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The
Volume 137
,financial
lirtmirie
New York. Saturday, July 29 1933.
Number 3553
The Financial Situation
NE very radical reform in trading in both the
grain markets and the stock market, and particularly the former, ought to grow, and grow very
speedily, out of the speculative collapse of last week
in the commodity markets and the security markets
alike. Means ought to be taken to eliminate the
shoe-string traders who pyramid their accounts from
day to day until eventually they reach gigantic proportions and by their very size become a menace
because they lay the whole price structure open to a
sudden complete breakdown on any adverse developments such as was the case last week. Trading
of that description ought to be made absolutely impossible through regulations and restrictions rigidly
enforced to prevent anything of the kind. The matter is one for grave general solicitude, for unrestrained recklessness of that description is sure to
eventuate in disaster, the unfortunate effects of
which may extend far beyond the limits of the commodity and security markets within the confines of
which the operations actually occur.
We are glad, therefore, to see that steps to that
end have been taken this week by the grain exchanges
of the country, but it appears to us that due vigilance
should have prevented them in the first instance,
and thereby have avoided the calamitous result of
last week. It is not well to be mealy-mouthed on
such occasions. The debacle on the exchanges last
week unquestionably reflects great discredit on all
the exchanges where the dealings occurred. One
operator took on such heavy loads that it seems
almost unbelievable that such a thing could have
been done. The Department of Agriculture at Washington, in announcing on Saturday last that agreement had been reached to check grain price declines
at the closing level of last Thursday (trading in the
pit had been suspended on Friday and Saturday
after the gigantic collapse on Wednesday and
Thursday) took occasion to point out the perilous
nature of what had been going on in the great grain
speculation, which ended so disastrously. One incident in particular was referred to, and as indicating
the reprehensible nature of the whole proceeding, the
Department said: "To-day it turns out that one
man, who had been 'long' on corn by, roughly,
13,000,000 bushels, and was probably also 'long' on
other grains to the extent of several million bushels,
was caught in the decline of prices during the last
few days and was unable to put up any more margin,
and would have to be sold out."
The consequences that would follow with the reopening of the market on Monday were also set out
0
and were in the following words: "This selling out
process would mean in effect that by Monday morning these brokers, 17 in number, would be compelled
to dump 13,000,000 bushels of corn and several million bushels of other grain on the market, and this
dumping would naturally cause a severe break in
grain prices—all the result of the selfish speculation
of one individual." The Department of Agriculture
went on to add that this speculator was only one of
several who have traded wildly in large volume on
both sides of the market. Full confirmation has
since appeared of the facts thus outlined by the
Agricultural Department in the suspension of the
chief of the traders who had thus speculated so recklessly. But to an unprejudiced individual it would
appear that the Board of Trade authorities ought to
have been cognizant of what was going on and have
put a check upon it.
The Agricultural Department calls this "an
astounding illustration of the result of individual
unrestraint speculation as it affects commodity
prices," and the characterization is none too strong.
In partial explanation the Department points out
that during the last Administration a regulation
requiring the reporting of all large grain holdings
on the Chicago Board of Trade was rescinded, and
the regulation was not revived by the Roosevelt Administration because "it was believed that individual
speculators had learned that it was contrary to public policy for individuals to gamble so heavily in
wheat, corn and other grains, that the prices to the
farmers producing the grain could be thrown wholly
out of line with the broad economic situation."
Early last week, however, it was pointed out, the
Department of Agriculture "came to the conclusion
that the old order calling for information should be
reinstated, and this was done on July 20."
This still leaves one wondering how such a thing
was possible—how any individual could have indulged in such reckless trading and why the officials
of the Board of Trade, even without any prompting
from the outside, failed from taking official notice
of the dangerous character of what was going on and
the ulterior ill consequences that were sure to follow.
The facts as to the reckless nature of the trading of
the chief offender have since been fully confirmed,
as already stated. On Monday of this week announcement came that Edward A. Crawford had
been suspended from all privileges of the Chicago
Board of Trade "for inability to meet obligations."
He had been registered for the firm of E. A. Crawford & Co. of New York. Newspaper accounts
730
Financial Chronicle
added that Mr. Crawford, who started trading with
a "shoestring" in the New Orleans cotton market,
and who only last week was a dominant factor in the
grain market, could not be located, and made the
following further illuminating observations: "How
many bushels of grain Mr. Crawford held before the
unloading began was not revealed, but his holdings
of grain and other commodities, together with reported huge stock commitments, were pictured as
so vast that he was within striking distance of one
of the nation's biggest fortunes had the markets continued to mount."
We are also told that Mr. Crawford's holdings
were greatly reduced as the result of the tremendous
selling last Wednesday and Thursday. However,
according to trade gossip, he still held 13,400,000
bushels of corn, 4,250,000 bushels of wheat, 100,000
bushels of rye, and 122,000 bushels of flaxseed
Thursday night of last week. Mention is also made
of the fact that Mr. Crawford earlier this year was
reported to have run a successful deal in the rye
market, having bought 4,000,000 bushels at 40c. a
bushels, which he later turned over to elevator interests and took the July and September futures, making additional profits. He was also known to be
interested in sugar futures, and also in rubber, besides having extensive commitments in the stock
market, though he appears to have been unsuccessful
in acquiring a membership in the New York Stock
Exchange, he having made arrangements for the
purchase of a seat, but the application having'never
been granted.
What the losses must have been in the collapse of
last week may be judged from the fact that September wheat in Chicago dropped from 1201/s Monday,
July 17, to 90 July 20,and that September corn sold
down from 717
/
8 July 17 to 51 July 20, that Septem4 to 34, that
ber oats in two days fell from 491/
September rye tumbled from $1.05/
1
2 July 18 to 67c.
July 20, and that barley for the September option
/8,and this week got as low
declined from 90 to 757
as 607
/
8c. The Chicago Board of Trade Clearing
Corporation was able to say in a statement issued
at the close of business that on Saturday night all
accounts at the Clearing House were margined to
the full extent of the Clearing House requirements.
Two other concerns besides that of Mr. Crawford
were reported delinquent, however. Leon A.
Strauss, President of Harper, Strauss & Co., Des
Moines brokerage and grain commission house, was
suspended from the Board of Trade on Monday.
After the suspension was announced the firm filed
a petition in voluntary bankruptcy in Des Moines.
On Tuesday, Roscoe Rockwood & Co. of Bloomington, Ill., were suspended. On the whole, however,
the grain trade may be said to have come through
better than might have been expected from a financial standpoint at least.
But another question comes up, and that is perhaps the most important one of all. Who financed
these gigantic transactions? Who supplied the
money needed for margining the gigantic deals, the
greater part apparently representing a few daring
operators? Who supplied them with the necessary
funds? And this leads inevitably to the conclusion
that some banks engaged in very risky operations.
If now reforms are to be inaugurated, the reform
measures ought to be broad enough to include the
banks as well as the reckless traders who use their
facilities to carry them through and which could
July 29 1933
not possibly be put through without the aid and
assistance of the banks and the banking institutions
generally. It is agreed that Mr. Crawford did not
confine his operations to any single market, but
traded in several markets. What precautions did
the banks take to protect themselves in making loans
to those engaged in the gigantic speculation of the
last two or three months in which the advances have
run as high as 60c. a bushel and even higher? Of
course the loans were not made directly to Mr. Crawford or the firm in whose name he carried on business, but the borrowing had to be done by the brokerage houses through whom the speculator was carrying on his operations. This made tracing of them
all the more difficult, but did not diminish the need
for extra caution in view of the palpable nature
of the speculation and the huge advances in prices
which had been established.
Have we not in this a peril independent of the
speculative franzy itself? The country has only
recently emerged from the most prodigious bank
failures in the history of the world. Are operations
now to be encouraged by which the foundations may
be laid for new bank failures? The query is one
that cannot be dismissed as idle in view of the
happenings of last week.
At this juncture of it is-gratifying toTfind that the
present week the representativesTof the grain exchanges in a report to the Agricultural Adjustment
Administration with which they had been conferring
for two days agreed on Tuesday upon a regular exchange/of confidential information between the Business Conduct Committees of the New York Stock
Exchange and the Chicago Board of Trade and other
security and commodity markets regarding commitments of traders. It is stated to be the belief of the
grain exchange officials that in this way traders can
be preventei from "getting in over their heads" and
precipitating breaks in prices such as occurred last
week. An agreement was reached, it appears, to
limit the extent of open lines on speculative commitments and providing that more adequate margin
requirements for large accounts shall be insisted
upon by member houses. Provision also was made
for the permanent abolition of trading in indemnities which the Exchange representatives hold
largely responsible for the recent price collapse. The
regulations are to be submitted by the Exchange
representatives to their organizations for approval.
Meanwhile work is to proceed on the drafting of a
code of fair competition for the exchanges and other
branches of the trade in which the temporary restrictions will be incorporated. The following is the
report of the committee of grain exchange executives
filed with the Adjustment Administration:
"We respectfully submit for your consideration the
following memorandum advising you of the views
of the representatives of the grain exchanges
after conference upon the subject of the futures
markets:
"It is our opinion, in informal conference, that the
action of the exchanges in limiting fluctuations in the
futures markets and establishing minimum prices
was a necessary act to meet a temporary emergency,
but that such minimum price restrictions should be
removed as soon as market conditions permit or make
it necessary and a limit on daily fluctuations of 5 cents
per bushel on wheat, rye and barley, 4 cents per
bushel on corn and 3 cents per bushel on oats, should
thereupon be put into effect as permitted by existing
exchange rules.
Volume 137
c'inancial Chronicle
"The elimination by the exchange of trading in
indemnities has removed one of the prime causes of
excessive price movements.
"To -further avoid the recurrence of violent price
changes the undersigned representatives of the
different exchanges will immediately recommend to
their respective organizations earnest consideration
of the following:
"1. Changes in exchange rules to provide for permanent limitation of daily price fluctuations.
"2. Limitations of open lines of speculative commitments.
"3. Adequate margin requirements, particularly
as applied to increased or larger speculative commitments.
"4. The permanent elimination of trading in indemnities.
"In both the matter of limitation of open lines and
of margin requirements due consideration should
be given to properly identified hedging 6ommitments.
"We belive that the business conduct committees
of the security exchanges and the various commodity
exchanges should exchange confidential information
regarding lines which are reasonable if confined to
either securities or to one commodity but which may
be excessive if large commitments prevail concurrently in several markets."
Great importance is attached to the elimination of
trading in indemnities, inasmuch as options to buy
at a future date, as permitted under the indemnity
trading practice, cannot be traced until the options
have been exercised. Aside from the permanent
abolition of indemnity trading the changes agreed
upon are all in the direction of insuring safe and sound
methods of trading, and above all are intended to
prevent reckless trading. There is to be, it should
be observed, (1) changes in the rules.so as to provide
for permanent limitation of daily price fluctuations;
(2) limitations of open lines of speculative commitments, and (3) adequate margin requirements,
especially as applied to the larger speculative commitments.
Not less important is the purpose to have the
Business Conduct Committees of the security exchanges and the various commodity exchanges exchange confidential information regarding lines which,
it is well said, "are-reasonable if confined to either
securities or to one commodity, but which may be
excessive if large commitments prevail concurrently
in several markets."
We think that equal care and caution should be
used in seeing to it that th,?. banks do not extend too
much accommodation or too freely and too profusely
and that the loans should be traced back to the
individuals or the concerns for whom they are made.
In this latter way it would be possible to arrive at
the aggregate of the dealings or commitments made,
which was the weak point in the collapse of last week
where dealings were concurrently conducted in
various commodities and in several different markets,
the brokerage houses evidently failing to exercise
any judgment at all in the premises but being ready
to place their own credit facilities at the disposal of
the reckless trader for no other reason than that he
had a long record of success in nis favor and perhaps
some accretions of profits which, however, are quickly
swept aside whan the critical moment arrives and the
whole speculative bubble collapses.
That no banking troubles have arisen is occasion
for congratulation, but the avoidance of a recurrence
of any such risk is obviously the duty of the hour,
and the remark applies as well to pyramiding in the
731
stockmarket as in the commodity markets. The
banks should at all times be wary about becoming
involved in speculative commitments on behalf of
traders who are ever prepared to go to extremes in
acquiring new lines and never reckon what the consequences will be when the bubble collapses. In
the general debacle in the stock market last week the
fluctuations in the shares which were the subject of
special manipulations were as wild and wide as those
in the grain market, and at such times the stocks
involved make mighty poor collateral; and the risk
of loss to the banks is correspondingly great. Every
effort should be made to enforce caution and conservatism upon the banks in speculative eras, as
well as in restraining the activities of the reckless
trading element.
During the break on Tuesday and Wednesday of
last week National Distillers, after reaching a high
of 124% on July 17, dropped to 643 on July 21;
American Commercial Alcohol, after touching a
high of 89% on July 18, tumbled to 29% July 21;
Commercial Solvents after being marked up to 573i.
/
2 on July 21; Owens (Ill.)
on July 18, dropped to 241
Glass from a high of 963
% on July 18, tumbled to 67
on July 21; United States Industrial Alcohol from a
high of 94 on July 17, fell to 41 on July 21, and
5 s on July 18,
Standard Brands after moving up to 37/
fluctuations
mean
declined to 21 July 21. What such
their
facilities
to
lending
to the banks which are
financing a reckless speculation of that kind will be
clear to the understanding of the most ordinary individual and it is essential that the restraint should
be put upon the banks engaged in the process—
for their own protection as well as for the protection
of the entire community.
PRESIDENT
ROOSEVELT on Monday delivered
the third one of his radio addresses through a
nation-wide broadcast, and it was devoted mainly to
an exposition of the nature and assumed merits of
the blanket or omnibus code for bringing the entire
private business activities of the United States under
the regulation and control of the Federal Government, this control to extend to the small shop and
the small store, and the requirement being to reduce
the number of hours of work of the individual and
at the same time to raise his pay. We cannot say
that the President strengthened his case any by his
arguments. The proposition is simply this, the
President said: "If all employers will act together
to shorten hours and raise wages, we can put people
back to work. No employer will suffer because the
relative level of competitive cost will advance by
the same amount for all. * * * It is a plan—deliberate, reasonable and just—intended to put into
effect at once the most important of the broad principles which are being established, industry by industry, through
Already all the great
codes.
'
basic industries have come forward willingly with
proposed codes, and in these codes they accept the
principles leading to mass re-employment. But, important as is this heartening demonstration, the
richest field for results"is among the small employers, those whose contribution will give new work
for from one to 10 people. These smaller employers
are indeed a vital part of the backbone of the country, and the success of our plan lies largely in their
hands. * * * The essence of the plan is a universal limitation of hours of work per week for any
individual by common censent, and a universal pay-
732
Financial Chronicle
ment of wages above the minimum, also by common
consent."
This is all well enough, but the President fails
altogether to say what is to become of the small
business, the small storekeeper, and the small shops
scattered all over the land, who find that it is absolutely out of the question for them to reduce hours
and to increase their force, and pay extra wages, no
matter how willing they may be to operate in harmony with the President and who are imbued with
the same spirit of patriotism as the President himself. If they increase prices they would simply be
forced out of business, since they would be unable
to find a market for their goods and wares at the
higher prices. Yet these people, some of them the
bulwark of the country's industrial activity, are to
be boycotted and ostracized if they do not fall in
with the President's plans and ideas; for those who
give ready assent are to be given a badge which they
may display in any way they choose while those
who do not comply because they are unable to comply without sacrificing their business are to be deprived of the privilege of wearing such insignia.
Moreover, a campaign is to be indulged in to persuade people to patronize only the shops who by
their assent have won the right to display the badge.
Walter Lippmann, in his article in the New York
"Herald Tribune" for Wednesday, set out the predicament in which these small dealers find themselves with great force and perspicacity when he
said: "The great corporations have reserves which
they can draw upon. They are by and large highly
mechanized, so that wages are a relatively smaller
part of their costs. They have much to gain by the
relaxation of the anti-trust laws, and have many
reasons for cultivating the good of Washington. The
small employers are in a rather different position.
They do not in general have any great margin of
reserves to draw upon. Labor costs are often decisive for them. They have less to gain in any reasonable time from the new liberty to combine." Continuing along the same lines, Mr. Lippmann went
on to say:
"If Washington is relying upon propganda and
boycotts to force the enormous number of small
employers into line, it is greatly to be hoped that it
will think twice before using such dangerous weapons
carelessly. It is one thing to use the pressure of
national opinion to compel great anonymous corporations. It is quite another thing to set people against
each other who must go on living together as neighbors.
"For my part I do not like that kind of coercion.
I do not like to hear the Administration using scornful epithets to browbeat men whose difficulties no
one in Washington can conceivably have understood.
I do not like government by propaganda which may
in a thousand communities incite discord and jealousy
and hysteria and fear among the people. A government should govern by the use of its lawful powers
and not by unloosing popular emotions.
"So, I venture to say, be careful. Be very careful
not to carry moral coercion too far. Be on guard
against those who love the excitement and enjoy
coercion for its own sake. It will be easier to call
them forth than to restrain them later. It is easier
to touch off hysteria and rancor than to quell it.
Nor is it worth while to resort to such measures.
What can be done by an appeal to reason and
through moderation of feeling is worth doing and will
help somewhat. But anything that requires a propaganda of intolerance is worse than useless. It is
monkeying with dynamite."
July
29 1933
Again n his article in the New York "Herald
Tribune" on Thursday morning Mr. Lippmann returned to the same subject, under the title "Stop,
Look and Listen!" and spoke even more strongly in
criticism of the scheme, as follows:
"For the smaller employers there is to begin with,
no prima facie evidence that they ever enjoyed the.
profit inflation of the boom and none that they can
quickly make large profits now. They are, moreover, not in a position to go to Washington and
argue with General Johnson. Therefore, it seems
to me that it is most cruel and unjust to arouse
public opinion against them with slogans and buttons
and placards. Who is going to distinguish between
the shopkeeper who is pocketing good profits and the
shopkeeper who is just managing to exist? Are we
really going to let loose from Washington with all the
mass appeal of modern propaganda a public opinion
which is quite incapable of distinguishing between
what Washington is beginning to call 'the slacker'
and the man who would like to have his button and
look like a patriot but simply has not the money to
get his button?
"This plan is good enough for the well to do and
the powerful. They can and should be brought into
it. But for the weak and helpless it is brutal, and if
carried through with martial spirit will inflict upon
them wholly unwarranted humiliations and losses.
There is nothing men resent so much as being compelled to do things they cannot do and being punished
when they are innocent. All over this country to-day
there are men with little shops who in the face of
incredible difficulties have just managed to stay in
business. Walk down Main Street in almost any
small town and see the empty stores and you will
realize how terrible has been the struggle to survive.
"It is intolerable to my mind that the Federal
Government should now reach into these towns, and
without any investigation of the facts, without any
knowledge of each man's circumstances, presume to
make public judgments as to whether this man 02
that is a slacker or a patriot. Where, I should like
to know does it derive the right to do that kind of
thing? '
In what statute is there such a grant of
power? In what principle of American government
is there the autnority for such an inquisition?
"Tile idea of reaching out to force every one into
, of public opinion is
such a scheme by the sheer tore"
not only utterly unjust, but it is a case where the
remedy, will aggravate the disease. To foment discord and discrimination, boycotts and bitterness, in
the neighborhoods of cities and in the towns is no
way to revive business. Suppose John Smith on the
corner takes on three more men, gets his button, and
Tom Brown down the street cannot take on more
men, does not get a button, and loses to John Smith
a part of his customers. What have you accomplished? Probably you have ruined Tom Brown who
then defaults on his lease, stops paying his'
taxes
and cannot meet his mortgage. Does any one
seriously think that kind of thing will make us
prosperous?
•
"The vice of the scheme is that it does not and
cannot take account of the Tom Browns, who would
like to have their buttons but cannot pay the price.
Upon them it threatens to unloose a mob spirit, and
once the mob spirit is loose it is farewell to justice
and sympathy and decency among men."
Not a word can be added to strengthen what Mr.
Lippmann here says so forcibly. To us it seems altogether probable that the scheme of a blanket code
for increasing mass employment will result in decreasing the number of those in gainful occupations
instead of increasing them, inasmuch as, if enforced
in the way indicated, it will drive many of the storekeepers and shopkeepers out of business, thereby
offsetting the number of extra workers who will find
Volume 137
Financial Chronicle
employment through the reduction in the number of
hours of those now at work. The most serious phase
of all is that the blanket code if put through in the
relentless way indicated may result in such demoralization of small businesses that the effect will be to
undermine the industrial revival which has now
taken such firm hold upon the country's activities
instead of promoting the revival as is Washington's
intention.
HERE is the more reason for deploring this
latest adventure since there is really no reason
whatever for resort to adventitious aid of the kind
proposed. Business recovery is progressing very
nicely, and all the indications are that the activity
will continue unless checked by some such ill-advised
experiments like the blanket code. The speculative
collapse of last week in the commodity and security
markets has naturally had somewhat of an unsettling effect, but there is nothing in the state of trade
itself why the unsettlement should be of more than
temporary duration. The strongest evidence of what
is going on in the way of trade revival is furnished
by the returns of railroad earnings for the month of
June which are now coming to hand in great numbers. These almost without exception show decided
improvement as compared with the results for the
same month last year, and, indeed, the improvement
is so general and so large that one might easily wax
eloquent over it. In all but a very few cases there
are substantial gains in the gross revenues, thereby
reflecting an increase in the volume of traffic
handled and transported, while additions to expenses are relatively light and, in fact, in not a few
instances reductions in operating cost appear in face
of the larger traffic moved, indicating that the managements have complete control of the expense
accounts.
As illustrations, the Pennsylvania RR. shows
$2,693,281 increase in gross revenues as compared
with June 1932, accompanied by $851,819 reduction
in expenses, thus yielding a gain in net operating
revenue for the month of $3,545,100. The New York
Central reports gross of $25,025,100 for June 1933 as
against $23,081,507 in June last year, with net of
no less than $8,051,460 against only $4,073,615 in
June last year. The Erie reports gross of $6,447,572
against $5,806.980 and net of $1,858,045 as against
$740,418. The Baltimore & Ohio shows gross of
$11,616,249 as against $10,144,686, and net of
$4,562,181 against $3,090,928. In other sections of
the country the comparisons are much the same,and,
indeed, the transformation effected in the character
of the net earnings is in not a few instances of very
noteworthy proportions. As one instance, the
Chicago Milwaukee St. Paul & Pacific, with gross
for the month of $8,456,905 the present year as
against $6,495,859 in June 1932,15 able to report net
operating revenue of $3,009,122 for 1933 as against
a deficiency below operating expenses in June 1932
of $354,026. In like manner the Chicago & North
Western, with gross of $7,046,716 the present year
as against $5,853,137 in 1932, has to its credit net
operating income of $1,086,955 in 1933 as against a
deficiency of $173,234 in 1932.
The Northern Pacific RR., with gross of $4,628,422
against $3,865,423, has to its credit net of $1,039,970
the present year against only $17,284 last year. And
the Great Northern reports gross of $5,498,816
against $4,156,734 and net of $1,601,504 against a
T
733
deficit of $695,730. The Chicago Burlington &
Quincy shows gross of $6,855,543 against $5,967,514
and net of $1,446,747 against $490,506. The Union
Pacific has added $1,165,518 to gross revenues while
reducing expenses $126,793, yielding net, therefore,
of $3,720,790 in the month the present year against
$2,427,479 last year. The New York Chicago & St.
Louis reports a gain of $537,867 in gross, with a de-rease of $186,859 in expenses, hence making the net
his year $1,170,302 as against $445,576 last year.
rhe Chesapeake & Ohio reports gross of $9,298,024
against $6,998,665, and net of $4,020,481 against
$2,726,760.
In the Southwest the comparisons are not quite
so good, owing chiefly to the disastrous failure of
the winter wheat crop, but there is, as a rule, improvement in the net even where the gross revenues
run below those of the previous year. The Atchison
shows a gain in gross of $591,687, simultaneously
with a reduction in expenses of $797,157, giving an
improvement in the net for the month of $1,388,844.
The Southern Pacific, though having suffered a decrease of $593,724 in gross, offset this by a decrease
in expenses of $993,306, establishing a gain of
$399,581 in net earnings. The St. Louis-San Francisco shows $383,540 gain in gross and $407,299
in net.
In the South the returns are exceptionally good,
and the Southern Railway, as heretofore, stands
foremost in the amount and degree of improvement
disclosed. The Southern Railway by itself shows
gross of $6,860,266 against $5,361,443, and net of
$2,376,654 against $307,.649; for the six months ending June 30 this company has a loss of $538,556 in
gross, but has added no less than $5,219,268 to net
earnings.
But perhaps the most encouraging bit of news the
present week, as far as the railroads are concerned,
has been the announcement which came from Wa-hington on Thursday to the effect that the Chicago
Milwaukee St. Paul & Pacific RR.had withdrawn its
application for a loan of $9,000,000 from the Reconstruction Finance Corporation to help in meeting
its financial requirements for the remainder of 1933.
"Owing to a marked improvement in our earnings
and cash position," H. A. Scandrett, the President
of the company, said, "the road will not require
these funds," newspaper accounts reported. This is
the first instance where any major railroad system
has recalled a request for financial assistance. The
accounts also say that the step confirmed the earlier
opinion of officials of the Reconstruction Finance
Corporation that an improvement in the road's position might obviate the necessity for borrowing.
This view was taken at the time the loan application
was submitted, with the result that consideration
of it was deferred pending further developments in
the railroad earning equation.
HE New York State Legislature convened in
extra session on Wednesday at the call of Governor Lehman to consider the request of New York
City, as expressed by the Board of Estimate and
Apportionment, that the Legislature provide means
with which to raise an additional $41,000,000 of revenue for the city so as to enable the city authoritie ;
to finance further expenditures for work and home
relief. The Governor, in his message to the Legislature, took the same stand that he did in his reply
to the Board of Estimate and Apportionment,
T
734
Financial Chronicle
namely, that if new tax levies are to be made they
must be made by the city itself within its own
borders, and that there must be no State-wide levies
covering the entire State. The latest scheme of the
city authorities for raising the additional revenue
is to double the sales tax from 1% to 2%, and also
to impose an extra 1c. tax on stock transfers. But
the whole city appears to be rising in arms against
the extra sales tax, and apparently this method of
providing new revenue will have to be abandoned, as
have so many previous propositions of the city
authorities for raising additional revenues. Grover
A. Whalen, Chairman of the Special Committee of
Merchants engaged in the fight, declared that all of
the 138,000 retailers of the city and their 700,000 employees were being organized for unified opposition.
Organized labor, up-State business men have also
been massing their forces against the proposal, and
a mass meeting to voice "emphatic protest" is to be
held next Tuesday evening at the Town Hall. The
general view appears to be that the deficiency in
revenue should be met by reducing the budget appropriations, and Governor Lehman also continues to
urge retrenchment and rigid economy in the conduct
of city affairs.
In the meantime the various political groups
which are engaged in selecting a fusion candidate
for Mayor are encountering great difficulty in
agreeing upon an acceptable name. Those who are
willing to run, like John F. Hylan and Fiorella H.
La Guardia, are unacceptable, while those who
would be sure to command a large vote show unwillingness to engage in the campaign for election
for some reason. Judge Samuel Seabury, who has
done so much to uncover the iniquities of Tammany
Hall, seems to favor Mr. La Guardia, who is a good
deal of a mountebank, but La Guardia made a very
poor run against James J. Walker in 1929. This
was not because Mr. Walker was exceptionally popular at the time, but because Mr. La Guardia could
not get the full support of his own party, many of
whom preferred to vote for Norman Thomas, the
Socialist candidate, because of their objections to
La Guardia. The latter got only 367,675 votes and
Norman Thomas got 175,697, while 867,522 votes
were cast for James J. Walker. In this state of
things it appears to us that former Police Commissioner Arthur Woods might make a candidate upon
whom all parties could agree. We do not know to
what political party Mr. Woods belongs, nor do we
know whether he could be persuaded to accept the
nomination, but he served as Police Commissioner
from 1914 to 1918, having been appointed to the
position by John Purroy Mitchell and unquestionably made one of the very best police commissioners
that it has ever been the good fortune of the city to
have. Colonel Woods also served from 1931 to 1932
as Chairman of President Hoover's Emergency Committee for Unemployment, where he made an
enviable record for himself.
HE Federal Reserve condition statements the
present week display no new features. The
Federal Reserve banks keep adding to their holdings
of United States securities in a moderate kind of
way, the further acquisitions this week having been
:=410,317,000, but only a part of this served to swell
the amount of Reserve credit outstanding owing to
the diminution in the uses of Reserve credit in other
directions. At the same time Federal Reserve notes
T
July 29 1933
continue to return from circulation after the huge
expansion in the outstanding amount of these notes
at the time of the banking moratoria in March. The
total of the holdings of Government securities increased during the week from $2,017,257,000 to
$2,027,574,000, but as the discount holdings of the 12
Reserve institutions, which reflect member bank borrowing, were reduced from $163,129,000 to $161,363,000, and the holdings of acceptances purchased
in the open market fell from $9,848,000 to $9,616,000,•
and the holdings of other securities declined !from
$2,026,000 to $1,862,000, the total of the bill and
security holdings, which constitute a measure of the
volume of Reserve credit outstanding,increased only
from $2,192,260,000 to $2,200,415,000.
Gold holdings are again somewhat larger, being
reported at $3,548,659,000 this week (July, 26)
against $3,545,879,000 last week (July 19). The
amount of Federal Reserve notes in circulation
underwent further contraction, dropping from
$3,037,508,000 to $3,004,052,000, though as partial
offset to this the amount of Federal Reserve bask
notes in circulation, and against which no cash reserves are required, increased from $118,137,000 to
$122,644,000. With gold reserves larger and Federal Reserve note liability less, the ratio of 'total
gold reserves and other cash to deposit and Federal
Reserve note liabilities combined, again remains unchanged at 68.4%—this notwithstanding an increase
in the deposits from $2,541.839,000 to $2,573,709,000,
the latter due in no small measure to an increase
in member bank reserves from $2,289,811,000 to
$2,306,366,000. The amount of United States Government securities pledged as part collateral for
Federal Reserve notes outstanding was increased
during the week from $485,200,000 to $489,200,000.
OME increase in the foreign commerce of the
United States appears for June. Both exports
and imports of merchandise are larger, the latter
being in excess of the former, for the first time in
many months. Furthermore, the increase in imports
is considerably greater than that in exports. Merchandise exports for June were valued at $119,900,000 and imports $122,000,000, the excess of imports being $2,100,000. In August 1931, imports
were slightly in excess of exports, but it is the exception that such is the case. Merchandise imports
last month were higher in value than in any month
since April 1932. In May this year exports were
valued at $114,243,000 and imports $106,905,000, an
excess of exports of $7,338,000.
The increase in exports in June over May was $5,658,000 or 4.9%. On the other hand, June imports
were larger in value than those for May by $15,095,000, an increase of 14.1%. For the first time in
many months the foreign trade figures for June exceeded those for the same month of the preceding
year. Thus June exports this year compare with
$114.148,000 for June 1932, and imports with $110,280,000 for that same month a year ago. The increase for imports over last year was somewhat
greater than in the case of exports, as it was in the
other comparisons shown above. In June last year
exports exceeded imports by only $3,868,000, a somewhat smaller amount than is usual in the monthly
records.
Quite a different story is told by the reports of
foreign commerce for the fiscal year ending with
June. Exports of merchandise for the past twelve
S
Volume 137
Financial Chronicle
months were valued at $1,440,479,000 and imports at
$4167,919,000, an excess of exports of $272,560,000.
For the same period in the preceding year, exports
amounted to $1,948,433,000 and imports to $1,730,270,000, the excess of exports in that year being
$218,065,000. The decline in exports for the past
year was $507,856,000, equivalent to a loss of 26.1%,
and in imports $562,351,000, or 32.5% less. The
June figures this year are much improved over
those for the fiscal year.
A considerable part of the improvement in exports
last month was due to the heavy movement abroad
of cotton. Cotton exports in May also contributed
very materially to the better situation in that month.
Furthermore, much higher prices, not only for
cotton, but for practically all commodities, affected
very favorably these records for the past two months
for both exports and imports. Cotton exports in
June amounted to 635,625 bales, against 611,935
bales in May and 366,500 bales in June last year.
The value of cotton exports. last month was $29,287,982 compared with $26,080,620 for May and only
$13,362,100 in June 1932. The increase in the value
of cotton exports in June this year, over that month
a year ago, was $15,925,882 or 117.0%. Much of this
reflects the higher price of cotton. Omitting cotton
exports, all other exports in June this year were
valued at $90,612,000 against $100,786,000 in June
1932, a reduction this year of $10,174,000 or 9.8%.
This loss appears in spite of the advance in prices
that has taken place recently. And this advance for
many commodities has been very material.
The same thing applies to the increase in merchandise imports last month. The Department at Washington states, in connection with the publication of
the June report, that the outstanding increases in
June imports over those for May, were in unmanufactured wool 278%; pulpwood 140%; ferro-manganese 181%; wood manufactures 103%; hides and
skins 54%; coffee 13%; raw cotton (imports) 82%;
tin 50%; and raw silk 45%. The dollar value was
considerably heavier for hides and skins, woodpulp,
raw silk, tin, and iodine.
The change in the specie movement abroad was
not especially important in June this year, except
for the exceptionally large shipments of silver into
this country in that month,for which no like record
is to be had at least for a great many years. The
latter along with that for May for a much smaller
amount was apparently in connection with the
English debt settlement. Gold exports last month
were $4,380,000, much less than for any month since
January, and gold imports $1,136,000, the smallest
in four years. For the past fiscal year gold exports
have amounted to $135,393,000 and imports to $398,979,000 the excess of imports being $263,586,000. In
the preceding fiscal year gold exports were $1,233,844,000 and imports $520,028,000, exports exceeding
imports by $713,816,000. The imports of silver last
month were $15,472,000. In May the amount was
85,275,000, while in June last year the amount was
$1,401.000. Silver exports last month were only
$343,000.
HE New York stock market, after last week's
complete collapse, was more or less unsettled
the present week, but strongly inclined to rally, so
that part of the severest losses of last week have been
recovered. Liquidation of poorly margined or undermargined accounts proved less than might have been
735
expected considering the extent of last week's decline, and what liquidation there was was readily
absorbed. At the same time the commodity markets
and in particular grain, which suffered such complete collapse last week, showed reviving strength.
Trading in the grain exchanges was limited in the
extent of the daily fluctuations, but this proved no
obstacle to a sharp rise in grain prices the latter
part of the week. The Stock Exchange itself was
open only for three hours each day, in order to
enable overworked employees to catch up on arrears
of work. The three-hour session on Monday ran
between the noon hour and three o'clock, while on
the remaining days of the week trading was between
11 o'clock a. m. and 2 o'clock p. m. It was also
announced at the time of the change in hours that
the Stock Exchange would remain closed to-day
(Saturday, July 29). On Friday it was decided to
resume next week the regular hours of trading (10
a. m. to 3:00 p. m.), but to continue to keep the Exchange closed on Saturday for a while.
The developments were all favorable, and such
as to promote a recovery in prices unless exception
should be made of the decline in foreign exchange
rates, which lessened the depreciation of the American dollar and thereby removed what in the immediate past has always been a stimulus to rising
prices in the security markets, and in the commodity
markets as well. The favorable returns of earnings
and income made in the monthly and quarterly returns of the different corporations proved an encouraging feature. In that regard mention must be made
particularly of the return of the U. S. Steel Corp.
for the three months ending with June, which appeared after the close of business on Tuesday, and
likewise the good return made by the other important steel concerns like Bethlehem Steel. Then, also,
the excellent exhibit made by the General Motors
Corp. in its statement for the second quarter of the
year did its part in strengthening market values all
around, besides which the extremely favorable reports of earnings coming day after day from the railroads for the month of June did much to encourage
growing confidence. A new rise in the price of
rubber tires contributed to the same end, besides
serving as a special invigorating influence in the
case of the rubber stocks. The bond market in the
early days of the week, in the case of the lowerpriced issues, showed less sustained strength than
the stock market, but the latter part of the week
these issues also joined the upward movement. Extensive speculative operations have been conducted
for some time in many of these low-priced bonds,
and apparently more distress liquidation was encountered in some of these issues than in the case of
the stock market.
.
The ordinary trade indexes remained highly encouraging, loading of revenue freight on the railroads of the United States continuing to show substantial increases as compared with the corresponding period of the year preceding, while the production of electricity by the electric light and power
industry of the United States for the week ended
Saturday, July 22, aggregated 1,654,424,000 kilowatt hours as compared with only 1,433,993,000 kilowatt hours in the same period of 1932, being an increase of 15.4%. The "Iron Age's" weekly report
showed a slight dip in steel production, the steel
mills of the country being now engaged at 57% of
capacity, against 58% last week and 59% the week
736
Financial Chronicle
preceding, but there appeared to be no special significance in this, and the market for steel scrap,
always considered a sensitive barometer, advanced
to a new high level for the year, and iron and steel
prices appeared to be stiffening all around. The
upward rebound in the stock market was very much
in evidence the early part of the week, and it can
hardly be said to have been interrupted much the
remainder of the week, though considerable nervousness was very much in evidence at all times, which
was natural after the huge drop in prices last week.
As the week progressed the recovery in cotton and
grain prices did much to promote the rising tendency of prices. On Wednesday a sharp upward
spurt in Homestake Mining was a feature, this stock
jumping from 230 to 252, but on Thursday all this
advance was lost, the stock dropping from 252 to 216,
though recovering to 230 by the close of the day,
the tumble being precipitated by news from Washington that Attorney-General Cummings had given
an opinion banning export shipments of gold ore
from this country. Juneau, McIntyre Porcupine
and others in the gold group also slumped badly, and
this had an unsettling effect on the whole stock
market, though the market regained its tone on
Friday.
A general summary shows that the September
option for wheat in Chicago closed yesterday at
$1.021/
8 as against 91c. on Thursday of last week,
the Chicago Board of Trade having been closed on
both Friday and Saturday of last week. The September option for corn in Chicago closed at 57%c.yesterday as against 53c. on Thursday of last week. The
September option for rye in Chicago closed yesterday at 78c. as against 67c. the close on Thursday of
last week, while the September option for barley
/
8c. the previous
closed yesterday at 63c. against 757
week (Thursday). Spot cotton here in New York
closed yesterday at 10.50c. as against 10.10e. on
Friday of last week. The spot price of rubber yesterday was 7.38c. against 7.00c. on Friday of last week.
Domestic copper closed yesterday at 9c. as against
9c. on Friday of last week. Silver in London continued to fluctuate within relatively narrow limits,
and the price in London yesterday was 18% pence
8 pence on Friday of last
per ounce as against 181/
week, while the New York quotation was 36.60c.
again t 35.70c. The foreign exchanges, as already
stated, turned in favor of New York, and cable
transfers on Londan yesterday closed at $4.491/2
against $4.68 on Friday of last week, while cable
transfers on Paris closed yesterday at 5.29c. against
4c. on Friday of last week.
5.511/
New high records for the year in the case of different stocks have been limited the present week.
Of the stocks dealt in on the New York Stock Exchange new high figures for 1933 were established
only in the case of 27 stocks, and new low figures
for the year in the case of only four stocks. On the
New York Curb Exchange the record for the week is
23 new highs and eight new lows. The SherwinWilliams Co. of Cleveland resumed dividends on the
common shares by declaring a dividend of 25c. a
share after having omitted any distribution the
previous May 15. The United States Steel Corp.
continued its quarterly dividend on the preferred
shares at 50c. a share, the same as on May 29 and
Feb. 27, though previous to this the quarterly dividends for the whole corporate life of the company
July 29 1933
had been $1.75 a share. Kaufmann Department
Stores, Inc., on July 28 resumed the payment of dividends by the declaration of $3.50 a share on the 7%
cumul. pref. stock, which clears up all accumulations on this issue, and the declaration of a dividend
of 20c. a share on the no par common stock. As for
a long time previously, call loans on the New York
Stock Exchange remained unaltered at 1%.
Dealings were on a greatly reduced scale under the
shorter hours of trading. On the New York Stock
Exchange the sales at tie half-day session on Saturday
last were 4,224,070 shares on Monday they were
3.415,350 shares; on Tuesday 3,538,350 shares; on
Wednesday 2,039,572 shares; on Thursday 2461,610
shires, and on Friday 1,390,555 shares. On the
New York Curb Exchange the sales last Saturday
were 648,695 shares; on Monday 549,314 shares; on
Tuesday 588,550 shares; on Wednesday 379,881
shares; on Thursday 431,595 shares, and on Friday
279,585 shares.
As compared with Friday of last week, gains quite
generally appear though most of them are quite.
moderate. General Electric closed yesterday at 234
3,
against 233/i on Friday of last week; North American
at 263/s, against 253; Standard Gas & Elec. at 14%,
against 143/
2; Consolidated Gas of N. Y. at 53%,
5
against 52; Pacific Gas & Elec. at 273/
2, against 27;
Columbia Gas & Electric at 20%, against 19; Electric
Power & Light at 9%, against 93/2; Public Service of
N. J. at 463/2, against 453; International Harvester
at 343/8, against 307
4; J. I. Case Threshing Machine
at 70, against 78; Sears, Roebuck & Co. at
35%,
against 31; Montgomery Ward & Co. at 21%,
against 21; Woolworth at 45, against 42 8; Western
2, against 55; Safeway Stores
Union Telegraph at 603/
at 523
%. against 52; AmericanaTel. & Tel. at 123%,
against 120; Brooklyn Union Gas at 82 bid, against
793/2; American Can at 85, against 843; Commercial
Solvents at 323/2, against 263/
2; Shattuck & Co. at 9,
against 9; and Corn Products at 78, against 753.
Allied Chemical & Dye closed yesterday at 117
against 115 on Friday of last week; Associated Dry
Goods at 143/2 against 133'; E. I. du Pont de Nemours
at 703/
2 against 66; National Cash Register A at
173. against 178; International Nickel at 18 against
163; Timken Roller Bearing at 273 a gainst 23;
Johns-Manville at 45 against 41; Gillette Safety
Razor at 135
/s against 11%; National Dairy Products
at 20% against 19%; Texas Gulf Sulphur at 28%
against 27; American & Foreign Power at 12% against
10%; Freeport-Texas at 373/ against 34%; United
Gas Improvement at 2034 against 20; National Biscuit at 5432 against 4932; Coca-Cola at 95% against
96; Continental Can at 60 against 5634; Eastman
Kodak at 7734 against 703/
2; Gold Dust Corp. at
223/
2 against 1934; Standard Brands at 255
% against
22%; Paramount Publix Corp. ctfs. at 1% against
13/8; Westinghouse Elec. & Mfg. at 4332 against 4034;
Drug, Inc. at 4834 against 4434; Columbian Carbon
at 52 against 51; Reynolds Tobacco class B at 48%
against 44; Lorillard at 213 against 1994; Liggett &
Myers class B at 883
% against 88, and Yellow Truck
5
& Coach at 59/s against 4/s.
Stocks allied to or connected with the a:cohol or
brewing group all show sharp upward rebounds.
Canada Dry closed yesterday at 29 against 21 on
Friday of last week; Crown Cork & Seal at 46 against
333/2; Liquid Carbonic at 323/g against 23; Mengel
& Co. at 143
% against 113/
2; National Distillers at
Volume 137
Financial Chronicle
763/ against 67; Owens Glass at 783( ex-cliv. against
68, and United States Industrial Alcohol at 56
against 46.
The steel shares have not failed to share in the
general recovery. United States Steel closed yesterday at 54% against 521A on Friday of last week;
United States Steel pref. at 993/ against 94; Bethle2 against 33, and Vanadium at 25
hem Steel at 403/
2. In the auto group, Auburn Auto
against 213/
closed yesterday at 553/ against 50 on Friday of
last week; General Motors at 303/ against 244
5;
Chrysler at 33% against 28; Nash Motors at WIagainst 17%; Packard Motors at 53 against 43
/
8;
Hupp Motors at 5% against 4 8, and Hudson Motor
Car at 113/ against 9 8. In the rubber group, Goodyear Tire & Rubber closed yesterday at 36%
3 against
323/
2 on Friday of last week; B. F. Goodrich at 15%
7
against 133/
2, and United States Rubber at 183t
against 14 8.
The railroad shares have most of the time been
leaders in the forward movement. Pennsylvania RR.
closed yesterday at 34% against 29 on Friday of last
week; Atchison Topeka Sr Santa Fe at 62 against 60;
Atlantic Coast Line at 46% against 493'; Chicago
Rock Island & Pacific at 6%
7 against 5; New York
Central at 433 against 38%
5 ; Baltimore & Ohio at
283/
2 against 23%; New Haven at 26 against 22%;
Union Pacific at 114 against 111%; Missouri Pacific
at 6% against 6%; Southern Pacific at 26% against
25; Missouri-Kansas-Texas at 123, against 10;
Southern Railway at 27%
5 against 19%; Chesapeake
& Ohio at 43% against 40; Northern Pacific at 26
against 25%
3 , and Great Northern at 273 against
24%.
The oil stocks have not been laggards. Standard
3 against 33% on
Oil of N. J. closed yesterday at 35%
Friday of last week; Standard Oil of Calif. at 354
1
against 33; Atlantic Refining at 243/s against 213',
and Texas Gulf Sulphur at 26% against 27. In
the copper group, Anaconda Copper closed yesterday
at 16% against 153 on Friday of last week; Kennecott Copper at 20/
5 8 against 19%
5 ;American Smelting
8 against 31; Phelps-Dodge at 14%
& Refining at 33%
5
against 133'; Cerro de Pasco Copper at 31% against
25, and Calumet & Hecla at 6% against 53-
p
RICE trends were somewhat irregular this week
on stock exchanges in the leading European
financial centers. The markets at London, Paris
and Berlin again took their cues very largely from
developments in the United States, but subdued
trading on all the European stock exchanges reflected the greater spirit of caution prevalent after
the severe break in prices last week. The London
Stock Exchange was cheerful in most sessions of the
current week, however, despite the diminished optimism regarding the American experiment. The
Paris and Berlin markets were dull, with a definite
trend lacking. In all markets there is obvious uncertainty regarding the genuine significance of current developments. Observers in London greatly
fear that currency experiments will get out of hand
and cause a greater collapse than anything so far
witnessed in this depression. On the European Continent this belief prevails to a much greater degree.
On the other hand, trade reports in all the large
industrial countries continue to reflect a steady improvement, and it is considered an open question
whether this is due primarily to a natural recovery
or to currency tinkering and speculation.
737
The London Stock Exchange was cheerful in the
initial session of the week, prices advancing moderately in all sections of the list. Gilt-edged issues
responded to further investment buying, while Briti,11 industrials were marked up a bit as well. The
international section improved on somewhat more
favorable week-end reports from New York. In the
dealings Tuesday, speculative fervor increased a little, while gilt-edged issues were neglected and
slightly easier after a firm start. British industrial
stocks and the international securities were strong.
Uncertain movements followed, in Wednesday's session at London. British funds were dull and fractionally lower, despite satisfactory revenue returns.
The industrial group showed a little unsettlement,
but the undertone was firm. International securities advanced slightly. The market was stimulated.
Thursday, by a sharp advance in home railway
issues, due to announcements of undiminished interim dividends by the London Midland & Scottish,
and the Southern Railway of England. British
funds dropped slightly, but industrial stocks and
the international group remained firm. The tone
yesterday was again cheerful. Industrial stocks
moved forward, but British funds and the international securities were dull.
Prices on the Paris Bourse moved lower Monday,
in response to developments elsewhere during the
two-day close of the French market. Trading was
quiet, but levels dropped steadily throughout the
session, and in the more prominent speculative
stocks losses were heavy. The movement was reversed Tuesday,and most of the losses of the preceding day were regained. Business was again dull,
but more favorable reports from other markets occasioned a mark-up of security quotations on the
Bourse. Movements Wednesday were insignificant,
quotations dropping very slightly in extremely dull
trading. "It is more than ever evident," a Paris
dispatch to the New York "Times" said,"that Paris
just now is reflecting Wall Street and is content
to adjust itself to each variation there. Until the
experimental period of the Presidential policy has
ended, it is felt, no other course is possible." Business was almost at a standstill, Thursday,and prices
again moved a little lower. The Bourse was inactive yesterday, with price movements small and
sluggish.
The Berlin Boerse was dull and lower in the first
session of the week. Very little interest was taken
in securities, reports said, as uncertainty prevailed
with regard to foreign and domestic developments
alike. Reichsbank shares advanced on foreign purchases, but virtually all other issues declined. The
tone improved, Tuesday, owing mainly to better reports from foreign markets. Demand was light, but
as the market was very thin it sufficed to increase
quotations in most securities. The movement was
again reversed Wednesday, prices declining sharply
in the more speculative sections. Bonds were
steady. A more cheerful session followed, Thursday, prices advancing moderately on indications of
greater public interest in securities. Shipping
stocks were a notable exception to the forward movewent, however, these issues declining on gloomy reports by the Hamburg-American and the North German Lloyd lines, as well as the replacement of the
officials of both companies by "Nazis." After a firm
opening, prices weakened on the Boerse, yesterday,
and most issues sustained net losses.
738
Financial Chronicle
IX weeks of completely fruitless debate in the
sessions of the World Monetary and Economic
Conference were terminated, Thursday, with the
delegates of 66 nations assembled for the final
plenary gathering of the ill-fated Conference. The
recess will be indefinite, despite efforts by the American delegates to have a definite date set for reassembling. Considerable doubt exists that the Conference ever will be called together again. The
Bureau, or Steering Committee of the Conference,
will continue to function in London with the understood aim of calling the meeting in session again if
the outlook ever appears propitious for international
agreement on currency, tariff and other problems.
It is generally accepted, however, that this is little
more than a device for avoiding an abrupt end, and
for dealing with the numerous reports of subcommittees that constitute some of the wreckage. James
M. Cox, the American member of the Bureau, is expected to stay in the British capital until late in
August, but Secretary of State Cordell Hull and the
few remaining members of the United States delegation will return immediately.
The Conference moved this week to a quiet and
gentle end, which contrasted sharply with the hubbub and clamor of the earlier debates. Arrangements for terminating the gathering worked
smoothly enough, and there was little lamenting in
the brief speeches by leading delegates in the final
session. Just before the recess was taken, President
Roosevelt sent a message to the Conference in which
he expressed the view that the exchanges at the
gathering will make progress toward international
agreements easier in the future. Mr. Roosevelt said
he did not regard the Conference as a failure. In
the spirit of mellow retrospection prevalent at London, Thursday, the impression was that the gathering had afforded instructive discussion, even though
it was a complete failure so far as constructive results are concerned. The only agreement of any
kind at the Conference was reached last Saturday,
when eight nations interested in silver signed an
agreement designed to raise and stabilize the price
of the white metal for the next four years. The discussions on wheat production curtailment, which
some Conference leaders hoped might lead to agreement, ended abruptly late last week, when Stanley
Bruce, of Australia, flatly rejected a report on coordination of production and marketing which included the principle of limitation.
The message to the Conference from President
Roosevelt was addressed to Prime Minister Ramsay
MacDonald,in his capacity as Chairman. Secretary
of State Hull read the message, in which Mr. Roosevelt expressed his sincere admiration and respect
for the courage and patience of its presiding officer.
"Results are not always measured in terms of formal
agreements," the message continued. "They can
come equally from a free presentation of each nation's difficulties and each nation's methods to meet
its individual needs. We in the United States understand the problems of other nations better to-day
than before the Conference met, and we trust that
other nations will in the same spirit of good will
view our American policies, which are aimed to overcome our unprecedented economic situation at home.
Such an interchange, especially if it results in full
discussion of all problems and not a few only, makes
progress more and not less possible in the future.
That is why I do not regard the Economic Confer-
S
July 29 1933
ence as a failure. Largely because of your tact and
perseverance the larger and more prominent problems will continue to be analyzed and discussed.
You recognize with me that new adjustments are
necessary to meet world and national conditions
which have never existed before in history. You can
count on our continued efforts toward world rehabilitation because we are convinced that continuation of the World Economic Conference will
result in practical good in many fields of joint
endeavor."
Indefinite adjournment of the Conference was de
cided upon Tuesday, when the Bureau adopted a
resolution to this effect. Secretary Hull was the
only delegate who favored fixing a definite date for
reconvening, but when the resolution for an indefinite recess came to a vote Mr. Hull decided to make
it unanimous. An understanding was reached at the
same time for the formation of an Executive Committee, to consist of Prime Minister MacDonald,
Walter Runciman of Great Britain, James Cox of
the United States, Paul Hymans of Belgium, Hendryx Colijn of Holland, Georges Bonnet of France,
Guido Jung of Italy, Karl Vincent Krogman of Germany, Victor Kienbock of Austria, and Tomas A.
Le Breton of Argentina. The Bureau also took necessary steps for calling the plenary session, Thursday, which ended the meeting.
In the series of brief addresses on the final day,
Prime Minister MacDonald struck one of the few
optimistic notes. Denying either defeat or discouragement, Mr. MacDonald emphasized that the
Conference is taking a recess and is not permanently
adjourned. Secretary Hull made the last speech for
the American delegation, in the course of which he
read the message from Mr. Roosevelt. In contrast
with the general belief at London that it is high
time to declare an embargo on international conferences, Mr. Hull expressed the opinion that statesmen could not sit in conferences too often or too
long.
Critics of the Conference were scored by the
Secretary, who apparently retained a sublime faith
in the Conference method of halting "the race of
nations in economic armaments, which is as strong
a menace to peace and commerce as have been wild
competitions in the past in military armaments."
He voiced a stirring appeal to the Conference, and
through it to the peoples of the world, to demand an
end of ruinous races in either military or economic
armaments. The object of the London Conference
was to eliminate the "twin evils," and to substitute
prosperity and good will for panic and trade strife.
Relaxation of efforts at this time would show an
amazing indifference to human welfare, Mr. Hull
asserted. Enlarging on the American "constructive
program" for restoring prosperity, the Secretary declared that such restoration cannot be permanently
achieved without the co-operation of other nations.
"There is no logic in the theory that domestic policies are irreconcilable with international co-operation," Mr. Hull added. James M. Cox, American
Chairman of the Monetary Commission, also pleaded
for co-operation until the time for "the inevitable
hour of service" of the Conference arrives.
Other delegates were somewhat more realistic in
their summaries of the Conference results and prospects. Neville Chamberlain, as the leader of the
British representatives, remarked that "there is no
need to disguise the fact that we are greatly disap-
Volume 137
Financial Chronicle
pointed to have to report that we have made so little
progress." He deplored especially the failure to
lower or remove shipping subsidies. Suggestions
for study of proposals for lower tariffs were in accordance with British views, Mr. Chamberlain said,
but he added that his Government could not accept
any arrangement that would fix tariffs indefinitely
at present levels, since Great Britain is still a low
tariff country. He urged the delegates to avoid
attributing the failure of the Conference to anybody in particular. Premier Hendryx Colijn, of Holland, made the gloomiest speech of the day. "The
Conference has fallen flat for the present," he said.
"Looking back six weeks we have no reason to congratulate ourselves." He ended with the admission,
however, that he is not without a glimmering hope
for the future.
Finance Minister Georges Bonnet of France urged
that something might be done very soon in the way
of stabilizing the currencies of a few countries.
Finance Minister Guido Jung of Italy stated that
the Conference had at least done the service of not
trying to hide disagreement under an ambiguous
formula. The monetary problem is the most difficult at present, he declared. Like all other representatives of the gold bloc countries, Signor Jung
emphasized that Italy intends firmly to remain on
the gold standard. "A managed currency is inconceivable as affording an international monetary
standard," he added,"unless countries with smaller
economic and financial resources are willing to
forego their independence." The Italian delegate
made it clear that he expects the American currency
experiment to fail, dispatches said. Dr. Hjalmar
Schacht of Germany read extracts from numerous
subcommittee reports and pointed out some of the
many ways in which the Conference failed. Jean
Maisky of Russia described the Conference results
as "something under zero."
After declaring the Conference ended, Prime Minister MacDonald delivered a radio address to the
American people over a National Broadcasting Co.
network. The failure of the gathering is due to uncontrollable conditions, which changed greatly and
caused a degree of uncertainty that made agreement
impossible, he said. "I am sure that an agreement
is possible, but not in a hurry," Mr. MacDonald continued. The currency question will be one of the
immediate concerns of the Bureau at London, and
settlement of this problem will open the way to
agreement on other matters, he said. The Conference was described as a severe business assembly, in
which the hard-working delegates overlooked no
point of importance, but these comments by the
Prime Minister contrasted somewhat with the observations of press correspondents, who reported
that even in the final session the delegates chatted
and read newspapers,and otherwise were inattentive
while the last speeches were delivered. Mr. MacDonald urged the American people not to believe
what they read about the failure and uselessness of
international conferences. "Temporary difficulties
must not be exaggerated," he declared. "It would
have been a miracle, in view of the size of this Conference, the nature of its business, the uncertain con:
ditions of the world, had this one not been held up
at some point. But do remember that to be held
up is not to be ended. The obstacles are removable
and they will be removed."
739
N AGREEMENT on silver sales by governments
with surplus stocks, and on absorption of the
metal by five other countries, was signed at London,
late last Saturday, in connection with the activities
of the World Monetary and Economic Conference.
This agreement represents the sole achievement of
that Conference. Its conclusion was attributed to
the insistence of Senator Key Pittman, of Nevada,
who apparently devoted all his energies at London
to the task of submitting successively less unsatisfactory proposals on silver to the gathering, until a
relatively innocuous treaty was formulated on which
the countries interested in the metal could agree.
As indicated above, the treaty is designed to raise
and stabilize the price of silver for the four years
beginning Jan. 1 next. India, China and Spain, as
the chief silver-holding countries, accept under the
agreement a four-year limitation on the disposal of
their stocks. Five silver producing countries—the
United States, Canada, Mexico, Peru and Australia
—agree to adopt programs for governmental absorption of silver in amounts almost equal to the
annual sales by the others. India is to sell not
more than 35,000,000 ounces yearly, or 140,090,000
ounces in the treaty period, but an additional
35,000,000 ounces may be sold for purposes of war
debt payments to the United States. Spain agreed
to sell not more than 5,000,000 ounces annually,
while China agreed to sell no silver from demonetized coins.
The five silver producing countries agreed that
they will purchase or otherwise withdraw from the
market 35,000,000 ounces from the mine production
of such countries in each of the four calendar years
of the agreement. These governments will undertake
to settle in a subsequent agreement their respective
shares of the purchases, the treaty states. In a
London report to the New York "Herald Tribune,"
it was indicated, however, that the United States
will take the major share, or 24,000,000 ounces
yearly. This treaty will come into force only after
ratification by the eight governments, and it is provided that such ratification must be effected by
April 1 1934. Ratification, on the other hand, may
be by notification of affirmative domestic action to
carry out the purposes of the Treaty, and it was
maintained that the instrument therefore will not
require the usual approval by two-thirds of the Senate of the United States to be effective here. Stocks
of the metal accumulated by the silver producing
countries, according to this treaty for the benefit
of silver producers, are to be "used for currency
purposes (either for coinage or for currency reserves) or be otherwise retained from sale during the
said period of four years."
A
important declarations of British
SEVERAL
monetary and economic policies were made in
London this week, to the effect that England and
the British Dominions have no intention of following the American currency experiment. An announcement was made late Thursday, after the close
of the World Monetary and Economic Conference.
that Great Britain and the Dominions will make
the Empire a single monetary unit based on sterling.
entirely independent of gold currencies or the dollar.
A lengthy statement was issued, and signed by representatives of the British, Canadian, Australian, New
Zealand. South African and Indian Governments.
Financial Chronicle
740
in this document the nations concerned declared
they favored ultimate return to the gold standard,
and a common policy, in the meanwhile, for raising
commodity price levels. The Government of the
United Kingdom, it was made plain, "has no commitments to other countries as regards the future
management of sterling." The statement suggested
that other countries might want to associate themselves with the Empire group, thus making possible
the "attainment and maintenance of exchange stability over a wider area." Although all the Empire
countries desire ultimate restoration of "a satisfactory international gold standard," any such restoration must await price stability and international
agreement, the statement declared. On the question of capital outlays in order to stimulate construction and a speedier recovery from the depression, each of the Empire Governments will make a
decision "in the light of its own experience and its
own conditions."
Although the agreements made at the Ottawa Conference last year have been much criticized throughout the Empire of late, the statement of policy reaffirmed the Ottawa declarations. Signature of the
statement was hailed in London as an historic event,
a London report to the New York "Times" said. It
was suggested that the document will grow in importance if the Empire countries can co-ordinate
their financial and monetary policies on sound lines.
The accord was a distinct surprise, the dispatch
added, as the meetings held by the Empire delegates
concurrently with the sessions of the World Monetary and Economic Conference had been marked by
considerable discord. "The differences, it appeared,
did not prevent the Empire nations from proclaiming their determination to stick together," the report
said.
That the British Government is not in the least
inclined to follow the American experimental policy
on currency or public works expenditures was made
quite plain in the House of Commons. Wednesday,
by Chancellor of the Exchequer Neville Chamberlain. The British Government, he said, had no "dictatorial power" to make wages rise, but counted
rather on a rise in prices to improve trade and thus
increase the incomes of wage earners. Lack of stability in the United States dollar is only temporary,
the Chancellor declared. Until the right time comes
to stabilize, the pound sterling will not be linked
either to gold or to the dollar, but would pursue an
independent course, it was stated. On the public
works question, the Chancellor upheld Walter Runciman, President of the Board of Trade, who declared a fortnight ago that Great Britain had decided against the expensive policy of Governmentsupported public works projects to relieve unemployment.
--0-
ISCUSSIONS among the leading bankers of
Europe at Basle, Sunday and Monday, demonstrated once again that agreements on international
financial matters are exceedingly difficult to arrive
at in the current unsettled state of the world. The
Governors of the foremost central banks of Europe
gathered for the ordinary board meeting of the Bank
for International Settlements, and as they went
their respective ways, late Monday, the impression
prevailed that no progress had been made toward a
general understanding on currency problems. The
conversations seemed to indicate, a Basle dispatch
D
July 29 1933
to the New York "Times" said, that three separate
blocs are forming among European nations. "There
is the gold bloc headed by France, including Italy,
Switzerland, Holland and Poland," the report
stated. "There is the sterling bloc with Great
Britain and the Scandinavian countries. The third
includes Germany and some Central European countries." General European action to combat currency fluctuations could not be arranged while the
dollar and the British pound remain detached from
gold, it was remarked. The financial experts at
Basle were said to believe the American experiment
can last anywhere from two to six months, and in
the meanwhile only nations having similar interests
can hope to co-operate.
Currency questions occupied the bankers at Basle
almost exclusively. Bankers representing the gold
standard countries examined developments since
their recent meeting at Paris and again pledged common assistance in restraining speculation affecting
their currencies. They did not define the action to
be taken, except for mere maintenance of close contact. "In view of the improvement in the florin,
Swiss franc and belga since the Paris meeting, they
decided there was no need for expanding their plan
for mutual action at this time, but agreed they would
confer again whenever the situation requires consultation," the correspondent of the New York
"Times" remarked. It was understood, the dispatch
continued, that Governor Montagu Norman, of the
Bank of England, was unwilling to make any engagement until the United States policy had been more
clearly defined. Representatives of the smaller
countries belonging to the sterling group were said
to have evinced irritation at the long delay in fixing the international value of the pound. Although
sterling has been almost stable recently in its relation to the French franc, no assurance could be obtained that this stability would be continued. The
third group, headed by Germany, adopted a policy
of tranquil waiting at the Basle meeting, according
to the report. "Depending upon gold embargoes and
other restrictions, they are awaiting the decision of
solvent countries to aid them in reorganization, and
particularly to relieve them from the burden of their
heavy indebtedness," the dispatch added.
In the formal Board meeting of the B. I. S., a protest was registered against German and Austrian
interest payments on loans in the depreciated currencies of lending countries, rather than in the gold
equivalent stipulated when the obligations were contracted. The German attitude, however, was that
everywhere—in the United States regarding bond
issues and recently in Great Britain regarding the
war loan issue—the gold clause was being disregarded. The directors decided to renew the
60,000,000 schilling loan to Austria, the $20,000,000
loan to Hungary and the $3,000,000 loan to Jugoslavia. It was temarked in the dispatch to the New
York "Times" that such renewals are, in reality.
like postponing an uncollectable mortgage. Leon
Fraser, the American President of the B. I. S., laid
before the directors a report of currency discussions
at the World Monetary and Economic Conference,
but no action was taken on the London resolutions.
The Board decided to request governments whose
banks of issue are members of the B. I. S. to exempt
the deposits of the institution from gold embargoes
and restrictive national meagures. The next meeting of the Board was scheduled for October, but
Volume 137
Financial Chronicle
President Fraser was empowered to call an earlier
meeting in case of emergency.
HERE is every expectation in Washington that
the United States Government will rapidly
negotiate a series of trade treaties with Latin American nations and also with some countries elsewhere,
now that the World Monetary and Economic Conference has dragged to its fruitless end. Conversations to this end were started by Washington officials, Thursday, with Alberto J. Pani, Finance Minister of Mexico, who stopped at the capital on his
return journey from the London meeting. The new
Portuguese Minister to the United States, Joao Antonio de Bianchi, will hurry to this country in order
to participate in reciprocal tariff discussions, a
Washington dispatch to the Associated Press said.
The Argentine, Brazilian and Colombian Governments already have accepted invitations to discuss
new and close trade relations with the United States.
Discussions also are likely to take place with the
Government of Sweden, while representatives of
Chile and Uruguay were reported last week as having made advances for trade negotiations. The task
of negotiating the actual treaties will devolve upon
Secretary of State Cordell Hull, who is expected to
devote a good part of his time to this endeavor after
his return from London next month. Discussions
wiht Latin American countries will include also
plans for a Pan-American commercial conference, to
be held in Montevideo late this year, it is understood.
The general aims of these negotiations were discussed enthusiastically at Rio de Janeiro, Tuesday,
by the Brazilian Finance Minister, Oswald° Aranha.
"Brazil desires to conclude with the United States
a commercial treaty along the lines indicated by
President Roosevelt," the Minister informed the
correspondent of the New York "Times." "The program outlined by President Roosevelt consults not
only the interest of mutual exchange of trade between our countries, but suggests terms capable of
softening, and even of solving, the foreign and domestic commercial and financial difficulties resulting from the present crisis. Moreover, Brazil would
view with the greatest satisfaction a Pan-American
economic conference aimed to promote collaboration
and good will and to crystallize in the Americas
those ideas that were held in abeyance at the London
Conference by clashes of interests." The program
of the Pan-American conference should include,
Senhor Aranha said, such problems as debt readjustments and capital transfers, as well as currency,
commercial and transport matters.
T
PROGRESS
was again made this week by the
Soviet Government of Russia in improving its
diplomatic standing in the world. Recognition of
the Russian regime was announced by the Spanish
Government, Thursday, according to Madrid reports, and it is expected that regular diplomatic
intercourse will be established without delay.
Washington reports early this week indicated that
officials of the State Department are examining the
question of recognition of Russia by the United
States. A Warsaw dispatch of Wednesday to the
New York "Times" stated that the Polish Ministry
in Moscow and the Russian diplomatic mission in the
Polish capital soon will be raised to the rank of Em-
741
bassies, because of the recent improvement in Polish.
Soviet relations. It will be recalled that Foreign
Commissar Maxim Litvinoff achieved marked triumphs for the Soviet Government recently, when he
negotiated in London for termination of the AngloRu sian trade embargoes and for resumption of conversations regarding a new trade treaty between the
two countries. M. Litvinoff also negotiated a series
of pacts of economic non-aggression with almost all
neighboring States of Russia. From London M. Litvinoff went last week to Paris, where he was received more than courteously. It is plain, of course,
that much of the sudden popularity of Soviet representatives in European capitals is due to the abrupt
change in international alignments occasioned by
the rise of Fascism in Germany.
FFORTS to arrange a peaceable settlement of
the unofficial conflict between Bolivia and
Paraguay over the boundaries of the Gran Chaco
area have become extraordinarily complicated in
recent days, owing to a reported refusal by Bolivia
to accede to the intercession of the League of Nations. Although a Commission was appointed by
the League to study the dispute and attempt arbitration, it is now indicated in La Paz reports that the
Bolivian Government will have nothing to do with
the group, and will favor further efforts by the
ABCP Powers—Argentina, Brazil, Chile and Peru.
The League Commission was to sail for South America late in August or early in September, and there
was general hope that the mission would succeed,
since both the contestants had agreed, tentatively,
to the proposal for arbitration. A La Paz dispatch
of Monday, to the New York "Times," reports, however, that the Bolivian Foreign Office has protested
against the Commission's plan to hold hearings in
Montevideo, Uruguay, without visiting the scene of
hostilities. This was followed, Tuesday, by a Buenos
Aires report that Bolivia will refuse to recognize
the authority of the Commission, and will endeavor
to have the whole problem resubmitted to the ABCP
Powers.
Recent reports of the course of battle in the Chaco
territory make it appear that Paraguay has made
a few gains. Asuncion dispatches earlier this month
declared that the Paraguayan troops had gained the
most important victory of the winter campaign. La
Paz denied most of the claims, but admitted that
Bolivian troops had engaged in a "strategic retreat"
in one sector. The struggle remains altogether indecisive, however,even though it has been in progress
somewhat more than a year. The first clash of
arms occurred July 16 1932, and an attempt was
made in Buenos Aires, last week, to count the cost
and the results of this unfortunate war. Position ;
of the contending forces are almost identical with
those occupied before the fighting began, an Associated Press dispatch said. "Careful composite
estimates from best informed sources place the Bolivian dead from fighting and disease at 20,000, with
the ineffectives from illness and wounds at 35,000,"
the report continued. "The Paraguayan figures are
Placed at 8 000 dead and 17,000 ill and wounded.
Bolivian losses have been heavier because they generally have been on the offensive, but both armies
have been stricken with ailments resulting more
from an all-meat diet than from unfavorable climate. Many of the ill and wounded have returned
E
Financial Chronicle
742
July 29 1933
to the battlefield. Bolivia has approximately 50,000
men in the war zone of the 90,000 mustered in, while
Paraguay has 40,000 of 70,000."
francs. Notes in circulation reveal a reduction of
963,000,000 francs, reducing the total of notes outstanding to 82,254,659,275 francs. Circulation a
year ago stood at 80,801,911,720 francs and two
years
ago at 77,766,227,085 francs. The proportion
HE Netherlands Bank reduced its discount rate
of
gold
on hand to sight liabilities stands now at
Present
on Friday, July 28, to 33/2% from 4%.
78.50%,
last year it was 76.09% and the year before
the
table
in
rates at the leading centers are shown
56.63%;
Below we furnish a comparison of the
which follows:
various items for three years:
UN' RATES OF FOREIGN CENTRAL BANKS.
T
Country.
Austria....
Belgium _ _ _
Bulgaria_ _ _
Chile
Colombia._
Czechosloyak's
Danzig_ _ _ _
Denmark _ _
England _ _ _
Estonia
Finland....
France.....
Germany_
Greece
ITnlIand
Rate In
Date
Effect
July28 Established.
PreMous
Rate.
5
33.
814
414
5
Mar. 23 1933
Jan. 13 1932
May 17 1932
Aug. 23 1932
Sept. 19 1932
6
214
914
514
6
314
4
3
2
534
534
234
4
714
Jan. 25 1933
July 12 1932
June 1 1933
June 30 1932
Jan. 29 1932
May 27 1933
Oct. 9 1931
Sept. 31 1932
May 29 1933
Tniv 28 1933
414
5
314
214
634
6
2
5
9
4
31.4
Country.
Rate in
Date
Effect
July28 Established.
BANK OF FRANCE'S COMPARATIVE STATEMENT.
PreMaus
Rate.
Hungary... 414 Oct. 17 1932 5
314 Feb. 16 1933 4
India
June 30 1932 314
Ireland___. 3
Jan. 9 1933 5
4
Italy
3.65 July 3 1933 4.38
Japan
July 1 1933 414
5
Java
May 5 1932 714
7
Lithuania
314 May 23 1933 4
Norway _ _ _
Oct. 20 1932 714
Poland _ __ _ 6
Mar. 14 1933 614
Portugal._ _ 6
Apr. 7 1933 7
6
Rumania
Feb. 21 1933 5
South Africa 4
Oct. 22 1932 615
6
Spain
June 1 1933 314
Sweden.._. 3
Jan. 22 1931 214
Switzerland 2
Changes
for Week.
July 211933. July 22 1932. July 24 1931.
Francs.
Francs.
Francs.
Francs.
+179,529,825 81,728,872,266 82,310,024,264 57,893,064,952
--2,000,000 2,573,759,060 4,472,858,056 9,475,625,758
Gold holdings
Credit bals. abroad_
a French commercial
—98.000,000 2,965,939,042 3,179,664,389 5,446,856,536
bills discounted._
1,404,168,232 1,843,097,800 16,068,258,004
b Bills bought abr'd No change.
—6,000,000 2.683,847,382 2,753,321,805 2,757,338,906
Advs. agst. seems
Note circulation_ __ _ —963,000,000 82,254,659,275 80,801,911,720 77,766,227,085
Cred.current acc'ts. +1,153,000,000 21,654.965,183 27,379,335,256 24,459,653,054
Propor'n of gold on
hand to sight ha!NUM,.
4-0 02%
7$1.511.7.,
7A floor
KII CM 07
Includes bills purchased in France. b Includes bills discounted abroad.
HE Bank of Germany in its statement for the
In London open market discounts for short bills
third quarter of July reveals another increase
on Friday were 7-16%, as against 7-16% on Friday
in
and bullion, this time of 10,175,000 marks.
gold
of last week and 7-16@3/2% for three months' bills,
stands now at 228,387,000 marks, as
Total
bullion
last
week. Money
as against 7-16@3/2% on Friday of
754,137,000 marks last year and
with
compared
Paris
the
At
Yi,%.
on call in London yesterday was
the previous year. An increase
marks
1,352,803,000
24%
from
28
on
July
raised
was
open market rate
foreign currency of 3,715,000
reserve
in
appears
in
from
same
day
on
the
Switzerland
in
to 2% and
other
coin of 45,301,000 marks,
and
silver
marks,
in
2%.
to
13/2%
in notes on other German banks of 2,094,000 marks,
HE Bank of England statement for the week in other assets of 17,900,000 marks and in other daily
ended July 26 shows a further gain of £399,482 maturing obligations of 38,300,000 marks. A loss in
in bullion which brings the total up to £191,380,134, note circulation of 77,247,000 marks reduces the
another new high record. A year ago the Bank held total of the item to 3,261,162,000 marks. A year
only £138,576,458. Circulation contracted £154,000 ago circulation aggregated 3,721,932,000 marks and
and this together with the gain in gold caused reserves the year before, 4,194,607,000 marks. Bills of exto increase £554,000. Public deposits fell off £4,915,- change and checks, advances, investments and other
000 while other deposits rose £1,806,076. Of the liabilities register decreases of 105,945,000 marks,
latter amount, £4,351,425 was in bankers accounts 11,028,000 marks, 195,000 marks and 1,036,000
and £454,651 in other accounts. The reserve ratio marks respectively. The proportion of gold and
is at 43.54% in comparison with 43.19% a week ago foreign currency to note circulation is now 9.6%,
and 33.05% a year ago. Loans on government as compared with 24% a year ago and 36% two years
securities increased £1,005,000 while those on other ago. A comparison of the various items for three
securities decreased £1,646,001. Other securities years is furnished below:
REICHSBANK'S COMPARATIVE STATEMENT.
consist of discounts and advances and securities.
Changes
£1,642,812.
The former fell off £3,189 and the latter
July 22 1933. July 23 1932 July 23 1931
for Week.
—
—
at
2%.
Below
we
unchanged
The rate of discount is
Reichsmarks. Reichs marks. Reichsmarks. Reichamarks.
Assets—
+10.175,000 228,387,000 754,137,000 1,352,803,000
Gold and bullion
items
different
for
five
the
of
comparisons
furnish
17,652,000
No change.
Of which depos. abr'd
66,915,000
65,548,000
+3,715,000
83,980,000 137,786,000 159,533,000
Reeve in for'n currency
years.
—105,945,000 2,972,648,000 2,927,239,000 3,066,554.000
Bills
checks._
of
each.
&
STATEMENT.
T
T
BANK OF ENGLAND'S COMPARATIVE
1933.
July 26
1932.
July 27
1931.
July 29
1930.
July 30
1929.
July 31
C
E
E
E
E
377,221,000 369,285,637 350,361,869 368,377,007 371,817,795
Circulation a
14,137.000 11,242,945 15,219,417 9,087,688 11,078,094
Public deposits
156,169,961 122,747,283 89,484,932 98,375,872 97,964,585
Other deposits
Bankers' accounts_ 98,510,742 88,186,076 55,798,330 60,970,985 60,277,499
Other accounts... 57,659.219 34,561.207 33.686,602 37,404,887 37,687,086
90.595,963 68,770,765 52,560,906 51,665,547 62,256,855
Gov't securities
23,663,012 39,047,622 36,300,633 29,032,768 34,102,467
Other securities
11,243.296 15,280,114 9,696,484 6,740,720 9,951,195
advances_
Disct.&
12,419,716 23,767,508 26,604,149 22,292,048 24,151,272
Securities
Reserve notes & coin 74,160.000 44,290,821 33.947,794 44.873,388 30,792,449
191,380,134 138.576,458 133,309,663 153,250,395 142,610,244
Coln and bullion
Proportion of reserve
28.23%
41.75%
32.4%
33.05%
43.54%
to liabilities
3%
414%
2%
514%
2%
Rant PlitS4
a On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
of
Bank
of
England
£234,199,000
to
the
amount
time
note issues, adding at that
notes outstanding.
Silver and other coin_ _ _
Notes on 0th. Ger. bite_
Advances
Investments
Other assets
Liabilities—
Notes In circulation....
Other daily matur. oblIg
Other liabilities
Propor.of gold & foreign
curt'. tn nntn clreula'n
+45,301,000
+2,094,000
—11,028.000
—195,000
+17,900,000
304,612,000
13,101,000
81,627,000
319,830,000
479,722,000
295,416,000
11,274,000
101,964,000
365,217,000
758,647,000
73,618,000
12,275,000
316,419,000
102,263,000
920,491,000
—77,247,000 3,281,162,000 3,721,932,000 4,194,607,000
+38,300,000 395,303.000 358,773,000 585,017,000
—1.036,000 179,755,000 703,549,000 737.000,000
—0.7%
9.6%
24.1.
--•-O CHANGES of any significance were recorded
this week in the New York money market.
Ample fund§ were available at the current low rates,
under the influence of the official easy money policy.
Call loans on the New York Stock Exchange were
1% for all transactions, whether renewals or new
HE Bank of France in its weekly statement money. No funds were available at a concession from
dated July 21 shows a gain in gold holdings of the official rate in the street market Monday, but on
179,529,825 francs. The Bank's gold now stands Tuesday and in all sessions thereafter transactions
at 81,728,872,266 francs, in comparison with 82,310,- were reported in call loans on the unofficial market
0. Time loans were unchanged. An issue of
024,264 francs a year ago and 57,893,064,952 francs at 917
$80,000,000
in 91-day United States Treasury disabroad,
balances
French
the year before. Credit
awarded Monday at an average disbills
was
count
advances
against
and
commercial bills discounted
securities record decreases of 2,000,000 francs, 98,- count of 0.37%, this figure representing a slight
000,000 francs and 6,000,000 francs while creditor decline from the 0.39% rate on a $75,000,000 issue
current accounts show an increase of 1,153,000,000 awarded the previous Monday. Brokers' loans
T
N
Financial Chronicle
Volume 137
against stock and bond collateral declined $73,000,000
in the week to Wednesday night, according to the
usual report of the Federal Reserve Bank of New
York.
--•-EALING in detail with call loan rates on the
Stock Exchange from day to day, 1% has
been the ruling quotation all through the week for
both new loans and renewals. The market for time
money has been quiet this week, no transactions of
importance being recorded. Rates are nominal at
1@131% for 30 and 60 days, 13.1@13/2% for three
and four months and 3/2@2% for five and six months.
The market for commercial paper has been exceedingly brisk this week, and while there has been a
large supply of paper available, it has been quickly
taken up. Rates are 11A% for extra choice names
running from four to six months and 13
4% for names
less known.
• D
HE market for prime bankers' acceptances has
T
been very quiet this week with most of the
business coming
sections. Rates
from out of town
are unchanged. The quotations of the American
Acceptance Council for bills up to and including 45
days are 3'% bid, and %% asked; for 46 to 90 days
they are %% bid and M% asked; for four months,
4%
7
bid and Y
i% asked; for five and six months,
13'% bid and 1% asked. The bill buying rate of
the New York Reserve Bank is 1% for bills running
from 1 to 90 days, and proportionately higher for
longer maturities. The Federal Reserve banks'
holdings of acceptances decreased during the week
from $9,848,000 to $9,616,000. Their holdings of
acceptances for foreign correspondents, however, increased during the week from $35,694,000 to $36,021,000. Open market rates for acceptances are as
follows:
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days—
Bid.
Asked.
Bid.
Asked.
Asked.
Bid.
Prime eligible billsj
1
34
34
—90Days— -46 to 60 Days- —1 to 45Days—
Bid.
Asked.
Asked.
Bid.
Bid.
Asked.
Prime eligible bills
34
35
34
35
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
% bid
Eligible non-member banks
134% bid
have been no changes this week in the
THERE
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:
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
KAMM City
Dallas
San Francisco
Raisin
Erna on
July 28.
Date
Established.
Previous
Rate.
3
234
3
3
334
334
3
3
334
334
334
3
June 1 1933
May 26 1933
June 81933
June 10 1933
Jan. 25 1932
Nov. 14 1931
May 27 1933
June 8 1933
Sept. 12 1930
Oct. 23 1931
Jan. 28 1932
June 2 1933
334
3
334
334
4
3
334
334
4
3
4
334
--0-TERLING exchange took a sharp turn downward the present week, with a corresponding
lessening of the depreciation of the American dollar.
The foreign exchange markets have been exceptionally dull and wide fluctuations have been registered
on the slightest actual transactions. However, the
course of rates has been almost continuously downward. Sterling moved off sharply from the high
peak touched on Wednesday, July 19, when it was
quoted at 4.861A for cable transfers in New York
S
743
and dollars were quoted 4.8675 in London. The
drop in the pound the current week to 4.43N yesterday means, of course, that dollars advance in
terms of sterling. On Saturday last the dollar was
valued at 72.2 gold cents in the Paris market, having
risen from 68.8 cents on July 19, and is now currently
quoted at 74.1, in Paris and 73.9 ill Amsterdam and
74.3 in Zurich. The range for sterling this week
has been between 4.687A and 4.43 for bankers' sight
bills, compared with a range of between 4.57 and
4.86h last week. The range for cable transfers
4 and 4.43, compared with
has been between 4.691
a range of between 4.573j and 4.861A a week ago.
There is nothing essentially new in the foreign trade,
international monetary relationships, or in political
factors which can account for the slump in sterling,
or the advance in the dollar with respect to sterling.
In some quarters the break on Thursday and Friday
was attributed to the statement made by the British
Chancellor in the House of Commons on Wednesday
to the effect that the pound was "strictly on its
own" and not linked to the French franc or gold
or to the American dollar. Only a day or two before, Mr. Leslie Hore-Belisha, Financial Secretary
of the British Treasury, likewise told the House of
Commons that sterling is not "tied" to the franc
and asserted that no inference could be drawn from
the fact that the sterling-franc rate has been almost
without fluctuation of late. Doubtless these statements should be accepted as true; nevertheless foreign
exchange traders interpret them as indicating that
the pound will be permitted to decline further in
terms of gold.' The depreciation since September
1931, has been around 30%, fluctuating somewhat
from day to day.
Highly important news which must be regarded as
substantiating these official statements before the
House of Commons was broadcast to the world early
yesterday. It was announced that the British Commonwealth of Nations had signed an agreement and
declaration of monetary and economic policy just
after the World Economic Conference adjourned.
These dispatches are fully covered in another column.
The declaration asserted a common policy of rising
prices within Great Britain and the several commonwealths and stated that the government of the
United Kingdom "has no commitments to other
countries as regards the future management of
sterling." Nations outside the British commonwealths are invited to join the sterling bloc. It
seems highly probable that complete adherence to
the sterling declaration will be given by the Scandinavian countries and by all the South American
republics. The declaration signed by the delegates
of Great Britain, Canada, Australia, New Zealand,
South Africa, and India asserts that the empire
countries desire the ultimate restoration of "a satisfactory international gold standard," but that they
see that such a restoration must await the stabilization of world prices.
Bankers are disinclined to accept the idea that
sterling is not "tied" to the French franc, since the
Exchange Equalization Fund has been persistently
active in the market and the London check rate on
Paris has been for so long a time fairly steady around
85 francs to the pound. There can be no doubt
that there is a strong body of opinion in Great
Britain urging inflation and a lowering of sterling.
The inflationary and depreciation forces of all the
British Commonwealths are likewise urging this
744
Financial Chronicle
course upon the London'authorities, contrary to the
undoubted judgment of the conservative and responsible minority represented by the Bank of England.
Nothing has happened on this side to cause any
essential change in the dollar-sterling situation. The
London authorities would be loath to see sterling
depreciate further and if such a course were deliberately followed, serious disturbance to the gold bloc
countries would result and their fight to maintain
the gold standard would be made more difficult.
It is also felt that further depreciation in sterling
would cause repercussions in the form of still higher
tariffs and unfavorable readjustment of quotas in
many countries. However, it is evident that there
is a more bearish feeling with respect to the pound,
which is manifest in the rather large transfers of
funds from London chiefly to Paris, but to Amsterdam and Zurich as well. The future course of sterling
depends, it would seem, entirely upon the action of
the dollar here, and there is no possible way by
which the course of the dollar can be gauged since
the fate of the dollar depends wholly and absolutely
upon the President's policy.
Should the dollar be devalued to more than five
to the pound, it might then be necessary from the
British point of view to allow sterling to sink further
in terms of gold. If the peg were lowered, it would
be lowered gradually so as to cause the minimum of
embarrassment to the gold currencies. Such all orderly handling of the situation would also be dictated
by self interest. Despite denials that the pound is
not pegged to the French franc, foreign exchange
traders on this side are strongly of the opinion that
much of the gold which France has taken from earmarked stock in New York is gold originally acquired
here last year by the Exchange Equalization Fund
and now sold by the British authorities as a measure
in defense of the pound with respect to the franc. In
the last few weeks earmarked gold withdrawn from
New York by France has amounted to more than
$67,000,000, and bankers here have been consistently
of the opinion that France withdrew practically all
its earmarked gold from this side before last March.
The British Fund,it is well known, had large amounts
of gold here. It is therefore probable that the current
exports of the metal to France are from sales made
by the Bank of England. While there is undoubtedly
a flow of funds from London to the Continent in
consequence of renewed bearish sentiment regarding
the pound, international confidence in the stability
of London as a money market and safe place to deposit appears in no wise impaired if we consider the
abundance and ease of money in Lombard Street.
Rates have hardly varied in months and funds are
almost unlendable. Call money against bills is plentiful at Yi%, two-months' bills are 5-16 to 7-16%,
three-months' bills
to %,four-months'bills 9-16
to /%, and six-months' bills 11-16 to 4
3 %. On
Saturday last £440,000 gold was available in the open
market, of which £400,000 was taken for an "undisclosed destination"—this could be the Exchange
Equalization Fund—and the balance for Continental
account, at a premium of 83'd. Gold bars were
quoted 123s. 8d. On Saturday the Bank of England
bought £1,424 in gold bars. On Monday 080,000
was available, of which 000,000 was taken for an
"unknown destination," the balance going to the
Continent at a premium of 93/
2d. Bars were quoted
123s. 63/2d. On Tuesday £240,000 was available, of
which £200,000 was taken for an "unknown destina-
July 29 1933
tion," and the balance for Continental account. The
premium was 7d. and bars were quoted at 123s 6d.
On Tuesday also the Bank of England bought £67,
jewelers' bars. On Wednesday £280,000 was available, of which £140,000 was taken for an "unknown
destination" and the balance for Continental account.
The premium was 83/
2d. and bars were quoted at
123s.
On Wednesday also the Bank of England
bought £5,835 in gold bars. On Thursday the Bank
of England bought 06,831 in bars; £150,000 in the
open market was taken for Continental account at a
premium of 103/2d. and bars were quoted 124s. 6d.
On Friday £400,000 was available in the open market,
the bulk of which was taken for an "unknown destination" and the balance for Continental account at
a premium of 83/
2d. Gold bars were quoted at
124s. 3d.
The Bank of England statement for July 26 shows
an increase in gold holdings of £399,482, the total
standing at £191,380,134, which compares with
£138,576,458 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 26, as reported by the Federal
Reserve Bank of New York, consisted of exports of
$17,055,000 to France, which resulted in a decrease
of $17,055,000 in gold earmarked for foreign account.
There were no gold imports. In tabular form the
gold movement at New York for the week ended
July 26, as reported by the Federal Reserve Bank
of New York, was as follows:
GOLD MOVEMENT AT NEW YORK, JULY 20-JULY 28, INCL.
Imports.
Exports.
$17,055,000 to France.
None.
$17,055,000 total.
Net Change in Gold Earmarked for Foreign Account.
Decrease: $17,055,000.
The above figures are for the week ended Wednesday evening. On Thursday there were no imports
of gold but $5,002,800 was shipped to France, and
gold held earmarked for foreign account decreased
$5,002,800. On Friday there were no imports of
gold but $12,297,600 more of the metal was exported
to France and gold held earmarked for foreign account decreased $12,297,600. No reports have come
during the week of gold having been received at any
of the Pacific ports.
Canadian exchange continues at a discount, which
varies more or less with the changes in the sterlingU. S. dollar rate. On Saturday last, Montreal funds
were at a discount of 5%, on Monday at 43
4%,
on Tuesday at 5
on Wednesday at 63/2%, on
Thursday at 6%%, and on Friday at 7%%.
Referring to day-to-day rates sterling exchange on
Saturday last was irregular and inclined to ease.
Bankers' sight was 4.62%@4.67/
5 8; cable transfers
4.63@4.673
4. On Monday the pound fluctuated
rather widely in a limited market. The range was
5
4 633/2@4.68/ for bankers' sight and 4.63,g@4.691
4
for cable transfers. On Tuesday sterling was steady.
/
Bankers' sight was 4.66@4.683
8; cable transfers
4.66M@4.68N. On Wednesday the market was
quiet, with fluctuations comparatively narrow.
Bankers' sight was 4.613 4@4.633/s; cable transfers
4.613/2@4.633
/
8. On Thursday sterling went off
sharply. The range was 4.5014@4.583/ for bankers'
sight and 4.503/
2@4.58N for cable transfers. On
Friday sterling showed further weakness. The range
was 4.43@4.55 for bankers' sight and 4.433@4.553/
for cable transfers. Closing quotations on Friday
•
Volume 137
Financial Chronicle
745
2 for cable trans- the end of March and is in a strong position to assist
/
/i for demand and 4.511
were 4.513
fers. Commercial sight bills finished at 4.52, sixty- the other countries in the gold bloc. The Bank's
day bills at 4.51, ninety-day bills at 4.50%,.docu- ratio stands at 78.50%, compared with 76.09% a
ments for payment (60 days) at 4.51, and seven-day year ago and with legal requirement of 35%.
The London check rate on Paris closed on Friday
grain bills at 4.51. Cotton and grain for payment
at 85.31, against 85.30 on Friday of last week. In
closed at 4.52.
New York sight bills on the French center finished
1 2, against 5.50% on Friday of
XCHANGE on the Continental countries is on Friday at 5.28/
slightly easier in sympathy with the modifica- last week; cable transfers at 5.29, against 5.513, and
tions of the sterling rate with respect to the dollar. commercial sight bills at 5.30, against 5.473. AntThese exchanges are firm, however, as they have werp belgas finished at 18.89 for bankers' sight bills
been since the abandonment of gold by the United and at 18.90 for cable transfers, against 19.62 and
States. The French franc, the leading gold unit, is 19.63. Final quotations for Berlin marks were 32.34
exceptionally firm. Par of the franc is 3.92 and its for bankers' sight bills and 32.35 for cable transfers,
2 and 5.48. in comparison with 33.64 and 33.65. Italian lire
1
range this week has been between 5.20/
2 for bankers' sight bills and at 7.13
1
of New closed at 7.12/
Bank
Reserve
noted
above,
the
Federal
As
2and 7.42. Austrian
/
York reports an export of $17,055,000 gold from New for cable transfers, against 7.411
York to Paris, with a corresponding decrease in gold schillings closed at 15.40, against 16.10; exchange on
earmarked for foreign account. It was thought that Czechoslovakia at 4.03, against 4.20; on Bucharest
the Bank of France had withdrawn practically all of at 0.83, against 0.91; on Poland at 15.28, against
its gold holdings from New York last year, though it 15.75; and on Finland at 1.88, against 2.10. Greek
2for bankers' sight bills and
1
is possible that its earmarked stock here was much exchange closed at 0.75/
.
2
/
against 0.81 and 0.811
transfers,
at
cable
for
0.76
larger than the market estimated. As stated in the
of
opinion
consensus
resume of sterling exchange, the
XCHANGE on the countries neutral during the
seems to be that the large exports of gold from New
war presents no new features of importance.
weeks,
amountParis
to
several
York
during the past
ing to approximately $67,000,000, were drawn mostly These currencies have softened somewhat, in symfrom English earmarked stock in New York, which pathy with the sterling quotations, but in terms of
was sold to the Bank of France by the British the dollar, Swiss francs and Dutch guilders are well
authorities as part of the operations for stabilizing above gold par. The Scandinavian currencies are
sterling with respect to the French franc. Informa- of course ruling below their former parities, as they
tion regarding the gold earmarking operations is are attached to sterling exchange and fluctuate with
never divulged by the Federal Reserve Bank or by the pound. Amsterdam and Switzerland are much
the foreign central banks, but market guesses as to more confident of their position than they were a
these movements are seldom far wrong. For the time few weeks ago. This is especially true of Amsterbeing, at least, bankers both here and abroad seem dam which has been able to draw gold from Paris on
somewhat more confident that the gold bloc coun- several occasions during the past few weeks.
Bankers' sight on Amsterdam finished on Friday
tries-France, Holland, Switzerland, Italy, and
Poland-will be successful in carrying out whatever at 54.65, against 56.75 on Friday of last week; cable
secret agreements they may have made a few weeks transfers at 54.70, against 56.80; and commercial
ago for the maintenance of their currencies on the sight bills at 54.55, against 56.65. Swiss francs closed
gold basis. Because of a certain bearish sentiment at 26.24 for checks and at 26.25 for cable transfers,
respecting sterling, funds have been moving in against 27.24 and 27.25. Copenhagen checks finished
sizeable volume to Paris and the other gold bloc at 20.19 and cable transfers at 20.20, against 21.85
centers. Unless sterling is allowed to depreciate and 21.86. Checks on Sweden closed at 23.34 and
further it seems quite possible that the gold cur- cable transfers at 23.35, against 24.09 and 24.10;
rencies may be able to maintain their position until while checks on Norway finished at 22.74 and cable
such time as a general stabilization program can transfers at 22.75, against 23.49 and 23.50. Spanish
be fixed upon by London and Washington. Since pesetas closed at 11.30 for bankers' sight bills and at
the English view seems to be that it is utterly im- 11.31 for cable transfers, against 11.75 and 11.76.
possible to come to any fixed monetary or comXCHANGE on the South American countries is
mercial agreements with Washington, it is only fair
largely nominal, as all these units are under
to presume that London will decide upon a stabilization point for sterling without regard to dollar quota- control of government exchange boards. The fluctions. In that event the position of the gold bloc tuations with respect to the dollar are without signi
countries would be so firmly established as to make ficance, as there is practically no market. The
these countries independent of policies on this side. quotations would be extremely low in terms of the
Whether or not sterling is stabilized in the near dollar had the United States not walked off the gold
future, it is quite certain that the London authorities standard. The South American exchange control
will do everything in their power to assist the gold boards seem to base all their foreign exchange quotabloc countries in their endeavors to maintain the tions now on the French franc, whereas prior to the
integrity of their currencies and will assuredly do abandonment of gold by the United States they had
nothing to hinder their efforts. The Bank of France made their computations with reference to the dollar.
statement for the week ended July 21 shows an in- It seems highly probable that the leading South
crease in gold holdings of 179,529,825 francs, the American countries will become parties to the new
total standing at 81,728,872,266 francs, compared sterling bloc agreement formulated in London this
with 82,310,024,264 francs a year ago and with week. It is confidently stated that United States
28,935,000,000 francs in June 1928 when the unit exporters to Brazil, Argentina, and Uruguay are
was stabilized. The Bank of France has now ap- either leaving their balances in these countries or
proximately 2,000,000,000 francs more gold than at transferring them into pounds sterling.
E
E
E
746
Financial Chronicle
Argentine paper pesos closed on Friday nominally
at 343/i for bankers' sight bills, against 36.00 on
Friday of last week; cable transfers at 35.00, against
3631. Brazilian milreis are nominally quoted at
7.81 for bankers' sight bills and 83/2 for cable transfers, against 7.81 and 8.75. Chilean exchange is
nominally quoted at 83/2, against 83
4. Peru is
nominal at 21.50, against 22.25.
XCHANGE on the Far Eastern countries is of
course demoralized by reason of the unsatisfactory situation of sterling and dollar exchange. These
units, while fractionally lower than last week, nevertheless continue exceptionally firm with respect to
the dollar. The firmness in the Chinese units is
substantially due to the improved prices of silver,
which have ranged this week from 353/ to 37% cents
per fine ounce in New York (Handy Sr Harmon quotations). Only a few weeks ago the quotation was
around 26 cents an ounce. According to the London
"Times" "the silver agreement reached at the Economic Conference is not the kind of agreement ardently desired by those who hold that one of the most
helpful contributions to world recovery would be to
restore the purchasing power of China and other
silver using countries by giving silver an international
monetary value."
Closing quotations for yen checks yesterday were
28, against 29 on Friday of last week. Hong Kong
closed at 323
/
8@32 13-16, against 329@33 11-16;
Shanghai at 29,@293/s, against 283
4@29%; Manila
at 50, against 50; Singapore at 53 8, against 55;
Bombay at 3431, against 353.i; and Calcutta at 343,
against 35V1.
E
URSUANT to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
p
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
JULY 22 1933 TO JULY 28 1933, INCLUSIVE.
Noon Buying Rate for Cable Transfers in New York,
Value in Untied Stales Monty.
Courury anti Monetary
Unit.
July 22. July 24. I July 25. July 26. July 27. July 28.
EUROPEAustria,schillIng
.157500* .159166 .159000 .158500 .156000 .153500
Belgium, belga
.194590 .193758 .195000 .192909 .191933 .187800
Bulgaria. ley
.009750* .010250* .011500* .010400* .010250* .009500*
Czechoslovakia. krone .041528 .041350 .041628 .041128 .040785 .040300
Denmark, krone
.207800 .207981 .208600 .206160 .204333 .199363
England, pound
sterling
4 639583 4.644017 4.676785 4.612500 .564166 4.482812
Finland, markka
.020560 .020783 .020700 .020405 .020150 .020120
France. franc
.054375 .054275 .054733 .054098 .053727 .053596
Germany, reichsmark .331961 .332125 .333430 .330087 .327388 .320954
Greece, drachma
.007921 .007915 .007930 .007804 .007696 .007634
.560144 .558500 .564080 .557750 .553700 .541750
Holland, guilder
.250000 .251500 .247333 .247500 .244000 .240000
Hungary. Peng°
Italy, Bra
.073508 .073200 .073682 .072953 .072472 .070682
.234050 .233500 .234645 .232062 .229181 .224900
Norway. krone
.156375 .157666 .157000 .156500 .154300 .153300
Poland, zloty
.042537 .042760 .042600 .042225 .041700 .040712
Portugal, escudo
Rumania,leu
.008900 .008900 .008937 .008925 .008566 .008550
.116375 .116208 .116916 .115415 .114718 .112445
Spain, peseta
.240045 .239727 .241058 .238112 .235630 .231050
Sweden,krona
Switzerland, franc__ .268684 .268608 .270325 .267558 .265909 .259809
Yugoslavia, dinar_ _ _ .019075 .019600 .019050 .018800 .018600 .018900
ASIAChinaChefoo (yuan) dar .282083 .295416 .291666 .289583 .291458 .285416
Hankow (yuan) dol'r .282083 .295416 .291666 .289583 .291458 .285416
Shanghai(yuan)dorr .281875 .295000 .292187 .289687 .291406 .285625
Tientsin (yuan) dol' .282500 .295416 .291666 .289583 .291458 .285416
Hong Kong dollar_ _ .321875 .336250 .330312 .327187 .328437 .321625
.349160 .350375 .351150 .347100 .342700 .337300
India, rupee
Japan, yen
.284400 .285750 .288250 .284750 .281150 .276750
Singapore (S.S.) dollar .546250 .545250 .552500 .535000 .537500 .526250
NORTH AMER.Canada, dollar
.950104 .951093 .951302 .939895 .930937 .925312
Cuba, peso
.999225 .999225 .999175 .999225 .930937 .999225
Mexico, peso (sliver). .280975 .280780 .281060 .280920 .281080 .280880
Newfoundland, dollar .947375 .948125 .948500 .937750 .929000 .922750
SOUTH AMER.Argentina, peso (gold) .807138* .806482 .811294* .801851* .796709* .773493*
Brazil, milreis
079866* .080375* .080400* .080400*
.080500* .079875
Chile, peso
.083750* .083750 .083750* .083750* .083125* .081250*
Uruguay. Peso
.655000* .655833 .616250* .650416* .647083* .630666*
Colombia, peso
.862100* .862100* .8621E0* .862100* .862It0* .862100*
0THERAustralia, pound
3686000 3.687500 1.711666 3.660833 3.614166 3.565833
New Zealand, pound_ 3.693333 3.695833 3.720000 3.869166 3.623333 3.574166
South Africa, pound__ 4.603333 4.587500 4.620000 4.558750 4.515000 4.425000
•Nominal rates; firm rates not available.
July 29 1933
HE following table indicates the amount of gold
bullion in the principal European banks as of
July 2.7 1933, together with comparisons as of the
corresponding dates in the previous four years:
T
Banks ofEngland_ ._
France a__
Germany b
Spain
Italy
Netherrds_
Nat. Belg_
Switzland_
Sweden
Denmark._
Norway...
1933.
E
191,380,134
653,830,978
10,536,750
90,383,000
72,954,000
61,748,000
76,729,000
61,459,000
11,988,000
7,397,000
6,569,000
1932.
E
138,576,458
658,480,194
33,570,300
90,233,000
61,221,000
84,206,000
74,244,000
89,156,000
11,445,000
7,440,000
7,911,000
1931.
E
133,309,663
463,144,519
61,800,800
90,933,000
57,678,000
44,076,000
42,061,000
29,498,000
13,219,000
9,546,000
8,130,000
1930.
i
153,250,395
362,266.871
123,447,000
98,879,000
56,323,000
34,540,000
34,346,000
23,780,000
13,483,000
9,587,000
8,142,000
1929.
£
142,610,244
298,396,809
100,272,300
102,513,000
55,792,000
37,451,000
28,561,000
19,877,000
12,979,000
9,588,000
8,154,000
Total week 1,244,974,862 1,256,482,952
Prey. week 1.242,372,741 1,255.269,798
953,395,982 918,020,266 816,194,353
963,189,838 916,197,568 818,499,015
a These are the gold ho dings of the Bank of France as reported in the new form
of statement. b Gold ho dings of the Bank of Germany are exclusive
of gold held
abroad, the amount of wh ch the present year is E882,600.
The Failure of the World Economic Conference.
In the lateA of a series of articles which he
has contributed of late to the New York "Herald
Tribune," John Maynard Keynes, the well-known
British economist, wrote on Tuesday what he entitled "an obituary notice" of the World Economic
Conference which was shortly to end its sessions.
The article is of special interest when read in the
light of Mr. Roosevelt's positive statement, in his
message to Prime Minister MacDonald on Thursday,
that he did not regard the Conference as a failure.
The "fluctuating and unhelpful instructions" • of
President Roosevelt to the American delegation,
upon which a great deal of deserved criticism has
been centered, are to be regarded, Mr. Keynes thinks,
"more as an excuse than as the reason" for the Conference collapse, "for while Mr. Roosevelt's course
of action deprived the United States of its power of
useful initiative or co-operation, it did not prevent
others from making constructive suggestions if they
had any to make." The larger reasons for failure,
according to Mr. Keynes, are the obvious impossibility of either "a Conference of sixty-six Powers"
or "a preliminary pow-wow of experts of sixty-six
Powers" evolving "a constructive scheme for themselves," and "the League of Nations mentality which
supposes that nothing can be accomplished except
by universal agreement." Instead of being left to
flounder, the Conference should have been offered a
definite plan agreed to in advance by a few Powers;
and the Powers so agreeing, after meeting objections
and criticisms and accepting such compromises as
were necessary, should have been prepared to go
ahead with the plan even if universal assent was
withheld.
There is much force in these contentions, and they
go some way toward explaining the failure of the
Conference, but they are not the whole story. It is
a commonplace that an international conference
whose leading members are not more or less agreed
in advance about what is to be done is not likely to
accomplish anything of great importance. On the
other hand, such an advance agreement, especially
when it is made by a few great Powers, is certain
to meet opposition from lesser Powers and to be
resented, either as a whole or in important details,
as an attempt to put through a cut and dried program from which the framers expect to derive some
special advantage. In the case of the World Economic Conference, a preliminary agreement on essential points would have been peculiarly difficult.
The parties to such an agreement would naturally
have been the United States, Great Britain and
France, perhaps with the addition of Italy and Ger-
Volume 137
Financial Chronicle
many. There was abundant evidence, before the
Conference met, that in economic as well as political
matters the United States,Great Britain and France
were already committed to divergent policies. The
United State 3 had already laid the foundations for
currency inflation and a radically socialistic national control of industry. The preferential tariff
policy of the Ottawa agreements stood squarely in
the way of any general modification of tariff schedules, Great Britain was at odds with France, Italy,
Germany and other States of the gold bloc regarding a return to the gold standard, and the tariff
policy of France was increasingly discriminatory.
Some of the most important essentials of a preliminary understanding, in short, were lacking, and
any discussion of the obvious differences would have
been certain to widen the breach.
Mr. Keynes is generous in his treatment of President Roosevelt, but at the cost of passing over a
number of points in the American situation to which
weight must be attached. It was natural that the
Conference, when it met,should look to the American
delegation for distinctive leadership, for Mr. Roosevelt, in the conversations with representatives of a
number of Powers which went on in Washington for
several weeks before the Conference met, had emphasized strongly the supreme importance of the
Conference and had repeatedly indicated the leading problems which it was hoped the Conference
would solve. Once the Conference got under way,
however, it shortly appeared either that the American delegates had no definite instructions, or else
that their instructions, such as they were, required
constant reference to the President before concrete
proposals could be advanced or tentative commitments made, while on the two crucial matters of
currency stabilization and tariffs the delegates were
presently debarred from acting at all. The result
was a bewilderment and ineffectiveness for which no
other international parley affords an adequate
parallel. The individual delegates were left to their
several devices, the spectacular visit of Professor
Raymond Moley, intimate adviser of the President
and leading member of the "brain trust," only added
to the confusion, and the Conference itself was
sharply rebuked by Mr. Roosevelt for attempting to
deal with the currency situation which Mr. Roosevelt
himself, only a few weeks before, had been placing
in the forefront of the Conference program.
Neither the lack of a preliminary agreement
among leading Powers, however, nor Mr. Roosevelt's unexpected changes of front, nor the feeling
that nothing could be done unless everybody agreed
sum up all the reasons for the failure of the Conference. Other reasons, less conspicuous perhaps but
nevertheless potent, exerted their influence. There
was never any marked enthusiasm for the Conference in any quarter, and what there was had greatly
waned by the time the Conference met. The idea
of an Economic Conference dates back to the Conference at Lausanne,in 1931, which undertook to dispose of reparations by tying the reparations agreement to a future "satisfactory" agreement for reduction of war debts, but the meeting of the Conference
was repeatedly postponed, and when at last a preliminary agenda was drawn up the United States let
it be known that war debts would not be discussed.
There is no reason to suppose that Mr. Roosevelt,
.i,1 insisting that any reconsideration of the debts
747
must be carried on with each debtor government
separately, intended to detract in any way from the
interest or importance of the Conference, but his
refusal, entirely proper and in every way to be commended, to allow the debts to be thrown into general
debate and treated on a "pooling of issues" basis
deprived the debtor governments of a vantage point
from which they had hoped to exert pressure upon
the United States.
It was becoming apparent, moreover, before the
delegates to London set out, that the world was becoming somewhat weary of international conferences and disillusioned regarding their effectiveness.
It had before it the example of the Disarmament
Conference, which had dragged along for years without achieving a single important result in either the
reduction or limitation of armaments, and which
faced a long adjournment with some of the leading
Powers farther apart than ever in regard to the
practicability of disarmament or the methods by
which reduction or limitation might be accomplished. Nor did it appear that the Powers looked
upon the London Conference with sufficient initial
favor, or contemplated its possible outcome with
sufficient hopefulness, to lead them to suspend temporarily their own plans of economic development
or hold up important agreements among themselves;
The meeting of the Conference found Great Britain
busy with the negotiation of a considerable number
of trade agreements with foreign .countries in order
to meet the requirements of the Ottawa agreements,
and an important commercial and financial agreement with Argentina was under discussion while
the Conference was in session. During the same
period the French tariff has been several times
changed and the quota system readjusted, on one
occasion at least with favorable results for trade
between France and Italy, and more recently, just
"before the Conference adjourned, with what appeared to be disadvantageous consequences for
American trade with France, although the discrimination in this latter instance was explained on
Thursday as due to misinterpretation. The mutterings of complaint that the Ottawa agreements were
working to the disadvantage of Great Britain have
been heard while the Conference debated, with open
criticism this week in the House of Commons, and
this notwithstanding the general agreement regarding financial policy which was announced on
Thursday.
Political events have also played their part in depriving the London delegates of confidence. The
success of M. Litvinov, Russian Commissar of Foreign Affairs, in re-establishing commercial relations
between Russia and Great Britain, the favor with
which similar advances to France have been received.
and the conclusion of a series of non-aggression pacts
with eastern European States followed on Thursday
by diplomatic recognition from Spain, suggest that
the role of Russia in European affairs will be more
important in the immediate future than it has been
for a number of years. The very general terms of the
recent four-Power pact, while indicative of a rapprochement between Italy and France and the imposition of some restraint upon Germany, lend themselves to various interpretations regarding the
larger purposes of the pact, while the report on
Tuesday, apropos of the visit of Premier Goemboes
of Hungary to Rome, that an international agree-
748
Financial Chronicle
ment of some kind between Italy, Hungary, Austria
and the Little Entente States was in contemplation
gives a further suggestion of definiteness to a
project which is widely believed to have been under
consideration for some time.
There can be no question, moreover, that the socalled "recovery" which the Administration is pressing strenuously upon this country has done a good
deal to distract the London Conference. If the
national control of industry, agriculture and trade
to which the Administration is committed succeeds,
either temporarily or in some of its parts, its influence upon the policies of other countries is likely
to be considerable, while if it fails, the reaction
which will ensue is certain to be equally far-reaching. With the United States embarked upon a
sweeping program of State socialism the like of
which no other great nation has ever known, the
delegates at London may well have hesitated to commit themselves, even if they had had a real opportunity to do so, to comprehensive schemes of world
reconstruction which American success or failure
might at any time wreck. The legal elements of the
program were, to be sure, known before the Conference met, but its practical implications, revealed
with extraordinary rapidity on the heels of Mr.
Roosevelt's refusal to consider currency stabilization or tariff reforms, undoubtedly did much to confuse the Conference and cloud the international
future with apprehension.
The message of Mr. Roosevelt which was read to
the Conference on Thursday must,- accordingly, be
viewed as a friendly expression from the head of a
great State to the assembled delegates rather than
as a recognition of anything tangible or important
that the Conference has done. It is obvious that,
as Mr. Roosevelt said, "results are not always measured in terms of formal agreements," and it is to be
hoped that"we in the United States understand the
problems of other nations better to-day than before
the Conference met," but there will be, we think,
no popular response to the suggestion that "the
larger and more prominent problems will continue
to be analyzed and discussed" and that "continued
efforts toward world rehabilitation" will be made
"because we are convinced that continuation of the
World Economic Conference will result in practical
good in many fields of joint endeavor." Whatever
Mr. Roosevelt may think, the Conference is dead.
There was never any sufficient reason to expect that
it would have anything more than a very moderate
success. It was convened at a time when the forces
of nationalism, economic as well as political, were
running strongly in every important country, and
when the internationalism that had long been proclaimed as a world gospel was under a cloud. National differences, pronounced enough when the sessions opened, became accentuated as time went on,
national groupings appeared in the membership,and
effective personal leadership was wanting. Back of
all was the realization that while some questions
were international, others were national, and that
an international conference could not sit in judgment upon both. The Conference committees may
continue for a time to examine some of the matters
upon which the Conference itself could not act, but
the real problems of economic reconstruction will
now have to be dealt with by each nation acting
largely by itself.
July 29 1933
Visible Effects of New Security Act.
Leading investment houses are promptly applying the new and broader principles embodied in the
Securities Act to the conduct of their business. This
is evident by the paragraphs contained in the advertisements of new bond offerings and in the prospectuses sent through the mails.
Often saving clauses are used as a means of protection for the investment bankers, and frequently,
too, information is afforded to prospective investors
which ordinarily would have been held in reserve.
These steps should lead to re-establishment of entire
confidence and aid in the distribution of securities,
upon the sale of which will depend development and
further progress of industrial corporations and
many others.
In offering a new issue of common stock a Wall
Street firm states: "No dealer, salesman or any
other person is authorized in connection with this
offering to give any information or to make any
representations other than those contained in the
prospectus, and no person is entitled to rely upon
any information or representation not contained
therein."
With this precaution it may be readily understood
that a new prospectus is prepared with a great deal
of care in order to comply with the spirit of the new
deal, and having been thus prepared the public is
cautioned not to be misled by unscrupulous persons
who might be reckless in making verbal statements
to investors.
Well-known New York and Philadelphia investment houses, in making a joint offering of common
stock, add this explanation for the benefit of the
public: "The undersigned desire to record the offering, as a speculation, of shares of common stock of
the above-named corporation, when, as, and if issued
and accepted by the undersigned, who have reserved
the right to reject any and all subscriptions,in whole
or in part, to allot less than the amount applied for,
and to close the subscription books at any time without notice. Only a part of such offering has been
underwritten."
A nationally-known New York and Chicago house,
offering an issue of "first mortgage and refunding
gold bonds." explains that "the word 'gold' is a part
of the title of these bonds and their terms expressly
provide that they shall be payable, both as to principal and interest, in gold coin of the United States
of America of the Feb. 1 1932 standard of weight
and fineness." Attention is also directed to "Public
Resolution No. 10 of the 73rd Congress, approved
on .Tune 5 1933, which stipulates that "every obligation heretofore or hereafter incurred, whether or not
any such provision is contained therein or made
with respect thereto, shall be discharged upon payment dollar for dollar in any coin or currency which
at the time of payment is legal tender for public and
private debts."
After stating that the price is 83, this additional
information is volunteered: "This is not an offering
of new securities, the bonds being the remainder of
an offering made in 1932 plus our net accumulation
to date. Our average cost price is $800 for each
$1,000 bond. The bonds have been carried by us in
our investment account and in our opinion qualify
as a sound investment."
Could a buyer expect anything more frank than
that?
••
Volume 137
Financial Chronicle
In offering shares of a brewing company incorporated in Delaware, the investment house states:
"These shares offered as a speculation." The price
appears to be low enough to justify the statement,
so that the public could not be misled.
A Philadelphia firm, drawing attention to a mining issue of stock, adds: "The offering of these
shares is made only by means of a prospectus," adding how the prospectus may be obtained.
A committee of noteholders whose securities are
in need of extension, urging the acceptance of new
five-year notes, states: "The company is not paying
any commissions or other remuneration to any bankers or dealers to solicitdeposits, but is relying upon
the fairness of the plan to secure hearty co-operation."
The provisions of the Security Act are designed
to protect investors who may be inexperienced. As
carried out, they doubtless will prove to be heplful
to the better class of investment houses, which will
endeavor to live up not merely to the letter but to
the spirit of the new law. Securities not only must
be sold to provide money for new enterprises and
the extension of old ones, but they must have a
market where they may be converted into cash and
where their present worth may be ascertained. The
Security Act should tend to assure stability in the
bond market, but the investment market as well as
the mart for shares will always be influenced in some
degree by world conditions which are beyond the
power of man to control. The legislation will, however, no doubt help to re-establish confidence and
to maintain It.
Distributing the Railway Dollar-Cost Items
Apparently Resist All Efforts of Reduction.
A study of the percentage of distribution of railway operating revenues, according to the principal
elements of operating costs, clearly reveals that the
cost elements are to a considerable degree resistant
against efforts to reduce them. In other words,they
might be termed as fixed or slowly yielding items,
which constitute an obstruction to rapid realization
of lower operating costs.
Take, for example, the largest single cost item,
that of wages charged to railway operation. The
majority of railway employees work on a contract
basis, on the basis of definite agreements with their
employers, which cannot be modified without a long
process of negotiation, mediation, and arbitration
specifically prescribed by law. On the other hand,
fuel and material costs are largely based on prices
controlled by market conditions.
Depreciation and retirement costs are required to
be set up on the books, under orders from the Inter.
State Commerce Commission. The rates of depreciation charged on every class of equipment or other
property, while originally set up by the companies
themselves, are controlled by experience and under
the supervision of the Commission.
Loss and damage, injuries to persons, and other
similar payments have been greatly reduced in
recent years by effective methods of control which
have been applied by the carriers both individually
and collectively. This group of items, which represent a comparatively small cost element, declined
from $98,308,443 in 1929 to $50,865,835, nevertheless
in each year it absorbed 1.6% of the operating
revenues.
749
Equipment and other similar rentals are largely
contract costs, not easily or quickly changed, and
also represent a small cost element. The total increased from 1929 to 1931, but declined in 1932 by
more than $3,000,000 below the 1929 level.
Taxes are an absolutely resistant element of cost,
wholly out of railroad control, yet it is an element
that is growing with great rapidity and must be met.
Keeping this brief comment on the relatively inflexible character of railway operating costs in
mind, it is interesting to compare the situation between 1929 and 1932. The following statement
picturizes this quite clearly:
DISTRIBUTION Or RAILWAY OPERATING REVENUES.
Aggregate Amount.
Item.
1929.
1930.
Expressed in Cents
per Dollar of
Gross Revenue.
1929.
Total operating revenue
6,279,520,544 5,281,196,870 100.0
Labor (salaries and wages)..a
2,674,085,556 2,366,594,958 42.6
Fuel (locomotive)
336,654,815 282,886,293
5.4
Materials, supplies and mIscell_b 1,138,794,934 952,475.475 18.1
Loss and damage,injuries to persons
and insurance
98,308,443
86,768.308
1.6
Depreciation and retirements
259.375,095 243,252,547
4.1
Taxes
390,682,634 348,553.953
6.3
Hire of equipment and joint facility
net rentals
123,921,129 131,786,563
2.0
Total expenses and taxes
Net railway operating income
5,027,822,606 4,412,318,097
1,251,697,938 868,878,773
Aggregate Amount.
Item.
1931.
1932.
80.1
19.9
1930.
100.0
44.8
' 5.4
18.0
1.6
4.6
6.6
2.5
83.5
15.5
Expressed in Cents
per Dollar of
Gross Revenue.
1931.
1932.
Total operating revenues
4,188,343,244 3,126,760,164 100.0
Labor (salaries and wages).a
1,965,425.779 1,436,842.343 46.9
Fuel (locomotive)
222,094,409 168,601,483
5.3
Materials, supplies and mIscell_b
746,236,529 539,051,238 17.8
Loss and damage,injuries to persons
and insurance
69,098,535
50,865,835
1.7
Depreciation and retirements
221,610,504 209,111.447
5.3
Taxes
303.528,099 275,135,396
7.3
Hire of equipment and joint facility
net rentals
134,721,537 120,854,426
3.2
100.0
46.0
5.4
17.2
Total expenses and taus;
Net railway operating income
3,662,715,392 2,800,462,148
525,627,852 326.298,016
87.5
12.5
1.6
6.7
8.8
3.9
89.6
10.4
a Labor expenditures do not include that portion of payroll chargeable to capital
account. b Includes uncollectible railway revenues.
Comparing first the trend from 1929 to 1932, it
is found that labor, the highest item of cost, absorbed
42.6 cents of every dollar of railway operating
revenue in 1929, and increased to 46 cents in 1932.
This increase of 3.4 cents per dollar in 1932 was
equivalent to a total payroll cost of about $106,310,000.
Expenditures for locomotive fuel in the aggregate
declined from $336,654,815 in 1929 to $168,601,463
in 1932, and the reason that this expenditure absorbed 5.4 cents of each dollar of revenue in both
years, is explained by the fact that operating
revenues and fuel expenditures decreased in approximately the same proportion.
On the other hand, material and supply costs decreased from 18.1 cents per dollar of revenue in 1929
to 17.2 cents per dollar in 1932.
Taxes, the most resistant element of all, relatively
advanced two-fifths in respect to revenues, increasing from 6.3 cents per dollar in 1929 to 8.8 cents per
dollar in 1932. This one increase in cost was equivalent in 1932 to nearly $109,437,000.
The final item, net operating income per dollar
of operating revenue declined almost one-half, from
19.9 cents per dollar in 1929 to 10.4 cents per dollar
in 1932, and was not enough in 1932, by a considerable margin, to meet the interest on funded debt
alone.
These simple calculations which reveal the distribution of the railway dollar, clearly demonstrate
to what degree railway expenses offer resistance
against efforts to reduce them.
July 29 1933
Financial Chronicle
750
City people who have long been idle, who are
What Small Farms Offer Idle City Dwellers.
As President Roosevelt, along with so many other
things, is advocating a "back-to-the-land" movement,
it would seem as if a few words of warning to unsophisticated city dwellers may be timely and justified lest some inexperienced persons may find that
their habits, capabilities, strength, endurance, and
even small capital, may be insufficient to assure success in a field to which they are utter strangers.
No matter what their vocation, city dwellers are
accustomed to no more than eight hours of labor
daily, with possibly half that time on Saturday, and
an entire rest on Sunday. Most of them are unaccustomed to the responsibility of management.
Their work is laid out for them. If employed in an
industrial establishment they may be provided with
machines, in the operation of which they have become skillful. But when anything goes wrong with
the machine a mechanic is summoned who promptly
makes the necessary readjustment.
Both men and women are employed as salespeople
who handle limited lines of goods, with the manufacture and purchase of which they know very little,
as a rule, but in this group are not included the big
army of commercial salesmen who go out on the road
to solicit orders, who are well posted and are ever
ready to combat any prospective buyer who raises
an objection. These men are students, quick-witted,
broadminded, very practical and versatile.
But the ordinary city worker is narrow. Take the
machine away from him during a period of dullness
and he is helpless. He simply waits for the plant
to reopen that he may resume his customary task.
Husbandry, as conducted in the United States,
with its vast agricultural area, is a highly specialized business, calling for expert management in
planting, cultivating, reaping, storing and marketing. The farmer upon an extensive scale must be an
up-to-date business man and he must possess ample
credit.
But the efforts of the President are directed not
to farming on a large scale, but to "subsistence
homesteads," which may be understood to be gardening upon a large scale, but not too large for a father
and his children to handle, as the employment of
help might create debts. There is a time to plant,
a time to water, a time to cultivate, and a time to
harvest. As planting time varies with different vegetables and fruits, as does cultivation and the fight
against insects, one must possess knowledge in order
to "work" a garden and bring proper results.
Urban citizens should not be tossed into the country as a child may be thrown into the water in order
to teach him to swim. As some competent person
will watch the child to see that it does not drown,
so preliminary training and advice will be necessary
in order to prepare city-bred people for unfamiliar
tasks in the country.
One almost universal fault of a city boy is that
he is destructive. This is because he has not been
taught how to create as has the child in the country,
and it is because of the creative ability of the country lad and his habit of industry that so many of
them succeed marvelously when upon maturity they
cast their lot among suburban dwellers.
The country boy becomes self-reliant. When
machinery gets out of order the nearest repair shop
is at some distant town; so the farmer boy learns
from his father how to tinker and to depend upon
himself in time of trouble.
smart, industrious and plucky may find the President's plans well adapted to their purposes, and
once they learn the joy of planting, cultivating and
harvesting their own crops they will discover a new
pleasure in life.
There is a possibility that the forestry work now
being conducted by the Government will furnish
recruits for the "back-to-the-land" movement. After
the forestry workers have experienced the pleasures
of outdoor life, enjoyed the wholesome food and
simple pleasure of the country, they will not be
satisfied longer to be cooped up in city apartments.
When it comes to farming on a large scale, modern
inventions have done wonders in removing drudgery
from the life not only of the farmer but of his wife
and children. The tractor is far more efficient and
expeditious for plowing than were horses or oxen
in the olden days, and electric power now brought to
countless farms will operate all sorts of machines
from the churn to the sewing machine for the relief
of the farmer's wife. Electric current will operate
threshing machines greatly to the advantage of the
farmer, while the radio has performed a wonderful
function not only by keeping the farmer posted in
a business way but by bringing to the farm home, no
matter how isolated, the best music that a city
dweller may enjoy, together with an account of the
world's latest news, and the speeches of the Presi- .
dent himself, whether delivered before a Chicago
nominating convention or "at the White House.
Farmers today not only have speedy mail delivery,
but they have the advantages of telephones in their
own homes, and surfaced highways lead to all important towns.
For many who make the experiment farm life will
no doubt open a new door of opportunity, and the
foundation will be laid for expansion and a new and
permanent calling.
However, if any person imagines the farmer has
escaped his full share of disappointment and hardships during the depression, he has but to inquire,
as farmers always are ready to air their grievances.
In prosperous times industrial sections afford small
farmers a splendid market for chickens, eggs, garden
truck and fruits, easily conveyed by automobiles to
homes of city customers, but during the depression
this source of income was almost entirely lost because of unemployment which deprived urban dwellers of their customary pay envelopes.
Detroit Banking Emerges.
(Editorial from the "Wall Street Journal," July 24 1933.)
A seemingly futile inquiry into Detroit's banking troubles
has recently elicited childish tales about "Wall Street" plots
to control the banks of that city and put Henry Ford out of
business. These vagaries of credulous natures or over'mined nerves have probably done no great harm, unless
they have obscured to the rest of the country the marked success which has attended Detroit's manful efforts to pull its
great industrial enterprises out of the morass of widespread
bank suspension and provide them with the financial machinery essential to their functioning. It is extremely desirable that the American public, intent as it is on rehabilitating all its varied business, stould realize what has been accomplished in the community where bank troubles on the
grand scale began.
