses as an actual owner of the property might use.
"A good executive may be worth hundreds of thousands of dollars to
his railroad as compared with a poor executive," said Mr. Eastman. "but
I cannot believe that there is such a dearth of good material that it is
necessary to pay the salaries which have been paid in order to get good
men. Nor do I know of any reason to believe that the competency of
executives can be safely judged by the salaries which they receive. Moreover, a railroad presidency is a job which ought to have much attraction
quite apart from the money which it Pays.
Volume 137
Financial Chronicle
597
Acts on Present Conditione.
"However, my term of office is short and I am going to take this matter
up with you solely on the basis of existing conditions. I shall not ask
you to consider what fair salaries, consistent with proper economy, may
be in those future days when prosperity is restored, but only what they
should be now.
"This country has been and still is suffering to a degree that it probably
never has suffered before. Millions are out of work. Still more millions
are living on a pittance. Thousands of railroad employees have no jobs
at all, and thousands more are working on part time. Thousands of
investors in railroad securities are receiving no return.
"I know that salaries have been reduced, but I ask you to consider
whether they have been reduced enough, in view of prevailing conditions,
and what I am talking about are the salaries at or near the top."
Mr. Eastman made.it clear to the executives that his remarks were
to be made public, although he fully realized that salaries formed "an
insignificant item" compared with the sum total of railroad expenses.
"Nevertheless," he said, "it has a psychological importance which
much exceeds its money significance, and consideration of it cannot and
ought not be avoided.
"The railroads have been paying to various chief executives, and to
some others, salaries which I believe that the people of the country quite
generally regard as excessive and unjustified.
(4) A readjustment of transportation regulatory machinery to administer
the new laws and amended statutes. A centralized transportation authority appears as a logical accompaniment to a co-ordinated national transportation service.
(5) Other transportation regulatory innovations. The closer regulation
of pipe lines looms as a possibility. Air lines are understood as not due
for much consideration.
The work of the Committee will not conflict with the transportation
studies to be undertaken by Joseph B. Eastman, Federal Co-ordinator of
Transportation.
To Co-ordinate Worth with Mr. Eastman.
As explained in a responsible official quarter, the plan is to co-ordinate
the Committee's work very closely with the Eastman studies so as to avoid
duplication. The Committee also will act as an advisory committee to Mr.
Eastman in the promulgation of his recommendations to the I.-S. C. Commission for transmission to the President. Before the next session of
Congress, an informed official explained, the Committee will get together
and construct a comprehensive bill taking care of the railroad, highway and
water carriers, and sunmit it to Congress.
The Committee includes four Cabinet members, the Federal Co-ordinator
of Transportation, an Inter-State Commerce Commissioner, the Chairman
of the Reconstruction Finance Corporation, the heads of the appropriate
Congressional committees and others.
Railroads Are Not Alone," He Says.
"The railroads are not alone in this. On the contrary, these salaries
reflect a situation which has been general in big business, and I can well
appreciate the difficulty which the railroads might experience in holding
good men, under normal conditions, if they should adopt a standard of
salaries radically lower than that which prevails elsewhere in the business
world.
"I also freely confess that I find great difficulty in arriving at any abstract rule for the determination of proper salaries. In the Government
service, very low salaries are paid for important work, at least compared
to those which big business pays, but there is a compensation in working
directly for the public which does not exist to the same extent in serving
private interests. However, railroad executives do work which is very
much affected with a public interest."
There was no indication of any unusual reaction among the railroad
executives to Mr. Eastman's suggestion. One of them, when asked how
he felt about it, said:
"Well, how would you feel if some one outside the company asked you
to take a voluntary reduction in salary?"
The matter is expected to be taken up by the executives at meetings
of their regional committees in the near future.
Mr. Eastman reviewed the purposes of the Emergency Railroad Act,
which he divided in two parts:
The first, he said was to search out "waste and preventable expense"
with a view to their elimination. The second was described as being even
more important than the first, and concerned the submission to the President
and to Congress through the Inter-State Commerce Commission of recommendations for legislation of a more permanent character "which will
improve transportation conditions generally."
The Government interesti represented and the Committee
personnel include:
Representing the Eastern regional committee at the
meeting were:
W. W. Atterbury, President of the Pennsylvania RR.; J. J. Bernet,
President of the Chesapeake & Ohio; Daniel Willard, President of the
Baltimore & Ohio; J. J. Pelley, President of the New York New Haven
.& Hartford, and F. E. Williamson, President of the New York Central.
Members of the regional committee for the West at the
meeting were:
F. T. Bledsoe, President of the Atchison Topeka & Santa Fe; Ralph
Budd, President of the Chicago Burlington & Quincy; Carl Gray, President
of the Union Pacific; Hale Holden, Chairman of the Southern Pacific;
and H.A.Scandrett, President of the Chicago Milwaukee St. Paul & Pacific.
The Southern railroads were represented by:
W. P. Cole, President of the Louisville & Nashville; L. A. Downs,
•President of the Illinois Central; George B. Elliott, President of the Atlantic
Coast Line; Fairfax Harrison, President of the Southern, and L. P. Powell,
receiver for the Seaboard Air Line.
Rail Committee Selected to Study and Draft Legislation Governing All Transportation—To Report
in January.
President Roosevelt had organized a Railroad Transportation Committee for the express purpose of promulgating a
comprehensive program of permanent transportation legislation for submission to Congress at its regular session in
January. The projected program, which the Committee,
consisting of 10 Government officials will draft, will in fact
amount to a national transportation policy embracing railroad, highway and water carriers in a co-ordinated transportation service. The "Wall Street Journal" of July 8,
from which we quote, further states:
The move represents the first step in the Government's follow-up to the
emergency railroad act. While still in the formative stage, the step clearly
foreshadows the extension of Federal regulation to transportation agencies
other than railroads coincident with a review of the railroad regulatory
laws,
The Committee has just been organized at the direction of the President.
It is an expansion of the group which drafted the rail co-ordinator—recapture repealer—holding company act for the chief executive and is under
orders to proceed with the work which was begun at the time the emergency
railroad act was drafted.
Aims Summarized.
The idea as it appears now may be summarized as involving the following:
(1) A general overhauling of the Transportation Act of 1920. This will
Involve the relaxation of its restrictive features which operate to hamper
the railroad's competitive position. It likewise presupposes a tightening
up of these statutes where experience has demonstrated a need for it. On
the whole, the railroad phase may be regarded as designed to benefit the
carriers by a preponderant liberalization of present laws.
(2) Regulation of inter-State motor vehilce operations, including both
motor trucks and buses.
(3) A reappraisal and redefining of the functions of the inland waterways and regulation of port-to-port rates of water lines.
•
Secretary of Commerce Roper, Chairman, who will be assisted by John
Dickinson, Assistant Secretary of Commerce.
The Secretary of War, who will be represented by Maj.-Gen. T. Q.
Ashburn, head of the Inland Waterways Corp.
Attorney-General, who will be represented by an Inter-State Commerce
law expert of the Justice Department.
Secretary of Agriculture, who may be represented by the chief of the
Bureau of Agricultural Economics.
Federal Co-ordinator of Transportation.
Inter-State Commerce Commission, which will be represented by Commissioner Frank McManamy.
Reconstruction Finance Corporation, which will be represented by
Chairman Jesse L. Jones, with Adolph A. Berle, special railroad advisor
to the Corporation, as Mr. Jones' alter ego.
Chairman L larence Dill of Senate Inter-State Commerce Committee.
Chairman Samuel Rayburn of the House Inter-State Commerce Committee.
Walter M.W.Splawn,special counsel to the House Inter-State Commerce
Committee.
Roosevelt Influence to Be Pelt.
The special group will be guided by the view of the President as mentioned in his message to Congress in transmitting the emergency railroad
bill. President Roosevelt then stated, in explaining the purpose of the
emergency legislation that: "The experience gained during the balance
of this year will greatly assist the Government and the carriers in preparation for a more permanent and more comprehensive national transportation policy at the regular session of the Congress in 1934."
No provision has been made for representation of the carriers upon the
Committee, which is an all-Government affair. The carriers, however,
will contact the group through various avenues of approach which are
available through each of the members.
F. P. Glass Named by President on Railway Mediation
Board.
Frank P. Glass of Alabama was named by President
Roosevelt on July 13 to become a member of the Railroad
Mediation Board. Mr. Glass, who is publisher of the
Montgomery "Advertiser," has been prominent in publishing circles for 50 years and is a past President of the
American Newspaper Publishers' Association.
Rail Workers Confirm 10% Temporary Pay Deduction.
The Railway Labor Executives' Association, meeting in
Cleveland, July 11, announced that all the interested railway employees had confirmed an agreement to continue the
temporary 10% wage deduction placed in effect Feb. 1 1932.
The agreement was tentatively signed in Washington in June by the labor
associatiOn and railway management representatives after the Administra0
tion had dissuaded the management from a demand for another 12%7
reduction beginning this November. The confirmation by the various
brotherhoods and employee classes merely means that the 10% deduction
will be continued until June 30 1934.
Railroad Co-ordination Asks Roads to Furnish Data
on Rail Workers—Seeks Figures on Number and
Compensation.
In the first general order issued under the Emergency
Railroad Transportation Act, 1933, Joseph B. Eastman,
Federal Co-ordinator of Transportation, on July 17 directed
all railroads to report to him on the number, names and
compensation of workers employed by them during May
1933 and further ordered the filing, beginning with June
1933, of monthly reports on employees on a major occupational group classification. The order is in line with
provisions of the Act prohibiting any orders by the Coordinator whose effect would be to reduce .employment
below the level of May.
In addition to providing a guide to the Co-ordinator's
orders in eliminating wasteful practices in railroad operation, the figures ordered by Mr. Eastman, it is said, will
serve another purpose. It is expected that numerous claims
may be filed by individual workers attributing furloughs
and reductions in compensation below the May level to
orders from the Co-ordinator. Through the information
ordered, the Co-ordinator's organization will be able to
deal with the status of individuals.
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Financial Chronicle
General Order No. 4 issued to al carriers subject to the
Emergency Railroad Transportation Act, 1933, reads as
follows:
Whereas Section 7. paragraph (b) Title I, of the Emergency Railroad
Transportation Act, 1933. provides
(b) The number of employees In the service of a carrier shall not be reduced by reason of any action taken pursuant to the authority of this
title below the number as shown by the payrolls of employees in service
during the month of May 1933. after deducting the number who have
been removed from the payrolls after the effective date of this Act by reason
of death, normal retirements, or resignation, but no more in any one year
than 5% of said number in service during May 1933: nor shall any employee
In such service be deprived of employment such as he had during said month
of May or be in a worse position with respect to his compensation for such
employment, by reason of any action taken pursuant to the authority conferred by this title.
It Is Ordered, That each railroad subject to the Emergency Railroad
Transportation Act. 1933, shall prepare and file with the Federal Coordinator of Transportation a Ilst in duplicate of all employees as defined
In Section 1. paragraph (f) of Title I of said Act as follows:
(f) The term "employee" includes every person in the service of a carrier
(subject to its continuing authority to supervise and direct the manner of
rendition of his service) who performs any work defined as that of an
employee or subordinate official in accordance with the provisions of the
Railway Labor Act.
which said list shall be subdivided to accord with payrolls as now made up
by each railroad. Each sublist shall indicate the following in respect to
each employee who actually received pay for services rendered in May 1933:
1. Name.
2. Reporting division number as per Rules Governing the Classification
of Steam Railway Employees Issued under order of the Inter-State Commerce Commission, April 18 1921, and amendatory order of Oct. 20 1932.
3. Payroll and distinctive class title as per Rules for Reporting Information on Railroad Employees issued by United States Railroad Labor Board,
May 1921. (If an employee received pay in more than one class during the
month of May his name shall be listed only one time and be given the
reporting division number of his predominant service. There then should
be listed the distinctive class title for each other service performed).
4. Total straight time compensation for the month of May 1933.
5. Total overtime compensation of the month of May 1933.
6. All other compensation of the month for May 1933.
7. Sum total of all compensation for the month of May 1933.
It isfurther ordered, That the sublIsts as aforesaid shall be of uniform size.
17 inches by 11 inches, as per form attached (F. C.T.Employment Statistics
Form I), leaving left-hand margin of two inches for binding, using only
one side of each page and assembled in books. Each book shall be identified
on the outside as to carrier and locations of employment covered, as well
as carry a detailed index in regard to offices, operating divisions or places
of employment of those whose names are entered on the sublists composing
the book.
Each such sublist shall be completed, authenticated under oath, as per
form immediately following this order, and filed in duplicate with the
Federal Co-ordinator of Transportation, Washington, D. C.. on or before
Aug. 15 1933.
It is further ordered, That for each month beginning June 1933. each
Class I Carrier, and Switching and Terminal Company, subject to the
Emergency Railroad Transportation Act, 1933, as per designation thereof
dated June 21 1933,shall prepare a statement, as per form attached(F.(1.T.
Employment Statistics, Form 2) which statement shall indicate the following
In respect to the employees of each such carrier:
1. Major occupational groups, i.e.:
I. Executives, officials and staff assistants.
II. Professional, clerical and general.
III. Maintenance of way and structures.
IV. Maintenance of equipment and stores.
V. Transportation (other than train, engine and yard).
VI. (a) Transportation (yardmasters, switch tenders and hostlers).
(b) Transportation (train and engine service).
All employees
as per Rules Governing the Classification of Steam Railway Employees
issued under order of the Inter-State Commerce Commission dated April 18
1921, and amendatory order dated Oct. 20 1932.
2. Number of employees in each major occupational group who received
pay during the month of May 1933 (total number to accord with total
number of names listed on F. C. T. Employment form I for May 1933).
3. Number of employees in each major occupational group who received
pay during current month.
4. Increase or decrease in employment by major occupational groups,
current month as compared with May 1933.
Such monthly statements shall be of uniform size, 13 inches by 10 inches,
leaving left-hand margin of 2 inches for binding.
And it is further ordered, That each such monthly statement be authenticated under oath and be filed in duplicate with the Federal Co-ordinator
of Transportation, Washington, D. C., not later than the 30th day following
the close of the month to which it relates.
Death of Edwin Gould, Son of Railroad Financier and
Builder.
Edwin Gould, second son of the late Jay Gould, noted as
a railroad builder and financier, died suddenly of a heart
attack early in the morning of July 12 at his home in Oyster
Bay, Long Island. He was 67 years old, anf for several
months prior to his death he had suffered from illness. Funeral services were held July 14 in St. Bartholmew's Church
this city; the honorary pall bearers were Frederic R. Coudert
Sr., Philip A. S. Franklin, John Henry Hammond, Edward
S. Harkness, Ansel Phelps, A. Rene Moen, Charles D.
Shrady, James B. Taylor, Alfred H. Swayne, David H.
Taylor, James H. Post, Edwin G. Vaughan, Ricardo
Bertelli, Edward S. Jaffray, Colonel Franklin Q. Brown,
William A. Green, Samuel R. Bertron and Winslow S.
Pierce.
We quote the following regarding Mr. Gould's life and
career from the New York "Evening Post" of July 12:
Born In New York City, educated in private schools and at Columbia
University, Edwin Gould even in his early career gave indications of having
inherited the financial ability which had enabled his father to amass one
of the largest fortunes in the country. Against his father's wishes he left the
July 22 1933
university in 1887, the year before he was to have been graduated, and went
direct to Wall Street on his own. Within six months he had made a profit
said to have amounted to 51,000,000 and shortly thereafter the father took
him into his own office.
In 1888 he became Secretary of the St. Louis Arkansas & Texas Railway,
a Gould property, and he remained in that position until the line was reorganized three years later as the St. Louis Southwestern, of which he was
successively Vice-President, President, Chairman of the board and finally
senior Vice-President.
At the death of his father in 1892 he was reported to be worth $20,000,090,
of which $8,000.000 was said to have been made independently by himself.
In 1894 he organized the Continental Match Co., of which he was President until it was merged with the Diamond Match Co. He was President
of the Bowling Green Trust Co. until the merger of that institution with
the Equitable Trust Co., and held directorships in several railways.
Along with his brothers, Howard, and the late George Jay Gould, and
his sister, Helen (Mrs. Finley J. Sheppard), he was named trustee of a
fund created by his father, which became the subject of one of the longest
and most expensive suits in American legal history.
In 1916 Frank Gould, owner of the Casino at Nice, and his sister, the
Duchess of Talleyrand, the former Anna Gould, charged the trustees with
negligence and mismanagement. After 11 years oflitigation the proceedings
were terminated by a compromise agreement providing for the repayment
of $20,000,000 to the estate by those held responsible for its losses. The
three brothers meantime had resigned as trustees.
Interested in National Guard activities since his youth. Mr. Gould had
retired by the time of the World War, but volunteered and became a major
of ordnance after serving as supply sergeant of Troop A in Squadron. A,
New York City.
He and his wife were noted for their charities, and, in recent years,
especially for their work for children. In 1925 he endowed the Berkshire
Industrial Farm for neglected boys at Canaan, N. Y., and in 1931 acquired
the Peabody Home on the Boston Post Road near 179th Street. The
Bronx, and turned it over to the Department of Public Welfare as a refuge
or the children of indigent Protestant Negroes in the city.
First Security Company, Affiliate of First National
Bank of New York, in Report Under Banking Act
of 1933, Shows Market Value of Assets in Excess.
of Bills Payable.
Under the Banking Act of 1933, the First Security Co. of
New York, affiliate of the First National Bank, made publicr
on July 12 its statement of condition as of June 30. Only
once before in its history, it was noted in the New York
"Herald Tribune"-in 1925-has the company given out
any figures about its condition. The, fact of paramount
interest to Wall Street in the June 30 statement (said the'
paper indicated) was the revelation that the market value of
the company's assets was once more in excess of its bills
payable. Assets were listed at $38,704,090 and market
value was $27,790,605, as against bills payable, with accrued interest, of $25,285,653.
Continuing, the paper from which we quote said:
How much the recovery in security prices since March has meant to the.
First Security Co. is shown in the fact that at the end of 1932 the indebtedness of the company exceeded the market value of its assets by about,
$11,750,000. At the year end the company owed the First National Bank
$9,806,000. This indebtedness had been entirely extinguished on June 30.
Assets Less Than Debts in 1932.
Jackson E. Reynolds, President of the bank and of the securities affiliate,
informed stockholders in a letter dated Jan. 12 1932 that on March 10
1931, when the company paid its last dividend, the market value of the
company's assets exceeded its indebtedness by more than $38,000,000.
But in mid-January of last year the market value of the affiliate's assets
was less than its indebtedness by about $6,000,000.
"Because of these excessive declines in quoted values," stated Mr. Reynolds,"a group of the company's directors have (through the medium of a
corporation formed for the purpose) advanced funds to the company with
the design of fortifying its credit position and avoiding present sale of its
holdings. The only financial interest the First National Bank has in First
Security Co. is a loan of $9,900.000 secured by high-grade collateral."
It was assumed that the funds advanced to the company by directors
consisted of, or were included in, the $25,285,653 bills payable with accrued
interest reported in the June 30 statement. If the margin of market value
over indebtedness increases farther so that the regular banking channels
would take over the loan, it was suppcsed that the directors would be paid
off and the loan transferred. A problem of greater moment for the bank
and the company, however, would appear to be the way in which the company could be severed from the bank by next June, as required in the new
Banking Act,
Bank Loan Operation Indicated.
That the company is, perhaps, in the habit of operating on a large amount
of bank loans is suggested by the circumstance that in its Dec. 31 1925
statement it reported bills payable of 531,045,000. Total resources then
were $57.434,475 and investments were carried at $50,504,032. Undivided
profits were $16,012,915.
The June 30 statement of the First Security Company
was issued as follows:
REPORT OF AFFILIATE OTHER THAN HOLDING COMPANY
AFFILIATE.
Report of First Security Co., 2 Wall Street, New York, N. Y., which,
under the terms of the Banking Act of 1933, is an affiliate of the First.
National Bank of the City of New York, N. . (charter No. 29) (F. R.
Dist. No. 2).
(This report is made in compliance with the requirements of the
Banking Act of 1933.)
Balance Sheet of Aff hate as of June 30 1933.
LtabUttlesAssetsCapital
Stock of affiliated bank
$10,000,000.00
$472,750.00 Profit and loss
owned
3,404,878.87
Stock of other banks owned
317,882.79 Bills payable with accrued
All other investments_ __ 37,887,937.85
interest
25,285,652.78
Borrowings from affiliated
Amount on deposit in affilbank
iated bank
24,539.92
0
Reserved for taxes
13,558.71
Total assets (see note)- _838,704,090.38
Total liabilities
$38,704,090.38
Volume 137
Financial Chronicle
Note.-Market value of total assets June 30 1933. $27.790,606.
The following statement shows the character of business of the abovenamed affiliate and discloses fully its relations with the above-named bank:
Character of business: Principally investments in securities for its own
account.
Relations with bank: Stock held by trustees, ratably for stockholders
of bank.
Increase of $669,000,000 in Deposits in Mutual Savings
Banks in New York State During Depression-In
Second Quarter of 1933 Show Falling Off of 1.7%July Total $5,130,288,000.
Deposits in the mutual savings banks in New York State
increased $669,561,000 during the depression, according to
comparative figures of July 1 1929 and July 1 1933, a compilation by the Savings Bank Association of the State of
New York revealed on July 15. During that period the
number of depositors in the State's mutuals increased by
678,000, according to the Association, which said:
Following a usual seasonal trend, enhanced on one hand by continued
spending of cash reserves for necessities by depositors as yet unrelieved by
the upturn in business, and on the other by spending for long-deferred
luxuries by people whose confidence in a general business revival has been
restored, deposits in the savings banks for the second quarter of 1933 were
$5,130,288,000. off 1.7% or $89,932,000 since April 1.
The decrease in the number of open accounts during the same period was
41,000. This is less than 7-10ths of 1% of the 5,748,000 accounts In the
savings banks as of July 1.
In announcing the compilation, Henry R. Kinsey, President of the Association, noted:
The fact that the savings bank depositors of this State have come through
four years of increasing unemployment and still have $669,000,000 more than
when the depression started strikes me as evidence not only of the thrifty
qualities of our citizens but also of the great respect they have for the safety
of the mutual savings banks.
Referring to the period April 1-July 1, Mr. Kinsey declared:
During the past few months we have had an opportunity to determine
exactly to what uses sums withdrawn in excess of $250 a week are being put.
In checking up we have found that depositors are making capital expenditures for such items as automobiles, furniture and property improvements.
Many also are using part of their savings for starting new business ventures.
Withdrawals for these purposes will contribute to the general business recovery already under way.
Naturally some of our depositors are still drawing on their savings accounts for day to day living necessities. Thousands of them have been doing
this for months and the figures indicate that many have completely used
up their reserves. While economic recovery should gradually diminish
this number, we can not expect that there will be any quick change in this
condition. The primary function of savings banks has always been to
provide a safe place where a cash reserve might be accumulated to be drawn
upon during times of need. The value of those institutions to the community is now being demonstrated.
Detroit's One-Man Grand Jury Investigating Closing
of Michigan Banks Seeks Former President
Hoover's Aid.
The one-man Grand Jury, conducted by Judge Harry B.
Keidan, now in adjournment, which for several weeks past
has delved into the affairs of Detroit's two closed National
banks, the First National Bank, Detroit and the Guardian
National Bank of Commerce, would like to have the testimony of former President Herbert Hoover, according to
Associated Press advices from that city on Thursday of this
week, July 20, which continuing said:
Information that an effort is being made to have Mr. Hoover come here
to testify was given out to-day, as the Jury met briefly and adjourned until
neat Tuesday (July 25), to give a banking committee more time to complete
negotiations for re-organizing or re-opening the Guardian National Bank of
Commerce and the First National Bank, Detroit, closed since the State
banking holiday, Feb. 14.
Prosecutor Harry S. Toy, discussing the future plans of the Jury with
Judge Harry B. Reidan, presiding at the inquiry, said that "personal
friends" of Mr. Hoover are seeking to contact him with a view to bringing
him here to testify concerning the bank holiday, which occurred while he
was in office.
"We will know the outcome of these contacts by the first of next week,"
the prosecutor said. "If Mr. Hoover should come here, we understand he
has considerable information which would be of interest to this Grand
Jury."
J. W. Harriman, Former Banker, Again Leaves Nursing
Home for 30 Hours While Sanity Hearing Is in
Session-After His Return He Is Committed to
Hospital for Observation and Court Proceedings
Are Adjourned Indefinitely.
Joseph W. Harriman, former President of the Harriman
National Bank, who is under indictment for alleged misapplication of funds, on June 17 left for a second time the
New York City private nursing home, where he has recently
been undergoing treatment; he returned voluntarily on the
following day, almost 30 hours after he had left the building.
Meanwhile Judge Francis G. Caffey of Federal Court, who
had been conducting hearings on the question of Mr. Hariiman's sanity, ordered forfeited the $25,000 bail on which
the former banker had been at liberty. After Mr. Harriman's return to the nursing home on July 18 he was immediately brought into court, and with the consent of his
599
attorneys was committed to the sanatorium in a prison ward
in Bellevue Hospital. Judge Caffey on July 19 adjourned
indefinitely the sanity hearing and decided to hold further
proceedings in abeyance until physicians at the hospital
had completed their examination of Mr. Harriman. Decision
on an application to refund the $25,000 bail which had been
declared forfeited was withheld.
Harriman. Securities Corporation Files in Bankruptcy
-Lists Assets of $911,227 and Liabilities of $924,595.
The Harriman Securities Corporation, which was organized
by Joseph W. Harriman, former president of the Harriman
National Bank & Trust Co., filed a voluntary petition of
bankruptcy in the Federal Court in New York City on July
15, listing liabilities of $924,495 and assets of $911,227.
A description of the assets and a list of some of the creditors,
as given in the New York "Herald Tribune" on July 16,
follows:
The assets include a six-months promissory note for $100,000 of the
J. A. M. A. Realty Corporation, made on Jan. 23 last and "indorsed and
delivered for value by J. W. Harriman." The note is partly secured by
collateral. The corporation also has a participating right of $80,990 in a
$224,000 note given to the bank by H. L. Lederer, and an undetermined
share in a claim of $164,341 against the Stano Realty Corporation.
Among the creditors holding securities of the corporation are the Harriman National Bank and Trust Co., $381,147; Mount Vernon Trust Co.,
$100,000; Manufacturers Trust Co., $160.000; Thomas L. Manson & Co..
$33,169. The largest unsecured creditor is the liquidating committee of
the Liberty National Bank & Trust Co., with approximately $250,000.
Depositors of Closed Harriman National Bank & Trust
Co. Advised That 50% Payment Is Planned.
Depositors of the closed Harriman National Bank & Trust
Co. of New York City will receive a first payment of 50 cents
on the dollar as soon as the task of mailing forms, receiving
them back and auditing them can be completed, it was
announced on July 19 by Henry E. Cooper, Federal conservator for the bank. The New York "Herald Tribune"
noting this added:
No specific date was set for the actual payments to the approximately
6,000 depositors, who were advised in a letter signed by Mr. Cooper to
execute a proof of claim before a notary public and return it to him. A
conservator's certificate, he told the depositors, would then be mailed "as
soon as possible."
Senate Committee Inquiry Into Affairs of Kuhn, Loeb
& Co.-List Given by Frank E. Taplin of Pittsburgh and West Virginia Holders-Owners of
222,930 Shares Sold to Pennroad Corp.
Frank E. Taplin of Cleveland, President of the Pittsburgh
& West Virginia Ry. Co.,revealed before the Senate Banking
and Currency Committee on July 6(according to Washington
advices to the New York "Times"), the following list of
owners of the 222,930 shares of Pittsburgh & West Virginia
stock which he sold to the Pennroad Corp. in September
1929, at $170 a share:
Shares.
Shares.
William C. Atwater
It. B. Brown
E. W.Backus
L. P. Crocillus
T. B. Davis
E. M. Ford
A. H. Herbert
Adam Gross
F. H. Ginn
C. P. Hutchins
Charles D.Hebard
Feran & Co
A. P. King
E. J. Kules
J. B. Kraus
E. S. Kendrick
E. P. Lenahan
Charles D. Little
0.1. Lange
B. S. McVeigh
R. H. Munan
L. C. Percival
Samuel Pursglove
13,650
549
4,740
50
3,000
500
219
549
1,097
5,564
1,100
10,370
878
1,097
4,200
4,100
3,097
164
219
21,085
2,000
1,200
1,694
Thomas Pursglove
C. A. Paul
Joseph Pursglove
E.P. Peters
F. W. Paine
George H.Rogers
Arthur Rand
John L. 8teinbugler
F. B. Stearns
A. E. R. Schneider
C. F. Taplin
F. E. Taplin
Clara Louise Taplin
F. E. Taplin Jr
Thomas Ely Taplin
Edith S. Taplin
W. P. Todd
Isabel Thompson
A. B. Uhrig
Thomas Warfield
J. S. Wood
Thomas H. Wilson
Charles E. Williams
500
1,097
279
65
2,194
1,097
1,000
3,450
1,358
439
5,090
16,601
14,516
25,166
2,900
2,960
1,097
4,266
14,000
703
1,179
1,000
134
Emergency Banking Law of Maryland Upheld by State
Court of Appeals-Authority of State to Restrict
Withdrawals-City of Baltimore Barred from
Priority-Point Raised by Roads Commission
Awaits Reargument.
Under the provisions of the Emergency Banking Act,
passed by the Maryland Legislature, the Court of Appeals, at
Annapolis, in a series of opinions filed on July 7 held that no
funds in closed banks, with the possible exception of State
moneys, could be given a preferred claim over any other
deposits. A dispatch from Annapolis, July 17, to the Baltimore "Sun," added:
The Judges of the Court were divided equally on the question whether a
valid exemption or priority for withdrawals of State deposits existed after
the enactment of the emergency statute, and an order for a reargument on
that point was issued by Chief Judge Carroll T. Bond.
City. Barrett From, Priority.
In the opinion, all written by Judge Bond, it was held that under the
new
Banking Act no priority for deposits could be granted Baltimore City;
the
Bank Commissioner, as receiver for the defunct Chesapeake Bank
of Bala-
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Financial Chronicle
more; individuals having money held in trust, or taxpayers who paid their
levy bills to one of the closed banks prior to Feb. 28.
The question of the priority of State funds was raised, particularly in the
appeal in which the State Roads Commission asked that its funds in the
Union Trust Co. be given a preference inasmuch as they were State funds.
No date for reargument on this point was set by the Court before it adjourned to-day.
Opinion Handed Down.
In holding that Baltimore City, under the new statute, could not be given
a preference, Judge Bond wrote, in part:
The Court hhasiconcluded that bestowing upon the city a- new exemption and
priority in the deposits in the Baltimore Trust Co. is a partial, unequal appropriation of rights and interests of deferred depositors that cannot be supported
underithe police power of the State or any emergency power and must therefore
be held invalid.
Rules Against Commissioner Ghingher.
The Bank Commissioner, who, as receiver for the defunct Chesapeake
Bank, deposited money obtained by him through liquidation of the institution's assets in the United Trust Co., cannot have a preferred claim to that
deposit, the Court of Appeals held.
"The Commissioner," the opinion said, "is undoubtedly a State officer,
but when he acts as receiver of the funds of a bank he is a State officer
serving in the place of an ordinary chancery receiver, in that he holds the
funds for the ultimate purposes of the litigation exactly as does the receiver
of any other private corporation.
"There would be no sufficient reason in law or in fairness, so far as the
Court can see, for preferring depositors of the defunct bank to those in a
bank in the custody of the Commissioner under the present statute."
Concerns Taxes Paid at Banks.
In regard to the funds in restricted banks which had been left by Baltimore
taxpayers at the banks in payment of tax bills, the Court held that the new
Act could not give the city a prior claim.
The arrangement between the city and the banks in the matter of tax
collection, the Court held, was that the bank collections should be "placed
among those funds to be drawn upon by the bank's own checks. That being
true, then whether the liability of the bank to the city for so much money
was that of trustee or that of debtor, it follows from a previous decision that
the funds are subject to the restraint upon withdrawals imposed by the
Emergency Act, and that the city is not entitled to their release."
Called Inequality.
It was said further by the Court that the preference in the new statute
allowed persons who had paid their bills at the banks "is an inequality in
favor of the drawers of these checks over those who had not drawn checks to
pay their taxes before March 1, and whose deposits were held subject to
restrictions, but the grievance of the complainants would be confined to withdrawals from their depositary."
Funds held by banks in trust cannot be given a preference under the
Emergency Act, Judge Bond wrote, and, in explaining the Court's stand,
said in part:
MI In7the crisis to be met, all the general banking funds, the mingled funds which
Included deposits of money held under trusts, as well as money deposited by direct
owners, were subject to the panic withdrawals which had begun, and all were
threatened by depletion and loss together.
It is easily conceivable that the Legislature from the information before it may
have found the provision of the moratorium necessary for trust funds, and so designed the restraintslto apply to them, not only to preserve those in hand but to
give time for restoration of some found already diminished.
e-And as the protective action that might be devised had to be taken immediately,
there could be no sorting out of portions of the funds according to the varied circumstances of deposit and the varied rights and interests resulting, even if conditions in some institutions might permit this if time were allowed.
The crisis allowed no time, and its threat was undiscriminating; and a statute
placing the restraint upon any withdrawals whatever of private funds, without
discrimination among them, would seem to be well within the demand of the situation being dealt with. It seems also well within the police power of the State to
place such a protective restraining hand upon the funds and all such withdrawals.
Bank Depository Act of Indiana Held Constitutional—
Judge Weir Rules Informally on State Statute—
Some Funds Excepted.
The Indiana Bank Depository Act, passed by the 1932
special session of the Indiana Legislature for the avowed
purpose of securing payment of public funds deposited in
banks, was held constitutional in its general application,
June 27, by Judge Clarence E. Weir, of Superior Court,
Room 4, in an informal ruling. In reporting this, the Indianapolis "News" of June 27 added:
'July 22 1933
Bill Signed by Gov. Comstock of Michigan Authorizes
Branch Banking—Legislation Embodied in Act
Permitting Banks to Exchange Mortgages for
Federali,Home Loan Bonds.
Statewide branch banking was given legal sanction in
Michigan for the first time in its history when Governor
Comstock recently signed the Watson-Fenlon Bill, the main
purpose of which is to permit banks to exchange mortgages
for Federal Home Loan bonds. The Detroit "Free Press"
of June 28, authority for the foregoing, also had the following to say:
Written approval of the Banking Commissioner is necessary for branch
banks, but adoption of the statute may change the entire future course of
banking in Michigan. As a permissive State enactment, it brings into operation immediately also the branch banking provisions of the Federal Bank
Act of 1933.
The provision which has just attracted the attention of the banking fraternity follows:
"No banklheretofore licensed to Carry on a commercial and (or) savings bank
business, may hereafter establish and maintain branches within any incorporated
or unincorporated village, nor within any city, other than the incorporated or
unincorporated village or city in which it was originally licensed or chartered for the
purpose of carrying on a Commercial and (or) savings banking business unless
authorized by written order of the Commissioner of the Banking Department of
the State of Michigan. And, provided, That no bank shall be so authorized by
the said Banking Commissioner unless said bank has a capital and surplus of an
amount sufficient under the requirements of Section One of this Act to transact
its business and maintain offices in the larger of any city in which such branches
or its principal office may be established."
Coupled with the legislative enactment which still awaits the Governor's
approval prohibiting "voting trusts," under which holding companies will
experience difficulty exercising their majority stock control over affiliates,
the branch banking Act points directly to the abandonment of the holding
company arrangement and substitution of branch banks in future practice.
"The opening of branch banks will require about the same showing of
responsibility that has heretofore been required of new banks," Banking
Commissioner Rudolph E. Reichert said Tuesday. "The new plan will mean
closer contacts, more firmly knit managerial policies, and more direct responsibility."
Heretofore there has been no express authorization of branch banking.
Massachusetts Supreme Court Holds Bank Can Levy
Stock Assessment—Rules in Favor of Receiver in
Suit Against Bank Commissioner Arthur Guy in
Charge of Lawrence Trust Co.
The full bench of the Massachusetts Supreme Court, in a
decision on June 30, in the case of Robert C. Baldwin, as
receiver of the State National Bank of Lynn, against Bank
Commissioner Arthur Guy, in possession of the Lawrence
Trust Co. of Lawrence, said that a bank in liquidation must
pay a stock assessment levied upon it by another bank in
liquidation; that is, the receiver or trustee in bankruptcy of
a closed bank cannot abandon such a contract or asset. The
foregoing is from the Boston "Transcript" of June 30, which
also had the following to say:
The Lawrence Trust Co. in 1927 bought from funds of its savings department 100 shares of State National Bank stock at $150 a share. Baldwin, as
receiver of the State National Bank in 1932, made a 100% assessment upon
stockholders. He filed proof of claim with the savings department of the
Lawrence Trust Co. It was disallowed. He then filed proof of claim against
the commercial department. This was disallowed. Then he brought suit.
The full Court says the investment was a proper one for the savings department and the assessment a provable claim. It also decides that the claim
must be proved against assets of the savings department, not of the commercial department.
"The obligation of the trust company as a stockholder of the bank to pay
an assessment on such stocks sprang into existence when it became a stockholder, and it had no right to escape that obligation," and continuing the
Court decision, "The contention of the respondent that, on taking possession
of the property and business of the trust company, he had a right to abandon
its contracts or assets which might prove burdensome or unprofitable, cannot
be supported. . . . The principle that a receiver or a trustee in bankruptcy is permitted an element of choice in certain instances is not applicable
here. Liability to an assessment is an essential element of being a stockholder . . . and the assessment (here) must be paid out of the assets
of the savings department."
Formal ruling will not be made by Judge Weir until attorneys in the case
have filed special entries to his findings.
Judge Weir ruled that certain types of funds, including the Barrett Law
Fund, are not affected by the law.
The suit, a friendly action to test validity of the law, was brought by
Timothy P. Sexton, Marion County Treasurer, against William Storen, State
Treasurer, and other officers.
The Act provided that interest on public funds should be diverted to a
State sinking fund until the diverted total reached $3,000,000. Out of this
sum losses were to be paid to governmental units in event the banks which
they used as depositories closed.
Diversion Is Upheld.
Provision for diversion from general funds of various governmental units
is constitutional, according to Judge Weir's ruling. Other provisions of the
informal ruling included the statement that the Act is "of interest to taxpayers that such funds be diverted in expectancy of his future benefit."
In certain cases funds held in trusts by governmental units do not come
under the provisions of the Act because "it would be a breach of contract
to divert interest on the funds to the State sinking fund." Included in the
list was interest on funds held by the trustees of Indiana and Purdue universities which the court ruled should not be diverted to the State sinking fund.
The Judge said "these are corporations created by the State and the powers
of the trustees do not include a discharge of governmental functions."
Closed]BanksIExempt from Federal Taxes, Announcement by State Bank Commissioner Guy of
Massachusetts.
Massachusetts State Bank Commissioner Arthur Guy announced on July 14 that the Federal Bureau of Internal Revenue has ruled that State banks in possession of the Commissioner of Banks or Conservators are not subject to the taxes
Imposed by the National Industrial Recovery Act. Commissioner Guy's statement, as given in the Boston "Transcript,"
follows:
Copies Sent to Attorneys.
Other funds which, Judge Weir said, would not be affected by the law
according to the ruling were the interest from the policerreen's and firemen's
pensions funds; funds held to discharge the Indianapolis City Hospital bonds,
and an express trust held by the town of Speedway as well as the Barrett
law funds.
A copy of the informal ruling was sent to each of the attorneys in the case
by Judge Weir, who asked the lawyers to file special entries in connection
with his ruling.
Pennsylvania Restricted Banks Limited to Sept. 1 to
Perfect Reorganization Plans.
From the Philadelphia "Public Ledger" we take the
following (Associated Press) from Harrisburg July 6:
Following discussions between the Commissioner of Banks and the Bureau
of Internal Revenue at Washington, D. C., the Bureau to-day ruled that
State banks in possession of the Commissioner of Banks and in possession of
Conservators are not subject to the taxes imposed by the "National Recovery
Act." Taxes which such banks are exempt from paying include the 5% tax
imposed on corporate dividends.
Acting under the provisions of the Sordoni law, William D. Gordon
Secretary of Banking, said to-day that restricted banks which fail to
present sound reorganization plans by Sept. 1 will have to close.
Volume 1.37
Financial Chronicle
A number of banks were permitted to operate on a restricted basis after
the March 4 banking holiday. They were granted a period of 90 days.
This period expired June 1, but was extended for 90 additional days.
There are 53 banks operating on a restricted basis.
Vermont Irked by Federal Bank Policy—State Claiming
Best Record of Country Protests Restriction—
Governor Prefers Common Sense of State's Bankers
to That of Men Dictating United States Policy.
The following special correspondence by F. Lauriston
Bullard, from Boston July 5 is from the New York "Times"
of July 9:
For weeks the question uppermost in the minds of the people of Vermont
has been: When will our banks be allowed to reopen?
Proudly the average citizen of Vermont claims for his State the best
banking record in the Union, in that no Vermont bank closed its doors
during the depression until all were closed on March 4. Governor Stanley
C. Wilson has declared that "the way the country banks have been used
s outrageous." Representative Ernest W. Gibson, now Vermont's sole
member of the lower House,in a speech in Congress, and again at a meeting
just held of the State Chamber of Commerce, has denounced the closedbank policy. He considers "the rules and regulations promulgated at
Washington not to be a safe guide." He prefers "the sound common-sense
judgment of a Vermont banker to that . . . of the men who are dictating the Federal policy." He holds that the people in many communities
are being driven to "a state of desperation." Speaker George D. Aiken
of the Montpelier House of Representatives protests that the "restrictions
against sound banks are wholly unwarranted." He was an officer in the
Legislature which passed the restriction law, but he now calls upon the
American Legion and other organizations to help consolidate public sentiment for opening the banks and liquidating "a few" if necessary.
The Bank Record.
Here are the bones of the situation: Vermont has 46 National banks,
with deposits of $50,000,000. and 55 State banks, with deposits of $146.000.000. of which $7,000,000 are commercial and $139,000,000 time deposits. In only one year between 1886 and 1930 did the deposits in the
State banks fail to gain. That exception was 1918. when the people withdrew deposits to buy Liberty bonds. Mr.Brigham asks:"With such a record
can you blame Vermont bankers for not having greater reserves to meet
the present depression ?" A change Came in 1930. In three and onequarter years depositors now have taken out $34,000,000 more than they
put in. Up to the first of this year depositors had withdrawn $29,000,000,
or one-sixth of their total deposits. In the first quarter of the current
year the rate of withdrawal was accelerated to almost $20,000,000 a year.
At that rate, in the judgment of Mr. Brigham, "failures seemed inevitable
because of inability to secure cash from borrowers even of the highest
financial standing." Further: "The failure of a few banks would have
accelerated the rate of withdrawal and imperiled even the strongest banks."
Many persons feel that Banking Commissioner Robert C. Clark has
carried a heavy responsibility with courage and justified caution. The
measures adopted had the unanimous approval of the advisory board.
Former United States Senator Frank C. Partridge of Proctor is cited for
his share in formulating the plans adopted. Nearly all the National banks
permit the full use of checking accounts.
To-day all but three of the State banks are open, with restrictions. The
burden of the argument of the Administration would seem to be that it
may pay the people to wait a while longer. If present conditions are
to be permanent the banks must scale down at least some of their farm values.
If there is to be no improvement urban owners must lose their homes. Mr.
Brigham stated his ideas thus: To attempt now to collect real estate loans
would mean dispossessions and forced sales at "ruinously low prices."
To demand payment of business men's loans would cause "disastrous liquidation." Bank depositors would benefit but little, all real estate values
would be driven down, tax values would be impaired, the State "would
receive a blow to its financial structure from which it would not recover
for a half century,"
Widespread Discontent,
All Vermont now is awaiting the public reaction to this argument and
policy. Discontent is widespread. Some regions have but one bank, and
that closed. Business is badly hampered. No irregularities, or departures
from traditional policies, are charged in any instance, with the exception
of a small defalcation by a woman employee in one bank. Vermont bank
stocks are widely distributed. They have long been regarded almost as
sacred inheritances, like the family homestead itself. This stock, formerly
gilt-edged, is now practically unsalable.
In spite of the Brigham statement, it is held in some influential quarters that the sound banks ought to be allowed to open fully and at once,
that little if anything is to be gained by delay, that the Micawber policy is
wrong, and that any unsound banks ought to be reorganized but not necessarily liquidated. The counsels of delay are bitterly criticized in many
places.
Meantime Governor Wilson does not commit himself as to the calling
of a special session to deal with important matters having to do with the
participation by the State in the benefits of the National Recovery Act.
The real reason is alleged to be the impossibility of keeping the banking
situation out of the session. The Governor says rather coyly: "I won't
say we will have one and I won't say we will not have one." He has said,
however, as to Federal grants for public works, that while he is not enthusiastic about spending money to get out of a depression, this plants
now a law and Vermont should get as much of the money as it justly may
claim.
New State Bank Code Effective in Indiana—Commission Takes Control of State Chartered Group.
Indiana's new bank code became effective July 1, and
members of the Commission on Financial Institutions named
recently by Governor Paul V. McNutt assumed control of
banking instutions chartered under State laws. At the same
time, Richard A. McKinley, State Banking Commissioner
for several weeks, became director of the Department of
financial institutions. The Indianapolis "News" of June 30
further reported:
One of the first steps the new Commission is expected to take is appointment of one liquidating agent for closed banking institutions in several
larger cities. The new 1933 banking law gives the Commission wide
authority In winding up affairs of closed banks. For some time members
of the Commission and Mr. McKinley have been conducting hearings with
the restricted banks of the State to select those financially able to resume
601
business on an unrestricted basis. Those not restored to an unrestricted
basis probably will be placed in liquidation.
Under the new act, small loan companies, as well as banks and trust
companies, are subject to control of the Commission. The act gives the
Commission powers to regulate interest rates on petty loans.
Commission members are Robert Batton, Marion, Chairman; Myron
Gray, Muncey; Havey B. Hartsock, Indianapolis: G. M. Setzer, Columbus, and Oscar Welborn, Indianapolis; Herman G. Wells of the faCulty of
Indiana University, has been named as director of research for the Department. Evans Woollen. Indianapolis bank head, will serve as Advisor
to the Commission.
Michigan Emergency Banking Laws to Be Tested—
Action Against Detroit Trust Co. Carried to State
Supreme Court.
The emergency banking legislation enacted by the last
session of the Michigan Legislature, faces its first major
test as a result of an appeal taken to the Michigan Supreme
Court by Emil W. Colombo, Attorney for Dallas S. Kelsey,
son of the late John Kelsey, wheel manufacturer. We
quote from the Detroit "Free Press" of July 5, which also
contained the following advices:
Mr. Colombo challenges the constitutionality of the new law In an
executive petition filed before that body.
This law, which placed almost dictatorial powers in the hands of the
State Banking Commissioner and the Governor, is contrary to the State
Constitution, in that it deprives the Courts of the power granted to them,
Mr. Colombo contends. His action is directed against the Detroit Trust
Co., Harry J. Fox, conservator and Patrick K. O'Brien, Attorney-General.
Seeks to Remove Trustee.
The purpose of the suit is to remove the trust company as trustee under
a trust agreement between the late John Kelsey and that firm. Mr. Fox
is now conservator of the company, by appointment of the Governor,
who acted under the emergency legislation.
The section of the law attacked by Mr. Colombo provides that "no
actions and remedies at law or suits in equity of any creditor or stockholder or party of interest against any such bank or trust company—
shall be commenced without the consent of said Commissioner and approval
of the Governor."
The legislation which the suit attacks was passed five weeks after the
declaration of the Michigan bank holiday, and was unnecessary, according
to the Colombo brief. It took from the courts the rights vested in them
by the Constitution. and placed it with the Governor and the Banking
Commissioner.
Under this law the Banking Commissioner and the Governor appoint
all conservators, counsel, auditors, clerks and other employees of banks
or trust companies designated by the Commissioner. Until the enactment
of this law such power was vested in the courts.
Scored as "Patronage Act."
"The right to control patronage and the fees in connection therewith
was the real purpose of the 1933 Banking Act, and we repeat that it should
be designated the 'Patronage Act' of 1933", Colombo's brief cites. The
Act unreasonably invades private rights and is therefore contrary to the
Constitution, the bill maintains.
The suit was originally tried in the Wayne County Circuit Court before
Judge DeWitt H. Merriam, and charged improper conduct on the part
of the trust company in handling the trusteeship for Mr. Kelsey. Judge
Merriam ruled against the plaintiff. The case is the first to reach the
Supreme Court which attacks the emergency legislation.
Suspension of Holidays and Opening of Banks for
Business.
Since the publication in our issue of July 15 (page 434) with
regard to the banking situation in the various States, the
following further action is recorded:
FLORIDA.
That the State Bank of Haines City, at Haines City,
Fla., was to resume business without restrictions on July 12,
is indicated in the following Associated Press dispatch from
Tallahassee, Fla., on July 11:
The Banking Department of the Comptroller's office to-day (July 11)
reported that the State Bank of Haines City will resume business on an
unrestricted basis to-morrow, after being on a limited withdrawal scale
since the national banking holiday of last March.
Officials of the Banking Department said the Haines City Bank has
taken advantage of the new banking laws permitting the separation of
"slow assets- from certificates of deposit, so that it is now possible for an
Institution to resume unrestricted business.
GEORGIA.
The Gainesville National Bank of Gainesville, Ga., which
had been operated on a restricted basis by a conservator since
its reopening after the banking holiday in March last, was
to operate Without restrictions beginning July 14, according
to advices from Gainesville on July 13, printed in the Atlanta
"Constitution." A. E. Roper, who has served as conservator, will continue as President, with Oscar J. Lilly Jr. as
Cashier. The dispatch added:
During its operation on a restricted basis, the bank, with capitalization
of $100,000, has received approximately $50,000 in deposits.
ILLINOIS.
The St. Lou!s "Globe-Democrat" of July 15 stated that
the Dupo State Bank at Dupo, Ill., would reopen July 17
on an unrestricted basis, according to Associated Press dispatches from Chicago, where announcement f the reopening was issued by the Illinois State Auditor's office.
The paper me itioned continuing saii:
The bank, which has been closed since March 4, following the National
banking moratorium, has a capital stock of $25,000.
Financial Chronicle
602
Officers of the bank are: D. D. Taylor, President; Albert Metzger,
Cashier; and H. Breidecker, Assistant Cashier.
According to the St. Louis "Globe-Democrat" of July 11,
the Bank of Edwardsville at Edwardsville, Ill., was to open
the following day on an unrestricted basis with capital of
$150,000 and surplus of like amount. The paper mentioned
went on to say:
New money amounting to $150,000 has been put into the bank (which is
a member of the Federal Reserve System) by the stockholders.
Edward H. Stoize will be President, succeeding George W. Meyer. The
bank has deposits of 31,071,071, and total assets of $1,400,000.
July 22 1933
ville Institution for Savings of Somerville, Mass., would take
effect on July 24, when the bank would reopen under its new
name, the Somerset Savings Bank. The Boston "Transscript" of July 14, reporting this, went on to say:
William H. Dolbes, is President and Richard F. Churchill is Treasurer.
The new building, owned by the bank, is in Cutter Square. It will be
available for use on that day (July 24) and the branch office, Broadway.
will be renovated. Numerous details required by reorganization are being
attended to by Henry H. Pierce, supervisor of liquidation.
Associated Press t dvices from Springfield, Mass., on July
11 stated that a final postponement to Aug. 15for reorganEdward J Barrett, State Auditor for Illinois, has au- ization of the Western Massachusetts Bank & Trust Co.
thorized the reopening of the Fairview State Banking Co. of Springfield, in the hands of a conservator since the Na,
of Fairview, Ill., on an unrestricted basis, according to tional banking holiday was agreed upon on July 11 at.a
Chicago advices July 14 to the "Wall Street Journal."
special meeting held in Springfield of the bank's depositors'
The Gary-Wheaton Bank of Wheaton, Ill., reopened for committee, directors and representatives of State Bank Combusiness on July 18, according to an announcement by missioner Arthur Guy's office. Meanwhile, an effort will
Edward J. Barrett, State Auditor for Illinois.
be made to pay a substantial cash dividend, it was said.
INDIANA.
The County Bank & Trust Co. of Cambridge, Mass., a
That the Finance Department for the State of Indiana had new bank created through the purchase of certain sound
taken over the Citizens' State Bank of Noblesville, Ind., is assets of the Central Trust Co. of Cambridge (which closed
indicated in the following dispatch from that place on July 12 in May, 1932), opened for business on Monday of this week,
to the Indianapolis "News":
July 17, in the quarters formerly occupied by the Central
Acting under instructions from the Indiana Department of Finance,
Trust Co. It will open a branch office in East Cambridge
R. A. McKinley came here to-day and took charge of the Citizens' State
in the near future. The new institution, which is a member
Bank pending liquidation. The bank, the oldest financial institution in
Hamilton County, has been on restrictions for a year. P. 0. Duncan Is
of the Shawmut Association, begins with a capital of $300,000
President and Harry Craig, Cashier.
and surplus and guaranty fund of $400,000. The officers,
MARYLAND.
as named in the Boston "Herald," of July 15, are as follows
John J. Ghingher, State Bank Commissioner for Maryland, A. Oram Fulton, President; Myron 0. Wilkins, Vice-Presihas approved a plan for the reorganization of the Westminster dent and Treasurer, and Benjamin H. Bowden, Secretary
Savings Bank at Westminster, according to Baltimore and Assistant Treasurer. Mr. Wilkins, the Vice
-President
advices on July 17 to the "Wall Street Journal," which con- and Treasurer, has been with the National Shawmut
Bank
tinuing said:
of Boston for the last 14 years, the "Herald" stated.
Depositors will receive 75% of their deposits in cash, upon consummation
of the plan, and the other 25% In certificates of beneficial interest. The
institution's capital will be increased to $100.000 from $50,000.
The Baltimore Commercial Bank, Baltimore, Md., which
had been operating on a restricted withdrawal basis, since
the bank holiday, reopened on an unrestricted basis on
Monday of this week, July 17. Gwynn Crowther is President of the institution. In announcing the approaching
opening of the institution, the Baltimore "Sun" of July 16
had the following to say:
. . . Fifty-five per cent, of deposits remaining after deduction of
the 5% already released will be made immediately available to depositors.
Twenty-four per cent of the balance of depositors' money will be applied
to the purchase of stock in the bank and 21% will be applied to the purchase of participation certificates of a newly formed holding company.
Mr. Crowther announced the election of William B. Thurston Jr.,
Assistant Bank Examiner in the office of the State Bank Commissioner,
as Cashier. William C. Walker, present Cashier, will become Comptroller,
B. B. O'Neill, John L. Fisher and Charles H. Jones, all now associated
with the bank, will be Assistant Cashiers.
The Chestertown Bank of Maryland at Chestertown,
Kent County, Md., was to reopen on a 100% basis on Monday, July 17, according to an announcement the previous
day by John J. Ghingher, State Bank Commissioner for
Maryland. The Baltimore "Sun" of July 17, from which
this is learnt, furthermore said:
The bank has been operating on a 2% withdrawal basis since the bank
holiday.
Its reopening on a 100% basis, Mr. Ghingher said, has been made possible
through a reorganization that included an increase in the bank's capitalization. Depositors will have 65% of their old deposits made available in
cash at once, he added, certificates of beneficial interest being given them
for the remaining 35%.
State Senator S. Scott Beck, of Kent County. Is President of the bank,
which has a branch at Galena and several deposit-receiving stations scattered
through the County. Allan A. Harris is the bank's Cashier.
Without the filing of a single dissent by a depositor or
creditor, the reorganization plan of the Baltimore Trust Co.
became effective on July 14 on lapse of the 30-day period
provided for under the Maryland Emergency Banking law,
according to an announcement by Howard Bruce, Chairman of the board of the trust company. The Baltimore
"Sun" of July 15,from which this is learnt, went on to say:
Distribution of additional payments to depositors, however, will not begin for some time due to the huge amount of detail yet to be completed,
Mr. Bruce said. The Baltimore National Bank. which will supersede the
trust company, also will not start functioning until further arrangements
connected with organizing the institution are made effective, he said. . .
Under the plan, depositors are to receive an additional 10% in cash when
the new national bank opens and the remaining 85% in certificates of indebtedness.
MICHIGAN.
In regard to the affairs of the two closed National banks
in Detroit—the Guardian National Bank of Commerce and
the First National Bank-Detroit—the Reconstruction
Finance Corporation is willing to lend the receiver of the
first named bank $20,000,000 to $25,000,000, which will
allow an additional distribution to depositors of 20% of
their original deposits, according to a statement by Jesse
Jones, Chairman of the corporation. The loan also would
leave the receiver with sufficient cash to meet other liabilities
of the bank on a ratable basis, and to cover his expenses.
The loan can be made on collateral with a face amount of
$30,000,000 to $37,000,000, depending on the exact amount
of the loan. Washington advices to the "Wall Street
Journal" on July 18, from which the foregoing is taken,
likewise said:
The It. F. C. also is prepared, upon approval of the Comptroller of the
Currency, to authorize loans aggregating about $50,000,000 to the receiver of the First National Bank of Detroit, permitting distribution to
depositors of 15% of their original deposits, and bringing total loans to
this bank to about $86,000,000.
The situation of the First National Bank is complicated, however, by
Pending litigation, which must be taken into account before any further
payments can be made to its depositors.
"A reorganization that will compose the question raised in this litigation
seems highly desirable, if not actually necessary," the R. F. C. Chairman
said. "The R. F. C. will gladly co-operate in such a reorganization when
a plan can be agreed upon."
The deposit liability is much larger in the First National than in the
Guardian.
Reopening of the Dansard State Bank of Monroe, Mich.,
which has been closed since Aug. 27 1931, is set for to-day,
July 22, according to a Monroe dispatch on July 25, appearing in the Toledo "Blade," which added:
The reopening plan, approved by Circuit Judge G. Arthur Rathbun of
Adrian, provides for a trust fund of 50% of the deposits of which 5% will
be paid when the bank is reopened and the remainder within five years.
The bank paid a 10% dividend to depositors in 1932.
Officers of the reorganized bank, as named in the "Michigan Investor" of July 15, are Harold F. Nadeau, Chairman
of the Board: Boyez Dansard, President; Irving Newcomer,
First Vice-President; Charles Wood, Second Vice-President;
Oscar L. Mead, Third Vice-President, and Vivian Morton,
Cashier. In indicating the reopening of the bank, the paper
mentioned said in part:
MASSACHUSETTS.
For nearly two years Mr. Dansard and his associates worked aganist
discouragement& and delays to arrive at an agreement with depositors in
re-establishing the bank. Under the approved agreement the stockholders
are assessed 100% to provide new capital of $200,000. Of this sum only
$40,000 remains to be paid in. The assessments have been obtained chiefly
through offsets of accounts, and the list of stockholders increased from 209
to 250.
Through the means of offsets the total of deposits has been reduced to
$1,200,000. Seventy-two per cent of the depositors signed the moratorium
agreement, with the understanding that an initial payment of $30,000 will
be made on reopening of the bank. . . .
MINNESOTA.
State Bank Commissioner Arthur Guy of Massachusetts
announced on July 14 that the reorganization of the Somer-
The reopening of two Minnesota banks, the Farmers'
State Bank of Madelia and the First State Bank of Badger,
According to Baltimore advices on July 19 to the "Wall
Street Journal", the new Baltimore National Bank will
have a capital of approximately 81,000,000 of preferred stook
and $1,000,000 of common, surplus and undivided profits,
all the preferred stock to be subscribed by the Reconstruction Finance Corporation.
603
Financial Chronicle
Volume 137
was announced on July 13 by Elmer A. Benson, State Banking Commissioner for Minnesota, according to the St. Paul
"Pioneer Press" of July 14.
scription of an equal amount of common stock by those
nterested in the new bank.
NEW JERSEY.
The Commercial Bank & Trust Co. of Akron, Ohio, which
has been in the hands of a conservator since March last,
is to be liquidated, according to advices from that city on
July 14 to the "Wall Street Journal," which went on to say:
Concerning the affairs of the closed First National Bank
of Branchville, N. J. a dispatch from that place on July 3
to the Newark "News" contained the following:
The depositors' committee of the First National Bank of Branchville
reported to depositors to-day (July 3) that it is hoped "at an early date to
have a plan for reorganization accepted by the Government and then to
put that plan before you at the earliest possible moment."
The institution was one of those closed for reorganization as a result of
the banking moratorium. At the insistence of the depositors' committee
A. J. Canfield resigned as conservator and Charles J. McCloskey was appointed. Meantime, Federal examiners have checked accounts of the
bank.
Full co-operation has been had from the Federal banking authorities in
attempts to work out a reorganization, the committee reported. Patience
of the depositors was asked in the statement.
