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The Financial Situation
OT only an opportunity but an urgent duty now realizes that,first, pushed to their logical conclusions,
faces the business community of the United these policies lead ultimately to Government ownerStates to study and appraise dispassionately the ship of all or practically all business as is the case in
trend of public policies during the past 15 months, Russia to-day; and, second,that most of this program
to consolidate and associate the enshrouding irrel- will remain hopelessly impotent—half capitalistic and
evancies, to pierce the diverting political special half socialistic. Two possibilities loom—it will either
pleadings in an effort to ascertain where the under- be abandoned, or carried forward step by step until
lying philosophies and the essential nature of the New something approaching its logical evolution is accompDeal program, inevitably, and by their very essence, lished. This latter consummation, the relatively
complete socialization of American enterprise, would,
lead.
It has become popular to assert that the next six as history has repeatedly warned us, lead not to a
months will be "decisive" for the New Deal. Most, more abundant life, as the President desires, but to
who anxiously watch developments, feel sure that a progressively less endurable existence.
within this period of time it will be determined
Abundant Evidence
whether the various efforts being made at Washington
Evidence of these trends
to induce recovery will really
is abundant. The Agriculproduce that result. Some,
tural Adjustment Adminishowever, apparently mean
An Unselfish Service
tration began with plans for
that the next half-year will
It is by no means always that we find ourpaying the producers of only
show conclusively whether
selves in agreement with the doctrines exa few major crops to reduce
pounded by Senator William E. Borah.
business can recover through
We, however, gladly give expression to our
their acreage. The favoritits own inherent strength
earnest belief that the country is now
embodied in thus subism
despite the enormous handdeeply indebted to him because of his
to
people
American
the
arousing
in
efforts
a selected group of
sidizing
icaps placed upon it by
a realization of the impending hazards of
but leaving others
farmers,
Congress and the Adminisbureaucracy, monopoly and suppression.
people,
themselves,soon
for
shift
thoughtful
to
of
The
appreciation
tration.
and his effectiveness, ought to be the
The reapparent.
became
greater because of the unselfishness and
Testing the People
sult was additions to the
disinterestedness with which the service
is being rendered. His is no appeal for
list of crops to be included
It seems to us that the
party or political clique. His opposition
in these plans. Moreover,
next six months are likely to
to much that is found in the so-called recovery program is obviously not an exit took but a little while to
test, not so much the New
pression of political ambition.
demonstrate what might
Deal as the ability of the
The Senator is warrantably disturbed—
have been known in adeven alarmed—about the increasing disreAmerican people to apply
gard of the safeguards the Constitution
vance, namely, that farmers
its common sense in an approvides for the average man. He deplores
withdrawing land from the
the current readiness to ignore both
praisal of our national econcommon sense and experience through
thus selected would in.
crops
omic and financial policies,
history in the management of our public
instances plant the
many
affairs.
and courageously to voice
a
becomes
government
with some other
Constitutional
acreage
their conclusions. The genfarce if provisions of the fundamental law
a demand,
Hence
crop.
eral principles embodied in
of the land are scorned when they become
apPresident
of
the
which
observance
inconvenient,
or
an
when
the recovery program have
them would prevent realization of the
was not
which
but
proved,
been repeatedly tested—and
selfish desires of influential individuals.
granted merely because of
The formulation of sound principles of
found wanting—during the
government and economics is useless if
legislative exigencies during
past century or two. They
they are to be dismissed whenever past
the closing days of Congress,
have, moreover, been given
transgressions make their application
painful.
that the Government at
concentrated trial during the
Senator Borah, grown old in unselfish
Washington be given vastly
past 15 months and, accorddevotion to duty as he has seen it, could,
are
we
increased authority to diccertain, wish no greater glory than
ing to those whose judgthat of saving his country from the dangers
tate to individual farmers
ment is most reliable, they
to which too many appear to have become
what they might grow on
insensible.
have left business generally
their land. Again, exall
less capable of real recovery
revealed that there
perience
than it was at the beginning of that period. The question now is not the sound- were many ways for farmers to evade these efforts
ness of the New Deal, nor even whether it can be safely of the Government to control production through
sustained, but whether the rank and file of the Ameri- limitation of acreage. As a consequence Congress
can people are beginning to understand the true nature was persuaded to enact legislation which imposes a
of what has been taking place. Our immediate business tax, which in truth is a fine, upon the production of
future will depend upon whether they can be aroused cotton and tobacco in excess of amounts determined
during the next few months to an appreciation of the in Washington.
Meanwhile, administrative officials began to be
hazards inherent in the present course of public
dissatisfied with the results of their endeavors under
policy.
The dispassionate observer, surveying the national the Agricultural Adjustment Act to control the
program since March 4 1933 in its entirety, soon markets for agricultural products, as drastic as were
comes unavoidably to the conclusion that it leads, the powers bestowed in that Act and as extensively
on the one hand, to more and more Government as they were promptly employed. The result was a
control of business, and, on the other, to a generally demand that Congress endow Federal officials with
lowered plane of living. Considering the principles virtually dictatorial powers over all branches of
upon which current policies rest, one inevitably trade engaged in the distribution of agricultural
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Financial Chronicle
products or using such products in the process of
manufacturing. Such legislation would of course give
the executive branch of the government the most
intimate sort of control of a very important portion
of the entire business community. This general
program, it will be remembered, has the approval
of the President and will doubtless be brought forward again at the next session of Congress unless the
public meantime lets it be known unmistakably that
it is not in agreement.
Another Impasse
The general recovery program as applied to industry has for similar reasons reached an impasse.
Starting with the fallacious idea that recovery could
•be induced by enlarging the share of current production going to wage-earners and consciously supporting the worst of the existing labor unions, the
Government soon brought about a serious increase in
the costs of production in all branches of industry
and trade. The enlarged volume of business has not
offset these increases in the -expense of operation.
Nor of course have increases in wages—and in restrictions placed about the performance of useful
work—"created" purchasing power, enabling the
public to absorb goods at higher prices made necessary by national recovery policies. Indeed, the
distribution by the Government of billions of dollars
among many classes—dollars that were "created"
by a sort of financial legerdemain—has not been
sufficient to sustain demand in the face of higher
prices.
The inability of the public to buy and pay for
goods has naturally resulted in protests against existing prices and brought forth demands that price
fixing arrangements encouraged under the National
Recovery Administration codes be abolished. Industry also has found that goods cannot be marketed freely at present prices and is reducing asking
prices accordingly. Thus prospects for adequate
profits daily grow less. This profitlessness of business, however, is apparently not considered of great
importance in governmental circles where many
argue not only that business men ought to be willing
to forego profits in times of emergency, but that such
items as depreciation charges, important items of
selling expense, such as advertising, and other expenses of production and distribution ought not to
be included at all in the computation of costs.
More Tinkering Demanded
The reaction of the President's aides reveals the
logical, not to say the inevitable, trend of the New
Deal philosophy. They reject the sound plan of
withdrawing from the field and leaving business to
work out its own salvation as it is fully capable of
doing under reasonably favorable conditions. They
approve of more governmental control. They would
have the Government discourage price increases,
they would even have the Government bring pressure upon business to reduce prices further, notwithstanding enhanced costs. Many of them are
reported to be looking to the time when the Government will undertake an exceedingly comprehensive program of price fixing. The illogical desire
here obviously is to make it possible for the public
to obtain necessities at relatively low prices at the
same time that industry is obliged to pay higher
wages for less productive labor.
Whatever the "brain trust" may think, industry
simply will not function in a capitalistic system
without profits.
July 7 1934
The Government has accordingly been attempting
to offset the effects of its own course. Perhaps it
would be more accurate to say that it has been
forced to come to the aid of business beset with
difficulties of the Government's own making. This
form of aid takes several forms. It appears in legislation relieving the debtor of his obligations, as is
found in the mortgage legislation of the past session
of Congress. It is found in payments to farmers
for lands rented or as fees for acreage not planted
with specified crops. It has long been conspicuous
in loans and advances of sundry types by such organizations as the Reconstruction Finance Corporation,
and in subscriptions to stock of banks and insurance
companies. The recent housing legislation, so-called,
and the use of Government funds to save credit institutions serving agriculture and to finance new
institutions devoted to the same ends are further
cases in point. It must of course in justice be said
that many of these endeavors have their origin in
difficulties growing out of blunders committed before
the introduction of the New Deal. The fact remains,
however, that this is not universally true, and moreover that had business not been burdened with difficulties engendered-in the past year or two it would
be much better qualified to work its own way out of
its difficulties and there would be no need of such
largesse.
Railroads as an Example
It is to be expected that a continuation of present
policies will breed further demand for Government
assistance and Government ownership of business
enterprise. Let us consider the situation of the
railroad industry. For years there has been the
recurrent cry for Government ownership of the railroads as a "solution" of the problem of keeping an
indispensable industry in existence. Of course, Government ownership might afford a means of escape
for owners of railroad securities, but it would assure
a continuance of adequate railroad service only at
'tremendous expense to the taxpayers. But the insistent demand for Government ownership demonstrates clearly what happens when an indispensible
industry, largely because of governmental policies,
can no longer pay its own way under conditions
artificially imposed.
It is of significance that a good deal has been
heard of late about municipalities and other governmental units "taking over" utilities properties,
or of constructing and operating their own systems.
The Tennessee Valley project, which the President
has asserted is in his conception but a beginning,
is already actively engaged in absorbing utilities
properties or in encouraging municipal ownership
of such properties. It is also guilty of cajoling other
branches of business into undertakings which, if
carried too far, would oblige them to discontinue
operations entirely, leaving the field to the Government. If governmental authorities continue policies that constantly increase the costs of operation
and at the same time continue to insist upon lower
rates, it will not be long before we shall hear a good
deal more about "taking over" utilities properties.
A Far Cry?
To many it doubtless seems a remote possibility
that we shall ever seriously talk about having the
Government take over business enterprises in general. Yet that day may not be as far away as it
seems—provided of course that there is no change
3
Financial Chronicle
Volume 139
in the general nature of the policies at Washington.
A great many things have taken place since March
4 1934 that were never dreamed of prior to that time.
Very few have any realization of how far we have
gone toward State socialism. The Government is
already part of several thousand banks. It has recently taken steps to place the Reconstruction
Finance Corporation directly in the banking business. The Federal Reserve System, which, while
technically a privately owned group of banks, is in
reality wholly under Government control, is similarly starting in the business of financing industry in competition with privately managed banking institutions. The Government owns and controls
the entire agricultural banking system of the Nation.
It is now engaged in the task of setting up a mortgage lending and guarantee system which in effect
will, if it accomplishes what has been laid out for
it to do, virtually control the field. As fantastic
as it may seem on the surface, it would require but
a short time for governmental policies that made it
all but impossible for industry to function with
reasonable profit to lead to serious demand that
public funds be employed either in the purchase and
operation of existing industrial plants or in the
construction of new.
Expensive Business
Of course all this of necessity is excessively expensive. The Administration which had promised a
balanced budget at the earliest possible moment
has just closed its first full fiscal year with a
record peace-time deficit of practically $4,000,000,000. Nor does this stupendous figure fully indicate
the expensiveness of its activities, for it has assumed responsibility for gigantic sums owed by
others and has exchanged and is still exchanging its
obligations for other debts in huge amounts. A
substantial portion of these extensive funds has been
expended in "relief"; that is, simply handed to large
numbers of people who have employed them in current consumption without being required to do any
constructive work and, of course, without creating
earning assets which can in the future earn a return on the moneys thus laid out. A large part of
these expenditures have been made in the process
of taking over obligations, buying in enterprises or
in "financing" a variety of interests which found
themselves in difficulties. The policies invoked, far
from tending to reduce the "necessity" of such axpenditures in the future, definitely increase the
probable need for such action. The ultimate end is
none other than public ownership of business
enterprise.
Bureaucratic Management
Let us not deceive ourselves as to the nature of
these changes. When the Government "takes over"
an enterprise; or constructs a plant to perform services being provided by private enterprise, the people
of the country in general are simply investing their
funds in a business to be managed by bureaucrats
usually inexperienced in their new duties, or with
a poor record in business on their own account. It
is absurd to suppose that industry, trade or finance
can be operated in this way nearly as efficiently
as the average American business man conducts his
own affairs. A diminution of the efficiency of business plainly means less of the good things of life
for the people, or in other words, what is ordinarily
termed a lower standard of living. The current
program of the Government then, as in any program
founded on these principles, in the nature of the
case tends to result in a less abundant life—with
all due respect to the President and his advisers.
These at bottom are the issues which the American people must face this summer and pass judgment upon in the autumn. Frankly, we have no
real fear that we shall reach the extremes that have
been described in the preceding paragraphs. We
are confident that before any such point is reached
the common sense of the people will reassert itself.
But of course the sooner such a reawakening comes
the better for all concerned. We therefore can but
express the earnest hope that ways and means will
be found to arouse the people at large to the serious
hazards inherent in the present situation, in order
that a decisive end may be put to them before another winter has passed to take us still deeper into
the morass experimentation with nostrums that have
already repeatedly failed in actual experience in
the past.
The President Signs
HE President in signing the Frazier-Lemke farm
mortgage and the railroad pension measures
has given the public further cause to be thankful
for the Constitution of the United States and additional ground for insistence that the courts of the
land hew to the line in passing judgment upon the
constitutional aspects of current legislation. Holders of rural mortgages and other creditors of the
farmers are unable to share the optimism of the
President that agricultural debtors will voluntarily
refrain from taking advantage of the provisions of
the the farm mortgage act "to evade payment of
just debts," or that the requirements in respect to
the appointment of appraisers and judicial review
are adequate for the just protection of creditors.
Neither are thoughtful elements in the business
community, least of all the holders of the securities
of hard-pressed railroad companies, in agreement
with the President about the alleged advantages of
the railroad pension act. They know full well that
the railroads of the country are already outrageously
overburdened with unnecessary labor costs, that this
expense will shortly be further increased as a result
of the recent settlement of the controversy concerning wages, and that in various other ways expenses
of operations are unduly high—and rising. They
are well aware of the adverse profits-showing that
the railroads made during May as a result of such
factors as these. It is clear to them, as it must
be to all informed observers, that the railroads of
this country by and large cannot continue to give
satisfactory service if policies of this kind are continued indefinitely, to say nothing of earning a fair
profitfrom such service.
Both measures, however, are now part of the law
of the land. The only possibility of diverting their
unfortunate consequences lies in the courts. We
can only express the hope that the courts will do
what seems to us to be their obvious duty in the
premises.
T
Two New Commissions
HE personnel of several new commissions and
boards has been announced. The most important perhaps are the Securities and Exchange Commission and the Communications Commission. The
full list of memberships in these and other newly
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4
Financial Chronicle
created Government organizations will be found elsewhere in this issue. Suffice it here to say that
choice of the gentlemen to administer the Securities
Exchange Act and the new communications control
law leave the community more than ever in the
dark as to probable policies of these bodies. It is
our opinion that in many if not most instances the
appointees appear to have few qualifications for the
work they are now expected to perform. Cionsiderable difference of opinion is in evidence concerning the attitude even of Messrs. Landis and
Matthews despite the fact that they have been under
the scrutiny of financial circles for some time
in their work as administrators of the Securities
Act of 1933. There is apparently nothing to be
done but wait for the actual unfolding of their policy.
The Bank Statements
HE June 30th bank statements which have appeared during the past week reveal, as was
expected, large holdings of cash and Government
securities. Growth in these items, as well as in
deposits, is a natural consequence of the policies of
the national Government in placing huge quantities
of its obligations in the banks, taking payment for
them in the form of deposits. Imports of gold have
likewise had the effect of increasing both reserves
and deposits, particularly in the larger New York
City institutions. No important expansion of true
commercial banking assets is in evidence. There
has been no change in the direction of banking developments in this country during the past few
months.
It is custonlary to speak of these large holdings
of cash and Government obligations as imparting
great "liquidity" to the banking situation. So far
as the ownership of the obligations of the Federal
Government is concerned, this interpretation is unwarranted, since if the banks as a whole wished to
convert their holdings into cash they would find
that an adequate number of buyers at current prices
could not be found. The current banking situation
holds many elements that we, for our part, consider
highly unfortunate. Nothing is of more importance
at this time than a thorough understanding of the
position in which the banks of the country find
themselves at the present time. It is for this reason
that we count ourselves fortunate to be able next
week to present a full discussion of the subject from
the pen of Dr. H. Parker Willis, whose keen insight
into these problems is well known to our readers.
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July 7 1934
event, it appears, the Federal Reserve would be acting largely as agent for the Treasury and the elimination of the item seems advisable.
In other respects, the weekly statement reflects
little beyond the normal functioning of the money
and credit machinery. Gold certificate holdings of
the System on July 3 were $4,782,684,000, against
$4,781,748,000 on June 27, indicating that the Treasury again refrained from depositing with the System
more than a nominal amount of certificates representing fresh gold acquisitions. The actual increase in the monetary gold stock was $20,000,000
in the week covered. It seems probable that an
adjustment will be made at some future time through
a sudden deposit of a large amount of certificates.
"Other cash" of the System fell somewhat during
the week between the last two reports, and the total
reserves accordingly were reduced to $5,019,523,000
on July 3 from $5,044,523,000 on June 27.
Borrowings by member banks from the Reserve
institutions were only slightly higher, at $28,988,000,
notwithstanding month-end requirements, while
bankers' bill holdings of the System were virtually
unchanged at $5,317,000. United States Government
securities held by the banks on July 3 totaled $2,431,790,000, against $2,430,274,000 on June 27, with the
bonds included in this aggregate decreasing slightly
while Treasury note holdings increased. Actual circulation of Federal Reserve notes advanced sharply
to $3,121,703,000 from $3,055,994,000, probably in
response to month-end and pre-holiday demands for
currency. The net circulation of Federal Reserve
bank notes continued to drop, the latest figure being
$44,852,000. Member bank deposits with the System
on reserve account receded to $3,745,739,000 from
$3,836,536,000, but Treasury deposits and "other deposits" both increased, leaving total deposit liabilities at $4,129,660,000 against $4,195,980,000 a week
earlier. The ratio of total reserves to deposit and
note liabilities combined dropped to 69.2% from
69.6%, owing chiefly to the decline in reserves.
Business Failures
BUSINESS
failures in the United States during
June were slightly more numerous than in May,
but with that exception the number was the smallest
for any month since October 1920. The records of
Dun & Bradstreet, Inc. show 1,033 business defaults
in the month just closed, compared with 977 in May
and 1,648 insolvencies in June of last year. Liabilities for June this year amounted to $23,868,293,
against $22,560,835 in May and $35,344,909 for June
The Federal Reserve Bank Statement
1933. For the second quarter of 1934, there were
HE condition statement of the 12 Federal Re- 3,062 business defaults, involving $72,216,103 of
serve banks combined, made available yester- defaulted indebtedness. In the first three months
day, reveals that the Reserve System has taken the of this year, the number of failures was 3,515, and
laudable step of writing off its books the investment the liabilities $79,577,657, while for the second
of $139,299,000 made under the law in stock of the quarter of 1933, 5,478 business failures were reFederal Deposit Insurance Corporation. On the lia- ported,for which there was owing $134,413,866. All
bilities side, this write-off is reflected in a commen- of these records clearly show the improvement that
surate reduction of reserves set up against the stock, has appeared this year in the important matter of
and the weekly statement thus loses a feature that business defaults.
has been prominent for some months. This item was
It was in the large trading division that the most
involved in a complex relationship between the favorable showing was made in June. All three
Treasury and the Reserve banks, occasioned by the classifications in which the report was separated
new Industrial Loan Act. Direct advances to in- showed fewer failures this year. For the trading
dustry made by the Reserve banks under that Act in section, 659 failures occurred last month involving
excess of the surplus of the System would bring $10,319,006 of liabilities. A year ago the number
into action complicated machinery involving the of trading defaults was 1,153 for $17,877,258 of
return on the stock and the loans. In any such indebtedness. The reduction in the number of trad-
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Volume 139
Financial Chronicle
ing defaults last month was equivalent to 42.8 per
cent. Failures in manufacturing lines in June numbered 279 for $9,581,352 of liabilities, while in June
of last year the number was 362 for which there was
owing $13,047,309. The reduction in manufacturing
defaults last month was 20.2 per cent. All other
commercial failures, mainly in the brokerage class,
numbered 95 in June, for which the liabilities were
$3,967,935; a year ago the number was 133, and the
indebtedness $4,420,342.
It was the South that contributed most largely
to the improvement in the insolvencies record for
last month. The same thing was true of the May
report of failures; in fact, for the greater part of the
past twelve months, business defaults in the South
have shown a considerable reduction, both in the
number and the amount of liabilities. Separated
by Federal Reserve Districts, the Atlanta and Dallas
Districts report less than one-third as many business
failures for the month just closed than they did a
year ago. In the St. Louis Federal Reserve District
the number and liabilities were also greatly reduced
this year, and the same thing was true of the report
from the Kansas City and Minneapolis Districts.
Fewer business failures occurred last month in
all the *other Districts though the reduction was not
so marked in New England, in the New York, the
Philadelphia, Cleveland, Chicago and San Francisco
as for those sections first enumerated. For the
Richmond District, fewer failures were reported
this year, but the showing was not so good as for
some of the other Southern States. Asfor the liabilities, the amount was smaller for each District in
June this year, than it was a year ago, but in two
or three Districts some larger failures added materially to the indicated losses.
The New York Stock Market
MALL advances in quotations were the rule this
week in trading on the New York Stock Exchange, notwithstanding some unsettlement in the
early dealings. The stock market was dull at all
times, the session last Saturday producing a turnover of only 189,300 shares, which was the smallest
volume for any Saturday in 11 years. Transactions
this week have ranged steadily between 400,000 and
500,000 shares in the four sessions. Observance of
Independence Day on Wednesday naturally accentuated the dulness in all sessions, since many traders
and investors stretched the holiday suspension so
as to include the entire week. Price changes last
Saturday were quite insignificant, but a pronounced
decline took place on Monday,owing to the week-end
signature by the President of the Railroad Pension
bill. Rail shares were depressed, with prominent
issues down 1 to 3 points on expectations that the
mandatory pension scheme will affect earnings.
Steel company shares also receded because of declining operations in this industry. The pre-holiday
session on Tuesday occasioned no changes of any
importance, but firmness was the rule. There was
improved buying interest Thursday and yesterday,
and gains were general in these two sessions.
Some slight influence doubtless was exercised on
the stock market last Monday by the start of Federal control under the Securities Exchange Act, but
the more important features of that measure do not
become operative until September, and the current
effect of control on the market is little more than
S
5
nominal. Of much more immediate importance was
the signature of the Railroad Pension bill and the
Frazier-Lemke bill, the latter providing for favorable farmer bankruptcy arrangements. A further
rapid decline in steel-making operations was a
factor, the American Iron and Steel Institute estimating operations for the week beginning July 2 at
only 23% of capacity, against 44.7% last week. In
contrast with the steel-making index, however; some
other important indices reflected continued improvement. Electric power production throughout the
United States, as reported by the Edison Electric Institute, was 1,688,211,000 kilowatt hours in the week
ended June 30 against 1,674,566,000 kilowatt hours
in the week ended June 23. Carloadings of revenue
freight in the week ended June 30 were 644,572 cars,
or 3.7% above the preceding week, according to the
American Railway Association. In the foreign exchange market a decline in German marks proved
somewhat unsettling, as it reflected the general uncertainty regarding events in Germany. The listed
bond market was fairly active, and United States
Government issues moved higher, while best grade
corporate bonds also were firm. German bonds were
marked sharply lower in response to the news from
that country. Commodity markets were quiet and
lower at first, but improvement took place in the
later sessions of the week.
As indicating the course of the commodity markets, the .July option for wheat in Chicago closed
4c. the close on
yesterday at 89%c. as against 901/
Friday of last week. July corn at Chicago closed
/
8c. the close on
yesterday at 57%c. as against 587
Friday of last week. July oats at Chicago closed
8c. the close on
yesterday at 42Y2c. as against 431/
Friday of last week. The spot price for cotton here
in New York closed yesterday at 12.15c. as against
12.35c. the close on Friday of last week. The spot
price for rubber yesterday was 14.56c. as against
14.06c. the close on Friday of last week. Domestic
copper closed yesterday at 9c., the same as on Friday
of previous weeks. Silver the present week was
firm, and on Thursday (July 5) the price of bar
/
4c., the previous high
1
4c. per ounce to 463
silver rose/
for the year. In London the price yesterday was
8 pence per
203
/
4 pence per ounce as against 211/
ounce on Friday of last week, and the New York
quotation yesterday was 46.50c. as against 46.25c.
on Friday of last week. In the matter of the foreign
exchanges, cable transfers on London yesterday
1
4 the close on
closed at $5.04% as against $5.05/
Friday of last week, while cable transfers on Paris
/
8c. as against 6.60c. the
closed yesterday at 6.597
close on Friday of last week. Among the more prominent dividend actions of a favorable nature the
present week was the resumption by Nash Motors
Co. of a dividend of 25c. a share on its common stock,
payable Aug. 1. The previous distribution of a like
amount for the last quarter of 1933 was made on this
issue on Feb.1 last, the dividend for the first quarter
of 1934 having been omitted. In addition, the Homestake Mining Co. declared an extra dividend of $2 a
share, together with a regular monthly dividend of
$1 a share, both payable July 25. Previously, an
extra monthly dividend of $1 a share had been paid.
On the New York Stock Exchange 35 stocks
reached new high levels for the year, while 35
stocks touched new low levels. On the New York
Curb Exchange 20 stocks touched new high levels
6
Financial Chronicle
for the year, while 29 stocks touched new low
levels. Call loans on the New York Stock Exchange
remained unchanged at 1%.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 189,300
shares; on Monday they were 411,950 shares; on
Tuesday, 401,112 shares; Wednesday was Independence Day and a holiday; on Thursday, 440,556
share, and on Friday, 457,827 shares. On the New
York Curb Exchange the sales last Saturday were
64,371 shares; on Monday, 117,020 shares; on Tuesday, 102,280 shares; on Thursday, 136,105 shares,
and on Friday, 135,945 shares.
As compared with Friday of last week, stocks generally continued to advance in a moderate fashion.
General Electric closed yesterday at 20 against 19%
on Friday of last week; Consolidated Gas of N. Y.
at 34% against 331%; Columbia Gas & Elec. at 141/
4
2 against
against 133
%;Public Service of N. J. at 351/
36; J. I. Case Threshing Machine at 50% against
50%; International Harvester at 323
% against 33;
/8; MontSears, Roebuck & Co. at 43 against 417
gomery Ward & Co. at 281/
8 against 27%; Woolworth at 50 against 49/s; American Tel. & Tel. at
115 against 113%, and American Can at 98%
against 96%.
Allied Chemical & Dye closed yesterday at 135
against 131% on Friday of last week; E. I. du Pont
de Nemours at 90% against 88; National Cash
Register A at 17 against 16%; International Nickel
at 25/
78 against 26; National Dairy Products at 181/
8
against 173%;Texas Gulf Sulphur at 34 against 34%;
National Biscuit at 35 against 35%; Continental
Can at 79% against 791/
2; Eastman Kodak at 981/2
against 97%; Standard Brands at 21 against 20%;
Westinghouse Elec. & Mfg. at 37 against 36%; Columbian Carbon at 74 against 73%; Lorillard at 18
against 18%; United States Industrial Alcohol at
40% bid against 411/
2; Canada Dry at 21 against
21%; Schenley Distillers at 27% against 27, and
National Distillers at 23% against 231/2.
The steel stocks show slight gains for the week.
United States Steel closed yesterday at 397
/8 against
38% on Friday of last week; Bethlehem Steel at 34
against 323
%;Republic Steel at 16% against 16, and
Youngstown Sheet & Tube at 20% against 19%. In
the motor group, Auburn Auto closed yesterday at
24 against 22% on Friday of last week; General
Motors at 32 against 30%; Chrysler at 4078 against
8 against 3%. In the
387
/
8, and Hupp Motors .at 31/
rubber group, Goodyear Tire & Rubber closed yesterday at 271% against 27% on Friday of last week;
B.F. Goodrich at 13 against 12%, and United States
Rubber at 18 against 18.
The railroad stocks are irregularly changed.
Pennsylvania RR. closed yesterday at 301/2 against
30% on Friday of last week; Atchison Topeka &
2; New York Central
Santa Fe at 60% against 583/
at 281/2 against 28%; Union Pacific at 120 against
123; Southern Pacific at 24% against 24; Southern
4 against 24, and Northern Pacific at
Railway at 241/
233
% against 24. Among the oil stocks, Standard
Oil of N. J. closed yesterday at 44% against 44 on
Friday of last week; Shell Union Oil at 8% against
/8. In
8, and Atlantic Refining at 25% against 247
yesterAnaconda
Copper
closed
group,
copper
the
/8 on Friday of last week;
/
8 against 147
day at 147
2 against 21%; American
Kennecott Copper at 211/
Smelting & Refining at42% against 42%,and Phelps
% against 17%.
Dodge at 173
July 7 1934
European Stock Markets
UOTATIONS for securities in the leading financial markets of Europe again were rather uneven this week, with modest advances in the later
sessions following a general downward movement in
the initial dealings. Definite trends were lacking in
all markets, as there was an obvious tendency on
the part of traders and investors to await further
indications of business improvement and an adjustment of the numberless political and financial
uncertainties. Dealings were small everywhere.
Trading on the exchange at London, Paris and Berlin was subdued by the general anxiety regarding
the course of the German "counter-revolutionary"
activities. Some improvement occurred, however,
after the announcement in London of an agreement
for continued interest payments by the German Government in sterling to holders of its own external
obligations in the British Empire. French monetary
policy was debated in the Parliament of that country, Wednesday, but Government spokesmen again
declared firmly that no devaluation of the franc will
be permitted. Despite such repeated assurances,
financiers and business men remain perturbed regarding French policy. There is a general desire
for stabilization of the dollar and the pound sterling,
as any such measures naturally would aid sound
currency developments in all countries. In a number of reports from European financial centers it
was remarked this week that trade recovery is not
likely to prove extensive until and unless the leading
monetary units are stabilized. In Europe as in this
country some of the chief industrial indices now
are reflecting recessions.
Trading on the London Stock Exchange was very
quiet, Monday, and the course of prices was uncertain. British funds retained their strength, but
industrial securities dropped at first with a moderate recovery recorded in the late transactions of
the day. German bonds dipped in the international
section, while Anglo-American trading favorites were
mostly unchanged. Tuesday's session was dull and
prices in all departments were marked slightly lower.
British funds lacked support, while industrial issues
moved lower quite generally. German bonds continued their downward movement and recessions
also were common in other sections of the international list. In further modest dealings, Wednesday,
small advances were recorded. British funds regained their losses of the previous day and a revived
demand was noted for most industrial issues. Shares
of rubber companies were in best demand, owing
to an increase in the price of the commodity. Small
gains were general also in the international group.
Overnight announcement of the German debt agreement stimulated the London market Thursday, but
the volume of business did not expand greatly.
British funds improved and numerous advances also
were noted in the industrial section. German bonds
were marked sharply higher, with the Dawes and
Young issues in best demand. Other international
securities likewise improved. The tone was good
at London yesterday, with British funds in best demand. Industrial issues were firm, but German
bonds dropped.
One of the dullest sessions of the year was reported
on the Paris Bourse on Monday, with the tone easy
in all departments. Rentes were marked lower, while
French bank and industrial issues also suffered.
Largest recessions were noted in German bonds,
Q
Volume 139
Financial Chronicle
which were liquidated not only because of the German moratorium but also as a consequence of the
general anxiety occasioned by the week-end developments at Berlin and Munich. Activity increased on
the Bourse Tuesday, but the declining tendency again
was in evidence. Rentes fell sharply on rumors of a
new loan by the Government, and most bank and
industrial issues also registered losses. The international issues listed at Paris drifted lower. The
trend was reversed Wednesday, but the gains were
not great. Business again tended to diminish and
renewed liquidation developed, but it was easily
absorbed and quotations finished somewhat above
the previous closings. The upward movement was
continued in Thursday's session, with the gains
rather more extensive. The Anglo-German debt
agreement occasioned some optimism, and international securities moved up with French issues.
tional securities moved up with French issues. Modest strength prevailed on the Bourse yesterday, but
the changes were not important.
The Berlin Boerse started the week in a depressed
mood, owing to the week-end political executions
and the general uncertainty as to future events.
Turnover was small, but losses exceeded 2 points in
a numtfer of important stocks. The attitude Tuesday was again one of indecision and in most sections
of the market recessions were continued. Net losses
were small, however, as a number of issues regained
parts of their initial recessions before the close.
There was extremely little activity Wednesday on
the Boerse, and prices continued to drift lower. The
opening was firm, but liquidation on a very moderate
scale sufficed to upset the trend and net recessions
were general at the end. A definite reversal of the
movement occurred Thursday, largely because the
Anglo-German debt agreement lessened the anxiety
regarding a trade conflict of major proportions.