Deposits tied up by the closing In February of two groups
of banking institutions aggregated roughly $600,000.000.
Conservators of the two largest closed banks were able to
release no more than 10% of their deposits, amounting to approximately $43,000,000, in the early days of their custodianship. But on March 24 a wholly new and separate bank, the
National Bank of Detroit, opened its doors with $17,500,000
Financial Chronicle
Volume 137
capital, $5,000,000 paid-in surplus and $2,500,000 designated
as undivided profits, a total subscribed capital fund of $25,000,000, of which half was provided by the Reconstruction
Finance Corporation through purchase of preferred stock and
the remainder by General Motors and the Chrysler Company.
Just a month after its opening Vhe new bank bought sufficient
of the assets of the two closed institutions to enable the Conservators thereof to pay depositors an additional 30% on
their claims. Thus before the end of April 40% of the deposits of the two largest of the closed banks, or roundly $174,000,000 had been released to the owners thereof and returned
to its normal circulation in the channels of trade. The new
bank's latest statement of condition, which is its first, shows
total deposits of more than $155,000,000, against which it
holds cash and Government bonds in excess of $98,000,000
and loans and discounts of upwards of $77,000,000. The bank
Is borrowing nothing; it has actually earned $207,000 over
expenses of organization and operation.
Without this release of roughly a third of Detroit's impounded bank funds just when it was done, the automobile
industry centered in and around the city would have been
greatly hampered in meeting the expanded spring and early
summer demand for cars. It would have encountered innumerable obstacles to the gathering of raw materials and
finished or semi-finished parts from distant communities,
which depend for no small part of their livelihood on the
making and marketing of automobiles. This year the basic
steel industry has been more than ordinarily dependent on
motors for a steel market. What a stoppage or serious handicap upon their production this summer would have meant to
steel, glass, paint and several other industries needs no
elaboration.
Detroit banks and bankers, of course, still have a great
deal to do before the community's financial circulatory
system is in good working order. Detroit needs more than
one big bank and will probably have at least one more within
a week or two. An incident of its recent troubles is
the
legalization of State-wide branch banking under license from
the State Banking Department, a departure that will lend
additional interest to the further progress of Michigan banking restoration.
751
GEOGRAPHICAL DISTRIBUTION OF NEW CAPITAL ISSUES IN THE
UNITED KINGDOM BY MONTHS.
[Compiled by the Midland Bank Limited.]
United
Kingdom.
January 1931
February 1931
March 1931
April 1931
May 1931
June 1931
Six months
£7,843,000
£150,000
5,952,000 12,115,000
7,442,000
119,000
1,371,000
924,000 10,025,000
4,366,000
22,000
_1
£994,000 £3,346,000 £12,333,000
1,529,000
10,000 19,606,000
3,458,000 2,428,000 13,447,000
12,000
304.000
1,687,000
50,000
11,000 11,010,000
5,344,000 3,100,000 12,832,000
£27,898,000 £22,431,000 £11,387,000 £9,199,000 £70,915,000
July 1931
£2,279,000
August 1931
1,632,000
September 1931
1,294,000
October 1931
2,473,000
November 1931
4,335,000
December 1931_ _ .._ 2,676,000
Year
•
'
and Other British Foreign;
India
Ceylon. 1 Countries. Countries. !I Tota1.1
£13,000 £2,885,000
5,000
21,000
24,000
£8,000
29,000
10,000
50,000
16,000
£5,185,000
1.666,000
1,315,000
2,483,000
4,409.000
2,692.000
£42,588,000.£22,469,000 £14,363,000 £9,246,000 £88,666,000
January 1932
February 1932
March 1932
April 1932
May 1932
June 1932
Six months
July 1932
August 1932
September 1932
October 1932
November 1932
December 1932
Year
£291,000
9,109,000
11,072,000
9,572,000
8,936,000
15,391,000
£78,000
1,032,000
3,516,000
1,496,000
11.£2,605,000
2,805,000
4,925,000
1.864,000
2,067,000
£54,371,000 £6,122,000 £14,266,000
£3,225,000
50,000
10,000
11,851,000
10,272,000
4,037,000
£60,000
Six months
£7,875,000
4,917,000
12,287,000
7,283,000
9,328,000
16,029,000
10,000
160,000
48,000
£27,000
7,000
7,734,000
271,000
190,000
£2,896,000
11,995,000
12,104,000
18,013,000
12,296,000
17,468,000
I'£13,000 £74.772,000
23,000
£83,817,000 £6,390,000 £22,483,000
January 1933
February 1933
March 1933
April 1933
May 1933
June 1933
£3,000
264,000
37,000
£3,312,000
73,000
17,000
19,745,000
10,807,000
4,312,000
£348,000 £113,038,000
£56,000
30,000
1,000
£269,000
1,727,000
1,160,000
£110,000
493,000
4,753,000
5,000
241,000
1,070,000
965,000
292,000
437,900
/8,310,000
7,167,000
13,448,600
8,248,000
14,614,000
17,541,000
£57,719,000 £4,845,000 £4,467.000 .£2.297,000 £69,328,000
• The Course of the Bond Market.
1
:
00.0000000000000
WWWW.NNNWNNWN....
Wt0.-.0000V0C.O.WW.-.0 ,
0
The bond market, which had given a good account of
itself during the recent break in the stock market; moved
upward the present week. The recovery, as might be expected, was most pronounced in the lower grade sections of
the list, particularly in the lower grade rails which aided by
the appearance of some excellent June earnings reports.
The Federal Reserve banks purchased only $11,000,000 of
Government bonds last week. As bills discounted fell
New Capital Issues in Great Britain During
First Half $2,000,000 and other Reserve bank credit by
$5,000,000,
of 1933.
the net gain in Federal Reserve credit outstanding was only
The following statistics have been compiled by the
Midland
Bank Limited of London. They show the new capital
issues $4,000,000. The situation was aided by a return of $34,in the United Kingdom during June and the six
and 12 000,000 in money in circulation so that member bank reserve
months ending with June. They exclude all
borrowings by balances rose by $16,000,000. Money rates remained easy
the British Government for purely financial purposes,
shares during the week and United States Government long term
issued to vendors, allotments arising from
the capitaliza- }gond prices fluctuated narrowly, with a slightly declining
tion of reserve funds and undivided profits, issues
for con- tendency.
version or redemption of securities previously
held in the
Utility bonds have been in fairly good demand during the
United Kingdom, short-dated bills sold
in anticipation of
long-term borrowings, and loans by municipal
week
although trading has been much lighter than in the
and county
authorities except in cases where there is a specified
previous
week. Some irregularity has been noticeable, but
limit
to
the total subscription. They do not include issues
by private companies except where particulars areof capital for the most part the tendency has been to advance. High
publicly
announced. In all cases the figures are based upon the
prices grade issues held up particularly well and on Thursday some
of issue.
good gains were experienced by a number of second grade
SUMMARY TABLE OF NEW
CAPITAL ISSUES IN THE UNITED KINGDOM
issues, such as Kentucky Utilities 63/28, 1948, Virginia Public
[Compiled by the Midland Bank Limited]
Service 6s, 1946, and Utah Power & Light 6s, 2022.
hfonth of
Sir Months to
Year to
June.
June 30.
June 30.
With activity cut by shortened trading hours, industrial
bonds have been relatively quiet and averaged fractional
£16,823,000
£80,299,000
£132.815.000
27,560,000
241,232,000
398,474,000
changes during the week. Among the gains for the week
124,221,000
33,919,000
267,199,000
168,147,000
21,990,000
259,722,000
has been a net advance of 4 points to 70 by U. S. Rubber 5s,
34,763,000
123,525,000
191,046,000
19,322,000
106,215.000
1947. Standard Oil of N. J. 5s, 1946, have gained fraction186,451,000
23,652,000
124,354,000
241,685,000
ally to their previous high of 1053, but sold off on Friday
29,222,000
131.636,000
227,178,000
19,965,000
159,694,000
281,325,000
to 1043A. Steels have been generally firm, the Youngstown
41,372,000
202,616,000
357.636,000
195,543,000
25,398,000
35.5,447,000
issues losing some ground. National Dairy 53'is, 1948,
141,860,000
13,225,000
200,066,000
70,915,000
12,832,000
165,215,000
remained not far from their old high of 96. Stock market
74,772,000
17,468,000
92,523,000
action continued to govern the movements in the speculative
17.541.000
69.328.000
107.595.000
NEW CAPITAL ISSUES IN THE UNITED KINGDOM BY MONTHS.
group for the most part.
[Compiled by the Midland Bank Limited.]
After the sudden collapse of market values last week,
railroad bonds have regained considerable of the lost grounil.
1930.
1931.
1932.
1933
Particularly large have been the price advances for most
January
£16,925,642
£12,332,412
£2,895,798
£8,310,263
February
of the low priced, speculative issues. Alleghany Corpora26,154,781
11,994,734
19,606,243
7.167.385
March
26,384,167
13,446,859
12.104,130
13,447,603
tion 5s, 1950, advanced from 285 to 38%, Erie 5s, 1967,
April
21,270.785
18,013,115
1,687,195
8,247,859
May
37,899,317
12,296,311
11,009,880
14,614,014
from 58 to 6334, Chicago & North Western 43
June
4s, 1949,
13,225,111
12,832,397
17,467.795
17,541,251
from 28 to 37%, Chicago, Milwaukee, St. Paul & Pacific
Six months
£141,859,703
£70,914,986
£74,771,883
£69,328,375
cony. adj. 5s, 2000,from 21 to 265
4 and New York, Chicaga
July
£16,432,065
£5,184,993
£3,312,507
& St. Louis 6s, 1935, from 56,i to 6134. Price improve
August
6,559,832
1.666,492
72,500
September
5.039,251
1,315,308
17,000
ment for medium grade issues was also witnessed, Baltimore
October
30.496,787
2,482,875
19,745,198
November
19,909,853
10,807,078
& Ohio 5s, 1995, advancing from 70 to 723(. Best grade
4,409,179
December
15,862,175
2,692,359
4.312,163
issues advanced slightly close to the highest levels recorded
Year
£236,159.668
/88.666.192 £113,038,329
this year. Railroad news continued favorable, net railway
operating income for June being about four times that of
June, last year, with recent carloadings indicating an even
greater improvement for July.
The week's outstanding development in the foreign bond
market is represented by the substantial further decline in
prices for Argentine bonds. Great Britain and Ireland 53s
lost some ground, the same as other high-grade foreign bonds,
such as Dutch East Indies, the obligations of the French
Government and the French cities issues. In conjunction
with the weakness of Argentine bonds, most South American
obligations declined somewhat. German bond prices have
been irregular, the obligations of the Government losing
fractional ground. The bonds of the Free State of Ireland,
Norwegian, Finnish and virtually all Japanese issues, evidenced strength. Australian bonds, too, made up some of
the ground lost during the previous week.
Moody's computed bond prices and bond yield averages
are given in the tables below:
MOODY'S BOND YIELD AVERAGESJ
(Based on Individual cossno Prices.)
MOODY'S BOND PRICES..
(Based on Average Yields.)
78.99
4.:
ol
?:
Aaa.
4.88
4.89
4.90
4.93
4.94
4.93
4.93
4.89
4.89
4.88
4.90
4.93
4.92
4.94
4.99
5.00
5.01
5.01
5.01
5.03
5.06
.
5.06
5.07
8.91
8.85
8.83
8.85
8.89
8.89
8.84
8.68
8.63
8.85
8.72
8.79
8.89
9.04
9.18
9.24
9.30
9.32
9.32
9.44
9.49
6.83
5.50
5.77
4.89
6.96
5.83
5.63
5.94
7.13
5.91
5.75
6.00
7.16
5.92
5.71
5.06
7.29
5.97
5.75
6.11
7.39
5.84
6.06
6.14
7.51
5.93
6.15
6.20
7.67
6.27
6.07
6.29
8.05
6.34
6.51
6.58
8.63
6.72
6.73
6.76
9.02
6.95
7.03
6.96
Stock Excha age Clo sod
9.17
8.77
7.06
6.70
9.42
7.11
6.84
6.90
9.32
7.03
6.88
6.83
6.59
8.79
6.80
6.38
8.60
6.45
6.71
6.17
Stock Excha age Clo am
9.27
7.22
6.96
6.54
8.68
8.55
8.85
8.18
8.31
8.26
6.62
5.89
8.06
6.41
6.08
5 72
821
6 55
6 17
5.72
8.00
6.11
6.55
5.60
7.98
6.12
6.86
5.55
7.83
6.05
6.60
5.48
8.18
6.27
6.97
5.55
6.42
5.47
5.19
5.47
9.44
6.98
7.22
6.97
7.41
6.34
6.30
5.59
9.23 12.98 10.49
7.66
5.09
5.13
5.23
5.26
5.34
5.40
5.47
6.59
5.81
5.93
6.10
9.65
9.51
9.68
9.78
9.62
9.66
10.08
10.07
9.89
10.26
10.58
6.05
6.22
6.20
6.03
5.98
10.83
11.02
10.80
10.76
10.73
6.35
5.95
5.80
5 70
5.78
5.69
5.87
5.60
5.69
4.88
6.35
5.75
8.11
11.19
11.05
10.40
10 05
10.20
9.88
9.85
9.82
9.98
8.63
11.19
9.88
15.83
6.97
a.on
11.71
o•ne
97.94
97.78
97.62
97.16
97.00
97.16
97.16
97.78
97.78
97.94
97.62
97.16
97.31
97.00
96.23
96.08
95.93
95.93
95.93
05.63
95.18
July 23._
27._
26._
25._
24__
22_ _
2E_
20__
19__
18...
17_
15._
14_
13._
12._
11._
10_..
8._
7._
6_
5._
5.30
5.30
5.32
5.35
5.36
5.36
5.35
5.28
5.25
5.25
5.28
5.29
5.30
5.33
5.37
5.38
5.38
5.38
5.39
5.42
5.45
4.78
4.78
4.77
4.79
4.80
4.80
4.79
4.75
4.75
4.78
4.78
4.81
4.81
4.83
4.86
4.87
4.87
4.87
4.90
4.92
4.93
84.47
84.22
95.18
95.03
5.46
5.48
4.93
4.95
85.35 73.35 88.90
84.60 72.06 87.17
83.60 70.43 85.61
83.48 70.15 86.12
82.87 68.94 85.61
81.78 68.04 84.47
80.72 66.98 83.35
79.34 65.62 81.66
76.67 62.56 78.55
74.46 58.32 74.36
72.16 55.73 71.38
Excha nge Clo sod
73.95 54.80 71.09
72.65 53.28 70.62
72.85 53.88 71.38
75.82 57.24 73.65
77.33 58.52 74.57
Excha age Clo sod
72.06 54.18 69.59
76.25 57.98 73.15
79.45 60.60 75.50
81.54 62.48 77.77
80.49 61.34 76.25
81.18 62.95 76.25
81.07 63.11 75.09
81.90 84.31 75.71
79.34 61.56 71.96
89.31 77.66 93.26.
71.87 53.16 69.59
78.55 67.86 78.99
54.43 37.94 47.58
83.85
83.23
82.50
81.90
81.18
80.84
80.14
79.11
75.92
74.05
72.08
94.73
94.14
92.68
92.25
91.11
90.27
89.31
87.69
84.85
83.35
81.30
5.50
5.57
5.66
5.67
5.73
5.79
5.87
5.98
6.24
6.47
6.70
4.97
5.05
5.15
5.11
5.14
5.19
5.28
5.38
5.62
5.77
5.93
74.67
73.25
73.35
78.10
80.49
81.90
79.91
80.14
82.14
82.74
6.61
6.72
6.69
6.40
6.29
5.73
5.79
5.76
5.58
5.48
76.35
80.60
83.85
85.99
85.99
87.56
88.23
89.17
88.23
89.31
71.96
87.69
65.71
78.44
83.11
84.97
86.25
85.48
86.38
86.64
87.56
86.38
97.94
78.44
85.61
62.09
63.03
75.09
7196
3..
1__
Weekly
June 30__
23__
16._
9__
2._
May 26..
19._
12._
5__
Apr. 28__
21_..
14._
13__
7__
I__
Mar.24._
17._
10._
3__
Feb. 24__
17._
10._
3._
Jan. 27_
20._
13__
8__
Low 1933
ElIgh 1933
Low 1932
WO 1932
Yr AgoTuly 28'32
1 Yrs.Ago
50.96
84.72
rnly 00.2i
7.21
a no
40
ForP. U. Indus. signs.
5.76
5.26
6.60
5.48
5.76
5.26
6.59
5.49
5.27
6.64
5.50
5.78
6.72
5.30
5.52
5.81
6.74
5.31
5.55
5.83
5.31
6.74
5.84
5.55
6.70
5.82
5.28
5.55
6.54
5.48
5.22
5.72
6.44
5.47
5.19
5.67
6.42
5.47
5.21
5.66
6.45
5.52
5.23
5.69
5.24
6.47
5.54
5.71
6.51
5.25
5.55
5.73
6.54
5.28
5.59
5.76
6.62
5.61
5.31
5.80
6.65
5.63
5.32
5.81
6.62
5.34
5.65
5.79
5.34
6.61
5.66
5.80
6.63
5.65
5.35
5.82
6.65
5.71
5.38
5.85
6.71
5.45
5.75
5.84
Stock Excha age Clo sod
6.76
5.74
5.47
5.84
6.80
5.49
5.75
5.86
85.48
85.48
85.23
84.85
84.60
84.47
84.72
85.99
86.64
86.77
86.38
86.12
85.87
85.48
84.97
84.85
85.10
84.97
84.72
84.35
84.47
66.64
RR.
A.
89.17 75.71 92.25
89.04 75.82 92.25
88.90 75.29 92.10
88.63 74.46 91.67
88.23 74.25 91.53
88.23 74.25 91.53
88.23 74.67 91.96
89.17 76.35 92.82
89.31 77.44 93.26
89.31 77.66 92.97
88.63 77.33 92.68
88.63 77.11 92.53
88.23 76.67 92.39
87.69 76.35 91.98
87.43 75.50 19.53
87.17 75.19 91.39
86.91 75.50 91.11
86.77 75.61 91.11
86.91 75.40 90.97
86.12 75.19 90.55
85.61 74.57 89.59
Excha age CM sod.
85.74 74.05 89.31
85.61 73.65 89.04
6.70
6.32
6.10
5.94
6 81
5.95
5.98
5.89
6.07
5.25
6.75
5.99
8.74
Baa.
120 Domes its
by Groups.
An.
&WWWWWWWWWWWWWWWWWWW
.1O.d.W00.1.WW
WWWWNONWA.WW
94.14
tic.
OW
69.68
P. U. Indus.
120 Domestics by Rat ngs.
CONNWWWWW.A.
W.
WNW.W..W
99.04
102.98
104,51
105.89
105.37
105.54
105.03
105.54
104.85
107.14
97.47
103.99
85.61
75.61 100.00
74.46 99.84
74.77 99.52
77.88 101.64
79.11 102.30
Domes
WWWWWWWN.-.
74.67
78.77
81.30
83.23
82.38
83.11
82.99
83.85
81.66
92.39
74.15
82.62
57.57
105.72
105.54
105.20
104.18
103.82
103.99
103.32
102.30
99.36
99.68
97.78
RR.
AU
120
1933
Daily
Averages.
5.76
5.47
5.36
5.23
524
5.25
5.29
5.26
5.37
4.75
5.96
5.44
7.03
W
•
::
7:: .
107.14
107.14
106.96
106.78
106.78
106.78
100.96
106.96
106.96
106.96
106.78
106.78
106.96
106.78
106.42
106.60
106.42
106.25
106.25
106.07
105.89
96.54
95.33
93.85
94.43
93.99
93.26
92.25
90.55
87.30
85.35
83.35
Stock
85.87
85.10
84.48
87.83
89.17
Stock
85.48
89.31
90.83
92.68
92.53
92.39
91.81
92.25
90.69
100.00
82.99
89.72
71.38
88.90
87.96
86.77
86.64
85.87
85.10
84.10
82.74
79.68
77.11
74.67
...„.3
1WWVapCaiM
120
V....4=
te.W.F.
L
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4
4
'4
4
F
99.52
99.52
99.68
99.36
99.20
99.20
99.38
100.00
100.00
99.52
99.52
99.44
99.04
98.73
98.25
98.09
98.09
98.09
97.62
97.31
97.16
Stook
89.45 106.07 97.16
89.17 105.89 96.85
91.67
91.67
91.39
90.97
90.83
90.83
90.97
91.96
92.39
02.39
91.96
91.81
91.67
91.25
90.69
90.55
90.55
90.55
90.41
90.00
89.59
120 Domestics
by Groups
WONNN
AU
120 Domestics by Ratings.
120
DomesBaa.
A.
An.
Ann.
tic.
1933
Daily
Averages.
i' 4' Fmg'm
El..g4,5
July 29 1933
Financial Chronicle
752
6.30
7.55
9.83
7.99
4.81
5.67
7.18
A As
6.66
m nn
•
9.53
9.53
RAM 69 06 86.51 98.08
00 na
AR on trm 76
coupon, maturing In 31 years) and do not purport to show either
from average yield on the basis of one "Ideal" bond 43 % in a more comprehensive way the relative levels and the raitive
•Note.-These Prices are computed
movement of actual price quotations. They merely serve to II ustrate
average
the
or
level
average
the
truer picture of the bond market.
movement of yield averages, the latter being the
of Jan. 14 1933, page 222. For Moody's Index of bond prices
bonds used In computing these Indexes was published in the "Chronicle"
I The last complete list ofto
of Feb. 6 1932, page 907.
cle"
the "Chron
by months back to 1928, refer
Indications of Business Activity
.
THE STATE OF TRADE-COMMERCIAL EPITOME
Friday Night, July 28 1933.
There is a tendency of general trade activity to stabilize
g
rather than decline. This is very encouraging considerin
the
the rapidity of the recent rise and the fact that this is
.
time of the year when trade usually shows some slackening
have
and
securities
es
commoditi
in
The recent sharp declines
has
failed to check the demand for merchandise. There
but
there,
and
here
demand
retail
in
off
been some falling
falling off in
it is mostly negligible. While there was some
gains are
recent
the
•industries
leading
the
in
operations
n fell off
being generally maintained. Electric productio
for the
somewhat from last week but it is still above that
but
lower
slightly
are
operations
Steel
same week in 1932.
codes go into
the price structure is strong. As industrial
There was
effect production may be reduced however.
much stocking up in anticipation of higher prices before the
codes went into effect and this in a large measure accounts
for the recent gains in production. Meantime bank clearings and railroad earnings are gaining. The recent hot
weather has tended to check retail business to some extent
but sales are generally larger than in July last year. Men's
and women's clothing, shoes, staple dry goods, luggage and
traveling accessories, furniture and rugs show the best gains.
Sales of hardware and electrical appliances are larger. House
furnishings were in good demand. The demand for jewelry
has increased. Cotton goods are in good demand owing to
the expectation of higher prices as a result of the processing
tax on cotton which goes into effect on September 1st.
Men's tropical clothing has met with a good sale owing to the
recent warm weather. Buying at wholesale has been
resumed at a good pace after some hesitancy last week.
Orders for women's fall coats and furs are so enormous
that deliveries are expected to fall behind. Present production capacities are not able to cope with the demand. Sales
of jewelry, millinery, high-priced hosiery, lamps, expensive
rugs and leather goods far exceed those of last year. The
volume of business in men's clothing is 40% above the
same period in 1932. Orders for cotton goods have fallen
off owing to the uncertainty over the floor tax, which is yet
to be settled, and the processing tax and higher costs of production. Sales of furniture are more than double those of
a year ago and prices have advanced only 10 to 15% despite
the fact that both lumber and fabric prices have risen some
50%. Some manufacturers are limiting the size of orders
accepted because of the likelihood of sharp advances very soon
when the codes become effective. Leather goods were in
better demand. Orders for mechanical rubber goods and
rubber specialties are more numerous and larger in volume.
In the plate glass industry production is being well main-
Volume 137
tamed. Woolen goods mills are busy and clothing manufacturers are steadily increasing operations to fill fall orders.
Grain prices have risen during the week, although speculation has been less active. Continued infavorable weather
both in this country and in Canada together with reports
of serious damage to the crops caused heavy buying at times,
while liquidation and some distress selling early in the week
brough about sharp declines. Daily limits of fluctuations
on wheat, rye and barley have been placed of 5 cents above
or below the previous day's closing. Cotton has been rather
steady of late and less active.
The weather has been unfavorable and there is a general
disposition to await the government report on August 8th.
Sugar, hides, cocoa and silver are higher than a week ago,
while coffee and silk show declines. Evidences of the
growing activity in trade and industry continue to come to
hand in numerous ways. Our compilation of bank clearings
for the week ended July 22 shows an increase of 52.3% over
the corresponding week a year ago and our prel:minary
calculations for the week ended to-morrow show a gain of
30.1% over the week ended July 30 1932. Loading of
revenue freight in the United States for the week ended
July 15 total 648,206 cars as compared with 503,761 cars
in the same week a year ago and with 539,223 cars a week
ago.
World lead production in June totaled 106,552 short tons,
against 101,121 tons in May and 104,909 tons in June 1932,
while United States production was 21,783 tons in June of
this year as compared with 19,405 tons in May 1933.
Electricity production for the week ended July 22 by the
electric light and power industry of the United States, was
1,654,424,000 kwh., an increase of 15.4% over the corresponding week a year ago when the production amounted
to 1,433,993,000 kwh. For the week ended July 15 the
production of electricity totaled 1,648,339,000 kwh. This
is the 11th consecutive week that the production of electricity
has exceeded that of the corresponding week a year ago.
The weather over the last week-end and during the rest
of the week has been generally more favorable in many
sections, although some parts of the country still suffer from
the continued drowth and other parts have been menaced
by heavy rains causing floods and washouts, especially in
parts of Texas and Louisiana. An Associated Press dispatch
from Houston, Texas, dated July 25, said that a danger of
a major flood spread over the northern part of eastern
Texas followed by rains that averaged 15 to 22 inches since
Saturday. The dispatch also stated that everywhere rivers
and creeks washed out corn, cotton and watermelon crops
and that the estimated loss would run into millions of dollars.
Another dispatch from Shreveport, La., on the same day,
said that families in low lying areas in northern Louisiana
were forced to leave their homes and that several small
towns were virtually marooned by floods caused by an 18inch rainfall in three days.
A report from Dodge City, Kan., said that for the first
time since Kansas was known as a wheat State, Kansas has
not had a wheat harvest. The report also mentioned that
thoughtful farmers are beginning to suggest that the Federal
Government may soon have to pay a bonus for production
instead of a bonus to restrict output. Reports have come
to hand about conditions in various places about both extreme
conditions, some saying "cooling rains big benefit to crops,"
while others say "Crops ruined by lack of rain."
Dispatches from the Imperial Valley stated that they
were having the worst grasshopper plage in 17 years. Grapefruit have been devoured by the thousands and farmers in
their desperate efforts to destroy the pest plan to import
pheasants in the hope that the birds will eat the hoppers
before the second crop sprout wings.
Canadian crops have suffered further deterioration in the
Prairie provinces the past week, owing to lack of moisture
and hot weather. Conditions in the northern areas are more
favorable. Damage from grasshoppers continues over large
sections of Saskatchewan and Manitoba, while frosts have
occurred in Alberta. In Quebec, weather conditions have
been favorable and crops generally have advanced satisfactorily, but rains are needed in most sections.
To-day it was 65 to 82 degrees here and clear. The forecast was for fair weather with moderate temperatures.
Overnight, Boston was 66 to 78 degrees, Baltimore,68 to 78,
Pittsburgh, 62 to 82, Portland, Me., 60 to 78, Chicago, 68
to 86, Cincinnati, 66 to 84, Cleveland, 68 to 84, Detroit, 72
to 86, Charleston, 80 to 92, Milwaukee, 70 to 90, Dallas,
70 to 88, Savannah, 74 to 92, Kansas City, 70 to 86, Springfield, Mo., 68 to 80, St. Louis, 72 to 84, Oklahoma City, 70
to 90, Denver, 68 to 92, Salt Lake City, 74 to 100, Los
753
Financial Chronicle
Angeles, 68 to 88, San Francisco, 54 to 72, Seattle, 54 to 70,
Montreal,66 to 80,Calgary,54 to 92,and Winnipeg,60 to 88.
Loadings of Revenue Freight Continue to Exceed
Those of a Year Ago.
The first 15 railroads to report car loadings of revenue
freight originated on their own lines for the seven days ended
July 22 1933 loaded 278,786 cars, as compared with 281,603
cars in the preceding week and 220,057 cars in the corresponding period last year. With the exception of the Atchison Topeka & Santa Fe Ry., all of these carriers showed
substantial increases over the July 23 1932 week. Comparative statistics follow:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars.)
Loaded on Lines.
Reed from Connections.
Weeks Ended.
July 22 July 15 July 23 July 22 July 15 July 23
1933. 1933. 1932. 1933. 1933. 1932.
Atch.Top.& Santa Fe Ry
Chesapeake & Ohio Hy
Chic. Burl. & Quincy RR
Chic. Milw.St. Paul & Pac Ry_ _
Chic. Rock Island & Pac. Ry_
Chic. & North Western Ry
Gulf Coast Lines & subsidiaries
International Great Northern _ _
Missouri-Kansas-Texas Lines_ _ _ _
Missouri Pacific RR
New York Central Lines
Norfolk & Western Ry
Pennsylvania System
Pere Marquette Ry
Wabash Ry
18,761
22,953
18,167
19,022
14,009
17,133
2,126
2,510
4,564
15,245
48,070
21,186
64,291
4,906
5.843
23,159 4,630 4,226 3,559
15,812 9,349 9,221 6,151
13,220 6,183 5,756 4,499
14,278 7,010 5,989 5,561
13,912 9,008 9,182 7,956
13,039 8,927 8,383 7.038
938
868
1,697
976
1,461
1,275 1,292 1,272
4,528 2,266 2,206 2,173
12,872 7,123 7,526 6,131
33,833 60,947 59,975 42,008
14,133 4,073 4,041 2,659
49,202 40,436 38,349 27,217
3,522
5,389 7,258 7,032 5,966
20,256
24,667
16,335
19,446
14,360
16,546
2,128
4,923
4,639
14,668
48,046
21,106
63,763
4,629
6,091
278,786 281,603 220,057 169,461 164,116 123,058
Total
* Not available.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
Week Ended.
Illinois Central System
St. Louis-San Francisco Ry
Total
July 22
1933.
July 15
1933.
July 23
1932.
26,870
11,897
26,412
12,368
22,364
11,288
38,767
38,780
33,652
Loading of revenue freight for the latest full week-that is,
for the week ended on July_ 15-totaled 648,206 cars, the
liighest fo-r any Week so far this year, the American Railway
Association announced on July 22. This was an increase of
108,983 cars above the preceding week this year, when
loadings were reduced owing to the observance of Independence Day, and was an increase of 144,445 ears above
the corresponding week in 1932, but was a reduction of
109,783 cars below the corresponding week in 1931. Details for the latest full week follow:
Loading of all commodities for the week of July 15 showed increases over
the preceding week this year. All commodities, except livestock, also
showed increases over the corresponding week last year.
Miscellaneous freight loading for the week of July 15 totaled 239,165
cars, an increase of 39,126 cars above the preceding week and 55,446 cars
above the corresponding week in 1932, but a decrease of 44.705 cars under
the same week in 1931.
Loading of merchandise less than carload lot freight totaled 170.666 cars.
an increase of 24,335 cars above the preceding week and 3,731 cars above
the corresponding week last year, but 44,873 cars under the same week
two years ago.
Grain and grain products loading for the week totaled 51.389 cars, an
increase of 6,449 cars above the preceding week and 9.162 cars above the
corresponding week last year, but 9.435 cars below the same week in 1931.
In the Western Districts alone grain and grain products loading for the
week ended July 15 totaled 34,661 cars, an increase of 5,115 cars above
the same week last year.
Forest products loading totaled 28,075 cars, 6,635 cars above the preceding week, 13.145 cars above the same week in 1932 and 333 cars above
the same week in 1931.
Ore loading amounted to 23,620 cars, an increase of 7,262 cars above the
week before and 17,081 cars above the corresponding week in 1932, but
13,280 cars below the same week in 1931.
Coal loading amounted to 113,438 cars, an increase of 23,056 cars above
the preceding week. 43,224 cars above the corresponding week in 1932
and 4.466 cars above the same week in 1931.
Coke loading amounted to 6,316 cars, 66 cars above the preceding week.
3,737 cars above the same week last year and 1,768 cars above the same week
two years ago.
Livestock loading amounted to 15,537 cars, an increase of 2,054 cars
above the preceding week, but a decrease of 1.081 cars below the same week
last year and 4,057 cars below the same week two years ago. In the
Western Districts alone loading of livestock for the week ended on July 15
totaled 11,606 cars, a decrease of 1.298 cars compared with the same week
last year.
All districts except the Central Western, which showed a slight decrease,
reported increases in the total loading of all commodities compared with
the same week in 1932. All districts reported decreases, compared with
the corresponding week in 1931. except the Pocahontas, which showed
an increase.
Loading of revenue freight in 1933 compared with the two previous
years follows:
'
Four weeks in January
Four weeks in February
Four weeks In March
Five weeks in April
Four weeks in May
Four weeks in June
Week ended July 1
Week ended July 8
Week ended July 15
Total
1933.
1932.
1,910,496
1,957,981
1,841,202
2,504,745
2,127,841
2,265,379
634,074
539,223
648,206
2,266,771
2,243,221
2,280,837
2,774,134
2,088,088
1,966,488
.488,281
415,928
503,761
2,873,211
2,834,119
2,936,928
3,757,863
2,958,784
2,991,950
667,630
762,444
757,989
1931.
14,429,147
15.027.509
20.540.918
Financial Chronicle
754
The foregoing, as noted, covers total loadings by the railroads of the United States for the week ended July 15. In
the table below we undertake to show also the loadings for
the separate roads and systems. It should be understood,
however, that in this case the figures are a week behind
those of the general totals-that is, are for the week ended
July 8. During the latter period a total of only 17 roads
showed decreases as compared with the corresponding week
July 29 1933
last year. Among the most important carriers continuing
to show increases over a year ago were the Pennsylvania
System, the Baltimore & Ohio RR., the Chesapeake & Ohio
Ry., the New York Central RR., the Southern Ry. System,
the Norfolk & Western Ry., the Chicago Milwaukee St.
Paul & Pacific Ry., the Illinois Central System, the Louisville & Nashville RR. and the Chicago & North Western
Ry.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS(NUMBER OF CARS)-WEEK ENDED JULY 8.
1933.
Eastern DistrictGroup A:
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York N.H.& Hartford__
Rutland
Total
Group B:
Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western
Pittsburgh & Shawmut
Pitts. Shawmut& Northern_ _ _ _
Total
Group C:
Ann Arbor
Chicago Ind. & Louisville
Cleve, On. Chic. & St. LouisCentral Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis_
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia -_
Wabash
Wheeling & Lake Erie
Total
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern DistrictGroup A:
Atlantic Coast Line
CUnchfield
Charleston & Western Carolina_
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom_
Seaboard Air Line
Southern System
Winston-Salem Southbound.__
1932.
1931.
1933.
737
2,180
5,709
526
2,003
7,664
484
685
3,506
9,823
738
3,598
14.101
656
285
4,270
8,824
2,496
1,731
11,219
947
231
3,491
6,941
1,884
1,397
8.948
791
23,058
19,303
33,107
29,772
23,683
4,717
7,147
10,422
130
1,088
6.257
1,869
18,401
1.455
445
308
3,589
6,644
8,136
138
916
5,354
656
12,974
1,389
373
149
6,100
9,298
13,213
186
1,442
9,121
2,368
26,216
2,053
721
662
6,199
5,112
12,705
1,811
995
6,360
28
25,006
1,801
28
198
4.848
4,042
9,505
1,248
649
4,822
25
17,620
1,269
46
172
52.239
40,321
71,380
00,243
44,246
392
1,097
6,973
16
165
249
1,543
2,593
5,415
2,999
4,013
3,705
4,692
1,169
4,834
3,248
367
1,009
5,553
25
264
146
1,463
1,683
3,846
2,261
3,122
2,942
2,328
1,054
4,174
1,809
549
1,612
9,239
53
286
222
1,624
3,874
7,452
4,567
5,183
5,381
4,974
1,294
7,441
3,813
916
1,656
10,625
76
130
1,910
858
5,345
7,792
205
7,828
3,836
4,821
702
6,289
2,599
738
1,151
0,863
27
85
844
782
3,420
5,101
123
5,278
2,436
2,578
367
5,414
1.844
43,103
32,046
57,564
55.588
37.051
91.670
162,051
145,603
104,980
17,806
862
12,874
1.922
2
9,157
33
23
16
2,276
34,633
13,799
1,689
8,521
546
4,144
1
111
54
865
43,149
8,307
2.453
39
1,539
32,918
4,504
120
7,641
481
293
115
1,508
76,393
14,382
7,012
48
3,139
3,888
1,603
2,071
79,330
148,554
81,915
55,105
25,045
2,091
290
4,265
2
213
10
794
54,653
10,020
9,394
50
2,436
922
110,245
Total Revenue
Freight Loaded.
Railroads.
1932.
500
2,426
6,863
813
2,401
9,523
532
Grand total Eastern District... 118.400
Allegheny DistrictBaltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauiey
Central RR. of New Jersey-Cornwall
Cumberland & Pennsylvania -Ligonier Valley
Long Island
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
zPenn-Read Seashore Lines- --
Total Load's Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
6,716
29
23
4
2,128
24,029
10,116
922
19,224
16,609
655
2,737
13,491
10,369
577
2,124
22,404
19,029
1,012
3,376
7,800
3,750
1,098
500
4,430
2,404
851
288
39,245
26,561
45,821
13,148
7,973
6,109
1,035
500
137
66
1,454
552
319
5.828
17,672
139
5,813
445
380
96
45
1.495
305
242
4,574
13,016
133
8,234
1,188
488
147
48
1,847
552
428
8,703
22,193
156
4,462
1,546
829
221
121
938
926
3,406
3,323
11,224
629
2,997
760
458
145
52
586
503
2,647
2,085
6,692
453
Group B:
Alabama Tenn.& Northern-Atlanta Birmington & Coast-Atl.& W.P.-West.RR.of Ma
Central of Georgia
Columbus & Greenville
Florida East Coma
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah....
Mississippi Central
Mobile & Ohio
Nashville Chatt.& St. Louis.....
New Orleans-Great Northern-Tennessee Central
Total Loads Received
from Connections.
1933.
1932.
1931.
1933.
183
910
645
3,938
176
308
716
*573
689
15,682
15,747
133
139
1,684
2,700
476
272
182
622
488
2,548
113
243
604
338
512
12,719
11,380
72
61
1,525
1,802
311
247
238
912
634
4,154
195
437
1,072
529
792
23,369
19,895
110
153
2.144
3,057
890
602
153
493
954
2,875
188
325
1,736
481
716
8,090
3,939
356
. 220
1,210
2,579
353
460
1932.
111
284
605
1,798
84
383
849
261
451
5,328
2,266
247
152
657
1,565
176
300
44,971
33,767
59,183
25,128
15,517
78.782
60,311
103,167
52,753
32,895
Northwestern District783
Belt Ry. of Chicago
14,369
Chicago & North Western
2,395
Chicago Great Western
Chic. Milw.SS. Paul & Pacific.. 15,912
3,512
Chic. St. Paul Minn.& Omaha.
Duluth Missabe & Northern_ _. 5,187
671
Duluth South Shore & Atlantic_
4,758
Elgin Joliet & Eastern
318
Ft. Dodge Des M.& Southern_
8,680
Great Northern
401
Green Bay & Western
1,720
Minneapolis & Bt. Louis
4,771
Minn. St.Paul & S.S. Marie.6.621
Northern Pacific
760
Spokane Portland & Seattle
1,025
10.767
1,881
11,593
2,773
1,761
508
2,278
190
6,169
404
1.561
3,568
5,354
943
1,563
21,548
3,363
22,246
4,030
13,210
939
4,501
368
13,357
616
3,133
6,717
9,584
1,002
1.949
8,139
2,106
6,067
2,766
86
343
4,673
136
1,605
459
1.285
1,841
1,881
1,223
1,085
5,431
1,420
4.101
1,962
57
261
2,140
100
1,428
292
841
1,363
1,654
667
70,858
50,775
106,177
34,559
22,802
18,442
2.912
115
13,551
11,006
2,116
526
1.056
162
1,276
529
167
13,525
291
300
9,976
70
915
19,365
2,400
77
10,311
10,224
1,865
477
1,066
141
1,136
497
204
12,811
165
235
9,254
87
1.034
36,118
3.506
165
19,772
20,313
2,669
949
1,886
210
2.597
746
187
21,989
346
289
13,926
130
1,466
3,791
1,662
15
5,790
5,873
1,983
730
1,502
27
660
230
7
2,746
244
919
5,319
2
1,170
2,781
1.210
17
3,718
4,777
1,221
559
1,307
12
582
293
20
2,412
185
689
4,148
2
944
76,935
71,349
127,264
32,670
24,877
270
142
173
1,507
132
118
112
1,476
194
95
153
2,010
3,063
240
155
890
1,799
174
173
816
4,013
101
1,354
870
382
468
119
4.021
12.556
44
75
6,802
2,161
1,393
104
1,098
964
58
366
27
3,588
10,511
27
110
6,058
1,746
5,478
362
2.035
1.898
170
763
63
6,788
21.527
38
132
10,513
2,467
1,377
629
1,249
794
680
157
241
2,172
6,808
13
89
2,991
1,551
1,218
360
1,016
448
231
98
172
1,642
4,980
2
59
2,172
1,228
4,602
3,459
1,617
22
4.004
2,846
1,179
15
7,264
5.515
1,966
31
3,135
3,551
2,296
76
2,109
2,565
1,331
33
Total
Grand total Southern District-
Total
Central Western DistrictASCII. Top. & Santa Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy_
Chicago Rock Island & Pacific.
Chicago de Eastern Illinois ......
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver CRY-Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island_ ....
Toledo Peoria & Western
union paeme system
Utah
Western Pacific
Total
Southwestern DistrictAlton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
y Houston & Brazos Valley....
International-Great Northern-Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas
Missouri-Kansas-Texas Lines__
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
y San Antonio Uvalde & GulfSouthern Pacific In Texas & La_
Texas & Pacific
Terminal RR. Assn. of St. Louis
Weatherford Min.Wells & N.W.
22,626
27,625
44,758
35,932
43,984
17,378
69,410
26,544
32,157
33.811
Total
Total
x Estimated. y Included in Gulf Coast Lines. z Pennsylvania-Reading Seashore Lines include the newconsoiidated lines of the West Jersey & Seashore Bit.
formerly part of Pennsylvania RR. and Atlantic City RR. formerly part of Reading Co.; 1931 and 1932 figures included in Pennsylvania System and Reading Co.
* Previous week's figures.
Summary of Business Conditions in United States by
Federal Reserve Board-Rapid Increase Noted in
Industrial Production-Employment and Payrolls
in Factories Up.
The Federal Reserve Board, in its monthly summary of
business conditions in the United States (issued July 25),
said that "industrial activity increased rapidly in June, as in
the two preceding months, and in the first week of July there
was a further advance, despite the usual seasonal tendency
toward a slump. Factory employment and payrolls showed
a considerable increase," said that Board, and "wholesale
commodity prices rose rapidly until the third week of July,
when prices of leading raw materials showed a sharp decline." Continuing, the Board said:
Production and Employment.
Volume of industrial production, as measured by the seasonally adjusted
index, advanced from 77% of the 1923-1925 average in May to 89% in June,
as compared with 60% in March.
Activity in the steel industry continued to increase in June and the first
two weeks of July. The third week of July showed little change. Demand
for steel by railroads and the construction industry continued at a low level.
Output of automobiles, which usually declines at this season, Increased in
June and showed little change in July.
Consumption of cotton by domestic mills was larger in June than in any
previous month, and continued at a high rate during the first half of July.
At woolen mills and shoe factories 'activity increased further in June to
unusually high levels.
Working forces at factories increased substantially between May and June,
and the Board's seasonally adjusted index of factory employment advanced
from 61% of the 1923.1925 average to 65%. Factory payrolls also increased
by a considerable amount, to 46% of the 1923-1925 average.
Financial Chronicle
Volume 137
Value of construction contracts awarded, as reported by the F. W. Dodge
Corp., showed an increase in May and June, contrary to the usual seasonal
movement.
Department of Agriculture estimates as of July 1 indicated a wheat crop
of about 500,000,000 bushels, 350,000,000 bushels below the average of 19261930, reflecting chiefly adverse weather conditions. Feed crops have also
been seriously damaged. Cotton acreage on July 1 was estimated at about
41,000,000 acres, an increase of 4,000,000 acres over last year, but it is proposed as a part of the program of the Agricultural Adjustment Administration
to reduce the area by about 10,000,000 acres.
Distribution.
Freight traffic continued to increase during June, reflecting in large part
heavier improvements of coal, miscellaneous freight and lumber products.
Distribution of commodities through department stores showed -about the
usual seasonal decline in June.
Wholesale Prices.
Wholesale prices of commodities advanced from 64% of the 1926 average
in the first week of June to 69% in the middle of July, according to the
index of the Bureau of Labor Statistics. This marked upward movement
reflected large increases in the prices of most basic raw materials, including
grains, cotton, hides, non-ferrous metals, steep scrap, petroleum and rubber.
Most of these commodities are traded in on organized exchanges and enter
into world trade.
The prices of many manufactured products, particularly textiles, leather
and gasoline, also advanced substantially. On July 19, 20 and 21, following
rapid advances, in the preceding period, prices of leading raw materials
declined sharply.
Foreign Exchange.
In the exchange market the value of the dollar in terms
of the French
franc declined to 69% of its gold parity on July 18, and
then advanced to
72% on July 21.
Bank Credit.
During the four weeks following the enactment, on June
16, of the
Banking Act of 1933, which prohibits the payment
of interest on demand
deposits, net demand deposits of weekly reporting
member banks in 90 cities
declined by $500,000,000, reflecting
the withdrawal of $300,000,000 in
bankers' balances from banks in New
York City and elsewhere, and the
transfer of funds from demand to time
accounts. Time deposits increased
by $260,000,000.
The banks' holdings of United States Government
securities increased during the four weeks ending July
12, and there was a further rapid growth
in open-market brokers' loans, while
loans to consumers declined.
Return flow of currency amounted to $90,000,000
during the five weeks
ending July 19. During the same
period the Federal Reserve banks purchased $85,000,000 of United
States Government obligations and member
banks reduced their indebtedness
to the Reserve banks by $90,000,000. The
withdrawal of bankers' balances from
New York City reduced excess reserves
of member banks in that city,
while surplus reserves of member banks outside
New York increased substantially.
Money rates in the open market
recently slight increases have generally continued at low levels, although
occurred in acceptance rated, time money
against Stock Exchange collateral
and yields on short-term United States
Government securities."
Moody's Daily Index of Staple Commodit
y Prices
Recovers Part of Loss of Previous Week.
Prices of the principal staple commodities behaved
somewhat erratically during the week under
review. After
extending the decline of the previous week
slightly on
Saturday, Moody's Daily Index of Staple Commodit
y Prices
scored sharp advances on Monday, Wednesday
and Thursday, recovering almost half of the ground lost
from the high
of July 18. Friday, however,
brought another reaction
with a loss of about one-third of
the recovery. Most primary commodities seem to be in a waiting
mood, pending
clarification of the general business trend.
The mixed trend is evidenced by the fact that
six of the
fifteen commodities show net advances for
the week, five
show declines and four are unchanged
. The most important
advance has been in wheat, with cotton and corn
close behind and rubber, scrap steel and cocoa
following. The
declines in hogs,silk, coffee, silver and sugar are all
moderate.
Hides, copper, lead and wool tops are unchanged.
The movement of the Index number during the week, with
comparisons, is as follows:
Fri. __July 21
Sat. -.July 22
Mon. July 24
'rues. July 25
Wed. July 28
Thurs. July 27
Fri. „July 28
134.1
133.5
135.4
135.2
137.4
140.0
137.4
2 wks. ago
Month ago
Year ago
1932 High
Low
,
1
1933 11
.1011
July 14
June 28
July 30
Sept. 6
Dec. 31
Jar 12
143.7
128.9
88.0
103.9
79.3
148.9
78.7
Chain Store Sales During June in New York Federal
Reserve District Practically Same as in June,
1932.
The Aug. 1 "Monthly Review" of credit and business
conditions of the Federal Reserve Bank of New York contained the following on chain store trade in the Second
(New York) District:
Total June sales of reporting chain stores in this District were virtually
the same as in the corresponding month a year ago, which represents the
most favorable year to year comparison since June 1931. For variety
chain stores, sales were larger than a year previous for the third successive
month, and for ten cent store chains sales were slightly larger than last
year, the first increase in two years. Other chain store systems continued
to report smaller sales than a year ago, but in the case of the shoe chains the
decline was more moderate than in the preceding month. For the first
half of 1933, total chain store sales were 9% below the corresponding period
of 1932.
During June, average saleeper store of the reporting chains were slightly
larger than In June 1932, reflecting a small decrease in the number of units
755
operated while total sales were little changed. The decline in the total
number of units operated has been due to large reductions in the number of
shoe and drug units, only partly offset by a sizable increase in the number
of candy stores.
Type of Store.
Percentage Change
Jan.-June 1933
Compared with
Jan.-June 1932
Percentage Change June 1933
Compared with June 1932
Number
of Stores
Total
Sales.
Sales per
Store.
Total
Sales.
Grocery
Ten cent
Drug
Shoe
Variety
Candy
-2.1
+0.4
-13.8
-16.6
+1.9
+12.3
-11.4
+0.4
-17.3
-15.5
+18.2
-8.3
-9.4
+0.1
-4.0
+1.4
+15.9
-18.3
-13.7
-9.0
-20.4
-25.0
+2.0
-12.0
-9.6
-15.7
-14.4
0
-15.9
Total
-1.5
-0.2
+1.3
-9.0
-8.2
Sales pi
,
Store.
Increase of 23% Reported in Wholesale Trade During
June Over Year Ago in New York Federal Reserve
District-Largest Increase on Record.
The Federal Reserve Bank of New York, in its Aug. 1
"Monthly Review" states that "total June sales of the reporting wholesale firms in the Second (New York) District
averaged 23% higher than a year ago, the largest increase
ever reported. Individual lines showing larger increases
than at any previous tiwe covered by this Bank's records
included hardware, show and silk concerns," the Bank
noted, continuing:
The men's clothing, paper, and cotton goods firms reported the most
substantial expansion since 1929, and sales of machine tools, which have
been very small for a number of months, showed an increase over a year
previous for the first time in nearly four years. The increases reported in
sales of groceries and diamonds, although not as large as those occurring
In May, were with that exception the greatest in over three years. Sales
of stationery remained below a year ago, but the decline was the smallest
since 1930. Drug sales, however, were down considerably from a year ago,
following sizable increases in April and May. Sales for all reporting lines
for the first six months of 1933 were 7% below the same period of 1932.
In most lines, stocks of merchandise on hand at the end of June showed
smaller reductions from a year ago than in recent months, and in the case
of grocery stocks a large increase over last year was indicated. The majority of wholesale firms reported a higher rate of collections than last year.
Commodity.
Percentage
Change
June 1933
Compared with
June 1932.
Percent of
Charge Accounts
Outstanding
May 31
Collected in June.
Percentage
Change
in Net Sales.
Net
Soles
Stock
End
of
Month.
1932.
1933.
+17.1
+25.5
+8.8
+87.8*
+54.4
-23.7
+12.3
+26.6
__
-21.1
-26.6*
____
-22.5
-15.3
78.6
31.4
30.9
64.8
38.8
26.0
44.9
83.6
39.5
33.4
73.9
44.8
23.4
44.3
+4.4
+6.6
+11.1
-4.8*
+5.9
-7.6
+0.2
+0.8
-11.8
-14.7
+24.410
-18.1
+7.3
-12.6
-11.8
+5.9
+16.7
-19.6
____
____
-25.9
-41.0
59.7
37.7
(17.7
,
1
52.7
40.2
[24.6
+14.4
+13.9
+0.7
+44.1
-22.4
-22.0
-17.1
-30.6
Wolahtewl avarnaa
4.225
49.4
54.1
-1-6.9
* Quantity not value. Reported by the Silk Association of America.
Reported by the National Machine Tool Builders Association.
-7.4
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Machine tools x
Stationery
Paper
Diamonds
Jewelry
June '33 First
from six mos.
May 1933from
1933.
1932.
Monthly Indexes of Federal Reserve Board-Increase
Reported in Industrial Production During June as
Compared with May.
Under date of July 26 the Federal Reserve Board issued
as follows, its monthly indexes of industrial production,
factory employment, &c.:
BUSINESS INDEXES.
(Index numbers of the Federal Reserve Board 1923-25=100)•
Adjusted for
Seasonal Variation.
Without
Seasonal Adjustment.
1933.
1932.
1933.
1932.
June. May. June. June. May. June.
Industrial production, total
Manufactures
Minerals
Construction contracts, values-Total
Residential
All other
Factory employment
Factory payrolls
Freight-car loadings
Department store sales
p89
p90
p83
p19
914
923
64.8
77
77
78
16
11
20
60.6
59
58
63
27
11
39
60.0
60
p66
56
67
52
69
p89
p90
P80
p22
p15
p28
64.1
45.9
60
p63
79
79
76
19
13
24
60.0
42.0
56
67
59
59
61
32
12
47
59.1
42.6
52
66
INDUSTRIAL PRODUCTION-INDEXES BY GROUPS AND INDUSTRIES.'
(Adjusted for seasonal variation.)
Manufactures.
Group and
industry.
1933.
1932.
June. May. June.
Iron and steel
49
72
festiles
p133 106
Food products
p101
99
Paper and printing__ __ p85
30
Lumber cut
38
51
automobiles
p66
Leather and shoes__ p108 p107
42
Dement
51
Petroleum refining_ _. __ 147
Rubber tires
94
Tobaccomanufactures 135 143
26
63
82
85
26
47
p82
52
146
107
118
Mining.
Industry.
1933.
1932.
June. May. Juno.
Bituminous coal- _. p63
Anthracite coal
P65
Petroleum
P130
Iron ore
15
Zinc
55
Silver
Lead
41
57
43
134
14
46
36
37
45
42
105
3
38
45
49
Financial Chronicle
756
FACTORY EMPLOYMENT AND PAYROLLS-INDEXES BY GROUPS
AND INDUSTRIES.
(Underlying figures are for payroll period ending nearest middle of month.)
Payrolls.
Employment.
Group and Industry.
Adjusted for Sea- Without Seasonal Without Seasonal
Adjustment.
Adjustment.
tonal Variations.
1933.
1932.
1933.
1932.
1933.
1932.
June May June June May June June May June
June Sales of Department Stores Reported 5% Below
June Last Year by Federal Reserve Bank of New
York.
"In June, total department store sales in the Second (New
York) District were 5% below a year ago," according to
the New York Federal Reserve Bank, "which indicates the
smallest reduction in the average daily rate of sales in two
years." The Bank, in its "Monthly Review" of Aug. 1,
said:
Syracuse and Southern New York State department stores reported
increases in sales in comparison with a year ago, and Hudson River Valley
and Capital District stores showed smaller declines than in May. In
other localities, the reductions were somewhat larger than those of May,
but in several instances this was due chiefly to differences in the number of
business days. Furthermore,for the first time in over two years the leading
apparel stores in this District showed an increase in sales over the year
previous.
For the first six months of 1933, department store sales in this District
showed a 14% decline from the corresponding period of 1932, and apparel
stores showed a drop of 12)i%. In the first half of July department store
sales in the Metropolitan area of New York were 4% below the corresponding period a year ago.
Collections in June of accounts outstanding at the end of May averaged
slightly higher than last year for the second consecutive month. Department store stocks of merchandise on hand, at retail valuation, showed the
smallest reduction from a year ago in nearly two years, and apparel store
stocks the smallest decline in over a year.
Percentage Change from
a Year Ago.
Net Sales.
Locality.
New York
Buffalo_
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State_
Southern New York State_
Hudson River Valley Dist_
Capital District
All department stores
Apparel stores
Stock
on Hand
End of
Month.
Percent of
Accounts
Outstanding
May 31
Collected in June.
June.
February
to June.
1932.
1933.
-4.4
-6.4
--10.9
+2.7
--8.7
--7.4
-2.6
-8.8
+1.5
-4.5
-11.1
-13.8
-17.4
-6.2
-16.0
-10.4
-11.5
-13.6
-5.6
-14.7
--I3.5
--9.8
-28.8
-19.8
-19.9
-13.2
-10.5
-13.4
44.4
38.2
43.4
21.3
37.8
41.2
31.6
45.4
41.0
42.7
24.0
39.3
42.2
30.4
-5.1
+2.1
-12.0
-11.8
-12.2
-19.3
41.0
39.9
42.2
43.4
June sales and stocks in the principal department are compared with those
of a year previous in the following table:
Net Sales
Percentage Change
June 1933
Compared with
June 1932.
Furniture
Cotton goods
Men's furnishings
Linens and handkerchiefs
Home furnishings
Shoes
Men's and Boys' wear
Luggage and other leather goods
Women's ready-to-wear accessories
Toys and sporting goods
Musical instruments and radio
Silverware and jewelry
Toilet articles and drugs
Women's and Misses' ready-to-wear
Books and stationery
Woolen goods
Hosiery
Silk and velvets
Miscellaneous
+8.5
+1.4
+1.4
+1.0
+0.4
--3.0
---3.7
--7.0
--10.I
--11.1
--13.2
--13.8
--14.4
--15.9
--16.9
--21 8
--25.1
--1.0
Stock on Hand
Percentage Change
June 30 1933
Compared with
June 30 1932.
-30.3
+9.9
--8.0
--12.2
--14.3
--5.7
---9.4
---17.5
---1.3
---10.4
--25.8
--22.5
---32.9 ,
--11.1
--22.6
+13.9
--I2.1
--15.6
--13.1
First Appreciable Decline in Commodity Prices Since
March Noted During Week of July 22 by National
Fertilizer Association.
Wholesale commodity prices during the week ended
July 22 showed the first decided weakness since March,
according to the index of the National Fertilizer Association. When computed for the week ended July 22, this
Index declined five points, principally because of lower
prices for cotton, wheat, corn, flour and several other
important commodities. During the preceding week the
index gained 24 points. The latest number is 19 points
higher than it was two weeks ago, 46 points higher than
it was a month ago, and 62 points higher than last year at
this time. The latest index number is 67.3. (The threeyear average 1926-1928 equals 100.) In noting this on
July 24 the Association continued:
Five of the major groups in the index declined during the latest week,
four advanced, and five showed no change. The declining groups were
foods, grains, feeds and livestock, textiles, fats and oils and chemicals
and drugs. The advancing groups were fuel, which includes petroleum
and its products, metals, miscellaneous commodities and fertilizer materials.
During the latest week 42 commodities showed price advances and 24
showed price declines. For the preceding week there were 76 advances
and only nine declines. Two weeks ago the advances were 54 and the
declines 11. Wheat declined about 20 cents per bushel at Kansas City
during the latest week. Cotton declined about one cent per pound. Corn
and oats also declined, but barley and rice advanced. Cotton yarns and
cotton cloths were decidedly higher. Other commodities that declined
during the latest week were lard, sugar, pork, flour, zinc, lice, rosin and
rubber. Other commodities that advanced were eggs, cottonseed meal,
burlap, cattle, hogs, pig iron, turpentine, calfskin, hides, coffee and paper.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES. (1926-192100.)
Per Cent
Each Group
Bears to the
Total Index,
23.2
18.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4 '
.4
.3
inn
Group.
Foods
Fuel
Grains, feeds and livestockTextiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements
11
•lt frpr.,Ina rnmhInewl
Latest
Week
July 22
1933.
Preceding
Week.
Month.
Ago.
Year
Apo.
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
71.9
56.6
57.5
66.9
65.5
84.4
74.1
78.2
77.2
57.5
87.9
65.6
65.9
90.1
64.9
52.6
48.3
58.6
63.0
84.4
72.2
75.0
75.4
51.8
87.9
64.1
65.7
90.1
t:go!...1
0001^"0,1
..nmdmt-ciriooOrZr-.ci
4240,0.4.owt-ctsvoocno
Iron and steel
58.1 52.5 54.8 58.1 53.2 54.8 36.2 29.5 26.0
Machinery
47.7 44.2 51.0 48.0 44.5 51.3 32.0 27.4 32.3
Textiles, group
81.6 73.4 58.5 79.9 73.0 57.2 53.6 46.8 35.8
Fabrics
86.7 75.9 58.7 85.8 75.7 58.2 60.5 50.1 37.0
Wearing apparel
.68.7 67.4 58.1 64.9 66.1 54.7 39.4 40.1 33.4
Food
82.3 82.6 81.1 81.9 80.2 80.9 66.3 64.8 71.4
Paper and printing
81.6 79.9 82.8 80.9 79.4 82.0 66.6 64.9 72.9
Lumber
40.0 35.7 37.9 39.9 35.3 37.8 21.7 18.0 20.9
Transportation equipment _ 43.9 41.9 50.0 44.6 43.7 50.8 36.0 35.3 40.7
50.3 43.8 58.0 51.6 47.8 59.6 43.2 40.4 47.1
Automobiles
Leather
83.9 79.7 74.3 79.6 76.4 70.5 57.4 50.8 45.0
Cement, clay and glass
46.8 42.6 43.4 48.4 43.7 45.0 29.1 25.1 27.3
Nonferrous metals
53.6 47.4 48.7 53.5 47.9 48.6 41.4 34.5 32.0
Chemicals, group
82.3 80.3 76.4 79.4 78.9 74.2 64.6 61.9 63.2
Petroleum
77.4 76.9 77.4 78.1 76.8 78.1 86.3 65.1 72.1
Rubber products
67.8 59.7 67.0 68.1 60.2 67.0 57.3 46.2 55.1
66.8 65.4 69.4 66.3 64.2 69.0 47.3 45.5 52.2
Tobacco
•Indexes of production, car loadings, and department store an es based on daily
averages. p Preliminary. z Based on three-month moving averages, centered at
second month.
July 29 1933
el.a
075
057
Al 1
Further Rise in Living Costs of Wage Earners Reported
by National Industrial Conference Board.
A further rise in living costs of wage earners has taken
place, according to the index of the National Industrial
Conference Board released July 21, the increase between
May and June amounting to 1.0%, as compared with the
first advance of 0.8% in May. Living expenditures in June,
however, required 5.7% less outlay than in June of last year
and 26.6% less than m June 1929. The Board also has the
following to say:
The purchasing value of the dollar was 137.4 cents In June 1933-measured on the base 1923=100 cents-as compared with 138.7 cents in May.
The largest increase between May and June was found in food prices,
which rose 3.3%. SLIM) June 1932 there has been a reduction of 3.4% In
food prices, and since June 1929 of 37.5%.
Rents continued on their downward trend, but at a slackened pace.
The decline between May and June was 0.2%. notably less than in many
months past. Declines in rents were reported from only 18 of the 172
cities from which quotations were received; increases in rents from 9 cities,
and no changes from the remaining cities. The level of rents in June was
12.4% below that of a year ago and 31.1% below that of June 1929.
Clothing prices showed the first substantial upward movement since
many months past; as a matter of fact. only twice since the close of 1929
were increases noted in average clothing prices, and both of these were
smaller than the rise of 1.5% between May and June of this year. Clothing
prices in June, however, were still 6.2% lower than in June 1932 and 37.2%
lower than in June 1929.
Coal prices declined 1.3% between May and June, or more than seasonally. This reduction brought coal prices 5.9% below the level of June 1932
and 14.0% below that of June 1929.
Little change was noted in the cost of sundries as a whole:slight increases
In the prices of furniture and housefurnishings were offset by a decrease in
tobacco prices. Compared with prices of a year ago, the cost of sundries
has declined 4.1%, and with prices of four years ago 9.2%.
Item.
Relative Index Nos. of Cost of Living, P.C. Ine.(+)
Importance Avge. Prices 1923=100. or Dec. (-)
Between
in
June
May
May 1933 re
Family
1933.
June 1933.
1933.
Budget.
64.1
+3.3
66.2
Foods
33
63.5
-0.2
63.4
Housing
20
+1.6
61.6
60.7
Clothing
12
-0.7
82.8
82.2
Fuel and light
5
-(1.3)
(76.5)
(77.5)
(Coal)
(0)
(93.5)
(Gas and electricity)
(93.5)
-0.1
89.4
89.3
Sundries
30
+1.0
72.1
72.8
Weighted average of all items
100
•Based on food price index of the U. S. Bureau of Labor Statistics.
Increase Noted in Wholesale Prices During Week
Ended July 22 by United States Department of
Labor.
The Bureau of Labor Statistics of the U. S. Department of
Labor announces that its index number of wholesale prices
for last week-the week ending July 22-stands at 69.7 as
compared with 68.9 for the week ending July 15, showing
an increase of approximately 1.2%. The Bureau added:
These index numbers are derived from price quotations of 784 commodities, weighted according to the importance of each commodity and
based on average prices for the year 1926 as 100.0.
The accompanying statement shows the index numbers of groups of
commodities for the weeks ending June 24, and July 1, 8, 15 and 22 1933.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF JUNE 24.
AND JULY 1, 8, 15 AND 22 1933.
(1926 = 100.0.)
Week Ending.
June 24. July 1.
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting
Metals and metal products
Building materials
Chemicals and drugs
HousefurnishIng goods
Miscellaneous
All commodities
July 8. July 15. July 22.
53.2
61.4
83.5
61.5
63.6
78.9
74.2
73.6
72.8
61.1
56.9
62.6
83.3
62.2
64.3
79.2
75.9
73.5
73.2
62.1
58.5
62.9
83.7
64.1
65.7
79.9
77.0
73.0
73.6
62.9
61.1
65.9
85.4
66.5
66.7
80.6
78.8
72.9
74.0
63.5
62.7
66.5
87.8
68.3
66.8
80.7
79.1
73.2
74.3
64.6
65.1
66.3
67.2
68.9
69.7
Increase in Business Activity Seen by National Industrial Conference Board-Advances Witnessed in
Production and Shipments in Last Six Weeks in
Place of Usual Seasonal Recessions-Gain in
Employment.
Business activity quickened its rate of improvement during
June and the first half of July, according to the report of the
Conference of Statisticians in Industry of the National Industrial Conference Board,issued July 23. The Board states
that since the beginning of the upturn in April roughly 40%
of the ground lost between June 1929 and March 1933 has
been regained. Advances in production and shipments in
the last six weeks have come at a time when recession is
seasonal, the Board notes. It adds:
Production in the basic industries was stepped up.again. Automobile output In June and the first half of July exceeded the relatively high record
of May and passed the levels of production in the industry for the same time
last year. Building and engineering construction advanced sharply during
the month when slackness is seasonal. Steel and iron production continued
to broaden out in June and the first half of July. Bituminous coal output
showed more than seasonal gains in the last six weeks. Anthracite shipments increased in June and fell off slightly in the opening days of this
month. Textile production reached a new peace-time level of activity in
June, which was further increased in the first two weeks of July. Electric
power production in the last six weeks kept pace with the gains in manufacturing activity, and in many sections of the country exceeded 1929 levels.
Distribution of raw materials and processed commodities showed advances
in June as compared with Slay, contrary to seasonal tendencies. Retail
sales, however, fell off during the month in both volume and value to an
extent greater than is to be expected at this time of year.
Prices of commodities at wholesale continued their rapid advance in June
and the first half of July. Prices of all commodities taken together passed
the average of June last year.
Security 'prices continued their upward surge in June and the first half
of July. Money rates tapered downward to lower levels in the last siX
weeks. Federal Reserve Credit outstanding eased off in June and the first
half of July.
Commercial failures fell off in both number add extent of liabilities in
June. The declines were measurably more than is seasonal at this time of
year.
Employment in manufacturing industry increased sharply between May and
June, as did weekly earnings and hours worked. Hourly earnings remained
steady, while hours worked per week advanced. The cost of living advanced
again in June by, roughly, 1% over May, which in turn increased by 0.8%
over April.
A preliminary estimate of employment in manufacturing industry made
by the National Industrial Conference Board shows a gain in employment
between May and June, an advance in weekly earnings, and an increase in
hours worked. Hourly earnings on the average were unchanged.
Electric Output for Week Ended July 22 1933 Increased
15.4% Over Corresponding Period Last Year.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
United States for the week ended July 22 1933 amounted to
1,654,424,000 kwh., an increase of 15.4% over the same
period last year when output totaled 1,433,993,000 kwh.
This was the 12th consecutive week that production exceeded
that for the corresponding week in 1932 and also compares
with 1,648,339,000 kwh. produced during the week ended
July 15 1933 and 1,538,500,000 kwh. during the week ended
July 8 1933.
Electric output in the New England region during the week
ended July 22 was 27.1% over that for a year ago, the Middle
Atlantic region showed again of 11.7%,the Central Industrial
region an increase of 19.2%, the Southern States region an
advance of 18.6% and the Pacific Coast region a gain of
8.0%. The Institute's statement follows:
PER CENT CHANCES.
Major
757
Financial Chronicle
Volume 137
Geographic Divisions.
New England
Middle Atlantic
Central Industrial
Southern States
Pacific Coast
Total United States
Week Ended
Week Ended
July 22 1933. July 15 1933.
TVeek Ended
July 8 1933.
+27.1
+11.7
+19.2
+18.6
+8.0
+26.0
+12.2
. +19.2
+25.8
+5.3
+22.2
+13.3
+16.2
+29.1
+0.2
+15.4
+16.4
+14.7
Note.-Specific information on the trend of elec ric power production is now
available for the Southern States, the addition of another geographic region in
the weekly reports of electric Power output. This major economic division includes
the territory south of the Potomac and Ohio rivers and the States of Arkansas,
Oklahoma, Louisiana and Texas.
The region formerly described as the Atlantic Seaboard has been changed to the
"Middle Atlantic" area and includes the States of Maryland, Delaware, New
Jersey and the central and eastern portion of New York and Pennsylvania.
No changes have been made in New England, the Pacific Coast, or the Central
Industrial region, which, as before, is outlined by Buffalo, Pittsburgh, Cincinnati,
St. Louis and Milwaukee.
Arranged in tabular form, the output in kilowatt hours of
the light and power companies of recent weeks and by
months since and including January 1930, is as follows:
1933.
Week of-
Week of-
May 6 1,435,707,000 May 7
May 13 1,468,035,000 May 14
May 20 1,483,090,000 May 21
May 27 1,493,923,000 May 28
June 3 1,461,488,000 June 4
June 10 1,541,713,000 June 11
June 17 1,578,101,000 June 18
June 24 1,598,136.000 June 25
July 1 1,655,843,000 July 2
July 8 1,538,500,000 July 9
July 15 x1,648,339,000 July 16
July 22 1,654,424,000 July 23
July 30
July 29
Aug. 6
Aug. 5
Alla 15
Amy 12
Corrected figure.
1932.
1,429,032,000 May 9
1,436,928,000 May 16
1,435,731,000 May 23
1,425,151,000 May 30
1,381,452,000 June 6
1,435,471.000 June 13
1,441,532,000 June 20
1,440,541,000 June 27
1,456,961,000 July 4
1,341,730,000 July 11
1,415,704,000 July 18
1,433,993,000 July 25
1,440,388,000 Aug. 1
1,426,988,000 Aug. 8
1.415.122.000 Aug. 15
1933
Oyer
1932.
1931.
Week of-
1,637,296.000
1,654,303,000
1,644,783,000
1,601,833,000
1.593,662,000
1,621,451,000
1,609,931,000
1,834,935,000
1,607,238.000
1,603,713.000
1,644,638,000
1,650,545,000
1,644,089,000
1.642.858,000
1.629.011.000
0.5%
2.2%
3.3%
4.8%
5.8%
7.4%
9.5%
10.9%
13.7%
14.7%
16.4%
15.4%
--_---
DATA FOR RECENT MONTHS.
1963.
MonTh of-
1932.
1933.
Under
1932.
1930.
1931.
January ____ 6,480,697,000 7,011,736,000 7,435,782,000 8,021,749,000 7.6%
February ___ 5,835,263,000 6,494,091,000 6,678,915,000 7,066,788,000 10.1%
6,182,281,000 6,771,684,000 7,370,687,000 7,580,335,000 8.7%
March
6,024,855,000 6.294,302,000 7,184,514,000 7,416,191,000 4.3%
April
May
6,532,686,000 6,219,554,000 7,180,210.000 7,494,807,000 a5.0%
6,130,077,000 7,070,729,000 7,239,697,000
June
6,112,175,000 7,286,576,000 7.363,730,000
July
____
6,310,667,000 7,166,086,000 7,391,196,000
August
6,317,733,000 7,099,421,000 7,337,106,000
September.
__ -6,633,865,000 7,331,380,000 7,718,787.000
October _
6,507,804,000 6,971,644,000 7,270,112,000
November _
7,566.601.000
7,288,025,000
6,638,424,000
December_
77.442.112.000 86.063.969.000 89.467.099.000
Total
a Increase over 1932.
Note -The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures are based
on about 70%.
"Annalist" Weekly and Monthly Indexes of Wholesale
Commodity Prices-Weekly Index Sharply Lower
on Market Break-July Average Up.
With the sharpest decline for a single week in its history,
the "Annalist" Weekly Index of Wholesale Commodity
Prices dropped 4.6 points to 102.4 on July 25, from 107.0
(revised) July 18, the ".Annalist" said, continuing:
Sharp breaks in the grains and flour caused three-quarters of the week's
loss, lower prices for cotton and the textiles anti for live stock and the meats
accounting for the remainder. The monthly average for July, however,
dominated by the gains of the preceding weeks of the month, advanced
further to 103.4. the highest level since April 1931. The weekly index on a
gold basis showed little change for the week, the losses in the commodity
prices being practically offset by the recovery of the dollar to 71.5 cents
from 68.6 a week ago and 71.3 on July 11; the index on a gold basis declined
in consequence only to 73.2 from 73.4 (revised) last week.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE
COMMODITY PRICES.
Unadjusted for Seasonal Variation (1913=100).
July 25 1933.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
Oil neon mndiltloa nn te1sYnIrl hocla
July 18 1933.
91.2
105.1
•119.0
117.5
104.3
107.2
96.9
85.3
102.4
al00.4
110.2
al19.6
115.6
104.4
107.0
96.9
84.9
al07.0
72 9
n72 4
July 26 1932.
71.9
96.1
66.0
143.4
95.4
106.9
95.0
79.4
92.2
'Preliminary. a Revised. c Based on exchange quotations for France, Switzerand, Ilolland and Belgium.
THE "ANNALIST" MONTHLY INDEX OF WHOLESALE
COMMODITY PRICES.
Unadjusted for Seasonal Variation (Monthly Averages of Weekly Figures).
(1913=100).
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
All commodities on (c)gold basis
July 1933.
June 1933.
July 1932.
94.5
106.5
*116.0
114.9
103.8
107.0
96.9
83.8
103.4
74.2
84.5
98.6
al00.5
99.3
99.6
107.0
96.2
79.5
a94.5
a77.2
70.9
96.7
66.0
143.8
95.5
107.0
95.0
79.5
92.1
- ---
• Preliminary. a Revised. c Based on exchange quotations for France, Switzerland, Holland and Belgium.
The immediate cause of the decline was, of course, the collapse of the
The grain market, in particular,
over-extended stock and grain markets.
had advanced in recent weeks in quite unprecedented fashion, and reactions
overdue, although the severity
long
been
in both grains and the stocks had
of the decline was quite unexpected. When the break came,initiated by the
liquor stocks, the ensuing flood of stop-loss orders completely demoralized
trading In the more Important markets. The completion of liquidation in
stocks at the end of the week and the halting of trading on the grain exchanges on Friday and Saturday finally checked the decline and Monday and
Tuesday of the present week brought a small degree of recovery.
The moral of the past week's climax to the previous month's speculative
rampage Is not primarily that the public has shown itself little changed
from 1929, nor even that the administration seemed on the whole to regard
advances in the markets as legitimate and warranted but recessions as immoral and intolerable. It is rather that the violent movements which have
Financial Chronicle
characterized the markets in recent weeks are utterly inevitable so long as
the future of the currency remains unknown. Both the advance and the
collapse reflected essentially the attempt to guess what the administration
was going to do about the currency. Where normally the fluctuations of
the markets reflect changes in internal conditions, they now are wholly
dominated by the uncertainties of governmental policy. If the administration wishes to see them restored to their normal and legitimate function,
a declaration of monetary policy would be the surest way of accomplishing
that end. As matters now stand, it is the government that is at bottom
responsible for the markets' vagaries, rather than the speculators on which
the administration seeks by implication to put the blame.
Chain Store Sales Rise Sharply.
Contrary to all seasonal precedents, chain store trade in
June maintained a strong upward trend which carried the
total volume to a new high peak for the year to date. The
gain for the month was by far the broadest and most extensive
since the present recovery movement got under way, according to he monthly survey issued by "Chain Store Age,"
which also reports as follows:
As a result of this extraordinary expansion of dollar sales, the level of
business activity in the field for the month rose sharply to approximately
82.0 of the June 1929-1931 average as 100, from a level of 78.3 in May.
This was an increase of 3.7 points. In 1932, the index declined from 86.4
in May to 83.7 in June, a drop of 2.7 points.
Average daily sales in June 1933 of 20 leading chain store companies
covered by the index, totaled approximately $6,926,000. or a gain of more
than $100,000 over the total in May this year. This is in striking contrast
to the showing made in 1932 when average daily business for the same 20
companies declined $447,000 from May to Julie. During the 1929-1931
base period, total daily June sales averaged $240,000 less than May.
Evidence of greatly accelerated business activity last month appeared
from all sides. All five major trade groups comprising the index reported substantial gains, with most of the important reporting systems sharing in the
improvement. Better returns came from all parts of the country, particularly the agricultural and heavy industries districts.
The index of sales for a group of six grocery chains in June increased
to 78.5, the highest point for the current year. from 76.3 in May.
In the five-and-ten-department store field, the index of sales of six
chains advanced in June to 88.4 from 82.9 in May. Aside from this contraseasonal movement, June marked the first month in which the index level
exceeded that of the corresponding month of 1932. A similar showing
was made by a group of two drug chains. The June sales index in this
instance rose from 85.8 in May to 92.3 in June.
The sales index for two shoe chains jumped from 68.0 in May to 83.9
in June. This was the highest level for this group since September 1932.
The preliminary sales index figure for a group of four apparel chains in
June stood at approximately 75.0 as compared with 72.0 in May.
The "Chain Store Age" index of independent department store sales
for June, computed from preliminary figures published by the Federal
Reserve Board, declined to 63.7 of the 1929-1931 average as 100, from
64.6 (revised) in May.
Country's Foreign Trade in June-Imports and Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on July 22 issued its statement on the foreign
trade of the United States for June and the 12 months
ended w:th June. The value of merchandise exported in
June 1933 was estimated at $119,900,000 as compared with
$114,148,000 in June 1932. The imports of merchandise
are provisionally computed at $122,000,000 in June 1933,
as against $110,280,000 in June the previous year, leaving
an unfavorable balance in the merchandise movement for
the month of June of approximately $2,100,000. In June
1932 there was a favorable trade balance in the merchandise
movement of $3,868,000. Imports for the 12 months ended
June 1933 have been $1,167,919,000 as against $1,730,270,000 for the corresponding 12 months of 1931-32. The
merchandise exports for the 12 months ended June 1933 have
been $1,440,479,000 against $1,948,335,000, giving a favorable trade balance of $272,560,000 for the 12 months of
1932-33 against $218,065,000 in the 12 months of 1931-32.
Gold imports totaled $1,136,000 in June 1933 against
$20,070,000 in the corresponding month of the previous
year, and for the 12 months ended June 1933 were $398,979,000, as against $520,028,000 in the same period a yeal
ago. Gold exports in June were only $4,380,000 against
$226,117,000 in June 1932. For the 12 months ended June
1933 the exports of the metal foot up $135,393,000, against
$1,233,844,000 in the corresponding 12 months of 1931-32.
Silver imports for the 12 months ended June 1933 have been
$35,474,000, as against $25,384,000 in the 12 months ended
,380,000, compared
June 1932, and silver exports were
with $19,979,000.
TOTAL VLUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
(Preliminary figures for 1933 corrected to July 20 1933.)
MERCHANDISE.
6 Months Ending June.
June.
Exports
Imports
1933.
1932.
1,000
Dollars.
119,900
122,000
1,000
Dollars.
114,148
110,280
Excess of exports
'vv....a ...f Imnnrts1
3,888
9 1 Aft
1933.
1932.
Increase(+)
Decrease(-)
1,000
669,475
591,931
1,000
Dollars.
840,012
746,786
1,000
Dollars.
-170,537
-154,855
77,544
93.228
Dollars.
July 29 1933
EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
Exports-
1933.
1932.
1931.
1930.
1929.
1928.
1,000
1,000
1,000
1,000
1,000
1,000
Dollars.
Dollars.
January
120,589
150,022
February
March
April
May
June
July
August
September
October
November
December
101,516
108,014
105,214
114,242
119,900
153,972
154,876
135,095
131.899
114,148
106,830
108.599
132,037
153,090
138,834
131,614
Dollars. Dollars. Dollars. Dollars.
249,598 410,849 488,023 410,778
224,346 348,852 441,751 371,448
235,899 369,549 489,851 420,617
215,077 331,732 425,264 363,928
203,970 320,035 385,013 422,557
187,077 294,701 393,186 388,661
180,772 266,762 402,861 378,984
164,808 297.765 380,564 379.006
180,228 312,207 437,163 421,607
204,905 326,896 528,514 550,014
193.540 288,978 442,254 544,912
184,070 274,856 426,551 475,845
6 months ending June 669,475 840,012 1,315,967 2,075,717 2,623.088 2,377,989
12 months ending June 1,440,479 1,948,335 3,083.429 4,693,626 5,373,456 4,877,071
12 months ending Dec.
1,611,016 2,424,2893,843,181 5,240,995 5,128,357
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December
96,006
83,748
94,860
88,412
106,905
122,000
135,520
130,999
131,189
120,522
112,276
110,280
79,421
91,102
98,411
105,499
104,468
97,087
183,148
174,946
210,202
185,706
179.694
173,455
174,480
166,679
170,384
168,708
149,480
153,773
310,968
281,707
300,460
307,824
284,683
250,343
220,558
218,417
226,352
247,367
203,593
208,636
368,897
369,442
383,818
410,666
400,149
353,403
352,980
369,358
351,304
391,063
338,472
309,809
337,916
351,035
380,437
345,314
353,981
317,249
317,848
346,715
319,618
355.358
326,565
339,408
6 months ending June 591,931 746,786 1,107,151 1,735,985 2.286,375 2.085,932
12 months ending June 1,167,919 1,730,270 2,432,074 3,848,971 4,291,888 4,147.500
12 months ending Dec.
1,322,774 2,090.635 3,060,909 4,399,361 4.091.444
GOLD AND SILVER
,
6 Months Ending June.
June.
GoldExports
Imports
•
Excess of exports
Excess of Imports_
1933.
1932.
1933.
1932,
Increase(+)
Decrease(-)
1,000
Dollars.
4,380
1,136
1.000
Dollars.
226,117
20.070
1.000
DoUars.
93,703
183,514
1,000
Dollars,
767,838
147,850
1,000
Dollars.
-674,135
+35,664
3,244
206,047
89,811
SikerExports
Imports
Excess of exports
Excess of imports__ ...
619,988
343
15,472
1,268
1,401
2,799
26.577
8,269
10,753
15,129
133
23,778
2,484
-5,470
+15.824
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
Gold.
1933.
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1932.
1931.
Silver.
1930.
1932.
1931.
1930.
1,000 1.000 1.000 1,000 1,000 1,000 1,000 1,000
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars. Dollars Dollars.
54 8,948 1,551
14 107,863
1,611 3571 5,892
14
207
21,521 128,211
209
942 1,638 5,331
26
290
28,123 43,909
269
967 2,323 5,818
27
110
16,741 49 509
193 1,617 3,249 4,646
628
82
22,925 212,229
235 1,865 2,099 4,978
26
40
4,380 226,117
343 1,268 1,895 3,336
23,474 1,009 41,529
____
828 2,305 3,709
39 39,332
18,067
- - -433 2,024 4,544
60 28,708 11,133
__868 2,183 3,903
61 398,604 9,266
_1,316 2,158 4,424
16 4,994 5,008
--875
872 4,103
36
13 32,651
__ __
1,260 2,168 3,472
789 9,663
6 mos.end.Jtme 93,703 707,838
12 mos.end.June 135,393 1233844 107,094 119,195
12 mos.end.Dec_
___.809,528 466,794 115,967
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1933.
34,913
37,644
19,238
19,271
16,715
20,070
20,037
24,170
27,957
20,074
21,756
.100,872
128,479
30,397
14,948
6,769
1,785
1,136
34,426
16,156
25,671
49,543
50,258
63,887
20,512
57,539
49,269
60,919
94,430
89,509
2,799 8,2119 14,776 30,002
8,380 19,979 38,931 72,053
_ ___ 13,850 26,485 54,157
12,908 1,763
60.198
855
55,768 1,693
65,835 1,520
23,552 5,275
13,938 15,472
21,889
19,714
__ _
13,680
__ __
35.635
- _ __
40,159
__ __
32,778
__ _
2,097
2,009
1,809
1.890
1,547
1,401
1,288
1,554
2,052
1,305
1,494
1,203
CalsZtJtJbZ.NINbi....b.,
1,
0 ...in43.
=.
01.2.
041.7,0
•-• 0.1 ...I Cr CO CA C. t).1 CC t4 40.
Ca Co, CO O.CT C4 bC.. CI 0'—...1 0
758
4,756
3,923
4,831
3,570
3,486
2,707
3,953
3,492
3,481
3,270
2,652
2,660
6 mos.end June 183,514 147,850 239,941 232,199 26,577 10,753 14,034 23,273
12 mos.end June 398,979 520,028 403,796 342,341 35,474 25,384 33,522 54,477
12 mos.end.Dec_
_ _ _ _ 363,315 612,119 396,054
__
19.650 28,664 42,761
Semi-Annual Survey of Real Estate Market by National
Association of Real Estate Boards-Quickening
Market Shown-Rising Activity Predominates for
First Time in Four Years.
Stating that "real estate activity is rising" and that
"the increased activity is measurable and well distributed,"
the National Association of Real Estate Boards indicates
that this is the outstanding fact shown by the 21st semiannual survey of the real estate market made by the Association, released at Chicago July 23. This is the first time
since June 1929, in which this semi-annual survey has
shown a predominating upward trend in market activity,
it is stated. The Association further reports:
The survey tabulates confidential reports from the Association's member
boards in the principal cities of the country. The current study covers
245 cities. Of the 245 cities, 39% report a more active real estate market
than last year at this time, 34% report a less active market, 27% state
that activity is approximately on last year's level.
The picture is changing rapidly. The February survey of this year
showed 65% of the cities with a market less active than the previous year,
24% in a stationary condition, and only 11% with increased activity.
The low of the four year depression period from the point of view of market
trends (though not from the point of view of price levels) came In July
of 1932, when 69% of the cities reporting showed declining activity and
only 9% showed increased activity.
Financial Chronicle
Volunie 137
Recent gain is most general in the East South Central section, where
67% of the cities show a more active market and not a single city checks
"less active". In the West South Central section 53% of the cities show
an up movement; in the South Atlantic section, 50%; in the Pacific section 55%. Strongest pick-up so far has come in the group of cities of
between 200,000 and 500.000 population, where 55% report rising activity.
Selling Prices Still at Advantageous Purchase Levels.
But while market activity is definitely and generally increasing, prices
are generally still at depression levels. They are lower than last year in
78% of the cities reporting. They are already higher in 3% of the cities,
approximately on last year's level in 19%. The West South Central section shows the most advanced pick-up, with 20% of the cities here reporting
higher prices. Cities between 200,000 and 500.000 population are, as
before, the group registering the greatest gain. Here 10% of the cities
already feel the change in price level upward.
Moneyfor Mortgage Loans Practically Non-Existant-Interest Rates Rising.
In 90% of the cities reporting there is still a shortage of money for real
estate mortgage loans. In cities of over 500,000 population, which of
course includes the principal credit sources for the country, 80% of the
cities report that loans are seeking capital. In cities of between 200,000
and 500,000 population, 100% report loans seeking capital.
Interest Rates Tend to Rise.
With interest rates a key element in the general business situation, 24%
of the cities report rates on real estate mortgages as rising. In 65% of
the cities the rate holds steady. In 11% it is falling. The East South
Central section has the steadiest situation, with 100% of the cities reporting stabilized rates.
Typical comments accompanying the reports:
"If proper real estate financing could be had the market would pick
up at once. Many people are seeking homes but are unable to finance
the purchase." "Lack of mortgage loan money has reduced prices to
far below the 1929 levels". "Good builders are willing to build in logical
locations but are prevented by lack of mortgage money." "No money in
sight for good loans; cannot finance any homes even though they are
contemplated for owner occupancy."
"Prices will advance rapidly when market consumes distress sales."
Closed banks, in many communities, are still tying up normal transactions. Reports, over and over, emphasize the general feeling that in
the period of the past weeks the bottom, for real estate, has been reached
and passed. They point out that advance in local industrial activity
would bring at once a very definite change in all factors of the local real
estate market.
Shortage of Single-Family Dwellings in One-Third of Largest Cities.
In 33% of the cities of over 500.000 population there is a shortage in
single family dwellings. Not one of the cities in this group showed such
a shortage six months ago. Under-supply of one-family houses is indicated
in 12% of all the cities. This is 5% more cities than showed such a situation in February. Many cities report that with any return to normal
buying power they would have a dwelling shortage. Where over-supply
exists there is often at the same time an actual shortage of new, modern
houses, the overstock being heaviest in large old houses.
Rents Still on Depression Level.
Rents have not yet followed the up trend of other commodity costs.
They are lower than last year in a majority of cities reporting, for every
type of property. "Residential rents are lower, but are not dropping,"
a typical report states.
The most general movement for increased rents is reported in the small
cities, those under 25.000 population. It is coming in single family dwellings. In this type of property 9% of these cities report rents up. Cities
of over 500,000 population uniformly show rates lower than last year,
both in single family dwellings and in apartments.
Outlying business sections have been harder hit than central business
in the recession of use brought by the depression both to business
and to
office buildings.
Subdivision Acreage Picks Up.
On subdivision market activity 18% of the cities show a condition approximately the same as last year. 82% report a less active market. But
there is a new note here. "Suburban acreage demand more active," a
number of reports state.
759
Department store sales, which in June totaled 1% smaller for reporting
stores in the District than in the preceding month, showed less than a
seasonal decline, the 1923-32 average for the month registering a 5%
recession in the comparison. This small decrease in the aggregate was
entirely attributable to the total for Chicago stores, which recorded a
9% expansion over May, as Indianapolis trade was 12% smaller; Detroit
and Milwaukee trade 11% and 7% less, respectively, while the total for
stores in other cities showed a 4% decline. Likewise, in the comparison
with last June, Chicago was chiefly responsible for the slight gain recorded
in the District total. The favorable trend in this total for June brought
cumulative sales for the year to date to within 16% of the 1932 total for
the same period, whereas in May the spread was 18%. A rate of stock
turnover for the first six months of this year of 1.83 times compared with
1.69 for the first half of 1932. Stocks increased slightly between the
end of May and June 30-the first increase to be shown in this month
on this Bank's records, which go back to 1922.
DEPARTMENT STORE TRADE IN JUNE 1933.
Per Cent Change
June 1933
from
June 1932.
Locality.
Ratio of June
Collections
to Accounts
Outstanding
End of Mar.
Stocks End
of Month.
Net
Sales.
1933.
1932.
+11.2
-13.2
-5.6
-4.9
+1.5
-37.9
-15.0
-8.8
-24.7
--10.8
--26.7
--1I.9
--17.0
--15.2
28.0
32.8
38.1
31.4
28.2
25.1
30.0
38.3
33.0
27.6
+0.5
-14.4
-16.2
30.7
29.4
Net
Sales.
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
P.C.Change
First Half
of 1933
from Same
Period 1932
Seventh District
Again, the retail shoe trade recorded a greater than seasonal expansion.
increasing 7%% in June over May, as against a gain of only 3% in the
1926-32 average for the month. This continued improvement, however,
failed to bring the sales volume to the level of a year ago, and sales of
reporting dealers and department stores fell 3% short of that level. Sales
in the first semester of 1933 totaled 13% smaller than in the same six months
of last year.
In the retail furniture trade a somewhat smaller than seasonal decline
was shown for June. Sales of reporting dealers and department stores
aggregated 21% less than in the preceding month, whereas the 1927-32
average decline for the period was 24%. For the second successive month,
the volume of trade exceeded that of the corresponding month of 1932.
with an increase of 23%; in May the gain in this comparison was 17%.
Fourteen chains operating 2,542 stores in June had aggregate sales
5% heavier than in May and 2% larger than a year ago. With the number
of stores showing a reduction of 2% from last June, average sales per store
were 5% greater in this comparison. Of the reporting groups, 5 J.: 10-cent
store, drug, cigar, and men's clothing chains experienced increases in the
monthly comparison, and grocery, shoe and musical instrument chains
declines. As compared with a year ago, 5 & 10-cent store, drug and cigar
store sales gained.
Data covering the first half of 1933 show that sales of retail hardware
dealers in the five States of the District totaled 15% smaller in the period
than in the corresponding six months of 1932. Michigan and WISCOD/3111
dealers reported the heaviest losses, with aggregate declines of 16 and 21%.
respectively, while the dollar volume sold in Illinois totaled only 7%
less; in Indiana,
%, and in Iowa, 13% smaller.
Report on Foundry Operations in Philadelphia Federal
Reserve District by University of PennsylvaniaIncrease in Production of Iron Castings During
June.
The production of iron castings during June was 38.3%
more than in the previous month and 37.8% more than in
the corresponding period of last year, according to reports
received by the Industrial Research Department of the
University of Pennsylvania from foundries located in the
Philadelphia Federal Reserve District. This increase was
Sales at Wholesale in Chicago Federal Reserve District
Increased Further During June-Department Store distributed among the gray iron and malleable iron foundries
with only three plants reporting any decrease. The steel
Sales 1% Smaller than Preceding Month.
In its July 31 "Business Conditions Reports" (issued foundries in this district, however, had a decrease of about
July 26) the Federal Reserve Bank of Chicago states that 7
0 from their output in May but their production was
"all.reporting groups of wholesale trade in the Seventh nearly 30% more than in June 1932. The Department, in
(Chicago) District recorded further improvement in sales noting the foregoing, added:
during June. "The expansion of 11%," said the Bank,
Shipments of both iron and steel castings continued to increase. The
"in the grocery trade, of 14% in dry goods, and of 20% in total
deliveries exceeded those of a year ago as well as those made last month.
electrical supplies was much greater than average for the In spite of the increasing shipments, unfilled orders on hand at the end
month, while the gains of 15, 12 and 8% in hardware, shoe of June showed a further increase over those of a month ago of 8% for iron
and drug sales, respectively, were contrary to trend for the castings and 38% for steel castings.
period." The Bank added:
IRON FOUNDRIES.
For the second consecutive month the dollar volume of hardware, dry
goods,shoe and electrical supply sales was heavier than in the corresponding
month of 1932, the gains in each instance being considerably greater than
shown in the year-ago comparison for May. Grocery and drug sales
failed to attain the volume of June last year, but the declines were smaller
than in the corresponding comparison for May. Although the improvement in wholesale trade in the past two months has been notable, data for
the half-year show that the volume sold in the period totaled substantially
smaller in most groups than in the same six months of 1932. Grocery
sales in this comparison for the first semester declined 12%; hardware
and dry goods, 14% each; drugs, 22%; electrical supplies,94%,and shoes.
only 6%. Collection conditions continued to improve in June, accounts
receivable increasing to a lesser extent than did sales during the month,
with a consequent reduction in their ratio thereto.
WHOLESALE TRADE IN JUNE 1933.
Per Cen Change
From Same Month Last Year.
Commodity.
Groceries
Hardware
Dry goods
Drugs
Shoes
Electrical supplies
Net
Sales.
Stocks.
-0.9
+11.2
+29.4
-15.6
+26.1
+38.0
-11.3
-16.4
-18.6
-15.3
-23.1
-16.9
Ratio of
Accts. OutColAccts. Outstanding to
standing. lections. Net Sales.
+2.4
-13.1
-7.9
-7.5
-40.2
+18.3
-5.5
+0.8
+0.7
-2.5
118.2
193.6
240.8
254.8
184.7
179.0
No. of
Firms
Reporting.
Capacity
Production
Gray iron
Jobbing
For further manufacture
Malleable iron
Shipments
Unfilled orders
Raw stock:
Pig iron
Scrap
Coke
June
1933.
Per Cent Per Cent
Change
Change
from
from
May 1933. June 1932.
4
30
19
Short Tons.
12,022
2,203
1,882
1,559
323
321
2,229
659
0.0
+38.3
+39.2
+41.3
+30.0
+33.5
+42.5
+8.0
0.0
+37.8
+32.4
+46.2
-9.3
+81.9
+23.2
+60.8
27
26
26
1,662
1,316
354
+0.6
-21.7
-11.3
-25.4
-30.5
-27.4
31
31
30
Gray Iron Castings.
The tonnage of gray iron castings produced in 30 foundries during June
was 39.2% more than in the previous month and 32.4% more than in
the corresponding period of last year. This is the third consecutive month
In which production has exceeded that of the preceding month and it is the
second consecutive month in which production has exceeded that of the
same month of 1932. The increase in June was widely distributed throughout the industry. Only three of the 22 foundries operating (eight plants
are still closed) had any decrease in output. The increase of nearly 40%
In production during June was more than seasonal in character thus cantina-
Financial Chronicle
760
lug the better-than-seasonal performance previously reported for April
and May.
At the close of the second quarter of 1933 we find evidences of a substantial increase in ,activity. The production of the second quarter of
1933 was 46.5% more than that of the first quarter of this year and practically the same as that of the second quarter of 1932. This is most encouraging especially since last year there was a decrease of 10.7% from
the first to the second quarter and since the output of the first quarter of
this year was 38.2% less than that of the same period of last year. Despite
these favorable indications, production Is still far below "normal." A
rough indication of this may be shown by the fact that the total production
of the first six months of 1933 was less than that of the first three months
of 1931 and less than that of the first two months of any year from 1926
to 1930 inclusive.
Shipments ofIron castings during June were 42.5% more than in May and
23.2% more than in June 1932. Despite the Increased production and
shipment of castings there was an increase of 8% in the volume of orders
unfilled at the end of June compared with the tonnage of unfilled orders
at the beginning of the month. This Is the third consecutive month in
which unfilled orders have increased and it has brought the total tonnage
of the backlog 60.8% above that of a year ago.
Stocks of pig iron on hand at the end of June were slightly more than
at the beginning of the month, but the stocks of scrap and coke were substantially less. All raw stocks on hand were considerably less than those
of a year ago.
lalleable Iron Foundries.
The output of malleable iron castings in four foundries during June was
33.5% more than in the previous month and 81.9% more than in the
same month of last year. This is the fifth consecutive month in which
production has increased.
STEEL FOUNDRIES.
No. of
Firms
Reportins.
Capacity
Production
Jobbing
For further manufacture
Shipments
Unfilled orders
Raw stock:
Pig iron
Scrap
June
1933.
Per Cent Per Cent
Change
Change
from
from
May 1933. June 1932.
8
7
Short Tons.
8,630
1,245
1,055
190
1,055
1,476
0.0
-4.1
-0.4
-20.7
+13.5
+38.0
0.0
+29.1
+33.2
+10.1
+8.0
-14.5
6
6
8
166
3,691
121
+0.3
+2.5
-I-81.3
+0.9
+5.5
-41.8
8
8
The production of steel castings in eight foundries during June was 4%
lees than in the previous month. The larger part of this decrease was in
the output of castings used in further manufacture within plants operating
a machine shop in conjunction with their foundry operations. This class
of work had a decrease of nearly 21% while the tonnage of jobbing work
remained practically the same in June as in May. Despite these decreases
in production the total output was nearly 30% more than in the same month
of last year. Five of the foundries had an increase in activity but this was
more than offset by decreases in the other three foundries.
The chart at the bottom of the preceding page (this we omit-Ed.)shows
the production of the local foundries compared with the activity of similar
foundries in all parts of the country which report to the Department of
Commerce. The local group continues to have a slightly more favorable
experience than that of the entire industry.
Shipments of steel castings during June were 14% more than In the
previous month and 8% more than In June 1932. This increase In deliveries accompanied by a slight decline in production tends to correct the
condition existing In May when shipments did not keep pace with production. The fact that in June the tonnage of shipments equaled the tonnage
of jobbing work has no special significance.
Unfilled orders on hand at the end of June were 38% more than at the
beginning of the month but they were nearly 15% less than at the close of
June 1932. The stocks of pig iron and scrap on hand were slightly more
than those of a month ago and a year ago. The tonnage of coke in stock
was more than at the beginning of the month but less than that of a year ago.
Further Increases During June Noted in Employment
and Payrolls in Chicago Federal Reserve DistrictRise in Industrial Activity Also Continued.
"The rise in industrial activity which was reflected in
employment and payroll figures for May continued at a
rapid rate into the following month," states the Federal
Reserve Bank of Chicago in reviewing industrial employment
conditions in the Seventh (Chicago) District. The Bank,
in its "Business Conditions Report" of July 31 (issued
July 26) continued that "increases of 6% in employment
and 1%4% in payrolls were reported in June by 2,979
Seventh District establishments, following the gains of
4% and 13%, respectively, shown during the preceding
month." Continuing, the Bank said:
Advances in recent months have brought employment to 11% and
payrolls to 33% above the levels prevailing in March this year. The
current volume of these items. however, Is still slightly below that of a
year ago, while index figures of 59.5 in employment and 41.5 in payrolls
denote decreases of approximately 40 and 60% from the 1925-27 average,
which years may be considered as representing fairly normal conditions.
In the year 1929. average monthly employment was 2% larger than this
base figure, and average payrolls were 1% smaller-a decline mainly
due to recessions in the last two months of the year.
Manufacturing industries generally shared in the gains for June, raising
employment 73% and payrolls 14M%. The important metals industry
group added 8% more workers and increased wage payments 203%.
The vehicles group, representing an even larger volume of workers than
those reporting under the classification of metals, showed increases of
ni and 16%, respectively. The stone, clay and glass products industries, which usually show a moderate advance at this time of the year,
registered gains of 21% In number of wage earners and 26% In wage payments. Employment increases In the remaining manufacturing groups
ranged from 1% in the textile Industries to 15% In the manufacture of
rubber goods, and payroll gains from 6% in paper and printing to 21%
In wood products.
la Non-manufacturing industries as a whole contributed to the rise In
employment, but not in payrolls. The former increased 134%, while
the latter declined 134%. The loss in wage payments was effected by
July 29 1933
public utilities and by the construction industries, both of which groups
had registered substantial advances in payrolls during the preceding month.
Coal mines reported a decrease of 5% in employment, with a rise of 11%
In payrolls, and the wholesale and retail trade group registered gains In
both of these items.
EMPLOYMENT AND EARNINGS-SEVENTH FEDERAL
RESERVE DISTRICT.
Week of June 15 1933.
Per Cent Change*
from May 161933.
Industrial Group.
No. of Number
of
ReportWage
ins
Firms. Earners.
Metals and products a
Vehicles
Textiles and products
Food and products
Stone, clay and glass
Wood products
Chemical products
Leather products
Rubber products_b
Paper and printing
727
163
141
345
143
265
110
75
312
Total manufac'g, 10 groups-- 2,289
Merchandising_ c
Public utilities
Coal mining
Construction
Total non-manufac.. 4 groups
250
121,208
167,470
30,560
68,634
6,942
21,955
13,508
18,295
6,092
40,220
Earnings.
EarnWage
Earners, ings.
$2,280,000
4,321.000
389,000
1,361,000
136,000
284,000
303,000
299,000
150,000
890,000
+8.2
+7.5
+1.2
+9.4
+21.2
+9.7
+5.0
+9.0
+14.7
+3.0
+20.6
+15.7
+10.5
+7.0
+25.8
+21.3
+11.1
+18.2
+10.1
+6.1
494,884 $10,413,000
+7.5
+14.5
+3.2
342
31,377
76,665
2,001
8,847
603,000
2,117,000
38,000
159,000
+8.0
+6.5
-3.2
+10.7
-8.3
690
118,890
$2,917,000
+1.3
-1.5
2,979 613,774 $13,330,000
+6.2 +10.6
Total. 14 groups
a Other than vehicles. b Michigan and Wisconsin. c Illinois and Wisconsin.
Business Conditions in San Francisco Federal Reserve
District During June-Industry and Trade Increased Further During Month According to
Isaac B. Newton of San Francisco Reserve Bank.
Isaac B. Newton, Chairman of the Board and Fedral
Reserva agent of the Federal Reserve Bank of San Francisco,
statad on July 26 that the "seasonally adjusted measures
of Twelfth (San Francisco) District industry and trade increased further during June,and in a number of cases widened
their margin over corresponding levels in 1932. The number
of industrial workers employed," said Mr. Newton, "increased more than seasonally. Payrolls also increased, and
by a proportionately larger amount, indicating a reduction
in part-time work as well as in unemployment. Wholesale
quotations for commodities important in this District shared
in the continued advance in prices during June and the first
half of July." Mr. Newton continued:
Condition of crops and livestock did not change appreciably during June,
remaining somewhat less favorable than a year earlier. Production estimates as of July 1 indicate that output of many of the District's crops
will be larger this year than last, but since a number of the more important
crops showed decreases It is probable that in the aggregate harvests will
be somewhat smaller this year. Market prospects continued to improve
as prices for many local products advanced further.
Preliminary figures show a greater than seasonal increase in consumption
of electric power in the District during June. California petroleum output
was about the same in June as in May, but increased somewhat in the first
three weeks of July. Another marked rise in lumber production was
recorded during June, accompanied by the largest volume of new orders
In more than two years and a reduction in inventories at mills. Value of
buildings and engineering contracts awarded in June approximated the
average for earlier months in 1933. Activity at flour mills and at meatpacking establishments fell off somewhat from relatively high levels.
Department store sales declined by about the seasonal amount during
June, but wholesale trade continued to increase. Inventories of both
department stores and wholesalers expanded considerably during the
month. Automobile registrations increased sharply, as they had during
May and April. Intercoastal traffic continued to increase, approaching
the levels of two years ago.
Reserve Bank credit extended to the Twelfth District declined In the
last few days of June, when most discounts for member banks were liquidated, and changed little during the first three weeks of July. The funds
which made possible this reduction in borrowings came from local disbursements by the United States Treasury In excess of collections. Demands
for currency over the July 4 holiday were met by withdrawals from member
bank reserve balances. There was little change In net demand deposits
during this period, although time deposits decreased somewhat and large
amounts of Government deposits were withdrawn.
Lumber Production Overtops Recent High RecordsOrders Decline.
Lumber production during the week ended July 22 1933
exceeded the records of recent weeks and was heaviest since
June 1931, while orders received were lower than during
any week in the past three months, according to telegraphic
reports to the National Lumber Manufacturers Association
from regional associations covering the operations of 650
leading hardwood and softwood mills. The continued rise
in production is traceable to anticipated curtailment and
higher manufacturing costs incidental to the pending lumber
code, adds the Association, which further reports as follows:
Production during the week was 218,260,000 feet; shipments were
216,258,000 feet and orders, 172,568,000 feet.
The decline in order-to-production relationship was appreciable in the
week ended July 22. southern softwoods and western regions showing
orders only 81 and 71% respectively of output. Only northern and southern
hardwoods showed new business above production. For total softwoods,
orders were 25% below production; hardwoods, 16% above production;
all lumber, 21% below.
All regions reported all Items above those of last year, with production
at 82% above the corresponding week of last year-about the same Increase
Financial Chronicle
Volume 137
as in recent weeks-but orders only 49% above those of last year, compared
with 56% above the week before and an average of about 90% above in
June.
Unfilled orders at the mills on July 22 showed decline of 8% from the
preceding week but were 78% above those recorded for corresponding
date of 1932.
Forest products carloadings at 28,075 cars, while slightly less than
those loaded during the week ended July 1, were otherwise heaviest since
September 1931. They were 13,145 cars above the same week of 1932,
and 333 cars above corresponding week of 1931.
Lumber orders reported for the week ended July 22 1933 by 426 softwood
mills totaled 145.994,000 feet, or 25% below the production of the same
mills. Shipments as reported for the same week were 185,691.000 feet.
or 5% below production. Production was 195,385,000 feet.
Reports from 245 hardwood mills give new business as 26,574,000 feet.
or 16% above production. Shipments as reported for the same week were
30,567,000 feet, or 34% above production. Production was 22,875,000 feet.
Unfilled Orders.
Reports from 369 softwood mills give unfilled orders of 627.294,000
feet, on July 22 1933, or the equivalent of 23 days' production. The 521
Identical mills (softwood and hardwood)report unfilled orders as 697,906.000
feet on July 22 1933, or the equivalent of 24 days' average production, as
compared with 391,337,000 feet, or the equivalent of 13 days' average
production on similar date a year ago.
Last week's production of 403 identical softwood mills was 185,216,000
feet, and a year ago it was 104.426.000 feet; shipments were respectively
179,668.000 feet and 104,760,000; and orders received 139,989,000 feet
and 101,972,000. In the case of hardwoods, 180 identical mills reported
production last week and a year ago 18,029,000 feet and 7,200,000; shipments 23,962,000 feet and 9.190,000; and orders 21.234,000 feet and 6,457.000 feet.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle the following new business, shipments and unfilled orders for 185 mills reporting
for the week ended July 22:
NEW BUSINESS.
SHIPMENTS.
UNSHIPPED ORDERS.
Feet.
Feet.
Feet.
Domestic cargo
Coastwise and
Domestic cargo
delivery__ 30,455,000 delivery_ _ _266,847,000 intercoastal _ 35,956,000
Export
17,821,000
14,255,000 Foreign
100,737,000 Export
Rail
36,310,000
23,726,000 Rail
95,941,000 Rail
Local
7,781,000
7,781,000
Local
Total
76,217,000 Total
463,525,000
Production for the week was 107.003,000 feet.
Total
97,868,000
Southern Pine.
The Southern Pine Association reported from New Orleans that for
101 mills reporting, shipments were 3% below production, and orders 19%
below production and 16% below shipments New business taken during
the week amounted to 24,853,000 feet (previous week 26.898,000 at 101
mills); shipments 29,713,000 feet (previous week 32,052,000); and production 30,591.000 feet (previous week 30.670,000). Production was 54%
and orders 44% of capacity, compared with 51% and 45% for the previous
week. Orders on hand at the end of the week at 98 mills were 69.737,000
feet. The 98 identical mills reported an increase in production of 45%.
and in new business a gain of 15%, as compared with the same week a
year ago.
Western Pine.
The Western Pine Association reported from Portland. Ore., that for
112 mills reporting, shipments were 2% below production, and orders 29%
below production and 28% below shipments. New business taken during
the week amounted to 37,230.000 feet (previous week 41,686,000 at 117
mills); shipments 51,489,000 feet (previous week 54,832.000); and production 52,538,000 feet (previous week 49,685,000). Production was 43%
and orders 31% of capacity, compared with 35% and 29% for the previous
week. Orders on hand at the end of the week at 110 mills were 138,948.000
feet. The 109 identical mills reported an increase in production of 42%,
and in new business an increase of 19%, as compared with the same week
a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis. Minn., reported
production from 7 mills as 4,439,000 feet, shipments 4,608,000 feet, and
new business 5,290.000 feet. The same mills reported production 471%
greater and new business 208% greater than for the same week last year.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported softwood production from 21 mills as 814,000
feet, shipments 2,013,000 and orders 2,404,000 feet. Orders were 26%
of capacity compared with 22% the previous week. The 17 identical mills
reported a gain of 237% In new business, compared with the same week
a year ago.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis. Tenn., reported
production from 224 mills as 21.144,000 feet, shipments 27.787.000 and
new business 24,970,000. Production was 46% and orders 54% of capacity,
compared with 41% and 55% the previous week. The 163 identical mills
reported production 150% greater and now business 237% greater than
for the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, WIs , reported hardwood production from 21 mills as 1,731,000
feet, shipments 2,780,000 and orders 1,604,000 feet. Orders were 24% of
capacity, compared with 33% the previous week. The 17 identical mills
reported a gain of 158% In production and a gain of 151% In orders, compared with the same week last year.
Prices of Tires and Tubes Advanced 10% by Leading
Man ufacturers-Sears, Roebuck & Co. Joins
Action.
A third advance in the prices of tires and tubes since
May 1 was made on July 26 by the leading manufacturers.
The latest change, initiated by the Goodyear Tire & Rubber
Co., raises schedules a flat 10%. The advance was immediately followed by the B. F. Goodrich Co., Kelly-Springfield
Co., United States Rubber Co., Firestone Tire & Rubber Co.,
General Tire & Rubber Co., and the Dayton Rubber Manufacturing Co. The Dayton company advanced first line inner
tubes 10% and second line tubes 8%. The Kelly-Springfield
761
Co. included solid tires in the advance. Sears, Roebuck &
Co., who compete with retail distributors also immediately
fell into line.
J. D. Tew, President of the B. F. Goodrich Co., telegraphed
President Roosevelt that the Goodrich Co. is in full accord
with the Administration's blanket Code for industry. In his
wire Mr. Tew said that "when minor adjustments are completed Goodrich will be operating 100% under the Code."
The previous advances in the price of tires, which were
noted in our issue of June 10, page 3978, and May 6, page
3056, were from 71/
2% to 10%, effective June 6, and from
31/
2% to 7%, effective May 1.
Increase of 30% Noted in Absorption of Crude Rubber
in European Countries in First Five Months of
Year.
Absorption of crude rubber by European countries in the
first five months of this year has been about 30% greater
than in the corresponding period of 1932, according to preliminary statistics compiled by the Leather-Rubber-Shoe
Division of the U. S. Commerce Department, and issued
as follows on July 21:
Preliminary statistics indicate an absorption of 105,000 long tons of
rubber in the European countries in the first five months of this year compared with about 80,000 long tons in the corresponding period In 1932.
France accounted for a large portion of the increased absorprion, the
percentage of increase being 119 at the end of May. Other increases
recorded included Belgium, 89%; Germany,24%; United Kingdom,9% and
Czechoslovakia, 7%.
A decline of 6% in rubber absorption was registered In the Scandinavian
countries; Spain showed a loss of 20%; while Russian absorption at the
Czechoend of March was off 5%.
United States rubber absorption for the first six months of this year,
according to statistics made available by the Rubber Manufacturers
Association, Inc., was 184.723 long tons compared with 190.924 long
tons in the first six months of 1932. The decline occurred despite the high
record of 51,326 long tons for June, 1933. Absorption in this country.
therefore, is about 3% under that for the corresponding period of 1932.
World rubber absorption appears to have proceeded at a rate 7% greater
than that obtaining for the first half of last year. owing principally to
increased absorptfon in European countries.
Midwest Distribution of Automobiles, According to
Federal Reserve Bank of Chicago-Continued
Gains Reported During June at Both Wholesale
and Retail-Shipments by Furniture Manufacturers Showed Further Gains.
The Federal Reserve Bank of Chicago reports that "continued gains were recorded during June in distribution
of automobiles in the Middle West-both at wholesale and
retail-sales of new cars being considerably larger than
either a month previous or a year ago." The Bank, in its
July 31 "Business Conditions Report" (issued July 26),
continues:
Owing to the favorable trend shown in recent months, data for the
first half of 1933 indicate that the number of cars sold at wholesale was
greater in the aggregate than In the same six months of 1932. and sales
to consumers also totaled heavier In number, although declines were
recorded in the dollar value of sales-the effect of lower price ranges this
year. Stocks, which decreased a little in June following two months of
slight expansion, have averaged much lower throughout the first six months
of 1933 than in 1932. Although used car sales expanded in Juno, in line
with those of new cars, they showed only a small gain over last June.
The ratio of deferred payment sales to total sales of retail dealers reporting
the item increased in June over May and a year ago, being 49, 42 and 46%
In the respective comparisons.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Per Cent
June 1933
Change
Per Cent Change
First Half
from
1933
Companies Included
from
May
June
First Half May June lot
1933.
1932.
1932.
1933. 1932. 1932.
New ears:
WholesaleNumber
+20.4
Value
+26.1
RetailNumber
+18.0
Value
+6.1
On hand end of month:
Number
-0.2
Value
-0.8
Used ears:
Number sold
+14.1
Salable on handNumber
+0.7
Value
-0.5
• Average end of month.
+102.5
+52.7
+9.6
+15.9
19
19
14
14
14
14
+34.4
+19.7
+3.5
-9.5
62
62
35
35
35
35
--22.7
--36.7
-38.0*
-48.3*
62
62
35
35
35
35
+4.2
-5.1
-40.2
-12.0
62
35
35
-28.0*
-54.0"
62
62
35
35
3.5
3.5
As to orders booked by furniture manufacturers, the
Bank said:
Seventh District furniture manufacturing firms reporting to this bank
on June operations showed further gains in shipments, the third successive
In the monthly comparison, and a slight recession in new orders. These
were 5% under the May volume, which was the largest in 14 months,
and shipments were 4% heavier. Gains in the year-to-year comparison
greatly exceeded those of a month previous, being 115% in new orders and
84% in shipments. Cancellations were light in the current period and
unfilled orders increased moderately, standing at the close of June in a
ratio of 61% of orders booked, or five points above that a month previous
Operations averaged approximately 39% of capacity, comparing with
38% in May and 34% in June a year ago.
Financial Chronicle
762
Automobile Production in June Shows Further
Increase.
June factory sales of automobiles manufactured in the
United States (including foreign assembhes from parts male
in the United States and reported as complete units or
vehiclas), based on data repoited to the Bureau of the
Census, consisted of 253,322 vehicles, of which 211,448
were passenger cars, 41,839 trucks, and 35 taxicabs, as
compared with 218,303 vehicles in May, 183,106 vehicles
in June 1932, and 250,640 vehicles in June 1931.
The table below is based on figures received from 120
manufacturers in the United States, 33 making passenger
cars and 87 making trucks (9 of the 33 passenger car manufacturers also making trucks). (The total number of manufacturers heretofore reported as 144 has been reduced due
to certain establishments going out of business, discontinuing manufacture of automobiles, or being merged with other
establishments). Figures for taxicabs include only those
built specifically f3r 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.
AUTOMOBILE PRODUCTION (NUMBER OF VEHICLES.)
Canada.
Untted States.
Year and
Month.
1931—
January
February
March
April
Total.
Passenger
Cars.
TartTrucks. cabs.:
PassersTotal. ger Cars. Trucks.
1,944
2,342
2,510
3,116
2.117
1,252
33.531
39.521
45,161
50.022
45,688
40.244
512
529
410
665
340
360
6,496
9.871
12,993
17,159
12,738
6.835
4.552
7,529
10,483
14,043
10,621
5,583
Total(6mos.) 1.572,935 1,315,952 254.167
2,816
66,092
52,811 13,281
34.317
31.772
31,338
21,727
19,683
23,644
180
104
141
651
999
1.144
4.220
4,544
2,646
1,440
1.247
2.432
Total (year)_ 2,389,738 1,967,055 416,648
6,035
82;621
May
June
July
August
September
October
November
December
1932—
171,848
219,940
276,405
336.939
317,163
250.640
218,490
187,197
140.566
80.142
68,887
121.541
137,805
179.890
230,834
286,252
271,135
210.036
183.993
155,321
109.1047
57.764
48.185
96,753
3.151
3,426
2.108
761
812
2.024
1.069
1,118
538
679
435
408
98,706
94,085
99,325
120.906
157.683
160,103
20,541
23,304
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
Total (year). 1,370,678 1,134.372 235,187
1.119
60.816
February
March
April
May
June
Total(Omen.)
July
August
September
October
November
December
1933—
January
109,143
90.325
84.150
48,702
59,557
107.353
94,678
75.898
64,735
35,102
47,293
85.858
50,718 10,098
130,044
106.825
117,949
1(0.667
*218.303
253,322
108,321 21,718
91.340 15,333
99.225 18,064
152.939 27.317
*184,644 *33,605
211,448 41,839
5
152
660
411
54
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
Total(6 mos.) 1,007.110
847,917 157,876
1,317
38,262
32,859
5,403
February
March
April
May
June
*Revised. x Deludes on y factory-built taxicabs, and not private passenger
converted Into vehicles for hire.
Wage Increase for 200,000 Automobile Workers Ordered
by National Automobile Chamber of Commerce—
Will Be Effective Aug. 1.
On July 26 the directors of the National Automobile
Chambei of Commerce at Detroit adopted a resolution
calling for an adjustment of wage rates in co-operation with
President Roosevelt's recovery program. It was announced
that 200,000 automobile workers in plants connected with the
Chamber, which has 42 manufacturer members, will receive
a wage increase Aug. 1. Advices from Detroit said that the
Ford Motor Co. is not a mamber of the Chamber and that
the resolution is understood not to apply to Ford units.
However, it was said, Mr. Ford has been represented on the
Chamber's code committee but present deliberations were
confined to members only, and his company was not repreexact wage
sented. The code, when adopted, will define the
issued
by Alvan
was
statement
following
The
increase.
Macauley, President of the Packard Motor Car Co., who is
also President of the Chamber:
Automobile Chamber of
The action of the members of the National
wage workers was taken to-day
Commerce in recommending increases to
co-operate in every way with the
as an earnest effort of our sincere desire to
bringing about re-employment and
President and his Administration in
establishing purchasing power.
Hupp Motor Car Corp. Announces New Line.
The Hupp Motor Car Corp. has introduced a new series
321-A six-cylinder line, priced $100 under the corresponding
body models of the Silver Anniversary six. The new line
to $960
is offered in three body types priced from $895
at the factory.
The Condition of Canadian Crops.
The Dominion Bureau of Statistics on July 25 issued the
ninth of a series of 15 weekly telegraphic reports covering
crop conditions in the three Prairie Provinces. Forty-two
correspondents distributed over the agricultural area supply
the information on which the reports are based. Most of
these correspondents are agriculturists of the Dominion
and Provincial Departments of Agriculture but in Manitoba
and Alberta, a number of selected private observers and
grain men also co-operate in this service.
Uncertain prospects, it is stated, still prevail in the
Prairie Provinces and the 1933 crops will undoubtedly add
to the recent succession of wheat crops that have been
very difficult to estimate. Excellent prospects in May were
generally blighted by June drought and there has been a
further decline during July to date. Regional variation
is extreme and local judgments on crops must be carefully
weighed by acreage affected.
Manitoba crops are best in the west-centre and north. Southern areas
suffered severely in June and subsequent rainfall although more plentiful
has not effected a recovery. Growth is well advanced and harvest will
be early. Some cutting will be done this week.
Saskatchewan prospects are decidedly mixed and the ultimate harvest
cannot yet be placed within narrow limits. Crops are still of near average
promise on a fairly large acreage mostly east of Moose Jaw, in the Carrot
River 'Valley and in some Northeastern districts. Some extreme southern
districts and a widespread western territory are drought stricken beyond
any possible recovery.
In Alberta promising grain crops are found on the foremost line, in the
Blindman Palley, In a considerable territory branching in all directions
from Edmonton and in the Grande Prairie district. Light crops will be
harvested on the Lethbridge. Macleod and Aidersyde lines and fairly
generally in the whole territory east of the Calgary and Edmonton line
and between the main lines of the two railway companies. Staff inspectors' and correspondents' reports would indicate Western wheat prospects
about 65 to 70% of an average crop. Flax, rye and oats have been severely
damaged recently and the.feed situation is serious in some southern areas.
Local showers have been the rule during the week when general rains are
the need. Frost has further damaged the light crops south of Calgary.
Temperatures have been variable but usually moderate.
65,093 17,528
119.344
117.418
118.959
148.326
184,295
183.106
January
July 29 1933
Chicago Board of Trade Suspends Three Members for
Failure to Meet Obligations—E. A. Crawford,
Called "Biggest Trader," Said to Have Been Long
Millions of Bushels of Grain—Caught in Sharp
Market Decline of Last Week—Others Suspended
Leon Strauss and Roscoe Rockwood & Co.
Three members of the Chicago Board of Trade were suspended within two days for insolvency and failtire to meet
obligations, this action providing an epilogue to the period
of wild speculation in grain futures which resulted in the
imposition of limitations on daily fluctuations and the promulgation of other restrictions by the Board of Trade and
the Department of Agriculture. On July 24 Edward A. Crawford and the firm of E. A. Crawford & Co.for which his membership was registered, and Leon Strauss of Harper, Strauss
& Co., at Des Moines, Iowa, were suspended from all privileges of membership under provisions of Rule 120. The
third suspension was announced on the following day, when
Roscoe Rockwood & Co., of Bloomington, Ill., was dropped
under Rule 119. Rule 120, under which the first two suspensions were made, states:
Whenever it shall appear to the President of the Board that a member
firm or corporation registered upon the Association has failed to meet his
or its engagements, or is insolvent, or the President has been advised by the
Business Conduct Committee or the Board of Governors of the Clearing
House that such member, firm or corporation is in such financial condition
that he or it cannot be permitted to continue in business with safety to his
or its creditors or the Association, the Secretary shall announce to the
Association the suspension of such member, firm or corporation, which suspension shall continue until the member has been reinstated as provided in
Rule 119 which provides reinstatement upon settlement with creditors.
On July 25, A. F. Lindley, President of the Board of Trade
Clearing Corporation, said that at the close of business on
July 22, "all clearing members were fully margined at the
Clearing House to the full extent of our Clearing House requirements."
A Crnicago dispatch to the "Wall Street Journal," on
July 24, commented on the two suspensions of that day as
follows:
The suspension of Edward A. Crawford and the firm of E. A. Crawford &
Co. marked the culmination of a costly venture for a number of notable
grain operators whose huge long holdings, built up on a large scale through.
out the advance, overweighted the market Wednesday last, at the top of an
exaggerated advance, and broke prices 30c. in wheat, and rye, and 20c. in
corn in two days.
Irresistibly drawn into the vortex of the decline were thousands of small
longs whose margin positions were slim.
There have been about half a dozen outstanding operators linked with
the market's difficulties who have been active over the past months in
building up the rapid advance to levels which made it nearly possible to
import grains from foreign countries over the still import duties. Actually
some rye and oats are reported to have been brought in from Canada and
Argentina, and it was the realization by the trade that substantial imports
were an imminent possibility that gave the initial and decisive check to
the abnormal advance. Operators who appreciated this technical position
Volume 137
•
Financial Chromcle
attempted to unload, but found the market incapable of taking their millions
of bushels of offerings at levels that would leave them in the clear.
Crawford Called Biggest Long.