In its issue of July 13 the "Jersey Observer" stated that a
new bank for Secaucus, N. J., to replace the First National
Bank, which failed to procure a license to reopen, seemed
definite on July 12, with the announcement of a new plan
by William Hilbert Jr., the conservator. We quote further
in part from the paper mentioned, as follows:
Federal authorities have given assurance that if this new plan, similar
to the Spokane Plan, is acceptable to the depositors, and the amount of
stock needed to create the new bank is sold, it will be given official approval
and a license issued. Conservator Hilbert asked depositors to volunteer
as workers for the new plan.
The proposed new bank will have new officers and directors, and the
old bank will be gradually liquidated. The new bank will have $100,000
capital and $50,000 surplus, which will be subscribed to as common stock.
Each share will have a par value of $25 and will be sold at $37.50 a share,
$25 of which will accrue to the capital account and $12.50 to the surplus.
The new bank will take over all acceptable assets of the old bank, and
the Reconstruction Finance Corporation will be asked for sufficient money
to pay off bills of the old bank. The Reconstruction Finance Corporation
will use as collateral assets unacceptable to the new bank, but which have
a strong possibility of becoming liquid in the future.
When the new bank is opened, it is understood that 50% will be available
to depositors and the remainder will be paid as the old bank liquidates.
It is believed that under this plan the stockholders in the old bank will
lose money, at least it was definitely estabilshed that any claims made by
them will be denied until such time as the stockholders in the new bank
and depositors have been paid. . . .
Concerning the affairs of the Orange Valley Bank of
Orange, N. J., which has been closed since the banking holiday, announcement was made on July 17 that 68% of the
amount required to reopen the institution had been obtained
by the depositors' committee and "the committee expresses
itself as optimistic regarding the reopening of the bank
shortly." The Newark "News" of July 17, authority for
the above, continuing said:
A total of $243,750 must be raised to reopen the institution on a restricted
basis and depositors already have subscribed $165,750. When $182.812.50.
or 75%, has been subscribed, the plan will be binding on all depositors to
take one-third of their deposits in stock.
The committee points out that "a few depositors have not subscribed for
the reason they are under the impression it will not be necessary for them
to take stock." and it is the wish of the committee to impress upon all
depositors they will "all be treated alike" and when 75% of the goal has
been reached, all depositors will automatically become stockholders for
one-third of their deposits.
When the subscriptions have been obtained, the bank will reopen on a
restricted basis, releasing 10% of the balance in the depositors' accounts for
Immediate use with other releases to follow as soon as possible. "The
operation of the bank on an unrestricted basis will no doubt depend on
the support given the bank after reopening," the committee states.
The campaign will continue until July 24, and the bank will be open from
7 a.m. to 9 p.m. every night except Saturday to assist the depositors in
signing up and explaining the plan.
NEW YORK STATE.
The Tectonic ' ank of Sag liar or, L. I., NN hich 1 as been
closed since March 15,reopened vi h strong Li ancial backing
on July 15, according to advices from that place, printed in
the New York "Herald Tribune," which added:
The officers reported a heavy day's business, with withdrawals practically
negligible. Depositors recently made a voluntary reduction of 20% in
their accounts, and the bank was reorganized with $25,000 capital stock
and $25,000 surplus.
The new officers are William R. Reimann, President; Clifford Foster and
G. Augustine Rieman, Vice-Presidents, and John Woodward. Secretary.
NORTH CAROLINA.
Guru( y P. Hood, state Commis oner(f 13.1n s for North
Carolina, on July 13 authorized t e Merchants' (V, Farmers'
rank of Taylorsvil'e, N. C., to reopen for business on an
unrestricted basis, according to the Raleigh "News & Observer" of .:uly 14, which added:
The bank is the 187 h State bank to reopen since the general banking
holiday last March.
NORTH DAKOTA.
The directors of the Reconstruction Finance Corporation
have authorized the purchase of $150,000 preferred stock in
the First National Bank in Grand Forks, N. D., a now bank
to succeed the First National Bank of Grand Forks. The
preferred stock authorization is contingent upon the sub-
OHIO.
W. J. Skehan has been appointed Deputy State Bank Superintendent
in charge of the bank under an order signed by Common Pleas Judge
Walter B. Wanamaker on application of Charles F. Carr, counsel for Mr.
Skehan, who has been conservator for the institution.
The bank on April 8 last showed assets and liabilities of $4,423,580;
deposits of $2,716,413; capital of $350.000 and surplus of $300,000.
Supplementing our item of last week, page 437, with
reference to the appointment of Sidney B. Congdon as
President of the City National Bank of Cleveland, Ohio,
which has taken over the liquid assets of the Guardian Trust
Co. and Union Trust Co. of that city, an announcement by
the City National Bank says:
Sidney B. Congdon, liquidator of the Guardian Trust Co., Cleveland,
was elected President of the National City Bank of Cleveland, on July 10,
He entered his new office the next morning,resigning his position as Deputy
Superintendent of the State Banking Department of Ohio.
Mr. Congdon has had a wide experience in the banking field. In 1911
he entered the office of the Comptroller of Currency in Washington. and
for four years was Secretary to the Comptroller. Later he served a,
assistant to the Director of Finance and Purchases of the U. S. Railway
Administration.
In 1920 Mr. Congdon became a national bank examiner in charge of
examinations at Cleveland. Pittsburgh and Cincinnati. Later he became
Vice-President of the Bank of Pittsburgh. Early in the depression period
he was made Secretary and Treasurer of the National Credit Association,
which was the operating organization of the National Credit Corporation
In the Pittsburgh and Western Pennsylvania territory, When the Reconstruction Finance Corporation was organized, Mr. Congdon was called to
Washington in March 1932 and later became chief of the examining division
of the R. F. C.
In December 1932 Mr. Congdon was made Manager of the Cleveland
Loan Agency of the R. F. C. After the bank holiday he was named conservator of the Guardian Trust Co.,and after the bank went into liquidation
he was named Special Deputy of the State Superintendent of Banks at the
Guardian, the office which he resigned to become President of the National
City.
The announcement also contains the following:
The National City Bank is completing a program of enlargement of
quarters, personnel, and capital structure, in line with a plan whereby
the National City Bank is co-operating with the liquidators of the two
large closed Cleveland banks, the Union Trust Co., and the Guardian Trust
Co., and with the R. F. C., in order to release the largest possible initial
liquidating dividends to the depositors of the two closed banks.
Depositors in the Union and the Guardian subscribed to new stock in
the National City, to be paid for out of their initial liquidating dividends.
The National City Bank and the R. F. C. thereupon made large loans to
the llquidators of the Union and the Guardian, permitting an initial liquidating dividend of 35% in the case of the Union and 20% in the case of the
Guardian. . . .
Four hundred thousand Cleveland depositors are participating In the
pay-off, and the amount released is approximately $57,000,000.
Washington advices by the Associated Press on July 20
stated that the Reconstruction Finance Corporation on the
following day would make available $47,241,440 to the
liquidating agents of the Union Trust Co. and 826,950,000
to the liquidating agent of the Guardian Trust Co. This
was made known, the dispatch said. in a statement by Jesse
H. Jones, the Chairman, who said:
"The Reconstruction Finance Corporation will complete its loans to the
Union Trust Co. and Guardian Trust Co., of Cleveland, to-morrow (July
21) when $47,241,440.80 will be made available to the liquidating agents
of the Union Trust and $26,950,000 to the liquidating agent of the Guardian
Trust.
"Proceeds of these loans are to be used for distribution to the depositors
of the two banks."
According to last night's New York "Evening Post"
$4,000,000 in checks have been mailed to the Union Trust
Co. and Guardian Trust Co. depositors whose accounts
were 8100 or less, and the payments to large depositors of
the trust companies will start next Tuesday, July 25.
SOUTH CAROLINA.
We learn from the Columbia "State" of July 16 that reopening of the South Carolina Bank of Charleston, S. C.,
together with its branches in Columbia, S. C., and Greenville, S. C., has been approved by the Comptroller of the
Currency and the three units will resume operation on an
unrestricted basis in the near future. The Reconstruction
Finance Corporation has agreed to take $800,000 in preferred
stock, "which means that this organization will have supervisory powers as well as the United States Comptroller of
the Currency. This supervision extends not only to the
operations of the banks after they have commenced business,
but to approval of directors and officers, and to the salaries
paid, and all other details of management." The paper
mentioned, continuing, said in part:
The approval of the United States Comptroller of the Currency to the
reopening was given because of the fact that a waiver by 75% of the unsecured deposits to immediate payment of 60% had been secured. Depositors will receive immediate payment of 40% of their deposits if desired.
This means that $2,800,000 will be payable. B. W. Edwards, who was
July 22 1933
Financial Chronicle
604
bank
appointed conservator when the banks did not reopen following the
holiday in March. has had his offices here (Columbia) and for convenience
been here
and accessibility the management of the banks has largely
for the past two years. With the new setup this is likely to continue.
the
Julian Mitchell of Charleston has been President of the bank since
reopening
death of Robert Small several years ago. The first steps toward
the
will be to arrange the Internal machinery, bookkeeping and the like and
employment of the personnel. The committee of trustees representing
B.
J.
and
the depositors composed of J. M. Visanska, J. Ross Hanahan
Mahoney, of Charleston; W.E. McNulty of Columbia, and J. F. Gallivan
the
of Greenville, will elect a board of directors, who must be approved by
Reconstruction Finance Corporation and the Comptroller of the Currency.
the
by
The directors will elect the officers, who in turn will be approved
R. F. C. and the Comptroller. . . .
Mr. Edwards. the conservator, who was one of the active Vice-Presidents
exceeding
of the banks before the closing, said yesterday (July 15) that
with75% of the deposits were included in agreements waiving right to
in
participation
of
draw 60% of deposits. These will receive certificates
aside
set
be
to
assets
certain
in
and
the rights of the common stockholders
for their benefit.
of
It is thought llkely that there will be some changes in the personnel
the directors and officers, when the national banks reopen for business.
TENNESSEE.
That establishment of the proposed Commercial National
Bank, which is to succeed the closed Chattanooga National
Bank of Chattanooga, Tenn., is expected by Aug. 1 is indicated in the following dispatch from that city to the New
York "Times" under date of July 18:
Efforts to sell $400,000 in stock necessary to found the new Commercial
old
National Bank and release $4,000.000 in deposits now tied up in the
Chattanooga National, were near success to-day, according to the stock
sale committee. The proposed directors of the new institution are hopeful
tb.
that the deal will be consummated by Aug. 1 and the money paid to
depositors of the old bank in time for first-of-the-month business.
Finance
Reconstruction
If Chattanoogans provide the $400,000, the
capital
Corporation will purchase an equal amount, giving the new bank a
stock of $800,000, and will advance to the Chattanooga National an amount
sufficient to pay 40% on its "frozen" deposits, which amount to about
S10.000.000.
slated to head
Z. C. Patten, conservator of the Chattanooga National, is
all obligathe new institution, which under present plans will be free from
the
tions in connection with the Chattanooga National and its predecessor,
First National.
against the
(- Suits continue to be filed by participation certificate holders
account of
First National and its subsidiary, the First Securities Co., on
certificates
the alleged "milking" from the mortgage pool, on which the
Reconstruction
were issued, valuable mortgages for conversion through the
National.
Finance Corporation into a loan to found the Chattanooga
Plaintiffs allege that mortgages of doubtful value were substituted.
and
Represented in two suits filed yesterday (July 17) were Augustine B.
nephew
Carlyle S. Littleton, minor children of the late Augustus Littleton,
minor
Nixon,
Phoebe
and
of Martin Littleton of New York, and Barbara
children of the late W. J. Nixon, local business man.
estate, of
Counsel for the Littleton children assert that $40,800 of the
which the First National was administrator, was invested in participation
a similar
children
certificates of the First Securities Co., and for the Nixon
bank
allegation is made as to $75,300 and $75,100. respectively. The
in
had no legal right, the suits allege, to invest the money of their wards
its subsidiary for its own profit.
TEXAS.
That the Citizens' National Bank, Abilene, Tex., had been
reorganized without into ruption to business and had changed
its title to the Citizens' National Ba k f Abilene, was reported in a dispatch by the Associated Press from that place
on July 8, wh eh read as follows:
Complete reorganization of the Citizens' National Bank of Abilene was
announced July 8 by the officers and directors.
will open
The bank, one of the strongest for many years in West Texas,
satisfor business as usual Monday July 10, "in a thoroughly sound and
interruption
no
factory condition," says the statement. There has been
of service.
and
The bank will be known as the Citizens' National Bank of Abilene,
George L.
has the same officers and substantially the same directors.
pothat
Paxton, who has been President for many years, will continue in
sition.
The new bank has a newly paid-in capital stock of $200,000, of which
Corporation
$100.000 preferred stock is held by the Reconstruction Finance
bank and
and $100,000 is common stock fully paid in cash by directors of the
a few other shareholders.
"The reorganization," says the statement,"wee found desirable in order
its
to eliminate from the bank all real estate owned by the bank except
banking house, and all other non-liquid assets, and slow or doubtful loans,
and place the bank in a sound and healthy condition."
Preseadvices:from Washington, D. C., on the date named,
which went on to say:
Although the corporation has authorized the loan from its funds, the
deal cannot be consummated until such time as the Comptroller of the
Currency gives his approval of plans for reorganization of the bank and its
affiliate institutions.
Additional List of Banks Licensed to Resume Operations in Second (New York) Federal Reserve
District.
The following list was issued by the Federal Reserve Bank
of New York on July 19, supplementing its statement of
July 12 (noted in our issue of July 15, page 437), showing
additional banking institutions in the Second (New York)
District which have been licensed to resume full banking
operations:
FEDERAL RESERVE BANK OF NEW YORK
[Circular No. 1256. July 19 19331
MEMBER BANKS—NEW YORK STATE.
Wappingers Falls—The National Bank of Wappingers Falls (effective
9:00 a.m. July 22 1933).
NON-MEMBER BANKS—NEW YORE,STATE.
Sag Harbor—*The Peconic Bank.
*Reopening of bank which suspended business on March 14 1933.
GEORGE L. HARRISON. Governor,
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Two-New York Stock Exchange memberships were sold:
one July 18 at $230,000, unchanged from the previous transaction on July 5th and the other at $240,000 on July 19.
An advance of $1,100 over the previous peak price for
seats on the New York Produce Exchange was made July 18
with the transfer of three memberships at $4,600 each, compared with $3,500 on the last previous transaction.
The membership of Estate of Henry H. Dickson in the
New York Cotton Exchange was sold July 18 to Marshall
Geer for another for $22,200, this price being $1,200 in
advance of the previous sale.
Arrangements on Commodity Exchange, Inc., were completed July 14 for the sale of three memberships as follows:
Henry Schniewind, Jr., to Joseph Klingenstein, for another,
at $4,700; Royal V. Heath to F. Eugene Nortz, for another,
at $4,800, and Clarence H. Low, extra, to William A. Overton, for another at $4,900. The last previous record price
was $4,250. On July' 16 arrangements were made for the
sale of memberships as follows: Robert A. Gardiner to
Newton H. Kutner, for another, $4,900; H. W. Hilgert to
F. Eugene Nortz, for another, $5,000, and Edouard J. Senn
to Alexander Weinstein, for another, $5,000. July 17, the
following membership sales were arranged: Ernest H.
Vogelsang to J. C. Cuppia, for another $5,000; Henry B.
Van Sinderen, extra, to Newton H. Kutner, for another,
$5,000; Theodore F. Bernstein, extra, to Newton H. Kutner,
for another, $5,000; W. A. Herman to Milton R. Katzenberg, for another, $5,000; H. Morton Merriman to Paul
Lenz, for another, $5,000; E. J. Schwabach, extra to Jerome
Lewine, for another, $6,000, and E.J. Schwabach, extra to
Clarence M. Lovatt, for another, $7,000 and on July 18
arrangements were made for the sale of memberships, as
follows: Walther J. Wessels to Jerome Lewine, for another,
$7,000; Leon W. Gibson to Frank Hirshstein, for another,
$7,500; Louis J. Cohen, extra, to Albert R. Simon, $7,700,
and Thomas A. Desmond, extra, to B. N. Jackson, for another, $7,800.
VIRGINIA.
The State Corporation C. mmission n July 12 authorized
M. E. Brist _w, State Banki:g ommissioner for Virginia,
to apply for a receiver for the Bank of Hampt _n, at Hampton.
In his letter to the Commissi n, Mr. Bristow said:
of Hampton, Va.,
I desire to report to the Commission that the Bank
You are doubtless
has reached a point where a receivership is necessary.
realize that it cannot be
familiar with the handling of that institution and
reorganized or refinanced as a separate institution.
now the time
Every effort has been made to get the best results and
This bank and the
has become ripe for the appointment of a receiver.
the Citizens' NaFirst National Bank of Hampton will be succeeded by
old banks upon the
tional Bank. which will absorb the liquid assets of the two
and take
depositors
the
to
Spokane plan and make them available pro rata
care of the preferred deposits in full.
Under these circumstances I have no alternative except to request
of a reauthority that I may be allowed to proceed for the appointment
ceiver in the usual way.
WASHINGTON.
Directors of the Reconstruction Finance Corporation on
July 19 authorized a loan of $3,750,000 to rehabilitate the
old National Bank & Union Trust Co. of Spokane, Wash.,
and its 16 affiliates in the Northwest,according to Associated
Two New York Coffee and Sugar Exchange memberships
were sold July 18 at $6,750, an advance of $250 over the last
previous sale. J. J. Kutch purchased both memberships.
One was sold by H. Block and the other by S. W. Sussmann.
On the New York Cocoa Exchange the price of memberships jumped $600 to $3,400 as F. J. Ryan sold one of his
seats to Jerome Lewine for another July 18 and on the 19th
the membership of F. Albrecht was sold to R. S. Searburgh,
for another, for $4,500.
—4--.
A Chicago Board of Trade membership sold at $15,900
Wednesday morning July 19 or $400 higher than last previous
sale and two board of trade memberships were sold Friday
July 21, one at $15,000 and the other for $13,500.
Arrangements were completed July 21 for the sale of a
membership on the Chicago Stock Exchange for $7,500,
down $1,500 from the last previous sale.
Volume
137
Financial Chronicle
Thomas E. Perkins, a partner in the biokerage firm of
Perkins & Benton, New York, and a member of the New
York Stock Exchange, died July 16 in the New York Hospital. He was 38 years old. Mr. Perkins, who was born in
Lumpkin, Ga., came to New York in 1924 to engage in
banking. He became a member of the New York Stock
Exchange in 1928, forming the partnership of Perkins &
Righi which was terminated December, 1930. In January,
1931, with Thomas H.Benton, he formed the firm of Perkins
& Benton.
The Morris Plan Co. of New York announced on July 20
that it had acquired the assets of the Gotham Industrial
Banking Co., 206 Broadway, and would immediately absorb
that company's operations. The last financial statements of
the two companies listed Gotham assets at $2,587,972 and
the Morris Plan Co. at $37,387,950. After Supreme Court
Justice Timothy A. Leary had signed an order approving
the action of the Gotham board of directors and stockholders,
notices were sent to all patrons of the company, July 20
stating that the change was to become effective immediately.
An announcement, which was issued in the matter, continued:
Officials of the Morris Plan Co. said that the main office of Gotham at
206 Broadway would be discontinued after July 22, and that customers
would. in the future, transact all business at the downtown Morris Plan
branch located at 222 Broadway. Owners of the Gotham company's investment certificates were notified their certificates could be cashed in full,
at once, plus interest or could be exchanged for Morris Plan certificates.
The Jamaica branch of the Gotham company at 92-25 Union Hall St.,
will be temporarily continued by Morris Plan as a Morris Plan branch
bringing that company's offices in the Greater City to 13. Authorization
for the opening of a Morris Plan branch at Jamaica has already been received
by the company from the State Banking Department, it was said.
Fred A. Hartley, who has been in charge of the Gotham Jamaica office,
will continue as manager of the Morris Plan branch and Frank Boos, Assistant Vice-President of Morris Plan in charge of the 222 Broadway office
will be in charge of the consolidated downtown branches.
The,Gotham company was first opened for business in February 1929.
The Morris Plan Co. has had a stock Interest in Gotham for some months
and although the Gotham company had been operating successfully, the
consolidation was arranged as an economy measure, it was said. There
will be but a few changes in personnel as a result of the consolidation.
John C. Bancroft on July 18 was appointed an Assistant
Secretary of the Bank of New York & Trust Co., New York.
Peter A. Farrar resigned on July 7 as Vice-President and
Cashier of the National Exchange Bank & Trust Co.,
Brooklyn. He had been Cashier of the bank since its organization in April 1930, and was made Vice-President in
January this year, as noted in our issue of Jan. 21, page 439.
Mr. Farrar also tendered his resignation as a director of
the institution.
Announcement was made July 17 of the resignation of
Carl D. Montgomery as Assistant Vice-President of City
Bank Farmers' Trust Co. of New York City. Following,a
vacation in Maine, Mr. Montgomery will open an office on
Sept. 1 for investment management, protective committees
and reorganizations.
Harvey D. Gibson, President of Manufacturers' Trust Co.
of New York announces the following promotions:
At the 55 Broad Street office, Raymond A. Lockwood was named Assistant
Vice-President and Joseph T. Reisler was named Assistant Secretary.
At the 82 Court Street office, Edmund W. Madden was promoted from
Assistant Manager to Assistant Secretary.
At the 481 Eighth Avenue office, P. L. Roraback was named Assistant
Secretary.
Effective July 11 1933, the Painted Post National Bank of
Painted Post, N. Y., went into voluntary liquidation. The
institution, which had a capital of $25,000, was succeeded by
The First National Bank of Painted Post.
The Stewart National Bank & Trust Co. of Livonia, N. Y.,
on July 12 1933 changed its name to The Stewart National
Bank of Livonia.
The Springvale National Bank, Springvale, Me., was chartered by the Comptroller of the Currency on July 12 19$33.
The new bank, which is capitalized at $150,000, consisting of
$100,000 preferred and $50,000 common stock, succeeds the
Springvale National Bank. Charles S. Pierce is President
and Harland S. Rowe, Cashier of the new organization.
Paul Cook Downing, Vice-President and director of the
Fidelity Union Trust Co. of Newark, N. J., died on July 17
at Doctors' Hospital, 170 East End Avenue, New York, of
605
complications developing from an operation for pleurisy.
Mr. Downing, who was 55 years old,lived in Madison, N. J.
He went to work as a messenger for the Fidelity Title &
Deposit Co. when he was 16 years old, the institution later
becoming the Fidelity Trust Co. In 1909 Mr. Downing was
made Assistant Secretary and Treasurer of the bank, and
was promoted steadily until 1920, when a merger with the
Union National Bank occurred and he was made a VicePresident of the enlarged bank, the position he held at his
death. Two years ago he became a member of the Fidelity's
Executive Committee.
Mr. Downing was also a director of the Essex County
Trust Co. of East Orange, N. J. He was a member of the
Orange Lawn Tennis Club, the Rumson Country Club, the
Essex Club of Newark, and the Morris County Country Club.
George J. Fischer, Assistant Cashier and personnel director of the National Newark & Essex Banking Co. of Newark,
N. J., died July 14 at his home in Verona, N. J., of a heart
attack. Mr. Fischer, who was 53 years old, had undergone
an operation a month ago.
Banking was Mr. Fischer's chief activity. He had been 36
years with the Essex County National Bank and the National
Newark, with which the Essex merged in 1918.
We learn from the Philadelphia "Ledger" of July 11 that
payments to depositors in eight closed Pennsylvania banks
were announced by Dr. William D. Gordon, State Secretary
of Banking for Pennsylvania, the previous day, July 10.
Among the banks is one Philadelphia institution, the Central
Trust & Savings Co. The 18,000 depositors in this institution
will receive a payment of 5%, amounting to $195,000, on
July 31. There have been two previous payments to these
depositors, aggregating 20%. The other payments announced July 10 follow:
The State Bank of Klingerstown, Klingerstown, will make an advance payment of 20% to about 800 depositors on July 27. A first payment of 20%
was made May 12 1932.
The Commercial Trust Co. of Harrisburg will make a payment of 7%% on
July 27 to 2,904 depositors. A first payment of 7%% was made on
Aug. 31 1932.
The 8,427 depositors of the Mountain City Trust Co. of Altoona will receive a payment of 6% on July 24. This is a third payment to the depositors.
A first payment of 40% was made on March 17 1982, and dividend of 10%
was paid on July 15 1932.
The 9,882 depositors of the Carbondale Miners' & Mechanics' Savings Bank
at Carbondale will receive a payment of 5% on July 20. This represents a
second advance payment, the first payment of 5% having been made on
Oct. 27 1932.
The 14,378 depositors of the First Bank & Trust Co., Washington, Pa.,
will receive a payment of 5% on July 27. This is the fourth payment received by these depositors. Previous payments were 15% on Aug. 29 1932,
10% on Dec. 1 1932, and 10% on Feb. 15 1933.
The 1,716 depositors of the State Bank of Renovo, at Renovo, will receive
a payment of 10% on July 17. The depositors of this Institution have received two previous payments, 10% on Aug. 15 1982, and 10% on
Oct. 10 1932.
The 636 depositors of the Mahantango Valley Bank, Pillow, will receive
a payment of 71
2% on July 17. This represents a fourth advance payment.
/
Previous payments were 10% on April 27 1932, 12%% on Aug. 2 1932, and
10% on Dec. 22 1932.
According to advices from Philadelphia, under date of
July 7 the Pennsylvania Title & Trust Co. and Delaware
County Trust Co., both of Chester, Pa., are to be merged,
under the name of Delaware County Trust Co. The new institution will have an authorized capital of $500,000. At
present only $400,000 of new capital will be used to convert
present outstanding shares of old companies. The enlarged
institution, it was stated, will have $400,000 in surplus and
$50,000 in undivided profits.
The Board of Directors of the Tradesmens' National Bank
& Trust Co. of Philadelphia, Pa., has declared a quarterly
dividend of $1.50 per share, at the rate of 6% per annum, payable Aug.1 1933 to stockholders of record at the close of business July 25 1933.
We learn from Akron, Ohio, advices, on July 10, to the
Cleveland "Plain Dealer," that plans for the establishment
of a "small but safe" bank for "our employees and others of
East Akron," were announced by P. W. Litchfield, President
of the Goodyear Tire & Rubber Co. In the second of his
weekly talks broadcasted July 9. We quote further, in part,
from the dispatch, as follows:
"We have waited for months for some satisfactory solution to the banking
problem downtown, hoping that any such development would offer the facilities we require for our company and employees," Mr. Litchfield said.
"Since progress has been so slow, we have decided to go forward on our
own plans."
The new bank will confine its operations to commercial and savings business, with safety deposit service, and will have no trust or securities department, the Goodyear official declared.
Financial Chronicle
"I am quite confident that the step we are taking will in no wise hamper
any subsequent plan which may be developed for a new, strong downtown
bank, which our city so greatly needs," he added.
The new institution, he went on to say, would be located at Goodyear
Avenue nad East Market Street, opposite the Goodyear plant.
Rules of the bank will prevent either the Goodyear Co. or officers, directors or employees of the bank from borrowing from the institution, "no
matter how sound may be the security offered," Mr. Litchfield pointed out.
"As a matter of fact, we anticipate doing little lending because we are
going to keep our funds liquid," he added.
As of July 14 1933, the First National Bank of Massillon,
Ohio, changed its title to The First National Bank in Massillon.
The Comptroller of the Currency on July 12 granted a
charter to the Marional National Bank, Marion, Ind. The
new institution, which succeeds The Marion National Bank,
Is capitalized at $450,000, consisting of $250,000 Class "A"
preferred stock; $100,000 Class "B" preferred stock, and
$100,000 common stock. Thomas G. Wilson and U. T.
Griffith are President and Cashier, respectively, of the new
bank.
Complete consolidation of the First Union Trust & Savings
Bank with the First National Bank of Chicago, Chicago, Ill.,
under the title and charter of the latter, was announced
July 17 by Melvin A. Traylor, President, following ratification by the stockholders. From the inception of the First
Union Trust & Savings Bank in 1903, all of its stock has
been held in trust for the benefit of the stockholders of the
First National Bank of Chicago. The bank was organized
primarily because the National Bank Act at that time did
not allow a National bank to transact a trust business or
satisfactorily to conduct a savings business. The present
law authorizes National banks to perform these functions,
and the directors and officers are of the belief that the
Interests of customers and stockholders will be best served
by the unified organization.
The banking business of the First Union Trust & Savings
Bank, including savings deposits, was transferred to the
First National Bank in March of this year, and the consolidation brings the business of the trust department to
the National bank, without change in official personnel.
The First National Bank's statement of June 30 showed •
deposits of $563,486,000 and cash resources of $207,861,000.
The capital stock of $25,000,000, with surplus of $15,000,000
and undivided profits of $3,594,675 are not changed by the
consolidation.
Bentley G. McCloud, Vice-President of the bank, was
elected a director at the special meeting of the stockholders.
Mr. McCloud had his early training in the First National,
and became an officer of the Chicago Federal Reserve Bank
upon its organization. He later was elected Vice-President
of the Union Trust Co. and returned to the First National
as a general Vice-President when the merger of the two
Institutions was effected in February 1929.
T. W. Kreichbaum,former President of the defunct American Savings Bank & Trust Co. of Burlington, Iowa, was
given an indeterminate penitentiary sentence not to succeed
10 years, by Judge George Dashiell on July 10, at Mount
Pleasant, Iowa. Cost of the five weeks' trial was assessed
against the defendant as an additional penalty. Notice of
appeal was filed by Mr. Kreichbaum's attorneys. Mount
Pleasant advices, from which the above information is obtained,furthermore said, in part:
Prior to passing sentence Judge Dashiell overruled 30 defense arguments
for a new trial. The Judge declared he had thrown every possible safeguard
around Mr. Kreichbaum. In reply to Attorney Clarke's (the defendant's
lawyer) argument that economic conditions deserved judicial notice, the
Judge said:
"I may have my own private opinions of bankers' difficulties in 1932,
but those opinions cannot enter into the matter here. The bankers knew the
law in 1932. I believe there was plenty of evidence presented here to support
the findings of the jury."
Mr. Clarke, in an impassioned plea for a new trial, compared Mr. Kreichbaum with "the hundreds of other bankers who would be guilty of the same
offense.
"Brand Mr. Rreichbaum a felon and every banker in Iowa whose bank has
closed is a felon. Every banker operating his bank under Senate File 111
may be convicted and branded as a felon." . . .
The trial was the longest criminal action ever heard in Henry County.
Fifty-one witnesses testified in five weeks. The jury reached its verdict
after deliberating 40 hours.
E. W. Wischmeier, Assistant Cashier of the closed bank, is also under
Indictment charged with receiving deposits when he knew the bank was
Insolvent.
July 22 1933
The indictment of Mr. Kreichbaum and three other officials of the American Savings & Trust Co. was noted in the
'Chronicle" of Dec. 10 last, page 3983.
Burlington, Iowa, advices on July 7 last to the Des Moines
"Register" stated that payments aggregating $527,000 would
be paid to depositors of the closed First Iowa State Trust &
Savings Bank of Burlington had been announced on July 6
by Charles L. Bozier, examiner in charge of the institution.
The dispatch went on to say:
This will be a 10% payment, the third made by the bank since it closed
Feb. 1 1932. Checks are now being prepared at Des Moines and the payment probably will start soon after July 15.
Effective July 8 1933, the First National Bank of Muscatine, Iowa, went into voluntary liquidation. This bank, which
was capitalized at $200,000, was succeeded by the First Trust
& Savings Bank of Muscatine.
The Cedar Falls National.Bank, Cedar Falls, Iowa, with
capital of $100,000, was placed in voluntary liquidation on
June 30 1933. It has been succeeded by the Cedar Falls Trust
& Savings Bank.
As of May 29 last, the First National Bank of McGregor,
Iowa, with capital of $50,000, was placed in voluntary liquidation. The institution was absorbed by the Marquette Savings Bank, Marquette, Iowa, which bank through change of
title and location is now the First State Savings Bank of
McGregor, Iowa.
Advices by the Associated Press from Lincoln, Neb., on
July 10, stated that depositors in four failed Nebraska banks
received dividends through the State Banking Department
on that date. The institutions and amounts paid are as
follows:
The First State Bank of Coatesfield paid $10,466, or 10%, in addition
to 10% previously disbursed; the Farmers' State Bank of Henderson paid
$5,744, or 20%, in addition to 40% previously; the Farmers' State Bank
of Naper paid 10%, or $3,979, in addition to 10% previously, and the Bank
of Lincoln County at Hershey paid 5%, or $6,874, in addition to a previous
30% payment.
George W. Tiedeman was appointed Chairman of the
Board of Directors of the Liberty National Bank & Trust Co.
of Savannah, Ga., and E. A. Stubbs was named a Vice-President, at a meeting of the directors of the institution on
July 19, according to Savannah advices on that day to the
New York "Times." Mr. Tiedeman succeeds Henry Blun
who resigned in order to give his entire attention to the
Georgia State Savings Association, of which he is President.
James B. Houlihan was re-appointed President, it was said.
On July 10 last, a charter was issued by the Comptroller
of the Currency for The First National Bank in Gadsden,
Gadsden, Ala. The new organization, which succeeds The
First National Bank in Gadsden, is capitalized at $250,000,
made up of $125,000 preferred stock and a like amount of
common stock. It is headed by Otto Agricola with F. H.
Nentecost as Cashier.
The Comptroller of the Currency on July 15 issued a
charter to the First National Bank in Cameron, Tex. The
new institution, which is capitalized at $50,000, succeeds the
First National Bank of Cameron. R. H. McIntosh is President and H. M. Hefley, Cashier, of the new bank.
Closing of the Boulder National Bank at Boulder, Colo.,
was reported in the following dispatch by the United Press
from that place on July 12:
The Boulder National Bank, capitalized at $50,000, failed to open its
doors for business to-day.
On the door was a sign reading:
"This bank closed by resolution of the Board of Directors. It Is under
direction of the Comptroller of the Currency, and is in charge of Ross M.
Burt, National Bank Examiner."
The Board of Directors of Barclays Bank, Ltd., London,
have declared out of the profits for the half-year ended
June 30 an interim dividend at the rate of 10% per annum
on the "A" shares and 14% per annum on the "B" and "C"
shares, respectively, subject in each case to the deduction of
Income tax.
The interim dividend will be payable on and after Aug. 1
next to those shareholders whose names were registered in
the books of the company on the night of June 80 last.
Financial Chronicle
Volume 137
607
Monthly Range of Prices on the
New York and Other Stock Exchanges
THE NEW YORK STOCK EXCHANGE-STOCKS AND BONDS.
The tables which follow show the high and low prices, by months, for the twelve months ended June 30
1933 of every stock and every bond in which any dealings occurred on the New York Stock Exchange during
.the first half of 1933. The first table, covering 10 pages, gives the record for the stocks, and the second
table covering 12 pages, the record for the bonds. The prices in all cases are based on actual sales.
1933.
1932.
July
August September
November December
October
Low Iligh Low High Low High Low High Low High Low High
$ per share $ Per share $ per share $ per share $ Per share $ per share
2858 3514
5838 48 64
3512 5538 3514 4734 3534 4358
35 58
5412
65 73 61
5678 62
7012 62 65
978 18
1612 40
21
44
1814 2934 175
, 2512 157 23,4
434 912 8
17
12 2012 1014 177
818 1378 714 11
618 1434 1214 2614 1412 2712 1212 20
10
1578 812 1212
1434 25
2412 3534 2514 3334 1812 2812 21
1912 2214
24
63 69% 70 80 8014 91
7412
71
80 87 65 75
29 29
-11
744 2312 -2.658 /i78
-264
1912 2338 201s 2712
z4114 5512 543g 6612 5312 64
717
5634 63,4 59 63 61
278 434 478 57, 434 6
312 4
Vs 414 312 4
29 353 39 47
4314 45
3612 42
4412 4512 42 45
9
4
712 1414 9
614 812
8
10
1934 818 11
858 1338 1238 18,4 1414 2038 1278 17,8 1212 14% 1218 14.58
3012 3012
32 ii"
4214 42',
39 43
6212 W2-12 -61 66- "a" 1(f" 50
50 51
3478 47
5012 92
61
8912 101
5812 6212 61
70 70
934 16% 1413 2838 1918z2834 1714 2412 1958 2534 23 2714
334 2
12
12 1
3
1
1
134 412
118 5
5138 5112 5412 60
65 65
'2
3h
234
7
212 538 -578 514
6
1314 634 1418
112
'8
114 212 2
25, 538 4,4
5 1278 11
214 478 418
412 814 8
35
738 Oh
---- "5012
---5
8
8
278
4
9 --814
8
8
8
15
4
324
912 9
32 5434 49
81 16,4 135
lh 314 3
278 --E1-4
3
534
214 4,4
434
123 16
30 37
16
4234
6
1012 818
918 15
17
2312 26
16
5
778 773
3 8 612 278
161;"oo" if"
28
28 I612
25
17
7
20
12
58
314
1
1
14
212
61
2
412
1%
278
40
,
71.
.
14
14
-105,
12
112
214
_
212 --31-2
614 878
20
17
3
12
30
18
6
18
ii"
17
3
12
1712
4
13
h
6
814
814
48
1258
14 114
5112 54
8
178 /36
814
2
212
4
234
314
312
3
478
8
438
714
534
14 "1714 "ii
15
10
1114 1013 13
914 914
9
10
338
318 334 1
2h 712
66
32
5
-h
14
14
14
14
14
14
5
718
1134
81
1458 634 91
612 812
1014 512 51
3% 5
50 --__ -- 4812 4312
512 1314
161;
2238 958 187
-14 5 10 ---41
514 -314 i"
14
7,8 814
12
978 1512 5
-158
4
2
3
3
25 -i§- -2-414 14 20
1434 1873
4284 39 4284
35 3518
12
--LF8 "di
212 378
3
512
912 10
19
412 334 8,2
10,
8 9 2278
314 234 914
7
518 1738
4014 53 53
1314 13 26
14
14
h
38
934 20
15 2912
158 414 37
912
2'
6
5,2 1412
8812 104 101,4 12712
100 10014 1001210012
--8E8 -1-S- "iel Wig
1178 2912 25 4312
353 778 6
101 2
12
78
12
14
April
June
January February
March
May
Low High Low High Low High Low High Low High Law High
Par $ yer share $ per share $ per share $ Per share $ per share $ Per share
61
Atch, Top & Santa Fe
100 39 4614 3458 4612 3434 4718 3818 50
7114
503, 70
Preferred
63 7984
100 5978 66
63 79
6114 68
50 62
55 65
Atlantic Coast Line
100 1714 2384 1612 2618 1712 243 1712 2912 2934 43 40 4812
100 83g 1114 814 1258 853 1214 814 1412 13 22
Baltimore & Ohio
1758 2714
Preferred
100 1012 14
934 1524 1014 1478 912 1558 1512 2912 2134 3212
Bangor & Aroostook
50 20 2684 21
29 z3478 32 3512
2134 30
26
265, 21
Preferred
89 96
100 6858 85
80 8434 8018 8412 7912 8014 83 91
28
Beech Creek RR Co
50 _
26 26 ------------------------26
Liklyn Manhattan Transit-• 2512 3018 2134 31
2218 3012 2714 3314 3012 3712 3434 40
$6 preferred series A
7434 7914 77 8312
• 70 7818 6412 7938 64 8078 74 79
B'klyn & Queens Transit..
• 4
434 312 5
414 4
312 424 38 634 614 93
4412 50
Preferred
50 x59
• 40 4518 --------40 40
353 40
100 8 1012 8 1 12 7 12
Boston & Maine
11
1638 1512 2612
6
12
25 1012 1458 778 1128 a75$ 10
Canadian Pacific
1178 1434 14
712 12
1814
100 --------4453 4412 ----------------40 44 ---- - Canada Southern
100 42 42 ----------------42 45 ____
Cam.
Car Clinch & Ohlo
__ 6012 if
100 55 55
Stamped
68
73
54 -67
52 52 ---- --- 5014 52
8812 84 91
100 --------48 48
64
Central RR of N J
40 -48
38 69
25 2614 2924 2458 3012 25 30% 2618 32% 3214 3758 3653 4278
Chesapeake & Ohio
Chicago &Eastern Ill Ry Co 100 --------11,
100
78 114
% preferred
84
118 -------114
84 118
12
12
58
34 212 2
234
118 I
31.8 212 33,
-58 58
100 ------------------------90 -60
Common
100 238 3
213 114 ii II
Chic, Great Western
112 234 112 3
138 3
100 7
Preferred
8,4 1314
8$, 338 758 35, 638 212 612 63g 10
Chic Ind 8c Louisville prof -100 --------------------------------6
15
712 12
Chic. Stilly, St Paul & Pac---• 138 228 114 2
314 684
178 178 4
114 2
1
100 212 312 112 24 134 3
Preferred
112 318 234 638 57g 1114
100 35, 614 3
Chic & Northwestern
514 3
514
114 513 518 1035 312 912
100 578 914 514 8
Preferred
512 8
2
10,2 2184
812 0712 16
100 328 558 3
Chic. Rock 1st & Pac
5
212 5
2
578 424 914 378 8
712 R78
5
100 512 R_ 12 5
712 43R
5
74
24
5
1__14
:1
158 6
_14 1,
_ 34
14 1
_ 12 6
_3
__
4 6
717 preferred
_
.
_ _ .
1_
100 518 712 458 614 312 614 2
64 preferred
100 2
234 312 312 212 212 2
218 --------8
C St P 711 8c Omaha pref
8%
100 --------------------------------2
412
Common
2
1
Cleveland & Pittsburgh____50 62 62 60 60
60 60 ---- ---- - _ ---- -50 --------------------------------30 16 -,,Special
100 --------1514 1512 1512 1512 --------25 25
4
26 343Colorado & Southern
1013 14 1812 14
25 31
1912 1412 1612 1212 628 15 29
1st preferred
100 ----------------10 10 --------1634 2412 2314 25
2nd preferred
2
212 35, 634 5
814 614 10%
Consol'd RR of Cuba. pref _100 134 178 114 2
100 212 412 314 4
4
Cuba RR, preferred
434 458 784 614 912 924 16
100 45 5814 3758 5414 39 5814 4458 60
59 7512 70 82
46 5838 Delaware & Hudson
1758 2478 1818 2614 253, 3412 3014 42
1858 2678 Delaware. Lackw & West____50 2012 2728 1714 27
412 714 6 143,
2, 5
3
3
3
2
3 Deny & Rio Cr & West. pf_100 212 278 2
3
5
5
Detroit & Mackinac Ry Co 100 --------------------------------3
100 _
5% non-cum pref
100 _
Duluth S S & Atlanta
12 114
12
is
-38 -------114 212
100 --------3,
Preferred
33
100 5
6
414 6
612 4
6 Erie
4
678 634 118 1038 1738
73
100 558 734 5
43, 738 412 778 814 1614 1412 2214
414 612 1st preferred
512 11
412 212 5
11
412 3
2nd preferred
100 418 514 3
165,
212 4
Erie & Pittsburgh RR Co____50 50 50
45 45 --4614 4614 --------45 45
100 758 1138 624 1058 7
638 10 Great Northern, pref
1038 453 1652 1412 2338 1858 -2-518
Green Bay & Western
100 ----------------10
218 "13; Gulf. Mobile & Northern 100 2 2 2 2 14 134 2 -i 4 -014 i -1-014
1612 2012
100 312 478 284 478 212 514 5
212 8,2 Preferred
17
712 7
Havana Elec Ry Co
52 284
Preferred
100 124 134 1 12 112 112 112 --------35, 358 312 684
1334 1612 Hudson & Manhattan
100 143 1524 1112 15
1112 1334 117 157 123, 1613 1414 19
Preferred
35 35
100 35 38
3338 38 ____ ____ 2718 2718 271, 4112 40 43
2014 13
31
25
45
3714
12
9
534 312
14
14
-61-2 614 1358
15
1373 24
93
812 25
15,2 1312 3314
3078 1818 35
028 5,2 12
3
_
25, -.41-4
712 13
112
1h
57
717g 9212 54
741 52
4234 27 4578 2214 3978 22
9
4
9
312 53
3
"-g4
WI; -LT4 714
-54
9
514
912
26
5
134
2
11
2 2' " 414 2
314 --lit -11-2
8
334 7,4 3
5,2 234 4
1412 7
45
1414 518 10
714
27
1412 714 1012
13
26
10
1214 6
1238 5
412 714
9
2714 12 22
634 10,8
7 8 15
1912 9,4 1834 8
12
534 812
12 118
453 10%
538 1578
4
1012
-I 11" -64
5"
134
158
STOCKS
145 Illinois Central
2478 1114 20% 1212 1678 9
100 1114 1484 10% 1518 1014 1512 812 1812 1718 3258 2512 3312
2318 18
1914 6% preferred series 'A"....100 18 2018 17 2112 16
21
38
20 24
21
21
43
37 4212
1814 16
Leased line stock
37
31
38
34
45
100 3214 3612 3512 3814 31
37
31,4
35 3612 3612 49 4612 5414
38
14
712 81
514 512 412 858 9 198 16
734 9
5
7
614 RR sec stock ctfs set A I000 6
6
6
2412
512 31,s 5% 353 434 38 534 Interboro Rap Transit
100 414 514 418 718 432 714 652 7
534 818 634 1014
Certificates of deposit------------------------------_
.
---------------7
712
F 21, int Rys of Cent Amer
17
2'4
212 1% 1
2
218 214 434 334 612
• 214 214 2
212 212 Certificates
2
2
3
• 2
4
2 --------11, 2
31
2
118 2
8
i" "10" 514 712 Preferred
0
100 534 8
1112 8
6,
8 718 534 7
15
414 678 8 14
12
134 Iowa Central Ry Co
1
12 112
100 I
112 112 112 114 114
1
212 1
Ps ---iT2 "V" 614 8 Kansas City Southern
712 1514 6
100 734 1018 612 11
11
21
7
10
753 12
1034 193 16 --10
17
17 2514 15
1514 Preferred
100 13 1584 1212 16 z12
1812 15
15 2912 2312 30,4
15
14
16
17 2914 1012 2014 115, 16,4 812 1353 Lehigh Valley
50 1012 147, 853 1378 834 1314 9 1434 14 2018 1714 2352
25
23 3314 1412 28
16
16h 2414 Louisville & Nashville
100 2114 2858 22 32
4714 5734
2314 32h 2718 3912 38 54
1414 18 Manhattan Ry, guar
15
9
19
10
100 1514 1878 14
212 13
174 12 1788 13
1512 15 244 2018 24,2
7
93 1612 1284 1584
4
734 4
100 (3
4 8 678 518 738 Mod guar
914 63
, 10, 6
11
938 111
h
78
14
7,
Market Street Ry
14
-----------14
18
100
14
14 218 1
224
Preferred
78 1
100 1
I ------------------------414 414
1
1
Prior preferred
27
, 38
518 6
10
212 212 2
8
234 178 214 --------253 612 6
58
12
2nd
preferred
100
31:
218
58
53
58
14
1,4
58
12
58 ---------------34 2
18
18 Ninneapolis & St Louls
14
14
18
10
18
12
18
18
18
324
18
14
,
s
h
12 132
14
53
12 15, Minn St Paul & s S Marle100 I
118 17
3
3
114
24 118
12
12 11, 134 112 31; 212 31;
48 2
1
114
Preferred
2
3
100 114 2
353 1
5,4 6
1
112 1
1
312 424
184 4
34 2
5
10
Leased line
13
11
1218 2012
100 518 753 412 7
512 5
712 712 1211
7
714 4
53 1012 512 758 434 0, Nissouri Kansas &Texas
518 13
87
15
612 1184 10
1112 1611
534 814 5% 824 6
1538 24
1012 2118 1212 1814 812 1312 Preferred series A
100 1112 1714 1158 19
1214 2058 15 2114 20 2914 26 32
578 2h 4 Missouri Pacific
4
9
418 718 37
100 214 438 214 33
114 418
1 18 238 218 378 338 711
918 314 612 Convertible prefcrred..
812 18
100 414 7
624 1278 55
312 512 134 6
158 353 314 6
478 11
5314 5314 Norris & Essex
57 57
63 60
49 49
50 55 56 ____ -_
__ 4912 50
_ ____
55
GO
594 63
1234 16 Nashville Chatt & St 1.044114_10 13 1984 1418 2eii 1412 -1334 16
20 3078 1212 18
15
15 2512 2412 46
41
452
h
18
Nat Rys of Mex 2d pref __l00
18
14
18
18
14
18
18
18
18
38
14
14
14
14
78
12
12 131
1st preferred ----------200
14
h
14 --------53
38
78
58
58
h
h
h
34 1
1,3 31:
9
16 New Orl Texas &Mexico ..... ____
19 20
15
15
_
.1
9 ------------------------ 10
1.
221, 3238 1878 30
19 "26, 1418 2358 New York Central
100 1678 -2-1-12 14
2078 1412 21
1518 25
24 3612 3214 433;
17
3
4
MY
2
5
934 3
Chicago Sc St Louls
5
100 218 354, 3
412 212 334 214 334 312 1012 814 20
434 14,4 418 638 312 412 218 4'4 Preferred series A
100 314 5
358 614 314 512 238 438 4 15
12 2571
105 123 10134 119 10384 111 103 10812 New York & Harlem
50 106 120 10512 11512 100 111 10014111 110 1484 136 1588
10 non-cum pref
100 100
N Y Lackawanna & West _100 75% 7514 -- ------ -----------------------__
80 80
-1178 NY New Haven & Hartford_100 13
1512
"1iT2 211-4 1253 1814
1758 1112 1712 1114 1658 11 18 1828 1734 2612 2124 291
2318 2378 Convertible preferred____100 2512 30% 20 2912 19 26
39 443 24 3514 2914 34
18 2838 2808 481 41 48
812 NY Ontario & Western____100 728 1112 818 1178 828 10% 814 1278 1053 13'2 11
718 93
7
ii
8' 1584 7
142
38
38
h
18 New York Rys pref
38
118
38
%
Its 21
•
38
118 --------13
11
14
1.1
33 23,4
w3;3
• No pat value. a Optional sale. c Cash sale. x Ex-dIvIdend.
Financial Chronicle
608
July 22 1933
New York Stock Exchange-Continued.
1932.
1933.
November December
August September
July
October
Low High Low High Low High Low High Low High Low High
STOCKS
$ per share $ per share $ per share $ per share $ per share $ per 'ha',
12 1
118
334 114 238 1
54 318 2
14
78 Norfolk Southern
59 8412 78 114
95 116
8812 10612 96 109 103 11512 Norfolk & Western
70 76
65 71
75 7734 7814 7834 76 7934 78 8112 Preferred
Northern Central
613 1333 1184 2313 -Nis -2-S4 -14 4 WI; -1112 1733 113g 1534 Northern Pacific
1
1
114 Pacific Coast
158 134 3
278 312 1
1
738 1378
414 5
-- 158 158 1st preferred
4
158 378 3
4 --- -- 2d preferred
478
-18.58 1118 1978 1614 2314 -H1-2 1912 1218 163s 1212 1512 Pennsylvania RR
118 188 Peoria & Eastern
178 17g
114 2
212 5
318 514
314
412
418
312
812
6
10
8
105 105
-92- -6i1112
15
17
7712
6
1
114
4
2512
25
30
80
6
112
218
5
---14
38
14
84
7
1314
318 512
3
8
7
8
January February
March
April
A/ay
June
Low Ilion Low High Low High Low High Low High Low High
Par $ per share $ per share $ per share IS Per share
34
100
as 1 12
8
34
78
12
78
100 114 12412 11234 125 11112 130 11512 140
100 x7818 83,2 79 82
7912 8012 77 77
50
69 69
100 13 1738 1012 1634 1Oo 157s -15E3 -3-618
100 1
1
1
1 18
2
1
1 14
100 214 214
15s 214 218 218 313 4
100
1
1 18
1
2
114 212
50 1334 1933 14
1914 1418 1912 1538 2138
114
100 114 114
312
514
418
6 Pere Marquette
712
100 534 7
412 814 378 712 5
834 Prior preferred
100 6
7 1238 7
9
12,2 612 1212
Preferred
8
100 513 8,8 412 1012 5
834 512 8,4
Philadelphia Rapid Transit _50
534 --g5-4
Preferred
50
_
1012 Pitts & West Virginia
100
6
-i8- 20 16's i6Is
10
10
-613 1212
Pitts Ft Wayne &Chic pref_ 100 140 143 13714 142 139 139 134 134
---Pittsb McKeesport & Tough _50
---Pitts Youngs & Ash 7% pf_100
22 48
50 2414 3253 24
32 82
32l 24 30.i 2313 33'2
7
4 -56- 41 -§5- -3-7-- -2,-1- II' Reading Co
25 30
50 2612 31
24 2534 2414 25 1st preferred
25 25
3178 33
2718 271s 2.) 25,4
30 30
2212 2d preferred
25 3112 2838 38
50 25 28
20 2818 21
2434 27
2312 2512 25 25
25 28
100 99 99
85 100
9612 9612 100 102 101 10212 100 100 Rensselaer & Saratoga
_
100 6
1414 918 1412 713 8
6
5 Rutland RR pref
6
1014 812 -1-0778 5
9
7
11
7
34 118 St Louis-San Francisco__ _ISO
214 412 2
34 178
138 5
78 138
78 112
78 114
358
72 112
134 Preferred
100 114 178 118 134 118 134 1
2
6,8 3
558 218 312 112 212 1
178
6
100
13
107ii 1378 9
6
61s 414 614 St Louis Southwestern
9
514 5,4
1
4 858 Preferred
1458 1438
100
1412 1412
8/
38
12
14
3
8
3
12
8
14
18
/
1
4
Seaboard
14
38
Air
Line
•
12
8
14
33
53
14
12 Preferred
12
12
58 114
58 158
100
58
58
34
72
38
12
12
7
100 15
1078 2534 2358 3438 1558 2914 1434 2238 1334 1914 Southern Pacific Co
1218 2014
1978 1118 1978 1134 18
438 1534 812 1812 7
100 478 678 412 634 418 834 5 1234
1234 514 914 334 7 Southern Ry
2334 9
934 6
11
100 578 9,4 578 914 6
15,4 7 1112 434 81 2 Preferred
1678
634 22
1012 Mobile & Ohio ctfs
8
15 20
20 25
10
12
100 8
1234 21
9
9,s 9
714 18
818 26
612 24
8
1578 5
121s 2012 10
10
1758 6
33 33
30
414 614 558 812 512
2
3
134 2
234
7 10
1478
10
17
2758 4878 4214 8234 6812
40 56
5078 7158 61
7g 178 134 414 278
118 3
258 534 3
78
78
-218 478 378 91s 638
334 5
6
10
712
1
112 112 434 2
114 318 212 878 418
8
1658
14
5
7
712 1113
634 10
Per share $ Per share
Ps 212
78 214
13712 152 14012 161
74 82
76 82
70 70
72 72
1734 2458 20 2558
114 414 212 5
414 6,4 412 734
2
3
4
5
2138 28
25 3238
134 612 638 8
7,2 1934 20
1114 25,4 25
812 2118 2312
2
6
1313 21
22
2758
35
32
4
612•
25
49 49
9812 9812
33 55
29 3114
2512 32,2
97 105
1078 1638
114 212
158 3
6
13
49
48
44 .56
32 3734
30 3412
10514 108
10 15
2
312
234 438
11
1412
12
173s
38153 1
112
34 238 134 234
1673 2658 21
3178
1212 1738 1834 26
1612 3278 2758 35
1912 36
35 3853
13 13
1514 Fexas & Pacific
100
25 29
15
35
15
17
26 33
33 37
434 658 [bird Avenue
738 412 758 5
100 512 612 41s 634 s433
6
518 6
5'2 912 814 1218
2
2
118 134 [win City Rapid Transit
• 112 158
3
112 158 112 158
134 3
112 3 0134 412
Preferred
7
712 718 7,8 638 758 578 912 814 12
7
17
714 8
100 7
9
15
8314 53Es 761-4 57,2 76,2 x6312 7378 Union Pacific
100 6934 7734 65 7712 6414 8078 6114 78
77 112 106 12034
6212 59 64
Preferred
61
100 63 6734 6334 6812 62 65 .56 62 a61
55 64
69
7112 6718 7212
414 2
112 212 114 178 Wabash
3
134 2
100 112 218 112 2
112 178 134 3
234 412
114 214
212 312 214 278
Preferred A
112 214
6
100 178 318 134 218
1 18 214 214 438
312 634
7
78 Preferred B
214 214
100 1
2
3
3
3
/
1
4 6
53
8
718
724
418 6 Western Maryland
-1-13;--618 -87-8
100 5
5
638 4 -14 453
838 7/
1
4 1134 912 1278
1114 6
634 534 534 338 458 26 preferred
100 558 638 614 712 7
712 612 838 8
16
1238 1812
112 218
1
4
158 Western Pacific
178 3
1
1,
114
134
134 134 438
4 112
100 112 2
334 5
Preferred
718 312 514 3
4
134 3
178 2/
_100 234 358 2
3
1
4 178 31
312 834 612 9
Wheeling & Lake Erie pref _100
11
11
11
11
INDUSTRIAL & MISCELL.
1212
68
2
22
14
912
134
5
1334
68
418
27
16
1018
2,4
71s
1412
75
312
40
15
912
238
7
2458
85
7,2
62
2234
123ii
478
1058
2412 18
85
5,2 912 518
64 73
5512
1618 2012 1312
1114 14
1018
3
412 234
8
10
813
20
2178
85
778
60
1838
12
3
952
16
85
434
56
1514
934
234
8,2
17
83
41s
5112
1412
812
2
858
1612
8678
7
56
18
1118
312
1112
17
84
bh
66
1514
1058
3
10
Abraham & Straus
• 1512 1512 1318 1514 167s 167s 16
Preferred
80 80
100
Adams Express
478 318 534 338
412 512 3
Preferred
50
39
100 50 5414 5234 5414 41
Adams Millis
• 1212 1534 10
1112 9 1414 8
Addressograph & Multigraph_• 8
6
734 518
1012 634 8
Advance Rumely
• 2
134 212 2
134 2
258
Affiliated Products Inc
• 914 1012 778 10,8 734 958 8
26
71
631
121
91
3
111
25
8012
658
62
1118
712
3
712
33
90
10
65
1812
958
712
1134
• 58,
3078 4154 3858 6238 5214 6312 51 6012 4858 5934 51
6058 Air Reduction
8 6412 471. 8017 4758 6112 55 66
65 8278
78
78
78 212 2
• 1 18 1,4
312 112 218 112 112 1
12 118
114 11r-Way Elec Appliance
58 1
72 11
118 4
1134 912 1212 1012 1478 1212 147s Alaska Juneau Cold Mines10 1118 1358 1112 1312 1112 1458 137s 183 1378 20
812 104 1014 1258 9
1
112 112 21
218 3
78 214 Albany Pert Wrap Paper....* 1
23s 234 238 238
1
18
2
1
1
114
2
312
1
Il Alleghany Corp
3
2
358 114 238
-14 72 138 138 3
114 178
• 1
12 118
13s
158 1
112 23
Preferred 830 warrants...100 218 318
34 Da 2
778 5,4 814 258 51s 258 4
21
178 212 132 258 1
218 578
15
8
2
278
632
312
Preferred
8
258
$30 ex-warrants 100 238 234 2
278 434
238 114 2
114 21
17
51
84 15g
134 758 514 8
338 112 258 Preferred $40 warrants_ -100 212 212 178 212 138 212 118 11
278 314 3
178 51
812 15
514 8
8 147
912 11
7
934 Allegheny Steel
814 10
512 11
7
• 634 814 558 658 .5
12
1758
4314 5812 5534 861 71
88,4 6658 82
6734 8212 7038 8414 Allied Chemical & Dye
• 8012 8978 7034 857 72 8834 7434 943 87 1091
Preferred
102 11014 10912 1161 11434 11914 11612 11714 11612 11914 116 120
100 11878 12112 11838 12178 11814 11912 115 1191 115 120
718 934 653 8 Allis-Chalmers
418 714 612 137
8
1538 714 12
912 7
• 634 9
6
712 6
1214 12
1734
412 712
834 10
6
612 6
714 9
10
7,4 7,2 614 734 Alpha Portland Cement
534 632 534 6
914 1812
78 118
12 112
78
12 2
78 1
138 218
34 1
178
58
73 Amalgamated Leather
58
54
134 4
8
712 714 73
812 91
4
618 Preferred
5
5
7
814 7
5
638 5
634 12
100
13 2512
2138 1938 2112 Amerada Corp
1412 1838 17 201 1912 223 1812 2112 19
1914 2112 1812 2218 21
20 22
30,s 2814 3938
Am Agri Chemical (Conn)..