Advances ranged from 1 to 3 points, with almost
all securities affected. The upward movement was
continued yesterday, but gains were mostly fractional.
pci
Central Banking Conversations
TN view of the unsettled state of the world's financial relations, more than ordinary interest attaches to the announcement of last Saturday that
George L. Harrison, Governor of the Federal Reserve
Bank of New York, will visit Basle this week-end for
conversations with the heads of European central
banks who will gather in that city for the usual
monthly meeting of Bank for International Settlements directors. This is the first visit to be made by
Mr. Harrison to the Bank for International Settlements offices and it is also his first journey to Europe
since President Roosevelt rejected the tentative currency stabilization program evolved by the Governor
of the New York Reserve Bank, together with other
central bank heads, at the World Monetary and
Economic Conference in London, last summer. In
accordance with banking traditions, no information
on the nature and purpose of his visit was made
available by Mr. Harrison before he sailed last Saturday, but in private banking circles here, the belief
prevails that international currency stabilization
will again be an important subject in the conversations he will hold with Montagu Norman of the Bank
of England, Clement Moret of the Bank of France,
Dr. Hjalmar Schacht of the Reichsbank, and other
officials. It seems inevitable, moreover, that such
7
matters as the German debt service transfer moratorium, the American silver buying program and the
current money policy of the world's central and
•
reserve banks will be discussed fully.
made
one point
Harrison
Mr.
departing
Before
amply clear. He will not engage in the meeting of
the Board of Directors of the Bank for International
Settlements, next Monday, but will conduct his discussions privately with the bankers who are gathered
for the ordinary meeting. It thus appears that the
interdict against Reserve Bank of New York participation in such Bank for International Settlements
functions remains in effect. When the Bank for
International Settlements was formed in 1930 the
State Department ruled against such participation
on the score that the Basle institution's chief functions concern German reparations. The situation
now has changed decidedly, with German reparations
quite eliminated, and there were rumors for a time
last October that Governor Harrison would assume
the directorial duties to which the Governor of the
Federal Reserve Bank of New York is entitled under
the Bank for International Settlements charter. Such
rumors are now shown to have been premature, at
best, and this is perhaps just as well, since the true
functions of the Bank for International Settlements
remains to be determined. It must needs be pointed
out that the Bank for International Settlements has
shown itself to date as a fair-weather sailor, since it
has not ventured greatly in the troubled financial
seas of the last three years. Doubtless, the institution could perform yoeman service in normal times
as an international clearing house, but in normal
times ordinary banking services have not been lacking, and the lack of valor in the present troubled
period is sure to tell against the Basle bank in the
long run.
German Debt Service Negotiations
REEMENT was reached at London, Wednesday, by representations of the British and
German Governments, for continued full interest
payments in sterling to British holders of the Ger2% loans. This
1
man Government's external 7 and 5/
change in
important
profoundly
a
occurrence marks
on June
announced
policy
moratorium
the German
Governments
other
that
evident
already
15, and it is
whose nationals hold the Dawes and Young issues,
will take steps for uninterrupted interest payments
in their own currencies. The German moratorium
included not only the private long- and medium-term
external obligations of Reich borrowers, but also
the loans which resulted from the Dawes and Young
conferences and which have important political
aspects. Great Britain took prompt steps to establish an exchange clearing house in order to assure
interest payments, but invited the Germans to send
a delegation to London for a conference before applying the measures. After a week of discussions the
Germans decided to effect a change in their moratorium law. France is in a position to take effective
counter-action, and official announcement already
is on record to the effect that the French.Government will assure the transfer of sufficient sums for
payments to holders of the two German Government
issues in France. The United States has protested
vigorously against any discriminatory treatment,
and a further protest is to be sent to Berlin. Holland
and Switzerland are expected to seek arrangements
comparable with the British agreement.
N
8
Financial Chronicle
Under the agreement made in London, full payment of interest in sterling is to be made to all
holders of the two German Government flotations in
all parts of the British Empire, notwithstanding the
declaration of a moratorium for a period of six
months on all transfers for debt service. The British
negotiators agreed that they would not apply against
Germany during the second half of this year the
extraordinary powers granted the British Cabinet
by the Parliament late in June. They also accepted,
on behalf of British creditoirs, the offer made by the
German transfer authorities on May 29 to issue 3%
funding bonds or scrip redeemable at 40% of its
face value against the interest due on German corporate, municipal and bank loans during the latter
half of this year, the scrip to be cashable only after
expiration of a six months' period. In an exchange
of letters, the Germans indicated they are prepared
to negotiate with Britain an exchange agreement
covering commercial payments similar to those existing between Germany and other countries. Neville
Chamberlain, Chancellor of the British Exchequer,
announced the settlement in the House of Commons,
Wednesday. "It would," he said, "have been more
satisfactory if the German Government could have
made an arrangement with all its creditors on the
lines of this agreement, but as the German Government is engaged in separate negotiations with different creditors, we have been forced to take the
same line. I think the House will agree with me that
as far as this country is concerned, this agreement
is a satisfactory solution."
Confusion in Germany
CASCIESI in Germany took a distinctly new turn
last Saturday, when Chancellor Adolf Hitler
decided to execute summarily a number of his former
associates in the Nazi organizations as well as some
of his known political opponents. The precise significance of the crowded developments of the week
in the Reich remains to be determined, and even
the reason for the sanguinary sortee of the German
Chancellor remains in some doubt. It is quite apparent, however, that the leaders of the German
Government, who have caused so much uneasiness
throughout the rest of the world, have decided in
favor of far greater ruthlessness than marked the
Nazi movementin its earlier stages. Scores of executions have taken place and the circumstances in
some instances were exceedingly perturbing. It
seems inevitable that these incidents will have repercussions far beyond the borders of the Reich, but
in this connection, also, further evidence must be
awaited.
Acting suddenly and without warning, Chancellor
Hitler began a series of arrests and executions near
Munich, early last Saturday, while his trusted lieutenant, Air Minister Hermann Goering, took similar
action in Berlin. The Chancellor's personal activities were directed against such of his associates in
the Nazi movement as Ernest Roehm, chief of staff
of the Nazi storm troop detachments, and several
alleged plotters against the Hitler regime. In Berlin
General Goering acted on a much broader scale.
Genera/ Kurt von Schleicher, former Chancellor,
was shot and killed together with his wife, the official version of this incident indicating that the
killing took place while General von Schleicher was
"resisting arrest." Captain Roehm was first reported to have committed suicide, but later it ap-
July 7 1934
peared that he was merely given the opportunity to
kill himself in accordance with the German officers'
code. He did not avail himself of the opportunity
and was shot. Erich Klausener, leader of the Catholic Action party in Germany, and Hubert von Bose,
adjutant to Vice-Chancellor Franz von Papen, also
were killed, while others that met death included
Karl Ernst, Berlin storm troop leader, and group
commanders Schneidhuber and Gerth. It is reported
also that Herr Hitler's campaign of ruthlessness resulted in the deaths of Dr. Gustav von Kahr, who
put down the abortive "putsch" of Hitler in Munich
in 1923, and several other former officials who opposed the present Chancellor at one time or another.
The full death list is not yet known, but official reports indicate that at least 50 to 60 executions
occurred. Many hundreds of arrests are reported,
and for a time even Vice-Chancellor von Papen was
kept under surveillance.
According to the official versions, many or all of
the persons killed were engaged in plots against the
Hitler regime. In vague statements issued last
Saturday it was declared that joint efforts to bring
pressure on the Government had been made, with
a threat of action implied. It was also asserted that
an unnamed foreign power was involved. Nnmerous
additional accounts of such alleged counter revolts
were issued this week, and in some respects they
conflict. It is perhaps not without significance that
some of the executed storm troop leaders asserted
their innocence and even shouted "Heil Hitler!" as
they were shot. In the case of Captain Roehm, the
allegation was that he did not oppose certain activities. Highly important in the face of such assertions
is the fact that not one of the scores of excellent foreign correspondents in Germany was able to unearth
a trace of any of the alleged plots. To the credit of
the correspondents it may be said that they confessed
their astonishment and confusion without a notable
exception.
The mystery of the events in Germany is not
lessened by the circumstance that very little information on the happenings was made available to the
German people themselves. Black-clothed members
of the "Shutz-Staffel," as Chancellor Hitler's picked
group of storm troops is known, carried out the
orders for the numerous arrests and executions. A
few of the activities were made known within Germany, but the news reports there and the facts given
to foreign correspondents were of different orders.
Milling crowds in Berlin watched the silent ShutzStaffel members in fear and wonderment. So far
as the German people are concerned, quiet and order
prevailed in all centers except Berlin, and in all the
provinces.
It is generally agreed that Vice-Chancellor von
Papen's address to students at Marburg, on June 17,
in which he protested against the muzzling of the
press, was an important factor in the situation as
it developed. Colonel von Papen's life was considered in danger for a time, but he is known to be a
close personal friend of President von Hindenburg,
who is Bard to have demanded the Vice-Chancellor's
safety and called upon the standing army of Germany to assure it. The aged President of the Reich
was informed of the occurrences at his home in Neudeck,EastPrussia, and after a few days of hesitation
he sent to Chancellor Hitler and General Goering
telegrams congratulating them upon having "crushed
all traitorous machinations." Colonel von Papen
Volume 139
Financial Chronicle
offered his resignation several times to the Chancellor, but President von Hindenburg is said to have
insisted upon his retention in the Cabinet, and it
is now indicated that von Papen will be transferred
to the post of Saar Commissioner. Orders were
issued late in June forbidding meetings of ordinary
storm troop detachments throughout July, as well
as the wearing of uniforms, and it is known that
such orders caused grumbling, but there is little evidence to show that any genuine revolt was contemplated. In some reports it is suggested that the
storm troop detachments, numbering 2,000,000, will
be reduced sharply after the month's "vacation,"
while other correspondents believe that the Nazi
party will henceforth be a thing of the past, with
Chancellor Hitler ruling by virtue of a military
dictatorship.
There were indications yesterday that an international dispute of considerable importance may
develop as a result of the German official charges
that a foreign country was involved in the alleged
plots or machinations against the Hitler regime. It
was generally surmised by foreign correspondents in
Berlin that France is the Power concerned in the
charges. No intimations on this score were furnished, however, until Thursday, when the German
press, with one accord, printed statements that General von Schleicher had conferred with French
officials in the course of his alleged plot against
Chancellor Hitler. Great prominence was given a
news agency dispatch from London to the effect
that France had been kept informed of the "intrigue" in which General von Schleicher engaged.
The Berlin press declared also that Louis Barthou,
the French Foreign Minister, had declared late in
May at Geneva that France was not prepared to make
any concessions on armaments because the days of
the Hitler regime were numbered. France's Ambassador to Berlin, Andre Francois-Poncet, issued a
statement, Thursday, denying "the absurd fable
most positively." In diplomatic circles, however,
it is now believed that the statements in the German
press will be studied with care in Paris, and serious
complications between the French and German Governments are considered possible.
ThelGood Neighbor Policy
IN THE course of his vacation journey to the Pacific,
1 President Roosevelt has taken occasion to foster
in a quiet but effective way his policy of the good
neighbor in Latin America. He stopped in Haiti,
at the port of Cap Haitien, Thursday, and again
assured the authorities of that country of the early
withdrawal of the last of the American marines.
The Associated Press reports that President Roosevelt joined President Stenio Vincent, of Haiti, in a
toast to the restoration of completely indepndent
relations between the two countries. In a brief address, delivered partly in French, Mr. Roosevelt
stated that the marines would leave Haiti within a
month or six weeks. "I was especially glad to get
back to Haiti when relations between the two countries are being restored to a complete basis of independence," President Roosevelt remarked. There
have been many indications in the last year that Mr.
Roosevelt's persistent policy of genuine friendliness
toward Latin America is bearing fruit in vastly
improved relations, and no better argument could
be advanced for continuance of the policy.
9
Cuban Arms Shipments Embargo
EFORE departing on his vacation journey to the
Hawaiian Islands, President Roosevelt late
last week declared an embargo on shiiments of arms
and munitions to Cuba, except by license of tilt
State Department in Washington. The State Department, in turn, will approve shipments only to
the established Mendieta regime in Cuba, and the
action, in effect, supports the current Government
in Cuba and acts as a deterrent to rebellious elements. Washington reports make it clear.that this
action was taken in due observance of a treaty between the United States and Cuba, signed in 1926,
whereunder each nation agreed to prohibit exports
objectionable to the other: Secretary of State Cordell Hull is said to have recommended the current
action as a fulfilment of the obligations of the
United States under the treaty. The action, he
pointed out, is by no means novel or unprecedented,
since similar arrangements now are in effect with
respect to arms shipments to China, Honduras and
Nicaragua, while in the recent past such measures
were adopted in connection with arms shipments to
Brazil and Mexico. The Mendieta Government in
Cuba has been recognized by the United States and
is entitled to observance by this country of all treaty
rights. It was intimated in some Washington dispatches that the embargo was declared in response
to suggestions from the authorities in Havana, who
are engaged in the difficult task of consolidating
their position while encountering extensive opposition from some of the numberless factions striving
for power in the Island.
B
Mexican Presidential Election
EXICO will be ruled for a six-year term, beginning next Dec. 1, by General Lazaro Cardenas, who was elected President of the Republic
in a national election last Sunday. General Cardenas was the candidate of the National Revolutionary party, which is headed by the "strong man"
of Mexico, General Elias Plutarco Calles, and he
encountered little real opposition from the several
further candidates for the Presidential office. Dispatches from Mexico City indicate that fully 80%
of the 500,000 ballots cast were marked for General
Cardenas, while the remaining 20% was scattered
among General Antonio I. Villareal, choice of the
Independent Revolutionary parties; Adalberto Tejedo, who was supported by the Left Socialist wing,
and Hernan Laborde, Communist. The chief feature
of the election, as is indicated by the small vote,
was the apathy of the electorate. There was little
disorder, and only. one fatality was reported. The
new President-elect will succeed President Abelardo
Rodriguez, who also is a member of the National
Revolutionary party.
General Cardenas is 39 years old, of pure Indian
descent, and he has held several important positions
in the Mexican Government, including two Cabinet
posts. He was also at one time Governor of his
native State of Michoacan. In a pre-election manifesto General Cardenas outlined a six-year program
of social and economic reform which he promised to
place in effect if elected President. His regime, he
declared, will make "institutional" Government a
reality in Mexico, in place of the personalist system
that has been in effect for generations. A Statecontrolled economy was declared necessary by Gen-
M
10
Financial Chronicle
eral Cardenas, who said he would endeavor to reorganize agriculture on the basis of co-operatives, while
strengthening labor groups by enforcing the closed
shop. An extensive road-building and irrigation program likewise will be undertaken. Of interest is an
address recently made by General Cardenas in
Ciudad Valles, in which he declared that Mexico
should not expect anything from foreign capitalists,
• "who invest in the country only in order to exploit
the laboring classes." If elected, General Cardenas
promised,. he would "foment the effective development of Mexican capitalism in order to emancipate
our country from foreign dominance."
Japanese Cabinet Crisis
ORE than six weeks after a financial scandal
involving members of the Ministry occurred
in Japan, Premier Makoto Saito submitted to Emperor Hirohito on Tuesday his own resignation along
with those of all his Ministers. The financial scandal is the direct cause of the failure of the Saito Ministry. It involved Hideo Kuroda, Vice-Minister of
Finance, and a number of lesser officials, who were
concerned in alleged irregularities arising from the
sale by the Bank of Taiwan of a large number of
Imperial Rayon Co. shares. When these incidents
became known in May, it was generally anticipated
that the Saito Ministry would fall quickly, but delay
was advised by Prince Saionji, the last of the Elder
Statesmen and the Emperor's chief political adviser.
A report in which the officials were held guilty was
submitted at a Cabinet meeting early Tuesday, and
Premier Saito immediately decided to submit the
Cabinet's resignation. He informed the Emperor
that the Cabinet assumed full responsibility for the
financial scandal. On the recommendation of Prince
Saionji, Emperor Hirohito instructed Admiral Keisuki Okada, Wednesday, to form a new regime. It
was quickly indicated that Premier Okada would
form a successor Cabinet of the same general outlines as the Saito Ministry. Koki Hirota, Foreign
Minister under Mr. Saito, was retained in this post
on the understanding that the policy of the Saito
Government with regard to national defense and
diplomacy would be followed by the new regime.
Ifasanobu Fujii, who formerly held a finance post,
will be Minister of Finance in the Okada Ministry.
War Minister Senjuro Hayashi and Navy Minister
Mineo Osumi were continued in their positions.
M
July 7 1934
months' bills, as against 15-16% on Friday of last
week. Money on call in London yesterday was %%.
At Paris the open market rate remains at 21
4% and
in Switzerland 13/2%.
Bank of England Statement
HE Bank of England statement for the week
ended July 4shows a gain of £6,787 in gold holdings, which raises the total to £192,150,700 in comparison with £190,954,832. As the gain in gold was attended by an expansion of £4,103,000 in circulation,
reserves decreased £4,097,000. Public deposits increased £9,020,000, while other deposits fell off £449,558. The latter consists of bankers' accounts, which
decreased £1,429,497, and other accounts, which
rose £979,939. The proportion of reserves to liabilities declined sharply, dropping from 46.82% a
week ago to 41.72% now; a year ago the ratio was
45.57%. Loans on Government securities increased
£1,821,000 and loans on other securities £10,896,852.
Other securities consist of discounts and advances,
which rose £10,982,561, and securities, which fell off
£85,709. The discount rate did not change from
2%. Below we show a comparison of the different
items for five years:
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
July 4
1934.
—
Circulation
Public deposits
Other deposits
Bankers'accounts_
Other accounts_ _ _
Govt. securities
Other securities
Dtsct.& advances
Securities
Reserve notes & coin
Coin and bullion
Proportion of reserve
to liabilities
Bank rate
July 5
1933.
July 8
1932.
July 8
1931
July 9
1930.
f
f
E
£
£
385,793,000 378,772.475 368,678,881 359,257,662 363,803,626
28,649,000 18.174,923 20,947,199 15,734,020 9,264,378
132,376,639 142,214,646 115.163,831 99,529,705 105,769,921
94,879,807 92,343,878 80,922,753 64,543,324 69,532,815
37.497.032 49,870.770 34,241,078 34,986.381 36,237,106
82.827,226 75,726,471 67,626,570 31,825,906 54,125,547
27.880,457 28.528,856 41,238,065 34.939,855 28,176.439
17.062.165 16,352,931 14,991,091 7,102,388 8,265,564
10,818,292 12,175,925 26,246.974 27.837,487 19,910,875
68,357,000 72,182,357 45,286.137 66,553.284 52,781,828
192,150,700 190,954,832 136,965,018 165,810,946 156,585,454
41.72%
261
45.57%
2%
33.27%
2%
57.73%
24%
45.88%
307.
Bank of Germany Statement
HE Reichsbank's statement for the last quarter
of June records another decline in gold and
bullion, the loss this time being 2,309,000 marks.
Gold holdings, which have decreased 319,012,000
marks since Jan. 6, now aggregate 70,178,000 marks,
in comparison with 188,719,000 marks a year ago
and 832,209,000 marks two years ago. An increase
appears in reserve in foreign currency of 2,601,000
marks, in bills of exchange and checks of 479,772,000
marks, in advances of 90,186,000 marks, in investments of 15,811,000 marks, in other assets of 34,716,000 marks,in other daily maturing obligations of
111,001,000 marks and in other liabilities of 11,591,000 marks. The proportion of gold and foreign
Discount Rates of Foreign Central Banks
currency to note circulation is now down to 2.0%,
HERE have been no changes the present week compared with 7.5% last year and 24.1% the previous
in the discount rates of any of the foreign year. Notes in circulation show an expansion of
central banks. Present rates at the leading centers 378,876,000 marks, bringing the total of the item
up to 3,776,654,000 marks. A year ago circulation
are shown in the table which follows:
stood at 3,481,830,000 marks and the year before
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
at 3,984,207,000 marks. Silver and other coin
PreRate in
PreRate in
and notes on other German banks register decreases
Date
Country. Effect
Country. Effect
Mous
Date
NOW
July 6 Established. Rate.
July 6 Established. Rate.
of 109,001,000 marks and 10,308,000 marks respecAustria__ 434 June 27 1934 5
Hungary___ 434 Oct. 17 1932 5
tively.
Below we furnish the different items with
Belgium .
_ _ 3
Feb.
18
1933
Apr. 25 1934 334 India
4
34
Bulgaria___ 7
Ireland_ _ 3
June 30 1932 34
Jan. 3 1934 8
comparison
for three years:
Chile
Dec. 11 1933
3
434 Aug. 23 1932 54 Italy
T
T
Colombia__
Czeohoslo7akia____
Danzig_ _ _ _
Denmark_ _
England_.
Estonia__
Finland__
France- - -Germany._
Greece
Anlland
4
July 18 1933
5
334
4
234
2
534
44
234
4
7
2t
Jan. 25 1933
July 12 1932
Nov. 29 1933
June 30 1932
Jan. 29 1932
Dec. 20 1933
May 31 1934
Sept.30 1932
Oct. 13 1933
RAnt IR 1033
434
5
3
234
64
5
3
5
734
3
Japan
Java
Lithuania
Norway - - _
Poland_ - _ _
Portugal
Rumania_.
South Africa
Spain
Sweden__
Switzerland
3.65
44
6
34
5
534
6
4
6
24
2
334
July 3 1933 4.33
Aug. 16 1933 5
Jan. 2 1934 7
May 23 1933 4
Oct. 25 1933 6
Dec. 8 1933 6
Apr. 7 1933 6
Feb. 21 1933 7
Oct. 22 1932 534
Dec. 1 1933 3
Jan. 22 1931
4
Foreign Money Rates
LONDON
open market discounts for short bills
TN
1 on Friday were %%, as against 3/s@15-16%
on Friday of last week, and Y@15-16% for three
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
June 30 1934. June 30 1933 June 30 1932
Assets—
Retchsmarks. Rekhsm A
Reichsmark:, Relchsmarks
Gold and bullion
70,178,000 188.719,000 832,209,000
—2.309,000
Of which depos abroad No change.
26,512.000
19,645,000
87,150,000
Reserve in foreign eurr_
+2,601.000
6.606.000
84.530.000 129,688,000
Bills of each,and checks +479,772,000 3,462.124.000 3,212,597,000 3.102,382,000
Silver and other coin... —109,001.000 175,123.000 212.883,000 190,855,000
Notes on other Ger. bks.
—10,308,000
4,608.000
3,315,000
2.528,000
Advances
+90.186,000 170,887.000 209.648,000 261,318,000
Investments
+15,811,000 685,205,000 320,685,000 384,431,000
Other assets
+84,716,000 600.195,000 530,340,000 844,492.000
LfobUUIes—
Notes in circulation_
+378.876.000 3.776.654.000 3,481.830,000 3,984,207.000
Other daily matur. oblig +111,001,000 623,095,000 446,886,000 472.682,000
Other liabilities
+11,591,000 152,380,000 210,850,000 703,588,000
Propor. of gold & for'n
011ff, to note eireul'n_
—0.3%
2.0%
24.1%
7.5%
11
Financial Chronicle
Volume 139
Bank of France Statement
HE weekly statement of the Bank of France,
dated June 29, records a further increase in
gold holdings, the current advance being 347,237,848
francs. Gold holdings now total 79,547,791,824
francs in comparison with 81,242,741,809 francs
last year and 82,316,793,585 francs the previous
year. French commercial bills discounted, bills
bought abroad and advances against securities register increases of 85,000,000 francs, 29,000;000 francs
and 8,000,000 francs, respectively. The proportion
of gold on hand to sight liabilities is now at 79.12%,
compared with 77.80% a year ago and 76.11% two
years ago. Notes in circulation reveal a large increase, namely, 2,088,000,000 francs. Circulation
now aggregates 82,056,585,450 francs in comparison
with 84,707,659,275 francs last year and 82,709,569,635 francs the previous year. Credit balances
abroad show a decrease of 3,000,000 francs and
creditor current accounts of 1,370,000,000 francs. A
comparison of the various items for three years appears below:
T
choice names running from four to six months and
1©131% for names less known.
Bankers' Acceptances
HE market for prime bankers' acceptances has
been very quiet this week. Very few bills
have beep available and there have been only a
small number of inquiries. Rates are unchanged.
Quotations of the American Acceptance Council for
bills up to and including 90 days are Yi.% bid and
3-16% asked; for four months, %% bid and Yi.%
asked; for five and six months, IA% bid and %%
asked. The bill buying rate of the New York Reserve
Bank is M% for bills running from 1 to 90 days, and
proportionately higher for longer maturities. The
Federal Reserve banks' holdings of acceptances increased during the week from $5,215,000 to $5,317,000. Their holdings of acceptances for foreign correspondents however decreased from $1,740,000 to
$1,450,000. Open market rates for acceptances are
nominal in so far as the dealers are concerned, as
they continue to fix their own rates. The nominal
rates for open market acceptances are as follows:
T
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.
June 201934. June 30 1933.
Ju/y 11932.
Francs.
Francs.
Francs.
Francs.
+347,237,848 79,547,791,824 81,242,741,809 82,316,793,585
15,357.076 2,584,759,060 4,528,521,085
—3,000,000
Gold holdings
Credit halo. abroada French commercial
bills discounted._
+85,000,000 4,386,228,359 2,791,939.042 2,868.739,918
b Bills bought abr'd
+29,000,000 1,141,005,861 1,405,168,232 1.781,854.743
Adv. against securs_
+8,000,000 3,076,809,504 2,765,847,382 2,815,362,854
Note circulation
+2,088,000,000 82,056,585.450 84,707,659,275 82,709,569,635
Credit current accts. —1,370,000,000 18,477,762.567 19,714.965,183 25,440,387,211
Proport'n of gold on
76.11%
77.307..
70120.
.__n 112.1_
hand to sight Bah
Prime eligible bills
SPOT DELIVERY.
—180 Days-- —150 Days— —120 Days—
Asked.
Asked. Bid.
Bid.
Asked.
Bid.
1.4M
Si
35
1.4
1.5
Prime eligible bills
—90 Days— —60 Days— —30Dan—
Bid. Asked.
Bid. Asked.
Bid. Asked.
51.
he
34
is
34
34
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
34% bid
14% bid
Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
a Includes bills purchased in France. b Includes bills discounted abroad.
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
New York Money Market
classes of paper at the different
EALINGS in the New York money market were for the various
quiet this week with rates unchanged in all Reserve banks: RATES OF FEDERAL RESERVE BANKS.
DISCOUNT
departments. The commercial paper market disRate in
played a little activity, but bankers' acceptances and
Previous
Dale
Effect on
Federal Reserve Bank.
Rats.
Established.
July 6.
stock exchange money transactions were relatively
214
Feb. 8 1934
2
Boston
2
Feb. 2 1934
few. Call loans on the New Ycrrk Stock Exchange held New York
11.4
3
Nov. 16 1933
234
Philadelphia
214
Feb. 3 1934
at 1% for all transactions, whether renewals or new Cleveland
2
31.4
Feb. 9 1934
a
Feb. 10 1934
334
3
loans. In the unofficial street market transactions Richmond
Atlanta
Oct. 21 1933
23‘
Chicago
3
Feb. 8 1934
214
in call money were reported every business day at St. Louis
314
Mar. 16 1934
3
3)5
Feb. 9 1934
i@,1% for Minneapolis
3 %. Time loans again were quoted at Y
4
Hannah; City
334
1934
8
Feb.
3
Dallas
214
Feb. 16 1934
2
all maturities. Both the regular compilations of San
Francisco
brokers' loan totals were made available this week.
Course of Sterling Exchange
The comprehensive New York Stock Exchange report
for the entire month of June reflected an increase of
TERLING exchange gives evidence of the reversal of the trends indicative of pressure which
$65,853,441 in that period to an aggregate of $1,082,240,126. The Federal Reserve Bank of New York have been a feature of the market during the past
tabulation for the week to Wednesday night showed few weeks. This reversal began on Thursday of
an increase of $52,000,000 to a total of $1,069,000,- last week when the London check rate on Paris
000. The usual weekly offering of Treasury dis- moved up smartly from the historic low of 76.24
count bills was sold late last week, owing to the francs to the pound recorded on June 26 to 76.75
holiday this week. The offering of $75,000,000 francs. The rate closed on Friday of last week at
discount bills due in 183 days was awarded at an 76.60. A corresponding firmness occurred in sterling
in terms of dollars and the firmer tone continued
average discount of 0.07%.
throughout the week, with only moderate fluctuations
New York Money Rates
in markets that were largely nominal so far as volume
call
loan rates on the of transactions is concerned. The range this week
EALING in detail with
day,1% remained has been between $5.043,4. and $5.0634, for bankers'
to
day
Stock Exchange from
week for both sight bills, compared with a range of between $5.02%
the
through
all
the ruling quotation
new loans and renewals. The market for time money and $5.06% last week. The range for cable trans/ and $5.06%, comhas continued in the doldrums this week, no transac- fers has been between $5.048
4 and $5.0634
tions having been reported. Rates are nominal at pared with a range of between $5.027
1 % for six a week ago.
%@1% for two to five months, and 1@13.
The following tables give the mean London check
months. Prime commercial paper has been in
active demand this week and as dealers have had rate on Paris from day to day, the London open
a large supply of paper available the market con- market gold price and the price paid for gold by the
tinues unusually brisk. Rates are Yi% for extra United States:
T
D
S
D
12
Financial Chronicle
MEAN LONDON CHECK RATE ON PARIS.
Saturday, June 30
76.56 Wednesday, July 4
Monday, July 2
July 5
Tuesday, July 3
76.643 Friday,
July 6
LONDON OPEN MARKET GOLD PRICE.
Saturday, June 30
137s. 10;id.I Wednesday, July 4
Monday, July 2
137s. 106.
Thursday, July 5
Tuesday, July 3
1378.730. Friday,
July 6
76.75
76.677
76.437
137s.5d.
1378.7d.
1373.9d.
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK).
Saturday, June 30
Rg:0 Wednesday,
(Hol
Monday, July 2
08Ihday, July
35.00
Tuesday, July 3
35.00 Friday,
July 6
35.00
g
July 7 1934
£355,000 (taken for American account); on Wednesday, £200,000; on Thursday, £390,000, and on Friday, £29,000 was available, which was believed to
have been taken for American account. On Thursday the Bank of England bought £61,000 of bar gold.
The Bank of England statement for the week
ended July 4 shows an increase in gold holdings of
£6,787, the total standing at £192,150,700, which
compares with £190,954,832 a year ago and with
the minimum recommended by the Cunliffe committee of £150,000,000.
At the Port of New York the gold movement for
the week ended July 5, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$15,060,000, of which $8,177,000 came from England
$3,462,000 from India, $1,688,000 from Canada,
$1,622,000 from France, $73,000 from China, and
$38,000 from Jamaica. In tabular form the gold
movement at the Port of New York for the week
ended July 5, as reported by the Federal Reserve
Bank of New York, was as follows:
The firmness in the pound is due in large measure
to the fact that the Paris pressure on London is
rapidly subsiding. It is thought highly improbable
that much more gold will be shipped from London
to Paris. It is even suggested in responsible quarters that there may be a return flow of gold from
Paris to London. The current firmness of sterling
in terms of the dollar seems to derive its impetus
from its strength against French francs. Paris was
selling francs against sterling on numerous occasions
during the week, a movement caused largely, it is
thought, by growing signs of political instability in
France. The fact that renewed talk of devaluation
was echoed during the past few days in the French GOLD MOVEMENT AT NEW YORK,JUNE 28-JULY
5,INCLUSIVE.
Chamber of Deputies causes a certain amount of unImports.
Exports.
$8,177,000 from England
easiness which militates against the gold bloc and
3,462,000 from India
1,688,000 from Canada
tends to drive timid money to London. The market
None
1,622,000 from France
also works in favor of London because of various
73,000 from China
38,000 from Jamaica
rumors of the possibility that the United States may
further devalue the dollar by marking up its gold $15,060,000 total
Net Change in Gold Earmarked for Foreign Account.
purchase price. These rumors and many others of
Decrease: 11251,000
a like nature originate in speculative quarters in an
Note.—We have been notified that approximately $244,000 of gold
endeavor to discover the trends of the various mar- was received from China at San Francisco.
kets.
The above figures are for the week ended WednesThe fact that international trade is again declining day evening. On Thursday there were no imports
in many directions, while at the same time the inter- or exports of gold or change in gold held earmarked
nal business indices of the major manufacturing for foreign account. On Friday $2,564,700 of gold
countries have fallen noticeably (usually a mid-sum- was received, of which $1,476,400 came from Canada,
mer seasonal development), sets up a combination of $677,600 from England and $410,700 from India.
factors which tends to work in favor of sterling and There were no exports of gold or change in gold held
adversely to all other exchanges, as London enjoys earmarked for foreign account. On Friday $812,000
the greater confidence of the world as a safe reposi- of gold was received ab San Francisco from China.
tory for funds. Under the present conditions of
Canadian exchange continues firm in terms of the
extremely low volume of international trade it must United States dollar. On Saturday last Montreal
be understood that the volume of foreign exchange funds were at a premium of 1 1-16%, on Monday
transactions is nowhere large, with the result that from %%
7
to 1%, on Tuesday at from 15-16% to
quotations reflect even very slight variations in de- 1%. On Wednesday, July 4, there was no market
mand. At the present juncture neither sterling nor in New York. On Thursday Montreal funds were
any of the European currencies are deriving anything at a premium of from 15-16% to 1 1-16%, and on
like the support experienced normally in past years Friday at a premium of from %
7 to 1 1-16%.
from tourist requirements, in addition to which the
Referring to day-to-day rates, sterling exchange
critical developments in the German social, political on Saturday last was steady in quiet trading. Bankers'
and financial situation have greatly increased the sight was $5.043.@$5.043/2; cable transfers, $5.04%
uneasiness of European money markets and thereby @$5.045
/
8. On Monday the pound was sharply
added to the trend of nervous funds toward London.
firmer. The 'range was $5.04 9-16@$5.05/
38 for
Practically all the gold on offer in the London open bankers' sight and $5.04%@$5.053/ for cable
market this week was taken for unknown destina- transfers. On Tuesday sterling continued firm.
tions. These takings are believed to represent for Bankers' sight was $5.05 3-16@$5.063.; cable transthe most part acquisitions by hoarders and are left fers, $5.05/@$5.06%
8 . On Wednesday, July 4,
on deposit in the great London banks. However, there was no market in New York. On Thursday
there can be no doubt that a great deal of this gold sterling was steady. The range was
was taken for American account. London money $5.051
% for bankers' sight and $5.047
%@$5.05% for
market rates were fractionally firmer this week, cable transfers. On Friday sterling was lower.
owing to temporary circumstances connected with The range was $5.043@$5.043/2 for bankers' sight
half-yearly settlements. The market expects a re- and $5.04/@$5.04/
8 for cable transfers. Closing
cession of the slightly firmer undertone in the money quotations on Friday were $5.04% for demand
market immediately. Two-months' bills are 4%
7
and $5.045
% for cable transfers. Commercial sight
to 15-16%; three-months' bills 4%
7
to 15-16%; four- bills finished at $5.043
%; 60-day bills at $5.033.2;
months' bills 1%, and six-months' bills 13/8%. On 90-day bills at $5.033/; documents for payment
Saturday last there was £100,000 gold available in (60 days) at $5.033.2, and seven-day grain bills at
the London open market, taken for an unknown $5.043/g. Cotton and grain for payment closed
destination; on Monday, £154,000; on Tuesday, at $5.04%.