Edward A. Crawford, probably the greatest single long factor in the marconsiderable
ket by a
buthelage, has been a heavy operator in wheat, rye
and corn for the past few months. 'To him is credited the control in rye,
and he is reputed to have taken over 4,000,000 bushels in cash rye on May
contracts which he later turned over to elevator interests, then going into
the later futures.
Previous to the collapse started Wednesday [July 19], and which reached
a depth Thursday [July 20] that made it mandatory to close the Board for
two days and reopen with a fixed price range and a minimum quotation, Mr.
Crawford is understood to have made millions through operation of scale selling orders.
Mr. Crawford and one or two others were long millions of bushels of corn
at the break, and the liquidation of these holdings was reflected in a clearly
observable weight on the price Monday in the distant futures, in which the
body of speculative interest lies.
Mr. Crawford, it is understood, was long 13,400,000 bushels of corn,
4,250,000 bushels of wheat, 100,000 bushels of rye, and 122,000 bushels of
flax, the latter at Minneapolis, as of Saturday. He is also understood to
have been a big seller of weekly bids and offers.
Resumption in Futures Trading on Chicago Board
la of Trade Under New Restrictions Following Two
Days'aSuspension.
Under restrictions designed to prevent drastic changes in
grain prices, trading in grain and provision futures on the
Chicago Board of Trade and other commodity markets was
resumed on Monday, July 24. Trading in futures in Chicago
had been suspended for two days (Friday, July 21, and Saturday, July 22), that action having developed from the severe
drop in prices which brought marked declines on July 20.
In its issue of July 21 the Chicago "Tribune" thus reported
In part the break on July 20:
In the crash of the long built-up price levels stocks as well as grains were
severely affected. Selling orders poured in to all exchanges and there was
a dearth of buyers.
Wheat, which had dropped 10 to 13 cents a bushel on Wednesday [July 19],
took another tumble of 12 to 15 cents. Corn was off on the day's trading
from 12 to 13% cents; oats, 1% to 7% cents, and rye, 21% to 26% cents.
Barley, limited to a 5 cent drop a day, speedily reached the deadline and in
Minneapolis fell 9 cents a bushel.
In the stock market alcohol issues were down $7 to $20 a share and other
stocks lost from $2 to $10. The number of shares traded on the New York
Stock Exchange was 8,122,500, largest since May 5 1930.
Employees Need Rest.
The frenzied selling on the Board of Trade wearied the traders and flue.
tuations were so great that it was almost impossible to execute orders with
accuracy. One of the reasons given, formally, for the halting of
future
trading to-day was a desire to give overworked employees of Board of Trade
firms a little chance to rest.
However, it was generally admitted that the real object was to
put a
check on the wave of public hysteria that carried the prices down.
In addition to limiting the price swings—an order which is to hold
good indefi.
nitely—the Directors of the Board also abolished trading in privileges
of more
than one day's duration. Privileges bought or sold before the
order was
issued are not affected.
On the same day (July 20) the downward movement of
prices on the Chicago Board was described as follows
in
Chicago advices to the New York "Times":
Prices of grains moved downward to-day with those of stocks
and cotton,
and with virtually two sellers to every buyer on
the Board of Trade here,
the day was made memorable. With the exception of a sharp rise
in prices
after the opening, due to a rush of buying by big Eastern
interests, selling
on stop-loss orders for speculators shoved quotations irregularly
downward
and the close was near the lowest
levels of the day. Traders were inclined,
however, to believe that the worst had been seen
and that the market was
due for an upturn.
The last prices were at slight rallies from the lowest of the
day, with net
losses on wheat of 13 to 15% cents a bushel. Corn declines were
12 to 134
cents, those of oats 734 to 10 cents, of rye 21% to 26% cents
and of barley
5 cents. The break in wheat from the highest
to the lowest for the day was
15% cents on July; September, 1834 cents; December, 18
cents, and May,
18% cents. The close on July was 90 cents; September,
91 to 92%; December, 9534 to 96%, and May, 100 to 101.
To-morrow, however, under a ruling
of the Directors of the Board of
Trade, fluctuations of prices in a day will be limited to 8 cents
a bushel for
wheat, 5 cents for corn, 4 cents
for oats, 8 cents for rye and 5 cents for
barley.
Winnipeg followed the lead of Chicago with net losses
of 9 to 10 cents,
and 34 to 1 cent above the low point, December closing at 52
cents. Weakness in the Canadian market was in the face of reports of frost
in Western
Canada where the crop is understood
to be in a critical stage.
The volume of business in wheat futures yesterday was
141,092,000 bushels,
compared with 149,581,000 bushels on Aug. 7 1930, while
the record of all
wheat trading was 156,126,000 bushels on Oct. 24
1929. Prices have declined so rapidly and unexpectedly that cash handlers report
that country
holders have checked selling, regarding prices as too low, and
have
the belief that the Government must devise new inflation methods expressed
to restore
confidence and revive buyers so that the upward movement in
prices may
continue.
The suspension of futures trading on July 20 on the
Chicago
Board was noted in our issue of July 22, page 581.
On July
21 the Directors of the Board of Trade announced
that there
would be no trading in grain futures on July 22.
Chicago
advices July 21 to the New York "Journal of
Commerce"
regarding the July 22 session said:
The only session will be from 11:45 to 12
noon to enable traders to adjust
their weekly privileges.
763
The regular cash grain markets will be open as usual. The provision markets will be closed with the grain futures markets. Closing down of trading
in Chicago futures, which has happened only a few times in the history of
the Exchange, was ordered by the Directors of the Board of Trade at a
meeting late Thursday night.
.of
The resumption July 24 of futures trading in Chicago on
the Board of Trade was marked by the liquidation of many
millions of bushels of grain futures, but, said a Chicago account in the New York "Times," in a most orderly manner,
and the largest part of the trading in wheat, oats and
rye was above the minimum-price levels established by the
officials of the Exchange. The dispatch from Chicago July
24 to the "Times" continued in part:
While the price ranges were relatively narrow, it was estimated that probably 20,000,000 bushels of all grains had been liquidated for the account of
the firms whose suspension was announced during the day.
Wheat at the high point showed as much as 3 cents above the minimum
figures owing to pronounced strength in Winnipeg and Liverpool and in
sympathy with the upturn in stocks and cotton. The market gradually
eased, however, toward the last and closed at the minimum prices.
July corn finished 1% cents above the minimum, while other deliveries
were at the low levels permitted for the day, all trading in the September
and December being at the inside figures. Oats developed independent
strength and were from 34 to 1 cent higher for the day, while rye was the
same to % cent above the minimum. Barley, on which no minimum price
had been placed, dropped 5 cents for the day, the maximuiw amount permitted
under the regulations.
Never in the history of the Board of Trade has such a condition existed
as that which was in evidence to-day, according to some of the oldest members. In the past, suspensions of members have been followed by sharp
breaks and the liquidation was accomplished quickly. According to those
who are in a position to know, had such a condition been permitted this
time, it might have had a far-reaching effect on the recovery in general
business which has been under way of late. As it was felt that the market
would quickly right itself were the liquidation gradual, the minimum-price
restrictions were imposed.
Early End of Liquidation Seen.
The manner in which the heavy selling was absorbed was the subject
of much favorable comment. How much more grain remains to be liquidated
cannot be ascertained, but according to the gossip a day or so more may
see its completion if the buying remains as large as it was to-day.
Pointing out that the Chicago Board of Trade and other
leading grain markets throughout the country would reopen
for trading in futures on July 24 under the most stringent
set of restrictions ever imposed upon the grain markets in
the United States telegraphic advices July 23 from Chicago
to the New York "Times" also had the following to say:
These restrictions, which will be in effect until further notice, are:
1. Prices of grains will not be permitted to drop below the closing prices
of last Thursday, the last day in which trading in futures was permitted by
the Governors of the Chicago Board of Trade.
2. There will be no trading in wheat or rye for future delivery at prices
more than 8 cents above or below the closing prices of the preceding trading
day. Similarly, trading in corn futures is limited to daily fluctuations of
5 cents, up or down, and oats will be held within a daily range of 4 cents
either way. Barley may not fluctuate more than 5 cents in either direction
In any one day.
3. Until further notice, trading will begin at 10:30 A. M., one hour later
than usual, and the close will be at 1:15 P. M., as has been the custom, with
the Saturday session ending at noon. Trading in securities will begin at
11 A. M. and close at 2 P. M., Chicago Daylight Saving Time, which hours
coincide with the temporarily shortened hours announced by the New York
Stock Exchange.
4. Daily reports on the position of traders with holdings of more than
500,000 bushels of grain will be required of brokers by the Secretary of
Agriculture. This requirement was reimposed last Thursday after a lapse
of several months.
Meanwhile officers of the Chicago Board of Trade and representatives of
other exchanges will meet to-morrow in Washington with Secretary Wallace
to discuss "revamping of fundamental methods" of trading in grain. Peter
B. Carey, President of the Board; Lowell S. Bert, Vice-President, and
Thomas Y. Wickham, a Director and Chairman of the Grain Committee on
National Affairs, left for Washington to-day after a meeting of the Board's
Directors. The Directors' meeting was held, Mr. Carey said, to make plans
"for extending the greatest possible co-operation in stabilizing the grain
markets."
The minimum prices at which trading in futures will be permitted (Thursday's average closing figures) are as follows: Wheat, July, 90 cents; September, 92 cents; December, 9534 cents; May, $1. Corn, July, 46 cents;
September, 53 cents; December, 5734 cents; May, 63 cents. Oats, July, 34
cents; September, 35 cents; December, 3734 cents; May, 41 cents. Rye,
July, 65 cents; September, 67 cents; December, 73 cents; May, 80 cents.
Exchanges in other cities are expected to follow the Chicago Board of Trade's
lead in setting the Thursday closing prices as the absolute minimum in each
case.
Inasmuch as these restrictions are imposed by the grain exchanges, they
have no binding application to the farmer's sales of cash grain from
the
farm, but the Board of Trade officials are convinced that there will be a
decided indirect influence, inasmuch as the millers and processors of
grain
who buy direct from the farmer hedge in the futures markets and the
prices
for grain futures are the chief guide in determining the worth of cash
wheat
at the country elevators.
The farmer may, however, sell his grain to millers at any price that
the
latter choose to pay. But if there are no buyers of futures, the millers
will
not be able to hedge. That might react to the disadvantage of the
farmer.
In that case, it is believed that the Board of Trade would
probably lower
the minimum, perhaps 5 cents at a time, if necessary, until a free
trade
was resumed. Both the exchange experts and Secretary Wallace,
however.
are understood to believe that the price of grains can be successfully
pegged
at Thursday's closing prices or better.
Official announcements by the Chicago Board of Trade
and its President, Peter B. Carey, were given as follows in
Chicago advices July 22 to the "Times":
764
Financial Chronicle
A statement issued by Peter B. Carey, President of the Exahange, said:
"Placing a minimum price on the principal cereals traded here is fully
Justified by the action of the cash markets in the past two days. Wheat
and corn showed a decidedly strong tone both on Friday and to-day, and
made a material upturn in value.
"There is every indication that flour mills and industries processing corn
and oats have experienced an exceptionally large demand for grain products
during the past two days. Since the futures markets closed processors have
been buying cash corn at 2 to 3 cents over the basic prices of Thursday and
flour mills have been bidding eagerly for cash wheat. Basic prices on wheat
have advanced 2 and 4 cents since Thursday.
"The new corn crop in this country, together with Spring wheat in both
the United States and Canada has been steadily deteriorating, due to hot,
dry weather. Corn receipts and Winter cash grain demand, together with
lighter receipts will create still higher premiums for cash grain.
"The Chicago Board of Trade is a market place, solely, but its officials
and Directors are convinced that no hysteria induced by excess public
liquidation should be encouraged. We believe that the minimum prices we
have established are fully justified by the conditions as we see them now."
Board of Trade announcements were at variance with statements issued
at Washington, which, after Monday, would allow in any one day a 10-cent
range in wheat prices, 5 cents up or 5 cents down, as compared with final
prices of the preceding day, if no lower than Thursday's last figures. Any
discrepancy, however, is expected to be quickly adjusted Monday with the
Department of Agriculture.
The Board of Trade announcement specifies also "average closing figures."
This would mean, for example, that the Chicago May wheat minimum would
be $1 a bushel even, not $1 to $1.01 as last quoted Thursday.
The Board of Trade official statement announcing the course to be followed on Monday said:
"There shall be no future trading in wheat, corn, oats or rye on any day
at prices below the following average minimums: July wheat, 90; September
wheat, 02; December wheat, 9534; May wheat, 100. July corn, 46; September corn, 53; December corn, 57% ; May corn, 63. July oats, 84; September oats, 35; December oats, 3734; May oats, 41. July rye, 65; September rye, 67% ; December rye, 73; May rye, 80.
"Under the provisions of Rule 81, the Directors to-day ordered that beginning Monday, July 24 1933, and effective until further notice, there
shall be no trading during any day at prices more than 8 cents per bushel
above the average closing price of the preceding business day in wheat and
rye, 5 cents in corn, and 4 cents in oats.
"It is further ordered that there shall be no trading in barley at prices
more than 5 cents above or below the average closing price of the preceding
business day, and that there shall be no trading during any day in provisions at prices more than 75 cents per hundred pounds above or below the
average closing prices of the preceding business day."
Last night (Julyj28) the "Wall Street Journal" reported
the following from Chicago:
At a special meeting of the Chicago Board of Trade directors the minimum
prices which have been in effect on grains since Monday were altered. In
line with recommendations made at the conference at Washington the
minimum fluctuations in wheat, rye and barley, effective to-day, have been
limited to five cents per bushel above or below the finish of the previous
day, with a limit of 4 cents on corn and 3 cents on oats.
Trading in Butter and Egg Futures on Chicago
Mercantile Exchange Suspended for Day (July 24).
On July 24 Associated Press account from Chicago stated:
Directors of the Mercantile Exchange ordered trading in future deliveries
of both egg and butter suspended for to-day to enable clerical staffs to catch
up with their work. Trading will be as usual to-morrow.
The last three days of last week were record breakers in volume as prices
fell rapidly.
Wages of 1929 Restored by Chicago Trade Board.
Directors of the Chicago Board of Trade Clearing Corp.
have voted to restore 1929 wages to its 45 employes according
to advices which came from Chicago July 3 to the New York
"Times," and which also stated:
It Is the first instance reported here in which the 1929 scale of wages has
been completely resotred.
All employee from messenger boys to manager are affected. The increases
range from 25% upward.
The boiling grain markets of recent weeks have made the clearing house
a beehive of activity. The corporation maintains both a day and night shift,
and the heavy volume of trading recently has taxed the capacity of the
organization. Employes have worked long hours to keep abreast of the
market.
Smaller World Wheat Crop Reported by United States
Department of Agriculture—Carryover Has Increased.
World production of wheat, outside Russia and China, will
be well below production last year, but the carryover in the
principal exporting countries is somewhat larger than it was
a year ago, said the Bureau of Agricultural Economics in its
report on world wheat prospects issued July 20.
The reduction of the world crop is due primarily to the reduced crop in the United States, since the combined production in all other countries except Russia and China seems
likely to be about the same as production in the 1932-33
season, according to the Bureau, which continued:
The Canadian crop is likely to be less than last year when it was 429,000,000 bushels; the European crop is now indicated to be about the same
as last year with production in the lower Danube countries about 100,000,000 bushels larger, and in the importing countries about 100,000,000
bushels smaller; the crop in northern Africa is reported to be about 25,000,000 bushels smaller than last year, and the three countries of Asia for
which estimates are available—India, Japan and Turkey—are indicated to
have about 50,000,000 bushels more than in 1932.
Total production in the Northern Hemisphere, excluding Russia and
China, is placed at about 3,000,000,000 bushels compared with 8,248,000,000
last year. Information on the Russian crop is inconclusive, but a crop
July 29 1933
larger than the small one of last year is to be expected. The crop in the
Southern Hemisphere will be less than in the last crop year should only
average yields be obtained, it is stated.
Tentative estimates of the July 1 carryover in four principal exporting
countries, together with United Kingdom port stocks and quantities afloat
total 35,000,000 bushels more than a year ago. Although comprehensive
figures for continental European stocks are not available, indications are
that the carryover in the importing countries is larger than it was a year
ago, but that the carryover in the exporting countries of the Danube Basin
is smaller.
Charter Two Steamers for Grain Storage at Chicago—
Rate Advanced to Four Cents a Bushel.
The following is from the Chicago "Journal of Commerce"
of July 19:
Two additional steamers were chartered yesterday to take grain for storage
at Chicago. The rate advanced a full cent to four cents per bushel, net to
the steamer. Thus far seven steamers have been taken by elevator interests
who are accumulating cash grain as a hedge against sales of futures. The
two steamers booked yesterday will take 500,000 bushels.
A total of 436,000 bushels rye for storage through the winter has been
already loaded into two vessels here. The remaining five vessels will take
approximately 1,090,000 bushels although the nature of the grain to be
loaded has not been indicated. It was reported yesterday that a steamer has
been taken for storage grain at Duluth.
Further demand for steamers for storage is expected.
•m••••••••
Death of Gilbert N. Haugen—Co-Author of McNaryHaugen Farm Relief Bill Vetoed by President
Coolidge.
Gilbert N. Haugen, champion of farm relief during his long
service in Congress, died at his home in Northwood, Iowa, on
July 18. He was 74 years of ago. Mr. Haugen was elected
to his first term in the House of Representatives in 1898 on
the Republican ticket. On July 18 Associated Press accounts
from Northwood said:
Re-elected until the Democratic landslide of last Fall, Mr. Haugen's thirtyfour years of continuous membership in the House constituted a National
record. He eventually became Chairman of its Agricultural Committee and
had a hand in drawing up most of the recent important farm legislation
prior to the advent of the Roosevelt administration. He returned to his
home here last March.
When farm relief demands attained the status of a major issue during the
latter part of the Coolidge administration, Mr. Haugen, along with Senator
Charles L. McNary, piloted the measure bearing their names through Congress. It was vetoed by President Coolidge because of its price-fixing sections and because of the cost he held would be entailed by its equalization fee
principle.
The Seventieth Congress passed the measure in its first session but it
was vetoed a second time by President Coolidge.
The Farm Relief champion, himself a farmer after completing his education, was also an organizer in 1890 of the Northwocd Banking Company and
later its President. He had served in County and State offices before his
• election to Congress. He owned a farm at the age of 18.
Increase in Stocks of Grains in Store at Head of
Great Lakes,
Canadian Press advices from Fort William, Ont., July 22
stated:
Stocks of all grains in store at head of the Great Lakes were increased
in the last week by more than 1,750,000 bushels and stand at
70,454,460
bushels, compared with 58,013,296 a year ago and 62,911,478 in 1931. In
store: Wheat 61,290,413; oats 2,987,001 ; barley 2,479,257; flax 706,591;
rye 3,071,198.
European Trade Bloc Urged by Senator Caillaux—
Former French Premier Declares for Regional
Group That Can Live Within Itself.
Paris advices July 21 to the New York "Times" stated:
France must build up with her own colonies and with the rest of Europe
a "regional economic group" that can live within itself by the normal play
of production and consumption, Senator Joseph Caillaux told an
important
industrial congress in Marseilles yesterday.
First, however, said the former Premier, who is one of France's leading
economists, France must put her own economic house in order.
Senator Caillaux first drew a picture of the present unhappy state of
affairs, with its "orgy of protectionism and manipulation of currencies."
He used again his characterization of the world crisis as "a
disarray of men
and things."
"The essential evil from which our generation is suffering,"
he continued,
"is weakening of intellectual and moral discipline. To
return to the morality
of our ancestors, to understand and make it
understood that ease is only attained by a life of toil and that honesty is the best
artisan of solid fortunes—in a word, to rediscover the common rule of
spiritual life in restoring ancient virtues, that is destiny's order."
France must not seek any shortcut to ease, but must
retrench her expenditures to balance the budget, he added.
Hungary Stops Sale of Wheat to Germany—Action by
Hungarian National Bank Follows Drop Resulting
from Throwing on Market of Exported Grain.
From Budapest July 21 a wireless message to the New
York "Times" stated:
A big slump in the Budapest wheat market yesterday
followed the
throwing of huge quantities of wheat on the market by German buyers.
When Premier Goemboes recently returned from Berlin after his
visit
to Chancellor Hitler, it was announced he had obtained a
promise that
Germany would buy 200,000 tons of Hungary's wheat surplus.
This was
welcomed as a great achievement for Hungary.
Purchases began through Budapest agents of the German
few days ago, but to the consternation of the Hungarians it Reichabank a
was revealed'
Financial Chronicle
Volume 137
that the Germans did not intend to pay in foreign currency, but to settle
the purchases against credits which had long been frozen in Hungary. One
thousand two hundred truckloads had already been bought.
According to the agents, the German buyers were not snaking purchases
for the German market, but for resale in Hungary's own markets abroad.
It was further discovered that the Reichsbank had already discounted by
50% total pengoe credits of German exporters in Hungary, and was therefore keenly interested getting out wheat and liquidating the frozen credits.
In view of these facts, the Hungarian National Bank canceled all export
permits to-day for German wheat buyers and refused to release the frozen
pengoe credits.
•
After long negotiations, the Hungarian National Bank agreed to let SOO
out of the 1,200 truckloads leave the country, but the export of the remainder of the purchases was barred until negotiations between Hungary
and Germany for commercial agreements shall have reached a successful
conclusion.
There is great consternation in Hungary at the outcome of what had been
considered a brilliant achievement of the Premier.
Initial Wheat Adjustment Payments Under Curtailed
Production Plan to Be Made to Farmers Early
This Fa11—$90,000,000 to Be Available.
Initial wheat adjustment payments of approximately
$90,000,000 will be available for farmers as early this fall
as county wheat production control associations can be
organized under the wheat plan of the Agricultural Adjustment Administration, Secretary of Agriculture Wallace
announced on July 23. The announcement in the matter
said:
Following an estimate by Secretary Wallace that taxable consumption
of wheat in the United States for the next year would total 460,000,000
bushels, George N. Peek and Charles J. Brand, administrators of the
Adjustment Act, in conference with wheat section officials, decided to offer
farmers contracts providing for an initial payment of 20 cents a bushel and
a final payment of not less than 8 cents and not more than 10 cents a bushel.
The 30 cents a bushel processing tax imposed July 9 is estimated to yield
$138.000,000 on the estimated 460,000,000 bushels taxable domestic consumption. Payments to farmers are to be based on an allotment computed
at 54% of the average production of farmers for the last five years.
Payments on 1933 crops are offered to farmers who sign contracts by which
they agree to reduce the acreage planted for the 1934 and 1935 crops by a
percentage set by the Secretary of Agriculture. Final determination of
the acreage cut to be asked by the Secretary will depend in part upon the
outcome of the London wheat discussions, but in no event Is the reduction
requested to exceed 20% of the farmer's planted acreage.
Administration officials decided on the two-cent reserve in the final
payment in order to insure that they have freedom of action if the opportunity arises to help the wheat growers by opening up new export markets.
If no such opportunity is found, the second payment will be made in the full
amount, less local administrative costs.
Checks for the initial adjustment payments are scheduled to be mailed
as:soon as county wheat production control associations can be organized
to administer the Act locally, and complete the farm allotments. The second payment will be made next spring.
After the county wheat production control associations are set up, their
expenses will be carried by the producer membere. The wheat administration is working on a plan to finance the county groups in the initial stages.
with advances to be repaid to the administration.
765
be used to finance wheat exports by private firms, insured
by the Government against loss. Mr.Peek and Mr. Wallace
analyzed the plan from the standpoint of shipment of surplus
stocks from the Pacific Northwest to the Orient, but it was
said that they did not intend to confine export financing to
the Far East.
Weekly Review of Sugar Market by New York Coffee
& Sugar Exchange—Market at Highest Levels Since
Summer of 1931 During Week of July 14.
The New York Coffee and Sugar Exchange, in its review
of the sugar market for the week ended July 14, said:
The highest levels seen in the sugar market since the summer of 1981
were recorded last week when actuals sold at 3.67c. a pound and refined
sugar advanced to 4.70c. a pound. Futures showed similar gains on the New
York Coffee and Sugar Exchange and closed with net advances of 4 to 5
points. As the week drew to a close and it was apparent that refiners had
just completed a large buying movement of raws, the speculative appetite
for sugar was dulled somewhat. Also, the realization that the United States
market has advanced 50 points above the London market brought fear that
foreign sugars might be attracted to this country. The tendency was to
take profits. At the same time the outlook for sugar was rendered favorable
by a report from Havana that United States Government officials had
promised Cuba a reduction of lc. in the duty on sugar if and when the
Cuban quota was ascertained at the Washington Sugar Conference which is
seeking to allot the United States consuming market to the different producing interests. Volume of trading on the New York Coffee and Sugar Exchange
has been at the heaviest rate in many months.
In its review of the market for the week of July 21 the
Exchange said that "the sugar market was steady early in
the week but gave way in the final two days of the week
under the pressure of liquidation brought about by the
panicky condition of the other markets, particularly the stock
market."
Activity in the Cotton Spinning Industry for June 1933.
The Bureau of the Census announced on July 21 that,
according to preliminary figures, 30,918,758 cotton spinning
spindles were in place in the United States on June 30 1933,
of which 25,540,504 were operated at some time during the
month compared with 24,571,498 for May, 23,416,680 for
April, 23,429,122 for March, 23,659,100 for February,
23,766,968 for January and 20,646,966 for June 1932.
The aggregate number of active spindle hours reported for
the month was 9,299,175,026. During June the normal
time of operation was 26 days, compared with 26 2-3 for
May, 243
4 for April, 27 for March, 233
4 for February and
253' for January. Based on an activity of 8.96 hours per
day the average number of spindles operated during June
was 39,917,475, or at 129.1% capacity on a single shift
basis. This percentage compares with 112.3 for May,
Secretary Wallace Announces Wheat Allotments to 95.7 for April, 93.9 for March, 95.0 for February, 95.1 for
42 States Under Benefit Payment Plan—More January and 57.6 for June 1932. The average number of
Than $127,000,000 for Farmers, with Payments • active spindle hours per spindle in
place for the month was
Starting Sept. 1—Export Financing Discussed.
number
total
of
cotton
The
301.
spinning
spindles in place,
Secretary of Agriculture Wallace, on July 27, made public
a compilation of allotments of wheat production in each of the number active, the number of active spindle hours and
2,233 wheat counties in 42 States on which benefit payments the average hours per spindle in place, by States, are shown
will be made under the domestic allotment plan. These in the following statement:
allotments total 456,198,588 bushels, and more than $127,Spinning Spindles.
Active Spindle Hours for June.
000,000 will be distributed to wheat farmers under the plan
In Place ActiveDuring
State.
Average per
with disbursements of $90,000,000 expected to begin about
June.
June 30.
Total.
Spindle in Place.
Sept. 1. Mr. Wallace also said, on July 27, that the Depart- Cotton-growing States 19,076,266 17,593,128 7,046,039,942
369
England States__ 10,796,098
7,242,362 2.074,829,438
192
ment of Agriculture would be prepared in 10 days to tell New
1,046.394
All other States
705,014
178,305,646
170
wheat farmers how much they must reduce next year's
1,874.270
1,699,160
690,657,203
368
plantings to qualify for benefit payments. He had previously, Alabama
Connecticut
1,003,968
772,182
207,429,007
207
3,298,678
3,042,540 1,243,175,330
377
announced that an acreage reduction up to a maximum Georgia
Maine
968,360
872,718
247,392,182
255
Massachusetts
5,824,052
3,563,558 1,039,128.278
of 20% would be required. The processing tax of 30 cents Mississippi
178
215,972
154,304
62.757,969
291
a bushel is expected to yield $136,000,000, and from that New Hampshire
1,117,346
876,576
233.519,901
209
New York
567,042
274,932
80,355,433
142
amount farmers will be paid 28 cents for each bushel of the North Carolina
6,142,964
5.591,390 2,047,695,331
333
Rhode Island
1,765,108
1,058,816
319,094,524
181
allotment that they produce. State allotments announced South
Carolina
5,681,388
5,542,424 2,431.494,565
428
Tennessee
609.466
518,192
231,306,372
by Mr. Wallace are as follows:
380
State—
Maine
Vermont
New York
New Jersey
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North Carolina
Bushels.
27,828
8,212
2,382,268
624,538
9,389,023
16,459,189
14,290,877
17,041,754
8,382,64C
1,000.900
11,166,829
4,020,478
10,603,511
55,217,821
20,388,883
30,618,681
91,355,136
971,703
4,670,105
4,978,951
886 850
1,973,059
State—
South Carolina
Georgia
Kentucky
Tennessee
Alabama
Mississippi
Arkansas
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Washington
Oregon
California
Bushels.
310.670
275,544
1,620,874
1,575.710
18,704
1,369
133,668
29,349,992
20,384,322
24,300,201
14,843.333
1,955,267
9,192.858
1,774,613
304,741
2,999.056
203.921
22,986,478
11,450,585
5,968.416
Texas
Virginia
All other States
281,968
673,280
894,896
213,254
652.808
707,650
77,691,226
202.506,776
184,970,929
276
301
207
United States
30,915 758
25,540,504
9.299,175,026
301
456.198,588
Weather in Cotton Belt Has Been Unusual this Year,
• According to New York Cotton Exchange.
Moisture conditions in the Cotton Belt have not been
normal so far this year, according to the New York Cotton
Exchange Service. Winter rainfall in the West, on which
the Texas and Oklahoma crops depend to such a large extent
for sub-soil moisture accumulation, was deficient. May
rainfall was slightly excessive while June rainfall was very
light. Under date of July 24 the Exchange Service continued:
Also on July 27, George N. Peck, Administrator of the
Agricultural Adjustment Act, discussed plans under which a
portion of the fund raised by the wheat-processing tax may
The combined index of Texas-Oklahoma winter rainfall for the past
winter Is 5.5, as against 8.2 last year, 8.6 two years ago and a 10-year
average of 7.1 from 1923 to 1932. Average May rainfall in the Cotton
Belt was 4.2 inches. as against 3.3 last year. 3.1 two years ago and a 10-
Total
766
Financial Chronicle
year average of 4 inches. Average June rainfall was 1.5 inches, as against
4.5 last year, 2.1 two years ago and a 10-year average of 3.8 inches.
Dry weather tends to hold the weevil in check, particularly since it
is usually accompanied by high weevil-destroying temperatures: but, on
the other hand, the crop needs about the average June-August rainfall
total of 10.9 inches to satisfy the moisture requirements of the plant.
July rainfall has so far been more nearly normal than June rainfall, although moisture is still deficient in some areas of the western part of the
Cotton Belt.
Terms of Cotton Options Extended One Year from
May 1 1934 to May 1 1935—Producers Not Calling
Options by May 1 1934 Subject to Carrying Charge
of 40 Cents Per Bale Monthly.
A modification of the option contracts on Government-held
cotton, which are to be issued to producers as part of the consideration in the acreage adjustment campaign, was made
public July 25 by Oscar Johnston, Director of Finance of the
Agricultural Adjustment Administration. The latter states:
This modification extends the term of the option from May 1 1934 to
May 1 1935, with the provision that producers who have not called their
options by May 1 1934 will pay a carrying charge of 40c. per bale per month.
Under the original terms of the option contracts, producers had the right
to call their options at any time but were required to call by May 1 1934.
This modification extends the time for calling the options. Around 2,000,000
bales of cotton are to be optioned to some half million producers at 6c. per
pound under the acreage adjustment program.
Mr. Johnston, in announcing these modifications, made the
following statement:
As in the cotton reduction campaign, the Administration is placing the
handling of the options directly up to the producers themselves. The Secretary of Agriculture, under the terms of the contract as now revised, has
made it possible for producers to withhold this cotton from the market for
a longer period. This extension of time should enhance the orderly marketing of the option cotton and minimize the possibility of placing a large
portion of the cotton on the market at a time when it would compete with
the crop to be harvested this fall. The producer may call his option at any
time before Dec. 1 1933 that the price is not below 9U1c. This modification
of the original plan gives the holders of these options an additional year
during which they may dispose of their holdings to their best advantage.
The option contracts were further modified to permit the
Secretary of Agriculture to sell any of the cotton for the
benefit of the producer after May 1 1934 at a price of not less
1
2c. per pound. In the event the Secretary ahould
than 12/
so decide to sell a portion of the cotton then held on options
by producers, the particular options to be retired would be
selected by lot.
Hearings Relating to Processing Taxes on Commodities
Competing with Cotton_to Be Held in Washington
1.--;
-= July 31.
Formal notice of two hearings on the cotton processing tax
were signed, July 21, by Secretary of Agriculture Wallace.
The hearings relate to processing taxes on commodities that
compete with cotton and on low-value products manufactured
from cotton. Both are scheduled for July 31 at 9:30 a. m.,
In the Auditorium of the National Museum, Constitution
Avenue and Tenth Street, in Washington. Formal notices
of these hearings follow:
UNITED STATES DEPARTMENT OF AGRICULTURE—AGRICULTURAL
ADJUSTMENT ADMINISTRATION.
Notice of Hearing With Reference to Processing Taxes on Commodities in
Competition With Cotton.
Under the Agricultural Adjustment Act, approved May 12 1933, as
amended, and under the General Regulations, Series 1, Revision 1, of the
United States Department of Agriculture, Agricultural Adjustment Administration, issued pursuant to said Act.
Notice is hereby given of a hearing to be held in the Auditorium of the
National Museum, Constitution Avenue and Tenth Street, Washington, D. 0.,
on July 31 1933, at 9:30 a. m., at which interested parties may be heard
as to whether the payment of the processing tax upon cotton is causing or
will cause to the processors thereof disadvantages in competition from competing commodities by reason of excessive shifts in consumption between
such commodities or products thereof. This hearing is to be held pursuant
to Section 15 (d) of the aforesaid Act, which provides that if the Secretary
of Agriculture finds, after investigation and due notice and opportunity
for hearing to interested parties, that such disadvantages in competition
exist, or will exist, he shall proclaim such finding and shall specify in this
proclamation the competing commodity and the compensating rate of tax
on the processing thereof necessary to prevent such disadvantages in competition ; that thereafter there shall be levied, assessed, and collected upon
the first domestic processing of such competing commodity a tax, to be paid
by the processor, at the rate specified, until such rate is altered pursuant
to a further finding under Section 15 of said Act, or the tax or rate thereof
on the basic agricultural commodity is altered or terminated; and that in
no case shall the tax imposed upon such competing commodity exceed that
imposed per equivalent unit, as determined by the Secretary of Agriculture,
upon the basic agricultural commodity.
(Signed) HENRY A. WALLACE, Secretary of Agriculture.
Dated: July 21 1933. Washington, D. C.
UNITED STATES DEPARTMENT OF AGRICULTURE—AGRICULTURAL
ADJUSTMENT ADMINISTRATION.
Notice of Hearing on Cotton Processing Tax With Reference to Low Value
Products.
Under the Agricultural Adjustment Act approved May 12 1933, as
amended, and under the General Regulations, Series 1, Revision 1, of the
United States Department of Agriculture, Agricultural Adjustment Administration, issued pursuant to said Act,
July 29 1933
Notice is hereby given of a hearing to be held in the Auditorium of the
National Museum, Constitution Avenue and Tenth Street, Washington, D. C.,
on July 31 1933, at 9:30 a. m., at which interested parties may be heard RS
to any class or classes, if any, of products of cotton which are of such low
value compared with the quantity of cotton used for their manufacture that
the imposition of the processing tax on cotton will prevent in whole or in
part the use of cotton in the manufacture of such products and thereby substantially reduce consumption and increase the surplus of cotton. This
hearing is to be held pursuant to Section 15, Subsection (a), of the aforesaid Act, which provides that if the Secretary finds upon investigation and
-after due notice and opportunity for hearing to interested parties, that any
class of products of any commodity is of such low value compared with the
quantity of the commodity used for their manufacture that the imposition
of the processing tax would prevent in whole or in large part the use of
the commodity in the manufacture of such products and thereby substantially reduce consumption and increase the surplus of the commodity, then
the Secretary of Agriculture shall so certify to the Secretary of the Treasury,
and the Secretary of the Treasury shall abate or refund any processing tax
assessed or paid after the date of such certification with respect to such
amount of the commodity as is used in the manufacture of such products.
(Signed) HENRY A. WALLACE, Secretary of Agriculture.
Date: July 21 1933. Washington, D. 0.
Regulations Governing Processing Tax of 4.2 Cents
on Cotton—Taxon Floor Stocksof Cotton Products.
Regulations governing the application of the processing
tax of 4.2c. a pound on cotton, effective Aug. 1, were issued
on July 20 by the Department of Agriculture. Reference to
the proposed tax was made in these columns July 15, page
428, and in our issue of July 22, page 566, the proclamation
imposing the tax was given. The tax is to be collected by
the Bureau of Internal Revenue, and a tax is to be paid on
floor stocks of cotton products held by manufacturers, wholesalers and others. The announcement regarding the regulations follows:
The Agricultural Adjustment Administration, July 14 1933, made public
regulations signed by the Secretary of Agriculture and approved by President
Roosevelt, fixing a processing tax, beginning Aug. 1 1933, of 4.2c. a pound
net weight on cotton. The Agricultural Adjustment Act provides that this
tax will terminate at the end of the marketing year current at the time
the Secretary proclaims that rental or benefit payments are to be discontinued with respect to cotton. The rate of 4.2c. a pound will remain in
effect as provided by the Act unless the Secretary, in order to effectuate
the declared policy of the Act, finds it necessary to adjust the rate.
This tax, which will be collected by the Bureau of Internal Revenue, Is
on the first domestic processing of all cotton processed on and after Aug. 1.
It will be necessary for all manufacturers and other first processors of
cotton to furnish the Bureau of Internal Revenue with satisfactory inventory
statements as of Aug. 1, and monthly reports showing the amount of cotton
processed. The Act exempts from this tax the ginning of cotton and the
processing of cotton linters.
A conversion factor is prescribed for applying a tax to floor stocks and a
compensatory duty to imports of cotton products, and refunds which are to
be paid under certain provisions of the Act. This conversion factor fixes a
rate for cotton products equal to 105.2% of the processing tax and makes
allowance for non-spinnable waste removed in the course of processing.
A tax is to be paid on floor stocks of cotton products held by manufacturers, wholesalers, and others, on the date the tax goes into effect. These
stocks include the stocks of retailers which are not disposed of within 30
days after Aug. 1 of this year. All warehouse stocks, whether of retailers
or wholesalers, are to be taxed, whether disposed of within 30 days or not.
The Act protects organizations receiving cotton products for charitable
distribution by providing for refunds of the tax to those delivering cotton
products to such organizations for such distribution.
The Bureau of Internal Revenue, which is charged with the collection of
the processing tax, will prepare inventory forms and regulations which may
be obtained from any Collector of Internal Revenue to whom application
should be made. All questions of interpretation with respect to these taxes
should be addressed to the Commissioner of Internal Revenue.
$1,600,000 Cotton Bonus in Missouri—Cash Payment
of $1,290,973 to Be Made Shortly.
From the St. Louis "Globe-Democrat"'we take the following from Columbus, Mo., July 18:
A bonus of $1,600,000 in cash benefit will be distributed in the next three
weeks among 7,979 Southeast Missouri cotton farmers who are carrying out
the Government's cotton reduction program, it was announced here to-day
by 0. E. Carter, in charge of administration of the cotton plan in this State.
The Missouri cotton growers have agreed to take out of production 100,321
acres of land, with an estimated average yield of 292 pounds of lint cotton
per acre, Carter said. The cash payments to this group will total $1,290,973.
To farmers taking smaller cash benefits plus cotton options at tic. a pound, a
cash payment of $401,219 will be made. These farmers have taken options
on the 24,624 bales of surplus cotton, on which, at present market prices,
they will realize a profit of $50 a bale.
Payments, Carter said, would start immediately following the Government's acceptance of individual contracts and the certification by local committee showing growers have plowed up the amount of cotton specified in
the agreements.
August Cotton Report of Department of Agriculture
to Include Allowance for Acreage Reduction.
The Crop Reporting Board of the United States Department of Agriculture announces that in the cotton report to
be published Aug. 8, allowance will be made for the probable
removal of acreage under contract with the Agricultural Adjustment Administration. The Department, in announcing
this, July 25, said:
The area for harvest which will be used in the preparation of the report
will be the area in cultivation July 1, less the probable removal of acreage
under contract as indicated by data from the Agricultural Adjustment Administration, less 10-year average abandonment on the area not under con-
Volume 137
Financial Chronicle
767
tract. Attention is directed to the fact that the actual removal of acreage
will not be completed by Aug. 1, and, therefore, the number of acres of
cotton actually to be removed as Q result of the adjustment program will
not be definitely known until later in the season.
The Crop Reporting Board will also publish in comments accompanying
the report its interpretation of the indicated total crop on the acreage in
cultivation July 1, less the 10-year average abandonment, as a supplementary
figure on what the crop would have been without an acreage reduction
campaign.
intendent G. W. Oakes announced July 22. He asserted this
made wages slightly higher than in 1929. Most employees
now are working full time, he said, while many have been on
a quarter-time basis. Mr. Oakes said employees at the company's other main plants at Creighton and Ford City, Pa.,
will receive the increase.
Cigarette Prices Increased 1 Cent a Package by Schulte
Retail Stores Corporation and United Cigar Stores
—To Be Effective July 31.
The Schulte Retail Stores Corporation on July 27 inaugurated an increase of 1 cent a package for the leading brands
of cigarettes, namely Lucky Strike, Camel, Chesterfield and
Old Gold, to become effective Monday, July 31. The increase was immediately met by the United Cigar Stores.
Schulte's advarce only affects stoles in the metropolitan
area While the advance by the United Cigar Stores is countrywide. No action was taken by the Great Atlantic & Pacific
Tea Co. The new price for the popular brands will be 12
cents a package, or two for 23 cents, and $1.09 a carton
of 10 packs. The present price 11 cents a package and two
for 21 cents.
The Schulte stores, up to July 17, had been underselling
its principal competitors, charging 10 cents flat a package,
but on that day advanced its prices to 11 cents.
Three Firms in Detroit Announce Pay Rises of from
5 to 10%.
With regard to pay rises of 5 to 10% made by three Detroit
concerns, special advices from that city, dated July 19, to the
New York "Times" said:
Increases of 40 cents a day for all employees receiving $30 a month or less
Week Ended July 21 Most Active in History of New York
Cocoa Exchange.
In reviewing the cocoa market for the week ended July 21
the New York Cocoa Exchange said:
In the most active week in the history of the New York Cocoa Exchange,
prices fluctuated in a range of 200 points and then closed with net losses of
Only 13 to 22 points for the week. When the commission house liquidation
was heaviest, the cocoa trade turned buyers and absorbed the huge selling
volume in good fashion. Most of the time the market was reflecting the
trends in the stock market. There was believed to be a greater outside interest in cocoa than at any previous time in the history of the Exchange. The
volume of trading for the week was 6,558 lots, or snore than the entire
month of June. The week's turnover was equal to one-third of the entire
volume of the first half of the year. As the week closed, the market had a
firm tone.
Pay Increase for "White Collar" Workers of Subsidiaries of United States Steel Corporation.
"White collar" workers employed by United States Steel
Corporation subsidiaries in the Pittsburgh district received
a 15% increase in salaries on July 21, we learn from advices
from Pittsburgh to the New York "Times" which continued:
The raise is effective as of July 16, the date on which the 15%
pay increase went into effect for shop workers employed by the companies.
The order will affect 1,200 workers in Carnegie Steel's central
office here
and a large number in offices at the plants.
Wages of 40,000 Workers Advanced 10% by Chrysler
Corporation.
Walter P. Chrysler announced on July 21 an increase of
10% in the wages of all employees of the Chrysler Corporation to become effective July 31. About 40,000 workers in
Detroit will be affected by the advance.
Wage Cuts Restored by Garment Manufacturing
Concern-2,000 Employees of H. D. Lee Mercantile
Co. Affected.
A wage increase restoring the basic rate of pay in force in
1929 was announced July 21 for 2,000 employees of the four
garment manufacturing plants of the H. D. Lee Manufacturing Co., according to Associated Press advices from Kansas
City. The advices continued:
Officials said the increase would average about 25% above the
present
scale. The company has a minimum wage of $16 a week for skilled
operators.
Plants of the Lee Company are at South Bend, Ind., Minneapolis,
Trenton,
N. J., and Kansas City.
Crowell Publishing Co. Raises Wages of 2,200 Employees
The Crowell Publishing Co. announced July 19 a $500,000
annual increase in its payroll, affecting 2,200 workers. According to Associated Press advices from Springfield, 0.,
officials said the 40-hour week maximum would be established and 500 workers added to the payroll within a few
weeks to 'handle a seasonal business increase. The advices
added:
Employees on an hourly basis will receive increases. The company did
not cut wages, but reduced the working schedule. Workers paid on an
hourly basis will receive a better rate than they received three years ago.
10% Wage Increase for Glass Workers.
Associated Press advices from St. Louis, July 22 said that
a wage increase of 10% for 1,000 factory employees of the
Pittsburgh Plate Glass Co. became effective July 16, Super-
and individual adjustments for those receiving more than $30 were announced
to-day (July 19) by Calumet and Hecla Consolidated, at Houghton.
The increase reflects the recent improvement in the copper metal market.
Men are working on a part-time basis.
A 10% wage rise for all factory and clerical employees was granted to-day
to about 1,200 on the McCord Radiator and Manufacturing Co. payrolls.
Increases of 5 to 10% for 350 employees of the Lederer Manufacturing
Co. were also announced.
Bottle Blowers Receive 20% Pay Increase Effective
Sept. 1.
A 20% increase in wages was granted to 4,000 men in the
hand-blown department of the Glass Bottle Blowers' Association of the United States and Canada by representatives of
the National Association of Glass Bottle Manufacturers at
Atlantic City, N. J., July 24. Advices from Atlantic City to
the New York "Times" of July 25 continued:
Restoration of the 1932 scale, which was reduced last summer, was thus
completed at a conference at the Marlborough-Blenheim. It takes effect
Sept. 1, at the expiration of the present annual contract. Negotiations
affecting the 6,000 skilled union workers in the automatic machine branch
of the industry will open Wednesday.
The manufacturers, according to their President, Charles B. Garwood, of
Baltimore, believe a prompt and open agreement on wages is in harmony
with the spirit of the NIFtA and a proper preliminary to the submission of a
code of fair competition. The latter is being completed by the Glass Container Association, with which this group is affiliated.
Petroleum and Its Products—Pennsylvania Crude
Again Advanced—Contradictory Claims and Statements Delay Decision on Petroleum Code—Oklahoma Oil Limit Passes 600,000-Barrel Mark—East
Texas Regulations Continued Twenty Days.
Consistent strength in crude petroleum this week brought
forth price advances in Pennsylvania only, other fields
throughout the country holding steady and firm, with the
price movement apparently held in abatement pending the
decision of the Government on the petroleum code. Yesterday, July 28, Tidewater Pipeline Co., Ltd., posted an advance of 15c. per barrel in Bradford Allegheny crude,
making the new price $2 per barrel. This posting was
followed by the announcement of a 150. per barrel advance
by South Penn Oil Co., making Pennsylvania grade crude
in South West Penn Pipe Line Co. lines $1.67, Eureka lines,
$1.62, and Buckeye lines, $1.47.
Contradictory statements from different factors in the
industry, presented at the hearing on the petroleum code
held in Washington this week, delayed final decision. Price
regulation was demanded by E. B. Reeser, who declared
that "if you have labor regulation you must have price
regulation, or confiscation results." Federal licensing for
all refineries and retailers and one price for like petroleum
products was demanded in a resolution of the board of directors of the Nebraska Petroleum Marketers Association,
The Pennsylvania stripper well situation was presented by
Ralph P. Zook of Bradford, Pa., who was a member of the
A. P. I. committee which drafted the Institute's proposed
code. He said that stripper wells must be protected if there
is to be any assurance of oil conservation. He declared that
there are 15,000 employees in stripper well areas throughout
the country and that they must be afforded protection under
whatever code is adopted. He stressed the point that 33
of the 39 refiners in Pennsylvania are equipped to handle only
Pennsylvania crude oil, coming chiefly from stripper weds.
Protection for those who have entered into contracts extending from July 15 over a period of 60 days or more was
asked by William A. Stoll of Louisville, who recommended
an amendment to the A. P. I. code providing that such
contracts would be declared void upon adoption of the code.
The question of proration brought forth two viewpoints.
The first, that of Earl Oliver, Ponca City, Okla., declared
that proration in Oklahoma and Texas had been found
impracticable. He stated that "we believe that this has
been due to some fundamental errors in the basic principles
applied," adding that proration based on potential production was impossible to work out in an equitable manner.
768
Financial Chronicle
On the other hand, Harry Pennington, President of the
San Antonio Independent Petroleum Association, said that
there was no reason for waste of oil in production and that
"we do not waste under the theory of potential production.
He suggested that as new pools are discovered the oil produced from them or from prorated pools should be run into
a single and common gathering system, the oil credited to
the respective owners, and delivered at their order to the
respective buyers. He urged that the State police facilities
now existing in the fields should be used to the maximum,
rather than bring about duplication of effort by a Federal
policing agency.
P. B. Roberts, representing oil field workers of the Midcontinent area, declared that there was less employment but
greater production in East Texas to-day than two years
ago. He urged that specific wage scales be established for
the various classes of field workers.
Meanwhile, State enforcement ag9ncies continued to
operate in their respective States. On Monday the Corporation Commission issued orders for August and September,
providing for production in excess of 600,000 barrels daily
for the first time in many months. August production is
set at 602,119 barrels daily, and Septeinber will be 601,419
barrels daily, representing an increase of about 40,000
barrels daily over the July allotments.
State-wide oil proration hearings for Texas which had been
scheduled for Thursday July 27 have been postponed and
will not be held until the code conference results in Washington are known. Meanwhile, the East Texas daily allowable of 573,272 barrels is continued for at least 20 days, by
order of the Texas Railroad Commission. The Commission
declares that conditions in the East Texas field have improved considerably since the Federal restrictions against
shipments of "hot" oil went into effect.
Price changes follow:
July 28.-Tidewater Pipe Line Co., Ltd., posts 15c. per barrel advance
in Bradford Allegheny crude, making new price $2 per barrel.
July 28.-South Penn Oil Co. posts 15c. advance in Pennsylvania grade
crude oil, making new prices as follows: South West Pipe Line Co. lines,
$1.67;Eureka lines, $1.62; Buckeye lines,$1.47.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
$ .61
$2.00 Eldorado, Ark.. 40
Bradford, Pa
.75
.90 Rusk, Tex., 40 and over
Corning, Pa
.50
.90 Salt Creek, Wyo.,40 and over
Illinois
.52
Darst Creek
Western Kentucky
.90
Mid-Cont., Okla., 40 and above_ .62-.75 Midland District, Mich
.80
Hutchinson, Tex., 40 and over__ .63 Sunburst, Mont
.75 Santa Fe Springs, Calif.,40 and over 1.14
Spindletop, Tex., 40 and over
.96
.75 Huntington, Calif., 26
Winkler, Tex
1.82
.30 Petrolia, Canada
Smackover, Ark., 24 and over
REFINED PRODUCTS-ETHYL PRICES CUT TO 2c. PREMIUM
OVER REGULAR GASOLINES-PENNSYLVANIA LUBRICANTS AGAIN ADVANCE-TEXAS CO. ADVANCES TANK
CAR PRICES IN PHILADELPHIA-BUNKER OIL STEADY
-KEROSENE STEADY AND UNCHANGED.
Ethyl gasoline prices have been reduced to a flat premium
of 2c. over regular gasoline prices. For years the usual
premium has been 3c., while for the past several months it
has been, in some cases, 23zc. However, by establishing
a flat premium of 2c. for Ethyl, leading companies in New
York, Ohio, Illinois, Indiana, and on the West Coast,
solidify their position insofar as Ethyl is concerned, and make
it a premium gas over regular, rather than a separate and
distinct classification.
Standard Oil Co. of Indiana, in making its announcement
regarding Ethyl yesterday, July 28, also posted an increase
of 2-10c. per gallon on all gasolines and kerosenes in Illinois
only, to discount the Illinois retail occupational tax. Standard plans to hereafter include this tax in the posted price
and not charge it separately. Refined oil, grease and wax
also come under this advance.
Pennsylvania lubricants continue strong and active, and
prices were again advanced this week, the third consecutive
week in which increases were posted. On Thursday prices
advanced from Yo. to Mc. per gallon. On Tuesday, July
25, The Texas Company advanced branded and unbranded
gasoline tank car prices 3.c. per gallon in Philadelphia, its
first grade there now being 634c. and the lower octane grade
6c. per gallon. In New York The Texas Co. prices remain
unchanged at 6.15c. and 5.90c., respectively.
Bunker fuel oil has been moving in good volume in the
New York area, and Grade C is firmly established at its
present price level. Diesel oil demand continues unchecked.
Kerosene prices are steady, but movement is slow.
General consumption of refined products is on a seasonal
basis, and encouraging reports of motor fuel sales indicate
that there has been a vast increase in pleasure driving during
the past month.
July 29 1933
Price changes follow:
July 25.-The Texas Co, advances branded and unbranded gasoline,
tank car, at Philadelphia. Mc. per gallon, new prices being 6Mc. and 6c.
July 27.-Pennsylvania lubricants advanced Mc. to Mc. per gallon.
July 28.-Ethyl gasoline prices reduced to flat premium of 2c. over
regular gasoline prices by major companies throughout the country.
Gasoline, Service Station, Tax Included.
Cleveland
$.183
New York
n.19
New Orleans
2.182
19g Denver
.195 Philadelphia
135
Atlanta
.156
Detroit
San Francisco:
Baltimore
.203
Houston
.175
Boston
.182
Third grade _..... .151
Jacksonville
Buffalo
189
.20
Above 65octane_ .195
.14
Kansas City
.215
Chicago
.165
Premium
Minneapolis
.159 St. Louis
*.19
145
Cincinnati
•Leas 2 cents cash discount.
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery.
Chicago
New York$.024-.03M I New Orleans, ex_ _ _$.03g
Tulsa
(Bayonne)_ - -$.05-.05 M I Los Ang.,ex- .04M-.06
04M-.03g
North Texas
.03
Fuel Oil, F.O.B. Refinery or Terminal.
N.Y.(Bayonne)California 27 plus D
Gulf Coast C
$ .70
8.75-1.00 Chicago 18-22D_ .42M-.50
Bunker C
$ .85
1.75 New Orleans C
.70 Philadelphia C
Diesel 28-30 D
.85
Gas oil, F.O.B. Refinery or Terminal.
I ChicagoN. Y.(Bayonne)'Tulsa
$.01g
28 plus G 0-$.03M-.041 32-36 G 0
8.01g
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F.O.B. Refinery,
N. Y.(Bayonne)N. Y.(Bayonne)Chicago
3.05-.05M
Shell Eastern Pet_$.0590 New Orleans,ex_ .04-.04g
Standard Oil, N.J.New YorkMotor. U. 13_8.06
Arkansas
04-.043(
Colonial-Beacon .06
Stand. 011, N. Y_ .0615
California
05-.07
sTexas
.0590 Los Angeles, ex_ 04M-.07
Tide Water 011 Co .06
Gulf
.06
Gulf ports
Richfield Oil(Cal.) .0625
.05-.05g
Republic 011
.06
Tulsa
Warner-Quin. Co_ .06
05-.05M
Pennsylvania..05M
x Richfield "Golden." z"Fire Chief." 3.0615.
Receipts of California Oil at Atlantic and Gulf Coast
Ports Dropped Sharply During June 1933.
Receipts of California oil (crude and refined) at Atlantic
and the Gulf Coast ports during the month of June 1933
amounted to 921,000 barrels, a daily average of 30,700
barrels, according to the American Petroleum Institute.
This compares with 1,366,000 barrels, a daily average of
44,065 barrels, during the preceding month. The detailed
statement follows:
RECEIPTS OF CALIFORNIA OIL AT ATLANTIC AND GULF COAST
PORTS (CRUDE AND REFINED).
(Barrels of 42 Gallons.)
Month ofAt Atlantic Coast PortsBaltimore
Boston
New York
Philadelphia
Others
June.
May,
April.
March.
38,000
130.000
180.000
157,000
159,000
353,000
230,000
473.000
443.000
182.000
435,000
232,000
148,000
512.000
309,000
432,000
780.000 1,228,000
Total
995,000 1,410,000
26,000
39,613
Daily average
33,167
45,484
At Gulf Coast Portsx141,000
x138,000
Total
1147,000
x232.000
4,700
Daily average
4,452
4,900
7,484
At Atlantic and Gulf Coast Ports921,000 1,366.000 1,142.000 1,642,000
Total
30,700
44.065
Daily average
38 057
52 MIR
x Fuel oil received at Port Arthur.
DISTRIBUTION OF TOTAL CALIFORNIA OIL RECEIPTS.
(Barrels of 42 Gallons.)
Month ofAt Atlantic Coast PortsGasoline
Kerosene
Gas oil
Fuel oil
Lubricants
Total
June.
May.
April.
699,000
81,000
995,000
80,000
1,00
70
212.000
8,000
829,000
854,000
234,000
313,000
554,000
1,366,000
1.142,000
1,642.000
141,000
921,000
March.
Crude Oil Production Again Gains--Inventories
Increase.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
July 22 /933 was 2,673,350 barrels, compared with 2,633,150
barrels per day'during the preceding week, a daily average of
2,626,200 barrels for the four weeks ended July 22 and an
average daily output of 2,205,850 barrels for the week ended
July 23 1932.
Stocks of motor fuel oil at all points increased 138,000
barrels during the week under review, or from 51,798,000
barrels at July 15 to 51 936,000 barrels at July 22.
Reports received for the week ended July 22 1933 from
refining companies controlling 92.2% of the 3,586,900 barrel
estimated daily potential refining capacity of the United
States, indicate that 2,387,000 barrels of crude oil daily
were run to the stills operated by those companies, and that
they had in storage at refineries at the end of the week,
29,144,000 barrels of gasoline and 128,487,000 barrels of
gas and fuel oil. Gasoline at bulk terminals, in transit and in
pipe lines, amounted to 19,162,000 barrels. Cracked gasoline
production by companies owning 95.1% of the potential
charging capacity of all cracking units, averaged 492,000
barrels daily during the week.
The report for the week ended July 22 1933 follows in
detail:
Financial Chronicle
Volume 137
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures in barrels.)
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Week
Ended
July 22
1933.
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
North Louisiana
Arkansas
Coastal Texas (not including Conroe)
Coastal Louisiana
Eastern (not including Michigan)
Michigan
Wyoming
Montana
Colorado
New Mexico
California
Total
Week
Ended
July 15
1933.
Average
4 Weeks
Ended
July 22
1933.
587,750
132,400
45,800
50,350
21,750
159,700
58,200
547,800
77,600
53,150
27,450
31,300
126,500
43,450
91,850
16,600
26,450
7,500
2,550
37,300
487,700
599.050
127,200
48,850
49,800
21,300
159,350
58,250
546,700
72,000
51,600
26,400
31,100
123,900
43,100
91,350
16,850
27,450
7,700
2,500
37,050
484,700
Week
Ended
July 23
1932.
454,450
96,550
53,850
49,600
24,550
177,500
57,550
345,500
200
56,000
29,900
34,150
116,700
32,450
103,600
18,850
35,900
7,700
2,850
36,100
471,900
769
barrels, compared with 60,289,421 barrels during the first
six months of last year, while shipments totaled 55,504,300
barrels, as against 60,159,900 barrels in the corresponding
period in 1932. A comparative table follows:
PRODUCTION AND SHIPMENTS OF VENEZUELAN OIL.
[In Barrels of 42 Gallons Each]
Production.
Shipments.
Month.
1933.
Jan ____
Feb__ __
March__
April__
May ___
June ___
1932.
1931.
1933.
1932.
1931.
9,698,964 9,589,088 10,384,451 9,581,700 9,087,000 10,787,289
8,833,778 8,994,242 9,486,327 8,660,600 8,5413100 9,515,725
9,944,518 9,998,250 10,282,727 10,076,000 9,949,300 10,362,346
9,058,356 10,480,750 9,262,503 9,340,400 11,004,200 8,585,690
9,133,045 10,648,460 9,514,909 9,624,000 11,260.000 9,048,694
9,262,374 10,578,631 9,181,369 8,221,600 10.313,300 8,561,200
6 mos. 55,931,035 60,289,421 58,112,286 55,504,300 60.159,900 56.860,944
July_
8,394,200 9.401,400
9,550,761 9,913,192
Aug_..
8,123,600 9,274,100
9,429,632 9.795,887
Sept.
8,087,300 9,420,000
8,802,687 9,412,329
Oct ____
7,794,100 9.639,300
9,171,320 9,440,165
8,377,280 8.984.320
Nov__ _ _
8,766,670 9,535,068
Dec_
9,309.368 9,921,889
9,103,700 9,100,800
Total yr.
115,319,859 116,130,816
110.040.080 112,680,864
2.673.350 2.633.150 2.626.200 2.205.850
Note.-The figures indicated above do not include any estimate of any oil which
might have been surreptitiously Produced.
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS AND GAS AND FUEL
OIL STOCKS, WEEK ENDED JULY 22 1933.
(Figures in barrels of 42 gallons each.)
Daily Refining Capacity
of Plants.
Crude Runs
to Stills.
District.
Reporting.
Potential
Rate.
East Coast
Appalachian...
Ind., Ill., Ky._
Okla.,Kans.,Mo.
Inland Texas.- _
Texas Gulf
Louisiana Gulf._
North La.-Ark._
Rocky Mountain
California
582,000
150,800
436,600
462,100
274,400
507,500
1132,000
82,600
80.700
848,200
Daily OperAverage. Wed.
Total.
582,000
139,700
425,000
379,500
161,100
497,500
162,000
76,500
63,600
821,800
100.0
92.6
97.3
82.1
58.7
98.0
100.0
92.6
78.8
96.9
477.000
104.000
348,000
281,000
101,000
427,000
113,000
43,000
43,000
450,000
82.0
74.4
81.9
74.0
62.7
85.8
69.8
56.2
67.6
54.8
a Motor
Fuel
Stocks.
Gas and
Fuel Oil
Stocks.
14,208,000 7,788,000
1,967,000
880,000
7,300,000 4,523,000
4,510,000 3,658,000
1,380,000 1,899,000
6,090,000 7,042,000
1.281,000 1,847,000
261,000
511,000
1,115,000
776,000
13,824,000 99,563,000
Totals week:
July 22 1933._ 3,586,900 3,308,700 92.2 2,387,000 72.1 51,936,000 128,487,000
July 15 1933._ 3,586,900 3,308,700 92.2 2,376,000 71.8 51,798,000 127,776,000
a Below are set out estimates of total motor fuel stocks on U. S. BOreau of Mines
basis for week of July 22 compared with certain June 1932 Bureau figures:
A. P. I. estimate on B. of M. basis, week July 22 1933_13
53,940,000 barrels
U. S. B. of M. motor fuel stocks, July 1 1932
61,558,000 barrels
U. S. B. of M. motor fuel stocks, July 31 1932
62,181,000 barrels
b Estimated to permit comparison with A. P. I. Economics report, which Is on
Bureau of Mines basis.
c Includes 29,144,000 barrels at refineries, 19,162,000 bulk terminals, in transit
and pipe lines, and 3,630,000 barrels of other fuel stocks.
Petroleum Imports Show a Further Falling Off During
June 1933.
According to figures collected by the American Petroleum
Institute, imports of petroleum (crude and refined) at the
principal parts in the United States in June 1933 totaled
2,610,000 barrels, a daily average of 87,000 barrels, as
against 2,977,000 barrels, a daily average of 96,032 barrels
during the previous month. The Institute's report follows:
IMPORTS OF PETROLEUM AT PRINCIPAL UNITED STATES PORTS.
(CRUDE AND REFINED OILS.)
(Barrels of 42 Ga Ions.)
Month.
At Atlantic Coast PortsBaltimore
Boston
New York
Philadelphia
Others
Total
Daily average
At Gulf Coast PortsTotal
Daily average
At All United States PortsTotal
Daily average
May.
April.
March.
1,409,000
899,000
157,000
•
132,000
68,000
1,839,000
699,000
104.090
300,000
201,000
2.203,000
968,000
299.000
239,000
133,000
3,139.000
1,117.000
496.000
2,610,000
87,000
2,842,000
91,677
3,971,000
132,367
5,124,000
165.290
3,071,000
132.367
5,124,000
165 296
June.
145,000
x135,000
4,355
2,610,000
87,000
2,977,000
96.032
Received at Port Arthur.
DISTRIBUTION OF TOTAL IMPORTS.
(Barrels of 42 Gallons.)
Month.
.
June.
May.
April.
March.
Crude.
Fuel oil
2,052,000
558,000
2,295,000
682.000
2.576,000
1.395.000
3,690.000
1,434.000
Total
2,610,000
2.977,000
3,971,000
5,124.000
Venezuelan Crude Oil Production Increased in June,
but Continued Below That for the Same Month
a Year Ago-Shipments Off.
According to "O'Shaughnessy's Oil Bulletin," it is estimated that production of crude oil in Venezuela totaled
9,262,374 barrels of 42 gallons each in June, compared with
9,133,045 barrels in the preceding month and 10,578,631
barrels in the corresponding period last year. Shipments
amounted to 8,221,600 barrels as against 9,624,000 barrels
in May 1933 and 10,313,300 barrels in June 1932.
According to estimates, production in Venezuela during
the first half of the current year amounted to 55,931,035
Tank-Car Gasoline Price Advanced by Pan-American
Petroleum & Transport Co.
The price of gasoline in tank-cars has been advanced
3i cent a gallon by the Pan-American Petroleum & Transport Co. The new price is 63i cents a gallon at New York,
Providence and Boston, and 04 cents a gallon at Portland,
Me.
Differential Between First and Regular Grade Gasolines Lowered by Standard Oil Co. of Ohio.
The Standard Oil Co. of Ohio announced on July 27,
according to Associated Press advices from Cleveland, that
effective July 28, the price differential between its firstgrade gasoline and its regular grade would be reduced from
234 cents to 2 cents a gallon.
Ethyl Gasoline Price Lowered-Premium Now 2 Cents
Over Regular Gasoline.
The premium on Ethyl gasoline over the price of regular
gasoline was lowered on July 27 from 2M cents a gallon
to 2 cents by all distributors, the Ethyl Gasoline Corp.,
jointly owned by the General Motors Corp. and the Standard
Oil Co. of New Jersey, announced. The reduction follows
a similar reduction made in Canada. Ethyl gasoline consists of Ethyl fluid, which is sold by the Ethyl Gasoline
Corp., added to gasoline of definitely high specifications.
Changes in Price of Gasoline Made by Standard Oil
Co. of Indiana.
That the Standard Oil Co. of Indiana is planning adjustment of its price structure for various products in Illinois
as an outgrowth of the 2% State sales tax the "Chicago
Journal of Commerce" of July 27 said:
Heretofore it has carried the tax as a separate item on invoices. Effective
July 28, it will advance its selling prices two-tenths cent a gallon on all
sales of gasoline, naphtha, refined oil, grease and wax and will advance
lubricating oils M cent, including the tax item in the quoted prices. (No
change in price of motor oil.) These changes apply only to Illinois.
Also effective July 28, Standard will reduce the price of Ethyl (premium) gasoline ;
,6 cent a gallon throughout its territory, reducing its
margin over regular grade 2 cents. In Illinois because of the simultaneous two-tenths cent tax advance, the net reduction in Ethyl will be
only three-tenths cent.
Production and Shipments of Portland Cement in
June Continued Below Last Year's Figures-Inventories Fall Off.
According to the United States Bureau of Mines, Department of Commerce, the Portland cement industry in June
1933 produced 7,804,000 bbls., shipped 7,979,000 bbls. from
the mills, and had in stock at the end of the month 19,942,000
bbls. Production of Portland cement in June 1933 showed a
decrease of 1.5%, and shipments a decrease of 13.9%, as
compared with June 1932. Portland cement stocks at mills
were 17.1% lower than a year ago. The total production
for the first half of 1933 amounts to 27,668,000 bbls., compared with 34,156,000 bbls. in the same period of 1932,
and the total shipments for the first half of 1933 amount
to 27,927,000 bbls., compared with 34,304,000 bbls. in the
same period of 1932.
In the following statement of relation of production to
capacity the total output of finished cement is compared
with the estimated capacity of 164 plants at the close of
June 1933, and of 165 plants at the close of June 1932.
RATIO OF PRODUCTION TO CAPACITY.
June 1932. June 1933. May 1933.I Apr111933. Mar. 1933.
The month
The 12 months ended....
35.7%
36.5%
35.2%
26.0%
27.4%
26.0%
18.9%
26.2%
16.1%
26.7%
Financial Chronicle
770
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT,BY DISTRICTS,IN JUNE 1932 AND 1933 (IN THOUSANDS
OF BARRELS).
Production.
1932.
Eastern Pa., N. J. de Md
New York and Maine
Ohio, Western Pa.,& W.Va
Michigan
Wis., Ill., Ind. & Kentucky
Va., Tenn., Ala., Ga., Fla. & La_
East. Mo., Ia., Minn. & S. Dak_
W.Mo., Neb.,Kans.,Okia.& Ark_
Texas
Colo., Mont., Utah, Wyo.& Ida..
California
Oregon and Washington
Total
1933.
1,389
822
645
544
1,128
603
1,103
563
335
157
464
168
1,635
573
839
651
1,016
547
805
487
347
231
602
71
7.921
7.804
Shipments.
Stocks at End
of Month.
1932. 1933. 1932.
-.
1,747 1,525
917
675
862
785
676
738
1,419 1,020
532
602
811
1,320
637
564
298
324
137
128
590
658
89
189
1933.
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District.
9.264
3,856
1,293
2,657
1,567
2,459
1,451
2,665
1,294
728
486
1,081
405
7.979 24.043 19.942
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT,BY MONTHS,IN 1932 AND 1933(IN THOUS. OF BARRELS.)
Production.
Shipments.
Month.
1932.
January
February
March
April
May
June
July
August
September
October
November
December
5,026
3,971
4,847
5.478
6,913
7,921
7,659
7,835
8,210
7,939
6,462
4,248
Stocks at End of
Month.
1933.
1932.
1933.
1932.
1933.
2,958
2,777
3,684
4,183
a6,262
7,804
3,393
3,118
3,973
6,536
8,020
9,264
9,218
10,968
9,729
8,743
4,782
2,835
2,502
2,278
3,510
4,949
a6,709
7,979
25,778
26,657
27,545
26,496
25,394
24,043
22,512
19,398
17,878
17,084
18,788
20,205
20,624
21,125
21,298
20,542
a20,117
19,942
Total
76.509
80.579
a Revised.
Note.-The statistics above presented are compiled from reports for June received
by the Bureau of Mines from all manufacturing plants except three, for which
estimates have been included in lieu of actual return.
New High Record of Factory Sales of Electric Refrigerators Reached in June.
A new high record of factory sales of electric household
refrigerators was made in June despite the fact that April
or May usually mark the peak of factory activity, according
to a statement made on July 24 by Louis Ruthenburg, consultant to the refrigerator division of the National Electrical
Manufacturers Association. Mr. Ruthenburg reports as
follows:
Members of this group, which represent about80% ofthe industry's total
volume, report June sales to distributors and dealers of 175.550 units as
compared with 175.119 units in May 1933, 130,607 units in June 1932 and
132,414 units in April 1931, the industry's high record month prior to 1933.
Drastic price reductions in all lines of electric refrigeration is reflected in
the fact that despite an increase of 32.57% as compared with April 1931.
dollar volume declined 19.24%. Very general price increases are indicated, however, by recent developments.
Despite record shipments in May and June, factory and dealer stocks
are extremely low as compared with stocks in June 1932.
The June record places unit sales for the year to date well ahead of
those of 1932.
While seasonal influences are having some effect, July factory activity
Is said to continue at a much higher level than is usual at this season.
Major Non-Ferrous Metals Steady as Codes of Practice
Near Completion.
"Metal and Mineral Markets" for July 27 reports that
though the market for non-ferrous metals appeared a little
unsettled early in the week on the sharp decline in securities,
no selling pressure developed so far as first-hands were
concerned, and prices held up remarkably well. In fact,
the general tone toward the close was firm, based chiefly
on knowledge that the codes of practice in copper, lead and
zinc have reached the stage where the leaders in the industries named are about to present the conclusions before
the proper authorities. All of the differences in opinion
have not been ironed out, particularly in copper, and some
matters may have to be adjusted in Washington. Trading
in copper and zinc was in good volume, with the demand
for lead and tin moderate. Silver suffered because of the
speculative character of recent trading in this metal, though
the puce recovered a little toward the close. Quicksilver
was slightly higher. The same publication says:
Fair Trade in Copper.
Despite the shock sustained by commodities because of the wave of
speculative selling early in the week, copper prices were well maintained
by producers, and the market closed the week with sentiment favoring a
higher market. With the exception of last Friday, when copper sold
down to 8%c., delivered Connecticut, all the sales booked by first-hands
were put through at 9c. Second-hands, however, sold metal during
the week ranging in price from 83c. to 84c., most of which was picked
up by traders in a position to carry the copper. All of the pressure was
in near-by material, chiefly July shipment. Sales for the week were in
fair volume.
The foreign market was inactive, and prices eased off to 8.60c., c.i.f.
usual ports. Jraders abroad seemed frightened over the action of speculative commodity and security markets here.
The committee in charge of the copper code has virtually completed
the task of drawing up the instrument, though not to the satisfaction
of all concerned. The plan calls for holding production to a 20% basis
for the entire industry, including the custom smelters, until such time
July 29 1933
as the huge surplus has been sharply lowered. A 40-hour week is mentioned and a general increase in wages is provided for. Metal is to be
disposed of on a quota basis at a price that will permit a working profit
to the industry. What this price will be has been kept from outsiders,
but it is generally known that the figure will be well above 9c., the present
trading level.
Fabricators report that shipments are going ahead at about the same
rate as last month. Deliveries of copper by producers are good, being
in excess of actual consumption of the metal. The July shipments to
consumers are expected to be even larger than those indicated for June.
Deliveries of copper for consumption in the several countries outside
of the United States, Canada and other America has been proceeding
in recent months at the rate of about 62,237 metric tons monthly, according to a calculation by the American Bureau of Metal Statistics.
This compares with a monthly average of 54,042 metric tons for the same
group of countries in 1932, and 59,458 metric tons in 1931.
Lead Holds at 4.50c., New York.
Although demand for lead was materially less last week than during
the preceding seven-day period, the price structure of the metal remained
unchanged at 4.50c., New York, the contract settling basis of the American
Smelting & Refining Co., and 4.35c., St. Louis. The moderation in
market activity last week-actual sales volume declined about 50%was accounted for by (1) the marked attention being given by industry
to the preparation of codes prescribed by the N RA; (2) the reaction that
developed in security markets, and (3) the fact that consumers have,
in most instances, already acquired sufficient metal to cover their immediate requirements. Corroders, particularly battery manufacturers,
were the principal buyers last week. The bulk of the week's business
was for July or August shipment, but a small amount of metal was also
sold for each of the months of September, October and November.
Sales for July shipment, according to statistics circulating in the industry,
have reached the impressive total of about 42,500 tons. Corroders, in
the first half of 1933, as reported by the American Bureau of Metal Statistics, purchased nearly as much lead as in the corresponding period of
1932. Foil and battery manufacturers took a little more in 1933 than
last year, and cable interests took about half the amount that they purchased in 1932.
Zinc Steady at 5c.
Demand for zinc continued at a good rate, and tho market held at 5c.,
St. Louis, for Prine Western, prompt and forward shipment. A smattering of business went through early in the period below the 5c. basis,
but against this some material sold at a slightly higher level. Attention
centered in the code for the industry, which is to be submitted to-day.
The code covers mining operations, smelting, refining and distribution
of metal and pigments.
Moderate Trading in Tin.
A fair business was done in tin on several days of last week, for both
consumer and dealer accounts. Tuesday and yesterday, however, little
inquiry prevailed, the price of the metal 'easing off yesterday afternoon
in sympathy with a 158. decline in the London market on second call.
During the week an announcement was made by the International Tin
Committee that the pool had released the permitted quota of tin for July,
in accordance with the scale agreed upon by the governments that had
indorsed the international control scheme. Although no reference was
made in the announcement as to the tonnage involved, general opinion in
the trade was that 20% of the pool's total holdings of 21,440 tons, or 4,200
tons, was released. Rumor has it that the pool also disposed of some forward metal.
Chinese. 99%, prompt shipment, was quoted as follows: July 20
44.50c.; July 21, 44.50c.; July 22, 44.50c.: July 24, 44.375c.; July 25.
45.00c.; July 26, 44.25c.
Tin production of the world, expressed in terms of recoverable metal,
amounted to 6,611 long tons during June, against 7,411 tons in the preceding month, according to the American Bureau of Metal Statistics.
World's production during the first half of 1933 amounted to 43,652 tons,
against 54,086 tons in the same period last year, and 80,604 tons in
January-June 1932.
International Tin Committee at Economic Conference
in London Asks Tin-Producing Countries to Cooperate in International Agreement-Efforts to
Maintain Stability Urged.
It was announced on July 13 that a memorandum has been
submitted by the International Tin Committee to the Governments of all tin-producing countries participating in the
London World Economic Conference, which foreshadows a
much wider and stricter application of the international
agreements for control of world tin production.
The announcement, based on cablegram received from
London in New York, continued:
The memorandum asks for the co-operation of these countries in securing
a continuation and extension of existing agreements and states that if
non-participating countries are not brought within international control
there is serious danger of the regulation scheme breaking down with consequent disaster to the tin industry in all countries.
It is pointed out that five countries-Bolivia, Malaya, Netherlands
East Indies, Nigeria, and Slam-controlling between them well over
90% of the world's tin production, have been since 1931 co-operating in
control of production.
Since the control scheme came into force, It is pointed out, stocks have
decreased from the highest point of 60,547 tons in April 1932 to 48,892
tons at the end of May 1933 and the price of tin has risen from an average
of £115 per ton for the three months prior to the inception of the shorn°.
to L22734 on June 1933.
The present statistical position is stated to be the following:
Export allowed to signatory countries, including Siam
64,056 tons
Estimated export by non-signatory countries
16,000 tons
Secondary tin
6,000 tons
Total-------------------------------------------------86,056 tons
Non-participating countries include the United Kingdom, Burma,
Australia, South Africa, Belgian Congo, Portugal, Mexico, Japan, China,
and French Indo-China. The total estimated production of these countries
in 1932 was given as 14,190 tons.
These figures, the International Tin Committee states, indicates that
in conjunction with a probable increase in production of secondary tin,
a price of about E200 per ton is likely to cause a serious increase in supplies
not under the committee's control, unless non-participating countries are
brought within the international agreement.
It would be very difficult, the Committee states, to ask producerein
participating countries to continue restricting production on the present
Financial Chronicle
Volume 137
basis of about 25% of capacity, while the benefits accruing from their
heavy sacrifice were shared by producers in non-participating countries
who incurred no obligations or inconvenience of any kind.
Accordingly, a new clause has been adopted by the countries participating in the regulation scheme, which permits them to withdraw after
six months' notice if for six consecutive months the combined production
of non-participating countries shall have exceeded 25% of world output.
It is felt that adoption of this new clause, with its threat of disorganization to the world tin industry, will have the immediate effect of bringing
all the countries under British influence into compulsory co-operation with
the existing scheme. Every possible effort, it is understood, will be made
by British, Bolivian. and Dutch delegations to the Economic Conference
to persuade other tin-producing countries to endorse the scheme also.
Monthly Statistics of Tin Exports Announced by
International Tin Committee.
Tin exports in June from countries participating in the tin
restriction plan totaled 4,727 long tons in June compared
with 5,701 tons in May, according to statistics made available by the International Tin Committee. The monthly
exports permissible from Sept. 1 1932 to July 1 1933 were
fixed at 5,692; from July 1 1933 the monthly exports permissible are 5,338 tons. The New York office of the International Tin Research & Development Council made public
on July 21 the following communique from the International
Tin Committee:
Communique.
1. The International Tin Committee met at the Imperial Institute,
London, on Thursday, July 20.
2. The monthly statistics as to export are as follows:
CABLED INFORMATION FROM PARTICIPATING COUNTRIES FOR
SEPT.-DEC., 1932, JAN.-MAR., 1933 AND APRIL, MAY AND JUNE 1933.
Monthly
Export Balance
Permisat
sittle
Sept. 1
from
1932.
.Sept. 1
1932.
Sept.
Jan.
to
to ' April.
Dec. March
1932. 1933.
May.
Monthly
Export
June. Bennisstale
from
July 1
1933.
N. E. I
1,282
--40 5,068 3,943 1,307 1,232 1,437
1,068
Nigeria
317
--26 1,260
286
227
461
321
949
Bolivia
1,224 +1,172 5,177 3.600 1,224 1,230 1.203
1,224
Malaya
2,036 -113 8,532 6,2231 2,671 1,990 1,167
1,927
Siam
833 -523 3.296 2,510
833
693
788
830
Note.-A plus 1+)sign means excess over quota; a minus(-) sign means balance
in hand on Quota allowance.
x The figure for Malaya for January-March 1933 has been raised by one ton to
6,223, the export for January being now reported as 2,439 instead of 2,438.
International Tin Pool.
The Committee of Control of the International Tin Pool announce that
the International Tin Pool has released the permitted quota of tin for
the month of July in accordance with the scale agreed with governments
signatory to the International Tin Control scheme.
Steel Production Recedes Further to 57% of Capacity,
Says the "Iron Age"-Scrap Prices Continue to
Advance.
Ingot production has declined for the second consecutive
week and finished steel demand continues to taper, but
the scrap market, always considered a sensitive barometer,
has risen to new high levels for the year, the "Iron Age" of
July 27 reports. Scrap prices have gone up in virtually all
market centres except Chicago and St. Louis, and advances
of $1 at Philadelphia and 50 cents at Pittsburgh have raised
the "Iron Age" composite price of heavy melting scrap from
$11.58 to $12.08 a gross ton. The "Age"further states:
It is possible that scrap may be anticipating a rebound in activity early
in the fall, because most current indications are that a belated summer
recession in steel demand has set in. The National average for steel
ingot output has declined from 58 to 57% of capacity, now being two
points below the peak reached a fortnight ago. While operations in most
market centres have remained unchanged during the past week, the Chicago
rate declined from 60 to 56% and the Cleveland-Lorain average from
70 to 67%.
Specifications for most of the lighter finished steel products continue
to decline, but releases of bars, plates. shapes, pipe and wire products are
growing and in some districts have prevented any decline in aggregate
bookings. The automotive industry continues to press for deliveries against
contracts but is placing little new business. Retail sales of cars thus far
this month have not been up to the June level, and it is feared that they
will suffer a further reduction because of the sharp break in the stock and
commodity markets. August output, therefore, is difficult to forecast,
although a July total of at least 225,000 vehicles is already assured.
The dearth of new business from the motor car makers may be due
in part to resistance to recent price advances, which on a few products
amount to as much as $10 a ton. Similar opposition to the new quotations
has been encountered among other large buyers, who have not yet become
reconciled to the abolition of preferential prices. No new general price
revisions have been announced outside of an advance of $8 to $10 a ton
on lap-weld steel boiler tubes, in line with recent changes in discounts on
commercial seamless boiler tubes. Tie plates have been marked up $3
a ton to $1.90 a hundred pounds by one mill, with other producers likely
to follow.
Expected shrinkage in the steel requirements of the automobile industry
may be counterbalanced by larger demands from the heavy industries.
The Naval program will soon result in plate orders and Federal allotments
for road buildings, now being distributed among various States, should
stimulate buking of reinforcing steel. Considerable sheet piling will be
needed for the Government's river and harbor program. In addition,
Government aid is being extended for various municipal and State projects.
Cleveland has asked bids on 2.500 tons of welded steel pipe and 1.050
tons of fittings, together with 24,000 tons of cast iron pipe. Pasadena
will open bids Aug. 15 on 5,000 tons of steel plates for a I9-mile conduit,
and Los Angeles has taken figures on transmission towers, requiring 7,000
tons of steel Fabricated structural steel awards of the week. at 6.225
771
tons, compare with 7.900 tons a week ago. Lettings of reinforcing bars
are large, totaling 9,250 tons.
Railroad buying has not yet reached significant proportions, although
purchases for car repairs are increasing in step with the growth of traffic.
The Wabash Ry. is in the market for 1.500 tons of structural shapes for
the repair of 300 freight cars, and the Baltimore & Ohio has made a sizable
purchase of repair material for the first time in a long period. Ship repair
work also has picked up in anticipation of increased costs following the
adoption of the ship-building code.
Advances in pig iron prices are now well established and, though new
business is light, shipments against contracts continue to increase. At
Chicago July shipments are running 30% ahead of those of June. At Cleveland the gain is 40%. A merchant producer has lighted a furnace at
Toledo and expects to start a second stack in a few weeks. A merchant
unit at Buffalo will probably go into blast before Aug. 1. Three steel
works stacks in the Valleys and one at Lorain have been brought in within
the past week.
Coke continues strong both because of increased demand and continued
curtailment of production as a result of labor troubles. The present
market for furnace grade is $2.50 to $3.25 Connellsville, and sellers are
reluctant to take contracts for August and September delivery at any price.
The "Iron Age" composite prices for pig iron and finished steel are
unchanged at $15.90 a gross ton and 1.973c. a pound, respectively.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
July 25 1933, 1.973e. a Lb.
Based on steel bars, beams, tank plates,
One week ago
1 973e.4 wire, rails, black pipe and sheets.
One month ago
1.904e.I These products make 85% of the
One year ago
1.976c.t, United States output.
High.
Low.
1933
1.867e, Apr. 18
1 973e. July 5
1932
1.926e. Feb. 2
1 977e. Oct. 4
1931
1.9430. Dec. 29
2.037c. Jan. 13
2.0180. Dec. 9
1930
2.2730. Jan. 7
1929
2.2830. Oct. 29
2.317c. Apr. 2
1923
2.217e. July 17
2.286e. Dec. 11
1927
2.212e. Nov. 1
2.402c. Jan. 4
Pig Iron.
July 25 1933, $15.90 a Gross Ton. (Based on average of basic iron at Valley
One week ago
815.901 furnace foundry irons at Chicago.
One month ago
15.011 Philadelphia, Buffalo, Valley and BBOne year ago
13.761 mingham.
Low.
High.
1933
$13.56 Jan. 3
$15.90 July 18
1932
13.56 Dec. 6
14.81 Jan. 5
1931
15.79 Dec. 15
15.90 Jan. 6
1930
15.90 Dec. 16
18.21 Jan. 7
1929
18.21 Dec. 17
18.71 May 14
1928
17.04 July 24
18.59 Nov.27
1927
17.54 Nov. 1
19.71 Jan. 4
Steel Scrap.
July 251933. 312.08 a Gross Ton. (Based on No. 1 heavy melting steel
One week ago
$11.55 quotations at Pittsburgh, Philadelphia
One month ago
10.08 I and Chicago.
One year ago
6.58
Low.
High.
1933
$6.75 Jan. 3
$12.08 July 25
1932
6.42 July 5
8.50 Jan. 12
1931
11.33 Jan. 6
7.62 Dec. 29
1930
11.2.5 Dec. 6
15.00 Feb. 18
1929
14.08 Dec. 3
17.58 Jan. 29
1928
13.08 July 2
16.50 Dec. 31
1927
15.25 Jan. 11
13.08 Nov.22
"Steel" of Cleveland, in its summary of the iron and steel
markets, July 24, stated:
A combination of circumstances, none of them inherently bearish. hat
leveled off steel production, and the unbroken rise since the last week os
March, when the industry was at 14% was checked last week when the rate
barely held at 57%.
Releases against all contracts have now been largely worked off, and
where higher prices are quoted-which is frequent-the incentive to commit
further is lacking; automobile manufacturers are anticipating a slight
seasonal letdown in August; wage and working conditions have become
increasingly uncertain in view of NRA codes; the weak stock and commodity markets and Washington's warnings against over production have
had a dampening effect.
An easier situation in July and August is nothing untoward in steel, and
producers generally are disposed to appraise the present reaction as a
technical one. There is growing apprehension in some quarters that the
NRA program will interfere with the orderly working of economic laws,
but the industry intends to co-operate and is basing certain fundamental
policies on a long range view which is conservatively bullish.
For example, the United States Steel Corp. has decided to bring down
3.000,060 tons more iron ore this season, necessitating the commissioning of
40 additional ore carriers. This makes 211 out of 330 Great Lakes ore carriers
in service, compared with 99 on June 15 and 76 a year ago.
Three blast furnaces-one Carnegie at Duquesne, one Hanna at Buffalo
and one National Tube at Lorain-have been lighted, and the Brooke
stack in eastern Pennsylvania is to be lighted Sept. 1. Detroit counts on
the NRA program to store up an automobile market in the fall at least
equal to the May-June-July one. The naval, highway and public works
programs are certain takers of steel In volume the remainder of the year.
Equipment repairs by railroads, while placed in small lots, are surprisingly
large in the aggregate.
A stalemate on heavy finished steel early in August is a possibility if
producers adhere to their intention of adopting a one-price base,eliminating
concessions for quantity, but any passive resistance of consumers is expected to yield to requirements stimulated by generally improved demand.
However, specifications against heavy finished contracts the last week of
July are expected to be heavy in anticipation of such a stand and will probably mitigate a shrinkage in specifications for sheets, strip and wire
products.
Prices generally continue strong. As previously noted, heavy finished
steel is tending higher. On small sales, the recent advances on strip are
applied. New buying of wire products at higher prices is light but wherever
a test is made producers are firm. Some sheet mills are extending their
new levels through the third quarter, although one is refusing to book
beyond July. A rise in bars, plates, shapes impends.
Cold-finished bar users are being urged to cover prior to a probable $5
increase. Importers of Dutch and Indian iron have kept step with last
week's lift of $1 in domestic iron. Foreign fluorspar has been raised $2.50
in conformity with domestic material, while practically all foreign iron ores
are higher.
Pig iron sales are quiet, following the advance of $1. but July shipments
are exceeding June. Semi-finished steel prices, especially on sheet bars, are
expected to stiffen Aug. 1. Speculative impulses put steel scrap prices up
in many districts last week, although the tone was less strong at the close
of the week.
Warehouse prices are beginning to advance, reflecting the mill situation.
Financial Chronicle
Youghiogheny Ohio Coal Co. ordered 325 coal cars. Erie railroad placed
the remainder of its rail commitment. Numerous small releases of track
fastenings were reported.
An arbitrary adjustment in the iron and steel composite of "Steel" to
correct a situation in sheets lowers this index to $30.02. The finished steel
composite remains unchanged at $47.70, while the scrap composite is up
75 cents to $11.25.
Steel ingot production for the week ended July 24 was a
shade over 56% of capacity, according to the "Wall Street
Journal" of July 26. This compares with 56% in the
previous week, and with 5332% two weeks ago. The
"Journal" adds:
rg S. Steel is estimated at 49%, against 47% in the week before and
43;i% two weeks ago. Independents are credited with a rate of 61%.
compared with 63% 8n the preceding week and 61% two weeks ago.
The following table gives the percentage of production for the corresponding week of previous years. together with the approximate changes
from the week immeidately preceding:
1932_x
1931
1930
1929
1928
1927
x Not computed.
Industry.
U. S. Steel.
33 +13
5736
9536+ Si
71 +136
6836+134
33
64
100 +1
75 +2
7135+234
4,155,000 tons in the corresponding period in 1932. Anthracite output amounted to 725,000 net tons, as against
676,000 tons during the week ended July 8 1933 and 597,000
tons during the week ended July 16 1932.
During the month of June 1933 there were produced a
total of 25,320,000 net tons of bituminous coal and 3,928,000
tons of anthracite, as compared with 22,488,000 tons of
bituminous coal and 2,967,000 tons of anthracite during
May last and 17,749,000 tons of, bituminous coal and
2,550,000 tons of anthracite during June 1932. The Bureau's
statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Week Ended
July 15
I933.c
Independents.
33
52
91
68
65
+356
+1
+1
Retail Coal Prices at Pittsburgh Raised 25 Cents a Ton.
The retail prices of coal in the Pittsburgh area were raised
25 cents a ton on July 24 to $3.50 a ton, we learn from United
Press advices from Pittsburgh. The increase was attributed
to recent wage increase given bituminous miners, the advices said. Prices for industrial coals remained the same.
July 29 1933
July 8
1933.d
The reductions go into effect Aug. 1. They range from 28 cents to
$1.24 a gross ton. The proposed rate to Boston, for instance, is $3.65
against the present rate of $4.28. The railroads asked the reductions in
order to meet competition of fuel oil and imported anthracite In the territory.
Coal is shipped to the Boston territory from mines in Wales and sold as far
Inland as 50 miles at a price lower than domestic coal.
Bituminous Coal and Anthracite Again Resumed
Upward Climb During Week Ended July 15 1933
-Output in June Increased.
Resuming its upward climb after the Fourth of July
holiday, production of bituminous coal reached a total of
6,965,000 net tons, according to estimates by the United
States Bureau of Mines, Department of Commerce. This
compares with 5,530,000 tons in the preceding week and
1933.
1932.
1929.
Bltum. coal: a
Weekly total 6,965,000 5,530,000 4,155,000 158,552,000 151.420,000 276,728,000
959,000
Daily avge_ _ 1,161,000 1,106,000 693,000
917,000 1.673,000
Pa. anthra.: b
Weekly total 725,000 676,000 597,000 23,939,000 25,035,000 37,534,000
99,500
146,400
153,100
Daily avge_ _ 120.800 135,200
229,600
Beehive coke:
9,600
13,200
433,700
15,000
417,900 3,655,600
Weekly total
1,600
2,640
2,597
2,500
2.502
21,890
Daily avge__
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
coal,
sales,
local
dredge
and
colliery
and
fuel. c Subject
Sullivan County, washery
to revision. d Revised.
ESTIMATED WEEKLY AND MONTHLY PRODUCTION OF COAL BY
STATES (IN NET TONS-000 OMITTED).
Week Ended
Freight Rates on Anthracite Coal from Pennsylvania
to New England, Long Island and Westchester
County, New York Reduced.
The Inter-State Commerce Commission on July 24 approved reductions of freight rates on anthracite coal from
Pennsylvania to New England, Long Island, and Westchester, County, N. Y., according to Associated Press
advices from Washington, July 24, which continued:
Calendar Year to Delete.
July 16
1932.
State.
July 8
1933.
July 1
1933.
Monthly Production.
June
1933.
May
1933.
June
1932.
Calendar Year to Date.
1933.
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1932.
1929.
Va.-South a
Washington_W.
Northern_ b
Wyoming
Other States_ __ _
173
27
34
431
185
30
.50
531
103
18
1
23
18
12
290
1,590
62
13
19
193
17
1,292
372
42
4
184.
25
40
540
200
45
64
615
95
23
1
27
15
15
330
1,930
71
12
30
223
21
1,585
416
62
1
Tot, bit. coal_
Pa. anthracite
5,530
676
6,570 25,320 22,488 17,749 145,210 144,588 257,847
1,137 3,928 2,967 2,550 22,387 24,162 35,517
Alabama
Ark. and Okla
Colorado
Illinois
Indiana
Iowa
Kansas and Mo.
Ky.-Eastern
Western
Maryland
Michigan
Montana
New Mexico
North Dakota_ _
Ohio
Pennsylvania_._
Tennessee
Texas
Utah
Virginia
640
92
188
2,080
810
158
279
2,400
374
87
7
102
77
53
1,430
7,520
266
60
102
820
77
5,960
1,507
227
4
620
509
65
66
290
209
2,063 , 612
800
720
176
220
272
328
1,984 1,731
410
652
68
90
8
8
111
120
76
78
60
49
1,280
400
6,410 5,056
214
223
55
63
143
87
521
873
84
105
4,973 4,308
1,340 1,384
247
250
15
13
3,813 9,103
820 2.401
2.588 4,664
15,980 29,237
6,958 9,008
1,769 2.009
2,605 3,403
11,369 21,920
4,086 7,145
747 1,325
383
236
995 1,562
697 1,290
816
756
5,640 10,520
36,732 70.575
1,578 2,653
548
300
1,319 2,478
3,708 6,263
848 1,300
29.463 48,345
10,628 17,704
1,964 3.100
95
89
6.206 7,707 29,248 25,455 20,299 167,597 168,750 293.364
a Includes operations on the N. .4. W., C. .4 0., Virginian, K. & M., and
B. C. Az C. b Rest of State, including Panhandle.
Total coal.. _ _
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ending July 26, as reportal
by the Federal Reserve banks, was $2,200,000,000, an
increase of $4,000,000 compared with the preceding week
and a decrease of 8234,000,000 compared with the corresponding week in 1932. After noting these facts, the
Federal Reserve Board proceeds as follows:
On July 26 total Reserve bank credit amounted to 82,201,000,000, an
increase of :34.000.000 for the week. This increase corresponds with an
Increase of $16,000,000 in member bank reserve balances and a decrease
of $31,000,000 in Treasury currency, adjusted, offset in part by decreases
of $3.1,000,000 in money in circulation and $9,000,000 in unexpended capital
funds, non-member deposits, &c.
Bills discounted increased $1,000.000 at the Federal Reserve Bank of
San Francisco, and decreased $3.000,000 at Kansas City and $2,000,000
at all Federal Reserve banks. The System's holdings of bills bought in
open market show no change for the week, while holdings of Treasury notes
increased $12,000,000 and of Treasury certificates and bills declined
$2,000,000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stocks and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the
different items, was published in the May 31 1930 issue ot
the "Chronicle" on page 3797.
The statement in full for the week ended July 26, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages, namely,
pages 815 and 816.
Beginning with the statement of March 15 1933, new
items were included, as follows:
1. "Federal Reserve bank notes in actual circulation," representing the,
amount of such notes issued under the provisions of paragraph 6 of Section
18 of the Federal Reserve Act as amended by the Act of Starch 9 1933.
2. "Redemption fund-Federal Reserve bank notes," representing the
amount deposited with the Treasurer of the United States for the redemption of such notes.
3: "Special deposits-member banks" and "Special deposits-nonmember banks," representing the amount of segregated deposits received
from member and non-member banks.
A new section has also been added to the statement to show the amount
of Federal Reserve bank notes outstanding, held by Federal Reserve banks.
and In actual circulation and the amount of collateral pledged against
outstanding Federal Reserve bank notes.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ending
July 26 1933 were as follows:
Increase (+) or Decrease (-)
Since
July 26 1933, July 19 1933. July 27 1932
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
161,000,000 -2,000,000 -364,000,000
-30,000,000
' 10,000,000
2 028,000,000 +11,000.000 +187,000,000
2,000,000 -5,000,000 -14,000,000
TOTAL RESERVE BANK CREDIT__2,201,000,000 +4,000,000 -221,000,000
4320,000,000 +1 000 000 +360,000,000
Monetary gold stock
1,916,000,000 "-31.000,000 +145,000,000
Treasury currency adjusted
5,601,000,000 --34,000,000 --89,000,000
Money In circulation
2 306,000,000 +16,000,000 +234.000,000
Member bank reserve balances
Unexpended capital funds, non-member
529,000,000 -9,000,000 +138,000.000
deposits, &c
Returns of Member Banks in New York City and
Chicago-Brokers' Loans.
Beginning with the returns for Juno 1927, thf Federal
Reserve Board also commenced to give out the figures of
the member banks in New York City, as well as those in
Chicago, on Thursday, simultaneously with the figures for
the Reserve banks themselves, and for the same week, instead
of waiting until the following Monday,before which time the
statistics covering the entire body of reporting member banks
in the different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks, for the
current week, as thus issued in advance of the full statement
of the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
course, also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week shows a decrease of $73,000,000, the total of these
loans on July 26 1933 standing at 94,000,000, as compared
with $331,000,000 on July 27 1932, the low record for all
time since these loans have been first compiled in 1917.
Loans "for own account" decreased from $833,000,000 to
$761,000,000 and loans "for account of out-of-town banks"
from $128,000,000 to $127,000,000, while loans "for account
of others" remain unchanged at $6,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
July 28 1033. .rtay 19 1933. July 27 1932.
Loans and Investments—total
6,731,000,000 6,858,000,000 8,317,000.000
Loans—total
3,369,000,000 3,458,000.000 3,492,000.000
On securities
All other
Investments—total
U. S. Government securities
Other securities
1,790,000,000 1,862,000,000 1,630,000.000
1,579,000,000 1,896,000,000 1,862,000,000
3,382,000,000 3,400,000,000 2,825,000,000
2 293,000,000 2,332,000,000 1,870.000,000
1,069,000,000 1,068,000,000 955.000.000
Reserve with Federal Reserve Bank_ __ _ 782,000,000
Cash in vault
38,000,000
740,000.000
37,000.000
778.000,000
40.000.000
Net demand deposits
Time deposits
Government deposits
5,263,000,000 5,318,000,000 4,898,000,000
783.000.000 795.000.000 800.000.000
20,000.000
254,000,000 285,000,000
Due from banks
Due to banks
71,000,000
74,000.000
66,000,000
1 099,000.000 1,162,000,000 1,060,000,000
Borrowings from Federal Reserve Bank_
•
Loans on secur. to brokers & dealers;
For own account
761,000,000
For account of out-of-town banks_ _
127,000,000
For account of others
6,000.000
Total
On demand
On time
Malls and investments—total
894,000,000
833,000,000
128,000,000
6,000,000
306,000,000
17,000,000
8,000,000
987,000,000
331,000,000
844,000,000 721,000,000 237,000,000
94.000,000
250,000,000 246.000.000
Chicago.
1,311,000,000'1,294,000,000 1,232,000,000
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
712,000,000
713,000.000
872.000,000
363,000,000
349,000,000
357,000,000
356.000.000
506,000,000
366,000,000
599,000,000 *581.000.000
360,000,000
371,000,000 355,000.000
228,000.000 "226,000,000
100,000,00J
170,000,000
Reserve with Federal Reserve Bank.-- 272,000,000
Cash in vault
27,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
270,000,000
27.000.000
184,000,000
18,000,000
1,048,000,000'1,023,000.000
351,000,000 359.000,000
43,000.000
42,000.000
781,000,000
340,000,000
5.000,000
187,000,000
275.000,000
181,000.000
220,000,000
171,000,000
266.000.000
8.000,000
* Revised.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
The Federal Reserve Board resumed on May 15 the
publication of its weekly condition statement of reporting
member banks in leading cities, which had been discontinued after the report issued on March 6, giving the figures
for March 1. The present statement covers banks in 90
leading cities instead of in 101 leading cities as formerly, and
shows figures as of Wednesday, July 19, with comparisons
for July 12 1933 and July 20 1932.
As is known, the publication of the returns for the New
York and Chicago member banks was never interrupted.
These are given out on Thursday, simultaneously with the
figures for the Reserve banks themselves and cover the
same week,instead of being held until the Wowing Monday,
before which time the statistics covering the entire body of
reporting member banks in 90 cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on July 19.
The Federal Reserve Board's condition statement of weekly reporting
member banks in 90 leading cities on July 19 shows Increases for the week
of $22,000,000 In loans and investments, $26,000.000 in time deposits and
$12,000,000 in reserve balances with Federal Reserve banks, and a decrease
of $47,000.000 In net dornand deposits.
773
Financial Chronicle
Volume 137
Loans on securities declined $26,000,000 at reporting member banks in
the New York district and $10,000,000 at all reporting member banks, and
increased $15,000.000 in the Chicago district. "All other" loans increased
$14.000,000 In the Boston district, $11.000,000 in the Chicago district,
$7.000,000 in the Minneapolis district and $22,000,000 at all reporting
banks, and declined $15,000,000 in the New ork district.
Holdings of United States Government securities Increased $22,000.000
In the Boston district, $8,000,000 In the St. Louis district, $5,000,000 each
in the Dallas and San Francisco districts and $14,000,000 at all reporting
member banks, and declined $22,000.000 In the New It ork district and
$19,000.000 in the Chicago district. Holdings of other securities declined
$9,000.000 in the Chicago district, $6,000,000 in the New ork district and
$4,000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $22.000,000 on July 19, the principal change for the
week being a decrease of $4,000,000 at the Federal Reserve Bank of New
ork.
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 $812,000.000 and net demand,time and Government deposits of $808.000.000 on July 19,compared
with $811.000.000 and $807.000.000, respectively, on July 12.
A summary of the principal assets and liabilities of the reporting member
banks.in 90 leading cities, that are included in the statement, together with
changes for the week, and the year ended July 19 1933, follows:
Increase (+1 or Decrease (—)
Since
July 20 1932.
July 19 1933. July 12 1933.
Loans and investments—total__ _16,746,000,000
+22,000,000
+506,000,000
8,854,000,000
+12,000,000
—875,000,000
3,864,000,000
4,790,000,000
—10,000,000
+22,000,000
—202,000,000
—673,000,000
8,092,000,000
+10,000,000 +1.381,000,000
5,140,000,000
2,952,000,000
+14,000,000 +1,297,000,000
+84,000,000
—4,000,000
1,649,000,000
188,000,000
+12,000,000
--13,000,000
+175,000.000
--10,000,000
10,662,000,000
4,547 000,000
581,000,000
—47,000,000
+26,000,000
+640.000.000
+63.000,000
+500,000.000
1,196,000,000
2,890,000,000
—80,000,000
—81,000,000
+122,000,000
+258,000,000
22,000,000
+1.000.000
—146,000.000
Loans—total
On securities
All other
Investments—total
U.S. Government securities
Other securities
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
Money Unit Voted by British Empire—United Kingdom
and Dominions Decide to Keep on Sterling, Free
from Gold and Dollar—Canada Indicates Her
Dollar Will Be Linked to Pound—All Will Raise
Prices.
The British Commonwealth of Nations at night July 27
announced a general agreement on a "sound" financial policy
designed to facilitate stabilization of currency within the
"empire" and indicating a single monetary policy for the
United Kingdom and all the Dominions except the Irish Free
State, United Press ads-ices from London July 27, to the
New York "Herald Tribune" from which the foregoing is
taken went on to say:
The twelve-page statement on economic and financial policy was a defeat
for the Dominions' campaign, led by Canada, for a policy similar to that
inaugurated by President Roosevelt.
Declares for Gold Standard.
The statements declared for:
Ultimate return to "a satisfactory international gold standard."
Possible participation by the United States and other nations in a wider
agreement to stabilize monetary exchanges.
No favoritism toward either the dollar or the franc.
No commitments on future "management" of the pound sterling.
Furtherance of every effort to raise wholesale prices.
The statement was signed by Neville Chamberlain, British Chancellor of
the Exchequer; Richard B. Bennett, Prime Minister of Canada ; Stanley
Bruce, High Commissioner at London for Australia; George W. Forbes,
Prime Minister of New Zealand ; General Christian Smuts, for South
Africa, and Sir Henry Strakosch for India. Senator Joseph Connolly declined to sign on behalf of the Irish Free State, and, instead, referred the
question to the Government at Dublin.
Coming as it did immediately after the adjournment of the Economic
Conference, the statement was considered to have all the greater significance
in that the Conference collapsed on the question of currency stabilization.
The principles agreed upon at the Ottawa Imperial Conference were emphasized as "sound" in the statement, which reaffirmed them and said they
had resulted in benefits to inter-Empire trade that were likely to continue.
U. S. Policy Aids Plentiful Credit.
"In the last few months," the statement said, also, "the persistent adherence of the United Kingdom to a policy of cheap and plentiful money has
been increasingly effective under more favorable conditions created for the
time being by the change in policy of the United States. . . . The Governments of the Commonwealth should persist by all means in their power,
whether monetary or economic, within the limits of sound finance, in a
policy furthering a rise in wholesale prices until evidence of equilibrium is
established."
Pending re-establishment of the gold standard, the "empire" delegations
"recognize the importance of stability of exchange rates between the
countries of the empire in the interests of trade."
"This objective will constantly be kept in mind in determining their
monetary policy," the statement said.
It was emphasized that Great Britain has retained its freedom of action
regarding the pound, and thus may facilitate intra-Empire currency stability.
Stating that Great Britain and her dominions announced
July 27 that until world currencies are again stabilized on
gold they will make the Empire,a single monetary unit based
on sterling, entirely independent of gold currencies or the
dollar, the London cablegram on that date to the New York
774
Financial Chronicle
"Times" in part had the following to say regarding the agreement:
They reminded the rest of the world that they already had a common
policy for raising prices and that the United Kingdom Government "has no
commitments to other countries as regards the future management of
sterling."
Direct overtures also were made to other countries to associate themselves with the Empire group, thus making possible "the attainment and
maintenance of exchange stability over a still wider area."
Shift by Canada Indicated.
Prime Minister Bennett of Canada was among the signers of the document. He joined delegates of Britain, Australia, New Zealand, South Africa
and India, all of whom are already on sterling. The indication thus was
plain that Canada has decided to adjust her dollar to the fluctuations of
sterling instead of following the United States dollar, as she has done.
The declaration makes clear that the Empire currency group is not intended to be permanent and that all the Empire countries want the ultimate
restoration of "a satisfactory international gold standard." But such a
restoration, they declare, must await the stabilization of world prices, and
this can be achieved only by international action.
While the dominions and the mother country have thus agreed on a
currency policy and profess to be following the same policy of price raising
they have failed to agree on the wisdom of an expansionist policy. They
simply agree to disagree, for example, on the question of public works which
recently has been the source of increasing friction between the dominions
and the London Government. They merely say that programs of capital outlay are matters for each Government to decide "in the light of its own
experience and its own conditions."
The declaration is thus a compromise between the divergent policies of
the British Empire countries but it is one which must give the British Government special satisfaction. Already it is being bailed as a historic docu-tnent which will become still more important if all Empire countries can coordinate their financial and monetary policies on sound lines.
Not the least notable part of the document is its reaffirmation of the
declaration signed it Ottawa last year pledging the ,Empire countries to
avoid unsound inflationary measures.
Declaration Is a Surprise.
The Empire delegates sprang a surprise on the whole world, not excluding their own home publics, by issuing their declaration. For several days
they had been meeting privately in Neville Chamberlain's room at the
Science Museum, adjoining the conference building. It was known they
were trying to formulate some statement on Empire policy, but the meetings had not been going smoothly. Differences of opinion had come to the
surface and complaints came from the dominions on one hand and from
Britain on the other that the Ottawa agreements were not being carried out.
Yet these differences, as it developed, did not prevent the Empire nations
from proclaiming their determination to stick together. This evening, as
soon as the Conference adjourned, the decisive meeting was held in Mr.
Chamberlain's room, and for ninety minutes the delegates sat behind, closed
doors. . . .
Even the British Parliament had no inkling of what was coming. No
word of it was hinted in the House of Commons to-day in debate, which concerned dominion affairs and specifically the Ottawa agreements. Dominions
Minister Thomas confined his speech to a defense of the Ottawa pacts as
having benefited Britain's exports to the dominions and to a conciliatory
discussion of the Anglo-Irish quarrel, which did not, however, indicate the
slightest progress had been made toward a settlement.
Other Important Features.
•
While the paragraph of the declaration proposing the Empire monetary
union will receive most attention, it has incidental features only slightly
less important. It reaffirms the Ottawa agreements wholeheartedly and
meets complaints by the statement that there has not been time enough for
the Ottawa pacts to have had full effect.
It also reaffirms the determination of the British Commonwealth Governments to "persist by all means in their power, whether monetary or economic,
within the limits of sound •finance, in the policy of furthering a rise in
wholesale prices until there is evidence that equilibrium has been re-established."
The phrase "within the limits of sound finance" is of special significance
at a moment when an insistent body of opinion in all Empire countries is
being attracted by the inflationary policy of the Roosevelt administration.
The inference is clear that while the Empire Governments will go along
with President Roosevelt in price raising they will have nothing to do with
his currency experiments. To this extent to-night's document may be regarded as a triumph for "sound money."
At the end of the declaration is a recommendation that Empire Governments should consult from time to time on monetary and economic policies
"with a view to establishing their common purpose and to framing such
measures as may conduce toward its achievement." This may have been intended to placate those who have been calling for a second Empire Conference to formulate an imperial monetary policy. But its most important
effect will be its reminder to all the world that whatever happens in the
next few months or years, and whatever happens to President Roosevelt's
experiment, the British Empire is not going to split on the rocks of monetary or economic disagreement.
British House of Commons Approves Proposed Bond
Conversion Plan—Chancellor Chamberlain Defends
Lower Interest Rate—Says Obligation British
Government Undertook in 1917 Has Been Abrogated by Change in United States Gold Standard
Laws—Indicates British Government May Have to
Find $136,000,000 in New -York in 1937.
By a vote of 131 to 22 the British House of Commons approved, on July 21, the war bond conversion plan under which
Great Britain will pay interest on gold securities either in
paper dollars or in sterling at a lower rate. The proposed
2% British gold
plans respecting the conversion of the 51/
bonds issued in New York in 1917 were referred to in our
Issue of July 22, page 575. In reporting the action of the
House of Commons on July 21, London advices that day to
the New York "Times" said:
July 29 1933
Neither Neville Chamberlain, Chancellor of the Exchequer, nor any one
in the House questioned the morality of the transaction, although some financial interests outside continued to mutter that it was a repudiation of a contract. The chief criticism in the House of Commons was that the conversion would cost the Exchequer more than £5,000,000—an argument that Mr.
Chamberlain answered by saying it would have coat still more to have continued paying in gold dollars.
Lays Action to Our Steps.
Mr. Chamberlain was careful not to reproach the United States for its
abrogation of the gold clause. He did, however, argue that the American
action caused Great Britain to face an entirely new situation.
"The legal position is perfectly clear," he said. "The obligation that
the British Government undertook in 1917 has been abrogated by an alteration of the law of the land under whose jurisdiction the bonds were issued.
That alteration, it is true, was adopted as part of a general policy directed
to meeting the internal needs of the United States.
"At the same time I think everybody will agree that in view of the passage
of that legislation there would be no legal obligation upon us to resume a
liability of which we have been lawfully relieved by the Government of the
United States. Nor is there any reason legally for us to take any action in
relation to those bonds which could be held to be in opposition to the
general economic objects of the United States Government."
Mr. Chamberlain told his handful of critics that the circumstances of this
loan were almost unique.
"It is not our practice in this country to use New York as a borrowing
center," he asserted. "This particular loan was a war loan, raised in wartime, and the circumstances which attended its raising were quite exceptional."
Furthermore, he argued, a considerable part of this issue was held outside of the United States and the British Government had "some moral obligation apart from legal obligation toward these people."
Still another factor making the present case exceptional, he said, was
that the British Government might have to find $136,000,000 in New York
in 1937.
"The House will appreciate that it is quite possible it might be inconvenient to do so," Mr. Chamberlain said. "It would, therefore, be definitely
advantageous to this country if we could get rid of the liability by some
scheme or repatriating the loan, under which the holders would accept an
offer of repayment in sterling instead of dollars."
Says "Square Deal" Is Aim.
Explaining that there was no time for the conversion offer to be applicable
to the interest due Aug. 1, he announced that this instalment would be paid
in paper dollars. "I hope," the Chancellor of the Exchequer concluded,
"that the holders of these bonds will consider that we have given them what
we intended to give them—a square deal."
A sharp attack on the ethics of the plan was made in "The Economist,"
weekly periodical. Asserting that bondholders are lucky to be able to
change front dollars to sterling. "The Economist" accuses the British Government of "departing from the clear intent of the bonds and pleading in
excuse the legislation of another country."
If this is the Government's considered attitude, the article concludes, "the
outlook for the reconstruction of an international financial order based upon
the sanctity of contracts is, indeed gloomy."
British Bond Exchange Offer—Correction.
From the "Wall Street Journal" of July 25 we take the
following:
In a calculation, published last week, endeavoring to show the difference
In aggregate return between holding United Kingdom 5/
1
2% dollar bonds.
1937, and exchanging them for sterling 23s. 1937, errors were made in
amount of interest accruing for the period on both issues.
The bondholder's choice between holding his dollar bonds or exchanging
them must be made before the end of August. After Aug. 1,seven coupons
will mature on the dollar bonds to the aggregate amount of $192.50. At
maturity the holder will receiye in United States currency $1,000 a bond
representing principal, making a combined total from the dollar bond for
Interest and principal $1,192.50.
Under terms of the exchange offer, the holder of a dollar bond may
sterling bond, due 1937, receiving a principal sum
convert into a 2
of E260 for a $1,000 bond. On basis of $4.80 for the pound throughout
the period, the bondholder making the exchange would receive interest
for seven semi-annual periods aggregating $109.20, while his principal at
maturity would be worth $1,248, making total return from the sterling
bond of $1,357.20.
It happened that the previous item from the paper quoted
was given in our issue of July 22, page 576, hence the occasion for printing the above.
England's Gold Default Criticized in Paris—Views on
Bond Conversion.
Advices. as follows, from Paris, July 22, are taken from
the New York "Times":
England's proposal to convert the American 51
/
2% loan is considered here
as advantageous to the holder. The operation is expected to succeed, as it
consists of exchanging dollars for the pound at a rate much higher than the
present parity and the public has reasons to fear a further fall in the dollar
against the pound.
It is noted here, however, that the English Government is not only refusing to keep its pledge with subscribers to the bonds, but manifests by this
proposal its decision not to repay the principal in gold.
This fresh default must be added to several others which followed the
American Government's default on the gold contract on its own bonds.
England has never before failed scrupulously to keep her engagements
abroad, and such an event is not of a nature to facilitate a return to normal
financial relations between countries.
London Sees Shift to English Market of Great Britain's
Dollar Bonds Held in New York.
It was observed in a London message July 22 to the New
York "Times" that perhaps the most fitting description published in London of the British Government's offer to convert
Its American dollar loan is the "Financial Times's" charac-
Volume 137
Financial Chronicle
terization of the plan as ingenious but immoral. The message
to the "Times" went on to say:
There is no doubt about its ingenuity and there is no doubt that it is
actually a breach of contract. But default is surrounded by such unusual
and complicated circumstances that it cannot fairly be classed among ordinary
defaults.
Its ingenuity consists in giving American holders the chance of making
profit out of converting, while it gives holders outside of America the opportunity of getting rid of the risks of big fluctuations in the dollar. Finally,
it will consolidate all British issues into sterling securities. It seems highly
probable that the bonds still held in America will to a large extent be repatriated and their market shifted to London, where the operation is welcomed as providing the British market with an attractive short-term bond.
London's eagerness to acquire the bonds explains very largely, if not entirely, this week's rapid rise in sterling value of the dollar. Dollars had
been in strong demand, not only to pay for bonds bought in New York, but
in connection with rebuying dollars sold forward by British holders of bonds.
Now that dollar bonds can be converted into sterling bonds at a fixed ratio,
British holders need no longer continue to cover themselves against depreciation of the dollar. This special influence in the exchange market will of
course very soon cease to exist.
Great Britain Will Aid World in Raising Price
According to Stanley Baldwin.
Level,
Stanley Baldwin, leader of the Conservative group in the
National Government, in a speech at Cambridge, England, on
July 22 said that the world situation "makes it necessary to
strive to get prices raised internationally." An Associated
Press cablegram from Cambridge, further reported:
Great Britain, he declared, is endeavoring to accomplish the rise of
domestic price levels as a contribution to raising international price levels.
"Proposals for regulation of production would make your fathers turn
over in their graves, but now we know these things are essential," Mr.
Baldwin said. "The interests of our farmers must come first, the interests
of the Dominions' farmers second, and the interests of foreign farmers third."
World Monetary and Economic Conference Adjourns,
with Question of Future Reassembly in Doubt—
Message of President Roosevelt Says Parley Is
Not a Failure and Will Progress—Secretary Hull
Renews Plea for International Co-operation—
Premier MacDonald Says Recess "Is Not a Finish"
—Silver Pact Chief Accomplishment of Conference.
The World Monetary and Economic Conference, which
was formally opened in London on June 12 with delegates
of 66 Nations in attendance, held its final session on July 27,
when adjournment was voted with no date fixed for resumption. Indeed, although the conference is now supposed only to be in recess, there is considerable doubt that
it will ever reconvene, despite the delivery of a number of
optimistic speeches on the final day. Among these was a
message from President Roosevelt, in which he said that the
Conference was not a failure, and added that "the larger
and more prominent problems will continue to be analyzed
and discussed." The President concluded his message
with an assurance of co-operation on the part of the United
States "toward world rehabilitation because we are convinced that continuation of the World Economic Conference
will result in practical good in many fields of joint endeavor."
Among the addresses made before adjournment was
voted on July 27 was one by Secretary of State Cordell
Hull, head of the American delegation. Mr. Hull also
expressed his hope for future accomplishments, and said
that he did not believe the domestic economic policy of the
United States could be blamed for the adjournment of the
Conference. He urged other Nations to adopt similar
programs of internal recovery, and added:
For those either pessimistically or wantonly inclined to attempt further
to handicap the Conference in its particular efforts to go forward is virtually
to indict and discredit all forms of international co-operation, however
necessary to deal with international problems which vitally affect the welfare of peoples alike in every part of the world.
Prime Minister J. Ramsay MacDonald, President of the
Conference, made the final address, in which he expressed
his regret that the Conference could not complete its work
without a recess. "There must be no mistake that this
recess is not a finish," he added. "The fulfillment of our
hopes is not destroyed, but only postponed. The mere
fact that the Conference met gives hope that it contributed
to the signs of recovery."
President Roosevelt's message was read to the assembled
delegates by Mr. Hull. It was addressed to Prime Minister
MacDonald, as President of the Conference, and said:
Before the recess of the Conference I want you to know of my sincere
admiration and respect for your courage and your patience as its presiding
officer. I feel that because of it the nations of the world can continue to
discuss mutual problems with frankness and without rancor.
Results are not always measured in terms of formal agreements. They
can come equally from the free presentation of each nation's difficulties
and each nation's methods to meet its individual needs.
We in the United States understand the problems of other nations better
to-day than before the Conference met, and we trust that the other nations
will in the same spirit of good-will view our American policies, which are
aimed to overcome an unprecedented economic situation at home.
775
Such interchange, especially if it results in full discussion of all problems
and not a few only, makes progress more and not less possible in the future.
That is why I do not regard the Economic Conference as a failure.
Largely because of your tact and perseverance, the larger and more permanent problems will continue to be analyzed and discussed. t on recognize
with me that new adjustments are necessary to meet world and national
conditions which have never existed before in history.
1:ou can count on our continued efforts toward world rehabilitation
because we are convinced that a continuation of the work of the World
Economic Conference will result in practical good in many fields of joint
endeavor.
FRANKLIN D. ROOSEVELT.
An abstract of Secretary Hull's address and of other
speeches at the closing session of the Conference is given
below,as cabled from London by the United Press on July 27,
and published in the New York "Sun"
In his own speech Mr. Hull declared he did not believe world statesmen
could sit in conference too often or too long in earnest consideration of all
questions disburbing friendly relations of the nation.
"Many of those not delegates here who criticized the Conference for not
going forward more expeditiously," he said, "represent the economic leadership in numerous countries which have already failed in repeated attempts since 1929 to cure panic conditions. This group of critics includes
the selfish but short-sighted beneficiaries of governmental favoritisms and
those mock patriots whose constant propaganda would make international
finance and commerce almost criminal."
Mr. Hull said the race of nations in "economic armaments" was as strong
a menace to peace and commerce as have been wild competitions in the past
In military armaments.
Appeals for Peace.
"When some nations undertake to produce every commodity, whatsoever
the cost, for purposes of either peace or war, other nations are driven to
turn to the adoption of similar policies of unjustifiable production, with the
result that, as in the case of military armaments, the economic race neutralizes itself to the injury of all," he said.
"I appeal to this Conference," he said, "and through it to peoples everywhere, to demand an end to the ruinous races by nations in either military
or economic armaments."
He said it was the object of the Conference to eliminate these "twin
evils" and to substitute prosperity and good will for panic and trade strife.
To relax efforts in this direction, he said, would show an "amazing indifference" to human welfare. If the Conference has done nothing else, he
added, it must by this time have convinced the average citizen that those
who are opposed to practical international economic co-operation have
proven to be false prophets.
Explains American Position.
Mr. Hull explained how the processes of exchange and distribution have
broken down and how the United States has launched a constructive program to restore its business stability. This restoration cannot be permanently achieved, he said, without co-operation of the other nations.
"Let me say with reference to my own and other countries striving by
every available domestic method to extricate themselves from panic conditions that there is no logic in the theory that such domestic policies are
Irreconcilable with international co-operation," he said.
"Each country undoubtedly should invoke every emergency method
that would increase commodity prices so that they may gradually be coordinated with international economic action for the common purpose of
business recovery.
Pleads for Tariff Truce.
"In harmony with these views I have presented to the Conference a
proposal for an agreement among the nations to reduce trade barriers
gradually over a period of time, and to extend the life of the tariff truce to a
reasonable period beyond the final adjournment of the Conference."
The American Government, he said, hopes that every nation will launch
a full domestic program of "both ordinary and extraordinary methods and
remedies" to raise prices, increase employment and improve business. In
so doing, however, he said that the nations must co-operate. No nation
ever has been able to live "unto itself and not become backward and decadent," he said.
"We Will Go On."
"International commerce conducted on a fair basis, as our agenda proposes, is the greatest peace-maker in the experience of the human race."
Hull concluded. "The promotion and preservation of the high ideals and
high purposes of economic peace brought this great Conference together
and its failure would be their failure.
"No governments within my time have faced a graver economic crisis
or come together with a higher mission. It would be an unforgivable act
if they through local, regional or other considerations, should fail to perform
this great trust.
"They should disregard the threats or pleas of minorities selfishly clinging
to the excessive tariffs and other favors of their governments. A reasonable
combination of the practicable phases of both economic nationalism and
economic internationalism should be our objective.
"The duty and responsibility of the Conference are well known to us
as they are to every intelligent citizen on the planet. I pray that each of
us may be given the light clearly to see and fully to understand. We cannot
falter. We will not quit. We have begun and we will go on."
Cox Delivers Speech.
In his speech James M. Cox, American Chairman of the Monetary Commission, emphasized that every one must be patient, and understand
nationalistic policies of other countries.
When the Conference work was resumed, he said, special attention must
be directed to the problem of closer international supervision of governmental landings and borrowings. The Bank of International Settlement, he
said, was excellently equipped to give such service.
Mr. Cox deplored the situation created by foreign exchange restrictions.
Concluding, he said:
"When the Conference will reassemble I do not know. But it patiently
awaits the time for its inevitable hour of service."
Says It Fell Flat.
"The Conference has fallen flat for the present," said Ilendrikus Colijn,
Dutch Premier. "Looking back six weeks we have no reason to congratulate
ourselves. When we remember the hopes of the world attached to the
Conference, its conclusion is discouraging."
The delegates were in holiday mood and inattentive. They whispered
among themselves and read newspapers.
Guido Jung, chief Italian delegate, stressed Italy's determination to
remain on the gold standard.