118 1,8
72
7
2
3
4l -i6T2 -fi
812 812
-161-3
4
8
812 Preferred
•
1712 2112
1513
Am
712
6E3
• 614 1012 733 858 714 1134 1012 1538 1412
Agric Chemical (Del)
1034 734 934 712 912
358 614 614 1538
2053
221 12
13 Amer Bank Note
1012 14
558 1114 107s 2034 14
17
10
1378 10
1 7
58 3
1212
1534 15 23
978 812 1012 8
10 3
40 4214 40 4014 3612 38
Preferred
40 47
3558 45
32 35
3412 3814 35 3618 34 40
50
39,4
4
134 2
258 238 578 458 493
11
1
112 2
34 138 Amer Beet Sugar
53 118 1 278 134 210 1
1
114
578
212 4
112 484 4
5 10
6
Preferred
934 6,4 812 314 61.1 4
6
912 2678 23 4238
100 334 4,4 4
934 1214 912 11
7072 72 64 7034
48 5758 4853 5612
118 120 117 12734
712
678 914 5
1714 2534 15 20
312 234 4
3
8
1012
9
10
34 38
3518 3734
Am Brake Shoe & Foundry_ • 10
12
Preferred
100 6912 75
American Can
25 54 6234
Preferred
100 12312 12834
Amer Car & Foundry
• 6,2 8
Preferred
100 1612 20
American Chain
• 3
314
Preferred
8
100 8
Amer Chicle
• 36,1 40
Am Coal of Allegheny Co NJ 25 ---35-4 -814 6
-17
;
712 4
558 233 3 Amer Colortype Co
10 212
1618 1414 2034 1812 27
12
1718 2634 1814 2312 1734 2134 Amer Commercial Alcohol
20 1912 2238
Rights _ .4
_
_
2
2
as 158 Am. Encaustic
3 8 3 -31; 2
133 2
1
1 14
912 1534 8
438 11
10 Am European Secs
31s 5
1114 E08 9-33 8
Tiling•
• 838 1038
American Express Co
100 100 ---100 -------7 1234
40 66
3033 4012
97 10734
334 858
16 31
178 3
718 10
21
30
2
512
3
312
158
9
25
8
40
3
14
1
358
19
7/
1
4
434
15
11
834
358
218
11
3512
1114
47
51s
14
2
914
3312
11
12 1638 13
177s
6612 7512 73 80
4814 62,4
3714 60
10414 120 120 12818
714 157s 814 17
2012 4734
2834 50
3
7
5
714
1718
10
1534 15
29 3714 327g 3714
334
11
10
614
334
134
g78
3478
758
40
438
14
134
8
31
11
1478
3412
31
2114
612
5
1818
4358
1118
4912
1012
34
4,4
1514
4658
1714
712
15
14
10
414
334
16
3858
778
404
718
14
134
814
30
1212
15
2973
26
19
614
673
27
4334
11
4934
12
84
4,4
1412
49
1818
10
1414
7012 8018
4534 5614
116 12212
758 1178
2058 27
3
478
10
15
3234 37
6
1134
912
7
4
314
1112
3612
612
37
6
14
2
712
2678
1114
11
18/
1
4
1512
13,8
434
412
18
403.1
97s
41
914
38
2
11
33
15,4
6
11
1014
8
4
313
12
3518
618
3934
618
14
2
6
19
11
558
8
714
578
414
234
1134
35
338
35
6,4
14
1
434
1718
11
10
1712
1478
1278
434
4,4
15
3958
8,4
3934
878
38
2
834
2734
1434
8
1238
11
918
518
3
14
3838
612
41
8
58
2
6,4
2114
1378
Am & Foreign Power
Preferred $7
Preferred $6
2nd pref $7 series A
Amer Hawaiian S S Co
Amer Hide & Leather
Preferred
Amer Home Products
American Ice
Preferred
Amer Internet Corp
Amer-La France Foamite
Preferred
American Locomotive
Preferred
Amer Mach &Foun
•
•
•
•
10
•
100
.
•
•
100
•
•
100
•
Hs
•
614
958
812
634
418
3
1438
3612
418
624
ss
1 1,
378
1734
1134
Am Machine & Metals
• 1
V. t. c
•
78
American Metal
• 338
6% cony preferred
100 1512
American News Co
• 17
Amer Power & Light
• 7
Preferred $6
• 19
Perf. 5
• 1538
Am Rad & Stand Sanitary _ ...• 612
Preferred
100 91
7 -185;
American Roiling Mill
25 734
1834 2578
Amer Safety Razor
• 2034
134 178
Amer Seating
• 138
14
12
Amer Ship & Commerce
•
$s
13 20
Amer Shipbuilding
• 12
• No par value. a Optional sale. c Cash sale. x Ex-dividend.
1
17s
9
14
334
1514
10
312
70
4
1512
54
18
1114
178
-334
13
20
753
2634
23
6
75
712
20
54
14
13
134
1
278
1012
1912
614
25
2212
513
318
3
914
32
25
1614
55
46
1018
2
114
512
20
23
912
3553
29
8
90
10
2012
134
38
14
318
114
9
2912
27
1714
53
4312
1214
92
1812
2534
3/
1
4
7s
20
134
1
47g
19
23
712
28
2214
618
9212
958
18
158
14
1318
3
114
658
2638
2478
13
35
29
934
9212
15
2278
2
38
1312
112
118
434
19
22
734
2418
2018
614
9014
834
1934
112
14
13
2
113
558
2212
24
1034
36,2
29
834
9014
1258
2118
134
14
1318
_
278
14
197s
634
19
153s
612
90,4
678
20
114
13
1214
-112
19
23
812
2658
22
758
9014
912
23
21
14
13
4
658
109 109
414
372
6,2
6
418
81s
658
.5
458
212
14
2912
4
28
438
38
718
818 378 7,2
1458
9
1478
14
678
612 1112
12
8
054 5,4 914
518
478 412 5
4
314 253 314
1312 17
1912
16
3572
39,4 30 37
618
612 334 512
34
32
25
838 414 7/
814
1
4
38
/
1
4
38
12
_
158 2
214
811 614 758 6 -31-2
1978 24
2314 20 23
1312 834 1234 9,4 1158
4
7,4
6,8
458
5,4
234
1678
3078
4,4
28
534
14
2
712
23
978
1078
19
1378
12
618
6,2
2412
40
7
34
1012
38
2
15
3712
1434
873
17
137g
1012
614
534
23
36
612
3314
812
14
2
1218
3434
1412
134 178
34
81
312 538
1578 1958
19 22
4
7
11
19
9,4 16
45s 738
534 162478
21
7s
78
1,
102 13
2
112
418
19
17
4
978
9
6,8
8112
738
2018
Ps
18
133ii
318
112
12
38
1914
814
1658
1412
958
91
1458
25
112
12
111
212 478
2
378
938 22
35,4 65
1812 x24
7
10
17 2614
1414 2234
918 1334
9214.105
13
1078
2314 33
114 5,2
14 1
1 212 1833
1118
34
3,8
16
1934
4
13
11
458
85
6
21
1
14
12
7714
212
1614
3
234
513
512
538
17
9278
4
2472
712
5
113g
1078
II
23
10112 12232
115 120
1612 2134
1478 23
334 852
2314 3212
34 4078
24
0
20
614
16'8424
012 4
2263
9718
2
458 678
32 39
2638 33
85 9538
86 957s
130 13334
20 3612
3478 48
434 612
1438 16
43 493s
21
23,4
434 618
2658 4234
2
412
438 6
1078 9
1238
534
2
1,2
518
21
22
914
2412
2112
753
91
1038
2238
138
38
1212
3813
95
1234
71
2078
1212
918
1052
1178 1912 19 29
60 77
85 90
5438 8412 7714 9334
11514 121 11612 130
753 1434 1418 25,4
1714 3112 3012 4258
158 212 3
612
312 678 7 1414
35,4 4212 42 4434
213 /1-2 2 -85-8 - T2 -18-4
1758 1612 2034 1938 3534
2014 14
9,4 11
6214 69
4912 61
112 128
618 8,4
19
15
2
2
4
758
35 3918
13
91s 1278
60 69
4934 6238
112 119
614 9,2
15,8 1912
158 2
312 4
34
38
3338
95
834
6312
1612
858
534
838
134
78
414
1914
30
7,8
19
1534
658
91
914
2112
158
'4
13
1258
2414
20
1612
11
1534
4484
4212
1314
56
12
54
412
1934
44
1912
1134
24
1812
1514
1014
1034
39
3714
812
42
978
195s
4478
33
3538
13,4
16
49
4138
1712
677s
1378
33 5'2
412 12
18 38,4
4418 5734
1618 1934
4
6
378 5/
1
4
1413 21l
60 72
21
27
912 1612
24 4034
21
3458
1258 1712
105 10612
1558 2434
32
3778
3
7
58 412
18
3634
609
Financial Chronicle
Volume 137
New York Stock Exchange-Continued.
1933.
1932.
STOCKS
November Deeember
August September
October
July
Low High Low High Low High Low High Low High Low MO,
$ per share S per share per share 3 per share $ per share per share
154 2714 114 1912 1238 1712 1018 1434
1134 24
578 13
30 4314
41
41 63
39 60
23 40
4634 43 50
3638 32 3512 2014 3314
33 5038 31
15 2912 27 45
2912 3134
294 32
2238 2612 29 3612 3214 3534 30 32
9312 100 100 103 103 106 104 104 101 10114 103 103
634
318 758 7 1212 8
154 612 10,4 512 838 5
58,4 6718 /5612 5814
75 7518 64 66
54
73
34 52
3012 3153
30 34
31
34
3312 35
2914 36
24 26
1634 2212 2158 3278 2412 x3334 2013 2618 2018 26 x2058 24
75 774 75 8334 794 8318
7478 90
7314 90
54 78
514 10,4 618 10
54 8
4
7
5,2 74 518 612
6934 904 8814 119 /10558 121 9814 11334 9838 11234 10034 10933
65 8038 7114 8212 5912 7612 5334 6812 5358 5934
4714 66
6578 8338 7358 8434 6214 8134 5518 7273 554 6238
49 67
101 110 108 115 11214 11518 10912 11812 109 11434 109 116
13 2212 1014 13
5
8,4 8 25
712 713 412 7
1118 1534
1378 21
19 46
1514 25
25 34
1012 20
11
1212
3512
2
17
1814
15
55
31
237
14
10
3
4
678
44
112
94
9112
2858
34
12
7
114
23
171
658
5
9
46,4
312
11
9112
4612
134
78
12
2
1614
1334
5514
3
2218
38
2
212
18
658
5
812
4814
578
1012
91
43
114
58
834
178
3
"43"
58
118
1
438
30
17
1314
9
9
151g
1014
88
218
5918
78
Ti"
115
13,2
178 3
278
212 8
6
1938
818 25
62 72
75
2
8 12
10 111-
3
20
1518
6,2
6
6,3
1038
712
50
1
4338
514
2214
2018
7
6
7
1614
1213
65
1
6978
4
412
35
164
7112
30
334
6212
434
614
778
1614
414
534
412
36
204
7358
384
414
6212
7
9,3
1358
3138
6
5
434
35
1814
751g
36
414
6012
612
9,4
12
31
1512
718
9
"50" IL- "45
5,2 913 8
41
38 38
20 2778 2618
373 6
6
634
1034
46
2612
88
45
7
6153
1238
18
2234
5834
154
10
9
64
3612
20
14
10
834
1618
12
67
212
4738
114
1712
458
614
2038
8012
112
1534
11
42
3412
15
10
978
2178
1758
75
31
7438
17
181
718
12
347
85
27
161
6
9
3314 35
30 35
15
15
734
1312
1014
6312
234
3658
1
1638
534
5
15
76
11s
11
812
1712
13
6912
312
5678
138
1812
74
9
22
81
158
11
•
Am Water Works & El
•
V. t. c
1st preferred
Amer Woolen
100
Preferred
Amer Writing Paper,•t c--•
Preferred •t c _____________•
Amer Zinc, Lead & Smelt-.1
25
Preferred $6
50
Anaconda Copper
•
Anaconda Wire & Cable
•
Anchor Cap
•
$6.50 cony. preferred
Andes Copper Mining Co_- •
•
Archer Daniels Midland
100
Preferred
Armour (Del) preferred__ 100
Armour of Illinois cl "A"--_25
25
Class "B"
100
Preferred
•
Arnold Constable Corp
•
Artloom Corp
100
Preferred
10
Art Metal Construction
Assoc Apparel Industries ____•
154
1318
53
4
2312
12
5
718 338
1834
2112 33
1212
1434
15
15
54 54 438
6
734 534
1538
1514 18
918 1034 7
60
65 66
234 3'2 178
2712 5034 39
1
114
78
1712 1812 1434
518 714 512
518 738 334
15 204 918
72
7338 77
112
_
10 -lois 7
518
2212
1512
15
518
6
1738
1014
65
234
5314
I
1512
878
634
16
7812
1
834
1
Associated Dry Goods
100
lit preferred
100
2nd preferred
25
Associated Oil
Atlantic Gulf & WI SS Lines..•
100
Preferred
25
Atlantic Refining
•
Atlas Powder
100
Preferred
Atlas Tack Corp
•
Auburn Automobile
•
Austin, Nichols & Co.
•
Prior A
5
Aviation Corp of Del
•
Baldwin Locomotive
100
Preferred
100
Bomberger (L) & Co pref
•
Barker Bros
100
Preferred
4
514 312 438
2114 23,2 18 2314
15
19
1434 1434 1484 -16458 c434
538 512 5
5,4
1558 1714 1233 1612
9
1078
938 12
6212 63
61 66
112 134
45 5612 3114 4612
4 138
13 14
14
14
612 74 512 64
412 6,4 34 8
11
154 934 1412
72 73,8 6814 7312
58
78
4
38
712 9
74 8
24
201
56
64
29
3
4
201
1138
61
1658
70
12"
99
4434
134
1,8
912
218
3
418
134
338
2
30
1034
62
43
418
4858
9
9
1218
2514
612
614 617 534 613 4
7
778 74
49
-Li" -61- 5612 5612 69 60
478
8
42
15,
8
744
40
534
5734
1014
1118
1834
3912
13
7
50
1812 11
494 50
32,
8 2738
1114 913
7
12
471
23
84
45
83
62
163
177
295
613
13
9
334
6
41
1214
694
3813
5,8
5838
858
912
1514
32
5
8
45
17,4
70
43
7
593
15
15
241
461
1614
14
5512
5
254
58
214
2,
8
20
734
412
11
66
314
1118
96
49
14
1
934
112
212
50
312
1
19
164
52
478
25
12
338
3
20
873
5
1212
63
412
1078
95
4214
112
1
8
158
212
5014
334
114
1934 2712 1634
1478
1712 25
5212 5212 50
434 74 4
2512 3314 2034
4 1
234
212 3
3
3
4
2014
1912 21
778 1318 8
618
712 8
834 1158 9
67 7112 63
538 54
11
1318 -i6E8
96 10014 96
40 46
36
114
14 2
34 114
34
658
612 10
2
212 112
3
3,2 3
45 45
4
4
-Kt -11" 4
3
112 218
3
112
2
1038
33
22
1612
1214
1212
20
1678
69
378
81
1,4
17,2
518
12
3718
75
312
16,4
Par Per share S per share $ per share S per share $ per share $ Per Aare
1412 3112 2638 3634 28 3712
1034 18
1458 1034 14
• 12
kmer Smelting & Refin
58
7514 7512 8414
3912 61
42
3434 31
354 31
Preferred
100 31
44 6012 58 6134
26
48
26
304
2612
21
100
2012 27
2nd preferred
43 4734 4418 4712
44
343413912 37
25 3212 3514 3438 36
American Snuff
100 1024 10214 10334 106 103 104 10414 105 104 105 105 10612
Preferred
10
1678 1614 2278
558 12
• 534 753 458 634 434 8
Amer Steel Foundries
72
68
50
70
3758 4112 374 50
40 48
100 48 56
Preferred
394 4534 4412 4212
3012 x3478 3258 40
• 3133 3514 30 35
American Stores
5714 70
4914 62
100 2112 2712 2334 2738 25 3638 3378 52
Amer Sugar Refining
97 103 104 110
83,2 8818 9112 8812 100
100 80 8214 81
Preferred
6
812 714 1018 912 1612 1318 1634
918 64 9
• 6
Amer Sumatra Tob
9834 12018 11634 132
Amer Telephone & Telegr__100 10278 10938 94 10378 874 10678 8612 100
8012 8934
86
78,4 76
25 .5378 6334 49 5918 4934 6112 56
American Tobacco
25 5514 6534 5034 6058 5218 6434 59 8212 7714 8934 8234 93%
Class 13
100 11314 117 10412 11434 10234 10614 105 11114 107 11212 112 11512
Preferred
18
734 1914 12
438 8
7
5,2 734 6
9
• 5
Amer Type Founders
1618 15 3254 2112 3312
1012 14,4 10
100 13
1878 1012 16
Preferred
1514
14
47
4
2012
14
2
214
17
5,2
4
858
63
412
1018
95
37
1
34
638
11g
153
50
312
1
2112 3318
2112 30,4
6312 x6912
558 10
294 3978
118 214
513 7
312 678
24 32
10
1938
8
15
1012 1478
67 75
6
9
1314 1512
9212 95
4314 57
134 234
2
1
978 144
214 338
3
534
3112
274
72
834
3614
214
8
6
35
141
10
1318
6778
6,4
15
94
61
21
13
157
358
4
June
May
April
March
January February
Low High Low High Low High Low High Low High Low High
378
4
38
1012
68
39
412
5753
812
1014
1538
2978
--534
1934
54
5014
49 51
33
2212
25 30
14,4 734 1158 7
54
4
41
1378
69
44
575
5812
1214
1378
21
407
-1158 1133
514
55
2738 2214
104 738
191
1634
58
555
26%
234
3,4
7
418
8
6212
4
1034
99
41
138
78
712
118
834
458
2014
66
4
12
99
4934
134
114
1112
112
511
51'2
1
114
5
438 Barnsdall Corp. class A
•
5 Bayuk Cigars Inc
100
1st preferred
36
50
12 Beatrice Creamery
100
Preferred
65
20
4534 Beech-Nut Packing
•
5 Belding Hemingway
6258 Belgian Nat Rys partic pref _
5
11 Bendiz Aviation
•
12 Best & Co
*
16,8 Bethlehem Steel Corp
100
33
7% preferred
858 Bigelow-Sanford Carp Co Inc-•
•
5 Blaw-Knos Co
•
9 Bloomingdale Bros
100
51
Preferred
100
Blumenthal & Co pref
•
1412 Bohn Aluminum & Brass
•
5318 Bon Anil. class A
25
2578 Borden Co
10
912 Borg-Warner Corp
312
3,4
27
912
56
45
378
6318
912
938
14
28
634
5
7
53
1234
5314
1958
814
12
11
50
334
2253
'8
34
214
20
5
414
81g
6412
238
1018
95
4312
118
54
7
118
218
4812
312
1
314
6,2
28
714
45
47
312
6318
618
918
1034
2514
638
312
658
53
354
1434 934
52
55
2638 18
9'4 512
414
7
30
12
6212
50
458
6512
1112
1118
1678
33,2
8
534
7
53
1612 21078 1814 18 2834 2714 41
913 1434 1414 2518 2318 3578
14
65 80
35 4634 4512 67
36
612 434 878 818 1238 1012 1618
2934 2314 3978 3634 4734 4418 59
12
134 41a
12 2
12 114
514 1012
6
2
314 2
933 678 94
214 438 214 614 5
5434
3414 4913 46
_ 25 36
1234 1858
5
94 614 1518 1078 17
1234 1512
712 8 14
418 418 7
1338 1212 244 1612 2312
8,4 1512 11
68 8112 7812 88
65
70
6312 65
1412
8
11
44
612 5
4
318
1314 18,2 1778 2412 2312 29
9,
4 14
9812 100 100 100 100 100 10012 10213
44 6114 59 7514 75 8212
43
r
153 334 314 658 438 734
,
8
1 18 2
34 112
238 412
178 4
78 218
35 7033
20 36
734 1334 1014 22
114 134 112 314 253 412 314 6
912
2
21
318 512 5
234 4
_
50 501 50 5012 5012 5012
_
512
71
4
4
53
8
312 31
318 212 514
114 -118 1
78 114
1118
10
35
312
2258
38
312 51
1912 241
17 22
4
6
4314
2 141
434 43
161
13
311
69
1'4 6
13
158 2
32 413
78 11
_
534
53
4
13
41
91_4 7
72'2
418
24
17
873
412
412
1434
934
60
2
3114
1
1312
614
312
912
73
917
518
414
3
912 18
43 5012
7
1134
57 58
4612/4912
2
63 6412
612 1012
9 1334
1018 16,4
25'2 3612
712 612 8
8
44 4
638
5412 5412
53
354
1312 912 13
53 55
55
8
2233 1834 24,
812 618 914
3,2
1314
50
9,8
5678
4713
312
6214
758
10,
8
1258
2818
618
612
4
9,3
4012
10
5118
4934
4
6458
958
11
1518
3378
058
3518
32
1518
778
41
19
151
64
3
491
23
17
111
638
1638
76
938
40
3138
11
13
1434
17
1512
65
3
4212
134
15
101g
6
16
7512
1 18
8
11
504
44
18
18
18
2414
2112
69
518
54
2
2418
10%
838
284
86
2,4
15
1558
55
4712
28
22
30
30
3714
7812
834
7334
8
27
1373
1312
4112
90
714
2218
81
714
37,4 33
76
80
2112 194
7934
85
6012
64
714 618
7518 74
1738 1434
2312 21
284 2718
6818 64
1734
19
1434 1234
1612 15
65
35 -353933 35
66
66
35,4 3214
1678 15
10
4414
80
27
8338
7012
12
85
1938
3034
4333
7958
2912
1634
1818
1378
53
45
20
15
15
2618
2134
70
818
651
338
22
1318
938
32
8214
2
,
8
15
5
1834
69
16
70
5812
438
7314
1218
19
2418
4934
1312
734
10
65
5612 61
35
30
24
2114
1038 23
63
52 62
20 3078 31
74 1134 1012
6
23,2
65
18
70
5934
614
72,4
1314
2054
254
51
1212
812
-3151
74
3718
2014
38 238 215 3
14
58
14
Botany Cons Mills A
50
1
14
1
1
e. 814 9
1312 14
1578
1012 11
912 8
8
714 814 718 814 Briggs & Stratton
513 518 534 934 812 10
714 9
714 8
66
784 644 73 6312 7434 74 8014 x76 8812
6313 8314 75 8534 7234 8314 7514 8114 7334 7934 Brooklyn Union Gas
50 68
7714 82
4912
49
4312
•
43
517
8
31
30
2812
33
3213
23 26
3114
8
33
Brown
32
2834 34
323
Shoe Inc
30 35
30 3214 3014 32
101 101 100 105 103 103 104 105 103 107
Preferred
100 109 110 10934 110 10814 111 110 110 113 113 11412 11612
1212 914 1334
614 6
358 478 418 834 5,4 914 412 678 412 6
Briggs Manufacturing
• 334 518 238 4,4 258 438 3
413
414 1134 712 181 2
238
118 212 218 4,4 312 42
34 5
134 5
438 2,4 3 Brunswick-Baike-Collender_ -• 218 238 2
- -- 2
58
12
12
58
34 253 154 314
12 118
•
218 1
12
12 134 1
'2
84 Flr0 nswIck Term & Ry sec
34 1
17
34 1
312
412
212
44 913 718 1278
212
2
3
134 312 3
31
Bucyrus Erie Co
10 258 314
538 4,2 714 338 558 314 4,4 212
418 2,
478 412 818 612 1018 5,4 714 312 5,2 278 41
4 312 278 378 314 638 578 1412 1012 1958
3
Cony. preferred
5 3
72
4334 63
56
22 37
3518 3714 7% preferred
2812 3212 2012 30
45 7014 70 80
100 30 36
35 39
138 31
34 714
114 17 Rudd (E G) Mfg
34 11
78 114
78 114
• 114 2
-15-8
73 14 158 3,8
34
78
1414 14 2934
4
51
3
438 4
4
Preferred
100 358 5
912 1112 7
8
4
312 3,2 414 10
334 458 3
10
158 514 4
512
13
118 112 1
1
214
1
134 112 3
• 158 2,4
258 14 21 Budd Wheel
24 4
2
338 2
438 1034 738 1014
57
4
73
212 434 3
34 Bullard Co
218 4
• 3
338 212 3
5
8
34 518 314 412 3
6
35
7
8
1
3
2112
4
38
17
2
2
13
3
17
1
212 313 23g 314
134 2
28122
118
13
8
Bulova
•
Watch
2
23
4
173 2,4
78
78 58 11 Burns Bros
1
•
158 112 178
1
12
58
- -1
1
112 114 Ps
1
14
38
4 --- --18
14
12
14
V tc
11
1
14
14
34
34
34
14
112 21
412 7
712 13
112 -13-4 512 51
414 3,4 314
Preferred
100 134 3'o 3
314
1
5,2 6
34
7
1
178 214 334
58 Class B
•
'8
114 Ds
78 112
18
18
V tc
•
14
1
131
9
297
50
13
43
11
184
58
1273
1
612
914
1412
22
918
512
1412
4212
113
314
118
1378
5712
11
58
412
434
1112
1812
1318
934
2634
5334
2
578
178
2438
69
19
118
778
818
15
2334
8,4 9,
4
5
718
1118 17
36 44
8 PA
212 312
118 118
1213 1934
_
9
14,4
34
38
34 518
4
514
8
1158
18 20
758 912 67g
3
412 6
7
16
10
21
30 39
12
73 1
112
212 3
14 118 118
1214 1818 1112
44
1.2 Ii1-2 734
12
'4
Ss
2
3
4
4
478 212
84 1212 812
1512 118,4 1334
214 434 418 8
20 21
2912 32
2134 3258 294 64
33 56
53 73
412 778 7
,
3 13
134 3
234 712
78 278
34 134
184 2
214 6
14
167 157g 1934
4
558 334 6
60 797 6034 69
6
2634
4138
62
9
553
178
1
5
1714
4
68
912
2634
6534
74
134
1258
212
134
6
2012
5
7912
514
22
3538
55
712
6
1
ki
2
1478
312
65
6
7
3134
53
74
634
134
114
212
14
314
64
4718
581
9,
111
13
1
31
171
41
64
658
312
714
1214
2
138
12
838
4712
412
14
178
234
814
11
9'2
514
1234
25
1
3,4
4
1314
474
814
14
3
4
1134
1113
858
514
1514
30
1
24
58
12
53
734
14
3
412
1038
1214
• No par value.
63
22
57
65
11
81
17
54
258
IS
414
66
Ps
453
101
3138
1
21
11
1413
4553
1014
53
3
3,
1058
16
Burroughs Adding Mach
•
Bush Terminal Co
•
7% Debenture
100
Bush Term Bldg guar prof.. 100
Butte Copper lle Zinc
5
Butterick
•
Butte & Superior Mining____10
Byers & Co
•
Preferred
100
Calif Packing Corp
•
Callahan Zinc-Lead
10
Calumet & Heels Cons Copp-25
Campbell W & C Foundry- - -•
Canada Dry Ginger Ale
5
Cannon Mills
•
54 8 Capital Administration cl A _•
2214 28
Preferred A
50
3512 4514 Case (3 I) Threshing Mach_100
5514 Preferred
46
100
6
712 Caterpillar Tractor Co
"
77s 0,
s Celanese Corp of America.•
•
1
158 Celotes
•
% Voting trust ctfs
11s 218
Preferred 7%
100
1378 16 Central Aguirre Associates__ •
33 Century Ribbon Mills
3
•
55
100
55
Preferred
a Optional sale. c Cash sale. .r Es-dividend.
738
258
7
15
54
1 1s
1 18
1234
4618
834
14
214
3
1834
1414
814 618 74 612 834
2
278
3
334 2
914 3
634 318 5
1278
2312 1012 1778 11
12 1
54
78
34
2
112 112
138 l's
14 1
1
118
1 18
812 1358 858 1334
15
3018 3014
4614 32 45
1034 84 934 734 1212
14
12
14
38
3,
314
214 2
2
3
312 238 3
314 2
1034 712 914 734 1138
18
1512 14
1512 14
6
614 412 534
2518 26
3012 1614
3938 50
41
53
5033 60
674 918 534 714
412 74
9
7
58
58
58
58
3t1
158 134
112 3
16
1958
14
17
238 338 214 234
52 5934
59 63
512
634
712
1
1
712
58
114
1
1018
37
10
38
2
3
gs,
14
5
3134 5214 405
48
41
54
512 912 712
54 634 538
12 1
58
'8
112
_
22
13
1714
238 234 2
52
55 58
1714 1512 2014
8
334 3
913
714 6
1012 10 22
2,4 214 414
412 4
712
112 134 278
2434 2034 284
60 68
62
254 2012 2558
138 118 214
834 518 638
11
84 1134
1638 22614
23
3112 i2512 31
1238
278
4
1212
1,2
238
111
1818
4212
18
78
434
418
1134
2378
1158
214
478
8
118
24
1
1614
41
17
58
44
438
1012
2214
712
612
912
-5717 -552
6012 60
13,4 1318
1114 11
78 118
12
12
2
3
2912 25
3
234
70 68
7438
75
21,
8
33
478
31
738
301
5
71
84
28
70
72
1812
2712
3
2
55.3
27,4
414
70
11
3012
9412
83
2434
5858
473
314
1012
31
934
95
610
Financial Chronicle
July 22 1933
New York Stock Exchange-Continued.
1932.
1933.
July
August
September
November Decembe,
October
Low High Low High Low High Low High Low High Low HIV
STOCKS
January
February
March
June
April
May
Low High Low High Low High Low High Low High Low High
Per share $ per share 5 per share per share 5 per slum $ Per shar,
Par $ per share $ per share per share $ per share
372 814 718 1422 7,3 1512 613 67,, 614 958 5
• 578 858 612 8% 612 1058 812 24
714 Cerro de Pasco Copper
1
218 2
212 3
3
• 1
114
112 212 ---- -1
114 1
53 158 Certain-teed Products
138 114 2
812 818 18
7%
Preferred
1858 11
4%
13
100
422
7 10
4
4
912
_
912
1612 19% 1812 301s 23 29
5 1734 2078 18
1778 21 Checker Cab Mfg
18
26
1912 8 19
712 -2-01-2
-Ile 7% 19% 1222:2034 10
• 1478 18% 1512 2034 1578 2034 1578 2112
1312 1614 Chesapeake Corp
1612 1134 17
1.18 238 2
Chic Pneumatic Tool
6
612 31s 5% 312 5
• 234 338 238 4
4
234
211, 312 214 334
31, Convertible preferred
212 5
412 914 314 1214 734 978 6
• 5% 712 512 712 6
5% 8
9
7
6
8
712 Chicago Yellow Cab
612 812 812 12
12
• 618 812 6% 8% 7
10
8
1078 7% 9% 6
8% 6% 973
5
Ms 6
1014 10
Chickasha
Cotton Oil
1212 834 10% 8
10 6
712
612 5
7
6
918 9% 15
834 6
112 278 2% 5,4 5
8
• 3% 4
3
3
6
553 Childs Co
312 6
4
2
3% 2
232 4
6
10
10
1512 9 16
25 8
8
5
733 Chile Copper
8
9
9
6
11
718 718 7
332 612 818 1738 14% 2134 -1223 -1-87g 1232 1738 :1418 1714 Chrysler Corp
.5 1318 1714 814 13% 731 12
878 1712
1118 1518 1252 1534 1214 1522 11
:ity ice & Fuel
1212 11
1212 11
12
• 11
1212 1018 1158 718 1034 912 1418
50 5334 5212 60 55 5934 4514 5514 43% 50
Preferred
4412 50
100 49 52
4838 25214 46 48
45 5018
60 60
50 51
100 45 45
45 55 City Investing
45 49
45 45
40 44
12
34 City Stores
38 138
14
58
12
•
34
32 1
-14 -TIT,
12
58
12
12
-12
Voting trust certificates ___•
18
14
13
12
12
58
38
1
1
78 1% Class A
3
4
214
• 112 -14 134 2
114 114
217
Class A v t c
*
_
314 418
1212 13
90 90
7418 87
41% 4312
171 171
11
1414
73 80
3
612
60 60
11
11
2% 612
Tars
80
5
65
1012
6
35
43 53
5712
553 1034 8%
16
5
178
3312
4
1134
1212
1112
4834
1112
24%
8
212
4312
5%
17
14
15%
5914
1734
2134
7
218
4212
514
1814
18
15
57%
16%
-65- 92" "655734 70
72%
14
14
14
414 712 634
6
-5E3 5"1; 814
4
634 618
--------5
7
19 2478
25 23912
2212 30
Ils 2
3
512
3312 4712
90
81
5
612
47s 81s
93 9834
14
38
12 I
14
14
314 434
12
78
29% 3478
1813 2512
41,
3
818 15
34
78
418 634
2434 3634
107%125
112 3!1423 1734
3
3
814 14
18 20
25 25
138 2
6% 12
1514 25
34 112
2
1
712 1134
2018 2812
6
712 Clark Equipment
•
II% Cluett Peabody & Co
10
•
Preferred
90 90
100
6812 7512 Coca Cola
•
4312 4672 Class A
•
140 146 Coca-Cola Internat Corp
•
58 127g 1512 1hz 1453 1024 1213 Colgate-Palmolive-Peet
-1-9.1-8 1412 -1/
•
Preferred
86
100
7958:80
83 88
83% 87 80 85
•
834 6,4 934 434 7
41.2 6% 418 51 Collins & Aikrnan
Preferred
*
65
12 "1112 -1/- 1112 1213 10
•
12 "1134 Ii- Colonial Beacon Oil
1238 812 14% 51210
534 8,2 418 634 Colorado Fuel & Iron Com- *
1612 1612 Preferred
35
37 37
100
20 20
26 26
5712 6912 Columbia Gas & Elec pref_100
79% 7212 7912 67 74
62 68
1158 1634 Common
1934 1374 21
•
1138 1734 1034 15
5% preferred series 11 ____100
8
6
13 15
90 90
8312 102%
44 47
7
8
1313 1712
90 90
95 10834
47 48
7
1234
90
9018
4612
7
1234
90
98
4778
26 3912 24 3434
9 1414 9% 1234
312 512 2% 4
55 6618 42 5714
512 712 4
6
24 28
24 25
18
1053 1812 19
18
21
18 2012
70 7234 72 7212
2018:2758 1914 2318
102 105 102 102
94 .- 295 99 96 101
78
7622 81
78 78,4
14
34 1,2
12
12
1058 912 1334 814 II%
1178 12
10
---1112 958 1214 838 1012
10
7
11
7
7
43 43
43 43
3558
1478
528
67,2
734
2412
1812
1812
73
2312
612 11
7
11
4912 50
44 50
36 50,8 40 50
253 353
614 712
5434 66
92 9814
534 734
6% 9
96 101
78 122
1% 2
12 1
512 8
1
1%
39 4512
29 3538
432 812
2218
16
938
112 334
614
152 338
4% 7
4434 6334
88 952s
4,
4 718
714 9
97 100,4
% 153
1
2%
12 1
4% 734
34 138
3412 45
2278 35%
8
413 6,
133.i 23%
72 134
614 9
3478 4934 4418 5533
121 126 12712 135
412 7%
33
a
1634 2114 20 24
3
638 414 714
838 1414 10% 1334
2112 2512
1812 25
3112 3112
37 37
134 2%
134 3
13 2112
1112 20
2212 40
2318 3838
128 212 1% 312
112 372 218 378
15 23
10 26
28 3412 30 33
712 1353 1234 1858
4712 5812 5812 73
113 232
78 13
37
158 212 2
62 62
7212 82
60 72
46
6
11
438 412 47 758
152 4
234 8
1
1
17
7014
134
234
84
65
714
334
412
134
25
78
31.1
434
85
72
12
734
814
134
712
4434
41
40
3
7
51
9434
434
613
94
12
1%
12
334
34
3714
2812
412
13%
2
5
614
12
90
70
46
614
13
90
93
4734
3214
1034
312
53
6
251s
1834
2012
75
22
_
98 100
7712 82
538
14
83,1 1 112
6
6
812 10
6
612
23
9
252
4334
412
2412
1834
1812
72
18%
918 5,2 634
45
40 42
45
40% 4434
40 --__ -414 234 318
1024 6% 77s
6238 5212 6114
9714 93 9614
6
412 534
7
57
7,8
97
97 9918
1
34
'2
112 1
15s
12
34
28
334 324
1
58
78
4112 37 41
35
3114 37
5
412 5%
1818 1352 1673
272 172 212
658 512 7
42% 5524 4615 547s
130 140 130 138
3,2 514 312 412
20 2612 2212 2513
3% 4
314 418
1012 16
15% 23
22 2578 25 3022
25 25
2214 25
178 2
158 158
10
1312 1018 12
2314 3178 20 2612
114 2
78 112
118 218
112 212
12
12
8
12
2712 3012 28 2812
10
90
8114
4534
11
13
7914 81
312 5
6
10
90
77
45
6
5
512
1138 10 1312
90
86
81 288
46
45 4512
---- -a 113; 7 11
61
7712 4934 60
312 4% 314 434
12
12
1012 1-1-- "ii
534 71s 412 6% 4
73
6934 77% ao
1412 1734 1014 1512
59"
9
5
11
90
75%
44
5
15
9012
8438
4512
7
49
3
1373
69
8%
10 1614
312 834
16 30
65 60 6512
1378 9 :1634
45 45
11
7
10 1414
23 28
97 100
82 96
45 4712
180 185
1234 '1938 16% 22
69
79
7812 83
612 1234 934 18%
6378 6378 69 75
514 1012 8 1012
712 1234 1012 1538
30 45
42 54
65 75
74 83
15% 1914 1818 27
40 5712 6514 7412
6%
1514
90
80
4428
11
2934
9514
92
47
3914
918
134
2534
558
17
19
1812
71
2738
5812 53%
1778 1534
314 278
4312 4118
137 1134
30 a2912
2212
21
22
22
77
77
3412 z3218
• -2714 3534
23 30 Columbian Carbon_
* 912 1038
914 1012 Columbia Pic Corp v. t.c.
2
23, Commonwealth & Southern_• 214 278
Preferred
• 40 50
3814 4514
• 432 6
414 514 Commercial Credit
Class A
23 25
50 2338 24
Preferred 7%
19 2012
25 2012 2012
19
25 1912 1912
1912 Preferred B
1st preferred
100 7238 7434
7134 74
1714 20 Com Investment Trust
• 1812 25
10112 10112 Preferred
100 104 10712
6H% preferred
100 10334 111%
9734 102
Convertible preferred
• 84 97%
8112 82
Warrants stamped
'a
IN
Its .16
9 1078 Commercial Solvents
• 10
12.4
5 Conde Nast Publications
5
•
734 :838 Congoleum-Nairn
738 8%
• 7
7
6% 7 Congress Cigar
Connecticut Ry & Lighting 100
4% cum. preferred
100 5512 151
2
2412 33%
658 8
112 238
22 3234
414 61s
1812
16
1812 1912
1818 2018
70 7412
11
11
818
% 12
14
1112
2 z18 24
1115311153
11132 11132 11112 11112
94 9714 :93 96
2612
67
138
21
434
16
1812
1812
70
1934
3934
10
218
3112
613
1814
19
19
71
3034
8773
-1-1-1-2 --923
"1234
973"4 "55Ts W.; "55" VC
5$
1011 1753 i6
TA
312
3
332
4038
4473
43
112
434
54
9334
4
6
99
12
34
34
318
12
3614
3312
312
1331
134
614
4
40
43
41
234
612
4414
93
3
518
97
38
118
14
314
12
3614
3514
312
1234
118
5
512 Consolidated Cigar
•
Preferred
48
100
4912 Prior preferred (6H)
100
4722 Prior prof ex warrants
27 Consul Film Industry
1
Pref
718
•
601, Consolidated Gas
•
0918
Preferred
•
512 Consol. Laundries Corp
*
6 Consolidated Oil Corp
•
9934 Preferred 8%
100
32 Consolidated Textile
•
20
173 Container Corp class A
38
Class II
•
41- Continental Baking class At
7; Class B
•
Preferred
40
40 Continental Can
°11
12
41,,(Mot-Inman' Diamond Fibre_ 5
1711 Continental Insurance_-$2.50
214 Continental Motors
.
614 Continental Oil of Del
•
412 5
44% 4612
45 4753
4513 4512
134 414
6
1178
5658 63,4
9712 99
4
512
5% 5%
98 10014
153
11182
53
58
352 434
12
78
36 4012
3812 4212
414 514
1473 171 1
2
234
512 614
47 5434 Corn Products Refining_ _._2F 52% 56%
Preferred
134 139
101 1361.14534
314 4 Cory Inc
• 312 414
23 2612 Cream of Wheat certifs
• 2472 2878
212 314 Crosley Radio Corp
" 2% 3%
CtOWII
Cork & Seal
14 2378
* 16% 19
Preferred
2314 28
• 2514 27
2212 Crown Willamette 1st pref • 2218 2212
19
% 112 Crown Zellerbach v t c
* 118 138
812 20 Crucible Steel of Anterica_100 13
16
14
2112 Preferred
100 1712 24
12 1 Cuba Co
•
%
1% 178 Cuban American Sugar
10 1 13 2
612 Preferred
15
100 10
2012 28 Cudahy Packing
50 2112 2312
12
1412 8
18
12 Curtis Publishing Co
•
6934 56 57
3734 5218 Preferred
•
234
123 214
112 218 Curtiss-Wright Corp
1
4
212 353 218 3% Class A
.1
7712 778 Cushman's Sons 7% pref_100
8212 7812 79
$8 preferred
62
•
7 --5" 633378 51-4 Cutler-Hammer Inc
•
312 3
3
224 23 Davega Stores Corp
5
512 353 434 25
4 Davison Chemical
•
134 ____
1% 238 Deben ham Securities
Deere & Co
•
51183485313
8731012 -'753
9 -13
-118 Preferred
20
54 77
76 9238 85 984 74 87
748 8012 65 75 Detroit Edison
100
12
16
12
7
8
9
1412 1634 1214 1312 1012 13 Devoe & Raynolds A
•
63 6718 70% 7434 7612 85
75 7614
1st preferred
100
1212
57
2
272
80
6012
6
214
353
134
10
90
7312
44%
per share $ per share
1814 2,134 2118 2753
178 434 438 612
10
2012 25
16
14
1578 18.81
18
2012 31% 3034 4214
314 712 5,2 1078
8 1914 17 2514
934 2238 1334 22
1412 2078 1914 29
4
634 512 878
19
14
912 al5
1678 2414 2214 3638
12H 18
17 25
48 6212 59% 70
45 45
253
58 114 1
12 112 118 134
4%
3
3% 3
214 5
9%
40
2
278
7512
6012
414
312
3%
2%
2318 34
7
10
233
27
134 398
4
5%
2
74
618
7
16
238 2
1914 2012
1912 20
7%
613
814 -0712
7
7
938
7
3
5% 714 11
712 1134 11
1478 21378 1838
634 914 9'2 1334 13
18
52 52
5
6
4
312
44
33
46 -55 43
31
41
- 3812
4
3
2
2
1132 5% 9
04
5714 4014 5212 40
9712 90 923i 080
4% 212 3% 218
6's
5
614 518
9934 9512 98,8 9612
34
14
12
38
118 134 1,8
lls
12
33
38
54
3
412 XL
4
52
12
12
34
40% 3614 4118 3814
41% 36 45% 4078
418 312 4,4 4
1673 1012 1614 1012
2
1
1
134
61s 4% 6% 5%
612
45
5018
4912
3
9
50
9018
314
• 814
99,2
78
514
212
658
1
45
56
5%
2012
214
10
45% 5512 4534 5912 75113 74
126 14014 11712 131 127 130
4
312 414 a2
212 4
23 2712 2314 2822 26 30
214 318 212 6
212 3
1434 2312 2018 23
1414 19
2413 2612 27 2912 25 29
1834 20
114 112
118 lls
10
10
1318 9 12
18
22
16
16
20
16% 33
72
12 114
12
% 2%
138 4
112 2
3% 814
1322 30
1214 13
2812 48%
2034 22% 25 29
24 38
11% 7
9% 612
30
48% 30 40
112
212 112 2
214 332 2
378
74
7712 7978 80
62 65 65
812 452 614 5
2
312
47
1
4
12
238
6512
2053
628
6012
1528
32
2434
24
851s
4012
1134 834
39
33
218
1 12
214
314
75
74
_ 70
/12 7
212 134
2
7l
714 934 614 73
98 818
48
67 7112 55 7014 5134 60
1012 1214 10
12
1134 15
13
8514 87
7914 90
8712
15
43
218
312
83
70
10
3
6%
40
43
43
2%
7%
4918
84%
23.1
634
9612
So
4
131
612
%
4312
5212
524
1914
2
853
13
4858
48
48
534
1434
57%
9034
5
1138
9818
112
8
312
1712
238
6212
5928
1031
2678
312
15
12
1934
50 50
4634 65
4734 62
312 5
1018 14
5412 6418
8934 94%
312 5
1053 1514
9914 102,8
114 2%
612 10
278 412
1232 17
113 212
54 6058
5438 6412
8% 1434
2412 31
274 4
1212 1612
97 7578 6938 8134
12714 133 133 136
58, 541 722
30 3334 3214 3758
512 1014 812 1434
4514 6314
2112 52
35 3712
2714 38
17 3314 38 42
2
434 418 6
1612 2834 1934 2614
2834 5314 4218 55
134 314 214 453
518 1112 638 1072
40 6078 49 68
38 50
4612 5812
14%
4312
178
31 i
8212
68
912
278
1034
51
318
612
90
68
1634
614
15
4512
2%
458
80
79
1412
4%
3214
66
3%
634
86
82
18%
634
112
112
-1-1-1-2 -io58 57
15% 1713
90
86
127*
79
2114
86
212
401,
1212
77
2212
8832
5
45%
18%
89
2412
90
16
1878 1612 19 Diamond Match
1518 18
1058 1918 1634 1834 16
17% 19
. 1814 1914 1712 19
1778 2212 2212 25
22% 2412
25 26
25 253 2514 2634 Participating 6% pref---25 2612 28
2314 23 2438 2432 26
2618 2712 2614 2614 2614 2812 2612 2812 28 28%
1214 1012 1178 11
1114 934 1118 11
1218 1134 1278 Dome Mines Ltd
• 12% 13% 12
15% 1218 1354 12% 1812 1652 2912 25% 3434
1412 15
14
1734 21434 1812 1518 1618 1438 16
1518 Dominion Stores Ltd
• 1414 1558 1012 15
11
13
12 1712 16
2014 18 22,4
1414 9
1034 1034 1858 1022 1653 9
• 1012 1334 1014 13,8:11
712 6
1134 Douglas Aircraft Co, Inc
1312 1138 1434 13% 16
1418 18
15
10 11
8 Dresser(S R) Mfg Cocain,el A.• 7% 8
7
814 813 1134 10
818 7
8
7
634 11
634 8
13
17
1478 18
434 712 318 412 318 3i8
3
318 6
153 312 Cone class B
• 212 318 2H 334 213 3
214 818 6 1018 712 1034
34
3212 4814 37 5032 2734 398 2912 384 3114 3634 Drug Inc
2934 45
3718 29 37
10 3412 38,4 31
41% 5578 51 6312
34
34 234 314 312 214 214
•
112 Dunhill International_ ,
% 118 118 1058 a612 9
9
812 912 15
__- Duptan Silk
15 ---• 1412 la
12 "Fa" 16" 912 10
12
14
16
16
2838
Preferred
_ 90 90 9024 9014 ,t,
100
4 82%
-65" 131-2 93 98 9612 9812 -9518 -9-8- -51;F4 1-61-5-8 Kai I-6112 Duquesne Light 1st pret_100 100 102 10012 102 -54" icio-171 94 "itC- -55 957 823
96
10218
14
14
1412 1412
14 Durham hosiery Mills H. PI-100 1413 141s 912 934
14
14
14
16
---- 16
15
15
1822 19 4
212 Eastern Rolling Mills
114 153 134 4 -373 --6-1• 112 112 112 152 118 218 I% 012 4% 77, 558 714
2 352 412 234 334 1
3514 4553 4334 67
4714 568 4858 5878 Eastman Kodak Co of N J
4912 6412 46 56
• 54 61% 5018 59
50
,
8 61% 46 65 63% 8012 77 85
10434 11118 111 11212 112 11212 120 125 11234 120 117 119
Preferred
100 12012 123 120 123 125 130 1.15 125 110 119 118 121
3
414 412 8
6
9 8 514 78 5
653 412 6 Eaton Axle & Spring
• 5% 6
858 814 1332 1118 15
338 558 313 5% 4
22 2934 2714 4212 -3434 4612 317 4334 3113 3978 3314 3934 E I du Pont de Nem & Co __20 3612 4112 33 39% 3218 43
33% 5314 5212 793, 7114 8318
8512 884 8814 105,8 101 10318 98 10312 98 10112 10028 105 6% cumulative preferred_100 10234 106
99%10312 9978 10314 9712 100
9914 108 10758113,2
Eitingon Schild
14
38
38
53
78
22
78 218
58
12
34
34 1
•
32 1
12
12
38
12
34 2
1% 414
338 412 6
6
824 7
7
7
Preferred
7
7
573 578
4
100
4
634 631 612 122, 11
23
9
1512 2112 1613 197 Electric-Auto Lite
1334 1232 2212 1634 27
14% 22
5 1734 207, 11 12 1812 1114 1478 10
19
17 227
2014
26%
:
75 87 85 90 85 88
70
64
85 874 82 8734 Preferred
100 8612 88
7814 80
80 83
8312 88
791 1 83
831* 88
• No par value. a Optional sale. c Cash sale. z Ex-dividend.
141
22
9
12
514
5
3
254
34
812
Financial Chronicle
Volume 137
611
New York Stock Exchange-Continued.
1932.
1933.
August September
July
October
November December
Low High Low Iffah Low High Low IIigh Low High Low High
$ Per share $ per share $ per share $ Per share $ per share $ per share
12 118 1
2
118 178
118
1
1
112 1
114
158 338 212 312 158 212 158 214
1
2,4
112 134
234 578 412 1534 814 16
6% 11% 612 958 512 7%
1034 2012 1712 5538 3114 52
25 35
19% 28,
4 1414 21
878 18
1514 49
27 24414 20 3012 1612 25,2 1258 1814
1778 24
2238 30% 22212 3258 20% 26
23 2612 2118 24,4
18
84
19
18
1,
34
18
38
18
18
38
18
18
18
18
18
12
78 1
78
,
3
3
3
"ii" 25 25 3314 32 3714 "; 33 "i6- 3334 2714 34
9914 10014 10012 10012
104 115 105 106
6
16
18
2518
12
334
12
10
5
38
934
2518
30
30
13%
412
78
10
5
40
8
39
39
3512
1218
414
1
10
5
45
17
9
44 z40
48
41
58
42
1834 1612
5
4%
214
158
10
10
712 638
60
50
1
9
32
34
40%
1312
5
535
212
1
10
10
814 614
60
49
134 1
4
412
618
25
112
612
143
1712
5912
214
6
25
178
412
1534
1712
60
18
4712
53
5414
1712
1218
40
4012
45
1612
5
134
10
712
50,4
1
738
3214
35
4018
1212
413
1
10
4
45
1178
3612
39
42
1334
512
114
10
6
50
612
2018
25
3512
1012
478
58
10
212
47
_---
---4
4%
234 -11-4 3
15
18
1734
12
112
312
10
612 1.0
10
10
10
30 40
41
----
214
5
1814
118
3
14
12
5214
25 25
32
18
112 278
112 112
;"2
1
I
78 238
113
3
5
4
753 414
734 1412 1334 2234 1512
8
8
6
1613
"75 75
85
1013 12
11% 1-8-78 12%
45 51
50 68
55
35 45
43 5134 48%
8
6
7
"ii" "Sii; 64% 65 80
212 312 4
6
412
5,2 534 7
10
488 812 758 1453 -9l2
"DI
i" 11-8
253
714 -51.4
-- 1 1-2
--51038
353 214
1112 10
12
58
12
3
318 212
11 -1/18 912 10,4 878
10
1234 814
1158 9
38
4018 451.s 39 41
312 4
21
15
78 1
313
2
7%
2134
6
161
85
171
68
54,4
912
80
8%
11-4 312 g"
213
11-4
Engineers Public Service
• 7
$5 convertible preferred '29
Preferred $5.50
• 28
$6 cum pref
• 36
Equitable Office Building
• 10
Eureka Vacuum Cleaner
• 412
Evans Products Co
5 I
Exchange Buffet Corp
10
Fair (The) Co
• 312
Preferred
100
Fairbanks Co
25
Certificates of deposit
25
100
-II. Preferred
Pref ctfs of deposit
114
100
312 Fairbanks Morse & Co
318
7% preferred
13
leii 1034
1 Fashion Park Associates
%
Preferred
314
100 312
1012 Federated Department Stores •
1014 Federal Lt & Traction
15 814
Preferred
46
• 42
9
34
34
43
1212
512
I
10
414
47
--__
21
25
118
214
334
18
1218 16
1513 2112 1714 22% 17 1914 1711 2014 1734 21
1
214 2% 5% 3
512 214 3% 2% 312 134 212
38 38
20 20
15 20
1812 22
15 20
"1014
16
2534 2112 2678 1758 25
2034228-53 2118 257*
-15- "1-E- "1214 "fg"
26
January February
March
June
April
May
Low High Low High Low High Low High Low High Low High
Par $ per share $ per share $ per share $ per share per share $ per share
3 1
Electric Boat
118
178 138 254
1
1
11 1
134 2% 212 6%
!Mee & Musical Indus Am abs - 112 134
114 158 118 178
158 278 238 312
1
15s
Elec Pr & Lt
• 534 778 312 614 358 658 312 834 6% 9,4 812 15%
712 14
Preferred certificates
• 1538 2012 10
1618 8
1378 22
15
1953 3612
Preferred (6)
• 14
718 12,2 a614 1258 1214 19% 18% 32%
1834 7 14
Electric Storage Battery
23%
35
• 23 .i
2478 2218 x25%
3218 4012 a39 50
2 251,2 21
Elk Horn Coal Corp
58 4
%
14
Preferred
50 -------78 112 112 6
58
53
Emporium Capwell Corp(The)• -------3
3
2 iEndicott-Johnson
50 291
3012 43 -4512 Ilia 52 ;Si"
26 165; 30 32
Preferred
100 -------- 107 107 10818 10818 10712 10734 107 10818 111 117
Federal Mine & Smelting _100
Preferred
100
Federal Motor Truck_
--- •
Federal Screw Works
Federal Water Service el A
Fid-Phen Fire Ins Co N Y_$2;50
Fifth Ave Bus Sec Corp
•
-1-61; Client 'a Sons
•
Preferred
85
100
1518 Firestone Tire & Rubber
10
6312 Preferred series A
100
5412 First Nat Stores
812 Florsheim Shoe class A
ProferretL
93
100
4 Follansbee Bros_
534 Food Machinery Corp
9% Foster-Wheeler Corp
•
7% cony pref
14 278 Foundation Co
20
35 35
23
25 25
25 28
jl
112
158 2%
178
12
34 112
58
34
214
378 512 313 5
1314 1212 1412
1312 18
612 612
-512
83 83 -85" -SS" 84
1112 1234 1134
1112 13
5914
55 6312 5514 64
47 5153 47 52% 49
738
7
7
7
9
70 99 90
312 412 3
414 212
5
-1-E78 723 "1"2"3;
"1-1-3-8 7%
35
STOCKS
912
3112
35
38
11
4%
112
10
334
4
2078
2418
28
6%
412
I
10
2%
33
7
29
3314
3412
10
4%
Us
10
3
45
418
2114
22%
2618
612
4
78
10
238
34
714
24
2313
26%
x818
412
1
10
378
34
4
151,
15
2012
634
3
78
10
314
40
7
32
25
28
938
412
1'8
10
512
52
218 234
214 234
534
3% 318 358 212 3-12 3
14
10
11
14
1518 1112 18
1
1
53
34
312 3
4
3
414 414
3
712 618 712 8% 10
1812
434 8,4
1014 8,4 8,4 5
6
41
49% 49 54
38 42
50
614
2313
2234
2634
834
5
1%
10
478
50
78
1
3,4
314
512
17
1
4%
1714
8
42
39
19% 23 37
15
18
19 2318 18
1914 30
34
34 212 1% 2% 2
113 134 112 112
78 11,
34
% 114
4 1'
34 1
158 234 214
212 312 1% 2,
134 2%
4
1578 18% 13
1712 1014 16% 1034 2014 19
612 612 5
712 612 634 7
9 1612
81
86 86 -8112 82
8112 -8312
1233 14% 912 1234 91, 1/12 9% 1712 1634
61 6338 4934 6078 42 5118 44 64
6278
4438 5134 43 24912 4614 59,4 5634
5114 56
712 734
734 8
10 12
712
97 97
89 92
80 85
8378
314 4
212 3
7
3,4 4,4 3,2 7
8
678 6% 612 9
8 10,3 412 812 434 9,8 6
1178 1058
3213 40
45
214 4
2
314 2% 3,4 24 -13-4 438
12
35
39
40
12%
1112
414
10
1212
52
2
118
6
518
11
40,2
218
7
2312
12
50
9
3212
34
37
634
8%
318
10
10
55
1%
112
514
5
8
35
34
4
2212
10%
46
1434
47
4978
55
1214
17
712
1012
1212
55
25s
238
8'4
6%
1114
42
3
10
2612
1412
5678
4712 75
48
44 55
45
8% 6% 978
3% 318 412
3% 312 634
2612 23 30
612 9
8
23 23
83 8618
85
1912 2534
23
69 75
74
62
5913 7038
15
16
16%
8912292
85
1318 1134 19
1012 1234 15
14
18
1958
4612 58 65
1034 9% 2173
Fourth National Investors-. 1814 2018 1418 1912 1358 21
1612 23% 2014 2514 22 2614
0o5 Film______ * 134 212 114 1%
78 214
178 4
34 1%
234 4%
Franklin Simon. pre(
13% 2378 14 2012 18 2012 31 45
li00 12 16
40 49
Freeport Ems Co
• 2212 2638 1618 24% 1678 24,2 2012 29% 29 373a 32 3412
6% cony pref
100
97 106 106 119 1171,127
Fuller Co. prior preferred _ • 9 11 18 914 1223 10
10 12% 1212 20
13
18 31
518 4
281 preferred
• 4
713 5
5% 4
11
1012 23
414 6
Gabriel Snubbers "A"
138 1
118 114 138 118 2
• 1 18 I% 1
2
434
Gamewell Co
612 9
8
7
012 712 653 1714 14 20
7,4 7
General American Investors-: 3
258 334 2% 412 3% 658 6% 8
4
734 12
42 42 48 55
Preferred
50 65
• 4818- 53
65 78
74 SO
Gen Amer Tank Car
• 1658 1938 1334 18% 1334 20% 1758 2312 2318 36 x31
3834
Gen Asphalt
718 458 778 6
634 7% 5
1138 10
1634 13% 21%
Gen Baking Co
13 14% 13 15,4 13
13% 1812 15 2014 1534 1913
16
• 105 105,4 105 105% 9934 10518 102 103 10312105 102 108
Preferred
General Bronze
2,2 3,4 218 314 2% 3,4 212 4% 4
834 6
1018
Gen Cable
• 112 112 I% 112 114 214 238 312 234 8
614 1112
Preferred
10
6% 9,2 612 12
7
1178 33
12
_130 8
27 46
Class"A"
318 334 214
2% 4
4% 6
514 16
1353 23
3l5 2912
Gen Cigar, Inc
2912 33
29 40
32
• 29 33
3314 39% 37 4858
,4
Preferred (7)
107 112 10712 112 100 104 10414 10853 x105 1091,10518 110
1E1-4 21
23 25
714 12
6% 7
1334 12
18
11
11
3,4 7
1334 10
5, 1
134
1
134
3
153 3,2 134 3,4 2
9% 10
14
12
13
978 513 8
8
914 13
1%
112 412 3,2 512 318 412 318 4
314 4
48
48 68
62 71
46 54 247 47
1412 1312 1938 1713 25% 13 2114 1438 1812 1478 17
9% 834 12
9 1434 7
634 958 618 8
1018
1412 13
1734 1412 1818 13
15
12 1312 12
16
9518 100 104 103 106 103 103
100 100
212 1% 6
258 414 214 3,4 234 318 1% 3
1,2 1,4 4,4 2% 5
212 318 1% 234
114 134
812 812 25
1518 2534 9
9% 1114 6% 1018
18
334 3
,
4 9,2 614 1112 4% 7
312
3
3,4 5
31
3034 3418 32 36
3114 35
3012 33 28% 3014
00
93 95
95 101 10212 105 101 101 102 106
1453 1338 22
9
• 1438 16,
16 23% 14% IS% 1413 1814 1378 1634 Gen Electric
1114 16
1214 19% 1858 2318 2014 2514
8 1013 15
1053 11
10% 1112 1114 1178 1112 1134 11344 111s 1112 1114 Special
it 11,
11% 12
1 12
1114 1178 1078 1.134 1118 11% 1134 12,8
1958 25,2 2418 31% 2713 34
2714 3112 2118 2918 2118 257,, Gen roods Corp
2412 2218 2834 2434 32
30 3438 3318 3834
• 2318 2734 21
'8
94
34 238 I% 218 1% 2
53 112 Gen Gas & Mac Corp cl A
34 118
112
1
114
34 I% 134 278
'8 118
'1
78 112
Class 11
114 114
: 1
1
1
12
34 158
-;"
614
15
16Preferred
"A"
17153
/S1014
13
25
14
-X.934
(7)
13
"23"
9
25
"1758
13
13
1212 13
1812
7
93
4
614 504 9 30
18
Preferred "A"(8)
2838 25 3514 3113 35
1112 16
1434 10
13
13
5 10
1534 20
15
• 13
7
3
6 2018 12 1634 II
712 914 4% 8
Cony pref A
814
914 14
6
5
83
11
8
1212
3%
1018
167
8
•
1612
1958 1931 2178 2414 2318 24
2414 24,4 2513 2534 2.578 2578 2634 30% 3112 3318 3314 35
2353 23% 23 24 General Italian Edison
2213 24
2812 3634 36 4512 4312 4813 40 4612 39 4314 3788 4133 General Mills
41
40 55 52% 5758 55 71
• 3812 4112 36
35,3 42
76 85
88 9314 94 95
96% 98
9334 98
92 95% 91 9518 9418 9612 Preferred
9312 95 9378 100 10018 104
9212 94
106
753 1114 103 1678 1458 20
1418 1013 14% 1114 21
12
10 1278 1478 10
20% 2578 2412 3038
1712 1178 1512 1218 1414 Gcn Motors Corp
56,4 70
6612 8112 78 85
Preferred (5)
7414 Ms 7131 7514
7353 82
• 7212 77,4 65% 7312 6512 7112 6612 80 80 88
8714 90
2% 338 234 314 318
34 234 3% 258 3
234 3 General Outdoor Advertising_• 234 3
234 318 212 2% 234
3
534 434 10,8
5
4
322 318
6
Class "A"
513 712 6% 9
6'8 5
• 5% 518 5% 5,4 5% 5,8 6% 8
6% 6% 5
712 1118 11
24
212 434 634 8
77
4% 514 258 512 General Printing Ink
858 4% 8
: 3,4 5% 312 4,2 3% 5
5
612 714 11
1114 17
39 4912 55 65
321, 37
Preferred
40 4812
5312 60
35 40
5512 GO
44 44
314 31
31
45 51
53 65
irs
134 713 334 68 3
General
212
8
Public Service
4% 3,8 434 218 33
312 3
212 434 2
4% 412 814
• 278 334
813 1614 12% 2114 1518 23
1134 1612 1212 1614 1034 1412 Gen fly Signal
2078 1538 1978 1714 25
• 1314 1912 16
23 3714 3012 4112
65 05% 7412 7412
Preferred
---- --__
75 75
100 69% 7414 77 77
77,4 80
84 118
88
114 214
78 Gen Realty & Utilities
12 2
I.
