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The Financial Situation
PREADING distrust of virtually the whole New
S
Deal program, rather plainly and steadily increasing for weeks, not to say months past, has
part of the Washington program. An uncomfortable,
even distressing, period of readjustment to normal
conditions following any such orgy of nostrums as
we have had thrust upon us during the past year
can not be permanently avoided in any case. This
readjustment will be less painful if it is undertaken
now than it would be at some later date when
much more damage has been done. We are inclined, therefore, to view recent developments with
considerably more equanimity and hope than was
possible when the seeds of the present harvest of
disappointment were being sown.
unmistakably reflected itself in the security markets
during the past week. Without doubt the drouth
situation and the Austrian debacle with its distressing possibilities gave further impetus to a
feeling of depression abroad in the business world.
Their added weight was sufficient during the past
few days to accelerate the downward course of
security prices to a point where the movement
became reminiscent of the collapse of about a
year ago.
Drouth Costly
But the root of the difficulty, in our opinion, is
the accumulating evidence that the innumerable
At the same time nothing is to be gained by
measures designed to reform and revive business blinking the fact that the drouth this year will be
not only are certain to fail in the long run, but exceedingly costly, not only to those directly affected,
are already day by day failbut to the country as a
ing to produce the results
whole. Vast quantities of
that have been promised.
supplies of many sorts which
Excellent if True
•
Dissatisfaction has been evithe people living in these
Reports have been received in financial
dent and increasing for a
circles during the past week that the
areas are accustomed to proPresident has decided to make vigorous
long while past in both
duce for their own consumpuse of the tariff bargaining powers that
financial and general busition will have to be supplied
Congress recently conferred upon him. He
and his advisers are said also to have beness circles. The fact that
from elsewhere. Other necome convinced that a very substantial
second quarter earnings, as
cessities of life will have to
amount of rebuilding of international
banking and credit arrangements will be
they are now being reported
be provided without receivessential if any important enlargement of
from day to day, clearly
in return the goods this
ing
international trade is to occur.
reveal the untoward effects
ordinarily furpopulation
In all this the President is pictured as
having the strong support of Great Britain,
of the NRA codes upon the
nishes the rest of the Nation
which of course is keenly interested in
ability of corporations to do
and the world. An enortrade with the European continent. It
business at a profit at presis with the financial aspects of these probmous volume of true purlems, it is said, that the conversations
ent prices has naturally not
power has thus been
chasing
between Montagu Norman of the Bank of
stimulated the faith of the
England and Governor Harrison of the
destroyed or prevented from
Federal Reserve Bank of New York have
business community in
coming into existence. Rein substantial part dealt.
Washington policies, nor
lief payments, whatever
We do not profess to know whether these
reports are true. We certainly hope that
have the current indexes of
their nature, will not, as is
they have real substance, a hope that is
general business activity,
sometimes easily assumed,
considerably strengthened by knowledge
which now show a very subreplace this purchasing
of the fact that they are seriously and
favorably regarded in well-informed circles.
stantial extra-seasonal depower. At best they will
•If the need for rehabilitation of intercline.
represent
only the shifting of
national trade and financial relations
upon a sound footing, which has long
purchasing
power from one
DiscouragementUnwarranted
been clearly seen by business leaders, has
group
of
citizens
to others,
now strongly impressed itself upon the
All this does not, howminds of the governmental authorities of
and at worst—as will probat least two of the leading countries of
ever, constitute sufficient
ably be the case—they will
the world, there is cause for genuine encause for serious discouragedistribute "manufactured
couragement.
ment. Much the larger part
purchasing power" whose
of it has from the first been
creation is simple inflation.
inevitable. It is the price of the mistakes of the We are faced with a catastrophe of nature whose
Government for which we could not hope to escape effects are the more severe by reason of the acreage
paying. To grow gloomy over the present situation reduction program of the Government, which unis very much like becoming unduly depressed at fortunately succeeded in reducing production in
the sight of the bills we knew full well were to areas not affected by the drouth. What we as a.
arrive at the end of the month.
nation are called upon to do, however, is not to
The most important question is whether we shall grow despondent but to care for the situation in
now insist upon changes in public policies intelli- the most economical and effective way.
gently designed to reduce promptly the amount of
European Possibilities
such bills in the future and as rapidly as possible
eliminate them entirely. That the developments of
HERE need be no doubt that the European
the day are rousing discontent and distrust strongly
situation now holds serious possibilities of a
suggests that such an inclination on our part is at financial sort as well as of other sorts. Confusion,
least in the making. Nothing could have been bitterness, distrust and disorder never create an
much more hazardous than the false hopes many atmosphere in which co-operative effort can most
'permitted to be kindled in their breasts with the effectively be nurtured. A host of problems conunfolding of the New Deal, and nothing now could cerning debts, trade restrictions, and many other
be much more heartening than the growth of a business matters could easily be made infinitely
realistic understanding of the futility of the larger more difficult of solution by a continuance of the.
T
Financial Chronicle
486
trend of affairs in central Europe during the past
month or so. Still it seems to us rather too soon
to become unduly pessimistic about the situation.
The feeling is generally hopeful in well-informed
circles that Europe will this time stop short of
going over the precipice of disaster. But of course
time only will reveal how well these hopes are
founded.
A Way Out for the NRA
IT DAILY appears more certain that the natural
course of events will sooner or later oblige the National Recovery Administration to modify its position and its policies. Business executives have long
been deeply dissatisfied with the extent' to which
Government bureaucrats presume under the codes to
dictate to industry and trade concerning all manner
of business problems and policies. Consumers, or
many of them, have of late been aroused by Senator
Borah, Mr. Darrow and others to the hardships inflicted upon them by the codes. Recently there has
been an increasing disposition to complain—and
rightly so—of the labor and wage provisions of these
agreements and of the general labor policies of the
Administration which unquestionably are in large
part responsible for much of the labor troubles of
the times.
Some manufacturers have of late chosen to close
their plants, or some of them, rather than comply
with the terms imposed upon them by NRA officials.
Numerous complaints are heard about assessments
under the codes, and some instances are reported
where enterprises simply refuse to pay them. At
least one plant of some importance has been permanently closed as a result of damage done to property
by a prolonged strike which, we feel confident, would
not have occurred had there been no NRA. It is as
clear to us that sooner or later the NRA will be obliged to yield in labor matters as it is that the monopolistic provisions of the codes are undesirable and
economically untenable.
An Incentive for Re-employment
It would be a splendid thing if the NRA officials
were to begin at once and with vigor to relax the requirements as to wages and hours of labor. Indeed
we should like to see them abolished forthwith. But,
of course, nothing is to be gained by asking for better
bread than can be made of wheat. It is essential,
however, that some method be found by which a systematic relaxation of the more burdensome of these
requirements may be effected with as little delay as
possible. Perhaps as good a way as any to start such
a program would be to initiate a policy under which
employers would be relieved of the burdensome wage
and hour agreements embodied in the codes in respect
to any additions henceforth made. to their working
forces, leaving these provisions in effect for their
existing employees. Such a course of action would
certainly be better calculated to promote the ends the
NRA was created to serve than a continuance of
present policies.
Conducive to Re-employment
One of the most emphasized, perhaps the most emphasized, avowed purposes of the whole NRA program is that of increasing employment. It will be
recalled that the first general code was termed
the "President's Re-employment Agreement." Large
claims regarding the number of men and women reemployed under the codes, and even larger predic-
July 28 1934
tions of the number that would ultimately be so
re-employed, were for a long time a regular and
frequently reiterated feature of the "publicity"
emanating from Administration circles. Indeed it
has often been made clear that, in the eyes of the Administration, the various provisions designed to limit
competition were only means by which industry was
to be enabled to employ more people without reductions in weekly wages. Now it is clear to every dispassionate mind that the time has passed when under
existing terms and conditions industry can re-employ
more men and women. Re-employment by these
methods has clearly reached and probably passed its
peak. It is, as a matter of fact, highly probable that
from this time forward these very agreements shortening hours and raising hourly rates of wages will
be the direct cause of declines in the volume of employment, so burdensome have become the costs of
these provisions and so extensively have they stimulated the installation of labor-saving devices.
It would, therefore, be perfectly futile to appeal
to the emotions of business executives on behalf of
further re-employment. Plain, unadulterated common sense should tell us that if industry and trade
are expected to absorb the unemployed of the country, then all efforts should be bent toward making it
easy for industry and trade to do so. If they are to
employ more men they must be permitted to do so at
smaller cost to themselves than is now the case. If
no general downward revision of hourly wages is
strategically feasible, what better method is at hand
for further stimulating re-employment than making
it possible for enterprises under the codes to employ
additional workers at whatever reasonable rates of
wages they may be able to arrange with those accepting such employment?
The Federal Reserve Bank Statement
ONETARY policies previously noted still are
in evidence in the current condition statement of the 12 Federal Reserve banks, made available yesterday. Notwithstanding the unexampled
glut of funds in.the money market and the absence
of demand for additional credit, gold certificates
again were deposited by the Treasury with the Federal Reserve banks in an amount considerably in
excess of the acquisitions of new monetary gold.
This performance coincides, moreover, with an
aggregate decline of $37,000,000 in the circulating
medium in use. As a consequence of these changes,
and of some additional but relatively minor adjustments, reserve deposits of member banks with the
Federal Reserve banks increased nearly $33,000,000
in the period from July 18 to July 25, and the excess
reserves over requirements mounted approximately
to $1,900,000,000. It is difficult to grasp the mischievous potentialities of any such total of excess
reserves. The credit debauche that it so clearly
invites is now apparent only in a few directions,
such as the absurdly low costs of short-term borrowing by the United States Treasury and many State
and local government units. If and when the movement spreads, it will be enormously difficult, if not
impossible, to control.
Holdings of gold certificates by the Reserve banks
were $4,873,172,000 on July 25, against $4,847,634,000 on July 18, an increase of $25,538,000, although actual increases in the monetary gold stocks
of the country were only $14,000,000 in the same
period. Total reserves increased to $5,133,119,000,
M
Volume 139
Financial Chronicle
from $5,101,461,000. Borrowings by member banks
from the Federal Reserve institutions declined
slightly to $21,298,000 from $23,252,000. .There
were no changes of any consequence in the bankers'
bill holdings of the Reserve banks, which are now
reported at $5,271,000, or in the holdings of United
States Government securities, which amount to
$2,432,052,000. Federal Reserve notes in actual circulation declined to $3,060,241,000 on July 25, from
$3,084,823,000 on July 18. The net circulation of
Federal Reserve bank notes continued its decline,
the aggregate being now $33,743,000, where a week
earlier the figure was $38,560,000. Member bank
reserve deposits mounted to $4,020,030,000, from
$3,987,312,000. The significance of the current total
is better realized when it is noted that a year ago
such deposits were only $2,306,366,000. In the week
between July 18 and July 25 there was an increase
in Treasury deposits with the System, but a small
decline in other deposits, and the total deposits
amounted to $4,287,567,000 on the latter date, compared to $4,230;630,000 on July 18. The increase in
deposit liabilities was overshadowed by the decline
in Federal Reserve note circulation and the increase
in total reserves, and the ratio of total reserves to
deposit and note liabilities combined advanced to
69.9% on July 25 from 69.7% on July 18.
The New York Stock Market
RASTIC recessions were the rule this week in
all the securities markets of New York. The
recessions were not uninterrupted, but the declines
far exceeded the rallies in scope, and prices of stocks
were carried down approximately to the lowest
levels recorded during this year. Bonds also were
affected by the wave of liquidation that swept over
the market, while commodities, likewise, tended to
move lower in most market sessions. In good part,
these movements toward lower levels were stimulated by the events in Austria and the apprehensions
of a wide conflict among the European Powers.
But the "war scare" was not general, as stocks and
bonds that normally might benefit from a conflict
sold down along with others. The movement seemed
rather to be a culmination of the steady downward
trend of recent weeks, with the tendency sharply
accentuated by the deplorable developments in Austria. Labor difficulties in many parts of the country doubtless contributed to the selling of securities,
while the ever-graver reports of crop damage, as a
consequence of drouth conditions in the Middle and
Far West, also were highly important. To these
were added uncertainty regarding the future course
of business.
On the New York Stock Exchange the week
started with a severe downward movement in equities. Steel and motor stocks were forced sharply
lower, and many issues reached their lowest levels
of this year. The turnover was 1,877,730 shares.
The declines continued on Tuesday, but on a more
moderate scale, and the volume of trading was somewhat less, at 1,594,930 shares. Movements on
Wednesday were irregular, but some optimism was
occasioned in financial circles by a conciliatory
speech delivered by Joseph P. Kennedy, Chairman
of the new Securities and Exchange Commission,
and net changes were mostly toward slightly higher
levels. On Thursday, however, one of the most drastic downward movements in recent months developed, owing, in large part, to the reports from
D
487
Austria. Net losses in representative stocks ranged
from one to 10 points, to the accompaniment of a
turnover of 3,338,050 shares, which is the heaviest
day's trading since Feb. 7 1934. No signs of a rally
appeared in that session, but an upward movement
developed yesterday, when it appeared that the Austrian imbroglio would not involve other countries,
and a part of the previous losses was recovered. The
improvement yesterday, however, was modest in
comparison with the recessions of the previous day,
while turnover amounted to about 2,200,000 shares.
In the listed bond market a greater degree of stability prevailed than in stocks, but the movements
in senior securities also were toward lower levels.
Highest-grade bonds were well maintained until
Thursday, when United States Government issues
fell sharply, with a corresponding movement apparent in best-rated corporate issues. Speculative and
semi-speculative bonds drifted lower in the early
part of the week, but fell drastically on Thursday,
with a small recovery evident yesterday. Foreign
dollar bonds, and especially obligations of Austria,
Italy and Germany, were sold at heavy recessions.
Although drouth conditions appear to make for
higher prices of grains, most movements here also
were downward. In the foreign exchange markets
the dollar was firm. There were some favorable
corporate reports this week covering the business
of the first half of this year, but they failed to influence the stock market. Current business indices
fail to reflect any important change. Steel making
operations were estimated at 27.7% of capacity for
the week beginning July 23, by the American Iron
and Steel Institute, against 28.8% a week earlier.
The Edison Electric Institute reports electric power
production in the United States at 1,663,771,000
kilowatt hours for the week ended July 21, against
1,647,680,000 kilowatt hours in the preceding week.
Car loadings of revenue freight for the week to
July 21 were 614,864 cars, or 2% higher than in the
previous week, the American Railway Association
reports.
As indicating the course of the commodity markets, the July option for wheat in Chicago closed
/
4c. the close on
yesterday at 967
/8c. as against 973
Friday of last week. July corn at Chicago closed
8c. the close on
yesterday at 633
/
4c. as against 621/
Friday of last week. July oats at Chicago closed
8c. the close on
yesterday at 441/
2c. as against 441/
Friday of last week. The spot price for cotton here
in New York closed yesterday at 12.95c. as against
13.00c. the close on Friday of last week. The spot
price for rubber yesterday was 14.37c. as against
14.64c. the close on Friday of last week. Domestic
copper closed yesterday at 9c., the same as on Friday
of previous weeks. The silver market the present
week was uninteresting and without definite trend.
In London, the price yesterday was 20 1/16 pence
per ounce as against 20 7/16 pence per ounce on
Friday of last week, and the New York quotation
yesterday was 46c. as against 46.72c. on Friday of
last week. In the matter of the foreign exchanges,
cable transfers on London closed yesterday at
$5.03% as against $5.04% the close on Friday of
last week, while cable transfers on Paris closed
yesterday at 6.591/
8c. as against 6.591/
8c. on Friday
of last week.
•
Among the dividend actions the present week the
Bethlehem Steel Corp. declared a dividend of $1.75
a share on the 7% cumul. pref. stock, payable Oct. 1.
488
Financial Chronicle
The last regular quarterly payment of a like amount
was made on this issue on July 1 1932. In connection with this declaration, President E. G. Grace
stated: "The action represented the opinion of
directors that a payment was warranted in view
of earnings over the first half of the year. He
emphasized that the payment, as such, must not be
taken as a precedent of further dividend action at
the end of the third quarter, and indicated that
the company's policy is now to pay dividends only
when earnings warrant." He added that the cash
position of the corporation was about unchanged
from the end of 1933, so that the distribution will
not weaken cash reserves. The corporation's statement for the second quarter of 1934 showed a net
income for that period of $3,441,642, which was
equivalent to $3.69 a share on the outstanding preferred stock. This compared with a deficit of
$3,312,846 for the corresponding period of 1933. Net
profits for the first half of 1934 amounted to
$2,539,598 after all charges and reserves, this latter
figure being equal to $2.72 a share on the preferred
stock. For the first six months of 1933 the company reported a loss of $9,082,297.
On the New York Stock Exchange 24 stocks
reached new high levels for the year, while 540
stocks touched new low levels. On the New York
Curb Exchange seven stocks touched new high levels
for the year, while 218 stocks touched new low
levels. Call loans on the New York Stock Exchange
remained unchanged at 1%.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 619,970
shares; on !Monday they were 1,877,730 shares; on
Tuesday, 1,594,930 shares; on Wednesday, 1,347,810
shares; on Thursday, 3,338,050 shares, and on Friday, 2,212,756 shares. On the New York Curb Exchange the sales last Saturday were 126,840 shares;
on Monday, 299,289 shares; on Tuesday, 261,168
shares; on Wednesday, 212,100 shares; on Thursday, 507,860 shares, and on Friday, 377,405 shares.
The trend of the stock market during the week
was downward; this was particularly true on Thursday, when, on the receipt of unfavorable news from
abroad, prices broke in violent fashion, closing one
to 10 points lower for the day, and in many instances
reaching new low points for the year. General
/
8 against 19% on
Electric closed yesterday at 177
Friday of last week; Consolidated Gas of N. Y. at
1
2
271/
8 against 31%; Columbia Gas & Elec. at 8/
against 10; Public Service of N. J. at 31 against
351/
8; J. I. Case Threshing Machine at 37% against
4;
/
8 against 321/
49; International Harvester at 253
/
8 against 41%; MontSears, Roebuck & Co. at 365
4 against 273
/
8; Woolgomery Ward & Co. at 223
4 against 49%; American Tel. & Tel. at
worth at 473
2
/
4, and American Can at 941/
108/
1
2 against 1123
against 981/2.
4
Allied Chemical & Dye closed yesterday at 1241/
against 1331/2 on Friday of last week; E. I. du Pont
de Nem ours at 86 against 88½; National Cash Register A at 13% against 1514; International Nickel at
1
2; National Dairy Products at 15%
237
/8 against 25/
78; Texas Gulf Sulphur at 3014 against
against 17'/
32%; National Biscuit at 32% against 34½; Conti4; Eastman Kodak
1
2 against 801/
nental Can at 76/
at 933
4 against 99; Standard Brands at 18 against
2 against 33½;
20; Westinghouse Elec. & Mfg. at 291/
4 against 68; Lorillard at
Columbian Carbon at 621/
163
/
8 against 18; United States Industrial Alcohol
July 28 1934
1
2 against 41/
1
2; Canada Dry at 147/8 against
at 35/
18½; Schenley Distillers at 19% against 2134, and
National Distillers at 1814 against 19.
The steel stocks declined in sympathy with the
general list. United States Steel closed yesterday
at 34% against 38 on Friday of last week; Bethlehem Steel at 267
/8 against 301/2; Republic Steel at
8, and Youngstown Sheet & Tube
117
/8 against 151/
at 147
/
8 against 18%. In the motor group, Auburn
1
2 on FriAuto closed yesterday at 16% against 22/
day of last week; General Motors at 26% against
1
2 against 38%, and Hupp Mo3014; Chrysler at 34/
against
2%.
In the rubber group, Good4
tors at 21
year Tire & Rubber closed yesterday at 20 against
25/
1
2 on Friday of last week; B. F. Goodrich at 8%
against 11%, and United States Rubber at 1214
against 14.
The railroad stocks show substantial losses for
the week. Pennsylvania RR. closed yesterday at 24
against 2814 on Friday of last week; Atchison Topeka & Santa Fe at 54 against 59; New York Central
at 20/
1
2 against 25%; Union Pacific at 102 against
115½; Southern Pacific at 16% against 20%;
Southern Railway at 1314 against 17, and Northern
Pacific at 16 against 20. Among the oil stocks,
Standard Oil of N. J. closed yesterday at 41 against
433
4 on Friday of last week; Shell Union Oil
8, and Atlantic Refining at 22
at 6/
1
2 against 71/
against 247
/s.
In the copper group, Anaconda Copper closed
1
2 on Friday of last
yesterday at 1034 against 12/
1
2 against 20%;
week; Kennecott Copper at 17/
American Smelting & Refining at 33 against 38%,
4 against 17.
and Phelps Dodge at 143
European Stock Markets
RICE trends in the foremost European securities
markets were generally toward lower levels this
week, with the movement pronounced after the Austrian putsch sent another war scare through the
world. The London and Berlin markets were fairly
firm in the early trading, but prices at Paris declined
rather sharply. Severe declines took place everywhere on Thursday, and even the so-called "war issues" were unsettled, indicating that the movement
was not merely a matter of the war scare. Political
and economic troubles are multiplying all over the
world and they have induced steady liquidation of
securities for several weeks in leading markets. The
drastic recessions on Thursday in all markets were
merely an accentuation of this tendency. It was not
generally believed in financial circles that the Austrian developments would lead to another war, but
the incidents naturally were not encouraging. There
is increasing apprehension in all informed circles regarding the German situation, both in a political and
economic sense, and the belief prevails that drastic
developments are inevitable. The Cabinet rift in
France, which Premier Doumergue succeeded in
patching up, added to the general uncertainty. The
business situation throughout Europe is parlous and
threatens to become more so as a consequence of
severe drouth conditions in many areas. Nor is any
comfort to be derived from the large deficits in the
budgets of many countries on the European Continent.
The London Stock Exchange started the week with
a fairly firm session, but there was little activity.
British funds were steady and there were a few
bright spots among industrial issues, but recessions
P
Volume 139
Financial Chronicle
also were recorded in various speculative securities.
South African gold mining stocks did better than
others, while international issues were lower at first
but better toward the finish. Characteristics of the
London market were much the same in Tuesday's
session. British funds again were well supported, but
in the industrial section the main tendency was downward. In the international group losses also predominated, largely as a consequence of pessimistic
reports from New York. Business was scarce on
Wednesday, but British funds remained in demand
and some issues went to highest levels ever recorded.
Industrial stocks were dull and generally lower, while
international securities also receded. On Thursday,
the events in Austria cast a heavy shadow over the
London market and prices were marked down in all
departments. British funds were sharply lower and
recessions were noted throughout the industrial list
and even in the home rails. German, Austrian and
Italian bonds dipped very materially, with other international securities likewise adversely affected.
Even the African gold mining stocks dipped in this
session. A degree of recovery was noted yesterday
at London, but the gains were small, as apprehension still prevailed regarding Austria.
The Paris Bourse was uncertain at the opening last
Monday, but as the session progressed the tone improved and changes at the end were not large. Rentes
were not much changed at the finish, while most of
the French bank and industrial issues showed modest
recessions. The international section was weak. The
tone Tuesday was weak, as there was much uncertainty regarding the outcome of a Cabinet meeting on
the political situation. Transactions were not large,
but losses were general, with rentes one of the weaker
sections. Bank stocks and industrial securities moved
irregularly lower and international issues also lost
ground. Adjustment of the Cabinet dispute occasioned an advance on the Bourse, Wednesday, but
gains were modest. Rentes made the best showing,
while French equities also improved, but the international group of issues continued to recede. Full reports on the Austrian situation, Thursday, caused a
severe decline in all sections of the Paris market.
Rentes and other gilt-edged issues dropped drastically, while sizable declines appeared in all equities and
all international securities. The decline was disorderly and recessions were the most severe in some
time. General recovery was the rule on the Bourse,
yesterday, as the war fears were modified.
The Berlin Boerse was fairly firm in the initial
session of the week, with public buying evident among
the heavy industrial stocks. Gains of 2 to 3 points
were common among the speculative favorites, while
other issues showed smaller advances. The tone was
again good on Tuesday, but gains were less pronounced in this session. A few issues again moved up
sharply, but the great majority of securities moved
sluggishly and recorded only small fractional improvement. Liquidation developed on a small scale,
Wednesday, and numerous moderate recessions were
registered in all departments. of the market. The
weak tone was accentuated at the close, when reports
of events in Austria began to drift through the censorship established in Vienna. The largest declines of
the week were recorded Thursday, when the reports
from the Austrian capital were amplified. Recessions ranged from 2 to 7 points, and the movement
continued to the end, with no signs of recovery ap-
489
parent. After a quiet opening, yesterday, prices
rallied on the Boerse.
Russian Debt Conversations
EGOTIATIONS on Russian debts and American
claims were transferred to Washington, Wednesday, where an effort now is being made to settle
these matters and thus make possible the extensive
trade between the two countries that was confidently
anticipated after diplomatic relations were resumed
late last year. Recent reports from Moscow to the
New York "Times" and New York "Herald Tribune"
made it clear that no progress whatever was being
made in the Moscow talks between Foreign Commissar Maxim Litvinoff and United States Ambassador
William C. Bullitt. Both sides clung tenaciously to
widely divergent views of the bases of the debt conversations, it is said, and the result was a complete
deadlock. It was announced by the State Department
in Washington,last Saturday, that the conversations
would be taken up in Washington by Secretary of
State Cordell Hull and his assistant, R. Walton
Moore, for the United States, and by Ambassador
Alexander Troyanovsky for Russia. The discussions,
which started Wednesday, are of a preliminary nature,intended to settle through diplomatic means the
principles on which any agreement will be worked
out.
Secretary Hull, it is said, hopes to have an agreement largely completed and ready to place before
President Roosevelt on the latter's return from Hawaii. It is recalled that Mr. Roosevelt insisted upon
a settlement of the debts and claims when recognition
was extended to the Soviet Government. Approximately $600,000,000 is involved, the sum including
$187,000,000 of direct advances by the United States
Government to the Kerensky regime, and about
$400,000,000 in private claims against Russia. Although a special Export-Import Bank was set up in
Washington to foster trade between the two countries, actual exchanges have languished and now
amount to only $1,000,000 monthly, against $5,000,000 monthly before recognition was announced. The
decline is attributed largely to the Johnson law prohibiting loans to countries in default on their indebtedness to the United States Government,under which
the Export-Import Bank has been inactive.
N
Foreign Loans in1London
HANCELLOR of the Exchequer Neville Chamberlain announced in the British House of Commons late last week a modest relaxation of the restrictions on foreign long term lending by the London
capital market that have been in effect for nearly
three years. Although this move is not very important in a practical sense, it was hailed everywhere
as a step toward the general modification of trade
and exchange restrictions which is highly necessary
for world recovery. The restrictions in the London
market are applicable, of course,*only to long term
loans,and they are a matter of general understanding
rather than of any Government ukase. Mr. Chamberlain insisted that it would not be in the public interest to remove all restrictions at the present time, but
he assured the House that he would be ready to consider particular cases under cartain heads. These
heads, he explained, are: "First, sterling issues by a
country within the sterling bloc where the loan is
needed to increase sterling assets of that country and
C
490
Financial Chronicle
so minimize the fluctuations of exchanges; second,
sterling issues on behalf of any borrower where the
proceeds are calculated mainly to produce direct
benefit to British industries." The Chancellor added
that foreign lending in any great amount is improbable at present and that "it is easy to form exaggerated views as to the effect of the embargo." It was
generally believed in London, a dispatch to the New
York "Times" said,that the declaration foreshadows
an extension of the sterling bloc. Recent loan transactions in London for some of the Dominions have
indicated the trend, it is pointed out, but Mr. Chamberlain's statement, nevertheless, was regarded as
highly important, since it cleared up uncertainties.
Further Violence in Austria
EVOLTS and "putsches" have become rather the
rule on the European continent in the last year
or two, and the events in Austria this week afford a
further illustration of the violence engendered by the
autocratic rule now prevalent over much of the continent. A group of Austrian Nazis, who are generally
believed to have the sympathy of a majority of the
Austrian people, attempted a revolt, Wednesday,
against the dictatorship of Chancellor Engelbert
Dollfuss. Heavily armed, they succeeded in entering
the Chancellery in Vienna and for a time held most
of the Cabinet members as prisoners. Chancellor
Dollfuss himself was wounded in this encounter and
he slowly bled to death for want of medical attendance. The Nazis captured the radio station in Vienna
and they issued a false announcement of the success
of their move against the Government. But the regular army was brought into action and quickly put
down the rebellion in the capital. In some of the
provinces, and especially in Styria, heavy fighting
developed between loyal forces and the Nazis and
their sympathizers, and there is thus no doubt that
the movement was well organized and well supported.
Prince Ernst Ruediger von Starhemberg, who was
quickly named Chancellor to succeed Dr. Dollfuss,
acted with the greatest energy against the Austrian
Nazis and he appears to have control of the situation.
Far more important than the events within Austria were the possible repercussions among the great
Powers. The international situation on the continent has gone steadily from bad to worse of late, and
every fresh incident seems to aggravate anew the territorial, trade and political rivalries of Germany,
Italy, France and other countries. Austria is the
richest source of such strife, and the Nazi putsch on
Wednesday thus occasioned the gravest anxiety
throughout the world. It was feared that the Nazi
activities merely cloaked intervention by Chancellor
Hitler of Germany,and his associates, who have long
desired "Anschluss," or political union of Germany
and Austria. Italy prefers the Dollfuss-Starhemberg
brand of Fascism, since it is more amenable to the
desires of Premier Mussolini, and extensive troop
movements to the Austrian border were reported in
Rome without delay. French authorities have proclaimed on numerous occasions that they, also, are
ready to preserve Austrian independence with arms,
if necessary, and there has been no recent change in
this attitude. In this situation, Austria is regarded
everywhere as the spark that may easily set the entire continent ablaze once more, and the events in
that small country are followed with a corresponding
interest.
R
July 28 1934
Comprehensive reports of the events in Austria
this week still are lacking, owing to the censorship
that was immediately clamped down and to the lack
of sufficient news-gathering organizations. The developments in the capital have been reported most
fully. It appears tfiat a detachment of 144 heavily
armed Austrian Nazis, disguised as soldiers, entered
the Chancellery on "Vednesday while a Cabinet meeting was in progress, and took possession of the building. They held the Cabinet members as hostages and
prevented an advance on the building by the Reichswehr (regular army) through threats. Major Emil
Fey, Minister for Security, appeared on the balcony
of the'Chancellery several times and pleaded with the
regular enlisted men not to attack. Late in the day
Dr. Kurt Rieth, the German Ambassador to Austria,
appeared on the scene at the request of Austrian
authorities,and he arranged for release of the Cabinet
members unharmed, on the understanding that the
144 Nazis would be granted safe conduct to Germany.
Dr. Rieth was promptly recalled by the German Government and his actions disavowed. Since Chancellor
Dollfuss died of injuries sustained in the encounter,
all the 144 Nazis are held and will be tried by a special
court. Prince Ernst von Starhemberg, who was in
Italy at the time, hastily returned and took charge
of the situation. He was named Chancellor and issued a statement, Thursday,to the effect that all the
Dollfuss policies will be continued. The fighting in
Styria and in other provinces was reported as intense
in some places, and it was admitted, Thursday, that
a dozen Government troops had been killed in various
struggles. Hundreds of Nazis fled into Yugoslavia
as the loyal troops advanced, but others took their
places, and late reports indicate a swift spread of
the revolt over all of Austria.
The international apprehension regarding these
events was heightened greatly by semi-official announcements in Italy, last Saturday, that the informal agreement between Premier Mussolini and
Chancellor Hitler for peace in Austria had lapsed.
When the German Chancellor visited Italy in June,
it was widely reported that they had agreed on tranquillity in Austria, on the basis of the complete independence of the small country. The inspired Italian
press declared last Saturday that Germany continues
to back terroristic activities in Austria and the informal agreement between the two Premiers was
thus said to have collapsed.
In all capitals the events in Austria were watched
with an almost unexampled intensity. The official
German reaction, a dispatch from Berlin to the New
York "Times" said, was that the matter is purely an
internal concern of Austria with which Germany has
nothing to do. It was pointed out in the German
capital that the Dollfuss Government recently has
been active in hanging Socialists, the tenth recent
incident of this nature having been reported only the
day before the putsch. According to Berlin authorities, the revolt against the Dollfuss dictatorship bore
origin. This version was not acmarks c
cepted elsewhere. The-Italian authorities, who have
their own peculiar aims in Austria, made it evident
immediately that they were prepared to combat any
intervention. Heavy movements of Italian troops
to the Austrian frontier were promptly ordered, and
a high official of the Italian Foreign Office admitted,
an Associated Press dispatch from Rome said, that
they constituted an affirmation, directed at Ger-
Volume 139
Financial Chronicle
491
extreme Nazis that they will achieve self-sufficiency
through the development of substitutes. The economic difficulties now are being accentuated still
more by a crop shortage in Germany, and Berlin
dispatches indicate that the public is becoming increasingly restless under these burdens. Frederick
T. Birchall, special correspondent of the New York
"Times," declared in a Berlin dispatch of last Sunday that "Germany is drifting fast toward a crisis
which all can foresee but no one seems to know how
to prevent." American banks, which still have large
short-term credit lines outstanding in Germany, are
said by Mr. Birchall to be especially concerned regarding the situation. New raw material credits to
Germany's large industrial establishments are said
to be one possible way out of the difficulties which
international bankers have under consideration.
The Bank of England is supposed to be the leading
advocate of the plan, the correspondent of the New
York "Times" states. But Governor Montagu Norman, who was in New York this week, is understood
Eastern Locarno Proposal
to have indicated in conversations with bankers here
IN EUROPEAN diplomatic circles very little has that any such advances are highly improbable at
been said recently regarding the proposal for an this time, since they would necessarily have a politiEastern Locarno, originated by the French and fos- cal aspect.
tered by the British Government. Under this plan,
French Political Crisis
Germany, Russia, Poland, Czechoslovakia and the
of
the Stavisky scandal very nearly
CHOES
Baltic States would join in a regional pact for mutual
crisis in France, this week.
Cabinet
caused
a
guarantees and assistance. It is an outgrowth of the
appeals by President Althat
however,
It
appears,
French quest for security and the good understanding
endeavors of Premier
incessant
and
bert
Lebrun
that now prevails between Paris and Moscow. Great
possible a sufficient
made
have
Doumergue
Gaston
Britain, made apprehensive by the German events of
members of
between
differences
of
reconciliation
June 30, undertook to place the idea before all the
Union
to
permit
its conNational
the
Cabinet
of
Governments concerned. Acceptance by Germany is
when
former
Prearose
difficulties
The
tinuance.
the
Gerplan,
but
indispensable for the success of the
now
Minister
of
State,
man authorities have made no attempt to conceal mier Andre Tardieu, who is
their aversion to the idea. It is realized in Berlin, a was questioned by the Stavisky Inquiry Commission
dispatch of Monday to the New York "Times" states, regarding his knowledge of the affairs of the
that the proposal is designed to chain Germany down swindler. M. Tardieu arraigned the Commission
questo the Versailles treaty and the frontiers therein itself for waiting some four months before
that
former
attempted
to
prove
and
he
tioning
him,
established. The hope in the German capital is that
delay by Germany in answering the invitation to join Premier Camille Chautemps had definite informathe pact may result in dissension among its propo- tion on the Stavisky matter while in office. M.
nents, it is added. In Moscow much interest is taken Chautemps is a leading member of the powerful
in the scheme and Russion authorities are said to Radical Socialist party, and his associates in the
have indicated formally their willingness to engage National Union Cabinet promptly considered the
in the treaty and a subsequent Russian entry into expedient:of withdrawal in protest against M. Tarthe real Locarno pact. The attitude of the Polish dieu's charges. Any action of this kind would have
Government is somewhat uncertain, as objection is precipitated further withdrawals and probably comtaken in Warsaw to the importance of Russia in the plete dissolution of the Government of National
proposal. There have been few reports on this matter Union.
In the course of a speech which he delivered last
since the Austrian revolt of Wednesday,but it is quite
President Lebrun warned against any interSunday,
apparent that the Italian military display will have
the Doumergue Cabinet's work of resference
with
a bearing on Italo-German relations, and quite poswarned that party fights must be fortoration.
He
sibly an influence on the German attitude toward the
expressed
pride in the wisdom and prugotten
and
Eastern Locarno idea.
dence of the Doumergue regime. At a Cabinet meetGerman Economic Position
ing, Tuesday, M. Doumergue was able to reconcile
INCREASING concern has been manifested in re- the differences and assure continuance of the Cabicent weeks regarding the economic situation in net of National Union. M. Tardieu, he indicated,
the German Reich, and its manifold implications. had proffered his resignation as Minister without
The German shortage of foreign exchange has be- portfolio, but had been induced to remain in the
come steadily more acute, partly as a result of the Cabinet. In defending himself before the Inquiry
world depression, but also in consequence of the Commission, M. Tardieu had exceeded the limits
boycott of German merchandise that followed the of propriety, the Premier added, but confidence in
Nazi persecutions of Jews. In turn, the scarcity of the Ministry could be preserved only if the leaders
foreign exchange has prevented necessary purchases of the two greatest French parties remained as
of raw materials in other markets, and German in- solid supports of his regime and an appeal to patridustry is beginning to suffer severely from such otic spirit made possible such support. "If it should
shortages, despite the flamboyant statements by be otherwise, confidence would disappear and with
many,that Italy will not tolerate foreign interference
in Austrian affairs. The Italian spokesman stated
Thursday that the troops probably would not need
to cross the border, as the Austrian situation had become more calm. It was added significantly, however, that if the situation became worse, particularly
through foreign interference, Italy would feel called
upon to send her army into Austria. In a message to
the new Chancellor of Austria, Premier Mussolini
stated: "The independence of Austria is a principle
which has been defended and will be defended by
Italy yet more strenuously in these deceptive times."
France was said in some reports to be ready to act
with Italy or independently for the defense of Austrian independence. In London, where the calmest
view always prevails,it was indicated authoritatively
that the Governments of Great Britain, France and
Italy were convinced that no new action was necessary by these three Powers to assure the independence
of Austria.
E
492
Financial • Chronicle
July 28 1934
it the National Union Government," the Premier bills, as against'N% on Friday of last week. Money
added. Observers in Paris now are of the opinion on call in London yesterday was %%. At Paris the
that no further threats to the Doumergue Govern- open market rate remains at 2M% and in Switzerment will arise, at least until the Parliament land at
assembles in October.
Bank of England Statement
Japanese Policy
HE statement of the Bank of England for the
REMIER KEISUKE OKADA, who rode into
week ended July 25 shows a loss of £24,140 in
office on a wave of resentment against finan- gold holdings which brings the total down to £192,cial malpractices by members of the Saito regime, 154,427, in comparison with £191,380,134 a year
issued, last Saturday, a statement setting forth the ago. As this was attended by an expansion of £60,foreign and domestic policies to be pursued by the 000 in circulation, reserves fell off £85,000. Public
Japanese Government under his aegis. The Premier deposits decreased £9,705,000 while other deposits
indicated that in all essential respects the policies gained £8,191,027. Of the latter amomit £7,906,910
of former Premier Saito will be continued. Close was to bankers' accounts and £284,117 to other
relations with the Japanese puppet-State of Man- accounts. The proportion of reserve to liability is
chukuo were described as the indispensable basis for now at 44.92% as compared with 44.53% a week
the maintenance of peace and order in the East, and ago and 43.54% last year. Loans on Government
Premier Okada said that co-operation will continue. securities increased £280,000 and those on other
Efforts will be made to insure international peace, securities declined £1,669,424. The fader consists of
thereby contributing to the welfare of mankind, he discounts and advances which increased £69,025 and
continued. "While cultivating amicable relations securities which fell off £1,738,449. No change was
abroad," the Premier said, "the Government intends made in the discount rate which remains 2%. Below
to achieve everything that Japan's position necessi- we show the different figures with comparisons for
tates and will leave nothing undone for the fulfil- five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
ment of Japan's mission. National defense is indispensable to the nation's existence. The GovernJuly 26
July 25
My 27
July 29
July 30
1934.
1933.
1932.
1931.
1930.
ment, therefore, will endeavor to carry out the de£
£
£
£
£
fense measures necessary to meet the current inter- Circulation
383,949,000 377,220,352 369,285,637 359,361,869 368,377,007
10,939,000 14,136,414 11,242,945 15,219,417 9,087,688
Public deposits
national situation. In the coming naval disarma- Other deposits
140,881,939 156,169,961 122,747,283 89,484,932 98,375,872
Bankers'accounts_ 104,788,388 98.510,742 88,186,076 55,798,330 60.970,985
ment negotiations it will exert every effort to assure
Other accounts_ 36,093,551 57,659.219 34,561,207 33,686.602 37,404,887
83,467,071 90,595,963 68.770,765 52,560.906 51,665.547
Govt. securities
18,277,583 23,663,012 39,047,622 36,300,633 29,032,768
national safety through fair and justifiable means." Other securities
Disct. Ac advances. 7,631,738 11,243.296 15,280,114 9,696.484 6,740,720
10.745,845 12,419,716 23,767,508 26,604.149 22,292,048
In the domestic program,importance was attached
Securities
Reserve notes & coin 68,205,000 74,159,782 44,290,821 33,947.794 44.873,388
192,154,427 191,380,134 138.576,458 133,309.663 153,250,395
Coin and bullion
to constitutionalism, official rectitude, administra- Proportion
of reserve
43.54%
44.92%
33.05%
to liabilities
32.40%
41.75%
tive reforms and clean politics. The elimination of
2.7.
2.7.
2.7.
AU MI
an.
"dangerous thoughts" and the cultivation of the
Bank of France Statement
"Nippon spirit" were described as highly important
aims. An effort will be made to improve living conHE weekly statement of the Bank of France
dated July 20 registers another increase in
ditions, especially among farmers, fishermen •and
the working classes. "The Government believes it gold holdings, the current advance being 253,830,382
of paramount importance," the statement said, "to francs. The Bank's gold now aggregates 79,992,184,strengthen the foundation of the State's finances in 654 francs, in comparison with 81,728,872,266 francs
this period of eventful foreign and domestic affairs. last year and 82,310,024 264 francs the previous year.
Considerable difficulty naturally is anticipated in French commercial bills discounted, bills bought
restoring the State finances to normal because the abroad and advances against securities reveal decircumstances are extraordinary, but the Govern- creases of 118,000,000 francs, 1,000,000 francs and
ment means to make every effort to improve the 34,000,000 francs, while credit balances abroad and
national resources, thereby restoring the equilibrium creditor current accounts show increases of 1,000,000
between income and expenditures."
and 948,000,000 francs respectively. Notes in circulation record a loss of 786,000,000 francs, bringing
Discount Rates of Foreign Central Banks
the total of notes outstanding down to 80,695,015,075
HERE have been no changes the present week in francs. A year ago circulation stood at 82,253,696,540
the discount rates of any of the foreign central francs and the year before at 80,801,911,720 francs.
banks. Present rates at the leading centers are shown The proportion of gold on hand to sight liabilities is
in the table which follows:
now at 79.84%, as compared with 78.50% a year
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
ago and 76.09% two years ago. Below we furnish a
Rate in
PreRate in
Precomparison of the various items for three years:
Country. Effect
Maus
Date
Country. Effect
mow
Date
T
P
T
T
July 27 Established.
Austria.... 414
Belgium_ • 3
Bulgaria_.. 7
Chile
431
Colombia__ 4
Czechoslo7akia____ 311
Danzig_ ___ 4
Denmark _ _ 234
England... 2
Estonia__ 594
Finland__ 44
France.___ 214
Germany.
. 4
Greece
7
Holland
214
Rate.
June 27 1934
Apr. 25 1934
Jan. 3 1934
Aug. 23 1932
July 18 1933
5
314
8
534
5
Jan. 25 1933
July 12 1932
Nov. 29 1933
June 30 1932
Jan. 29 1932
Dec. 20 1933
May 31 1934
Sept.30 1932
Oct. 13 1033
Sent IA 1022
434
5
3
2%
611
5
3
5
734
2
July 27 Established.
liungary___ 414
India
3%
Ireland.... 3
3
Italy
Japan
3.65
Java
414
Jugoslavia. 634
Lithuania._ 6
Norway... 394
Poland_ _ 5
Portugal— 534
Rumania _ _ 6
South Africa 4
Spain
6
Sweden__234
AwItaorlAml 2
Foreign Money Rates
IN LONDON open market discounts for short bills
on Friday were 13-16%, as against 13-16@%%
on Friday of last week and 13-16% for three months',
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Rate.
Oct. 17 1932 5
Feb. 16 1933 4
June 30 1932 334
Dec. 11 1933 334
July 3 1933 4.38
Aug. 16 1933 5
July 16 1934 7
Jan. 2 1934 7
May 23 1933 4
Oct. 25 1933 6
Dec. 8 1933 6
Apr. 7 1933 6
Feb. 21 1933 7
Oct. 22 1932 54
Dec. 1 1933 3
Tan. 22 1921
It
Changes
for Week.
July 20 1934. July 21 19311. July 22 1932.
Franca.
Francs.
Francs.
Francs.
+253,830,382 79,992,184,6U 81,728,872,266 82,310,024,264
+1,000,000
15,568,975 2,577,893,500 4,472,858,056
Gold holdings
Credit bats. abroad_
aFrench commercial
—118.000,000 3,717,159,798 2,965,628,090 3,179,664,389
bills discounted
—1,000,000 1,140,449,221 1,402,909,718 1,843,097,800
b Bills bought abr'd
—34,000,000 3,089.870,215 2,684,202,917 2,753,321.805
Advs. against secure.
Note circulation_ __. —788,000,000 80,695,015,075 82,253,696,540 80,801,911,780
cred, cum accounts +948.000,000 19,492,281,214 21,853,437,433 27,379,335,258
Propor'n of gold on
+0.12%
hand to sleht Ilab_
79.84%
78.50 W,
76.09%
a Includes bills purchased in France. b Includes bills discounted abroad.
Bank of Germany Statement
HE Bank of Germany in its statement for the
third quarter of July records an increase in
gold and bullion of 2,538,000 marks. The total of
T
Financial Chronicle
Volume 139
gold which is now at 74,709,000 marks, compares
with 228,387,000 marks a year ago and 754,137,000
marks two years ago. Reserves in foreign currency,
bills of exchange and checks and advances show
decreases of 2,423,000 marks,. 194,499,000 marks,
and 1,486,000 marks, respectively. The proportion
of gold and foreign currency to note circulation
remains unchanged at 2.2%. Last year the ratio
was 9.6% and the previous years 24.0%. Notes in
circulation reveal a contraction of 123,501,000
marks, bringing the total of the item down to 3,472,216,000 marks. Circulation a year ago aggregated 3,261,162,000 marks and the year before
3,721,932,000 marks. An increase appears in silver
and other coin of 53,738,000 marks, in notes on
other German banks of 3,113,000 marks, in investments of 7,638,000 marks, in other assets of 22,826,000 marks, in other daily maturing obligations
of 14,614,000 marks,and in other liabilities of 332,000
marks. Below we furnish a comparison of the different items for three years:
Bankers' Acceptances
HE demand for prime bankers' acceptances has
been unusually light this week. Very few bills
were offered and practically no interest was displayed
in the market. Rates are unchanged. Quotations
of the American Acceptance Council for bills up to
and including 90 days are h% bid and 3-16%
1
asked;
asked; for four months, %% bid and 4%
for five and six months, M% bid and %% asked.
The bill buying rate of the New York Reserve Bank
is 34% for bills running from 1 to 90 days, and proportionately higher for longer maturities. The
Federal Reserve banks' holdings of acceptances
increased from $5,259,000 to $5,271,000. Their
holdings of acceptances for foreign correspondents,
however, decreased from $1,394,000 to $1,196,000.
Open market rates for acceptances are nominal in so
far as the dealers are concerned, as-they continue to
fix their own rates. The nominal rates for open
market acceptances are as follows:
T
REICHSBANK'S COMPARATIVE STATEMENT.
Prime eligible bills
Changes
for Week.
July 23 1934. July 22 1933. July 23 1932.
Assets—
Reichsmark:. Reichsmarks. Reichsmark:. Reichsmark:.
Gold and bullion
74,709,000 228,387,000 754,137,000
+2,538,000
Of which depos. abr'd
66,915,000
27,681.000
No change
17,916,000
Reeve in for'n atm_._ _
84,040.000 137,786,000
3,168,000
—2,423,000
Bills of exch.& checks
—194,499,000 3,131,171,000 2,972,648,000 2,927.239,000
Silver and other coin_
+53,738,000 293,542,000 302,612,000 295,416,000
Notes on 0th. Ger. bks.
13,101,000
11,274,000
15,350,000
+3,113,000
Advances
59,056.000 101,964,000
59,127,000
—1,486,000
Investments
+7,638,000 709,180,000 319,830,000 365,217,000
Other assets
+22,826,000 593,778,000 479,722,000 758,647,000
Liabilities—
Notes in circulation
—123,501,000 3,472,216,000 3,261.162.000 3,721,932,000
0th. daily matur.°Wig_
+14,614,000 620,229,000 395,843,000 358,773,000
Other liabilities
+332,000 163,783,000 179,755,000 703,549.000
Propor'n of gold & torn
curr. to note circula'n
9.6%
No chature
24.0%
22'-
New York Money Market
EALINGS in the New York money market were
routine this week, with all previous tendencies
still in evidence. The easy money conditions were
again accentuated by official activities, and the
volume of excess reserves of member banks over requirements are currently estimated at $1,900,000,000,
which is a record figure. The United States Treasury
sold on Monday an issue of $75,000,000 discount
bills due in 182 days, and award was made at the
average discount of 0.07%, which is also the average
of all recent awards of similar bills. Call loans on
the New York Stock Exchange were 1% for all transactions whether renewals or new loans. In the
counter market, transactions in call money were reported every day at 4
3 %. Time loans held to their
range of 4
3 @1%. The total of brokers' loans declined $23,000,000 in the week to Wednesday night,
according to the usual report of the Federal Reserve
Bank of New York, and the total is now reported at
$1,008,000,000.
D
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day,1% remained
the ruling quotation all through the week for both
new loans and renewals. There has been no activity
in the market for time money this week, no transactions in any maturity having been reported. Rates
3 @l% for two to five months, and
are nominal at 4
4% for six months. The market for prime
1@11
commercial paper has been very active all through
the week. A goodly supply of paper has been available at all times but most of it was picked up as soon
3 % for extra choice names
as offered. Rates are 4
running from four to six months and 1% for names
less known.
D
493
Prime eligible bills
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
Asked. Bid.
Asked.
Bid.
Asked.
Md.
St
—90 Days— —60 Dm— —30 Datil—
Asked.
Asked.
Bid.
Bid.
Asked.
Bid.
M
34
h:
34
FOR sDELIVERY WITHIN THIRTY DAYS.
Eligible member bank
R
Eligible non-member banks
bid
34% bid
Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
July 27.
2
134
234
a
3
234
234
3
a
3
2
Date
Established.
Previous
Rate.
Feb. 8 1934
Feb. 2 1934
Nov. 16 1933
Feb. 3 1934
Feb. 9 1934
Feb. 10 1934
Oct. 21 1933
Feb. 8 1934
Mar. 16 1934
Feb. 9 1934
Feb. 8 1934
Feb. 16 1934
2)4
2
a
234
334
334
a
331
335
334
234
Course of Sterling Exchange
TERLING exchange on balance, in all the main
outlines of the situation, shows no change from
the past few weeks. Markets everywhere continue
extremely dull and the dollar-sterling rate shows only
slight fluctuations. The pound has firmed up in terms
of the French francs, as indicated by the day-to-day
rates for London checks on Paris. The grave events
in Austria caused•sharp fluctuations in most of the
Continental foreign exchanges but had no marked
effect on sterling. The disturbed political situation
in Europe has on the contrary strengthened sterling,
as London is considered the safest depositary for
harassed capital. However, the market reported
that throughout the week there had been withdrawals
of American capital from the London market. This
movement was more than offset by other accretions
of money in London and by seasonal factors favoring
sterling. The range this week has been between
$5.023
4 and $5.043
/ for bankers' sight bills, compared with a range of between $5.03 11-16 and
/ last week. The range for cable transfers
$5.045
has been between $5.03 and $5.041A,compared with
a range of between $5.033
4 and $5.043
4 a week ago.
The following tables give the mean London check
rate on Paris from day to day, the London open
S
494
Financial Chronicle
market gold price and the price paid for gold by the
United States:
MEAN LONDON CHECK RATE ON PARIS.
Saturday, July 21
76.50
Wednesday,July 25
Monday, July 23
76.53
Thursday, July 26
Tuesday, July 24
76.515 Friday,
July 27
76.45
76.437
76.437
LONDON OPEN MARKET GOLD PRICE.
Saturday, July 21
1375. 9Md. Wednesday,July 25._ _137s. 11d.
Monday, July 23
137s. 10d. Thursday, July 26 _ _138s.
Tuesday, July 24
137s. lid.
Friday,
July 27 _ _138s. Md.
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK).
Saturday, July 21
35.00
Wednesday,July 25
35.00
Monday, July 23
35.00 Thursday, July 26
35.00
Tuesday, July 24
35.00
Friday,
July 27
35.00
The strength of sterling in terms of French francs
reflects rather the weakness in francs than any
essential change in sterling. The weaker undertone
of the franc is due of course to disclosures of discord
in the French cabinet. The Austrian crisis has
further adversely affected the French unit. Because
of the changed position of sterling and francs during
the past few weeks the British Exchange Equalization Fund was not called upon to operate in the
market. The most interesting development was the
decision of the British Treasury last week to relax
restrictions on foreign loans. The South American
countries are likely to derive substantial benefits
from this policy. The restoration of international
trade by means of international loans floated in those
countries which are in a position to make them is vital,
but for obvious reasons it is a policy which cannot
yet be developed on a scale likely to achieve this
desirable object. The Treasury's action is regarded
in financial London as a short and cautious step in
the right direction and indicates that the rigid
embargo has been abandoned. However, some control of foreign lending will be retained by the Chancellor of the Exchequer. There is a close connection
between foreign lending and the successful operation
of the Exchange Equalization Fund, and the Treasury has no intention of weakening the influence
of this fund in the foreign exchange market. In
permitting an extension of lending within the limits
of the sterling bloc the Treasury is really strengthening the hands of the Exchange Fund, because such
loans should tend to reduce the fluctuations of
exchanges, while countries off the gold standard but
not actually within the group may possibly be
induced to ally themselves with the bloc. It should
be borne in mind that this is the vacation season.
The summer lull in business is manifest throughout
the Occident. International trade is at a minimum.
Exchange restrictions prevail in greater or less degree
in every country in the world. Under these circumstances the market is expected to continue practically
quiescent until the autumn, when foreign exchange
traders expect a period of wide fluctuations in
exchange rates and a real test of the ability of either
the British or the American Exchange funds to
function successfully.
A few days ago there was a flurry of uneasiness in
some Continental centers owing to the publication in
one of the yellow journals of an article advocating
that the British Government should sequestrate deposits of foreign gold in London. The London
bullion brokers were inundated with inquiries from
abroad as to whether the gold could or might be
seized at the statutory buying price of the Bank of
England (84s. 9d. per fine ounce-85s. alloyed).
The Currency and Bank Notes Act of 1928 was so
worded as to preclude the possibility of such confiscation of gold held in London for foreign account,
July 28 1934
whether for private or public interests. It was
pointed out to the foreign correspondents interested
in this matter by their London correspondents that
responsible London opinion is that fresh legislation of
a confiscatory character could not be contemplated.
Such legislation, is was stated, would strike a serious
blow at the prestige of London and do incalculable
harm to the financial and commercial morality of the
country. It is estimated that the total foreign gold
deposits in London amount to approximately $730,000,000, and this sum is steadily increasing from week
to week.
The oversupply of funds in the London open market is reflected in the easy money rates, which have
now reached the lowest levels since March. Call
money against bills is in supply at %%. Twomonths' bills are 25-32% to 13-16%, three-months'
bills 13-16%, four-months' bills 4%
7
and six-months'
bills 15-16 to 1%. Practically all the gold available
in the London open market this week is believed to
have been taken for American account. On Saturday there was available £355,000, on Monday £124,000, on Tuesday £445,000, on Wednesday £305,000,
on Thursday £412,000, and on Friday £30,800.
The Bank of England statement for the week ended
July 25 shows a decrease in gold holdings of £24,140,
the total standing at £192,154,427, which compares
with £191,380,134 a year ago, and with the minimum
of £150,000,000 recommended by the Cunliffe committee. At the Port of New York the gold movement for the week ended July 25, as reported by the
Federal Reserve Bank of New York, consisted of
imports of $8,764,000, of which $4,543,000 came from
England, $1,825,000 from India, $1,677,000 from
Canada,$645,000from France,$60,000from Jamaica,
and $14,000 from Guatemala. There were no gold
exports. The Reserve Bank reported a decrease
of $336,000 in gold earmarked for foreign account.
In tabular form the gold movement at the Port of
New York for the week ended July 25, as reported by
the Federal Reserve Bank of New York, was as
follows:
GOLD MOVEMENT AT NEW YORK, JULY 19-JULY 25, INCL.
imports.
Exports.
$4,543,000 from England
1,825,000 from India
1,877,000 from Canada
None.
645,000 from France
60,000 from Jamaica
14,000 from Guatemala
88,764,000 total
Net Change in Cold Earmarked for Foreign Account.
Decrease: 8336,000.
We have been notified that approximately 8938,000 of gold was received
from China at San Francisco.
The above figures are for the week ended Wednesday evening. On Thursday $2,889,800 of gold was
received from England; there were no exports of gold
but gold held earmarked for foreign account decreased
$350,000. On Friday $65,900 of gold was received
from India. There were no exports of gold or change
in gold held earmarked for foreign account.
Canadian exchange continues firm and at a premium over the United States dollar. On Saturday last
Montreal funds were at a premium of 19/8%, on Monday at 1 1-16% to 1 7-16%, on Tuesday at 1 7-16%
to IM%, on Wednesday at 1 7-16% to 1
on
Thursday at 1 9-16% to 1/%, and on Friday at
/% to 1 11-16%.
13
Referring to day-to-day rates, sterling exchange on
Saturday last was easy in dull trading. Bankers'
s@$5.049/2; cable transfers, $5.043i
sight was $5.043/
@$5.043/2. On Monday the pound was steady. The
Volume 139
Financial Chronicle
range was $5.04 1-16@$5.04% for bankers' sight
8@$5.043/ for cable transfers. On Tuesand $5.043/
day sterling was fairly steady in a dull market.
Bankers' sight was $5.04@$5.04%; cable transfers,
$5.043.@$5.043/2. On Wednesday exchange continued dull and steady. The range was $5.04@
$5.0438 for bankers' sight and $5.043/s@$5.0434 for
cable transfers. On Thursday sterling was under
pressure in New York. The range was
$5.04 for bankers' sight and $5.03@$5.043s for
cable transfers. On Friday sterling was steady, the
range was $5.03 7-10@$5.035A for bankers' sight
and $5.033/2@$5.03Y
1 for cable transfers. Closing
quotations on Friday were $5.031A for demand and
$5.03% for cable transfers. Commercial sight bills
finished at $5.03%; 60-day bills at $5.02%; 90-day
bills at $5.023/
8; documents for payment (60 days)
at $5.02% and 7-day grain bills at $5.03 7-16.
3
Cotton and grain for payment closed at $5.03/.
Continental and Other Foreign Exchanges
XCHANGE on the Continental countries was adversely affected by the Austrian crisis. The
French franc and the Paris markets had been disturbed by the threatened disruption of the Doumergue cabinet resulting from M. Andre Tardieu's
stormy tirade before the Parliamentary inquiry commission. Although the controversy between M.Tardieu and M. Chautemps seems to have been settled
by M. Doumergue's personal intervention, a feeling
of tension still persists. The assassination of Chancellor Dollfuss has aggravated the French economic
and financial situation and as our news columns will
show, extraordinary breaks occurred on the Paris
Bourse. However, the foreign exchange market
according to French authorities was less severely
affected owing to the fact that foreign exchange transactions everywhere have been decidedly limited not
only in recent weeks but for the past few years. The
Paris money market has hardened slightly in consequence of the unfavorable political events of the past
few weeks. The franc has been ruling so low in terms
of the dollar that a gold movement from Paris to New
York seems imminent. Several times in the last few
weeks the franc appears to have sold in New York as
low as 6.58/, a level which is now considered the
gold import point from Paris, compared with 6.571A
on former occasions. Even at 6.59, which is about
the average quotation this week, banks in a more
favorable position could successfully bring gold from
Paris to New York. However, any fractional advance above this point would remove the threat of a
gold flow from France to this side. Some small shipments of gold were engaged both this week and last.
The Bank of France is in excellent condition to meet
whatever demands for gold New York might make.
Since the low point was reached on March 2, the bank
has reported an increase in gold holdings for twenty
successive weeks. The statement for July 20 shows
an increase of fr. 253,830,382. The aggregate increase for the twenty-week period is fr. 6,063,985,208
or approximately $237,670,000, old dollar valuation.
The bank's gold holdings now stand at fr. 79,992,184,654, which compares with fr. 81,728,872,266 a
year ago and with fr. 28,935,000,000 in June, 1928
when the unit was stabilized. The bank's ratio is at
the exceptionally high figure of 79.84%, as compared
with 79.72% on July 13, with 78.50% a year ago,
and with legal requirement of 35%.
E
495
The following table shows the relation of the leading
currencies still on gold to the United States dollar:
France (franc)
Belgium (belga)
Italy (lira)
Germany (mark)
Switzerland (franc)
Holland (guilder)
Old Dollar New Dollar
Parity.
Parity
6.63
3.92
13.90
23.54
8.91
5.26
23.82
40.33
19.30
32.67
40.20
68.06
Range
This Week.
6.58% to 6.59)i
23.33 to 23.43
8.56 to 8.58%
38.35 to 39.01
32.59 to 32.62
67.59 to 67.70
There is nothing essentially new in the German
foreign exchange situation. The truth of the matter
is that the German foreign exchange and financial
situation is shrouded in mystery. The entire
economic structure of Germany is imperiled by the
course of events. A recent special dispatch to the
"Wall Street Journal" stated: "The German foreign
exchange problem holds the center of the stage in
Berlin. Politics are eschewed. The Government
continues its policy of strict censorship of newspapers
.regarding the events of the end of June. Some
quarters in Berlin expect in the near future the
resignation or dismissal of Dr. Hjalmar Schacht as
President of the Reichsbank. F. Reinhart, former
President of the Commerz und Privat Bank, is
mentioned as a possible successor to Dr. Schacht,
but is opposed by bankers on the ground that he
owes his present position more to his support of Nazi
ideas than to his technical capacity."
The London check rate on Paris closed on Friday
at 76.47, against 76.50 on Friday of last week.
In New York sight bills on the French center finished
on Friday at 6.59, against 6.59 on Friday of last
week; cable transfers at 6.593/8, against 6.593/
8, and
commercial sight bills at 6.563/
2, against 6.563.
Antwerp belgas closed at 23.42 for bankers' sight
bills and at 23.43 for cable transfers, against 23.32
and 23.33. Final quotations for Berlin marks were
38.34 for bankers' sight bills and 38.35 for cable
transfers, in comparison with 39.04 and 39.05.
Italian lire closed at 8.57313 for bankers' sight bills
and at 8.57% for cable transfers, against 8.573/2
and 8.58. Austrian schillings closed at 18.95,
against 18.95; exchange on Czechoslovakia at 4.153,
against 4.153/2; on Bucharest at 1.013/
2, against
1.013'; on Poland at 18.91, against 18.90, and on
Finland at 2.2331, against 2.23. Greek exchange
closed at 0.943 for bankers' sight bills and at
0.94% for cable transfers, against 0.943/i and
0.94%.
XCHANGEonthe countries neutral during the war
presents no new features from those of recent
weeks. The neutral foreign exchanges seem not to
have been greatly influenced by the events threatening Germany and Central Europe. Dutch guilders
and Swiss francs are firm and show little change
from last week, though both units are at a slight
discount in terms of the dollar. The Swiss and Dutch
units are,of course,firm in terms of francs,as they
have been for several weeks, and the central banks
of Switzerland and Holland have been adding to their
gold holdings. Both countries have large amounts
of refugee funds. The Scandinavian currencies move
in harmony with sterling, as these countries are important members of the sterling bloc.
Bankers' sight on Amsterdam finished on Friday
at 67.60, against 67.64 on Friday of last week; cable
transfers at 67.61, against 67.65 and commercial
sight bills at 67.58, against 67.62. Swiss francs
closed at 32.61 for checks and at 32.62 for cable transfers, against 32.593/
2 and 32.60. Copenhagen checks
finished at 22.49 and cable transfers at 22.50, against
E
496
.Financial Chronicle
July
28 1934
units are steady, inclining to firmness as the result
of an improved tone in world silver prices. The
Indian rupee fluctuates with sterling, to which it is
legally anchored at the rate of is. 6d. per rupee.
Japanese yen are held steady and kept in rather close
relation to sterling exchange by the Japanese foreign
trade control. The Far Eastern countries are enjoyXCHANGE on the South American countries ing a very satisfactory export trade and business in
is unchanged in all important respects from the Japan is apparently buoyant.
situation prevailing for many months. It is generally
Closing quotations for yen checks yesterday were
believed that the South American countries will be 29.92, against 29.94 on Friday of last week. Hong
among the first to benefit from the British Treasury's Kong closed at 37@37 13-16,'against 37 15-16@38;
action in lifting the embargo on foreign loans. Shanghai at 34@34 1-16, against 343/
s; Manila at
Chilean deputies sent a bill to the Congress a few 49.90, against 49.90; Singapore at 593., against
days ago providing that 75% of the capital of foreign 593; Bombay at 37.92, against 37.96, and Calcutta
banks established in Chile or those to be established at 37.92, against 37.96.
later must be underwritten and held by Chilean
Gold Bullion in European Banks
citizens or foreigners of at least five years' residence.
The bill requires that capital and liquid reserves
HE following table indicates the amount of gold
of commercial banking institutions must be equivabullion in the principal European banks as of
lent to at least 25% of deposits and to 50% in the July 26 1934, together with comparisons as of the
case of an institution which is a branch of a foreign corresponding dates in the previous four years:
bank. The South American units are only nominally
1932.
1933.
1934.
Banks of1931.
1930.
quoted and American interests continue to experience
£
£
£
£
£
192,154,427 191,380,134 138.576.458 133,309,663 153,250.395
great difficulty as a result of their blocked balances England... 639,937,477
653,830,978 658,480,194 463,144,519 362,266,871
France a_ _.
10,536,750
33,570,300
2.839,650
Germany b_
61,800.800 123,447,000
in most of the South American centers. The Argen- Spain
90,383,000
90,542,000
90,233.000
90,933.000
98,879,000
72,954,000
61,221,000
70,866,000
57,678,000
56,323,000
tine paper peso continues to be officially quoted at Italy
61,748,000
84,206.000
71,815,000
Netherlands
44,076,000
34,540,000
76,729,000
74,244.000
75,221,000
Nat. Belg
42,061,000
34,346,000
nominal rates of 333/ to 34, but the range in the Switzerland
89,156,000
61,459,000
61,300,000
29,498.000
23,780,000
11,988,000
11,445,000
15,312,000
13,219,000
13,483,000
unofficial market in New York this week was from Sweden...,.
7,397,000
7,440,000
7,397,000
Denmark
9,546,000
9,587,000
Norway
6,577,000
6,569.000
7,911,000
8,130,000
8,142,000
24.80 to 25.38.
Total week_ 1 233 961.554 1,244,974,862 1.256,482,952 953,395,982 918,020,2 „
Argentine paper pesos closed on Friday nominally Prow
roaalr '
1251554
' 151 1.242.372.741 1.255.269.798 963 180 855 ni5 197 OD
These are the gold holdings of the Bank of France as reported in the new form
at 33% for bankers'sight bills, against 33% on Friday of astatement.
b Gold ho dings of the Bank of Germany are exclusive of gold held
of last week; cable transfers at 34, against 34. Bra- abroad, the amount of which the present year is £895,800.
zilian milreis are nominally quoted 8.40 for bankers'
Making Over the New Deal
sight bills and 83/ for cable transfers, against 8.40
is
nominally
exchange
quoted
Chilean
and 83/2.
Signs are multiplying that the New Deal will have
1034, against 103.j. Peru is nominal at 23.00,
to
undergo some pretty radical modification in the
against 23.26.
--4-near future if the opposition which for months has
XCHANGE on the Far Eastern countries iss been gathering headway is not to become open revolt.
r General Johnson, whose capacity for work will not
steady and the quotable rates do not-diffe
much from those of the past few weeks. The Chinese be questioned notwithstanding criticisms of his manFOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
ner and methods, has already suggested that the oneBANKS TO TREASURY UNDER TARIFF ACT OF 1922.
JULY 21 1934 TO JULY 27 1934, INCLUSIVE.
man rule of the National Recovery Administration
which he has exercised might well be replaced by the
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
Country and Monsfarn1
rule
of a commission. The severe rebuke which
Unit.
July 21. July 23. July 24. July 25. July 26. July 27
Judge Coleman, of the United States District Court
EUROPE.188575* .188625* .188625* .188641* .188591* .188625*
Austria,schllling
at Baltimore, administered to the counsel for the
233196 .233300 .233457 .233742 .233696 .233961
Belgium, belga
012500* .012550* .012500* .012500* .012500* .012500*
Bulgaria, ley
Government the other day, in a case involving an
Czechoslovakia, krone .041521 .041531 .041518 .041531 .041528 .041526
225127 .225108 .225154 .225091 .225025 .224872
Denmark, krone
for an injunction against the NRA, is an
application
England, pound
5.042666 .041583 5.041875 4.040458 5.038666 5.035333
sterling
the Federal courts are not likely to
that
indication
.022312 .022275 .022291 .022395 .022289 .022291
Finland. markka
.065905 .065905 .065890 .065930 .065882 .065895
France, franc
what
Judge Coleman characterized as
with
put
up
Germany, reichamark .389683 .389292 .387878 .384546 .384053 .387233
.009457 .009457 .009470 .009462 .009460 .009459
Greece, drachma
pettifogging"
tactics in defending the
and
"evasion
.676535
.676639
.675942
.676478
.675964
.676057
Holland, guilder
.296666* .296500* .296250* .297000* .297000* .297000*
Hungary, pengo
position.
Senator
Government
Borah's campaign
.085793
.085710
.085756
.085758
.085677
.085737
Italy, lira
.253318 .253281 .253200 .253236 .253133 .253025
Norway, krone
against the monopoly features of the National In.188766 .188900 .188833 .188933 .188800 .188866
Poland. zloty
.046165 .046142 .046122 .046142 .046140 .046175
Portugal, escudo
dustrial Recovery Act has not only attacked the ad.010050 .010018 .010037 .010037 .010016 .010037
Rumania,leu
.136572 .136600 .136564 .136646 .136567 .136564
Spain, peseta
.259950 .259866 .259941 .259891 .259783 .259633
ministration of that law at one of its most vulnerable
Sweden,krona
Switzerland, franc_ _ _ .325869 .325942 .325914 .325957 .325900 .325978
.022766 .022750 .022775 .022818 .022816 .022766
Yugoslavia, dinar__
points,
but has also furnished the Republicans as
ASIAChinawell as the opposition Democrats with a weapon of
Chefoo (yuan) dere .340833 .338541 .338333 .337500 .338750 .337500
Hankow(yuan) dol'r .340833 .338541 .338333 .337500 .338750 .337500
which they may be expected to make effective use.
Shanghia(yuan)dol'r .339687 .337656 .337187 .337343 .338281 .337343
Tientsin (yuan)dol'r .340833 .338541 .338333 .337500 .338750 .337500
The
daily reports of strikes threatened or declared,
Hongkong. dollar_ _ .374375 .374062 .373750 .373437 .373750 .373437
.378890 .379000 .379140 .379000 .377859 .378640
India, rupee
direct challenges to code authorities or the
and
of
.298075 .298535 .298720 .298680 .298555 2.98465
Japan, yen
.591250 .591562 .590625 .590625 .590312
Singapore (S. S.) dar .
by manufacturers or trade groups, are
NRA
itself
AUSTRALASIA4.017500*4.018750* .017500* 4.020000* 4.018333*4.013333*
Australia. pound
that the code system is working
evidence
convincing
4.028333*4.023333*
New Zealand, pound_i4.027500*4.029166* .027500* 4.030000*
AFRICAthat labor is restless and discases,
badly
in
many
4.980625*
4.979687*4.977187*
pound_
_/4.985000*4.984687*4.985000*
Africa,
South
NORTH AMER.-I
satisfied, and that the limit of recovery attainable
11.013489 1.013778 1.014557 1.014244 1.015234 1.016406
Canada, dollar
.999150 .999150 .999150 .999150 .999150 .999150
Cuba, peso
under the artificial machinery that has been set up
Mexico, peso (silver). .277500 .277500 .277500 .277500 .277500 .277500
Newfoundland, dollar 1.011000 1.011312 1.012125 1.011750 .012687 1.013875
SOUTH AMER.has been reached.
.336233* .336066* .336066* .336000* .335916* .335766*
Argentina. peso
.084016* .085350 .085350* .085333* .085350* .085350*
Brazil, milreis
The latest comprehensive proposal for dealing with
.102625* .102625* .102625* .102625* .102625* .102625*
Chile, peso
.800875* .800875* .800875* .800875* .800875* .800250*
Uruguay. peso
situation is one brought forward by Senator Nye
the
.558700* .558700* .558700* .558700* .558700* .552500*
Colombia, peso
of North Dakota, and outlined in some detail in a
•Nonimal rates: firm rates)mt available.
22.54 and 22.55. Checks on Sweden closed at 25.98
and cable transfers at 25.99, against 26.02 and 26.03;
while checks on Norway finished at 25.30 and cable
transfers at 25.31, against 25.35 and 25.36. Spanish
pesetas closed at 13.66 for bankers' sight bills and at
13.67 for cable transfers, against 13.65 and 13.66.
E
T
Volume 139
Financial Chronicle
dispatch on Tuesday by the Washington correspondent of the New York "Herald Tribune." Senator
Nye is a Republican Progressive, with a good deal
of sympathy, apparently, for the New Deal but
sharply opposed to some of its features. His criticisms of the NRA in the recent session of Congress
were largely responsible for the appointment of the
Darrow Committee whose findings were so strongly
resented by General Johnson and the NRA counsel,
Donald Richberg, and some of the members of the
committee, it is understood, were chosen at his suggestion. His proposal is not wholly new, some of its
principles having been embodied in bills offered in
Congress before the NIRA was introduced, but it has
special significance now because of the concrete situation with which it deals.
Senator Nye, according to the "Herald Tribune"
dispatch from which we quote, proposes to allow industries "to have fair practice agreements or codes,
but only after hearings held by the Federal Trade
Commission." He would revive the anti-trust laws,
and require the Commission to "give zealous attention to the preservation of competition" in approving
such agreements or codes. For the adjudication of
complaints of violation of the codes or the anti-trust
laws he would create a new set of Federal courts,
one for each circuit, with appeal to the present
Circuit Courts and Supreme Court, and would "rely
on complaints of violations and prosecutions in the
new set of courts to achieve enforcement." "Small
operators in all lines," he is quoted as saying, "can
be relied upon to protest when large operators are
violating the laws or their fair-practice agreements,
provided that they know they can get a quick and
fair hearing." Questions of working hours and conditions would be separated from fair practice provisions and transferred to the jurisdiction of the
Department of Labor, but the plan apparently contemplates the maintenance of minimum wage standards and maximum working hours, together with the
prohibition of child labor, these latter points constituting, in Senator Nye's opinion, "the real benefits
of the NRA."
The special advantages of this proposal,it is pointed
out, consist, first, in the separation of labor matters,
including collective bargaining, from matters relating
to fair business practice, with an entirely separate
administration of each class of issues; second, the
revival of the anti-trust laws and the maintenance
of competition under the direction of the Federal
Trade Commission; third, the hearing of complaints
by a regularly constituted court of special jurisdiction
instead of, as at present, by the same administrative
body that approves the codes; and, finally, the
elimination of what Senator Nye calls the "great
staff of overseers" to which the enforcement of code
and labor provisions 19 now entrusted.
Senator Nye's proposal is important mainly as
an indication of lines along which a good many people
are thinking. As often happens in such cases, it
contains some suggestions that are commendable and
others that are open to weighty objection. In so far
as it is proposed to substitute voluntary codes, approved by the Federal Trade Commission to the
extent of seeing that no monopoly opportunities are
included, for codes virtually dictated by the NRA
according to its varying notions of what they should
contain, the plan indicates a step toward the "selfgovernment in business" which even some present
supporters of the NRA have held out as an ultimate
497
goal. The separation of labor provisions from other
code provisions, assuming that codes are to be
adopted, is in every way desirable, as is the abolition
of the whole system under which the NRA acts
virtually as prosecutor, judge and jury in cases of
alleged infractions of codes, and of the army of local
agents,informers and snoopers through which Federal
supervision of the codes is maintained. The creation
of a set of special industrial courts seems a doubtful
necessity, the Federal District Courts being apparently equal to any demands that Senator Nye's program would make upon them, but there is at least
merit in the suggestion that the initiative in bringing
suits should be taken by businesses that feel aggrieved
and not by the Government under penalty provisions
of law.
The fatal defect of Senator Nye's proposal, on the
other hand, is that it still sanctions interference by
the Federal Government with industry and trade at
points where such interference is unwarranted. The
abolition of child labor, which Senator Nye regards
as highly desirable, is exclusively a matter for the
States, as the wholesale rejection of the child labor
Amendment of the Constitution shows, if general
legal prohibition is the only remedy. There is no
Constitutional warrant whatever for Federal prescription of minimum wages, maximum working hours or
labor conditions generally save in fields, of which the
railways are the outstanding example, in which the
Constitution gives the Federal Government direct and
exclusive control. It is more than doubtful if the
Federal Government has the Constitutional right to
"guarantee" to labor a right of collective bargaining
and enforce it by pains and penalties, and Senator
Nye's proposal to separate labor provisions from the
new and voluntary codes which he favors, and put
them under the jurisdiction of the Department of
Labor, will mean nothing if organized labor is to be
left legally irresponsible for its acts.
It should never be forgotten, moreover, that the
New Deal comprehends very much more, in both
legislation and administration, than the NRA. The
New Deal is an octopus whose tentacles reach out in
almost every direction and touch almost every phase
of our national life, and the cutting off of one tentacle
would not necessarily paralyze all the others. The
New Deal includes the vast agricultural program,
with its enforced reductions of acreage and production, its processing taxes paid by consumers for the
farmers' benefit, and its Federal licensing and price
fixing. It includes the huge program of public works,
most of which cannot reasonably be classed as necessary and few of which the country can afford, together with other huge schemes for lending Federal
money for farm credits, farm and home mortgage relief, home repairs and elaborate housing enterprises.
It includes the Tennessee Valley Authority, with its
direct Government competition with private enterprise on terms which give the Government every advantage; the all but complete Federal control of
banking and currency, the issuance of securities and
the operations of security and other exchanges, and
a compulsory pension scheme which makes serious
financial demands upon the already heavily burdened
railways. It is a program whose theory as well as
practice embraces debt, credit and currency inflation,
price fixing, limitation of profits, enforced curtailment of production in hope of later abundance, and,
of course, the continuance of relief for unemployed
who are still, in spite of more than a year of lavish
498
Financial Chronicle
• expenditure and tremendous effort, numbered in the
millions.
Obviously such proposals as those of Senator Nye,
even if all their specifications were beyond cavil, go
only part way toward making over the New Deal.
They are all to be welcomed, however, in so far as
they represent intelligent thought and sincere purpose, for their indication of directions in which constructive criticism is tending. Senator Borah, in
turn, is performing a national service by showing, as
he did in his speech at St. Anthony, Idaho, on Tuesday, some of the ways in which monopoly, notwithstanding that it is banned in specific terms in the
NIRA, has contrived to establish itself in the New
Deal as "the most insidious and most successful
enemy" of this system. None of these proposals and
attacks, however, will be of any avail if all they do
is to bolster the New Deal where it has proved itself
weak or call for a remedying of some evil that its
operations have developed. What the industrial and
business community, at least, is rapidly coming to
realize is that Government control of economic life
as a panacea for general industrial and business depression has reached the end of its resources, and that
there will be no further important progress until the
Government takes off its heavy hand and restores to
industry and business the freedom which is their
right. The next Congress will only botch matters if
it confines itself to tinkering the New Deal statutes,
and shuffling administrative functions from one bureau or department to another, while leaving the
Government grip on business intact. What is needed
is to break the grip. It will not be an easy process,
for the parts of the system have been ingeniously contrived and bound together and they cannot all be
dislodged at once, but there should be no uncertainty
about the ultimate aim. The experiment of State
socialism enforced by dictatorial methods has been
tried and found lamentably wanting, and we know
now that recovery is not to be looked for in that direction. What the country wants now is a speedy
and unqualified return to the ways of democratic life.
Ten Years of Soviet American Trade
In a discussion of the trade relations between the
U. S. S. R. and the United States, the "Economic
Review" of the Soviet Union calls attention to the
fact that May 27 marked the passage of a decade
in the commercial relations between the two countries,
since trade on a regular basis was started only
around the beginning of 1924. In the preceding two
or three years imports from the U. S. S. R. were
almost negligible, while shipments from the United
States were mainly for relief purposes.
It is stated that for about seven years after the
resumption of trade relations the turnover increased
fairly steadily and rapidly. Exports to the U. S. S. R.
increased from $42,000,000 in 1924 to a peak of
$114,400,000 in 1930; imports rose from $8,200,000
to $24,400,000 in the same period. At their highest,
shipments to the Soviet Union were over 43/2 times
the pre-war ($24,600,000 average from 1910 to
1914). Imports, on the other hand, were only 17%
greater than before the war ($20,900,000). In the
three years 1929-1931, 48.5% of the total exports
and 42% of the imports for the 10-year period were
recorded. Beginning with 1931, both exports and
imports began to diminish sharply, and by 1933 the
turnover was less than a sixth of that recorded
three years before..
July 28 1934
In the 10 years from 1924 to 1933 exports totaled
$624,668,000 and imports $144,428,000, the favorable balance of trade thus recorded by the United
States amounting to $480,240,000. The relationship
between exports and imports has been more favorable for the United States than in the case of its
trade with any other large country. In 1933 for the
first time imports exceeded exports, by about
$3,100,000. The following table shows exports to
and imports from the U. S. S. R. for the 10 years
1924-1933 and for the pre-war period, based on
United States customs statistics:
Imports from
U. S. S./2.
1910-14 (average)
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
•
Tntsil
$24,604,000
8,168,801
13,238,873
14,121,992
12,876,791
14,024,525
22,551,434
24,385,786
13.206,392
9,735,411
12,120,148
Exports to
U.S. S. It,
$20,865,000
42,103,713
68,906,060
49,905,642
64,921.693
74.091.235
85.011.847
114,398,537
103,716.832
12,640,891
8,971,465
Total
Trade.
$45,469,000
80,272,514
82,142.733
64,027,634
77,798,484
88,115,760
107,563,281
138,784,323
116,923,224
22,376,302
21,091.613
Balance in
Favorefl. S.
$3,739,000
33,934,912
55,669,387
35,783,650
52,044,902
60.066,710
62.460,413
90.012,751
90,510,440
2,905,480
.3,148,683
8144.427.953 8624.667.915 8769 no8RAR 24R0 920 0A9
•Unfavorable balance
Of the entire exports to the U. S. S. R. during
the decade, machinery and equipment of various
kinds made up about half, cotton somewhat less
than 40%, and other raw and semi-manufactured
products the remainder. The imports from the
Soviet Union are mainly raw materials and foodstuffs, the principal items being manganese ore,
furs, lumber and pulpwood, sausage casings, caviar,
crabmeat, fresh or frozen fish, flax and hemp, platinum, iron ore and anthradite coal.
Up to 1932 the Soviet Union played a much more
important role in the American export trade than
Russia before the war. Although the sum of American
exports declined by more than 50% from 1929 to
1931, those to the U. S. S. R. showed an increase of
22%. The Soviet Union in 1931 took 4.3% of the
total American exports, almost four times the
proportion recorded before the war. In the five
years from 1927 to 1931 the United States supplied
from 20 to 25% of the total imports to the U. S. S. R.
The latter became the seventh largest foreign market
of this country in 1931, compared with eighth in
1930 and seventeenth in 1929. The United States
was for a number of years second (in 1930 first)
among the countries exporting to the Soviet Union.
In 1932 and 1933 it dropped to sixth place and its
share of total Soviet imports to 5%.
Reasons for Growth and Decline in Trade.
The substantial growth in exports to the U. S. S. R.
up to 1930 was a reflection of the high regard for
American technical methods among Soviet engineers
and executives. It was considered that the character
and scope of the developments in many fields were
such as to make the type of mass-production machinery developed in this country better adapted for
Soviet requirements than that obtainable in Europe.
The program of intensive industrialization and of the
reorganization of agriculture under way in the
Soviet Union opened up, particularly in the period
of the first Five-Year Plan, an enormous market for
industrial and electrical equipment, agricultural
machinery, transportation equipment, &c.
The drastic decline in trade in 1932 and 1933, by
about 90% was due in large measure to the cumulative effect of difficulties which had begun to make
themselves felt in earlier years. These were principally of two kinds: the lack of satisfactory facilities
for financing American exports to the U. S. S. R.
Volume 139
Financial Chronicle
and the various restrictions imposed on the importation of Soviet products into this country. Commercial bills and acceptances of the Amtorg Trading
Corp. could not be discounted and rediscounted in
banks of the Federal Reserve System. Long-term
credits were virtually non-existent, and only a few
of the largest companies were in a position to extend
such credits. As a result American manufacturers
were unable to compete on an equal basis for Soviet
business with Eurpoean firms.
With the establishment of diplomatic relations
between the two countries in November 1933, the
way was paved for the solution of problems which
had brought about the sharp diminution of trade.
A number of the restrictions imposed by former
administrations on the importation of Soviet products were removed, and on Feb. 8 1934, the ExportImport Bank was organized by the Goveenment,
primarily for the purpose of expanding trade between
the United States and the U. S. S. R. The primary
function of the bank was to extend credits to American
manufacturers exporting their products to the Soviet
Union. Subsequently, however, the passage of the
Johnson Bill, and a resolution of the Export-Import
Bank passed in connection therewith, made the
extension of credits dependent on the adjustment
of the debt question. Negotiations on this matter
have not yet been concluded, and establishment of
favorable credit conditions has not yet taken place.
"As in a Looking-Glass"
A manufacturer of mirrors in Manorville, a small
town in western Pennsylvania, has held before his
striking employees a looking glass so they may see
themselves as others see them. Confronted with a
typical strike for shorter hours and increased pay,
L. H. Samuels, the employer, offered to exchange
places with the dissatisfied workmen.
"You may run the plant and employ me as a
salesman," he said to the strikers, as he offered to
turn the factory over to them, vesting in the proposed new operators the right to fix their own hours
for work, working conditions, and their own pay.
But did the discontented men accept the offer?
No, indeed. They flatly refused with the explanation that they had had no managerial experience.
"We don't want the factory," their chairman stated.
"What do we know about the market for mirrors?
Your idea is impracticable."
The fact is that in a manufacturing business, be
it large or small, there are at least three important
branches, dependent upon each other for the success
of the enterprise. The first is capital, which represents ownership coupled with sufficient ready funds
and credit to conduct the business financially; the
second is management, which covers not only factory operation, but the purchase of material; the
third is the marketing of products.
From beginning to end the chain must run
smoothly. If one link drops out, continuity is
destroyed and the business of the particular plant
affected comes to a standstill, to the detriment of
every individual concerned. Capital will suffer the
most because it has the most at stake. A workman
may lay down his tools and pick them up at will,
incurring only the loss of his wages, but an idle
plant representing a capital, investment will deteriorate, and as a result of the inability of the
management to fill orders already accepted, business
499
will be diverted to rival manufacturers and may be
difficult to recover.
Just one glance in the looking-glass revealed to
the strikers how greatly they are dependent upon
management for their daily wage and continuous
employment.
The Course of the Bond Market
Domestic corporation bonds were under severe pressure
until Friday of this week, when a'moderate rally occurred.
Second grade and speculative issues declined sharply in
sympathy with stock prices. On Thursday, the "war scare"
affected the market and all groups fell sharply, particularly
foreigns, which had previously resisted the general decline.
The Chairman of the new Securities and Exchange Commission spoke reassuringly as to the Commission's objectives in
regulating the exchanges, but this reassurance was offset by
a mass of adverse news. Sentiment was extremely pessimistic over the outlook for business and earnings and over
further unfavorable drouth news. There was no change in
the favorable fundamentals behind the high-grade bond
market. Money rates remained extremely easy and member bank reserve balances rose an additional $33,000,000.
Industrial issues sold off in sympathy with stocks, although there was little yielding in the prices of highest-grade
bonds. In the steel group National 5s, 1956, were off % at
1045%, Bethlehem 5s, 1936, lost % to 1037% and Republic
Iron & Steel 55%s, 1953, were 17% points lower at 92. Rubber bond declines included a 45% point recession in U. S.
Rubber 5s, 1947, to 82 and a loss of 5 to 80 by Goodrich 6s,
1945. Oils held better than the rest of the list. Motion
picture bonds were under pressure, Warner Bros. Pictures
falling to 51 from 525%. Miscellaneous losses included a
55% point drop in Childs 5s, 1943, to 41, a loss of 4 points by
International Cement 5s, 1948, to 91 and a decline of 5%
points in Certainteed Products 55%s, 1948, to 575%.
All classes of railroad bonds were lower during the past
week. Second-grade and speculative issues showed declines
up to ten or more points. High-grade bonds, such as Atchison gen.4s, 1995, were off one or two pointsfrom last Friday.
Medium-grade issues were easier with the Cleveland Union
Terminal first 45%s, 1977, closing at 947% compared with 95
last week and the Great Northern 7s, 1936, at 90% off 47%
points from the preceding week.
Many new lows were made by lower-grade rail issues.
The Alleghany coll. 5s, 1950, ended the week at 277% compared with 35 last Friday; Erie ref. 5s, 1975, at 655% compared with 717%; Missouri Pacific cony. 55%s, 1949, closed
at 7 off 15% points; St. Paul mtge. 5s, 1975, at 31, off 25%
points from a week ago.
Utility bonds, taking their cue from the stock market, also
sold off this week in rather heavy volume. Weakness in
speculative and second-grade issues became apparent early
in the week, but on Thursday the wide-open break affected
even the highest grades, and issues like Philadelphia Electric
4s, 1971, and United Electric of N. J. 4s, 1949, were off substantially. Declines in lower grades were sharper, speculative issues such as Birmingham Gas 5s, 1959, International
Hydro-Electric 6s, 1944, International Tel. & Tel. 45%s,
1952, Postal Tel. & Cable 5s, 1953, losing 5 to 7 points.
A sharp reaction occurred in the foreign bond section,
primarily as a result of the Nazi "Putsch" in Austria.
Among the hardest hit issues, were all classes of German and
Austrian bonds, as well as obligations emanating from Italy.
Polish and Danish bonds also receded somewhat. Argentine
issues showed considerable weakness in the course of the
week, due to factors unrelated to the Austrian developments.
Norwegian and Finnish bonds remained fairly stable, as did
Japanese obligations. Such speculative bonds as the obligations of Chile and Colombia also reflected the general weakness in the foreign bond market.
In the municipal section of the market, prices were slightly
lower for high-grade issues, while lower-grade issues were
under somewhat greater pressure. Issues of municipalities
in the severely affected drouth areas were, naturally, among
those exhibiting the greatest declines. No new issues of
importance were floated during the week.
Moody's computed bond prices and bond yield averages
are given in the following tables:
MOODY'S BOND YIELD AVERAGES.t
(Based on individual Closing Prices.)
MOODY'S BOND PRICES.
(Based on Average Yields.)
e
.646WM
i.okPeoWMMMpb000toboMM
,mo.0 comwommommm..vmmwmom
oo
cogomomwmo.mmo
boo
000o
v am
M
A
115.02 107.31
115.02 107.31
115.61 108.03
115.61 108.03
115.61 108.39
115.81 108.39
116.01 108.39
115.81 108.39
115.81 108.39
115.81 108.39
115.81 108.39
115.81 108.57
115.81 108.39
115.81 108.21
115.61 108.03
115.41 108.03
115.41 107.85
115.21 107.85
115.21 107.85
115.21 107.67
e Closed.
115.02 107.85
115.02 108.03
120 Domestic
Corporate* by Groups.
ItIL
96.08
95.78
96.85
97.31
97.62
97.78
97.94
97.94
97.78
97.94
97.94
98.09
97.94
97.78
97.47
97.31
97.31
97.16
97.00
96.85
78.21
77.55
79.56
80.03
80.60
81.18
81.54
82.14
82.02
82.14
82.38
82.82
82.50
82.62
82.38
82.26
82.02
82.14
82.02
81.90
97.47
97.00
98.41
98.73
99.20
99.36
99.68
99.84
100.00
100.17
100.17
100.49
100.49
100.33
100.17
99.84
99.68
99.68
99 52
99.36
97.00
97.00
81.78
81.90
99.52
99.68
P. U. Indus.
91.25
90.97
92.10
92.39
92.68
93.11
93.55
93.55
93.26
93.40
93.40
93.55
93.40
93.55
93.26
93.11
92.97
92.97
92.82
92.68
104.85
104.68
105.89
106.07
106.42
106.60
106.42
106.78
106.60
106.60
106.60
106.78
106.60
106.60
106.25
106.25
106.25
106.07
106.07
106.07
92.68 106.07
92.68 106.25
115.02 108.03
114.82 108.03
115.02 107.85
114.63 107.14
114.04 106.78
113.65 106.78
113.26 106.60
112.88 106.42
112.50 106.42
112.50 105.89
112.31 105.89
111.92 105.54
111.16 104.68
e Closed.
110.42 103.48
111.18 104.16
110.79 103.15
110.23 101.81
110.23 101.97
109.86 101.47
109.12 100.00
108.75 99.68
107.87 98.41
107.67 97.16
106.25 95.48
105.37 93.26
116.01 108.57
105.37 93.11
108.03 100.33
97.47 82.99
97.16
97.16
97.16
96.39
95.78
96.23
96.70
96.85
97.00
97.31
97.31
96.70
95.78
82.02 99.68
81.90 99.68
82.28 100.17
81.51 99.20
80.72 98.57
81.07 98.73
82.02 99.04
81.66 98.88
81.78 99.68
83.48 100.00
83.60 100.33
82.74 99.84
81.18 99.04
92.82
92.82
92.53
92.10
91.53
91.67
92.39
91.96
92.53
92.53
92.39
91.67
90.27
108.07
106.07
105.89
105.37
104.85
104.85
104.68
104.85
104.68
104.51
104.33
103.65
102.81
94.43
95.18
94.14
93.11
93.26
93.26
92.10
91.81
89.31
87.96
84.85
82.02
98.09
81.78
89.31
71.87
79.88 97.47
80.60 98.41
78.88 97.47
78.66 96.54
79.68 97.16
80.37 97.31
78.88 95.33
78.99 95.33
75.50 92.68
74.36 91.39
70.52 88.36
66.55 85.74
83.72 100.49
86.38 85.61
77.68 93.26
53.16 69.59
89.17
89.86
88.50
87.96
88.36
88.36
87.43
87.04
83.97
82.38
78.44
74.25
93.55
74.25
89.31
70.05
101.81
102.47
101.47
100.49
100.81
100.81
100.00
99.68
98.88
98.73
98.00
97.00
106.78
96.54
99.04
78.44
107.14
99.52
89.04
75.82
92.25
85.48
97.78
02.70
78.86
64.88
49.95
61.41
74.98
70.81
if
30
ForP. U. Indus. dm.
120 Domestic
Corporate by Groups.
120 Domestic Corporate "
All
by Ratings.
1934
120
Daily
DomesBaa,
A.
Ac.
Aaa.
tie.
Averages.
RR.
6.37
6.43
6.25
6.21
6.16
6.11
6.08
6.03
6.04
6.03
6.01
5.99
6.00
5.99
6.01
6.02
6.04
6.03
6.04
6.05
4.91
4.94
4.85
4.83
4.80
4.79
4.77
4.76
4.75
4.74
4.74
4.72
4.72
4.73
4.74
4.76
4.77
4.77
4 78
4.79
5.33
5.35
5.27
5.25
5.23
5.20
5.17
5.17
5.19
5.18
5.18
5.17
5.18
5.17
5.19
5.20
5.21
5.21
5.22
5.23
6.06
6.05
4.78
4.77
5.23
5.23
6.04
6.05
6.02
6.08
6.15
6.12
6.04
6.07
5.96
5.92
5.91
5.98
6.11
4.77
4.77
4.74
4.80
4.84
4.83
4.81
4.82
4.77
4.75
4.73
4.76
4.81
5.22
5.22
5.24
5.27
5.31
5.30
5.25
5.28
5.24
5.24
5.25
5.30
5.40
6.24
6.16
6.31
6.33
6.24
8.18
6.31
6.30
6.62
6.73
7.12
7.58
5.90
7.58
6.16
9.44
4.91
4.85
4.91
4.97
4.93
4.92
5.05
5.05
5.23
5.32
5.54
5.74
4.72'
5.75
4.83
7.22
5.48
5.43
5.53
5.57
5.54
5.54
5.61
5.64
5.88
6.01
6.35
8.74
5.17
6.74
5.43
7.17
3.91
July 27._ 4.90
3.91
26... 4.92
3.88
25__ 4.84
3.88
24... 4.82
3.88
23_ _ 4.80
3.87
21._ 4.78
20._ 4.77
3.86
3.87
19._ 4.76
3.87
18._ 4.77
3.87
17._ 4.76
3.87
16._ 4.76
3.87
14._ 4.75
3.87
13._ 4.75
3.87
12._ 4.76
3.88
11__ 4.77
3.89
10._ 4.78
3.89
9__ 4.79
3.90
7._ 4.79
3.90
6._ 4.79
3.90
5__ 4.80
4._ Stock E xehang e
3.91
3.. 4.80
3.91
2.. 4.80
Weekly3.91
lune 29__ 4.79
3.92
22._ 4.80
3.91
15._ 4.79
3.93
8-- 4.83
3.96
1__ 4.87
3.98
gay 25._ 4.86
4.00
' 18._ 4.84
4.02
11._ 4.85
4.04
4__ 4.83
4.04
kpr. 27__ 4.82
4.05
20._ 4.82
4.07
13._ 4.86
4.11
6.._ 4.93
1ar.30.._ Stock E xohang e
4.15
23__ 5.01
4.11
16._ 4.96
4.13
9._ 5.03
4.16
2._ 5.08
4.16
r'elv. 23._ 5.06
4.18
16._ 5.05
4.22
9._ 5.14
4.24
2.. 5.15
4.30
an. 26._ 5.31
19__ 5.38
4.30
4.38
12._ 5.59
4.43
5._ 5.81
3.86
.OW 1934 4.75
Ugh 1934 5.81
4.43
4.11
.0w 1933 4.96
4.91
Ugh 1933 6.75
'r. Ago4.33
ly. 2733 5.30
2 Yra.Ago
6.18
Iv.27'22 732
5.00
4.32
5.02
4.32
4.95
4.28
4.92
4.28
4.90
4.26
4.89
4.26
4.88
4.28
4.88
4.26
4.89
4.26
4.88
4.26
4.88
4.26
4.87
4.25
4.88
4.26
4.89
4.27
4.91
4.28
4.92
4.28
4.92
4.29
4.93
4.29
4.94
4.29
4.95
4.30
Closed.
4.94
4.29
4.94
4.28
4.93
4.28
4.93
4.28
4.93
4.29
4.98
4.33
5.02
4.35
4.99
4.35
4.96
4.36
4.95
4.37
4.94
4.37
4.92
4.40
4.92
4.40
4.96
4.42
5.02
4.47
Closed.
5.11
4.54
5.06
4.50
5.13
4.56
5.20
4.64
5.19
4.63
5.19
4.66
5.27
4.75
5.29
4.77
5.47
4.85
5.57
4.93
5.81
5.04
6.04
5.19
4.87
4.25
6.06
5.20
5.04
4.49
6.98
5.96
4.78
5.49
6.59
5.26
5.76
6.33
7.76
10.02
8.20
6.67
m 0
0c-0mr-ce..00cao000n0A000 moo
mmomemcc-ton0mmoo
ol
444mmmmelm.mmmolol.mmmm
olo1444444444w,m 400cm00040r00
coomt-t.nnt..mm000m.mmm 00 0
4.0,4444440.1,
444.0vv 44444 44 4444444444444 4444444444444446 4
0 ..100Q00000000000000O00000000000000 0000000V0W0Q0C.0000000000
e.t.4!m0 .40$-.C4Wp5m.CmOtn0.740W90000W000000
00M000400000000,00000F000.4-4
120 Domestic Corporate*
U. S.
120
by Ratings.
Govt. Domes1934
Bonds. tic.
Daily
Baez,
A.
Att.
Corp.' Aaa.
••
Averages.
July 27._ 106.06
26._ 106.12
25._ 108.54
24._ 106.57
23._ 106.72
21... 106.78
_20._ 106.79
19._ 106.74
18.. 106.72
17__ 106.64
16._ 106.69
14._ 106.71
13._ 106.74
12._ 106.78
II__ 106.81
10_ 106.55
CI__ 106.44
7__ 106.39
6__ 106.31
5._ 106.11
4__ Stock E
3__ 106.04
2._ 106.00
WeektvJune 29._ 106.04
22._ 105.79
15._ 106.00
8__ 105.52
1_ 105.27
May 25._ 105.13
18._ 105.05
11._ 105.11
4__ 104.75
lor. 27._ 104.21
20._ 103.65
13._ 104.35
6__ 104.03
gar.30__ StockE
23._ 103.32
16- 103.52
9__ 103.06
2._ 101.88
Feb. 23._ 102.34
M._ 102.21
9__ 101.69
2._ 101.77
ran. 26._ 100.41
19._ 100.36
12._ 99.71
5__ 100.42
1Ilgh 1934 108.81
,0vi 1934 99.06
Sigh 1933 108.82
1Atv 1933 98.20
tr. Agoly.27'33 103.34
2; Yrs.Ago
le 27,22 10102
July 28 1934
Financial Chronicle
500
7.47
7.53
7.36
7.35
7.35
7.36
7.36
7.36
7.37
7.36
7.38
7.35
7.37
7.37
7.37
7.40
7.42
7.43
7.45
7.45
7.50
7.51
7.48
7.49
7.53
7.35
7.29
7.25
7.20
7.14
7.16
7.28
7.21
7.20
7.22
7.34
7.23
7.25
7.38
7.49
7.52
7.58
7.87
7.97
8.06
8.32
8.53
7.13
8.65
7.23
11.19
8.85
11.61
and do not purport to show either the average
•These prices are computed from average yields on the basis of one "Ideal" bond (451% coupon, maturing in 31 years)
way the relative levels and the relative movement of
level or the average movement of actual price quo ations. They merely serve to II ustrate in a more comprehensive
1928, see the Issue of Feb.8 1932. page 907s
to
back
months
Moody's
by
For
Index
prices
market.
bond
of
bond
the
of
picture
truer
the
being
latter
the
yield averages,
• Actual average price of 8 long-term Treasury issues. t The latest complete list of bonds used In computing these indexes was published In the Issue of Feb. 10 1934,
page 920. ft Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
Indications of Business Activity
P'
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, July 27 1934.
progress, despite exfavorable
General business made
Steel operations
country.
the
over
all
weather
tremely hot
were slightly lower, but the output of electricity and lumber were larger and car loadings showed an increase over
the previous week. Automobile production was slightly
larger than in the previous week, but it has been curtailed
from the June level. Retail sales continued to increase, and
there was a steady rise in wholesale orders. Summer merchandise continued to move in fair volume. Retail business
has.been helped somewhat by special sales. A good demand
was maintained for women's and misses' dresses and suits,
and sales of footwear were good, especially of sport shoes.
Sales of sheets, pillow cases, towels and bedspreads were
the largest since the spring. Much of this demand was in
anticipation of higher prices after Sept. 1. There was a
good call for knit goods and bathing suits, and summer
millinery was moving rather freely. At wholesale, more
Interest was shown in men's clothing, women's dresses and
suits. Floor coverings and staple lines of.dry goods, groceries and hardware were also in demand. Orders continued large for women's coats and furs and household
articles such as electrical appliances and furniture. Agricultural commodities continued to rise early in the week,
because of continued hot and dry weather in the growing
areas of the country, but recently reacted sharply because
of rains and the disturbed political situation in 'Europe.
Cotton showed a decline for the week of 1 to 2 points, while
to 1c. Oats were off 34 to I/2c., and rye
wheat declined
was down 114 to 1%c. since last Friday. Corn, on the other
4c.,
hand, showed independent strength, and rose 1% to 21/
owing to bullish crop news. The trend of other commodities
was generally downward.
The weather was hot and dry pretty near all over the
country. In the Mid West temperatures were abnormally
high and caused 1,350 deaths before rain and cooling breezes
occurred on the 26th inst. The moisture halted devastation
of crops in some areas, but was too late in others. In
Chicago, on the 23rd inst., the temperature reached 104.8
degrees, the highest since 1903. Cincinnati's all-time heat
record was broken on the 21st inst. when the thermometer
climbed to 108.5 degrees, which was 3.3 degrees hotter than
ever before recorded in the city's history. Late last week
a brisk snowfall helped cool Colorado Springs. It followed
a drenching rain, the first since July 4. The pens, chutes
and alleys in Chicago were jammed with 80,000 thirst-crazed
cattle shipped in from the drouth-suffering Middle West,
and a national emergency is feared. In the Southwestern
cotton-growing areas it was hot and dry, but the Texas Gulf
Coast was swept by a storm of hurricane proportions
Wednesday, which added 30 persons to the list of weather
victims. The nation's high mark of 117 degrees of heat
was reached in Oklahoma. Temperatures were not abnormally high in New York City, but the humidity was high
and made it very uncomfortable most of the week. Great
thunder and rain storms swept England on the 24th inst.,
breaking the long drouth and leaving a trail of havoc everywhere. Hail damaged the French grape crop, and rain fell
over most of Germany over the week-end. To-day it was
fair and warm here, with temperatures ranging from 72 to
86 degrees. The forecast was for cloudy, probably occasional showers to-night and Saturday. Slightly cooler tonight. Cooler Saturday night. Overnight at Boston it was
72 to 92 degrees; Baltimore, 74 to 90; Pittsburgh, 70 to 96;
Portland, Me., 64 to 80; Chicago, 68 to 76; Cincinnati, 72 to
100; Cleveland, 68 to 82; Detroit, 60 to 80; Charleston, 76
to 86; Milwaukee, 62 to 72; Dallas, 80 to 96; Savannah, 78
to 90; Kansas City, 70 to 96; Springfield, Mo., 74 to 96;
St. Louis, 76 to 94; Oklahoma City, 78 to 100; Denver, 58
to 82; Salt Lake City, 80 to 96; Los Angeles, 68 to 00; San
Francisco, 54 to 72; Seattle, 58 to 70; Montreal, 60 to 82,
and Winnipeg, 54 to 80.
Financial Chronicle
Volume 139
Moody's Daily Index of Staple Commodity Prices in
Broad Decline.
Primary commodity markets have experienced a general
decline during the week in review, Moody's Daily Index of
Staple Commodity Prices losing 2.5 points to close at 141.5.
That the feeling of weakness was widespread is shown by
the fact that only one of the 15 commodities, corn, advanced
during the week, because of the drouth now centering in
the corn belt. Eleven staples declined, with hogs and hides
showing most pronounced weakness. Other losses, in the
order of their importance, were in wheat, wool tops, rubber,
cocoa, sugar, cotton, silk, silver, and lead. Steel scrap,
copper and coffee were unchanged.
The movement of the Index number during the week,
with comparisons, follows:
July 20
Fri.
Sat. July 21
Mon. July 23_.
Tues. July 24
Wed. July 25
Thurs. July 26
Fri.
July 27
144.0
not compiled
143.3
141.8
142.2
141.2
141.5
143.4
2 weeks ago, July 13
Month ago, June 27
140.0
July 27, 1933----140.0
Year ago,
148.9
1933 High, July 18
Low, Feb. 4
78.7
1934 High, July 19
144.8
Low, Jan. 2
126.0
Number of Surplus Freight Cars in Good Repair
Continues to Decline.
Class I railroads on June 30 had 337,606 surplus freight
cars in good repair and immediately available for service,
the American Railway Association announced on July 25.
This was a decrease of 11,298 compared with June 14, at
which time there were 348,904 surplus freight cars.
Surplus coal cars on June 30 totaled 93,684, an increase of
2,075 cars above the previous period, while surplus box cars
totaled 199,785, a decrease of 8,494 cars compared with
June 14.
Reports also showed 22,588 surplus stock cars, a decrease
of 4,095 compared with June 14, while surplus refrigerator
cars totaled 9,430, a decrease of 44 for the same period.
Freight Car and Locomotive Orders Show Large Increase Over Last Year.
Class I railroads of the United States on July 1 had 17,813
new freight cars on order, according to reports received by
the American Railway Association and made public July 25.
On the same day last year, 1,205 new freight cars were on
order and on the same date two years ago, there were 1,951.
501
week ended July 14 1934 were 7.8% under the same period
of 1933, but exceeded the corresponding week in 1932 by
19.7%. For the week ended July 7 1934, a decrease of 4.4%
under the 1933 figure was shown but when compared with
1932 the increase was 25.0%.
The first 15 major railroads to report for the week endet
July 21 1934 loaded a total of 271,049 cars of revenue freighd
on their own lines, compared with 263,876 cars in the preceding week and 285,072 ears in the seven days ended
July 22 1933. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars)
Loaded on Own Lines Received from Conneens.
Weeks EnviedWeeks EndedJuly 21 July 14 Joh/ 22 July 21 July 14 July 22
1934. 1934. 1933. 1934. 1934. 1933.
22.028
19,425
16,372
19,798
17,132
2,235
3,039
4,636
14,102
41,011
17,224
56,470
4.847
26,690
6,040
Atchison Topeka & Santa Fe_ ___
Chesapeake & Ohio
Chicago Burlington & Quincy_
Chic. Milw, St. Paul & Pacific_ _
Chicago & North Western
Gulf Coast Lines
International Great Northern
Missouri-Ka nsas-Texas
Missouri Pacific
New York Central Lines
Norfolk dr Western
Pennsylvania
Pere Marquette
Southern Pacific Lines
Wabash
Total
x Not reported.
22,473
19,499
15,698
17,984
15,449
1,881
2,842
4.802
13.859
39,802
16,448
58.188
4.968
26,107
5,876
18,786 5,038 4.569 4,541
22.953 9,541 9,164 9,349
18,167 6.090 5,590 6,183
19,022 6,339 6.095 7,010
17,292 8.350 7.744 8,885
2,126 1,125 1,122
976
2,510 1,958 1,746 1,275
4,564 2,650 2,580 2,266
15,245 7,451 7,126 7,123
48.070 49,382 49,165 60.831
20,253 3,588 3,648 4,073
64,291 33,675 33,517 40.438
5,006 3,676 3,581 4,489
20,942
5,845 6,571 6,758 7,258
271,049 263,876 285,072 145.434 142,405 164,675
TOTAL LOADING AND RECEIPTS FROM CONNECTIONS.
Week Ended-
Chicago Rock Island & Pacific 113,
Illinois Central System
St. Louis-San Francisco Ry
Total
July 21
1934.
July 14
1934.
July 22
1933.
20,987
25,316
12,169
20,790
24,208
12,474
23,017
26.870
12,119
68,472
57,472
62,006
The American Railway Association in reviewing the week
ended July 14 reported as follows:
Loading of revenue freight for the week ended July 14 totaled 602.778
cars, which was an increase of 82,971 cars above the preceding week, when
loading of freight was reduced owing to the July 4 holiday. The total
for the week of July14, however, was a reduction of 50.883 cars under the
corresponding week in 1933, but an increase of 99,017 cars above the corresponding week in 1932.
Miscellaneous freight loading for the week ended July 14 totaled 227,571
cars, an increase of 30,003 cars above the preceding week, but 13,923 cars
The railroads on July 1 this year also had 40 new steam locomotives on
below the corresponding week in 1933. It was, however, an increase of
order and 107 electric locomotives. New steam locomotives on order on
43,852 cars above the corresponding week in 1932.
July 1 1933, totaled one and on the same date in 1932, there were six on
Loading of merchandise less than carload lot freight totaled 157,798 cars,
order. No figures are available to show the number of new electric locoan increase of 19,863 cars above the preceding week this year, but 13.441
motives on order in previous years.
cars below the corresponding week in 1933, and 9,137 cars below the same
In the first six months of 1934, the railroads installed 5,360 new freight - week
in 1932.
cars. In the same period last year, 1,251 new cars were placed in
Grain and grain products loading for the week totaled 43,068 cars, an
service and for the same period two years ago, the total number installed
increase of 5,936 cars above the preceding week, but 8,463 cars below the
was 1,927.
corresponding week in 1933. It was, however,an increase of 841 cars above
One new steam locomotive and eight new electric locomotives were inthe same week in 1932. In the Western Districts alone, grain and grain
stalled in service in the first six months this year. The railroads in the
Products loading for the week ended July 14 totaled 26,203 cars, a decrease
first six months of 1933 installed one new steam locomotive, and 34 in the
of 8,530 cars below the same week In 1933.
corresponding period in 1932.
Forest products loading totaled 21,911 cars, an increase of 4.468 cars
Freight cars or locomotives leased or otherwise acquired are not included
above
the preceding week, but 6,680 cars below the same week in 1933.
in the above figures.
It was, however, an increase of 6,981 cars above the same week in 1932.
Ore loading amounted to 32,712 cars, an increase of 3,340 cars above the
week, 7,188 cars above the corresponding week in 1933, and
Number of Freight Cars and Locomotives in Need of preceding
26.173 cars above the corresponding week in 1932.
Repairs Decreases.
Coal loading amounted to 94.580 cars, an increase of 13.912 cars above the
Class I railroads on July 1 had 298,846 freight cars in need preceding week, but 18.752 cars below the corresponding week in 1933.
It was, however, an increase of 24.366 cars above the same week in 1932.
of repair or 15.3% of the number on line, according to the
Coke loading amounted to 4,416 cars, an increase of 280 cars above the
American Railway Association.
preceding week, but a decrease of 1,950 cars below the same week in 1933.
This was a decrease of 2,522 cars below the number in It was, however,an increase of 1,837 cars above the same week in 1932.
Live stock loading amounted to 20,722 cars, an increase of 5.169 cars
need of such repair on June 1, at which time there were 301,- above the
preceding week,5,138 cars above the same week in 1933,and 4,104
368 or 15.4%.
cars above the same week in 1932. In the Western Districts alone, loading
Freight cars in need of heavy repairs on July 1 totaled of livestock for the week ended July 14 totaled 17,074 cars, an increase of
5.427 cars above the same week in 1933.
231,960, or 11.9%, a decrease of 196 cars compared with the
All districts except the Central Western, reported reductions for tile week
number in need of such repairs June 1, while freight cars in ended July 14, compared with the corresponding week in 1933, but all disneed of light repairs totaled 66,886 cars, or 3.4%, a decrease tricts reported increases,compared with the corresponding week in 1932.
Loading of revenue freight in 1934 compared with the two previous years
of 2,326 compared with June 1.
follows.
Locomotives in need of classified repairs on July 1 totaled
10,803 or 22.3% of the number online. This was a decrease
of 277 compared with the number in need of such repairs
on June 1, at which time there were 11,080 or 22.8%.
Class I railroads on July 1 had 4,783 serviceable locomotives in storage compared with 4,899 on June 1.
Revenue Freight Car Loadings for Week Ended July 21
1934 Continue to Show a Decline as Against
Corresponding Week in 1933.
Loadings of revenue freight for the week ended July 21
1934 totaled 614,864 cars, a gain of 12,086 cars or 2.0%
over the preceding week, but a drop of 41,516 cars or 6.3%
from the loadings total in the corresponding period last year.
Loadings, however,showed a gain of 112,952 cars or 22.5%
over the comparable period of 1932. Total loadings for the
Four weeks In January
Four weeks in February
Five weeks in March
FOUlt weeks in April
Four weeks in May
Five weeks in June
Week ended July 7
Week ended July 14
Total
1934.
1933.
1932.
2,177,562
2,308,869
3,059,217
2,334,831
2,441,653
3,078,199
519,807
602,778
1,924,208
1.970,566
2,354,521
2,025.564
2,143.194
2,926,247
543,510
653,661
2,266,771
2,243,221
2,825,798
2,229,173
2,088,088
2.454.769
415,928
503,761
16.522.916
14.451.471
15.027.509
In the following table we undertake to show also the loadings for the separate roads and systems for the week ended
July 14 1934. During this period a total of 39 roads showed
increases when compared with the corresponging week last
year. The most important of these roads which showed
increases were the Atchison Topeka.& Santa Fe Ry. System,
the Southern Pacific Co.(Pacific Lines), the Great Northern
Ry., and the Duluth Missabe & Northern Ry.
502
Financial Chronicle
July 28 1934
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED JULY 14.
Total
24,471
28,321
23,120
27,760
31,914
4,720
9,081
12,061
211
1,449
6,960
1,937
19,581
1,723
286
237
4,689
9,107
12,786
178
1,507
7,624
2,304
23,553
1,495
574
333
3,982
6,695
9,826
193
1,451
6,139
874
16,373
1,398
369
202
5,846
5,086
11,270
1,485
926
6,045
36
25,073
2,048
25
166
6,618
5,465
13,992
1,874
928
6,799
60
28,258
2,002
29
220
58,246
64,150
47,502
58,006
66,245
405
1,362
7,039
30
306
149
1,564
2,244
4,686
2,631
3,878
3,592
3,128
909
6,752
2,573
903
1,501
8,988
67
95
1,651
838
4,891
6,396
209
7,022
3,581
4,854
875
6,758
2,382
959
1,655
12,259
83
115
2,056
824
5.100
7,918
260
8.560
4,032
6,377
994
7,032
2,982
567
1.216
6,876
47
176
217
2,059
3,658
6,367
3,076
4,359
4,968
4,227
903
5,876
3,068
147,002
110,870
136,777
159,365
447
27,216
3,802
229
5,349
94
209
76
774
1,104
56.188
11,022
5,804
25
3,332
552
31,438
2.745
305
5,605
49
308
66
1,033
1,234
63,763
12,175
10,391
58
3.403
a
21,987
1,243
140
5,119
2
145
96
1,013
1,100
49,998
9,916
2,737
33
2,076
476
12,645
1,366
8
8,886
94
24
28
2,022
788
33,517
12,833
3,496
1
4.384
793
14,665
2,302
7
9,640
33
17
23
2,211
1,183
38,349
15,077
2,618
115.671
133,125
95,605
80,568
91.166
19,499
16,448
777
3,114
22,906
20.188
777
3,425
14,953
11,898
713
2.331
9,164
3,648
918
686
9.221
4,041
1.071
521
39,838
47,296
29,895
14.416
14,854
6,304
1,067
497
82
42
1,536
355
347
6.298
18,003
126
6,728
1,093
582
181
60
1,373
591
411
6,457
20,610
172
6,088
637
444
141
45
1,451
354
279
5,611
15,874
146
4.166
1,116
644
235
92
758
626
2,938
2,574
10,152
472
4,554
1,603
809
291
67
88‘
834
3,757
3,289
11,984
699
AlleghenyDistrictAkron Canton & Youngstown__
Baltimore dr Ohio
Bessemer & Lake Erie
Buffalo Creek dr Gauley
Central RR. of New Jersey
Cornwall
Cumberland & Pennsylvania
Ligonier Valley
Long Island
b Penn.-Read. Seashore Lines
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas DistrictChesapeake dc Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern DistrictCroup AAtlantic Coast Line
Clinchtleld
Charleston & Western Carolina
Durham es Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. et Potomac_
Seaboard Air Line
Southern System
Winston-Salem Southbound_ _ _
o
4,248
1933.
159
499
953
2,754
142
291
1,574
334
666
9,207
4,050
350
271
1,326
2,803
536
44,702
51,096
39,973
22,389
25,906
Grand total Southern District-
79,359
89,354
71,043
46,162
54,675
Northwestern DistrictBelt Ry. of Chicago
Chicago & 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_
Great Northern
Green Bay & Western
Lake Superior & Ishpeming
Minneapolis & St. Louis
Minn. St. Paul & S. B. Marie
Northern Pacific
Spokane International
Spokane Portland & Seattle....
730
17,849
2,169
17,984
3,237
9,843
1,533
3,534
281
14,622
437
1,570
1,573
5,498
8,540
232
1,298
889
19,080
2,901
19,446
3,881
6.599
953
5,361
369
10,920
510
2,320
2,253
5,827
9,117
280
1,046
90,930
91,752
61,281
34,521
35,705
22,473
2,945
205
15,698
1,265
10,886
2,381
836
1,664
231
1,077
2,032
1,018
97
20,464
323
376
11,369
187
1.761
20,256
3,259
178
16,335
1,520
12,921
2,565
620
1,255
175
1,124
2,040
625
286
16,173
381
445
12,056
169
1.146
25,046
3,317
109
13,130
a
13,381
2,247
613
1,287
199
1,476
a
630
266
15,269
218
292
11,063
163
1,279
4,569
2.117
26
5,590
564
5,704
1.533
899
2.014
19
821
939
600
9
3,895
284
982
6,746
6
2.142
4,226
1,647
22
5,756
728
6,986
2,037
798
1,769
19
690
1,070
264
47
2,926
283
1,037
6,000
5
1,290
97,288
93,529
89,985
39,459
37,600
178
141
144
1,881
2,842
165
1,498
1,285
76
278
557
70
4.802
13,859
48
94
7,849
1,782
5,643
4,383
1.723
17
213
149
120
2,123
4,523
130
1,498
1,125
135
332
472
132
4,639
14.668
Si
65
7.398
2,624
5,029
4,139
2.016
17
3,287
212
150
1,122
1,746
854
1,376
748
268
762
187
242
2,580
7.126
13
111
3,041
1,664
2,168
3,654
2,256
34
3,364
338
145
938
1.292
752
1,229
952
258
716
135
306
2,206
7,526
7
72
3,342
1,579
1,955
3,474
2,619
33
Total
Total
Central Western DistrictAtch. Top.& Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy..
Chicago& Illinois Midland....
Chicago Rock Island & Pacific_
Chicago dr Eastern Illinois- Colorado dr Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City
Illinois Terminal
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph dr Grand Island.
ToledoPeoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern DistrictAlton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern..
KansasOklahoma dr Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas_
Litchfield dr Madison
Midland Valley
Missouri & North Arkansas
Missouri-Kansas-Texas Linea
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR.Assn. of St. Louis
Weatherford M. W.& Northw_
.c000
.
nm.
.
Grand total Eastern District.. 130,377
132
440
730
2,363
179
355
1,301
317
651
7,776
3,650
306
248
1,160
2,197
584
0
61,206
226
633
552
2.846
154
294
763
308
993
15,581
13,126
123
146
1,593
2,370
267
.t14
51.011
212
1,015
691
4,457
224
309
812
445
1,246
17,712
18,680
171
169
1,908
2,727
318
NN.VN.AACCut.t...30.00
40.248
232
902
643
3,300
175
384
911
356
1,121
16,887
15,102
177
97
1,659
2,462
294
..;°'
54.531
1934.
NMOOOO.MW
47,660
1932.-
toCcCcto
286
4,767
9,693
2,626
1,583
12,019
940
1933.
Cc
258
3,802
8,340
2,469
1,515
10,434
942
1934.
to
690
2,655
6,860
609
2,388
9,313
605
Group BAlabama Tenn. dr Northern...
Atlanta Birmingham & CoastAtl. de W.P.-West. RR.of Al
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile dr Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah
Mississippi Central
Mobile & Ohio
Nashville Chatt. & St. Louis
Tennessee Central
2,283
8,383
2,118
5,989
2,966
77
316
4,480
152
1,978
497
82
1,275
1,854
2,222
149
884
31,070
23,773
49,315
51.603
38.258
28.769
34.657
45.082
33.610
33.238
Total
a Not available. b Pennsylvania-Reading Seashore Lines include the new consolidated lines of the West Jersey & Seashore RR.. formerly part of Pennsylvania
RE.. and Atlantic City RR.. formerly part of Reading Co.
Total
-30.0--4.7 +25.5
+2.4 +22.9
+11.6
-_
+0.4--14.6
-17.1
+3.5 -10.1
1934,
ootnco...coo,
;-41.0.L40
-12.7-50.6*
-1-9-J•
1933.
to
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Stationery
Paper
Diamonds
Jewelry
Stock
Net
End of
Sales. Month.
+22.1
+12.1
-17.0
--_
Per Cent of
Charge Accounts
Outstanding
May 31
Collected in
June.
M
The shoe, cotton goods, men's clothing, and diamond firms reported
sizable decreases in sales from a year ago, and sales of silk goods, reported
on a yardage basis by the National Federation of Textiles, were only half
of the 1933 volume. The hardware, paper, drug, and jewelry concerns
showed moderate changes in sales from a year ago, and in no case was the
comparison as favorable as in preceding months. The stationery and
grocery firms, however, reported rather substantial gains in sales over last
year, although in the case of grocery concerns, the exclusion of liquor sales
from the 1934 figure reduces the increase to about .1,6%. For the first six
months of 1934, sales of the reporting wholesale firms averaged 25% higher
than in the corresponding period of 1933.
Substantial gains over a year ago in stocks of merchandise on hand were
again reported by the grocery, drug, and hardware concerns, while stocks
held by the diamond and jewelry firms continued lower than a year ago.
Collections continted to average higher than last year.
Commodity.
Percentage
Change
June 1934
Compared with
June 1933.
A.ow.wal.ywat.ao
0.4.w.a.wmow
Wholesale Trade During June in New York Federal
Reserve District 4% Below June 1933-First Drop
Since April 1933.
The' Federal Reserve Bank of New York, in its Aug. 1
"Monthly Review," says that "during June total sales of
the reporting wholesale firms in the Second (New York)
District averaged 4% below a year ago, the first decrease
since April 1933, owing largely to the fact that year to year
comparisons are now being made with a period in which
wholesale trade showed substantial recovery." The bank
adds:
to
•
Group C
Ann Arbor
Chicago Ind. dr Louisville
C. C.C.& St. Louis
Central Indiana
Detroit & Mackinac
Detroit dr Toledo Shore Line
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis.
PereMarquette
Pittsburgh & Lake Erie
Pittsburgh dz West VirginiaWabash
Wheeling & Lake Erie
1933.
Total Loads Received
from Connections.
moo.c...twmcommwc..4o
Total
1934.
879
2,967
8,230
1,065
3,082
11,450
648
m.
Group BDelaware dr Hudson
Delaware Lackawanna & West_
Erie
Lehigh de Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_
Pittsburgh & Shawmut
Pitts. Shawmut dr Northern
1932.
924
2,695
7,131
959
2.760
9,371
631
Ccor
Total
1933.
Total Revenue
Freight Loaded.
Railroads.
W004,
0WOIC.N,
ON,P..A.W.M.
,*,
1934.
Eastern District.
Group ABangor & Aroostook
Boston & Albany
Boston dr Maine
Central Vermont
Maine Central
N. Y. N. H. & Hartford
Rutland
Total Loads Received
from Connections.
0,000
OCo
-4
.
WO>.
Total Revenue
Freight Loaded.
Railroads.
Percentage
Change
in
Net Sales.
First Six
Mos. 1934
from 1933_
+27.9
+33.9
+20.9
-23.4.
+5.8
+12.2
+14.2
+24.8
+26.3
1 +20.1
I +85.4
-4.4
..54.5
.57n
+25 4
Weighted average
Quantity figures reported by the National Federa ion of Textiles, Inc., successor
not
America.
Inc.;
included
in
of
Association
weighted
average
for total'
to the Silk
wholesale trade.
Decrease Noted in "Annalist" Weekly Index of
Wholesale Commodity Prices for Week of July 24.
The "Annalist" Weekly Index of Wholesale Commodity
Prices shows a drop of 1.0 point, the index declining to 114.5.
on July 24 from 115.5 (revised) on July 17. In stating this,
the "Annalist" said:
503
Financial Chronicle
July 24 1934. July 17 1934. July 25 1933.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
v All ennmnilltlaa in nlrl 'Inner h..i.
•Preliminary. x Revised.
and. Holland and Belgium.
91.3
105.1
119.3
117.5
104.3
107.2
96.9
85.3
102.5
733
102.6
113.8
x113.0
164.0
110.3
113.8
98.9
88.7
1115.5
RR 5
100.5
113.0
•113.2
164.0
110.2
113.6
98.9
88.7
114.5
RR n
y Based on exchange quotations for France, Switzer-
Chain Store Sales in New York Federal Reserve District
During June 9% Above June Last Year.
The Federal Reserve Bank of New York, on July 25, announced that "total June sales of the reporting chain store
-systems in the Second (New York) District were approximately 9M% higher than a year ago, a somewhat smaller
increase than occurred in the previous month." The Bank
continued:
Sales of the candy chains again showed a substantial gain over a year
ago, which after making allowance for one more Saturday this year than
last was about the same as last month's increase. Ten-cent and variety
chain store sales also continued well above a year ago, but in each case the
percentage increase was not quite as large as in May. Sales of chain drug
stores were only 1% higher than a year ago, the least favorable comparison
In four months, and sales of grocery and shoe chains were smaller than a
year ago following increases in May. For the first half of 1934, total chain
store sales were 13% higher than in the corresponding period of 1933.
Between Juno of this year and June a year ago the drug and shoe chains
reduced considerably the number of stores operated; sales per store of these
types of chains showed a very favorable comparison with sales in June of
last year, which was not indicated by the figures for total sales. Candy
chains reported a moderate gain in the number of units operated in June
1934 compared with a year ago, and sales per store increased less than total
sales. For all reporting lines, the increase over a year ago in sales per store
was slightly larger than the increase in total sales.
Percentage Change
Jan.-June 1934
Compared with
Jan.-June 1933.
Percentage Change June 1934
Compared with June 1933.
Type of Store.
Number
of Stores.
Total
Salts.
Sates Per
Store.
Total
Sales.
Sales per
Store.
-1.4
-0.1
-10.8
-22.3
-0.4
+6.0
2.7
+14.4
+1.1
-2.5
+14.4
+25.4
-1.3
+14.6
+13.3
+25.5
+14.9
+18.3
+3.1
+16.3
-0.4
+8.5
+21.6
+15.0
+4.6
+16.7
+22.6
+37.3
+21.9
+4.8
-2.2
+9.4
+11.9
+13.2
+16.1
Grocery
Ten-Cent
Drug
Shoe
Variety
Candy
Total
Wholesale Commodity Price Index of United States
Department of Labor Increased 1.2% During June.
The Bureau's index number of wholesale commodity prices
advanced by 1.2% in June according to an announcement
made June 20 by Commissioner Lubin of the Bureau of
Labor Statistics of the United States Department of Labor.
The general level rose to 74.6% of the 1926 average as compared with 73.7% for May. In issuing the announcement
Mr. Lubin stated:
The present index stands at the highest point reached since April 1931,
when the index was 74.8. Of the 10 major groups of commodities covered
by the Bureau, 6 showed an increase, 3 recorded decreases, and 1, housefurnishing goods, remained unchanged. The upward trend in prices was
well distributed with 182 items showing price advances. Declining prices
were reported for 161 or less than 20% of the commodities carried in the
Bureau's index. More than one half of the items, 441 in all, showed no
change In average prices. Changes in prices by groups of items are as
follows:
Group-
Farm products
Foods
Hides and leather products
Textile products
Fuels and lighting materials
Metals and metal products
Building materials
-Chemicals and drugs
Houseturnishing goods
Miscellaneous
Total
Increases.
Decreases.
No Change.
41
64
3
6
12
18
15
9
6
8
23
20
12
37
5
23
12
8
11
10
3
38
26
69
7
89
59
72
44
34
182
161
441
Raw materials, including basic farm products, raw silk, crude rubber and
other similar commodities, registered approximately a 3%% advance.
Semi-manufactured articles, including such items as leather, rayon, iron
and steel bars, wood pulp and other like goods, declined by slightly more
than 1%. Finished products, among which are included more than 500
manufactured articles, moved upward by ji of 1%.
The non-agricultural commodities group, which includes all commodities
except farm products, advanced nearly j4 of 1%. The combined index for
all commodities exclusive of farm products and processed foods decreased
by slightly less than 1% between May and June.
The index as a whole shows an increase of more than 143i% over June
1933, when the level was 65% of the 1926 average. The advance which has
occurred over the past two years, since June 1932, when the index was
63.9, amounts to nearly 17%. The increase over June 1931 is nearly 33. %.
When compared with June 1930, present prices are lower by 14% and as
compared with June 1929, they are down by slightly more than 21M %.
The general level in June was nearly 25% above the low point of 1933
(February), when the index was .59.8.
Continuing, Mr. Lubin's announcement said:
The largest increase from May to June of any of the major groups was
recorded by farm products with the average advancing more than 6%. The
more than 13% rise in market prices of grains and decided advances in
prices of hogs, cotton, fresh milk and other farm products were largely
responsible for the upward movement. The price of hogs rose by 16
hay more than 10%, hops nearly 9%,fresh milk at Chicago more than 12%
and fresh milk at New York 16%. The present level of market prices of
farm products is 19% above one year ago. It is 3834% higher than in
June 1932. As compared with June 1929, however, present prices of farm
products are lower by nearly 39%. Important items showing price decreases in this group were sheep, calves, flaxseed, potatoes and wool.
The foods group rose slightly more than 4% and registered the second
largest increase. The present level for this group is 69.8% of the 1926
average and shows an advance of 14% over June of last year, when the index
was 61.2. Important price advances were reported for butter, cheese,flour.
hominy grits, corn meal, fresh beef, bacon, ham, lard, oleomargarine, oleo
oil, raw and granulated sugar and vegetable oils. On the other hand,
lower average prices were reported for dried fruits, mess pork, coffee, copra.
cocoa beans and pepper.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES.
(1926=100.0)
Groups and Subgroups.
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese and milk
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and leather products
Boots and shoes
Hides and skins
Leather
June May June June June June June
1934. 1934. 1933. 1932. 1931. 1930. 1929.
63.3
72.4
48.3
69.4
69.8
73.0
89.2
70.1
62.2
62.8
87.1
98.4
70.1
75.3
86.8
72.7
82.6
86.0
62.8
25.0
80.8
74.8
72.8
76.9
95.0
85.0
•
•
50.6
87.7
91.1
88.6
95.0
68.5
75.1
87.8
91.1
93.9
86.3
80.3
75.1
94.5
92.0
75.6
78.6
73.1
67.9
73.4
82.0
85.1
79.0
70.2
44.6
86.9
83.5
27.7
83.1
67.3
72.9
78.2
76.9
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
Non-ferrous metals
Plumbing and heating
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
Houseturnishing 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
78.2
Products and foods
- .,
••• _
----
59.6 53.2
63.9 57.4
47.8 46.6
65.0 56.2
67.1 61.2
67.1 63.1
87.3 70.7
68.2 63.9
60.0 52.4
60.8 61.1
87.9 82.4
98.5 85.5
73.5 81.4
76.3 74.3
86.8 78.5
73.6 61.5
82.7 64.5
86.3 67.1
65.3 50.9
26.5 35.2
81.0 68.8
77.3 73.6
72.5 61.5
75.7 76.8
94.6 78.3
84.5 75.3
88.9 91.4
94.6 101.7
50.7 34.4
89.1 79.3
91.1 83.0
90.2 76.2
97.3 90.4
68.1 63.2
75.0 67.4
87.3 74.7
91.2 77.0
89.4 81.8
85.9 67.4
80.3 71.9
75.0 67.4
94.5 81.7
92.0 80.6
75.4 73.7
78.6 81.5
72.8 55.5
66.4 68.0
73.2 63.0
82.0 73.4
84.1 73.6
80.1 73.4
69.8 60.8
44.6 40.1
72.5 55.8
83.7 73.5
27.7 12.6
83.6 75.0
65.1 56.2
73.7 65.3
77.8 69.0
76.6 67.4
78.9
68.9
"0"
az ex
.g000moo&w.c.
c4.4oc..00 .
44..wm.4-4-..lom000m..4c..4.4.4m4..o.400.4o.00.4mmomooc...ww .
.40.4.1..o&omomo.4....ow-4,000-4wo.o.comoo.-o..00-40.-4.2t4omo..4oc4ot4o.4mom-4u.
Volume 139
Declines in farm and food products were responsible for the decrease.
In the farm products group the outstanding declines were in wheat, steers,
hogs and cotton. Declines in beef prices were the principal cause of the
decrease of the food products index. Other commodities showed little
change for the week.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for seasonal variation (1913=100).