"We do not believe in an elastic measurement of value nor in a managed
currency, which is impossible unless small countries are willing to forfeit
776
Financial Chronicle
their independence to larger nations," he said. "Economic isolation means
self-annihilation."
Speaks on Tariff.
Neville Chamberlain, British Chancellor of the Exchequer, tall and
saturnine, dressed as usual in a swallow tailed gray suit and with a wing
collar, said:
"There is no need to disguise the fact that we are greatly disappointed to
have to report that we have made such little progress. Let us not attribute
the blame to anybody."
He deplored the Conference failure to lower or remove shipping subsidies.
He promised to study Cordell Hull's tariff lowering proposals in detail
during the Conference recess. However, he said, Britain was unable to
accept any arrangement that would stereotype the tariffs of low-tariff
countries as well as high-tariff countries, because Britain was still a lowtariff Nation.
Schacht Attacks America.
The Conference's champion high-collar wearer, Hjalmar Schacht of
Germany, ironically read extracts from subcommittee reports—pious
recommendations and resolutions—and recited Conference failures.
He indirectly attacked President Roosevelt when he said that "some
countries deliberately interfered with the stability of their currencies."
He blamed creditor nations for granting many foreign loans "without
regard to the real purposes and consequences."
Adjustment of debts on the basis of debtors' earning powers was imperative, he said.
"Hopelessly Senile."
Short stocky Jean Maisky of Russia caustically described the Conference
results as "something like zero." He predicted in consequence "headlong
economic nationalism," and recalling that economic wars frequently lead
to wars with guns and rifles, warned "a comparatively small shock may
unloose the disaster of war."
Maisky asserted that while the Conference had treated Russia's proposals
like unwanted step-children, "even its cherished offspring, currency
stabilization, raising prices, lowering tariffs and developing public works
have been placed in cold storage."
"The only lesson," he argued, "Is that the contradictions of the world
capitalistic system have grown so that they will no longer permit even
external reconciliation.
"After six weeks the Conference is so hopelessly senile that its organizers
are obliged merely to send their delegates home without having made
decisions, and without fixing a date for a new session."
Premier MacDonald Speaks.
The Conference adopted without a vote the reports of the Steering,
Economic and Monetary Commissions, Then Mr. MacDonald, in a final
20-minute speech, regretted that the Conference could not complete its
work without a recess.
The submission by Secretary of State Hull of the draft
of an international truce against trade restrictions on July 21
was noted in our issue of July 22, page 575. Secretary
Hull's proposal was made, not for immediate discussion,
but as a measure to be considered during the period of the
recess. The project was offered in the form of "suggestions"
with a covering letter which expressed the hope that the
various Nations might be able to reconcile their conflicting
views after the resolution had been discussed. The plan
provides for a tariff truce on a stricter basis after the final
adjournment of the Conference, when the present truce is
scheduled to expire. It also "advocates immediate undertaking of reductions on existing barriers by the encouragement of bi-lateral and of practical multi-lateral agreements."
The complete text of the resolution submitted on July 21
by Mr. Hull to the Economic Commission of the Conference
follows:
An American suggestion for the further development during the recess and
later stages of the Conference on the program of commercial policy.
The governments represented at the World Economic Conference, being
desirious of abandoning economic conflict and collaborating in seeking
general economic improvement through the mutually profitable exchange
of goods, undertake to reach an agreement first, in a negative way,of ceasing
to erect new barriers and then, in a positive way, of progressive reduction
of existing barriers.
SECTION 1.
They are resolved, as the first step in carrying out this program, to endeavor to reach an agreement at the earliest moment favorable to such
action along the following lines:
The participating governments agree not to introduce any new obstacles,
direct or indirect, to the movement of international commerce, whether such
obstacles are embodied in new legislation or brought into existence by
the exercise of administrative or executive power under existing legis•
lation. This truce against new barriers is to become effective as between the
countries participating therein, but will not be subject to any treaty obligations that bind the participating governments toward those governments
which do not participate.
The preceding agreement shall be.subject to the following reservations
and exceptions:
(A) Exceptions generally admitted in existing treaties for purposes of
safety, sanitation, plant and animal protection, morale and so forth,such as
enumerated in Article IV of the Geneva convention of 1927 and reproduced
as an annex to Document ME-CE 24, and that for the purpose of exclusion
of products of convict or forced labor.
(B) Duties of taxes Imposed on imported products merely to offset internal excise taxes on competing domestic products.
(C) Arrangements, whether of duties or quotas or other forms, applied
in connection with multilateral agreements for the regulation, production
and (or) marketing of natural products, provided such agreements conform
to principles which have received general approval.
(D) Additional duties imposed upon goods found to be dumped in the
strict sense, having been sold for exportation for less than for consumption
at home or benefiting directly or indirectly from governmental or other
bounties (such additional duties being limited to the difference in prices or
the amount of the bounties as nearly as may be ascertainable.
(E) Additional duties imposed on the products of particular countries
which refuse to accord equality of treatment.
(F) New or additional measures of an emergency character which by
raising wages, shortening hours and improving conditions of labor have
resulted in increased costs and prices.
July 29 1933
Any now or additional duties or restrictions authorized under the above
circumstances shall be imposed only for the purpose of preventing an
excessive influx of imports of particular commodities.*
They should not be more than sufficient to meet the emergency and
should continue in force only for the period of the emergency. They should
not reduce foreign trade in the commodities affected below the level of a
predetermined period and should be used only to prevent drastic increases
of imports above the level of such a period. They should not be imposed
or allied in such a manner as to discriminate against trade in the products
concerned of any country participating in the truce.
Before exercising the right conferred in these reservations, governments
are to give preliminary notice to the principal foreign countries supplying
their imports of the particular commodity and allow reasonable opportunity
for representation of the viewpoints of such governments regarding such
duties or restrictions, each Government having the right, in case of the
unsatisfactory result of such consultation,to denounce the agreement with
reference to the products of a country availing itself of this safeguarding
provision.
This agreement would be open to adhesion by all governments and would
come into force when accepted by governments, representing, say, 50%
of the world's international commerce. It is to be of indefinite duration, but
a year after coming into force it may be subject to denunciation upon one
month's notice.
SECTION II.
They are further resolved forthwith to initiate bilateral (or plurilateral)
negotiations for the removal of prohibitions and restrictions and for the
reduction of tariff rates; and they declare their aim in these treaties is
substantial reduction of basic trade barriers and not merely to trouble
temporary and abnormal restrictions and increments imposed for bargaining
PurPoses.
In shaping its policy and executing its obligations under any agreement
each government should direct its first and greatest efforts toward eliminating the restrictions and reducing the duties which most clearly lack economic
justification.
Particularly, (a) duties or restrictions which now completely or almost
completely exclude foreign competition, such as those which restrict the
importation of particular commodities to less than 5% of the domestic
consumption thereof.
(b) Duties or restrictions on articles whose imports have been substantially curtailed since 1929 as compared with domestic consumption.
(c) Protective duties or restrictions which have been in effect for a
considerable period of time without bringing about substantial domestic
production of the protected commodities, say, equal to 15% of the total
domestic consumption thereof.
Such agreements should have incorporated in them the most-favorednation principle in its unconditional and unrestricted form (to be applied
to all forms and methods of control of imports and not only to import
duties), subject only to such limited or temporary exceptions as have been
recognized in the past or may gain general assent.
Such agreements shall not Introduce discriminatory features which
while providing immediate advantage to the contracting parties will react
disadvantageously upon world trade as a whole.
The governments declare that the most-favored-nation principle enjoins
Upon every power making use of the quota system or other systems for
limiting imports to apply these systems so as to derange as little as possible
the natural relative competitive positions of the various countries supplying
Imports of the articles affected.
The participating governments urge general acceptance of the principle
that the rule of equality shall not require generalization to non-participants
of reductions of tariff rates or import restrictions made in conformity with
plurilateral agreements that give reasonable promise of bringing about
such a general economic strengthening of the trade area involved as to
prove of benefit to the nations generally: Provided such agreements
(a) Include a trade area of substantial size, (b) call for reductions that
are made by uniform percentages on all tariff rates or by some other formula
of equally broad applicability, (c) are open to the accession of all countries,
(d) give the benefit of the reductions to all countries which in fact make the
concessions stipulated, and (e) when countries party to a plurilateral agreement do not during the term of the plurilateral treaty materially increase
trade barriers against imports from countries outside such an agreement.
One of the few positive actions recorded by the Conference
during the past two weeks was the signing, on July 22, of
an agreement designed to raise and to stabilize the price of
silver for the next four years. The text of the agreement
is given elsewhere in this issue. The pact was signed by
delegates of eight Nations chiefly interested in silver, and
its conclusion was made possible largely by the work of
Senator Key Pittman of the United States, who had convinced the representatives of the principal silver-producing
and silver-holding countries that the agreement would be
desirable. Under the provisions of the agreement, India,
China, and Spain, as the holders of the largest silver stocks,
pledge themselves not to dump these stocks on to the world
markets and agree not to dispose of more than a certain
amount each year. The United States, Australia, Canada,
Mexico, and Peru, as the largest producers, agree to restrict
production and to absorb a portion of their reduced output
for coinage or for currency reserves. The agreement will
become effective on Jan. 11934, subject to the ratification
of all the Governments. If any Government fails to ratify
by April 1934 the silver-producing countries agree at least
to continue with restriction of production. The agreement
• As a practical basis for discussion the following limits of action might be considered:
Newer additional duties or restrictions authorized under the above circumstances
shall not be Imposed on any commodity unless during a period of, say, two month's
Imports of the commodity shall have exceeded, say, 5% of the estimated domestic
consumption and unless they shall have exceeded the average imports during the
corresponding months of the three-year period 1930-1931-1932:
(1) By at least, say, 10% in the case of any article of which imports during the
two months' period have either exceeded, say, 20% of the domestic consumption or
have constituted a materially larger proportion of the domestic consumption than
during the normal years preceding 1930.
(2) By at least, say, 25% in the case of any article of which imports during the
two months' period have exceeded, say, 10% of the domestic consumption but have
been less than 20% thereof.
(3) By at least 30% in the case of any article of which imports during the two
months' period have not exceeded, say. 10% of the domestic consumption.
Volume 137
Financial Chronicle
further provides that the official copy be deposited at
Washington, and concludes:
The government of the United States is requested to take such steps as
may be necessary for the purpose of the conclusion of this agreement.
Senator Pittman, after the pact had been signed on
July 22, said that he considered the occasion as "one of the
greatest developments in monetary history. It represents
a compromise between the gold standard and bimetallism.
Gold remains the measure of value, but a real and stable
value is restored to silver which is the money of half the
world's population."
Some of the major details of the silver agreement were
described as follows by the London correspondent of the
New York "Times" on July 22:
Perhaps the greatest merit of the agreement is its definiteness. The
silver countries have not hesitated to lay down actual figures, within
which they promise to limit themselves.
India, for e ample, binds itself not to sell more than 140,000,000 fine
ounces of silver during the four years its annual sales will be at an average of
35,000,010 ounces, beginning Jan. 1 1934. Beyond this limit, India is
allowed to sell additional silver for war-debt payments to the United
States, but the total sales of all kinds for the four years may not exceed
175,000.000 ounces.
Similarly, China agrees not to sell any silver resulting from demonetized
coins during the four-year term, while Spain, the third of the silver holders,
agrees not to sell more than 20,000,000 fine ounces during the term.
The terms are even more stringent in the cases of the silver producing
countries, including the United States. They agree, firstly, not to sell any
silver; secondly, to buy or otherwise withdraw from the market, a total of
35,000.000 fine ounces from the mine production of the five countries in
each of the four years.
This amount, the agreement provides, must be used "for currency purposes. either for coinage or for currency reserves" or be otherwise kept off
the market.
The Monetary and Financial Commission of the Conference
at a public meeting on July 24 formally adopted its report
and then adjourned. This report comprised all the subcommittee resolutions previously approved, including the
authorization of a reduction of central bank gold coverage
from 40% to 25% and other provisions regarding the conduct
of central banking. James M. Cox of the United States,
Chairman of the Commission, in a closing statement said
that "some pride might be expressed" in the results achieved,
especially on the permanent side, where "very constructive
progress" had been made. The value of this, he said, would
become evident as soon as immediate obstacles were removed. A description of the remarks of Mk. Cox and other
delegates at the final session of the Monetary Commission,
as quoted in part in London advices to the New York
"Times," follows:
Mr. Cox paid especially warm tribute to the Conference's 500 experts.
"These 500." he continued, "give us great assurance for the future.
They are Immune from political changes. One hundred of these 500 have
been laboring together for 10 years now,reconnoitering to find a way through
this economic and monetary jungle. I trust they will continue until humanity triumphs over these economic obstacles."
Georges Bonnet of France, rapporteur, put the Commission on record
as being convinced that although it had not solved all its problems, "a
way will soon be found to reconcile views which, though differing as regards
means, are identixt1 as rear is ultimate aims." He praised Mr. Cox's
impartiality, tact and good-will and declared the best of feeling had existed
throughout between the chairman and rapporteur.
It seemed the meedng would end without a word from the floor when
the silence continued as Mr. Cox asked whether all accepted the report.
Then a man whom no one recognized rose in the back of the hall and said:
"Since my government does not allow gold to be exported I must make
a reservation to Paragraph 3."
This caused a slight flurry since it was feared it might be'a hoax, but the
delegate proved to be a delegate from Afghanistan who had not yet broken
into the record. Mr. Cox announced Afghanistan's position was already
safeguarded by the same reservation made by the United States, but her
point would be duly noted. The resolution in question was the one modifying
central bank rules for the application of the gold standard when that
standard is restored.
The steering committee of the Conference, at a meeting
on July 25, decided to recommend that it be entrusted with
the direction of all work during an indefinite recess, and
that no definite date for the reassembling of the Conference
be set at this time. This decision was contrary to the
wishes of Secretary of State Cordell Hull, who told the
committee that the psychological effect would be bad if
adjournment were voted with no definite date for resumption.
Other members of the committee, however, were united in
the belief that a date should not be fixed, and later Mr.
Hull also agreed to this decision. The committee thereupon
adopted a report which reviewed the work of the Conference,
and then concluded:
The Conference is recommended to entrust to its bureau the task of
organizing work to be carried out by the committees in preparation for
the resumption of plenary meetings of the Conference and its main commissions.
For this purpose the bureau recommends adoption of the following
resolution:
The Conference empowers its president, vice-president and bureau (1) to
take whatever action they may consider likely to promote its success,
whether by convocation of any committee set up by the Conference or
of representatives of States especially concerned in any particular problem.
or by reference to experts for study of any special question; (2) to determine
the date for reassembling the Conference.
777
Address on July 24 Received in
London After Papers Were Printed.
The following London advices, July 25, are from the New
York "Times":
President Roosevelt's
At this moment, when Roosevelt is the outstanding figure in world affairs,
there are considerable hearthurnings in London editorial offices because he
selected the hour corresponding to 3:30 a. m. London time to make his important radio broadcast.
Whereas a few hours earlier the London paper would have been glad to
print the President's words almost textually, by the time the first paragraphs of his speech came through the leading journals had practically completed their printing. By this time all of the country editions had been circulated and only, the briefest references to the speech were available for
London street sales.
Text of Silver Agreement Signed by Representatives of
Eight Nations at International Monetary and
Economic Conference.
The following is the text of agreement on monetary silver
signed at London July 22 by representatives of eight nations
participating in the International Monetary and Economic
Conference:
Memorandum of agreement entered into by the delegates of India,
China and Spain as holders oflarge stocks or users of silver and of Australia,
Canada, the United States, Mexico and Peru as the principal producers of
silver, at the Monetary and Economic Conference held in London July 1933:
Whereas, at the meeting of sub-commission 2 (permanent measures)
of the Monetary and Financial Commission of the Monetary and Economic
Conference held Thursday. July 20 1933, the following resolution was
unanimously adopted: "Be it resolved to recommend to all governments parties
to this Conference:
"A.—That agreement be sought between the chief silver-producing
countries and those countries which are the largest holders or users of silver
with a view to mitigating the fluctuations in the price of silver, and that
other nations not parties to this agreement should refrain from measures
which could appreciably affect the silver market;
"B.—That governments parties to this Conference shall refrain from
new legislative measures which would involve further debasement of
their silver coinage below a fineness of 800-1,000;
"C.—That they shall substitute silver coins for low-value paper currency insofar as the budgetary and local conditions of each country will
permit:
"D.—That all provisions of this resolution are subject to the following
exceptions and limitations:
"Requirements that such provisions shall lapse April 1 1934, if the
agreement recommended in paragraph A does not come into force by that
date, and in no case shall they extend beyond Jan. 1 1938.
"The Government may take any action relative to their silver coinage
they deem necessary to prevent the flight or destruction of their silver
coinage by reason of a rise in the bullion price of the silver content in their
coin above the normal or parity value of such silver coin"; and
Whereas, the governments of India and Spain may desire to sell a certain
portion of their silver holdings and it would be to their advantage that the
countries which are large producers of silver should absorb silver as herein
provided to offset such sales; and
Whereas, It is to the advantage of the large producing countries named
in Article II that the sales of silver from monetary stocks should be limited
as herein provided; and
Whereas, It is to the advantage of China that the sales from monetary
stocks of silver be offset by the purchases as herein provided with a view
to its effective stabilization:
Now, therefore, it is agreed between the parties hereto:
I.
A.—That the Government of India shall not dispose by sale of more
than 140.000.000 fine ounces of silver during the period of four years commencing Jan. 1 1934. Disposals during each calendar year of the said
four-year period shall be based on an average of 35.000,000 fine ounces
per year,it being understood, however,that if,in any year,the Government
of India shall not dispose of 35,000,000 fine ounces the difference between
the amount actually disposed of and 35.000.000 fine ounces may be added
as additional disposals in subsequent years.
• Provided further, that the maximum amount disposed of in any year
shall be limited to 50.000.000 fine ounces.
B.—Notwithstanding anything previously stated in this article, it
is understood that if the Government of India should after the date of this
agreement sell silver to any government for the purpose of transfer to the
United States Government in payment of war debts, such silver shall be
excluded from the scope of this agreement.
C.—Provided, however, that when the total of disposals referred to
in paragraph A above, plus the sales referred to in paragraph B above by
the Government of India under this agreement shall amount to 175,000,000
fine ounces, the obligation of the parties hereto shall cease.
That the Governments of Australia, Canada, the United States, Mexico
and Peru during the existence of this agreement shall not sell any silver
and shall also in the aggregate purchase or otherwise arrange for withdrawing from the market 35,000,000 fine ounces of silver from the mine
production of such countries in each calendar year for a period of four
years commencing with the calendar year 1934. Said Governments
undertake to settle by agreement the share in said 35,000,000 fine ounces
which each of them shall purchase or cause to be withdrawn.
III
That the silver purchased and withdrawn in accordance with Article II
above shall be used for currency purposes (either for coinage or for currency
reserves) or be otherwise retained from sale during the said period of four
years.
IV.
That the Government of China shall not sell silver resulting from demonetized coins for a period of four calendar years commencing Jan. 1 1934.
V.
That the Government of Spain shall not dispose by sale of more than
20.000,000 fine ounces of silver during the period of four years commencing
Jan. 1 1934.
Disposals during each calendar year of the said four-year period shall
be based on the average of 5,000,000 fine ounces per year. it being understood, however, that if, in any year. the Government of Spain shall not
dispose of 5.000,000 fine ounces, the difference between the amount actually
disposed of and 5,000.000 fine ounces may be added as additional disposals
in subsequent years; provided further that the maximum amount to be
disposed of in any year shall be limited to 7.000,000 fine ounces.
778
Financial Chronicle
VI.
That the Governments concerned will exchange all such information
as may be necessary with regard to measures to fulfill the provisions ofthis
memorandum of agreement.
VII.
That it is understood that, subject to the provisions of Article VIII,
the undertakings of each party to present a memorandum are conditional
upon fulfilment of the undertakings of every other party thereto.
VIII.
That this memorandum of agreement is subject to ratification by the
Governments concerned. Instruments of ratification shall be deposited
not later than April 1 1934 with the Government of the United States.
It shall come into force as soon as ratifications of all the Governments
concerned are received, provided all ratifications are received before
April 1 1934.
Notice by any Government that affirmative action necessary to carry
out the purposes of this agreement has been taken will be accepted as an
Instrument ofratification. Nevertheless,if one or more ofthe Governments
enumerated in Article II fail to ratify by April 1 1934, the agreement shall
come into force at that date if the other Governments mentioned in Article II
which have ratified notify the other Governments which ratify that they
are prepared to purchase or cause to be withdrawn an aggregate amount of
silver mentioned in Article II.
The Government of the United States is requested to take such steps
as may be necessary for the purpose of the conclusion of this agreement.
In witness whereof,the undersigned have signed the present memorandum
of agreement. Done at London this 22d day of July 1933, in a single copy
which shall be deposited in the archives of the Government of the United
States.
S. M. BRUCE, Australia.
EDGAR N. RHODES. Canada.
W. W.YEN, China.
KEY PITTMAN, United States.
GEORGE SCHUSTER, India.
EDUARDO SAUREZ, Mexico.
F. TUDELA, Peru.
L. NICOLAU D'OLIVER, Spain.
India Sold 23,576,848 Ounces of Silver in Past Year—
Some Scrap Melted—Gold Exports 8,354,000 Ounces.
The following from Bombay is from the "Wall Street
Journal" of July 20:
Sales of silver by the Government of India during the fiscal year ended
May 31 totaled 23,576,848 ounces states the report of the Comptroller of
Currency, just issued. The total amount of silver sold by Government
from the beginning of their operations in 1927 up to March 31 1933. was
151,158.412 fine ounces. The rise in the price of silver abroad to a point
frequently out of parity with local prices made it profitable to melt scrap
silver into bars for local resale in preference to importing silver bare and
paying the duty of 7 annas an ounce on them. Roughly 7,500.000 fine
ounces were received for melting and assaying, and roughly 6,500,000 fine
ounces were received for refining at the Bombay Mint Refinery during the
year ended March 31 last. The quantity of silver received for melting at
the Calcutta Mint (the one other Indian Mint) was negligible.
India's balance of transactions in silver in 1932-33 showed a net export
of 201 lakhs of rupees (one lakh of rupees equals 100,000 rupees or E7,500).
The gross export on private account as opposed to Government account
was 90 lakhs of rupees, which was just half oflast year's figure. The export
on Government account was 274 lakhs and the net import on private account
amounted to approximately 73 lakhs, as compared with 260 lakhs in 1931-32
and 1,165 lakhs in 1930-31.
The Currency Controller's report deals with the weight of the gold
exports during the year— the figure being 8,354.000 ounces. From new
figures presented in one of the usual tables in the report, it is seen that since
1920-21 India has imported 49,700,000 ounces of gold, whereas during
the same period the amount of gold exported was 21,800,000 ounces only,
of which 16,500,000 have been exported in the last two years. Since 192021 therefore, the amount of gold exported by India is approximately 44%
of the imports during the same period. Making allowance for the enormous
Imports of gold prior to 1920-21 it is evident that only a small fraction of
India's gold holding has so far been exported,
Meeting at Basle of Directors of Bank For International
Settlements--Differing Views on Currency Plan—
Three Blocs Develop, But All Fear Disorder Until
Dollar Returns to Gold—Central Banks Fail to
Draft Rules to Curb Speculation in Foreign
Exchange.
An effort to re-establish a world wide gold standard was
made at a meeting at Basle on July 24 of Directors of the
Bank for International Settlements. Indicating that the
conversations resulted in no agreement for general European
action to combat currency fluctuations while the dollar and
the British pound remain detached from gold, a wireless
message from Basle July 24 to the New York "Times" said:
or
Governors of European Central Banks, after a meeting of the
the Bank for International Settlements here to-day, returned to their countries
United
to prepare to entrench themselves in the status quo until after the
States monetary experiment has been completed. . . .
The American experiment, in the estimation of experts here, can last
anywhere from two to six months more. Meanwhile only nations having
similar interests can hope to co-operate.
Three European Blocs Forming.
Three separate blocs are apparently forming among European nations.
There is the gold bloc headed by France, including Italy, Switzerland, Holland and Poland. There is the sterling bloc with Great Britain and the
Scandinavian countries. The third includes Germany and some Central
European countries.
The members of the gold bloc, all represented on the World Bank Board,
will have an opportunity to consult again here. After examining developments since their meeting at the Bank of France recently, they again
pledged common assistance in restraining speculation affecting their currencies, but without making rules as to the nature of the, action to be taken
except for keeping close contact through the Central Banks.
In view of the improvement in the florin, Swiss franc and belga since the
Paris meeting, they decided there was no need for expanding their plan for
July 29 1933
mutual action at this time, but agreed they would confer again whenever
the situation requires consultation.
Although it is believed representatives of small countries belonging to
the sterling group evinced irritation at the long delay in fixing the pound,
It is understood Montagu Norman, Governor of the Bank of England, was
unwilling to make any engagement until the United States policy had beers
more clearly defined.. Though sterling has been almost stable in its relation to the French franc, no assurances could be obtained that this stabilization would be continued.
Third Group Awaits Help.
The third group has adopted a policy of tranquil waiting. Depending
upon gold embargoes and other restrictions, they are awaiting the decision
of solvent countries to aid them in reorganization, and particularly to relieve them from the burden of their heavy indebtedness. . . .
Leon Fraser, President of the World Bank, laid before the Board meeting
a full report of the discussion at the London Economic Conference, but
the Board did not regard as urgent the mandate from the Kienbock Committee at London to study the possibility of co-ordinating efforts of Central
Banks to maintain international transactions on a gold exchange basis nor
its other task of recommending measures for the eventual return to the gold
standard. The Board merely noted these London resolutions, confident it
could make full recommendations on short notice whenever conditions become propitious.
The Board requested Governments whose banks of issue have been admitted to World Bank membership since it was founded to endorse the articles
of The Hague treaty providing that World Bank deposits are exempt from
gold embargoes and restrictive national measures.
The meeting ended in serious uncertainty regarding the immediate future.
It was recognized as useless to attempt to restore international banking
order as long as the Roosevelt experiment is unfinished, just as action was
delayed. for months by the fact that sterling was unsettled. The Board will
not meet for two months. At the end of that time it was admitted there
might be fresh obstacles as serious as those represented by the dollar and
pound. President Fraser was authorized to summon the Board to Basle in
October at the latest and to call a meeting sooner in an emergency.
Several bankers left for London to-night. Dr. Hjaltnar Schacht, President of the Reichsbank, is going by air to attend the closing session of the
Economic Conference. President Fraser remained at Basle.
Limited Value Seen by London "Times" in Accord on
Silver—Says Hope of Broad Agreement Vanished
Early in Conference.
The silver agreement reached atthe International Monetary
and Economic Conference is not, in the opinion of the
London "Times", the kind of agreement "ardently desired
by those who hold that one of the most helpful contribution
to world recovery would be to restore the purchasing power
of China and other silver-using countries by giving silver
an international monetary value." A cablegram from
London July 23 to the New York "Times" further quotes
its London contemporary as follows:
"Any hope of an agreement of that kind," the paper says, "disappeared
In the first few days of the Conference, which demonstrated the impossibility in present conditions of re-establishing an international monetary'
standard on an agreed basis. What has been achieved is something much
more modest, which may prove useful in a limited field. It is designed to
benefit both silver producers and holders of redundant silver stocks, and in
so far as it does it will hell) increase the Purchasing power of silver-using
countries."
From the New York "Times" cablegram we also quote:
The "Financial News" says:
"The failure of the Conference to achieve positive results is complete
beyond the wildest dreams of pessimism. For this result 90% 'of the
responsibility must rest on the shoulders of President Roosevelt for his
abrupt rejection of all proposals which would in any way limit his complete
freedom to manipulate the dollar to the advantage of America and the
embarrassment of all other countries."
The "Morning Post" declares:
"We watched with undisguised distress the gradual relapse of the Conference into a state of fossilization and we modestly suggest it be retained
as a permanent exhibit at the Geological Museum."
Communique Issued by League of Nations Loan Committee in Behalf of Hungarian Government Regarding Service on League Loan of 1924.
A copy of the Communique issued July 15 by the League
Loan's Committee (London) relative to the service on the
Kingdom of Hungary League Loan of 1934, was made
available yesterday (July 28) by Speyer & Co. A reference
thereto appeared in our issue of July 22, page 580. Thecommunique follows:
COMMUNIQUE ISSUED BY THE LEAGUE LOANS COMMITTEE
(LONDON)ON BEHALF OF THE HUNGARIAN GOVERNMENT.
State Loan of the Kingdom of Hungary 1924.
The Hungarian Government begs to recall the attention of the bondholders to the communique, which it issued on 4th Aug. 1932, regarding
the service of this League of Nations loan. It then stated, and it now
repeats, that it has always recognized the special position of this loan,
issued at so critical a period of Hungary's existence. The Government
appreciates the importance of the many reasons which make it essential
to preserve the status of loans issued under the auspices of the League,
and it was only the pressure of sheer impossibility which compelled the
Government temporarily to suspend the transfers of foreign currency for
the service of this League loan.
The trustees have been able so far to meet the full interest service of'
the loan in the appropriate currencies by drawing on the reserve fund in
their hands to the necessary extent. As regards the coupon due 1st Aug.
1933, the Hungarian Government has the pleasure to announce that it
has been able to fulfill the hope which it held out a year ago by transferring to the trustees, in the appropriate currencies, sufficient sums to
enable them—after using the balance of the reserve fund—to meet that
coupon also in full.
To the regret of the Hungarian Government the difficulties of providing
free foreign exchange will not permit the meeting in foreign exchange of
Volume 137
Financial Chronicle
the full coupon service at the maturities (1st Feb. and 1st Aug.) in 1934.
The Government hopes, however, and will use its best endeavours, for the
next 12 months (ending 31st July 1934) to transfer to the trustees in the
appropriate currencies 50% of the interest service.
Since the temporary suspension of transfers a year ago the Government
had maintained the full service of the League Loan in pengoes by paying
In the proper sums to an account under the control of the trustees at the
Hungarian National Bank. The balance on this account now amounts to
about 38,000,000 pengoes, and by 31st July 1934. would be increased
(after deducting the 50% of the interest which the Government hopes to
transfer in foreign exchange) by approximately a further 23,000,000 pengoes. The Hungarian Government has provided the full service of the
loan in pengoes within its current budget; but it relies on the facility of
re-borrowing for budgetary purposes the 23,000,000 pengoes above-mentioned which would correspond to the untransferred service for the year
under discussion. The Government would deposit with the trustees at
the National Bank one-year pengo Treasury Bills bearing 2% per annum
interest for the equivalent of the sum so borrowed. It may be added
that such transaction would conform with the general programme of Hungarian budget reconstruction endorsed by the Financial Committee of
the League of Nations.
The Government repeats the assurance which it gave a year ago that,
so soon as it is in a position to do so consistently with safeguarding the
vital interests of the country, it will deliver additional amounts of foreign
currencies so as to enable the trustees to reconstitute the reserve fund
and to restore the service of the loan.
For the Royal Hungarian Government.
(Sd.) IMREDY, Minister of Finance.
The League Loans Committee (London) have been in communication
with the Hungarian Government with regard to the service of the above.
named Hungarian League Loan. The Committee believe that the Hungarian Government, working in collaboration with the competent organs
of the League of Nations and with the League representative now in Hungary, are making determined efforts to improve the financial situation of
the country. They are also glad to observe the Hungarian Government's
reiterated recognition of the special position of the League Loan.
The Committee, although they have no mandate to make any arrangements on behalf of the bondholders, suggest that in all the circumstances
the latter would be well advised to acquiesce in the Hungarian Government's proposals.
For the League Loans Committee (London).
(M.) AUSTEN CHAMBERLAIN,Chairman.
Directors of Bank For International Settlements
Renew Loans to Austria, Hungary and Yugoslavia—New Austrian Loan Temporarily Delayed—
Protest Against Germany and Austria in Making
Interest Payments Otherwise Than in Gold.
From Basle advices July 24 to the New York "Times" we
take the following:
The World Bank Board protested to Germany and Austria against their
making interest payments in the currency of lending countries instead of
giving gold value, as was stipulated when these obligations were contracted.
The German attitude, however, was that everywhere—in the United States
regarding bond issues and recently in Great Britain regarding the war.
loan issue—the gold clause was being disregarded.
It was also maintained that any payments in gold to the United States
and Great Britain would constitute paying a German premium on depreciated
currency and that Germany's duty lies rather in reimbursing all bondholders
in the currency of their own countries.
The Bank Board decided to-day to renew the 60,000,000 schilling loan to
Austria, the $20,000,000 loan to Hungary and the $3,000,000 loan to Yugoslavia. This is in reality like postponing an uncollectible mortgage, but
as regards Austria it has been understood the World Bank loan will be redeemed when the new Austrian issue comes out in September.
Associated Press advices July 24 from Basle said:
An Austrian loan of 300,000,000 schillings (at current exchange, approximately $48,375,000) was held up for the time being, it was understood today, after the Board meeting of the Bank for International Settlements. It
had been expected that the loan would be floated immediately. The hitch
causing the delay was not explained.
Premier Mussolini Takes Over Post of Minister of War
in Move to Unite Italian Defense Activities—
General Balbo Likely to be Promoted to Air Marshal.
Premier Benito Mussolini of, Italy on July 22 assumed the
office of Minister of War, thereby taking an important step
in the proposed concentration under a single head of all the
Italian armed forces. Earlier on the same day King Victor
Emmanuel accepted the resignation of General Pietro Gazzera, who had been Minister of War for five years. With
the as.sumption of his new office Premier Mussolini became
the head of two of the three defense ministries. Rome dispatches reported that after the return of General Italo Balbo
from his flight to the United States further changes might
be expected which would result in a combination of the three
ministries—Navy, Army and Air—and would allow General
Balbo to perform the duties of Air Marshal, a post which
was created by the Cabinet on July 22.
The Rome correspondent of the New York "Times," in discussing the unification of Italian defense activities, said on
July 22:
Premier Mussolini is the logical choice for the first head of the unified
Ministry. The choice could not at first be a man of any of the three services
without creating animosity which might react to the detriment of discipline and efficiency. Signor Mussolini's prestige and power, it is argued,
are sufficient to check jealousies among the fighting services and start them
working together harmoniously.
Premier Mussolini already is in a sense at the head of all the armed
forces, because he is Chairman of the Supreme Defense Council. He has
had wide experience in military matters, for he has already held the posts
of War Minister, Naval Minister and Aviation Minister. In recent years he
has never failed to attend army, navy and air manoeuvres.
779
Unification of the military Ministries has been advocated for years as an
economy measure and to increase efficiency. Duplicate offices in all three
fighting services could be suppressed at a considerable saving. It is contended modern war has led to such close collaboration between all fighting
services that their efficiency in peace and war would be greatly increased
by placing them under the direction of one man.
General Balbo will resume his post at the head of the Italian air force
on his return to Italy. Then, if the plan for the unification of the military
ministries is carried out, he will be promoted to a more important post as a
sign of appreciation of his work in creating the Italian air force.
Temporary Modification in Debt Service by Yugoslavia
on External Gold Loan—Two Methods Offered for
Payment of Six Coupons Maturing from Nov. 1
1932 to May 1 1935.
Holders of National External Gold Loan of 1922 of the
Kingdom of Yugoslavia (formerly Kingdom of Serbs, Croats
and Slovenes) forty year 8% secured external gold bonds,
due May 1 1962, and 7% secured external gold bonds, series
B, due May 1 1962, are being notified by Radoye Yankovitch,
Consul-General of Yugoslavia at New York, that, due to its
inability as a result of world-wide economic and financial
conditions to meet in full current payments, his Government
has decided to propose to holders of such bonds to make certain temporary modifications in its debt service. The Government announces that it has made arrangements to pay, on
and after July 24 1933, the six coupons maturing from Nov. 1
1932 to May 1 1935, both inclusive, appurtenant to the above
bonds by either of two methods, which may be selected by
the bondholder at his option, as follows:
(A) Such coupons will be paid in dinars, at the rate of 56.78 dinars for
each dollar, at the office of the State Mortgage Bank of Yugoslavia in Belgrade, Yugoslavia, during a period of six months after their respective
maturity dates, except that in the case of coupons which have heretofore
matured, the same will be so paid in dinars at any time on or before January 24 1934. The disposal of the dinars so receivable will be subject to
the applicable legislative or regulatory restrictions of the Kingdom of Yugoslavia from time to time in force regarding transactions in moneys and foreign exchange. Information regarding the restrictions from time to time
imposed upon the use of such dinars may be obtained from the Consul.
General.
(B) Such coupons will be paid at the principal office of The National
City Bank of New York, or at the principal office of The Chase National
Bank of the City of New York, in New York, to the extent of 10% of the
face amount thereof in United States dollars and the balance thereof in Five
Per Cent. Funding Bonds (or fractional certificates therefor) of the Government, due November 1 1956, and bearing interest at the rate of 5% per
annum from the respective maturity dates of the coupons exchanged therefor, except that, in the case of the November 1 1932 coupons appurtenant
to the Eight Per Cent. Bonds, no such partial payment in cash will be madeas there was announced on July 17 1933, a partial payment on such coupons
at the rate of $7 for each coupon appurtenant to a $1,000 bond, $3.50 for
each coupon appurtenant to a $500 bond and $.70 for each coupon appurtenant to a $100 bond.
. . . All such coupons are now exchangable for such partial payments
in dollars and Funding Bonds, or for Funding Bonds, as the case may be,
and may be exchanged at one time or separately from time to time, except
that upon exchange of any unmatured coupon for partial payment and Funding Bonds, in lieu of the above mentioned 10%•payment in cash, there will
be delivered to the holder a note of the Government, secured by such surrendered coupon, calling for such partial payment on the maturity date of
the coupon exchanged.
Exchanges of coupons for partial payments and Funding Bonds will be
made at the office of The National City Bank of New York, 22 William
St., New York, or at the office of The Chase National Bank of the City of
New York, 11 Broad Street, New York.
New German Consortium Plans Loan to Russia—
Hopes to Stimulate Commerce.
A new "Russia consortium" has been formed by a dozen
or so German banks and bankers it was indicated in a wireless
message from Berlin July 22 to the New York "Times"
which likewise said:
These will advance credits totaling 50,000,000 marks for financing
German exports to Russia. It resembles its predecessors in composition
and scope, but goes beyond them in extending the time of payment.
Acceptances may run as long as June 30 1936. This, it is hoped, may
stimulate Russian orders, which in recent months have shown no signs of
picking up.
Austria Curbs Press Headlines—Length of Banner
Lines Held to Seven Inches to Check Sensationalism.
The following (Associated Press) from Vienna July 23 is
from the New York "Times":
The official Government "Gazette," published to-day the text of a new
press decree regulating the size and character of type that may be used in
newspapers.
Banner lines must not exceed seven inches in length. Otherwise thepublisher is liable to a fine up to $350.
The decree is aimed at "disquieting sensationalism."
On July 24 turther Associated Press advices from Vienna
said:
Austria's evening newspapers appeared on the streets to-day stripped of
their glaring headlines in accordance with the Government's anti-sensation decree published yesterday. The longest banner lines were seven
inches and the biggest type was 36 point. All headlines strictly conformed
to the text.
None of the papers commented on this sudden change except the semiofficial"Reichpost," which exulted that newspapers had been compelled to.
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Financial Chronicle
discard "the carnival dress of the post-war period" and to return to "civilian
clothes."
Seven papers with Hitlerite leanings ceased publication altogether.
German Cartel Directs Curb on Commerce—Regulating
Act May Apply Against Overproduction and Unfair
Competition.
Under date of July 23 a copyright cablegram from Berlin
to the New York "Herald Tribune" said:
The Government of the Reich to-day published comments on some of
the large number of Acts passed by the Cabinet on July 15. Thus it was
revealed that the new cartel Act enables the Minister of Economies and
Supplies to exercise far-reaching direct control of industry and commerce
and enforcei all trade and political measures.
"The economic crisis has especially hit those branches of Industry whose
producing capacity far exceeds present marketing possibilities." one comment points out. "Thereby in some branches valuable undertakings
threaten to succumb owing to increased competition and an uneconomic
price level. The State must be enabled to regulate for the benefit of the
Commonwealth. The Act is not intended to change the economic order,
based on Initiative and a feeling of responsibility, and introduction of State
central planning. The Act will be applied only if private economy cannot
overcome the difficulties by self-help.
Besides enabling enforcement of compulsory "market regulating associations" whereby local price level and market conditions will not serve onesided Interests and undertakings only. It enables a competent minister to
suppress establishment of new undertakings in certain branches, or restrict
expansion in existing undertakings for a certain period. Under this measure,
motivated by economic necessity and intended to impede the misleading of
capital, so badly needed for industrial revival and provision for labor, in
cases where the existing plants obviously suffice to cover demand, the
minister can cancel cartel agreements if they threaten economy. Such
decisions formerly pronounced by a cartel court which could sanction the
exclusion declared against cartel members for unreliable management and
an uneconomic price policy.
The new laws decreed by the German Cabinet were
referred to in our issue of July 22, page 578.
German Government Tightens Control Over Berlin
Stock Exchange—Will Attempt to Check Speculation and Assist Agriculture.
The German Government has tightened its control over
the Berlin Stock Exchange with the issuance of changes in
regulations intended to curb speculation and eliminate
"undesirable" influences from the personnel of the Exchange,
it is made known in a report from Consul J. H. Morgan,
Berlin, made public by the Commerce Department on July
21. The Department says:
Certain changes In the regulations are Intended to lessen the control of
the bankers over the exchange, and strengthen the influence of the GovernThis Is expected to be
ment and of economic groups, the report stated
done through reorganization of the various committees.
The new regulations give the Chamber of Commerce. a State controlled
organization, the right to refuse its approval to any election to any committee. The Chamber is not required to give reasons for its refusal.
Under the new system, the strength of agricultural Interests is Increased
not only by having Its committee strength maintained while that of others
was reduced, but also because of the fact that In the future the election of
agricultural members will be made directly by the Prussian Central Chamber
of Agriculture instead of by the Stock Exchange. In addition to these
changes. the Agricultural Committee will have fu I rights In regard to all
business of the Exchange. whereas up to now It was competent only with
reference to the trade In agriculture products.
The interests of savings depositors are strengthened by the new regulations which provide for the membership of representatives of these depositors
on the General Committee of the Exchange. At the same time. the Influence of the private bankers and the big banks Is .essened by the sma.ler
proportion of the Committee membership slotted to them.
The new regulations provide that the right to do business on the Exchange can be suspended by the respective Exchange committee in the
came of persons against whom proceedings have been started In a court of
honor, or who are under investigation because of suspicion of a criminal
act. Offenses against economic decrees, especially those relating to
foreign exchange matters, will be treated as a criminal act.
German Railways Order Equipment to Assist Unemployment Campaign.
The German State Railways will purchase about 72,600,000
marks worth of locomotives and rolling stock during 1933
in an effort to assist the Government campaign to relieve
unemployment, it is indicated in a report from the American
Consulate in Berlin, made public July 21 by the Commerce
Department. The Department added:
These purchases will include 145 steam locomotives, 10 electric locomotives. 221 small locomotives. 109 passenger railway cars, 232 baggage
cars, and 839 freight cars, the report stated.
The volume of these orders, although considered greater than actual
needs, Is somewhat lower than the total placed in 1932.
(Mark equals about 34 cents at current exchange.)
Bonds of Republic of Cuba Drawn for Redemption.
Speyer & Co., as fiscal agents for the Republic of Cuba
5% loan of 1904, announce that $267,500 principal amount
of bonds of this issue have been drawn for redemption on
Sept. 1 1933. The bonds so drawn will be paid at par on
and after that date at the office of Speyer & Co., 24 & 26
Pine Street, New York. In addition to the above drawing,
Speyer & Co. have purchased in the market for cancellation
70,000 principal amount of
through the sinking fund
bonds of this issue. These amounts together complete the
sinking fund operations for the year 1932-1933 and, after
July 29 1933
retirement of these bonds, there will remain outstanding
$10,168,000 bonds of the $35,000,000 bonds originally
issued.
Uruguay Halts Interest Payments on External Debt in
Foreign Currencies—Shortage of Foreign Exchange
Leads to Plan Whereby Pesos Are Deposited at
Montevideo and Transferred at Current Exchange
Rate when Interest Is Due.
The Republic of Uruguay, under a Governmental decree
dated July 3, has discontinued payment of interest on its
foreign obligations in the currencies in which payment is
specified, according to an announcement issued by J. Varela,
Minister of Uruguay at Washington. As a result of a shortage of foreign exchange, the Government has deposited
instead in Montevideo an amount in Uruguayan pesos
equivalent, at par of exchange, to interest on its long-term
external debts, and the pesos so deposited will be transferred for payment to coupon holders at the rate of exchange
quoted on the day of the transfer. Funds for payment of
the coupon due Aug. 1 on the 8% bonds of 1946, have been
deposited in Montevideo to the order of the National City
Bank of New York.
Mortgage Bank of Chile to Extend for Two Years
Operation of Laws Suspending Service Payment on
Obligations in Foreign Currencies.
The Mortgage Bank of Chile is notifying holders of its
guaranteed sinking fund gold bonds and its agricultural gold
notes, all of which are guaranteed by endorsement by the
Republic of Chile, that the Government of Chile has deemed
it indispensable to extend for two years the operation of the
laws suspending payment of the service on its obligations in
foreign currencies and the drawing of bonds for the redemption of long term issues in those currencies. The bonds
covered by this extension are as follows:
Guaranteed sinking fund 6)i% gold bonds, due June 30 1957.
Guaranteed sinking fund 6%% gold bonds of 1926. due June 30 1961.
Guaranteed sinking fund 6% gold bonds of 1928. due April 30 1961.
Guaranteed sinking fund 6% gold bonds of 1929, due May 11962.
Guaranteed 5-year 6% agricultural gold notes of 1926. due Dec. 31 1931
The law of extension passed by the Chilean Congress
became effective on July 6 1933. Holders of these securities are requested to forward their names and addresses,
together with a statement of the amounts of their holdings,
to Zuhn, Loeb & Co., or Guaranty Co. of New York.
Banks of Colombia Act to Aid Debtors—Reduce Interest
Rates, Extend Loans and Accept National Bonds
in Part Payment —Mortgage Debts.
The following Bogota cablegram July 18 is from the New
York "Times":
The Bank of the Republic has lowered its rediscount rate from 5 to 4%
as a result of a drop in the regular bank rate from 7 to 6% with a new rate
on mortgage loans of 7%. according to an agreement reached last night
with all commercial and mortgage banks except the Mortgage Bank of
Colombia.
The arrangement was made by Banking Superintendent Jaramillo and
the Bank of the Republic for the relief of private debtors, who have been
demanding aid for some time. The commercial banks agreed to extend to
the end of 1934 adequately secured loans contracted prior to 1932, providing
the interest and 5% of the principal is paid promptly.
The banks will continue to accept settlements half in cash and half in
national government bonds and will credit foreign bonds at par instead of
80% as heretofore. The banks will exchange bonds received on debts for
new National 6s.
The Bogota and Agricultural Mortgage Banks, whose foreign cedillas are
no longer serviced, will write down the outstanding obligations of debtors)
40%. extend the terms to twenty years and reduce interest from 8 to 7%.
The 23% gold bullion premium will be raised to 45%.
On July 24 the Consul-General of Columbia in New York
issued the following announcement:
An agreement between the Minister of Finance, the Superintendent of
Banks and the managers of banks In Colombia,for the purpose offacilitating
the settlement of private debts, has been signed; it was agreed to reduce
the rediscount rate, extend terms for payment and to reduce mortgage
obligations by 40%; and a plan has been drawn up under which the Bank
of the Republic will make further advances to the Government to be
expended In public works construction.
Costa Rica Delays Bond Payments—Announces Temporary Suspension on Three Issues.
In its July 22 issue the New York "Times" said:
Because of a shortage of foreign exchange, the Republic of Costa Rica
has announced a temporary suspension of payments on the Pacific Railway
bonds of 1927, gold refunding sterling bonds of 1911 and the dollar bonds
of 1926. The republic, however, has decided to fund the interest coupons
On these bonds maturing in the period of suspension of payments.
The holders of the Pacific Railway bonds have been asked to surrender
all of the interest coupons maturing on Sept. 1 1933 to Mar. 1 1937, Inclusive, and receive in exchange for them funding bonds of the Republic
of Costa Rica for a principal amount equal to the aggregate face amount
of all the coupons so surrendered. A funding plan for the sterling and dollar
bonds already has been announced.
Volume 137
Financial Chronicle
Ruling of New York Stock Exchange on Bonds of
Province of Buenos Aires (Argentine.)
The following announcement was issued by Ashbel Green,
Secretary of the New York Stock Exchange:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
July 20 1933.
Notice having been received that the "substituted coupon" due Aug. 1
sinking
fund
gold bonds
Province
of
external
Buenos Aires 6%%
1933, on
of 1930, due 1961, stamped, will be paid on said date:
The Committee on Securities rules that the bonds be quoted ex-interest
$25.52 per $1,000 bond on Tuesday, Aug. 1 1933; that the bonds shall
continue to be dealt in "flat" and to be a delivery after Aug. 1 1933, must
carry the Feb. 1 1934, and subsequent "substituted coupons" and the
Feb. 1 1936, and subsequent regular coupons.
ASHBEL GREEN, Secretary.
An item relating to the bonds was noted in our issue of
July 22, page 581.
Argentine Debt—$1,600,000 Payment Ordered on Aug.1
Maturities.
From the New York "Sun" we take the following (United
Press) from Buenos Aires July 26:
The Ministry of Finance instructed the Argentine embassy at Washington
to-day to pay $1,600,000 service on the loans of $47,000,000 maturing
Aug. 1.
The Senate Finance Commission continued its study of a debt moratorium project to-day.
The moratorium bloc in Parliament reported the commission proposed
to recommend that amortization of the foreign debt be suspended for three
Years and that half the interest on the foreign debt be paid in cash and
one-half in interest bearing token bonds redeemable in three years.
The project would involve the standstill of about £750,000 and $10,000,000 in services on debts held in Great Britain and the United States.
Trading Time on New York Stock Exchange After
Having Been Curtailed During Present Week, To
Be Restored Next Week to Customary Hours—
Will Be Closed on Saturdays Until Sept. 2—Action
of Other Exchanges.
The Governing Committee of the New York Stock Exchange voted on July 22 that, beginning July 24 and until
further notice, the Exchange would open at 12 noon instead
of at 10 a.m., and remain open until 3 p.m. as heretofore on
full business days. This action was superseded on July 25,
when the Committee adopted a resolution to conduct trading on the Exchange from 11 a.m. to 2 p.m. on full business
days until further notice. Later, on July 28, it voted to
restore the customary hours. The Exchange, which will be
closed to-day, (July 29), will remain closed on Saturdays up
to and including Sept. 2. The New York Curb Exchange
and the Securities Market of the New York Produce Exchange followed the action taken by the Stock Exchange in
each instance. The Chicago Stock Exchange voted on July
22 that, beginning July 24 and until further notice, the
Exchange open for business at 11 a. m., Chicago daylight
saving time, but on July 25 the Governing Committee of
the Exchange ruled that until further notice trading shall be
between the hours of 10 a. m.and 1 p. in., Chicago daylight
saving time. It was announced that the New York Commodity Exchange, Inc., will be open to-day for trading in
rubber, silver, copper, tin, hides, and silk futures. The
announcement of the Governing Committee of the New York
Stock Exchange of July 22 follows:
NEW YORK STOOK EXCHANGE.
Governing Committee.
July 22 1933.
To the Members of the Brasses'
Due to the sustained pressure under which members and the employees
of their firms and of the Stock Clearing Corporation have been working
for a very considerable length of time, and particularly so in the last few
days, the Governing Committee by resolution this morning has determined
that, beginning with Monday, July 24 1933, and until further notice,
the Exchange will open at 12 noon instead of at 10 o'clock on full business
days, and furthermore, the Governing Committee will determine next
week, provided the present great activity continues, whether or nor the
Exchange will be closed next Saturday.
ASHBEL GREEN, Secretary.
Following is the Committee's announcement of July 25:
NEW YORK STOOK EXCHANGE,
Governing Committee.
July 25 1933.
IMPORTANT
To the Members of the Exchange:
The Governing Committee at a special meeting held to-day adopted
the following resolutions:
Resolved, That the Exchange shall be open for the purchase and sale of
securities from 11 o'clock a.m. to 2 o'clock p.m. on full business days
until further notice.
Further resolved, That the Exchange shall not be open for the purchase
and sale of securities on Saturday, July 29 1933.
Further resolved, That notice of intention to close a contract as provided
in Chapter IV of the Rules shall be delivered on or before 11:30 o'clock
a.m. on the day following the day on which such contract shall not have
been fulfilled, according to its terms, and that such contract shall not be
closed before 12 o'clock noon on said day.
Further resolved, That all transactions taking place during the period
when,the Exchange shall be open for the purchase and sale of securities
781
from 11 o'clock a.m. to 2 o'clock p.m. shall be deemed to be contracts
made upon a full business day as defined in the Rules adopted by the Governing Committee pursuant to the Constitution.
ASHBEL GREEN. Secretary.
The Exchange's announcement of July 28 is as follows:
NEW YORK STOOK EXCHANGE,
Governing Committee.
July 28 1933.
IMPORTANT.
To the Members of the Exchange:
The Governing Committee at a special meeting held to-day adopted the
following resolutions:
Resolved. That regular trading hours shall be resumed commencing on
Monday, July 31 1933, and that, effective on that date, the Exchange
shall be open for the purchase and sale of securities from 10:00 a. m. to
3:00 p. m. on full business days.
Further resolved, That the Exchange shall not be open for the purchase
and sale of securities on Saturdays Aug.5, 12, 19 and 26, and Sept. 2 1933.
ASHBEL GREEN, Secretary.
July 28 1933.
The Committee on Securities determined that regular trading hours shall
be resumed commencing on Monday. July 31 1933. and that effective on
that date the Securities Market on the New York Produce Exchange shall
be open for the purchase and sale of securities from 10 a. m. to 3 P. m.
on full business days. Further that the Securities Market on the New
York Produce Exchange shall not be open for the purchase and sale of
securities on Saturdays, Aug. 5, 12, 19 and 26, and Sept. 2 1933.
The following announcements were issued on July 22 by
the Committee of Arrangements of the Exchange:
NEW YORK STOCK EXCHANGE.
Committee of Arrangements.
July 22 1933.
IMPORTANT
To the Members of the Exchange:
The Committee of Arrangements directs that all specialists, floor brokers
and bond brokers, or their authorized representatives, must be present on
the floor of the Exchange not later than 10 o'clock on Monday. July 24,
and each day thereafter during such time as the Exchange opens at 12 noon.
The Committee also directs that telephone clerks be present on the floor at
the times mentioned, and that a proper staff be kept in offices until all
open trades are settled. Employees of the Exchange will be on duty and
the tube system will be in operation.
Every effort should be made by members' offices to send orders to the
floor each morning as early as possible.
July 22 1933.
To the Members of the Exchange:
The following ruling of the Committee of Arrangements was passed to-day:
"Members of the Exchange are strictly forbidden to deal over-the-counter
in listed securities, between 10 a.m. and 12 m. on those days that the Exchange is not open until 12 o'clock noon, except when permission of the
Secretary of the Exchange has been previously obtained.
"Any violation of this ruling will be deemed to be an act detrimental to
the best interest and welfare of the Exchange."
ASHBEL GREEN. Secretary.
The above announcements were superseded on July 25
by the following:
NEW YORK STOCK EXCHANGE.
Committee of Arrangements.
July 25 1933.
IMPORTANT
To the Members of the Exchange:
The Committee of Arrangements directs that all specialists, floor brokers
and bond brokers, or their authorized representatives, must be present on
the floor of the Exchange not later than 9:30 a.m. on Wednesday. July 26,
and each day thereafter during s tch time as the Exchange opens at 11 a.m.
The Committee also directs that telephone clerks be present on the floor
at the times mentioned and that a proper staff be kept in offices until all
open trades are settled. Employees of the Exchange will be on duty and
the tube system will be in operation.
Every effort should be made by members' offices to send orders to the
floor each morning as early as possible.
July 25 1933.
To the Members of the Exchange:
The following ruling ofthe Committee of Arrangements was passed to-day:
"Members of the Exchange are strictly forbidden to deal over-the-counter
in listed securities, between 10 a.m. and 11 a.m. on those days that the
Exchange is not open until 11 a.m., except when permission of the Secretary of the Exchange has been previously obtained.
Any violation of this ruling will be deemed to be an act detrimental to
the best interest and welfare of the Exchange."
ASHBEL GREEN, Secretary.
Below are the announcements issued by the New York
Curb Exchange:
CURB EXCHANGE ON SHORTER HOURS.
July 22 1933.
The Board of Governors has determined that beginning with Monday,
July 24 1933, and until further notice, the Exchange will open at 12 noon
instead of at 10 o'clock on full business days and the Board of Governors
will determine next week whether or not the Exchange will be closed next
Saturday.
July 25 1933.
At a special meeting of the Board of Governors of the New York Curb
Exchange held to-day the following resolutions were adopted:
Resolved, That the Exchange shall be open for the purchase and sale of
securities from 11 a.m. to 2 p.m. on full business days until further notice,
and be it
Further resolved, That the Exchange shall not be open for purchase or
sale of securities on Saturday, July 29 1933; and belt
Further resolved, That notice of intention to close a contract as provided
In Chapter IV of the Rules shall be delivered on or before 11:30 a.m. on
the day following the day on which such contract shall not have been fulfilled according to its terms, and that such contract shall not be closed before
12 o'clock noon on said day; and be it
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Financial Chronicle
Resolved finally. That all transactions taking place during the period when
the Exchange shall be open for the purchase and sale of securities from
11 am.to 2 p.m. shall be deemed to be a contract made upon a full business
day as defined in the rules adopted by the Board of Governors pursuant to
the constitution.
The announcements of the Securities Market on the New
York Produce Exchange follow:
July 22 1933.
The Committee on Securities rules that, beginning with Monday, July
24 1933, and until further notice, the Securities Market on the New York
Produce Exchange will open at 12 noon instead of at 10 o'clock on full
business days.
July 25 1933.
The Committee on Securities rules that the Securities Market on the
New York Produce Exchange shall be open for the purchase and sale of
securities from 11 a.m. to 2 p.m. on full business days until further notice.
The Committee on Securities further rules that the Securities Market
on the New York Produce Exchange shall not be open for the purchase
or sale of securities on Saturday, July 29 1933.
Richard Whitney, President of the New York Stock Exchange and head of the firm of Richard Whitney & Co. has
been elected to membership on Commodity Exchange, Inc.
It was announced April 27. Other members elected at a
meeting of the Board of Governors were Philip Miller
Brown, Eastman Dillon & Co.; Lucius Wilmerding, Gray &
Wilmerding; Frank A. Willard, F. A. Willard & Co.; Louis
Wibner Noel, Noel, Berman & Langley; James Goodwin
Hall, c/o J. S. Bache & Co.; Herbert N. Rawlins, New York;
Floyd W. Mundy, Jr., Jas. H. Oliphant & Co., and John
Witter, Dean Witter & Co.
New York Clearing House Banks Working on Plans to
Bring Institutions in Conformity With Codes
Under National Industrial Recovery Act.
Methods for reducing the working hours of bank employees
and creating a minimum hourly wage were discussed on
July 25 at a meeting of a subcommittee of the New York
Clearing House, headed by Fred A. Thomas, Vice President,
of the Central Hanover Bank & Trust Co., it was stated in
the New York "Journal of Commerce" of July 26 from which
we also quote:
At the same time members of the New York Stock Exchange, of the curb
and over-the-counter trading houses are discussing methods for carrying
out the blanket program of the Administration. The methods adopted in
New York, it was believed, probably will be copied by clearing house and
exchange associations throughout the country. . . .
Bankers pointed out that the fixing of maximum working hours for bank
employees will be complicated. Banks necessarily must balance their books
before the close of business each day. There must be a daily clearing and
settlement of checks. Consequently when there is a rise in activity bank
employees must remain at their desks until the "work is over. Because of
these conditions, bankers held, a flat maximum week is unlikely. Instead,
it was believed, a maximum number of working hours probably would be
worked out for a longer period so that overtime work during a particular
week would be compensated by free time later.
The same conditions, it was held, apply to most Wall Street work. Brokerage firms must make deliveries, settle customers' accounts, make and
receive payments daily. Even on exchanges where cash settlement is
deferred, each house must determine before closing its books its net position.
Consequently, it was believed, similar systems would be worked out.
From the New York "Times" of July 27 we take the
following:
The Banks and The Code.
Further discussions of the problem of fitting the banking business into
an industrial code have not yet served to simplify the matter greatly. The
bankers complain that even their clerks cannot be put on a rigid schedule
of hours. They point out that the books must be balanced at the close of
every day, and that if that task is accomplished early, the bookkeepers may
leave t offices early, but that if the task runs far into the evening it is not
poss e to put on a new shift to complete it. Those who have started e
Jo and are responsible must carry it to a conclusion.
Commodities Finance Corporation Is Dissolved—
$50,000,000 Organization Did No Business Since
Its Formation Last August.
The Commodities Finance Corporation, a $50,000,000
organization formed in August 1932 by New York City
banks and trust companies to finance the purchasing, holding
and orderly marketing of commodities, has ended its existence, according to an article in the New York "Sun" on July
23. The report said that since no capital was ever paid in to
the corporation it was a simple matter to conclude its affairs.
No business of any importance was ever transacted by the
corporation, which was an emergency creation. The 20
clearing house banks and several others sustained an aggregate loss of $25,468.17 in organizing the corporation and
running it for 11 months. Decision to dissolve the corporation was reached at a meeting of the board of directors held
on July 12, the "Sun" said.
Deposits in New York City Banks and Trust Companies Gain $700,000,000 in Year—Second Quarter
Net Increase $1,000,000,000—Six Show Decreases.
Twenty-five banks and trust companies in Greater New
York increased their deposits by close to $1,000,000,000 in
the three months ended last June 30, and by more than
July 29 1933
$700,000,000 compared with a year ago. This is noted in the
"Wall Street Journal" of July 17, which likewise observed:
These banking institutions, on June 30 last, had aggregate deposits of
$8,098,683,000,representing about 15% of the total in all banks throughout
the country. A year earlier their deposits amounted to $7,310,870,000.
Guaranty Trust Co. and Bankers Trust Co. scored the most substantial
gains of $159,000,000 and $145,000,000, respectively, in the last year, the
former's total topping 61,000,000,000 on June 30. Other banks to increase
their deposits by $100,000,000. or more, during the last year were Chase
National and Central Hanover Bank & Trust Co.
Six institutions showed decreases compared with a year ago, ranging
from $1.000,000 to $79,000,000.
Several Banks Move Up a Place.
The relative standing of the institutions,from the standpoint of deposits,
was little changed. First National Bank, which had been in eighth place
last year. moved up to seventh, while Bank of the Manhattan Co. was
elevated to eighth from ninth a year ago. Other banks which advanced
one place were New York Trust, Bank of New York & Trust and Continental Bank & Trust Co.
The ranking of the first six institutions was unchanged—Chase National
being the largest in the country,followed by National City Bank, Guaranty
Trust Co., Bankers Trust Co., Central Hanover Bank & Trust Co. and
Irving Trust Co.
Thirteen banks in Greater New York had deposits in excess of $100,000,000 each, the Bank of New Iork & Trust Co. being in this category on
June 30, showing deposits of $114,377,000, compared to only $98,783,000 a
year previously.
Deposit Comparisons in Last Year.
Deposits of the 25 banks and trust companies in the metropolitan area
as of June 30 last, compare with March 31 this year and June 30 1932 as
follows:
June 30 1933.
Mar, 31 1933,
June 30 1932.
Chase National
$1,408,337,000
National City
1,134,750,000
Guaranty Trust
1,087,621,000
Bankers Trust
693,872,000
Central Hanover Bank & Trust
635,399,000
Irving Trust
429,438,000
First National
395,763,000
Bank of Manhattan Co
381,960,000
368,460,000
Manufacturers Trust
Chemical Bank & Trust
345,489,000
New York Trust
272,457,000
Corn Exchange Bank & Trust
237,947,000
Bank of New York & Trust_ _ _ _
144,377,000
95,232,000
Brooklyn Trust
Public Nat. Bank & Trust
92,423,000
69,505,000
Commercial Nat. Bank & Tr._.
Empire Trust
67,336,000
United States Trust
65,872,000
46,208,000
Continental Bank & Trust _ 30,844,000
Title Guarantee & Trust
26,362,000
Kings County Trust
19,217,000
County Trust
18,707,000
Grace National
16,399,000
Fulton Trust
14.708.000
iterline Nat. Bank & Trust_ _ —
$1,306,745,000
1,023,320,000
952,543,000
583,321,000
553,218,000
390,832,000
.
357,271,000
293,703,000
317,921,000
275,182,000
239,307,000
209,816,000
103,817,000
97,794,000
82,264,000
56,777,000
50,048,000
166,679,000
28,768,000
26,820,000
23,143,000
Y19,372,000
18,606,000
16,977,000
10.218 non
$1,302,456,000
1,214,267,000
928,343,000
548,296,000
530,774.000
385,388,000
325,369,000
317,182,000
379,053,000
275,688,000
236,216,000
245,945,000
98,783,000
110,162,000
84,742,000
61,678,000
59,359,000
58,565,000
28,401,000
35,700,000
27,548,000
17,149,000
15,151,000
16,203,000
* As of April 14 last. x As of April 12 last.
R ins nnll
y As of April 13 last.
New York City Bank Stocks React in Week of July 22.
The New York City bank stock market registered a
marked decline during the week ended July 22. The
aggregate value of the 16 leading issues, as compiled by Hoit,
Rose & Troster, ended the week at $1,525,637,000, compared with $1,688,452,000 at the close of the previous week,
a decrease of $162,815,000, or 9.6%. The low point for
the year to date, namely, $1,065,746,000, was recorded on
April 5. The firm also says:
The average yield of the 16 stocks is now 5.14%, compared with a yield
of 4.64% reported on July 14. The current market value of the 16 stocks
is now 1.17 times their known book value against 1.29 on July 14. Based
upon current figures the 16 stocks are now quoted at an average of 11.2
times their known earnings against 12.4 on July 14.
Increase Shown in Brokers' Loans In Monthly Report
of Montreal Stock Exchange—Gain of $1,866,400
From June 1 to July 6 in Borrowings—Volume
Highest Since Sept. 1930—Loans Totaled $14,788435 on July 6.
According to the monthly report made public on July 17
b the Montreal Stock Exchange, loans on securities to
member firms totaled $14,788,135 on July 6 1933, representing an increase of $1,866,400 over the total reported as
at June 1 1933. The Montreal "Gazette" of July 18 states
that the current total of borrowings compares with $13,796,061 at the beginning of this year, and with $54,991,145
on Oct. 3 1931, when the Exchange made its first official
announcement of the loans of member firms. The "Gazette"
added:
During the month of June, when borrowings on securities by Montreal
t million dollars, volume
Stock Exchange member firms expanded by over I 3(
of trading on this Exchange attained its highest level since September
1930, with this period characterized by a wide advance in security values.
On July 6, the "Gazette's" average price of 10 leading stocks was 28.52,
which compares with 24.55 on June 1, an advance in the index in that
period of 3.97 points.
The loan figures follow:
1932—
1931—
$54,991,145
3
Oct. 3
94 :700
$13
3;8
39
1
Dec.
25,573,685
1933—
Ma1r9c3h2-4
22,758,561 Jan. 5
April 7
13 796 , ,061
2
18,922,577 Feb.
May 5
1,
13,606351
15,139,386 March 2
June 2
,
13,431614
July 7
13,865,523 April 6
12,864298
13,020,454 May 4
Aug. 4
12,501,411
13,774,017 June 1
12,921,733
C
14,115,852 July 6
Sept.et
61
14,788,135
Volume 137
Financial Chronicle
The foregoing figures, the Exchange points out, do not include loans on
foreign securities but only borrowings of members of the Montreal Stock
Exchange on Canadian securities and not those of other exchanges in
Canada. Nor do they include the borrowing of bond houses or bond affiliates of stock exchange members.
to Head Canadian Banking
Commission.
The Toronto "Globe" of July 13 reported that a cablegram..from London, from Floyd S. Chalmers, editor of the
"Financial Post" stated that Lord Macmillan will head the
Royal Commission on Banking in Canada. As given in the
"Globe" the cablegram follows:
Lord
Macmillan
On good authority, I learn that Lord Macmillan has accepted the Chairmanship of the Canadian Royal Commission on Banking created at the
last session of Federal Parliament.
One of the foremost advocates of Scotland, and one of the keenest intellects in the British Empire, Lord Macmillan achieved world-wide distinction in 1931 through his chairmansip of the Committee on Finance and
Industry, which for a year and a half made an exhaustive study of banking
and commerce in Great Britain. Commonly known as Report of the Macmillan Committee, this document is considered one of the most important
of its kind that has been prepared in a generation.
Hugh Pattison Macmillan was born in 1873,the son of a Scottish minister.
He graduated with first-class honors as a Master of Arts in philosophy at
Edinburgh in 1893,subsequently receiving his Bachelor of Laws at Glasgow
University in 1896, where he was Cunninghame Scholar. He achieved
rapid and widespread distinction in the field of law, being Lord Advocate of
Scotland in 1924. Since then he has been Chairman of no fewer than five
major inquiries In Great Britain, which Investigated such widely divergent
fields as lunacy and mental disorder; coal mining dispute, 1925; British
pharmacopoeia; street offenses; finance and industry; and the wool industry
wages dispute, 1930. In 1930 he was created a life Peer, Baron of Aberfeldy.
The Canadian Royal Commission on Banking will consist offive members,
two of which will be chosen from outside Canada. One of its chief tasks will
be to investigate the problem of a central bank for Canada. On April 15,
the "Financial Post" urged the appointmnet of Lord Macmillan to the
Chairmanship of this Commission.
State Superintendent of Insurance George S. Van
Schaick to Transfer Policies from Globe & Rutgers
Fire Insurance Co.
Supreme Court Justice Alfred Frankenthaler granted on
July 27 the application by three insurance companies to authorize George S. Van Schaick, State Superintendent of Insurance, as rehabilitator of the Globe & Rutgers Fire Insurance Co., and to the officers of that company to transfer
reinsurance held for the petitioners by the Globe & Rutgers.
The reinsurance held for the Insurance Co. of the State of Pennsylvania
will go to the American Insurance Co. of Newark; that of the Rossia Insurance Co. to the American Equitable Insurance Co. and that of the Lincoln
Fire Insurance Co. to New York Fire Insurance Co.
Justice Frankenthaler directed that the reinsurance be transferred as of
June 30 and canceled the contracts held by the Globe & Rutgers with the
Rossia and Pennsylvania companies. The Globe & Rutgers had asked that
the date fixed be July 31 and that the contracts remain in effect.
Exportsiof/SmeltedIGold Ore Prohibited Except Under
License, Under Ruling of Attorney-General Cummings—Shipments of Gold Concentrates and Gold
Ore—Gold Stocks Break on Ruling—Number of
Gold Hoarders.
Exports of smelted gold ore and imperfectly refined ore
are prohibited except under license of the Secretary of the
Treasury, while gold concentrates and gold ore may be exported, according to a ruling of Attorney-General Cummings,
portions of which were made public on July 27. A Washington dispatch on that date to the New York "Times" noting
this said that gold concentrates were described as washed
ore.
From the New York "Journal of Commerce" we quote the
following from Washington July 27:
The far-reaching order was an interpretation of the Presidential proclamation prohibiting the export of gold except under license by the Secretary
of the Treasury for specific purposes or on the approval of the President
for purposes deemed in the public interest.
Broad rules were laid down in the Attorney-General's opinion, which did
not relax restrictions nor fundamentally change the present situation in
which practically no gold coin, bullion or certificates has been permitted
to leave the country.
Attitude on License.
It was explained that the facts in the individual cases where application
I, made for the export of gold would determine to great extent whether
licenses would be issued.
The Treasury has been deluged with applications for licensee to export gold
ore. American gold mining companies desired to export, chiefly to Canada,
in order that the gold could be smelted there and sent to Europe to obtain
the advantage of higher world prices.
There is said to have been some "bootlegging" exports of gold and ore
although officials were inclined to believe that this was inconsequential.
Eight questions were asked Cummings by the Treasury. It was explained
that much of the opinion was of a highly technical character. Officials declined to go into details but said they would be used as the basis for action
on specific applications for gold export licenses.
The fact that an opinion bearing on gold Shipments had
been submitted to the Treasury Department was indicated
by the Department of Justice on July 20, but no inkling
was given at that time as to the nature of the ruling. It
was observed in the "Wall Street Journal" of July 27 that
a bad tumble in the gold stocks, precipitated by news
783
from Washington that Attorney-General Cummings' opinion
banned export shipments of the smelted metal from this
country, brought about a set-back in the general market in
the final hour of trading in that short session, but the list
rallied before the close. The paper quoted went on to say:
Homestake broke 36 points and Juneau, McIntyre Porcupine and others
In the gold group slumped badly, but came back late. The whole market
was firm at the finish.
Until the word on the Attorney-General's ruling appeared, the securities
markets had paid more attention to the strength in commodities than to
the rise in the dollar in the foreign exchange markets. Some of the more
volatile stocks managed to run up as much as •4 points over the previous
close. In several stocks, selling was apparent on the advance, an indication
that there was still some backwash from the recent decline.
The "Times" Washington advices (July 27) stated that
in discussing the plan to initiate prosecution of gold hoarders
shortly Mr. Cummings said that he had instructed J. Edgar
Hoover, Chief of the Bureau of Investigation, to speed up
the investigation of suspected gold hoarders. The dispatch
added:
There will be a final check of the list of persons who have refused to
turn in gold. If they persist in their refusal to exchange the gold for other
types of currency the names will be published and their prosecutions will
be started.
The list of "deliberate" hoarders issued to-day by the Justice Department showed that 207 persons had refused to turn in $1,231,086. The department has interviewed 4,608 persons whose names were found on the
Treasury list of suspects. A total of 280 persons turned $854,025 in gold
at the request of department agents.
There were 4,121 persons who said they had returned $27,481,490 in gold
prior to being visited by department agents. It was verified that 3,334 of
these had turned in $20,598,681.
New Offering of $60,000,000 or Thereabouts of 91-Day
Treast.ry Bills—To Be Dated Aug. 2 1933.
Tenders to a new offering of Treasury bills to the amount
of $60,000,000 or thereabouts were invited on July 26 by
Acting Secretary of the Treasury Dean G. Acheson. They
will be 91-day bills, dated Aug. 2 and maturing Nov. 1 1933.
On the maturity date the face amount will be payable without interest. The tenders to the bills, which will be sold on
a discount basis to the highest bidders, will be received at
the Federal Reserve Banks, or the branches thereof, up to
2 P. M., Eastern Standard time, on Monday, July 31 1933.
Tenders will not be received at the Treasury Department,
Washington. The bills will be used to meet an issue of $60,655,000 maturing on Aug. 2. In part, Mr. Acheson's announcement follows:
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 of
10% of the face amount of Treasury bills applied for, unless the
tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on July 31 1933,
all tenders received at the Federal Reserve Banks or branches
thereof up
to the closing hour will be opened and public announcement of
the acceptable prices will follow as soon as possible thereafter,
probably on the
following morning. The Secretary of the Treasury expressly
reserves the
right to reject any or all tenders or parts of tenders and to
allot less than
the amount applied for, and his action in any such
respect shall be final.
Thom submitting tenders will be advised of the
acceptance or rejection
thereof. Payment at the price offered for Treasury
bills allotted must be
made at the Federal Reserve Banks in cash or other
immediately available
funds on Aug. 2 1933.
The Treasury bills will be exempt, as to principal
and interest, and any
gain from the sale or other disposition thereof
will also be exempt, from all
taxation, except estate and inheritance taxes. No loss
from the sale or other
disposition of the Treasury bills shall be allowed as
a deduction, or otherwise recognized, /or the purposes of any tax
now or hereafter imposed by
the United States or any of its possessions.
Bids Totaling $259,858,000 Received to
Offering of
$80,000,000 or Thereabouts of 91-Day Treasury
Bills Dated July 26--$80,122,000
Accepted—Average Rate 0.37%.
It was announced on July 24 by Dean
G. Acheson, Acting
Secretary of the Treasury, that tenders of $259,858,000
were
received to the offering of $80,000,000 or
thereabouts of 91day Treasury bills dated July 26, and that
bids of $80,122,000
were accepted. The offering was noted in
our issue of July
22, page 584; tenders were received at the
Federal Reserve
Banks, or the branches thereof, up to 2 P. M.,
Eastern Standard time, July 24. The bills, the announcement
said, sold at
an average rate on a bank discount basis
of 0.37% which
compares with previous rates of 0.39% (bills
dated July 19);
0.36% (bills dated July 12) and 0.28%
(bills dated July 5).
The average price of the bills to be
issued is 99.906. The
following is Mr. Acheson's announcement
as contained in
784
Financial Chronicle
advices from Washington July 24 to the New York "Herald
Tribune" of July 25:
Acting Secretary of the Treasury Dean G. Acheson announced to-night
91-day
(July 24) that the tenders for $80,000,000, or thereabouts, of
Treasury bills, dated July 26, which were opened at the Federal Reserve
banks to-day, amounted to $259,858,000, of which $80,122,000 was accepted.
The accepted bids ranged in price from 99.925, equivalent to a rate of
about 0.30% per annum, to 99.900, equivalent to a rate of about 0.40%,
on a bank discount basis. Only part of the amount bid for at the latter
price was accepted. The average price of Treasury bills to be issued is
99.906 and the average rate is about 0.37%.
Resolution Adopted by New York Coffee & Sugar Exchange Restricting Fluctuation in Coffee,Sugar and
Molasses Prices—Acts to Co-operate with Administration in Industrial and Economic Emergency.
The following telegram, with regard to restrictions on
price fluctuations for coffee, sugar and molasses, was sent
July 21 to Dr. John Lee Coulter at the Tariff Commission
Building, Washington, D. C., by President William H. English Jr., of the New York Coffee and Sugar Exchange:
The Board of Managers of the New York Coffee and Sugar Exchange
passed the following resolution at a special meeting called for the purpose
this afternoon (July 21):
Whereas, The New York Coffee and Sugar Exchange desires to co-operate
wholeheartedly and effectively with the efforts of the Administration to deal
with the present industrial and economic emergency; and
Whereas, Although trading has been proceeding in an orderly manner, nevertheless in the judgment and discretion of the Board of Managers, it is in
line with the desires and efforts of the Administration in the public interest
and in the interests of the trades represented by the Exchange that the limits
of trading provided in Coffee Trade Rule No. 2, Sugar Trade Rule No. 2, and
Molasses Trade Rule No. 2, be changed and modified as hereinafter set
forth:
Now, Therefore, be it Resolved, That anything in said Trade Rules to the
contrary notwithstanding, and until the further order of the Board of Managers, no trades in coffee in any month shall be made in any one day at an
advance of more than one cent per pound above the lowest previous price of
such month on that day or a decline of more than one cent per pound for
coffee below the highest previous price of such month on that day; and that
no trades in sugar in any month shall be made in any one day at an advance
of more than one-quarter cent per pound above the lowest previous price of
such month on that day or a decline of more than one-quarter cent per pound
for sugar below the highest previous price of such month on that day; and
that no trades in molasses in any month shall be made in any one day at an
advance of more than one-half cent per gallon above the lowest previous
price of such month on that day or a decline of more than one-half cent per
gallon for molasses below the highest previous price of such month on
that day.
The present limits for coffee are two cents, or 200 points,
and one cent, or 100 points, for sugar, and two cents, or 200
points, for molasses.
President Roosevelt and Former President Hoover in
Ceremonies Opening Work on San FranciscoOakland Bay Bridge—President Presses Telegraph
Key at White House While Mr. Hoover Turns First
Earth for Huge Project.
President Roosevelt on July 9 started construction on the
San Francisco-Oakland Bay Bridge, eight and one-quarter
miles long, when he pressed a gold-plated telegraph key at
his desk in the White House, while in San Francisco former
President Hoover turned the first spadefull of earth that
signalized the breaking of the ground for the subject. "This
marks the physical beginning," Mr. Hoover said, "of the
greatest bridge yet erected by the human race. But it is
more than a bridge. It marks the consummation of that
unity of effort for co-operation on the part of the citizens,
the municipalities, the State and the Federal Government
which is the genius of our countrymen." Governor James
Rolph Jr., of California and Governor Fred Balzer of
Nevada also participated in the ceremonies. President
Roosevelt's remarks, in giving the signal for beginning the
project, follow:
"I deem it a real honor to initiate the construction of the greatest bridge
ever built and the largest construction job undertaken in the United States
thls year. the San Francisco-Oakland Bay Bridge.
"Financed jointly by the Reconstruction Finance Corporation and the
State of California at a cost estimated at $70.000,000. this great span will
serve countless millions during the years to come.
"Even now it is serving a useful purpose as it brings additional employment to thousands of men who are getting the materials ready and to 6,000
or 7.000 men who will work directly on the job of construction.
"This huge undertaking which is to be followed by many others through
the medium of the public works program, symbolizes the upturn that has
come in our industrial life.
"I am glad to have a part In this historic ceremony."
$102,000,000 Inland Waterway from Great Lakes to
Gulf of Mexico Officially Opened by Secretary of
War Dern—Calls 1,000-mile Route a Stimulus to
Entire Nation.
The joining of the Great Lakes with the Gulf of Mexico
by a 1,000-mile inland waterway which cost $102,000,000
was officially completed on June 22, with ceremonies at
Chicago in which Secretary of War George H. Dern hailed
the opening of the waterway as placing middle-western
States in closer transportation parity with coastal seaports
July 29 1933
and as providing an industrial stimulus for the entire Nation.
A partial description of the waterway and of the opening
ceremonies, as contained in Associated Press advices of
June 22, follows:
The waterway proper extends 96 miles from Lake Michigan at Chicago
to the Illinois River at Utica, Ill. In completing it, engineers used the
channels of the Des Plaines and Illinois rivers and the Chicago Sanitary
District Canal.
Five powerful locks, capable of lifting and lowering 30,000 tons of freight
a day and separated by miles of virtual lakes, make possible the operation
of the channel. The locks make-up for the difference of 129 feet in elevation at the ends of the waterway.
Down the waterway in the future, speakers at the dedication predicted,
will float a considerable portion of the output from factories, farms and
mines of an area covering hundreds of thousands of square miles.
• In the speeches and in a colorful pageant, the dreams of the French
explorers, Marquette, Joliet, Tonti and La Salle, who first conceived the
waterway, were traced over 260 years. The work of Abraham Lincoln,
of George Washington and of present political leaders during the last
30 years was outlined.
Bringing to the ceremonies a message from President Roosevelt. Secretary Darn said the President saw in completion of the waterway "the
manifest destiny of the Mid-West."
"He (the President) knows that this valley is the storehouse of the
Nation," Darn said, "that it produces 70% of the country a agricultural
products, 50% of its manufactured products and 60% of its exportable
surplus, and that within its giant embrace repose 00% of its iron ore deposits, 80% of its coal and 70% of its petroleum stores.
"The linking together of the lake cities of the North,the Gulf cities of
the South and the great cities of the interior," Secretary Darn said,"should
bring about a restoration of the economic parity of the Middle West with
the rest of the country, which parity has been hampered by the Panama
Canal and by blanketed freight rates."
Remarking that the new all-water route joined approximately 20 cities
with an aggregate population of 6,500,000, he traced its development
from the dream stage in the middle of the Fifteenth Century, when De Soto
discovered the Mississippi River, down through Presidents Lincoln and
Theodore Roosevelt to President Franklin D. Roosevelt.
President Roosevelt in Radio Address Asks Employers
Throughout Nation to Sign as Patriotic Act
Blanket Agreement Under National Recovery Act,
Limiting Minimum Wages and Working Hours—
"Adequate Penalties" for Those Who Would
Thwart Purpose.
An appeal to the employers of the nation, "in the name of
patriotism and humanity," "to sign this common covenant
with me"—the "blanket" code under NIRA in an effort to
effect an immediate increase in the country's purchasing
power—was made by President Roosevelt in a radio address
broadcast from Washington, July 24. "The essence of the
plan," said the President, "is a universal limitation of hours
of work per week for any individual by common consent, and
a universal payment of wages above a minimum, also by common consent." He went on to say: "I cannot guarantee the
success of this nation-wide plan, but the people of this country can guarantee its success. I have no faith in 'cure-ails,'
but I believe that we can greatly influence economic forces."
Among other things, the President said:
Last autumn, on several occasions, I expressed my faith that we can make
possible by democratic self-discipline in industry general increases in wages
end shortening of hours sufficient to enable industry to pay its own workers
enough to let those workers buy and use the things that their labor produces.
This can be done only if we permit and encourage co-operative action in
Industry, because it is obvious that without united action a few selfish men
in each competitive group will pay starvation wages and insist on long hours
of work. Others in that group must either follow suit or close up shop. We
have seen the result of action of that kind in the continuing descent into
the economic hell of the last four years.
There is a clear way to reverse that process: If all employers in each
competitive group agree to pay their workers the same wages—reasonable
wages—and require the same hours—reasonable hours—then higher wages
and shorter hours will hurt no employer.
The President declared: "I have no sympathy with the
professional economists who insist that things must run their
courses, and that human agencies can have no influence on
economic ills." He added:
"One reason is that I happen to know that professional economists have
changed their definition of economic laws every five or 10 years for a very
long time. But I do have faith, and retain faith, in the strength of common
purpose, and in the strength of unified action taken by the American people.
In another part of his speech the President said: "There
are, of course, men, a few of them who might thwart this
great common purpose by seeking selfish advantage." He
continued:
There are adequate penalties in the law, but I am now asking the co-operation that comes from opinion and from conscience.
These are the only instruments we shall use in this great summer offensive
against unemployment. But we shall use them to the limit to protect the
willing from the laggard and to make the plan succeed.
Badge of Honor.
In war, in the gloom of night attack, soldiers wear a bright badge on their
shoulders to be sure that comrades do not fire on comrades. On that principle, those who co-operate in this program must know each other at a glance.
That is why we have provided a badge of honor for this purpose, a simple
design with a legend, "We do our part," and I ask that all those who join
with me shall display that badge prominently. It is essential to our purpose.
In full, the President spoke as follows:
After the adjournment of the historical special session of the Congress five
weeks ago I purposely refraieed from addressing you for two very good
reasons.
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Financial Chronicle
First, I think that we all wanted the opportunity of a little quiet thought
to examine and assimilate in a mental picture the crowding events of the
hundred days which have been devoted to the starting of the wheels of the
New Deal.
Secondly, I wanted a few weeks in which to set up the new administrative
organization and to see the first fruits of our careful planning.
Fundamentals of Plan for National Recovery.
I think it will interest you if I set forth the fundamentals of this planning
for national recovery; and this I am very certain will make it abundantly
clear to you that all of the proposals and all of the legislation since the
Fourth Day of March have not been just a collection of haphazard schemes,
but rather the orderly component parts of a connected logical whole.
Long before Inauguration Day I became convinced that individual effort
and local effort and even disjointed Federal effort had failed and of necessity
would fail and, therefore, that a rounded leadership by the Federal Government had become a necessity both of theory and of fact. Such leadership,
however, had its beginning in preserving and strengthening the credit of
the United States Government, because, without that, no leadership was a
possibility. For years the Government had not lived within its income. The
immediate task was to bring our regular expenses within our revenues. That
has been done.
"Granite Foundation" of Credit.
It nosy seem inconsistent for a Government to cut down its regular expenses and at the same time to borrow and to spend billions for an emergency.
But it is not inconsistent because a large portion of the emergency money
has been paid out in the form of sound loans which will be repaid to the
Treasury over a period of years, and to cover the rest of the emergency money
we have imposed taxes to pay the interest and the instalments on that part
of the debt.
So you will see that we have kept our credit good. We have built a granite
foundation in a period of confusion. That foundation of the Federal credit
stands there broad and sure. It is the base of the whole recovery plan.
Then came the part of the problem that concerned the credit of the individual citizens themselves. You and I know of the banking crisis and of the
great danger to the savings of our people. On March 6 every National bank
was closed. One month later 90% of the deposits in the National banks
had been made available to the depositors. To-day only about 5% of the
deposits in National banks are still tied up.
The condition relating to State banks, while not quite so good on a percentage basis, is showing a steady reduction in the total of frozen deposits—
a result much better than we had expected three months ago.
The problem of the credit of the individual was made more difficult because of another fact. The dollar was a different dollar from the one with
which the average debt had been incurred. For this reason large numbers of
People were actually losing possession of and title to their farms and homes.
All of you know the financial steps which have been taken to correct this
inequality. In addition, the Home Loan Act, the Farm Loan Act and the
Bankruptcy Act were passed.
It was a vital necessity to restore purchasing power by reducing the debt
and interest charges upon our people; but while we were helping people to
save their credit, it was at the same time absolutely essential to do something about the physical needs of hundreds of thousands who were in dire
straits at that very moment. Municipal and State aid were being stretched
to the limit.
We appropriated half a billion dollars to supplement their efforts, and, in
addition, as you know, we have put 300,000 young men into practical and
useful work in our forests and to prevent flood and soil erosion. The wages
they earn are going in greater part to the support of the nearly 1,000,000
people who constitute their families.
In this same classification we can properly place the great public works
program running to a total of over $3,000,000,000, to be used for highways
and ships and flood prevention and inland navigation and thousands of selfsustaining State and municipal improvements.
Two points should be made clear in the allotting and administration of
these projects: First, we are using the utmost care to choose labor-creating,
quick-acting, useful projects, avoiding the smell of the pork barrel; and
secondly, we are hoping that at least half of the money will come back to the
Government from projects which will pay for themselves over a period of
years.
Thus far I have spoken primarily of the foundation stones—the measures
that were necessary to re-establish credit and to head people in the opposite
direction by preventing distress and providing as much work as possible
through governmental agencies. Now I come to the links which will build
us a more lasting prosperity.
I have said that we cannot attain that in a nation half boom and half
broke. If all of our people have work and fair wages and fair profits, they
can buy the products of their neighbors and business is good. But if you
take away the wages and the profits of half of them, business is only half
as good.
It doesn't help much if the fortunate half is very prosperous—the best way
is for everybody to be reasonably prosperous.
Lou, Farm Prices and Unemployment Barriers to Normal Prosperity.
For many years the two great barriers to a normal prosperity have been
low farm prices and the creeping paralysis of unemployment. These factors
have cut the purchasing power of the country in half. I promised action.
Congress did its part when it passed the Farm and the Industrial Recovery
Acts. To-day we are putting these two acts to work, and they will work if
people understand their plain objectives.
First, the Farm Act: It is based on the fact that the purchasing power of
nearly halt our population depends on adequate prices for farm products.
We have been producing more of some crops than we consume or can sell
in a depressed world market. The cure is not to produce so much. Without our help the farmers cannot get together and cut production, and the
Farm Bill gives them a method of bringing their production down to a reasonable level and of obtaining reasonable prices for their crops.
I have clearly stated that this method is in a sense experimental, but so
far as we have gone we have reason to believe that it will produce good
results.
It is obvious that if we can greatly increase the purchasing power of the
tens of millions of our people who make a living from farming and the distribution of farm crops, we will greatly increase the consumption of those
goods which are turned out by industry.
That brings me to the final step—bringing back industry along sound
lines.
Must Follow Suit or "Close Up Shop."
Last autumn on several occasions I expressed my faith that we can make
possible by democratic self-discipline in industry general increases in wages
and shortening of hours sufficient to enable industry to pay its own workers
785
enough to let those workers buy and use the things that their labor produces.
This can be done only if we permit and encourage co-operative action in
industry, because it is obvious that without united action a few selfish men
in each competitive group will pay starvation wages and insist on long hours
of work. Others in that group must either follow suit or close up shop. We
have seen the result of action of that kind in the continuing descent into the
economic hell of the past four years.
There is a clear way to reverse that process: If all employers in each
competitive group agree to pay their workers the same wages—reasonable
wages—and require the same hours—reasonable hours—then higher wages
and shorter hours will hurt no employer.
Moreover, such action is better for the employer than unemployment and
low wages, because it makes more buyers for his product.
That is the simple idea which is the very heart of the NIRA.
Nation-wide Attack on Unemployment—Elimination of Child Labor.
On the basis of this simple principle of everybody doing things together,
we are starting out on this nation-wide attack on unemployment. It will
succeed if our people understand it—in the big industries, in the little shops,
in the great cities and in the small villages. There is nothing complicated
about it, and there is nothing particularly new in the principle.
It goes back to the basic idea of society and of the nation itself that
people acting in a group can accomplish things which no individual acting
alone could even hope to bring about.
Here is an example: In the Cotton Textile Code and in other agreements
already signed, child labor has been abolished. That makes me personally
happier than any other one thing with which I have been connected since I
came to Washington.
In the textile industry—an industry which came to me spontaneously and
with a splendid co-operation as soon as the NIRA was signed—child labor
was an old evil.
But no employer acting alone was able to wipe it out. If one employer
tried it, or if one State tried it, the costs of operation rose so high that it
was impossible to compete with the employers or States which had failed
to act.
The moment the NIRA was passed, this monstrous thing, which neither
opinion nor law could reach through years of effort, went out in a flash. As
a British editorial put it, we did more under a code in one day than they in
England had been able to do under the common law in 85 years of effort.
I use this incident, my friends, not to boast of what has already been
done, but to point the way to you for even greater co-operative efforts this
summer and autumn.
We are not going through another winter like the last. I doubt if ever
any people so bravely and cheerfully endured a season half so bitter. We
cannot ask America to continue to face such needless hardships. It is time
for courageous action, and the Recovery Bill gives us the means to conquer
unemployment with exactly the same weapon that we have used to strike
down child labor.
The proposition is simply this:
If all employers will act together to shorten hours and raise wages, we can
put people back to work. No employer will suffer, because the relative level
of competitive cost will advance by the same amount for all. But if any
considerable group should lag or shirk, this great opportunity will pass us
by and we will go into another desperate winter. This must not happen.
Blanket Agreement.
We have sent out to all employers an agreement which is the result of
weeks of consultation. This agreement checks against the voluntary codes
of nearly all the large industries which have already been submitted.
This blanket agreement carries the unanimous approval of the three Boards
which I have appointed to advise in this, Boards representing the great
leaders in labor, in industry and in social service.
The agreement has already brought a flood of approval from every State,
and from so wide a cross-section of the common calling of industry that I
know it is fair for all.
It is a plan—deliberate, reasonable and just—intended to put into effect
at once the most important of the broad principles which are being established, industry by industry, through codes.
Naturally, it takes a good deal of organizing and a great many hearings
and many months to get these codes perfected and signed, and we cannot
wait for all of them to go through. The blanket agreements, however, which
I am sending to every employer, will start the wheels turning now, and not
six months from now.
There are, of course, men, a few of them, who might thwart this great
common purpose by seeking selfish advantage. There are adequate penalties in the law, but I am now asking the co-operation that comes from opinion
and from conscience. These are the only instruments we shall use in this
great summer offensive against unemployment. But we shall use them to
the limit to protect the willing from the laggard and to make the plan
succeed.
"Badge of Honor."
In war, in gloom of night attack, soldiers wear a bright badge on their
shoulders to be sure that comrades do not fire on comrades. On that principle those who co-operate in the program must know each other at a glance.
That is why we have provided a badge of honor for this purpose, a simple
design with a legend, "We Do Our Part," and.I ask that all those who join
with me shall display that badge prominently. It is essential to our
purpose.
Already all the great basic industries have come forward willingly with
proposed codes, and in these codes they accept the principles leading to mass
re-employment.
But, important as is this heartening demonstration, the richest field for
results is among the small employers, those whose contribution will give new
work for from one to 10 people. These smaller employers are indeed a vital
part of the backbone of the country, and the success of our plans lies largely
in their hands.
Already the telegrams and letters are pouring into the White House—
messages from employers who ask that their names be placed on this special
roll of honor. They represent great corporations and companies, and partnerships and individuals.
I ask that even before the dates set in the agreements which we have sent
out the employers of the country who have not already done so—the big
fellows and the little fellows—shall at once write or telegraph to me personally at the White House, expressing their intention of going through
with the plan.
And it is my purpose to keep posted in the post office of every town a roll
of honor of all those who join with me.
I want to take this occasion to say to the 24 Governors who are now in
conference in San Francisco that nothing thus far has helped in strengthening this great movement more than their resolutions adopted at the very
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Financial Chronicle
outset of their meeting, giving this plan their instant and unanimous approval
and pledging to support it in their States.
To the men and women whose lives have been darkened by the fact or the
fear of unemployment, I am justified in saying a word of encouragement
because the codes and the agreements already approved, or about to be passed
upon, prove that the plan does raise wages, and that it does put people
back to work.
You can look on every employer who adopts the plan as one who is doing
his part and those employers deserve well of every one who works for a
living. It will be clear to you, as it is to me, that while the shirking employer may undersell his competitor, the saving he thus makes is made at the
expense of his country's welfare.
While we are making this great common effort, these should be no discord
and dispute. This is no time to cavil or to question the standard set by this
universal agreement. It is time for patience and understanding and cooperation.
The workers of this country have rights under this law which cannot be
taken from them, and nobody will be permitted to whittle them away, but,
on the other hand, no aggression is now necessary to attain those rights.
The whole country will be united to get them for you. The principle that
applies to the employers applies to the workers as well, and I ask you
workers to co-operate in the same spirit.
When Andrew Jackson (Old Hickory) died, some asked, "Will he go to
Heaven ?" And the answer was, "He will if he wants to." If I am asked
whether the American people will pull themselves out of this depression, I
answer, "They will if they want to."
The essence of the plan is a universal limitation of hours of work per week
for any individual by common consent, and a universal payment of wages
above a minimum, also by common consent. I cannot guarantee the success
of this nation-wide plan, but the people of this country can guarantee its
success. I have no faith in cure-alls, but I believe we can greatly influence
economic forces.
I have no sympathy with the professional economists who insist that things
must rem their course and that human agencies can have no influence on
economic ills. One reason is that I happen to know that professional economists have changed their definition of economic laws every five or 10 years
for a very long time.
But I do have faith and retain faith in the strength of common purpose,
and in the strength of unified action taken by the American people.
That is why I am describing to you the simple purposes and the solid
foundations upon which our program of recovery is built.
That is why I am asking the employers of the nation to sign this common
covenant with me, to sign it in the name of patriotism and humanity. That
Is why I am asking the workers to go along with us in a spirit of understanding and of helpfulness.
Many Messages Pledging Support of President Roosevelt's Blanket Recovery Code Arrive at White
House—Governors' Conference Unanimous for
Co-operation—General Johnson Predicts 5,000,000
to 6,000,000 Persons Will Be Re-employed by Labor
Day—Statement by Governor Lehman of New
York.
Within 24 hours after President Roosevelt had completed
GTradio address of July 24, in which he explained.the proposed blanket code of higher pay and urged the Nation to
enlist in a re-employment drive, it was estimated that more
than 10,000 telegraphic communications had been received
at the White House, pledging support for the Administration's recovery program. Many of these telegrams are
said to have come from large corporations and stated that
the minimum pay and maximum working week provided by
the blanket code had already been introduced in their plants.
Hugh S. Johnson, Recovery Administrator, said on July 25
that, so far as he had been able to learn, the reaction to the
voluntary blanket code proposal by the employers of the
country was "100%." General Johnson also predicted that
between 5,000,000 and 6,000,000 workers would be employed
before Labor Day as a result of the stimulus afforded by the
recovery campaign.
The State Executives who were attending the Annual
Conference of Governors at San Francisco on July 24 unanimously pledged to the President their "whole-hearted
and active support" of the National Recovery program.
On motion of Governor Paul V. McNutt of Indiana, the
Conference voted that a telegram be sent to the President
carrying "greetings and a pledge of the several States represented by this Conference to the whole-hearted and active
support of the Recovery program which you have undertaken." This motion was seconded by Governor Wilbur L.
Cross of Connecticut. Governor Herbert H. Lehman of
New York, who did not attend the Conference at San Francisco, issued the following statement at Albany on July 25:
The President's appeal was so clear and convincing that it inevitably
will secure whole-hearted support for his plan from the people of the Nation.
We cannot possibly afford to allow it to fall. Each of WI must do his part.
That is dictated both by patriotism and sound self-interest.
The whole program is based on co-operation. It is, therefore, of the
utmost importance in the present emergency that industry, labor, agriculture and Government loyally work hand in hand for the common purpose
of making the NIRA truly effective.
It is with great confidence that I pledge to the President the fullest support of the people of the State of New York
While comment on the President's address was generally
favorable, some of the conservative newspapers warned of
the difficulties and dangers his policies might entail. Among
foreign comment, an editorial in the London "Times" on
July 25 declared that failure of the recovery experiment,
July 29 1933
which has "moved by giant and successive stages to its
final test," would amount to a "universal disaster."
Much more is at stake than the immediate well-being of the American
people in a world of nations which must live—if they are to live prosperously
by the law of interdependence. The "Times" said: "The progress of the
American experiment should be watched with deep and friendly interest.
Its success should be devoutly desired everywhere."
The London "Times" editorial moved the New York
"Times" July 27 to say editorially:
Too Dire Prophecies.
In the eager and hopeful drive to make the NIRA a success it is inevitable
that exaggerated statements and predictions should be made. One of them
is that it is make or break for this country within the next 60 days. It
has been said in effect that the NIRA must save us or nothing else Can.
It is either that or National ruin. Echoes of all this have evidently crossed
the sea. In the comments of the London "Times," which were cabled
to us yesterday, it was stated that if the great American experiment in
recovery ended in failure, the result would be "universal disaster."
This is a counsel of fear which ought not to be introduced into a movement
trying to enlist hope and courage. The thing to do is to place the emphasis
on the positive motives, the promising aspects, the gains already recorded,
and to put aside all the "horrible imaginings" about what may possibly
happen. We must not forget that other influences are obviously at work
to help bring about the results aimed at by the N1RA. Even before
It was enacted there were cheering signs of an upward turn from the depths
of the depression. They began to show themselves a year ago. Checked
for a time by the bank troubles, they resumed their good effect before
Congress had got around to the legislation on which so much stress is now
being laid. If in its practical application the results do not prove to be
all that is hoped for, still there would be no good reason for throwing up
our hands in despair. Economic forces and trends in business already
apparent would go on helping us up the hill.
There is thus no occasion for sounding alarms in advance, or prophesying
the end of all things in case a particular remedy is not at once curative.
Our native and acquired powers of recuperation are by no means exhausted,
and it is foolish to become hysterical about dangers that may never present
themselves in the extreme form with which mistaken people seek to terrify
us beforehand.
Further details regarding the Recovery Drive and the
blanket code of wages and hours were given to the employers and consumers of the country on July 25, in radio
addresses by Recovery Administrator Hugh S. Johnson and
Donald R. Richberg, General Counsel of the NRA. Important passages from General Johnson's address included
the following:
Nothing can stop the President's re-employment program. Including
the great corporations which have already submitted codes or are about
to submit them, the bulk of all our industry had already joined to put
over the principles of Franklin Roosevelt's plan, even before his ringing
call last night. Among the greatest corporations in the whole world are
United States Steel, General Electric Co., the Great Atlantic & Pacific
Tea Co., the Standard Oil companies. All these have taken the lead.
Henry Ford has given his personal assurances of support. Indeed, he has
been a pioneer leader in the doctrine of higher wages for many years. The
presidents of Standard 011 of New Jersey, General Motors, International
Harvester, Bethlehem Steel, American Telephone & Telegraph Co., and
Chrysler Motor Co., have been advisers and supporters here even long before
the law was passed.
There is neither space nor time to catalogue the long list of leading
companies further than to say that practically the whole of the iron and
steel, textile, automobile, bituminous coal, lumber, garment, shipbuilding
and petroleum industries, and more than 200 smaller industries, had already submitted agreements or codes or have given assurances of going so.
Before the echoes of the President's voice had died away last night
bells began ringing clear across this Continent. Then came such a deluge
of telegrams of approval and agreement as taxed the facilities of the greatest
communication system in the world—thousands upon thousands.
They are still pouring in and they present a cross-section of employers,
great and small, so thorough as of itself to insure success. It is the most
Inspiring thing that has happened in this country since the war—the
men and women of a great nation, who for more than four years have
been stunned and helpless under one of the worst blights that ever plagued
a people, suddenly stirring to one man's voice, and rising together like
a vast army from a dismal bivouac at a clear bugle call at daybreak.
Nothing will even hamper the President's program—the power of this
People once aroused and united in a fixed purpose is the most irresistible
force in the world. Unity and powerful purpose are not frequent in a
democracy. They are possible only when two essentials are present—
an elemental human aspiration and a leadership toward which it can turn.
A good many questions are being asked about details. Every one of
them will be answered in a few days. We are trying to accumulate a
batch big enough to give us a better idea of your actual problems, and
then as rapidly and as often as they seem necessary, we shall issue bulletins
clearing them up. At least 90% of our inquiries clearly come from the
fact that the inquirer has not carefully read the three bulletins of this
Administration and the President's agreement.
That raises another tendency that ought again to be emphasized, because there is danger of its becoming a new kind of racket. Nobody
needs any special fixer to get anything from the President's Recovery
Administration. To hire such a man is to throw your money away.
This Administration is not going to "go red tape." It is not going to
set up any complicated procedure. Any man can get a hearing and can
say what he has to say, in his own words, in his own way, and if he does
that he will get what everybody else gets—a square deal—no less and
no more. On that kind of a plan nobody needs a fixer to get anything.
The real answer to all questions is this—you will receive in the mail,
about July 27, an envelope with two pieces of paper and an addressed
envelope in it. One piece of paper is the President's agreement. Sign
that on the dotted line and fill out the information called for. Put it
in the addressed envelope and mail it. Then put it into effect at once.
On Aug. I sign the other piece of paper which says that you have carried out your agreement. Turn it into your postatice. Then you will
be given the blue eagle of NRA on a poster or window sticker. Take this
to your store or shop and display it prominently. If you need more
posters or stickers, you can get them later from a dealer.
What does all this mean? It means that if you employ any factory
or mechanical worker or artisan you will not pay him loss than 40 cents
an hour or work him more than 35 hours a week, except that if you were
paying less than 40 cents for that kind of work on July 15 you can pay that
rate now, but not less than 30 cents an hour.
Volume 137
Financial Chronicle
As to all other employees—those on a weekly rate—you will pay not
less than $15 a week if you live in a city of over 500,000 inhabitants, or
$14.50 a week hi cities of between 250,000 and 500,000 inhabitants, or
$14 in cities of between 250,000 and 2,500, and $12 in cities of less than
2,500, and you agree not to work this class of employees more than 40
hours a week.
As to employees who now get a higher wage, you should not reduce
their wages because you reduce their hours and you should generaly
keep the usual pay differences as between lower and higher paid employees. And after Aug. 31 you will not work children under 16 years
of age.
That is all there is to it. There are a few other rules for special cases,
but to nearly everybody listening in that is the gist of it.
It means that you will have to employ more people to do the same
amount of work and that will increase your cost of doing business. Of
course the consuming public will eventually pay for this All the President
asks of you is that you lean over backward not to mark up prices one cent
further or faster than you have to, to absorb these actual increased costs.
Somebody says that is an indefinite rule. Everybody knows what his
costs are. There is nothing indefinite about a request from the President
to cut out speculative price-raising. Everybody knows what that means,
too. It is simple and easy to be fair.
Of course, there are ways to beat the rules of any game. We know
what they are. We are not issuing any regulations about that. We are
just asking people in this crisis, in very general terms, to rise above these
cheap little ingenuities and to join with the President to beat the depression
and not to beat the rules of the game.
On this price-raising business there is another thought. It is a lot
easier to secure profits through bigger business than it is through higher
price. In spite of the very beet the President may be able to plan and his
men to carry out his plans, if we don't get purchasing power to the proper
level, and do it now, there isn't going to be any bigger business. There is
going to be less business. Prices are away ahead of purses right now.
The only way anybody has yet suggested to get purses ahead of prices is
the plan of the President. Speculative price advances are the best way to
kill the goose that lays the golden egg, and, as most business men will
agree, that is a pretty sickly looking goose right now.
Of course, the plan bears harder on some people than it does on others.
So does everything else in life. This is not the time to complain about
that. For the next few months the thing to do is to take this chance to
pull out of this hole and to let nothing interfere with it.
Never since the war has such intensive effort been expended in our
great industries to speed this movement. Leaders of labor and Industry
have been working 14, 16 and 18 hours a day—not for a day or two—but
week after week—to carry out the President's high purpose. Men have
fallen over exhausted, and more than one has died. Having daily been
part of this extreme effort at co-operation and compromise, at the President's behest. It is hard to be patient with these few cases of blind, unreasoning dogma or even outright racketeering.
In the press of this great effort at re-employment, it is easy to overlook the larger purposes of this Act. We now have a clean-cut procedure
for each purpose. Immediate re-employment is covered by the Presidential agreements which everybody—individually—who is not already
under an approved code—is expected to sign at once. The other is the
procedure under codes of fair competition which have all now been called
for by Sept. 1 1933. This is a matter for trade associations, and the
machine for hearing these codes is working fast and well. It will not be
Interfered with by the process of agreements.
The industrial self-government for which all industry is eager is under
the code procedure. Eager as he is to complete his re-employment program,
the President has never for a moment lost his keen interest in the longrange part of his plan. Indeed, that is an essential tenet of a doctrine
that is peculiarly his own,which he regards as one of the greatest possibilities
of his general plan for permanent betterment. The whole subject is covered
by NRA Bulletin No. 3, and there is no time to talk about it further here.
Get that bulletin.
The only thing worthwhile mentioning is this great march out of the
valley of despair that began last night—not here and there—Not after
weeks of hope deferred that maketh the heart sick, but under the banner
of a great leader, in every village and town and city and every part of the
United States,
President Roosevelt, in Radio Address to Governors'
Conference, Asks Co-operation of States in Recovery Program—Cites Oil Production and Land
Problem as Instances of Projects Demanding
Mutual Endeavor.
President Roosevelt, in a radio address from Washington
on July 25, transmitted to the conference of Governors meeting at San Francisco, declared that"one of the great problems
before us" is "to determine the joint responsibilities of many
great tasks" by the Federal and State Governments. Two
such problems, he said were control of oil production and
"a wider and more effective use of the land over wide areas
in such natural units as the Tennessee or the Arkansas or
the Missouri or the Upper Mississippi Valleys." In his
brief address the President praised the Governors for their
co-operation "in the business of lifting this country from
economic chaos." The complete text of the President's address follows:
"1 send my greetings across many States to the Conference of Governors
assembled to-night. I wish I could meet with you and renew old and
pleasant associations created during the four years during which I was one
of you. I like to recall that I was a member of the Executive Committee of
the Conference of Governors and that I attended all four meetings during
my term of office as Governor of New York.
"I found then, and subsequent observation has confirmed my belief, that
the Governors' Conference is a vital and necessary organization.
"I take this occasion to assure you of my deep appreciation of the cooperative spirit which you have recently shown in your resolution addressed
to me. We are all engaged In the business of lifting this country from
economic chaos and I congratulate you on the efforts that you are making.
"I feel that one of the great problems before us is to adjust the balance
between mutual State and Federal undertakings—to determine the joint
responsibilities of many great tasks. I think we are making progress in
this direction. There are many problems that extend beyond the power of
single States. I can use as illustrations two which happen to be in the
foreground in Washington at this moment.
787
"The problem of oil production for example, must be viewed and measured
from the standpoint of the national total of production and of consumption.
But, in coming to grips with the problem of limitation,the States have a
function to perform which leof great importance. I am happy that the oilproducing States are co-operating with each other and with the Federal
Government in this matter.
"Another problem is a consideration of a wider and more effective use
of the land over wide areas in such natural units as the Tennessee or the
Arkansas or the Missouri or the Upper Mississippi Valleys. Here are
problems where the individual State and regional groups of States and the
Federal Government may well find possibilities of fruitful co-operation.
"I extend to you a verypersonal note of greeting. I am more than
Pleased with the contacts which I have had with the Governors of the
48 sovereign States since I have been President.
"I have maintained a constant and active interchange of ideas with many
of you. We have communicated by mail and telephone and more Particularly by personal conferences at the White House. I hope that these
contacts will continue and increase in number and importance.
"I hope, furthermore, that during the coming Winter I may have the
pleasure of meeting with you here in Washington once more, and I take
this occasion to extend to you:a cordial Invitation for such a meeting during
the coming winter.
"Let us look forward to this gathering in the hope that it will mark
further solid accomplishments by all of us in the direction of national
recovery. It is a major purpose of my administration to strengthen the
bonds between State and Federal executive authorities to the great common
ends to which we are all devoted.
"My warm greetings to you all, old associates and new friends."
Huge Volume of Literature Ready in Recovery Drive70 Millions of Printed Matter Required.
From its Washington correspondent the New York
"Journal of Commerce" of July 26 reported the following:
Seventy million pieces of printed matter—window cards, half-sheet
posters and stickers—initially are required by the Industrial Recovery
Administration for the Roosevelt campaign for putting America's unemployed back to work.
To-morrow, 5.000.000 copies of the President's blanket code will be
given nation-wide distribution among employers of labor. The postal
service will endeavor to'complete this service in a single day, although In
large commercial centers,two
addltional days may be required.
.
The wage increases and shortened work week will become effective Sept. I,
and some time thereafter voluntary committees in every city and town in
the country.will;conduct a canvass for violations.
The vast volume_of printed material, together with perhaps even a
larger quantity that wM be provided by employers at their own expense;
radio station time, newspaper advertising and "four-minute" speakers, will
be employed in_educatingathe:public in the purposes of the emapaign.
Description of "Badge of Honor" of National Industrial
Recovery Administration.
The following, regarding the official badge— or so-called
"Badge of Honor"—designating compliance with the
President's re-employment agreements was issued July 24
by the National Recovery Administrator Hugh S. Johnson:
In the the official design the words "N R A" and "We Do Our Part"
are in red.
The "Eagle" and the words "Member" and "U. S." are in blue.
The background Is white, using the National colors.
In a Washington dispatch July 24 to the New York
"Herald Tribune," it was stated:
The bulletin announcing the plan to distribute the so-called "employers'
badge of co-operation" pointed out:
"For the public to do its part it must know which employers have done
their part to put our people back to work by making these agreements with
the President and by codes. Every industry and every employer who has
agreed with the President on this plan or who has had approved a code
covering the vital subject of re-employment will be enrolled as a member of
N R A and given a certificate and a Government badge showing the
seal of N R A and the words 'Member N R A We Do Our Part.'
It will be authorized to show this badge on all its equipment, goods, communications and premises. Lists of all employers authorized to use this
badge will be on file at all postoffices, so that any misrepresentation by
unauthorized use of N R A badges can be prevented."
Under date of July 26 Associated Press accounts from
Philadelphia stated:
The blue eagle which will display its wings at all establishments cooperating with thesPresident and industrial recovery was born in the air.
Summoned in a hurry call to Washington, the artist boarded an airplane
and, while roaring to the capital, drew two rough sketches of what he conceived the President of the United States wanted as the emblem of his
recovery plan.
Charles T. Coiner, of Philadelphia, art director of N. W. Ayer & Sons.
Inc., was the artist who satisfied both Brigadier General Hugh S. Johnson,
Recovery Act Administrator, and the President. More than 50 designs,
submitted by 14 artists, had been rejected as not meeting the idea of the
President and General Johnson before Mr. Coiner was summoned. One
of his two sketches was selected. General Johnson refers to it as "my
blue hawk."
. .
In one claw the eagle grasps a cog, symbolic of labor, and the other
holds shafts of lightning, representing the modern motivating power of
electricity.
President Appoints Ten Regional Advisers in Public
Works Program—Secretary Ickes Explains Organization.
The 10 men who will advise the Public Works Administration on expenditures throughout the 48 State for the purpose
of furthering employment were appointed by President
Roosevelt on July 25, and their names were announced by
Secretary Ickes. The country is divided into 10 regions, with
headquarters and regional advisers selected as follows:
788
Financial Chronicle
Region 1—Maine, Vermont, New Hampshire, Massachusetts, Rhode Island
and Connecticut; headquarters, Boston; Adviser, Ralph L. Cooper, of
Belfast, Me.
Region 2—New York, Pennsylvania and New Jersey; headquarters, New
York City; Adviser, Edward J. Flynn, present Secretary of State of New York.
Region 3—Illinois, Indiana, Michigan, Ohio and Wisconsin; headquarters,
Chicago; Adviser, Daniel J. Tobin, of Indianapolis.
Region 4—North Dakota, South Dakota, Nebraska, Minnesota, Iowa and
Wyoming; headquarters, Omaha; Adviser, Frank Murphy, Wheaton, Minn.
Region 5—Montana, Idaho, Washington and Oregon; headquarters, Portland; Adviser, Dana Marshall, of Portland, Ore.
Region 6—California, Nevada, Utah, Arizona; headquarters, San Francisco; Adviser, Justus S. Wardell, of San Francisco.
Region 7—Texas, Louisiana, New Mexico ; heaquarters, Fort Worth ; Adviser, Clifford Jones, Spur, Tex.
Region 8—Colorado, Kansas, Oklahoma, Missouri and Arkansas; headquarters, Kansas City ;.Adviser, Vincent M. Miles, Fort Smith, Ark.
Region 9—Mississippi, Alabama, Georgia, South Carolina, Florida; headquarters, Atlanta; Adviser, Monroe Johnson, Marion, S. C.
Region 10—Tennessee, Kentucky, West Virginia, Maryland, Delaware,
Virginia and North Carolina; headquarters, Richmond; Adviser, George L.
Radcliffe, Baltimore.
Secretary Ickes, who is also Public Works Administrator,
said that various local governments seeking aid from the
Public Works Administration should "present only projects
qualified under the announced policies of the Administration."
"These non-Federal projects are to be presented to the State Advisory
Boards, the personnel of which will be made public shortly," Mr. Ickes said.
"Functions of the regional advisers will consist of obtaining from the
State Boards within the region lists of projects under consideration by them,
together with recommendations for rejection or approval.
"Each regional adviser will from time to time visit the offices of the
State Boards within the region and advise and consult with those Boards,
to the end that action may be consistent with sound local and district
planning.
"The regional advisers will keep the National Planning Board in Washington advised of developments and accumulate, collate and submit to the
Washington Planning Board all available information useful to it.
"The advisers also will serve the Federal Public Works Administrator in
any manner that he may order for the purpose of speeding up the work,
investigating and solving such problems as may arise."
The salaries to be paid to the advisers were not announced
on July 25, but it was intimated at Washington that they
would be small.
July 29 1933
Concrete arch bridge and 3.2 miles of concrete road between New York
City and Islip, in Suffolk County.
Concrete road 2.6 miles in length between Bay Shore and East Islip.
in Suffolk County.
Concrete road, 5.4 miles, between Saratoga and Glens Falls, in Saratoga
County.
The allotments of $73,482,478 for road work on July 20
went to the following States:
Iowa, $10,055,660; all 99 counties.
Texas, 324,244.024; all 254 counties.
Kansas, 310.089,604; 79 of 105 counties.
Nebraska, $7,828,961: 76 of the 93 counties.
New Mexico, $5,792,935; all 31 counties.
Mississippi, 36,978,675; 62 of the 82 counties.
Tennessee, $8,492,619; 72 of the 95 counties.
On July 24 the Cabinet Advisory Board allocated an additional $19,851,648 for Federal public works and four other
branches of construction, bringing the total amount allocated since the Board was created to $773,802,836 of the
$3,300,000,000 authorized. Included in this allotment was
$4,828,000 for completion of the annex of the post office
building at Eighth Avenue and West 33rd Street, New York
City. The day's allocations included $6,971,648 for 14
post office buildings in nine States; $6,000,000 to carry on
work at 23 army arsenals; $5,000,000 for soil erosion work
under the Department of Agriculture; $1,555,000 to complete flood control dams on the Winooski River, in Vermont,
and an additional $325,000 for projects in the Panama Canal
Zone. Activities of the Cabinet Advisory Board on July 24
were noted in part as follows in a Washington dispatch to
the New York "Times":
Allocation of the army fund will prevent dismissal of 7,122 skilled workers
at the various arsenals. Assistant Secretary Woodring recently asked for
313.000,000 for this work and also for the purchase of ammunition, and
carried his appeal directly to the President. An additional request for
ammunition is expected to be made later.
The Advisory Board adopted a resolution declaring it the sense of the
Board "that on local projects local labor be used, and also material local
to that State and community."
Mr. Ickes said he did not know how the resolution could be enforced,
"other than to show that it was the policy of the Administration."
He also announced that the Board had decided that projects approved
by the Reconstruction Finance Corporation and not yet completed would
not be approved by the Advisory Board until the Finance Corporation's
negotiations were rescinded.
He explained that many community and private projects had been
approved by the Corporation and the money authorized, but not distributed.
Since the Public Works Act was passed, sponsors of some of these plans
have decided they could obtain better terms from the Public Works Administration, but they cannot do so, Mr. Ickes said.
The Board stipulated that the $5,000,000 for soil erosion must be expended before Nov. 1 1934. The other funds alllocated will be expended
as rapidly as consistent with the work provided.
In announcing the first allotment of public works money for public buildings, Mr. Ickes said:
"All the buildings in this list have been approved by the Post Office De •
partment, the Treasury Department and designated by the Director of the
Budget as needed now, and approved by the Special Board of Public Works
with the sanction of the President.
"Proposed additional Federal buildings are being carefully considered
by the Administration to determine whether they are needed now to save
the Government money and whether they meet the other qualifications
required for projects receiving allotments of public works money."
Allotments made for postoffice buildings follow:
More State Road Plans Approved by Public Works
Administration—Total of $73,482,478 Allotted to
Seven States—$25,000,000 to Finance Movement
Back to Farm—$20,000,000 to Purchase Forest
Lands for Civilian Conservation Corps—$19,851,648
Goes for Post Offices, Army Arsenals, &c.
The Public Works Administration has continued its survey of proposed Federal expenditures designed to relieve
unemployment. On July 20 Secretary of the Interior Ickes,
Public Works Administrator, approved plans for spending
$73,482,478 on road constructinon in seven States, bringing
to about $240,000,000 the portion of the $400,000,000 allotted
to such construction which has been allocated for public
roads. Approval had previously been given to 24 States
for spending approximately $165,000,000. On July 21 it
was announced that President Roosevelt had approved a new
Est. Cost.
City—
Est. Cost.
list of public works projects, although details were not made SanCity—
$517,500 Lewiston Me
Pedro, Calif
$180,000
115,075 Beverly, Mass
Vincennes, Ind
40,600
public. It was also announced that allocations of $754,276,- Binghamton, N. Y
480,000 Chillicothe, 01110
31,500
4,828,000 Greensburg, pa
York (Annex)
72,000
188 had been made to date for projects which would provide New
165,000 Schenectady, N. Y
Alhambra, Calif
192,401
63,000
West Chester, Pa
13,070,788 man-weeks of work, or give 250,000 men an Meriden, Conn
72.000
76,500
Clinton, Iowa
entire year's work directly. On July 22 President Roosevelt Malone,
138 1721 Total
N. Y
$6,971,648
set up an organization for using $25,000,000 of public works
The army establishments where employment will be benefited by allotfunds to finance a "back-to-the-land" movement, by which ments are:
it is proposed to put urban unemployed on small farms where
No. Employees.
Establishment—
Establishment—
No. Employees.
Aberdeen Proving Grounds, Md.__ 371 Picatinny Arsenal, N J
1,661
they can grow their own food. Also, the President set aside Augusta
52 Raritan Arsenal, N J
Arsenal, Ga
360
88 Rock Island Arsenal
an additional $20,000,000 of the public works fund to pur- Benicia Arsenal, Calif
749
121
C__
San
S.
Antonio Arsenal
Charleston Ordnance Depot,
112
chase forest lands, much of it in the South, for winter quar- Columbus General Depot, Ohio.... 13 Savanna Ordnance Depot, III
204
Curtis Bay Ordnance Depot, Md___ 284 Schenectady General Depot
10
ters for the Civilian Conservation Corps. On the same day Delaware
Ordnance Depot, N. J-__ 269 Springfield Armory, Mass
466
64 Watertown Arsenal, Mass
285
(July 22) the Public Works Administration announced Erie Ordnance Depot, Ohio
1
691
Watervliet
Franktord Arsenal, Pa
164
Arsenal, N. Y
approval of plans for spending $26,927,197 on roads in Nansemond Ordnance Depot, Va.. 119 Wingate Ordnance Depot.
N. M--. 20
7
New Cumberland Gen. Depot. Pa__
41
Minnesota, Arkansas and North Carolina. On the follow- New
8
Orleans Quartermaster Depot.
4
Total
Ogden
Depot,
Utah
122
Ordnance
7
ing day (July 23) Secretary Ickes announced his approval
of 11 road plans for New York and six for Utah. Work is
The Executive order by which the President placed in
to begin on these projects as soon as contracts are awarded. the hands of the Secretary of the Interior the administration
The plans approved by the Cabinet Advisory Board for of the provisions of the N IRA providing for loans for the
New York State were as follows:
establishment of subsistence homesteads was signed on July
Bridge and approaches between Kingston and Saugerties, in Ulster
21, and made public the following day. It read as follows:
County.
Bridge and approaches at Poland Centre, in Chautauqua County.
Concrete road, 6.2 miles in length, between Lords Hill and Lafayette.
In Onondaga County.
Concrete road 2.4 miles in length between Mountainville and Woodbury
Falls, in Orange County.
Bridge and approaches between Angelica and transit bridge in Allegany
County.
Bridge and half mile of concrete road between Malone and Fort Covington, in Franklin County.
Bridge and 5.4 miles of concrete road between Bethany and Pavilion
Centre, in Genesee County.
Bridge in the hamlet of Wallace, in Steuben County.
Executive Order: By virtue of the authority vested in me by the Act of
Congress entitled "An Act to encourage national industrial recovery, to
foster fair competition, and to provide for the construction of certain useful
public works and for other purposes," approved June 16 1933 (Public
No. 67, 73d Congress), in order to effectuate the intent and purpose of the
Congress as expressed in Section 208 under Title II thereof, I hereby
authorize the Secretary of the Interior to exercise all the powers vested in
me, for the purpose of administering all the provisions of Section 208 under
Title II of said Act, including full authority to designate and appoint such
agents, to set up such boards and agencies, and to make and promulgate
such regulations as he may deem necessary or desirable.
(Signed) FRANKLIN D. ROOSEVELT.
Volume 137
Financial Chronicle
Conference in Washington Under Auspices of Farm
Adjustment Administration on Grain Price Situation—Code Considered for Grain Marketing—
Grain Exchange Representatives Agree on Limit
inerice Fluctuations of Wheat, Corn, &c.
A National conference of executives or authorized representatives of organized groups in the grain trades which
opened in Washington on Monday, July 24, was held at
the instance of George N. Peek, and 'Charles J. Brand, Administrators of the Agricultural Adjustment Act. The conference took place at the Department of Agriculture, and its
purpose was to consider steps to be taken under the Act to
maintain fair and stable grain prices for farmers.