Volume 139
Continental and Other Foreign Exchanges
XCHANGE on the Continental countries is on
the whole steady, but is ruling fractionally
lower than last week in terms of the dollar, a natural
reflection of the improvement in sterling exchange.
French francs are ruling well below dollar parity,
giving an indication of the possibility of gold exports
from Paris to New York. However, it is thought
unlikely that the franc rate will be permitted to go
sufficiently near the lower gold point to justify any
large export from Paris to this side. The weakness
in the franc is more a reflection of the relation between
the London and Paris markets than of any change
with respect to either the franc or the dollar. Transactions on this side are confined to routine business
requirements and the market is exceptionally thin.
For the past few weeks there has been renewed discussion of devaluation of the French franc. On
Wednesday the •French Finance Minister, M. Germain-Martin, in the course of Senate debate declared
against devaluation, holding that such a course in
France would destroy the balance between industrial
and agricultural prices. He pointed out that the
situation of France is difficult in comparison with
that of other countries in that her chief exports are
luxury products, many of which are produced from
raw materials purchased abroad.
The Bank of France statement for the week ended
June 29 shows a further increase in gold holdings of
fr. 347,237,848. This makes the seventeenth successive weekly increase in the bank's gold goldings,
bringing the aggregate for the period to fr. 5,619,592,378. Total gold holdings now stand at fr. 79,547,791,824, which compares with fr. 81,242,741,809
a year ago and with fr. 28,935,000,000 in June, 1928
when the unit was stabilized. The bank's ratio for
the week ended June 29 shows a drop from June 22
of 0.43% to 79.12%. The decline in the ratio is
due to an increase of fr. 2,088,000,000 in circulation,
which more than offsets a decline of fr. 1,370,000,000
in deposit liabilities. As a result total sight liabilities rose fr. 717,000,000 to fr. 100,535,000,000, the
first time that this item has been above the fr. 100,000,000,000 since November 10. During the outward
movement of gold from the Bank of France, total
liabilities kept pace with the gold loss, largely
through reductions in private deposits. With the
exception of the current week, when special circumstances operated to bring about a fr. 1,416,000,000
drop in private deposits, the latter item has been
climbing steadily now that gold is returning to
France. At 79.12%, however, the bank's ratio is
at a high level and compares with 77.80% a year
ago and with legal requirement of 35%.
There is nothing essentially new in the German
mark situation. The quotation for free marks
fluctuates rather widely, as the supply which the
Reichsbank has to allot is strictly limited. Were it
not for the restricted supply, reenforced by artificial
regulations, in face of a heavy demand,the free mark
could not be ruling as high as it is. The immediate
outlook for the mark is less promising than ever.
How long the fiction of the gold mark can be maintained is problematical. Germany is desperately
in need of foreign raw materials if her factories are
to be kept in operation, but the Reichsbank's reserves
are no longer sufficient to pay for such imports,
even with the relief that might be afforded by the
transfer moratorium on debt payments. The situa-
13
Financial Chronicle
tion is extremely grave. The Reichsbank's statement
for the week ended June 30 shows a further drop in
gold holdings of 2,309,000 reichsmarks. Total gold
now amounts to 70,178,000 marks. The reserve
ratio has fallen to another record low of 2%.
The following table shows the relation of the leading currencies still on gold to the United States
dollar:
France (franc)
Belgium (belga)
Italy (1Ira)
Germany (mark)
Switzerland (franc)
Holland (guilder)
Old Dollar New Dollar
Parity.
Parity.
6.63
3.92
23.54
13.90
5.26
8.91
23.82
40.33
32.67
19.30
68.06
40.20
Range
This Week.
6.593 to 6.60
23.34 to 23.38
8.55 to 8.593(
38.26 to 38.81
32.50 to 32.57
67.76 to 67.88
The London check rate on Paris closed on Friday
at 76.50, against 76.60 on Friday of last week. In
New York sight bills on the French center finished
on Friday at 6.59%, against 6.59% on Friday of
last week; cable transfers at 6.59 8, against 6.60,
and commercial sight bills at 6.57, against 6.573.
Antwerp belgas finished at 23.37 for bankers' sight
bills and at 23.38 for cable transfers, against 23.37
and 23.38. Final quotations for Berlin marks
were 38.34 for bankers' sight bills and 38.35 for
cable transfers, in comparison with 38.71 and 38.72.
Italian lire closed at 8.57 for bankers' sight bills
2 and
and at 8.58 for cable transfers, against 8.543/
schillings
closed
at
18.95,
against
8.553'. Austrian
%,
18.95; exchange on Czechoslovakia at 4.153
2, against
against 4.15% on Bucharest at 1.013/
on Poland at 18.92, against 18.923', and on
1.01
2. Greek exchange
Finland at 2.23, against 2.233/
closed at 0.94% for bankers' sight bills and at
0.94% for cable transfers, against 0.94% and 0.94 8.
XCHANGE on the countries neutral during
the war is extremely dull and quotations reflect
the changed situation of sterling rather than business
transactions affecting directly the several neutral
currencies. The Scandinavian units have an undertone of firmness inasmuch as they reflect the course
of sterling, to which they are allied by commercial
interests. Swiss francs and Dutch guilders are
easier, in sympathy with the relation of the Continental markets to sterling exchange. When sterling
shows a tendency to firmness against the French
franc, the neutral gold block currencies are strongly
inclined to move with the French franc. In terms
of francs and the other European currencies, both
the Swiss and Dutch units are firm. Money is in
great abundance in Amsterdam, so that money
market rates have again been lowered. On July 3
the private discount rate in Amsterdam was decreased to M% from 11-16%, which had been in
effect since June 4, and the buying rate for prime
guilder acceptances was reduced to 9-16% from %%.
Bankers' sight on Amsterdam finished on Friday
at 67.80, against 67.86 on Friday of last week; cable
transfers at 67.81, against 67.87, and commercial
sight bills at 67.77, against 67.83. Swiss francs closed
2 for checks and at 32.553'2 for cable
at 32.543/
transfers, against 32.51 and 32.52. Copenhagen
checks finished at 22.54 and cable transfers at 22.55,
against 22.55 and 22.56. Checks on Sweden closed
at 26.01 and cable transfers at 26.02, against 26.04
and 26.05; while checks on Norway closed at 25.35
and cable transfers at 25.36, against 25.37 and 25.38.
Spanish pesetas closed at 13.67 for bankers' sight
bills and at 13.68 for cable transfers, against 13.673/i
and 13.683'.
E
Financial Chronicle
14
XCHANGE on the South American countries
presents no new features from those prevalent
for many weeks. These units continue to be greatly
hampered by the exchange control regulation and
foreign trade business in many lines is almost paralyzed. However, the South American countries
continue disposed to extend the scope of the unofficial, or open market, dealings in exchange.
Argentine paper pesos remain nominally around
3332-34, but the unofficial rate this week showed
a range of between 24.00 and 24.10, with business
virtually at a standstill.
Argentine paper pesos closed on Friday nominally
4 on
at 33.63 for bankers' sight bills, against 333
Friday of last week; cable transfers at 34, against
34. Brazilian milreis are nominally quoted 8.40
for bankers' sight bills and 83/2 for cable transfers,
against 8.44 and 83/2. Chilean exchange is nominally
quoted 103., against 103. Peru is nominal at
23.10, against 23.00.
E
July 7 1934
Gold Bullion in European Banks
HE following table indicates the amount of gold
bullion in the principal European banks as of
July 5 1934, together with comparisons as of the
corresponding dates in the previous four years:
T
Batas of-
1934.
1933.
1932.
1931.
1930.
£
136,965,018
658,534,348
37,086,750
90,212,000
61,109,000
81,696,000
73.305,000
89,149.000
11,445,000
8,031,000
6,513,000
£
185,810.946
449,829,541
65,203,400
96,995,000
57,519,000
41,451,000
40,978,000
29,417,000
13,266,000
9,551,000
8,132,000
£
156,585,454
353,399,971
123,451,000
98,849.000
56,301,000
35,993,000
34,335,000
23,156,000
13,490,000
9,570,000
8,144.000
Total•week_ 1,228,849,334 1,241,526,266 ,254,046,116
Prey. week 1 2261111 can 1 945 ice 673 1250.406.344
978,152,887
965.633.245
913,234,325
902 927 420
.£
England_ _ _ 102,150,700
France a_.
. 636,382,334
2,183,300
Germany b.
Spain
90,528,000
Italy
72,108,000
68,928,000
Netherlands
Nat.1541g'm
76,152,000
Switzerland
61,209,000
Sweden_
15,234,000
Denmark
7,397,000
Norway
6,577,000
£
190,954,832
649,941,934
7,372,500
90,379,000
72,332,000
63,974.000
76,391,000
64,199,000
12,016,000
7,307,000
6,569.000
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is fl.325,600.
The Situation and the Outlook
in Germany
XCHANGE on the Far Eastern countries is
A great deal of mystery and uncertainty still surgenerally firmer, owing to the firmer tone of
rounds
the course of events in Germany during the
for
quotations
the
affects
directly
sterling, which
Japanese yen and those on Bombay and Calcutta. past week or ten days. There seems no reason to
The Chinese units are ruling firm as they have been doubt the reports of discontent among the Storm
for several weeks, because of the higher prices for Troops and Steel Helmets, of the prompt and drastic
world-silver. Buying or selling exchange on the action of Chancellor Hitler in dealing with an alChinese ports is of course equivalent to a transaction leged
threat of revolt, or of the summary execution
in silver.
number of persons, some of them
a
of
considerable
Closing quotations for yen checks yesterday were
influential, said to have
previously
and
prominent
Hong
week.
last
of
29.94, against 29.95 on Friday
Kong closed at 383@38 7-16, against 38 1-16@ been implicated in alleged rebellion or conspiracy.
5 against 343g@34%; Manila Precisely what lies behind these specific incidents,
383; Shanghai at 34/s,
at 49.90, against 49.85; Singapore at 5932, against however,is still far from clear. We do not yet know
5932; Bombay at 38.05, against 38.05 and Calcutta definitely, for example, the nature of the so-called
at 38.05, against 38.05.
"plot" which the Government has so ruthlessly "supForeign Exchange Rates
pressed," or whether the "plot," such as it was, ex522
isted
only in the minds of a few conspirators or was
Section
of
to the requirements
widespread to make it a serious national
Reserve
Federal
the
sufficiently
1922,
of
Act
of the Tariff
official list of executions that was
the
of
An
Secretary
the
to
menace.
daily
certifying
now
is
Bank
Treasury the buying rate for cable transfers in the promised has not yet been made public,and we do not
different countries of the world. We give below a know whether the semi-official figure of fifty or sixty
record for the week just passed:
is correct, or who of the victims had the benefit of
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
anything fairly to be called a trial. The message
BANES TO TREASURY UNDER TARIFF ACT OF 1922.
JUNE 30 1934 TO JULY 6 1934, INCLUSIVE.
in which President von Hindenburg approved and
Noon Buying Rate for Cable Transfers In New York.
commended Chancellor Hitler's action has been
Value in United Males Money.
Country and Monetary
Unit.
called
in question as perhaps not written or inspired
July 3. July 4. July 5. i July 6.
June 30. July 2.
by
President himself, and the treatment acthe
$
EUROPE.18858* .188991*
188875* .188858* .188858*
Austria,schillIng
Vice-Chancellor von Papen obviously calls
corded
to
.238557 .233592
233353 .253346 .233484
Belgium, belga
.012625* .012825*
.012750* .012750" .012750•
Bulgaria, ley
for
explanation.
.041540 .041537
Czechoslovakia, krone .041535 .041525 .041518
.225741 .225241
225233 .225308 .225766
Denmark, krone
Assuming, as we probably may, that the Hitler
England, pound
5.054668 .044083
sterling
5 043458 5.045208 5.058500
.022330 .022330
Government felt itself seriously enough endangered
022315 .022320 .022310
Finland, markka
.065947 .065962
.065940 .065942 .065939
France, franc
to justify it in taking extreme measures to maintain
.383157 .383114
Germany, reichsmark .387050 .379253 .382521
.009440 .009440
.009462 .009434 .009434
Greece, drachma
.678407 .677942
its authority, there is nothing in the episode at that
677750 .678178 .678414
Holland, guilder
.297166* .297333*
297666* .297333* .297166.
Hungary, pengo
.085820
.085806
point to occasion surprise. The history of dictator08.5526 .085653 .085706
Italy, lira
.254041 .253366
253358 .253500 .253991
Norway, krone
.188866
.189150
.189016
.189000
189016
ships shows that dictators have always, sooner or
Poland. zloty
.046212 .046110
046250 .046130 .046131
Portugal, escudo
.010075 .010066
010075 .010000 .010066
Rumania, leu
later,
had to face revolt, and the Nazi dictatorship
.136710 .136735
136671 .136646 .136692
Spain, peseta
.260683 .260016
259925 .260108 .260616
Sweden, krona
in
has no characteristics that should make
Germany
.325439 .325300
. .324935 .325039 .325257
Switzerland, franc..
.022808 .022675 .022891 HOLI- .022693 .022708
Yugoslavia, dinar
to the rule. It was inevitable that
an
it
exception
DAY
ASIAimposed in fact by force alChinaregime,
dictatorial
a
.341666 .343750
Chefoo (yuan) dol'r .341250 .341666 .342083
.341666 .343750
Hankow(yuan) doll. .341250 .341668 .342083
though accompanied with the forms of popular
.341562 .343437
Shanghla(yuan)der .341406 .341718 .341718
.341666 .343750
Tientsin(yuan)dol'r .341250 .341666 .342083
approval, and attended by terrorism, unprecedented
.378437 .379375
.377187 .377812 .379062
Hongkong, dollar
.380075 .379250
.378918 .379240 .379875
India, rupee
racial discrimination and a program of revolutionary
.298540 .298600
298335 .298150 .298250
Japan, yen
.491875 .501875
Singapore (S. S.) dol'r .590000 .591875 .592500
religious change, should in due time produce some
AUSTRALASIA- I
4.028437* 4.019062*
4.02l250'4.023125'4.028437*
Australia, pound
kind of counter-revolutionary agitation, either on
4.040000'4.031250*
New Zealand, pound_ 4.033437'4.034687 4.040000*
AFRICAI
4.999500'4.900750'
the part of the social classes that felt the weight of
South Africa, pound 4.989250'4.988750 5.002500*
NORTH AMER.1.009765
1.010000
1.009375
1.009166
discrimination or oppression or within the circles
11.010052
Canada, dollar
.999687 .909687
j .999187 .999687 .999687
Cuba. peso
.277500 .277400
the Government itself. It is the latter form that
of
Mexico. peso (sliver)) .277466 .277500 .277500
1.007500 1.007375
Newfoundland. dollar 1.007562 1.006937 1.006875
"plot," if one actually existed, appears to have
SOUTH AMER.the
.336950* .338325*
336266* .336333 .337250*
Argentina. peso
.084208* .084100•
.083966' .084100 .084172*
Brazil, milreis
in the Reich. There is no evidence of a poputaken
.102625* .103250*
.102625* .102750* .102625*
Chile. peso
.802100.
.802000*
I .802100• .801750' .802100*
Uruguay. peso
lar rising in Germany against the Hitler Govern.578000* .577200*
1 .578900" .578900* .578900*
Colombia. peso
ment, nor, for that matter,.of any conspiracy that
not available.
rates:
E
PURSUANT
• Nonifnal
firm rates
Volur-- 139
Financial Chronicle
represented a popular demand. The danger which
the Hitler Government faced was in its own ranks
and among its own organized supporters. The
jealousy between the Storm Troops and the Steel
Helmets, the former composed of Nazi partisans and
the latter largely of World War veterans, was one
of the factors in the agitation, but neither body could,
in the proper sense, be said to represent any discontented section of the German people.
Now that the conspiracy appears to have been
broken up and the Storm Troops have been sternly
dealt with, speculation in other countries as well as
in Germany naturally turns to the effect of the episode upon the Hitler Government and the position of
Germany among the Powers. For the moment, at
any rate, the Hitler Government seems to be firmly
seated. It has met a serious crisis and dealt with it
with merciless vigor. A long list of conspirators or
suspected persons has been disposed of by firing
squads, and personal if not political opposition has
been put on the defensive. There are disturbing
features, in the situation, however, to suggest that
the apparent political stability may in fact be unstable. The continuance of raids and arrests
appears to indicate either that all the known participants in the alleged conspiracy have not yet been
apprehended, or else that a species of terrorism is
being employed to discourage even remote sympathizers. The persistent hostility of the Catholic
hierarchy to the religious program of the Nazis points
to a center of opposition whose powers of resistance,
as well as of political agitation, are very great, while
the extended "vacation" which has been decreed for
the Storm Troops, joined to limitations on meetings
of the members during the period,is reported to have
left many Nazi followers sullen and resentful. The
most that can be said is that the chances seem to
favor an ultimate victory for the Government and
severe punishment of all its enemies, but that the
danger spots are still many and important.
The most mysterious element, on the whole, in
the tangled situation is the part played by President
von Hindenburg and Vice-Chancellor von Papen.
Some doubt'has been cast upon the early assumption
that von Papen's recent speech, in which he urged
greater liberty in the Reich and an opportunity for
free discussion of national policies, was in some way
connected with the "plot" which the Government
shortly professed to have discovered, but the ViceChancellor's position in the Government has for
some time been equivocal, and the raids on his apartments and 'his enforced detention under military
guard have seemed to mark him for punishment along
with others. On the other hand, von Papen is a
close personal and political friend of President von
Hindenburg, and accordingly the report that while
he is to remain a member of the Hitler Cabinet he
will retire from the Vice-Chancellorship seems hardly
credible save on the assumption that the President
has felt it necessary to support Hitler in the present
crisis as the only way to insure the maintenance of
orderly government and the safety of the State.
Press comment in other countries to the effect
that the disturbances in Germany are only a prelude
to the downfall of the Hitler regime may safely be
dismissed as evidence of the wish that is father to
the thought. Whatever may happen in Germany,
there is no reason for concluding that the Hitler
Government is on the point of being overthrown. It
undoubtedly has a serious situation to contend with,
15
and drastic penalties may continue for some time
to be imposed upon individuals suspected of disloyalty. The Steel Helmets, however, may be drawn
closer to the Government if the ambitions of
some leaders of the Storm Troops are repressed,
and the strongest opponents of Hitler have not questioned the loyalty of the Reichswehr, one of the most
efficient regular armies in Europe notwithstanding
its relatively small numbers,or of the national police.
Brutal and hateful as the steps that have been taken
by the Government may seem to those to whom
Hitlerism is an anathema, they nevertheless show
courage, alertness, efficiency and solidarity on the
part of Chancellor Hitler and his associates. It is
specially significant that French opinion, which welcomed with undisguised satisfaction the first apparent indications of political disintegration in the
Reich, has undergone a radical change of front during the past few days, and is now prepared to await
developments in Germany as it would await them
in any other country in whose politics it felt special
concern.
One must suspend judgment, further, regarding
reports that the Hitler Government, notwithstanding the vigor with which it has handled the present
crisis, has nevertheless interpreted the episode as a
warning and is likely to modify the rigidities of its
social, political and religious program, particularly
in regard to restrictions upon the Jews. If any such
relaxation is contemplated, there is no evidence of
it in authoritative press dispatches. Some mitigation of the rigors of the present regime are naturally
to be expected as time goes on, but material concessions now, with the stability of the Government still
in question, would be taken as a sign of weakness,
and everything points to a determination to give a
clear impression, at least, of solidarity and strength.
There is much more likelihood that a spectacular
victory over such opposition as has shown itself will
lead the Government to hold still more firmly to its
essential policies both at home and abroad. There
will be less rather than more reason, for example,
to yield anything in the demand for arms equality,
or to accept the reported suggestion of Mussolini,
at the recent conference with Chancellor Hitler near
Venice, that the Nazi propaganda regarding Austria
be §uspended. It is a stronger, not a weaker, Germany with which Europe will most probably have
now to deal.
At one important point, however, the Government
has receded, although it is not clear that the action
is due directly to the political crisis. It has yielded
to the British threats of reprisals and agreed to pay
in full, from July 1 to December 1, the interest on
the Dawes Plan and Young Plan loans in the case of
British holders of the bonds. By this agreement,
which is to be operative throughout the British Empire, Germany escapes the import restrictions and
seizure of German commercial funds in Great Britain
which Parliament recently authorized, and the danger of what would undoubtedly have been a serious
trade war is averted. As the legal status of the
British holders of the bonds is the same as that of
holders in other countries, it seems reasonable to
expect that similar agreements may be made elsewhere. Washington dispatches on Thursday indicated that the United States would probably ask
for similar payment of its nationals, the American
holdings of the bonds being the largest of any country. To this extent, also, it will not be necessary for
16
Financial Chronicle
the German Government to use the new powers of
trade retaliation which have lately been announced.
One can hardly avoid speculating about the possible connection between the events that have been
convulsing Germany and the possible return of the
Reich to monarchical government. As far as is
known, no member of the Hohenzollern family has
been implicated in the present disturbances, and no
monarchical interest has appeared to be attached
to the alleged plot. President von Hindenburg is
generally believed to be still a monarchist at heart,
Vice-Chancellor von Papen hinted at an ultimate return to monarchy in his recent speech, and there is
hardly a class in Germany in which monarchist
sympathy is not to be found. In the present state
of affairs in Germany it would be rash to affirm
what any day may bring foith, but if the storm and
stress through which the Reich is passing points to
a monarchist outcome in any near future, the evidence is not readily discerned. Unquestionably the
harsh and bitter discipline which National Socialism is imposing upon the German people is slowly
modifying the German character, but whether the
pressure of national regimentation, when account is
taken of the foreign hostility with which Germany
finds itself surrounded, is commending the repudiated rule of the Hohenzollerns as a way of escape
it would be unsafe to affirm. For the time-being
the path of German development seems to lie along
the lines which Hitler has marked out, and a clear
Government victory in the present crisis does not
seem likely to deflect those lines from their present
direction.
July 7 1934
£7,386,000 lower operating expense in 1932 than in
1931. It is believed that the limit of curtailing
expenditure on revenue account has now been
reached; in fact, the London Northeastern Ry.
incurred an increase of £284,986 on maintenance of
equipment.
Turning to statistics of operation, the returns
disclose an increase in locomotive mileage of 2,776,837, largely due to an addition of 4,401,984 passenger
train-miles. The hours that locomotives were in
service were reduced by 69,777, but passenger and
freight train-hours both showed an increase. For the
last several years the railways have been making a
concerted effort toward operating efficiency and the
record for 1932 was the most favorable achieved
since the statistics became available in 1920. For
1933, passenger train-miles per train-hour increased
from 14.71 to 14.85, and per locomotive-hour from
11.45 to 11.58. The index for freight movement,
on the contrary, showed a decline for last year,
freight train-miles per train-hour falling from 9.58
to 9.49, and per locomotive-hour from 3.70 to 3.69.
Passing from operation to traffic it is shown that
the total number of passengers carried increased
from 16,587,594, compared with 1932; although,
compared with 1931, this figure represents a reduction of 14,083,599. It is stated that the introduction
of summer tickets on May 1 1933 was to a large
extent responsible for the increase between 1932
and 1933, there being no less than 19,503,005 additional third-class passengers conveyed last year.
With respect to freight traffic the total tons carried
in 1933 were 251,102,000, compared with 249,611,864
in 1932.
The conclusion to be drawn from these statistics
British Railway Progress
is that railway revenues are improving, and this
The preliminary statement of the railway returns trend is confirmed by the traffic receipts for the
for the year 1933, which has now been published by first 13 weeks of this year, which show an increase
the Minister of Transport, reveals a distinct im- of approximately £2,500,000 over the corresponding
provement in the financial position of the British period of 1932. But it has been pointed out that
railways compared with 1932. Net operating revenue the limit of expenditure reduction has nearly been
rose from £27,194,000 to £29,600,000, an increase reached and, therefore, caution should be adopted
of £2,406,000, and the amount available from the in any attempt to assess the net revenue position.
1933 intake for interest and dividends was 2.76% The British railways have not yet overcome their
of capitalization.
difficulties and all that can be said is that their
The largest increase in net revenue was obtained position is decidedly better than it was a year ago.
by the London Midland & Scottish—£807,861,•and It is a reasonable conjecture that at the end of
the smallest by the Great Western with £369,158, the present year, assuming the business revival
which is considered quite satisfactory when it is continues, the railway position will be well on the
recalled that with respect to this item all the group way toward a fairly stable level.
companies suffered a decline in 1932 as compared
with the previous year.
Total operating revenues, however, indicate very Abrogation of Gold Clause Upheld by New York Court
of Appeals—Ruling Holds Congress Acted Within
little change, obviously because the improvement in
Powers—Case to Be Brought Before United
Its
the second half of 1933 was merely sufficient to
States Supreme Court.
offset the loss in the first six months. Thus, the
The Congressional resolution abrogating the gold clause
total for the year was £149,600,000, compared with
in obligations payable in United States currency was held
£149,648,000 in 1932 and £163,140,000 in 1931.
constitutional on July 3 by the New York State Court of
Passenger revenues were practically constant during
Appeals in a four-to-one decision. The ruling was handed
1932 and 1933, while freight revenue declined down in a suit brought by Norman C. Norman of New
York
£1,346,000.
upon a bond of the Baltimore & Ohio RR. Mr. Norman
Total capital expenditures stood at £1,174,200,000, sought payment in gold or its equivalent of the quarterly
an increase over 1932 of £3,194,000; and of the four interest, claiming $38.10. The Court directed Judgment for
amalgamated companies, the largest amount of the $22.50 called for on the face of the interest coupon.
capital expenditure during the year was undertaken Reports from Albany said that the case will be brought beby the Great Western Ry., which spent approxi- fore the United States Supreme Court for final decision.
mately £1,420,280.
The railroad company had denied the contention that $38.10
The total operating expenses of all the railways was due, and said that through the devaluation of the dollar
decreased from £125,228,000 in 1932 to £123,100,000 it was prevented from fulfilling its contract under the gold
in 1933, a saving of £2,128,000, compared with clause. The Court of Appeals in its opinion said that "the
Volume 139
Financial Chronicle
courts should not interfere with the economic policies adopted
by Congress, if such powers are vested in that body."
The opinion was written by Chief Judge Cuthbert W.
Pound, and was concurred in by Judges Crane, Lehman and
Hubbs. Judge O'Brien dissented. Judges Crouch and
Loughran did not sit in the case. The opinion, in part, said:
In view of the enormous property value at stake and the possibility that
Congress may stamp as legal tender such a vast quantity of paper money
as potentially to destroy the value of all past promises to pay in the
future, the decision of the Supreme Court of the United States on the
question will be fraught with the gravest results. It is becoming that
we should express our views on the question, even though the ultimate
17
decision rests with the court of last resort on questions arising under
the Federal Constitution.
Those who would affirm the unconstitutionality of an Act of Congress
must do more than raise a doubt; they must do more than establish
the unwisdom of the legislation; they must show clearly that it is in violation of the provisions of the Constitution.
State courts should uphold the constitutionality of Acts of Congress
whenever possible. If the gold clause in contracts is an interference with
the ability of the Government to accomplish legitimate results it may
well be urged that Congress may remove such interference without regard
to consequences.
The choice of the means to accomplish a lawful purpose is a matter for
Congress as long as the means are fairly related to the end. The scope
of the money power of Congress is so wide that this Court will not, in the
case presented, venture to invalidate its legislation directed to that end.
The New Capital Flotations in the United States During the Month of
June and for the Half Year Ended June 30
of new issues brought out in this country during the month
of April of $241,813,022 and of $144,068,019 in May, the
amount for the month of June foots up $305,521,890. But
undue importance should not be given to this increase for
a single month, and, above all, the mistake should not be
made of drawing the conclusion that new financing has now
become easy,for it has not. As a matter of fact, the Federal
Securities Act has thrown new difficulties in the way because of its stringent provisions intended to increase the
responsibility of those bringing out new issues, and this,
it would seem, is calculated to retard new financing in a
very appreciable degree.
Moreover, the circumstance should not be overlooked that
the June total was heavily increased in a number of special
ways. In the first place, the total for the month includes
$131,400,000 of Federal Land banks 4% cons. bonds and
$27,500,000 Federal Intermediate Credit banks 2% coll.
trust debentures, the two issues totaling $158,900,000.
With that amount eliminated, the total of the new flotations
would be reduced from $305,521,890 to $146,621,890. It
is well to remember, also, that these issues involved refunding to the extent of $147,400,000 and represented only
$11,500,000 of new capital.
Furthermore, the June total of financing, at $305,521,890,
included State and municipal issues to the amount of $113,454,890, as compared with $79,786,719 reported for May.
Corporate flotations during the month aggregated $33,167,000 as compared with $31,781,300 put out in the previous
month.
Proceeding with our analysis of the corporate offerings
announced during June, we find that there were but seven
new issues, aggregating $33,167,000, of which $19,747,000
was for the account of railroads, $4,000,000 for public utilities and $9,420,000 for corporations classified as industrial
and miscellaneous. Of the total corporate offerings put out
in June, short-term issues comprised $19,747,000, long-term
issues accounted for $4,000,000, while stock issues contributed
$9,420,000.
The portion of the month's financing used for refunding
purposes was $23,747,000, or about 71% of the total. In
May the refunding portion was $2,958,000, or approximately 9.3% of the total. In April it was $59,283,000, or
slightly more than 67% of that month's total. In March
it was $12,569,200, or about 47% of the total. In February
the amount for refunding was $2,308,000, or about 15%
of the total for that month,and in January it was $1,500,000,
or about 20% of the total. In June 1933 the amount for
refunding was $48,296,400, or close to 80% of the total for
that month. The $23,747,000 raised for refunding in June
(1934) comprised $4,000,000 new long-term debt to refund
existing short-term obligations; $12,500,000 new short-term
to replace existing short-term debt, and $7,247,000 new shortterm issues to replace maturing long-term debt. There
were two relatively large refunding operations during June,
namely, $12,500,000 Illinois Central RR. Co. 3-year 6%
notes due June 1 1937,representing an extension of maturity,
and a total of $7,247,000 of extended bonds of the Milwaukee & Northern RR. Co.
The refunding issues mentioned in the preceding paragraph comprised the bulk of the month's new financing.
The floating of new securities in the United States during
June, the closing month of the half year, was of more substantial proportions than in any of the months immediately
preceding,and yet was light nevertheless. As against a total
Other issues put out during June included $4,000,000
Atlanta Gas Light Co. gen. mtge. 6s, 1944, issued at par;
500,000 shares of the First Boston Corp. capital stock at
$18 per share, involving $9,000,000, and two small stock
offerings in behalf of breweries.
No foreign issues of any description were floated in our
market during June and there were no new fixed investment
trusts nor any corporate issues containing convertible
provisions.
Included in the month's financing was an issue of $131,400,000 Federal Land banks 4% cons. bonds due July 1
1946, offered at 1003
4, to yield 3.90%. This single offering of bonds is the largest made at any one time by the system since its formation in 1917, and constitutes the first
financing undertaken by it since November 1930. There
was also an offering of $27,500,000 Federal Intermediate
Credit banks 2% debentures announced in June. The
debentures were offered at price on application. The offering matures in four and nine months.
RESULTS FOR THE HALF YEAR—SLIGHT INCREASE
IN TOTAL NOTED AFTER THE TREMENDOUS
SHRINKAGE DURING 1933, 1932, 1931 AND 1930.