000
65.4
56.0
61.9
70.8
73.3
78.8
74.3
76.4
71.3
68.5
88.0
94.6
65.5
87.8
101.4
66.6
76.3
67.6
59.8
41.9
68.0
75.5
62.9
88.8
83.2
81.5
98.6
101.9
30.7
84.4
94.2
83.5
94.2
61.2
86.6
79.3
83.7
77.7
68.5
80.0
86.6
84.3
85.4
79.4
82.5
62.6
79.8
82.4
86.4
83.4
89.8
69.7
46.0
61.1
80.7
13.3
88.2
64.7
69.3
76.0
73.4
88.9
78.7
88.5
92.7
90.8
90.2
82.9
109.0
99.9
78.1
102.4
103.0
99.0
102.9
105.5
81.6
86.7
87.2
81.8
60.5
79.7
86.2
78.9
85.8
88.6
84.0
97.5
99.7
63.6
91.9
94.5
89.0
100.8
79.8
88.3
89.9
88.5
91.7
85.6
92.4
88.3
86.8
93.0
89.4
94.0
68.5
85.3
94.1
93.4
92.3
94.6
78.4
50.3
102.0
86.4
25.9
96.9
84.9
81.7
88.4
86.3
103.3
91.0
111.0
102.3
99.1
105.2
85.1
97.4
111,5
90.3
107.9
106.1
110.9
110.3
105.9
90.1
90.0
97.8
88.7
79.9
88.3
92.6
84.5
88.1
89.6
84.7
94.4
94.4
76.6
101.2
99.0
95.5
107.8
105.5
95.7
95.2
93.1
94.6
94.0
.92.6
95.7
99.6
97.4
93.4
97.8
70.8
92.6
96.7
94.6
93.8
95.5
82.4
54.5
106.2
89.2
42.7
99.2
96.6
92.4
95.0
93.5
74.1
85.7
91.9
70 1
202
On')
*Data not yet available.
Wholesale Commodity Price Index of National Fertilizer
Association Advanced to New High During Week
of July 21.
Wholesale commodity prices advanced to a new high level
during the week ended July 21 according to the index of the
National Fertilizer Association. The index advanced four
points, rising from 72.0 to 72.4, and is at the highest point
since April 25 1931. A month ago the index stood at 72.0
and a year ago at 67.3. (The three-year average 1926-1928
equals 100.) In announcing the foregoing on July 23 the
Association also said:
Eight of the 14 groups in the index were affected by price changes during
the latest week. Four groups advanced and four declined. Advances
were shown for foods, grains, feeds and livestock, textiles and fertilizer
materials. All of the gains were substantial, and three of the four groups
were among the most heavily weighted in the index. Declining groups
were miscellaneous commodities, automobiles, building materials and mixed
fertilizer. All of the declines were small.
During the latest week prices for 42 commodities advanced and prices for
23 declined. A week ago there were 34 advances and 18 declines. Two
weeks ago there were 20 advances and 28 declines. Cotton gained onethird of a cent a pound during the week. Wheat advanced seven cents a
bushel at Chicago and Kansas City and nine cents at Minneapolis. Corn,
other grains feedstuffs, eggs, milk and light weight hogs also advanced.
Other commodities that advanced included cottonseed meal, cotton yarns,
sugar, beef, flour, oranges, tin, laundry starch, rubber and potash salts.
Financial Chronicle
The list of declining commodities included burlap,lard, butter at New York.
potatoes, apples, zinc, silver, glass and hides.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
Per Cent
Each Group
Bears to the
Total Index.
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
100.0
Group.
Latest
Week
July 21
1934.
Preceding
Week.
Month
Ago.
Year
Ago,
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles_
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural implements._ _.
71.0
69.8
62.3
71.9
69.3
88.7
80.7
82.2
86.2
51.6
93.2
66.9
76.3
98.8
69.7
69.8
60.9
71.0
69.6
90.8
80.8
82.2
86.2
.51.6
93.2
66.3
76.9
98.8
70.2
69.2
60.7
69.3
69.9
90.8
81.4
83.8
86.2
51.4
93.2
65.9
76.9
98.8
70.0
57.7
55.3
66.5
67.0
84.4
74.1
78.6
77.2
55.9
86.6
65.8
65.9
90.1
79 4.
72 n
720
57 2
All arnuna enrnhlemel
of 332% Reported by Federal Reserve Bank of
York in Department Store Trade During
June as Compared With Year Ago.
"For the month of June," states the New York Federal
Reserve Bank, "total sales of the reporting department
stores in the Second (New York) District were approximately
33/% higher than last year, a smaller percentage increase
than in the previous month." The Bank, in its "Monthly
Review" of Aug. 1, also says:
Increase
New
A rise of 2% was indicated after exclusion of sales of liquor from this
Year's figures. The largest percentage increases in sales were shown by the
Bridgeport, Southern New York State, and Hudson River Valley District
stores. The other districts also showed increases which were larger than
that indicated for the Metropolitan area of New York, with the exception of
the capital district where sales were smaller than a year ago. For the
first half of 1933, total department store sales in this district were
955%
ahead of the corresponding period last year. Apparel store sales in June
were 7% larger than a year ago and the total for the first six months of this
Year was 15% larger.
Stocks of merchandise on hand at the end of June, while remaining 11%
higher than the year previous, showed a smaller year to year increase than
in the preceding 10 months. Both department stores and apparel stores
continued to report a higher rate of collections than a year ago.
Percentage Change from
a Year Apo.
Locality.
June.
New York
Buffalo
Rochester
Syracuse
Northern New Jersey
Bridgeport
Elsewhere
Northern New Yolk State
Southern New York State
Hudson River Valley District
Capital District
Westchester District
All department stores
Apparel stores
P. C. of Accounts
Outstanding
May 31
Stock
on Hand Collected in June
Feb.
End of
to June. Month. 1933.
1934.
• Net Sales.
+2.9
+7.6
+5.2
+4.7
+3.0
+16.4
+5.8
+5.0
+10.8
+11.1
-6.4
+7.0
+3.6
+7.2
+9.1
+13.1
+12.6
+9.0
+5.8
+18.0
+10.8
+1.2
+13.8
+9.9
+11.0
+11.7
+5.7
+6.8
-0.2
+16.9
+3.5
+2.8
+15.3
+32.2
45.7
41.0
42.7
25.6
38.6
35.3
30.0
_
_
50.3
45.6
46.7
36.4
43.1
39.6
31.5
41.6
43.1
46.4
43.7
June sales and stocks in the principal departments are
compared with those of a year previous in the following
table:
Men's furnishings
Hosiery
Men's and boys' wear
Shoes
Woolen goods
Women's ready-to-wear accessories
Silks and velvets
Toys and sporting goods
Books and stationery
Cotton goods
Luggage and other leather goods
Toilet articles and drugs
Women's and misses' ready-to-wear
Home furnishings
Silverware and Jewelry
Linens and handkerchiefs
Musical instruments and radio
Furniture
Miscellaneous
Net Sales
Percentage Change
June 1934
Compared with
June 1933.
Stock on Hand
Percentage Change
June 30 1934
Compared with
June 30 1933.
+10.9
+8.9
+8.7
+8.1
+6.6
+5.6
+3.2
+3.1
+3.0
-2.1
-2.9
-3.7
-3.9
-5.3
-6.3
-7.5
-12.0
-14.3
+5.3
+15.0
+10.6
+17.5
+17.6
-7.2
+6.7
-0.5
+11.9
+3.7
+4.6
+1.9
+14.0
+13.1
+7.3
+8.7
+12.6
+5.1
+32.7
+1.9
As to sales in the metropolitan area of New York during
the first half of July the Bank reports:
During the first half of July, total sales of the reporting department stores
in the Metropolitan area of New York were 4% higher than in the corresponding period a year ago, and excluding sales of liquor from this year's
figures, the increase amounted to 2%. Somewhat less than the usual
seasonal recession appears to have occurred between June and the first
half of July, following a counter-seasodal decline between May and June.
For the month of June, total sales of the reporting department stores in
this district were approximately 3 yi% higher than last year, a smaller percentage increase than in the previous month.
Lubin of the Bureau of Labor Statistics of the United
States Department of Labor. "The Bureau's index number
for the week ended July 14 decreased to 74.5% of the 1926
average, as compared with 74.7% for the week ended July
7," Mr. Lubin said, continuing:
The present decline shows a decrease of 0.7 of 1% from the level of
three weeks ago, when prices registered the highest point reached this
Year with an index of 75.0. Current prices are, however, 8.1% higher
than the corresponding week of last year, when the index was 68.9, and
approximately 15% above two years ago when the index was 65.0. The
general index is 5% above the low point of the year reached during the
week of Jan. 6 with an index of 71.0.
Of the 10 major groups of commodities covered by the Bureau, seven
showed decreases; one, farm products, recorded an advance, and two.
house furnishing goods and miscellaneous, remained at the levels of the
week before. The important group of all commodities other than farm
products and foods showed a decrease of 0.4 of 1%. Of the 47 sub-groups
of closely related items, 14 showed a decrease, 10 registered an increase
and 23 remained unchanged from the previous week.
Decreases in the market prices of lumber, structural steel and other
steel products, bar silver, gasoline, butter, cheese, rye and wheat flour,
corn meal, potatoes, coffee, eggs, hides, skins, certain vegetable oils,
fertilizer materials, denims, hosiery, hogs, live poultry and hay were
largely responsible for the present decline. Among the important items
showing price advances were pig tin, antimony, dried fruits, fresh beef,
ham, fresh pork, veal, lard, copra, oleo oil, menthol, print cloth, carded
yarns, raw silk, silk yarns, burlap, manila hemp, crude rubber, corn.
oats, wheat, cows, calves, steers, lambs and cotton.
The announcement issued July 19 by Mr. Lubin continued:
Building materials registered the greatest decline of any of the major
groups of commodities. The decrease for the group was 0.7 of 1%. Average prices of lumber decreased 2% to a new low for the year. Declining
prices of chinawood oil and turpentine caused the decrease for paints
and paint materials. Structural steel fell by nearly 3% in average price
during the week. The present index of the group as a whole, 86.9, compares with an index of 85.5 for the week of Jan. 6, the low point for the
year, and 87.8 for the week of June 9, the high point of the year. Corresponding indexes for the group for a year ago and two years ago are 78.8
and 69.7. respectively.
Due to the steady decline of iron and steel, the metals and metal products
group decreased 0.6 of 1% in the week. This sub-group has fallen approximately 334% in the last six weeks. On the other hand, due to increases in average price of pig tin and antimony, nonferrous metals subgroup moved upward, equaling the high point of the present year reached
during the week of June 23. Declining prices of petroleum products more
than offset the slight rise in average prices of anthracite and resulted in
a M of 1% decline for the fuel and lighting materials group.
Lower prices for butter, cheese, cereal products, fresh mutton, coffee
and other food items were largely responsible for the 0.3 of 1% decrease
in the food group. The sub-group of butter, cheese and milk declined
1%, cereal products 1.6% and fruits and vegetables 1.4% during the
week. Contrasted with these decreases was a 1.1% advance in the average
price of meats, due mainly to higher prices for fresh beef, fresh pork, ham
and veal.
The 2.2% decrease in the sub-group of hides and skins caused the hides
and leather products group to decrease 0.3 of 1%. The general average
of leather showed no change during the week. The chemicals and drugs
group also declined 0.3 of 1%. due mainly to lower prices of palm kernel
oil, cocoanut oil and fertilizer materials. The gub-group of drugs and
Pharmaceuticals advanced to the highest level reached this year, while
the sub-group of chemicals equaled the low for the year. Fluctuating
prices in the textile products group resulted In a 0.1 of 1% decline for the
group. The present index, 71.4, is the lowest level recorded during this
year.
The nearly 3% decline in prices of cattle-feed was offset by the approximate 3% advance in crude rubber and resulted in no change in the
level of the miscellaneous commodity group. The house furnishing goods
group also showed no change in average prices.
Following continued decreases for the previous two weeks, farm products
showed a reaction and the index for the group advanced 0.6 of 1%. The
present index of 64.5% of the 1926 average, as compared with 64.1%
for the week ended July 7. This index compares with 56.4, the index
for the week of Jan. 6, the low point of the year. and 65.8 the index for
the week of June 23, the high point of the year. The present increase
in farm products is largely attributable to the 2% advance in grains, the
1% rise in livestock and poultry, and more than 3% gain in the price
of cotton.
The index number of the Bureau of Labor Statistics is composed of 784'
separate price series, weighted according to their relative importance in
the country's markets and based on the average prices for the year 1926
as 100.0. The accompanying statement shows the index numbers of the
main groups of commodities for the past five weeks, and for the weeks
ended July 15 1933 and July 16 1932.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF JULY 14,
JULY 7, JUNE 30, JUNE 23 AND JUNE 16 1934, AND JULY 15 1933
AND JULY 16 1932.
(1926=100.0)
Week Ended.
July 14 July 7 June 30 June 23 June 16 July 15 July 16
1934. 1934, 1934, 1934. 1934. 1933. 1932.
Farm products
Foods
Rides & leather products
Textile products
Fuel & lighting materials
Metals & metal products
Building materials
Chemicals & drugs
House furnishing goods- Miscellrnenus
All commodities other
than farm products &
foods
All commodities
United States Department of Labor Reports Further
Decline in Wholesale Commodity Prices During
Week of July 14.
Wholesale commodity prices showed a further weakening
during the week of July 14 and declined 0.3 of 1%, according to an announcement made July 19 by Commissioner
July 28 1934
64.5
70.8
87.6
71.4
73.8
86.4
86.9
75.5
83.1
69.9
84.1
71.0
87.9
71.5
74.2
86.9
87.5
75.7
83.1
69.9
64.8
70.9
88.2
71.8
73.3
87 0
87.8
75.8
83.2
70.1
65.8
71.3
88.1
72.5
73.4
87.1
87.6
75.5
83.2
70.5
63.7
70.2
87.6
72.5
73.7
88.0
87.7
75.4
83.4
70.3
61.1
65.9
85.4
66.5
66.7
80.6
78.8
72.9
74.0
63.5
48.7
61.2
68.5
51.5
72.8
80.3
69.7
73.0
75.6
64.3
78.3
78.6
78.5
78.7
78.0
72.2
70.0
74.5
74.7
74.8
75.0
74.6
68.9
65.0
Electric Production Shows Gain of 0.6% Over
Corresponding Period of 1933.
The production of electricity by the electric light and power
industry of the United States according to the Edison
Electric Institute, for the week ended July 21 was 1,663,771,Weekly
000 kwh. This was a gair of 0.6% over the same period
in 1933 when output totaled 1,654,424,000 kwh. Production for the seven days ended July 14 totaled 1,647,680,000
kwh., a slight decline (0.0%) from the 1,648,339,000 kwh.
produced in the corresponding week of 1933. The Institute's
statement follows:
PER CENT INCREASES (1934 OVER 1933).
Major Geographic
Divisions.
Week Ended
Week Ended
Week Ended
Week Ended
July 21 1934. July 14 1934. July 7 1934. June 30 1934.
New England
Middle Atlantic
Central Industrial_ _ _ _
Southern States
Pacific Coast
West Central
Rocky Mountain
x9.0
3.0
x0.1
1.2
5.1
4.8
x2.0
x9.8
2.7
x1.0
x4.2
10.5
0.7
0.2
z11.3
5.8
x0.3
x4.2
11.9
1.6
1.7
x6.7
2.7
2.6
1.9
11.1
5.3
1.5
Total United States_
00
x00
1.1
2.0
z Decrease from 1933.
Arranged in tabular form, the output in kilowatt-hours of
the light and power companies of recent weeks and by
months since and including January 1931 is as follows:
ELECTRIC PRODUCTION FOR RECENT WEEKS.
(In Kilowatt-hours-000 Omitted.)
1934.
1931.
1932.
1933.
%Inc.
1934
Over
1933.
Week ofWeek ofWeek ofWeek ofMay 5 1,632,766 May 6 1,435,707 May 7 1.429,032 May 9 1,637,296 +13.7
May 12 1,643,433 May 13 1,468,035 may 14 1,436.928 May 16 1,654.303 +11.9
May 19 1,649,770 May 20 1,483,090 May 21 1,435,731 May 23 1,644.783 +11.2
May 26 1.654,903 May 27 1,493,923 May 28 1,425.151 May 30 1,601.833 +10.8
June 2 1,575,828 June 3 1,461,488 June 4 1,381.452 June 6 1,593.662 +7.8
June 9 1,654,916 June 10 1,541,713 June 11 1,435,471 June 13 1,621,451 +7.3
June 16 1,665.358 June 17 1,578,101 June 18 1,441,532 June 20 1.609.931 +5.5
June 23 1,674.566 June 24 1.598,136 June 25 1,440,541 June 27 1,634,935 +4.8
June 30 1,688.211 July 1 1.65.5,843 July 2 1,456,961 July 4 1,607,238 +2.0
July 7 1,555,844 July 8 1.538,500 July 9 1,341,730 July 11 1,603,713 +1.1
July 14 1.647,680 July 15 1,648,339 July 16 1,415,704 July 18 1,644,638 -0.0
July 21 1,663,771 July 22 1,654,424 July 23 1,433,993 July 25 1,650,545 +0.6
July 28
July 29 1,661,504 July 30 1,440,386Aug. 1 1.644,089
Aug. 4
Aug. 5 1 San nin Ana. ei 1420.986 Aug. 8 1.642.858
DATA FOR RECENT MONTHS.
1934.
Total
§§§§§§§§§§§§
1934
Over
1933.
1931.
January_- 7,131,158,000
7,011,736,000
February ___ 6,608,356,000
6,494,091,000
March
6,771,684,000
7.198,232,000
April
6,294,302,000
6,978,419,000
May
6,219,554,000
7,249,732,000
June
6,130,077,000
July
6,112,175,000
August
6,310,667,000
September,..6.317.733,000
October ___
6.633,865.000
November
6,507,804,500
December.
6,638,424,000
7.435,782,000
6,678,015.000
7,370.687,000
7.184,514.000
7,180,210,000
7,070,729,000
7,286.576,000
7,166,086.000
7.099.421.000
7.331,380,000
6.971,644.000
7,288.025.000
10.0%
13.2%
16.4%
15.8%
11.0%
____
An non sol nun 77 A.L2 1120(10 86.063.969.000
Nate.-The monthly figures shown above are based on reports covering approximately 92% of the electric ight and power industry and the weekly figures are
based on about 70%.
Building Operations in United States During June
According to United States Department of LaborDecreases as Compared with May Reported in
Number and Estimated Cost of New Buildings.
"There was a decrease of 11.9% in the number and a
decrease of 26.0% in the estimated cost of building construction projects for which permits were issued, comparing
June with May, according to reports received by the Bureau
of Labor Statistics of the Department of Labor from 761
identical cities having a population of 10,000 or over,"
Commissioner Lubin announced July 21. He said.
These permits cover building construction only. The data do not include
such other types of construction as road building, river, harbor, and floodcontrol work, &c. Included with the building permit figures are the number
and cost of public buildings for which contracts are awarded by Federal
and State Governments in cities having a population of 10,000 or over.
In May the value of such buildings was $2,019,841; in June, $1,694,894.
An announcement issued by the Department of Labor
showed as follows the percent of change in building construction, May to June 1934:
TIIIM of Building.
New residential
New non-residential
Additions, alterations. repairs
Number.
Estimated Cost.
-11.8
-13.2
-11.6
-26.8
-38.4
-5.4
The dwellings for which permits were issued in June will
provide 2,353 family-dwelling units, the announcement said.
A comparison of permit data for June 1934 with the corresponding month of 1933 shows a decrease of 7.4% in the
number and a decrease of 6.1% in the estimated cost of
buildings for which permits were issued. According to the
announcement the percent of change in building construction,
June 1933 and June 1934, is as follows:
Type of Building.
New residential
New non-residential
Additions, alterations. repairs
The announcement continued:
Permits were issued during June for the following important projects:
In Boston, Mass.,for a public school building to cost $600,000;in Warwick.
R. I., for a school building to cost $400.000; in Brooklyn for apartment
houses to cost over $1,000,000 and for amusement buildings to cost $750,000;
in Linden, N.J.,for a factory building to cost $400,000;in Rochester. N.
for a city library to cost $1,000,000; in Troy, N. Y., for a school building
to cost $325,000; in Philadelphia for a school building to cost over $400,000;
and in Knoxville. Tenn., for a school building to cost over $320.000.
ESTIMATED COST OF NEW BUILDINGS IN 761 IDENTICAL CITIES IN
SEVEN REGIONS OF THE UNITED STATES AS SHOWN BY PERMITS
ISSUED IN MAY AND JUNE 1934.
New Residential Building:.
Number.
Estimated Cost.
-40.8
-16.3
-38.5
+16.2
+ 3.8
Estimated
Cost.
Geographic Division.
June 1934.
May 1934.
Families Provided for in
New Dwellings.
May 1934.
June 1934.
New England__ _- 111
Middle Atlantic
_ 165
East North Central__ 179
West North Central _ 70
South Atlantic
78
75
South Central
Mountain and Pacific 83
81,478,188
4,986,536
1,314,283
667,160
1,053,159
1,170,848
1,196,569
$1,333,678
3,143,680
1,132,262
534,870
925,355
571,577
1,040,646
327
1,575
285
214
315
236
383
289
804
245
187
255
219
354
Total
761
Percent of change_ _ -
811,866,743
$8,662,066
--26.8
3,335
2,353
--29.4
Geographic Division. Cities.
New Non-Residential
Buildings,
Estimated
Cost.
June 1934.
May 1934.
New England.--- -- 111
165
Middle Atlantic
East North Central_ _ 179
West North Central _ 70
South Atlantic
78
South Central
75
Mountain and Pacific 83
Total
Percent of change
761
$2,498,493
13,104,732
2,859,783
1,270,035
2,116,415
2,514,407
1,885.200
$2,271,678
5,316,144
2,266.017
689,515
1,952,773
1,290,462
2,394.033
Total Construction
(Including Alteration:
and Repair:),
Estimated Cost.
May 1934.
$5,992,265
23,360.785
6,516,884
3,545,199
4,776.043
4,764,363
5,429,006
June 1934.
$5,555,110
13,664,374
5,558,785
2,071.289
5,013,141
3,024,435
5,359,195
$26,249,065 $16,180,622 $54,384,545 840.246.329
-26.0
-38.4
NUMBER AND ESTIMATED COST OF TOTAL BUILDING CONSTRUCTION IN 121 LEADING CITIES OF THE UNITED STATES FOR WHICH
PERMITS WERE ISSUED IN JUNE 1934.
City and Stale.
1932.
1933.
.
741:0.4o.-z-vmmcbcoaco
0000.0 00
oa,ow.otowwwwo,
m...4.co000e a to n0
0..-.01,
1010.0300WO.
Month of--
505
Financial Chronicle
Volume 139
No. of
Buildins:.
Akron, Ohio
97
Albany, N. Y__ ._ 163
28
Allentown, Pa
46
Altoona, Pa
227
Atlanta, Ga
659
Baltimore, Md
28
Bayonne, N. J.-41
Berkeley. Calif
Binghamton, N. Y_ 229
331
Birmingham, Ala
573
Boston, Mass_ ...
48
Bridgeport, Conn
Buffalo, N.Y
189
66
Cambridge. Mass
32
Camden, N. J
60
Canton, Ohio- 31
Charlotte, N. C
Chattanooga.Tenn. 205
Chicago, Ill__ ____ 370
Cincinnati, Ohio__ 359
Cleveland, Ohio __ 294
95
Columbus, Ohio __
173
Dallas, Texas
56
Dayton, Ohio
223
Denver,Colo
Des Moines. Iowa_
83
Detroit, Mich ____ 493
127
Duluth, Minn ____
East St. Louis,III__
18
24
Elizabeth, N.J____
29
El Paso, Texas___
41
Erie, Pa
74
Evansville,Ind_
Fall River, Maas _ _
47
213
Flint, Mich
53
Fort Wayne, Ind
63
Fort Worth, Texas
Gary. Ind
18
55
Glendale, Calif ____
Grand Rapids, Mich
76
19
Harrisburg. Pa _
137
Hartford,Conn____
Houston. Texas__. 186
179
Indianapolis, Ind__
Jacksonville,Fla __ 470
Jersey City, N. J__
54
Kansas City, Kans
30
62
Kansas City, Mo_
35
Knoxville, Tenn __
29
Lakewood, Ohio __
Lansing, Mich ___
56
24
Lawrence, Mass __
Lincoln, Neb
98
Little Rock, Ark_ _
- -Long Beach, Calif. 163
Loa Angeles, Calif _ 1,172
92
Louisville, Ky __
Lowell, Mass
39
34
Lynn, Mass____ __
Manchester. N. H_
81
Memphis, Tenn _ _ _ 143
Estimated
Cost.
$57,015
190,173
74,690
8,519
312,589
501,550
20,285
23,528
58,402
217,715
1,484,244
73,215
131,781
28,726
72,932
47,865
299,948
77,402
573,377
296,044
265,800
62,500
169,202
49,845
212,485
55,695
693,246
35,520
16,730
22,975
8,096
49,692
44,185
61,435
48,280
31,028
79,970
61.850
73,520
36,780
18,730
108,076
368,745
304,232
139,813
80,925
10,275
128,000
350,382
63,420
52,433
32,850
101,536
153,428
1,296,021
111,972
63,860
21,900
36,793
99,580
City and State.
No. of
Buildtags.
Miami, Fla- 375
Milwaukee, Wis.-. 215
292
Minneapolis, Minn
61
Nashville, Tenn __
88
Newark. N. J._ __
37
New Bedford. Mass
16
New Haven, Conn_
78
New Orleans, La__
NewYorkCity,N.Y 3,677
Niagara Falls, N.Y. 111
56
Norfolk, Va___ - _
Oakland, Calif.- 183
Oklahomaaty.Okla
52
96
Omaha, Neb
187
Pasadena,Calif __
Paterson. N.J __ -. 100
40
Pawtucket, R. I __
50
Peoria, III
352
Philadelphia. Pa
228
Pittsburgh, Pa_
201
Portland, Ore
Providence. R. L. 390
66
()MIMS% Maas
93
Richmond,Va.. __
95
Rochester, N.Y 43
Rockford,III
57
Sacramento, Calif.
58
Saginaw, Mich
15
St. Joseph, Mo.....
333
St. Louis, Mo
St. Paul, Minn _ _ _ .. 284
136
SaltLakeCity,Utah
San Antonio, Texas 144
San Diego, Calif __ 143
San Francisco. Calif 224
115
Schenectady, N. Y
83
Scranton, Pa_ __
261
Seattle, Wash
Shreveport, La.._. 155
25
Sioux City, Iowa
33
Somerville, Mass
60
South Bend, Ind
93
Spokane, Wash_ _ _
45
Springfield, Mass
77
Syracuse, N. Y
65
Tacoma, Wash _ _ _ _
189
Tampa,Fla_ __
97
Toledo, Ohio
34
Trenton, N. J
51
Tulsa, Okla
22
Utica, N. Y
Washington, D. C. 397
35
Waterbury, Conn__
52
Wichita, Kans__ __
79
Wilkes-Barre, PaWilmington, Del__
65
Winston-Salem,N.0
59
126
Worcester, Maas __
36
Yonkers, N. Y....
72
Youngstown, Ohio_
Estimated
Cost.
$294,183
274,144
256,305
49,634
103,690
37,450
72,645
75,497
6,472,406
131,807
64,415
337,318
36,470
136,569
155,512
54,414
41,134
53,720
1,006,550
212,801
124,205
136,400
35,915
55,752
1,104,641
45,482
55,175
24,604
11,450
270,467
122,617
119,930
82,348
105,883
539.378
37,556
221,998
211,876
48,995
259,400
12,960
16.755
56,433
27,410
60,030
17.166
20,984
84,809
43,755
161.579
31,180
968,937
98,050
28,853
57,062
105,471
16,308
122,259
94,925
34,449
Summary of Business Conditions in United States by
Federal Reserve Board-Decrease of More Than
Seasonal Amount Noted in Industrial Production
in June.
In its summary of general business and financial conditions
in the United States, based upon statistics for the months of
June and July, the Federal Reserve Board states that "industrial production, which had increased during each of the
six months from December to May,declined in June by somewhat more than the usual seasonal amount. Factory employment and payrolls alswhowed decreases which were
partly of a seasonal nature. The general level of wholesale
506
Financial Chronicle
commodity prices advanced during June and showed little
change during the first three weeks of July." The summary,
Issued under date of July 07, continued:
Production and Employment.
Volume of industrial output, as measured by the Board's seasonally adjusted index, decreased from 86% of the 1923-25 average in May to 84%
in June, reflecting chiefly a sharp reduction in activity at cotton textile
mills. Production at lumber mills and at coal mines also showed a decline.
In the steel and automobile industries activity decreased in June by an
amount somewhat smaller than is usual at this season. Maintenance of activity
at steel mills in June reflected in part the accumulation of stocks by consumers, according to trade reports, and at the beginning of July output of
steel showed a sharp decline.
Employment at factories decreased somewhat between the middle of May
and the middle of June, reflecting reductions in working forces in industries
producing textile fabrics, wearing apparel, leather products, automobiles
and lumber, offset in part by increases in employment at steel mills and at
meatpacking establishments.
Value of construction contracts awarded, which had shown little change
during May and June, showed an increase in the first half of July, according
to the F. W. Dodge Corp.
Department of Agriculture estimates, based on July 1 conditions, indicated
a wheat crop of 484,000,000 bushels, compared with an average of 886,000,000
bushels for the five years 1927-1931, and a corn crop of 2,113,000,000 bushels,
compared with the five-year average of 2,516,000,000 bushels. Crops of other
grains, hay and tobacco were also estimated to be considerably smaller than
usual. The acreage of cotton under cultivation was estimated at 28,000,000
acres, about 2,000,000 less than the acreage harvested last season. In the
first three weeks of July drouth conditions prevailed over wide areas, particularly in the southwest.
Distribution.
The number of freight cars loaded per working day showed a further slight
Increase in June followed by a decline in the first half of July. Sales by department stores decreased in June by more than the estimated seasonal amount.
Wholesale Commodity Prices.
Wholesale prices of farm products and foods generally advanced during
June while other commodities as a group showed a slight decline. Hog prices
increased considerably in the middle of the month while wheat declined
throughout the month. In the middle of July wheat prices advanced rapidly
to levels above those reached at the end of May, and there was a considerable
advance in cotton, while lumber prices declined and finished steel prices were
reduced somewhat from the advanced quotations previously announced.
Bank Credit.
Between June 13 and July 18 member bank reserves increased to a new
high level of nearly $4,000,000,000, about $1,850,000,000 in excess of legal
requirements. The growth reflected chiefly a further increase in the monetary gold stock. A seasonal increase in demand for currency over the July
4 holiday period was followed by an approximately equal seasonal return flow
during the succeeding two weeks. The volume of reserve bank credit outstanding showed little change.
At reporting member banks there was a growth of United States Government deposits during the five-week period, reflecting chiefly the purchase
In June of new issues of Government securities by the banks. Bankers' balances also increased but deposits of individuals, firms and corporations have
shown little change. Loans declined somewhat, reflecting a decrease in loans
to customers, while loans to brokers showed an increase.
Money rates remained practically unchanged at the low levels prevailing
In June.
Canadian Business Continuing Upward Trend According to Bank of Montreal-Employment HigherIncrease Reported in Retail Sales.
In its monthly business summary issued July 23, the Bank
of Montreal states that "the upward trend of business continues in evidence, with customary midsummer slackness in
some lines of industrial and mercantile movement. Favorable symptoms in recent weeks," the bank says, "have been
the upswing in employment, increased retail sales, the bonyancy of foreign trade and public revenues, and improved
wheat and grain prices." The bank continues in part:
Crop prospects engage primary attention at this time by reason of their
material bearing upon the general condition of trade, and while an abundant
harvest will not be reaped, a fair crop offarm and field stuffs seems assured.
The southern sections of the Prairie Provences have suffered again from
shortage of moisture, but in central and northern parts fair to good grain
yields are expected and prospects promise a heavier harvest than last
year. Wheat production in Canada in 1933 was 269,729,000 bushels, and
In 1932 was 443,061,000 bushels, and the average price per bushel 67 cents
and 54 cents respectively. During the present year the price has ruled
substantially higher and the prevailing price at Winnipeg is above that
of the same date last year. Should this price be maintained, the grain
growers of the Canadian West should receive substantially larger monetary
return than in the last three years, even though quantity production is
moderate.
Wholesale prices have again turned upward, after a halt in May. The
Bureau of Statistics index (1926=100) was 72.1 for June, compared with
71.1 for May, and 67.6 for June, 1933. Grains provided the chief stimulus, but fibres, lumber, non-metalic minerals and chemicles contributed,
offsetting some losses in livestock and non-ferrous metals. Canadian farm
products as a whole moved up from 56.9 to 59.3, and raw and partly manufactured materials as a whole from 62.2 to 64.5.
The official employment statement for June reflected, in fact, the largest
expansion in industrial activity that has taken place in any single month
since June, 1930. The gain in employment (approximately 5%) was
considerably larger than in June 1933. and was more than twice as great
as in June 1932, or 1931. The index for Canada, as a whole, was 96.6
in June (1926=100) compared with 92.0 in the previous month and 80.7
a year ago. The highest years for this number in June, it may be noted,
were 1929 and 1930, with figures of 122.2 and 116.5 respectively.
Retail sales in May showed the largest increase since the record of the
Dominion Bureau of Statistics was established six years ago, and were the
the largest for that month since 1931.
Recovery in Canada's external comperce, which began two years ago.
is still proceeding, the total value in /fine having been $104,828,000, compared with $80,091,000 in the same month last year, a gain of 30%•
July 28 1934
Review of Industrial Situation in Illinois by Industry
During June by Illinois Department of LaborIncreases in Employment and Payrolls Over May
Noted.
"Increases over May 1934, of 0.4 of 1% in employment
and 0.7 of 1% in payrolls were reported in June by 4,251
manufacturing and non-manufacturing establishments in
Illinois," according to Paul R. Kerschbaum, Acting Chief of
the Divison of Statistics and Research of the Illinois Department of Labor. "These reporting firms," Mr. Kerschbaum
said,"employed 448,961 persons in June and paid out weekly
a total of $9,840,380 in wages." Under date of July 19
Mr. Kerschbaum continued:
The June increase of 0.4 of 1% in employment for all industries combined
compares favorably with the average gain from May to June of 0.2 of 1%
disclosed by records of the Illinois Department of Labor which begin
with 1923. The payroll gain of 0.7 of 1% approximated the average
May-June increase of 0.8% of 1%•
The June increases in both employment and payrolls for all industries
combined were the fifth consecutive monthly gains reported. The only
decreases reported in this group of Industries during the first half of 1934
occurred in January. The June increase brought employment to a level
20.2% above June 1933, 21.2% above June 1932, and only 5.2% below
June 1931. Payrolls indexes disclose that in June 1934, total wage payments were 29.4% above the levels of June 1933, and 27.0% above June
1932. They were, however, 18.0% lower than in June 1931.
Two thousand and twenty-nine manufacturing establishments reported
gains of 0.9 of 1% in employment and 1.7% in payrolls. The employment
Increase in this group of industries is to be contracted with an average decline from May to June of 0.1 of 1% the payroll gain exceeded the average
May-June increase of 0.4 of 1%. The June employment increase was the
fifth and the payroll gain the seventh consecutive monthly increase reported
for manufacturing industries. Indexes disclosed that employment was
27.1% above June 1933. and 0.6 of I% above June 1931. Payrolls were
41.0% above June 1933, but they were 10.1% below June 1931.
Two thousand two hundred and twenty-two non-manufacturing establishments decreased employment 0.4 of 1% and reduced total wage payments 0.6 of 1% from May to June. In these industries employment was
9.0% and payrolls 13.2% higher than they were a year ago. They were.
however, 15.4% and 28.6%, respectively, below levels established in
June 1931.
The total actual man-hours worked by 289,111 employees in June in
3,019 establishments reporting such data, declined 0.2 of 1% from May
totals. The reduction in hours for female workers exceeded the decline
in hours worked by males. Sixteen hundred and twenty-seven manufacturing firms increased total man-hours 0.4 of 1% and 1,392 non-manufacturing establishments reduced total man-hours 1.4%. The average
hours worked, per employee, per week, in all establishments reporting such
figures decreased from 37.5 in May to 37.3 in June, or 0.5 of 1%. In the
manufacturing plants such hours decreased from 36.4 in May to 36.3 in
June, or 0.3 of 1% and in the non-manufacturing firms they decreased from
39.6 to 39.2, or 1.0%•
In the 3.879 firms reporting data separately by sex, both employment
and payroll increases for all industries and for all manufacturing industries
were restricted to make workers. In the group of all industries the employment of males advanced 0.8 of 1%, while that of females declined 0.7 of
1%; payroll figures show an increase of 0.8 of 1% for males, and a decline
of 1.1% for females. In the 1,985 manufacturing establishments which
reported data by sex, gains of 1.2% in employment and 2.1% in payrolls
for males, were in contrast with declines for female workers of 1.2% in
employment and 2.1% in payrolls. Eighteen hundred and ninety-four
non-manufacturing firms reported a decrease in employment for males of
0.2 of 1% and practically no change in the employment of females, while
wage payments to male employees declined 2.0%, and those to women
workers increased 0.1 of 1%.
Of the nine main manufacturing groups of industries only three, metals,
machinery and conveyances, furs and leather goods and food products,
showed increases in both -employment and payrolls from May to June.
Four groups, stone, clay and glass, wood products, printing and paper
goods and textiles, reported declines in both employment and payrolls.
and two groups, chemicals, oils and paints, and clothing and millinery,
revealed employment declines but payrolls increases from May to June.
Only four manufacturing groups, namely, wood products, furs and leather
goods, textiles and food products, moved in the direction which seasonal
expectations seemed to warrant.
Contra-seasonal gains of 1.6% in employment and 0.6 of 1% in payrolls
In the metals, machinery and conveyances group in June were largely
accounted for by increases in the iron and steel industry. These gains
were probably caused in part by the prospect of a nation-wide steel strike
scheduled to begin in June. The iron and steel industry also reported a
sharp increase in man-hours. Important gains were also reported by the
cooking and heating apparatus, cars and locomotives, automobiles and
accessories and machinery industries. Sharp declines were reported by the
tools and cutlery, and agricultural implements industries.
The leather and boot and shoe industries were responsible for the employment gain of 1.5% in the furs and leather goods group; the payroll
gain of 6.3% was shared by every reporting industry within the group.
The sharp payroll gain of H.% in the boots and shoes industry was accompanied by a gain of 13.4% in actual hours worked by 6,455 employees of
the total of 7.091 reported in this industry.
Every industry within the foods group contributed to the May-June
gain of 5.5% in employment, and all except flour, feed and cereals shared
in the payroll increase of 7.0%. Important gains were reported by the
fruit and vegetable canning, slaughtering and meat packing and beverages
industries.
The chemicals, oils and paints group decreased employment 0.5 of 1%,
but increased total wage payments 2.4%. Drugs and chemicals industries
increased employment, payrolls and total hours of work sharply. Miscellaneous chemicals industries maintained employment at May levels but
increased payrolls sharply by expanding hours. Paints, dyes and colors
industries were largely responsible for the employment decline reported for
the group.
The clothing and millinery group reported a decline in employment of
3.9%, and an increase in payrolls of 5.2% during June. Women's clothing,
underwear and hats industries were primarily responsible for the employment loss. The payroll increase of 5.2% was caused by increases in the
men's clothing, shirts and furnishings, and overall and work clothes industries. The payroll gain in the men's clothing industry was particularly
sharp; payroll losses in various women's clothing industries were outstandingly sharp. An increase of 56.4% in total man-hours worked in
the men's clothing industry was disclosed by firms reporting such data.
Financial Chronicle
The increase in unemployment from May to June was the first increase
since January 1934. Of the total increase, 37,000 occurred in manufacturing
and mechanical industries, 60,000 in trade, and 2,000 in extraction of
minerals. In transportation there was a decline in unemploument of 34,000.
As compared with the situation in March 1933, unemployment in June
1934, was 60.5% lower in manufacturing and mechanical industries;
14.3% lower in transportation; 54.2% lower in trade; 28.5% lower in domes.
tic and personal service; and 20.0% lower in extraction of minerals.
In this estimate the workers employed through the Public Works Administration are counted as employed. Emergency workers employed
under Government auspices, usually part time, in lieu of direct unemployment relief are counted as unemployed.
The following table shows the number of unemployed workers in the
various industrial groups in March 133, June 1933, May 1934, and June
1934:
Industrial Group.
Number of Unemployed.
Mar.1933. June 1933. May 1934. June 1934.
Extraction of minerals
Manufacturing and mechanical
Transportation
Trade
Domestic and personal service
Industry not specified
Other industries-z
459,000
576,000
625,000
461,000
6,423.000 5,375,000 x2,498,000 2,535,000
1,591,000 1,321,000 x1,398,000 1,364,000
913,000
2,126,000 1,689,000
973,000
607,000
592,000
439,000
434,000
501,000 x415,000
539,000
416,000
296,000
296,000
296,000
296,000
All industries
12,158,000 10,399,000 6,417,000 6,479,000
Allowance for new workers since 1930
Census
1,045,000 1,132,000 1,428,000 1,455,000
Total unemployed
13,203,000 11,531,000 7,845,000 7,934,000
x Revised. z This group includes agriculture, forestry and fishing, public service,
and professional service. The number given is that of the unemployed In 1930,
no figures being available from which later changes in unemployment can be C0112plied.
No Change Noted in Pennsylvania Factory Employment
from Mid-May to Mid-June Contrary to Seasonal
Decline-Wages Decreased 2% During Period,
According to Federal Reserve Bank of Philadelphia.
The number of wage earners on the rolls of 68 manufacturing industries in Pennsylvania about the middle of June
continued as in the previous month, contrary to the usual
seasonal decline in this period, according to figures coin-
piled by the Federal Reserve Bank of Philadelphia from
original reports of plants employing in June over 410,000
workers whose weekly earnings averaged about $8,100,000.
The amount of wages disbursed, however, the Bank reported, was almost 2% smaller in June than in May, but
the extent of this drop is not as large as usually occurs in
this period. Under date of July 18 the Bank also announced:
The volume of work done, as measured by employee-hours worked in
85% of the reporting establishments, decreased but slightly since May,
thus indicating that the operation of the manufacturing industry as a
whole continued more than well maintained in June. The largest percentage declines in working time-varying from 20 to 35%-were reported
by industries manufacturing brass and bronze products, automobile parts
and bodies, millinery and lace goods, men's clothing, and textile dyeing
and finishing; the most pronounced percentage increases-ranging from
15 to 25%-occurred in stamped, enameled and plated ware, locomotives
and cars, hats, furniture, and marble, granite and slate.
The index number of employment in June was 77, relative to the 1923-25
average taken as 100, or nearly 18% higher than a year ago, and that of
payrolls was 61, or 44% above last year. Both of these indexes continued
at the highest levels since the early part of 1931 with only a few exceptions
last fall and in the spring of this year. This is also true of working time.
Delaware factories reported gains of over 2% in the number of wage
earners and approximately 4% in the amount of wage payments and in
the volume of work done in June as compared with May. Metal products
and transportation equipment, which are among the largest reporting
groups, contributed chiefly to this upturn. The textile and leather groups,
which are the largest industries covered by the reports, showed relatively
small declines. Compared with a year ago, employment was 22% larger
and wage disbursements were 25% greater.
FACTORY EMPLOYMENT AND PAYROLLS By INDUSTRIAL AREAS.
Prepared by the Department of Research and Statistics, Philadelphia Federal
Reserve Bank, from reports collected by this Bank in co-operation with the
United States Bureau of Labor Statistics and the Pennsylvania Department
of Labor and Industry.
(Industrial areas are not restricted to corporate city limits, but comprise one or
more counties.)
EmployeeHours.
Payrolls.
Employment.
June
Per Cent
Per Cent
Per Cent
June Change from June Change from Chabgefrom
1934
1934
Index. May June Index. May June May June
1934. 1933. 1934. 1933.
1934. 1933.
Allentown-Lehigh (3 cos.)
Altoona (2 counties)
Chambersburg (3 cos.)
Clearfield (4 counties)._ _
Erie (2 counties)
Harrisburg (3 counties)
Johnstown (3 counties)
Kane-Oil City (5 counties)
Lancaster (1 county) Lewistown (3 counties)
Philadelphia (5 counties)_
Pittsburgh (8 counties)
Pottsville(2 counties)
Reading-Lebanon (2 cos.)
Scranton (5 counties)
Sharon-New Castle(2 cos.)
Sunbury (4 counties)
Wilkes-Barre(3 counties)_
Williamsport (5 counties)_
Wilmington (1 county)._ _
York-Adams(2 counties)-
73.0
85.5
78.1
75.5
79.2
65.0
50.5
59.0
98.8
70.0
77.4
81.5
85.0
81.2
70.7
55.5
65.0
87.9
83.4
87.8
78.3
OWiDiriciaM4.4.6O3bo.W;o.k;o.
Unemployed Workers 1.1% Higher in June Than in
May, According to National Industrial Conference
Board-First Increase Since January-June Total
39.9% Below High Point of March 1933.
The total number of unemployed workers in June 1934,
was 7,934,000, according to an estimate of the National
Industrial Conference Board issued July 26. This is an
increase of 89,000, or 1.1%, from May 1934, and a decline
of 5,269,000, or 39.9%,from the total in March 1933, when
unemployment was at its highest point. The Conference
Board further announced:
507
1+14-±11 4-A—Fit++++++++1
conowc... ww.owpooa—
Volume 139
Losses in June of 5.8% in employment and 3.4% in payrolls in the
stone, clay and glass group were caused primarily by the miscellaneous stone
and minerals, and glass industries. Lime, cement and plaster industries
increased both the number of persons employed and the total amount paid
them in wages.
Reporting industries in the wood products group showed declines of 0.5
of 1% in employment and 2.5% in payrolls. Every reporting industry
except furniture and cabinet work contributed to the payroll decrease. The
employment loss was restricted to saw and planning mills, and pianos and
musical instruments establishments.
Declines in miscellaneous paper goods and Job printing industries were
largely responsible for June losses of 3.3% in employment and 3.4% in
payrolls. Newspapers and periodicals were the only industries to report
Increases in both employment and total wage payments.
The declines of 7.9% in employment and 6.0% in payrolls in the textiles
group in June were larger than the average May-June decfeases reported to
the Illinois Department of Labor. With the exception of the cotton and
woolen goods industries, the losses reported were general.
Of the five main non-manufacturing groups, coal mining, and building
and contracting reduced both the number of persons employed and total
wage payments; the services group reported increases in both employment
and payrolls; and the wholesale and retail trade, and utilities groups showed
mixed movements.
The decline of 2.1% in employment, and the increase of 1.3% in payrolls
in the wholesale and retail group were in accordance with the usual MayJune movements. Milk distributing, miscellaneous retail, wholesale groceries, and wholesale hardware and metal Jobbing industries increased both
employment and payrolls. Mail order houses and miscellaneous wholesale
establishments reduced both employment and payrolls. Department ai_d
chain stores reduced employment rather sharply, but added slightly to
payrolls.
Hotels and restaurants, and laundries, cleaning and dyeing establishments, which comprise the services group, shared in the gains of 7.1% in
employment and 5.3% in payrolls reported for the group. The gains in
the hotels and restaurants industries were particularly sharp.
The public utilities group showed a gain of 0.4 of 1% in employment and
a loss of 1.1% in payrolls. Water, gas, light and power establishments increased both employment and total wage payments; the telephone industry
decreased both items; and mixed movements were disclosed by street and
electric railways and railway car repair shops.
Thirty-one reporting coal mines decreased the number of men employed
10.9% and reduced total wage payments 19.1%•
The building and contracting industries reported declines of 2.0% in
employment and 10.7% in payrolls. These declines which were of a contraseasonal nature were restricted to the building construction industry. Other
construction industries showed sharp gains.
During June, reports of 96 wage rate increases, affecting 9,119 Persons.
or 2.0% of all employees reported during the month, were received by the
Department of Labor. The increases ranged from 1.6% to 40%. Six
firms reported decreases in wage rates which affected 44 persons.
Weekly earnings for June for both sexes combined averaged $21.92;
$24.01 for males and $14.52 for females. For the manufacturing industries,
weekly earnings averaged $21.02; $23.11 for males and $13.38 for females.
Average weekly e,arnings in the non-manufacturing industries for both
sexes combined were $23.33; $26.23 for males and $16.01 for females. •
A-17.5
+23.2
+33.7
+37.8
+36.3
+33.7
+42.8
+26.6
+26.2
+63.5
A-20.7
+26.9
+28.6
+19.8
+0.4
+14.4
+11.1
-1.2
+28.1
+23.8
+18.1
62.4
76.5
54.0
57.1
58.2
54.9
46.0
46.2
78.6
61.5
61.3
65.4
64.1
64.8
63.8
43.8
48.7
70.8
53.4
73.2
71.0
4-10.0
--1.1 +58.0 --1.5
-2.2 +116.3 -1.9 +31.4
-3.6 +66.1 +1.5 +42.8
-0.7 +62.2 +3.2 +56.1
--0.9 A-52.3 --0.4 +18.3
+1.5 +83.6 -0.3 +41.0
-12.7 +66.7 -12.0 +17.4
+2.2 +51.0 +6.6 +28.4
+2.7 +52.3 +1.7 +14.7
+14.3+155.2+16.7+58.5
---1.1 A-35.3 --0.5 A-1.6
+0.1 +89.0 +4.3 +28.9
+1.6 +59.0 +3.2 +31.6
-2.1 +55.4 -3.9 -2.0
-3.6 +10.8 -0.1 -20.7
-1.1 +43.1 -3.3 +4.7
+9.4 +64.0 +11.4 +11.7
+2.0 +13.5 +4.5-18.0
-2.2 +39.8 +0.1 -2.3
+4.0 +25.5 +3.3 -4.8
+1.9 +27.0 -1.0 -4.3
FACTORY EMPLOYMENT AND PAYROLLS IN DELAWARE-INDEXES
OF EMPLOYMENT AND PAYROLLS IN ALL MANUFACTURING
INDUSTRIES. (Base Period: 1923-25=100.)
Prepared by Dept.of Research & Statistics of Federal Reserve Bank of Philadelphia.
Payrolls.
Employment.
1934
1934
Compared
Indexes.
Compared
Indexes.
with 1933
with 1933
1932. 1933. 1934. Per Cent. 1932. 1933. 1934. Per Cent.
January
February
March
April
May
June
July
August
September
October
November
December
80.0
79.2
76.5
75.4
73.2
72.0
70.5
68.8
72.8
71.6
72.2
74.2
74.1
75.2
72.1
70.3
73.8
80.0
87.9
94.2
98.1
95.1
94.2
92.7
Average
73.9
84.0
89.0
93.4
95.8
96.1
95.5
97.9
+20.1
+24.2
+32.9
+38.7
+29.4
+22.4
61.1
62.9
60.5
55.8
52.2
51.4
48.6
47.3
50.7
60.9
49.4
52.2
49.6
51.4
47.0
45.0
51.2
56.9
66.0
64.9
67.7
67.7
65.5
66.5
53.6
58.3
63.4
68.3
69.0
69.5
68.7
71.4
+27.8
+32.9
+46.8
+54.4
+34.2
+25.5
FACTORY EMPLOYMENT AND PAYROLLS IN DELAWARE-PER
CENTAGE COMPARISON WITH THE PREVIOUS MONTH BY INDUSTRY.
Prepared by Dept. of Research & Statistics of Federal Reserve Bank of Philadelphia.
Per Cent Change June 1934
Compared with May 1934.
No.
of
PayEmployee
Plants. Employrolls.
Hours.'
ment.
Metal products
Transportation equipment
Textile products
Foods and tobacco
Stone, clay and glass products
Lumber products
Chemical products
Leather and rubber products
Paper and printing
All manufacturing Industries
*Based on reports from 47 plants.
+4.8
+21.6
-0.3
-2.5
-1.8
+3.5
+26.3
-1.1
+3.4
+1.8
+4.3
-1.3
-1.6
--3.9
+3.3
+27.4
--1.9
+5.0
+2.6
+1.7
-1.9
-2.3
+2.5
+4.0
+3.4
9
5
3
8
4
4
4
8
6
+0.2
+23.4
-2.0
51
Crude Rubber Consumption in Czechoslovakia Shows
Marked Increase.
Czechoslovakia's notably active rubber industry is
demanding increasing quantities of crude rubber annually,
according to a report to the United States Commerce Department from Commercial Attache Sam E. Woods, Prague.
508
Financial Chronicle
In stating this, an announcement issued on July 19 by
the Commerce Department said:
While no official figures are available showing consumption of crude
rubber within the country in 1933, import figures indicate a consumption
Increase of better than 10%; namely, from 9,608 to 10.551 metric tons.
Figures for the first five months of 1934 indicate net imports of 5,361
metric tons, against 3,085 tons in the corresponding period of last year,
an increase of 68%•
While the bulk of the increased crude rubber imports is probably attributable to speculative advance purchases prior to the depreciation of
the crown, and in anticipation of price advances on the world rubber
market, yet a substantial portion of the increased imports undoubtedly
went into growing output of rubber manufactures.
•
Referring to the Czechoslovakia rubber manufacturing industry, Commercial Attache Woods points out that the domestic tire producers practically dominated the home market in 1933 as a result of the hign duty
rate. However, the entire retail value of both domestic and imported
tires sold in Czechoslovakia in 1933 probably did not reach $5,000,000
in view of the reduced operation of motor trucks resulting from antiautomotive legislation and low business activity in general. The market
for technical rubber goods likewise declined in 1933 as a result of slack
industrial occupation.
The outlook for 1934 for rubber goods in general, the report states,
appears to be decidedly better than last year.
Employment and Payrolls in Manufacturing Industries
of the United States Lower During June-Nonman ufacturing Industries Report Increases; According to United States Department of Labor.
Factory employment decreased 1.7% and payrolls decreased 3.1% from May to June, according to the Bureau
of Labor Statistics, United States Department of Labor.
The Bureau's general index of factory employment for June
is 81.0 (preliminary), this being lower than the April and
May indexes but higher than the indexes of any other month
since December 1930. The Bureau said that the June
payroll index (65.0, preliminary) is lower than the March,
April, or May indexes but' higher than those of any other
month since August 1931. During the preceding 15-year
period, 1919-33 inclusive, for which data are available in
this Bureau, it said, only six years showed gains in factory
employment from May to June, while only seven years
showed gains in payrolls. Under date of July 19 the Bureau
continued:
The June 1934 index of factory employment is 21.1% higher than the
June 1933 index (66.9), and the June 1934 payroll index is 37.7% higher
than the June 1933 index (47.2). The base used in computing these
indexes is the average for the three-year. period 1923-25, which is taken
as 100.0. (Prior to March 1934 the indexes of factory employment and
payrolls, published by this Bureau, were not adjusted to conform with
the trends shown by biennial census reports and were based on the 12-month
average of 1926 taken as 100.0. Computed on the old basis, the J11110
employment index stands at 76.4 and the payroll index at 59.7.)
The indexes of factory employment and payrolls are computed from
reports made by representative establishments in 90 important manufacturing industries of the country. In J11.110 reports were received from
23,339 establishments employing 3.695.800 wage earners, whose weekly
earnings during the pay period ending nearest June 15 totaled $72,090,082.
More than 50% of the wage earners in all the manufacturing industries
of the country were covered in these reports.
Increases in employment in June were shown in 35 of the 90 manufacturing industries surveyed, while gains in payrolls were registered in
36 industries. The most pronounced increase in employment was a
seasonal rise of 33.5% in canning and preserving. The plumbers' supplies
Industry registered a gain of 18.9%, due mainly to greater activity in
several large plants. The car building and locomotives industries showed
gains in employment of 11.1 and 11.0%, respectively, largely because of
orders placed through Public Works Administration allotments. The
aircraft industry registered a gain of 12.6% due primarily to the settlement
of a strike. Seasonal gains of 9%. 8.7%, and 8.2% were reported in
ice cream, beet sugar, and beverages, respectively, while tin cans, engines.
and butter had increases of 6%, 5.4%, and 5.2%, respectively. In 14
of the remaining 24 industries which showed increases in employment, tbe
gains ranged from 2.0 to 4.9%. Industries of major importance included
in this group are shipbuilding, slaughtering, brick, silk and rayon goods.
steam fittings, blast furnaces,steel works,rolling mills,cigars and cigarettes,
and structural and ornamental iron work.
The most pronounced decline in employment from May to June was
a seasonal falling off of 33.4% in the fertilizer industry. There was a
further decrease of 18.2% in typewriters and seasonal declines of 17.2%
In millinery and 11.7% in agricultural implements. Strikes in the fur-felt
hats industry were responsible for a shrinkage in employment in this
Industry of 11.6%. The hardware industry showed a decrease of 11%
In employment, due largely to recessions in factories manufacturing automobile hardware. The women's clothing and the cottonseed oil, cake
and meal industries showed seasonal declines of 10.4% and 10.3%, respectively. Strikes caused a decline in employment of 9.0% in the cash
register industry. The rubber goods Industry (other than boots, shoes,
tires, and inner tubes) fell off 8.1% in employment; corsets, 7.7%; and
automobiles, 7.6%. Decreases ranging from 7.2 to 7.5% were reported
In woolen and worsted goods, pottery, cotton small wares, and men's
furnishings. The curtailment of cotton mills operations in compliance
with orders of the code authority, together with strikes, resulted in a
decrease of 7.1% in employment in that industry. Ten industries showed
decreases ranging from 3.6 to 6.6%, among them being millwork, boots
and shoes, and dyeing and finishing textiles, the latter also being affected
by the cotton code authority's curtailment order. In the remaining 28
Industries the decreases ranged from 0.3% to 2.9%.
A comparison of employment and payrolls for individual industries in
June 1934 and June 1933 shows more workers in 81 of the 90 industries in
June of this year and larger payrolls in 85 industries. The machine tool.
car building, and locomotive industries show gains of over 100% in both
employment and payrolls.
In the following table are presented the indexes of employment and
payrolls for May and June 1934 and June 1933, and percentage change
In employment and payrolls over the month and year interval for each of
the 90 manufacturing industries surveyed. The indexes are not adjusted
for seasonal variation.
July 28 1934
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES.
(3-year average. 1923-192100.)
Payroll Totals.
Employment.
Manufacturing Industries.
June
1933.
May
1934.
June
1934.
June
1933.
May
1934.
June
1934.
General index
66.9
82.4
.81.0
47.2
67.1
*65.0
Iron and steel and their products,
not including machinery-,
Blast furnaces, steel works,and
55.7
275.2
76.4
36.2
261.3
62.6
rolling mills
Bolts, nuts, washers and rivets
54.6
69.2
39.6
76.8
87.1
a51.1
79.1
84.8
53.6
34.8
43.8
19.7
66.1
68.1
a29.9
68.9
64.5
28.9
60.2
38.9
55.3
65.6
81.3
60.7
82.0
54.1
79.7
59.0
73.0
64.3
41.6
25.0
37.6
41.7
59.3
45.7
61.8
30.4
56.5
42.9
52.5
38.3
49.6
47.7
95.5
49.2
27.8
30.6
31.8
94.2
41.2
68.5
66.2
58.5
91.2
59.7
96.7
22.8
73.9
41.5
86.9
42.7
94.1
33.3
80.6
54.0
123.1
52.7
119.3
61.6
76.1
Cast-iron pipe
Cutlery (not incl. silver and
plated cutlery) and edge tools
Forgings, iron and steel
Hardware
Plumbers' supplies
Steam and hot-water heating
apparatus and steam fittings
Stoves
Structural dr ornamental metal
62.1
42.0
work
78.0
Tin cans and other tinware_Tools (not including edge tools,
machine tools, files and saws) 44.6
100.6
Wirework
Machinery, not including trans54.2
portation equipment
38.5
Agricultural implements
Cash registers, adding machines
and calculating machines._-. 76.4
Electrical machinery,apparatus
48.0
and supplies
Engines, turbines, tractors and
40.9
, water wheels
48.9
Foundry & machine-shop prod_
35.1
Machine tools
135.0
Radios and phonographs
54.0
Textile machinery and parts
51.6
Typewriters and parts
51.7
Transportation equipment
325.3
Aircraft
58.2
Automobiles
19.8
Cars, electric & steam railroad_
11.7
Locomotives
48.0
Shipbuilding
48.4
Railroad repair shops
65.6
Electric railroad
47.1
Steam railroad
58.4
Nonferrous metals & their prod
67.7
Aluminum manufactures
61.8
Brass, bronze & copper prod
Clocks and watches and timerecording devices
Jewelry
Lighting equipment
Silverware and plated ware
Smelting and refining-coPPer.
lead and zinc
Stamped and enameled ware
Lumber and allied products
Furniture
Lumber-Millwork
Sawmills
Turpentine and rosin
Stone, clay and glass products...
Brick, tile and terra cotta
Cement
Glass
Marble, granite,slate and other
Cottonseed--oil, cake & meal
Druggists' preparations
81.3
80.8
83.0
73.3
35.6
33.1
62.2
87.2
103.9
94.5
54.5
82.3
75.6
65.4
66.2
32.4
49.9
51.8
68.9
72.6
73.6
73.1
71.9
70.9
201.2 208.0
75.9
73.2
78.8
84.5
99.4 *94.3
371.3 418.1
114.4 *105.7
48.5
53.9
29.2
32.5
73.1
76.6
59.6
59.8
66.7
66.7
59.1
59.3
77.8
75.9
78.1
76.0
81.2
78.2
24.2
31.2
24.2
74.6
44.3
31.2
40.6
291.5
45.9
14.5
4.4
45.2
56.8
59.3
112.4
62.9
62.3
88.0
314.9
100.4
47.3
12.7
49.6
55.5
57.0
117.4
59.5
53.4
*80.2
366.3
*88.6
53.1
14.6
32.5
60.0
60.2
38.1
54.1
36.9
40.0
50.4
42.6
53.8
59.4
53.5
60.6
63.5
62.1
53.8
59.6
53.5
57.9
59.1
58.4
72.1
65.9
65.6
71.1
69.4
64.6
61.9
69.3
28.3
35.9
37.6
33.9
58.7
49.0
52.7
52.0
52.9
48.3
49.8
49.8
42.1
75.3
42.7
59.4
34.9
27.3
81.1
65.3
95.6
51.0
61.3
40.4
36.1
102.4
67.4
93.0
50.0
62.4
37.9
35.1
98.6
57.7
57.1
27.9
33.1
57.6
95.1
34.4
59.1
93.6
42.0
83.6
34.6
40.5
25.3
24.2
51.4
39.5
18.1
35.8
75.8
43.5
80.1
33.9
41.2
24.1
23.2
45.9
25.5
51.6
24.8
34.0
20.r
14.4
33.2
28.6
12.5
25.3
56.2
34.6
74.9
96.1
94.9
68.0
101.4
87.0
113.0
84.7
113.9
72.8
33.8
69.4
91.0
90.0
68.5
94.2
80.5
105.6
74.8
110.6
75.4
20.7
32.7
59.3
62.5
41.9
6E0
60.4
76.0
63.9
79.6
24.9
50.2
74.1
74.9
53.3
79.5
70.8
87.8
79.2
106.4
22.8
43.7
66.5
67.0
56.6
65.3
63.3
72.9
68.8
100.0
46.5
71.1
72.6
Silk and rayon goods
84.9
Woolen and worsted goods
89.0
Wearingapparel
79.6
Clothing, men's
112.8
Clothing, women's
Corsets and allied garments- 89.5
102.4
Men's furnishings
76.6
Millinery
100.7
Shirts and collars
83.4
Leather and Its manufactures
84.0
Boots and shoes
81.1
Leather
Food and kindred products
89.7
98.1
Baking
160.4
Beverages
78.9
Butter
Canning and preserving
69.9
71.5
Confectionery
Flour
64.2
Ice cream.
69.1
Slaughtering and meat Packing 82.9
44.3
Sugar, beet
76.1
Sugar refining, cane
Tobacco manufactures
61.2
Chewing and smoking tobacco
74.9
and snuff
59.4
Cigars and cigarettes
Paper and printing
82.3
72.9
Boxes. Paper
Paper and pulp
84.9
Printing and publishing:
Book and Job
76.0
Newspapers and periodicals_
90.5
Chemicals and allied products,
and petroleum refining
87.9
Chemicals
61.1
131.4
48.5
52.4
47.4
52.8
33.3
products
57.6
Pottery
89.7
Textiles and their products
88.4
Fabrics
56.5
Carpets and rugs
90.1
Cotton goods
78.3
Cotton small wares
Dyeing & finishing textiles- 93.7
74.6
Hats, fur-felt
105.4
Knit goods
Other than petroleum refining-
61.8
134.6
38.8
19.3
39.9
73.4
75.3
69.9
47.8
81.5
56.3
54.1
59.0
49.7
94.7
81.5
126.5
94.8
104.0
78.0
106.7
91.4
91.3
92.1
99.6
89.3
81.6
113.4
87.5
96.2
64.6
104.6
87.7
86.8
91.5
105.1
49.5
41.8
56.6
72.4
61.9
57.0
69.8
64.8
63.1
69.5
73.5
113.2
114.6
169.1
84.4
67.9
71.6
74.0
79.6
96.7
43.8
183.0
88.8
90.7
68.9
74.8
86.7
101.4
47.6
79.8
156.8
68.1
53.3
88.6
85.2
71.9
67.9
94.1
78.9
77.6
82.0
87.2
95.3
167.0
64.7
68.6
60.6
61.2
63.7
80.7
36.2
61.7
54.6
72.6
76.4
66.7
51.5
94.1
72.9
70.5
79.8
91.9
96.5
182.5
68.0
84.2
58.0
62.7
68.9
87.2
38.9
77.3
47.5
59.8
55.9
48.8
49.7
53.7
64.9
34.0
86.4
89.5
70.6
70.5
61.3
62.4
43.7
46.3
76.9
59.3
95.9
85.3
107.2
73.2
61.0
94.7
65.3
43.9
80.6
76.2
79.8
66.6
45.1
78.9
106.0
63.4
41.2
66.4
61.1
63.2
86.6
99.1
84.8
98.8
59.3
76.6
73.4
88.4
71.0
87.5
106.1
104.5
83.9
73.8
78.5
71.3
88.3
88.1
102.9
68.2
87.0
86.8
56.5
97.7
98.3
111.8
111.7
59.7
96.9
95.7
74.4
68.2
55.1
74.9
45.6
39.7
94.4
50.6
88.5
75.2
96.1
48.0
90.3
73.5
107.4
287.7
106.1
273.8
72.3
164.8
84.0
87.9
191.2
57.5
86.3
200.0
102.3
109.5
89.1
57.8
99.9
111.4
46.6
72.8
81.5
53.3
34.2
87.1
92.7
70.3
42.8
86.0
93.1
66.5
41.1
135.2
82.7
124.2
81.7
76.5
49.7
105.8
64.5
99.4
01.1
85.8
80.5
105.3
111.2
60.0
82.9
65.9
55.9
Explosives
Fertilizers
89.4
Paints and varnishes
260.1
Rayon and allied products
86.7
Soap
96.9
Petroleum refining
Rubber products
69.3
Rubber boots and shoes
39.3
Rubber goods,other than boots,
shoes, tires and inner tubes.. 101.7
65.0
Rubbertires and Inner tubes
51.0
85.6
•Preliminary. a Revised.
As to employment conditions in non-manufacturing industries during June, the Bureau said:
Non-manufacturing Industries.
Increases in employment from May to June were shown in 11 of the
15 non-manufacturing Industries surveyed, while gains in payrolls were
Financial Chronicle
Volume 139
registered in nine. The most pronounced gains in employment and payrolls (4.4% and 5.5%, respectively) were in quarrying and non-metallic
mining, this being the fourth successive month in which gains have been
registered in this industry. Employment in the crude petroleum producing
industry rose 4.3% and payrolls increased 1.0%. Laundries reported
gains of 2.3% and 2.0% in employment and payrolls, respectively. The
power and light industry showed a gain of 1.1% in employment, and the
electric railway and motor bus operations reported a gain of 0.9%• Employment in the dyeing and cleaning industry increased 0.7% from May
to June and the hotels and metalliferous mining industries reported gains
in employment of 0.6% each. The telephone and telegraph industry
showed a gain of 0.3% and the banks, brokerage, insurance and real estate
group reported a gain of 0.2%. Employment in the bituminous coal
mining industry showed practically no change, the gain being less than
0.1 of 1%.
Of the four industries showing decreases in employment, the only pronounced change was in the anthracite mining industry, in which employment declined 9.8% from May to June. The corresponding loss in payrolls
was 16.8%. Employment in wholesale trade establishments fell off 0.6%
over the month interval and payrolls decreased 0.2%. Reports received
from 36,851 retail trade establishments showed decreases of 0.7% in
employment and 0.3% in payrolls. The group of department stores,
together with general merchandise and limited price stores and mail-order
houses, showed a decrease of 1.9% in employment and 1.0% in payrolls.
The combined total of the remaining 36,200 retail establishments reporting,
showed practically no changes in employment and payrolls from May to
June. Employment in the building construction industry declined 0.3%
and payrolls decreased 1.2%. These percentages are based on reports
supplied by 11,357 building contractors engaged in private building construction and do not include construction projects under PWA allotments.
The 15 non-manufacturing industries surveyed, with indexes of employment and payrolls for June 1934, where available, and percentages of
change from May 1934 and June 1933 are presented in the table below.
The 12-month average for the year 1929 is used as the index base, or 100.0.
in computing the index numbers of the non-manufacturing industries, as
information for earlier years is not available from the Bureau's records.
INDEXES OF EMPLOYMENT AND PAYROLL TOTALS IN NON-MANUFACTURING INDUSTRIES.IN JUNE 1934 AND COMPARISON WITH
MAY 1934 AND JUNE 1933. (Average 192100.)
Payroll Totals.
Employment.
Index P.0of Changefrom Index P.0of Changefrom
June
June
June
May
1934.
1934.
May
June
1933.
1934.
1934.
1933.
53.3 -48.8 +55.4
57.5
-9.8 +45.8
+1.3 +88.7
55.1
78.7
+e
+25.1
+4.2 +45.9
41.0
26.7
+0.6 +30.2
Group
Anthracite mining
Bituminous coa mining
Metalliferous mining
Quarrying and non-metallic
mining
56.6
+4.4 +19.7
Crude petroleum producing
80.0
+4.3 +37.9
Telephone and telegraph
70.4
+1.7
+0.3
Power and light
84.0
+8.7
+1.1
Electric-railroad and motor.
bus operation dr maint
73.2
+0.9
+5.6
Wholesale trade
84.1
-0.6 +11.1
Retail trade
88.2
-0.7 +12.6
Hotels
88.2
+0.6 +17.1
Laundries
84.0
+2.3
+6.1
Dyeing and cleaning
84.9
+7.3
+0.7
Banks, brokerage, insurance
and real estate
+3.1
b
+0.2
Building construction
h
-0.3
-1.7
a Less than 0.1 of 1%. ',Indexes not available.
37.0
58.9
71.3
77.8
+5.5
+1.0
-0.2
+0.3
+34.5
+40.1
+7.1
+11.3
63.2
86.5
71.6
66.2
68.3
84.1
+0.4
+0.2
-0.3
+0.5
+2.0
-1.5
+9.0
+16.1
+18.3
+28.6
+15.0
+19.4
b
b
-1.1
-1.2'
+4.3
+3.2
Employment and Payrolls in Pennsylvania Anthracite
Collieries Decreased from May to June.
The number of workers employed in the Pennsylvania
anthracite industry declined 10% and the amount of wages
paid dropped 17% from May to June, following increases
in the previous month, according to figures compiled by
the Philadelphia Federal Reserve Bank from original reports received by the Anthracite Institute from 34 companies
operating 137 collieries, which employed about 80,000
workers whose average weekly earnings amounted to
$2,156,000. In the past eight years employment in this
period has registered decreases, the Reserve Batik said,
adding:
Operating time, as measured by employee-hours actually worked in
June in the collieries of 30 companies decreased 20% as compared with
May. reflecting largely the usual seasonal trend.
On the basis of current reports and the figures of the Bureau of Mines.
It appears that the entire Pennsylvania anthracite industry about the
middle of June employed about 114,000 workers, or 45% more than in
June last year. The total amount of wage payments was 55% larger
than a year ago. Comparisons follow:
Prepared by the Department of Research .4 Statistics of the Federal Reserve Bank
of Ph ladelphia. (1923-25 Averag100.)
Payrolls.
Employment.
1934, 1933. 1932. 1931. 1934. 1933. 1932. 1931.
January
February
March
April
May
June
July
August
September
October
November
December
Yearly
62.3
61.4
65.7
56.8
82.0
58.0
average
51.1
57.2
53.1
50.3
42.0
38.5
42.7
48.4
55.2
55.3
69.4
53.0
74.2
89.3
71.7
68.1
65.1
51.5
43.2
47.8
54.4
62.1
61.0
60.6
88.3 59.4
87.1 55.2
79.9 69.2
82.9 43.3
78.3 53.7
74.2 .44.7
83.4
85.5
77.8
84.4
81.2
77.7
36.3
47.7
40.9
31.3
25.2
28.8
32.0
39.0
50.9
51.8
40.1
37.2
51.5
48.0
51.3
60.4
48.6
31.4
29.0
34.6
39.4
56.0
42.7
47.1
75.0
85.5
59.6
63.1
63.9
55.9
45.0
47.2
54.4
78.3
68.8
85.8
50.4
60.8
78.4
38A
45.0
63.2
Orders Booked at Lumber Mills Gain 20% Over
Previous Week.
The lumber movement during the week ended July 21,
though more than seasonally low, showed improvement over
the previous two weeks, especially in new business received,
according to telegraphic reports to the National Lumber
509
Manufacturers Association from regional associations covering the operations of leading hardwood and softwood mills.
Although the longshoremen's strike is not yet ended, in
anticipation of an early settlement boats are again being
loaded with lumber on the West Coast and orders are increasing in nearly all regions. During the week ended
July 21, production by 1,346 mills was 152,718,000 feet;
shipments, 126,569,000 feet; orders, 131,987,000 feet. Revised figures for the previous week were mills, 1,387; production, 154,625,000 feet; shipments, 124,574,000 feet; orders, 110,939,000 feet. Reviewing lumber operations during
the week ended July 21, the Association further reported:
During the week ended July 21 all regions except Douglas fir and Southern Cypress reported orders below production. Total softwood orders
were 12% below production; hardwood orders were 20% below hardwood
output. New business received during the week ended July 21 was 40%
below that of the corresponding week of 1933; production was 40% below
that of a year ago and shipments were 46% below those of last year's week.
Unfilled orders on July 21, as reported by 572 identical mills were the
equivalent of 26 days' average production compared with 31 days' on
similar date of 1933. Gross stocks at 1,648 mills on July 21 totalled 5,587,121,000 feet.
Forest products carloadings during the week ended July 24 were 21,911
cars, which were 4,468 cars above the preceding week, 6,680 cars below
the same week in 1933 and 6,981 cars above those loaded in similar week
of 1932.
Lumber orders reported for the week ended July 21 1934, by 909 softwood mills totaled 112,871,000 feet; or 12% below the production of the
same mills. Shipments as reported for the same week were 108,329.000
feet, or 16% below production. Production was 128.832,000 feet.
Reports from 479 hardwood mills give new business as 19,116,000 feet,
or 20% below production. Shipments as reported for the same week were
18,240,000 feet, or 24% below production. Production was 23.886.000
feet.
Unfilled Orders and Stocks.
Reports from 1,648 mills on July 21 1934 give unfilled orders of 882,427,000 feet and gross stocks of 5.587,121,000 feet. The 572 identical
mills report unfilled orders as 619,505.000 feet on July 21 1934, or the
equivalent of 26 days' average production, as compared with 740,230,000
feet, or the equivalent of 31 days' average production on similar date a
Year ago.
Identical Mill Reports.
Last week's production of 417 identical softwood mills was 121,091.000
feet, and a year ago it was 205,359,000 feet; shipments were respectively
110,536,000 feet and 199,991,000; and orders received 112,099,000 feet and
155,735,000 feet. In the case of hardwoods, 184 identical mills reported
production last week and a year ago 14,310,000 feet and 19,018,000; shipments 10,389,000 feet and 23,635,000 and orders 12,024,000 feet and
19,007,000 feet.
Newsprint Production During June in Canada Below
May but Above June Year Ago-United States
Production Lower.
Output of newsprint by Canadian mills during June totaled
229,637 tons, according to the Newsprint Service Bureau.
This compares with 171,419 tons produced in June last year
and with 242,539 tons in May this year. The decrease from
May, it was stated, was attributable to seasonal influences.
For June the output of the newsprint mills in the United
States amounted to 83,504 tons, which contrasts with 84,384
tons in June 1933 and 89,726 tons in May 1934. The
following table, contained in the Montreal "Gazette" of
July 14, shows the production figures for Canada and the
United States for each month back to the beginning of 1933:
1934June
May
April
March
February
January
1933December
Noverber
October
TonsCanada.
U. S.
229,637
83,504
242,539
89,726
216,507
83,652
210,129
43,993
174,447
72,402
188,374
84,194
175,304
193.718
191,452
1933-September
August
July
June
May
April
March
80.895 February
87,587 January
82,052
Tons
Canada.
191,418
194,282
180,387
171,419
171,776
147,759
137,078
125,916
140,539
U. 3.
72,907
84,521
79,482
84,384
79,516
74,507
76,566
87.085
74,444
United States Exports of Rubber Products During
June Highest Since November 1931.
Rubber products exported from the United States in
June were valued at $2,082,963, the highest value recorded
for any month since November 1931, according to figures
compiled in the United States Commerce Department's
Leather-Rubber-Shoe Division. The June total compares
with $1,958,241 in May and $1,261,591 in June 1933,
the Commerce Department announced on July 21. It said:
During June of the current year, increases over May were registered
in shipments of tires and tire sundries, which advanced from $1,195,983
to $1,271,596; mechanical rubber goods from $206,964 to $247,610; rubber
footwear from $36,667 to $47,073. and miscellaneous rubber products
from $102,330 to $122,135. Losses were noted in rubberized fabrics,
druggists' sundries and specialties, semi-manufactured rubber goods and
hard-rubber goods.
The rubber goods export trade of the United States in the first six months
of 1934 totaled $10,922,496, as compared with $7,203,905 and $9,047,420
for the corresponding six months of 1933 and 1932, respectively.
Automobile Production in June Compared with
Preceding Months.
June factory sales of automobiles manufactured in the
United States (including foreign assemblies from parts made
in the United States and reported as complete units or
510
Financial Chronicle
vehicles), based on data reported to the Bureau of the Census,
consisted of 308,051 vehicles,of whidh 261,852 were passenger
cars, 46,199 trucks, as compared with 351,652 vehicles in
May 1934, 249,727 vehicles in June 1933, and 183,106
vehicles in June 1932.
The table below is based on data received from 115 manufacturers in the United States, 30 making passenger cars and
85 making trucks (10 of the 30 passenger car manufacturers
also making trucks). Of the 119 manufacturers previously
reported, four have gone out of business. Figures for taxicabs include only those built specifically for that purpose;
figures for trucks include ambulances, funeral cars, fire
apparatus, street sweepers, and buses. Canadian figures are
supplied by the Dominion Bureau of Statistics.
NUMBER OF VEHICLES.
Canada.
United States
Year and
Month.
1934January
February
March
April
May
June
TaxiPassenger
Cars.* Truchs.• eabs.a
Total.•
113,331 43,255
187,639 44,041
274,722 56,525
289,030 65,714
273,765 *57,887
261,852 46,199
Total(6 mos.) 1,714,325 1,400,339 313,621
1933January
February
March
April
May
June
156,907
231,707
331,263
354,745
*331,652
308,051
PassenTotal. Iger Cars. 7'ruats.
____
6,904
8,571
14,180
18,363
20,161
13,905
4,946
7,101
12,272
15,451
16,504
10,810
365
82,084
67,084 15,000
321
27
16
1
1,958
1,470
1,908
2,912
3,657
3,095
128,825
105,447
115,272
176,432
214.411
249,727
109.828
89,976
96,809
149,344
180,597
207,562
18,992
15.319
17,803
26.677
33,760
42,130
5
152
660
411
U
35
3,358
3,298
6,632
8,255
9,396
7,323
2,921
3,025
5,927
6,957
8,024
6.005
437
273
705
1,298
1,372
1,318
990,114
834,116 154,681
1,317
38,262
32,859
5,403
229,357
232,855
191,800
134,683
60,683
80,565
191,261
191,346
157,367
104,807
40,754
49,490
38,092
41,441
34,424
29,813
18,318
29.776
4
68
9
63
1,611
1,299
6,540
6,079
5,808
3,682
2,291
3,262
5,322
4,919
4,358
2,723
1,503
2,171
1,218
1,160
1,450
959
788
1,091
Total (year). 1,920,057 1,569,141 346,545
4,371
65,924
Total(6 moS.)
July
August
September
October
November
December
1932January
February
March
April
May
June
Total(6 mos.)
July
August
September
October
November
December
53,855 12,069
119,344
117,418
118,959
148,326
184,295
183,106
98,706
94,085
99,325
120,906
157,683
160,103
20,541
23,308
19,560
27,389
26,539
22,768
97
25
74
31
73
235
3,731
5,477
8,318
6,810
8,221
7,112
3,112
4,494
6,604
5,660
7,269
6,308
619
983
1,714
1,150
952
804
871,448
730,808 140,105
535
39,669
33,447
6,222
14,438
14,418
19,402
13,595
12,025
21,204
27
9
13
5
239
291
7,472
4,067
2,342
2,923
2,204
2,139
6,773
3,166
1.741
2,361
1,669
1,561
699
901
601
562
535
578
109,143
90,325
84,150
48,702
59,557
107,353
94,678
75,898
64.735
35,102
47,293
85,858
Total (year). 1.370.678 1.134.372 235.1871 1.1191 60.816 50.718 10.098
a Includes on y factory-built taxicabs, and not private passenger cars converted
Into vehicles for hire. * United States passenger car and truck figures revised for
the year of 1933, and truck figures revised for May 1934.
Increase of $1,000,000 Reported in Gross Farm Receipts
During June as Compared with May-Receipts
from Sales of Farm Products Off $12,000 000.
Gross farm receipts in June totaled $440,000,000 compared
with $439,000,000 in May and $423,000,000 in June last
year, according to the Bureau of Agricultural Economics,
United States Department of Agriculture. The June
total this year included $411,000,000 from sales of farm
products, $28,000,000 in rental and benefit payments by
the AAA and approximately $1,000,000 from Government
purchases of cattle in drouth areas, said an announcement
issued on July 25 by the Department of Agriculture. It
continued:
The receipts from sales of farm products in June were $12,000,000
less than in May and $12,000,000 less than in June last year. but the
Bureau points out that the decline in income from May to June this year
was less than the usual seasonal decline. Rental and benefit payments
in June totaled $12,000,000 more than in May and offset the reduced
income from
sales of farm products.
The Bureau reports that the cash income from the sale of farm products
in the first six months of this year amounted to $2,428,000,000, compared
with $2,032,000,000 in the corresponding period last year, or an increase
of 19%. Rental and benefit payments and purchases of cattle raised
the total for the first six months of this year to $2,578,000,000, or 27%
above receipts for the same period last year.
Prices of farm products during the first three weeks of July indicate
that income from marketings in July will be somewhat larger than in
June, but not so large, says the Bureau, as the $489.000,000 received
last July when there were unusually heavy marketings of grains and cotton.
Rental and benefit payments have been increasing since April and are
expected to continue large for the next two or three months. Farmers'
cash income will also be increased by the sale of cattle in the drouth area,
says the Bureau.
Failure of Argentina to Abide by Wheat Quota Agreement Resulted from Larger Crop Than Was Expected, According to Minister of Finance-Asserts
Right to Ship Present Surplus, Asking Adequate
1935 Quota-Claims United States and Canada
Failed to Fulfill Agreements.
Argentina's failure to abide by the wheat quota agreement
was the result of a larger crop than was expected, accord-
July 28 1914
jug to a statement by Minister of Agriculture Luis Duhau,
published on July 18, explaining the Government's position.
To quote from Buenos Aires advices (July 18) to the New
York "Times," Minister Duhau stated that Argentina's right
to export all of its wheat surplus during the first year of the
gentlemen's agreement finally had been recognized by other
exporting countries, especially the United States. She would
stand by this right, "while obtaining for next year a quota
which shall contemplate the situation in which Argentina
has been placed" by the delay in negotiations during sowing
time. The advices to the "Times" continued:
The statement charged that both the United States and Canada failed to
fulful their agreements to reduce wheat acreage 15%, the United States
reducing only 8.6% and Canada none.
The statement disclosed for the first time that Argentine delegates to
the world wheat conference had been instructed to inform other wheat countries that the Government was ready to conduct a campaign against the
sowing of wheat and that acreage also would be reduced by improved prices
on corn and flaxseed, and that special credit facilities would be granted in
connection with sowing corn and flaxseed at the expense of wheat growers.
That offer, it said, showed Argentina was disposed to contribute toward a
solution of the problem provided other countries collaborated.
Argentina Asked increase.
"Despite the adjournment, negotiations continued," the statement went
on. "Argentina demanded a quota of 294,500,000 bushels for the two years
ending July 31 1935. Of this total, 150,000,000 bushels corresponded to the
first year and the aggregate quota was 26,500,000 bushels higher than the
original agreement.
"As Argentine demands were not granted, instructions were sent to delegates in June pointing out that it was eight weeks since the increased quota
had been requested and that it had been met by new and unexpected demands.
Force majeure, represented by an unexpectedly high crop, was not given due
consideration, while, as to charges of non-compliance with the agreement,
it is strange nothing should be said of the failure of other countries.
"Argentina could not agree to leave part of her harvest unsold at a time
when it was known the American crop had failed and that there would be an
increased demand and that certain countries would be able to reduce their
surplus stocks without fulfilling their obligations regarding reduced acreage.
"Meanwhile, the application of any plan was made more and more difficult owing to delay, as sowing of wheat continued in Argentina. On June 20
Senor Espil, Argentine Ambassador to the United States, cabled that the
American Government was disposed to grant a quota of 150,000,000 bushels
for the first year and postpone consideration of the second period until
August on the understanding Argentina would not demand more than 294,500,000 bushels for the two years mentioned in the original demands.
Said It Would Use Up Quota.
"The Argentine Government replied that it intended to use up the quota
of 150,000,000 bushels by July 31 this year, delaying consideration of the
second year, but without any obligation regarding tonnage then demandable,
as the extent of wheat sowings was not yet known.
"An aggregate quota of 294,500,000 bushels would be accepted provided
reconsideration was allowable in August in order to insure there would be
no excessive stocks on hand July 31 1935, the date of the expiration of the
agreement.
"Senor Espil cabled on June 30 that the American Government had agreed
to Argentine terms and was cabling its delegates to obtain the agreement
of other nations. Australia failed to agree and thus the whole discussion was
postponed until August.
"Consequently, discussion regarding the first year's quota may be considered closed. As regards the second year, the Argentine Government intends to stand decidedly by its right to export the entire surplus of the
present crop, while obtaining for next year a quota which shall contemplate
the situation in which Argentina has been placed against its will be the
delay in negotiations at a time sowings could have been reduced with reasonable efficacy."
The statement estimates that from Aug. 1 1933 to Dec. 31 1934 Argentina
would export 140,836,000 bushels.
Argentina's Claim that United States Failed to Live
Up to World Wheat Agreement Disputed by Secretary Wallace.
Secretary of Agriculture Wallace is said to have challenged, on July 18, the claim of Argentina's Minister of Finance that the United States failed to reduce wheat acreage
by 15%,in accordance with the world wheat agreement. The
statement of the Minister of Finance is referred to in another
item in this issue. Secretary Wallace was quoted as follows
In a Washington account, July 18, to the New York "Times":
"The agreement itself dealt with exports and a pledge not to export wheat
above prescribed quotas, although informal representations were made about
exports being backed up by acreage controls not specifically provided for in
the agreement."
The Secretary was reluctant to enter into a debate as to the extent to
which this country had complied with terms of the agreement. He dissented
from the statement attributed to the Argentine Minister, however, that this
country had reduced its wheat acreage only 8.6%.
"We were in the process of buying up additional wheat acreage in the
spring, when the drouth came along and did the job for us," Secretary
Wallace said, "so I don't think we can be accused of bad faith."
Wheat Exporters in Argentina Bid High for Delivery
of Crop in Six Months.
From Buenos Aires, July 17, the New York "Times" announced the following cablegram from Buenos Aires:
Wheat exporters are already bidding high prices for delivery six months
hence of the Argentine crop, the outcome of which is still uncertain. One
firm closed a deal to-day for a cargo deliverable at Rosario in February at
6.50 pesos per quintal, equivalent in to-day exchange to 56%c. a bushel, as
compared with 54%c. being paid for spot delivery.
Two other firms offered the same price, but could not find sellers.
The spot market opened strong this week, touching 6 pesos a quintal,
,4e. a bushel, compared with 5.80 pecos a quintal
to-day the equivalent of 547
last week, the equivalent of 53c. a bushel.
Volume 139
Financial Chronicle
Study of South American Wheat Situation by
Representatives of Secretary Wallace.
A survey of the wheat situation in Argentina will be made
by Frank A. Theis and L. M. Estabrook, acting as special
representatives of Secretary of Agriculture Henry A. Wallace, it was announced on July 19. Mr. Theis, chief of the
grain section of the Agricultural Adjustment Administration, and Mr. Estabrook sailed from New York for Buenos
Aires, Argentina, on July 21. They were accompanied by
Paul 0. Nyhus, Agricultural Commissioner in the Foreign
Agricultural Service.
Cuba Abandons Suit for 12 Sugar Mills of Cuba Cane
Products Co.—Government Explains It Could Not
Finance Project.
From Havana July 23 a cablegram to the New York
"Times" stated that the Atlantic & Gulf Sugar Co.
will be permitted to assume ownership of 12 sugar mills
of the Cuba Cane Products Co., on which it was the successful bidder during bankruptcy proceedings last January,
without further interference by the Cuban Government,
according to an official announcement issued that night.
The cablegram added:
The Cuba Cane properties, once valued at 825,000,000, were sold for
$4,000,000. According to legislation hastily passed by the Grau Administration shortly before the sale. the Government obtained the right
to take over properties within 15 days following an auction at the price
offered by the highest bidder, but the overthrow of the Grau Administration
delayed Government action in the case. Later, suit was begun to obtain
the mills.
The Government stated to-night that it was not in a position to advance
the $6.000.000 or $7,000,000 needed to put the mills in running order
and finance the planters, and in view of the possibility that the suit would
remain in the courts for several years, during which time the mills would
remain idle, throwing out of employment 32,000 workers, it had decided
to withdraw its appeal in the case.
The Atlantic & Gulf Sugar Co. is reported to have refused to make
advances to planters for cultivating this year's crop until a settlement
was reached.
Cuban Sugar Planters Seek Aid.
From the "Wall Street Journal" of July 23 we take the
following from Havana:
Four thousand sugar planters normally supplying Cuban Cane Products
Co., Inc., have sent a petition to the Cuban Cabinet stating that the
Government must either finance them with their cane fields or withdraw
the suit against the company.
Under a decree of the previous Cuban regime, the Government was
enabled to step in when properties were offered under foreclosure and
acquire the properties for its own account. Some effort has been made
by the present Government to enforce this decree in the case of Cuban
Cane Products, now in receivership. Early this year properties were
sold under foreclosure in Cuba and bid in by a syndicate of New York
banks to protect loans.
2,219,737 Tons of Sugar Produced in Cuba from Jan. 1
to July 15 — Exports During Period Totaled
1,141,500 Tons.
Production of sugar in Cuba to July 15 amounted to
2,219,737 tons, while exportsfrom Jan. 1 to July 15amounted
to 1,141,500 tons, according to advices to the New York
Coffee & Sugar Exchange from the Cuban Export Corp.
Under date of July 23 the Exchange further said:
Stocks on the entire Island on July 15 totaled 2,118,556 tons. Of
the exports, 634,871 tons were destined for the United States and 506,629
for other countries. One twenty four thousand, nine hundred thirty one
tons of the amount destined for other countries was from the segregated
stocks. Approximately 98% of the decreed crop. 2,315,000 tons, has
been made so far.
Shipments of Raw and Refined Sugar from Puerto
Rico to United States Increased During Week
of July 21.
According to cables to the New York Coffee & Sugar
Exchange, shipments of raw and refined sugar to the United
states from Puerto Rico during the week ended July 21
amounted to 29,660 short tons, against 19,408 in the same
-week last year. The Exchange, under date of July 23,
also announced:
Raw sugar shipments from Jan. 1 to July 21 totaled 638.459 short tons,
an increase of 15.7% when compared with shipments of 551.761 during
a similar period last year. Refined shipments amounted to 85,660. a
33.6% increase over the 64,102 ton total for the 1933 period.
About 90.9% of the quota for the United States under the CostiganJones sugar bill has been shipped to date. The balance for shipment to
complete the quota figures is approximately 70,000 tons, part of which
has already been sold.
Mexican Sugar Industry Reported in Strong Position—
Control Exercised by Sugar Producers Association.
The strict control exercised by the Sugar Producers
Association of Mexico incident to the production and sale
of sugar in that country has placed the local sugar industry
in the most favorable position it has known for years,
according to a report to the Commerce Department from
Assistant Commercial Attache Glover, Mexico City. The
Department on July 19 further said:
511
The association was organized in 1932 following the crisis in the Mexican
sugar industry which began in 1930, in which year production was in
excess of consumption, selling prices below production costs and sugar
producers unable to obtain finances. Since the association was organized
at the instance of the Mexican Government, it has had complete supervision over sales. Last year it exported surplus sugar to the amount
of 100.000 tons, after which it managed to stabilize prices on the home
market. The association also organized a bank to advance money to
growers, which greatly relieved the financial crisis existing in the sugar
industry.
Mexico's normal consumption of sugar amounts to approximately
200,000 tons annually, the report states, but now that conditions are
good in all sections of the country consumption will probably be increased.
The Sugar Association has recently taken steps to increase domestic consumption by means of a well-planned educational campaign throughout
the country, a movement which undoubtedly will meet with at least a
fair degree of success in view of the favorable economic situation now
prevailing.
Mexican sugar output in the season which has just closed amounted
to 180,000 tons, which with the carry-over from 1933 makes a total amount
of available sugar in excess of 200,000 tons.
In all probability, the report points out, this will fall between 12,000
and 20,000 tons short of the market's requirements, but the Sugar Producers Association believes there will be no necessity to import sugar
because of early grinding the latter part of the year.
Mexico is a high-cost sugar producing country, it is pointed out, and
for that reason It is essential for the welfare of the sugar industry to regulate
consumption to meet the domestic demand as it is impossible for Mexican
sugar to successfully compete in world markets.
Petroleum and Its Products—Regulations Governing
"Hot Oil" Operators Revised by Administrator
Ickes—August Allowable Production Cut 81,000
Barrels—Administrator Names Units to Deal With
Gasoline Price Wars.
Administrator Ickes announced a complete revision of oil
code regulations Monday, aimed primarily at "hot oil"
producers, which permits the assessment of a $10,000 fine
and a 10-year prison sentence for making false statements
in reports on oil production made to the Federal Oil Administration. The latter authority granted under a recently
enacted measure.
"The revised regulations," Mr. Ickes' announced, "form
one of the fundamental steps we are taking for restoration
of the industry and wise utilization of our oil resources in
reshaping our program for efficient enforcement."
The new rulings were designed to "meet weaknesses which
have appeared in the development of our plans under the previous regulations," the Oil Administrator pointed out and
"will materially strengthen our weapons for going after the
'hot oil' operator and curbing his destructive policies."
A brief resume of the major provisions in the new rules,
affecting refiners, shippers, carriers and reclamation plants,
follows:
All producers and manufacturers must accurately guage
the amount of petroleum or petroleum products handled and
not use any device to prevent such measurement. This is
designed with a view to ending the practice of using by-passes
to enable the undiscovered drawing-off of oil.
Records of all dealings with oil and its products must be
more adequate and exact, with all details concerning the
origin and history of the oil or oil products handled.
Carriers are made liable for putnishment if they accept
a shipment of oil or oil products which is not accurately
billed.
All persons engaged in producing or handling oil are required to permit agents of the Department of the Interior
to have free access to their books, inspect their wells, pipe
lines, tanks, plants and all equipment. Previously, it is
recalled, agents have been limited to inspection of their operators' books.
Every producer in the East Texas field will be required to
file with the Division of Investigation a chart showing the
location of every well and all outlets from it.
Developed by the Division of Investigation and the
Petroleum Administrative Board in an effort to meet administrative and enforcement problems which have arisen since
the Federal Government intervened in the oil industry, the
new regulations will supersede those issued a year or so ago
at the outset of the Oil Administration's drive to balance
crude oil output with market demand.
The authority to impose the heavy fines and prison sentences is afforded to Administrator Ickes in Section 35 of the
United States criminal code, approved by the 73d Congress,
which permits the imposition of a fine of not more than
$10,000 and jail sentences not exceeding 10 years for any person or persons making false statements with respect to any
matter falling under the jurisdiction of any governmental
agency. The new regulations requiring complete reports
automatically carry these penalties attached inasmuch as
these reports must be made to the Petroleum Administrative
Board. These penalties are in addition to those of a $500
512
Financial Chronicle
fine or up to six months. imprisonment contained in the
petroleum code.
The section dealing with operators in the East Texas area,
where open violation of both State and Federal oil regulations has been especially flagrant since the inauguration of
the oil code, carried the warning that Texas violators of the
new rulings will face prosecution under the criminal code.
"Because of the large profits to be derived from handling
illegal oil," Administrator Ickes explained, "some Texas
operators have felt that the profits from violations were
worth the risk of the penalty involved. We expect application of the new law to change their minds."
At the same time that Mr. Ickes announced the new
regulations, he disclosed that the survey of working conditions in the petroleum industry ordered by Secretary of
Labor Perkins at the request of the Planning and Co-ordination Committee and the Petroleum Administrative Board,
is under way.
A force of 20 agents is carrying on the inquiry which will
cover data showing the effect of the code on wages and hours
in the industry. The periods covered in the survey, it was
revealed, will be as follows: May 1929—when activity was
more or less at its peak; May 1933—the month previous to
the adoption of the code; November 1933—a month shortly
after the adoption of the code; May 1934—a month in the
current year comparable with the like months in 1929 and
1933, respectively, and July 1934, to bring the survey up
to date.
August crude oil allowable was fixed at a daily average
rate of 2,449,300 barrels by Administrator Ickes in an
announcement made public last Saturday. This represents
a decline of 81,000 barrels from the July allowable. Texas,
California and Oklahoma were penalized most heavily in the
new orders, daily average production in these three States
being reduced 40,800 barrels, 19,200 barrels and 9,400
barrels, respectively. The cut was not unexpected as Mr.
Ickes recently reduced the gasoline allowable for August in
a move to cut motor fuel stocks to a more balanced level.
Daily average crude oil production in the United States
last week dipped 7,950 barrels to 2,592,800 barrels, reports
to the American Petroleum Institute disclosed. These
reports, it is pointed out, take no recognition of "hot oil"
production.
Last week's total compared with the July Federal allowable of 2,530,300 barrels and production in the like 1933 week
of 2,673,350 barrels. Both Texas and California showed
gains over the week of July 14 although the latter State
showed a very slight rise in output. A sharp dip in Oklahoma production, aided by declines in several of the less
important oil regions, was the major factor in last week's
drop.
Adoption of the plan recommended by the Darrow Board
of Review in its report on the oil code for the creation of
local committees to deal with gasoline price wars and negotiate settlements in, areas where such wars have started
was announced by the oil administration early in the week.
"Price wars," Petroleum Administrative Board officials
stated, "are particularly disastrous to independents, both
the wholesaler and the retailer, who do not have the financial
strength to stand the heavy losses suffered and may be
bankrupted. This alone opens the way to monopoly because the larger companies have the financial reserves enabling them to take their losses and survive." The Board
stipulated, however, that the settlements may be reviewed
by the Oil Administrator and that "they shall not in any
way encourage creation of a monopoly."
August allowable production for Texas was reduced
approximately 70,000 barrels below the current level to
970,444 barrels daily by the Railroad Commission in orders
issued at Austin late in the week. The new level is nearly
30,000 barrels below the figure established ir Administrator
Ickes' production schedule for Texas for August.
The East Texas field absorbed the entire cut ir the State's
allowable, allowable in that area being set at 400,000 barrels
daily, compared with the current total of 470,000 barrels.
The Commission's order followed a recommendation by
Gordon Griffin, Chief Petroleum Engineer, at proration
hearings held early in the week that such action be taken.
"Hot oil" production in the East Texas area during tha
past week was estimated at approximately 70,000 barrels
daily by unofficial sources.
At a meeting of the Texas Petroleum Council in Austin
late Monday, a resolution moving for the increase of its
number of investigators in the East Texas field was approved
July 28 1934
by the Council. All officers of the organization were reelected.
The resignation of Dr. William L. Leiserson, Chairman of
the Petroleum Policy Board, was announced by Administrator Ickes Monday. Dr. Leiserson, whose resignation is
effective Aug. 1, will return to his former post as Professor
of Economics at Antioch College. In announcing his
acceptance of the resignation, Mr. Ickes said that he did so
with regret, adding that under Dr. Leiserson's direction, the
oil industry had been much freer of labor troubles than many
other industries.
While sporadic labor difficulties continued to confront the
petroleum industry, they were mainly local struggles and no
major strikes or disputes were reported during the past week.
Stocks of domestic and foreign crude oil dipped 1,576,000
barrels last week to 342,611,000 barrels, the Oil Administration reported Friday. This compared with a gain of 95,000
barrels last week.
There were no price changes reported during the week.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
92.55 Eldorado, Ark., 40
Bradford. Pa
91.00
1.32 Rusk. Tex., 40 and over
Corning, Pa
1.08
1.13 Darst Creek
Illinois
.87
1.13 Midland District. Mich
.90
Western Kentucky
1.35
Mid-Cont., Okla., 40 and above__ 1.08 Sunburst. Mont
Hutchinson, Tex., 49 and over_..1.03 Santa Fe Springs, Calif.,40 and over 1.80
1.03 Huntington, Calif., 26
1.04
Spindletop, Tex., 40 and over
.75 Petrolia, Canada
Winkler, Tex
2.10
.70
Smackover, Ark.. 24 and over
REFINED PRODUCTS—GASOLINE PRICES CUT IN OHIO—
OTHER CHANGES POSTED IN EASTERN TERRITORY—
DISCUSS CHICAGO CARTEL PLAN—MOTOR FUEL STOCKS
DIP.
In the first general reduction in several weeks, Standard
Oil Co. of Ohio announced a State-wide reduction of 1 cent
a gallon in service station prices of gasoline Tuesday, effective July 25. Under the revised schedule, premium gasoline
is posted at 15 cents a gallon, standard at 13 cents and thirdgrade at 1134 cents a gallon, not including 4 cents State tax
and 1 cent Federal tax.
Other price changes made in the Eastern marketing area
during the week included an advance of
cent a gallon in
tank-wagon and service station prices of gasoline in Boston
posted by the Socony-Vacuum Oil Co. Monday and a
reduction of M cent a gallon in tank-wagon and service
station prices of gasoline in Albany, N. Y., by the same
company Tuesday.
On July 10,a gasoline price war in the Boston area brought
a reduction of 134 cents a gallon in retail prices by SoconyVacuum with this week's restoration of M cent a gallon held
a sign of improved market conditions in that city. In
Albany, however, the M cent a gallon cut followed an
advance of 1 cent a gallon in retail prices posted less than
a week ago.
In the local market, there were no price changes posted
during the week. Gasoline consumption was reported holding at the usual seasonal level and the undertone of the
market was firm. Activity in other refined products continued to be confined mainly to routine movements.
The Chicago bulk gasoline marked eased off with lowoctane material posted at 334 to 4 cents a gallon by East
Texas refiners at the close of the week. Appearance of some
offers of low-octane material at around 334 cents a gallon
drove prices down. The low-priced offerings were explained
in some quarters as stocks emanating from refiners who held
out under the refinery purchase plan recently inaugurated in
the East Texas area and now experience difficulty in disposing of it to the major companies at the higher levels.
Discussion of a marketing cartel to be operative in the
Chicago area aroused the interest of trade circles. Sponsored, unofficially, by a group of independent operators in
Chicago, no definite progress on the plan had been made
as the week closed. While details of the plan are vague,
it is reported that it will not, as usually is the case in marketing cartel pacts, include the allocation of business. Instead,
it will rely on agreements by its signatories not to resort
to unfair trade practices.
While apparently based on the recently-approved California marketing agreement, trade factors point out that
the suggested Chicago pact would run into serious difficulties
which do not confront the Pacific Coast operators. Under
the suggested Chicago plan, the only enforcement weapon
would be an agreement of wholesalers and distributors not
to sell to any marketer who violated its rules.
In California, where operators are dependent upon one
major producing area for their supplies, this plan seems
practical, but in the Chicago area, where, it is pointed out,
Financial Chronicle
Volume 139
stocks of gasoline may be obtained from four or five different
fields on a profitable basis, such a plan appears slightly impractical.
Despite a slight gain in refinery operations last week,
stocks of gasoline reported to the American Petroleum Institute dropped 336,000 barrels to 49,181,000 barrels, compared with a decline of 547,000 barrels in the previous week.
With refinery operations rising fractionally to 72.2%
of capacity last week, runs of crude oil to stills mounted
25,000 barrels to a daily average of 2,431,000 barrels.
Price changes follow:
July 23.-Socony-Vaeuum Oil Co. advaneed service station and tank
wagon prices of gasoline M cent a gallon in Boston and the surrounding
area.
July 24.-Standard Oil Co. of Ohio reduced service station prices of
gasoline 1 cent a gallon, the reduction affecting the entire State.
July 24.-Socony-Vacuum Oil Co. reduced tank-wagon and service
station prices of gasoline M cent a gallon in Albany, N. Y.
Gasoline, Service Station. Tax Included.
New York
5.175
Detroit
New Orleans
5.19
$.19
Atlanta
.22
Philadelphia
Houston
18
.145
Boston
165
Jacksonville
San Francisco:
22
Buffalo
.185
Los Angeles:
Third grade-- - .18
.173
Chicago
Third grade_. _ .155
Above 65 octane- .20
Cincinnati
18
Premium
Standard
.17)5
22
Cleveland
18
Premium
.19% St. Louis
.145
Denver
.17
Minneapolis
174
Kerosene, 41-43 Water White, Tank Car, F. 0. B. Refinery.
New York:
North Texas
8.0334 New Orleans.ex. 8.0534
(Bayonne)
3.0534 Los Ang.,ex.. .0434-05
Tulsa
.0334.0334
Fuel 0 I, F. 0. B. Refinery or Terminal.
N.Y.(Bayonne):
California 27 plus D
Gulf Coast C
$1.15
Bunker C
31.30
31.00-1.10 Pinta, bunker C
1.30
Diesel 28-30 D...-- 1.95 New Orleans C
1.15
Gas Oil, F. 0, B. Refinery or Terminal.
N. Y.(Bayonne):
Chicago:
Tulsa
28 plus GO 8.0434-.0434
32-3600 _$.0234-.023(
Consumption of Tin During Year Ended May Reported
27% Above Previous 12 Months-Tin Consumption
in Tinplate Industry Sets New High Record.
A 27% increase in world consumption of tin for the year
ended May 1934, compared with the previous 12 months is
shown in the current bulletin of The Haguo Statistical Office
of the International Tin Research and Development Council.
In an announcement issued July 23 by the New York office
of the Council it was further stated:
Tin consumption during the year ended May 1934 amounted to approximately 129,600 long tons as compared with 101,765 tons during the
year ended may 1933.
Comparative consumption of tin by various countries is shown in the
following table.
FIGURES GIVE CONSUMPTION IN LONG TONS.
United States
United Kingdom
Germany
France
1933.
1934.
12 Mos. End. May-
38,470 58,117 Italy
17,879 20,112 U. S. S. R
8.872 11.007 British India
9.826 9,554
1933.
3.753
2.676
2,051
1934.
4,020
5.153
1,900
Tin consumption in the tinplate ndustry during the year ended May
1934, is shown as 55,000 tons, this being .5,000 tons more than in 1929 and
2.800 tons more than in the peak year of 1933.
World automobile output during the first five months of this year, the
Bulletin states amounted to approximately 1,835,030 units as compared
with 1,076,282 units during 1933. Tin consumed in this industry during
the same period totaled 5,700 toas in 1934 as compared with 3,590 tons
In 1933.
During the year ended May 1934 Babbitt metal consumption increased
approximately 64% as compared with the previous year.
Crude Oil Output Declines 7,950 Barrels During Week
Ended July 21 1934-Exceeds Federal Quota by
62,500 Barrels-Gas and Fuel Oil Stocks Again
Increase.
The daily average crude oil production, as estimated by
the American Petroleum Institute, for the week ended July
21 1934 was 2,592,800 barrels, a decrease of 7,950 barrels
from the previous week. The figures for the week under
review however exceeded the Federal allowable figure, which
became effective July 1 1934, by 62,500 barrels and compares with a daily average production of 2,587,450 barrels
during the four weeks ended July 21 1934, and with an
average daily output of 2,673,350 barrels during the week
ended July 22 1933.
Further details as reported by the American Petroleum
Institute follows:
Imports of crude and refined oil at principal United States ports
totaled
441,000 barrels for the week ended July 21,a daily average of 63,000 barrels
compared with a daily average of 168,429 barrels in the preceding
week,
and a daily average of 137,929 barrels over the last four weeks.
Receipts of California oil at Atlantic and Gulf Coast ports totaled
652,000
barrels for the week, a daily average of 93,143 barrels, against a
daily
average of 69,929 barrels over the last four weeks.
DAILY AVERAGE CRUDE OIL PRODUCTION,
(Figurers in Barrels.)
Federal
Actual Production.
Average
A pencil
4 Weeks
Allowable Week End. Week End. Ended
Effective
July 21
July 14
July 21
1934.
July 1.
1934.
1934.
Oklahoma
Kansas
489,500
134,500
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
Week
Ended
July 22
1933.
533,700
135,550
551,050
135,700
525,050
133,300
621,550
128,550
61,550
58,500
27,150
147,700
50,700
465,950
47,500
56,750
58,600
58,400
27,150
142,000
51,250
463.450
47,200
59,500
60,550
58,050
27,200
144,100
52,900
485.100
49,600
53,400
50,300
50,650
21,800
158,050
58,000
548,800
80,400
52,200
122,800
120,250
120,300
125.400
1,042,100 1,038,600 1,027,800 1,051,200 1,145,600
Total Texas
North Louisiana
Coastal Louisiana
Total LouLslana
Arkansas
Eastern (not Inci. Mich.).
Michigan
24,850
70,200
24,850
68,750
25,000
69,700
88,900
95.050
93,600
94,700
70,800
33,000
108,900
33,200
31,800
101,950
29,500
31,800
103,100
31,300
31,750
101,800
30.900
31,350
92,050
17,550
33.200
8,000
3,000
36,650
8,850
3,000
36.200
8,700
3,800
36.600
8,750
3,250
26,800
7,750
2.550
$ 0234-.0234
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F. 0. B. Refinery.
N.
N. Y.(Bayonne):Chicago
5.04)5-.04)5
StiMdard 011N. J.:
Shell Eastern Pet.$.06)5 New Orleans
0434
Motor, U. S.--$.0634 New York:
Los Angeles. ex-05-.06
62-63 octane._ .0644
Colonial-Beacon__ .0634 Gulf Ports
04%
t8tand. 011 N. Y_ .07
z Texas
.0634 Tulsa
0434
*Tide Water 011 Co .0634
y Gulf
.0634
:Richfield 011 (Cal.) .07
Republic 011
.06%
Warner-Quin. Co_ .07
Sinclair Refining- .0634
x Richfield "Golden." z "Fire Chief," $0.07. •Tydol, $0.01. y 'Good Gulf."
30.0734. t "Mobilgas."
12 Mos. End. May-
513
Reports received for the week ended July 21 from refining companies
owning 89.7% of the 3,760,000 barrel estimated daily potential refining
capacity of the United States, indicate that 2,431.000 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, 32.065.000 barrels of
finished gasoline: 6.747,000 barrels of unifnished gasoline and 109,208,000
barrels of gas and fuel oil. Gasoline at bulk terminals, in transit and in
pipe lines amounted to 17,116,000 barrels.
Cracked gasoline production by companies owning 95.6% of the potential
charging capacity of all cracking units, averaged 483,000 barrels daily
during the week.
Wyoming
Montana
Colorado
Total Rocky Mtn.States
New Mexico
California
26,350
44,450
44,200
48.500
48,700
48,600
37,100
46,600
509,400
48,750
529,400
48.500
529.200
48.650
521,500
37,600
491.200
Total United States.-_ 2,530.300 2,592,800 2.600.750 2.587,450 2,673,350
Note.-The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS, FINISHED AND UNFINISHED GASOLINE
AND GAS AND FUEL OIL STOCKS WEEK ENDED JULY 21 1934.
(Figures in thousands of barrels of 42 gallons each.)
Daily Refining
Capacity of Plants.
District.
Polesflat
Rate.
Crude Runs
to Stills,
Stocks •Stoats
Stocks
of
of
b Stocks
of
FinUnof
Gar
Reporting.
Daily P. C. ished finished Other
and
Aver Oper- Gaso- Gab- Motor Fuel
Total. P. C. age. cited. line.
Use.
Fuel.
Oil.
East Coast_
Appalachian.
Ind., In., Ky
Okla., Kan.,
Missouri..
Inland Texas
Texas Gulf._
La. Gulf....
No. La.-Ark.
Rocky Mtn.
California__
582
150
446
582 100.0
140 93.3
422 94.6
494 84.9 15,149
106 75.7 1.554
346 82.0 7,546
1,158
287
1,245
222 10,297
167 1,048
45 3,961
461
351
566
168
92
96
848
386
167
552
162
77
64
822
257
104
504
96
59
39
426
66.6 4,956
62.3 1.133
91.3 4,018
59.3 1,374
245
76.6
60.9
854
51.8 12,352
707
254
1,658
206
83
132
1,017
560 3,498
463 1,553
216 7,805
5 1,785
28
534
624
38
2,356 78,095
Totals week:
July 21 1934
July 14 1934
3,760
3,760
2,431 72.1 d49,181
2,406 71.3 c49,517
6,747
6,760
4,100 109,208
4,100 108,914
83.7
47.6
97.5
96.4
83.7
66.7
96.9
3,374 89.7
3,374 89.7
a Amount of unfinished gasoline contained in naphtha distillates. b Es treated.
Includes nab ended natural gasoline at ref neries and plants also blended
motor
fuel at plants. c Includes 32,113,000 barr es at refineries and 17,704,000 barrels
at bulk term nate in transit and pipe lines. d Includes 32,065,000 barrels at refineries and 17,116,000 barrels at bulk terminals, in transit and pipe lines.
Manchuria Ban On Oil Imports-Affects American
Oil Interests.
The following copyright advices from Shanghai July 20,
are from the New York "Herald-Tribune":
American oil Interests in the Japanese-controlled State of Manchukuo
face heavy losses as a result of the latest Manchurian legislation, which
makes the importation of petroleum a Government monopoly. The new
law forbids the importation of refined petroleum products, and limits the
Socony-Vacuum Oil Co.ahich has interest in the country, to the importation
of crude oil only.
A Socony executive said the scope of the new measure had not been clarified, but apparently it means that American and other oil concerns with
large investments,storage tanks, etc., must Junk their equipment and either
sell through the Japanese or abandon the market.
The Manchukuo measures are similar to oil legislation in Italy and Spain.
The Government of Japan's vassal State has said the legislation was necessary to insure adequate national defense.
Non-Ferrous Metal Market Continues Quiet, With the
Exception of Lead Which Advanced 10 Points on
Good Buying.
"Metal and Mineral Markets" in its issue of July 26
stated that though copper and zinc passed through another
quiet week, the demand for lead continued above the average.
The price of lead was advanced 5 points on two occasions,
and might have been raised further except for the more
or less clouded business outlook and the recent unsettlement
in the security markets. The rate of activity in the steel
industry is being followed with more than ordinary interest
by operators in non-ferrous metals. Steel operations for
the current week were placed at 27.7% of capacity by the
514
American Iron and Steel Institute, against 28.8 a week
previous. With the Government evidently unwilling to
bid for silver at higher prices at this time, that market has
been rather featureless, and the metal settled yesterday at
463/se. per ounce, a decline of one-half cent for the week.
"Metal and Mineral Markets" further went on to say:
Copper Unchanged.
With the Copper Code Authority at work on the difficult problem of
drawing up the permanent buying agreement, consumers were disposed
to move slowly before acquiring more copper, and the week ended yesterday
was one of the dullest on record. Sales for the week in the domestic market
amounted to 500 tons. The price was unchanged at 9c., Valley.
Another problem that has come up for early settlement is to provide
for some sort of Blue Eagle rating for brass-ingot manufacturers. It is
claimed that otherwise their customers will suffer in the sale of castings
on projects financed by the Government. As matters stand at present.
the consumer with a Blue Eagle rating is forced to buy scrap instead of
ingots.
The foreign market for copper was unsettled, the price touching 7.20c.
c.i.f. on some business booked during the week. Yesterday the undertone
seemed to steady, on the political upheaval in Austria. The recent weakness in the London market was attributed to forced liquidation.
The following names have been added to the list of consumers who have
signed temporary agreements with the Copper Code Authority and are
authorized to certify their products as containing only Blue Eagle copper.
American Manganese Bronze Co.; Baldwin Locomotive Works; Belmont
Smelting & Refining Works. Inc.; Magnus Co., Inc.; National Electric
Products Corp.; and Penberthy Injector Co.
German imports of copper during May, with comparable figures for the
same month last year, in metric tons, according to chief sources, follow.
1933.
1934.
1934. Mau1933.
May8.726
1,936
1,729 United States
795
Belgium
603
1,466
117 Canada
United Kingdom
2,942
1,707
2,700 Chile
3,880
Yugoslavia
285
830
30 Elsewhere
591
Sweden
4,630
2,731
Africa
Br. South
15,961 23.876
Totals
1,941
2,198
Belgian Congo
Lead at 3.85C., New York.
Buying of lead was in good volume for the fourth consecutive week,
resulting in a net gain in the price of 10 points, compared with a week
ago. Sales for the 7-day Period amounted to a little over 5,500 tons. The
advance in the market was not uniform. Because of the unfavorable
statistical position of lead, several sellers were reluctant to follow the
leading Western producer in advancing prices. Quotations over the first
three days of the "M. & M. M." week showed a narrow range. The New
York market on Friday last, based on business booked by various sellers,
ranged from 3.75c. to 3.85c. Before the close of the week, however, the
market became established at 3.85c., New York. and 3.70c.. St. Louis.
The American Smelting & Refining Co. advanced its contract settling
basis to 3.80c., New York, on July 20, and to 3.85c., New York,on July 23.
Stocks of refined lead in the United States at the end of June amounted
to 238.181 tons, an increase of 4.936 tons over the total on hand a month
previous. Production during June amounted to 33,218 tons, against 39,678
tons in May. Shipments to consumers came to 28.276 tons in June, against
29.316 tons in May. A summary of the latest figures on the position of
refined lead as issued by the American Bureau of Metal Statistics in short
tons. follows.
May.
June.
222.892
233,245
Stock at beginning
34,741
29,695
ore
Domestic
Production;
4,937
3,523
Secondary material
Totals
Stock at end
Domestic shipments
39,678
233,245
29,316
33,218
238,181
28,276
Zinc Moving Slowly.
Despite the lack of buying interest, the market for Prime Western zinc
seemed to hold about steady. Owing to the drouth,the mills in the Tri-State
district may be forced to remain inactive for a longer period than that called
for in the present curtailment plan. This has made sellers less anxious to
force business. The unfilled orders for zinc have declined to about 17.000
tons. Sales of zinc for the calendar week ended July 21 were estimated at
1.500 tons. The price held at 4.30c., St. L01.1115.
Tin Advances.
Demand for tin in the domestic market was relatively light last week,
although a fair business was done on Friday, when about 150 tons changed
hands. The remainder of the total business of the entire 7-day period
consisted of several small lots for consumer accounts. Price of the metal
was stationary up until Tuesday, advancing .el on the second call in London
on that day, which was followed by another advance yesterday. This
movement was surmised in some quarters to have resulted from operations
for the account of the tin pool. The market here responded to the advance
abroad.
Chinese tin, 99%. was quoted as follows. July 19, 51.325c.; 20, 51.3250.;
21, 51.3250.; 23, 51.3250.; 24, 51.525c.; 25. 51.750.
Summer Lull in Iron and Steel Demand Becomes More
Pronounced-Fresh Pressure Being Put on PWA
Projects.
With the passing of the recent spurt in sheet and strip
orders from the automotive industry, the summer lull in the
ron and steel market has become more pronounced, states
the "Iron Age" of July 26. Most buyers have good-sized
stocks of material which they accumulated in anticipation
of price advances and see no point in adding to their purchases now that their operations are receding. Recent price
declines, which partially canceled the advances that were
to go into effect this quarter, have also had an unsettling
influence, encouraging consumers to "wait out" the market
for further possible reductions. Other factors that have
accentuated caution in the trade are the new heat wave,
which is burning up such farm crops as were rescued by rains
earlier in July, and the continuance of widespread labor
unrest. The "Age" continued:
Oddly, organized labor is exerting its greatest pressure at a time when
most manufacturers are again turning to the problem of spreading available
work as their production declines. Among the steel companies, Bethlehem
July 28 1934
Financial Chronicle
has just devised new regulations intended to effect the most equitable ro ta
tion of employment among its workers.
The uncertainty of the steel outlook is emphasized by the completion
of a large part of the rail and railroad equipment programs financed by
Government funds and the final rolling of steel for many of the larger
Public Works Administration construction projects. Current steel business
is made up, to an increasing degree, of miscellaneous small tonnages of
special sizes and specifications to round out inventories. The restocking
movement on the part of producers, which accounted for a rebound in
activity earlier in the month, is apparently near its end. Since there is
little incentive for buyers to contract for the quarter, backlogs are slim
and it is difficult to predict finishing mill schedules more than a week ahead.
The chief hope of the mills lies in the fresh pressure that has been put
on PWA projects. Old tonnages that had been held up by red tape are now
being released, and specifications for many large new jobs are being prepared
as allotments are being approved. Reflecting current efforts to expedite
construction work, structural steel awards have risen from 8,500 tons a
week ago to 20,300 tons, while new projects have mounted to 25,650 tons.
the largest total with one exception since the first week in June. New work
includes 5,000 tons for a Baltimore viaduct and 6,000 tons of structural
steel and 4,000 tons of sheet piling for dams on the upper Mississippi.
However, much of the public work now coming before the trade will not
mature until fall or later.
An inquiry for 450 subway cars for New York features an otherwise
drab railroad equipment market.
Automobile output shows unexpected staying powers for the season,
but no large steel purchases from motor builders are expected until new
models are launched, since present stocks of material are estimated as
sufficient to carry the industry for 45 days.
The recovery in raw steel production which followed the sharp drop
that occurred in the last week of June and the first week in July has been
halted. Ingot output has declined to 27h % from 28% a week ago. While
the Pittsburgh and Chicago rates are unchanged at 18 and 33% respectively,
operations are off four points to 28% at Cleveland, five points to 30% in
the Wheeling district, one point to 21% in the Philadelphia area, 24 points
to 76% at Detroit, and varying amounts in minor centers. The only
districts to show gains are the Valleys, where output rose five points to
35%, and Buffalo. where production went up two points to 27%•
Scrap, because of a decline at Philadelphia, has descended to a new low
for the year of $10.42 a ton, as measured by the "Iron Age" composite
for heavy melting steel. The finished steel composite, reflecting the last
reduction in black sheets, has receded from 2.131c. to 2.124c. a lb. The
pig iron composite is unchanged at $17.90 a ton. Domestic fluorspar is off $1
to $1.50 a ton to $15.50 to $16 for all-rail shipment and $17.50 for barge
delivery.
The international tin plate pool has raised prices to 185. per base box,
Swansea, Wales. The American export price has been advanced be, to
$4, Pittsburgh. These prices, however, are only approximate, since quotations are always made c.i.f. foreign port of delivery.
The effective date of the steel construction code has been postponed
until August 6, following an unanimous protest by the industry's code
committee.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
(Based on steel bars, beams, tank plates,
July 24 1934, 2.124e. a lb.
One week ago
2.131e.1 wire, rails, black pipe, sheetsand hot2.199e.1 rolled strips. These products make85%
One month ago
1.953e.1 of the United States output.
One year ago
Low.
High.
2.1990. Apr. 24
2.008c. Jan. 2
1934
2.015e. Oct. 3
1.867e. Apr. IS
1933
1 977e. Oct. 4
1.9260. Feb. 2
1932
1.945c. Dee. 29
2.037e. Jan. 13
1931
2 2730. Jan . 7
2.018c. Dec. 9
1930
2.2730, Oct. 29
2 317c. Apr. 2
1929
2.217c. July 17
2.286c. Dee, 11
1928
2.212c. Nov. 1
2.4020. Jan, 4
1927
PIS Iron.
fBased on average of basic iron at valley
July 24 1934. 517.90 a Gross Ton.
$17.90 furnace foundry irons at Chicago.
One week ago
17.901 Philadelphia, Buffalo, Valley, and MrOne month ago
15.901 mingham.
One year ago
Low.
High
$17.90 May 1
$16.90 Jan. 27
1934
18.90 Dec. 5
13.56 Jan. 3
1933
14.81 Jan, 5
13.56 Dec. 6
1932
15.90 Jan. 6
14.79 Dee. 15
1931
18.21 Jan. 7
15.90 Dec. 16
1930
18.71 May 14
18.21 Dm. 17
1929
18.59 Nov. 27
17.04 July 24
1928
19.71 Jan, 4
17.54 Nov. 1
1927
Steel Scrap.
41398ed on No. 1 heavy melting steel
July 24 1934, 510.42 a Gross Ton.
$10.58 quotations at Pittsburgh. Philadelphia
One week ago
10.67 and Chicago.
One month ago
12.08
One year ago
Low,
High.
513.00 Mar. 13
$10.42 July 24
1934
12.25
Aug.
8
6.75 Jan. 3
1933
8.50 Jan. 12
8.42 July 5
1032
11.33 Jan. 6
8.50 Dec. 29
1931
15.00 Feb. 18
11.25 Dec. 9
1930
17.58 Jan. 29
14.08 Dec. 3
1929
18.50 Deo, 31
13.08 July 2
1928
15.25 Jan, 11
13.08 Nov. 22
1927
The American Iron and Steel Institute on July 23 announced that telegraphic reports which it had received
indicated that the operating rate of steel companies having
98.7% of the steel capacity of the industry would be 27.7%
of the capacity for the current week, compared with 28.8%
last week and 44.7% one month ago. This represents a
decrease of 1.1 points, or 3.8%, from the estimate for the
week of July 16. Weekly indicated rates of steel operations
since Oct. 13 1933 follow:
1933Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 25
31.8%
26.1%
25.2%
27.1%
28.9%
26.8%
28.3%
31.5%
34.2%
31.8%
1934JEI. 1
Jan, 8
Jan. 15
Jan. 22
Jan. 29
Feb. 5
Feb. 12
Feb. 19
Feb. 28
Mar. 5
29.3%
30.7%
34.2%
32.5%
34.4%
37.5%
39.9%
43.6%
45.7%
47.7%
1934Mar 12
Mar 19
Mar. 26
Apr. 2
Apr. 9
Apr.' 16
Apr. 23
Apr. 30
May 7
May 14
193448.2% May 21
48.8% May 28
45.7% June 4
43.3% June 11
47.4% June 18
50.3% June 25
340% July 2
55,7% July 9
July 10
58.6% July 23
54.2%
56.1%
57.4%
50 9%
56.1%
44.7%
33.0%
27.5%
28.8%
27.7%
"Steel" of Cleveland, in its summary of the iron and
steel markets, on July 23 stated:
Steel demand so far in July is proving much better than anticipated
by producers, considering the heavy stocks in consumers' hands. seasonal
Financial Chronicle
Volume 139
quiet in many manufacturing industries and a strong disposition among
buyers to wait for still lower prices.
To an important extent this demand, which last week sustained steelworks operations at 30%, unchanged from the preceding week, reflects
the unusually high midsummer production of automobiles.
Last week's output was at a monthly rate of 270,000 cars, although due
to the July 4th shut-down the total for the month is expected to be about
225.000. Because of accelerated consumption in this industry its steel
Inventories now do not appear to be such a formidable factor against new
commitments. Both General Motors and Chrysler last week placed contracts for a substantial portion of their quarterly needs.
In miscellaneous manufacturing requirements, steel specifications in
some of the leading districts have been only one-fourth the tonnage released
in the comparable period last month.
Except for the quarterly distribution of material needed for repairs,
railroad purchases are negligible. Rail mills next month will complete the
roiling of 700.000 tons of rails purchased with Government financing last
spring. The most that steelmakers expect from the railroads over the
remainder of the year is award of additional cars. Bids are being taken
on 450 subway cars for New York.
Structural shape mills are operating at a relatively higher rate than
other heavy-finished steel mills, mainly in response to demand from public
works construction, although awards for the week dropped to 7,738 tons
from 33.023 tons in the preceding week. Structural steel tonnage placed
with mills so far this year is only 17% larger than in the comparable period
last year.
With the general strike at San Francisco called off It is expected the
longshoremen's walkout also will be terminated, permitting steel for the
Golden Gate and San Francisco Bay bridges to flow freely. Because of
the paralysis of shipping and lack of storage space, the fabrication of steel
for these and other Pacific coast projects has been retarded and this has
affected employment in a number of eastern States.
Labor problems in steel construction also came to the front last week
when the American Institute of Steel Construction rejected the steel
fabrication code, primarily for the reason National Recovery Administration placed erection under the construction code and virtually made this
phase of the business a closed union shop.
On the small miscellaneous tonnages of steel bid to the Government
last week, steelmakers disregarded the President's recent invitation to
cut prices and quoted their code figures. N RA has ruled that the filing of
reduced prices on Government requirements with the code authority does
not make such prices applicable in the open market. Steelmakers. however. take the position that the code is a contract, and any reduction even
to the Government would be a violation of the code.
Strong pressure for lower prices continues to be exerted against manufacturers of finished steel products, who find scant comfort in the fact
that though steel prices generally have been reduced $2 to $4 from what
they were intended to be for third quarter they still are Si to $4 higher
than in the second quarter. This is leading them to seek further concessions.
The net effect of the additional $1 a ton reduction on No. 24 gage hot
rolled annealed sheets and the so-called Ford "special" sheets is to make
the advance for this quarter $3 a ton instead of$8 as originally filed. Though
mill prices on reinforcing steel have not been reduced, distributors in the
New York metropolitan area have cut their price 10 cents per 100 pounds
for random lengths. Prices in the cast iron soil pipe industry became so
demoralized the N RA declared an emergency and ordered manufacturers
to raise them as much as $5 a ton.
Steelworks operations last week declined 17 points to 76% at Detroit;
9 to 52, New England;5 to 36, Cleveland;3 to 27, Wheeling. They advanced
3 to 34, Chicago; 2)4 to 25. eastern Pennsylvania; 1 to 31. Youngstown.
Pittsburgh and Buffalo held at 21, and Birmingham at 20.
On adjustment in sheet prices. "Steel's" iron and steel composite is
down 4 cents to $34.19 and the finished steel composite is off 10 cents to
$54; while the iron and steel scrap figure is unchanged at $10.29.
Steel ingot production for the week ended July 23 is placed
at slightly under 28% of capacity, according to the "Wall
Street Journal" of July 25. This compares with 28% in the
previous week, and 23%% two weeks ago. The "Journal"
further stated:
U. S. Steel is estimated at about 2714%. against 28% last week, and a
shade over 24% two weeks ago. Independents are credited with a rate
of about 28%, compared with 28% in the preceding week and 22% two
weeks ago.
The following table gives the percentage of production for the nearest
corresponding week of previous years. together with the approximate
change from the week immediately preceding.
Industry.
1934
1933
1932 x
1931
1930
1929
1928
28
56
1097
551L11 IL
31
5714+ 14 '
95/4 + SS
71 +114
U. S. Steel.
2734- Si
49 +2
33
64
100
75
+114
+1
+1
+2
711,-L0 lL
Independents.
28
61 -2
29j4-1l4
52
91
68 +1
AK
St
Not available.
American Institute of Steel Construction Refuses to
Accept Changes in Code Made by General Johnson
-Directors Oppose Wage Provisions and Stipulation that Part of Industry Must Be Governed by
Construction Code.
Directors of the American Institute of Steel Construction,
Inc.. on July 19 notified General Hugh S. Johnson, Recovery
Administrator, that they had decided to refuse to accept
his changes in the proposed code for the structural steel and
fabricating industry,and also declined to act as Code Authority to administer the code. The changes mentioned were
contained in an Executive Order which was signed July 11,
and the code was scheduled to become effective July 22.
Because of the refusal of members of the industry to accept
the code, however, the NRA on July 23 postponed the pact's
effective date until Aug. 6, in the hope that in the interval
controversial matters can be satisfactorily settled.
The directors of the Institute explained that their opposition was based on the belief that the changes made by Oen-
515
eral Johnson would place small companies at a disadvantage
and would also place the most important part of the industry under the construction code, whose administration
they asserted is dominated by purchasers of products of the
industry. It was added that the order would eliminate from the
code for the fabricating industry the erection of structural
steel, placing that portion of the industry under the construction code. The directors also opposed the proposed
establishment of a minimum wage for unskilled labor of
40 cents an hour in the North and 34 cents in the South,
declaring that these rates were inconsistent with prevailing
wages and failed to take into account the long-established
differences in wage scales in the North and the South.
The New York "Times" of July 22 further discussed
objections to the code as follows:
Members of the Institute now take the stand that they are not bound
by any code regulations. Their blanket re-employment code obligations
they insist, were lifted when the industry presented its own program to the
Government. Since the industry's code as finally approved by the Government is not acceptable, members contend they have the right to reject the document.
The situation as it has developed is of widespread interest to those in
other industries who are watching to see what steps the Administration
will take to enforce the code regulations. At the present time, it was
pointed out, the steel construction industry is in the peculiar position of
having a code which it will not recognize and a Code Authority which
refuses to function.
Manufacturers in other lines of industry are skeptical of the institute's
ability to maintain its stand against the code. They point to the fact
that each code as submitted to the Government includes a standard clause
giving the President the power to change, modify or reject any code provisions. Similar authority, they argue, is contained in the Recovery Act
itself.
They view the Institute's objections to the code as a fight mainly over
labor provisions. The clause placing the erecting branch of the industry
under the building contractor's code, it was pointed out, will transfer
a large part of the industry's activities from an open to a closed shop field.
Must Be Informed.
Members of the Institute insist that the so-scalled standard clause in
their code provides that changes or modifications may be made by the
President only after he has informed the industry of the contemplated
changes and given its members a chance to be heard. They reject the idea
that any code can go Into effect if an industry refuses to recognize the
document.
"Under the code as submitted to the Government," an executive of the
Institute said yesterday, "we included a paragraph stating that the code
could be terminated either by the President or by a vote of 75% of the
membership of the industry. The clause, as finally approved, contained
no reference to the right of the industry to terminate the code. We intend to make a fight on that point as well as upon ethoi provisions about
which we were not consulted."
Attorneys for the Institute, it was said in reliable quarters, are ready
to make a test case of the institute's action, but will wait for the next move
by the Government before taking any step.
Report on Foundry Operations in Philadelphia Federal
Reserve District During June by University of
Pennsylvania-Production of Steel Castings Shows
Increase for Seventh Consecutive Month.
The output of steel castings increased during June for the
seventh consecutive month according to reports received by
the Industrial Research Department of the University of
Pennsylvania from foundries operating in the Philadelphia
Federal Reserve District. Although the increase of only
4% was confined to the production of jobbing work, the
Research Department said, it was distributed among most of
the firms in the industry. There was also an increase of 14%
in the tonnage of malleable iron castings produced. Activity
in the gray iron foundries declined, however, their total
output being nearly 7% less than in May. lhe majority
of the gray iron foundries both within Philadelphia and in
the balance of the area were affected by this decline. The
following was also issued by the Research Department:
Shipments of steel castings continued to increase while those of iron
castings continued to decrease. By the ond of June the volume of unfilled
orders for both iron and steel castings had declined from the total on hand
at the beginning of the month. The stocks of coke on hand increased during
June in the iron foundries but declined in the steel foundries. Both groups
of plants had increases in their stocks of pig iron and decreases in the tonnage
of scrap on hand.
IRON FOUNDRIES.
No. of
Firms
ReportMy.
30
30
29
4
29
18
26
25
25
Per Cent Per Cent
Change
Change
1934
from
from
Short Tons. May 1934. June 1983.
Alt14
Capacity
1 reduction
Gray iron
Jobbing
For further manufacture
Malleable iron
Shipments
Unfilled orders
Ram StockFig iron
Scrap
Coke
11.022
2.407
2.038
1.722
316
369
2.986
768
0.0
-3.9
-6.9
-5.0
-14.0
+14.2
-5.7
-12.7
0.0
+12.1
+11.6
+14.5
-2.0
+15.0
+14.1
+20.2
4.046
1,577
566
+30.3
-0.9
+4.5
+143.5
+20.1
+69.8
Gray Iron Foundries.
The output of gray Iron castings In 29 foundries during June was 6.5%
less than in the previous mouth. This decrease was widely distributed
throughout the Industry with only 9 plants showing any increase. The
tonnage of castings for jobbing work was 5.0% less than in May and the
volume of castings used in further manufacture within the firms was 14.0%
The foundries operating outside of Philadelphia as well as those
located in the city had a decline in activity.