On July 25 a committee representing grain exchange
representatives submitted a report recommending that minimum price restrictions be removed as soon as market conditions permit, and proposing that a limit of 5 cents per bushel
be placed on daily price fluctuations for wheat, rye and
barley, 4 cents per bushel on corn and 3 cents on oats. In
its Washington advices July 25 the New York "Times" said:
An agreement was reached to limit the extent of open lines on speculative
commitments and that more adequate margin requirements for larger accounts should be insisted upon by member houses. Provision also was made
for the permanent abolition of trading in indemnities, which the exchange
representatives hold largely responsible for the recent price collapse.
The regulations will be submitted by the exchange representatives to their
organizations for approval. Work will proceed, meanwhile, on the drafting
of a code of fair competition for the exchanges and other branches of the
trade, in which the temporary restrictions will be incorporated.
Report of Grain Emehange Committee.
The report submitted to the Agricultural Adjustment Administration July 25 at the close of the national grain conference by a committee representing the grain exchanges
follows:
To the Agricultural Adjustment Administration:
•
We respectfully submit for your consideration the following memorandum
advising you of the views of the representatives of the Grain Exchanges
after conference upon the subject of the futures markets:
It is our opinion, in informal conference, that the action of the Exchanges in limiting fluctuations in the futures markets and establishing
minimum prices was a necessary act to meet a temporary emergency but
that such minimum price restrictions should be removed as soon as market
conditions permit or make it necessary and a limit on daily fluctuations of:
5 cents per bushel on wheat, rye and barley; 4 cents per bushel on corn and
3 cents per bushel on oats should thereupon be put into effect as permitted
by existing Exchange rules.
The elimination by the Exchange of trading in indemnities has removed
one of the prime causes of excessive price movements.
To further avoid the recurrence of violent price changes the undersigned
representatives of the different Exchanges will immediately recommend to
their respective organizations earnest consideration of the following:
1. Changes in Exchange rules to provide for permanent limitation of daily
price fluctuations.
2. Limitations of open lines of speculative commitments.
3. Adequate margin requirements particularly as applied to increased
requirements for larger speculative commitments.
4. The permanent elimination of trading in indemnities.
In both the matter of limitation of open lines and of margin requirements
due consideration should be given to properly identified hedging commitments.
We believe that the business conduct committees of the Security Exchanges
and the various Commodity Exchanges should exchange confidential information regarding lines which are reasonable if confined to either securities or to one commodity but which may be excessive if large commitments
prevail concurrently in several markets.
Peter B. Carey, President,
P. B. Getchell, President,
Chicago Board of Trade.
Minneapolis Chamber of Commerce.
J. S. Hart, President,
W. R. McCarthy, President,
Kansas City Board of Trade.
Duluth Board of Trade.
C. D. Sturtevant, President,
.T. H. Caldwell, Representing,
Omaha Grain Exchange.
Merchants Exchange of St. Louis.
E. A. Boyd, President,
Thomas Y. Wickham, Chairman,
Pacific Northwest Grain Dealers Grain Committee on National
Amen.
Affairs.
Edward J. Grimes, Vice-Chairman,
Grain Committee on National Affairs.
In the "Times" account July 25 from Washington it was
stated that the grain exchange representatives in their report to the Agricultural Adjustment Administration agreed
upon a regular exchange of confidential information between
the business conduct committees of the New York Stock Exchange and the Chicago Board of Trade and other security
and commodity markets regarding commitments of traders.
We likewise quote from the dispatch:
It is the belief of the grain exchange officials that in this way trade.
—n3
can be prevented from "getting in over their heads" and precipitating breaks
In prices such as occurred in grains last week. . . .
Peek Asks Early Action on Codes.
Closing the formal meeting of the trade representatives at the Department of Agriculture, George N. Peek, Administrator for the Adjustment
Act, urged all speed in the preparation of the trade codes.
"If I had any suggestion to make," said Mr. Peek, "it is that you
should not lose any •time in getting your codes in here. You had better
do this yourselves. If not, it may be done for you."
It was entirely to the advantage of the Exchanges to complete a Code
pf fair competition as soon as possible, and one would be presented in the
near future, their spokesmen said.
789
A National control committee, or policing organization, is to be established by the grain marketing trade with jurisdiction over the practices of
its various•branches. It will be made up of representatives of the Exchanges,
terminal and country elevators and other factors in marketing. There will
be a master Code for the industry and divisional Codes for each of the specialized fields.
Representatives of the terminal elevator companies will discuss provisions of a Code at a meeting in Chicago to-morrow, and the country elevators
have been asked to send representatives to a similar meeting there on the
following day.
In view of the events that led up to the drop of 26 cents in wheat prices
on July 19 and 20, representatives of the Exchanges to-day attached the
utmost importance to the contemplated exchange of information between
the stock and commodity markets of the country, and the abolition of trading in indemnities.
It was through the latter method, according to the grain men, that a
few large speculators were able to build up huge commitments in various
grains last week, only to be "sold out" when they were unable to meet demands for more margin.
Respecting the proposal in the report to limit to 5 cents
per bushel the fluctuations on wheat, this, according to the
Washington correspondent of the Chicago "Journal of Commerce" was agreed upon, after the Government officials had
decreed that 8 cents, as suggested by grain interests, was
too high. The announcement on July 24 in behalf of the
Agricultural Adjustment Administration, to the effect that
consideration was being given to formulation of a key or
master Code for the grain marketing industry, with subdivision Codes to cover its various branches, added that pending
adoption of such Codes, emergency regulations already instituted by the grain exchanges with the approval of the Department of Agriculture, would be continued.
Peter B. Carey, President of the Chicago Board of Trade,
was quoted by the Department (July 24) as saying, "the
emergency situation is righting itself very rapidly. Word was
received by the conference by long distance telephone from
Chicago that an unexpectedly large amount of the distressed
holdings was liquidated to-day." Incidentally the Washington advices July 24 to the "Times" stated:
Restrictive regulations which will be continued pending the approval of
a Code of fair competition include the prohibition against purchase or sale
of grain at less than the closing prices of last Thursday [July 20] and the
ranges of maximum.fluctuation above or below which transactions will not
be permitted in a day's trading. Thus, until further notice, July wheat
may not be bought for less than 90 cents, September at less than 91, December at less than 95%, nor May at less than $1. The corresponding Thursday closings for other grains will likewise prevail as minimums.
Peek Uses Blunt Terms.
Frankness and the use of the bluntest terms characterized the meeting
between the Farm Adjustment officials and the grain trade representatives
called for the express purpose of putting an end to the sharp fluctuations
in grain prices such as that which carried wheat down 26 cents in two days
of trading last week.
Scarcely was the conference under way when George N. Peek, Administrator for the Farm Adjustment Act, told the delegates that they must get
away from the idea that they had "any divine right to handle the farmer's
products." He left no doubt that the Government means business and warned
that "the institutions engaged in marketing exist and will continue to exist
only so long as they perform a useful service."
If the buses connected with grain exchange operation were not eliminated,
Mr. Peek added, then the farmer would find other methods for marketing
his products. And lest the impression be gained that this was just another
warning, he called particular attention to the authority under the Adjustment Act to license the exchanges and all other handlers of farm commodities.
Calls for Prompt Action.
"I want to emphasize to every one concerned with the grain trades the
necessity that you put your own house in order where it needs to be put
in order," said Mr. Peek.
"We are not going to undertake to superimpose something on the grain
trades until after they have had an opportunity to work out their problem
themselves.
"If this is not done promptly, however, I will make no promises. An
attempt will be made to meet that situation. Abuses exist in the grain
trades and they, acting as the marketing medium of the farmers, should
correct these abuses.
"If they do not succeed then the Government will act. We conceive it
to be the Government's function to protect any group which is unable to
protect itself. I know of no industry other than farming which has nothing
to say about the price received for its product. I understand why this is
true, but I do not understand why it should be allowed to remain true. Perhaps I should be enlightened."
Mr. Peek did not say directly that he considered the grain exchanges
responsible for the overspeculation that led to hte break in grain prices
last week, but from a series of questions he put to the delegates, it was clear
that he held them to be remiss in their duty. . . .
As to Limitation of Accounts.
As to the utilization by the grain exchanges of the reports it requires
of members, Mr. Peek referred indirectly to the long-standing "gentleman's
agreement" between the Chicago Board of Trade and the Grain Futures Administration that all accounts would be held within 5,000,000 bushels.
The Administration has long been convinced of the inefficiency of the
agreement and has recommended its enactment into law. Present plans are
for a substantial reduction in this limitation, and its inclusion in a trade
agreement by which all exchange members will be bound under penalty of
law.
Mr. Peek refrained from mentioning what he thought to be a fair price
for the various grains. He pointed out, however, that "we are charged by
Congress under the Agricultural Adjustment Act with raising farm prices to
parity and keeping them from falling below that level."
By parity is meant the average purchasing power of the farmers' products
from 1909 to 1914, which, in the case of wheat, would be about 88 cents.
790
Financial Chronicle
Warns of Congress Action.
"There was an exodus of farmers from their farms for several years because they were unable to make the cost of production," said Mr. Peek.
"They can't carry on on this basis. Some change will have to be made.
"This country cannot go on permitting farmers to be dispossessed of their
farms and homes through no fault of their own because of their inability to
obtain cost of production. My prediction is that unless the farmers of
the country can be assured that they are going to get a square deal—not
two or three years hence, but now and before Congress reassembles—then
events will make what we already have seen look like a pleasant dream."
Secretary Wallace at the opening of the conference said President Roosevelt is especially interested in the grain men's efforts to solve their own
problems and that he is especially anxious that the movement of values proceed in an orderly fashion. The Secretary suggested that when the trade had
reached agreement on a Code of fair competition it be carefully analyzed
with a view to the President's wishes.
Confusion on Price Range.
Confusion still existed among the Farm Adjustment officials meanwhile
as to the maximum fluctuation permissible in grain during a day's trading.
It had been announced officially on Saturday that the maximum range for
wheat was to be 5 cents a bushel, and that this had been agreed to by Peter
B. Carey, President of the Chicago Board of Trade. It was further stated
authoritatively that the 5-cent range, beyond which wheat would not be
permitted to fluctuate, had been first suggested by President Roosevelt.
Administrators were at a loss, in view of these precedents, to understand
why the Chicago exchange opened to-day under an 8-cent restriction on
fluctuation.
Secretary Wallace reiterated his previous statement to the effect that a
5-cent maximum had been agreed upon with Mr. Carey, but the latter said
It was an "unfortunate misunderstanding." Meanwhile the Adjustment Administration appeared satisfied with the actual arrangement, and it was
indicated that, for the present, at least, nothing would be done about it.
From the announcement issued July 24 by the Administration regarding the Conference we quote as follows:
Details regarding the Master Code were taken up by an Executive Committee representing the various grain exchanges, following the sessions of
the Conference, at which Frank A. Theis, Chief of the Grain Processing and
Marketing Section, presided. Mr. Theis expressed himself as well pleased
with results of the Conference thus far.
Secretary Wallace, earlier in the day, told the grain representatives that
President Roosevelt is especially interested in their efforts to solve the
problems in the grain trade and that the President is especially anxious that
the movement of values proceed in an orderly fashion. He suggested that
when the trade had reached agreement on a Code that it carefully analyze
it in the view of the President's interest.
As a basis of discussion, and also as an outline of problems the Agricultural Adjustment Administration wants to see answered or met in a
Code, George N. Peek, Administrator of the Adjustment Act, submitted the
following questions to the grain exchange representatives:
1. What was the cause of the recent collapse Ingrain prices?
2. What were the means at hand by which the grain exchanges had hoped to
prevent over-speculation and a crash of prices such as occurred on July 19 and 20?
3. Why did these means fail?
(a) Were the reports on short selling and open trades received by the Chicago
Board of Trade of any value?
(b) Were the reports carefully scrutinized for dangerous lines? Was short
selling a factor?
(c) Could not the rule, limiting fluctuations, have been Invoked to advantage
before the crash instead of afterwards?
4. What steps are now proposed by the grain exchanges to prevent similar
occurrences in the future?
Charles J. Brand, Co-Administrator, discussed the Administration's wheat
production adjustment program and stressed that along with the steps of
the Government to control production, it was up to the grain trade to
correct whatever abuses were present in the marketing of grain.
The United States is not going to invest more than $100,000,000 in production control and let the marketing of grain go on in the same old way,
he said. He added that this country will not spend $100,000,000 on production control, if the result is to stimulate speculation.
"We are going to have orderly production and we must have orderly
marketing. This is the chance of a lifetime to put the entire grain trade,
from growers to right on through to the consumer, into an orderly position
that they have never had in the past," Mr. Brand said.
Representatives of the terminal elevator associations, and the country
elevator associations, reported that they were working on Codes which would
be rushed for presentation to the Administration.
In announcing on July 21 the call for the Conference Mr.
Peek said:
In view of the present critical grain market situation and in order to get
prompt action, we felt it necessary to call the conference at the earliest
possible date. We are aware that this is short notice, but under the circumstances it is most essential to avoid delay. An opportunity to file statements and plans will be made available to all, including interested groups
which may not be represented in the conference.
Plans of Farm Credit Administration to Aid Closed
and Restricted Banks in South Carolina Through
Ref nancing of Farm Mortgages.
At a conference in the office of Henry Morgenthau Jr.,
Governor of the Farm Credit Administration, the decision
was reached on July 12 to undertake refinancing of farm
mortgages held by closed and restricted banks in South
Carolina. Those present at the conference included Charles
H. Gerald, Secretary to the Governor,representing Governor
Blackwood of South Carolina; J. H. Scarborough, State
Treasurer and Chairman of the Board of Bank Control;
Frank H. Daniel, President of the Federal Land Bank of
Columbia; Henry S. Johnson, Agent of the Land Bank
Commissioner at Columbia, and Albert S. Goss, Land
Bank Commissioner. The announcement of the Farm
Credit Administration said:
As in the three other States In which a similar plan has been instituted,
a greatly enlarged force of appraisers and field officials will be put into
South Carolina and, with the co-operation of State banking officials, farm
mortgages held by the South Carolina banks will be examined and the
July 29 1933
Properties appraised as rapidly as possible. In every case eligible for a
land bank loan an offer will be made for the mortgage based on the appraised
value of the property. If the mortgage is purchased the farmer will gain
through immediate reduction of interest and, in many cases, of the principal
of his mortgage and cash will be made available for the bank's depositors.
At the same time, in cases where it seems advisable, the application of the
farmer for a supplementary loan from the Land Bank Commissioner's fund
will be entertained. These loans are frequently made to refund outstanding secured and unsecured debts which might result in making his tenure of
the farm insecure. Where the farmer's outstanding debts exceed the
Commissioner's loan limits he is often able to make an arrangement with
his creditors for a general scaling down of obligations.
The intensive campaign in South Carolina will begin on Monday, July 24.
Mr. Scarborough reported that the 413 closed banks in South Carolina
hold $6,550.000 in farm mortgages and that, together with other farm
paper held by open and closed banks, the total which might be offered for
refinancing would probably be about $12,000,000.
South Carolina has suffered severely from bank failures, Mr. Scarborough reported. With less than 100 banks operating in the State, there
are many good farming communities which have no banking facilities at
all and both agriculture and trade are very badly handicapped.
The South Carolina officials expressed the hope that through the refinancing by the Federal Land Bank of farm indebtedness held by the closed
banks enough frozen assets would be released to permit the opening of new
or reorganized banks in many communities now lacking banking service.
"The refinancing of the farm paper held by the closed South Carolina
banks will certainly be a very great boon to the State,"said Mr.Scarborough
The three other States in which similar plans were adapted
are Wisconsin, Illinois and Iowa. References thereto appeared in these columns June 24, page 4383; July 1, page 56
and July 15, page 432.
Governor Morgenthau of Farm Credit Administration
Makes Tour of Wisconsin, Illinois, Iowa and South
Carolina to Obtain First-Hand Information Regarding Progress of Plans for Refinancing of Farm
Mortgages in Closed Banks.
Henry Morgenthau Jr., Governor of the Farm Credit
Administration, left Washington, D. C., on July 23, on a
trip by airplane to the capitol cities of Wisconsin, Illinois,
Iowa and South Carolina where a Statewide plan of refinancing farm mortgages held by closed and restricted
banks is being operated through the Federal Land Bank
system. The purpose of his tour was to get first-hand information concerning the progress that has been made since
the plan was first launched in Wisconsin about a month ago.
In making a hurried survey of the grounds where the plan
is being tested, Mr. Morgenthau will round up facts that
will guide officials in launching the refinancing program
in eight other States within the next few weeks.
Mr. Morgenthau was accompanied on the trip by Deputy
Governor W. I. Myers and Albert S. Goss, Land Bank
Commissioner. Mr. Morgenthau and the other two Farm
Credit Administration officials planned to complete their
week's tour to-day, July 29.
Henry Morgenthau Jr., of Farm Credit Administration,
Renews Appeal of President Roosevelt Not to Press
Farm Mortgage Foreclosures in Northwest Pending
Efforts Toward Refinancing.
In response to a telegram addressed to President Roosevelt
by John H. Bosch of Wilmar, Minn., Vice-President of the
Farmers Holiday Association, Henry Morgenthau Jr.,
Governor of the Farm Credit Administration, has renewed
the appeal of the President for farm mortgage creditors
not to press foreclosure procedings until farmers had been
given an opportunity to refinance claims against them.
Mr. Bosch's telegram stated that banks and insurance companies in the Northwest were continuing to force collections
through foreclosure proceedings.
Mr. Morgenthau in his telegram cited the statement of
the President on 1\lay 12, when he signed the Farm Relief Bill,
urging forebearance of creditors to permit farmers to obtain
refinancing through the provisions of the new Farm Mortgage
Act. His telegram made public July 22 continued:
The President hopes holders of mortgages and other claims against
farmers will not press foreclosures at this time, but will give farmers adequate
Opportunity to obtain refinancing and meet payments duo.
Policies of Farm Credit Administration Indicated in
Message of Henry Morgenthau, Jr. to American
Instititute of Co-operation at Raleigh—Explains
Co-operative Purposes of Land Bank Division,
Intermediate Credit Banks, Production Credit
Division and Co-operative Bank Division.
A message to the American Institute of Co-operation at
Raleigh, N. C. by Henry Morgenthau, Jr., Governor of the
Farm Credit Administration, was read bofore the Institute
on July 25 fin Mr. Morgenthau's absence), by Francis W.
Peck, Co-operative Loan Commissioner.
It dealt with the organization and general policies of the
Farm Credit Administration, as to which Mr. Morgenthau
said:
I know that you are all Interested in the changes that have taken place
in the machinery for administering Federal farm credit and it is probable
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Financial Chronicle
that among you there is some uneasiness about the future. In view of the
rather radical changes that have been made that is quite natural, but those
who have watched most closely what we have said and what we have done
will not, I think, share that uneasiness.
I prefer that you should judge us by what we do. but I recognize your
right to be informed about what we intend to do.
We intend to assist co-operative enterprises and to promote co-operation.
In the Farm Credit Administration as constituted by the Executive Order
of President Roosevelt and the Farm Credit Act of 1933 there are four divisions. Each one of those divisions is set up on a basis designed to encourage the co-operative principle in dealing with the farmer's economic and
credit problems. The Land Bank division gives preference in interest
rates to loans made through farm loan associations. The Intermediate
Credit Banks are prepared to make direct loans to co-operative marketing
and purchasing associations on their warehousable products and to redi,count the loans of co-operative credit associations of farmers. The Production Credit division is set up for the express purpose of encouraging
the formation of co-operative credit associations, so that the farmer need
no longer depend on private sources of credit for production needs.
The Co-operative Bank division will carry on the function of assistance
to co-operative marketing organizations conferred on the Federal Farm Board
by the Agricultural Marketin t Act, but in a way which we believe will be
found more businesslike and more likely in the end to promote the sound
growth of the co-operative movement. Some powers have been eliminated,it
is true, and some other changes made. We are not going to undertake
world-wide investigations of agricultural surplusses, nor are we going to
try to control world prices by stabilization operations. In that division
we are to devote our whole attention to financing sound farm co-operatives.
I do not say marketing co-operatives, because a very significant change
has been made in the law, which enables us to finance purchasing co-oparaLives as well.
If any evidence were needed, this alone is pretty adequate evidence
that the new laws were not written by foes of the co-operative movement,
but by its friends and I can assure you that during this administration
they will be administered by its friends.
It is my belief that the Farm Credit Act means another great step for
the co-operative movement. We have sought to bring financing for farm
selling and purchasing out into the country close to production and primary
markets and to put it in position where it will pass more and more into the
hands of the farmers themselves. We have taken it off a centralized and
temporary basis and foreseen permanency for it. We have provided
means by which the farm co-operatives in the future may finance themselves through a Federal agency, but by recourse to the general money
market on sound conditions instead of through the Government treasury.
This means business independence in place of political appeals. The new
system is to be just what its name implies, a chain of banks for co-operatives.
It is our purpose to make a enable to existing co-operatives and to those
who hope to form co-operatives the advice and experience of experts in
co-operative organization and in co-operative buying and selling. Our
organization is being built up from men who have that sort of experience.
We will have no others. The service, the records and the advice of this
organization and these men will be available to farmers seeking to promote co-operative effort.
Finally let me add what will be superfluous to those who know me, that
I believe in co-operation both as a way of advancement and as a necessity
for the American farmer and that I don't believe any new form of economy
or new regulation of production will ever madke it less necessary. It is
snore likely to increase the importance of it.
Reconstruction Finance Corporation Liberalizes Provision Authorizing Loans on Agricultural Commodities and Livestock—Broadening of Provision
Intended to Benefit Private Corporations—Permits
Loans to Institutions Engaged in Processing Incident to Preserving Perishable Commodities, Including Curing of Tobacco.
It was announced July 22 that liberalization of the construction placed upon Section 201 (d) of the Reconstruction
Finance Corporation Act, which authorizes the Corporation
to make loans for the carrying and orderly marketing of agricultural commodities and livestock produced in the United
States has been put into effect by the Corporation.
The Corporation's announcement, July 22, stated that "the
broadened interpretation of this Section will enable the
R. F. C. to finance private institutions organized under the
laws of any State or the United States which are engaged in
the processing of perishable and some semi-perishable agricultural products and in addition to make loans for inventory
purposes, but not to include processing, to institutions which
produce manufactured products from agricultural commodities." Continuing, the Corporation said:
These loans will be made either for the purpose of making advances to
farmers, stockmen or others to enable them to carry these products; for
financing the carrying of such products for any purpose by the borrower when
purchased directly from farmers and stockmen, or for carrying such products
from whomsoever purchased for eventual ust in their own business.
The new policy of the Reconstruction Finance Corporation does not mean
that money will be loaned, under this section, either for speculative purposes
or to institutions which, in the opinion of the Corporation, can obtain financing from other sources. There is a specific prohibition against loans for the
purchase of agricultural commodities and livestock for resale.
The Corporation hopes through the broadening of this provision to benefit
private corporations which heretofore have been unable to obtain direct
assistance from any governmental agency in carrying and marketing agricultural products. It will now be possible for loans to be made to institutions which engage in such processing as may be necessary to preserve perishable agricultural commodities and put them in condition for merchandising.
In this category will be included the curing of tobacco, canning of vegetables
and fruits and the making of butter and cheese. Similarly loans for inventory purposes, but not for processing, may be made on wheat and cotton.
Loans for non-perishable commodities must be secured by warehouse receipts representing such commodities, issued by independent warehouses acceptable to the Corporation and preferably by those licensed under the
United States Warehouse Act.
All loans must be fully secured in a manner satisfactory to the Corporation. Where loans are made on perishable products, the secourity may
include a first mortgage on physical facilities providing the applicant can
791
show that the loan can be fully liquidated out of the proceeds of the sale
of such perishable products.
No loans will be made for capital purposes, construction or repair of
physical facilities or for the purpose of liquidating Indebtedness on such
facilities.
Secretary of Agriculture Wallace Announces Approval
of Minimum Prices for Trading in Wheat and Other
Grains Proposed by Chicago Board of Trade—Closing Quotations July 20 Fixed as Minimum—One
Trader Reported "Long" on Corn to Extent of
13,000,000 Bushels.
Following the sharp price declines last week on the Chicago
Board of Trade, as a result of which that Board and other
leading grain exchanges suspended dealings in grain and
provision futures on July 21 and 22, minimum prices for
trading in wheat, corn and other grains until further notice
were announced July 22 by Secretary of Agriculture Wallace,
who, said a Washington dispatch that day to the New York
"Times", approved a program suggested by the Chicago
Board of Trade to avert further collapse of commodities.
The dispatch continued:
No trading below the closing prices of Thursday will be permitted.
The dosing prices of grains on the Chicago Board of Trade on Thursday were as follows:
Wheat—July. 90 cents; September. 91 cents; December, 95% cents;
May. Si.
Corn—July, 46 cents; September, 53 cents; December, 56M cents; May
64 cents.
Oats—July, 35 cents; September, 34% cents; December, 37 cents; May.
41 cents.
Rye—July, 69 cents; September, 67 cents; December, 73 cents; May,
81% cents.
Barley—September, 85% cents; December, 80,4 cents.
Fluctuations in any single day's movement in wheat would be limited
to 5 cents and other grains in proportion, a formal statement said. This
was at variance with a version given out in Chicago where Board of Trade
officials insisted the limit of fluctuation on wheat was 8 cents.
This drastic action to control grain prices was taken by the Government when it became known to adjustment officials that several large
speculators had been caught on the long side by the decline of the last
few days and were unable with their large commitments to cover the increased margins that were being demanded. The only atlernative would
have been to sell out these large accounts with the opening of the market
Monday [July 24], with the result of a further break in prices.
Statement of, the Agreement.
The Department's announcement of the agreement with the Chicago
Board of Trade read:
"An astounding illustration of the result of Individual unrestrained
speculation as it affects commodity prices has been brought to the attention of the President and his Secretary of Agriculture.
"During the last administration a regulation requiring the reporting
of all large grain holdings on the Chicago Board of Trade was rescinded
and the regulation was not revived by this administration because it was
believed that individual speculators had learned that it was contrary to
public policy for individuals to gamble so heavily in wheat, corn and other
grains that the prices to the farmers producting the grain could be thrown
wholly out of line with the broad economic situation.
"Early this week the Department of Agriculture came to the conclusion that the old order calling for information should be reinstated, and
this was done on July 20. To-day it turns out that one man who had
been "long" on corn by roughly 13,000,000 bushels and was probably
also long on other grains to the extent of several million bushels was caught
in the decline of prices during the past few days, was unable to put up
any more margin and would have been sold out.
Results of Selling Out.
"This selling-out process would mean in effect that by Monday morning 1July 241, his brokers, 17 in number, would be compelled to dump
13,000,000 bushels of corn and several million bushels of other grain on
the market, and this dumping would naturally cause a severe break in
grain prices—all the result of the selfish speculation of one individual.
"Thin speculator is only one of several who have traded wildly in large
volume on both sides of the market.
"In order to protect the farmers and farm prices, the Chicago Board of
Trade has suggested and the Department has approved action by the
Board of Trade, setting closing prices as of July 20, the last market day,
as a minimum price below which no trading would be allowed until further
notice. Fluctuations for any one day are being limited to 5 cents a day
for wheat and other grains in proportion."
The suspension of trading on July 21 in grain and provision futures on the Chicago Board of Trade was noted in
our issue of July 22, page 581. Elsewhere in these columns
to-day we refer to the resumption in futures trading on the
Board on July 24.
Dr. E. C. Potter of New Jersey Appointed to Staff of
Federal Emergency Relief Administration—Will
Handle Transient Unemployed Problems.
It was announced on July 21 by Harry L. Hopkins, Federal
Emergency Relief Administrator, that Dr. Ellen C. Potter of
Trenton, N. J., has been appointed to the staff of the Federal
Emergency Relief Administration to handle new phases of
the problem of caring for the transient unemployed. Dr.
Potter, the announcement said, has been loaned temporarily
for this special work by Commissioner William J. Ellis, of
New Jersey, under whose Department of Institutions and
Agencies she is Director of Medicine. She has held that position since 1927. In part, the announcement continued:
She holds the distinction of being the first woman in this country to hold
a State Cabinet office. From 1928 to 1927 she was Secretary of Welfare of
the Department of Welfare of the State of Pennsylvania. Previously she had
organized the Child Health Division of the Department of Health and the
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Financial Chronicle
Bureau ch. Children of the Department of Welfare. These agencies were among
the earliest activities in State public health and welfare work and drew
national attention. . . .
Dr. Potter will assist State Emergency Relief Administrations in developing specific plans for caring for transients. Under the regulations of the
Federal Emergency Relief Administration, States may propose programs
and methods for separate handling of the needs of transient unemployed.
Such plans, when approved by the Federal Administration, call for a special
grant of funds to the State to be applied solely to the program and in addition to grants for relief to residents.
New Grain Record Established on Chicago Board of
Trade July 20.
Under date of July 24 Associated Press advices from Chicago, stated:
New records were established in the grain pits of the Board of Trade
last Thursday as follows:
ItLargest bolume for one day of all grains, 269.433,000 bushels; largest
largest previous volume. 256,529,000 bushels, established on Black" Thursday," Oct. 24 1929.
Largest volume of wheat sales in one day, 163,117,000 bushels, compared
with 156,126,000, also on Oct. 24 1929.
Largest volume of rye sales in one day, 11,975,000 bushels, compared
with 11,146,000 on Oct. 3 1924.
The drops of more than 17 cents a bushel in wheat and 26 cents in rye
were the widest breaks in the history of the Exchange.
Appointment of J. Roy Blough to Emergency Relief
Administration Staff—Will Aid on Problems of
State and Local Resources for Unemployment
Relief.
The appointment of J. Roy Blough to the staff of the
Federal Emergency Relief Administration was announced
July 25 by Harry L. Hopkins, Federal Emergency Relief
Administrator.
Mr. Blough is associate professor of public finance at the
University of Cincinnati, the announcement said. For five
years he was the statistician to the Tax Commission of
Wisconsin. He is nationally known as an authority on taxation and on the State and municipal bond market. The
announcement continued:
He will work with the Research and Statistical Division of the Relief
Administration on problems of State and local resources for unemployment
relief. Wherever States or their civil subdivisions report that they are
unable to finance a fair share of unemployment relief costs from tax or
bonding resources, he will represent the Relief Administration in a detailed
Inquiry into the problem with a view to ascertaining whether all State or
local sources for public money have been exhausted.
Adult Education of Unemployed Favored by Federal
Emergency Relief Administration.
Harry L. Hopkins, Federal Emergency Relief Administrator, on July 25 announced that he is prepared to back a
nation-wide program of adult education for the unemployed.
The program, the announcement said, will be put into
operation with the co-operation of the Federal Board for
vocational education. Continuing, the'announcement said:
In the States, the State Emergency Relief Administrations will cooperate respectively with the State boards for vocational education. The
State bodies will formulate definite programs and submit them to Administrator Hopkins for approval. The expenditure of relief money is
expected to bring results in three ways.
First, on a work-relief basis, assistance in the form of wages will be
given to needy unemployed skilled workers with aptitudes as vocational
Instructors in various occupations.
Second, the unemployed, whose skill may have become obsolescent
through changing conditions in their former occupations, will be kept
abreast of requirements, making them more readily re-employable.
Third, in addition, it is proposed to extend work-relief to the many
physically disabled men and women now on relief lists who are vocationally
handicapped, but who through training may be made employable on a
self-supporting basis.
As a means of furnishing relief, Mr. Hopkins said, the
returns for money expended in such a program would be
more lasting and of greater value to society than the returns
from most other forms of relief.
Gov. Lehman of New York, in Message to Legislature,
Recommends Enactment of Bill to Place State
Back of National Industrial Recovery Drive—
Would Suspend Temporarily Provisions of States'
Anti-Trust Laws.
Jr a message to the special session of the New York State
Legislature which convened July 26, Gov. Lehman recommended the passage of a bill which would place the State
in harmony with the Federal Government's program in
carrying out the provisions of NIRA. In his message,
addressed to the Legislature July 27, the Governor (we
quote horn the Albany dispatch to the New York "Journal
of Commerce") made these three sugestions:
That legislation should be enacted to suspend the Donnelly anti-trust
aw so as to permit trade agreements and codes.
Would Punish Violations.
To make violations of trades' codes in strictly intra-State business
misdemeanors punishable in the same way as provided in the NIRA.
To give New York State's consent to the use by the Federal Government
of State or local officers to effectuate the NIRA.
July 29 1933
The same account said:
As a result of the Governor's message bills were introduced in the Legislature by Senator Schackno and Assemblyman Steingut and with no
Opposition apparent, it was indicated that they would be passed next week.
Another message is to be sent to the Legislature by the Governor neat
week to co-ordinate the public works plans of the State with the recovery
program.
The Governor's message follows:
There is now in effect Federal legislation, known as NIRA,which provides
for extensive co-operation between Government and business in an effort
to bring about industrial recovery in the United States. In brief, it provides
that each industry may agree upon or formulate a code of fair competition,
Including a limitation upon the maximum number of hours of employment
and upon the minimum wage payable to all of its employees. Where such
code is approved by the President, the statute gives it the force and effect
of law.
The Federal anti-trust laws are specifically made inapplicable to practices
carried on pursuant to such approved code. Violation of the code by any
one engaged in the industry is punishable as a misdemeanor.
Being a Federal statute, its operation is by necessity directed principally
toward inter-State commerce. The question will arise as to the applicability of any such code to commerce which is wholly intra-State in character.
It may well be that Intra-State transactions are included by reason of the
fact that they affect inter-State commerce.
It would be preferable, however, to enact legislation explicitly bringing
intra-State transactions within the provisions of any code which is approved
by the President.
In this way violators of the code could not escape punishment by asserting that thelaw is ineffective in so far as it applies to Intra-State transactions.
This legislation should make inapplicable our State anti-trust laws to
any intra-State transaction permitted by any code approved by the
President. It should also provide that any violation of such a code in an
intra-State business be punishable in the manner provided in the Federal
statute.
The Federal Act provides that in order to effectuate its policy, relating
both to industrial codes and to public works and construction projects, the
President is authorized, with the consent of the State, to utilize State and
local officers and employees.
I believe this State should agree so to co-operate through its officers
and employees, provided, however, no State officer and employee may be
used without the specific consent of the Governor, so as to preclude the
possible impairment of the discharge of State and local duties by such
officers and employees.
Therefore, pursuant to Article IV, Section 4 of the Constitution. I
recommend to your consideration legislation which [1] makes inapplicable
the State anti-trust and anti-monopoly legislation to any transactions
permitted under an agreement or code pf practices approved by the President
pursuant to NIRA;[2] makes violation of such code in intra-State commerce
a misdemeanor, punishable in the same manner as is provided in NIRA,
and [3] grants the consent of the State to the use by the President of a
State or local officer to effectuate the policy of NIRA provided the Governor
consents thereto.
Hearings on Garment Code Terminated When Employers and Labor Representatives Clash on Wage
Provisions — Secretary Perkins Sends Telegram
Which Averts Proposed Strike of 30,000 Workers—
Union Leaders and Manufacturers Try to Adjust
Differences by Conferences.
Negotiations between the International Ladies Garment
Workers Union and the employing groups in the coat and
suit industry for an agreement to be included in the trade's
code of fair competition were broken off on July 23 because
of differences on wage scales and on the week-work system
of production. A public hearing on the proposed codes
was adjourned on July 21, and it had been hoped that a
compromise could be reached between employers and employees, but after the conclusion of negotiations on July 23
both groups left Washington for New York. As a result of
the breaking off of these negotiations, a strike of 30,000
cloakmakers in New York City was threatened but was
averted, at least temporarily, on July 24 after Secretary of
Labor Frances Perkins addressed a telegram to David
Dubinsky, President of the International Ladies' Garment
Workers Union, urging that a strike action be delayed pending final action by the NRA on the garment code. Mr.
Dubinsky replied that the union would accede to this request,
but he urged a speedy adjustment of the controversy on the
ground that employers were stocking up with fall goods in
anticipation of a strike. On the same day the NRA telegraphed Mr. Dubinsky, inviting the union to send representatives to Washington to resume efforts to reach an agreement,and a similar telegram was sent to the three employers'
association that have submitted a code for the industry.
Miss Perkins' telegram to Mr. Dubinsky was as follows:
Am informed that your union is preparing to take strike vote while
coat and suit code is under consideration. I believe such action premature.
May I earnestly urge that you delay action until you know provisions of
code, which I understand will be ready shortly. I should be glad to have
you telegraph me that you will delay vote while NRA is considering
problems of your industry.
Mr. Dubinsky, in reply, sent the following telegram to
Miss Perkins:
Replying to your telegram of this date. I desire to inform you that the
board of directors of the Cloakmakers Union, which was ready to issue a
strike call within a few days, has consented to accede to your request and
postpone action temporarily.
Concurrently, I desire to inform you that our union is vitally concerned
that the matter of the strike call be not unduly prolonged, as the employers
in the coat and suit industry are making up fall garments in order to fill
up stocks in anticipation of a strike, and this uncertainty might cause our
workers irreparable injury.
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Financial Chronicle
We sincerely appreciate your interest in the cause of our workers and
hope that you will fully understand the urgency of our Situation in the
light of our problems.
Additional conferences between the representatives of the
union and the employers in the cloak and suit industry were
held in Washington on July 25, but no agreement between
the two factions was reached. On the same day the Affiliated Dress Manufacturers, Inc., employing 4,500 persons,
presented a code to the NRA. This was the third code
submitted for the dress industry, others having been formulated by the Association of Dress Manufacturers and the
National Dress Manufacturers Association. The code submitted on July 25 provides for a minimum wage of $14 a
week for unskilled labor and a 40-hoar week.
Textile Finishing Industry and Underwear Industry
Accept Wage and Hour Provisions of Cotton
Textile Code—President Roosevelt Signs Executive
Orders to Include Them Under Formal Agreement.
President Roosevelt on July 21 signed two Executive
Orders placing the textile finishing industry and the underwear and allied products industry under the wage and
hour provisions of the cotton textile code. This was done
at the request of the industries mentioned. On the same
day George A. Sloan, President of the Cotton Textile
Institute, reported that during the first week of operation
of the cotton textile code not,a single violation had been
reported, and that the only exception to a 100% operation
of the code was among the tire fabric mills, which had
obtained the consent of the President to continue on 144
hours of machine operations pending a hearing on that
portion of the code restricting such operations to 80 hours
weekly. The texts of the Executive Orders mentioned
above follow:
EXECUTIVE ORDER.
•
Pursuant to the authority vested in me by Title I of the National Industrial Recovery Act, approved June 161933,and pending action upon a Code
of Fair Competition to be presented by the textile finishing industry.
I agree with the committee representing the textile finishing industry
that they shall be bound beginning July 31 by certain provisions of the
Cotton Textile Industry Code, excepting that in the provision relating to
minimum rates of pay the minimum wage shall be at the rate of $1 per week
higher in each section of the industry than the minimum rates agproved
in the Cotton Textile Code, all of which is fully set forth in the letter of
the textile finishing industry dated July 20 offering this agreement to the
President of the United States, pursuant to Section 4 of the National
Recovery Act, which letter is signed by Albert L. Scott, Bertram H.Borden,
H. R. Stephenson, John W. Manley and Arthur G. Poor, and addressed
to the National Industrial Recovery Administration, Department of
Commerce Building, Washington, D. C., with the express understanding
that this agreement is subject to cancellation at any time without notice.
FRANKLIN D. ROOSEVELT.
EXECUTIVE ORDER.
Pursuant to the authority vested in me by Title I of the National Industrial Recovery Act, approved June 16 1933, and pending action upon a
Code of Fair Competition to be presented by the underwear and allied
products industry.
I agree with the industry committee, representing the manufacturers
of knitted, woven and all other types of underwear and(or) allied products,
including garments made in underwear mills from fabric made on underwear machines and including any and all fabrics sold and (or) use for
underwear purposes made on flat or warp or circular knitting machines,
whether as a final process or as a part of a larger or further process, pending
the approval of a Code of Fair Competition for the industry, that they
shall be bound, beginning July 24 1933, by the provisions of the cotton
textile industry code, as set forth in their letter of July 19 1933, signed
by the members of the industry committee, offering this agreement to
the President of the United States, pursuant to Section 4 of the National
Recovery Act, and addressed to General Hugh S. Johnson, Administrator,
Commerce Building, Washington, D. C., with the express understanding
that this agreement is subject to cancellation at any time without notice.
FRANKLIN D. ROOSEVELT.
Silk and Rayon Dyeing and Printing Code Effective
July 24, Pursuant to Executive Order by President
Roosevelt—Provides 40-Hour Week, and Minimum
Pay of 45 Cents an Hour for Men and 35 Cents
for Women.
A code of fair competition for the silk and rayon dyeing
and printing industry became effective on July 24 as to
its wage and hour provisions, as the result of an Executive
Order signed by President Roosevelt on July 22. The code
was submitted by the Institute of Dyers and Printers,
said to represent 80% of the industry, and provides a
40-hour week, 45 cents an hour for male workers over 18,
and 35 cents an hour for female workers over 18. No
employee that age is to receive less than 8% of the minimum
wage paid to adults. Other provisions of the code, as
contained in Washington advices to the New York "Times"
on July 22, follow:
No concern is to operate productive machinery more than 80 hours,
nor any plant for more than 96 hours in any week.
Exception to the 40-hour week is made for engineers, firemen, supervisors, foremen, office staffs, repair and transportation crews.
The right of employees to organize and bargain collectively is recognized.
793
In continuous operation periods employees may work an additional
two hours a day, but not more than 48 hours a week.
4
Patterns and designs must be registered in the Patent Office or in any
bureau approved by the board of the industry before being used.
No concern will be permitted to enlarge the floor space of its physical
plant, except for non-productive purposes, or to install productive machinery without the approval of the board.
New concerns entering the industry must first obtain the permission
of the Recovery Administrator.
The board of trustees is empowered to exchange price information
without divulging the name of the concern giving it. The board is also
authorized to require each concern to file and maintain prices for each of
the services it renders.
Plant and books must be open to inspection by disinterested persons
selected by the board.
A central bureau for the adjustment of all claims of customers is set
up in the code.
A uniform system of cost accounting is established and pending its
Installation the board is authorized to fix basic costs for each type of service
rendered.
Concerns are forbidden to sell below the cost determined by the board.
The board is also empowered to adopt a uniform contract which shall
be the standard for the industry.
Revise Silk Prices Under National Industrial
Recovery Codc.
The following is from the New York "Times" of July 20:
Notification that contract prices hitherto made on silk gray goods
will be revised next week to cover increased costs under the textile code
which went into effect on Monday was issued yesterday by the Greyco
Sales Corp. The differentials, it was stated, are now being worked out.
No increases will be made covering shipments from July 17 to 22. From
July 24 to 29. 50% of the increased cost will be charged, and beginning
July 31, 100% of the cost will be included. On finished goods, manufacturers will not add the increase to contract prices until on and after
July 31. A labor clause in the gray goods sales contracts provides for
the increase.
Fur Code Submitted to Recovery Administration—
Provides 40-Hour Week in Months of Heavy Output
and 35 Hours in Other Months—Minimum Wage
of $14.
A Code of Fair Competition was submitted to the NRA
on July 21 by the Associated Fur Coat and Trimming
Manufacturers, Inc., and the United Fur Manufacturers
Association, Inc. It provides a maximum 40-hour week
and a minimum wage of $14 weekly for non-manufacturing
employees. It was said that the two groups submitting
the code have a membership of about 450 manufacturers or
producers and employ 7,000 fur craftsmen, or about 70%
of those employed in the fur industry in the United States.
The code would become effective 10 days after approval
by the President. It specifies a 40-hour week for February,
March, July, August, September and October, and a 35-hour
week for January, April, May, June, November and December. Other provisions follow, as given in the New York
"Times" on July 22:
No production is to be permitted on Saturdays or Sundays. Overtime
work is prohibited. Child labor, with a 16-year limit, is prohibited.
Inside contracting is barred and home work is not permitted. No manufacturing employee will be permitted to work for more than one employer
at one time. Not more than two members of a concern will be permitted
work in the production of fur garments.
The following is the minimum wage scale for manufacturing employees:
Cutters, first class, $1.42 an hour; second class, $1.25: operators, first
class, $1.19; second class, $1; 'milers, first class, $1.13: second class, 94
cents; finishers, first class. $1.10; second class, 88 cents.
No piecework is permitted.
Inasmuch as the fur industry had taken steps toward the introduction
of unemployment insurance, its code provides that the unemployment
insurance fund shall be resumed as soon as uniform labor conditions are
in effect and stabilization has reached the point at which collections of
unemployment insurance contributions can be enforced without hardship.
The code provides further that the industry's emergency committee and
the Federal Recovery Administrator may set up appropriate machinery
for the issuance of a tag or label, and also that those who are "members
of the applicant associations proposing this code shall, by virtue of their
membership, be deemed collectively licensed to do business" in the fur
industry under the NIRA.
Credit terms for coats and scarfs at wholesale contemplate, net, end
of month, plus 10% tax on the sale price of each article sold, or not more
than 90 days from date of shipment; fur trinunings, net, 10 days, end of
month, plus 10% on sale price of each article, such tax to be paid the 25th
day of the current month.
To effectuate the policies of the Act the two employer organizations
submitting the code and the International Fur Workers Union shall each
designate two representatives who shall constitute a National Emergency
Committee of Fur Manufacturers, and equal representation is to be given
to other trade organizations throughout the country which may become
affiliated.
The code stipulates that employees shall have the right to organize for
collective bargaining and may not be compelled as a condition of employment to join or refrain from joining any organization designated
by the employers.
It is set forth that the code is not designed to promote a monopoly or
to eliminate or oppress small enterprises.
Hearings on Woolen Textile Code Completed in Washington—Employers Ask $14 Minimum Wage in
North and $13 in South, While Unions Seek $18
Weekly.
Hearings on the proposed Code of Fair Competition for the
woolen textile industry were held on July 24 and 25, with
representatives of organized labor demanding a minimum
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Financial Chronicle
wage level of $18 a week for employees in both the Northern
and Southern branches of the industry. The National Association of Wool Manufacturers, on the contrary, proposed a
$14 a week minimum in the North and $13 in the South. The
hearings were conducted before Deputy Administrator A. D.
Whiteside, and the testimony and arguments on July 24 were
summarized as follows in a Washington dispatch to the New
York "Times":
The position of labor was outlined by Thomas McMahon of the United
Textile Workers of America, an affiliate of the American Federation of
Labor. Mr. McMahon also asked provision for investigation of the "stretchout" system, as in the cotton textile Code.
Representing the National Textile Workers' Union, Ann Burlak, of
Lawrence, Mass., erstwhile "hunger march queen," said labor must be
assured of 40 working weeks annually, the weeks to run between 30 and 40
hours each, the pay to be 60e. an hour, with a yearly wage of $720.
The majority of the members of the National Wool Manufacturers' Association, which submitted the Code, favored mill operations on two 40-hour
shifts weekly.
A group headed by Colonel Charles F. H. Johnson, President of the Botany
Worsted Mills, insisted Upon no restriction of hours of operation in the
proposed Code. Others urged three weekly shifts of 37% hours each.
Speaking for the majority of the National Association's Board, Lewis A.
Hird, of Samuel Hird & Sons, Inc., Garfield, N. J., said the present work
shift was 53 hours a week, with about 146,000 workers employed in the
Industry last month. The 40-hour week would lead to the employment of
172,000 workers.
During the first week in July the average pay for the full time of 53 hours
received by about 43% of employees was $12.40, he said, the lowest full-time
rates being between $5 and $8 a week.
The changes in pay and hours proposed in the Code, Mr. Hird said, would
increase the labor cost per unit about 36%, which was as far as the industry
could go in view of the competition from cotton, silk and rayon fabrics.
Miss Burlak, in presenting her statement, was repeatedly cautioned by
Mr. Whiteside to stick to facts and refrain from arguments.
"The workers are not going to wait until the Government or arbitrators
settle things for them," Miss Burlak flashed in conclusion of her plea for
the Left-Wing union.
"The manufacturers needn't laugh," she snapped, when some laughs were
heard in the audience. "The workers are striking now and they are going
to strike, and they will be led by the National Textile Workers."
When the hearing ended for the day Mr. Whiteside held an executive session with the Committee from the Manufacturers' Association and told the
members they must compromise any differences such as that over the
machine shifts.
The hearings were concluded at a short session on July 25,
when Harold E. Edwards, President of the National Association of Wool Manufacturers, offered amendments which were
taken under consideration by Arthur D. Whiteside, Deputy
Administrator. One amendment guaranteed that a shorter
work week would not reduce wages in the higher classifications, while another pledged that there would be no increase
in the "stretch-out" system beyond the practice prevailing on
July 1, except with the permission of General Johnson.
Thomas McMahon of the United Textile Workers of America
gave detailed figures on hours and labor which had been
requested by Mr. Whiteside. The latter remarked that the
hearing had developed "the finest spirit of sportsmanship I
have seen since I have been in Washington." Copies of
the Code as amended on July 25 will be given to the industrial, labor and consumer Advisory Board of the NRA for
such revision as they consider necessary. Mr. Whiteside said
that every effort would be made to submit a final acceptable
Code to President Roosevelt as soon as possible.
United States Officials Will Formulate Code for Petroleum Industry—General Johnson Acts After Controversies Produce Much Bickering at Series of
Hearings—Names Committee Representing All
Groups, with Request for Report by Monday Night.
Confronted with what appeared to be an irreconcilable
controversy in the petroleum industry over a proposed code
of fair competition, General Hugh S. Johnson, Recovery
Administrator, on July 26 decided that Federal officials
will draft their own measures for the guidance of the oil
business. His decision followed a series of hearings on
proposed trade practice plans. One of these had been submitted by a group meeting under the auspices of the American
Petroleum Institute, while another was formulated by a
number of independents who were led by Jack Blalock of
Marshall, Texas. General Johnson appointed a special
committee representing the different groups to construct
with Administration officials rules to govern the marketing
and distribution of petroleum products. He said that he
hoped that this committee would be ready with a report on
the evening of July 31, when he anticipates that the Administration will have written its suggestions for producing and
refining. Before General Johnson made his announcement,
a pledge of co-operation had been received from spokesmen
for Governors and regulatory commissions of the oil States.
Some objections were recorded, however, to the suggestion
that future drilling be by permit issued under Presidential
regulations. In announcing that the Administration would
July 29 1933
"take over the industry's problems," General Johnson said
that his organization has been working on the question of oil
production and refining for some time. He said that while
it seemed like a "pretty tough proposition," he thought it
could be worked out and still "preserve the whole theory
and principle on which we are trying to work." He added:
This is not czarism; this is industrial self-government. This is not
arbitrary imposition of a rule; this is co-operation. You took one great
segment of this thing out of here and worked it out in the last two or three
days on the question of labor; I cannot see any reason why we are going
to have any insuperable difficulty in working out the question of marketing,
because we are doing that every day, so far as merchandising That Is a
problem this Administration is developing a technique on, and I believe
it is possible to get somewhere.
When it comes to the question of regulation in the oil industry of refining
and withdrawal from storage, that is something we have not been up
against; and I am not willing to concede it cannot be worked out like
everything else is being worked out. It means there is not anything like
Industrial self-government in one large segment of the industry if we cannot
work it out. I am not willing to admit that. You can admit It if you are
going to start out with the idea that somebody is going to try to put something over. Maybe they are trying to put something over. Maybe they
are going to try, but in this particular setup that we have here, if anybody
can put anything over, that is something else again.
The committee from the industry appointed to work with
the Administration in drafting the new code was composed
of the following:
C. E. Arnott and Roy B. Jones, representing the views expressed by the
American Petroleum Institute; F. C. Hart and Roy Starnes for the independents; Russell Williams, representing the Independent Petroleum
Association of America; C. L. Stuhr and Sam Messer, Pennsylvania Grade
Crude Oil Association; Tom Glasgow, Motor Equipment Wholesalers'
Association; Phillip Kemp and Dr. David Frey will represent the Recovery
Administration.
The hearings on the code of fair competition for the petroleum industry began in Washington on July 24, under the
direction of General Johnson.
On the preceding day a protest against the code submitted
by the American Petroleum institute had been filed with
General Johnson by the Eastern Independent Oil Marketers
Association, and there were many other indications that
protests would be made not only by independent groups
within the industry, but by labor organizations as well.
General Johnson, in opening the hearing on July 24, told
the 500 persons present that it was not intended as a "townhall meeting, or an experiment in dictatorship, but in cooperation." He added that he was anxious for speedy
action, and that the oil code had proved more difficult to
harmonize than any hitherto submitted to the NRA. The
procedure at the initial hearing was described as follows in
a Washington dispatch to the New York "Times":
General Johnson named a committee of five, one representing the American Petroleum Institute, one the independent producers and two for labor,
with a Chairman named by himself, to harmonize the wage, hours of work
and labor provisions in the different codes.
Most of the trouble involving the oil industry hinges on hours of work,
the minimum wage and union lobor organization. Allocation of production and the status of "stripper" wells are among the other provisions
where there must be considerable "give and take" before an agreement
is reached.
Two codes are pending, one the draft of the American Petroleum Institute, which speaks for the large producing corporations, and the other
the draft of the independents.
Labor Offers Ii, Own Provision.
The labor organizations, on the other hand, demand the elimination
of the labor provision and the substitution of one of their own, guaranteeing
a 30-hour week, a minimum wage of $4.75 for a six-hour day and the right
of the labor unions to organize the employees within the industry without
Interference by the producers or operators.
Wirt Franklin,of Oklahoma City,President of the Independent Petroleum
Association of America. which supports the Petroleum Institute code,
explained the production sections, while Harry F. Sinclair of New York
explained the labor provisions.
Labor's objection to the wage, hours of work and union labor provisions
were voiced by Harvey C. Frenuning of the International Association of
Oil Field, Gas Well and Refinery Workers of America. Jack Blalock,
C. R. Starnes and J. Edward Jones of Texas fired the guns for the independent producers, who are opposed to the code in the form submitted by the
Petroleum Institute.
General Johnson opened the proceedings with the labor phase of the code.
If that can be settled, the victory, in his opinion, will be more than half
won. The minimum wage suggested by the Petroleum Institute varies
according to geographical sections, ranging from 40 cents to 47 cents an
hour. The code of the independents calls for a flat rate of 50 cents an hour
in all parts of the country, while labor seta $4.75 a day as the minimum,
with double pay for all overtime.
Sinclair Urges 40-Hour Week.
Under the 40-hour week carried in the Petroleum Institute code, Air.
Sinclair estimated the number of idle men who would obtain employment
at about 240,000. 10 would not be practicable or reasonable, he argued,
to attempt a wage schedule of less than 40 hours. He asserted that the
code would increase payrolls by about $300,000,000 annually.
Speaking for the labor organizations. Mr. Fremming declared the labor
provisions in the Institute code failed to carry out either the letter or the
spirit of the NIRA. The application of the rates generally throughout the
industry would mean a decrease and not an increase in hourly earnings, he
Insisted. He opposed the 40-hour week.
The production phase of the oil situation was handled for the Petroleum
Institute by Mr. Franklin, who said that unless drastic control regulations
involving distribution, drilling, importations, storage and fair dealing on
all sides were brought about it would mean disaster for the Industry. The
provision in the code that the allowed production, plus imports and storage
Withdrawals, shall equal the current domestic consumption plus export
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Financial Chronicle
demand, said Mr. Franklin, is economically sound, while the provision
that allowed production shall be equitably allocated is "simple justice."
Thomas P. Henry of Detroit, President of the American Automobile
Association, urged that the industry be required to take steps to improve
its marketing prices. He suggested Federal regulation of distribution
facilities.
Committees representing the petroleum industry and the
NRA on July 25 tentatively agreed upon hourly wage scales
from 40 to 47 cents for workers engaged in refining and from
45 to 52 cents for employees in production. It was also
agreed that the maximum work week for employees in production and refining should be 36 hours and 40 for those
engaged in marketing. These agreements must be accepted
by General Hugh S. Johnson before they are incorporated in
the oil code. The figures represented a compromise based on
the code submitted by the American Petroleum Institute, a
code by independent producers and the demands of labor
representatives. At the hearing on July 25, several witnesses
demanded drastic regulation of the major oil companies in
the "lease and agency" practice, and declared that it
threatens to destroy thousands of independent oil and gasoline dealers. This testimony was summarized as follows in
Washington advices to the New York "Times":
Led by Newton D. Baker, who appeared as counsel for the Pennsylvania
Grade Crude Oil Association, opponents of the practice denounced it as
unfair, monopolistic and alien to the spirit and purpose of the NIRA.
W. R. Boyd Jr. of New York. Vice-President of the American Petroleum
Institute, defended the practice as within the law and not against public
interest.
The "lease and agency" practice, which is of comparatively recent origin,
is the alleged control of filling stations by granting a rebate on each gallon
of oil sold the dealer in return for a contract under which he agrees to
confine his business to the sale of products made by the rebating company.
In many instances, it was alleged, the person ostensibly owning the station
is in fact an agent of the company whose products are sold exclusively
by the Particular filling station or stations.
In his argument for drastic action against the "lease and agency" system,
Mr. Baker said that the Pennsylvania Grade Crude Oil Association, with
a capital of $300,000,000, is fighting for its life as a result of the "lease and
and agency" practice.
• "If an independent dealer evidences opposition to this practice," Mr,
Baker said, "opposition stations are started on either side of him."
"If a rule permitting this practice is written into the code, the Pennsylvania grade crude oil will disappear from the market and the effect
of the code, so far as that great independent organization is concerned,
will be adverse. The lease and agency system is for the suppression of
competition and is a desire on the part of the major companies to maintain
a monopoly. If it succeeds all independents will eventually go out of
business."
After Mr. Baker had left the rostrum, representatives of more than a
score of independent organizations from all sections of the country took
the stand to endorse his statement.
Secretary Ickes Revokes Retroactive Application of
"Hot Oil" Regulations—Amends Rulings as Result
of Protests by Petroleum Shippers and Brokers-Shipments Now Put in Three Classifications.
As a result of protests by shippers and brokers in petroleum
and its products, Secretary of the Interior Ickes on July 25
agreed to revoke the retroactive application of the "hot oil"
regulations issued on July 15, Mr. Ickes issued a statement
amending and adding to these regulations, and clarifying
some of the questionable provisions. The revised regulations were described as follows in a Washington dispatch to
the New York "Journal of Commerce" on July 25:
As originally drafted, the regulations would have required reports to
be made to the division of investigation, Department of the Interior, not
later than the fifth day of each and every calendar month beginning Aug. 5.
This was declared to be a most onerous requirement because it would be
difficult to differentiate between illegally produced or withdrawn and
allowable oil and its products, which had already entered into inter-State
commerce.
It is now required that such reports as are asked for shall be filed not
later than the fifteenth day of each and every calendar month, beginning
Aug. 15.
Regulation IV calls upon producers to identify themselves and the location of their respective properties, tell of daily production in barrels of
each property and well and file an affidavit that none shipped is illegal.
Under to-day's order of Secretary Ickes they also will be required to
make a report of all petroleum deliveries showing the names and places of
business of all persons to whom such petroleum was delivered, whether
purchasers, consignees or transportation agencies, and the quantity involved in each such movement, together with a report of all petroleum in
storage, wherever located, at the beginning and end ofsaid calendar month,
the place of storage and the amount in storage at each place.
Processors are brought within the requirements of Regulation V, which
calls upon purchasers, shippers and refiners to make reports, an additional
requirement under this section being that the place and date of the receipt,
the name and business addresses of the producers and (or) other parties
from whom the petroleum was received, the amount received of such
Petroleum and the amount of petroleum held in storage or otherwise on
the last day of the calendar month next preceding the period covered by
the report. They must also show to whom and in what amounts and
through what transportation agencies deliveries were made.
Divided into Classes.
In the new orders, the regulations covering reports to be made by transportation agencies, shipments are divided into three classes. Class A are
those shipments of petroleum, offered for shipment to any transporting
agency, in the area where produced. Class 13 covers shipments of products
of petroleum after processing or refining. Class C shipments are those of
petroleum or products made from a point outside the area where the petroleum was produced.
It is provided that where shipments of petroleum or the products thereof
are offered for shipment in intra-State commerce and are subsequently
795
in any manner diverted into inter-State commerce, in whole or in part,
the inter-State carrier may not accept the shipment unless the provisions
of the regulations referred to above are complied with.
"Area where produced," as used in the regulations, when applied to the
east Texas field is defined as comprising the area included within an 80mile radius of Kilgore. Tex., and when applied to the Oklahoma City field,
shall comprise the area included within a 35-mile radius from that city.
Specific definition of what is meant by the term "petroleum" and products
is given.
An additional section required pipe lines and gathering systems to make
appropriate reports on their operations, while still another section requires
all affidavits and sworn statements to be tendered or filed by the real party
In interest, or by his authorized agent when proof of such authorizations
filed with the division of investigation of the Interior Department.
The original regulations, modified by Secretary Ickes as
described above, were given in our issue of July 22, page 591.
Hearings on Electrical Manufacturing Code Held in
Washington—Opposition May Adjust Some of the
Differences with Framers of Measure—Organized
Labor Protests Proposed Pay Rate and Insists on
Higher Scale.
Hearings on the proposed code of fair competition for the
electrical manufacturing industry were held in Washington
beginning July 19 before William I. Allen, Deputy Recovery
Administrator. This code was the second on the Administration's program, the textile code having already gone into
effect on June 17. After the final session in connection with
the electrical manufacturing agreement on July 19, Mr.
Allen urged representatives of the National Electrical
Manufacturers Association, which formulated the code, to
consult with dissenting witnesses and seek to compose differences. Principal opposition to the code was voiced by
representatives of organized labor, who protested the proposed 36-hour week and $14 minimum wage. A summary
of the day's testimony, as given by the Washington correspondent of the New York "Times," follows:
Organized labor, appearing at the hearings through the International
Brotherhood of Electrical Workers, demanded an hourly wage materially
greater than that suggested by the electrical manufacturers. The labor
representatives also charged the National Electrical Manufacturers Association with dominating its industrial field, but sharply questioned whether
the code actually represented the industry as a whole.
The code provided 35 cents an hour and a 36-hour week for workers
In processing products, and $14 weekly and a 40-hour week for other employees.
The Brotherhood sought 90 cents an hour for skilled workers, proportionate increases for piece work and a 30-hour week.
Representatives of what the code called "natural affiliates" of the electrical industry insisted that they be not included in the general code. But
at the night session it was announced that some of these branch industries
might be persuaded to come under the basic code after all.
Miss Frances Perkins, Secretary of Labor, was an interested listener
at the night session, as Mr. Green, for the Federation of Labor, protested
against the wages and hours set forth in the NEMA code.
"I can't believe that these minimum rates proposed by such an outstanding industry will be approved by the administration," he said.
Association's Status an Issue.
As the afternoon waned, General Johnson, Chief Administrator, came in
and took a seat beside Mr. Allen.
"You don't think NEMA is truly representative of the industry?" he
asked Charles L. Reed of the Electrical Workers Union.
When Mr. Reed said "that question should be investigated." General
Johnson asked for suggestions on what agency should enforce the code if
NEMA did not.
Fred Hewitt of the International Association of Machinists, insisted on
$38.40 and a thirty-hour week for machinists, with a sliding scale for helpers
and apprentices. Harry Stephenson of the International Molders Union,
suggested $38 and a thirty-hour week.
J. A. Tritle, President of the Electrical Manufacturers Association,
opened the hearing and was followed by Clarence L. Collens, President of
the Reliance Electrical Engineering Co. of Cleveland, who said employment
had so spread that about 50% of the 1929 workers were not employed.
J. P. Taggart of Cleveland, representing the Vacuum Cleaners Manufacturers Association; C. D. Jackson, representing Servel and Electrolux Refrigerators; Samuel I. Tesler of the Incandescent Lamp Makers and G. F.
Brewer of the Washing Machine Manufacturers all asked for exclusion
from the NEMA code, with opportunity to file codes for their own subdivisions.
Bond P. Geddes of the Radio Manufacturers Association, T. A. Eagleson
of the National Battery Manufacturers Association and William L. Schwartz
of the Electrical Wires Devices Manufacturers Association said their
organizations did not wish to join in the general code.
Following the formal hearings on the proposed code, and
indications that the labor organizations might not accept
the wage and hour provisions therein, the National Electrical
Manufacturers Association (which formulated the original
code) on July 21 submitted a revised code designed to fall
under the blanket program made public by President
Roosevelt. This revised agreement would provide wages
of 40 cents an hour for a 36-hour week unless the rate was
less than that sum on July 15 1929 and in no case would
pay be less than 30 cents an hour. White-collar workers
would receive a minimum of $15 for a 40-hour week. Organized labor, however, intimated on July 21 that the
concessions offered were not enough, and that further
demands must be satisfied. A partial description of the
hearing on that date, and of changes in the original code
is given below, as reported in Washington advices to the
New York "Times":
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Financial Chronicle
Protests of branch inaustt,s against being included in the original code
were met by the following language in the revision:
"Organizations of groups of employers representing a substantial part
of any branch or subdivision of the industry may be excepted by the administrator from the provisions of this code."
This seemed to satisfy representatives of various branches, who had
previously demanded codes of their own. These included electrical refrigerator, washing machines, battery radio, automatic telephone and
incandescent and miniature lamp manufacturers. Makers of vacuum
cleaners reserved decision. Makers of gas refrigeration were excluded
from the code.
When the morning hearing opened J. S. Tritle, President of the association, said his group had been unable to make any changes in the wages and
hours first suggested. After two hours of discussion Mr. Allen asked the
manufacturers to reconsider. Returning at 3.30 p.m. Mr. Tritle announced that the association stood flat on a thirty-six-hour week, but would
try to adjust wages upward and endeavor to revise the I44-hour extra work
scheme. Labor is utterly against any extra time of this kind, maintaining
that a thirty-hour week is enough in itself.
An important change struck out of the original code language fixing the
minimum wage rate for persons employed "in cities of 200,000 and over,"
and in other localities, unless the administrator fixed a lower rate. The
wording was changed to read that the minimum rate applied in "all" localities unless the administrator decided on a lower sum in certain places. The
change was made when it was pointed out that Schenectady, headquarters
of General Electric, had only 95,692 persons. Similar facts were alleged
regarding cities where other great electrical manufacturing plants are
situated.
Leading Automobile Manufacturers, with Exception
of Henry Ford, Agree on Code—Accord Announced
by General Johnson—Provides Average 35-Hour
Week and Minimum Wage of 40 to 43 Cents an
Hour.
Directors of the National Automobile Chamber of Commerce have agreed to a code for the automobile industry,
based on an average 35-hour week, according to an announcement made in Detroit yesterday (July 28) by General
Hugh S. Johnson, Recovery Administrator. General Johnson said that all leading manufacturers with the exception
of Henry Ford had signed the agreement, which provides
for a minimum wage of 43 cents an hour for cities of more
than 500,000 population; 41M cents for cities under 500,000
and more than 250,000, and 40 cents for cities under 350,000.
Child labor is prohibited. General Johnson said that a
hearing on the code would be held in Washington in about
10 days.
Changes to Be Made in Fair Competition Code for Lumber Industry—Amendments in Tentative Agreement Decided Upon After Six-Day Hearing in
Washington—Wage Differentials and Price-Fixing
Among Controversial Features—Woodworkers Ask
Separate Code.
Hearings on a code of fair competition for the lumber
industry were concluded on July 26, after it had been indicated that the code as submitted was unsatisfactory to the
Administration. Officials said, however, that much progress
had been made in the sessions, which covered a six-day period, in presenting a true picture of the lumber industry.
It was said that sweeping changes would be made in the
tentative code as originally formulated, with the task of
preparing an abstract of the voluminous testimony entrusted
to Dudley Cates, Deputy Recovery Administrator, who
conducted the hearings. Mr. Cates will present this information to General Johnson for Administration action thereon.
Particular interest was shown at Washington with regard to
the lumber code, since it is the first submitted to contain
provisions for price-fixing and direct production control.
Some of the complexities facing the Administration in revising the code were summarized as follows in a Washington
dispatch to the New York "Times" on July 26:
Among the more serious problems which the Code Authority will have
to consider are the wage differentials between the various sections of the
country, which in some cases amount to over 20 cents an hour; determination of an equitable system of production allocation; provision for labor
representation on the Code Authority and establishment of a formula by
which a minimum price, or "cost-protection," can be arrived at.
Another problem is the determining of the position of the small woodworking firms which pay high wages for short hours to skilled workers.
Representatives of such firms have filed a code as a separate industry,
claiming that competition with the larger firms, who pay lower wages, is
"unfair under the meaning of the Act."
Hearings on the code of fair competition submitted by the
lumber industry opened on July 20, and on the same day
the code was amended to give the Lumber Code Authority,
the governing body of the lumber and timber industry under
the code, power to restrict the installation of new sawmills
when necessary, and thus to control production. We quote
from a Washington dispatch to the "Times" regarding the
day's hearings:
Asserting that the amendment was essential to "control current production," Colonel W. B. Greeley, Secretary-Manager of the West Coast
Lumbermen's Association, said that output would be controlled by each
of the 23 so-called divisional codes submitted to-day.
Pointing to the wave of production and consequent overproduction
brought on by the World War, he declared that the lumber industry was
July 29 1933
so widely spread over the country that some sort of control of production
volume was essential.
Dudley Cates, Deputy Recovery Administrator, presided at the hearing.
C. Arthur Bruce of Memphis, executive officer of the newly incorporated
Code Authority, took charge of the presentation of the code. During the
morning session General Hugh S. Johnson himself addressed the meeting,
explaining the aims and purposes of the NRA.
Dr. Wilson Compton, Secretary and Manager of the National Lumber
Manufacturers Association, declared that the lumber industry had not
benefited in the boom years from 1923 to 1929, but had rather declined.
The lumber industry has a large investment in its standing timber, he
continued, and the depression had "played havoc" by forcing conversion
of these reserves into cash to avoid paying the taxes, insurance and other
upkeep costs on them.
The code as presented would put 130,000 men to work, he declared.
A conference to initiate conservation measures will be held between
representatives of the industry and Secretary Wallace and other members
of the Department of Agriculture, according to an amendment submitted
to the code to-day. This amendment replaces the original clause on conservation, inserted in the code after Dr. Compton had received a letter
from the Secretary of Agriculture transmitting the President's wish that a
conservation clause be included.
The amendment calls for co-operation between the leaders of the industry, the United States Forest Service and State authorities.
The vexed question of hours and wages, which are set separately in each
of the 23 divisions under the code and which range between 40 and 48 hours
weekly, with a wage-range of 22% cents to 45 cents an hour, was discussed
in the afternoon session.
Defending the 223 -cents-an-hour scale for a 48-hour week established
for the Southern States, 0. 0. Sheppard drew a contrast between living
standards and costs in the South and the rest of the country. He also
asserted that there was more manual labor in the industry in the South
as the nature of the operations precluded the use of much machinery.
W. C. Ruegintz, representing the Loyal Legion of Loggers and Lumbermen, discussed the wage scale and hours stipulated for the Pacific Coast,
where the highest minimum wage and the lowest maximum work-week
under the code are established. The wage scale would exceed the max mum 1929 levels, he said.
At the second session of the hearing on July 21, witnesses
requested permission to provide for the regulation not only
of output but of minimum prices as well, through a proposal
which would authorize the industry to allocate production
and regulate prices through regional authorities in the 23
sections into which it is divided. A description of the day's
testimony follows, as contained in Washington advices to
the "Times":
The program was presented by V. A. Stibolt of Hammond, La., and
was supported by C. Arthur Bruce, executive officer of the industry's
National Code Authority, and Col. W. B. Greeley, manager of the West
Coast Lumber Association. The latter two were called into the discussion
by Dudley Cates, Deputy Administrator, who conducted the hearing.
Price, it was said, would include all elements figuring in the cost of
producing lumber, but would be on a strictly minimum basis, which would
leave the industry no possible profit. It would not take into account
the value of timber reserves, it was stated.
William Denman, war-time Chairman of the Shipping Board, representing the Coos Bay (Ore.) Timber Co., objected to the inclusion of
any price-fixing arrangement.
"This country has not yet arrived at a point where we are ready to
accept trusteeships when the trustees are our own competitors," he said.
One provision would have representatives of the NRA to take part in
all price discussions.
Hugh S. Johnson, the Recovery Administrator, attended the morning
session, which was devoted to consideration of minimum wages and maximum working hours. William Green, President of the American Federation of Labor, joined battle with the proponents of the code, terming
wages far too low and working hours far too high,
Green Assails Wage Scales.
Saying that the lumber industry production had increased since 1919
while it working hours declined, Mr. Green declared that the scales of
minimum wages fixed in the Code, even 4234 cents an hour for a 40-hour
week, were under the rate of decent living.
Declaring that the schedule as submitted "will not re-employ any of
the unemployed in the industry," Mr. Green declared that 300,000 lumber
workers are out of jobs at present. Seasonal exceptions to the schedules,
Permitting overtime in some regions, were attacked.
Denying that "any difference in living conditions could account for
the wide differential between the wages proposed for the North and
South," Mr. Green criticized the proposals submitted yesterday by C. C.
Sheppard for a 2234-cent minimum wage for a 48-hour week in the South.
He declared that the Southern saw mill industry was paying wages of
nine and 12 cents an hour, compared to an average entrance wage in other
industries of 38 cents an hour.
Leaders of the lumber industry at the third hearing on
July 22 asked the NRA to grant immediate tentative approval,"without prejudice" to the wage and labor provisions
in the code, in order that a halt might be made in over-production of lumber at current low wages and long hours.
The request was made by J. C. Tennant, Chairman of the
Code Authority, and was transmitted to General Hugh S.
Johnson, Recovery Administrator. The "Times" Washington correspondent further reported on July 22:
Mr. Tennant said the fears expressed by General Johnson in his address
at the opening day of the hearing, that the production and price cure
would rise ahead of the buying power curve, were already being realized.
Twenty per cent of the industry, not represented In the code or at this
hearing, was threatening to run wild, he said.
Speculation was current as to what machinery was available or could be
devised to enforce the schedules, provided the industry's request was
granted. It was pointed out in some quarters that authority for such
regulation would have to come from the White House under a strict
interpretation of the NIRA.
Mr. Tennant declared that if large stocks of timber were piled up under
the present low wages, there would be less employment when the code
went into effect.
"If the code is to be effective, we must have immediate action in this
matter," he said.
Volume 137
Financial Chronicle
Labor representatives attacked the code again at to-day's sessions.
Father Francis J. Haas of the Labor Advisory Board of the NRA
called for the inclusion of labor representatives in the code authority. Be
termed the Loyal Legion of Loggers and Lumbermen a "company union
under the meaning of the act."
On July 24 General Johnson made public his refusal to
permit the industry to make the code effective immediately,
but did not give the reasons for his decision, although he
said that he would be glad to discuss the matter with the
lumbermen if they wished. He had previously declared that
the code's provisions for a 40 to 48-hour work week, with
wages ranging from $10.80 to $20.40, were "wholly unacceptable." The hearing on July 24 was noted as follows
by the Associated Press:
As the hearing on the lumber code continued, William Denman, of the
Coos Bay Lumber Co. of Oregon, said it proposed "to have a government
representative supervise price fixing," and added:
"This will throw on the Administration the responsibility for the scandals
certain to arise when the price is changed from time to time.
"The insiders, knowing the approaching price change, may sell their
stocks at the higher price before the lower price is announced. Similarly,
they may hold their stocks for the higher price if a higher price is to be
announced.
"In our opinion, the scandal arising from such government-supervised
price fixing will undermine general confidence in the new deal, despite the
deserved popularity of the President."
Denman proposed that labor in the lumber industry on the Pacific Coast
be paid 50 cents an hour, with a 30 to 36 hour week. This was termed
"utopian" by Colonel W. B. Greeley, manager of the West Coast Lumbermen's Association,
Greeley said Denman's proposal raised the question of how much the
traffic will bear. He added he was convinced it would result in shutting
down 75% of the West Coast mills.
"Which is better, a 30-hour week and a chance of shutting down threequarters of the mills or a 40-hour week, carrying out the purposes of the
NIRA?" he asked.
This assertion was greeted with applause by the lumbermen assembled
for the hearing.
Much consideration was given to the effect of the code upon smaller
mills. Denman asserted it would result in closing many of these on the
Pacific Coast, and, speaking for a group of oak flooring mills in the South.
Samuel R. Sells, of Johnson City. Tenn., said it would be disastrous to
small mills in his section.
Calvin Fentress, of the Baker-Fentress Co., Chicago, objected to the
quota production system, from the viewpoint of the timber owner.
On July 25 several organizations presented to Mr. Cates
protests against concurring in the trade code formulated by
the lumber industry. Employers of skilled woodworkers,
manufacturers of oak flooring and an organization of railroad tie manufacturers asked for separate codes of their
own. Spokesmen for the woodworkers said that they were
consumers of lumber and contended that the code would
force upon their employees a wage scale on the level of that
of some sawmills. They therefore demanded a minimum
wage much higher than that specified in the code.
Tentative Retail Jewelers'Code Provides Basic 44-Hour
Week and Minimum Weekly Wages Ranging from
$10 to $15—Longer Hours Permitted in Holiday
Periods.
A Code of Fair Competition, establishing minimum wages,
hours of work and trade practices was made public on July 24
by the American National Retail Jewelers' Association, after
having been filed with the NBA. It is said that the Association includes more than 3,000 retail jewelry stores whose
sales constitute the greater part of the total retail jewelry
business in the United States. The Code states that because
of the peculiar nature and requirements of the business "any
undue restriction upon the hours of employment will tend
to reduce the volume of sales at retail and consequently
lessen the distribution to the ultimate consumer." A basic
44-lhour week is specified, with minimum wages ranging from
$10 to $15 weekly, the latter rate applying to all employees
over 18 in metropolitan areas of more than 1,000,000 population. Other Code provisions were listed as follows by the
New York "Times" on July 25:
For metropolitan areas of from 250,000 to 1,000,000 population the
minimum wage is set at $14. In the rest of the United States the minimum
wage is set at $13.
For junior employees between 16 and 18—minors under 16 are barred—
the minimum is set at $12 for metropolitan areas of more than 1,000,000
population. In areas of from 250,000 to 1,000,000 the wage is to be $11.
In the rest of the United States a $10 minimum scale is to prevail.
The 44-hour week is not to be applied to the two weeks preceding Christmas, the maximum during these two weeks not to exceed 54 hours per week.
Executives, department heads and assistants, gem experts, day and night
watchmen and plant maintenance men are excepted from the 44-hour provision.
Employees are to enjoy the right of collective bargaining through representatives of their own choosing.
National Industrial Recovery Act Said by General
Johnson to Be President Roosevelt's "Own Concept"—Not "Brain Trust's."
American industry was assured on July 20 by General Hugh
S. Johnson that President Rooseevlt himself is giving his
"personal individual attention" to administration of the In-
797
dustrial Recovery Law." Associated Press accounts from
Washington, July 20, indicating this, continued:
In a short speech to lumbermen, which was applauded vigorously, he said:
"This thing is peculiarly Franklin D. Roosevelt's own concept. I don't
mean in detail, his mind doesn't work that way.
"But there is a lot of talk about brain trusts—the people he uses to get
facts from.
"Let me tell you that this is his own particular property."
General Johnson explained that it was the President's own idea to induce
industry'to act collectively, and to lift buying power so that it would not
lag behind prices.
Business Interests in Detroit, San Francisco and
Denver Protest Against Blanket Code to Raise
Wages and Limit Working Hours.
Three protests from interests in Detroit, San Francisco
and Denver against terms of the blanket voluntary wageraising and hour-limiting agreement were received on July 24
by General Hugh S. Johnson, National Recovery Administrator, according to Associated Press accounts from Washington, July 24, which also stated:
The Detroit Retail Merchants' Association sent General Johnson a long
telegram asserting 48 hours was the shortest working week the mercantile
industry of the country should employ, and that 40 hours, as proposed in the
blanket code, would unduly raise costs to the public. The Detroit merchants
asked for consideration of minimum wages below the $15 to $12 for junior
employees, who, they said, received less than that even in 1929.
From San Francisco the garage division of the Automotive Repair Association telegraphed that the blanket agreement would bring bankruptcy to
garages because of competition from private garages, all-night parking lots
and inability to enforce municipal ordinances. 'The Association said San
Francisco garages had been working floor men 80 hours a week for 20 years
and were now paying as low as $10.
From Denver the Sweetbriar Shops, Inc., said the blanket code would work
terrific hardship on small, struggling merchants in towns from 3,000 to
15,000 serving strictly agricultural areas.
Recovery Code to Stabilize Rentals Proposed by I.
Berger of Greater New York Tax Payers' Association—Sees Need for Co-operation Among Landlords.
Landlords and property owners in New York should develop a code of ethics and standard practices in accordance
with the provisions of the NIRA, as a means of stabilizing
rentals and putting real estate on a sounder basis, in the
opinion of Isidor Berger, general manager of the Greater
New York Taxpayers' Association. The New York "Times"
of July 23 quoted Mr. Berger as follows:
The apartment house industry here is in great need of a recovery code
similar to those which have been worked out for many organized industries
and trade groups. The business of renting apartments and tenement quarters in New York is in a chaotic condition, due to a variety of causes, among
which are many for which the landlords themselves are chiefly responsible.
Rental incomes on apartment house investments have reached a point
wholly inadequate to meet the fixed requirements of maintaining such property. Losses from vacancies and non-rent-paying tenants are largely responsible for the present plight of landlords, while the attitude of the Emergency
Home Relief Bureau in the matter of compensation for the housing of the
city's unemployed and needy is another contributing factor in the present
deplorable renting situation.
The men who have invested millions of dollars in housing property should
get together at once and for all time place their business on a stable basis.
While many of the causes which have contributed to the present housing
situation are beyond the control of property owners, there are certain factors
for which landlords are themselves responsible, as, for instance, the granting
of rent concessions, which has resulted in the lowering of rentals and the lack
of any concerted effort on the part of property owners to organize and cooperate with one another in coping with the dead-beat tenant problem and
the credit checking of prospective tenants. The Recovery Act affords an
opportunity to put an end to time causes and practices .mitich have resulted
in such widespread losses in realty values as well as the decline of
the
earning power of rental dwellings.
Secretary of Agriculture Wallace, While Conceding
Adjustment Act Was Designed to Raise Farm
Products, Says Prices Must Not Be Stimulated
to Unbalance Supply and Demand Situation—
Comments on Collapse of British Rubber Restriction Plans.
Addressing the American Institute of Co-operation at
Raleigh, N. C., on July 24, Henry A. Wallace, Secretary of
Agriculture, made the statement that "it is true that the Adjustment Act is not designed primarily to promote co-operative marketing, but to raise farm products prices. In doing
that" he added "it may use any marketing machinery now
available. The essential thing is to raise prices by adjusting
supply to demand."
Referring to the British operations of a few years ago,
whereby the price of crude rubber was forced from 14 cents
to more than $1 a pound, only to collapse later under increased production inspired by high prices, the Secretary
said:
What was true of rubber can also be true of fruit, of tobacco, of cotton,
or most anything else. Production control, yes; but prices must
not be
stimulated to go so high as to unbalance the supply and demand situation.
"It is not only possible, but mandatory,' under the Adjustment Act," said Secretary Wallace, "to strive for prices that
Financial Chronicle
the
maintain a fair exchange basis with prices of the things
Farm
the
of
machinery
the
"If
added:
He
buys."
farmer
prices in either
Act can prevent them, the dangers of extreme
spoke
direction will be avoided." In part Secretary Wallace
as follows:
know, attempts by coAs students of the co-operative movement well
have been made
operative groups to raise prices by controlling production
might be called
frequently during the past 30 years, but the attempts that
to the staples
successful have been limited to special crops, certainly not
Apparently the idea of
or to crops which can be grown in many regions.
prevalent in the
raising prices by controlling production was not at all
the first price obearlier stages of the co-operative movement. Instead,
spread between the
jective of the co-operatives seemed to be to narrow the
The first drive,
price the farmer received and the price the consumer paid.
battle-cry seemed
in other words, was on the costs of distribution, and the
the producer and
to be, "Sock the middleman!" All who stood between
the consumer became suspects.
in quite
That battle has not yet been won, nor will a victory ever come
grow wheat and
the terms we first imagined. So long as we continue to
we prefer fancy
meat a thousand miles from the consumer, and so long as
costs frequently
packages to plain ones, and tolerate .advertising and sales
costs
higher than the cost of raw material, our attempts to lower distribution
makes
cannot result in any sensational reductions. Certainly a co-operative
charges
slight contribution to the social order or to the producer when it
it likely
as much for its services as do the old-line commission men. Nor is
contribution, if
that co-op managers at terminal markets will make much
their attitude toward market practices is identical with the attitude of the
old-line managers. The social role of the co-operative is not just something
to make speeches about when it comes time to get re-elected.
has been
I do not for a moment wish to leave the impression that nothing
accomplished by the drive to lower distribution costs. At various periods
various co-operatives succeeded notably in narrowing the spread between
farm and wholesale prices. But. it has usually been difficult to keep the
spread narrow. Competitors come along, finally, to pay the same price
that the co-operatives pay to producers, and then members begin to withdraw. If that continues, the co-operative dies, the old-line commission men
dominate the field once snore, the spread frequently widens again, and a
new co-operative agency may take the field to fight the same old battle.
I have heard of a situation in western Kansas, for example, where livestock
shipping associations were organized and disbanded three times, within a
period of years, as the spread between wholesale and local prices widened
and narrowed. Nevertheless there are still regions and products in which
a reduction of the spread between farm and wholesale prices offers ample
opportunity for an efficiently operated co-operative.
In recent years we have been familiar with co-operatives which tried to
Influence wholesale prices through bargaining power, and, what is closely
allied, through orderly marketing. It is perhaps fair to say that the
bargaining power idea reached its climax within the past four years, under
the Farm Board. I believe your discussion last year shed,some light—and
perhaps a little heat—on the vision of a nation-wide monopolistic organization of farmers. I do not suggest that bargaining power cannot or should
not be utilized to obtain higher prices; but I question the possibility and
the wisdom of producers' monopolies in our staple crops. Meanwhile, there
are certainly regions and commodities where the exercise of bargaining
power is both wise and effective from the producer's point of view and from
a social point of view.
Toward all of these price objectives there has developed a feeling that
any one of them, or even all of them, were not quite sufficient to do the
job. Hence the emphasis, finally, upon the objective which aims at raising
prices by limiting supplies.
One of the earliest attempts, incidentally, was that made here in the
. South back in 1903 to reduce the acreage of cotton. It isn't necessary to
go into the history of that and similar attempts to reduce acreage by local
organizations. To conduct such campaigns, I recall from my own experience
in Iowa some ten or twelve years ago, is a thankless job, and relatively
futile. You are familiar, I think, with all the obstacles.
The point to remember, however, is that the necessity for controlling
production became increasingly obvious, despite the failure of campaigns
instituted by local groups or by national agencies relying on nothing more
than propaganda. Other methods of raising prices, insofar as they succeeded,
stimulated production and helped to amass our present surpluses.
Even groups which once thought themselves exempt from this problem,
because of the nature of their product or region, have had to contemplate
production control. Some of the citrus groups, I know, have come very
reluctantly to the idea that they must control production. They have become experts par excellence in controlling the delivery of their production,
but until recently they proceeded on the theory that there was no limit
whatsoever to the consumption of their fruits if they only advertised skillfully enough to stimulate the appetites of the consumers.
Ten years ago, in addressing the American Farm Economic Association, I
had occasion to refer to the California citrus groups as follows: "It is unthinkable that they should go on as they have been going, setting prices so
far above cost of production as to double and treble land values and at the
same time bring in a constant stream of new production. The California cooperatives in the near future must surely either make an effort to control
their production directly or else set their prices so close to cost of production that further expansion will largely be discouraged. Of course, it may
be that they will go blindly onward doubling and trebling the acreage of
their fruit crops and still inviting further expansion by setting unduly high
prices. In that case, however, there will come some such sad day of reckoning as has come to the rubber producers during the past year."
I was referring, of course, to the collapse of the rubber restriction scheme
which preceded the Stevenson Plan. The Stevenson Plan, like the one that
preceded it, collapsed. Rubber prices advanced from 14 cents a pound in
1922 to more than a dollar a pound in the fall of 1925. Production costs
had been originally estimated at about 25 cents a pound, but ideas of
production cost advanced along with the rising price. The British began
the plan with the control of 67% of the crude rubber output of the world,
but it soon developed that that didn't mean very much. High prices stimulated production in the Dutch East Indies, in Liberia, and in Brazil. In
1928, when the plan was abandoned, prices had dropped to 18 cents. Prices
have since dropped to as low as 3 cents a pound.
What WRS true of rubber, can also be true of fruit, of tobacco, of cotton,
or most anything else. Production control, yes; but prices must not be
stimulated to go so high as to unbalance the supply and demand situation.
With few exceptions, it has probably been a mistake for co-operative
groups to try to perform this function. The experiments have been hazardous
to the co-operative movement. The centralizing power of the Federal Government, it seems to me, offers a far greater prospect for success. It then
July 29 1933
their inbecomes possible to offer producers a plan which appeals alike to
reach all the
dividual and to their group interests. It becomes possible to
mandatory,
but
major producing areas of the nation. It is not only possible
exchange
under the Adjustment Act, to strive for prices that maintain a fair
buys.
basis with the prices of the things the farmer
This last point, it seems to me, is of the utmost importance. If the
machinery of the Farm Act can prevent them, the dangers of extreme prices
comin either direction will be avoided. There ought not to be anything
parable to rubber at a dollar a pound. It will be genuine progress, it seems
to me, if we can drive home the concept of prices that enable fair exchange.
Certainly the people of this country long, above all, for an economic machine that will keep on even keel, and I believe they would quickly relinquish their hopes of spasmodic speculative profits in return for some assurance of moderate but well maintained incomes.
Time and again co-operative leaders have been forced against their own
best judgment to bargain for prices which could not, in the long run, be
sustained. In many cases, milk producers in the area around a great city,
enjoying semi-monopoly control, have raised milk prices out of line with
prices of other agricultural products. This is exactly the sort of situation
which has diverted many hog farmers into the dairy game, and has helped
produce some of the milk chaos which we are now battling.
Now that farmers have in effect been given the centralizing power of the
Government, it would seem to be the part of wisdom for co-operative leaders
to co-operate as closely as possible with the Agricultural Adjustment Administration to educate their producer-members day by day, week by week,
year by year, as to the fundamental economic laws which must be observed
if spectacular collapses, like that of the Stevenson Plan, are to be avoided.
It has always seemed to be true in the past that any group of producers,
once they became possessed of centralizing power, greedily overplayed their
hand in defiance of economic law.
The spirit of co-operation is not speculative greed. It is not profit at
the expense of others. On the contrary, basically the co-operative move- ,
ment is a social movement. It makes a profit not for the few who supply
the cash, as Dr. Fay has pointed out in times past, but for the many who
supply the work. What the co-operative leader ought to be concerned about,
is the extent to which the co-operative makes a social return. A co-operative
is not a corporation. It is particularly, I hope, not one of those modern
corporations in which the owners are not the managers, and the managers
not the owners. The old idea of one man and one vote may well have a
fresh meaning to-day for our co-operatives.
In a program such as our wheat plan sets forth, calling for County associations of growers in all the leading wheat Counties, it is almost inevitable
that the cause of all co-operatives will be advanced. An educational movement of tremendous proportions is involved, and the odds, I believe, are in
favor of its success. Perhaps this wheat plan, and others like it, will hasten
the day when the people of the United States will be so imbued with the cooperative ideal that there will not be found among us so many warring
groups, co-op fighting co-op, old-line commission man fighting co-ops,
packers fighting old-line commission men, and the unorganized farmers fighting them all.
Perhaps that is too long a look ahead for mortal eyes; perhaps it is a
vision; but I think we may all claim the right to work toward it. It is a
long step forward to have the centralizing power of the Government available, for it is the only representative of all the economic interests of the
Nation; and if any agency can guide us snore surely toward balance, as implied in the idea of fair exchange prices, the agency which brings producers
and processors into partnership with the Government surely has the best
chance of success.
More and more it seems to me that the true reason for co-operatives is to
bring the consumer closer to the farmer, and in a more vivid way. The
great criticism that can be made of all our marketing agencies is that they
have not reflected hack to the farmer as promptly and uniformly as possible
the changes which should be made in his production methods to meet the
changes in consumer demand. There is a tremendous job to be done in this
field. The dairy co-operatives have already accomplished some remarkable
things, 'but results in the grain and livestock fields have not been very
tangible.
The classic example, of course, is Denmark, and the commodity frequently
referred to is bacon. Consumer preferences and demand in England, Denmark's leading export market for pork products, have definitely dominated
methods of production on Danish farms.
This is a much different course than to attempt to change consumer demand to fit existing production methods and output. The co-operatives
dealing with different commodities must remember that the size of the
human stomach is limited, and that co-operative problems cannot be settled
by advertising. For a time it may be true that citrus fruits and dairy
products can be substituted for the starches and meats of the Middle West ;
maybe some of this substitution is well warranted ; but campaigns to persuade consumers to eat more of this, that, and the other cannot all be
successful. In recent years we have observed extensive campaigns by the
Meat Board to stimulate meat consumption; for a time there were billboard campaigns extolling the merits of meat and bread. Again and again
I have been told by different co-operatives that solution of their problem
consisted mainly in bringing to the attention of the public the merits of
their particular products or brands. To my most recent visitor who argued
this, I suggested that what we really ought to do, then, was to endow a
laboratory at Johns Hopkins for research in the possibilities of enlarging the
human stomach.
The problem of our co-operatives is of course much more difficult than
Denmark's, because of the variety of our producing areas and volume of
output, if for no other reasons; but the obstacles are not insuperable. Gradually we are accumulating information on the demand for the various grades
and staple lengths of cotton, for instance, and it is not inconceivable that
some day this information may provide a basis for our cotton production
plans and methods. The Department of Agriculture has done some research
on problems of this sort, and I hope it may make a great many practical
contributions. Yet the field is open, it seems to me, for the co-operatives
themselves. Working in close relationship to the Agricultural Adjustment
Administration, the co-operatives can come to see this whole process from
farmer to consumer as one continuous process, the first phase capable of
organized response to a change in the final phase. You can count on our
co-operation in this endeavor, as I hope we may count on your continued
support in the tremendous task we have undertaken in the Agricultural Adjustment Administration.
The whole program of this Administration, and the course of the cooperative movement, are very close. There is every reason for the healthiest
sort of co-operation between us. I think that is especially true if the
leaders of the co-operatives consider their opportunities in the broadest
national terms. With us in the Administration, the problem of restoring
the purchasing power of labor is just as important as the problem of restor-
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Financial Chronicle
ing the purchasing power of the farmer. Though my immediate job has
to do with agriculture, I should feel that I was derelict in my duty if I
did not at the same time concern myself with the needs of labor and of
the country as a whole.
I think there is a tendency in some quarters to look at the problem from
a narrow, selfish standpoint. I confess I have little patience for the narrow
point of view in times like these. It is quite possible to protect the proper
interests of a group, and at the same time look to the national welfare.
The Administration is setting its sights on a high level of economic
morality, and the co-operative movement, perhaps beyond all other organized groups, should find such a level congenial. We are asking business to
effect a revolution in its relations to the public, for the change from a competitive to a co-operative attitude is nothing less than revolutionary. The
co-operatives, presumably, have already effected such a revolution, and their
present task is to translate an attitude long known to be socially fruitful
into deeds that will be in keeping with their social role.
Accountants Submit Code to Recovery Administration,
Setting 35-Hour Week, with Minimum Pay for
Principals at $200 Weekly and Seniors $100—Minimum Wage Scale is Highest in any Code yet Contemplated—Two Leading Accountant Groups Deny
Participation in Code and Declare Recovery Act
Does not Apply to Profession.
The first professional code of fair competition to be offered
for the approval of the Recovery Administration was submitted by the Society of Public Accountants and Auditors,
Inc., on July 10. It provides for a 35-hour week, with exceptions for emergency or for Federal or State work, and a
minimum weekly compensation of $200 for principals and
$100 for supervising seniors. The minimum wage scale for
other classes in the profession is also specified, and exceeds
the scales of any other code yet submitted or discussed. The
letter transmitting the code said that the society represented
both employing and employed practicing accountants. The
maximum working week of 35 hours specified in the agreement does not apply to principals.
Under the heading of compensation, the code provides that
the renumeration of principals "shall in no case be less than
double that of the supervising seniors," and that the "minimum compensation of supervising seniors who shall have had
10 or more years of actual experience shall be not less than
$100 a week." Seniors with five or more years' experience
shall receive not less than $60 a week, and the minimum pay
of juniors is set at $25 a week. The definition of unfair competition in the code reads:
It shall be unfair competition for anyone to perform any accountancy work
for less than cost based on the minimum rates specified in Section III of this
code, plus overhead, such as rent, stenographic service, telephone service,
stationery and other general expenses.
On July 13 two of the leading societies of accountants
issued formal denials that they were participating in the
formulation of a code of fair competition under the National
Industrial Recovery Act, and in that connection the following
statement was issued by the New York State Society of Certified Public Accountants:
Press statements to the effect that an organization of public accountants
and auditors had completed a code governing wages and hours of work caused
the American Institute of Accountants and the New York State Society of
Certified Public Accountants to announce that no recognized organization of
professional accountants had officially considered drawing up a code of regulations and that no organization had been given authority to speak for the
profession on this matter.
The American Institute of Accountants, large national organization with
approximately 2,100 members, and the New York State Society, with nearly
2,000 members, called attention to the fact that the provisions of the National
Industrial Recovery Act have not been interpreted as relating to professional
groups, but apply only to trades and industries.
President Roosevelt Hopes for World Disarmament
Pact in Fall, According to Louis M. Howe—Secretary to President Says Arms Reductions Would
Save $1,000,000,000 Annually and Would Stimulate
Economic Recovery—Declares Geneva Conference
Is Neither Dying nor Dead.
President Roosevelt hopes that a world-wide disarmament
agreement can be concluded this autumn, and believes that
arms reductions, which would save the world more than
$1,000,000,000 annually, would aid in eliminating governmental deficits, restoring confidence and stimulating economic
recovery. These views of the President were outlined in a
commercial radio broadcast on July 16 by his Secretary,
Colonel Louis McHenry Howe. Colonel Howe asserted that
the President has not modified his disarmament and world
peace program in any respect merely because it failed to
bring the Geneva Conference to a successful conclusion this
spring. With reference to the present state of the Conference, he said:
It is neither dead nor dying, nor at all likely to die. On the contrary, it is
saying nothing, but sawing wood. The realization of the vital necessity for
reaching agreements is now generally recognized by the whole world. All
civilized nations are convinced they must agree to a substantial
reduction
and limitation of armaments or else indulge in another ruinous race
for
military supremacy, which will lead them into hopeless bankruptcy or an-
799
other terrible World War. Don't think this is a question of idealism or
any purely sentimental desire to end war. It is founded on a very practical
cold-blooded belief that there must be a world-wide agreement to lower the
level of armaments. Of course, the outstanding difficulty in the first place
is to find a way to do this without reducing the ability of a nation to defend itself. Here is where President Roosevelt's proposal to accomplish this
by weakening the power of attack and invasion, but leaving a nation free to
take such steps for its defense and protction as are necessary, was of high
international importance and excited the interest of the whole world.
The President's idea was that there should be no increase in armaments
and that purely aggressive armaments should be abolished. He suggested
that all governments abolish heavy, movable guns and tanks used only for
invasion. He proposed a solemn pact of non-aggression—that is, an agreement by each country not to invade another country, and since it would be
neither fair nor safe to ask any country to reduce its armaments and to
enter such an agreement without taking steps to see that the agreement
would be kept by all, the President also suggested effective automatic supervision by an international commission, which would naturally have full
information in all countries at its disposal.
The meetings of the entire Council have been adjourned until Oct. 16, but
the Disarmament Conference is still carrying on its work through subcommittees on the program, and when the entire body reassembles the delegates
will have very definite propositions to take up and decide.
There never has been a conference which is coming to grips more conscientiously and effectively with problems with which it is dealing--but,
when you are dealing with problems so intricate, it naturally takes time,
thought, patience and effort to achieve success.
The informal discussions that will go on almost constantly between now
and then, except during August, certainly should facilitate matters. Mr.
Norman Davis, for instance, will go back to Europe by September at the
latest for the purpose of participating in these conversations and negotiations.
Naval disarmament is not being overlooked, although this Conference is
mainly concerned with land armament. It is not dealing primarily with
navies, because, among other things, most of the 60-odd nations concerned
have no real navy—besides which the naval question was dealt with at London
in 1930 and will be taken up again in a future conference in 1935. However,
In the draft of the convention, there is a provision for settlement of the outstanding naval questions between France and Italy, which, if and when
adopted, will complete the London naval treaty of 1930.
It already has been agreed to prohibit poison gas in warfare and to place
restrictions on preparations—which means to abolish gas services, so far as
training men for attack is concerned. It has been generally agreed to &bath
air bombing and to reduce the size and number of military planes.
Salaries Increased 10% by New York Curb Exchange
and New York Curb Securities Clearing Corporation.
Howard C Sykes, President of the New York Curb
Exchange, announced, July 25, that the New York Curb
Exchange and the New York Curb Exchange Securities
Clearing Corporation have increased salaries of all employees
10% effective to-day (July 29).
In making this announcement, Mr. Sykes said that
minimum salaries have been restored to the 1929 level.
Approximately 54% of the total number of employees of
the Exchange are in .the lower brackets.
Detroit's One-Man Grand Jury Investigating Closing
of Michigan Banks Adjourns Indefinitely—Hearing Gives Way to New Reorganization Plans for
City's Two Closed Banks.
The one-man Grand Jury investigation into the closing of
Michigan banks, conducted by Judge Harry B. Keidan, has
been indefinitely adjourned as plans move forward for the
reorganization of the First National Bank—Detroit and the
Guardian National Bank of Commerce, we learn from the
'Wall Street Journal" of July 26, which continuing said:
The Reconstruction Finance Corporation already has agreed to lend the
receivers for First National $50,000.000 and receivers for Guardian 525,000.000, which may be used as a basis for reorganization.
Details of the plan will be taken up with the Comptroller of Currency
and the R. F. C.
The plan contemplates merger of the reorganized First National Dank
with the National Bank of Detroit and the retirement of the present common stock of the National Bank of Detroit, now largely owned by General
Motors Corp.
Suspension of Holidays and Opening of Banks for
Business.
Since the publication in our issue of July 22 (page 601)
with regard to the banking situation in the various States,
the following further action is recorded:
FLORIDA.
Associated Press advices from Sebring, Fla., on July 20
stated that depositors of the closed Highlands County Bank
of that place would receive immediately a 15% dividend,
according to an announcement on that day by E. S. Martin,
the conservator. The dispatch went on to say:
The dividend was authorized by State Comptroller J. M. Lee.
The bank suspended operations in March, with deposits of more than
$100,000.
ILLINOIS.
The Gary Wheaton Bank, Wheaton, Ill., reopened for
business on July 19 on an unrestricted basis, in accordance
with the authorization of Edward J. Barrett, State Auditor
for Illinois, as reported in the Chicago "Tribune" of July 20,
which added:
Deposits made were twice as great as withdrawals, according to A.C.
Atwater, Cashier, and of total number of deposits made yesterday 5%
were new accounts.
July 29 1933
Financial Chronicle
800
Edward J. Barrett, State Auditor for Illinois, has authorized the Truitt-Matthews Banking Co. of Chillicothe, Ill.,
to reopen on an unrestricted basis, according to a Chicago
dispatch on July 22 appearing in the "Wall Street Journal."
KANSAS.
That plans are moving forward for the re-opening shortly
on a 100% basis of the First National Bank of Independence,
Kan., now being operated by a conservator, is indicated in a
dispatch from that place on July 20 to the Kansas City
"Star," which goes on to say:
According to the set-up, liquidation of the Security National Bank,
successor of the defunct Commercial National Bank, formerly headed by
George T. Guernsey, will be divorced from the First National, the merged
Security National and Citizens-First National Bank. The First National
will move across the street to the former location of the old Citizens-First
National. Aid is expected from the Reconstruction Finance Corporation
in the re-opening program.
Ben S. Paulen, ex-Governor of Ransas, Chairman of the present First
National, will be liquidating agent for the Security. When the Security's
note to the Reconstruction Finance Corporation is liquidated that institution will pass out of the picture.
KENTUCKY.
The Farmers' Exchange Bank at Millersburg, Bourbon
County, Ky., which had been operating on a restricted basis
since March 1, opened on July 17 on a reorganized basis,
according to advices on that date from Paris, Ky., to the
Louisville "Courier-Journal" from which we quote further
as follows:
According to Rufus Butler, newly-elected President of the bank, a
telegram was received this morning (July 17) from the State Banking
Commissioner, authorizing the opening of the bank. Amended articles of
incorporation for the bank were approved and filed about two weeks ago.
In the reorganization of the bank all old stock was relinquished, and 250
shares of new stock were sold, having a par value of $100 a share. The
stock was sold at $120 a share, giving the bank a capital of $25,000 and a
surplus of $5,000. Deposits prior to Feb. 28 are frozen for three years,
5% to be paid twice a year during that time. Depositors were allowed to
use old deposits to buy stock.
Five directors have been elected for the bank, including Rufus Butler,
W. A. Butler, W. B. McIntyre, Col. W. R. Nelson and J. C. Leer. In
addition to the election of Rufus Butler as President, W.A. Butler has been
elected Vice-President and Colonel Nelson as Secretary of the board.
J. R. Divine, formerly of Lexington, has been elected Cashier, and R. S.
McDaniels. who served as bookkeeper in the old bank, has been elected
Assistant Cashier and bookkeeper.
Bank. New capital to the amount of $400,000 is to be provided, onehalf in common and one-half in preferred stock, both being non-assessable.
Half of the stock would be subscribed for by stockholders of the national
bank, and the other half by depositors and stockholders of the trust company, although there is no obligation on the depositors to subscribe.
Final adoption of the plan requires only the assent of the depositors of
the trust company with balances in excess of $100. Following the transfer
of assets to the national bank, other assets of substantial value remaining
In the trust company will be administered by the Bank Commissioner for
the benefit of depositors not receiving full payment.
MICHIGAN.
With reference to the affairs of the Detroit Trust Co.,
Detroit, Mich., a dispatch from Lansing, Mich., on July 25
by the Associated Press stated that the reorganization plan
for the institution was approved on that date by the State
Banking Advisory Board. The dispatch said in part:
Arthur J. Lacy, Detroit attorney, presented the reorganization plan
for the Detroit Trust Co. to the committee. He said that provision has
been made for a 100% payment to all depositors before dividends can be
Paid to new stockholders. Old stock is to be canceled and new stock will
be issued.
He said that substantial assets have been liquidated by Harry J. Fox,
conservator, and that the condition of the company has been improved.
Under the plan depositors and creditors will be allowed to purchase
preferred stock at $40 and may pay for it with deposited funds. The plan
contemplates a 100% assessment of old stock, but old stockholders may
purchase new stock at $20 a share if they pay the assessment voluntarily.
R. E. Reichert, Banking Commissioner, authorized the conservator to
purchase home loan bonds under the Federal Home Loan Relief Act.
Approval of a plan for reorganization and re-opening of the
Mt. Clemens Savings Bank of Mt. Clemens, Mich., which
has been closed since Dec. 20 last, was given by the Reconstruction Finance Corporation on July 25 to Charles H.
Schutz, custodian of the institution, according to advices
from that place on the date named, appearing in the Detroit
"Free Press." The dispatch continuing said:
The reorganization plan will depend upon the willingness of depositors
holding 85% of the bank's deposits to sign an agreement, Schutz said.
To explain the plan in detail and formally ask the co-operation of the
depositors, Schutz has called a meeting of all depositors and creditors
for Aug 8.
Until this time, details of the reorganization plan will not be made public.
In regard to the affairs of the closed First National BankDetroit, a plan for the reorganization of the institution was
outlined by its sponsors at Judge Harry B. Keidan's oneMARYLAND.
man Grand Jury investigation into the closing of Michigan
The Commercial Savings Bank of Cumberland, Md., banks when it resumed on Tuesday of this week, July 25,
which had been operating on a restricted basis since the after having been in adjournment for a week. The proposal
bank holiday, has been reorganized and opened for business now under consideration—we quote from the Detroit "Free
on July 20 with 25% of its deposits available in cash, accord- Press" of July 26—contemplates making an additional 25%
ing to advices from that place on the date named, appearing of deposits available to the public through a reorganized
in the Washington "Post," which went on to say:
First National Bank and also envisions an ultimate merging
The institution . . . has worked out a plan whereby the depositors
of the new institution with the National Bank of Detroit.
will receive 25% of their deposits in cash, 35% in certificates of deposit
Under the plan, which is being advanced by Emory W.Clark,
and the remaining 40% in certificates of beneficial interest in slow asset.
Reopening was authorized by John J. Ghinger, State Banking CommisColonel Frederick M. Algol, and others interested in resioner.
the First National Bank-Detroit, the Reconorganizing
be
will
surplus
$65,000
bank's
the
of
$15,000
reorganization,
In the
transferred to the reserve fund,leaving the surplus at $50,000. The bank
struction Finance Corporation would be obliged to lend only
is capitalized at $500,000 and had deposits when it closed of $268,215.45.
$30,000,000, instead of the promised $.50,000,000. This
The Farmers' & Merchants' Bank of Hagerstown, Md., would mean a saving of $1,000,000 annually in interest
was authorized by John J. Ghingher, State Bank Commis- alone.
sioner for Maryland, to resume business on a 100% basis
The loan would be secured by approximately $90,000,000
July 24, according to the Baltimore "Sun" of that date, in First National assets, enabling the new structure to
which added:
assume a 25% deposit liability.
This bank has been reorganized, Mr. Ghingher stated, by raising $124,500
A statement of the proposal was read into the records of
new capital funds. The deposits are approximately $460,000. Frank W.
the Grand Jury by Edward A. Macdonald, attorney for the
MIA is President of the bank and H. J. Stottelmyer is Cashier.
sponsors of the plan. This statement (as printed in the
MASSACHUSETTS.
Norman E. Lewis, President of the Haverhill National paper mentioned) follows:
"For several weeks a committee of Detroit citizens, headed by Mr.
Bank of Haverhill, Mass., and Robert McGregor, Jr., and
W. Clark and Col. Frederick M. Alger, has been negotiating with
Clarence A. Rathbone, conservators for the Essex National Emory
the Treasury Department and the Reconstruction Finance Corporation in
Bank and the First National Bank of Haverhill, respectively, an effort to bring about a reorganization of the First National and the
of Commerce. The first and, in the opinion of
jointly announced on July 20 that the Comptroller of the Guardian National Bankdifficult
part of the work necessarily involved was
the committee, the most
Currency had approved a plan whereby the Haverhill successfully concluded when the Reconstruction Finance Corporation agreed
National Bank will purchase the assets of the two other to loan to the receivers of the two closed banks funds which may be used
a basis for reorganization.
institutions. Haverhill adviees to the Boston "Herald" on as"The
committee is now undertaking to work out with the Comptroller
July 20 in reporting this, went on to say:
of the Currency and with the Reconstruction Finance Corporation the
Previously it had been planned to merge the two closed banks under the
name of the Union National Bank, but this plan fell through.
State Bank Commissioner Arthur Guy of Massachusetts
on July 20 announced plans for releasing more than $2,000,000 to depositors of the Waltham Trust Co. of Waltham,
Mass., one of the five State banks placed in the hands of
conservators following the bank holiday. Under the plan,
a substantial share of the assets of the Waltham Trust Co.
will be transferred to the Waltham National Bank, making
possible immediate payment in full to 17,000 of the 21,000
depositors. The Boston "Herald" of July 21, from which
the above information is obtained, continuing, said:
The Waltham National Bank under the plan. will credit on its books
deposit balances up to $100 In full, and in the case oflarger deposit balances
will credit either 50% of them or $100, whichever is larger.
The plan, already approved by the Supreme Court and Federal banking
authorities, calls for an adjustment of the capital of the Waltham National
details of the plan of reorganization of the First National Bank. If the
Proposals of the committee are found to be practicable, a plan will be
prepared by the Comptroller of the Currency, in conjunction with the
Reconstruction Finance Corporation, and submitted to depositors.
"To become effective the plan must then be approved by depositors
and creditors representing not less than 75% in amount of total deposits
and other liabilities.
"The plan of reorganization of the First National Bank as proposed by
the committee provides for the reorganization of the bank on a sound
basis with preferred stock to be subscribed by the Reconstruction Finance
Corporation and with non-assessable common stock to be subscribed by
depositors for a percentage of their deposits as of Feb. 11 1933 and by
stockholders of the Detroit Bankers Co.
"The plan contemplates that the Reconstruction Finance Corporation
will make an additional loan and that the new bank will assume 25% of
the deposit liability of the First National Bank as such liability existed on
Feb. 111933. The assets, other than those taken over by the new bank
and those pledged to the Reconstruction Finance Corporation, will be
trusted for the benefit of depositors.
"The plan further contemplates a merger of the First National Bank,
as reconstituted, with the National Bank of Detroit and the retirement
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Financial Chronicle
of the present common stock of the National Bank of Detroit, now largely
owned by General Motors Corp.
"Whether this plan or one more acceptable to the Government officials
is finally approved is largely immaterial so long as the ultimate objectives
are attained, namely sound banking, a speedy termination of the receivership and the utmost realization for depositors. The committee believes
that under a reorganization most, if not all, of the deposit liability will
ultimately be paid.
"At present the Comptroller is occupied in concluding the details of the
organization of the new Manufacturers National Bank. With that out of
the way,that is to say within the next day or two, the proposed reorganization of the First National Bank will be given consideration, and an answer
should be forthcoming within a week or 10 days. Following this, it is
expected that consideration will be given to a reorganization of the Guardian
National Bank of Commerce.
"It is easy to understand and sympathize with the people of Detroit
In their anxiety to see an end to the unfortunate conditions which have
prevailed since the banks closed. On the other hand it must be borne in
mind that the difficulties confronting the committee when it first undertook to find a satisfactory solution were many, and of considerable magnitude, and that already much has been accomplished.
"The committee has found in Washington a sincere desire to help, and
has had and is now receiving the active co-operation of Treasury officials
and officials of the Reconstruction Finance Corporation, including Mr.
Walter Cummins, assistant to the Secretary of the Treasury; Mr. Jesse
Jones, Chairman of the Reconstruction Finance Corporation, and Mr.
J. F. T. O'Connor, Comptroller of the Currency.
"The committee believes that a further postponement of the grand Jury
investigation is desirable so that the co-operation of all concerned may be
had in aiding the constructive efforts now under way."
801
The R. F. 0. loans to the old Fidelity banks have no connection at all
with the affairs of the new Union National Bank. The new bank opens
with no debt obligations except to its depositors. Its new capital will be
$2,700,000, half of which is being subscribed through an R. F. C.subscription to preferred stock.
The Fidelity building does not figure in the set-up of the new bank,
except that the Union National will have a considerably reduced rental for
its banking quarters. Stock in the Walnut Realty Co., owner of the building, is included in the assets held in liquidation for the benefit of Fidelity
depositors, and Mr. Hall remains President of the building company.
Upon the opening of the new bank, the Fidelity Safe
Deposit Co., became the Union Safe Deposit Co., according
to the "Star" of July 24.
NEBRASKA.
On July 25 the Reconstruction Finance Corporation purchased $1,250,000 in 5% preferred stock of the Omaha
National Bank of Omaha, Neb., increasing the capital stock
of that institution to $2,250,000, according to a dispatch
from that city on the date named, appearing in the Chicago
"Journal of Commerce," which went on to say:
President Clark of the bank announced the transaction as an outright
sale and not an advance to the bank. At the same time, President Clark
announced absolute divorce of the bank from Omaha National Co., its
securities affiliate. Omaha National is the first bank in this territory to take
advantage ofthe preferred stock clause ofthe new banking law. Transaction
has been approved by majority ofstockholders and formal ratification is to be
made Saturday (July 29), Mr. Clark announces. Omaha National has the
largest deposit of any bank in the Trans-Missouri territory.
In its issue of the next day, July 27, the "Free Press"
stated that the proposal to reorganize the First National
NEW JERSEY.
Bank-Detroit under a plan being urged at Washington by
a committee of Detroiters had the approval of individloarmonA dispatch from Belmar, N. J., to the Newark "News"
July 22 stated that plans for the re-opening of the First
and firms whose First National deposits totalled $40,000,0Gt,
This became known Wednesday, it was said, with the National Bank of that place had failed to gain the approval
signing of 78 of the bank's larger depositors of a resolution of the State Banking Department and therefore it would be
requesting the Federal authorities to put the plan, or one necessary to organize a new institution with its own capitalisimilar, into effect. The resolution, which is expected to be zation and board of directors. The dispatch continuing said:
Plans whereby depositors assigned 30% of their deposits and $75,000 in
signed by additional First National Bank depositors, it was stock
was offered for sale are barred under the Glass-Steagall Act, passed
furthermore stated, would be submitted to Government while the plans were being made, it was pointed out.
The scheme for a new bank provides for capital of $100,000, with a surplus
officials within the next few days. The resolution follows:
"Resolved by this group of depositors of the First National Bank of
Detroit that we do unanimously approve of the action taken by the committee headed by Emory W. Clark and Col. Frederich M. Alger, and
Attorneys E. A. Macdonald and Maxwell E. read, in furthering plans for
the reorganization of said bank and we urgently request that the plan
they have submitted to the Comptroller of the Currency and Reconstruction Finance Corporation or some other plan along similar lines and acceptable to the Government be put into effect at the earliest possible date,
and that we do hereby commend the Federal authorities for their constructive attitude and assistance, and pledge our complete co-operation.
"Resolved further that a copy of this resolution be transmitted to the
Comptroller of the Currency and Chairman of the Reconstruction Finance
Corporation."
MISSOURI.
The new Union National Bank in Kansas City, Kansas
City, Mo., which replaces the Fidelity National Bank &
Trust Co. and the Fidelity Savings Trust Co., opened for
business in the Fidelity Building on Monday of this week,
July 24. The new organization, according to a statement of
condition dated July 22, has a capital structure of $2,700,000,
made up of $1,350,000 preferred capital stock subscribed
by the Reconstruction Finance Corporation, $900,000
common capital stock, $250,000 surplus and $200,000
undivided profits; total deposits of $11,990,959 (not including any portion of funds in excess of $3,000,000 deposited
with the Fidelity National Bank & Trust Co. subsequent to
the bank holiday) and total resources of $14,690,959. The
personnel of the new institution is as follows: George R.
Hicks, President; D. A. McDonald, George G. Moore,
Robert J. Campbell and R. B. Hewitt (and Trust Officer),
Vice-Presidents; E. J. McCreary, Jr., Cashier, and Douglas
Wallace, Albert H. Smith, R. J. Bushman and D. M.
Connor, Assistant Cashiers. The opening of the new bank,
according to the Kansas City "Star" of July 24 has returned
to approximately 43,000 depositors in the old Fidelity banks
the control of $12,000,000. In indicating the approaching
opening of the new institution in its issue of July 22, the
"Star" said in part:
Lester H. Hall remains President of the old Fidelity National Bank &
Trust Co. for such functions as will for a time remain for the old organization, but the big job ahead for him is to achieve a maximum realization
on the old Fidelity assets. It is on these assets that the Reconstruction
Finance Corporation must look for repayment on its loans, a 1 3 -milliondollar advance on the old national bank assets and of approximately
$2,900,000 to the Fidelity Savings Trust Co. It is on these assets, of some
10 million dollars in face value in the case of the old Fidelity National Bank
& Trust Co. and something more than half that amount in the case of the
Fidelity Savings Trust Co., that the depositors of both Fidelity banks
look to ultimate recompense for the waivers signed on 38% and 47X%.
respectively, of their deposits. There, too, lies such 'hope as may exist
for a recovery by stockholders, if the old depositors are compensated in
The final preparations toward launching the new bank included a meeting
of the old Fidelity Board shortly after the noon hour, when Robert J.
Campbell, conservator of the bank since Mar. 3, technically turned back
the assets of the Fidelity National Bank & Trust Co. The Board met to
ratify contracts connected with the removal into the new Union National
Bank of 12 milieu dollars of Fidelity deposits that are restored fully to
depositors with the opening of the new bank. . . .
of$20,000. To obtain this 5,000 shares of non-assessable stock will be offered
at $24 a share, of which $20 will be computed as capital and $4 reserve.
It will be necessary to obtain assignments of 38% of deposits in the
present bank to the new institution. The remaining 62% will be paid out
upon opening. Three trustees to be appointed will be assigned the 33% of
deposits until liquidation allows payments in full.
Assignments of deposits obtained by a committee under the original
plan for reopening will not be used. The depositors will be canvassed again,
The First National Bank of West New York, N. J., which
has been operated by a conservator since the banking holiday,
will re-open under a reorganization plan shortly, according
to an announcement on July 24. The statement given out
by the bank, as printed in the "Jersey Observer" of the
same date, follows in part:
Representatives of the First National Bank of West New York have
returned from a successful trip to Washington and are pleased to report
they have finally succeeded in securing official approval of the plan recently
submitted which was favored over all other plans considered.
Details of this reorganization involve the formation of a new institution
and the release of a portion of the deposits will be made available to depositors through the new bank at the earliest possible date, which will be as
soon as the reorganization is completed.
Following the initial release additional partial payments will be made
In the same way from time to time. Under the new banking bill of 1933
all deposits so released will be eventually guaranteed in accordance with the
provisions of the Act and the guarantee will apply to all new deposits received.
NEW YORK STATE.
Dudley A. Wilson, Chairman of the depositors' committee
of the Pelham National Bank of Pelham, N. Y., which has
been closed since the bank holiday in March, announced on
July 21 that he had been informed by telephone from the
office of the Comptroller of the Currency at Washington
that Warner Pyne, Pelham Manor attorney, had been
appointed receiver for the bank. Advices from Pelham to
the New York "Herald Tribune" added:
Mr. Fyne is Chairman of the Democratic Town Committee of Pelham
and has been a resident here for the last ten years. He is a marine attorney,
with offices at 20 Exchange Place, New York City. The depositors' committee of the closed bank applied for a receiver about a month ago and
Mr. Wilson expressed himself as greatly pleased with Mr. Pyne's
appointment.
Percival W. Trudeau, Federal conservator of the First
National Bank of Yonkers, N. Y., resigned his office on
July 24, according to the advices from that place to the
New York "Times," which went on to say:
It is understood that one reason for his resignation was that members
of the depositors' reorganization committee felt that he was not in sympathy
with them.
The Comptroller of the Currency has not indicated whoswill be named
in his place.
The organization committee has obtained the government's approval of a
plan to form a new institution, to be known as the First National Bank
of Yonkers, out of the deposits and assets of the restricted bank. Prank
Xavier is to be President and Samuel Untermyer, one of the directors.
The assets of the old bank have a face value of $18.000,000, the deposits
total nearly $12,000,000 and there are 28,000 depositors.
Mr. Trudeau was named Vice-President of the older bank July 15,
last year. He was formerly with the Forman State Bank in Chicago
and the Equitable Trust Co. in New York. He was appointed conservator
March 21.
Financial Chronicle
802
Robert R. Rennie, former President of the National City
Bank of New Rochelle, N. Y., tendered his resignation on
July 25 as conservator of that institution. He was named
conservator last March.
A stockholders' committee of the bank has been trying to
organize a new institution under the title of the First National
Bank, to take over the assets of the old bank.
Mr. Rennie announced that he would not be connected
with the new bank if, and when, it is organized.
The reopening shortly of the Kings Park National Bank
of Kings Park, L. I., is indicated in the following dispatch
from that place on July 25 to the New York "Times":
Austin Goodier, conservator of the Kings Park National Bank, which
has been closed since the bank holiday was declared on March 4, returned
to-day from Washington and reported that the Treasury Department had
submitted a proposition which, if accepted, would mean the opening of the
bank within a short time. There are more than 1,000 depositors in the
bank.
On Tuesday, July 25, announcement was made of the
appointment of Louis D. Rossire as Federal Conservator of
the First National Bank & Trust Co. of Yonkers, N. Y., to
succeed Percival W. Trudeau. Advices to the New York
"Times," reporting his appointment, said:
Mr. Rossire has been Assistant Vice-President of the bank since October
1929. Before that he was with the Manufacturers Trust Co. in New York.
He lives at 18 Gibson Place, Yonkers.
It is understood that a depositors' organization committee urged the
selection of Mr. Rossire. When Mr. Trudeau resigned some members of
the committee said they felt he had not been sufficiently sympathetic
with them. This committee is carrying out a plan partly formulated
Samuel Untermyer to organize the new First National Bank in Yonkers ow,
of the old institution. Frank Xavier is to be President of the new bank and
Mr. Untermyer a director.
OHIO.
Associated Press advices from Columbus, Ohio, on July 22
stated that a license to reopen on an unrestricted basis had
been granted the Citizens' Banking Co. of Weston by Ira J.
Fulton, State Superintendent of Banks for Ohio, and the
institution would resume normal operations on Monday of
this week, July 24.
We learn from Cleveland, Ohio, advices on July 26 to the
New York "Evening Post" that approximately 11,000 depositors of the former Union Trust Co. and Guardian Trust
Co. of that city (the liquid assets of which have been taken
over by the National City Bank of Cleveland) were estimated to have received on July 25 their first dividends of the
funds tied up in the two institutions. The dispatch continued:
There is around $53,000,000 to be paid out by the two banks, Guardian
depositors receiving 20% and the Union 35%. Checks had previously been
mailed to depositors whose accounts were under $100.
The dividend checks made quite a spurt in the local retail trade, merchants saying they were experiencing the best Tuesday's business for several
months. A number reported considerable payments on past due accounts.
The Willard United Bank of Willard, Ohio, a newly organized institution which succeeds the Home Savings &
Banking Co. and the Commercial Banking Co. of that
place, which were not licensed after the banking holiday,
opened for business on July 22. Willard advices, printed
in the Toledo "Blade," from which this is learnt, furthermore said:
Terms for opening of the new institution provide for the Immediate release
of 10% of the deposits of the two old banks, a dividend amounting to
approximately $200,000.
J. E. Wise is President of the Willard United. Other officers are R. C.
Brown, Vice-President and Cashier, and J. B. Vail, J. D. McMorris and
John Wallace, Assistant Cashiers.
OKLAHOMA.
That the First National Bank of Kingfisher, Okla., had
closed on July 20 was reported in a dispatch by the Associated
Press from that place on the date named, which said:
J. A. Carlberg, President of the First National Bank of Kingfisher
which failed to open Its doors Thursday, (July 20) said Thursday night
that a State bank examiner had been called in to check up on the bank's
condition. He declined to comment on the closing, but said he believed
the bank would reopen soon.