When we examine the record for the half-year we become
deeply impressed with the really diminutive character of the
new financing done in the first six months of 1934, even
though the total shows an increase over the same period of
1933 and 1932. Including the month of June, with $305,521,890, the grand total of the new issues of every character
and description brought to market during the six months
runs only slightly in excess of a billion dollars, the exact
figure having been $1,020,031,709. In commenting on
the new financing done in the half-year of 1933, we referred
to the great shrinkage in the new flotations then disclosed
as compared with the corresponding six months of the previous year and as a matter of fact we did the same thing in
commenting on the figures for 1932 as compared with 1931,
and in 1931 as compared with 1930, which meant that the
dwindling of the new financing became more and more pronounced the further we got away from the heyday of speculative activity in that earlier period. As against $1,020,031,709 of new issues brought out in the first six months of
1934, the corresponding fikure in the half-year of 1933 was
$516,518,604; that for 1932, $900,792,835; that for 1931,
$2,992,851,637; that for 1930, $5,196,189,289, and that
for 1929, $6,313,824,452. In other words, as against a
total of new financing of all descriptions running in excess
of $6,000,000,000 in 1929, the corresponding amount in
1934 was only slightly in excess of $1,000,000,000.
Of course, the corporate total suffered the greatest contraction, the amount under this head for 1934 having dropped
to only $201,660,385 (of which $102,365,200 represented
refunding operations, leaving only $99,295,185 of strictly
new capital provided), against $5,563,083,697 for the first
half of 1929 (of which $864,509,178 represented refunding
and no less than $4,698,574,519 represented the provision of
new capital). But municipal financing also suffered great
diminution since 1929, despite an increase shown this year.
Including the large municipal financing done in June, the
municipal awards during the six months of 1934 reached
$520,071,324, which compares with only $226,425,126 in
the first half of 1933, $528,469,540 in the first half of 1932,
$851,188,436 in the first half of 1931, and $765,536,582 in
the first half of 1930.
18
Financial Chronicle
Aside from the June total of $305,521,890, April, with
$241,813,022, was the only month having new financing to
its credit in the sum of $200,000,000, as will be seen by the
following table:
GRAND TOTALS OF THE NEW FINANCING DONE IN EACH MONTH
OF 1934
8144,068,019
January
May
390,385,665
305,521,890
February
June
88,904,981
March
149,338,182
81,020,031,709
AprIl
Total
241,813,022
In interpreting the significance of the great shrinkage in
new financing in recent years, one consideration should not
be overlooked, namely that much of the financing formerly
done in the ordinary way through corporate undertakings
and by States and municipalities is now being done by the
United States through the Reconstruction Finance Corporation and other Government agencies. As a consequence new
financing by the United States now represents larger new
debt creations than all other sources of new capital issues
combined. In a measure also the U. S. Government has
really been pre-empting the ground, and certainly it has
been occupying the investment field to the disadvantage of
ordinary financing, a matter of no small consequence, especially in view of the fact that, owing to the prevailing loss of
confidence in security values generally, the demand on the
part of the investing public has been almost entirely for the
highest and best type of security investment-and obviously
nothing could be higher or better than a United States obligation, though that does not mean that such an obligation
may not suffer sharp depreciation on occasions, as the investor has learnt from sad experience.
In recent months, certainly, United States Government
financing has been of far larger magnitude than the ordinary
financing as represented by the borrowings of corporations,
municipalities, Farm Loan emissions and the like. Accordingly we furnish below a summary of the Treasury issues of
all kinds put out during the six months, giving full particulars for the month of June and following this by a table covering the whole of the first six months:
NEW TREASURY OFFERINGS DURING THE MONTH OF JUNE 1934.
Secretary of the Treasury Morgenthau announced on
June 4 the offering of two series of Treasury obligations in
the amount of
00,000,000 or thereabouts. The first
comprised $300,000,000 or thereabouts of 12-14-year 3%
Treasury bonds, dated June 15 1934 and due June 15 1948;
the other (Series A-1939) comprised 5-year 2A% Treasury
notes, dated June 15 1934 and due June 15 1939, offered to
the amount of $500,000,000 or thereabouts. Holders of
about $175,000,000 of X% Treasury certificates of indebtedness of Series TJ-1934, maturing on June 15 1934, and of
about $345,000,000 of
Treasury notes of Series B-1934,
maturing Aug. 1 1934, were extended the privilege of exchanging their holdings, only for the new 3% Treasury bonds.
Subscriptions to the combined offering totaled $7,935,401,200, of which $4,931,780,600 was for the 23% Treasury
notes and $3,003,620,600 was for the 3% Treasury bonds.
The total amount accepted was $1,353,408,250, of which
$528,591,700 was for the 23/% Treasury notes, while 24,816,550 was for the 3% Treasury bonds. Of the amount
tendered and allotted for the 3% bonds, $489,069,600 represented exchange subscriptions and to that extent constituted refUnding. The Treasury added $864,338,650 to
the cash balance in the general fund through the sale of the
two issues,$528,591,700 arising from the new 25i% Treasury
notes and $335,746,950 representing cash subscriptions to
the 3% Treasury bonds.
On June 14 Mr. Morgenthau announced a new offering of
182-day Treasury bills in the amount of $75,000,000 or
thereabouts. The bills were dated June 20 and mature
Dec. 19 1934. Tenders for the issue amounted to $234,994,000, of which $75,226,000 was accepted. The average
price for the bills was 99.963, the average rate on a bank discount basis being 0.07%. Issued to replace maturing bills.
A further offering of $75,000,000 or thereabouts of 182day Treasury bills was announced on June 21 by Secretary
of the Treasury Morgenthau. The bills were dated June 27
and will mature Dec. 26 1934. Tenders to the issue aggregated $251,941,000, of which $75,353,000 was accepted.
The average price for the bills was 99.966, making the average rate on a bank discount basis 0.07% per annum. This
financing provided for the refunding of $50,091,000 of similar
securities, leaving $25,262,000 as an addition to the public
debt.
A still further offering of $75,000,000 or thereabouts of
183-day Treasury bills was announced on June 26 by Score-
July 7 1934
tary of the Treasury Morgenthau. The bills, however, were
dated July 3, maturing on Jan. 2 1935, and hence form part
of the Government's financing for the month of July. Applications for the issue totaled $205,138,000, of which $75,167,000 was accepted. The average price for these bills
was 99.964, the average rate on a discount basis being
0.07%. This financing provided for the refunding of $50,151,000 of similar securities, leaving $25,016,000 as an
addition to the public debt.
In the following we show in tabular form the Treasury
financing done during the first six months of this year. The
results show that the Government disposed of $7,189,114,550,
of which $4,048,405,400 went to take up existing issues and
$33,140,709,150 represented an addition to the public debt.
For June by itself, the disposals aggregated $1,503,987,250,
of which $614,386,600 represented refunding and $889,600,650 was an addition to the public debt.
UNITED STATES TREASURY FINANCING DURING THE FIRST SIX
MONTHS OF 1934.
Amount
Amount
Accepted.
Applied for.
Due.
Price.
Yield.
5384,619,000 $100,990,000 Average 99.843 *0.62%
3 91 days
252,825,000 100,050,000 Average 99.843 *0.62%
10 91 days
289,397.000 125.340,000 Average 99.831 *0.67%
17 91 days
303,560,000 125,126,000 Average 99.831 *0.67%
24 91 days
29 1354 mos. 3,424.212.200 528,101.600
100
2.50%
29 754 mos. 1,360.564,500 524.748,500
100
1.50%
381,422,000 150,320,000 Average 99.819 *0.72%
31 91 days
Date
Offered. Dated.
Dec. 26 Jan.
Jan. 3 Jan.
Jan. 10 Jan.
Jan. 17 Jan.
Jan. 23 Jan.
Jan. 23 Jan.
Jan. 24 Jan.
81654676,100
January total
302,858.000
Jan. 31 Feb. 7 91 days
244,427,000
Jan. 31 Feb. 7 182 days
Feb, 6 Feb. 14 91 days
230,078,000
Feb. 6 Feb. 14 182 days
178,326,000
Feb. 12 Feb. 19 22 mos. 1,332,409,900
Feb. 12 Feb. 193 years
2,285,754,500
307,110,000
Feb. 15 Feb. 21 91 days
Feb. 21 Feb 28 182 days
420.115,000
393,054,000 3100,236,000 Average 99.781
455,175,000 455,175.500
100
344,987.000 100,110,000 Average 99.978
50.091,000 Average 99.980
194,789,000
138,221,000
50,025,000 Average 99.904
*0.43%
3.00%
.0.09%
*0.08%
*0.19%
3755,637,500
Marc It total_
Mar. 29 Apr. 490 days
Mar.29 Apr. 4 182 days
Apr. 3 Apr. 16 10-12 yrs
Apr. 5 Apr. 11 91 days
Apr. 5 Apr. 11 182 days
Apr. 12 Apr. 18 91 days
Apr. 12 Apr. 18 182 days
Apr. 19 Apr. 25 91 days
Apr. 19 Apr. 25 182 days
50,151,000 Average 99.981
184.356,000
50,096,000 Average 99.902
117.990.000
1049441,300 1049441,300
100
50,257,000 Average 99.982
182,226,000
50,225,000 Average 99.908
147,811,000
75,047,000 Average 99.980
164,508,000
50,033,000 Average 99.906
150,815,000
75,325,000 Average 99.980
184,572,000
50,040,000 Average 99.907
145,331,000
*0.08%
*0.19%
3.25%
*0.07%
*0.18%
*0.08%
*0.19%
*0.08%
*0.18%
1.500,615.300
April total
2 91 days
2 182 days
9 91 days
9 182 days
16 91 days
16 182 clays
23 91 days
23 182 days
193,076,000
198,699,000
156,841.000
199,266,000
172,335,000
153,646,000
190,788,000
164,466.000
75,055,000 Average
50,037,000 Average
75.114,000 Average
50,173,000 Average
50,254,000 Average
50,080,000 Average
50.457.000 Average
50.140,000 Average
99.981
99.918
99.983
99.926
99.984
99.929
99.985
99.936
*0.07%
.0.16%
*0.07%
*0.15%
*0.06%
*0.14%
*0.06%
*0.13%
451,310,000
May total__
lune
rune
lune
rune
*0.66%
*0.94%
*0.66%
*0.99%
2.50%
3.00%
*0.57%
*0.62%
31322888.400
Febru arY total
Mar. 1 Mar. 7 182 days
Mar. 7 Mar. 154 years
Mar. 15 Mar. 21 91 days
Mar. 22 Mar. 28 91 days
Mar. 22 Mar. 28 182 days
Apr. 26 May
Apr. 26 May
May 3 May
May 3 May
May 10 May
May 10 May
May 17 May
May 17 May
125,493,000 Average 99.834
50,078,000 Average 99.524
75,008,000 Average 99.833
75,044,000 Average 99.501
418,291,700
100
100
428,730,700
75,155,000 Average 99.855
75,088,000 Average 99.688
4 June 15 12-14 yrs. 3,003,620,600
4 June 15 5 years 4,931,780,600
234,994,000
14 June 20 182 days
251,941,000
21 June 27 182 days
824.816,550
100
3.00%
528,591,700
100
2.125%
75,226,000 Average 99.963 *0.07%
75,353,000 Average 99.966 *0.07%
June total
1,503,987,250
Gran d total_
7,189,114,550
•Average rate on a bank discount basis.
USE OF FUNDS.
Dated.
Jan.
Jan.
Jan.
Jan.
Jan,
Jan,
Jan.
3
10
17
24
29
29
31
Tow of
Securitv.
Treasury bills
Treasury bllla
Treasury bills
Treasury bills
23.4% Treas. notes
154% CUs. ot Ind.
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
2347,, Treas. notes
3% Treas. note
Treasury bills
Treasury bills
Total
Mar. 7
Mar. 15
Mar.21
Mar. 28
Mar. 28
Treasury bills
3% Treasury notes
Treasury bills
Treasury bills
Treasury bills
Total
Apr. 4
Apr. 4
Apr. 16
Apr. 11
Apr. 11
Apr. 18
Apr. 18
Apr. 25
Apr. 25
Total
3100,990,000
100,050.000
125,340,000
125,126,000
528,101,600
524,748,500
150,320,000
91,654.678.100
Total
Feb. 7
Feb. 7
Feb. 14
Feb. 14
Feb. 19
Feb. 19
Feb. 21
Feb. 28
Total Amount
Accepted.
Treasury bills
Treasury bills
34% Treas. bonds
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Refunding.
3100,990,000
75,020,000
75,023,000
80.034,000
60.180,000
New
Indebtedness.
825,030,000
50.317,000
45,092,000
528,101,600
524,748,500
90,140.000
8391.247,000 81.253,429.100
8125,493,000 8125,493,000
50,078,000
50,078,000
75.008,000 1 75.295.000
75.044,000 J
418,291,700
428.730,700
75,155,000
60,063.000
75,088.000
75,088,000
81,322,888,400
3386,017,000
8100,236,000
455,175,500
100,110,000
50.091,000
50,025 000
3100,236,000
455,175.500
100.110,000
50,091,000
50,025,000
*755.637.500
3755,637,500
350,151,000
350,151,000
50,096,000
50,096,000
1,049,441,300 1,049,441,300
50,257.000
50,257,000
50,225,000
50,225,000
75,047,000
75,047.000
50,033,000
50,033,000
75.325,000
75,325,000
50,040,000
50,040,000
$1,500,615,300 $1,500,615,300
874,757.000
418,291,700
428.730,700
15,092,090
9936,871,400
Financial Chronicle
Volume 139
USE OF' FUNDS (Concluded).
Dated.
May
May
May
May
May
May
May
May
2
2
9
9
18
16
23
23
TYpe of
Security.
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Total
June
June
June
June
15
15
20
27
3% Treasury bonds
2 ki% Treas. notes
Treasury bills
Treasury bills
Total Amount
Accepted.
Refunding.
New
Indebtedness
975.055,000
50,037.000
75.114.000
50,173.000
50,254,000
50,080,000
50.457,000
50,140,000
1175,055,000
50.037,000
75.114,000
50.173,000
75.008,000
25,328.000
75,115,000
25,482,000
$451,310,000
$400,502,000
$50.808,000
824,818,550
528,591,700
75,226,000
75,353,000
489,089,800
335,748,950
528,591,700
75,226,000
50,091.000
25,282,000
$614,388,600 $889,800,650
Total
$1,503,987,250
Grand total-
ce, ,on lid SU% CAL
nen 505 MIA 5'1 150 700 150
In contrast with the grand total of United States Treasury
obligations for $7,189,114,550 brought out by the Federal
Government during the six months ended June 30 1934, of
which $3,140,709,150 represented additions to the public
debt, the grand total of the new financing in the ordinary
way for the six months, we have already seen, was only
$1,020,031,709, of which $415,667,695 was for refunding,
leaving only $604,364,014 of strictly new capital. The
corporate total was only $201,660,385, of which no more than
$99,295,185 was new capital.
Stock issues now occupy a minor place in our compilations,
what little financing was done having been almost entirely in
the shape of bonds and notes, in sharp contrast with the
practice in 1929 and immediately prior years, when stock
issues almost completely dominated the field. There were
no Canadian corporate issues and only one small foreign
corporate issue, for $1,200,000, marketed here during the
first half of 1934. In the following table we furnish a fiveyear comparison of the corporate issues, showing the amounts
of bonds and stocks separately and giving the figure both
without the foreign emissions and with them included:
Jan. 1 to
June 30--
DOMESTIC CORPORATE ISSUES.
1931.
1930.
1932.
1933.
1934.
$
$
$
$
$
Bonds & notes171,455,100 195,705,200 238,853.800 1,812,890,150 2,343,998,880
Preferred stocks 2,908,800 4,325,000 8.775,275 128,948,687 307,097,946
Commonstocks- 28,098.485 17.413,278 4,194,220 122,707,384 926,162,101
—
Total
200,460,385 217,443,478 249,823,295 1,862,546,201 3,577,258,707
DOMESTIC AND FOREIGN,INCLUDING CANADIAN.
Jan. 1 to
1931.
1930,
1932.
1933.
June 30-1934.
$
$
$
$
$
Bonds & notes--172,855,100 197.305,203 238.853,800 1,780,890,150 2,708,151,880
Preferred stocks 2,908,800 4,325,000 6,775,275 126.948,867 320,097,946
Commonstocks. 26,096,485 17,413,278 4,194,220 122,707,384 938,222,101
Total
201,660.385 219,043,478 249,823,295 2,030.348,201 3,984.471,707
THE PART PLAYED BY INVESTMENT TRUSTS AND HOLDING
COMPANIES.
Investment trusts and holding companies, which in 1929
were so prominent in emitting new securities and contributed
so greatly to swell the total of the new issues in that year,
have now almost completely fallen out of the picture, and
this has been one of the factors in the great falling off which
has occurred during the last four years in the total of new
financing. In the first six months of this and the two previous years there were no offerings of this type of security,
and their contribution to the total during the first half of
1931 was only $2,800,000, against $149,237,079 in the first
half of 1930 and no less than $929,466,562 in the first half
of 1929. In the following we compare the figures for each
six month period since 1926 and also indicate what portion
of the financing by these investment trusts and holding
companies was in the shape of bonds and notes and what
portion consisted of stock issues:
19
of over the counter by distributing groups or syndicates.
Excepting two or three instances, however, no information
of the extent of these sales is forthcoming, and being sales
over the counter,it is impossible to make estimates regarding
their amount. Of course, in magnitude the disposals of this
character over the counter do not anywhere near appraoch
those in the old form, and yet they can hardly be treated as
entirely insignificant, even though trust participations of
this kind have no proper place in compilations of new capital
issues. At all events, however, nothing definite is available
as to the extent of the sales of these investment trusts, or
fixed trusts as they are commonly termed. In this state of
things, the only way to indicate the presence of these trusts
is to enumerate the offerings made from month to month.
In the following table we show the different offerings made in
the first six months of 1934:
NEW FIXED TRUST OFFERINGS DURING FIRST HALF OF 1934.
January—
Group Securities, Inc., common stock, sponsored by Distributors and
Fenner & Beane. New York.
Metals Equities, Inc., capital stock, sponsored by National Associated
Dealers.
February—
None.
March to June—
None.
The Convertible Feature.
One feature of the old method of financing continues to
be followed to some degree. We allude to the tendency to
make bond issues and preferred stocks moreattractive by
according to the purchaser rights to acquire common stock.
In the following we bring together the more conspicuous
issues floated during each month of the present year containing convertible features of one kind or another, or carrying subscription rights or warrants to subscribe for or acquire
new stock:
CONSPICUOUS ISSUES FLOATED IN THE FIRST HALF OF 1934
CARRYING CONVERTIBLE FEATURES OR SUBSCRIPTION
RIGHTS OR WARRANTS.
January—
None.
February—
None.
March—
$1,000,000 American Beverage Corp. 7% cony. pref. stock, convertible
into one share of common stock at any time.
15,000.000 American Water Works & Electric Co., Inc., 10-year cony,.
collateral trust 5s, 1944, convertible into common stock at
$20 a share during the first two years, and at rising prices to
$75 a share from March 1 1942 until maturity. March 1 1944.
April—
S59,911,100 New York Central RR. Co. 10-year cony. 6% bonds, 1944,
convertible into no par value capital stock at $40 per share
for the first three years and at $50 per share for the next
seven years.
May—
$2,958,000 Mengel Co. 1st mtge. 7s, May 1 1939. convertible into common stock at $123 per share,or 8shs.for each $100 of bonds.
June—
None.
THE FOREIGN ISSUES PLACED IN THE UNITED STATES.
As already stated, not a single issue was floated in the
United States during the first half of 1934 for foreign governments or for Canada, its Provinces and municipalities. In
the first half of 1933 there was a loan of $60,000,000 floated
here by the Dominion of Canada in the form of 15-months
4% notes, due Oct. 1 1934. In the first six months of 1932
no financing was undertaken here for the account of foreign
governments or for Canada,its Provinces and municipalities.
In the first half of 1931 Canadian issues aggregated $50,422,000, constituting the whole of the foreign government issues
placed here during that period. At that figure they compare with $426,006,000 of total foreign government issues
sold here during the first half of 1930, with only $78,362,000
for the first half of 1929 and with $530,314,000 for the first
FINANCING BY INVESTMENT TRUSTS, TRADING AND HOLDING
six months of 1928; with $477,757,800 for the six months of
COMPANIES.
Short-Term
Grand
Long-Term
1927; $302,764,000 in the first half of 1926; $312,311,000
Bonds & Notes. Bonds @ Notes. Stoats.
Total.
First halt of 1934
in the first half of 1925, and $353,407,562 in the first half
First half of 1933
of 1924. The Canadian Government loan of $60,000,000
First halt of 1932
First half of 1931
$500,000
$2,300,000
$2,800,000
here in the first half of 1933 was used entirely for resold
First half of 1930
1,000,000
72.987,079 149,237,079
875,250,000
First half of 1929
835.488,582 929,488,582
funding purposes. There was no refunding in the first
93,000,000
First half of 1928
400,000 204,712,018 286,512,018
81,400,000
half of 1932, as no foreign government issues were sold here
First half of 1927
1.000,000
47,573,228 100,073,228
51,500.000
First half of 1928
4,000,000
37,550.000
9,500,000
51,050,000
during that period. The refunding portion was no more
However, the investment trusts, as previously explained than $9,500,000 in 1931, against $12,658,000 in 1930,
in these columns, have not altogether disappeared. These $8,000,000 in 1929, $100,538,413 in the first half of 1928,
trusts now, however, are not of the type that was so promi- $58,469,000 in the first half of 1927, $60,873,000 in the first
nent in 1928 and 1929. They do not consist of large new half of 1926, and $92,522,000 in the first half of 1925. In
capital issues offered for public subscription in the way the first half of 1934 foreign corporate financing totaled
common prior to 1930 and in the way always done by public only $1,200,000, all of which was for refunding. In the
utility, railroad, industrial and other corporations. The first half of 1933 the foreign corporate financing was $1,600,practice now is to gather blocks of securities of one kind or 000, all of which comprised refunding. There were no foranother and to issue participating interests in the same, eign corporate offerings in the first half of 1932. For the
split up into small units. These units are then disposed first half of 1931 they footed up $167,800,000 against $387,-
Financial Chronicle
20
July 7 1934
FARM LOAN ISSUES.
213,000 in the six months of 1930, $505,859,447 in the six
Offerings of Farm Loan securities during the firstlIalf
months of 1929 and $646,223,750 in the six months of 1928,
only $315,168,625 in the six months of 1927, $313,694,040 of 1934 aggregated $298,300,000 as against only $10,900,000
in the first half of 1926, $254,695,000 in the first half of for the same period of 1933, $122,500,000 for the first half
1925, and but $31,330,000 in the first half of 1924. Thus, of 1932, $60,600,000 for the first six months of 1931 and
borrowings in the United States on behalf of foreign govern- $30,500,000 for the first half of 1930. The current halfments or corporations during the first half of 1934 totaled year's offerings comprised six separate issues of Federal
only $1,200,000, as against $61,600,000 for the same period Intermediate Credit banks short-term coll. trust debentures,
of 1933. There were no foreign offerings of any description aggregating $166,900,000, and a single offering of Federal
in the first six months of 1932. In the first six months of Land banks 4% consol. bonds to the amount of $131,400,000.
1931 the aggregate of foreign flotations, government and
ISSUES NOT REPRESENTING NEW FINANCING.
corporate, was $218,222,000, which compares with $813,Offerings of this type during the first half of 1934 amounted
219,000 in the first half of 1930, $584,221,447 in the six to $5,412,000 as compared with $5,907,000 in the first half
months of 1929 and $1,176,537,750 in the first six months of 1933, with ,000,000 in the first six months of 1932 and
of 1928. In the first half of 1927 the foreign flotations ag- $20,476,666 in the first half of 1931. These amounts,
greated $792,926,425 and this compares with $616,458,040 as already stated, are not included in our totals of new financin 1926, $567,006,000 in 1925, $384,737,562 in 1924 and ing. A six months' comparison for five years follows:
1932.
1933.
1931.
1930.
$193,646,279 in 1923. The following carries the half-yearly
1934.
January
5100,000
525,349,155
comparison back to 1919:
February
5,400,000 58,000,000
10,236,100
GRAND SUMMARY OF FOREIGN ISSUES PLACED IN UNITED STATES
(INCLUDING CANADA. ITS PROVINCES AND MUNICIPALITIES).
New Capital.
First half of 1934
First half of 1933
First half of 1932
First half of 1931
F1 et half of 1930
First half of 1929
First half of 1928
First half of 1927
First half of 1926
First half of 1925
First half of 1924
First half of 1923
First half of 1922
First half of 1921
First half of 1920
First half of 1919
$203,722,000
758,561,000
563,788,730
935,088,837
701,947,425
524,707,740
456,734,000
230,087,562
172,704,600
507,576,650
213,224,000
214.860,000
69,535,300
Refunding.
$1,200,000
61,600,000
Total.
$1,200.000
61,600,000
14,500,000
54,658,000
20,432,717
241,448,913
90,979,000
91.750,300
110,272,000
154,650,000
20,941.679
119,500,000
50,000,000
8,498,000
34,979,000
218,222,000
813,219,000
584,221,447
1,176,537,750
792,926,425
616,458,040
567,006.000
384,737,562
193,646,279
627,076,650
263,224,000
223,358,000
104,514,300
March
April
May
June
Total
58,920,000
5,500,000
6,056,666
54,212,000
1,200,000
407,000
14,884,000
3,674,500
7,300,000
765,000
$5,412,000 $5,907,000 58,000.000 $20,476,666 562,208,755
THE FINANCING OF THE RECONSTRUCTION FINANCE CORPORATION AND OTHER GOVERNMENT AGENCIES.
Our compilations of new financing do not take account
of the various loans made by the Reconstruction Finance
Corporation or other Government agencies, as the funds used
by them are all provided by the Federal Government, the
borrowings of which are recorded by us in detail above.
FINAL SUMMARY.
In the following we furnish details of the foreign government and foreign corporate financing done here during the
six months ended June 30:
The following is a complete summary of the new financing
-corporate, State and city, foreign government, as well as
Farm Loan issues-for June and for the six months ended
with June:
Price.
$1,200,000 International Rye. of Central America oneyear 6% notes, April 1 1935 (all for refunding)_ _ _100
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
Yield.
6.00%
LARGE DOMESTIC CORPORATE ISSUES DURING THE HALF-YEAR.
1934.
New Capital. Refunding,
Total.
$
$
$
ONTH OF JUNEDomestic corporate offerings of any size at all were exorate:
tremely limited during the first six months. The largest Cori
DIornestle4,000,000
4,000,000
Long-term bonds and notes
offerings, aside from those for June already mentioned,
19,747,000
19,747,000
Short-term
Preferred
stocks
are listed below:
9,420,000
9,420,000
Common stocks
median. January.-1,241,396 shares of H. E. Walker Distillers &
Long-term bonds and notes
Brewers, Inc., class A stock and a like number of shares of
Short-term
Preferred stocks
class B stock, in units of 1 share of each at $2 per unit,
Common stocks
0 her foreigninvolving a total of $2,482,792; and $1,500,000 Northwestern
Long-term bonds and notes
Telegraph Co. 1st mtge. 434s, 1944, representing an exShort-term
Preferred stocks
tension of maturity.
Common stocks
February.-$6,000,000 Ohio Fuel Gas Co. 5% serial notes,
9,420,000
23,747,000
33,167,000
Total corporate
Khan Government
placed privately; $6,000,000 United Fuel Gas Co. 5% serial Can
Other foreign government
11,500,000 147,400,000 158,900,000
notes, also placed privately; and $2,308,000 American Beet Farn1 loan issue
101,586,357
11.868,533 113,454,890
inicipal, State, cities, &c
Sugar Co. deb. 6s, 1940, issued at par and representing an * M
IJ ilted States Possessions
extension of maturity.
122,506,357 183,015,533 305,521,890
Grand total
March.-$15,000,000 American Water Works & Electric
6 kiONTHS ENDED JUNE 30Co., Inc., cony, coll. trust 5s, 1944, offered at par to holders Corporate:
DCpmesticof coll. trust 5s due April 1 1934 and at 105% for public
57,539,900
78,460,200 136,000,100
Long-term bonds and notes
12,750,000
22,705,000
35,455,000
3hort-term
subscription. The Cleveland & Pittsburgh RR. Co. also
2,908,800
2,908,800
Preferred stocks
26,096,485
26,096,485
Common stocks
placed privately an issue of $3,597,000 1st & ref. mtge. 4%
Canadianbonds due in 1977.
Long-term bonds and notes
3hort term
April.-$59,911,1001New York Central RR. Co. 10-year
Preferred stocks
Common stocks
cony. 6s, 1944, offered to stockholders at par; $12,929,000
Ot her foreignLong-term bonds and notes
Philadelphia]Baltimore &Washington RR. Co. gen. mtge.
1.200,000
3hort-term
1,200,000
43s, 1981, placed privately, and $5,583,000 New York
Preferred stocks
Common stocks
Rapid Transit Corp. 1st & ref. mtge. 6s A 1968, also placed
99,295,185 102,365,200 201,660,385
Total corporate
privately.
Can dlan Government
Ot her foreign fovemment
May.-$13,639,000 New York Lackawanna & Western Farn
54,000,000 244,300,000 298,300,000
, Loan
RR. Co. 1st & ref. mtge. 4s, 1973, offered at 93, to yield * M ancipal,Issues
451,068,829
69,002,495 520,071,324
States, cities &
TJ lted States Possessions
4.37%; ,000,000 Brooklyn-Manhattan Transit Corp. 15-1........ ......
ens !ARA Mt AIR RA7 ass 1 non ev11 7nn
year 6s, 1949, issued at 984,to yield 6.15%, and $3,943,000
obtained
by States and municipalities from
•
These
funds
figures
include
do
not
Pennsylvania Ohio & Detroit RR. Co. 1st & ref. mtge. any agency of the Federal Government.
4s B, 1981, floated at par.
In the elaborate and comprehensive tables on the succeedJune.-The important domestic corporate issues for this ing
pages we compare the foregoing figures for 1934 with the
month have already been enumerated in our remarks further
corresponding figures for the four years preceding, thus
above in analyzing the financing done during June.
affording a five-year comparison. We also furnish a deTHE CHIEF REFUNDING ISSUES.
tailed analysis for the five years of the corporate offerings,
The most conspicuous issues brought out during the half- showing separately the amounts for all the different classes
year for refunding purposes comprised the following: $15,- of corporations.
000,000 American Water Works & Electric Co. cony, coll.
Following the full-page tables, we give complete details
trust 5s, 1944, issued in March, used entirely for refunding; of the new capital flotations during June, including every
and $59,911,100 New York Central RR. Co. 10-year cony. issue of any kind brought out in that month. Full details
6s, 1944, sold in April, of which $52,500,000 represented as to the separate issues for each of the preceding months
refinancing. There were two large refunding issues put of the half-year can be found in the monthly articles for
out in June, mention of which has already been made in our those months, these articles appearing usually on the first
analysis of that month's financing.
or the second Saturday of the month.
MONTH OF JUNE.
Long-Term Bonds and NotesRailroads
Public utilities
Iron. steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other Industrial and manufacturing
011
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding. &c_
Miscellaneous
Total
Short-Term Bonds & NotesRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c_
Miscellaneous
Total
StocksRailroads
Public utilities
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c_
Miscellaneous
Total
TotalRailroads
Public utilities
Iron, steel, coal, copper, &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
011
Land, buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding, &c_
Miscellaneous
Total corporate securities
4.064,500
45.000
13,871.000
15.469,000
9.806.500
15.424,000
•
4,109,500
25.230,500
29,340,000
79,762,443
30,000.000
9,031,950
30,000,000
88,794.393
83,871.943
64.262.450
148.134.393
41.963.000
4.000,000
3,000.000
41,963,000
3,000.000
4,000,000
4,000,000
19.747,000
3,000,000
100,000
41,963,000
44,963,000
1,263,400
1,263,400
5.000.000
5,100,000
42,253,000
2,500,000
2,500,000
2,500,000
53,250,000
5.000.000
20,000,000
22,800.000
22,800,000
5.360,000
4,000,000
121,575.000
7,500,000
252,917,790
8.500.000
445.363.199
67,315,250
512,678,449
20.000.000
2,069,500
20,000,000
120.611.521
295.000
402.324.311
103,250.000
7,500,000
147.698.581
5.500.000
709,311,780
3,941,000
103.250,000
7,500.000
151,639,581
5.500.000
780.568.030
131.342,790
1,000,000
118,542,021
295.000
251.179,811
151.144,500
424,000
103.550.000
19,747.000
420,000
420.000
9.000,000
9,420,000
9,000.000
9.420,000
19,747,000
4,000,000
23,747.000
302.431
8,529,558
150,000
8,981,989
6,263,400
70.000
9.051,989
41.963,000
3,000.000
1,263,400
9.000,000
33,167,000
12,081,989
5.070,000
71,256.250
1930.
Refunding.
Total.
6,113,000
201,866,000
82,653.000
28,519,000
57.508.000
4,395,000
140,161,000
32,914,000
350,000
15,331,000
62,500.000
11,092.500
9.327.000
4,464,000
500,000
500,000
30,000
50,000
80,000
3,425,000
3.425,000
14,981,000
62.500.000
11,092.500
1,000,000
108,930.000
103,974,000
1.000.000
212,904 000
250,000
14,985.000
214,980,500
15.424,000 • 15,424,000
11,350,000
899,000
10,000,000
4,500,000
3,101,000
10,000,000
15,850,000
4,000,000
63.500,000
5,000,000
45,000
4,000,000
280.000
4,000,000
280,000
3,500,000
4,290,000
15.469,000
16,529.000
34,130,000
1,700,000
77.990,000
2.500,000
1.700,000
80.490,000
38.305.600
70,615,000
2.562,250
38.305,600
73,177,250
4,064,500
45,000
4.034,500
9,806,500
13,871,000
15,424.000
9,327,000
19,888.000
9,327,000
15.853.500
V
302,431
13,699,558
150,000
60,378,389
5.360,000
4,000,000
9,327.000
429,500
75,000
48.296.400
73,250.000
5.000,000
4.034,500
302,431
8,599,558
150,000
70,000
3,000,000
302,431
8,629,558
150,000
6,363,400
41,963,000
1,263,400
420,000
420,000
9.000,000
9,420,000
19,747,000
4,000,000
100,000
New Capital.