78
22
78
1
34
38
12 118 1
212 178 438
10
16
588 19
14
Preferred
1634
7
7
5% 7
6
7
6
1014 812 1612 14 2234
613 12
913 1588
el, Gen Refractories
4
4
6111 212 4
212 4% 258 712 712 1334 1012 1813
V tc
11
18
1l1 27 20 25
:"io
9% 11
11
15
162-4 -io- 13.- Gen Steel Castings pref
10
15
16
1814 29
2712 31
18
1214 1818 15% 22% 17 2358 1418
1638 201* Gillette Safety Razor
2014 1278 17% 1314 1712 934 14
19
17
2038 16
1114 1434 1334 1634
4612 64
63 7212 65 70,
:
72
Convertible
preferred
Z718 75
4 6618 6934 67 6934 66
63 7234 62 6912 4734 65
4953 55,8 5112 64
72 134
158 334 2% 3
118 112 Gimbel Bros
lls 214
112
3
,
4 2
• 1
34 118
34 113 114 212 2% 5
334 7%
8
1514 14 22
1678 24
718 1038 638 8
7% preferred
8
15
100 912 91z 718 7,8 514 778 8
12
1212 2112 2114 3178
312 45
414 734 6% 1038 51 1 8
514
6
378 512 334 618 412 712 714 1418 12
5
653 434 618 Glidden Co
1733
38 3978 50 58
7% prior preferred
73 76
57 65
55 56,2 5012 5412 491, 52
62
72
65%
6818
100
8312
7412
48
5038 59
76
41i 634 5% 8
5
734 414 55s 413 534 312 5 Cobol (Adolf)
4
334 478 3
73
3
453
353
7
13
8
,
2
13
4
1312
143
x934
1958 1618 20% 1434 1972 1458 1814 135 1614 Gold Dust• t C
14
16% 12
15
12
167g 1314 1912 1834 22% 2018 2434
70 79% 9014 9012 95 97
•• 100 103 10013 10114 10114 10114 10014 102
95 981 100 100 • 10112 10112 Preferred
100 101 100 104
Gold & Stock Telegraph Co. 100
78 78
69 69 66 66
-"Fa "
Goodrich (B F)
7 -1-2-38
- 434 8
4% 7
• 412 618 314 5l
934 912 15,4 1233 177
3
6
4
8 1314 12 33
2212 3314 1212 2312 13% 18
12 1434 7% preferred
100 1312 1814 9
1278 9
143
4
1112 2212 2218 4238 41% 53%
614 1212 1114 2934 1838 2934 11
14
13% 19% 1318 1753 Goodyear Tire & Rubber
23
1834 9,4 1434 10
17%
1334
2858
3158 3812
27% 37
1934 39
39 6912 48 6812 3712 44
3412 4214
1st preferred
40 49
.• 36 45
2778 3512 2734 39% 348 5912 57 743 x73 8018
1312 1918 1712 29
19 3034 19 2512 15 2538 1158 17 Gotham Silk hosiery
12
1334 613 1214 8% 1334 758 1234 1012 1514 1234 1712
5814 60 6314 65
Preferred
70 70 70 7012
60 62
100
41
41
70
41
55
54
158 138 358 238 4
1
112 212 158 212 Graham-Paige Motors
134 212 I% 2
I% 3%
1
118 134 1
2
2
258 4%
4
258 4% 458 1013 6
1158 5,4 7% 5
612 412 478 Granby Cons M S & P
100 418 5,4 4
4% 378 61., 412 232 - 8,4 15
10% 1558
3% 5
,
4 5,3 0% 6% 9,
433 512 Grand Union Co trust certifs.• 5
614 334 614 358 514 334 814 6% 8
5% 7% 414 7
4
7 10%
2233 28
28 35
3018 3412 Cony pref series
33 3518 31
35
3412 2234 32
3312 31
• 31
2258 28
2212 2778 2712 33
2914 35%
7
9
1412 15
10
12 21212 Granite City Steel
13
17
1212
1212 1334 13
1212
13
•
1318 1118 1118 1112 13
16
22% 38
24
1512 18
1718 23
• 18
1712 2218 1878 23
19 2178 19 2138 Grant(W T)Stores
2134 1534 1812 1634 20
1814 2778 2814 33% 301, 3513
718 7
5
1112 712 1112 714 9
718 Great Nor Iron Ore properties• 6
7
814 6
518 7
7
513 6
514 9% 812 141 11% 13%
5
7
Great
6
12
712
Western
7 1034 6
Sugar
8
6% 714 638
• 6% 734 734 10,4 9 1334 12% 19% 19 281 23 30%
5618 70
71 83
Preferred
75 82
7012 74
7012 75
100 7212 75
72 76
76 90 8512 9412 88 10378 98 108 102 106
_
16
2212 23 29
Greene Cananea Copper
100
912 18 2512 25 29
8% 8% 9
24 30%
12 112 1
2%
112 234
Grigsby-Grunow Co
-"i 158 -14 1"11,
.
114
53 114
• 1
34 118
58 118 118 3
134 338
is
NI
38
Guantanamo Sugar
12 1
%
38 1
%
58
53
•
19
14
12
38
34
38
34 258 158 438 214 414
412 5
6
8
5
8%
7
preferred
8
5
512
100
5
5
9 25
15
283
4 34
29
2% 7
618 1434 1114 21
17112 97 -1-S4 9% 1118 Gulf States Steel
11
914 1912 6% 10,2 718 131s 11
1834 1834 2212 22 22
12 26
1812 30
15
IS
7% 1st preferred
35 35
32 40
10; 1614 28
1758 19% 1612 201*. 20 3214 26 43
43 64
1658 1934 2018 20 2014 19
16
Hackensack Water
1978
2* 1712 1834 1712 1834 15
1778 1518 17
171, 22
18% 2112
2178 2478 24 251 i 25 26
26 "2-6-1; 'referred A
25 20
2512 26
25 2612 2878 2612 2712
25 2612 2514 2834 27 28
No par value. a Optional sale. c Cash sale. x Ex-dividend.
6%
58
614
78
30
10
6
11
00
113
12
4
2
22
82
-Eis
Financial Chronicle
612
July 22 1933
New York Stock Exchange-Continued.
1933.
1932.
S rocKs
November December
October
August September
July
Low High Low High Low High Low High Low High Low High
June
March
April
January February
May
Low High Low High Low High Low High Low High Low High
Par $ per share $ Per share $ per share Per share $ Per share $ Per shoal
$ per share $ per share $ Per share $ per share $ per share 6 per share
114 2%
1 18 218
.8 422 34 614
214
112 212 1
1 18 158
1 12
14 Hahn Department Stores
2%
5t3 133 138 414 212 334 2
1612 16,2 2778 24
Preferred
100 12
3173
1212 912 1134 9
1414 10
2213 1534 1938 14
1612 1014 14
18
14
28
71g 13
Hall
Printing
111
43
3 8
414
414
4
318
4
4
33
4
33
4
313
5
634 8,2
334
312 5
612 518 614 414 513 312
5
212 3
• 3
234 6
3
5
6
3
3
3,8 3
3
418 812 312 Hamilton Watch Co
5
5
512 5
714 8
15
.100 18
25 30
1614 20 25
Preferred
15
15
18
22 22
20 20
4913 55
46 48
Co (111 A) 57 pref
55 75
• 4512 52
73 79
4773 52
-56" 12-- 42 63 60 854 56 60 52 56 44 50 Hanna
1212 12% 1914 1558 22%
9% 7
Refract
• 8
613 712 7
8
878 9,4 94 17 13 18 978 14 912 1212 714 918 Harb-Walk
48
52
6% preferred
100
90
62 75
78
76 76
__-- 75 75
14 134
78
12
38 214
•
12
38
38
14
12
12 2
12
. 1
1
58 Hartman Corp ci "A"
112 258
__-78
14
14
14 134
14
38
12
18
12 Class "Ir
•
38
72 -17
13
73 2
38
58
33 1
---78
78
1
3
712
12 113 Hat Corp Class A
78 112 3
1,4 - 78
1
114
238 212
1
2
3
---6
612 61i % preferred
100 658 658 634 634 6,2 612 5,8 712 7
15 30
10
8
9
9 20
5
9
6
6
914 15
324
112
3
4
112
Hayes
Body
178
Corp
112
3
4
14
118
118
2
314
54
1,
4
14
2
38
23
4
112
312
234
2
38
58
Hazel-Atlas Co
25
7714 8312
73 80 -74- -RC 85 9234 9014 9334
25 694 7112 7012 76
644 -7112 65 68 6714 74 Helme (G W)
70 Ifs;55 -6i- "Zii- 70
11614 11614 119 120 125 125 12334 12334
7% preferred
100
113% 115 120 120 130 130 116 116
5
518
1618 18
72 /4-3-4 "1684 19
8834 9018 78 9014
9012 91
51 6078 53 5714 5312 5712
73 78
74 79
7634 80
718 934 6
734 314 534
234 412
5
534 4
5
124 13434 131 16258 150 163
258 112 2,4
214 318 2
7
612 712 6
5133 -5014 5153 52 5453 50 52,2
1318 1814 1234 1634
2814 1034 18
278 34 212 34
533 238 4
1412 658 812 814 914 473 7
5
612 4
1034 478 7% 4
238 314 214 234
533 212 4
78 1,3
38
34
218
78
53
10
_
16
- - 10
518 518 612 8
14 16
- 1378 29 x24 2912
82 90 9012 92
73 79
45 6934 57 7058
4312 52
5912 270 88 7712 76 80
734 814 712 1212 84 1238
4
3
334 734 512 8
117 128 11234 12314 119 127
113 2
112 4,4 234 412
4212 4853 47 4953 49
10
1534 1378 2478 1434
312
2
3
234 5
712 712 1334 812
5
$13 878 638
413 7
212 414 3
153 3
53 1
1
38
53
6
912 104
14
733
17
10
114
314
118
58
158
58
5
5212
112
47
12
758
8
1038
6938
273
1
4
52
214
%
---_
14
212
44
3012
1012
2014
712
30
318
153 24
112 114 2
14 3134 2373 40
15
2438 2312 4113 2978 4478
12 2878 1878 2778
14
734
614 4
314 3
818
338 758 6
4
134 312 3
21g
312
138 278
1,8 3,8
114
278 212 578 412 714
73 353 114 253
58
1414
8
5 15
6
9312 10612
7478 108
75
378 512
314 234 5
1012 878 1334 934 1614
1
78 112
34 158
1333
1234 914 1334 8
- --_
8 ..-1778 1578 -3-41; -1813 -3-3-14
90 99
8012 87 97
1012
714 512 1038 7
112
2
638 6
70
65
334 4
114 1
38
4
---1-8
37
358
418 5
33
32
12
13
2314
33
1134
14
37
36
658 558
414 3,4
1118 814
78
80
1112 618
43
114
38
2
58
14
1118 478
014
6
397 38
1812 x1458
2612
30
234 1412
55 349
1318 9
138 2
2314 3414
2678 3514
15 20
234 434
538 6
212 3
112 2
312 458
112
1
613 612
83 102
3
412
8
1378
58
78
48
714
412 412
1878 2934
90 9658
518 773
418 112 3
1212 718 912
70 x80
82
413 812
12
2
334 1
2I, 34
112 12 78
1238 314 534
718 5,2 678
3634 3412 42
1734 1313 18
3118 2538 284
1314 1914
26
47
78
712
55
1534
14 234
2934
21
23 33
1334 1712
278 378
5
558
2
212
178 2
312 334
114
7
513 812
7978 100
234 312
712 1034
78
58
412 8
214 5
1813 2534
87 90
5
74
158
738
70
5
1
38
33
312
514
34
1334
25
14
43
778
214
918
7053
5
2
34
33
5,4
57
45
1638
2658
1914
48
1153
7
5
3
3
Hercules Motors
• 5
814 1173
5
812 8
5,4 5
1518 2014 16
2334 23 3512 3318 6112
18
Hercules Powder
• 16
1712 15
9434 85 92
9112 102 100 108
9112 9512 88
Preferred
100 8712 95
54
3518 5112 38
52
50 5534 5134 58
Hershey Chocolate
• 52 5734 45
6434 79
Cony. preferred
• 37714 80
7212 7712 6712 75
7878 8412 7812 854
44 Cs 358 434 5
Holland Furnace
• 312 7
1012
512 478 834 7
214 3,2 4
214 3
678 658 1012
Hollander (A) & Son
• 234 34 212 3
Homestake Mining__
100 145 158 151 169 158 174 al70 20512 180 227 201 250
212 118 2
Houdaille Hershey class 13. __• 2
8 112 2% 212 5% 438 64
513 534 534 413
6
14
Class A
• 6
6
11
16
4414 4714 4334 4912 48
Household Finance pr pref. 50 50 51,4 49 51,8 47 50
50
1934 1734 2938 27
Houston 011 of Texan _ _ _100 1314 1534 8% 1312 814 1312 10
35,4
212 4,2 353 558 458 678
25 234 3,4 178 234 1% 3
New voting trust ctfs
814 1914 15 2158 1912 2534
Howe Sound • t c
5 512 734 634 878 658 10
3,2 718 613 934 8% 1314
Hudson Motor Car
• 414 512 3
4,4 3,8 41
10 238 3,8 134 2,2 158 21
Hupp Motor Car Corp
134 358 318 478 458 714
14
58
14
12
•
Indian Motocycie
38
12 138 118 233
12
58
34
7
4% 5
6
7
7
7% preferred
100 7
412 11
1114 20
7
10
2 Indian Refining
3113 Industrial Rayon Corp
•
3012 Ingersoll-Rand
•
1414 Inland Steel
•
234 Inspiration Cons Copper __ _20
5 Ineshares Corp of Del cl A _ I
1
238 Insuranshares Inc ctfs
•
134 Intercontinental Rubber
•
358 Interlake Iron
112 Internet Agricultural
•
438 Prior Preferred
100
917 Intl Business Machines
•
333 int Carriers Ltd
1
912 international Cement
•
•
58 Int•I Combustion Engine
•
612 Convertible preferred
418 Preferred certificates
•
2378 International Harvester
•
100
8618 7% Preferred
6314 tot Hydro-Elec System el A_ __•
14
2812
2314
13
213
312
134
1 18
238
1
5
89
278
8
12
5
234
2058
80
5
2
3533
3158
16
318
412
212
112
312
138
6
9712
334
9
34
6
412
2514
83
64
114
2818
1918
12
2
234
112
31
212
7g
5
7534
3
612
38
3,4
234
1358
83
314
112
38%
25%
14
234
358
2
114
3
1
6
91
44
812
12
4%
234
2238
88
5
2733
204
12
2
214
114
58
24
1
5
7612
3
613
3s
4
353
1414
8514
234
3812
28
1558
34
234
2
1 18
312
134
612
97
418
912
34
5
358
2534
92
434
14 2
134 318 234 412
24 4514 4218 6814 6113 7414
2312 4012 3712 58
54
7634
1378 26,4 2512 36
4212
36
214 44 418 712 6
912
4 2,4 23g 312 3
4%
114 2
134 253 212 3%
14 153 14 314 212 3%
213 458 5
958 84 1114
14 218 112 338 2% 3%
6
934 9 1534 13
19
8512 111 109 12434 121 137
3,4 434 433 733 638 8
7,4 1614 1512 29% 26 35,4
18
58
14
34
1% 334 134 514
2
3
1
3
2114 3238 3118 3934 -3414 4224
92 971 9714 11018 110 113
212 558 434 7% 7
1114
114 134 lnt'l Mere Marine
•
•
714 838 Int Nickel of Canada
_100
Preferred
66 70
453
Internet Paper 7% pref.-100
2
34 1 13 int Paper & Power class A-- •
12 Class B
38
•
14
38 Class C
100
134 317 Preferred
3
514 !nt Printing Ink
•
Preferred
43 45
100
•
1434 x1733 International Salt
2338 2478 Int Shoe
•
834 1434 International Silver_ ____100
7% Preferred
34 43
100
•
54 834 International Tel & Tel
114
734
72
212
78
38
14
2,2
378
4012
1512
2438
114
34
634
1%
812
75
434
14
33
I.
4,2
412
42
1858
27,4
1434
40
812
1,3
634
74
253
34
38
14
214
312
3812
1514
26
934
25
54
134
8%
76
4
1
12
12
34
418
42
16
27,4
1312
38
7,4
14
6%
75
3
1
12
33
218
5
3914
133.1
26
10
2412
5,4
2
912
84
414
1
78
12
378
5
43
1712
2912
18
35
8%
138
7%
78
a278
12
14
14
2
5,2
35
1418
2814
15%
31
512
178
2112
2334
1212
134
312
113
34
214
1
414
78
212
612
12
434
334
1953
8012
5
21
15
86
434
1'2
6,
1
338
6
43
201
40
3134
50
13
258
1278
89
314
1%
58
12
3
6
3712
1914
3813
2334
4012
11
44
1534
95
9%
314
153
114
638
10
56
2618
4912
3014
48%
15
3,2 678
15
1912
9612 104
858 17
3
6
14 338
78 234
8,4 17
1018 1214
5612 70
2312 2712
4312 5134
27
37
4712 65
13% 2113
112 234 112 234 2% 7
214
Dept Stores _____ • 218 2% 2
218 3Interstate
_
4
734 314 518 234 33
54 7
3
312 312 6
12
14
20 34
20 2014
Preferred
_
36 36 ____
100 20 25
3512 35 39
28 31%
1813 2518 26
Preferred
_
ex-warrants
_100
25
,
1
1
2934
--27'
25
3212 36
38 39
28 39
20 28
334
37
--E314 4
--F3 222 --353
• 178
412 318 318 212 3 Intertype Corp
4
512 412 512 4
5
812
154 21
1314 1112 16
1914 29
14% 11
1413 Island Creek Coal
1 13
13
2714 30
1218 1134 2012 1458 1912 1212 1612 1212 14
11
85 85
_ 90 90
Preferred
1 90 90
• 25 27% 23 28% 2414 2812 02512 35 -5:08 43
42
36
"IV IE1-2 -EL" 37472 -fi" -S2-3-4 -.2ir2 -3-6- -HT4 -2-9-78 26 2812 Jewel Tea Inc
• 1914 2334 13 207 1214 1913 1538 2634 26 4153 3734 5414
1012 1512 1334 2878 2413 3338 1814 3034 1814 2614 1714 2318 lohns-Manville Corp
42 61
47 52
57 62
7% Preferred
5712 85
100 59 59
65 70
67 70
6253 80
5978 7212 79 98
55 78
45 57
44 60 60 7684 75 8138
3912 40 50
35
40 4617 tones & Loughlin Steel pref100 36 50
64 6712 5014 6478 4518 55
37 67
30 40
__
_ 10313 10414 Kansas City P & L 1st prof B. 10612 110 10612 1068 106 10634 105 10614 10014 10512 100 105
98 8934 100
9313 9414 95 100
812 678 87
1012 13% 1314 1773
718 12
- 712 918 Kayser (.1) & Co
014
5 753 812 67
1034 718 1
85 1433 734 10512
434 512 5
37 Kaufmann Dept Stores__ $12.50 318 334 234 314 253 312 258 5
512 638
412 3
5,4 7
4
678 534 758 334 534 4
3
4
10
9
8
9
12
14 25
8
14
18 20 ___ __ _. Keith Albee Orpheum pref_100 8
25 29
24 24%
1914 2014 28 30
912 16
Kelly-Springfield
1
1
1
•
Tire
113
7
3
1
13
4
23
4
212
1
15
8
4
13
4
114
2
33 1,
73 112
/4 253
-1- --312 512
New
1
134 1
5 112 2
38
78
14
34 112 113 24 112 214
34 1
Certificates of deposit
32 42 --------5312 5312
6%
51
Pref
ctfs
5318
51
5i-5
2,2
45
4614
50
4212
3214
.
8 14 23
8
8 - 8 -113
6
6
56 preferred
• 9% 10
20 3lls
•
38
12
-8 -11.2 - -31-4 ---itt -1713.1 --lig --3333
58
8'2 112 --- T4 ---5; Kelsey-Hayes Wheel
_
38
%
Chase Nat Ilk ctfs of dep *
4
14
218 27
2
2
2
Cony class A
8
1
--__ ---- --__ _-- ---- ---- -- ---6
8
2
2
212 213 218 514 438 634
Class 11
1
3,4 518 334 614 613 10
434 Kelvinator Co
---284 -/1-4 -534 - 612 -1158 --778 --i- --"5"5-8 --554 --512 4
• 4% 5%
834 1214
-17-8
21
17 20
478 84 8
1134
11
10
118 1,4 2
7
7
7
8%
658 9
92
92 95
113 212 2%
10
18 -2-61; 23
'35
114
18
1058 1418 1318
60
-46" 18'- 45
3412 3312
26
2
2
2
213 3,4 3
814
514 10
4814 50 5014
36
1712
14
413
19
14
98
5
15
33%
58
1712
GO
6112
45,4
7%
778
11
60
Kendall Co pref A
• 30 32
Kennecott Copper
• 813 1013
Kimberley-Clark
10
• 8
Kinney (G R)
• 114 1,4
• 7
Preferred 8%
8
Kresge (S S) Co
10 84 1034
7% Preferred
100 99 100
Kresge Dept Stores
• 118 2
8% Preferred
10
100 10
Kress (S HI & Co
• 27 29
Kreuger & Toll (Amer ctfs)... 1-32
14
Kroger Grocery & Baking-- -• 1612 18,4
Laclede Gas (St Louls)_ _ _ _100 60 65
61
"LEI 16- Preferred
61 ifE" "iiirs In);
100 61
33 37% 28 3514 Lambert Co
• 2858 34,2
39 4773 3258 41
4
4
2% 3 Lane Bryant Inc
•
512 6,4
612
5 5
518 818 3,4 612 453 614 414 518 Lee Rubber & Tire
512 6 Lehigh Portland Cement__ _50 5% 5%
7
818 6
734 11
6
Preferred
40 45
38
100 36
55 60 52 56
5014 70
2812 3013
2534 29
36
1914 958 1373 912 13
1112
1012 11
15
10
5
3
3
3,4 2
17
813 1312 612 8,2
1412 934 13
034 12
96 100
07 100
97
2
4
2
2
2
15
15
25 26
30 31
18
14
4
38
'4
58
15
1834 13% 1718 144 31612
25
11
1034
3
1212
1012
9434
112
27
28
8% 1014
613 10
112 112
678 812
978 x1114
98 100
118 2
10
15
21
2934
14
4
13% 1714
32 3312 3258 37,4 3278 46
738 912 712 1112 858 17
678 718 5% 958
912 10
112 112 1
2
514 7
44 6
5
9,4
512 873 573 978
612 9
88 9334
9338 9938 8814 04
1
1
118 114
-27- 28-1-2 27
14'2 18
-211
.
2 28
165; 1753
-LE.- 51 -3712
1434
-3-07g 2218 2834 2418
3
3
3
378 518 -334 --8- 412
84
578 578 64 8
4313
34
3612 36 45
45
1534
10
112
858
9,4
92
2
25
32
50
21
15,4
418
1678
1314
9834
612
25
if
34
16' 28 195
;
50 51
45
42 5912
3138 2912 3733
3
514
4
8
7,4 1012
1078 11
17
4412 47% 65
47 55
16% 22
16
1812
3
614
14
2418
12
1573
94 105
7%
4
2114 2114
3.78 43
28l
60
58
33%
4
734
17
69
33
80
60
4014
1012
11
27
76
134
1
112 1
158 Lehigh Valley Coal
113 3% 2% 6
112 118 1,4
• 1
113 112 158 434 314 433 212 34 112 24 1
Preferred
3'2 438 2
34 2,2 358 3
Vs 3
314
338 3
50 3
•34 5
11
612 533 12
378 1112 9
114 3
5718 66
• 4114 4734 3712 44% 3753 4614 4012 57
63,4 7312
3118 3858 37 5012 X4388 5173 39% 4918 3978 4514 3912 4214 Lehman Corp(The)
18% 2012 19 2314
1838 144 1834 16% 20
18 Lehn & Fink Products Co
5 1712 18% 14
16
174 15
19
1812 15
194 15
834 1412 14
11% 30
2534 3234
• 6
634 512 612 434 712 512 12
5
94 534 812 512 7% 5'2 678 Libby-Owens Glass
5
712 7
4
1318 1712 17 2073 20 28,4
15
1214 10
• 10
1012 Lima Locomotive Works
1013 10% 1412 11
1218 1418 11
1012 15,4 1333 19% 1418 18
11812 125 125 125 119 132 118 124 118 1244 Liggett & Myers Tob pref_ _100 12314 129 125 132 121 125 12312 129 127 132 131 134
49 5812 52 6034 58% 7912 78 9034 8812 9414
25 50 62
37 114 51% 6112 57 6514 53 6512 50 60 50 5612 Common
B
25 5114 63% 49,4 5934 50% 6234 57 8078 7814 9213 87 9534
3833 5238 51 62% 57 6714 5313 6714 5114 6234 50% 58'4
13
1714 1658 2112 1813 22078
1312 15
1412 1578 Lily Tulip Cup Corp
1414 15
16
• 15
1512 19
14% 15
1812 1958 1612 1712 1612 17
8
812 8% 912 938 19
1518 19
9
• 834 91 1 8
8
10 x1012 914 11 Link Belt Co
10
11
13
1234 11
8% 8
1938 18 3834 27 4138
• 12% 1478 1014 1414 1012 1812 15
1034 18
1134 1512 1378 2033 1314 16% Liquid Carbonic
10% 1373 124 18
• 1512 2112 1118 104 812 1438 934 15% 1538 22 x194 2433
1378 2278 2134 3612 2818 3734 24% 33
2114 31,4 1758 23% Loews Inc
3712 52% 35 51
50 6478 6478 7334
52
Preferred
• 51
5612 48
39 x5812 6112 7812 76 80 72 79,4 63% 7478 5714 62
314 412 318 412 278 4 Loft Inc
• 234 312 134 273 134 234 1% 234 238 3% 3
414
5
2
234 238 338 3
1
1
12 118
34 278
412 2% 512
7
1
12
12
34 1
•
118
3s
As Long Bell Lumber A
34 1
1
8 2434 36 34 4018 37 4012
244 Loose-Wiles Biscuit
21
1914 24,4 19-53 -thf325 23 27
24
2014 26
3112 1914 28
164 2314 2253 30
118 119 11312 11634 11634 120
1st Preferred
100 115 120 115 120
1034 118 112 115 115 115
96 101 102 110 110 112
• No par value.
a Optional sale. c Cash sale. 2 Ex-dtvIdend.
Financial Chronicle
Volume 137
613
New York Stock Exchange-Continued.
1933.
1932.
August September
November December
October
Low High Low High Low High Low High Low High Low High
STOCKS
July
$ per share $ per share S per share 3 per share 3 per share 5 per share
84 9318 93 105 104 10818 102 107 102 10334 95 100
1438 174 1438 1838 1212 1614 1218 1414 1178 1414
1013 15
84
12 214
114 2
112 218 1
112 1
1
12
15
15
15
15
15
15 --------3 12
1714 1834
2314 1858 2278 17 2078 11718 19
4 16
-iir4 161
94 614 1138 458 9
434 4
778 54 6
2
5
94 14
1712 25
2434 26
20 20 ---25 25
1334 18
1512 1934 1514 1734 1412 1778 1512 -1-i1-2
1113 14
_
12
12
11
10
612 7
11--_- ---- 10
8
818 7
-gr2 --81-2 1112 13
7
6
7
5
7
20 314
354 4312 34
3713 32
35
23 4434 37 45
212 212 4
54 518 514 25
14
,
14
,
14
2 64
534 518 6
215
1458 1834 1534 18
1618 1714 16
1812 16
5112 424 5018 4018 4534
3014 3714 3578 5218 4558 5658 41
314
134 212 214 512 312 613 3
2
5
234 37
312 634 6
14
7
912 44 734
812 15
6
10
3
2
313 134 238 14 178
34 114
38 114 1
12 2212 17 3013 10
10 11
1612 1013 12
7
1012
1012
934 98 912 11
60 65 --------80
1678 15 2312 1913
12
2612 484 384
1712 29
4
238 312 3
312
5
658 638 1138 758
4
4
78 234 2
5
5
4
978 1018
118
4
4
14 1
138 212 218
---- --__
24 4
---- ---_
314
614
38 458 418 9
12
4 1
112 112
658 8
734 1438 1038
6
914 8
10
10
318 213
4
58 1
3
54 412 1038 8
---- ---- ---_ _--_ -__9'8 13,2 1213 1934
94 9734
95 95
1938
912 1318 13
134 6
1
2
3% 10
314 4
512
214 214 4
27 3012
812 T61-21 10
1712
1
23
134 5
21
34
20 22
818 1518
534 53
1458 171 1714 21
55 60
214 6
--3418 61
614 7%
412 912
2
47
26 337 3414 63
131 815 119
12
158
114
9 13
13
144
714 1032
534 7
June
January February
March
April
May
Low High Low High Low High Low High Low High Low High
Par $ per share $ per share S per share 5 per share 5 per share $ per share
9412 9412 99 9934 99 100 10014 105
100 9512 98
8712 96
14
1212 1914 1758 2138 1932 2312
• 1114 1313 1038 1318 11
338
234 2
*
34
58 114 1
4
34
58 1
58
418 6
16%
4
614 19
15
313 4
100 4
18 2534
1938 1514 184 TIE8
• 18
-1g
- -- 137g 1734 1658 19
513 4
818 147 1213 18
612 534 9
I 514 612 4
15
30 42
Convertible preferred
45 5518
• 1712 1712 1638 1613 1438 1438 15
2318 30
McCall Corp
1612 14 22
20 24
1814 13
• 1614 1754 15
47
McCrory Stores
3
1
112
34 114
as 114 112 3
2
• 1
158 17 -------- ____ --__
114 313
• 114 6
Class B
972 9241 18
5
2,8 4,4 4
612
6% Preferred
7
212
100 512 21
312 372 312 313 3
4
318 . 6
McGraw-Hill Publishing Co __•
6
S4
2112 194 2612 24 30
25 3338
McIntyre Pore Mines
5 185 2112 1938 234 18
444 51% 4514 5138 46 574 4918 9412 7318 337 7712 87
McKeesport Tin Plate
McKesson & Robbins ______ ; 214 234 17
134 3% 314 532 334 914
24 134 3
144
23
34 22
Cony preferred series A__50 5
514 358 634 34 712 758 1312 1112
612 4
14
12
14
12
McLellan Stores Co A
34
4 1
•
38
3
312 412 534 438 8
612 8 2114
5
Preferred
100 218 7
Lorillard (P) pref
Common
Louisiana 011
6.4% Preferred
dlu
1,u
.ou
svm
illesG
teaesi & Eiec A
912
10 9% 1012 912 10,8 912 10
1013 1058 1058 94 1012 934 10 MacAndrews & Forbes
75 --------74
75
80 80 80 ---------------Preferred100
1638 2078 1312 1612 1378 2312 1934
8 2234 Mack Truck Inc
2834 1718 2738 1858 2
2514 3513 3158
• 27 3534 2414 28
3012 3634 Macy Co Inc (R 91)
51
3734 4613 3012 43
2
214 3 Madison Square Garden v t C_• 14 2
134 I% 138 17
412 278 314 234 3
538 858 614
• 618 754 558 67
914 64 74 Magma Copper
1334 7
914 7
112
78 1
13,84
78 113 42
78 134 Nallinson (H R) & Co
• 1
4
112 21z 112 214
4
3
3
7
7% preferred
100 4
1018 ----------------4
14
12
14
4
14
1
12
100
214
12
1
53 111Mati Sugar
38 1
1
234
78 7% Preferred
12
100
58 1
314
112 112
4 138
112 2% 134 134 314 314 212
3 Mandel Bros
434 2
314 113 278 1
512
8
5% 714 6
25 534 8
87
614 4% 65s Manhattan Shirt
5
6
5
12
12
12
58
34
is
34
78
58
112
38
34 Maracaibo Oil Expi
12
14
5,4 978 558
912 12 Marine Midland Corp
1112 758 11
1414 934 1158 912 11
10 10
6
714 614 8
8
74
9
618 73 Marlin-Rockwell
• 7
7
1334 714 10
78
12
12
12 1
114 Marmon Motor Car
178
• 1
313 118 27
114 134 1
578
714 Marshall Field & Co
• 41 1 614 4,4 5,4 412 8
11
6
838 4
1312 7
12
12
ss
12 Martin Perry Corp
'3
58
58
---- ---- -__ ---- --
1512
80
294
50
334
1212
3
2
773784
137
75
25
5038
3,2
114
428
15
3,184
4
3
21
7912
377
614
414
1513.
1833
37348
18
8012
3312
5212
358
1312
162
2
2,
14
27
8612
4412
6312
7
18
2495
5114
s
97
314 4
813 8
1278 1258 184
914 10
4
2
78 2
138
834 812 1112
7
9
16
2014
1178 114 18
72
14
%
58 218
13
184
9
914 18
178 3
3
12 1
• 15 i7'2 14
17
15 1812 1534 2238 21
288 26 3334
1512 2078 14
1814 1314 1658 1318 1638 Mathieson Alkali Works
7% Preferred
100 10018 101 103 103 10114 10114 101 105 105 105 110 110
97 10012 10014 10014 10014 10014 100 100
19% 287 244 3134
25 1134 1312 934 1334 9% 1338 1158 23
1512 1014 134 May Dept Stores
1312 1912 13
1634 12
212 Maytag Co
• 2
278 134 2 --------118 24 214 413 414 57
358 5
2
318 212 2% 2
54 Preferred
• 47
558 312 434 314 414 318 434 678 94 912 1234
3
9 1012 614 8
514 6
514 514
834 834--------_
$3 pref x-war's
•
7
7
1812 2518 40
15
2218 2218
1st Preferred
404212
16's 17
• -15i2 163312 35
2212
• 10
9 1512 1578 2034 20
10% - -8
-3-4 16- 878 10
12
8 778 10 Melville Shoe Corp
154 958 12's 934 -1652
534 414 512 412 932 712 1134
.1 218 234 218 3
3
5
212 334 212 412 113 313 Mengel Co
3012
3014
29
367
s
4612
Preferred
____
27
2114
3014
100
22
25
25
32
3134
2314 35
26
26 33
87 1012 11
Mesta Machine Co
1812 1612 2014
7
8 19
5 718 9
1313 1472 8
713 9
9
1534 16
1678 20
18,3 2014
18
14
134 15
1912 21
18
1934 1718 19 Metro-Goldwyn Pic pref_ _ _ _27 1718 19
19 20
55 5712 5512 5512
Mexican
55
55
Petroleum
65 65
2
418 314 734 513 94
1"
5 - 214 3
134
24 4 --Ti34 -3 Miami Copper
3
614
47
34 14
218
814 518 612 414 54 Mid-Cont'l Petroleum*
4
4% 334 532 412 7% 658 1138 93
64 878 5
: 6
552 112 Midland Steel Prod
144 13
612 4
9% 9
174
634 312 512 3
634 1238 5
814 534 8
26 40
3012 4012 42 6534 6712 70
45
1st preferred
4934 65
100 39 4018 32 40
4112 4934 38
4614 51
1912 2314
16
1434 22
1513 17 Minn-Honeywell Regulator__• 1612 177 1334 14% 1338 1338 13
15
17 20
14
1312 18
72 112 1
218 14 312 278 412
1
• 1
214
158
34 115 Minn Moline Power Impl
112 278 114 1% 118 134
18 2734
11%
1914
4
6
107
8
12
10
15
6
6
Preferred
•
612
914
1234 14
512
7
612 718
1138 1613 1458 18
714 814 Mohawk Carpet Mills
12
84 10
8
• 7
712 718 10
10
14
7,2 1012 8 10
2812 Monsanto Chemical Works
1614 214 19% 2534 2314 2734 2358 2658 2412 2814 26
254 3078 25 3078 294 4112 40 50
• 274 31
4
27
012 5
44 734 678 1334 10
26%
972
858 144 878 1434 1218 2238 2014 24
• 1234 15
161 10
1612 084 1412 1134 1453 Montgomery Ward & Co
32
3518 3518 31
26
3514 4618 47 5478
36
23 25 Morrell (I) & Co
• 25 2518 2514 2514 25 2612 25
35
30 30
14
14
14
34
12
14
18
is
14
38
34
38
18
'4
14 Mother Lode Coalition_ ___
•
4
14
13
58
12
14
12
14
7.
138 2
58
58
78
38
1,
'4
84 2
55 118
'4
38
h Moto-Meter Gauge & Equip-*
14
14
h
,4
114 1,4
18
58
Rights
1213 24 1101.2 193-8 -1113-4 165-8 1134 1612 12
1912 3158
8,2 13
itl I334 - i"54
1312 Motor Products
4
•
:
:
1 1II
11
67s
42 778 Iil312 5% 434 64 338 434 34 4
238 4
714 104
112 278 2
3
312 Motor Wheel
418 378 8
134 3
7
64 Mullins Mfg
313 758 512 1252 714 1338 552 8
112 514 212 532 518 97
1014
314 514
534 8% 5
11
8 18
25
5 1038 512 1314 1118 2234 18 25
16
1638 7 12
14
• 14
1814 1312 1412 Convertible preferred
2712 14
18
1418 1838
10
14
7
12
512 518 10
8 Munsing Wear
10
718 5
• 712 712 7
1518 ---- -- 912 978 8
33
63
2
3
2'8
11
458 734 314 538 314 413 272 334 Murray Corp of America
158 318
134 358 358 1078 7
10 2% 334 158 3
8
1514 19
1158 Myers F E & Bros
814 1212 1413 1478 12
8
10
10 20
8
8
• 8
814 834 9
12
8 1034 1714 134 1934 11
--Ws -117.
12% 1378 Nash Motors Co
• 1314 1518 1114 14% 1178 1434 1118 1678 1512 204 174 224
1218 15
16
158 2
2
4
334 314 638 588 712
I% 27 National Acme
1
14 258 118 238 14 212 2
3% 54 212 3% 238 3,4
118 158 2
2
2
158 212 212 434 44 834
14 2 Nat Hellas Hess 7% pref ___100 1 14 114
3
6
11
114 2
138 2
112 318
2014 3214 3112 4358 3734 45% 3414 42
3112 3914 3212 4134 34 477 4712 5512 5138 6058
10 3712 41
3434 41% 3512 4112 National Biscuit
10512 11614 119 130 130 134 133 14214 132 139 132 138
7% Preferred
100 13478 13878 126 1347g 118 130 12778 134 127 136 136 138
612 1014 938 1578 11
712 5,8 918 734 1334 1212 2038 1534 2214
1834 9
1414 814 1112 1614 912 National Cash Register A _ - --• 7
8% 6
1438 19
1818 2413 17 25
58 22
5,2
4 2118
74 X1954
1212 1838 17118
• 1414 1814 1012 1434 10%16
1638 2114 1614 204 1612 1878 National Dairy Products
Stores*
14
12
12
12 218 1
38
National
Dept
178
12
14
18
38 ---- -14
58 114
14
4
214 214 314 10
314 10
212 212 5
._100 14 3
5
10
334 418 212 312 114 234 7% 1st preferred
114 2,8 --------2
igi-,-iiE8 -iii,
2174 2238
25 3114
...-- -338 3,2
45 66
87 9512
61 65
74 1112
1312 1734
412 6
15 20
412 758
5
714
214 314
234 414
112 2
178 414
432 6
2012 2714 1738 2418 155 1914 1714 22% 1618 2034 National Distilled Prod
2734 31
$2.60 preferred
2518 26
25 30
25 29
2434 26
Rights
71
414 414 412 5 National Enamel & Stamp_
712 --Ws -118
6012 80
5712 624 National Lead
80 83 6012 7334 61 64
97 11012 106 11434 1001s 107 100 10214 10212 110
Preferred A
8014 90 90 100 8514 90 80 85 80 8334 Preferred B
978 2014 1412 2038 1178 1678 12
1538 124 1534 National Power & Light
1634 3238 23 33% 21
2013 Nat Steel Corp
1734 2438 17
29
6
1212 7 13
6
7 National Supply of Del
8
6
814 7
21
22 2414
3918 2814 37
7% Preferred
30 30
30 34
5
813 National Surety
734 19% 11
1814 814 1212 734 11
7
10% 6
934 614 714 612 712 534 7 National Tea Co
538 3
3
478 212 234 252 318 152 258 Neisner Bros
414 8% 6
678 312 5 Nevada Cons Copper
1014 6
738 5
112 332 234 334 212 3
238 Newport Industries Inc
238 212 2
212 6
41
234 3 Newton Steal
6
8,2 314 558 3
618 1018 812 1412 712 858 714 81
7
914 N Y Air Brake
5
84 8
514 514 3% 313 N 0
Y78Dp
orcekr08,
ed
10
28 30
- --
114 334
12 114
214 212 238 478
26 491
2434 26
85 92
70 85
9513 101 100 103
1158 1512 1478 2014
1458 2134 1934 403
2512 3912 3814 473
112 2% 214 41
65 867
49 65
414 414 413 61
15
3012 33
15
72 1
78 21
23% 237
634
58
312
2
5413
312
314
934
90
114
312
26
98
1734
1812
28
4
918
1
4
214
6412
434
64
12%
9412
212
7%
27
98
22
2412
3512
534
838 11
4
1
458 101
218 41
67 70
312 8
7
12
1218 191
92 100
214 63
718 181
29 391
11412 1147
1934 271
2318 331
33 471
7 14
12 1
1
158
2
112 2
3
212 158 232
212 414 214 3,8 2
3614
35 42
35 3738 31
30 35
95 9778 92 96
91 99
98 100
101 104 104 108 104 106 10418 108
1712 2138 164 1834 1678 1834 1618 1814
25 30%
3018 4314 254 3434 2412 32
4012 4412
42 45
4234 148
4214 45
358 5% 314 434 34 5,4 314 658
78 8012 66% 75
84 88
8012 85
612 61
558 5% 552 612 638 7
2513 27
2514 301 2912 3234 3012 33
132 1%
112 23
118 134 114 2
2812
25% 26
2634 2634 2634 2634 28
8
107
14 33
858
4
53
212 4
7
853
938 15
1434 21
99 100
54 91
934 2038
34 35,4
2058
274
394
838
2714
3313
46
1313
718 918 6% 9
lis 213 Iis 218
413 61
44 512
2
278 212 253
64% 65 66 66
513 7%
552 8
934 934
-34 163-8
1114 1534 "10
100 10312 10414 106
3,2 638 358 514
7
1512 712 1 138
35 3518 33 40
110 110
2214 3112 29 4214
2958
2513 3114 26
36 4078
36 43
8
9313 6,8 818
•
N Y Investors
58 1
N Y Shipbuilding
1
134 214
7% preferred
100 31
3634
N Y Steam pref (6)
• 96 101
7% 1st preferred
• 109% 110
Noranda Mines Ltd
• 174 1914
North American Co
• 2678 3112
6% Preferred
50 43% 46
North American Avlation----5 5,2 718
North American Edison pret• 68 7412
North German Lloyd
612 712
Northwestern Telegraph __50
-Norwalk Tire Br Rubber
• 138 214
Preferred
50
7% Ohio Oil Co (The)
•
1% Oliver Farm Equipment
•
4% Preferred A
•
212 Omnibus Corp
•
8% Preferred
100
5
6 Oppenheim Collins & Co
•
434 934 Orpheum Circuit preferred 100
1078 1212 Otis Elevator
•
10414 10412 6% Preferred
100
278 358 Otis Steel
•
518 818 Prior preferred
100
33 3312 Outlet Co
•
108 108
Preferred
100
314 3830 Owens-Illinois Glass Co __25
27 3113 Pacific Gas & Electric
25
35 39,4 Pacific Lighting Corp
•
7
812 Pacific Mills_ ._
... 100
534
1
338
2
* No par value. a Optional sale. c Cash sale. x Ex-dividend:
• 17 184 1678 2234 1918 2738 25 3212 2578 7132 63 108,4
8 7634 70 115
40 2412 26
24 2753 28 3414 3312 36 33,
-38 412
77
;
,.-12 812 1314 10
13
__• 54 54 5
5
5
5
89 111 11012 121
55 90
4713 60
4314 56
100 5678 60
100 10514 109 10212 110 101 104 10238 10238 10318 11718 114 116
9718
96
8518 8518 90 95
SO
100 7818 8014 75 81
80
1514 84 134 7 1112 678 1212 11% 1518 1358 2038
• 13
44 5414
15 2038 15 2034 1634 3712 3518 46
* 19 22
618 244 215s 28%
7
5
612 4
50 512 6,4 578 6
25 5012 49 60,4
20 26
19 20
100 20 2218 17 20
10 613 812 5
114 4,4 312 778
714 218 712 234 5,4
, 18 214 1812 221,
612 958 818 1038 818 1314 1134 217
3
812 74 1218
213
314
• 112 2
2
134 14 2
5
4
618 458 814 734 1038 8,8 1138
• 458 514 4
.1
2
1,34 3
24
34
, 214 414 358 9
134 134 138 17, 138 25
918 312 212 514 312 54
3
2
714 812 612 818 64 13
• 714 9
12
19
1653 16100 ...
6
11%
712 9
5
6
612 612 612 11
11
14% 14 22
614 718
138 258
5
64
178 214
64 66
5
5
138 514
1034 1318
9812 102
3
438
7 1078
397 42
3312 36,2
28% 3114
36% 433s
738 812
58
84
212 51,
34% 56
85 9512
99 104
1814 21,4
1714 2714
32 44
4
618
55 71
6
6%
2918 3012
118 134
12
58 1
314 614 538
45
5934 5318
83
80 92
96 10012 a9314
184 2014 1734
164 2334 1514
34
32 37
414 6s 412
48
5012 59
514
614 8
2634
30 30
14 112 114
114
818
6912
84
97%
251
241
3934
8
5514
64
28
2,
58 138 1
234
653 1834
613
61 68
6712 90
8034 90,2 95 x98
96 100 100 1084
2314 29,4 26 3212
2218 2814 26as 3614
38 4318 43 45
638 8
64 812
54 6712 6638 7213
5
7
512 10
28 4112 37 43
2
33)) 2,4 378
29 29
614 514 914 778 13h 12 1614
434 612 5
318 24 34 238 514 418 718
118 134 2
314 5
934 2334 22
3034
312 84 534 12
134 2% 214 314 238 738 5
178 218
712
81
7018 75
68 68
7418 80
65 66
81
213
212
34 6
212 5
51, 134 10
15
21z
112
153 212 3% 7
1112 1514 144 204 18 2412
104 14
1018 12
97 100
9312 98
99 102
9618 10018 9838 104
112 334 114 318 134 434 312 612 534 9,4
834 758 19% 16
2,4 812 238 712 4
2134
30 30
22 3234 30 37
34 35
38 40
105 105 105 105 100 10212 10018 10018 100 101
32 3734 3112 4514 4012 54
53
7712 67 9134
24 2934 2034 2734 20 25713 2312 27
25 3078
30 37,4 2514 34
2514 x31
2914 3334 3112 3758
6
7% 6,4 978 712 15
204 28
15 23
Financial Chronicle
614
July 22 1933
New York Stock Exchange-Continued.
1932.
1933.
STOCKS
August September
July
Oaober
November December
Low High Low High Low High Low High Low High Low High
January February
March
April
June
May
Low High Low high Low High Low High Low High Low High
Par $ Per share per share $ Per share $ per share $ per share $ per share
$ Per share $ per share $ per share $ per share $ Per share $ per Share
100 77 8134 70 7912 65 7818 67 7318 73, 8512 84
5912 688 68 8734 7918 04
70 86
75 8338 77 8078 Pacific Telep & Teleg
9012
9212 103 10218 10312 10234 105 10438 105 10614 1071: 6% Preferred
100 l08 110 10614 10912 106 109 10212103 10112105 210512109
90 93
234 Packard Motor Car
• 214 278 2
113 212 2
458 3118 514 234 4
212 314 2
212 134 278 134 314 318 478 458 634
12 Pan Amer Petrol & TransP
6
358 12 1212 12
14
12
12
12
12
12
12
12
5 12
1212
New
5
---- ---- ---- ---11
8
5 12
1212 1112 12
13
714 1114 9
1131 1412II12 i21-8 -IF -1112 -IF38 -1-2-- Class B
1238 12
_
34 Panhandle Prod & Ref
12
58
•
12 Us
78 114
4l
34 118
12
53
53
34 1
1
53 118
1_38_
31 134
6i2 612 612 7
100 534 614
512 6
5 10
8% preferred
14
9 10
6
5
7
5
5
6
9 20
1012 0
34
Is
78 258
10
134 338 314 818 334 77s 234 514 212 4
712 25,''aramount Publix
58 1
_
78
Certificates of deposit
78
10
38
12
33
38 118
• 6
--5111 "11; --414 --6---i- 16- --638 --i- --614 --i- 5 --i_,Park & Tliford
6
712 712 712 612 8
112 271
2:4
3
712 2912 20
28 114
11,,
7 Park Utah Cons Mines
I
34
1
114
78 114
1
112 114 212 218 314
73 . 34 112 114 2
N
12
3.1
14
Is Parmelee Transportation_.'
34
38
34 1
114
12
12
52
N 11 2 1
38
38
12
12
1 518
2 2
N 234 2
3371
34
14
34
12 Pathe Exchange
14
12
5,
12
14
34
34 118
•
58 114
12 1
34
14
38
12
38
58
Preferred class A
3
• 114 214 114 218 114 2
134 218
2
314 278 414 3
458 214 312 2
112 2,2 2
4
318 414 438 8
6's Patin° Mines & Ent
5
• 558 6
1212 1012 1712 14
7
5
514 7
912 5
512 614 558 713 6
3738
4 20
621'4
8
34 1
112 Peerless Motor
3 1
212 112 214 1
134 1
1
1
134 1
Us
34
78
34 134 112 6
----- 1
1638 2178 1912
1533 1778 17
67 79,2 77
158
1
114
12 134
458 512 5,
8
15
"LoT8 W61; 65
39 6114 58
712
5
37
68 638
2973
2134 30
48 49
52
2
334
78
318
4
614
714
15
114
14
412
58
1212
2234
312
18
16
114
12
753
138
18
24,8
5
21
318
412
10
838
5
,
8
4
25
14
314
38
612
1
1414
24
5
24
3
16
1312 15
12
12 1
9
7
6
13g
34 138
15 2112 21
114
-112 4
314
158 21- 318
S4 1
114
434
134 41
514 778 734
1038
7
11
6
7
3
34 214 2
2014 271 26
81
9234 91
18
212
ioF
33
7
28
93
80
6214
107
391
98
88
8014
1214
3,4
51
5
3
1112
434
134
433
218
9
1734
534
65
7,2
614
26'
1034
31
61
334
12
214
14
6
3158
24
8934
1
114
714
1312
70
76
2612 z3014
2218 2534
85 8814
112 112
58 1
4
712
13
1312
75 75
6738 7612
5
6,2
412 5
6
634 418 538
31 13 2912 311s
2814 2412 3012
2534 2014 2478
8312 8712
86
118 118
-11.2 112 2
8
7,4 7
16
1434 1512
7434 --__ _8812 72 89
712
714
1138 638 1158
3838 3713 39
70 68 76
2518
26 31
1934 24,
4 19
8412 8712 87
1
1
112 1
714 3
7
12
1312 1312
7112 7113 70
63 743.t 67
8
8
518 578 5
512 712 5
3018
3114 34
738
412
14
13
778
913
35
16
314
58
9
112
18
2834
1033
31
478
414 573 314
614 312
6
20
- 20 20
878 9,2 834 9,3 8
478 6
5,4 6,2 412
4
234
312 4,4 2
35 23514 35
30 35
17
19
14 • 16
18
5
112 3,2 4
38 31142
14
12
N
512 612 512 612 4
12
78 1 18
1
118
1378 912
1338 15,
8 10
2258 3014 30
2914 31
6
712 514 514 314
17
20 22
22 25
2
3,2 312
514
8
1038
938
552
5
30
17
5
38
6
1
1514
2824
712
25
312
778
1234
22
1138
818
814
30
24
5
34
9
158
18
31,2
1158
35
434
2314 21
2434
212 138 212
9
512 712
238 2
334
3912 2612 44
3
134 2
1113 1212
378 658
578 478 658
234
114 238
1712
1312 8
9
9
912
12,8 938 1214
1238 1434 17
4
233 4
34
3012 3512
06
96 100
1
8
12
8
1
8
412
5
7
8
21
23
34 1
8
6
112 158
2314 30
114 2
918 1134
414
3
378 378
1,8 112
612 1114
634 7
834 10
552 578
138 3
29
34
99 101
N
612
12
7
115 11212 112-1; 122 129
3638 5312 4638 5473 42 5258
102 11312 104 x11234 10512 109
92 10218 98 10114 98 100
80 8912 5 9073 8253 85
9734 99 98 99
9238 97
1938 28
16 27
19 2634
434 6,2 434 612 312 434
75 80 65 76
67 80
714 1114
634 1314 878 14
538 10,2 758 1312 578 10
23 2973 22 3112 1712 21
9
1812 13 2358 978 1714
318 6,2 434 734 3(3 514
638 x1234 758 1213 658 9
378 818 434 812 414 558
15 2934 20 30
20 22
iiF
41: Phila, Reading Coal & lion„.
3(2 "billlps-Jones Corp
•
Preferred
1.
20
9 (•hillip Mu ris & Co
ill
55, Phillips Petroleum
3 Phottatx Hosiery
35(3 7% preferred
°6
2018 Pierce-Arrow Motor Car pf. 100
•
538 PiC
erlc
ae
ssOAll Corp
25
100
51: 8% preferred
7 Pierce I etroleum
•
10i, Pillsbury Flour Mills
•
311; Pirelli Co of Italy
433 Pittsburgh Coal (of Pa.)..„100
20
6% preferred
100
212 Pitts Screw & Bolt
•
1514 1978
20
12
34
8
8
7
5
58 138
114 2
2214 2314 1733 2119
12 II
114 112
838 934 858 938
278 318 178 233
212 314
112 2'
52
7,
1
1
7
1014 373 7
638 738 514 634
713 818
834 10
5
5
618 3
112 2
118 1.N.,
28,8 3134 2758 3014
96 100
OS 10333
16
14
514
Penick & Ford
•
Penney (1 C)
•
Preferred
100
Penn Coal & Coke
50
Penn-Dixie Cement
7% preferred series A
100
Peoples Drug Stores
•
Preferred
127
People's Gas Lt & Coke__ _.Ion
Pet Milk
•
•'etroleum Corp of America.--•
'helps Dodge Corp
25
Philadelphia Co 6% pfd
50
Prof(6%) new
•
29 3112 22513 301 1
2412 2734 20 204
90 10212 10018110112
34 112
34 1
34 1
5,4
5
414 5
13
13
1034 13
70 70
72 75
52 63
63 78
634 631 612 612
4' 514 518 638
ON
412 5'2 5
2912 32
30 32
3,4
412
212
3
814
434
2,2
9
6
2,
8
8
5
2
40
14
2
14
373
58
918
3414
4
17
178
15
17
14
78
434 5
78
53
10:2 1112
3478
34
512 6
19
17
2
2
333
334
2612 3273 31
4378 4218 4578 43 5114
1914 25
4 3314 3934 371s 4473
2178 34,
9812 102
98 100,2 101 103 x104 10512
112 134 133 3
3
412 3
838
34 318
78 212 2
578 438 912
418 414 538 538 878 2114 20 31
1312 17
1973 28
2734 2914
65 70
73 78
82 83
46 58
4133 55
54 6938 62 7614
612 612 512 812 818 11
1012 1514
5
61,s 518 812 77's 1034 978 1478
513 712 534 1034 938 151 1 1012 1512
25 2878 27 30,4 3018 3518
27 32
49 49
50 50
47 52 x55 62
212
4
334
4
212
412
--84 834 9
8
578 5
6,2 5,
238 158 218
134
25
25 25
40
14
4
238 158 158 112
14
3,,
14
38
512 414 538 5
58 1
1
34
1118 912 1514 1212
3338
31,3
7
4
673
5
17
2178
17
20
212 214
178 2
Pitts Steel, pref
100 1014 15
13
15
PItt8 Terminal Coal
58
12
6% preferred
4
413
54
34
Pittsburgh United Gorp
11_2
00.5
::
Prof cons (7%)
1534 16
100 17 24
eft tatoo Co (The)
1
1
•
34 I
Plymouth 011 Co
5 814 912 634 8
POOF & Co class ii
212 23i 2
234
Porto Rico Am Tob cl A
• 218 312 214 3
78 1
Class "II'
58 1
Postal Teleg & Cable pref_100 5
512
733 4
Prallle Oil & Gas___________ 29
6
6
Prairie Pipe Line
2' 7,4
738 818
Pressed Steel Car 7% pref_INI 3
3
414
4
78 118
Common
58 114
•
Procter & Gamble
• 23 2912 1953 2518
Preferred
100 101 10112 10112 103
15
1812
34 1
6
6
1
1
1634 20
34
34
7
9
2
212
158 212
58
34
418 612
358 558
7
712
418
3
34 118
20 2858
9712 10134
3,
634
50
38
3s Producers & Refs Corp
14
14
14
38
7% preferred.
3
312
50 318 5
318 4
Preferred certifs of deposit..,
4
4
3
3
ifiTz 12312 119 12173 Pub herv Corp of NJ 8% pf_ lin 12333125 120 125 115 115
448 5078 4514 531s Common
5514 3858 5114 34 45
• 51
10512 10934 105 1071s 7% preferred
100 10514 11212 104 11214 06 100
6% preferred
9734 10018 9614 99
100 9714 10138 90 x9914 85 94
5% preferred
81 8512 8012 88
• 8413 8812 7934 8712
99 10012 9912 10312 Pub Set, El & Gas,85 pfd
9318 x96
• 102 10312 96 102
• 1812 2314 18 2258 1858 2434
1853 2212 1718 2012 Pullman Co
Pure Oil_ _. _.. ________ • 318 3(8 3
373 478
312 212 334
8% cons preferred
58 65
63 68
30 40
48 58
100 55 62
573 77a 618 958
10
733 912 658 8 Purity Bakeries
• 7
538 9
3
478 3
• 412 6
334 573 Radio Corp of Amer
512
1712 28
1512 21
7% Preferred "A"
1314 1412 1378 19
50 1412 17
7
912 1538 7
1178
11(s Preferred II
• 818 1178 6,2 9
2
314 434 234 4 Radio Keith Orpheum
114 178 1
• 114 3's
612 812 6
8 (taybostos-Manhattan
7,3 512 712
• 613 712 5
5
634 Real Silk Hosiery
4,2 7
Ili 634 978 512 712 534 812
22 23
Preferred
2038 25'm
30 3912 3514 47
100 25 46
458 378
5
5,2
_
TO1-.2
878 8,3
438 4
25
5 --11T2
11: 134
5,
12
7,2 612
1
78
2014 1814
40'3 4212
1238 1212
31
30
334 314
16
25
118 2
8
5
112 2
16
31
38 133
9
7
134 414
2
3i2
34 134
412 1278
558 558
714 11
334 614
78 112
24 40
97 10078
53
5
38
38
2
2
138
234 412 3
9 1178 10
8
138 --238 112
4,8 714 5
978 1412 10
134 218 4
214 214 6
15
8
15
7
10
77s
7
834 712 9
112 318 2
112 3'8
2712 3218 28 3318 2978
60 60 60
60 61
18
IS
N
21.