It is difficult to attribute much influence to seasonal forces in this industry. In the corresponding period of 1929 and 1930 there were decreases
of 15 and 13%. in 1926 production remained stable during May and June.
in 1927. 1928, 1931 and 1932 there were increases of from 2 to 8%. and in
the same month of last year there was an increase of 39%. From this
experience, a small increase in activity might have been expected. It
should be remembered, however, that there was an increase in output
during May of this year which did not conform to the typical seasonal
pattern. The decrease in June may thus merely show a delayed effect
from seasonal forces. There is also the possibility, although it does not
appear probable in the light of the decline in unfilled orders, that the decline
in June was the result of a shift In the seasonal factors which usually result
in a decline in July.
Shipments of iron castings were 5.7% less in June than in May. In
spite of this continued decline in shipments, the volume of unfilled orders
on hand at the end of June was 12.7% less than at the beginning of the
month. This is the fifth consecutive month in which unfilled orders have
decreased.
The tonnage of pig Iron and coke in stock increased during June but
that of scrap decreased slightly. All raw stocks on hand at the end of
June were more than those of a year ago.
less.
Malleable Iron Foundries.
The production of malleable iron castings in four foundries during June
was 14.2% more than in the previous month and 15.0% more than in the
corresponding month of last year. This increase in output brought the
curve on the chart of monthly production of malleable iron castings since
1926 [this we omit-Ed.]to only 4% below the average of 1926 and to the
highest point since last January.
STEEL FOUNDRIES.
8
7
Soft Coal Output Smaller than in Corresponding Week
-Anthracite Production Higher.
of 1933
According to the United States Bureau of Mines, Department of the Interior, the total production of bituminous
coal during the week ended July 14 was estimated at 5,920,000 net tons. This is an increase over the holiday week
preceding, when production totaled 5,118,000 net tons, but
fails to reach the level of the pre-holiday week of June 30
by 355,000 tons. Production for the week under review
also shows a falling off when compared with the 6,965,000
net to,s produced in the corresponding week of 1933.
Anthracite production in Pennsylvania during the week
ended July 14 was estimated at 796,000 net tons. This is
a gain over the 657,000 net tons produced in the preceding
week, but is a sharp decrease when compared with the
week ended June 30, when 1,143,000 tons were produced.
Production of hard coal during the week ended July 15 1933
totaled 743,000 net tons.
During the calendar year to July 14 1934 there was
produced a total of 193,713,000 net tons of bituminous
coal and 34,219,000 tons of anthracite, as against 158,552,000
tons of bituminous and 23,957,000 tons of anthracite during
the calendar year to July 15 1933. The Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Capacity
Production
Jobbing
For further manufacture
Shipments
Unfilled orders
Raw Stock-
6
Pig iron
6
6
Scrap
Coke
8.680
0.0
0.0
3.203
2,996
207
3,046
3,311
+4.1
+4.6
-2.8
+7.0
-25.3
+157.4
+184.1
+8.9
+188.8
+124.4
325
+17.5
+95.8
6,798
105
-7.0
-8.7
+84.2
-13.2
The tonnage of steel castings produced in eight foundries during June was
4.1% more than in May. Despite the small percentage of increase, nearly
all of the firms shared it. The increase was entirely in castings for jobbing
work which totaled 4.6% more than in May while the volume of castings
used in further manufacture within the firms was 2.8% less.
The chart of the monthly production of steel castings since 1926 [this
we omit-Ed.]shows that June is the seventh consecutive month in which
Production has increased, and that the output in June was the greatest
since January 1931.
Shipments of steel castings also continued to increase. The deliveries
during June were 7.0% more than in the previous month. Unfilled orders
on hand at the end of June, however, were 25.3% less than at the beginning
of the month.
Stocks of scrap and coke declined during June but those of pig iron
increased. Compared with the inventories of a year ago, the tonnage of
pig iron and scrap in stock at the close of June was more while that of
coke was less.
-Will Accept NRA
Canada's Steel Duties
Customs Purposes.
Values for
Canadian Press advices from Ottawa, July 20, are taken
as follows, from the New York "Times":
In a bulletin issued by the Department of National Revenue, and effective Aug. 1, customs officers are instructed to accept the values of steel
products as fixed by the NRA code as the fair market values for duty
purposes. The bulletin states.
"For the present, and until otherwise ordered, iron and steel products
covered by the code of fair competition for the Iron and steel industry
under the National Recovery Act may be allowed entry for regular duty
purposes on the value under the code at the basIngs point for the product
established under the code nearest to delivery point in Canada, although
shipped from other points.
"The value for special or dumping duty purposes at the place of shipment will be upon the basis of the price at the said nearest basing point
for the product, plus all rail freight to destination In Canada. less the
freight from shipping point to destination."
Calendar Year to Dale.
Week Ended.
Per Cent
Per Cent
Change
Change
from
from
June 1934
Short Tone. May 1934. June 1933,
No. of
FIT=
Reportbig.
8
8
July 28 1934
Financial Chronicle
516
July 14
1934.c
July 7
1934.d
July 15
1933.
1934.
1933.
1929.
Mum. coal-a
Weekly total 5,920,000 5,118,000 6,965,000 193,713,000 158,552,000 276,728,000
959,000 1,673,000
Daily aver_ _ 987,000 1,024,000 1,161,000 1,176,000
Pa. anthra.-b
Weekly total 796,000 657,000 743,000 34.219,000 23,957,000 37,534,000
209,300
229,600
146,500
Daily aver__ 132,700 131,400 123,800
Beehive coke14,900
9,600
547,400
433,900 3,655.600
10,700
Weekly total
2,483
3,278
1,920
21.890
2,598
1.783
Daily aver_
a Includes lignite, coal made into coke, local sales and colliery fuel. b Includes
Sullivan County. washery and dredge coal, local sales and colliery fuel. c Subject
to revision. d Revised.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS).
Week Ended.
State.
Alabama
Arkansas and Oklahoma
Colorado
Illinois
Indiana
Iowa
Kansas and Missouri
Kentucky-Eastern
Western
Maryland
Michigan
Montana
New Mexico
North Dakota
Ohio
Pennsylvania (bituminous)-Tennessee
Texas
Utah
Virginia
Washington
West Virginia-Southern_b_
Northern_c
Wyoming
Other States
Total bituminous coal
Pennsylvania anthracite
July 7
1934.
June 30 I
July 8
July 9
1934. I
1933.
1932.
July
Average
1923.a
185,000
177,00e 102,000
389.000
22,000
25,000
74,000
29,000
63,000
34,000
165,000
31,000
587,000 443,000 146,000 1,268,000
192,000 193,000 159,000
451,000
39,000
35,000
47,000
87,000
72,000
56,000
74,000
134,000
569,000 526,000 342,000
735,000
96,000 103,000 140,000
202,000
22.000
18,000
12,000
42,000
4,000
1,000
3,000
3.000
17,000
22,000
28,000
21,000
20,000
41,000
16,000
16,000
20,000
16,000
52,000
21,000
14,000
10,000
10,000
17,000
310,000 366,000 296,000 112,000
854,000
d
el035,000 3,680,000
1,363,000 1,706,000
57,000
69,000
48,000
113,000
48,000
12,000
10,000
23,000
12,000
11,000
23.000
17,000
19,000
13,000
87,000
114,000 179,000 170,000
91,000
239,000
23,000
18,000
21,000
37,000
19,000
1,209,000 1,526,000 1,273,000 870,000 1,519,000
360,000 411,000 d409,000 e266,000
866,000
58,000
57,000
43,000
115,000
40,000
8,000
1,000
1,000
4,000
3,000
142,000
16,000
43,000
520,000
165,000
36,000
71,000
443,000
85,000
34,000
5,118,000 6,275,000 f5530,000 3,840,000 11,208,000
657,000 1,143,000
676,000
525,000 1,950,000
5,775,00017,418.000 6,206,000 4,165,000 13,158,000
a Average weekly rate for the entire month. b Includes operations on the
& M., and B. C. & G. c Rest of State, including
K.
Virginian:
N. & W.; C. & 0.;
the Panhandle, and Grant. Mineral and Tucker counties. d Original estimates
e Revised figures. f Original estimates. No
revised.
being
Figures
In error.
revision in the National total will be made until receipt of final operators' reports
from all districts.
Total coal
Current Events and Discussions
Reserve Banks.
The daily average volume of Federal Reserve Bank credit
outstanding during the week ended July 25, as reported by
the Federal Reserve Banks, was $2,461,000,000, a decrease
of $10,000,000 compared with the preceding week and an
increase of $261,000,000 compared with the corresponding
week in 1933. After noting these.facts, the Federal Reserve
Board proceeds as follows:
The Week with the Federal
On July 25 total Reserve Bank credit amounted to $2.456.000,000, a
decrease of $4,000,000 for the week. This decrease corresponds with
decreases of $37,000,000 in money in circulation and $3,000,000 in nonmember deposits and other Federal Reserve accounts and an increase of
$14,000,000 in monetary gold stock, offset In part by increases of $33,000,000 in member bank reserve balances and $18,000.000 In Treasury cash
and deposits with Federal Reserve banks.
The System's holdings of bills discounted declined $2,000.000, while
holdings of bills bought in open market and of United States Government
decurities remained practically unchanged from last week.
The statement in full for the week ended July 25 in comparison with the preceding week and with the corresponding
date last year will be found on pages 559 and 560.
Changes in the amount of Reserve Bank credit outstanding
and in related items during the week and the year ended
July 25 1934 were as follows:
Increase (+) or Decrease (-)
Since
july 251934. July 18 1934. July 26 1933.
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
3
21,000.000
5,000.000
2 432,000,000
-3,000,000
TOTAL RES'VE BANK CREDIT__2,458,000,000
7911,000.000
Monetary gold stock
Treasury and National Bank currency2,364,000,000
3
-2,000,000
3
-140,000,000
-5,000,000
+404,000,000
-3,000,000
-5,000,000
-4,000,000 +255,000,000
+14,000,000 +3,878,000,000
+82,000,000
+1,000,000
--23,000,000
5291,000,000 --37,000,000
Money in circulation
4 020,000,000 +33,000,000 +1,714,000,000
Member bank reserve balances
Treasury cash and deposits with Fed2,972,000,000 +18,000,000 +2,606,000,000
eral Reserve banks
Non-member deposits and other Fed-81,000,000
448,000,000 -3,000,000
eral Reserve accounts
Financial Chronicle
Volume 139
Returns of Member Banks in New York City
Chicago—Brokers' Loans.
Below is the statement of the Federal Reserve Board for
the New York City member banks and that for the Chicago
member banks for the current week, issued in advance of
the full statement of the member banks, which latter will
not be available until the coming Monday. The New York
City statement also includes the brokers' loans of reporting
member banks, which for the present week shows a decrease
of $23,000,000, the total of these loans. on July 25 1934
standing at $1,008,000,000, as compared with $331,000,000
on July 27 1932, the low record since these loans have been
first compiled in 1917. Loans "for own account" decreased
from $861,000,000 to $838,000,000, while loans "for account
of out-of-town banks" remained even at $169,000,000, and
loans "for account of others" at $1,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CI IES.
New York.
July 25 1934, Jtay 18 1934. July 26 1933.
Loans and investments—total
7 227,000,000 7,273,000,000 6,731,000,000
Loans—total
3 184,000,000 3,201,000,000 3,369.000,000
On securities
All other
1,690,000,000 1,718,000,000 1,790,000,000
1,494,000,000 1,483,000,000 1,579,000,000
Investments—total
4,043,000,000 4,072,000,000 3,362,000,000
U. S. Government securities
Other securities
2,918,000,000 2,938,000,000 2,293,000,000
1,125,000,000 1,134,000,000 1,069,000,000
Reserve with Federal Reserve Bank.....1,366,000,000 1,331,000,000
Cash in vault
37,000,000
38,000,000
782,000,000
38,000,000
Net demand deposits
Time deposits
Government deposits
6,209.000,000 6.178,000,000 5,263,000,000
678,000,000 682,000,000 783,000,000
704,000,000 733,000,000 254,000,000
Due from banks
Due to banks
82.000,000
86,000,000
66,000,000
1,645,000,000 1,654,000,000 1,099,000,000
Borrowings from Federal Reserve Bank_
Loans on Recur, to brokers & dealers;
For own account
838,000,000
For account of out-of-town banks_
169,000,000
For account of others
1,000,000
Total
On demand
On time
Loans and investments—total
861,000,000
169.000.000
1,000,000
761,000,000
127,000,000
6,000,000
1 008,000,000 1,031.000,000
894,000,000
680,000,000 698.000.000 644,000,000
328,000,000 333,000,000 250,000,000
Chicano.
1 448,000,000 1,440,000,000 1,311,000,000
Loans—total
564,000,000
562,000,000
712,000,000
270,000,000
294,000,000
273,000,000
289,000,000
363.000,000
349,000,000
884,000,000
878,000,000
599,000,000
583,000,000
301,000,000
578,000,000
300,000,000
371,000,000
228,000,000
Reserve with Federal Reserve Bank... 523,000,000
Cash In vault
36,000,000
513,000,000
35,000,000
272,060,000
27,000,000
On securities
All other
Investments—total
U. S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
1 419,000,000 1,386,000,000 1,048,000,000
353,000,000 367,000,000 351,000,000
44,000,000
47,000,000
42,000,000
168,000,009
422,000,000
167,000,000
420,000,000
171,000,000
266,000,000
Borrowings from Federal Reserve Bank.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves and covering the same week,instead of being held until
the following Monday, before which time the statistics covering the entire body of reporting member banks in 19 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 buiness on July 18.
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on July 18 shows increases for the
week
of 856,000.000 in net demand deposits. $66,000,000 in reserve balances with
Federal Reserve banks and 951,000,000 in investments, and a decrease
of
$45.000,000 in loans.
Loans on securities declined $27,000.000 at reporting member banks in the
New York district and $31,000.000 at all reporang member banks. "All
other" loans declined $16,000,000 in the New York district and 814.000,000
at all reporting banks.
Holdings of United States Government securities increased 86,000,000 in
the Chicago district and $11,000.000 at all reporting member banks, and
declined $6,000,000 in the San Francisco district. Holdings of other securities increased $33,000,000 in the New York district, $9,000,000 in the San
Francisco district and 840,000,000 at all reporting banks, and declined
17.000,000 in the Chicago district.
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 31.146.000,000 and not
demand, time and Government deposits of $1,244.000,000 on July 18. compared with $1,122,000,000 and $1,242,000,000, respectively, on July 11.
A summary of the principal assets and liabilities of the reporting member
banks, in 91 leading cities, that are now included in the statement, together
with changes for the week and the year ended July 18 1931. folloss:
517
and
July 18 1934.
17,757,000,000
Loans and investments—total_ __
Increase (+) or Decrease ( —
Since
July 111934. July 19 1933.
+6.000,000 +991,000,000
7,981,000.000
—45,000,000
—693,090,000
3,522,000,000
4,439,000,000
—31,000,000
—14,000,000
—342,000,000
—351,000,000
9,796,000,000
+51,000,000 +1,684,000,000
U. S. Government securities... 6,687,000,000
Other securities
3,109,000,000
+11.000.000 +1.547,000,000
+40,000,000 +137,000,000
Loans—total
. On securities
All other
Investments—total
Reserve with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
2,981,000,000
235,000,000
+66,000,000 +1,332,000.000
—11,000,000
+47.000,000
12,697,000,000
4,510,000,000
1,353,000,000
+56.000.000 +2.030,000.000
—2,000,000
—37,000,000
+772,000,000
1,685,900.000
3,883,000,000
+19,000,000 +489,000.900
+13,000,000 +1,193.000.000
5.000.000
—17.000,000
Canadian Order Reduces Tariff on United States
Gasoline.
The following Canadian Press account from Ottawa (July
20) is from the New York "Herald Tribune":
An order in council which will have the effect in many cases of lowering
the imposts on United States gasoline coming to Canada by one cent a
gallon has been passed by the Dominion Government. The order is based
on authority of two bills passed in the last session of Parliament amending
the Customs Act so that special taxes levied by the United States on products there might be disregarded by Canadian customs appraisers in deciding
on the fair market value of any product.
The United States has an excise tax of one cent a gallon gasoline. In
the past the fair market value of gasoline with this included was fixed by
Canadian customs officials. The change does not efeect the regular tariff
on gasoline, which is 2ji cents a gallon. but in most cases a dumping duty
has also been levied, and this will be reduced by one cent a gallon. An
insistant demand for this change has come from western Canada.
A similar action has been taken in regard to lubricating oils, hogs and
cottons, which have processing taxes. These will be disregarded in fixing
the fair market values in the future. As these duties are ad valorum, the
changes will apply both to the regular tariffs and the dumping duties, where
such are imposed.
Quota Restriction and License Tax on Rice Abolished
by France—Increases Duties and Reduces License
Taxes on Livestock and Meats.
The French import quota restriction and the tax of 10
francs per 100 kilos on quota licenses on rice, established
June 16 1934, were abolished by decrees published in the
French "Journal Officiel" for July 21 1934, according to a
cablegram received in the United States Department of
Commerce from Commercial Attache H. C. MacLean,
Paris, it was announced by the Department on July 24.
The Department continued:
Other decrees published July 21 reduced the quota license taxes but
ncreased the import duties on cattle,sheep, hogs and meats of these animals.
'For frozen pork, the license tax is reduced from 100 francs to 30 francs per
100 kilos, while the minimum rate of duty is increased from 130 francs
o 200 francs per 100 kilos, and the general (maximum) rate, which applies
to imports from the United States, is Increased from 260 francs to 400 francs
Per 100 kilos. The decree specifies, however, that frozen pork liver from
the United States is subject to the minimum rate.
For fresh and chilled pork, the license tax of 100 francs per 100 kilos is
tabolisbed entirely, while the minimum rate of duty is increased from 250
francs to 375 francs per 100 kilos, and the general (maximum) rate, which
applies to imports from the United States, is increased from 260 francs to
400 francs per 100 kilos. These increases on fresh and chilled pork, however, do not at. present affect the United States or other American countries,
since the importation into France of fresh and chilled pork from the American Continent is prohibited.
Internal Political Situation in Germany Appears Calm
—Propaganda Ministry Renews Censorship Program.
With respect to internal political conditions in Germany
this week, there have been few outstanding developments
aside from the disquietude evoked by the Nazi revolution
in Austria. On July 24 the Reich Ministry of Propaganda
issued a semi-official statement warping persons in the
National Socialist party and the Government that any
efforts to influence opinion must be conducted only by the
Ministry itself. Minister of Justice Guertner issued a
statement on July 21 instructing all officers of justice to
perform their duties without reference to the status of individuals involved. This was interpreted as an attack at
members of the Nazi party who seek to place the party
above the Reich.
A Berlin wireless dispatch of July 24 to the New York
"Times" quoted from the statement of the Ministry of
Propaganda as follows:
"All efforts to influence national opinion, all defense of the State's
culture and of economy and all information issued to the domestic and
the foreign press." the declaration asserts, "are matters for which the
Reich Propaganda Ministry is exclusively responsible."
In particular, the party and the other Ministries are warned that no
reception for foreign diplomats or foreign press representatives should
take place except in co-operation with the Propaganda Ministry and
by its permission. The attention of every other Nazi or Government
organization is also called to the fact that at public gatherings of any
sort foreign diplomats and foreign press representatives must be the guests
of the Propaganda Ministry.
."1
518
Financial Chronicle
Campaign Is Renewed.
This declaration is the first official announcement of the vigorous resumption by the Government of its campaign for "censorship at the source"
of information regarding Germany's political, economic and cultural
situation.
The recent reference to the German situation was contained
in our issue of July 21, pages 357 and 358.
Germany Tightens Trade Regulations—New Decree
Puts Manufactured Goods Under Law Provitling
Curb on Imports.
The German Government has issued a decree bringing
manufactured goods under the law which provides for the
control of imported raw materials. This was stated in a
Berlin message (July 21) to the New York "Times," which
went on to say:
The reason for this is that in international trade the classification of
certain important semi-finished goods, including all yarns and roiling mill
products, are classified as manufactured goods.
A prohibition has been issued against the formation of new undertakings
In lime and the rubber tire industry, in connection with the creation of
compulsory cartels. Tire prices remain unchanged
Another decree enforces a 36-hour week in part of the textile industry.
accompanied by a prohibition against the founding of new or expanding
of existing concerns. The ostensible reason for this action is that the rationing of imports may cause a shortage of textile materials, but in reality the
mills are booking fewer orders than a month ago and are largely producing
for stock at the present time.
Germany Names Dictator for Metal Industry.
—Advices from Berlin (Jtily 21) to the New York "Post"
stated:
The Reich Ministry of Economy named a dictator for the metal production industry yesterday as part of its program to weed out overlapping
interests and rivalry in German industry.
The new dictator is Erich H. Artkopf of Solingen.
Coincident with his appointment, the Ministry announced that the
metal production industry in the thickly populated and highly industrialized towns of Wupperthal and Elberfeld would officially represent this
field according to the terms of the law promulgated Feb. 27.
Leadership Principle.
The law provided for the "leadership principle" and the carrying out
of a plan by which reorganization of existing commercial and industrial
groups was undertaken.
The task was proclaimed as one of bringing the economic system into
harmony with Nazi ideals of State administration.
German Government Officially Denies Any Connection
with Nazi Revolt in Austria—Chancellor Hitler
Asks Colonel von Papen to Undertake Special
Mission as Minister to Vienna.
An official announcement issued by the German Government, on July 26, denied that any "German authority had
any connection whatsoever" with the events precipitated by
an attempted Nazi revolution in Austria this week. The
communique said that after a careful investigation it was
possible to discover only one matter that might create an
opposite impression, and added that this was "the result of a
not carefully enough controlled report that came from Austria and was broadcast."
On the same day (July 26) the German Government News
Service made public the text of a letter from Chancellor
Hitler to Vice-Chancellor von Papen, in which the latter was
asked to abandon his post in the Cabinet and to go on a
special mission as Minister to Austria. In this letter Herr
Hitler took occasion to deplore the attack on Chancellor Dollfuss, which he said was "most sharply condemned and deplored by the German Government" and "has made even
more difficult the already unstable political situation in
Europe, although we are wholly innocent."
The official announcement on behalf of the Reich, dated
July 26, read as follows:
Already last night an investigation was undertaken by the Reich Government to determine whether any German authority had a guilty direct or
Indirect connection with the events in Austria. The investigation was concluded to-day and demonstrated that no German authority had any connection whatsoever with the events and that orders issued after the events had
become known were carried out immediately and thoroughly.
In particular, every road across the frontier into Austria was closed,
and, on the other hand, residents in the camps of Austrian refugees were
forbidden to leave their quarters in order to present any undesired crossing
of the border and, accordingly, not even a single individual connected with
yesterday's events crossed the border either before or afterward.
Under the most detailed examination it is possible to discover only one
matter that might create en opposite impression. This was the result of a
not carefully enough controlled report that came from Austria and was
broadcast. Provincial Inspector Habicht, who is responsible for the Munich
radio station, was accordingly removed from his post at 10 o'clock this
morning and directed to await further orders.
German Government's Control of Grain Trade—
Maintenance of Farmers' Income Reported P's-nose
of New Law—Decree Fixing Selling Price of Wheat
and Rye.
Details of the control of the sale, handling and processing
of grain and grain products in Germany, taken over by the
•German Government on July 16, are contained in a cable-
July 28 1934
gram received by the Foreign Agricultural Service at Wash
ington from Assistant Agricultural Attache D. F. Christy
at Berlin.
An item bearing on the complete control of grain, and the
setting of fixed high prices for wheat and rye, appeared in
our July 21 issue, page 359. In making available on July 20
the advices received from Berlin by the Foreign Agricultural Service, the Department of Agriculture said:
The Ministry of Agriculture was authorized in a law dated June 27 1934.
to exercise a monopoly over the marketing and processing of grain and
grain products,such as already exists for certain other agricultural products.
The purpose of the new law is to maintain farmers' income—threatened
this year by reduced wheat and rye crops and a feed grain shortage—
without at the same time endangering the interests of consumers. This Is
to be accomplished mainly by a system of fixed prices for bread and feed
grains and by compulsory deliveries. A supplementary decree of July 16
fixed selling prices for 1934-35 wheat and rye at from 3 to 5% above last
year's prevailing levels. Selling prices for oats and barley have been fixed
at a somewhat lower level than the free market prices prevailing last season.
The July 16 decree also provided for the compulsory delivery of bread
grains from all farms over 12 acres in area. The total deliveries of rye
from July 16 to Oct. 31 must equal at least 30% of the total annual deliveries
from the 1933 crop. Total deliveries of wheat from Aug. 16 to Oct. 31 must
equal 25% of the total deliveries from the 1933 crop.
The new grain law authorizes the Ministry of Agriculture not only to fix
the selling prices of bread grains and to determine the quantities that must
be delivered but to fix also the quantities of wheat and rye that must be
bought, handled and sold for human consumption by co-operatives, merchants and other distributors. It is authorized to issue orders as to the
quantity of bread grains that must be purchased by flour mills and other
processors and the quantities of milling products they may sell within
specified periods of time. It is authorized to issue similar instructions for
feed grains, including fixed prices above or below which sales will not be
permitted.
Grain trade margins have already been fixed and a decree regulating
bread prices and prices of milling products is expected in the near future.
The Ministry of Agriculture will continue to exercise control over the
quantities of imported bread grains that may be used in milling flour.
The decree of July 16 raised the rye flour extraction ratio to a minimum
of 75% compared with the customary 60 or 70%. While this will materially
increase the supply of flour available for human consumption it simultaneously reduces the supply of bran and other milling offals available for
feed. The grain shortage this year, however, is more in feed than In bread
grains. Increased extraction ratios, therefore, will contribute to a solution
of the grain problem only to the extent that they increase the supply of
flour available for human consumption.
Semi-official sources indicate that exports of feed of all kinds will be
prohibited in the near future. A decree of June 28 by imposing a prohibitive
export tax, has already made impossible the exportation of such feedstuff
as feed peas, feed beans, feed beets, green fodder, hay, potato flakes, fish
meal, molasses, bran. rice, oil cakes, and sugar beet pulp. This same
decree reduces the import duty on feed beans, green fodder and hay.
Negotiations are under way for the procurement of considerable quantities
of feed grains from foreign countries in exchange for German exports.
The new powers granted to the Minister of Agriculture by the law of
June 27 show clearly the seriousness of the German grain and feed situation
resulting from reduced crops this year.
Various measures for the maintenance of prices have been enforced
from time to time in Germany In recent years. Last year the main problem
was to force the mills and the trade to buy bread grains from the farmers at
prices that would not fall below a fixed minimum. This year the problem
will be to compel farmers to sell their reduced production, unless prices are
substantially increased. Believing that greatly increased prices would be
undesirable both from a political and economic point of view, the Government has decided that the guaranteed minimum price feature of last year
will be replaced thiq year by an outright system of fixed prices with delivery
obligations enforced by legislative enactment.
Proposed Reduction in Working Hours of German
Textile Mills.
In United Press advices from Berlin July 20 it was stated
that because of the shortage of raw materials, Minister of
Economics Kurt Schmitt would announce in the next issue
of the Reich Gazette that working hours in the textile industry would be reduced from 48 to 36 a week. It will be the
first time the Nazis have reduced hours in an entire industry
said the advices which also had the following to say:
Schmitt also will strengthen the ban on price increases by factories.
The new regulations are effective Monday. Exceptions in working hours
will be made in the case of rush orders. Also, in case of rising production
costs and rising world prices, an increase in prices may he allowed.
To enable rigid enforcement, Schmitt, who is economic dictator, is empowered, without consulting the regular courts, to impose fines on violations
up to 10,000 marks, to close factories and to refuse to allow owners to remain as "factory leaders" under the labor law.
The move is being made to protect the jobs of 123,000 workers who have
been reemployed in the textile industry since January 80 1933. Wages, which
are reckoned on an hourly basis, will be reduced accordingly.
In future, only two shifts will be permitted, although three have been
used in many mills.
The regulations do not apply to mills which interweave artificial fibers
with wool and cotton.
German Buyers of Rayon Must Declare Yarn Stocks.
From the New York "Journal of Commerce" of .Tilly 26 we
take the following (special correspondence) from Berlin,
July 19:
Owing to the increasing demands for rayon in Germany whim, according
to the (Iowan Rayon Syndicate, result to a large extent from "unjustified"
purchases in adrnt:ce. tip- syndicate has decided that the consumers shall
declare the size of their stocks of rayon, etc., and their purehosing contracts
before the syndicate will exetute orders.
This announcement is the more interesting Ile it had been claimed that the
German 'aeon Industry was ii a position to meet n11 nernyto dem”nda. The
present purehases in advance must be explained ns f^ars t,f the est-idlahment
of consumption rvont.,a or other regulations ns well as !par., of III e'er prices
Volume 139
Financial Chronicle
on the other hand, the increasing demands are due to the fact that growing
quantities are needed for the manufacture of wool and cotton in order to
protect the stocks of these materials. The rayon industry is working at capacity with very extended periods of delivery.
Austria Withdraws Guaranty Accorded Deposits of
Credit Anstalt Bank.
In Associated Press advices from Vienna July 20 it was
stated that the Austrian Government lifted on that day
its guaranty of deposits in the internationally influential
Credit Anstalt Bank, in which American shares are held
to the extent of $4,000,000. The advices added:
The Finance Ministry announced the Federal guaranty had been lifted
at the request of the bank and its large depositors.
Although the effect of the announcement on many of those who received It to-night through private channels was disconcerting, the general
public will not learn that the Government no longer guarantees deposits
until to-morrow's morning papers are delivered. A few hours after this,
banks in Vienna normally close for the week-end.
Wide Powers Given to Belgian Cabinet—Tax, Financial
and Economic Reforms to Be Effected as Parliament
Recesses.
Reporting that the Belgian Parliament adopted on July 20
the so-called special powers bill which gives the Government
virtually a free hand in tax reform and in the regulation
of financial and economic affairs until next fall, a wireless
message from Brussels on that date to the New York "Times"
added:
Parliament is expected now to take a recess untll October, during which
the Cabinet will govern by decree.
The program, according to speakers in behalf of the measure, does
not constitute an economic dictatorship, as charged by its opponents,
but aims only at moderate regulation of industry. Although Government
speakers insisted on Belgium's determination to maintain the gold standard,
there was much talk during the discussion of the measure of inflation
or devaluation. The public is awaiting with some anxiety details of the
actual program.
Emil Vandervelde, leader of the Socialist Opposition, claimed such
wide powers could, never be obtained except by exploiting the fear of the
consequences of another Cabinet crisis.
Paul Emile Janson, a former Liberal Cabinet member, and others called
upon Parliament and the people to support the Premier, Count de Broguevine, and to accept the sacrifices asked of them.
Copyright advices July 22 from Brussels to the New
York "Herald Tribune" had the following to say:
The Belgian Government has succeeded, after a battle which lasted
two weeks, in obtaining from the Chamber full power in economic and
financial domains. In a speech before the Chamber, Gustave Sap, Minister
of Finance, explained that he would use his new power to balance the
budget, which is stills half billion francs short of the total of 12,000,000,000
francs.
To achieve the balance the Minister said he intended to reduce certain
taxes, the population being too highly imposed upon, but to convert
certain loans which are weighing too heavily on the budget.
Rumania Offers to Make Partial Payment to American
Holders of Bonds, Similar to Arrangement with
French Holders.
Radu Florescu, Charge d'Affaires of Rumania, announced
in New York, on July 25, that he had been authorized by his
Government to offer to the American holders of Rumanian
monopolies bonds the same partial payment of interest
which was accepted by European holders of these bonds in
an agreement signed last July 21, in Paris. Details of the
offer were given, as follows, in the New York "Times" of
July 20:
The payment would be half of the 7% interest guaranteed in 1929 on
the external sinking fund gold bonds of the Kingdom of Rumania Monopolies Institute, which provided funds for stabilization and development in
Rumania and were guaranteed by the Government. Of the total issue of
$101,000,000, Mr. Fkrescu said, the American holdings distributed through
the Chase National Bank, the City Bank Farmers Trust Co., and Dillon,
Read & Co. now amount to about $7,000,000.
The Charge d'Affaires said that details of the offer were already being
worked out with these three American banking houses, and would be published as soon as possible by the Rumanian Legation in Washington for
the information of the American bondholders.
Up to and including August 1933, the interest on these bonds has been
fully paid semi-annually in February and August. Last February, almost
six months after Rumania declared a complete transfer moratorium on all
external obligations, half of the interest on these monopolies bonds
was paid.
It is now proposed to pay 50% on the impending August coupons
within a month or two; 50% on the coupons of February, 1935, when
due; 53% on the coupons of August, 1935, and February 1936, and
55% on the coupons of August, 1937, and February, 1937.
All these payments are to be made in currencies of gold standard
countries. Consequently, it was pointed out by the Rumanian negotiators, the American bondholders who send their coupons abroad to
be paid in half, may turn their foreign gold currencies into our devalued
dollars with an increase of two-thirds, making the Rumanian payment
equivalent to more than 80% of the intetrest due in current American
legal dollars.
Mr. Florescu said Rumania was able to effect this transfer, due to
a compression of its government expenses and a strict control of all
exchange yielded by Rumania's foreign trade. Re said no loans had
been floated to produce the external currencies needed and that Rumania
without any League of Nations supervision felt sure of being able to
maintain this settlement for the three years scheduled.
He said the Rumanian Government payment of intetrest due to the
United States Government remained suspended, no payment having been
519
made last June, and a token payment of 10% having been made in
June, 1933.
Rumanian Internal Loan Authorized.
The following Reuter advices from Bucharest, are from
the London "Financial News" of July 8:
In the extraordinary session which ended to-day, the Rumanian Parliament passed a bill authorizing the issue of an internal loan.
It further gave the Government full powers to take all measures calculated to ensure the balancing ot the burget and National economio
restoration.
Improvement in Italian Budgetary Situation Indicated
in Figures Published by Italian Treasury.
In a cablegram received by the Italian Embassy in Washington, and made available on July 23 by Romolo Angelone,
Commercial Attache at New York, it is stated that a continued improvement in the Italian budgetary situation is
revealed by figures just published by the Italian Treasury;
these, it is said, show that on June 30 last, cash on hand had
increased to 2,677,000,000 lire, of which 2,427,000,000 in
current account with the Banca d'Italia and 250,000,000
with the Central Treasury, the Royal Mint and foreign
correspondents of the Treasury. The cablegram continues:
The June statement contains the results of ordinary and extraordinary
operations,these latter including the issue of9-year notes and the conversion
of the consolidated loan. Ordinary income in June reached a total of
1,751,000,000 lire and expenditures of 1,774,000,000, showing therefore a
small deficit of only 23,000.000,as against a monthly average of340,000,000
In the preceding 11 months and as against a deficit of 156,000,000 in the
month of June 1933.
As a result,the ascertained deficit for the fiscal year 1933-34 ended June 30
last, amounts to 3,766,000,000 lire, as against 3,938,000,000 in the previous
fiscal year. The item capital account has closed the fiscal year with a
deficit of 76,000,000 lire, so that the total deficit for the ordinary budget
was, at the end of the fiscal year, 3,842,000,000 lire.
Concerning the extraordinary budget,the deficit which at the end of May
had reached 3,060,000.000 lire, was reduced at the end of June to 3.053,000.000, by means of ascertained economies in the expenses incident to the
issuance of the new redeemable loan. On capital account the extraordinary
budget shows a surplus of 3.932,000,000 lire, representing the difference
between the income from 9-year notes Issued and the total payments on the
notes redeemed. Bearing in mind these latter figures, the total deficit
for the fiscal year Just ended amounts to 2,964,000,000 lire.
At the end of June the internal public debt amounted to 102,224,000,000
lire and the circulation to 12.888,000,000.
Validity of Gold Clause Upheld by Italian Court.
Advices from Milan, Italy, to the "Wall Street Journal"
of July 21 stated:
The Court of Appeals, in a case which involves a contract between two
Italian companies in which the sale price is expressed in gold dollars, has
Upheld the judgment of the lower court in recognizing the full validity of the
gold clause irrespective of the fluctuations of the currency dollar.
Italy Increases Import Duties on Various Products.
An Italian decree, effective July 16 1934, increased the
general rates of duty or a number of products, according
to a cablegram received in the Department of Commerce
from Ambassador Breckenridge Long, Rome. The Department on July 21 reported:
The duty on organic iodides was increased from 10 lire to 185 lire per kilo
and on citric acid from 183.50 lire to 267 lire per 100 kilos.
Duties were increased by approximately one-half on photographic film
and plates; about one-third on seeds of rape, colza, mustard and peanuts;
and by about one-fifth on peanut, rape. colza, sesame and olive oils.
Changes were also made in the duties on boards simply planed, and those
for packing cases, and on poles, rubber-tire scrap, and cottonseed.
It is understood that the above-mentioned items, with the exception of
the oil-seeds and seed-oils, remain subject to the additional duty of 15%
of thee. I. f. value.
50% of August 1 Coupon on State Loan of Kingdom
of Hungary 1924 to be Paid.
Speyer & Co., as American fiscal agents, announced on
July 24 that they have been informed by the trustees of
the State Loan of the Kingdom of Hungary 1924 that the
Hungarian Government has provided foreign currencies to
meet 50% of the interest due on Aug. 1 1934. For the
balance, Pengo Treasury bills of the Government have been
deposited to the credit of the trustees with the National
Bank of Hungary. The fiscal agents' announcement
continued:
As directed by the trustees, Speyer & Co. are prepared to make this part
payment of 50% of the face value of the coupon.to the holders of the Aug. 1
1934 coupons of the dollar bonds, on or after that date. Such coupons
will be marked "paid 50%" and returned to the bondholders to be reattached to their bonds, in order that their claim for the balance may
be preserved.
Secretary Hull and Ambassador Troyanovsky Begin
Discussions on Debt and Commercial questions
Between United States and Soviet Russia—Communique Says Each Placed His Government's Attitude Before the Other.
Resumption of negotiations designed to effect a settlement
of debt and commercial issues between the United States and
the Russian Soviet Union occured on July 25, when Secretary
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Financial Chronicle
of State Hull and Assistant Secretary R. Walton Moore conferred with the Soviet Ambassador, Alexander Troyanovsky.
Similar conversations are expected to be carried on in future
weeks, and it was reported from Washington that they will
deal with the question of more than $600,000,000 debts and
claims alleged to be due the United States, and an unspecified sum alleged to be due Russia from the United States,
as well as the question of a loan to the Soviet Union. After
the conference on July 25, Secretary Hull issued the following
communique which had been approved by Ambassador
Troyanovsky:
The Soviet Ambassador, Mr. Troyanovsky, the Secretary of State, and
Assistant Secretary Moore held their first conference to-day for the Purpose
of resuming the aegotiations pending between the two Governments relative
to the financial and commercial questions involved between them.
Each, without any prelimiaries, undertook to get the fundamentals of
his own Government's attitude before the other. The conversations were
conducted in a thoroughly firendly atmosphere and with a sincere disposition to reach an agreement. There will be another meeting next week.
A Washington dispatch of July 25 to the New York
"Times" outlined the scope of the discussions as follows:
The United States is understood to have made an offer providing for
payment by Moscow of only a fraction of the total amount involved. This
was reported to be acceptable to the Russian authorities.
The Soviet Government insisted, however, that it be granted a sizable
cash loan in this country as an integral part of the agreement. The United
States was understood to have definitely declined to make any loan, citing
as an obstacle the Johnson Act, which prohibits any nation in default to
the United Status Government from securing any loans or floating any
securities in this country.
Attor. ey General Homer A. Cummings, in an opinion rendered at the
request of the State Department, designated the Soviet Government as in
default necause of its failure to make any repayment of the 9187,000,000
borrowed by the Kerensky provisional Government from the United States
Treasury in 1917.
The Export-Import Bank, which was organized to promote trade with the
Soviet through the granting of credits in this country, also has declined
to grant any credits until a satisfactory debt agreement has been reached.
Turkey Regulates Foreign Capital—Concerns Must
Register as Local Companies, Minister Rules.
From Ankara, Turkey, United Press advices published in
the New York "Journal of Commerce" said:
"Foreign capital will be welcome in Turkey for the development of public
Utilities, such as electricity plants and irrigation systems, provided it complies with the laws of our country," Ali Bey, Minister of Public Works, has
announced.
Register in Turkey.
"In other words," he said. "enterprise, undertaken by foreign capital in
this country, must register as Turkish companies."
"Operating concessions to foreign companies, having their headquarters
abroad, will be granted no more.
"This, naturally, does not imply that no contracts for construction will be
concluded with foreign firms. This is, on the contrary, being done all the
time. Foreign firms are building railways, the operation of which, for
economic as well as for natural reasons, we consider the exclusive domain
of the State.
"Pre-revolutionary concessions, given liberally by the Ottoman Government to foreigners, were an outgrowth of the system of capitulation under
which Turkey was kept by the Imperialistic powers in the State of a semicolonized country.
"For this reason, the Ghazi's Government is doing away with the remnants of the old concessions. We are reshaping them to conform to our
dignity and our needs by friendly agreements, or, where such is impossible
to attain, we refuse to renew them at the terms of expiration. But, even
in this respect, no expropriation nor autocratic act of abrogation is ever
taken into consideration by our Government."
Concerning the industrial five-year plan, All Bey explained that the Government, in building up and operating factories, was not carrying out theorectical principles, but acted for reasons of practical expediency.
Hearing on Proposed Reciprocal Tariff Pact With
Cuba by Committee of Reciprocity Information—
Representatives of Sugar, Fruit, Vegetable, Tobacco and Salt Producers Heard—Committee Will
Consider Data in Drafting Final Treaty—Personnel
of Committee.
A 3-day hearing on a proposed reciprocal tariff agreement
with Cuba was concluded on July 25, after a series of witnesses representing American fruit, vegetable, tobacco,
sugar and salt producers had been beard by the newlycreated Committee for Reciprocity Information. The hearings on the proposed pact with Cuba were the first to be
conducted under the Administration's reciprocal tariffbargaining program. No information was made public
during the hearings regarding the nature or extent of the
trade agreement which has been tentatively negotiated with
Cuba.
At the initial hearing on July 23 representatives of Florida
fruit and vegetable growers and Connecticut Valley tobacco
raisers protested against.any tariff reductions on their respective products. We quote below from Washington
advices of July 23 to the New York "Herald Tribune"
regarding this hearing:
More than a score ofrepresentatives of agricultural and business interests,
Including Senator Park Trammell. Democrat, of Florida, and Howard
Whitaker. of the Connecticut Valley group, presented their cases.
In each case Chairman Page said that details of the treaty could not be
made public and that the information obtained at the hearings would be
July 28 1934
summarized by the various Federal departments represented for submission to the President.
The hearing was the first under the reciprocal tariff act intended to place
the United States on an equal footing with other nations in the use of barter
and quota systems of trading now prevalent.
Under the act the President is authorized to enter into trade agreements
with foreign nations and to reduce or increase any existing tariff rate by as
much as 50%. The changes made by the President must be limited to
agreements worked out with foreign governments.
However, the purpose of the Administration in bringing about this
change in American tariff policy was frankly to increase the foreign trade
of the United States. As a result, according to the interpretation of Henry
A. Wallace, Secretary of Agriculture, spokesman for the Administration on
the tariff,"most if not all, of the changes in rates will be in fact, downward."
Witnesses appearing to-day in rapid succession so that more than a score
were disposed of to make way for the sugar group to be heard to-morrow,
apparently assumed that reductions in tariffs and not increases were contemplated in the proposed pact with Cuba.
"if the door is thrown open, Cuba will have an opportunity to gobble
up our business," said Senator Trammell, remarking that Cuba long since
had taken the pineapple trade of Florida and now has eyes on other fruits
and vegetables.
Sugar refiners, Puerto Rican sugar producers and large
domestic sugar consumers were the principal witnesses
before the Committee on July 24. The refiners advocated
a wider differential between raw and refined sugar duties,
the Puerto Ricans urged that no reductions be made in the
present tariff, while the domestic consumers asked that there
be no differentiation between raw and refined sugar. Associated Press Washington advices of July 25 described this
hearing in part as follows:
Cuba was pictured alternately as better off than any of her Insular
neighbors and as a waste land.
Frank A. Dillingham, representing the Puerto Rican Sugar Producers'
Association, told the Committee there was less need in Cuba of additional
tariff protection than is customarily stated because the Republic was better
off than any of the other Western islands save his own.
Mr. Dillingham said that the drop on Cuban-United States trade the
past 10 years was due largely to the production by Cuba of her own foodstuffs and to the fact that the island adequately was supplied with railroad
and mill equipment.
"I sincerely believe the imports to Cuba the next three years will be over
those for 1933," he said, "but not much more than the $19,000,000 the
United States is taking out of the Treasury to reduce sugar duty from 2 to
1% cents under the recent Jones-Costigan Quota Act, much less than
that involved in any further increase in the Cuban preferentlals."
John Snyder, Vice-President of the Hershey Corp., urging lower duties
for the Cuban sugar his company uses, said there should be no differential
between raw and refined sugar tariffs.
Ellsworth Bunker, Chairman of the Committee of the American cane
sugar refining industry, argued that liquid and other forms of sugar were
directly competitive to American refined sugar and should have a lower
preferential to put them on an equitable basis with solid sugar. He added
that lower labor costa made refining in Cuba cheaper than in the United
States, particularly with what he said was an increase of 13.3 cents a
hundred pounds in the American refiner's costs as a result of complying with
National Recovery Administration and other recovery agreements.
"We don't ask," he said, "that it be made impossible for Cuba to sell
refined sugar in the United States, but that it be on the same basis as the
American refiners."
Louisiana sugar producers argued against any tariff reduction at the final hearing on July 25, and the Committee
also heard testimony regarding salt, of which quantities are
exported to Cuba,chiefly from Louisiana. W. T. Chisholm,
representing Louisiana salt producers, asked for a material
increase in the tariff preferential now enjoyed by American
salt in the Cuban tariff schedules.
Following the conclusion of the testimony, it will be considered by the Government departments and agencies represented on the Committee, and the information obtained will
be used in making the final draft of the new Cuban treaty.
A similar procedure is expected to be followed in connection
with other pacts of this nature.
The State Department in announcing on July 3 the
Committee for Reciprocity Information had been created by
Executive Order, named the following personnel:
Thomas Walker Page, Vice-Chairman, United States Tariff Commission.
Robert Frazer, American Consul General in London.
Leslie A. Wheeler, in charge Division of Foreign Agricultural Service,
Department of Agriculture.
Henry Chalmers, Chief, Division of Foreign Tariffs, Department of
Commerce (acting).
John Lee Coulter, former member of the United States Tariff Commission and now connected with the office of the special adviser to the
President on foreign trade.
H. D. Gresham, acting Chief Imports Division, National Recovery
Administration (acting).
•
The Committee for Reciprocity Information issued the
following regulations to govern future reciprocity hearings:
Pursuant to Section 4 of the Act of Congress approved June 12 1934.
entitled "An Act to Amend the Tariff Act of 1930" and Executive Order
No.6,750 of June 27 1934, the following form, manner and time limitations
with respect to the presentation of information and views by persons
interested in the negotiation of any foreign trade agreement are prescribed:
Form and Manner of Presentation.—Information and views shall be
presented to the Chairman, Committee for Reciprocity Information,
United States Tariff Commission, Washington, D. C.,in the form of written
statements. Such statements shall be duly sworn to and shall be either
typewritten or printed, in sextuplet, and each of the six copies shall be
legible. If the statements relate to duties or other trade restrictions
affecting more than one product, each product must be treated separately
and statements with respect to each product shall begin on a separate page.
Supplementary Oral Presentation.—Supplementary views may be presented orally only upon application to the Chairman and after written
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statements have been submitted in proper form. Such application may
be made in writing to the Chairman and shall set forth concisely the reasons
therefor. Also the application shall state whether it is desired to present
supplementary information and views concerning tariffs or other trade
restrictions of the foreign country with respect to which the Secretary of
State has given public notice of intention to negotiate a foreign trade agreement or concerning tariffs or other trade restrictions of the United States.
The Committee will consider the application and inform the applicant
whether it is or is not approved.
Oral statements shall be made under oath.
Any oral presentation of views hereunder shall not be in the nature of a
public hearing.
Time Limitations.—The time limits within which information and views
in writing and applications for supplemental oral presentation of views
shall be submitted, as well as the time for supplemental oral presentation
of information and views, will be prescribed by the Committee in connection with each proposed foreign trade agreement, and will be made public
in behalf of the Committee by the Secretary of State simultaneously with
his notice of the intention to negotiate each proposed agreement.
Cuba Repeals Decree Limiting Exports of Currency.
A new decree repealing the June 2 decree which restricted
exports of money from Cuba has been signed by President
Mendieta, it was indicated in Havana advices July 16.
Regarding the repeal of the June 2 edict, a cablegram from
Havana July 13 to the New York "Times" said:
The Cabinet to-night repealed the June 2 law prohibiting the exportation
of money. Protests from commercial and industrial leaders brought about
the action of the Government.
The Government admitted the law had stopped the flow of money for
investment in Cuba and had hampered commercial interests and the
normal exchange of commerce.
Items regarding the June 2 decree appeared in our issues
of June 9, page 4206 and June 23, page 4206.
Export of Nitrate Resumed by Chile—Record Shipments
Follow Paris Accord.
From Santiago, Chile, advices under date of July 17 to
the New York "Times" said:
Nitrate interests here attach great importance to the agreement reached
in Paris among Chilean nitrate producers and European producers of synthetic nitrogenous fertilizers to form a world cartel to avoid price wars.
Reports from northern ports announce greatly increased exports to
Europe with record shipments of more than 125,000 tons in the past six
days. The settlement of competitive difficultues for a year is expected to
clear the way for expansion of Chile's sales abroad in accordacne with the
Finance Minister's plans for development of this country's exports. Refining plants here are preparing to reopen.
A commercial agreement between Chile and the Soviet Government
is expected as a result of negotiations commenced a fortnight ago, which
have reached "a satisfactory stage." A representative of the Juyamtorg,
the Soviet South American trade bureau at Buenos Aires, will soon visit
Santiago to close the arrangement, it is stated.
It is planned to exchange Chilean nitrate, copper, hides and wool for
Russian oil and electric lamps and other manufactures.
From the same paper we quote the following from Santiago
July 13:
Although an agreement in principle is known to have been reached
among nitrate producers in Paris, it is not revealed whether Chilean producers are in full accord with those of Europe. Finance Minister Gustavo
Ross has kept in touch with the Chilean delegation by telephone.
Legislation Affecting Foreign Banks Planned in Chile.
Legislation affecting foreign banks in Chile will soon
undergo important changes, according to the opinion of
Deputies supporting a bill sent to Congress on July 24, it
was indicated in a cablegram from Santiago to the New
York "Times," which also reported:
The bill, which would come into force in December 1935. provides
that 75% of the capital of foreign banks established here or those to come
later must be underwritten and held by Chilean citizens or foreigners with
at least five years' residence here. Similar conditions will be enforced for
capital increases.
The bill also requires that the capital and liquid reserves of commercial
banking institutions must be equivalent to at least 25% of the deposits
and to 50% when the institution is a branch of a foreign bank. Banks not
conforming to these limits must either raise their capital or reduce their
deposits from the date the law goes into effect.
The opinion prevails in Congress that the bill will be passed.
Warning by Bathe Wing of Colorado Party of Repudiation of Uruguayan Obligations of Terra Regime.
Under date of July 21, a cablegram from Montevideo, to
the New York "Times" said:
No debts contracted by the Terra Government will be recognized by the
Bathe wing of the Colorado party, according to a resolution adopted at
the party's national convention.
The Batllistas controlled the Government for many years before the
election of President Gabriel Terra and expect to control it again.
A copy of the resolution was sent to the party's agents abroad for distribution "to prevent the continued mortgaging of the country to foreign
gold."
"The party advises in a clear, categorical manner," it is stated, "that
every loan, concession or other financial operation or business contracted
by the dictatorial Government and the Pseudo-constitutional Government
which has succeeded it will be completely repudiated by the Government
which re-establishes the regime of liberty and democracy, which have always
been fundamental concepts of the Uruguayan mentality."
ft
Panama Increases Rents—Alien Employees in Canal
Zone Will Pay 15% More After Aug. 1.
Balboa, C. Z., advices July 18, are taken as follows from
the New York "Times":
521
Rents for Panama Canal quarters occupied by alien employees will
increase about 15% Aug. 2. The purpose is to have the rents meet the
cost of maintenance, which heretofore has incurred a deficit.
The employees affected are mostly West Indian Negroes occupying
simple quarters for which the maximum rent is $7.50 a month. The increases range between 25 cents and $1.
Less than half of the alien workers occupy quarters owned by the Government. The rest live mostly in Panama City and in Colon, where the rents
are higher.
Mexico Will Curb Commodity Prices—Many Products,
Including Oil, Brought Under Control Through
New Decree—Foreign Companies Affected.
Following the recent increase of 1 cent (Mexican) per liter
in the retail price of gasoline, principally by foreign companies, a Government decree was issued at Mexico City,
July 23, declaring petroleum and its derivatives to be
articles of public utility. Advices July 23 from Mexico,
D. F. to the New York "Times" reporting this, added:
The decree empowered the National Economy Department to fix maximum retail and whoesale prices for these products.
It also set aside the following products as "necessary to consumption".
Maize, beans, rice, potatoes, salt, coal, fresh vegetables, flour, lard, lentils,
coffee, medicines and cotton goods.
It then provided that when the National Economy Department found a
serious shortage of these products it could force the retail sale of existing
stocks at prices not exceeding the average for the previous six months.
The preamble to the decree insists that it is the duty of the Government
to prevent the establishment of special privileges to the prejudice of public
welfare, and stresses the necessity of maintaining equilibrium in the exploitation of the nation's resources.
The decree is seen in part as a reply to the Compania Mexicana de
Petroleo el Aguila, a Royal Dutch subsidiary, which contended that the
increase of 1 cent per liter of gasoline was justified because automobile fuel
was cheaper in Mexico than in any other country.
On July 23 United Press advices from Mexico City stated:
Foreign oil companies to-day faced the threat of Government intervention
to set the retail price of gasoline as a result of the recent increase of 5%.
By a recent decree. Petroleum products are classed as a prime necessity,
and the Commerce Department is authorized to supervise production and
Price, the same as foodstuffs.
Taxicab companies and business consumers threaten a general strike as a
result of the increase, and pressure is being exerted for the Government to
step in.
Adolfo de Hostos Named Director of Puerto Rican
Lottery.
On July 22 Governor Blanton Winship appointed Adolfo de
Hostos as the first director of the new lottery authorized by
recent legislation for Puerto Rico. Copyright advices July
22 from San Juan to the New York "Herald Tribune" in
reporting this added:
In selecting Mr. de Hostos, who has been manager of a leading sugar
property in Puerto Rico since he resigned from the army, Governor Winship
disregarded recommendations which had come from political circles.
The law authorizing the lottery went into effect on July 1, and it had
been hoped that the first drawing would be held July 25, the anniversary
of the American occupation of Puerto Rico. The necessary regulations and
procedure have now been settled, it is understood,and operations may begin
in another month. Of the lottery profits. 60% will be retained by the
Health Department for anti-tuberculosis work.
The bill providing for Puerto Rico's new lottery under
the supervision of the Insular Treasurer and under control
of the Executive Council became a law on May 15 with
Governor Winship's signature. An account from San Juan
announcing the signing of the bill had the following to say:
Not more than half the lottery receipts are to be given in prizes. The
balance will be divided as follows: 40% for smaller municipalities for
health services and 60% to be used under the Commissioner of Health to
combat tuberculosis.
Officials say there is no accurate basis for estimating the lottery receipts,
although $500,000 is the estimated minimum for the first year.
The old Spanish lottery was outlawed with the establishment of American
government here.
Shipments of Foodstuffs to Puerto Rico by FSRC—
Plans for Economic Rehabilitation of Island.
Press advices July 21 from Washington stated that shipments of foodstuffs to Puerto Rico would begin immediately,
the Federal Surplus Relief Corporation made known in
announcing the purchase of 2,571,000 pounds of foodstuffs
for destitute Island families. It was also said:
Contracts have been let for the delivery of 900,000 pounds of dry, pink
beans, 400.000 pounds of cornmeal, 317,000 pounds of canned salmon,
137,000 pounds of condensed milk, 750,000 pounds of lard and 189,000
Pounds of sausage.
A month ago President Roosevelt had approved plans to
extend the New Deal to Puerto Rico. This announcement
was reported as having been made at San Juan on June 29.
Governor Blanton Winship following his return from Washington, where he had been in touch with Administration
heads for a month. On that date San Juan advices to the
New York "Times" stated:
"The President has agreed in principle," he said."to the plan of integrating the processing tax receipts, a percentage of the relief expenditures and
funds from certain other sources for the purpose of: First, bringing about
compensation for reduction in sugar production:second, creating stable and
Permanent employment for those now unemployed, and third, improving
the living conditions and purchasing power of the inhabitants of the Island."
Governor Winship said the Island rehabilitation program was based
on the plan submitted by the Puerto Rican committee, composed of Chan.
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Financial Chronicle
cellor Chardon and R. Fernandez Garcia of the University of Puerto Rico
and R. Menendez Ramos, the Commissioner of Agriculture and Labor,
who was with the Governor when the statement was made.
From sources near the Island committee it was learned that should the
plan be carried out in full it might cost as much as $100,000.000 over the
entire period required.
Exchange Situation in Ecuador—Suspension of Sales of
Exchange to Members.
Under date of July 19 the Department of Commerce at
Washington issued the following:
The Finance and Investment Division of the Bureau of Foreign and
Domestic Commerce has been informed that on July 7 the Central Bank of
Ecuador suspended sales of exchange to member banks on account o. the
virtual exhaustion of its suprly of available cover. By a decree of July 13,
the Government authorized the Central Bank to utilize temporarily the
exchange from the 25% of the value of exports, which was required to be
delivered to the Bank for liquidation of uncovered obligations pending when
the new Exchange control law was passed in December 1933.
The decree of July 14 to remain in effect until Sept. 10 1934, at which
time the Central Bank is to begin to replace the funds borrowed.
President Roosevelt's Proclamation Establishing Separate Sugar Processing Tax Funds in Insular
Areas to Be Used to Benefit Agriculture.
Establishment of separate sugar processing tax funds for
Philippine Islands, Puerto Rico, the Territory of Hawaii,
and the Virgin Islands, to be used in each of these respective
areas for the benefit of its agriculture is provided, in a
proclamation signed June 30 by President Roosevelt. In
stating this, an announcement issued July 25 by the Agricultural Adjustment Administration, said:
The proclamation ivas issued pursuant to Section 15 (O of the Agricultural Adjustment Act, as amended. Under that section the taxes collected
upon the processing of sugar cane in these areas or the processing in Continental United States of sugar produced in and coming from these areas
shall be held as separate funds in the names of the respective areas either
to be expended for the benefit of agriculture or to be paid as rental or benefit
payments in connection with crop adjustment programs or to be used for
expansion of markets or for removal of surplus agricultural products in
each of the areas, as the Secretary of Agriculture, with the approval of
the President, may direct.
Richard Whitney of New York Stock Exchange Regards
Speech of Joseph P. Kennedy as Reassuring.
The speech of Joseph P. Kennedy, Chairman of the Securities and Exchange Commission on the purposes of the Commission, were referred to by Richard Whitney of the New
York Stock Exchange as "most reassuring" in his press conference on July 26. Mr. Kennedy's speech is given elsewhere in these columns to-day. Mr. Whitney's comments,
made at the request for an expression of his views, follow:
"I think Mr. Kennedy has shown that he is approaching his job carefully
and from a most sane and sound point of view. It is unnecessary to reiterate that we shall do everything in our power to help the commission achieve
the results they desire to accomplish. What Mr. Kennedy said is just
good, common business sense, and, to my way of thinking, most reassuring."
Conference in Washington Between Officials of New
York Stock Exchange and Securities and Exchange
Commission.
At a conference in Washington on July 24 between offi-
cials of the New York Stock Exchange and the Securities and
Exchange Commission, preliminary discussions were had
involving the administration of the new Securities Exchange
Act of 1934. Following the conference, Joseph P. Kennedy,
Chairman of the commission, said:
"It was just an informal talk, during which the members of the Commission and the representatives of the New York Stock Exchange discussed
some of the more important matters facing the Commission. There will
be further conferences of the same kind in the near future."
All the members of the Commission were present; the representatives of the New York Exchange were Frank Altschul,
Chairman of the Listing Committee; J. M.B. Hoxsey, Secretary, and Roland Redmond, attorney for the Exchange.
Washington advices July 24 to the New York "Times"
said:
The Conference lasted more than five hours, during which the law's provisions governing the registration of Exchanges,listing of securities and the
marginal provisions were informally discussed. It was the first of many
conferences which the Commission will hold with members of the principal
Exchanges of the country, bankers and others familiar with the conditions
which the new law seeks to correct.
Securities and Exchange Commission Confers With
Accountants—Rules To Be Moderate.
Advices to the effect that the Securities and Exchange
Commission intends .o use moderation in exercising its
powers over corporation accounting were contained in Associated Press accounts from Washington July 20, from
which we also quote the following:
July 28 1934
corporations by permitting it to determine what and how much they should
tell the public about their business. Advocates of the bill denied this.
The Commission's meeting with the accountants, who were from representative firms in New York, dealt primarily with how the accountants
might give advice. It was decided they should make recommendations
later.
Experts say the perfect idea from the viewpoint of the Investor would be
to require uniform accounting from corporations in the same industry and.
so far as possible, in all industry. When varied methods are used, the investor has difficulty comparing the statistics.
For instance, it was said one company may value its property at cost.
whereas another may use cost of replacement figures. In cases of large
overvaluations, the investor sometimes has suffered severely.
But while perfection might require the same forms for statistics and the
same methods of calculation, commission experts believe the practical situation will prevent uniform accounts for years.
Rulings on Two Greek Bond Issues—Corrections by
New York Stock Exchange.
Recent rulings made by the Committee on Securities of the
New York Stock Exchange with regard to two secured sinking
fund gold bond issues of Greece have been corrected by the
Committee. The rulings, which were announced by the
Exchange on July 19, were given in our issue of July 21,
page 361. The corrections were issued as follows on July 23
by Ashbel Green, Secretary of the Exchange:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
July 23 1934.
Notice having been received that payment of $9.62 on the May 1 1933
coupon, $9.62 on the Nov. 1 1933, coupon and $12.25 on the May 1 1934
coupon, per $1,000 bond, will be made July 23 1934, on presentation for
stamping of coupons from Greek Government 40-year 7% sinking fund gold
bonds, due 1964.
The Committee on Securities rules that the bonds be quoted ex-interest
$31.49 per $1,000 bond on July 24 1934;
That the bonds shall continue to be dealt in "flat" and to be a delivery
in settlement of transactions made beginning July 24 1934, must carry
the May 1 1933 coupon stamped to indicate payment of $9.62 per $1,000
bond, the Nov. 1 1933 coupon stamped to indicate payment of $9.62 per
$1,000 bond and the May 1 1934 coupon stamped to indicate payment of
$12.25 per $1,000 bond, and subsequent coupons. Such coupons must be
securely attached and bear the same serial number as the bond.
Committee on Securities.
July 23 1934.
that payment of $8.25 on the Aug. 1 1933
received
been
having
Notice
coupon and $8.25 on the Feb. 1 1934 coupon will be made on July 23 1934
and $10.50 on the Aug. 11934.coupon will be made Aug. 1 1934 per $1,000
bond, on presentation for stamping of coupons from Greek Government
40-year 6% secured sinking fund gold bonds,Stabilization and Refugee Loan
of 1928, due 1968:
The Committee on Securities rules that the bonds be quoted ex-interest
$16.50 per $1,000 bond on July 24 1934;that the bonds be quoted ex-Interest
$10.50 per $1,000 bond on Aug. 1 1934;
That the bonds shall continue to be dealt in "flat" and to be a delivery
in settlement of transactions made beginning July 24 1934, must carry the
Aug. 11933,coupon stamped to indicate payment of $8.25 per $1,000 bond,
the Feb. 1 1934, coupon stamped to indicate payment of $8.25 per $1.000
bond, and subsequent coupons, and to be a delivery in settlement of transactions made beginning Aug. 1 1934, must carry the Aug. 1 1933, coupon
stamped to indicate payment of $8.25 per $1,000 bond, the Feb. 1 1934,
coupon stamped to indicate payment of $8.25 Per $1.000 bond, the Aug. 1
1934 coupon stamped to indicate payment of $10.50 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.
New York Stock Exchange Seeks Data on Margin Accounts for Federal Reserve Board—Questionnaire
Sent to Registered Firms Classifies Accounts According to Ratio of Market Value to Debit Balance
on July 31.
The Committee on Business Conduct of the New York
Stock Exchange yesterday (July 27) sent to all registered
firms carrying margin accounts a questionnaire designed to
obtain certain information to aid the Federal Reserve
Board in its study of margin accounts. Firms were directed to report on each security, showing the number of
shares of stock or par value of bonds held for firm or
partners' accounts and for customers having debit balances.
This information was asked as of the close of business
July 31, returnable not later than Aug. 10. In addition
brokers are asked, in another communication, to segregate
margin accounts into those with debit balances of more
than $5,000 and those with debit balances of $5,000 or
under, together with the percentage of the debit balance
represented by the total market value of securities held.
In this case brokers were instructetd to include only
customers' margin accounts with debit balances and with
long security positions. That information is returnable not
later than Aug. 6.
The text of the two communications from the Exchange,
both signed by Ashbel Green, Secretary, are given below:
NEW YORK STOCK EXCHANGE
Committee on Business Conduct
New York, July 27 1984.
This was disclosed to-day as the Commission wound up preliminary con- 0
To Registered Firms Carrying Margin Accounts:
versations with New York accountants. The talks concerned the question
furnish
the
Federal
Reserve
Board
In
order
to
with certain information
what
data
to
file
with
the
of
corporations should be required
Commission
that may assist the Board in its study of margin accounts, the Committee
before they list their securities on the exchanges.
on Business Conduct directs that registered firms carrying margin accounts
When the stock market control bill was before Congress the accounting
furnish it with information in regard to securities, as follows:
section was attacked. Criticssaid it gave the Commission great power over
Financial Chronicle
Volume 139
A report of each security, showing the number of shares of stock or par
value of bonds held for firm or partners' accounts and for customers having
a debit balance.
Stocks with a market value of less than $2 per share and bonds with a
market value of less than 5% of par need not be reported.
Do not include securities carried or held by you for registered firms of
the New York Stock Exchange who themselves carry margin accounts.
In reporting, use ticker abbreviations for securities listed on New York
Stock Exchange and New York Curb EXchange, but do not use ticker
abbreviations for other securities.
The information in regard to each security must be provided as of the
close of business July 31 1934 and be forwarded to the Committee not later
than Aug. 10 1934 on tickets, a sample of which is submitted herewith. The
necessary supply of these tickets will be available on and after July 31 1934
at Distributing Department, Night Clearing Branch, Stock Clearing Corp.,
52 Broadway, New York City. Out-of-town firms are requested to obtain
supply through correspondent.
Use one ticket for each security and submit with covering letter stating
total number of tickets to Committee on Business Conduct. Incoming
Window, Annex Department, 18 New Street, New York City.
ASHBEL GREEN, Secretary.
NEW YORK STOOK EXCHANGE.
Committee on Business Conduct.
New York, July 27 1934.
Registered
To
Firms Carrying Margin Accounts:
In order to furnish the Federal Reserve Board with certain information
that may assist the Board in its study of margin accounts, the Committee
on Business Conduct directs that registered firms carrying margin accounts
furnish information indicated on form of report sent herewith, in regard to
customers' margin accounts with long security positions.
The following instructions must be observed:
Include only customers' margin accounts with debit balances and with
long security positions.
Exclude—(a) Accounts having both long and short positions.
(b) Accounts having both security and commodity positions or only commodity positions.
(c) Accounts having positions in foreign currencies.
(d) Guaranteed accounts and accounts of guarantors.
(e) General partners' accounts.
(f) Accounts carried by you for registered firma of the New York Stock
Exchange who themselves carry margin accounts.
Market value of securities may be computed by whatever method is customarily used by you; prices used need not include fractions, and securities
not ordinarily accepted for collateral purposes should not be valued.
The total market value reported should include the value of segregated
securities available for use as margin.
This information is to be furnished In duplicate as of the close of business
July 31 1934 and must be forwarded to the Committee not later than
Aug. 6 1934.
Three copies of the form of report are enclosed to provide for this submission in duplicate as well as for your file copy if desired. Additional
copies, if desired, will be provided upon application at Accounting Department, Room 2000, 11 Wall Street, New York City.
Use addressed return envelope enclosed herewith for submission of reports
In duplicate.
ASHBEL GREEN, Secretary.
Ruling Affecting Customers' Men Again Amended by
New York Stock Exchange--Minimum Salary in
Renewal Contracts Lowered—Exchange Dismisses
38 Floor Employes Due to Decreased Trading.
The New York Stock Exchange on July 25 amended for
the second time in two months the ruling affecting the employment of customers' men placing the powers to fix terms
of employment under the jurisdiction of the Committee on
Quotations and Commissions of the Exchange. The committee on July 26 fixed the minimum salary for renewal
contracts at lower rates than had previously been in effect.
The committee also reduced the minimum time of duration of
original contracts of employment to two months, except in
the case where the individual had not been previously registered with the committee, in which instance the minimum
is six months. Previously all original contracts had to run
for a period of at least six months. The renewal contracts
remain unchanged at a minimum of one month duration.
The rules affecting customers' men, as originally adopted
about eight months ago, fixed the minimum salary of customers' men at $60 a week in New York City and corresponding rates in other cities, and provided that the initial
contracts be made for a period of not less than six months
with renewals for a period of three months, at least. On
May 16 the Governing Committee of the Exchange amended
the rules, providing for the renewal of contracts for not less
than one month duration and lowering minimum salaries to
$50 in New York and corresponding rates elsewhere in the
United States. Reference to this change was made in our
issue of May 19, page 3362.
With respect to this week's changes the New York "Herald Tribune" of July 27 had the following to say:
New Minimum Scale.
With the exception of original contracts for customers' men, who have
been previously registered, the minimum scale of all other contracts of
employment, including renewals contracts, will be not less than $40 in
New York City; $30 in Boston, Chicago, Detroit. Los Angeles, Philadelphia and San Francisco; $25 elsewhere in the United States; in foreign
countries. $30 in cities with a population of more than 400,000, and $25
in cities of less than 400,000.
These new rulings result in a reduction of 310 In the minimum scale for
New York City and for such cities as Boston and Chicago. It results in a
$5 reduction elsewhere In the United States. Formerly, the Stock Ex-
523
change rules made no provisions for minimum scale for customers' men in
foreign countries.
Renewal on Monthly Basis.
Original contracts for customers' men not already registered will continue to be for a period of six months and at the top scale, established last
year by the Stock Exchange. The scale is not less than $60 in New York
City; $50 in such cities as Boston and Chicago; $40 elsewhere in the United
States; in foreign countries, $45 in cities with a population of more than
400,000, and $35 in cities of less than $400,000. No change is made except
that a scale is established for foreign countries.
Incident to the issuance of the rules by the Committee
on Quotations and Commissions for contracts with customers'
men, the Stock Exchange announced that notices have been
sent to 38 exchange floor employes stating that their services
are no longer needed. The Exchange said that the action
was taken due because of the reduced trading during the
past several months. There are approximately 1,000 employes on the floor, it was stated, a staff capable of handling
between 4,000,000 and 5,000,000 shares a day. During the
past two months trading has been less than 1,000,000 shares
daily.
The change adopted on July 25, which affects Section 9
of Chapter XVI of the rules was issued as follows on July 26:
The Governing Committee of the New York Stock Exchange at a meeting
yesterday amended Section 9 of Chapter XVI of the Rules to read as
follows.
Sec. 9. No member of the Exchange or firm registered thereon shall
employ, without the prior approval In each case of the Committee on
Quotations and Commissions, any "customers' man" as defined in subdivision (c) of Section 7 of Chapter XII of the rules.
No member of the Exchange or firm registered thereon shall employ
any "customers' man" except pursuant to the provisions of a written
contract of employment.
' Such contract shall provide both for a term of
employment and a salary at least equal to the minimum fixed from time to
time by the Committee on Quotations and Commissions. The renewal
of any such contract shall be for a term at least equal to the minimum
fixed from time to time for such renewals by the Committee on Quotations
and Commissions. Prompt notice shall be given to the Committee on
Quotations and Commissions of any proposed modification or termination
of any such contract and the reason therefor.
No member of the Exchange or firm registered thereon shall pay any
expense incurred by any "customers' man" or other employees for the
entertainment of customers.
All "customers' men" must have fixed and definite duties in the office
in which they are employed requiring their attendance at least during the
time that the Exchange is open for lousiness.
The employment of a clerk or clerks in a nominal position, because of
the business obtained by such clerk or clerks, is forbidden.
Employment of traveling representatives for the solicitation of commission business in listed securities from individuals will not be approved.
(The only change is in the second paragraph. The previous rule provided for an original contract of six months' duration, and a renewal contract of not less than one month. The new rule provides that the term of
contract shall be fixed by the Committee on Quotations and Commissions.)
The changes made on July 26 by the Committee on Quotations and Commissions were issued as follows by Ashbel
Green, Secretary of the Exchange:
NEW YORK STOCK EXCHANGE.
Committee on Quotations & Commissions.
July 26 1934.
To the Members of the Exchange:
The Committee on Quotations and Commissions, pursuant to the Powers
vested in it by Section 9 of Chapter XVI of the Rules, as amended by the
Governing Committee July 25 1934, has determined with respect to customers' men that:
1. All original contracts of employment shall be for a period of not less
than two months, except that original contracts of employment of individuals who have not been previously registered with the Committee on
Quotations and Commissions as customers' men shall be for a period of
not less than six months.
The renewal of any contracts shall be for a period of not less than one
month.
2. All original contracts of employment of individuals who have not
been previously registered with the Committee on Quotations and Commissions shall provide for a weekly salary of not less than $60 in New York
City; $50 in Boston, Chicago, Detroit, Los Angeles, Philadelphia and San
Francisco; $40 elsewhere in the United States; in foreign countries, $45 in
cities with a population of over 400,000 and $351n cities of less than 400,000.
All other contracts of employment,including all renewal contracts, shall
provide for a weekly salary of not less than $40 in New York City; $30 In
Boston, Chicago, Detroit, Los Angeles. Philadelphia and San Francisco;
$25 elsewhere in the United States; in foreign countries, $30 in cities with
a Population of over 400,000 and $25 in cities of less than 400.000.
3. No member of the Exchange or firm registered thereon shall permit
any person to perform any of the duties customarily performed by a customers' man unless such person shall have been employed as a customers'
man with the approval of the Committee on Quotations and Commissions.
4. Member firms which operate under a stagger system with respect to
their customers' men pursuant to the conditions prescribed by the Committee on Quotations and Commissions may permit a customers' man,
to such extent as may seem necessary to him to attend at the firms' office
during the period when he would otherwise be absent under such stagger
system. During the period when a customers' man is absent from the
firms' office- under a stagger system he shall not engage in any business
activity for the firm,during the time that the Exchange is open for business.
ASHBEL GREEN,Secretary.
New Express Ticker Service Tested by New York
Stock Exchange—Not to Be Placed in Operation
at Present, Richard Whitney, President, Says.
The new express ticker service was demonstrated formally
for the first time on July 18 by the New York Stock Exchange. The demonstration, which was made before officers
and directors of the New York Quotation Co., subsidiary of
the Stock Exchange, which supplies lower Manhattan with
ticker service, was termed "most satisfactory" by Richard
Whitney, President of the Exchange. In announcing the
demonstration, on July 19, Mr. Whitney said:
Financial Chronicle
524
The first formal demonstration of the Exchange's new express ticker
system was made on Wednesday [July 18] to officers and directors of the
New York Quotation Co., the Exchange's subsidiary, which renders ticker
service to Exchange members in lower Manhattan. The demonstration was
most satisfactory, and the work of installing within the Exchange buildings
the complicated equipment required to place the express system in operation
is going forward as originally planned.
One entire floor of the building at 11 Wall Street will be required for
this purpose. The function of the express ticker is to print up-to-date quotations on leading stocks at all times, achieving this result by omitting from
the tape quotations of inactive or less important stocks, whenever this is
necessary to permit the remaining quotations to be printed without delay.
The present ticker service, which records all transactions in the sequence
in which they occur, will not be discontinued, but both services will be
furnished.
I feel that the development of the express system is an important step in
the perfection of the Exchange's service to the public, and that it will be
carried to the point where operations can be commenced on relatively short
notice, when active markets return. For the present, however, the Exchange
does not intend to place the new ticker in actual operations, as substantial
additional expense would be involved, but will simply prepare to furnish
the new service with minimum delay when conditions warrant.
A previous reference to the express tickers appeared in our
issue of Feb. 3, page 780.
Committee on Stock List of New York Stock Exchange
Revises Form For Listing Requirements.
Announcement was made July 26 by the New York Stock
Exchange of the revision by the Committee on Stock List
of the printed form "Requiremerts for Listing Applications"
in accordance with the changes in rules and practices adopted
during the past year. The Exchange points out that "the
changes in the data required from applicant companies have
been announced from time to time as adopted, and have
been contained in the printed applications to list." In the
New York "Journal of Commerce" of July 27 it was noted
that among the more important additions to the revised
form are the following questions which must be answered
or statements made:
Whether holding or operating company; name of controlling or guarantor
company.
Amount of reacquired stock.
Voting power of capital stock.
Net proceeds to company if issued for cash.
Opinion of counsel (not officer or director of company) on validity of
organization, authorization, issue, and validity of stock; statement as to
registration under Securities Act of 1933; description of options granted'
by company to buy stock.
In the case of bonds added details are required, including.
Names of fiscal agents and paying agents.
Details of purchase warrants and (or) conversion or option terms.
Information as to value in United States or foreign currency; terms of
Payment and in what currencies.
Certified public accountants report. Financial statements must include
earnings for five years, if available, income account, surplus statement and
balance sheets for two years, and like statements of subsidiaries or consolidated statements.
Other information to be filed includes notice from company as to amount
of security taken by underwriters.
Loan or sell agreement.
Copies of issue prospectus.
Copies of mortgages, indentures and so forth.
As to removal from listing, it is now stated that securities may be removed when facilities for transfer and registration in Manhattan are no
longer available.
The removed words from the old form include the "gold coin" clause
In connection with bond listings.
Also removed is the requirement that checks fpr fees must accompany
Governmental, State, county or municipal applications.
New York Stock Exchange Acts to Facilitate Collection
of Proxies—Requests Members to Transfer Securities in Advance of Stockholders' Meetings.
The following notice regarding the transfer of certificates
of stock in advance of stockholders meetings to afford opportunity for the collection of proxies was issued on July 19
by Secretary Ashbel Green of the New York Stock Exchange.
NEW YORK STOCK EXCHANGE.
Committee on Securities.
July 19 1934.
To the Members.
Members are requested, in so far as may be possible without involving
any additional expense, to transfer certificates of stock which they hold in
names of persons or firms over whom they have no control, into their own
names or the names of persons over whom they have control, sufficiently
In advance of a stockholders' meeting to afford opportunity for the convenient solicitation and collection of proxies.
ASHBEL GREEN, Secretary.
Dues to Be Deducted from Tax Returns by Members of
New York Curb Exchange—Held as Contributions
Towards Expenses of Exchange.
In the July 14 weekly bulletin of the New York Curb
Exchange it is stated that the Board of Governors of the
Exchange has passed a resolution to the effect that dues of
regular members for the period from July 1 to Dec. 31 1934
are contributions towards the current expenses of the Exchange. As such, the bulletin continued, they will constitute
income to the Exchange and may, therefore, be deducted by
the regular member in his individual return for 1934.
July 28 1934
Meeting of Foreign Bondholders Protective Council to
Consider Various Situations Affecting American
,
Holders of Foreign Bonds.
Foreign Bondholders Protective Council, Inc., held a meeting of its Board of Directors on July 25 at 120 Broadway,
New York City.
J. Reuben Clark, Jr., President of the Council, made a report to the Board of Directors regarding the recent activities
of the Council in seeking to protect American holders of defaulted foreign bonds of various countries, among them
Brazil and Germany. The Directors approved the actions of
the Officers and the Executive Committee of the Council.
Consideration was given to the various situations in which
American holders of foreign bonds are not receiving full service, and pending negotiations with certain countries for renewal of service on defaulted bonds were fully discussed.
It is also stated that plans were made for further development of the Council's support of its work.
The following Directors were present at the meeting:
Newton D. Baker, former Secretary of War, of Cleveland.
Laird Bell, of Fisher, Boyden, Bell, Boyd & Marshall, of Chicago.
Hendon Chubb, of Chubb & Son, New York; J. Reuben Clark, Jr., former
Under-Secretary of State and former Ambassador to 'Mexico.
William L. Clayton, of Anderson, Clayton & Co., Houston, Texas.
Herman L. Ekern, former Attorney General of Wisconsin.
Ernest M. Hopkins, President of Dartmouth College; Pierre Jay, Chairman
of Fiduciary Trust Company, New York.
Philip F. LaFollette, former Governor of Wisconsin.
Frank 0. Lowden, former Governor of Illinois.
Roland S. Morris, former Ambassador to Japan, of Philadelphia.
Thomas D. Thacher, former Solicitor General of the United States,
John 0. Traphagen, President of Bank of New York & Trust Company; and
Quincy Wright, Professor of International Law at the University of Chicago.
The Council is a private membership corporation with no
capital stock, organized in December, 1933, by the Directors
as a matter of gratuitous public service at the direct request
of the Federal Administration. Its purpose Is to assist in
safeguarding the interests of all American holders of foreign
public dollar bonds which now total some $6,000,000,000 with
about $2,000,000,000 in default.
HOLC Reduces Interest on Bonds from 3% to 2N%—
Lower Rate Bonds to be Issued Beginning Aug. 1.
The board of directors of the Home Owners' Loan Corporation, acting to reduce interest rates in line with recent
Government financial operations, announced on July 23
that between July 27 and July 31, no authorizations to deliver bonds in exchange for home mortgages will be issued.
In reporting the foregoing, Washington advices, July 23, to
the New York "Herald-Tribune" of July 24, said:
On Aug. 1, it was decided, the corporation will begin issuing authorizations for a new series of bonds bearing 2%% interest, maturing Aug. 1 1949.
and redeemable on and after Aug. 1 1939, at par and accrued interest on any
Interest payment day or days upon two months' notice. Three per cent
bonds will be issued only in cases where the Corporation is committed to do
so as of the close of business on July 26, it was declared.
S
.
Loans Closed by Field Offices of HOLC During Week
of July 13 Establish Record—Total Volume Reported at $56,110,571.
Closing loans at the rate of more than $10,000,000 per
working day, field offices of the Home Owners' Loan Corporation broke all their previous records for mortgage refunding
during the week ending July 13 with a total volume of $56,110,571, it is shown in the weekly report of the Corporation,
issued July 19. Individual loans numbering 18,233 were
concluded during the week. The report also noted:
The week's activity brought the agreegate number of urban home loans
consummated to 375,971, amounting to $1,134,455.542. A decrease in
the rate of filing of new applications for loans is taken by Corporation officers to indicate that most home owners in legal distress With their mortgages have already made application with the Corporation.
The status of applications handled to date by the Corporation is further
shown as follows, number of mortagees who have agreed to accept bonds of
the Corporation in exchange for their overdo mortgages, 1,201,833; detailed
appraisals of applicants' properties completed, 1.017,439; title reports received, 554.374; applications in process of adjustment (a current figure).
254,978; hold up on account of defective title (which may be cleared later),
41,565; and in hands of loan closers for execution of final papers. 59,606.
More than 99% of the loans have been effected by exchange of the bonds
of the Corporation for existing mortgages. The average loan is $3,017.
New York Stock Exchange Modifies Rules Affecting
Listing of Home Owners' Loan Issues.
The Stock Exchange has made it possible, through constitutional amendment, to place upon the list, without report
and recommendation to the governors, such bonds as the
Home Owners' Loan issues, said the New York "Journal of
Commerce" of July 27, which gave as follows the new paragraph covering the change:
"To place upon the list, without report and recommendation to the Governing Committee, direct obligations of or obligations guaranteed as to
principal or interest by the Government of the United States, or any State.
or any political subdivision thereof, or direct obligations of any agency or
Instrumentality of the United States or any State or any political subdivision thereof and the external dollar bonds of a foreign government."
Volume 139
Financial Chronicle
Purpose of New SEC to Reassure Capital and Investor
—No Thought of Restricting Proper Profits, Says
Chairman Kennedy.
Discussing, in a Nationwide address, at the National Press
Club in Washington on July 25, the work of the Securities
and Exchange Commission, of which he is Chairman, Joseph
P. Kennedy stated that he conceives "it to be an important
part of the job we are trying to do here in the SEC to reassure
capital as to its safety in going ahead and to reassure the
investor as to the protection of his interests, by restricting
certain practices which have proved to be detrimental to
their interests, and by making available adequate information
to the public upon which it can act intelligently." "We
want to see the wheels turn over and gather speed," said
Mr. Kennedy. He added: "We want to see the security
business, by far the greatest in volume and most important
in its effects of any in the country, go forward on a broad
scale."
"In common with all other forms of business," Mr. Kennedy.stated "financial enterprises require profit to keep them
going. There is not the slightest thought of eliminating
or restricting proper profits." He added:
It is a commonplace to say that the Recovery Program to be finally
successful needs a sound and broad security market which provides, as an
accompaniment, a very large and regular tax flow to the Treasury.
Such a market should be truly barometric. It should reflect the actual
economic conditions, and all the manipulations that might be invented
would be futile if the bases did not justify a rise. The earning power of a
nation should be the controlling factor in establishing security levels, and
the security business itself has the right to claim part of this earning power.
Mr. Kennedy in commenting upon the volume of investments in the country observed that "every ninth or tenth
man, woman and child in this country probably has a direct
stake in the Nation's security markets—which means at
least one family in every three." His address follows in full:
I am grateful for this opportunity to talk to the members and guests
of the National Press Club and, through its courtesy, the radio audience.
It is through the press that the public will become acquainted with the
work and progress of the Securities and Exchange Commission.
The success and effectiveness of the work of the Commission will be
dependent in a large part, not only upon the co-operation of the Exchanges
and their members, but upon the public's understanding of the objectives
of the Securities Exchange Act and the steps taken to gain those objectives.
The fine spirit of co-operation which the press, the Stock Exchanges and
their members have shown so far has been most encouraging.
The fact that I turn to the Nation-wide audience to discuess the work
of the SEC does not mean that the Commission proposes to carry on intensive propaganda regarding its activities. Its task is essentially technical
—a job that must be done in a businesslike way, without political publicity
of any sort, although, of course, public scrutiny will never be avoided or
discouraged.
Every member of the SEC knows perfectly well that this Commission
faces one of the most difficult and one of the most delicate tasks ever given
a governmental agency.
In our hands has been placed the responsibility of giving all the aid of
which Government is capable to the better organization of the mechanism
through which the savings of the people find their way into securities.
I believe that this Commission is fortunate in having such men as
Mr. Landis, who had a large hand in drafting the law; Judge Healy, who
did such splendid service as chief counsel of the Federal Trade Commission,
Mr. Mathews, who is rich in the experience of supervising security issues
and Mr. Pecora, whose striking contributions to public service are well
known and deeply appreciated by the people of this country.
Confidence Needed in Business.
Everybody says that what business needs is confidence. I agree. Confidence that if business does the right thing it will be protected and given a
chance to live, make profits and grow, helping itself and helping the country.
But the old things business did—the old practices it followed—are, some
of them, no longer the right ones.
But not all the old practices are wrong, and there is no belief, at least
none in the minds of the SEC, that business is to be viewed with suspicion;
that it must be harassed and annoyed and pushed around. Domestic
tranquility is as essential to business as it is to our political system, and it
was stated as one of the primary objects to be achieved through the Constitution.
We of the SEC do not regard ourselves as coroners sitting on the corpse
offinancial enterprise. On the contrary, we think of ourselves as the means
of bringing new life into the body of the security business.
We are not working on the theory that all the men and all the women
connected with finance, either as workers or investors, are to be regarded
as guilty of some undefined crime. On the contrary, we hold that business
based on good will should be encouraged so that it may be helpful.
It would be idle to deny that confidence is lacking in this country, and
this is especially true of the security business. It is true that to-day business is better than confidence. There are several reasons for this. An
important one is that in any time of change, capital, always notoriously
timid,shrinks from taking new positions. There is nothing unusual in this;
it is caution, born of experience.
Would Reassure Capital.
I conceive it to be an important part of the job we are trying to do here
in the Securities and Exchange Commission to reassure capital as to its
safety in going ahead and to reassure the investor as to the protection of
his interests, by restricting certain practices which have proved to be
detrimental to their interests, and by making available adequate information to the public upon which it can act intelligently.
We regard ourselves, as the President has said, as partners in a cooperative enterprise. We do not start off with the belief that every enterprise is crooked and that those behind it are crooks. We want to see the
wheels turn over and gather speed. We want to see the security business
by far the greatest in volume and most important in its effects of any in
the country, go forward on a broad scale.
To bring that about we shall not sit as a prosecutor, hopeful of bringing
in a verdict of guilty. We shall seek to help all proper enterprises by
525
helping them establish new checks and setting up more positive standards.
We believe in affirmation, not negation.
It is difficult for a man to be a prophet. There have been too many
prophets already in and around the Stock Exchange, so I am not going to
take on that task. Accordingly, I shall not try to tell you what the SEC
win do. but I can outline some of the things it won't do.
Commission to Begin Regulation of Exchanges Sept. 1.
The SEC is authorized by the law to begin active regulation of the
Stock Exchanges Sept. 1. By that time many of the rules and regulations
will have been formulated and announced. I can now tell you briefly the
spirit in which we are tackling our jobs and can outline the help we believe
the country will receive, if the job is well done.
We see at the present time only a little stream of capital issue where
before there was a flood-tide. We see vast credit reserves left untouched
except for the drafts made upon them by city. State and Federal demands.
Why is this? Obviously, because business enterprise has been seriously
wounded and needs to be nursed back to health and confidence. Some
will try to tell you that pioneering and daring in business have been discouraged by the new Stock Exchange law. Don't let them get away with
that, for it is not true. No honest man—no decent institution which
seeks to render service, instead of merely achieving profit—need fear the
regulations that have been set up.
The regulations, generally, are broad in character and rest squarely upon
the principles of ethics applicable not only to business but to everyday life.
The success of the regulations will depend, in part, upon the wisdom with
which we of the Securities and Exchange Commission apply them, but even
more, the success will rest upon the manner in which they are accepted.
The whole motive of the Security Act is to be found in the effort—the
necessary and no longer escapable effort—to make finance more responsible.
There is to be no vindictiveness in its interpretation, no concealed punishment to those who must live under it. There are no grudges to satisfy;
no venom which needs victims. The rules are simple and honest. Only
those who see things crookedly will find them harsh. The Commission will
make war without quarter on any who sell securities by fraud or misrepresentation.
Not to Restrict Proper Profits.
In common with all other forms of business, financial enterprises require
profit to keep them going. There is not the slightest thought of eliminating
or restricting proper profits.
It is a commonplace to say that the Recovery Program to be finally
successful needs a sound and broad security market which provides, as an
accompaniment, a very large and regular tax flow to the Treasury. Such
a market should be truly barometric. It should reflect the actual economic
conditions, and all the manipulations that might be invented would be
futile if the bases did not justify a rise. The earning power of a nation
should be the controlling factor in establishing security levels, and the
security business itself has the right to claim part of this earning power.
The bilious of dollars of capital required by the war and the many billions
since have made in this Nation a vast number of security holders. From
a few hundred thousand before 1916 who held securities, more than 20,000,000 became investors during the war, mostly in bonds. And in the period
succeeding the war these people turned to the leading exchanges and to
the investment bankers and brokers for further investment.
16,000,000 Stock and Bond Holders.
Who, then, dare say that these more than 16.000.000 stockholders and
bondholders have not a claim upon the Government to protect them? It
was the Government largely which brought them into being, which urged
them to become investors. Can there be any doubt the Government owes
them the responsibility to check improper financial practices—that it owes
this vast army responsibility to supervise the industry? Certainly not.
And the very fact that the Government has taken these steps, which are
purely protective and in no sense finally prohibitive, will do more to restore and upbuild confidence in security trading than any device that has
been employed since the New York Stock Exchange met under the buttonwood tree in 1792 at a place that is now in Wall Street.
Wealth in the form of corporate securities can be maintained and developed only by a continuous free and open market, where the investors
may buy and sell their securities. assured of the going price and protected
from sharp practices. And it is my belief that the investing public will find
the markets to be firmer in their foundations because of the safeguards
and because of the increased marginal requirements and the elimination
of shoe-string speculators.
Publicity to Be Important Element.
Publicity will be an important element in the new conditions. Publicity, not of an occasional nature, but regular and informative. It will
not be enough for a new enterprise to be candid in its original prospectus;
it will supply its investors from time to time with publicity of such a nature
that all will be as well informed as any individual could be.
The greater the publicity the more protected the public will be and the
more corrective the influence upon the financiers. Those who inveigh
against publicity do so usually for private purposes. The sort of publicity we have in mind with respect to corporations will do them no harm
and the public much good.
The SEC desires to encourage proper investments. But at the same
time it should be pointed out that the speculative risk in any investments,
whether it be stocks or bonds, will be present in the future as it has been in
the past, for no body of men—no government—no nation, is sufficiently
wise to define the perfect investment, or to guarantee it or to eliminate
the risks of speculation.
There will be an effort made by the SEC constantly to keep in mind
the larger aspects and to avoid the nuisance rules. Otherwise the restrictions might become eliminations.
Recently an important economic research institution, privately endowed.
but operating for the public benefit, gave testimony of the enormous spread
of investments in America. It discovered the following:
"Between 6 million and 10 million individuals own bonds and between
9 million and 11 million individual men and women in the United States
own stock. Every ninth or tenth man, woman and child in this country
probably has a direct stake in the nation's security markets—which means
at least one family in every three. Of the several million stockholders,
about a million are employees who were sold shares by their employers.
Another million are public utilities customer-owners. Over one-fifth of
all the corporate stock outstanding is held by individuals with net incomes
of less than $5,000 a year. The total market value of outstanding securities in 1932—the worst year of the depression—was at least 100 billions.
The value of stocks owned by individuals is nearly, and may exceed,
50 billions. Thus, nearly half of the value of all outstanding securities is
in the hands of individuals. Through ownership of life insurance policies
and payment of insurance premiums, a considerable portion of which are
Invested in bonds, more than 50 million people are indirectly but nonetheless
vitally interested in the security markets.
The investor—even the casual investor—has a definite and valuable
function. Organized markets, operating freely and openly, are impossible
without him. And without him financial soundness, which implies a regular
flow of moneys and credits, organized and maintained by security markets.
526
Financial Chronicle
would be disrupted and practically ended.
If we of the SEC do our job well and if we are helped by those we want
to help, the New Deal in finance will be found to be a better deal for all.
Participation by Federal Reserve Member Banks in
Dealers' Syndicates—Information Called for from
Reserve Board.
Supplementing the advices recently made public by the
Federal Reserve Bank of New York regarding the permission
granted by the Federal Reserve Board to member banks to
participate in dealers' syndicates floating Government, State
and municipal bonds, &c., the Reserve Bank this week made
known the requirements of the Board in the matter of information to be supplied incident to participation. The
following is the circular issued this week by J. Hebert Case,
Federal Reserve Agent at New York:
FEDERAL RESERVE RANK OF NEW YORK,
(Circular No. 1403, July 23 1934 Supplementing Circular No. 1390, dated
June 9 1934 and Circular No. 1394 dated June 25 1934.1
CORRESPONDENT RELATIONSHIPSBETWEEN MEMBER BANKS
AND DEALERS IN SECURITIES.
Information to be Submitted by Member Banks Operating under Blanket Permit.
(Section 32 of the Banking Act of 1933.)
To all Member Banks in the
Second Federal Reserve District.
All member banks in the Second Federal Reserve District were advised
by my Circular No. 1394 that the Federal Reserve Board had granted a
revocable permit under Section 32 of the Banking Act of 1933 for a period
until Dec. 1 1934, for correspondent relationships between any member
bank or banks and any dealer or dealers in securities in connection with
underwriting and dealing in the types of securities therein mentioned.
In the telegram addressed to me by the Federal Reserve Board under
date of June 23 1934, from which I quoted in my Circular No. 1394, the
Board stated that.
Instead of formal applications usually required, each member bank
which exercises privilege granted herein shall promptly furnish to Federal
Reserve Agent of district in which member bank is located such information
may
concerning its operations under this permit as Federal Reserve Boardwhich
require, and Board will at an early date advise as to information
each Federal
must be submitted. Upon receipt of required information,
each
Reserve Agent will be expected to review promptly facts involved in
and to
correspondent relationship covered by this permit in his district,
that permit
advise Board of any case in which facts are such as to indicate
should be revoked as to particular relationship. Each Federal Reserve
covered by
Agent is requested to review all correspondent relationships
Nov. 15 1934,
this permit in his district, and advise Board, not later than
whether in his opinion it will be compatible with the public interest to
renew this permit, stating reasons for his opinion.
The Federal Reserve Board, in a letter dated July 17 1934, has now
requested me to advise all member banks in the Second Federal Reserve
District that each such bank availing itself of the privilege granted by
the permit above referred to must submit to me promptly, information
describing the nature of the relationship and the following detailed information regarding each syndicate operation in which it participates.
1. A description of the issue, including the name of the issuer, the nature
of the obligations (whether bonds, notes or other obligations), the amount
of this issue, the maturity, and the rate of interest;
2. The names of the other members of the syndicate or group which
participated In the transaction;
member bank;
3. The amount of the issue subscribed for by the reporting
bank;
4. The amount of the issue actually taken by the reporting member
and the price
bank,
member
the
by
securities
5. The price paid for the
at which they were sold to the public.
dis6. The extent to which the member bank's participation has been the
posed of at the time of its report to the Federal Reserve Agent and
extent, if any, to which the member bank proposes to retain the securities
for its own account.
In its letter of July 17 1934 the Board also requested me to obtain such
additional information from a member bank as I deem advisable, if in any
me to
case I feel that the information submitted is not sufficient to enable
form a conclusion as to whether or not the permit in the particular case is
in the public interest.
J. H. CASE. Federal Reserve agent.
The June 25 circular of the Reserve Bank was given in
our June 30 issue, page 4384.
Industrial Loan Section of Federal Reserve Banks Not
Intended to Supplant or Compete with Banks of
Country, Says Max Epstein, Chairman of Advisory
Committee in Chicago Federal Reserve District.
The purposes of the new industrial loans from Federal
Reserve banks was explained in a radio talk on July 20 by
Max Epstein, Chairman of the Advisory Committee of the
Industrial Loan Section of the Federal Reserve Bank of
Chicago. Provision for loans to industry by the Reserve
banks is contained in the measure signed by President
Roosevelt on June 19, the text of which was given in our
issue of July 7, page 23. Mr. Epstein pointed out that the
Reserve banks "are authorized to have outstanding loans of
this type, with maturities up to five years, in an aggregate
amount not exceeding $280,000,000." Mr. Epstein also stated
that the Industrial Loan Agency "is not intended to supplant
or to enter into competition with the banks of the country."
"The intention is rather," he said, "to create a lending
agency which can and will supply needed financing in cases
where the existing banks are,for any reason, not in a position
to supply the funds." The Loan Advisory Agency for the
Chicago Federal Reserve Bank has its headquarters in
'Chicago; its territory includes Illinois, Iowa, Wisconsin,
Michigan and Indiana. Mr. Epstein's remarks follow, in
large part:
As one of its final measures, the Congress which recently adjourned enacted
the Industrial Loan Amendment to the Federal Reserve Act, enabling the
Federal Reserve banks to make direct loans to industry. This is one of the
July 28 1934
States,
most important of the measures which the people of the United
through
through their Government, have set up to bring about recovery
healthy expansion of the Nation's business activity.
intent of
In order to assist the Federal Reserve banks in carrying out the
appointed for
Congress, an Advisory Board of five business men has been
not
each Reserve District. It is the function of this Board of business men
only to aid in passing on loan applications, but also to act as liaison officers
attenbetween business and the Federal banks—and to aid in bringing to the
It is in
tion of business the new facilities which have been made available.
new
furtherance of this function of explaining and making known these
you
facilities that I, as Chairman of the Advisory Board, am speaking to
to-night.
of
Business, to prosper and expand, requires capital. It was the purpose
Federal ReCongress in setting up this hew Industrial Loan Section of the
capital, should
serve Bank that no sound business, with a legitimate need for
that
for any reason fail to obtain adequate financing. That does not mean
in supplying
is
served
purpose
useful
we expect to make unsound loans. No
To
funds for those businesses which do not have a fair chance of success.
But
help in such cases may actually do harm to the community as a whole.
we are determined that every legitimate capital,requirement in every sound
industry shall be supplied.
To meet these legitimate capital requirements, the new Act provides ample
loans
funds. The Federal Reserve banks are authorized to have outstanding
not
of this type, with maturities up to five years, in an aggregate amount
exceeding $280,000,000. Additional loans may be made out of funds received
through repayment, so that the aggregate amount of credit to be extended
through this agency may be several times as large as the amount mentioned.
I want to make it clear that this Industrial Loan Agency is not intended
to supplant or to enter into competition with the banks of the country. The
intention is rather to create a lending agency which can and will supply
needed financing in cases where the existing banks are, for any reason, not
In a position to supply the funds. It should be remembered that loans by
banks must be made out of their deposits, and every well-managed bank, to
be safe, must maintain sufficient liquidity to protect its depositors' money.
Furthermore, bank loans are restricted by law and by the necessities of
liquidity to short terms. Therefore, it is well understood by students of our
banking methods that our present economic situation calls for an agency to
augment and to supplement the normal functions of commercial banks.
The Federal Reserve Board, in a recent official statement, described the
need for this new agency in the following words:
"The need for this character of loans has become increasingly apparent in recent
losses
months. Many small Industrial establishments have suffered severe capitalby
the
during the depression and are now short of working capital. A survey made
the
Commerce
banks
of
and
Chambers
Reserve
the
through
Federal Reserve Board
showed that this condition is widespread and is not being met by existing facilities.
Small industries find It difficult at present to obtain their requirements of working
capital through the capital market, while commercial banks and other financial
institutions In many cases are hesitant about undertaking on their single responsibility the risks involved in making relatively long-time loans for working capital
Purposes."
Another thing that I wish to make clear at this time is that business men
who make use of the loan facilities we are providing need have no doubts or
fears whatever as to Government encroachments or interference with their
business. There is no intention no desire on the part of the Federal Reserve
banks—nor was it the intention of Congress in passing this amendment—to
seek the slightest measure of control over business through this means. The
loans we will make will be straight business loans, on the same basis as a
loan from your local bank; and it is our purpose only to be helpful—not in
any way to interfere with or encroach upon the free private management and
control of the businesses to which loans are made.
We believe that this new Industrial Loan Section of the Federal Reserve
Bank is in a position to be particularly helpful to moderate-sized businesses
whose financial statements may perhaps not measure up to the necessary
formulas and rules of the commercial banks, but where the character and
ability of the management and the prospects of the business justify the employment of additional working capital. We are in a position to place
especial emphasis on the character of management, the demand for the
product, and the general position of the Industry—without being bound by
rule-of-thumb restrictions based on cold financial statements.
Already a large number of applications have been received. We want
every sound industry—large or small—In the Seventh Federal Reserve District to know of this new agency, to give careful consideration to its possibilities, and .to find out just how we can be of help. It is not necessary, in
the first instance, to make a formal application for a loan. Simply write
to us outlining the nature of your problems, and if we believe a loan application is justified, we shall be glad to tell you how to go about it. Remember
that it is our definite policy to be friendly, to be co-operative, and to be as
helpful as we can.
Situation as to
Deposit Insurance Among Mutual Savings Banks.
A picture of what has taken place in the field of deposit
insurance among mutual savings banks, is presented in the
July 20 issue of the News Bulletin of the Savings Banks
Association of the State of New York. While we are quoting below what the Bulletin has to say, it may be pointed
out that in our issue of July 21, page 365, we made mention
of the withdrawal from the Federal Deposit Insurance of
the Associated Mutual Savings Banks of Baltimore, and on
page 366, of the withdrawal from the temporary Insurance
Fund of mutual savings banks in other States. From the
Bulletin we take the following:
When the temporary Federal plan went into effect on January 1 1934,
331 savings banks in nine states elected to stay out. In Connecticut,
Massachusetts. New Hampshire and Rhode Island, comprising 315 of
those banks, the action was unanimous. In five other states there was a
divergence of opinion. All together those 331 banks had aggregate deposit
liabilities of $3,048,885,973. 236 mutual savings banks elected to enter
the Federal fund and their aggregate deposit liabilities were $6,544,720,802.
The banks that entered the fund represented fourteen states.
On June 30 1934 only 67 mutual savings banks elected to continue In
the Federal fund; their deposit liablities totaled $1,108.359,692. 501 are
out of the Federal fund with total deposit liabilities of $8.486.251,153.
(One savings bank in New York State has been added to tho system between January 1 and June 30.) In Massachusetts, New Hampshire and
New York State-wide funds for mutual savings banks have been established.
This takes care of 368 banks, with aggregate deposit liabilities of more than
six and three quarter billion dollars. In addition, plans have been proposed and are under discussion in two other States, which would apparently
affect about 100 other banks with aggregate deposit liabilities of another
Volume 139
three quarters of a billion dollars or more. Thus, in all existing deposit
insurance plans—Federal and State—nearly eight billion dollars of deposits of 435 savings banks are at present insured.
Recent indications from Washington are that if those savings banks
which remained in the Federal Deposit Insurance Corporation desire a
separate classification for mutual savings banks, the FDIC. stands
ready to put such a classification into effect in accordance with the legislation passed at the recent session of Congress.
So far as the number of depositors is concerned, more than 8,500,000
out of the 13.400,000 are at present covered as to deposits by one form or
other of deposit insurance. This represents about 63% per cent of all
mutual savings banks depositors in the country, and the percentage of
aggregate deposits insured is about 83 per cent of all deposits in mutual
savings banks in the country.
Plans for Sale by RFC to Banks of $100,000,000 Preferred
Stock Debentures Announced by Chairman Jones.
Banks will be able to buy up to $100,000,000 of preferred
stock debentures from the Reconstruction Finance Corporation, Chairman Jones announced on June 25, just before
leaving for a trip to the Middle West. He is reported as
stating that the RFC had authorized the sum indicated for
the debentures, which will be issued for a three-year period
at 2% interest. Washington advices July 25 to the New
York "Times," in making the above known, continued:
A "good many banks," although not needing cash, would increase their
capital through sale of preferred stock at 4%,in exchange for the debentures.
"They have been asking for three-year, 2% debentures: they are better
than the government debentures but we think the plan fair to the banks,"
Mr. Jones added.
The RFC sold debentures up to last January but has put out few since
that time.
Mr. Jones, who has handled millions of dollars' worth of loans by the
Government corporation disclosed that during July, the RFC would receive
about $100,000,000 more than the $125,000,000 it would pay out.
Tenders to Offering of $75,000,000 or Thereabouts of
182-Day Treasury Bills Dated July 25 Totaled
$157,856,000—$75,200,000 Accepted—Average Rate
0.07%.
The tenders received at the Federal Reserve banks and the
branches thereof, up to 2 p. m., Eastern Standard Time,
July 23, to the offering of $75,000,000 or thereabouts of
182-day Treasury bills dated July 25, totaled $157,856,000,
Thomas Jefferson Coolidge, Acting Secretary of the Treasury,
announced July 23. Of the tenders received, the Acting
Secretary said, $75,200,000 were accepted. The offering
of bills, which mature on Jan. 25 1935, was announced on
July 19 by Mr. Coolidge Reference to the same was made
in our issue of July 21, page 367.
The average price of the bills to be issued, the Acting
Secretary said, is 99.963 and the average rate is about 0.07%
per annum on a bank discount basis. The average rate of
0.07% is the same rate at which five preceding offerings of
bills sold, bearing dates of July 18, July 11, July 3, June 27
and June 20. The accepted bids, it was stated, ranged in
price from 99.975, equivalent to a rate of about 0.05%
per annum, to 99.963, equivalent to a rate of about 0.07%
per annum, on a bank discount basis. Only part of the
amount bid for at the latter price was accepted.
New Offering of $75,000,000 or Thereabouts of 182-Day
Treasury Bills—To Be Dated Aug. 1 1934.
Tenders, to be received at the Federal Reserve Banks, or
the branches thereof, up to 2 p. m., Eastern Standard Time,
Monday July 30, were invited on July 26 to a new offerng
of $75,000,000 or thereabouts of 182-day Treasury bills
by T.J. Coolidge, Acting Secretary of the Treasury. Tenders
will not be received at the Treasury Department, Washington. The bills, which will be sold on a discount basis to the
highest bidders, will be dated Aug. 1 1934 and will mature
Jan. 30 1935. On the maturity date the face amount will be
payable without interest. An issue of similar securities in
amount of $75,055,000 will mature on Aug. 1 and the
accepted bids will be used to retire the same. Acting Secretary Coolidge's announcement of the offering continued 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 the
basis of 100, with not more than three decimal places. e.g., 99.125. Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
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 30 1934,
all tenders received at the Federal Reserve Banks or branches thereof up to
the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders,and to allot less than the amount
applied for, and his action in any such respect shall be final. Those submit-
527
Financial Chronicle
ting 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 Aug. 11934.
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 lossfrom 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.
$400,000 of Government Securities Purchassd by
Treasury Department in Open Market During
Week of July 23.
Government suecrities in amount of $400,000 were purchased in the open market, for the investment account of
the various Government agencies, by the Treasury Department during the week of July 23, it is indicated in
a statement issued July 23 by the Treasury. This compares with $3,828,000 of securities purchased during the
previous week ended July 14. Since the inception of
the Treasury's support to the Government bond market
last November, reference to which was made in our issue
of Nov. 25, page 3769, the weekly purchases have been
as follows:
$23,600,000
$8,748,000 Mar. 31 1934
Nov. 25 1933
42.369,400
2,545,000 Apr. 7 1934
Dec. 2 1933
20,580.000
7,079,000 Apr. 14 1934
Dec. 9 1933
30,500,000
16.600,000 Apr. 21 1934
Dec. 16 1933
4.885,000
16,510,000 Apr. 28 1934
Dec. 23 1933
5.001,500
11,950,000 May 5 1934
Dec. 30 1933
500.000
44,713,000 May 12 1934
Jan. 6 1934
4,000,000
33,868,000 May 19 1934
Jan. 13 1934
5,000.000
17,032,000 May 28 1934
Jan. 20 1034
2,800,000 June 2 1934
Jan. 27 1934
7,900,000 June 9 1934
Feb. 5 1934
*22,528,000 June 16 1934
Feb. 13 1934
7,089,000 June 23 1934
Feb. 17 1934
500,000
1.861,000 June 80 1934
Feb. 24 1934
10,208,100 July 7 1934
Mar. 3 1934
3,828.000
6,900,000 July 14 1934
Mar, 10 1934
400,000
7,909,000 July 23 1934
Mar. 17 1934
37,744,000
Mar. 24 1934
* In addition to this amount, $638,400 of bonds held by the Treasury as collateral
security for postal savings deposits purchased Feb. 9 by FDIC.
Treasury Purchases of Silver Totaled 115,217.24 Fine
Ounces During Week of July 20.
According to figures issued July 20 by the Treasury
Department, 115.217.24 fine ouiftes of silver were received
by the various United States mints during the week ended
July 20 from purchases made by the Treasury in accordance
with the President's proclamation of Dec. 31 1933. The
proclamation, which was referred to in our issue of Dec. 23,
page 4440, authorized the Department to buy at least
24,000,000 ounces annually. Of the amount purchased
during the week of July 20, 4,118 fine ounces were received
at the Denver mint and 111,099.24 fine ounces at the
mint at San Francisco. During the previous week ended
July 13 the Department purchased 230,491.19 fine ounces.
The total weekly receipts since the issuance of the proclamation are as follows (we omit the fractional part of
the ounce):
Week Ended—
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23.
Mar. 30
Apr. 6
Apr, 13
•Corrected figure.
Ounces.
1.157
547
477
94,921
117,554
375,995
232.630
322.627
271,800
126,604
832,808
369,844
354.711
569.274
10,032
Week Ended—
Apr. 20
Apr. 27
May 4
May 11
May 18
May 25
June 1
June 8
June 15
June 22
June 29
July 6
July 13
July 20
Ounaa.
753.938
436,043
647,224
600.631
503,309
885,056
295,511
200,897
206.790
380,532
64.047
•1,218,247
230,491
115,217
Receipts of Hoarded Gold During Week of July 18,
$811,834—$41,514 Coin and $770,320 Certificates.
Figures issued by the Treasury Department on July 23
indicate that gold coin and certificates amounting to $811,833.89 were received during the week of July 18 by the
Federal Reserve banks and the Treasurer's office. Total
receipts since Dec. 28 1933, the date of the issuance of
the order requiring all gold to be returned to the Treasury,
and up to July 18, amount to $93,568,889.25. The figures
show that of the amount received during the week ended
July 18, $41,513.89 was gold coin and $770,320 gold certificates. The total receipts are shown as follows:
Gold Received by Federal Reserve Banks and the Treasurer's Office.
(Under Secretary's Order of Dec. 28 1933.)
Gold Coin.
Gold Certificates.
Received by Federal Reserve Banks—
$41,513.89
$754,220.00
Week ended July 18
28,272,401.36
62,602,260.00
Received previously
Total to July 18
Received by Treasurer's Office—
Week ended July 18
Received previously
$28,313,915.25
$53,356,480.00
$249,994.00
$16,100.00
1,632,400.00
8249.994.00
$1,648,500.00
Total to July 18
Nate.—Gold bars deposited with the New York Assay Office to the amount of
$200,572.69 previously reported.
„
.528
Financial Chronicle
Treasury Offering of $100,000,000 3% Bonds of FFMC
Bids Totaled $195,081,600—Amount Accepted $100,260,300—Treasury for First Time Acts as Fiscal
Agent for Emergency Organization—Funds to Repay Advances by RFC and to Enable Return of
Treasury Funds Deposited in Federal Land Banks.
With the offering by the Treasury Department, announced July 22, of $100,000,000 of 3% bonds (1944-49)
of the Federal Farm Mortgage Corporation, the Treasury
initiated a new policy of acting as fiscal agent for one of the
Government's emergency organizations formed in furtherance of the recovery steps of the Administration. It was
announced by Assistant Secretary Coolidge on July 26 that
the bids received to the offering totaled $195,081,600. Of
the total tenders, the amount accepted was $100,260,300,
at prices ranging from 102,250 down to 100,438. Press advices from Washington July 26 added:
Only part of the amount tendered at the latter price was accepted.
The average price of the bonds to be issued is 100,559 and a total premium
of $560,697.59 will be received. Based on the average prices at which
the bonds are to be issued on Aug. 1, the yield is about 2.92% to the earliest
call date. May 15 1944. and about 2.95% to maturity. May 15 1949.
It was pointed out in Washington advices July 22 to the
New York "Times" that although the Treasury acted as the
agent in marketing these bonds, they will appear on the bookkeeping records as a contingent liability and not as a direct
charge against the public debt, as in the case of direct obligations of its own which the Treasury markets.
We also quote as follows from the Washington advices
July 22 to the New York "Herald Tribune":
Hitherto the Treasury has not been selling to the public securities of
other Federal agencies. It has bought Reconstruction Finance Corporation
debentures but has held them while advancing funds to the Corporation.
The RFC together with the Farm Mortgage Corporation and the Home
Owners' Loan Corporation have financed their activities by Payment of
their obligations in their own securities.
In the same paper it was also noted:
The 3% 1949 Federal Farm Mortgage bonds already on the market
through processes other than direct Treasury sale have been above par in
recent months and were quoted yesterday (July 21) on the New York Stock
Exchange at 101.6 to yield 2.86. Treasury officials expect bids on the issue
in accordance with this market performance.
The Farm Mortgage bonds have been reaching the market through the
making of Federal Land Bank loans in bonds of the Corporation. W. I.
Myers. Governor of the Farm Credit Administration, disclosed to-day that
the total amount of the Corporation's 3% bonds now outstanding is $358,254,400. of which $173,344,400 Is held by the public and the rest by the
Treasury or other Government agencies.
An item bearing on the new 3% bonds appeared in our
issue of May 26, page 3539.
In this week's announcement of the offering the Treasury
Department invited tenders "at nOt less than par and accrued
interest through the Federal Reserve banks." At the
same time it was stated that the bonds would be sold to the
highest biders.
In addition to the fact that the offering represents the
first public sale by the Treasury of the obligations of one
of the new Federal financing agencies, it is likewise new
for recent times (said the Washington correspondent of the
"Herald Tribune") in that it disposes of a bond issue on a
bid basis. It was further noted in the same advices:
Treasury bonds heretofore have been sold at par with a flat yield as
represented by the interest coupon offered. The bonds announced to-day
are not Treasury bonds, but since they are fully guaranteed by the Government and are a liability on Treasury funds if need be, there is no perceptible
difference in their governmental backing.
Tenders to the new 3% bonds were received by the
Federal Reserve banks and their branches up to 2 p. m.
Eastern Standard Time on July 25.
In the announcement of the new offering the Treasury
Department said:
The bonds for which tenders are invited will form part of a series of 3%
bonds of 1944-49 of the Federal Farm Mortgage Corporation, dated May 15
1934, maturing May 15 1949. and redeemable at the option of the Corporation on and after May 15 1944. They will be fully and unconditionally
guaranteed both as to interest and principal by the United States, and will
be exempt both as to principal and interest from Federal. State, municipal
and local taxation (except surtaxes, estate inheritance and gift taxes).
In the Treasury circular detailing the offering, which we
give further below, it is stated that the bonds are legally
acceptable to secure 15-day borrowings from the Federal
Reserve banks, but that they do not have the circulation
privilege.
In explaining the use to which the proceeds of the new bond
issue will be put, W.I. Myers, Governor of the Farm Credit
Administration, said on July 22 that the greater part would
be employed to repay advances by the RFC to the Federal
Land banks and to return deposits of public moneys made in
such banks by the United States Treasury.
It was explained by Governor Myers on July 22 that the
FFMC's normal cash requirements are not large, relative
to its volume of business, because the bulk of the Corpora-
July 28 1934
tion's advances to the Federal Land banks and the Land
Bank Commissioner for relending to farmer borrowers is
being made at present in the form of the Corporation's
bonds. The foregoing is from the Washington account
(July 22) to the "Herald Tribune," which also quoted
Governor Myers as follows:
Since March 26 1934, when the practice of making loans primarily in
the form of the Corporation's bonds was begun, 82% of the amount of
the loans by the Federal Land Banks and the Land Bank Commissioner
has been made in the form of the Corporation's bonds. The number of
Land Bank loans closed since that date exceeds 51,000, aggregating more
than $197,000,000 in amount, while the Land Bank Commissioner loans
have numbered more than 85,000 and aggregated more than $156,000,000.
$358,000,000 Bonds Outstanding.
Some cash, however, is required by borrowers to pay taxes, insurance
premiums and other items in connection with which the denominations
of the bonds or other reasons make the use of the bonds impracticable.
Disbursements of $500 or less are paid in cash. In recent months most
of the cash that has been advanced, both for Federal Land Bank and Land
Bank Commissioner loans, has been obtained through deposits of public
moneys made in the Federal Land Banks by the United States Treasury,
which deposits have been secured by Federal Farm Mortgage Corporation
bonds, or through the sale ofFFMC bonds to the Postal Savings System and
to institutions operating under the supervision ofthe Farm Credit Administration. The holdings of the Corporation's 3% bonds by these organizations as of July 18 aggregated $184.920000, of which 868,400,000 was
held as collateral by the United States Treasury; $80,000,000 was owned
by the Postal Savings; $5,000,000 by the production credit corporations;
$40.000,000 by the Federal Intermediate Credit Banks, and $11,520,000
by the banks for co-operatives.
The aggregate amount of FFMC 3% bonds outstanding is now $358,264,400, of which $173,344,400 is held by the public. All outstanding
issues of the Corporation aggregate $500,490,700.
The new 3% bonds, dated May 15 1934 and due May 15
1949, will be redeemable at the option of the Corporation
on any interest-payment date on and after May 15 1944,
at par and accrued interest. Interest will be payable May 15
and Nov. 15. Bearer bonds with interest coupons attached
and bonds registered as to principal and interest will be issued
in deniminations of $100, $500, $1,000, $5,000 and $10,000.
The following is the announcement of the offering made
July 22 by the Treasury Department:
The Secretary of the Treasury, on behalf of the FFMC,is to-day offering
to the public $100,000,000, or thereabouts, 3% bonds of 1944-49 of the
FFMC, and is inviting tenders therefor at not less than par and accrued
interest through the Federal Reserve banks. The bonds will be sold to
the highest bidders. Tenders will be received at the Federal Reserve banks
or the branches thereof up to 2 p. m., Eastern Standard Time, on Wednesday. July 25 1934. Tenders will not be received at the Treasury Department, Washington.
The bonds for which tenders are invited will form part of a series of 3%
bonds of 1944-49 of the FFMC,dated May 15 1934, maturing May 15 1949.
and redeemable at the option of the Corporation on and after May 15 1944.
They will be fully and unconditionally guaranteed both as to Interest and
principal by the United States, and will be exempt both as to principal
and interest from Federal, State, municipal and local taxation (except
surtaxes, estate, inheritance and gift taxes). Bearer bonds with interest
coupons attached and bonds registered as to principal and interest will be
issued in denominations of $100, $500, $1,000, $5,000 and $10,000.
Tenders should be made on the printed forms and forwarded in the
special envelopes which will be supplied by the Federal Reserve banks.
Each tender should state the face amount of bonds applied for and the
price offered, which must be expressed on the basis of 100 with not more
than three decimal places, e. g., 101.125. Each tender must be in multiples
of $100. Tenders at less than par will not be Considered. Tenders received
at a Federal Reserve bank or branch after 2 P. m.. Eastern Standard Time.
Wednesday, July 25 1934 will be disregarded.
Tenders will be accepted without deposit from incorporated banks and
trust companies and from responsible and recognized dealers in investment
securities. Tenders from others must be accompanied in every case by a
deposit of 5% of the face amount of bonds bid for, except where the tender
is accompanied by an express guaranty of payment by an incorporated
bank or trust company. If the tender is accepted,any deposit will be applied
toward payment for the bonds, and if the tender is rejected any deposit
will be returned to the bidder.
Immediately after the closing hour for the receipt of tenders on July 25
1934. all tenders received at the Federal Reserve banks or branches thereof
up to the closing hour will be opened and public announcement of the
acceptable prices will follow as soon as possible thereafter. Those submitting tenders will be advised of the acceptance or rejection thereof. In
considering the acceptance of tenders, the highest prices offered will be
accepted in full down to the amount required, and if the same price appears
in two or more tenders and it is necessary to accept only part of the amount
offered at such price, the amount accepted at such price will be prorated
in accordance with the respective amounts bid for. However, the Secretary
of the Treasury expressly reserves the right to reject any or all tenders or
parts of tenders and to award less than the amount bid for, and any action
he may take in any such respect or respects shall be final.
Payment for any bonds allotted on accepted tenders must be made
or completed in cash or other immediately available funds on or before
Aug. 1 1934, and must include the face amount and the premium, if any,
which the bidder has agreed to pay, together with accrued Interest on
the face amount from May 15 to Aug. 1 1934.
The Treasury Department circular, detailing the offering,
follows:
TREASURY DEPARTMENT
1934—Department Circular No. 515 (Public Debt Service).
Office of the Secretary,
Washington, July 23 1934.
The Secretary of the Treasury, on behalf of the __ederal Farm Mortgage
Corporation, offers to the public $100,000,000, or thereabouts, 3% bonds
of 1944-49 of the Federal Farm Mortgage Corporation, and invites tenders
therefor, thraugh the Federal Reserve banks, at not less than par and
accrued interest from May 15 to Aug. 11934.
Volume 139
Financial Chronicle
Description of Bonds.
The bonds of this issue are dated May 15 1934 and bear interest at the
rate of 3% per annum, payable semi-annually. on May 15 and Nov. 15
of each year, until the principal amount becomes payable. These bonds
will mature May 15 1949. All or any part of this issue of bonds may be
redeemed at par and accrued interest on May 15 1944, or on any subsequent
interest-payment date. In the event of any such redemption, notice thereof
will be given in such manner as the Board of Directors of the Corporation
may prescribe. Interest ceases to accrue on any bond after the redemption
date of which notice is so given, whether the bond is then surrendered or not.
Bearer bonds with interest coupons attached and bonds registered as to
principal and interest are issued in denominations of $100, $500, $1,000.
$5,000 and $10,000. Exchanges of denominations and of registered for
coupon or coupon for registered bonds may be made through any Federal
Reserve bank or at the Division of Loans and Currency of the United States
Treasury, Washington, D: C., and through any other agency designated
for the purpose by the Federal Farm Mortgage Corporation.
These bonds are issued under the authority of the Federal Farm Mortgage Corporation Act, approved Jan. 311934. as amended, which provides
that these bonds and the income derived therefrom shall be exempt from
Federal, State, municipal and local taxation (except surtaxes. estate.
Inheritance, and gift taxes).
Section 16 (a) of that Act contains the following provisions: "The first
sentence of the eighth paragraph of Section 13 of the Federal Reserve Act.
as amended, is further amended by inserting before the semi-colon after
the words 'Section 13 (a) of this Act' a comma and the following: 'or by
the deposit or pledge of Federal Farm Mortgage Corporation bonds issued
under the Federal Farm Mortgage Corporation Act'." Thus, the bonds
are legally acceptable to secure 15-day borrowings from the Federal Reserve banks. However, they do not have the circulation privilege,
Section 4 of the Federal Farm Mortgage Corporation Act, as amended,
also provides as follows: " . . . Such bonds shall be fully and unconditionally guaranteed both as to interest and principal by the United
States and such guaranty shall be expressed on the face thereof, and such
bonds shall be lawful investments, and may be accepted as security, for all
fiduciary, trust and public funds the investment or deposit of which shall
be under the authority or control of the United States or any officer or
officers thereof. In the event that the Corporation shall be unable to
pay upon demand, when due, the principal of, or interest on, such bonds,
the Secretary of the Treasury shall pay to the holder the amount thereof
which is hereby authorized to be appropriated, out of any moneys in the
Treasury not otherwise appropriated, and thereupon to the extent of the
amount so paid the Secretary of the Treasury shall succeed to all the rights
of the holders of such bonds. . . ."
Tenders and Allotments.
Tenders will be received at the Federal Reserve banks and the branches
thereof up to two o'clock p. m. Eastern Standard Time, Wedesnday,
July 25 1934, and unless received by that time will be disregarded. Tenders
will not be received at the Treasury Department, Washington. Each
tender must be in multiples of $100, must state the face amount of bonds
applied for, and the price offered. The price offered (not less than par)
must be expressed on the basis of 100 with not more than three decimal
places, e.g., 101.125. The price offered must be stated exclusive of
accrued interest from May 15 to Aug. 1 1934. Tenders at less than par
will not be considered.
Tenders will be accepted without deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied in every
case by a deposit of 5% of the face amount of bonds bid for, except where
the tender is accompanied by an express guaranty of payment by an
ncorporated bank or trust company. If the tender is accepted, any
deposit will be applied toward payment for the bonds, the balance to be
paid as hereinafter provided. If the tender is rejected, any deposit will
be returned to the bidder.
Tenders must be enclosed in envelopes, securely sealed, addressed to
the Federal Reserve banks, or branch, of the district, and plainly marked
"Tender for 3% bonds of Federal Farm Mortgage Corporation." The
Federal Reserve banks will supply printed forms and special envelopes
for submitting tenders.
Immediately after the closing hour for the receipt of tenders on July 25
1934, all tenders received at the Federal Reserve banks or branches thereof
up to the closing hour will be opened. The Secretary of the Treasury
will determine the acceptable prices offered and will make public announcement thereof as soon as possible after the opening of tenders. Those submitting tenders will be advised by the Federal Reserve banks of the acceptance or rejection thereof, and payment on accepted tenders must be made
as hereinafter provided. In considering the acceptance of tenders, the
highest prices offered will be accepted in full down to the amount required.
and if the same price appears in two or more tenders and it is necessary
to accept only a part of the amount offered at such price, the amount accepted at such price will be prorated in accordance with the respective
amounts bid for. However, the Secretary of the Treasury expressly
reserves the right to reject any or all tenders or parts of tenders, and to
award less than the amount bid for, and any action he may take in any
such respect or respects shall be final.
Payment.
Payment for any bonds allotted on accepted tenders must be"made
or completed on or before Aug. 1 1934, in cash or other immediately available funds, and must include the face amount and the premium, if any.
which the bidder has agreed to pay, together with accrued interest on the
face amount from May 15 to Aug. 1 1934.• In every case where payment
is not so completed, the 5% payment with application shall, upon declaration by the Secretary of the Treasury in his discretion, he forfeited to the
United States.
General Provisions.
Federal Reserve banks, as fiscal agents of the United States, are authorized and requested to receive tenders, to make allotments as indicated
by the Secretary of the Treasury to the Federal Reserve banks of the
respective districts, to Issue allotment notices, to receive payment for
bonds allotted, to make delivery of bonds on full-paid allotments, and
to perform such other acts as may be necessary to carry out the provisions
of this circular. Pending delivery of the definitive bonds, Federal Reserve
banks may issue interim receipts.
The Secretary of the Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing
the receipt of tenders and the sale of bonds under this circular, which
will be promptly communicated to the Federal Reserve banks.
T. J. COOLIDGE,
Acting Secretary of the Treasury.
• Accrued interest from May 15 to Aug. 1 1934 on 31.000 tam amount is $6.358695
Filing of Registration Statements With Federal Trade
Commission Under Securities Act.
The filing with the Federal Trade Commission of security
issues totaling approximately $5,000,000 for registration
under the Securities Act, was announced on July 24 by the
Commission in making public the details of the statements.
More than $4,280,600 of the total is accounted for by commercial or induAtrial issues, the largest of which is for
$1,875,000, as proposed by the Bankers Industrial Service of
Wilmington, Del. The registration statements (1000 to
1009) are listed as follows:
Trustees of Shattuck Properties Corp. Voting Trust (2-1000, Form F-1),
111 Sutter Street, San Francisco, proposing to issue voting trust certificates
to depositing bondholders under W. W. Whitecotton Realty Corp. Bondholders' Committee, representing 1,265 shares of non-par common stock of the
Shattuck Properties Corp. of a total stated value of $20,581.55. The new
corporation was formed as a result of reorganization of the W. W. Whitecotton Realty Corp. (See also Registration Statement No. 2-999, Release
No. 192.) The voting trustees are: H. S. Boone, Edwin D. Witter, Edward
Hohfeld, George Knox and Harley H. Gill, all of San Francisco.
C. H. Graves & Sons Distillers, Inc. (2-1001, Form A-1), 35 Hawkins
Street, Boston, a Delaware corporation organized June 13 1934 to carry on a
liquor business, issuing 345,000 shares of common stock at not less than $2
a share. It is estimated that about $100,000 of the proceeds will be furnished
to C. H. Graves & Sons Co., a Massachusetts corporation, the subsidiary
company, for working capital and expansion of its business, and that the
remainder will be invested in properties or stock of other companies. Proceeds of the sale of 250,000 shares of treasury stock are to be paid into
the company's treasury. This treasury stock is to be sold to Brown, Anthony
& Co., Boston, the underwriters, at $1.65 a share net cash to the corporation.
Stockholders will give 50,000 shares of stock now owned by them to the
underwriter if the latter sells 250,000 shares within 70 days after registration. Forty-five thousand shares belonging to stockholders will be sold to
the underwriter at $2 each, while the price to the public is expected not to
exceed $2.30 a share. John Gaston, New York City, is President of the company, and Charles E. Baker, Boston, Treasurer.
Willet Oil Co. (2-1002, Form A-1), Atascadero, Calif., a California corporation, organized Oct. 20 1933, to develop potential oil lands and produce
oil; now proposing to issue 100,000 shares of common stock of a par value
of $1 each. Proceeds will be used for purchase of equipment, drilling of test
wells and for working capital. Oscar L. Willett, Los Angeles, will receive
a commission of 20% for selling stock. Mr. Willett is President of the company, while Ted Bishop, of Atascadero, Calif., is Vice-President, and W. E.
Hanson, of the same city, Secretary-Treasurer.
Big Wedge Gold Mining Co. (2-1003, Form A-1), 407-408 Transamerica
Building, Los Angeles, a Nevada corporation, in corporated April 23 1934,
to engage in mining, milling and reduction of gold, silver, lead, mercury and
other metallic and non-metallic elements; now proposing to issue 1,600,000
shares of common stock of a par value of $1, to be sold for a total of $800,000
less 20% selling commission. The net proceeds will be for the benefit of
E. J. Harrison and L. B. Biggins, of Los Angeles, promoters, this issue being
a part of 3,000,000 shares issued to Messrs. Harrison and Biggins in consideration of the assignment of a lease on approximately 30 mining claims
in Inyo County, Calif.; the completion of a mill, and the starting of operations on the properties so assigned. Officers are: E. J. Harrison, Los
Angeles, President; Ryland G. Taylor, Las Vegas, Nevada, Vice-President,
and Hy Schwartz, Los Angeles, Secretary-Treasurer.
B. D. Buckley (2-1004, Form A-1), Paul Brown Building, St. Louis, an
individual proposing to sell oil and gas royalties on tracts in Gaines County,
Tex. The offering is expected to amount to $4,260.
Bonnie Dee Garment Co., Inc. (2-1005, Form A-1), Quanta., Tex., a Delaware corporation, organized Oct. 3 1933, proposing to engage in the wholesale and retail ladies' ready-to-wear and toilet articles business, expecting to
issue 225 shares of preferred and common stock at an aggregate offering
price of approximately $10,000. Estimated net proceeds of $8,000 will be
used to purchase goods and fixtures and for working capital and building
lease. Among officers are: A. A. Sing, President; Mrs. Witt Sing, Treasurer, and Ola Standridge, Secretary, all of Quanah, Tex.
Van Dorn Iron Works Co. (2-1006, Form D-1), 2685 Seventy-ninth Street,
Cleveland, calling for deposit of $216,500 outstanding first mortgage 7%
sinking fund gold bonds. The company informed holders of those bonds that
they and the company are faced with two alternatives-liquidation at sacrifice prices just when conditions seern to be improving, or carrying on with
the possibility of paying off the bonds in full and regaining the company's
former earning power through a reorganization plan. Among company officers are: Floyd G. Smith, President; Joseph G. Boyden, Vice-President
and Secretary, and P. J. Christmann, Treasurer, all of Cleveland.
Van Dorn Iron IVorks Co. (2-1007, Form D-2), 2685 Seventy-ninth Street,
Cleveland, proposing, under a plan of readjustment or reorganization, to
modify the terms of $216,500 of first mortgage bonds by executing a supplemental indenture. This would change 71,083 shares of no par value common
stock and 5,512 4/10 shares of $100 par value prior preference stock, and
28,917 shares of authorized but unissued common stock, so that on completion
of the change there would be 100,000 shares of $5 par value common stock
available as well as the $216,500 bonds. The face value of the issue would
they be $716,500.
Bankers Industrial Service, Inc. (2-1008, Form A-1), Wilmington, Del.,
a Delaware corporation organized in February 1933, operating under "Bankers Industrial System," described as "a service that offers a medium for
credit adjustment between individuals and creditors, serving their respective
interests." The issuer is authorized to issue 250,000 shares of class A common stock in an aggregate amount of $1,875,000, of which 190,000 shares
totaling $1,425,000 are to be issued as a public offering at the present time,
the proceeds to provide funds for organization and acquisition of additional
offices and for the industrial loan department of the City Bank & Trust Co.,
Wilmington, a subsidiary. The stock is to be sold to the underwriter, B. D.
Goodwin, 70 Pine Street, New York City, at $5 a share, and to be offered to
the public at $7.50 a share. Officers are: Leo E. Gaffeney, Plainfield, N. J.,
President; George L. Townsend, Wilmington, Vice-President, and William
H. Bennett, Wilmington, Secretary-Treasurer.
Winand-Pikesville Distillery Co. (2-1009, Form A-1), 1910 Belair Road,
Baltimore, a Maryland corporation, organized July 21 1933, to manufacture
and deal in liquor; now proposing to issue 45,000 shares of cumulative convertible preferred stock and 95,000 shares of common stock, aggregating
$788,996. Proceeds are to provide funds for building improvements, equipment and other expenses. The underwriter, National Associated Dealers, Inc.,
60 Wall Tower, New York City, is to purchase 40,480 shares of preferred
stock at $8 each, to be offered to the public at not to exceed 89.75 a share;
and to purchase 15,000 shares of common stock at $4 each, to be offered the
Financial Chronicle
530
public at not to exceed $5 a share. Joseph H. Mimes Co., Inc., Washington,
D. C., is to receive 4,520 shares of preferred stock at $10 each and 12,500
shares of common stock at $2 each as part payment for property purchased.