2,562,250
5.689,000
98,316,000
45,000
19,747.000
198.623,500
71,490,000
74,700,000
80,254,949
156,370,500
68,990.000
74.700.000
77.692.699
---
19,747,000
Total.
187,604.000
34,130,000
2,700.000
3,183.790
83,630.000 103,974,000
17.601.000
16,529,000
2,700,000
3,183.790
YEARS.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF JUNE FOR FIVE
1931.
1932.
1233.
1934.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
4,000,000
1930.
Refunding.
4,109,500
111
50,000 .c
25,230.500
125,000
29.340,000
17.601,000
62,253,000
2,500,000
250,000
14.985,000
277,233.500
66,000,000
5,000,000
3,500,000
4,290,000
2,700,000
1,500,000
2,700,000
1,500,000
350,000
1,000,000
108,000
350.000
1,000,000
108,000
225,790
5,883,790
225.790
5,883,790
3,889,735
3.960,000
152,392,699
16,113,000
220.416,000
5,500,000
120,958,600
162,634,000
5,000,000
57.508,000
9,457,250
178.466.600
172,091,250
5,000.000
850,000
5.000,000
3,813,000
50,603,364
66.000.000
15,382,500
350,000
50.953,364
66,000.000
15,382,500
1,225.790
252.917,790
4,139,735
20,645.000
445363.199
5,689,000
112.366,000
2,399,000
10,424,000
108.050,000
3,101,000
850.000
5,000,000
3,813,000
1,225,790
131,342.790
121,575,000
6E1 arrinfoA
MONTH OF JUNE.
Corporate-Domestic44,963,000
41,963,000
3.000.000
4,000,000
4,000.000
Long-term bonds and notes_
6.363,400
100,000
6,263.400
19.747,000
19.747.000
Short term
1.075.000
1,075.000
Preferred stocks
7.976.989
70,000
7,906,989
9,420,000
9.420,000
Common stocks
CanadianLong-term bonds and notes_
Short term
Preferred stocks
Common stocks
Other ForeignLong-term bonds and note_
Shortterm
Preferred stocks
Common stocks
60.378,389
48.296.400
12.081,989
33,167,000
23.747.000
9,420,000
Total corporate
60.000,000
60.000.000
Canadian Government
Other foreign Government_
11.500,000 147,400,000 158.900,000
Farm Loan issues
6.149,721 103,399,535
97,249.814
11.868,533 113.454.890
101,586,357
Municipal,_ States, cities, &c_ _
150.000
150.000
Ions_
United States Po
109,481.803 114.446,121 223.927,924
122.506.357 183.015.533 305.521.890
Grand total
* Thesefigures do not include funds obtained by States and municipalitiesfrom any agency of the Federal Government.
aia!uarro feptletru
FIVE YEARS.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF JUNE FOR
1931.
1932.
1933.
1934.
New Capital.
Total.
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
35,622,364
35,622,364
2,562,250
67.315.250
3,889,735
3.960,000
154,954,949
4.139,735
20M45,000
512 678,449
l•D
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE SIX MONTHS ENDED JUNE 30 FOR FIVE YEARS.
1934.
6 MONTHS ENDED JUNE 30.
1923.
New Capital. Refunding.
New Capital. Refunding.
Total.
Total.
Corporate—
Domestic—
$
$
$
$
$
Long-term bonds and notes_
57.539,900
78,460.200 136.000,100
23.621.000 111,008,500 134,629.500
Short-term
12,750.000
35,455,000
22,705,000
16,600,000
44.475.700
61.075.700
Preferred stocks
2,908.800
2.908.800
4.325,000
4,325,000
Common stocks
26.096.485
26,096,485
15,095.500
17,413,278
2,317.778
Canadian—
Long-term bonds and notes_
Short-term
Preferred stocks
Common stocks
Other Foreign—
Long-term bonds and notes_
Short-term
1,200,000
1.200.000
1.600,000
1,600,000
Preferred stocks
Common stocks
Total corporate
99,295,185 102,365,200 201,660,385
59.641,500 159,401,978 219,043,478
Canadian Government
60.000,000
60.000,000
Other foreign Government
Farm Loan issues
54,000,000 244300,000 298.300,000
10.900,000
10.900.000
*Municipal, States, cities, &c_.... 451,068,829
69.002.495 520,071,324
208.948,049
17.477,077 226,425.126
United States Po
ons__
150.000
150.000
Grand total
604,364.014 415.667.695 1.020,031.709
279.639,549 236.879.055 516.518,604
* These figures do not includefunds obtained by States and municipalitiesfrom any agency of the Federal Government.
New Capital.
134,517,300
16,594,000
6,775.275
2,296,900
1932.
Refunding.
28,393,500
59,349,000
1,897.320
Total,
162,910,800
75,943.000
6,775.275
4,194,220
New Capital.
1931.
Refunding.
Total.
New Capital.
1930.
Refunding.
Total.
773,570.100
156,326,350
95,898.667
122,707,384
616,334,200 1,389.904,300 1,810,489,160
66.659,500 222,985,850
290,749,250
31,050,000 126,948,667
307,097,946
122,707.384
912,846,351
90,000,000
90,000.000
127.138.000
5,000,000
13,000,000
38,000,000
165.138,000
5.000,000
13,000.000
72.800,000
5,000,000
169,015,000
21,000,000
4,000,000
173,015,000
21,000,000
72.800.000
5,000,000
160,183,475
89,639,820
249,823,295 1,311,302,501
40,922.000
30,000,000
475,742,164
92.500.000
52,727.376
122,500,000
528,469,540
665,925.639
234,867.196
29,600,000
839.380,936
295.000
900,792,835 2,221,500,437
10,060,000
719,043,700 2,030,346,201 3,666,395,707
50,422.000
9.500,000
44,142,000
369,206.000
31,000,000
60,600,000
30.500,000
11.807,500 851,188.436
747,728,170
295,000
9.675.000
771,351,200 2,992.851.637 4.867,646.877
190,447.250 2,000,936.410
52,313,000 343,062,250
307.097,946
13.315.750 926,162,101
10 060.000
298.076.000 .3.964,471.707
7.158,000
51.300,000
5,500,000 374,706,000
30.500.000
17.808.412 765.536,582
9.675,000
328.542,4125,196,189,289
1934.
6 MONTHS ENDED JUNE 30. New Capital. Refunding.
Total.
Long-Term Bonds and Notes—
$
47,109,100
52,500,000
Railroads
99,609,100
23,652.200
10,430,800
Public utilities
34.083.000
Iron, steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
2,308,000
2,308,000
Oil
Land. buildings, &c
Rubber
Shipping
Inv. trusts, trading, holding,
Miscellaneous
Total
57,539,900
78,460,200 136.000,100
Short-Term Bonds & Notes—
Railroads
20,947,000
20.947,000
Public utilities
12,000,000
12,000,000
Iron. steel, coal, copper, &-c
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
2,958.000
2.958,000
Oil
500,000
500,000
Land, buildings, Ste
Rubber
Shipping
Inv. trusts, trading, holding. Ste__ _
Miscellaneous
250.000
250.000
Total
12,750,000
23.905,000
36.655,000
Stocks-Railroads
Public utilities
Iron, steel, coal. copper, &c
588,750
588,750
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
18,891,535
18,891,535
Oil
Land, buildings, /ix
Rubber
525.000
525,000
Shipping
Inv. trusts, trading. holding, &c_..
Miscellaneous
9.000.000
9.000.000
Total
29,005,285
29.005,285
Total—
Railroads
47,109.100
73.447.000 120,556,100
Public utilities
22,430,800
23.652.200
46,083,000
Iron. steel, coal, copper, dtc
588,750
588.750
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
18.891,535
5.266.000
24.157.535
Oil
500.000
500,000
Land, buildings, Ste
Rubber
525,000
52.),000
Shipping
Inv. trusts, trading, holding, &c_
Miscellaneous
9.250.000
9.250,000
Total corporate securities
99,295.185 102.365.200 201.660.385
New Capital.
12,000.000
10.721,000
1933.
Refunding.
Total.
76.765.500
32,518,000
88,765,500
43,239,000
1,725,000
1,725,000
900.000
New Capital.
1932.
Refunding.
1931.
Iv ew t.aptial. itetunaing.
$
$
9,327.000
247,815,300 146,319,700
150,833,800
462,492,000 458,538.000
102.939,800
6.062,500
11,970.000
Total.
131.817.300
9327.000
19,016,500
900,000
2,500,000
50,000
2,550,000
66.167.000
2,000,000
29,050.000
200.000
134.517.300
28.393.500
206;000
162,910.800
12,286,000
936,370.100
1.000,000
58,249,000
100.000
8,375,000
61.099.000
100,000
111.008.500
134,629.500
16,500.000
6.216,000
23,295.200
5,605,400
6,216.000
39.795.200
5.605,400
100,000
5,000.000
5,100,000
16,600,000
302.431
18,968,069
150,000
4.101.000
24.970,000
72,387,500
899.000
12,530,000
19,837,500
3.101,000
37,500,000
92,225,000
4,000,000
4.101,000
21,385.000
9,649,000
6.935,850
33.500,000
791,000
1.400,000
54,885.000
10.440.000
8,335,850
500,000
71,659,500
500.000
20,100,000
227,985.850
1,000,000
13,200.000
316,749.250
212,613.511
1,500,000
13,606,250
3,052,500
1,390,500
5,959.100
46.075.700
62,675,700
2,268.000
16.594.000
59,349,000
2,268.000
75,943,000
20.100,000
156.326,350
2.147.778
2,147,778
4,912.175
1,897,320
6.809,495
181.563.511
1,500,000
170.000
302,431
19,138,069
150,000
491,250
491,250
13,606,250
3.052,500
1,390.500
2.168.750
2,168.750
2,317,778
21.738,278
12,000.000
27,221,000
82,981,500
57,960,978
5,605.400
94.981.500
85.181,978
5.605,400
302,431
19,068,069
150,000
900,000
6,895,000
5,959,100
159.401.978
1.500.000
9.072.175
7,375,000
139,579,475
302,431
25,963,069
150.000
900.000
5,959,100
6.601.000
2.168,750
219.043.478
3.968.000
160.183,475
1,897,320
1.500,000
10,969,495
2,300,000
15.193,290
218,606,051
10,327,000
79,162,820
100,000
17.702,000
218,742,295
100,000
272,785,300
716.443,011
105,338300
11.970,000
491.250
50.000
6,651.000
2.168,750
101.158.250
14,701,500
37.376,350
491,250
155,061.910
142,550.000
92,272,500
30.000,000
1,650,000
10,000,000
75,250.000
2.694,000
14,980.000
63,285,000
616.334.200 1,552,704,300 2.106,642,160
67,667.000
2,000,000
30,270,000
5,959,100
19.420,500
59,641,500
7,375.000
2,850.000
ivew uapitat.
$
568,777.250
944,195.500
17.500,000
7,750.000
1,220,000
1,650,000
23,621.000
1,500,000
i °tat.
$
394,135,000
921,030,000
109.002,300
11,970,000
1.650,000
2.300,000
47,579,290
3.968.000
89.639.820 249.823.295 1.311.302.501
31,050,000
12.000,000
125,122.000
28,000,000
12,000.000
2,600,000
70,155.000
6.650.000
45.222.250
800.000
1930.
nejunaing.
$
169,951.750
54,000,500
otat.
$
738.729,000
998,196,000
17,500.000
7.750,000
455,000
6,950.000
70,000
155.516,910
149.500,000
92,342,500
30,000,000
10.000,000
75,250,000
1.020,000
64,305,000
232,447.250 2,339,089,410
2.500.000
15,628,000
16,900,000
600.000
685,000
15,000,000
14.500,000
140.750,000
28.000.000
12,000,000
2,600,000
87.055,000
7,250.000
45,907.250
15,800,000
1,000.000
52,313.000
1.000,000
14,200.000
369,062,250
66,055,600
649.771,761
115,879,875
11.562,250
66,055,600
661,334,011
115,879.875
4.132,662
174,142,395
81.698,463
12,265,000
1,371.500
4,132,662
175,513,895
81.698,463
12,265.000
2.300,000
72.987,079
15.193,290
66,071,462
249,656.051 1,243.004,297
72,987,079
382,000
66,453,462
13,315,750 1.256,320,047
158,849,700 431,635,000
646,832,850
509,425,500 1.225,868,511 1,719,089.261
9,163.500 114,502,300
161,379,875
11,970.000
19,750.000
6,732.662
35,000,000 136,158.250
399,359.305
791,000
15.492,500
230,898.462
2,620,000
149,759,750
39,996.350
30,800.000
10,000.000
1,650,000
500,000
2300,000
149,237.079
2.694,000
142.556,462
50.273.290
719.043.700 2.030246.201 3.986295.707
172,451.750 819.284,600
81,190.750 1,800,280,011
161,379,875
19.750,000
6.732.662
18,726,500 418,085.805
7.550.000 238,448,463
755,000 150,514.750
15,000.000
45,800,000
10,000,000
149,237.079
2,402,000 144.958.462
298.076.000 3.964471 7n7
31,050,000
ajoiuolgo lepueulg
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE SIX MONTHS ENDED JUNE 30 FOR FIVE YEARS.
23
Financial Chronicle
Volume 139
DETAILS OF NEW CAPITAL FLOTATIONS
DURING JUNE 1934.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount
Purpose of Issue.
Price.
Public Utilities—
4,000,000 Refunding
To Yield
About.
Company and Issue, and by Whom Offered.
6.00 Atlanta Gas Light Co. Gen. M. 6s 1944. Offered to holders of company's 1-yr.6% notes and 2-yr.
4 % notes due March 16 1933.
100
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Railroads—
12,600,000 Refunding
To Yield
About.
100
2,155,000 Refunding
9.5 "
5,092,000 Refunding
95
Company and Issue, and by Whom Offered.
6.00 Illinois Central Railroad Co. 3-yr. 6% notes due June 1 1937. Offered to holders of company's 3-yi.
434% notes, due June 1 1934.
5.66 Milwaukee & Northern RR. Co. let M.434% bonds, due June 1 1939. Offered to holders of company's
•
1st. M.434s, due June 1 1934.
5.66 Milwaukee & Northern RR. Co. Cons. M. 4348, due June 1 1939. Offered to holders of company's
Cons. M. 434s, due June 1 1934.
19,747,000
STOCKS.
Par or No.
of Shares.
To Yield
a Amount Price
Involved. per Share. About.
Purpose of Issue.
Other Industrial & Manfg.—
300,000 Additional equip.; new bidgs., &c_ _
300,000
1
120,000 Pay bank loans; 0th. corp. purP---
180,000
3
Company and Issue, and by Whom Offered.
C. & K. Brewing Co.,Hamtramck (Detroit) Capital stock. Offered by John L. Brown &
Co., Detroit.
TrIner (Joseph) Corp. Common stock. Offered by Haskell. Scott & Geyer, Chicago.
480,000
Miscellaneous —
600,000 she General corporate purposes
9,000,000
The First Boston Corp. Capital stock. Offered to stockholders of Chase Corp. and stockholders of The First National Bank of Boston.
18
FARM LOAN ISSUES.
Amount,
/nue and Purpose.
Price.
131,400,000 Federal Land Banks 4% Cons. Bonds, dated
July 1 1934 and due July 1 1948 (refunding)- 1003i
To Yield
About.
Offered by-
3.90 Alex: Brown & Sons; The Chase Nat'l Bank; Brown Harriman & Co., loc.; Guaranty
Trust Co. of N. Y.; National City Bank of N. Y.; Edward B. Smith & Co.; The First
Boston Corp. and Lee Higginson Corp.
27,600,000 Federal Intermediate Credit Banks 2% Coll.
Trust Deb., dated June 15 1934 and due in
4 and 9 months (refunding and provide funds
for loan purposes)
Prices on amnia.
Charles It. Dunn, Fiscal Agent, New York.
ISSUES NOT REPRESENTING NEW FINANCING.
Par or No. a Amount
of Shares. Involved, Price.
80,000 abs
1,200,000
15
To Yield
About.
Company and Issue, and by Whom Offered.
Froedtert Grain & Malting Co., Inc. Cony. Pref. stock. (Convertible into com, stock, on a share for share basis) Offered
by Dammons dr Co., Inc., New York.
•Shares of no par value. a Preferred stocks of a stated par value are taken at par, while preferred stocks of no par value and all classes of common stocks are computed at their offering prices.
Text of Act Providing for Direct Loans to Industry by Federal Reserve Banks—Also
Provides for Loans by R. F. C.
We are giving below the text of the recently enacted bill
providing for direct loans to smaller industries by Federal
Reserve Banks. Reference to the final Congressional on
the bill appeared in our issue of June 23, page 4225, and on
page 4385 in our June 30 issue, we gave the text of the regulations of the Federal Reserve Board governing the making
of loans under the new measure. The new law, in addition
to providing for loans of approximately $280,000,000 through
the Reserve System, also provides for loans for working
capital to small industries to a total of $300,000,000 by the
Reconstruction Finance Corporation. The loans would
have a five-year maturity and the maximum amount which
could be loaned to any one organization would be $500,000.
The bill was signed by President Roosevelt on June 19—
not June 20, as previously reported. The text of the new
Act follows:
(S. 3487)
AN ACT.
Relating to direct loans for industrial purposes by Federal Reserve Banks,
and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled. That the Federal Reserve Act, as amended,
Is amended by adding after section 13a thereof a new section reading as
follows:
"Sec. 13b. (a) In exceptional circumstances, when it appears to the
satisfaction of a Federal Reserve bank that an established industrial or
commercial business located in its district is unable to obtain requisite
financial assistance on a reasonable basis from the usual sources, the
Federal Reserve bank,pursuant to authority granted by the Federal Reserve
Board, may make loans to, or purchase obligations of, such business, or
may make commitments with respect thereto, on a reasonable and sound
basis, for the purpose of providing it with working capital, but no obligation
shall be acquired or commitment made hereunder with a maturity exceeding
five years.
"(b) Each Federal Reserve bank shall also have power to discount for,
or purchase from, any bank, trust company, mortgage company, credit
corporation for industry, or other financing institution operating in its
district, obligations having maturities not exceeding five years, entered
into for the purpose of obtaining working capital for any such established
industrial or commercial business; to make loans or advances direct to any
such financing institution on the security of such obligations; and to make
commitments with regard to such discount or purchase of obligations or
with respect to such loans or advances on the security thereof, including
commitments made in advance of the actual undertaking ofsuch obligations.
Each such financing institution shall obligate itself to the satisfaction of the
Federal Reserve bank for at least 20 per centum of any loss which may be
sustained by such bank upon any of the obligations acquired from such
financing institution, the existence and amount of any such loss to be
determined in accordance with regulations of the Federal Reserve Board:
Provided, That in lieu of such obligation against loss any such financing
Institution may advance at least 20 per eentum of such working capital for
any established industrial or commercial business without obligating itself
to the Federal Reserve bank against loss on the aniOunt advanced by the
Federal Reserve bank: Provided, however, That such advances by the financing institution and the Federal Reserve bank shall be considered as one
advance, and repayment shall be made pro rata under such regulations as
the Federal Reserve Board may prescribe.
"(c) The aggregate amount of loans, advances, and commitments of the
Federal Reserve banks outstanding under this section at any one time, plus
the amount of purchases and discounts under this section held at the same
time, shall not exceed the combined surplus of the Federal Reserve banks
as of July 1 1934, plus all amounts paid to the Federal Reserve banks by the
Secretary of the Treasury under subsection (e) of this section, and all
operations of the Federal Reserve banks under this section shall be subject
to such regulations as the Federal Reserve Board may prescribe.
"(d) For the purpose of aiding the Federal Reserve banks in carrying
out the provisions of this section, there is hereby established in each Federal
Reserve district an industrial advisory committee, to be appointed by the
Federal Reserve bank subject to the approval and regulations of the Federal
Reserve Board, and to be composed of not less than three nor more than
five members as determined by the Federal Reserve Board. Each member
of such committee shall be actively engaged in some industrial pursuit
within the Federal Reserve district in which the committee is established,
and each such member shall serve without compensation but shall be
entitled to receive from the Federal Reserve bank of such district his
necessary expenses while engaged in the business of the committee, or a
per diem allowance in lieu thereof to be fixed by the Federal Reserve
Board. Each application for any such ldan, advance, purchase, discount,
or commitment shall be submitted to the appropriate committee and,after
an examination by it of the business with respect to which the application is
made, the application shall be transmitted to the Federal Reserve bank,
together with the recommendation of the committee.
"(e) In order to enable the Federal Reserve banks to make the loans,
discounts, advances, purchases, and commitments provided for in this
section, the Secretary of the Treasury, upon the date this section takes
effect, is authorized, under such rules and regulations as he shall prescribe,
to pay to each Federal Reserve bank not to exceed such portion of the sum
of $139,299,557 as may be represented by the par value of the holdings of
each Federal Reserve bank of Federal Deposit Insurance Corporation stock.
upon the execution by each Federal Reserve bank of its agreement (to be
endorsed on the certificate of such stock) to hold such stock unencumbered
and to pay to the United States all dividends, all payments on liquidation,
24
Financial Chronicle
and all other proceeds of such stock, for which dividends, payments, and
proceeds the United States shall be secured by such stock itself up to the
total amount paid to each Federal Reserve bank by the Secretary of the
Treasury under this section. Each Federal Reserve bank, in addition,
shall agree that, in the event such dividends, payments, and other proceeds
in any calendar year do not aggregate 2 per centum of the total payment
made by the Secretary of the Treasury, under this section, it will pay to the
United States in such year such further amount,if any, up to 2 per centum
of the said total payment, as shall be covered by the net earnings of the
bank for that year derived from the use of the sum so paid by the Secretary
of the Treasury, and that for said amount so due the United States shall
have a first claim against such earnings and stock, and further that it will
continue such payments until the final liquidation of said stock by the
Federal Deposit Insurance Corporation. The sum so paid to each Federal
Reserve bank by the Secretary of the Treasury shall become a part of the
surplus fund of such Federal Reserve bank within the meaning of this
section. All amounts required to be expended by the Secretary of the
Treasury in order to carry out the provisions of this section shall be paid
out of the miscellaneous receipts of the Treasury created by the increment
resulting from the reduction of the weight of the gold dollar under the
President's proclamation of Jan. 31 1934; and there is hereby appropriated.
out of such receipts, such sum as shall be required for such purpose."
Sec. 2. Section 5202 of the Revised Statutes of the United States, as
amended, is hereby amended by adding at the end thereof the following
new paragraph:
"Tenth. Liabilities incurred under the provisions of section 13b of the
Federal Reserve Act."
Sec. 3. Section 22 of the Federal Reserve Act is amended by adding at
the end thereof the following new paragraphs:
"(h) Whoever makes any material statement, knowing it to be false, or
whoever willfully overvalues any securiO, for the purpose of influencing
in any way the action of a Federal Reserve bank upon any application,
commitment,advance, discount, purchase,or loan, or any extension thereof
by renewal, deferment of action, or otherwise, or the acceptance, release,
or substitution of security therefor, shall be punished by a fine of not more
than $5,000 or by imprisonment for not more than two years, or both.
"(i) Whoever, being connected in any capacity with a Federal Reserve
bank (1) embezzles, abstracts, purloins, or willfully misapplies any moneys,
funds,securities, or other things of value, whether belonging to it or pledged
or otherwise entrusted to it, or (2) with intent to defraud any Federal Reserve bank, or any other body politic or corporate, or any individual, or
to deceive any officer, auditor, or examiner, makes any false entry in any
book, report, or statement of or to a Federal Reserve bank, or, without
being duly authorized, draws any order or issues, puts forth, or assigns any
note, debenture, bond, or other obligation, or draft, mortgage, judgment,
or decree shall be punished by a fine of not more than $10.000 or by imprisonment for not more than five years, or both.
"(1) The provisions of sections 112, 113, 114, 115, 116, and 117 of the
Criminal Code of the United States, insofar as applicable, are extended to
apply to contracts or agreements of any Federal Reserve bank under this
Act, which,for the purposes hereof,shall be held to include advances,loans,
discounts, purchase, and repurchase agreements; extensions and renewals
thereof; and acceptances, releases, and substitutions of security therefor.
"(k) It shall be unlawful for any person to stipulate for or give or receive,
or consent or agree to give or receive, any fee, commission, bonus, or thing
of value for procuring or endeavoring to procure from any Federal Reserve
bank any advance, loan, or extension of credit or discount or purchase of
any obligation or commitment with respect thereto, either directly from
such Federal Reserve bank or indirectly through any financing institution
unless such fee, commission, bonus, or thing of value and all material facts
with respect to the arrangement or understanding therefor shall be disclosed in writing in the application or request for such advance, loan,
extension of credit, discount, purchase, or commitment. Any violation of
the provisions of this paragraph shall be punishable by imprisonment for
not more than one year or by a fine of not exceeding $5,000, or both. If a
director, officer, employee, or agent of any Federal Reserve bank shall
knowingly violate this paragraph, he shall be held liable in his personal and
individual capacity for any loss or damage sustained by such Federal
Reserve bank in consequence of such violation."
Sec. 4. Section 10 of the Federal Reserve Act, as amended, is further
amended by changing the period at the end of the third paragraph thereof
to a comma and inserting thereafter the following: "and such assessments
may include amounts sufficient to provide for the acquisition by the Board
in its own name of such site or building in the District of Columbia as in its
judgment alone shall be necessary for the purpose of providing suitable and
adequate quarters for the performance of its functions. After approving
such plans, estimates, and specifications as it shall have caused to be
prepared, the Board may, notwithstanding any other provision of law,
'cause to be constructed on the site so acquired by it a building suitable and
adequate in its judgment for its purposes and proceed to take all such steps
.as it may deem necessary or appropriate in connection with the construction,
-equipment, and furnishing of such building. The Board may maintain,
enlarge, or remodel any building so acquired or constructed and shall have
sole control of such building and space thereof.'
Sec. 5. That the Reconstruction Finance Corporation Act, as amended
Supp. VII, title 15, ch. 14), is amended by inserting before
section 6 thereof the following new section:
"Sec. 5d. For the purpose of maintaining and increasing the employment
of labor, when credit at prevailing bank rates for the character of loans
applied for is not otherwise available at banks,the Corporation is authorized
and empowered to make loans to any industrial or commercial business,
which shall include the fishing industry, established prior to Jan. 1 1934.
Such loans shall in the opinion of the board of directors of the Corporation
be adequately secured, may be made directly, or in co-operation with banks
or other lending institutions, or by the purchase of participations, shall
have maturities not to exceed five years, shall be made only when deemed
to offer reasonable assurance of continued or increased employment of
labor, shall be made only when, in the opinion of the board of directors of
the Corporation, the borrower is solvent, shall not exceed $300,000,000 in
aggregate amount at any one time outstanding, and shall be subject to
such terms, conditions, and restrictions as the board of directors of the
Corporation may determine. The aggregate amount of loans to any one
borrower under this section shall not exceed $500,000.
"The power to make loans given herein shall terminate on Jan. 31 1935,
or on such earlier date as the President shall by proclamation fix; but no
provision of law terminating any of the functions of the Corporation shall
be construed to prohibit disbursement of funds on loans and commitments,
or agreements to make loans, made under this section prior to Jan. 31 1935,
or such earlier date."
Sec. 6. (a) Section 882 of the Revised Statutes (U.S.C., title 28, sec.
661) is amended to read as follciws:
"Sec. 882. (a) Copies of any 'looks, records, papers, or other documents
in any of the executive departments, or of any corporation all of the stock
of which is beneficially owned by the United States, either directly or indirectly, shall be admitted in evidence equally with the originals thereof,
July 7 1934
when duly authenticated under the seal of such department or corporation,
respectively.
"(b) Books or records of account in whatever form, and minutes (or
Portions thereof) of proceedings, of any such executive department or
corporation, or copies of such books, records, or minutes authenticated
under the seal of such department or corporation, shall be admissible as
evidence of any act, transaction, occurrence, or event as a memorandum of
which such books, records, or minutes were kept or made.
"(c) The seal of any such executive department or corporation shall be
judically noticed."
(b) Section 4 of the Reconstruction Finance Corporation Act, as amended
(U.S.C.,Supp. VII,title, 15,sec. 604),is amended by inserting immediately
before the semicolon following the words "corporate seal" a comma and the
words "which shall be judicially noticed".
Sec. 7. Section 1001 of the Revised Statutes, as amended (U.S.C.,
title 28, sec. 870), is amended by inserting immediately after the word
"Government" the following: "or any corporation all the stock of which is
beneficially owned by the United States, either directly or indirectly".
Sec. S. The Reconstruction Finance Corporation Act, as amended
(U.S.C., Supp. VII, title 15, ch. 14), is further amended by inserting
after section 5a thereof the following new section:
"Sec. 5b. Notwithstanding any other provision oflaw—
"(1) The maturity of drafts or bills of exchange which may be accepted
by the Corporation under section 5a of this Act, and the period for which
the Corporation may make loans or advances under sections 201 (c) and
201 (d)of the Emergency Relief and Construction Act of 1932, as amended,
and under section 5 of this Act, may be five years, or any shorter period,
from Feb. 1 1935: Provided, That in respect ofloans or advances under such
section 5 to railroads, railways, and receivers or trustees thereof, the Corportation may require as a condition of making any such loan or advance
for a period longer than three years that such arrangements be made for
the reduction or amortization of the indebtedness of the railroad or railway,
either in whole or in part, as may be approved by the Corporation after the
prior approval of the Interstate Commerce Commission.
"(2) The Corporation may at any time, or from time to time, extend, or
consent to the extension of, the time of payment of any loan or advance
made by it, through renewal, substitution of new obligations, or otherwise,
but the time for such payment shall not be extended beyond five years from
Feb. 1 1935: Provided, That the time of payment of loans or advances to
railroads.railways,and receivers or trustees thereof,shall not be so extended
except with the prior approval of the Interstate Commerce Commission,
and,in the case of a loan to a railroad or railway, with the prior certification
of the Interstate Commerce Commission that the railroad or railway is not
In need offinancial reorganization in the public interest.
"(3) In connection with the reorganization under section 77 of the
Federal Bankruptcy Act, approved July 1 1898, as amended, or with receivership proceedings in a court or courts, of any railroad or railway indebted to the Corporation, or of any railroad or railway the receivers or
trustees of which are indebted to the Corporation, the Corporation may,
with the prior approval of the Interstate Commerce Commission, adjust or
compromise its claim against such railroad or railway, or any such receiver
or trustee, by accepting, in connection with any such reorganization or
receivership proceedings and in exchange for securities or any part thereof
then held, new securities which may have such terms as to interest maturity,
and otherwise as may be approved by the Corporation, or part cash and
Part new securities so approved: Provided. That any such adjustment or
compromise shall not be made on leas favorable terms than those provided
In the reorganization of the railroad or railway for holders of claims of the
same class and rank as the claim of the Corporation."
Sec. 9. Section 301 of the National Industrial Recovery Act (U.S.C.,
Supp. VII, title 40, sec. 412) is amended by inserting before the period at
the end thereof a colon and the following: "Provided further, That in connection with any loan or contract or any commitment to make a loan
entered into by the Reconstruction Finance Corporation prior to June 26
1933, to aid in financing part or all of the construction cost of projects
pursuant to section 201 (a) (1) of the Emergency Relief and Construction
Act of 1932, as amended, the Corporation may make such further loans and
contracts for the completion of any such project, or for improvements,
additions, extensions, or equipment which are necessary or desirable for the
Proper functioning of any such project, or which will materially increase
the assurance that the borrower will be able to re-pay the entire investment
of the Corporation in such project, including such improvements, additions,
extensions, or equipment; and the Corporation may disburse funds to the
borrower thereunder, at any time prior to Jan. 23 1939, notwithstanding
any provisions to the contrary contained in this section or in section 201
(8) of the Emergency Relief and Construction Act of 1932, as amended:
Provided further, That any such further loans shall be made subject to all
the terms and conditions set forth in the Emergency Relief and Construction
Act of 1932, as amended, with respect to the loans authorized by section
201 (a) (1) of said Act."
Sec. 10. Notwithstanding any limitations on its power, the Reconstruction Finance Corporation, upon request of any borrower under section
201 (a) of the Emergency Relief and Construction Act of 1932, as amended
may adjust the maturities of any obligations of such borrowers now held
by it, or hereafter acquired by it under lawful commitments, to such periods
as may in the discretion of the Reconstruction Finance Corporation be
proper, but such adjustment shall not extend any such maturity to more
than twenty yearsfrom the advancing of the sum or sums evidenced thereby.
Sec. 11. Sections 36 of the Emergency Farm Mortgage Act of 1933, as
amended (U.S.C., Supp. VII,title 43,sec. 403), is amended as follows:
(1) By striking from the first sentence thereof "$50,000,000 to or for
the benefit of drainage districts, levee districts, levee and drainage districts.
irrigation districts, and similar districts," and inserting in lieu thereof
-3125,000,000 to or for the benefit of drainage districts, levee districts,
levee and drainage districts,irrigation districts, and similar districts, mutual
non-profit companies and incorporated water users' associations".