43.Y
14
10
478
1214
26
4
6
20
10'8
413
39
61
12
3'8
434
1512
16
4
1218
2538
3
212
9,2
71,
28
271.
5!,
1512
39,8
1()
12
21) 45
101 i 1914
41 i 10
3812 4312
60 01
14
1518
138
7
612
2673
27
4
1412
3434
838
19
40
17
933
4132
60
15
is
11
312
2312
15'3
4518
85
90
4
1
4
35
2513
178
2212
78
1118
141 1 1318 1634
71, 612 1078
27
25 3213
2178 1912 2478
521 2 4914 5734
90 (016 90
9712 11534 102
01, 634 1134
914
1134 13
30
1913 34
40
3778 3973
331: 2738 3212
413 333 433
31% 2912 39i2
332
278
1
5
9
813 13
378 378 5
5
Ho/ (fit; 109 1208 11438 118
3314 42
4012 5138 249 57,3
9178 94
9813 105 10118 10733
80 8818 8412 9214 02 9818
63 73
7133 7634 7934 85
8 96
95 9614 8913 95,
9714
22 3478 32 46
40 52
278 512 438 853 7
914
30 3978 3734 59
47 58
1412 2378 1753 2234
712 15
354 6118 6"
9
8
1114
1714 2278 21 40
3014 3613
858 1518 1414 2278 1838 2534
1
214 218 324 314 534
612 12
Ills 1734 1414 1712
7 1018 9 1512 1312 2073
4212 50
46 60
50 60
14
14
2
2
212 378
712 1014
13
8
118 233
612
4
9
13
134 212
34
518
412
1878
24
258
7
1512
478
1178
25
9
814
3278
65
13
112
758
738
25
3112
378
1378
2878
614
12
25
1178
1212
3712
67
1518
14
1
212
712
778
112
412
812
118
8
2
18
18
12 -115-4 8
733 1012 818 938 753
512
1014 1214 834 10
2813 3478 277a 30
,
4 2738
65 66
65
65 66
1514
1.2 Refs (Robt) & Co
•
1st preferred
312
10o
334 temington-Rand
I
1st preferred
10
JOr
2nd preferred
1318
101
21s teo Motor Car
5
618 Republic Steel Corp
l'referred
Ilio
1134
2 revere Capper & Brass
•
Class A
4
•
Preferred
12
100
•
812 Revoolds Metal
R3i Reynolds Spring Co
•
31 1, Reynolds (It J) Tob cl B____10
Class A
65's
10
1514 (thine Westphalia El & Pr
10
8
313
2612
60
17
14
812
5
2014
1012
4)134
8612
9514
312
112
8
2938
12
134
1814
•
38 Richfield Oil of Calif
71: littvr
•
‘11s4
412 Rossia Insurance
5
4.11,41
eh Co NY Shares-20',
8,
451 4 Wewil• Store..
Preferred (6)
87
101
Pr-ferted (7) .
98
100
234 Savage Arms Corp
•
1 5. /tulle Retail Stores
4 1-7, preferred
7
100
30 Scott P.Ipor
•
2(Ps Seaboard 011 Coot Delaware- _•
...Aarave
•
2178 Sears. Roebuck & Co
•
38
12
4
1933
718
3918
84
9512
233
1
6
28
1633
2
1834
512
21,
3
834
42
8578
95,2
31(
112
7
31
2014
2
22's
14
6,2
313
1734
618
3012
7312
8014
3
34
633
28
15
1 18
1212
12
12
14
612 10
8
213 478
4
2014 1732 20
8
612 1 112
28
3678
41
75 x7912
88
81
93
96
233 3
5
l's
58
34
634 _ 32
29'3 28
1913 21534 1912
ha 113
1 12
1934 1314 2218
33
10
2
1734
814
3133
72
8318
214
58
313
2818
1712
IN
1618
58
10'5
4
2378
1832
46
85
93
312
1
612
317,
2834
11,
2478
173 Second National Investors
1
3212 i•mferred
1
55 Seneca Capper
•
178 Serve' Inc
1
3 iharon Steel Hoop
•
4 Sharp & Hohme
•
2214
Cony preferred series A
*
10 shartucX 'G ,
1)
•
14-h Shell Transport & Trad___.£2
53, Shell Union Oil
•
Convertible preferred__100
45
612 Simms Petroleum
10
833 ,rinsmon• Co .._ _ _
. •
134
34
14
158
2
318
2113
838
I.5 1 1
4s
38
514
6s
21 1
35
12
214
4
4
2618
10
18
5,
8
4412
61,
8
114
24
14
III
112
212
2214
614
1313
312
30
473
418
178
3312
14
134
2
378
2512
833
18
518
39
534
714
112
2414
13
112
2
212
2114
618
1114
4
2812
478
412
134
28
14
112
3
212
24
534
13
4
3112
5
478
3
214
36
35
12
31
3
234
338 5
358 312
2512
25
834 734
13
15
612 512
40 0813
712 634
952 914
718
8
112
2
514
1
3
10
538
3,8
2658
65
10
10,
12,
13
41
12
11
314
12
7'4
3,3
311
6678
10
38
4
134
1678
453
3018
64
74
114
1
8
20
714
114
978
138
6
4
1858
8
3934
70
8112
3
134
14
25
1038
114
1614
58
7
312
Mr
734
39
70
82
312
178
11
2314
973
158
1414
11s
838
912
22
1534
54-h
85
98
6-(.1
378
16
30
1612
214
2553
1
11
878
2334
1734
55
8934
9878
614
3
15
32
1712
2
2634
12
8
4
1712
814
(2514
8713
9734
314
1
5
28
912
34
12
6
21
12
53
90
99
5
2
873
31
1412
18
7
43
8534
97
3
1
513
30
11
114
1633 2514 1553
20
1038
52,3
90
99
314
134
8
31
1078
134
2218
38
012
3
1812
6
3734
8338
9314
2
12
5
29
17
Ils
1714
12
27,2
14
158
112
2
1112
5
1053
278
2013
CI
312
34
2712
14
258
2:2
334
1534
834
15
518
43
578
612
1
2734
14
2i8
278
314
18
7
12
434
42
512
578
3
158 3
3618 32 3518
1
53 1
358 234 414
534 414 734
638 414 7
24
2013 2438
1114 9,4 1234
15
15
15
6
834
7'8
501
3 4834 6514
712 514 714
13
713 1318
112
33
13
2
414
3
2212
612
1652
513
39
518
638
133
35
53
3
4,4
478
22:2
1014
163s
678
3218
6
1212
2
30
33
219
453
458
22
012
1418
7
4812
6,8
934
112
3034
'4
112
278
258
21
713
1433
414
35
512
13 12
12
-4
134
30
33
134
312
314
2112
738
1418
514
1453
5
653
78
15,,
• No par value. 0 Options sale. c Cash sale. z Ex-dividend.
14
14
118 158
313 4
10
1178
134 2
5'8 712
11
15
114 138
12
9
612
33's
6211
1712
12
7
111
1014
134
2318
47
1612
42
618
8
934
35
1473
1534
12
45
19
10
178
1372
234
26
51
1912
46
912
38
4
114
612
712
29
31 12
338
1012
25
514
1212
17
1033
7,8
3733
67
12
4
5
4
512 318 434
11
1310
19
15
1933 14
278
178 218
1012 538 81._
2134 1134 17
218 218
1412
8"
5
7
35
12
1118
712
45
15
312
1
1013
158
2018
4614
15
43
6
25 3834 34 37
133 2,8 134 114
06
10
812 15
312 514 412 638
32 58
49,8 5834
1
334 21s 7
7
17
1318 1738
378 9
712 1078
312 614 5
8
112 4
218 378
11
1614 1358 4034
858 912 1314 1458
1114 1614 1512 2118
414 814 814 18
P4 2,
8 218 512
37 431s 3912 4434
97 10178 100 102
33
4
212
9
1214
178
4
1012
213
414
14
7
378
3012
65
38
4
312
1238
1814
178
514
13
6
512
3
3214
14
213
3
378
24
853
13
5
3372
512
734
31'
44
78
514
10
738
38
1014
18
71,
491s
1 132
15
314
43
1
4
8
518
36
934
1714
653
4212
953
1334
3
1812
912
3412
3213
638
191g
47
12
25
49
2112
1512
46
6178
17
5
4612
358
558
1138
858
40
1212
1953
054
5912
1218
19
615
Financial Chronicle
Volume 137
New York Stock Exchange-Continued.
1933.
1932.
--November December
uyust
July
September
October
Low High Low High bow High Low High Low High Low HIgO
STOCKS
June
January
February
April
March
May
Low High Low High Low High Low High Low High Low High
Par $ per share $ per share $ per share $ Per share $ per share $ per share
$ per share $ Per share $ Per share $ per share $ per share $ per shar.
7
25 3% 3% 3
278 4 ikelly 011 Co
9%
278 438 4
418 9
312 3
4
512 4
3
4
334
534 3
3'4 514
Preferred
41
100 24
25
24
3212 31
283
s
2512 22
27
3512 36
2438 22
18
2814 3312 2412 2934 26
2112 2214 32
30
29
9
11
5
9 moss-Sheffield Steel & Iron 100 7
334 7
7
2614 25
1014 16,2 16
12
13
12
1934 1112 13
914 15
Preferred
100 812 11
6
8
13
2112 32,4 2914 36
10
1188 27
834 1214
15
814 9
878 24
13
2912 15
17
19
• 2
284 412 312 712 212 438
17g 378 snider Packing
38 238
214
214 434 3 .653
23g 378
318 2
84 314
614 738 6
25 6% 775
812 113s 1014 1412
738 fils 11
6(2 -1-0-1-2 978 1178 934 1214 853 1018 714 984 614 814 Socony-Vacuum Corp
61
8012 87
61
70
6012 62
7012 85
66
58
50
6518 60 67
35 45
60 62 Solvay Amer Inv prof w w___100 61
60 6334 58
63
3512
• 1578 18,
8
14
12
8 1614 1913 1714 2378 2134 2878 2658 34% 30
,
4 1158 18
1834 1314 1714 15
175 1412 17'4 South Porto Rico Sugar
100 112 11512 113 116 113 120 118 11912 117 120 122 127
99 10512 103 11012 10712 x109 108 110 10778 108 107 11212 8% Preferred
1713 2214 1834 23
2178 273s
25 2514 28
23
2018 2618 18
31
18% 2312 22
2618 3018 2414 2878 2418 2034 2312 2614 Southern Calif Edison
southern Dairies class A
_
4
• 358 418 4
7,4 2012
Class II
112 3
- - - - -3
•
734
114 114
--- -- - _
1112
438 418 412 412 818 9
412 7
• 4
558 478 478 4
7
9
7
'
14 - V8 Spalding 8c Bros(AG)
-3
S -4
1st preferred
61
40
3514 50
100 27
31
32
2518 31
29
31
25
55
66
5212 5212 ____
9
15
_ - 878 8/8 Spam_ Chalfant & Co_
•
6
13
412 412
referred
35
50
20
29
100
25
32 -W -i6- --------15
21
35
15
19
1712 1812
$4 218 1% 558 5
8
113 338
• 138 2
34 1%
114 178 sparks Withington
84 182
212 5
112 23
134 278
12
12 Speal & Co
118 512
•
12 1
5s 114
1,
34 135
34
84 1,
12
4
58
12
12
7% Preferred
30
30
20
25
100 20
20
20
20
20
20
713 11-1-2 11
',pence: Kellogg & Sons
8
1512 1934
• 9
9
18
913 912 9
9
10
912
8,8 812 8
912 11
1
--- Sperry Corp (The)•t c
_
weer 5141 Co_
5
518
5
O
518
6,8
5
5
5
5'
-eFS -.87g
5
* 5
514 3
5
Convertible preferred A.--• 20
1234 13,4 14
20
1234 1234 1134 12,4
1614 16
1318 14,4
1578 16
1514 16
18
▪
ple.;;e1-May-S
1
212
3
•
5
tern
2
214
212
2
5
2%
3
214
214
3
5
8
212
3551
314 5
958 13
1212 1778 1334 217% 1318 1578 14
• 1458 15% 1378 15,2 -134 -1-81191.
8 15
1318 151? ,,and Brands
17
Preferred_
• 12112 123 121 122 122 122 122 12212
1161211612 11653 116'8 2120212112 120 121 120 121 11934 123
• 1178 1534
9
14% 1218 25% 18
712 12
1018
1478 standard Gas it Electric
5,8 11,2 514 12
28
1414 2258 1318 1878
2214 1814 40
$4 preferred
• 2078 25 21534 2114
14
8,
8 1612
834 1814
1914 2378
2912 37
23
3112 2314 29
Preferred $7
20
• 41
32 3758 3712 7012 58
30
45,2 30 41 x21
38
44
4934 4212 4614
70% 44
52
2514
Preferred $6
• 40
21
41
33
32
23
17
6212 48
41
341% 2312 26
37
58
44
48
3614 43
1
112
78 118
118 138
1
114
1
1
1 stand Commercial Tobacco..' 1
118 112
1
114
Stand
12
7
8
Investing
3
.1
12
1,4
Coro
12
14 5' 88 214 1
1
1%
--•
34
78
178
4
1
118
7
84 -1
SS
87
86
9212 9712 9534 94
94 101
de0 99 101
96
96
9812 95 99
9678 9712 971210012 Stand Oil Export prof
1734 2558 2414 3014 2458 3178 2234 26
• 2378 26. 20
2434 1912 2414 2138 3012
2388 2758 23114 26 •ta ndard Oil of Calif
1212 11 18 16,2 12% 15
1234 15
1312 16
7
1614 17
10
16 standard Oil of Kansas
13
11,4 14,3 1114 13
2C1,2 3012 2912 3634 3018 37,
,
4 2434 35
3178 standard 011 of New Jersey_25 2912 31% 2314 2912 2234 27
2878 3338 29
8 2712 31
Starrett
4
Co
•
4
3
414 412 7,, 614 8%
4
4
(The
5
6
L
5
6
4
4
S)
518 6
6
•
14
88
58 134
% 1 18
1,8
% 114
118 214
58 1
34 114
1
112
% •iterlIng Secs Corp
58 1
• 178 215
158 258 212 3,4
Preferred
112 218
118 3
11g 218
3
4
2,
8
158 212 2
15
17
Cony 1st preferred
1714 26
20
2218
20% 2018 25
50 22 23% 2012 23
2334 26
1934 2412 1912 2034 29
2
458
34
318
26
68
2818
14
258
158
14
%
6
112
914
12
134
278
412
312 314 714
858 7,8 1558
4312 4014 72
5
4,
4 834
32
31
3314
80 28212 91
1012 10
1312
12 112
84
4
3
714
2% ---- -14
38
28
1
13
878
7'2 934
134 414
1,4
1438 13
1738
1838 1714 2412
278
278 4
434 438 718
412 434 9
29
30
514
912
69
714
33
88
1234
78
6
334
88
138
9
212
13
1918
212
514
5
30
112
12,
8
10
6
1
1212
4
42
7,2
4412
3
1512
412
314
218
5418
218
1512
1412
6
114
1712
4
48
8,2
1738
75
1334
3612
90
1418
2
914
384
1
212
1012
438
1814
2578
312
812
7
30%
312
7
41
5
3512
84
10
8
4
,
4
312
12
1
912
2,4
11
1834
2
412
4
3014
612
1278
65
812
3978
88
12
1
8%
312
68
112
11
312
141s
2278
218
6
5
3014
312
734
30
412
37
8714
812
34
4
118
732
212
1234
20
2
414
4
3014
10
212 334 Stewart-Warner Corp
478
•
1114 612 9 Stone & Webster
100
4112 3018 35 Studebaker Corp prof
Common
5
•
6% 4
•
36
3712 Sun Oil
38
Preferred
100
8 92
90,
4 88,
•
1112 7
9 Superheater Co (The)
12
78 Superior 011
•
111
100
6
314 4 Superior Steel
50
- _ Sweets Co of America_
14
83 Symington Co
•
Class A
•
12 1,8
118
•
9,
8 858 9 Telautograph Corp
114 234 Tenn Copper & Chemical....•
312
2
1512 Texas Co
16(3 12
•
2378 Texas Gulf Sulphur
20
25
112 178 Texas Pacific Coal & 011____10
212
/
578 412 514 Texas Pacific Land Trust
518 812 Thatcher mg
10
Preferred
•
3012 3012 32
318
712
22
3%
36
92
77s
'4
4
38
58
858
178
1278
22
1%
484
534
112
1213
11
6
78
13
3,2
4212
10
50
234
13
378
312
212
52(2
272
1612
1518
362
2,4
15
514
56
10
60
5%
201 2
684
678
5
67
4
2
314
1634 15
1612
15,
8 978 10
934 412 678
214
78 114
1712
5,
8
318 --418
4114 4714
60
9
10
51 -6-i- 4612 50
4
634 312 578
2214 1358 18%
16
618
518 718 4
6
812 314 314
3,2 812 314 412
6414 72
GO
6184
134
1512
7,2
418
84
12
312
4312
,
4
9
49
278
1284
4%
314
312
60
258
17
984
5
118
12
4%
50
984
50
4
16,4
578
412
412
61
I
112 Thermold Co
1712 Third National Investors----•
1 14
15
11'9
2
742 912 Thompson (J R) __________ 25
• 538
434 510 Thompson Products
7i, Thompson-Starrett
•
84
58
• 12
13
3;4
8
13
2
fe
111Pderewartreerd
Assoc Oil
• 31s
37
5
6% Preferred
100 4112
•
9'2 912 Tidewater 011
6% Preferred
4S
100 4614
45
23
1,43
8
10
: 134
238 278 Timken Detroit Axle Co
12/8 16,4 Timken Roller Bearing
438 5 3 Transamerica Corp
• 478
3
354 Transue & Williams Steel
• 3,2
3l2 418 Tri-Continental Corp
55 15353 Preferred
• 55
2012 2112 22
112
412
--213
12 114 1
7% 13
1234
78
8118 75
578 7
6
16
20% 1812
1112 1012
8
1272 13
12
1138
7% 12
40 50
4512
6
1712 16
11
75
89
75
734 1112 1012
I.
38
34
212 6
212
3% 718
6'4
204 3214 3014
2714
212
714
318
2212
87
1158
2814
1458
16
2178
52
7
2138
9912
1034
112
7
13
3914
2378 2838 23%
84
514 7
312
112 212 118
1712 2438 1478
8814
7(3 1112 614
23
3178 2114
12
1538 10%
13
16
13
2012 34% 1978
52
Utz 50
612 10
534
18
22
1718
92 93
13
18
1012
88
84
14
478 718 6
918 14
712
3314 3938 31
2314
84
312
1
13,4
8814
6
20%
958
13
2014
5431/
5
1512
90
1018
18
312
7,2
32
2438
1
4
112
17
88,4
7
2612
12
131s
29,4
5618
512
1912
90
13'4
34
5%
984
35
1978
as
212
34
10741
8412
658
2178
914
12
2134
55
1
1014
814
3'4
88
12
214
26
6
37
2
734
232
214
134
4612
1
1,8
23
1212
12
10
104
77
334
2618
58
10
1614
8112
--5T2
32
1614
70
27
712
1112
4%
612
3514
18%
85
40
10'8
123B
412
612
138
2918
4
11
86
1%
15
178
312
49
214
178
384
278
43
7
17
86
2
2052
318
638
49
5
4%
9
114
278
358 --1378
2119 321s
58 2,8
12
20
15% 2112
87
96
31
84
712 11
6412 70
114 278
36 24212
1818 2412
85 9078
31
35
934 1618
1212 161s
5
5
2
1
318 2
134
214
29
40
29
29
412 63
3
3% 5
2033 31
18
2314 1812 2578
78 118
78 118
1
2
---_1712 22 -1614 20
17 -1-9,-8
93
9518 92
9312 92,4 9612
34
34
_512 1178 6
7
5,
4 6%
90
DI
85 85
91
87
78 188
112 1%
118 158
39
4234 4712
43
4014 43
27,8
25
31
23
2578 24
90
9512 100
95
95 97
32
35
30
3714 32
35
1113 18,8 10
4
1312 928 12,
1414
15
16,s 13% 14% 13
12
4
41
612
1614
99
2
19
278
512
60
412
3
,
8
8123
2638
84
612
158
19
90
8'8
29,4
12%
1412
3218
56
534
22
_1612
12
6
1138
Ws
114
412 614
334 434 334 5314
6013 56
64
40 60
40,4 50
9
12
1018 814 1534 8
10
2558 x22
1734 2438
27
21
25
99
99 102 102 105 10012 103,4
414
3% 312 214 3
318 6
22% 3178
34% 26
36,4 2114 33
6
434 714 418 534 358 514
1434 10/8 16
734 1112 6% 934
65
64
4814 55
70'8 .00 60
10
412 712
6
1134 5
77a
614 678 • 412 7
1014
418 612
2014 1018 191, 858 13% 8
1178
14
85
934
12
3
734
315s
• 2034
2334 Trico Products
34 Truax Truer Coal
334 Truscon Steel
10 312
04 'Ben &Co
•
34
15 Underwood Elliott Fisher..._' 12
7% Preferred
86
•
7 Union Bag & Paper
• 512
27 Union Carbide St Carbon
• 2512
1012 'Talon Oil of California
25
. 1158
934
131s Union Tank Car
28 united Airport & Transp
• '2514
58
Preferred
50 5712
'Jolted American Bosch
•
17 - !Jolted Biscuit of America._.' 15,2
Preferred
90
100 9434
14/8 'hilted Carbon
• 12,8
I
18
14 United Cigar Stores
434 7% Preferred
10.0 8,
378
4
9/s United Corp
35
Preferred
• 3384
514
878
1778
338
37
9318
1014
118
518
218
58
1
1018
3
1418
2418
21/1
5%
712
3018
77,
1812
21
4/ I
4412
96
1978
314
934
3%
112
278
1314
5%
23
2912
612
8
,
4
1918
4134
558 9%
1358 1778
2012 3818
378 8%
4114 4558
9534 100
17
1914
212 3%
7
10
314 684
114 3
2,4 4,4
115s 15
418 634
2478
20
2618 3278
4,4 6
888 1118
13
1934
4312
40
158
1
114 214
112 1
13
15
13
16
1634
10
9
678 8
,
8 6,
4 884 7
6
7,2 612 714 638 814
12 1
12
58
78
58
12
1358
12
1218 1218 12
338 378 388 5
314 4
2312 38
38
3812 4312 26
914 914
48
50
60
47 50
45
112 212 184 334
134 278
2414
13% 1612 1412 1758 15
418 512
438 514
2% 5,4
3
312 278 278 414 6
234 4
3
6
27g 41
41
4858 58,4 24658 51
6058
214
15
9
8
1
19
414
34
1112
55
314
2012
514
512
5
GO
318
19
1212
1378
378
21
778
42
1512
60
578
2718
718
918
634
73
2,
4 812
18
2018
1112 1512
1214 1554)
3% 912
2112 30
7
10
3912 5214
16
16
6434 67
512 814
2412 3134
634 832
8
1214
614 812
66 x75
--71-2
34
1212
312
44,8
49
14
3
8:1442
6
312
59
2134 20%
84
218
4
78
114
14
914
8414
718
71s
2888 1934
1 158 9,4
1212 10,2
2884 165s
5918 5158
312
1312
18
9434 9514
15
1014
14
%
4 8 418
101
512
3
37 8 30
3%
834
24%
4
36
98
838
134
312
3
84
31
534
134
1314
24
134
514
712
27%
212
638
978
112
35
89
812
1
218
1
34
818
138
107g
16
188
312
6
212
334
934 6
2284 9
312 178
3614 35
9612 9018
1018 712
112
1
4
3
3% 134
18
14
8
812
914
134
318
14
1134
2114 17
1 12
134
5,8 312
912 612
--
2114
84
312
1
1134
88
834
27,8
1038
1278
2631)
58,4
312
1778
97
15
20% 233 2134
12
58
58
2
4
212
34
34 1 1
912 141 12
76
718 812 612
21
2634 2118
812 11
10
1012 1214 11
1612 2478 1938
53
5112 256
3
318
1478 1812 14
93
93
95
1038 1488 1084
14
- 612 - - - - -478
8% 478 814
37,8 26
33% 24%
1
Ili United Dyewood
100
lls 112
34 11c
34 1
20
7% Preferred
20
100 2834 2834 - --3
354 (Jolted Electric Coal_
2
• 314 4
312
2012 2414 United Fruit
• 2314 3034 23% 29,
8 22458 3512
58 1 Universal Pipe & Radiator- - -•
58
78
88
84
12
78
10
10
7% Preferred
100 8
10
7
7,4
5
6
4
20,
1778
United Gas & Improvement --• 1914 2034 21512 1958 14
1878
Preferred
9412 99
• 934 100
9112 9914 9078 93,4
12
12 United Paperboard Co Inc__ 100
. 45
14
2 54
--- - 1
-4
7 , Jolted Piece Dye Works
4
434 312 414
8012 81
Preferred
100 70
70
7412 65
64
60
73 114 United Stores cl A
34 1
• 1
138
34 118
44
4734 $6 con• prof
• 4734 50
51
5118 45
45
23
2512 Universal Leaf Tobacco
• 25
22
26
2434 22
26
100 100
Preferred
100 101 102 102 103
9914 103
1034 31 Universal Pictures 1st pref_100 1078 15
1034 11
11
11
2912 1138 U S Pipe & Fdy
20 8
1038 6,4 812 618 9
14
1453
1st preferred
• 1314 14
13,4 1434 13
1312
5i8 5,8 U S Distributing Corp
2
212 438 4%
Preferred
312 658
_
100
. 4
8
8
71(2
3 4
7'1;
U S Express
100
38
38
32
32
414 513
55
48
8
9
171222212
99 10218
112 214
2312 2738
278 4
5,8 7%
4414 4814
3
612
334 518
738 10
U S & Foreign Secs
• 414 478
Preferred
• 46
50
U S Freight
• 1018 1112
U S Gypsum Co
20 2038 2212
100 10114 10734
7% Preferred
U S Hoffman Machinery
• 178 3
US Industrial Alcohol
• 1934 2714
U S Leather
• 388 4
Class A
• 534 888
Prior preferred
100 44
50
US Realty & improvement...'
U S Rubber
• -4r8 534
8% 1st preferred
100 838 12
• No par value. a Optional aslo. c Cash sale. x Ex-dividend.
538
10
21,
4
334
38
96
1018
134
5
3
34
78
1018
3
1758
25%
258
6%
878
212
334
10,
8 534
3478 20
3
5,4
37
35
96
9312
712
10
$4
112
4% 2
3
28
82
28
84
818
914
288
1%
1418 1084
1514
25
178
1,2
518 414
512 5
2758
1612
113
434 7
2% 538
16
612 9
,
4 11
2512 3212
1918 21
712 1118
412 8,4
1734 2112 1812 2912
12284 124 12212 124
1018 1514 1134 2212
1314 231! 1534 2578
31
44,
4 3612 66
3112 66
2514 40
3
9
114 2.278
1
218 2
9314 102
9414 100
2558 34,2 3118 3712
25
14
2815 22
31
3934
3735 34
9
1112
5
512 9,
218 378
1
258
,
4
3% 612 5% 7
3318 36
2312 36
3314 3738
2478 35
2
37s
1
3
418 712 678 1234
118 278 214 614
28
39
20% 29
95
95
90 100
912 14,2 1378 3414
3218 40,
8 3613 42321
16144 21
1158 17
15
2254
2212 18
29% 3652
2512 34
62
60
66
59
5
81
812 9
24 - x2114 257s 22
2658
9978 10112
97
92
99
17
1614 238 222
273s
2614
58
5
114
23,8
8414
958
34
13,8
151
277
601
_
8
32
2
7% 9,4 -884 -11131138 3712 3418 4072
212 6%
238 18s 3
43
50
40
30
112 314
4
612
234 414
5118 63
4534 54
3134 48
158 314
78 234
14 1
518 1212 10
4
7
15
18% 2412
14
18,
8 1714 20
954
95
92
86
8912 85
2
4
114 284
334 78 658 14,
8 1034 1633
84
74
62
70
55
50
78 118
1
312 212 6
,
4
4712 51,8 5212 5512
49
49
8 30
2112 29,
40,
4 39
4812
96 102 102 10712 109 12012
24
10
13
35
1112 25
714 1134 1114 1712 1312 x20
1234 1514 15
167s 1812
19
2
2
2
5
418 6
8
17
15
20
1
218
38 114
1
318 612 68s 934
4 3,4 5
,
318 4
47
3612 45
39
38
55
57
73
712 10,
7
8% 858 12
8 9,2 1734
221 18
18
2314 21
343 33
40
10484 1078 103 105 10158 105 10414 112
112 21
158 178
138 27
278 91
1312 1978 1414 2238 2012 281 2434 54
318 71
212 312 238 48
6
148
712 161
414 612 4% 9
1314 241
30
4114 3718 371 40
571 56
70
2(2 558 3
214 4
634 512 19
278 414 27g 518 318 918
778 11%
512 10
512 9
618 1412 1312 28
812 14
70
77
1512 24
38
46,2
107 115
8,2 117s
4414 4682
11
16
1812 2478
70
70,8
812 1384
1012 15
,
4
25
3114
Financial Chronicle
616
July 22 1933
New York Stock Exchange—Continued.
1933.
1932.
STOCKS
July
August September October
November December
Low High Low High Low High Low High Low High Low High
$ per share $ per share $ per share $ per share $ per share $ per share
1018 15
1412 2234 1514 2134 1312 1734 1312 1612 13 14
31
35
35 454 39 42
3914 41
3912 40 40 41
2138 2938 273g 4938 3538 5212 3318 44
3118 3934 25 34
53 7138 65 9078 68 914 68 794 8378 80 5518 67
58 6314 58 624 55 59
56 58
55 58
554 594
12012 12114 130 130 12612 12612 --------125 12612
40 52
6112 6112 52 61
37 17 41 50 60 71
1
2
812 312 6
312 5 4 234 4
2
4 4 312 812 6
38
12
12
4
4 Vs
12
34
12
33
14
12
1134 Ifs;
Site -1978 ig2 -2-33
; i5
-13i2 Tr 4314
2
3g1132 315
4/34 30
58 14 1
238 118 178 1
5312 65
4914 8112 53
3312 54
412 738 812 1114 6
9
5
86 75 80 8413 8434 90 83
1812 1014 1534 113E8 1314
37
31
31'2 30
31
114
214 138
58 1
60
58 6934 50 64
712 518 612 412 8
8918 279 8312 75 73
8
8 --------------------------------1212
4 3478 2014 3 3 1414
1558 207 15 1878
714 17
64 80 70 70 65 67 ____
- 847s 65
11
718 812
1112 164 1012 13
1238 1438 10
1212 8 --70 75,8 80 80 8338 8338
---- ---- 6712 6712 70 70
78
78 118 438 212 4
138
134 234 112 218 1
458 834 514 8
314 3
412 5
3
312 3
338
158 1
114
34 1
34 138 114 214 112 212 1
1512 20
1912 2812 2018 29
1534 2014 1514 1712 12 18
58 218 178 4
234 412 178 314 112 258 112 178
412 812 1012 13
9 12
7
7
6
8
534 614
t2 114 1
214
Vg 214 1
118
34 138
78 113
112 434 334 678 414 838 4
578 358 512 258 4
13
9 10
634 978
1612 10
358 934 818 1434 10
758 812 8
1224 1012 1414 714 104 712 828 8
134
58 112
78 2
1
134 1
1,8
34 114
34 1,4
30 40
30 40
2212 2212 ----------------40 40
14
14
_
__
12
38 1
12
38
12
34
12
818 1014 5 16 14 20 12 15 1214 1412 912 1218
50 52
4234 44
43 51
5012 52
50 5812 50 51
45 85
46 50
33 46
35
38 75
55 80
28
50 54
344 52
40 4812 5014 75
59
75
50 64
484 8238 4484 4634 35 4412
4518 64 60 66
30 44
8912 10212 10278 11012 105 111 105 108 10312 11032
80 90
93 97 98 100
7878 85 8412 93 9212 95 92 95
8
7
7
312 434 334 4,2
5
918 6
4
5
218 312 112 24 112 2
1
14
114 134 112 4
1312 2238 21 44
3212 49
24 3958 2518 3858 244 32,4
1212 1514 1114 13
912 1334 124 1738 1414 184 1212 16
2418 294
1558 2312 2238 414 2714 4312 2438 374 2214 32
6514 7612 6912 7822
73 82 66 73
5414 85 6012 72
874 7
918 5
878 514 512 358 524
358 412 5
14
14
1512 17
18
18
16
16 --------15 15
912 534 778 5
7
412 634 5 1012 878 1014 8
11
11
9
814 13 15
11
8
8
512 512 8
2212 24
21
25
25 30 ___--- 2312 24
29 29
April
March
January February
May
June
Low High Low High Low High Low High Low High Low High
Par $ per share $ per share 8 per share $ per share $ per share $ per share
1712 2314 2134 4378 34 4414 4034 5514
U S Smelting Ref & mtg____50 1312 1812 1612 22
Preferred
4112 4314 4134 4912 48 4912 4912 58 ,
43
50 3922 4214 41
LI S Steel
100 2658 32
2312 2914 2332 3334 274 4678 4538 5338 51 60
7% Preferred
100 59 23878 55 6078 53 6712 5812 7934 a79 9712 91
98
Li S Tobacco
67 85
651g x71
7912 8334 7814 88
• 59 8012 5914 68
Preferred
100 ---- ----129 129 125 13014 --------12784 12734 12814 12814
Utah Copper
40 60 6112 72
35 35
38 38
70 83
10 37 37
358 178 414 314 5
Utilities Pow & Lt"A"
418 238 318 2
• 3
412 878
Vadsco Sales Corp
38 52 '2 118 1
12
513
38
58
•
33
4
24
Preferred
2484 2434 ----------------17 2438
100 1518 2018 2338 24
Vanadium Corp of Amer
10
1734 1634 2234 214 2758
• 114 1414 8 1212 758 14
• 134 178 218 218 --------2
Van Raalte
138 418 332 8
3
7% 1st preferred
24 3812 34 3734 --------2012 30
100 24 24
3014 55
Preferred stamped
--- -___ 144 2238 2112 35
100 _
--34 112 124 378 214 334
Va-Carolina Chem
34 114
4 1
34 1
•
7% prior preferred
3538 42 40 4118 40 54
100 4012 5012 40 41
51
58
6% preferred
100 414 478 4
424 338 824 578 7
612 1412 11
1524
6514 7012 7012 80 80 85
Va El & Power pref 6%
* 77 8558 77 8414 69 77
Va Iron Coal & Coke
218 318 24 3 --------7 15
3
100 3
938 15
5% preferred
100 _
Vulcan Detinning
100 1618 2038 1234 1734 1234 1878 1512 2734 2728 52
4914 6778
57 59 --------68 68 80 100 100 100
7% preferred
_ 100 5912 61
Waldorf System
• 74 878 7
712 558 734 6
822 712 1112
738 7
Walgreen pref 63%
• 884 8838 8014 8014 7838 7838 75 75,8 78,8 7828 80 85
178
1
112 1
Walworth Co
78 112 158 74 514 838
• 114 2
• 314 32 278 318 218 212 238 4
Ward Baking. cl "A"____
412 1078 10 1812
34 118
•
54 114 124 234 238 478
78 1
74 14
Class"B"
1218 1412 1112 18
1314 14
7% preferred
100 1418 15
16 2834 27 40
114
1
113
1
Ps
Warner Bros Pictures
3
238 414 4
5 114 214
612
5
5
5
Preferred
5
• 618 638 414 5
714 1034 1312 21
Warner-Quinlan
34 114
• 118 112
Warren Bros
312 434 212 384
*
83.85 cony preferred
• 812 1178 712 9
Warren Foundry & Pipe
814
5
9
• 8
114 114 112
iVebster-Eisenlohr
• 1
Preferred
100 50 50 50 55
12
88
38
2
58
Wells Fargo
Wesson Oil & Snowdrift
• 84 1012 738 978
Preferred new
• 4514 49 42 4514
West Penn El Co"A"
• 3814 5112 3514 45
7% preferred
100 4912 63 40 58
Preferred (6)
35 47
100 39 52
West Penn Power. pref 7%A00 10612 110 1021210912
92 99
6% preferred
100 98 101
• 312 418 312 358
Western Dairy Prod "A"
Class B
• 118 112 1
114
Western Union Teleg
1714 2618
100 2514 31
15
Westinghouse Air Brake
• 1134 1438 13
Westinghouse Elec & Mfg_50 2714 3134 194 29
7% 1st preferred
50 70 7212 8012 68
Weston El Instrument
• 5
312 4
5
1478 1478
Class"A"
•
614 8
Westvaco Chlorine Products _• 612 8
• 712 8
734 734
Wheeling Steel
1878
2212 15
Preferred
100 18
58 118
212 414
712 814
514 8
114 218
52 52
14
14
14
7
40 44
34 4012
3838 4514
3412 40
96 103
83 93
234 438
78 178
1712 2634
1312 1678
1958 2912
62 69
358 412
10
1012
5
8
712 712
18
16
58 118
312 618
712 1212
634 12
138 438
55 55
18
28
1012 1812
41
50
30 39
37 4378
3312 3612
92 10028
81
85
212 412
78 178
1758 3712
1434 2278
2318 3578
88 7412
334 618
10
11
712 1018
8 10
1818 26
1
338 212 418
534 14
1212 2238
12 28
2512 3538
1012 1712 1434 1784
3
478 418 634
61
61
58 65
14 2
1
312
1712 22
1712 2624
4934 63 a52 57
3534 5812 58
73
3914 64
6118 7734
35 55
5312 8814
95 103 103 11038
88 9412 92 964
458 778 788 1134
134 278 24 414
3418 4612 4312 644
2112 2914 26 3124
3418 4512 41
4924
73 8312 8112 8712
538 1014 812 1238
1012 163g 187a 1822
1034 1812 1412 1838
1012 1812 1712 2978
45 5412
30 39
14 ----------------17 1912 16
50 14
7 1034 914 1534 15 274 1933 2478 20 2312 15 20 White Motor
1717 1312 1514 13
154 1134 1412 1158 1438 134
13
• 1412 16
15 White Rock Min Spring
1434 15
1878 1638 2012 14
11
12
58
12 118
58
38
12
12 214 118 134
34 114
12
4
12
78
12
58
•
38
78 White Sewing Mach
112 1
1
1
114 Convertible preferred
• 118 118 118 118 114 112 134 278 2
1
112
78 258 158 234 1
314 512 418 814 4
3
258 278 2
5 258 3
518 314 414 234 4 Wilcox Oil & Gas
238 4
314
538 4
1614
1712
15
1758 1714 18
Wilcox-Rich class A
* 17
1824
20
24 134
58s
iViliys-Overland
38
---ig 5 15
238
7% convertible preferred_100 1212 1712 12
1212 -----------------18
14
16
7
7
10
18
17 2214 1918 2012 18
78 158 1
•
138 1
78 138 1
152 114 312 212
Wilson & Co
118
78 1
134 114 134 1
34 1
618 5
434 4
538 4
• 4
214 438 3
334 418 "A"
434 3
884 8
478 318 424 338 4
1128
35
3142 25
19
7 2
2 2
23
13
14
19
514
2 3
7,22
8 2
3122 3014
31,4 3
25
Preferred
1912 1534 19
1714 27
20 2514 1912 2514 15
18
19
2 x3628
10
10
0 20
3338
2258 3112 2978 4012 3518 4234 3312 4038 3312 3912 1314 3634 Woolworth (F W) Co
978 1338 8 1534 1014 1734 1834
16
934 15
1312 2138 1338 24
12
1838 1118 1712 1134 1478 Worthington P & M
100 13
14
17
1512 24
7% preferred "A"
22 22
15
18
2912 34
2478 32
24 24
22 22
30
100 --------17 23
14
14
14
1978 21
6% preferred "B"
15 20 24 29
2112 31 --------22 22
15 22
24
100 1512 1818 14
• 812 9
818 838 6
11
818 9
Wright Aeronautic
10
1812 11
1358 818 818 6
11
5
6
7 12
938
3412 397/2 3612 44
3422 38
32 4012 3812 4212 35 39
• 3612 39
2978 34
3412 37
3414 36 Wrigley (Wm) Jr
44
8
914 9
8
1234 13
914 1212 11
15
10
818 8
612 9
1314 812 912 74 958 Cala & Towne Mfg Co
25 7
2
138 238 212 414 338 734 312 538 338 412 234 4 fellow Truck & Coed* cl a.to sis 414 214 3 4 218 418 258 412 418
19 2134 20
____ 19 2378 18 22
32 4018 27 32 2514 29
1912 26,4 7% preferred
22 29
27 31
100
• 522 614 412 818 312 514 334 8
614 878 434 638 foung Spring & Wire
478 6
534 978 87g 1178 534 8
712
10 2038 1858
12
1
11
10 22
14 2712 912 1924 934 154 812 1138 Youngstown Sh & Tube
• 94 1312 712 1158 8
•
34 1
12
84 -------8 1
34
78 114
4
78 tenith Radio Corp
12
84
34 2
118 2
1
1 23
45, 538 51a 834 65s 9
A
354 412 358 413 411 51n
A
1 4
512 7
412 734 4
45a !noire Products
-1-1:, --ii4 --i.-4 121,
18 12Z Ts Ils 1717'82 T1,2 12'2 1138
18
18
2134
2914
2512 23
134 l32
214
10
618 5
1 512
4
5
2618 25
26
834
1738
5434
4014
2838
38
34
24
5014
21
8
38
1678
3158
234
71.
618
1334
54 I
3734
2612
37
34
1714
4614
1812
478
2934
1312
2514
178
Kl-
11
22
6919
4878
37
51
47
20
5012
22
7
404
1738
3238
234
•/...
• No par value. a Optional sale. c Cash sale. 2 Ex-dividend.
1933.
1932.
November December
August September October
July
Low High Low High Low High Low High Low High Low High
BONDS
March
April
January February
May
June el
Low High Low High Low High Low High Lou, High Low High
RAILROAD BONDS,
11a Gt Sou 1st 5s ser A
1943 --------------------------------75 75
83 8312
tat cons 4s series B
1943
-60 60
68 76
80 8312 8234 84
8013 If'-55- IS'"iois -ii""75- Ii. tibany & Susq 1st go 334s..1946 78 -8
85
-fi" if""ii- 75
- - 8312 87
3
3- 8
8212 8534
11Iegh & West 1st g go 46_1998 ---------------- 65 65 -------- 65 65 6512 6512
65 65
6812 6812 ____
_ _ __
_ ___.
8114 "4
0 8113 90 90 95
90 --9212 9018 ---. klieg Val gen guar 48
1942 9412 974 96 9814 90 9414 89 93
9018 90 -933
92 944 9484 98
'.nn
28
2818
Arbor 1st g 4s_July 1995 234 27
16 2114 25 40
2212 24
40 40
23 25
37 39
38 40
27 2712
23 2712 25 33
8814 9814 8858 93 8234 90 88512 9312 39112 95
91 9412 9034 944 8912 9234 9114 95 1tch Top & SF gen g 4s
97
1995 94
8814 8712 87 92
Registered
80 8214 78 8712 --------8822 884 8858 8858 9114 92
1995 9012 9112 - - -- - -- -- -- - -- - -- - - -- -- 8912 91
90 90
77 79
74 80 8012 89 81
2
83
12 8212 8318 81 8234 880 8412 Adjustment a 4s___July 1995 85 8612 88 -8634 8114 85
76 87
8318 8612
Stamped
744 804 38012 8412 82 85 80 8558 8034 83 8034 9434
July 1995 8414 8812 83 8812 79 8518 7712 8l12 37518 875 85 88
76
7712
7212 79
8312 84 227912 87912 7934 7934 7822 77
Cony g 4s of 1909
69 73
79 80
874 78
1955 7612 81
73 82 80 84
73 7912 79 824 79 8114 7812 8014 77 7712 Cony g 48 of 1905
79 8312 784 7818 37312 78
884 71
1955 77 82
72 84
8012 8412
Cony g 4s of 1910
,_
-_ ____
75 77 80 80 ----------------73 73
1960 73 7812 7712 8038 ---9
87
91
Cony deb 48s
87 9334 85 -89
s75 c87 83 92 9012 93l2 89 9334 88 8
1948 9012 95
879 -8712 i.
37 -9-518 -55- 16
Rock Mtn Div Ist 4s ser A1965 8334 8412 8312 85
84 84 --------78 82 814 84
75 75
79 79
79 81 --------81 82 83 8334
88 91
ir 4 9012 90 94
91
93
Trans-Cont Short L 1st 422'58 95
81 86
88 89
9314 --------80 9512 9412 97
9612 92 9534 90
86 86 89 eo
911$ 9412 92 9578 92 9518 901 9612 Cal-Arix 1st & ref 41,04
,
4_1962 9412 9718 90,2 9714 8812 93,8 874 91
8812 95
9514 98
71
1til& Char A L434•ser A 1944 -------------------------- 23114 6412 7314 7314 74 8312 71
------- 7.5
75
-12 67
,11
1st 30-yr Se series B
68 --- 2 7638 -8-5- 8734 9312
64 75 80 85 83 83 81 82 80- 0
1944 72 7 12 7434 7512 8712 70
Ulan City 1st con go g 48_1951 --------------_-- ---- ---- ---7878
_ 85 65
75
754
"ii
69
73
15.
72
55
kt1
81
firs
I854
7
7
Coast
L
1st
g
88
4*. July 1952 69 7512 70
-70- 71
lig; Yi itifs 16 77
83
83
8712
5112 5512 52 5858 5822 7158 7158 7868
Gen unified 43-45 ser A1964 5112 56
58 644 45 55
55
4412 5318 5512 74
6512 73
51
65 74
4812 5334 51 1: 6058 8014 8812 8712 7178
45 49
4178 4812 Loulsy & Nash,coil g 48_1952 45 5234 4614 56
30 48
4514 65
5378 6212 52 58
2214
18
1tlantic & Dan, 1s1 g 46_1948 1314 20
14
2212 29
914
1812 1612 1834 40
2834 40
22 30
18 2212 16
26
25 3971. 3714 434
16 --------16
2d 4s
16
16
9
9
25 25
13
10 25
18
1948 8 12
18 3012 30
3812
1314 19
35 17 - -24- 30 111 & Yadkin 1st go 4s ,j949
38 40 36 40
____ 20 26 --------20 20
1834 40
30 44
43
94
1ustin & N W 1st 58
-
7512 8418 82 8538 79 8538 73 8012 7234 78,2 lalt & Ohio 1st g 4s
1948
Registered
----- ---- - - -- - -70 70 ___.
20-year convertible 4348_1933
4 55 14 594 -13814 51-114 -68
50 77 85978 /1-11Stamped (10% pt red)
294 394 Refund & gen 5s series A 1995
iis -16- 57Ts 1112 a Wii; 45 5212 51 747
lit g 58
1948
774 84 84 9234 90 93 8538 914 80 8514 7918 8134
Ref & gen 69 series C. _1995
33 4358
40 53
32 42 4212 7012 5012 87 4614 55
P
L E & W Va Sys ref g-422 1941
7012
84
63
365
694
8412 76
72 77
57
7518 79
5978 70 59 13714 Southwestern Div Ist 522_1950
514 70 6734 80
7012 75
70 75
4734 8212 5753 84 58 6018 5114 5718 5034 5514 Tol & Gin Div Ist&ref 4sA '59
36 49
3012 3838 Ref 55 series D
2712 4012 37 8112 46 5812 41 5078 33 45
2000
2214 33 22 2914 Convertible 43.s
1960
154 2770 2612 5278 35 4814 2544 40
9112 93 langor & Aroostook lit 5. 1943
7814 82 83 85 93 96 --------90 94
65 79
72 7578 fls
664 7114 70 714 Con ref 4s
1951
878
59 135
87 88
8612 8812 84 84
Bee4ch Creek 1st gu4s
82 82
1936
External 1st 334,
1951
11044
543. 548. lid Cantle I. A.
87014 76
65 65
3334 51
a Deferred delivery. c Cash sale. • Negotiability impaired by maturity.
75
7712 86
7734 86
72 80--- 67 7014 6812 7722 2267
62 6812 *6214
61 66
3412 4134 3434 4438 3328
81
9012 8012 904 804
5012 40
3712 4912 41
7038 7518 6812 7518 81 12
55
59 70
6112 70
4912
5234 5818 53 58
3434 4158 35 4314 3533
2618
34
2618 3212 26
9534 88
94
9112 96
73 6638
65 7318 71
80 80
8212 8212 80
nn
L'IT
04
. 4,
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1.
79
74
7858 87412
___
___ 75
7012 *69 -85 .82
66
90
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8514 37918 83
80
4812 3978 5012 51
6912 62 68
6612
6412 59 6474 65
54
4512 50
50
39
3512 4614 4734
32
2512 34
34
9434 90 90
90
7212 67 72
70
80 --------83
8312 8318 887
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94*8914 9512
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82
78
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8812
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7512
68
60
48
03
72
87
-412
9458
7714
8278
8212
72
88
58
96
77
87
Financial Chronicle
Volume 137
617
New York Stock Exchange-Continued.
1933.
1932.
August September Octob.r November December
July
Low High Low High Low High Law High Low High Low High
60 80
6514 80
60 7512
5414 60
834 834
---- -- 70 85
3614 78
2812
50 55 7812
7538 9018
72 78
3
4 824 871
7534 82/
76 82 8178 873
/
4 588
7538 82 813
82,8 873 874 931
8712 .941
82 88
8178 88 8838 921
3
4 844 8938
794 83/
7678 8238 58158 817
75,2 8258 8178 871
51
5214
46
5414
63/
3
4
6038
60
5414
7112 76
663
/
4 7314
71 76
70 7412
67 72 62 6812
60 60
__-87 90 ____
85 593
88 88
554 62,4 5034 5734
66 c81
57 75
87 90 8714 9018
86 8834 88814 9112
8612 8938 38818 91,4
8678 8938 8712 913
/
4
9214 9512 944 974
9218 9512 9412 9738
92% 9538 94/
3
4 9738
89 913 9014 9378
8678 887 8818 92
8634 89,4 8838 9112
BONDS
March
January February
April
June
May
Low High Low High Low High Low High Low High Low High
65 Boston &Maine 1st 58 A G.1967
6834 Ist mtge Ss series 2
1955
1s8 gold 4Lis series JJ
1961
63
5114 Boston & N Y Air L 1st 45_1955
Brunsw & West 1st gut 48_1938
86 If- -55- 15 Buff Roch & Pitts gen g 581937
Consol 434.
1957
4012 474 3038 38
43 531 But Ced Rap & Not 1st 5s_1934
5818 60
83 9018 76 844 Canada Sou cons gu Ss A1962
80 8938 81 8618 Canadian Nat 4HsSept 15'54
Gold 4344
1957
81 8834 8134 86
Gold 434s
1968
79/
3
4 8834 8158 861
5s
1969
3
4 921
85 954 87/
Oct 1969
85 954 8714 9214 Guar gold Ss
1970
/
4 Guar gold Ss
/
4 87 913
8512 943
Guar
g
4
Hs_June
891
844
15 1955
814 9114
Guar gold 4)48
1956
/
4 87
3
4 813
80 88/
1951
80 8958 Eass 86's Guar g 4345
62
61
60
5212
663
/
4
67
63
5212
60
go
59
514
5878 6378
584 63
55 60
55 5878
8434 844
_
85 -661-2 388 16- 88 88
35 4434 36 4218
3434 43
50 50
4614 50
4812 54
8412 8612
82 85
8312 794 -82'4
8438 8734 81
834 8714 7934 8378 7938 8314
8212 8778 880 8334 80 8278
87/
3
4 9312 38412 8814 844 88
871+ 9334 8412 8814 84 88,4
85 8712
887s 9314 28438 88
8518 90
8218 8518 80/
3
4 85
83 8778 8012 8312 80 84,8
83,s 8734 8058 8378 7934 84
62
64
59
5412
74
7314
70
5412
57 74
5818 74
70
60
55 631,
53
6412
48
543
/
4
60
60
5512
58
59
584
59
55
85
4618
45 47 45
7878
80 80
8014 8678 85,4
7934 8612 85
7034 8658 38434
8412 9112 90/
1
4
3
4
8434 9112 189/
85 9114 88978
813
/
4 38812 8712
8014 87 38512
804 87,2 8534
-55i846
75
74
70
63
72
714
644
60
77
76
71
67
88 -55" -6658
57 6234
60
50 6112
85
84 91
8812 8838 9112
89
88 9114
8814 8814 9112
93
923
/
4 9614
93,8 93 967s
9258 94 964
903s 9014 05
8918 8812 9134
3
4 9178
89,4 88/
934 100 10014 104 1014 104 10314 10578
9978 10338 10158 1041 10414 10718
9434 100
914 9512 9212 98
9514 981 9812 100
85018 67,8 6438 74 68 731 69 713
5584- 77 875 8612 82 86 804 841
774 8818 8734 9238 914 93
75 77
6812 78
76 8312 8214 867 82 871
57 77
7212 80 784 84
78 8038
17 17
75 75 -5- 61- 88 93 -girz WI;
55 60 65 88 8058 87
71 8058
74/
3
4 75
63 63
3014 55
5212 5212
65 65 67 67 7218 75 -5- 1619 28
28 52 4018 48
33 42
1618 1912 3934 27 3612 234 27
15
1112 173 1534 37
24 3312 19 27
-5313 -66
37
75
78
65
865
37
84
79
65
75
40
5878
3312
85
41)
75
55
933
611
41
92
8634
-io" 1/6- 7114
75 88 882
6515 652
38 5412 54
-(41-12 -ars
48
38
95 90
9114 844
7114 75
8714 87934
-6gfi -5- 16- -557614 66
7314 6134
1940 100 1044 98 10134 96341004 9714 100
98 10134 10012 103,
4
9818 10334 9958 1021 Canadian Nor s f 7s
25-year deb s f 6Hs g
1946 10014 107
95 9812 95 993s 98% 10112 101 10534
9412 101
974 10612 10012 1031
914 9412 9314 967s 97 98
Feb 15 1935 9738 99
9278 9712 90 95
93 99
9434 9758 10-yr 434s
6058 7075 36134 6734 Canadian Pac 4% coup deb stk 6112 6812 49 61 34912 5512 54914 58'4 57 68 654 68
Coll trust &Hs
1946 7218 784 60
7418 80
75
7178 56 6214 855 65 65
76 80
70 78
1944 824 9012 8012 83
81
8334 83 8618 85% 877
, 8734 9512
84 9138 84 8614 541 equip It temp ctfs
Col trust Ss
1954 7512 8534 6312 754 5834 65
5812 7114 72 8112 7812 8638
78 8412 784 82
1960 7118 77
534 6118 63 75 s72
77
54 7118 55 60
7112 7778 72 7634 Col trust 434 s
15 --- ---- -- 15
17 Carolina Cent 1st con g 4s_1949 16
Carolina
Clinch
1938 89 91
&
01st
Ss
8
84 8538 80 83 -ia" 16.- -95- iW18712 91
87 87
784 90 8918 96
70 73
7134 79
7014 75 654 704 1st & con 68 series A___ _1952 68 744 7512 80
Carthage & Adis 1st gu 48_1981 58 58 60 60
62 621
431 56
28 3312 24 11- 36 44
40 40 Cent Branch Un Pac tat 4s1948 2914 34,2 2955 36
4112 42
32 42
36 42
-65 65 Cent of Ga Ry 1st g Ss Nov 1945
1945 1534 20 -5i417
1978 25
1578 23
10
11,4 104 16
55- If' 14 28 Consol gold Ss
1959 5,4 912 4
51
113
/
4 154
3
1718 251
878 9 13
5 1978 Ref & gen 534s ser B
Ref & gen Ss series C__ A959 34 818 3
978 154
3
2,2 4
878 84 13
5
5 181
1573 22'
Chatt Div put money g 4s '51
22 25
16
17
-- 15
23 23
15
1946
24 30
33 33
--55- -4-6- -55- 16- Mobile Div 1st g 5.