Directors will receive 10,000 shares of common stock at $1 each for services
already rendered, while 2,500 shares of common stock will be issued in
exchange for old stock; 9,596 shares of common stock as bonus to the underwriter; 45,000 shares of common stock reserves for conversion of preferred
stock, and 15,404 shares of common stock offered for sale to the public (of
which 404 shares will be sold directly by the issuer). Among officers are:
Joseph H. Mimes, Washington, Chairman of the Board; Edward S. Tyler,
Baltimore, President; John Robertson, Baltimore, Treasurer, and Barrington
Elliott, New York City, Secretary.
In making public the above list the Commission says:
In no case does the act of filing with the Commission give to any security
its approval or indicate that the Commission has passed on the merits of
the issue or that the registration statement itself is correct.
The last previous list of registration statements appeared
in our July 21 issue, page 368.
Registrations Under Federal Securities Act During
June and First Six Months—Amount for Half-Year
$354,936,848—June Registrations Comprise Issues
Approximating $112,000,000.
Security issues approximating $112,000,000 were filed for
registration with the Federal Trade Commission under the
Securities Act of 1933 during June. This total, says the
Commission, includes new industrial issues, certificates of
deposit issued by protective committees, investment trust
issues, and plans for reorganizations or readjustments. This,
the Commission adds, is the total figure for all issues filed
as distinguished from the total amount for issues becoming
effective, which amount has not been computed. The Commission's announcement, made available July 23, also said:
The largest single issue is that of Edison Electric Illuminating Co. of
Boston, which sought to register $35,000,000 in coupon notes to take care
of financial obligations. Massachusetts Investors Trust filed for registration $9,685,000 in shares of beneficial interest.
As of June 29 (Release No. 182), the Commission announced neW regulations for exemption of offerings of certain classes of securities of not more
than $100,000 in the aggregate. On the same day (Release No. 184), the
Commission published a definition of the term "issuance" as used in Section 4(3) of the Securities Act. On June 30 (Release No. 185), the Commission made public an interpretation of the Securities Act as applied to
fractional undivided gas and oil royalty interests.
Issuance of a stop order suspending the effectiveness of a registration
statement filed by Unity Gold Corp. of St. Paul was announced June 28 (Release No. 183). The company's statement was said to contain "untrue
statements of material facts." The issue involved was $420,000 of common
stock.
Under date of July 21, the Commission announced that
registration statements, exclusive of reorganization issues,
filed with it under the Securities Act of 1933 and becoming
effective during the first six months of 1934 numbered 206.
The gross proceeds of the securities proposed to be offered
under these registrations totaled $354,936,848. These figures
are exclusive of all reorganization securities, said the Commission, from whose announcement the following Is also
taken:
The following table shows the distribution by type of security of the total
gross proceeds of the 206 security registrations becoming effective from
January to June, inclusive, of this year:
Type of Security.
Number of
Units.
122,479,470
Common stocks
Preferred stocks
15,739,535
Certificates of participation, beneficial in6,765,354
terest and warrants
Mortgages and mortgage bonds
Debenture bonds
Short-term notes
Tntal
144 954 2An
Amount.
Per Cent
of Total.
5251,540,424
43,520,566
70.9
12.3
29,893.119
2,782,739
26,500,000
700,000
8.4
.8
7.4
.2
S:454 WAR 545
Inn n
In volume of securities registered and becoming effective, the financial
and investment companies account for 64.6% for the total gross proceeds as
compared with 15,1% for manufacturing and 6.4% for the extractive industries. The electric lighting, power, gas and water company group accounts
for 10.9% of the total volume.
During the month of June, the number of statements filed under the
Securities Act and becoming effective was 27. This figure is also exclusive
of reorganization statements. The amount of the security issues proposed to
be offered is $54,982,793.
The following table shows the distribution by type of security of the proceeds of the 27 registration statements becoming effective during June:
DISTRIBUTION BY TYPE OF SECURITY OF TOTAL GROSSPROCEEDS OF
27 SECURITY REGISTRATIONS EFFECTIVE IN JUNE, 1934, EXCLUDING REORGANIZATION SECURITIES.
.
Type of Security.
Common stock
Preferred stock
Certificates of participation and beneficial
Interest and warrants
Mortgages and mortgage bonds
Debenture bonds
Short-term notes
•
•rntal
Number of
Units.
Amount.
Per Cent
of Total.
16,092,708
5,334,498
$21,469,309
20,716,465
39.1
37.7
1,602,754
7,110,019
187,000
5,600,000
12,9
.3
10.0
02 nsn nnn
SRA 059 702
inn n
Registration Statements Filed Under Securities Act
During Fiscal Year Ended June 30 Numbered 713
and Involved Issues Totaling $962,856,438.
Announcement was made July 23 by the Federal Trade
Commission that registration statements filed under the
July 28 1934
Securities Act of 1933 with the Commission, and becoming
effective during the fiscal year ending June 30 last, were
713 in number and involved security issues in the sum of
$962,856,438.25. The Commission further said:
Of the total of 713 statements becoming effective during approximately
the first year of the administration of the Securities Act, 311 were for industrial issues amounting to $225,285,592.42.
In the financial group, the number of statements becoming effective was
186, involving issues with a value of $609,028,666.07.
The other class of statements, reorganization, becoming effective during
the year, number 216 and ihvolved issues in the amount of $128,542,179.76.
The amount of fees paid into the Federal Treasury by these registrants
up to June 30 was $99,923.29.
Under the Securities Act of 1933, passed by the Seventy-second Congress,
the first registration statement was filed June 7 of that year, and the first
statement filed with the Commission to become effective was on July 27, 80
that the tabulation of effective statements announced by the Commission
lacks 27 days of covering the full fiscal year.
Federal Trade Commission's Definition of Term
"Issuance" in Federal Securities Act.
Acting under the authority of Section 19(a) of the Securities Act of 1933, the Federal Trade Commission announced,
on June 29, a definition of the term "issuance," as used in
Section 4(3) of the Securities Act, as follows:
Definition of "Issuance" in Section 4(3). The term "issuance" as used
in the former Section 4(3) of the Securities Act of 1933 meant a sale by an
issuer, within the meaning of the term "sale" as defined in Section 2(3) of
the Act to include an "attempt or offer to dispose of" a security for value.
Therefore, any security which was bona fide offered for issuance in an
exempt transaction of exchange under Section 4(3) prior to July 1 1934 shall
be deemed a security issued in a transaction exempted by that section.
In announcing the foregoing definition, the Commission
explained that in a number of instances securities have been
offered in exchange for outstanding securities or claims
under circumstances providing compliance with the second
clause of the former Section 4(3) of the Securities Act, but
not complying with the requirements of the new Section
3(a)(10). It was stated that where all action, including the
requisite court supervision, necessary in order that the exemption of the second clause of Section 4(3) might be available, was completed and the offer of exchange was made,
prior to the repeal of Section 4(3) on July 1 1934, the exemption would apply throughout the transaction, even though an
agreement to make an exchange or the completion of an exchange, with a particular one of the persons to whom the
offer was made, might occur after July 1. It was further
pointed out that the exemption of Section 4(3) would not be
available in the case of any new offer of exchange on or
after July 1 1934.
Recent Regulations of Federal Trade Commission for
Exemption of Offerings Under Federal Securities
Act of Certain Securities Aggregating Not More
Than $100,000.
New regulations were recently announced (June 28) by
the Federal Trade Commission for the exemption of offerings of certain classes of securities of not more than $100,000
in the aggregate. The new regulations take the place of
regulations issued on Nov. 1 and Dec. 21 1933, and previously
on Feb. 17 and April 27 1934. The Commission, in its announcement, June 28, stated that the old regulations would
remain available for securities offered thereunder on or before Aug. 1 1934. With regard to the new regulations, the
Commission said:
The former regulations have been rearranged, and also materially amended.
The new regulations consist of seven parts, providing as follows:
Part I.—For offerings of certain securities of not more than $30,000.
This Part supplants the regulations formerly contained in Part I of Release 66 and Paragraph IV of Release 159.
Part II.—For offerings of securities (except oil, gas and other mineral
rights and real estate securities) not exceeding $100,000 sold for cash.
This Part supplants the regulations formerly contained in Part II, Sections 1
to 5, of Release 66 as amended by Release 89, and in Part IV of Release 122.
Part III.—For offerings of shares of stock and similar securities not exceeding $100,000. This part takes the place of the regulations formerly contained in Sections 2 and 3, Part II of Release 66, as amended by the regulations in Release 89 and in Paragraph 7 of Release 159.
Part IV.—For real estate securities sold for cash. This Part supplants
the regulations contained in Part II of Release 66 as amended by the regulations in Release 89, as far as real estate securities are concerned.
Part V.—For certificates of deposit ; Part VI for securities exchanged for
outstanding securities and claims, and Part VII for voting trust certificates.
These Parts take the place of the regulations formerly contained in Part III
of Release 66.
Interpretation by Federal Trade Commission of Securities Act As Applied to Fractional Undivided Gas
and Oil Royalty Interests.
The Federal Trade Commission announced, June 30, publication of an interpretation of the Securities Act of 1933, as
applied to fractional, undivided oil and gas royalty interests.
At the same time it announced adoption of a form to be
known as Form G-1, to be used for the registration of such
interests. The Commission also made public regulations
adopted under Section 3(b) of the Securities Act exempting
Volume 139
Financial Chronicle
certain fractional, undivided interests in oil, gas or other
mineral rights under specified conditions. In making this
known, the Commission on June 30 said:
The interpretation made public to-day discusses the amendments to the
Securities Act included in the Securities Exchange Act of 1934, which expressly included fractional, undivided interests in oil, gas or other mineral
rights in the definition of the term "security" and which provided a special
definition of the issuer of such interests. It also discusses the application
to oil and gas royalties of certain exemptions provided by the Act and of
exemptions provided by the regulations published to-day.
Form 0-1, to be used to register producing oil and gas royalty interests,
requires disclosure of information concerning the property to which the
royalty interest applies and Its productivity, as well as certain information
concerning the legal instruments which will govern the rights of the royalty
holder. These requirements have been based, in the main, upon the type of
information included in the offering sheets of the better class of royalty
dealers.
The regulations providing exemptions are in two parts. One part provides
what is intended to be a permanent regulation, though, of course, changes
may be made after experience has been gained in working under it. This
regulation, which applies to both producing and non-producing royalty
interests, is conditioned, so far as it applies to the activities of dealers and
brokers, on the furnishing of an offering sheet which shall contain items of
information specified in the regulations. To a large extent these items of
Information are the same as those which must be furnished in a registration
statement filed on Form 0-1.
The other exemption, applying to all fractional, undivided interests in
oil, gas or other mineral rights coming within the $100,000 limitation imposed by Section 3(b) of the Act, will apply to such interests if sold on or
before Aug. 15 1934. This exemption is to provide a period in which dealers
may become acquainted with the requirements of the permanent exemption,
as well as permit the working out of special regulations for oil and gas
working interests as distinguished from royalties.
President Roosevelt Names Railroad Labor Retirement
Board—To Administer Act Providing For Retirement on Pension of Railroad Employes—Act Reported Fabing Court Test.
President Roosevelt completed on July 26 the new Railroad Retirement Board with the appointment of John T.
Williamson, of Chicago, and Lee M. Eddy, of St. Louis, according to Associated Press advices July 26, aboard the
Cruiser New Orleans With President Roosevelt. At the
same time it was stated:
The three-man board, which will administer the new pension act, is
headed by Murray Latimer, of Washington, who was named last week.
Mr. Williamson was selected on the recommendation of the Association of
Railway Executives, and Mr. Eddy was proposed by railroad labor leaders.
From Washington, July 26, Associated Press advices
stated:
Although ready to operate, the Act faces a probable test in the courts.
Railroad attorneys have been studying possible methods of attack, some of
the larger roads which already have pension systems objecting on the ground
that they would be paying money to Pension employees of other roads.
The text of the Act was given in our July 14 issue, page
183.
President Roosevelt Appoints Members of National
Mediation Board to Settle Railway Labor Disputes
—Also Names Murray Latimer as Chairman of
Railroad Retirement Board.
President Roosevelt on July 21 announced the appointment of the membership of the new National Mediation
Board, created to settle railroad labor controversies, as
provided by the Railway Labor Disputes Act, the text of
which was given in our issue of June 30, page 4354. The
President made his announcement while aboard the U.S.S.
Houston on his vacation cruise, and the names of the members of the Board were simultaneously made public at the
White House. Those appointed to the Board are:
William M. Leiserson. of Yellow Springs, Ohio, Professor of Sociology at
Antioch College.
James W. Carmalt, Washington, D. C., legal adviser to Railway Coordinator Eastman.
John Carmody, Chief Engineer of the Federal Emergency Relief Administration.
The President also appointed Murray Latimer of New
York City as Chairman of the Railroad Retirement Board,
created by an Act of the last session of Congress. Mr.Latimer
is reported to be an expert on industrial pensions, having
written several books on the subject and having been consultant to a number of large industrial companies on pension
plans.
A Washington dispatch of July 21 to the New York
"Times" commented on the appoints in part as follows:
By the appointment of the Mediation Board. President Roosevelt
reiterates once more the right of collective bargaining. Under the terms of
the Railways Labor Act it is made practically obligatory that disputes
between employers and employees be submitted to arbitration.
The purposes of this law are stated in a Congressional report made at the
time of its passage. They are:
"To forbid any limitation upon freedom of association among the employees or any denial, as a condition of employment or otherwise, of the
right of employees to Join a labor organization; to provide for the prompt
and orderly settlement of all disputes concerning pay, rules and working
conditions, and to provide for the prompt and orderly settlement of all
disputes growing out of grievances or out of the interpretation or application
of agreement covering rates of pay, rules or working conditions."
531
A "Supreme Court."
The Board appointed to-day will decide only such cases as cannot be
settled by the National Board of Adjustment of 36 members, also provided
for in the Act, and will act as a "Supreme Court" to settle disputes and
"avoid any interruption to commerce or to the operation of any carrier
engaged therein."
The Railway Pensions Act provides a system under which the workers
will contribute 2% of their wages to the fund. This will be matched with
twice that amount by the carriers.
Mr. Leiserson is an economist. Born in Estonia, in 1883, he was brought
to the United States when seven years old. He was graduated from the
University of Wisconsin in 1908 and from Columbia University in 1911.
He served as an expert on unemployment for the New York Commission
on Employers' Liability and Unemployment from 1909 to 1911 and as
Assistant Director of Research Investigation of the United States Commission on Industrial Relations in 1914-15.
For three years thereafter he was Professor of Economics and Political
Science at Toledo University. He was Chief of the Division of Labor
Administration of the Department of Labor in 1918-19 and afterwards
Chairman of the Labor Adjustment Board of the Clothing Industry in
Rochester. N. Y. Then he became Chairman of the Board.of Arbitration
of the Men's Clothing Industry in New York City.
He has been Chairman of the Petroleum Labor Policy Board. He resigned this post to-day. He had intended to return to Antioch College,
but said that he regarded his appointment to the National Mediation
Board as"a command to continue in the Government service."
Mr. Carmalt, an authority on railroad law, was born in Montrose, Pa..
In 1872. He studied law at Columbia University and the New York Law
School and was admitted to the New York bar in 1898. He did legal work
for the Inter-State Commerce Commission beginning in 1909, was associated
with Louis D. Brandeis in preparation and presentation of the advance
rate case in 1913-14 and was chief Examiner for the Inter-State Commerce
Commission from 1914 to 1918. He was a member of the staff of the War
Industries Board and Assistant to the General Counsel of the United
States Railroad Commission. In recent years he has practiced law in
Washington.
Mr. Latimer is an authority on railroad pensions and has written several
books on the subject. He is a graduate of the University of Mississippi
and of the Harvard Business School, where he has also been a professor.
He has been making a survey for Mr. Eastman.
Mr. Carmody has had long experience in dealing with labor problems.
He was a mediator for the National Labor Board and when the Bituminous
Coal Code went into effect was appointed Chairman of the Pittsburgh
Regional Coal Labor Board.
The National Labor Relations Board announced to-day that Milton
Handler had resigned as its General Counsel. He will return to the Columbia
Law School faculty.
President Roosevelt Urged to Increase Price of Gold by
Northeastern Conference of State Farm Bureaus—
Would Restrict Activities of NRA.
The request that President Roosevelt act immediately to
increase "the price of gold to $41.34 per ounce, the maximum
price permitted by law" was made by the Northeastern Conference of State Farm Bureaus meeting in New York City on
July 20. This step was urged, according to the New York
"Times" "in order that farmers may realize higher returns
for their 1934 crops." It was stated that "unless this is done
the high taxes resulting from relief and emergency work will
swallow up the progress already made." From the "Times"
we also quote:
"We emphasize that farmer progress has come about as a result of dollar
revaluation," they asserted, "and that all of this progress was attained by
July 1933." They cited the increase of 58% in the prices of farm products
from March to July of that year and pointed out that "this occurred before
the NRA and AAA had a chance to beccane active."
While the NRA has accomplished "considerable good" in correcting unfair
trade practices and abolishing sweatshops and child labor, they said, the
cost of distributing food increased 24% from July 1933 to April 1934, hitting
both farmer and consumer, and "much of this increase can be directly attributed to the NRA."
"We urge that the activities of the NRA be confined to correcting unfair
trade practices, and a square deal for labor," they said. "We are opposed
to the protection of inefficiency and we urge that all codes which unduly
raise the price of building materials, industrial products and the like be
abated."
They urged that the AAA and the Department of Agriculture "give more
consideration to perfecting methods of distributing farm and food products
and less consideration to production control, in view of the fact that overproduction is not the fundamental cause of the farmers' problem." They also
suggested that the AAA should devote more of Its energies to the development
of farmer-owned cooperatives.
They expressed themselves as in hearty agreement with "snore scientific
policies in connection with land utilization," and recommended that larger
amounts of relief funds be devoted to the construction of farm-to-market
roads.
The statement was signed by E. S. Foster of Ithaca, N. Y., Secretary of
the Northeastern Group and Secretary of the New York State Farm Bureau
Federation.
President Roosevelt Scheduled to Sail from Honolulu
To-day (July 28), Concluding His Vacation Cruise
—Will Leave Portland, Ore., August 3—President
Promises a Navy Up to Treaty Strength.
President Roosevelt was scheduled to sail from Honolulu
to-day (July 28) to begin the final lap of his vacation cruise
on the U. S. S. Houston which will carry him back to the
United States. The President is expected to leave Portland,
Ore., on August 3 and proceed to Washington. The last
previous reference to his vacation trip was contained in our
issue of July 21, page 372. On July 24 the President reached
the small town of Kailua on the coast of Hawaii. No formal
welcome was provided, at his request, although Governor
Poindexter visited the Houston for a brief conference. The
President spent the day of July 24 fishing at sea, and then
532
Financial Chronicle
returned to the Houston, which proceeded to Hilo, where
Mr. Roosevelt landed on July 25, marking the first time a
President of the United States had landed on Hawaiian soil
since the Islands voluntarily came under American sovereignty in 1900. That same afternoon the President resumed
his voyage to Honolulu, where he was received on July 26.
During his two-day stay at Honolulu, the President inspected the military and naval defenses, and gathered information which he intends to use in determining future
Hawaiian policies.
On July 25, Mr. Roosevelt visited the volcano of Kiluea.
A dispatch from Hilo on that date to the New York "Times"
described this trip in part as follows:
All traffic was stopped on the 30-mile concrete highway leading to
Kilauea volcano and over its broad, smooth stretch the Presidential party
swept at 35 miles an hour. At each side street uniformed police were
stationed to Stop any incoming vehicles.
Past spreading green lawns and homelike bungalows the cavalcade sped,
gradually climbing. As the miles reeled off, in settled communities along
the road new groups of men, women and children stood to get a glimpse
of the President.
Even workers in the plantation fields halted their tasks to gaze far up
the highway, where the heat of sea level began to give way to bracing
mountain air.
Uniformed soldiers stood before each small home and at intersections.
All stood at attention as the cavalcade swept by.
At the entrance to the park the procession stopped a moment whilte
Dr. Thomas Jaggar, Director of Kilauea Volcano Observatory and once a
student with Mr. Roosevelt at Harvard, entered the President's car.
Years of scientific research on Hawaiian volcanoes made him ideal as a
guide for the visitor.
After a brief halt at Kilauea Iki, a small dormant crater, the party
moved on through a forest of giant tree ferns, past 200 young men of the
Civilian Conservation Corps in uniform and drawn up to attention, to the
vast barren plain of Kilauea proper.
Car Drives to Crater's Edge.
In the distance gaped the tawny throat of Halemaumau, a yawning pit
in which the lava fires play periodically.
The President's car was driven over the smooth park road directly to
the edge of the Kilauea crater, stopping close beside the safety fence but
near enough to permit him to get an excellent view of the now dormant
interior.
Associated Press advices, July 21, reported as emanating
from the Steamer Houston said that President Roosevelt,
talking that day to the crew of the Houston in mid-Pacific,
promised a United States Navy up to treaty strength in three
of four years. The Associated Press added:
He said the country expects the fullest efficiency from its sea-fighting
forces.
The President outspokenly declared his pride in the Navy. He said the
crew of the Houston was splendid, and represented a good cross-section of
the first line of defense of the nation.
He assured the sea-going fighting force that Congress and the country
were behind the naval building program now under way calculated to
reach treaty strength.
The President spoke to the white-jacketed crew in the cruiser's well
deck after regular morning inspection, with ships' planes poised overhead
as the vessel sped toward Hawaii.
President Roosevelt Expresses Sympathy to Austria On
Assassination of Chancellor Dollfuss—Secretary
Hull's Message.
President Roosevelt on July 26 sent the following message
of sympathy to President Miklas of Austria on the assassination on July 25 of Chancellor Dollfuss:
It is with horror and deep regret that I learn of the assassination of
Englebert DoRfuss, Minister of Foreign Affairs and Chancellor of Austria.
I extend through you to the Austrian people sincere sympathy in my own
name and on behalf of my fellow-countrymen.
Mrs. Roosevelt joins with me in expressing to Mme. Dol!fuss our deepest
sympathy in this great sorrow which has come to her.
At the same time, a message as follows was sent by Secretary Hull to the acting Minister of Foreign Affairs:
The sad intelligence of the death of Chancellor Dollfuss at the hand of
an assassin shocks and grieves use beyond expression.
My fellow-citizens join with me in extending to the Government and
People of Austria sincerest sympathy in their sorrow.
The death of the Chancellor is referred to in our editorial
pages to-day, under The Financial Situation.
League Circles Shocked By Assassination of
Chancellor_ Dollfuss.
Under date of July 26 Geneva advices to the New York
"Times" said:
The Acting Secretary General of the League of Nations said in a telegram to the Austrian Government that he had been "profoundly shocked
by the crime that has caused the death of Dr. Dollfuss." This is the
general view taken in League circles.
It is not believed, however, that a meeting of the Council could be
•
convened immediately. No great power. especially Italy, desires to put
before the League the Austro-German quarrel. Only Austria herself could
provoke a meeting of the Council by appealing for the League's help.
i.Joseph Avenol, Secretary General, is absent, but he is expected in
Geneva Monday. His return has no relation to the Austrian situation.
Approval By Postmaster General Farley of President
Roosvelt's Remonetization Program.
Referring to Postmaster General Farley as carrying for
approval to the State of Nevada, which has ranked first in
July 28 1934
the production of silver, the Roosevelt administration's silver
remonetization program. A Reno dispatch July 23 to the
New York "Times" indicated as follows what Mr. Farley
had to say:
President Roosevelt "has just begun and he will never quit until the
movement (for silver restoration) is crowned with success," Mr. Farley
said, declaring, "it is my frank Judgment that President Roosevelt has
done more for the restoration of the monetary status of silver than any
President since the adoption of our Constitution."
Speaking as Chairman of the Democratic National Committee, Mr.
Farley observed that the Roosevelt recovery program included "many
measures that have been helpful to the people and industries of this Western country." No one measure, he said, has been as significant to Nevada.
and the mining industry of the West, as the silver legislation.
The President did not stop when he had raised the price of silver in
the United States over 50% above the world price, Mr. Farley declared.
He approved the Act authorizing and directing the purchase of about
1,300,000,000 ounces of silver and "what he wants is this 1,300,000,000
ounces of silver so as to increase our silver currency," the National Chairman asserted.
Looks to Price Stabilization.
"He knows that the purchase of this silver and the removal of the surplus supply from the markets of the world will gradually but surely raise
the price to the limit at which he may purchase, $1.29 an ounce," he
continued.
"When this is accomplished, then silver will be stabilized at that price.
and the countries of the world will be ready to join the United States in
reopening their mints for the coinage of silver. This, taken in connection
with the administration's action with regard to gold, has been the greatest
monetary step of the age."
Mr. Farley denied that any one Senator should receive the credit for
the legislation for guaranteeing bank deposits. "I want to claim it here
and now for the Democratic party," he said, pointing out it was "a very
plain and very definite pledge of the Democratic platform in 1908."
New Silver Ruling By Treasury Department—Profits
on "Switching Transactions" To Be Taxed.
"Switching transactions" in silver where a profit is realized
will be taxed by the Federal Government, according to recently amended regulations said a dispatch July 26 from
Washington to the New York "Times," in which it was also
stated:
"A transfer of an interest in silver bullion is taxable if a net profit is
realized, even though the transferer simultaneously acquires another equivalent interest in silver bullion for the same or a different delivery," said
the amended regulations.
This would take care of cases where silver was bought in one market
and a similar amount acquired in another at a lower price, thus producing
a profit.
The Treasury decision provided that this amendment was retroactive
to 9 p. m., Eastern standard time. June 19.
"In view of this Treasury decision taxpayers will be permitted, subject
to limitations and requirements, to treat switching transactions effected
prior to 9 p. m., Eastern standard time. June 19 1934, as not constituting
transfers of interest in silver bullion, and as not being subject to tax," the
decision said.
China Reported as Decreeing Embargo on Silver Exports
to Counteract Smuggling.
From Hong Kong, July 22 a cablegram to the New York
"Times" said:
The increasing price of silver, caused by the smuggling of huge quantities
of the metal from Kwangtung. has resulted in the Canton Government's
decreeing a complete embargo.
Even persons travelling from Canton are allowed only $20 in silver. A
continued export of silver Is likely to cause a serious financial situation,
Involving the almost certain collapse of paper money values.
The embargo will be rigidly enforced and all smuggled metal will be confiscated. An informant will receive a reward of 80% of the amount seized.
Internal Revenue Collector Announces Ruling On
Silver Bullion Transfer.
The Collector of Internal Revenue, James J. Hoey, announced on July 17 (according to the New York "Journal
of Commerce") that he had received the following ruling
from the General Counsel's Office, Bureau of lateral Revenue, with regard to name of transferee of interests in silver
bullion:
"On delivery of silver bullion pursuant to a futures contract, the memorandum under Article 61 of Regulations 85 may, where the name of the
transferee is unknown to the transferer, state the name of transferee's
broker or agent, designating him as such, and stating that the name of the
transferee is unknown. If such a memorandum is submitted to the collector and any stamps thereon are canceled prior to delivery of the memorandum to the transferee or his broker, the transferee or his broker shall,
not later than the following business day, advise the collector who canceled
such stamps, in writing, of the name and address of the transferee, and the
collector shall note such name and address on the duplicate of the memorandum. If such a memorandum is delivered to the transferee or his
broker prior to submission to the collector, the name and address of the
transferee shall be noted thereon by the transferee or his broker before
such submission to the collector."
Earlier regulations by the Internal Revenue Bureau, were
noted in our issue of June 30, page 4394.
Postmaster-General Farley Reports Postal Surplus of
$5,000,000 in Past Fiscal Year—President Roosevelt
Congratulates Him—Gen. Howes Says Mail Service
Has Been Unimpaired—Mr. Farley Describes Department's Progress in Western Speeches.
Postmaster-General Farley, in a radio message to President Roosevelt on July 20, informed him that pre-audited
figures for the fiscal year ended June 30 1934 show that
Volume 139
Financial Chronicle
postal receipts exceeded expenditures for the first time since
1919, with a surplus of approximately $5,000,000. Mr. Farley
said that this record is more impressive because in only seven
of the last 50 years did postal revenues exceed the cost of
operation. He added that "this splendid showing of revenues for the past fiscal year was made notwithstanding the
fact that the rate of postage on local letters at offices having
city or village letter-carrier service was cut from 3c. to 2c.
an ounce on July 1 1933, reducing our revenues, it is estimated, by some $15,000,000 or $16,000,000."
President Roosevelt replied to Mr. Farley in a radio message in which he said that he was "delighted" at the report,
and congratulated the Postmaster-General that such a result
had been accomplished despite the reduction in postage on
local letters. The President's message to Mr. Farley read
as follows:
I am delighted to have your report that the Post Office Department will
have a surplus of approximately $5,000,000 for the fiscal year which ended
June 30, the first time since 1919 that such a result has been accomplished,
and this notwithstanding a reduction in postage on local letters and charges
against the postal revenues never before included in the coat of postal service.
Congratulations and best wishes.
Mr. Parley's message to the President is given below:
When I assumed the office of Postmaster-General you expressed the desire
that the postal service be so conducted that the revenues and expenditures
would approximately balance each other, and the drain upon the general
Treasury and taxpayers in making up the huge deficits experienced in recent
years be eliminated. For the fiscal year 1932 the net postal deficit was
$152,246,188.50, and for 1933, $50,683,605.46.
Pursuant to your wishes, every effort was made during the fiscal year
just ended to balance the postal budget through systematic, business-like
management and operation of the service and the practice of strict economy
wherever practicable.
As a result of these efforts and the arrest of the decline in postal receipts
due to improved business conditions following the adoption of the many
reconstructive measures featuring the New Deal, the end desired has been
achieved, and I have the honor to inform you that pre-audited figures for
the fiscal year ended June 30 1934 show, after making the usual adjustments
authorized by law for certain subventions and free mailing services, that
our postal receipts exceeded expenditures for the first time since 1919, the
surplus being approximately $5,000,000.
This record is more impressive when we consider the fact that during the
past 50 years of administration of the Post Office Department only in seven
of them did the postal revenues exceed the cost of operation. Furthermore,
this splendid showing of revenues for the past fiscal year was made notwithstanding the fact that the rate of postage on local letters at offices having
city or village letter-carrier service was cut from 3c. to 2c. an ounce on
July 1 1933, reducing our revenues, it is estimated, by some $15,000,000 or
$16,000,000.
In this connection it may be added that for the fiscal year 1934 there
was charged against the revenues of the Post Office Department an expenditure of $6,000,000 covering maintenance and operation of public buildings,
an item which never has been heretofore included in the cost of the postal
service.
I take pride in making this favorable report, and am sure that it will be
most gratifying to you.
Acting Postmaster-General Howes,commenting, on July 21,
on the fact that the surplus of postal receipts amounted to
$5,000,000 in the past fiscal year, said that this was accomplished without any impairment of service. Among the reasons given by Mr. Howes for the achievement were improved
business, the consolidation of rural free delivery services,
saving in air mail expenditures and efficient administration.
A Washington dispatch of July 21 to the New York "Times"
listed some of the savings that made the surplus possible as
follows:
Reduction in mail service messengers, between depots and post offices—
$2,000,000.
Star routes reduced—$2,000,000.
Rural deliveries consolidated—$3,000,000.
Eleven-day furloughs inaugurated—$10,000,000. '
Reduction in the air mail service due to cancellation and revision of contracts—$7,000,000.
Mr. Farley, in a speech at Reno, Nev., on July 23, denied
that the postal service should be a revenue producer, and said
that, instead, after the service has been improved and extended, rates of postage should be reduced. In another
speech at Sacramento, Calif., on the same day, Mr. Farley
said that every recent major mail robbery has been solved,
and added that in the past year inspectors have investigated
an average of 75 cases of extortion and kidnaping a month.
A dispatch from Sacramento to the New York "Times," on
July 23, quoted from this address as follows:
Mr. Farley cited a long series of cases involving interference with or
criminal use of the mails, and pointed out that the criminals were relentlessly
prosecuted. In many cases, he added, most of the loot was recovered.
"I cite these cases to show that while criminality is widespread," he said,
"the Post Office Department is zealous for the interests of its patrons."
Vi4108 War on Crime.
Mr. Farley called attention to his reorganization of the investigation
division of the department.
"Shortly after I assumed charge as Postmaster-General," he said, "changes
in methods were made in the handling of the criminal work of the Post Office
Department for the purpose of bringing about greater co-operation with
United States Attorneys and eliminating the red tape which so often hampers
the expedition of criminal work. The results have been salutary."
He declared, however, that the war on crime would not be consummated
successfully until there was "wholehearted and harmonious co-operation of
the citizens with their law-enforcement agencies" and until the poverty
533
and despair incident to depression had given way to better social conditions.
•Mr. Farley digressed in his address to pay a tribute to Senator Hiram
Johnson. "Truly he merits Well the thanks of the nation and his fellow
men," he said. "My wishes are that he may live long to represent you.
Courageous and independent, he fought the.people's battle long before others
saw the necessity of protecting the public from selfish interests which were
exploiting them."
Stronger Army Air Forces Recommended to Secretary
of War Dern by Committee Headed by Newton D.
Baker—Report Proposes Ten-Year Aviation Program—Advocates 2,320 Army Planes.
An increase in the aviation strength of the army to 2,320
planes and a corresponding increase in flying personnel was
recommended on July 22 in a report by the War Department's special Aviation Committee, headed by Newton D.
Baker and composed of 11 civilians and generals. The present authorized strength of the army air corps is 1,800 planes.
The Committee said that the force should be strengthened to
meet "the most serious war threat against our country that
can be conceived." The report praised the manner in which
the army had transported the mail during the period of the
cancellation of the air mail contracts. Outlining a proposed
10-year aviation program, the report to Secretary of War
Dern said that while the United States is foremost among
world Powers in commercial and naval aviation, army aviation is comparatively inferior, chiefly because Congress has
failed to make the necessary appropriations. It recommended that the enlisted force of the army be brought to its
entire authorized strength and that 350 officers should be
added to the Air Corps.
The Committee advocated Government aid in building up
the aircraft industry as well as in encouraging the purchase
of planes from private manufacturers rather than their construction in Government plants. It suggested that the Department of Commerce foster the airplane export business,
and that the War Department purchase planes by negotiated
contracts, by competitive bids, or by purchase after design
competition.
Stephen T. Early, Secretary to President Roosevelt, said
on July 23 that the President would probably study the Committee's recommendations with Mr. Dern after his return to
Washington.
A Washington dispatch of July 22 to the New York
"Times" summarized the chief recommendations of the Committee as follows:
Recommended setting up of a General Headquarters Air Force and a total
air armada of 2,320 airplanes in the continental United States able to carry
out all missions contemplated for a separate or independent air force and
under command of a suitable general officer whose headquarters would be
with his troops away from Washington.
Rejected proposals for any merger or separation of existing military air
organizations, suggesting that such a step would be "a serious error, jeopardize the nation in an emergency, and be an unnecessary burden on the
taxpayer," and likewise saw no need for changing the present civil aviation
groups.
Suggested that the Government should encourage development of design
and engineering staffs, establish an annual program of procurement of airplanes for the army and navy, increase personnel, which is declared inadequate, correct faulty distribution and utilization of existing airplanes, and
change personnel laws to provide for more equitable promotion of officers and
enlisted men.
Described as unfounded the charges recently made by members of the
House Military Affairs Subcommittee that morale was low when the Army
Air Corps took over the air mail service last winter, and declared that a
service designed for purely military tasks cannot perform technical civil
duties with the same efficiency as the highly organized and specialized service normally charged with those duties
Declared that "in general aviation the United States leads the world. It
is superior in commercial aviation, its naval aviation is stronger than that
of any other Power, and with more financial support its army aviation can
be raised to a world position equal to that held by our navy."
Support of Efforts of President Roosevelt and Secretary
Hull to Negotiate Reciprocal Trade Agreements
Urged by James D. Mooney of American Manufacturers Export Association.
A warping that the rest of the world is moving ahead
rapidly with the expansion of its foreign trade, while the
United States is lagging behind, was sounded by James D.
Mooney, President of the American Manufacturers Export
Association and President of the General Motors Export
Co.,in an address to Association members on July 23, which
was broadcast over a nation-wide network. Mr. Mooney
urged support of the efforts that President Roosevelt and
Secretary Hull are row making to negotiate reciprocal
trading agreements designed to give American farmers and
industrialists their rightful place in the world markets. In
part Mr. Mooney said:
A great many foreign nations have seized the opportunity to make
trading arrangements among themselves and these arrangements have resulted
already in a substantial increase in their exchange of goods, while we
have been sitting on the sidelines waiting for some sort of a miracle to
happen. Also, as Mr. Peek has so ably pointed out in his letter to the
President. we have very foolishly tried for a number of years to sell our
534
Financial Chronicle
goods abroad without taking anything real or tangible in exchange for
them. Despite these lapses, I feel that we still have enough of our traditional Yankee shrewdness left in our Make-ups to guarantee that we
can get a full and profitable share of world trade if we really set out to get it,
and that we can very definitely live up to our old-time reputation as good
horse-traders in any bargains we drive.
It is a very remarkable coincidence that employment in the United States
has reached its peak when foreign trade—Including imports—was greatest.
and that it has struck its lowest depths, notably in 1932, when foreign
trade was almost dead. The reason for this is fairly simple, and it all goes
back to the farmer and the cotton planter and the tobacco grower who
simply must sell the surplus product of their lands abroad. When they
do, we are all prosperous. When they don't we are all broke. As an
industrialist. I am eager to put more Americans to work by shipping automobiles to Chile and China and Spain, but unless the farmer in Kansas
and the cotton planter in Mississippi can buy our cars—and he can't, if
he loses his own export markets—the automobile manufacturer and all
the other manufacturers in the country won't get very far with removing
the curse of unemployment.
If we can just learn to look at this question offoreign trade in the practical
light of all that has happened in the past, we can safely put theorizing and
hair-splitting aside. I believe, and convince ourselves, out of our own rich
experience, that we are prosperous when foreign trade is vigorous, and that
we are in a very bad way indeed when foreign trade is hampered and hamstrung.
Liquidation of Most of Title and Mortgage Companies
Urged—New York State Superintendent of Insurance Van Schaick Suggests Step to Governor
Lehman in Report on Rehabilitation Program.
Liquidation of most of the title and mortgage companies,
now in rehabilitation under State supervision, was foreshadowed July 26 in a fifth interim report to Governor
Herbert H. Lehman by New York State Superintendent of
Insurance George S. Van Schaick. The report proposes
an orderly method of liquidation which will not damage
the interests of mortgagees, certificate holders or other
creditors of the title and mortgage companies. There is
to be no immediate sale of any assets where such a sale
would mean a sacrifice of true value. There is to be no
interruption of temporary mortgage servicing, now being
provided by the Superintendent through the medium of
new corporations organized for that purpose by him at
the time of rehabilitation last August. This servicing is,
in fact, to be extended through the creation of further new
separate agencies on a permanent, liquid basis where there
is a need for them.
The report emphasizes that liquidation is not a newly-contemplated
proposal, but rather a logical continuation of the Superintendent's rehabilitation program in which it is the third stage. All the processes
of rehabilitation have been moving in the direction of liquidation, and
the Superintendent now deems that the time for liquidation has arrived.
"In the opinion of the Insurance Department," says Superintendent
Van Schaick's report, "the time has come to apply for orders of liquidation
of most of the old title and mortgage companies which are in rehabilitation.
In a few companies no final determination of this question has yet been
made.
"Liquidation will not affect certificate holders or other creditors adversely, because,
"First. Liquidation will not involve any sale or other disposition of
the guaranteed mortgages that underlie certificates or that are held singly
by investors. These mortgages are security for the repayment to certificate holders and to the holders of whole mortgages of the moneys that
they invested with the title and mortgage companies.
"Second. Liquidation will not require any sacrifice of the true values of
the assets of the companies themselves. These assets will be liquidated
in an orderly manner and will be held until fair prices can be obtained
for them.
"Third. Provision will be made to continue the servicing of mortgages
without interruption. The same high standards of servicing which have
been sought to be maintained heretofore in the rehabilitation program
will be continued."
Reasons for the liquidation proposals are two-fold, according to the
Superintendent. First, it is mandatory upon the Superintendent to
move from rehabilitation into liquidation when it is apparent that further
efforts to remove the causes of company delinquency are futile: and,second,
liquidation will permit a determination of the extent of the claims against
each of the closed companies, an imperative factor in the winding up
of their affairs.
In his concluding paragraphs, the Superintendent makes this further
explanation:
"The rehabilitation program of the Insurance Department is concerned
with the conservation of values for certificate holders and other claimants.
"It is not interested in saving the old title and mortgage companies
merely as companies. It is not even concerned at this time with the reestablishment of the guaranteed mortgage business. This is a question
on which the Legislature must pass. The Insurance Department, however,
is vitally concerned with following out a policy which will be in the best
Interests of those who invested their savings in guaranteed mortgages
and guaranteed mortgage certificates.
"The orderly liquidation of those companies that are beyond reconstruction will increase the assets to which such investors can look for a
rehabilitation of their savings. It is in their interest."
As a further step in liquidation the Superintendent contemplates consolidation of some of the New York City companies in the interests of
economy and efficiency. A similar move was made recently in the consolidation of the servicing business of the three Westchester County companies in a new separate corporation.
In his report, the Superintendent first discusses the meaning of rehabilitation in the sense that it has been employed in the title and mortgage
field. He points out that la the handling of a delinquent insurance company
(title and mortgage companies are insurance companies in New York
State) there are two approaches, immediate liquidation or rehabilitation.
Immediate liquidation means waste in that there would be, necessarily,
sacrifices of value in selling off all assets at once. Rehabilitation, on
the other hand, provides a way for the salvaging of a substantial portion
of the assets. Accordingly, last August, he chose to rehabilitate rather
than to liquidate at once.
July
28 1934
In rehabilitation, the Superintendent preserved the title search plants
of the companies that had them as valuable assets for the creditors. He
created the new servicing corporations, in which he holds all the stock
for the benefit of the certificate holders and creditors, to carrying on
the mortgage servicing. He,of course,forbade the sale of any new guaranteed mortgages and made no attempt to make new mortgage loans.
Turning to the results of rehabilitation, the Superintendent says:
Whether the title and mortgage companies in rehabilitation will meet
their obligations in full depends upon the value of the real estate underlying the mortgages and upon the value of the assets of the respective
the
companies. When the companies are in liquidation, the emphasis in and
rehabilitation program will be shifted to a salvaging of such assets
of such portions of the business of the companies as have a cash value.
This involves, however, an orderly procedure so that true and inherent
values will be realized.
After discussing the three stages in rehabilitation, the Superintendent
says this is of the separate servicing organizations of which the Westchester company is typical:
The Insurance Department should not enter into the business of permanently servicing mortgages itself. It is preferable to shift such business
and paroperations to a separate management as soon as it can be done,
ticularly when the old company is placed in liquidation. It is important,
of
control
the
immediate
under
remain
however, that such management
the Department so that its operations at all times may be guided in the
.
.
proper channels. .
All of the whole mortgages which are now being serviced under the
direction of the Insurance Department will be turned over to separate
servicing companies where this has not already been done. These new
corporations will not be affected by the liquidation of the old companies.
They are intended to be permanent organizations, solvent beyond question,
capable of servicing whole mortgages and certificated mortgages in a satisfactory business-like manner at a fair charge. Ultimately they will be
sold at a fair price for the benefit of claimants.
As to certificated mortgages the new servicing units for the time being
are designated by the Superintendent of Insurance as his servicing agent
under the Schackno law. This is being done at cost. It is unlikely,
however, that this servicing will be done permanently by any agency at
cost. This general subject, of course, is now before the Legislature by
virtue of your special message on the subject. ...
by the
All of the stock of these new servicing companies will be heldthrough
Superintendent of Insurance, either directly or in some cases
other
the new title companies, for the benefit of certificate holders and
to that
claimants of the old companies. This arrangement is similar
has
companies
old
the
of
Which exists where the title insurance business
been transferred to new corporations. Eventually, of course, the stock
used
be
will
cash
and
received
which
is
the
sold
be
will
of these companies
to pay the claims against the old companies.
The Superintendent's report throws out the suggestion that some plan
for the mutualization of the old companies may be worked out eventually,
company
although it emphasizes that "the order of liquidation of the old
by no means terminates the rehabilitation program on behalf of claimants
of that company."
There is this discussion of the consolidation of units:
certificate
Where in the rehabilitation program it is in the interest of such
basis
on
holders and other claimants, like units will be consolidated
of the
business
fair.
The
be
to
servicing
determine
as the court shall
concentrated
been
three Westchester companies, for example, has already
three
in a single corporation. Likewise the liquidation staffs of these of
efcompanies have been merged into one organization in the interest
case
ficiency and economy?. A similar step is being contemplated in the
companies.
York
New
the
of some of
New York City Business Tax—Instructions of City
Comptroller McGoldrick Regarding Transactions
of Brokers—"Clearance Commission" Not To Be
Taken As Deduction—Commissions Derived From
Execution of Security Transactions Outside State
Subject to Inclusion.
City Comptroller Joseph D. McGoldrick made public on
July 25 instructions given to bureaus in the Department of
Finance charged with the collection of the New York City
business tax, particularly with relation to transactions of
brokers and others dealing in stocks, bonds, etc., as follows:
outCommissions derived from the execution of security transactions
as a factor of gross
side of the State of New York are subject to inclusion
the
of
office
outside
Income. If the order is received from an established
to the outside office and
City, 60% of the commission is to be allocated
originates in the City to be
40% to the City office. If a transacation
located in Chicago, the
carried out for example in one of the exchanges
City and
commission is to be divided so that 60% is applicable to the
of the City is of a
outside
office
the
40% to the out-of-town office. If
being in the
temporary nature, the entire commission is to be included as
City.
Commissions received from the sale of commodities—for example, sale
1%. The
on the produce exchange—are taxable at the rate of 1-10 of
sale of silver
same applies with respect to contracts for the purchase and
under future delivery transactions from which a commission is derived:
bethat is, such commissions are taxable at 1-10 of 1%. Commissions
stocks or
tween two brokers handling the same transactions either in
the
and
known
as
are
split
commissions
These
commodities are to be split.
receive for
brokers are required to report only the amounts they actually
their services.
If a broker receives an order which is is unable to fill and it is necessary
for him to delegate what is known as a floor broker to handle the transacThe printion, the amount paid to the floor broker may not be deducted.
The floor
cipal broker must report the total amount received by him.
broker must, of course, report what he receives.
houses or
Interest received from customers or otherwise by brokerage
and a
others dealing in stocks and bonds is to be reported for the full amount
the
tax paid thereon at the rate of 1-10 of 1%. The amount paid out in
shape of interest may not be deducted.
and
accounts
Now York Stock Exchange firms frequently carry their
firms,
execute their trarisactions through other New York Stock Exchange
many
the latter being known as clearing brokers. It is a practice of a great
broker
firms to deduct the clearance commission so paid to the clearing
"clearance
from the amount received from their customers. This so-called
commission "may not be taken as a deduction.
Missouri Trust Companies Under Decision of State
• Supreme Court Barred from Acting in Legal
Capacity in Drawing of Wills, Life Insurance
Trusts, &c.
In a unanimous decision, handed down July 10, the
Missouri Supreme Court held that the trust companies of
that State have not the right, under their corporate charters,
to give legal advice indieent to the drawing of wills, life
insurance trusts and other trust agreements. It was said
Volume 139
by counsel for the trust companies (according to the St.
Louis "Globe Democrat" of July 11) that the decision may
be appealed to the United States Supreme Court. Under
the decision, three St. Louis companies, the St. Louis
Union Trust Co., the Mercantile-Commerce Bank & Trust
Co. and the Mississippi Valley Trust Co., were fined $1
each and ordered to "cease and desist" from engaging in
the practice of law. The "Globe Democrat" further stated:
Judge Atwood's Opinion.
"We are constrained to hold that respondent has usurped rights and
privileges not conferred upon it or warranted by law, in that it has engaged in law business in violation of the statutes of the State as charged
in the information," Judge Frank E. Atwood said in the opinion, which
was concurred in by all the other judges.
Rhodes E. Cave of the firm of Bryan, Williams, Cave & McPheeters,
counsel for the St. Louis Union Trust, asserted if the decree of the Court
denied trust companies the right to make life trusts, which he contends
are merely contracts, petition to appeal the case may be filed in the United
States Supreme Court.
He explained the trust companies hold denial of their right to make
a contract would be violation of a constitutional right. Local trust concerns, he asserted, have already ceased drawing wills, referring such legal
matters to attorneys outside the companies.
Samuel A. Mitchell, attorney for the Mercantile-Commerce Bank &
Trust Co., would make no comment until after reading a copy of the
decision. Thomas M. Pierce, counsel for the Mississippi Valley Trust.
was out of the city.
Action Started in 1930.
Action against five St. Louis trust companies, allegedly practicing
law without legal authority in the drafting of wills and preparation of
trust agreements, was started in 1930 by Circuit Attorney Franklin Miller.
Quo warranto proceedings were filed in separate suits against each dofendant.
Suits against two companies, the Franklin American Bank & Trust
Co. and the Lafayette-South Side Bank & Trust Co., were dropped.
The proceedings were filed at the instance of the St. Louis Bar Association, which has been consistently active in prosecution of the matter.
I. B. Rosenblum and the firm of Cullen, Fauntleroy & Edwards were
counsel for the Bar Association. John B. Edwards and Mr. Rosenblum
devoted much of their time to the case, conducting extended hearings
before Lionel Davis. of Fayette, Mo., Special Commissioner of the Court.
Considerable testimony was taken from representatives of each trust
company.
Kenneth Teesdale, President of the St. Louis Bar Association, said
last night the decision, as reported, indicated a sweeping victory for the
Association. It should have the effect, he said, of discouraging all forms
of legal practice by unlicensed persons; it evidences the attitude of State
courts regarding lay practice of the law.
The decision is expected to be of nation-wide interest, especially to
members of the law profession and trust companies. The American
Bar Association this summer is making a study of practice of law by trust
companies.
The three companies were charged with "unlawfully practicing law"
by soliciting and giving legal advice "for valuable consideration" in writing
and drafting wills, life insurance trusts and living trust agreements, in
which they were named as trustees or executors.
Undermining of Judicial Powers of Government Seen
by Committee of American Bar Association in
Growth of Independent Agencies, Including Those
Created Under NIRA.
Serious undermining of the judicial branch of the Federal
Government is seen by a special committe of the American
Bar Association in the growth of independent commissions
and executive agencies, which in some instances it is pointed
out exercise judicial and legislative powers, many of which
have been created under the Roosevelt Administration. The
Committee in its report, which will be presented at the
Association's Annual meeting in Milwaukee on Aug. 29,
finds that under Title I of the National Industrial Recovery
Act alone, 13 agencies and four corporations have already been
created by Executive Order. A lawyer in continuous contact with these agencies in Washington, the report says, can
find his way through the maze only with the greatest difficulty, while lawyers elsewhere are at a loss to advise clients
and "it becomes hopeless for the average citizen to attempt
to understand his Government." Regarding the report, a
Washington account July 15 to the New York "Times" also
said:
Hits Volume of NRA Laws.
Holding that the rules, regulations and other pronouncements having a
legislative effect should be made more easily and readily available,the
report states that one Federal administrative agency, the NRA, has been
responsible for 10,000 or more pages of pronouncements, supposedly having
the effect of law, in one year, a total which exceeds the printed volumes of
all Federal statutes. It expresses the belief that when the legislative output
of other Federal administrative agencies is taken into account the total
probably exceeds the volume of all Federal statutes since 1789.
Under these circumstances, the report adds, even lawyers are unable to
ascertain the law applicable to a given state of facts, and the presumption
that every citizen knows the law "becomes, to term it midlly, more than
violent."
The members of the Committee are: Louis G. Caldwell of Washington,
chairman; Felix Frankfurter of the Harvard Law School; Thomas B. Gay
of Richmond; 0. R. McGuire of Clarendon, Va., and Charles B. Rubb of
Boston.
Professor Frankfurter, a friend of President Roosevelt, who has been
reported as sponsor of several members of the "brain trust" connected with
the agencies criticized, did not sign the document. It was explained in the
report that this was due to the absence of Dr. Frankfurter in Europe during
the past year and his consequent inability to participate in the Committee's
Work.
535
Financial Chronicle
Would Centralize Orders.
The Committee presented as the most far-reaching of its conclusions that
from
the judicial functions of all administrative agencies should be divorced
their legislative and executive functions and should be placed (1) preferably
in a Federal administrative court with appropriate branches and divisions,
including an appellate division, or, failing that (2) in an appropriate
Appeals.
number of independent tribunals modeled after the Board of Tax
A second conclusion recommended the abolition of independent comtheir
missions and a transfer of their legislative and executive, but not
judicial,functions to one or the other of the 10 executive departments of the
Federal Government, and suggested that no new independent commissions
should be created.
A third conclusion enumerates needed reforms in existing administrative
central and available office
machinery, among them the collection in some
of the great mass of orders, rules and regulations having the effect of law
and for registering and publishing them before they become effective.
In support of its first conclusion the Committee calls attention to tendenconcies manifested, it says, in recent years to remove large fields of legal
administroversy from the jurisdiction of the courts and to place them under
safeof
neresssry
tribunals
trative machinery; to deprive administrative
decisions
guards; to eliminate any effective judicial review of administrative
and to employ indirect methods of adjudication.
Apprehensive of "Labyrinth."
The Committee expressed apprehension that "Federal administrative
agencies exercising judicial in combination with legislative and executive
and, for
powers are obliterating essential lines of our Government structure
the rights
the original classic simplicity, are substituting a labyrinth in which
of individuals, while preserved in form, can easily be nullified in practice."
than penalties
Judgments, the report stated, might be more substantial
from a business.
provided in the act, such as the removal of a Blue Eagle
punishing a
Other agencies, the Committee found, may also seek to join in
in which the comviolator, although having no connection with the agency
plaint originated.
18 indeThe Committee included in its list of administrative agencies
exercised some
Pendent boards and commissions, all but two of which
in the departments.
degree of judicial power; numerous bureaus and agencies
the last
22 executive agencies, and 20 Federal proprietary corporations,
group chiefly executive.
Gain in Savings Deposits in New York State.
According to the Savings Banks Association of the State
of New York deposits in the savings banks in the State increased $16,920,680 during the second quarter of this year,
and over $41,000,000 since December 31 1933. On July 13
the Association stated that total deposits on June 30 stood
at $5,127,569,884. During the quarter the number of depositors rose to 5,840,780, a gain of 48,577 for the second
quarter. The net gain in the number of depositors was over
116,000 for the first half of this year. Henry R. Kinsey,
President of the Association said:
that
We take this increase in deposits and depositors as an indication
from
New York State is sharing in the uptrend which has been reported
their recent
all over the country by the American Bankers' Association in
and a better
statement. We believe it reflects continued re-employment
in our
improvement
wage situation as well as a definite confidence in the
been spread
whole banking structure. This quarter the increase has
centers as
throughout the State and has not been confined to industrial
it was some months ago.
Banks
With the recent splendid statement of condition of the Savings
which showed
Trust Company and the Institutional Securities Corporation,
their
that the savings banks in the State had paid off practically all of
degree;
indebtedness and had increased their liquidity to a considerable
with the inception of the State Savings Banks Insurance Fund on a sound
debasis and with a continued increase in deposits and in the number of
conpositors, we feel that the savings banks are not only in a splendid
dition but that they are serving properly those whom they were founded
to serve.
North Dakota House Starts Impeachment Proceedings
Against Ex-Governor Langer—Expected to Clear
Former Executive of Charges Which Resulted in
Removal from Office.
Impeachment proceedings against ex-Governor Langer of
North Dakota will be carried on by a committee of the
State House of Representatives, it was assured on July 24
when the House,called in session by the ex-Governor himself,
approved a resolution declaring itself in legal sesssion and
appointing the committee to begin the proceedings. Press
reports from Bismark, N. Dak., said that it was believed
probable that the House would clear the former Governor
of charges, on which he had been convicted by a Federal
Court, of defrauding the United States Government. A
previous reference to the case was contained in our issues of
June 23 (page 4227) and July 21 (page 374). Associated
Press advices from Bismark on July 24 described the status
of the charges against Mr. Langer and the action planned
in the Legislature as follows:
Friends of Langer, who was deposed by the State Supreme Court after his
conviction of defrauding the Government, planned to impeach him la order
to clear him of the Government charges as far as the Legislature is concerned.
All State officers except Attorney-General P. 0. Sathre have repudiated
Langer and lined up with Acting Governor Olson. elevated from Lieutenant
Governor by the Supreme Court. The impeachment resolution mentioned
none by name.
The impeachment resolution was adopted, 53 to 4, a few moments
after the last man necessary to constitute a quorum entered the Assembly
and after it had appeared that the special session might collapse.
The Senate met again with only 18 members present, seven short of a
quorum.
The House recessed at the call of the Chair, awaiting a report from the
Impeachment Committee.
536
Financial Chronicle
July 28 1934
Return from Abroad of Governor Harrison of Federal _ on July 23 through the Association's office at Chicago by
Reserve Bank of New York—Visit of Governor George W. Bovenizer of Kuhn, Loeb & Co., New York,
Montagu Norman of Bank of England.
George L. Harrison, Governor of the Federal Reserve President of the Association. The Board of Governors also
Bank of New York, accompanied by Montagu Norman, nominated 23 members of the board from 13 cities. The
Governor of the Bank of England, arrived in New York nominations are subject to election at the Association's
on July 23 on the North German Lloyd Steamer "Europa." forthcoming annual convention, Oct. 27-31, but as nominaThe fact that they were passengers on the same ship was tions by the board have always been approved by the connoted in our issue of a week ago, page 355. Mr. Norman vention, nomination is considered equivalent to election.
sketch of Mr. Crane's career follows:
plans a brief vacation on the Maine coast. Mr. Harrison A Mr.
Crane was born in Montclair, N. J.. May 22 1878. Following his
returns from a trip to Europe made incident to the meeting early business training in New York he became an executive of the Montat Basle, Switzerland of the directors of the Bank of Inter- clair Savings Bank, In 1914 he became a member of the firm of Ludwig
& Crane, a municipal bond house in New York. and during the war was
national Settlements. With their arrival here this week loaned
by that firm to the Federal Reserve Bank of New York. At the
neither Mr. Norman nor Mr. Harrison would speak for end of the war he became manager of the Member Bank Relations Department
of
the Federal Reserve Bank of New York. In 1921 he became assopublication. From the New York "Herald Tribune" of
ciated with Brown Brothers & Co. and was admitted to partnership in
July 24, we quote the following:
1929. He continued as a partner of the successor firm of Brown Brothers
Mr. Harrison met the press in his cabin and gave out a little statement
on why he had no statement to give.
"I am on vacation," Mr. Norman said. "A man is entitled to a vacation, and I like to spend mine in your country." . . .
"I have no interview or statement to give, aside from what I said when
I sailed for Europe," Mr. Harrison explained. "The only purpose of my
trip was to visit some of our correspondent banks abroad, to acquaint
them with what is going on in America, and to learn about conditions in
other countries.
"I didn't go to make negotiations or arrangements, and I haven't negotiated or arranged anything. I did have a fine trip and picked up a lot of
information."
Going to Bar Harbor.
It was learned that Mr. Norman. who will spend his vacation at Bar
Harbor, Me., originally had planned to cross on a slower boat, landing at
Boston. After learning that Mr. Harrison was sailing on the Europa, the
English banker changed his booking so that they might make the trip
together.
Mr. Harrison's denial of "negotiations" was a repetition of a message
cabled last week to Senator Elmer Thomas, Oklahoma Democrat and
ardent inflationist, who had become publicly alarmed lest Mr. Harrison
should tie American currency to foreign monies through some form of
stabilization agreement.
Regarding the appearance of Governor Norman to the
New York Reserve Bank on July 24, at daily press conference, the New York "Times" observed:
Mr. Norman and the Press.
Late yesterday afternoon, when he might have preferred having tea,
Montagu Norman. Governor of the Bank of England, submitted to questioning by financial writers at the Reserve Bank, forgetting Threadneedle
for Liberty Street for the moment. With everything "off the record,"
Mr. Norman went into the world financial situation at some length.
To the listeners, it might be said without breaking any confidences that
Mr. Norman appeared not to be too pessimistic regarding the chances
of world recovery in the reasonably near future and was a little inclined
to view the European situation to be not quite as balck as it had been
painted. And, after all. London is a little closer to the Continent than
is New York.
Attorney-General Cummings Sails for Hawaii, Where
He Will Spend Eight Days Studying Legal
Questions.
Attorney-General Cummings sailed from Los Angeles
yesterday (July 27) for a short visit to Hawaii. He expects
to return to the Pacific Coast by Aug. 16. Mr. Cummings
left Washington July 22, arriving on July 24 at Kansas
City, where he was met by Warden T. G. Zerbat, who conducted him on an inspection of Leavenworth Penitentiary.
The Attorney-General plans to remain in Hawaii about
eight days, studying land condemnation and other legal
questions, and after his return to the United States will
inspect Federal prisons in California. He is accompanied
on the trip by Assistant Attorney-General Harry W. Blair
and Ugo Carusi, his administrative assistant.
Charles J. Brand, Fertilizer Code Director, Sails for
Europe—To Visit International Institute of Agricultural in Rome.
Charles J. Brand, Executive Director of the Fertilizer
Code Authority and for many years Executive Secretary and
Treasurer of the National Fertilizer Association, sailed from
New York on July 21 for a brief vacation and business
trip to Europe. Mr. Brand will visit the International Institute of Agriculture in Rome,and after a few days in Italy
and South Germany he will spend the remaining time available in obtaining up-to-date information on the plant food
situation in Germany and England. He will study in particular the exchange situation as it is affecting international
trade in fertilizers.
Ralph T. Crane of Brown Harriman 8c Co., Inc., Nominated As President of Investment Bankers Association—Members of Board of Governors in 13
Cities Also Nominated.
Ralph T. Crane of Brown Harriman & Co., Inc., New
York, has been nominated by the Board of Governors of
the Investment Bankers Association of America as President
of the Association for the year 1934-35, it was announced
Harriman & Co. until the organization, in June 1934, of Brown Harriman
& Co., Inc., of which he is Vice-President.
Mr. Crane has been active in the work of the Investment Bankers Association since 1926 and has served on various committees of the Association
and of its New York Group, of which he was Chairman in 1930. He was
a member of the National Committee of Twenty-two which prepared the
preliminary draft of the fair practice provisions of the Investment Bankers
Code. He was elected Chairman of the Regional Code Committee of the
New York district in May, and more recently was appointed a member of
the Investment Bankers Code Committee, to fill the vacancy caused by
the death of Robert E. Christie Jr. Mr. Crane is a director in the following companies: American Trustee Share Corp., American Ice Co., Grand
Union Co., Montclair Savings Bank, Utility Equities Corp. and West
Indies Sugar Corp.
Besides the nomination of Mr. Crane as President of the
Investment Bankers Association, other officers and members
of the Association's Board of Governors nominated by the
board are as follows:
Executive Vice-President—Alden H. Little, Chicago,
Vice-Presidents—Robert A. Gardner, Mitchell. Hutchins & Co., Chicago;
Edward Hopkinson Jr., Drexel & Co., Philadelphia; Francis Moulton,
R. H. Moulton & Co., Los Angeles; Daniel W. Myers, Hayden, Miller
& Co., Cleveland; Frank L. Scheffey, Callaway, Fish & Co., New York.
Treasurer—Edward B. Hall, Harris Trust & Savings Bank, Chicago.
Secretary—C. Longford Felske, Chicago.
Governors for one-year terms expiring in 1935—George W. Bovenizer.
Kuhn, Loeb & Co., New York, ex-officio member of the board as retiring
President; Sidney .1. Weinberg, Goldman, Sachs & Co., New York.
Governors for two-year terms expiring in 1936—E. Fleetwood Dunstan,
Bankers Trust Co., New York; Roy L. Shurtleff, Blyth & Co., Inc., San
Francisco; Sigmund Stern, Stern Brothers & Co., Kansas City; Marion
H. Woody, Walter, Woody & Heimerdinger. Cincinnati.
Governors for three-year terms expiring in 1937—Earle Bailie. 3. & W.
Seligman & Co., New York; T. Weller Kimball, Field, (More & Co., Chicago; Cloud Wampler, Lawrence Stern & Co., Chicago; Rudolph J. Eichler. Bateman, Eichler & Co., Los Angeles; William H. Burg, Smith, Moore
& Co., St. Louis; James J. Minot Jr., Jackson & Curtis, Boston; Jean C.
Witter, Dean Witter & Co., San Francisco; Charles E. Abbs, A. E. Ames
& Co.,Ltd.,Toronto, Canada; Claude G. Rives Jr., Whitney National Bank
of New Orleans, New Orleans; E. Warren Willard, Boettcher & Co.. Inc..
Denver.
New Officers of Society of Chemical Industry.
The American Section of the Society of Chemical Industry
announces the election of the following officers to serve for
the year ending June 1 1935:
Robert J. Moore I Hon. Secretary _ _ _Foster D.Snell
Chairman
I Hon. Treasurer_ _ _J. W.H.Randall
Vice-Chairman_ _ _ _W. D. Turner
In addition,five new members were elected to the Executive
Committee to take the place of retiring members. Those
newly elected are Lincoln T. Work, Wallace P. Cohoe,
Albert E. Marshall, James G. Vail and Charles A. Lunn.
Peter C. Van Horn Elected President of National
Federation of Textiles, Inc.
Peter C. Van Horn, Chairman of the Silk Textile Code
Authority, on July 25 was elected President of the National
Federation of Textiles, Inc., to succeed Paul C. Debry,
President of the Duplan Silk Corp., as head of the trade
association. The New York "Journal of Commerce" of
July 25 added the following regarding Mr. Van Horn:
Mr. Van Horn was formerly President of the National Better Business
Bureau. He was elected to head the Silk Textile Code Authority early in
March. At that time he also became a Vice-President of the Federation.
On June 15, he succeeded Ramsey Peugnet as Executive Vice-President of
the Federation.
No successor to Mr. Van Horn as Executive Vice-President has been
named. G. H. Conze of the Susquehanna Silk Mills, however, will continue as Vice-President.
Mr. Debry had served as President of the Federation since Jan. 1, when
he succeeded James A. Goldsmith of Hess, Goldsmith & Co.
Death of J. Edward Meeker, Economist of
New York Stock Exchange.
J. Edward Meeker, Economist to the New York Stock
Exchange, died suddenly July 26 at his residence in New
York City. Mr. Meeker, who was 43 years old, attended
Bridgeport High School and Yale University, receiving his
B.A. degree in 1933,and his M.A. degree in 1915. He served
as a member of the Yale Faculty from 1913 to 1916, after
which time he edited a financial magazine,"The Street," for
several years. Mr. Meeker was employed by the New York
Volume 139
Financial Chronicle
537
Stock Exchange in June, 1920. He is the author of several
books on securities markets: "The Work of the Stock
Exchange," and "Short Selling," and of numerous brochures
on different phases of the work of organized markets.
Millions of our people have lost all they had, others are clinging to their
last straw. All these tend to become dependent upon the State, not only for
employment, but also for relief, and the proud, independent, self-sustaining
spirit of our people is giving way to a psychology more akin to the pauper's,
with slight stigma or shame and a high sense of the State owing them a
living and security against old age, unemployment, sickness and other ills
of life. The change of spirit is felt everywhere.
Federal Communications Commission Begins Survey
of Telephone Rates—Orders Data from Leading
Companies by Sept. 1.
The Federal Communications Commission on July 20
began its investigation of telephone rates by issuing orders
that the American Telephone and Telegraph Co. and other
telephone companies engaged in inter-State business submit
lists of their rates, accounts of interlocking directorates and
other information that will be used by the Commission in
deciding whether rates are too high or too low. The companies were notified to comply with the order not later than
Sept. 1. Organization of the FCC and the creation of three
divisions for radio broadcasting, telephones and telegraphs,
were described in our issue of July 21, page 371. Associated
Press Washington advices of July 20 outlined the provisions
for the survey of telephone rates as follows:
This situation, the pamphlet states, promotes the trend to
State Socialism and Communism. Dr. Westerfield contends
that the co-operation of employees in maintaining savings
funds can only be obtained if such funds are absolutely safe,
and he advocates action by the Government to provide
for the sale of savings certificates and annuities "wherein
savings funds and annuities funds can be invested by those
wage earners and others that are sekptical of even the best
of the insurance companies." He contends that the rate on
Government annuities should be higher than the rates of
insurance companies because of the additional safety and
also because insurance companies "must not be subjected
to a competition that would alienate them rather than incline
them to co-operate in pushing the sale of annuities."
After describing the need for public education to promote
a wider consciousness of the benefits of saving, Dr. Westerfield suggests the following plan of organization for the
proposed Committee on Income Extension:
(1). Name. Committee on Income Extension.
The orders were so drafted, also, as to include companies operating within
one State that are in any way hooked up with inter-State companies.
The Commission asked every such company to file schedules of its charges
along with "classifications, practices and regulations affecting such charges."
It asked for verified duplicate copies of contracts, agreements or arrangements with other carriers in relation to any traffic under jurisdiction of the
communications agency.
The Commission in asking for information as to interlocking directorates,
particularly with companies making telephone equipment, called for verified
statements, in duplicate, showing.
"The names of all persons or corporations in which such carrier may own
stock or in which such carrier has any interest whatsoever because of common or interlocking directorates, officers or otherwise.
"Names and addresses of all officers and directors of said telephone
carrier and of any person or corporation in which such carrier may have
any interest whatsoever.
"The outstanding capital stock of all other corporations in which such
carrier may be interested through stock ownership, common officers or
interlocking directorates, or otherwise, or over which such carrier may
have or exercise any control whatsoever so far as said corporation
or corporations may be engaged in the manufacture or furnishing of
apparatus, equipment or supplies used or useful in the operation, maintenance or improvement of telephone systems or any experimental research or
investigation work looking to or contemplating the development or improvement of equipment or apparatus used or useful in the operation, maintenance or improvement of any telephone system which may be subject to
the provisions of the Communications Act of 1934."
The FCC on July 25 launched a similar inquiry regarding the organization, inter-locking directorates, etc., of telegraph companies operating in
Inter-State commerce.
Dr. Ray B. Westerfield Urges Formation of Organization
to Promote Public Consciousness of Value of Thirft
—Proposes Committee on Income Extension to
Distribute Information Regarding Savings, Annuities and Insurance.
Organization of a Committee on Income Extension, designed to "promote public education in thrift, annuities and
insurance against old age and time of need," is advocated
by Dr. Ray B. Westerfield of Yale University, President
of the Economists' National Committee on Monetary
Policy, in a pamphlet which he has recently addressed to
several thousand prominent people in the United States.
This pamphlet stresses the necessity for inculcating the
principles of saving in the minds of the American public
and proposes the organization of a committee to further
that end.
Dr. Westerfield asserts that the American people have
never become thoroughly imbued with the spirit of thrift
and that no adequate easy methods have been established
by which all people may save and provide against old age
and other times of need. He states that, to be effective,
saving "must be reduced to a semi-automatic basis, and
the conversion of such savings into insurance and annuity
funds that are unquestionally safe must be made equally
easy." If the Nation fails to make it easy and possible
for a worker to make a National asset of himself throughout
his life, he declares, it is unjust to him and to itself. Pointing
out that recent events are causing people to doubt the wisdom
of thrift, Dr. Westerfield adds:
Recent and current events are causing our people to doubt the wisdom of
thrift and leading them to save less and less. At a time when corporations
are dissipating their surpluses through operating deficits and the normal
savings of the wealthy are curtailed by their smaller incomes and by the
higher taxes in the higher brackets, Personal trift is minimmized by the
drying up of income and by a new philosophy of life. The saver rightfully
questions whether his abstention from spending in times past was a wise
policy and rebounded to his good, when now he finds his savings represented in his farm, home or shop wiped out by the shrunken values wrought
by deflation, or those represented in securities or bank balances destroyed
by market collapse or bank failures. And now he is faced with added
doubts; he is faced with a potential inflation that Is staggering and threatens
his residue of savings as well as of his future savings. This prospect weakens
his will to save. While his earnings are low it takes more will to save.
Moreover, the vogue is to preach the doctrine of spending the nation's way
out of the depression!
(2). Membership.—The membership shall consist of a limited number of
persons prominent in public life and interested in some of the institutions
vitally affected by thrift. Each member shall have equal voice in the
affairs of the "Committee on Income Extension." The members shall elect
the officers. No dues or fees shall be required from members.
t3). Sponsoring Organizations.—Any existing organization, association
or club, interested in promoting the objectives of the "Committee on Income Extension" may be represented in membership by an officer designate.
•(4). Officers.—The officers shall consist of an honorary chairman, an
executive chairman or secretary, and a treasurer.
(5). Executive Committee.—The execution of business of the "Committee on Income Extension" may be delegated, so far as it deems best, to
an "executive committee" of 10 members.
(6). Finance.—The expenses involved in establishing the "Committee
on Income Extension" should be contributed by interested friends.
The expenses thereafter shall be allocated to the"Income Extension Institute," in such amount as may be agreed to by contract between the
"Committee on Income Extension" and the "Income Extension Institute."
(7). Functions.—The "Commitee on Income Extension" shall promote
public education in thrift, annuities, and insurance against old age and
time of need.
(8). Residuary Legatee.—When and if the "Committee on Income
Extension" ceases to function, its properties, funds and good-will shall
accrue to the "Income Extension Institute."
(9). The "Organization Committee."—The "Organization Committee"
shall be composed of an indefinite number of persons, who may later qualify
for membership in the "Committee on Income Extension." Its functions
shall be to effect the establishment of the "Committee on Income Extension" and to raise the funds required to finance its operations until its
expenses can be recouped from the "Income Extension Institute."
Bankhead Control Act Held Unworkable and Unenforceable by Mississippi Farmer.
Contending that the Bankhead Cotton Control Act confiscates property without due process of law, a suit attacking
the constitutionality of the Act was prepared on July 19
for filing in the Federal District Court at Meridian, Miss.,
according to a Jackson (Miss.), dispatch, July 19, to the
Chicago "Journal of Commerce," which reported as follows
the allegations embodied in the action:
Gaston Therrell, Lowndes County 300-bale cotton farmer, said he will
contest all regulations passed under the Government's first compulsory
crop reduction law, and planned to name as defendants Secretary of Agriculture Wallace and all State and Federal officials charged with enforcement of the Act.
Therrell charges the Act is "totally unenforceable and unworkable
and that there never has been any overproduction in any true sense."
"Mal-distribution and not over production," he said, "is the problem."
•
Demands Rights.—
In addition to asking that the Bankhead Act be declared invalid, Therrell
will ask that he be "confirmed in his rights as an American citizen to carry
on his own way with his own property . .. free of bureaucratic control."
The complaint charges that.
1. It is a prohibitive measure predicated upon the power of taxation,
an "attempt to subvert power of the people in the State through a colorable
exercise of the taxing power."
2. Operation of the Act would cause much cotton to go unharvested,
and cause delay in the harvesting of the remainder, with consequent
damage, thus depriving the owners of the cotton of their property.
3. The potential loss of cotton will equal $50,000,000; a potential loss
of $60,000,000 on handling at the gin and beyond; $100,000 loss of the
cottonseed oil industry; all "by reason of said wrongful enforcement of
said Act."
Congress Without Power.
4. Congress was without constitutional power to pass the Act.
5. It is a "tax on imports in that it is imposed upon a fundamental
process requisite to render export possible."
6. It is confiscatory in amount.
7. It is an unlawful delegation of power to the President and other
ministerial officers.
8. The Act creates no adequate police force, that cotton will be bootlegged like liquor. "thus making honest endeavor impossible and putting.
a premium upon law violation."
9. No "acute emergency." as cited in the bill, existed at the time of
its passage or exists now; that every efficient farmer, not visited by local
calamity, cleared money on last year's crop.
538
Financial Chronicle
Warning Against Further Expansion of Emergency
Spending by Federal Government—National Economy League Sees Danger of Disastrous Printing
Press Inflation.
The urgency of the slowing down of the "giant kaleidoscope of experimental expenditure by the Federal Government" is pointed out in the annual report of the managing
committee of the National Economy League, made public
on July 22 by Henry H. Curran, director. Attention is
drawn in the report to estimates that the National debt
will reach $34,000,000,000 by June 30 of next year, as to
which it says:
Borrowing cannot be continued indefinitely by a Government any more
than it can by private business or an individual without ultimate financial
embarrassment; nor can taxation pass reasonable bounds without preventing
recovery and throwing more people out of work. The interest and sinking
fund charge alone on the prospective debt of $34,000,000,000 is at least
$1,700,000,000 a year, assuming that the average interest rate will be as
low as 3% and that the amortization rate will not exceed 2%.
This figure is over half the present rate of ordinary Government expenditure as distinguished from emergency expenditure.
From the report we also quote;
On every road that leads into debt there is a point at which it is too
late to turn back. It will not do to wander along without knowing where
we are going.
Two dangers are in plain sight: Either taxation so severe as to put a brake
on the momentum ofrecovery which we have so far achieved,or on the other
hand a growing National debt ending only in disastrous printing press
inflation. If we are to escape the dilemma we must make our plans now.
Soon the opportunity to do so will have been lost and one evil or the other
will be thrust upon us,
It is also stated in the report that "the time to make sure
of balancing the next budget is not July 11935, the day it
takes effect, but during the period between now and then:"
It adds:
The time to taper offa debt habit is in advance of a possible crisis and not
after the crisis is already upon us. We insist that this giant kaleidoscope
of experimental expenditure by the Federal Government bo slowed down
not later on but now.
In commenting on the increase in the number of those in
the Federal service, the report states:
There must also be considered the extraordinary increase in the number
of Federal civil employees. On March 11933, there were 563,000 of them,
but this figure had mounted by June 1 1934 to 658,000, an increase in 15
months of 95,000 employees, of whom 47,000 were added to the Government payroll in the last three months of this period,from March 1 1934 to
June 1 1934. The armies of bureaucracy usually grow in just such fashion
and they are not easily disbanded.
"Pioneer Spirit" of United States Will Lift Country
from Depression, According to Henry Ford—Says
Depressions Are Caused by Small Group of Men
Who Profit by Them.
Henry Ford believes that "the pioneer spirit that isn't
afraid to tackle anything" is the chief hope of the United
States in emerging from the business and social depression,
according to an interview with the Detroit manufacturer
published in the New York "Times" on July 22, and copyright by the "Times-Picayune-New Orleans States." Mr.
Ford told the interviewer,that the foundation of the Nation's
greatness has been the ability to solve problems that had "no
answer in the back of the book," and he added that he was
positive that ability would reassert itself. Denying that the
depression is an "act of God," he said that depressions, like
wars, "are the work of a small group of men who profit by
them." Other extracts from the interview, as contained in a
Detroit dispatch of July 21 to the "Times," are given below:
He is sure there has been no overproduction; that "mankind should produce forever more."
He believes that the automobile has reached only the "ox-cart and corduroy
road stage of development."
On the subject of the country's financial ills„ the automobile manufacturer said that "the minute the majority of Americans start thinking, this
depression is over." Lack of thought, and lack of individualistic convictions, are among the causes of the Nation's sufferings, to his mind.
"America is suffering, too, from too many conferences and boards of
directors," he continued. "A boss with an idea gets somewhere. He doesn't
fritter away valuable time talking to himself. He'll make mistakes. I've
made them. But if he can't recognize his mistakes and correct them before
they are fatal, he has no business being hoes; he won't be boss long."
The interviewer asked: "Do you view some of these new boards of experts
as one of the things from which America is suffering?"
"When I heard," he replied, "that the automobile industry was going to
be started toward recovery by a group of political experts, I asked: 'Who
are these supermen? I've been looking for such men all my life.'"
Street Fights a "Healthy Symptom."
"Do you see any hope?"
"I do. In the American people. It's Americanism that is going to save
America."
He gave this definition of Americanism:
"The pioneer extract of the world. The essence of the world's pioneer
spirit that isn't afraid to tackle anything. Americanism is a type of character to me. America was made by people who had the courage to leave the
known, come here, face the unknown, and make a new country. And that
pioneer extract is here yet. The old pioneer American stock always responds
to the need of the hour."
The manufacturer said there was need for a restoration of the spirit that
convictions are worth fighting for.
July
28 1934
"The recovery we need," he explained, "is our spirit of American independence. Something has happened to American independence and individualism. Americans used to have convictions they'd fight for.
"I remember, when I was a boy, seeing men arguing in the street and
fighting with their fists over their ideas. I don't know how many years it
is since I've seen that kind of a street fight. It would be a healthy symptom
to see them again."
AAA Officials Endeavoring to Prevent Add'tional
Glutting of Cattle Markets—Working Plans for
Handling Government Purchases in Drouth Areas.
While temporary arrangements have been made to clear
the congestion in glutted cattle markets, Agricultural Adjustment Administration officials on July 25 pressed their
efforts to prevent further glutting of receiving centers and
to work out additional channels for handling cattle purchased by the Government in drouth-stricken States, said
an announcement issued by the Administration. The announcement continued:
Near steps that are being considered are processing of cattle in packing
plants normally used for other foodstuffs, adequate facilities for cold storage
of meat, and harvesting of hay in considerable areas of the eastern part of
the country which would not be harvested under normal conditions. This
last move, it is felt, would supply additional quantities of forage of fair
quality for livestock during the feed shortage period.
The committee on extension of facilities is making two studies based on
records of the Department of Agriculture. The information is to be made
available to the Federal Emergency Relief Administration and the Federal
Surplus Relief Corp. to aid them in their problem of handling and disposing
of Government-purchased drouth cattle.
One study attempts to ascertain how many packing plants that usually
process vegetable products can be utilized to process meat. The other Is a
study of cold storage facilities not now in use that can be used for storage
of frozen meats and may be made available to the FsRO.
The committee on extension of facilities, the Administration's announcement said, was named following a conference
held on July 24. The members of the committee are Dr. Mordecai Ezekiel, economic advisor to Secretary of Agriculture
Henry A. Wallace; Commander A. B. Clark of the FSRC,and
Dr. John R. Mohler, Bureau of Animal Industry. The announcement further said:
The wider implications of the drouth situation are being studied by a
committee consisting of representatives of the AAA, the Farm Credit Ad.
ministration and the FSRC.
This committee is considering the entire drouth situation in relation to
depletion of food adjustment in the number of animals on farms which can
be kept through the coming winter, the slaughter of both sheep and cattle
that will be required, the necessary expansion of facilities for producing
evaporated milk and other dairy products in spite of reduced feed supplies,
and the available facilities for canning and preserving vegetables and other
foods for possible future use in emergency regions.
Heading this committee is Dr. Calvin B. Hoover, economic advisor to the
Secretary of Agriculture. Other members are 0. R. Arnold of the FCA, and
Keith Southard, executive officer, FSRC.
It has been suggested that hay be harvested on all unused pasture lands
and fields surrounding large eastern cities, and used as forage to carry cattle
through the winter.
The labor of harvesting this hay could be performed by workers on relief
rolls. While the hay probably would not be of first quality it would stop the
big gap that now looms in the forage supply. If the plan is put into effect,
hay which otherwise would be wasted, might be harvested in areas within
a radius of 10 to 15 miles around large centers in the east and south.
Proposed Loan of $10,000,000 from RFC in Behalf of
Tanning Industry—Move to Prevent Dumping of
Hides on Market—Plan to Establish Corporation
to Take Over Excess Supplies.
The proposed establishment by the tanning industry of
a corporation to take over excess supplies of hides resulting
Rim the'rcattle buying programT of the Federal Surplus
lief Corporation, is indicated in press accounts from
Washington. The RFC, it is said, dependent on the perfection of the plans, will extend to the industry a loan of
$10,000,000. In a Washington dispatch (July 25) to the
New York "Herald Tribune" it was stated:
The decision of the Finance Corporation to make loans to hold the hides
being accumulated as the result of the slaughter of animals in the drouthstricken area was reached after conferences with representatives of the
Tanners' Council of America. The committee of the tanners was headed
by David G.Ong,of New York. President of the United States Leather Co.
As explained by Chairman Jones the RFC will advance the funds under
Section 201-D of the RFC Act covering loans on agricultural products.
An organization of the tanners and leather interests will be formed to hold
the hides and the loans will be made on warehouse receipts.
The agreement was reached as the upshot of two days of discussions between representatives of the tanning interests and Lynn P. Talley. President of the Commodity Credit Corp., and Assistant Director of the RFC.
Marketing of Surplus Milk to Be Studied by Co-operative
Division of FCA—Dr. Leland Spencer of Cornell
University Named to Conduct Study.
—
cppointment of Dr. Leland Spencer, Professor of MarMing it Cornell:University, to make-a special study of
the problem of marketing surplus milk as it affects farmer
co-operatives was announced by the Farm Credit AdministratiorTon- July 15. The work will be carried out under
the direction of the Co-operative Division of the FCA,
and will include other features of dairy marketing. In
announcing the special study the Administration also said:
Volume 139
Financial Chronicle
The handling of surplus milk is one of the complex problems confronting
dairymen at present, it is said, and there is a keen interest among cooperative organizations for a careful analysis of all the factors concerned.
Dr. Spencer's study is designed also to supplement a survey made last
year by the Co-operative Division of milk marketing in the Northeastern
States. While his work will not be confined entirely to that area, the
Information he develops is expected to make an important addition to
the research already done there.
Dr. Spencer has done extensive research and teaching in the marketing
of dairy products. He conducted special investigations for the tariff
commission, and has made a number of surveys of milk marketing in
New York.
Date of Maturity of Corn Loan Notes Extended from
Aug. 1 to Sept. 1 — Loans of Approximately
$6,000,000 Repaid Up to July 14.
Extension of the maturity date of outstanding notes of
Government corn loan borrowers from Aug. 1 to Sept. 1 was
announced on July 16 by officials of the Agricultural Adjustment Administration and the Commodity Credit Corporation. Prompt settlement after Aug. 1, the original maturity date, will be asked, however, on outstanding loans
which are secured by corn that is in poor condition and
likely to deteriorate or which is in storage in inferior cribs
offering inadequate protection, the announcement said.
The following is also from the announcement:
The extension of the maturity date of loan notes to Sept. 1 will permit
many farmers who need the corn under seal for feeding purposes to make
necessary arrangements in the meantime for discharging the loan obligations and will permit a continuation of the orderly discharge of loan
notes by farmers who now are in a position to make settlement as well as
making provisions for their own feeding requirements. The maturity date
extension, therefore, will prevent any unnecessary disturbance to the corn
market by providing this gradual settlement of loan notes.
Administration officials point out that borrowers may sell the corn at
their own option at any time, in accordance with regulations of the CCC,
announced May 31, and receive for themselves any over-plus remaining
after the loan note principal, with interest to the date of actual sale,
Insurance charges and other incidentals, such as shelling costs, have been
met. Until the CCC calls for the corn, the borrower may also remove
it from under seal by repayment of the note principal, plus interest and
incidental charges.
In accordance with the ruling announced on May 31, borrowers furthermore may make partial settlement under supervision of an official State
sealer; that is, the borrowers may make partial payments on loans upon
sealed corn and obtain the release, solely for their own feeding purposes,
of an amount of sealed corn equivalent to the partial payment made, at the
rate of 47e per bushel, which equals approximately the loan principal, plus
interest and incidental charges. All authorizations of the partial release
of corn collateral covered by a farm warehouse certificate are granted by
the CCC. Prior to this ruling, releases could be obtained only when the
total amount due, with respect to corn collateral covered by one farm
warehouse certificate, had been paid.
Administration officials point out that the total amount of corn on farms
In States where loans were made, as of July 1, is estimated at 382,753,000
bushels as compared with estimated stocks of 621,999,000 bushels on farms
in those States on April 1. These States are Colorado, Illinois, Indiana,
Iowa, Kansas, Minnesota, Missouri, Nebraska, Ohio and South Dakota. Of
the farm stocks now on hand in the loan area, 256,532,000 bushels, or
approximately two-thirds, is pledged under Government loan agreement.
Most of the disappearance in farm stocks since April 1 has occurred in
unpledged stocks; unpledged corn decreased approximately 64% between
April 1 and July 1, while pledged stocks decreased only about 4%.
In Iowa, where the bulk of the loans were made, the amount of corn not
under warehouse seal is only about 15% of the total stocks on hand and
will not be sufficient to carry feeding operations through the fall months.
In Illinois and Nebraska, it also is apparent that a fairly substantial percentage of the pledged stocks will be needed by the borrowers themselves or
by other farmers in the area for feeding purposes.
Under the several alternatives for settlement before maturity date, and in
view of the extension of the loan note maturity date, borrowers will be
enabled to make such arrangements as will leave on the farm at least the
amount of corn to be required for feeding.
The Government corn loan program was inaugurated by the Administration
last November to provide immediate stimulus to farm purchasing power
and to supplement the corn-hog production adjustment program for 1934.
The loan totals by States was approximately as follows: Iowa, $57,000,000;
Illinois, $30,000,000; Nebraska, $23,000,000; Minnesota, $5,500,000; South
Dakota, $1,500,000; Missouri, $1,000,000; Indiana, $1,000,000; Kansas,
$1,000,000; Ohio, $250,000, and Colorado, $67,500. Altogether, approximately 270,000,000 bushels were placed under seal, and this amount of corn
represented a loan value of approximately $121,300,000.
Up to July 14, approximately $6,000,000 had been repaid. The rate of
retirement of the loan notes is approaching $1,000,000 per day. The cash
price of corn over most of the corn belt recently has been at least several
cents higher than the original loan rate of 45c. per bushel. Any over-plus,
resulting from sale of the corn collateral and settlement of the loan obligation, goes to the borrower. If the market price of corn on the maturity date
Is less per bushel than the loan amount per bushel, the borrower may dismiss
his obligation by turning over to the CCC, or its representatives, the number
of bushels of corn originally stored, provided the loan agreement (including
compliance with the corn-hog contract) has been fulfilled and provided no
misrepresentations of fact were made by the borrower in procuring the loan.
Payments to Producers in Corn-Hog Adjustment Program Through July 9 Totaled $7,702,070—Peak of
Payments Expected to Be Reached in August.
With more than one-third of all county corn-hog allotment
committees authorized to prepare regular contracts for the
final signatures of producers, distribution among corn-hog
farmers of approximately $130,000,000 in first instalment
corn-hog checks is expected to be near the peak load by late
July or early August, the Agricultural Adjustment Adminis-
539
tration announced July 12. The announcement by the Administration said:
The approximately 1,200,000 contracts are of two types. One includes a
rider signed by the producer, agreeing to accept necessary adjustment in the
production figures on which the payment is based, and entitling him to
receive the payment before the adjustment is made. First instalments on
84,253 contracts of this type had been paid through July 9.
The second, or "regular," contract must be signed twice by the producer,
once before adjustment is made in the figures, and again when the final
adjustment has been made and the amount of payment definitely determined.
On July 9 first instalment payments on 36,124 contracts of this type had
been made.
Allotment committeemen in 754 of the 2,068 counties participating in the
corn-hog program are finishing or have already finished the routine work of
typing adjusted figures into the "regular" contract forms and obtaining the
producers' second signatures. States farthest advanced with this work are
Alabama, California, Arkansas, Indiana, Iowa, Missouri, Ohio, Utah, Virginia and Washington. Adjustment of contract figures in over 90% of the
participating Ohio counties has been completed and contracts from over 40
counties are on the way to the Administration offices in Washington, D. O.
Good progress is reported from other States, including the corn belt States
of Kansas, Illinois, Minnesota, Nebraska and South Dakota.
Disbursements on first instalment corn-hog adjustment
payment checks through July 9, the Administration announced, total $7,702,070.45. The amounts paid by States
are:
Alabama, $13,350.05; Arkansas, $677.20; Indiana, $68.239.25; Iowa,
$5,212,315.70; Maryland, $2,636; Michigan. $680; Minnesota, $1,039,595.70; Missouri, $975,178.70; Nebraska, $23,964; Nevada, $16,480; Ohio,
$28,627.05; South Dakota, $99,262.20 ; Virginia, $2,230.35 ; Washington,
$85,079.50; West Virginia, $8,557.20 ; Wisconsin, $125,197.55. The total
disbursements through July 9 represent payments on 84,253 early payment
contracts to producers in 296 counties, and on 36,124 regular payment contracts in 112 counties.
$228,633,676 Paid by AAA Up to June 30 to Producers
Participating in Production Adjustment Programs
—$61,547,035 to Growers Holding Options on
Goverment-Held Cotton.
Rental and benefit payments to producers co-operating in
production-adjustment programs of the Agricultural Adjustment Administration totaled $228,633,676.41, up to June 30,
according to a report made by Comptroller John B. Payne
to Administrator Chester C. Davis, it was announced
July 23. The following is also from the announcement:
Of this cumulative amount, cotton producers in 18 States had been paid
$139,525,359.58; wheat growers in 37 States had been paid $68.965.433.17;
tobacco growers in 23 States had received $12,861,632.35. and corn-hog
producers in 15 States had been paid $7,281.251.31.
Rental and benefit payments during the month of June totaled $28,025.277.62 of which $18,868,831.20 represented payments to cotton growers,
$592.007 to wheat growers. $3.338,421.66 to tobacco producers, and
$5,226,017.76 represented payments to corn-hog producers.
The AAA is now in the process of paying approximately $30.000,000 in
second payments for adjustments in the 1934 wheat crop, $50.000.000 as
the first instalment for adjusting 1934 cotton production, $25.000.000 in
first payments to producers adjusting 1934 tobacco production, and $130,000,000 as the first instalment for adjusting 1934 corn and hog production.
Comptroller Payne's report, the Administration announced, also showed that cotton growers who took options
on Government-held cotton at six cents a pound as part payment for their participation in the 1933 cotton adjustment
program, had received up to June 30 1934, a total of $11,618,480 on account of exercise of options by sale of cotton,
and $39,928,555.34 on account of exercise of options by participation in the cotton producers' pool. The payments went
to cotton growers in 18 States. The Administration's
announcement continued:
The report showed that during the month of June payments to producers
on account of exercise of options by sale of cotton totaled $224,503.99.
Payments during the same month to producers on account of exercise of
options by participation in the cotton producers' pool total $46,374.70.
Cotton Crops in China and Brazil Expected to Be
Higher This Year Than Last According to Reports
to Bureau of Agricultural Economics.
An increase of from 5 to 10% in this year's cotton acreage
in China is expected, Agricultural Commissioner Owen L.
Dawson at Shanghai has advised the Bureau of Agricultural
Economics, United States Department of Agriculture. Last
year 6,025,000 acres were planted and the crop totaled 2,684,000 bales. An announcement issued July 19 by the
Agriculture Department also said:
The increase will be principally in north China, due to favorable prices
for cotton in those regions last year and favorable planting conditions this
spring.
The early crop in the important producing areas of the Yangtze Valley
got off to a rainy good start this year, but the late crop in the Lower Valley
has been affected by the extreme heat and drouth. Conditions in north
China are average.
Early reports from Manchuria had indicated an acreage about double that
of last year. Unfavorable weather, however, has forced the conversion
of some planted cotton acreage to other crops, so that there is now some
doubt,says Commissioner Dawson, as to whether there will be any material
increase in production in Manchuria this year.
This year's cotton crop in Brazil, the announcement said,
is exp +ed to total 830,000 bales compared with 408,000
bales last year, according to a cable received by the Bureau
July 19 from P. K. Norris, American Government cotton
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Financial Chronicle
specialist in Brazil. Average production for the five years
ended 1933 was 509,000 bales a year. The announcement
continued:
Cotton ginned in Sao Paulo up to July 18 was 245,000 bales, says Mr.
Norris, compared with only 98,000 bales up to the corresponding date last
year. The 1933-34 crop in Sae Paulo is estimated at 415.000 bales compared with 160.000 bales last year.
Cotton Industry in Argentina Reported Expanding.
The progressive increase in cotton production in Argentina
in the past half-dozen years is revealed in a report to the
United States Commerce Department from Assistant Trade
Commissioner J. B. Smith, Buenos Aires. The area planted
to cotton in the Republic, the report shows, increased from
99,000 hectares in the crop year 1928-29 to 138,000 hectares
in 1932-33. An announcement issued on July 24 by the
Commerce Department continued:
During the same period production of unginned cotton increased from
92,644 metric tons to 113,313 metric tons, while the fibre produced increased
from 25,690 metric tons to 32,511 tons.
According to a local trade report, the 1933-34 crop is estimated at between
115,000 and 120,000 metric tons of tmginned cotton which m ill yield be-.
tween 34,000 and 35,000 metric tons of fibre. The area planted was estimated at between 140,000 and 150,000 hectares, slightly larger than last
year.
According to latest statistics there are 81 cotton gins in Argentina.
72 of which were operating in the 1932-33 season. These gins are all
equipped with American-made cotton ginning machinery.
Production of cotton-seed oil and cotton-seed oil cake has also risen steadily
since 1929, the report reveals. In 1929 total output amounted to 4.732
metric tons, while in 1933 production had risen to 8.781 metric tons. Production of oil cake during the five-year period increased from 15,430 metric
tons to 27.317 tons.
Consumption of raw cotton by Argentina's textile industry, the report
points out, has increased by 50% in the past two years, it being estimated
that about 12,000 tons are now consumed annually. That this consumption
will continue to increase is indicated by the steadily growing number of
spindles in local textile mills.
Harold L. Ickes, Oil Administrator, Approves Pacific
Coast Petroleum Agency Agreement, Designed to
Remedy Demoralized Market Conditions-Compact
Seeks to Lower Production and Prevent Accumulation of Surplus Gasoline.
Harold L. Ickes, Oil Administrator, on June 23 approved
the Pacific Coast petroleum agency agreement designed to
remedy overproduction of oil and the accumulation of gasoline surplus. At the same time, Mr. Ickes announced plans
to stabilize the Pacific Coast petroleum industry and said
that a "co-operative effort" was being made with the Department of Justice to curtail output of "hot oil" in East
Texas. Remarking that the oil industry on the Pacific Coast
has been in a demoralized condition for many months, Mr.
Ickes said that this was caused primarily by the overproduction of crude oil, surplus stocks of gasoline in the hands of
refiners who have no adequate storage facilities, and the
dumping of gasoline at cut prices. The Pacific Coast agreement guarantees a market for gasoline, as well as an adequate
supply of crude oil. The oil companies on their part agree to
commit no monopolistic acts and to abide by the oil code.
A Washington dispatch of June 23 to the New York "Times"
quoted Mr. Ickes as follows:
July 28 1934
it would employ in its drive a new law which provides for
the assessment of a $10,000 fine and a 10-year prison term
for false statements made in connection with oil production.
Harold L. Ickes, Oil Administrator, said that the new
regulations "form one of the fundamental steps we are taking
for restoration of the industry and wise utilization of our
oil resources in re-shaping our program for efficient enforcement." He added that they will overcome weaknesses which
have appeared in the development of the Oil Administration's
plans and "will materially strengthen our weapons for
going after the hot oil operator and curbing his destructive
policies."
The principal provisions of the revised regulations were
o ed as follows in Associated Press Washington advices of
July 22:
The major provisions in the new regulations, affecting refiners, shippers.
carriers and reclamation plants, are:
Every producer and manufacturer must accurately gauge the amount
of petroleum or petroleum products handled and not use any device to
prevent such measurement. This is intended to meet the practice of using
by-passes to facilitate the unseen drawing-off of oil.
The records of all dealings with oil and its products must be more adequate
and exact, with all details concerning the origin and history of the oil or
products handled.
Carriers are made liable for punishment if they accept a shipment of oil
or oil products which is not accurately billed.
All persons engaged in producing or handling oil are required to permit
agents of the Interior Department to have free access to their books, inspect
their wells, pipe lines, tanks, plants and all equipment. Previously the
agents generally were restricted to inspection of the operators' books.
Every producer in the East Texas field will be required to file with the
Division of Investigation a chart showing the location of every well and all
outlets from it.
Daily Average Oil Allowable Production in August
Fixed at 2,449,300 Barrels-Cut of 81,000 Barrels
from July Made to Offset Lower Gasoline Allowable.
Harold L. Ickes, Oil Administrator, on July 20 approved a
National allowable production of crude oil of 2,449,300
barrels daily in August, a decrease of 81,000 barrels from the
daily July quota. This cut was ordered chiefly because the
Oil Administration had decreed a reduction of more than
900,000 barrels in the gasoline allowable for August in order
to curtail stocks sharply. Associated Press Washirgton
advices of July 21 listed the August quotas by States as
follows:
A majority of producing States were given lower quotas for August, with
Texas assigned a reduction of 40,800 barrels daily, to a total of 1.001,300.
Other cuts are: Arkansas, 2,600 to 30,400 barrels; California, 19,200 to
490,200; Illinois, 100 to 12,500; Kansas. 3,300 to 131,200; Kentucky. 1,400
to 11,700; Louisiana, 1,700 to 87,200; New York, 1,100 to 10,600; Ohio,
100 to 12,800; Oklahoma, 9,400, to 480,100; Pennsylvania, 3,300 to 40,700.
and West Virginia, 700, to 11.600.
Increases allowed are. Montana,800 to 8.800; Wyoming,2,800 to 35,000,
and New Mexico, 100 to 46,700.
Allowables were not changed for Colorado at 3,000, Indiana at 2,300 and
Michigan at 33,200.
"The Pacific Coast Petroleum Agency Agreement is designed to remedy
three fundamental matters," he said. "These are:
"1. Not to purchase, transport or run through refineries any oil produced
In excess of allowables set by the Oil Administration.
"2. To post a price for gasoline and to sell all of their gasoline at the
quoted price, whether sold directly under his brand or indirectly under
another brand.
"3. Companies which are parties to the agency agreement shall purchase
from the independent refiners all gasoline which cannot be sold by them in
the regular course of their business, thus relieving the market of the surplus."
Retail dealers have been guaranteed a minimum margin of three cents a
gallon on gasoline. The Pacific Coast Petroleum Agency, established by the
agreements, will be managed by a Board of Governors representing the
member companies. The plan provides that Administrator Ickes shall have
a representative sitting with the Board of Governors at all times.
In approving the agreements, Mr. Ickes announced he would also appoint
an impartial board of three persons not connected in any way with the oil
Industry to watch the operation of the agreement and to hear complaints.
Under plans worked out for the East Texas field, the larger companies in
the oil business agree to purchase surplus gasoline from East Texas refiners,
which has accumulated to such an extent through overproduction of crude,
that the crude oil and wholesale gasoline price levels are threatened with
destruction.
The agreement requires of refiners, however, that they must abide by the
oil code and not hereafter process illegally produced or "hot" oil in exchange
for the purchase by the other companies of their surplus stocks of gasoline.
George B. Cortelyou Doubts NRA Authority Over
Privately-Operated Utilities-Asserts They Could
Not Be Forced to Comply with a Code in Whose
Membership They Have No Representation.
Privately-operated utility companies probably could not
be compelled to accept or comply with any code under the
National Industrial Recovery Act, according to a statement
on July 24 by George B. Cortelyou, President of the Consolidated Gas Co., who said that the overlapping of codes
and the conflicting claims of Code Authorities are "perhaps
the most serious menace to the successful administration"
of the NIRA. Mr. Cortelyou's statement was made in protest against the proposed code for the duplicating and mailing industry. Declaring that the "issue goes far beyond the
question of what may befall the wording and provisions of
this particular code," Mr. Cortelyou said that "the actual
issue may best be faced frankly and realistically by the
National Recovery Administration."
Pointing out that electric, gas and water utilities are in
most cases not engaged in inter-State commerce, he asserted
that privately-operated companies of this nature could not
be compelled to comply with more than one code or with
"any code in the submission of which they have not participated and in the membership of which they have no representation." His statement read as follows:
OirAdministration Revises Regulations in Order to
Procure Better Control of Production-"Hot" Oil
Producers Threatened with Prison Terms-H. L.
Ickes Praises New Rules.
The Oil Administration on July 22 announced revised
regulations designed to punish producers and II^ hers of
"hot" or illegal oil and maintain a balance between production and consumptive demand. The Administration said
The issue presented upon this hearing goes far beyond the question of
what may befall the wording and provisions of this particular code as submitted for hearing. The actual issue may best be faced frankly and realistically by the NRA.
The electric, gas and water utilities are, with few exceptions, local concerns in no way engaged in inter-State commerce. They are subjected to
plenary State regulations, and are answerable to State commissions for
their operating costs, rates, economy and efficiency of continuous service.
Many of the enterprises in the public utility industries are publicly owned
and operated, and the NRA has ruled that these public plants cannot be
subjected to NRA codes. In all probability, the privately operated companies in the public utility industries could not be compelled to accept or
Volume 139
Financial Chronicle
Comply with any code under the NIRA; certainly these industries could
not be compelled to accept and comply with more than one code or with
any code in the submission of which they have not participated and in
the membership of which they have no representation.
Whether an unregulated concern which is an active competitive factor
in various businesses and industries should be subjected to any code except
that in which such concern is principally engaged, we need not and do not
argue here. From observation, this overlapping of codes and these conflicting claims ofcode authorities are to-day perhaps the most serious menace
to the successful administration of the NIRA.
Senator Nye Assails NRA as Failure—Outlines Legislation He Will Offer at Next Congress to Replace
It as Recovery Agency.
Senator Gerald P. Nye of North Dakota, in an interview
with newspaper men on July 24, asserted that the National
Recovery Administration had failed in its purpose and described legislation which he plans to propose before the next
Congress as a substitute for the NRA. Senator Nye said
that his legislation would permit industry to conclude fair
practice agreements after hearings before the Federal Trade
Commission, and would create a new court system to pass
upon complaints of discrimination or injustice. He said
that after surveying public sentiment he considers that the
NRA has failed as a recovery agency, except so far as it has
eliminated child labor and the sweatshop and provided for
minimum wages. United Press adviees from Washingon.
on July 24 quoted Senator Nye in part as follows:
"There is an inclination to soft-pedal the NRA in the Middle West,"
Senator Nye said. "At any rate nobody is making any boasts about it."
"From what I've seen of it," Senator Nye continued, "the NRA has been
a flat failure. However, I favor the NRA in so far as it has eliminated
child labor, the sweatshop and provided for minimum wages."
Unless the NRA is revised drastically Senator Nye said he would lead
a fight in Congress to prevent extension of the life ofthe Act after June 1936.
He said he would prepare substitute legislation. It would permit industry
to negotiate fair practice agreements subject to the approval of the Federal
Trade Commission.
Anti-trust laws would be restored and a new Federal circuit court would be
established to pass upon violations of code agreements and upon complaints of consumers, he said.
Senator Nye said he found complaints on every hand against the NRA.
Representatives campaigning for re-election in the Northwest he declared,
are "soft-pedaling the NRA every chance they get."
"The NRA is a failure." he continued. "It isn't being enforced because they can't enforce It. Small business is being oppressed. Monopolies
are unrestrained. The wages of some workers have been raised, but this
has resulted in the wages of others being lowered."
Federal Court Grants Clothing Company Injunction to
Prevent NRA from Withdrawing Blue Eagle—Case
to Be Tried on Merits in September—Judge Assails
Government Attitude.
Federal Judge William C. Coleman of Baltimore on
July 23 upheld an order restraining the National Recovery
Administration from depriving L. Grief & Brothers, Inc.,
of its Blue Eagle insignia, pending an injunction hearing.
The Court ruled that the case would be heard on its merits
during the September term. In the case in question the
NRA had sought to force the company to pay wages above
the minimum levels provided in the clothing manufacturing
code and had threatened withdrawal of the Blue Eagle unless
the firm complied. Action of the company in obtaining a
temporary injunction against the NRA was described in
our issue of July 21, page 382. United Press advices from
Baltimore on July 23 quoted from the Court's decision as
follows:
Curley Hoffpauir of NRA counsel was on the witness stand when the
Court intervened and gave his decision.
"I am sustaining the order because I feel an irreparable damage is threatened to the plaintiff," he said. "They (the'company) tried all legal remedies. Mr. Hottpauir evaded the issue when he said no one could withdraw
Blue Eagles from a business firm except Administrator Hugh S. Johnson
or the President. This is refuted by the NRA itself."
Mr. Hottpauir said he had referred only to Blue Eagles displayed in windows and not the small eagles which appear on manufactured articles.
"That is nothing more nor lees than pettifogging," the Judge said.
"I cannot refrain from saying I certainly am not impressed with the
attitude of the Government in a matter of as great importance as this.
"This Court has before it a surfeit of counsel representing all agencies
of the Government involved. It seems that the Government authorities
would welcome this opportunity willingly to test their authority under
this Act.
"Government authorities will not get from this Court any encouragement in the sort of tactics shown here to-day. I am not referring now to
the questions you have raised as to the jurisdiction of this Court. I do
feel that the questions have no merit in them, however.
"I am referring to the attitude on the part of the Government shown
here—which was nothing short of evasion of the basic questions raised.
"This Act expressly provides that United States District Attorneys are
the very ones that are looked to to enforce the Act. There is no provision
in the law, unfortunately, setting up proper machinery to enforce their
rules and regulations. It is vague; much too vague to accomplish efficient
operations.
"We have here a vivid example of one company which in good faith
tried to get information on what was the proper thing to do. I am satisfied
from the evidence that their efforts were in good faith. Failing to get
this information, they have every right to resort to this Court now.
"I am not attempting to rule on the validity of the NIRA itself or any
of its sections objected to. It is a question to be determined after both
sides have been heard."
541
Despite the court order, the NRA announced on July 25 that it would
withdraw from the company the privilege of using NRA labels. This announcement was followed on July 26 by a statement on behalf of the company that it would continue to deliver products bearing the Blue Eagle to
retail dealers, and would operate under the order granted by Judge Coleman.
Harriman Hosiery Mills Reopened After Agreement with
NRA Providing for Restoration of Blue Eagle—
William Green and Other Representatives of Strikers Assail Action,
About 400 employees of the Harriman Hosiery Mills, of
Harriman, Tenn., returned to work on July 23 when the company reopened its factory after the National Recovery Administration had restored to the company the Blue Eagle
insignia which had been withdrawn in June, resulting in the
shutdown of the plant. Restoration was ordered on July 20
by A. R. Glancy, Field Assistant to General Hugh S. Johnson, Recovery Administrator, after conclusion of an agreement providing for the settlement of the strike which had
originally caused the withdrawal of the insignia. The agreement, which must be accepted by the strikers within 30 days,
provides that the company re-employ 25 of the 300 strikers
immediately and 25 additional between the time of acceptance of the agreement and Jan. 1 1935.
Strikers on July 21 voted to reject the agreement as being
"unfair and unjust to the workers and the Government," contending that for a year the mills had "flagrantly and stubbornly" refused to comply with the collective bargaining provisions of the National Industrial Recovery Act, and that
they "never will until forced to." W. M. Hannah, attorney
for the strikers, said on July 21 that while the local textile
workers' union regarded the settlement as "worse than no
settlement at all," it would approve it if General Johnson
also did so.
William Green, President of the American Federation of
Labor,in a statement on July 23, protested against the agreement by which the mills were reopened, and said that Mr.
Mr.
Glancy had no authority to propose the settlement.
part:
in
Green's statement read,
a comLabor regards the action taken as a betrayal of its interests and
corporation which has
plete surrender on the part of the Government to a
publicly flouted the collective bargaining section of the NIRA.
negotiate
Furthermore, labor challenges the authority of Mr. Glancy to
Harriman
a settlement or to order the restoration of the Blue Eagle to the
Johnson, in
Hosiery Co. This challenge is based upon the fact that General
a letter addressed to Divisional Administrator Major George L. Berry,
Mills
clothed him with full authority to deal with the Harriman Hosiery
changed
situation. This authority conferred upon Major Berry has never been
or withdrawn.
NRA Seeks Revocation of Permit Allowing Woman to
Do Home Work in Artificial Flowers—Nathan
Straus Jr. Charges Violation of Executive Order.
Although the New York State Labor Department on
July 18 issued a permit authorizing Mrs. Kathryn Budd, of
Brooklyn, to do industrial home work in artificial flowers,
Nathan Straus Jr., State Director of the National Emergency
Council, requested the State Industrial Commissioner to
have the permit revoked as being in conflict with President
Roosevelt's Executive Order governing home work in industry. Mrs. Budd had brought suit in the State Supreme Court,
seeking a mandamus to compel issuance of the permit on the
ground that it was necessary for her to work at home to
care for her two children. She did not apply, however, for
a National Recovery Administration substandard permit,
which is required for home work under the codes. The New
York "Times" of July 19 described the case, in part, as
follows:
The code of the artificial flower industry forbade all home work after
May 1, but under the terms of a Presidential order on May 15 this was
amended to permit home work by persons with physical defects, persons who
must care for invalids in the home, and persons too old to change from
home to factory work. Mothers supporting dependent children were not
Included,
Mr. Straus, in announcing that he had asked revocation of the permit, said:
"It is apparent that, due to some error, a license was issued to Mrs. Budd
by the Industrial Commissioner, which is being investigated. I have asked
Assistant Attorney-General E. F. Collins to instruct the Industrial Commissioner not to issue any further licenses except in cases covered by the President's executive order. I have stationed two representatives of this office
in the office of the State Department of Labor to supervise applications for
home-work permits and I have asked the Industrial Commissioner to take
steps to have the license issued to Mrs. Budd revoked."
NRA Modifies Policy on Maximum Hours Under Codes,
Providing for Flexible Maximum—Changes Also
Made As to Classifying Customers and Basing
Valuation of Materials in Computing Cost Levels.
The National Recovery Administration on July 20 announced three new policies affecting industries already
operating under codes and those whose codes are still subject to approval. The announcement said that application
of the new policies to existing codes "is not to be considered
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Financial Chronicle
arbitrary and need not be expected unless the impracticability of inconsistent code provisions has been demonstrated
by experience." "As heretofore," says the announcement,
"codes awaiting approval, if they are otherwise acceptable,
will be approved, and only the flatly inconsistent provisions
will be stayed until the affected industry has had an opportunity to show the necessity for a variation from the now
established policy." The most important of the three new
policies "is that which drastically modifies the practice of
averaging maximum work hours over a period of weeks or
months." The NRA said that this "latter plan, designed to
provide sufficient flexibility for peak demands and labor
shortages, has, in operation, proved unsatisfactory. Such
provisions, frequently misinterpreted, have caused controversies and have proved difficult to enforce." The announcement continues:
Hereafter the use of averages will be limited in conformity with the
following:
"Averaging In provisions governing hours of work has in practice proved unsatisfactory. Conditions which would otherwise give rise to the use of averages should
hereafter be dealt with in conformity with the following policy:
"To the extent that it is impracticable to provide an inflexible maximum hours
limitation in view of peculiar seasonal or other needs of an industry, a stated maximum with a proviso for a definite tolerance (on a weekly or daily basis) may be
provided. To penalize abuse, the payment of overtime for hours worked in excess
of the stated maximum but within the tolerance should be required. Where a
definite tolerance is not sufficient, particular defined circumstances (such as emergency maintenance and repair) may justify unlimited tolerance, with payment of
overtime for all time in excess of the maximum."
Another problem, that of classification of customers, which has troubled
both NRA and industries operating under codes, may be solved by provisions
now suggested to Code Authorities for inclusion (but which, it is emphasized,
are not mandatory) in codes. Experience has shown NRA that in many cases
proposals by industries for mandatory classification of customers involve
attempts to exclude certain types of distributors from distribution of the
product. The recommended provision would require Code Authorities to
make up and keep current a classification of all types of customers of their
industries, with a complete definition of each class in terms of functions or
as purchasers of defined quantities. Thereafter, the classification having
been submitted to the Administrator, full information as to the classifications
must be made available to all. The use of intimidation, coercion or other
undue influence to cause the inclusion of any customer in or exclusion of
any customer from any class would be a violation of the code. Provision
for uniform prices, discounts or differentials is not permitted in connection
with any classification schedule. The right to classify his own customers in
accordance with his own judgment is reserved to each individual member of
the industry, but in the light of knowledge of the official classifications
presumably used by his competitors.
The text of the policy memorandum on customer classification is as
follows:
"The following clause reflects NRA policy on this matter and should be substantially followed wherever provisions for classification of customers are included in
codes:
"'The Code Authority shall cause to be formulated and keep current a slassificaLion of all types of customers of the industry. Such classification shall be subject
to the disapproval of the Administrator and shall contain: (a) A complete list of all
of the classes of customers of the industry, including a class to cover every known
type of customer: and (b) definitions or descriptions of the several classes In terms of
functions performed, or in other appropriate terms such as purchasers of defined
quantities.
"'After submission to the Administrator, If there is no disapproval or request for
suspension of action within twenty (20) days, full information concerning the classification shall be in.sde available to all members of the industry. No one shall by
Intimidation, coercion or other undue influence cause or attempt to cause the inclusion of any customer in or the exclusion of any customer from any class of customers,
or the exclusion of any class of customers from the classification, the use of uniform
or stipulated prices, discount, or differentials and each member of the industry
may at all times classify his own customers in accordance with his own judgment.'
-No such proposed code provision nor any classification thereunder shall be approved if the same Is designed or would tend to fix uniform prices, discounts, or
differentials, or to establish resale price maintenance, eliminate or suppress, or discriminate against, any customer or class of customers.
"Other proposed provisions concerning Classification of customers are presumed
to be contrary to policy."
In a third memorandum it is announced that "NRA policy favors 'cost or
market, whichever is lower,' as the normal basis for valuation of materials
wherever they appear in the cost formulas which have been provided in
approved codes." This policy has been adopted instead of either "market"
or "cost" to avoid the evils of provisions which require artificial mandatory
profits to those who have accumulated inventories at low prices and to avoid
the necessity of shifting the formula for cost from time to time to the basis
which is at the moment most favorable to industry, in view of current market
conditions.
Commission Appointed by General Johnson Urges
Industry to Employ "Proper Proportion" of Handicapped Workers—Says Alternative Is Federal and
State Pensions—Rehiring of Physically Disabled
Recommended in Report to NRA.
Private industry must either provide employment for "a
proper proportion" of "handicapped 'workers," or else the majority of such workers will have to be pensioned by the Federal Government and by State governments, being maintained in idleness "at enormous cost to the public," according to a report by a special commission appointed several
months ago by General Hugh S. Johnson, Recovery Administrator, to study the effects of NRA codes upon the employment of persons who are physically or mentally handicapped.
The report, made public July 22, was signed by Oscar M. Sullivan, Frederic Woodward and Stanley P. Davies, who is
Secretary and General Director of the Charity Organization
Society of New York. The Commission urged the adoption,
voluntarily, by industry of "a right-minded and socially desirable" attitude toward sub-standard workers which would
enable the regular employment of handicapped workers "not
less than 50% efficient." The Commission's findings were
July 28 1934
based on surveys which it had made in 14 representative
cities. The announcement of the NRA also says, in part:
With regard to the employment of handicapped "who are indisputably substandard," the report declares that many elements of disagreement were
found, with the most frequently expressed opinion to the effect that not
enough of the sub-standard were obtaining employment and that "the percertage limitations on the number of sub-standard employees in any one
establishment, as well as the reduction that could be made in the minimum
wage, were not flexible enough to meet conditions."
As to the extent to which handicapped workers have participated in the
re-employment program, the Commission found a wide diversity of conditions.
In a number of places, notably Grand Rapids and Michigan in general,
Louisville and Hartford, "strong testimony was given that the NRA had been
the cause of much new employment," and that the handicapped "had benefited directly thereby." In other places, the report stated, "the evidence
seemed to be that the handicapped were no better off and no worse off then
they were before."
Reporting on the proposals for bringing about increased employment of
handicapped, the Commission declared:
"Some of them, although good, obviously did not come within the scope
of the NRA. Of such character was the suggestion that the Federal Government and other governmental agencies should set the example to business
and industry by adopting regulations which would make certain the allocation of a fair proportion of public positions to the handicapped.
"Also meritorious, though outside the province of the NRA, except in so
far as it related to sheltered workshops, was the proposal of a group of
social thinkers that the handicapped not absorbable by industry be encouraged
to produce well-selected and standardized articles that could be marketed
in the Government purchase field."
Suggestions which the Commission found desirable were included in a
recommendation that the NRA "call to the attention of all coded industries . . . as socially desirable measures for their codes, either in a
mandatory way or as recommended practices, the following:
"(a) Every employer should, whenever the nature of the disability Or
the individual personality does not negative such a step, re-hire in suitable
employment persons who have received permanent injuries in their employ"(b) Employers should in the ordinary course of expansion call back on
an equal basis with other handicapped workers who have been in their employ within the last four years.
"(c) Employers should endeavor to have a suitable proportion of handicapped workers, whether sub-standard or fully efficient, in the ranks of
their employees in order to make certain of a fair distribution of opportunity
to work. This proportion in all probability would be as large as 2% and
might even be close to 5%."
Code Approved for Commercial Vehicle Body Industry
Approval by National Recovery Administrator Hugh S.
Johnson of a code of fair competition for the commercial
vehicle body industry was announced on July 17. The code
becomes effective July 30, and was the 486th code of fair
competition to be approved to date, said the announcement,
July 17, of the National Recovery Administration, which we
quote further, as follows:
In his order of approval, the Administrator provides that the code shall
not be applicable to the repairing of commercial vehicle bodies by employees of the owner of such products, and that the Code Authority shall make
a study and report to the Administrator within 90 days whether the minimum
wages provided are adequate. A further proviso by the Administrator requires that he may direct selection of two members of the Code Authority
who will represent non-members of the National Association.
As approved, the code limits the maximum hours of work to 40 per week,
with permission to work 48 hours during any six weeks in any 26 weeks'
period. Further exceptions are made for watchmen, who are limited to 56
hours per week; emergency crews, employed because of highway accidents,
who may work 56 hours in any one week, but not more than 40 hours per
week averaged over a four weeks' period; and executive or managerial employees receiving $35 per week, as well as traveling salesmen, who are not
subject to any hourly limitations.
The minimum wage is set by the code at 87%c. per hour in cities of more
than 250,000 population, and 35c. elsewhere, except that in certain Southern
/
2c., irrespective of population.
States the minimum is 321
Apprentices may be employed for not more than one year at not less than
minimum
wage; and clerical, office, service and sales
80% of the prevailing
employees will be paid not less than $14 or $15 per week, depending upon
populations, except that in certain Southern States the minimum is $14 per
week, irrespective of population.
The wage scale under the code, with certain exceptions, approximates the
wages established by the President's Re-employment Agreement and now
prevalent in the industry. These represent substantial increases, particularly in the South, where the wages formerly were as low, in many instances,
as 100. an hour.
NRA Faces Protests on Retail Coal PricesTSet Under
Code—Schedule for St. Louis Division Ordered
Set Aside.
Nathan Straus Jr., New York State Director of the National Emergency Council, on July 23 postponed without date
a hearing to which he had ordered the Newtown Creek Coal &
Coke Co., Inc., of Brooklyn, as a result of its refusal to adhere
to minimum prices fixed by the National Recovery Administration Retail Solid Fuel Code Authority. Dominick Luzino,
President and Treasurer of the company, asserted on July 20
that the NRA insisted that retail coal dealers must charge
from $3 to $3.50 a ton for making delivery, and he added that
his company has been able under normal conditions to make
delivery at a profit by charging about $2.50 a ton, and would
continue to do so with the support of the consuming public.
Mr. Straus gave no explanation for the postponement of the
hearing on July 23, but it was indicated that there might be
a readjustment of the minimum prices set by the Code
Authority.
Volume
139
Financial Chronicle
On July 21 Justice O'Brien, in New York Supreme Court,
granted to the Scranton & Lackawanna Coal Corp. of New
York City an order requiring the New York NRA Divisional
Code Authority for the coal industry to show cause why an
injunction should not be granted preventing them from fixing the company's costs and prices for purchase and sale.
This order is returnable on July 30. Further difficulties
with enforcement of coal price minimums were reported from
Washington on July 21, when the NRA disapproved retail
price schedules set for the St. Louis division. NRA officials
said that a general inquiry into prices fixed by retail fuel
dealers under the solid fuel code was being made and that
schedules for other districts might be scrapped or the code
Itself reopened. Associated Press advices from Washington,
July 21, reported this situation as follows:
W. J. Ellis. Deputy Administrator for the coal section, said prices for the
St. Louis division were abrogated because methods for detenrnining costs for
the area nere not representative; methods of projecting costs were not
proper, and insufficient notice was given of the hearing.
The St. Louis division consists of that city, St. Louis County, in Missouri,
and St. Clair and Madison Counties in Illinois.
The Retail Solid Fuel Code gave local trade areas, or divisions, the right,
if an emergency exists because of destructive price-cutting, to set minimum
prices to be charged for fuel.
The consumers' division of the National Emergency Council has told the
NRA that an epidemic of fuel "emergencies" seems to be threatened. In
case after case local coal dealers, officials said, have decided that minimum
fuel prices should be fixed to end unfair competition. Officials said that
unless something was done about it the result might be an unwarranted increase in fuel prices this winter.
The formal statement issued by Mr. Luzino, on July 20,
read, in part, as follows:
Under the local Code Authority's ruling they have decided that a dealer
may charge $3 to $3.50 per ton for making a delivery. We are able to
deliver under normal conditions for about $2.50 per ton, and this includes
a profit to us. It is our contention that when the local Code Authority fixed
prices which we were compelled to sell for they based their price on the
large producing companies' circular without due regard to competing coal
at the mines of equal quality.
We also, being independent, are able to save by our purchasing power.
Other large companies are normally obliged to buy from certain companies
and are compelled to pay a higher price for their coal at the mines.
Consequently, we are appealing to a broadminded public for co-operation
and assistance to enable us to continue selling at reasonable prices so that
many of our customers will be able to reduce the expense of maintaining their
homes and apartment houses and in this way help re-employment by giving
more work.
We have, therefore, this day decided to stand on our constitutional
rights,
which, in our opinion, have been taken away from us when they refused to
let us sell at our prices. By this day's advertisement in the local
newspapers we are giving our friends and consuming public the benefit of
our
experience In buying high-grade coal at reasonable prices and passing
this
benefit along to our trade.
NRA Approves Code for Importing Trade—Affects
1,100 Companies with Annual Business of $760,000,000—Enables United Action in Hearings
Threatening Higher Tariffs.
The National Recovery Administration announced on
July 22 that General Hugh S. Johnson, Recovery Administrator, has approved a code of fair competition for the importing trade, to become effective July 30. The code,
which affects 1,100 companies doing an aggregate annual
business of $760,000,000, is designed to create a standard
of operation similar to that adopted by the wholesale trade.
It provides for a shorter work week for certain employees,
specifies rates of pay, and enables importers to act in unison against the demands of domestic manufacturers for increased tariffs by empowering the general Importers' Code
Authority to represent them in actions filed under Section
3 (e) of the National Industrial Recovery Act, or negotiations affecting imports. Section 3 (e) of the NIRA is that
portion which authorizes the President to order the United
States Tariff Commission to investigate complaints regarding imports considered to be endangering domestic production and, if the results of the investigation warrant such
action, to impose higher tariffs or to curtail the entry of
such foreign products to such an extent as may be necessary
to prevent a code from becoming effective.
A Washington dispatch of July 22 to the New York
"Journal of Commerce" outlined other sections of the new
code in part as follows:
It is provided in the code that the code authority shall have
the Power
"to take any necessary action on formal request of any trade, group
or
Individual governed by this code to protect them from actions
filed under
Title I. Section 3 tel of the Act, or to represent them in any negotiations
relevant to the Importing trade, entered into with any department
of the
Oovernment. or with the do nestle producers, manufacturers or
associations of the name. ecpensea incurred thereby to be for account of
the
parties directly I nterested."
Commenting on this feature of the pact Administrator Johnson
said In a
letter to President Roosevelt that It "seems to be a very desirable provision
in that It will afford importers representation by a body vhlch viii be best
able to gather and present the necessary facts in support of the importers'
position and may make It possible to handle such cases with greater
dispatch."
543
Represents Three Sections.
This code, which is described as a general code, provides for supplemental
codes, should such divisional codes be approved. In setting up the general
Importers' code authority there will be represented three major sections—
crude and semi-finished materials, food products and manufactured goods
ready for resale. Until the general code authority is elected the NRA central committee for import trade codes will act as the general code authority.
Provision is made for setting up an industrial relations committee with
one representative of the employers, one representative of the employees,
and an impartial chairman to be chosen by the other two represenatives or,
In the event of their failure to agree, to be chosen by the Administrator.
Regarding the trade practice provisions the Administrator reported In a
letter to the President. they "are not In any respect objectionable."
"Most of these trade practice provisions." his letter continued, "are
similar to the trade practice provisions contained in the code of fair competition for the wholesale trade. The provision prohibiting inaccurate labeling, branding and packing of goods is designed particularly to protect both
domestic manufacturers and importers from unfair advantage which might
be gained by the misleading appearance of imported goods."
Provides 40-Hour Week.
A 40-hour week is provided for in the code, but porters, engineers, firemen, electricians, and outside installation and repair men may work 44
hours a week and watchmen 54 hours a week. Outside salesmen and employees engaged in executive, supervisory, professional or personal secretarial work. receiving $35 or more a week, are not limited by the hours provisions. Under certain conditions an employee may be worked as many
as eight hours in excess of the hours prescribed, but in such cases time and
one-third will be paid for the additional hours.
Minimum rates of pay in cities of more than 500,000 population are
fixed at 315 a week, and at $14 a week in all other places. A differential
will be allowed in the South of $1 a week. Part time employees will be
paid a minimum of 40c an hour, a slightly higher minimum rate than is
provided for the full-time employees.
NRA to Hold Hearing Aug. 1 on Proposed Taxicab
Code—Pact Provides 54-Hour Week for Drivers—
Persons Under 21 Forbidden as Drivers.
Hearings on a proposed code of fair competition for the
taxicab industry will be held on Aug. 1, according to an announcement, July 23, by the National Recovery Administration. The code provides that drivers of cabs, including those
employed by owner-drivers, shall not work more than 54
hours a week, based on the time of leaving the garage to the
return to the "garage line" at the end of a shift. Deputy Administrator E. E. Hughes, in announcing the hearing, said
that complaints regarding "abuses inimical to the public interest and contrary to NRA policies" had been received concerning the industry and its subdivisions. Code provisions
applying to drivers must also be observed by owners, partners, stockholders and managers who perform the duties of
a driver.
Other provisions of the proposed code were noted, as follows, in a Washington dispatch of July 23 to the New York
"Times":
Clerical and office workers are put under a 40-hour week, while mechanics,
garage and shop employees, telephone operators and other workers not specified shall not work more than 48 hours in any one week or more than 14 in
any 24-hour period.
Overtime for emergency or repair work shall be paid at the rate of one
and one-third. No employee shall receive less than $13 per week, and it is
stipulated that "a driver shell be compensated at a rate not less than the
established minimum of his gross daily receipts which shall represent a net
figure to the driver." Employers would have 90 days to adjust their wage
schedules.
Bonuses and efficiency compensations must be in addition to the minimum
rate fixed in the code, while "tips and gratuities are not to be considered as
any part of the driver's compensation."
No person under 18 years of age shall be employed in the industry, nor
any person under 21 as a driver. Practices prohibited as unfair include
intimidation or violence, destructive rate cutting, pro-rating of fares among
passengers, "excessive cruising" and "deadheading" or transporting a passenger while the taximeter flag is up.
There is also a clause intended to protect drivers from exploitation in
buying taxicabs on time payment.
NRA Code for Auction and Loose Leaf Tobacco Warehouse Industry—Fixes Minimum Hours and Wages
for Employees—Provides for Slowing Down of
Rate of Sale of Ungraded Tobacco on Auction
Warehouse Floors.
Tobacco sold by auction and loose leaf warehouses is to be
handled under a code of fair competition that is designed to
enable the industry to eliminate many trade practices considered detrimental to the best interests of warehousemen
and growers, the Agricultural Adjustment Administration
announced on July 2. The code, signed June 30 by President
Roosevelt, Secretary of Agriculture Wallace, and NRA
Administrator Hugh S. Johnson, was made effective as of
July 9. Officials of the tobacco section of the Agricultural
Adjustment Administration, who assisted members of the
industry in, drawing up the code, pointed out that the code
is unique in that it provides for representation of tobacco
farmers on the code authority, which will administer the
code.
Details of the provisions of the code were indicated as
follows on July 2 by the Agricultural Adjustment Administration:
The code provides for s producers advisory committee of five members.
whose Chairman Is a member of the Auction and Loose Leaf Tobacco
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Financial Chronicle
Warehouse Industry Code Authority which is set up under the code.
The Producers' Advisory Committee is designed to represent the interests
of tobacco growers and to act as spokesman, through its Chairman, for the
producers. The Chairman, however, is not entitled to vote as a member of
the authority.
Voting members of the code authority will number 11, 10 of them elected
by warehouse associations in the various tobacco belts and one elected by
members of the industry who are not warehouse association members.
The Producers' Advisory Committee may make recommendations to the
Secretary of Agriculture concerning the operations under the code and
suggest needed amendments.
Further provision is made that in addition to Code Authority and
Producers' Advisory Committee members, the Secretary of Agriculture and
the Administrator of the Agricultural Adjustment Act may each appoint
not more than three members of representatives to the Code Authority,
who shall be without vote and shall serve without expense to the industry.
The Code Authority, under such regulations as may be promulgated by
the Secretary of Agriculture, will have full power to regulate and govern the
industry. It also will receive and investigate complaints of alleged violations of the code.
The code provides for the slowing down of the rate of sale of ungraded
tobacco on the auction warehouse floors to a maximum of 360 piles or
baskets an hour. The rate for tobacco graded in accordance with United
States grades shall not exceed 375 piles or baskets an hour. On some
markets tobacco heretofore has been sold as fast as 400 piles or baskets an
hour, and at times it has even run as high as 450 sales. Farmers are also
allowed at least 15 minutes after an auction sale in which to reject a bid.
The code further provides that all tobacco offered for sale shall be weighed
by a licensed weighman and that scales shall be tested daily during the
marketing season.
It provides that buyers shall pay for the tobacco on the basis of weights
at the time the tobacco is taken from the warehouse floor rather' than on
the basis of what it weights after it has been transported to the factory.
The code authority, with the approval of the Secretary of Agriculture,
will recommend the opening dates for sales in each of the tobacco belts.
Safeguards against discrimination between growers has also been provided
in the code. Rebates of all kind, direct or indirect, are definitely prohibited.
No warehouseman shall reserve space in his warehouse for any person other
than a producer or bona fide dealer in tobacco. The reservation of floor
space for truckers is prohibited.
In states where warehouse charges are not fixed by law, each tobacco
warehouse association must submit to the code authority a schedule of fees
and commissions to be charged by all warehousemen in the tobacco belt in
which such association is located. Upon approval of the Secretary, such
schedule of charges shall be in effect during the marketing year.
The code provides that it shall be a condition of every sale of tobacco at
auction that the buyer of the tobacco shall not be permitted to reject
tobacco purchased by him upon the grounds that such tobacco was not of
the character or in the condition which the buyer believed it to be at the
time of his purchase unless it shall be proved that such tobacco was "nested,"
"shingled," "false-packed" or damaged.
Each basket or container and each truck used in weighing tobacco must
be uniform in weight with a maximum tolerance of one pound. When a
basket, or container of tobacco is weighed, the exact weight to the nearest
even pound shall be entered on the books of the warehouse and on the
basket ticket.
On markets where tobacco is sold in baskets belonging to the warehousemen, the warehouseman shall charge and collect from each buyer for the
use of such baskets a basket charge of 10 cents for each 1.000 pounds of
tobacco so sold.
Soliciting of tobacco by paid solicitors is forbidden. This does not apply,
however, to the warehousemen or other warehouse employees who are
actually engaged in selling tobacco.
Warehousemen and their employees are forbidden to speculate in tobacco
sold on their floors, although a warehouse is permitted to operate a leaf
account to protect the sales on its floor. Warehousemen are forbidden to
offer a guarantee or a minimum price to a tobacco producer as an inducement
for selling tobacco on a particular floor.
In addition to these provisions, the code also fixes minimum hours and
wages for employees of auction and loose leaf tobacco warehouses and bars
employment in these warehouses of persons under 16 years of age.
Wisconsin Wool Association Receives Record Clip.
An increase in wool received thus far this year of 40%
above its total 1933 tonnage is reported by the Wisconsin
Co-operative Wool Growers' Association to the Co-operative
Division, Farm Credit Administration, which on July 18
added:
Scattered lots of wool are still being received. This year's tonnage.
which is now over a half-million pounds. is more wool than the association
has received any year since it was organized. This is its fifth year of successful operation. On their 1933 wools, the association made an average
net return to growers of 29 cents a pound. Average prices received by
growers outside the association in 1933 would not exceed 19 cents, the
management estimates.
The association, whose office is at Portage. Wisconsin, is a stockholder
member of the National Wool Marketing Corporation, the sole sales agency
for the Wisconsin Co-operative as well as for 29 other affiliated wool cooperatives over the country.
All the Wisconsin association's wool is assembled at Milwaukee, where it is
graded by one of the National's expert graders. Each grower receives an
adequate cash advance at time of delivery or as soon as his clip has been
appraised and graded. The wool is then placed in lines of like grade and
quality and sold on its merits direct to manufacturers.
PWA Expedites Grants on New List of 1,510 NonFederal Projects to Be Financed from $400,000,000
Additional Appropriation—Contracts and Agreements Completed on More than 2,000 Projects
from Original Funds—New York City Borrowings.