(2) By striking from the second sentence thereof "district or political
subdivision" and inserting in lieu thereof "district, political subdivision,
company, or association".
(3) By amending clause (4) thereof to read as follows:
"(4) the borrower shall agree, insofar as it may lawfully do so, that so
long as any part of such loan shall remain unpaid the borrower will in each
year apply to the repayment of such loan or to the purchase or redemption
of the obligations issued to evidence such loan, an amount equal to the
amount by which the assessments, taxes, and other charges collected by it
exceed (a) the cost of operation and maintenance of the project, (b) the
debt charges on its outstanding obligations, and (c) provision for such
reasonable reserves as may be approved by the Corporation; and".
(4) By adding at the end thereof the following new paragraph:
"When any loan is authorized pursuant to the provisions of this section
and it shall then or thereafter appear that repairs and necessary extensions
or improvements to the project of such district, political subdivisions
company,or association are necessary or desirable for the proper functioning
of its project or for the further assurance of its ability to repay such loan.
and If it shall also appear that such repairs and necessary extensions or
Financial Chronicle
Volume 139
improvements are not designed to bring new lands into production, the
Corporation, within the limitation as to total amount provided in this
section, may make an additional loan or loans to such district, political
subdivision, company, or association for such purpose or purposes. When
application therefor shall have been made by any such district, political
subdivision, company, or association any loan authorized by this section
may be made either to such district, political subdivision, company, or
association or to the holders or representatives of the holders of their existing
indebtedness, and such loans may be made upon promissory notes collateraled by the obligations of such district, political subdivision, company,
or association or through the purchase of securities issued or to be issued by
such district, political subdivision, company, or association.*"
Sec. 12. (a) Sections 2 and 3 of the Act entitled "An Act to authorize
the Reconstruction Finance Corporation to subscribe for preferred stock
and purchase the capital notes of insurance companies, and for other purposes", approved June 10 1933, as amended (U.S.C., Supp. VII, title 15,
secs. 605f and 605g), are amended to read as follows:
"Sec. 2. In the event that any such insurance company shall be incorporated under the laws of any State which does not permit it to issue
preferred stock, exempt from assessment or additional liability, or if such
laws permit such issue of preferred stock only by unanimous consent of
stockholders, or upon notice of more than twenty days, or if the insurance
company is a mutual organization without capital stock,the Reconstruction
Finance Corporation is authorized for the purposes of this Act to purchase
the legally issued capital notes of such insurance company, or, if the company is a mutual organization without capital stock, such other form or
forms of indebtedness as the laws of the State under which such company
is organized permit, or to make loans secured by such notes or such other
form or forms of indebtedness as collateral, which may be subordinated in
whole or in part or to any degree to claims of other creditors.
"Sec. 3. The Reconstruction Finance Corporation shall not subscribe
for or purchase any preferred stock or capital notes of any applicant insurance company. (1) until the applicant shows to the satisfaction of the
Corporation that it has unimpaired capital, or that it will furnish new capital
which will be subordinate to the preferred stock or capital notes to be subscribed for or purchased by the Corporation, equal to the amount of said
preferred stock or capital notes so subscribed for or purchased by the
Corporation: Provided, That the Corporation may make loans upon said
preferred stock or capital notes, or other form or forms of indebtedness
permitted by the laws of the State under which said applicant is organized,
if, in its opinion, such loans will be adequately secured by said stock or
capital notes or other form or forms of indebtedesss and (or) such other
forms of security as the Corporation may require, (2) if at the time of such
subscription, purchase, or loan any officer, director, or employee of the
applicant is receiving total compensation in a sum in excess of $17,500 Per
annum from the applicant and (or) any of its affiliates, and (3) unless at
such time, the insurance company agrees to the satisfaction of the Cor-
25
poration that while any part of the preferred stock, notes, bonds or debentures (or, in the case of a mutual insurance company, other form or
forms of indebtedness permitted by the laws of the State under which the
company is organized)ofsuch insurance company is held by the Corporation,
the insurance company, except with the consent of the Corporation, will
not(a)increase the compensation received by any of its officers, directors, or
employees from the insurance company and (or) any of its affiliates, and
in no event increase any such compensation to an amount exceeding $17,500
per annum,or (b) retire any of its stock. notes, bonds, debentures, or other
forms of Indebtedness issued for capital purposes. For the purposes of this
section, the term "compensation" includes any salary, fee, bonus, commission, or other payment direct or Indirect, in money or otherwise for personal
services."
(b) Section 11 of such Act of June 10 1933, as amended (U.S.C., Surd).
VII,title 15, sec. 6051). is amended by adding at the end thereof the following new sentence: "As used in this section and in sections 1, 2, and 3 of this
Act, the term 'State' means any State, Territory, or possession of the
United States, the Canal Zone and the District of Columbus."
Sec. 13. The Reconstruction Finance Corporation is authorized and
empowered to make loans upon full and adequate security, based on
mineral acreage, to recognized and established incorporated managing
agencies offarmers' co-operative mineral rights pools not engaged in drilling
or mining operations, said loans to be made for the purpose of defraying
the cost of organizing such pools.
Sec. 14. The Reconstruction Finance Corporation is authorized and
empowered to make loans upon adequate security, based on mineral
acreage to recognized and established incorporated agencies, individuals,
and partnerships engaged in the business of mining mills or smelting of ores.
Sec. 15. The Corporation is authorized and empowered to make loans
under section 5 of the Reconstruction Finance Corporation Act,as amended
to any person association, or corporation organized under the laws of any
State, the District of Columbia, Alaska, Hawaii, or Puerto Rico, for the
purpose offinancing the production,storage, handling, packing, processing,
carrying, and (or) orderly marketing of fish of A merican fisheries and (or)
products thereof upon the same terms and conditions, and subject to the
same limitations, as are applicable in case of loans made under said section
5, as amended.
Sec. 16. The Reconstruction Finance Corporation is hereby authorized
and empowered to make loans at any time prior to January 31 1935, out
of the funds of the Corporation upon full and adequate security, to public
school districts or other similar public school authorities organized pursuant
to State law, for the purpose of payment of teacher's salaries due prior to
June 1 1034; provided, That the aggregate* amount of such loans at any
time outstanding shall not exceed $75,000,000.
* So in original.
Approved. June 19 1934.
Text of Silver Purchase Act of 1934.
The enactment into law of the Silver Purchase Act of 1934
was reported in these columns June 23, page 4222, the
signing of the bill by President Roosevelt having occurred on
June 19, after Congress had completed its action on the
bill on June 13. In our issue of a week ago—June 30,
page 4394—we noted the issuance of an order by Secretary
of the Treasury Morgenthau, with the approval of President
Roosevelt, placing an embargo on exports of silver, except
under license. This action was taken under the Silver
Purchase Act. A summary of the principal provisions
of the Act appeared in an item in these columns June 16,
page 4051. The following is the text of the Act:
R. 9745
AN ACT.
To authorize the Secretary of the Treasury to purchase silver, issue silver
certificates, and for other purposes.
Be it enacted by the Senate and House of Representatives of the L nited Stales
of America in Congress assembled, That the short title of this Act shall be
the "Silver Purchase Act of 1934."
Sec. 2. It is hereby declared to be the policy of the United States that the
proportion of sliver to gold in the monetary stocks of the United States
should be increased, with the ultimate objective of having and maintaining,
one fourth of the monetary value of such stocks in silver.
Sec. 3. Whenever and so long as the proportion of silver in the stocks of
gold and silver of the United States is less than one-fourth of the monetary
value of such stocks, the Secretary of the Treasury is authorized and
directed to purchase silver, at home or abroad, for present or future delivery
with any direct obligations, coin, or currency of the United States, authorized by law, or with any funds in the Treasury not otherwise appropriated,
at such rates, at such times, and upon such terms and conditions as he may
deem reasonable and most advantageous to the public interest: Provided.
That no purchase of silver shall be made hereunder at a price in excess of
the monetary value thereof: And provided further, That no purchases of
silver situated in the continental United States on May 1 1934, shall be
made hereunder at a price in excess of 50 cents a fine ounce.
Sec, 4. Whenever and so long as the market price of silver exceeds its
monetary value or the monetary value of the stocks of silver is greater
than 25 per centunt of the monetary value of the stocks of gold and silver,
the Secretary of the Treasury may, with the approval of the President and
subject to the provisions of section 5, sell any silver acquired under the
authority of this Act, at home or abroad, for present or future delivery,
at such rates, at such times, and upon such terms and conditions as he may
deem reasonable and most advantageous to the public interest.
Sec. 5. The Secretary of the Treasury is authorized and directed to
issue silver certificates in such denominations as he may from time to time
prescribe in a face amount not less than the coat of all silver purchased
under the authority of section 3, and such certificates shall be placed in
actual circulation. There shall be maintained in the Treasury as security
for all silver cettificates heretofore or hereafter issued and at the time
outstanding an amount of silver in bullion and standard silver dollars of a
monetary value equal to the face amount of such silver certificates. All
silver certificates heretofore or hereafter issued shall be legal tender for all
debts, public and private, public charges, taxes, duties, and due, and shall
be redeemable on demand at the Treasury of the United States in standard
silver dollars; and the Secretary of the Treasury is authorized to coin
standard silver dollars for such redemption.
Sec. 6. Whenever in his judgment such action is necessary to effectuate
the policy of this Act, the Secretary of the Treasury is authorized, with the
approval of the President, to investigate, regulate, or prohibit, by means
of licenses or otherwise, the acquisition, importation, exportation, or
transportation of silver and of contracts and other arrangements made with
respect thereto; and to require the filing of reports deemed by him reasonably necessary in connection therewith. Whoever willfully violates the
provisions of any license, order, rule, or regulation issued pursuant to the
authorization contained in this section shall, upon conviction, be fined not
more than $10,000 or, if a natural person, may be imprisoned for not more
than ten years, or both; and any officer, director, or agent of any corporation who knowingly participates in such violation may be punished by a
like fine,imprisonment, or both.
See. 7. Whenever in the judgment of the President such action is necessary to effectuate the policy of this Act, he may by Executive order require
the delivery to the United States mints of any or all silver by whomever
owned or possessed. The silver so delivered shall be coined into standard
silver dollars or otherwise added to the monetary stocks of the United
States as the President may determine; and there shall be returned therefor
in standard silver dollars. or any other coin or currency of the United
States, the monetary value of the silver so delivered less such deductions
for seigniorage, brassage, coinage, and other mint charges as the Secretary
of the Treasury with the approval of the President shall have determined:
Provided. That in no case shall the value of the amount returned therefor
be less than the fair value at the time of such order of the silver required
to be delivered as such value is determined by the market price over a
reasonable period terminating at the time of such order. The Secretary
of the Treasury shall pay all necessary costs of the transportation of such
silver and standard silver dollars, coin, or currency, including the cost or
insurance, protection, and such other incidental costs as may be reasonably
necessary. Any silver withheld in violation of any Executive order issued
under this section or of any regulations issued pursuant thereto shall be forfeited to the United States, and may be seized and condemned by like
proceedings as those provided by law for the forfeiture, seizure, and condemnation of property imported into the United States contrary to law;
and, in addition, any parson failing to comply with the provisions of any
such Executive order or regulation shall be subject to a penalty equal to
twice the monetary value of the silver in respect of which such failure occurred.
Sec. 8. Schedule A of title VIII of the Revenue Act of 1926, as amended
(relating to stamp taxes), is amended by adding at the end thereof a new
subdivision to read as follows:
"10. Silver, and so Forth. Sales and Transfers.—On all transrers of any
interest in silver bullion, if the price for which such interest is or is to be
transferred exceeds the total of the cost thereof and allowed expenses. 50
per centum of the amount of such excess. On every such transfer there shall
be made and delivered by the transferor to the transferee a memorandum
to which there shall be affixed lawful stamps in value equal to the tax
thereon. Every such memorandum shall show the date thereof, the names
and addresses of the transferor and transferee, the interest in silver bullion
to which it refers, the price for which such interest is or is to be transferred and the cost thereof and the allowed expenses. Any person liable
for payment of tax under this subdivision (or anyone who acts in the matter
as agent or broker for any such person) who is a party to any such transfer.
or who in pursuance of any such transfer delivers any silver bullion or Interest
therein, without a memorandum stating truly and completely the information
herein required, or who delivers any such memorandum without having the
proper stamps affixed thereto, with intent to evade the foregoing provisions,
shall be deemed guilty of a misdemeanor, and upon conviction thereof
shall pay a fine of not exceeding $1,000 or be imprisoned not more than six
months, or both. Stamps affixed under this subdivision shall be canceled
(in lieu of the manner provided in section 804) by such officers and in such
manner as regulations under this subdivision shall prescribe. Such officers
shall cancel such stamps only if it appears that the proper tax is being paid.
and when stamps with respect to any transfer are so canceled, the transferor and not the transferee shall be liable for any additional tax found due
or penalty with respect to such transfer. The Commissioner shall abate or
refund, in accordance with regulations issued hereunder, such portion of
26
Financial Chronicle
any tax hereunder as he finds to be attributable to profits (1) realized in
the course of the transferor's regular business of furnishing silver bullion
for industrial, professional, or artistic use and (a) not resulting from a
change in the market price of sliver bullion, or (b) offset by contemporaneous
losses incurred in transactions in interests in sliver bullion determined, in
accordance with such regulations, to have been specifically related hedging
transactions; or (2) offset by contemporaneous losses attributable to
changes in the market price of silver bullion and incurred in transactions in
silver foreign exchange determined, in accordance with such regulations,
to have been hedged specifically by the interest in silver bullion transferred.
The provisions of this subdivision shall extend to all transfers in the United
States of any interest in silver bullion, and to all such transfers outside the
United States if either party thereto is a resident of the United States or is a
citizen of the United States who has been a resident thereof within three
months before the date of the transfer or if such silver bullion or interest
therein is situated in the United States; and shall extend to transfers to the
United States Government (the tax in such cases to be payable by theltranferor), but shall not extend to transfers of silver bullion by deposit or delivery at a United States mint under proclamation by the President or in
compliance with any Executive order issued pursuant to section 7 of the
Silver Purchase Act of 1934. The tax under this subdivision on transfers
enumerated in subdivision 4 shall be in addition to the tax under such
subdivision. This subdivision shall apply (1) with respect to all transfers
of any interest in silver bullion after the enactment of the Silver Purchase
Act of 1934, and (2) with respect to all transfers of any interest in silver
bullion on or after May 15 1934, and prior to the enactment of the Silver
• Purchase Act of 1934, except that in such cases it shall be paid by the
transferor in such manner and at such time as the Commissioner, with the
approval of the Secretary of the Treasury, may by regulations prescribe,
and the requirement of a memorandum ofsuch transfer shall not apply.
"As used in this subdivision—
"The term 'cost' means the cost of the interest in silver bullion to the
transferor, except that (a) in case of silver bullion produced from materials
containing silver which has not previously entered into industrial, commercial, or monetary use, the cost to a transferor who is the producer shall be
deemed to be the market price at the time of production determined in
accordance with regulations issued hereunder; (b) in the case of an interest
in silver bullion acquired by the transferor otherwise than for valuable
consideration, the cost shall be deemed to be the cost thereof to the last
previous transferor by whom it was acquired for a valuable consideration;
and (c) in the case of any interest in silver bullion acquired by the transferor
(after April 15 1934) in a wash sale, the cost shall be deemed to be the cost
to him of the interest transferred by him in such wash sale, but with proper
adjustment, in accordance with regulations under this subdivision, when
such interests are in silver bullion for delivery at different times.
"The term 'transfer' means a sale, agreement of sale, agreement to sell,
memorandum of sale or delivery of, or transfer, whether made by assignment
in blank or by any delivery, or by any paper or agreement or memorandum
or any other evidence of transfer or sale;or means to make a transfer as so
defined.
"The term 'interest in silver bullion' means any title or claim to, or
interest in, any silver bullion or contract therefor.
"The term 'allowed expenses' means usual and necessary expenses
actually incurred in holding, processing, or transporting the interest in
July 7 1934
silver bullion as to which an interest is transferred (including storage,
Insurance, and transportation charges but not including interest, taxes, or
charges in the nature of overhead), determined in accordance with regulations Issued hereunder.
"The term 'memorandum' means a bill, memorandum, agreement, or
other evidence of a transfer.
"The term 'wash sale' means a transaction involving the transfer of an
interest in silver bullion and, within thirty days before or after such transfer,
the acquisition by the same person of an interest in silver bullion. Only so
much of the interest so acquired as does not exceed the interest to transferred, and only so much of the interest so transferred as does not exceed
the interest so acquired, shall be deemed to be included in the wash sale.
"The term 'silver bullion' means silver which has been melted, smelted,
or refined and is in such state or condition that its value depends primarily
upon tile silver content and not upon its form."
Sec. 9. The Secretary of the Treasury is hereby authorized to issue,
with the approval of the President, such rules and regulations as the Secretary of the Treasury may deem necessary or proper to carry out the purposes
of this Act, or of any order issued hereunder.
Sec. 10. As used in this Act,—
The term "person" means an individual, partnership, association,
or corporation;
The term "the continental United States" means the States of the
United States, the District of Columbia, and the Territory of Alaska;
The term "monetary value, means a value calculated on the basis of $1
for an amount of silver or gold equal to the amount at the time contained
In the standard silver dollar and the gold dollar, respectively;
The term "stocks of silver" means the total amount of silver at the
time owned by the United States (whether or not held as security for
outstanding currency of the United States) and of silver contained in coins
of the United States at the time outstanding.
The term "stocks of gold" means the total amount of gold at the time
owned by the United States, whether or not held as a reserve or as security
for any outstanding currency of the United States,
See. 11. There is authorized to be appropriated, out of any money in the
Treasury not otherwise appropriated, the sum of $500,000, which shall
be available for expenditures under the direction of the President and in
his discretion, for any purpose in connection with the carrying out of this
Act; and there are hereby authorized to be appropriated annual such additional sums as may be necessary for such purposes.
Sec. 12. The right to alter, amend, or repeal this Act is hereby expressly
reserved. If any provision of this Act, or the application thereof to any
person or circumstances, is held invalid, the remainder of the Act, and the
application of such provision to other persons or circumstances, shall not be
affected thereby.
Sec. 13, All Acts and parts of Acts inconsistent with any of the provisions of this Act are hereby repealed, but the authority conferred in this
Act upon the President and the Secretary of the Treasury is declared to be
supplemental to the authority heretofore conferred.
Approved, June 19 1934, 9 P. M.
An item bearing on the regulations of the Internal Revenue
Bureau, with respect to the tax on silver appeared in our
June 30 issue, page 4394.
Act Extending for One Year Temporary Plan for Deposit Insurance—Amends Federal Reserve Act—Amount of Deposit Subject to Guarantee Increased from
$2,500 to $5,000.
As has heretofore been noted in these columns, the bill
amending the Federal Reserve Act, to extend for one year,
or until July 1 1935,the temporary plan for deposit insurance,
became a law with its approval by President Roosevelt on
June 16. The new law raises the maximum amount of
deposits subject to guarantee from $2,500 to $5,000. Another provision of the law authorizes the Reconstruction
Finance Corporation to lend the Federal Deposit Insurance
Corporation an amount not in excess of $250,000,000. The
law extends from July 1 1936 to July 11937, the time within
which State banks may become members of the Federal
Reserve System in order to remainin the FDIC. The privileges
of deposit insurance are extended to Hawaii and Alaska.
The signing of the bill by the President was noted in our
issue of June 23, page 4225. Other references to the legislation appeared in these columns June 9, page 3876, and
June 16, page 4054. The following is the text of the new
law:
(S. 30251
AN ACT
To amend section 12B of the Federal Reserve Act so as to extend for one
year the temporary plan for deposit insurance, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled. That section 12B of the Federal Reserve
Act is amended—
(1) By striking out "July 1, 1934" wherever it appears in subsections
(e), (1), and (y). and Inserting in lieu thereof "July 1. 1935";
(2) By striking out "June 15. 1934" where it appears in the last sentence
of the third paragraph of subsection (y) and inserting in lieu thereof
"October 1, 1934";
(3) By striking out "June 30. 1934" where it appears in the first sentence
of the fifth paragraph of subsection (y), and inserting In lieu thereof
"June 30, 1935";
(4) By amending the second sentence of the fifth paragraph of subsection (y) to comprise two sentences reading as follows: "The provisions
of such subsection (1) relating to State member banks shall be extended for
the purposes of this subsection to members of the Fund which are not
members of the Federal Reserve System, and the provisions of such subsection (1) relating to the appointment of the Corporation as receiver shall
be applicable to all members of the Fund. The provisions of this subsection shall apply only to deposits of members of the Fund which have
been made available since March 10. 1933. for withdrawal in the usual
course of the banking business.-;
(5) By adding to the sixth paragraph of subsection (y) the following:
"The Coporation shall prescribe by regulations the manner of exercise
of the rigrht of nonmember banks to withdraw from membership in the Fund
on July 1, 1934, except that no bank shall be permitted to withdraw unless
ten days prior thereto it has given written notice to the Corporation of its
election so to do. Banks which withdraw from the Fund on July 1. 1934,
shall be entitled to a refund of their proportionate share of any estimated
balance in the Fund on the same basis as if the Fund had terminated on
July 1, 1934.";
(6) By adding to the end of the fourth paragraph of subsection (y)
the following new paragraphs:
"On and after July I, 1934. the amount eligible for insurance under this
subsection for the purposes of the October 1, 1934 certified statement,
any entrance assessment, and, If levied, the additional assessment, shall
be the amounts not in excess of $5,000 of the deposit of each depositor.
"Each mutual savings bank, unless it becomes subject to the provisions
of the preceding paragraph in the manner hereinafter provided, shall be
excepted from the operation of the preceding paragraph and for each such
bank which is so excepted the amount eligible for insurance under this
subsection for the purposes of the October 1, 1934 certified statement,
any entrance assessment, and, if levied, the additional assessment, shall
be the amounts not In excess of $2,500 for the deposits of each depositor.
In the event any mutual savings bank shall be closed on account of
inability to meet its deposit liabilities the Corporation shall pay not more
than $2,500 on account of the net approved claim of any owner of deposits
in such bank: Provided. however. That should any mutual savings bank
make manifest to the Corporation its election to be subject to the provisions
of the preceding paragraph the Corporation may, in the discretion of the
board of directors, permit such bank to become so subject and the insurance
of its deposits to continue on the same basis and to the same extent as that
of Fund members other than mutual savings banks.
"The Corporation, In the discretion of the board of directors, may open
on its books solely for the benefit of mutual savings banks an additional
Temporary Federal Deposit Insurance Fund (hereinafter referred to as the
'Fund For Mutuals') which, if opened, shall become operative on or after
July 1,1934, but prior to August 1, 1934, and shall continue to July 1,1935.
If the Fund For Mutuals is opened on the books of the Corporation, each
mutual savings bank which is or becomes entitled to the benefits of insurance
during the period of its operation shall be a member thereof and shall not
be a Fund member. All assessments on each mutual savings banks, including payments heretofore made to the Corporation less an equitable
deduction for liabilities and expenses of the Fund incurred prior to the
opening of the Fund For Mutuals, if opened, shall be transferred or paid,
as the case may be, to the Fund For Mutuals. All provisions of this section
applicable to the Fund and not Inconsistent with this paragraph shall be
applicable to the Fund For Mutuals if opened, except that as to any period
the two are in operation the Fund shall not be subject to the liabilities of
the Fund For Mutuals and the Fund For Mutuals shall not be subject to the
liabilities of the Fund. Each mutual savings bank admitted to the Fund
shall bear its equitable share of the liabilities of the Fund for the period
It is a member thereof, including expenses of operation and allowing for
anticipated recoveries.";
(7) By striking out the period at the end of the first sentence of the
fifth paragraph of subsection (y) and inserting In lieu thereof a comma
and the following: "if the member closed on or before June 30, 1934, and
not more than $5,000 if closed on or after July 1, 1934.";
Financial Chronicle
Volume 139
(8) By (a) striking out "July 1, 1936" in the first sentence of subsection
(1) and inserting in lieu thereof "July 1, 1937",(b) striking out the words
"July 1, 1936" in the seventh paragraph of subsection (y) and inserting
In lieu thereof "July 1, 1937", and (c) adding after the seventh paragraph
of subsection (y) the following new paragraph:
"Until July 1, 1937, any State bank may obtain the benefits of this
section on and after the date the Fund is terminated upon the conditions
with regard to examination, certification, and approval governing the
admission of State banks to the Fund and upon purchasing such class A
stock or making such a deposit as is prescribed in the preceding paragraph
foriforzner fund members.";
(9) By adding at the end of the first paragraph of subsection (v) the
following new paragraph:
"Every insured bank shall display at each place of business maintained
by it a sign or signs to the effect that its deposits are insured by the Federal
Deposit Insurance Corporation. The Corporation shall prescribe by regulation the form ofsuch sign and the manner of its display. Such regulation
may impose a maximum penalty of $100 for each day an insured bank
continues to violate any lawful provisions of said regulation.": and
(10) By amending the first sentence of the second paragraph of subsection (y) by inserting within the parentheses and immediately after the
words "District of Columbia" the words "and the Territories of Hawaii,
and Alaska".
Sec. 2. The first paragraph of section 9 of the Federal Reserve Act, as
amended (U.S.C., title 12, sec. 321), is amended by adding after the
second sentence thereof a new sentence to read as follows: "For the purposes
of membership of any such bank the terms 'capital' and 'capital stock' shall
include the amount of outstanding capital notes and debentures legally
issued by the applying bank and purchased by the Reconstruction Finance
Corporation"
Sec. 3. (a) The Reconstruction Finance Corporation Act, as amended,
is amended by adding before section 6 thereof the following new
section:
"Sec. be. (a) The Corporation is authorized and empowered to make
oans upon or purchase the assets of any bank, savings bank, or trust company, which has been closed on or after December 31, 1929, and prior to
January 1, 1934, and the affairs of which have not been fully liquidated or
wound up, upon such terms and conditions as the Corporation may by
regulations prescribe. If in connection with the reorganization, stabilization, or liquidation of any such bank, assets have been trusteed or are
otherwise held for the benefit of depositors or depositors and others, the
authority,subject to regulations, as provided in the preceding sentence shall
be extended for the purpose of authorizing the Corporation to purchase or
make loans on such assets held for the benefit ofsuch depositors or depositors
and others. This authority shall also extend to any such institution that
has reopened without payment of deposits in full. In making any purchase
of or loan on the assets of any closed bank, the Corporation shall appraise
such assets in anticipation of an orderly liquidation over a period of years,
rather than on the basis of forced selling values in a period of business depression. This authority shall also extend to assets of the character made
eligible by this section as security for loans without regard to whether the
Corporation has heretofore made loans thereon.
"(b) The Corporation shall purchase at par value such debentures or
Other obligations of the Federal Deposit Insurance Corporation as are
authorized to be issued under subsection (o) of section 12B of the Federal
Reserve Act, as amended, upon request of the board of directors of the
Federal Deposit Insurance Corporation, whenever in the judgment of said
board additional funds are required for insurance purposes: Provided,
MOODY'S BOND PRICES.
(Based on Average Yields.)
27
That the Corporation shall not purchase or bold at any time said debentures or other obligations in excess of $250,000,000 par value: Provided further. That the proceeds derived from the purchase by the Corporation
of any such debentures or other such obligations shall be used by the Federal
Deposit Insurance Corporation solely in carrying out its functions with
respect to such insurance.
"(c) The amount of notes, bonds,debentures, and other such obligations
which the Corporation is authorized and empowered to issue and to have
outstanding at any one time under existing law is hereby increased by
$250,000,000."
Sec. 4. So much of section 31 of the Banking Act of 1933 as relates to
stock ownership by directors, trustees or members of similar governing
bodies of member banks of the Federal Reserve System, is hereby repealed.
Approved, June 16, 1934.
The Course of the Bond Market
The average yield on 30 Aaa bonds reached a new low
figure at 3.90%, this week. Other rating groups have
showed a slight tendency to flatten out in price. Some of
the lower-grade railroad issues dropped several points.
Signing of the railroad pensions bill apparently raised some
questions as to future prospects for the weaker issues.
Foreign bonds have been somewhat stronger. New highs
were again recorded for U. S. Government issues. The
high -coupon bonds still remain from 1 to 3 points below
their 1928 peaks, but others, of more recent issue, have been
reaching new high levels every day.
High-grade railroad bonds were firm, with closings about
the same as a week ago. Chicago, Burlington & Quincy
Ill. Div. 4s, 1949, closed at 1053j, up 3 for the week;
Pennsylvania cons. 43s, 1960, at 11034, were up X; Louisville & Nashville ref. 53es, 2003, at 10334, lost %. After
several days of pressure and lower prices with some issues
making new lows on the move, second and lower-grade rail
issues became firmer and regained part of their losses.
Chicago, Milwaukee, St. Paul & Pacific mtge. 5s, 1975,
recovered to 38, from a new 1934 low of 344. Missouri
5 compared with 10%
Pacific cony. 534s, 1949, closed at 9,,
a week ago; Southern Pacific deb. 43,6s, 1981, at 6434, were
up 1 since last Friday. Upon announcement of deferment
of interest on Denver & Rio Grande Western senior liens,
the issues of this company weakened. Some recovery of
prices, however, was witnessed during the latter part of
the week.
Moody's computed bond prices and bond yield averages
are given in the table below.
MOODY'S BOND YIELD AVERAGES.t
(Based on buttoidual Closing Prices.)
U. S.
120
120 Domestic Corporate*
Govt. Domes1934
by Ratings.
Daily
Bonds. tic.
Averages.
Baa.
.0*
Corp.* Aaa.
A.
Aa.
120 Domestic
Corporate* by Groups.
July 6_ 106 31 99.36 115.21 107.85 97.00
5._ 106.11 99.20 115.21 107.67 96.85
4_ Stock E )(emus e Closed.
3_ 106.04 99.20 115 02 107.85 97.00
2.. 106.00 99.20 115.02 108.03 97.00
June 30_ _ 10802 99.36 115 02 108.03 97.16
29._ 106.04 99.36 115.02 108.03 97.16
28__ 105.93 99.36 115.02 108.39 97.00
27__ 105.86 99.36 115.02 108.39 97.00
26_ 105.85 99.36 115.02 108.39 97.16
25._ 105.72 99.36 114.82 108.21 97.16
23.. 105.75 99.36 114.82 108.21 97.31
22._ 105.79 99.20 114.82 108.03 97.16
2L. 105.76 99.36 114.82 107.85 97.31
20_ 105.91 99.36 114.63 107.85 97.31
19_ 105.94 99.52 114.63 108.e3 97.31
18._ 106.03 99.52 114.82 108.03 97.31
16._ 106.02 99.36 114.82 107.85 97.18
15_ 106.00 99.36 115.02 107.85 97.16
14.. 106.02 99.04 114.63 107.49 97.00
13-- 105.78 99.04 114.63 107.49 96.85
12-- 105.56 98.88 114.43 107.49 96.70
11.- 105.49 98.88 114.63 107.31 96.54
9._ 105.51 98.88 114.82 107.31 96.54
Weekly8.. 105.52 98.73 114.83 107.14 96.39
1._ 105.27 98.09 114.04 106.78 95.78
May 25_ 105.13 98.25 113.65 106.78 98.23
18- 105.05 98.57 113.26 106.60 96.70
11._ 105.11 98.41 112.88 106.42 96.85
4_ 104.75 98.73 112.50 106.42 97.00
Apr, 27._ 104.21 98.88 112.50 105.89 97.31
20._ 103.65 98.88 112.31 105,89 97.31
13._ 104.35 98.25 111.92 105.54 96.70
6_ 104.03 97.16 111.16 104.68 95.78
Mar.30_ Stock L xchang e Closed.
23_ 103.32 95.93 110.42 103.48 94.43
16._ 103.52 96.70 111.16 104.16 95.18
9._ 103.06 95.63 110.79 103.15 94.14
2. 101.88 94.88 110.23 101.81 93.11
Feb. 23. 102.34 95.18 110.23 101.97 93.26
16. 102.21 95.33 109.86 101.47 93.28
9. 101.69 93.9(f 109.12 100.00 92.10
2__ 101.77 93.85 108.75 99.68 91.81
Jan. 26- 100.41 91.53 107.67 98.41 89.31
19.. 100.36 90.55 107.67 97.16 87.96
12._ 99.71 87.69 106.25 95.48 84.85
5._ 100.42 84.85 105.37 93.26 82.02
High 1934 106.31. 99.52 115.21 108.39 97.31
Law 1934 99.06 84.85 105.37 93.11 81.78
High 1933 108.82 92.39 108.03 100.33 89.31
Low 1933 98.20 74.15 97.47 82.99 71.87
Yr. AgoJly 6 '33 103.64 90.00 106.07 97.31 86 12
2 Yrs.Ago
Tie 6 '32 98.71 82.70 00 41 74 77 MM
82.02
81.90
99.52
99.38
92.82
92.68
81 78
81.90
81.90
82.02
82.14
81.90
81.78
82.02
81.90
81.90
82.26
82.50
82.74
82.74
82.38
82.26
82.02
81.90
81.90
81.90
81.90
99,52
99.68
99.84
99.68
99.84
99.68
99.68
99.68
99.68
99.68
99.84
100.00
100.17
100.33
100.17
100.17
99.84
99.84
99.68
99.68
99.68
92.68
92.68
92.82
92.82
92.97
92.68
92.82
92.97
92.82
92.82
93.11
93.11
93.11
92.97
92.68
92.53
92.53
92.39
92.39
92.25
92.25
81.51 99.20
80.72 98.57
81.07 98.73
82.02 99.04
81.66 98.88
81.78 99.68
83.48 100.00
83.60 100.33
82.74 99.84
81.18 99.04
92.10
91.53
91.67
92.39
91.96
92.53
92.53
92.39
91.67
90.27
79.68 97.47
80.60 98.41
78.88 97.47
78.66 96.54
79.68 97.16
80.37 97.31
78.88 95.33
78.99 95.33
75.50 92.68
74.36 91.39
70.52 88.36
66.55 85.74
83.72 100.33
66.38 85.61
77.66 93.28
53.16 69.59
89.17
89.86
88.50
87.96
88.36
88.36
87.43
87.04
83.97
82.38
78.44
74.25
93.11
74.25
89.31
70.05
75.19
90.55
84.35
424R
An 92
60 21
RR.