1961 64 6834 61 63
60 6834 65 6818
55 55
68 6612 674 6512 67 Cent New Eng 1st gu 4s
45 5714
28 16 28 3058 33 45
26 32
42 4714 40 461 Cent RR & Bkg of Ga colt 5s'37 25 27
46
9334 98,8
82 85 84
94
94,4 92 9334 89 95 Central of NJ gen g 5s__1987 90 954 89 954 86 90
Registered
83 90 -_-- -90 90
89
88 91
General 4s
1987
-W1-2
-- 7534 7814
77
-- 77
7612
79 85
787s 8232 -I/ 66* Central Pac 1st ref gu 48-1949 79 8612 68 854 68 75 6312 37112 6812 83
86
Registered
7834 7834
757 16Through St L 1st gu g 4a1954 7612 7612 "io" 16- 55j8 -70"
80
78 78 -775il 7E;
1
Guar g 58
1960 55 61
55 70,8 69 75
5014 61
50 5912 45 55
70 50 59
51 58
1004103 1014104 10114 10334 102 104 10234 105 103 10438 Ches & Ohio 1st cons g 58.1939 10412 10638 10112 106 101 10358 31003
/
4103 10138106 105 10714
100 1004
Registered
10112 10112 103 104
100 100
102 102 102141 0214
Gen gold 4344
8214 89
89 9512 93 9733 -5878 WI 94 9612 933410014
1992 100 103,5 95 10312 9312 9712 8758 9312 92 10034 5100 10414
Registered _______________
87 87 93 93
904 92
96 96
"ii- -7-6- 79 87 8314 87 -8114 8612 -55r8 84 8112 8414 Ref & imps 4344 set A I993 834 9334 -8.4- 13-3-4 8214 861, 80 8314 84
,
9238 -56c2928
Ref & imp 414s"B"
70 75
1995 8412 9312 8358 9314 .78014 87
76 88 8314 8678 80 87
89 9212
79 8312 8312 92
824 8538 814 83 Craig
Valley 1st g 5s___ _1940 94 94
90 95
98 98
91
97
90 90
94 94
Potts Creek Branch 1st 4s
81
81
7934 WI; 80 845k g8i4
"ii 78 "7
91
'4690 96
96
_-- -'55 95 3844 88814 84 85 85 92
89 16- 87 16" Rich & Alleg Div 1st con 4s'89
64 64
2d cons g 48
744 84 804 804 8058 8075
1989 84 85,4 8612 8612 8514 8514
83 88
81 811s
38 4312 41 50
46 4812 42 4738
4112 47 46 50
35 40
30 44
387s 41 Chic & Alt RR ref g 38._ _1949 40 4258 394 40
7814 82 81 85,4 8312 8978 8712 90 8458 8758 8412 8938 Chic Burl &0-Ill Div 3-',.'49 88 91
8234 85
8312 89
80 8478 881
8734 85 87,4
854 92 8934 9312 91
1949 95 98,2 91
9412 9118 9658 9212 95 9112 964 Illinois Division 4s___
884 92 8712 92
98
90 9512 9314 9612
82 8578 85 93 8978 92
1958 894 934 8712 924 87 9112 78 8538 8338 9114 85 9134
8712 92 8712 8978 87 9038 General 48
751s 81
81 86
1977 7914 85
8418 8934
72 86
80 8514 75 82
84 88 8314 88
68 75
7934 8314 78 8073 1st & ref &Hs ser B
8112 8712 8712 95
1st & ref. 58 ser A
1971 82 9334 854 9378 82 88
92 97 92 9618 86 9178 82 87
9212 97
7614 84,2 7712 93
4112 50 60 70
_ 48 48
50 5734
54 55
32 32
56 6012 57 59 57 60 Chic & East III 1st con 68_1934 56 58
6
91
934 25
9 15/
14 22
7 12
3
4
10
834 1438 Chic & E Ill (new co) gen 58'51 1014 1258 9 -1-1-12 712 912 334 7
15,s 1134 18
80 80 80 89
87 92 90 90 90 91
90 93
90 904 Chicago & Erie 1st gold Ss 1982 90 9434 9118 9212 89 89 38614 90 8654 92
3212 40 3812 56
20 30
26 36,2 24 32
48 5458 4034 5212 37 43
38
30 49
4614
31 3812 Chicago Gt Western lit 481959 32 38
3278 35
-5- 1618
21
5434 5714
-a- -16'
58 60
51 6012
1413 2234
34 534
404
44
5012
50
50
55
4578
54
5012
5812
62
65
56
35
60
55
514 514 3614 38
45
21 41
28
25 46
30
684 684 62
88
63
484 604 59
5812 72
6538
5812 72 66
6214 76
66
22 4134 2712
5,4 1412 8/
3
4
378 "55- 164434 2112 34
62
94
6734 5714 62
62
56 6112
70,4 55 67
70 59 6712
68
65 65
3712 22 32
1538 2612 101
4534
48
57
5914
6238
604
60
5518
65
60
72
74
70
64
13
1612
624
934
484
48
5312
54/
3
4
54
1914
5
43 Chic Ind & Louisv ref g 68_1947
1947
Refunding gold Ss
40
Refunding 4s series C...1947
1966
22 "1012 1/12 1st & gen 511 ser A
1st & gen 6s ser B_May 1966
2134 10 17
624 6112 624 Chic Ind & Sou 50-yr 45_ 1956
9812 94 95/
3
4 Chic L Sh & East 1st 434s_ 1969
5712 42 48 Chic Mil dr St P gen 48 A 1989
Gen g 334. ser B___May 1989
51
3612 46
1989
4412 524 Gen 4348 series C
58
Gen Oft ser E___May 1 1989
58
4514 55
434s series "F"._
May 1989
57
57 57
2612 1334 20 Chic Mil St P & Pac Ss A.A975
2000
812 34 534 Con,ad) 58
45
42
35
28
37
334
33,4
34
44
38
ii" 16 9
12
17
10
15
16
12
1412 1312
22
15
16
18
13
18
6112
95
94s 9534 -151V4 WI; -iirx WI;
4714
39 46
4014 44
44 4834 38 47
4278
3612 42
35 44
42 45
481 47
40 4934 42 4512 41
4812 52
40 457,3 4012 49
484
40 50
4712 52
4012 4012 40 481 53
38 50
55 55
19
1612 22
19
14 20/
3
4 1214 17,2 11
578
412 6/
3
4 37it 558 33,2 534 314 61
40
43
3618 37
-55- 33"
80
44
38
2934
32
7112
95
60
54
6038
60
61
361
127
4978 5818
4l's 53
29 4014
70
6
3
71
6/
3
4 5
2
0
606
014
96
5663 16
7
n
112
57
7
112 7
3234 4612
114 2014
44 5112 434 61
35 43
41 Chic & No West gaol g 3W+'87 3812 4334 35 3812 34 40
General 45
1987 40 4612 37 40
3758 4114 30 4673 4612 5814 54 67
45
Stamped 45
1987
4878 58,4 55 59
36 43
---4212 4212 54 6212 6112 6318
Geni 43
12-1/
4•stud Fed Inc tax '87 47 47
2 ---tiorz 62 48 58 45 5212 Gaol Ss stud Fed Inc tax 1987 46 52 -ibT2 4434 "i6T8 47 40 50 5312 67 55 75
49 64 47 574 Sinking fund deb 5s__1933 58 6218 604 6778 66
63 75 *7612 88 *8534 87
70
62 65
Registered
59 60 60 60 66 6838 68 68 *80 80
60 65
Stud (10% part red)
6012
6612
521 67 68 8314 "5- IC -65 7634 "a- 1118 49 60 15-yr secured g 6Hs_ __1936 50 57,4 4578 51 46 51 4358 5612 564 74 -5518 -6617 2334 2314 53
35 48
May 2027 17
17 21
19
2212 34
254
15 2312 2412 40
15 2058 1st & ref it Ss
211 ; 17 20
27 48
1166,14
2 20
16 20,4 2178 4638 30 41
1718 2318 14 19 1st & ref 434,stpd May 2037
2114 31
15 2178 2218 36
25 4112
1512 19,8 164 19
1618 2112 2114 4638 30 4178 20 31
18 23
2378 42
134 1838 1st & ref4Hs set C-May 2037
1912 1634 19
2012 15
22 35
15 22
84 1638 14 374 2112 35
Convertible 484 s series A1949 1014 1578 912 13,4 712 12
2612 12 19
35
16
415 1412 144 26
11
934 14
554 6612 674 724 67 7058 60 69
5712 63 504 57 Chic RI & Pac Ry gen 481988
524 57
50 53
54 65
55 66,2 51 6334
2412 3278 294 59
38 51
20 2512 19 2414 2034 2634 2614 36
2712 374 19 2778 Refunding. gold 4s
30 43
1934 5
22
30
23
5
14
2
3
6
053'
4
2
2378 30
2834 5012 2714 4278 2912 364 2414 3312 1914 25
Secured 43-4s ser A
1952 2258 2934 1812 2412 1858 24
2012 26
2512 33 224 297/1
10
16
15 43
2034 35
164 29
1512 21,4 9
1614 Convertible gold 4 Hs_1968 11
1212 12 20
12 19
1
4 21214 6
16,2 912 1414 6/
62 62 70 7112 78 78
75 Chic St L& NO gold Ss_ _1951 73 78
73 73 674 6718 71
72 72
78 78
75 80
7278 73
47 50
5818 60 65 65
Memph Div 1st 4s
64 64
1951 46 60
48 48
50 50 65 65
33 3812 36,4 59
47 5612 46 54,4 48 53
33 453 Chic Terre H & S'east let S.'60 394 45
40 497 36 44
5212 62
38 47 46 54
1212 2678 26 49
Income guar Ss
20 29
3914 46
304 4012 27 32
23 29
1960 2478 30
18 23
3412 44
22 39
1434 21
83 90
89 97
9514 97
95 9814 9618 9778 924 9838 Chic Union Sts 1st 43.4s A 1963 9612 10014 944 10118 92 9712 91
94 89212 9812 96125100
9012 9834 9834 104 102 104 101 10312 101 10378 10014 10314 1st Ss set B
1024 106
1963
95
102
103
105
1027
97
96
8 105
99
3
4
10312
92 93 92 9812 98 100,4 100 10114 100 10112 100 10114
Guar g 511
1944 10012 10238 99 10214 9234 9914 94 981 95 99
994 10312
10434 110 109 11134 109 11114 11114 11312 11012 1124 11158 113
1st 6 Hs ser C
1963 11178 11312 109 114 10338c11312 10834 111 105 113 112 114
55 6038 81 76 66 72 66 71
62 70 Chic & W I cons SO-yr 4s1952 5978 663s 6514 69 6334 69
65 70
70 76
60 661 63,2 76
554 65
68 85 80 8412 78 84,4 75 82 65 81
1st & ref 5 Hs ser A
1962 6734 7612 6612 76
Si
90
67 76
70 761 77 90
60 65
Choct Okla & Gulf cons 5s1952
70 70
_
50 50
57
70
70
73
75
80
60
5178
5712
60
70
70
6414
61
4814 5514 46
4858 54
45
4834 35
4612 40
Gin dam &Dayton 2d 434.1937 88 88
88 8818
.--- 88 88
--_- 85 85
Gin Indianap St L & C 1st 4s'36 95 95
92 92
---9558 9558 _-__
Gin Leb & N 1st con gu 48_1942 82 83
Gin Un Term 1st 434s
2020 994 10012 98' 100 -6/ 98 -55- 61- -55- 16- 96 9855
9338 96
96 9934 974 101
1st mtge Ss series B WI 2020 10212 10514 100 104
961210134 9738 10138 9712 1034 101 10414
1st nage g Ss series C__ _ _1957 10238 10318 9978 103/
3
4 9614 102
98 102 100 10312 102 104,8
Clearf & Matt 1st gu 5s1943
75 1E-airs -Eli 66i8 "7-71; 7414 7712 75 WI; 75 76 73 77 Clay On Chic & St L gen 4s'93 74 75 -771 Vii; "ii- 75 -55- /6- 72 72 75 78 General Ss series B
89 89
65 65 89 89
8858 8858 85 86
1993
48 -11- 65 65
Ref & imp 6s ser C
67 70
70 70
70 70
1941
49 49
74
7014 7014 71
40 46
48 62,5 58 65
45 1-41-2 Ref & imp 5s ser D
48 62 46 54
48 52,4 47 52
1963 477 12-18 -,5F8 55
54 65
6812 75
3434 42
4134 663
37 4718 Ref & Imp 434. ser E_1977 40 48 540/
/
4 54 61
44 53 434 51
37 4934 5014 65
3
4 48
4018 849
6334 70
86 86
86 86
Cairo Div 1st gold 4s
86 86
86 86
85 85
_1939 8618 864 8718 88
88 89
85 88
'55" WO- 60 60
6612 6612 6612 6612 Gin Wab & M Div lit 48_1991 623
__-4 6478 6478
6378 72
68 71
68 68
78- 1(51-4 7412 76 75 75,2 St Louis Div 1st col tr 481990 75 4 623
73 73 66 68 868 80 7458 75/
73 75 ___
75
3
4
564 58
White Wat Val Div
102 102
4 Glove Col Gin & In 6sIst 481940
-- 55- 100 -55- 166- MU& 16614 101 1-6f
9612 9612
1934 iO1'8 101's 100 161-594 94
Clev Lor & W con 1st g Ss_1933 95 95 95 9518
95 95 96 96
95 95
Cleve & Mahon Val g 5s
1938
8014 80,4
-el 95
Cleve & Marietta 1st 434s_1935
99 99
97 9712
Clev & Pitts 4 Hs B
1942
____
96'4 96's 98 98
336s series B
---1942 86 86
---96 96
434. series A
1942 98 98 ____
------3Hr! ser
84 86
____
5 Deferred delivery. c Cash sale. 'Negotiability Impaired by maturity.
70
----
7O's ---.
-554 WI; -iir2
VS"
WI; -9115 ii"
95
82 88
0;"oir, 9414 944 944
72 72
-11T3-1-2 934 9558 94I 993
9934 102 10034 102 101 104
Financial Chronicle
618
New York
July 22 1933
Stock Exchange—Continued.
1933.
1932.
August September
July
November December
October
Low High Low High Low High Low High Low High Low Mgt.
BONDS
April
March
May
June
January February
Low High Low High Low High Low High Low High Low High
71
76 Cleve Short Line 1st 4 Ms_1961 80 80
70 78
7978
77 77 --------71
74 Cley Un Term 1st 8(5 Ms A 1972 6738 7134 6112 7012 61 66
6012 6712 66 80 80
1st s f 5s. ser 13
54 60 60 75
70
75
1973 62 6938 5634 6712 58 61
6312 1st s f guar 4 Ms C
4914 5912 4934 5538 58 71
1977 5912 65
70
55 62
. ._ioal RI, Ry 1st gu 4s
1945 --------------------------------8712 8712 8612
7278 85
6712 72
83
7512 8312 72 78
--7834 16210 & So ref & ext 42-s....1935 75 83
Gen mtge 43-s sreles A...1980 50 5412 4812 58
50,4 5512 47 5334 55 6478 6412
4534 51
. Col & Dock Val 1st ext g 4s 1948 8518 8528 ____ ____ 8518 8518 --------9122 9112 91
__
8;11-2 -8-452 ,olurnbus & Tol 1st ext 48.1955 --------------------------------90 9012 9014
_ Conn
---------------77
& Pasumpsic Rh,1st 48'43 ------------------------,
.
4714
35 44 (.01180i Ry non-conv deb 4s '54 3978 4012 (12 4012 ----------------38 49
- 45 45 --------45 45
-43 43
Non-cony deb 48.1 & J _ _1955 40 45
49
40 Ifi 56 56
40 40
4012 4012 ----------------44 47
4612 4612 --------44 44
Non-cony deb 4s
1959
112
ii, :utt Nor Ry 1st 53-is
-212
ii78 . i "ii12 iT2 If
ii1 /62, .5F WI, ii -i
36 2818
1942 - - -497i61
1812 15 27
15
2318 28
2112 3378 31
15 22
44
3278 39
29
27
34 3512 287 3412 23 2734 "7ulla RR lot 50-yr Ss g_1952 21
1712 16
19
15
18 22
16
25 31
21
1st 1 & ref 724s. ser A
2112
3118 45
P836 23 29
41
44
32 3218 30 3218 2678 29
11
15
15
24 27
1st I &,868 ser II
1212 1618 18
37 40
20 20
4012 42 ----------------28 28
1936 25 25
18
8112 82
70 89
64 -'14
6014 6734 6758 8478
6358 76
59 64
—_
-W -761-2 -75- -88
41
51
4912 65
____
71
90
7412
3012
3112
6
812
80
90
8218
45
45
1212
18
7712
85
82
4112
4412
1114
17
---- ---- __-..-- -_-- 45
---71
100
94
18
70
OS
82
82 8018 8018 77
8612 82 8612 67%
8134 73 8058 61
6212
7818 70 73
85 --------85
8512 78 8358 7812
6612 58 6314 5012
____ ____
____ ___
83r 831
8312
85
9512
5878
58
3312
37
82,8
93
95
4634
4712
19
2578
8714
94
97
52
56
2758
35
80
9314
93
39
41
1238
19
87
9312
9618
47
4712
2134
29
_ _
212
212
2
2
_ _
If _ _
_
77
7712
7312
69
85
8114
55
____
76
6412
6212
58
_ _
7712 6734
72
80 let & Ffud 1st ref 4s
1943 78 8434 72 84
94
9312 95
193.. 95 97
95 96
96
,58
C fa"- rah!
1937 88 9312 8112 9012 82 8212 79
15-year 53s
9214
35 lens/ & Rlo(I 1st cons 48-1936 31
3758 $2612 3414 2778 3412 29
31
30 36
Cl/1.0i gold 4318
27 36
36
1936 3412 40
11
14
14
814
1522 /ten & R C West gen 55 Aug '55 1112 1634 11
1258
1812 13 20
11
58 series B
22
2114
1978 16
-)es Moines & Ft D 1st gu 4s '35
2
114
--------22
234 Temp ctf of deposit
212 212 --------2
1
____ ____ _______ Des Plaines Val 1st gu 43581947 ------------------------45
7834
9234
9112
3378
35
15
20
81
96
94
41
41 18
2012
27
78
95
83
3114
3478
978
17
75
86
2114
2114
75
76
20
1912
7618
77
7318
91
84
3458
36
1412
2078
314 1
45
55
41
4134
3958
3312
7078
9558
9112
4912
521 i
2234
32
7734
9412
91
4512
48
1884
2812
8212
9614
95
6012
61
3012
43
8
55
3
55
324
62
Second gold 4s
1995 ------------------------------------ 25
--------75 ii1'68334 85
,fetroit Riser Tun 1st 4 Ms 1961 80 85
8212
2f02 Vii8sabe & Nor gen 58_1941 ---------------- 10314 10314 --------10112 10134 ____
_
2).1 & Iron Range 1st 5s1937 101 1021 4 10014 10212 9978 10012 9912 100
99 10112 10018 1-04
13
5.11 co Shore & Art 658
13
13
14
25
1334 1558 12
23 3138
1917 15 20
86 8912
East ity Minn No Div 1st 4s1948 --------84 84 ----------------84 85
o.ast Tenn Vs & GR—
65 75 373 85
73 75
82 8314
84 85
1952 80 84
76 84
83 9114
Coo lot g 5s
Igin Joliet & East 1st g 5s1941 81
8178 8412 8134 8134 7834 82 84 8918 9112 95
81
8934 90 89 89
_ _ --_6i-f_ El Paso & S W 1st & ref 53_1965 72 72
61
61
iii2 i2 i': • rI9 1st con g prior 4.. ___.1406 70 7524 71
7612 Lb -7212
a
-8-4-18
4838 45 54
4012 4812 41
52 60
s42 46
3758 451: 1st cons gen lien g 4s1996 43 48
5858 6712
_ _ __
_ _
.
Registered
41
41
55 -91 59 -9-9-1? Penn coil trust g 4s
6614 99 99
1951 99 99 ----------------------------5799 66
56- -ear con g 4s ser A1953 3012 37
39 43
3818 4734 4912 5434 51
3734 41
30% 3314
59
32 34
1933 30-28 37l2 3718 41
41
4734 4818 55
$0 • ,co,, g 4sser B
3778 43
281, 33
31% 35
53 59
Gen cony 4s series D
1953 --------40 40'8 40 40
2514 -35
Re. & impt 58
2712
551-2 471-2 -411- 56s;
2134 30% 2134 27
20
2258 32
1
1967 4
27
2012 35
Ref 54 imp 5s of 1930
21
2112 30
35 4712 4534 56
1978 25 31
23 3134 20 28
Er. • & .Persey 1st s f 6s_1955 _ __
8212 85 90 9012 10034
__ 8134 8178 8134 8212 81
8418 8638 84 87
G • fesee Rix RR 1st- ft f 68 1957 80 -R0
85 9034 89 9418
90 90
85 89
76 8318 80 80,8 80 86
80
88
2018 2018
30 33,2
7414 7414
9334 100
Wm 9812
85
93
_
ii4
i-ills
4812 5534
_
_ _
_
85
89
85
9214
-_
ii4
r iiN
4414 5134
_
_ _
_
95 -65 '55 -9-6
3712 4534 36
41
4412 35
46
46
85
85
29
29
84
82
40
40
86
84
3914
4114
2412.3412
2412 3412
____
-86 -8-912
67.2 -ii s,„ -if iiis
18
Fla Lent & Pen cons gold 58'43 15
___ 25 25
15 ---------------- 18
0i0r1 a East Coast 1st 4301959 45 4512 4258 45
_ __ 3412 39 -____„.
-40 53
55 60
1st v ref Ss ser A
334 5
5
3-23 -4
1412 824 14
43a 314 5
1974 3
312 214 6
4
2
314 2
Certificates of deposit
3
512 131, 8
1234
9
vond.. Johnst & Gloy 4 30_1952 4
978 078 6
5
712 712 312 8
5
4
A
9
( \m-nd.ftil 1st con 423s1982 3
212 258 214 212 02
418 212 3
••••2 vv
=
e
Ft Worth & 0 City 531s1961 -------- 90 9012 88 89
92 92
90 90 95 95 -rem Elk & MO V 1st bs__1933 65
78
5 62 68 ---- --_ 5414 6012 71
75 86
/Salt Dous & Hen 1st Ss_ _1933 55 73
70 -7412 --- -___ "72 8478 .80 8122
67 76
Ca et Ala 1st cons 58 Oct 1945 6
514 514 578 514 --------9 15
6
18
18
Ga Caro & N 1st gu g 5s ext to
__
_____
July 1.1954
_ _
_
20 2018 ____
------------------------ 1912 1912 18 24
23 25
-;e”rgla
2312
40
"344
2934 49
---_
--------29
---2
34 -4-0 32 -3-5
ilti4
Midland 1st 35__1946
C45 c45
51;2 16'
__
752 82
___ 83 85 --------8312 85
It R & I ex 1st gu g4 31s
.
4 -94
1q41 85 881p 92 9612 ------------------------8
99,
8 10334 152 1-03 10258 10478 9753 10334 99 101; lra nd Trunk Ry a 878_ _ _ _1940 9912 10431 9818101 1s 9634100-23 9758 10014 9818 1011 1 10034 105
9712 10034 9958 10114 10012 10178 9312 101 18 9558 99; 15-year s 86,
9334 987j 9812 101
1936 9812 10134 96 9912 9414 9712 9414 97
35
30 30
43% 55 5312
3
412 434
5
6
822 7
522 6
7
9312
80
3212 -32-12 AO
1018
15
20 20
40 --------23 23
4338 4322 _
5312 45 45
43 44
712 412 8
4
512 212 5
4
7 --------223 312 112
6
10
7
834 5 12 --------4
8
7
712 5
6
412 412 234
9312 93 9418 --------91 92 ____
77 77
7812 81
85
6512
71
75
55
61
75
67
68 7018 66 74
12 ------------------------434
13
_ .
112
312
8
4
_
-6-652
56
10
78 8734 66
7812 55 6912 5412 6334 Gt Nor gen 7s C B & Q coil A '36 5614 6478 48 5934 47 58
1st & refund 4 31s ser A _ _1961 74 80
8212 87
72 74
8234 8678 73% 81
7912 6823 71
75
Stamped (without July!
1933 coupon)---------------------------------,-lisT2 -E71-2 -Lt-3- -ifio -6578 -ii- -5522 "76" -4522 -661-4 -,
15- -Eft; Gen ti 5Ms ser B
39 4812 3914 49
1952 47 55
4335 56
52 74
65 6938 53 6712 48,8 51
Gen 5s series C
4113 4714
45 46
1973 45 5118 43 43
40 50
4814 69
Gen 431,series D
37 44
52 62,
59 64
4 42,
83 4812 39 45
1976 44 4818 37 42
40 4512 Gen 4 fis series F
434 51
3818 51
50 69
59 63k1 5012 62
1977 4214 4812 37 4312 38 4478
5312 6634 65 92
70 73
7412 84
izz -iI2
48 ----------------3352 4 12 40
2412 4518 39 52
38
H -2-6 3014
21
7338
94
84
36
36
1458
21
80
85
8312
7734
91
86
6912
94
92
77
52%
51
23 34 --------25 -2-5--- ---- ___ 20 20
-73
75 -85 84 87 --------8513 88
8512 71517
100 --------------------------------10212 102222
97
9
98 393 100,4 99%0012 100 01 1005s 101
21
181
2034 31
2812 31
25 25
22 2214 16
70 --------82 82 --------84 8414 84 85 .-
7012 83
86 90
-_
53i
i-66 8914 ii14
4412 59
38 45
50 50
39 39
99 90
2224 -3-4-14 30 5012
23 33
2812 4912
14
14
67
76
82
82
78
73
82
80%
61
____
21
40
41
83
77 80
7912 79,2 75
-LL- -16-
92
89 0312 89 94
7612 83 83 88 88
___
__-- 8512 90 ____
8334 8334 --------85 -85
oi Id _
_
30
27
7
1
-65-8 ;15.4 -4-34 Deb certificates B
3134 2314 35 Gulf Mob & Nor 1st 53.0_1056 2712 3012 ---------------73243112 2712 3212
18 35
34
1st m 58 ser C
2518 3012 2513 30
1950 27 31
87 91
89 91
--------79 79
_
____ ____ _ _
--------82 -a.
4514 59 5834 80
6634 697x 7113 76
66
40
4012
37
34
7,584 85
7514 8234
70 7512 7512
49 7112 6534
47 70
6412
4512 64
63
4512 64
6214
30 30 - -3-14 ---------8
212 31
36 4914 4912
23 30
32 47 4634
70
4912
4612
45
46
83
7478
7312
6614
67
—
-1-0
59%
53
-locking Val 1st con 431s....1999 94 99
86 9018 84 91
88 97 8921%100
95 99
Housatonic RR con Ss_ —1937 79 79
.
,
79 80 ------------------------7
5 80
Ibous & Tex C 1st 5s list g-u..193 ----------------8512 89 ----------------89
_..
89
•fouston Belt & Term 5,._ l'837 8112 86
82 8212 --------78 78 --------8224 100
-9-g
6aT2 'cid?, _ __
_
ist go g 5s redeemable _1933 9812 10018 -, _-- ---- --7;-- - —
.- — 7.3 --7- -.7.:'
-.
82
72 -7-7-.8
gO3if -8-6 -bud & Slanh 1st & ref 5s 1957 84 88, 82 -8-812 74
8734 80 83
78 -84
81 -8-4-12
4814 5212 Adjustment income 59-1957 5114 55
4012 5412 3918 4812 41 49
4512 54
5712 4734 54
51
5934
7238 7314 ------------------------ 78 78 ____ ____ Wools Central-1st g 4s 1951 7812 8014 8118 8118 --------82 82 881 8118 81,4 8114
65,8 65% --------72_
75
7512 7512 so so _=_
,,.
1sr gold 331s
1951 7822 704
Extended 1st gold 3315.19,1 -------------- ----62 62
75 75 ----------------75 -7-8
_
_ --------72
-i6
39 4922 5012 6412 58 65
Collateral trust g 43.-1952 5518 65
53 6 - 50 58
60 74
55 64
55 62
59 65
59 65
66 -74-78
49 68
5412 1st refunding 4s
45 56
6112 66
37 49
46 53
56 6214 5234 5712 51
57 70
1955 53 5912 4714 60
6712 7212
5412 6417 Purchased lines 331s
52 56
4912 4912 --------66 66
50 50
1952 -------------- - 55 5618
:..
7- -----------..7 ----27 38
36 544 49 55
,
a 45 51
4712 5012 38 4812 Coll tr g 4s L NO & T
1953 4214 47 4112 -4-912 44 49 40 45
49
5758 6212
58 68
37 46
5218 54
6512 68
5214 55
58 62
527s Ws Ref 5,1
5814 62
60 64
5912 7634 77 81
1955 53 60
42 53
56 81
13-year secured 634,., _1936 68 72
68 7014 6018 6912 7412 90
68 79
604 6014 63 6912 6214 6314
6812 72
8634 90
20 2/ 34 9712 532,38 5034 30 4278 33 4014 30 3814
40-year 434s
3158 3912 3978 60
Augi 1966 3312 4034 30 4012 3112 38
5314 6212
Litchfield l)Iy 1st 3s
58 6014
.._195l 58 58
a
Lb 50 Li. -61 ----------------60 4 163-4 5513 -6-22 Lott', div & term'i g 33-Is 1953 --------63-35 6338 ---- ---- 58 ii ---- ---- 1951
St I. illy & term g 3s
--- ---- -___ ------------51 -5
6
1951 _
62- --------56 -E— -----------------------57
6012 6012 Gold 31-Fs
1951 62 0222 (33 63
---- ---- --T-_
---- ---- 68 6
Western Lines 1st g 4s1951 66 67
--------61 61
71 ----------------0712 -if
6314 6334 65 65
66
747.8 -8612
a§% 74'2 74 87
3158 47
4514 60
2314
23
-_----__-17
312
15
15
25
23
19
258
58
30
29
29
29
---- 50
---- 85
-_-- -24
22
6
512
1812 18
20
1712
42
36
39
3635
22
2434
258
58
5
i.
3.5.4 -8-i 82
54 59,2 47
59
42
56
41
41)
56
90 90,4
----91
4612 27
16
6
33
24
37
2518
42
39
44
3938
35
2918
5
___. ---- 7634 85
66 66
335
5478 3612 5018 42
51
40 48
40
40
39 39 ____
92 -------- 90
01 --------90
40
1612
22 28
8
1212 5
4
3.5
20 20
14
34
197 20
1335
4212 3934 43
39%
44
31
43
43
30
3012 35
35
334
514
514
47
43
__
-90
90
2212
634
1938
1834
4312
4434
3218
,II Cent & Chic St L & N (3
Jolol 1st 5s ser A
34 46
1963
1st le 431s ser C
30 4214
1941
____ ____ Indianan & Louis 1st g 48_1936
___ ____ Ind Union gen & ref 5s A.1965
Gen & ref 5s series B....1965
__
____-15 20 Int & Gt No 1st 6s A
1932
212 412 Adjust m 6s ser A
1st 54 ser 1.1
181 4
12
1956
2
1823 1st 5s ser C
12
1956
39 402; .ntern Rys Cen Amer let 5s '72
1st col tr 6% notes
43% 45
1941
1st Lien & ref 631,
2858 30
1947
Iowa Central 1st g 5s
1938
434 Certificates of deposit
2
53 114
Refunding gold 48
1951
____ ____ ____ ____ ____
____ ____ ____ __ _ _
io
44 -62
4512 -4-9
41
4934 -66 42311 /1-3-4 ,-1522 -97
51%58'4 57 6878 61 6434 57 62
57 5934 54
4612 703 58 70
834 48
4512 5012 42
4212 55
8012 8634 84 89% 86% 8978 8714 90 8634 8912 87
7412 85 ----------------7814
6934 75
56 56
72
70
72
76
____
__
-4-613
49
61
50
9022
8212
51
48
30
9234
85
26
13
7331
4
17%
39
45
2918
205'341
21 14
41
4534
31
2
1
3
112
4012 4712 40 51
50
3878 51
3812 4678 4712
3812 44
4012 49
2714 2714 ----------------27
9234 9234 ----------------85
------------ ----- 85
.r,,:
934 23
1614 2'022 2414
19 22
16
31122 24
5
8314
8 16
0311 13
334 23
6
712 28
218
16
38
4023
2812
1914
4212
4534
2958
1712
3334
3958
27
2
1
2
1
218
1
lames Frankl & Clear 1st 48'59 --------65
Kanawha & Mich 1st gu 4s _'90 6514 6514 69
K C Ft S & 51 Ry ref g 4s_19.46 48 54
47
Ctfs of deposit (Bankers Tr) ___
_ _ 48
Kan City South 1st g 3s
1950 5712 -62- 5010
Ref and improv 5s_April 1950 47 5612 4814
Kan City Term 1st 48 —1960 88 9414 8812
Kentucky Central g 4s
1987 78 8018 80
Kentucky & Ind Term 431s '61
s Deferred delivery. c Cash sale. • Negotiability Impaired by maturity.
39
37
27
9212
85
19
65
69
5214
48
62
56
9412
82
18
36
40
2812
16
3314
3834
2618
22
3734
41
28
22
3778
38
2978
66
62
34
92
63
57
37
9222
69
65
4812
9512
4
39
5512 -9613
14
3,
342 3
11
2
16
7314
3
34
46
4712
4414
30
4223
4712
40
3518
56
55%
55
218 --------3
C6
1
112 212 114 258
5
134
6
4
66 66 --------60
--------60 60
70
3134 5112 33 4812 4758
4834 4834 37 4712 4712
248 56 852 5712 5434
47 54
54
47 55
8312 c88
8414
83 91
741x 79
77
79 80
6512
76
5612
5312
6712
73
9214
80
66
71
52
4978
62
7058
89%
80
51612
54
6738
74
9212
8014
Financial Chronicle
Volume 137
619
New York Stock Exchange-Continued.
1932.
A WW1 September
July
Low High bow high Low High
-65 7618 70 77
50 50
47 47
45 45
71
79 -'7514 79
7212 71
72
69
7112 75
70 83
744 75
3678 60
47 54,4
"E
78
85 85
73 79
7312 75
2212
55
8814
74
3014
56,2
91
8078
718
60
7129
60
40
48
52
51
5
45
25
46
45
50
25
67
43
35
36
20
2212
1014
2212
2212
85
23
2234
30
7314
59
481 2
55
28
27
15
27
21134
124
267s
27
43
25
4614
14
12
5114
85
29
74
59
49
62
2978
2614
1358
264
2634
II
27
27
55
25
55
49
53
4912
5414 48
8834
83
got2
9212
83
90 924 93 13-1-01 -65
8438 87 804 87% 83
Lake Erie & West 1st 5s___1937
2nd gold 5s
1941
771 Lake Shore & M sou g 334s 1997
Registered
72
1997
70 Leh V (N Y) 1st gu g 41.0_1940
39 Lehigh Val (Pa) gen con 4s2003
Registered
33 4323 General consol 434s_ ___ 2003
50
Gen con 5s__
2003
5234 334 42
90 87 88 1.eh V Ter Ry 1st gu g 5s 1941
Lehigh & NY 1st gu g 4s_1945
IS3-4 -85T2 8312 Lexington & East 1st gu 5s 1965
1935
9978 9934 9974 tong 1)ock con g 65
9318 95 tong Island Gen gold 4s _1938
95
Unified gold 4s
1949
83 8314 84%
Deb gold 5s
98 100
1934
1937
927 8812 90,2 211-year deben 5s
Guar ref gold 4s
1949
8418 8112 84
6812
January February
March
April
May
June
Low HIgh Low High Low High Low High Low High Low High
62
6412 64
77 881
7718
73 77
7312
-- -- 6834
32 37
27
28 28
3318 3812 -55%
37 42% 40
91
90 92
6512 6258 6312 58
82
7412 80
7312
68% -5978 64
3534 2712 35
3734 -3214 36
38 38
42
91
91
91
8414 8412 -LO" I11-4 79
9934 10034 100 101
93,2
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4012 3212 36,2
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4
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1
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5534
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23
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78
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76
64 7312 57
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7074 57 58
5114
34 42
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48
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40
40
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2112
1018
2734 1212 21
40
25 3114 2112
40
3112 2112
24
3312 43 41 St P & S S 51 cons 4s stpd '38 3414
1st consol 5s
18 25
1938 18
1st cons 5s gu as to int1938 3514
3638 45
1212 1412 1st & ref 6s ser A
1946 10
978 31312 25-year g 534s
1044 8512
1st ref 5 Hs series B
4734 62
1978 53
RississipPi Central tst 5s 1949 78
4111ssourl-Illinois RR lot 5s A '59 25
2612 -HTs
73 7512 go Kan & Texas 1st 4s
76
1990 7414
1962 0112
631
/
4 5511 65 Ho-Kan-Texas RR 5s A
Prior lien 4s ser B
1962 85158
561
/
4 5134 54
147S 5978
581
/
4 50 5414 Prior lien 434s ser 13
28 3534 Cum ad) 5s ser A
1967 34
36
31 1 2 1734 22% WN.I.Uri Pacific RR 1st 5s A •65 19
, General 4s
11,
1975 8
1634 7
lot & ref 5s ser F
1977 1834
2934 1712 2234
lot & ref 5s ser G
1971. 1812
3012 1712 22
11% Convertible gold 5 Hs
1949 74
154 7
2934 1712 224 1st ref gold 5s series H1980 1834
lit
& ref 5. merles "1"
1712 2234
30
1981 1834
ld 7s ext at 4%
1938
Mobile & Blrm p 1 g 5s _ _1945
Small
Mortgage gold 4s
1945
Small
Mobile
6512
& Ohio gen g 4s___1938
22
39
iti"
Montgom Div 1st g 5s___1947
9
9,4
Ref & 'mot 434s
234 4
1977
9
6
612
Sec 5% notes
1
4 5
418 518 3/
974 514 8
1939
65 65 'fob & Mal 1st gug 48
199
61 61
41ontana Cent 1st go 6s
1937
95
58734 3-11-7-% 1st guar gold 5s
888
1937
87 87
7313 751. 69 7312 Morris & Essex 1st ref 340_2000
76
7434 77
Constr m 5s ser "A"_
81
81
Constr m 434, ser "13*•_195F
741
/
4 'Ws 70
80
7418 80
69
60
70
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55 55
5578 64
76 81
76 81
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74
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34
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34
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56
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80 -8-912 8912 91
-621-2 9218 9218 9514 95,4
96
9634 98,4
96
89 89
8818 9178
9712 100 100 10112
9114 90
9334 9312 97
83, 79 8978 88% 9178
22% 36
52
75
69
27 3212
29 36
44
16 20
20 20
20
31
29 3112
40
45
13
10
10
914 ---- -62 4518 55 -it5T4
77 77
85
20 22
2812 2012 28
8423 78 8412 7434 7912
7312 69 7414 65 75,4
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64
6712 6712 6238 68
64
4012 33 4118 873 4112
20 2612
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26
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1478 8
2578 18 2514 20 264
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3
8,4
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2538 1812 2514 20 2612
20 2612
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---
- 112 --358
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2
5
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134 134
2 --23-4
112 134
75 75
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2178
2012
2312
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25
24
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1
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114
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224
22
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5
5
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64
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90 90 -Li- -62-73 76
744 7812 72
5
6
65
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----
Nash Chatt & St L 4s
1978 6612 7 12 6018
60'8
Nashv Fla & Shef 1st gu 5s1937 ........
National Rys of Mexico434. ass'tcash warr No.3 1957 ____
4. saa't warr rcts No. 5..1977 174 174 -aT2
4 Hsass't cash warr No.4 1920 134 s2
158
4s ass't rash warr No.4 1951
3138
New England RR cons 5s_1945
---N () St Northeast 434s A 1952 32 35
30
New Orl Term 1st 4s ser A_1953 5012 5012 51
New Ori Tex & 5Iex 5s ser A 1935
1st 5s ser II
1954 20 2312
1st 5s ser C
2212 18
1956 21
1st 4 3.0 ser D
2114
1956 19 22
1st 5 34s ser A
1954 20 2512 1812
9218
69
7234
52
56
7412
73
7834
7512
9218
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601 1
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c Cash sale. • Negotiability Impaired by maturity.
47
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60
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58
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7
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46 46
7223 WI; 74
7O'8 74
71
79
6778 69
----eV 1E- 68 7212 71
62
5812
38 48
24 24
43 50
1978 26
1618 825
60 701
/
4
75 83
18,4 27
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77 86
66 73
71
76
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1234 19%
3012 37,2
31
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31
3712
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1
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112 212 2
1
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178
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112 14 134 2
114 138 1
68 68
30 38 -55i2 48
30 33
33
49 49
55 63
6412
5312
20
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25
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23
26
22 27
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20 221, 1634 20
22
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94
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538
3
80 86
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59 674
2
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6912
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641
/
4
N Y Connect RR 1st 434. A 1953
1st au 5s ser II
1953
N Y & Erie list ext g 4s
1947
3d ext gold 434s
1933
46- Y & Greenw L grd g 511-1946
88 N Y & Harlem g 33'4s
2000
NY Lac & W lot & ref 4 Hs B '73
NY & Long Branch gen 4s_194I
5529
-0
: NYNH&Ii non-cony 4s1947
Non-convertible 330_1947
Non-conv deb 354.
51
1954
Non-con• deb 4s
57
1955
591. Nnn-eonv deb 4s
.1996
5%
34
85
6812
55
50
4814
1.3 YE" 14
634 1212 8
7 1312 10
62
894
601s 65,2 60
69
LER8 Vs;
6012
43
45,4
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why
7011 78o 611
75 75 6418
8312 854 87
8418 871 2 8738 90
87 89
85
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/
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-LLT2
78
50
53
48
70
28
c72
9
99 100 N Y Bklyn & MB con 5s_.193S 100 10034 100 100
45 57,4 N V Central RR cv deb 6s191, 53 6429
Consol 4s series A
5614 61
1998 s6014 692 6114 70
Ref & lmpt 434, ser A2013 3712 4678 36 46%
31 4534
35 491, Ref & hnot 5s ser C
2(113 411 1 50
40 5012
72 76
Y Cent & Hudson 330 1997 7578 80,2 s74 80,2
72
Registered
72
1997
7412 7412
64 697s Debenture gold 48
1934 6612 73 66
71
30-year deben 0_1912-1942 64 7112 6412 6618
66 66
Ref
& impt 434, ser A
---- -2013 374 47
36
464
66 6312 Lake Shore coil g 3 40_199), 69
70 -itf- -6811 72 ;W6
.
8
65 69,
8
71
Mich Cent colt e 334s_,...19914 66
6812 70 s66 69
64,2 71
68 71
6858 73
65 691
71
/
4
Registered
ii" "80" 783 80 75 80 71 75'o 66l 80
Y Chic & St L 1st g 48_1937 7712 79,2 7312 7374
6"7 gold notes
1932
32 c43
---- -- s33 36
Certificates of deposit_ 30 38
32 42
36
24 46
1234 18% Ref g 534o ser A
22% 3814 19 254 1714 24
1974 15
1912 15 -i(/11-4
1914 3912 20 3312 1618 23
Ref 4 Hs ser C
1012 1734
1518 20
1075 1278 18
1212 18
16,4 3-year 6% a notes
8
13
1935 1023 1514 9
"iirs
78
2
3"
2
2,2
66,4 6614 6512 68
70
28
4,4
67 67
11
11
414 5
4,4 6
61
9
79
68
40
50
44
5012 65
6878 7312
-9412
87,2
81%
994
65
58
85
70
864
9514 9514 10078 101
4934 4934 4934 53
---70
72 ----
24
3412 3312 4134
17 20
2012 25
2812 35
3434 45
94 23
10
9 21
10
5012 60
37 48
65 6512 65% 65%
15
17 22
18
6812 7412 70 84,8
59 67 36714 79
5118 55684 858 70
55 62 6612 70
23212 4512 42 55534
2012 3212 2814 3412
7
1158 1012 1478
2012 32
2814 35
2012 3012 284 34
3,4 612 56
1034
2112 32
2912 34
2034 32
28,4 34
.---
20
4778 56
74 80
101 103
92 9514
8012 8834 go
75 8614 8212
7234 79
774
9818
__-- -- 65
4618 53
54
82 85
85
55
5734 6634 64
7512 76 80
7914
----
20
37 497s
70 71
9834 101,4
87 9412
0
. 84 /83-4
8112 8812
77 82
75 8212
6712 75
33314 7334
87 87
56 56
45 4812
VIahonIng Coal RR 1st 58_1934 101 10114 101 101,4
100 100
S staniia KR ou Lines 1st 4s '39 5334 5334
349% 852
lot extended 4.4
50 5112
_--_":
Manit S W Colonlz g 5s_1934 874 74
6-:
-- \Ian
74 7512
G B & N W 1st gu 330
194
99
1
47 47
-Enic Hich Cent 1st gold 340 _ _ 195?
"La- 80
84 84
Ref & 'milt 4 Hs series C_1979
69
64
61
48 411diand of NJ 1st ext 5s _1940 48 48
48 48
4111 & Nor RR lot 434,11880)'34 --__ _.;4
L1sg:3.941
lot gu
,
39 in38 4314 36 40 334'2 42
1-3 %1L
%1SP
:
SStte
r t NWl
40 40
;lion & St L lot cons 5a1934
234 Temo ctfs of deposit
lot & refund gold 4s____1949
11
/
4 14
1
12 -1-34
Ref 2/
1
1
4 ext 5s ser A
1962
118 118
Certificates of deposit
--__
4712
39
5212
1912
174
61
69
25
-3214
33
91
46
90
98%
9114
93
7912
90
28
68
9634
8114
61
7154 78
-i69614 -66i2
3278 Louisiana & Ark 1st 5s A1969 3034 36
22 31
20 27
70 Lou &Jeff Bdge Co gu g 4s 1945 :72 74
7238 7574
1937 9712 9834 9912a103 397- 166973 Louise & Nash gold 5s
Unified gold 4s
84
1940 8212 8912 8312 91 :33 88
Relistered
82 85
1st & ref 540 ser A
2003 6512 7412 7214 79 68
-8118 iE" ICC 67 72 -66 68
78
I st & ref 5s ser 13
76 c67 75
2003 6312 70 6818 75 6812 76,4
65 7012 6014 66
lot & ref 4!-s ser C
2004 5978 68
73
624 6734 57 62
64 7034 6218 71
59 62
10-year sec g 5s
95 91
1941
91
87 88
_ -Paducah & Mem Div 4s 1946 69 70
68
" "6i-;
-H58
St Louis Div 2.1 gold 3s 1980 43 50 849 "Ei- 46 lir
50
47 50
45 47 -iL 45
Mobile & Montg lot g 4b5'45
84
82
-AL" 85
8412 85 ---- -5912 -44" IS1-2 41 45
3612 43,
4 Southern Ry Joint Mon 4s'52 40 53 843 58 543 54
45 45
Atl Knox & Cin Div 4s_ _1955 75 876% 78 78
78
75 75
77 80
77
75
74 78
32
iE" -i6-io" "4"E"44
BONDS
7634 72
72
724 724 70
4138 4534 29
53
-Si"
65 65
84 84
93 9518
8934 91
9223 9434
86 8634 83 87,8
9914
88
78,2
90
90
8714
2834 47
860 s60
8512 91
8138 89
5
214
37
20
39
83
51
VS"
6738
56%
92
68
4478
45 45
81
18 -313-4 304
- (7(
70 70
70
52
80
80
43
75
115
88
78
8838
78
84
5529
;
52 "ES-
52
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6312 64
58
7912 75
6112 - Kit; 161-2 50
6734 5814 63
50
45 57
4712 57
52
80
63
47
77
3512
354 4314 -'
44
80 84
"i8" "f6-
1933.
November December
October
Low High Low High Low Mob
51 -SE
4512 53
-6-F2
-EL
-2
0-
50
44
45
45
44
45
50
-La
44
56
50
47 5434
5014 60
56
56
76
60
85
76
60
53 5712
6018 6478
60 6312
July
Financial Chronicle
620
22 1933
New York Stock Exchange-Continued.
1933.
1932.
BONDS
November December
August September
October
July
Low High Low High Low High Low High Low High Low High
June
March
April
May
January February
Low High Low High Low High Low High Low High Low High
N Y N H & H (Concluded)
5478 55 1
43 50
44 44
44 44
Convertible deb 334s.1956 50 51
50 54
50 50
5878 5878 51 51
3712 50 50 57
1948 7814 83
,
4 6512 82 s7912 8784
85 80 6212 70 574 65
4 Convertible deb 6s
7212 78
,
4 7014 78,
62 7578 7412 9178 82 8934 73 82
8512
81
8212
59
67
71
6612
68
Collateral
83
trust
6s
69
1940
82
,
8
78
74%
807
8
81
7614
8184
89
75
7414 90 81
66 75
44 5712 534 5812
3478 42
Debenture 48
1957 38 45,4 3778 4414 36% 40
36 44
49 53% 4778 5312 45 48
30 43 42 58
75
48 6212 60 7518 67 7414 62 69 614 6514 56 6514 1st & ref 43is ser of 1927_1967 6014 654 53 6314 50 60 45 5314 5112 7012 69
85 89
8812 8812 88 88 8234 89
liar My & Pt Ches 1st 4s 1954 89 90
88 90
78 83 82 82 8018 83 8312 85 8414 88
73 75
5718 62 60 65
52 60
,
4 5234 5812 54,4 58
,
8 4912 5478 48 5212 49 51 NY Ont & West 1st g 4s1992 5018 60
4638 60 524 55
44% 50
General 4s
1955 43 5212 47 50% 45 4812 4614 50 484 55% 53 5912
3784 4912 45 4812 42 4712 42 4514 38 44
3534 38
68 75
68 68
N Y & Put 1st con gu g 48_1998 68 68
7312 7312 64 64
72 7214
76 76
70 76
2312 3712 39 47
,
4 464 6414
2612 2812 251s 27
34
274 3212 N Y Susq & West 1st ref g 5s'37 31
3212 36
3112 36
27 4314 36 43
18 25
33
4112
2d
g
4.4is
1937
21
21
1712 18 -IA -2021 -His ilia 3518 48
19
1940 1812 1712 18
"ii- 1E- General gold 58
30 31,4
2 08 39
15 1-61Terminal 1st gold 5s
1943 64 64
1 41 -51" 16- -3838 164 -W21EY Westch & Boa 1st 4 He I '46 38 46% 35 46 -5,
77T2 -E11"2 317 47 N
-45E2 -5478 "i8; If- -4
37 "iE"
8 10612 104 11078 310412 108
,
1950 10334 10638 10012 106 3100%10214 99
8 10234 10584 Nord Ry esti s f g 6;is
10412 10688 105'4 106 10484 10584 10418 106 10438104,
4712 9
312
338 4314 32, 418 8
53
212
3
414
Non
f
&
Sou
1st
&
ref
1961
314
55
A
24
1312
414
5
67
8
5
11
3,4
5
5
4
1812 2112
6
1012 1134 14
8
13,2 13,2 8
10 154 Ist gold 5s
15 15
214 26
28 30
24
134 1512 1.4
1 10
14
1 104134 10414 10414 10212 10312 10112 10112 10113103 10288 10212
19
93
44
,
8 104 N 8cW RR Imp ext g 6s__ _1
10312 10338 103
10212 10314 10258 10312 10312 10412
8912 961s 924 9612 92 9712 93 954 94 100 Nonf & West Ry 1st cons 4s 1996 9718 10014 $92 100 8814 95 87 9378 9114 9812 89714 100
84% 89
_
Registered
1996 9418 9418
9312 944
Div 1st lien & gen g 444_1944 987 10112 96 10112 -55r2 -66- 9414 -662-2 ;51 /61-2 984 101%
-oir2
-654 9234 -111-2 -6.1- 98 -55; -5-6-1; 96 9914 Poca
-51- IS"
06 9914
8912 9812 90 9584 9212 9512 9438 96
C & C Joint 4s
,
8 94 96
89 9212 91 92% 9234 934 9318 93
82 88
99 99
Nor.Cent.gen & ref 5 cap..119
97
44
1 9774 9914
87 87
25 25
17 2212 22 3712
32
34 -51
40 "iE" "45 45 "55- 39 Northern Ohio 1st gu g 58_1945 35 35 "55
-- 35 50
73 85
,
8 83 8678
85 Nor Pac prior lien g 4s1997 84 8735 8112 8712 79 6412 374 81
8212 8212
74% 80 80 80
Registered
1997 8112 8212 82 82
79%
5912 62
52 62
Gen lien g 3s
,
4 53 5712 48 54
Jan 2047 5678 6135 54,8 60
69
Registered
Jan 2047 5512 5512
50
4 "Lo 5518 -554 -/4-1-4 - 5 '7512
Ref & imps 41is A
5728 6214 -85; WEI2047 54 64
62
62 7512 6218 7134 60 7184 69 8512 804 85,2
74
2047 68
7034 Ref & imp 6s ser B
88
74 81
5934 62,4 60 80
5918 6712
Ref & imp 55 ser C
2047 60 67
63
82
,
4
57 62 6318 78
75 80
Ref & imp 5s ser D
713 6
46
812 60 6712 -85r4 65
2
104
947
8 5
38
60
82
44 4612 40 4512 46 55
4812 55
43 50
40 Og & L Ch 1st gu g 48
54
82 89
---Ohio RI,RR 1st g 5s
1936 ---- ---- 80 80 80 80
70 70 85 85 - -- ---70 70
Gen gold 58
1937 -------82 85
-56- 16"
70 7768412 9412 9018 9514
1946 92 96 -51- -6E12 87 9312 88 91
8 91,4 9014 9188 38912 92 Ore RR & Na,con g 4s
8 88 90 89,
8112 83 "55- -E5199 100 100 105 102 103
9712 10012 9884 102 100 10278 10078 10214 Ore Short L 1st cons g 581946 10218 105 103 10434 100 103
88 94 92 98
10214 10012 10112 100 105 10314 10512
100
8
4
107
10314
1st
con
5s
guar
101
10312
100
102
10012
98
102
10238
95
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8812 94
75 80 8784 85 8312 8534
75 84
09
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966
1 183
7918 83
,
4 7978 8378 8012 8278 80
7238 84
68 74
7312 8512
8284 8514
83
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80 8714 Pac RR of Mo 1st ext g 48._1938 86 86,4 8334 83
85 89
75 7712 78 85 85 c90 88314 87
75 75 -56 85 8114 85
75
80
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gold
85
85
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85
1938
83
85
85
82
883% 854
80 85 82
10112 10112 10612 10318 10534
97
39612
100
9934 10978
10214 101 102 Paris-Orleans RR ext s f 5 Sis'68 101 103
i5i- 104 102 10312 101%103 10112 10214 8101
36 40 84314 4518
38 39
36 3912 38 38
32 35% Paulista Ry 1st & ref 741_1942 38 46
33 40 30 404 34 42
4584 46
43 46
71
85 8618
75 88
80
75 80
6812 7712 764 81,4 804 8118 77 8118 7518 77 Pa0&Det 1st & ref434s A 1977 78 8512 75 88
6214 69
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93 934 9114 92
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7278 84 81 8584
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80 93
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71 83% 80 90
6412 7012
57% 74
76 80
6934 81
35 5412 47 52
4
418
412 10
70 70
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65
3213 4714
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96 9978 98 9978
8
,
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,
4
,
8 8678 88
87 93
9812 100
9912 102
7514 8412
83 88
5978 70
61 69
7418 80 7312 7612
4012 4078
51
52
3
3
3
3
65 65
40 50
50 61
40 42
41
47
40 47
4212 55
9612 9612 92% 95,4
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21
26
22
25
2012 23
93 9614
95 98
9412 9514
9814 103
7814 8118
85 87
97 10088
76 80
5684 634
7018 73,4
3538 38
118 3
65 65
2984 4212
28 40
3878 40
9412 98
21
23
Penn RR con g 4s
1943 9584 9584
Con gold 4s
9712 100,
8
Sterling stamped dol bds!
19 8
_ 97 10012
Consol 434s
1960 10214 10412
General 41-8s ser A
1965 7812 9114
General 5s ser B
15-year secured 6 Sis___ _119
8 8
98
91404
187%
93
66
40-year secured g 5s
72
112
7
,
9718
8 9
196
70
4 8
Fieb g 43-ft
Gen 434. ser "D"
Peoria &East tat cons 4s 19
1-------7238 8812
94
80
Income 4s
Peoria &Pekin Un Ist 5 ita 199
7'8
134 72
974
9 693
Pere Marquette 1st 58 A 1956 35 434
1st 4s series B
56
0 3
2,
7 3
3,
712
198
1st 4 54* ser C
Philo Balt & W 1st g 48_ _1943 97 10012
Gen 5s series B
7 --- --_
74
119
97
Gen 4,4s ser "C"
81
81
Philippine Ry 1st 30-yr s f 48'37 20 23
98 98
974 100
92 98
95 100
9484 9912 89412 98
00 10412 9712 100
7784 914 77 84
8718 9778 78 9184
99,
8 10412 9712 10138
7814 9212 7814 83
60 7314 58 6714
68 78,
8
724 85
30 30
3714 38
1,
4 384
75 78
3312 4312 -2914 163514 3514 3014 30,4
2812 3484
2912 38
95 9914
9734 101
97 100
85 85
87 88
1914 2212
1938 21
98 98
9612 100
96 97
9583100
91
94,
4 92,4 98
9512 972 97 9912
90 93
9412 9918 09638 10312 102 105
734 7978 79 8712 85 91
82 8718 85 95
92 98
95 100 9812 10312 10212 104,4
73 79
78,2 8778 86 90
56 68,
4 6812 7512 7518 80
69 7378 7314 82 80 8584
33 3512 3672 82
57 6214
214 2,2 612 5,4 9
2
72 77
7012 75
77 79
2834 43 43 6112 58 65
28 36
36 5412 48 58
28 39
40 55
51
5812
94 9412 94 99
99 10018
93 95
82 85
8514 8514
19 22% 2114 2422 2314 2512
96 9784 39334
,
4 101
99
9518 954 984 9812 9812 99 P C C & St L gu si 434s A.1940 9884 102
_ 93a938 9538 97
94
99 99
1942 9812 10112 100 101
91
9712 9514 97 89612 9714 9918 9912 Con gu g 434* ser B
14 -9112 9272 95
__-- 9912 9912 Con gu g 43is ter C
1942 9934 99
,
4 9984 9934
93% 93,
8
--_--__
95
95
Con
gu
g
48 ser D
90 9514
1945 -___ ---_
-___
_
Con gu g 4s ser G
9178 92
-5,1 -ii"
1957 ---- ---- 9212 9212
4
97,
8 9812 9684 96,
Con gu g 4)4,ser I
98 96
-16E2 -8-6-1-2 -66E4 -86-1-2 -554 Ws; 92 92
4 904 94's
Con gu S454, ser J _1
!! 9812 9812 96,
-8
.
.
i4 _8_6
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3 -8
19
964
76
85 92 80 83
General 5s series A
77 84
65 73 "i5- 90 87 92 "86 88 83 86
69
78 84
7812 92
Gen mtge 5s series B
85 89 86 86
1
19
97: Ca
N
65 7284 8684 90 87 90 85 91
69
74 80
s83 86
754 784 72 7712 Gen 43-Is series C
7984 834 78 82
58 59 62 82
99% 99
,
4
100 100 Pitts Bick 8(.1( 2d guar 6s _ _1
19
93
74
7 7238 85
---2
Pittsb Shen & L E 1st g 58_1940 .
14 102 103 155- 10i451.i4 1-69
- 8- 971 97l
-55; 0
---_
1st con g 5s
____
1943 109,2 10012 100 100
-54530
35
38
36
Pitts
&
-5516West
Va lit 4 As 1958 31
"a" 1E- 41 41's
3
31
1st m 4SO ser B
2984 30
44 47 38 38
1959 30 3812 33 3712 35 35
36 54
304
304
36
377
3012
3712
lit
2984
32
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4548
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3712
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C
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Providence Term 1st 48._1
808
3
3
96
56
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71 734 72
71 76
62 6214 6214 76
6312 7578 7412 8614 83 88512 8212 8584 81
7412 854 8312 8512 8384 8412 83
6412 75
95 95 95
-a- -67- "6612 lit; "iii, li- -5984
57's 62
39 91
4412 494 4284 4712 35
31 39
25
40 52 274 43
22 3078 2818 58
45 60 __-_ ___. -_- --__ 41
4414 50 __-- ---- ---____
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"ii- "ii
---------52 66
4684 52 44
47 508 5012 74
64 64 -_-- --_-___ ____ -__
7312 Reading Co Jer Con col 48_1951 7034
Gen & ref 43-1* ser A__ __1997 83
83,4
8312 Gen & ref 4II s series B1997 84%
9612 Richmond Ter Ry 1st du 58 _'52
Rio Grand Jct 1st gu g 5s _ _1939
1912 55 fia Rio Grande West 1st sl 48_1939 -55;
1st cons & coil tr 48 A_1949 3438
4434 28 35
2014
3312 18 24 R I Ark & La 1st 414s
41
37 414 Rutland-Can 1st gu g 48_19
94394 40
_ Rutland RR 1st cons g 4 X81941 5112
-8-5114
- -g5f8 -13
.
9% St J Os & G 181 tat 54.
87
St Lawr St Adir 1st g St1., _ _ 199
46
7
Second gold 68
1996
---- ---- -- -- St L Iron Mtn & So RyRiver & Gulf div 1st g 48_1933 38
50
35 45
__-_ --- ____ St L Peo & N W 1st 5s
1948 2812
73
84
8412
9514
70
81
8112
9612
7484 78
77
78 90% 78
91
91,2 78 8934 79
62 -55;
38,4 2512
1818
29
47
48
5112 46
8512
90
88
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8
54
37
38
36
9
1012 St L-San Fran pr lien 4s A_I950 8
12
9
Certificates of deposit
10
812 12
1012 Prior lien 58 ser 11
1284 11
1950 10
10
Certificates of deposit__ 934 12,4 11
812 Con mtge 414s ser A
912 8688
1978 7
8
Ctfs of deposit stpd
8
7
912 614
64 St L Southw 1st g 48
1989 594 6212 564
-5,1E8 60 -iiis -if- -552d g 4s Inc bd et,. _Nov 1989 35 35
44
41
60 65
1st term & unify 544
38
244 35% "51"
221 1614 2912 528 4218
25
Gen & ref 5s A
119
99
50
2 19% 2778 15
16 43 4 30
18
18
3312
38 St P & K C Sh List 434*. 1941 28 34
3934
25 3212 32 55
78,4
_ _ St P & Duluth 1st cons g 48'68
--__ ____ ---_iw _ ____ ____ St P E Gr Tr 1st gu 4.458_1947
82
St P Minn & Man cons 4s_ _1933 92 95,2 923g
-56- -66- -55i, -ii 95
1st consol a 6s
93,4 9612 9478
97 08-4 -9-59812
9478 99
92 95
9688 887 914 Gold 68 reduced to 4 34.1933 8818 96 892
89 90 94 9814 94
944
92 92
5312 5312 -------____ __ _ _ --Registered
79
ext 1st gold 4s _1937 s81 881
78 8012
84
ti_
5814 -i-1-76T2 "ii- -i4 ---ith -78
F.,.- 81%
Pac
76
eat
75
78
sterling
gu
78
48__
_1940
76--------78
-ow 68 76
9
13
,
4 1018
13
12
16
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984 15
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15
13
,
8 884
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1335 94
1234 814
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4 6618
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43 46
41
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3612 4712 35
39
23 2912 23
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76 76
7614
62 ___‘ _citi. _iii4
943 98
98
90
9912 95 98
97
954 9714 93
2213 1213 1912 1218
13
1612 1184
13
27
134 2012 1184
16 --------1338
10
204 11 817
12%
11,2
13
11
11
11
68
46
42
2612
42
77
714
7
658
712
6
538
5784
35
2284
1512
30
____
66
7534
84
8114 78
9712
61 39
2312
5112
51%
8612
88%
s Deferred delivery. c Cash sale. • Negotiability Impaired by maturity.