The Public Works Administration announced on July 22
that it is expediting bond contracts and grant agreements
on a new list of 1,510 non-Federal projects which it has
decided to aid with the additional appropriation of $400,000,000 made available to the PWA in June. It was
explained that the purpose of speeding this portion of the
program was to assure early beginning of projects, which
the borrowers are required to promise. Before beginning
July
28 1934
to formulate contracts and agreements for the new allotments, the PWA completed contracts and agreements on
more than 2,000 allotments for non-Federal projects made
from the original appropriation. Almost 200 of those
projects have been finished, while 953 are under construction;
251 are under contract and ready to go into construction,
and 299 are in the stage of advertising for bids on contracts.
Mayor LaGuardia of New York City, after conferring
on July 20 with Public Works Administrator Ickes, said
that the city would be able to borrow as much as $100,000,000 of PWA funds to finance local improvements. He
added that the city would not borrow any more funds than
could be constructively employed.
The PWA announcement of July 22 was noted in part
as follows in a Washington dispatch of that date to the
New York "Herald Tribune":
The new allotments, distributed throughout the country, total more
than $236,000,000, and are expected to provide more than 1,000,000 manmonths of direct employment on construction, with probably twice as
many man-months of indirect and industrial employment resulting from
production, processing and transportation of materials. This was exclusive of large Federal allotments for which bond contracts and grant
agreements were not required, it was pointed out.
Contracts and grant agreements covering 325 of the new allotments
were sent out by July 16. Those allotments are grants only of 30% of
the cost of materials, the applicants obtaining the rest of the money from
other sources.
The speed with which the 325 new contracts and agreements have been
prepared by the legal, financial and engineering forces of the PWA after
a year of experience was emphasized when it was recalled that it took
from last July, when the Administration was formed, until Nov. 1 for the
first 200 contracts and agreements from the original appropriation. The
co-operation of the legal, financial and engineering divisions is required
in drawing up the contracts and agreements. The members of all three
divisions have been working night and day since the new allotments were
made so that the recipients could go ahead with construction,
"All of the recipients of the new allotments promised, as applicants for
funds, that if their applications were granted they would be able to put
men to work promptly, and the PWA intends that they shall be put into
position quickly to carry out their promises," the announcement said.
"If they fail to execute their contracts and agreements with reasonable
promptness after receiving them and go ahead with the planned construction work, the allotments will be rescinded and the money realloted
to some of the thousands of applications still on the waiting list."
Textile Workers Strike in Alabama When Employers
Refuse Demands for Higher Wages and Union
Recognition—Many Employees Refuse to Obey
Walkout Order.
A strike of approximately 14,000 textile workers in
Alabama became effective on July 17, following the refusal
of employers to grant demands that included the $12 minimum wage, elimination of the so-called "stretch-out" system,
reinstatement of employees who had been discharged for
union activities, and recognition of the United Textile
Workers of America as the representative of the employees
for purposes of collective bargaining. The union claims
22,000 membership in Alabama, but union members in 19
of the 40 mills represented failed to walk out on July 17.
Before the strike began the textile industry in the State
was employing 35,000 persons, although a number of mills
have been closed for some time.
Union leaders asserted that their entire membership would
join the strike movement by the end of last week, but officials
of the Alabama Cotton Textile Association said that only
about one-third of the textile workers in the State had
actually joined the strike. Scott Roberts, President of the
Association, said on July 17 that demands of the strikers
represent an increase of about 33 1-3% in wage payments,
and cannot be met.
On July 21 the Munford plant of the Southern Mills Corporation was reopened, thus reducing to 23 the number of
mills closed as a result of the strike. Pickets remained on
duty this week at most of the textile mills throughout Alabama, but as the other closed mills made no effort to reopen
no violence occurred.
Pacific Coast Labor Troubles Appear Near End as
Striking Longshoremen Vote to Accept Arbitration
—Collapse of General Strike Hastened Termination
of Protracted Maritime Walkout.
Hope for a speedy termination of the Pacific Coast longshoremen's strike, which started early in May, thus ending
major labor disputes in the Far West, was strengthened on
July 25 when President Roosevelt's National Longshoremen's
Board announced that the strikers had voted by 6,378 to
1,471 to arbitrate their differences with the employers. Most
of the stevedores who went out on strike were expected to
be back at work by July 30. The vote was taken on July 23,
and a total of 7,849 ballots was cast, representing less than
two-thirds of the aggregate Pacific Coast membership claimed
by the International Longshoremen's Association in the area.
The collapse of the general strike in San Francisco, as
reported in our issue of July 21 (pages 384 to 386) was
generally regarded as having hastened the end of the maritime strike, not only in San Francisco but also in Seattle,
Portland, and other Pacific Coast cities. The termination
of the general strike was followed by an intensive drive
against Communists and left-wing labor organizers.
The vote with regard to arbitration of the longshoremen's
strike was made public on June 25 as follows:
City.
San Francisco
Oakland
San Pedro
Portland
Seattle
Tacoma
San Diego
Stockton
Astoria
545
Financial Chronicle
Volume 139
Yes.
2,014
302
1,211
795
762
464
52
52
94
No.
722
37
149
33
103
87
2
7
33
City.
Rainier
St. Helens
Longview
Vancouver, Wash
Olympia
North Bend
Raymond
Aberdeen
93
52
99
No.
1
5
44
3
28
37
175
61
155
Yes.
30
ss
ss
.Points still at dispute between longshoremen and their
employers were noted as follows in a San Francisco dispatch
of July 25 to the New York "Times":
Chief among items which are now the subject of discussion between
strikers and the Board are the manner of returning the stevedores to work,
what will be done about strike breakers and methods to be used in settling
differences of other marine unions.
Local executives of other striking marine crafts indicated a firm belief
that the Presidential Board would arbitrate their problems quickly.
Ship lines which had canceled passenger sailings weeks ago because of
strike conditions advertised an early return to normal schedules. Some
already are back on schedule.
The Seattle Chamber of Commerce sent a message to the Board asking
that the public be represented in arbitration proceedings.
In the courts here 59 cases involving suspected radicals have been disposed of. Six defendants were turned over to immigration authorities for
deportation, if possible, and three 30-day jail sentences were ordered.
Minneapolis Placed Under Martial Law When Employers
Refuse to Accept Settlement Offer—Strike of Truck
Drivers Had Led to Fears of General Walkout—
Rev. F. J. Haas Seeks to Mediate.
Governor Olson of Minnesota on July 26 placed the city
of Minneapolis under martial law, following the refusal of
employers to accept certain arbitration proposals made in
the hope of ending a strike of union truck drivers which
started on July 17. Federal mediators had sought to conclude the walkout through submission of a so-called compromise designed by Governor Olson, the Rev. Francis J.
Haas and E. H. Dunnigan. This plan, whose details were
not made public, was approved by the Federal Labor Board.
At the time of the walkout the strikers demanded that their
union be permitted to represent inside employees in wage
negotiations. Governor Olson said that while the city was
under martial law trucks would be permitted to move only
under a military permit and picketing would be completely
stopped.
Fears of a general strike in Minneapolis were expressed
after 6,000 truck drivers on July 17 went on strike
despite efforts of the Regional Labor Board to effect a settlement of the dispute. Governor Olson of Minnesota ordered
one battalion of the 151st Field Artillery to protect the city
from a repetition of the rioting which accompanied a similar
strike in May, when two policemen were killed and 300 persons were injured. Union leaders, in calling the latest
walkout, charged that the employers had "double-crossed"
the workers by failing to adhere to the terms of the settlement reached in May. The strike caused commercial
transportation within the city to be at a virtual standstill.
Rev. Francis J. Haas, former member of the National
Labor Board, went to Minneapolis on July 18 in an attempt
to settle the controversy between the employers and union
drivers. Efforts of E. H. Dunnigan, conciliator for the
Department of Labor, to avert the walkout had previously
failed. On July 19 Father Haas said that a settlement of
the truck drivers' strike was not "far distant."
A dispatch of July 17 to the New York "Times" from
Minneapolis discussed the strike situation in that city as
follows:
In making his request for National Guard troops, Mayor Bainbridge's
letter to the Governor said:
"The last strike of this organization last May convinced us beyond
any question of doubt that we have not the man-power to cope with the
situation, and the use of volunteers was a great mistake and only served
to aggravate the situation."
Two special policemen were killed and more than 50 were injured in
the rioting following the walkout that tied up transportation for 10 days
in May.
After ordering out a detachment of 250 men from the 151st Field Artillery, Governor Olson announced that more troops would not be mobilized
until there was need for them.
"This strike could have been prevented by proper action several weeks
ago," the Governor's statement said. "Much could be said as to relative
responsibility of the various groups involved, but that can wait until
the strike is over.
"The important question now is the preservation of law and order.
Troops are in readiness for that purpose. I propose to use every resource
at my command to protect the citizens of Minneapolis.
'I will not take sides in the strike nor will I hesitate to discipline either
or both conflicting groups if circumstances require. Conciliatory efforts
will be continued and I hope the employers and employees will arrive
at a fair and early settlement of their disputes."
Pickets Halt Truckmen.
Groups of pickets toured the city in automobiles and trucks to-day,
halting a few truckmen who ventured on the streets in defiance of the
strike. Bakery, dairy, ice, beer, newspaper and oil truck drivers who
displayed union badges were not molested, and farmers and truck gardeners
who were members of the Farmers Holiday Association were permitted
to make deliveries of produce to homes and retail groceries.
The city market district and "commission row," scene of the fatal
riots in May, were closed up tight.
It was reported that a difference of 2% cents an hour on wages for
inside workers prevented a settlement on the strike last night. The
union demanded 45 cents an hour for inside workers and 55 cents for truck
drivers. The employers agreed to give 40 cents for inside workers and
would go no further. Persons close to the situation believe a compromise
of 42% cents for inside workers and no change in the drivers' scale would
have been accepted by the union.
Laundry workers voted to join the strike if a conference with employers
to-night proved unsatisfactory. No action had been taken by other
unions.
About 250 policemen were on duty in Minneapolis as 12-hour shifts
replaced the regular eight hours' duty. They were warned by Chief Michael
Johannes to avoid making trouble with pickets, but to act without hesitation in disorders.
800 Livestock Handlers in Chicago Union Stock Yards
Strike When 70,000 Cattle Are in Pens—Dispute
Centers Around Hours of Work—Most Cattle in
Yards Bought by Government in Drouth Areas.
A strike of 800 union livestock handlers in the Chicago
Union Stock Yards on July 24 brought activity to an almost
complete halt at a time when an unprecedented number of
cattle, most of them shipped from drouth areas, were in the
yards. On July 25 the strike was partially relaxed in order
that the cattle might be handled for humanitarian reasons.
At the time the walkout was called there were about 70,000
cattle at the yards, and of this number between 45,000 and
50,000 were "Government cattle" which had been purchased
in drouth regions by the Federal Surplus Relief Corporation
and sent to Chicago to be processed or resold for the account
of the Government. Most of them had been bought because they were threatened with death as a result of shortage
of food and water.
The strikers demanded a 40-hour week, with a three-hour
day on Saturday and no Sunday work. A Chicago dispatch
of July 24 to the New York "Herald Tribune" discussed
the reasons for the strike as follows:
Union officials were firm to-day in their determination not only to withhold the help of the members of Livestock Handlers Union, Local 517,from
the emergency, but voiced their intention of calling out members of other
locals, including those of carpenters, bricklayers, concrete mixers and others
now engaged in the rehabilitation of the fire-razed stock yards.
Office Men Work in Pens.
Assistant superintendents, foremen, office men and a few others of the
faithful labored feverishly in the work of watering, feeding and quartering
their host of dumb, suffering "guests."
Along Exchange Avenue a parade of farmers' trucks laden with cattle.
calves, sheep and hogs, slowly moved toward unloading points. Many had
been trucked overnight from distant points in Illinois and Iowa, brought
from a zone of dried-up streams and empty wells to this terminal where
succor was further delayed by the handlers' strike. Every fire faucet along
the avenue was feeding hose, which played upon the four-footed truck
passengers.
Wide disagreements were shown by 0. T. Henkle, Vice-President and
General Manager of the Union Livestock dr Transit Co., and Thomas
Devero, Business Agent of the Livestock Handlers' Union, to-day in their
interpretations of the agreement made June 1. with Federal Judge Philip L.
Sullivan acting as mediator.
"We have lived up to every provision of this very intelligent and concise
decision," said Mr. Hinkle. "This provided for a 10% increase in pay,
which made the scale of pay for regular employees average from 53 cents
an hour to 80 cents. It fixed the time basis at 40 hours a week. A year
ago the men were averaging a 32-hour week. It also provided for back pay
for 13 weeks."
Management Conti adicted.
Direct contradiction of the management's statements was made by Business Agent Devero. He asserted that the system of working hours had been
manipulated so that men worked at irregular periods and that unnecessary
Sunday work was imposed. The Union is understood to be holding out for
a time schedule providing for five 8-hour days a week, a 3-hour day on
Saturday and no Sunday work.
Drouth Intensified in Middle and Southwest—Record
Heat Causes Destruction of Crops and Cattle1,600,000 Drouth Victims Receiving Direct Federal
Relief—Executive Order Allocates $15,000,000 for
Reforestation Project to Fight Drouths.
Drouth conditions which have affected the Middle West
and Southwest since early spring have been intensified this
week with many areas reporting record-high temperatures,
a serious shortage of water, and cattle dying by thousands in
the fields with crops almost ruined. Nebraska, Kansas and
Missouri have been most seriously threatened but other
States also report distressing conditions as a result of the
prolonged dry period. 'Lawrence Westbrook, who has
charge of Federal drouth relief, stated on July 24 that about
546
Financial Chronicle
400,000 families, comprising around 1,600,000 persons in a
drouth area representing more than half of the United States,
are being supported by Federal emergency relief projects.
He added that with the drouth spreading the relief administration is prepared to support a heavy burden of direct
relief throughout the coming winter.
An Executive Order made public on July 21 allocated
$15,000,000 from the $525,000,000 Federal drouth relief
fund for the beginning of work on a $75,00,000 forest shelter
belt 100 miles wide, to extend more than 1,000 miles through
the drouth area from Canada to Texas. Secretary of Agriculture Wallace, in announcing the President's order for the
largest reforestation program ever undertaken in any
country outside the Soviet Union, authorized the Forest
Service to use up to $10,000,000 of the $15,000,000 allocated
to begin work on the program immediately. A Washington
dispatch of July 21 to the New York "Times" described this
project in part as follows:
The project will take ten years to complete, will embrace a total of
20.000,000 acres, of which 1.820.000 will be actually planted to trees,
and will provide a hundred parallel windbreaks, or strips of trees with a mile
of farm land between each strip. Between each of the breaks the most
ideal farming conditions are expected to be created.
Drouth Alleviation Purpose.
The hundred-mile belt of trees will run through the Dakotas, Nebraska,
Kansas and well into the Texas Panhandle, "as a means of ameliorating
drouth conditions."
The plan is a modification of one devised by President Roosevelt himself
and in which no provision was made for the intervening areas between the
parallel strips of trees. The modification, suggested by the Forest dervice,
is calculated to prevent more effectively further wasting away of rich
agricultural lands through erosion by wind and rain and to alleviate the
extreme high temperatures accompanying lack of precipitation.
Each of the 100 windbreaks will be about seven rods wide, covering 14
acres out of each square mile.
Although forestry officials were originally of the opinion that the project
would be the largest of its kind ever undertaken, recent research disclosed
that a similar undertaking involving 100.000,000 acres had been under way
for some time in Russia.
Farmers to Oct 90%.
More than 90% of the estimated ultimate outlay on the project will go
to farmers, largely for employment of labor for ploughing, fencing, planting
Of the total $75.000.000 to be expended, about
and caring for the trees.
25% is etpected to be spent during the next 12 to 18 months.
Fencing of each of the windbreaks is planned as a protection against
damage from cattle. A chain of nurseries wil be established for growing of
seedlings to be planted, but actual planting is not expected to begin until
the fall.
About 3.500.000.000 trees are expected to be raised In the nurseries before
the project Is completed. Illustrative of the volume of work involved,
estimates for the first six months' operations mill for about 520,000 man
days. The total area involved Is placed at 100.000 square miles, or 04,000,000 acres. hicludIng land to be cleared of present growth.
Only the land to be planted to the shelter strips will be acquired by the
Government through purchase, lease or co-operative agreement with
land owners.
From 30.000.000 to 50,000.000 fence posts will be needed for enclosing
each of the parallel strips of trees. On this basis of 1,000 posts per car,
this one item is etpected to provide from :30.000 to 50,000 carloads for the
railroads to transport.
"This will be the largest project ever undertaken in this country to modify
climatic and other agricultural conditions in an area that is now constantly
harassed by winds and drouth," said F. A. Silcox, Chief Forester.
Another Washington dispatch to the "Times 'on July 24
outdned the redef program as follows:
While it was not known how many people had dropped off the relief
rolls to compensate for the drouth sufferers, it was believed there had been
a net rise in the 16.000,000 that had been getting Federal aid.
Water Projects Rushed.
Facing a situation unparalleled since the pioneers pushed across the
country and started to till the land, the relief administration is rushing
a far-flung system of water projects as it swings into action to meet this
unlooked-for situation.
Everywhere there is a dramatic race to get water into territories before
crops are ruined and to get cattle out before they become skeletons and
worthless.
Besides the amounts being spent for the purchase of cattle. $20.000,000
has been appropriated for July for this battle against the drouth and for
the subsistence of families on direct relief.
Further grants totaling S19.976.535, some for drouth relief. were made
to-day to 16 States. Includig Iowa, Georgia, Connecticut, Louisiana. South
Dakota, New Hampshire, North Carolina, South Carolina. Idaho. West
Virginia, Virginia. Arkansas, Nebraska, Oklahoma, Massachusetts and
Alabama.
ad, Hundreds of deep wells have been hurriedly sunk by State relief
ministrations in the West, and owners of the land are permitting their use
drilled
are
being
wells
such
by entire neighborhoods. In Wyoming alone 50
or have been completed, and in South Dakota about 100. A similar program is being pushed forward in other range States to save livestock.
Trend of Urban Relief from May 1934 to June 1934.
According to the Federal Emergency Helier Administration. preliminary reports indicate that the number of families (families and single resident persons) receiving unemployment relief in 143 cities or urban counties decreased 2%
and the amount of ohliaations incurred for unemployment
re:lef front all public funds de4Teased 4% between May and
June 1934. The 143 cities represent 57% of the total urban
population of the country. The Administration on July 1.2
rerther reported:
July 28 1934
In the three previous years the changes between May and June in the
of families receiving relief in leading cities ranged from a decrease
of 1% to a decrease of 6%. In the same three years the changes in the
amount of obligations incurred for relief from public funds in leading
cities ranged from an increase of 1% to a decrease of 3% between May
and June.
The fluctuations in the number of families receiving relief and in obligations incurred for relief were small in most of the cities. Approximately
three-fourths of the changes were less than 10%. In 62 cities both the
number of families receiving relief and the amount of obligations incurred
for relief declined. In 26 cities the number of families declined and the
amount of obligations incurred for relief increased. In 23 cities the
number of families receiving relief increased and the amount of obligations incurred declined. In only 32 cities were increases registered in
both the number of families receiving relief and the amount of obligations
Incurred.
number
toss of $48,000 May Be Charged Against Harriman
National Bank & Trust Co.—Alleged to Have Held
"Non-Legal" Securities as Executor of Estate—
Federal Court Authorizes $2,866,950 Settlement
Offered Depositors by Ten New York Banks.
Indications that the Harriman National Bank & Trust
Co. of New York City might be charged with losses of approximately $48,000, represented in the holding of "nonlegal" securities by.the bank as executor of the estate of
Alan Harriman, were given on July 24 by Surrogate Leone
D. Howell of Mineola, L. I., in reserving decision pending
the filing of memoranda by opposing counsel. During a
hearing on the settlement of the estate of Mr. Harriman it
is said to have been revealed that the bank had held "nonlegal" securities valued at about $48,000 for Mr. Harriman's
children. The bank contended that Joseph W. Harriman,
father of the late Alan Harriman, had advised it as executor
to retain the securities and that he had promised to indemnify
the institution against loss.
As was noted in our July 21 issue (page 389), Federal
Judge William Bondy on July 19 authorized the receiver of
the defunct bank to settle for $2,866,950 with 10 of the 20
member banks of the New York Clearing House Association,
who are all being sued by the Federal Government to reimburse depositors for losses. Previous references to the
offer of settlement were contained in our issues of June 16,
page 4063, and June 23, page 4228.
The New York "Times" of July 20 described the court's
approval of the settlement in part as follows:
The substance of the settlement was laid before the court yesterday by
Alfred A. Cook, as counsel for the Federal bankruptcy receiver and the
conservator who preceded him,as well as for the Controller of the Currency.
75% of Full Amount.
Mr. Cook explained that the receiver. the conservator and the Controller
proposed to discontinue their suit against the 10 settling banks upon payment of a total sum of $2.866.950, about 75% ot the amount that might
be recovered if the Government suit against them were successful.
"ff." said Judge Bondy emphatically. -if it were successful."
In order to protect themselves from a resumption of court action by
any large number of depositors, the settling banks required that at least
90% of the Harriman depositors sign a release from all claims such as the
Government has been presenting.
Any depositors' minority that did not assent was left in full possession
of all its rights. Judge liondy called attention to this condition repeatedly
so that the supporters of the settlement as well as the opponents might be
fully aware of Its implications.
According to the terms of the settlement, the depositors who retain
their rights to sue by not signing the release are not to share the 16 cent
dividend. Any part of the 32.866.950 that they would have received is
to be turned back to the settling banks, from whom such dissenting depositors can then recover it only by private suit.
Some Depositors Protest,
Judge Bondy struggled for almost two hours with representatives of
various committees and individual depositors who felt that the Government should not accept less than 100 cents on the dollar from the settling
banks.
When the minority dissenters had been heard, a number of depositors
and representatives of committees recorded their support of the settlement
plan. Among them was a committee representing more than $1,000,000
in deposits.
Stetson & Blackman (Philadelphia) Failure—Creditors
Make Assignment to John B. Stetson Jr., Who
Promises Early Payment of Claims.
John B. Stetson Jr., partner of the investment banking
firm of Stetson & Blackman, following action by Judge
William H. Kirkpatrick in the United States District Court
at that city this week, in instructing the receiver to turn
over all assets of the firm to Mr. Stetson, announced that
payment to creditors would be made in about 10 days.
An announcement in the matter went on to say:
All creditors of the firm have made complete assignments of their claims
to him. Mr. Stetson stated, under a plan to procure early distribution
of meets. and action of the Court to-day gives effect to that plan.
The firm, which has been In receivership since September of last year.
was a member of the New York Stock Exchange arid other exchanges.
Mr. Stetson Is a son of the founder of the hat company of that name.
and was United States Minister to Poland from 1924 to 1929.
The failure of Stetson & Blackman on Sept. 13 last was
indicated in the "Chronicle" of Sept. 16, page 2024.
4
547
Financial Chronicle
Volume 139
Reopening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of July 21 (page 389),
with regard to the banking situation in the various States,
the following further action is recorded:
DISTRICT OF COLUMBIA.
We learn from the Washington "Evening Star" of July 15
that despite pending litigation,a dividend of 65%,amounting
to about $1,000,000, would be paid to depositors and
creditors of the United States Savings Bank of Washington,
D. C., this week, according to an announcement made July
14 by J. F. T. O'Connor, Comptroller of the Currency.
We quote from the paper mentioned in part as follows:
At the same time the Comptroller filed answer in District Supreme
Court to a suit by Col. Wade H. Cooper, former President of the bank,
who is still attempting to wrest control of the institution from the Government.
This will be the third time that attempts have been made to pay a dividend,the other two having been thwarted by Cooper. It was first planned
to pay 50% through merging the savings bank into the proposed Hamilton
National Bank. Later it was announced on June 18 that a dividend of
65% would be paid by July 1.
Cooper went to court in both instances, and prevented payment of the
dividend, but the Government, filing its answer yesterday (July 14) laid
plans to go ahead this time despite pending litigation.
In his answer,the Comptroller,represented by George P. Barse,set forth
that the bank is not in condition to reopen and that it should proceed
in receivership liquidation. Attached to the answer were extensive exhibits
including decisions in the District Supreme Court and the Court of Appeals,
in which Cooper lost his fight to take back the bank from the Treasury
and force a reopening of the institution along Cooper plans. The Comptroller asks that these court decisions be considered in the new case.
Charging that Cooper's bill of complaint is "bad in substance," the
Comptroller declared that under law the Comptroller of the Currency had
exclusive official administrative jurisdiction, discretion and control, and
that the Court "is precluded from reviewing or disturbing the findings and
acts" of the Comptroller in the matter.
Taking up again the earnings of the bank, the Comptroller admitted that
prior to the middle of 1932 the bank had a capital stock of $100,000 and
surplus and undivided profits ofapproximately $250,000. The Comptroller
further said that between 1927 and 1930, the bank earned, according to
its books, from 40 to 60% upon its capital stock, but that for 1931 the
bank sustained a net loss of $8,256.64, and for 1932 a net loss of $38,200.59.
The bank paid for the years 1927 to 1931, inclusive, dividends of at least
30%. he said, a dividend of 263i% was Paid during 1932, when the bank
suffered a loss.
Previous court decisions, the Comptroller claims, are binding on Cooper
and because of this he is precluded from again raising the same issues.
ILLINOIS.
We learn from the Chicago "Journal of Commerce" of
July 20 that a dividend of 15 cents amounting to $30,073
has been authorized by Edward J. Barrett, State Auditor
of Illinois, for payment to depositors of the closed People's
State Bank of Arlington Heights, Arlington Heights, Ill.
That reorganization of the Kaspar-American State Bank
of Chicago, Ill., is making progress would appear from the
following taken from the Chicago "Tribune" of July 13:
The reorganization of the Kaspar-American State Bank cleared another
barrier yesterday (July 12) and was reported "a sure thing" to go through
by Otto F. Ring, counsel for the reorganization committee.
Superior Judge Harry M. Lewis again refused to order the receiver to
pay another dividend, as demanded by a group of insurgent depositors who
have fought the plan, which entails waiver of 60% of deposits. He set
Sept. 26 as the date for hearing any other matters in relation to the case.
Payment of the dividend would wreck the plan.
"The reopening is entirely a matter of mechanics now," said attorney
Ring. "It depends on how long it takes to complete details and bookkeeping operations. We do not need to watt until Sept. 26 for opening,
however."
A $30,000 payment to depositors of the Morrisonville
National Bank, Morrisonville, Ill., was announced on July
12 by E. T. Martin, the receiver, according to advices on
that date from Morrisonville to the Chicago "'Tribune."
The money was obtained through a Reconstruction Finance
Corporation loan, it was stated.
The Rochelle National Bank of Rochelle, Ill., was to
reopen as the National Bank of Rochelle on July 16, the
conservatorship terminating July 13, according to a dispatch
from that place to the Chicago "Tribune," which added:
Officers are Frank C. Carney, President; C. W. Diller, Vice-President,
and Elmer G. Boltz, Cashier.
Depositors of the First Trust & Savings Bank of Sterling,
Sterling, Ill., will receive a dividend of 25%, amounting to
$197,987 on July 20, according to an announcement made
July 20 by Edward J. Barrett, State Auditor. The Chicago
"Tribune" of July 21, in reporting the matter, went on
to say:
This is the first dividend to be paid since the bank closed. William L.
O'Connell, Receiver for the bank, stated that preferred creditors have
received $51,697 and that bills payable amounting to $1,258 have been
paid. The payment of the dividend is made possible through a loan from
the Reconstruction Finance Corporation.
INDIANA.
Louis G. Trixler, Receiver of the First National Bank of
Marshall County, Plymouth, Ind., on July 16 announced
a 74% payment to the creditors of the institution, according
to Plymouth advices on July 16 to the Indianapolis "News,"
which went on to say:
It will be the first payment since the bank closed 16 months ago and
amounts to $517,956, the largest single distribution by a closed bank in
Indiana.
IOWA.
That the Farmers' Savings Bank of Gilbertville, Iowa,
reopened for business on July 6 without restrictions, is indicated in the following taken from the Des Moines "Register"
of July 6:
The Farmers' Savings Bank, of Gilbertville. Ia., was released from the
restrictions of S. F. 111 by D. W. Bates, State Superintendent of Banking.
July 5, under depositors' agreements.
The bank will be open for business to-day, (July 6) Bates said.
We learn from the Michigan "Investor" of July 21 that
the date for reopening the First State Bank of East Detroit,
Mich., with a 40% payoff amounting to $200,000, has been
tentatively set for Aug. 15. The paper continued:
The unique set-up which was approved by Circuit Judge James E. Spier
calls for complete separation of the 60% trust fund from the new banking
institution and will remain in control of the depositors' committee.
Banking facilities were afforded the city of Buchanan,
Mich., on July 18, after a lapse of two years, with the
opening of the Galien-Buchanan State Bank, according to a
dispatch from Benton Harbor, Mich., on July 18. Charles
A. Clark is President of the institution.
In regard to the affairs of the Charlevoix State Savings
Bank of Charlevoix, Mich., the Michigan "Investor" of
July 21 carried the following:
Archie L. Livingston, conservator of the Charlevoix State Savings Bank,
announced that another hurdle in the bank's reorganization plan was
savings
accomplished when the required 75% of waivers of commercial and
depositors were received. Efforts are now being directed toward raising
of
Board
the
of
lead
the
followed
the capital stock, and the City Council
Supervisors by subscribing to 15 shares. Both have substantial deposits
of public money in the bank.
That the Davison State Bank at Davison, Mich., resumed
business recently on an unrestricted basis, was indicated in
the Michigan "Investor" of July 21, which said in part:
The Davison bank was licensed to reopen by the Federal Reserve Bank
of Chicago. Officers are: President, I. J. Berry; Vice-President. Dr. A.S.
Harrison, and Cashier, Owen Keeler. Mr. Keeler was formerly connected
with the Union Trust & Savings Bank of Flint, Mich., and recently served
as receiver for the Mt. Morris State Bank.
According to the Michigan "Investor" of July 21, 60%
in cash will be available to old depositors when the State
Bank of Linwood, Linwood, Mich., reopens on Sept. 4.
The remaining 40% will be placed in a participating trust
fund to be liquidated over a period of five years. The
bank will be capitalized at $25,000, it was said.
Reorganization of the Newport State Bank at Newport,
Mich., has been completed and the institution is scheduled
to open on Aug. 6, at which time $140,000 will be released.
In indicating this, the Michigan "Investor" of July 21
continuing said:
since the
This will be the second village bank in Monroe County to open
banking holiday, the first being the People's State of Maybee.
after
1913
The Newport bank was organized as a State institution in
having operated as a private bank by the late Dr. J. Valade, who founded
It in 1906. The new bank is capitalized at $25.000, and will be operated
-Presidents, Leo
by the following officers: President, Leo Boudinet; Vice
Martin and Philip Yoas; Cashier, Thomas J. Babbitt. Three new directors
were added to the Board.
MISSOURI.
Three Missouri banks, all of which had been operating
under restrictions, have been closed, according to the
following St. Louis dispatch on July 14 to the "Wall Street
Journal":
The People's Bank of St. Mary,the Bank of Osage City and the People's
Bank or Aurora, which have been operating on a restricted basis, have been
formally closed by their directors, according to 0. H. Moberly, Missouri
Commissioner of Finance.
According to St. Louis advices on July 21, to the "Wall
Street Journal," the following Missouri banks which have
been operating on a restricted basis, have been liquidated
and formally closed by their directors, according to 0. H
Moberly, State Commissioner of Finance for Missouri:
Bank of Argyle, Bank of Meta, Farmers' Bank, Holt; Reynolds County
Bank, Centerville; Security Bank and Bank of Fredericktown.
NEW YORK.
Regarding the closed Rockaway Beach National Bank of
Rockaway Beach (P. 0. Far Rockaway), L. I., the Brooklyn
"Eagle" of July 15 carried the following:
Representative William A. Brunner of Rockaway Park, following his
return from Washington on July 13. expressed confidence yesterday (July
14) that a Reconstruction Finance Corporation loan for the Rockaway
Beach National Bank, closed since August 1931, so that depositors may
receive another dividend, can be obtained.
.
Following a conference with Julius Fries, Receiver of the bank, Mr.
• Brunner said that the former had agreed to apply for the loan. Thus far,
three dividends totaling 70% of their deposits have been paid the depositors.
OHIO.
Concerning the affairs of the closed Guardian Trust Co.
of Cleveland, Ohio, advices from that city on July 17,
printed in the Chicago "Journal of Commerce," contained
the following:
548
Financial Chronicle
Guardian Trust Co. reports a net income of $339,570 during the period
of its liquidation to July 1 1934. Total income for the period was
$2,603,882.
Book value of the assets of the bank on June 30 last was $86,168,270,
a reduction of $19,837,163 from the book value of June 15 1933, of $106,005,433. Reduction in loans amounted to $14,107,905 and reduction in
investments was $6,363,763. Other assets were increased $634,505. Of
the total reduction effected $14,805,885 was by cash payment or sale, $4,238,117 by setoff or transfer and $793,160 by shrinkage.
Borrowed money on June 30 totaled $20,906,737, a decline of $10,601,661
from the high point. There were additional borrowings of $5,800,000.
which are a direct liability of the Western Mortgage Co. secured by assets
sold to the Guardian Trust.
According to advices from Napoleon, Ohio, on July 18,
printed in the Toledo "Blade," it is expected that the
proposed Community Bank will be opened in Napoleon in
three or four months. The dispatch added:
The $130,000 worth ofstock has been sold and a Reconstruction Finance
Corporation loan of$490,000 is being sought. The new bank would succeed
the Commercial State and Napoleon State banks. Depositors will be
requested to waive 60% of their claims for seven years.
PENNSYLVANIA.
The Philadelphia "Record" of July 25 had the following
to say regarding the affairs of the defunct Chester County
Trust Co. of West Chester, Pa.:
Robert G. Funkhouser, deputy in charge of affairs of the closed Chester
County Trust Co., West Chester, said arrangements have been completed
for receipt of a loan of $659,117 from the Reconstruction Finance Corporation, which will assure an initial dividend to depositors in the near future.
The American Bank & Trust Co. of Hazleton, Pa., which
has been operating on a restricted basis, was to open on
July 23, on a reorganized basis as the Traders Banking
Trust Co., with restrictions removed, according to the
Philadelphia "Enquirer" of July 22, from which we quote
further, as follows:
The new status of the institution was made possible by the co-operation of the State Department of Banking and the reorganization committee
of the bank. The company will be a member of the FDIC.
It will have a capital of $350,000, with a surplus of $175,000, undivided
profits of $93,800 and a deposit liability of $2,244,505. The President
will be John Yourishin.
WASHINGTON.
The Union Bank & Trust Co. of Walla Walla, Wash., was
reopened on July 17 under a license issued by the Washington State Banking Department, after having been closed
since Feb. 11 1933, according to Associated Press advices
from that place on the date named, which,continuing said:
Forty per cent of old deposits were made immediately available and
depositors have taken certificates in an affiliate holding company for balance
of their claims. The reopening leaves one financial institution, the People's
State Bank. in liquidation here. It closed Sept. 14 1932. Harold Davis,
15 years a Colfax banker, and since November 1932,a credit examiner with
the Regional Agricultural Credit Corporation, Spokane, has joined the
Union Bank & Trust Co. as Cashier. Harry Lasater, President when the
bank suspended, continues as head of the reorganized institution.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made, July 27, for the sale of a New
York Curb Exchange membership at $26,000, a decrease of
$4,000 from the last transaction of July 11.
The membership of Charles Gitlan, on the New York
,Commodity Exchange, Inc., was sold, July 24, to Philip B.
Weld, for another, at $2,500, an increase of $150 over the
last previous sale of July 19.
The New York Cotton Exchange membership of Milton
W. Lipper was sold, July 27, to Marshall Geer, for another,
for $15,500, a decrease of $1,500 from the last previous sale,
July 9.
Two Chicago Board of Trade memberships sold this
week, one on July 25 at $7,400, off $100 from the last
previous sale of July 18, and the other on July 26, at $7,250.
Arrangements were completed, July 23, for the sale of a
membership on the Chicago Stock Exchange for $2,500,
down $1,000 from the last previous sale of June 14.
The First National Bank of New York on July 24 elected
Arthur Curtiss James a director to succeed Frank Rysavy,
resigned. Mr. James had previously served the bank as a
director from October 1907 to April 1921. He is a trustee of
the United States Trust Co., Chairman of the board of the
Western Pacific Railroad Co., and is a director of several
railroads and corporations.
Thomas M. Debevoise has resigned as a Director of The
Chase National Bank of New York and Barton P. Turnbull
has been elected to succeed him. Both air. Debevoise and
Mr. Turnbull are associated with John D. Rockefeller, Jr.
July 28 1934
Arthur Coppell, former partner of the banking firm of
Maitland, Coppell & Co., New York, which firm was liquidated in 1932, died of a heart attack on July 20 at Portland,
Me., where he was vacationing. He was 62 years old. Following his graduation from Princeton University in 1894 Mr.
Coppell became a clerk in the firm of Maitland, Phelps & Co.,
of which his father was a partner. The name of the company
was later changed to Maitland, Coppell & Co. Mr. Coppell
became a partner in 1896 and remained in that capacity until
the firm was dissolved. At the time of his death Mr. Coppell
was a director of the Allis-Chalmers Manufacturing Co., the
Guantanamo Sugar Co. and the New York Law Publishing
Co.
Announcement was made on July 23 by the Bancamerica
Blair Corp., New York, of the election of Elmer G. Diefenbach as a Vice-President. Mr. Diefenbach is President of
Electric Ferries, Inc., and is a director of the Freeport Texas
Co. and several other corporations.
Franklin I. Mallory, member of the New York Stock Exchange firm of Mallory, Pynchon & Eisemann, New York,
died on July 22. Mr. Mallory, who was 57 years old, was
a partner of the banking firm of Drayton, Pennington & Colket from 1911 to January 1932, when it dissolved. In June
of last year, with Alex Eisemann, Lawrence Cowan, Charles
Smolka and George Archinal, Mr. Mallory formed the firm
of Mallory, Eisemann & Co. With the entrance of George M.
Pynchon as a partner, the name was changed to Mallory,
Pynchon & Eisemann.
Jesse Spalding, partner of the New York Stock Exchange
firm of Spalding, Tucker & Co., New York, died on July 18
in the Manhattan Eye, Ear and Throat Hospital. He was
46 years old. Mr. Spalding, who graduated from Yale University in 1913, was a former member of the Stock Exchange
and was formerly a member of Farnum, Winter & Co. When
that firm dissolved in 1932 Mr. Spalding gave up his seat
on the Stock Exchange and with John Tucker formed the
firm of Spalding, Tucker & Co.
John A. Becker, President of the First Trust Co. of Albany, N. Y., died at Memorial Hospital that city on July
26 after a brief illness. The deceased barker was born in
Albany 67 years ago For several years he was engaged in
the feed and grain business. After being associated with the
old First National Bank of Albany for several years he was
made its President in 1912. Ten years later he brought
about a merger of the First National Bank and the Albany
Trust Co. under the title of the First Trust Co. and was appointed President of the consolidated institution, the office
he held at his death.
—•___
Stockholders of the Marls Plan Co., Albany, N. Y., have
unanimously approved a resolution to change the name of
the corporation from its present title to the "Morris Plan
Industrial Bank of Albany." This change is due to recent
legislation, making industrial banking companies industrial
banks. The Albany "Knickerbocker Press' of July 18, reporting this, added:
The Morris Plan is hereafter empowered to take deposits not subject to
check and perform other banking functions. It will continue to make loans
as heretofore and to issue certificates of deposit, bearing 3% interest payable by check on January 1 and July 1.
A new bank, the Community Trust Co. of York Village, Me.,
was opened for business on July 23, State Bank Commissioner Thomas A. Cooper announced, according to advices
from Augusta, Me., to the New York "Times," which added:
The bank, with branches in Kittery and Ogunquit, is capitalized for
$100,000 and has a paid-in surplus of $50,000. George N. Baker, of York
Village, is President.
Charles B. Strout, President of the closed Industrial Bank
& Trust Co. of Boston, Mass., on July 19 was sentenced to
one year in the house of correction and ordered to pay a fine
of $2,000 by Judge David F. Dillon of the Superior Criminal
Court. The former banker was adjudged "guilty" of certifying a check for $2,968 for the W. H. Wardwell Co., July
26 1930, when the company lacked funds in its account to
cover the check.... The Boston "Herald" of July 20, from
which the foregoing is taken, continuing said In part:
Mr. Strout was named as defendant in many indictments charging violations
of the banking laws which two suffolk County grand juries returned more
than two years ago after an exhaustive Industrial Bank & Trust inquiry by
Volume 139
Financial Chronicle
the district attorney's office. In the series of jury-waived trials which
followed, however, Mr. Strout was acquitted of all charges preferred against
him. Judge Dillon did not preside at any of these trials.
Ernest J. Waterman, for 10 years Trust Officer of the
Berkshire Trust Co. of Pittsfield, Mass., has resigned, effective Aug. 1 and will be succeeded by Myron F. Lord of
Boston, it is learnt from Pittsfield advices on July 13, printed
in the Springfield "Republican."
Concerning the new bank being organized in Red Bank,
N. J., under the title of the Red Bank National Bank, and
its proposed union with five other Monmouth County banks—
to which we referred in our issue of July 14, page 229—a Red
Bank dispatch to the Newark "News" on July 19 had the
following to say:
Consolidation of the proposed Red Bank National Bank with five other
banks in the County appears doomed to-day because of the unsatisfactory
response of subscriptions for stock.
The Chamber of Commerce, for the organization of the new institution and
Atlantic Highlands Bank, First National Bank of Freehold, Belmar National,
Sea Bright National and First National of Eatontown, issued the following
statement yesterday:
"The Committee has been working since April 12 upon a plan to open a
new bank in Red Bank to be known as the Red Bank National Bank. About
four weeks ago the above-named banks were approached with the idea of
supplying management for the new institution. This idea grew until it
seemed desirable and possible to consolidate the new Red Bank bank with
these banks, forming one large bank with branch offices in each of the
towns already supplied by these institutions. The plan, as amended, called
for raising $120,000 in capital structure in Red Bank. The Red Bank
Committee has labored diligently and intelligently to complete this plan,
but the reward of their efforts has been to receive subscriptions of only
approximately $42,000. Part of the plan contemplated disbursing of the
35% dividend now due depositors of the closed Broad Street National Bank
and disbursing of this dividend has been held up pending efforts of the
Committee and the other banks in question to obtain the necessary capital
in Red Bank.
"In view of the length of time which has expired and of the seeming
Inability of Red Bank to raise sufficient capital to consummate the plan,
the five banks above named and the Committee have determined, for the
present, at least, to abandon the idea of merger and consolidation with the
Red Bank bank, as they do not feel justified in longer being the cause of
withholding such dividend as may be due depositors of the old Broad Street
National Bank."
The possibility of an initial dividend of 8% being paid 4n
the near future to depositors of the defunct Northwestern
Trust Co. of Philadelphia,Pa., which was closed in July 1931,
was indicated in the Philadelphia "Record" of July 21, which
said, in part:
The patience of 15,000 depositors of the defunct and looted Northwestern
Trust Co. soon may be rewarded.
They may receive eight cents on the dollar. . . .
Possibility of the eight-cent dividend was disclosed yesterday (July 20)
In the second report filed with the Prothonotary of Common Pleas Courts by
John Stockburger, deputy receiver.
It revealed arrangements have been made with the Reconstruction Finance
Corporation for a loan of $675,209, of which $475,000 may be made available for distribution to depositors. That would represent about 8% on
deposit liabilities of, roughly, $5,800,000.
A substantial portion of the institution's assets will be pledged to secure
the loan. . . .
The second receiver's report, filed yesterday, showed that inventory has
been reduced from $2,305,283 as of July 31 1933 to $1,741,584 as of April 30.
The report, which covered that period, will come up in court for audit
next fall.
The balance of inveritory consisted of $275,087 in cash in hand and in
bank, plus other unconverted assets of $1,446,497.
Cash receipts during the period were $885,426, and disbursements,
$563,342. Among the disbursements are $398,332 paid in secured claims,
$45,878 in sundry expenses, and $305,256 in offsets allowed.
The appraised value of investments as of April 30 was set at $889,902,
against $1,326,502 as of July 1 1933.
A more recent issue of the "Record," July 25, after stating that Dr. William D. Gordon, State Secretary of Banking,
had announced the previous day that the Reconstruction Finance Corporation has approved a loan of $675,209 for the
defunct institution, went on to say:
Dr. Gordon's announcement of the loan to the Northwestern Trust confirmed disclosure of that fact in the second accounting of the bank, filed
last week by the deputy receiver. The loan will mean a dividend of, roughly,
8% on approximately $5,900,000 deposits, held by 15,000 depositors.
The bank . . . has been closed for three years and in process of
liquidation for two years, yet depositors to date have not received a cent.
Assets appraised at $1,938,436 have been pledged to secure the loan.
Dr. Gordon's statement, however, indicated that the dividend may be
larger.
"As soon as all technical requirements have been met," he said, "and
the funds have been made available, the Secretary of Banking, upon confirmation of the account by the Court, will issue checks to depositors, using the
funds collected by him in liquidation, supplemented by those obtained through
the Federal agency."
The possibility of a greater dividend depends upon the amount of the
funds "collected in liquidation."
Depositors of the closed Darby Bank & Trust Co., of
Darby, Pa., may receive a third dividend of 16%, through a
loan from the Reconstruction Finance Corporation, it was
disclosed at Media, on July 24, as a second partial accounting was filed by the Pennsylvania State Banking Depart-
549
ment. In reporting the above, the Philadelphia "Inquirer"
of July 25 added:
The report showed that a loan of $186,172 is expected from the RFO.
Two dividends have already been paid, one of 20% and one of 5%. The
account showed a drop in the net liabilities from $1,344,343 to $1,044,870.
The Darby Bank & Trust Co. was closed in January 1931,
as noted in our issue of Jan. 10 1931, page 230.
Secretary of Banking for Pennsylvania, Dr. William D.
Gordon, as receiver in charge of the Homewood People's
Bank of Pittsburgh, Pa., obtained an order in Common Pleas
Court July 24, authorizing him to borrow $341,794 from the
Reconstruction Finance Corporation, to be used in paying
depositors and preferred creditors of the bank, according to
the Pittsburgh "Post-Gazette" of July 25, which added:
According to the petition, made by Deputy Receiver George A. Kline,
through Deputy Attorney General David Glick, this sum will provide an
18% dividend payment to depositors. This, with 45% already paid, will
make a total of 63%.
Albert C. Bruce and Eugene L. Myers were elected directors
of the Baltimore National Bank, Baltimore, Md., at a meeting of the Board held July 16, according to an announcement
by Howard Bruce, President of the bank. Albert Bruce is
President of the United States Hoffman Machinery Corp.,
a director of the Central Savings Bank, Baltimore, and formerly a director of the Mercantile Trust Co. Mr. Miles is
Vice-President and Cashier of the Baltimore National Bank.
The Baltimore "Sun" of July 17, from which the above information is obtained, also said:
Announcement also was made that the Baltimore Trust Company, which
is in liquidation, will not exercise the option given it under its plan of reorganization to purchase the stock of the Baltimore National Bank. The
option now runs to the depositora and creditors, and after them to the holders of the guaranty fund certificates and stockholders.
on July 15 that a dividend equal
Formal notice was given
to 20% of the balance due each depositor in the Washington
Bank and Trust Co. of Cincinnati, Ohio (in course of liquidation), as shown by its books, would be paid by The Fifth
Third Union Trust Co. of that city, the liquidating agent,
on July 23.
The Merchants' National B- ank of Indianapolis, Indianapolis, Ind., recently opened a new branch at 37 West Thirtyeighth St., that city, according to the Indianapolis "News"
of July 18. The new office has been opened with the consent
of the Comptroller of the Currency, officers announced. John
Heidt is Manager. The "News" added:
The Merchants' National Bank is a member of the Federal Deposit Insurance Corporation, the Federal Reserve Bank and the Indianapolis Clearing
House. It is capitalized at $1,250,000 and has deposits of more than $18,000,000, according to a statement of its condition as of June 15 1934.
With reference to the affairs of the defunct Commercial
Savings Bank of Moline, Ill., a dispatch from Rock Island,
Ill., to the Chicago "Tribune" under date of July 20 contained
the following:
Charles J. Smith, receiver to collect stockholders' liability for the closed
Commercial Savings Bank of Moline, Ill., to-day (July 20) petitioned the
Rock Island County Circuit Court for permission to distribute $54,836 which
he has collected among depositors.
0. P. Decker has been elected a Vice-President of the
American National Bank & Trust Co. of Chicago, Ill., according to an announcement by Laurance Armour, President of
the institution. The Chicago "Journal of Commerce" of
July 13, in noting this, added:
Mr. Decker has been associated with the bank since 1930, serving in the
capacity of Assistant Vice-President. Previously he was Treasurer of the
wolff Co., plumbing supply manufacturers.
According to Washington, D. C., advices, on July 18, to the
Chicago "News," suit is expected to be filed shortly by the
Federal Deposit Insurance Corporation against the First
National Bank of Englewood (Chicago, Ill.) in an effort to
force the bank into the deposit guaranty fund, it was indicated in Washington on that day. The bank's deposits have
been covered by more than 100% in cash and Government
bonds for some time, and it has steadily refused to become
a member of the fund, as required by the Deposit Guaranty
Act. The dispatch added:
The suit likely will hinge on the collection of the assessment which has
been levied against that and all other banks subject to the provisions of
the law, it is understood.
Payment of a third dividend of 8% to depositors of the
closed Rockford National Bank of Rickford, Ill., was begun
July 11, according to advices from that place to the Chicago
"Tribune." The bank in all has declared dividends totaling
48% of the original deposits, the dispatch said.
Financial Chronicle
550
July 28 1934
Fred W. Moore, President of the Commercial & Savings
Bank of St. Clair, Mich., has announced that the recent action
of the shareholders in increasing the bank's capital, has been
supplemented by the sale to the Government of $150,000 in
preferred stock. In noting this, the "Michigan Investor" of
July 21, added:
Rod Maclean, heretofore Acting Manager of the advertising and publicity department of the California Bank of Los
Angeles, Calif., has been promoted to Manager of that department, according to an announcement made July 11 by
T. E. Ivey, a Vice-President of the institution. The Los Angeles "Times" of July 12, went on to say:
The action of the shareholders brought the capital, surplus and reserves
to $400,000 and enabled the bank to carry its assets at to-day's values. The
resources of the bank are now in excess of $2,000,000.
Mr. Maclean's work during the past year has received national recognition
on several occasions by a well-known Eastern Advertising critic.
That depositors in the closed Capitol State Bank of Capitol
Hill (Oklahoma City), Okla., were to receive a 10% dividend on July 18, is indicated in the following taken from an
Oklahoma City paper:
Dividend payments to depositors of the Capitol State Bank will not be
available until Wednesday (July 18), Ernest Pitchlynn, liquidating agent,
announced Friday.
The payment erroneously was announced Thursday as starting at once,
but Mr. Pitchlynn said it will be necessary to get the customary district court
order before checks may be issued. The payment, representing 10% of
deposits, will exceed $38,000, he added.
August H. Reller, President of the Bremen Bank & Trust
Co. of St. Louis, Mo., rounded out fifty years of service with
the institution on July 21. The occasion was marked by a
• dinner given in his honor by the officers and employees of
the bank at the Statler Hotel. The St. Louis "Globe-Democrat" of July 21, from which this is learnt, also said:
Mr. Reller, who is 67, was born in St. Louis. He became an employee of
the Bremen Bank in 1884 as messenger and clerk. He was cashier of the
bank for a long period and has been its President for about 20 years.
The bank has been in continuous operation and was one of the first in
St. Louis to receive a permit to reopen after the bank holiday decreed by
President Roosevelt in March 1933.
Purchase of the controlling interest in the stock of the
Citizens' Bank of Eldon, Mo., by W. H. Harrison and his son,
Ross Harrison, was announced on July 17, according to advices by the Associated Press from that place, which furthermore said:
W. II. Harrison was elected President and a director and took charge today (July 17). Ross Harrison, who is President of the Missouri Bank &
Trust Co. of Kansas City, also was named a director. William Greenway
and G. W. Smith will continue as Vice-President and Cashier, respectively.
The Commercial Bank of Thomasville, Ga., was to open
for business on July 23 in its new quarters, the former Bank
of Thomasville Building, which was recently purchased, according to advices from that city, appearing in the Florida
"Times Union."
Announcement was made on July 17 by Charles E. Brouse,
President of the Citizens' National Trust & Savings Bank of
Riverside, Calif., that his institution has purchased the building and fixtures of the First National Bank of Rialto, Calif.,
and that a branch of the Riverside institution would be
opened in the Rialto Building about Aug. 1. Riverside advices on July 17, appearing in the Los Angeles "Times",from
which this is learnt, furthermore said:
In his statement Mr. Brouse said that none of the liabilities of the old
bank are being taken over.
"We are starting a new bank with a completely new slate," he stated.
Mr. Brouse said that announcement of the Manager for the Rialto Bank
will be made within a few days. • The Citizens' National Bank in addition
to its main headquarters here operates the Security Savings Bank of Riverside, the Citizens' Bank of Arlington and banks at Hemet and San Jacinto.
A summary of the figures given in the statement of accounts of the Midland Bank, Ltd., of London, as of June 80
1934, as compared with the position shown by the institution
on Dec. 31 1933 and June 30 1933, respectively, shows:
June 30
1933.
Capital paid up
14,248,012
Reserve fund
11,500,000
Current, deposit and other accounts (including
profit balance)
425,102,158
Acceptances and confirmed credits on account
of customers
8,613,643
Engagements on account of customers
5,028,854
464,492,667
AssetsColn, bank notes and balances with the Bank
of England
38,714,761
Balances with and checks In course of collection
on other banks In Great Britain and Ireland_ 13,705,554
Money at call and short notice
15,837.034
Investments
113,534,408
Bills discounted
76,013,729
Advances to customers and other accounts _ _174,290,747
Liabilities of customers for acceptances, confirmed credits and engagements
13,642,497
Bank premises
9,607,813
Other properties and work In progress for extension of the business
1,052,282
Shares in Yorkshire Penny Bank, Ltd
750,000
Capital, reserve and undivided profits ofBelfast Banking Co.. Ltd
The Clydesdale Bank, Ltd
7,343,842
North of Scotland Bank, Ltd
Midland Bk. Executor & Trustee Co., Ltd_
Dec. 31
1933.
June 30
1934.
14.248,012 14,248,012
11,500,000 11,500,000
415,474,036 402.865,047
10,176.005
5,657.399
9,666,730
5.337,340
457.055,452 443,617,129
42,233,852 37,456,076
13,821.540
21,035.289
118,086,369
62,828,431
164,440.337
15.220,160
27.697,833
110,946,652
50.450,887
168.023,783
15,833,404
9,540,378
15,004,070
9,521,821
1,106,063
750,000
1,166,058
750,000
7.379.789
7,379,789
464,492,667 457,055,452 443,617,129
We learn from the Portland "Oregonian" of July 10 that
the First National Bank in Reno, Reno, Nev. (now owned
by the Transamerica Corp. of an Francisco, Calif.), opened
a branch in Carson City, Nev., on July 9. The paper said:
Transamerica Corp. has begun to build a branch banking system in Nevada,
its officials have announced, along lines of the system of Bank of America in
California. The Carson City branch of First National Bank of Reno, Transamerica's nucleus for a Nevada branch banking system, was opened yesterday
(July 9), with Spencer L. Butterfield, formerly with the Bank of Sparks
(Nevada), as Manager. In addition to the Carson City branch, an office
will be opened at Winnemucca (Nevada).
The annual statement of the Standard Bank of South
Africa, Ltd. (head office London), covering the fiscal year
ended March 31 1934, and presented to the proprietor's at
their 121st ordinary meeting on July 25, has just been received. It shows net profits for the twelve months (after
payment of all expenses, providing for all bad and doubtful
debts and rebating current bills) of £433,179, which when
added to 1154,400, representing the balance to credit of profit
and loss brought forward from the preceding fiscal year,
made £587,579 available for distribution. Out of this sum,
the report tells us, an interim dividend at the rate of 10%
per annum (subject to income tax) for the half year ended
Sept.30 1933, calling for £125,000, was paid, and 175,000 credited to bank premises account, leaving a balance of 1387,579,
which the directors recommended be allocated as follows:
£100,000 to officers' pension fund, and £125,000 to pay a
dividend of 5% per share on 500,000 shares (being at the
rate of 10% per annum), subject to income tax, making a
total distribution for the year at the rate of 10%, leaving a
balance of £162,579 to be carried forward to the current year's
profit and loss account. Total resources of the Standard Bank
of South Africa are shown in the report as £69,398,754 and
its paid-up capital as 12,500,000 with reserve fund of like
amount. The institution was established in 1862.
COURSE OF BANK CLEARINGS. •
Bank clearings this week again show a, decrease as compared with a year ago. Preliminary figures compiled by us,
based upon telegraphic advices from the chief cities of the
country, indicate that for the week ended to-day (Saturday,
July 28) bank exchanges for all cities of the United States
from which it is possible to obtain weekly returns will be
11.7% below those for the corresponding week last year.
Our preliminary total stands at $4,522,646,032, against
$5,124,286,213 for the same week in 1933. At this center
there is a loss for the five days ended Friday of 23.4%.
Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ended July 28.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
Per
1934.
1933.
cent.
$2,230,364,169
173,397,593
238,000,000
143,000.000
65,616,233
$2,912,568,753
190,601,660
194,000,000
163,000,000
58.521,224
52,300,000
80,072,000
69,993,222
44,052,036
59,699,873
31,333,160
22,076.000
-23.4
-9.0
+22.7
-12.3
+12.1
+11.1
+2.5
+6.3
+37.8
-16.7
+28.6
-10.0
58.100.000
82,053,000
74,401.911
60,723,403
48,880,432
40,297,272
19,873,000
Twelve cities, 5 days
Other cities, 5 days
63,234,707,013
534.164,680
$3,877,217,928 -16.6
457,428,340 +16.8
Total all cities, 5 days
All cities, 1 day
83,768.871,693
753,774,339
$4,334,646,268 -13.1
789,639,945 -4.5
$4,522,646.032
15•1242115212 -11 7
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-clay, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended July 21. For
that week there is a decrease of 15.6%, the aggregate of
clearings for the whole country being $5,036,112,250, against
$5,969,755,082 in the same week in 1933.
Outside of this city there is an increase of 2.1%, the bank
clearings at this centre having recorded a loss of 24.1%. We
group the cities according to the Federal Reserve districts
in which they are located, and from this it appears that in
the New York Reserve District, including this city, the
totals record a loss of 23.8% and in the Boston Reserve
District of 7.1%, but in the Philadelphia Reserve District
the totals show a gain of 13.4%. The Cleveland Reserve
District has managed to enlarge its totals by 8.0%, the
Richmond Reserve District by 19.8% and the Atlanta
Reserve District by 10.3%. The Chicago Reserve District
has a decrease of 7.9% and the Minneapolis Reserve District
of 22.5%, but the St. Louis Reserve District has an increase
of 9.4%. The Kansas City Reserve District has to its credit
a gain of 13.4%,the Dallas Reserve District of 17.6% and the
San Francisco Reserve District of 6.9%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF' BANK CLEARINGS.
Week End. July 21 1934.
1933.
1934.
Total
110 cities
Outside N.Y. City
,,,, vv.. ru.
..v, v.,, 7,1.1 ---07 A
0A.C1 AilA 917
28L493273
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Week Ended July 21.
Clearings at-
Inc. Or
Dec.
8
S
%
First Federa Reserve Dist rict-BostonIe.-Bangor__ _.
438,898
460,267 -4.6
Portland
1,666,259
1,970.228 -15.4
Iass-Boston - - 239,161,187 256,505,878 -6.8
Fall RIver_ _ _ _
562,279
655,798 -14.3
Lowell
256,852
256,006 +0.3
New Bedford
693,154 +3.3
716,070
Springfield_ _ _ 2,583,437
2,945,353 -12.3
Worcester
1.221.991
1,352,280 -9.6
onn.- Hartford
11,939,929 -12.0
10,507.391
New Haven3.875,567 -13.2
3,363.450
.1-Providence
8,049,500 -3.9
7,737,800
.H.-Manches'r
401,811 +9.6
440,245
1934.
-
Total(12 cities)
268,655,859
1933.
289,105.771
Second Feder al Reserve D strict-New
. Y.-Albany_
9,213,007
7,051,441
Binghamton...
886,583
854,955
Buffalo
27,008,046
27,386,460
Elmira
472,209
418,054
Jamestown....
525,209
550,928
New York_ - - - 3,066,476,911 4,040,107.258
Rochester
5,193,796
5,803.512
Syracuse
3,240,734
3,161,174
onn.-Stamford
2,759,120
3,207,485
r. J.-Montclair
384,144
274,077
Newark
15,350,304
16,467,484
Northern N. J.
28,910,059
22,864,950
-7.1
•
1932.
5
1931.
5
405,088
1,470,147
193,395,408
636,460
292,986
562,390
2,776,000
2,127,000
6,641,469
3.531,661
6,891,500
347,828
525,022
2.781,435
349.000.000
736,978
417,057
648,473
3,321,575
2,327,937
8.334,978
7,141,777
9,496,500
531,575
219.077.937
385,263,307
York4,849,927
4,420,230
-23.5
722,864
950.279
-3.6
31.696.756
23.483.662
+1.4
610,984
752,909
-11.5
486,681
634,190
-4.7
-24.1 2,285,479,051 4,041,706,430
5,224,248
7,050,087
-10.5
2.911,671
7,948,420
+2.5
2,698.215
3,254,100
-16.3
614,939
517,614
-28.7
22.881,012
24,742,524
-6.8
24.529,659
-20.9
29,233,383
Total(12 cities) 3,152,844,376 4,135,723,524 -23,82,374.492,9134,162,900,922
Third Federal Reserve Dia trict-Phila delphl aa.-Altoona___ _
306,897
.558,293
352,662
341,862 +3.2
Bethlehem.._ _
b
b
b
b
b
Chester
410,041
735,890
237,802
286,997 -17.1
Lancaster
981.061
1,799,073
910.291
1,032,050 -11.8
Philadelphia
302,000,000 264,000,000 +14.4 250,000,000 347.000.000
Reading
1,671,659
2,685,712
1,064,369
1,047,039 +1.7
Scranton
2,115,670
3,605.911
2,076.209 +1.0
2,096,398
Wilkes-Barre- 1,617.451
1,110,645
2,516,257
1,534,437 -27.6
York
1,250,443
1,152,936
1,405.906 -11.1
1,508,925
r. J.-Trenton-. 3,084,000
3,293,000
3,256.000
3,418,000 -9.8
Total(9 cities). 312,106,610 275,142.500 +13.4 261,548.715 363,666,061
Fourth Feder al Reserve D Istrict-Clev eland Ihio-Akron
c
c
cc
c
Canton
c
c
cc
c
Cincinnati --43,837,250 118.232,126
44,765,484
44,814,798 -0.1
Cleveland
64,993,539
70,672,680 100.561,344
57.341,827 +13.3
Columbus
7,126,400
10,242,500
10,233,000
7,837.000 +30.7
Mansfield
1,010,712
1.208.249
1,717,689
1,224,608 -1.3
Youngstown...
b
b
b
b
b
.a.-Pittsburgh 91,556.126
85,827,640 +6.7
71,080,512 118.760,875
Total(5 cities). 212,765,898 197,045,873 +8.0 193,727,554 349,505,034
Fifth Federal Reserve Dist riot-Richm ondV.Va.-HuntIon
139,546
90.677 +53.9
ra.-Norfolk
1,959,000
2,337.000 -16.2
Richmond._ _ _
27,541,466
25,317.499 +8.8
-Charleston
I. C.
707,276
695,375 +1.7
dd.-Baltimore.
54,037.036
42,513,120 +27.1
3.C.-Washing'n
13.844,426
11,105,709 +24.7
394,836
2,521,000
21,402,519
562,628
50,534,482
17,091,319
483,496
3,218,865
30,449,995
1,331,915
72,207,130
20,294,132
82,059,380 +19.8
92.506,784
127.985,533
Sixth Federal Reserve Dist rict-Atlant arenn.-Knoxville
2,583,117
4,095,461 -36.9
Nashville
12,389,991
10,553,080 +17.4
)a.-Atlanta
35,000,000
30,700,000 +14.0
Augusta
795,275
1,026,705 -22.5
Macon
688,830
526.033 +30.9
Fla.-Jaclenville.
11,047,000
9,912,000 +11.5
kla.-Birm'ham 16,127,946
9,871,989 +63.4
Mobile
1.093,582
1,063,472 +2.8
giss.-Jackson
b
b
b
Vicksburg
89,871
92,485 -2.8
La.-NewOrleans
21,914,504
24,373,350 -10.1
2,246,375
7,933.498
25,300.000
600,671
368,808
6,659,133
7.274,143
654,957
b
74,296
22,949,580
3.083.420
10,324.406
31,538,214
974,158
602,158
9,777.751
10,089,930
935,492
b
88.886
32,814,848
74.061,459
100,229,263
Total(6 cities).
Total (10 cities)
98,228,750
101,730,116
92,214,575 +10.3
1934.
1933.
Inc. or
Dec.
$
S
%
Seventh Feder al Reserve D strict-Chi cago16,143 +284.3
62,034
Mich.-Adrlan _
328,734 -2.9
319,105
Ann Arbor ____
66,661,621
49,900,436 +33.6
Detroit
1,166,657 +42.1
1,658,080
Grand Rapids.
1,009.995
665,063 +51.9
Lansing
491,151 +32.2
649.058
Ind.-Ft. Wayne
11.154.000 +22.6
Indianapolis
13,670,000
636,134 +75.7
1,117.672
South Bend...
3,312.603
2,759,704 +20.0
Terre Haute...
15,142,205
14,385,676 +5.3
Wis.-Milwaukee
230,140 +136.8
545,086
Ia.-Ced. Rapids
5,268.055 +9.9
5,787,456
Des Moines
2,413,976 +5.9
2,556,562
Sioux City....
b
b
Waterloo
327.665 +67.4
548,479
Ill.-BloomIngt'n
222,768,117 274,973.909 -19.0
Chicago
494.981 +23.0
608,606
Decatur
2,439,467 -10.0
2,196,209
Peoria
596,290 -1.1
589,535
Rockford
1,161,237 -11.1
1,023,628
Springfield
1932.
1931.
S
$
87,278
346,003
63,339,405
2.263,223
2,232,902
843,759
10,687,000
900,462
2,930.167
14.211,516
706,952
4.953,934
1,964,532
b
839,273
171,030.454
384,187
2,069,735
366,390
1,464,288
145,438
524,889
121,314,709
3,877,220
2,380,071
1,329,822
14,648.000
1,012,370
4,064.502
20,301,582
2,472,668
5,223,278
3,771.099
b
1,172,089
311.188.049
854,229
2,377,580
1,360,033
2,282,174
-7,9
281,616,460
500,299,802
Eighth Federa I Reserve Dis trict-St. Lo uisb
b
b
Ind.-Evansville
68,300,000 +8.9
74,400,000
Mo.-St. Louis
20,273,172 +10.0
22,308,536
Ky.-Louisville _
12.270.819 +10.9
13,614,095
Tenn.-Memphis
b
b
b
111.-Jacksonville
314,000 +20.4
378.000
Quincy
b
55.900,000
15.871,132
7,985,021
b
413,084
b
77,700,000
21,116,602
11,163,500
b
666,371
+9.4
80.169.237
110,646,473
a polIs2,215,050
-36.7
51,461.100
-33.1
14,554,348
+24.4
619.700
+32.2
250.388
+13.7
1,765.482
+8.5
3,607,495
57,176,894
18,445,228
735,291
422,822
2,504,607
340,226,051
369,399,418
1931.
1932.
5,036,112,250 5,969,755,082 -15.6 3,941,921,125 6,575,903,691
1,969,638,339 1,929,647,824 +2.1 1,656,442,074 2534,197,261
32 Mugu
Week Ended July 21.
Clearings at-
Total(19 cities)
1,66,0?
Dec.
Federal Reserve Diets,
$
$
8
$
%
219,077,937
385,233,307
lat Boston_ __ .12 cities
268,655,859
289,105,771 -7.1
2nd New york__12 "
3,152,844,376 4,135,723,524 -23.8 2,374,492,913 4,152,906,928
261,548,715
363,666,061
3rd Philadelpla 9 "
275,142,500 +13.4
312306,610
4th Cleveland._ 5 "
212.765,898
197,045,873 +8.0
193.727,554
349,505,034
92,506,784
127,985,533
5th Richmond.. 6 "
98,228,750
82,059,380 +19.8
_10 "
5th Atlanta
74,061,459
100,229,263
92,214,575 +10.3
101,730,116
281,616,460
500,299,802
7th Chicago - _ _19 "
340,=6,051
369,399,418 -7.9
80.169,237
110,646,473
Nth St.LOUIS--- 4 "
101,157,991 +9.4
110,700,631
82,892,337
iltn Minneapolis 6 "
70,866,068
103,102,024 -22.5
79,917,598
139,630,477
10th Haulms City10 "
101.851,909
116,579,288 +13.4
132,151,345
11th Dallas
5 "
43,675,632
31,012,763
39,301,410 +17.6
46.234,291
219,202,850
12th San Fran_ _12 "
160,989,326
168,923,328 +6.9
180,550,725
Canada
551
Financial Chronicle
Volume 139
Total(4 cities).
110,700,631
101,157,991
Ninth Federal Reserve Dist rict-Mlnne
3,980,123
2,520,973
Minn.-Duluth._
79,220,013
53,015,646
Minneapolis...
16,669,321
20,743,710
St. Paul
474,226
626,829
S.D.-Aberdeen.
324.059
368.435
Mont -Billings.
2,434,282
2,642,005
Helena
70,866,068
82,892,337
Tenth Federal Reserve Die trict-Kane as City117,006
118,842
69,074 +72.1
Neb.-Fremont b112,546
*49,000
Hastings
1,384,107
2,131.301 4-17i
2,176,471
Lincoln
21,766,472
24,658,553 +12.9
27,839,716
Omaha
1,675,990
1,713,566 +85.6
3,180,368
Kan.-Topeka
5,086,951
2.487,526
4,163.060 -40.2
Wichita
67,956,992
92,026,240
79,069,842 +16.4
Mo.-Kans. City
2,658,628
3,874,328 -15.1
3,291,024
St. Joseph
510,538
481,881 +5.1
506,242
Colo.-Col.Spgs.
582,679
475,916
417,683 +13.9
Pueblo
226,129
264,936
2,303,182
32,213,858
2,536,916
4,918,280
91,040,156
3,988,471
1,009,288
1,129,261
116,579,288 +13.4
101.851,909
139,630,477
Eleventh Fede ra Reserve District-Da has686,258 +19.1
817,111
Texas-Austin
28.475,235 +24.3
35,383,827
Dallas
5,978,833 -3.6
5.761,952
Ft. Worth
1,883,000 +2.3
1,926,000
Galveston
2,345.401
2,278,084 +3.0
La.-Shreveport-
474,573
21,683,738
5,498,717
1.324,000
2,031,735
1,234,383
30,356,939
7,069,561
2.068,000
2,946,749
39,301,410 +17.6
31,012,763
43,675,632
Twelfth Feder al Reserve D istrict-San ranci sco22,359,565
22,425,954 +3.8
23,282.407
Wash.-Seattle-5,061,000
4,975,000 +59.1
7,917,000
Spokane
340,818
307,607 +48.5
456,783
Yakima
17,531,693
17,234,076 +27.5
21,970,229
Ore.-Portland..
9,060.795
9,434,771 +15.3
10,877,714
Utah-8. L. City
2,804,726
3,263,671 -21.6
2,558,089
Cal.-Long Beach
2,535,526
2,625,340 -16.7
2,187,315
Pasadena
5,907.647
3,897,359 +362.2
8,011,980
Sacramento_ _ 91,730.944
99,119,352 101,270,188 -2.1
San Francisco.
1,579,586
1,973,151
1,335,084 +47.8
San Jose
825.230
911,677 +3.3
942,020
Santa Barbara1,251,796
1,242,601 +1.0
1,254,685
Stockton_ _ _ _ -
29,101,510
7,965.000
573,823
26,774.791
12,096.159
4,595,937
3,817.666
7,647,387
121,543,582
2,216,081
1,285.814
1,685,100
160,989,326
219,202,850
Total((6 cities)
Total(10 citi66)
Total(5 cities).
Total(12 cities)
79,917,598
132,151,345
46,234.291
180,550,725
103,102,024 -22.5
168,923,328
+6.9
Grand total 110
5,036,112,250 5,969,755,082 -15.6 3,941,921,125 6,575,903,691
cities)
Outside N. Y---- 1,969,635.339 1,929,647,824
+2.1 1,656,442,074 2,534,197,261
Week Ended July 19.
Clearings at1934.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saksatoon
Moose Jaw
Brantford
Fort William....
New Westminster
Medicine Hat...
Peterborough...:.
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
Chatham
Sarnia
Sudbury
Total
1933.
Inc. or
Dec.
1932.
1931.
$
$
%
87,719,999 121,018,024 -27.5
99,821,755 152,436,575 -34.5
93,076,200 -29.4
65,700,160
16,346,596 -7.9
15,053,910
4.088,014 +5.9
4,327.970
4,263,889 +2.3
4,360,301
2,297,494
2,069.385 +11.0
3,480,990
4,909,920 -29.1
6,720,823 -19.8
5,391,010
1,742,509
1,663,129 +4.8
1,670,991 -16.0
1,403,910
3,235,540 -31.5
2,217,480
3,306,168
3,487,336 -5.2
3,845,847 -18.2
3,147,115
326,170
316,800 +3.0
360,882 -2.3
352,666
1,229,028
1,239,940 -0.
449,923
510,296 -11.8
791,469
844,970 -6.3
+5.8
625,248
590,86
440,06
-1.3
434,518
281,547
185,156 +52.1
686,440 -2.3
670.875
-8.2
565.021
615,22
993,600
1,122,243 -11.5
2,017,972
2,772,207 -27.2
286.776
261,633 +9.6
719,009
616,958 +16.5
520,405
644,534 -19.3
394,032
519,427 -24.1
416,870
423,524 -1.6
719.146
579,314 +24.1
$
85,178,352
89,524,305
33,161,587
12,498,229
3,916,999
3,838,449
2.326,984
3,022,806
4,186,735
1.776,828
1.486.887
2.395,691
3,268,398
2,318,646
340,718
308,699
1,213,993
520,457
788,035
694,404
437.186
154,168
588,522
378,459
749,962
2,469,104
266.728
621,676
559,301
381,750
458.251
474.628
$
95,894,188
84,212,910
35,196,773
15,561.351
6.752,970
5,454,118
2.392,509
4.372,841
4,913,047
1,930,936
1,660.604
2,491,001
3,957,394
2,564,236
376,342
367,033
1,603,325
633,439
886,360
900,716
531,421
203,266
795,493
687,644
968,485
2,804,971
362,090
744,620
649,758
412,059
477,880
733,492
311,765,046
260,306,937
281,493,272
431.562,747 -27.8
b No clearings available. c Clearing House not functioning at present.
• Estimated.
552
Financial Chronicle
THE CURB EXCHANGE.
July 28 1934
the end of the session, prices were steadier and a slightly better tone was apparent. Electric Bond & Share was one of the
hardest hit and broke through to new low territory. Other
noteworthy losses included Aluminum Co. of America, 7
points to 5032; Fajardo Sugar, 9 points to 91; Jones &
Laughlin,8 points to 16,and Neisner pref., 11 points to 82.
During the early trading on Friday, mat of the list showed
good recovery from the slump of the prcivious day, and while
there was a brisk sell off during the afternoon transactions,
the closing prices indicated good improvement over the lows
of the preceding session. In the first hour, many of the
more active stocks in the specialties group rebounded several points, though only about half of the gain was held
until the close. Electric Bond & Share opened higher on
a large block of stock and held most of its gain until the end
of the session. Other strong shares were Aluminum Co. of
America, Swift International and American Gas & Electric.
American Cyanamid B, Greyhound Bus, Dow Chemical
and Technicolor also displayed strong recuperative powers.
As compared with Friday of last week, many of the more
active stocks closed lower, Aluminum Co. of America closing
on Friday night at 51, against 63 on Friday of last week;
American Cyanamid B at 163'2, against 183; American Gas
& Electric (4) at 22, against 25%; American Laundry
Machine (.40) at 1134, against 123/2; American Light &
Traction (1.60) at 103/2, against 123/s; American Superpower
at 13/s, against 23/2; Atlas Corp. at 8, against 103/s; Canadian
Marconi at 1%, against 2; Canadian Industrial Alcohol
(Cl A) at 53, against 63
4; Central States Electric at %,
against 1; Cities Service at 1%,against 23/8; Commonwealth
Edison (4) at 4532, against 53; Consolidated Gas of Baltimore (3.60) at 613, against 663/2; Cord Corp. at 3, against
3%; Creole Petroleum at 113/2, against 123/2; Electric Bond &
Share at 103/2, against 123/s; Ford of Canada A (pl) 17%
3,
against 193; Glen Alden Coal Co. at 183
4, against 213/;
Greyhound Corp. at 173/2, against 195
%;Gulf Oil of Pennsylvania at 503/2, against 6034; Hudson Bay Mining & Smelting
at 13, against 133
%; Humble Oil (New) at 40, against 42;
International Petroleum at 253/2, against 2734; National
Hellas Hess Co. at 2/g, against 3; New Jersey Zinc at 50,
against 53; New York Telephone pref. (63/2) at 1183
4,
4, against 53/2; Pennroad
against 119; Niagara Hudson at 43
%; A. 0. Smith at 16 against 2034;
Corp. at 13/2, against 23
Standard Oil of Indiana (1) at 253/2, against 267
%; Swift &
%; United Gas Corp. at 1%,
Co. (%) at 153
4, against 173
3;
against 25
%; United Light & Power A at 2, against 2%
United Shoe Machinery at 65%, against 663/2, Utility Power
at %,against %,and Wright Hargreaves at 9, against 934.
A complete record of Curb Exchange transactions for the
week will be found on page 580.
Leading curb stocks continued to extend their losses during
the early part of the week as wave after wave of selling
developed in the daily trading. On Thursday the most
drastic selling period that has occurred in many months was
apparent following the break on the big board as a result
of the war threats in Europe. Trading was comparatively
dull during the forepart of the week, but the list of offerings
continued to broaden and the volume of sales gradually
increased. Public utilities have been the weak spot during
most of the trading, but there were numerous other stocks
that broke to lower levels, particularly among the mining
and metal issues which have moved almost continuously
,downward. Alcohol stocks have made little progress either
way and oil shares have been weak.
Further selling marked the transactions on the Curb Exchange during the abbreviated session on Saturday and
many of the trading favorites that moved downward on
Friday continued to extend their losses, though the declines
in most cases were in small fractions. There was little
activity apparent, however,and practically no public participation, a goodly part of the dealings being for professional
account and largely confined to week end adjustments. The
specialties group was the weak spot of the day and losses of
about 2 points were registered by such stocks as Midvale,
Singer Manufacturing Co. and Parker Rust Proof. DriverHarris dipped 4 points on a small turnover and Waco Aircraft slipped back 13/2 points. Public utilities, alcohol
stocks and some of the oil shares were fractionally lower.
Some resistance was shown by a few scattered stocks like
International Petroleum, Sherwin-Williams and Wright
Hargreaves, all of which registered modest gains at the close.
The sales for the day were 127,000 shares as compared with
648,695 a year ago.
Lower prices were recorded all along the line on Monday,
and while there was some improvement in the volume of
business, it was not especially noteworthy. Stocks were
fairly steady during the opening hour, but as pressure became more pronounced,the list gave way and sharp recessions
were recorded in practically every section of the market.
Public utilities bore the brunt of the decline and many active
issues in this group were down as the market closed. Specialties also were off and mining shares were weak, particularly
Newmont Mining, which yielded more than a point. Alcohol
stocks were lower, both Hiram Walker and Distillers Seagram showing substantial losses as the session closed. Oil
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE,
shares were easier, Gulf Oil of Pennsylvania, Humble Oil
and Standard of Indiana all showing losses.
Bonds (Par Value).
Stocks
(Number
Week Ended
Outstanding leaders on the Curb Exchange again extended
Foreign
of
July 27 1934.
Foreign
their losses on Tuesday, though the list broadened out to
Domestie. Government. Corporate.
Shares).
Total.
-some extent and the volume of sales was somewhat larger. Saturday
128,840 $1,349,000
$27,000
$26,000 $1,402,000
299,289 2,850.000
84,000
Monday
53,000 2,987,000
Considerable irregularity was apparent from time to time, Tuesday
124,000
281,168 3,103,000
22,000 3,249,000
82,000
212,100 3,266,000
but the list steadied late in the day. Small losses were Wednesday
51,000 3,399,000
507,860 5,362,000
173,000
Thursday
124,000 5,859,000
recorded in the public utility section, and a few of the more Friday
377,405 3,560,000
145,000
51,000 3,756.000
active stocks were firm. Mining and metals were down and
1,784,882 $19,490,000
4635,000
Total
$327,000 420,452,000
Waco Aircraft was lower. Gulf Oil of Pennsylvania, Humble
Week Ended July 27.
Sales at
Jan Ito July 27.
Oil and Standard of Indiana were the weak stocks in the
New York Curb
1933.
1934.
Exchange.
1934.
1933.
oil group.
The curb list was irregularly lower on Wednesday, though Stocks—No, of shares_ 1,784,662 2,877,610
42,160,818
70,120,248
Bonds.
trading continued moderately larger with a broad list of Domestic
$19,490,000 $16,541,000
$635,537,000
$589,155,000
787.000
635.000
Foreign government_ _
27,201,000
23,043,000
offerings. Oil stocks continued to move downward under Foreign
708,000
327,000
corporate
18,776,000
25,916,000
the leadership of Gulf Oil of Pennsylvania and Standard of
418.036,000
$20.452.000
Total
$877,358,000
$822,272,000
Indiana, and there was a sharp decline in public utilities,
including such active stocks as American Gas & Electric,
Niagara-Hudson, and a few other shares prominent in the
THE ENGLISH GOLD AND SILVER MARKETS.
group. Mining and metal stocks again moved downward,
We reprint the following from the weekly circular of
Aluminum Co. of America showing a loss of 2 points, while Samuel Montagu & Co. of London, written under date of
Lake Shore followed with the loss of a point. Alcohol issues July 11 1934:
GOLD.
were fairly firm.
The Bank of England gold reserve against notes amounted to £191,461,382
with £191,460,163 on the previous Wednescompared
on
the
4th
instant
as
Following the break in prices on the big board due to the day.
During the week the Bank announced the purchase of £62,443 in bar gold.
threats of war in Europe an avalanche of selling flowed into
In the open market business has been quiet; the amount available during
the curb market on Thursday and forced many prominent the week was about £1,500,000. and this was absorbed by general
demand.
Quotations during the week:
issues to new low levels for the year. As the day progressed,
IN LONDON.
pressure increased all along the line, and as the selling
Per Ounce
Equivalent Value
Fine,
of f Sterling.
speeded up, the turnover was the heaviest in many months. July 5
137s. 7d.
12s. 4.19d.
1378. 9d
Practically no part of the list escaped, though there were July 6
12s. 4.01d.
July 7
137s. 10;id,
12s. 3.88d.
occasional isolated spots that were fairly steady. The July 9
137s. 11d.
12s. 3.79d.
1385. ;id.
July 10
128. 3.70d.
recessions in some of the specialties were unusually heavy July
137s. lid.
12s. 3.84d.
II
1375. 10.25d.
12s. 3.90d.
and as the list broadened out, many inactive stocks were Average
The following were the United Kingdom imports and exports of gold
thrown into the market at prices below the last sale. Toward registered
from mid-day on the 2nd instant to mid-day on the 9th instant
Financial Chronicle
Volume 139
Imports.
Switzerland
Germany
Belgium
France
Iraq
China
British India
British South Africa
British West Africa
U. S. A
Venezuela
Peru
Australia
Other countries
Exports.
3234,631
12,088
5,548
15,066
12,605
652,443
488,270
1,828.033
124,336
7,051
20,933
62,969
109,875
28,031
Switzerland
Belgium
France
Poland
Netherlands
U. S. A
Other countries
£1,728
8.000
104,562
4,270
5,000
581,725
831
r Tinny
Stocks-
£706,116
£3,601,879
The SS."Comorin" which sailed from Bombay on the 7th instant carries
gold to the value of about £1,496,000 of which £1.361,000 is consigned to
London and £135,000 to New York.
The Southern Rhodesian gold output for May 1934 amounted to 58.485
fine ounces as compared with 57,360 fine ounces for April 1934 and 53.358
fine ounces for May 1933.
SILVER.
There have been further sales on China account and re-sales by speculators; America sold moderately on occasion and towards the end of the
week there wassome re-selling by the Indian Bazaars. Although speculators
and India continued to give support, buyers have been less inclined to press,
consequently prices showed a tendency to ease. Nevertheless, the market
has a fairly steady appearance at the moment and the undertone appears
good.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 2nd instant to mid-day on the 9th instant:
Imports.
Exports.
Soviet Union (Russia)-----£24,900 New Zealand
x£43,712
Australia
12,279 Other countries
1,638
Peru
11,964
China
47,530
U. S. A
278,222
British India
30,835
Canada
21,999
Hongkong
7,550
Other countries
6,424
£45,350
£441.703
x Coln at face value.
Quotations during the week:
IN LONDON.
IN NEW YORK.
-Bar Silver Per Oz. Std.(Per Ounce .999 Fine)
Cash. Deny. 2 Mos.Deliv.
July 5... _20%d.
July 4
Closed
21d.
July 6.-2034d.
20%cl.
July 5
47)1c
July 7---20 13-16d. 20 15-16d. July 6
4634c
July 9---20 Md.
20%ci.
July 7
Closed
July 10-.20 9-16d.
20 11-16d. July 9
46%c
July 11-20 11-16d. 20 13-16d. July 10
46%c
Average- -.20.740d.
20.865d.
The highest rate of exchange on New York recorded during the period
from the 5th instant to the 11th instant was $5.06 and the lowest 35.033j.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)June 30 June 22. June 15.
Notes in circulation
18026
18087
17955
Silver coin and bullion in India
9716
9655
9585
Gold coin and bullion in India
4155
4155
4155
Securities (Indian Government)
3018
3018
3029
Securities British (Government)
1198
1198
1186
The stocks in Shanghai on the 7th instant consisted of about 112,900,000
ounces in sycee, 374,000,000 dollars and 31,300,000 ounces in bar silver, as
compared with about 115,700,000 ounces in sycee, 384,000,000 dollars and
31,000,000 011nees in bar silver on the 30th ultimo.
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, Sze., at London
as reported by cable, have been as follows the past week:
July 21.
Silver per oz___ 21d.
Gold, p.fine oz.13781030
Consols,234%_ Holiday
British 334%
War Loan _ _ _ Holiday
British 4%
1960-90
Holiday
French Rentes
(in Paris)3%
tr. Holiday
French War L'n
(in Paris)5%
1920 amort-_ Holiday
Wed.,
Thurs.,
Tues.,
Mon.,
Fri..
July 23.
July 24. July 25. July 26. July 27.
20316.
2051d.
21d.
20316.
20 1-16d.
1388 1)1d
1375 10d 137s 116 13751134d 1388
809-16
8034
8031
8031
8034
104%
10434
104%
10431
104%
11534
11531
11534
11531
11534
75.15
75.15
75.35
73.35
73.80
112.70
112.40
112.30
110.80
110.60
4634
46
4634
Sates
Friday
Zan Week's Range for
Sale
Week.
ofPrices.
Par Price, Low. High Shares.
Allegheny Steel
18
• 18
Am Window Glass
104) 13
13
Armstrong Cork Co
•
ig
Blaw-Knox Co
•
7%
734
Carnegie Metals Co
1
1
1
Central Tube Co10
Clark (D L) Candy Co
4%
434
Columbia Gas & Elec_
•
734
Devonlan 011
10
10%
Duquesne Brewing
5
3
Class A
5
436
434
Electric Products
*
3
Follansbee Bros pref _ _ -100
6
6
Fort Pittsburgh Brewing_ 1
2
134
Gulf 011 common
51
Harbison Walker Refract_•
14%
Koppers Gas& Coke pt_ 100
75
Lone Star Gas common*
454
Mesta Machine
5
20
Pittsburgh Brewing com •
2%
Preferred
*
26
Pittsburgh Forging Co...1
3
Pittsburgh 011 & Gas- -5
134
Pittsburgh Plate Glass -25
4434
Pittsburgh Screw & Bolt__•
5
434
Renner Co
1
1%
1%
Shamrock Oil & Gas
*
1%
234
United Engine & Irdry • 21
20
Vanadium Alloy Steel_ -- _• 20
20
Victor Brewing Co
1
1
1
Waverly 011 Co class A- •
2
2
Western Pub Serv v t O.__•
334
4
Westinghouse Air Brake_ *
1551
West'house Elec & Mfg _50
28%
Unlisted,
..... a...4-14., ROI Twat Inn AR
AR
•No par value.
Admiralty Alaska
1
Aetna Brew
1
Alleghany Corp pret w i .
Allied Brew
1
Altar Cons Mine
1
American Republics_ _10
Angostura Wuppermann_l
Arizona Comstock
1
Bagdad Copper
1
Bancamerica-Blair
1
Betz &Son
1
B G Sandwich Shops
*
Brewers & Distil v t c_-__*
Bulolo Gold
20
Cache La Poudre
20
Como Mines
1
Croft Brew
1
Davison Chemical
•
Distilled Liquors
5
DLstillers & Brew
5
Elizabeth Brew
1
Fada Radio
1
Flock Brew
1
Fuhrmann & Schmidt____1
Golden Cycle
10
Harvard Brew
1
Helena Rubinstehl pret •
Hendrick Ranch
*
Howey Gold
1
Huron Holding
1
C-d
1
Indian Motorcycle
International Vitamin_
*
Kildun Mining
1
Kinner Air
1
Kuebler Brew
1
Macassa Mines N
1
Macfadden Publishing_ *
•
Preferred
Maytag warr
Metal Textile
•
National Surety
10
•
Newton Steel
Northampton Brew pret--2
Oldetyme Distil
1
O'Sullivan Rubber
1
Paramount Publix
10
Paterson Brew
1
Penn York 011 A
1
Petroluem Derivatives--1
Pittsburgh Brew
•
Polymet Mtg
1
Railways Corp
1
Rayon Industries A
1
1
Remington Arms
Richfield 011
1
Mistime Iron
•
1
Simon Brew
Squibb-Pattison Br pref I
Texas Gulf Producing__•
Tobacco Prod (Del)
10
United cigar
1
too
Preferred
Utah Metals
1
•
Warner Aircraft
West Indies Sugar
1
Willys-Overland
5
BondsShArnrnrk nit & Gas as '39
Range Since Jan. 1.
Low.
160
250
5,500
400
500
175
21%
34
100
1.51 2,500
3
100
334
300
1,000
300
310
1,000
4
300
400
334
100
134
4,300
1
1,100
33
850
16%
1.60 23,300
2% 13.400
200
%
1836 2,700
536 1,000
% 2,900
400
150
500
;i
36 3,000
300
29%
13.4 1,000
200
12
34
100
1.25
300
1,500
310
100
150
50
2%
%
200
231 8,100
200
40c
100
34
800
2.50
100
5%
20
33
600
%
100
234
600
450
800
3%
200
2
600
23-4
7%
500
3
3,100
600
380
500
500
300
1%
50
234
1% 2,400
236 5,700
954 20,500
3% 2,200
900
300
800
2%
36
800
100
134
434 4.000
000
30
3,600
I80
sg ax
100
231 334 2.500
%
34
200
3
200
334
150 18c
2,400
9c
Jan
37c July
July
19
34 July
1.00 Jan
2
Jan
3 July
30c July
200 July
2% Jan
Jan
3
34 Feb
% July
2336 Jan
15 May
430 May
194 Jan
45c June
1331 Jan
4 July
34 July
70 June
36 June
34 July
1834 Jan
134 July
634 Jan
34 Jan
1.06 Feb
210 July
150 July
234 Feb
% Mar
1.80 July
250 Jan
34 July
1.95 Jan
234 Apr
1834 Jan
31 July
236 May
37c July
2% July
2 June
134 July
636 June
134 Jan
388 July
34 July
74 July
231 July
288 May
134 June
634 Jan
3 July
220 July
134 Mar
31 Jan
136 June
Jan
4
634 Feb
110 May
531 July
1.13 Jan
31 July
234 May
lbc July
47
4634 47
40
370
19%
334
34
31%
153.4
1.15
2
1634
4
34
32
134
210
15c
2
2.40
534
134
7
3
500
36
1%
2%
9%
3
134
434
150
2%
yi
210
370
19
34
1.00
3
3
30c
20c
334
3
1%
%
3134
1531
1.00
174
36
15
4
36
150
M
36
29
134
12
34
1.20
210
150
234
%
1.80
400
34
2.40
531
32
%
234
370
234
2
134
631
2%
350
500
34
231
%
2
9%
3
220
I%
31
134
4
2931
150
39.000
May
High.
360
1
3334
4%
2%
5%
734
65c
60c
4%
5
3
2%
3536
1934
1.90
3
134
4534
10%
1%
134
134
134
2934
3%
1236
231
1.39
34
%
434
%
431
1
236
2.90
534
39
234
3
2%
834
234
19%
7%
5%
1
134
5
434
134
4
9%
634
A
2%
1%
3%
7
3234
290
934
434
134
531
31
60
Feb
Jan
Apr
Feb
Mar
Apr
Mar
Apr
May
July
Apr
May
Jan
July
Jan
July
Apr
Feb
Apr
Max
Api
Feb
Apt
Am
July
mai
May
Fet
Mal
Fet
Fet
Am
Jum
Mai
Fet
Fel
Api
July
May
Fel
Fel
Ay
Fel
jun
Jal
J11111
Fel
Jai
JIM,
Ma
Jie
Jul!
Jr
JO
Ma
Fel
Ap
Ap
Jr
Jr
Ap
Ma;
Jun
Jun
Fe
Fe
Fe
At
New York Real Estate Securities Exchange.-Closing
bid and asked quotations on the New York Real Estate
Securities Exchange for Friday, July 27:
46
4534
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange, July 21 to July 27, both
inclusive, compiled from official sales lists:
Stocks-
0.4100
Last Week's Range for
ofPrices.
Sale
Week.
Par Price. Low. High. Shares.
•No par value.
The price of silver in New York on the same days has been:
Silver in N. Y..
per oz. (cts.) 4634
553
New York Produce Exchange Securities Market.Following is the record of transactions at the New York
Produce Exchange Securities Market, July 21 to July 27,
both inclusive, compiled from sales lists:
18
13
1834
9
131
10
4%
1031
1234
3
436
3
634
236
51
15
80
534
20
2%
28
334
1%
50%
574
1%
234
2134
20
1%
2
431
2034
33%
AS
200
10
232
734)
1,400
20
25
1,478
425
200
600
18
170
3.800
300
105
125
9,304
125
225
160
245
250
193
2.385
1,700
1,900
595
25
6,380
80
3,256
743
825
41111
Range Since Jan. 1.
Low.
18
10
14
7%
1
10
3%
734
9
231
434
2%
5
I%
51
14%
65
4%
1754
231
26
134
1
3934
454
1%
1%
16
15%
900
131
334
1534
28%
At
High.
June
July
Jan
July
July
July
Jan
July
Jan
Jan
Jan
Jan
May
Jan
July
July
Jan
July
Jan
July
July
Jan
Jan
Jan
July
Jan
May
Jan
Mar
Jan
June
July
July
July
Tan
2234
15%
26%
1634
3
12%
634
19
18
434
534
336
30
234
51
24
85
836
2934
5
39
4
131
57
1134
2%
4%
2534
20
134
2
7
3534
47
7R
Feb
Apr
Feb
Jan
Feb
May
Feb
Feb
May
Feb
Feb
Apr
Feb
July
July
Feb
Apr
Feb
Feb
Feb
Feb
July
July
Apr
Api
Api
Fet
Fat
Jar
Jun4
May
FM
Fel
Fel
rat
Active Issues.
Bid
BondsBway Barclay Ott. Bldg 68'41 27
Dorset(Thm 6s etts_1941 19
Winnable Office Blg 55_1952 56
5th Ave & 55th Street
31
Building 612s 1945
50 Sway Bldg 68
1948 25
Film Center Blg 66......_1943 44
812
Fox(The)ecOttleeBldgee'41
Mortgage Bond (N Y) 5340
1934 35
(Ser 6)
New Weston Hotel
29
Annex 68 1940
ill John St Bldg 643_1948 3412
Park Central Hotel Annex
12
ciizs ctfs of deposit
17.n...,, ,K l",,...••• All. 108I
son
Active Issues.
Ask
Bonds(Concluded)31 Prudence Co 5345
1961
-- Sherry Netherlands Hotel
1948
59
5311/
35
81
48
1112
Textile Bldg Ils
1958
Trinity Bldgs Corp 5348 '39
2124-34 Bway Bldg adsWest End Ave & 104th St
Bldg 68
1939
Bid
Ask
5612 594
2012 2311
45 49
95,2 --12
18
1612 20
40
Stocks____ City & Suburban Homes--.
3
391s
French (F F) Investing__ _.
1
14
rental Barbican. Inc
50
5
21,
San Francisco Stock Exchange.-Record of transactions at San Francisco Stock Exchange, July 21 to July 27,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High Shares.
Alaska Juneau G Mining 10 1831 17
19%
Alaska Packers' Assn_ _ 100
70
7236
Anglo Cal Nat Bk of S F_20
1231 13
134 131
Assoc Insur Fund Inc__ All
Bank of Calif N A
100 146
146 14734
6%
Byron Jackson Co
•
18
Calamba Sugar corn-- - -20
19%
20 20% 20
7% preferred
2034
California Copper
10
34
%
736
Calif Cotton Mills com _100
6% 736
California Packing Corp_ _* 3431 31% 35%
CalWest Sts Life Ins Cap 10 12% 1131 1234
Caterpillar Tractor
• 24% 2331 28
Cst Cos G & E6% 1st p1100 83
83
83
• 2834 26% 27
Cons Chem Indus A
434
Crown Zellerbach v t C..
3)1 431
Preferred A
• 49
49
52
Preferred B
• 48% 48
52
Range Since Jan. 1.
Low.
High.
1,718 17
July 23%
75 70
Feb 75
1,279
8% Jan 14%
700
1
Jan
234
15 121
Jan 159
3,838 • 3% Jan
8
1,086 18
July 2534
29 19
Feb 2034
520
31 Jan
%
60
4% Jan 1231
4,743 19
Jan 35%
185 11% June 14
3,892 23% Jan 3331
21 58
Jan 83
450 24% Jan 2731
7,187
3% July
634
172 34
Jan 58
117 34
Jan 57%
Jan
May
June
Apr
Feb
May
Mar
June
Feb
Feb
July
June
Apr
July
July
Apr
June
June
554
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Claude Neon Elec Prods_ *
Emporium Capwell Corp_•
Fireman's Fund Indem _ _10
Fireman's Ftmd Insur_ _ _25
Food Mach Corp corn_ __•
Galland Mere Laundry_ •
Golden State Co Ltd
•
Haiku Pine Co Ltd com_20
Hale Bros Stores Inc
•
Hawaiian C dr S Ltd__ _25
Honolulu MCorp Ltd_ __*
Honolulu Plantation
_50
Hunt Bros A com
•
Leslie-Calif Salt Co
•
Lyons-Magnus Inc B_
•
Magnavox Co Ltd
"
Marchant Cal Mach comb0
Natomas Company
•
No Amer Inv 54% pref100
North Amer 011 Cons_ _ _10
Occidental Ins Co
10
Oliver Utd Filters B
•
Pacific G & E common_ _25
6% 1st pref
25
514% preferred
25
Pac Lighting Corp coin_ __•
6% preferred
•
Pac Pub Ser(non-vtg)com •
(Non-voting) preferred_*
Pacific Tel & Tel com_ _100
6% preferred
100
Paraffine Co's corn
•
Ry Equip & Rlty 1st pref..*
Series 2
•
Rainier Pulp & Paper Co.*
SJ L&P 7% prpref___100
Schlesinger dr Sons(B 1,
Preferred
100
Shell Union 011 com
•
Sierra Pac Elec 6% pref100
Southern Pacific Co_ _ _100
So Pac Golden Gate A_
•
B
C
Standard 011 of Calif
•
Telephone Inv Corp___20
Tide Water Ass'd 011 corn."
8% preferred
100
Transamerica Corp
*
Union 011 Co of Calif_ _ _ _25
Union Sugar Co coin_ _ _ _25
Utd Aircraft & Transport_*
Western Pipe & Steel CO.10
20%
57
16%
5
4634
11%
1%
7%
8
15%
22%
20%
25%
82
14
614
78%
36
13%
11
6%
60
17
31%
9
5%
14%
14%
Range Since Jan. 1.
Low.
10% 10%
161 10%
5% 6
514
400
20
20%
60 18%
230 47%
56% 57
16
3,495 1034
19
31% 33
65 31%
414 5% 2,100
4%
1%
1%
775
1%
9
9
224
9
46
75 40
47%
267 1134
11% 11%
25% 25%
50 24
47%
6
388
6%
22% 22%
450 22
2
2
100
2
14 I%
610
134
1%
1%
381
1%
7% 834 10.010
7%
27% 274
5 17
8
84 1,394
714
18
95 14%
18%
2%
140
2% 2%
15% 16% 11,273 15%
22% 22% 2,411 19%
20% 2014
1,788
25% 31% 1,730 23%
144 71%
81% 85%
%
%
602
%
64 6% 7,935
1%
421 71
78
80
112 113
30 103
1,038 25%
3534 36%
13
13%
415
5%
11
11
10
2%
24
24
110 174
89
89
5 67%
50
1%
111
64 7.
3,095
10
5814 60
19% 5.589
16
6% 6%
700
47% 5
525
33
31
2,092
28
28
10
8% 9% 1,100
774 81%
35
5% 6% 43,218
13% 16% 3,243
5
5
112
13% 15%
1,00
7% 9
48
14
64
48
16
6
311
30%
28
84
644
5%
13%
4
13%
7%
WO.
July
July
Jan
Jan
Jan
July
Mar
Jan
July
May
July
June
Jan
June
May
July
Jan
July
Jan
May
Jan
Jan
July
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
July
July
Jan
July
Jan
Jan
May
July
Jan
Jan
July
July
Jan
July
July
10% July
7% Feb
21
Feb
61% Feb
20% July
34% Feb
7% Feb
2
Feb
1134 Feb
Jan
52
153.( Feb
26 June
8% Apr
26
May
4
Feb
2% July
214 Jan
10% May
30
Mar
9% June
22
Feb
414 Apr
23% Feb
23% Mar
21% Apr
36% Feb
89
Mar
134 May
8
May
86
Mar
116
June
38 June
15 June
12% June
May
29
90
Apr
24
114
65
3334
7%
5%
42%
30
14
85
8%
20%
7%
3734
14
Apr
Jan
July
Feb
Mar
Mar
Jan
Jan
Apr
May
Feb
Feb
Apr
Feb
Feb
•No par value.
San Francisco Curb Exchange.-Record of transactions at San Francisco Curb Exchange, July 21 to July 27,
both inclusive, compiled from official sales lists:
FrWay
Amer Tel dr Tel
100
Anglo Nat Corp
*
Argonaut Mining
5
Aviation Corp (Del)
5
Calif-Sec Trading pref •
Cities Service
*
Claude Neon Lights
1
Crown Will 1st pref
"
2d preferred
•
Dominguez 011
•
Emsco Derrick
General Motors
10
Cladding McBean
*
Idaho-Maryland
1
Italo Petroleum
.•
Preferred
•
Libby McNeill
10
Nat Auto Fibres A
•
Preferred
•
Occidental Petroleum_ __ _1
Pacific Amer Fish
•
Pacific Eastern Corp
1
Pacific Western 011
•
Pineapple Holding
20
Pioneer Mill Ltd
20
Radio Corp
*
Shasta Water corn
•
Sou Calif Edison
25
514% preferred
25
6% preferred
25
7% preferred
25
Sou Pile G G pref
100
Sunset-McKee B
•
US Petroleum
1
Universal Cons 011
10
Waialua Agriculture_ __ _20
West Coat Life
1
10934 108% 113
7% 7%
87
8
9%
%
4
334 434
3.50
3.50 3.50
194 2
550 630
54% 52
58
28
30
24
24
5/1 511
267
% 24% 30%
5
5
2.80
2.65 3.00
160 240
I6c
75 100
75
4%
434 47%
7% 8
90
90
90
27
25
29
7
7
1% 2
17
%
534 5%
5%
8
7% 9
16
16
4% 511
1734 17%
13% 13% 15110
1634 184 16%
18% 18% 19
2194 2134 22
4634 4634
17
17
22
22
25
1.50 2.10
32% 3214
6
6
'
S.M.
MMIIPh
*
.
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C.3.42.1.,
a.
,
4
o-, .48oPNEW:8WWI+0
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OMM
CAN
Ot
CMCROW
Stocks-
oases
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High Shares.
Range Since Jan. 1.
Low.
High.
108% Jan 125
Feb
Jan 10 June
315
4.50 Jan 10% Apr
3% July 10% Jan
3.50 June
3.75 Jan
1% Jan
434 Feb
55c July
114 Feb
43% Jan 70
Apr
19% Jan 35
Apr
20% May 24% Feb
534 July
sg Apr
24% July 42% Feb
5
July
8% Apr
2.50 May
5.75 Jan
100
Jan 35c Feb
52c
Jan
1.80 Feb
3
Jan
7% Apr
3.75 Jan
9% Feb
Jan 90
51
July
25
July 56
Feb
9
634 May
Feb
1% July
3
Mar
5% July
8% Apr
634 Jan 10% Apr
16
July 22
Jan
4% July
9% Feb
15% Jan 21
June
13% July 224 Feb
15% Jan
19% Feb
17% Jan 22% Feb
20% Jan 24% Mar
39
Jan 48
Mar
16
Jan
19
Apr
22
July 42
Feb
1.50 July
5% Jan
32
Apr 40
Apr
6
May
8
Mar
• No par value.
AUCTION SALES.
Among other securities, the following, not actually dealt in
at the Stock Exchange, were sold at auction in New York,
Jersey City, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shires.
Stocks.
$ per Share.
2,500 Malston Co., Inc. (Del.)
$260,294.44 lot
25 North American Co. (N. J.) common
$350 lot
200 Kreuger dr Toll Co. American certificates, stamped to the effect that a
proof of claim has been filed, stock powers attached stamped, filed in the
office of Henry K. Davis, referee in bankruptcy
84 lot
10 Latent* & Grosjean Mfg. Co.(N. Y.) common; 10 preferred
$11 lot
By Adrian H. Muller & Son, Jersey City, N. J.:
No sales.
By R. L. Day & Co., Boston:
Stocks.
Shares.
25 National Shavrmut Bank, Boston. par $25
3 New Jersey Worsted Mills preferred, par $loe
10 Springfield Ry. Cos. preferred, par $100
100 Bond & Share Trading class A common
10 Plymouth Cordage Co., par $100
3 Bangor Hydro-Electric Co. $7 preferred, Par $100
$ per Share.
21%
sa
45
6%
7434
100%
By A. J. Wright & Co., Buffalo:
Stocks.
Shares.
10 Angel International Corp
g per Share.
$1101
July 28 1934
By Crockett & Co., Boston:
Shares.
Stocks.
5 Connecticut & Passumpeic Rivers RR. preferred, par $100
20 Nashua Manufacturing Co. common, par $100
15 United Elastic Corp
10 0. S. Walker Co., preferred, par $100
Bonds$1,000 M. J. Whittall Associates, Ltd., deb. 50. Dec. 1 1937
$ per Share.
9934
5%
11%
40
Per Cent.
25% flat
By Barnes & Lofland, Philadelphia:
Shares.
Stocks.
50 Philadelphia National Bank. par $20
15 Corn Exchange National Bank, par $20
6 First National Bank of Philadelphia, par $100
38 Pennsylvania Co. for Ins. on Lives & Granting Annuities, par $10
$ per Share.
25
68%
3434
31%
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
Affiliated Products (mo.)
Sc Sept. 1 Aug. 15
Allen Industries, Inc..$3 pref.(quar.)
75c Sept. 1 Aug. 20
$3 preferred
h75c Sept. 1 Aug. 20
Allentown-Bethlehem Gas, 7% pref. (quar.)_ _ _ 87)4c Aug. 10 July 31
American Arch (quar.)
250 Sept. 1 Aug. 21
American Bank Note preferred (quar.)
75c Oct. 1 Sept. 11
American Chicle Co.(quar.)
750 Oct. 1 Sept.12
American Home Products (mo.)
20c Sept. 1 Aug. 14
American Investment Co.of Illinois A (quar.)_ _
50c Aug. 1 July 20
American Tobacco, COM. & corn. B (War.)- - -- $1% Sept. 1 Aug. 10
Armstrong Cork Co.. corn. (special)
124c Sept. 1 Aug. 15
Associated Telephone. Ltd..$134 pref.(guar.)_ _ 374c Aug. 1 July 14
Bankers & Shippers Ins., N. Y.(quar.)
`75c Aug. 8 Aug. 6
Bethlehem Steel, 7% cum. pref
$1:
'
1 Oct. 1 Sept. 7
Binghamton Gas Works 634% pref. (quer.)_
$15 Aug. 1 July 21
Boot Mills
1 Aug. I July 26
Boss Mfg. Co., common
Aug. 15 July 31
Bourne Mills (quar.)
$1 Aug. 1 July 24
Brewer (C.) & Co., Ltd.(mo.)
$1 July 25 July 20
Bridgeport Gas Light(quar.)
130c Sept.29 Sept.15
Bristol Myers Co.(quar.)
50c Sept. 1 Aug. 10
Extra
10c Sept. 1 Aug. 10
Brooklyn Edison Co.(guar.)
$2 Aug. 31 Aug. 10
Brooklyn Union Gas Co.(quar.)
$1% Oct. 1 Sept. 4
Buck Hills Falls (guar.)
12)4c Aug. 15 Aug. 1
Buckeye Pipe Line Co
75c Sept.15 Aug. 24
Buckeye Steel Castings prior pref.(quar.)
$1
Aug. 1 July 24
6% preferred (quar.)
Aug. 1 July 24
$1
Buffalo Ankerite Gold Mines (s.-a.)
Aug. 15 Aug. 1
Bullock's,(Los Angeles, Calif.)7% pref.(qu.)_ _ Si
Aug. 1 July 11
Canadian Hydro Electric. pref. (quar.)
$1
Sept. 1 Aug. 1
Canadian Oil Cos., corn. (guar.)
12)4c Aug. 15 Aug. 1
Carnation Co.preferred (quar.)
$PA 4-1-35 Mar. 20
Preferred (quar.)
$1% 7-1-35 June 20
Carolina Ins. Co. (8.-a.)
50c Aug. 1 July 20
Caterpillar Tractor Co
250 Aug. 31 Aug. 15
Central Massachusetts Lt. gy Pow.,6% pref.(qu.) $134 Aug. 15 July 31
Champlain Oil Products, corn. (initial)
10c Aug. 15 July 31
Preferred (quar.)
15c Aug. 15 July 31
Chase (A. W.) Co., Ltd., pref. (quar.)----50c Aug. 10 July 31
Chicago Mail Order Co
250 Sept. 1 Aug. 10
Cincinnati Inter-Terminal RR..god. 1st pf.(s-a)
$2 Aug. 1 July 20
Congoleum-Nairn, Inc., corn. (quar.)
40c Sept. 15 Sept. 1
Connecticut Power Co., corn. (quar.)
6234c Sept. 1 Aug. 15
Consolidated Gas of N. Y., corn
SOc Sept. 15 Aug. 10
Continental American Life Insurance (quar.)- -30c July 25 July 17
Crunden-Martin Mfg., 7% pref. (s.-a.)
53% Aug. 3 Aug. 3
Dayton & Michigan PM. (s.-a.)
87)4c Oct. 1 Sept. 15
8% preferred (quar.)
Oct. 1 Sept. 15
Delaware Division Canal Co. of Pa. (e.-a.)
$1 Aug. 15 Aug. 4
Diamond Match Co.. corn. (quar.)
250 Sept. 1 Aug. 15
Participating preferred (s.-a.)
75c Sept. 1 Aug. 15
Dow Chemical Co. common (quar.)
50c Aug. 15 Aug. 1
Preferred (quar.)
$1% Aug. 15 Aug. 1
Duplan Silk Corp.common (semi-ann.)
50c Aug. 15 Aug. 3
Preferred (guar.)
$2 Oct.. 1 Sept. 18
Dwight Mfg. Co
$3.60
Eastern Shore Public Service, $6 pref. (quar.)_ $1)4 Sept.
Aug. 10
$634 preferred (guar.)
$1% Sept.
Aug. 10
Electric Storage Battery Co.common (quar.)h50c Oct.
Sept. 10
Preferred (quar.)
h50c Oct.
Sept. 10
Esmond Mills, 7% cum. pref
h$1 Aug.
July 27
Fairbanks (E. T.), 79' pref. (s.-a.)
Oct.
Sept.29
Firestone Tire & Rubber, pref. (guar.)
Sept.
Aug. 15
Florida Pow Corp.. pref. A (guar.)
$1
Sept.
Aug. 15
7% preferred guar.)
8734c Sept.
Aug. 15
Freeport Texas Co. preferred (quar.)
$1)4 Nov.
Oct. 15
Gas Securities (mo.)
e 0 Aug. July
14
Preferred (mo.)
Aug.
July 14
General Electric, Ltd. (Great Britain)
Amer. dep. rec. for ord. reg
30 1-5c July 28 June 27
Genessee Breweries. A & B
1214c Aug. 1 July 25
Grand Union Co., pref. )quar.)
75c Sept. 1 Aug. 10
Great Western By. (initial)
%ofl%
Great Western Sugar, corn. (guar.)
60c Oct. 2 Sept. 15
Preferred (guar.)
Oct. 2 Sept. 15
Greyhound Corp., 7% cum. pref. A (quar.)__
11
Oct. 1 Sept. 21
7% cum. pref. A
/415
Aug. 1 July 26
Group Securities. Inc.Automobile shares (initial) (s.-a.)
.008c July 31 July 16
Chemical Shares (initial) (s.-a.)
.007c July 31 July 16
Electrical equipment shares (initial) (s.-a.)
.004c July 31 July 16
Food Shares (initial) (s.-a.)
.015c July 31 July 16
Industrial machinery shares (initial) (e.-a.)
.007c July 31 July 16
Merchants shares (initial) (8.-a.)
.008c July 31 July 16
Mining shares (initial) (8.-a.)
.007c July 31 July 16
Petroleum shares (initial) (s.-a.)
.007c July 31 July 16
Railroad shares (initial), (s.-a.)
.011c July 31 July 16
Railroad equipment shares (initial)
_ .005c July 31 July 16
Tobacco shares (initial) (s.-a.)
.025c July 31 July 16
Utility shares (initial) (s.-a.)
.002c July 31 July 16
Guelph Carpet & Worsted Spinning Mills634% preferred (quar.)
Si 94 Aug. 1 July 20
Guggenheim & Co., 1st pref. (guar.)
$1
Aug. 15 July 29
Harmonia Fire Ins.,(Buffalo, N.Y.) (s.-a.)-Aug. 1 July 24
Hollinger Consol. Gold Mines,Ltd.(monthly)_ _
1
Aug. 13 July 27
Extra
1
Aug. 13 July 27
Holophane. Inc., pref.(s-a)
$1.0g Oct. 1 Sept. 15
Honolulu Plantation (monthly)
15c Aug. 10 July 13
Hutchinson Sugar Plantation(mo.)
10c Aug. 5 July 31
Imperial Tobacco Co.of Gt. Brit.& IrelandCommon (interim)
71A
Ingersoll-Rand Co.. common
Sept. 1 Aug. 1
Jackson & Curtiss Securities, prof
h75c Aug. 1 July 21
Jefferson Standard Life Ins.
$1
Oct. 1 Sept. 21
Jones (J. E.) Royalty Trust ser. A certificates- _
July 25 June 30
Series B certificates
July 25 June 30
Series C certificates
$9.25 July 25 June 30
Kekaha Sugar Co
20c Aug. 1 July 25
Kendall Co.common (quar.)
250 July 26 July 240
Cum.& partic. preferred,series A (quar.)--- _ $134 Sept. 1 Aug. 100
King Royalty (guar.)
250 Aug. 1 July 20
$3.6a
$3.94
Financial Chronicle
Volume 139
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
Kroger Grocery & Baking,com.(guar.)
40c Sept. 1 Aug. 10
6% 1st preferred (quar.)
El% Oct. 1 Sept. 20
7% 2d preferred (guar.)
$131 Nov. 1 Oct. 19
Lawson Realty,7% preferred (quar.)
$131 Aug. 1 July 27
Lee(H. D.) Mercantile Co.(guar.)
35c Aug. 10 Aug. 1
Lehigh Power Securities Corp.(quar.)
25c Sept. 1 Aug. 17
$6 preferred (quar.)
$131 Aug. 1 July 23
Lehn & Fink Products,common
3731c Sept. 1 Aug. 15
Libbey-Owens Ford Glass Co., corn. (quar.)
30c Sept. 15 Aug. 31
Lindsay Light Co., corn
10c Aug. 13 Aug. 4
Lord & Taylor, 1st pref. (quar.)
$131 Sept. 1 Aug. 17
MacMillan Co.(guar.)
25c Aug. 15 Aug. 15
Preferred (quarterly)
$131 Aug. 8 Aug. 8
Manufacturers Casualty Ins.(quar.)
3731c Aug. 15 Aug. 1
Marine Bancorporation (fully partic.)(qu)
15c Aug. 1 July 20
, Initial stock (quar.)
15c Aug. 1 July 20
Matson Navigation (guar.)
$131 Aug. 15 Aug. 10
McClatchy Newspapers, 7% pref. (guar.)
433jc Aug. 31 Aug. 30
7% preferred *(quarterly)
4331c Nov.30 Nov. 29
Michigan Gas & Electric Co.. 7% pref. (quar.)- 8731c Aug. 1 July 21
$6 prior lien preferred (quar.)
750 Aug. 1 July 21
Michigan Public S<rvice Co.,7% pref. stk
8734c Aug. 1 July 21
6% preferred stock
750 Aug. 1 July 21
Merchants Fire Assurance, 7% pf. (3.-a.)
$331 Aug. 1 July 23
(Semi-annual)
50c Aug. 1 July 23
Merchants Refrigerating,$7 pref.(guar.)
$131 Aug. 1 July 26
Models Oils, Ltd.
3c Aug. 18 July 28
Monsanto Chemical Co. (guar.)
25c Sept. 15 Aug. 25
National Container Corp..common
50c Sept. 1 Aug. 15
National Lead Co.,com.(guar.)
$131 Sept. 29 Sept. 14
Preferred A (quarterly)
3131 Sept. 15 Aug. 31
Preferred B (quarterly)
$131 Nov. 1 Oct. 19
National Telep. & Teleg., class A (quar.)
15c Sept. 1 Aug. 16
New Brunswick Fire Ins. (s.-a.)
50c Aug. 1 July 29
New England Water,Lt.& Pr.,6% pref.(quar.) $131 Aug. 1 July 20
New Jersey & Hudson R. By.& Ferry6% preferred (s-a)
$3 Aug. 1 July 31
New York Steam,corn.(guar.)
30c Sept. 1 Aug. 15
Northwestern Investment & Holding,
6% preferred A (guar.)
$131 Aug. 1 July 25
Noyes Co., 6% preferred (quar.)
45c Aug. 1 July 28
Oswego & Syracuse RR.(semi-annual)
$231 Aug. 20 Aug. 8
Pacific Fire Insurance Co. (quar.)
750 Aug. 6 Aug. 4
Participations in Selected Standard Oils,reg
150 July 31 June 30
Passaic & Delaware RR.(semi-annual)
$131 Aug. 1 July 21
Peoria & Bureau Valley RR.(semi-annual)-$331 Aug. it July 20
Phillips Petroleum Co
250 Sept. 1 Aug. 6
Plymouth Fund. A
3c Sept. 1 Aug. 15
Portland RR.(Me.)(s-a)
$274 Aug. 1 July 14
Quincy Market Cold Storage & Warehouse5% lu
h75c Aug. 1 July 19
Railway Corp2% Aug. 11 Aug. 2
Railway & dr Securities Co., pref.(quar.)--- $131 Aug. 1 July 27
Randall Co., (guar.)
50c Aug. 1 July 28
Representative Trust Shares, coupon
July 31
17c
Reynolds Metal Co.. Inc., common (quar.)--- 25c Sept. 1 Aug. 15
Rochester Gas & Elec.,8% pref. C & D (quar.).... $131 Sept. 1 July 27
7% preferred B (quar.)
$131 Sept. 1 July 27
Rolland Paper, Ltd ,
6% pref.(guar.)
$IX Sept. 1 Aug. 15
Russell Motor Car.
7% preferred
hit Aug. 1 July 20
Sagamore Mfg.(quar.)
$1 Aug. 1 July 24
Scott Paper Co., common (quar.)
4231c Sept.30 Sept. 15
Seaboard Ins. Co.(Balt)((mar.)
1531c Aug. 15 Aug. 4
Second Standard Royalties, preferred (quar.)_.
lc Aug. 1 July 25
Security Ins.(N. H.)(quar.)
35c Aug. 1 July 20
Sherwin-Williams, pref. (guar.)
Sept. 1 Aug. 15
3131
Common (guar.)
75c Aug. 15 July 31
Sioux City Gas & Electric, 7% pref. (quar.)
$13( Aug 10 July 31
Smith A.0. Corp., preferred (quar.)
$131 Aug. 15 Aug. 1
South American Gold & Platinum Co
hlOc Sept.15 Sept. 15
South Carolina Power Co.$6 pref.(quar.)
$131 Oct. 1 Sept. 151
Southeastern Mass. Pow. & El.(quar.)
60c July 31 July 19
Southern Corp
10c Aug. 3 July 31
Southern Pacific Golden Gate, A & B (quar.)
3734c Aug. 15 July 31
6% preferred (guar.)
$13( Aug. 15 July 31
Stamford Water (quar.)
$2 Aug. 15 Aug. 4
Sterling Products,Inc.(guar.)
950 Sept. 1 Aug. 15a
Sun 011Co.common(guar.)
25c Sept.15 Aug. 25
$134 Sept. 1 Aug. 10
Preferred (quar.)
Susquehanna Utilities, 6% pref. (guar.)
3131 Sept. 1 Aug. 20
Sutherland Paper Co. common
10c Sept. 1 Aug. 21
Sylvania Industrial Corp. (quar.)
25c Sept. 15 Sept. 5
Syracuse Binghamton & N. Y. RR.(quar.)
$3 Aug. 1 July 21
Tampa Electric (quar.)
56c Aug. 15 July 31
Preferred A (quar.)
3131 Aug. 15 July 31
Taylor & Fenn Co.(guar.)
$1 Aug. 1 July 23
Thayers, Ltd
250 Sept. 1 Aug. 15
Thompson (John R.) Co
1231c Aug. 10 Aug. 1
Trunz Pork Stores
6.15c Aug. 10 Aug. 3
Trusteed Amer. Bank Shares. A (s.-a.)
0- 9c July 31
Underwriters Finance Co.,7% pref. A
/4131 Aug. I July 28
United Electric Service Co. (Am. shs. special)
Sc Aug. __ July 31
United Engineering & Foundry Co.(quar.)
25c Aug. 10 July 31
Preferred (quar.)
$131 Aug. 10 July 31
United States Playing Card (guar.)
25c Oct. 1 Sept. 20
Extra
250 Oct. 1 Sept. 20
United Stores Corp. preferred (quar.)
81 Sic Sept. 15 Aug. 25
Vick Financial Corp. common (seed-ann.)
nic Aug. 15 Aug. 1
Watab Paper,8% pref. (quar.)
SI Aug. 15 Aug. 15
Weill & Co.,8% pref (s.-a.)
$4 Sept. 1 Aug. 1
Westchester Fire Insurance Co.(quar.)
250 Aug. 1 July 21
Extra
10c Aug. I July 21
Whitaker Paper Co.common
$1 Aug. 10 July 31
White (S. S.) Dental Manufacturing Co
1% Aug. 1 July 19
Winchendon Electric Light & Power (quar.)_
$1 July 31 July 19
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced, this week, these being given in the preceding table.
Name of Company.
Abraham & Straus,Inc.. pref.(guar.)
Adams J. D.)Mfg. Co..common (guar.)
Adams-Millis Corp.,common (quar.)
Preferred (quarterly)
Affiliated Products (monthly)
Agnew surpass Shoe Stores
-Preferred (guar.)
Alabama Great Southern RR. Co.. preferred
AlabamaPower Co.. $5 pref. (quar.)
Alaska Juneau Gold Mining Co.(quar.)
Extra
Allegheny, Steel Co., common
7% 5referred (quarterly)
Allied Chemical & Dye Corp.. common (quar.)_
Allied Kid -0., preferred (quarterly)
Aluminum Mfg.(quar.)_
Quarterly
7% preferred (guar.)
7% preferred ((mar.)
Amerada Corp. (quarterly)
American Can Co. common (qear.)
American Cities Power & Light
American Credit Indemnity of N. Y.(quar.) _
American Coal of Allegany County
American Envelope, 7% pref. (quar.)
7% preferred (guar.)
American Factors (monthly)
American Gas & Electrie. pref. (quar.)
Per
When Holders
Share. Payable. of Record.
15C
50c
$131
Sc
20c
$13i
3
SI
1
15c
150
$1%
ki
sou
Six
Six
50c
$1
75c
25c
50c
$131
$1%
10c
$1 31
Aug. 1 July 14
Aug. 1 July 15
Aug. 1 July 20
Aug. I July 20
Aug. 1 July 16
Sept. 1 Aug. 15
Oct. 1 Sept. 15
Aug. 15 July 14
Aug. 1 July 16
Aug. 1 July 10
Aug. 1 July 10
Aug. 15 Aug. 1
Sept. 1 Aug. 13
Aug. 1 July 11
Aug. I July 23
Sept.30 Sept. 15
Dec. 31 Dec. 15
Sept.30 Sept. 15
Dec. 31 Dec. 15
July 31 July 14
Aug. 15 July 250
Aug. I July 15
Aug. 1 July 25
Aug. 1 July 11
Sept. 1 Aug. 25
Dec. 1 Nov.25
Aug. 10 July 31
Aug. 1 July 9
Name of Company.
555
Per
When Holders
Share. POacyt.ble
a ;ofRecord.
American Hardware Corp.(guar.)
250
Quarterly
Jan. 1
American Home Products Corp.(monthly)
20c Aug. 1 July 14a
American Hosiery Co.(guar.)
37
Sept. 1 Aug. 28
American Investors, preferred
Aug. 15 July 31
American Light & Traction Co.common (guar.)
40c Aug. 1 July 13a
Preferred (quar.)
135% Aug. 1 July 130
American Machine & Foundry Co.. rem.(W020c Aug. 1 July 13
American Paper Goods (guar.)
50c Aug. 1 July 23
American Re-Insurance (guar.)
6274c Aug. 15 July 31
American Reserve Ins. Co. (s-a)
SOc Aug. 1 July 17
American Shipbuilding (guar.)
50c Aug. I July 14
American Smelting & Refining preferred
h$4% Sept. 1 Aug. 3
American Sugar Refining Co.common (quar.)
60e Oct. 2 Sept. 5
Preferred (quar.)
$131 Oct. 2 Sept. 5
American Thermos Bottle, 7% Pref. (qaar.)87%c Oct. 1 Sept. 20
American Water Works & Elec.(guar.)
250 Aug. 1 July 6
Ampco Twist Drill
10c Aug. 1 July 20
Amsterdam City Nat. Beak (N.Y.)(quar.)
$331 July 31 July 15
Androscoggin Electric,6% pref. (guar.)
Aug. I July 29
Anglo-Persian Oil Co.. Am.dep.rec.ord.reg_ _z te71
$1
Aug. 7 June 8
Ordinary shares
r to 731% July 31 June 9
Archer-Daniels-Midland Co., pref. (guar.)
$131 Aug. 1 July 21
350 Aug. 1 July 20
Asbestos mfg., $1.40 cony. pref. (quar.)
Atchison Topeka & Santa Fe By.Co.common
$2 Sept. I July 31
Preferred (semi-annually)
S231 Aug. 1 June 30
Atlantic & Charlotte Air Lines (s.-a.)
$431 Sept. I Aug. 20
Atlantic City Electric,$6 pref.(guar.)
$131 Aug. I July 14
Atlas Corp.,$3 pref. A (guar.)
750 Sent. 1 Aug. 20
$3 !Referred (quar.)
750 Dec. 1 Nov.20
Atlas Powder Co. pref.(guar.)
$131 Aug. 1 July 20
'
Co., Inc., prior A (quar.)..... $131 Aug. 1 July 16
Austin. Nichols &
Auto City Brewing (quar.)
3c Aug. 1 July 20
Badger Paper Mills (initial)
50c Aug. 1 July 21
6% preferred (quarterly)
750 Aug. 1 July 21
pref.
(quar.)
Bamberger (L.)& Co.631%
$131 Sept. 1 Aug. 15
30c Aug. 1 July 10
Bangor Hydro-Electric Co..common (quar.)
Barber(W. H.)& Co., pref.(quar.)
$1 31 Oct. 1 Sept.20
Preferred (guar.)
$I% Jan. 1 Dec. 20
Battle Creek Gas
Sc Aug. I July
Beatty Bros. 1st preferred (guar.)
July
$13(
Belding-Corticelli; Ltd., common (guar.)
A . 31
1
16
31tilug 2
il jy
Beneficial Industrial Loan Corp.. corn.(quar.).- 3734c July 30 July 16
Preferred, series A (guar.)
8734c July 30 July 16
Berland Shoe Stores. 7% preferred
h
Aug. 1 July 20
Best & Co., Inc.. common (guar.)
3734c Aug. 15 July 25
Birmingham Electric, $7 pref
141% Aug. 1 July 14
$6 preferred
/41% Aug. 1 July 14
Birtman Electric Co. common (auar.)
10c Aug. 1 July 16
Preferrea (quarterly)
$1g Aug. 1 July 16
Blauner s. Inc.,common (guar.)
25c Aug. 15 Aug. 1
Preference (guar.)
75c Aug. 15 Aug. 1
Block Bros.(quar.
Tobacco
37HC Aug. 15 Aug. 11
37%c Nov.15 Nov. 11
Quarterly
Preferred
$134 Sept.30 Sept.25
Preferred
SI% Dec. 31 Dec. 24
Blopmingdale Bros.. pref. (quar.)
$1% Aug. 1 July 20
Blue Ridge, preferred (quarterly)
s75c Sept. I Aug. 6
Bon Ami Co., class A (guar.)
SI July 31 July 14
Class A (quar.)
Oct. 30 Oct. 15
Class B (quar.)
Oct. 1 Sept.24
Boston Insurance(Mass.)(quarterly)
Oct. 1 Sept. 20
'2 5°c
Boston & Providence R.R. Co.(guar.)
1 3$
25
41 Oct. 1 Sept. 1
Bourjois, $231 preferred (quar.)
68%c Aug. 15 Aug. 1
Bridgeport Machine Co. preferred
hil July 31 July 25
Briggs Mfg.Co
250 July 30 July 16
British Columbia Telep., 6% 2d pref. (guar.). $i x Aug. 1 July 17
Broadway Dept. Store 7% pref. (quar.)
750 Aug. 1 July 19
Broadway Newport Bridge (Cincinnati,0.)(qu.) $2% Aug. 1 July 31
Si
5% preferred (guar.)
Aug. 1 July 31
Brown Shoe Co., preferred (quar.)
Ju
idy
ly 2
10
0
131% Aug. 1 J.
Buckskin National Gold Mining
234c
Buffalo Niagara & Eastern Power—
$5 1st preferred (quarterly)
5131 Aug. 1 July 14
Bullock Fund
7.50 Aug. 1 July 14
Burkhart Manufacturing preferred
h70c Aug. 1 July 20
Burroughs Adding Machine Co
10c Sept. 5 Aug. 3
Calamba Sugar Estates (guar.)
40c Oct. 1 Sept. 15
7% pr ferred (guar.)
35c Oct. 1 Sept. 15
Calgary Power Co., preferred (quar.)
$1% Aug. 1 July 14
373(c Sept. 15 dAug. 31
California Packing Corp
California Water Service Co. pref.(quar.)
$1% Aug. 15 July 31
Campe Corp.,common
20c Sept. 1 Aug. 15
$1% Aug. 1 July 15
634% preferred (quar.)
Canada Southern Ry (semi-ann.)
$1% Aug. 1 June 29
Canadian Bronze Co., Ltd., common (quar.)....
15c Aug. 1 July 20
Preferred (guar.)
$1% Aug. I July 20
Canadian Converters co., common (quar.)
50c Aug. 15 July 31
Canadian Dredge & Dock Co.(guar.)
$1% Aug. I July 20
Canadian Industries A & B (guar.)
873(c July 31 June 30
A & B (extra)
750 July 31 June 30
Canadian Investment Corp.(guar.)
10c Aug. I July 14
Canadian Investment Fund, ordinary shares..
331c Aug. 1 July 16
Specialshares
314c Aug. 1 July 16
Aug. 1 July 20
Capital Management Corp. (guar.)
Carnation Co..7% pref.(guar.)
$1% Oct. 2 Sept.20
$1% Jan. 1 Dec. 20
Preferred (guar.)
Cedar Rapids Mfg.& Power Co.(quer.)
750 Aug. 15 July 31
Central Arizona Light & Power, Si pref. (guar.) $1g Aug.
July 16
Aug. 1 July 16
:1St
$6 preferred (quarterly)
Central Cold Storage Co. common (quar.) - - 1234c Aug. 15 Aug. 5
Central Hudson Gas & Elec. v. t. c. (quar.)_..._
20c Aug. 1 June 30
Central Illinois Securities,$131 preferred
hl5c Aug. 1 July 20
43%c Aug. 1 July 14
Central Power & Light Co.,7% preferred
373g Aug. 1 July 14
1
n%
trip
fruegfe
Aug. 15 Aug. 5
airrPed
lpe Corp. (guar.)
ne6
10c Nov.15 Nov. 5
Quarterly
Century Ribbon Mills, Inc.. preferred (guar.)
$131 Sept. 1 Aug. 20
Century Shares Trust. panic, shares
37c Aug. 1 July 6
Cerro De Pasco Copper Corp
50c Aug. 1 July 16
Chain Belt Co., common (guar.)
10c Aug. 15 Aug. 1
Chain Stores Investors, preferred
h50c Aug. 1 July 16
Champion Coated Paper Co.,common (quar.)
$1
Aug. 15 Aug. 10
3731u Aug. 1 July 23
Charts Corp.(quarterly)
Charlton Mills (guar.)
$1 Aug. 1 July 16
Chase National Bank, N. Y., corn
47c Aug. 1 July 14
5% preferred (initial)
3731c Aug. 1 July 14
Cherry-Burrell Corp.. common (guar.)
i5c Aug. 1 July 20
Preferred (quarterly)
$1% Aug. 1 July 20
Chicago Yellow Cab (quarterly)
250 Sept. 1 Aug. 20
Cincinnati Northern RR.Co.(s-a)
$6 July 31 July 21
Cincinnati Union Terminal,4% pref. (quar.).,.... $13( Oct. I Stpt.20
4% preferred (guar.)
$13( Jan. 1 Dec 20
City Investing Co., common
$1 Aug. 7 July 30
City of New York Ins. Co.(N.Y.)(s.-a.)
$5 Aug. I July 13
City Water of Chattanooga, 6% pref. (guar.)$131 Aug. 1 July 20
Cleveland, Cinc. Chicago & St. Louis(semi-ann.)
$5 July 31 July 21
5% preferred (guar.)
$13( July 31 July 21
Cleveland & Pittsburgh, reg. gtd.(guar.)
87%c Sept. 1 Aug. 10
Registered guaranteed (guar.)
87%c Dec. 1 Nov. 10
Special guaranteed (quar.)
50c Sept. 1 Aug. 10
Special guaranteed (guar.)
50c Dec. I Nov.10
Cluett, Peabody & Co.. Inc., common (quar.)
250 Aug. I July 21
Colgate-Palmollve-Peet Co. common
1274c Aug I July 23
Colonial Investment Shares.,'
A
bSc Aug. 15 July 15
Columbia Gas & Electric Corp.,6% pref. A (qu.) 5131 Aug. 15 July 20
5% preferred (guar.)
$131 Aug. 151Juiy 20
5% cony. preference (guar.)
5131 Aug. I51.iuly 20
Columbia Pictures Corp.common(semi-annual)f 2;1a
Aug. 21
1 .jjy
1un
,alA
e 15
2147
% A
Columbus Ry.. Power & Light Corp.—
Class B preferred (guar.)
Commerce Liquidating (St. Louis, Mo.) 01(1.1._
Financial Chronicle
556
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
Commonwealth Edison Co. (quar.)