There was no word from his son, Leland R. Carlberg, Cashier, who is
alleged to have left a message at the bank and to have been absent from
the city Thursday. Contents of the message were not divulged.
OREGON.
Closing of the Glendale State Bank of Glendale, Ore., on
July 17 is indicated in the following taken from the Port..
land "Oregonian" of July 18:
Glendale State Bank, Glendale, Ore., which has been operating on a
restricted basis since the banking holidays, was turned over yesterday
(July 17) to the State Banking Department for liquidation. Saturday
(July 15) the bank was authorized to pay a 20% dividend to its savings
depositors, which made 30% authorized in this department and 10% in
its commercial department. The bank has transferred its unrestricted
deposits to the Grants Pass & Josephine Bank (Grants Pass). Deposits
to be liquidated aggregate about $69,000.
PENNSYLVANIA.
Early resumption of business of the Union National Bank
of Carnegie, Pa., is indicated in the following taken from the
Pittsburgh "Post Gazette" of July 25:
July 29 1933
Reopening of the Union National Bank of Carnegie is likely within a
short time, F. C. Hooper, Cashier, said upon his return yesterday from
conferences with bank officials in Washington.
Details of a plan for reopening and the payment of depositors in full
have been completed, Hooper stated, and official approval from the
Comptroller of the Currency is awaited.
WISCONSIN.
Plans for the reorganization of the closed City National
Bank of Oshkosh, Wis., were made at a joint meeting of
depositors and stockholders of the institution held July 19,
according to advices from Oshkosh on that date to the Milwaukee "Sentinel," which continuing said:
Details of the re-organization were presented to the huge crowd in
attendance by former District Attorney Frank B. Keefe who has been
active in the campaign to re-open the institution which closed Jan. 5.
He presented an optimistic picture of the conditions of the bank and outlined a plan calculated to save the institution for Oshkosh.
He suggested that depositors pledge at least 20% of their funds in the
closed bank to stock In the new institution to be known as the City National
Bank of Oshkosh. Capitalization of the new bank would be $200,000, with
$50,000 surplus, he said.
Reorganization, Mr. Keefe announced, would be under the new banking
laws which exempt stockholders from the double liability feature of bank
stock and in which deposits would be guaranteed by the Federal Government.
He predicted a complete reorganization of the Institution with Dr. C. J.
Combs and 0. J. Hardy as the only former directors who would continue
in office.
Others whom he said have been approved by the banking department
as prospective directors included A. A. Abraham, P. M. Spellman, County
Judge D.E McDonald and F.B. Keefe. He said former President Albert T.
Hennig would not head the institution.
'a describing the incidents that led to the closing of the city's second
7 test bank in last winter's hectic banking days, Mr. Keefe said loans
IAA been made from the bank that never should have been made. He said
some of the borrowers obtained loans on false statements and "should
be behind the bars."
"In due course," he predicted, "it may be that the guilty parties may
be asked to report."
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made July 22 for the sale of a New
York Curb Exchange membership at $50,000, unchanged
from the last previous transaction.
The New York Cotton Exc- hange membership of Benjamin 0. Jacobsen was sold July 22 to Charles Hayden, for
another, for $22,000, off $200 from the last previous sale.
Arrangements were made July 21 for the sale of a membership on Commodity Exchange, Inc., as •follows: Frederick
Lewisohn to Herman N. Scheer, for another, $6,000.
A membership on the Chic- ago Board of Trade was sold
July 22 for $10,000, off $3,500 from the previous sale and
off $6,000 from the highest price of this year.
Arrangements were completed for the sale of two memberships in The Chicago Stock Exchange for $7,500, down
$1,500 from the last previous sale. The first sale was made
July 20 and the second, July 21.
Stockholders of the County Trust Co., of New York,
voiced unanimous approval of plans to merge the Lawyers
Trust Co. into their own institution at a special meeting
held in the Empire State office, Empire State Building,
July 27, it is announced by Alfred E. Smith, Chairman of
the board of directors. This supplements similar action
taken by the stockholders of the Lawyers Trust Co. of
July 25. The announcement continued:
One R. Kelly, President, informed the stockholders' meeting that the
consolidation has been officially approved by the Federal Reserve Board
and that the merged institution will retain the County Trust Co's membership in the Federal Reserve System.
Under the title of Lawyers County Trust Co. the consolidation will
become effective with the opening for business on Tuesday, Aug. 1.
Alfred E. Smith and One R. Kelly will retain their positions with the
merged bank. Six former directors of Lawyers Trust Co. will become
members of the board of the Lawyers County Trust Co. They are:
Lucius II. Beers, Philip S. Dean, Albert W. Haigh, Charles F. Noyes.
Walter E. Sachs and Henry R. Barrett. Other directors of the merged
institution who were formerly on the board of the County Trust Co.
are: Vincent Astor, John J. Broderick. Peter J. Carey, Iloward S. Cullman, William II. English, Albert T. Johnston, Edward J. Kelly, One
R. Kelly, William F. Kenny, Ralph W. Long, Daniel J. Mooney, Kenneth
O'Brien, Stuart B. Plante, Aaron Rabinowitz, John J. Raskob, Daniel
L. Reardon, Louis F. Rothschild, Parry D. Saylor and Alfred E. Smith.
The main office of the bank will be located at 160 Broadway. Other
offices will be maintained at the Empire State Building, 14th St. and
Eighth Ave. and 44 Court St., Brooklyn.
A previous reference to the merger appeared in our issue of
July 15, page 438.
Newburgh Savings Bank at Newburgh, N. Y., acquired
on July 22 the business of the Cornwall Savings Bank at Cornwall, N. Y., the acquisition being at the suggestion of the
trustees of the latter institution. The "Wall Street Journal"
of July 26, from which this is learnt, continuing, said:
The two savings banks were comparatively close to one another and it
was felt that one Institution could handle the savings business in that
Financial Chronicle
Volume 137
section. Newburgh Savings Bank has deposits of approximately 827,750.000 and the Cornwall bank about $900,000. The change gives New York
State 138 mutual savings banks.
A charter was granted on July 19 by the Comptroller of
the Currency to the First National Bank of Rockland, Rockland, Me. The new institution, which succeeds the Rockland National Bank, is capitalized at $250,000, consisting of
$125,000 preferred and $125,000 common stock. Homer E.
Robinson is President and Jos. Emery, Cashier, of the new
institution.
Distribution of $744,288.16 to depositors in the savings department and of $248,689.36 to depositors in the commercial
department of the City Bank & Trust Co. of Hartford, Conn.
(excluding deposits not in excess of $100, payment of which
has been made or provided for), began Monday of this week,
July 24, as a result of an order passed last week by Judge
Ernest A. Inglis of the Superior Court on the application of
Howard W. Alcorn, receiver of the institution. The dividend.
the third ordered during the receivership, amounts to 5% in
the savings department to 6% in the commercial department,
and makes the total paid in those departments 30% and 46%,
respectively. The Hartford "Courant" of July 20, from
which the above information is obtained, furthermore said:
Mr. Alcorn, who appeared before the Court in a brief hearing, said there
Is enough cash on hand now to pay a larger dividend, but because it takes two
weeks to compute the dividends he said he believed the surplus cash should
be held until the next dividend payment.
When the bank was closed early in 1932 the savings deposits totaled $14,867,000 and the commercial deposits $3,459,000.
Our last reference to the affairs of the City Bank & Trust
Co., which closed Jan. 2 1932, appeared in our April 1 1933
issue, page 2179.
-4---
Philadelphia advices, on July 24, to the New York "Times,"
stated that Walter Gabell, former President of the closed
Northern Central Trust Co. of Philadelphia, had been held in
$7,500 bail for court on that day for the alleged embezzlement
of $36,000 of the bank's funds. We quote in part from the
dispatch as follows:
Witnesses testified that in 1929 Gabell sold $200,000 worth of bank stock
at $34 a share and turned over only $164,000 to the bank. The remaining
$36,000 is alleged to have gone into the bank President's account.
Astonished at some of the testimony during a tempestuous hearing, Magistrate Dennis F. Fitzgerald explained at one point:
"Great Caesar I Didn't the directors do any directing?"
The Northern Central Trust Co. was closed Sept. 28 1931,
as noted in our issue of Oct. 3 of that year, page 2209. Our
last reference to its affairs appeared in our issue of Oct. 2
last, page 2778.
According to the Philadelphia "Ledger" of July 18, announcement was made on July 17 by Dr. William D. Gordon,
State Secretary of Banking for Pennsylvania, that depositors
of the Olney Bank & Trust Co. of Philadelphia will receive a
5% dividend on or before Aug. 15 next, which will amount to
approximately $183,000. The 25,000 depositors in the bank
have previously received two payments of 10% each, the first
on March 17 1932, and the second on Aug. 31 1932, it was
stated.
Stockholders of the Potter Title & Trust Co. of Pittsburgh,
Pa., at a special meeting, held recently, approved a reduction
in the par value of the capital stock from $100 a share to
$20 a share, and the exchange of five new shares for one old
share. In reporting the matter, the Pittsburgh "Post'Gazette" of July 13 went on to say:
An adjourned meeting will be held Sept. 7 for action on increasing the
capital stock from $500,000 to $1,000,000. Such approval is expected, and
stockholders will be offered, on an as, if and when issued basis, the right to
subscribe to one new share for each share held at $30. This will have the
effect of not only increasing capital stock to $1,000,000, but it will add
$250,000 to surplus.
We learn from the Philadelphia "Ledger" of July 22, that
Dr. William D. Gordon, State Secretary of Banking for
Pennsylvania, the previous day announced payments of dividends to the depositors of two closed banks, namely the
Citizens' Bank of Barnesboro and the Ickesburg State Bank
at Ickesburg. The "Ledger" said:
The Citizens' Bank of Barnesboro will pay 5% on Aug. 3. The bank has
previously made a payment of 19%, on April 23 1932. Depositors in the
Ickesburg State Bank will receive a payment of 5%, also on Aug. 3. This
Is the fifth payment, the four previous instalments totaling 75%.
Effective July 4 1933, The First National Bank of Sewickley, Pa., with capital of $100,000, was placed in voluntary
liquidation. The institution was succeeded by the First National Bank in Sewickley.
803
The Davis National Bank of Piedmont, West Va., was
placed in voluntary liquidation on July 15 1933. The institution, which was capitalized at $50,000, was taken over by
The First National Bank of Piedmont.
Leland Windsor, Vice-President of the Central National
Bank & Trust Co. of Des Moines, Iowa, died suddenly of
heart disease on July 23 while on a vacation at Lake Okoboji.
Mr. Windsor, who had lived all his life in Des Moines and
was active in banking circles, had been connected with the
Central National Bank & Trust Co. for the past 18 years.
He was 64 years of age.
A Lincoln, Neb., dispatch by the Associated Press on
July 19 reported that depositors of the following closed
Nebraska banks had received dividends according to an
announcement by_the State Banking Department on that
date:
Bank of Douglas, 5% dividend, amounting to $6,081, bringing amount
returned to 65%, or $79,063.
Farmers & Merchants State Bank, McCook,6% dividend, amounting to
$14,655, bringing the amount returned to 51%. or $124.572.
An additional dividend of 20%, bringing the total thus far
to 45%, was to be paid July 19 to depositors of the First
National Bank of Washington, Mo., which closed Nov.17 last,
according to the St. Louis "Globe-Democrat" of July 19,
which also said:
Joseph F. Holland, receiver for the bank, said last night the new dividend
would amount to $128,897.97, and would bring the total payment to $290,021.35.
When the bank closed its doors last fall there was $672,870 on deposit.
Holders of the bank's stock have paid Holland $25,000, covering the full
amount of the usual assessment. Thus they suffered a total loss of $50,000,
as the stock is rendered worthless by liquidation.
At a meeting of the Directors on July 21 of the Merchants'
State Bank of Humboldt, Tenn., A. R. Dodson resigned as
President of the institution and L. R. Campbell was named
President in his stead, according to a dispatch from Humboldt, printed in the Memphis "Appeal." Mr. Dodson, who
continues as a Director, had served as Cashier and President
of the Merchants' State Bank for 46 years, and is the only
survivor of the original stockholders of the institution, which
was established in 1887. He has served as President of the
Tennessee Bankers' Association and as a member of the
council of the American Bankers' Association, it was stated.
Judge George W.Tiedeman has been elected Chairman of
the Board of Directors of the Liberty National Bank &
Trust Co. of Savannah, Ga., succeeding Major Henry Blun.
At the same time T. M. Cunningham of the law firm of
Lawton & Cunningham, was elected a member of the board.
A Savannah dispatch on July 22, appearing in the Atlanta
"Constitution," in noting the above also said:
' Judge Tiedeman, who for many years has served as Chairman of the
Board of the Georgia State Savings Association, will retire from that
position.
According to a previous Savannah dispatch (July 20),
printed in the "Constitution," James P. Houlihan, President
of thelLiberty National Bank & Trust Co., had been dissuaded from an announced desire to resign and would continue
as President.skTliiraispatch also stated that E. A. Stubbs
had been appointed a Vice-President of the institution.
On July 18 the Comptroller of the Currency granted a
charter to The First National Bank of Jefferson Parish at
Gretna, La. The new bank, which succeeds the Gretna Trust
& Savings Bank, is capitalized at $180,000, of which $100,000
Is preferred stock and $80,000 common stock. T. G. Nicholson and W.R. White are President and Cashier, respectively,
of the new organization.
The First National Bank of Mt. Calm, Tex., capitalized at
$50,000, went into voluntary liquidation on July 17 1933. It
has been succeeded by The First National Bank in Mt. Calm.
The appointment of Frank E. Hood and J. Frank Jungman
as Vice-Presidents and directors of the Citizens' State Bank
of Houston, Tex., was announced on July 12 by W. H. Irvin,
President of the institution. The Houston "Post" of July 13,
from which this is learnt, had the following to say regarding
the careers of Mr. Hood and Mr. Jungman:
Mr. Hood, who is well known in financial circles throughout this section
of the State, has served as a Houston bank official for the past 15 years.
He held the post of Cashier with the old Gulf State Bank, which in 1928
consolidated with the Guaranty Trust Co. and became the City Bank & Trust
804
Financial Chronicle
Co. At that time he was named Vice-President and placed on the Board of
Directors and served the institution in that capacity until his recent resignation to accept his new post.
Mr. Jungman was graduated from Rice Institute in 1920 and served as first
Treasurer and second President of the school's student association. For the
past six years he has been associated as representative of Anderson, Clayton &
Co., assigned to its offices in Mexico City, in the capacity of Vice-President,
General Manager and director of Algodones Sociedad Anonima, an operative
subsidiary of the firm, engaged in finance, cotton merchandising and cotton
gin and oil mill operation.
July 29 1933
as £2,500,000, with reserve fund of like amount. The institution was established in 1862.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Stock market movements have been somewhat irregular
during the greater part of the present week though, on the
whole, the trend of prices has been toward higher levels.
There was some confusion on Monday due to the change in
D. Porter Dunlap, of the bank relations department of trading hours from 10 to 3 to 12 to 3 in order to permit the
the Bank of America National Trust & Savings Association staffs of brokerage houses to catch up with the avalanche
(head office San Francisco) has been appointed Assistant of orders that flowed into the commission houses during the
Vice-President of the institution, it was announced to-day. frenzied trading of the previous week. On Tuesday trading
Mr. Dunlap joined the Bank of America organization in 1929. hours were changed to 11 a. m. to 2 p. m. Owing to the
Prior to his association with the Bank of America, Mr. Dun- shortened trading period, the volume of business was much
lap was an officer of the American Trust Co. of San Fran- smaller though the dealings continued heavy throughout the
cisco, having entered that institution after extensive service week. Considerable liquidation was in evidence from time
with the United States Treasury Department. His first to time, but this, as a rule, was quickly absorbed as the
banking experience was with the National City Bank of New market continued to move ahead. Toward the end of the
week, motor shares, industrials and the alcohol stocks were
York. He is a graduate of Stanford University.
Through his contact work throughout the Western and in demand. Gold mining shares were active at higher prices
Pacific Northwestern States, Mr. Dunlap has a particularly during the fore part of the week, but broke sharply on
wide acquaintanceship in banking circles and is regarded as Thursday following reports that the iuling of the Attorney
one of the best known of the younger bankers of San Fran- General would not permit the export of smelted gold ore.
Alcohol stocks again moved ahead and steel shares showed
cisco.
good recovery. Call money renewed at 1% on Monday and
H. A. Stevenson has succeeded F. H. Dickinson as General continued unchanged at that rate throughout the week.
Manager of the Barclays Bank (Canada), Ltd., of Montreal.
Erratic and narrow price movements characterized the
The change was announced by Sir Robert Borden, President trading on the Exchange during the two-hour session on
of the institution, as follows:
Saturday. The market was very active, and while there was
F. H. Dickinson, who has occupied the office of General Manager during
a large amount of liquidation in evidence, it was readily
the past three years, has completed his term of service and is returning to
absorbed as the day progressed. In the final half hour a
England, where he will resume his connection with Barclays Bank, Ltd.• He
brisk rally got under way which held until the close and
takes with him the appreciation and good wishes of the directors.
He is succeeded as General Manager by H. A. Stevenson, who has had a
boosted many popular issues to higher levels. The gains
long and valuable experience as a banker. During the past five years Mr.
were not large, however, as the changes were much narrower
Stevenson has been the representative of Barclays Bank, Ltd., in Buenos Aires
than during the preceding session. In the railroad -group,
for the Argentine and other parts of South America.
Northern Pacific was down about 4 points on a bunched
A summary of the figures given in the statement of ac- block of about 3,000 shares, New York Central gained 2
counts of the Midland Bank, Ltd., of London, as of Juna 30 points in the early trading and then slipped back over 4
1933, as compared with the position shown by the bank on points while Pennsylvania was well supported and continued
to mew upward throughout the session. Industrial shares
Dec. 31 1932 and June 30 1932, respectively, shows:
were weak and there were a number of sharp recessions
June 30 1932. Dec. 311932. June 30 1933.
LtabUtttesCapital paid up
£14,248,012 £14,248,012 £14,248,012
among
the more active members of this section. The turnReserve fund
11,500,000
11,500,000
11,500,000
Current, deposit and other accounts
over was particularly heavy for the half-day session and the
) (including profit balance)
383,179,078 420,997,244 425,102,158
ticker was 8 minutes late. Among the losses at the close
Acceptances and confirmed credits on
account of customers
6,748,759
10,669,817
8,613,643
were Allied Chemical & Dye, 2 points to 113, American
Engagements on account of customers
5,437,909
4,942,906
5.028,854
Locomotive, 37% points to 21, American Tobacco (5), 3
£421,113,758 £462,357,979 £464,492,667
points to 763., American Water Works, 7 points to 243.,
AssetsColn, bank notes and balances with the
Auburn
Auto, 33/i points to 463/s, J. I. Case, 53/i points to
IP Bank of England
£40,407,197 £43,007,981 £38,714,761
Balances with and cheques in course of
723/2, Columbian Carbon, 33' points to 473/s, Eastman
collection on other banks in Great
P Britain and Ireland
11,485,976
14,348,542
Kodak,3 points to 673', General Railway Signal, 53/i points
13,705,554
17,892,453
Money at call and short notice
20,596,690
15,837,034
to 323,Hercules Powder,7 points to 40, Norfolk & Western,
72,477,328
Investments
93,065,351 113,534,408
60,717,042
Bills discounted
86,505,644
76,013,729
9 points to 146,Homestake Mining,30 points to 200,Southern
Advances to customers and other sects_ 187,124,929 170,421,074 174,290,747
Liabilities of customers for acceptances,
Railway,4 points to 23%, Ward Baking,3 8 points to 305
%,
12,186,668
confirmed credits and engagements_ _ _
15,612,723
13,642,497
and Standard Gas &'Electric pref. (6), 4 points to 43.
9,631,634
Bank premises
9,626,535
9,607,813
Other properties and work in progress for
All sections of the list moved forward on Monday, the
1,146,470
1,079,597
extension of the business
1,052,282
Shares in Yorkshire Penny Bank, Ltd
750,000
750,000
750,000
violent
selling wave that dominated the market coming to
Capital,reserve and undivided profits of:
Belfast Banking Co., Ltd
an end as the trend turned upward. The session opened at
7,294,061
7,343,842
7,343,842
The Clydesdale Bank, Ltd
12 o'clock and closed at 3 o'clock in accordance with the
North of Scotland Bank. Ltd
Midland Bank Executor& Tr.Co.,Ltd.
announcement on Saturday of the Board of Governors of
£421,113,758 £462,357,979 £464,492,667
the New York Stock Exchange, the short trading period
being adopted in order to relieve the extra bookkeeping that
The annual report of the Standard Bank of South Africa has been put on the clerical staffs of the commission houses.
(head office London), covering the fiscal year ended March The market was active from the beginning and the gains
31 1933, and presented to the proprietors at their 120th continued throughout the day. In some of the more popular
ordinary meeting on July 26, has just come to hand. The issues the advances ranged up to about 10 points, while in
statement shows net profits for the twelve months (after other issues the improvement showed gains up to 4 points.
payment of all expenses, providing for all bad and doubtful The total turnover for the 3 hours was 3,415,350 shares.
debts, loss in exchange, and rebating current bills) of £429,- After the first half hour there was considerable new buying
336, which when added to £150,064, representing the balance among such pivotal stocks as United States Steel, Amer.
to credit of profit and loss brought forward from the pre- Tel. & Tel., American Can and General Motors. All the
ceding fiscal year, made £579,400 available for distribution. liquor issues improved and a large number of miscellaneous
Out of this sum, the report tells us, an interim dividend at shares attracted considerable speculative attention. The
the rate of 10% per annum (subject to income tax) for the gains for the day included among others Air Reduction 4%
s, American
half year ended Sept. 30 1932, calling for £125,000, was paid, points to 86, Alaska Juneau 43' points to 273/
and £75,000 credited to bank premises account, leaving a Car & Foundry pref. 6 points to 41, American Locomotive
balance of £379,400. This amount the Directors recommended 43/2 points to 253', Auburn Auto 8 points to 543/2, Bethle5 Canada Dry Ginger Ale 534
be appropriated as follows: £100,000 to officers' pension hem Steel 5% points to 37%,
fund, and £125,000 to pay a dividend of 5s. per share on points to 2934, Celanese Corp. 83/i points to 35, Cerro de
5 points to 32%, Crown Cork & Seal 4% points to
500,000 shares (being at the rate of 10% per annum), subject Pasco 7%
to income tax, making a total distribution for the year at 433/2, Delaware, Lackawanna & Western 5 points to 32,
the rate of 10%, leaving a balance of £154,400 to be carried duPont 434 points to 71%, General Railway Signal 43/i
forward to the current year's profit and loss account. Total points to 37, Hazel Atlas Glass 5 points to 71%, Homestake
resources of the Standard Bank of South Africa, Ltd., are Mining Co. 30 points to 230, Industrial Rayon 9% points to
shown in the statement as £66,996,985, and its paidup capital 62, Jones & Laughlin pref. 6 points to 84, Libbey Owens
IN•b-
Volume 132
Financial Chronicle
Glass 5 points to 28, National Distilleries 10 points to 78,
New York Central 4% points to 433
4,New Haven pref. 103/i
points to 40, United States Industrial Alcohol 7 points to
5334, Western Union Telegraph 634 points to 6234 and Wilson & Co. pref. 634 points to 563
4.
On Tuesday, the early trading was steady with the advances slightly in excess of the recessions, but around.2 o'clock
the market suffered a sharp setback when fresh selling developed and many of the market leaders lost part of their
morning gains. Some support was apparent from time to
time, but it made little impression on the prices at the close
which, in many instances, were from 1 to 2 or more points
below the early tops. The range of prices, however, was
extremely narrow, though there were a few active stocks
that showed modest gains. These included such prominent
issues as Air Reduction, 234 points to 8834; American Beet
Sugar pref.,53
4points to 4534; American Car Foundry pref.,
2 points to 43; American Snuff pref., 334 points to 112;
American Type Foundry pref., 534 points to 2834; Brooklyn
Union Gas, 334 points to 83; Mengel & Co. pref., 434 points
to 4634; New York & Harlem, 4 points to 129; Pure Oil
pref., 33
4 points to 57; Union Bag & Paper Co., 4 points to
4034, and Vulcan Detinning, 334 points to 49.
Stocks moved higher on Wednesday, and while the volume
of trading was somewhat smaller, the gains ranged up to four
or more points. The advances were due largely to short
covering and new buying. General Motors was particularly
active, the big jump in earnings stimulating interest all
through the motor group. United States Steel was weak at
the start, but subsequently regained part of its loss. The
turnover was 2,039,572 shares and about 748 separate issues
were traded in, the reduction in volume being due, in a
measure, to the shorter trading period. The market ran
into some selling shortly after the opening and trading simmered down for a brief period, but again moved forward
under the guidance of the motor issues. Gold mining stocks
also were in demand and showed good gains. The advances
for the day included among others Air Reduction, 13
4
points to 90; Alaska Juneau, 27
% points to 283
4; American
Chain pref., 33
4 points to 22; American Water Works, 334
points to 3034; Canada Dry Ginger Ale, 45% points to
4 points to 693
297/8; J. I. Case, 43
%; Chrysler Corp., 334
3 Commercial Solvents, 334 points to 333
points to 33%;
4;
Detroit Edison, 3 points to 83; Eastman Kodak, 2 points
to 77; Sun Oil pref., 2 points to 103; Western Union Telegraph, 334 points to 6234, and Worthington Pump, 234
points to 2634.
The stock market again moved forward on Thursday
with railroad shares, wet stocks and industrial issues leading
the upward swing. United States Steel advanced a point
or more in the early trading, slowed up and closed at 58,
with a net gain of 234 points. Bethlehem Steel jumped
534 points to 4334 following the announcement that the
Government would soon pass out some new shipbuilding.
Gold mining shares broke sharply on reports that the
Attorney-General's ruling would not permit the export of
smelted gold ore. This break induced considerable selling
for a brief period, though the market quickly picked up
and continued strong to the end. The brisk demand for
railroad shares was due largely to the excellent showing of
June earnings now being announced. Among the noteworthy gains were such active stocks as American Beet
Sugar pref., 4 points to 4534, Auburn Auto, 33
4 points to
59, J. I. Case Co., 334 points to 7334, Curtis Publishing Co.,
334 points to 503/2, Devoe & Raynolds A, 734 points to 3234,
Illinois Central pref., 8 points to 60, International Business
Machines (6), 4 points to 140, Jones & Laughlin, 43
4 points
to 8034, New York Chicago & St. Louis, 43% points to 2434,
Phoenix Hose pref., 5 points to 50, Wilson & Co. pref.,
5 points to 5734, Union Pacific (6), 134 points to 11334,
Montesano (154), 434 points to 58, and Columbian Carbon,
234 points to 5434.
The Board of Governors of the New York Stock Exchange
decided on Friday to return to the regular 10 to 3 sessions,
five days a week, beginning Monday, July 31. The Saturday sessions will be omitted until Labor day. Trading simmered down and the market turned dull during most of
the session; while there was little progress upward, there
was also very little change on the down side. The heaviness
was limited to a few scattered stocks and most of the list
moved within very narrow limits. Gold shares were heavy
during most of the session and the liquor issues which have
been the most active of the market leaders were somewhat
confused and uncertain. Among the changes on the side
of the decline were American Can, 2 points to 85; Atchison
805
pref., 294 pOints to 6734; Auburn Auto, 234 points to 5534;
Bethlehem Steel, 2% points to 4034; J. I. Case Co., 334
points to 40; Corn Products pref., 23
4 points to 129; Goodrich pref., 43.4 points to 41; Ingersoll Rand,3 points to 5534;
Johns Manville, 834 points to 9634; Laclede Gas, 6 points
to 65 and Western Union Telegraph, 234 points to 6034.
The market was firm at the close with prices slightly above
the day's lows.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY.
Week Ended
July 28 1933.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
IWK1
Stocks.
Railroad
State.
Number of and Miscell. Municipal &
Shares.
Bonds.
For'n Bonds.
4,224,070
a3,415,350
b3,538,350
b2,039,572
62,461,610
b1,390,555
$7,714,000
7,798,000
8,622,000
6,001,000
8,335.000
6,478,000
United
States
Bonds.
Total
Bond
Sales.
$2,262,000
2,751,000
2,914,000
2,435,000
2,754,000
2,471,000
$474,000 $10,450,000
343,000 10,892,000
412,000 11,948,000
474,400
8,910,400
437,000 11,526,000
2,826,000 11,775,000
17 nag 507 344 048 MO SlA 587000
34068400 SRA sol 400
Wed
Sales at
New York Stock
Exchange.
Ended July 28.
Stocks-No. of shares_
Bonds.
Government bonds _
State & foreign bonds_
Railroad & misc. bonds
Jan. 1 to July 28.
1932.
1933.
9.949,547
458,045,309
198,776,356
$4,966,400 $13,312,000
15,587,000 15,540,500
44,948,000 39,388,000
2279,457,400
464,903,500
1,338,895,900
2445,546,050
456,879,100
870,334,500
1933.
17,069,507
1932.
Total
$65,501,400 $68,240,500 $2,083,256,800 $1,772,759,650
a Exchange open from 12 m. to 3 p. m. b Exchange open from 11 a. m. to
2 p. m.
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston,
Week Ended
1938.
July 28
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey. wk. revised_
Baltimore.
Philadelphia.
Shares. BonsMales. Shares. Bond Sales
65,060
58,985
59,488
37.768
40,263
9,595
21,000
271,159
543_833
Shares. Bond Sale,.
2,000
4.000
12,000
47,706
36,585
42,714
22.500
24,134
4,635
$3,000
1,000
6,000
6,000
2,571
2,291
2,561
1,124
3,193
2,718
*19,000
$40.000
178,274
3911.919
316,000
315.500
14,458
25.4081
$400
6,600
9.600
3,000
$19,600
324.000
COURSE OF BANK CLEARINGS.
Bank clearings continue to show substantial gains reflecting the improvement in trade. This is the eighth week in
succession that our bank clearings totals have registered a
gain, when compared with a year ago. Nine of the largest
cities out of 12 report increases 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 29) bank exchanges for all the cities of the United States from which
it is possible to obtain weekly returns will be 30.1% above
those for the corresponding week last year. Our preliminary
total stands at $5,280,646,815, against $4,058,421,020 for
the same week in 1932. At this center there is a gain for
the five days ended Friday of 49.4%. Our comparative
summary for the week follows:
Clearings--Returns by Telegraph.
Week Ending July 29.
1933.
1932.
Per
Cent.
+49.4
+36.5
-2.5
+15.6
+15.7
+32.7
+18.2
New York
Chicago
Philadelphia
Boston
Kansas City
St.Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
32,912,568,753 31.949,516,378
139,624.969
190,601,660
199,000,000
194,000,000
141,000,000
163,000,000
58,521,224
50.567.770
39,400,000
52,300,000
67,759,000
80,072,000
No longer will report clearings.
57.496,974
69,993,222
45,196,769
44,052,036
58,699,873
52,243,950
39,414,401
31,333,160
19,536,283
22,076,000
+21.7
-2.5
+12.4
-20.5
+13.0
Twelve cities,5 days
Other cities,5 days
$3,877,217,928
623,321,085
$2,800,756,489
474,789,090
+38.4
+10.2
Total All cities,5 days
All cities, 1 day
$4,400,539,013
880,107,802
$3,275,545,579
782,875,441
+34.3
+12.4
35.280.646.815
24.058.421.020
+30.1
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has to be in all cases 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 22. For
that week there is an increase of 51.3%, the aggregate of
clearings for the whole country being $5,972,168,750, against
$3,945,990,045 in the same week in 1932. Outside of this
city the increase is 16.4%, the bank clearings at this center
recording a gain of 76.8%. All of the Federal Reserve
districts contributed to the increase except the Richmond
806
Financial Chronicle
District. 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, there is an expansion of 74.2%, in the Boston
Reserve District of 32.0%, and in the Philadelphia Reserve
District, 4.5%. In the Cleveland Reserve District there is
an increase of 1.7%, but in the Richmond Reserve District
a decrease of 11.3% appears, while the Atlanta Reserve
District has a gain of 24.5%. In the Chicago Reserve
District the totals are larger by 31.2%, in the St. Louis
Reserve District by 26.2% and in the Minneapolis Reserve
District by 44.6%. The Kansas City Reserve District
records a gain of 14.6%, the Dallas Reserve District of
26.7%, and the San Francisco Reserve District of 4.9%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended July 22 1933.
1933.
Ine.or
Dec.
1932.
1931.
1930.
Federal Reserve Diets.
$
let Boston
12 cities
289,105,771
2nd New York. 12 "
4,135,723,524
3rd Philadelphia 9 "
275,142500
4th Cleveland.... 5 "
197,045.873
5th Richmond
6 "
82,059,380
6th Atlanta....10 "
92,214,575
19 "
7th Chicago_
369,371.753
8th St. Louis
4 "
101,157,991
9th Minneapolis 7 "
104,661,355
10th KansasCity 9 "
118,579.288
11th
39,301,410
__ 5 "
12th Ban
Dallas.Fran...13"
169,805,330
$
219,077,937
2,374,492,913
263,363,823
193,727,564
92508,784
74.061.459
281,631,460
80,169,237
72,394,177
101,739,383
31,012,763
161,822,575
2
'F.
385.263,307
+32.0
+74.2 4,152.906,922
+4.5
366.591,566
+1.7
349,505,034
-11.3
127,985,533
+24.5
100,229,263
+31.2
500,299,802
+26.2
110,646,473
+44.6
84,673,776
+14.6
139,365,541
+28.7
43,675,632
+4.9
220,657,583
$
498,563,603
6,308.149,078
452123,784
372,158,522
147,684,770
120,755,815
809,144,233
150,537,337
69.462896
190.397.537
45,319,041
278,519,285
Total
111 cities
Outside N. Y. City
3,945,990,045 +51.3 6.581,800,452
1,660,510,994 +16.4 2,540.094,022
9,472,823,901
3,293,185,534
flansda
__
5,972,168,750
1.932,061,492
q2 A•stiaa
111
AA" 767
oan ana VII
4-ass
not
As,,,,
Week Ended July 22.
Clearings at
1933.
Seventh Feder al
Mich.- Adrian_ _
Ann Arbor_ _ _ _
Detroit
Grand Rapids..
Lansing
Ind.-Ft. Wayne_
Indianapolis_
South Bend_
Terre Haute_ - _
Wis.--Milwaukee
Ia.-Cedar Ftapd.
Des Moines......
Sioux City.__ Waterloo
Week Ended July 22.
Clearings atInc. or
Dec.
$
$
%
First Federal Reserve Dist rict-Boston460,267
Me.-Bangor405,088 +13.6
•
1,970,228
Portland
1,470,147 +34.0
Mass.-Boston _ . 258,505.878 193,395,408 +32.6
Fall River_ _ _ .
655,798
636,460 +3.0
Lowell
256,006
292,986 -12.6
New Bedford_
693,154
562,390 +23.3
Springfield. _ _ .
2,945,353
2,776,000 +6.1
Worcester. _ _ .
1,352,280
2,127,000 -36.4
Conn.-Hartfor,t
11,939,929
6,641,469 +79.8
New Haven_ _ •
3,875,567
3,531,661
+9.7
R.I.-Providen
8,049,500
6,891,500 +16.8
N.H.-Manches'
401.811
347,828 +15.5
Total(12 cities
289,105,771
219,077,937 +32.0
Second Fede al Reserve D Istrict-New
N. Y.-Albany.. •
9,213,007
4,849,927
Binghamton_ _ •
886,583
722,864
Buffalo
27,008,046
23,483,662
Elmira
472,209
610.984
Jamestown.._ _ •
550,928
486,681
New York_ _ _ 4,040,107,258 2,285,479,051
•
Rochester
5,803,512
5,224,248
Syracuse
8,161,174
2,911,671
Conn.-Stamfor
2,759,120
2,698,215
384,144
N. J.-Montcial
614,939
Newark
16,467,484
22,881,012
28,910,059
24,529,659
Northern N..1
1931.
$
1930.
$
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
644.443
3,638,983
455,000,000
1,016.663
464,064
776,440
3,776,557
2,855,288
11,740,718
7,895,446
10,151,500
603,501
385,263,307
498,563,603
York5,795,276
4,420,230
+90.0
950,279
+22.6
1,141,656
+15.0
31,696,756
42,168,057
-22.7
752,909
840,529
+13.2
634,190
934,927
+76.8 4.041,706.430 6,179,638,367
+11.1
7,050,087
8,751,042
7,948,420
+8.6
3,981.289
3,254,100
+2.3
3,570,96
517.614
-37.5
509,862
24,742.524
30,040,377
-28.0
+17.9
29.233,383
30,776.792
Total(12 cities) 4,135,723.524 2,374,492,913 +74.2 4,152,906,922 6,308,149,078
Third Federal Reserve Dist act-Philad elphlaPa.-Altoona-558,293
341,862
306.897 +11.4
c
Bethlehem_ _ _ _
C
c
735,890
Chester
286,997
410,041 -30.0
1,799.073
Lancaster
+5.2
1,032.050
981,061
Philadelphia....
284,000,000 250,000,000 +5.6 347,000,000
Reading
2,685,712
1,047,039
1,671,659 -37.4
3,605,911
Scranton
2,076,209
2,115,670 -1.9
2,516,257
Wilkes-Barre_ _
1,534,437
1,617,451 -5.1
York
1,405.906
1,508,925
1,152,936 +21.9
N.J.-Trenton...
3,256,000
3,418,000
3,293,000 +3.8
Total(9 cities).
1,332,452
c
942,698
1,837.720
430,000,000
2,762,102
4,036,640
2,836,347
1,775,393
2,719,000
452,123,784
+4.5
366,591,586
Fourth Fede al Reserve D istrict-Clev eland
Ohio-Akron.._ _
C
c
Canton
C
c
Cincinnati _ _ _
44,814,798
43,837,250 +2.2
Cleveland
57,341,827
70,672,680 -18.9
7,837,000
Columbus
7,126.400 +10.0
1,224,608
1,010,712 +21.2
Mansfield
CC
Youngstown.._
85,827,640
71,080.512 +20.7
Pa.-Pittsburgh _
c
c
118,232,126
100,561,344
10,233,000
1,717,689
c
118,760,875
62,82,000
121,677,588
15,731.200
1,973,806
+1.7
349,505,034
372,158,522
Fifth Federal Reserve Dist rict-Richm ond394,836 -77.0
90,677
W.Va.-Huntlon
2,521,000 -7.3
2,337,000
Va.-Norfolk__ __
21,402,519 +18.3
25,317.499
Richmond _ _ - 562,628 +23.6
695,375
S.C.-Charleston
50,534,482 -15.9
42,513,120
Md.-Baltimore _
17,091,319 -35.0
11,105,709
D.C.-WashIng'n
483.496
3,218,865
30,449,995
1,331.915
72,207.130
20,294.132
980,628
4,206,000
38,680.864
1,580,401
81,034,256
21,202.623
Total(5 cities)-
275,142,500
197,045,873
263,363,823
193,727,554
c
169,93,928
92,506,784 -11.3
127,985,533
147,684,770
Sixth Federal Reserve Dist rict-Atlant a2,246,375 +82.3
4,095,461
Tenn.-Knoxville
7,933,496 +33.0
Nashville
10,553,080
25,300,000 +21.3
Ga.-Atlanta..._ _
30,700,000
600,671 +70.9
Augusta
1,026,705
368,808 +42.6
Macon
526,033
6,659,133 +48.8
Fla.-Jack'nville.
9,912,000
7,274,143 +35.7
Ala.-Birm'ham _
9,871,989
Mobile
654,957 +62.4
1,063,472
MIss.-Jackson _
C
c
74,298 +24.5
92,485
Vicksburg
+8.2
La.-NewOrleans
24,373,350
22.949,580
3,083,420
10,324,406
31,538,214
974,158
602,158
9,777,751
10,089,930
935,492
c
88,886
32,814,848
2,174,321
19,098,972
34,634,185
1,214,840
1,249,499
9,854,723
15,089,263
1,297.757
c
138,911
36,004,344
74,061,459 +24.5
100,229,203
120,756,815
Total(6 cities)_
Total(10 cities)
82,059,380
92,214,575
Reserve D !strict-Chi cago16,143
87,278 --81.5
328,734
346,003
63,339,405 --21.2
49,900,436
2,263,223 --48.5
1,168,657
2,232,902 -70.2
665,063
843,759 --41.8
491,151
11,154,000
10,687,000 +4.4
900,462 -29.4
636,134
2,759,704
2,930,167
14,211,516
14,385,676
+1.2
706,952 -67.4
230,140
4.953,034 +6.3
5,268,055
1,964,532 +22.9
2,413,976
1931.
1930.
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
142,135
564,574
172,161,316
4,949,303
2,926,569
2,442,948
18,629,000
2,101,678
4,247,734
25,398.025
2,576.077
6,805,859
4,898,283
Chicago
Decatur
Peoria
Rockford
Springfield_
.300,000
274,973,909
494,981
2,439,467
596,290
1,151,237
839,273
171,030,454
384,187
2,069,735
366,390
1,464,288
-64.3
+60.8
+28.8
+17.9
+62.7
-21.4
1,172,089
311,188,049
854,229
2,377,580
1,360,033
2.282,174
1,895,286
549,219,263
1,107,405
3,659.165
2,459,056
2,960,559
Total(19 cities)
369,371,753
281,621,460 +31.2
500,299,802
809,144,233
77,700,000
21,116,602
11,163,500
101,600,000
33,364,242
14,493.418
Eighth Federa I Reserve Dis trict-St. Lo
Ind.-Evansville
55,000,000
68,300,000
Mo.-St. Louis....
15,871,132
20,273,172
KY.-Louisville_
Tenn.-Memphis
7,985,021
12,270,819
Ill.-Jacksonville
413,084
314,000
Quincy
uis+22.2
+27.7
+53.7
-24.0
686,371
1,079,677
80,169,237 +26.2
110,646,473
150,537,337
Ninth Federal Reserve Dist rict-Minne Spoils2,215,050 +79.7
3,980,123
Minn.-Duluth_
51,461,100 +53.9
79,220,013
Minneapolis....
14,554,348 +14.5
16,669,321
St. Paul
1,528,109 +2.0
1,559,331
N. 23.-Fargo....
S.D.-Aberdeen.
619,700 -23.5
474,226
250,388 +29.4
324,059
Mont.-Billings
1,765,482 +37.9
2,434,282
Helena
3,607,495
57,176,894
18,445,228
1,781,430
735,291
422,822
2,504,607
4,470,590
67,531,401
21,135,911
1,786,330
972,668
486.395
3,086,601
99,469,896
Total(4 cities)_
101,157,991
72,394,177 +44.6
84,673,776
Tenth Federal Reserve Dis trict-Kane as City
117,006 -41.0
69,074
Neb.-Fremont..
Hastings
1,84,107 +54.0
2,131,301
Lincoln
21.766,472 +13.3
24,658,553
Omaha
1,675,990 +2.2
1,713,566
Ran -Topeka...
5,086,951 -18.2
4,163,060
Wichita
79,069,842
87,958,992 +16.4
Mo.-Kan. city..
2,658,828 +45.7
3,874,328
St. Joseph.......
510,538 -5.6
481,881
Colo.-Col. Spgs.
582,679 -28.3
417,683
Pueblo
226,129
293,446
2,303;182
32,213,858
2,536,916
4,918,280
91,040,156
3,988,471
1,009,288
1,129,261
2,891,649
39,539,383
3,687,953
7,602,310
128,758,084
5,364.003
974,463
1,286.246
101,739,363 +14.6
139.365,541
190,397,537
Eleventh Fede ral Reserve District-Da Iles474,573 +44.6
686,258
Texas-Austin....
21,683.738 +31.3
28,475,235
Dallas
5,498,717
+8.7
5,978,833
Ft. Worth
1,324,000 +42.2
1,883,000
Galveston
2,031,735 +12.1
2,278,084
La -Shreveport..
1,234,383
30.356.939
7,069,561
2,068,000
2,946,749
1,249,248
29,358,736
9,184,032
1,995,000
3,532,025
31,012,763 +26.7
43,675,632
45,319,041
Total(7 cities).
1932.
Inc. or
Dec.
1932.
l'an anl In,
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
1933.
July 29 1933
Total(9 cltief).
Total(5 cities).
104,661,355
116.579,288
39,301,410
Twelfth Feder al Reserve D strict-San Frond sco-22,359,565 +0.3
22,425,954
Wash -Seattle...
29,101,510
5,061,000 -1.7
4,975,000
Spokane
7,965,000
340,818 -9.7
307.607
Yakima
573,823
17,531,693 -1.7
17,234,076
Ore -Portland....
26,774,791
9,060,795 +4.1
9,434,771
Utah-S. L. City
12,096,159
2,804,726 +16.4
3,263,671
Cal.-Long Beach
4,595,937
Los Angeles..... No longer wil I report cleanl
2,535,526
2,625,340
+3.5
Pasadena
3,817,666
5,907,647 -34.0
3,897,359
Sacramento
7,647,387
San Diego.. _ _ - No longer wit 1 report cleani ngs.
91,730,944 +10.4 121,543,582
San Francisco.. 101,270,188
1.579,586 -15.5
1,335,084
San Jose
2,216,081
825,230 +10.5
911.677
Santa Barbara_
1,285,814
833,249 +5.9
882,002
Santa Monica_
1,454,733
1,251,796 -0.7
1,242,601
Stockton
1,585,100
35,515,782
9,979.000
686,554
30,505,403
14,643,919
6,614,397
5,272,521
6,407,968
160,826,840
2,426,732
1,736,498
1,944,071
1,959,600
Total (13 cities) 169,805,330 161,822,575 +4.9 220,857,583 278,519,285
Grand total (111
5,972,168,750 3,945,990,045 +51.3 6,581,800,452 9,472,823,901
cities)
Outside New York 1,932,061.492 1,660,510,994 +16.4 2,540,094,022 3,293,185,534
Week Ended July 20.
Clearings at1933.
1932.
Inc. or
Dec.
1931.
1930.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William_ _
New Westminster
Medicine Slat....
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert_ _ _
Moncton
• Kingston
Chatham
Sarnia
Sudbury
121.018,024
152,436,575
93,076,200
16,348,596
4,088,014
4.263.889
2,069,385
4,909,920
6,720,823
1,683,129
1,670,991
3,235,540
3,487,336
3,845,847
316,800
360,882
1,239,940
510,296
844,970
590,869
440,061
185,156
886,440
615,224
1,122,243
2,772,207
261,633
616,958
644,534
519,427
423,524
579,314
85,178,352 +42.1
89,524,305 +70.3
33,181,587 +180.7
12,498,229 +30.8
3,916,999
+4.4
3,838,449 +11.1
2,326,984 -11.1
3,022,806 +62.4
4,186,735 +60.5
1,776,828 -8.4
1,486,887 +12.4
2,395,691 +35.1
3,288,398
+6.7
2,318,646 +65.9
340,718 -7.0
308,699 +16.9
1,213,993 +2.1
520,457 -2.0
788,035 +7.2
694,404 -14.9
437,186 -0.7
154,168 +20.1
588,522 +16.6
378,459 +62.6
749,962 +49.6
2,469,104 +12.3
266.728 -1.0
621,676 -0.8
559,301 +15.2
381,750 +36.1
458,251 -7.6
474,628 +22.1
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
2.584.230
376.342
367,033
1,603,325
633,439
886,360
900,716
531,421
203,266
795,493
687,644
968,48
2,804,97
362,09
744.62
649,75
412,05
477.88
733,49
106,336,535
97,898,777
48,736.240
19,704,580
6,857,912
1,509,584
2,961,334
5,332,848
6,429.371
2,350,516
2,622,021
2,998,827
5,412.703
3,730,445
527,211
522,521
2.688,672
1,055,039
973,273
1,170,242
809,590
319,120
1,249,738
824,084
1,020,086
3,703,995
413,277
1,098,050
892,484
472,671
709,955
1,031,405
Total(32 cities)
431,562,747
260,308,937 +65.8
281,493,272
332,363,104
b No clearings avallable. c Clearing House not functioning at present.
*Estimated.
Volume 137
Financial Chronicle
807
THE CURB EXCHANGE.
weak spot and General Tire sold off more than 6 points.
Price movements in the curb market have been generally Electric Bond & Share was steady, though it had a sagging
higher during the present week, though there have been fre- tendency at one period during the session, and market
leaders like New York Tel. pref., Columbia Gas & Electric
quent periods of irregularity due to independent price swings. and National Power
& Light were lower. Oil shares were
Speculative interest has centered largely around the so- quiet but steady, but the mining and metal issues were off
called "wet" stocks and there have been a number of sub- on the day. The range of prices for the week was toward
stantial gains in this group. Oil stocks have been firm and higher levels and many prominent speculative issues were
slightly higher, industrial issues registered some modest higher at the close of the market last night. The list
includes among others, Aluminum Co. of America, 653 to
gains and mining shares, particularly the gold mining 693;
American Beverage, 1% to 2 8; American Laundry
stocks, have been in good demand at higher prices. The Machine, 123 to 13%; American Light & Traction,
193
%
3 to 5%; Atlas Corp.,
curb market followed the big board in restricting trading to to 21%; American Superpower, 4%
4;Brazil Traction & Light, 123
4 to 133
the hours of 11 to 2 on account of the congestion of work in 12% to 143
4; Central
States Electric, 23. to 23
4; Cities Service, 3 to 33; Comthe commission houses.
monwealth Edison, 643
4 to 66; Consolidated Gas of BaltiOn Saturday the Exchange closed quietly after thrashing more,
62% to 65; Cord Corp., 9 to 9%; Creole Petroleum,
about during most of the session and rallying in the last 6 to 63; Electric Bond & Share,
243 to 25%; Ford of
quarter hour. Prices showed a slight advance during the Canada A, 103,4 to 14%; Gulf Oil of Pa., 48% to 483,4;
opening hour but considerable irregularity was apparent Hudson Bay Mining, 93 to 93
4; Humble Oil, 70 to 723
4;
4; New Jersey Zinc,
% to 163
and there were a few wide breaks in a number of individual International Petroleum, 153
%;Parker Rust
issues. The gold stocks were in good demand, though some 49 to 523.4; Niagara Hudson Power, 10 to 105
Proof, 40 to 62; Pennroad Corp., 33.4 to 4%; Standard Oil
irregularity was apparent in this section. Electric Bond & of Indiana, 29
to 293/s; Swift & Co., 18 to 193,4; United Gas
Share opened fractionally higher and slipped back about 2 Corp., 4 to 434; United Light & Power A,5%
3 to 53
4;United
points before rebounding. American Gas & Electric Shoe Machinery, 4934 to 513
%,and Utility Power, 13i to 2. •
A complete record of Curb Exchange transactions for the
jumped 3 points at the opening but was unable to hold the
gain. Liquor stocks showed some improvement during the week will be found on page 835.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
first hour but fell off later in the day, and Standard Oil of
Indiana opened fractionally higher on a block of 3,500 shares
Stocks
Bonds (Par Value).
IVeot Ended
(Number
and held the gain through most of the session.
July 28 1933.
Foreign
of
Foreign
Shares).
Domestic. Governmenl, Corporate,
"Wet" stocks assumed the lead in the curb market on
Total.
Monday, Hiram Walker standing out conspicuously and Saturday
648,695 $2,466,000
$322,000
$115,000 $2,903,000
Monday
a549,304 2,871,000
120,000
83,000 3,074.000
setting the pace for the late rally, the gains ranging from 3 to 6 Tuesday
b588,550 3,017,000
141,000
164,000 3,322,000
Wednesday
8379,881 2,132,000
46,000
113,000 2,291,000
or more points. There was a large accumulation of buying Thursday
8431,595 3,304,000
79,000
120,000 3,503,000
orders on hand as the trading got under way for the short Friday
b279,585 2,751,000
79,000
113,000 2,943,000
session, but many of the speculative favorites reacted downTotal
2,877.610 $16,541,000
787,000
$708,000 $18,036,000
ward due to profit taking. Advances of from 2 to 5 points
Sales at
Week Ended July 28.
Jan. 1 to July 28.
were recorded among the specialties, industrials and utilities,
New York Curb
Exchange.
1933.
1932.
1932.
1933.
the outstanding stocks in these groups including Electric
of shares_
70,120,248
2,877,610
1,045,913
26,550,125
Bond & Share, American Gas & Electric, Columbia Gas & Stocks-No,
Bonds.
Electric, Aluminum Co. of America, General Tire & Rubber Domestic
$16,541,000 $20,670,000
$569,155,000
$426,436,100
Foreign government
17,932,000
27,201,000
787,000
828,000
and the Great Atlantic & Pacific Tea Co. Mining issues Foreign corporate_ _ _ _
708,000
1,110,000
41,119,000
25,916,000
were also strong, Lake Shore Mining advancing 23/ points
Total
$18,036,000 $22,608,000
$622,272,000
5485,487,100
to 42%, Pioneer Gold gaining about a point and Newmont
a Curb Exchange open from 12 m. to 3 p. m. S Curb Exchange open from
jumping about 3 points. Oil stocks moved up with the rest 11 a. m. to 3 p. m.
of the market, Humble Oil assuming the leadership with a
ENGLISH FINANCIAL MARKET-PER CABLE.
gain of 4% points to 70, while Gulf Oil of Pennsylvania
The daily closing quotations for securities, &c., at London,
followed along with an advance of 43% points to 46.
as reported by cable, have been as follows the past week:
The trend,of the market was again upward on Tuesday,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Frt.,
July 22.
July 24.
July 25.
July 26.
July 27.
July 28.
the Repeal stocks leading the forward swing with sharp Silver, per oz__ 17
15-16d. 18 5-16d. 18 1-16d. 17%d.
18 3-16d. 188(d.
advances all along the line. Hiram Walker, Distillery Gold, p. threes. 1238.8d. 1238.6 Sid. 123s.6d. 1238.9%d. 1248.6d. 1243.3d.
Consols, 238% Holiday.
73
7234
7234
7274
7234
Corp. and Crinadian Industrial Alcohol A and B shares British 338%W. L
Holiday.
99
99
99
9834
9834
were the features of the whiskey stocks and all advanced to British
4%1960-90
Holiday.
10974
1097-1
1099-8
10934
10934
new tops. Oil shares continued to move ahead under French
Rentes
•.67.00
67.30
67.60
67.30
the guidance of Humble Oil, which registered a gain of 2 (in Paris)3% tr. Holiday. 67.70
French War L'n
points at its peak for the day, though it slipped back toward
(in Paris) 5%
Holiday.
107.80
1920 smolt
108.40
107.60
108.70
108.00
the end of the session and closed fractionally higher. Other
The price of silver in New York on the same days has been:
strong stocks included Aluminum Co. of America, Parker
in N. Y.,
Rust Proof, Jones & Laughlin, Seeman Bros. and General Silver
per oz. (ets.)
36
3674
353-8
3734
373-4
373-4
Tire & Rubber. Utilities were moderately strong and
substantial gains were recorded by Consolidated Gas of
PRICES ON PARIS BOURSE.
Baltimore and Electric Bond & Share. Mining issues were
Quotations of representative stocks on the Paris Bourse
quiet, with the possible exception of Now Jersey Zinc, which as received by cable each day of the past week have been
got up to 54% at its high for the day and then reacted as follows:
July 22 July 24 July 25 July 26 July 27 July 28
with a fractional loss.
1933.
1933.
1933.
1933.
1933.
1933.
Prices on the curb market were somewhat mixed on
Francs. Francs. Francs. Francs. France. Francs.
Wednesday as the trading backed and filled without definite Bank of France
12,500 12,600 12,400 12,500 12,600
Banque de Paris et Pays Bas--1,650
1,650
1,650
1,660
1,680
trend. Most of the active shares moved into lower ground, Banque
d'Union Parislenne
378
351
371
346
though the industrial group was somewhat improved as Canadian Pacific
301
312
311
318
311
de Suez
19,100 19,350 19,145 19,100
the market closed. Oil shares also, as a group, were fairly Canal
Cie DIstr d'Eleetricitie
2,720
2,650
2,655
2,720
firm, Gulf Oil of Pennsylvania moving up to 48, while Cie Generale d'Electricitie
2,220
2,240
2,280
2,220
2,230
Citroen B
542
550
553
_555
Standard Oil of Indiana reached 50 with a net gain of 2% Comptoir
Nationale d'Escompte
1.130
1,130
1,140
1,120
1,130
points. Public utilities were the weak shares, the losses Coty Inc
224
230
230
230
240
Courrieres
362
371
369
370
ranging up to 2 or more points.
Credit Commercial de France_
837
846
829
830
Industrial shares wore the strong issues on Thursday, Credit Foncier de France
4,970
4,920 4,970
4,970
4,950
Credit Lyonnais
2,320
2,290
2,270
though there were some substantial gains registered by the Distribution
2,290
2,290
d'Electricitie la Par
2,720
2,670
2,690
2,720
2,700
"wet" stocks and both mining shares and oil issues showed Eaux Lyonnais
2,850
2,910
2.890
2,910
2,900
unusual activity. The alcohol stocks kept pacer with the Energie Electrique du Nord_ _
750
770
772
771
Electrique du Littoral
HOLI1,027
1,005
1,010
1,005
issues on the big board, particularly on the rebound when Energle
French Una
DAY.
70
76
76
79
Canadian Industrial Alcohol A and B, Distillers Corp., Galeries Lafayette
93
94
93
93
93
le Bon
1,120
1,160
1,120
1,120
1,130
Hiram Walker and Schonley assumed the lead. Specialties, Gas
Kuhlmann
650
660
670
660
650
like General Tiro & Rubber, were strong and there was a L'Air Liquide
820
840
830
820
820
Lyon (P L M)
952
950
910
910
good demand for Glen Alden Coal and Swift & Co., both Mines de Courrieres
370
360
370
370
-iio
moved briskly forward. Mining shares were represented on Mines des Lens
460
470
470
470
470
Ry
1,440
1,430
1,400
1,400
1,400
upside by Lake Shore and Nowmont and oil issues Nord
Orleans fly
895
900
855
890
moved ahead under the leadership of Pure Oil and Standard Paris, France
1,070
1,080
1,070
1,070
1.03H)
Pathe Capital
81
82
81
81
Oil of Indiana.
1,240
1,280
1,270
1.260
1,260
Curb stocks were somewhat reactionary on Friday and Pechiney
Reines 3%
67.70
67.60
67.30
67.00
108.40 108.20 108.00 10-7:60 107.80
checked the upward swing of recent sessions. The declines, Rentes 5% 1920
Rentes 4% 1917
78.00
77.80
77.40
77.20
77.00
however, were small, only a few of the pivotal issues showing Rentes
83.70
418% 1932 A
83.50
83 00 83.00
83.20
1,750
recessions above a point. The "wet" shares held fairly well Royal Dutch
1,790
1,760
1.770
1,780
Saint Gobain C & C
1,335
1,365
1,348
1,350
-but that was about all. Aluminum Co. of America was a Schneider
& Cle
1,562
1,593
1,575
1,575
Financial Chronicle
808
Societe Andre Citroen
Societe FrancaIse Ford
Societe Generale Fonciere
Societe Lyonnalse
Societe Marseillaise
Suez
Tubize Artificial Silk pref
Union d'Electricitie
Union des Mines
Wagon-Lila
July 22 July 24
1933.
1933.
Francs. Francs.
540
91
140
2,850
570
Holiday 19,100
180
920
__
96
July 25
1933.
Francs.
560
92
146
2,915
574
19,300
185
940
250
100
July 26
1933.
Francs.
550
91
143
2,900
576
19,100
184
930
230
99
July 27
1933.
Francs.
560
91
146
2,900
570
19,200
183
920
230
July 28
1933.
Francs.
550
91
145
19,160
-
-556
220
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
July
22.
Relchsbank (12%)
Berliner Handels-Gesellschaft (5%)
Commerz'und Privat Bank A G
Deutsche Bank und Disconto-Gesellschaft
Dnesdner Bank
Deutsche Reichsbahn(Ger Rys) pref(7%)
Allgemeine Elektrizitaets-Gesell(A E G)
Berliner Kraft u Licht(10%)
Dessauer Gas (7%)
Gesfuerel(5%)
Hamburg Elektr-Werke (83%)
Siemens & Halske(7%)
I G Farbenindustrie(7%)
Salzdetfurth (73(%)
Rhelnische Bmunkohle (10%)
Deutsches Erdoel(4%)
Mannesmann Roehren
HaPag
Norddeutscher Lloyd
July
24.
155
89
50
55
45
100
21
108
Holl- 106
82
day
100
154
129
170
202
111
61
16
15
July July
26.
25.
Per Cent of Pa
151
154
89
89
50
50
55
55
45
45
100
100
19
21
108
108
100
109
82
82
101
100
154
155
129
131
171
172
203
200
111
113
61
63
15
16
17
16
July
27.
151
88
50
55
45
100
20
108
112
82
102
155
131
172
203
113
62
15
16
July
28.
151
88
50
54
45
100
20
109
114
80
102
155
131
205
112
62
14
15
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of July 28
1933:
Anhalt 75 to 1946
Argentine 5%, 1945, $100
pieces
Antioquia 8%, 1946
AustrianDefaultedCoupons
Bank of Colombia, 7%,'47
Bank of Colombia, 7%,'48
Bavaria 6345 to 1945
Bavarian Palatinate Cons.
Cit. 7% to 1945
Bogota (Colombia)655,'47
Bolivia 6%, 1940
Buenos Aires scrip
Brandenburg Elec. 65, 1953
Brazil funding 5%,'31-51
British Hungarian Bank
634s, 1962
Brown Coal Ind. Corp.
6355, 1953
Cali (Colombia) 7%, 1947
Callao (Peru) 734%, 1944
Ceara (Brazil) 8%, 1947-Columbia scrip
Costa Rica scrip
City Savings Bank, Budapest, 78. 1953
Deutsche Bk 6% '32 unst'd
Dortmund Mun Util 68,'48
Dulsberg 7% to 1945
Duesseldorf 7s to 1945__ _
East Prussian Pr. 68, 1953_
European Mortgage * Investment 7345, 1966._.
French Govt. 534s, 1937
French Nat. Mail SS.6s,'52
Frankfurt 75 to 1945
German Atl Cable 75, 1945
German Building & Landbank 634%, 1948
Haiti 6% 1953
Hamb-Am Line 6345 to '40
Hanover Harz Water Wks.
6%, 1957
Housing dr Real Imp 75,'46
Hungarian Cent Mut 75,'37
Hungarian Discount & Exchange Bank 7s, 1963_
Bid
25
Ask
30
80
f24
175
132
132
34
34
34
37
118
f24
110
f20
5512
38
22
25
13
30
581.
41
143
45
5812
118
15
17
J25
J23
6112
20
912
12
35
28
139
164
40
f13
17
50
41
26
43
17
21
52
165
117
125
2412
54
67
31
57
65
35
63
70
135
2812
57
26
37
13812
30
41
4012
f$312
3512
Bid
Ask
_
Hungarian defaulted coups 160
Hungarian Ital Bk 7345,'32 17012 751:
35
38
Koholyt 6345. 1943
58
Land M Bk, Warsaw 88,41 52
66
Leipzig Oland Pr.630,'46 62
31
Leipzig Trade Fair 78, 1953 27
Luneberg Power, Light &
5212 5612
Water 7%, 1948
50
Mannheim & Palat 7s, 1941 47
35
38
Munich 75 to 1945
30
Muni° Bk,Hessen, 7s to'45 25
Municipal Gas & Elec Corp
38
Recklinghausen. 75. 1947 36
67
Nassau Landbank 630.'38 63
Natl. Bank Panama 612%
41
43
1946-9
Nat Central Savings Bk of
49
Hungary 7348, 1962____ 147
National Hungarian & Ind.
49
Mtge.7%. 1948
147
35
32
Oberpfalz Elec.7%,1946._
Oldenburg-Free State 7%
25
30
to 1945
30
Porto Alegre 7%. 1968_ _ _ f28
Protestant Church (Ger3812 4112
many), 75, 1946
65
Pros' Bk Westphalia 68,'33 155
45
Prov Bk Westphalia 65,'36 35
48
Rhine Westph Elec 7%,'36 44
29
Rio de Janeiro 6%, 1933_ _ 127
Rom Cath Church 6345,'46 3512 5712
42
R C Church Welfare 78,'46 40
75
Saarbruecken M Bk 65,'47 72
21
Salvador 7%, 1957
f19
Santa Catharina (Brazil),
12112 2412
8%, 1947
1712
Santander (Colom)7s, 1948 116
20
Sao Paulo (Brazil) 68, 1947 118
Saxon Pub. Works 5%,'32 135
63
Saxon State Mtge. 65, 1947 60
250
Stem & Halske deb 65, 2930 /200
46
44
Stettin Pub Util 7s, 1946_ _
26
Tucuman City 7s, 1951_ /23
32
35
Tucuman Pros'. 75, 1950._
25
Vesten Elec Ry 78. 1947._ 122
42
39
Wurtemberg 78 to 1945_
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of April, May,
June and July 1933:
Voldings in U. S. Treasury April 1 1933. May 1 1933 June 1 1933. July 11933.
$
349.335.636
24,665,195
4,217,165
15,818.572
45,579.870
4,335
15,354,473
6,672.280
$
298,382,239
32,758,991
4,083,248
17,473.989
45.025.060
45,298
16,519,343
7.431,699
$
235.538,921
49,863.524
5,011,809
16,242.473
21,306.855
138.069
11,824.494
7.258,362
Total cash in Treasury_ 461,647,526
. 156.039.088
Less gold reserve fund...
421,717,867
156,039,088
347.184,507 .340,818,649
156,039,088 156,039,088
Cash balance in Treas'y 305,608,438
Dep. in spee'l depositories
account Treas'y bonds.
Treasury notes and certificates of indebtedness 383.185,000
66,672,711
Dep. In Fed. Res. bank...
Dep. in National banks7,359,141
To credit Treas. 17. S.._
23,515.636
To credit dIsb. officers_
899,457
.7,ash in Philippine Islands
2,529.888
Deposits in foreign depts.
Dep.In Fed. Land banks_
265,678,779
191,145,419
184,779,561
•
111,317.000
90,339,079
287,505,000
83,125,564
836,517,000
51,197,115
7,288,682
19,894,596
944,758
1,879,555
7,445,980
18,856.495
964,275
2,067,573
7,267,607
19,869,225
817,832
2,098,654
Net cash in Treasury
and In banks
Deduct current liabilities_
A....itmlassa.ah hftlersna
789,770.271
296.843.794
497,342,449
256.589,857
Ann nos AT,
950 752
552
$
231,642,312
51.959,502
3.954,185
19,714,182
17,136,805
513,002
9.372,510
6,526,171
591,110,306 1,102,546,994
226,679,095 240,341,773
364.431.211
862.205.221
* Includes July 1 $25,838,827 silver bullion and $5,677,712 minor, &O., coin
not Included In statement "Stock of Money."
Government Receipts and Expenditures.
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers to-day the details
of Government receipts and disbursements for June 1933
and 1932, and thel2 months of the fiscal years 1932-1933
and 1931-1932.
-Morah of June------July 1 10 June 30----General Funds.
1933.
Receipts1932.
1931-32.
1932-33.
$
Internal revenue3
146,589,670 161,357,213 746,194,569 1,057,335,853
Income tax
Miscell. internal revenue___ _106,483,764 46,307,247 857,858,123 503,315,504
253,073,434 207,664,460 1,604,052,692 1,560,651,357
Total
22,943,459 17,372,971 250,747,991 327,752,391
Customs
Miscellaneous receiptsProceeds of Govt.-owned
securities319
PrIncl pal-for'n oblige's_
13,756
6,121
Interest-for'n obliga'ns
65,826,857
266.760
260,108
Railroad securities
974,565
1,695,570
1,156,786
819,720
All others
20.671,931
31,116,181
2,044,330
1,732,716
Panama Canal tolls, &c
20,467,500
22,588,375
2,561,763
4,008,533
Other miscellaneous
42,531,746
43,186,218
Total
282,052,972 231,858,508 2,015,731,289 1,976.545.842
Expenditures239,738,704 184,237,223 2.330.692,227 2,496,035,544
General
Public debt105,851,788 100,788,335 689,365,106 599,276,631
Interest
Sinking fund
27,255,550 425,660,300 412,554,750
Refunds of receipts53,988
1,179,783
Customs
12,576,833
17,190,984
5,199.158
9,451,638
Internal revenue
83,522,688
57,755,505
30,132.238 32,857,530 117,380,192 202,876.341
Postal deficiency
2,630,513
Panama Canal
834,462
12,672,729
10,661,805
Reconstruction Finance Corporation
500,000,000
Subscription to stock of Fed50,756,260
eral Land banks
a242,545 125,000,000
Farm Credit Administration_ a1,818,409
a1,461,684
Agricultural marketing fund
a2,165 16,474,018
(net)
a3,254,996 136,238,856
Distribution of wheat and cot24,442
ton for relief
34,240,628
Adjusted service ctf. fund
100,000,000 200,000,000
Civil service retirement f'd__
20,850,000
20.850,000
Foreign service retirement f'd
416,000
215,000
Dist. of Col.(see Note 1)7,775,000
9,500,000
Total
381,812,257 423,834,799 3,804,425,295 4,813,922,599
Excess of receipts
Excess of expenditures
99,759,285 191,976,291 1,788,694,007 2,837,376.757
Special Funds.
ReceiptsApplicable to public debt retirementsPrincipal-foreign obliga's
Interest-foreign obliga'ns
From estate taxes
From franchise tax receipts
(Fed. Res. banks & Fed.
Intermed. Credit banks)
600
From forfeitures, gifts. Sic
4,375,515
Other
10,500
3,587.031
2,011,418
21,100
29,015,822
21,294
53,000
29,104,301
4,376.115
3,597,531
63,965,453
29,179,595
600
8.602,227
10,500
6,844,542
35,944,500
25.545,664
75,000
71,912,087
6,602.827
6,855,042
61,490,184
71,987,087
Total
ExpendituresPublic debt retirements
Other
Total
Excess of receipts
Excess of expenditures
2,226.712
31,553,763
1,363,350
1,000
3.257,511
2,475,289
42,807,492
Summary of General and
Special Funds.
Total general fund recelpts_282,052,972 231,858,507 2,015,731,289 1,976,545,842
Total special fund receipts___ 4,376,115
3,597,531
63,965,453
29,179,595
Total
286,429,087 235,456,038 2,079,696,742 2,005,725,437
Total general fund expends- _381,812,257 423,834,799 3.804,425,295 4,813,922,599
Total special fund expends.. 6,602,827
6,855,042
61,490.164
71,987,087
Total
388,415,084 430.689,841 3,865,915,459 4,885,909,686
Excess of receipts
Excess of expenditures
IFlat price.
get gold coin and bullionget silver coin and bullion
get United States notes.Vet National bank noteslet Federni Reserve notes
Vet Fed. Res. bank notes
Vet subsidiary silver
V1Inor Celn..fic
July 29 1933
101,985,997 195,233,803 1,788,218.717 2,880,184,249
fonth of June- -July 1 Is June 301933,
1932.
Trust Funds.
1932-33.
1931-32.
Receipts1,600,220
2,234,841
District of Columbia
38,893,540
33,356,951
5.884,781
Govt. life insurance fund--- 5,962,450
71,906.720
71,144,899
12,170.565
Other (See Note 2)
512,869
6,702.309
54.157,589
Total
ExpendituresDist. of Col.(see Note 1)__
Govt. life insurance fundPolicy losses, &c
Investments
Other (See Note 2)
Total
Excess of receipts or credits.Excess of expenditures
19,733,235
8,632,471
4,937,149
2,824,622
2,663,380
12,711,826
158,659,439
115,502,569
5,286,531
34,604,341
39,524,774
2,855,924
4.244,865
133,480
24,064,288
46,334,416
58,666,383
22,960,564
51,384,541
6,810.740
22,936,977
12,520.600
163.669,428
120,680,619
3,203.741
3,888.129
5,009,989
5,178,050
Receipts and expenditures for June reaching the Treasury in July are included.
a Excess of credits (deduct).
Note 1.-Expenditures for the District of Columbia representing the share of the
United States are charged against the amount to be advanced from the general fund
until the authorized amount is expended. After that they are charged against the
revenues of the District under trust funds. For total expenditures the Items for
District of Columbia under general fund and under trust funds should be added.
Note 2.-Since July 1 1932 deductions from salaries credited to the Civil Service,
Foreign Service, and Canal Zone retirement funds and the earnings from investments of such funds and of the adiusted-service certificate fund have been classified
as receipts, whereas prior to that date such items were used to offset expenditures
for the respective funds.
Preliminary Debt Statement of the United States
June 30 1933.
The preliminary statement of the public debt of the United
States June 30 1933, as made upon the basis of the daily
Treasury statement, is as follows:
Financial Chronicle
Volume 137
Bonds2% Consols of 1930
2% Panama Canal Loan of 1916-36.........
2% Panama Canal Loan of 1918-38
3% Panama Canal LOUD of 1961
3% Conversion bonds of 1946-47
214% Postal Savings bonds(5th to 44th series)
First Liberty Loan of 1932-47$1,392,227,350.00
3)4% bonde
4% bonds (converted).5,002,450.00
535,982,600.00
4.4% bonds (converted)
63i% Fourth Liberty Loan of 1933-38
$599,724,050.00
48,954,180.00
25,947,400.00
49,800,000.00
28,894,500.00
52,697,440.00
Asses—
Silver dollars
$806,017,570.00
$1,933,212,400.00
6,268,095,150.00
8,201,307,550.00
Treasury bonds4)4% bonds of 1947-52
4% bonds of 1944-54
% bonds of 1946-56
335% bonds of 1943-47
334% bonds of 1940-43
334% bonds of 1941-43
3)4% bonds of 1946-49
3% bonds of 1951-55
758,983,300.00
1,036,834,500.00
489,087,100.00
454,135,200.00
352,993,950.00
544,916,050.00
819,497,500.00
759,494,700.00
5,215,942,300.00
Total bonds
Treasury Notes3% Series A-1934, maturing May 2 1934
2+4% Series 11-1934, maturing Aug. 1 1934
3% Series A-1935, maturing June 15 1935....
3)4% Series A-1936. maturing Aug. 1 1936...
2N% Series 11-1936, maturing Dec. 15 1936
2)4% Series C-1936, maturing April 15 1936_
3)4% Series A-I937, maturing Sept. 15 1937_
3% Series 13-1937, maturing Apr. 15 1937
234% Series A-1938, maturing Feb. 1 1938...
% Series 19-1938, maturing June 15 1938
4% Civil Service Retirement Fund. Series
1934 to 1938
4% Foreign Service Retirement Fund, Series
1934 to 1938
4% Canal Zone Retirement Fund, Series 1936
to 1938
$14,223,267,420.00
$244,234,600.00
345,292,600.00
416,602,800.00
365,138,000.00
360,533,200.00
572.419,200.00
834,401,500.00
508,328,900.00
277,516,600.00
623,911,800.00
$4,548,379,200.00
226,800,000.00
4% Adjusted Service Certificate Fund Series,
maturing Jan. 1 1934
Treasury Bills (Maturity Value).
Series maturing July 5 1933
Series maturing July 12 1933
Series maturing July 19 1933
Series maturing July 26 1933
Series maturing Aug. 2 1933
Series maturing Aug. 9 1933
Series maturing Aug. 16 1933
Series maturing Aug. 23 1933
Series maturing Aug. 30 1933
Series maturing Sept. 6 1933
Series maturing Sept. 20 1933
Series maturing Sept. 27 1933
2,119,000.00
$469,089,000.00
451,447.000.00
254,364,500.00
473,328,000.00
460,099,000.00
82,108,327,500.00
Debt Bearing No Interest—
United States notes
Leas gold reserve
Deposits for retirement of National bank and
Federal itwerve bank notes
Old demand notes and fractional currency
Thrift and Treasury savings stamps, unduefled ealos, Ac
2,200,327,500.00
$100,096,000.00
75,733,000.00
75,188.000.00
80,295,000.00
60,655.000.00
75,067,000.00
75.442,000.00
60.078.000.00
100,352.000.00
75,529,000.00
100,361,000.00
75,697,000.00
$22,157,643,120.00
81,504,845.26
2,426,500.00
3,971,500.00
11,150.00
952,650.00
4,884,750.00
34,032,450.00
17,555,000.00
572,325.00
Total
$346,681,016.00
156,039,088.03
$190,641,927.97
119,102,864.00
2,039,084.76
3,334,393.16
$22,538,672,560.15
March 31 1933
May 31 1933
Last Quarter.
June 30 1933.
Last Month.
Gross debt
821,362364,177.21 221,853.385,981.45 222,538.672.560.1
Net bal. In general fund_
364,431,210.87
492.926,476.44
862.205.220.61
Gross debt less net bal.
In general fund._ --820,869,537,700.77 821,488,954.770.58 821,676,467,339.54
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
June 30 1933 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury as of June 30 1933.
•
CURRENT ASSETS AND LIABILITIES.
GOLD.
MahUttlos847,753,849.92 Gold refs. outstanding— 1,230,718,889.00
2,386,092,926.52 Gold Mud. Fed.
Board (Act of Dec. 23
1913, as amended
June 21 1917)
1,771,485.595.89
168,039,0118.03
Gold reserve
Gold In generalfund-- 76,803,223.62
Total
3,233,846,776.441 Total
3,233,848.776.44
Note.—Reserve a (+last $346,6,1,019 o U. B. notes and 51,200,124 of Treasury
notes of 189.• outstanding. Treasury notes of 1890 are also secured by diver dollars
In the Treasury.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
Apr. 30 1933. Apr. 30 1932.
$
Balance end of month by daily statements, Ac
240,752,592
292,465,209
or
Deduct—Excess
Add
of deficiency of receipts over
or under disbursements on belated items
—20,454,570 —38,656,835
220,298,022
253,808,374
47,454,974
104,015.030
4,189,945
1,622,675
41,037,791
97,228,488
4,460,320
1.484,818
167,282,824
144,211,417
Balance. deficit(—)or surplus (-I-)
+83.015,398
INTEREST-BEARING DEBT OUTSTANDING.
Interest Apr. 30 1933.
Title of? can—
Payable.
s
28 Consols of 1930
Q.-J. 599,724,050
25 of 1916-1936
Q.4r.
48,954,180
2s of 1918-1938
Q -F.
25,947,400
as of 1961
Q.-M.
49,800,000
35 convertible bonds of 1946-1947
Q.-J,
28,894,500
Certificates of indebtedness
J -S. 2,362,982,000
3Ns First Liberty Loan, 1932-1947
J.-J. 1,392,227,350
4s First Liberty Loan, converted 1932-1947_
J.-Ti.
5,002,450
434s First Liberty Loan, converted 19324947...J.-D. 532,490,450
4348 First Liberty Loan, 2d cony., 1932-1947—J.-D.
3,492,150
434s Fourth Liberty Loan of 1933-1938
A.-0. 6,268,09.5.250
4345 Treasury bonds of 1947-1952
758,983,300
48 Treasury bonds of 1944-1954
1.036,834,500
3945 Treasury bonds of 1948-1956
489,087,100
3345 Treasury bonds of 1943-1947
454,135,200
3345 Treasury bonds of 1940-19+3
352,994,450
3345 Treasury bonds of 1941-1943
544,916,050
3N8 Treasury bonds of 1946-1949
821,400,500
Iis Treasury bonds of 1951-1955
764,488,000
234s Postal Savings bonds
52,697,440
Treasury notes
3,575,477,200
Treasury bills, series maturing—
May 10 1933
575,228,000
May 17 1933
575,202,000
May 24 1933
560,074,000
May 31 1933
5100,613,000
June 7 1933
575,216,000
June 21 1933
5100,569,000
June 28 1933___.
5100.158,000
July 5 1933
5100,096,000
July 12 1933
575,733,000
July 19 1933
575,188,000
July 26 1933
580,295,000
May 11 1932
May 18 1932
May 25 1932
June 1 1932
.....
June 29 1932
....
July 13 1932
July 20 1932
July 27 1932
+109.598.957
65,911,170.26
COMPARATIVE PUBLIC DEBT STATEMENT.
(On the basis of daily Treasury statements.'
Aug. 31 1919
March 31 191.7
June 30 1932
When War Debt
Pre-War Debt.
a Year Ago.
Was at Its Peak.
Gross debt
81,282,044,346.28 326,596,701,648.01 $19,487,002,444.13
Net bal.In general fund_
1,118,109,534.76
74,216,460.05
417,197,178.17
Gross debt less net bal
in general fund
81,207,827,886.23 825,478.592,113.25 519,069,805,265.96
Audi—
Gold coin
Gold bullion
Public Debt of the United States—Complete Return
Showing Net Debt as of April 30 1933.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued April 30 1933,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparison with the same date in 1932:
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' checks
Discount secured on ar Savings Certificates
Settlement on warrant checks
315,118,269.89
Total gross debt
Total
1 102,546,993.79
Total
1,102,546,993.79
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding National bank and Federal Reserve bank notes are
paid Into the Treasury as miscellaneous receipts, and time obligations arc made.
under the Acts mentioned, a part of the public debt. The amount of such obligations to-day was $119,102,864.
$1,832,490 in Federal Reserve notes, $513,002 in Federal Reserve bank notes,
and $19,632,712 in National bank notes are in the Treasury in process of redemption
and are charges against the deposits for the respective 5% redemption funds.
92,000,000.00
954.493,000.00
Total interest-bearing debt outstanding
Matured Debt on Which Int. Has Ceased—
Old debt nuttured—issued prior to Apr. 1 1917
doy and 434% Second Liberty Loan bonds of
1927-42
ANI % Third Liberty Loan bonds of 1928
% Victory notes of 1922-23
Aft% Victory notes of 1922-23
Treasury notes. at varlouil Interest rates
Ctrs of Indebtedness, at various rates of Int.Treasury bills
Treasury savings certificates
507,191,369.00
Total
507,191,369.00
GENERAL FUND.
Assets—
Lta51/11(es-$
Gold (see above)
75,603,223.52 Treasurer's checks outstanding
Silver dollars (see above) 26,120.675.00
915,349.65
United States notes....
3,954,185.00 Depoa. of Gov't officers:
Federal Reserve notes
17,136,805.00
Post Office Dept
4,537.025.78
Fed. Res. bank notes
Board of Trustees.
513,002.00
National bank notes.... 19,714,162.00
Postal Savings Sys.
Subsidiarysliver coin...
tern9,372,510.40
Minor coin
5,677,711.79
6% reserve, lawSilver bullion
ful money
25,838,826.97
58,917,105.85
Unclassified—
Other deposits_ _ _
23,193,900.08
Collections. dm
Postmasters, clerks of
848,458.74
Deposits In:
courts, disbursing
Federal Res've banks_ 51,197,115.43
officers. dm
59,799,067.97
Special depositaries.
Deposits for:
seal sale; of Tram.
Redemption of Fed.
bonds. Treas. notes
Ilea. notes (5%
fund,gold)
and ctfs. of indebt_ 836,517,000.00
44,066,151.32
Nat and other bank
Redemption of Fed.
depositaries—
Res. bank notes(5%
fund,lawful money)
To credit of Treas7,392,000.00
7,267,607.27
urer of U.S
Redemption of Nat.
To credit of other
bank notes (6%
Gov't ofleers... 19,869,225.28
fund,lawful money) 36,892,189.57
Foreign depositaries—
Retirement of midi
To credit of Treascirculating notes.
urer of U.S
Act May 30 1908_
1,281,260.82
1,350.00
To credit of other
Uncollected items. exGov't officers...
changes, Ac
817,392.85
4,627,632.96
Phillppine treasury—
To credit of Treas240.341,773.18
817,831.72 Net balance
urer of U.S
862,205.220.61
Total
2,257,000.00
4,779,555,200.00
Certificates of Indebtedness4% Series TAG-1933, maturing Aug. 15 1933_
134% Series TS-1933, maturing Sept. 15 1933_
% &lies T-D1933, maturing Dec. 15 1933_
4%% Series TD2-1933, maturing Dec. 15 1933
% Series TM-1934, maturing Mar. 15 1934_
809
SILVER DOLLARS.
Mangler507,191,369.00 Silver ctfa. outstanding_ 479,870,570.00
Treasury notes of 1890
outstanding
1,200,124.00
Silver dolls. In gen.fund 26,120,675.00
Aggregate of interest-bearing debt
Bearing no interest
Matured. Lateran ceased
Total debt
Deduct Treasury surplus or add Treasury deficit
Ayr. 30 1932.
$
599,724,050
48,954,180
25,947,400
49,800,000
28,894,500
2,582,353,550
1.392,230,350
5,002,450
532,491.650
3,492,150
6,268.105,450
758,983,300
1,036,834,500
489,087,100
476,411,750
355,355,950
577,536,050
821,403.000
800,423,000
36,247,260
796,264,200
576,399,000
575,689,000
562,851,000
5101,412,000
5102,169,000
576,200,000
575,600,000
051,650.000
21,086,995,520 18,287,411,840
286,448,382
269,289,901
67.764,670
39,956,320
021,441,208,572 18,596.638.061
+63,015.398 +109,596,957
Net debt
821,378,193.174 18.487,061,104
a Total gross debt April 30 1933 on the basis of daily
821,441.209,176.46 and the net amount of public debt Treasury statements was
redemptions and receipts
In transit. Ac., was 2604.50.
b No reduction Is made on account of obligations of foreign
governments or other
Investments.
c Maturity value.
Financial Chronicle
810
Zotainercialand WasattuneonsBettis
Bank Notes—Changes in Totals of, and in Deposited
Bonds, &c.
We give below tables which show all the monthly changes
in National bank notes and in bonds and legal tenders on
deposit therefor:
National Bank Circulation
Afloat on—
Amount Bonds
on Deposit to
Secure Circulation for National
Bank Notes.
$
May 31 1933
897,952,290
899,410,240
Apr. 30 1933
885,871,740
Mar.31 1933
806,026,070
Feb. 28 1933
796,069,670
Jan. 31 1933
Dec. 31 1932
796,908.870
812,590,590
Nov. 30 1932
799,672,690
Oct. 31 1932
780,377,630
Sept. 30 1932
793,600,490
Aug. 31 1932
672,408,440
July 30 1932
670,487,590
June 30 1932
689827590
May 31 1932
$2,581,934 Federal Reserve bank
lawful money, against $2,772,640 on
Bonds.
Legal
Tenders.
Total.
$
$
$
980,663,403
116,072,980
864,590,423
982,031.393
88.832,155
893,199,238
966,660,540
90,840,375
875,820,165
894,321,055
93,435,155
800,885,900
95,111,140 • 881,146,010
786,034,870
881,330,848
94,596,698
786,734,150
875,880,908
79,848,287
798,032,621
863,075.900
75,161.955
787,913,945
832,022,785
62,191.678
769,831,107
783,406,353
63,576,840
719,829,513
733,877,423
66,046,173
667,831,250
736,674,213
67,103,868
669,570,345
738.616.923
70.036.500
668.580.423
notes outstanding June 1 1933, secured by
June 1 1932.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes May 31 1933:
U. S. Bonds Held May 31 1933 to Secure
Bonds on Deposit
June 1 1933.
Is, U.S. Consols of 1930
25, U. S. Panama of 1938
28, U.S. Panama of 1938
as, U. El. Treasury of 1951-1955
314s. U. S. Treasury 011946-1949
3118, U. S. Treasury of 1941-1943
731s, U.S. Treasury of 1940-1943
330, U. S. Treasury of 1943-1947
3s, U.S.Panama Canal of 1961
38, U. S. convertible of 1946-1947
On Deposit to On Deposit to
Secure
Secure Federal
Reserve Bank National Bank
Notes.
Notes.
569,662,700
47,183,320
24,060,320
83,140,700
51,678,400
62,566,400
20,291,450
38,348,000
1,000
1,020,000
Total
Held.
569,662,700
47,183,320
24,060,320
83,140,700
51,678,400
62,566,400
20,291,450
38,348,000
1,000
1,020,000
897,952,290 897,952,290
Totals
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits May 1 1933
and June 1 1933 and their increase or decrease during the
month of May:
National Bank Notes—Total Afloat—
Amount afloat May 1 1933
Net decrease during May
Amount of bank notes afloat June 1
Legal Tender Notes—
Amount on deposit to redeem National bank notes May 1
Net amount of bank notes redeemed in May
Amount on deposit to redeem National bank notes June 1 1933
$982,031,393
1,367,990
$980,663,403
888,832,155
27,240,825
8118,072,980
National Banks.—The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
$450.000
July 12—Marion National Bank of Marion. Marion, Ind
Capital stock consists of $250,000 clas sA preferred
stock, $100,000 class B preferred stock and $100,000
common stock.
President, Thomas G. Wilson; Cashier, U. T. Griffith.
Will succeed The Marion National Bank, No. 7758.
150,000
July 12—Springvale National Bank, Springvale, Me
Capital stock consist of $100,000 preferred stock and
$50,000 common stock.
President, Charles S. Pierce; Cashier, Harland S. Rowe.
Will succeed The Springvale National Bank, No. 7835.
50,000
July 15—First National Bank in Cameron, Cameron, Tex
President, R. H. McIntosh; Cashier. H. M. Hefley.
Will succeed The First National Bank of Cameron.
•
No. 4086.
July 18—The First National Bank of Jefferson I'arish at Gretna,
180.000
Gretna, La
Capital stock consists of $100.000. Preferred stock
and $80,000 common stock.
President, T. G. Nicholson: Cashier, W. R. White.
Will succeed Gretna Trust & Savings Bank.
200,000
First National Bank of Athol, Athol, Mass
The
July 18
Capital stock consists of $100,000 preferred stock and
$100,000 common stock.
President, Carlos W.Tyler; Cashier, Allen E. Hastings.
Will succeed the Millers River National Bank of Athol,
No. 708, and the Athol National Bank, No. 2172.
Me_
250.000
July 19—The First National Bank of Rockland, Rockland,
Capital stock consists of $125.000 preferred stock and
$125,000 common stock.
President, Homer E. Robinson: Cashier, Jos. Emory.
Will succeed the Rockland National Bank, No. 1446.
VOLUNTARY LIQUIDATIONS,
Piedmont, W. Va
July 18—The Davis National Bank ofLiquidating
agent, J. D.
Effect.he July 15 1933.
Thomas, Piedmont, W. Va.
Absorbed by the First National Bank of Piedmont.
West Virginia, No. 3629.
of Sewickley, Pa
July 19—The First National Bank
W.G.
Effective July 14 1933. Liquidating committee,of
the
F. A. Nash, care
and
Beall
Davis, H. H.
liquidating bank.
Succeeded by First National Bank in Sewickley,
Charter No. 13699.
of Mt. Calm, Texas
July 22—The First National BankLiquidating
agent, B. Hillyer,
Effective July 17 1933.
Mount Calm, Texas.
Succeeded by the First National Bank in Mount Calm,
Charter No. 13669.
50.000
100,000
50.000
July 29 1933
Capital.
CONSOLIDATIONS.
$25,000.000
July 17—The First National Bank of Chicago, Illinois
10,000,000
First Union Trust & Savings Bank, Chicago, Ill
Consolidated to-day under the Act of Nov. 7 1918, as
amended Feb. 25 1927 and June 16 1933, under the
charter and corporate title of"The First National Bank
of Chicago," No. 8, with capital stock of $25.000.000
and surplus of $15.000.000.
BRANCHES AUTHORIZED UNDER ACT OF FEB. 25 1927.
July 20—The First National Bank of Salt Lake City, Utah.
Location of branch: No. 1 South Main St., Tooele,
Tooele County. Certificate No. 85IA.
July 21—The United States National Bank of Portland. Ore.
Location of branch City of Albany, Linn County.
Certificate No. 852A.
July 21—The First National Bank of Portland, Ore.
Location of branch: City of Albany, Linn County.
Certificate No. 853A.
Auction Sales.—Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia, Buffalo and Baltimore
on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Shares.
Stocks.
$ per Share.
7,383 Phoenix Securities Corp. series A 83 cony. pref., par 310
2531
250 Consolidated Mortgage Corp.(Del.) 2d pref., no par: 100 corn., no par_ _ _$7 lot
CU. No. 14 for 110 ohs. Villa Charlotte Bronte, Inc.(N. Y.), par $100, repreapartment
known
as Apartment G-duplex in the
senting the ownership of the
"Villa Charlotte Bronte," at Spuyten Duyvil, Borough of the Bronx, N. Y.
City;together with proprietary lease for same apartment, dated Sept.24'26_14,800
4,177 Ansonia Clock Co. (Conn.), par $100
468 Ansonia Clock Co.(Conn.), par $100
1
80 Shore Road Amusement Co., Inc.(N. Y.), pref., par $100
$10 lot
250 Biscayne Securities Corp. (Fla.), Dar $100
$11 lot
200 Small Issues Corp. (Del.), common, stamped, no par
$7 lot
48 Small Issues Corp. (Del.), pref., stamped, no par
$6 lot
By R. L. Day & Co., Boston:
Shares.
Stocks.
$ per Share,
64 Finance Corp. of New England, pref., par $50:8 common
$55 lot
50 Eastern Machinery Co., common, par $10
14
60 Kreuger & Toll American certificates, par $5.36
$2 lot
90 Kreuger & Toll American certificates, $5.36 par
$2 lot
50 International Match preferred, par $35
$1 lot
1,000 Kreuger & Toll American certificates, par $5.36
$14 lot
5 Ilodges Carpet Co. par $100
21
Mortgage note secured by 1st mtge, covering property No. 29 Carson St.,
Dorchester, Mass., dated June 19 1928, in the sum of $4,000, due in one
year with int, quarter-annually at the rate 016% per annum
$500 lot
BondsPer Cent.
85,000 Georgia Alabama Terminal lot 5s, Dec. 1948
17 flat
$5,000 Norfolk & Southern RR. 1st & ref. bs. Feb. 1961
13 fiat
$2,000 Van Sweringen Co. 1st & coll. trust 6s. Oct. 1938
1034 flat
$25081. Louis & San Francisco Ry.Co.prior lien 4s, July 1950 ctf. deposit_ _15 fiat
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per Share.
4 Kensington National Bank, par $50
50
100 Central-Penn National Bank, par $10
27
20 Philadelphia National Bank, par $20
57%
20 Corn Exchange National Bank & Trust Co., par $20
32
15 Pennsylvania Color Insurances on Lives & Granting Annuities, par $10_ _ 2834
10 Real Estate-Land Title & Trust Co., par $10
1034
15 Real Estate-Land Title & Trust Co., par $10
10%
4 Philadelphia Bourse, common, par $50
10
By A. J. Wright & Co., Buffalo:
Stocks.
Shares.
20 International Rustless Iron
10 The Como mines
$ per Share.
5
0.15
$0
By Weilepp, Bruton & Co.. Baltimore:
Shares.
Stocks.
$ per Share.
100 Gillet & Co.6% cum. preferred, par 8100
$35 lot
5,000 Interocean Oil Co. class A, no par
$17 lot
176 Miller Fertilizer Co preferred
234
10 Mutual Life Insurance Co. of Baltimore
28
676
_____
31 Safe Deposit dr Trust Co _______________________________________
5,000 Silica Gel Corp. v. t. common, no par
$515 lot
vf.t.common,no par
3
21
.a
13
pw
Gel
Gellica G
,15031Scia
$775 lot
warrants
$3 lot
42,126 Silica Gel Corp. common, no par
$2,075 lot
par
no
common,
Co.,
452 Silica Gel Products
$7 lot
341 Silica Gel Products Co., preferred, par $10
$12 lot
600 Worthington Valley Co., no par
10
400 Worthington Valley Co., no par
10
5 Anheuser Busch _____________________________________________________ 198
Bonds—
PerloCefrat.
$158,000 Davison Chemical 614% notes
$27.000 Davison Chemical 634%. 1937
at
3 filat
1034
$22,000 Interocean Oil Co. 7%. 1935. certificates of deposit
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the divtdends 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.
Railroads (Steam).
Hartford & Connecticut Western (s.-a.).
Louisiana & Mo. River 7% gtd• 1)1•(8.-8.)
Oswego & Syracuse (8•-a
Shamokin Valley & Pottsville (s.-a.)- -Syracuse Binghamton & N. Y.(guar.)._
Public Utilities.
Binghamton Gas Works 634% pf. (au.).
Bridgeport Gas Light Co. (guar.)
Brooklyn Edison (quar.)
Brooklyn Union Gas Co. (quar.)
Canadian Ilydro-Elec. Co., Ltd.—
First preferred (quar.)
Central Mass. Lt. Az Pr.6% pref. KW-Connecticut Power Co., common (qu.)
Consol. Gas Co. of N. Y.,corn.(guar.)—
Derby Gas & Elec.,634% pref.(quar.)..
Preferred (guar.)
Eastern Shore Pub. Sec. $634 Pf•(qm)-VS preferred (quar.)
Edison El. Ilium. Co. of Brockton
Electric Light & Pow. Co. of Abington dr
Rockland (quar.)
Empire Gas & Elec. Co.,6% pf. A (qu.)7% preferred C(quar.)
6% preferred C (quar.)
Florida Power Corp.7% pref.(quar.)
Preferred, series A (quar.)
Georgia Power & Light $6 pref.(quar.)--
Per
When
Cent. Payable,
Books Closed
Days Inclusive.
$1
,5
$3)
$2;1
$134
$3
Aug. 31 Holders of rec. Aug. 21
Aug. 1 Holders of rec. July 19
Aug. 21 Holders of rec. Aug. 8
Aug. 1 Holders of rec. July 24
Aug. 1 Holders of rec. July 22
134%
60c
82
$134
Aug. 1 Holders of rec. July 21
Sept. 30 Holders of rec. Sept. 15
Sept. 1 Holders of rec. Aug. 11
Oct. 2 Holders of rec. Sept. 1
Sept. 1 Holders of rec. Aug. 1
Aug. 15 Holders of rec. July 31
Sept. 1 Holders of rec. Aug. 15
Sept. 15 Holders of rec. Aug. 7
Aug. 1 Holders of rec. July 25
Aug. 1 Holders of rec. July 25
Sept. 1 Holders of rec. Aug. 10
Sept. 1 Holders of rec. Aug. 10
Aug. 1 Holders of rec. July 28
500
11*.s%
1%%
134%
87340
fi
$1 34
Aug. 1 Holders of rec. July 28
Sept. 1 Holders of rec. July 31
Sept. 1 Holders of rec. July 31
Sept. 1 Ilolders of rec. July 31
Sept. 1 Holders of rec. Aug. 15
Sept. 1 Holders of rec. Aug. 15
Aug. 15 Holders of rec. July 31
•
Financial Chronicle
Volume 137
Name of Company.
Public Utilities (Concluded).
Gull States Utilities Co.,$6 pt.(guar.)._
$5h preferred (guar.)
Havana Elec. dr ULU. 18t pref (guar.)._
Illuminating Power Security (gust'.)__._
7% preferred (guar.)
Lehigh Power Security $6 pref.(guar.)
Luzerne County Gas & El. Corp.
7% 1st preferred (guar.)
$6 1st preferred (guar.)
New York Steam Corp.,common(qui-Pacific Power & Light Co..7% pf. (qu.)
6% preferred (guar.)
Potomac Electric Power6% preferred (guar.)
53i% preferred (guar.)
Public Utilities Corp.(guar.)
Railway & Light Securities Co., pl.(gu.)
South Carolina Power Co., $8 pf. (qu.)_
Southeast. Mass. Pow. & Elec. (guar.).
Stamford Water Co.(quar.)
Tampa Electric Co., corn.(guar.)
Preferred, series A (guar.)
United Companies of New Jersey (qu.)..
Virginia Elec. dc Pow.$6 prof.(guar.)._ _
Washington Gas Light,corn.(guar.). _ _ _
Washington Ry.& Elec., 5% pref.(qu.)
Quarterly
WInchenden Elec. Lt. & Pow.(qUar.)
Fire Insurance Companies.
Carolina Insurance Co. (Del.)
Georgia Home Insurance
Harmonia Fire Ins. Co. (Buffalo) (s.-a.)
Merchants Fire Assurance Corp.—
Common
7% preferred
New Brunswick Fire Ins. Co.(N. J.).
Pacific Fire Insurance Co. (guar.)
Westchester Fire Insurance Co. (guar.).
Per
When
Cent. Payable.
Books Closed
Days Adman.
SIM
$154
750
Slh
$134
$134
Sept.15 Holders of rec. Sept. 1
Sept.15 Holders of rec. Sept. 1
Aug. 15 Holders of rec. July 28
Aug. 10 Holders of rec. July 31
Aug. 15 Holders of rec. July 31
Aug. 1 Holders of rec. July 25
$134
$134
550
870
75e
Aug. 15 Holders of rm. July 31
Aug. 15 Holders of rec. July 31
Sept. 1 Holders of rec. Aug. 15
Aug. 1 Holders of rec. July 21
Aug. 1 Holders of rec. July 21
$134
$134
$131
8134
$134
50c
$2
560
$134
$234
$135
90c
5134
$134
22
Sept. 1 Holders of rm. Aug. 12
Sept. 1 Holders of roe. Aug. 12
Aug. 10 Holders of rec. July 31
Aug. 1 Holders of rec. July 25
Oct. 1 Holders of rec. Sept. 15
July 31 Holders of rec. July 20
Aug. 15 Holders of rec. Aug. 5
Aug. 15 Holders of rec. July 31
Aug. 15 Holders of rec. July 31
Oct. 10 Holders of rec. Sept.20
Sept.20 Holders of rec. Aug. 31
Aug. 1 Holders of rec. July 28
Sept. 1 Holders of rec. Aug. 16
Sept. 1 Holders of rec. Aug. 16
July 31 Holders of rec. July 20
500 Aug. 1 Holders of roe. July 19
500 Aug. 1 Holders of rec. July 25
500 Aug. 1 Holders of rec. July 25
500
5354
500
600
250
Aug
Aug.
Aug.
Aug.
Aug.
1 Holders of rec. July 24
1 Holders of rec. July 24
1 Holders of rec. July 21
7 Holders of rec. Aug. 5
1 Holders of rec. July 21
Miscellaneous.
Allied Atlas Corp.,liquidating
$15
American Arch (guar.)
250
American Bank Note Co., pref. (guar.).
75e
American Factors, Ltd. (monthly)
10e
American Home Products(monthly).--_
250
American Paper Goods (guar.)
400
American Tobacco,()lass A & B (guar.). $134
Artloom Corp., pref. (guar.)
11$155
Asbestos Mfg. Co., prof.(guar.)
350
Badger Paper Mills,6% pref.(guar.).
750
Bankers dr Ship.Ins. Co.of N.Y.(qu.).60e
Borden Co., corn. (guar.)
400
Boss Mfg. Co., corn. (guar.)
250
7% preferred (guar.)
$134
Bourne Mills (guar.)
$1
Buck Hills Falls (guar.)
12540
Canadian Silk Prod., class A (guar.)37he
Capital City Products
100
Coast Breweries, Ltd.(guar.)
230
Confederation Investments, Ltd.—
Preferred (guar.)
75o
Congolcum-Nairn, Inc., 7% Ill. (guar.)_ 134%
Consumers Credit Service. Pref. (gust'.).
250
Continental Am. Life Ins. Co.(Del.)(gu)
300
Cresson Consol. Gold Mining & Mfg.Co.
le
Crown Zellerbach Corp.. pf,
.A & B(gu.)- 3735c
Deere & Co., pref. (guar.)
50
Delaware Division Canal (5.-a)
$1
Diamond Match Corp., corn. (guar.).-250
Preferred (5.-a.)
75e
Distributors Group (guar.)
12340
Electric Shareholdings Corp., pref
55134
Employers Re-insurance Corp.(guar.)
40e
Esmond Mills 7% pref. (guar.)
880
Ewa Plantation Co. (guar.)
60e
Federal Service Finance Corp.(quar.)-SOc
7% preferred (guar.)
8134
Fitz Simons & Connell Dredge & Dock
Co., common (guar.)
12340
Florsheim Shoe Co., prof. (guar.)
$154
Freeport Texas Co. common (gust'.)
500
Preferred (guar.)
$134
Fuller Brush Co., class A
10e
General Union Co. 14 pref.(guar.)
750
Golden Cycle Corp. (guar.)
400
Goldfield Consol. Mines (initial)
Sc
Grand Union Co., pref. (guar.)
750
Great Atlantic & Pacific Tea Co.—
Common (guar.)
$134
Extra
250
Preferred (guar.)
$1 h
Great Lakes Dredge & Dock Co.(gust'.).
250
Ratios(M.A.) Co..$7 pref.(guar.).
$134
—
Harmony Mills of Cohoes,N.Y.,pf.(hg.)
$25
Hollinger Consol. Gold Mines
1%
Honolulu Plantation (monthly)
25e
Imperial Tobacco Co. of Great Britain &
Ireland, Ltd., common, interim
w654%
Ingersoll-Rand Co., common (guar.)
-- 371,40
Jefferson Stand. Life Ins.(N.C.)(5-a)..
$3
Jones & Laughlin Steel Corp.7% pref...
250
Kaufmann Dept.Stores, corn
200
Preferred
/4314
Kendall Co., pref.,series A
$134
(guar.)
Lansing Co. (guar.)
12540
La Salle & Koch Co.7% pref.(guar.)
134%
Lawson Realty Co.7% pref.(guar.). %
Lehn & Fink Products Co., corn. (guar.)
500
Lock Joint Pipe Co.(monthly)
330
Monthly
33c
Monthly
34c
8% preferred (guar.)
$2
Lord & Taylor. 1st pref.(guar.)
$134
Lynch Corp., common (guar.)
250
MacMillan Co. (guar.)
250
$6 preferred (guar.)
$154
Marine Bancorp.,fully paid stock (guar.)
15e
Initial participating (guar.)
150
Matson Navigation (guar.)
$134
Maul Agricultural Co., Ltd.(mthly.)Sc
Merchants Rettig. Co.of N.Y.,pt.(Qui $1%
Merland 011 Co.of Canada
Sc
Morris Plan Co.of It. I.(Prov.)(guar.). $14(
Muller Bakeries, Inc., 7% pref. (quar.)- $154
Muskogee Co..6% pref.(guar.)
21h
National Distillers Products Corp., corn_
(n)
National Founders Corp., pref.(guar.).- 87340
National Lead Co., common (guar.).. $134
Class A preferred (guar.)
$144
Class B preferred (guar.)
21 h
National Linen Service, $7 pref. (1.-a.).- $354
Noyes(Chas. F.) Co., Inc.,6% pf.(qu.)_
450
Oswego Falls Corp., 1st pref. (guar.)—
$2
Pacific Southern Investment, Inc., pref_
750
Ponder (David) Grocery, class A (guar.) 87340
Pioneer Mill (monthly)
50
Randall Co., pref., series A
h50c
Reynolds Metals Co. (guar.)
250
Rich Ice Cream (guar.)
25e
Sept. 1 Holders of rec. Aug. 21
Oct. 2 Holders of rec. Sept. 11
Aug. 10 Holders of roe. July 29
Sept. 1 Holders of rec. Aug. 14
Aug. 1 Holders of me. July 21
Sept. 1 Holders of rec. Aug. 10
Sept. 1 Holders of rec. Aug. 15
Aug. 1 Holders of rec. July 20
Aug. 1 Holders of rec. July 25
Aug. 9 Holders of rec. Aug. 7
Sept. 1 Holders of rec. Aug. 15
Aug. 15 Holders of rec. July 31
Aug. 15 Holders of rm. July 31
Aug. 1 Holders of rm. July 21
Aug. 15 Holders of rec. July 20
Aug. 31 Holders of rec. Aug. 15
Aug. 1 Holders of rec. July 28
Aug. 1 Holders of rec. July 20
Aug. 1 Holders of rec. July 15
Nov. 1 Holders of rec. Aug. 15
Aug. 1 Holders of rec. July 25
July 26 Holders of rec. July 13
Aug. 15 Holders of rec. July 31
Sept. 1 Holders of rec. Aug. 12
Sept. 1 Holders of rec. Aug. 15
Aug. 15 Holders of rec. Aug. 4
Sept. 1 Holders of rec. Aug. 15
Sept. 1 Holders of rec. Aug. 15
Aug. 15 Holders of rec. July 31
Sept. 1 Holders of rec. Aug. 5
Aug. 15 Holders of roe. July 31
Aug. 1 Holders of rec. July 25
Aug. 15 Holders of rec. Aug. 5
July 31 Holders of rec. June 30
July 31 Holders of rec. June 30
Sept. 1 Holders of rec. Aug. 21
Oct. 1 Holders of rec. Sept. 15
Sept. 1 Holders of rec. Aug. 15
Nov. 1 Holders of rec. Oct. 13
Aug. 1 Holders of rec. July 25
Sept. 1 Holders of rec. Aug. 10
Sept. 15 Holders of rec. Aug. 31
Aug. 31 Holders of rec. Aug. 18
Sept. 1 Holders of rec. Aug. 10
Sept. 1 Holders of rec. Aug. 4
Sept. 1 Holders of rec. Aug. 4
Sept. 1 Holders of rec. Aug. 4
Aug. 15 Holders of rec. Aug. 5
Sept.20 Holders of me. Sept. 5
Aug. 15 Holders of rec. Aug. 10
Aug. 12 Holders of rec. July 28
Aug. 10 Holders of rec. July 31
Sept.
Holders of rec. Aug. 7
Holders of rec. July 25
Aug.
Oct.
Holders of rec. Sept. 13
Aug. 1 Holders of rec. Aug. 10
Aug. 1 Holders of rec. Aug. 10
Sept.
Holders of rec. Aug. 10a
Aug.
Holders of rec. July 31
Aug. 1 Holders of me. Aug. 14
Aug.
Holders of rec. July 26
Sept.
Holders of rec. Aug. 15
July 3 Holders of rec. July 31
Aug. 3 Holders of rec. Aug. 31
Sept.3 Holders of rec. Sept.30
Oct.
Holders of rec. Oct. 2
Sept.
Holders of reel Aug. 17
Aug. 1 Holders of rec. Aug. 5
Aug. 1 Holders of rec. Aug. 15
Aug
Holders of rec. Aug. 8
Aug.
Holders of rec. July 20
Aug.
Holders of roe. July 20
Aug. 1 Holders of rec. Aug. 10
Aug.
Holders of rec. July 25
Aug.
Holders of roe. July 28
Sept.1 Holders of rec. Aug. 15
Aug.
Holders of rec. July 21
Aug.
Holders of rec. July 21
Sept.
Holders of rec. Aug. 16
Oct. 1 Holders of rec. Oct. 2
Aug.
Holders of rec. July 25
Sept.30 Holders of rec. Sept. 15
Sept. 1 Holders of rec. Sept. 1
Nov.
Holders of rec. Oct. 20
Sept.
Holders of rec. Aug. 20
Holders of rec. July 29
Aug.
Aug.
Holders of rec. July 29
Aug.
Sept.
Holders of rec. Aug. 19
Aug.
Holders of rec. July 21
Aug.
Holders of rec. July 25
Sept.
Holders of rec. Aug. 15a
Aug. Holders of rec. July 15
Name of Company.
811
Per
When
Cent. Payable.
Miscellaneous (Concluded).
Rich's, Inc., corn. (guar.)
300
Preferred (guar.)
$154
Russell Motor Car Co., Ltd., pref.(qu.).
$1
Second Investment Corp.(R. I.)—
Preferred (guar.)
750
Security Ins. Co.(New Haven) (guar.).
350
Sherwin-Williams Co
250
Preferred, series AA (guar.)
$134
Southern Corp
10c
Southington Hardware (guar.)
25c
Strawbridge & Clothier, pref. set. A(qu.) $134
Taylor & Fenn Co.(guar.)
$1
Trunz Pork (guar.)
25c
United Engineering & Foundry (guar.).
250
7% preferred (guar.)
8134
United States Steel Corp., pref
hot1%
Vick Financial Corp., corn.(s.-a.)
7340
Weill (Raphael) & Co., 8% pref. (5.-a.)$4
Wesson 011 & Snowdrift Co., Inc.—
Preferred (guar.)
$1
Books Closed
Days Inclustre.
Aug. 15 Holders of rec. Aug. 1
Sept. 30 Holders of rec. Sept. 15
Aug. 1 Holders of rec. July 24
Sept. 1 Holders of rec. Aug. 15
Aug. 1 Holders of rec. July 21
Aug. 15 Holders of rec. July 31
Sept. 1 Holders of rec. Aug. 15
Aug. 1 Holders of rec. July 28
Aug. 1 Holders of rec. July 25
Sept. 1 Holders of rec. Aug. 16
Aug. 1 Holders of rec. July 20
Aug. 10 Holders of rec. Aug. 3
Aug. 11 Holders of rec. Aug. 1
Aug. 11 Holders of rec. Aug. 1
Aug. 30 Holders of rec. Aug. 1
Aug. 15 Holders of rec. Aug. 1
Sept. 1 Holders of rec. Aug. 1
Sept. 1 Holders of rec. Aug. 15
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week,these being given in the preceding table.
Name of Company.
Per
Whets
Share. Payable.
Railroads (Steam).
Albany & Susquehanna (s-a)
$431
Atchison Topeka & Santa Fe, prof
$134
Atlanta & Charlotte Air Line(a-a)
$434
Boston gr Providence (guar.)
82.125
Canada Southern (s-a)
$154
Cincinnati Inter-Terminal. 1st pf
Cleve. Cin. Chicago & Bt. Louis (s.-a.)-.
$s
Preferred
$134
Cleveland & Pittsburgh, guar (guar.).- 82350
Bimetal guaranteed (guar.)
500
Guaranteed (guar.)
8730
Special guaranteed (guar.)
50c
Com.&Paesumpsic Rivers,6% pf (s.-a.)
$3
Dallas Ry.& Term.,7% pref.(guar.).
$134
Delaware (s.-a.)
$1
Erie & Kalamazoo
$234
Erie & Pittsburgh 7% guaranteed (guar.) 87;0
7% guaranteed (guar.)
87 he
Guaranteed betterment (guar.)
800
Guaranteed betterment (guar.)
800
Hudson & Manhattan, 5% pref. (s-a)
$234
Kan. City, St. Louis & Chic.,6% Pf.(qu) 135%
Louisville Hend.& St. L.5% lg.(a-a)— 2h %
Common (s-a)
$4
Mahoning Coal.coin.(guar.)
$634
Massawipp1 Valley (s.-a.)
$3
Michigan Central
250
Mine Hill & Schuylkill Haven
$1%
Norfolk & Western, common (guar.)—
$2
Adjustment preferred
North Carolina (5.-a.)
334
Northern RR. of N. H.(guar.)
$134
North. RR. of New Jer. 4% gtd.(guar.) $1
4% guaranteed (guar.)
$1
Peoria dr Bureau Valley, 7% pref. (s.-a.) 334%
Peterborough (s.-a.)
$134
Pitts. Bess.& Lake Erie coin.
750
6% preferred (guar.)
134%
Pittsburgh Fort Wayne & Chicago (qu.) 14(%
7% preferred (guar.)
%
Quarterly
%
7% preferred (guar.)
134%
Pittsburgh & Lake Erie
$13'
Pittsburgh Youngstown & Ashtabula7% preferred (guar.)
134%
7% preferred 011111
,
134%
3
Reading CO.. COln
250
1st preferred (guar.)
500
2d preferred (guar.)
500
Shamokin Valley & Pottsville (s.-a.)
$1.56
United N.J. RR. dr Canal Co.(gust.)... $234
VirginianRy., pref. (guar.)
$134
West Jersey & Seashore. corn.
$134
6% special guaranteed (a.-a.)
114%
York Railways, pref. (guar.)
62340
Public Utilities.
Alabama Power Co.. $5 pref.(gust.)
American Cities Pow. & Lt. A (guar.).American Gas & Elec..6% pref. (gust.).
Amer. Light & Traction Co., corn. (qu.)
Preferred (guar.)
Amer. Water Works & Elm. Co., Inc.—
Common (guar.)
Androscoggin Elect.,6% pref. (gust.)..
Associated Telephone Co., pref.(guar.).
Atlantic City Electric, $6 pref.(quar.)
Bangor Hydro-Electric (guar.)
Calgary Powder Co.. Ltd., pref.(guar.).
California Water Service, 6% pref.(qui
Central Arizona Lt. dr Pow.,27 pref.(gu)
$6 preference (quar.)
Central Hudson Gas & Elec.. corn.(an)
Central Kansas Pow.. 7% pref.(guar.).
7% preferred (guar.)
6% preferred (guar.)
6% preferred (guar.)
Central Power & Light Co.7% preferred (guar.)
6% Preferred (guar.)
City Water of Chattanooga,6% pf.
.(qu.)
Cleveland Elec. Illuminating Co.6% preferred (guar.)
Columbia Gas& Elec. Co.,com.(guar.).
5% cony. preferred (guar.)
6% preferred (guar.)
5% preferred (guar.)
Columbus Ry. Pow & Lt. pt.(qu.)
Commonwealth Edison Co.(guar.)
Commonwealth Utilities pref. C (guar.).
Concord Gas. 7% pref. (quar.)
Connecticut L.& P.Co.,514% pf (on.)634% preferred(quari
Conn. Ry.& LighVg.,
% pref.(quiConsol. Gas. Elect.& Pow. Co.of Bait.Common (guar.)
5% series A preferred (guar.)
6% series D preferred (guar.)
5h% series E preferred (guar.)
Consumers Power Co., $5 prof. (guar.)6% preferred (guar.)
6.6% preferred (guar.)
7% preferred (guar.)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
8.5% preferred (monthly)
8.6% preferred
6.6% preferred (monthly)
(monthly)
Cumberland County Pow dc Light6% preferred (guar.)
Books Closed
Days Indurate.
Jan. 1 Holders of ree. Dec. 15
Aug. 1 Holders of rec. June 30a
Sept. 1 Holders of rem. Aug. 20
Oct. 1 Holders of rec. Sept.200
Aug. 1 Holders of rec. June 30
Aug. I Holders of rec. July 20
July 31 Holders of rec. July 21
July 31 Holders of rec. July 21
Sept. 1 Holders of rec. Aug. 10
Sept. 1 Holden ot rm. Aug. 10
Deo. 1 Holders of rec. Nov. 10
Dec. 1 Holders of rec. Nov. 10
Aug. 1 Holders of rec. July la
Aug. 1 Holders of rec. July 21
Jan 1'34 Holders of rec. Dec. 15
Aug. 1 Holders of rec. July 26
Sept. 10 Holders of rec. Aug. 31
Dec. 10 Holders of rec. Nov. 30
Sept. 1 Holders of roe. Aug. 81
Dee. 1 Holders of rec. Nov.30
Aug. 15 Holders of rec. Aug. 10
Aug. 1 Holders of rec. July 19
Aug. 15 Holders of rec. Aug. 1
Aug. 15 Holders of rec. Aug. 1
Aug. I Holders of rec. July 17
Aug. I Holders of roe. July 1
July 31 Holders of roe. July 21
Aug. 1 Holders of rec. July 15
Sept.19 Holders of rm. Aug. 31
Aug. 19 Holders of rec. July 31
Aug. 1 Holders of rec. July 20
July 31 Holders of rec. July 70
Sept. 1 Holders of roe. Aug. 21
Dec. 1 Holders of rec. Noy. 20
Aug. 10 Holders of roe. July 21
Oct. 2 Holders of roe. Sept.25
Oct. 1 olders of rm. Sept. 15
Dec. 1 olders of roe. Nov. 15
Oct. 1 Holders of rm. Sept. 9
Oct. 3 Holders of rec. Sept. 9
Jan.2•34 Holders of rm. Dee. 9
Jan.4'34 Holders of tee. Dec. 9
Aug. 1 Holders of rec. June 30
Sept. 1 Holders of rec. Aug. 21
Dec. 1 Holders of rec. Nov.20
Aug. 10 Holders of rec. July 13
Sept. 14 Holders of rec. Aug. 24
Oct. 12 Holders of rec. Sept. 21
Aug. 1 Holders of rec. July 15
Oct. 10 Holders of rec. Sept.20
Aug. 1 Holders of roe. July 15
Jan 1'$4 Holders of tee. Dec. 15
Dee. 1 Holders of tee. Nov.16
July 31 Holders of rec. July 20
flq
s750
1 h%
600
1h%
Aug.
Aug.
Aug.
Aug.
Aug.
250.
$134
37.he
$154
37340
$1 h
134%
$134
$134
200
1,4%
134%
134%
134%
Aug. 1 Holders of rec. July 7
Aug. 1 Holders of rec. July 25
Aug. 1 Holders of rec. July 15
Aug. 1 Holders of rec. July 13
Aug. 1 Holders of rec. .11119 10
Aug. 1 Holders of me. July 15
Aug. 15 Ilolders of rec. July 31
Aug. 1 Holders of rec. July 14
Aug. 1 Holders of rec. July 14
Aug. 1 Holders of too. June 30
Oct. 15 Holders of rec. Sept.30
1-15-34 Holders of rec. Dee. $1
Oct. 15 Holders of rec. Sept.30
1-15-34 Holders of rec. Dee. 31
1
1
1
1
1
Holders of
Holders of
Holders of
Holders of
Holders of
rec. July 15
rec. July Sc
rec. July 8
roe .July 14
rec. July 14
87340 Aug. 1 Holders of rec. July 15
75e Aug. 1 Holders of rec. July 15
134% Aug. 1 Holders of rec. July 20
$134
1200
1 %
1h%
lh %
$1%
51
$134
131%
$134
$134
31.125
900
8134
$134
$134
$13'
$154
21.6.5
$134
600
50e
500
55e
560
55o
Sept. 1 Holders of rec. Aug. 15
Aug. 15 Holders of rec. July 20
Aug. 15 Holders of rec. July 20
Aug. 15 Holders of rec. July 20
Aug. 15 Holders of roe. July 20
Aug. 1 Holders of rec. July 15
Aug. 1 Holders of rec. July 15
Sept. I Holders of rec. Aug. 15
Aug. 15 Holders of rec. July 31
Sept. 1 Holders of rec. Aug. 15
Sept. 1 Holders of roe. Aug. 15
Aug. 15 Holders of rec. July 31
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Aug.
Sept.
Oct.
Aug.
Sept.
Oct.
2 Holders of roe. Sept. 15
2 Holders of rec. Sept. 15
2 Holders of rec. Sept. 15
2 Holders of rec. Sept. 15
2 Holders of roe. Sept. 15
2 Holders of rec. Sept. 15
2 Holders of rec. Sept. 15
2 Holders of rec. Sept. 15
1 Holders of rec. July 15
1 Holders of rec. Aug. 15
2 Holders of rec. Sept. 15
Holders of roe. July 15
1 Holders of rm. Aug. 15
2 Holders of rec. Sept. 15
$134 Aug. 1 Holders of rec. July 150
Financial Chronicle
812
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days inclusive.
Public Utilities (Continued).
Consolidated Gas Co of N Y pref.(qu.) E134 Aug. 1 Holders of rec. June 30
Dallas Power & Light Co.,7% pref.(qu.) $13.4 Aug. 1 Holders of rec. July 17
$134 Aug. 1 Holders of rec. July 17
$6 preferred (guar.)
$135 Aug. 1 Holders of rec. July 20
Davenport Water,6% pref. (quar.)
501 Aug. 1 Holders of rec. July 20
Dayton Power & Lt. Co.,6% p1. (mm.).
Derby Gas & EC.Corp., 634% pt.(qu.) $134 Aug. 1 Holders of rec. July 25
El% Aug. 1 Holders of rec. July 25
7% preferred (quar.)
Edison Elec. Ilium. Co.of Boston (au)- $23,4 Aug. 1 Holders of rec. July 10a
Electric Bond dr Share Co. VS pref.(qu.) $134 Aug. 1 Ho:ders of rec. July 8
$134 Aug. 1 Holders of rec. Ally 8
$5 preferred (guar.)
Electric Power Associates, Inc—
10c Aug. 1 Holders of rec. July 15
Class A and common
Oct. I Holders of rec. Sept. 20
$1
Elizabeth & Trenton RR.(s.-a.)
Oct. 1 Holders of rec. Sept. 20
$155
5% preferred (8.-a.)
Sept. 1 Holders of rec. Aug. 21
Empire & Bay State Teleg 4% gtd. WU./ $1
Deo. 1 Holders of rec. Nov. 20
$1
4% guaranteed (quar.)
Escanaba Pow.& Tree.6% pref.(no.).. 134% Aug. 1 Holders of roe. July 27
1)4% Nov. 1 Holders of rec. Oct. 27
8% Preferred (guar.)
Holders of rec. Jan 27
134%
6% preferred (guar.)
100 Aug. 15 Holders of rec. July 25
European EI.Corp..Ltd.,com.A & B (qu)
Fairmount Park & Hadd. Pass. Ry.(s-a.) $134 Aug. 5 Holders of rec. July 25
601 Aug. 1 Holders of rec. July 25
Fall River Gas Wks.Co.,(guar.)
Federal St. dr Pleasant Valley Pass.Ry _ - 62[5c Aug. 26 Holders of rec. Aug. 20
Gas Securities Co., corn.(monthly)__U34 of 1% Aug. 1 Holders of rec. July 15
50e Aug. 1 Holders of rec. July 15
Preferred (monthly)
750 Aug. 1 Holders of rec. July 15
Greenfield Gas Light Co.,6% pref (qu.)
c Aug. 1 Holders of rec. July 15
6834
cons.
(guar.)
Light
Hartford Elec.
Houston Lighting & Power,7% pref.(qu) $134 Aug. 1 Holders of rec. July 15
$1% Aug. 1 Holders of rec. July 15
$6 preferred (guar.)
$134 Aug. 1 Holders of rec. July 15
Idaho Power, 7% pref. (guar.)
$136 Aug. 1 Holders of rec. July 15
$6 preferred (guar.)
Illinois Northern Utilities134% Aug. 1 Holders of rec. July 15
6% preferred (quar.)
$134 Aug. 1 Holders of rec. July 15
$7 prior preferred (uuar.)
International Utilities Corp.. $7 pt.(go.) $154 Aug. 1 Holders of rec. July I50
87340 Aug. I Holders of rec. July I5a
$334 preferred (quar.)
Kentucky Utilities Co., 7% Jr. pf.(qu.)_ 87340 Aug. 21 Holders of rec. Aug. 1
13-5% Aug. 1 Holders of rec. July 20
Kokomo Water Works,6% pref.(qu.)
LincolnTelep. & Teleg.6% pref.(guar.) 134% Aug. 10 Holders of rec. July 31
Aug. 10 Holders of rec. July 31
5% special preferred (guar.)
Lone Star GO.9 Corp.,634% pref.(quar.) $1.63 Aug. 1 Holders of rec. July 15
500 Aug. 1
Lorain Telep. Co.,6% pref.(monthly)
500 Sept. 1
6% preferred (monthly)
Los Angeles Gas & Elec.6% Pt. Mar./- 1[5% Aug. 15 Holders of rec. July 31
Louisiana Pow.& Lt. Co.,$6 pref.(an.). $155 Aug. 1 Holders of rec. July 15
LoulsvUle Gas & Electric Co.(Del.)—
4331c Sept. 25 Holders of rec. Aug. 31
Class A de B common (guar.)