-95 98
9012 90 94
89
,
4 89 94
864 8414 8812
10014 10014
100 100
1118
1118
11
114
978
978
49
33%
3578- -2022 20 19
12
20
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,
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36% 32 37
75
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10
,
8
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9
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90
97
95
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1318
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56
94 -559584 89
93% 89
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70
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8
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53
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1414
134
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13
1018
10
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99 10075
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7812 79
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63
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32 3712 3712
18,
8 23 2312
35,
8 4634 4612
39 39
70 81
80
98 10014 9312 100
98 10038 St Paul Un Dep 1st & ref 58 197
43
2 100 101
90 90 99 96 9914 98 100,8 97 99
574 64. 54 55
5712 60
5714 60 7314 6478 70 65 6984 6112 6412 5312 6112 S A & A P 1st gu g 4s
8214 90
97 97 --------90 90 Santa Fe Pres & Phoenix 581942
80 86 9312 93 95
-46E4 6614
1934
94 100 ------------------------------Say Fl 8c W 1st g 68
II-5598
93
V
&
Scioto
N
gist
88
9fl
au
48_1989 9388 96
90 9012
- 16 sois 844 --------86 90 *1112
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4.178 214
1112 *5
,
8 11 Seaboard Air L Ry 6 4s1950
10
11
_
11
-;8;
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8
4
6
Stamped
6
*6
____
6 15"
1522 15" -____
12 - 10 10
514 7
612 64
Certificates of deposit ___ 9
412 412 __-_ ____9
778 14
6
8
35
_
Adjustment 5s
12 1
14 Ps
12 1
1
112
14 1
41%
•214 3
•12
23
3
,
8
Refunding 4s
.212
194
59
9
214 4
2
5
158 3
2
2
278 2
8 24
Certificates of deposit - -4
414 ---- ---. 212 212 1,
314 6
384 2% 34
lit & cons 6s ser A
3
4
134 314
1945 214 38 3
212 5
--5- --3-4 318 77s 414 7
2
2
3
Certificates of deposit_ --- 184 334 2
158 4
3
514
214 314 158 3
1,
8 312 318 7
6
Atlanta & 111rm lit 48_1933 6
7% 784 784 6
12 ____ _--- 678 O'r
13 1314 1312 15
11
87
44
80
97 99
98
9812 98 100
*40
45
77
8684
8812
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63
6878
50
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55
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9012
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69
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58
2884
54
55,4
84
6484
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5112 *4812 57
5278 53 58
1712 21
1612 20,2
1814 23
1712 2212
16 20%
15 20
60,
8 65
4014 4712
41
5012
8 47
32
,
44 4912
70 75
45 50
93 -55- 16 9784 1004
97,
8 10042
9234 99
03
97% 1004
9478 9084 99
9518 96,2 9884 98
,
4
75 75 83 79 86
7412 80
70
1878
1712
17
16,
8
16
1534
56
3312
2814
1984
38
75
15
15
1672
1612
1412
1412
52
35
3014
2014
96% 91
5812 60
82
94
97
93
95
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8 *10
914
178
2
*412
4
478 5
514 538
533 5
814 *934
19
18,4
19
19
18,2
1734
63
44
4532
3312
98 101
98
64
6212 6912
90 _9984 100
97
91
95
9612
1212 •1618 17
17 *1512 20 '
1512 1612
15
4
312 5
8
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9•
,
8
712 412 8
914 612 1012
912 7 1014
19
15 *15
,
621
Financial Chronicle
Volume 137
New York Stock Exchange—Continued.
1933.
1932.
November Ilecembet
.481gust September
October
July
Low High Low High Low High Low High Low High Low High
212
114
1,2
6
-AK IS.
AK IL
-55- '48 -8 48 73
4812
58
s31
30
29
87112
61
63
44
4312
43
75
61
67
4334
4212
4034
74
76
85
70
65
86
85
BONDS
June
May
March
April
January February
Low High Low High Low High Low High Low High Low High
Seaboard All Fla 1st au 6s A '35
Certificates of deposit __ _
138 134
.1935
Series B
Certificates of deposit ____
34 1,4
112 112
So. & No. Ala. con. 9.58-1936
-8-6- -8513 8512
875 Ii58 -8914 8914
1963 80
-80- Id Gen cons gu 5s
_
4018 5518
55
47 57 -4512 i535-8 4612 53 So Pac Co Cent Pac coil 45_1949 .348
58 64
56
707s
1st 434s (Oregon Lines) A '77 5814 70
6234 7078 63 6712 5512 66
6738 73
1934 6714 79,2 75 82
73 7712 Convertible 5s
7178 8112 7512 82
79 81
4018 5414
1968 4712 54
Gold 4)4:
42 48
44 51
5212 6234 44
56
3818 53
41% 4712 Gold .flis w I____May 1 1969 46 53
42 51
45 57
47 s62
5278
1981 46 5278 38
41 4912 Gold 4)4.
44 5634 4112 51
47 62
8 85
817
.1950
75
8318
San
Fran
Term
1st
4s
_
75
794
84
77
81
83
7714 83
10012 1001 10058 10058 So Pac of Cal 1st con gu 5s_1937 102 102 102 102
10012 10012
14
3
112
134
118
158
53
1
134
60
79
66
8278 7418 771 370 76 Sou Pac RR 1st ref gu 4s__1955 73 379
57
7512 59 647 4718 61,4 Southern Ry 1st con 53_ _ _1994 55 6112 58 66
1994
Registered
58 58
1
1814
ser
A.
_1956
4
17
Devel
&
gen
45
1712
233
23
2
if%
20 271 14
-3012 427 -2412 32
2112
Devel & gen 6s
1956 20 28
2038 27
23 341 1712 2718
2638 40
35 54
22
1956
23
30
207
8
Bevel
&
gen
6
Ms
A
284
2812
1934
25
357
43
39 57,2 31
1996 40 46 ---- - --Mem Div Ist g 5s
40 40
55 55
47
36 47
St Louis Div 1st gold 4s_.1951 42 45
-60- -66- 44 50 48 49'- 3612 3612 East
_ _2_ _
Tenn reorg lien 5s. _1938
Za"
55 33
Mob & Ohio coil tr g 4s_ _1938 20 338 --ilia 25 21 4334 -55- -461-2 -56- 33 23 tig- -i13- 1614
20
18 20
15 22 Spokane Internet 1st g 58_1955 18 20
32 33
30 36
19 2312 2278 20
28
or
"B"
'47
25
30
28
34
Tenn
Cent
1st
6s
"A"
20 25%
20 51
3118 38
2512 3212 25 3
9812 9912 Term Assn of St List 54}is'39 100 10034 9934 10114 96
9212 96
97 99
96 9712 9578 99
94 94
9112
1894-1944
_
_
_
_
_
10014
9612
99
1st
con
100
3
4
55s
0712 98
97 97
96 97
8812 90 85 93
7612 7912 Gen ref • f gold 4s
1953 78 8314 80 8414 70
79 80
72 8012 7912 80
79 80
70 73
6812 6112
62
67
A.I950
59
Tezark
&
Ft
Sm
1st
63
514.
55
62
69
78
65
4
7012 7234 6834 73 67
543
1943
65 65
Texas & N On cons 55
70 70
8334 8514 84 89
90 9212 -AA- 91 -Ai- 89 -85- -87 Texas & Pacific 1st g 5s__ _2000 91 100 8912 100 - T2
4614
4212
54
48
54
IS
1977
Gen
&
ref
5s
ser
433
4
39
4814
44
4118 6412 50 5512 4738 56
3453 42
Gen & ref 5s series C. _A979 4314 5312 4812 564 45
42 4838 40 4414
34 3518 42 6518 50 5512 4712 55
49
48 65
Gen & ref 5s ser "D"__ _ _1980 43 52
3312 43 42 6412 50 55
48 5434 43 4812 40 44
58 61 Tex Pac-Mo Pac Ter 5).4s..1964 5834 5834 50 59
47 5014 56 65
59 6212 5812 62
65 65
8634 8634 roi & Ohio Cent 1st g 58_1935
78 87
90 90
77 77
_
Western Div 1st g 5s____1935
75 75
75 8212
1935 73 73
gold 5s
-AO- -di- -45- 42 TolGen
75 75
5212 ---50
46
St L & West 50-yr g 49_1950 44
-LS- 56
Lo- 16
1004
gu
4;4s
B_1933
10014
100,4
Tol
WV
&
0
1st
10014
10014
10014
Toronto 1-lam & Buf 1st 48_1946 8014 8034 80 80 ---____
7112 7112 8312
70 69 83
75 75
13 2112 20 46
24 591
18 25
18/2 25,2 26 601
48 48
45 80
63
62
79
73
112
I
212
214
4
578
614
414 6
9912 9912
4- 8314 90
75
75 -Ai- 5712 6314
341
4812 40 4834 4612 59
53 5918 60 6878 64 7012
57 65
70 7612 84 90
69 75
5812 54 61
3814 45,3 46
3934 47
3714 4538 46
5812 5318 6012
83712 46
38 4612 3614 4512 4512 5712 5114 61
71
71
76
8312 76 85
37034 78
10112 10112
9718 9712
102 102
114
83
76
7912 63
114
1
7112 6212 6838
5712 7134
62
5812 59
2034 37
24
23 45
28
29,2 2534 4812
-55- -E61-4
----- ----
4514
514
7234 7834
76
9114
8212 81
47 5914
61
7212
68
78
60 70
60 69
80 80
46
5318
24
30
44 54
10058 100%
9738 100
80 84
7414 79
61 61
93 9912
97
6734 70
70
70
70,8 68
6734 70
70
63 63
61
9014 9014
90
89 91
85
80 81
69
-663-4 61
53,4
6712
6918
5818
6212
80
48
22
49
9912
98
75,8
75
----
9512 s92
98
9714 100
95
8912
9184
100 104
82 8714
98% 9812
89618 94
78 88 386
ig34 93%
82 878 90,4 s88
2'2 --,- -6i-
-6i4 214
534 724 6
65
71
3612
46
48
5818
45
5412
56
48
70
60 62
3534
2312 35
21
2012 20 22
25 3212 33
33
96
98
98
99
9512
9212 97
99
69
7318 68
76
59 664 66
65
60 60
-665-8 86 9234 85%
55
4612 55
55
48
56,4 5518
55
4712 5518 55
55
57
55
55
8612
- - 86 86
80
----
9812 9912 Un Pac RR & Id grt 545.1947 9814 10034 39418 10078 9418 9714 9034
94'2 93118 9578 9312 9834 89512 0838
Registered
1947 98 9918 9712 9712
95 95
90 91
9514 9514
(
-T8 ii- -8114
2008 8758 9312 8312 9212 -8)
881. 1st & ref 45
8312
"itiTs -8-61-2 80 87 8312 8858 -85i4 "gfi4 82 85
79 8453 375
8012 95
1967 87 95
7914 8812 8518 88 284 8778 8112 85 84 8818 Gold 434:
73 c81
9514
2008 10218 10534 99 10512 95 100
1st & ref 5s
96 10012 100 103 10012 101
99 10012 90 101
88912 890
6934
1968 8012 86
7212 8618 74 78
75 84 8078 8312 7918 8212 74 7934 76 81.8 40-year 4s
867 76
9684 9814 (Jntd NJ RR & Can gen 4s1944 100 100 100 100,2 ---- ---- 96
9534 96
9314 9534 954 96
--- 96 96
85
---- ---- Vandella consol g 4s
---Consol 4s series B
1955
7 --------------------------- ---- ---- ---- ---- ------- —
- - - - -- 122
114 214 Vera Cruz & P asstg 1st 434.'34 134
j17
234 4
2's
134 2
80
84 85
92
1936 90 92
85 87 Va Mid General 5s
88 16- 8212 8212
60
65 65
6634 69 V. & Southwest 1st gu 5s_2003 --------69 69
65 6912 65 65
64 -6i3838
374 46
41
48
1958 3612 42
1st consol 50-yr 5s
36 4014
43 5938 4912 52 iK 49
28 3514 35 60
84
8818 93 Virginian Ry 50-yr ser A 5s 1962 9112 9614 85 96'4 84 91
9438 90 9578 9034 9538 8834 92
76 8312 91
78
8912 8912 78 78
1st mtge 434s set B
1962 8712 89
80 83
8012 85
83 83 86 86
50 6112 43
1939 52 6578 57 62
-a- 60 76 68 72 58% 6912 -LAT2 63 5212 6114 Wabash 1st g 5s
40 4012 33
4012 43
5s
1939 40 45
n 3618 36 57 47 52 46 4912. 40 44 39 4134 2d gold 50-yr
- 3712
gold term 4s '54 ---- ---, .,
1st lien
45 47
45 45
35 35
Det & Ch Ex 1st g 5s
1941 62 62 -a
62 85
"A5T2
70 70
67 87
Des Moines Di• 1st g 4s_ _1939 35 35
28 32
32 32
- 35 35
32
-3233
35
37
33
1941
Omaha
Div
1st
g
3
is
Ii
341.2
-5533
-- 33 33
41
43 43
55
. Tol & Chicago Div 1st g 4s'41 55
-LK 60
_6,4
734 6'a 9
734 1612 --§% 1324
558 712 --54{ --i Wabash Ry ref & gen512s"A"'75
612
7
6
33
4
7
1976
512
8
Ref & gen 5s •'13"
612 712
512 8
8
714 15
918 1312 658 914 5
c7%
312 518 Ref Pc gen 43.4s C
759 618 7'2 6
1978 4
9
7
718 15
5
818 13
658 858 5
614
618
73
4
75
8
43
8
6
73
4
1980
Ref
&
series
D
312
83
8
gen
5s
1412
558 734
9
1312 7
9
514 878 618
Warren RR 1st ref gu 334s2000 --------50 50
553s 56
890
214
2
97 103
99
7512 86
76
9678
_
85
85
— 1.38 -.2-58 112
8418 85
80
72
7018 75
60
47 4714 624 62
8614 9612 9458
87
801 85 85
5012 72 -6612
52
45%
371 3512 53
371 - - - --_ ----
-1E5
80
69
9818
73
53
-2712 35 -AT 42
55
16 -iir2 -2-6-
55
41
9
9
912 9
94
858
9
6'8 614
1612 14
14
16
14
16
1934
20
1984
35134 52
Wash Cent Ry 1st g 4s____1948
90 90 -Ai- 87 -Ai- 16- -87i4 90
90 91
Wash Term 1st gu 33.4s.194S 8712 89
93'2 9312
1st guar 40-year 4s
1945 9212 9412 9012 95
2 7657 6112 -LK -66- 60 70,2 - /.-64
5818
-L5f2 5753 West Maryland 1st g 4s 1952 53 64 60
76
79
63 78
6712 57 6378 59 64
1st & ref ”is A
1977 52 67
52 61
55 58
103
10114
1013
4
8997
8
9914
10012
101
10212
9914
101
3101181013
4
West
N
Y
&
Penn
1st
g
5s_1937
89934 10034 10018 101
8212 85
7938 85
1943 8312 8434 8514 8514 80 80
8334 General g 4s
81
80 84
4412
3612
2312 3058 Western Pacific RR 1st 5s A '46 24 2938 22 2834 2334 2678 2012 2978 2714 29
30 34
75
7314 7758 72 7434 67 7212 $69 7812 77 7912
2361 70
66 71 West Shore 1st 4s gu
68 75
70 73
6478 72
70 74
2361 64,4 70
6812 6812 7112 7112 Registered
7612 81
-65- -f6- 70 7612 81
71
69 69
65 72 Wheel & L E ref 41411 ser A_1966 70
6934 70
81
6212 6412
60 6212 Refunding 5s series B 1966 75 80
ao 8312
7034 7158 -77234
75 79 -io- 75
76
72 7312 Wh & L E RR 1st con g 4s.1949 72
5313 65
7323 80 -55- 70 -68 72
45
3112
3514
25
24
183
4
21
21
2114
24
214
2114
20 2334 Wilk & East 1st gu g 5s_1942
20 3512 29 3312 25 32,2 2512 27
1312 18
85 85
Willmar & S F 1st g 5s..1938
-- _
- .7634 16- 8134 8912
16-791680
88
-A-Aiti
1690
Winston-Salem
S
847
B
1st
48_1960
84s
-5534 -411-2
-55i483
12
28 4734 3812 4518 42 ;Cgs 36 4014 714 31 Wisconsin Cent 1st gen g 4s'49 10
934 1312 934 1034 834 1212 1112 1912 1518 19
-igro 34
8 1478 118 1453
7
10% 6
9
1012 10
25 38
25
1812 2612 7 2012 Sup & Dui Div 1st 4s.. _1936 858 11
16
30 34
26% 30
----
80'2 88
90
45 -5112 5014
4212 5212 49
90 9012 90
7414
7212 73
33
35
26
68 70 6958
87
6214 67
5512
50 50
78
881 -Ai- 1E- ---90
6612 -Li- -di- 564 8Oo
6934 593s 65
5934 64
9234 96 10014 9918 10012
80
81
7812 8512 81
5234 36 44'2 2938 37
79
7412 78
73 7714
72
71
72 6838 73
69
60
60
-za- 58-7-8
61ANUFAC. & INDUS. BONDS
16
6912
4714
6712
2534
8
512
8322
68
44
818
40
2412 1712 3218 18
76
5012
79
2612
17
1212
1038
7318
44
23
40
76
51%
77
2612
1312
12
1012
7134
4734
27
48
8558
66
90
35
37
32
2812
91
44
46
7012
8512
60
8514
30
s27
19
1512
8512
4414
40
60
30
89
66
90
37
3878
3412
2512
8934
5012
47
73
1534 21% •1212 1734 Y1012 14
8814 90,2
6018 6234
89 9214
30 3158
31812 33138
15 2214
1134 18
83 8612
4434 4934
2518 39
4212 64
88
5918
91
26
21
1738
1212
77
4334
31
46
90
6234
92
3112
28
2212
17
83
49
34
49
86
56
92
2618
2312
18
712
7534
s48
25
4614
8812
59
93
27
3014
24
1434
79
51
33
62
70 7834 78 7912 7312 7412 6958 73,2 70 75
65 70
3334
313 51
35 4612 26 3912 2812 3812 27
15,4 35
55 60
63 6778 6012 7112 69 71
6312 70 65 70
6934 7838
64
7012 6912 80
70 77
7753 s81
7614 80
7538 78
64 66,4 67 8112 77 80
79 80,2 87712 80
10258 10312 10253 103 10214 103 10312 10312 103 10418 103 104
81
6434 7212 62 6812
72 8014 6418 72
40 5138 51
83 9014 8012 9012
89 95
88 95
7518 83 83 92
102 104 10212 10414 10312 10412 10312 105 103 105 10412 106
0712 100 100 10038 10018 102 102 102,4 10112 10212 10212 103
9912 10158 10134 10434 10312 10434 3104 10512 10412 10534 10518 107
803% 9634 9614 102 10114 10312 10134 10312 10258 104 10312 10614
10012 10334 103 10712 106 10758 10612 10712 3106 10812 10712 109
9814 10138 3100 10712 10514 10714 10512 10634 10514 10712 104 10712
9334 9658 96 10214 10118 10312 10114 10312 10212104 10353 106,4
Abitibi Pow & Paper 1st 5s 1953 .13
Abraham & Straus deb 534.'43
8812
with warrants
Adams Express col tr g 4s. _1948 61
Adriatic Eiec Co ext 72—.1952 92
2818
2
Albany Pert Paper
Allegheny Corp coil
6s9
tr 5s. _1194448 512
Collateral & con• 5s____1949 31912
Col & conv 5s
1950 812
Allis-Chalmers Mfg deb 5s.1937 75%
Alpine Montan Steel let 7. 1955 55
Amer Beet Sug cony deb 6s 1935 2614
Amer Chain Co deb s f 6s_ _1933 5612
58
8112
67
25
5
5534 65
80 9434
67 82
2514 40
712 18
78 78
61 /1-1-2 6918 81
6378 76
54 67
61
70
56 59
99 101 31011210234
68
90
72%
3838
714
88
9334
8312
44
1012
58
90
6812
42
2
58
9353
74
46
5
40
89
6834
30
3
56
9238
71
43
412
29
89
60
25
218
3
40
9314
6852
35
334
8914
6218
97
32,4
37
2834
14
76
59
3212
52
8012
80 s82
5312
5458 60
94
9434 96
2412
29 33
2634
29
35
21
2612 1934
5
1234 712
68 6914 65
5318
53
57
83012 3514 3512
4514 50 •38
•1912 2514
8612 90,2 90 94
89
71
63 6778 68
63
99 10118 $102 c106
99
30 4018 40 4812
31
3512 3412 4912 4734 8112
28 4414 43 5712
28
1238 1078 1912 1812 30
84 90
7612 77 85
55
5412 55 s51
55
6812 7214
55 367
55
70
704 *62
49 .50
8312 00
7412 77 7 70'2 7812 75
Amor Cyanamid deb 5s__ _ _1942 77 80
79
38 48,4
2358 41
Amer Pc Foreign Power 5s.2030 30 39
2712 3634 2614. 36
5234 5678 52 72
5458 59
Amer Ices t deb 5s
1953 57 6314 54
56
6912 81
75
Amer I G Chem 534s w I._ .i949 76,4 8312 70
64
78
82 68
74 78
Amer Internet Corpconv512s'49 7318 81
71
7314 6612 75
7818 68
Amer Mach & Fdy s f 6s._ _1939 10438 10518 10312 105 103 103 103 104 103 103
Amer Metal 534% notes
60 7712 77 91
1934 6614 74
63
7312 6412 69
8112 9118 90 98
Amer Smelt & Ref fat A 53_1947 8378 87
78
861 7818 85
Amer Sugar Ref 15-year 65_1937 10479 10534 10212 1051 10238 10518 10234 105 103 10512
Amer Tel & Tel cony 4s._ 1936 10214 10312 10018 1031 399% 10158 89612 101,8 98 102
30-year coil trust 5s
1946 31053410712 3102,21063 1002310423 100 104 10114 10478
35-year a f deb 5s
1960 8105 10712 9914 105,4 9812 10312 93 10012 97 10214
9912 104 10118 10614
20-year s f 5 34s
1943 107 10912 3103341081 810234106
Convertible deb 434s...1939 31054107 10012 10724 100 104,2 09 103 39934 107
35-year deb 5s____,
98 10258 9212 10014 9614 102
1965 10478 10714 99 105
Amer Type Founders deb 6s '40
Amer Wet Wks & Elec col 5s'34
Deb 5 6s ser A
1975
Am Writ Paper 1st 6s
1947
Anglo-ChB Nitrate s f deb 7s'45
Ark&Mern Ry Bdge&Ter 5s '64
1939
78 161-2 7812 8214 Armour & Co 1st 4
77 80
7612 79
7238 76315 69 7512 713s 7512 Armour & Co (Del) 1st 5 SisA'43
70 74
7578 77 Armstrong Cork Cony deb 5.4
68 74,4 73 75% 7518 78
10212 103 10212 103 10258 103 10258 103 Associated Oil 6% notes..1935
Atlanta Gas Light 1st 5s 194
9512 9512
331 39 AtlGuif&W1 SS L col tr 5s'59
3513 40 -5ii2 36
-29C, 32 -51T2 19-3-4 -3824 41
1937
97 10014 9978 10012 100 102 100 10112 100% 102 Atlsntic Ref del, g 5.
9318 98
Negotiability impaired by maturity.
s Deferred delivery. c Cash sale.
4638
6934
52
22
212
1614 .1234 1612 .1112 1614 1034 13 .1314 21
9014 81
6412 6018
93,2 39412
2914
30
33,2 529
2512 2112
958
15
7738 68
62
5514
3112 29
43
70
37 441 37 4012 35 55
7418 80
84 96% 80 87
5814 67,8 5534 6478 49 61
2714 32 .32214 28
33 34
212 3% 214 212 218 4,4
- -- 85 85
82 82
7712 80,4 77 8012 7918 81
7334 78,4
7114 76
7112 75
7034
7758 65 751 66
76
1023
8 10278
10314
10112
103
10353
10
751378
1023
4 3118
_
9834 983
42
37
431 36
36
41
35
9714 108)
10112 10234 9834 1031 97 101
35
92
6559
3012
314
80
7712
7118
4458
9658
724
37
512
82
8178
74
-5a-
52 62
76
92
60
7912
25 s39
412 13
7934 87
76% 8438
71
7912
10238 103
41
98
8978 9434
4678 5812
65 70
79 8414
76
80
10214 105
84
90
9514 9814
10412 10514
1011210312
10312 10638
10034 10414
105 10753
10658 11014
10014 104
55
9114
7653
37
8
62
9558
81
4512
11
-55i4
8212 8812
78 85
10234 10314
5012 -La- 57
10134 10112 10314
622
Financial Chronicle
July 22 1933
New York Stock Exchange-Continued.
1932.
1933.
July
August
September
October
November December
Low High Low High Low High Low High Low High Low High
92
89
73% 90
80 80
100% 10334
10012 102
6412 373
3553 4612
35% 44
29
40%
2712 3612
73 82
78
87,2
15% 2012
714 8
89
9334
89 92
7612
76
103 10512
10134 10512
81
375
4313 47
41
44%
3818 4218
3553 40
8113 9314
8314 941,
1712 1712
8
18
BONDS
May
February
March
January
April
June I
Low High Low High Low High Low High Low High Low High
Baldwin Loc Wks 1st s 155_1940 9212 95
93
90
85 89
7913 382
92
86
92
98
Batavien Petro deb 4SO
1942 93
9434 90,4 9258 9012 9412 9334 9578 94% 9613 9458 9512
Belding-Ileminway 65
1936
8712 8734
83 8712 $90 390
92
90
Bell Tel of Pa 1st & ref 5s 1948
101 10414 10212 106 104 107
10334 108,4
Ist & ref 5s A & 0____
_1960 10938 11138 103 110% 10112 10712 10012 105 10214 10712 105 10714
Beneficial Indus L'n deb 6.1946 83 883 7918 89
7512 8612 75 8018 76% 84
8014 86
Kerlin City Eiec Co 6y5s
1951 61% 7012 4814 62
3912 55
3512 4612 4334 4912 42
501
Deb s f 634s
1959 6014 6912 46
53
36
60% 39
46
4112 49,8 35% 4612
Debenture 65
1955 5812 6412 4512 59% 37
50
3514 4414 33414 45,4 35
431
Berlin Elec Elev 1st 6 3.is
1956 5418 6378 42
5534 3312 4918 35% 4334 328
41 s31
38%
Beth Steel 1st & ref 5s set A '42 8558 90
71
82
8012 87
74
8912 8(334 93
9118 9912
Purchase money 5s
1936 92% 95
85
79% 9312 79
7934 8812 89% 9434 9414 9958
B1ng & Bing deb 6.15s
1950 10
15
8
20
10
1712 17
20
1534 21
20
20%
Botany Consol Mills 63.4s..1934
6
6
514 6
5
5
6
812 814 1812 1412 20
Certificates of deposit
6
5
612 4% 4,2
6
6% 14
1314 16,4
Bowman•Illitmore lintels 7534
---153 134
3
Stp as to Pay't of $435 pt red
3
-4
4
413 412
- -414
---113 4 By & 7th Av 1st con g 55__1943 214 21 1
212 -112 312 3,2
214 373 2
214
41, 712 7
10
112 1%
134 13.1
Certificates of deposit
_
112 134
2
218 214 3%
1
112 21s
1,4
312 77
7,2 9,2
5712 6014 67 71
63 66
64 66 Bklyn City RR 1st 55..1916-'41 6512 74
71
69
75
7512 6938 70 366
7214 7158 74
10118 104 102 105 103%10558 105 10612 10514 10612 10534 10712 Brooklyn Edison gen 5s__ _1949 106 108 10334 107 10112 105 10034
10414 10112 10612 10414 10612
10012 10278 10258 105 104 106 10414 106 105 10612 10534 108
Gen mtge 55 E
1952 106 108 103 107 10112 10512 100 103% 1011 1 10653 10418 107
7434 85
8314 90
84 8712 8314 8718 85 87
8538 91,2 Bklyn-Man Tr sec s f 6s__ _ .1968 9012 96
85
9434 8414 92
86
90,4 87
91
90
9412
Bklyn 0 Co & S go g 5s stud '41
51
51
_
57 60
Bklyn Un El 1st
71
80
1950 83 87
-5s
12 7913 -771-4 -SY 82
78
827;
8112
10212 10514 10434 107 10553 107 10634 10812 10734 10812
tiklyn
Un
Gas Co 1st est 53'45 11018 112 10614 11114 10234 107 10134 107
11014
0234 108,4 107 109%
10712 108 10734 110
113 113 113 11418 114% 1161: 1st lien & ref 6s A
1947 11618 11718 11634 11634 108 10812 10912 110
10% 11112 10434 112%
15734 160 158
Cony deb 53.s
1936 158 158
93
94,2 0418 100
102 10118 102
Convertible debs 55
9812 102
103
19513 10212 105 10334
94
1021s
100% 10212 10134 10434 10234 10434 10312 10518 104% 10714
1st lien ref 5s B
1957 10553 107 101 310734 98% 10412 9778 10312 100 104 10314 10512
96
9412 102 100 10258 100 10214 101 10234 10212 104% Buff Gen Elec 43.5.set IS'"
1981 10414 105,2 99 105
99 101% 98 100
9712
1023
3 10012 102
56
59,4 65
72
7313 80
65
7312 Bush Terminal 1st 45
_
1952 6712 6712
48
5312 42
50
4913 50
46
4912
26
36,4 3413 63
Consol 5s
44
42
30
55 62
5734 41
45
1955 27
331 1 1712 2612 1712 2312 5
15
13% 18
17
30
49
58
58
7434 Bush Term Bldgs stpd 1st 55'60 47 6412 3014 48
7412 6812 73,2 71
7213 58
75,2 70
30
40
19 36
3612
42
38
4912
35
41
39% 56
40% 46 By-Prod Coke 1st 53-is A...1945 43
4512 55,2 3912 4812 45
50
37 c45
40% 46
45
37
51
51
66
66% 74%
10012 10234 10258 10414 10318 10412 10334 10512 104% 106 10512 10612 Calif Gas & E unit & ref 5s 1937 1053
4 10634 104 10612 100 105 102 103 102 10334 10378 10514
5014 6012 36012 7218 68
65 6812 56212 65 Calif Pack conv deb 5s
76
69 875
1940 64 s67
64 6534 6234 70
6714 7712 877
86
8412 88
84
9313 9412 9312 95 Calif Petrol cony deb s 15s.1939 s94
76
85
9113 96
92
93
96
-881
9412 85
93%
8112 8112 87
86
9113
80 89
85
9412 94 96% 95
9334 96
Convdebs f 5 As
9434 97
97
1938 95
85
96
9514 383
90 384
8512 86 391
91
94,2
Camaguey Sugar 1st 7s c d_1942
14
14
_
58
58
10
13%
2114 -26.7-8
377
42
Canada S S Lines 1st 6s
42I
35
1941 15
13
23
11,4 1514 10% 14
173 2018 2412 20 2212
102 103 10212 10312 103 105 10412 105 105 106 10514 10613 Central Dist Tel 1st 5s
1943 10678 108 10212 107 102 124 1023 105 103 10412 105
106
99 10012 9934 1023 10334 105 10312 105 10412 108 10514 10614 Cent Bud G & E 5s____Jan 1957
10512 107 104 10614 100 104 101 103% 102 10418 10338 106
6114 66'4 65% 7534 70
7378 7038 73 Cent III Elec & Gas 1st 5s 1951 70
7534 7012 7412 70
64
75
50
72% 61% 65
56
3078 63
6034 66
60 65
65 88
85 8712 8412 85
83
81
81% 88 Central Steel 1st a f 8s
1941 8412 93
86
86
7012 79
8712 71
80 95
94 101
2314 27
27
48
4012 48
Certain-t
3914 43
3512 3914 3214 37
eed Prod 534. A 1948 3534 3912 2634 38
26
32
26
3/12
37
5114 4934 5712
3412 47
45
7012 58
59
7013 57 69
6734 62 6714 Chesa'ke Corp con 15s May 5'47 65
6312 7212 6412 77
64
7513
73%
76
8514 84
9834
9912 10114 100 103 102 105% 10412 105 104 105 10453 105,4 Chic Gas L & C 1st gug 5s-1937 105
97 10218 100 10212 102 10312
10572 100 105% 100 103
Chicago Rys 1st 5s stpd48
50
4712 54% 49 52
4334 48 044
Aug 1 '32 20% part paid.... .56
4612 54673 50
*49
52
.4912 5312 *5212 58% .60 6212
5712 "50 55
14
22
21
40
33
2914 2914 361:ChildsCo deb 55
2334 35
41
27
1943 34
39% 28 34
25
3934 29
38
3812 4612 43% 51
2034 42
40 62
3914 54
3234 44
3212 3912 2874 38% Chili Copper Co deb 5s___ _1947 3414 44
4212 28
46
35
27 4012 4012 57% 57% 69
8812 9274 9018 c95
92% 9534 9234 96
94% 9612 95% 98% Gin Gas & Elec 1st mtge 451968 9814 100
9618 99% 91
97
,
4 9015 9412 9114 96% 9514 97%
Clearfield Bit Coal 1st 4s._1940
38
38
4113
47
57
4812 5112 40
47 Colon 011 6s con• debs____1938 37 C4-2-12 -543-4 -3-61-2 332 41
3412 37% 2
4(112 43 18'41
38
42
58
52
58 63
5812 45 50
3314 4513 Colorado Fuel & I gen s f 551943 42
3918 36
40 4418 37
47
43
4434 63
59 67
1912 25
30 55
4018 50
32
3818 23 28
25 28 Colorado Indus 1st coll tr 55'34 27
1912 2212 20
30% 23 26
30
29 45
867% 7412 7312 88,2 8234 88
33 45
8034 87
7758 8212 7034 85 Columbia G & E deb 5s____1952 84% 89% 72
66
8514 6712 81
75
74
8514
813
4 87
67
7412 7312 8812 8214 83
86
8053
80 8314 78
Debenture 5s April 15 1952 84
8418
70
75 8534 70
6812 7412 76% 8412 83
89
87,2
6534 74
7212 8712 8312 8712 7834 86
8412
77 8212 78
Deb 5s
Jan 15 1961 8314 87% 72
8112 6612 7434 7434 8414 8112 8613
85,2 70
81
83
8314 90
8834 92
88,2 9134 9114 97
9212 96% Columbus Ry P & L 4 jis__1957 95% 9714 85% 96
8612 91
84
00
8434 92
90 5100
9814 101 10013 10112 10034 10158 101 105
Sec cony 5 Ms
1942 10418 103
99 31.0434 98 102,4 98 10113 9314 10314 9914 10234
07 Ii3-4 95
9914 9812 99,4 99 9912 99 10014 Commercial Credit s f 6s 1934 99% 1007, 99% 10314 98 100,4 97
9912 99% 101 10014 101
9013 94
9434 951, 94
9613 39473 9612 9534 9612 96
Coll tr I 55,
96%
i% notes_ 1935 9634 9834 98 100
97 9812 96
97
93,2 0312 9718 99%
8338 92
91
9334 96
9534 03 96
9513 101 Conuncl Invest T deb 5343_1945
9412 97
105% 106 105 106 10512 106 106 10678 10618 10612 10612 10634 Comput-Tab-Rec 30-yr s 3 6s'41 101 1047, 10114 10414 100 10212 9612c10112 95% 10012 9914 101%
07 1081,107 107 107 107 104 10712 105 108 103 106
8612 88
89% 9012
9412 9412 95 95
93% 9714 Conn Ity&Lt Ist& gen 434. 1951 9934 10113
97
97
59934 99%
90 00
95 97
9614 97
Stamped guaranteed
9912 9912
95
96
95
01 10112 95
Consol Hydro El Works of
3113 4112 41
4278 5312 53 56
47
5413 5514 5513 62
Upper Wuertemburg 75_1956 62 66
56%
4912
6514
21
3918
54
4912
)
3518 4114 3012 38
6
9
9
14
11
10
17
1114 10
11
518 10 Consol Coal 1st & ref 5s...1953
618 9
7
7% 12
1018 12,2 12
834
17
10014 10314 10112 105% 10434 10612 10453 107 105 106 10514 107 Consol Gas(NY)deb 5 Yls..194
16
2318
31051410712 8102381057
,10018 10414 9813 10334 1003110178 108 106,4
8912 9312 8934 9813 94% 9758 9614 98
96
9878 98% 101
Deb gold 434s w I
1951 100 1017' 9312 101
92
9734 87% 9312 53914 97 315
99
9834 08 10218 100 102 10114 10234 10214 10478
98
Deb 5s
1957 3103330512 93 104
961 1 1021 i 93 100
937 961s 9812 10278 100 103 101% 10212 10134 10312 10312 10372 Consum
Gas Co 1st gu 5s 14,36 10134 10434 101 10534 100%102,2 97 1021, 93,2 10131 100,210312
97%10112 (0034102
98 101% 10034 104 101 c107,4 10278 10412 10334 105% 10458 1051: Consum Pr 1st I & unit 5s C
'52 10512 107 103 10572 100 10214 99 102% 97
20
2712 29 50
10112 100% 105
40 49
27
40
30
35
34 Container Corp 1st(is
30
1946 35
3612 39
38 42
3612 62
40
60
74
611
8
75
10
10
2412 1812 2033 15
2412 33
32
12
15-year deb 3.6s
1812
1943 16% 20
1634 20
1712 2012 1814 40
50 54
48
52
Copenhagen Telephone71
57
63
7314 71
7712 7212 7612 7014 75
70 7018
Esti f g 55
Feb 15 1954 6812 7312 6.558 68
65
68
65%
6911
68 70
103 103 103 104 103 10418 10312 10434 10334 10453 10312 104 Corn Prod Ref 1st 25-yr s f 55'34
703 76
103 10412 10338 10412 101 10312 101 10212 101%10110 10212 103
64% 7318 73 8512 8412 88
84
86
8334 9018 87
91 Crown Cork & Seal 1st s f 6s'47 87 9012 87 8918 79 89
85 87
871, 931 1 93
5713 72
7038 80
997
81
74
6012 71
59 64
6212 65 Grown-Willamette Pap_5s 1951 6112 64
5612
61
5912
56
56
6113 0212 77 807
62
4434 356
69
55
62 68,4 49 359
46 350
4114 84712 Crown Zellerbach deb 6s 194 42 44
837 40,4 36
39 43,
,
47
4712
6413
112 212 2
6413
570
2% 4
2
6
3
•1
2,4
534 1,4 Cuba Cane Prod deb 68_1950
2123 *1
2,4 •1% 614 *212 57 *4
*34 1,4 *1
618
Cu ban-Domin Suit 1st 7345 1944
3% 4
4
518 4
4
1% 4
Stpd with purch warr attach
13
4
3
52
102 10334 10334 105% 10412 10518
10412 106,4 Cumb'I'd T & T 1st & gen 5s'37 10558 107 102 1061
101
10114 105 1O4l 10553
91
89
91
96
93
9112 90 93
9618 9834 9818 101 Bela Pow 8c Lt 1st 51 4445 _1971 10078 10131 9912 10212 9912 10014 9478
99
94
98
91
91
9712 10114
85 8612 90 90
1st & ref 434s
8912 90
92
94
95%
90
19(9 95
94%
9418
95
99
9612
8934 9114 00
87% 91
94
85% 94% 92
9312 95% 97% 96
98
1st mtge 4%3
08 100
1969 100 10114 10034 10134 9812 9912
977 95
9812 99 101
85 86
75 90
88 00
90 92
9013 9712 90 93 Denver Gas & El 1st & ref 55.51 91
9512
93
100
93
05
88
95
39 9333 9012 92%
84 8512 79% 8712 88 9014 90 92
Stamped as to Penne tax.... 93
96% 89 93
91
92% C9634 88
96
92
95
95
90 93% 91
94
Detroit Edison9534 101
98 10234 10014 10312 101 102 101 10212 100 101%
Gen 8c ref 55 set A
1949 101 103% 95 102,2 90,4 98
85% 9314 89 100
96 101
99125103
97 102 100% 102% 100% 10134 100 10134 100 101%
Gen & ref 5s ser 11
1955 100% 103
91
97
8634 93
9434 102
8713 97
97 10018 98 102% 101 10253 1001210214 10034
03 101
Series C
1962 101 13 10312 94 10112 91 618
10231 10014 10212
84% 92% 8712 9834 98% 100%
8813 92
8953 97
94 97
9473 96% 95,4 98% 95 97%
Gen & ref 434. set "D" 1961 9534 100
85
90
75
8514 COO
8412 8214 0138 91
0653
100 101 10014 101,2 10013 101%
Gen & ref Os series E
I952 WI 103
9612 84
91
9334 102
93
8818 9912 98 100,2
67
76
8412 8912 8613 8712 8612 8834 8612 8913 Dodge Bros deb 6s
1940 82
7134 8012 7034 85
91
7212 85
83
90%
8914
5312 56
5338 75
39312
67 7012 6758 70
(Jacob)
Dold
65
Pack
66
60%
6812
1st 6s 1942 65
6518 67
70
66
70
6513 6734 67 72
55
50
75
72
55
5518 74
77
68 80
66
60 Donner Steel 1st & ref 75 AA '42 57 64
64
59
57 69
5918 60
65
75
70
75
3712 5814 4938 68
85
90
5812 65
45 63
51
45
403s 47 Duke-Price Power 1st 65 A_I966
4634 53% 52
5314 45% 53% 47 53
7312 6918 75,4
9638 9812 96%10012 9934 10312 102 10378 10212 10412 103 10434 Duquesne Light 1st 434s 1967 43
9914 10218 98 10118 9812 103
10312 10533 10112 105
10112 104%
98
99% 98 102 10012 10334 103 104 103% 10518 104 10612
1st mtge 4345 B
1957 10512 106% 103% 107 10012 10334 96 10212 1003
.010414 102 105
412 7
7
15
10
16
•2
6% 10
•6
6
412 Eastern Cuba Sug s f 734s1937 *312 4
•2324 4
"3%
•6
1012 *Vs 1012 *813 1953
9634 9712 9814 100
99% 100 100 101 101 102 10034 10312 Ed El Ill Bkiyn 1st cons g 45'39
95 10112 10018 101 101 10238
10512 10734 11134 11134 109% Ill 110 110 100% 115 117 11833 Ed El Ill (NY) 1st cons 5s_1995 103%10412 100%102%
11812 120
106 10914 107 110 11013 11038
34% 4212 4112 4614 45
58% El Pow Corp(Germany)63.4s '50 60 683 35018 60
5131 5012 5312 4512 5212 47
38% 531s 3678 4678 35
4
44
3514 40
33 4134 4134 46,4 44
1st s f 634s
5034 5014 55
57
45
51,3 47
1953 57 68
52
49 6112 38
3814 46
33 43
35
,
8 40
Ernesto Breda Co 1st m 75 1954
40 5212 4913 57% 57
62
With stock purch warrants. 72
5934 6478 5512 67
6212 70
76
73
7514 78
80
74% 7712 74
77
7034 82
4512 55,2 6214 76
77
75
6112 6434 Federal Lt & True 1st I 55_1942 63
66
7514
70% 63 7012 65
65
70
71
64% 71
70
7312
5312 60
76
58
7014 78
1st liens f 55 stamped_1942 (1512 70
6234 67
7113 77
60 65
7012 66
7058 67
65
72
69
71
68
57
7235
6712 60 80
1st liens f 6s stamped
7714 81
70
66
70
7538 6518 74
1942 68
69
69
66
7412
70
7712
7114
6612 76
7512 76%
44
49
43 61
30-year deb 6s set B
62
65
62
(12
55
54
56
56
1954 5534 60
5212
48
55
52
5534 5812
54 60
59 6.5
55 62
60 89
85 Federated Metals s f 75
90
89
75 901s 88 893
81
..1939 82
81
8134 81% 90
85
85 85
9212 03
95 08
70
7712 78 8612 383
92% 94 Fiat deb 7s (with warr)
87
93
8912 91,4 91
1946 94
95% 9312 9558 9518 09 39334 100% 9858 100
97
93
3312 32 5312 4818 5612 5114 60 55212 6212 •50
25
53 Fisk Rubber 1st s f 85
1941 "50 54 *45
52% .48 55,2 554
5912 "59 69 •64
76
8418 90
92 9714 9812 103% 99 102,4 9818 101,4 9953 101 Framerican'Ind & Dvd 714ei '42
95% 9934 94
100 10114 100 101
9812 97 102
90
9913
15
15
14 Francisco Sugar 1st s f 734s'42 13
13
19
17
19
18
1012 13
12
1912 18
46
15,4 10,2 13
40
48
4412 50%
70 60
69% 72
78
75
80 Gannet Co deb 6s ser A....1943 76
77
77
7712 76
79
77
7914 73
80
80
78
78
07
7312 66
7514
Gas & El Bergen Co con 5s 1949
__ -103 103
44l, 48
Gelsenkirchen Mining 6s 1934 68
4833 5614
67
50
53
613
4
75
6014
320
60 350
55
70
68
75
7734
79 80 Gen Amer Investors 55 A._1952 80
81
80
79
79
763
76
4
78
80
8112 7912 8114
79% 82
33
85
96
92
94
9614 96
0812 98 100
95
9912 912 100 General Baking deb s f 5555'40 9812 101,2 98 10112 97 100,4 99% 10013 89914 101
12 10018 10212
44 6512 81
3314 44
58 General Cable let s f
67
63 65
58 63,8 54
5034 5412 38
5353 37% 4334 4114 4818 48 671, 6712 7512
98 08
98
98
9518 97,2 9812 9812 9312 10212 General Mee deb 3lis
1942 100 100,4 102 102,4 OS 10012 98 100
96
9114 l01% 10214
49
40
4314 5114 48
5034 48
4512 65 Gen Elec(Germany) 20-yr 75'41 55 6212 53 60
48
5234 44
42
5313 2914 36% 31 18 377. 34
3512
$3213 43
42
5112 42 4734 37 4534 3633 4013 .533118 51
f deb 6
without warr '40 49 57% 4012 48
3434 42
2812 35
3113 3412 2912 3414
39% 3512 41% 39% 45,4 33
28
44
Sinking fund deb 65
3334 c3612 35% 4914
1948 46
4134 2512 33 526
557, 23738 46,2 25
31,2 2913 31
10114 10212 102 103 102 103 10212 10358 10253 10312 10238 1027
, Gen %lot Accep Corp deb as '37 10170 10212
_
9312 96
98 9818 9512 9814
9118 9212 91% 9234 9112 93%
8313 8418 8212 82% 88
88
105 10918 106 10814 106 107,4
10414 107 107 108 10673 10812
80 85
80 84
83 86
46
5253 50 54% 4858 52
4318 52
54
50
4813 5134
4134 4934 48
51,2 48 50
4278 4834 46
50% 4233 48
8874 9314 9013 9212 8912 91
9434 97% 93
9313 97
9512
1613 17,4 1412 1(V2 12
14
1214 19
10
1214 6
10
5
514
94
95
9112 94
8713 88
10634 109
10734 110
82 884
52 6412
50 62
49
58%
4414 5678
8358 88
9212 95
1212 1618
5
6
4
5
i5ir2 111--
155 1-68.12
--414
-Sirs -6712
-75- -8-61;
_
-775- -6S108%
1-66
g4
g
Hois
10114
-55- 16- -7953
9912
-775- -8-6;
-55- 1661; -55- -661-2
-55-
-55- 16Is
-5514 332 -1212 16
-55- ..66- -.IS- 16-
-663;
g
-51- 07
-airs -66-
-95- -66-
g
102- 103
10412 1-661-8
ISO- 1-64-,-
1-662-2
-9613
16-
161;
g
812
_
_
iiii 1-66
-38- WI;
"iois "ff.-i5rs If -864 WI;
-663-4
g 53411'47
3 Deferred delivery. c Cash sale. • Negotiability Impaired by maturity.
-Sors
15578 1-62-3;
Financial Chronicle
Volume 137
623
New York Stock Exchange-Continued.
1932.
1933.
August September
July
October November December
Low High Low High Low High Low High Low High Low High
BONDS
June
January February
April
March
May
Low High Low High Low High Low High Low High Low High
1940 104 105 102 10414 102 103
99,
4 101 10058 103 10214 10312 102 105 10212 103 10218 1041, Gen Petrol 1st s f 5s
g
go Gen Pub Serv deb 5
75 84 s82 8514 85 8512 80 84
75 78
80 8512 8012 86,4 714 80
5212 74 36414 7134 64 7018 60 70
839 50
5514 61 Gen Steel Castings 1st 5(.4s1949 574 365,3 5612 66
50 55
8 24 214 6
*1
3
414 •212 312 •114 24 Gen Theatre Equip deb 63_1940 •134 212 8112 2
2
3
7
Certificates of deposits
112 112 112 54 334 6
11g 118
2
212 418 212 258 1
1
2
1
2
s28 3812 3714 84214 3712 4714 4538 5034 48 51
48 5918 Good Hope Steel & 1 sec 7s 1945 5918 6518 5078 60,2 4934 55,2
8912 8212 8612 7912 8212 78 8012 7712 79 Goodrich (B F) Co 1st 6 335 1947 7712 80
6712 7112 71
6612 7912 62 69,4
4434 4912 Convertible deb 6s
1945 4414 49
3414 40 33512 5934 52 62
,
4 33534 4612 3312 e40
53 55,4 4812 55
69 85
6434 72
8212 88
,
4 86
72 7978 68
7834
7814 8312 7614 7912 37612 5034 Goodyear Tire & Rub 1st 5s'57 79
72 801/3 75 83 85 86
78
82
78
8612 8314 87 90 87 871. Gotham Silk Hosiery deb 6s'36 82 87
5
91, Gould Coupler 1st s f 6s_ _ _ 1940 6
14
11
1212 11
1012 10
_
10
9 12
10
212
1014 10
6'1 79
Cons
44
El Pow (Japan) 7s 1944 38,
44 48
35
4312 48
4412 4812 38 4418 4012 43 Gt
4 42,
4 38 434 374 4313
31
1st & gen 5 f 634s
37
38 43
1950 32,
40 4478 37 44
30 35
2918 38
4 3812 31
37,
4 32 39
22 35
35 50
444 4713 Gulf States Steel deb 534* 1942 4712 5012 4212 4812 42 54
4713 5712 43 49
43 46
87 90
8434 87
2312 28
27 2914
40 47
30 42
1512 20 26
15
3
3
5
6
7,
8 712 30 30
13
13
1558 1912
44 55
5378 70
2714 33,
8 30 5014
9858 1001 10214 10414
100 1021 10118 103
9012 9212
25 38
4418 5118
23 23
4
7
30 30
21
21
57,4 6438
40 47
10034 10218
101 10238
9012 02
36,
4 4018
5158 5412
19 21
4
5
1112 11,2
834 1912
5312 5818
35 43
10312 10578
10134 103
92,
8 93
37 42
53 561
1714 s18
34 338
1038 15
1814 183
53 55
40 417
10358 105
10173 1031
93 93 Hackensack Water 1st 4s_ _1952 9238 97
3958 49 Hansa SS Lines 6s with war '39 50 61
5812 69 Harpen Mining Co 65w w_1949 6512 7212
1714 20 Havana Elec Ry cons g 55_1952
Deb 534s ser of 1926
1951 314 314
338 3,
4
1934 13
1014 Hoe(R) & Co 1st 6 335
9
15
1734 20 Holland-Amer Line s f 63..1947
45 55 Houston Oil skg fd 534s._.1940 4612 53
30 4034 Hudson Coal 1st s f 5s A._1962 32 35
10272 1051: Hudson Co Gas 1st rt 5s-1949 10624 10818
10234 1031. Humble 011 & Ref deb g 53_1937 1024 104
10134 10314 10212 10353
7638 8612 84 87
73 7612
58 375
•178 512 54
7
3
3112 5
6
37 4512
4312 48
91
88
7512 91
54
7012
8614 90
83 88
8018 8512
7412 85
,
8 1518
•478 7 '
'1 512 1112 •10
4312 524 51
6014 6838
60
3978 4558 4512 52
51 13 60
47 57
75
71
5812 71
101 103
75
81
47 856
•1
218
1,4 2
3912 47
63 75
344 5413
6912 86
96
9358 9373 95,
9712 9812 9514 97
4 9613
,
4 94
3114 3512 30 34
3318 38
34612 4958 46 48
4314 52,8 39 4512 4412 51,2
57
,
4 6712 856 61
23 2418 18 2418 24 3244
18 24
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8 97 10014 95 997s 9712 10238 102 10334
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3812 51 Ilseder Steel 65 int ctfs w 16
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8 50 5812 4312 5118 3612 4414 33 41
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2413 •22 2812
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1932 .17
19 •12 2012 *1213 22 •1834 2113 *19
18 .1413 20 .1334 19
23 23
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Certificates of deposit__ 1658 18
18
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61 •5313 59 .5338 64
4 *5112 6314 *6012 6412 *62 65 *63 70
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62 69
6112 64
5812 63 54 6038 534 59
5234 63
55 6234 6014 64
52 68
60 70
-56E839 -51- 161 3912 4812 4134 46 4078 47 3712 4214 Interlake Iron 1st 58 ser B _1951 3814 4312 3878 4212 3658 38 32 50 49 6018 63/
1
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tot Agric Corp 1st & col tr 53'32
36 40
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1944
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41 lot 51 13I 1st col tr s f 63_1941
4234 lot Paper 1st & ref cony 5s A'47
161, Ref s f 6s ser A
1955
32 lot Tel & Tel deb g 4335_1952
1939
3714 Cony deb 434*
Deb Ss when issued
1955
34
8334 Investors Equity deb 53 A_1947
821$ Deb 53 ser "11" with warrants
Without warrants
83
54 621 5412
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38 34014 32912
, 4018
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9612 1004 9812 10134 9978 10214
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9612 10112 10034 10212
Kansas G & E 1st mtg 4333 1980 9178 95 83 941 82 87
72 81
77 85 8412 88
1434 20
Karstadt (II) 6s
164 2812 1378 20
1818 33
1943 28 4114 3014 35
4334 48
36 45
Keith (B F) Corp 1st 63_1946 2912 37
30 36
30 32
3012 35
56 62
Kelly Springfield Tire 6s_ _1942 4012 4634 34 381 32 4314 38 4113 41
57
74 7678
1E" Kendall Co 534swith warr 1948 6312 67
56 3643 55 6212 5934 6814 6738 74
6778 69
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69 701: Keystone Teleph 1st 53_1935
6812 681 7012 7012
104
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8
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ioLT20
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11534 120 120 126 121 121
130 1324 Pure hese money 65
6812 7212 70 75
Kings Co Elev RR 1st g 4s 194s 7412 764 7212 7713 72 7512 7114 75
74
71
10212 1055$ Kings Co Lig 1st & ref 53..1954 105 10512 103 105 100 10134 103 10312 99 100 102 102
110 114
11213 1121. 1st & ref 6 Hs
11414 11412 11412 11412
1954
70 391
47 69
Kinney (C. R)Co cony 734s 1936 50 53
43 44 342 s42
45 47
57 7012 6712 7612
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3114 849 33534 56
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912 1114 Kreuger & Toll etfs of dep_1959 *11
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l34 -1F8 14-7io- -1173 103i 1324 -1022
978 1334 With warrants
1012 13
10134 10234 102 104
10112 10212 10134 104
8814 9012 884 92
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84 8912 90 95
83 86
75 8472 7712 80
80 9012 89 92
99,4 Laclede Gas L ref 1st g 53.1934 90 96
89 94,4 88 90
7918 82
Col & ref 5 Hs ser C
48
63
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56
1933 60'8 67
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4 59,2 6512 57 62
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5912 65
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1314 858 1134
514 Lautaro Nitrate 65w o w-1954 234 5
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73 76,
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10018 1001:,
-66% 16781934
10012 10018
55 1F18
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40 40
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1944 45 48
35 38
18 25
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24 31
1934 2112 231 20 25
27 31 -i-8" 1E- 20 20
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30 30
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30 30 -1-- ---- 36 36
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1974
22 25
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3212 3212
Sec 6% gold notes
70 7234
1938
57 59
6612 6812 6878 7058 6934 73
11614 fit 117 fff5-8 iiiT2 120 1185$ 120 120 fif14 12034 12184 Liggett & Myers Tob 7s..1944 12034 12622 11934 126 11778 125 12112 124 12118 126 12312 12534
100 104 10234 10434 103 106 10534 10‘ 105 107 10634 10813 55
1931 10634 10978 103 110 102 10934 105,4 10912 31051411014 10912 11012
69 811 80 90
75 83
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8118 8612 7712 8612 37912 814 Loew's Inc deb 65 with war '41 67 8412 6413 68
5612 6838 664 73
,
4
8112 8718 8312 87
73 8012 75 83
7518 '7812 7634 1311: Lombard Elec 1st 73 A
81 85
1952 85 90
80 9014 7812 84
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1944 11134 114 10614 11214 310213109 1061211114 107 11412 11014 114
89 97
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5s
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212 514 Hanatl Sugar 1st s f 734s1942
9
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Certificates of deposit ______ ------ -1-0.32; Stpd Oct. 31 coup on.---1942 29
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7013
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62
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60
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60
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86 38234 8514
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6433 73 74 ____ ____ 7512 7513 --------66 66
1955 6612 6622 36418 6434
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---- ---6373 ____ ____ ____ ____
---1955 684 6858
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75
---- 86 86 ---- -- .... ---- ---- ---- ---- 84 84 Mutual Union Teleg 5s
75
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--
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6112 6114 ____
587.3
Financial Chronicle
624
July 22 1933
New York Stock Exchange—Continued.
1933.
1932.
BONDS
November December
August September October
Jutv
Low High Low High Low High Low High Low High Low High
8458 9034 8412 8712 8112 88
74 8812 8712 9312 8953 92
6114 7512 7512 83 7912 85
7712 81,2 7634 7914 76 80
103 103 10418 1041s
—
9853 99
8-3-4 82 85 81 873s
77 8238 7712 9012 -OK 16'- 8312 -8.
7624 801A
79 83 78 80 7712 83,2 1067
5312 65 67 80
8 110
10018 103 10212 10612 10332 10672 106 10714 10618 10734
9414 9678 9612 10012 9912 10278 10112 10312 10152 10272 10212 10532
58 61
6012 7614 6812 7312 63 6834 59 65
58 61
5912 63 55 60
6112 68
58 60,2 6012 7612 6612 74
5212 694 644 6712 61 6212 604 63 5312 6114
484 53
3914 54
40 4412 3134 40
41 46
46 50
3512 42
10712 11012 110 11112 111 11234 11012 11214 112 11312 11218 11378
10178 51044 103 10534 1024 1064 1054 10612 105 107 10512 1074
10072 10234 102 105 104 106 105 106 105 106 10512 10712
March
April
June
May
January February
Low High Low High Low High Low High Low High Low High
8234 8712 8612 9012
Nat Dairy Prod deb 5%s_ _1948 8034 91
774 8338 7818 8372 784 84
7472 8434 8312 8934 8812 95
77
Nat Steel 1st col 55
1956 7812 8112 7314 7952 69
Newark Cons Gas cons 52 g '48 10512 10512 107 107 10212 10212 10212 10212 10212 10312 10312 10412
76 82
N J Pow & Lt Ist 4M2
7912 85
77 82
1960 8614 95
85 93 8012 91
6612 67 6712 77 578 83
Newberry (Si) Co 534s
1940 75 79
67 73 65 75
New Engl T & T 30-yr 5s_ _1952 10914 11132 103 11034 100 106 100 c10612 102 10638 105 10712
1st g 4;0 set B
9612 10178 9818 10152 9712 102 10078 10312
1961 105 10712 9914 106
5712 62
New On Pub Ser• let 52 A.I952 58 6412 51 6012 45 56,2 4312 5112 52 59
let & ref 52 ser B
58 63
5014 59
1955 5834 6412 5012 5912 46 5512 4414 51
NY Dock 50-yr g 42
5072 59,4 575$ 63
1951 5312 60,4 53 57 45 4914 47 s52
26 30
29 31
304 3952 38 4412
Serial 5% gold notes
1938 32 3712 30 35
NY Edison let & ref 634s A '41 11352 115 21101211412 10634 11114 10712 111 107 112 11012 11212
let lien & ref 52 ser B
1944 106 10832 10234 107 10218 10534 10114 10414 10134 10634 10514 107
let lien & ref 5s ser C
1951 10812 10814 10214 10714 101 106 101 10438 10112 107 105 10614
1014 10634 10278 108 10812 109
10312 10512 105 108 10612 10712 10712 10878 10814 109 109 11114 NY Gas El Lt H & Pr Co 52 '48 111 11238 10758 11238 104 108 59314
9914 9538 100,4 984 10212
Purch money coil tr g 42.1949 1011s 103 994103
9812 100
93 9514 9478 9852 974 100 9712 9934 99 100 100 102
NYLE&WCoaIRR5%s
1942
75 75
75 75
11s - 13; 78 2 112 5 334 534
52 134
53 13*
DI Y Rye Corp Inc 62__Jan 1965
—Es 153 34 2,4 --114 214 —114 114 34 112 12 3212
32 4014 39 4214 42 60 57 60
Prior lien 69 ser A
1965 34 38
3312 38
3914 3912 3712 3914 3212 3412 32
35 44
30 32
9834 10112 10012 101
97 9712 9712 99 100 103 NY & Rich Gas let 0._ 1951 10212 10372 105 10514 100 10352 99 99
98 98
8812 9032 9034 92
NY State Rye let cons 4%5'62
112 212 2
1
134
234
134 134
114 134
512 512
2
378 114 112 Certificates of deposit
50.yr let con 634s. ser B.1962
•
Certificates of deposit
2
2
112 112
1
112
412 514 518 518
0214 108 ioi- 1-651-2 55- 1-651-4 10014 106 10534 10714
1004 104 102 10518 10514 10882 ioi- 1-66- 1067k 109 10534 10814 New York Steam let 25-yr 62'47 10712109
94 100 90 97 93 10112 100 10134
1951 10212 10412 59734 104
9414 99
99 10022 10014 102 10014 10234 102 10332 let mtge 52
9234 96
let m 55
9412 9934 90 9512 9114 9932 9814 102
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99 10034 100 10114 10012 10212 Nibg Lock & Ont P 1st 52_1955 10112 105
98 101
1950 60 694
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68 7212 64 69 60 64
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1947 534 60
40 4734 40 4412 4312 5315 20-yr•f6.