$1 Aug. 1 July 14
Commonwealth Investment (Calif.) (quar.)_ _
4c Aug. 1 July 14
Commonwealth Utilities, 7% pref. A (quar.)
$134 Oct. 7 Sept.15
3134 Oct. 1 Sept. 15
6% preferred B (quarterly)
Concord Gas Co..preferred (quar.)
$13. Aug. 15 July 30
Confederation Life Association (quar.)
$1 Sept.30 Sept.25
Quarterly
31 Dec. 31 Dec. 25
Connecticut Light & Power 634% pref.(quar.)
3134 Sept. 1 Aug. 15
534% preferred (quar.)
$134 Sept. 1 Aug. 15
Connecticut & Passumpsic Rivers RR.—
Preferred (s.-a.)
$3 Aug. 1 July 1
Connecticut Ry.& Light(guar.)
31.125 Aug. 15 July 31
434% preferred (quar.)
51.125 Aug. 15 July 31
Connecticut River Power.6% preferred (guar.)_ $134 Sept. 1 Aug. 15
3734c Aug. 1 July 15
Consolidated Chemical Indus., A (guar.)
Consol. Cigar Corp., preferred (guar.)
3134 Sept. 1 Aug. 15a
Prior preferred
5134 Aug. 1 July I60
Consolidated Gas Co.of N. Y.. pref. (quar.)
$134 Aug. I June 29
Consolidated Oil Corp.8% pref. (quar.)
$2 Aug. 15 Aug. 1
Consolidated Rendering Co.,8% pref.(quar.)
$2 Aug. 1 July 21
Consumers Power Co..35 pre.(guar.)
$134 Oct. 1 Sept.15
7% preferred (quarterly)
$134 Oct. 1 Sept. 15
6% preferred (quarterly)
11134 Oct. 1 Sept. 15
6.6% preferred (quarterly)
$1.65 Oct. 1 Sept. 15
50c Aug. 1 July 16
6% preferred (monthly)
6% preferred (monthly)
50c Sept. 1 Aug. 15
50c Oct. 1 Sept. 15
6% preferred (monthly)
55c Aug. 1 July 16
6.6% preferred (monthly)
55c Sept. 1 Aug. 15
6.6% preferred (monthly)
55c Oct. 1 Sept. 15
6.6% preferred (monthly)
Continental Can Co., Inc., common (quar.)_
75c Aug. 15 July 25a
Coon(W.B.) Co.,7% pref.(quar.)
$13.4 Aug. 1 July 14
75c Aug. 1 July 23
Corn Exchange Bank Trust Co.(guar.)
Corporate Investors, Ltd. (guar.)
4c Aug. 15 July 31
Courtaulds, Ltd., common (interim)
134% Aug. 18 July 18
Cresson Consol. Gold Mining & Milling
3c Aug. 15 July 31
$334 Aug. 1 July 24
Crowell Publishing,7% pref.(5.-a.)
Crum & Forster,8% pre.(guar.)
$2 Sept.30 Sept. 19
Cumberland County Pow.& Light, pref. (quar.) 5134 Aug. 1 July 14
Cuneo Press, Inc., common (quar.)
30c Aug. 1 July 20
Dallas Power & Light Co.7% pref.(quar.)
$134 Aug. 1 July 18
$6 preferred (quar.)
3134 Aug. 1 July 18
Davenport Water, 6% pref. (quar.)
$134 Aug. 1 July 20
Dayton Power & Light Co.,6% preferred (mo.)
50c Aug. 1 July 20
De Mets, Inc.. $2.20 preferred
h55c Aug. 1 July 25
Dennison Mfg.,8% cum. deb
532 Aug. 2 July 20
Denver Union Stockyards (quar.)
50c Oct. 1
Quarterly
50c Jan. 1
7% preferred (quar.)
$131 Sept. 1 Aug. 20
7% preferred (quar.)
$134 Dec. 1 Nov.20
Deposited Insurance Shares A
634c Aug. 1 July 2
Derby Gas & Electric, $7 Pref.(guar.)
$134 Aug. 1 July 23
3634 preferred (quarterly)
5134 Aug. 1 July 23
Detroit Hillsdale & So. West. RR. Co
$2 Jan. 5 Dec. 20
Dictaphone Corp., corn. (quar.)
50c Sept. 1 Aug. 17
Preferred (quarterly)
$2 Sept. 1 Aug. 17
1234% Aug. 8 July 10
Distillers Co.. Ltd.. common (final)
Dividend Shares
1.3c Aug. 1 July 14
Doctor Pepper Co.(quar.)
15c Sept. 1 Aug. 15
Quarterly
15c Dec. 1 Nov. 15
Dominion Bridge Co.common (quar.)
r50c Aug. 15 July 31
Common (quar.)
r50c Nov. 15 Oct. 31
Dominguez Oil Fields (monthly)
15c Aug. 1 July 24
Eastern Bond & Share B (guar.)
25cAug. 1 July 11
6 July 31 June 30
Eastern Theatres. Ltd.. pref. (5.-a.)
Eastern Township Telep. Co
6a Oct. 15 Sept. 15
Eastern Gas & Fuel Assoc
15c Sept. 1 Aug. 15
Prior preferred stock (Guar.)
31.125 Oct. 1 Sept. 15
$6 preferred (quarterly)
$134 Oct. 1 Sept. 15
Eaton Manufacturing Co.(guar.)
25c Aug. 15 Aug. 1
Edison Elec. Ilium.(Boston)(quar.)
3234 Aug. 1 July 10
Electric Bond & Share Co., $6 pref. (quar.)_ _ _ _ $1
Aug. 1 July 6
$5 preferred (quarterly)
5134 Aug. 1 July
Electric Household Utilities Corp
25c July 31 July 21
Electric Power Assoc., Inc.. class A
10c Aug. 1 July 16
Common
10c Aug. 1 July 16
Elizabeth & Trenton(s-a)
$1 Oct. 1 Sept. 20
5% preferred(s-a)
$13 Oct. 1 Sept. 20
Emerson's Bromo-Seltzer, Inc., Class A. & B.,
common (quarterly
50c Aug. 1 July 16
r)
Empire& Bay State
t. I Aug. 22
'eleg..4% guar.(quar.)_ -4% guaranteed (quar.)
iDec.
1 NoDec v. 21
t Sep
Empire Capital, A,(quar.)
10c Aug. 31 Aug. 21
A,extra
Sc Aug. 31 Aug. 21
B (initial)
10c Aug. 31 Aug. 21
Employers Group Associates(guar.)
10c July 31 July 17
Eppens, Smith (semi-annual)
52 Aug. 1 July 25
Erie & Kalamazoo RR (s-a)
3234 Aug. 1 July 26
Escanawba Power & Traction,13% pre.(quar.)-3134 Aug. 1 July 27
8% preferred (quar.)
3134 Nov. 1 Oct. 28
Eureka Pipe Line Co. (quar.)
$1 Aug. I July 16a
Faber Coe dc Gregg (quarterly)
25c Sept. 1 Aug. 15
Quarterly
250 Dec. 1 Nov. 15
Quarterly
25c 3-1-35 2-15-35
7% preferred (guar.)
3134 Aug. 1 July 20
Fall River Gas Works(quar.)
60c Aug. 1 July 23
Farmers & Traders Life Insurance Co.(quar.).- 3234 Oct. 1 Sept. 10
Federal Knitting Mills Co.. COM.(quar.)
6234c Aug. 1 July 14
Federal Services Finance Corp. (Washington,
D.C.)(quarterly)
50c July 31 June 30
7% preferred (quarterly)
3154 July 31 June 30
Fiberboard Products,6% pref.(quar.)
$134 Aug. 1 July 16
Fidelity Fund. Inc. (guar.)
50c Aug. 1 July 20
Extra
25c Aug. 1 July 20
Food Machinery, 834% preferred (monthly)
50c Aug. 15 Aug. 10
1334% preferred (monthly)
50c Sept.15 Sept. 10
Fort Worth Stockyards Co. (guar.)
3734c Aug. 1 July 21
Franklin Fire Insurance (quar.)
25c Aug. 1 July 14
Extra
Sc Aug. 1 July 14
Freeport Texas (quarterly)
50c Sept. 1 Aug. 15
$ly§ Aug. 1 July 12
6% preferred (guar.)
Fuller Brush, A (guar.)
10c Aug. 1 July 25
Fulton Industrial Securities $334 pref.(quar.)- - 8734c Aug. 1 July 15
Gardner-Denver Co. preferred (quar.)
$13.4 Aug. 1 July 20
General Cigar Co., corn. (guar.)
$1 Aug. 1 July 16
Preferred (quar.)
SiTecpt..
2
Aug. 23
Preferred (guar.)
Nov.
$
General Electric (Great Britain)ord.reg
zw8%
Amer. dep. rec. for ord. reg
zw8%
General Foods Corp. (quar.)
45c Aug. 15 Aug. 1
General Hosiery, 7% pref. (quar.)
$131 Aug. 1 July 20
General Mills Co.,corn.(quar.)
75c Aug. 1 July 16
General Motors Corp..$5 pref.(quar.)
$134 Aug. 1 July 9
General Stockyards Corp., common
250 Aug. 1 July 14
$6 preferred (quar.)
$134 Aug. 1 July 14
Gillette Safety Razor Co., prefererence (quar.)
$134 Aug. 1 July 2
Glidden Co.,corn.(guar.)
25c Oct. 1 Sept. 14
Extra
15c Oct. 1 Sept. 14
Preferred (guar.)
5134 Oct. 1 Sept. 14
Gold Dust Corn.,com.(guar.)
30c Aug. 1 July 10
Gotham Silk Hosiery Co., pref. (quar.)
*134 Aug. 1 July 12
Gottfried Baking Co., Inc.. preferred (quar.).__ 134% Oct. 1Sept.20
Preferred (quar.)
% Jan. 2 Dec. 20
Grace(N. R.)8% first pref. (semi-annual)
$3 Dec. 29 Dec. 27
Great Lakes Dredge & Dock Co.(quar.)
25c Aug. 15 Aug. 4
Great Lakes Engineering Works (quar.)
10c Aug. 1 July 25
Extra
Sc Aug. 1 July 25
Great Western Electro-Chemical (quar.)
El Aug. 15 Aug. 5
Green & Coats Street Phila, Passenger By.,pre_ 311.4 Oct. 6 Sept.22
Greenfield Gas Light,6% preferred (guar.)
75c Aug. 1 July 16
Hale Bros. Stores. Inc.(guar.)
15c Sept. 1 Aug. 15
Quarterly
16c Dec. 1 Nov. 15
1,3
3114
Name of Company.
July 28 1934
Per
When Holders
Share. Payable. ofRecord.
Halle Bros. Co., pref. (quar.)
$134 July 31 July 24
Handley Page,10% partic. pref.reg
zw10%
10% partic. pref.(Am.dep.rec.)
PalOV
Harbauer Co 7% preferred (quar.)
Aug. 1 July 21
$1
7% preferred (quar.)
1
Oct. 1 Sept.21
7% preferred (quar.)
Jan. 1 Dec. 21
1
Hardesty (R.) Mfg..7% pref.(guar.)
Sept. 1 Aug. 15
7% preferred (quar.)
Dec. 1 Nov. 15
Hartford & Connecticut Western RR. Co.
2% preferred (s.-a.)
$1 Aug. 31 Aug. 20
Hartford Electric Light Co.(quar.)
6814c Aug. 1 July 15
Hartford Times,Inc.,partic. pref.(quar.)
75c Aug. 15 Aug. 1
Hawaiian Commercial Sugar (quar.)
75c Aug. 15 Aug. 4
Hercules Powder Co.. pref.(guar.)
Aug. 15 Aug. 3
Hershey Chocolate(quar.)
Aug. 15 July 25
34 cony. preferred (quar.)
$1 Aug. 15 July 25
Hibbard,Spencer,Bartlett & Co.(mo.)
10c July 27 July 20
Monthly
be Aug. 31 Aug. 24
Monthly
10c Sept.28 Sept.21
Hickok Oil Co. (semi-annual)
50c Sept. 15 Sept. 8
Hobart Mfg. Co
e6%
June 25
Common (quar.)
25c Sept. 1 Aug. 18
Hollander (A.) & Sons, Inc., common (quar.).-_ 1234c Aug. 15 July 31
Holland Land Co
50c July 31 July 21
Liquidating
50c July 31 July 21
Holly Sugar Corp.,7% pref.(quar.)
$131 Aug. 1 July 16
Home Insurance Co.(quar.)
25c Aug. 1 July 13
Extra
Sc Aug. 1 July 13
Homestead Fire Insurance (s.-a.)
50c Aug. 1 July 20
Honolulu Gas Co., Ltd.(mthly)
150 July 30 July 12
Hormel (Geo. A.)& Co., common (quar.)
250 Aug. 15 July 28
6% class A preferred (quar.)
$134 Aug. 15 July 27
Horn & Hardart Co.. N.Y.. corn. (quar.)
40c Aug. 1 July 12
Horne (J.) Co.,6% pref. (quar.)
$1% Aug. 1 July 23
Houston Lighting & Power Co.,7% pref.(qu.)_ _ $1% Aug. 1 July 16
$6 preferred (quarterly)
$134 Aug. 1 July 16
Humberstone Shoe Co., Ltd. (quar.)
50c Aug. 1 July 14
Hussmann-Ligonier cony. pref.(initial)
15c Aug. 1 July 20
Cony. preferred
e2% Aug. 1 July 20
Hydro-Electric Security, 5% pref. B (s.-a.)-25c Aug. 1 July 19
Idaho Power 7% pref.(quar.)
$134 Aug. 1 July 14
$6 preferred (quar.)
$1% Aug. 1 July 14
Illinois Northern Utilities. 6% pref. (quar.). _
Aug. 1 July 14
Illuminating & Power Security Corp. (quar.)._
110, Aug. 10 July 31
$134 Aug. 15 July 31
:preferred (guar.)
Im
Life Assurance (guar.)
$3% Oct. 1
Quarterly
$33' Jan. 1
Industrial CottonMills(R.H..S.0.),7%pf.(qr.)
$1 34 Aug. 1 July 27
International Business Mach. Corp.(quar.).
$1% Oct. 10 Sept. 22a
International Cigar Machinery Co
45c Aug. 1 July 13
International Harvester, pref. (guar.)
$134 Sept. 1 Aug. 4
International Nickel Co.of Canada.pref.(qu.)- $1% Aug. 1 July 3
International Printing Ink Co.. pref.(qu.)
$134 Aug. 1 July 14
International Utilties Corp.,$7 pr. pref.(quer.)- 8734c Aug. 1 July 20a
433/c Aug. 1 July 20a
$334 prior preferred. series 1931 (quar.)
Interstate Dept. Stores Inc., 7% pref
$194 Aug. 1 July 20
Interstate Hosiery Mills (quar.)
50c Aug. 15 Aug. 1
50c Nov. 15 Nov. 1
Quarterly
Intertype Corp.. 1st pref. (guar.)
$2 Oct. 1 Sept.14
Investors of Washington.$6 pref. A (quar.)
$134 Aug. 1 July 20
Iron Fireman Mfg. Co.. corn. (QUILT.)
20c Sept. 1 Aug. 10
20c Dec. 1 Nov. 10
Common (guar.)
Jefferson Lake 011 (guar.)
250 Aug. 1 July 15
Kalamazoo Stove Co., corn.(quar.)
250 Aug. 1 July 20
Kalamazoo Vegetable Parchment Co. (quar.)...
15c Sept.30 Sept.20
15c Dec. 31 Dec. 20
Quarterly
Kansas City, St. Louis dr Chicago RR.
$1% Aug. 1 July 19
6% guaranteed preferred (guar.)
Kaufmann Dept. Storm. Inc.. corn. (quar.)
20c July 28 July 10
Kekaha Sugar Ltd.(monthly)
20c Aug. 1 July 25
1234c Oct. 1 Sept. 5
Kelvinator Corp
Kelvinator of Canada Ltd.. 7% pref. (quar.)
Aug. 15 Aug. 4
Kings County Trust (N. Y.). (War./
$2 Aug. 1 July 25
25c Oct. 1 Sept. 20
Klein (Emil D.) Co., common (quar.
$1% Aug. 1 July 20
Preferred (quar.)
$1% Aug. 1 July 20
Kokomo Water Works Co., 6% pref. (quar.)
50c July 31 July 25
Koloa Sugar Ltd.(monthly)
Kress(S. H.)& Co.,common (quar.)
25c Aug. 1 July 20
150 Aug. 1 July 20
Special preferred (guar.)
Kroger Grocery & Baking, 7% pref. (guar.).— $1% Aug. 1 July 20
8734c Sept.30
Landers.Frary & Clark,corn.(guar.)
371.4c Dec. 31
Common (quar.)
Landis Machine. pref.(qua?.)
Sept. 15 Sept. 5
Dec. 15 Dec. 5
Preferred (quar.)
Lane Bryant, Inc..7% preferred (quar.)
Aug. 1 July 16
134
Aug. 1 July 3
Langley's Ltd.. 7% preferred
25c Aug. 10 July 31
',timings Co.(quar.)
Lanston Monotype Machine Co.(quar.)
31 Aug. 31 Aug. 21
234c
Latin American Bond Fund (8.-a.)
June 30
Extra
834c
June 30
Lawbeck Corp..6% pref.(qua?.)
Aug. 1 July 20
Lazarus (F. & R.), 634% pref. (quar.)
3134 Aug. 1 July 20
Lee Rubber & Tire Corp
200 Aug. 1 July 16a
Lerner Stores.634% cum.pre
531% Aug. 1 July 25
Life Savers Corp. (quar.)
40c Sept. 1 Aug. 1
Liggett & Myers Tobacco Co., corn. (guar.).- _
$1 Sept. 1 Aug. 15
Class B (quarterly)
$1 Sept. 1 Aug. 15
Lincoln Nat.Life Ins.(Ft. Wayne)(quar.)
30c Aug. 1 July 28
30c Nov. 1 Oct. 26
Quarterly
Lincoln Telephone & Telegraph$134 Aug. 10 July 31
6% preferred A (quarterly)
$131 Aug. 10 July 31
5% special preferred (quar.)
Link Belt Co..common (quar.)
10c Sept. 1 Aug. 15
Preferred (quar.)
31 5 Oct. 1 Sept. 15
Liquid Carbonic Corp.(guar.)
2
Aug. 1 July 17
Little Miami RR,special guaranteed (quar.)--- _
50c Sept.10 Aug. 25
Special guaranteed Tar.)
50c Dec. 10 Nov. 24
Original guaranteed (quar.
$1.10 Sept.10 Aug. 25
Original guaranteed qua?
$1.10 Dec. 10 Nov. 24
Loblaw Groceterias Co.,class A & B (quar.)250 Sept. 1 Aug. 14
Lock Joint Pipe.8% pref. (quar.)
$2 Oct. 1 Sept. 20
Loew's Boston Theatres Co. (quar.)
15c Aug. 1 July 21
Loew's, Inc., $634 pref. (quar.)
$13,4 Aug. 15 July 28
Lone Star Gas Corp., pref.(quar.)
$1.63 Aug. 1 July 16
Loose-Wiles Biscuit Co., common (guar.)
50c Aug. 1 July 17
1st preferred (guar.)
Oct. 1 Sept. 18
Lord & Taylor Co.. 2d pref. (quar.)
Aug. 1 July 17
Los Angeles Gas & Elec.,6% pref.(quar.)
$1% Aug. 15 July 31
Louisiana & Missouri River RR.
11334 Aug. 1 July 20
7% guaranteed pref. (s.-a.)
Louisiana Power & Light. $6 pref. (quar.)
$1% Aug. 1 July 14
Louisville & Nashville RR. Co
$1
Aug. 25 July 31
Lunkenheimer Co.. )4% prof. (quar.)
$1
Oct. 1 Sept.21
814% preferred ?guar.)
$1
Jan. 2 Dec. 22
Luther Mfg. Co. (quar.)
1 Aug. 1 July 17
Luzern° County Gas & Electric.$7 1st pf.(qu.)_ S11.4 Aug. 15 July 31
$6 first preferred (guar.)
Aug. 15 July 31
Lynch Corp.(quarterly)
50c Aug. 15 Aug. 4
Macy (R. II.) & Co., common (quar.)
50c Sept. 1 Aug. 10
Magnin (I.) & Co., preferred (quar.)
$134 Aug. 15 Aug. 5
Preferred (qua?.)
Nov. 15 Nov. 5
Mahoning Coal RR. Co., common (guar.).—
$63( Aug. 1 July 16
Malone Light & Pow.,$6 pref.(quar.)
$134 Aug. 1 July 18
Manhattan Shirt Co. (quar.)
15c Sept. 1 Aug. 8
Massawippi Valley Ity. (semi-ann.)
$3 Aug. 1 July 1
May Department Stores (guar.)
40c Sept. 1 Aug. 15
h$3,Si Sept. 1 Aug. 15
May Hosiery Mills $4 cum. pre
Maytag Co.. $3 cum. pref_
75u Aug. 1 July 16
$1 34 Aug. 1 July 16
$6 cum. preferred (guar.)
McCall Corp.. common (quar.)
50c Aug. 1 July 14
McIntyre Porcupfne Mines, Ltd. (quar.)
50c Sept. 1 Aug. 1
McNeely Red Lake Holdings, Ltd
50c Aug. 1 July 15
P,
Volume 139
Name of Company.
Financial Chronicle
Per
When Holders
Share. Payable. of Record.
Meadville Telep. Co.(quar.)
37 Mc Aug. 15 July 31
500 Aug. 1 July 13
Melville Shoe Corp. common (guar.)
First preferred (quar.)
SIM Aug. 1 July 13
Second preferred (guar.)
7Ac Aug. 1 July 13
Sc July 31 July 15
Merland Oil of Canada
Metal Thermit Corp.(quar.)
Si Aug. 1 July 20
Metropolitan Indust. Co., 6% pref. (quar.)
25c Aug. 1
Michigan Central RR. (8.-a.)
$25 July 31 July 21
Milwaukee Elec. By.& Lt. Co..6% pref.(quar.)
July 31 July 20
$14 Aug. 1 July 14
Mine Hill & Schuylkill Haven RR.(s.-a.)
Minneap.-Honeywell Regulator Co.,corn.(qu.)_
50c Aug. 15 Aug. 4
Common (extra)
50c Aug. 15 Aug. 4
Mississippi Power & Light, 1st pref
h50c Aug. 1 July 14
Modine Mfg. (quar.)
15c Aug. 1 July 20
Mohawk Hudson Power, 87 1st pref.(quar.)
$14 Aug. 1 July 16
Monmouth Consol Water. 7% pref. (quar.)
514 Aug. 15 Aug. 1
Montana Power, $6 pref. (guar.)
$1 A Aug. 1 July 21
Montreal Light, Heat & Power Co.(quar.)___ _
32 Aug. 15 July 31
Montreal Light. Heat & Power Consolidated
Common (quarterly)
38c July 31 June 30
Moody's Investors Service, pref. (quar.)
75c Aug. 15 Aug. 1
Moore Dry Goods Co.(quar.)
$1M Oct. 1 Oct. 1
Quarterly
$134 Jan. 1 Jan. 1
Morris 5 & 10c. Storm,7% pf• ((Var.)
$14 Oct. 1 Sept.20
Morris Plan Ins. Soc.(guar.)
Si Sept. 1 Aug. 25
Quarterly
$1 Dec. 1 Nov. 26
Mortgage Corp.(Nova Scotia) (quar.)
$IX Aug. 1 July 24
Muskogee Co..6% pref. (quar.)
$14 Sept. 1 Aug. 13
Mutual Chem.of America, pref.(guar.)
$134Sept.28 Sept.20
Preferred (quay.)
14 Dec. 28 Dec. 20
Mutual Telephone (Hawaii),(mo.)
8c Aug. 20 Aug. 10
Nash Motors Co . com. (guar.)
25c Aug. 1 July 20
National Bearing Metals Corp., 7% preferred
A43 Aug. 1 July 16
National Bellas Hess Co., pref. (liquidating) - 5331 Aug. 15 July 31
National Biscuit Co., corn. (guar.)
50c Oct. 15 Sept. 14
Preferred (guar.)
$14 Aug. 31 Aug. 17
National Carbon,8% preferred (guar.)
52 Aug. 1 July 20
National City Bank, N.Y
33 1-3c Aug. 1 July 7
6% preferred (semi-annual)
50c Aug. 1 July 7
Preferred (holders other than RFC)
50c Aug. 1 July 7
Preferred (held by RFC)
43 1-3c Aug. 1 July 7
National Container Corp., preferred (quar.).
50c Sept. 1 Aug. 15
Preferred
h50c Sept. 1 Aug. 15
Preferred (quar.)
60c Dec. 1 Nov. 15
Preferred
h50c Dec. 1 Nov. 15
National Lead Co., class B preferred (quar.)
514 Aug. 1 July 20
National Liberty Insurance Co. (s.-a.)
10c Aug. 13 Aug 1
Extra
Sc Au.. 13 Aug. 1
National Power & Light (quar.)
20c Sept. 1 Aug. 6
$6 preferred (quar.)
$131 Aug. 1 July 6
National Screen Service Co.(guar.)
40c Aug. 1 July 20
National Steel Corp.,coin.(guar.)
25c July 30 July 20
National Tea Co.,_preferred (quar.)
134c Aug. 1 July 13
National Telep. & Teleg.. $34 1st pref.(guar.)- 8734c Aug. 1 July 16
Nation-Wide Securities Co.. series B
4c Aug. 1 July 14
Neisner Bros., inc., preferred (qua”.)
514 Aug. 1 July 16
Preferred
147 Aug. 1 July 16
Nestle-Le Mur Co., class A
10c Aug. 1 July 14
$1 Aug. 1 June 30a
Nevada-Calif. Electrie. preferred
Newberry J. J. Co.,7% pref.(guar.)
$14 Sept. 1 Aug. 16
New England Grain Products (guar.)
40c Aug. 1 July 20
New Jersey Zinc (quar.)
60c Aug. 10 July 20
New Process Co., common (quar.)
50c Aug. 1 July 26
Preferred (quar.)
% Aug. 1 July 26
New York & Honduras Rosario Mining Co
25c July 28 July 17
Extra
50c July 28 July 17
New York Merchandise Co.. Inc.. corn.(quar.)_ 374c Aug. 1 July 20
Nineteen Hundred Corp., class A (quar.)
50c Aug. 15 Aug. 1
60c Nov. 15 Nov. 1
Class A (quarterly)
Class B (quarterly)
25c Aug. 15 Aug. 1
Nipissing Mines
1236c Aug. 15 Aug. 1
Norfolk & Western By.common (quar.)
$2 Sept.19 Aug. 31
$1 Aug. 18 July 31
Adjustment preferred
North American Edison Co. preferred (quar.)
$131 Sept. 1 Aug. 15
North American Oil Consol.(quar.)
25c Aug. 1 July 20
$34 Aug. 1 July 20
North Carolina RR. gtd. stk. (8.-11.)
Northern N.Y. Utilities, Inc..7% 1st pref.(qu.) S14 Aug. 1 July 10
Northern RR.of New Hampshire (quar.)
$134 July 31 July 9
$1 Sept. 1 Aug. 22
Northern RR.of N.J.4% guaranteed (guar.).SI Dec. 1 Mar.21
Northern rSaerCu
2% Aug. 1 July 23
tmrei 4: 1Cor.)
Northern States Power Co.(Del.), corn. (quar.)
25c Aug. 1 Juno 30
Norwalk Tire & Rubber Co.(Conn.)—
Preferred (quarterly)
874c Oct. 1 Sept.21
Norwich Pharmacal Co. (quar.)
$14 Oct. 1 Sept.20
Quarterly
$131 Jan. 1 Dec. 20
Oahu By.& Land monthly
15c Aug. 15 Aug. 10
Oahu Sugar Ltd. monthly
10c Aug. 14 Aug. 6
Ohio Public Service Co., 7% pref. (mthly.)
58 1-3c Aug. 1 July 14
6
(
y.
50c Aug. 1 July 14
5% preferred (mthly.)
41 2-3c Aug. 1 July 14
Ohio State Life Insurance(quar.)
$2 Aug. 1 July 16
Old Colony Insurance Co.(quarterly)
$2 Aug. 1 July 20
Quarterly
$2 Nov. 1 Oct. 20
Onomea Sugar (monthly)
20c Aug. 20 Aug. 10
Ontario Mfg. Co. common (quar.)
25c Oct. 1 Sept. 20
Preferred (quar.)
$14 Oct. 1 Sept. 20
Oswego Falls Corn.,8% 1st pref. (guar.)
$2 Aug. 1 July 28
Outlet Co., common (guar.)
50c Aug. 1 July 20
Extra
25c Aug. 1 July 20
1st preferred (quar.)
$131 Aug. 1 July 20
2nd preferred (quar.)
$1M Aug. 1 July 20
Owens-Illinois Glass Co., corn
75c Aug. 15 July 30
Pacific Gas & Electric Co.6% preferred (quar.)- 3734c Aug. 15 July 31
% preferred (quar.)
344c Aug. 15 July 31
Pacific Lighting Corp. common (quar.)
750 Aug. 15 July 20
Package Machinery 7% 1st preferred (quar.)_-- $14 Aug. 1 July 20
Pan American Airways Corp
25c Aug. 1 July 20
Parker(S. C.)& Co.,pref.(quar.)
10c Aug. 1 July 25
Peninsula Telephone Co.. 7% pref. (quar.)
Aug. 15 Aug. 6
$I
Penmans,Ltd.,common (quar.)
75c Aug. 15 Aug 6
Preferred (guar.)
$154 Aug. 1 July 21
Penna.-Bradford Co., $24 pref
531 4c Aug. 1 July 5
Pennsylvania Power Co..$6.60 pref.(mo•)
55c Aug. 1 July 20
$6.60 preferred (monthly
55c Sept. 1 Aug. 20
$6 preferred (quarterly)
$14 Sept. 1 Aug. 20
Pennsylvania RR. Co
50c Sept.15 Aug. 1
Penn Traffic
Sc Aug. 1 July 16
Peterborough RR.(semi-ann.)
$131 Oct. 1 Sept. 25
Petrolite Corp., Ltd.(Del.) (quarterly)
50c Aug. 1 July 24
Philadelphia Electric Co. $5 pref. (quar.)
$14 Aug. 1 July 10
Philadelphia Elec. Power Co.8% pref.(quar.)
50c Oct. 1 Sept. 5
Philadelphia Insulated Wire Co. (8.-a.)
50c Aug. 1 July 16
Philadelphia Suburban Water,6% 13f• (gu.)$131 Sept. 1 Aug. 11
Phillips-Jones Corp., pref. (quar.)
$131 Aug. 1 July 20
Phoenix Finance. pref. (quar.)
b0c Oct. 10 Oct. 1
Preferred (quar.)
50c Jan. 10 Jo 1 '35
Photo Engravers & Electro. Ltd
50c Sept. 1 Aug. 15
Pioneer Mill Ltd.(monthly)
10c Aug. 1 July 21
Pitney-Bow es Postage Meter
Sc Aug. 1 July 20
Pittsburgh Bessemer & Lake Erie R.R.(s.-a.)._
75c Oct. 1 Sept. 15
Pittsburgh Fort Wayne & Chicago R.R.(quar.). $14 Oct. 2 Sept. 10
Quarterly
$14 Jan. 1 Dec. 10
7% preferred (quar.)
$14 Oct. 2 Sept. 10
7% preferred (quay.)
5131 Jan. 1 Dec. 10
Pittsburgh & Lake Erie RR (8.-a.)
$14 Aug. 1 June 29
Pittsburgh Youngstown & Ashtabula R.R.7% preferred (quar.)
$14 Sept. 1 Aug. 20
7% preferred (quar.)
$14 Dec. 1 Nov.20
Pleasant Valley Wine Co.,corn.(quar.)
15c Sept. 1 Aug. 15
Plymouth Cordage Co.. corn. (guar.)
$14 July 30 July 3
Portland dc Ogdensburg RR.(quar.)
50e Aug. 31 Aug. 20
Name of Company.
557
Per
When Holders
Share. Payable. ofRecord.
Pollock Paper & Box Co., pref. (guar.)
$131
Preferred (quarterly)
Portland RR. Co.(Maine)5% pref. (semi-ann.) $231
Potomac Electric Power,7% pref. (quar.)
$14
6% preferred (guar.)
$131
6%eferred (quar.)
UM
preferred (quar.)
$14
555 o Preferr
PowellRiver, 7% preferred
$14
7% preferred
$131
Princeton Water Co., N.J.(quar.)
750
Procter & Gamble Co..corn.(quar.)
3734c
Public Serv. Co. of Colorado.7% pref.(mthly.) 58 1-3c
6% preferred (mthly.)
50c
41 2-3c
5% preferred (mthly.)
Public Service Co.of No. Ill. 7% pref.(quar.)_ $14
Public Service Corp. of N. J. common (quar.)
70c
8% preferred (quar.)
$2
$14
7% preferred (quar.)
$5 preferred (quar.)
$131
6% preferred (monthly)
50c
6% preferred (monthly)
50c
6% preferred (monthly)
50c
Public Utilities Corp.(quar.)
$131
Pullman. Inc. (quar.)
750
Quaker Oats Co.. 6% preferred (guar.)
$131
3c
Quarterly Income Shares, Inc
r25c
Quebec Power Co. (quar.)
Raymond Concrete Pile Co.. $3 pref. (quer.)_ _
,5c
Reading Co.(quar.)
50c
1st preferred (quar.)
50c
50c
2d preferred (quay.)
Reed (C. A.)(quarterly)
50c
Reliance Insurance Co.(Philadelphia)
58c
Reliance Mfg. Co.(Ill.), common (guar.)
150
20c
Republic Insurance. Texas(quar.)
20c
Quarterly
15c
Republic Investors Fund,6% pf. A (quar.)
Republic Supply Co.(quar.)
25c
Rhode Island Public Service, A (quar.).
$I
Preferred (quarterly)
50c
25c
Rice-Stix Dry Goods Co.,common
Rich's Inc., (guar.)
30c
$1.31
631% preferred (quar.)
10c
Richmond Ins. of New York (quar.)
Extra
234c
Riverside Cement, $6, 1st pref. (quar.)
$131
h20c
Preferred A
20c
Rockland Light & Power (quar.)
20c
Stock trust certificates (guar.)
814c
Roos Bros.. $631 preferred (quar.)
581 Vic
$031 preferred
1414
$631 preferred
$14
Rose's 5-10-25c. Stores. Inc.7% pref.(quar.)
Royal Dutch Petroleum (Amer.abs.)(final)---- $1.353
25c
Ryerson (Jos. T.) & Sons
$I
Safety Car Heating & Lighting Co
St. Lawrence Flour Mills Co.,com.(quar.)
3734c
$14
Preferred (quarterly)
2%
Salt Creek Producers Assoc., Inc.(quar.)
San Carlos Milling (monthly)
20c
5131
Savannah Sugar Refining. corn.(guar.)
Preferred (quarterly)
$131
Scotten Dillon Co
30c
Scott Paper Co.. 7% series A preferred (quar.)- 514
$IM
6% series B Preferred (quar.)
20c
Second Twin Bell Syndicate(monthly)
Securities Corp. General $7 preferred (quar.)--- 5131
$6 preferred (guar.)
$131
62
Seeman Bros., Inc.. common (guar.)
400
Selby Shoe Co. common (quar.)
Preferred (quar.)
UM
Si M
Shamokin Valley & Pottsville RR.(semi-ann.)
Sharp & Dohme,Inc._pref.(quar.)
8734c
Shawinigan Water & Power Co.common (guar.) r13c
Shenango Valley Water,6% pref. (quar.)
5131
6% preferred (quar.)
$134
Sierra Pacific Electric Co., pref.(guar.)
$131
Simms Petroleum Co
30c
5$1
Simpson's Ltd. 634% preferred
Sioux City Stockyards Co., pref. (quar.)
$1 A
Preferred (guar.)
Si M
12 Mc
Smith Agricultural Chemical (quar.)
6% preferred (quar.)
$131
Smith (8 Morgan)Co.(quar.)
$1
Quarterly
Si
Solvay Amer. Investment Corp.. pref. (quar.)_ - $14
Southern Acid & Sulphur (quar.)
50
7% preferred (guar.)
S14
Southern Calif. Edison Co., Ltd.. common (qu.) 3731c
Southern Canada Power Co., Ltd.. corn.(qu.)--200
South Pittsburgh Water.5% prof. (s.-a.)
Si 31
Squibb (E. R.) & Sons (quarterly)
250
Preferred (quarterly)
$134
60c
Standard Cap & Seal Corp.common (quar.)
Standard Corp., Inc. (quar.)
4c
Standard Fruit Steamship Corp., partic.pref_ mh75c
Standard Oil Co.of Kansas(quar.)
50c
Quarterly
50c
Standard Power & Light Corp.,Pre
5234c
Stanley Securities
$4
Stanley Works.6% preferred (quar.)
3734c.
Steel Co. of Canada, corn. (guar.)
30c
Preferred (quarterly)
434c
Strawbridge & Clothier,6% pref. A (quar.)
$14
Suburban Elect. Security. 1st pref.(quar.)
,iit
Syracuse Lighting. 8% prof. (quar.)
631% preferred (quarterly)
$14
6% preferred (quarterly)
$134
Teck-Hughes Gold Mines (quar.)
15c
Telautograph(guar.)
25c
Telephone Investment Corp. (monthly)
20c
Monthly
20c
Monthly
20c
Tennessee Elect. Pow.Co.,5% pref.(quar.)-$1 31
6% preferred (quar.)
$131
7% preferred (guar.)
$131
7.2% preferred (quar.)
$1.80
6% prefer.ed (monthly)
50c
6% preferred (monthly)
50c
6% preferred (monthly)
50c
7.2% preferred (monthly)
60c
7.2% preferred (monthly)
60c
7.2% preferred (monthly)
Sac
Tennessee Public Service. $6 pref
h75c
Texas Gulf Sulphur (quar.)
50c
Texas Power & Light,7% pref.(guar.)
51 ii
6% preferred (quar.)
$IM
Thatcher Mfg. Co., pref. (quar.)
90c
Third Twin Bell Syndicate (bi-mo.)
10c
Tide Water 011 Co.5% pref.(quar.)
$131
Tide Water Power.$6 preferred
1424
Timken Roller Bearing Co.(quar.)
25c
Tivoli Brewing Co
f 15%
Toburn Gold Mines (quar.)
2c
Toledo Edison Co., 7% pref. (mthly.)
58 1-3c
6% preferred (mthly.)
50c
5% preferred (mthly.)
41 2-3c
Tradesmens Nat. Bank & Trust Co.(quar.)__ $1 31
Transamerica Corp. (s-a)
124c
Troxel Manufacturing Co. common (quar.)---Si
Extra
$1
Preferred (quar'
$1 Vi
Sept.15
Dec. 15
Aug. 1 July 14
Aug. 1 July 20
Aug. 1 July 20
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Sept. 1
Dec 1
Aug. 1 July 20
Aug. 15 July 25
Aug. 1 July 14
Aug. 1 July 14
Aug. 1 July 14
Aug. 1 July 14
Sept.29 Sept. 1
Sept.29 Sept. 1
Sept.29 Sept. 1
Sept.29 Sept. 1
July 31 July 2
Aug. 31 Aug. 1
Sept.29 Sept. 1
Aug. 10 July 31
Aug. 15 July 24
Aug. 31 Aug. 1
Aug. 1 July 15
Aug. 15 July 25
Aug. 1 July 20
Aug. 9 July 12
Sept. 13 Aug. 23
Oct. 11 Sept. 20
Aug. 1 July 21
Aug. 1 July 20
Aug. 10 July 31
Nov. 10 Oct. 31
Aug. 1 July 20
Oct. 5 Oct. 2
Aug. 1 July 16
Aug. 1 July 16
Aug. 1 July 15
Aug. 1 July 20
Sept.29 Sept. 15
Aug. 1 July 11
Aug. 1 July 11
Aug. 1 July 15
Aug. 1 July 15
Aug. 1 July 16
Aug. 1 July 16
Aug. 1 July 25
Aug. 1 July 25
Aug. 1
Aug. 1 July 20
July 31 July 17
Aug. 1 July 25
Aug. 15 Aug. 1
Aug. 1 July 20
Aug. 1 July 20
Aug. 1 July 14a
Aug. 15 Aug. 1
Aug. 1 July 16
Aug. 1 July 16
Aug. 15 Aug. 6
Aug. 1 July 17
Aug. 1 July 17
Aug. 5 July 31
Aug. 1 July 20
Aug. 1 July 20
Aug. 1 July 16
Aug. 1 July 25
Aug. 1 July 25
Aug. 1 July 15
Aug. 1 July 17
Aug. 15 July 25
Sept. 1 Aug. 26
Dec. 1 Nov.20
Aug. 1 July 20
Aug. 1 July 17
Aug. 1 July 21
Aug. 15 Aug. 14
Nov. 15 Nov. 14
Aug. 1 July 21
Aug. 1 July 21
Aug. I
Nov. 1
Aug. 15 July 16
Sept.15 Sept.10
Oct. 1 Sept.10
Aug. 15 July 20
Aug. 15 July 31
Aug. 20 Aug. 10
Aug. 1 July 14
Aug. 1 July 14
Aug. 1 July 5
Aug. 1 July 20
Aug. 1 July 21
July 31 July 2
Oct. 31 Oct. 1
Aug. 1 July 14
Aug. 15 Aug. 7
Aug. 15 Aug. 1
Aug. 1 July 7
Aug. 1 July 7
Sept. 1 Aug. 16
Aug. 1 July 15
Aug. 15 July 20
Aug. 15 July 20
Aug. 15 July 20
Aug. 1 July 11
Aug. 1 July 16
Aug. 1 July 20
Sept. 1 Aug. 20
Oct. 1 Sept.20
Oct. 1 Sept. 15
Oct. 1 Sept.15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
Aug. 1 July 14
Sept. 1 Aug. 15
Oct. 1 Sept. 15
Aug. 1 July 14
Sept. 1 Aug. 15
Oct. 1 Sept.15
Aug. 1 July 17
Sept. 15 Sept. 1
Aug. 1 July 14
Aug. iJuly 14
Aug. 15 July 31
Aug. 30 Aug. 2
Aug. 15 Aug. 1
Sept. 1 Aug. 10
Sept. 5 Aug. 17
Aug. 1 July 20
Aug. 22 July 28
Aug. 1 July 14
Aug. 1 July 14
Aug. 1 July 14
Aug. 1 July 25
July 31 July 12
Aug. 1 July 20
Aug. 1 July 20
Aug. 11July 20
Financial Chronicle
558
Per
When Holders
Share. Payable. ofRecord.
Name of Company.
Troy & Bennington RR.(semi-annual)
Trustee Standard Investment Shares, series C__ _
Series D
Tung-Sol Lamp Works, Inc.. preferred (quar.)
Preferred
Twin Bell Oil Syndicate, monthly
Union Oil Co. of California (quar.)
United Biscuit Co.of Amer.,corn.(quar.)
Preferred (quarterly)
Preferred (quarterly)
United GasImprovement(quar.)
5% preferred (quar.)
Uniter Insurance Trust Shares, series F.regSeries F coupon
United Light & Rys.,7% prior prf. (monthly)--7% prior preferred (monthly)
7% prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6.369 prior preferred (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly)
8% prior preferred (monthly)
United N. J. RR.& Canal (quar.)
Quarterly
United States Banking Corp.(Mo.)
United States Bobbin & Shuttle Co.7% pre
United States Fire Ins., (quar.)
Extra
United States & Foreign Securities Corp—
$6 1st preferred (quar.)
U.S. Petroleum Co.(quar.)
Quarterly
U. S. Pipe & Foundry Co.. corn.(quar.)
Common (quar.)
Preferred (quar.)
Preferred (quar.)
United Verde Extension Mining (guar.)
Universal Leaf Tobacco common (quar.)
Extra
Upper Michigan Pow.& Lt.,6% pref. (quar.)
6% preferred (quer.)
6% preferred (quar.)
Upressit Metal, preferred (quar.)
Utica Clinton & Binghamton (s.-a.)
Debenture (s.-a.)
Utica Gas & Electric Co.7% pref.(quar.)
$6 preferred (quar.)
Vanadium Alloys Steel
Vapor Car Heating Co.. Inc.. 7% pref
Virginia Coal & Iron (quar.)
Virginian Railway Co.. pref. (quar.)
Vulcan Detinning On.. preferred (quar.)
Walgreen.corn.(quarterly)
Walker Mfg., $3 preferred
$5
4.8c
4.6c
75c
h25c
$2
25c
40c
Si,'
$1%
30c
$1
4.09c
4.09c
58 1-3c
58 1-3c
581-3c
53c
53c
53c
50c
50c
50c
2255
$255
4c
h$1
30c
10c
Aug. 2 July 20
Aug. 1
Aug. 1
Aug. I July 19
Aug. 1 July 19
Aug. 5 July 31
Aug. 10 July 19
Sept. 1 Aug. 9
Aug. 1 July 16
Nov. 1 Oct. 16
Sept. 29 Aug. 31
Sept. 29 Aug. 31
Aug. 1 June 30
Aug. 1
Aug. 1 July 16
Sept. 1 Aug. 15
Oct. 1 Sept. 15
Aug 1 July 16
Sept. 1 July 16
Oct. 1 Sept. 15
Aug. 1 July 16
Sept. 1 Aug. 15
Oct. 1 Sept.15
Oct. 10 Sept. 20
Jan. 1 Dec. 20
Aug. 1 July 17
Aug. 1 July 11
Aug. 1 July 23
Aug. 1 July 23
$1%
lc
lc
12 c
1234c
Aug 1 July 24
Sept. 10 Sept. 5
Dec. 10 Dec. 5
Oct. 20 Sept.29
Jan. 20 Dec. 31
Oct. 20 Sept.29
Jan. 20 Dec. 31
Aug. 1 July 5
Aug. 1 July 17
Aug. 1 July 17
Aug. 15
Nov. 15
an. 1
Oct. 1 Sept. 15
Aug. 10 Aug. 1
Dec. 26 Dec. 26
Aug. 15 Aug. 1
Aug. 1 July 14
Aug. 10 Aug. 1
Sept. 10
Sept. 1
i5Aug. 1 July 14
Oct. 20 Oct. 10
Aug. 1 July 16
Aug. 1 July 21
30c
25c
50c
Si
$154
Si
$1
$2
Si
Si
50c
h$33i
25e
$1;4
25c
h75c
July 28 1934
Per
When Holders
Share. Payable. ofRecord.
Name of Company.
Walton (Chas. S.) & Co.8% pref.(quar.)
$2 Aug. 1 July 16
Warren Foundry & Pipe Corp
50c Aug. 1 July 16
Washington Gas Light (quar.)
90c Aug. 1 July 14
Washington Ry. & Electric (quar.)
$3 Sept. 1 Aug. 15
5% preferred (guar.)
$131 Sept. 1 Aug. 15
Wellington Oil & Gas
250 Aug. 1 July 12
Westinghouse Air Brake Co.(quar.)
12%c July 31 June 30
Westinghouse Electric & Manufacturing Co.—
Preferred (quarterly)
873,ic July 31 July 16
Westmoreland. Inc.(quar.)
30c Oct. 1 Sept. 15
Weston (Geo.). Ltd., preferred (quar.)
21% Aug. 1 July 20
West Penn Electric Co..7% Pref.(quar.)
51% Aug. 15 July 20
6% preferred (quar.)
$1% Aug. 15 July 20
West Penn Power Co. 7% pref. (guar.)
1
Aug. 1 July 5
6% preferred (quarterly)
15%Aug. 1 July 5
West Virginia Pulp & Paper Co. preferred (qu.). $1% Aug. 15 Aug. 1
Weyenberg Shoe Mfg.. preferred (guar.)
$1% Sept. 15 Sept. 5
Preferred (quarterly)
5114 Dec. 15 Dec. 5
Whiting Corp.6%% preferred (quar.)
Si,' Aug. 1 July 25
Williams(R.C.)(quar.)
25c Aug. 1 July 16
Winstead Hosiery (quar.)
$1M Aug. 1 July 15
Quarterly
SI q Nov. 1 Oct. 15
Wisconsin Telep.,pref.(guar.)
$1% July 31 June 20
Woodley Petroleum Co
110% Sept.30 Sept. 15
Woolworth (F. W.) Co.(guar.)
60c Sept. I Aug. 10
Worcester Salt,6% preferred (quar.)
$1% Aug. 18 Aug. 6
Wrigley (Wm.) Jr. Co. (monthly)
25c Aug. I July 20
Monthly
25c Sept. I Aug. 20
Monthly
25c Oct. 1 Sept.20
Yale & Towne Mfg. Co.(quar.)
15c Oct. 1 Sept.21
62p., July 31 July 15
5% Preferred (quer.)
York
Young
BY.'
(L. A.) Spring & Wire,commonAug. 1 July 16
t The New York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock will
not be quoted ex-dividend on tnis date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
Payarde In common stock. g Payable in scrip. h On account of accumulated dividends. j Payable In preferred stock.
m Any holder of Standard Fruit & S. S. Corp., cumulative 57 pref.
stock who presents the same for conversion into participation preference
stock and common stock on or before the date last mentioned will thereby
become a holder of record of participating preference stock,entitled to share
In such dividend.
r Payable in Canadian funds, and in the case of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
S Blue Ridge Corp. has declared the reg. guar. div. on its opt. $3 cony.
pref. stk., ser. of 1929, at the rate of 1-32d of one sh. of the corn. stk. of
the corp. for each sh. of such pref. stk. or, at the opt, of such holders
(providing written notice thereof is received by the corp. on or before Aug.
15 1934) at the rate of 75 cents per sh. in cash.
U Payable in U. S. funds. CA unit. w Less depositary expenses.
z Less tax y A deduction has been made for expenses.
Weekly Return of the New York City
Clearing House.
Condition of the Federal Reserve Bank of
New York.
The weekly statement issued by the New York City
Clearing House is given in full below:
The following shows the condition of the Federal Reserve
Bank of New York at the close of business July 25 1934,
in comparison with the previous week and the corresponding
date last year:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. JULY 21 1934.
Clearing House
Members.
•Surplus and Net Demand
Deposits,
Undivided
Profits.
Average.
• Capital.
Bank of N Y & Trust Co
Bank of Manhattan Co_
National City Bunk. __
Chain Bank & Trust Co_
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk & Tr Co
Corn Each Bank Tr Co_
First National Bank
Irving Trust Co
Continental Bk & l'r Co
Cease National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co
Marine Midland Tr Co_
New York Trust Co.._,,_
Conim'l Nat Ilk & Tr Co
Public Nat Bk de Tr Co_
$
8,000,000
20,000,000
127,500,000
20,000.000
90.000.000
32.935,000
21,000,000
15,000,000
10.000,000
50,000,000
4,000,000
150,270,000
500,000
25,000.000
10,000,000
5,000.000
12,500,000
7.000.000
8,250,000
$
9
9.928,100
91,078,000
31,931,700
312,780,000
38,018,700 a910,894,000
48,945,300
318,177.000
177.466,200 b1,009,875,000
10,297,500
249,554,000
61,312,500
552,275,000
16,170.300
185,331,000
88.495.500
374,358,000
379,026,000
57.693.500
3.507,900
27,685,000
66,520,800 c1,273,649,000
3,251,600
42,047,000
60,009.000 d580,688,000
17,638,000
8.206.000
7.346.200
51,842,000
21,714.500
210.533,000
7,564,500
49,945,000
4,932.400
46.297,000
$
11,138,000
31,404,000
175,204,000
26,003,000
55,828,000
101,880,000
27,670,000
22,159,000
14,164,000
11,172,000
2.758,000
84,568,000
852,000
24,233,000
238,000
5,053,000
20,381,000
1,803,000
34,016,000
Totals
614.955.000 723.312.200 6,683,672,000 650,520.000
• As per official reports: National, June 30 1934: State, June 30 1934; trust
companies. June 30 1934.
Includes deposits in foreign branches as follows: (a)$203,518,000:(b)$58.962.000:
(c) $72,929,000; (d) 118.883.000.
The New York "Times" publishes regular y each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended July 20:
INSTITUTIONS NOT IN THE CLEARING ROUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. JULY 20 1934.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans
Dire. and
Investments.
Manhattan —
$
Grace National
24,277.200
Trade Bank of N. Y. 3,129,253
Brooklyn —
Amnia., VatInnal
X 9All rim
Cash.
Res. Dep., Dep. Other
N. Y. and Rants and
Elsewhere. Trust Cos.
$
90,000
118,793
$
1,749.600
745,710
01 000
510 non
4 070 non
TRUST COMPANIES—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Cash.
Res. Dep.. Dep. Other
N. F. and Ranks and
Elsewhere. Thug Cu.
Gross
Deposits,
Manhattan-$
$
$
$
$
Empire
54,813,200 .3,031,900 6,973,400 1,264.800 53,925,200
Federation
6,466,523
100,644
474,607
725,596 6,120,869
Fiduciary
9.159.772
•499,726
62,385 7,944,398
296,038
Fulton
16,128,700 2,629.600 1,582,800 1,563.000 16,980.200
Lawyers County
29,788,600 .4,632.709
390,200
32,171,400
United States
65,513,479 9,625,390 16,552,832
63,434,215
Brooklyn—
Brooklyn
94,785,000 2,322,000 16,229,000
275,000 97,409,000
Kings County
26,238,313 1.870,865 5.877,081
27.287.348
* Includes amount with Federa Reserve as follows: Empire. $1,987.500; Fiduciary, 8277,178; Fulton. 12,498.100; Lawyers County, $3 994,800.
Assets—
$
$
Gold certificates on hand and doe from
_ 1,643,694,000 1,625,998,000
U. S. Treasury.:
Gold
1.098,000
1,385,000
Redemption fund—F. R. notes
56,702,000
56,650,000
Other cash--
256,989,000
636,346,000
8,242,000
83,370.000
.1,701,494,000 1,684,033,000
Total reserves
2,054.000
Redemption fund—F.R. bank notes- _
1,888,000
984,947,000
3,253,000
Bills discounted:
Secured by U. B. Govt. obligations. _
Otherbills discounted
Total bills discounted
Bills bought in open market
U. 8. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U.S.Government securities;._
Other securities
2,080,000
9,816,000
1,956,000
10,036,000
16,542,000
32,637,000
11,896,000
11,992,000
49,179,000
2,007.000
1,995,000
3,704,000
165,752,000
395,159,000
216,844.000
165,751,000
395,180,000
216,844,000
179,779,000
268,093,000
307,994,000
777,755,000
777,755,000
755,866,000
35,000
35,000
1.283,000
Total bills and securities
791,893,000
Gold held abroad
Due from foreign banks
F. R. notes or other banks
Uncollected Items
Bank premises
All other assets
1,192,000
4,827,000
98,976,000
11,455,000
36.453,000
Total assets
$
791.777,000 810,032,000
1.203,000
5,305,000
116,199,000
11,449,000
33,814.000
1,668,000
5,084,000
95,810,000
12.818,000
27,220,000
.2,648,144,000 2,845,888,e00 1.940,832,000
—
Gross
Deposits.
$
$
1,508,400 22,919,100
80,274 3,403,977
20000
Juts 25 1934. July 18 1934. July 26 1933.
Time
Deposits,
Average.
638,109,000 648,162,000 637.585,000
F. R. notes in actual circulation
F. It. bask notes In actual circulation n at
33.357.000
33,978,000
52.247.000
Deposits—Member bank reserve tool _ 1,603,956.000 1,589.964,000 955,088.000
_
17,228.000
U. S. Treasury—General account
2,248.000
11.452,000
2,723,000
Foreign bank
2.085.000
7.111.000
127,539,000 130,517.000
Other deposits
30,782,000
•
Total deposits_
Deterred availability items
Capital paid in
Surplus
Reserve for contingencies_
All other liabilities
Total liabilities
Ratio of total reserves to deposit
F. R. note liabilities combined
Contingent liability ou bills pure
for foreign correspondents
_
d
d
-
1,751,448,000 1,724.814,000 1,004,433,000
97,138.000 113.584.000
94,501,000
60,228.000 80.228.000
58,532,000
45,217,000
45,217,000
85,058,000
4,737,000
1.667,000
4,737.000
17,914,000
6,809,000
18.950,000
2,848.144,000 2.845 888,000 1,940,832,000
71.2%
71.0%
60.0%
199,000
398,000
12,131,000
•"Other cash" does not include Federal Reserve notes or a bana's own Federal
Reserve bank notes.
& These are certificates given by the U. S. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100
cents to 59.06 cents, there certificates being worth less to the extent of the different*, the difference itself having been appropriated as profit by the TreasUrY
under the provisions of the Gold Reserve Act 01 1934.
559
Financial Chronicle
Volume 139
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, July 26,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Boa^d's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions.'
25 1934.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JULY
1933.
July 25 1934. July 18 1934. July 11 1934. July 3 1934. June 27 1934. June 20 1934. June 13 1934. June 6 1934. July 26
ASSETS.
Gold °Hs. on band & due from U.
Gold
Redemption fund (F. It. notes)
Other cash •
Total reserves
Redemption fund-F. R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
946,919,000
2 562,283,000
39,457,000
269,111,000
4,873,172,000 4,847,634,000 4,810,603,000 4,782,684,000 4.781.748.000 4,788,726.000 4,787.162.000 4.706,157.000
24,620,000
235,327,000
25,003,000
228.824,000
25.051,000
231.324,000
25,231,000
211,608,000
24,972,000
237,803,000
26,254,000
232,810,000
28,200.000
233,854,000
30,010,000
223,321,000
5,133,119,000 5,101,461,000 5.066,978,000 5.019.523,000 5.044,523,000 5,047.790.000 5.049,216,000 4.959.488,000 3,817,770,000
7,791,000
4.434,000
4,695.000
4,352,000
4,335,000
4,187,000
3.504.000
2,996,000
2,304,000
Total bills discounted
Bills bought In open market
U. S. Government securities-Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
4,346,000
16,952,000
5,536,000
17,716,000
4,140,000
18,544.000
4,571,000
24.417,000
6,732,000
20.283,000
6,760,000
21,196,000
6,047.000
21,829,000
5.618,000
23,379.000
37,053,000
124,310,000
21,298,000
23,252,000
22,684,000
28,988,000
27,015,000
27,956,000
27,876,000
28,997,000
161,363,000
5,271,000
5,259,000
5,259.000
5,317,000
5,215,000
5.200.000
5,201,000
5,221.000
9,616,000
468,094,000 467.805.000 467.820,000 467.807.000 469.253,000 472.206.000 406,416,000 406,258.000
1,252,308,000 1,252,331,000 1.227.107.000 1.221,884,000 1,219,172,000 1,192,609.000 1.202,264,000 1,214,508,000
441.087,000
718,197,000
809,470,000
868,290,000
Total U. S. Government securities_ 2,432,052,000 2,431,787,000 2,431,779.000 2,431.790,000 2,430,274,000 2,430,180,000 2,430,406,000 2,430,236,000
534,000
534.000
527.000
519,000
483,000
483,000
512,000
471,000
Other securities
2,027,574,000
1,862,000
2,459,092,000 2,460,781,000 2,460,205,000 2,466.607,000 2,463,023,000 2,463,863,000 2,464,017.000 2,464.988,000
2,200,415,000
3,122.000
18,451,000
435.751.000
52,609,000
139,299.000
49,090,000
4,025,000
17,610,000
364.593,000
54,370,000
8 120,968,000 8,150.330,000 8,084,471,000 8,087.856,000 8,209,171,000 8,238.925,000 8,279,586.000 8,127.232.000
6,518,973,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected Items
Bank premises
Federal Deposit Insurance Corp. stockAll other resources
Total assets.
711,650,000
711.651,000
736,852,000
742,099,000
3,128,000
18,700,000
399,143,000
52.728,000
3,139,000
18,980,000
459,915,000
52,719,000
3,138,000
20,361,000
429,215,000
52,717,000
3,129.000
15,585,000
474,866,000
52,682,000
52,754,000
50,339,000
48,353.000
47,277,000
741.849.000
3,129,000
20,517,000
435,509,000
52,630,000
139.299,000
46,206,000
765,365,000
3.129,000
17,318,000
466.297.000
52.630,000
139,299.000
44.247,000
821,726,000
3,128,000
18,165,000
494,632,000
52,610,000
139.299.000
53.824,000
52,399,000
LIABILITIES.
F. R. notes in actual circulation
3060,241,000 3.084,823.000 3.098.273,000 3,121,703,000 3.055,994,000 3,054,216,000 3.054.479,000 3,068,807,000 3,003,685,000
58,748,000 123,011,000
57,340.000
55.353.000
46,347.000
38,560.000
41,045,000
F. R. bank notes in actual circulation-44,852,000
33,743,000
Deposits-Member banks' reserve account 4,020,030,000 3,987,312,000 3,902,098,000 3,745,739,000 3,836,536,000 3,768.556.000 3,895,108,000 3,787.048,000 2,306,366,000
81,786,000
47,893.000
75,758,000
21,340,000
63.136,000 152,150,000 134.396.000 196,951,000
U. S. Treasurer-General account_a--47,801,000
19,833,000
4.322,000
3,686,000
4,444,000
5,767.000
5.285,000
5,211,000
4.530,000
Foreign banks
7,885,000
165,724,000
Other deposit.,
211,851,000 216,693.000 217,700,000 227,241.000 219,281,000 219.943.000 246,474,000 225,816,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
Reserves(FDIC stock, self Insurance. &c.)
Reserve for contingencies
All other liabilities
Total liabilities
Ratio of total reserves to deposits and
F. It. note liabilities combined
ontingent liability on bills purchased for
foreign correspondents
Maturity Distribution of Iltels and
Shorl-terrn Securities1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-15 days bills bought In open market
16-30 days bills bought in open market
31-60 days bills bought In open market...
6180days bills bought in open market...
Over90 days bills bought in open market
Total bills bought In open market
1-15 days U. 8. certificates and bills
16-30 days U. S. certitioates and bills....
31.60days U. S. certificates and bills61-90 days U. S. Certificates and bills....
Over90 days U. S. certificates and bills
rota! U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
Total municipal warrants
4,287,567,000 4,230,630,000 4,188,145,000 4,129,660,000 4.195.980.000 4,189,534,000 4.193,797,000 4,092,308.000
2,573,709,000
368,299,000
146,248,000
278,599,000
405,799,000
147,285,000
138.383,000
463.920,000
147,306,000
138,383,000
424,880,000
147.246,000
138,383.000
460.997,000
147,121,000
138,383.000
436,342.000
147,129.000
138.383.000
161,834,000
22,540,000
25,410,000
22,541.000
24.167,000
22,540.000
23,959.000
22,640,000
22,600,000
27.162,000
464,856.000
147.107,000
138,383,000
161,83,000
489,990,000
146,460,000
138,383.000
161,833,000
429,302,000
146,433,000
138.383.000
161,832,000
27,242,.:00
37.304.000
31.419,000
12,106,000
13,316,000
8,120,968,000 8,150,330,000 8,084,471,000 8,087,856,000 8,509,171,000 8,238,925,000 8,279,586,000 8,127.232,000 6,518,973,000
69.9%
69.7%
69.5%
69.2%
69.ti%
69.7%
69.7%
69.3%
68.5%
1,196,000
1,394.000
1,401,000
1,450,000
1,740.000
1.957,000
2,093.000
2.447,000
36,021,000
$
$
$
$
$
14,499,000
639,000
5,102,000
905,000
153,000
14,967,000
2,161,000
4,312,000
1,598,000
214,000
14,755,000
11,593,600
1.336,000
4,749,000
251,01,0
20,630.000
2,003,000
1,550,000
4,544,000
261,000
18.766,000
1,392,000
1.268,000
5.276,000
313,000
20,006.000
1,075,000
1,514.000
5.084,000
297,000
20,927,000
1,565,000
1,856,000
2,927,000
601,000
22,451,000
2.644,000
1,763,000
1,846,000
293,000
116,058,000
11,906,000
15,598,000
15,323.000
2,478,000
21,298,000
23.252,000
22,684,000
28.938,000
27.015,000
27,956,000
27,876,000
28.907,000
161,363,000
654,000
473,000
1,511.000
2,633,000
2,675.000
550.000
1,475.000
559,000
2,723,000
618.000
475,000
1,443,000
520,000
2,675,000
767,000
1.355.000
1,411,000
2,762,000
844,000
198.000
1,358,000
371,000
3,128.000
343,000
197.000
1.404,000
3,354.000
246,000
868,000
1,406.000
659.000
2,788,000
2,295,000
1,100,000
411,000
5,809,000
1,000
5,271,000
5.259,000
5.259.000
5.317.000
5.215.000
5.200.000
5,201.000
5,221.000
9,616,000
44,280,000
38,232,000
92,369,000
110,497,000
426.272,000
17,000,000
55,262,000
105,719,000
88,047,000
445,623,000
19,600,000
48,280,000
114,680,000
87,537,000
466,755.000
33.225.000
16.999.000
100,259.000
102.222,000
439.394,000
31.470.000
19,600,000
82,462,000
116.760,000
491,548.000
33.105.000
33,225.000
80.262,000
129,469.000
489.304.000
88,604.000
31,470,000
67,880,000
110,629,000
523,143.000
79,136.000
32,105.000
48.225.000
75,662.000
574,342,000
15,200,000
116,997,000
290.556,000
84,883,000
360,654,000
711,650,000
711,651.000
736,852,000
742,099,000
741.849,000
765,365.000
821.726,000
809.470.009
868,290,000
436,000
448,000
443,000
477,000
484,000
492.000
492,000
7,000
492.000
7.000
1,732,000
35,000
35,000
35.000
35.000
35,000
35,000
35.000
35,000
38,000
23,000
69,000
519,000
527,000
534.000
534,000
1,862,000
471,000
483,000
483,000
512,000
Federal Reserve Notestweed to F. R. Bank by F. R. Agent.... 3,376,082,000 3,337,639,000 3,392.326,000 3,376,193.000 3,338,310.000 3.348.703.000 3,351,519.000 3,359.601.000 3,280,674,000
fieldby Federal Reserve Bank
315,841,000 302,816.000 294,053,000 254,490,000 282.316.000 294,487,000 297,040,000 290,794.000 276,622,000
In actual circulation
3,060,241,000 3,084.823,000 3,098,273,000 3,121.703,000 3,055,994,000 3.054,216.000 3,054,479,000 3.068,807.000 3,004,052,000
Collateral Held by Agent as Security fur
Notes Issued to FlankGold ctfs. on hand & due from U.S. Trees
By gold and gold certificates
3,118,656,000 3,113,656,000 3.115,156,000 3.093,656,000 3,073.656.000 3,102,871.000 3,076.771.000 2,999,771.000 (1514 497,000
11221 935,000
Gold fund-Federal Reserve Board
11,626,000
98,276,000
12,457,000
15.271.000
B eligible paper.
11,026,000
15,725,000
15,672.000
14,071,000
16,245.000
293,000,000 309,000.000 302.000.000 305,000,000 292,000,000 267,000,000 302,700,000 375,300.000 489,200,000
U. S. Government securities
rota collate's!
3.422,682,000 3,435,113.000 3.428,782.000 3.416.727.000 3.381,381,000 3.386,116,000 3,395.143,000 3,390,342,000 3,323,908,000
•"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
These are certificates given by the U. S. Treasury for the gold taken over from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100 cents to
59,06 cents, these certificates being worth less to the extent of toe difference, the difference Itself having been appropriated as profit by the Treasury under the provisions
of the Gold Reserve Act of 1934.
Caption changed from "Government" to "II. B Treasurer-General account" and $100,000,000 Included In Government deposits on May 2 transferred to "Other
deposits."
560
Financial Chronicle
July 28 1934
Weekly Return of the Federal Reserve Board (Concluded).
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 25 1934
Two Ciphers (00) Omitted.
Federal Reserve Bank of-
Total.
Boston. New York
Cleveland. Richmond Atlanta.
Phila.
Chicago. St. Louis. Stinnes], Rats.Clly. Dallas. San Fran.
RESOURCES.
$
$
$
$
$
$
$
$
$
$
$
$
$
Gold certificates on hand and due
from U.S.Treasury
4,873,172,0 406,907,0 1,643,694,0 283,981,0 376,331,0 162,414,0 115,548,0 1,072,261,0 166,197,0 105,088,0 159,971,0 87,710,0 293,070.0
Redemption fund-F.R. notes_
1,098,0 2,378,0 3,240,0 2,196,0 4,057,0
24,620,0 1,952,0
888,0 1.134,0
1,850,0
929,0
522,0 4,376,0
Other cash
33,116,0 11,473,0 13,736,0 10,762,0 5,894,0 13,649,0
56,702,0 35,843,0 12,626,0 9,029,0 13,327,0
235,327,0 19,170,0
Total reserves
5,133,119,0 428,029,0 1,701,494,0 322,202,0 392,197,0 173,639,0 132,932,0 1,107,227,0 178,558,0 119.958,0 171,662,0 94,126,0 311,095,0
Redem. fund-F. R. bank notes.
2,304,0
2,054,0
250,0
Bills di/mounted:
Elec. by. U.S. Govt. obligations
2,080,0 1,839,0
41,0
15,0
83,0
4,346,0
91,0
9.0
108,0
15,0
45,0
20,0
Other bills discounted
9,816,0 4,661,0
141,0
16,952,0
343,0
363,0
41,0
73.0
149.0
564,0
133,0
295,0
373.0
Total bills discounted
Bills bought In open market
U. EL Government securities:
Bonds
Treasury notes
Certificate' and bills
11,896,0
2,007,0
182,0
371,0
21,298,0
5,271,0
6,500,0
536,0
446,0
487,0
672,0
193,0
73,0
649,0
142,0
178,0
132,0
121,0
358,0
85,0
164,0
142,0
393,0
142,0
340,0
360,0
468,094,0 27,226,0
1,252,308,0 82,798,0
711,650,0 47,655,0
165,752,0 30,020,0 35.997,0 17,502,0 16,007,0
395,159,0 87,393,0 112,357,0 54,622,0 49,687,0
216,844,0 49,707,0 64,671,0 31,438,0 28,600,0
76,078,0 16,165,0 17,578,0 17,273,0 20,389,0 28,107,0
222,281,0 48,894,0 30,620,0 48,345,0 32,424,0 87,728,0
129,984,0 28,141,0 17,626,0 27,826,0 18,662,0 50.496,0
Total U. S. Govt.securities_ 2,432,052,0 157,679,0
Other securities
471,0
777.755,0 167,120,0 213,025,0 103,562,0 94,294,0
436,0
35,0
428,343,0 93,200,0 65,824,0 93,444,0 71,475,0 166,331,0
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks
Uncollected items
Bank premises
AD other resources
791,693,0 174,592,0 213,958,0 104,427,0 94,614,0
1.192,0
342,0
300,0
119,0
109,0
738,0 1.248,0 1,814,0 1,179,0
4,827,0
98,976,0 33,179,0 38,593,0 33.207,0 10,989,0
11,455,0 4,253,0 6,788,0 3.128,0 2,372,0
36,453,0 5.245,0 1,452,0 1.812,0 2,352,0
429,065,0 93,453,0 66,267,0 93,750,0 72.010,0 167,031,0
7,0
10,0
414,0
222,0
88,0
88.0
844,0 1.217,0
2,991,0 1,228,0
226,0 2,049,0
52,147.0 17,173,0 10.783,0 24,849,0 16,255,0 20,442,0
7,387,0 3,126.0 1,664,0 3,485,0 1,757,0 4,089,0
275,0 1,094,0
1,289,0
506,0
978,0
576,0
2,459,092,0 158,232,0
237,0
3,128,0
339,0
18,700,0
399,143,0 42,550,0
52,728,0 3,224.0
52,754,0
722,0
Total resources
8,120,968,0 633.583,0 2,648,144,0 140.551,0 654,536,0 318,146,0 244,547,0 1.600,520.0293.823.0 200.617,0 295,557,0 185.440,0 505,504,0
LIABILITIES.
F. R. notes in actual circulation.. 3,060.241,0 241,584,0 638,109.0 246,609,0 310,053,0 140,928,0 132,351,0
F.R.bank notes In act'l cirourn_
33,357,0
386,0
33,743,0
Deposits:
Member bank reserve account_ 4,020,030,0 322,955,0 1,603.956,0 219,557,0 265,320,0 125,944,0 80,748,0
17,228,0 2,696,0 1,834,0 1,538,0 1,933,0
U. S. Treasurer-Gen. acct.__
265,0
47,801,0
Foreign bank
2,723,0
821,0
568,0
758,0
7.885,0
300,0
276,0
Other deposits
211,851,0 3,3.58,0 127,539,0 7,158,0 8,099,0 4,785,0 5,866,0
722,686,0 114,193,0 75,118,0 145,058,0 112,851.0 231,644,0
10,572,0 4,476,0 3,226,0 2,321,0 1,047,0
665,0
182,0
260,0
995,0
221,0
221,0
560,0
6.007,0 14,887,0 6,443,0 4,052,0 2,149,0 21,508,0
Total deposits
Deferred availability Items
Capital paid in,,,
3urplus
Re"erve for contingencies
kll other liabilities
740,260,0 133,816,0 84,969,0 151,652,0 116,268,0 254,377,0
56,153.0 18,008,0 11,342.0 25,308,0 18,148,0 22,565,0
12,670,0 4.033,0 3,071,0 4,119,0 3,996,0 10,771,0
20,681,0 4.756,0 3,420,0 3,613,0 3,683,0 9,645,0
853,0 1,026,0
2,969,0
617,0 1,130,0 1,619,0
3,078,0
206,0
304,0
200,0 1.325,0
203,0
4.287,567,0 327,146,0 1,751,446,0 230,232.0 276,011,0 132,567,0 88.823,0
97,136,0 31,982,0 38,601,0 33.221,0 10.855,0
405,799,0 42,480,0
60,228,0 15,349,0 12,934,0 4,975,0 4,441,0
147,285,0 10,698,0
45,217,0 13,352,0 14,090,0 5,171,0 5,145,0
138,383,0 9,610,0
4,737,0 2,500,0 2,300,0 1,155,0 2,581,0
22,540,0 1,053,0
17,914,0
626,0
25,410,0
527,0
351,0
547,0
129,0
Total liabilities
784,709.0 132,053,0 96,583,0 110,048,0 40,890,0 206.324,0
8,120,968,0 633,583,0 2,648,144,0 540,551.0 654,536,0 318,146,0 244,547,0 1,600,520.0 293,823,0 200.617,0 295,557,0 185,400,0 505,504,0
Memoranda.
Ratio of total res. to den. rk F. B.
note liabilities combined
ont'ngent liability on bills ourbased for torn correspondents
69.9
75.3
71.2
67.6
66.9
63.5
60.1
73.6
67.2
66.1
65.6
59.9
67.5
1,196,0
110,0
199,0
159,0
146,0
58,0
53,0
192,0
50.0
35,0
43,0
43,0
108,0
•"Other Cash" does not include Federal Reserve notes or bank's own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEML:NT.
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
Boston. New York.
Total.
Phila.
Cleveland. Richmond Atlanta.
Chicago. St. Louis. Minneap. Kan.City, Dallas. San Fran.
Federal Reserve notes:
$
9
Issueo to F.R.Bk. by F.R.Agt_ 3,376,082,0 273,726,0
Held by Fed'I Reserve Bank__ 315,841,0 32,142,0
9
$
s
9
S
742,301,0 266.389,0 325,808,0 151,821,0 152,577,0
104,192,0 19,780,0 15,755,0 10,893,0 20,226,0
$
9
9
9
9
9
801.901,0 136,656.0 101,149,0 117.296,0 47,942,0 258,516.0
37,192,0 4,603,0 4.566,0 7.248,0 7,052,0 52,192,0
In actual circulation
3,060,241,0 241,584,0
Collateral held by Agent as security for notes issued to bks:
Gold certificates on hand and
due from U.S. Treasury- 3,118,656,0 276,117,0
Eligible paper
11,026,0
182,0
U. S. Government securities- 293,000,0
638,109,0 246,609,0 310,053,0 140,928,0 132,351,0
764,709,0 132,053,0 96.583,0 110,048,0 40,890,0 206,324,0
753,706,0 230,000.0 277,431,0 117,340,0 86,385,0
6,515,0 2,527,0
446,0
330,0
142,0
35,000,0 50,000,0 35,000,0 70,000,0
809,513,0 118,936,0 83,000,0 105,290,0 49,175,0 211,763,0
81,0
109,0
73,0
73,0
393,0
155,0
19,000,0 20,000,0 15,000,0
49,000,0
760.22L0 267.527.0 327.8770 152.8700 156.527_0
809.586.0 138,045.0 103,081,0 120,363.0 49.568,0 260,918,0
'Fatal enllateral
3.422.682.0 276.299.0
FEDERAL RESERVE BANK NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
Boston. New York.
Total.
Federal Reserve bank notes:
Issued to F. It. Bk.(outstdg.)_
Held by Fed'i Reserve Bank__
S
47,545,0
13,802,0
$
1,511,0
1,125,0
In actual circulation-net •Collat. pledged sent. outst. notes:
Discounted dr purchased bills_
U. S. Government securities_
33,743,0
386,0
Tntal anllaters1
Phila.
Cleveland, Richmond Atlanta.
3
5
34,199,0 11,835,0
842,0 11,835,0
*
9
Chicago. St. Louis. Minneap. Ean.City. Dallas. San Fran,.
9
$
9
5
9
9
$
33,357,0
51,974,0
5,000,0
34,974,0 12,000,0
51.974.0
5.000.0
34.974.0 12.000.0
• Does not include 9100,131.000 of Federal Reserve bank notes for the retirementof which Federal Reserve banks have deposited lawful money with the Treasurer of
the United States.
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued.by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. These figures
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board upon the figures for
the latest week appears in our department of "Current Events and Discussions," immediately preceding which we also give the
figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS JULY 18 1934 (In Millions of Dollars).
On securities
All other
Investments-total
U. S. Government securities
Other securities
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government depazits
Due from banks
Due to banks
Rnrrnsolnan frnm F. R. Bank
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Katt.City. Dallas. San Fran.
$
1,168
$
8,184
$
1,045
7,961
673
3,709
496
412
163
167
3,522
4,439
259
414
1,943
1,766
230
266
194
218
58
105
9,796
495
4.475
549
764
6.687
3,103
3,119
1,356
287
262
1,395
48
6.591
1.106
773
154
1,720
5
142
13
676
314
73
168
246
2,981
235
12,697
4,510
1,353
1,685
3,883
5
$*
Ss
1,176
'346
336
$
1,817
$
$
$
$
533
354
548
414
$
1,836
714
205
159
210
184
869
57
110
327
387
75
130
39
120
59
151
59
125
222
647
183
169
1,103
328
195
338
230
967
569
195
128
55
116
53
759
344
226
102
142
53
.1.:
O.
O.
Loans-total
Boston. New York
$
17,757
NO
OMOMNPON
C.11,
. 1,
.1
1 WM.NO
M. N
COM..C.1
Loans and Investments-total
Total.
179
51
608
359
153
19
643
483
55
110
186
46
11
218
135
9
81
94
28
6
171
133
33
81
79
554
44
1,615
494
69
239
513
64
7
338
165
35
92
153
41
4
222
124
9
76
102
WN
.4.
-4W.M..00
.00.O.OW
Federal Reserve District-
73
8
270
125
68
148
129
132
16
640
946
90
180
188
Railroad and Miscellaneous Stocks.-For review of the
New York stock market, see editorial pages.
The following are sales made at the Stock Exchange this
week (July 21 to July 27 inclusive) of shares not represented
in our detailed list on the pages which follow:
STOCKS.
Week Ending July 27.
Indus. & Miscell.Abrah'm & Straus pf100
Am Mach & Mets ctfs_.
Amer Radiator & Stand
Sanitary pret _ _ _100
Andes Copper Mining_*
Artloom Corp pref _ _100
Art Metal Construct_10
Artl G & WI SS L p1100
Austin Nichols prior A *
Bloomingdale 7% _ _100
Blumenthal & Co p1 100
Bon Ami class A
*
Briggs & Stratton_ _ _ _*
Checker Cab Mfg Corp5
Chicago Yellow Cab_ _.
Collins & Alkman p1100
Conde Nast Publica'ns*
Consul Cigar p1(7) 100
Prior pret ex-warr 100
Cushm Sons pt (7%)100
Devoe & Rayn 1st p1100
Duplan Silk
*
Preferred
100
Durh Hos Mills pref 100
Fairbanks Co pi ctfs 100
Common ctfs
25
Foster Wheeler pret_ _*
Greene Cananea Cop100
Guantanamo Sag pf 100
Harb Walk Re1 pref 100
Helme (G W) pret. _100
Indian Refining
10
Interstate Dept St 01100
Kansas City P At LPref series B
*
Keith-Albee-Orp pf _100
Kresge Dept Stores_ _ _ 1
Preferred
100
Mathies Alk Wks p1100
Norwalk Tire & R pf _50
Omnibus Corp pret 100
Peoples Drug Stores. _°
631% cony pret_ _100
Prairie Pipe Line_ _25
Revere Cop & Br p1.100
Spear & Co pref. _ _ _100
Stand Brands pret.100
The Fair pret
100
Underw-Ell-Fish pf _100
United Amer Bosch _ _ _*
United Dyewood p1.100
U S Express
100
100
U S Tobacco pret
Univ. Pipe & Rad p1100
Vadsco Sales pret. _ _100
Jan 110
170 10734 July 26 110 July 21 89
700 734 July 23 834 July 21 434 Jan 10
July
May
10 120 July 21 120 July 21 11134
200 6 July 23 6 July 23 6
10 70 July 24 70 July 24 70
130 434 July 271 531 July 24 4
300 10 July 27 13 July 25 10
20 4934 July 26, 493% July 26 3134
20 1O23/ July 2710234 July 27 88
60 38 July 27 4334 July 24 38
310 78 July 27 86 July 24 76
1,600 1434 July 26 18 July 26 14
100 7 July 26 7 July 26 7
800 12 July 26 12 July 26 1134
260 78 July 27 7934 July 23 7731
200 734 July 27 734 July 26 70%
60 4834 July 26 51 July 24 31
20 59 July 27 593-4 July 26 49
150 85 July 24 8734 July 24 8034
2011034 July 2511034 July 25 99
1.200 14 July 27 1531 July 26 14
10 104 July 25 104 July 25 100
30 24% July 25 25 July 21 21
10 4 July 25 4 July 25 3
100
34
yi July 26
% July 26
20 55 July 23 55 July 23 55
40 50 July 24 50 July 24 18
50 24 July 24 2434 July 26 734
130 9431 July 26 98 July 23 87
20 142 July 25 142 July 25 12334
1 000 234 July 23 234 July 25 241
100 55 July 25 55 July 25 2134
Jan 121
May 103-4
July 70
July 934
July 24
May 64
Jan 1073.1
July 5634
May 86
July 2434
July 1634
Apral6
June 94
Jan 1334
Jan 59
Feb 6034
Ma'. 91
Feb 11034
July 23
Feb 110
Feb 30
Feb 934
July 2
July 80
Jan 59
Jan 31
Jan 100
Mar 147
3
May 4%
Jan 7234
May
Apr
July
Apr
Apr
Apr
July
Feb
July
Apr
Mar
May
Apr
Apr
Apr
June
May
July
Feb
Mar
May
Apr
Apr
Mar
Apr
Feb
Jan
June
Apr
Apr
%
7
1011334 July 2511334 July 25 97
100 30 July 26 35 July 26 20
300 234 July 27 334 July 23 234
30 3834 July 25 3834 July 25 19
1013134 July 24 13134 July 24 110
60 32 July 26 3734 July 23 32
200 91 July 26 92 July 23 89
200 45 July 26 4731 July 23 21
20 108 July 26 10834 July 27 86
600 12 July 27 12 July 27 12
60 82 July 26 8434 July 21 46
10 53 July 26 53 July 26 39
41012434 July 25 125 July 25 12134
30 7434 July 25 7634 July 23 50
30 125 July 24 125 July 24 102
470 8 July 24 9 July 21 8
30 7034 July 25 7031 July 25 5934
34
400
31 July 21
3.1 July 21
10 143 July 26 143 July 26 126
20 834 July 27 1231 July 23 434
100 20 July 25 20 July 25 20
Jan 11331
Jan 35
Jan 734
Jan 55
Jan 135
July 40
Feb 95
Jan 55
Jan 10934
July 20
Jan 90
Apr 53
Jan 126
Jan 83
Jan 125
July 17
Mar 7534
May 134
Jan 14531
Jan 24
Jan 2234
July
June
Feb
Apr
June
July
Jan
June
June
Feb
June
Apr
June
Apr
July
Feb
May
Apr
July
Apr
June
* No par value. f Companies reported in receivership.
The Week on the New York Stock Market.-For
review of New York stock market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks,
Railroad
State,
Number of and Miscell. Municipal &
Shares.
Porn Bonds.
Bonds.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
610,970
1,877,730
1,594,930
1,347,810
3,338,050
2,212,756
10.991.240
Sales at
New York Stock
Exchange.
13,369,000
8,310,000
8,250,000
7,998,000
12,667,000
9,194,100
8513,000
1,270,000
1,622,000
1,573,000
2,796,000
1,512,000
rim
tOOQA AAA
!AA 744
Week Ended July 27.
1934.
Total
United
States
Bonds.
Total
Bond
Sales.
$306,000
2,011,000
1,768,000
1,239,000
5,737,000
8,261,000
tIO 199
nnn
$4,188,000
11,591,000
11,640,000
10,810,000
21.200,000
18.967,000
Vnt 10a
nnn
Jan. 1 to July 27.
1934.
1933.
Stocks-No, of shares_
10,991,246
Bonds.
Government bonds.._ $19,322,000
State & foreign bonds_
9,286,000
Railroad & misc. bonds 49,788,000
1933.
17,069,507
232,575,218
458,045,309
14,966,400
15,587.000
44,948,000
$390,074,200
394,166,000
1,514.853,000
$279,457,400
464,903,500
1,338,895,900
$78,396,000 $65,501,400 $2,299,093,200 $2,083,256,800
Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, July 27.
Maturity.
Int.
Rate.
Bid.
Elept.15 1934...
Aug. 1 1935..
June 15 1939-Aug. 11934...
Dec. 15 1934- - Mar. 15 1935...
DEC. 15 1935- - Feb. 11938..
Deo. 15 1936...
I%%
134%
234%
234%
234%
234%
234%
234%
2%%
10054•2
10132s,
1012,2
100
10141,
10112,,
1032s,
1032.,,
104",,
Asked.
NEW YORK AND HANSEATIC CORPORATION
Maturity
1002413 Apr. 151938...
101".: June 15 1938_._
1012'., June 151935...
Feb. 15 1937_ ._
10141, Apr. 15 1937._ _
101,
.‘, Mar. 15 1938_
1031,2 Aug. 1 1936_ _ _
103:5,2 Sept.15 1937_
104",,
37 WALL ST., NEW YORK
Highest.
Lowest.
Highest.
Lowest.
United States Government Securities
Bankers Acceptances
Range Since Jan. 1.
Range for Week.
Sales
for
Week.
RailroadsPar Shares. $ per share. $ per share. $ per share.I per share.
Jan 9834 July
Alleghany & Westn_100
10 9834 July 26 9834 July 26 82
Canada Southern_ _ _100
70 4834 July 27 50 July 25 4831 July 5631 Apr
Apr 85 June
Caro Clinch & Ohlo_100
10 85 July 25 85 July 25 74
Jan 9034 July
C C C & St Louis p1.100
10 90% July 26 90% July 26 71
July 631 Apr
Chic St Paul & Om_100
230 2 July 26 234 July 26 2
11% Feb
Jan
100
5
Preferred
24
7
July
23
30 6 July
% Jan 134 Apr
Duluth S S & Atl_ _ _100
34 July 24
300
% July 26
31 July 234 Apr
Preferred
100
600
34 July 21 1 July 21
Hudson .3. Manh pf _100
800 934 July 26 14 July 23 934 July 2634 Jan
Jot Rys of Cent AmPreferred
100
170 1034 July 27 1134 July 26 734 Jan 22% Apr
Market St Ry pref _ _100
70 334 July 23 331 July 23 334 July 834 Apr
Jan 434 Apr
2d pret
100
150 1 July 26 134 July 25 1
Apr
Jan 71
Morris 8. Fasex
50
60 67 July 26 70 July 25 58
Feb
July 25
f New Orl Tex&Mex100
60 6 July 26 10 July 23 6
Pitts Ft W & Chic pf100
60 16734 July 26 16731 July 24 14131 Jan 16734 July
Apr
July 27
St Louis-S W pref. _100
60 18 July 25 18 July 25 18
Week Ended
July 27 1934.
561
Financial Chronicle
Volume 139
Int.
Rate.
Bid.
234%
234%
3%
3%
3%
3%
331%
334%
1044,1
104",,
102122,
104",
104"::
10434,s
1054,1
10512,1
Asked.
1044s,
1045',,
102".,
104292,
10422,
2
10420::
10521,
10522,1
U. S. Treasury Bills-Friday, July 27.
Rates quoted are for discount at purchase.
Bid.
Aug. 1 1934
Aug. 8 1934
Aug. 15 1934
Aug. 22 1934
Aug. 29 1934
Sept. 5 1934
Sept.26 1934
Oct. 3 1934
Oct. 10 1934
Oct. 17 1934
Clot
91 1091
Bid.
Asked.
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
n 1A07-
Oct. 31 1934
Nov. 7 1934
Nov. 14 1934
Nov.21 1934
Dec. 19 1934
Dec. 26 1934
Jan. 2 1935
Jan
9 1935
Jan. 16 1935
Jan. 23 1935
Asked.
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
United States Government Securities on the New
York Stock Exchange.-Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
Daily Record of U. S. Bond Pricesbuly 21. July23. July24. July 25. July 26. July27.
First Liberty LoanHigh
334% bonds of 1932-47-1Low_
Close
(First 335s)
Total sales in 91.000 units__ _
Converted 4% bonds of..{ High
1932-47 (First 4s)- - - - LowClose
Total sales in $1,000 units...
Converted 434% bonds-{ Milli
01 1932-47 (First 4%s) Low_
Close
Total sales in 91.000 units..
Second converted 4%1 High
beards ot 1932-47 (First(Low_
Close
Second 4%10
Total sales in $1,000 units...
1 High
Fourth Liberty Loan
434% bonds of 1933-38_ _ Low_
Close
(Fourth 4315)
Total sales in $1,000 units__
(High
Fourth Liberty Loan
4%% bonds (2d called). Low_
Close
Total sales in $1,000 units...
(High
Treasury
Low_
43
-la 1947-52
Close
Total sales in $1,000 units_ _
{ Higli
Low.
48. 1944-54_
Close
Total sales in 11.000 units...
(High
Low_
43•16-3344, 1943-45
Close
Total sales in $1,000 units_ _
(High
Low_
334a. 1946-56
Close
Total sales in $1.000 units...
(High
Low_
334e. 1943-47
Close
Total sales In $1,000 units...
(High
Low_
3.1. 1951-55
Close
Total sales in 91.000 units...
(High
(1.0w.
3s. 194648
IClose
Total sales in $1,000 units _ _
(High
Low_
334e, 1940-43
Close
Total sales In $1,000 units{High
Low_
334s, 1941-43
Close
Total sales in 91.000 units_
1 High
Low_
334s, 194649
Close
Total sales in 91.000 units...
(High
Low_
334a. 1941
Close
Total sales in 11.000 untie_ _
(High
Low.
w_
1944-48
(Close
Close
Total sales in $1,000 units...
(High
Federal Farm Mtge
Low_
334a, 1944-64
Close
Total sales in $1,000 Units_ -Federal Farm Mortgage (High
3s, 1949
Low_
Close
Total sales in $1,000 unites...
(High
Home Owners' Loan
Low_
45, 1951
Close
Total sales in $1,000 units...
Home Owners' Loan
High
Low_
3s,series A. 1952
(Close
Total sales in $1,000 units _ _
10422.2 10425,2 104"n 104"st 104
104n.: 104"22 104"s2 104
103"s,
10414,2 104.4.2 104",, 104
103"12
156
2
2
42
_
103",, 1014;,- 101617,- 103
10224.2
103',, 103.,, 103
103'as 1034.2 1032,2 102",,
13
60
50
44
_
10-3-2;
103.2,2 10322,2
103":2 10322,2 1032422
15
20
16
1012,n 10124,2 101.32.,
1012's2 101"S, 10122,2
101",, 101",, 101"12
10
14
17
1141s2 11324,2 1132,12
113"s2 1132,22 1132,s2
114'n 113"ss 113":2
7
13
4
109",, 109",, 10922,2
109.2,2 109":2 109",,
1092222 1092,a2 1093222
1
10
67
104"s2 104":2 10430,2
104"a2 104"ss 1044,2
1042222 10422n 10141,
4
32
2
10-7;rs; 107'°,, 1072,s2 107"22
107242 107"32 1072,22 107",,
107,42 107"n 107"s2 10724,2
2
1
9
13
102.22: 102"s2 102nn 10215,2
s2
102,n 1024,2 102,
102",2 102',, 10241, 10252,
55
39
319
22
10.5.22, 105'n
- - 105,12 105',,
1052,2 105'n
2
10-217.-2 10292, 1024s, 102,n
102h, 102,32 1024,, 102',,
1024,2 102,s2 1024,, 102,s2
479
363
7
88
1052,11 105",, 10522/2
1052,s2 105"n 105"n
1050,32 105"s2 105"s2
1
30
7
105-2.7:2 1052222 1052,42
10520,2 105"n 105":2
105",, 105"s2 10522n
21
5
2
103",, 103"s2 103"n 10-3W,s;
103"s2 103"32 103'n 103,22
103"n 10324n 103,11 103h2
176
104
38
105,2,2 105"s2 105"21 1052222
105"n 105"s2 105":2 1052,12
1052,s2 105",, 105"22 105"s:
73
38
29
104
104,
s2 104
s2 104221 104,
1032,s2
104,s2 104212 104
104,s1 104,s2 1042s1 103"s,
59
273
235
18
1022,s2 10222:2 102"2 102",,
102"s2 102",, 102251 102"22
102"s2 102", 102",, 102"n
51
118
2
33
1014,2 101',, 1002s, 1002,s2
101.41: 1002,s2 10022,2 10022.2
1014.2 10020s 100221 10022,2
2
27
22
88
101,n 1014,2 101,
s2 1012,2
101
101,12 101,s2 101
101,n 1012s2 101,s2 101
116
18
171
14
101',, 100", 101
10024,2
10021,2 1002,3 100", 10024,2
100242 1001,s 100n, 100,4s:
68
595
10
106
103",,
10324,2
12
10132.2
101"22
101"31
3
11340,2
11320,2
1134°,2
17
10923,2
10920
10920,,
12
10-3-Js:
10312,2
103122:
61
101"s:
101'11
101.,,
98
113",,
1122022
112ns:
622
109",2
10912,2
109".,
2
10441,
1034,2
10121,
1
103ns,
103"22
114
101",,
10141,
101",,
33
11311,2
1134.
2
1134s,
295
109
108",,
10824.1
22
103",,
103ton
103"st
16
638
107241, 107.21,
107",, 1078,1
107"n
10
88
102.,2 101",,
101
10120n
1014., 1011%
413
256
105
10427st
104",,
134
lor274; 101271,
1002hs 10120,2
1012n 101,122
82:
1,076
105221
105
105',,
20
10;,- 104un
105,n 1042,1,
105h2 1042,42
IC
461
1032h: 103
102,n 102"as
102,n 103
299
46
1052h: 105
101h2 10422,2
1040 h2 10422,2
563
686
103"32
10222n 103'n
10922n 103,41
1,020 1,101
102ihs 102,
”
1012h2 10124.
1011h2 101"ss
200
531
1001h 106",,
99,h2 1004,,
992h 10Ons,
137
235
101
100",,
100
100"s,
1002n 100312,
743
802
1002h 100.2:,
100
1004s:
100
100"a
52
1,473
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
I Fourth 434* (uncalled)
103",, to 103ns,
3 Fourth 434s (2d called)
7 Treasury 4s 1944-54
10 Treasury 334s 1946-56
101,
s2 to 10112,1
10900,, to 10936,2
10722, to 10722,
The Curb Exchange.- The review of the Curb Exchange is
given this week on page 552.
A complete record of Curb Exchange transactions for the
week will be found on page 580.
562
July 28 1934
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
We FOR
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE PAGE PRECEDING.
NOTICE.-Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day. No account Ls taken of such
ales in computing the range for the year.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 21.
Monday
July 23.
Tuesday
July 24.
Wednesday
July 25.
Thursday
July 26.
, Friday
July 27.
g per share $ per share $ per share $ per share $ per share $ per share
5814 59
5538 59
511
5258 544
/
4 56
57
5514 57
55
85
8712 87
87
8712 84
*88
87
85
8812 87
88
30/
3014 2534 2712
1
4 25
*33
291
/
4 3012 29
3312 *29
32
1914 1934 17
1912 17
1812 1614 1718 1314 161, 1432 1512
1634 20'4 1714 1812
2314 2314 2018 2278 1812 2012 1858 20
3912 3512 3734
*42
3912 40
37
43
42
40
41
40
*100 111 *100 111 *100 110 *100 110 *100 110 *100 110
4.8
912 .712 8;
734 734 *718 812
7
71
/
4
612 612
*44 478
44 44
4
44 44
378 44
434
358 418
*4212 4714 38
4212 *40
45
*42
*4212 48
4714 *4212 48
1
4 36
3512 38/
39
38; 38
3634
3912 38
3878 3978 38
97
9612 97
97
9534 9554 9358 93; 93 93; 9212 9212
1318 1332 1212 1312 1234 1312 1214 1314 1172 1272 124 13
87
87 *__ -- 92
*8834 92 •__ 95 •_ _ _ 9312 *--- 92
53
*58
53
65
60 .55
57
•60
*60
65 .60
85
41
/
4 44
42;
4518 4538 444 4512 4414 4434 43; 44; 411
212 24 *2
334 *2
334 *2
334
334 .134 334 *2
212 212
2/
1
4 24
134 2
1
4
11
/
4 2/
214 214
214 238
234 3
2/
1
4 214
2
214
2/
214 212
1
4 254
2
214
514 5;
4
5/
1
4
44 478
4/
4
1
4 454
414 Vs
5
3
3/
1
4
278 314
234 3
234 3
212 3
;
2
3
5
438 434
512
434 534
438 5
338 434
318 438
64 6;
518 534
412 534
5/
514 578
1
4 61
/
4
478 Ps
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHAKE
Range Since Jan. 1.
On Oasis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933
Lowest.
Highest.
$ per share $ per share $ Per than
8 per share
5112May 14 73; Feb 6
1145s Feb 8012 Jul]
7018 Jan 5 90 July 14
50 Apr 7984Juno
25 July 26 544 Feb 16
1812 Feb 69 Jul,
1314July 26 344 Feb 5
814 Feb 3778 July
16114Ju1y 26 3782 Feb 6
94 Apr 894 Jul,
35/
1
4,Tu1y 27 461
/
4 Feb 1
20
Jan 41; Dee
9518 Jan 5 111 June 30
6858 Jan 110 Aui
500
612July 27 194 Feb 5
6
Apr 30 July
358July 27
838 Feb 7
2,300
312 Mar
1
4 July
9/
300
38 July 26 584 Apr 26
3534 Apr 6018 July
284 Mar 27 42 July 14
28,100
211
/
4 Feb 4114 July
8218 Jan 4 97 July 21
1,200
84 Mar 8312 June
1173 July 26 1814 Mar 12
43.100
712 Apr 2078 July
70 Jan 6 9212June 23
20
8014 Apr 7912 July
300
53 July 27 92 Feb i
38 Apr 122 July
3912 Jan 5 4858June 16
42,300
245. Feb 494 Aue
212July 21
7 Feb 17
100
12 Apr
8 July
8 Feb 16
158July 23
1,200
812 July
13 Apr
26
July
2
512 Feb 1
3,500
11
/
4 Apr
748 July
4 July 23 1178 Feb 19
4.700
2/
1
4 Apr 1478 July
tilly 26 18
3
258
12iu
1
,
8
e8
b 8
5
31
17
14.500
1
Apr
1134 July
48,300
11 Feb 1814 July
412July 26 15 Feb 5
45,600
114 Apr 16 July
814July 26 28 Feb 16
1234 1234
1058 13
978 WIZ
100
034 1012
814
912 973 5,500
054
Preferred
2 Apr 24; July
218 2;
212
212 234
218 212 4.600 :Chicago Rock Is! & Pact:12100
212
614 Feb 7
212 212
2
2
2 July 24
2 Apt 1018 July
314 July 26
100
.412 478
4
314 334 2,400
412
958 Feb 6
312 334
312 338
314 338
77 preferred
312 Apr 1912 July
July 23
8 Feb 6
2
2;
312
3
27
2
2;
8
2
3
212
4
23
4
3
100
3,100
34
6%
preferred
312
278 Apr
15 July
100 19 July 27 4058 Feb 1
03112 3212 3112 3112 2812 281
19
24
2012
/
4 2412 2434 22
210 Colorado & Southern
1514 Feb 51 July
23
100 1978July 27 3314 Feb 9
23
*21
23
23
27
2034 2034 201e 2038 198 1978
220
4% 1st preferred
1212 Apr 424 July
Jan
12
20
30
*17
e____
*_
*17
•____
Feb
23
21
22
22
22
22
100
3
4% 2d preferred
10 Mar 80 July
•278 318
218 Jan 5
634 Feb 5
2; 278
258 3
234 27a
24 234
114 Feb 10;June
212 24 3,500 Consol RR of Cuba pref-100
100
4
314 Jan 15 1012 Jan 23
6
4
130 Cuba RR 8% prof
'
512 712 *512 612
512 512
212 Jan
512 *4
5
16 June
100
301:July 26 7312 Feb 1
42
45; 42
43
4512 47
4034 43
3612 42
3914 13,300 Delaware & Hudson
37
37; Feb 9334 July
19; 20
17; 1978 17
18
1734 1412 1512 37,200 Delaware Lack & Weetern_150 14 July 26 3834 Feb 5
1612 18
14
1714 Feb 46 July
26
134
612 612
Mar
412
pref_.100
4165u1y
412
28
43
4
41s
2,800 Deny *Rio Or Well
2 Feb
2
1934 July
478 5
412 412
14
100 1018July 26 2478 Feb 15
1212 13
1114 1214 9.400 Erie
101a 13
144 1214 13
354 Apr 25; July
148 12
2058 2058 174 1912 17; 18
18
1614 18
1934 1534 18
100 1534July 26 2814 Apr 26
4,900
44 Apr
First preferred
2912 July
Jan
3
23 Apr 21
•1412 1834 *11
*1034 14
*8
18
15
11
*11
100 12
1834 *11
Second preferred
212 Apr 234 July
164 17; 1518 1714 1412 1578 1418 15
41, Apr 3334 July
100 1214July 28 3212 Feb 5
1214 1514 1278 1378 59,700 Great Northern prof
*718 878
718 *6
714
5 July 25 1614 Feb 20
7
5
518
6
614
134 Mar
514 514
900 Gulf Mobile & Northern _100
1112 July
100 13 July 27 3534 Feb 21
*18
*18
13
22
22
16
16
16
13
16
*12
16
212 Mar 2312 Mr
700
Preferred
*1,
kt July 2
112 Jan 23
78
Havana Electric Ry Co No par
*53
*511
*32
743
711
5*
72
7s
2;June
•52
58 Dee
•311
July
24
121$
100
512
5
612 634
512 612
5
5
Feb
514
5
1
4 6
7
512
4,000 Hudson & Manhattan
5/
19 June
64 July
100 1358July 26 387s Feb 5
191
/
4 19; 1614 1912 1634 1734 1612 1738 1358 1612 1414 1534 27,800 Illinois Central
812 Apr 50; July
*25
*25
*22
33
33
32
33 *20
*23
*20
100 3112July 20 50 Apr 26
29
23
16 Mar 6018 July
6% Pict series A
•59
5934 a59
*5012 53
59 *-.... 5812 *50
5812 54
55
100 4834 Jan 5 66 May 2
40
31 Mar 80 July
Leased lines
*1012 1434 *918 1438 *938 1372 .91, 1378 *912 1278 *912 1272
44 Apr 34 July
RR Sec othi serlee A..1000 1414July 18 2414 Feb 6
5I2July 26 1334 Jan 2
712
712 73$
738 738
7
7
718
418 Feb
512 7
612 7
6,400 :Interboro RapidTran v t o 100
1334 Dec
9
812 9
814 9
8
9
838
8
632Ju1y 26 1934 Apr 21
100
658
7
8
612 Feb 247s July
5,000 Kansas City Southern
*1212 19
*1212 1912 *1212 16
*1234 17
100 1212July 26 2712 Apr 21 212 Mar 344 July
1212 1212 *1212 1378
400
Preferred
912July 26 2114 Feb 5
134 13; 1112 1314 1118 12
1012 1132
838 Feb 27; July
10
1078 12,900 Lehigh Valley
50
912 11
48
4812 4612 4814 4512 4512 4512 49
2114 Jan 674 July
4,260 Louls5Ille de Nashvlile____ 100 45 July 26 6212 Apr 20
4934 4612 48
45
23
27
•23
23
*23
*23
27
27 *23
27
27
12 Mar 28
*23
10 :Manhattan Ry 7% guar _100 20 Jan 3 3212Mar 29
Oel
13
14
14
14
13; 1412 13
100 1034Ju1y 26 1958 Jan 12
6
1118 1134 7,000
Jan 20
134 1034 14
Mod 5% guar
Oct
*6
*6
6
718
6
718
478 Jan 16 1214 Apr 24
6
178 Mar
6
7
8 June
534 54 *6
300 Market St Ry prior prof .100
;July 23
132 Mar 28
/
1
4 Jan
54
•12
*32
38
24 July
500 :Minneapolis & St Louis.100
12
34
34
32
332
32
32
32
•/
1
4 2
112 112 *112 2
12 Mar
1 July 26
1
34 Feb 6
118
1
1
Ds
1
500 Minn St Paul & 88 Marle_100
578 July
*214 3
,3
1; Jan 8
3
6/
*214 3
.112 3
*14 3
*I
*1
1
4 Apr 20
100
;Apr
812•Jul3
7% preferred
e314 4
3
•212 3
212July 26
712Mar 10
212 24
314 *214 3
100
214 3
110
4% leased line Ws
212 Dec 1412 July
44July 27 1478 Feb 5
712 712
614 712
6
6
4; 54 17.000 Mo-Kan-Texas RR____No par
638
612
612
5
1718 July
5; Jan
*18
16
1618 1638 1534 17
1113 Jan 3714 July
1418 15
19
18
100 1312July 26 3482 Feb 8
1312 17
6,800
Preferred series A
6 Feb 5
3
3
278 3
238 234
2
3
318
2 July 26
238
214 3,900 :Missouri Pacific
2
100
118 Apr 1014 July
314 July 24
4
44
9; Feb 7
312 418
314 3/
1
4
100
138 Apr
35* 3;
338 35*
33s 334 11,600
Oonv preferred
1514 July
*2512 31
2512 2512 3012 31
*2712 30
2712 25
2612
25
460 Nashville Cbatt & St LOU18 100 25 July 26 46 Jan 24
13
Jan 57 July
214 Feb 23
*118
14
112 •118
112
118 *1
1 May 16
112
"4
*34 112
100 Nat Rye of Max let 4% p1_1®
14
312 June
us Mar
/
1
4 Jan 5
1 Mar 7
100
12 2.000
•12
12
12
12
'2
4
12
12
NI
2d preferred
"2
12
18 Jan
11
/
4 June
1
4 22; 1938 2012 171.000 New York CentralNO par 1812July 26 454 Feb 5
/
4 18/
1
4 21; 22; 21; 231
2558 21; 25/
25
14
Feb 5812 July
12
*1314 1438 104 15
11
1058 1112
9
1058 1012 1012 4,700 NY Chic & St Louis-Co-100
9 July 26 2678 Apr 24
24 Jan 2758 Aug
*22
263
2214 5,100
1912 2172 2co2 nis 2012 22
21
100 1712 Jan 3 4314 Apr 23
Preferred series A
258 Apr 3414 JOY
•12112 124
1084 111
111 11512
210 NY & Harlem
120 12112 11712 11734 *111 116
50 108 Jan 2 139 Feb 1 100 Mar 15834 June
9
1038
914 10
1012 11
1012 1 114 1014 1072 1012 1072
100 ,9 July 26 244 Feb 5
32,300 NY N H & Hartford
1118 Feb 3478 July
1812 1634 18
1814 1812 17
1634 1718 1412 1634 1412 1512 6,500
100 1412July 26 3758 Feb 5
Cony preferred
18
Apr 56 July
412Ju1y 27 1158 Feb 5
6
512 6
5,500 NY Ontario & Western_ _ _100
6
54 534
412 5
54 512
712 Dec 15 July
434 518
*38 l's
; 4
338 118
58
.38 118
se
*38 118
be July 23
1114 Jan 16
200 NY Rallwaye pre,
No par
4 Mar
812 July
114
112
114 .114 1;
1'8 July 23
44 Apr 20
*1
11
/
11s
4 112
214
100
114
800 :Norfolk Southern
114
4; July
12 Apr
18334 184
183 183
1793,1513, 178 178
185 185
18334 184
100 161 Jan 5 187 July 16 11112 Mar 177 July
1,900 Norfolk & Western
95
97
95 .95
984 *95
9814
*97
9812 9838 98; 97
210
100 82 Jan 8 100 June 9
Adjust 4% pret
74 May 874 Sept
2018 2038 1814 2018 18
1914 1412 1914 154 1738 34,600 Northern PacItic
1912 18
100 1514July 27 3884 Apr 11
982 Apr 3478 July
312 *2
312 *1
312 *2
*2
1311s Mar 14
312 *1
312 *1
2 Jan 4
Pacific Coast
10
312
1
Jan
7 July
*218 5
.2
*1
8
5
5
5
5
*3
•2
*2
384 Jan 19 1114 Apr 20
1st preferred
No par
10 July
Ds Feb
514 *134 3
.212 514
64 M ar 14
3.132 514 .2
2 Jan 3
212 212 .132 4
100
2d preferred
No par
7 July
1
Feb
28
23
2814 2612 2818 26
2678 2518 26
2512 2358 24; 48,600 Pennsylvania
50 23 July 26 3778 Feb 19
1334 Jan 4214 July
212 212
234 234
232 234
3
8 Feb 17
3
238 212
800 Peoria & Eastern
232July 26
100
/
4
*314 41
9 July
7a Feb
1658 14
14
•164 26
*1614 22
16
15
1578
•1614 26
700 Pere Marquette-100 14 _July 26 38 Apr 24
35* Mar 87 July
34
1,000
381
40
34
/
4 37
.37
37; 37
37
Prior preferred
3612 3612 37
100 18 Jan 13 514 Apr 23
6
Jan 4412 July
22
*20
27
22
27
27
22
27 •____ 26; 24; 26
Preferred
100 1612 Jan 10 43 Apr 23
500
412 Feb 8812 July
3
3
.218 318 *214 312 .214 313 '212 34 *238 3
10 Philadelphia Rap 'Fran Co-50
3 Feb 8
6 Apr 25
2 June
5/
1
4 July
434 5
5
4;
*6
*37
5
7
412 Jan 12 16 Apr 24
.6
51
/
4 6
600
654
7% preferred
50
3 Dec 10 July
.1412 2712 *1412 1712 1414 1414 *1114 20
200 Pittsburgh & West Virginia 100 1414 July26 27 Feb 21
*1412 181$ *1412 25
64 Apr 3/124 July
42
4354 4212 4212 3911 4018 39
*4458 48
43/
1
4 4412 43
2,500 Reading
50 39 July 27 5638 Feb 5
234 Apr 624 July
3712
*40
*3712 3934 .3712 3912 3712 37; •37
40
41
40
300
1s2 preferred
60 337s Feb 7 4112June 9
26
Apr 38 July
35
*33
35
34
37
36
38
*35
34
38
400
38
*33
2d preferred
50 2918 Jan 11 3912June 19
2312 Mar 37 July
9
*6
100 Rutland RR 7% prat_ _100
*7
*7
9
9
7
7 July 26 15 Feb 7
*7
*7
7
9
9
Jan
184 JULY
6
178 2
214 238
11
/
4 218
2
134 2
3,300 :8t Louis-San Francisco_ • 100
214
134July 24
4311 Feb 6
1; 2
938 July
78 Jan
2; 258
2
238
214 3,800
64 Apr 4
2
214 212
1
4 214
2
258
2 July 23
2/
131 preferred_ ---------100
1
91. July
Apr
__
_
1412
•_
8
26
10
8
St
20
*812 15
July
1412
/
4 *8
8
____ 141
Louis
*8
Mar 8
1412
Sou thy estern_ _100
54 Mar 22 July
1
10,300 :Seaboard Alr Line___No par
1
1
2 Feb 8
1
7ti
11
/
4
7sJuly 24
78 1
7s
75
78
711
3 July
4 Jan
114 114
700
•13, 2
112 112 *114 112
114July 25
3/
Preferred
1
4 Feb 21
100
114 14 *114 158
;Mar
4; July
1712 102,400 Southern Pacific Co
2014 21
100 154Ju1y 26 3334 Feb 5
1538 1834 16
1834 2034 1818 1912 1712 19
ills Feb 3834 July
1514 1212 1378 41,900 Southern Railway
16311 17
1512 12
1434 174 14
1558 14
100 12 July 26 364 Feb 6
418 Mar 36 July
2114 2212 19; 22
1858 19/
14
1812 15; 17; 12,500
1
4 1812 19
Preferred
100 14 July 26 4114 Apr 26
5/
1
4 Jan 49 July
42
40
*36
•33
*33
42
42 .33
42 *3012 42 .31
Mobile & Ohio etk tr etfo 100 39 Jan 19 4764 Apr 20
4014 July
8
J811
.2412 25
214 2412 1918 2012 18
1312 1512 2,200 Texas & Pacific Ry Co____100 1312July 27 4314 Feb 1
19 .15
20
15 Apr 43 July
4
4
4 July 26
4
414 1,900 Third Avenue_ _ _._ __100
814 Jan 12
*53s 534
124 June
5 la 532 3514 512
514 514
412 Feb
*414 454
4
4; 412
414 414
4;
1; Jan 10
414 4;
3; 3; 2,700 Twin City Ftapid -Trans No par
84 Apr 24
414 June
14 Dec
*22
100
17
25
25
1912
6 Jan 12 39 Apr 24
25
25
2514 2412 2412 1512 22
370 Preferred
412 Dec
16 June
11412 1144 11012 11412 10912 11112 10634 10912 9934 104
102 1044 10,500 Union Pacific
lull 9934Ju1y 26 1337$ Apr 11
611
/
4 Apr 182 July
8512 8512 85
8412 8434 08478 85
8438 8438 8434 8434
85
1
4 Jan 18 89 July 13
100 71/
600 Preferred
Apr 754 July
56
2
*212 3
212 212
2
178 2
47s Jan 30
218 212
218 214
2,800 :Wabash
178July 27
100
74 July
112 Jan
*44 5
312 4
3
312 3,800
314 3;
3; 334
23s 358
238July 26
8/
Preferred A
1
4 Apr 28
100
978 July
118 Apr
715 July 26 1714 Feb 20
10
814 10
8
8
10
812
834
100
71s 912
16 July
Vs 84 18,200 Western Maryland
4 Feb
11
.958 13
12
1014
*1212 15
*104 11
9/
1
4 958 10
958July 26 23 Feb 20
100
600
2d preferred
1912 July
658 Jan
.414 44
100
238July 27
812 Mar 29
4
3,700 Western Pacific
258 3
44
34 34
9/
278 314
1
4 July
Apr
314 312
I
6
778
778
8/
734 9
1
4 834
714 734
12.300
7
612 7
Preferred
4/
1
4 Jan 5 17125dar 28
100
11
/
4 Mar 16 July
•Bld and asked prices. no Wee on this day.
Shares.
52,800
1,400
7.400
55,300
6,500
2,900
Railroads
Par
Atch Topeka & Santa Fe__100
Preferred
100
Atlantic Coast Line RR. 100
Baltimore & Ohio
100
Preferred
100
Bangor & Aroostook
.60
100
Preferred
Boston & Maine
100
Brooklyn & Queen''MN.par
No par
Preferred
Bklyn Mash Transit-No par
56 preferred series A_No par
25
Canadian Pacific
Caro Clinch & Ohio stud-100
Central RR of New Jersey _100
Chesapeake & Ohio
25
:Chic & East III Ry Co.._.100
100
6% preferred
Chicago Great Western- 100
100
Preferred
Chia Milw SIP & Pao_No par
Preferred
Chicago & North Western.100
:Companies reported In receivership. a Optional sale. c Cash sale. t Sold 15 days. z Ex-dividend. y Ex-rights.
New York Stock Record-Continued-Page 2
563
Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.
HIGH AND LOIV SALE I RICES-PER SHARE, NOT PER CENT.
Saturday
July 21.
Monday
July 23.
Tuesday
July 24.
Wednesday
July 25.
Thursday
July 26.
Friday
July 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Sines Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
•
PER SHARE
Range for Previous
Year 1933.
Lastest.
Highest.
g per share
717 734
.7812 85
2512 2612
83* 87
434 434
*638 7
9814 9814
.178 214
1938 20
*434 51
214 212
1038 1038
.8% 11
*8
10
20
*18
.13134 134
*126 127
1412 15
.1334 14
S per share $ per share $ per share $ per share S per share Shares.
Industrial & 5413cel. Par $ per share
$ Per share $ per share $ per share
7
738
7% 75s
634 7
6
7
618 634 21,200 Adam. Express
No pat
6 July 26 117 Feb 5
3 Feb
1314 July
*7812 85
*7812 85
•7834 85
79
79
.7912 85
Preferred
100
.100 7014 Jan 25 84 July 18
31
Apr 71 June
25
26
2434 25
2438 25
2212 2434 2212 2314 6,800 Adams 2)11111s
No par
16 Jan .5 347 Apr 5
8 Apr 2133 July
812 838
812 834
812 83*
818 812
734 818 4,200 Address Multlgr Corp
734 Jan 5 1138 Feb 6
10
513 Apr 1213 June
412 438
418 412
4
418
334 4
318 334 3,400 Advance Rumely
No par
318July 27
73* Feb 5
134 Feb
918 July
6% 638
6
534 618
612 *618 614
538 6
2,100 Affiliated Products Inc _No par
538July 27
93* Feb 6
533 July
115 May
9612 0712 9614 971
9534 96
9314 9634 9412 96
5,200 Air Reduction Ino
No par 9134June 2 10614 Jan 24
4713 Feb 112 Sept
173 18
13*
33, Apr 26
134 2
18
134
134 134 2,000 Air Way Elm: Appliance No par
134
12 Feb
138July 24
4 May
1838 1978
1834 1938 1834 1912 17
1913 1712 1813 66,700 Alaska Juneau Gold Min_10 17 July 26 237 Jan 15
1118 Jan 33 Aug
•434 512
434 434 *4
54
4
77 Apr 24
4
33.4 4
334 July 27
600 A P W Paper Co
No par
1
Jan
93*
July
1
17
2
24
1% 2
2
138
178
134 173 33,600 Allegheny Corp
514 Feb 1
No par
138July 26
% Apr
814 July
734 1018
773 838
713 834
718 814
718 778 6,900
Fret A with $30 warr___100
1
578 Jan 4 1618 Apr 10
Apr 217s July
*512 9
*612 8
.6
8
7% 718 *718 712
55 Jan 3 1413 Apr 10
100
Fret A w1th 340 warr___100
1% Apr 21 July
818 8% *612 812
7
7
713 718 *6
300
Fret A without warr___100
7
114 Mar 20 July
514 Jan 6 1438 Apr 9
18
18
18
18
.18
20
18
18
18
18
700 Allegheny Steel Co
No par
5 Mar 26 July
15 June 16 2318 Feb 23
130,4 134
128 13112 1274 129
120 128
12413 126
7,900 Allied chemical & DYe-No Par 120 July 26 16034 Feb 17
70
34 Feb 152 Dec
127 127 .126 129 *12614 130 112614 128
126 126
200 Preferred
100 12218 Jan 18 130 June
116
Apr 125
Oct
1318 1412 1231 1312 1218 1314 1013 1234 1012 1134 21,100 Allis-Chalmers Mtg___No par 11338 July 26 2338 Feb 22
5
_
6 Feb 2638 July
133* 1338 1234 13
123 13341 1134 1212 .1112 1138 1,500 Alpha Portland Cement No par I134July 26 2018 Feb 5
544 Jan 24 July
312 31,
*312 4
278 3
212 234
238 234
218 238 2,200 Amalgam Leather Co
218July 27
734 Mar 12
1
38 Feb
914 July
3334 32
32 - 3112 3112 31
*32
31
30
2812 2812
30
500
50 25 Jan 6 '45 Mar 13
5 Feb 40 July
7% Preferred
4812 4834 4712 49
463* 4714 46% 4714 4312 4714 44
4478 7,500 Amerada Corp
par 4112 Jan 4 5531/June 8
1812 Mar 473* Nov
No
33
32
33
33
3214 3214 3114 317
2934 31
2914 2934 5,000 Amer Agric Chem (Del) No par 2514 Jan 4 36 Jan 24
714 Mar 35 July
17% 1818 1518 1734
1512 1612 1514 16
123* 1534 1312 1512 10,600 American Bank Note
10 1238July 26 2514 Apr 27
8 Mar 2812 July
477 477
4518 47
41
45
*4218 44
423* 423* 4113 42
290
34
Preferred
50 40 Jan 4 5012 Apr 27
Apr 498 June
1012 11.
978 11
918 934
9
934
7
9%
734 813 16,500 American Beet Sugar__No par
1
7 July 26 1312June 19
Jan
16% July
6512 6218 6312 61
65
62
5618 61
55
6013 55
58
1,020
234 Jan 64 Sept
7% preferred
4612 Jan 4 7278June 18
100
2234 2234 2214 23
2212 2212 22
2214 21
1978 2012 2,300 Am Brake Shoe & Fdy _No par
22
91s Mar 4213 July
1978July 27 38 Feb 6
109 109
110 110
110 110
109 109
107 107
10634 107
230
Preferred
100 96 Jan 10 11012 Apr 18
60 Mar 106 Aug
95
977 98
9838 x95
9614 9414 9514 9112 9512 9312 9412 21,000 American Can
25 9014May 14 10734 Feb 15
4912 Feb 10012 Dec
•14812 15112 *14817 15112 14812 14812 .145 15112 1447 1447 .136 150
300
Preferred
100 12612 Jan 6 14812July 24 112 Feb 134 July
18
1812 17
19
1614 1714
15
12
13
1334 12,100 American Car & Fdy_ „No par
1414 16
618 Jan 39% July
12 July 26 3373 Feb 5
*3912 42,8 39
3912 *3814 39
3814 34
35
3512 3512 36
1,600
15 Feb 5934 July
Preferred
100 34 July 26 5612 Feb 5
*5
6
*5
5,2
512 512
5
.4
5
5
*218 4
500 American Chain
No par
5 July 25 1214 Feb 27
13* Mar 14 July
30
.24
24
24 .22
8 1612 25
30
22
22 •__._ 25
200
7% preferred
312 Mar 3112 July
100 2012 Jan 10 40 Apr 24
.57% 59
5612 57, .5712 59
*58
50
58
58
5712 5812 1,900 American Chicle
34 Mar 5114 July
No par 4614 Jan 8 6018June 18
314 38 *3
4
*3
314
3
3
.214 3 .
400 Amer C,olortype Co
214 3
612 Feb 5
10
2 Feb8% June
3 July 25
2618 2612 2312 2614 24
25
2312 2518 204 2614 2214 24
15,900 Am Comm'l Alcohol Corp_20 2034July 26 6212 Jan 31
13 Feb89% July
112 112
13* I%
112 1%
112 13* 3,400 Amer Encaustic TIling_No par
Ps
112 13*
138
5 Feb 16
Jan
1
118June 27
6 June
8538 713 .852 638 •53
5
3 614 *534 618
5
638 •5
7,4
Amer European Sece_No par
378 Apr 13 July
538June 2 1012 Feb 3
618 614
51 2 634
512 6
412 578
438 514 38,800 Amer & For'n Power_ __No pa
37 Feb
53* 6
412July 26 1334 Feb 6
193* June
1818 1814 1612 1712 1534 16
1512 1512 1312 1512 1314 1334 3,800
1314 July 27 30 Feb 7
714 Apr 4478 June
Preferred
No pa
*812 918
714 9
7
712
714 734
6% 73* .
43* Apr
2nd preferred
614 712 2,200
No pa
6%July 26 1712 Feb 6
2714 June
.1312 14
13
131
13
13
1212 13
1214 1214 1234 1234 1,400
$8 preferred
par
818 Apr
Jan 4 25 Feb 6
12
No
353 July
.1314 14
1314 131
13
1318
13
1314 11
2,700 Amer Hawaiian S S Co---10 1012July 27 223* Feb 16
1212 1012 12
4% Jan
2113 July
5
5
334 .5
334 414
334 334
312 4
212 Mar
414 413 3.800 Amer Hide & Leatber_No pat
312July 26 1012 Feb 5
16 June
28
28
2717 20
26
21
2012 2017 183* 21 12 1814 1912 4,600
100 1814July 27 4214 Mar 15
1313 Feb 5712 June
Preferred
.3312 35
533% 34
33
3312 32
32
3018 30% 3014 3112 1,600 Amer Home Products
Jan 5 3638 Apr 26
1
24% Dec 4213 May
2618
434 434
41. 434
4
414
37
312 4
33* 414 10,200 American Ice
4%
312July 26 10 Feb 5
No par
334 Feb
1712 June
.30
3312 *30 - 35
a3312 3312 31
20
*2934 34
31
29
400
6% non-cum pref
25
100 29 July 26 45% Mar 26
Feb 5773 June
43
6% 7
612 7
613 612
6
614
514 5% 15,100 Amer Internet Corp___No par
6'4
434July
26
413
6
11
Feb
Feb
July
1518
34
34
34
34
84
33
34
34
34
112 Apr 4
34 2,200 Am L France dr Foamite No par
34
58
%July 27
% Apr
313 June
617
*5% 712 *5%
.4i8 7%
3
4% 43
518
412 41
90
100
114 Jan
Preferred
4 Jan 18 10 May 22
12 June
2012 2178 10
21
1812 19
4,900 American Locomotive...No par
1734 18
1518 1717 1614 181
1518July 26 3834 Feb 6
578 Jar
3918 July
50
*5012 52
49
47
50'2 47
47
4478 4714 45
45
1.200
1734 Jan
Preferred
100 4478July 26 745 Mar 13
63 July
1414 14,4
137 141
1338 133* 1318 133* 1234 134 1238 13
5,600 Amer Mach & Fdry Co_No par
1238July 27 193 Feb 5
834 Feb
2238 July
VII 87s
738 838
734 814
812 87
81
7
712 Sf1 10,200 Amer Mach & aletals_No pa
314 Jan 3 1014MaY 11
Jan
1
6 June
20
20
1034 21
1712 197
17
1912 20
177 18.700 Amer Metal Co Ltd___No par
1918 197
318 Feb
17 July 27 273* Feb 15
233* July
*77
86
*77
86
.77
86
.77
*7018 86
86
75
75
100
1512 Jan
8% cony preferred
75% Nov
100 73 Jan 2 91 Feb 15
.25
27
2312 25
23
24
.23
24
23
26
257
25
540 Amer Nerve Co Inc__ _No pa, 21 Jan 3 343 Mar 13
17
Jan
301:July
5% 518
434 538
434 5
4
43
434 5
4
413 40,580 Amer Power & Light_ _No par
4 Feb
4 July 26 1214 Feb 6
1978 July
*16
1634
1414 2.800
1513 1638 14
97 Apr
1514
13
1312 1513 1312 14
$6 preferred
41 18 July
13 July 27 297 Feb 6
No par
.1314 1412 12% 1314
1212 13% 13
11,4 113
127
11
131
2,500
55 preferred
9 Apr
11 July 26 2614 Feb 7
No par
35 July
1314 1338 1218 1312 1134 1278 12
1217 10
121
1012 11
85,900 Am Rad & Stand San'y No par
433 Feb
10 July 26 173* Feb 1
19 July
1634 17
15
17
1312 15s 14
15
15% 52,400 American Rolling MIS
1578 1518 16
55 Mar 31% July
28 1312 July26 2814 Feb 19
.56
5714 56
58
52
53'7 1,900 American Safety Razor No par 36 Jan 13 58 July 20
5512 5512 5512 5512 518 54
20% Apr 4734 July
33
*334 4
312 312
218 3
1.400 American Seating vi e. No pa
338 338
3
% Mar
33* 338
714 July
218July 27
73* Feb 19
1
1
1
1
18 Apr
34
1
78 3,700 Amer Ship & Comm_ .No par
78
78
34
413 June
75
233 Jan 30
%
34July 24
•1812 21
19
1912 18% 19
175 18
1812
19
18
1814
700 Amer Shipbuilding C,o. No par
1113 Mar 3634 June
1738July 27 30 Jan 30
38% 3878 36
3812 3512 3712 35
3612 3014 36
32
3312 77,000 Amer Smelting & Refg_No par 3014 July 26 6114 Feb 15
1034 Feb 5312 Sept
123 123
12214 12312 *122 125
122 122
119 1203* 119 119
800
31
Preferred
Jan 9912 Dec
100 100 Jan 2 125 June 29
95
*95
95
9678 94
92
92
95 .9312 97
03
600
93
2nd preferred 6% cam. _100 7114 Jan 2 9614July 7
2012 Jan 73 July
06134 6217 61
6212 603 61
5914 1,800 American Snuff
6014 6014 5912 5934 59
3212 Jan 6114 Sept
25 4834 Jan 5 63'4 July19
123 124 .12134 123 *12034 12212 812034 12212 12034 1204 .12034 123
70
Preferred
100 106 Feb 2 x125 June 13 10218 Jan 112 July
1538 16
15
1512 14
15
14
13
1018 1312 1034 1212 8.500 Amer Steel Fouodrles__No pa
43* Feb27 July
1018July 26 2612 Feb 5
*7018 733
7112 7112 70
71
71
7018 *6418 79
70
68
220
Preferred
3733 Mar 85 July
.100 5978June 2 81 Jan 30
.32% 431
43
43
4212 4234 42% 4213 41
41
42
42
1,800 American Stores
30 Feb4772 July
No par 37 Jan 3 4414 Feb 7
69
6914 6412 6818 63
6014 64
65
6434 637 65's 59
10.300 Amer Sugar Refining
2112 Jan 74 July
100 46 Jan 3 72 July 14
•1812 20
119 119 *118,4 1197s .1183* 11978 119 119 •1183/8 1197
300
Preferred
Jan 11214 July
100 10312 Jan 3 12014July 6
80
1934 20
18
20
1814 19
1614 173* 8,700 Am Sumatra Tobacco__No par 1334May 10 2114July 20
1814
18% l91r 16
Jan 26 July
6
112 112% 1113* 112,4 112 113
47.600 Amer Telep & Teleg
1113* 11234 10934 11212 10734 112
8612 Apr 13434 July
100 10734 Jan 4 12514 Feb 6
7314 74
7238 7238 7238 73
7212 71
72
7114 7114 70
2.400 American Tobacco
49 Feb9078 July
25 6514 Jan 6 823* Feb 6
7614 763
7412 7612 7434 753
7414 76
7114 7514 73
737 14,200
Common class B
6034 Feb9434 July
25 67 Jan 8 8412 Feb 5
.12112 124 •121 123 *121 124 .121 12212 121 121
12234 1223
200
Preferred
100 10714 Jan 3 124 June 16 10234 Mar 120 July
4
4
4
13*
4
418 4%
3
3%
314 2,500 :Am Type Founders...No par
318 3
3
2,8 Dee 25 July
3 July 25 13 Feb 21
9
9
9
10
938 10
9
93
93* 912
83* 0
73 Jan 6 2854 Feb 21
600
Preferred
7
Oct 3773 July
100
1738 1734
16 14 17,2 16
1612 16
1634 1412 1634 1434 1613 28,000 AM Water Wks & Elec_No par
1073 Apr 4314 July
1412July 26 271's Feb 7
81
.75
.75
81
*75
.60
81
72
81
75
7518 72
400
let preferred
No par 54 Jan 3 80 Feb 5
35 Mar 80 June
9,4 912
812 9'8
838
714 812
834
12,100 American Woolen___No par
818 812
78 8
312 Mar 17 July
714July 26 171,Feb 6
5418 55
4912 5112 4912 50
44
4638 4,800
4812 49
4314 48
22% Feb 6712 Dec
Preferred
100 4314 July26 8334 Feb 7
*118
114
1
114
1
1
118
118
114
1
1
118 3,700 :Am Writing Paper
14
Mar
s8 Feb
414
1
418 June
1
June
27
355 334
3,8 312
3% 314
27
318 318
3
3,200
3,8
Preferred
3
No par
1434 July
44 Feb
27 July27 1712 Apr 23
53*
43* 5,4
51ii
37
4% 412
412
4
41
334 412
7,300 Amer Zinc Lead & Smelt_1
214 Feb
16
Feb
July
9
2
107
33
8 July
.41
41
4212
4112 *40
4434 3912 40
3912 40
3912 3912 1,000
Preferred
Feb 66 July
25 3712 Jan 4 5013 Feb 16
20
1212 1234 1138 13
1118 1134
1118 1138 10
1138 103,., 11 139,000 Anaconda Copper Mining_50 10 July 28 1734 Apr 11
5 Feb 227 July
•1112 1312 1112 1112 *1012 1312 11,2 1112 1012 1034 103* 103*
500 Anaconda Wire & CableNo par
418 Jan
914 Jan 12 13's July 12
1512 June
1612 19
1918 1018
163 17
1618 1634 1318 1614
1312 151
3,900 Anchor Cap
Vo par 13'8 July24 2434 Jan 31
Jan
8
391, July
•9612 100
*9612 100
.9612 99
.9612 971
96
.9612 100
9612
60
6212 Jan 90 June
$6.50 cony preferred ..Vo par 84 Feb 5 100 Apr 17
*3118 32
311
30
3134 3134 28
' 323* ,
-11'4 32
03, Mar 2914 July
4,600 Archer Danleis Midrd .No par 26% Jan 9 34l4 July19
313* 29
1133*_.-_ *113,
2
- •11312 _ __ .11312 _ __ 811312 115 .11312
-- -O- -__
7% preferred
100 110 Jan 24 11512July 17
95
Feb 115 July
9134 9 34 .90 -93
-90 89
90
88
88
90 -90
8712
O
OOOO
Armour
Apr
26
93%
&
pref_100
41
Co
90 July
(Del)
Jan
Jan
2
76%
412 434
4
412
37
4
33
438
438
312 4'7
4
62,200 Armour of illinols new
538July 9
5
312July 2
59
59
5612 5812 5512 57
54
4614 5314 47
55
5012 10.300
56 cony pref.