$134 Aug. 1 Holders of rec. July 17
Malone L.& P.,$6 pref.(quar.)
Milwaukee Elec. Ry.& Lt.,6% pt.(qu.) 134% July 31 Holders of rec. July 20
Mississippi Power & Light—
50c Aug. 1 Holders of rec. July 15
$6 lot preferred (guar.)
Mohawk-Hudson Pow.,$7, let pt.(qu.)- $131 Aug. 1 Holders of rec. July 15
% Aug. 15 Holders of rec. Aug. 1
(qu.)
Cons.
Water,
7%
Pref.
Monmouth
$134 Aug. 1 Holders of rec. July 10
Montana Power, $6 pref. (guar.)
$2 Aug. 15 Holders of rec. July 31
Montreal Light, Heat & Power (guar.)_
Montreal Lt., Ht. dr Pow. Consol. (qu.) 0380 July 31 Holders of rec. June 30
8c Aug. 20 Holders of rec. Aug. 10
Mutual Telep., Hawaii (monthly)
25c Sept. 1 Holders of rec. Aug. 11
National Power de Light.com.(guar.)_ _ _
$134 Aug. 1 Holders of rec. July 8
$6 preferred (quar.)
$I Aug. 1 Holders of rec. June 30
Nevada-California Elec. Corp.,
$134 Aug. 1 Holders of rec. July 15
New Engl. Water,Lt. dr Pow. pf.(qu.)
New Jersey & Hudson Riv. Ry.& Ferry
Aug. 1 Holders of rec. July 31
$3
6% preferred (s.-a.)
North ,American Edison Co pref.(qu.)- $134 Sept. 1 Holders of rec. Aug. 15
Northern New York Utilities, Inc.,
134% Aug. 1 Holders of rec. July 10
7% 1st preferred (guar.)
Northern States Power Co. of Del.—
1% Aug. 1 Holders of rec. June 30
Common (quar.)
Ohio Public Service Co.,7% pref.(mo.). 58 1-30 Aug. 1 Holders of rec. July 15
50e Aug. 1 Holders of rec. July 15
6% preferred (monthly)
41 2-3c Aug. 1 Holders of rec. July 15
5% preferred (monthly)
Aug. 1 Holders of rec. July 25
$2
Orange & Rockland Electric (guar.)3736c Aug. 15 Holders of rec. July 31
Pacific Gas & Elec.,6% pref.(guar.)
Aug.
15 Holders of rec. July 31
34341
(guar.)
534% preferred
750 Aug. 15 Holders of rec. July 20
Pacific Lighting Corp..corn.(quar.)....
Peninsular Telep. Co., 7% pref. (quar.) 154% Aug. 15 Holders of rec. Aug. 6
134% Nov. 16 Holders of rec. Nov. 6
7% preferred (guar.)
% 2-15-34 Holders of rec. 2 5-34
7% preferred (quar.)
Holders of rec. July 20
55c Aug.
Pennsylvania Pow.Co..$6.60 pref.(qu.)
Holders of rec. Aug. 21
55.0 Sept.
$6.60 preferred (guar.)
Holders of rec. Aug. 21
h Sept.
$6 preferred (guar.)
Holders of rec. Aug. 10
254. Sept.
Philadelphia Co., 5% preferred (s.-a.)_ _
Holders of rec. July 10
Philadelphia Elec. Co., $5 pref. (quar.) $15‘ Aug.
Holders
of rec. Sept. 5
Oct.
50c
Pow.
Co..8%
pfd.(qu)
Elec.
Philadelphia
Holders of rec. Aug. 12a
Phila.Suburban Water Co., pref.(guar.) $1[4 Sept.
Holders of rec. July 20
134% Aug.
Potomac Edison Co., 7% pref.(quar.)
Holders of rec July 20
134% Aug.
6% preferred (guar.)
Holders of rec. July 20
75c Aug.
Princeton Water Co.. N. J.(quar.)
of rec. July 15
Holders
Aug.
1-31
(inn.)
58
pf.
Colo.,
7%
Co.
of
Service
Public
Holders of rec. July 15
50c Aug.
6% preferred (monthly)
Holders of rec. July 15
41 2-3c Aug.
5% preferred (monthly)
70c Sept.3 liolders of rec. Sept. 1
Public Service Corp. of N.J., coin.(qu.)
$2 Sept.3 Holders of rec. Sept. 1
8% preferred (guar.)
$134 Sept.3 Holders of rec. Sept. 1
7% preferred (quar.)
Sept.3 Holders of rec. Sept. 1
$134
$5 preferred (quar.)
50c July 3 Holders of rec. July 1
6% preferred (monthly)
Aug. 3 Holders of rec. Aug, 1
500
6% preferred (monthly)
500 Sept.3 Holders of rec. Sept. 1
6% preferred (monthly)
Holders of rec. July 15
500 Aug.
Public Service of No. Ill., no par (quar )
Holders of rec. July 15
500 Aug.
$100 par (quar.)
Holders of rec. July 15
$134 Aug.
6% preferred (guar.)
!folders
of rec. July IS
$1%
Aug.
7% preferred (quar.)
tr25e Aug. I Holders of rec. July 26
Quebec Power Co., corn.(guar.)
Holders of rec. July 15
$I Aug.
Rhode Island Pub. Serv.,ser. A (qu.)
Holders of rec. July 15
50c Aug.
Preferred (guar.)
Holders of rec. July 15
200 Aug.
Rockland Light & Power (quar.)
Shawinigan Wat.& Pow.Co.,com.(qu.)_ tr13c Aug. 1 Holders of rec. July 14
Holders 01 100. Aug 20
Shenango Valley Water Co.6% pf.(qu.) 134% Sept.
Holders of rec. Nov 20
134% Dee.
6% preferred (guar.)
Holders
of rec. July 20
Aug.
$134
(quar.).._
pref.
Sierra Pacific Elec. Co.,
Sioux City Gas & Elec. Co.,7% p1.(qu.) $134 Aug. 1 Holders of rec. July 29
rec. Aug. 10
Holders
of
1
Aug.
134%
(8.-a.)..
pref.
5%
Co..
Water
Pitts
South
2% Aug. 1 Holders of rec. July 20
So. Calif. Edison Co., Ltd., corn.(qu.)
of rec. July 31
So.Calif. Gas Corp., $634 pref.(guar.)-- 1%% Aug. 3 Holders
250 Aug. 1 Holders of rec. July 31
Sou. Canada Pow.Co., Ltd.,corn.(qu.).
Holders of rec. July 15a
Standard Pow.6r Lt. Corp. pt.(quar.).. $134 Aug.
Holders of rec. July 15
Suburban Elec. Securities, 1st pref.(au) $134 Aug.
2% Aug. 1 Holders of rec. July 31
Syracuse Ltg. Co., Inc..8% pref. (guar.)
Holders of rec. July 31
134% Aug.
634% preferred (guar.)
134% Aug. 1 Holders of rec. July 31
6% preferred WW1
[folders of rec. July 20
200 Aug.
Telephone Invest. Corp.(mthly.)
Holders of rec. Aug. 20
20c Sept.
Monthly
Holders of rec. Sept.20
201 Oct.
Monthly
Holders of rec. Sept. 15
Tennessee Elec.Pow.Co.,7.2% pt.(qu.) $1.80 Oct.
Holders of rec. Sept. 15
Oct.
$134
7% preferred (quar.)
Holders of rec. Sept. 15
$134 Oct.
6% preferred (guar.)
Holders of rec. Sept.15
Oct.
34
$1
5% preferred (guar.)
Holders of req. July 15
600 Aug.
7.2% preferred (monthly)
Holders of rec. Aug. 15
60e Sept.
7.2% preferred (monthly)
Holders
of rec. Sept. 15
Oct.
60e
7.2% preferred (monthly)
Holders of rec. July 15
50c Aug.
6% preferred (monthly)
Holders of rec. Aug. 15
Sept.
50c
(monthly)
preferred
6%
Holders of rec. Sept. 15
500 Oct.
6% preferred (monthly)
Holders of rec. July 17
Tennessee Public Service, $6 pf.(quar.)- $134 Aug.
Holders of rec. July 15
Aug.
134%
Texas Power & Lt. Co.,7% pf.(quar.)
Holders of rec. July 15
$11.5 Aug.
$6 preferred (guar.)
Holders of rec. July 15
Aug.
1-30.
58
(monthly).
pref.
Co.,
7%
Edison
Toledo
Holders of rec. July 15
500 Aug.
6% preferred (monthly)
Holders of rec. July 15
41 2-30. Aug.
5% preferred (monthly)
of rec. Aug. 31
Holders
Sept.
3
300
United Gas Improvement (guar.)
Holders
of sec. Aug. 31
$134 Sept.3
Preferred (guar.)
Name of Company.
July 29 1933
Per
When
Share. Payable.
Books Closed
Days Imitates.
Public Utliftles (Concluded)
Utica Gas & Elec. Co., 7% pref.(quar.). $114 Aug. 15 Holders of rec. Aug. 1
West Penn Elec., 6% pref. (guar.)
134% Aug. 15 Holders of rec. July 20
7% preferred (guar.)
134% Aug. 15 Holders of rec. July 20
West Penn l'ower Co.,6% pref. ((Dior.). $13-4 Aug. I Holders of rec. July 5
$1% Aug. I Holders of rec. July 5
7 3 preferred (quar.)
July 31
Wisconsin Telephone Co., corn. (quar.).
Bank and Trust Companies.
Amsterdam City Nat. Bank (N.Y.)(qu)
Corn Exchange Bank & Trust Co. (qu.)
Kings County Trust Co.(guar.)
Fire Insurance Companies.
Boston Ins. Co (s.-a.)
City of New York Insur. Co
Franklin Fire Ins. (quar.)
Richmond Insurance Co. of New York
St. Paul Fire & Marine Ins.(guar.)- Standard Fire Ins. Co.(N J (guar.)
United States Fire Ins.(guar.)
$334 July 31 Holders of rec. July 15
75e Aug. 1 Holders of rec. July 19
$20 Aug. 1 Holders of rec. July 25
$4
$5
25c
10c
$136
37 Ha
30c
Oct. 2 Holders of roe. Sent
Aug. I Holders of rec. July
Aug. 1 Holders of rec. July
Aug. 1 Holders of rec. July
July 17 Holders of rec. July
July 24 Holders of rec. July
Aug. 1 Holders of rec. July
20
15
20
11
12
17
21
Miscellaneous.
Abraham & Straus, Inc., pref. (quar.)
$134 Aug. I Holders of ree. July 15
250 Aug. 1 Holders of rec. July 21
Adams-Millis Corp., corn.(guar.)
$134 Aug. 1 Holders of rec. July 21
Preferred (quar.)
Sc Aug. 1 Holders of rec. July 19
Affiliated Products, Inc. (monthly).....
15c Aug. 1 Holders of roe July 10
Alaska Juneau Gold Mining (guar
$134 Sept. I Holders of rec. Aug. 15
Allegheny Steel Co.. pref. (guar.)
Allied Chemical & Dye Corp., coin.(qu.) $134 Aug. I Holders of rec. July I
Si 34 Aug. 1 Holders of rec. July 25a
Allied Kid Co., pref.(guar.)
50c Sept.30 Holders of roe &Art 16
Aluminum Mtg., Inc .cons.(guar.)
50e t)ec. 31 Holders of rec. Dee. 15
Common (guar.)
$134 Sept.30 Holders of rec. Sept. 15
Preferred (qual.)
$134 Dee. 31 Holders of rec. Dee 15
Preferred (guar.)
50c July 31 Holders of rec. July 15
Amerada Corp., capital stock (quar.)
$1 Aug. 15 Holdors o reo July 250
American Can Co coin. (guar )
h$636 Aug. 5 Holders of rec. July 21
American Capital Corp. $534 prof
% Sept. 1 Holders of rec. Aug. 25
American Envelope Co.7% Pf• (quar.)
% Dec. 1 Holders of rec. Nov.25
7% Preferred (guar.).
7Sic Sept. 1 Holders of rec. Aug. 15
Am.& Gen.Secs. Corp.cl. A core.(qu.)
75c Sept. 1 Holders of rec. Aug. 15
$3 series cum. preferred (quar.)
250 (mt. 1 Holders or re() Sept. 16
American Hardware
25e l-I-34 Holders of roe Doe. 16
Quarterly
25e Aug. 1 Holders of rec. July 14a
American Home Products(monthly)__
371.40 Sept. 1 Holders of roe. Aug 24
American Hosiery Co (quar.)
50c Aug. 1 Holders of rec. July 20
American Investment Co. 01 111. (guar.)
750 Aug. 15 Holders of rec. July 31
American Investors. $3 pref. (guar.) - - 200 Aug. 1 Holders of rec. July 15
American Mach & Fdy. Co.. coin. (q11.)
500 Aug. 15 Hullers of rec. July 31
American Re- insurance Co.(guar.)
500 Aug. 1 Holders of rec. July 15
American Shipbuilding loom /
500 Oct. 1 Holders of rec. Sept. 15
American Stores Co. (guar.)
500 Dec. 1 Holders of rec. Nov. 15
Extra
500 Jan 134 Holders of rec. Dec. 15
Quarterly
501 Oct. 2 Holders of rec. Sept. Sc
Amer.Sugar Relining Co.,corn.(guar.)$154 Oct. 2 Holders of rec. Sept. 5a
Preferred (guar.)
350 Aug. 1 Holders of rec. July 28
Amsterdam Trading Co.(Am.shs.)
3% Aug. 18 Holders of rec. June 30
Anglo-Amer. Corp. of So. Africa,6% pt.
Anglo-Persian Oil—
zw7Si% Aug. 7 Holders of rec. June 30
American dep. rec. ord. reg
July 31 Holders of rec. July 1
rw7
Ordlnary register
zw4% July 30
1st preferred reg. (s.-a.)
swAyi% July 30
2d preferred reg. (8.-a.)
Sc Oct. 1 Holders of rec. Sept. 15
Angostura-WuP.m.n. Initial(guar')
Archer-Daniels-Midland Co.. pref. (au.) $154 Aug. 1 Holders of rec. July 21
350 Aug. 1 Holders of rec. July 20
Asbestos Mfg. Co.,7% pref.(quar.) - - $134 Aug. 1 Holders of rec. July 20
Atlas Powder Co., pref.(quar.)
25e Aug. 1 Holders of rec. July 14
Austin. Nichols.5 Co., Inc.. prior A (qu.)
Bomberger (L.) & Co.. 634% Pf.(qu.)... 144% Sept. 1 Holders of rec. Aug. 15
wit Oct. 1 Holders of roe. Sept 211
Barber(W.H.), pref. (guar.)
136% Aug. 15 Holders of roc. Aug. 1
Beacon Mfg.,6% pref.(guar.)
Aug. 1 Holders of reo. July 15
$i
Beatty Bros., 1st pref. (quar.)
$1 Aug. 1 Holders of rec. July 15
Belding Corticelli, Ltd., corn.(quar.)...
Beneficial Indus. Loan Corp., com.(qu.) 37340 July 30 Holders of reo. July 15
87[0 July 30 Holders of roe. July 15
Preferred.series A (quar.)
50 Aug. 1 Holders of rec. July 17
Beverages, Inc.(Initial)
25c Aug. 15 Holders of roc. Aug. 1
BINenfeec
s,d
e 1nce
(h.,ar
coirn. (guar.)
75c Aug. 15 Holders of rec. Aug. 1
37 Sic Aug. 15 Holders of rim. Aug. 11
Bloch Bros. Tobacco (guar.)
37340 Nov. 15 Holders of rec. Nov. 11
Quarterly
$114 Sept.30 Holders of rec. Sept. 25
Preferred (quar.)((Bran)
$14 Dec. 31 Hoidens of tee. Deo. 25
Preferred (guar.)
$1% Aug. 1 Holders of rec. July 20
Bloomingdale Bros., pref. (guar.)
BlueRi
n29(cl
agu)
earCorp. $3 cony. pref. series
P75c Sept. 1 Holders of rec. Aug. 5
251 Aug. 15 Holders of roe. ...y 25
Bohack (H. C.), common
$1% Aug. 15 Holders of roc July 25
1st preferred (quar.)
Bohack Realty Corp., 1st pref.(guar.).- $151 Aug. 15 Holders of rec. July 25
$1
July 31 Holders of Pee. Jul? 13
Bon Ami 004 common A (guar.)- $1 Oct. 3 Holders of rec. Oct. 16
C3M on A (quar.)
50o Oct.
Common
Bern°a. Inc
(ig
alar.)
Holders of rec. nept.24
A
25c Jan. 1 Holders oh rec. Jan. 12
68)40 Aug. 1 Holders of rec. Aug.
Bourfols, Inc., pref. (guar.)
750
July
2 Holders of rec. July 20
Brewer
de Co.(monthly)
$1 July 2 Holders of rec. July 20
Extra
British South Africa Co.—
zw6d
Aug. 1 Holders of rec. July 7
Amer. dep. rec. (interim.)
75c Aug.
Holders of rec. July 18
Broadway Dept. Stores, 7% 1st pref(qu)
% Aug.
Holders of rec. June 30
Broadway & Newport Bdge..5% pf.(qu.)
$214 Aug.
Quarterly
Holders of rec. June 30
134% Aug.
Brown Shoe Co., pref. (guar.)
Holders of rec. July 20
754
Sept. I Holders of rec. Aug. 25
Buckeye Pipe Line Co. (attar.)
Buckeye Steel Castings Co., pr• Pf• (qu.) $1% Aug.
Holders of rec. July 18
5134 Aug.
Holders of rec. July 18
6% preferred (guar.)
dl3c Aug.
Bullock Fund, Ltd
Holders of rec. July 15
II
oil.
Burger Bros.. 8% peel. (guar.)
Holders of roe. Sept 15
10o
Co.
Sept.
(guar.)
Holders of rec. July 31
Burroughs Adding Machine
500 Aug.
Byers (A. M.) Co., preferred
Holders of rec. July 14
400 Oct.
Colombo Sugar Estates, corn. (quar.)_.
Holders of rec. Sept. 15
350 Oct.
Preferred (quar.)
Holders of rec. Sept. 15
$134 Aug.
Campe Corp., 634% pref. (guar.)
Holders of rec. July 15
15c Aug.
Canadian Bronze Co., Ltd., corn.(qU.)Holders of rec. July 20
% Aug.
Preferred
co
Holders of rec. July 20
(
nqvuearrt)
rs
500 Aug. 1 Holders of reo. July 31
Ltd., corn.(guar.)
Canadian
Canadian Dredge .5 Dock Co., Ltd.134% Aug.
7% preferred (quar.)
Holders of rec. Ally 21
Canadian Indust., Ltd.—
87;i0 July 3 Holders of rec. June 30
Class A and B (quar.)
10c Aug.
Holders of roe. July 14
Canadian Investment Corp.(quer.).- - 4e Aug.
Canadian sIhnavre
esstm't Fund Ltd., ord. shs.
[folders of rec. July 15
40 Aug.
[folders of rec. July 15
Canadian 011 COs., Ltd.. corn.(quar.).._ _ 12 tic Aug. 1 Holders of rec. Aug. 1
15c Aug.
Iloiders of rec. July 20
Capital Management Corp.(quar.)
$1% Oct.
Carnation Co.,7% pref.(quar.)
1-1-3
$134
7% Preferred (quar.)
8744e. Jan.
Holders of roe fan 14
Cartier, roe_ 7% pref
750 Aug. 1 Holders of rec. July 31
Cedar Rapids Mfg.& Pow.(quar.)
15% Aug. 1 Holders of rec. Aug. 1
Central Aguirre Associates
150 Aug.
Holders of rec. July 20
Central Illinois Security Corp., pref (qu)
We. Aug. 1 Holders Of rec. Aug. a
Centrifugal Pipe Line Oorp.oap.stit.(qu.)
Me. V011. I Holders or ree. NOV. 11
Capital stock (qua 1..... .......
4 Sept.
Holders of rec. Aug. 19
Century Ribbon Mills,Inc., pref.(CLUJ-- $1,
35c Aug.
Holders of rec. July 12
Century Shares Trust (s.-a.)
100 Aug. 1 Holders of rec. July 31
Chain Belt Co.(guar.)
25o Aug.
Holders of roc. July 26
Charts Corporation
Aug.
$1
Holders of roc. July 17
Charlton Mills(Mass.)
Holders of rec. Aug. 1
Chartered Investors, $5 pref.(guar.) -- $134 Sept.
Aug.
h31
Holders of rec. July 25
Cherry-Burrell Corp., prof
25e Sept.
Holders of rec. Aug. 19
Chicago Yellow Cab Co.,(no.(quar.)--$134 Aug.
Holders of rec. July 25
City Biking, pref. (quar.)
50e Oct.
Holders of rect. Sept. 20
Clorox Chemical Co.. M. A (quar.)
500 Jan 1'3 Holders of rec. Dee. 20
Quarterly
Financial Chronicle
Volume 137
Name of Company.
Per
When
Cemt. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Cluett, Peabody & Co., Inc., corn. (qu.)
25c Aug. 1 Holders of rec. July 21
Compania Swift Internacional
SI Aug. 15 Holders of rec. July 15
Confederation Life Assoc. (guar.)
$1 Sept. 30 Holders of rec. Sept.25
Quarterly
$1 Dee. 31 Holders of rec. Dee. 25
Consolidated Chemical Indus., Inc.Class A panic. pref. (quar.)
37340 Aug. 1 Holders of rec. July 15
Consolidated Cigar, prior pref. (quar.)
$144 Aug. I Holders of rec. July 21
$1.
Sept. 1 Holders of roc. Aug. 15
7% Preferred (guar.)
Consolidated Oil Corp., pref.(guar.)._ __ $2
Aug. 15 Holders of rec. Aug. 1
Continental Can Co., Inc. corn. (guar.) _
50e Aug. 15 Holders of rec. July 25a
Coon (NV. B.) Co., 7% pref. (guar.).- S141 Aug. 1 Holders of rec. July 15
Cottrell(C. S.) & dons Co.
6% preferred (guar.)
11.4% Oct. 1
6% preferred (quar.)
I Ss% t-1-'34
Courtaulds, Ltd., corn. interim
w134% Aug. 19 Holders of rec. July 18
Crowell Publishing, 7% pref. (s.-a.)____
% Aug. 1 Holders of rec. July 24
Cuneo Press, Inc., common (guar.)
300 Aug. 1 Holders of roe. July 20
% preferred (guar.)
Sept. 15 Holders of rec. Sept. 1
Daggafontein Mines, Ltd., ord
18.6d. Aug. 18 Holders of rec. June 30
Deposited Ins. Shares. class A
6 Sic Aug. I Holders of rec. June 30
Diamond Ice & Coal,7% pref.(quar.) _ _
$141 Aug. 1 Holders of rec. July 25
Dieme & Wing Paper Co.,7% p1.(qu.)_ _
$14 Aug. 15 Holders of rec. July 31
Dividend Shares, Inc
16c. Aug. 1 Holders of rec. July 15
Domestic Finance Corp., 2nd pref. (qtr.)
50c Aug. 1 Holders of rec. July 27
Dominguez Oil Fields (monthly)
15c Aug. 1 Holders of rec. July 14
Dominion Bridge Co.. Ltd., corn.(quar.) tr50c Aug. 15 Holders of rec. July 31
Common (guar.)
tr50c Nov. 15 Holders of rec. Oct. 31
Dominion Scottish Investments,5% pi__
25e Aug. 1 Holders of rec. July 20
Dow Chemical Co.(guar.)
50e Aug. 15 Holders of rec. Aug. I
Preferred (guar.)
134% Aug. 15 Holders of rec. Aug. 1
Duplan Silk Corp., (5.-a.)
50c Aug. 15 Holders of rec. Aug. 3
Eastern Bond de Share, ser. B (guar.) 25c Aug. 1 Holders of rec. July 8
Eastern Theatres, Ltd., cont.(quar.)_ _ _
50c Sept. 1 Holders of rec. July 31
7% preferred (s.-a.)
$334 July 31 Holders of rec. June 30
Eureka Pipe Line Co
Si Aug. 1 Holders of rec. July 15
Exchange Buffet Corp. (guar.)
133(c July 31 Holders of rec. July 22
Faber Coe & Gregg, 7% pref. (quar.)._
% Aug. 1 Holders of rec. July 20
Faultless Rubber Co., corn. (quar.)..
50c Oct. 1 Holders of rec. Sept. 15
Federal Knitting Mills Co.(quar.)
62340 Aug. 1 Holders of rec. July 15
Fibreboard Products. pref. (guar.)
SI Si Aug. 1 Holders of rec. July 15
Fidelity Fund, Inc.(guar.)
50c Aug. 1 Holders of rec. July 15
Extra
50e Aug. 1 Holders of rec. July 15
Fort Worth Stockyards (guar.)
3734c Aug. I Holders of rec. July 22
Freeport Texas,6% pref.(guar.)
I Si% Aug. 1 Holders of rec. July 14
General Cigar Co.. corn.(guar.)
Si
Aug 1 Holders of rec. July 17
Preferred (guar.)
51% Sept. 1 holders of rec. Aug. 23
Preferred (quar.)
$1% Dec. 1 Holders of rec. Nov. 24
General Foods Corp.(guar.)
45c Aug- 15 Holders of rec. Aug. 1
General Mills, coin. (guar.)
75c Aug.
Holders of rec. July I5a
General Motors Corp.. $5 pref. (guar.) _
$11.8 Aug.
Holders of rec. July 10
General Stockyards Corp., corn. (guar.)
50c Aug.
Holders of rec. July 14a
$6 preferred (guar.)
holders of rec. July 14a
$134 Aug.
Gold Dust Corp., corn. (guar.)
30c Aug.
Holders of rec. July 10
Gotham Silk Hosiery Co., pref. (quar.) _
$144 Aug.
Holders of roe. July 12
Gottfried Baking Co., Inc., cl. A (guar.)
751. Om.
Holders of rec. Sept. 20
Preferred (guar.)
IM % Oct. 2 Holders of roe. Sept. 20
Preferred (quar.)
% Jn.2 '34 Holders of rec. Dee. 20
Government Gold Mines Areas, Ltd., reg 60%
Aug. 17 Holders of rec. June 30
American deposits received
60% Sept. 1 Holders of rec. June 30
Grace (W Ft.) de Co ,
pref.
3% Dec. 29 Holders of rec. Dec. 27
Great Lakes Engineering Works
Sc Aug. 1 Holders of rec. July 25
Guelph Carp.&Wors.MI118,6 %pf.(qu.) 134% Aug. 1 holders of rec. July 20
Hale Brothers Stores, Inc.(guar.)
15c Sept. 1 holders of rec. Aug. 15
Halle Bros. Co., pref.(quar.)
$134 July 31 Holders of rec. July 24
lianulbal Bridge Co., cone. (guar.)
$2
Oct. 2(.1 Holders of rec. Oc,. ,0
Harbsuer Co.. 7% pref. (guar.)
% Oct. 1 Holders of rec. Sept. 21
7% preferred (guar.)
134% 1-1-'34 Holders of rec. Dec. 21
Hardesty (11.), 7% Pref. (guar.)
% Sept. 1 Holders of rec. Aug. 15
7% preferred (guar.)
Holders of roe. Nov. 15
1St % Dec.
Hartford Times, Inc., pref. (quar.)
75c Aug. 15 lolders of rec. Aug. 1
11elena Rubinstein, Inc., pref.(guar.)___
25c Sept. 1 Holders of rec. Aug. 15
Hercules Powder Co.. pref. (quar.)___ $154 Aug 15 Holders of rec. Aug. 4
Hershey Chocolate Corp., corn. (quar.)_
75e Aug. 15 Holders of rec. July 25
Convertible preference (guar.)
Si Aug. 15 Holders of ree. July 25
Hibbard, Spencer. Bartlett & Co.(mu.)
10e Aug. 25 folders of rec. Aug. 18
Monthly
100 Sept.29 Holders of rec. Sept.22
Horn & Harden (N. Y.) corn. (quar.)__
500 Aug. 1 Holders of rec. July 11
' Preferred (quar.)
Si 34 Sept. 1 Holders of rec. Aug. 11
Home(Jos.),6% pref.(guar.)
$11.4 Aug 1 Holders of rec. July 24
Hornel ((leo. A.)& Co.,(guar.)
25c Aug. 15 Holders of rec. July 29
6% preferred A (guar.)
$134 Aug. 15 Holders of rec. July 29
Humberstone Shoe (guar.)
50e Aug. 1 Holders of rm. July 12
Industrial cotton MIlls, 7% pref.(guar.)
Holders of rec. July 20
% Aug
Internat. Business Mach. Corp. (guar.) $134
Oct. 10 Holders of rec. Sept. 22
Interns Cigar Nisch. Co., coin. (Oust.) 37340 Aug.
Holders of rm. July 15
Internat. Iiarvester Co.. met.(guar.)_ _ _
Holders of rec. Aug. 5
$1'!i Sept.
International Nickel of Can.(quar.)____
Holders of roe. July 3
5134 Aug.
International Printing Ink CorpPreferred (guar.)
Holders of rec. July 15
$1 34 Aug.
International Shoe, pref. (guar.)
Holders of rec. July 15
50o
Aug
Preferred (monthly)
Holders of rec. Aug. 15
50c
Sept.
Preferred (monthly)
Holders of rec. Sept. 15
50e
Oct.
Preferred (monthly)
Holders of rec. Oct. 15
Nov.
500
Preferred (monthly)
Holders of rec. Nov. 15
Dec.
50c
International Tea Stores, ord. reg.
Holders of rec. July 8
rw18% Aug
Amer. dep. rec. ord. mg
Holders of rec. July 7
rw18% Aug.
Interstate Hosiery Mills Co
40e Aug. 1 Holders of rec. Aug. 1
Intertype Corp. 1st pref. (s.-a.)
Holders of roe. Sept. 15
Oct.
$2
Jackson & Curtis Secs., $6 pref
Holders of rec. July 18
750 Aug
Kekaha Sugar (monthly)
Holders of rec. July 25
10e Aug.
Keystone Steel & Wire, 7% pref
'folders of rec. July 15
h$5 Si Aug.
Klein(D.Emil)(guar.)
Holders of rec. Sept. 20
25e Oct.
Preferred (guar.)
Holders of rec. July 20
SI% Aug.
Kress (S. H.) de Co., corn.(guar.)
Holders of rec. July 20
250 Aug.
Special preferred (guar.)
Holders of rec. July 20
15e Aug.
Kroger Grocery de Baking (guar.)
Holders of rec. Aug. 10
250 Sept.
1st preferred (guar.)
Si 34 Sept.3 Holders of rec. Sept. 20
2d preferred (guar.)
Holders of rec. Oct. 20
$134 Nov.
7% Preferred (guar.)
Holders of rec. July 20
I M % Aug
Landers Frary & Clark (quar.)
37Sie Sept.30
Quarterly
37340 Dec. 3
Lane Bryant, Inc.,7% pref.(quar.)____ 134% Aug.
Holders of rec. July 15
Lawbeck Corp., $6 pref. (guar.)
Holders of rec. July 10
$155 Aug.
Lazarus(F.& R.)de Co.,61.4% pf. (qu.)_ I % Aug.
Holders of rec. July 20
Leslie-California Salt Co.. corn. (quar.)_
35e Sept. 15 Holders of rec. Sept. 1
Liggett de Myers Tobacco Co.
Common and common B (guar.)
Holders of me. Aug. 15
$1 Sept.
Lincoln National Life Ins. Co.cap.stock
Holders of rec. July 28
600. Aug.
Capital stock
Holders of rec. Oct. 26
700. Nov.
Link-Belt Co., common
100 Sept. !folders of rec. Aug. 15
61.4% preferred (guar.)
Holders of rec. Sept. 15
134% Oct.
Loblaw Groceterlas, cl. A & B (guar.)... tr20c Sept.
Holders of rec. Aug. 12
Loew's Boston Theatre, corn. (guar.)._
Holders of rec. July 19a
15c Aug.
s, Inc.. $614 preferred (guar.)- -- $I% Aug. 1 lolders of rec. July 31
Wiles Biscuit Co., corn. (guar.) _
Holders of rec. July 18a
50c Aug.
Preferred (guar.)
Holders of rec. Sept. 18a
Si Si Oct.
Lord Se Taylor, 2nd preferred (guar.). __
Holders of roe. July 17
$2 Aug.
Lunkenhelmer Co.,pref.(guar.)
$134 Oct 2 Holders of roe. Sept.22
Macy (R. 11.) de Co., common (quar.)
50c Aug. 15 Holders of rec. July 21
Magnin (I.) & Co.,6% pref. (guar.)._ 1)4% Aug. 15 Holders of moo. Aug. 5
6% preferred (quar.)
155% Nov. 15 Holders of roe. Nov. 8
Manufacturers Casualty Inc. (guar.)_
3755c Aug. 1 Holders of rec. July 15
May Dept. Store Co. (quar.)
2.5e Sept. 1 Holders of rec. Aug. 15
McCall Corp., corn. (Qum.)
500 Aug. 1 Holders of roe.-July 15
McClatchy Newspaper, 7% pref.(guar.) 43Mo Sept. 1 Holders of rec. Sept. I
7% Dretrred (guar.)
43540 Dec. 1 Holders of rec. Dee. 1
McIntyre Porcupine Mines, Ltd.(qu.)-. 0250 Sept. 1 Holders of rec. Aug. 1
Bonus
Sept. 1 Holders of rec. Aug. 1
Extra
Sept. 1 Holders of rec-Aug. 1
Mercantile Stores, 7% prof. (quar.)__ _ _
$134 Aug. 15 lloiders of rec. July 31
Metal de Thermit Corp.. corn.(quar.)- - SI
Aug. 1 Holders of roe. July 20
tZ
Name of Company.
813
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Melville Shoe Corp.,com.(guar.)
30e Aug. 1 Holders of rec. July 14
1st preferred (guar.)
$134 Aug. 1 Holders of rec. July 14
2d preferred (guar.)
734e Aug. 1 Holders of rec. July 14
Metropolitan Industries, 6% pref
25e Aug. 1 Holders of rec. July 18
Metropolitan Storage Warehouse (quar.)
75e Aug. 1 Holders of rec. July 20
Moody's Investors Service, pref. (qu.)....
750 Aug. 15 Holders of rec. Aug. I
Moore (w m.) Dry Goods Co.(quer.) -- $1
Oct. I
Quarterly
$1
1-1-34
Morris 5e. dc 10c. to I Sta., 7% pt. (qu.) 134% Oct. 1
7% preferred (guar.)
1St % 1-2-34
Morris Plan Ins. Soc. (guar.)
Si
Sept. 1 Holders of rec. Aug. 25
Quarterly
Si
Dec. 1 Holders of rec. Nov. 24
Mtge. Corp. of Nova Scotia (quar.)
$144 Aug. I
Nash Motors Co.(guar.)
'250 Aug. 1 Holders of rec. July 20a
Nashua Gummed & Coated Paper
50c Aug. 15 Holders of rec. Aug. 8
Quarterly
50e Dec. 15 Holders of rec. Nov. 8
7% preferred (guar.)
$14.4 Oct. 2 Holders of rec. Sept. 25
7% preferred (guar.)
$1% Jan. 2 Holders of rec. Dec. 21
Nat. Bearing Metals Corp., 7% Pr. (:111.) 144% Aug.
Holders of rec. July 15
7% preferred
551 Aug.
Holders of rec. July 15
National Biscuit Co. preferred (guar.).% Aug. 3 Holders of rec. Aug. 15
National Carbon Co..8% pref. (guar.) _
$2 Aug.
Holders of rec. July 20
National Container Corp., pref. (guar.)
50c Sept.
Holders of rec. Aug. 15
National Lead Co., pref. 13 (guar.). --Holders .0 rec. ,Inly 21
$11.4 Aug
National Licorice (s.-a.)
$1 July 3 Holders of rec. July 17
National Tea Co., pref. (guar.)
13%0 Aug.
Holders of rec. July 14
National Weaving,7% pref.(s-a)
$334 July 3 Holders of rec. July 22
Nationwide Securities, series B
4c Aug.
Holders of rec. July 15
Neon Products of W.Canada,5% pf.(gu)
750 Aug.
Holders of rec. July 15
New Amsterdam Casualty (s-a)
60e Aug.
Holders of rec. July 24
New Era Consolidated, Ltd., ord
434 Aug. 18 Holders of rec. June 30
New Jersey Zinc, corn.(guar.)
50c Aug. 10 Holders of rec. July 20
New Process Co., corn. (quar.)
25e Aug. 1 Holders of rec. July 26
134% Aug. 1 Holders of rec. July 26
Preferred (guar.)
New York & Hood. Hos. Mng.(guar.) _ _
25e July 29 Holders of rec. July 18
Extra
37 Sic July 29 Holders of rec. July 18
N. Y. Merchandise Co., corn. (quar.).
25c Aug. 1 Holders of rec. July 20
Preferred (guar.)
$144 Aug. I Holders of rec. July 20
Newberry (3. J.) Co.,7% pref.(guar.).- $1% Sept. 1 Holders of rec. Aug. 16
Newberry (J. J.) Realty Co.638% series A pref. (guar.)
i% Aug. 1 Holders of rec. July 17
6% series B preferred Mar.)
134% Aug. 1 Holders of rec. July 17
Niagara Share Corp. of Md.Class A $6 preferred (guar.)
$134 Oct. 1 Holders of moo. Sept. 18
Class A $6 preferred (guar.)
$134 Jac 234 Holders of rec. Dee. 16
Nineteen IIundred Corp., class A (quar.)
5043. Aug. 15 Holders of rec. Aug. 1
Class A (guar.)
500. Nov. 15 Holders of roe. Nov. 1
Northam Warren Corp., pref. (guar.)._
750 Sept. I Holders of rec. Aug. I
Preferred (guar.)
750 Dec. 1 Holders of rec. Nov. I
Norwalk Tire & Rubber Co., pref. (qu.) 8755c Oct. 1 Holders of roe. Sept. 22
Norwich Pharmacal Co.(quar.)
$1 Oct. 1 Holders of rec. Sept. 20
Oahu Ry. & Land (monthly)
15c Aug. 15 Holders of rec. Aug. 11
Oahu Sugar (monthly)
Sc Aug. 15 Holders of rec. Aug. 6
Onomea Sugar (monthly)
20e Aug. 20 Holders of roe. Aug • 10
Outlet Co., common (guar.)
50c Aug. 1 Holders of rec. July 20
1st preferred (guar.)
$1% Aug. 1 Holders o 1 rec. July 20
2nd preferred (quar.)
$134 Aug. 1 Holders o I rec. July 20
Owens-Illinois Glass (guar.)
50c Aug. 15 Holders of rec. July 30
Extra
250 Aug. 15 Holders of rec. July 30
Pacific Finance Corp., pref. A (guar.)
20e Aug. 1 Holders of rec. July 15
Preferred C (guar.)
1634c Aug. 1 Holders of rec. July 15
Preferred D (guar.)
1734e Aug. 1 Holders of rec. July 15
Package Machinery .1st pref. (quar.)... $134 Aug. 1 Holders of rec. July 20
Participations in Selected Std. Oils,reg._
13c Aug. 1 Holders of rec. June 30
Penman's, Ltd., (guar.)
75e Aug. 1 Holders o I rec. Aug. 5
Preferred (guar.)
SI Si Aug. 1 Holders of rec. July 21
Penne Securities, Invest., cl. A
4c Aug. 1
Phila. Insulated Wire Co.(s-a)
50c Aug. 1 Holders of rec. July 15
Portland Gas & Coke Co..
pf. (qu.)
88c Aug. 1 Holders of rec. July 18
6% preferred (quar.)
75e Aug. 1 Holders of rec. July 18
Process Corp.,coo. (guar.)
5c Aug. 1 Holders of rec. July 21
Procter & Gamble Co., common (quar.) 3740 Aug. 15 Holders of rec. July 25
Pullman, Inc. (quar.)
750 Aug. 15 Holders of rec. July 24
Quaker Oats, preferred (quar.)
$1 34 Aug. 31 Holders of rec. Aug. 1
Quarterly Income Shares. Me
3c Aug. I Holders of rec. July 15
Rand Mines, Ltd., ordinary (s.-a.)
Sc. 3d.
Raymond Concrete Pile Co. pr. (qu.)
75e Aug. 1 Holders of rec. July 20
Reed (C. A.) Co.(guar.)
50c Aug. 1 Holders of rec. July 21
Republic Supply Co., corn. (guar.)
25e Oct. 5 Holders of rec. Oct. 2
Riverside Cement Co.,$6 1st prof (au.).. $134 Aug. 1 Holders of rec. July 15
Roos Bros., Inc., 634% pref
/181S41 Aug. 1 Holders of rec. July 15
Roses 5-10-25c. Stoms,7% pref.(guar.). stn Aug. 1 Holders of rec. July 25
Royal Dutch Co., ord. shares
41.075 Aug. 14 Holders of rec. July 31
Ruud Mfg. new common Mar.)
25e Sept. 15 Holders of rec. Sept. 5
St. Lawrence Flour Mills Co., Ltd.
Common (guar.)
37lie Aug. 1 Holders of rec. July 20
Preferred (guar.)
$144 Aug. 1 Holders of rec. July 20
Salt Creek Producers Association
20e Aug. 1 Holders of rec. July 15
Savannah Sugar Refg. Corp., corn. (qu.) $134 Aug. 1 Holders of rec. July 15
Common (quar.)
$134 Nov. I Holders of rec. Oct. 14
Preferred (guar.)
144% Aug. 1 Holders of rec. July 15
Preferred (Qum-)
134% Nov. 1 Holders of rec. Oct. 14
Scott Paper Co., set. A pref.(guar.).
$144 Aug. 1 Holders of rec. July 17
Series B preferred (guar.)
$114 Aug. 1 Holders of rec. July 17
Scotten Dillon Co. (guar.)
300 Aug. 15 Holders of rec. Aug. 4
Securities Corp. General$7 preferred (guar.)
$134 Aug. 1
$6 preferred (quar.)
$134 Aug. 1
Seeman Bros., Inc., cons. (guar.)
6240 Aug. 1 Ilolders of roe. July 15
Selby Shoe Co.,corn.(guar.)
35c Aug. 1 Holders of rec. July 20
Preferred (guar.)
$134 Aug. 1 Holders of rec. July 20
Sharpe & Dohme, pref. A (guar.)
50e Aug. 1 Holders of rec. July 14
Preferred A
h$1 Aug. 1 Holders of rec. July 14
Sheaffer(W. A.) Pen. pref. (quar.)
Oct. 20 Holders of rec. Sent. 30
$2
Sioux City Stkyds., $6 pt. (guar.)
37Sits. Aug. 15 Holders of roe Aug. 15
$a preferred (guar.)
37 lie. Nov. 15 Holders of rm. Nov. 15
Smith Agile. Chemical,6% pref.(guar.) $1 34 Aug. I Holders of rec. July 21
Smith (A.0.)Corp., pref.(guar.)
$1.1.4 Aug. 15 Holders of rec. Aug. 1
Solvay Amer. Invest.. pref.(guar.)
$154 Aug. 15 Holders of rec. July 15
Southern Acid & Sulphur Co., Inc..
Common (guar.)
500. Sept. 15 Holders of rec. Sept. 10
Southern Pacific Golden Gate Co.Class A & B (guar.)
37 Sic Aug. 15 Holders of rec. July 31
6% preferred (guar.)
$134 Aug. 15 Holders of rec. July 31
Squibb(ER.)& Son.$6 1st pref.(guar.) $145 Aug. 1 Holders of rec. July 25
Quarterly
25c Aug. I Holders of rec. July 25
Standard Cap & Seal (guar.)
600 Aug. 15 Holders of roe. Aug. I
Standard Corp.(guar.)
3c Aug. 1 Holders of rec. July 20
Stanley Works,6% pref.(quar.)
37340 Aug. 15 Holders of rec. July 31
Steel Co.of Canada(guar.)
30c Aug. 1 Holders of rec. July 7
Preferred (guar.)
4334e Aug. 1 Holders of rec. July 7
Sterling Pacific 011
3c Aug. 1 Holders of rec. July 15
Sun 011 Co., corn. (quar.)
25e Sept. 15 Holders of rec. Aug. 25
Common (guar.)
250 Dec. 15 Holders of rec. Nov. 25
Preferred (guar.)
114% Sept. 1 Holders of rec. Aug. 10
Preferred (quar.)
Holders of rec. Nov. 10
134% Dec.
Swift Internacional
$1 Aug. 15 Holders of rec. July 15a
Tacony-Palmyra Bridge, 73.4% pt. (qu.) 134% Aug. 1 Holders of rec. July 15
Teel( Hughes Gold Mines. Ltd.(guar.)15e Aug. 1 Holders of rec. July 13
Telautograph Corp.(Oum.)
25e Aug. I Holders of rec. July 14
Texas Gulf Sulphur Co.(quar.)
25c Sept. 15 Holders of rec. Sept. 1
Thatcher Mfg. Co., pref.(Oiler.)
90c Aug. 15 Holders of rec. July 31
Tide Water Oil Co.,5% pref.(quar.).
$134 Aug. 15 Ilolders of rec. Aug. 3
Timken Roller Bearing Co.(guar.)
15e Sept. 5 Holders of rec. Aug. 18
Trustee Standard Invest. Stores, ser. C.
5.4c Aug. 1
series I)
5.2e Aug. 1
Underwriters Finance, 7% pref.(guar.). 144% Aug. 1 Holders of rec. July 17
Union 011 0! Calif.(guar.)
25e Aug. 10 Holders of rec. July 20
(Inked Biscuit Co.of Amer., pref.(qu.). $111.4 Aug. 1 Holders of rec. July 15
United Milk Crate Corp.. cl A.(quar.).500 Sept. 1 Holders of rec. Aug. 15
Class A (guar.)
50c Dec. I Holders of rec. Nov. 15
814
Financial Chronicle
Per
When
Cent. Payable.
Name of Company.
_
Miscellaneous (Concluded).
United States Banking Corp. (monthly)
U. S.& Foreign Securities, 1st pref
U. S.Plpe & Foundry Co.. corn. (quar.)_
Common (quar.)
let preferred (Oust.)
lot preferred (quar.)
United Verde Extension Min. Co.(qu.)_
Universal Leaf Tobacco Co.. corn. (qu.)_
Extra
Vulcan Derinning Co., pref.(quar.)
Walgreen Co.. corn. (quar.)
Walton (C.S.) & Co.. pref.(quar.)
West Virginia Pulp & Paper Co.,pf.(qu.)
Westinghouse Air Brake Co.(quar.)
Westmoreland, Inc. (quar.)
White (S. S.) Dental Mfg.(quar.)
Whiting Corp., 65.6% pref.(quar.)
Winstead Hosiery Co.(quar.)
Quarterly
Wisconsin Holding, A (quay.)
Series A (quar.)
Wiser 011 (guar.)
Quarterly
Wolverine Tube. 7% pref.(5.-a.)
7% preferred (quar.)
Woolworth (F. W.) Co. (quar.)
Worcester Salt Co., 6% pref. (quar.)_
Wrigley (Wni.) Jr. Co.(monthly)
Wyatt Metal & Boiler Works (quar.)
7c
853
12340.
12340.
300.
300.
100
500
$1.
134%
25e
$2
$1.55
25c
30c
10c
3134
3134
$134
51755o
1734c
25e
250
$334
3134
600
134%
35c
$1 34
Books Closed
Days Inclustre.
Aug. 1 Holders of rec. July 17
Aug. 1 Holders of rec. July 220
Oct. 20 Holders of roe. Sept. 30
1-20-34 Holders of reo. Dee. 30
Oct. 20 Holders of rec. Sept. 30
1-20-34 Holders of rec. Dec. 30
Aug. 1 Holders of rec. July 3
Aug. 1 Holders of rec. July 19
Aug. 1 Holders of rec. July 19
Oct. 20 Holders of rec. Oct. 60
Aug. 1 Holders of rec. July 15
Aug. 1 Holders of rec. July 15
Aug. 15 Holders of rec. Aug. 1
July 31 Holders of rec. June 30
Oct. 1 Holders of rec. Sept. 15
Aug. 1 Holders of rec. June 14
Aug. 1 Holders og rec. July 25
Aug. 1 Holders of rec. July 15
Nov. 1 Holders of rec. Oct. 15
Sept. 15 Holders of rec. Sept. 1
Sept. 15 Holders of rec. Sept. 1
Oct. 2 Holders of rec. Sept. 12
Jan2'34 Holders of reo. Deo. 12
Sept. 1 Holders of rec. Aug. 15
Dec. 1 Holders of rec. Nov. 15
Sept. 1 Holders of rec. Aug. 10
Aug. 15 Holders of rec. Aug. 8
Aug. 1 Holders of rec. July 20
Oct. 1
The New York Stock Exchange has ruled that stock will nor he quoted exdividend on this date and not until further notice.
t The New York Curb Exchange Association has ruled that stock will not be
quoted ex dividend on this date and not until further notice.
a Transfer books not closed for tins dividend.
il Correction. •Payable in stock.
I Payable in common stock. p Payable n scrip. S On account of accumulated
dividends. / Payable in preferred stock.
m Amer. Cities Power & Lt. Corp. pay 1-32 of 1 eh. of class B stock or cash at the
option of the holder. The corporation must receive notice within 10 days after
holders of record date to receive cash.
n Nat. Distillers Prod, dividend in warehouse receipts of one case of whiskey
containing 24 pint bottles for each five shares of conimon stock held. Whiskey
withdrawn only as authorized by law and upon payment of Government taxes,
together with $4 per case for bottling and casing and 15 cents per case per month
from Oct. 1 1932 to cover storage, guarding, insurance, certain State and local taxes
and other minor costs. (Approximate charges to accrue to delivery of warehouse
receipts will be $5.95 per case.)
o Royal Dutch Co. dividend of $1.075 declared on New York shares. Unless
prior to July 31 1933 a ruling is received that dividend is not subject to tax imposed
under Section 213(a) of National Industrial Recovery Act, 51.02125 will be paid:
should ruling be subsequently received that dividend is not subject to tax, a later
distribution will be made to stockholders of record July 31 1933 of the amount so
deducted.
p Blue Ridge Corp. declared a div. at the rate of 1-32d of one share of the common
stock of the corporation for each share of such preference stock, or. at the option of
such holders (providing written notice thereof is received by the corporation on or
before Aug. 15 1933) at the rate of 75c. per share in cash.
r In the case of non-residents of Canada a deduction of a tax of 5% of the
amount of such dividend will be made.
3 American Cities Power & Light Corp., optional div. of 1-32 of 1 shares of
class B stock or at holders option, 75 cents cash.
I Payable in Canadian rinds.
a Payable In United States funds.
r A unit.
re Less deduction for expenses of depositary.
Lees tax.
y A deduction has been made for expenses.
Weekly Return of New York City Clearing House.—
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now make only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:
July 29 1933
STATEMENT OF MLMBERS OF THE NEW YORK CLEARING nousE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JULY 22 1933.
Clearing House
Members.
•Surplus and Net Demand
Undivided
Deposits,
Prof113.
Average.
• Capital.
Bank of N. Y.& Tr. Co_
Bank of Manhattan Co__
National City Bank _ _._
Chemical Bk.& Tr. Co__
Guaranty Trust Co
Manufacturers Trust Co.
Cent. Han. Bk. & Tr. Co
Corn Exch. Bk. Tr. Co
First National Bank
Irving Trust Co
Continental Bk. de Tr Co
Chase National 1jank
Fifth Avenue Bank
Bankers Trust Co
Title Guar. d: Trust Co.._
Marine Midland 'Tr. Co_
Lawyers Trust Co
New York Trust Co_ __ _
Confl Nat Bk.& Tr. Co_
Public Nat.Bk.& Tr.Co.
$
6,000,000
20,000,000
124,000,000
20,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
148,000,000
500,000
25,000,000
10,000,000
10,000,000
3,000,000
12,500,000
7,000,000
8,250,000
$
$
9,413,500
82,530,000
31,931,700
251,598,000
55,695,500 a822,964,000
46,856,300
241,988.000
177,266,300 5859,809,000
20.297,500
206,722,000
61,112,500
482.716,000
17,535,800
182,548,000
73,105,000
319,677,000
62,863,100
312,156,000
4,546,600
26,641,000
58,704,600 01,154.743,000
3,105,400
45,283,000
62,519,500 d472,602,000
10,521,100
27,042,000
5.272,800
45,451,000
1,804,800
9,830,000
21,694,500
195,293,000
7,732,200
44,445,000
4,518,800
41,292,000
Time
Deposits,
Average.
8,948,000
33,846,000
166,163,000
27,090,000
62,580,000
97,196,000
52,418,000
20,524,000
29,994,000
53,611,000
1,692,000
98,371,000
2,645.000
76.661,000
274,000
4,121,000
824.000
17.122,000
2,337,000
29,590,000
Totals
617.185.000 736.497.500 5.825 220 non 700 007 nnn
*As per official reports: National. June 30 1933; State,
June 30 1933; trust
companies. June 30 1933.
Includes deposits in foreign branches as follows: a $207,676,000: b
$87.783,000;
c S78,521,000; d $33,364,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ended July 21:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. JULY 21 1933.
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans,
Dist. and
investments.
Res. Dep., Dep Other
N. F, and Banks and
Elsewhere. Trust Cos.
Cash.
-
Manhattan—
Grace National
Trade
p.m
Brooklyn—
Peonies National
$
18,187,700
2,055,285
$
97,800
79,976
$
1,439,000
643,806
5.360,000
86,000
332,000
Gross
Deposits
—
$
$
1,918,200 17,652,90C
319,087 2,976,384
44.000
4 961 non
TRUST COMPANIES—AVERAGE FIGURES
Loans.
Disc. and
Investments.
Res. !Jed..
N. Y. and
Elsewhere.
Cash.
Dep. Other
Banks and
7'rust Cos.
Gross
Deposits.
Manhattan—
County
Empire
Federation
Fiduciary
Fulton
United States
18,603,300 .2,809.800 1,298.700
58,519,700 *3,284,100 8,264,300
59,680
6,068,317
430,655
.441,832
8,519,352
456.934
18,826,500 .2,373,400
643,600
70.569,570 7,598,900 18,943,077
19,227,700
2,492,700 62,003,500
530,590 5,544,131)
479,192 8,327.232
419,200 17,583,300
69,445,040
Brooklyn—
Brooklyn
Kings County
92,124,000
23,403.423
2,497,000 16,948,000
1,418,149 6,522,171
130,000 96,332,000
24.748,418
* Includes amount with Federal Reserve as follows: County. 52,514,400:
Empire, $2,272,300; Fiduciary, 5225.069; Fulton, $2,240.300.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Juor 26 1933, in
comparison with the previous week and the corresponding date last year:
July 26 1933. July 19 1933. July 27 1932
Resources (Concluded)—
3
606,706,000 614,706,000 468,942,000 Due from foreign banks (see note)
13,794,000 F. It. notes of other banks
8,396,000
8,242,000
Uncollected Items
Gold held exclusively agst. F.R. notes_ 614,948,000 623,102,000 482,736,000 Bank premises
All other resources
94,176,000
Gold settlement fund with F. It. Board_ _ 151,916,000 149,982,000
134,713,000 108.179,000 212,356,000
Total resources
Gold and gold certificates held by bank
Resources—
Gold with Federal Reserve Agent
Gold redemption fund with U.S.Treas'y_
Total gold reserves
901,577.000
881.263,000
83,370,000
84,389,000
084,947,000
965,652,000
3,253,000
3.253,000
16,542,000
32,637,000
16.400,000
32.163,000
Total bills discounted
49,179,000
48.563,000
103,652,000
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
3,704,000
4,212,000
13,567,000
179,779,000
268,093,000
307,994,000
180,248,000
264,943,000
309,725,000
189,761,000
102,934,000
412,297,000
755,866,000
754,916,000
704,992,000 Ratio of total gold reserves & other cash•
to deposit and F. It. note liabilities
4,239,000
combined
Contingent liability on bills purchased
826,450,000
for foreign correspondents
Total gold reserves and other cash
Redemption fund—F.It. bank notes
Bills discounted:
Secured by U. 5. Govt. obligations_
Other bills discounted
_
Total U. S. Government securities._
Other securities (see nOte)
Total bills and securities (see note)...
1,283,000
1,437,000
810,032,000
809,128,000
1,668,000
5,084.000
95,810,000
12,818,000
27,220,000
1,610,000
5,974,000
110,337,000
12,818,000
25.503,000
1,180,000
3,797,000
90,041,000
14,817,000
28,488,000
1 940,832,000 1,934,275,000 1,830,071,000
789,268,000
Maid/files—
76,030,000 F. It. notes in actual circulation
F. R. bank notes in actual circulation_
865.298,000 Deposits—Member bank—reserve aco't.
Government
Foreign bank (see note)
Special deposits—Member bank
63,613,000
Non-member bank
40,039,000
Other deposits
Other cash
July 26 1933. July 19 1933. July 27 1932.
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
Total liabilities
637,585,000
52,247,000
055,088,000
11,452.000
7,111,000
5,807.000
970,000
24,005,000
650,073,000 593,492,000
51,280,000
913,857,000 '049,620,000
23,266,000
17,992,000
3,770.000
5,581,000
6,034,000
1,231,000
31,402,000
24.835,000
1,004,433,000
94,501,000
58,532,000
85,058,000
8,476,000
976,097,000 1,001,491,000
87,797,000
105,327,000
59,182,000
58,535,000
75,077,000
85,058,00()
13,032,000
7,905,000
1,940,832,000 1,934,275,000 1.830,071,000
60.0%
59.4%
54.3%
12,131,000
11,803,000
16,367.000
•"Other cash" does not Include F R. noted or a bank's own F It. bank notes.
NOTE—Beginning with toe statement of Oct. 17 1925, two new items were added in order to show separately the amount of balances held abroad and amounts
due to foreign eorr aPoodents. In addition, the caption "All other earnings assets," previously made up of Federal Intermediate Credit Baok debentures, was changed
to -Other securild,s." and ..ce caption, "Total earnings assets" to "Total bills and eecuritiess." Toe latter term was adopted as a inure aCOCcate description of t bo total
of the discount 51 eptanoes and securities acquired under toe provisions of Section 13 stud 11 of toe Feline] Reserve Act, wnloti it cal stated are the only items included
thersin.
Volume 137
Financial Chronicle
815
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, July 27. and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we presen t, the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year. The
second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS
AT THE CLOSE OF BUSINESS JULY 26 1933.
July 26 1933. July 19 1933. July 12 1933. July 5 1933. June 28 1933. June 21 1933. June 14 1933. June 7 1933. July 271932.
RESOURCES.
lold with Federal Reserve agents
Mid redemption fund with U.S. Tress
S
S
S
$
$
$
S
5
$
2,736,432,000 2,772,412,000 2,785,711,000 2,767.366,000 2,809,201,000 2,756,903,000
2,816,469,000 2.787,074,000 1,959,552,000
39,457,000
43,273,000
43.643.000
44.317,000
44,068,000
44,250,000
42,906,000
45.524,000
63,643,000
Gold held exclusively agst. F. R. notes 2,775,880,000 2,815,685,000 2,829,354,000 2.811,683,000 2,853,269,000
2,801,153,000 2,859,375,000 2.832,598,000 2.023,195,000
lold settlement fund with F R. Board
531,160,000 515,142,000 508,904.000 527,701,000 485,550,000
427,674,000 436,613,000 249,735,000
Vold and 11015 certificates held by banks_ 241,610,000 215,052,000 207,584,000 209,708,000 204,946,000 534,924,000
197.131,000 245,741,000 252.774,000 348,212,000
Total gold reserves
3 548,659,000 3,545,879,000 3,545,842.000 3,549,092.000 3,543,765,000 3.533,208,000 3,532.790,000 3.521.985.000 2,621,142,000
leserves other than gold
a
a
a
a
a
a
a
a
a
ither cash•
269,111,000 271,949,000 278,061,000 255,459,000 290,507,000 287,060,000 293,254,000 290,192,000 282,880,000
Total gold reserves and other cash
3,817,770,000 3,817,828,000 3,823,903,000 3,804,551.000 3.834.272.000
3.820.268,000 3.826,044,000 3,812,177,000 2.904.022,000
ion-reserve cash
a
a
a
a
a
a
a
a
a
tedemption fund-F. It. bank notes
7,791,000
67,693,000
8,014,000
8,014,000
7,392,000
7,392,000
7,242,000
7,242,000
IIlls discounted:
Secured by U. S. Govt. obligations
35,786,000
37.053.000
39,450,000
43,335,000
45,144,000
47.477,090
55,553,000
55.335,000 202,161,000
Other bills discounted
124,310,000 127,343,000 128,416,000 138,468,000 145,837,000 174,579.000 198.209,000 221,330,000
323,219,000
Total bills discounted
161.363,000 163,129,000 167,866.000 181,803,000 190,981,000 222,056,000 253,762,000 276,665,000 525.380,000
HIM bought in open market
9,616,000
9,848,000
13,194,000
23,084,000
8,186,600
39,700,000
8.827,000
10.200,000
11.411,000
1.8. Government securitlea-Bonds
441,087,000 440,813,000 440,776,000 440,779,000 440,836,000 441,030,000 441,188,000 441.103.000 421,021,000
Treasury notes
718,197,000 706,383,000 697,484,000 697,514,000 705.047,000 693,482,000 683,509,000 675.532,000 268,474,000
Special Treasury certificates
Other certificates and bills
868,290,000 870,061,000 868,973,000 856,965,000 829,329,000 820,162,000 807,747,000 794,968,000 1,151,696,000
Total U S. Government securities 2,027,574,000 2,017,257,000 2,007,233.000 1,995,258,000
1,975,212.000 1.954.674,000 1,932,444.000 1.911,603,000 1,841,191,000
>titer securities
1.862,000 • 2,026,000
2,157,000
2,297,000
2,848,000
2,923,000
5,961,000
3,624,000
5,029,000
r`oreign loans on gold___
Total bills and securities
Mid held abroad
)ue from foreign banks
Pedera I Reserve notes of other banks
Incollected items
tank premises
ill other resources
2,200,415,000 2,192,260,000 2,190,450,000 2,202,442,000 2,177.227.000 2,188,480,000
4,025,000
17.610,000
364,593,000
54,370,000
52,399,000
3,967,000
19,095,000
419,284,000
54,369,000
651,435,000
3,958,000
17,014,000
410,386,000
54,367,000
50,951,000
3,729,000
15,416,000
357,321,000
54,366,000
51,163,000
3,729,000
16.411,000
340,469,000
54,312,000
50.193,000
3,835,000
21,471,000
379,017,000
54,312,000
50,951,000
2,200,030,000 2.204,708,000 2,412,232,000
3,832.000
18,848,000
407.388.000
54,312,000
52,603,000
3,810,000
19,282.000
334.699,000
54,312,000
49,300,000
2,887,000
16,427,000
326,793,000
58,119.000
48,098,000
Total resources
6,518,973,000 66,565,931000 6,559,043,000 6,497,002.000 6,484,005,000
6,525,726,000 6,570.299,000 6.485,530.000 5,768,578,000
LIABILITIES.
c. R. notes in actual circulation
3,004,052,000 3,037,508,000 3.067.062.0003.115,331.000 3,061,324,000 3.090,286,000 3,118,379,000
3,163,689,000 2,834,157.000
It. bank naive In actual circulation
_ 122,644,000 118,137,000 115.853,000 124,012,000
)eposits-Member banks-reserve excl. 2.306,366,000 2,289,811,000 2,268,728,000 2,218,912,000 120.081,000 117,774.000 113,264,000 104.884,000
2,286,207,000 2,205,302,000 2,281.378,000 2,203,889.000 2,072,164,000
Government
81,786,000
57,995,000
83,821,000
67,965,000
55,029,000 129,527,000
46,422,000
45,099,000
32.173,000
Foreign banks
19,833.000
16,207,000
15.041,000
15,984,000
20.286,000
11,656,000
10,088,000
8,410.000
42,208.000
Special deposits: Member bank
81.438.000
85.920,000
81,743,000
77,196,000
76.358,000
78,696,000
83,449,000
90,942,000
Non-member bank__
20,641,000
22,681,000
22,997,000
19,585,000
18,789.000
19,314,000
18,334,000
18.671,000
Other deposits
63,645,000
69,225,000
49,487.000
51,082,000
53.114,000
36,428,000
43,833,000
43.010.000
44,732.000
Total deposits
2,573,709,000 2,541,839,000 2,521,817,000 2,450.724,000 2,509,783,000 2.486,760.000 2.481,003,000 2,432,615.000 2,165,347,000
3eterred availability itenis
368,299,000 418,402,000 403,886,000 357,504,000 339,652,000 377.793,000 399,701,000 328,902,000 319,454,000
3apital paid In
146,248,000 146,180,000 146,360.000 146,796,000 146,744,000 6147,665.000 147,563,000 150,052,000 153,791,000
lurplus
278,599,000 278,599,000 278,599,000 278,599,000 278,599,000 278,599,000 278,599,000 278,599,000 259,421,000
kil other liabilities
25,422.000 625,266,000
25,466,000
24,036.000
27.822,000 526,849,000
26,789,000
36,408,000
31,790.000
Total liabilities
6.518,973,000 66.565.931000 6.559,043.000 6,497,002,000 6,484,005,000 6,525,726,000 6,570,299,000 6.485.530,000 5,768.578,000
tatio of gold reserve to deposits and
F. R. note liabilities coe,blned
63.6%
63.5%
63.4%
63.7%
63.3%
63.6%
52.4%
63.0%
62.8%
WM of total reserve to deposits and
F. It. note liabilities oambined
tan° of total gold reser vex & other cash to
deposit & F.R.note liabilities combined
68.4%
68.4%
68.4%
68.4%
68.8%
68.5%
58.1%
68.3%
68.1%
Dontingent liability on bills purchased
for foreign correspondents
36,021,000
35,694,000
35,761,000
36,140,000
36.060.000
36,948,000
35,436.000
57.494.000
35,031.000
Maturity D tribution of Bills and
Snort-Term SecuritiesI-15 days bills discounted
16-30 days bills discounted
31-60 daye bills discounted
11-90 days bilis discounted
Over 1.8) days bills discounted
116,058,000
11,906.000
15,598,000
15,323,000
2,478,000
118,342,000
13,027,000
15,127,000
14,100,000
2,533,000
122,581,000
13,149,000
13,147,000
15,775.000
3,214.000
127.542,000
12,614.000
14,870,000
23.274.000
3,503,000
136,381,000
16,677,000
14,555,000
18.468,000
4,900.000
146,300,000
14,036,000
35,965,000
20,653,000
5,102,000
167,914,000
17,844,000
46,819.000
15,639.000
5,546.000
181.962,000
20.062,000
48,089,000
21,039,000
51,513,000
370,062,000
38,281,000
53,992,000
42,733,000
20,312,000
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
51-90 days bills bought In open market
Over 90 days bills bought In oven market
161,363,000
2,295,000
1,100,000
411,000
5,809,000
1,000
163,129.000
3,476,000
2,233,000
3,020,000
1,119,000
167,866,000
6,578.000
1,880,000
3,053,000
1,683,000
181,803,000
15,769.000
1,731,000
1,942.000
3,642.000
190.981,000
1.370,000
1.552,000
2,697,000
2.567,000
222,056,000
4,336,000
894,000
1,431,000
2,166,000
253,762,000
4,708,000
1,314.000
1,333.000
2,845,000
276.665,000
3.960,000
3,504,000
724.000
3,222.000
1,000
525,380,000
7,663,000
7.241,000
12,122,000
12,674,000
Total bills bought In open market____
1-15 days U. S. certificates and bIlis___
16-30 days U. S. certificates and bills___
31-60 days U. S. certificates and bills___
51-90 days U. S. certificates and bills_ Over 90 days certificates and bills
9,616,000
15.200.000
116.997,000
290.556.000
84,883,000
360,654,000
9,848,000
34,500,000
113,644,000
270,575.000
103,313,000
348,029,000
13,194,000
40,825,000
15,205,000
167.445,000
293,689.000
351,809,000
23,084,000
34,325,000
43,100,000
150,446.000
277,326.000
351,768,000
8,186,000
41.613,000
46,025,000
108,495,000
284,562,000
348,634,000
8,827,000
35,113,000
34,325,000
138,844,000
269,576,000
342,304,000
10,200,000
131,975.000
40.738,000
53.227,000
159.796.000
422,011,000
11.411.000
107.725.000
26.988,000
76,550.000
158,896,000
422.809,000
39,700.000
66,150,000
112,600,000
341.833,000
193,089,000
438,024,000
Total U.S. certificates and bills
1-16 days municipal warrants
16-30 days municipal warrants
51-60 days municipal warrants
51-90 days municipal warrants
Over 90 days municipal warrants
868,290,000
1.732,000
870,061,000
1,897,000
38,000
22,000
69,000
856,965.000
2,177.000
10,000
38,000
22,000
50,000
829,329,000
2.727.000
10,000
820,162.000
2,803.000
38,000
23,000
69,000
868,973,000
2.037,000
10,000
38,000
22,000
50,000
38,000
73,000
10,000
38,000
72,000
807.747,000
3,501,000
25,000
10,000
38,000
50.000
794.968.000 1,151,696.000
4,906,000
5,423,000
25,000
388,000
10,000
38,000
150,000
50,000
'2,026,000
2,157,000
2,297,000
2,848.000
2,923,000
3,624,000
Total municipal warrants
=federal Reserve NotesIssued to F. It. Bank by F. It. Agent
Held by Federal Reserve Bank
In actual circulation
$
1,862,000
-
$
$
$
$
$
$
$
5,029,000
$
5,961,009
3,280,674,000 3,312,994,000 3.348,580,000 3,361,556.000
3,327,308.0003.362,087.000 3,380,077,000 3,419,635,000 3,072,068,000
'276,622,000 275,486,000 281,518,000 246,225,000
265,984,000 271.801,000 261,698,000 25.5,946.000 237,911,000
3,004,052.000 3,037,508,000 3,067.062.000 3,115,331,000 3,061,324,000
3,090.286.000 3,118,379.000 3.163,689,000 2,834,157,000
Collateral field by Avery as Security
for Notes Issued to BankBy gold and gold certificates
Gold fund-Federal Reserve Board
13y eligible paper
U. S. Government securitles
1,514.497,000 1,513,977.000 1,519,776,000 1,518,931,000 1,523,266,000
1,528,968.000 1,478.034,000 1,468.639,000 976,637,000
1,221,935,000 1,258,435.000 1,265,935,000 1,248,435,000 1,285.935,000
1,227.935,000 1,338,435,000 1,318.435,000 982,915,000
97,295,000 105.105,000 119,420,000
98,276,000
115.779.000
489,200.000 485,200,000 499,200,000 505,700.000 441,200.e00 126.141.000 150.570,000 162,422,000 508,963,000
504,200,000 467.900,000 505,900,000 623,900,000
Total
3,323,908.000 3,354,907,000 3.390,016,000 3,392.486.000 3.360 180 nnn 2 207 9A1 nnn 1 &LI 020 onn 1 ASS
500 mull 002 AI; flAll
•"Other cash" does not Include Federal Reserve notes or a Bank's own Federal Reserve
bank notes. a Now Included In "other cash." b Revised.
NYEKLY STATEMENT toir RESOURCES AND LIABILITIES OP EACH OF
THE 12 FEDERAL RESERVE BANKS AT CLOSE OP BUSINESS JULY 26
1933
Two Ciphers (00) omUled.
Federal Reserve Bank ofBoston New York. Phila. Cleveland. Richmond Atlanta,
Total.
Chicago. Si. Louis. Minneap. Kan.City. Daltas, Sac From
RESOURCES.
0
$
$
$
$
$
$
$
S
$
$
Gold with Fed. Res. Agents__
2
2,736,432,0 235,609,0 606,706.0 182.000,0 237,770,0 126,835,0
S
94,550,0 745,222,0 121,394,0 67,779.0 106,290.0 24,014.0 188,263,0
Gold rediniund with U.S.Treas.
8,242,0 3,954,0 5,015,0
39,457,0 1,606,0
1,217,0 2,676,0
3.957,0 1,061,0
1,888,0 1,541,0 1,137,0 7,163,0
-P Gold held excl. agst. F.B.notee 2,775,889,0 237,215,0 614,948,0 185,954,0
0010 settlem I fund with F.R.Bd 531,160,0 15,269,0 151,916,0 8,671,0 242,785,0 128,052,0 97,226,0 749,179,0 122,455,0 69,667,0 107,831,0 25,151,0 195,426,0
0010 & gold ctfs, held by banks. 241,610,0 21,941.0 134,713,0 14,656,0 59,520,0 16,739,0 11,090.0 163,354,0 26,483,0 19,738,0 28,134,0 14,294,0 15,952,0
4,006,0 4,786,0 3,903,0
8,171,0
744,0
416,0 12,576,0 5,195,0 30,503,0
Total gold reserves
3,548,659,0 274,425.0 901,577,0 209,281,0 306.311.0 149.577_0 112 219 5 520 704 0 149.682.0
88021 0 140 A41 0 44 RIA (ISIS 055 a
July 29 1933
Financial Chronicle
816
Weekly Return of the Federal Reserve Board (Concluded).
Two Ciphers (00) omitted.
RESOURCES (Concluded)Other cash*
Total.
Boston.
New York.
Phila.
s
s
$
$
$
s
83,370,0 27,122,0 23,235,0 14,365,0 13,720,0
Total gold reservesStother cash 3,817,770,0 292,410,0
Redem.fund-F.R. bank notes_
895,0
7,791,0
BIBB discounted:
37,053,0 1.988,0
Sec. by U.S. Gov:.obligations
124,310,0 5,541,0
Other bills discounted
984,947.0 236,403,0 329,546,0 163,942,0 125,939,0
428,0
218,0
390,0
3,253,0
7,529,0
522,0
161,363,0
9,616,0
33,085,0 11,614,0
$
4,990,0 11,205,0
/
$
8,156,0 20,264,0
953,789,0 161,296,0 94,811,0 159,746,0 52,796,0 262,145.0
250,0
199,0
50,0
100,0
100,0
1,908,0
5,143,0
8,466,0
16,542,0 5,808,0
32,637,0 27,518,0
2,870,0 1,880,0
7,079,0 11,659,0
313,0
7,803,0
1,116,0
9,492,0
489,0
1,573,0
118,0
4,320,0
309,0
4,591,0
477,0
3,631,0
49,179,0 33,326,0
750,0
3,704,0
9,949,0 13,539,0
276,0
702,0
8,116,0
248,0
10,608,0
929,0
2,062,0
207,0
4,438,0
140,0
4,900,0
206,0
4,108,0 13,609,0
305,0 1,627.0
68,160,0 14,353,0 16,755,0 12,259,0 17,200,0 25,433,0
99,094,0 28,503,0 18,982,0 24,250,0 14,815,0 52,330,0
179,779,0 29,565,0 34,225,0 10,921,0 10,464,0
268,093,0 53,935,0 70,430,0 22,471,0 21,526,0
441,087,0 21,973,0
718,197,0 43,768,0
$
$
$
$
269,111,0 17,985,0
Total bills discounted
Bills bought In open market
I). S. Government securities:
Bonds
Treasury notes
Bpeclal Treasury certificates
Certificates and bills
Dallas. San Fran.
Chicago. St. Louis. Mtnneay. Kan.CIty
Cleveland. Richmond Atlanta.
868,290,0 50,334,0
307,994,0 62,024,0 80.996,0 25,841,0 24,727,0
156,691,0 32,776,0 21,808,0 27,887,0 17,035,0 60,177,0
Total U.S. Govt.securities_ 2,027,574,0 116,075,0
1,862,0
Other securities
Bills discounted for, or with
(-),other F. R. banks
755,866,0 145,524,0 185,651,0 59,233,0 56,717,0
510,0
1,283,0
323,945,0 75,632,0 57,545,0 64,396,0 49,050,0 137,940.0
19.0
50,0
2,200,415,0 124,126,0
Total bills and securities
286,0
4,025,0
Due from foreign banks
376,0
17,610,0
Fed. Res. notes of other banks.
364,593,0 41.622,0
Uncollected Items
54,370,0 3,280,0
Bank premises
716,0
52,399,0
All other resources
810,032,0 180,110,0 196,302,0 73,048,0 65,081.0
145,0
369,0
131.0
411,0
1,668,0
878,0 1,196,0 1,305,0
391,0
5,084,0
95,810,0 29,274,0 36,266,0 28,940,0 9,653,0
12,818,0 3,441,,0 6,929,0 3,238,0 2,422,0
27,220,0 3,692,0 2,624,0 3,894,0 4.685,0
335,532,0 77,901,0 62,142,0 69,502,0 53,463,0 153,176,0
12,0
18,0
261,0
108,0
108,0
508,0
778,0 1.449,0
672,0
3,112,0
296,0 2,073,0
47,656,0 15,835,0 9,718,0 20,635,0 11,292,0 17,892,0
7,608,0 3.285,0 1,747,0 3,559,0 1,792,0 4,244,0
640.0 1,463,0 2,926,0 1,443,0 1,193,0
1,903,0
3,518,973,0 463,711,0 1.940,832,0 454,119,0 573,342,0 274,403,0 209,434,0 1,352,016,0 259.747,0 170,771,1 257.975,0 121,389, 441.234,0
.
LIABILITIES.
136,697,0 90,387,0 110,715,0 33,674,0 217,790,0
F. R.notes in actual circulation_ 3,004,052,0 221,405,0 637,585,0 235.710,0 304,149,0 136,894,0 115,765,0 763,281,0
424,0
938,0
982,0 2,846,0 4,190,0
31,237,0
2,318,0
52,247,0 7,340,0 8,043,0
F. R. Cant notes In act'l circa!) 122,644,0 12,079,0
Depoelts:
73,709,0 52,336,0 106,180,0 55,285,0 149,904.0
Member bank-reserve account 2,306,363,0 143,185,0 955,088,0 119,412,0 150,034,0 72,726,0 53,910,0 374,597,0
25,893,0 2,053.0 2,231,0 1,621,0 1,418,0 1,348.0
11,452,0 4,190.0 20,340,0 4,373,0 2,743,0
81,786,0 4,124,0
Government
660,0
439,0
2,483,0
554,0 1,337,0
554,0
669,0
745,0
7,111,0 2,006,0 1,891,0
19,833,0 1,394,0
Foreign bank
33,525,0 3,907,0 1,588,0 3,107.0
397,0 5,763,0
5,807,0 9,229,0 6,010,0 4,943,0 3,502,0
81,438,0 3,660,0
Special-Member bank
800,0
5,504,0
7,058,0
154,0
781,0
124,0
186,0
1,945,0
3,119,0
970,0
20,641,0
bank
Non-member
9,134,0 3,936,0 1,208,0
527,0
983,0 7,960,0
54,0 3,600,0 4,904,0 3,048,0
24,005,0
63,345,0 4,286,0
Other deposits
Total resources
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
452,690,0 89,759,0 58,602,0 112,143,0 58,637,0 167,093.0
48,647,0 17,639,0 9,754,0 20,923,0 12,747,0 20,089,0
13,056,0 4,020,0 2,867,0 4,311,0 3,773,0 10,710,0
39,497,0 10,186.0 7,019,0 8,263,0 8.719,0 19,701,0
638,0
3.608,0 1,022,0 1,204,0
993,0 1,661,0
2,573,709,0 156,649,0 1,004,433,0 136,836,0 181,999,0 90,810,0 64,058,0
94,501,0 28,350,0 36,056,0 28,843,0 8,935,0
368,299,0 41,815,0
58,532.0 15,814,0 12,164,0 5,348,0 4,908,0
146,248,0 10,745,0
85,058,0 29,242,0 28,294,0 11,616,0 10,544,0
278,599,0 20,460,0
892,0 2,906,0
827,0 2,637,0
8,476,0
558,0
25,422,0
6 518,973,0 463,711.0 1.940,832,0484.119,0 573,342,0 274,403,0 209,434,0 1,352,016,0 259,747,0 170,771,0 257,975,0 121,389,0 441,234,0
Total liabilities
Memoranda.
Ratio of total gold reserves and
other cash• to deposit .4 F. R.
72.0
67.8
70.0
63.5
60.0
77.3
08.4
note liabilities combined
Contingent liability on bills pur1,255,0
1,399,0
3,551.0
3,767,0
12,131,0
2,619,0
36,021,0
correspondents
chased for torn
•"Other cash" does not include Federal Reserve notes or a Bank's own Federal Reserve bank notes.
78.4
71.2
63.6
71.7
57.2
68.1
4,663,0
1,220,0
825,0
1,040,0
1,040,0
2,511.0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent Id5
5
Two Ciphers (00) omitted.
Federal Reserve notes:
Issued to F.R.Bk.by F.R.Agt. 3,280,674,0 242,539,0
Held by Fedll Reserve Bank. 276,622,0 21,134,0
770 119
/91 bb4 n 019 074A
437,222,0 42,694,0 30,279.0 21,490,0 19,014,0 92,500,0
308,000,0 78,700,0 37,500,0 84,800,0 5,000,0 95,783,0
4,525,0 1,196,0 2,617,0 3,059.0 3,772,0 9,386.0
50,000.0 27,000,0 25,200,0 15,000,0 10,000,0 72,000,0
700 747 n 140_590.0 95.59811124 240 n 17 lea n "AO Rao n
97,450,0 107.270,0 49,330,0 21,550,0
84,550,0 130,500,0 77,505,0 73,000,0
14,785,0 8,332,0 7,198,0 4,635,0
58,000,0 75,000,0 15,000,0 42,000,0
n9.4 754 A /91
5
$
793,831,0 148,670,0 93.894,0 121,168,0 36,585,0 261,607,0
30,550,0 11,973,0 3.507,0 10,453,0 2,911,0 43,817,0
_
763,281,0 136,697,0 90,387,0 110,715,0 33,674,0 217,790,0
637,585,0 235,710,0 304,149,0 136,894,0 115,765,0
523,606,0
83,100,0
31,406,0
100,000,0
8
$
$
$
$
725,068,0 254,026,0 319,588,0 145,015,0 138,683,0
87,483,0 18,316,0 15,439,0 8,121,0 22,918,0
3,004,052,0 221,405,0
In actual circulation
Oollaterai held by Agent as security for notes Issued to bke:
1,514,497,0 72,092,0
Gold and gold certificates
1,221,935,0 163,517,0
Gold fund-F.R. Board
98,276,0 7,365,0
Eligible pa per
489,200,0
U. S. Government securities
n
$
$
5
5
Chicago. IL Louts. Minneap.ICan.Citr, Dallas. San Fran.
Cleveland. Richmond Atlanta.
Phila.
Boston. New York.
Total.
109 A 140 1122 n 111 1SIK A
FEDERAL RESERVE BANK NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Two Ciphers (00) omitted.
Federal Reserve bank notes:
Issued to F. R. 13k. (outetdg.)
Held by Fed'i Reserve Bank_
$
In actual circulation
Coilat.pledged aget.outst. notes:
Discounted St purchased bills_
U.S. Government securities
Tettoral onllats9711
Boston. New York.
Phila.
chimp). sr. Louis. liftniteav. Ran.City
Cleveland Richmond Atlanta.
S
$
$
$
5
3
3
$
3
$
64,027,0
11,780.0
7,798,0 10,888,0
458.0 2,845,0
2,490,0
172,0
33,408,0
2,171,0
480,0
56,0
1,380,0
442,0
997,0
15,0
122,644,0 12,079,0
31,237,0
424,0
52,247,0
7,340,0
8,043,0
2,318,0
64.274,0
1,507,0
8,000,0 10,000,0
294.0
3,000,0
167.548.0 20.000.0
64.274.0
8.000.0 11.507.0
3.204.0
_
$
$
145,922,0 14,175,0
23,278,0 2,096,0
2,274,0
165.274,0 20,000.0
Dallas, Benham.
6,029,0 4,250,0
60,0
3,183,0
2,846,0 4,190,0
938,0
982,0
40,000,0
209,0
5,000.0 2,000.0
1,000,0
264,0
7,000,0
5,000,0
40.000.0
5.200.0
1.000.0
7 264 n
5.1100...
2.000.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
immediately preceding which
the figures for the latest week appears in our department of "Current Events and Discussions."
reporting member banks for a week later.
we also give the figures of New York and Chicago
of Jan. 9 1929, the loan figures exclude "AcceptanCee of other banks and bills of exchange or drafts sold with endorsement" and inelud•
Beginning with the statement
the bank.
mortgage loans held
and bills sold with endorsement were Included with loans, and some
Previously acceptances of other banks
by
all real estate mortgages and
Loans secured by LT, S. Government obligations are no longer shown separately, only the total of loans on securities
of the banks Included mortgages in investments.
Reserve is not any more subdivided to show the amount secured by U.S. obligations and those secured by commercial
being given. Furthermore, borrowing at the Federal
hanks
reporting
formerly covered 101 leading cities, but was reduced to 90 cities after the declaration of bank holidays
paper, only Slump total being given. The number of
the reduced number of cities was omitted In the weeks from March 1 to May 10, but a summary
or moratoria early in March 1933. Publication or the weekly returns for
below are stated In round millions.
figures
The
of them Is to be found in the Federal Reserve Bulletin.
FEDERAL RESERVE DISTRICT AS AT CLOSE OF
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH
BUSINESS JULY 19 1933 (In millions of dollars).
FedaTal
Resorts District-
Loans and investments-total
Loans--total
On Dec1111030
All other
nvestments-total
U. S. Government securities
Other securities
Reserve with F. R. Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Total.
1
16,746
Boston. New York
$
1,230
1
7,800
Phila.
$
1,017
Cleveland. Richmond Atlanta. Chicago, St. Louis. 3/InneaP. Ran.Ctly, Dallas, San Pram.
$
1,105
$
$
329
316
1
1,577
1
481
s
327
$
620
s
374
$
1,670
8;854
696
4,000
520
473
175
178
892
231
222
210
875
3,864
4,790
256
440
2,091
1,909
259
261
233
240
62
113
59
119
421
471
91
140
51
131
58
164
64
146
219
656
8,092
534
3,800
497
632
154
138
085
250
145
298
164
796
148
102
81
64
189
109
112
52
476
319
42
7
287
161
12
60
89
28
5
193
131
4
64
75
60
12
368
162
10
122
178
31
7
212
128
22
76
77
I
87
14
554
871
44
133
143
5,140
2,952
338
196
2,489
1,311
251
246
428
206
107
47
90
48
433
252
1,649
183
10,662
4,547
581
1,196
2,690
116
17
743
399
44
113
163
783
48
5,690
1,228
288
108
1,222
a
83
10
571
299
73
17
537
423
30
65
136
2
28
10
180
133
5
63
61
21
5
140
134
16
62
58
297
36
1,187
478
50
241
337
se
89
151
2
9
182
1
817
Financial Chronicle
Volume 137
are
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, July 28.
itittr ,finanrial
(.1jx-Ja-rtirle
Tantingrcial
Maturity.
PUBLISHED WEEKLY
Terms of Subscription--Payable in Advance
Including Postage-12 Mos.
6 Mos.
()lilted States. U. S. Possessions and Territories
$10.00
$6.00
In Dominion of Canada
11.50
6.75
South and Central America, Spain, Mexico and Cuba_ _ - 13.50
7.75
Great Britain, Continental Europe (except Spain), Asia.
Australia and Africa
8.50
15.00
The following publications are also issued:
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MONTHLY PUBLICATIONS—
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The subscription price of the Bank and Quotation Record and the
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$5.00 per year each. Foreign postage extra.
NOTICE.—On account of the fluctuations in the rates of exchange,
remittances for foreign subscriptions and advertisements must be made
In New York funds.
Terms of Advertising
Transient display matter per agate line
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CHICAGO OFFICE—In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens, London, E. C.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor. Jacob Seibert;
Business Manager. William D. Riggs:
Treas.. William Dana Seibert; Sec., Herbert D.Seibert. Addresses of all. Office of Co
Dec. 151933..
Mar. 15 1934—
Sept.15 1933_
Aug. 1 1934_
Feb. 1 1938....
Dec. 151936...
Apr. 15 1938_
1st.
Rate.
4%
h%
134%
234%
234%
234%
234%
Bid.
Asked,
1003,2 1003a:
100,4 100•1,
1003,2 1007,,
10173
.101"st
100"s2 100utt
101,r1 101"“
1017.. 1013311
Marurily.
Du.
Rate.
June 151038.....
May 2 1934...
June 15 1935._
Apr. 15 1937...
Aug. I 1936__.
Sept. 15 1937....
Aug. 15 1933_
Dec. 15 1933_
234%
3%
3%
3%
334%
334%
4%
434%
Bid.
Asked.
1007.xx
10177n
1039.,
1017..
10277n
102.x.
100.3,2
101
,
n
10173st
10133st
103"n
10137a
1027311
102.7a
10013a
10137a
U. S. Treasury Bills—Friday, July 28.
Rates quoted are for discount at purchase.
Aug. 2 1933
Aug. 9 1933
Aug. 16 1933
Aug. 23 1933
Aug. 30 1933
Sept. 6 1933
Bid.
Asked.
0.40%
0.40%
0.40%
0.40%
0.90%
0.40%.
0.15%
0.15%
0.15%
0.15%
0 15%
0.15%
Sept. 20 1933
Sept. 27 1933
Oct. 4 1933
Oct. 11 1933
Oct. 18 1933
Oct. 25 1933
Bid.
Asked.
0.40%
0.40%
0.40%
0.40%
0.40%
0.40%
0.15%
0 15%
0.20%
0.25%
0.25%
0.25%
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Below we furnish a daily record of the transactions in
Liberty Loan and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. July 22 July 24 July 25 July 26 July 27 July 28
Wall Street, Friday Night, July 28 1933.
Railroad and Miscellaneous Stocks.—The Review of the
Stock Market is given this week on page 804.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ending July 28
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Railroads—
Par. Shares. $ per share. 3 per share.
Per share. Per share.
CC C& St Louis_ _ _100
Apr 100
July
10 100 July 24 100 July 24 90
Chic St PM & Om. 100
July
June 5
20 5 July 22 5 July 22 1
Preferred
100
July
Jan 12
200 1034 July 26 1034 July 26 2
Duluth S S & AtL _100
200 I% July 24 2 July 25
34 Feb 234 July
Preferred
100
% Feb 3% July
200 I% July 22 234 July 25
Havana Elec Ry pref100
Hudson dr Manh pt.100
lot Rys of C Am pf_100
Market St Ry
100
2d preferred
100
Morris &' Essex
5
New Orl Tex & Mex 100
Norfolk &West pref_100
Pacific Coast 1st p1_100
2d preferred
100
Phila. Rapid Transit_50
Preferred
50
Pitts Ft W& Chi p1.100
Wabash RR pt cl 13.10
Indus. Or Mac
Abrahm Sr Straus pf100
Am Mach & Meta Ws..
Amer Radiator & Stand
Sanitary Prer----100
Art Metal Construct _10
Austin Nichols prior A •
Blumenthal & Co pf 100
Burns Bros class A_ __ _•
•
Class B
Preferred
100
500 43.4 July 27 5 July 26 134 Feb 6%;
100 45 July 27 45 July 27 27% Apr 51%
20 19% July 24 1934 July 24 434 Apr 19%
h Feb 3%
1,470 1 . July 22 234 July 27
120 1% July 26 2 July 25
34 Feb 3%
70 62 July 24 6234 July 25 4934 Apr 64
June
July
July
July
June
July
Feb 31
May 85
Feb 10
Feb 7
June 634
June 10
Apr 145
Jan 6
JULY
July
July
July
July
July
July
June
10 25 July 24 25 July 24 9
720 85 July 22 85 July 22 74
70 5 July 24 5 July 24 1%
20 3% July 27 434 July 28 1
150 334 July 22 5 July 24 2
100 5% July 22 534 July 22 5
30 14134 July 24 145 July 28 134
100 5 July 28 5 July 28 1
July
Mar 97
10 9334 July 25 t334 July 25 80
14 Feb 534 June
400 3 July 22 334 July 27
30 116 July 25 116
50 634 July 22 734
130 28 July 24 38
10 42 July 28 42
100 sy, July 22 334
200 14 July 22 3%
160 6 July 24 9
July 25 8134 Apr,116
July 24 334 Feb 9.34
Feb 38
July 28 13
Apr 50
July 28 24
35 Apr 5
July 22
July 24 1% May 3,3:
July 26 134 Jan 13
City Stores class A- _ -*
440 434 July 22 6 July 22
Certificates
* 2,700 1% July 22 1% July 24
Class A ctts
•
170 334 July 28 434 July 28
Col Fuel & Ir prof 100
140 333.4 July 25 40 July 22
Col GM& Elee IA 13_100
10 70 July 26 70 July 26
Comm Cred pref (7).25
90 23 July 25 2334 July 25
Conn Ry & Ltg100
10 60 July 22 60 July 22
Cons Cigar pr pf x-w100
40 54 July 24 55 July 27
Crown W'mette jut pf.*
10 493.4 July 25 4934 July 25
Cushm Sons pt(7%)100
10 95 July 25 95 July 25
Deere & Co
• 54,200 2634 July 24 3334 July 25
Devoe & Reynolds1st preferred
100
40 91 July 27 93 July 24
Fed M & Smelt pref _100
100 55 July 25 55 July 25
Filebc's(Wm)Sons Co.*
20 23 July 26 23 July 26
Fox Film cl A rts
34 July 28 2 July 25
17.600
Jan
Mar
June
Apr
May
Mar
May
Ap
May
Ma
July
7934
18
9
34
July
Jan 93
Feb 55 June
July
Ap 30
2 July
July
July 26 99% Ma 108
434
July 26
34 Ap
Feb 3734
July 25 5
.32 July
35
July 22
July 85%
July 27 65
July 27 16% M 125
July 24
July 25
July 26
July 28
July 27
MacAnd & Ford pref100
Martin-Parry Corp_ __*
Omnibus Corp pref.100
Pao Tel & Tel pref._100
Panhandle P&R pret100
Penn Coal & Coke _50
Phoenix Hosiery pref100
Revere Cop&13r pfd100
Shell Transp & Trad_.02
Sou Dairies cl A
July 25 74
34
July 22
July 24 64
July 26 10134
July 26 5%
34
July 25
July 27 25
July 27 7
July 27 1134
July 22 3%
Underwd-E-F pref__100
United Amer-Bosch. _•
Utah Copper
10
Virginia Tr C.1 dr C_100
Vulcan Delhi pref__100
Walgreen Co pref __ _100
Wheeling Steel peel.100
•No par value.
120
600
100
90
20
50
100
July 25 90
July 27 434
July 24 78
July 26 109
July 26 13
July 22 7
July 27 50
July 24 60
July 28 2434
July 22 1534
95 July 25
9% July 22
6534 July 27
10 July 26
95 July 27
87 July 26
55 July 27
96
10
70
10
95
90
55
July 25
July 22
July 27
July 26
July 27
July 28
July 27
July
July
July
June
June
June
July
July
July
July
July
1,14
34
234
16
40
18%
52
3834
17
74
2634
Gen Baking Co pref___*
210;10
: j
J ug; 22 105
Gen Gas & Elec Cl IL.*
26 4
GuantanamoSug pfd100
101 35 July 25 35
Hayes Body rts
34
19,7001
32 July 22
Co
Haze -At as
25 6.9001 65 July 22 74
pref..100
lIelme (G
10l20 July 27 120
Kansas City L & P—
lat pref ser B
40 103 July 24 103
Kresge Dept Stores._.*
620 334 July 22 43-4
Preferred
100
130 22 July 27 23
Laclede Gas
100
50 65 July 28 65
Preferred
100
10 65 July 27 55
150 90
600 4
100 78
20 109
20 11
4,600 434
100 50
90 55
100 20
100 1534
834
234
534
.54
7434
24%
60
62%
53
95
49
July
July
July
July
June
June
June
00
1
10
50
3734
76
3
35
2%
57
75
15
June
Mar
Jan
May
Apr
June
July
July
July
July
May
110 Jan
734 June
25
May
80 June
61
Jan
Ap 90
Jan 5%
Jan 81
May 110
Jan 20
Feb 9%
Mar 50
Feb 60
Ma 24%
Jan 2034
July
July
June
Jan
June
July
Ju.y
July
July
June
Apr 100
Mar 13
Mar 83
Feb 15
Feb 100
Apr 90
Feb 67
May
July
June
May
Slay
July
July
First Liberty Loan
High 10203,2 1023102 10233,2 10233,2
334% bonds of 1932-47._ Low_ 1023',2 102342 10233,2 10233,2
(First 3348)_
Close 10277,, 1027In 10277a 1027ea
Total sales in $1,000 units.38
15
15
9
Converted 4% bonds of{High
------------1932-47 (FIrst
Close
Total sales in $1,000 units__
----------Converted 434% bondsI High
.32
10179a 10-179
. 10170n
10-17
01 1932-47 (First 434s) Low. 101",,10133s2 10133a, 10133,t
Close 1017In 10133,2 10133" 101 333,
Total sales in $1,000 units__
36
16
81
23
Second converted 434%(High
------------bonds 01 1932-47 (First Low_
------------Second 434s)
Total sales in $1,000 units...
------------Fourth Liberty Loan
High 102",,10233,2 10233,2 10233:2
434% bonds of 1933-38— Low_ 1027In 102na 10277a 10277a
(Fourth 434,)
Close 1023.32 102",, 10233,2 102"at
Total sales in $1,000 units._
93
34
214
114
Treasury
High 1103,2 1103a, 1103,2 1103st
4345, 1947-52
Low_ 1101a2 110"a2 110',2 110
Close 110.22 1103,2 110‘,2 110
62
Total sales in $1,000 units__
9
9
30
.106'42 106,3,2
High 1067a 10600
is. 1944-1954
Low_ 1060,2 1063tt 1063a2 1063,2
Close 1063a2 10633,2 106"a2 1063at
61
Total :aloe in $1,000 units...
31
28
23
High 1047., 104na 1047In 10433,2
Low_ 10423,2 104",2 10433,2 10433,2
334,, 1946-1956
Close 10400,2 10433a2 10422,2 1042,32
5
43
Total sales in $1,000 units...
1
13
High 10277,, 1023'a2 1023322 102.3,2
334s, 1943-1947
Low 102...2 102'3,2 102,322 102"a2
Close 10233,2 10233a2 10233,2 102'3,2
3
TotGAsales in $1,000 units...
33
26
65
{IIig h
993,2
99',2
99333
9933,
Is. 1951-1955
98
99
99
99
Low_
991a
99
98"st
Close 99
Total sales in $1,000 units...
26
42
41
172
High 102",t 102"a2 102,3a2 102‘3,2
834ti. 1940-1943
Low.. 102"a2 102",, 102'3,2 10233,2
Close 102,3,2 102,3a2 102"a2 102"s2
18
Total sales in 81.000 units....
18
38
17
____ 102'3,2 1023312
High 102.7s,
334s. 1941-43
--__ 102'3,2 102'3,2
Low_ 102.7n
Close 102.7a
—_ 102.7n 102'3,2
Total sates in $1,000 units__
2
8
15
High 100"a2 1001;- ,2 100'3,2 100,3,2
334s, 1946-1949
Low_ 100"a2 100",2 100"a2 100"a2
Close 100'3,2 100"tt 100,3,2 100ual
Total sales in 51.000 units_ __
19
34
35
81
10233,2 102",,
10233,2 10277n
10277” 10277a
11
8
--------10l°°,,10-1 7,”
101",2 101",2
101..32 101..12
96
II
---------- ---10230,2
10277a
1023312
27
110
109",,
110
23
106332
1063,2
1063,2
14
10433a2
10433,2
1042.32
18
102"a2
102.3a2
102"22
61
98"at
9833,2
9833,2
87
102"rt
1023a2
1023,2
18
102"a2
1023a2
102",2
16
100",2
1003a2
1003a2
54
----10233s,
1027Ia
10233,2
20
110
1093.;32
109"at
7
106',2
1063a2
106',2
18
10433:1
10433,1
104.31
4
---93'n
98"at
99
965
102.3,1
10200tt
102"tt
1
102.3a,
102382
102"at
18
10013:1
1003,2
100"u
1650
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
5 1st 434s
14 4th 434s
1017In to 10172a
1023322 to 10233,2
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.43@4.55
for checks and 4.4334 C)4.5534 for cables. Commercial on banks, sight,
4.52, 60 days, 4. 51. 90 days, 4.5034. and documents for payment 60 days,
4.5134. Cotton for payment, 4.51.
To-day's (Friday's) actual rates for Paris bankers' francs were 5.20@
5.3354 for short. Amsterdam bankers' guilders were 53.84@54.79.
Exchange for Paris on London, 85.31, week's range, 85.62 francs high
and 85.00 francs low.
The week's range for exchange rates follows:
Sterling, Actual—
Cheeks,
Cables.
High for the week
4.6934
4.6834
Low for the week
4.43
4.4334
Paris Bankers' Francs—
High for the week
5.5854
5.591.1
Low for the week
5.20
5.203-4
Germany Bankers' Marks—
High for the week
33.48
33.50
Low for the week
32.05
32.10
Amsterdam Bankers' Guilders—
High for the week
56.56
56.60
Low for the week
53.84
.53.85
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 807.
A complete record of Curb Exchange transactions for the
week will be found on page 835.
818
July 29 1933
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
Jar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE PAGE PRECEDING.
111W1 AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
July 22.
Monday
July 24.
$ per share $ per share
58
62
59
6234
71
*68
*65
71
4518 4612
2214 2614 27
2918
2314 25
264 30
32
3212 3212 3212
9978 10078 99,2 9912
21
2212 2314 24
614 6,4 *6,4 7
56
5712 *5238 6038
29
3012 3012 32
78
78
*78
80,2
112 134
178 2
1414 1578 1512 1678
•78
*78
87
87
*75 115
*85 117
3812 4112 4038 4238
*3
•3
5
5
412 438
*3
5
41,1 478
438 5
812 11
9,4 107s
634 812
838 978
1012 1278 1212 1518
918 1112
712 938
1512 1712 1838 21
5
6
512 614
10
918 12
10
7
7
2833 2833 29
33
•2512 30
*27
35
*1812 28
*8,4 28
6
*4
514 6
•1012 1434 *81s 1412
70
76
- 6- 2933 28 3214
13
*8
14
1334
18
1934 1978 22
2212 2212 223 2412
1812 18,2
_
22
2-51-4 24 2612
*7
*6
9
10
17
17
*15
17
112
13
112
134
934 1134 1112 12
3514 4034 4012 463s
*45
53
60
53
*5612 5712 5638 563s
29
2718 28
29
578 658
638 712
183 19
1712 19
28
2612 26,2 *25
1558 1858 1812 2012
5678
581,2 5812 56
2434 *2014 243
*13
1314 1312
1214 13
8
*5
8
*6
114
1
1,8
1
*2
5
*3
5
*4
8
*4
8
912 •71s 10
*7
912 11
1112 1234
2518 261
2312 251
4
51
6
678
618 9,4
81s 9,8
43
*4614 49
41
*2
21
2
2
1
12
58
3
353 401
4012 4418
1912 2078
1414 17
22
26
2518 24
12013 125
120 125
2118 2438 2412 2778
40
40
45
*40
93 10,2
718 812
114
P4
1
1,2
218 212
212 314
155 155
146 150
21
2414 2312 2638
.278 412
.
278 5
29
33,2 3334 35
5
4 28 28
274 ii3*28
40
33
33
•20
26
*23
26
*2018 27
46
4534 47
44
"3312 3834
36
36
33
33
"31h 36
*1012 18
*1218 18
53,8
4
312 378
414
412 514
4
24
•11
20
•10
*18,8 23
30
*18
2
lh
138 1h
2
214
233 212
22
2612 2512 2813
201s 2334 2418 2733
39
37
;51 W- 35 35
612 612 7 8
278 278
178 214
812 10,2
10
10
11012 11312 113 11434
7312 7312
•7312 74
4
438
438 5
7
7
7
714
834 11,4 1012 1134
13
9'2 1212 13
518
512
5
5,8
10
1012
Tuesday
July 25.
Wedne3day
July 26.
Thursday
July 27.
$ per share
60
6414
1
711g
4412 4734
28
3012
2814 3034
35
35
9912 9912
•24
25
612 6,2
*52h 60
3058 3312
8012 8012
2
214
1612 1738
*78
87
*80 114
4138 43,2
438 428
5
534
a5
558
12
11
912 1034
1478 1638
11 18 1212
2212 2334
Per share
S per share
6258 62
60
6312
6978 70
6812 70
44
4512 4512 47
2734 29
28h 3038
27
2912 2934 32
3434 35
35
35
9912 9912 •9912 9934
25
25
*24
26
652 658 "Bh
634
*5278 60
59
*55
3034 3214 3218 33%
*7812 82
8278 8278
2
214
2'u
214
1614 17
1618 1678
"78
87
*78
87
91
91 .
81 117
4158 4318 4212 4414
412 434 •412 5
534 534
534 53
514 512
512 578
1134 1218 12
1312
958 1034
934 1012
1518 16,4 1534 1718
1114 12
11
1233
2212 2212 23
2412
6,
8 7,4
7,4 712
678
714
1278 1278 •1034 1212 12
13
11
9
958 10
10
10
33
33
32
36
38
39
27
27
"26
30
2512 30
*1812 28
*1812 28
*1812 28
612
6
528 638
1312 612
*1034 1412 *1012 1412 *10
1412
73
77
7112 7212 74
7512
303s 3378 3038 323
3118 3378
14
1514 *13
15
15
15
2118 2312 22
2333 2312 2518
25
2714 2514 2534 2538 2738
1912 20
*18
1912 20
21
2534 28,4 26
27
2618 2838
*812 9
*812 9
*8
9
19
19
•1712 20
*1712 21
•114
1
114
133
1,4
158
1178 1278 12
1212 1212 1212
43
4712 4318 4512 42
4512
51
52 .51
60
60
60
56% 5638 *5614 5712 •5614 5712
29
29
2834 2834 *28
29
71s
Vs
718 712
7
734
18
1712 193
1812 19
2033
32
*25
*25
28 .26
30
19
2178 1912 21
2112
20
57
5834 5612 5612 5612 58
*2412 2434 *1314 2434 *1314 2434
1312 14
1312 1334 14
1414
*612 8
"5,4 7
7
*6
114
112
112 112
138
112
5
*4
*4
5
*412 5
9
*5
712 *4
*5
8
9
9
•914 10
928 938
125/3 133s 12h 13,4 1214 1318
27,4 3012 2834 2912 2834 2912
7
7,8 77s
714
7
738
9
10,4
9,4 912
9,4 958
4614 49
4614 46,4 .
40
48
•2
2
2,2
2
•2
214
78
*34
34
78
78
34
4112 431s 43
4034 45
4512
1912 2178 22
2014 22
254
26
28
2514 2612 2738 3012
125 125
125 129
125 125
2618 2712 26
27
26
2814
4512
4512
46
48
47
47
1038 1034 1014 1078 11
1134
2
233
178
17g
138
133
312 312 .278 312
3,4 314
160 160 *160 163
160 162
24
267s 24
2534 2434 2612
*278 438 *314 438 .314 438
34
3612 3328 35103 3438 3638
*3
*412 6
6
6
6
29
2812 29
29
3014 3014
•20
27
*30
39
35
35
32
*20
*30
28
26
28
.2018 34
34
34
*20
34
47
46
4712 46
48
50
*33
33
3834 .32
3834 .
3834
•34
*34
3412 3412 3412
35
*1112 15 •12
•11.58 18
1412
6
534 678
633
534 618
534 612
6
7
57s Bh
*1212 22
•1212 2434 •1212 22
•1818 33 •20
*1818 23
33
2
2
218
218
21s
2
23
318
278 3
234 278
2614 2778 2714 2878
26
29
25
2814 263g 28
274 2933
37
3678 38
37
38
3814
44
40
•3212 40
*30
*30
•712 838
733 812 .758 8
234
3
314 *278 3
Vs
1018 1018 •10
12
•10
1333
11314 11512 11134 11334 11314 11434
73
73
•72
*72
73
73
5
5
534
512
514
5
718 778
7
7,4
71s 734
1134 13,8 1178 1234 1212 131
1212 1412 *1312 16
14
13
612 7
612 612
618 612
107s 111
1114 1034 11
10
*3334 39
39
*34
*3212 39
*3312 3912 •33h 39
014 958
914 934
812 014
Th 97
734 87s
66
68 .
70
70,4 66
701 1 *70
661 1 66,4 68
Friday
July 28.
Sales
for
the
Week.
5 per share Shares
62
6314 29.600
6714 68
1,000
4614 48
6,400
2812 2912 103,800
29
9,000
30
35
1.100
35
100
*9912 9934
2478 2478
900
300
*534 634
200
*5714 60
3212 3358 41,400
300
•7812 84
214 5,200
2
14h 1638 209,100
*78
87
85
200
85
43
4414 92,000
*3
412
300
58 58 1,100
512 578 10.900
1318 9,700
13
978 1014 55,000
1538 15,2 188.100
1114 1134 69.800
23
23
4,400
673 718 9,900
12
•10
2,000
10
1058 2,600
3512 37
320
*25
29
80
*1812 28
614 6,2 2,600
1412
*10
*71
75
7.200
31 14 3234 93,800
1412 1412 2,000
2212 2334 29,700
2312 2533 6,500
*1712 20
1,400
2612 28
46,900
*7
1012
*1712 19
300
112 158 1,100
1213 1212 4,600
413 4438 63,600
•51
59
300
20
*56,4 57,2
2914 2914
230
718
738 9,10
1912 20
5.900
"25
32
100
20
20,2 23.800
5712 5712 3,200
*1314 2434
14
14
5,200
*6
7
114 "3 2.500
*412 434
•418 634
•9
10
70
1218 1'434 23,500
284 4,500
*27
658 718 14.200
858 933 20,000
*42
48
160
2
2
400
34 1,700
34
4438 224,800
43
2412 2534 16,000
28
30
12,000
125 130
160
26
2678 15,600
46
47
1.400
1078 1114 9,800
*158 2
2,700
*3
312 1,100
1,100
155 157
2532, 26,4 35,600
*314
3412 -id - 65,400
100
7
*3
30
32
1,100
4614
400
*33
36
200
*25
*2112 23
100
1,300
*4814 51
3834
100
*33
35
*34
200
•1134 15
518 6
17,400
612 6,900
6
*1212 22
33
*20
178 2
26.300
3
3
3,300
2673 2778 86.200
2718 2914 7,600
375
37
6,300
100
*30
40
8
1,400
800
*234 3
•10
1338
200
114 115
12,800
70
7214 1,000
518 5h 4.500
712 734 4,200
12
1258 22.300
1312 131
2,100
7
7
1,700
1012 101
3.300
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
Railroads
Par $ per share
Atch Topeka & Santa Fe__100 3458 Feb 25
Preferred
100 50 Apr 3
Atlantic Coast Line RR .100164 Feb 25
3altimore .1c Ohio
100
814 Feb 27
Preferred
100
912 Apr 5
Sangor & Aroostook
50 20 Jan 5
100 6858 Jan 4
Preferred
Soston & Maine
6 Apr 19
100
3rooklyn & Queetuf Tr_No par
313 Mar 29
Preferred
No par 3534 Apr 19
3kIrn Manh Tranfilt_No par 2134 Feb 25
$6 Preferred series A_No par 61 Mar 2
3runswIck Ter & Ry SecNo par
4 Jan 11
3anadian Pacific
25
74 Apr 3
Darn Clinch & Ohio stpd_ _100 5014 Apr 4
:`.entral RR of New Jersey_ 100 39 Apr 4
25 2458 Feb 28
3hesapeake & Ohio
Maio & East III Sty Co
Is Apr 18
100
6% preferred
12 Apr 5
100
138 Apr 6
100
:Thicago Great Western
212 Apr 5
Preferred
100
1 Apr 6
Dille Milw St P & Pao_ _No par
Di Feb 28
100
Preferred
14 Apr 5
Dhicago dr North Western_100
2 Apr 5
100
Preferred
2 Apr 5
.Thleago Rock Isl &Paciftc.100
312 Apr 10
100
7% preferred
100
278 Apr 11
6% preferred
100 1514 Feb 24
3olorado & Southern
100 1212 Apr 10
4% lot preferred
100 10 Mar 2
4% 2d preferred
114 Feb 24
i'onsol RR of Cuba pref-100
212 Jan 6
100
>Om RR 6% pref
100 3732 Feb 25
lelaware & Hudson
3elaware Lack & Western_50 1714 Feb 25
)env & Rh)Or West pref..100
2 Feb 28
334 Apr 4
100
..rie
44 Apr 4
100
First preferred
100
212 Apr 4
Second preferred
438 Apr 5
100
'Real Northern pref
134 Mar 31
3ult Mobile & Northern...100
212 Mar 31
100
Preferred
4June 3
lavana Electric Sky Co No par
612July 21
Iudson & Manhattan__ _100
84 Apr 5
100
Ilinols Central
100 16 Mar 31
6% pref series A
Leased lines
100 31 Mar 3
412 Apr 18
KR See elf, series A-1000
44 Feb 27
Interboro Rapid Tran v t e 100
100
Kansas City Southern
613 Feb 27
100 212 Mar 31
Preferred
838 Feb 24
50
Lehigh Valley
Louisville SC Nashville-AO° 21 14 Jan 3
Manhattan RI 7% guar..100 12 Mar 16
6 Jan 3
Wan Sty Co mod 5% guar.I00
14 Mar 3
Market tit Sty prior pref...100
4 Jan 23
Minneapolis & St Louis.._100
4 Mar 20
%Linn St Paul & SS Marie.100
34 Apr 11
100
7% preferred
4 Apr 10
100
4% leased line ctfs
110-Kan-Texa2 RR.___No par
534 Jan 3
100 114 Jan 3
Preferred Berton A
100
14 Apr I
Missouri Pacific
158 Apr I
100
Cony preferred
Nashville Chatt & St Louts 100 13 Jan 5
18 Mar 16
Nat Rys of Mex lot 4% 0_100
100
4 Jan 3
2d preferred
100 14 Feb 25
New York Central
213 Jan 25
100
NY Chic & St Louis Co
258 Apr 11
100
Preferred aeries A
NY & Harlem
50 100 Mar 31
Highest
Industrial & MIscellaneou•
Abraham dr Straus
39
*34
No Par
913 93s 31,200 Adams Express
No par
100
90
*9534 70,4
Preferred.
134 Feb 23
3 Feb 28
39 April
PER SHARE
Range for Previous
Year 1932.
Lowest.
Higheel.
8 per share $ per share S per share
8018July 7
Jan
1778 June 94
7934June 3
35 July 86
Jan
50 July 19
934 May 44 Sept
3778July 7
334 June 2138 Jan
3914July 7
6 June 414 Jan
40 July 8
912 June 3534 Aug
10078 July 22
50 June 91 Sept
30 July 1
4 July
1934 Sept
932June 8
278 July
1014 Mar
6018July 19
2314 June 58 Mar
411* July12
1118 June 5014 Mar
8312June 13
31 11 June 7838 Mar
414July 10
218 Aug
12 Apr
2078July 7
714 May 2038 Mar
7912July 19
39 July 70
Feb
122 July 6
25 June 101 Sept
44 July 7
934 July 314 Jan
8 July 10
Is July
334 Aug
812July 10
12 May
5 Aug
74July 8
114 June
538 Aug
1478July 6
212 May
1513 Jan
113* July 19
412 Aug
34 June
1814July 20
14 May
8 Aug
16 July 7
2 May 1413 Aug
3434July 6
4 Dec 31
Ja,
1018July 7
1638 Jan
113 May
1912July 7
314 Dec 2713 Jan
15 July 7
2 May 2412 Jan
51 July 13
413.1une 2911 Sept
4234July 19
8 Mar 30 Sept
30 July 21
5 Mar 18 Sept
1038June 12
1 Dec 114 Jan
16 June 7
218 Dec 20 Aug
9334July 7
32 July 9212 Sept
46 July 6
84 June 454 Sept
1934July 19
14 May
9 Jan
2534July 20
2 May
1134 Sept
2912July 5
258 May
1572 Aug
2 May
23' July 19
1011 Aug
3334July 7
512 May 25
Jan
1112July 7
2 May 10 Sept
212 Dec 1512 Sept
23'2 July 19
234June 8
r'S Oct
14 Oct
19 June 13
8 May 3034 Jan
5034July 20
434 June 2478 Sept
6018July 20
913 July 33 Sept
60 July 19
1518 Juno 45 Aug
34 July 19
4 May 144 Jan
214 June 1438 Mar
1014June 19
248 July 18
214 June 1514 Sept
3414July 19
5 June 2514 Sept
5 Jane 264 Sept
2734July 5
712 May 3814 Sept
6712July 18
25 July 19
9 Sept 4638 Mat
4 June 2034 Mat
17 July 12
8 June 9
218 Dec
9 Jan
214 July7
4 Jan
152 Aug
573 July8
13 1)ec
438 Sept
812July 8
47.185'
6 Sept
1412July 8
5 Dec 2012 Sept
1718July 7
114 May
13 Sept
37I July7
314 June 24 Sept
1014 JUIY 8
II
Jan
112 May
1514July 7
Jan
212 May 26
57 July 7
712 May 3078 Sepl
312June 27
14 May
78 Sept
78 Sept
18 Feb
133JUne 8
5812July 7
834 June 3658 Jan
2534July 27
112 May
934 Beni
3414July 20
15+8 Jac
2 June
8214 May 12712 Au,
15814June 13
3478July 19
6 May 3138 Jat
56 July 6
7834 Jan
1178 July
15 July 7
332 July
1534 Sept
312July 7
1
Pet
18 Dec
478 July 10
334 Sept
14 Dec
177 July 7
57 June 135 Sept
513 May 2538 Sept
3478July 7
7 July 11
1 Mar
312 Sept
42I4July 7
612 June 234 Jar
78 May
9 July 11
514 Sept
37 July 13
134 June 18 Aug
312 June 26 Aug
4412July 7
3812July 7
213 June 24 Aug
3534July 7
6 Dec 2113 Aug
911 June 5214 Sept
6212July 6
15 July 33
Jan
38 July 12
15 May 38 Sep!
37 July 6
1412 Sept
3 May
1812July 3
638 Jar
32 Slay
938July 7
934 Jan
1 May
914July 8
1378 Sept
3 May
22 July 14
858 Dec 204 Jan
2638July 18
4 Jan
1 sew
3 July 7
100 1112 Feb 27
NY NH & Hartford
100 18 Apr 4
Cony preferred
758 Jan 4
N Y Ontario & Western_ -100
la Mar 15
NY Railways pref
No par
100
13 Apr 4
Norfolk Southern
100 11112 Mar 2
Norfolk di Western
958 Apr 5
100
Northern Pacific)
1 Jan 25
100
Pacific Coast
Jan 3
134
50
Pennsylvania
78 Feb 17
100
Peoria & Eastern
34 Mar 3
100
Pere Marquette
6 Jan 3
100
Prior preferred
44 Feb 28
100
Preferred
p1442bumb & w2,22 viminia 100
612 Apr 19
Reading
50 2313 Apr 6
50 25 Apr 25
let preferred
2d preferred
60 2312 Mar 31
6 Jan 6
100
Rutland RR 7% prof
71 Jan 30
St Louis-San Francisco_ 100
1 Apr 17
let preferred
100
54 Mar 15
31 Louis Southwestern
100
100 12 June 7
Preferred
4 Jan 3
Seaboard Air Line
No par
478July 7
is Mar 25
100
Preferred
Feb 25 3834July 7
114
100
Southern Pactflo Co
418 Mar 2 33 July 19
100
Southern Railway
54 Jan 3 49 July 17
100
Preferred
8 Jan 5 4014July 10
NI°bile & Ohio stk tr ctfs 100
44 Feb 25 1218June 3
Third Avenue
100
434June 8
112 Jan 10
twin City Rapid Trans No par
572 Apr 19 15 June 8
100
Preferred
100 614 Apr 5 132 July 7
Union Pacific
100 56 Apr 6 7512July 12
Preferred
712July 10
14 Jan 4
100
Wabash
978July 7
118 Apr 6
100
Preferred A
4 Feb 27 10 July 13
Western Maryland
100
558 Jan 12 1912July 7
100
2d preferred
912 July 3
1 Apr 22
100
Western Pacifie
178 Mar 2 16 July 8
100
Preferred
•Bid and asked prices, no sales on this day: a Optional sale. s Sold 15 days. 2' Ex-dividend. y Ex-rights.
PER SHARE
Range Since Jan. I
On lasts of 100-share gas
401110111 20
13l July 7
71 June 20
14 Jan
613June
215 May
3 July
312 June
378 May
1 12 Dec
7 June
274 July
40 May
72 June
1 June
112 May
2 May
12 June
34 May
14 Sept
374 Jar
1813 Sept
2334 Seln
25 Fol.
14 Mai
413 Jun(
2413 Jar
9413 Eel
714 Aug
414 Aug
6
Jar
1138 Hein
1114 Sept
434 Aug
878 Aug
10 Julie
158 May
22 June
244 Aug
915 Sep,
73 Sew
ve- FOR SALES
Monday
July 24.
819
DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE
PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
Julyy, 22.
,
New York Stock Record-Continued-Page 2
Tuesday
July 25.
Wednesday
July 26.
Thursday
July 27.
Friday,
Julyy, 28.
Sales
for
the
Week.
$ per share $ Per share $ Per share $ per share $ per share $ per share Shares.
1634 1714 17
1614 18
1712 17
17
17
1834 17/
1
4 18
5200,
614 7,2
712 8
3
8l2
1192 858
8,4 814 4,800
812 858
514 534
438 5
534 818
514 534
5/
1
4 534
512 513 3.000
714 8
8/
1
4 8/
618 712
1
4
8,4 813
814 8/
1
4
814 812 7,400
86
87/
84
1
4 8814 9014 8712 90
81
8918 91
9,800
8912 91
2
2,4
2
278
21
/
4 3
234 3
.212 3
1
4 2,400
*212 2/
2112 2412 24
2733 2413 28
2912 2458 2634 230.000
251 2 2834 25
5
412 512
512
512 6
.513 8
*6
8
*512 778 1,000
458 512
418 434
512 614
514 534
51: 5/
1
4 115,700
513 6
13
13
1114 1114 12
1438 1318 1313 1338 1413 1334 14
3,900
13
13
13
13
13
13
13
1318 1378 14
1,000
1134 1134 13
____
131
/
4 *12
*1212 14
13
1234 14
2,100
/
4 1878 184 21
1814 1812 151
18
1912 2034 22
1812 18
1,090
11134 11512 11434 11834 114 11714 11714 11834 116 118
110 117
24,200
_ *122_ 122 122
•122
12114 12114 122 122 *12114
__
400
1514 1713 1612 1758 1758 1834 1714 1814 18
1834 1712 1838 21,100
15
17
14
171
1814 191 .19
20
*19
20
2,100
*17
20
C_7
612 634
7
714
*878 7
718
738
718 718 1,400
32
32
32
*29
30
30 .29
31
31
31
31
31
400
3314 3313 3413 3314 34
30
30
27
3312 3412 3414 3434 13,700
2114 2314 2234 25
25
2738 26
26
2614 2614 26/
1
4 2678 8,900
1712 1812 20
2212 2113 2338 21
23
211
2234 23
/
4 23
8,000
4534 4534 45
45
45
47
*421
/
4 47
*43
*4214 47
47
170
1134 1238 131y 1158 1238 1112 1214 1078 1112 21,000
9
1114 10
4014
3418
42
38
43
46
3934 43
46
44
45
4638 2,060
30
2914 31
311y 3134 3413 3158 32
33
3312 34
34
2,900
100 10312 *100 1031 *104 105
104 10418 *10312 105
104 104
220
82
8734 x8318 86
8612 85
8314 8512 841
85
/
4 87
87/
1
4 40,400
132 132 *128 132 *128 132
132 132
1311
/
4
130 130
131
700
20
23/
1
4 2334 2638 25
2814 26
27
27
2914 2714 2812 26.800
3712 43
35
35
43
46
*41
45
4413 4413 *42
43
1,400
*5
8
*614 913
9
9
.812 10
812 834
*712 9
400
*19
25
1814 1814 •1813 25
22
22 .15
25
25 .20
200
44
46
47
48
46
47
46
1
4 2,200
4612 *4578 4834 4512 45/
4
4
4
4
4
4
*312 414 *312 414 *3
4
900
34/
1
4 3514 4212 371
30
/
4 45e 3914 4418 40/
44/
1
4 104,900
1
4 4612 42
238 338
312 312
313 4
4
4
*4
414 .418 414
1,500
814 84
9
913
9,z 10
*918 1014 *934 1012 1018 1018
700
934 11
11
1318 1218 1310 1214 13
1218 1312 12,8 1234 83.600
2458 26
2314 24
2714 29(3 27
27
27
3,000
2658 2712 27
•15
18
1513 1634 1612 18
17
17
17
1734 1714 1714 1,800
19
21
201
/
4 21
22/
1
4 231
22
2,100
2212 23 .2212 26
22
13
14
1312 1513 1518 161
15
1512 15
1512 1514 1514 6,900
8/
1
4 1034 1014 1134 1012 1078 1038 11
-... -6,000
10
/
1
4
1012
35
3612 3914 40
33
4113 40
4014 40/
1
4 4138 41
4112 5,300
3213 3312 3414 3514 3512 3613 3514 36
3538 36
1
4 3.300
35/
1
4 35/
812 934
9/
1
4 10/
1
4 1012 11/
1
4 1034 1133 11
1134 24,000
1134 11
*44
4912 .4478 49
49
49
*4418 49
*45
*4612 49
49
100
8
914
9
10
958 1014
912 91
/
4
9/
1
4 10
9,4
934 22.800
114 112
138 113
11
/
4 134
134 11
/
4
158 134 *112 134 5,300
*618 738
1
613 61
/
4
714 7 4
40
614 614 .61
/
4 738 *613 71/4
2014 2314 23
25/
1
4 2512 2614 2513 2618 2612 2712 26
13,900
27
44
46
4518 46
47
47
*4512 4612 47
47
•4712 49
800
1512 15/
13
1
4 1714 1534 1734 16
1613 164 1634 16,2 16/
1
4 17,600
4
4
418
4
*4
458 .4
412 .414 412 •414 413
500
1438 1613 1618 1813 1718 1834 1734 19/
1618 1714 37,300
1
4 16
1914
72 .67
.65
72
*6812 72
65
*63
100
72
72
6813 .63
2212 24
2318 2518 26
26 .26
240
2712
27 .26
27/
1
4 .26
10
12/
1
4 1214 13/
1
4 13
1458 13
1414 1338 1414 1314 1334 74.400
30
3018 31
3338 3312 34
*32
34/
1
4 3312 3312 32
1,900
32
25
25
2514 2712 2634 2713 27 27
2634 2712 *2814 2934 2.400
12
141
/
4 1414 1512 1434 1578 1434 1513 15
15/
1
4 1434 1514 88.300
1513 17/
1
4 1734 20
181
/
4 21
1812 1978 1934 2212 20/
1
4 2212 112,000
37
331
/
4 33
371
/
4 37,2 3912 3878 3878 .3712 3918 38
38
1.700
3
334
414 4/
1
4
434 4/
1
4 *413 4.?