P. U. Indus,
All
120 Domestic Corporate
120
1934
by Ratings.
Daily
DomesBaa.
Aa.
tic.
Averages.
Aaa.
A.
.W.416i665i5a1455ii.664
-O,13.1q4ZW, c764.
867 6-g888gg888.93g8Vir,PMZZS RO6W45.
88 888888888888888888888 gggggggggg 8g88888gggggggi° g
494
4.29
3.90
July 6._ 4.79
4.95
3.90
6.. 4.80
4.30
4_ _ Stock E xchang e Closed.
4.94
3.91
4.29
3_ _ 4.80
4.04
3.91
4.28
2_ _ 4.80
3.91
4.28
June 30._ 4.79
493
29_ 4.79
3.91
4.28
4.93
28._ 4.79
3.91
4.26
4.94
4.26
4.94
3.91
27-- 4.79
4.93
4.26
3.91
26- 4.79
25._ 4.79
3.92
4.27
4.93
4.92
3.92
23__ 4.79
4.27
22._ 4.80
4.28
4.93
3.92
3.92
21._ 4.79
4.29
4.92
3.93
20._ 4.79
4.29
4.92
19.. 4.78
4.92
3.93
4.28
4.92
3.92
18.- 4.78
4.28
3.92
16._ 4.79
4.29
4.93
4.93
3.91
15-- 4.79
4.29
14_ 4.81
3.93
4.31
4.94
4.95
3.93
13.- 4.81
4.31
12._ 4.82
3.94
4.31
4.86
11._ 4.82
3.93
4.32
4.97
3.92
9.. 4.82
4.32
4.97
Weekly& _ 4.83
3.93
4.33
4.98
3.96
L. 4.87
4.35
5.02
May 25._ 4.86
3.98
4.35
4.99
18_ 4.84
4.00
4.36
4.96
II__ 4.85
4.95
4.02
4.37
4._ 4.83
4.04
4.37
4.94
Apr. 27_ 4.82
4.04
4.40
4.92
20__ 4.82
4.05
4.40
4.92
13._ 4.86
4.07
4.42
4.96
6._ 4.93
4.11
4.47
5.02
Mar.30_ Stock E xchang e Closed.
23_
5.01
5.11
4.15
4.54
16_
4.98
4.11
4.50
5.06
9.
5.03
4.13
4.56
5.13
2.
5.08
4.16
4.64
5.20
Feb. 23_
5.06
4.16
4.63
5.19
16_
5.05
5.19
4.18
4.66
9__ 5.14
4.22
4.75
5.27
2__ 5.15
4.24
4.77
5.29
Jan. 26._ 5.31
4.30
4.85
5.47
19._ 5.38
4.30
4.93
5.57
4.38
12-- 5.59
5.04
5.81
4.43
5.19
6.04
5.- 5.81
Low 1934 4.78
3.90
4.26
4.92
High 1934 5.81
4.43
5.20
8.06
Low 1933 4.98
4.11
4.49
5.04
High 1933 6.75
4.91
5.96
6.98
Yr. Ago4.92
Jly 6 '33 5.42
5.71
4.39
2 Yrs.Ago
Jiv A '22 8.02
5.39
6.69
8.58
120 Domestic
Corporate by Groups.
RR.
ft
SO
F016
P. U. Indus. signs.
6.04
6.05
4.78
4.79
5.22
5.23
4.39
4.39
7.45
7.45
6.06
6.05
6.05
6.04
6.03
6.05
6.06
6.04
6.05
6.05
6.02
6.00
5.98
5.98
6.01
6.02
6.04
6.05
6.05
6.05
6.05
4.78
4.77
4.76
4.77
4.78
4.77
4.77
4.77
4.77
4.77
4.76
4.75
4.74
4.73
4.74
4.74
4.76
4.76
4.77
4.77
4.77
5.23
5.23
5.22
5.22
5.21
5.23
5.22
5.21
5.22
5.22
5.20
5.20
5.20
5.21
5.23
5.24
5.24
5.25
5.25
5.26
5.26
4.39
4.38
4.39
4.39
4.39
4.38
4.38
4.39
4.39
4.39
4.40
4.41
4.39
4.39
4.39
4.40
4.41
4.42
4.42
4.42
4.42
7.50
7.51
7.46
7.46
7.45
7.46
7.45
7.46
7.48
7.49
7.47
7.49
7.51
7.5C
7.5C
7.51
7.41
7.41
7.31
7.31
7.34
6.08
6.15
6.12
6.04
6.07
5.96
5.92
5.91
5.98
6.11
4.80
4.84
4.83
4.81
4.82
4.77
4.75
4.73
4.76
4.81
5.27
5.31
5.30
5.25
5.28
5.24
5.24
5.25
5.30
5.40
4.43
4.46
4.46
4.47
4.48
4.47
4.48
4.49
4.53
4.58
7.31
7.21
7.21
7.21
7.1,
7.11
7.21
7.2'
7.21
7.21
6.24
6.16
6.31
6.33
6.24
6.18
6.31
6.30
6.62
6.73
7.12
7.56
5.90
7.58
6.16
9.44
4.91
4.85
4.91
4.97
4.93
4.92
5.05
5.05
5.23
5.32
5.54
5.74
4.73
5.75
4.83
7.22
5.48
5.43
5.53
5.57
5.54
5.54
5.61
5.64
5.88
6.01
6.35
6.74
5.20
6.74
5.43
7.17
4.64
4.60
4.68
4.72
4.70
4.70
4.75
4.77
4.82
4.83
4.87
4.94
4.38
4.97
4.60
6.35
7.3,
7.2:
7.2
7.3:
7.4
7.5
7.5
7.5
7.9
8.0
8.3
8.5
7.1
8.6
7.23
11.1
6.65
5.38
5.85
5.03
9.5
11.42
9.10
725
772
1944
•These Prices are computed from average yields on the basis of one "ideal" bond(4% coupon, maturing in 31 years) and do not purport to show either the average
level or the average movement of actual price quotations. They merely serve to Illustrate In a more comprehensive way the relative levels
and the relative movement of
yield averages, the latter being the truer picture of the bond market. For kfoody's index of bond prices by months back to 1928, see the Issue of Feb.
1932, page 907,
•• Actual average Price of 8 long-term Treasury Issues. t The latest complete list of bonds used In computing these Indexes was published In the Issue6of
Feb. 10 1934.
page 920. tt Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
28
Financial Chronicle
Utility bond prices were rather erratic, inclining to be
weak on Monday and tending upward on Tuesday and
Thursday. Changes in high-grade issues were small, while
lower grades showed wider movements although net changes
were insignificant. The first utility financing of substantial
size since 1931 took place with the flotation of $35,000,000
Edison Electric Illuminating Co. of Boston 3s of 1937;
the demand for high-grade issues of this sort was evidenced
by immediate oversubscription and a premium for the new
bonds. A small turnover and mixed price trend characterized
industrial issues during the week. Sharply lower steel
operations found little reflection in bonds of that class.
National Steel 5s, 1956, went ahead to a new high at 105,
2s, 1953, fell half
up a point. Republic Iron and Steel 53/
July 7 1934
a point to 89. Oils were firm. Tire and rubber company
issues were mixed, U. S. Rubber 5s, 1947, gaining % to
853
4, while Goodyear 5s, 1957, advanced 1K to 1013
/i•
Armour & Co. issues reacted slightly with the 43%s, 1939,
down M, to 99. American Ice 5s, 1953, advanced with
the thermometer, gaining 3 to 74. Motion picture issues
continued soft, Paramount Publix filed 5
1950, declining from 523% to 483%, while Warner Bros. Pictures 6s,
1939, were off %, at 55.
German issues were highly irregular with most of the
higher-priced corporations bonds selling somewhat lower,
and the Government issues a little stronger. Slight recessions occurrred in Argentine, Japanese and Cuban bonds.
Polish issues were higher.
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME. a corn crop valued at $5,647,619. Good rains fell in the
corn belt during the week. To-day it was fair and hot here,
Friday Night, July 6 1934.
with temperatures ranging from 73 to 90 degrees. The
wholesale
trade
increase,
but
Retail business continued to
forecast was for showers and thunderstorms Saturday.
was somewhat slower. The extremely hot weather stimu- Clearing and cooler Saturday night. Fair with moderate
lated retail business, but curbed activity in the wholesale temperature Sunday. Overnight at Boston it was 72 to 84
markets. Carloadings reached a new peak for 1934, and degrees; Baltimore, 74 to 96; Pittsburgh, 74 to 88; Portland, Me., 68 to 82; Chicago, 72 to 94; Cincinnati, 78 to 98;
bituminous coal production, although only slightly above
Cleveland, 74 to 86; Detroit, 76 to 88; Charleston, 78 to 88;
over
the
same
10%
the previous week, shows an increase of
Milwaukee, 64 to 86; Dallas, 78 to 96; savannah, 76 to 88;
week in 1933. On the other hand, the steel output was cut Kansas City, 70 to 104; Springfield, Mo., 70 to 96; St. Louis.
to 23% of capacity in the Pittsburgh district, and produc- 80 to 98; Oklahoma City, 72 to 102; Denver, 56 to 90; Salt
tion of lumber fell to the low of last February. There was Lake City, 60 to 80; Los Angeles, 60 to 74; San Francisco,
54 to 64; Seattle, 54 to 76; Montreal, 64 to 78, and Winnialso a reduction in the oil output. Railroads did a record- peg,
40 to 74.
July
holiday.
The
breaking business over the Fourth of
extreme heat sent thousands to the seashore and mountain
Revenue Freight Car Loadings in Latest Week Exceeded
resorts. At retail, there was a big demand for luggage and
Corresponding Period in 1933 by 0.4%.
vacation necessities. There was also a good call for cotton
Loading of revenue freight for the week ended June 30
goods. As already intimated, the severe hot weather during
increase of 22,700 cars, or 3.7%
the week acted as a curb on wholesale business, but mail 1934 totaled 644,572 cars an
an increase of 2,842 cars or
order sales were of good volume. Summer goods were in over the preceding week and
the best demand. Orders for fall goods were somewhat 0.4% over the corresponding period last year. It was also a
smaller, but sales of women's dresses and coats were rather gain of 156,291 cars, or 32.0% over the comparable period
large. There was a sharp falling off in employment during in 1932. Total loadings for the week ended June 23 1934
the week, and the enforced holidays planned by many indus- exceeded the same period in 1933 by 2.0% and the corretries is expected to result in increased idleness. Automo- sponding period in 1932 by 24.6%. For the week ended
bile production was curtailed sharply because of the closing June 16 1934 increases over the like periods in 1933 and 1932
down of plants following the July 4 holiday. Manufacturers totaled 4.2% and 19.1% respectively.
The first 16 major railroads to report for the week ended
of automobile tires have adopted the four-day week, owing
June
30 1934 loaded a total of 283,765 cars of revenue
demand.
Busia
decrease
in
the
to heavy inventories and
ness failures in June were slightly more than in May, but freight on their own lines, compared with 272,867 cars in
with that exception the number was the smallest for any the preceding week and 281,747 cars in the seven days ended
July 1 1933. A comparative table follows:
month since October 1920.
Cotton declined 23 to 26 points during the week, in rather REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars.)
light trading. Early in the week there was an advance
owing to the lack of rain in Texas, but later on a reaction
Loaded on Own Linos. Reed from Connections.
Weeks EndedWeeks Endedoccurred when the weekly weather report failed to confirm
June 30 June 23 July 1 June 30 June 23 July /
numerous reports of damage to the crop in Texas. It stated
1934. 1934. 1933. 1934. 1934. 1933.
that Texas was holding its own, while a private review
Atchison Topeka & Santa Fe RI- 25,165 24,668 20,179 4,541 4,317 4,205
said that the crop was making good progress in all States Chesapeake
22,663 21,020 22,120 10,026 9,437 8,867
& Ohio Ry
Chicago Burlington & Quincy RR. 14,834 13,578 14.839 6,354 6,203 5.735
during the past two weeks except in Texas, owing to the Chicago
Milw. St. Paul dr Pac. RI 18,684 17.613 18,398 8,743 6,414 6,917
lack of rain, and that the weevil menace has decreased. Chicago & North Western RY---- 16,031 15,960 15,559 8,637 8,183 8,418
Gulf Coast Lines
1.728 1,735 1,957 1,188 1,157 1,049
Wheat was % to 11/
4c. lower for the week, owing to heavy International Great Northern RR 2,827 2,940 4,297 1,813
1,731 1,541
Missouri-Kansas
4,754 4.846 3,013 3,013 2,392
5.004
-Texas
RR
hedging pressure. Corn declined 1% to 2%c., owing to the Missouri Pacific RR
14,676 14,100 14,515 8.318 7,597 7,284
New York Chicago de St. Louis Ry 4,383 4,540 4,815 8,041 8,037 8,438
occurrence of rains over the belt. Oats and rye followed
New York Central Lines
44,901 41,859 45,891 54,286 53,559 59,002
other grain downward. Coffee was rather quiet, but prices Norfolk dc Western Ry
17,800 17,294 19,107 4,375 4,385 4,356
59,848 58,117 63,406 37.053 36,487 38,613
Pennsylvania RR
are higher than a week ago. Sugar was higher. The warm Pere Marquette Ry
5,090 5,146 5,056 4.047 4,023 4.32 ;
24,804 24,883 21,189
Pacific Lines
weather has stimulated the demand for the refined product. Southern
Wabash Ry
5,347 4,860 5,295 7,135 7,244 7,103
Silver was firm and closed higher for the week. Rubber
Total
283,765 272,867 281,747 185,550 161,787 188,248
gained 43 to 50 points, while cocoa, hides and silk were
x Not reported.
lower.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
New York sizzled in heat during the week. On the 30th
(Number of Cars.)
ult. the temperature reached 91 degrees, under an increasllreeks Endeding humidity that made the heat doubly oppressive. ThodJune 30 1934. June 23 1934. July 11033.
sands passed the night in parks. One death and many
prostrations were reported. In the larger cities of the East Chicago Rock Island dr Pacific RI 24,182
23,550
22,419
Central System
25,433
24,321
27,089
and Middle West, more than 60 deaths were reported due to Illinois
St. Louis-San Francisco Ry
13,158
13,047
12,796
the heat. The temperatures ranged from 73 to 90 on the 1st
Total
62,771
60,918
62,284
inst., and more than 2,000,000 visitors were reported at the
The American Railway Association, in reviewing the week
various beaches, and most of them went swimming. Many
passed the nights on the cool sands. On the 2nd inst. there ended June 23, reported as follows:
was no abatement in the heat, with the minimum 73 and the
Loading of revenue freight for the week ended June 23 totaled 621,872
maximum 90. On the 3rd inst. it was up to 91 degrees again, cars, an increase of 4,223 cars above the preceding week, 12,245 cars above
and three deaths were reported and prostrations mounted. the corresponding week in 1933 and 122,879 cars above the corresponding
On the night of the 3rd inst. a sudden windstorm, followed week in 1932.
Miscellaneous freight loading for the week ended June 23 totaled 243,719
by thunder, lightning and rain, gave some relief, and on the cars,
a decrease of 3,683 cars below the preceding week, but 9,718 cars
4th and 5th inst. temperatures ranged from 66 to 85 degrees. above the corresponding
week in 1933 and 53,716 cars above the correThe severe drouth in Texas is estimated to have ruined sponding week in 1932.
Financial Chronicle
Volume 139
Loading of merchandise less-than-carload-lot freight totaled 160,186
cars, a decrease of 1,207 cars below the preceding week this year, 10,106
cars below the corresponding week in 1933 and 14,181 cars below the same
week in 1932.
Grain and grain products loading for the week totaled 39,499 cars, an
increase of 5,711 cars above the pr ceding week, 1,060 cars above the corresponding week in 1933 and 11,889 cars above the same week in 1932.
In the Western districts alone, grain and grain products loading for the week
ended June 23 totaled 29,335 cars, an increase of 2,252 cars above the same
week in 1933.
Forest products loading totaled 24,818 cars, a decrease of 268 cars below
the preceding week and 3,282 cars below the same week in 1933. It was,
however, an increase of 8,209 cars above the same week in 1932.
Ore loading amounted to 34,412 cars, an increase of 488 cars above the
preceding week, 20,173 cars above the corresponding week in 1933 and
29,839 cars above the corresponding week in 1932.
Coal loading amounted to 97,209 cars, an increase of 781 cars above the
preceding week but a decrease of 6,111 cars below the corresponding week
in 1933. It was, however, an increase of 28,954 cars above the same week
in 1932.
Coke loading amounted to 6,744 cars, a decrease of 83 cars below the
preceding week but an icnrease of 1,057 cars above the same week in 1933
•
and 3,796 cars above the same week in 1932.
Live stock loading amounted to 15,285 cars, an increase of 2,484 cars
above the preceding week, but 264 cars below the same week in 1933. It
was, however, an increase of 657 cars above the same week in 1932. In the
Western districts alone, loading of livestock for the week ended June 23
totaled 12,031 cars, an increase of 615 cars above the same week in 1933.
Four districts, the Eastern, Pocahontas, Southern and Southwestern,
reported reductions for the week of June 23, compared with the corresponding week in 1933. The Allegheny, Northwestern and Central Western-
29
districts reported increases. All districts reported increases compared with
the corresponding week in 1932:
Loading of revenue freight in 1934 compared with the two previous
years follows:
Four weeks in January
Four weeks in February
Five weeks in March
Four weeks in April
Four weeks in May
Week ended June 2
Week ended June 9
Week ended June 16
Week ended June 23
Total
1934.
1933.
1932.
2,177,562
2,308,869
3,059,217
2,334,831
2,441,653
578,541
615,565
617,649
621,872
1,924,208
1,970,566
2,354,521
2,025,564
2,143,194
512,974
569,157
592,759
609,627
2,266 771
2,243,221
2,825,798
2,229,173
2,088,088
447,412
501.685
518,398
498,993
14,755.759
12.702.570
13.619.539
In the following table NI, e undertake to show also the loadings for the separate roads and systems for the week ended
June 23 1934. During this period a total of 76 roads showed
decreases as compared with the corresponding week last
year. Among the larger carriers which continued to show
increases as compared with the same week in 1933 were
the Baltimore & Ohio RR., the Atchison Topeka & Santa
Fe Ry. System, the Southern Pacific Co. (Pacific Lines),
the Chicago & North Western Ry., the Great Northern
Ry., the Chicago Rock Island & Pacific RR., the Union
Pacific System and the Missouri Pacific RR.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED JUNE 23.
1934.
Eastern District.
Group ABangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N. Y. N. H.& Hartford
Rutland
Total Loads Received
from Connections.
Total Revenue
Freight Loaded.
Railroads.
1933.
1932.
1934.
1933.
1,017
2,716
7,222
914
2,749
9,689
655
1,022
2,995
8,418
994
2,856
11,228
637
831
2,838
7,088
629
2,504
9,764
580
261
4,339
8,948
2,298
1,694
10,916
874
247
4,725
9,745
2,525
1,791
11,866
1,028
24,962
28.150
24,234
29,330
31,927
5,051
8,518
12,392
180
1,378
6,927
1,671
19,718
1,555
248
322
5,531
9,254
12,405
181
1,627
8.552
2,120
20,233
1,479
363
251
4,432
7,081
10,180
174
1,285
6,681
833
16,404
1,248
415
238
6,252
5,776
13,389
1,649
974
6,686
79
26,349
2,076
24
214
6,444
5,860
13,782
1,800
792
6,825
117
28,436
2,147
27
213
59,960
61,996
48,971
63,468
66,443
559
1,176
6,345
22
193
288
2,040
3,925
7,001
3,652
4,540
5,146
6,055
1,088
4,860
3,887
489
1,353
7,926
20
189
307
1,533
3,811
7,131
3,570
4,323
4,944
5,603
1,527
4,989
3,554
458
1,285
6,663
24
267
168
1,975
2,355
5,148
2,774
3,504
4,110
2,705
1,080
4,711
2,195
1,018
1,586
9,719
55
99
2,008
977
5,690
7,474
214
8,037
4,023
5,463
929
7,244
3.074
974
1,796
11,224
82
111
2,123
775
5,451
7,799
208
8,386
4,066
4,717
944
7.392
3,133
50,777
51,269
39,422
57,610
59,181
Grand total Eastern District.... 133,699
141,415
112,627
150.408
157,551
416
29,110
4,315
.207
5,483
483
214
73
755
1,066
58,117
11,328
9,735
62
3,275
545
26,896
2,644
257
5,897
624
208
71
1.027
1,265
59,511
12,501
8,383
48
2,790
5
20,090
1,195
95
5,222
7
152
67
1.089
b
50,412
10,387
3,001
41
2,137
560
13,183
2,060
10
9,612
47
29
38
1,931
837
36,487
14,225
3,875
2
5,083
642
13,416
1.537
6
9,649
39
33
23
2,252
787
36,883
14,599
2,040
1
3,703
124,639
122,667
95.895
87,979
85,610
21,020
17,294
774
3,175
21,125
18,074
841
3,222
15,853
11,962
782
2,142
9,437
4,385
1,314
775
8,730
4,065
1,307
544
42,263
43.262
30,739
15,911
14,646
8,750
1,129
295
130
40
2,830
324
344
6,360
17,243
123
8.056
1.107
419
153
34
2,089
558
383
6,532
19,383
169
8,112
609
385
145
49
2,342
385
253
5,620
15,664
152
4,022
1,439
738
391
85
869
683
3,490
2,826
10,427
530
4.344
1.359
852
299
69
1.024
925
3,431
2.945
11,788
626
Total
Group BDelaware & Hudson
Delaware Lackawanna & WestErie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & western
Pittsburghdr Shawmut
Pitts. Shawmut & Northern
Total
Group CAnn Arbor
Chicago Ind. & Louisville
C. C. C.& St. Louis
Central 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
Allegheny DistrictAkron Canton & Youngstown_
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley
Central RR. of New Jersey--Cornwall
Cumberland & Pennsylvania--Ligonier Valley
Long Island
b Penn -Read. Seashore Lines_ Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern DistrictGroup AAtlantic Coast Line
Clinehfield
Charleston & Western Carolina
Durham & Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac__
Seaboard Air Line
Southern System
Winston-Salem Southbound.._ _
Total Revenue
Freight Loaded.
Railroads.
Group B-.
Alabama Tenn. & Northern_ -Atlanta Birmingham & Coast__
Atl.& W.P.-West. RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah
Mississippi Central
Mobile & Ohio
Nashville Chatt. & St. Louls
Tennessee Central
Total Loads Received
from Connections.
1934.
1933.
1932.
.135
665
558
3,179
166
387
759
309
1,252
16,654
15,973
105
106
1,649
2,575
269
210
860
706
3,859
210
378
661
451
1,385
17,261
17,235
104
174
1,850
3,027
298
261
696
515
2,665
210
323
807
382
1,089
15,623
13,290
88
103
1,727
2,182
307
1934.
143
481
898
2,451
191
346
1,209
513
569
8,209
3,728
364
220
1,290
1,955
471
1933.
137
468
972
2,569
157
324
1,456
437
628
9,159
3,843
258
253
1,420
2,439
478
44,741
48,669
40.268
23,038
24,989
Grand total Southern District__
82,309
87,552
73.984
48,538
52,651
Northwestern DistrictBelt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific.
Chic. St. Paul Minn. & Omaha
Duluth Missabe & Northern
Duluth South Shore & Atlantic
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern_
Great Northern
Green Bay & Western
Lake Superior & Ishpeming
Minneapolis & St. Louis
Minn. St. Paul & S. B. Marie__
Northern Pacific
Spokane International
Spokane Portland & Seattle
855
18,311
2,212
17,613
3,174
9,118
1,444
5,910
284
14,789
525
1,907
1.578
5,184
7,818
280
1,686
731
15,581
2,208
18,316
3,524
3,737
510
4,544
317
8,487
479
984
2,003
5,245
8,139
133
991
1,238
13,439
2.026
14,589
3.139
766
393
2,808
283
7,209
489
a
1,880
3,721
7.109
a
1,140
1.793
8,183
2,253
6,414
2,713
126
341
3,905
169
2,609
312
80
1.121
2,242
2,548
180
1,208
1,661
8,011
2,428
6,431
3,000
57
293
5,026
252
2,048
425
64
1,281
1,998.
2,161
160.
914
92,688
75,929
36.194
36,197
36,216
24,668
2,450
238
13,578
1,164
12,798
2,331
718
1,571
199
1,854
2,049
778
147
18,911
285
438
10,037
158
1,607
20,389
2,879
211
14,061
1,258
12,797
2,254
564
1,356
184
1,165
2,036
631
71
15,220
267
296
9,996
73
1,113
19,864
3,088
152
12,416
a
11,814
2.070
636
1,280
204
1,125
a
569
200
15,623
197
273
9,471
85
1,089
4,317
1,912
75
6.203
494
6,953
2,096
914
2,108
26
887
964
337
96
4,114
271
1,027
6,500
4
1.686
3.886
1,744
26
6,183
623
6,195
2.08/
95,979
86,821
80.156
40,984
37,494
153
152
153
1,735
2,940
163
1,788
1,357
204
220
528
130
4,754
14,100
43
194
8,135
1,996
5,772
4,030
1.721
27
171
133
193
1,765
4,128
171
1,708
1,304
211
211
578
133
4,846
13,640
56
159
8,386
2,440
5,084
4,385
2,259
20
84
105
166
2,247
1,745
179
1,532
1,175
a
84
606
42
5,408
11.887
38
120
7,197
2,045
5,330
3,502
1,856
15
3,490
308
177
1,157
1,731
899
1,166
773
285
841
164
213
3,013
7,597
17
128
3,361
2.057
2,115
3,897
1,991
58
3,188
381
150
847
1,494
940
1,383
630
235
693
263
20/
2,369,
7.778
10
111
3,542
1,665
1,928
3,600
2.293
34
Total_
Total
Central Western DistrictAteh. Top.& Santa Fe SystemAlton
Bingham & Garfield
Chicago Burlington & Quincy_
Chicago & Illinois Midland
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois- _
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City
Illinois Terminal
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
Bt. Joseph & Grand Island_ ___
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern DistrictAlton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern...
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas.
Louisiana Arkansas & Texas___
Litchfield & Madison
Midland Valley
Missouri & North Arkansas____
Missouri-Kansas-Texas Lines....
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR. Assn. of St. Louis
Weatherford M. W.& Northw_
90q
1,829
22
874
957
251
30
3,197
283
979
6,248
8
1,172
38.883
33,741
33,716
25,500
27.662
Total
50,295
37,568
51,981
45,363
35.438
.Previous week's figures.
a Not available. b Pennsylvania-Reading Seashore Lines include the new consolidated lines of the West Jersey & Seashore RR., formerly part of Pennsylvania,,
RR., and Atlantic ty RR., formerly part of Reading Co.: 1932 figures Inch' ed In Pennsy -rants System and Reading Co.
Total
Financial Chronicle
30
Third-Quarter Freight Car Loadings Estimated 4.5%
Above Actual Loadings Same Period 1933.
Freight car loadings in the third quarter of 1934 will be
about 4.5% above actual loadings in the same quarter in
1933, according to estimates just compiled by the 13 Shippers'
Regional Advisory boards and made public July 2. On
the basis of these estimates, freight car loadings of the 29
principal commodities will be 5,172,897 cars in the third
quarter of 1934, compared with 4,950,860 actual loadings
for the same commodities in the corresponding period last
year, the announcement said. It continued:
Eleven of the 13 Shippers' Regional Advisory boards estimate an increase in the loadings for the third quarter of 1934, compared with the same
period in 1933, while one estimates a decrease and another estimates practically the same freight car requirements as for the corresponding period
last year.
The tabulation below shows the total loading for each district for the
third quarter of 1933, the estimated loadings for the third quarter of 1934,
and the percentage of increase or decrease:
Shippers' Advisory Board.
Southeast
Southwest
Trans-Missouri-Kansas
Total
Estimated
Loadings
1934.
723,520
510,528
192,368
345,379
701,106
99,834
369,647
629,385
165,419
146,569
454.388
308,333
304,384
759,698
539,340
179,625
376,301
701,091
101,694
425,737
639,898
174,187
167,753
481,166
315,104
311,303
4.950.860
5.172.897
Per Cent
of
Increase.
,
.00(A0....nef.6NN
Allegheny
Atlantic States
Central West
Great Lakes
Mid-West
New England
Northwest
Ohio Valley
Pacific Coast
Pacific Northwest
Actual
Loadings
1933.
4.5
Of the 29 commodities covered in the forecast, it is estimated that 20
will show an increase. They are: Flour, meal and other mill products;
hay, straw and alfalfa; citrus fruits; other fresh fruits; coal and coke; ore
and concentrates; gravel, sand and stone; salt; lumber and forest products;
petroleum and petroleum products; sugar, syrup and molasses; machinery
and boilers; cement; lime and plaster; agricultural implements and vehicles
other than automobiles; automobiles; trucks and parts; fertilizers of all
kinds; paper, paperboard and prepared roofing; chemicals and explosives,
and canned goods, including all canned food products.
The nine commodities for which reductions are estimated are: All grain;
cotton; cotton seed and products,except oil; potatoes; other fresh vegetables;
live stock; poultry and dairy products; iron and steel, and brick and clay
products.
Of the commodities for which increases are estimated in the third quarter compared with the same period last year, those showing the largest
percentage increases are: Ore and concentrates, 27.4%; agricultural implements and vehicles other than automobiles, 24.1%; automobiles, trucks
and parts, 22.4%; cement, 17.4%; machinery and boilers, 17.0%; and
lumber and forest products, 9.5%.
The estimated car loadings for the third quarter of 1934, together with
actual car loadings for the same period in 1933 and the percentage of increase or decrease for each of the 29 commodities included in the forecast
of the Shippers' Regional Advisory boards, follows:
Carloadings.
Commodity.
Actual,
1933.
Estimated
1934.
Est. %
Increase
140.1
not compiled
138.1
138.8
Holiday
o9.9
139.2 I
2 Weeks Ago, June 22
140.4
Month Ago, June 6-------136.1
Year Ago,
July 6 1933 _ _134.6
1933 High, July 18
148.9
Low,
Feb. 4
78.7
1934 High,
June 19
142.3
Low,
Jan. 2
126.0
Slight Decrease Reported in Wholesale Commodity
Prices During Week of June 30 by National Fertilizer Association.
Wholesale commodity prices were slightly lower during the
week ended June 30 according to the index of the National
Fertilizer Association. When calculated for the week this
index declined one point receding from 72.0 to 71.9. During
the preceding week the index also declined one point and
two weeks ago it advanced one point. A month ago the
index stood at 71.7 and a year ago at 63.8. (The three-year
average 1926-1928 equals 100.) The Association also reported the following under date of July 2:
During the latest week seven of the 14 groups in the index were affected
by price movements. Three groups declined, four advanced, and seven
were unchanged. None of the groups showed large changes. The declining
groups were foods, grains, feeds and livestock and building materials. The
advancing groups were fuel, including petroleum and its products, textiles,
fats and oils, and fertilizer materials.
Among the individual commodities 35 showed price gains, and 27 showed
price losses during the latest week. For the preceding week there were
32 price declines and price advances. Two weeks ago there were 24 declines
and 32 advances. During the latest week cotton advanced about one-third
of a cent a pound. Wheat at Kansas City advanced 4 cents a bushel and
No. 2 corn at Chicago gained about 3 cents a bushel. Other farm commodities that advanced were lard, oats, barley, hay and lambs. Declining
prices were noted for hogs, cattle and wool. Other important commodities
that advanced during the latest week were cotton yarns, cottonseed oil,
tallow, sugar, fancy flour, silver, gasoline, phosphate rock and rubber.
The list of declining commodities included burlap,silk, butter, eggs, potatoes
lead, coffee and turpentine.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100)Latest
Week
June 30
GrouP.
1934,
Per Cent
Each Group
Bears to the
Total Index.
23.2
Foods
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities_ _
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural implements
Preceding
Week.
Month
Ago.
Year
Ago.