Vo par 46l July26 61 July 9
6312 64% 62
68
'
65
3 69
68
54
63
60u 548 5712 7.600
Proforma
100 54 July 26 7533 Apr 13
5
Feb 53 July
434 434
4% 434
334 414
3% 33
312 4
3
312 5.800 Arnold Constable Corp
5
1 18 Jan
3 July 27
83* Fen 9
7 July
613 614 8414 6
.814 7
.414
5
*3
4 " 312 4
200 Artioom Corp
2 Mar
No par
912 June
414 Jan 5 1012 Apr 21
_
Associated Apparel Ind No pa
312 F .b 15
34 Apr
514 June
17 July 1
•1014 1012
9
gi, II,
10%
9
8
'
8-14 6.900 Aasoclated Dry Goods
8;
1 -9-14
714
1
18% Feb 6
312 Feb 20 July
714July 2
.40
52
*48
55
48
5112 *46
48
46
48
48
48
700
6%
lat
preferred
Apr
20
7713
100
July
18
26
6112
46
Feb
July
.3818 50
030
50 .35
50 .3518 50
36
38
3814 3814
500
7% 211 preferred __ _. _ 100 36 July 26 64% Apr 20
15
Jan 51% Jul,
03634 38
3634 363
37
37
37
37
37 .3634 4978
37
110 Associated 011
25 2912 Jan 5 4012 Apr 25
634 Mar 353* July
*8
12
10
10
10
10
10
10 .10
17
10
10
80 At 0 & W I SS Linea_ _No par
412 Mar 26 July
10 July 23 16 Apr 12
24% 2478 2314 247
2318 24
2318 2312 2112 2312 213* '2278 25.300 Atlantic Refining__ _25 2112July 26 3514 Feb 5
1233 Feb 3213 Nov
5018 5018 4814 50
48
48
4618 4734 44
4812 44
444 3,200 Atlas Powder
No pa
9
3514 Jan 8 5512 Mar 13
Feb
393* July
.103 10312 103 103
103 103 .10318 _ _ •1031s
_ 103 10314
190
Preferred
100 83 Jan 9 1031 / July 27
60
Apr 8318 Sept
712 7,2
733 734
738 7%
712 -7.12
712 _-73
-8
717 712 1.700 Atlas Tack Corp
No par
112 Feb 3414 Dec
712 Jan 15 16,4 Mar 14
2212 2212 2031 2234 20% 2112 1912 2034 1734 20
1655 1838 15,700 Auburn Automobile_No par
31
1638July 27 6738 Mar 13
Oct 8414 July
1212 1212 11,4 12
1112 1112 1114 1114 1018 11
918 1013 3,100 Austin Nichols
Vo pa
7 Jan 4 16% Mar 5
% Feb 934 July
412 434
413 434
4
412
4
414
334 414
378 414 75,800 Aviation Corp of Del (The> _.5
61: Feb
334July 26 1034 Jan 31
16% July
73* 834
73
8% 84
8
712 8
8,2 778
634 7% 46,900 Baldwin Loco Works. No pa
,July
613July 26 16 Feb 5
31: Apr
175
3912 3912 38
38
36% 3633 35
35
*25
35
30
27
700
Preferred
100 27 July 27 64% Apr 21
912 Apr 60 July
*9812 9912 09812 9912 *9)s% 9912 •9918 99% .99% 9912 99% 9918
10 Bamberger (L) & Co pref.
8814 Feb 9978 Aug
..100 8612 Jan 0 9912June 20
23* 238
234
234
214
238
212 278
212 212 1,100 Barker Brothers
23* 23*
No pa
2%July 24
614 Feb 5
% Jan
71.June
2312 19
19
*19
1834 19 .1834 24
1834 1834 19
19
160
6 si % coov preferred____ 100 16% Jan 9 3812 Apr 12
518 Au, 24,4 July
83*
63*
618
7
6%
612 718
7
6% 7
6
614 51,700 Harnadall Corp
_A
6
10
July
Jan
27
3
22
Mar
11
July
321: 3212 3131 3178 .3013 3412 •30
28
31
30
31
30
1,500 Bayuk Cigars Inc ____._No par 23 May 8 39 Feb 5
31, JAC) 52% July
*9612 100
.9612 100
.9612 100
.9612 100 .9612 100
50
9632 9612
1st preferred
_100 89 Jan 15 100 July 13
27
Jan 100
July
1538 1512 1418 15% 13,2 14
13
1014 1234 5,200 Beatrice Creamery__ _ 25 1014July 27 183 Apr 21
1312 12
13
7 Mar 27 June
8412 8412 .79% 91% *79% 9114 .7913 0114 *7918 03
*8412 93
100
Preferred
100 55 Jan 13 91 July 6
45
Feb 85 May
6412 64,2 603* 63
*6412 67
*60
5972 5972 61
61
61
700 Beech-Nut Paektng Co
20 58 Mar 2 67 Apr 23
46
7012 June
Jan
ills 1173
11 12 12%
1118 1133 1073 11,4
912 1014 8.700 Belding Ileminway Co..90 par
912 11
1212 July
8% Jan 3 1514 Apr 24
313 Feb
•115,2 1171s •11618 11718 11634 11634 11718 11718 .117 119 •11712 119
200 Belgian Nat Rye oart pref... 9512 Jan 9 11973May 25
6214 a er 1014 s-rov
1318 IT:. 12
13,4
1112 12
934 1214
113* 1218
10% 1138 39,600 Bendll Aviation . .....___5
934July 26 23% Feb 1
al. Feb 21 14 July
1612 1631
15,1 1634
153.1 1612 153* 1618
1334 157
1418 15
19.900 Beneficial Indus Loan__No per
1218 Jan 31 1913 Apr 26
1314 Sept 15 Aug
• Bid and asked Prices, no sales on this day. 2 Compan es reported In receivership. a Optional sale. e Cash sale. z Ex-dividend. 15 Ex-rights.
,.
I
,
,
New York Stock Record-Continued-Page 3
564
July 28 1934
rar FOR SALE DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 21.
Monday
July 23.
Tuesday
July 24.
Wednesday
July 25.
Thursday
July 26.
Friday
July 27.
I
Sales
for
the I
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Highest.
Lowest.
$ Per share
Indus.& Miscell.(Con.) Par $ per share
Best & Co
No par 26 July 26 3414 Apr 10
Bethlehem Steel Corp No par 2514 July 26 4912 Feb 19
100 55 July 26 82 Feb 19
7% preferred
Bigelow-Sanf Carpet Ino No par 21 July 26 40 Feb 5
712July 24 1614 Jan 30
thaw-Knox Co
No par
18 Jan 12 26 Feb 7
Bloomingdale Brothers.No par
5 48 July 26 684 Jan 24
11,100 Bohn Aluminum & Br
27,500 Borden Co (The)
2.5 1978 Jan 6 2814 July 14
/
4 Feb 5
14,800 Borg-Warner Corp
10 1618July 26 281
3 Feb 9
78July 25
200 /Botany Cons Mills class A_50
12 Jan 6 1938 Apr 26
36,300 Briggs Manufacturing_No tr,..r
6 26 Jan 4 3712July 18
3,100 Bristol-Myers CO
3,500 Brooklyn Union Gas___No par 5912July 27 8012 Feb 6
500 Brown Shoe Co
Na par 5014 Jan 5 61 Feb 16
4 July 23 1078 Mar 17
4,700 Brans-Balke-Collender_No par
938 Feb 5
312July 27
10
4.100 Bucyrus-Erie Co
6 July 26 1412 Apr 24
2,500
5
Preferred
80
7% preferred
100 5014July 25 75 Jan 15
734 Apr 25
3 July 26
24,200 Budd (E 0) Mfg
No par
100 16 July 25 44 Apr 25
5,300
7% preferred
558 Jan 30
2 July 26
7,700 Budd Wheel
No par
612 Apr 28
27 Jan 9
1,100 Bulova Watch
No par
4,100 Bullard Co
No par
6 JulY26 1512 Feb 16
6 Feb 21
158 Jan 26
Burns Bros class A ____No par
4 Jan 9 1512 Feb 20
440
100
7% preferred
1012July 26 21938 Feb 1
13,100 Burroughs Add Mach_No par
372 Feb 9
118July 27
1,700 /Bush Term
No par
6 Mar 8
3 June 29
100
Debenture
518 Jan 3 1554 Feb 23
10 Bush Term BI gu pref etts_100
213 Feb 16
112 Jan 13
2,200 Butte & Superior Mining__10
3 Feb 16
5
1N July 27
2,500 Butte Copper & Zinc
434 Feb 1
112July 27
2.900 Butterick Co
No par
1334July 26 3234 Feb 7
12,000 Byers Co (A M)
No par
20
100 45 July 24 677s Apr 23
Preferred
183
4 Jan 4 3554July 25
22,900 California
par
__No
_
134 Jan 23
12July 27
10
3,900 Callahan Zino-Lead
Packing6% Feo 5
234July 26
15,300 Calumet & Hecht Cons Cop_25
6 July 27 1573 Feb 23
2,100 Campbell W & C Fdy __No par
8,900 Canada Dry Ginger A1e____5 1212July 26 2913 Apr 24
No par 2812 Jan 4 38 Apr 2
1,200 Cannon Mills
538 Jan 2 10 Apr 13
1
1,500 Capital Admints Cl A
10 2634 Jan 24 39 Apr 20
l'referred A
100 35 July 26 8634 Fen 6
35
4012 3614 3914 19,000 Case (J I) Co
46
4118 43
4834 40
44
4734 48
6514 6712 •6514 6714
180
Preferred certificates-100 654 July26 8412 Feb 6
.6938 7418 *6938 7214 6938 6938 *6712 69
26
2438 2514 14,200 Caterpillar Tractor___No par 2312 Jan 4 3338 Apr 21
24
2578 2434 26
2614 25
2512 2614 25
1918
2058
31,400 Celanese Corp of Am__No par 17 July 26 4473 Feb 5
1718 2012
2078 2212 2058 22
2112 23
2214 23
458 Apr 12
No par
l's July27
113 1,300 /Celotex Corp
118
134
14 .134 178
112 IN
134
134
134
134
4 Apr 12
1 July 27
No par
1
1
112 *114
300
112
8114
138 13
CertifIcates
112
•1N
112 *138
612 Jan 18 2238 Apr 13
100
8
860
7
9
718
734 8
712
8
Preferred
818
8
714 812
2918 5,100 Central Aguirre Asso_No par 24 Mar 22 3218 Feb 5
2914 27
2712 29
28
2914 2914 2812 2918 2758 28
612July 27 1238 Feb 19
612 612 1,500 Century Ribbon Mills_No par
7
712
712 712
712 712
734 818
*814 9
100 82 Mar 31 95 Jan 2
085
95
85
50
85 .85
95
85
Preferred
85 .85
95
95 .86
79,000 Cerro de Pasco Copper_No par 3014May 16 4312July 5
37
3812 37
3858 3312 3734 3414 36
37
3734 3612 38
73 Apr 5
314 Jan 2
414 412
418
414
312 414
333 334 7.400 C,ertaln-Teed Products_No par
.412 518
413 434
100 1712 Jan 19 35 Apr 5
24 .10N 2418
300
23
7% preferred
32
32 .20
*20
26
26
.27
28
1
4 Apr 21
No par 34 Jan 4 48/
3812 4018 3734 3912 4,100 Chesapeake Corp
4112 4312 4158 4158 41
42
*4112 43
973 Feb 5
358July 26
33
358 458 8,600 Chicago Pneurnat Tool_No par
358 412
412 5
43* 5
453 512
6
1414 July26 2834 Apr 24
No par
1414 1518 4,000
Cony preferred
1714
1414 16
1512 1612 16
1818 19
16
19
10 1914 Jan 8 305 Feb 5
2014 2212 2,100 Chickasha Cotton Oil
21
2514 2412 2412 20
.2534 27
25
2514 25
334July 2' 1158 Feb 19
No par
51,
4
334 418 6,600 Childs Co
412
334 418
358 414
5
334 4
25 1012July 26 1753 Apr 9
40 Chile Copper Co
1012 1012 "7
.1012 13 .1012 13
712
12
*12
13 - 12
6 32 July 26 60% Feb 23
32
3658 3314 3454 226.600 Chrysler Corp
3514 37
3814 3858 3512 3878 3538 37
3 826438 Jan 30
an 5
..1a
17
1758
714 .7
19
No par 6
18
3,400 City Toe de Fuel
1912 1814 19
2012 2034 1958 2034 1912 1912 19
Apr 23
370
8312 84
834 84
Preferred
8412 8412 8412 8312 84
85
*84
85
21
/
4 Feb 6
13July 27
No par
34 5,200 City Stores
12
34
34
34
78
31
78
34
34
78
%
114 Feb 6
%July 24
12
12
*38
28
*38
12
a,
38
1,
•12
Voting trust centre_ _No par
900
38
38
558 Feb 6
214July 25
No par
100
Class A
318
*1
318
214
214 *118 3% *I%
•1
/
4
' 3%
.34 318
•34 3
.34 3
*34 3
518 Feb 21
2 July 20
No par
Class A v t c
*1
3
.1
3
*34 3
834 Jan 5 2134 Mar 5
No par
400 Clark Equipment
1658 .1134 13
1134 114 1012 1012
•1134 1658 *1134 1658 *12
02858 35 .30
500 Cluett Peabody & Co No par 28 Jan 3 45 Apr 7
2812 2812
3014 2812 30
2814 32
34
030
100 95 Jan 17 115 Apr 23
Preferred
.110 115 *110 115 .110 115 .110 112 *110 112 .110 112
125 128
1264 127
2.500 Coca-Cola Co (The)___No par 9514 Jan 2 13638July 12
130 13212 129 12914 *12812 129
132 132
No par 5018 Jan 11 5518 July 10
.5458 55 .5458 55
200
5478 5478 5478 5478 .5458 55
*5412 55
Class A
938 Jan 3 1818 Mar 13
1313 1418 1158 1358 1218 1338 25,200 Colgate-Palmolive-Peet No par
1438 143 13% 1412 1338 1418
100 6812 Jan S 9214 Apr 18
*89
91
91
6%
preferred
91
*89
200
91
.90
91
91
*9078 9212 91
10 July 26 2813 Feb 19
No par
104 1012 18,300 Collins & Altman
1012 1112 10
11
12
1112 1318 11
114 1318
33
834 Feb 8
41
358 Jan 2
378 414
334 4
413 4,200 :Colorado Fuel & Iron-No par
4
414 434
412 434
65. 67
65
66
6112 654 6214 6434 11,600 Columbian Carbon v t o No par 58 Jan 8 7714 Apr 23
68
6818 6514 69
233
5.700 Columb Pict Corp v t o_No par 2112July 26 3434May 28
2414 2538 2312 2438 2112 2333 22
2634 2634 2518 27
75 July 26 1914 Feb 6
818 878 84,400 Columbia Gas lle Eleo__No par
912 1012
734 934
912 10
10
1014
912 978
100 52 Jan 5 7834June 21
72
300
6514 6514 066
72
Preferred series A
72 .6514 73
.7438 76
.72
75
066
100 41 Jan 9 71 Apr 24
70
•6034 70
5% preferred
•6034 70
*6034 70 .6034 70 '6034 70
10 1858 Jan 4 35% Apr 21
2418 2512 17,300 Commercial Credit
2758 2676 2712 2412 27
2812 27
2714 2914 27
25 2312 Jan 5 30 July 19
2778 2778
*2778 30
20
7% 1st preferred
*2778 30
"2778 30 .2778 30 .2778 30
50 38 Jan 3 50 Mar 9
4658 *4412 4658
47/
1
4 *44
100
Class A
46
46 .45
48
.45
4814 '45
25 24 Jan 3 30 Mar 3
2812 2812 '2778 30
40
Preferred B
2812 2812 '2812 29
29
29 .2813_
105 105
80
6 Si% first preferred___ -100 9112 Jan 3 106 Apr 30
105 106
105 105
.105 10534 1054 1-0-53-4 105 105
353 Jan 4 591 Apr 11
par
Trust.__No
504
524
48%
12,300 Comm Invest
57/
1
4 588* 5618 5718 5512 564 5212 5434 4812
300
No par 91 Jan 3 110 July 10
109 109 .109 110
Cony preferred
109 109
.10912 10978 10978 10978 0109 110
1534July 26 3634 Jan 30
1534 183
1658 1738 78,500 Commercial Solventa_No par
174 1858
1814 10
1858 1938 1813 197
38 Feb 6
112 July 26
112
134 108,100 Commonwlth & Sou......No par
I% 2
112 178
2
2
134
178
14
178
414 3878 4014 38
39
31
3712 35
36
5.800
4078 4112 39
$6 preferred series_ No par 202 Jan 2 5234 Apr 23
25
25
26
16,800 Congoleum-Nairn Ino_No par 22 July 26 3114 Feb 16
22
2434 253
26
2612 25
2612 2634 25
9 July 26 1412Mar 5
09
9
9
No par
300 Congress Cigar
9
9
.9
10
10
1012 .9
10
10
53
514July 26 1338 Mar 17
612 5,400 Consolidated Clgar
_No par
7
514
678 714
858 834
734
7
858
7
Jan 2 62 July 12
45%
59
100
170
Prior
59
59
593
8
preferred
62
.593
8
60
*5938
*5938 62
*5938 62
534 Feb 15
158 July 27
1
1% 238 4,500 Consol Film Indus
214 234
'23
278
2% 3
234 3%
234 234
1048 Jan 2 1712 Feb 15
No par
1112 1214 4,800
Preferred
1
4 121s 1253 1112 1214
1212 1212 12/
*1218 1212 12
27
4733
8July
Fen 6
257
par
257
8
30
_No
31
97,700
Consolidated Gas Co
/
4 3038 3114 3058 3112 29
3158 3218 3012 321
No par 82 Jan 4 95 July 23
9012 9212 3,700
94
Preferred
9414 9414 93
95 '9312 943
9412 9412 94
8
43
8
Jan
Feb
218
par
71
Corp_No
2%
1,600
Consul
214
Laundries
.2
218
214
214
212
218
218
218
.238 213
714July 26 1414 Feb 13
No par
7/
1
4 8 109,500 Consol 011 Corp
714 83*
818 81
/
4
812 8/
1
4
812 918
9
93*
100 108 Feb 9 112 July 24
200
8% preferred
.. •110 112
•11078
11112 11112 112 112 '110 __
*11112 113
2% Feb 7
12July 26
34 18,700 Consolidated Textlle_ __No par
l2
-78
12 --34
%
34
78
34
78
78
78
20
618 Jan 5 1334 Apr 23
8/
1
4 9
10,300 Container Corp class A
838 9
914
9
914
9
854 98
*934 10
3 Apr 18
2
5
Jan
par
2
/
1
4
No
Class
B
,
2
8,000
3
3
314
312
4
4
334 4
312 358
3,2 334
5%July 26 1453 Jan 24
658 4,400 Continental Bat class A No par
6
714
514
6% 63*
7,2 754 712 712 614 7
233 Feb 7
78July 27
No par
78
1
11,200
Class B
1
1
1
1
1
1
1
118
1
1
53
100 4614 Jan 6 64 Feb 9
.50
900
52
Preferred
5218 5218 51
52
53
52
*53
5512 53
20 6912May 14 8314 Apr 21
10,100 Continental Can Ina
7712 7434 7712 7613 78
77
*80
8012 7812 8034 27734 79
65 3,000 Coral Diamond Fibre
7
.43
7
6 July 26 1134 Feb 6
7
7
5
6
612
6
612
658 •6
_ __2.60 2338 Jan 6 3512 Apr 20
2914 2614 2814 5.200 Continental
26
2912 2912 29
2912 2812 2878 2834 29
233 Feb 21
34July 24
Motors_ __No par
78 7,900 Continental Insurance34
34
1
1,8
78
1
84 34
78
h 78
5 1534July 26 2234 Apr 21
1614 163 56,700 Continental 011 of Del
1718 1778 1534 177
1818 1834 1713 1858 1712 18
8412
14
Jan 26
6012May
Reflning____25
6434
611
/
4 6234 12,200 Corn Products
6034
641
64
6514 63
66
66
64% 66
100 135 Jan 4 14812July 24
100
Preferred
*14812 166 '149 156
14812 14812 '146 166 .146 166 *145 166
91 Fen 5
1
26
358July
par
No
5
14,200
Coty
Ins
4
4
5
57
3N
43
4
5
538
458 5%
5% 57
3212 4,300 Cream of Wheat Ws. No par 28 Jan 3 35 Jan 31
32
3212 3234 3214 33
317 32% 311 32
32
321
8 Jan 2 1712June 16
1218 1212 7,000 Crosley Radio Corp__ No par
1114 13,8
13%
15
151.1
1414 15
1312 1412 13
1334July 26 3514 Feb 1
No par
2014
19
8.000 Crown Cork & Seal
2278 23
2118 1834 203
2113 2258 19
23
24
No par 3512 Jan 2 4114 Apr 20
800
3818 3718 3718
$2 70 preferred
39% 3953 38
4014 4014 .3913 41
*3958 41
658 Apr 27
33
358July 27
358 418 9,700 Crown Zellerbaok v t o_No par
45
418
418
4
414 43
4
414
5
1
4 Feb 19
3.600 Crucible steel Of America_100 17 July 27 38/
18
17
.21
2234 2118 2113 20% 2034 1934 2118 1712 19
100 48 Jan 12 71 Apr 19
55
*48
600
53
Preferred
53
*53
58
*53
59
"54 8 58 .54% 56
par
1
Jan
2
31
/
4 Feb 9
No
112
3.100
Cuba
Co
4
(The)
1,
1,4
1%
114
•112
114
IN
114
112
158
13*
9/
1
4 Feb 8
312 Jan 10
512 614 15,600 Cuban-American Sugar_ _10
612
638 64
612 7
5
638 634
658 61
100 2018 Jan 9 64 July 9
50
1,430
Preferred
5312 45
5514 45
5612 5714 54% 5814 55
56
.54
50 37 Jan 2 5034 Feb 16
2,900 Cudahy Packing
4514 4518 46
41
.4512 46
46
47
4612 4612 4514 46
1312 Jan 8 29% Apr 12
7,600 Curtis Pub Co (The)___No par
17
16
183
16
2018 18
2018 2012 18
1812 1718 1818
4312 Jan 3 854 July17
par
No
3,400
78
Preferred
77
8214
7714
7978 83
7912
80
8012 79
83
83
5,4 Jan 31
1
212 Jan 2
2,2 234 43,900 Curtiss-Wright
212 28
213 258
212 22
212 234
258 234
1
514 Jan 3 1214 Apr 2
77
7
778 21,900
Class A
64 8
634 712
7%
738 8
734 77
Jan 4 2112 Feb 21
II
par
__No
Inc.
1,200
1212
1112
Cutler-Hammer
1114 13
1414 1512 1414 1414 '13% 1414
•14l2 17
$ per share $ per share $ per share $ per share $ per share $ per share
3012 26
2834 2614 2712
3078 30
32
3218 3012 3112 z30
2912 3014 2634 3012 2712 2878 2712 2914 2514 2878 2613 28
60
5634 58
55
.5912 5912 5713 5934 5612 5712 5678 57
2214 2134 2258
21
2134 22
2514 2534 22
2518 2214 23
713 8
713 8
712 8
8
834
712 814
9
9
*1014 2478 *1614 2478 '1614 24%
*1614 18
*1614 25
*1614 25
49
50
.52
5512 5534 5212 5512 52
53
5114 5212 48
2478
2538 2658 2514 2614 2514 26
2318 2514 24
2612 27
1734
21
2158 1958 2112 1914 20
1814 1912 1618 1914 17
1
1
*34
114
*118
112
"4 112
"4 112
%
78
1338 1434
1534
1538 1578 13
1614 1612 1534 1612 1512 16
32
3378 3414 3414
3534 3434 35
3612 3612 3618 3612 35
62
60
61
5912 61
6334 6334 6214 6214 6114 6213 62
52
53
*50
5212 *SO
*50
5414 '5014 5414 "5014 5414 51
4
414
4
414
418 438
434 514
4
5
414 414
414 438
3/
1
4 4
418 412
418 438
4
412
334 4,4
638 658
712
6
758 8
734
712 758
*Ws 812
734
.51
51
•44
5014 5014 51
55
55
*5338 54
*55
57
414 438
353
318 334
312 3N
312 4,4
3
312 333
1614 18 . 16
1654 1613 1612 *1638 21
20
22
22
18
212
2
214
2
214 212
212 212
238 212
212 258
418 418
438 412 *418 5
438 478
412 412
.412 514
634
6
658 634
6
634 714
614
614 7
612 7
3
3
*2
*2
*2
3
*2
3
*2
3
*2
3
734 8
*918
914
84
814 914
712 814
812 834
8
1138 1112 1118 1112 1012 1112 1058 1114
1238 1238 1114 12
118
118
154 2
112 112
112 14 *112 2
134
134
.213 3
*212 358 *212 33* *2,2 318
*212 358 .213 3
11
1358 11
14
*10
14 '10
*10
*10
14
*10
14
112
112 112
112
112 112
112
112 112
112 *112 158
158
134
*112 2
2
2
2
2
2
2
2
2
13
134
112
134
17
8
2
13
4
2
218 218
2
2
1414 1512
18
1512 1714 1558 1678 1334 16
18
1814 16
53
*4118 53 .41
45
45
45
53
45
*45
.4818 53
3134 3338 3212 3358 3314 3534 3312 3534 3418 3534
3134 32
31
'2
31
31
31
34
31
31
34
34
4 3731
234 314
3
314
234 313
318 314
3,2 334
334
614
6,8 634
7
712 '6% 714
6
734 8
818 818
18
18
1538 1612 1514 1578 12,2 1512 1312 1478
18
18
30
3212 29
32
3212 3212 32
32
34
34
3334 34
714
658 612
6,4 658
758
*818 918
6% 678
818 8,8
..-_ 35 •____ 35 .___ 36 .____ 3212 .____ 32 ...___ 3212
• Bld and asked prlces, no sales on this day.
Shares.
3,500
53,400
6,500
670
4,500
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share $ per. share
9 Mar 3318 Aug
1018 Mar 4914 July
2514 Feb 82 July
61
/
4 Apr 2913 June
313 Feb
1914 July
6/
1
4 Feb 21 July
913 Mar 5512 Dec
18 Feb 3712 July
512 Feb 2214 Dec
38 May
412 July
253 Feb 1458 July
25 Dec 3814 Sept
60 Dee 8812 June
2813 Mat 5378 July
134 Mar
1813 June
2 Feb
1278 June
2% Feb
1958 June
20/
1
4 Mar 72 June
97 July
% Aor
3 Mar 35 July
1
Feb
534 J199
78 Mar
5 June
212 Feb
1314 July
12 Apr
5 June
13 June
134 Jan
613 Feb 207 July
1
Apr
8 June
1
Apr
912 June
418 Dec
8 Dee
1
Feb
278 June
414 June
12 Mar
114 Apr
712 June
812 Feb 4314 July
3018 Mar 80 July
78 Mar 3434 July
214 June
14 Jan
2 Feb
938 June
2 Feb
1614 July
7/
1
4 Feb 4113 July
14 Feb 3512 July
414 Oct 1213 July
3518 Jan 3512 July
3012 Feb 10312 July
41
Feb 86,4 July
512 Mar 2934 July
412 Feb 5878 July
12 Mar
678 July
48 July
113 Feb
11
/
4 Jan
123 July
14
Jan 41 July
2 Apr
115 July
52 Feb 100 Deo
572 Jan 4434 Sept
1
Jan
733 July
4 Mar 3014 July
1473 Jan 5212 July
213 Mar
1258 July
512 Feb 2514 June
5 Mar 34 July
2 Feb 1018 July
6
Apr 2112 July
754 Mar 11753 Dee
718 Mar 25 June
45 Apr 72 July
14 Feb
358 July
18 Mar
218 July
1 12 Jan
812 July
34 Nov
5% July
5 Mar 1414 June
10
Jan 4112 July
90
Jan 100 June
7312 Jan 105 July
44
Apr 51 Dec
7 Mar 2238 July
49 Apr 88 Aug
3 Apr 26 Sept
278 Dec 1753 July
2318 Feb 703 July
6/
1
4 Mar 28 Nov
9 Mar 2818 July
50 Dec 83 June
40 May 7412 June
4 Feb
19,4 Deo
1812 Mar 25 Sept
16
Feb 3912 Aug
1813 Mar 2518 Sept
70 Mar 9578 Sept
18 Mar 4313 July
84
Jan 977 Jan
9 Feb 5714 July
114 Dee
618 June
1733 Dee 6012 June
733 Jan 2758 July
612 Feb
18 June
312 Apr 1934 June
31
Apr 65 June
534 May
1% Jan
5/
1
4 Mar 144 May
34 Dee 6418 June
Jan
81% Dee 99
112 Dee
512 Jan
a Mar 1534 July
Oct
9512 Mar 108
314 July
14 Mar
113 Jan
1014 July
412 Juno
14 Feb
3 Mar 18,4 July
/
1
4 Jan
312 July
36
Jan 64 July
/
4 Dec
8514 Feb 781
312 Feb
1718 July
1012 Mar 3611 Jul/
I Mar
4 June
47 Mar
1953 Sept
4538 Feb 9053 Aug
11711 Mar 1454 Jan
233 Mar
712 June
23 Feb 3912 July
214 Mar
1434 June
1414 Feb 65 July
3412 Feb 3812 July
813 July
I
Apr
9 Mar 3712 July
16
1
4 July
Feb 60/
433 June
12 Feb
I1'2 May
1 18 Jan
10
Jan 68 June
208 Feb 5912 June
612 Mar 3214 June
Feb 66 June
30
433 July
Ils Feb
8 July
2 Mar
21 July
4,4 Jan
I Companies reported In receivership. a Optional sale. c Cash sale. x Ex-dividend. y Ex rights.
New York Stock Record-Continued-Page 4
565
gar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 21.
Monday
July 23.
Tuesday
July 24.
Wednesday
July 25.
Thursday
July 26.
Friday
July 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER .,44HARE
Range r•-e• Jan. 1.
on na242 of w0-share lots.
Lowest.
Highest.
PER SHARE
RallO6for Pre04014
Year 1933.
Lowest.
Highest.
I per share $ per share
$ Per share
$ per share I per share $ per share $ per share $ per share 3 per share Shares. Indus.& Miscell.(Cos.) Par 3 POP share
*622
7
*682
712
*832
712
*64 684 *814 7
7
7
138 Feb
814 Feb 5
6 Jan 10
5
884 July
100 Davega Stores Corp
2438 July 49 July
1018July 26 344 Feb 1
NO par
1812 1518 1612 1518 16
16
1814 19
1018 1512 1134 13 22,500 Deere & Co
614 Feb 1818 June
20 1014Ju1y 27 1518 Jan 30
Preferred
1212 12
1014 114 1,800
1214 1134 1134 1112 12
*1214 1234 12
100 6312 Jan 5 84 Feb 23
43 Apr 9113 July
500 Detroit Edison
72
*70
72 *70
73
74
704 7012 *6912 71
*74
75
10 Mar 3378 Aug
37 3814 1,500 Devoe & Raynolds A__No par 29 Jan 6 5518 Apr 25
4512 4512 4112 4112 4012 4112 40 4014 3614 39
1712 Feb 2912 July
No par *2134May 14 284 Jan 18
224 2278 2,200 Diamond Match
2312 2212 23
2412 2412 244 2412 2338 2418 23
2618 Feb 31 July
goo
334 3312
participating preferred_ __25 2814 Mar 27 3414July 23
3312 34
34
3414 3414 3414 3414 34
*34
35
12 Feb 3912 Sept
No par 32 Jan 25 4814June 27
404 3658 3912 38 3914 32,500 Dome Mines Ltd
4018 4214 40
4112 42
4114 39
1012 Feb 2833 July
2,700 Dominion Stores Ltd No par 15 July 26 23 Mar 10
1818 17
17
1914 1912 18
184 1814 1818 184 15
19
1014 Feb 1814 July
15
1634 1538 1612 37,100 Douglas Aircraft Co Inc No par 1414 Jan 2 2812 Jan 31
1714 1558 164 1538 17
1638 1714 15
434 Feb 18 June
812July 26 19 Feb 17
300 Dresser(SR)Mfg cony A No par
*9 1014
812 9
*812 1034
*104 1012 1014 1014 *978 11
24 Mar 1014 June
7 July 26 117s Mar 28
Convertible class B No par
700
7
7
7
734
734 734 *734 812
77s 8
*734 9
31
34July 27 1134Mar 26
78 Apr 14114 July
1
5
5
5
5
358 4,900 Dunhlll International
4
3N 334
4
4
434
140 Duquesne Light let pref_100 90 Jan 16 10512July 23 85 Nov 10218 June
10412 10512 *10412 106 *105 106 10214 105 10034 10112
*10312 108
14 Mar 10 July
418July 25 1234 Feb 19
*312 vs
5
412 478 4.100 Eastenx Rolling Mills--No Par
414 514
514
418 514
412 412
48 Apr 8914 July
9712 100
*98
99
97 9734 9634 9712 9214 9812 9334 9434 5,900 Eastman Kodak (N J).No par 79 Jan 4 10118July 18
100 120 Jan 16 147 June 27 110 May 130 Mar
6% cum preferred
*130 145 *130 145 *130 145 *130 145 1130 145 *130 145
31s Mar 16 July
No par 1218July 26 224 Apr 19
1412 1478 1218 1478 1278 134 15,600 Eaton Mfg Co
1534 1578 1412 1534 1438 15
324 Mar 9638 Dec
8734 8914 86
90
8612 884 go% 8814 8412 8812 8558 88 57,100 E I du Pont de Nemours_ _20 80 May 16 10353 Feb 16
125
July
20
971s Apr 117 July
100 115 Jan 2
300
8% non-voting deb
*12412 12512 *12458 12512 12412 12412 *12412 12512 125 125 12412 12412
614July 26 1914 mar 6
No par
734 814 2,500 Eitingon Schlld
812 912 .812 9
614
813
953 953
*912 11
3-erl;
5 15 July 26 3138 Feb 21 To "AI; IF:1558 174 61,400 Elea Auto-Lite (The)
18
1812 2034 184 1934 1734 1834 15
1938 20
75 Oct 8812 July
100 80 Jan 5 101 Apr 6
Preferred
100
*94
96
94
94 *____ 944 *____ 92 *___ 92 *____ 96
1
Jan
712
Jan
29
814
July
3
July
26
3
Electric
Boat
18,000
3
3
3
8
3
3
5
8
312
353
358
4
3
4
4
3
378 373
918May 8
1 Feb
412 Dec
414 Jan 3
51
612
578 64 50,400 Hee & Mus Ind Am shares___
61s
638
612
658
658
658
614
61
938 Feb 7
318 Feb 154 June
312July 26
312 38 37,600 Electric Power & Light No par
378 438
412 438
312 378
334 414
334 4
734Ju1y 26 21 Apr 18
712 Apr 3811 June
No par
Preferred
838 912 6,600
734 812
914 1053
10 .101
9
933
914 10
64 Apr 3214 June
7 July 27 1934 Feb 7
No par
$6 preferred
7
814 5,300
84 9
814 914
9
84 81
818 853
953
21 Feb 54 4uly
No par 37 July 27 52 Jan 24
900 Eleo Storage Battery
37 384
4112 4113 4112 411 *4112 43
42 42 *3338 38
178 Feb 21
58May 11
34
4 June
18 Jan
78 1,200 :Elk Horn Coal Corp_No par
78
34
34
58
34
34
3
34
58
58
N Apr
34 Feb 23 •
6 June
1 July 26
50
114 114 1,200
138
6% Part preferred
1
138 138
138 138
114 114
114 114
Feb
16
28
63
Feb
July
27
6278
July
50
5413 50
Endicott-Johnson
Co7p____50
800
50
5012
504
5014
*50
53
53 *50
53 *50
100 120 Jan 3 12712July 26 107 Feb 123 Oct
Preferred
340
__ *12712
_ *12712 _ __ *12712 - - 12714 12712 *12514 12712
*12712
aa. Feb 7 334 Dec 1484 June
212July 27
3
312 --312 _-31
2,600 Engineers Public Serv__No par
31
3% -31
27a
314 114
212
8
11 Dec 47 June
800
$5 cony preferred___No par 1018July 27 234 Feb 6
1012 1138 1018 1034
12
1214 1214 1112 1112 12
*12
13
11 Dee 497s June
No par 11 Jan 8 244 Feb 5
900
3534 preferred
1212 1213 1112 124 1134 1134
12
1314 *12
*1312 15
13
2512
Feb
5
26
12 Dec 55 June
July
13
No
par
1412
preferred
400
*13
56
14
13
*1312
154
*1412 16
*1414 154 *1318 154
44 Mar 1353 July
5 July 24 1038 Jan 22
314 5'2
*314 6
5
538 5,400 Equitable Office Bldg-No par
514
5
5
54 6
5'2
3 Apr 1814 July
7 July 26 142s Feb 19
5
77
733 753 5,300 Eureka Vacuum Clean
7
8
9
9
758 8
8
812 9
78 Mar 10 Nov
2714
Apr
27
3
Jan
9
5
35,800
1914
Evans
Products
Co
1758
1912
1914 1934 1534 19'2 16
l7iz 164 1858 17
313 Nov 1118 Jar
3 July 27 1012 Apr 2
510 Exchange Buffet Corp_No par
3
3
312 334
378 4
4
418
4
4
358 4
238 Apr 17
1N Mar 9
25
*12
212
25s June
*12
24
*12 218
4 Ma/
Fairbanks Co
*12
212
*12
212
*12 31
1 Feb
814 Arne
4 July 26 124 Apr 14
100
120
Preferred
414 414
414
4
814
518 51
*6
6
*518 61
6
212
Feb
19
Mar 1114 June
2,400 Fairbanks Morse & Co-No par
7 Jan 6 18
9
8
714 814
10
124 13
9
1112 12
10
10
10 Febi 4212 Nov
100 30 Jan 10 58 Apr 24
100
Preferred
37 37
40 40
40
*46
4434 4434 40
46
5353 46
424 Apr 1412 June
4 July 27 114 Apr 3
15
6,000 Federal Light & Trao
5
4
414 514
678 67
578 614
634 634
6
653
33 Dec 594 July
No par 344 Jan 12 62 Mar 13
Preferred
50
49 494 49 49
.49 52
51
49
*49
52 *49
49
15 Marl 103 Sept
Federal Min & Smelt Co_100 75 May 10 107 Feb 14
*60 95 *66
95 *60 95 *60 95 *55 95 *50 90
14 Marl 1134 July
834 Jan 30
274July 25
314 312 5,000 Federal Motor Truck_No par
312
3
.4i8 5
278 3'8
314 4
3
353
588 Feb 23
478 July
14 FebI
2 Jan 13
218 1,300 Federal Screw Works No par
2
2
2
238 238
212 212
218 21
214 238
8
138
4
Feb
634 June
DecI
138July
27
No
par
IN
112
112
Federal
Water
Seri
A
2,800
112
112
it
11
112
112 1'2
112 112
712 FebI 30 July
300 Federated Dept Stores_No par 1912July 20 31 Mar 8
22
2014 2014 *21
*20
237k no
2378 *20
21
21
22
104 Marj 36 July
1,900 Fidel Then Fire Ins N Y....2.50 2334 Jan 5 35 Apr 20
2612 28
30 3012 2914 30
2812 2812 27 27
29
29
938 Nov
5 Mar
7 Feb 15 11 Jan 3
Fifth Ave his See Corp.No par
*812 914 *812 91
*84 914 *812 914
*812 91
*812 91
9 Awl 30 July
10 Filene's(Wm)Sons Co_No par 23 July 25 30 June 21
*23
32
*23 30 *23
23 23 *23 32 *23 32
32
95
Sept
81
105
Apr
25
Jan
10
AprI
87
100
preferred
10
63i
%
*1035ti
104
*10353104
*10358 104
104 104 *10358 104 *10353104
94 Apr 814 July
15
154 1414 1514 1378 144 14
1312 1434 1334 1414 14,900 Firestone Tire & Rubber___10 1312July 26 2514 Feb 19
143
42 Marl 75 June
100 71 Jan 9 86 Apr 21
700
Preferred aeries A
78 78
*8114 83
81
81
80 807 *75 80'2 77 80
43 Marl 7084 July
4,800 First National Stores__No par 5414 Jan 5 6914July 16
62
61
6778 6778 8612 68'2 65
6234 65
66'4 65 66
212 FebI 19 June
*318 312
2 July 26 1738 Feb 21
No par
3
234 278 4,700 :Follansbee Bros
2
258
212 238
212 31
3s
64 Awl 16 July
1618 2,600 Food Machinery Corp_No par 1012 Jan 9 21 May 4
*1838 1912 1812 1938 1812 1834 1814 184 15 174 16
412 lrebl 23 July
812July 27 32 Feb 16
No par
812 934 13,200 Foster-Wheeler
1012
9
1212 1314 1118 13
1014 11
1053 1138
2 Feb 2313 Jul,
614July 26 1714 Jan 30
No par
658
714 6,800 Foundation Co
614 8'8
8
838
714 838
938 938
3
Ohz
135 Man 2614 June
1812 1,900 Fourth Nat Invest w w
1 1712July 26 2712 Feb 5
18
*21
2112 21
204 1712 20
21
20
20
20
12 Oct 19 Sept
814July 26 1712 Feb 28
No par
878 934 10,600 Fox Film class A
1012 1078
814 9
9
934
834 101
918 954
12 Jan 50 Aug
140 Flan Simon & Co Inc 7% pf100 35 July 26 63 Feb 7
36
35
*3934 40
37
3934 40
3734 3734 35
*37
46
161s Febl 4988 Nov
10 2678July 26 5038 Feb 19
3012 31
30
2918 3014 2858 2958 2678 2858 2714 28 14,000 Freeport Texas Co
31
9 JanI 31 June
80 Fuller (GA) prior pref_No par 14 July 26 3312 Apr 26
257s
14 *12
20
14
2018 1812 181 *14
17
17
20
4 JanI 23 June
5 July 26 1953 Apr 26
No par
260
54 6
$6 2d pref
6
*8
10
5
8
6
612
7
8
8
1 Pebi 511 Aug
458 Mar 12
14July 25
118 14 1,200 Gabriel Co (The) el A-No par
114 114
*112 178
14 112
14 112
112 112
812 Jan 207g Aug
160 Gamewell Co (The) No par 1112 Jan 18 20 Feb 19
12
1218
1338 12 13
1312 *13
134 *13
1338 1338 *13
8
258
Feb
FebI 12 June
1112
558July
27
Gen
par
4,700
5:8
614
7
Amer
Investors
No
6
7
04
678 7
714 74
718 712
42 Febj 85 JUIP
No par 79 Jan 29 87 Mar 13
Preferred
*7912 83
*7912 83
*7912 83 *60 83 *70 75
*7912 83
1334 Febi 4314 July
5 3078July 26 4358 Feb 19
8,000 Gen Amer Trans Corp
3112 32
34
35
3078 33
34
3312 3412 33
3478 35
438 Marl 27 July
10 12 July 26 234 Apr 24
1434 1278 1338 13,100 General Asphalt
1334 1638 1418 15
1612 17
1378 1434 12
104 Deal 2078 July
8 July 26 1438 Feb 5
5
818 834 13,800 General Baking
9
8
914
9
9
918
94 978
95s 97s
993
4 Mal 10814 Sept
10812
Feb
7
100
May
8
par
$8
preferred
No
130
1034
105
105
*10214 105
104 105 *103 105 *101 105 1034
218 Febi 1012 July
534 Jan 9 1018 Mar 9
5
534 64 9,100 General Bronze
534 678
6
612
612 7
634 7
7
712
114 Marl 1112 June
618 Feb 1
214July 26
214 212 2,500 General Cable
No par
234 314
234 278
214 234
258 3
278 278
24 FebI 23 June
414July 27 12 Feb 1
No par
414 412 1,500
634 634
Class A
6
658
412 5
512 512
6
8
64 Marl 46 June
2012 2012 1912 2058 *1814 2012 184 184 1615 17
100 1412 Jan 9 33 Apr 20
1712 1712 1,100
7% cum preferred
2414
June
26
43
Jan
2
par
4134 42
27
2,500
3712
38
4012 4058 40
General
Cigar
Inc
No
39
Dccl 4818 June
38
4012 3912 40
90 Julyl 112 Jan
100 97 Jan 8 116 July 24
110
*115 118 *115 118
7% preferred
116 116 *115 116 11358 115 114 114
1018 FebI 3014 July
No par 1678July 26 2514 Feb 5
1914 1958 1814 1958 18
1838 1678 1814 1712 1814 165,200 General Electric
1838 18
1078 AprI 124 July
10 1138 Jan 2 1234 Feb 26
1212 1212 1238 1212 1238 1212 1212 1212 1238 1212 1238 1212 6,600
Special
21 Feb 397s Sept
No par 28 July 26 3678 Jan 30
314 313s 3118 3112 31
3112 3078 3118 28 3118 2878 2978 18,000 General Foods
12
62
4 Dec1
12
12
278 June
134 Feb 6
12
4,800 Gen'lGaa&ElecA____Nopar
12
12
34
12
12
12July 24
318 Awl 1612June
*1214 1314 *10
614 Jan 2 19 Mar 13
200
114 11:4 114 1114
1317 *10
Cony pref series A__No par
13
13 *10
634 Dec 1812 June
60
15
*154 1512 *---- 15
$7 pref class A
No par 11 July 25 21 Mar 13
12 *12
12
11
11
12
12
*812 21
5 Apr 20 June
*812 1514 *__ _ _ 1512 .1._ __ 15
$8 pref class A
No par 14 Jan 19 22 Mar 12
*5 20 *__-- 15
244 Jan 554 Nov
100 Gen Ital Edison
50 Jan 24 6114 Feb 18
,*557s ,- *564
Corn584 *53 5612 5534 5534
_ *55
3518 Mar 71 June
EkeNo par 5378 Mar 20 6412 Jan 15
58 -85
*55-*5818 8834 58 -68
56 564 55 564 55 5512 2,200 General Mills
9212 Mar 10612 Sept
*11378 11434 *11378 11434 1137g 11378 *11218 11434 *11214 11434 *11212 114
Preferred
100 103 Feb 27 114 July 18
100
10 Feb 354 Sept
30
3014 2838 3012 28
10 2458July 26 42 Feb 5
29
2734 2878 2458 2834 2512 2634 341,600 General Motors Corn
6512 Mar 95 July
10314 10314 10338 10338 10138 10212 10078 10138 9958 101
$5 preferred
No par 8934 Jan 6 10312July 11
100 10012 4,400
•11
14
54 Jan 24 June
11
834 Jan 5 21 Apr 14
700 Gen Outdoor Adv A
No par
1114 1112 1034 1034
31114 12
1112 1012 11
338 418
212 Mar 1018 June
44 418
658 Apr 20
418 415
358 Jan 2
Common
No par
378 418 2,000
418
8
4 g 418
34 Jan 17 June
174 17
1712 1712 *15
1512
710 General Printing Ink
14
No par 1012 Jan 3 2512 Apr 23
16
18
16
1712 13
41612 90 *8612 90 *8612 89 *8612 89 *8612 89 *86 88
31 Mar 82 Aug
No par 7312 Mar 10 88 Apr 24
$6 preferred
24 212
214 24
814 June
2 Apr
5521 Feb 7
214 238 3,200 Gen Public Service
218July 24
No par
214 214
24 214
214 238
30
30
*30
34
1314 Jan 4912 July
2834 294 2812 28
Nopar 2312July 27 4534Mar 3
2312 25
1,700 GenRallwayslgnai
24 28
158 158
458 June
38 Feb
112 112
358 Jan 30
118 12,000 Gen Realty & Utilities
138 112
1
1
1
138
114 138
1 July 26
*1458 1578 1458 1458 *1412 1578 1412 1412 *13
512 Jan 224 June
$6 preferred
No par 1414July 13 2638 Jan 30
200
14 *12 1412
1534 1534 1412 1412 *11
212 Feb 1934 July
No par 104 Jan 3 2338 Feb 23
1314 1212 1338 1014 1112 1014 1218 1,500 General Refractories
1234 1112 12
133s 1338 12
74 Sept 18 June
Voting trust certifs_No par 10 July 26 1912 Feb 21
12
10
1218 1114 1112 1.900
12
35 *26
2812 *27
28
938 Feb 3812 June
35 *27 35
90 Gen Steel Castings met No par 26 July 27 4812Mar 15
274 2712 26 2634
1214 125s 1114 1214 1112 12
758 Dec 2014 Jan
812 Jan 6 1314July 20
1168 43,700 Gillette Safety Razor-No par
1112 1238 1034 1138 11
6414 644 63 63
8212 63 *60 6334 61 61
4512 Dec 75 Jan
No par 47 Jan 11 6512July 6
Cony preferred
900
60 60
738 Jun.
34 Feb
3
34 314
314 314
638 Feb 5
No par
318
258July 27
234 34
3
338
253 234 4,900 Gimble Brothers
*2058 2234 *2058 2234 1734 20:8 *17
514 Mar 33 July
20
1734 1734 *17
Preferred
4100 1614 Jan 8 30 Feb 5
224 1,200
2438 2434 2212 2412 224 2338 2212 234 2012 227s 2012 2112 16.000 Glidden Co (The)
314 Mar 20 July
No par 1538 Jan 4 2838 Apr 28
10214 10214 10214 10214 102 10214 10212 103 104 104 *10214 103341
48 Apr 9112 Aug
Prior preferred
100 33 Jan 19 104 July 26
280
4114 518
452 5
5
54
414 458
3 Feb 16 July
334 434
94 Feb 27
334July 26
5
4
4331 14,300 Gobel (Adolf)
18
1918 1778 18
187 19
1714 1.81g 17
12 Feb 273$ July
1812 17
17121 15,600 Geld Dust Corp v t o-__No par 1634 Jan 11 23 Apr 23
*112 120 *112 120 *112 120 *1124 113 *112 115
9612 Dec 105 July
1124 11214
100
$6 cony prelarred___No par 9612 Jan 6 11412July 18
9
9
1058
1038 11
3 Mar 214 July
9
9/
1
4
8 July 26 18 Feb 19
No par
812 94 28,200 Goodrich Co(B F)
8
95s
912
3512 39
*38
*45
5753 43 46
3812 39
42
36
9 Feb 63 July
100 3512July 26 6224 Apr 21
36
Preferred
1,400
2412 247s 224 245g 2158 234 2154 2234 1858 2214 194 204 28,200 Goodyear Tire & Rubb-No par 1838July 26 4138 Feb 19
94 Feb 471: July
7414 74
75 *74
74 *68
*71
2784 Mar 804 July
400
70
73
let preferred
No par 69 July 27 8614 Feb 19
69 6912
70
512 612
612 634
418 4N 16,900 Gotham Silk Hose_
612 Oct 174 June
No par
378 54
5
538
638
544
378July 26 1154 Feb 5
*4814 58
*4814 58
*4814 58
*4814 58 *4814 58 *4814 58
41 Apr 73 July
Preferred
100 4912 Jan 22 714 Apr 26
2
134 2
17e 2
2
41: Feb 1
112 1138 9,300 Graham-Paige Motors
112 178
138 17g
1
Apr
112July 26
1
538 July
784 8
658 734
814 7
512 614 8,800 Granby Cons M Sm & Pr-_100
534 858
612 7
378 Mar lrIN June
512July 27 1338 Feb 18
418 438
418 434
434 434
44 412
834 Jan 31
4 Jan 8
1
4
44 5,200 Grand Union Co tr Otis
44 414
338 Mar 101s June
*3412 3512
35
35
3512 3512 3452 3458 33 344 *33
3938
Cony pref series
No par 23 Jan 6 40 Apr 24
500
20 Sept 3638 July
2434 2414 *---- 27 •-_-- 27 *1712 25 *.- _
100 Granite City Steel
25
*2434 27
No par 23 Jan 15 3118 Apr 25
1118 Mar 3038 July
3418 344 3334 3334 3214 3334 32174 3258 1,800 Grant (W T)
No par 30 June 8 4058 Feb 19
3512 3512 3434 35
1518 Feb 364 Dec
93g 10
934 10
10
1012
84 94 14,600 Gt Nor Iron Ore Prop No par
94 97g
912 934
518 Feb 164: July
812July 27 154 Feb 19
3112 324 3118 324 2814 3214 2978 308 30.500 Great Western Sugar_No par 25 May 14 3514July 9
3212 334 3112 33
678 Jan 414 Sept
Preferred
100 102 Jan 2 11534June 23
7212 Jan 110 Sept
•11314 115 *11314 115 •1134 115 *11314 115 *11314 115 *113 115
34 Jan 2
134 134 3,000 Guantanamo Sugar____No par
112 138
138 138
112 138
134
44 May
312 Feb 8
112
134 IN
4 Jan
18
18
18
18
No par 1514July 26 42 Mar 13
1514 154 1612 1612
614 Feb 38 July
500 Gulf States Steel
23 30 *23 28
*4012 75
62 62
100 47 Jan 8 83 Apr 20
10
40 75 *354 75
*25
75
1614 Jan 64 June
Preferred
75
*62
y Ex-rights.
•Bid and asked prices, no sues on this day. 1 Companies reported in receivership. a Optional sale. e Cash sale. 7 Ex-dividend
New York Stock Record-Continued-Page 5
566
;dr FOR
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 21.
July 28 1934
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
Monday
July 23.
Tuesday
July 24.
Wednesday 1 Thursday
July 25.
July 26.
Friday
July 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Singe Jan. 1.
On Datil of 100-ehare iota.
Lowest.
Highest.
PER SHARE
Range for PregiOWI
Year 1933.
Lateen.
Highest.
$ Per Mara $ per share $ per share
$ per share $ per share $ per share $ per share $ per share $ ver share Shares. Indus.& Mlacell.(Con.) Par $ per share
15 Ma
25 2012 Jan 9 2614 July 6
200 Hackensack Water
2512 July
25 "2434 2572
25
257
.2538 2578 *2538 2578 2538 2538 *25
25 Apr 2872 Jan
7% preferred class A.._.._25 27 Jan 4 3012June 27
70
2914
29
3012 30,2 *294 30
30
3012 30
*30
31
'30
Sig Feb 15
312July 26
Ils Feb
312 38
358 4
912 July
312 4 21,800 Hahn Dept Storee___No par
358 44
334 434
412 44
9 Apr 381g July
100 2514 Jan 9 5234 Apr 21
800
35
Preferred
34
3778 3518 37
3752 3738 37
*375 4012 *3752 39
924 Feb 14
312 Feb 1012 July
3% Jan 8
10
6,500 Hall Printing
414 47
378 5
434 47
434 54
434 518
434 532
.6
7
6
6
6
6
*512 8
*513 7
212 Apr
6
6
9 July
338 Jan 26 1172 Apr 20
300 Hamilton Watch Co...No par
15 Feb 85 July
*4011 4412 4012 4012 *4012 46% *40
Preferred
100 25 Jan 15 5312 Apr 25
30
468
4678 40 40 "40
4512 Jan 85 Aug
110 Hanna(MA)Co $7 pf_No par 84 Jan 8 10134July 21
99
99
99
9834 9834 99
10134 10134 9834 10114 *9834 101
618 Feb 2512 July
13
1412 134 1414 3,900 Harbloon-Walk Refrao_No par 13 July 26 2434 Feb 21
15
16
16
1612 17
158 1412 15
612 Apr 13
700 Hat Corp of America Cl A--1
238 212
48
7% June
112July 26
7/3 Mar
*3
338 *3
112 3
334
4
*3
*3
40
48
512 Apr 80 June
100 1934 Jan 4 6214June 27
48
52
preferred
*48
53
53
*53
5912
5912
5912 *53
*53
634 Feb 15
114 Jan 2
6,400 Hayes °Body Corp
1% '2
312 July
34 Feb
134 214
2
214
2% 214
2
214
214 214
25 95 May 14 9672 Apr 23
85 July 9712 Dec
1,100 Hazel-Atlas Glass Co
90
8712 *85
85
89
90
9012 88
8912 91
*91
93
6912 Jan 105 Dec
25 101 Jan 9 115 June 27
400 Helme (la W)
109 109 *10732 109 *10732 109 *10732 109 *10738 109
109 109
514 July 10 12% Mar 15
3 Mar 17 July
800 Hercules Motors
No par
558 558 *534 84 *534 8
534 6
6
6
812
*6
15 Feb 6852 Dec
7312 6.300 Hercules Powder
No par 59 Jan 4 8138July 17
70
70
73
73
70
7012 77
7512 76
7312 71
85 Apr 110% Dec I
100 111 Jan 4 125 July 14
87 cum preferred
90
1224 12218 123 12318 1224 12214
*122% 125 *12218 124 *12218 125
3512 Mar 72 July
62
62
1,200 Hershey Chocolate..__No par 4812 Jan 15 68 July 16
62
62
*65 6778 65 65 x63 6334 63 63
6438 Apr 90 July
No par 83 Feb 16 101 July 17
70
*98 100
Conv preferred
98
98
x98
98 *98 100
*9814 101
"9814 101
Apr
23
July
26
1014
5
312 Jan 10% June ,
512 534 6,300 Holland Furnace
No par
5
6
.614
6
612
6
6
634
6% 7
78
214 Mar 1012 June
534 Jan 2 13 June 21
5
734 81s 4,000 Hollander dr Sons (A)
812
9
9
9
912
9
972
10
1012
100 310 Jan 4 x4301.2July 19 145 Jan 873 Oct
600 Homestake Mining
400 405 *385 415
415 415 *395 415 400 400 411 411
418 Apr 15 June
1,200 Houdallie-Hershey el A No par 11 Jan 8 2314 Jan 30
16
17
15
16
17
1712 17% 18
18
18
*18
19
672 Jan 26
1 Mar
25g July26
No par
258 318 9,700
634 June r
Class B
258 278
234 34
278 3
234 312
358 334
43 Nov 5114 Jan .
4812 4612 4618 46% 4618
300 Household Finance part pf.50 43 Feb 5 54 Mar 12
48% *47
4872 *47
47
47 *47
13
814 Mar 38 July P
14
4.700 Houston 011 of Tex tem ctfs100 1212July 26 2934 Feb 5
1538 12% 15
1612 15
15
1814 1814 154 18
552 Apr 6
212July 27
738 July
172 Feb
212 28 10,800
238 28
Voting trust othi new___25
234 3
3
3
3
332
358 338
512 Jan 3832 Dec
5 3512 Jan 3 5714June 28
4734 457 4712 34,600 Howe Sound v cc
4812 44
5014 5238 4732 5112 4712 49% 46
3 Feb 1632 July
6'8 July 23 2414 Feb 5
612 7 46,900 Hudson Motor Car__ _No par
64 714
672 714
652 67
618 78
738 772
714 AIM 30
172July 23
132 Mar
238 40,800 Hupp Motor Car Cori
10
2
212
734 July
2
238 238
238
2
258 234
14 278
_
No par 193 July 26 263aJune 14
2212 2312 2238 2412 1932 2334 2014 2138 24,400 Industrial Rayon
2334 2414 2212 24
No par 50 May 14 7334 Feb 3 -14-18 Feb785i,i,
53
3,900 Ingersoll Rand
5512 52
55
5612 53
54
57
55
57
*56
57
7
k
493
4
Feb
23
12
21
May
Feb
35
45
July
i
par
No
1,700 Inland Steel
3714 351 3712 3512 36
3714 3734 *3614 3714 35
*3712 39
67s Feb 5
2 Feb
912 June
3 July 23
3
312 312 8,000 Inspiration Cons Copper--20
338
314 334
352 37
3
31/1 .314
334
414
Apr
25
37
114
Jan
2
Mar
87
8
June
2%
1
1,200
Ctrs
Inc
37
Insuransliares
*33
4
334
4
"4
418
4
4
38
4
4
578May 4
4% July
52 Mar
214 Jan 15
4
1,800 Intercont'l Rubber__ __No par
3
34 *3
314 314
3% 312
314
3
3
312
414July 24 1114 Feb 19
2% Mar 12 July
No par
438 434 5,400 Interlake Iron
414 434
412 412
612 512
414 478
5
514
72
612
Feb
5
Jan
8
5
Feb
3s July
2
2
2,
8
2%
par
2
No
4,400
238
214
Internal Agrloul
214 214
212
2
252 234
5 Jan 27% July 'i
100 15 Jan 8 3714 Feb 3
600
Prior preferred
1634 1714 1612 17 *1612 20
21
*1912 2112 *18
*18
22
7514 Feb 15314 July
13312 134
2,600 Int Business Machlnes_No par 131 June 2 14914 Jan 30
137 13712 13612 13712 136 13614 13114 135
138 138
272 Jan 1072 July
412July 26 121s Feb 21
I
514 534 3,600 Internal Carriers Ltd
412 64
6
614
6
612
612
6
634 634
61s Mar 40 July
10,700 International Cement-No par 19 July 26 3704 Feb 5
2112 1914 20
21% 2138 19
2134 22
22 237
2338 237
1352 Feb 46 July
308 2772 287o 2314 2712 2438 2512 27,800 Internal Harvester----No par 2314 July 26 487e Feb 5
3214 327g 2912 3272 29
80 Jan 11912 Aug
100 11512 Jan 13 12535May 11
Preferred
*....,.. 11938 •____ 11912'-_- 11912 *-- 118% *____ 11872 *____ 119
910 Feb 7
212 Apr 1372 July
334 414
334July 26
25
414 412
354 4'4 14,200 Int Hydro El Sys ol A
4% 4%
414 5
5
No
6 Jan 24
114 Jan
672 June
214July 27
214 212 2,000 Int Mercantile Marine_No par
212 212
*212 27
212 3
312
3
3
3
654 Feb 2314 Nov
2372 112,900 Int Nickel of Canada _No par 21 Jan 4 2914 Apr 27
2414 2532 238 2414 2338 2432 217 2334 23
247 25
72 Jan 115 Dee
100 11534 Jan 13 130 June 26
Preferred
*123 12934 *123 12934 *123 12934 *123 12934 *123 12934 *123 129
2% Jan 213 July
1012
80 Internal Paper 7% prof-100 10 July 27 25 Apr 24
1212 1212 10
1512 1512 1212 1212 *121 14
16
16
12 Apr 10 July
612 Apr 20
2 July 23
212 2% 2,900 Inter Pap & Pow al A-No par
214 212
214 214
214 232
24
2
3
3
538 July
3% Apr 21
112July 27
14 Apr
No par
*11
Class B
112 114 1,800
114 112
112 Ilz *114 112
112 11
238
234 Apr 23
4 July
14 Jan
1 July 26
No par
1
118 2,400
1
118
14 118
Class C
llg 114
114 114
I% 13
2 Apr 22% July
812July 26 2472 Apr 23
100
87 1014 11,900
812 1112
Preferred
1234 Ills 12
1414 12
1412 1412 12
9 Jan 13 25 Apr 21
312 Feb 14 Oct
1912 3,000 Int Printing Ink Corp_No par
1834 18
20
2114 1914 1912 18
20
2034 2034 19
100 66 Jan 2 90 July 13
35 Apr 71 Aug
20
86 86
86
Preferred
86
90
90 *86
90 *86
90 *86
*86
1334 Mar 27% July
No par 21 Jan 3 32 June 19
800 International Salt
27
27
2858 2852 2612 28
29 *2812 30
30 *28
*28
2432 Jan 5632 July
4012 1,400 International Shoe....._No par 40 May 12 503g Jan 26
41
41% 40
4212 42 42
4312 42
*4212 4312 43
90 Feb 59% July
100 19 July 27 4534 Feb 15
19
19
2352 25
1,300 International Silver
28
28
26
29
29
*27
29 *26
8412
4
Apr
9
Jan
2412 Mar 71% July
59
100
7%
140
65
65
preferred
67
6838
6838
6838
70
77
.72
77 *72
7138
175
26
Feb
8
712July
5% Feb 2134 July
par
8% 9% 134,200 Inter Telep & Teleg.--NO
712 958
9% 10
934 1012
934 1114
1114 11%
312 Jan 4 1658 Apr 20
112 Mar
872 July
758 812
94
8
84 6,600 Interstate Dept Stores_No par
81
834 9
814 914
1012
10
10
Feb
3
8
Jan
17s Jan 1114 July
par
538
No
1,300
*5
714
5
55
6
7%
"5
6
658
IntertyPe Corn
634 7
732 712
11
Feb 32 July
1 2434 Jan 29 3052July 18
1,700 Island Creek Coal
28
2812 2734 28
2912 2834 2872 287 29
2972 2972 29
23 Feb 45 July
No par 33 Jan 9 52 Apt 20
4312 4312 1,300 Jewel Tea Inc
43
46
46
46
46
4652 4652 4612 464 46
1214 Mar 631s Dec
No par 4032July 26 665s Jan 30
4834 4912 45% 4934 4512 4712 454 4712 404 464 414 4338 27,500 Johns-Manville
11314July
17
4
42 Apr 10612 July
Jan
101
100
110 110 '110 115
20
Preferred
*113 120 *113 120 *113 120 *110 115
85 Feb 91 July
51
100 Jones & Laugh Steel pref 100 51 July 26 77 Jan 23
*45
51
51
*51
57
57
57 *51
*51
57
*51
258 Mar
6 July 26 1058 Apr 13
932 June
6
6
612
6% 2,200 Kaufmann Dept Stores 312.80
652 634
638 652
634 634
*634 752
672 Feb 1912 July
6 1378 Jan 4 1812 Apr 20
1512 1438 1472 1414 1452 1412 1414 5,000 Kayser (J) & Co
154 154 1512 1552 15
114July 26
412 Mar 12
73 Mar
612 July
5
17
17
114 158 7,100 Kelly•SPringfleld Tire
114 134
158 134
134 178
134 134
6 Feb 8112 June
5 July 26 20 Jan 30
512 5% 2,000
5
612
7
7
6% preferred_ ___.__No par
*7
8%
"712 9
78 7%
312July 23 10 Feb 16
8 May
2 Feb
"312 45
*312 5
'3% 6
200 Kelsey Hayes Wheel oonvelAl
*3% 6
312 4
"4
738
712
Jan
2
Feb
16
2
Pe June
112 Dec
25
_1
.212 3,2
3
.3
3
312 *3
*3
512
4
Class
li_
*3
51
100
3% Feb 1551 Sept
No par 1152July 26 2114 Mar 14
1134 1234 41,600 KelvInator Corn
1234 13% 1138 13
1234 131
We 1472 1314 15
80 Jan 78 July
86
86
87
170 Kendall Co pt pf oer A _No par 6512 Jan 18 90 July 20
86
*86
90 •8614 90
95
1.86
90 "86
7% Feb 26 Sept
ho par 16 July 26 2312June 13
1852 1634 183 88,300 Kennecott Copper
2012 2038 19
2058 1852 1912 1814 1872 16
5% Apr We July
No par 12 Jan 2 1814 Apr 12
13
1452 13
200 Kimberly-Clark
1452 *13
15 "13
1412 *13
*1318 1412 '13
714
Jan
16
84
Apr
13
3
7
614 June
1 Apr
par
No
43
Kinney
Co
1.600
3
,
2
312 4
4% 434
434
3%
312 3
334 3
No par 1312 Jan 6 41 Apr 26
438 Feb 80 July
*2358 29 •2314 29 •2452 3412 24
30
24 .16
100
?referred
*2312 40
5% Mar 1672 July
10 138* Jan 2 2238 Feb 5
34,600 Kresge (6 Sl Co
19
1914 1814 1912 1814 1834 18% 1812 1614 1858 1638 18
88 Apr 105 June
20
7% preferred ---------100 101 Jan 4 111 Mar 16
10914 10914 "10914 110 *10914 110 *1064 110 *10612 110
*10914 110
27 Jan 4414 July
No par 36 Jan 3 61 Apr 27
200 Kreas (S H)& Co
5912 *4512 5912 *4972 5912
*46
591 *47
*5672 5912 5652 58
14% Feb 851* Ally
273 13,000 Kroger Groo & Bat __No par 2314 Jan 8 3352 Apr 23
2514 2812 26
28
29
2832 29
30
2912 2912 28
30 Nov 80 June
20
20
20
23
27
80 Laclede Gas Lt Co St Louts 100 20 July 26 6312 Feb 13
*24
28
*2012 27% *22
*20
28
Jan
100 32 June 9 60 Feb 9
3712 Apr 61
5% preferred20
*2514 38 '25 36 "30 34 *30 34
38
38
38 "25
193* Dec 4111 July
22% 24
7,400 Lambert Co (The) __No par 2214 Jan 4 3132 Feb 5
245 24% 2334 2412 2334 2414 2234 24
25
25
5 Jan 6 1414 Apr 19
3 Feb 1012 June
._ _ No par
200 Lane Bryant_
912 9% *732 1012
1014 1014
*1014 11
*1014 1312 '1014 11
7 July 26 14% Apr 26
5
95 10
97 1112
gig Mar 12% July
758 812 7,700 Lee Rubber St-Tire
7
9
912 97
1034 1034
572 Jan 27 June
1114 1212
800 Lehigh Portland Cement _50 11 May 14 20 Feb 23
*1258 14
1114 12
*1214 15
15
1318 1312 *13
81
22
Apr 26
100 7358June
84 Feb 78 Sept
60
7% preened
7434 7434 74% 7412 *7412 80 .7412 80
*7434 80 *7434 80
5 Feb 21
213 Jan 8
1
27
Jan
272 3
632 July
3
3
3
3
314
3% 312
312 358
6,900 Lehigb Valley Coal__ _No par
5 Jan 3 1638July 19
24 Apr 12 June
50
11
9,600
912 1112 10
124 1234
Preferred
13
1358 1312 1212 1352 12
65
6414 67
3713 Feb 798g July
65
2,300 Lehman Corp (The)___No par 6414 July26 78 Feb 6
6812 68'z 67% 68
68
69
70
70
5 1634 Jan 23 231, Apr 19
14 Feb 2314 June
1912 1812 19
19
2,800 Lehn & Fink Prod Co
*2014 2012 1912 204 1912 191 *1912 20
434 Mar 373. July
2912 29% 2758 294 2712 2838 2612 2734 2514 2734 2632 27 28,400 Libby Owens Ford Glass NO par 25i4 July 28 4371 Jan 19
it 1712 Jan 8 24 Apr 23
1552 Oct 2212 Sept
2012 18% 1972 1.800 Life Savers Corp
2114 2014 2038 2014 2014 18
2114 2114 21
9712June
Jan
8
73
18
93
49
Feb 98 Sept
Tobacco-25
93
91
93
93
Myers
1,000
93
Liggett &
9312 9312
94
9512 9512 94
25 7412 Jan 8 9814June 18
4914 Feb 9958 Sent
9312 95
Series B
6,200
942 95
96
9612 96
9614 9614 95
95
96
100 129 Jan 13 148%June 18 121 Mar 14012 Sent
Preferred
•147 1544 *147 15472 *145 15478 *145 1544 *145 1544 "145 1547
2414 2214 23
22
13 Apr 2112 May
8,400 Lily Tulip Cup Corp-_No par 16 Jan 15 2613 July 18
24
2312 2334 23
2314 25
2412 25
10 Jan 3134 July
1834 1834 1,400 Lima Locomot Works_No par 1834July 27 3614 Feb 5
20
20
21
20
2012 21
22
2232 2232 22
19%
1214
Jan
3
Feb
par
6
6% Apr 19% July
No
*1312
155
2
1312
1312
Link
Belt
Co
500
134
1314
13
13
16
*13
16 '13
1014 Feb 50 July
No par 1612July 26 3533 Apr 23
1712 1834 16,400 Liquid Carbonic
22 23
2112 2214 2014 2112 1612 21
2334 24
813 Mar 8615 Sept
2412 2212 23% 207 237k 2158 2312 64,000 Loew'a Incorporated-No par 2072July 26 3512 Apr 12
2512 2578 2332 2534 23
85 Apr 7812 July
No par 72 Jan 2 9714 Apr 24
800
79
7934 7712 7712
Preferred
82
81
87
8812 8812 85 85 "82
3 Jan 31
112July 24
No par
112 2
414 June
112 2
7,900 Loft Incorporated
2
112 Dec
13
1% 134
1% 14
14 134
234 Feb 20
1 July 26
5% June
Is Feb
1
1
1.600 Long Bell Lumber A No par
1
1
118 118
112 llg
114 114
114 114
25 3812 Feb 26 z4434 Jan 17
19% Fob 4438 Dec
4012 3912 3312 2,200 Loose-Wiles Biscuit
4012 4112 4034 4114 *4012 4112 39
*4112 42
100 11934 Jan 11 12812July 13 11312 My 120 Jan
80
7% 1st preferred
12114 121% *1215s
__ 128 128
128 12818 *128_ •128
1032 Feb 25% Ally
10 1534 Jan 8 1912 Feb 5
634 19.100 Lorillard (P) Co
- 17 1714 16% 1714 16 .16% Ms 11712 1772 17 1772
100 102 Jan 26 113 Apr 11
874 Feb le0 Nov
7% preferred
•11032 135 '110 135 •11014 135 "11014 135 '11014 135 *111 135
85
114 Jan 10
Apr 4
No par
4 July
138 138 1.700 Louisiana OD
112 1121
Ila Jan
112 112
112 152
152 15g
•152 134
84 Feb 29 July
'912 14
714 Jan 2 2312 Apr 4
10
'912 14
Preferred
*914 14
•9% 15
14
14
•14
15
1372 Apr 2854 June
1412 1432 l4'2 3,600 Louisville Gas & El A_No par 13 July 26 21 Feb 7
1512 1414 1412 1412 1412 13
1512 15'l 13
814July 26 1912 Feb 20
1
4 Feb 2912 July
8% 9
4.200 Ludlum Steel
814 10
1034
934 1112 1012 1034 10
1134 1134
No par 80 June 14 97 Feb 20
85
1458 Mar 9512 Dec
85 "40
Cony preferred
*51
85 •40 8014 .52 85 '45 85
*50
111 30 Jan 5 3434Ju13e 25
912 Feb 31% Dec
*3112 34
3114 31
700 MacAndrews & Forbes
34
3312 34 *32
34
34
3458 34
74 Apr 96 Nov
100 95 Jan 13 110 July 12
10 6% preferred
*10612 107% •10618 10778 *10614 10778 1074 10778
*10612 108 *10612
No par 22 July 26 41% Feb 6
1312 Feb 4632 July
23
24
17,100 Mack Trucks Ina
24
2334 2458 2312 2412 22
24 -2-5
2434 25
2414 Feb 8538 July
39
3958 4088 36
11,200 Macy (R LI) Co Ine___No par 36 July 26 6212 Jan 30
403* 38
4012 4212 3912 41
4114 421
7 Apr 27
252 Jan 2
7 June
I% Mar
414 44 2.200 Madison So Gard v t o_No par
4
54
512 $34 *514 512
$38 $i
518 514
10 1512 Jan 17 x2314June 28
558 Mar 195* July
2018 2018 1958 2014 *1934 2014 1938 194 1834 1912 1838 1858 2,800 Magma Copper
414
26
June
Apr
24
112July
00.No
par
514
15
Feb
(It
Ito
&
112
14
7
2
Mallituton
1,300
112
152
152
152
.152
18
152 13
17s
75* Jan 9 333 Apr 24
3 Feb 265 J611
100
1014
7% preferred
200
912 1014
10
1212 *712 12
1018 1014 10
1212 121
3% Jan 23
1 Jan 8
534 July
100
14 Jan
300 Vilantitt Sugar
112 134 *138 134 *112 134 *112 134
134 134
"134 21
97 July
914 Apr 26
134 Jan 3
100
5
Is Jan
Preferred
9C0
3
54 518
5
5
6
*5
6
6
7
*6
97 Jun.
812 Jan 26
3 July 26
112 Jan
No par
318 318
3
600 Mandel Bros
3
4
4
314 312
*4
6
*4
6
27
2038
28
J11119
.pr
Feb
I
1012July
25
$12
1212
133
Shirt
4,000
1012
Manhattan
1212
148
4
12
144
14
*1212
*13
1334
•I34
25
1
s
4 June
3%
Feb
112July
Explor.
No
par
17
,
1 Jan
112
600 Maracaibo 011
112 112
112 114
114 14
'114 2
*114 21
47 Nov
Pe Nov
412May 11
5
532 Feb 5
412 412 1,700 Marancha Corp
412 45*
412 43*
452 458
*452 43
43* 458
9 Feb It
512July 27
6
6 Dec 1112 Jan
15,100 Marine Midland Corp
512 6
534 838
6% 614
614 6%
612 654
858 884
Feb 2314 Dec
a
No par 18 July 26 32 Jan 25
18
1814 1,400 Marlin Rockwell
18
19% 1912 18
20
2014 20
2012 2058 20
912July 26 1932 April
4% Jan 1832 June
912 10'I 18,400 Marshall Field & Co___No par
912 1138
1234 11% 1218
1234 144 12
14
143
77 Dec
Jan
12
July
27
125a
4
Mar
3
Corp____No
par
4
4% 1,400 Martin-Parry
.534
613
5
6
'612 8
*612 8
'7
8
•Bid and asked prices. no WW1 on this day. I Companies reported In receivership. a Optional sale. 4 Cash sale. s Sold 15 days. :Ex-dividend. y Ex-tights.
...
Stock Record-Continued-Page 6
New York
or
Or FOR SALES DURING THE WEEK
'
IIIGH AND LOW .S.1LE PRICES-PER SHARE. NOT PER CENT.
Saturday
July 21.
Monday
July 23.
Tuesday
July 24.
567
STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING
Wednesday I Thursday I
July 25.
July 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
PER SHARE
Range for Previous
Year 1933
Friday
July 27.
Lowest.
Highest.
Lowest.
Highest.
$ per share $ per share g Per share g per share $ per share $ per share Shares. Indus.& MIscell.(Con.) Par S per share
$ Per share $ per share $ per share
3014 3012 29
3078 2812 2934 2814 29
2434 2812 2518 2612 16,000 Mathleson Alkali WorksNo par 2454 July 26 4054 Jan 24
14
Feb 4834 Nov
3838 3858 3714 3812 3612 37
36
3518 34
34
36
36
4,100 May Department Stores ..i0 30 Jan 2 4438 Apr 23
934 Feb 33 Sept
538 539
514
5
5
512
478 5
418 5
418July 26
41s 418 2,000 Maytag Co
834 Feb 21
No par
l's Apr
812 July
2412 2412 2314 2412 2212 2314 2212 2212 .2038 22
.2412 26
1,100
2
Jan
2812
Preferred
10
Apr
26
No par
318 Apr
1514 Aug
*73
79
77
*7212 77
*73
7212 7212 .73
73
77
73
60
Prior preferred
No par 49 Jan 3 9212 Apr 3
15
Apr
.58
Oct
*2712 2834 2712 2814 2734 2734 27
2712 25
2714 2414 25
2,000 McCall Corp
No par 24 Jan 11 32 Apr 13
13 Mar 3034 Sept
114
178
178
178
138
112
112 218
114
158
412 Feb 6
lig Jan ti
112
178 5,000 :McCrory Stores classANo par
38 Apr
478 June
134 *134 2
.158
114
134
112
112
112
114
112 1,200
112
DiJuly 24
Class B
414 Feb 6
Vo par
118 Dec
6
Jan
*18
20
20
17
•18
17
1612 1612 1034 15
1218 1458 1,600
Cony preferred
514 Jan 2 2534 Mar 17
100
212 Mar 21
Jan
718
718 •634 8
634 634 *638 8
658 638 *3
300 McGraw-Hill Pub Co_No par
634
4 Jan 4 1012 Apr 21
3
Apr
818
June
4478 4718 45
4634 47
4534 4412 4514 42
4414 20,700 McIntyre Porcupine mtnee...5 3812 Jan 25 5012June 19
4512 43
18 Mar 4838 Oct
.85
89,4 85
85
*8212 8434 *8214 84
79
82
79
8212 4,700 McKeesport Tin Plate_No par 79 July 26 9414 Feb 21
44,8 Jan 9534 Aug
5,8 8
412 518
534 818
478 515
478 27,000 McKesson & Robbtns
414
5
514
41 1.luly 26
414
912 Apr 10
134 Mar 1312 July
2712 26
2634 25
27
2578 25
25
22
2414 2234 2378 5.5001
Cony prof series A
358 Mar 25 July
50 1174 Jan 2 3412 Apr 27
414 438
We 438
378 414
354 418
312 414 28,000 :McLellan Stores
312 4
No par
1 Jan 6
554 Mar 17
I, Feb
338 July
56
60
*56
56
.55
59
*5512 5912 5518 5518 5612 5612
300
6
8% cony prof set A
Jan 2393
912 Jan
100
p0
,
,
0 26
82318 Jac 2278 July
3612 3612 3414 3612 34
3412 3314 3312 30
3314 31
31
5,100 Melville Shoe
No
4 Feb 2834 Oct
28
8
.614 7
614
6
5
512
518
458
312 412
318 412 7,300 Mengel Co (The)
312July 26
11 Jan 22
2 Mar 20 July
1
39
40
40 .38
40
38
40
38
36
*2314 34
37
80
7% preferred
22
100 30 Mar 21 52 Apr 19
Jan 57 July
2314 2312 2114 2212 21
2112 21
2112 1734 2118 18
1934 3,700 Mes.ta Machine Co
7 Feb 21 Sept
5 1612 Jan 4 30 Feb 19
41
*2412 26
*2412 26
2412
*2 2 26
100 Metro-Goldwyn Pict pref__27 21 Jan 5 2634May 22
*2412 2578 "2412 2578 2412
1312 Mar 22 Sept
4
378 412
4
334 334
312 334
3
315
914 June
338
314 6,800 Miami Copper
6,2 Feb 16
5
3 July 26
158 Mar
1218 11
1218 1212 11
918 1118
1114
1134
938 1038 15,500 Mid-Continent Petrol
11
918 JulY 26 1434 Feb 5
334 Mar
10
16 July
1034 12
*1118 13
*914 10
8
61
. 814
9
738 838 5,500 Midland Steel Pr•d____No par
612July 26 2178 Feb 19
3 Mar
1784 July
75 '55
'65
75
*55
75
*55
*45 - 60 .51
74
70
8% cum 1st prof
26 Mar
100 7012 Jan 12 8514 Apr 21
72 Sept
5512 5712 55
*5712 583
55
4878 5118 4714 5012 2,800 Minn-Honeywell Ftegu_No par 36 Jan 4 59 July 10
5112 511
Apr 3632 De2
13
238 212
214
234
214
2
212
218
178 2
178 2
8,300 Minn Moline Pow Imp! No par
172July 26
572 Jan 30
Feb
7
2
534 July
1818 181 *1612 20
*1612 1913 1612 1639 1512 1512 *1514 18
300
Preferred
1512July 26 3534 Feb 1
6 Feb
No par
30 July
13
16
1512 1212 14
16
1318 1312 13
1338 1314 1312 6.700 Mohawk Carpet Mills
7
Jan 4 2238 Apr 21
Jan
1212
20
22
July
4832 5012 4814 491
4934 50
47
49
4678 4938 4814 4912 6,300 Monsanto Chem Co
25 Mar 83 Dec
10 39 May 14 5512July 13
2678 27'2 2538 2734 2412 2614 2334 2538 2112 2412 2218 2338 185,800 Mont Ward & CO ma. N0 par 214 Jan 4 3538 Feb 15
838 Feb 2872 July
4813
4812
46
48
45
46
44
46
"4114 4834 .45
4834
1.300 Morrel (J) & CO
25
Jan
No par 37 Jan 4 51 14 Apr 13
56 July
12
12
55
58
12 4,100 Mother Lode Coalltion_No par
12
12
52
58
12
12July 17
I2
138 Feb 8
12
12 Jan
218 June
•6
11
*712 938 '612 938 *612 9
*5
6
8
6
100 Moto Meter Gauge & Eq____I
6 July 27 12 Feb 21
14
Jan
8.72 Dec
20
*2214 23
2213 1038 2014
1578 19
20
1514 1718 9,100 Motor Products Corp_ _No par
19
1514July 27 4434 Feb 15
734 Mar
3634 Sept
814 838
712 818
678 778
7
658 718
714
678
718 12,100 Motor Wheel
112 Mar
658 July 26 1612 Feb 16
1152 July
5
9
938
75s 838
634 8
734 8
6
714
614 5,100 Mullins Mfg Co
6
1558 Apr 23
112 Mar
514 Jan 12
No /2,i
1034 July
3314 3314 29
3314 '26
3012 2512 2513 21
24
2318 22
410
Cony preferred
5 Mar 25 June
No par
1218 Jan 12 46 Apr 21
•19
1934 *1834 1934
1878 1878 1712 1834 *17
1934
1834 .17
800 MunsIngwear (no
5 Mar
1324 Jan 6 2514 Apr 13
1838 June
No par
512 578
434 558
438 478
412 434
378 458
378 412 32,700 Murray Corp of Amer__ _ _10
378July 26 1138 Feb 16
138 Feb1112 July
*1618 1812 *1612 1812 1612 1612 "14
.14
14
14
17
17
200 Myers F 4 E Bros
8
Jan 2012 July
No par 14 July 26 2134 Feb 21
1518 1514
14,8 1514 1418 1412 1438 15
1258 1518 13
1334 37,300 Nash Motors Co
1118 Apr 27 July
No pan l 1218July 26 3214 Jan 30
414
4,2
318 312
338 334
I
318,July 23
358 33*
878 Feb 23
1 14 Feb734 July
312 334 3,000 National Acme
358 334
634 634
6
658
534 534
6
6
534 6
3,000 National Aviation Corp.No par
578 6
Jan
938 Doe
31
1314
24
1018 Dee
534July
*912 934
8
838 .812 9
814 912
712 838
8
8
2,000 :National Hellas Hess pret.100
114 Jan
314 Jan 6 12341Mar 19
978 July
3414 3432 3412 3434 3334 3414 3318 3334 31
33
3334 32
16,200 National Biscuit
31 12 Feb6038 June
10 31 July 26 4812 Jan 16
"144 14912 14812 14812 '146 149 *146 149
.
100
131
Jan
3
14822
147 14718 '145 147
300
7% coin prof
July 23 118 Mar 145 Aug
15
1512 14
1513 14
1458 1312 1412 12
1478 13
1352 22.400 Nat Cash Register
518 Mar 2358 July
No par
12 July 26 2.43,, Feb 6
1732 18
1658 18
1618 1678 16
1638 15
1514 1578 64,000 Nat Dairy Prod
1614
1012 Feb 2534 July
No par
13 Jail 4 1834June 9
112 112
114
138
lig
118
114
114
1
1.18
112
118 3.200 :Nat DepartmentStoresNo par
18 Mar
3 Mar 16
9
1
Jan
2,2 June
1614 1614
15
16
15
15
12
11
14
1418 16
780
12
Preferred
114 Feb
5 Jan 17 2212 Apr 18
10 June
_ _100
1838 1914
1734 1938
1734 1834 1758 1838 16
1838 1714 1838 78,500 Nati Distil Prod____ .__No par
3138 Feb 1
16 July 2f
2078 Dec 3314 Nov
2434 2434 24
2434 20
23
2012 1612 18
3,000 Nat Erma, A Staraping_No par
2014 21
18
5
Feb
1612 Jan b 3278 Apr 24
1932 Dec
•152 156
149 156
148 148 .14014 1537s 139 141
139 140
3,200 National 1..ead
4314 Feb 140 Nov
100 135 Feb 10 163 July 14
*143 145 *143 145
143 143 *135 14378 "135 14372 *130 14318
10
Preferred A
100 122 Jan 18 145 July 18 101 Mar 12814 Nov
*109 11638 •10978 11638 "10078 11632 •109 11418 "109 11638 *109 11638
75
Preferred B
Feb 10912 July
100 10012 Jan 8 11314June 25
812 834
814 834
8
712 778 22,400 National Pow &1.1,____No par
812
712 818
8
814
712July 26 1512 Feb 8
672 Apr 2012 July
3914 3934 3918 3978 3834 3934 3834 3912
3712 3912 3814 3914 9,000 National Steel Corp
15
Feb 5518 July
25 3712July 26 5814 Feb 5
14
14
13
13
12
1212 12
1214
10
11
11
10
3,000 National AuDoly of Del ...25 10 July 26 2118 Apr 24
4
AP, 28541 June
4954 50
47
49
45
46
45
45
3914 41
43
41
2,300
17
Preferred
Feb 6014 June
100 3312 Jan 4 60 Apr 23
10
1014
978 1014
978 10
918 91, 6.400 National Tea Co
9
10
934 10
No pa,
9 July 26 184 Feb 1
Jan 27 July
612
2018 2018 1812 19
1712 1818
1512 16
18
16
1752 18
1,900 Nelaner Bros
112 Jan
612 Jan 4 3014 Apr 13
121g June
No par
42
42
*4012 4112 4012 4012 38
31
40
3712 3138 3234 2,900 Newberry Co (J .1)
No par 31 July 26 4978 Apr 10
*103
__ "103 110
134 104 .103 10412 *103 10412 *101 10414
100
7% preferred
105 June 21
100 100 Apr
658 --7
612 612
638
712
612
8
652
612 65
6
6,4 3.900 Newport Industries. ____._ . 1
1-32 Mar
1-134 July
6 Jan 10 13 Mar 6
1514 1514 1412 15
14
1412 *1312 15
2,300 N Y Air Brake
1112 1312 1134 12
1112July 26 2434 Feb 7
618 Apr 2312 July
No par
*312 578
312 312
3
3
3
278 278 •212 572
3
600 New York Dock
214 Dec
278July 26
1174 June
814 Mar 19
100
'8
10
10
10
912 912
5
7
618 1,300
5
712 712
Preferred
Oct 22 June
6
5 July 26 20 Mar 13
100
12
12
12
12
12
12
1.2
12
12
12
12
12 3,303 IN Y Investors Inc__ __No par
38 Dec
234 June
114 Feb 7
12 Jan 2
1318 1312 1112 1338 1012 1114
1012 1114
912 1114
952 1038 19,900 N V Shipbmg Corp part otk_.l
912July 26 227s Feb 1
134 Jan 2212 Aug
*7518 82
.7518 82 .75i8 82
72
73
72
7334 7334 72
120
7% pr,
Jan 90 June
31
100 72 July 26 8934 Apr 13
ferred
98
98
*97
.97
.97 , 98 .97
07
98
97
20 N Y Steam 26 prof
98
*07
70 Nov 10174 Aug
No par 82 Jan 5 9912 Apr 10
109 109 .107 10934 .107 10934 *107 10934 *107 10934 '107 10954
40
$7 1s1 preferred
83 Nov 110
Jan
No par 90 Jan 15 10978May 26
4212 4313 4112 4338 4038 42
3834 15,000 Noranda Mines Ltd._.No par 3314 Jan 4 4558June 11
3.114 4034 3614 4018 38
1732 Jan 3878 Sept
1518 15.38 141s 1512 14
1238 1334 58,900 North American Co
14
12
1412 1338 1414
1214 Dec 3612 July
12 July 26 2512 Feb 6
No pa
4312 4312 4312 4312 9312 4312 . 4318 4318 42
42
4232
4318
1,200
31
6!
Preferred
Dec 46
34 Jan 14 4514 Apr 20
Jan
3,4 354
314
352
278 318
234 31s
234 312 33,400 North Amer Aviation
258 312
Feb
2-N July 26
4
1
9 July
8 Feb 1
.6034 71
7014 7014 "70
7012 70
7018
7018 •67
70 .68
300 No Amer Edison pref __No par
39 Nov
79 July
4712 Jan 4 7434 Apr 28
*38
4278 "38
427g "38
4278 "38
4278 '3834 4278 '38
4112
Northwestern Telegraph ..50 34 Jan 9 43 Apr 26
2834 Apr 43 June
"218 234
2
218
134 2
178
134
134
158 2,300 Norwalk Tire .1. Rubber No par
2
158
115 July27
1 14 Feb
57s July
412 Feb 19
1012 11
101g 11
10
1012
812 1018
978 1018
878 958 31.100 Ohlo Oil Co
812July 26 1578 Feb 5
4a2 Feb
1732 July
No pat
278 3
212 3
218
258
2
2
212
238
218 258 10,000 Oliver Farm Equip..No pa
5
Feb
25
Feb
2
1
18
July
83
7
4 July
1338 1312 13
1318 12
1234 11.12 1118 10
9
1114
10
2.900
Preferred A
9 July 27 2732 Feb 5
No pa
339 Feb 3034 June
*434 5
412 439
4,2 412
438
4
338 4
438 412
6,100 Omnibu• Corp(Thelvte No pa.
14
Mar
4July
312July
83
9
4
27
July
63
.714
'634 812 "714 8
728
8
728
6
714
518
538
800 Oppenhelm Coll & Co...No pa,
512July 27 1438 Mar 31
15 June
212 Feb
1518 1514
1458 1514
1412 1458 1412 15
1338 1434
1312 14
21,600 Ott,Elevator
1338July 26
1018 Feb
2514 July
1932 Feb 16
No par
.101 10112 .101 10112 10112 10112 .10112 103
10112 10112 10112 10112
70
Preferred
9312 Apr 106 July
100 92 Jan 18 102 May 12
412 434
414 4,2
4
334 438
414
338 418 13.700 Otis Steel
378 418
338July 27
94 June
114 Mar
8 Feb 19
No pat
•1858 1938 18
1832 17
1412 1312 1318
14
21
17 .14
1.100
Prior preferred _____ _100
214 Feb
2134 June
9 Jan 2 25 Feb 20
74
7412 6034 7312 69
6934 6834 6914 6112 68
6612 5,600 Owens-111InoLs Glass Co ___ _25 6112July 26 94 Jan 3(11
x65
Mar
3112
963
4 July
1638 1632 1618 1838
1614 1812 1638 1658 1518 1612 1512 1578 12,800 PAcifte
15 Dec 32 July
Gila & Eieetrie
25 1518July 27 23,2 Feb 7
32
32
3012 3114 3038 3012 •3012 33
2512 3012 2534 28
4.000 Pacific Ltg Corp.. __No par
2338 Jan 2 37 Feb 7
22 Dec 4334 Jan
*2312 2532 "2312 24
23
2312 23
23
20
23
21
21
1,100 Prairie Mills_
6
Feb
29 July
__ _ .100 20 July 27 34 Feb 5
7918 7918 7814 7814 7939 8078 7912 7912 7918 7034 7814 80
950 Pacific Telep & Teleg
65 Mar 9434 July
100 72 Jan 11 8512 Mar 13
•11012 11314 "11012 125 *11012 114 "112 115 .11012 115 ....._ 125
11%
Nov
preferred
9914
11112
Jan
103
Sept
1
100
116
22
June
7
7
678 7
612 612
6
6
534
534
534
534 4,700 Pac Western (111 Corp. _No par
534 Dec
912 Sept
878 Apr 25
514July 26
3
318
3
312
278 3
278 3
234 3
234
272 81,100 Packard Motor Car ._NO pa'
Mar
July
Feb 23
234July 26
13
4
672
63*
•104 1114
11
11
'1034 1114 '1034 1118 "1034 1118 "1034 1114
100 Pan Amer Pstr A Trans .....5
14 July
1034 Jan u
8 June
1112 Jan 30
2112 22
21
211 "2012 22
2012 21
17
17
2014
1734 2,900 Park Tilford Inc.
3638 Oct
1
Jan
17 July 26 3512 Feb 6
9
•7
8
1
•78
1
39
39
78
200 Parmeiee Tranaporta'n No &If
78
78 '
*58
54
38
78July 17
38 Mar
3 July
2 Feb 5
•1
1
138
1
58
88
ki.
1
000 Panhanaie Prod & Ref_ Vo oar
32
32
34
34
38 Apr
58July 24
44 June
212 Apr 6
•11
11
18
11
.978 1312 •12
18
12
12
.1972 18
20
8% cone preferred
Apr 6
534 Jan
ton
June
11
20
2112
June
26
278 318
234 318
234 3
234 3
234 3
234 3
52,000 :Paramount Publix opts . 10
578 Feb 16
2,June
134 Jan 2
18 Apr
338 3,2
254 3'2
214 3
234 3
212 27g 45,000 Park Utah C M .
212 318
1
678 Feb 15
212July 26
414 July
Id Jan
112
132
112
134
112 138
112
132
112
152
12
1 14 32,400 Pathe Exchange
Na pa,
414 Mar 2
12July 27
2,2 July
1538 17
1012 17
Jan
1412 16
1238 1318 13,300
1418 15
1118 1414
Preferred Ma.* A ... _No pa' 1012 IMO 4 2434June 12
1414 Dec
1 13
14 Jan
1312 1278 131, 1234 1312 1258 1334
1338 1358 13
1234 1318 15,800 Pattno Mines & Enterpr No par
125
Nov
25
Jan
8July
555
2
26
Jan
2112
212 212
214
218
2
214
2
218
2
218
2
218 6,500 Peerless Motor
. . _3
2 Jan 2
8.4 Feb
918 July
478June 5
*5514 5812 85
55 .
51
5312 5212 5212 4712 51
4712 4812 2.200 Penick 4 Ford Car__No par 4712July 26 64 Jan 3(1 22512 Feb 6034 Dec
60,4 61
58
60'8 5814 5978 5614 5814 5134 59
53
5534 12,200 Penney (.1 Ci
No 04I 51,2 Jan 4 6772 Mar 3
194 Mar
50
Dec
'10538 ____ •I0538 -__- '10538 __ •10538 --_. •10538 ____ '10538 ____
Preferred
100 10512 Mar 8 10812May 16
90
Jan 105
Auc
'212 3
212 21. 2
2
2
2
2
2
178 2
1,000 Penn Coal A Coke Corp_ _10
34 Feb
178July 27
932 Jul
514 Apr 26
.4
418
334
4318 334
318 31
278 314
278 31
6,100 Penn-Dixie Cement. ...1s16
- par
278July 26
9.2 Jun
734 Feb 5
34 Jan
•15
1934 *15
15
1934
1312 1313 1214 14
15
1212 141
(500
Preferred aeries A __
1214 July 211 32 Apr 24
10(
ale Mar 32 July
2734 2512 2714 2538 2614 2518 26
27
2412 2538 2214 2412 9,300 People's 41 I, & C (Chlm 118
2214July 27 4314 Feb 6
25 Dec7, Jan
*1414 15
•1414 15
1312 1414 .1312 1434
1312 .13
13
1434
500 Pet Milk. _
_ _ _ No par
till Feb
914 Jan 3 15 Feb 23
151, June
10
934 10
10
912 928
918 938
838 918
814
854 13.900 Petroleum Corp ofAm ........_5
432 Jan
814July 27 1414 Feb 3
15 July
1634 1678 1578 1634
1538 1818 15
1558 1414 1514
1438 1434 27,200 Phelpe-Dodge Corp__ . .25
Apr
412
26
187
Jar.
8
1414July
187
8 Sept
26
1
.3212 33
3214 32 2 3214 32i4
3014 31
.27
2934 2912 2912
900 Philadelphia co 6% pref...54, 24,4 Jan 2 37 Feb 9
21I. No3
•5712 64
36 July
*58
64
'58
64
.58
5712 5838 •____ 60
62
40
$6 preferred _ _ _._ _No Par
3814 Dec 112 July
49 Jan 12 6434 Feb 17
432 454
418
434
4
438
418 412
314
412
4
378
16,700 Phila 4 Read C h I._ No par
6114 Feb 21
314 Jan 4
212 Feb912 July
3112 32
3039 3212 3018 3212 30
31
28
3112 29
30
13,500 Phillip Morris & Co Ltd _10
1112 Jan 3 3512JulY 19
8
Feb1478 June
1014 1014
II
•I0
978 978
7
932 958
8
1,000 Phillip. Jones Corp -.No Pa*
8
9
7 July 27 21 Apr 2
3
Feb
1634 July
5434 5434 *55
•59l4 65
60
*55
60
.5134 60
.5414 60
10
7% preferred
100 5434July 23 7478 Apr 7
35 June 35 June
1612 1718 1512 1678
1538 1638 1558 1638 1412 1638
15
1578 43,500 Philtre Petroleum
Ar pa.
1412July 26 x2034 Apr 11
44 Jar)
1 818 Sept
.5
8
.5
10
*5
618
5
5
412 5
.5
603 Phoenix Hosiery.
8
5
1312 Feb 3
412July 26
138 Mar
1734 Dec
2
218
2
2,8
178 2
134
2
158 2
1 12
178 16.10 Pierce-Arrow Mot Car Co_ ...5
112July 27
612 Feb 19
3 Dec
712 Nov
12
12
12
12
39
39
3*
I.
39
lo
1.
12 3,801) Pierce ''II Corp_ __ _ .. _25
12July 24
118 Jan 30
I78 June
ll Jan
612 612
618 *514 612 •514 6
6
514
51; 51; 518
-------pa,
600
Preferred
14
26
Feb
514July
103
4
372
Feb
137
8 JIne
1 14
138
138
114
114
114 .118
114
1
1 18
118 11,700 Pierce Petroleum ... _No par
1
1 July 26
2 Feb 6
68 Jan
214 June
2712 28
28
21178 2712 2634 2712 2514 27
28
2512 27
3,300 Pillsbury Flour Mills .. vo pa1812
29
Jan
July
8
12
0
3
8
Feb
2674
June
85
.82
.8234 85
83
•80
"81
85
84
•80
.8212 85
Pirelli Coot Italy Amer shame
7014 Jan 22 8412 Mar 24
3338 Apr
75 Nov
.9
12
11
9
.11
9
9
0
100
40'1 Pittsburgh Coal of Pa
712 712 *8
71..fuly 26
9
1812 Feb 9
4
Feb 23 July
32
*30
34
30
•30
30
•28
30 '22
30
•24
30
100
Preferred
100 30 - Jan 8 4212 Feb i
17
Jan 48 July
• 131d and asked prices. no sales on this day. (Companies reported in receivership, a Optional sale. e Cash sale. 8 Sold 15 days. z Ex-dividend.
44 Ex-rights.
,
1
New York Stock Record-Continued-Page 7
568
12r FOR
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 21.
July 28 1934
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SEVENTH PAGE PRECEDING.
Monday
July 23.
Tuesday
July 24.
Wednesday
July 25.
Thursday
July 28.
Friday
July 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share $ Per share
Shares. Indus.& Miscall.(Con.) Par $ per share
"
1 sh
412July 26 $1
138
AX64
Va Feb 111
/
4 July
8,100 Pittsburgh Screw & Bolt No par
1014 Jan 38/
90 Pitts Steel 7% cum pref.-100 17 July 26 43 Feb 21
1
4 May
ii2July 26
12 Feb
5
312 Feb 2
12
1
1
4 July
200 Pitts Term Coal Corp
100
6/
it
Jan 2312 July
30
6% preferred
100
/
4 Jan 4 1712 Feb 23
81
112July
27
64 July
800 Pittsburgh United
25
34 Feb
Feb
40
1534 Feb 64 July
Preferred
100 30 July 26
5 Fb21
e 19
134 Jan 4 597e
200 Pittston Co (The)
/
1
4 Apr
7 June
No Par
8 July 28 1634 Jan 30
17,200 Plymouth 011 Co
6/
1
4 Feb 1758 July
1
4 Feb 5
3,100 Poor & Co claws B
No par
8 June 2 14/
1/
1
4 Apr 13/
1
4 July
2/
1
4July 27
158 Mar
8 June
2.500 Porto Ria-Am Tob el A-No par
No par
1 July 27
4 May
700
Class B
/
1
4 Feb
1
4 Feb 6
4 Feb 40/
16.200 Postal Tel & Cable 7% prof 100 1013July 27 29/
1
4 June
11
/
4July 26
64
5
3'4
112 j
Feb
Janan 33
1°
0
6
3,900 :Pressed Steel Car
512 June
No Par
/
1
4 Jan
558July 28 22 Feb 17
1,500
Preferred
100
3 Jan 18 June
No par 334June 2 4114 Jan 23
1958 Feb 4712 July
10,500 Procter dr Gamble
80
5% peel (ser of Feb 1 '29)100 10213 Jan 22 114 June 20
97 Apr 11034 Nov
:Producers & Refiners Corp-50
14 Jan 2
4 Jan
2/
1
4 June
Febeb 16
5
9
2 Nov 13 June
ao 118May 2 4661% MarF
Preferred
347g 35
32/
1
4 Nov 5718 June
554 35 5514 1412 -5iT4 34 -3114 "if" -51.- WI; 12;780 Pub See Carp Of N J....No par 31 May 27
8118 *71
8112 8112 81
79
*82 8218 *82 8218 82 82
700
No par 67 Jan 2 84 Feb 6
59/
1
4 Nov 8812 Jan
$6 preferred
9634 9512 96
*93 L9578
100 79 Jan 8 9734 July 11
97
9638 9638 *96
500
6% preferred
75 Dec 10138 Jan
9634 9634 *96
200
100 90 Jan 8 106 Feb 21
*10334 10514 *10334 10518 .10334 10514 *10334 1054 10334 10334 *100
84 Dec 11212 Jan
7% Preferred
8% preferred
100 105 Jan 12 11912 Feb 17
*11812 121 *11812 121 *11812 121 *11812 121 *11812 121 *11812 121
99 Nov 125 Jan
100 Pub Set El & Gas pf $5-No par 90 Jan 10 10378June 18
*10234 10334 *10234 1033, 10234 10234 *102 10334 *102 1034 *10014 103/
1
4
83/
1
4 Dec 10312 Jan
4314 45
13,400 Pullman Ina
No par 4214July 26
4614 4612 x4312 4614 4312 4414 43
4534 424 46
18 Feb 5818 July
714 July26 69
147
/
1
4
8 Feb 18
778 838
No par
6
9
912
712 8
714 814
212 Mar 1558 Sept
712 818 26,900 Pure Oil (The)
814 938
6018 61
490
60% 63
100 5834 Jan 9 80 Feb 8
1
4 Sept
*66
70
66
6614 6512 6618 6212 65
8% cony preferred
30 Mar 69/
9/
1
4 July 26 19/
614 10/
1
4 Feb 5
958 10% 8,200 Purity Bakeries
No par
1238 1238 11
1214 1058 1112 1034 11
1
4
5/
1
4 Feb 2538 July
412July 26
458 478 210,000 Radio Corp of Amer
458 5
412 5
/
4 July
538 512
No Par
3 Feb 121
434
434 512
5l8 35
1118
2M
Fa
eb
y 16
35
35
1
36
3612
36
1,900
50 2314 Jan 4 49
134 Feb 40 May
3718 3712 3612 3612 Sb
Preferred
8
20 21% 22,300
2412 2134 2338 2218 2414 19
23
No par 15 Jan 4 3538May 11
2234 24
21
Preferred B
6,1 Feb 27 July
112 134
112July 23
4/
1
4 Feb 17
112 134 13,100 atad1O-Keith-Orph___No par
5/
1
4 June
112 134
112 134
112
178
1 Mar
134 2
13
4 Feb 6
15
1558 16
144 16
1534 3,900 Raybastos Manhattan_No par 1412July 26 2
5
16
16
1534 1534
17
17
5 Feb 2058 Sept
712 712
5 July 27
5
53
10
7
7
6 8 658
3,300 Real Silk Hosiery
1
4 June
54 Feb 20/
5'8 658
*712 77s
718 4614
2 *37 4612 *37 4612
100 45 Jan 23 6014 Apr 28
25 Jan 60 May
*47 5434 *47
5434 *37 4612 *32
Preferred
6 Apr 2
1/
1
4July 27
158 178 2,300 Reis (Robt) & Co----No Par
238 212 *214 238
2
2
/
1
4 Jan
412 July
212 212
538July 26 38/
1
4 Apr 2
12
*9
12
*10
538 6
614 614
800
100
18t preferred
*1012 12 *1018 12
/
4 Jan 1812 June
11
812
6 July 26 1338 Feb 23
1
24 Feb 1114 July
6
814
718 8 20,100 Remington-Rand
834 912
812 834
2 10
1
4Mar 14
5012 53
50 50
100 3213 Jan 5 69/
57
5812 5612 55 55
600
1st preferred
*57 6212 57
712 Feb 3712 July
54 *44 58%
59
100 30 Jan 8 67 Mar 14
*53
57 *50 57 *48
2d preferred
8 Feb 35/
1
4 Dec
"53% 59 *51
2
214 10,300 Reo Motor Car
2% 212
232 258
%June
238 258
2
2%
5 2 July 28 512 Feb 23
138 Feb
258 234
1
4 Feb 23
4 Feb 23 July
1234 1434 12% 1312 1238 1312 1012 1338 1078 1238 51,800 Republic Steel Corp- ..No Par 1012July 26 25/
1438 15
4012 4212 3814 43
3912 4012 8,800
4012 43
100 3814 July 26 8713 Feb 23
45 4512 42 45
9 Feb 544 July
8% cony preferred
5 Jan 8 1412 Apr 11
9
*618 7
5
*8
9
*8
712 8
*8
9
300 Revere Copper & Breen
114 Jan 12 June
*8
10
19
*1012
*1312
10 114 Jan 29 284 Apr 11
22
2018
*17
3
4
20
20
100
2/
1
4 Mar 25 June
*1734
*1734
Class A
1734 1734
1312
4F
Aepbr 2
1712 1838 9,700 Reynolds Metal Co __No par 1513 Jan 2 273
2038 1812 19
1814 19
1634 19
2038 2038 18
6 Feb 2112 June
712 712 1,900 Reynolds Spring
914 914
1313 Jan 9
7
814
834 9
712 8
No par
812 834
112 Feb 1534 July
4512 4578 4512 4818 43 45% 4273 4414 28,700 Reynolds(R J) Tob clans 13-10 3934 Mar 21 4658Jime 14
284 Jan 35414 Sept
4558 4614 4514 46
10 67 Jan 5 601* July
5934 57
57 *57 59
57
57
*57
30
Class A
1
4 Jan
5934 *57 5934 *57
80 Jan 62/
*7
*512 g
812 312 *512 9
512July 25
Fe
No par
9
6
7
*512 9
400 Ritter Dental Mfg
1312 Feb 11334 June
24 *2258 2312 *2258 23
86
23/
1
4 Nov 2612 Nov
2112 2178 2214 2238 1,300 Roan Antelope Copper Mines_ 2112July 26 3133118 pbr 26
2312 2378 24
4 Jan 3 10/
1
4 Feb 6
578 573
6
612 638
2 Apr 104 June
5
512
5
514 2,100 Rossla Insurance Co
614 612
*612 678
37
918 F
Feb
Aeb 2
19
3
1733 Mar 3084 Nov
3338 3338 *3312 3438 334 3318 334 334 3214 3214 3278 3278
500 Royal Dutch Co (N 1( ,hare,) 3214 July 26 5
10 1558July 26 27% Feb 5
17
1
4 17
1552 1714 1534 17
18
18
1812 1634 1712 15/
10,900 St Joseph Lead
611 Feb 3184 Sept
No par 44 Jan 5
28 Mar 8233 July
4918 4734 4812 4712 4814 4412 47% 4514 4634 5,600 Safeway Stores
50
5012 48
1
4 Jan 3 108 July 6
100 84/
10338 1041
290
72 Apr 9412 July
10314 10314 10478 10478 10478 10478 10434 10514 10312 104
6% preferred
100 9812 Jan 16 113 June 16
440
10912 110 10912 110
10912 110
110 110
110 110
110 110
7% preferred
8014 Feb 105 Sept
6 Jan 13 1214 Feb 15
*612 712 *512 6
6
2/
1
4 Apr 12 July
*6
7
6
6
6
200 Savage Arms Corp .No Par
8/
1
4F
Aepbr 16
201 49,200 Sehenley Distillers Corp
1
20
5 1718 July 26 38
24 Nov 454 Aug
2118 2178 2014 22
2114 1934 2034 1718 2034 19
334 4
1
38 Mar 1014 July
438 434
414 412
334 Jan 4
478 5
414 44
8,400 Schulte Retail Stores
334 414
1
4 Apr 16
16
100 15 Jan 2 30/
*21
22
22
19
1918 19
1912 16
3/
1
4 Apr 3534 July
19
1914 15
1,230
Preferred
No par 41 Jan 10
28 Jan 447k July
4914 4914 49 49/4 *4914 50
48
4978 *47 50
*4614 50
170 Scott Paper Co
50
838 A
Apt
r 15
15 Feb 4338 Sept
2914 3012 2634 30
2634 2714 2612 2714 25
2714 2412 2512 12,600 Seaboard 011 Co of Del_No par 2412Ju1y 27 31
2/
1
4 Jan 18
473 Feb 7
No par
Ps Feb
*234 3
*234 3
234 234
200 Seagrave Corp
434 July
*234 3
*234 3
*234 3
1212 Feb 67 July
4134 4214 4012 4234 3912 4114 38% 4038 3512 3912 3612 3814 60,400 Sears. Roebuck es Co No Par 3512July 26 5114 Feb 5
•174
4/
1
4 Jan 28
134 July 25
114 Feb
2
184 134
6 June
2
178 173
178 2
800 Second Nat Inveetors
134 134
214
24 Feb 48 July
1 32 Jan 8 4518 Feb 2
3514 3514 *33% 3514 *23 3514 *201s 4978
100
Preferred
*35% 40 *3512 38
2 Jan 22
74
h
h 2,700 *Seneca Capper
74
No par
34July 16
/
1
4 Mar
358 June
34
34
34
34
34
84
78
34
438 July 26 9
Apr 24
518
412
1
14 Feb
712 July
472
478
438 518
578 618
29,500 Serve! Inc
5
514
514 6
may
g
1378
6/
1
4 Jan 2
1
4 July
No par
678 778
7
714 9,700 Shattuck (F 0)
5/
1
4 Apr 13/
778 8
712 734
714 734
74 758
14 Feb 12 July
612 Jan 11 1314 Feb 23
558 612
6
6
652 7
7,200 Sharon Steel Hoop
NO Par
614
638 818
6
6
714
772 Feb 5
4 July 26
2/
1
4 Feb
412 4,600 Sharpe & Dolxme
414
No par
858 June
434 5
434 5
5
514
4
434
514 514
2114 Mar 411
/
4 July
4614 4614 *4612 47 *4638 47 *46% 47
*4614 47 *4614 47
100
Cony preferred set A_No par 3814 Jan 8 49 May 3
612July 26 1112 Jan 27
612 714
678 738
34 Feb 1158 July
858 634 17,900 Shell Union Oil
No par
718 712
7
714
634 71s
284 Mar 61 July
63 63 *65
100 68 Jan 2 89 Jan 26
*65 68
*63 67
7112 81
6112 59 61
1,100
Cony preferred
818July 2
244 Feb 5
1078 10
438 Feb 31 July
1078
818 10%
No par
852 914 34,900 Simmons Co
1112 12
934 1172 10
714 July 26 114 Feb 5
612 (82
878 9%
858 834
4/
1
4 Feb 1238 June
738 772 8,600 Simms Petroleum
10
714 858
914 10
/
4 Apr 25
812 834
718 838
634 7
634 7
as 8/
3 Feb
9/
1
4 June
1
4July 25 111
834 872
2,700 Skelly 011 Co
634 718
5912 5912 59
100 54 July 26 6818 Apr 26
*5912 61
59
22 Feb 5712 July
*5912 61
54 58 *52
58
600
Preferred
2512 *17
22 •17
22 *17
22
*5% 22
7 Jan 35 July
*1714 2512 *18
Sloss-Shelf Steel & Iron-_100 15 Jan 9 2713 Feb 17
100 20 July 26 42 Apr 23
25
*24
28 *24
26
*28
28
26
20
24 *15 28
8/
1
4 Feb 42 July
100
7% preferred
1334 Jan 3 17 May 5
1114 111
8
11
58 Mar
*1213 13
1134 1212 1134 12
L34 July
/
4
85s 938 9,200 Snider Packing CorpNo par
1
4 Feb 5
1418 1412 1418 1434 1212 1412 13
15
1538 141
/
4 151
14 75,900 Socony Vacuum Oil Co Inc __15 1212July 26 19/
6 Mar 17 Nov
103% 103% 10312 10313 1034 1034
*10318 105 *10312 105 *10318 105
68 Feb 92 July
800 Solvay Am Invt Tr pref_100 86 Jan 6 10414June 28
14
39
/
1
4
Feb 5
1574 Jan 4858 July
3638 3612 3412 3612 3512 3534 3234 3434 3112 3314 32% 33
10,200 So Porto Rico Sugar---No Par 2918May
100 115 Jan 16 137 July 23 112 Jan 132 July
135 135
*137 14412 137 137 135 13518 •135 14412 135 135
130
Preferred
1458 13
1438 1318 1338 12,400 Southern Calif Edison
25 13 July 26 221* Feb 7
144 1434 14
14% Nov 28 Jan
1434 1514 1458 15
8
534 Jan 10 13 Apr 21
8
.6
*6
8
8
8
7
8%
4 Jan 111
*1
834
*6
400 Spalding (A 0)& Broe_No Par
/
4 July
*551g 5914
58 *55 68 •50 68
100 3014 Jan 11 74 Apr 21
2518 Mar 61 June
*5812 65
20
18t preferred
5812 5812 *55
July
19
1538
6
par
Apr
No
23
_
Ino
Spang
Co
412
_
_
Chalfant&
Feb 1512 July
100 30 Jan 23 62 Apr 24
40
45 *45 60 *45 10 - 45 45 ;io- If11Preferred
174 Feb 60 June
*45 60- 45
313 July 26
314 312
314 332 18,200 Sparks Withington____No par
8 Feb 21
314 3%
318 312
333 358
8 June
338 4
34 Feb
738 Apr 18
2 Jan 3
h Jan
No par
4
4
*314 4
4
4
330 Spear & Co
512 June
434
314 314
*4
434 *4
2012 2034 18
21
18
2012 21
1834 2,600 Spencer Kellogg & Sons No Par 15/
1
4 Jan 5 2412 Feb 23
22
21
21
74 Apr 22 July
*21
558 Jan 6 1138 Apr 2
1
678 712
678 712
612 712
658 718 63,800 Sperry Corp (The) v 1 e
24 May
7/
1
4 July
712 758
634 734
13
July
19
6
Feb 7
8
No par
8
*8
*6
7
•6
778
*6
8
*6
*6
8
Spicer Mfg Co
6 Jan 16 June
1
4 Jan 2 8112 Feb 20
28
2514 2514 23
2514 *25
No par 21/
*2514 28
28
2734
260
111
/
4 Mar 3212 JUN)
*2538 28
Cony preferred A
49
4514 47
40 46
4112 43 10,000 Spiegel-May-Stern Co-No Par 19 Jan 4 674 Apr 25
4912 48
49
4912 46
1 Feb 2112 Dec
1
4 Feb 1
No par 1714 July 26 25/
1838 1878 1714 1878 1758 1858 79,700 Standard Brands
13/
1
4 Mar 37/
1934 20
1834 1978 1858 19
1
4 July
314 July27
8 Mar 13
412
312
4
5
438
4
414
438
1 Jan
314 3311 5,800 Stand Comm Tobacco_No par
958 Aug
512
514
7
712
17
614 July 26
Feb 6
614 7 25,600 Standard Gas & El Co_No par
838
834 714
8
614 7,8
714 814
224 June
Mar
5
%
1
4July 28 17 Feb 6
6/
No par
658 758
634 712 10,900
832 834
Preferred
6/
1
4 Dec 25/
1
4 June
714 814
834 9
734 838
No par 15 July 27 33 Feb 6
1534 1,400
15 Dec 61 June
17
19
184 1812 1612 1612 1658 16% 1612 1812 15
$6 cum prior pref
No par 1712 Jan 4 3812 Apr 24
1912 2114 2012 2012 1818 2034 1914 20
2038 2134 2038 21
3,300
16 Dec 66 June
$7 cum prior pref
/
1
4 Jan 13
178 Jan 5
114 154
114 114 *11
1%
2/
1
4 June
133 132 .138 112
114 114 1,200 Stand Investing Corp No par
Ii Mar
10772 10778 10834 10834 10834 109 109 109
300 Standard Oil Export pref_100 9612 Jan 2 11014May 26
9212 Mar 102/
1
4 Sept
*108 109 *108 109
334 33/
3212 3034 3178 22,500 Standard Oil of Calif__ _No par x3052May 14 434 Jan 30
19/
1
4 Mar 45 Nov
3378 34
1
4 3234 33% 32% 3318 31
34
*3212 3478 *3212 3378 *3212 3372 .3152 3312
100 Standard 011 of Kansas___10 3334 Feb 13 41 Apr 21
12/
1
4 Apr 39/
*34
35
34
1
4 Dee
4212 4234 4078 4234 4058 4158 47,200 Standard 0110! New Jersey_25 4028July 27 50% Feb 17
22/
1
4 Mar 4712 Nov
4312 43% 4234 43/
1
4 4234 43
/
4 Apr 19
8
6 Jan 15 141
8
738 7%
4 Feb 1112 June
*8
914
712 8
7
734
1,000 Starrett Co (The) LIEL_No par
*734 8
4
Jan
653
10
471
/
4
8July 25
45/
1
4 Dec sn Sept
8313 64% 63 6378 6314 6334 6312 65% 6312 655s 6412 6558 40,900 Sterling Products Inc
3 Feb 6
/
4 Jan 2
11
138 138 1,400 Sterling Securities al A_No par
112 112
138 138
*Ds 134
112 112
52 Jan
3/
1
4 June
134 11
/
4
7 Feb 6
3 Jan 3
No par
412 *4/
418 418
358 358 *314 418 *314 353
*4
1
4 414
600
Preferred
112 Feb
784 June
518 *29
36
1
4 Feb 1
20 Mar 3614 July
Convertible preferred____50 30 Jan 12 36/
*3412 3512 *3412 3512 *3412 36 *314 36 *3112 36
412
412July 26 1058 Feb 21
5
5%
618 612
5
5
538
5
512 18,700 Stewart-Warner
212 Feb 1112 July
5
614
47 July26 13/
512 30,000 Stone & Webster
1
4 Feb 6
No par
512 578
638
6
512 534
478 534
54 Dec 194 July
558 614
214 July 24
94 Feb 21
252 3 44,700 :Studebaker Corp(The)No par
3
352
238 318
212 3%
14 Mar
214 234
258 312
Pe June
100 1112July 24 47 Feb 19
1212 1,000
•1634 1934 *1212 1812 1112 1112 12
1214 1238 1212 12
Preferred
9 Apr 3818 June
59
82 63
6112 59
No par 5112 Jan 2 6378June 18
*63 64
61
1,600 Sun Oil
36 Feb 59 Nov
6134 6134 8134 62
115 115
100 100 Jan 17 116 July 21
150
Preferred
11518 116 *11514 11518 115 11514 115 11518 115 115
89 Mar 103 July
1
4 Feb 6
1412 14
1112 12
VI Feb 27 July
14
14
1312 1334 12
13
1,500 Superheater Co (The)__No par 1112July 27 25/
*1412 15
3 Feb 1
112 112
114July 26
1
158 152
114 112
4 18 6,300 Superior Oil
/
1
4 Jan
412 July
112 112
112 112
458July 26 1534 Feb 19
100
778 8
458 6
478 533 5,200 Superior Steel
2 Feb 22/
818 818
7
758
1
4 July
64 6%
312 312
3/
1
4 July 27
5/
1
4 Jan 26
312 314 1,300 Sweets Cool Amer (The)___60
1 Mar 10 July
312 312
334 334
334 334
312 334
*34 1
38July 24
212 Feb 19
No par
1
1
*34
78 1.100 Symington Co
/
1
4 Apr
3 June
*34
78
3s
38
"4 1
112Ju1y 27
112 158 1,600
2
2
No par
.2
212
178 2
5/
1
4 Feb 23
Class A
134 134
14 Apr
514 July
134 178
10
10
1012 1012 104 *1018 1034 10
1012 10
1,400 Telautograph Cori)
5 10 July 23 1514 Feb 1
818 Feb 1638 July
*1012 11
312 312 5,400 Tennessee Corp
312 334
4
418
5 318July 26 634 Feb 19
412 414
312 358
1/
1
4 Feb
714 Aug
312 334
1
4 Feb
2212 21% 2238 20
2212 2038 2152 28,200 Texas Corp (The)
25 20 July 26 29/
2234 22
2212 2234 22
104 Feb 804 Sept
3178 3314 3112 3214 3112 3234 30 32% 30 31
21,800 Texas Gulf Sulphur-No par 30 July 26 4314 Feb 6
1514 Feb 454 Nov
3258 33
64 Apr 4
318
212 3
212July 27
3
278 278
12,300 Texas Pacific Coal & 011_10
11
/
4 Mar
612 May
312 312
234 , 278
3
312
1
4 Jan 6 12 Apr 2
6/
812 872
838 872
838 812
734 81§ 22,100 Texas Pacific Land Trust_ ..1
752 812
834 9
312 Mar 1118 June
8 July 26 1512 Jan 30
No par
10
1018
938 912
818 858 3,400 Thatcher Mfg
*11
1212 10
11
8
9
5 Feb 224 July
42
bC
2758 Feb 44 July
*42
4312 *42
4312 *42 4312 *42
43 *42 4212 42
$3.80 cony pref _ _ _No par 39 Jan 15 44 Jan 29
Ex-rights.
•Bid and asked prices. no Wee on tram day. 1 Companies reported in receivership. a Optional sale. C Cash sale. 7 Ex-dividend.
$ per share $ per share $ per share $ per share $ per share $ per share
312 6
478 558
418 512
434 512
412 512
53s 534
25
25 *24
23
22
22
18
17 20
18
3112 23
*213 3
11g
112
212 212 *112 3
*138 232
*112 3
14 *1214 1678 *11
1678
*15
17
14
16/
1
4 '11
1678 *10
2% 24
21s 212
2
218
112 2
2
2
*214 3
3312 3312 30 3012 •25
*35
3712 *34 37
34
34
37
*212 278
*234 312 .272 314 *278 314 *278 3
278 3
958 10
10,
818 9
1058 11
8
934 1078
934 10
878 878
712 818
6
7
812 814
638 7
7
712
3
358 358
338 358
318 338
3
258 252
234 3
112 1t2
*112 2
118 113 *1
1
1
*112 2
112
1534 17
1312 16
1312 1412 1314 1412 1054 1412 1012 12
114 13.1
2
2
138 158
178 2
172 178
134 178
552 612
638 7
•9
1138
7
712
534 6
814 814
3712 3734 3618 3712 x3534 3612 3514 36
34
3512 3458 3538
114 114 *112 114 *112 11334 11314 114
112 114 •112 114
1
New York Stock Record-Concluded-Page 8
569
131T FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE EIGHTH PAGE
PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 21.
Monday
July 23.
Tuesday
July 24.
Wednesday
July 25.
Thursday
July 26.
Friday
July 27.
Sales
for
the
Week.
$ per share
.612 713
418 412
*1434 17
614 614
1314
13
2
214
2112
•19
1012 1034
83
*82
.2918 37
*92
94
6
618
2838
28
6
618
612 612
412 458
*71
74
37
37
312 312
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
$ per share $ per share $ per share $ per share $ per share Shares. Indus.& Miscall.(Cowl.) Par
*6
712 *6
7
*6
1
4 6
714
4/
5
5
400 The Fair
No par
35* 45*
312 4/
1
4
334 4
312 334
1
4 8,100 Thermoid Co
312 3/
1
*1434 1712 1434 1434 *1412 1538 1412 15
1
*1314 1712
600 Third Nat Investors
8
6
6
5 4 534
512 5/
800 Thompson (J R)
1
4
518 55*
534 534
25
1212 13
1212 1278 1134 1212 10
1014 1114 14,800 Thompson Products Ins No par
12
11
/
4 212
11
/
4 2
178 2
134 2
134 11
/
4 16,600 Thompson-Starrett Co_No par
1878 19
19
19
19
*19
19
1918 1,100
2112 •19
$3.50 cum prof
No par
918 1058
914 934
912 10
8/
1
4 9/
1
4
958 30,500 Tidewater Assoc 011
9
No par
81
811
/
4 *80
82
7912 80
77
7712 79
77
1,300
Preferred
100
*2918 37
*2918 37
*2834 37 *2834 37 .29
37
Tide Water Oil
No par
*8918 94
*8918 94
*91
93/
93
1
4 9378 *91
93
Preferred
100
100
434 612
5
514
518 534
458 5,8
4/
1
4 518 17,500 Timken Detroit Axle
10
25
2734 2534 2614 2558 2634 24
2512 27
27
12,600 Timken Roller Bearing_No par
51
/
4 64
534 6
534 6
518 578
518 534 51,900 Transamerica Corp_ ..._No par
812
6
512 558
518 538
458 5
412 514
3,300 Transue & Williams St'l No par
414 412
414
4
3/
1
4 4
312 4
318 328 15,600 Tri-Conttnental Corp__No par
*72
74
72
72
72
*67
*67
72
*67
80
100
6% preferred
No par
34
2,300 Trico Products Corp
37
35
37
3612 3634 3612 3612 3412 36
No par
314 314
3
3
3
212 234 1,700 Truax Truer Coal
3
314 314
No par
412 4/
1
4
338 434
312 4
334 4
358 418
358 378 12,700 Truscon Steel
10
178 2
1
134
114
112
114
112 134 3,000 Ulen & Co
112
114
114
No par
47
47
45
4634 4412 45
4334 4534 41
45
4212 44
3,700 Under Elliott Fisher Co No par
4712 4712 4414 4814 46
43
41
4612 4418 45/
1
4 3914 45
6,100 Union Bag & Pap Corp_No par
42
421
/
4 4018 4212 40
4112 3812 4014 32,500 Union Carbide dr Carb_No par
41/
1
4 3958 4078 37
1534 16
1512 16/
1
4 1512 15/
1
4 1418 1512 1334 1458 10,000 Union 011 California
1
4 1538 15/
25
*1912 20
1878 20
1878 1918 181
1812 2,700 Union Tank Car
18
/
4 19
1812 19
No par
14
1414 1418 15/
1
4 1458 15/
1
4 14/
1
4 1534 1358 15/
1
4 14
1434 83.500 United Aircraft dr Tran_No par
2514 2514 2412 2518 2414 24/
2412 2358 2438 3,700 United Biscuit
24
25
1
4 25
No par
*11234 120 *11234 118 *10814 118 *10814 118 *10814 118 *10814 118
Preferred
100
404 4014 3812 40
38
3958 3814 381
37
38
3814 8,700 United Carbon
/
4 36
No par
4
412
4
4
45*
4
418
312 418
334 4 126,900 United Corp
No par
2814 28'Z 27
28
2758 2838 2734 2818 2512 2734 2618 2634 6,100
Preferred
No par
134 1313 1218 1314 1218 1258 12
1214 1012 1214 1034 1178 21,000 United Drug Inc
5
*5
558
5
5
412 412
312 412
412
*3
4
4
900 United Dyewood Corp
10
518 538
5
518
434 5
412 412 5,300 United Electric Coal__ _No par
434
434 434
4
7012 7012 70
7034 6912 70
6814 6918 6612 6812 6634 6734 7,200 United Fruit
No par
15/
1
4 1534 1514 1512 15
1514 1414 1518 1418 1458 27,100 United Gas Improve
15/
1
4 15
No par
*99
9912 99
9938 *9814 9914 9812 9812 98
800
9838 9734 9734
Preferred
No pa
*218 3
218 218 *21
/
4 3
*218 3
218 218 *218 3
500 :United Paperboard
100
6
618 618
618
512 6
5
418 412 2,800 United Piece Dye Wks_No par
5
4
512
*40
45
*40
45
40
*33
40
45
45
*33
*33
45
50
63.i% preferred
100
*278 312
2/
1
4 278
214 212 5,700 United Stores class A__No par
212 234
214 212
1
4
2/
1
4 2/
*---- 6278 *56
6278
61 ......_ 63 •____ 63 ",_ _ ._ 63 *40
Preferred class A____No pa
.4612 47/
1
4 4512 4612 *45
4212 _-1,800 Universal Leaf Tobacco No par
46
45
4012 4512 42
45
*3512 42
*3512 42
32
30 Universal Pictures 1st pfd.100
*3512 38
*3512 3612 3512 3512 32
114
114
118
114
1
78
118
5,700 Universal Pipe de Bad
1
11
/
4
1
1
1
1
2012 2038 19
2034 1812 1934 1812 1914 1512 1812 1614 1712 22,700 U S Pipe dr Foundry
20
•1834 19
1834 1834 *1834 19
1
4 1812 1812
800
1s1 preferred
*18/
1
4 1878 1812 18/
No par
11
/
4 11
/
4 .134 214
134
134
11
/
4 *1
300 Us Distrab Corp
11
/
4 *114
134 *114
No par
17
17
1534 16
15
3,500 U S Freight
1312 1114 12
11
15
1514 12
No par
9'2 *9
*9
918
81
718 734
/
4 0
1
4
814 8/
712 758 1,800 US dr Foreign Secur
No par
.75
86
*7313 75
*75
86
7312 7312
*7312 86
300
*7312 75
Preferred
No par
43
43
42
4258 41
40
39
4178 4112 42
41
38
5,200 U El Gypsum
20
•138 140
140 140
13978 13978 1407g 14078 138 140 *13818 145
190
7% preferred
100
74 8
714
714
7
714
71
558 612 *618 7 1,100 u s Hoff Mach Corp
/
4
/
4 71
5
40/
1
4 41
3912 41
40
4112 39
3514 37
14,700 U El Industrial Alcohol_No par
4014 3412 39
6'2 7
534 612
514 558
534 6
512 534 5,400 US Leathery to
518 6
No Par
10
10
9/
1
4 10
858 4,000
8
Class A v t o
712 912
1
4
9,4 9/
No par
/
4
91
/
4 91
5812 *50
551s 551
/
4 *50
59 *____ 55 *____ 55
5812 *50
100
Prior preferred v t a
100
.554 6
438 534
1
4 15,800 U S Realty & ImPt___No par
412 5
4/
438 478
4
414
4
1334 14
1258 1438
1234 36,500 U 13 Rubber
1214 1314 1234 1358 11
1314 12
No par
3512 3612 32
37
2938 21,300
28
32
3414 321
33
/
4 3312 27
1st preferred
100
13178 13412 129 13334 12812 13312 12712 1304 11634 12914 12018 12378 69,200 U S Smelting Ref & Min_....50
.6318 65 .6314 65
*6314 65
6478
6338 *61
300
63
*6338 65
Preferred
50
37/
1
4 38
3534 3818 35,4 3718 3518 3612 3312 3534 3418 3512 120.100 U S Steel Corp
100
8334 8334 8234 8312 8312 8414 8314 83'2 81
8314 8038 8114 6,700
Preferred
100
•112 116 *112 116 *112 115
112 112
500 U S Tobacco
112 112
11214 113
No par
2/
1
4 2'2
2
214
218 12,700 Utilities Pow & Lt A
2
2
218
218
2
218
2
1
84
/
1
4
/
1
4
54
54 3,200 Vadsco Sales
34
78
54
78
34
34
54
No par
1818 1814
1614 1834 1612 1718 1612 1714 14
1412 1512 17,300 Vanadium Corp of Am_No par
18
*814 9'2
712 81
712 712 *8
9
*758 91
700 Van Raalte Co Ino
1
4
7/
1
4 7/
5
*73
73
75
73
•70
75
*70
72
70
60
7012 7012 70
7% lot prof
100
3534 36'2 3412 36
3314 3312 3,300 Vick Chemical Inc
341
34
3412 3412 3412 33
5
258 238
11
/
4 2/
1
4
178
218 4.100 Virginia-Carolina Cbem No par
2
214
2
214
2
2's
•1512 1534 13
151
13
1314
10
13
12
3,400
1212 1212 12
6% preferred
100
8112 *78
.78
811
/
4 *78
74
74
801
78
*74
/
4 77
77
200
7% preferred
100
*7712 79
79
*78
*7812 79
79
79
40 Virginia El & Pow $6 pf No par
1
4 79
7712 7712 .77/
•414
712 *414 712 *414
712 *414 712
414 414 *312. 712
30 Virginia Iron Coal S2 Coke.100
68
68
65
6918 64
66
1,000 Vulcan Den:ming
63/
1
4 5818 6212 4858 60
62
100
5
518
434 5
5
5
5
3,200 Waldorf System
5
5
5
434 5
No par
2612 27
25
27
25
2438 7,800 WaLgreen Co
2634 25
2618 2234 2538 24
No par
*10412 10812 *10412 10612 *105 10612 *10412 10612 106 107
107 107
180
634% preferred
100
34 31
3
/
4
318
214
3
27g
2213 4,900 Walworth CO
31
/
4 318
318
3
No par
*614 8
538 65*
518 518
558 558 .
900 Ward Baking class A No par
558 558
558 578
*134 2
178
11
/
4
112 11
114 158 2,500
112 158
134
112
/
4
Class B
No par
.30
30
31
30
2934 30
2812 29/
1
4 27
2812 2614 2634 2,900
Preferred
100
334 3/
312 4
1
4
314 3/
1
4
3/
1
4 97,200 Warner Bros Pictures
314 334
234 3/
1
4
3
5
20
*15
*14
20
*12
18
*9
17 .12
15
*9
20
$3.85 cony prof
No par
2
2
178
11
/
4
112
11
/
4 112
112 *112 134
/
4
11
/
4 11
900 Warner Quinlan
No par
7,8
712
61
558 6
/
4 74
612
6
618 6/
1
4
11,700 Warren Bros
512 654
No par
"13
1234 1234 1212 1212 •1218 1512 12
16
11
12
1114
400
Convertible pref._ No par
1814 1814 1614 181
/
4 1512 1512 1514 16
1514 1312 1412 3,100 Warren Fdy & Pipe
14
No par
4
4
4
4
4
4
314
3
4
3/
1
4 334
4,100 Webster Eisenlotir__ No par
312 33
•I
14
118
34
118
78
1
*1
1
1,8
1,120 Wells Fargo dr Co
1
1
1
23
2238 23/
23
1
4 22
2012 3,100 Wesson Oil & Snowdrift No par
2234 22
2014 20
2212 19
*6012 61
6012 6058 60
60
60 .60
61
61
060
61
500
Cony preferred
par
No
3834 3912 3412 391
1
4 31
3418 35/
3078 33
35
3512 37
32,400 Western Union Telegraph_100
20
2058 191
/
4 201
/
4 19
15/
1
4 1918 1658 1718 10,200 Westingh'se Air Brake_No par
1912 1812 19
33
33/
1
4 3034 3334 3058 32/
1
4 3058 3212 2778 3158 2812 2978 67,600 Westinghouse El & Mfg___50
*8714 8934 *8714 8934 8714 8714 .874 8934 8718 8714 .8418 90
40
1s1 preferred
50
9
11
•10
9
*612 10
*612 10 0
_
*512 8
8
100 Weston Elea lastrum't_No par
2538 2538 .2538 251 *25/
1
4 2512 *2518 2512 2538 2538 *11
20
2514
Class
A
Na par
64
65
65
65
6014 6014 *60
59
5734 60
65
60
280 West Penn Elea class A_No par
78
76
78
72
77
78
7712 7412 75
7412 70
68
390
Preferred
100
*86
6912 *66
6712 66
67
6312 6412 *5712 65
*6412 65
6% Preferred
100
300
*10912 110 *10912 110 *10912 10934 10912 10934 109 10912 10714 109
140 West Penn Power pref
100
*103/
1
4 .103/
1
4 105/
1
4 10514 *103/
1
4 10534 .10334 10534 10334 103/
1
4 10314 1017g
50
6% preferred
100
*214 2/
1
4
214 214
21
/
4 21
/
4
2
2
*134 234
2
2
600 West Dairy Prod al A__No par
34
34
5/3
54
'8
58
54
/
54
1
4 3.000
12
3
4
511
Class
Et
No
v
pa
t
o
2018 2018 1914 20
1914 2012 20
19
18
20
1712 20
4,100 Westvaco Chlorine Prod No par
*16
1712 15
1512 *1312 16
14
1434 14/
1312 *13
1
4 13
500 Wheeling Steel Corp
No par
•1212 47
*4212 47 .40
4718 *40
4634 .40
4634 *40
4834
Preferred
100
*1638 17 I 1612 1734
16(2 1612 1578 16/
*1512 19
15
430 White Motor
1
4 15
50
2614 2512 26
26
2412 2518 24
243* 2114 22
2114 2214 2,900 White Rk MM Spr elf __NO par
•11
/
4 2
*178 2
178
11
/
4
11
/
4 134
134 134 *112 134
700 White Sewing Machine_No par
*4
9
*5
9
*5
9
5
5
*334
*33
4
4
712
100
Cony
preferred
No par
318
318
3
318
278 2/
1
4
234 278
212 234
212 212 3,500 Wilcox 011 dr Gas
5
718 714
6
71
/
4
512 618
518
512
5
512
5
512 10,200 Wilson & Co Ins
No par
22
2234 19/
1
4 2134 184 2012 1814 1912 15
1814 36,800
1834 17
Class A
No par
8012 8114 76
80
76
77
7514 7612 71
7214 73
77
3,200
Preferred
100
4938 4934 4834 4978 48/
1
4 4912 4834 4938 4614 4914 4718 481
/
4 19.800 Woolworth (F W) Co
10
15
18
18
18
13,2 1514
1578 1312 15
1428 4,700 Worthington P & W
14
14
100
*3514 42
38
38
3514 3514 .36
38
*3112 36
36
36
40
Preferred A
100
*2812 30
*2812 30
2812 2812 28
28
26
27
26
2718
500
Preferred B
100
40
43
41
4014 3514 3734 37
40
3412 40
3818
35
400 Wright Aeronautical_ ..No par
•6518 6512 *62
65
*6318 65 .63
65 .62
6212 6278
64
100 Wrigley (Wm) Jr (Del)No par
16 .1478 1712 01478 1712 14/
16
19
*16
1
4 1712
1
4 1478 *14/
400 Yale & Towne Mfg Co
_25
334 373
313 334
314
35*
318 314
278 3,8 15,600 Yellow Truck & Coach 2111.10
234 314
*37
37 .36
37
40
40
*36
40
*36
36
36
40
70
Preferred
100
1614 1614 151
/
4 16
15
1518 15
15/
1
4 13
1312 1378 5,200 Young Spring & Wire No par
15
1838 16/
1
4 1812 16
18
1878 1534 16/
22,200 Youngstown Sheet & T _ No par
1
4 1258 1612 1314 15
212 212 5`21s
2/
1
4
2,8 218 *2
2
218
218 1,800 Zenith Radio Corp. _ _ _ No par
178 2
3
414 41
/
4
334 41
/
4
34 4
3/
1
4 418
3/
1
4 418
312 334 15,200 Zonite Products Corp
1
•illd and asked prices, no sales on this day. 5 Companies reported in receivership.