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84 88 82 8512 82 88
63 77 76 89
78 8112 7358 $78 No Amer Edison deb 52 ser A '57 7852 87
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1952 10614 10834 104 10734 10112 10434 10012 104 101 10412 10314 10514
100 10134 10112 10312 103 10412 105 10634 105 10612 1054 10814 Ref m 5s, series A
3812 *2512 3634 *2618 3278 *3012 37 *33 3954 *35 3912
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25 32
3872 304 3814
3014 3812 25 25
2514 2914 19 3012 29 3732 28 3252 Certificates of deposit
13 2712 25 31
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404 4612 35 41 Paramount-Bway 1st 51.4.1951 28
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834 834 712 10
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154
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20 20
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101 101 10112 104
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74 84
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7412 8014 7912 89
97 101
1%7 104 10512 10012 10434 99 102
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94
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95 100
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98 104 10112 104
99 100 99 10014 9814 10112 59914 102 Pillsbury Fl Mills 20-yr 62_1943 101 10312 1004 104
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96
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625
Financial Chronicle
Volume 137
New York Stock Exchange—Continued.
1933.
1932.
August
November December
September
October
July
Low High Low High Low High Low High Low High Low Hies
30
31
26
3812 25
28
23
25
20
25
2314 26
BONDS
April
May
June
March
January February
Low High Low High Low High Low High Low High Low High
ichulco Co guar s f6 M _ _ _1946 25
28 3118 29
27
Stpd (July '33 coupon on)-------------------39
35
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1
1
10012 102 10014 0218 10374 lO3li 102 105 105 106 10612 10712 Syracuse Ltg Co 1st g 5— 1951 -- -- ioi1-2 116 155 161 155 foig 155 fi:W ioa 116
97 9878 398 100 1011g 10414
1951 10114 10414 10212 10212 39813 100
10218 10218 10114 1014 10078 10114 rem" Cl & RR gen 5s
67 76
57 68
50 58
51
5513 50
50
55 5614 Fenn Copp & Chem deb Os 1944 52 757
5912 6314 5512 58
79 8334
7812 8612 77 8412 72 81
98 10012 97 9914 9312 9814 renn El Pow let & ref 6s_ _1947 9434 10014 8534 95
9012 94
84
9114
4
80
883
8512
7758
894
8014
resits
Corp cony deb 5s
1944 8814 93
8912 9312 884 931,
8312 91
4712 53
4012 48
3612 4513 36 404 38 42
1960 4018 45
393 42 ['bird Ave 1st ref 4s
41
4714 40 43
2712 33
23
2834
24
22
2412
203
4
8
283
4
205
2218
273
4
Y.-1960
Ad1
Inc
5s
tax
ex
N
24
21
21
233
21
36
85 874 87% 9174
86 86
83 89
89 90
89 90 ('bird Ave RR 1st gold 58_1937 88 90
89 9014 90 91
9412 9712 93 964 96 100
89 98
94 9512 robacco Prod (NJ )63.s- -2022 94%10034 9334 102
93 9612 94 96
55 6134 63 721,
50 357
4112 50
52
5212 41
1955 48
55 roho Elec Pow 1st 7s
48
52 55
5312 55
rokyo Elec Co4413 43 5434 54 618,
394
3405
8
33
30
4014
3458
June
051953
388
1st
m
6s
$
series
3734
26 3978 3534 4234 3658 40 s36
3814
3053
28
3934
1004 10014 --- 10014 100,4 10238 10233 104 10434 10412 10412 rrenton Gas & Elec 1st 5(4_1949 --------10658 10613 10258 10618 104 1041 10212 104 103 103
30 a29 40
19 22 31512 2078 324
2314 23 24
20 -16
20
29
2718 31
27 330
24 30 rruaz-Traer Coal cony 6 Ms '43 21
2914 32
4112 5078 514 7212 7213 8053
42 5214 3613 43
38 4934 45 65
6214 6613 56 8412 5134 56
464 5134 rrumbuil Steel 1st s 1 6s.._ 1940 5112 55
15
_ rwenty-third St Ry imp 581962 -------------------------------- 15
_ _ _
_ _
_ _ _
_ _ _
-- 4 6212 60 60 56 16
2 612
6
4
5i "iii 55r4 "icT i5 16 i-5 "3-i i5 If Lo iiis ryrol Hydro El Pr 1st 734. 1955 1
5614 57 581;
55 6112 50
5718 61
Guar sec s 1 7s
1952 36018 6214 5512 60
3534 40
33 41
40 4312 40 45
43 4914 4712 5358
3713 4913 3818 4778 4538 5412 5412 604 60 70
5212 6838 5112 5358 4912 62
84412 60
48 51% 3912 4312 Uligawa Elec Pow s 1 Is.-.1945 42 50
Union Elec L & P Mo_ 99 103%
1933 101 102 10058 101 10014 10012 99% 10018 ---Ref & ext 5s
101 102 10012 102 10112 10212 10113 102 10112 102 1014 10158
94 1004 9434 1-611957 103 10412 98% 10414 9612 102
---- ---- ---_ ____
10018 10134 1008 10334 Gen mtge g 5s
10112 1-0331
10334
100
104
100
102
10012
10412
102
105
100 10112 9934 103 10134 1037 10118 104 10112 10312 10312 105 Union El L & P (III) 182 5311a '54 10312
18 ____ ____ ___- ____ 1458 1712 18 20 ---- ---.
21
23
1714 21
148 19
1812 22
1512 1878 1514 1514 Union El Ry (Chic) lit 5s_1945 18
Union Oil Cal
May 1942 10412 1054 9934 10534 100 103 10034 10212 102 104 10312 105
9412 9734 9714 102 10013 102 101 10178 10034 10218 10214 10412 30-yr 6s, ser A
1935 10014 10034 9878 10034 99 9912 9812 9912 99%10012 10058 1007
90 9412 92 98
9713 9812 9712 9834 9814 9912 9912 100% let lien $ 15., ser C
8912 9273
7712 8312 83 91
77 38512 75 80
Deb 5s with warr___Apr 1945 8712 89
66
79 37712 8914 83,2 893 83 86 38578 38714 8612 874
9912 100 102
953 971 96
9734 9812 9512 98
9634 100
Unit
Biscuit
65'42
of
Amer
deb
977s
96%
8
9610
9
95
97
93
95
99
9653
86 99
59
701
5912
7112
44
603
4
59%
43
6414
54
70
59
Unit
Drug
recce
far
25-yr
5s
1953
67
42
5312
64 7834 7712 90
6234 87
4412 674 4412
16
16
15
15
15
19% 20% 2214 2214 14
28 34 _ _
27 28
—
25 28 United Rys St L let g 4s- 1934 ---- -3212 33 28 30
34 4714 46% 6214 60 681
2914 37
Ei -6212 45
3613 59
28 41
40 4812 38 484 US Rubber 1st 8c ref 5s ser A'47 4212 5012 2934 43
56
7818
81
78
--------78
82
75
88
72 7253 80 80 81
72 72
85
1937
9113
United Steamship I5-yr 6s
8714
86 90
85
2612 3712 3.2612 14
39
3334 4734 29
1951 4914 6014 3714 51
25 3214 82912 33
3434 431 3312 42
34 4138 4034 5612 11n Steel Wks 634• A
38 4812 381 473 3012 3714 2512 37 32558 3418
60
58% Series C without warrants_ 51
325 3214 2912 3418 35 43Iz 3312 4118 34 41
41
25
3614 2412 30
29
3712
4712
33
4912
1947 4814 59% 3512
2912 3412 343 4313 32 4113 3312 40% 40% 5634 skg fd 634s see A
2312 32
Unit St Wks of Burbach-Esch
94
987
8 9734 100
9958
1
94
973
4
97
96
973
4
894 91
70 72
4
97
93
Dudelange
Is
1951
90 97 893 9712 393 9614 92 93
1814 1514 32
Universal Pipe & Rad deb 65'36 -------------------------------- 10
3312 4014 30 373
234
51
313 55 -------4634 "go' i5 -ii ;164 11% Unterelbe Power 82 Ltg 63_1953
712
8 6 12
6612 743
5234 5612 5213 65
5514 6012 6018 75
62 72
72 82
6212 69 Utah Lt & Tr 1st & ref 5s-1944 6412 7214 597 6712 56 64
59 65
6114 718 7133 77
5712 65
7114 60 66
61
74
1944 66
64 7212 72 84
787 8412 69 7938 6418 7012 6312 6934 Utah Pow & Lt 1st 5s
---100
100
101
103
105
----------------105
Utica
El
L
&
59_1950
10412
Pr 1st *1 g
-,-- ---- ---- _-_-- ---- - - 10113 10112 --------104'2
8 104 104 108 Utica Gas & El ref & ett 5s1957 10714 10814 107 108 --------103 105 109,2 105 10438 105
_
9978 100 10212 1-0318 10312 1.-0i. _
8
41
287
2112
33
24
1318
1614
2312
2958
3
2218
25 5134 3718 47
343
4
17 28
27
Utilities
Pr
&
Lt
1947
33
deb
g
5Hs
25
35
§.1'78 -3
8
. 3012
281 2512 37
2012 19
1718 2612 14 207 12
2012 48 2334 45
15 25
2912 Deb 5s with warrants_ _1939 2338 30
2712 3312 21
27 35
93 9514
43 s50
9014 9412
7412 8814
4314 48%
2058 2612
8784 89
83% 95
43 4712
9712 101 1007g IO1'i
56
6212 862 66
94 10034 99 10178
87 93 90 9312
4613 51
44 4812
2412 3412 2518 2834
90 91
8812 91
9134 9512 93 96
47 527 57 57
50 67 6312 2712
40 4658 3434 48
48
4038 61
42 47 Vanadium Corp(Am)conv 5s '41 4238 484 41
49 60
4212 52
46 52
Vertientes Sugar let e f 7s_1942
818 171
9
7
__ __ _
112 3
5
0 _
88
5
5
17
2
353 278 51
112 2
48
Certificates of deposit
141
1012 101 ---------------- 12
14 ___
10 Victor Fuel 1st s f Si
1953 14
--15- —9-- --------10
---- -- r97 9934 100,4 103
95 10
93% -1c8-I2 9734 f6f loo 10134 11014 02 10014 103% Va Elec & Pow cony 5 ms,_1942 1037 10558 931211E5-o 99 103
05
57 58
40 40
45
48,2 50 --------4738 478 48 48
50
50 50
50 50 _--- _ _ ___, __. Va Iron Coal & Coke let g 5s'49 50
1
9938 93% 10034 9912 102 Dm 10212 10138 1-02- 1017,3 1-03 Virginia Ry & Pow 1st 5s,_1934 10218 103 100 10258 971319034 9733 9958 98 8 10114 10034 1011 2
25 31
1312 14
15 _ _
15 Walworth Co deb 6 Ms w war'35 11
11 ------------------------ 10 21
15
_
13
1814 ------2312 25
__ 1614 18
Without warrants____
---- 13 30 io 29
18
18
17
23 23
2612 35
1412
28
.14
93
4
16
1st
s
20
26
812
18
I'
6s
1458 1434 37
1212
2312
29
1818
series
A
1945
27 36
25 3014 254
39
30
14 2614 2313 32
2214 2112 35
1212 1812 1314 15
20
29 38 s23 3053 18 24
1834 20 Warner Bros Pict deb 6s 1939 12
1212 2312 1918 26
13
10
35 4012 35 40
1418 16
30
1714 22
2518 3012 Warne, Co let 6s with war '44 25 25
36 413 30 30
23'
22
2418
18
125
8
125
8
16
Without
5314 54_
143
4
22
1618 2014 16
warrants
30 30
35 35
- 36 36
27
38
18
30
18
2412 Wars:et-Quinlan deb 6s_-_1939 2412 2712 15 2412 14
1312 16
21
36
22
17
5- -3-5 - 14 22
-i6
15 23
9834 100 10112 19613 10418 10518 10434 10514 105 106 105 106 Warner Sugar Ref 1st s f 7s 1941 10434 106 103 10514 10212 105 10458 10512 105 10512 10512 106
75
30
3712 31 34014 339 6414 60
34 42
3814 45
26,2 43
_
38
38 41 83612 340 Was ren Bros Co deb 68..-_1941
58
48 58
41
50
1013,s 1003s 10014 1017 102 10412 105 105 1041210512 105 10512 Wash Water Pow 1st ref Ss 1939 10514 10534 106 106 10212 10212 10034 101 10012 10358 10413 104'4
10312
10414
105
107
10212
1053
4
102
1053
4
107
214
103
107
11012
10914
11014
Bust
]
gu
'50
10514
10
10313 106 10518 10612 1051210612 110 111 Westchester Ltg 5s
10034 103 1023 10358 10212 10412 10434 10534 103 10534 10514 10612 West Penn pow 1st 5. see A '46 10478 10612 105 108 10014 10412 10018 10413 10112 105 104 106
1st 5s, series E
100 10134 10034 103% 100 10418 104 10512 105 107 105 103
1963 10778 109 105 10918 102 10412 10014 10314 101 10458 10312 106
9938 10078 10034 10334 10234 105 10312 10538 105 10558 105 106
9912 10378 9912 103 10114 10414 10312 105
1st sec 5e series G
1956 10512 10634 10312 107
9114 88 9612 7512 99 4
9112 95
81
93,2 101
9218 10112 87 96
9634 10014 9714 991 West Elec 20-yr deb 5s_ _1944 99 102
99 101 100 101
8038 87
73 84
75
West
6412 8478 80 84% 77 82
76
52
Union
55 61
661z
Tele,/ col stilt 1938 67 7058 63 6812 53 69
78 8014
6712 73
Fund & real est 434* g_1950 50 62
55 61
3712 5718 56 69
4612 50
4614 52
59 73 663 69
58 6312 5612 59
56 61
7312 884 8418 94
15-year gold 634s
5118 67 67 92
73
56
8414 8912 8213 86,4 68 837 6512 757
55 66
5618 69
1936 67 72
7134 7014 79
37 57 .58
5212 3612 c52
5834 7458 64 70
4518 59
1951 5078 5778 38
58 6512 5518 5978 50 5753 25-year gold 5.
Os
37 4912 364 5712 5712 7112 7014 78h
52
39
1960 4978 59
45 593 5718 72 65 7012 55 6612 5412 60 50 571
4813
24
30
3
33
2312
353
4
41
273
4
34
32
28
3858
2614
43
Westphalia Un El Pr 6s 1953 48
184
3012 39
5712 37 4 4912 30
3312 4018
5434 85 Wheeling Steel Corp 1st 5 Ms'48 57 6378 52 58
57 5814 53 6218 62 808 37912 83
4413 57
80 72
67 7112 65 67
70 74
1st & ref 434* series B_ _ _1953 49 5578 43 4913 4112 4712, 44 5634 564 73% 685g 72
5418 58
58 63
6012 63
497 60
3858 50
50 5414
.
White Eag 0 & Ref deb 534.'37
With stock purch warrants. 10278 103% 102 10223 10178 10178 ---9914 1025g 10214 103 10234 10314 10212 103 10212 10314 103 104
-.n
,.
- ,- -:- :..:
30
35
440
.5
327
82
7
33
-White
1714
____
____
Sew
25
21
1163
31
37 _ ___ ____
Mach Os(w war)
33 35
-- 2512 25%
81634
38 40
32
36
2618 35
2212 25
19 21
Without warrants
32 33
191-4 -2912 20 21
23 23
3012 37
32 37
1614 20
35 45
33
1714 10
31
36
Pattie s f deb 63
19 20
2214 2214 2234 223 26
20 40
36
37
1940 32 37
27 33
24 26
VVIckw Spen St Corp 1st Is 1935
Ctfe dep Chase Nat Bank__
134 13
8
212 318
----------3814 8614 2
118 118 212 212 234 512 5
13
134 ____ ____
2
__-Wickw Spence St Co 75 Jan '35
5
7
212 312 5
1
Ctfs deposit Chase Nat Bank
34
75
318
_ 3312 4
138 13 __,_
3'8 318 3
78 118 -------138 138
44
50
36 44
35 36
67% 5518 6078 Willys•Overland 1st s 1 6 Ms'33 61
3514 37
61
7958 3514 70
70 --61,s 65
68 70
7618 68 75
90 98
8918 95
861 8614 91 Wilson & Co 1st s f 6s see A '41 89 9314 8834 904 84 9012 8838 91
85
6414 76
84 88
85 88
75 85
7713 80 4
66
78
5412 66
50 6023 Youngst Sh & Tube 1st 58_1978 52 61
5414 61
5414 59
55 58
6114 75
66% 741 6612 6912 55 68
811g
7812 78
6117 6212 7312 68
51
8112 lit m Si series "B"
7414 66 6912 57 87
55 5814 5412 65,4 68
5414 59
1970 5214 62
31
44
17
---9214
45
0618
114
--1218
14
30
52
2734 34
27 34
5614 62
913
8
734 918
7
914
5
938
7
812
41g 958
514 812
32
31
58
10
918
012
912
714
7%
7
39
39
6838
1512
1338
14
1434
1312
1212
1258
36
3712
6238
12
1118
11
11
10
1012
1012
41
41
70'h
144
15
1414
1414
13's
13's
15
3212
3112
70
9
9$8
9
658
934
912
10
27 29
34
321
27
39
654 7114
74
1178 638 91
115* 718 878
81
1112 7
1112 714 714
512 8
11
1012 618 S 2
734
8
11
FOREIGN GOVERNMENT
SECURITIES,
26
3312
1818 27
28 2934 kgric Meg Bank 6 f 6s
1047 30
3412 2512 3212 1718 34
2412 3313
19 27
2714 2912 Slaking fund 6s_Apr 13 1948 29
25 33512 1718 35
34
65 70 Okershus (Dept) 5s
1963 6558 68% 6574 67 63 6534 64 6814 6978 7212
934 812 13
7
758 8
64 712 isntiociula (Dept) coil. A_1945 77 1034 77 10
618 8% 812 13
9
6
758 External s f 7s ger B
812 98 7
1945 712 11
858 838 812 13
614 74 Esti • f Is see C
7,2 8
1012 858 10
1943 8
6
914 812 1314
9
64 718 Ext1 ills series D
1940 7,4 1014 814 978 7
834 84 1212
712 6
912 6
6
758 Extt 71, 1st series
1957 718 958 8
834 1314
5
5
8
812
8
5
9
64 718 2nd series trust rects
1957 712 1012 718
13
838 458 c812 8
713 Esti•f 7s 3rd series
914 5
618
934 7
1957 8
s Deterred delivery. c Cash sale. • Negotiability impaired is maturity.
3114 33
3178 33314
7112 74
12
1433
1134 1412
1134 14
1112 14
105 14
1012 14
10
12 12
Financial Chronicle
626
July
22 1933
New York Stock Exchange--Continued.
1932.
1933.
August
July
September
November December
October
Low High Low High Low High Low 11Oh Low High Low High
8018 8978 487,4 $9018 380
6834 81
3514 5018 37 4514 4373 5813 46
23658
3512
3578
3518
3614
3518
3513
3614
3234
41
65
6512
60
8212
3314
50
36 4578 4314
4818 37 e4612 4358
50
3613 4613 45
5012 3618 4512 4313
50
3614 46
4312
50
36 4513 4314
50
3658 4538 4312
3634 4538 34314
50
46
33 4134 3814
4912 41
4934 48
74
7712
70 80
7013 80
74
7712
6738 6334 72
7038
92
8412 90 8734
46 33714 4212 4134
6014 47
6018 4714
6014 47
6018 47
60
47,4
61 $4714
6018 4712
6014 46
5412 4312
59 357
8834 7414
8914 7458
8214 68
9212 9034
5034 46
88
59
76 83
4112 54
5912 3912
59
4018
59
3934
5814 41
5938 4058
5914 40
5834 397,3
4118
57
5258 438
5914 51
8658 65
8634 6558
7912 6134
9434 $87
5112 46
4334
5418
5334
53
5312
5334
5358
53
4838
5813
7778
78
7134
9338
5112
BONDS
37318 7934 sintwerp (City) extl loan 53 '58
39 47 krgentine Govt Pub Wks 6s '60
krgentine Nation. Govt ofS 0 64 of June 1925
39 48
1959
3878 4738 Ext1 s f (us of Oct 1925
1959
S f g 6s series A
3912 47
1957
Ext1 of 6s series B
39 49
1958
Ext1 s f 6s of May 1926
39 4814
1960
39 4778 Bid s f 6s (State Ry)
1960
39 4734 Extl 63 San Wks(Feb'27).1961
3912 4734 Pub Wks extl 63(May '27)1961
Pub Wks Eta 5(4s
3514 43
1962
50 50 Argentin.(Rep)Intl 5s'09 1945
6834 7612 kustralla 5s
July 15 1955
Ext1 5s of 1927____June 1957
69 77
7114 Eta s f 4 Sig of 1928____,_1956
64
1943
85 0212 kustrian (Govt) s f 78
Internationals f is
4912 52
1957
April
March
January February
May
June
Low High Low High Low High Low High Low High Low High
378 83 27938 82
7514 7778 71
7712 07134 8014 75 7812
4814 41
4638 5014 41
5012 4738 55,4 5534 6318 5838 65
47
47
4612
48
4618
46
47
47
42
4978
7358
7334
7014
92
58
48
51
41
5012 4012 4812
51 34018 4914
51 34034 49
5013 4038 48
5012 34018 4818
5078 4014 48
5018 41
4833
4612 38 4513
5012 5012 54
7712 7314 7734
7718 7314 7734
6938 7314
73
9034 94
95
6478 35912 6214
4112
41,z
4114
4158
42
41 18
4258
4418
38
55
7114
7214
6818
87
54
5014
5012
51
5012
50
5012
50
5014
4618
5612
7838
784
7412
9078
60
47
47
4734
4612
4718
47
47%
4718
411g
56
7534
76
71
8512
50
55
5578
56
5433
5534 56
55 35438
55
56
5514 5512
54,
8 5458
55 5512
50
50
62 6414
8123 37812
8114 7753
7734 7312
90 38512
55
4912
6234
6234
6278
6258
6313
6314
6212
6318
58
70
8313
83
79
9478
6314
5853 6634
35818 65
5814 6514
5918 66
5853 65
58 65
58 6533
5814 6534
5258 59
72 7838
77 8212
77 8234
73 78
86 92
5518 63
4713 5012 49 61 Bavaria (Free State)6 Sks 1945 6114 69
3812 47
49 6278 4518 54
38 4512 334 407a
9718 10180 Bet,!(Kingc.) 25-yr ext 63.4s 1949 9914 102 39914 102
99 3101
98 10012 98 10212 39212 10134 8913 9634
92 9714 38934 9413 External a f 6s
1955 9418 98 393 9714 89 9438 38834 96 89 9553 87 95
External a f 7s
102 105 101 105
1955 04 10734 102 10712 9912 104
9914 107 9478 10812 9614 100%
10114 104 10014 10412 Stabilization loan 7s
1956 0312 106 310153 105 100 10334 9812 105
98 10712 9312 100
Bergen, City of (Nwy) extl af
69 70 --------------76 80
66 66
7538 7714 53
Oct 15 1949
65 65 6578 75
_
80 8118
External s 1 5s
70 70
63 70
75
6712 74 -7
74
72 76
74 76
1960 7518 7518
63 6512 66 7412 74 83
-ai2012 3313 3114 3512 3312 4378 41
4418 4012 4334 4134 52 Berlin (Germany) 6(4s..._1950 50 60
38 -4712 28 4234 3414 42
2614 3878 2612 33
2014 33 27 3378 33112 3914 s34 4012 3512 40
3714 4838 External a f 65
1958 45 57
3534 4512 32 4012 2638 34
2418 33
267 34
978 1534 1453 1912 1518 1978 1478 1612 1558 1612 1218 1730 Bogota (City) extl a f 8s
1945 15 23
15% 1718 16
16
20
18% 1858 2518 21
26
4
612 512 938 7
1947 412 712 514 6
6
7
413 514 4
914 612 8
334 6 Bolivia (Rep of) extl 8s
712 614 10
934 1334
212 5
418 8
638 912 514 778 5
512 314 512 Esti sec Is temp
1958 334 612 434 534 312 4% 312 634 514 814 8 1214
Ext1 s f 75
3
434 4
758 6
414 612 314 5
812 414 7
1969 4
612 434 5,4 338 434 314 6,
81
4 5
1214
10314 10412 104 10514 10434 105 10334 10412 31033410412 10418 105 Bordeaux (City of) 15-yr 68 1934 10434 10514 10158 10473 10138 10212 1011411014 0912 120 111 11633
1812 2414 1812 2212 1914 2378 1914 2312 1913 2112 1518 2038 Brazil (U S of) old 8s
1941 1658 217g 20 2612 20
24 3214 29 4114
2 22% 25
Extl
s
1612
16 2134
f 6(4s 00 1926
1618 1912 1418 1813 1414 1613
1934 316 20
1957 1534 2112 19 2512 31834 2558 21
2414 2134 2912 2818 3712
1614 22
14
1614 1958 16
14
1613 Ext1 at 6145 of 1927
18
19
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1957 1434 21
1812 2512 19
2512 2112 25
22 2958 275 3734
1353 1612 14
17
1633 15
16
1712 16
1933 1133 1474 Cent Ry 30-year 7s
1952 1212 1934 31712 23
1714 2078 1712 21
197g 2712 25 3324
6412
Bremen (State) external 7s 1935 36314 7212 6053 6834 5712 64
36 4618 42 49
4878 56
5458 5678 55 6014 60
4978 6212 4658 55
45 5133
47 61
5534 66
6314 75
1957 65 70 36412 6778 6512 6934 6612 70 657 71
6533 7614 6014 6712 61 6734 Brisbane (City) s f 5s
7058 7312
S
4838 6114 57 66
f
gold
8
62
67
5s
6314 7578 6512 7878 59 667
1958 6373 6812 36412 6712 6418 6912 6612 6934 667o 60
6912 7212
20-year s 1 6s
5112 71
73
72 84
61
6834 72
70 8578 70 79
19150 7018 75
74 7812 37312 77
7038 76
7514 7812 7614 7814
21
2612 2414 29 32738 30
2258 2858 2212 2512 23 2514 Budapest (City) extl s f 69_1962 241g 2978 2558 2914 2618 29
2712 2934 2734 3014 2838 31
33 3938 37 5234 40 5178 3614 4213 3612 4012 Buenos Aires (City) extl
3634 46
s'55 3834 45
37 43 338 48
3714 41
47 5538 5218 618
29 3512 30 35
3312 3512 Extl a f 65 ser C-2
40 51
38 40
40 53
1960 3714 40
4418 48 50
41
_
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Extl a f 6s ser C-3
31
37
32
33 4978 41 4712 3334 3512 3278 35
31
1960 3614 39
3912 42
8 3714 46
3412 17143 51
46% 53
22 31 s21
2812 1634 2214 Buenos Aires (Prov)extIsf 63.61 1712 23
2612 2212 3512 32512 33
21
16
2034 1712 24 32212 3012 '2712 3534 3114 36
Stpd(Sept 1 '33) coupon on
21
2012 31
21
2712 34
3014 35
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21
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17 22
27- 23 1513 26
1961 -1734 23
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1753 24
2214 30,3 30 33
18 24
31
3618
Stpd (Aug 1 '33) coupon on.
22 2278 21
2914 27
3178 3658
20 231 19 1E- s23 2512 19 1118 a1934 21 15 1612 Bulgaria (Kingd) so 7s 1967 190 23I -io- 2211 20 2212 14 18 1534 3412
1712 16
2112
21 2814 23 2613 25 30
2512 2712 2314 25
2112 2512 Stabillen s f 7.1-5s Nov 15 1968 2212 2712 2234 2434 2212 24
2212 25 32112 2634 2112 2378
2714 40
48 5214
4458 52
40 51
9914 10038 9918 102 100 10114
9313 101
8533 9634 :96 9712 9618 100
9614 9934
98,4 105 31037810514 10418310633 103 106
9814 105 $104 105 10418 10614 3102 10534
Colds's. Dept of(Col)7%3_1946 1212 1634 13
1414 1278 1414 11
1514 1334 $20
17
19
Canada,Dom of, 30-yr 43_ _1960 8312 88
7978 8458 81
80 8334 79 82
85
84 87
30-year gold 5s
1952 9878 10112 39178 9812 $94 c9812 91
98 391
9934 8974 9934
415s
1936 9812 10014 95 9834 9318 9638 9412 9678 89412 9734 397 9833
Carlsbad (City of) a f 8s_1954 80 86
74 8112 69% 75 69 74
80 81
69 6978
Couca Vol(Dept) Colom 7%s'46 978 13
13
914 1314 9
812 1218 1153 17
16
1812
Cent Agric Bank (Germany)
1st lien s f 7s farm loan 1950 65
$3734 c5034 4558 4812 4834 59 354 6138 a53 59
56 6612
6312
6712
47
34214
57
75
56 35914 5312 846 5234
1st
32 45
6s
fm
in
41
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Int ctf J& I 15 '60 5618 67
45 5078 47 66
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Int ctf w
4034 45
46 54
4338 52
4518 5078 47 5512
15 1960 56 6678 47 5814 36
53
3338 46
3212 4112 3412 42
35 4718 44 4712 4538 57
5458 6412 Farm loan 6s series A _ 1938 6312 7512 360 70
52 58
5014 58
46 6612 4112 5478 $38 5278 3814 48
1478 938 14
9
718 858 5
3734 10
712 Chile(Rep) 20-yr extl s f 7s 1942 612 1114 8714 878 3573 734 534 1012 818 1358 1158 21
6% 10
7
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414 9
814 1233 738 9% 553 734 414 612 External s 063
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9
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1961
534 10
7
634 872 514 714 4% 10
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512 758 478 958 678 11
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1962 538 958 612 834 5% 718 5
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438 8,
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8 718 13
618 734 414 6% External sinking fund 68 1963 658 10
7,2 8
912 718 1038 1014 17
7
878 5% 7% 5
518 1313 878 13
818 10
838 12
9,3 1114 838 1012 Chile Mtge Bk 6(4s June 30 '57 3618 13
0912 1112 10 212
714 1012 9
12
1114 1714
1418 20
11
1514 1218 13% 1018 1212 1238 14
1112 1358 St630 of 1926...June 30 1961 1212 15
1314 1334 1112 1312 912 1212 1138 1338 1312 20
412 1218 8 1212 818 11
7,3 9'4 814 1012 534 958 Guar g s f 6s
612 1038 814 1112 11
9
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119T2 1;8 1138 87g 912 878 9
612 10
712 1178 1114 1633
2,
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5
8
414 5% 314 412 Chilean cons munic 78_ ..1960 414 8
6
9
434 512 4l
7
834 13
558 9
10
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Chinese
1212 1112 1212 12
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16
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1954 9213 8512 283 8518 8112 8214 82 8312 81 84
85 88
33 3714 37 44
-2233
4018 4314 4012 4318 4034 60 Cologne (City) Ger 6 kg s
1950 46 5743 38 4734 3712 4418 35% 3912 31
3812 2612 3424
27 c3914 34 40
2558 34
31
39
27 3314 2834 3012 Colombia(Rep of)ext1 6s J&J'61 29
3714 2518 3612 1614 3512 17 2812 28 3512 3234 4058
27 3912 3412 40 3012 3918 27 33
Ext1 s f 6s of 1928
2614 34
2812 30
1961 29 37
2518 3638 1612 3614 1714 2812 2778 35
3312 4114
2612 30
2512 28
2418 27
2512 30
17 2512 1978 2612 Colombia Mtge Bk 6Si s
1947 24 29
20 26
1818 2614 26
19 30
3212 3134 3312
2334 2718 24
21
2614 29
2718 18 24
30
17 2658 S f Is of 1926
1912 27
1946 2533 29
1938 2914 20 27
27 3212 31
3312
S f 7s of 1927
24 27
25 3078 2634 40
1732 2778 2038 28
25 30
1947 325 30
19 2614 2634 3212 3012 836
19 26
1834 29
72 67 75
58
7212 791g 69 7534 6812 7112 Copenhagen (City) ext 59_1952 69
75 84
73 60 6578 59 6112 882 70 86614 7014 867
7312
Gold 434s
52 69
6478 69
69 7612 13512 70,4 6334 68
68 77
1953 6514 6778 25812 6412 58 6034 350% 63% 362 6758 866 6712
13 2018 818 1512 1158 1478 1258 16
1238 1512 053 13 Cordoba (City) extl sO 7s..1957 1034 1618 1258 1514 1138 14
12% 15
1412 1918 1734 22
Ext1 s f 7s
2312 28
1273 20
15 2114 22 2912 2434 31
22 24
Nov 15 1937 2434 2812 2434 26,2 2434 2514 2734 31
30 32
30 3484
24 30
20 34
22 2712 Cordoba (Prov) Argen 78_1942 25 3012 2534 30
24
30
30 3212 26 28
2434 26
2612 2912 33 40
37 4313
Costa Rica (Repub) extl 70 1951
2412 is Nov 1932 coupon on__1951 2312 2518 25 27
2438 2712 21
2634 27
2654 27
25 30
27 29
73 May! 1936 coupon 0n1951 14
27 2712 2714 274 17
18
15
15
15
1934
16
17
16
1712
18
-672 96 ;Hi 11-1-4 -38934 92 89 9012 89 39012 89 9014 Cuba Rep of Ss of 1904____1944
7814 86 82 89
8712 89
88 89 38634 89
93
87
Ext1 5s of 1914 ger A
8312 9112 9114 9112 92 9212 8812 92
8912 92
9112 93
1949 90 9314 90 9158 8418 8678 37914 8278 8338 8514 85 85
88438 72
External
7612 81
82
454/1
78 8034 78
37012 80 s72 7612
69 70 62 68 357 72
1949 7212 $75 371 374
73 87618
6814 7312 73% 82% 7518 80
75 7878 75 81
7112 7834 30-yr a f 5)48
1953 7018 7534 7138 7458 6512 7478 64 69 S8712 7473 7358 8141
3678 40
Public works 5(4s June 30'45 3958 43
3812 46
3912 48
3812 43
40 43 3834 40
34 4018 3212 3612 32 42 33918 48
454 5812
Cundinamarca (Dept), Colon
5 1234 12 1512 1112 31614 914 12,2 778 978 734 1114
Exti a f 615a
1959 1014 18
1033 1412 1312 19,4 1614 19
1134 1434 1214 14
87 98
9518 98
92 9512 Czechoslovak (Rep) extl 8s 1951 94 9818 93 9812 92 9914 88 9218 391
9738 10118 9812 10012 90 100
9438 8612 94
84,2 85
95 9712 97 10014 98 10012 91
9934 92 9334 Sinking fund 8s series B_1952 9334 98
9078 9812 8512 92
93 98
9018 93 33834 9414
6912 90
Denmark
8412 90
(Kingd)20 yr eat!6s'42 8518 9238 7714 8614 75 80
8834 9512 39158 96 88718 9234 386 9038
7718 88
8758 9234 86 9134
62 8014 77 8312 83 95
Esti gold 554s
8934 9234 8733 9218 8318 87
69 75
7213 8314 79 87 s81
1955 38112 8714 36912 80
8634
64 70
67
7112 7014 8112 7334 7972 72 7638 37038 7314 Trust rcts gold 4)48
1962 6912 7434 35912 68
5814 65 64 7234 06818 77
7073 7514
Deutsche Bk Am part ctf 6s'33
7578 80 37914 82
7814 86
8034 8334 Stamped
85
77
81
SO
85
75
83
77
73 78
65 7312
4414 55 52 54
3812 47
45 50 Dominic Rep Cust Admr 5 Yks'42 4618 4838 45 35034 31412 50 344 3471 45 51
54 55
50 54
49 55
1st sec 51-is of 1926
44
4218 50
32
40 4412 3472 371g
47 47
4634 51
1940 3712 40
36 40
3518 40
40 41
40 42
42 46
4114 $50
232 42
39 4412 36 3634 2d series a f Skis
47 4912 64 54
33414
40
1940 38 4012 38
39
3514 40
3712 4212 4134 48
42 47 45 50
47 52
63 5934 Dresden (City) extl 711
51
70
55 60
1945 5758 6513 58 6234 53 6218 39 5314 40 42
3712 41
99% 10012 Dutch E Indies 25-yr extl 6s '47 99 10134 93 9934 9358 9958 9778 108 102 109 10334 110
9878 10034 9918 101
9233 9734 495 9838 9834 100
40-year extl s f 65
9912 101
9918 101
8814 9413 92,4 9818 9838 9978 9858 101
1962 9812 101
9314 98,4 9334 99% 9818 107 310514 110 (0653 11233
Externals f 5 Sits__ _M&SI953 9734 100
8934 91
9618 9812 9814 10014 9858 10012 9878 100
9134 96
96 9734 9134 9833 97 10418 10278 109 103 110
8814 90,2 9034 9614 9714 9812 9712 100 10014 10058 9918 9912 Externals f 5101.....M&N 1953 9834 9938 95,2 9712 9212 97
97 1023 10314 108 103 110
3412 41
44 65
55
. El Salvador(Rep)Customs 8s'48
5978 60 60 60 60 60
35 43
43 43
26 3214 3514 3514 36 64
40 45 55 c60
Certificates of deposit......
3234 3518 38 65
373 471.
41
44
-411
533 46 487 4212 3f6.1- 846 611 49 65
4218 4812 48 5434 45 54
603512 . Estonia (Rep of) is
1967 46 W2-1; 49
4518 50 35312 6512 67 7314 70 7234 63 73
55 6314 Finland (Rep of) extl 6s
6218 6612 5812 6314 5812 62
1945 6112 67
60 66% 6534 7212
External sink fund 73_1950 66
4858 60 5812 72 69 7434 6718 7412 62 74
6312 67
6638 69% 6018 6858 5918 67 63 701 68 77
72
5512 69
6118 71
External s f 634s
45
5712 63
57
5114 67
65 73
58 6238 59 65
1956 6038 66
6153 6312 57 63
6334 7178
4314 50 5414 6038 61 68
53 5812 External s f 5S4s
53 66
63 68
56 6034 54 60
5778 61
1958 58 62
56 645 62 69
45 4812 48 60 5918 65
61
8 62 Finnish Mun Ln 6)4. A
6512 51,
62 67
1954 56 61
5578 5814 857 613 57 64
61
59
6418 70
4714 4813 48 51,4 59 63
6013 6678 57 6412 50% 5814 External 6S4s ser B
55
58
5712
1954 55 60
60
5818 64
5534 61
6418 69
181,, 3078 2912 33
3314 3838 32 4478 Frankfort (City of) sf 6 kis 1953 40-381 51
3238 39
39
31
2618 321 2612 327 2213 2878
2518 35
33 41
117 11978 117 12134 12012 124 311912 122 12034 12378 122 12758 French Repub esti 7)4a.....1941 12414 12712 12218 12558 120 125 120 1301 118 13358 121
213012
111 11378 11238 11418 113 11612 11518 11638 11512 118 11712 121
External is of 1924
1949 12034 12312 12012 122 31121212012 113 125 11714 131 122 130
German Govt International
• 3753 5112 4312 47,
47 5238 4858 5912 35-yr 5).s 01 1930
4 4634 52,4 4914 54
41
3712
1965 5734 64,4 349
5312
47
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3514 45% 3812 4912
73 6512 c70,
55
8 6534 71
6734 7313 6812 7278 694 794 German Rep extl loan 713..1949 37938 8634 7218 82 6312 7614 5418 71% 55% 6514 85518 7733
Germ Prov & Communal Bks1912 30
2778 3134 3114 4314 3714 44 33738 45
38 4512 (Cons Agile Loan)6(4s. _199/1 4434 5512 411 18 4934 36
45
29 3712 27
3214 2634 3112
35 3912 35 38
4214 4912 48 4914 45 4812 4512 48!2 Graz (Municipality) 8a.._1954 51 64
56
51
59
50 5212 46
54
4712 45
5214
103,4 105 10312 105 10434 10534 3105 10634 0012 e10534 10278 10634 Gt Brit & Ire(UK)20-yr 5 ygs'3 10458 10614 tosis 100 103 106% 10278 10573 10134 107 10312 108
4
Registered
10414
1023
4
10414
10234
193 10514 10514
_
83747837758 e3721837513
12 W4-78
4% fund optional 1960 E.199 372 37418 37314 2751s 37433 77 351- 37871-2 38453 59l s-i'7i2 3163
36014071
- ;31-1-3077-51012
7414
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80 84
9
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16
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10
13
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11
s78 8878
39412 10012
95 9934
75 83
814 11
1034 1378
79 8718
39738 100
9612 9938
83 88
878 1014
i;e6- ;54
3 Deterred delivery. c Cash sale. • Negotiability Impaired by maturity.
-4
627
Financial Chronicle
Volume 137
New York Stock Exchange-Concluded.
1933.
1932.
BONDS
July
August September
November December
October
Low High Low High Low High Low High Low High Low High
78 8912 92 9934 95
32% 37
2212 34
34
19 24
15 23
21
93
91
99
8712 90 Greater Prague 734s of'22_1952 9012 91
9412 96
1964 28 2812
35 33618 37
31% 35 830 3014 Greek Govte f sec 72
1713 19
1934 Sinking fund sec 62--.1968 1612 21
2713 323 2814 20 2638 16
68
23
39
3853
1612
14
72
3618
4418
461
21
2114
70
34
35
4814
1978
21
27
30
33
38
30 35
32 44
32 35
3018 33
34% 4412 42 47
375
8512
8312
74
66
7912
9234
89
84
7314
75
90,4
90
8612
37418
70%
3712
3712
60
2212
2312
76%
951
96
9134
79
67
3258
37
5718
2014
2112
78
91
95
8412
7412
75
45
43
65
2512
25
7812
96
9712
9212
8912
74 80
39 45%
42 44%
60,8 36814
1614 20
15 2113
2614 1E2512 30
3714 42
75
95
9512
288,2
8412
81
98%
98%
94
90
Haiti(Rep of)custom:62_1952
Hamburg (State) 62
1946
Heidelberg(Gee)ext 7342_1950
lielsingfors (City) ext 63.45 1960
Hungarian Munlc Lo 7342_1945
External sink fund 72 Sept'46
Unamt coups attached
Hung
Land Mtg Inst 7345_1961
28
-23
162612
33
1961
24% 2712 S f 7342 series B
28 28
3338 3838 3314 3978 Hungary(King of) sf 73-4.A944
72%
39
4134
60
1512
17
70
9612
91312
28814
85
84
44%
50,4
62
1814
1812
3118 3812 30
3314 18
28
73
4178
5012
45
10
1558
7434 7112
9812 97
9712 396
9412 9012
84
90
6618 6712 35914 65% 6112 6412 69 64 35934 64
4314 64
4918 53% 5013 55% 4914 5514 4714 51
3114 38
June
May
March
January February
April
Low High Low High Low High Low High Low High Low High
1734 23
76
5278
55
49
14%
1712
76
9914
9834
95
90
Irish Free State 55
1960
1951
Italy(Kingd of) extl 7._
Italian Cred Consort 72 A_1937
1947
Eat' sec .6 7: ser B
Italian Pub Util extl 72.-1952
7618
4818
4018
47
1534
1934
7838
59
60
GO
23
2112
-29- 32
2812 31
39% 45
s71
39%
4014
57
17
32014
-2626
34
91
216
17
91
18
1758 19
18
1713 16
7814 8234
18% 24
1434 20
19
23
7434 7278 76
68
75
73 77
4378 2834 37% 2812 34
2614 3314
23 2814
28 32
3818 2614 31
57 52 5934 5514 6078 6078 6912
2312 2114 2312 21
23% 23
261:
2118 2312 2312 2678
24
2312 25
1612 1612
16- 2714 31 30% 34
19-1-2 24 25
2914 3512
2612 31
2312 24
2934 24 26
3114 3578 3214 3512 3312 37
3812 3114 35
77 $7114
4912 36
4512 34
61
55
3112 317
19
22
7618 77
7614 78
9838 101 39534 100
9678 100 39812 100
94 97
9034 96%
8934 9513 8412 9512
77 78,4
9414 9734
39812 101
9018 95
8618 90
79 80
39618 100
99 10012
38812 93
86% 90
4712 60
5714 67
5712 6138 Japanese Gov ext if 63.4.._1954 57 59% 4514 359
1965 4714 4934 3512 4734 3734 481 4614 53
4712 5014 Extl f 5342
Jugoslavia (State Mtge Bk)1957 1518 20
15 sI3 201
17
1912 12
Secured •f g 72
17 20
8612 8712 53313
39434 100 89
9112 9712 90
8912
8758 92
8114
38914 94
65
51
9012
96%
96
9212
90
7512 73% 8334
64
63 7324
1814 s25
1834 2278
36 4718 34 c40
5412 531 42 53
3512 33
5612 61
38 3934 41
4512 42% 4612 47% 55
4914 55 Leipzig (Germany) s f 72 1947 57 64
62 54
50 5618 5812 5812
5612 59
32 35
37 3812 3812 45,4 43 4514 3818 46
45 5012 Lower Austria (Prov)sec734s 50 4934 6012 57% 59
10314 104% 10358 105 10414 105 10334 10578 104 10438 10418 c106 Lyons (City of) 15-year 62_1934 10434 10534 10138 105 8101 1021 101 11014 11014 120 $1101411633
10312 104% 104 105 104% 104% 10334 10438 103%10414 10414 105 Marseilles (City of) I5-yr 62 34 104% 10518 101%104%
914 1078
12
10
1478 12
712 9 Medellin (Munic) extl 6342 1954 812 14
10
8% 10
1614 9
121
2% 3
2
234 234
2% Mexican Irrigation 4342_..1943
3
3
Mexico(Us of) ext 52 of'99 £'45
I945 312 312 334 4%
2% 31: Assenting 52 of 1899
5,2 614 412 5
Assenting 52 large---5
5
--2% 214
Assenting 42 of 1904___ _1954 233 -278 233 13
4
353 178 3
4'2 a'2 3
213 234 4
Assenting 4s of 1910
4
418 4% 3'2 312 314 3,4 3
3
218 212 234 3
218 212 Assenting 45 of 1910 large... 238 338 318 3%
31z 478 3% 4
312 31
174 218 2% 3
2% 3% 3
312
Assenting42
318
of 1910 small
312
2
318
3,4 5
312 412
Tress 6. of '13 July '24 coup
_
4% 4% 418 418 4
Large
*334 324 *638 6%
2% 312
4
_
4
4
6
Small
218 4
*334 334 .5
412 5
66 74
7018 75% 7214 8438 78 87 38034 83 8034 86% Milan (City,Italy) extl 6301952 85 00 8214 8912
Minas Geraes(State of)1012 12$8 10
16
91g 133, Ext1 sec•f it 6 5t1
12
23
1958 12 21
1012 1212 11
1412 11
15
1012 1113 912
16
2312
1959 1112 21
1038 12
External 654s ser A
9
14
11
15
11
15
10
13
1258 20
1038 c1812 16% 24
20 25
1712 2112 15% 18% Montevideo (City of) g 72-1952 19 21
10
14
12
1112 15
18
16% 2478 153 25
11
14
18
1338 Extl s 66 65 series A_. 1959 1412 18
6114
6012
74
74
71,4
69%
69
65
86713
21
41
3718
71
70
79%
7914
79%
76
74
71,4
81)
321
4858
453
6414
64
7673
77%
77
71,8
71 14
7312
74
74
87
8714
85
8012
79
75
7318
7314
8318
8212
8134
78
7534
7314
75
3014 34
3012
4234 4834 4812
4134 4778 4212
88
8734
90
8958
90
85
82
76
77
40%
5234
47
88
73%
7334
87%
8612
85
80
80
7734
77%
34
35034
4318
3412
84
8912
89
8912
8514
84%
80
8038
4138
54
48
6214
61%
7818
37818
7718
75
7112
77
74
3438
43%
4212
67
70
71 12 88
84
91
48
5
6
3
278
4734
42%
46
814
6,4
24
23
931
571
7
101
6
51
54
481
59
9
81
367
361
93
58
5,4
10
5
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51
4714
55
9
6%
33
3214
97
7218
9%
14
834
81
54
54
59
1312
II
37
35%
95 100
4814 5518
6% 9%
1214 1434
61a 10
618 912
5134 5612
5012 5534
5618 65
1078 1138
838 1012
35 4814
3424 4612
76
66
DO
791
80
71
95
85
90 10014 9614 10014 90
821,3 96
86 9612 70
3312 55
8
612
612
758
514
69
9278
32%
12
71
81
81
121
8
79
961
38
4612 53% 5014 55
10
1712 14
18%
614 c13
9 11
7,4 1212 9
1234
71
: 1178 812 10
913 16
10
17,4
6% 12% 818 14
75 8214 7712 8712
0514 89713 9713 101
37 4312 338% 44
8512 90
9614
5012
5
1012
5
5
5212
5114
5712
8
712
4218
4112
54
9914
56%
712
13
678
612
55
54
61
12
11
50
49%
80
75
75
87%
87
8612
83%
8178
78
77
40,13
53
47%
8812 80
9712 100
49 521
6
634
8
101
5
6
4% 6
5312 87
547
51
58 6134
8% 934
712 1018
43 47%
40 4678
743s
7413
86
8612
8478
82
79%
75
7434
4718
46%
43
New So Wales (State) ext 5,1957 7112
Apr 1958 71
External•f 5s
Norway(KIngd of) ext S f 62'43 8418
1944 83
External. f 62
1952 382
External 2 5 f 65
1965 78%
40-year s f 5552
Mar 1963 76
External 52
Munic'l Bk extl•f 52____1967 7414
Municipal Bank extl a 65:'70 375
Nuremburg (City) extl 62.-1952 4712
Oriental Develop Co g 65_ _1953 43%
Eta debt 53.4s lot ctfs_ _1958 3812
75
7112
7412 7112
83 8518
82
88
8812 383%
84
75
82
76
78
76
7712 7514
52,2 39%
46% 35
4218 3112
83
Oslo (City) 30-yr s f 62-.1955 82
88
10% 12
8
101
814 1012
8
10
Ott 11
718 834
8314 86
99% 100,4
32111 3614
5718 68
1012 12
634 918
712 c978
7
9
8
11
5
7%
8234 88%
9934 10014
3112 3334
55
3'8
334
-'"2-12 --313
314
5%
5%
412
258
212
334
3%
4
358
37
66
12
17
11
14
1214 1512
1113 14
1012 13
838 1114
84 9138
9838 101
3412 39
6
578
412
-
3,4
214
314
212
4%
434
III 116%
1178 1412
412 5
6
_
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534
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1014
5
8
8
*514 5% •5% 912
.412 412
•514 512 .612 10
•314 314
8012 8618
823
g
81
87
85'8
80 83
19
19
16
11
8018 8612 80
8912 93
97
8314 81 85
Rhine-Main-Danube 72 sA_1950 66
7112
Rio Grande do Sul (State of)External 82
1946 1214 22
Extl • f 62 temp
1968 818 1812
Extl f 72 of 1926
1812
1966 9
Ext1•f 72 munic loan_ _1967 814 18%
Rio de Janeiro (City) f 82.1946 9
16,8
External•f 6I4s
1953 6% 13
Rome (City of) extl 6 Si is_ _ _1952 87 92%
Rotterdam (City) extl f 621964 100,8 101 14
Roumania 72
1959 32 39
3%
2358
2338
19
16
22
22
16
12
71% 75% 73
76
7514 7158 7514 7258
84%
89% 8112 85
9212 8118 85% :8314
87% 18012 3412 83
85 37412 37934 7858
7678
83% 37212 78
7712 7514 7514 75
7513
7618
29
48% -55" 41
4412 38 4524 46
4113 3812 40% 3818
9834 10014 Panama(Rep)ext•f 53,52..1953 10014 10214 100 10234
28 41
Extl• 55 ser A_May 15 1963 3934 46
40 49
518 618 Pernambuco,State, ext 7s_ 1947 6% 10% 7% 912
712 8,3
534 8,2 Peru (Rep) ext s f sec 72_1959 634 10
1960 414 7% 412 638
312 5% Nat Loan extl •f 62
412 612
1961 458 7
312 534 S f 62 int ctfa w I
5512 59
5112 55% Poland (Rep of)gold 62_ _1940 5312 58
Stabilization loan if 72_1947 53 57,4 35378 5812
51
55
Extl 2 f g 85
62% 69
1950 59,4 68
5718 60
14
17
8
10 Porto Alegre (City of) 2 f 811 1961 912 18
1318 18
7
818 Extl guar sf73.4.
1966 834 17
43 53% Prussia(Free St) ext•663.4.51 5334 6378 45 5618
1952 5138 6112 4212 5358
4212 5614 S f gold 62
96% 86% 95 Clueensland(State of)extl 78.41 94
1947 80
87
74 8234 External•f 66
58% 5314 58
1612
10
9
1158
912 1112
818 10
10
1212
8
912
$8314 91
99 c10112
s32 3912
6512
65
80
7858
77
78
71%
74
7214
3814
41
3814
101141021 10112 111 10912 120
7% 91
738 10% 8% 13
218 3
3
3
84
9934 101%
2218 30
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612 8,4
4
518
414 5
5312 57
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60 6613
14
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39% 5112
3118 48
88
78
80
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2358
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23
2212
20
15
7712 375
7712 87512
88%
88
8738 8712
86% 8614
3418 8418
8114 82
75
75
7512 3212
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52
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84
85
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9
7
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7 4 1512
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3
39
212 2712
94
84
91
83
53% 43
5378 58
41
1212 15
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11
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9% 1112
818 1012
82% 85%
9012 c97
3312 36
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84% 8634
9333100
3313 37,8
34
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9313 $8934
9314 390
8918
91
83% 8812
8728 8418
83 379
8212
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6412 s63
5912
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80
79
93%
9334
92%
90
8714
83
83
33
7014
6624
8134 8518 85
95 100
1812 2934
8
10
35
8
312 8
334 7%
53% 5812
256
55
73
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8
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92
90
8212 82
29
29%
2612
2114
2812
27%
2618
2158
2512
3112
14
11
812
812
5814
58
6812
20
1914
3812
36%
20
39318 96
2512 33
12
1518
21078 1412
I
11%
818 1134
55 5758
57 62
63% 868
22
26
20 26
29 36,4
28 36
9512 9112 95
8138 86
87
49
1618 25
14
24
15 24
13% 2112
1412 22
1412 2014
84 89
98 104%
35 45
3818 49
25 2814
2812
24
2912
24
21 c30
2114 2412
2118 2412
81
8634
38812 9912
33912 45
44 53
52 60
6312 6612 8218 65
62% 63% 6434 6714
12
12
12
1314 13
1212
12
10
1412 14
15% 12
6
6
678 9
712 15
812 1212 814 12% 812 9
22 28
21
27
20 27
2178 25,4 20 2212 1814 2213
14
11
11
1912 19,2 c2513 1814 20,4 17
12 31613
19
111 1112 13
10
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13
13
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1334 1612 10
7 10
7
14
8
912 1212 912 1212 812 10
9,4
4512 5814 49 56
5614 65
53 57% 5012 5414
5434 60
s22 36
1412 22
16
1934
25
2212 2514 1934 2212 12
3012 43
3912 45% 41
54 63%
5214 52% 58,4 4912 55
26% 38 33638 4578 3812 5114 44 55
43 5014 47 59
3712 461 5012 6818 5918 7112 6434 70% 60 63% 61
65
33 391 40
52
55 58
54 58
57% 5914 54 56
30 37
3538 40
26 4012 10 29
18 22% 1734 1934
2512 32
30 3478 24
1634 19
3412 14 26% 1612 21
36 47
3014 37
3938 42%
40% 45
40 43
41
43
3212 34
22 31
3918 44
34 40% 3912 41
40 41
10412 10638 810%10612 10438 106 10412 107 10383106-', 10534 106,4
26 38
22 30
4212 4512
38 44
37 431
: 39 43
Saarbruccken (City) 62-.1953 6558 7212 68
52 60
72
68
5212 60
70
50 59
San Paulo (City)(Brazil) 82 '52 12
1912 24
15
1212 14
10'8 12
1012 13
1318 19
Extl s 163.4. of 1927
1957 714 1312 912 12
914 1114 1112 1778 18 2212
9's 11
San Paulo(State) ext•f 8. 1936 20 23
20 22
20 20
2412 2834
16% 22
1418 27
External s f 82
1950 14% 1834 1414 18% 1312 1554 1312 15 314
1912 1734 2334
External water loan 7...1956 12
15 31134 1458 31134 1534 1212 1414 12
1718 17% 23
Ertl s f 62 8 int retie
1968 914 15
918 13% 1058 1438 1118 14,4 1134 17
1714 23
Secured•f 72
1940 5314 59
53 581 50,4 57
59% 6824
51
5778 5512 61
Santa Fe(Pro,Arg Rep)7:1042 1314 18% 14% 17
1234 1412 13% 1814 18% 25 32012 2614
Saxon Pub Wk.(Ger'y) 7s_1945 6334 7734 5512 67
39% 55
4112 6012 3912 4878 4112 55
Gen ref guar 634s
1951 59 6912 351,8 63% 3734 5638 3818 46
39 4612 32 4412
Saxon State Mtge Inst 72_1945 66
7412 66 6978 6018 6812 35814 6238 5612 c6212 52 c66
S f gold 6Ii•
Dec 1946 62 68
GO
6012 65
6014 6312 5412 61% 57 5858 52
1812 2412
Serbs,Croats&Slov King)82 62 1712 22
17
201 14
1712 13% 16% 1618 20
Ext1 72 series B
1962 1618 21% 17,4 c201 1213 17
1434 17% 1734 2158
12% 15
Silesia (Pros') extl •f 72_ _ 1958 4134 45
42 45% 40 4412 4012 4518 4012 45,8 41% 43
Silesian Landowners Assn 6647 4234 50,2 42 45
3012 38
33 4214 3018 351 3014 38
Solasona (City) 15-yr.62_1936 106% 108 .310412108 100 10412 10112 110 110 c118 11538 12034
Styria (Prot) extl 72
1946 4613 57,8 5112 5518 48 51
45 5112 47% 50,1
45 49
Unmat coupons
4218 4218
89 1i- 911: 06 -6572968 8-95F8 -674 -4,
1 973 Sweden(Kingdom)attached._
ext 534 1954 -0612 ig
915 9733 -55F. 9533 888
9414 88 05% 9114 1412
103,4 1051: 10354 10434 104 10434 10334 104% 10312 10524 .8104 105 Switzerland Gov extl 5 .is_1946 104 105 $1031414105
310
$10212121
10532 05 10234 10914 $107 113 108 12512
481
: 6434 58 6434 64 78
68 79,2 6014 6914 6258 6812 Sydney(City) sf g 53.4 2.- 1955 66
70
67% 73
7134 73
72 747 73 7612 74 8214
3718 43
42 48
3838 4234 Taiwan Elec Pow 5 As
43 4734 44% 4778 4112 45
1971 39,4 4278 3318 40% 3334 41
5712 64%
38 451 4414 59
29 36
34% 36
2934 c34 Tokyo (City) loan of 1912 5.'52 32
32 33
37 41
3312 26 35
3918 40
30 3514 35
39% 4978 4318 5112 4534 6014 45% 4934 42 46
4018 447s External s f 5342 guar_1961 4238 46
3312 43% 3518 45
44
12
814 912 724 834 Tolima (Dept) extl 7s
7,4 10
1434 10 14% 8% 11
1947 10
13% 9
12% 812 878 8
5048
3112
24
29
22%
2213
68
3878
34
33
28
27
86 87
:4513 56
5873
3534
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3112
32612
2634
6234
3834
30
39%
30
33
6614
40
3334
37
28
28
71
45
40
47
39%
3912
87% 8914 8914 94
848 52
5034 59
3212 3812 35,2 4134 391: 45
43 52
47% 5312 4812 52
67
42
33
39
2912
29%
68
4612
3818
42%
3412
3412
60
4713
33%
3212
2218
2218
6314 TrondJhem (City) 1st ext 5.'57
5112 Upper Attar's (Prov) 72...1945
42,
, External f 634s June 15 1957
40 Uruguay (Rep) ext1 82__1946
30
External • f 6s
1960
Ext1 .66.
30
May 11964
72
44
38
43
29
2912
73
48
43
48,8
3812
3814
94
44
95 97
9912 9412 97
55,4 4712 5334 5318 58
63
6212
53
40%
3114
32
6712
60
48
2934
2112
21
Venetian Prov Mtge Bk 72_1952 9514 9338 95
Vienna (City) extl 62
1952 60 68% 61
Unmat coupons attached _ _
6912
61
54
40
31
30
67% 7514 62
4514
44 c56
45
29 3212 2112
21
2478 1513
1812 2312 1634
94
98
6512 56
41
48
47 63
1034 16
50
GI
14
5412
69
1612
68
52
497
@FedFRASER