438 434
41
/
4 412 4.200
112 2
134 2
214 213
2/
1
4 213
238 234
1
4 23,900
212 2/
22
23
25
2738 27
3114 251
/
4 30
28
3012 1.750
3214 .25
2918 31
32
36
3314 364 3314 36/
1
4 34/
1
4 3713 3334 34/
1
4 65,800
.78
82
"76
82 .76
82
*7414 80
400
771
/
4 7518 7513
77
69
6614 6614 064
.65
66 .65
*65
66
67
66
67
300
43
4412 .44
4512 4412 4434 44/
1
4 45 _ 45
4514 4514 1,600
45
•112
- *112
__ 112 112 *11014 112 *11014 112 *11014 112
1
1513 -17
16/
1
4 1813 19
2018 20
2114 16.100
2012 2014 2118 20
76
*75
76
80
75
75
74
140
*75
75
82
82 .75
4212
39
39
4212 4214 43
4213 4213 42
2,700
4234 3912 42
55
59
60
6114 61
63/
1
4 61
6212 61
6234 6018 6012 8,100
11014 11014 11018 11018 110 110
•110 111
110 110
500
110 110
13
15/
1
4 1518 171 3 17,2 2014 19
20
2018 19
10.100
1912 19
11934 12334 122 125
11534 120
1
4 12312 12512 67,400
12113 12412 123 125/
76
7934 7812 8012 8112 84
82
8138 82
8238 4.200
8158 83
83
82
78
84
8314 8658 84
1
4 8414 8534 25,100
8414 85/
85
•116 120
1181
/
4 11818 .116 120 .117 120 a11612 11813 *11634 120
800
•10
20 .15
20 .13
19
*13
2012 *13
2012 *13
2012
23
25 .25
2912 2818 2818 2518 26
30
3114
29
170
29
2412 2852 2812 31
26/
1
4 32
294 38,700
1
4 3114 29
20
3012 29/
21
21
2313 25
2458 2638 2513 2614 2514 2414 2414 2514 10,800
73 .6018 74
.60
*68
70
74
*70
100
•68
70
70
70
10
1212 1014 1214 12
1278 111
111
/
4 1214 26,400
13
/
4 1258 12
44
44
41
4712 4613 49
4912 4614 47/
1
4 10,400
46/
1
4 4712 47
214 258
2/
1
4 278
3
338 •3
314
1,800
314 314
314
314
613 612 .8
11
.9
11
11
.10
*9
*9
11
11
30
653 7
7
na
7,900
Vs 812
858 9
818 834
1
4
7/
1
4 8/
*35
4618 501
/
4 5018 *5214 60
/
4 60
591 .531
*55
200
55
55
1414 1612 1614 18
1658 1814
1838 1612 1738 211.400
1613 1818 17
•.15 ". _ 15
10
10
.1078 12 .1012 1112
400
11
11
iiii2 22 2I=158 24/
1
4 2312 2638 2313 25
2412 26'y 2412 2614 23,900
*85
887 .85
85
85
89
.85
89
110
85
85
85
85
1012 59
*9
10
12
1014 1014 *9
/
4 .10
100
*834 111
11
23
2334 2314 24
25
26
2513 26
2712 28
27/
1
4 27/
1
4 2,800
1
4 •11314___ .11314 11434 11314 11314 "10314 110 .103/
*113,4 114/
1
4 112
10
8112 8212 -84
81
85
90
85
900
*84
85
8412 841 •8o
558
514 57
5
4/
1
4 518
534 838
5/
1
4 614 60,500
53* 538
234 3,4
314 3/
1
4
313 37
1
4
358 334 33.900
358 3/
312 334
6312 6614 6212 691
604 65
7114 68
6914 29,500
6412 6778 66
313 434
414 413
414 4 8
438 413 4,200
434 434
458 458
1
*6
7
161
534 6 4
012 81
*613 712 .634 713 *534 7
1
4
3
11
/
4 2/
314
314 2,400
314 *214
3
314 31
314
*3
1
4 14/
121
1
4 14
/
4 13/
11
1
4 4,800
1412 14/
15
1438 15
14
14
*50
6018 .50
60
57
•52
60 .50
65
*50
65 .50
.4112 50
•40
50
*45
•40
47
50
50 .40
*40
50
3412 3413 343 *27
*2714 3512 34
34
60
35
33,2 337 •20
.21
24
30
26
*22
*21
28 .22
24
*22
2613 •22
*2513 29
25
2718 2718
2518 28
800
25
"2778 31
27
27
2313 2514 24
2412 47,400
2112 23
1
4 24
2578 23/
1
4 2414 2418 24/
27
28
2412 2612 25
2958 26
2814 2814 2814 2912 3,500
27
*7912 80
280
SO
*79
78/
7838 79
1
4 7834 7858 797 .7858 80
958 1,300
.9
1
4
912 91
912 9'z
918 9/
938 9/
1
4
934 10
5514 5714 51.400
46
5234 49
5434 5212 5712 5212 57
5534 59
614 612 3.200
4
418
.658 7
512 6/
71
/
4
1
4
6/
1
4 67
7
1
4 171.300
814 10
1033 11
1034 1134 1014 11
10/
1
4 1118 1038 10/
912 1038
1018 12
1
4 114,000
1178 1234 12
1212 1214 1358 1212 13/
4233 45
45
2,000
•__ 40
43
4112 43
4114 43
3912 43
.95 106
.95 106
•95 106
.96 105 .95 106 .95 106
4
258 4
310
414 438
.31s 438 *3
4
412
412 41
14
15
*1614 2012 1713 1713
290
15
18/
1
4 1614 1614 *1538 25
1
4 48,600
814 8/
612 712
812 9
712 858
858 9
814 914
26
27
2312 2812 2914 34
3334 3178 3212 7,900
32
3014 33
.85
96
90
9312 90
50
86
86
92
90 .90
92
90
18
1934
1912 1934 4,300
1
4 20
1812 2014 20
2014 19/
1
4 20
20/
*8038 95
*8512 95 .8713 9018 .8038 9012 *8613 9018 *8611 901
/
4
60
61
64
63
*59
6014 63
63
1,700
64
63
64/
1
4 .57
7
778
812 834 12,300
8
914
8/
1
4
9
858 9
853 9
*86
89
900
"86
1
4
*8814 8918 .87/
1
4 88/
88
887s 881
/
4 8812 88
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
Indus. & Miscall. (Con.) tar
Adams Mills
No par
Address Nfultigr Corp_.No par
Advance RumelY
No par
Affiliated Products Ine_No Dar
Air Reduction Inc
Vo par
Air Way Elea Appliance No par
Alaska Juneau Gold Min .10
A P W Paper Co
No par
Allegheny Corp
No par
Pref A with $30 wart ___100
Pref A with $40 warr___100
Pref A without warr___100
Ailegheny Steel Co
No par
Allied Chemical & Dye-No par
Preferred
100
Allis-Chalmers Mfg____No par
Alpha Portland Cement No par
Amalgam Leather Co...Ne par
100
7% Preferred
Amerada Corp
No par
Amer AgrieChem (Del) No par
Amerlean Bank Note
10
Preferred.
50
American Beet Sugar__No par
100
7% preferred
Am Brake Shoe & Fdy_No par
Preferred.
100
American Can
25
Preferred
102
American Car & Fdy- _No par
100
Preferred
American Chain
No par
100
7% preferred
AmerIcan Chicle.
No par
Amer Colortype CO
10
Am Comml Alcohol Corp_ _20
Amer Encaustic TilIng_No par
Amer European Sec's....No par
Amer & Poen Power___No par
Preferred
No par
No par
2d Preferred
$6 preferred__
No par
Amer Hawaiian S S Co_ __10
Amet Hide & Leather_N-o par
Preferred.
100
Amer Home Products No par
American Ice
No par
6% non cum pref
100
Amer Internet Corp_ __No par
Am L France &FoamiteNo par
Preferred
100
American Locomotive...No par
Preferred
100
Amer Mach & Fdry Co.No par
Amer Mach & Metals. No par
Amer Metal Co Ltd--No par
6% may preferred._..
100
Amer News Co Inc_ __No par
Amer Power & Ligh-t_No par
86 preferred _____ .__No par
No par
85 preferred
Am Rod & Stand Elan'y No par
American Rolling Mill
25
American Safety Razor No par
American Seating v t o_No par
Amer Ship & Comm...No par
Amer Shipbuilding Co.No par
Amer Smelting & Refg_No par
100
Preferred
100
2d preferred 6% cum
American Snuff
25
100
Preferred
Amer Stee I Foundriee_No par
100
Preferred
Amer.can Stores
No par
100
Amer Sugar Refining
100
Preferred
Am Sumatra Tobacco...No par
WO
Amer Telep & Teleg
American Tobacco
25
Common class B
25
Preferred
100
Am Type Founders___Ne par
Preferred
100
Am Water Wks & Elec_No par
Common vol tr ctfs_No par
let preferred
No par
American Woolen
No par
100
Preferred
Am Writing Paper ctfa_No par
Preferred certlficatte No par
Amer Zinc Lead & Smeit.... _1
Preferred
25
Anaconda Cooper Mining_50
Anaconda Wire & CableNo par
Anchor Cap
No par
$6.50 cony preferred_No par
Andes Copper 51lning_No par
Archer Daniels MicIld-No par
100
7% Preferred
Armour & Co (Del) pref 100
Armour of Illinois class A.-25
Class B.
25
Preferred
100
Arnold Constable Corp_No par
Artloom Corp
No par
Associated Apparel Ind No pa
Associated Dry Goods
1
6
,1st preferred
100
77: 2d preferred
100
Associated Oil
25
Atl 0 & NV I8S Linee__No par
Preferred
100
Atlantic Refining
25
Atlas l'owder
No par
Preferred
100
Atlas Tack Corp
No par
Auburn Automobile
No par
Austin Nichols
No par
Aviation Corp of Del (Tbe)__5
Baldwin Loco Worlie No par
Preferred
100
Bamberger (L) dr Co pref100
Barker Brothers
Vo par
611% cony preferred... _100
Barnsdal Corn
5
Bayuk Cigars Inc
No par
lot preferred
100
Beatrice Creamery
50
Preferred
100
Beech-Nut Packing Co
20
Belding Herninway Co_No par
Belgian Nat Rys part pref....
• Bid and asked prices, no sales on this day. a Optional sale. r Ex-dividend. y Ex-rights. c Ca.,11 sale.
PER SHARE
Range S nor Jan 1.
On baso of 100-share 1015.
$ Per share
8 Apr 7
518 Apr 15
134 Feb 21
558July 21
4713 Feb 25
12 Feb 28
1118 Jan 14
1 Jan 5
78 Apr 4
1 Apr 5
11
/
4 Apr 17
114 Mar 30
5 Mar 30
7034 Feb 27
115 Apr 21
6 Feb 27
534 Jan 10
/
1
4 Feb 21
5 Feb 23
1813 Mar 2
714 Mar 1
8 Mar 2
34 Apr 7
Jan 30
I
234 Jan 5
91
/
4 Mar 3
60 Mar 28
4913 Feb 25
112 Feb 27
618 Jan 23
15 Feb 28
158 Mar 31
3/
1
4 Mar 1
34 Mar 2
2 Feb 24
13 Feb 27
1 Jan 5
378 Apr 1
378 Feb 27
714 Apr 4
1
4 Apr 4
4/
614 Apr 4
418 Jan 5
212Mar 2
1313 Feb 11
2912 Mar 1
334 Feb 24
25 Feb 15
414 Feb 27
14 Apr 21
114 Jan 3
5/
1
4 Jan 3
1734 Jan 3
834 Feb 27
1 Jan 27
318 Feb 24
5/
1
4 Jan 4
17 Jan 20
4 Feb 27
9/
1
4 Apr 5
9 Apr 1
453 Feb 27
534 Mar 2
2018 Apr 6
7 Mar20
18 Apr 8
1111 Mar 3
10/
1
4 Feb 25
31 Jan 10
1
4 Jan 2
20/
3212 Jan 10
10218 Jan
422 Feb 28
3758 Mar 28
30 Feb 27
2111 Jan 19
80 Jan 19
6 Jan 13
8612 Apr 18
49 Feb 23
50/
1
4 Feb 25
10234 Mar 1
438 Apr 10
10 Apr 8
1078 Apr 7
912 Apr 4
35 Mar 24
311 Maw 2
2258 Feb 16
se Feb 8
54 Feb 17
214 Feb 28
20 Feb 21
5 Feb 28
41
/
4 Jan 6
8 Jan 20
8213 Jan 11
258 Feb 7
934 Mar 3
95 Feb 23
41 Jan 3
118 Feb 28
314 Feb 20
7 Feb 27
lig Jan 19
2 Mar 27
se Apr 17
312 Feb 20
18 Feb 23
15 Jan 19
634 Nfar 24
413 Mar 22
412 Apr 11
1238 Feb 28
9 Feb 14
60 Apr 5
113 Feb 27
3114 Feb28
78 Feb 2
5/
1
4 Feb 27
313 Apr 12
9/
1
4 Apr 4
8814 Feb 28
/
1
4 Jan 4
518 Apr 19
3 Mar 2
314 Jan 8
27 Jan 111
7 Mar 2
45 Feb 24
45 Jan 5
312 Feb 20
62/
1
4 Apr 7
Highest.
PER SHARE
Range for Precious
Year 1932.
Lowest.
Highest.
$ per Share $ per share $ per share
2158July 12
12 June 3038 Mar
1212June 19
812 Dec
14 Sept
938July 7
114 June
478 Aug
1134May 1
44 May
1812 Mar
10314July 7
3078 July 6312 Sept
4 May 23
11 June
3/
1
4 Sept
31 July 19
7/
1
4 June 16/
1
4 Jan
958July 13
/
1
4 Dec
4 Ma1
814July 7
/
1
4 May
3/
1
4 Sent
2178July 7
814 Sept
/
1
4 May
21 July 7
58 June
8 Seal
20 July 7
84 June
8 Sept
26 July 19
5 May 15 Sept ,
135 July 7
421:June 8814 Sept '
12353 July 17
9612 Apr 120 Dec
2638July 8
4 June 1538 Sept ,
24 July 17
412 July
10 Jan 1
914 July19
2/
1
4 Sept
4 Apr
40 July 19
4 Dec 10 Mar
4114July 3
12
Jan 2234 Sept ,
35 July 18
312 June 1512 Sept
2812July 13
5 May 2212 Sept
4978June 2
28 June 47 Feb
1634July 18
14 Apr
2/
1
4 Aug
58 July 18
1
Apr
934 Aug
4212July 7
81:June 17/
1
4 Sept
10418July 26
40 July 90 Feb
9712July 13
2958 June 73/
1
4 Mar
134 July 19
9312June 129 Mar
3934 July 17
31
/
4 June 17 Sept
5934July 3
15 Dec 50 Aug
14 July 11
11
/
4 Apr
714 Sept
3112July 18
7 June 28
Jan
5114July 7
18 June 38 Nov
618June 7
2 July
84 Sept
8978July 18
11 May 27 Sept
6 June 20
34 Dec
5
Jan
13 July 3
214 Apr 15/
1
4 Sept
1958June 12
2 May
15 Sept
4478June 13
5 May 381
/
4 Jan
214 May 2114 Aug
2714June 12
3538June 13
334 June 33
Jan
2112July 17
3 May
812 Aug
18 June 6
1 May
8/
1
4 Sept
57122une 13
4/
1
4 May 27 Sept
4212N1ay 31
25 June 5133 Mar
1712June 29
338 Dec 2158 Mar
5778June 29
35 Dec 68 Mar
1518July 3
212 June 12 Sept
312June 28
14 Jan
34 Aug
914 Aug
12 June 28
1 July
3918July 3
358 July
1514 Aug
63 July 7
1718 Dec 49 Sept
2238July 3
712 June 2214 Jan
6 June 2
1 June
3/
1
4 Mar
2358July IS
914 Aug
113 June
72 June 20
612 June 32 Aug
Jan
14 July 33
3012July 8
191
/
4July 13
3 June 1714 Sept
411s July 17
Jan
1514 June 58
35 July 13
10 July 4934 Jan
19 July 7
318 June 1214 Sept
311
/
4July 11
3 May 1812 Sept
4734July 13
1338 June z2914 Mar
34 June
71
/
4 July 13
334 Sept
13 Apr
412June 20
/
1
4 Sept
3634June 19
10 June 2518 Jan
4212July IS
518 May 2714 Sept
85 July 19
22 June 85
Jan
73 July 6
15 July 55 Feb
4838July 7
2134 June 3813 Aug
Jan 106 Sept
112 July 25
90
27 July 7
3 May 1518 Sept
34 July 80 Feb
85 July 10
4778July 7
20 May 3634 Mar
/
4 Jan
74 July 13
13 June 391
11214July 15
45 May 90 Aug
2/
1
4 Apr 10,4 Aug
26 July IS
134342uly 13
891
/
4 July 13738 Feb
1
4 Mar
9078July 1
4012 June 86/
44 June 89/
9434July 7
1
4 Mar
120 July IS
9514 June 11812 Oct
Jan
4 June 25
25 July 5
Jtal
3778July 18
101
:July 70
43(4 July 13
11 May 3412 Mar
3578June 12
11 Stay 31 Mar
28 June 75
Jan
80 June 13
153 May 10 Sept
17 July 5
6178July 17
1
4 Sept
1512 Jan 39/
14 May
214 Aug
418June 27
1434July 8
2 July
8 Aug
114 May
Vs Sept
10/
1
4July 10
66 July 17
10 June 35 Aug
2278July 19
3 June 1938 Sept
1512June 8
3 Apr 15 Sept
1712 Mar
514 May
394 July 18
90 June 18
40 May 75 Bent
1412June 3
11
/
4 May
9 Sept
2914July 20
7 Apr 1511 Sent
115 July 18
85 Am 1004 Oct
90 July 15
24 May 61 Aug
734June 8
234 Sept
5* June
2 Sept
5 July 14
38 June
93 July 14
1
4 Aug
1
4 May 15/
3/
358 Aug
7 July 17
1 May
514 Sept
9/
1
4June 24
153 Dec
3 Aug
%June
514June 6
20 July 17
3 May 11 Sept
6112July 18
1834 Dec 42 Sept
1213 Dec 35 Mar
51 July 17
1612 Aug
3512July 14
612 July
438 Dec 1214 Aug
26 July 19
534 Dec 1513 Jan
33/
1
4July 17
311
/
4 Sept
/
858 Feb 211
4July 7
391aJuly 5
7 Dec 2512 Feb
8112July 3
4513June 791
/
4 Jan
3/
1
4 Aug
1 July
1012July 19
8414July 13
28g Stay 15154 Jan
93g July18
1: Feb
178 Sept
8/
1
4 Dec
/
4June
1638July 17
11
1758July 7
2 May 12 Aug
60 July 18
8 May 3718 Aug
62 July 99 Feb
9518July 13
714June 20
Is Apr
312 Aug
7 Dec 30
2414July 18
Jan
11 July 7
338 June
7 Sept
5212July 13
2 Dec 13 Feb
100 July 10
30 Dec 59
Jan
27 June 29
1012 Nov4313 Jan
85 May 25
82 Dec 95
Jan
7012June 27
2914 Stay 45/
1
4 Dec
1212July 6
258 Jan
834 Sept
9112July 19
5738 June 62/
1
4 Dec
New York Stock Record-Continued-Page 3
820
July 29 1933
gar FOR SALES 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 22.
Monday
July 24.
Tuesday
July 25.
Wednesday
July 26.
Thursday
July 27.
Friday
July 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share
1314 15
2112 2314
3034 3438
53
5812
•2212 2412
1234 1412
•1413 20
34
3712
*60
74
3018 3218
1258 1412
*218 334
8
912
*1418 18
7912 7912
4812 49
8
858
718 8%
812 10
6014 601 1
478 538
2212
21
314
312
*3
3%
712 818
1278 1434
412 412
612 834
*1212 19
134
134
212 234
3
312
2353 2814
71
71
2214 25
I
I%
514 6
712 9,4
2112 24
281; 2812
*812 10
27
28
$ per share $ per share 5 Per share $ per share $ per share Shares Indus. Oc Mlicell. (Con.) Par
1434 1578 1514 1638 1558 1638 1558 16% 1558 16
57,600 Bendix Aviation
5
24
25
2612 28
2612 2612 26
2714 2512 253 4,400 Beetle Co
No par
3418 377
3514 3812 3612 38
3812 4412 3914 4112 148,000 Bethlehem Steel Corp No par
71
71
64
71
65
6512 68
70
100
67
6934 12,800
7% preferred
*2314 2912 *2314 25
2434 248 *24
50 13igelow-Sanf Carpet Ine No par
*2212 25
25
14
15
9,500 Blaw-Knox Co
1538 16
1458 15
1512 1534 1514 1614
No par
___ *18
_ *18
Bloomingdale Brothers_No par
•18
25
_
*18
__ _ *14123678 3918 37 -3-34 3618 19
417
403-4 26,900 Bohn Aluminum & Br_No par
39
3914 -70
70
*6012 72
*6012 74
•60% 7212 .6034 728
100 Bon Am! class A
No par
3112 3338 3278 33% 3258 3312 3234 3314 3234 3314 19,400 Borden Co (The)
25
1334 1534 1518 1638 1511 1638 1512 2612 1514 1534 17,500 Borg Warner Corp
10
1
*3
4
314 314 *234 314 *214 3 4 *234 314
100 Botany Cons Mills class A 50
912 101 1
1018 1078
958 1012 1014 11
1014 1078 42,100 Briggs Menu/limn:12.N° par
*15
17
*1478 17
*1478 17
*1478 17
•15
No par
17
Briggs & Stratton
*82
84
1,200 Brooklyn U411011 Gas.. No par
83
85
83
84
8214 83
*82
83
4834 4834 •48
47
51
51
47
500 Brown Shoe Co
*48
50
50
No par
938 11
1214
11
1114 1114 12
11
11
1158 7,800 Bruns-Balke-Collender_No par
8
9
814 918
838 858
10
8% 5,200 Bucyrus-Erie Co
814
85
Vs
1234 12
1218 1158 1278 1214 124 7,300
1034 1212 12
Preferred
5
*5312 60
*5312 60
*5312 60 .5312 60
*5312 60
7% preferred
100
20
512 614
658 7%
No par
634 712
634 714
634 714 20,800 Budd (KG) Mfg
25
25
31
33
3112 35
32
7% preferred
720
WO
31
3478 32
414 11,100 Budd Wheel
314 334
412
4
418 438
41g
418 438
No par
*3
312 *3
4
*3
100 Bulova Watch
312
358 *314
338
No par
3'2
812 812
932 2,800 Bullard Co
No par
838 834
834
834
9
934
9
1434 16
1518 1612 147g 1578 15
1612 15,4 1558 31.100 Burroughs Add Mach No Pa
358 358
412 412
458 514
412 412
No par
434 434 1.700 Bush Term
*618 9
*618 9
*7
200
100
•6% 88 *718 8
Debenture
9
20
*13
*14
10 Bush Term Bldgs gti pref..100
17
*16
18
•14
18
18
18
*154 2
134
134 *134 2
200 Butte & Superior Mining_ __10
•134 2
*134 211
258 318
318 312
318 3,4 *318 314
318 3% 5,500 Butte Copper & Zino__
__6
4
2,800 Butterick Co
414
338 334
4
4
No pa
334 4
458 412
2712 2978 2812 3232 287s 3112 31
No par
3334 3118 3338 42,600 Byers Co (A M)
6.55g 70
6612 6712 *6012 80
120
. 60
*59
100
60
Preferred
2434 2538 2618 2712 2653 28
2712 _2827
4,400 California Packing_ _ __No par
27
15
112 134
158
158 134
I%
7,100 Callahan Zinc-Lead
178
10
134 17
534 658
6,4 718
658 718
612 718
658 678 26,500 Calumet dc Heels Cons Cop_ 26
812 10
912 1012 *10
1012
10
4,300 Campbell W & C FdyNo par
912 10,2 10
26
2914 2512 3214 2858 30
3112 29
28
3012 55,200 Canada Dry Ginger Ale
5
31
317
29
29
2812 2812 29
2914 30
3012 3,000 Cannon Mills
No par
10
934 978 *8
*818 9
*814 9
*818 9
300 Capital Adminis el A__ _No par
29
29
30
30
*2634 60
240
*2634 30
*28
Preferred A
30
50
7212 7334 6412 7112 65
7438 6412 70
6912 75
100
6858 7134 76,400 Case (J I) Co
7218 7518 *72% 8938 •7212 81
*72,8 79
78
78
78
Preferred certllleate,
290
78
100
1814 1934 21
23
21
23
2031 22
2112 2258 2072 2158 21,800 Caterpillar Traetor_._NoPar
247 2912 3012 35
34
3734 34
3934 36
4158 3712 404 207,000 Celanwo Corp of Am __No par
212 314
314 338
372 412 *334 412 *334 4%
No par
334 334 1,800 Celotex Corp
17
218
11
3
353 378 15,500
234 338
214
Certificates
No par
353
314
358
78
81g
818 107
9
978
912 978 10
10
100
Preferred
934 934
350
32
3312
3312
343
4
3234 341
32
31
3312 3334 3412
11,600 Central Aguirre Asso__No par
33
534 654
812 812
978
9
878 938
858 9
1,800 Century Ribbon Mills_No par
*812 9
*80
93
*80
*80
*80
93
93
03
*80
93
93
*80
100
Preferred
327s 29
24
28
27
3378 2978 3478 31
3434 3118 3278 122,000 Cerro de Pasco Copper_No pa
4
458 5
434
434 558 *48 5
434 518
434 5
5,400 Certain-Teed Products_No par
*25
3518 •25
2818 •23
30's 25
28
2818 *20
25
*24
7% preferred
100
20
20
1718 19
2134 20
15
2012 2014 2118 21
2178 10,600 City Ice & Fuel
No pa
68
69
6818 6512 651
69
65
69
71% 72
*71
460
7538
100
Preferred
1058 11
1038 101
1058 11
11
1114 1118 12
*10% 12
1,100 Checker Cab Mfg Corp
3734 404 3912 42
38
4012 43
33
4234 4434 4212 4334 19,700 Chesapeake Corp
No par
97 1012 11.100 Chicago Pneumat Tool_No par
734 912
912 1012
912 11
1038 1014 1012
10
1734 1734 17
1834 1814 19
*17
1852 1834 1834 1838 1858 1,500
Cony preferred
No par
*1138 12
1012 12
13
13
*10
*1112 14
14
13
13
700 Chicago Yellow Cab_ No par
20
2278 22
241, 2334 2534 23
2412 24
2558 2358 2412 9,200 Chickasha Cotton 011
10
512 61 t
578
5
*658 714
714 712
6% 71
658 658 2,900 Childs Co
No par
15
1512 15
15
1734 173
1612 17
•15
18
*1215 18
240 Chile Copper Co
25
2614 3018 283 3134 2958 3214 3078 3334 3234 3434 3234 337 432,400 Chrysler Corp
5
2
2
218
2%
2
258
212 212
238 212
2
238 17,600 City Stores
No par
9
9
912 1114 *912 1112 *958 1112 *912 1112
9
9
230 Clark Equipment
No par
2914 2914 2834 2912 31
30
32
30
31
32
31
2,000 Cluett Peabody & Co_ _No par
31
•98__ *98
___ 98
98
*9612 ___ •9612
__ *96
60
__
Preferred
100
953
9334 -9-512 9434 -9478 94
9338 -95
9412 -9-514 9412 -953-4 4,400 Coca-Cola Co (The)No par
4512 4512 46
46
4614 461i 4614 4614 4612 4612 *4614 47%
No par
900
Class A
1334 1534 157 1612 1612 1738 1658 1758 1614 1738 1614 1634 10,800 Colgate-Palmollve-Peet No par
88
*85
00
8412 8412 *85
8618 86,8 *85
88
*85
100
88
6% preferred
300
1012 1114 1214 1412 141g 1534 14
1534 15
1534 1412 1512 20,800 Contra & Alkman
No par
0712 10
8
*712 10
*712 10
8
.712 10
*712 10
100 Colonial Beacon 011 Co_No par
97
77
1018 Ill
1078 101. 117
10
115s 10% 11
934
37,000 Colorado Fuel & Iron_ _No par
4514 5034 4812 517
493..
4 5334 49
52
5314 5958 52
54
15,600 0311.1W:dun Carbon vie No par
1912 2013 1912 IV
19
17% 18
18
2014 20% 20
20
3,000 ColUmb Pict Corp•t a_No par
18
197
1958 2178 2014 2212 2014 21's 2012 2184 2012 20% 128,700 Columbia Gas & Elec No par
*79
81
81
81
8012 78
•79
8118 .80
_ __ 100
81
8038 8038
Preferred serleeA
800
1258 1112 12
12
1234 12
1112 1218
1114 12
12
1258 9.100 Commercial Credlt-No par
37
*33
35
*32
35
53212 351s 35
38
35
35
Class A
1,300
35
50
2438 2438 2314 2314 .2314 2312 231g 24
*231g 24
*2318 24
25
20
Preferred B
95
85
*85
85
9112 •85
*85
95
95
*85
*85
95
20
834% first preferred_ _100
2912 33
3112 33'2 32
3114 327
3314 3412 3378 3412 26,100 Comm invest Trust_No par
33
91
91
91
9112 912 91
90
90
90
9112 *8812 90
Cony preferred
No par
1,100
2658 2934 2912 3318 3018 3452 3012 3358 3114 34
3112 337 502,400 Commercial Solvents_ _No par
37
41
37
4
4
312 4
4%
4 179,100 Commonw'Ith & Sou__ _No par
458
3% 352
45
45
47
47
4612 49
1,900
4778 5034 49
$6 preferred series__ _No par
4914 477 48
734 814 5734 10
*714 10
712 712 *04 10
*712 10
300 Conde Nast Publio'rut_No par
1912 19
21
17
20
2178 1958 2078 2018 2112 2012 2158 37,800 Congoleum-Nairn Ino No par
1114 1114
12
1214
14
1514 15
*1212 1518 .1234 1518
15
No par
900 Congress Mar
97 11
12
7
1012 12
11
1112 11
1134 3,600 Consolidated Cigar
853 12
No par
•55
54
56
55
60
60
100
5414 5414 541 5414 5412 55
Prior preferred
130
418
378 453 *4
453 *418 434
31
438
1
4
312 378 2,300 Consol Film Indus
8
No par
858 93
9
9
87
10
912 4,500
9
9
9
918
Preferred
5018 5312 53
5434 5314 547
5434 53
5512 53
5318 5414 64,800 Consolidated Gas Co_ No pa
92
9072 91
a9012 9114 92
*92
94
93
93
9318 1,800
93
Preferred
No par
358 35
312 338
3
338
312 312
312 312
353 3i2 4,300 Consol Laundries Corp_No pa
938 1053 1014 1158 1118 1214 1118 1134 1138 1178 10s 1138 148,700 C01120100 Corp
No par
*101 10434 *101 1044 *101 10434 *102 10434 *102 10434 103 103
10
100
8% preferred
211
2
2
158
134 218
17
214
218 214
2
218 37,000 Consolidated Textile_ __No par
7
558 612
7
20
678 7
634 7
5,200 Container Corp class A
718 712
678 738
218 27
3
272 31 1
311
3
3
272 3
Class 13
318 318 6,100
No par
1114 1178 117 1234 1112 125* 8,400 Continental Bak class A No par
1112 1231
1058 1134
918 10
214
2
214
218
238 212
212
17g
214 212
238 13,800
Class B
214
No par
6118 6058 6053 61
5814 60
6118 *60
58
61
607 *80
800
100
Preferred
5912 5934 6012 6134 60
25914 63
61
563 5914 6012 62
17,400 Continental Can Inc
20
5
12
12
12
1212 3,000 Cont'l Dlamond Fibre
934 1012 1014 1112 1134 1212 1253 1258
30
29
2914 29
2612 2912 2812 2912 29
30
2914 30
5,600 Continental Insurance-- -2.50
214
212
238 212
21,
212 258
158 2
17g
214 212 28,500 Continental Motors_ __No par
1214 1412 141. 15% 1434 1534 1458 158
1458 1512 14
143 71,700 Continental 011 of Del_No par
7334 7614 751; 7634 7634 7734 7612 7814 7814 80
78
80% 18,900 Corn Products Refining- _26
*135 13912 •135 13912 *136 13912 13614 13614 .13612 13912 139 13914
100
Preferred
130
45
512 57
538 558
5
552 578
No par
512 6
534 534
6.900 Coty Inc
297g 31
3034 2914 30
29
2514 2814 274 30
30
No par
3038 13.400 Cream of Wheat etfs
1012 1018 10,8 •912 10
938 1018 1034 10
2,500 Crosley Radio Corp__ No par
8
7,s 778
3734 4014 40
22,000 Crown Cork & Seal ___ _No par
4334 4114 4512 4112 4414 4314 4714 4312 46
35
*3512 3718 *3512 3712 *35
35
37
36
3514 36
36
$2.70 preferred
500
No par
57
57
55
412 518
6
6
5% 5%
614
618 18.500 Crown Zellerback•t &No par
614
23
3078 2918 3034 6,300 Crucible Steel of America_ _104
29
*2714 29
26
29
27
2534 26
50
54
52
50
54
52
52
50
600
550
50
53
Preferrrd
52
100
17
2
2% 212
212
214 214 7,400 Cuba Co(the)
2
214
No par
234 212
258
714 8
712 712 14,000 Cuban-American Sugar ___ _10
718 838
738 778
512 71
634 8
43
100
43
52
*45
545
48
110
55
48
55
045
*45
55
Preferred
46
47
*46
49
4712 49
52
48
4812 3,000 Cudahy Packing
50
50
4934 50
17
1812 2012 2114 1834 20
20
5.900 Curtis Pub Co (The)___No par
1712 1812 1858 2012 20
4812 50
1,200
50
50
5012 50
51
Preferred
No par
*4614 5012 4714 4714 50
33
314 32
212 27
258 318
314
318 314 75,100 Curtiss-Wright
1
358
358
5
518
5
Class A
1
53*
514 5% 8.700
514 6
535 58
558
558
137 1434 1514 15,4 16
1634 1,000 Cutler-Hammer Ins_._No par
1714 *16
1714 *16
17
1758
0512 6
6
700 Davao& Stores Corn
612
6,2 634
658 634 *612 6%
678 678
6
• Bid and asked prices, no sales on this day. a Optional sale. 2 Ex-dividend. c Cash sale.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
PER SHARK
Range for Previous
Year 1932.
LOWell.
Highest.
Lowest.
Highest.
$ per share $ per share $ per share $ per share
618 Feb 27 21't July 17
412 May
1834 Jan
9 Mar 2 3112July 18
534 June 247 Feb
1018 Mar 2 49' July 7
714 June 2938 Sept
2514 Feb 28 82 July 3
1614 July 74
Jan
898 Apr 5 2912June 30
612 Dec
1512 Aug
355 June 10 Aug
312 Feb 28
19'* July19
658 Feb28 21 July 18
614 June 14 Feb
91251ar 2 5412July 6
478 June 2214 Jan
52 Feb 23 74 June 13
31 June 55 Nov
18 Feb 27 3712July 3
20 July 4358 Mar
512 Feb 28 2152July 5
332 May 1414 Sepr
52 Apr 17
412July 5
14 Apr
11.4 Sept
253 Feb 2i
1458 July 18
272 June 11 24 Mat
714 Feb 28 1834July 19
4 May 1012 Jan
8312 Apr 5 8812June 12
46 June 8912 Mar
2812 Mar 3 537 July 18
23 July 36 Feb
11% Mar 3 1812June 26
118 July
412 Sept
2 Feb 27 1272June 20
113 June
714 Sept
234 Feb 23 1958June 20
212 May 10% Sept
2012Mar 31 72 June 26
35 June 80 Sept
34 Apr 15
978July 3
12 Apt
318 Sept
3 Mar 16 35 July 3
312 July
14
Jan
1 Feb 8
534July 5
58 May
412 Jan
72 Mar 2
5 June 29
118 Apr
312 Jan
212 Feb 17 1314July 3
218 May
8 Sept
Ws Feb 14 2072July 3
ft% June 1314 Aug
1 Apr 1
8 June 8
3 Dec 2134 Mar
1 Apr 3
912June I
7 Dec 65 Mar
712 Apr 26 2312 Jan 5
1214 July 85 Jan
1 Feb 10
278June 2
12 July
178 Sept
13 Mar 31
414June 2
12 Apr
2 Sept
114 Apr 10
712June 13
57 Sept
I% June
812 Feb 25 4314July 18
7 May 2458 Sept
30% Mar
80 July 18
3514 Slay 69 Sept
734 Mar 2 3434July 17
414 June 19 Sept
14 Jan 19
214June 5
18 Jun
1% Sept
2 Feb 7
93sJune 2
1% May
778 Sept
2 Feb 28 1614July 15
212 Jun
914 Aug
712 Feb 25 4112July 19
6 June 15 Sept
14 Feb 2 3512July 18
1018 Jun
23% Sept
412 Feb 24 1212July 13
2% Apr
912 Sept
2118 Jan 18 3512July 13
19 June 32 Aug
3012 Feb 27 10312July 17
l6'iJune 6534 Sept
41 Feb 27 86 July 19
30 May 75 Jan
512 Mar 2 2934Ju1y 7
43siune 15
Jan
418 Feb 27 5878July 3
114 June 1258 Sept
13 Mar15
578July 3
78 Aug358 Jan
33 Feb 4
418July 5
58 l)er
214 Feb
112 Jan 5 1234July 5
Da De
712 Mar
14 Jan 3 41 July 17
2012 Sept
758 Jun
2 Apr 19 1158July 19
238 June
614 Jan
52 Feb 27 95 J1111020
55 1ec 85
Jan
57 Jan 4 4278July 13
312 Jun
15% Sept
1 Jan 9
73s July 3
52 Dec
338 Feb
4 Mar 27 3014July 18
458 Dec 185 Aug
718 Mar 3 25 June 29
11
Oct 2812 Feb
3 2
42
5i2xAip
70
27,July 17
ar 27
4358 Nov 68 Jan
Jan 18
1612 Aug 3018 Sept
1 178 Jan 3 5212July 7
478 June 22034 Sept
21/1 Mar 31
1232July 20
1 may
63 Jan
512 Feb 28 2514June 20
211 June 1214 Sept
818 Jan 4 2238May 31
6 Dec 14 Mar
5 Mar 2 34 July 18
5 June 1212 Sept
2 Feb 28 1018July 5
1%June
8 Sept
6 Apr 4 2112July 18
5 Dec 16 Sept
734 Mar 3
3938July 20
5 June 2134 Sept
14 Feb 28
358July 7
14 July
218 Jan
5 Mar 24 1414June 22
314 July
834 Jan
10 Jan 27 4112July 17
10 Apr 22 Mar
90 Jan 4 100 June 2
90 June 96 Feb
731k Jan 3 105 July 17
6812 Dec 120 Mar
44 Apr 10 4712June 1
415 July 50 Mar
7 Mar 30 2238July 19
1014 Dec 3112 Mar
49 Apr 3 8818July 26
65 June 95 Mar
3 Apr 4 21 July 18
234 May 10% Mar
514May 10 12 Jan 4
9 Jan
1212 Oct
312 Apr 4 1758July 7
278 July
14% Sept
2318 Feb 27 7112July 3
1312 May 4178 Star
658 Mar 27 2412July 19
414 May 147s Auc
9 Mar 31 2818July 19
414June 21 Sept
59 Mar 2 83 June 12
40 Apr 7972 Aug
4 Feb 27 1512July 18
378June II Mar
18 Feb 27 3612July 18
1134 July 28 Sept
18% Mar 21 2438July 22
1012 June 21 Sept
70 Mar 24 8534July 17
40 June 75 Nov
18 Mar 3 4312July 3
1078 June 27% Mar
84 Jan 4 977 Jan 31
5512 June 82 Nov
9 Feb 25 5714July 18
312 May
1334 Sept
13 Apr 1
618June 12
Patin
518 Aug
21 Apr 4 6012June 7
27% J un
8812 Mar
3 Apr 4 11 June 13
5 May
12 Sept
732 Jan 31 2758July 18
6lJune 1214 Sept
612 Feb 24 18 June 7
4 May
11 Sept
312 Apr 6 193*June 7
355 Dec 2412 Jan
31 Apr 5 65 June 8
17 June 60 Star
134 Jan 4
534May 29
1 Jun
5,
2 Jan
5711 Mar 21
1424Slay 29
234 Jun
1134 Mar
40 Apr 3 6418June 13
31lJune 688 Mar
a80 Apr 24 99 Jan 3
7212Jun
9912 1,60
21a Apr 17
512 Jan 10
4 Dee 1072 Jae
5 Mar 3 1534July 6
4 June
9 Aug
9512 Mar 1 105 July 14
79 Fet 101 Sept
14 Mar 1
314July 5
IN AU':
14 Star
118 Jan 10 1014July 18
212 Feb
lsiumne
14 Feb 16
412June 12
14 Ma
1 18 Jan
3 Mar 1 1814 July11
8 Sept
2% May
12 Jan 5
312July 11
1 43 Aug
12 Apr
36 Jan 3 64 July 10
2472 June 478 Mar
3514 Feb 23 6538July 17
1758June 41 Mar
312 Feb 25 1718July 7 ' Apr
812 Sept
1012515u
.28 3612July 7
634 May 2514 Aug
I Mar 27
4 June 8
3% Sept
1% May
47 51a, 3 1912July 7
352June
933 Sept
453 Feb 25 8578July 18
24% July
5532 Sept
11712 Mar 15 1453 Jan 21
9912June 140 Oct
a2 Mar 24
712June 13
112 May
7% Sept
23 Feb 25 3912July 10
1312 June 2612 Oct
214 Mar 28 145 June 8
214 May
714 Sent
11% Feb 27 65 July 13
277 May 2378 Dec
2412 Feb 27 38's July14
1738 June 3012 Nov
I3 June
812July 17
1 Apr 10
3 Aug
6 May 2314 Jan
9 Mar 2 3712July ID
14 Dec 497k Jan
18 Feb 27 6034July 19
12 Feb 21
453June 7
Ii June
312 Sept
37 Aug
Is May
Ds Jan 16 1112Sfay 29
Ill Jan 9 68 June 5
3% May 28 Aug
2034 Feb 21 5912June 8
20 May 3512 Mar
612 Mar 3 3214June 12
7 June 31
Jan
30 Feb 23 66 June 12
3734 Dec 88
Jan
31g Sept
112 Feb 23
438July 12
78 May
Mar
8
July
30
2
13
112 Mar
434 Sept
414 Jan 6 21 July 14
311 May 12 Sept
834July 14
158 Feb 23
214 Oct
734 Sept
y Ex-rights.
_.
New York Stock Record-Continued-Page 4
qv- FOR
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 22.
821
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH k•AGE PRECEDING.
Monday
July 24.
Tuesday
July 25.
Wednesday
July 26.
Thursday
July 27.
Friday
July 28.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
$ per share 3 per share $ per share S per share 8 per share $ per share Shares
5
*312 5
*314 5
*3
*3
5
*3
5
*3
5
*1214 15
1418 15
13/
1
4 147* 2,600
141
/
4 15
1434 143
82
*76 -8-0 .76
*76
82
80
83
83
84
*8312 84
900
*2212 27
25
25
*2512 29
32
1,400
3212 31
25
25
30
2218 2212 2312 2412 24
2434 24
24
24
2434 2418 2418 4,200
29
2912 82814 29
*2814 2812 2814 2814 2818 2814 *2814 29
700
2634 2914 29
31% 30
3218 3018 3278 3012 3334 29/
1
4 3112 103,100
1912 204 2012 2012 2034 2034 2012 2012 2012 20% *2018 21
1,000
1118 1312 1218 1378 13
1318 1312 1312 14
137
1314 1312 24,300
12
12
12
12
12
1214 *1218 1434 *1218 1314
600
---- ---- ---- ---- ---- ____
712 814 *712 8
300
77* 77*
4212 4614 4612 4812 48
5014 48% 5014 49
4838 49
30,800
50
11
11
11
1114 11
1134 1138 1112 11
11
*1034 1212 1,700
1714 1712 1914 20
20
21
2014 1934 2012 *1912 2178 *20
2,200
9912 9912 997* 100
*9912 10014 997* 997* 10014 10014 101 10112
80
5
578
538 614
638 7
612 634
7
8
712 7% 4,802
7312 7814 75
6512 72
7812 76% 7712 7714 7812 77
7714 9,000
*12014 125 *123 125 *123 125 •123 125 *124 125 *124 125
11
10
1138
1178 1134 1278 1178 1212 1212 1312 12
1278 16,000
68/
1
4 72
6112 69
68
73
7134 116,460
6914 727* 7014 7318 70
11212 11212 112 112
112 112
112 112 *11218 1157* •113 11518
500
278 3
3
3/
1
4
312 378
1
4
312 37* 8,500
312 3/
312 37*
13
13
812 11
1312 1412 1434 1434 1412 1412 *12
1412 1,200
15
1734 1712 1914 18
197
1814 1912 187* 1958 1818 1878 51,500
85
*8214 85
85
*8214 85
*8214 8812 *8214 86
50
*8214 8812
47* 514
514 6
6
634
61,000
512 6
1
4
434 712
63* 6/
212 31
318 314
318 338
3
318 21,000
3
3/
1
4
38 314
97
918 1012 10
8
1012 10
1118 10
1034
934 1018 62,300
1612 1713 20
2312 23
24
2312 247
2214 2478 2212 231z 2,700
14
16
17
19
20
217
2012 21
20
20
21
2012 2,800
40
44
3814 397
4212 45
44
4412 4,700
*42
4334 45
44
I%
2
17*
2
2
214
2
218 2/
214
1
4 3,100
214
2
212 23
234 23
334 334
3
3
1,500
3
312 37*
3
56
56
55% 5518 57
57
1,300
5712 56
*5534 5712 *56
56
0120 125 *120 125 *120 125 *120 125 *121 125 *121 125
7
7
812 914
834 9
914
87* 9
87
94 4,400
8¼
31
31
31
31
32
32
1,600
31
31
31
32
31
31
33
33
33
3512 *33
36
38
800
3412 3412 3412 3412 *34
*33
45
*35
45
035
45
*40
44
44
*3512 45
*40
8
1038 10
107* 1014 1078 1114 1114 11
1038 1038 4,500
11
734 8
9/
1
4 1014 10
11
10
11
1014 1138
934 1014 20,500
*51
*312 514
412 454
512
5
5
5
*434 5
5
1,000
10
10
10
10
*10
111 *10
1112 *10
150
1112
1112 *10
•178 2
.178 2
*178 2
*178
212 *178 212 *114 214
*618 6
*51g
*518 814 4.618 814 4.6% 81
1313 *518 81
/
4
---- ---71
/
4 712
712 8
*712 8
712 712
734 778 1,200
36
3812 39
36
*3512 38
90
*35
36
39
*3512 40
39
____ ____ ____ ____ ____ _ _ .._
---- --- ---- ---- ____ ___
PER .SHARE
I. -,. -3PER SHARE
Range Sines Jan. 1
'Ranee for Previous
on basis of 100-.hare lo,..
- Year 1532.
.104o,
Lowest.
Lowest.
Highest.
Indus. & SlIsceII. (Con.) Par $ Per share 8 per snare t per share $ per share
112Slay 20
Debenham Securities
5 June 12
1 June
27* Dec
20
61
/
4 Feb 24 1838June 22
Deere & Co prat
514 June
154 Jan
Detroit Edison
100 48 Apr 3 9112July 10
54 July 122
Jan
3212July 27
10 Mar 1
Devoe & Reynolds A__No par
7 May
1514 Oct
Diamond Match
1718 Feb 28 2912July 7
No par
12 Apr 1918 Sept
Participating preferred__ _25 26% Feb 27 31 July 19
2012 May 2634 Dec
12 Feb 28 3878July 19
Dome Mines Ltd
No par
718 Jan
1278 Dec
Dominion Stores Ltd.. _No par
1018 Feb 27 267*July 18
1114 June 1812 Sept
Douglas Aircraft Co Inc No par 10,4 Feb 14 184July 17
5 June
18% Sept
Dresser(SR)Mfg cony A No par
5
6/
1
4 Feb 27 18 June 12
23 Feb
21B Mar 1 1034June 2
1581Dec
Convertible class B No par
1212 Feb
Drug Inc
23 May 57 Feb
10 29 Mar 31 6312June 29
Dunhill International__No par
312 Sept
% Apr 10 1434July 19
58 Dec
912 Apr 22 2838June 30
Duplan Silk
512 June 15 Sept
No par
Duquesne Light 1s1 pref__100 90 May 4 10218June 13
87 May 101% Nov
Eastern Rolling Mills...No par
1 June
1 18 Mar 30 10 July 3
61 2 Sept
Eastman Kodak (N ..1).No par 46 Apr 4 8934July 14
354 July 875 Jan
99
6% cum preferred
Jan 125
100 110 May 2 130 Mar 20
Oct
3 June
Eaton Mfg co
978 Sept
318 Mar 2 16 July 17
No par
22 July
El du Pont de Nernours_20 3218 Mar 2 8534July 17
5934 Feb
6% non-voting deb
100 9712 Apr 20 117 July 7
801
/
4 June 105,8 Aug
Eitingon Schild
514July 14
218 Sept
88 Feb 4
No par
's June
1
1212 Jan
4 Mar 29 23 June 12
2 4 May
65.5% cony 1st pref__100
Elec Auto-Lite (The)
812 June 32,
5 10 Apr 4 2712 July 13
4 Mar
61 June 10014 Feb
Preferred
100 7814 Mar 29 8812July 18
Electric Boat
814July 3
3
212 Jan
1 Jan 3
%June
4 Jan
Elec & Mus Ind Am shares__
414July 15
1 Feb 14
78 June
Electric Power de Light No par
318 Feb 27 1538June 13
2/
1
4 July
16 Sept
712 Apr 4 3612June 12
10/
1
4 July 64 Jan
Vo par
Preferred
878 July 5512 Jan
614 Apr 5 3234June 13
86 preferred
No par
12% June 3314 Mar
Elec Storage Battery ...No par 21 Feb 16 54 July 10
Elk Horn Coal Corp
18 Jan
4 June 19
34 Aug
No par
Is Jan 4
6 June 7
58 Apr 29
% Jan
1 Sept
6% part preferred
50
16 July
3714 Sept
Endicott-Johnson Corp
50 26 Feb 27 6278July 18
98 May 115 Nov
Preferred
100 107 Feb 17 120 July 18
4 June 25 Feb
Engineers Public Serv__No par
4 Feb 23 1434June 12
Feb
16 July 51
$5 cony preferred____No par
1512 Apr 7 47 June 13
57 Mar
18 July
15 Apr 4 4978June 12
$5> preferred
No par
25 June 6134 Mar
$6 preferred
No par 2012 Apr 19 55 June 13
Equitable Office Bldg_ _No par
19 Jan
1012 Dec
612 Mar 27 1338July 7
714 Mar
Eureka Vacuum Clean_No par
2 June
3 Apr 4 1814July 7
78 Mar 1
Evans Products Co
712June 28
212 Sept
12 Slay
5
1134 Jan
Exchange Buffet Corp_No par 10 Jan 4 1112 July 19
934 Jan
Fairbanks Co
258June 8
25
78May 17
1 Sept134 Sept
1 June
Preferred
100
814June 13
4 Aug
1 Feb 23
Fairbanks Morse & Co_No par
212 Mar 23 1114June 2
24 Dec
618 Aug
Preferred
100 10 Feb 25 42 June 3
1
4 Mar
10 Dec47/
17 Sept
3 June 8
58 Jan 26
Fashion l'ark Assoc_ ___No par
.2 Ju.,
100
778:4Jan
3 Feb 23 11 June 2
112;Ju1y
7% preferred
*9
10
12
12
12
15
12
434 Apr 6 1412June 12
300 Federal Light & Trac
*10
814 Dec 22 ,8 Jan
12
12
*10
12 •10
__ *5814
__ *5814
38 Apr 20 5912July 20
30 June 64 Mar
No par
__ 85814
__ •5814
- - *5814 --- ___ Preferred
*5814-*30
80
*40 -80
*40 -8-0
13 'June 35 ;Sept
100 Federal Min & Smelt Co__100 15 Mar 31 75 June 10
60 -6-0
*50 -70
*50 -7-0
7
714
712 7/
3% Feb
%Star 16 11* July 10
112 May
1
4
712 8
*71
/
4 8
8
718 712 2,200 Federal Motor Truck No par
8
212 212 *278 3
318 318
3
3
318 318 *278 3% 1,000 Federal Screw Works No par
12 May
238 Aug
34 Feb 27
478July 7
3
314
318 4
4
17* Feb 25
214 Dec 107* Star
438
634June 12
438 4%
3/
1
4 4
3.700 Federal Water Serv A No par
354 37
23
25
24
25
1
4 Sept
*23
26
712 Feb 27 30 July IS
612 June 15/
*23% 26
24
700 Federated Dept Stores_No par
2314 2314
24
28
28.
28
29
29
2734 Jan
6 May
30
1014 Star 27 36 July 6
*29
2912 30
3114 2,900 Fidel Phen Fire Ins N Y__2.50
31
"30
20
2112 2012 237
23/
1
4 2612 247* 2534 2538 2/38 26
918 Apr 4 3112July 18
1012 June 187e Aug
2634 40.500 Firestone Tlre & Rubber_ __10
7012 7118 71% 7118 72
45 July 68 Aug
Preferred series A
100 42 Mar 3 75 June 7
72
7112 7112 .70% 7114 70/
1
4 70/
1
4 1.500
60
63
64
6434 64
5412 Dec
35 July
66
6214 6214 6212 633
3,900 First National Stores__No par 43 Mar 3 7034July 7
6234 64
*1214 17
*1214 1512 *1214 17
10 Feb
414 Apr
712 Feb 7 18 July 5
*1214 1512 15
300 Florsheim Shoe class A_No par
15 "1214 1512
*9012 94
*9012 94
*9012 94 .9034 95
63 July 99 Nov
•9034 94
100 80 Apr 19 97 Jan 10
*9034 94
6% preferred
9% 9% 1014 11
12
84 Sept
2 June
212 Feb 28 19 June 7
No par
1212 1214 1217 1234 1312 *1234 1314 2,100 Follansbee Bros
81214 16% *1212 14
10/
1
4 Feb
3/
1
4 May
612 Apr 19 16 July 13
*1312 14
Food Machinery Corp_No par
*1312 1434 *1312 148 *1312 1478
12
131
/
4 1318 1514 1434 1612 14/
157 Sept
412 Feb 28 23 July 7
3 Slay
No par
/
4 1514 15,300 Foster-Wheeler
1
4 16
1434 1638 151
127* 1434 14% 157* 1434 157*
1012 1134
1 July
714 Aug
2 Feb 27 23's July 17
No par
1558 17,500 Foundation Co
1458 1658 15
20
21
22
23/
1
4 22
8 Sept
1014 June 22,
1358 Mar 1 2614Juue 13
1
23
*2134 2212 2134 2214 2114 243
5,800 Fourth Nat Invest w w
234 3
54 Mar 29
34 312
1 July
478June 6
57 Aug
No par
314 312
3
314
3
3
338
314 20,100 Fox Film class A
40
40
*37
38
Oct 7212 Jan
15
•30
35
4012 40
4012 *30
20 Fkin Simon & Co Inc 7% pf100 12 Jan 24 49 June 12
*30
40
3312 36
37
387* 38
10 May x2858 Nov
16.8 Feb 28 4258July 19
10
3918 3714 38/
38/
1
4 3712 383 12,600 Freeport Texas Co
1
4 38
x12334 12334 .121-.... •121
_ _ *121
100 97 Apr 10 127 June 7
•12I
___ .12012
___
50
6% cony preferred
*1838 25
*1838 28
25 -25 .2212 -25
Oct
-218 Slay -26
*2214 -28
9 Jan 9 31 June 13
60 Fuller (G A) prior pref.No par
25 15
*12
15
12% 1218 1238 1312 *1412 1634 141
3 June 32 Feb
15
15
4 Jan 19 23 June 13
60
No par
/
4 143
$6 2d pref
•____
312 3i8
37* *212 334
312 312
312 312
312 Sept
45*June 28
312. 312
14 June
1 Feb 27
800 Gabriel Co (The) cl A No par
1778 18
17
18
512 Dec 17 Jan
*1512 187 *1512 1878 *1512 1878 1558 16
612 Jan 20 20 June 1
290 Gamewed Co (The)_ _ _ _No par
612 7
712 858
12 June
512 Sept
818 87
812 8% 13,100 Gen Amer Investors_ No par
258 Feb 28 12 June 20
812 87
812 87
86814 80
*6814 83
*6814 83
26 June 71 Sept
*6814 83
*6814 83 *6814 83
Preferred
No par 42 Feb 23 85 July 7
3214 34
34
3512 34
3512 19,600 Gen Amer Trans Corp
912 June 3534 Mar
35% 347 36
357 3658 35
1
4 Feb 28 4314July 19
5 13/
15% 1634 18% 2012 1834 2014 18/
47* Mar 3 27 July 18
43 June 1512 Jan
1
4 197
1912 2018 197* 1958 20,500 General Asphalt
No par
14
1434 15
1513 15% 1538 20,300 General Baking
1578 15
1012 June 1958 Mar
16
15
1538 15
5 13 Jan 3 2078July 10
5% 612
6
678
7
7
8
758 9
5 Aug
12 June
83* 9
218 Feb 6 1012July 7
9,300 General Bronze
5
7'2
5 Sept
5
14 May
87* 738 7,600 General Cable
531
5% 74
77*
7
71
1112June 9
7
7
8
114 Mar 31
No par
*1012 14
13
13
1414 1414
1112 Sept
1458
15 .13
300
1414 1414 *13
112 May
Class A
214 Feb 27 23 June 9
No par
*23
29
23
23
1
4 Sept
2412 241 *2512 29
*20
30
29
400
3/
1
4 June 25/
29
7% cum preferred
612 Mar 30 46 June 9
100
3712 3934 3912 40
3912 401
20 June 3838 Mar
3914 40,4 4012 4114 3814 3912 5,400 General Cigar Inc
No par 29 Jan 3 4838June 23
109 10912 *107 112
90
107 107 *10712 112 *108 112
90
160
75 June 106 Dec
7% preferred
100 90 July 28 112 Jan 25
2114 24
23
2412 223 25
2334 24% 165,800 General Electric
812 May 2618 Jan
231
/
4 247* 24% 25
No par
1078 Apr 26 3014 July 8
12
1178 12
1214 *12
/
4 1218 127* 3,600
1218
1178 Sept
1218 1218 1218 121
1058 July
Special
10 1118 Apr 20 1214July 24
33
3412 34
3
35
3618
36%
1958 May 4012 Mar
3512 3678 3534 37'2 36
29,100 G neral Foods
37'2
No par 21 Feb 24 39 July 18
17
17 10,500 4:en'l Gas & Elea A
112 154
114
154
158
2/
1
4 Feb
38 July
278June 6
I%
58 Apr 1
134
No par
1%
134
134
14
14
*11
15
*11
14
1212 1212 *11
1
4 Jan
*1118 16
200
3 June 24/
16
3% Apr 3 1612June 6
Cony pref series A No par
13
13
13
13
13
13
13
400
1334 14
7 Apr 20 1812June 20
1314 1312 13
514 July 30 Aug
$7 prof class A
No par
*514 19
*514 10
*57 19
*1412 19
514 July
.57 19
40 Feb
88 pref class A
No par
19
5 Apr 6 20 June 10
*15
836
____ *39____ *37/
•37
__.
18,8 Apr25 Mar
1
4
Geri Hal Edison Elec Corp_.. 2414 Jan 9 4018July 18
... *3712 --- •3734 _
5334 5512 59
61
-62
59 -6-0
7,100 General Mill,
28 May 4812 Sept
No par 3512 Mar 3 71 June 28
61 -611 61
5978 -60
_ 102 102 *103 104
500
- •1033
Preferred
76 July 9612 Dec
100 9212 Mar 28 104 June 6
103 103 *103
*10
2312 --2612 267* 29
30 8-31 516,200 General Motors Corp
-27% 2938 287827% June 247* Jan
304 30 -31
10 10 Feb 27 34,4July 17
90
9312 90
9112 917* 1,500
92
90
9212 *91
92
$5 preferred
9212 92
No par 6512 Mar 3 95 July 15
567* July 87,4 Mar
010
1412 *10
1378
1414 *1012 14
137e *10
Gen Outdoor Adv A_ No par
*10
*1014 14
9 Feb
518 Jan 9 24 June 13
4 June
6
6
*6
612
Jan
612
63s 7
*6
4
1,000
Common
6
6
6
212 Mar 1
6
258 Nov
No par
1018June 12
1312 143
1312 1312 12% 127* *1212 1438 1414 1414 1412 1412
150 Genera. Printing Ink
Jan
14
No par
314 Jan 4 17 June 10
212 July
*70
75
*70
50
75
75
56 preferred
75
2712 June 60 Feb
No par 31 Mar 18 75 July 28
75 .7112 75
70
73
*70
414 5
5
5
5
53s
5
538 3,000 Gen Public Service
5
5/
1
4
518 512
718 Aug
1 Slay
No par
2 Apr 6
814June 12
3i14 38
5,700 Gen Railway Signal__No par
3213 3212 3512 37
3512 3812 3412 3412 3612 39
1314 Jan 3 4912July 6
6% Judy 287* Jan
134 2
234 27 16,600 Gen Realty & Utilities
2/
1
4 278
218 2/
1
4
238 27
27* 212
214 Sept
14 May
458.1une 24
1
38 Feb 16
*15
1812
1812 18
20
1614 1614
800
86 preferred
17 .17
1
4 Sept
*16
1714 18
5 June 16/
No par
512 Jan 19 2234June 26
13
13
13
11
11
1212 1234 13
15,
4,200 General Refractories_ No par
8 Sept
1312 1278 131* 13
1.4 June
212 Feb 27 1934July 5
27
28
27
28
38
130 Gen Steel Castings pref No par
030
2678 27
.295 34
*2878 34
8 Mar 27 Aug
938 Feb 17 39'2 July14
1212 1334
1378 1434
14
143
13% 141
/
4 137* 1378 43,200 Gillette Safety Razor No par
9/
1
4 Anr 20 2014 Jan 11
10% Jan 2414 Mar
133* 1414
5412
534 5314 54
700
59
53
52
*54
52
51
Cony preferred
56
56
45 June 7212 Aug
No par 4734 Apr 19 75 Jan 9
57*
4
434
5
518 514 8,200 Glmble Brothers
412 478
478 5
5
538
334 Aug
No par
34 Feb 9
758June 27
76 June
.24
257 .25
26
251
/
4 *23
*24
Jan
27 .18
25
2514 *24
Preferred
1
33
100
July 7
54 Mar
67* Dec 31
127* 14
1534 1578 14.800 Glidden Co (The)
1518 167* 1512 153
14% 16
1312 15
1018 Sept
No par
3/
1
4 Star 2 20 July Is
3s June
90
130
8618 8618 83
83
Prlor preferred
8412 85
8712 8712 90
88
88
100 48 Apr 22 90 July 28
35 Apr 76 Sept
938 1014 1014 11
1014 117*
No par
8 Aug
3 Feb 16 16 July 13
258 May
98 10% 1034 117* 1034 1114 33,000 Gobel (Adolf)
1914 2078 2014 2212 2112 2318 21
23
22,2 2278 27.600 Gold Dust Corp v t c_ No par
2212 22
12 Feb 27 277* July 18
8.4 May 207* Sept
.100 106 *100 106 *101 106 *101 106 *101 106 *101 106
$6 cony preferred
70 July 10112 Dec
No par 100 Jan 18 105 July 21
10
1512
1338 1214 153
16
79,800
Goodrich Co (B F)___ _No par
1414 1612 147* 1638 1538 17
12% Sept
24 May
3 Star 2 2112July 18
4514 3,600
4014 42
39
40
41
4514 4612 41
Preferred
43/
1
4 40% 42
7 May 3314 Sept
100
9 Feb 28 63 July 13
. 314 34
914 Feb 27 4712July 17
3312 3714 343 3814 3538 377
357* 3914 3614 3712 54,900 Goodyear Tire & Rubb_No par
293 Aug
512 May
*69
69
70
71
68
6914 71
1.700
68
1st preferred
6912 7014 70
70
19% June 6912 Aug
No par 275 Star 2 8014July 6
73 Apr 4 1712June 12
012 1014 10
1114 11
1238 113 1134 117* 1214 1058 II 18 17,700 Gotham silk Hose
No par
714 Jan 3034 Sept
*65
66
66
70
*65
70
30
70
*66
*65
Preferred
70
70
*65
5014 Jan 7012 Oct
100 41 Apr 3 73 July 3
37
33
278 3
312 3%
334 378 30,100 Graham-Paige Stators
3/
1
4 418
558July 12
1
458 Jan
I Apr 3
334 37
1 May
814 978
918 1138 1012 117e 1034 1212 1178 1318 12
1238 11,700 Granby Cons M Sm at Pr_ _100
37 Mar 2 1558.1une 13
27* June
1138 Sept
512 6
95 Star
612 712
714
7
714
712 5,100 Grand Union Co tr ctfs_No pa
7
7
71s 7%
3% Mar 2 1058June 28
3/
1
4 June
33
*3212 35
*3212 35
33
33
700
35
*33
34
Cony pref series
34
34
2212 Apr 5 363sJuly 3
22 June 3514 Mar
No par
2512 2512 *22
200 Granite City Steel
26
2412 2412 *2512 27
26
•22
27
*24
11 18 Star 24 3058 July 11
No par
17 Sept
634 June
30
3014 2914 301
3014 3112 2,200 Grant (3V Ti
3014 31
*3038 3112 3078 32
1412 May
Vo par
1554 Feb 28 36%July 7
3014 Mar
11
1112 1112 1314 13
1314 8,100 (St Nor Iron Ore Prop No pa
1
4 1314 1312 13
1338 13/
14
1314 Jan
5 June
518 Feb 27 1634July 11
2818 3034 2958 3314 3114 3414 3112 33
31
323 60,300 Great Western Sugar-No pa
3112 337
678 Jan 19 4034July 17
3,4 Apr
12 Aug
106 106
106 106
10518 1051
390
105 10518 105 105 .10512 106
Preferred
48 June 83 Aug
100 7212 Jan 3 1077*July 21
23
2/
1
4 0212 3
318 22,700 Grigsby-Grunow
314
3
3
3
34
3
314
58 Mar 3
4314July 13
No par
12 Apr
2,
4 Sept
•Bid and asked prices, no sales on this day. a Optional sale. x Ex-dividend. y Ex-rights.
eJuly
New York Stock Record-Continued-Page 5
822
July 29 1933
Ur FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FIFTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
July 22.
8 per share
258 278
31
31
57
.50
2334 2334
27
2718
434 514
25
25
618 618
.6
7
3412 3412
82
82
1414 17
Monday
July 24.
Tuesday
July 25.
$ per share 5 per share
3
314
314 312
30
28
2812 2812
48
51
52
52
*2212 23
*23
24
*27
2814 *27
2814
514 6
6
658
23
23
2518 2618
*638 714
6/
1
4 7
7
7
*618 8
35 .30
*30
35
82
82
8112 8112
1634 17
1712 20
____ ___ ___
_
314 178
472 -4-78
*21
23 .21
25
238 238
2/
1
4 212
*96 105 .94 100
15
*12
15
15
41
4912
43
46
107 107
107 10778
57
57
257,4 59,4
88
.83
*84
86
51
/
4 634
714
63g
5/
1
4 61
6/
1
4 712
/
4
212 230
221 22512
10
10
1112 121
414 434
4/
1
4
s
4814 4814 .48
49/
1
4
27
2734 25
2814
41
/
4 514
5
512
2012 2278 2218 2314
101
/
4 11
1118 1214
47rt 534
61
/
4 61
/
4
Wednesday
July 26.
Thursday
July 27.
Friday
July 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Sines Jan. 1
On Pasts of 100-share Iota.
Lowest.
Highest.
$ per share Shares. Indus. & Misc.II. (Con.) Par 8 per share $ per share
3
3,000 Guantanamo Sugar _....No par
3
14 Jan 23
412Nlay 18
29
1,400 Gulf States Steel
30
No par
6/
1
4 Feb 27 38 July 13
46
Preferred
4614
170
100
1614 Jan 16 64 June 12
*2338 24
25
100 Hackensack Water
15 Mar 18 2512 July 17
*27
20
7% preferred class A _ _ _25 25 Apr 8 2878 Jan 12
2814
618 638 29,200 Hahn Dept Stores
11
/
4 Feb 28
No par
912July 8
*26
1,100
28
Preferred
100
9 Apr 1 35 July 17
.6
600 Hall Printing
712
_10
31e Feb 27 1012July 7
100 Hamilton Watch Co_ No par
*6
212 Apr 5
8
9 July 14
*30
35
10
Preferred
100 15 Feb 11 35 July 17
130 Hanna (NI A) Co $7 pf_No par
•8012 81
4512 Jan 4 83'4 July 14
1912 5,700 Harbison-Walk Refrac_No par
19
o1
/
4 Feb 25 2512July 11
____ ____
Hartman Corp class B_No par
18 Apr 3
134June 6
_ _ ___
Class A
No par
14 Mar 18
214June 6
a
1
.
8
"jig 1
7g .
34 1
41-2 114
.
- Hat Corp of America Cl A__1
78 NIar 16
41^
712June 21
23
23
ni
25 .21
25
*21
25
20
5/
634% preferred
100
1
4 Apr 5 30 June 21
218 214
212 212
218 212 8,000 Hayes Body Corp
214 212
No par
se Feb 27
312July 17
.94 107
.99 104 .101 104 *100 105
Helme(3 W)
25 6912 Jan 16 1011
/
4July 19
.15
1618
.12
1412 *12
1412
1412 *12
100 Hereules Motors
No par
3 Mar 20 17 July 6
40
40
45
45/
1
4 4512 4534 46
3,700 Hercules Powder
46
No par 15 Feb 27 63 July 1
107 107
107 107
107 107
87 cum preferred
100 85 Apr 6 110 July 19
180
107 107
55
55
57,4 5714 *56
1,300 Hershey Chocolate____No par 3518 Mar 29 72 July 18
60
56
56
86
*82
8512 8612 8414 8414 841 t 8414
Cony preferred
No par 6434 Apr 5 90 July 18
500
4
6'2
63s
678
7
734
312 Jan 4 1012June 20
/
4 18,300 Holland Furnace
634 71
No par
5,2 52
612 612
634 634
612 658 1,900 Hollander dr Sons (A) No par
24 Mar 2 1012June 7
200 235
230 252
216 252
231 240
8,800 Homestake Mining
100 145 Jan 16 275 June 19
10
1012
1212 .1118 12
.11
/
4 Apr 7 15 June 8
1212 1,300 Houdaille-Hershey CIA No par
all
41
312 4
431 434
5
5
Class It
434 434 9,300
I Mar 2
No par
6114June 9
48
48
.48
481
/
4 .48
4814 4814
50
300 Household Finance part p1_50 4334Nlay 16 5114 Jan 12
e . 29
24
2534 25/
1
4 2738 25/
1
4 2634 10,900 Houston 01101 Tex tern ctfs100
814 Mar 13 38 July 17
314 47
5
5
13,100
478 538
Voting trust etre new____25
512
5
178 Feb 28
7/
1
4July 7
20
21
2278 24/
1
4 2334 25
2414 2414 8.100 Howe Sound v t o
512 Jan 3 29 July 17
25
9
101
111
/
4 12
1134 1214
1112 12
34,200 Hudson Motor Car____No par
3 Feb 28 16/
1
4July 17
4/
1
4 5
1
4 618 17,400 Hupp Motor Car Corp
6
5/
11
/
534 6,4
4 Nfar 3
10
61
/
4
734July 13
Indian Motocycle_ _ _No par
14 Mar 16
238June 6
3
/
4 3
312 *21
*2
n
3
3
212 212
412.r une 21
2/
1
4 2/
1
4 1,100 Indian Refining
10
l's April
49
54
5612 62
58
61
67
6512 63/
1
4 67
6612 48,200 Industrial Rayon
63
No par 24 Apr 4 8212July 17
58
53
5412 57
55
60
5514 58
58
5912 55/
1
4 5878 11,200 Ingersoll Rand
1914 Feb 27 78 July 18
No par
____ _
*35
3712 .32
3778 .32
3712 37
38 .35
40
400 Inland Steel
12 Feb 27 4578July 7
No par
51 t -63g
5/
1
4 7
634 734
678 733
7
7
74
2 Feb 25
718 16,500 Inspiration Cons Copper___20
912June 2
234 234
212 231
212 212 *212 234 *212 234 *212 258
600 Insuranshares Ctts Ino_No par
1,4 Nfar 29
3/
1
4June 8
3
3/
1
4 *3
354
318 3,8
3
3
/
4 *314 312 1,100 Insuranshares Corp of Del-.1
3/
1
4 31
411 Jan 10
134 Apr 5
212 234
314 314
3/
1
4 4
*334 3/
1
4
34 334 *314 334 1,800 Intercont'l Rubber___ _No par
%Mat 21
412July 18
7
8
7/
1
4 878
812 912
812 9
812 9
812 812 8,900 Interlake Iron
No par
218 Mar 1
12 July 13
334 418
338 4
3/
1
4 414
1
4
318 3/
414 414
3/
1
4 4
6,600 Internal Agricul
re Feb 17
No par
538 July18
15
16
20
16
1812 20
2034 21
20
20
1,200
24
*20
Prior preferred
100
6 Jan 3 2712July 19
133 136
135 13514 136 1364 *136 140
110 140
14012 143
1,800 lot Business Machlnes_No par 7534 Feb 28 15314July 18
618 612
8
8
7/
1
4 734
7/
1
4 81
/
4
8/
1
4 8/
8
1
4
812 3,800 Internal Carriers Ltd
I
278 Jan 16 1078July 7
3018 33
32
3234 3031 3212 31
31
311
/
4 3234 29/
/
4 9,500 International Cement_No par
1
4 311
61
/
4 Mar 2 40 July 17
3038 3212 3334 3538 3338 3612 3333 354 34
3612 3312 3518 80,000 Internal HarvesterNo par
13/
1
4 Feb 28 46 July 17
0118 125
•118
11812 119
11812 11812 *11812 11912 11812 11812
400
Preferred
100 80 Jan 5 119 July 25
914 10
938 1078 10,4 1114 10,4 1034 1034 1114 10/
1
4 1114 16,000 Int Hydro-E1Sys el A_No par
212 Apr 4 13/
1
4July 19
334 334 *41* 53
*434 534
434 5
' 518 *434 512
600 Int Mercantile NIarine_No pa
6/
1
4June 20
14 Jan 4
15/
1
4 1714
1
4 1734 19
1712 18/
1778 1914 1818 1914 1734 1838 225,000 lot Nickel of Canada__No par
634 Feb 27 22 July 19
•105 108
105 105 *104 108
108 108 *104 108 .104 109
Preferred
200
100 72 Jan 11 108 July 2 ;
•13
1938 1512 1558 16
16
17
17
1918
17/
1
4 1814 *15
360 Internet Paper 7% pref
100
24 Jan 4 2134July 11
.3
*412 7
8
5
5
038 6
512 618 2.000 Inter Pap & Pow Cl A__No par
612
6
/
1
4 Apr 21
10 July 10
2/
1
4 31
/
4
31
/
4 312
2/
1
4 212
314 314
534 July 10
3/
1
4 312
338 34 5,200
Class B
No par
14 Apr 1
2
238 234
212
2/
1
4 278
2/
1
4 2/
1
4
212 3
212 212 12,200
Class C
14 Jan 6
4 July 11
No par
14
15
*7
1412 1512 14
15
141 1
14/
1
4 153s 1434 1512 7,100
Preferred
2 Apr 5 2212July 11
100
*8
.818 10
10
.818 11
*818 12
*818 12
*818 12
lot Printing Ink Corp_No pa
312 Feb 28 13 July 3
*6034 70 .5312 70
*5312 70
*5312 70
*5312 70 .5312 70
Preferred
100 35 Apr 18 70 June 26
21
2214 22
2212 23
2212 2234 23
2334 2334 23
1,700 International Salt
23
1334 Mar 28 2734July 5
No par
4818 48
4738 4812 474 48,2 4734 4734 .4734 481
/
4 4734 4734 3,400 International Shoe_. No par 2438 Jan 3 5638 July 17
.20
45
41
38
4312 3812 41
41
38
100
404 3812 3812 5,700 International Silver
934 Feb 25 59's July 17
53
5214 5514 .5612 60
55
55
58
5614 57
7% preferred
57
210
57
100 244Niar 2 7178July 17
1214 1334 14
16
/
1
4 15
1612 aI134 16
1518 164 151
We Feb 28 2154 July 14
/
4 15,2 212,000 Inter Telep es Teleg_ _ _No par
4
578
5
5
6
612
6
6
6/
1
4 638
6
2,900 Interstate Dept Stores_No par
6
112 NIar 2
878July 7
25
25
25
25 .29
3312 33
33
30
30
*25
70
Preferred
100 12 Apr 7 4038July 12
33,2
7/
1
4 7/
1
4 *7
.718 8
8
8
8
.712 1012 *718 1012
300 Intertype Corp
/
4 Jan 24 1114July 7
No par
11
23
25
27
27
27
27
*2638 28 .28
27 .26
27
400 Island Creek Coal
I
11 Feb 27 32 July 15
38
3812 38/
3838 38
1
4 38/
1
4 384 3812 38
39
38
384 2,900 Jewel Tea Inc
No par 23 Feb 27 45 July 7
43
39
44
4614 4212 4714 42
4512 4414 464 4412 4538 37.000 Johns-Manville
No par 1214 Mar "r 6038 July 17
*90
100 105 .94 103 .94
94
94
95
300
99/
1
4 9414 9612
Preferred
100 42 Apr 5 10614July 11
78
85
8114 84
78
85 .80
9014 8014 8014 8318 8334
180 Jones dr Laugh Steel pref _100 35 Feb 1 91 July 18
512 6
638 718
638
034 6
74 8
3,600 Kaufmann Dept Stores $12.50
612 612 *6
238 Mar 15
938June 9
1214 131
14
1234 14
1412 1334 1414 1412 1514 13/
1
4 1412 9,700 Kayser (.1) & Co
674 Feb 27 1912July 5
25
.338 358
I
312 412
44 412
41
/
4 514
1
4
/
1
438 5/
4 Mar 2
458 5
24,600 Kelly-Springfield Tire
618July 13
•1612 20
21
21
21
20
2134 2212 22
23
23
23
1,200
6% pret
6 Feb 28 3118June 2
No Par
5534 6
614 614 .6
814 *6
618
6
.534 6
6
2 Feb 27
300 KelseyHayesWheel conv.cLA 1
8 May 12
5378 5
4
414 414 *414 5
4
3/
1
4 378
1
2 Slur 27
334 334
Class II
400
634June 26
8
94 1012
834 1018
9/
1
4 1078 1118 111
9
/
4 11
111
/
4 45,300 Kelvinator Corp
318 Feb 28 1312July 18
No par
.52
60
60
62
65
6018 62
83
64
62
*5014 62
70 Kendall Cop: pf set A_No par 30 Jan 10 73 July 8
1678 191
19
2078 1912 2138 1938 2138 2012 2138 2012 2118 153.100 Kennecott Copper
No par
71
/
4 Feb 28 251
/
4JulY 19
.10
20
20 .15
*161
1
4 *1538 2034 *15
/
4 20/
2014 *1514 15,z
No par
Kimberley-Clark
574 Apr 8 2538July 7
438 41
434 434
434 4/
1
4 5
1
4 54/
1
4 5
4/
4/
1
4 4/
1
4 1,200 Kinney Co
1 Apr614June 7
No par
_ all
2518 *15
30 .16
25 .1658 25 .1611
25
/
4
4/
1
4 Feb 14 30 July 7
Preferred
No par
11
12
124 1334 1314 1418 1312 1418 13/
1
4 1414 13/
1
4 14
25,200 Kresge (S S) Co
512Mar 2 16/
10
1
4July 8
•10112 104 *102 106
101 102 .100 106 *100 105 0100 105
20
7% preferred
100 88 Apr 4 105 June 14
.29
38 .2734 38
31
31
3512 3512 *35
39
35
35
500 Kreas (S 11) & Co
Jan
17
444 July 13
No pa
27
2458 27
28
2914 2634 28/
1
4 2634 274 2738 28/
1
4 2512 274 27,100 Kroger Oro° & B ak
3538July 11
No par
14,2 Feb 2
30
3258 3434 32/
33
1
4 34/
1
4 3214 3312 3238 3378 3212 33
21,300 Lambert Co (The)
No par 2218 Mar 2 4118July 17
220 Lane Bryant
/
4
7
6
71z 7,2 .
6
1
4 .512 738 *54 71
8
512 7/
3 Feb 8 1012June 28
No par
838 9
918 10
938 1014
9/
1
4 10/
1
4 1012 11
1
4 8,200 Lee Rubber & Tire
1018 10/
334 Mar 2 1233July 19
5
15
16
15
17
18
1912 .17
19
1712 1818 .1712 19
1,900 Lehigh Portland Cement..-5O
5/
1
4 Jan 5 27 June 20
75
75
75
75
77
575
*75
*75
77
77 .75
77
70
7% preferred
100 34 Feb 9 75 June 7
418 412
3/
1
4 418
5
434 434
514
4/
1
4 5
4/
1
4 4/
1
4 3,800 Lehigh Valley Coal____No par
1 Jan 13
6-3s July14
614 712
8
812
8
8
6/
1
4 712
212 Apr 10 12 June 19
2,400
8
8
8
818
Preferred
50
6014 64
6418 651s 6612 67/
1
4 8614 69/
1
4 6834 69/
1
4 6712 6812 10,600 Lehman Corp (The)....No par 3712 Feb 28 7933July 7
1778 19
19/
181
1
4 2012 1958 1934 2012 2114 20
18
5 14 Feb 27 2314June 6
2112 3,600 Lehn St Fink Prod Co
211
/
4 24/
1
4 2412 281
26
29/
1
4 2633 2878 27/
1
4 2912 2738 2838 116,000 LIbbyOwen8 pGlagsNopar
434 Nlar 1 3738July 18
.84
8718 *8712 90
8912 8912 8612 87
*87
400 Liggett ds Myers Tobaceo_26 49 Feb 18 9512July 6
90 .87
89
9015 88
89
90
86
9134 88
89
89
8912 8834 90
7.800
Series 13
25 4914 Feb 18 9738July 6
.135 140 .135 140 .137 140 .137 140 *137 140 *137 140
Preferred
100 121 Mar 22 137 July 7
1512 1558 1634 1634 1714 *17
15
1712 17
17
17
13 Apr 6 2112NIay 16
1712 1,700 Lily Tulip Cup Corp__No par
23
2158 .23
2012 21
1914 20
24
24/
1
4 25
2,800 Lima Locomot Works_No par
24
24
10 Jan 17 311
/
4July 3
14/
1
4 16
1512 1512 15/
1
4 1558 .1412 17
1412 1412 1438 1438 1,500 Link Belt Co
634 Apt 17 1934July 5
No par
2912 3234 3014 33/
27
1
4 3018 3238 32
24
341
/
4 32
33/
1
4 40,500 Liqufd Carbonic
No par
1014 Feb 25 50 July 18
23
2438
2412 23
24
2214 22
20
2334 25
2378 2478 31,300 Loew's Incorporated_No par
812 Mar 22 3238July 19
72
72
72
7312 7312 .71
72
72
*71
300
*71
80
80
Preferred
No par 35 Apr 4 78's July19
3
234 3
278 3
314
234 3
3
318
318 318 7,600 Loft Incorporated
414June 8
114 Feb 24
No par
33* 378
214 234
12 Feb 28
1
4 312
314 2,600 Long Bell Lumber A No par
3
338 338 .3/
314
338
512June 19
3712 37
37
38
38
3634 3714 .3634 37
3612 37
35
2,700 Looee-‘1111es Biscuit
25 1914 Feb 27 4212July 12
•11512 118 .11314 118 *11314 118 *114 118 *115 118 *115 118
7% lag preferred
100 11312Nf ay 9 120 Jan 14
2038 2114 2118 22
2112 22
1912 20/
29.200 Lorillard (P) Co
1
4 2012 2114 2034 22
No par
10/
1
4 Feb 16 2514July 6
10412 10412 .102 104 *102 104
400
102 102
.104 10412 104 104
7% preferred
100 8712 Feb 23 10518July 8
212 234
212 234 *234 3
212 212
2/
1
4 212
234 234 2,200 Louisiana Oil
51 Jan 6
4 July 12
No pa
25 .26
35
35
•24
2418 2418
110
2418 2418 2418 2418 25
Preferred
312 Feb 24 29 July 21
100
/
4 3,800 Louisville Gas & El A_No par
/
4 2018 2014 2014 2034 2078 211
2034 2012 211
18
19
17
13/
1
4 Apr 8 2.534June 13
1638 1512 1512 1512 16
14
.15
1512 7,700 Ludlum Steel
1312 15
13
11
4 Feb 28 2018July 11
1
55 .52
55
60
60 .50
555
65
57
100
.50
1
4 Mar 28 60 July 18
60 .50
14/
Cony preferred
No par
2512 2512 26
2712 2712
26
2314 2312 .2414 26
24
.23
600 MaoAndrews & Forbes
912 Feb 16 29 July 18
10
3412 38
35
3634 3412 3534 18,600 Meek Trucks Inc
32
3534 3318 36
3412 33
No par 1312 Feb 27 4618July 7
52
5018 50/
5214 5412 5318 5334 53
4,500 Macy (R 11) Co Ina_No pa
5334 52
244 Feb 25 6534July 7
1
4 51
53
4
4
4
4
4
4
4
4
438 2,400 Nfadlson Elq Gard v t a_No pa
378 4
4
7 June 26
11
/
4 Mar 30
1
4 1634 1434 1434 3.500 Magma Copper
1634 1634 16/
1614
1312 15
16
1412 16
No pa
A Mar 2 1938July 19
3/
1
4 3/
1
4
3/
1
4 358
312 3/
1
4 5,700 MallInson (H R) & Co_No par
238 234
238 3
278 338
514June 29
78 Feb 16
25
25 .18
18
25 .18
•18
18
10
25 .18
22 .18
7% preferred
3 Feb 10 2634July 6
100
2/
1
4 312
3
3
*314 412 *312 412 *334 438 *312 414
534July 10
800 Nfanati Sugar
4 Jan 4
100
614 614
438 478
612 612
5
380
5
6
6
612
*8
Preferred
8,4 Jan 6
0a July 19
100
4
4
190 Mandel Bros
5
5
518 514
978June 10
112 Jan 3
518 518 *54 512
514 514
No pa
1338 14
14
16
16
16
15
16
1614 2.500 Manhattan Shirt
1612 .15
15
512 Apr 1 23 July 18
25
214 214
212 258
178 2
212 212 *212 234
212 212 2.000 Maracaibo 011 Explor_No par
4 June 12
2 Jan 18
758 8
16,400 Marine Midland Coro
834 834
831 9
91 1
834 9
9
878 9
1112 Jan 9
514 NIar 31
10
$ per share
314 314
28
2812
4814 4814
*23
24
*27
2814
64
6
*25
33
*634 734
*6
8
*30
35
*8012 811?
1812 1914
____ ____
__
_
5 Per share
34
3
29
29
46
*40
*2314 24
.27
2814
61
/
4 612
2718
*20
7
7
*6
8
.30
35
*8012 81
19/
1
4 191
/
4
____ ____
__
_ _
•131d and asked pricea, no sales on this day. a Optional sale. c Cash sale. s Sold 15 days. 2 Ex-dividend. 1/ Ex-rIghts•
http://fraser.stlouisfed.org/
Pr
Federal
Reserve Bank of St. Louis
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
$ per ,hare $ per share
/
1
4 Mar
1 Sept
212 June 21 18 Sept
12 July 40 Oct
15 May
23 Jan
19 May
28 Apr
38 July
414 Aug
718 July 28 Aug
312 July
1118 Jan
2 June 12 Feb
20 Oct 30 Mar
33 May 70 Jan
7 May
18 Sept
18 Dec
2 Sept
4 Mar
38 June
12 Dec
3 Aug .
5 Aug 20 Sept
14 June
312 Sept
50 June 8138 Sept
434 June
812 Jan
1378 Aug 2912 Sept
70t June 95
Jan '
4312 July 83 Mar
57 June 83 Mar
314 Dec 124 Aug
234 Dec 1032 Mar
110 Feb 163 Dec
6 Dec
712 Nov
I May
412 Sept
4214 June 5718 Jan
834 May 2814 Sept
11
/
4 May
538 Sept
478 Dec 1612 Jan
278 May 11114 Jan
l's May
538 Jan
%June
218 Sept
1
Apr
234 Nov
71
/
4 June 40 Sept
141
/
4 Apr 441
/
4 Sept
10 June 2778 Sept
2g May
734 Sept
1 June
3/
1
4 Jan
314 July
818 Sept
14 Apr
31
/
4 Aug
138 July
714 Sept
14 Apr
312 Aug
334 Apr 15 Aug
52/
1
4 July 117 Mar
114 May
512 Jan
3/
1
4June 18/
1
4 Jun
1038 July 341
/
4 Aug
6834June 108
Jan
258June 111
/
4 Mar
78 June
414 Aug
3I Stay
1212 Sept
59 June 86 Mar
11
/
4June 12 Sept
12..r une438 Aug
14 May ' 2 Aug
14 Apr
14 Sept
134 Dec
1218 Sept
3 Dec
8/
1
4 Mar
22434 Jan 45 Nov
924June 2312 Feb
2014 July 441
/
4 Jan
712 July 26 Sept
26 May 65 Feb
23* May 15/
1
4 Sept
112May 11
Jan
18 June 5212 Jan
212 Det
7 Apr
1014 Apr 2012 Aug
1518 May 35 Feb
10 May 3338 Sept
45 July 9934 Jan
30 July 84
Jan
3 May
914 Mar
4/
1
4 July
1438 Sept
_
_
-2-34 i.ilii 10;
3 Feb
17 July 38 Feb
478 June 1914 Sept
64 Dec 1912 Jan
12 Apr
5 Sept
3 June 19 Aug
61
/
4 July
Ill
Jan
88 May 110 Mar
18 June 37
Jan
10 May 1878 Mar_
25 May 5634 Jan
2 May
7/
1
4 Aug
11
/
4 Apr
81
/
4 Sept
338 Apr 11 Miff
40 1)ec 75
Jan
1 May
414 Aug
114 July 11 12 Aug
3012June 5178 Sept
6 May 2414 Mar
3/
1
4 May
9/
1
4 Sept
3214 June 6512 Oct
341
/
4 May 6714 Sept
100 May 132
Oct
14 June 21 Mar
812 Apr
1938 Aug
612 June 14 Mar
9 May 22 Mar
1314 May 371
/
4 Sept
39 July 80 Sept
5 Sept
PS June
14May
2/
1
4 Aug
1618 July 381
/
4 Feb
96 July 118 Oct
9 May 1838 Sept
7318 Jan 10818 Sept
4 Jan
24 July
, 18
Jan
3 pa
812June 23/
1
4 Mar
14 Jan
111
/
4 Sept
61s Jan 26 Sept
912 Aug
1514 Feb
10 June 28/
1
4 Sept
17 June 6012 Jan
218 Jan
412 Sept
412 Apr 1334 Sept
12 Jan
4 Sept
4 Aug
1018 Sept
ls Mar
214 Sept
14 APT
34 Sept
1 Dec
41
/
4 Sept
312 June
9 Aug
38 June
112 Aug
612 June 1438 Aug
New York Stock Record-Continued-Page 6
823
t-47- FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SIXTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 22.
Monday
July 24.
Tuesday
July 25.
$ Per share 5 per share $ per share
1518 1518 1514 1514 1534 16
TWednesday
July 26.
Thusrday
July 27.
S per share
*16
17
Friday
July 28.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
5 Per share 5 per share Shares. Indus. & Misc.11. (Con.) Par
*1612 18
16
800 Marlin-Rockwell
16
No par
Marmon Motor Car- _No par
-ii78
-i5Tz -1-41; -i31-8 -ii- -iiT4 -1-il; -i5T4 -1-312
-- - 78:Zoo Marshall Field & Co_ No par
27/
1
4 2934 3012 3214 3114 32/
1
4 3112 3314 3238 3312 3212 3358 11,400 Mathleson Alkali WorksNo par
25
2578 2514 2612 261
/
4 29
26
28
1
4 2778 9,900 May Department Stores_25
2512 27
27/
4
434
518 512
512 534
6
6
614 4,100 Maytag Co
512 6
6
No par
*914 11
9
918 914 10
834 834
Preferred
9
10 .1012 1112
No par
500
38 .3518 3612 *3518 3612 3612 3612 .36
27 .36
27
42
50
Prior preferred
No par
25
2712 2712 27
2412 2538 25
27
27
28
28
2838 2,300 MOCall Corp
No par
21
/
4 212
238 234
212 3
258 2/
1
4
258 234
234 278 4,100 McCrory Stores class A No par
No par
212 278 *234 312
234 3
2/
1
4 278
Class B
3
314
312 312 2,400
10
9
10
8
1034 1034 *812 1034 1014 1014 1014 1014
Cony preferred
700
100
.512 612
512 512
6
6
.5
6/
1
4 •5
638 •5
612
200 McGraw-Hill Pub Co_No par
2914 3112 31
3378 3114 3418 311
/
4 34/
1
4 3134 3538 3133 33
60,300 McIntyre Procupine Mines_ _5
80 80
8334 85
2,800 McKeesport Tin Plate_No par
83
821
/
83
4 86
8412 8418 85 .82
812
618 7
7
818 9/
1
4
1
4
814 9/
8/
1
4 9
8/
1
4 878 48,900 McKesson & Robbins
5
1412 1512 1512 1712 1814 1634 1738 1712 18 .1712 18
13
4.100
Cony Pref aeries A --- _ - -50
11
/
4 214
2/
1
4 212
112 134
218 2/
238
218 15.200 McLellan Stores
2
2
1
4
No par
16
1258 1238 15
1612 1612 18
19
*1512 17
1512 1512
8% cony prof ser A
270
100
1934 .18
1712 1934 .18
20
1812 1812 20
20 .1918 2134
400 Atelyille Shoe
No par
121
/
4 14
1034 1238
1412 1634 1434 1512 15
20,300 Mengel Co (The)
1434 15
16
1
*43
4658 4612 4612 4712 4712 .46
.4018 46
40
48
50
40
100
7% preferred
14
1514 1538 15
14
15
15
1,500 Mesta Machine Co
16
1
4 15/
15
1
4 .15
15/
5
21
*18
.1712 20
*1712 20
Metro-Goldwyn Pict pref-27
.1712 20 .1818 20 .1712 20
534 6/
1
4
538 618
612 6/
612 612 6,800 Miami Copper
1
4
1
4
612 7
612 6/
5
1238 1214 12/
1112 11
10
1
4 1238 12/
1
4 12/
1
4 12/
1
4 12
1212 17,800 Mid-Continent Petrol__No par
832 934 10/
1
4 1112 12
13
1258 1418 1358 15
13/
1
4 15/
1
4 10,200 Midland Steel Prod_ ___No par
60
*61
60
64
63
63 .64
8% cum let pre
71
.65
.56
71
200
100
70
24
*20
24
24
*18
24
*17
24
100 Minn-Honeywell Regu_No par
24
*17
*17
24
234 314
314 3/
1
4
3/
1
4 4
3/
1
4 3/
1
4 14,400 Minn Moline Pow Impl No par
334 3/
1
4
334 4
23
23 .22
26
2312 2312 .18
22
*18
Preferred
23
22
200
*18
No par
1514 1614 15/
1
4 17
1678 1734 17
17/
1
4 17
171
/
4 17
17/
1
4 5.300 Mohawk Carpet MIlls_No par
4814 51
53
53
5314 5514 53
5314 561
3.400 Monsanto Chem WkNo par
/
4 60 .5612 57
1858 2034 2034 22
2034 22/
1
4 2038 2212 2112 23
1
4 158,900 Mont Ward dr Co Inc_ _No par
2112 22/
4714 48
49
4918 49 a4934 49
49
1,100 AIorrel (J) & Co
49 .45
50
49
No par
I
1
1
118
118
114
118
118
114 11,900 Mother Lode Coalition _No par
11
/
4 114
114
2
218
235 278
314 378
312 438
41
/
4 434
4/
1
4 91.000 Moto Meter Gauge&Eci No par
4
19
2112 1912 23
2112 2458 2212 24
24
2412 2212 2412 5,600 Motor Products Corp_No par
638 812
718 812
838 9
738 8/
812 918 15,000 Motor Wheel
No par
1
4
812
8
534 6
61
/
4 7/
1
4
612 712
No par
634 7
714 7/
1
4
7
71/4 4,400 Mullins Mfg Co
17/
1
4 18
151
/
4 19 .15
20
16
Cony preferred
200
20 .17
20 .17
20
No par
10
1112 .121
/
4 1312 1312 1312 14
1414 1412 9,200 Munsingwear Inc__ _ _ No par
14
1412 15
634 8
714 812
812 918
Murray
Corp
43,700
of
Amer
838 9
8/
1
4 834
10
834 914
1514 1514 *15
18
1512 1512 16
500 Myers F dr E Bros
No par
1712
16
1512 1512 .
15
17
1834 1818 20
1912 21
2014 2134 2018 2112 2018 20/
1
4 43,600 Nash Motors Co
No par
4
4/
1
4 4/
438
1
4
51
/
4 534
514 538
514 512
538 534 3,100 National Acme
10
512 51
/
4
6
6
6/
1
4 7
*7
712
718 814
8
Vs 1,400 National Belles Hess pref100
51 - 5312 5312 5434 5312 54/
11,400 National Biscuit
1
4 5334 55
10
5414 55
5314 55
•135 137 *135 137 *136 137
7% cam pref
200
137 137 .13614 140 *137 140
100
1418 1612 1512 1714 17
18
1712 1938 1734 1934 1734 1814 48,500 Nat Cash Register A__No par
2058 2018 2112 21
19
2218 2018 2138 2034 2112 20/
63,200 Nat Dairy Prod
No par
1
4 21
138
11
/
4
112 112
178 11
/
4
2
/
4 17s 1,100 Nat Department Stores No par
2
2
11
2
578 6
414 534
Preferred
310
538 538 *51
100
/
4 7
5/
1
4 512 *512 7
66
7334 7118 78
7012 79'2 71
7512 72
78 131,000 National Distil Prod_-_No par
7812 75
$2.50 preferred
---- ---- ---- ---- ---- --_ ________ _-- ---- --40
11
11
.812 15
*10
1412 .11
200 Nat Enam & StampIng_No par
121
1214 1214 121
/
4 .12
10912 10912 110 110 .105 110 .105 109 .105 109
300 National Lead
100
109 109
•120 135 .12012 135 .120 135 *125 135 .125 13412 •125 135
Preferred A
100
•100 105 .100 105 .95 105 .100 105 .95 105
Preferred B
100
100
10012 100'2
1358 18
15
16
1534 16/
1
4 1512 16
1534 1612 15/
1
4 1814 27.100 National Pow & Lt_ _No par
42
3934 44
441
4312 46
24,500 National Steel Corp_ _Ne par
43
45
4412 4512 4134 45
1214 14
14
161
1512 1718
1
4 1512 4,000 National Supply of Del
50
1634 17 .1518 1612 •15/
47
47 .46
47 .46
Preferred
47
*46
100
20
4934 4934 *46
50
50
2/
1
4 3/
1
4
412 434
434 514
10
41
/
4 5
5
5
412 4/
1
4 7,700 National Surety
1712 2018 1934 2112 2118 2212 2118 22/
No pa
/
4 2212 16,200 National Tea Co
1
4 22
2234 211
*7
9
712 738
8
8
8
.734 9
No par
8
400 Netaner Bros
*734 9
Nevada Consol Copper_No par
L
6
-5
6
•'7
l 2 _i1 iT2 134 -i
114 4,800 Newport Industries
1
i
13-4
1514 1534 1514 1634 1714 171 1
No par
1718 2,100 N Y Air Brake
1612 1734 *17
17
17
412 6
618 658
718 814
818
100
6/
758 1,140 New York Dock
1
4 8
8
714
.11
16
1218 12's
1318 1318
Preferred
12
15
140
100
15
15
*1312 17
118
114
118
11
114
138
114
114
No par
138
138
11
/
4
11
/
4 24,000 NY Investors Inc
12
13/
1
4 1514 17
1618 1734 17
1834 1838 2138 1852 2014 54,600 NY Shipbldg Corp part stk_1
781
/
4 80
80
80 .78
85 .78
82
85
85
85
100
82
560
7% Preferred
0112 9112 *91
95
95
95
96
93
98
96
No par
98
SO NY Steam $6 pref
96
*10312 107 *10312 10678 *10312 10678 *106 10678 106 106 .103 107
57 1st preferred
No par
100
28
2978 3018 3214 31
1
4 30/
1
4 311
/
4 34,600 Noranda Mines LtdNo par
3234 32
32/
1
4 3112 33/
2414 2614 26
2712 2614 2878 25/
No par
1
4 2714 2612 2758 2618 267s 87,600 North American Co
•40
44
*4212 43 .40
43
Preferred
43
43 .41
42/
1
4 4278 .41
100
50
5
6
5/
1
4 612
6
614 658
7
6
614 612
614 45,600 North Amer Aviation
5
71
7212 74
74
74
74
74 .6978 74
*70
74 .70
SOO No Amer Edison pref. _No par
*512 6
*4/
1
4 6
*614 734 .6
North German Lloyd
612 *512 6
612
*5
3512 3512 .3312 39/
1
4 .3312 39 .35
33
70 Northwestern Telegraph_ _ _ 50
3934 .3312 39
3312
338 4
338 372
378 4
4
12,500 Norwalk Tire & Rubber No par
414
414 478
412 5
111
/
4 1238 1258 1312 1212 1378 1212 1318 1212 131
/
4 12
1258 60,500 Ohio Oil Co
No par
4(4 41
/
4
412 538
1
4
532 534 20,600 Oliver Farm Equ1p
514 5/
5
578
514
5
No par
18
18
1634 18
li)
*1818 2012
19 .1812 2312 19
Preferred A
19
800
No par
61a 612
6
6
6
678
5/
1
4 51
/
4
6
614
614 614 6,000 Omnibus Corp(The)vto No par
•____
9
712 712
9
2,500 Oppenhelm Coll & Co_ _No par
9
7/
1
4 8/
1
4
812 8/
1
4
834 9
Orpheum Circuit Inc pref..100
;i7T2 164 -18Ts -1978 -i8:78 167-8 "iii2
1738 18
10,700 Otis Elevator
No par
10112 10112 10312 10312 10312 10312 102 102 .102 104
____ - Preferred
200
100
812
4
61
Y3
---- ---632 7
6,
8 -i 14,700 Otis Steel
No par
812 672
2 • -8
_ _ ____
1612 17
17
16
17
16
171
Prior preferred
/
4 17
1,100
17 .15
100
6818 71
72
1
4 x77
7514 7414 7714 74
7914 27.400 Owens-Illinois Glass Co
77313 7614 78/
_25
25
1
4 27/
1
4 27/
26's 26/
1
4 2834 2712 2814 2733 2814 2712 271
/
4 11,900 Pacific Gas & Electric)
25
291
/
4 3014 3012 33/
1
4 33
10,700 Pacific Ltg Corp
3414 3318 33/
1
4 3338 3212 33
1
4 32/
No par
20
20
20
20
2134 22
22
20
21
1,900 PacIfie Mills
1978 2034 22
100
90,
8 9078 9112 92
91
91
95 .91
95
270 Pacifie Telep & Teleg
9112 9112 .91
100
41
/
4 438
41
/
4 514
1
4 112,600 Packard Motor Car__No pa
514 538
518 5/
518 534
518 51
.914 14
•914 14
Pan-Amer Petr & Trans new _ 5
.914 14
*914 14
*914 14
*914 14
16/
1
4 187
17
19
23
21
22
233
2212 2212 7.800 Park-Tilford Inc
2238 21
No par
112
11
.112 17
*158
11
/
4 13
s1sa
13
400 Parmelee Transportrin_No par
.158 134
214
112 2
112 17g
134 2's
2
2/
1
4 21
238
1
4
/
4 10,700 Panhandle Prod & Ref _No par
178 2/
112
158
158
13
11
/
4 11
/
4 10,800 Paramount Publix ctts. ____10
11
/
4 13
158 13
134 17o
238 3
314 31
314 338 23,100 Park Utah C M
2/
1
4 31
3
338
31
3
1
114
158
1/
1
4 11
138
/
4 16,700 Pathe Exchange
158
178 2's
/
4
13
138 11
158
No par
4/
1
4 512
/
4 838
8
8
6
612 718
71
9
Preferred class A _.No pa
15,500
O's
638
1412 1534 1514 17
/
4 17.100 Patin° Mines & Enterpr No par
1533 1.7/
1
4 15/
1
4 1634 1612 1738 1614 171
4
514 5/
412
458 S's
1
4 25,200 Peerless Motor Car
512 6
534 612
6
818
3
4612 48
1
4 491 *49
48
5078 4.600 Penick & Ford
48/
SOlz 49
5058 48
49
No par
3714 3972
4034 4212 21,800 Penney (J C)
3812 41'z 3918 41/
421
1
4 3914 3978 41
No par
•10514 110 *10514 _ _ 10514 10514 •108 109 .108 110 *108 110
Preferred
100
100
538 -68
614
5
61
/
4 678
612 0
6/
1
4 658 10,500 Penn-Dixie Cement_ No par
618 834
.18
.19
21
21
20
22
20
500
20
Preferred sertee A
2038 1912 191_ •19
100
60
6012
59
5912
People's
61
1,700
6012
61
0 L & C (Chic)
61
100
-ii- If- "ii5E8 -1-63; 1114 12
*1212 13
500 Pet Milk
.1212 13
•1212 13
No pa
10
1078 1014 1114 1014 1078 1032 10/
1
4 1038 1012 16,400 Petroleum Corp of Am_No par
9/
1
4 10
13
14
1358 15/
1
4 1412 1578
1
4 15
1412 157s 1518 1578 14/
35,300 Phelps-Dodge Corp
25
35
35
3434 3434 .32/
*321g 35
35
35 .32
200 Philadelphia Co 6% pref.._50
1
4 35 .32
60
60
*5712 65 .5712 60 .57
*5712 60
*5712 60
$6 preferred
60
100
No par
5/
1
4 6
534 612
658 7
658 634 31,400 Phil& dr Read C &I_No par
612 7
612 634
1018 1012 1038 1058 111
1212 1212 2,900 Phillip Morris & Co Ltd_10
/
4 12
1212 1212 1212 13
.814 10
10
*1114 15
14
•11
15
15
.11
*11
10
100 Phillips Jones Corp
No par
11
12
1214 13/
1
4 1378 15
1438 13/
14
1
4 1412 1212 13/
1
4 85,500 Phillips Petroleum
N.pa
10
10
812 812 *9
814 814 .8
10/
1
4
50 Phoenix Hosiery
10/
1
4 .8
1038
5
5/
1
4 5/
1
4 8.5
51
/
4
5i, 5/
1
4
5
5
5
5
*5
512
800 Plerce-Arrow clan A__No par
78
1
1
118
118 114
114
114 6,800 Plerce 011 Corp
118
11
/
4 114
114
25
10
912
10
912
.912
912 912 *912 10
*912 1014
1014
300
Preferred
100
112 134
178 2
11
/
4
178
11
/
4 2
2
2
178 2
0,8130 Pierce Petroleum
No par
1938 2014 2014 21
23/
1
4 2318 2318 3.400 Pillsbury Flour Mills
2114 2278 *2114 2214 23
No par
•54
60
*54/
1
4 60
1
4 60
8 6012 *5538 6018 *53/
•5614 60
*55,
Plrelli Co of Italy Amer shares
•10
18
15
16
*16
17
1612 1612 .1312 16
183.
.15
100
300 Pittsburgh Coal of Pa
.22
45 .30
44
•44
46
*401 1 46
48
.4014 46 .44
Preferred
100
• Bld and asked prices, no sales on this day. a Optional sale. s Sold 15 days. r Ex-dividend. c Cash sale.
-i-i- -ii„ -1-41-8
is -ig- 19
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
PER SHARE
Range for Previous
Year 1932.
Lowest.
Highest.
Lowest.
Highest.
_
--$ per share S per share
per
share
S
$
per share
6 Feb 27 2014June 3
534 May
13/
1
4 Sept
14May 5
218June 6
12 Apr
312 Sept
414 Jan 30 18/
1
4June 3
3 July
1312 Jan
14 Feb 27 3S July 17
9 June 2078 Mar
934 Feb 24 32 July 5
912June 20
Jan
118 Apr 10
812July 10
1 July
6 Aug
3/
1
4 Apr 4 13/
1
4July 10
3 Apr 1012 Sept
15 Apr 5 43/
1
4July 13
221
/
4 Dec 3514 Jan
13 Mar 3 30 June 29
10 May
21
Jan
se Apr 15
478june 8
612
Dec 16 Apr
114 Jan 13
6 Jan 5
5 Dec 19 Jan
212 Mar 17 21 Jan 9
20 Dec 62 Feb
3 Apr 4
818June 12
212May
7/
1
4 Jan
18 Mar 16 377 July 19
13 May 211
/
4 Dec
4418 Jan 4 938 July18
28 June 6214 Feb
134 Mar 2 1312July 3
118 June
61
/
4 Sept
1
4 Mar 3 25 July 1
3/
3/
1
4 May 23 Feb
14 Feb 24
338July 11
3,3 July
4 Mar
218 Jan 16 2278July 11
7 Dec 36 Mar
834 Feb 27 2258July 7
778 Dec 18
Jan
2 Mar 1
20 July 19
1 July
5 Aug
22 Jan 28 57 July 18
20 May
33 Jan
7 Feb 24 2014June 28
514 May 1912 Jan
1312 Mar 1 2014June 7
14 June 2214 Jan
158 Mar 3
934June 2
112 June
614 Sept
334 Mar 2 16 July 7
334 Apr
8/
1
4 Sept
3 Mar 2 1734July 7
2 June 1232 Sept
26 Mar 3 70 June 9
25 June 65 Sept
13 Apr 4 3818July 19
11 June 2312 Jan
534 July18
78 Feb 3
38 June
338 Aug
6 Feb 7 30 July 18
4 Dec 1452 Aug
7 Jan 23 22 July 17
51
/
4 June 14 Sept
25 Mar 3 6714July 18
13/
1
4 May 3034 Mar
8/
1
4 Feb 25 2878 JULY 7
3/
1
4 May 1612 Sept
25 Jan 6 56 July 3
20 May 3514 Mar
18 Jan 9
218June 22
18 May
14 Aug
14 Jan 5
434July 27
14 Apr
114 Sept
734 Mar 1
3212July 1
738 June 2938 Sept
112Mar 1
1158July 10
2 June
658 Sept
11
/
4 Mar 21 1034July 18
2 June 1338 Jan
5 Mar 21
25 June 9
5 June 2712 Sept
5 Afar 30 18/
1
4June 27
7 Aug
1518 Sept
138 Feb 25 1112July 17
218 July
9/
1
4 Mar
8 Jan 25 2012July 10
71
/
4 June 19 Feb
1118 Apr 12 27 July 10
8 May 19/
1
4 Sept
11
/
4 Feb 28
734July 7
114 May
514 Sept
11
/
4 Jan 27
978July 18
18 May
6 Sept
3112 Feb 25 6058June 28
2014 July 461
/
4 Mar
118 Mar 3 13878 Jan 10 101 May 14214 Oct
1
4 Mar 2 2338July 19
5/
2614 Dec 1834 Sept
1012 Feb 27 • 2534July 19
1438 June 3138 Mar
18 Alar 15
14 June
212June 26
21
/
4 Aug
114 Feb 21
10 June 6
114 Dec 10 Aug
1678 Feb 15 124/
1
4July 17
13 June 2714 Aug
24 Feb 8 115 June 28
201
/
4 May 3212 Feb
0 Feb 2 1614July 7
338 July
818 Sept
4314 Feb 23 125 July 19
45 July 92
Jan
101 Mar 1 125 July 10
87 July 125 Mar
75 Feb 23 10918July 19
61 July 105
Jan
Apr 1
2012July 13
638June 2038 Sept
15 Feb 27 5518July 7
1312 July 33/
1
4 Sept
4 Apr 6 2858June 12
312 June 13 Sept
17 Feb 23 6014June 3
1312 May 3918 Aug
114Alay 3
812 Jan 6
412 July
19/
1
4 Aug
612 Jan 4 27 July 18
312 May 1078 Aug
112 Jan 18 1218June 26
112 Apr
512 Jan
4 Feb 28 1138June 2
212 May 1014 Sept
11
/
4 Mar 29 1134July 5
112 June
334Sept
61
/
4 Apr 4 2312July 7
414 June 1412 Sept
412July 22 1178June 23
31
/
4 Dec 10 Sept
612Atar 30 22 June 23
20 Apr 30 Aug
i2 Apr 3
234June 12
12 June
334 Aug
11
/
4 Jan 4 211
/
4July 27
11
/
4 Dec
814 Feb
31 Jan 9 90 June 19
20 June 57 Mar
80 Afar 24 101 Jan 9
70 May 100 Oct
59314 Apr 25 110 Jan 11
90 June 10918 Mar
1738 Jan 14 37 July 19
1034 May 2138 Sept
1514 Apr 4 3612July 13
1334 June 4314 Sept
32 Feb 28 48 Jan 12
2512 July 248 Sept
4 Feb 27
9 July 17
114 May
658 Dec
48 Apr 19 79 July 13
49 July 88 Sept
5 May 18 10 June 7
238 June
8
Jan
2634 Apr 27 43 June 5
15 June 33 Aug
11
/
4 Feb 23
572July 18
14 Feb
212 Aug
434 Feb 27 1758July 6
5 Jan 11 Aug
118 Feb 27
834July 7
12 Apr
4 Aug
3/
1
4 Feb 28 3034June 9
212 May 1014 Aug
11
/
4 Mar 2
834Ju1y 18
112 Jan
424 Mar
212 Feb 28 15 June 2
3 June
978 Jan
138 Jan 30
7 June 9
3'4June 15 Sept
1018 Feb 27 2514July 18
9 May 22/
1
4 Jan
9312 Apr
106 July 19
90 May 106 Nov
lie Mar 1
914June 13
114 May
91
/
4 Sept
2/
1
4 Feb 28 2134June 13
3/
1
4 May 2038 Sept
3112 Mar 3 9634July 13
4214 Nov
12 Jun
20 Apr 7 32 July 12
1678 June 37 Feb
2514 Mar 31 4332 Jan 11
4712 Aug
2034Jun
6 Feb 21 29 July 5
14 Aug
314 May
65 Mar 3 9434July 14
68 June 10434 Mar
134 Mar 24
112 Jul
678July 14
514 Jan
8 June 2 14 July10-6 Jan 20 3234July 13
2 Apr 10 Sept
/
1
4 Mar 21
3 July 1
2 Jan
14 June
/
1
4 Apr 18
414June 21
114 Jan
Is Dec
Is Apr 5
212June 6 ---- ---- ----34 Jan 9
4/
1
4 July 18
/
1
4 Apr
2 Sept
/
1
4 Jan 4
14 Stay
212July 10
114 Aug
97 July 18
11
/
4 Jan 25
5/
1
4 Feb
114 June
31
/
4 July
532 Jan 16 22'8 July 17
912 Sept
14 Feb 16
434 Apr
918July 17
34 June
r2512 Feb 27 5778July 14
16 June 3234 Mar
/
4 Mar
1914 Mar 2 4758July 18
13 May 341
90 Jan 4 105I2June 19
60 June 91 Mar
se Jan 25
912June 19
212 Aug
12 Apr
418 Mar 2 32 July 5
3 Nov
8 Sept
4138 Apt 18 78 Jan 9
Jan
39 July 121
6/
1
4 Feb 2 1514June 8
5 Dec 1212 Jan
4/
1
4 Jan 3 15 July 3
234 May
7/
1
4 Sept
4/
1
4 Jan 4 1812July 19
/
4 Sepr
3/
1
4 June 111
25 Apr 11
36 July 7
18 June 41 Mar
47 May 12 62 July 8
48 June 76 Sept
212 Feb 27
912July 14
2 June
re Sept
8 Feb 23 1478June 7
7 June 13 Aug
3 Feb 8 1634July 18
312 Apr 1234 Sept
434 Jan 4 177s July 12
2 June
818 Sept
11
/
4 Mar 15 1278June 7
2 Nov
918 Aug
112 Apr 18 10 June 26
114 June
9
Jan
14 Jan 3
158July 12
14 Jan
34 Sent
378 Feb 27 1314 July 12
3/
1
4 Jan
9 Aug
se Jan 23
234June 21
12May
152 Sent
1128 Feb 24 26/
1
4June 7
9/
1
4 Dec 2212 Jan
3338 Apr 4 60 July 10
21 June 3134 Mar
4 Feb 25 23 July 18
3 May
111
/
4 Sept
17 Jan 22 48 July 14
17 Dec 40
Jan
y En-rights.
New York Stock Record-Continued-Page 7
824
July 29 1933
parFOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LAST. SEE SEVENTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 22.
Monday
July 24.
Tuesday
July 25.
Wednesday
July 26.
Thursday
July 27.
PridaY
July 28.
Sales
for
the
Week.
STOCK
NEW YORK STOCK
EXCHANGE.
$ per share $ per share 5 Per share $ Per Share $ Per share $ per share Shores. Indus. & MIscell. (Con.) Par
7
714
7
8
8
812
812 834 0/24 8l2 2,600 Pittsburgh Screw &13d1tNo par
812 8l
34
35
3418 35
34
34
100 Pitts Steel 7% cum prat_ __ 100
*34
3412 3512 3512 3678 3678
*4
5
*334 434
4
4
4
4
*334 5
*358 5
400 Pitts Term Coal Corp_ No par
08
1512 •12
16
*14
15
16
16
40
21
17
•17
17
6% preferred
100
4
4
378 372 *4
413
414 '414 *414 514 *4
700 Pittsburgh United
514
25
51
51
5318 5318 *5114 56
49
51
49
4834 49
52
160
Preferred
100
3
314
414 414
5
5
800 Pittston Co (The)
434 434
478 478 *312 458
No par
11
1214
5
934 11
1212 1314
12
23,400 Plymouth 011 Co
1218 1238 1234 13
13
93* 1012
972 97s
978 11
95s 938 1018 1012 1012 1012 4,000 Poor & Co class B
No par
5
512
478 534
538 538
514 514 *5
514 514
512 1,800 Porto Ric-Am Tob CI A_No par
218 212 *213 278
234 3
*234 3
3
.258 3
1,400
3
Class B
No pa
16
1819 1913 22
2118 2313 2114 2338 2314 253* 2212 2414 23,000 Postal Tel & Cable 7% Pref 100
015
191; *1513 1912 *17
1912 *16
*1512 22
Prairie Pipe Line
1912 *16
19
25
314 378
338 4
378 4
378 4
334 334
378 37s 3,600 Pressed Steel Car
No pa
*9
13
1114 1212 1213 13
*1114 12
12
*1113 1414 12
900
Preferred
100
3914 4234 4114 4234 z42
4312 42
4334 4178 4312 40
4012 12 100 Pro.7ter A Gamble
No par
10238 10238 •10214 103
_
103 103
100
10212 10334 *10214 _ _ *10214
5% pref (ser of Feb 129)100
114
112 112
138
158
134
178
178
158 134
17
-8
178 1,800
Producers & Refiner. Dorp__50
.2
878
713 712 *2
7
7
7
612 7
7
150
7
Preferred
50
4334 4513 4434 4634 47
4834 47
4738 4712 4734 4613 4712 15,800 Pub Ser Corp of N J_ __No par
82
82
*7012 83
*80
85
84
84
*7012 8112 *7012 8018
200
$5 preferred
No par
9634 97
*9634 9734 *9634 98
*9634 98
9634 9634 *95
9578
300
6% preferred
100
*109 110
109 109 .10412 10938 10412 10412 *10514 108 *10518 110
200
7% Preferred
100
*120 128 *120 128 *120 128 *120 128 .120 128 *120 128
8% preferred
__100
*97
9714 *97 100
9734 9734 *97 10097
200 Pub Ser El & Gag uf S5.No pa
•_
100
4314 47
x4634 4834 47
4914 46
47
17,400 Pullman Ins
4714 4914 46i.13 48
'Jo par
738 838
818 918
918 978
918 934
812 938 26,400 Pure 011 (The)
912
9
No par
56
52
5314 5712 57
57
54
54
55
55
•56
380
60
8% cony preferred
100
1534 1758 18
2012 18311 2038 1918 1978 19:18 20
1938 1932 15,300 Purity Bakeries
No par
612 714
738 812
838 9
8
812
83g 878
818 812 323.100 Radio Corp of Amer_ No par
____
__ *30
36
*3012 3434 *2712 3414 .29
3414 *29
Preferred
3414
50
1658 1638 17
1814 1814 197s 1812 1914 1812 1912 1878 1934 10,300
Preferred B
No par
213 3
3
312
338 4
334 378
358 378
312 334 33,700 Radio-KeIth-Orph
No par
1118 13
1313 1413 1313 1412 1312 1334 1412 15
1434 151.1 8,500 Raybestos Manhattan_No par
052 1018 1018 1158 12
1334 12
1313 1312 1412 1314 1312 11,200 Real Silk Hosiery
10
.50
*40
60
60
*40
60 .50
60
50
50
10
*50
60
Preferred
100
218 222
238 278
234 3
*234 3
234 3
3
3
3500 Reis (Robt) & Co
No par
8
1134 1012 1012 1212 1212 1138 1134 *1118 1512 *1118 1714
480
let preferred
100
612 8
758 838
818 834
83s
8
812 18,100 Remington-Rand
814 834
8
1
*22
31
32
31
31
3114 3114 *30
3113 *30
34
100
3438
500
1s1 preferred
28
2812 28
3112 3213 3434 31
3212 3212 *3112 32
31
440
2d preferred
100
438
338 4
4
414 412
414
414 412 25,500 Reo Motor Car
458
43* 434
5
18
14
1612 1878 1612 1734 1714 1833 17
1634 16
1812 71,900 RepubItc steel Corp_ _No par
41
39
3912 4314 40
3953 37
4012 40
4234 4034 4112 9,900
6% cony preferred
100
8
81
*612 812
8
8
8
812 *7
1,200 Revere Copper & Brase_No par
9
9
*7
*238 13
*538 13
13
13
*1313 22
*1314 22
*6
22
Class A
No Par
12
14
1312 15
1512 1638 1578 17
1738 20
1814 1914 12,500 Reynolds Metal Co
No par
11
924 953
912 953 1014 1134 1012 11
1134 1112 1178 3,900 Reynolds Spring
No par
44
47
4738 48
48
48
491
45'2 4512 47
4818 4918 51,200 Reynolds(R J) Tob class B_10
61
*60
*60
61
60
60
6078 *60
*60
60s 60
40
60
Class A
10
____ ___- ____ ____ ____ ____ ____ ____ ___
_-__ ...... Richfield 011 of Callf___No par
•1118 17
*1118 15
*1118 15
*11
*1118 15
.1118 15
15
Ritter Dental Mfg
No par
.__
7
578 634
814
7'2
634 73*
67s
5
714
712 753 4,600 Russia Insurance Co
3258 3234 32318 3238 33
33
32
3234 3338 3278 33
3234 2,600 Royal Dutch Co (N Y shares)
2212 2313 23
2514 2514 27
26
2638 2614 27
2434 2638 24,300 St Joseph Lead
10
4834 5113 5138 55
5212 5434 5034 53
53
5453 4234 5418 9,700 Safeway Stores
No par
93
92
92
92
9212 9212 *92
93
*92
93
•92
130
93
6% preferred
100
100 102
100 100
10014 1041, 10138 10138 101 1013 *10012 10112
470
100
7% preferred
8
812
*812 872 1,200 Savage Arms Corp____No Par
8313 838
9
914 014 *812 91
9
4
2
514
5
534
678 712
7
612 7 8
1/ 12 23,900 Schulte Retail Stores_ ..','o pa
638 7
1918 1918 *21
*1234 20
25
27
26
26
2/
*22
80
26
Preferred
_100
4278 4278 4238 4212 4238 4212 *3734 42311 *3734 4012 *3734 4012
130 Scott Paper Co
No par
2378 2214 2278 23
20
2334 23
2112 2114 2334 22
2334 20,400 Seaboard 011 Co of Del_N0 par
.218 212
212 212 *234 312 *3
334 .318 334
200 Seagrave Corp
318 318
No pa
3318 3618 34
33
31
3678 3414 3612 3512 3734 3512 3818 109,400 Sears, Roebuck & Co No par
278
278
1
234 234
312 313 *3
900 Second Nat Investors
334 *3,8
1
34
312
334
45
45
*37
*37
*37
*3738 45
45
*3738 45 .
13738 45
Preferred
1
113 134
178
112
2
214
2
2
214
218
214 10,200 Seneca Copper
2
No pa
434 514
518 578
514 618
538 57s
558 6
512 5713 38,700 Serve' Ins
1
812 9
918 912
93s 978
914 938
912 978
9
914 8,500 Shattuck (1
, 13)
No par
'
83.4 834
9
8
9
*858 878 2,400 Sharon Steel Hoop
878
612 7
732 8
No par
514
512
612
5
5
6
6
614
578 614
512 578 9,600 Sharpe & Dohme
No par
3'731 36
3712 3136
*36
3612 *3618 3714 *35
3712 *35
37
Cony preferred ser A_No par
200
838 9
714 8
778 812
818 812
814 36,100 Shell Union Oil
814 834
8
No pa
3153
53
55
55
53
*5112 54
5512 5512 *53
47
300
47
Cony preferred
100
2312 2118 2278 2178 2338 2112 2214 41,500 Simmons Co
1914 2134 21
21
18
No par
758 810
818 812
834 9,8
9
914 2,600 Simms Petroleum
9
914
10
914 914
838 838
812 812
7
6
6
614
8
712 713 2,300 Skelly 01: Co
812
25
*53
55
54
*53
53
53
53
53
53
55
*5212 58
1,000
Preferred
100
2978 *25
2834 *25
2978 *25
*25
31
1325
31
30
31
100 Sloss-Sheff Steel & Iron_ _100
45
32
32
3128
33
*22
33
33
150
35
3412 3412 *22
7% preferred
100
614
7
578 612
4
8,400 Snider Packing Corp__No par
5
5
538 614
6
512 614
1038 1138 1112 123s 12
25
1278 1173 12,2 1134 1212 1158 1218 111,500 Socony Vacuum Corp
*76
9
@FedFRASER