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots.
$ per share
458July 26
312JulY 23
134 Jan 2
518July 26
10 July 26
134July 26
1878July 23
812 Jan 4
6412 Jan 4
31 Mar 26
80 Jan 11
3/
1
4 Jan 4
24 July 26
518July 26
412July 26
318July 27
60/
1
4 Jan 9
33 Jan 6
1/
1
4 Jan 3
35* July 23
1 July 23
36 Jan 5
3914July 26
4ay 14
35781,
1314July 27
1552 Jan 9
13/
1
4July 26
23 Jan 8
107 Jan 9
35 Jan 4
312July 26
24/
1
4 Jan 3
914 Jan 8
338 Jan 2
3/
1
4 Jan 10
59 Jan 5
14t July27
86 Jan 8
1/
1
4 Feb 13
4 July 26
40 July 24
214 July 26
541
/
4 Mar 21
4014 Feb 26
16/
1
4 Jan 8
/
1
4July 27
1512July 26
16/
1
4 Jan 11
112 Jan 5
11 July 26
718July 26
6314 Jan 5
3414June 1
115 Jan 10
43* Jan 9
3412July 26
518 July 26
712311y 26
55'8 July21
4 July 26
11 July 26
24/
1
4 Jan 8
96/
1
4 Jan 13
5413 Jan 13
3312July 26
7918June 2
99 Jan 5
2 July 23
34July 21
14 July 26
4/
1
4 Jan 2
z5414 Mar 1
24/
1
4 Jan 4
178July 23
10 July 26
59/
1
4 Jan 8
65 Jan 2
414July 26
62 Jan 4
434 July23
2214 Feb 28
8412 Jan 4
214July 27
61
/
4 July 27
114July 27
2614July 27
234July 26
1812 Jan 19
158 July26
512July 26
11 July 27
13'2 July27
3 July 27
84 July 27
1534 Jan 4
5212 Jan 5
307s July27
j57 July26
271
/
4 July 2
8312 Jan 17
672 Jan 3
16/
1
4 Jan 6
4412 Jan 8
611
/
4 Jan 8
45 Jan 3
8912 Jan 2
78/
1
4 Jan 10
2 July 25
12July 27
1471 Jan 12
13 July 26
38 Jan 4
15 July 26
2114July 26
112 Jan 8
5 July 25
212July 26
4/
1
4 Jan 8
124 Jan 9
53 Jan 8
411
/
4 Jan 3
1312July 24
34 Jan 10
26 July 27
167s Jan 8
5413 Jan 11
14 Jan 5
1
4 July 26
2/
28 Jan 2
13 July 26
125* July 26
178July 26
3/
1
4 July 26
a Optional sale. c Cash sale.
Highest.
PER SHARE
Rangefor Previoue
Year 1933.
Lowest.
Highest.
$ Per share 1 per share $ per share
1218 Feb 16
2/
1
4 Mar 121
/
4 May
918 Feb 19
1
Feb
1012 July
19/
1
4 Feb 6
10 Mar 2114 July
11 Feb 5
6 Dec 1512 June
2014 Feb 16
538 Jan 204 Sept
512 Jan 29
12 Mar
912 June
2412 Jan 30
12
Jan 30 June
14/
1
4 Apr 23
3/
1
4 Jan
1134 Sept
8518 Apr 30
2312 Apr 654 Nov
40 Apr 27
914 Apr 28 Dec
9612 Apr 27
45 Feb 80 Dee
8/
1
4 Apr 24
112 Mar
814 June
41 Feb 5
13/
1
4 Feb 3512 July
812 Feb 5
2%
258 3.r
Mar 17934 July
1312 Feb 17
July
6/
1
4 Feb 3
234 Feb
834 July
78 Apr 20
41
Apr x75 May
40 Feb 3
2018 Feb 3878 July
418July 12
12 Apr
514 July
9/
1
4 Feb 19
2 Mar 12/
1
4 June
4 Jan 15
'4 Jan
614 JUDO
5112 Jan 20
914 Feb 3912 July
80/
1
4 Feb 23
512 Jan 60 July
50/
1
4 Jan 19
1934 Feb 511
/
4 July
2012 Feb 5
812 Mar 2338 July
2114June 18
1012 Feb 22/
1
4 June
37/
1
4 Feb 1
1612 Mar 4C1
/
4 July
2914 Apr 26
1312 Feb 2748 July
120 June 30
92 May 111 Dec
4612June 16
1014 Feb 38 Dee
8/
1
4 Feb 7
4 Dec 1411 June
37/
1
4 Feb 7
2218 Nov 4078 June
1814 Apr 28
618 Dec 12 Sept
10/
1
4 Apr 26
678 June
34 Feb
1 Mar
6 Apr 25
8/
1
4 July
77 Apr 21
2314 Jan 68 Aug
2018
y 18
8
8
12
3,
78
2 D
Decec 125 July
9938 July
00Jan
358 Feb 19
12 Jan
512 July
312 Mar 2178 July
1334 Feb 20
88 Feb 21
35 Dec 85 July
6 Apr 20
34 Feb
714 July
66 Apr 16
45 Mar 68 July
2112 Apr 5112 July
5012July 13
4613 Apr 11
10
Apr 35 June
4 Apr
3 Feb 16
338 July
33 Feb 7
618 Mar 2218 July
191
/
4 Feb 23
1234 Apr 19 May
1
4 Jan 31
Oct
6 June
2712 Feb 5
7 Feb 2958 July
318 Feb
1514 Feb 5
17/
1
4 July
78 Feb 26
3612 Mar 84 July
5012 Jan 24
18
Feb 5312 July
14078July 27 1014 Jan 121 Sept
131 Apr
1018 Apr 24
1172 June
1312 Feb 94 July
64/
1
4 Feb 9
238 Mar 1714 July
1172 Jan 24
1934 Feb 1
414 Feb 2734 July ,
30 Feb 7814 Sept '
80 Jan 30
212 Feb
1234 Feb 2
1412 July
24 Apr 21
2/
1
4 Feb 25 July
512 Feb
611
/
4 Apr 20
43/
1
4 July
141 July 19
1312 Jan 10558 Sept
3912 Jan
58 Sept
65 June 18
23/
1
4 Mar 6712 July
59/
1
4 Feb 19
9912 Jan 5
53 Mar 10512 July
120 July 10
Jan 1091
/
4 Dee
59
538 Feb 6
11
/
4 Apr
8/
1
4 June
1
4 Jan 25
1/
/
1
4 Jan
318 July
758 Mar 3814 July
3134 Feb 19
158 May
111
/
4 Apr 18
10 July
98 Feb 5
2012 May 65 Sept
2318 Dec 31 Sept
3634July 20
5/
1
4 Jan 23
58 Feb
7/
1
4 July
3/
1
4 Mar 2812 July
26 Feb 5
3558 Mar 6312 July
8112June 29
80 Dec 85/
79 July 27
1
4 Jan
218 Feb
9 Feb 23
15 May
79 Mar 9
12/
1
4 Feb 67/
1
4 June
8/
1
4 Feb 20
518 Dec 12 July
2914June 18
107 June 15 -75 Apr 905* Sept
/
1
4 Apr
638 Feb 1
838 June
12 Feb 5
25* Mar 20 July
5, AP
358 Feb 5
5,
3 July
1112 Apr 4478 July
36 Jan 24
Feb
1
814 Feb 5
918 Sept
/
4 Apr 24
44 Feb 2412 Oct
311
/
1
4 Mar
3/
1
4 Feb 16
41
/
4 Jun!
212 Feb 2238 Jun:
1338 Jan 24
2878 Apr 23
3558 Jun*
712 Feb
5 Feb 30 Dec
31 Jan 20
1
8 July
Jan
7 Jan 25
18 Apr
24 Jan 23
312 June
7 Mar 3712 July
27/
1
4 Feb 21
40 Mar 63 July
6114July 12
1714 Feb7714 July
6672 Feb 6
111
36 Feb 6
/
4 Jan 3558 July
4714 Feb 5
1
4 July
1938 Feb58/
6012 Feb96 July
95 July 11
312 Feb1314 July
14 Feb 5
10 Mar 2214 July
2512June 29
30 Apr 73 June
70 June 13
Apr 7734 June
37
80 July 13
3312 Apr 8912 July
x6812July 19
8812 Dee 110/
110/
1
4 Jan
1
4June 12
Jan
80 Dec 101
105 June 29
2/
1
4 Apr
618 Jan 30
1134 June
78 Mar
44 June
212 Jan 30
5 Mar 2012 July
274 Feb 8
711 Jan 35 July
29 Feb 21
15 Feb 67 July
57 Feb 26
Jan 2612 July
14
2812 Feb 19
Oct
3112 Apr 19
23 Oct 29
12 Jan
3/
1
4 Feb 6
4/
1
4 July
1114 Apr 20
1012 July
11
/
4 Jan
2 Mar
51
/
4 Apr 5
512 June
9 Apr 11
11 June
71 Jan
4
281
/
4 Apr 13
Jan 22 June
19 Mar 7212 July
8412 Apr 11
5478 Apr 21
1
4 July
2518 Apr 50/
3178 Feb 5
8 Mar 3978 July
53 Jan 24
14 Mar 51 June
42 Jan 24
14
Feb 47 June
75 Jan 27
Apr 24 May
6
6618July 11
3412 Feb 574 Dec
22 Apr 24
Jan 23 June
7
/
4 Mar
784 July
21
714 Feb 19
4712 Apr 26
18 Mar 42 July
2234 Feb 19
312 Mar 1918 July
3334 Feb 19
1
4 July
712 Feb 37/
18 Feb
5 Deo
434 Feb 5
3/
1
4 Feb
812 July
734 Feb 19
2 Sold 7 days. z Ex-dividend.
y Ex-rights.
er
570
0.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909:1he Exchange method of gaoling bonds was changed and prices are now -and interesr--except for insone and deauited bids.
NOTICE.-Cash and deferred delivery sales are disregarded in the week's range, utile% they are the only transactions of tile week, and when se ling outside of the
regular weekly range are shown in a footnote in the week in which they oceur. No account is taken of such sales In oompu lug the range for the year
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 27.
U. S.0
•
i
k1
'.,e,
mina.
PNce
Friday
July 27.
Bid
Week's
Range or
Last Sale.
Ask Low
1,
4,
te<4
High No.
First Liberty Loan-3ti of '32-47 J D 1038188 Sale 103888810418n 205
J D
Cony 4% of 1932-47
10217nMay34
1 D 103888 Sale 102858310318n 192
Cony 434% of 1932-47
1 D
/
48.7une34 ---____ 102L1
2d cony 434% of 1932-47
___- Sale 1031588103148 247
Fourth Lib Loan 41
/
4% of '33-38 A 0 1035131
011888 Sale 101888 1011088 157
41.1% (2d called)
Treasury 4345
1947-1952 A 0 113188 Sale 1122188 11448 969
Treasury 43(80000.16 1934,
thereafter 311%
1943-45 A 0 103142 Sale 103643 1041242 689
Treasury 48
1944-1954 J 0 10828n Sale 108242210982w 123
Treasury 3/
1946-1956 al S 107321 Sale 107888 1078188 120
1
45
Treasury 3/
1
418
1943-1947 .1 D 104278, Sale 104278810518n 148
is 1134
Treasury 34--Sept 15 1951-1955 NI S 1012888 Sale
Treasury 3s_ _Dec 15 1946-1948 J 0 101,
48 Sale 1001188102,088 2843
Treasury 310 June 16 1940-1943 J D 1051n Sale 105
105",,49
Treasury 3/
1
48 Mar 18 1941-1943 M S 1042882 Sale 104888810528n 499
Treasury 33511 June 15 1946-1949.1 D 103
Sale 102(a 1031742 663
Treasury 3/
1
48
Aug 1 1941 33 A 1042288 Sale 10448 105118 1510
Treasury 334,-------1944-1946 -_ t,103788 Sale 1021888 104881 2705
MS
Fed Farm Mtge Corp 3Xs...1964 - 101148 Sale 1011411021188 951
3s
1944-1949 M S 100"n Sale 998188 10184 526
Home Owners Mtge Corp 4s_1951 J J 1001182 Sale 100
101888 2698
as series A
1952 al N 10018,8 Sale 100
101188 3940
State & City-See note below.
Foreign Clort.•& Municipals.
Agile Mtge Bank s f 68
1947 P A
,
Aug 1 1934 subseq coupon__
_Sinking fund 68 A_ _Apr 15 1948 A0
With Oct 15 1934 coupon-- r
,
Akershue (Dept) ext 581
.14
1963 m Antiooula (Dept) coll 78 A...1945 I J
External of 78 ser B
1945.1 1
External s 1 78 ser 17
1945.1 .1
External of 78 ser 13
1945 3 3
Externals f 78 lot see_ ___1957 A 0
External sec 5 f 7s 2d ser__1957 A 0
External BCC 81 78 3d ser__1957 A 0
Antwerp (City) external 58_ _1968 I D
Argentine Clovt Pub W118615-1960 A. 9
Argentine ea of June 1925_1959 2 li
Extl 8f 65 of Oct. 1925-.1959 A 0
External of 6s seriee A_ .. __1957 m S
External 68 aeries B_ _Deo 19583 D
Ertl of 6,f May 1926_ _1960 M N
Ezternal of 68 (State Ry)-1960 M S
Ertl Co Sanitary
1961 F A
Extl 6s pub wks May
Works...
1927 1961 ikk N
Public Works extl 548_1962 F A
Argentine Treasury 55 £_ -_ _1945 M S
Australia 30-yr 55___Tuly 15 1055 J 1
External 5s of 1927_Sept 1957 M S
External g 4148 of 1928_ _ _1956 61 N
Austrian (0ort) 8 f 78
1943 1 D
Internal slaking fund 78_1957 1 1
Samna (Free State) 6344_1915 F A
Belgium 21-yr eau 6 y28
1949 MS
External of 69
1955 J .1
External 30-year of 78
1956 J D
Stabilization loan
_1956 M N
Bergen (Norway)5s_Oct15
70-- 1949 A 0
External sinking fund 58_1960 Fif S
Berlin (Germany)8 f 614s_ -1950 A 0
External, f 68_ _ _June 15 1958 J D
Bogota(City)ext1 s f 8s
1945 A 0
Bolivia (Republic of) exti 85_1947 111 N
External secured 78 (f1a8)-1958 J 1
External 81 78 (flat)
1969 M S
Bordeaux (City of) 15-yr 611_1934 MN
Brasil(US of) external 8s
1941 .1D
Externals? 6158 of 1926-1957 A 0
External,f 84s of 1927 1957 A 0
7s (Central RY)
1952 .1 D
Bremen (State of) extl 76-.1935 M S
Brisbane (City) s f 5s
1957 611 5
Sinking fund gold 5s
1958 F A
20-year a f es
1950.1 0
Budapest (City) exti of 68-1982 1 D
Buenoe Aires (City)6348 2B 1955
./
External of 68 ser C-2
1980 A 0
External a f Os ser C-3- -1960 A 0
Buenos Aires (Pro,) extl 68.1961 rd 13
SBA (Sep 1 '33 coup on)1961 M 8
External a? 614s
1961 F A
Stud (Aug 133 coup on)1961 F A
Bulgaria (Kingdom)at 7s_.1967 .1 J
Stabli'n s f 7140-710v 15 1968 M N
May coupon on
---Caldas Dept of(Colombia)710•44 J J
Canada (Dom'n of) 30-yr 48-1960 A 0
518
1952 MN
434a
1936 F A
Carlsbad (City)of 88
1954 1 J
Cauca Val (Dept) Colom 740'46 A 0
Cent Agile Bank (Ger)
-1950 NI S
Farm Loan of tis__July
78.15 1980 J 1
Farm Loan,1 63-00t 15 1980 A 0
Farm Loan 88 ser A Apr 15 1938 A 0
(-lane (Rep)-Ext1 of 74
1942 MN
External sinking fund 68 1960 A 0
Ext sinking fund 68.-Feb 1981_ F A
By ref eat s f 6s
Jan 1961 I J
Ext sinking fund 6s_Sept 1961 111 S
External sinking fund Os. 1902 M 8
External ranking fund 68._1963 MN
Chile Mtge Bk 6348 June 30 1957 .1 D
13 f 684s of 1926_ _June 30 1961 .1 0
Guar 5 1 Os
Apr 30 1961 A 0
Guar of 65
1902 MN
1960 M li
Chilean Cons Munk 781
Chinese(Hukuang By)
.1951 1 13
Christiania (Oslo) 20-yr5..of fki '54 M 8
Cologne (City)Germany 61501950 M S
Colombia(Rep)68 of'28_ _Oct'61
Oct 1 1934 and sub coupons on.. A 0
Eater 1348 (July 1 '34 coup on)'al .1 1
Colombia Mtge Bank 61f a of 1947 A 0
Sinking fund 78 of 1926-1946 M N
Sinking fund 78 of 1927
1947 F A
Copenhagen (City) 58
1952 .1 D
25-year g 41.4a
1953 M N
Cordoba (City) extl 81 7s
1957 F A
External a f 72--- -Nov 15 1937 MN
Cordoba(Frov) Argentina 791942 .1 J
Costa Rica (Republic)78 Nov 1 1932 coupon on_1951 M N
7s May 1 1936 C011171711 on_1951 .....
251
-2312
4-26
__
22
2614-25
784 Sale
974 Sale
412 10
912 Sale
912 107s
712 972
712 978
712 9
9212 Sale
76 Sale
7512 Sale
7512 Sale
76 Sale
7534 Sale
76 Sale
76 Sale
7554 Sale
76 Sale
7014 Sale
9218 95
9412 Sale
9434 Sale
90 Sale
9412 Sale
66 Sale
26 May'34 --__
3
2312
24
27
2714 29
12
23
24
7734
7818 12
11
20
9l
7
1054
1014
7
1038
912
7
11
1014
772
912 27
6
412
914
9i2
4
914
10
95
9212
784 17
75
7414
7914 50
7414
7854 34
7414
7914 28
7414
7834 51
48
7414 278
131
7414
79
7314
7834 28
19
7414
79
70
7378 19
9112
9254 35
9312
954 209
94
9512 58
8954
9158 301
9414
9958 63
6114
6853 26
35
344 Sale 34
11
10034 Sale 100
10034 62
100 Sale 9912 10014 71
10712 Sale 10612 10712 85
10314 Sale 10214 10512 44
801
- 82 June'34 ___
77 2-7
7912
79-12 79
31 Sale 31
3514 39
3012 Sale 3012
114
35
18
19
1812
1858
6
634 Sale
658
718 17
514
512 Sale
618 45
518
Sale
28
64
512
16978 ____ 170
21
170
2912 43
28 Sale 28
2454 Sale 2334
52
26
2512 125
24
2312
25
2334 Sale 2334
2534 37
____ 4078 44 July'34 ____
8512 56
8514 Sale 84
8558 Sale 8438
85/
1
4 29
974 Sale 9618
9712 38
3814 sale 35
404 46
7312
5
61
7712 73
7234 14
___ 71
71
____
71-75
714
5
47
51
____ 51
1
4178 Sale 4112
441s 83
50 July'34 ____
48
55
4218 4812 4234
4414 80
2214
21
3
2214 2214
2314 July'34 ____
2112 35
2038 Sale 2058
5
2008
7
13
1034 14
10/
1
4
10214 Sale 10178 10212 84
11034 84
110 Sale 110
10438 10458 r10412 10412 10
70
68 Sale 66
8
6
124
104
1012 12
4884 27
48 Sale 4714
4012 Sale 40
4112 55
41
41 Sale 38
105
4134 35
4112 Sale 39
11
978 812
28
9
834
1114 65
938 Sale
11
28
9
912 Sale
1118 51
834
912 Sale
912
11
8
912 Sale
10
14
9
10
11
1058 39
9
912 Sale
1214 37
1178 Sale 1158
1418 41
1358 Sale 1312
1238 73
11 Sale 11
1212 47
41118 Sale 21178
818
818 sale
11
27
--------367
2
3878
2
89
89
92
32
30
___2718 Sale 274
24
2612
28 Sale
2224 26
224 Sale
2334 25
7712 794
74 Sale
3212 Sale
38
40
507e 55
39
25
34
27
2412
43
28
24
7
2314
2314
2218
2314 13
3
2314
2314
7712
7814
7
74
7434 58
3212
3434 16
3934 July'34 --4
5112
5112
1
4
4212 39/
____ 25
3954
2512
5
4
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 27.
lj
i9
..., a.
Price
Friday
J011, 27.
Week'sRange
Range or
1,»
Since
Last Sale. tool
Jan. 1.
Foreign Govt. & Muffle.(Con.)
Bid
Ask Low
High
High No Low
Low
High Cuba(Republic) los of 1904-1944 M 8 9055 94
9358
9414 20
7474 9912
10018810411n
External Soot 1914 ser A__1949 F A
___ 95 June'34 ____
93
9512
10014, 10348
External loan 4 34o
72
72
76
1949 F A 9572
6274 78
1
10183210418n
Sinking fund 530 Jan 15 1953J 1 75
76
76
80
6174 8414
10
102118810211n
Public wks 54s June 30 1945 J D 27 Sale 2612
55
29
2258 4172
101%1041188 Cundinamarce 6 sie
1058 Sale 1018
1258 59
1959 M N
1018 1934
101588 1021188 Csechoelovakia (Rep of) 88_1951 A 0 99 Sale 99
9914
88 101
5
104118811442
Sinking fund 8s ser B
1952 A 0 ____ 9918 99
90 101
3
99
Denmark 20-year cal 8s
8611 9812
1942 J J 954 Sale 9414
46
97
971%10474a
9038 Sale 89
External gold 514s
1955 F A
9114 111
8328 954
1011481093/
1
48
External g 4148__Apr 15 1962 A 0 8054 Sale 80
82
71
87
164
10084 108888 Deutsche Bk Am part ctf 88_1932
9555811051888
Stamped extd to Sept. 1 1935_ _ ,..-_. _ 54
5778 55 July'34 ____
7714
93%10214n Dominican Rep Cust Ad 534a '42 M S 46514
-- Sale z66
661s
9
4354 6774
lot ser 5145 of 1926
100,141102"88
60 July'34 --__
1940 A 0 5612 60
28
60
98558810515”
2d series sink fund 5L4s
1940 A 0 5612 Sale 5612
3714 5978
5812 14
98%81058°n Dresden (City) external 78_1945 1%4 N 4538 47 4634
4514 5818
4712 10
9511
/
48103'588 Dutch East Indies extl 6s 1962 M S 159 164 161
2 15112 16512
161
30-year en'5348____Nov 1953 M N 159 163 163 July'34 --__ 151 16412
97342105,188
30-year ext 515s_Mar
101',,101',,104088
_
1953 M 13 159 ---- 63 July'34 _-__ 15112 165
10148 102,48 El Salvador (Republic) 85.4_1948 J 1 53--- 57
3
57
484 60
J .1 45 -52 46
991481017n
Certificates of deposit
38
55
4
47
100 1015833 Estonia (Republic of) 7s____1967 3 3 73 Sale 7234
5774 76
25
73
100
1017n Finland (Republic) ext 614.-_1945 M S 99 Sale 99
9912
79 100
9
External!Inking fund 74_1950 NI S 10014 Sale 9934 10118 41
8612 10118
1
4 Sale 99
External sink fund 6148_1956 M S 99/
9934 46
7812 91124
External sink fund 5)0_1958 F A 9412 Sale 9334
76
9512 115
9512
Finnish Mun Loan 611s A_.1954 A 0 9712 Sale 9712
98
77
98
5
External 6 t4 a serial 13_ --1954 A 0 98 Sale 97
7514 98
6
98
1851 2718 Frankfort(City of) of 634s-1953 MN 27 Sale 2618
25
48
284 24
20
2614 French Republic eat' 73111-1941 J D 18438 Sale 184
18712 105 1544 18712
1538 2934
External 78 of 1924
1949 J D 18334 Sale 18338 18514 22 180 18512
2678 German Government Interna16
684 8158
36
Lionel 35-yr 5348 of 1930_1965 1 D 3358 Sale 3058
3058 6312
61
81g 1704 German Republic exti 75_1949 A 0 48 Sale 45
4934 121
45
8712
9
17
German Pro, & Communal Bits
9/
1
4 17
1
4 Sale 34
(Cons Agile Loan)6348 A_1958 1 D 34/
3512 50
311
/
4 7112
818 1714 Gras (Municipality) Es
4
8534
1954 M N 8218 8512 8534
5738 88/
1
4
Only unmatured coupons on ._.--------70 65 May'34 ___
62
778 14e4
Ms
8
1458 Gt Brit & Ire (II K of) 534a- 1937 F A 118 Sale 11778 11834 66 11158 12413
8
1458
t4% fund loan Z 0135 1960A990 MN al1518 Sale 211512 11534 194 109 1171e
35 a30 July'34 ___22
8212 9912 Greek Government of ser 76_1964 MN 23
3312
2338 2512 25
5312 84
1834 31
S:see 6sAug'33 cou pon_ _1963 F A
11
26
534 8414 Haiti (Republic) e f 68 ser A.1952 A 0 8018 83 8158
7412 82
21
82
30
28
53
84
3114 18
28
53
Hamburg (State) 64
19413 A 0 28
53
8378 Heidelberg(German)esti 7349'60 J .1 ---- 27
23
23 July'34 ____
44
5358 84
95
Helaingtors (City) ext 8148_1980 A 0 04 Sale 94
7254 95
21
5358 84
38
2858 4414
2
Hungarian Muni° Loan 714s 1945 3 1 36 Sale 36
5312 8412
32 2714 May'34 __
Only unmet coup attached__ J J
2714 2314
36 July'34 __
40
_
5208 8378
3058 45
External a f 7s (coup)_ _1946 3 J 35
3 1 ____ 297g 30 June'34 ____
Only unmat'd coups attached
5258 84
30
30
4712 78
Hungarian Land M Bust no '81 MN 4412 Bale 44
3312 5018
7
4412
8054 99
Sinking fund 748 ser B__ .196i 61 N 45 Sale 45
31
5018
474 10
8812 9758 Hungary (King of) a f 714s-1944 F A
384 40 3818
3818
31,2 424
2
89
9758
Irish Free State ext.' of 58_ _1960 M N 109 11414 12 July'34 ____ 1104 116
83
95
914 10012 Italy (Kingdom of) esti 711_1951 J D 9212 Sale 91
9054 102
161
96
Italian Cred Consortium 74 A '37 M 13 95
50
77
9314 100
9712 July'34 ____
98
9412
3
96,2 92
894 100
External see,tie Bar
-1947 N 111 89
78-1952J J 81 Sale 7778
84
34
5912 Italian Public 1:4.11Ity eat]
76
18
9318
B..92 158
86
Japanese Govt 30-yr a f 00_1954 F A 9134 Sale 9114
95 105
9612
77
Eat!sinking fund 5340......1985 MN 7634 Sale 7654
94 104
7312 86
16
99 109
Jugoslavia (State Mtge Bank)1957 A 0 29 • 35 30
30
2318 4213
6
95/
1
4 10834
Secured s 1 g 75
1558 July'34 __
8212
1812 25
68
1558 27
713 with all unmet 001M-1957 ---16 July'34 _ _
16
20
With Oct 1 '35 58 sub coups on ,.. 134 16
664 8212
46 Sale 46
1947 FA
7
49
37/
1
4 6514
Leipzig (Germany)of 7e
31
52
60
3012 4912 Lower Austria(Pm)7348_1980 3 0 80 ____ 8834 July'34 ____
8914
5
0
__
Feb'34
attaoh'd
50
63
---------coups
IN 24
Only unmatured
6 149 17054
641134 Lyons (City of) 15-year 611-1934 MN 16974 ____ 17034 17034
40 149 171
514 1012 Marseilles (City of) 15-Yr 6sA934 MN 16978 ..... a170 a170
812 Bale
838 16/
1
4
29
838
10
518 1012 Medellin (Colombia) 8128-1954 3 D
119 17014 Mexican Brig Asstng 4348-1943 MN --------584 Apr'34 __
413
Vs
2234 364 Mexico (US) eat! Soot 1899 £ '45 Q -0 ____
6
_.
4 Sept.'33 ____
618 ..
10
6
814 614
614 32
2014 32
Assenting 5.8 of 1899
1945 ---2014 32
Aseenting 5s large
114
---- _ _ __ __-_ 618
i
618
204 32
618 8
Assenting 5s small
458
5
458 Sale
1954 -- _
44
7
6318
44 714
Assenting 48 of 1904
-412 512 414 Mar'33__. ...,..
7314 88
Assenting 45 of 1910
73
8778
Assenting 48 of 1910 large_ _.
7
54
. ---- -- - - -- -- 54
5 --,.854
9712
83
438 83a
9
478
Assenting 45 of 1910 small_ _ _ _ -_---_ - - -- ---- 412
3118 4812
84 11
'
1 Frees 68 ot'13 assent(larger33, -I _-__ ---- 978 July'34 ___
J I ____ _ - 612 Apr'34 .....
6
114
461s 7934
*Small
87
109
47
7254 Milan (City, Italy) eat!8148 1952 A 0 8314 fele 82
82
9178
4514 74
Minas Geraes (State) Brazil1955 NI S 1738 Sale 1738
24
3014 51
17
17
19
External s f 81/411
2614 4418
19
17
6
Ext sec 63.4,series A
1959 M S 1712 Sale 1712
2312
311
/
4 5014 Montevideo (City of) 78
2
33
2714 364
19.52 J D ____ 35 33
3014 17
27
4114
2614 3275
External 8f ils series A....1959 MN 3018 ---- 3018
187s 24
92 Sale 92
2112 2012 New So Wales (State) extl 154 1957 F A
934 35
85
98
20
2012
8514 9558
93
53
External a f 5s
Apr 1958 A 0 9218 Sale 92
9912 Sale 994 10012 39
1038 1854 Norway 20-year ext Os
1943 F A
914 l014
92 10258
20-year external 65
1944 F A 9958 9934 9954 10012 18
9014 10114
10314 11114
99
1952 A 0 9714 Sale 9718
8912 100
14
30-year external fla
9334 43
10034 105
834 954
40-year of 5148
1965 1 D 92 Sale 92
61
8014
804 9218
9034 42
External a 1 5&..Mar 15 1963 al 8 89 Sale 89
104 19
- 8912
8312 91
Municipal Bank exile f 58 1967 J 0 89
9
9012
8912 a9014 July'34 __ _
4514 73
81
91
Municipal Lank extl,f 58_1970 1 D 89 --2912
3512 69
284 554
6
Nuremburg (City) extl 65.....1952 F A 2654 Sale 2618
1453 rd S 724 Sale 7218
354 69
66
774
74
Oriental Devel guar 134
32
1958 M N 6858 Sale 6858
3814 70
6914 26
624 74
Ext1 deb 53.4a
83
90/
1
4 290
812 16
Oslo (City) 30-year a f 8s
1955 IN N
7618 93
90
3
74, 16
7
.1953 1 D 10212 10312 10312 10312
1634 Panama (Rep) 9991
98 10312
1
7
1534
37
2914 44
15
Ext1s1 5sser A...May15
549-. 1963 51 N 35 Sale 35
.,
._
35 Sale 35
754 15/
29/
1
4 44
37
18
Stamped
1
4
74 1558 Pernambuco (State of) earl 78 '47 IN S 1358 Sale 1358
1074 1815
8
14
1114 1278 1114
718 16
13
WI 17
8
Peru (Rep or) external 78_1959 M S
714 Sale
714
912 1512
84 71
Nat Loan eat!81 68 1st ear 1960 J D
578 14%
1
4 Sale
7/
712
10
1814
818 33
Nat loan eat' of (is 2d ser.1961 A 0
64 144
818 1512 Poland (Rep of) gold 64.---1940 A 0 7178 Sale 67
79
7212 40
59
8
115
1518
288
88 1184
Stabilization loan of 78_1947 A 0 113 Sale 111
7
12
85
6914 90
78
External sink fund g Fis_.1950 1 .1 83 Sale 8218
27/
1
4 42/
174 24/
1
4
2
194
194
1
4 Porto Alegre (City of) 88_1961 J 0 194 20
1858 2412
15
20
Exti guar sink fund 740..1968 1 -3 20 Sale 1914
8158 93
2741 50
9718 100
98 July'34 _._
Prague (Greater City) 7 Sis..1952 111 N
83 100
Freesia (Free state) exii 648 .51 ;A 5 33 Sale 32
32
3654 70
5812
2113 3558
1952 A 0 3312 Sale 33
33
364 97
External of Si
5712
21
3524 Queensland (State) extle 1 70 1941 A 0 105 Sale 10434 105
4 102 1064
Sale
100/
1
4
15
1
4 1014
24
25-year external fls
1947 F A 100/
944 103
5
1512 2412 Rhine-Main-Danube 7s A__ 1950 M 5 4514 49
47
694
47
2
47
16
36
28
19
22
FUo Grande do Sul eat!8188 1946 A 0 22 Sale 22
48
1718 1912 1914 July'34 _ _ _
6312 84
1838 20
apr'32-04V33-Oct'34 cpn on __ _
1514 24
20
External sinking fund 618_1968 J -13 1912 Sale 1912
53
5912 784
I918 20/
1
4 1912
1414 3712
1718 24
2018 23
External s f not 1926.-1986 M N
1912 Sale 1912
1714 244
19/
1
4 21
2974 3934
External of 711 Mink loan 1967 1 D
254 54
1978
1712 2278
2012
RIO de Janeiro 25-year s f 88 1946 A 0 1973 22
5
1a33 F A
1918 Sole 1914
22
16
2014 55
External 4 f 610
92
30
83
40
9014 132
Rome (City) exU 830
1952 A 0 85 Sale 84
1834 2512
II
1
For footnotes see page 576.
NOTE.-Sales of State and City securities emir very rarely on the New York Stock Exchange, dealings In such securities being almost entirely Over the counter.
Bid and asked quotations, however, by active dealers in these 8ecuritles, will be found on a subsequent page under the 8tener2o1 head of "Quotations for Unlisted Securities."
New York Bond Record-Continued--Page 2
July 28 1934
BONDSi.4
h
N. Y. STOCK EXCHANGE
Week Ended July 27,
.:,'6":
Foreign Govt. &Munk.(Corwl.!
Rotterdam (City) esti 88- _1984 M N
Roumania (Monopolies) 78._1959 F A
Saarbruecken (City) es
1953 .1 J
Sao Paulo(City)8185__Mar 1952 MN
Externals f 6448 of 1927_1957 MN
San Paulo (State) exti at 85_1936 3 J
External sec of 8s
1950 J J
External s f 78 Water L11:1_1956 M S
External 8 1 6e
1969 J J
Secured 8 f 78
1940 A 0
Santa Fe (Prov Arg Rep) 7s_1942 M S
Saxon Pub Wks(Germany) 75'45 F A
Gen ref guar 6448
1951 M N
Saxon State Mtge lost 76._1945 J D
Sinking fund g 6 4s__ Dec 1946 J D
Serbs Croats & Slovenes 8s.j962 M N
All unmatured coupon on__ ____
Nov 1 1935 coupon on
External sec 78 8er 13
1962 M N
November coupon on
_ ____
78 Nov 1 1935 coupon on -1962 -- _
Silesia (Prov of) eat' 75
1958 .1 b
Silesian Landowners Assn 6s 1947 F A
Soissons (City of) eat! 88_ _1936 M N
Styria (Prov) external 7s_ 1948 F A
Sweden external loan 544s_1954 51 N
Sydney (City) et 5 WI
1955 F A
ba
Price
Friday
July 27.
Week's
Range or
Last Sale.
1:1
00
sl,
a
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 27.
-3,4
o
''s.'.:
.., a:
571
Price
Friday
July 27.
Week's
Range or
Last Sale.
High
Bid
.Ask Low
118 120 11812 120
36
3312 Sale 33
7834 7934 7834
7834
2634
4012 25
21
2212
2218 Sale 2218
3318
3318 Sale 32
22
23
21
23
21
2078 Sale 207
19%
195* Sale 18 8
8612
8512 Sale 84
4012
353 Sale 3538
4638
4538 Sale 45
32
32 Sale 32
45
50
43
55
4812 5912 56 July'34
2434
25
2434 26
1818
1612 21
18
15
15 Sale 15
2514
2314 Sale 2314
1712
18
1612 19
15
1712 1414 June'34
6212 Sale 6212
65
4418 June'34
--,- 43
- 17012 17012
168
87
____ id 8634
10218 Sale 10218 10438
90
895* Sale 89
c:91
4 ,.
Range
since
Jan. 1.
Low
High
105 109%
10834 121
10012 193
8512
61
7424 9934
9918 110
77:4 102
7118 97
3212 45
9534 10714
9014 109
84
70
28
56
41
65
1812 38
10
26
912 26
18
37
_ _
_
211
-2112
27
35
65
8324
53
73
95 108%
9712
78
No. Low
High No.
Bid
,43k Low
Railroads (Continued)High
109
2 112 134
46
Canadian North deb at 7s...1940.1 D 10814 Sale 10814
42
25-years 1 deb 6448
23
40
1946.1 ..11 11912 Sale 11912 121
42
66% 81
10-yr gold 4448___Feb 15 1935J .1 10012 102 10134
5
10214
9
22
30
3
8414 240
Canadian Pac RI 4% deb stock__ „, - 82 Sale 793
1946 M S 9712 Sale 9712
21
99
17% 24
31
Coll tr 444s
110
18
5
1944 .1 J 10914 Sale 1087g
3514
66
be equip tr etre
1355 25
18
10134 84
Coll tr g 5s.
Dec 1 1954 .1 0 10012 Sale 9912
14
9612 61
133 24
Collateral trust 414s_ _ _ _1980 J .1 94 Sale 93
45 July'34 ____
50
1252 22
26
1949 1 3 41
IrJar Cent let cons g 48
107
Caro Clinch A 0 let 30-yr So.1938 1 0 10634 Sale 10612
65
88
86
34
1812 4312
14
1st & cons g 6s aer A_Dec 15'52.1 D 10714 N.1111 10714
10734 40
22
80
80
45
Cart & Ad 1st gu e 48
1981 ,1 0 ____ 84
67
1
54%
32
3
6078 Cent Branch U P 1st st 48 _1948 J D 54 Sale 52
8
30 5934 58 July'34 ____
45
71
6
:Central of CM let g be_Nov 1945 F A
1812
M
N
1945
21
Sale 1812
17
5512 70
__-,
Consol gold 5s
10
1018 32
2114 28
9
Ref & gen 545 series B 1959 A 0 ____ 18
12
912
15
16
22
22
Ref. & gen be series C__ _ _1959 A 0 10 Sale
1
25
25
1312 1512 I
I
Chatt Div par money g 48_1951 1 D ____ 27
35
Jan'33 ____
18
253
31
Mac A Nor Div 1st g 58_1946 1 J __ 37
Jan'34 ___..
21
1234 20
5
Mid Ga & Atl Div our m 58 '47 .1 J ____ 25
27
11
____
27
27
1946 .1 .1 25
17 1
Mobile Div let g 5s
I
81
5235 71 'Cent New Eng! 1st gu 4e. _1961 J .1 79 Sale 79
28
18
70
70
72
10
4334 69 I Cent RR & Ake of CM coil
____
M N 69
108
30
15 150 171 I Central of NJ gene 5s
1997 J J 10612 108 108
55
88 ' General 413
3
1937 .1 .1 ___ 9612 9714 July'34 ____
14 102 10934
965* 116
80
93
29
Cent Pac let ref gu g 4e
1949 F A 9414 Sale 941
7512 9612
9334
9334
4
734 937
Yhrough Short List 21146_1954 A 0 ____ 93
8212 59
Talwan Elee Pow 5 f 548_1971 1 J 6818 70
6378 87
61k 7312
6912 29
1960 F A 784 Sale 7818
6818
Guaranteed g bs
Tokyo City be loan of 1912_1952 Si S 6678 Sale 66%
6614 7312 Charleston & Say'h 1st 78_ _1938 .1 J 10512105 June'34 ____ 103 105
2
66%
110% 26 10512 111
External 5 1 544e guar_ _ _1961 A 0 72 Sale 7012
72
39
6134 7334 Chas & Ohio let con g 58_ _ _1939 M N 11012 1101 11014
11034 75
1012 17
1138
Telima (Dept of) esti U.__ _1947 MN
6
1992 M S 109% Sale 1097s
98k 11114
1012 Ilk 11
General gold 448
Trondhjem (City) 1st 548_1957 M N 8312 85
10534 46
Ref & inapt 4448
87,
4 8714
85
8614 25
1993 A 0 104 Sale 104
885* 106
Upper Austria (Prey) 7e_
1055* 107
62
86
1
4
8134
1945 J D 77
8812 10610
Ref & Inapt 444s set B._ _1995 .1 .1 10314 Sale 103
8314 81,
Only unmatured coups attch ------------84 May'34 ____
74
76
Craig Valley 1st bs__May 1940.1 J 10518 ____ 105 July'34 ___974 105
External 51 644s_June 15 1957 .1
____ 101 June'34 ____
7112 77
7312
9012 101
Potts Creek Branch let 48.1946 J J 1 ,1
7312
1
484 7712
Uruguay (Republic) ext1 82_1946 F A
3412 46
9712 /0334
3
35 Shie 35
R de A Div 1st con g 43_1989 3 .1 102__ 10212 10334
355* 13
Externals 1 66
1
2714 42
3214 39
2714 Sale 2714
2.1 coneol gold 45
1989 J 3 10112 10312 10112 10112
8712 101 12
1960 NI N
99
9912
External at 6s_ _ _ _May I 1964 M N ____ 31
__ _ 9912 Jan'34 ____
2914 42 I
3212 14
Warm Spring V let g 59_1941 IN 5 102
31
Venetian Prey Mtge Bank 75 '52 A 0 ____ 9478 94 July'34 __ __
58
94 109
15
Chic & Alton RR ref g 38_1949 A 0 565* Sale 55
515* 7018
10114 98
58
9012 I Chic Burl & Q-Bi Dtv 3;48,1949 J .1 100 Sale 9934
9014 21
Vienna WRY of) antis f 6s...1952 Si N 88 Sale 88
88 10114
Unmatured coupons attached_ hi N --------7512 July'34 ____
50
78
97 107
1949J .1 10334 Sale 10334 10658 23
Illinois Division 4s
Warsaw (My)external 75_ _1958 F A
10514 138
53
68' I
63
51
9212 10514
1958 M S 10314 Sale 102
5814 Sale 5814
General 48
10458 51
Yokohama (City) extl 68_1961 1 D 7312 Sale 7312
8818 10454
66
77
76
46
1s1 dt ref 4448 ser 13
1977 F A 10134 Sale 101
10934 40
lst A ref 58 eer A
1971 F A 109 Sale 109
98 10934
____ 80 July'34 ____
53
83
:Chicago & East III 1st 68_ 1934 A 0 79
812
11
105
9 Sale
Railroad.
812 2512
SC & E Ill Ry(new co) gen 5s1951M N
, Certificates of deposit
-- -- 1312 1258 July'34 ___ 7
984 21
Ala Gt Sou 1st cons A 5s
110
91 110
13
94 104 I Chicago & Erie let gold 58___1982 IN N 110 Sale 10954
1943 J 13 10334 ---- 104 May'34 -___
let cons 4s set is
46
94
13
98 10012 I Chicago Great West lot 45_1959 Si S 4012 Sale 3878
354 57
1943 J D 9812 Sale 9812 10014
Alb & Susq let guar 34s1948 A 0 98% Sale 9858
3012 4712
3012 .111IY'34 ---,
85
9914 I :Chic Ind & Lowey ref 68___1947 J J 2018 30
987k
3
Alice & West 1st gu Is
25
25
30
7334 01 I
25
2
4218
5
Refunding gold 58
1947 .1 .1 20
90%
1998 A 0 903 Sale 9038
Refunding .te series c
96 10434 I
Anse Val gen guar g 4s
1942 M 5 104 Sale 10312 104
31
25
41
1947.1 J 2014 2634 28 July'34 ---:Ann Arbor 1st g 4a-July 1995 Q J 4212 47
912
1012 14
10 Sale
29
60 I
14
1st & gen 58 series A
51 18
912 23%
4612
1966 P.O N
914 22,32 ,
Atch Top & S Fe-Gen g 45_1995 A 0 103 Sale 10212 1055* 329
914
1018 12
912 Sale
Ist A gen 88 series B_IVIay 1988.1 1
93 106 I
5
9312
84
9934 ChM Ind & Sou 50-year 4s__ _1958 1 J 9214 95% 9312
99
71
9554
2
3
Adjustment geld 45_ _July 1995 Nov ____ 9918 9918
Stamped
83 100
9978 128
Chic L El & East 1st 444e
99 10514
1969 1 ID 10334 ____ 105 July'34 ____
July 1995 MN 98 Sale 9712
Cony gold 48 of 1909_ _ A955 J D 9514
60
8212 9612 Chi M & St P gen cis ser A _ _1989 J J
60
5818 Sale 56
_ 96 July'34 __ _
56
747
Cony 4e of 1905.
57
80
2
9712
9512 12
53
Oen g 3446 ser B___MaY 1989 3 3 -1...,. 58
71
1955 J D 9512 Sale 9518
57
Cony g 45 Issue of 1910_ _ _1960 1 D 8712 ___ 9512
63
7812 9512
42
Gen 444s ser C
9512
60
3
May 1989 J J 6212 Sale 60
8012
Cony deb 4348
62
9514 107
Gen 4445 ser E
81
60
7
May 1989 J J 62 Sale 60
19483 D 10434 Sale 10434 10678 37
7
6512
Rocky Mtn Div 1st 454._ _1965 1 3 100 102 100
82 10014
Gen 44e Der F
10014 40
65
84
May 1989 J J 6518 Sale 6518
Trans-Con Short L 1st 45_1958 J J 101-.-- 10512 106
9514 108
18
Cal-Aria 1st dr ref 4448 A_1962 M 5 10612 10818 10714 10818 , 11
34
803
31 Sale 29
95 10818 Chic Milw SIP de Pao 58 A_ _1975 F A
29
5612
All Knox & Nor 151 g 58_1946 .1 12 1005* _-__ 10012 June 34 ____
8
1018 1862
838 Sale
9934 103
8
2358
Cony ad) be
Jan 1 2000 A 0
Atl & Charl A List 444s A _ _1944 .1 J 103 Sale 1025* 103
54
8678 103
8
46
Chic & No West gen g 348_1987 m N
5018 70
525* Sale 5018
lei 30-year be Dories 13_ 1944 J J 1054 1068 1045* 106
5742 77
64
88 10634
29
5814 8278 62
6
General 4s
1987 Si N
6418
4
Atlantic city let cons 4s
64
58
78
75
90
Stpd 4e non-p Fed Inc tax '87 Si N ____ 68
90 May'34 ____
96
1951 .1 J 90
AB Coast Line 1st cons 48July'52 M S 97 Sale 96
82 10012
70
72
9812 93
8
Gen 44s stpd Fed Inc tax_1987 MN 64k 68
6312 8234
87%
6912
71
70
68
12
74
02
General unified 4448 A
125
Gen 58 etpd Fed Inc tax
90
1987 MN 67
1964 J 13 8812 Sale 88
L & N coll gold 48____0e2 1952 MN 77 Sale 77
Jan'34 ____
68
85
6012 62
434* stamped
1987 M N --------62
7934 89
Atl & Dan 1st g 4s
79
98
8212 19
39
5378
10
46
15-year secured g 83-4s_.1936 M 5 79 Sale 79
4212 Sale 4212
1948 J J
2d 4
42
Sale
35
47
4012
1
4714 27
J
D
1st
38
ref
g
2037
38
58
May
4012 6812
s1948J .1 3612 3712
3914 89
All & Yad 1st guar'sts
let & ref 448 stpd_May 2037 J D 35 Sale 35
46
64
5712 July'34 ____
35
1949 A 0 5112 53
607*
40
Austin & NW let en g 58_1941 I J 90
127
lat & ref 448 ser C May 2037 J D 36 Sale 34
7914 92 I
34
61
9078 11
9078 9012
2812 Sale 24
3034 1953
24
5312
Cony 44s series A
19411 M N
Halt & Ohio 1st g 48_ _ _July 1948 A 0 10012 Sale 9912 102
6112 20
8812 10314 :Chia RI A p Ry gen 48_ _1988 J J
53
131
618 5934
515* 7312
Refund dc gen bs series A_1995 J D 73 Sale 73
6412 July'34 ____
8734 86
80
60
64
73
_ ____ 65
Certificates of deposli ____
let gold 158
2318 130
984 109
53
108
•Refunding gold 48
1912 3112
A0 19 Sale 1812
1934 ,July 1948 A 0 108 Sale 106
Ref & gen 6s aeries C._ _ 1995 J D 86 Sale 85
21
77
9712
16
1814 Sale 18
8812 110
18
29
Certificates of deposit ____ ---P L E & W Va Sys ref 48__1941 MN 98 Sale 98
2312 45
85 100
100
68
*Secured 444s series A__1952 Si S 1912 Sale 1912
1912 3234
Southwest Div 1st 5.8.._1950 J J 96 Sale 9534
16
_
____ 2212 July'34 ____
8312 10014 I
22
995* 90
28
Certificates of deposit
'101 & Cln Div 1st ref 48-A_1959 J .1 ____ 85 8534
712
978 116
66
8812
814 Sale
8712 15
Cone g 444s
1980 IN-N
712 185*
Ref & gen 5e series D____2000 P.O 5 73 Sale 73
87
8518 Ch St L & N 0 5s_ _June 15 1951 J D 10612 107 10512 July'34 ____
79
81
83 107
Cony 444e
6312 Sept'33
51
7234
62
456
Gold 344s
1960 F A 55 Sale 51
June 15 1931 .1 D 8434
Ref & gen Si 58 set F.
84
8514
6712 857
79
6314 -8-6.34
. .1996 M 5 74 Sale 73
8514
Memphis Div 1st g 48____1951 J D 8412 881
Bangor dr Arooetook 1st 5_1943 1 J 10712 109% 108
61
653
Chic T H & So East 1st 5s_1980 J D ____ 63
109
12
10 101 110
5512 80
Con ref 4s
44
75
987
9812 29
42
32
Inc gu 5*
62
Dec 1 1960 Si 8 43 Sale 42
1951 J .1 98 Sale 97
Battle Crk & Slur 1st gu 38_1989 j D 65
60
6514 Chic Uci Stien 1st go 43.4s A_1963 J J 1055* Sale 10412 106
___ 6514 July'34 ____
185 1003s 10718
Beech Creek Sot gu g 48___ _1936 .1 J 10134 Sale 10112 102
90 102
13
1.1 5* series B
1963 1 .1 10812 Sale 10812 1085* 19 1054 11012
26 attar g 5e
108
92 10114
3
1944 I D 107 10834 108
9714 10812
1936 J J 101 10112 10112 10134 15
Guaranteed g 53
Beech Creek ext 1st e 344s 1951 A 0 9218 ____ 9412
113
83
95
17 11134 115
4
96
1st guar 8%s twice C
1963 J J 11214 Sale 11214
Belvidere Del c,c)..; n. 348_1943 1 .1 103
93
__.. ____
7214 93i2
____
____ ____
143
_ Chic & West Ind con 4,
1952 J 1 91 Sale 8978
Ilig Sandy let 4s guar___ _.1944 .1 D 103% ____ 10212 June'34 ___ r
9618 10212
--28
84% 10412
lat ref 544s series A
1962 M S 10012 Sale 10012 103
Boeton & Maine let 58 _ -C_1987 M S 8512 Sale 8512
July'34
____
46
30
47
46
N
62
M
S,_.1952
8834 169
cons
73
9018 Chun Okla & Gulf
'at M 58 series II
7312 90
51
90
CM H & D 2d gold 444e
96 10314
1955 M N 804 Sale 8612
1937 1 .1 10218 ____ 10314 July'34 ____
let g 4489er JJ
103
68
8414 C I St LA C 1st g 4s_ _Aug 2 1938 Q F 103 Sale 103
8234 50
99 103
3
1961 A 0 ____ 8112 8114
Boston & N Y Air Line 1st 4s 1955 F A
51
6
7312 CM Lab & Nor 1st con gu 4s_1942 Si N --------9818 May'34 ____
6812
85
9814
5018 6612 68
Bruns & West 1st gu a 48_1938 .1 j 100
88% 1003 Cln Union Term 1st 048
__ .10012 May'34 ____
2020 J 1 108- 10818
10814
7 10011 10812
Buff Roch & Pitts gen as 511_1937 51 S 10412 Sale 10412 105
11014
97 10.578
28
11 1045* 11112
1st mtge 58 aeries B
2020 J J 110 1-11 110
Consol 444s
108
60
73
8034
70 Sale 6712
26 10412 111
let mtge g 58 series C
1957 M N 10912 Sale 10912 11014
1957 M N
51111rie R & Nor let A coll 5534 A 0 2912 Sale 2912
2012 4814 Clearfield & Mah let gu 58..1943 1 J --------965 Feb'34 ____
7
34
965* 965*
Certificates:of deposit
34
Apr'34 ____
95
40
22
Cleve Cin Chi & St L gen 48_1993 J D 9414 Sale 94
2912 3212 40
7518 97
9212 100
General 58 series B
1993 1 D 10814 10912 100 Apr'34 __
Canada Sou cons ell 55 A___1962 A 0 10918 Sale 10878 10912 21
100
92 10912
80 100
.1
Ref & inapt 6s ser C
1941 1 .1 100 10012 100
Canadian Nat guar 434e
9858 1055*
8714
1055* 18
14
1954 M S 10538 Sale 10458
Ref & impt 58 set D
19633 1 85 Sale 85
745* 9112
30-year gold guar 4448_1957 J J 10912 Sale 10914
9812 110
110
36
Ref & impt 444s ser E__1977 1 J
64
82
7334 Sale 71 14
775* 84
Guaranteed gold4446_ _1988 .1 D 10714 Sale 10714 10778 24
10414
9912 10778
Cairo Div let gold 48
92 10414
5
1939 1 J 10312 Sale 10312
Guaranteed 855
29
105 11412
11412
92 July'34 _ _
July 1980 J 1 114 Sale 1135*
an WA Si Div 1st g 48_1991 J J 8834 92
68
9212
Guaranteed g6.
11614 33 104% 11814
Oct 1989 A 0 11418 Sale 114
95
St L Div 1st coll Ire 48
34
77
95
1990 Si N 923 _ _ 924
Guaranteed 858
Apr'34 ____
Spr & Col Div 1st g 48__1940 M S 101 101 99
1970 F A 115 Sale 115
1155* 14 105 1155
92
99
434s.
Guar gold
114
27 10218 114
.June15 1955 J D 1133, Sale 11318
95
95
73% 9514
5
W W Val Div 1st g 4e__.1940 J 1 8714 95
Guar g 445
11078 85 100 11078 Cleveland & Mahon Val e-58 1938 1 J 10314 ____ 10318 July'34 ____
1958 F A 1105* Sale 110
9912 10358
Guar a 4458
9912 1015*
Sent 1951 M S 11014 Sale 10912 11012 46 10018 11012 Clev & Mar 1st gu g 445_1935 M N 10112 ____ 10112 July'34 ____
For footnotes see page 575
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exchange - Members- New York Curb Exchange
49 WALL STREET
-
-
NEW YORK
Prirate Wires to Chicago. Thdiananais and St. Louis
.
.
New York Bond Record—Continued—Page 3
572
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 27.
t
B8
n
..../.
Price
Friday
July 27.
Week's
Range or
Last Sale.
.1 •
4
44,
4
Range
Since
Jan. 1.
Railroads (Continued—
Bid
Ask Low
High No. Low
High
Clay & P gen gu 4348 ser B__1942 A 0 10312 ____ 98 June'33 -- ____ ___
Series B 330
1942 A 0 00
___ 86
Jan'33 ---- ____
Series A 4 Ms
1942 J J 1033
/
4 ____ 1013
/
4 May'34 --- - 10134 1013
----4
Series C 330
____ 91 Aug'33 -- -- ---- — -.
1948 MN 98
Serles D 330
1950 A F 10012 _ _ — 83
Oct'32 -__- _ _ _
_
Gen 434s ser A
1977 F A 10158 Sale 101% 101%
1 10013 104
- _Cleve Sho Line 161 gu 430_1961 A 0 10338 1043
/
4 10312 104% 13
82 1043
/
4
Cleve Union Term let 5%8_1972 A 0 10212 Sale 102/
3
4 103/
3
4 34
8412 104
let, f 5a series B
1973 A 0 99% Sale 9958 1003
/
4 95
82 10078
let, f guar 430 series C I977 A 0 9414 Sale 9414
98
106
73
36
Coal River Ry let gu 4a
1(445 J D 1003
/
4 -_ 102 July'34 ---,
95 102
Colo & South ref & eat 4348_1935 M N 9513 Bale 9478
98
140
84
97/
3
4
General mtge 4 Maser A 1980 MN 7112 Sale 7012
72
82
65
8112
Col & H V let ext g0
1948 A 0 10212 112 10158 May'34 ---96 102
Col & Tol let ext 48
1955 F A
_ 10438 1043
/
4
I
97 105
Conn & Passum Riv let 46_1943 A 0 103389814 9-312 9812 June'34 ---9812
92
Consol Ry non-cony deb 48_1954 1 J 40
49
3
50
47
43
593
/
4
Non-cemy deb 45
1955 1 1 ____ 493
/
4 50 July'34 _--50
58
Non-cony deb 48
1955 A 0 ____ 53
59 Mar'34 _--4483 59
Non-cony deb 48
1956 1 J52
---52 July'34 ---44
5812
Cuba Nor Ry let 5f48
1942 1 D 33 Sale 3212
3312 47
1914 39
Cuba RR 1st 50-Year 58 g 1952 J 1 2514 Sale 25
27
33
18
3212
1st ref 730 series A
D
23
1930 J
Sale 23
2514 25
1614 30
1st lien & ref 68 ser B
19363 D 1812 193
23
/
4 20
3
15
29
Del & Hudson lat t ref 4s
1043 MN
58
1935 A 0
Gold 5348
1937 MN
D RR & Bridge 1st gu ir 4s 1938 F A
Den & R 0 let cons g 4a
1936 1 .1
Consol gold 430
1936 .1 J
Den & RU West gen 53 Aug 1955 F A
Assented (subj to plan)Ref &!mot 53 ser B__ A pr 1978 -A--0
2Des M & Ft Dodge 4s ctfs_1935 1 .1
Des Plaines Val 1st gen 4%3_1947 M S
Det & Mac let lien g 4s
1955 J D
Second gold 46
1995 1 D
Detroit River Tunnel 4348_1961 MN
DulMissabe & Nor gen 58__ _1941 1 J
Dul & Iron Range let 5_._..1937 A 0
Dul Sou 8hore & Atl g 3s_ _ _ _1937 I J
94/
3
4 Sale 9413
97
216
10112 10218 10114
102
6
1033
/
4 Sale 102/
3
4 10312 83
10158 ____ 10158 May'34 .--42 Sale 42
473
/
4 57
44 Sale 4312
12
491
1312 Sale 13
1858 50
11 Sale 11
12
32
2734 Sale 2512
31
45
4
6
6 July'34 ---____ 8714 8714
8714
5
2012 43
2012
2012
1
10
20
12 May'34 ---,
10533 Sale 105
10512 38
10514— - 10373 Jan'34 --108 108-14 108 July'34 ---3618 39
39
39
1
East Ry Minn Nor Div lat 48'48. A 0
East T Vs & Ga Div let 52..1906 M N
Elgin Joliet & East lat g 58-1941 MN
El Paso & SW lets,
1985 A 0
Erie & Pitta g gu 330 ser B 1944) J J
Series C 330
1940 J J
Erie RR lat cone g 48 prior-1996 ./ J
let consul gen lien g 46_1996 1 J
Penn coil trust gold 48-19151 F A
50-year cony 4a series A
1953 A 0
Series B
1953 A 0
Gen cony 43 series D
1953 A 0
Ref & impt Soot 1927-....1967 M N
Ref & impt 58 of 1930
1975 A 0
Erie &Jersey islet 63
1955 J J
Genessee River late f 644_1957 J J
NY & Erie RR ext 1st 48_1947 MN
3d mtge 430
1938 M B
991s
__ 98 July'34 ---10818 July'34 -----__ 108
_9712 104 104
104
4
90
8912 Sale 8912
3
10034 --- 96 Feb'34 ---10034 ---- 10011 June'34 -9338 Sale 9338
9514 31
7413 Sale 72
78
137
104
104 . _ 104
4
74 Site 74
7712 48
7712 12
7412 Sale 7413
74
___- 75 July'34 --/
4
72
261
6614 Sale 643
65/
3
4 Sale 6414
7134 348
110 114 110
113
7
111 11214 111
111
9
10512 Sale 10512 10512
1
101
___ 00 Mar'34 .
--
(Fla Cent & Penn 56
1943 1 J 43 _ __ 413
/
4 June'34 ___
:Florida East Coast lat 4348_1959 I D 46
60
55
56,4
2
lit & ref Si series A
1974 hi S
7 Bale
7
9
51
Certificates of deposit
. ..-678 14
634 Bale
6
/ Fonda Johns & Gloy 430__1952
Proof of claim Med by owner.. M N
712 14/
3
4 758
755
1
(Amended) let cons 2-46_1982
14 512 512
Proof of claim flied by owner M N
512
1
5
Fort St u G Co lea a 4448_194i 1 J 0812 _ _ _ 9712 June'34 --,
Ft W & Den C 1st g 530—.1961 .1 D 104 Sale 104
104
2
Gale,Hobs & Rend 1st 514s A '38 A 0
KM & Ala Ry let cons 56 Oct '463 1
1,10a Caro & Nor 1st gu g 58'29—
Extended at 6% to July 1 1934 I J
Georgia Midland let 38__1946 A 0
Gouy & Oswegatehte 1st 5a._1942 1 D
Gr R & I ext let gu g 430_ _ _1941 J J
Grand Trunk of Can deb 76_1940 A 0
15-year 3 2 68
1938 Id S
Grays Point Term let
I947 I D
Great Northern gen 7358_aerA.1936 J 1
let & ref 431s series A
1961 .1 J
General 534,Berle,B
1932 J 1
General 56 series C
1978 1 1
General 43.0 aeries D
19761 3
General 4548 series E
1977 1 J
Green Bay & West deb Ws A___ Feb
Feb
Debentures ctfs B
Greenbrier Ry let gu 48
1940 M N
Gulf Mob & Nor let 530 B_1950 A 0
let mtge 51i aeries C
1950 A 0
Gulf&8I let ref es tar 58Feb 1952 J J
Stamped (July 1'33 coupon on) 1 3
Hocking Val let CMS g 430_1999 J 1
Housatonic Ry cons g 5
1937 MN
H & T C let g 58int guar_ _1937 J 1
Houston Belt et Term lat ia_1937 J .1
Hud & Manhat let Eager A I957 F A
Adjustmentincome 5a Feb 1957 A 0
___
28
85 55 July'34 ____
____ 1912
20
8
--------2911
2912
1
_ _ 58
5618 May'34 ---95 103/
Jan'31 -3
4 100
102 -- - 103 July'34 -108 Sale
- 108
109
71
10712 Sale 10714 10812 42
____ _ - 96 Nov'30 ---9038 Safe 90/
3
4
95
287
96
9712 9614
9834 58
87 Sale 86
9234 28
81 Sale 80
83
72
73 Sale 73
78
22
72 Sale 72
7813 64
35 _ _
38/
3
4
383
/
4
1
414 -534 5/
3
4
6
12
10112 _ _ 10134 July'34 --__ -81-33 82 July'34 __-70 Sale 70
7433 18
_ 67 Feb'34 __-_ ___
_--- -6-i 55 Deo'33 __-110 11034 110 July'34 ---9812 10012 10053 10053
2
10434
10434 July'34 - —
101 1-02 10112 July'34 ---86 Sale 85
8712 180
38 Sale 373
/
4
41
188
Illinois Central let gold 48_1951 1 J 100 ____ 10212 July'34 _-let gold 330
1951 J J 9778 ____ 9812 July'34 ---Extended lat gold 330-1951 A 0 9734 ____ 98
98
5
um m s mg _ ._ 73 Mar'30 ---let gold 38 sterling
Collateral trust old 46
1952 A 0 79 gale 78
8012 53
Refunding 4s
1955 M N 78 Sale 78
80
15
Purchased lines 3345
78
7812
19523 1 60
2
7811
Collateral trust gold 0_1953 M N 7278 Sale 72%
7638 56
Refunding Si
1955 MN 8112 917 91
9114 15
15-year secured 63462
1938 J 1 10118 Sale 10118
10213 33
40-year 434,
Aug 1 1966 F A
6314 103
57 Sale 53
1930 .t D soil 100 loo
Cairo Bridge gold 4s
loo
1
Litchfield Div 1st gold 38_1951 1 J
8234 _ __ 8118 May'34 ____
Lollies,Div & Term g 3348 1953 J 1 85
i81 88 July'34 ---Omaha Div let gold 3s_ _1951 F A
-------_ 7111 May'34 _—_
St Louis Div & Term g is_1951 J 1
79
79 July'34 ___
Gold 330
1951 J 1 8338 85 84
4
84%
Springfield Div 1st g 330_1951 I J 8334 _ _ 80 May'34 ____
Western Linea let g 4a_ _1951 F A ___ "of 88 July'34 --III Cent and Chic St L & N-0—
Joint let ref 58 series A .__1963 1 D 73 Sale 71
94
81
let & ref 434s series C..
3
4 68
68
1983 3 D 63/
7313 33
Ind Bloom & West let ext 48 1940 A 0 95 ---- 9834 July'34 ---Ind Ill & Iowa let g 45
19503 1 9712 ---- 97%
9718
5
Und & Louisville let au 48_1956 1 l -------- 25 Feb'34 ---Ind Union Ry gen 58 see A 1965 J .1 10034 ____ 10334 104
3
Gen & ref 58 series B
1905 J J 10034 --- 10334 10334
5
tInt-Ort Nor let Baser A_ _1952 J .1 2712 Bale 25
301 107
Adjustment 0,ser A-July 1952 A 0
8 Bale
7
10
196
let 58 series B
19563 .1 2378 sale 257
2528 11
let ass eerie, C
1956 J 1 2512 Sale 25%
29
10
Int Rye Cent Amer lat56B 1972. MN 66
2
72
70
71
let coil trust 6% g note,-1911 MN 67
7312 12
7278 7112
lst lien at ref 630
1947 F A 68
____ 6912
72
11
For footnotes see pare 575.
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 27.
il
i
'a.
July 28 1934
Price
Friday
July 27.
Week's
1•
Range
Range orSince
t1
Last Sale.
o
Jan. I.
Railroads (Continued)—
Bid
Ask Low
1938 J D
314 8
:Iowa Central 53 ctla
4
1st & ref g 48
112 334 213
1951 M 8
James Frank .1 Clear 1s1 43_1959 1 D 6912 87
85
Kal A & GI R let gu g 5s
1938 3
Kan & M let gu g 43
1990 A
IK C Ft S & M Ry ref g 46._1936 A
A
Certificates of deposit
Kan City Sou let gold 381950 A
Ref & impj63
Apr 1950 J
Kansas City Term let 4a____1960 1
Kentucky Central gold 46_1987 3
Kentucky & Ind Term 434e 1961 1
Stamped
1961 1
Plain
1961 1
High No. Low
High
4
5
4
1138
358
2
212 512
85
1
6913 8814
J 10012 _ _ 103 Mar'31 ---if 94/
0
3
4
96
10
0 36/
3
4 44
4378
48
49
0 4312 46
46
1
46
0 7534 Bale 7534
7738 113
J 64
69
68
73
23
3 10213 Sale 10134 10358 162
1 1003
/
4 101 10038 10158
6
J 893
/
4 9078 8914
8918
5
/
4 100
J 953
953
/
4 July'34 --1 97
9812 93 June'34 ----
____
__
79 -9-7
36
5334
3512 52
6212 7712
6712 84
93/
3
4 10418
9012 103
73
92
80
9513
93 93
Lake Erie & West Ist g 58-1937 1 J 10012 Sale 10012 10158 15
8312 10134
28 gold 56
1941 3 1 _-.- 9338 92
92
5
70
95
Lake Sh & Mich So g 3348
1997 J D 8934 95 94
9412 14
81
98
Lehigh & N Y let gu g 48_ _1945 M S 7534 Sale 7534
83
7834
6
57
Lela Val Harbor Term gu 541_1954 F A 102/
3
4 104 10234 103
20
8212 10312
Leh Val NY let gu R 4348_1940 J 3 100 Sale 100
10038 35
8314 100/
3
4
Lehigh Val(Pa) cons g 46_2003 M N 5614 Sale 5512
61
137
47
68
2003 MN 66 Sale 66
General cons 430
6812 11
52
74,2
MN
2003
General cons 58
71 Sale 71
75/
3
4 25
54
83
8014 97
Leh V Term Ry lat gu it 58._1941 A 0 10514_ 105 July'34 ---94 10534
97 103,2 1.032 & East let 50-Yr 56 gu_1985 A 0 105 1-1138 110
/
4
110
9
91 1103
92 105
Little Miami gen 411 swim A_1962 MN 100% --__ 10038 June'34 ---95 100/
3
4
9914 1015
, Long Dock cameo! g 6a
1938 A 0 1033e ____ 10358 July'34 --__
99 10358
3512 602 Long wand_
42
63
1938.
General gold 48_ _
1 0 104 10412 10434 10414
1
9914 10434
13
32
Unified gold 43
1949 M 8 10038 105 10218 10218 11
95 105
11
2312
20-year pm deb 58
1937 M N 10412 10434 10412 10434 11
9334 104,
4
1949 M S 100 Sale 100
237s 4912
Guar ref gold 45
10318 33
9212 1048
4
834 Louisiana & Ark 1,1 58
A.1969 3 1 5634 Sale 5634
6214 59
5018 637e
65
8712 Louis & Jeff Bdge Co MI if 43 1945 M 5 100 Sale 100
10138 12
84 10138
20
243
/
4 Louisville & Nashville 58
1937 M N 107
____ 107
107
5 102 10712
113
/
4 12
1910 .1 J 104 Sale 10312 10414 118
Unified gold 48
94% 103
84 106
hit refund 530 series A
2003 A 0 104 10414 104
1043
/
4
7
9258 10558
10373 103/
3
4
1st & ref 56 series B
2003 A 0 _ r,.. 10214 100
10214
90 10438
7
10213 10814
1st & ref 4345 aeries C___.2003 A 0 96 Sale 95
9812 123
83
9912
23/
3
4 4912
1941 A 0 106 107 10512 May'34 ---- 10112 10612
Uold 58
Paducah & Mem Div 43_1946 F A 9014 10378 10038 101
5
82 101
8913 98
St Louts DIN' 2d gold 36_1980 M 8 72
73
73
3
6078 7412 '
91 109/
3
4
Mob & Monts let g 4346_ _1945 M 11 105 __ _ 105
9612 105
105
1
9413 10512
South RI joint Mono,, 46_1952 1 3 8112 Sale 8112
8412
9
6418 8412
8112 94
All KnoxY & Cin Div 48_1955 M N 10053 --__ 101
101
9
85 101,4
9414 99
95 10012 Manila RR (South Lines)48_1939 M N 68
70
68%
6818
6
5718 75
1999 M N 633
/
4 68
7912 98
6712
let ext 48
67/
3
4
3
65
7214
6614 7933 Man GB & NW lift 330-1941 1 J
__ 6412 70 June'34 ____
5973 70
9918 104
_____
Mex Internet let 4,asstd-1977 M S ____
13
/
4 June'34 --__
13
/
41 214
6238 78
Michigan Central Detroit & Bay
78
63
1940 3 .1 1021
.... 10218 102%
City Air Line 43
1
94 10218
62
76
Jack Lane & Bag 310-1951M S 808-92
91 May'34 „...
8734 91
60% 7978
let gold 334,
1952 M N 9873 9938 9834
9938 10
86 100
60
79%
9712 97 July'34 __
Ref & ImPt 434e Mr C---.1979 J J 94
7514 97
96 114
0
____
1941'
A
8114 8114
Mid of N J 1st ext S.
8114
5
62
85%
97 III
*Milw&Nor 1st(W.4%8(1580)'34 1 D __ 94 8712 July'34 __
7814 97
9334 105,2
1934 1 D .. _ __ 91
'Cons eat 430 (1884)
95 May'34 — —
65
95
100 100
Mil Soar & NW ist go 48_1947 M 8 60 Sale 59
62
40
5878 7512
Milw & State Line lst 3Ma 1941 1 ---------76 June'34 ---70/
1
4 75
84
46
1934
M
N
Se
ctfa
Minn & St Louis
7
7% 19
73
/
4 7
4
9%
55
64
238 458 314
ist & refunding gold 43_1943 M 8
7
2/
3
4 378
3/
3
4
7
19
314 11
1962 Q F
Ref & ext 50-yr 58 ear A
312 June'34.-__
234 414
173/4
6
Q
F
2
278 314 July'34 ____
Certificates of deposit
113 434
M SIP & 58 34 con g 4,int gu'38 J 1 3414 3618 3212
38
7
323
/
4 49
7/
3
4 13
1938 J 1 20
let eons Si
3512 31
31
4212
1
31
3
4 41
1938 J 1 ...- 40/
let cons Si gu as to int
443
/
4
2
38
56
312 15
19463 1 23
30
let & ref 68 series A
26
26
1
20
38
83
9712
1949 M 8 1734 Sale 1614
25-year 5343
2014
9
1614 34
9614 105,2
71
1978 1 3 8812 71
let ref 53,6 ser B
73
10
60
80
77
—__ 85
lit Chicago Term 8 f 4a-1941 MN
Jan'34 --__
85
88
75
9114 Missitsdppi Central let 5, 1949 1 1 88/
3
4 ---- 883
/
4 July'34 ____
7812 88'4
15/
3
4 26
1959 3 J 21 Sale 21
2Mo-Ill RR let 5s ger A
14
28
2312 93
2014 30
Mo Kan & Tex 1st gold 48-1990 1 D 91 Sale 91
9213 35
7578 9338
40
60
Mo-K-T RR pr lien So ear A_I982 1 J 79 Sale 7673
84
66
70
9113
_...
_
__ 6758 6834
1962 1 J
40-year 4e series B
613
/
4 79
6912 12
9534 104
_-1978 1 J -- -- 75
Prior lien 430 6.2 D
75
75
9
633
/
4 833g
105 10912
Cum adjoin Si ser A_Jan 1967 A 0 43 Sale 41
6212
50
71
41
10238 109
jMo Pac let di ref Si ser A1965 F A 23__. 23
23
39
273
/
4 48
_ _
,
r..,
. 26
Certificates of depoelt
2712 July'34 ___
22
35
86
2
General 4e
1975 m 8
912 Bale
9
11
119
9
2034
78
9932
1977 M 8 2414 Sale 23
let & ref 58 series F
2714 135
23
38,4
7612 99 I
____
___
---26
Certificates of deposit..
26
26
6
2314 35
6878 9234
1978 M N 23 Sale 2234
let & ref 58 ser 0
2638 13
2234 3812
87
8738
--- ____ 26
Certificates of deposit
34 May'34 ___
29
34
1949
MN
6618 863
/
4
7 Sale
Cony gold 534,
6
6
1613
834 197
26
3818
1980 A 0 2312 Sale 2234
let ref g Si series H
2614 76
2234 38,2
534 858
---_
Certificates of deposit
26
29 June'34 ___
2213 34
9812 102
iiii F A iii4 Sale 2212
let & ref Os ser I
243
/
4 3812
2714 294
6212 8612
---- 20
Certificates of deposit
26
28
26
6
26
34
59
81
_ 8278 84 July'34
Mo Pao 3d 7a ext at4% July 1938 MN
7214 89
_
67
70
93 93 July'34 _ _
blob & Sir Prior lien gra-1945 3 J 83
85
93
__
Small
1 1 81
93 90 June'34 __
83
91
_
9882 11012
____-70
1945 .1 1 40
1st M gold 4s
60 May'34 ___
48
60
82 1004
.1 1 43
Small
5973 60 July'34 ___
55
80
97 10534 :Mobile & Ohio gen gold 43-1938 M S ___ 883
/
4 99
99
Jan'34 ___
9913
9134 102
1714 20
Montgomery Div let g68 1047 F A
1714
1714
1
1714 27
72
89,2
8
1977 MS
113
/
4 8
Ref & impt 430
912
g
8
213s
32
5058
1938 M S
9 Sale
9
Sec 5% notes
9
1
9
23
Mob & Mallet gu gold 45
1991 M 5 85 Sale 85
88
5
8312 88
9214 10212 Mont C 151 gu Os
1937 J 1 ___ 10302
10314
25
877
3
103
,4
83
9812
10373 i 101 10134 10134
let guar gold Si
34 July'34 ___
81 10238
92
98
Morris & Essex let gu 3348_2600 J 0 8858 Sale 88
8912 94
7438 895*
--.1935 M N 101 Sale 00
Constr M 55 ser A
77 103
10212
6
451485
-/
4 Sale 9553
1933 MN 063
Constr M 430 ear B
9753
97
93
73
74
8814
63
82
RA .
0... .
Nash Chatt & St L 46 ler A-1978 F A '-'..
8212 9512
..413 July'34 ____
62/
3
4 7958 N Fla & 8 let go g 53
1937 F A 1043
/
4 ---- 1045, 10414
99 106
2
81
9812 Nat Ry of Max pr lien 43.45,19673 1 --------18 July'28 -----------90 103/
3
4
37
Assent cash war rct No 4 on
38 ale
4
t,41x
53
7612
Guar 46 Apr '14 coupon-1977 -A0
--------1214 July'31
87 100
Assent cash war rot No 5 on ---- ___ 338 334
334
5 --2/
3
4 -4
75 8233 Nat RR Max pr lien 430 Oct'26
33
76
88
Assent cash war rct No 4 on -- 53
45 July'34 ___
2% 5
7112 76
1951 A -0 -------let consol 4,
- 22 Apr'28 _---- - ,66
79
Assent cash war rct No 4 on ---33
/
4 312 414 July'34 __ --2
-5
69
85
Naugatuck RR let g0
1954 M N 68
81
7112 Nov'32 _- 67
80
New England RR cone 58
___ 8911
1945 J 1 85
891
i -8O -9-112
75
90
Canso! Roar 48
19463 1 _-_. -8312 8112
8218
88
85
4
NJ Junction RR guar 1,1 48 1986 F A 9014 ---- 92 June'34 __
8212 92
68
87
New Orl Great Nor 58 A
1983 J J 66 Sale 66
57/
3
4 77
70'8 22
82
81
NO & NE let ref&impt 434e A '52 .1 .1 6113 65 65
54
65
1
7512
New Orleans Term let 48-1953 J 1 8712 88
00
8811
20
6234 90
95 100
IN 0 Tex & Mex n-o Inc 54_1933 A 0 17 Sale 17
294
16
7
18
1954 A 0 18 Bale 178
75
9714
let 5,series B
175* 32
20's 69
25
25
let Si series C
17
1958 F A
20
33
20
20
20
3
98/
3
4 10411
1938 F A
let 430 series D
1638 24
1714
20 July'34
17
,4 3113
100 10334
1934 A 0 19 Sale 18
let 530 series A
33
18
211± 32
25
4412 N & C Bdge gen guar 4348_ _1945 1 1 10213 ---- 10212 July'34 ____
97 102'1
7
/8,4 N Y B & M B let con g 56_1935 A 0 103 --- 10314 .July'3 __ _ 10114 10312
23
4012 NY Cent RR cony deb 621-1935 M N 10011 Sale 100
83 101
10011 42
25
41
Cony secured Os
1944 M N 11214 Sale 11112 11612 1474 11112 11812
453
/
4 7255
Consol 4s series A
873
/
4 Sale 8612
1998 F A
7318 9013
119
89
493
/
4 7412
Ref & lmpt 4345 series A 2013 A 0 63 Sale 6184
6014 75
6534 65
4312 72
Ref &Rapt 58 series C
82
7314 234
2013 A 0 8712 Bale 66
60
New York Bond Record-Continued-Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 27
'd3•
t
...a.
Prim
Friday
July 27.
Wears
Range Or
Lan Sale.
4. ...
.gi
0436
Range
Since
Jan. 1.
High
Railroads (Conttnned)High No. Low
BM
Ask Low
79% 96
59
94
NY Cent & Hud RIv M 3)481997 J i 92 Sale 92
1942 J J 9734 Sale 9734
8018 99
98% 37
30-year deoenture 46
75
66 302 60
6234 Sale 61
Ref & impt 4445 ser A _...2013 - 19 6914 8812
87
Lake Shore cell gold 3)48_1998 17- -A 8312 Sale 8312
88
71
Mich Cent coil gold 3)40_1998 F A 7634 87 87 July'34 --1937 A 0 2212 Sale 9912 100% 60 8514 1007
NY Chic & St L let g 4s
Refunding 53.45 series A1974 A 0 65 Sale 6412
7312 59 55% 8012
474 70
61 330
Ref 4441 series C
1978 M S 5512 Sale 53
49
80
196
88
3-yr 8% gold notes
1935 A 0 62 Sale 5812
10512 23 96 10618
N Y Connect 1st gu 4444 A 1953 F A 105 Sale 105
1st guar as series B
1953 F A 10512 Sale 10512 10638 11 101 10714
NY & Erie-See Erie RR
68
88
NY Greenwood L gu g 5a_. _1946 M N 75 844 87 May'34 ---9514
86
NY & Harlem sold 334s_ __2000 M N 91 ____ 9514 June'34 _- __
9412 9734
97% 149
N Y Lack & West 41 ser A 1973 M N 9578 Sale 9412
4%s series 13
1973 M N 10318 ____ 10114 June'34 ____ 100 10114
951: 10034
NY & Long Branch gen 414. _1941 M S 10012 ____ 10038 July'34 --_NY & NE Host Term 48... _1939 A 0 --------9512 July'29 -----------5474 65
NY NH & H n-c deb 44_ _1947 M
60 60 June'34 --__
51
60%
____ 53 58 July'34 ____
Non-cony debenture 3)46_1947 al
45
13
51
58
Non-cony debenture 330-1954 A 0 4814 54 4912
5412 24
5212 5312
Non-cony debenture 44_ _1955 J 3 49
5318 6412
4914 64
5414 20
Non-cony debenture 44_1956 M N 494 Sale 4914
45
597
Cony debenture 3348
1
50
1956 3 J 47 49 50
71% 3778
75'2 84
Cony debenture O.
1948 3 J 73 Sale 7114
71
42
777
8918
Collateral trust 84
1940 A 0 74 Sale 74
32 40% 58
46
Debenture 45
1957 M N 41 Sale 408
53
70%
59'2 103
let & ref 434.ser of 1927..1967 J D 5478 Sale 53
9914 43 333 997
Harlem R & Pt Ches let 481954 MN 99 Bale 99
70
57% 71
623
NY 0& W ref g 4s__ __June 1992 M S 614 Sale 6112
5512 13
50 6818
General 48
1955 3 D 5212 Sale 5212
90
90
NY Providence & Boston 4s 1942 A 0 9912 _-_- 90 Jan'3 ---7178 874
11
881
NY & Putnam let con gu 4e_1993 A 0 8814 Sale 8534
2 50
725e
NY Susq & West 1st ref 54 1937 J J 7238 Bale 70
757a
56%
1 43
53
2d gold 4345
1937 F A 5112 65 53
4
52'4
3838 5812
General gold 56
1940 F A 4234 5212 50
9812 9812 July'34 ---Terminal 1st gold 54
1943 M N 96
835s 9812
42
594
4858 141
NY Watch & B let ser I 4 448'46 J J 4514 Sale 4412
-- --
Nord By ext sink fund 8)44_1950 A 0 a169 Sale z169 16938 44 128 17114
8
25
154 60
.:Norfolk South 1St & ref Ss_1961 F A
13 Sale 1278
714 22
14 15% July'34 ---11
Certificates of deposit-- _
1414 40
1
3012
2512 3012 3012
”Norfolk & South let g 44-19411111N
-9814 10778
N & W By 1st cons g 4e -1996 A 0 10638 Sale 10814 1077g 60
Dly'l 1st Her & gen g 44_1944 J J 10814 Sale 10758 10814 42 10014 1084
4 9934 106%
1941 J D 10618 ___- 10818 10612
Pocah C & C Joint 45
North Cent gen & ref 58 A 1974 al 5 10418 -_ _ 98 Oct'33 --__ _ __ _ .
1 0013 10618
Gen & re 434s series A-1974 M 8 10414 iro0 10514 10514
35 60
*North Ohio 1st guar g 58_1945 A 0 ___ 49 51 July'34 ---3514 64
Ex Apr'33-0oV33-Apr'34 cons_
-- 65 60 June'34 --__
Stmpd as to sale Oct 1933. &
1
3434 52
51
Apr 1934 coupons
53 51
48
83 101
182
101
North Pacific prior lien 4s_. 1997 Q J 9738 Sale 97
71
7038 109 60
Gen lien ry & Id g 38 Jan 2047 Q F 67 Sale 67
5 7312 9014
8412
Ref dr 1mpt 4;is series A _ _2047 J .1 83 Sale 83
8618 103
10014 205
Ref & fropt 65 series B.__ 2047 J J 97 Sale 96
934 38
7814 9712
Ref & impt Is series C_._.2047 J 3 9112 Sale 9012
39
7512 97
93
Ref & impt 58 series D._ 2047 J J 91% Sale 91
Nor By of Calif guar g 54... _1930 A 0 10318 ---- 100 Jan'34 --_- 100 100
11
BONDS
N. Y. B'TOCK EXCHANGE 1
Week Ended July 27.
.14
573
Price
Friday
July 27.
Week's
Range or
Last Sale.
1,
.4
4.
BM
Ask Low
High No. Low
High
Railroads Concluded)St Louis Iron Mt & Southern*Rly & G Div let g 48-1933 MN 574 Sale 5714
47% 64
6038 99
59
59
Certificates of deposit-- ,--, 6018 6334 69
2
59
677
57% 82
6
St L Peer & N W let gu 6a..19481 J --------63
1534 30
**it 1,-San Fran pr lien 44 A-1950 J J 15 Sale 14
14
28
13
1534 10
1334 15
13 26
Certificates of deposit
19603 J 1538 Sale 1412
1712 84
Prior lien 5s series B
1412 30
18
28
Certificate' of deposit..-- -- -,-, 1312 1678 1812 July'34 --_
1512 80
Con M 4 348 series A
1978 M S 14 Sale 12
12
2512
111 24%
1518 32
13 Sale 11%
Ctts of deposit stamped__ -75 7118
MN
1
7118
6412 814
St L SW lit g 44 bond etre_ _1989 -4258 63
24 g Ulna bond etre_ _Nov 19893 J __ 66 6212 July'34 __-48 6912
5712 22
1st terminal & unifying 5.19523 J 5078 Sale 50
17
48
Gen & ref g 5s ser A
1990 .1 J 432 Sale 4312
43 5812
181 3738
25
22
St Paul & K C Sh L 1st 4)45_1941 F A 1834 Sale 1818
Bt P & Duluth let eon g 48_1988 J 11 86 100 100 July'34 --_84 100
63
7612
69 73 June'34 ___
St Paul E Or Trk 1st 4%4_1047 J 3 40
St Paul M & M 5s
1943 J J 106 Sale 10538 1061
97 10638
80
-- 101 June'34 ____
94 10111
Mont ext 1st gold 44
1437 I D
96%
9612 9938
89 99
Pacific est gu 44(sterlIng)..1940 3 1 1015897'z 11
111% 17 101 1117
Bt Paul Un Deo let & ref 54_1972 J 3 111 Sale 111
8 A & Ar Pass let gu g 44_ ....1943 1 1
Santa Fe Pres & Phen let 54_1942 M 3
Scioto V & NE 1s4 gu 44_ _1989 MN
**Seaboard Air Line let gtis_1950 A 0
Certificates of deposit
1950 i:b
*Gold 44 stamped
Certits of deposit stamped- A 0
Oct 1949 F A
Adjustment 54
1959 A 0
*Refunding 4s
Certificates of deposit..--- -let St cons 88 series A
1941 M S
Certificates of deposit --- - --*AO A, Birm 30-yr lst g 4s_1933 M S
*Seaboard All Fla 135 A ctts_1935 A 0
1935 F A
Series B certificates
So & No Ala cons gu g 54_ _1936 F A
Gen cons guar 50-year 54_1983 A 0
8o Pao coll 48(Cent Par colt) 1949 J D
1st 414e (Oregon Linea) A.1977 M S
Gold 4148
1968 M 8
Gold 434s with warrants_1969 M N
1981 M N
Gold 4348
Ban Fran Term let
1950 A 0
44_54_1937 M N
Bo Pao of Cal let con Rug
So Pao Coast let gu g 4s
1937 J .1
1955 1 J
So Pao RR let ref 45
Stamped (Federal tax)._1955 3 J
Southern Ry let cons g 54_1994 1 3
Devel & gen 48 series A
1958 a 0
1958 A 0
Devel & gen 64
Devel & gen 6145
1958 A 0
Mem Div 1st g 58
1996 J 1
St Louis Div 1st g 48
1951 .3 J
East Tenn reorg lien g 58_1938 M 3
Mobile & Ohio coil tr 44_1938 M 3
*Spokane Diternat lit g 54_1955 .1 .1
Staten Island RI let 434_1943 1 D
Sunbury & Lewiston 1st 44_1936 J 1
84
8012 Sale 80
6018 UN
98
10634 ____ 10812 July'34 ---97 106%
I
9712 1071e
10512
_ 10812 1061
____ -2434
- 23 June'34 --_20
27
2312
16
1
16
16
____ 26
3
1618
1618 Sale 16
16
27
16
2212 16 July'34 ---16
25
4
3
41
414 4
4
714
6
14
3
6
7
7 Sale
612 13
612 July'34 --__
9
____
64
8 211
634 Sale
834 161k
6
145s
6
712 71
6 Sale
15
5
15
12
20
1414 2514
3 Sale
3
712
10
3
4
214 4
214
338
214 714
5
10418 ____ 10438 July'34 ____ 10058 10438
1
10312 ____ 10918 10918
91 110
747
56
694 92
6778 Sale 67
63% 8414
148
81
78 Sale 7734
53% 72
6314 43
59 Sale 56
53
72
6334 213
5718 Sale 5514
5212 71
6214 265
57 Sale 5512
9914 111
8278 9914
9734 Sale 97
101 10438
_ _ 10438 June'34 --99 100
i
100
10512100 10114
- 100
9014 182
88 Sale 87
70
9034
f
____ ____ 9212 May'30 ---___
9718 Sale 96% 101
100
88 1047
-- _-s
5334 7334
581z 192
5434 Sale 5334
7614 136
71
73 Sale 71
95
7334 9734
8038 175
7712 Sale 733
30% 100
___- 9478 964 July'34 -- -2 66% 91
8112 86 8812
86'z
4 84 10238
102% 10334 10212 10212
5 56 81
60
61
65 60
1012
7
938 1034 10
938 17
--------60 May'3 ____ ___ -__
--------100 Feb'3 _-_- 100 100
51
72
4
60
59 Sale 59
18
63
__ Tenn Cent lit 64 A or B
1947 A 0 56 Sale 56
100 10412 97 Mar'32 ---_ _
10
.Term An of fit L 1s16 430_1939 A 0 10758 109 10734 108
104 10434 10412 July'34 ---- 100 10412
6 89 10312
11014 10
111a 001311gold lie
1944 F A 110 Sale 110
10312 104 10312 10312
2 92 104
91
Gen refund s t g 48
103
19633 .1 9958 Sale 9958 101
10214 10338 103
15
95
3 10414 112 Texarkana & Ft 81st 5144A 1950 F A 92 Sale 92
11118 11238 11118 112
17 1041, 114 Tex & NO con gold 54
9
87'i
1943 J .1 8714 89 8714
11312 Sale 11312 114
10018 219 831, 10034 Texas & Par let gold Se
2000 1 D 10912 Sale 10912 hiOli 12
9834 Bale 98
31
841
Gen & ref tm series B
1977 A 0 81 Sale 80
Pao RR of Mo let eat 044_1938 F A 9912 Sale 9912
83's 28
1979 A 0 81 Sale 81
Gen & ref 5e series C
3 8714 10034
9912
9812
1938 j j 95 sale 95
7 84 10012
2d extended gold 54
4
8411
Gen & ref 54 series D
1980 J D ____ 88 84
104
2 10038104 Tex Pac-Mo Par Ter 5)48 A.1964 M 3 85
Paducah & Ille let s t g 410_19551 1 10112 10412 104
2
88
89 87
Tol & Ohio Cent 1st gu 56_1935 .1 1 10134 Sale 10134 10238 15
38 123% 162
162
Parts-Orleans RR ext 5 348_ _1868 fri 8 16118 Sale 161
50
79
Paulista RI 1st ref 8 f 7e
Western Div 1st 66*
79 July'34 --__
1935 A 0 102 103 102 July'3414142 al 8 75 80
102% 42 85 10334
19353 D 10178_ 10112 10112
Pa Ohio & Det let & ref 434e A*77 A 0 993 10214 100
5
General gold 5s
4 101 10618 Tol St L & W 50-year g 44 1950 A 0 7212 1578
10618
- 83 July'34 ---Pennsylvania RR coos g 46_1943 al N 101 _ _ 1
10834 61 100 ton TolW V & Ora 44 see C
Conan' gold 48
194815 N 10512 Sale 105
__ 981 Apr'31 ____
1942 M S 99%
27 997 107 Toronto Ham &Buff Ist g44 1946 J D 94 1818 96
de sterl 'dud dollar May 1 1948 M N 104
3
9614
-- 10512 107
Consol sinking fund 448_1980 F A 109 1-097i 11014 11134 32 103 112 Union Pao RR lit & id fir 44 1947 1 1 10714 Sale 107
10834 288
8818 10314
General 4 He aeries A
1st Lien &ref44
19653 D 101 Sale 10012 10338 157
June 2008 M 8 101 Sale 10038 10338 124
Gereral 54 series 13
9718 110
0011 4145
109% 29
10438 41
19683 D 10812 Sale 108
19671 J 102 Sale 102
15-year secured 814e
1st lien & ref 58
11418 13
1936 F A 10834 Sale 10634 10714 74 MA 10712
June 2008 M 8 11358 Bale 113
40-year secured gold 54._ _1964 M N 1034 Sale 10318 10412 95 9114 1044
40-year gold 48
1968 3 D 9834 Sale 9534
9918 128
Deb g 41.4s
92% 227
7838 9278 Li N J RR & Can gen 44
1970 A 0 90 Sale 90
4
194415 8 10738 ____ 10578 10738
General 44e aeries D
9818 233
Mg 9812 Vandallaconsg4ssees A 1955 F A 10212 ____ 10114 May'34 -__
1981 A 0 9638 Sale 9638
Peoria & Eastern 1st co as 44_1940 A 0_
57 815
-- 101 Apr'34 ---1957 M N 10212
Cons s 14e series B
75 July'34 ---70
Income 4s
7
1914 *2Vera Cruz & P seat 4)44_1933 J J
1
8
April 1990 Apr
118 _-318 37g June'34 ____
8
618 91
Peoria dt Pekin Un let 1444_1974 F A 101 Sale 101
1
312
312 __ _ 312
J J
2 85% 10112
10112
July coupon off
Pere Marquette 1st see A 58 1956 .1 J 8234 Bale 81%
844 65 58% 90 Virginia Midland gen lia__1936 15N 10312 Sale 10312 10338
8
let 48 series B
7
7214
19653 J 8118 924 7214
4
97
5038 7812 Vit & Southwest 1st fru 64_3003 3 J 9118 99 96
let g 414e aeries C
33
1st 0013a 54
5138 81
75
7
8312
8212 8212
1980 M S 7212 Sale 72
1958 A 0 80
111114 Bait & Wash let g 48_ _1943 M N 107 Sale 107
107
121
2 10012 10714 Virginia RT 1111 51 aeries A 1962 M N 10812 Sale 10812 110
General 54 series D
7
3 100 11012
1974 F A 10838 _ __ 10978 109%
10211
lid mtge 4348 series B__ _ _1982 M N 102 Sale 102
General it 4lis series C.
9238 10512
._1977 J J 10538 Sale 105
10538 41
Philippine RI let 30-rr a f 481937 J J 2514 26 2512
23% 3114 *Wabash RR let gold 54
9338 43
2814 32
1939 M N 9212 Sale 9212
2d gold 5e
1939 F A 9212 93 80 July'34 ____
PCC&StLgu 434s A
10814 25 101% 10814
1940 A 0 108 _-- 108
Innen 50-year g term 44_1954 J J ___ 60 60 Feb'34 _-_Series B 44a guar
1942 A 0 10714 ---- 10712 108
Det & Chic Est 1st 54_1941 J J 82 10012 100 July'34 ___3 102 108
Series C 4140 guar
1942 MM 10638 ---- 10711s July'34 ---- 103 10738
Dee Manes Div 1st g 44_1939 J 1 5114 60 57 July'34 ____
Bertes D 4e guar
9918 101
1
55
1945 MN 10018 ---- 100 May'34 --__
55 55
Omaha Div 1st g 33.0-.1941 A 0 50
Series E 4448 guar gold_1949 F A 95 -- -- 891 Aug'32 --- - ____
_
84 75 May'34 ---Toledo & Chic Div g 4e.. 1841 M 8 66
Series F 48 guar gold
99 1033
..- 4 :Wabash By ref & gen 5344 A -'75 M S 15 Sale 15
1953 J D 104
1918 48
-- 10334 July'34 ---Series 044 guar
901 105
1957 MN 10318 1055
Certificates of deposit
_- 8 10434 June'34 --__
--------- 25 Apr'34 ____
Series H cons guar 44
1980 F A 104% _ 105
7 10212 10512
10512
1738 23
Ref & gen 5s(Feb•32 cow)) B'78 F A 15 Sale 15
Series Icons guar 444e._ _ MS F A 109 Sale 10818 109
4 100% 109
____ ____ 2414 Apr'34 ____
Certificates of deposit
Series J cone guar 4441
1964 M N 10612 109 108 June'34 ---- 10138 108
1834 30
1512 Sale 15
Ref & gen 414s series C....1978.0
.4General M 5a series A
1970 1 D 107 Sale 107
94 110
31
_ _ 20 May'34 _ _ _
109
,--„. -___ ,
Certificates of deposit..
Gen mtge guar 54 ser 8_1975 A 0 10814 Sale 10814 109
9418 110
21
18
Ref & gen 54 series D
30
1935 A0 1518 Sale 14%
Gen 4345 series C
1977 J .1 10034 Sale 10034 10211 112
8414 103
- 23% Apr'34 _--Certificates of deposit..---,
, ---Pitts Sh & L E let 354
1940 A 0 _ __ ____ 10412 Dec'33 ---- __. _ ____ Warren 1st ref gu g 314e. _20311 FA
79 77 May'34 --_---- --1st consol gold 54
19431 i _ _ 100 mar.33 ____ ____ ____ Washington Cent let gold 4s1948 Q M --__ 8818 79 June'34 --__
FRU Va & Char 1st 44
1943 MM
__ Wash Term let su 344s
-_ _ 117-14 94 Oct'33 ---- 6
1945 F A ____ 101 10034 101
Pitts & W Vs let 4648 ser A 1958 J D -66
56 -80
6
let 40-year guar 44
74
____ 95 Nov'33 ____
1945 F A 101
82 74
let M 434e series B
1958 A 0 66
56
7938 Western Maryland 1st 4s
13
77
8814 147
1952 A 0 8654 Sale 8638
78 7612
1st M 444e series C
1980 A 0 7018 76 7512
let dr ref 514e series A_ _ _1977 J J 8812 9112 93
56 80
21
96
6
7512
Pitts Y & Ash let 45 ser A 1948 1 D 100 _--- 100 May'34 ---West NY & Pa let g 5a
8
1937 J J 10514 1065e 10612 10658
9414 100
1st gen 5s aeries B
1962 F A 108 ---- 1091 July'34 ---- 101 10912
General gold 45
1943 A 0 10134 103 10212 10318 14
Providence Scour deb 44
50 50
1957 M N 50 _ _ __ 50 May'34 ---127
38
Western Pat let de ser A
1948 M S 3412 Sale 3418
Providence Term let 48
8118 911 West Shore let 45 guar
196815 8 9312 __ 9112 Apr'34 ---8512 68
2361 .1 J 8414 Bale 8318
804 22
Registered
2381 .1 J 80 Sale 7912
Reading Co Jamey Cent 001148'61 A 0 9534 Sale 9534
15
9814 85 82 984 Wheel & L E ref 4 He ser A..1986 M 3 1004 Sale 10034 101
Gen & ref 4448 series A...1997 J 1 10138 Sale 101
21
104
10478 100 86 105
1986 M 3 100 10438 104
Refunding 54 series B
Gen & ref 43.4s series B
1997 J J 10018 10312 102
RR let consol 48
10438 29 86% 105
1949 M S 10034 10114 10034 10112 42
Rensselaer & Saratoga 64_1941 I'd N_ 113 OcV30 ------------Wilk & East 1st all g 543
52
5
1942 J D 4012 5012 48
Rich & Merch 1st g 48
1948 MN -39
Will & SF let gold 5s
1938 J D 102 1034 10218 10238 10
40 July'33 Rid= Term Ry let gu 5& 19523 J 105-- 10158 June'34 ---9934 101% Winston-Salem 18 B let 48_ _ _1980 .1 J 101 10212 10212 July'34 _ _
Rio Grande Juno 1st gu 58..1939 J D 9312 1814 9312
73 96% Mb Cent 50-yr 1st gen 4e.. _1949 I J 1134 Sale 1134
34
14
983g 15
Into Grande Sou 1st gold 48_1949 J J
84
9
84 Sale
9
Bup & Dul div & term 1st is'3615 N
114 Oct'33 -- -- -___ ____
4
Guar 4s (Jan 1922 coupon)1940 J J
314 July'33 -- -Wor & Conn East let 434s_1943 1 J 70 ____ 66 May'34 __
Rio Grande Weet let gold 0_1939 J J 84
-4 -87 85
68
9378
8738 54 ------let con & coil trust 44 A...1949 A 0 5555 57 5538
5 4414 67
5778
INDUSTRIALS.
*:R 1 Ark & Louis 1st 43-is..1934 M 13 12 Sale 1112
1112 25
1412 22
72 *:Abitibi Pow& Paper 1st 581953.5 D 304 Sale 29
Rut-Canada 1st gu g 44
47
1949 J J 51
57
34
67 6018 June'34 -- -Rutland let con 4348
1941 J J 68 Sale 68
5318 7838 Abraham & Straus deb 5548_1943
9
68
4 0 10234 Sale 10234 10278 14
With warrants
88 103
7934 14
Adams Exprees coll tr g 48._ _1948 M S 7712 Sale 7712
EBRO & Grand Ield let 4s.._ _1947 J 1 10114 10238 10114 10238 11
9514
6514 16
77
9514 Adriatic Elec Co cat! 75
1998 1 .1
5
96
97 z96
1952 A 0 94
St Lawr & Adr 1st 2 58
1998 A 0 91
7974 93 Albany Perfor Wrap Pap 68_1948 A 0 6918 Sale 68%
6918 13
2d gold Os
93 July'34 ---in
41 3.3.4
For footnotes see page 575
Og & I Chaco let int g 4s_. _1940 .1 J
Ohio Connecting RI 151 48-1943 DS a
Ohio River RR let 66.
1936 1 D
General gold 5e
1937 A 0
Oregon RR & Nav corn g 46_1948 1 D
Ore Short Line 1st cons g 54-1946 J 1
Guar Mod cone 54
1946 J J
Ore-Wash RR & Nay 4s_ __ _1981 J I
Range
Since
Jon. I.
46
697
10034 10812
1011* 111
82 101
75% 97
64
91
9114 111
64
87
65
884
65 8612
87
9114
9412 10312
9714 102%
90 10238
6738 8718
____
.
82 _.9614
9914 10834
89 10338
8914 105
10218 115/4
8211 993
10012 10738
99 102
9714 101
212 5
312 318
9838 10358
7578 97
67 87
9914 110
90 10314
74
95
561g 8312
80 60
70 100
45
68
45
55
7314 75
15
29
1418 25
281k
15
16
2438
2812
15
18
2512
1418 28
14
2311
6 77
79 79
93 103
__
701k __8312
80
9714
102% 10654
85 10312
30
4634
88% 86
8518 8238
85 10112
9312 105
868 10112
391* 597
100 10238
90 10212
1134 2214
834 1712
86
68
1813 48%
93
62
9014
56
10512
83
110
691s
New York Bond Record-Continued-Page 5
574
r. .
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 27.
il
..i. h.
(...(17.
Price
Friday
July 27.
r. .
Week's
Range or
Last Sale.
.1 .
1
eo
Industrials (Continued)Bid
Ask LkW
High No.
1944 F A
6534 Sale 6312
Allegany Corp cell tr ba
71
111
1949 J D 5614 Sale 55
Coll & cony 5s
63
49
Coll & cony 58
1950 A 0 2718 Sale 2612
35
372
_
Certificates of deposit
2858 Sale 2712
35
95
___-Allis-Chalmers Mfg deb 5a._1937
M1
,
1 991
/
4 Sale 99
9934 57
Alpine-Montan Steel 1st 76_1955 M S 70
7714 7714
7714
5
Amer Beet Sugar(39
1935 F A 9978 Sale 9978
100
15
65 extended to Feb 1 1940____ F A
90
911
/
4 93 July'34 ____
American Chen 5-yr 6s____1938 A 0 8818 Sale 8818
8912 62
1942 A 0 102/
Amer Cyanamid deb 58
1
4 Sale 10234
102/
1
4 34
Am & Foreign Pow deb 5a__ _2030 M S 4938 Sale 48
5314 343
American Ices! deb 55
1953 J D
6912 67
70
23
Amer I G Chem cony 530_1949 M N 9412 Sale 9412
9814 85
Ara Internal Corp cony 5345 1949 J .1
7818 83 80
8412 19
Amer Macb & Fdy it Se.,...1939 A 0 10412 --__ 10512 July'34 ____
Am Rolling Mill corm 52_ _1938 MN 10112 Sale 1001
/
4
10414 320
- .47, A 0 103 Sale 103
Am Sm de R 1st 30-yr 522era
10414 125
Amer Sug Ref 5-year 68
193v J J 10558 10612 10338
106
13
Am Telep & Teleg cony 4s
1936 M S 10358 Sale 104
10412
7
30-year coil tr ba
19461 D 10778 Sale 107/
1
4 10812 62
35-year a f deb be
1960 J .1 1091
/
4 Sale 10918
11034 339
20-year s f534s
1943 MN 11012 Sale 11014
1121
/
4 187
Cony deb 430
19391 .1 107/
1
4 Sale 10718
110
49
F A 10938 Sale 10918
Debenture 5a
11078 253
!Am Type Founders 68 cus_1940 ____
21
2578 2634
2734
2
Am Water Works & Electric10-yr 58 cony coil tr
1944 M S 100 Sale 98
105
574
7718 Sale 7718
Deb a &series A ___ _ __ _ _ 1975 M N
85
28
24 sale 2312
27
36
:Am Writing Paper 1st g 68_1947 .1 J
Angio-Cb/lean Nitrate 78_1945 M N
8 Sale
8
9
22
Ark & Mem Bridge & Ter 58_1964 M El 85
90
8618 July'34 __
Armour & Co (111) 1st 4341_1939 .1 D 9978 Sale 9958 100
317
/
4 Sale 95
Armour & Coo!Del 530_1943 J J 961
9758 226
1
4 Sale 10058 102
Armstrong Cork cony deb 5s1940 J D 100/
64
Associated 0116% g notea...1235 M e 10234 10314 10278
1
10278
Atlanta Gas L lot 54
1947 .1 D 10034
- 10018 May'34
All Gulf & WI SEI roll tr 5a__1959 J .1 56 Sale 56
5714
6
Atlantic Refining deb es____1937 1 J 10714 Sale 107
10712 80
Range
Since
Jan. 1.
High
Low
5118 74
44
6912
25
46
2712 401g
9014 100
5614 8312
71 100
80
9614
64
9058
93/
1
4 10314
35
5912
62
7934
8378 99
6718 87
105 10712
9534 11612
9912 105
10414 10712
10158 10458
10518 110/
1
4
10314 11112
105/
1
4 113
107 113
10312 11114
2634 50
HO Pow de Lt lot 434s ser B 1957 1 I
1961 F A
lei mtge 434s
Kansas Gas & Electric 4 Ma.1980 .1 D
Karam& (Rudolph) let 6(1_1943 M N
Certificates of deposit
Keith (B F) Corp let 6a____1946 M 8
Kelly-Spfingfleld Tire 6a.__1942 A 0
Kendall Co 534s with warr__1948 M S
Keystone Telep Co let 5e._19351 .1
47
60
Kings County El L & P 156_1937 A 0
41
65
1997 A 0
Purchase money (la
50
87
Kings County Elea Ist g 4.6-1949 8 A
92 10278 Kings Co Lighting lot 5a_1954 J .1
5218 6518
First and ref 6345
19541 J
51
82
Kinney(OR)& Co7M% notes'36 J D
30
65
Kresge Found'n coil tr tia__ _1936 1 D
17/
1
4 3312 tKreuger de Toll ol A 5e efs_1959 M El
69
9078
70
9118 Lackawanna Steel let Si A__1950 ail S
661
/
4 89
..Laclede G-L ref & ext 58...1934 A 0
73
9814
Certificates of deposit._ _
9014 10712
FA
Coll & ref 8345 series C___1953 -Coll & ref 5 Me series D___1960 F A
101 110
Lautaro Nitrate Co Ltd 6s-1954 J J
103 10434 Lehigh C & Nay if 434a A__1954 1 J
97 10434
Cons sink fund 434i set C_1954 J .1
Lehigh Val Coal let & ref e 1 Sa'44 F A
1954 F A
3434 60
lot & ref a t 50
12
27
let /c ref s f Si
1964 F A
1114 2614
1974 F A
1st & ref a 155
10112 10712
Secured 6% gold note-1938 ..1 J
90/
1
4 10314 Liggett dr Myer,Tobacco 78_1944 A 0
97/
1
4 106
NI
1951 F A
100 10518 Loew's Inc debit Si
1941 A 0
10013 10834 Lombard Elec 72 set A
1952 J D
70
9712 Lorillard (P) Co deb 7s
1944 A 0
52
8112
52
1951 F A
7518 95
Louisville Gas & El(Ky) 54_1952 M N
9712 107
Lower Austria Hydro H1(1301944 F A
7912 97
70
96 !McCrory Stores deb 5348_ .1941
2/
1
4 838
Proof of claim filed by owner- r,
10312 10734 McKesson & Robbins deb 530'50 M -N
*fManati Sugar 1st s f 734s-1942 A 0
9414 10534
Certificates of deposit ____
89/
1
4 103
*Stmpd Oct 1931 coupon_1942 -A0
94 104
Certificates of deposit
86 10272
*Flat stamped modified __ _ - 8734 10334 !Medial By(NY)cons g 4s1990
A0
_9634 10834
Certificates of deposit
91338 10812
2d 4e
2013 J D
96/
1
4 10814 Manila Elea RR & Lt s f 54_1953 111 8
89 10514 Mfrs Tr Co ette of partio in
97 10812
A I Namm & Son lit 65_1943 1 13
9814 10618 Marion Steam Shovels I 68-1947 A 0
797s 93 Market St RI 7s set A_AprIl 1940 Q I
94 102 Mead Corp 181 68 with warr_1945 MN
74/
1
4 9818 Merldionale Eleo 1st 70 A__1957 A 0
10614 Sale 106
10714 26
10958 Sale 10958
11018 25
9614 Sale 96
9812 68
27 Sale 27
27
1
2512 Sale 25/
1
4
2614 19
60
6012 6212
6512 27
30
3834 39
4112 18
9612 Sale 96
9812 42
7814 -- - - 85 July'34 ____
1073
-- 10858 July'34 ____
140 4-145 14212 July'34 ____
9234 Sale 92
95,12 38
_ 109 June'34
117 1-1-8
1061417
117
1
9812 Sale 9838
9938
6
100 Sale 99
100
97
12 Sale 12
13
12
10012 10712
10032 11014
7212 997g
19
3612
1612 32
51
72
39
5912
74/
1
4 9812
73/
1
4 85
104 10858
122 145
75
9512
10314 109
108 120
8112 100
8234 100
12
2134
103 106 108 July'34 ___90
94
94
9512 36
90
9212 9212
96
52
62 Sale 6194
5612 62
61
6038 62/
1
4
64
63
1014 Sale 10
12
104
99 101 101
10158 13
100 101 10114 July'34 ____
8612 8734 87
87/
1
4
3
5712 611
/
4 5812
59/
1
4
2
52
62
59 July'34 ____
52-_
58 July'34 __
9434 96
9434
9434
2
12712 13018 12714
12714
3
11312 Sale 113
115
57
9818 Sale 96
100
115
7718 Sale 774
82
4
124 Sale 124
125
10
10812 Sale 10812 109
12
10612 Sale 10612 10718 22
__ _ 8312 8234
5
83
97 10818
79
9712
85
9712
50
6958
50
6934
518 1912
81 10134
80 10114
7912 91
40
62/
1
4
4212 59
40
58
811
/
4 97
11918 13018
106 115
85 1021
/
4
76
08
112/
1
4 125
99/
1
4 10914
88 10712
85/
1
4
51
72
86
10512 10938
10514 110
9314 10234
57
67
5734 8734
7512 9934
10634 11514
11078 11712
158 158
98 10539
10434 10934
99 10834
5) 60
1218 2612
4312 6012
611
/
4 88
Cal0& E Corp nix!& ref 58_1937 MN 10758 107/
1
4 10712 10734 10
Cal Pack cony dab 54
1940 1 .1 310112 Sale z102
10234 27
Cal Petroleum cony deb a f Si'39 F A 103 Sale 10212 103
15
Cony debit g 534a
1938 MN 10312 Sale 10312 104
45
Camaguey Sugar 7s cUs____1942
_
514 6
5/
1
4
6
11
Canada SS L 181 di gem 60_1941 -A0 ____ 3212 30
1
30
Cent Diet Tel let 30-yr Ss_.1943J D 108 Sale 108
10812
4
Cent Hudson 0 & E 5a_jan 1957 M S 108 10814 10814
10812
8
Cent III Eire & Gam 181 66....1951 F A
6512 25
6278 Sale 6212
Central Steel lit got 8s____1941 MN 1091
/
4 112 10858
111
10
Certaln-teed Prod 5345 A..1948 M S 5738 Sale 5512
6318 93
Chesap Corp cony 5a May 15 '47 M N 10078 Sale 9958
10412 850
Ch 0 L & Coke lot gu g 52_1937 ,i J 10412 10517 10514
10512 15
nCtdcago Railways let Si stpd
Aug 1 1933 25% part pd
F A
60 Sale 60
60
2
Childs Co deb Si
46
1943 A 0 41 Sala 41
13
Chile Copper Co deb 52_ ___1947 1 j 82 Sale 82
8512 163
10212 36
CinG&ElstM 4sA
1968 A 0 10134 Sale 10034
Clearfield Bit Coal le 46_1940 J J 65
____ 6518 June'34 ---Colon 011 cony deb 130
52 Sale 52
5614 20
19381 J
55
62
6112
63
tColo Fuel & Zr Co gem 8 t be 1943 F A
12
Col Indus le & coil 5a gu_ _ _1934 F A
2178 Sale 2134
2634 24
Columbia0& E deb lis May 1952 M N 85 Sale 8414
891
/
4 99
Debenture 5a
Apr 15 1952 A 0 8512 Sale 8512
88
.2
Jan 15 1961 j ,I 83 Sale 8134
Debenture 58
88
167
98
19
Columbus Ry P & L lit 434s 1957 J .1 97 Sale 97
Secured cony g 534s
40
1942 A 0 106 Sale 10512 106
1034 108
8612 103
9638 10358
9918 10412
273 12
1812 3334
10458 10912
1041
/
4 10838
4512697s
1011
/
4 112
5218 717s
96 110
98/
1
4 106
37
9
2312 39
2012
6
10658 146
10234 215
106
65
104
2
10812 10
961
/
4 20
7534 32
89
3
10514 14
9612 13
9458 33
318 63
10734 38
Del Power de Light lot 430_1971 J 1
let de re 434s
19691 .1
let mortgage 430
1969 J .1
Den Gas& El L let & ref sf 58'51 MN
Stamped as to Penna tax_1951 M N
Detroit Edison 5a aer A
1949 A 0
Gen & ref 5a series B
19551 D
Gen & ref S.series C
1962 F A
Gen & ref 434s series D 1981 F A
Gen & re 5a aerie E
1952 A 0
Dodge Bros cony deb 6&___1940 MN
Doe (Jacob) Pack 1st 6(1_1942 MN
Donner Steel lit ref 75
1942 J 1
Duke-Price Pow 1st as ser A_1966 MN
10434_ _ 10434
9914 1-01-12 10112
10278 Sale 1021
/
4
101
101 102
101
- - -- 102
10858 Sale 10814
1081
/
4 Sale 10814
10714 --__ 10714
103 Sale 10234
10714 108 10714
1051
/
4 Sale 105
91
92
9112
9958 10112 100
9412 Sale 9412
10434
2
10112
2
10312
8
102
20
7
102
10858
9
1812
8
10738
2
10434 34
10812 22
10618 219
92
7
10111
4
9578 21
For footnotes see Davi 575.
Bid
Ask Low
Industrials (Continued)High No. Low
High
Duquesne Light 1st 434s A._1967 A 0 10678 10712 10634
10712 45 1011
/
4 108
let M a 4 Ms eerie B-----1957 Al El 109 11014 109
11012
8 10212 111
*East Cuba Sug 15-yr s f 73is '37 M S 1278 Sale 12
1434 20
7/
1
4 2212
Ed El III Bklyn let cons 4s_ _1939 .1 J 106
__ 106
10638 40 10018 106/
1
4
-Ed Elea(N Y)let cons g 59_1995 J J ____ 124
1221
/
4 July'34 110 12218
El Pow Corp (Germany) 634s '50 M S 3534 Sale 3534
3818 HIE
3534 804
3512
1
1st sinking fund 634s
3512 6014
1953 A 0 _-__ 3512 3512
Ernesto Breda 7s
1954 F A 68 Sale 68
70
6
68
89
1942 M 8 75 ____ 78
Federal Light de Tr lot 5a
78
5
64
82
_ 8034 June'34 _--_
58 International series_ _1942 M S
75
8034
- - 78
15t lien a 1 58 stamped_ _1942 M S 7575
84
78
2
6012 8214
85
80
1st lien 68 stamped
1942 M 8 80
80
1
64
8512
30-year deb Os series B
I
1954
D 57/
1
4
-- 6714
6714
1
5112 6812
-- 10238 10238
Federated Metals of 7s
1939 .1 D 10238 105
4 101 106
-_ 99
Flat debt! g 7s
1946
J
99
2
9712 102
J 103
9810678 10612 107
Framerican Ind Dev 20-yr 7348'42
16 10212 110
!Feeble Sug 1st it 730..1942 MN 30 Sale 30
32
6
19
41
96 10312
394 5712
53
7038
2914 3712
7
934
25
40
8418 88
8538
8512
6
109 Sale 10814
109
17
10812 109 10838
10918 31
10012 Sale 100
10212 383
60
6558 6614 June'34 ____
60 -_-_ 6734 July'34 - - -9612 Sale 9612
9734 60
114 11412 114
115
5
117 --- - 11712 June'34
- - -_ _ _ 158 Feb'34 --104 105
10418
105
10
108 Sala 108
10838
6
10838 109 10814
3
10812
51Is Sale 5118
52
5
1612 Sale 16
19
14
____ 4478 44
44
2
7912 Sale 7912
8134 13
3434
20
20
10578
100
10334
104
10814
93
70
z89
105
9558
92
212
10738
Range
Since
Jan. 1.
10214 104 10312 10312
2
39
46 z4412
4412
4
57
60
60 July'34 _ 37
45 a38 June'34 ____
812 934 9 July'34
34 Sale 34
35
3
____ 25
39 Dec'33
84/
1
4 84/
1
4
8512
g
83
43 Sale 4018
4812 161
112 114 112
11214
6
10414 Sale 10414
10478 117
10858 110 109
1091
/
4 30
10658 Sale 10658
10814 38
3514 38
37
37
1
10112 10318 10214
10214
3
100 Sale 9912
10114 111
10014 Sale 991
/
4 10014 81
7114 Sale 711
/
4
7434 174
27
3312 30
33
65
7312 7712 28 July'34 ____
7614 Sale 7512
79/
1
4 126
7412 Sale 74
7718 64
71 Sale 71
7234 36
Brooklyn City RR 1st 58__ 1941 J .1
Bklyn Edison Inc gen 5s A1949 J J
Gen mtge Sc series E
1952 .1 J
Bklyn-Manb R T sec 6s__ _1968 ,7 .1
Bklyn Qu Co & Sub con gtd 5s '41 MN
lit ba stamped
1941 J J
Skin Union El let g 5a
1950 F A
Bklyn Un Gas lit cons g 5s_1945 MN
lot lien & ref 8s series A-1947 MN
Cony deb g 534s
1936 1 .1
1950 J D
Debenture gold 58
BM M N
let lien & ref series B
Buff Gen El 430 series B 1981 F A
1952 A 0
:Bush Terminal let 4a
Consol 5.11
1955 J J
Bush Term Bide 5sgu tax ex '30 A 0
By-Prod Coke let 534s A___1945 MN
34/
1
4 Sala
21 Sale
2012 Sale
10578 Sale
100 Sale
10334 Sale
104 Sale
10812 Sale
93 Sale
7014 Sale
a8734 Sale
105 Sale
9614 Sale
92 Sale
212 Sale
10734 Sale
Week's
.
Range or
lg
Last Sale.
oti
Hackensack Water lit 4s___1952 .1 J
Hanna SS Lines65 with warr_1939 A 0
Harpen Mining Si with warr_1949 1 J
Havana Klee consol g 5s---1952 F A
Deb 530 eerie of 1926_1951 M S
*tHoe(R)& Co 1st 6)is ser A1934 A 0
Holland-Amer Line 6s (flat).1947 MN
Houston °Stink fund 5 Ms_ _1940 MN
Haden Coal 1st s f ba sec A_1962 .1 D
Hudson Co Gas let e 5a---1949 MN
Humble 011 & Refining 5s.. _1937 A 0
Illinois Bell Telephone 5e..-1958 J D
1940 A 0
Illinois Steel deb 4 Ms
Baader Steel Corp mtge 6s.._1948 F A
Ind Nat Gas & 00 re fai_ _ _193a MN
1978 A 0
Inland Steel le 430
1981 F A
lot M s f 434s ser B
Unterboro Rap Tram lot 181_1966 J .1
1932 A 0
5I0-year 6e
Certificates of deposit__ ____ ___
510-year cony 7% notes _1932 M S
Certificates of deposit __ ____ _-_
1951 MN
Interlake Iron let ba B
Int Agile Corp 1st & coil tr 5aStamped extended to 1942.. M N
Int Cement cony deb 5a___ _1948 MN
Internal Hydro El deb 8s...1944 A 0
Inter Mere Marine a I Os___1941 A. 0
Internal Paper 5a sec A & 13_1947 J J
1955 M 13
Ref a I Os Belles A
Int Telep de Teleg deb g 434s 1952 .1 J
1939 J J
Cony deb 434s
1955 F A
Debenture fui
Investors Equity deb 58 A_.1947 J D
Deb 5s sec B with warr__ _1948 A 0
1948 A 0
Without warrants
98 111
64/
1
4 90
2134 62
5
1734
8314 90
8712 100
82
9812
86 10112
10258 10478
95 10018
50
6112
10358 107/
1
4
---958 --97-11
110
33
10812 Sale 10812
10312 ____ 10434 July'34 ____
1
10412 --- - 10412 10412
Price
Friday
July 27.
791
/
4 9912
104 104
5412 80
791
/
4 9858
102 10534
59
771
/
4
100 10414
4838 65
48
6312
4534 6312
10312 106
76
9514
6812 90
318 13
3
1134
49
6318
95 19512
72
90
8914 103
8512 95
878 1912
6814 87
651
/
4 7918
71
9212
412 May'33 ---934 June'34 ----
Commti Invest Tr deb 5340-1949 F A
Conn Ry & List& ref g 430 1951 ./ 1
Stamped guar 434s
1951 1 J
Consolidated Hydro-Elec Works
of Upper Wuertemberg 712_1956 1 J
!Cons Coal of Mdlat.t ref ba 1950.3 D
Certificates of deposit
Consol Gas(NY)deb 5348_1945 F A
Debenture 430
1951 1 D
Debenture 5a
1957 1 J
Conaumers Gas of Chic gu be 1936 J D
Consumers Power lit 5a C_.1952 M N
Container Corp let 6s
1946 J D
lb-year deb Si with warr_1943 J D
Copenhagen Telep be Feb lb 1954 F A
Crown Cork & Seal At 68_1947 J D
Crown Willamette Paper 68_1951 J J
crown Zellerbach deb Ba w w 1940 M El
*ICuban Cane Prod deb 68.1950 J J
Cumb T & T lot & gem 5a___1937 1 J
E3
h. h
.1.1 ii.
96
9714 96
9712
9
_ 104 Feb'34 ---_
110-____- 56-1 57
58
6
98 Sale 98
9814 10
10434 Sale 10434 10512 21
74 Sale 74
7612 46
10459.. 10414 July'34 _--____ 53
53 July'34 ____
4838 Sale 4838
4838
6
____ 44
4734
4914 16
10534 Sale 10512 10534 15
94 Sale 94
95
10
86 Sale 8512
90
88
614 Sale
6
638 45
518 7
6
7
5
____ 53
49
5134 16
104 Sale 104
10478 11
80 Sale 80
8378 80
10114 Sale 10034 103
277
8418 90
86
86
5
1278 1378 14
14
1
8058 Sale 8038
8278 12
7612 Sale 7614
7634 11
89/
1
4 Sale 8978
9212 20
10678 108 10634
10834
2
10712 Sale 107
108
26
11134 Sale 11134
11212 16
11458 Sale 11412 115
47
10112 Sale 10114
103
21
39'8 sale 3912
4012 19
3034 Sale 3034
3434 15
3914 4212 3014 r3258
9
3712 Sale 3714
3712
5
11018 Sale 11018
113
50
10318 Sale 10212 10358 61
3512 ,_-- 3712 July'34 ___914
1214 19
9'4 Sale
814 11
1112 June'34 ____
-.-
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 27.
Gannett Co. deb 6s sec A___1943 F A
D
Gas& El of Berg Co cons g 561949
*Gelsenkirchen Mining 6s___1934 M S
Gen Amer Inveators deb 5s A1952 F A
Gen Baking deb of 534e____1940 A 0
Gen Cable lets f 534e A____1947 J .1
Gen Electric deb g 314o...1942 F A
Gen Elec(Germany) 75 Jan 15'45
J
8 f deb OM
D
IWO
20-year it deb 13e
1948 MN
Gen Petrol let tank I'd 511_1940 F A
Gen Pub Serv deb 534e
1939 J J
Gen Steel Cast 530 with warr'491 J
stGen Theatres Equip deb 681940 A 0
Certificates of deposit
Good Hope Steel & Ir sec 73_1945 A 0
Goodrich(BF)Co let6 Ms_.1947.3 .1
1945.3 D
Cony deb 60
Goodyear Tire &Rubb lat581957 M N
Gotham Silk Hosiery deb 68.1936.1 D
*IGould Coupler lot s 1 68_1940 F A
01 Cons El Pow (Japan)7s. _1944 F A
le & ten a I 63411
19501 J
1942 I D
Gulf States Steel deb 630
Baldwin Loco Works let 52_1940 M N
Batavian Petz guar deb 4349_1942 J J
Bell Telep of Pa 5s series 13_1948 J J
1960 A 0
lit & ref Si series C
Beneficial Indus Loan deb 82 1940 M S
Berlin City Elec Co deb 6145 1951 J D
Deb finking fund 6 me__ 1959 F A
Debentures Sc
1955 A 0
Berlin Elec El &Underg 63411956 A 0
Beth Steel let & ref 50-guar A '42 MN
30-year pm & impt a t 58_1939 J 1
Bing de Bing deb 634s
1950 M S
*
:
B0tan y Cons Mills 638_1934 A 0
Certificates of deposit
60
Bowman-Bill Hotels let 78..1934
*Stmp 88 10 pay of $435 pt red_ M S
*:73'way & 7th Av 1st cons 5s1943 J D
__
978 10
3--
July 28 1934
102 10712
10238 116
106 114
108 11558
84 108
36
6534
3034 67
3014 6514
3714 74
99/
1
4 11538
99 104
30
3712
91
/
4 25
8
20
7434
91
5112
50
70
5012
5312
5812
57
8212
8212
8212
8012
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
9712
98
____
801
/
4
8812
5014
50
70
5012
5012
57
5518
9738
9712
9712
81
9514
58
511
/
4
73
591
/
4
6014
6634
6314
9712
98
9712
2
78
193
24
37
167
193
259
312
15
12
7
.
45
687e
7812 Sale
1434 2334
6
16
6/
1
4 20
12
14
2
35
4412 Sale
3812 Sale
3112 Sale
8414 9334
60 July'34
7738
83
16 June'34
16 July'34
16 July'34
20 Feb'34
20
Feb'34
4412
4712
381
/
4
3912
3112
32
82 June'34
73
5018
8458
78
9412
73
5018
85
78
9414
Sale
Sale
86
Bale
Sale
73/
1
4
55
87
781
/
4
9614
__
158
___
___
____
____
__
gi
57
2
____
2
26
15
20
17
ZiE- -8-1-
39
51
10514 11318
10318 10512
10534 11012
10212 10814
30
5912
94 103
86 10112
8512 100/
1
4
65(2 7434
30
42
28
3812
70/
1
4 80
67/
1
4 78/
1
4
SO
771
/
4
62
7928
4012
44
5712
3824
4814
57
52
82/
1
4
88
8778
50
58/
1
4
9
10
10
6
15
4234
37
30
82
8412
96
6938
85
8212
73
65
7312
69,
4
98
98
98
66
8634
2334
20
20
20
20
5112
46
40
97
7734
60
81
44
68
911s
81
53
/
4 116
911
New York Bond Record—Concluded--Page 6
BONDS
N Y. STOCK EXCHANGE
Week Ended July 27.
-.:rl.
,..
i2 t
.2.I a.
Prim
Friday
July 27.
Week's
;•
gn,
Range or
Last Sale. co
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 27.
4•
Z.,!'a
Price
Friday
.45
. July 27.
aE
575
Week's
Range or
Lau Sale.
"
1 ,q,
el./
Range
Since
Jan. 1.
Industrials (Continued)—
High No. Low
High
Rid
Industrials (Concluded)—
Ask Low
Ask Low
Bid
High No. Low
High "
Metr Ed lst de ref be ear C__1953 J .1 100 10034 10012 10034 13
77 10114 "Michtleld Oil of Calif 6s___1944 M N
2612 Sale 2612
33
2114 36
31
1st g 434e series 13
MN
1988 M 5 95 Sale 95
9634 42
2712 Sale 26
71
9634
3018 24
Certificates of deposit
20
3514
Sew
Or
Dr 548_1950 A 0 88
Metrop Wat
594 63
90
9212 Rtma Steel let e f 75
11
1955 F A
80
8978
61
90
61
1
5414 61
"2,51et West Side El(Chic)4s 1938 F A
1012
4
10
18
Roth 042E gen M 530 ear C '48 M S 10734 Sale 10M
108
8
9978 1081 2
1012 Sale 1012
Miag Mill Mach let 8 f is _1956 J D 48
68
5418 July'34 --_Gen mtge 4348 series D 1977 M 5 10314
50
78
10212 July'34 ---_
86 10212
Midvale St A 0 Coll tr s f 60_1936 M S 10214 Sale 10214 103
118
9718 10314
107
Gen mtge be series E._1962 M 8 10478 1-07 106
12
94 10718
Milw El fly dc IA let be B
1961 J D 82 Sale 8112
8412 56
57
1395, 10 10211 14214
854 Royal Dutch 4e with warr_ _1945 A 0 13812 13912 138
mtge
5e
let
34
1971 1 J 8134 Sale 8112
56
85
83
Ruhr Chemical 8 f 65
1448 A 0 45 Sale 45
5318
3
45
7412
Montana Power let Is A.__1943 J 1 99 Sale 987
9934 50
794 10012
77
Deb 5s aeries A
11
53
1962 1 D 76% Sale 77
8134 Bt Joseph Lead deb 5348-1941 M N 109 Sale 109
11112 37 1053 114
Montecatinl Min & Agile—
9338
9412
Sties RI Lt Ht A Pr let 58_1937 MN 9312 94
7
72
9614
353 61
Deb g 7e
6
91
9414
5012
1
9812 St L Rocky Mt & P be etpd _1955 J J ____ 563, 5012
1937 i J 937 Sale 938
Montreal Tram let A ref 58_1941 J J 10014 101 10012 100% 12
80
68
68
70
St Paul City Cable cons 5s 1937 J J
1
9512 101
4514 82
Gen & ref s t 5s series A 1955 A 0
1937 .1 .1
70 Sale 70
824 8214
70
Guaranteed be
2
4578 80
818 8214 Apr'34 -___
Gen dr ref e t bs series B._1955 A 0 --__ 86
74
71 10012
74
9934 14
San Antonio Pub Sere 1,1 68 1952 1 J 9734 Sale 973
74 Feb'34 ---40
Gen A ref s f 4345 series C.1955 A 0 --__ 76
____ 40 July'34 ____
1946 J J
753 76
3534 41
Bchulco Co guar 648
76 June'34 --__
Gen & ref e f 5s eerie, D...1955 A 0 1-_ 40
3
83
30
85
40 Sale 40
Stamped (July 1933 coupon) 7 _45
85 Mar'34 ---_
Morris & Co 18t a f 434s
1939 J J 4914 Sale 99
0 40
50
1946 A-.
8412 100
40 June'34 ____
9934 64
Guar a f 614e series B
32
41
Mortgage-Bond Co 4e aer 2_1986 A 0 34_ _ 4038 Dec'32
40
40
48
2
40
30
Stamped
41
Murray Body let 630
6612 25
64 Sale 634
88 100
Sharon Steel Hoops f 5348..1948 F A
1
38
76
95
1934 3 0
_ -9478 95
Mutual Fuel Oaa let go e 58.1947 NI N ioi 10412 10358 10318
103
86
8912 103
6
95 1054 Shell Pipe Line et deb 621_1952 M N 102 Sale 102
Mid Un Tel gtd 6s ext 51 5% 1941 M N 10212 10312 103 July'34 ---97 10312 iShell Unio
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