69.8
69.3
60.3
69.8
69.9
90.8
81.2
83.8
86.2
51.6
93.2
66.9
76.9
98.8
70.2
69.2
60.7
69.3
69.9
90.8
81.4
83.8
86.2
51.4
93.2
65.9
76.9
98.8
71.1
70.1
67.3
68.4
69.5
91.3
81.3
84.0
85.8
50.6
93.2
65.0
76.6
92.4
65.7
53.9
51.2
61.3
62.9
84.4
72.2
74.5
75.4
54.5
87.9
64.9
65.7
90.1
71 9
790
71 7
025
Or
244,832
176,660
28,753
52,327
18,203
19,440
85,738
29,586
41,603
206,127
07,543
1,721,649
540,438
270,910
29,974
401,305
496.365
38,063
257,464
22,978
108,283
44,976
23,287
--15.4
+2.2
+5.7
-9.8
-9.4
+2.3
+7.8
--9.4
--5.7
7,361
110,573
29,861
78,815
19,760
+24.1
+22.4
+6.2
+3.6
+6.9
40,023
+2.2
4,950,860
5,172,897
+4.5
-6.0
-6.1
+3.9
+27.4
+2.5
+3.5
+9.5
+3.5
+2.6
-2.3
+17.0
+17.4
-2.2
+2.5
Moody's Daily Index of Staple Commodity Prices
Shows Slight Loss for Week.
The principal commodities have continued to display an
uncertain trend with few radical changes during the current
week. Moody's Daily Index of Staple Commodity Prices
showed a net decline of 0.9 points to 139.2, and is now only
slightly above its level of a year ago, when it was rising
rapidly toward its 1933 high.
Seven of the commodities contained in the Index registered
losses during the week, three advanced and five were unchanged. The most. pronounced weakness was in hides, as
a result of emargency cattle purchases in the drouth areas,
while cotton, corn, hogs, wool tops, cocoa, and silk registered
smaller losses. Rubber gained half a cent, while wheat and
Fri.,
June 29
Sat., June 30_
Mon., July 2
Tues., July 3
Wed., July 4
Thurs., July 5
Fri.,
July 6
Decrease.
289,441
Grain, all
172,784
Flour, meal and other mill products
27,203
Hay,straw and alfalfa
58,002
Cotton
20,081
Cotton seed and products, except oil
18,998
Citrus fruits
79,499
Other fresh fruits
32,667
Potatoes
44,114
Other fresh vegetables
219,314
Live stock
29,347
Poultry and dairy products
1,656,939
Coal and coke
424,115
Ore and concentrates
264,176
Gravel, sand and stone
28,950
Salt
366,478
Lumber and forest products
479,554
Petroleum and petroleum products
37.107
Sugar, syrup and molasses
263,397
Iron and steel
19,644
Machinery and boilers
92,249
Cement
45,975
Brick and clay products
22,717
Lime and plaster
Agricultural implements and vehicles, other
5,930
than automobiles
90,320
Automobiles, trucks and parts
28,123
FernHers, all kinds
76,076
Paper, paper board and prepared roofing
18,485
Chemicals and explosives
Canned goods-All canned food products (includes catsup, lams, jellies, olives, pickles,
39,175
preserves, drc.)
Total
July 7 1934
silver also closed higher. Steel scrap, copper, lead, coffee
and sugar were unchanged.
The movement of the Index number during the week, with
comparisons, follows:
Increase of 34 of 1% Noted in Index of Wholesale
Commodity Prices of United States Department of
Labor for Week of June 23.
The Bureau's index number of wholesale commodity prices
showed a further strengthening and advanced by M of 1%
during the week of June 23 to the highest level reached
since March 1931, according to an announcement made June
28 by Commissioner Lubin of the Bureau of Labor Statistics
of the U. S. Department of Labor. The current index is
at 75.0% of the 1926 average. "The rise in the general
average of wholesale prices during the past month has been
nearly 2%," Mr. Lubin said. He added:
Present prices are more than 15% above the level of the corresponding
week of 1933, when the index was 65.1 and slightly more than 17% higher
than two years ago, when a level of 64.0 had been reached. The increase
since the first of the year has been 6%.
Marked advances in market prices of livestock, poultry, cotton, hay,
peanuts, butter, cornmeal, rye flour, fresh meats, raw sugar, leather, cattle
feed, copper sheets, bar silver, cast iron pipe, and burlap were largely responsible for the present rise. Of the 10 major groups of commodities
covered by the Bureau five showed advances, four recorded decreases and
one, textile products, remained at the level of the week before. The important group of "all commodities other than farm products and foods"
showed a minor decrease.
Of the 47 sub-groups of closely related items, 15 showed an increase, 13
registered a decrease and 19 remained at the level of the previous week.
Wheat, rye, oats, eggs, potatoes, wheat flour, coffee, gasoline, cylinder oil,
wire, pig zinc, rosin, turpentine and silk were among the more important
Items showing price recessions.
As compared with the low point reached In 1933, all individual commodity
groups have shown material advances. Farm products show an advance
of approximately 64%; textiles a rise of more than 43% and foods a 33%%
Increase. As compared with the 1934 low point, all groups with the exception of textile products have shown advances ranging from 1% for
hides and leather products to approximately 15% for the farm products
group.
The following table, contained in Mr. Lubin's announcement, shows the present level for each commodity group as
compared with the low points during 1934 and 1933, with
the date and per cent of increase which has taken place for
the respective groups.
Financial Chronicle
Volume 139
June
23
1934.
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products_
Building materials
Chemicals and drugs
Housefurnishing goods_
Miscellaneous
All commodities other than
farm products and foods
All commodities
65.8
71.3
88.1
72.5
73.4
87.1
87.6
75.5
83.2
70.5
Date and
Leto of
1934.
Jan. 6
Jan. 6
June 9
June 23
Mar.31
Jan. 6
Jan. 6
Jan. 6
Jan. 27
Jan. 6
Date and
Low of
1933.
P. C.
of InMate.
57.4
62.7
87.2
72.5
72.4
83.3
85.5
73.3
81.7
65.9
14.6
13.7
1.0
0.0
1.4
4.6
2.5
3.0
1.8
7.0
Feb. 4
Mar. 4
Mar. 11
Mar. 4
June 10
Apr. 8
Feb. 18
Apr. 15
May 6
Apr. 8
P. C.
of /ncrease.
40.2
53.4
67.5
50.6
60.8
76.7
69.6
71.2
71.7
57.6
63.7
33.5
30.5
43.3
20.7
13.6
25.9
6.0
16.0
22.4
78.7
Jan. 6 77.6
1.4
Apr. 22 65.5
20.2
75.0
Jan. 6 71.0
5.6
Mar. 4 59.6
25.8
Mr. Lubin's announcement continued:
The largest advance for any group occurred in farm products, which rose
by approximately 3%%. The present index, 65.8, is the highest point
reached since May 1933, when the index was 67.1. Average market prices
of farm products have shown a steady rise for five weeks, advancing by
more than 10%. The index for livestock and poultry registered an increase of nearly 14%. Grains on the other hand showed a slight recession.
The index for the food group is now at the highest level since October
1931, when the index was 73.3. This group advanced during the past
week by 1.6% to a level of 71.3% of 1926 prices. The cereal products
sub-group advanced slightly more than 1% the fruit and vegetable subgroup rose by nearly 4%, and meats increased by approximately 4% to
the highest level reached this year.
A continued strengthening of prices of hides and skins and leather caused
the bides and leather products group to move upward by 0.6 of 1%. The
miscellaneous commodity group increased by 0.3 of 1%. The chemicals
and drugs group showed a fractional advance due to the upward movement of prices in the drug sub-group.
The metals and metal products group showed the largest decrease for any
of the ten major groups of commodities and declined by 1%. The downward movement was in the main attributable to weaker prices for motor
vehicles, wire, malleable castings and pig zinc. Lower prices for gasoline
more than offset higher prices for coke and anthracite and forced the fuel
and lighting materials group down by 0.4 of 1%.
Weakening prices for lumber and paint materials caused the building
materials group to show a 0.1 of 1% drop. The housefurnishing goods
group also showed a minor decrease in average prices. Fluctuations within
the group resulted in no change for textile products. Cotton goods and
silk and rayon recorded weakening prices, while other textiles showed minor
advances.
The index number of the Bureau of Labor Statistics is composed of 784
separate price series, weighted according to their relative importance in the
country's markets, and is based on average prices for the year 1926 as
100.0. The accompanying statement shows the index numbers of the major
groups of commodities for the past three weeks, for one month ago, for the
corresponding weeks of 1933 and 1932 and for the closing week of 1933.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF JUNE 23,
JUNE 16, JUNE 9, AND MAY 26 1934, JUNE 24 1933, JUNE 25 1932
AND DEC. 30 1933.
(1926=100.0)
31
virtually the same as that for April, which was 100.0. A year ago the
Index figure dropped from 76.0 in April to 68.0 in May.
Weekly Electric Production Continues to IncreaseGain over Same Period in 1933 Falls to 2.0%.
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 June 30 1934 was
1,688,211,000 kwh., a gain of 2.0% over the same period
in 1933, when output totaled 1,655,843,000 kwh. This was
the lowest percentage increase over a comparable period in
a preceding year shown since the week ended May 13 1933.
Production for the seven days ended June 23 1934 amounted
to 1,674,566,000 kwh., as compared with 1,598,136,000 kwh.
for the week ended June 24 1933, a gain of 4.8%. The
Institute's statement follows:
PER CENT INCREASES (1934 OVER 1933).
Major Geographic
Dicisions.
Week Ended
Week Ended
Week Ended
Week Ended
June 30 1934. June 23 1934. June 16 1934. June 9 1934.
New England
Middle Atlantic
Central Industrial_ _ _ _
Southern States
Pacific Coast
West Central
Rocky Mountain
x6.7
2.7
2.6
1.9
11.1
5.3
1.5
x4.9
6.6
5.7
4.3
9.8
7.4
10.3
x2.I
5.7
7.3
5.2
7.4
11.7
x0.7
x2.2
7.0
10.3
4.5
8.6
12.6
12.5
Total United States_
2.0
4.8
5.5
7.3
x Decrease from 1933.
Arranged in tabular form, the output in kilowatt-hours of
the light and power companies of recent weeks and by
months since and including January 1931 is as follows:
ELECTRIC PRODUCTION FOR RECENT WEEKS.
(In Kilowatt-hours-000 Omitted.)
1933.
1934.
1932.
% Inc.
1934
Over
1933.
1931.
Week ofWeek ofWeek ofWeek of
May 5 1,632.766 May 6 1,435.707 May 7 1,429,032 May 9 1,637,296
May 12 1,643,433 May 13 1.468,035 May 14 1,436,928 May 16 1,654,303
May 19 1,649,770 May 20 1,483,090 May 21 1,435,731 May 23 1,644,783
May 26 1,654,903 May 27 1,493,923 May 28 1,425.151 May 30 1,601.833
June 2 1,575,828 June 3 1.461,488 June 4 1,381,452 June 6 1.593,662
June 9 1,654.916 June 10 1,541,713 June 11 1,435,471 June 13 1,621,451
June 16 1,665,358 June 17 1,578,101 June 18 1,441,532 June 20 1,609,931
June 23 1,674,566 June 24 1,598,136 June 25 1,440,541 June 27 1,634,935
June 30 1,688,211 July 1 1,655,843 July 2 1,456.961 July 4 1,607.238
July 8 1.538.500 July 9 1,341,730 July 11 1.603.713
JulY 7
+13.1
+111
+11.2
+10.E
+71
+7.2
+5.1
+41
+21
.....
DATA FOR RECENT MONTHS.
Week Ended-
Farm products
Foods
Hides & leather products_
. Textile products
Fuel& lighting materials_
Metals & metal products_
Building materials
Chemicals and drugs_
HousefurnIshings goods_ Miscellaneous
All commodities other
than(arm products and
foods
All commodities
June 23 June 16 June 9 May 26 June 24 June 25 Dec. 30
1934. 1933. 1934. 1934. 1933. 1932. 1933.
Month of-
1934.
1933.
1932.
1931.
60.1
67.4
88.0
73.1
73.4
88.7
87.2
75.3
83.9
69.7
January___
February._
March
April
May
June
July
August
September_
October
November.
December-
7,131,158,000
6.608,356.000
7,198,232,000
6,978,419,000
6,480,897,000
5.835.263,000
6,182,281,000
6,024,855,000
6,532,686.000
6.809.440,000
7,058,600.000
7,218,678.000
6.931,652,000
7,094.412,000
6,831,573,000
7,009,164,000
7,011.736,000
6,494,091,000
6,771.684,000
6,294.302,000
6,219,554,000
6,130,077,000
6,112.175,000
6,310,667.000
6,317,733,000
6,633,865,000
6,507,804,000
6,638,424,000
7,435,782,000
6,678,915,000
7,370,687,000
7,184,514,000
7,180.210.000
7,070,729.000
7.286,5761000
7,168.086,000
7,099,421.000
7,331,380,000
6,971,644,000
7.288,025,000
53.2
61.4
83.5
61.5
63.6
78.9
74.2
73.6
72.8
61.1
46.4
59.5
70.1
53.5
71.8
79.8
70.7
72.9
75.7
64.2
56.0
62.5
89.6
76.0
74.5
83.3
85.4
73.3
81.9
65.6
65.8
71.3
88.1
72.5
73.4
87.1
87.6
75.5
83.2
70.5
63.7
70.2
87.6
72.5
73.7
88.0
87.7
75.4
83.4
70.3
60.7
67.6
87.2
72.7
73.8
87.8
87.8
75.4
83.4
70.0
78.7
78.9
78.9
79.0
69.4
70.0
77.6
75.0
74.6
73.8
73.7
65.1
64.0
70.8
Chain Store Sales Activity Slackens.
Sales returns of the chain stores for May revealed a further
slackening of trade activity, according to the current review
a chain store sales issued by "Chain Store Age." As is
seasonally the case, business volume increased from the
April total, but the pick-up this year was below the average
performance of previous years, stated the "Age," further
adding:
The effect of this sub-seasonal showing for the second consecutive month
reduced the percentage gain in sales over a year ago to one-half of what
it was in March this year. The state of trade in the chain store field in
May, as measured by the "Chain Store Age" index, dropped to 84.7 of
the 1929-31 average for the month,from 86.0 in April. The index of sales
of independent department stores, as measured by the "Chain Store Age"
index based on preliminary figures published by the Federal Reserve
Board. was 72.4 in May, as against 71.6 (revised) in April.
Total average daily sales of the 19 chains regularly reviewed were
$7.368,000 in May this year, as compared with $7,158,000 in April, and
with $6,778,500 in May 1933. May sales were approximately 8.5%
above those of May 1933.
The index of sales for the grocery group, comprising six leading chains,
was practically unchanged at 78.3 for May,as against 78.2 in April. Dollar
volume for those chains was affected by a moderate lowering of prices
along with a bigger loss in unit volume of goods handled.
The group of six five-and-ten-department store chains showed a sales
Index decline to 97.2 in May from 100.6 in April. In May 1933 the figure
declined to 82.9 from 85.4 in April.
In the drug chain group, the index of sales of two leading companies was
unchanged at 100.0 for May, the same as in April. Last year, the index
figured gained fractionally from 85.3 in April to 85.8 in May.
The apparel group, which for some time had been following a course
independently of the other chain divisions, also experienced a set-back
In May. The index of sales for three chains in this classification dropped
to 98.2 from the high level of 103.3 set in April. The figure in May 1933
stood at 79.0.
The shoe group apparently fared much better than the other types.
Preliminary figures indicate that the index of May sales of two chains was
Total
1934
Over
1933.
10.0%
13.2%
16.4%
15.8%
--
____
80,009.501.000 77,442,112,000 86,063.969,000
Note.-The monthly figures shown above are based on reports covering approximately 92% of the electric ight and power industry and the weekly figures are
based on about 70%.
Electric Output in May 9% Higher Than in Corresponding Period Last Year.
According to the Geological Survey, Department of the
Interior, production of electricity for public use in the United
States for the month of May amounted to 7,672,797,000
kwh., an increase of 9% over the same month in 1933, when
output totaled 7,012,584,000 kwh. For the month of
April, 1934, the output totaled 7,443,919,000 kwh. Of the
May output, a total of 4,461,424,000 kwh. was produced
by fuels and 3,211,369,000 kwh. by water power. The
Survey's statement shows:
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN THE UNITED
STATES (IN KILOWATT-HOURS).
Division.
Tool by Water Power and Fuels.
Mar. 1934.
Ayr. 1934.
May 1934. Apr. '34. May '34.
New England
557,684,000 529,290,000 531,439,000
Middle Atlantic_ _
2,102,667,000 1,969,230,000 2,014,731,000
East North Central_ 1,820,860,000 1,709,502,000 1,751,747,000
West North Central_ 456,270,000 432,056,000 469,215,000
South Atlantic
935,056,000 900.233,000 883,064,000
East South Central_ 299,510,000 296,893,000 314,142,000
West South Central_ 339,557,000 340,435,000 368.952,000
234,315,000 238,615,000 258,320,000
Mountain
Pacific
970,992.000 1,027,665,000 1,081,187,000
Total for U.
Masses In Output
from Precious Year.
+19%
+15%
+20%
+ 4%
+ 7%
+33%
+ 8%
+19%
+13%
+10%
+10%
+15%
+ 1%
-6%
+19%
+ 4%
+21%
+14%
7,716.891.000 7,443,919,000 7,672.797,000 +15% + 9%
The average dal y production of electricity for public use in the United
States in May was 247,500,000 kwh., a small decrease from the average
daily production in April. The normal change from April to May is a
decrease of 1.3%. The curve of total average daily production of electricity for public use indicates that subsequent to January the change in
the daily Production of electricity has been about normal. The normal
Financial Chronicle
32
change from February to May, based on 14 years of records, is a decrease of
4%. This year the decrease in the same period was less than 2%.
The usual seasonal decrease in the production of electricity by the use
of water power began in May with a marked drop in the average daily
output, due to the effect of the drouth in different pasts of the country
on steam flow. The decrease in the output by the use of water power was
tken over by fuel-burning plants with a corresponding increase in fuel
consumption.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY FOR PUBLIC USE
1934.
1933
Over
1932.
1933.a
Kilowatt Hours Kilowatt Hours
January___ 7.631,497,000 6,964,516,000 c8%
February.__ 7,049,492,000 6,296,807.000 cb7%
7,716,891,000 6,687,462,000 c9%
March
April •
7,443,919,000 6,478,090,000 c5%
May
7,672,797,000 7.012,584.000
5%
June
7,242,095,000 10%
July
7.490,718,000 14%
Austin
7,687,990,000 14%
9%
September__7,349,509,000
October _
7,478,854,000
6%
November _
7,243,360,000
4%
December__
7,469,747,000
4%
TntAl
1934
Over
1933.
Produced by
Water Power.
1933.
1934.
39%
10%
33%
12%
40%
15%
47%
15%
42%
9%
____
____
____
---___-_-__
-_-.
_------------------
43%
42%
45%
48%
49%
42%
38%
38%
40%
35%
33%
37%
____
41s,
SR 401 722 000 27%
a Revised. b Based on average daily production. c Decrease under 1932.
Coal Stocks and Consumption.
Stocks of coal at electric power utilities decreased slightly in May.
Bituminous stocks fell from 5.257,153 tons on May 1 to 5,192,060 tons on
June 1, a decrease of 1.2%; while the stocks of anthracite rose 0.4%,
standing at 1,320,304 tons on June 1 as compared with 1,315,635 tons at
the beginning of the previous month. The total stocks on June 1 amounted
to 6,512,364 tons, or 0.9% less than on May 1.
Consumption of coal increased in May. On a daily basis, the rate of
bituminous coal consumption shows an increase of 7.3% in comparison
with April, while anthracite consumption rose 7.1%. The total consumption of both hard and soft coal in May was 2.650,592 tons, as against 2,390,881 tons in April. At the rate of consumption prevailing in May,the stocks
of bituminous coal on June 1 were sufficient to last 64 days, and anthracite
stocks were equivalent to 299 days' requirements.
The quantities given in the tables are based on the operations of all power
plants producing 10,000 kwh. or more per month, engaged in generating
electricity for public use, including central stations, both commercial and
municipal, electric railway plants, plants operated by steam railroads
generating electricity for traction, Bureau of Reclamation plants, public
works plants, and that part of the output of manufacturing plants which is
sold. The output of central stations, electric railway and public works
plants represents about 98% of the total of all types of plants. The
output as published by the Edison Electric Institute and the Electrical
World includes the output of central stations only. Reports are received
from plants representing over 95% of the total capacity. The output of
those plants which do not submit reports is estimated; therefor*, the figures
of output and fuel consumption as reported in the accompanying tables are
on a 100% basis.
[The Coal Division, Bureau of Mines, co-operates in the preparation of
these reports.)
Analysis of Imports and Exports of the United States
for May.
The Department of Commerce at Washington June 29
issued its analysis of the foreign trade of the United States
in May 1934 and 1933 and the five months ended with
May of 1934 and 1933. This statement indicates how
much of the merchandise imports and exports consisted of
crude or of partly or wholly manufactured products. The
following is the report in full:
ANALYSIS BY ECONOMIC GROUPS OF DOMESTIC EXPORTS FROM
AND IMPORTS INTO THE UNITED STATES FOR THE MONTH OF
MAY 1934.
(Value in 1,000 Dollars.)
Five Months Ended May.
Month of May.
1933.
1934.
1934.
1933.
Per
Cent.
Per
Cent.
Per
Per
Value. Cent. Value. Cent
Value.
34,986 31.3 37.975 24.2
3.024 2.7 3,994 2.5
10,021 9.0 12,822 8.2
17,600 15.7 26,189 16.6
46,214 41.3 76,191 48.5
167,057 31.0
16,966 3.1
49,779 9.2
78,641 14.6
226,942 42.1
253,750 29.8
29,668 3.5
67,303 7.9
136,405 16.1
363.291 42.7
Domestic exports_ _ 111,845 100.0 157,171 100.0
539,385 100.0
850,417 100.0
Crude materials
Crude foodstuffs
Manufact'd foodstuffs
Semi-manufactures.._ _
Finished manufactures
Crude materials
I
Crude foodstuffs
I
Manufact'd foodstuj
Semi-manufactures.
Finished manufactures
24,888
19,721
20,296
18,346
23,618
23.3
18.4
19.0
17.2
22.1
42,812
18,406
27,913
26,889
30,846
29.2
12.5
19.0
18.3
21.0
117,921
90,482
76,656
76,390
108,446
25.1
19.3
16.3
16.2
23.1
Value.
201,452
105.850
112,210
131,266
144,055
29.0
15.2
16.2
18.0
20.7
Imports_a
106,869 100.0 146.866 100.0 469,895 100.0 694,833 100.0
a 1933 figures are general imports. 1934 figures are imports for consumpt on.
Slightly More than Seasonal Decline Noted in General
Business Activity in New England from April to
May.
According to the July 1 "Monthly Review" of the Federal
Reserve Bank of Boston, "the level of general business activity in New England during May declined from that of
April by more than the usual seasonal changes, but the
decrease was moderate, and was attributable chiefly to curtailed production in the various branches of the textile industry, other lines of activity registering little change between April and May." We quote further from the "Review" as follows:
Daily average cotton consumption in New England mills declined 10.5%
from 4,130 bales in April to 3,696 bales in May. A greater decrease oc-
July 7 1934
curred in daily consumption of raw wool during May, only 518 poundg,.
grease equivalent being consumed, compared with 633,000 pounds in
April, a reduction of 21.9%. The seasonally adjusted index of boot and
shoe production rose from 98.6% of the 1923-25 monthly average in March
to 117.3% for April. The total output of boots and shoes during the first
four months of 1934 amounted to 42,808,000 pairs, the largest total for any
corresponding period since 1923.
On a daily average basis, the total value of new construction contracts
awarded in New England during the first half of June was 64.2% greater
than in the same period a year ago. The gain was principally centered
in the public works and utilities group, which was almost four times as
large as in the first half of June last year.
The Massachusetts Department of Labor and Industries reports that.
decreases of somewhat greater than seasonal proportions occurred in the
number of wage-earners, the amount of weekly payrolls, and average weekly
earnings during May,as compared with April. The number of wage-earners
declined 1.7% compared with a nine-year average decrease of 1.2%, and
weekly payrolls were 1.8% lower, compared with the usual decrease of 1.0%
between April and May.
During May the amount of new ordinary life insurance written in NewEngland was $49,018,000, compared with $41,333,000 in May 1933, an
increase of 19.6% having taken place. In the first five months of 1934 the
amount exceeded that for the corresponding period a year ago by 9.8%.
The value of sales in reporting department stores in this District during
May was 2.9% larger than in May 1933, while the cumulative sales for the
first five months of the current year were 13.6% higher than in the corresponding period last year.
Retail sales of 1,141 establishments located in 78 cities and towns in
Massachusetts during May 1934 amounted to $23,822,661, compared with
$21,356,311 in May 1933. Of the total number 831 concerns reported an
ncrease, 246 a decrease, and 64 no appreciable change in sales. Theaggregate change in dollar sales amounted to 11.5% with eight of the
eleven major divisions reporting increases of more than 10%.
General Business in St. Louis District During May and
First Half of June Well Maintained According to
St. Louis Federal Reserve Bank.
In its June 30 "Monthly Review" the Federal Reserve
Bank of St. Louis said that "despite the drouth conditionsand the usual slowing down in activities incident to the hot
weather, general business in the Eighth (St. Louis) District.
was well maintained during May and the first half of June._
In certain of the major industries, notably iron and steel,
considerably less than the contraction which usually takes.
placein early summer was in evidence and at many important
plants further expansion took place.." The Bank continued
in part:
Distribution of commodities through both retail and wholesale channel&
was on a large scale, the volume of retail trade exceeding that of a yearand two years earlier. Of the wholesale jobbing lines investigated by this.
Bank all but boots and shoes, and furniture showed gains in May over
the corresponding month a year ago and increases from May to June wererecorded in all classifications except electrical supplies, and stoves.
Employment conditions in the District as a whole underwent moderateimprovement, being affected by the absorption of many workers in agricultural and other seasonal occupations. Scattered wage advances were
announced, effecting workers in the stove industry and several other'
important groups. District sales of automobiles in May, according to thedealers reporting to this bank, fell slightly below April, but the total wasapproximately one-half larger than in May last year. The prolonged spell
of high temperatures extending through May and early June had a stimulating effect on the movement of summer merchandise, particularly apparel,
hats, beverages and outing goods, and resulted in a substantial volume of
reordering from wholesalers and manufacturers. Production of bituminous coal in all fields of this District in May, according to preliminaryestimates of U. S. Bureau of Mines, showed an appreciable increase over
the preceding month and a year ago. Industrial consumption of electricity
In the principal cities in May showed considerable expansions, both as con-Wasted with a month and a year earlier.
Eighth District crop conditions as of June 1 were spotted, both with
reference to several productions and localities. The dominating influencewas dry weather, crops most adversely affected being bay,oats, rye, barleyand pastures. Of these there was already a shortage due to several years.
of scant rainfall. The fairly general precipitation after June 1 has served
to materially help matters and reasonably good weather until harvest may
bring yields to considerably higher levels than those indicated on June 1.
Relatively the most favorable prospects are in the Southern States, whilegreatest damage was wrought in the northern &retches of the district.
Prices of the principal cereals advanced during early last June. The higher
returns, coupled with rental and benefit payments to farmers by the Government. will serve to partially offset decreased yields of certain crops.
Retail trade in May. as indicated by sales of department stores in theprincipal cities of the District were 11.4% larger than in April and 24.4%
more than in May 1933; the cumulative total for the first five months was.
26.1% greater than the comparable period a year ago. Combined sales oI
all wholesaling and jobbing firms reporting to this Bank in May were 14%
less than for the same period in 1933 and 11.5% grea.,er than in April this:
year; for the first five months cumulative sal s of these firms were 31%
larger than for the sane tint in 1933.
Weekly Crop Report of Bank of Mantreat-Southern
Areas in Need of Rain While Northern Districts.
Have Reserve.
The Bank of Montreal, in its weekly crop report issued.
July 5, states that "crop conditions in the Prairie Provinces
have been further improved by rain during the past week
and all northern districts now have a reserve of moisture..
In the southern areas more rain is required, the Bank said.
It continued:
As a result of the drouth earlier in the 81308013, wheat yields in Southeastern Alberta, Southern Saskatchewan and Southwestern Manitoba will!
be small and coarse grains will produce little more than feed. The weather
is unfavorable to grasshoppers, but the threat of them remains. In Quebec
crops as a whole are progressing favorably. In Ontario most crops have made fair progress, although in the southwestern section of the province
heavy rains are urgently needed as the effects of the long dry spell are beginning to show. In the Maritime Proxinces growth is-below the average
Volume 139
Financial Chronicle
at this period, but is now making rapid progress. In British Columbia the
weather continues favorable and conditions generally are good.
Imports of Lard During July Prohibited by Germany
Except from Countries Having Special Agreements.
The German Government has prohibited the importation
of lard during the month of July, except from countries having special agreements with Germany, according to a cablegram received in the United States Department of Commerce from Ambassador William E. Dodd, Berlin. On
June 27 the Commerce Department said:
Special agreements regarding lard imports are reported to have been
made between Germany and several European countries. However, not
all of these agreements were published.
United States Sugar Consumption 3,637 Long Tons
Higher in May Than May Year Ago.
Sugar consumption in the United States during May
1934 amounted to 553,063 long tons, raw sugar value, according to B. W. Dyer & Co., sugar economists and brokers.
This figure compares with 549,426 tons consumed in May of
last year, an increase of 3,637 or 0.66%. The firm points
out that there was con s;derable stock'ng during the last week
of May by retailers to escape the processing tax which
probably explains the increase when compared with last year.
The firm says:
33
United States deliveries during June were 727,000 bags, compared with
1,056,000 in June last year.
Europe accounted for 11,122,000 bags against 10,274,000 in the previous
season, an increase of 8.3% while the balance of the world took 1,238,000
bags, a gain of 23.3% over the 1,004,000 bags total of the previous crop
year. During June, Europe used 966,000 and the rest of the world 128,000
against 872,000 and 86,000, respectively, during June last year.
The small deliveries in the United States during the last three months in
the opinion of the trade, has been due to the fact that roasters have been
drawing upon large stocks accumulated during the winter months. For
this reason, it As expected that the start of the heavy consuming season in
the fall of the year will see "invisible" stocks low and another buying move
is expected.
World Coffee Stocks on May 1 Higher Than May 1 1933
But Below 1932, According to New York Coffee &
Sugar Exchange.
World stocks of coffee, including retained stocks in
Brazil, totaled 31,117,796 bags on May 1 this year compared
with 26,089,133 bags on that date in 1933 and 36,158,366
in 1932, according to statistics released on June 29 by the
New York Coffee & Sugar Exchange. The Exchange said:
These are the first figures of total world stocks to be published since
November 1933, because of the non-publication of figures on retained
stocks in Brazil during the interval. A cable to the Exchange gives Brazil
stocks as of May 1, 22,518,000 bags "retained" plus 3,721,000 bags in
Brazilian ports. Of the retained stocks, 19,490,000 bags are held by the
National Coffee Department and to all intents and purposes out of the
market. Privately owned coffees other than the port stocks total 3,028,000
bags. Of the 19,490,000 bags controlled by the Department 11,614,000
are pledged against the 1930-40 coffee loan, and 1,629,000 bags have been
destroyed from May 1 to June 15, leaving stocks at the disposition of the
Department on June 15, 6,247,000 bags.
The consumption for the first five months of this year, however, shows
a decrease of 3.43% when compared with the corresponding period of 1933.
Through May 31 1934, consumption amounted to 2,247,883 long tons
Compared with 2,327,795 tons in the corresponding period of 1933, a difference of 79,912 tons in favor of last Year.
Sugar Exports from Cuba Decreased 215,259 Long Tons
During First Six Months of Year as Compared
With First Six Months of 1933.
Cuban exports of sugar during the first six months of 1934
(January to June, inclusive) totaled 814,459 long tons raw
sugar value as compared with 1,029,718 long tons during
the corresponding period last year, a decrease of 215,259
tons, or approximately 21%, according to advices received
by Lamborn & Co. In announcing the advices, the firm
further said on July 5:
To the United States there were shipped 501,664 tons as against 689,582
tons for the same period in 1933,a decrease of 187,918 tons or approximately
27.3%. The shipments to the United States to June 30 this year approximate 29.5% of the quota allocated to Cuba by the United States Agricultural Administration.
To other destinations, principally United Kingdom, France, and Canada,
the exports amounted to 312,795 tons, as contrasted with 340,136 tons
shipped during the same period last year, a decrease of 27,341 tons, or
approximately 8%.
Sugar stocks in Cuba on June 30 approximated 2,450,000 tons, while
on the same date last year 2,556,000 tons were on hand.
Brazilian Coffee Exports During 11 Months Ended May,
24% Above Same Period Year Preceding.
Exports of coffee from Brazil during the first 11 months
of the current coffee year registered an increase of approximately 24% over the corresponding period of the preceding
coffee year, according to advices to the United States Commerce Department from Acting Commercial Attache Ralph
H. Ackerrnan, Rio de Janeiro. As announced by the
Commerce Department on June 29 the advices also noted:
Foreign shipments of coffee from July 1933 through May 1934 totaled
15,037,000 bags, compared with 12,152,000 bags in the corresponding
Period of 1932-33. an increase of 2,885,000 bags.
May exports totaled 889.978 bags, a slight increase over the April figure.
Although local coffee circles believe that foreign shipments during June
should exceed the May total, it is not believed that they will reach 1,000,000
bags. In such case, total shipments for the present crop year will fall
somewhat below the estimates made some months ago that they would
reach the high level of 17,000.000 bags. The development will result in
a carryover into the next crop season of several million bags.
During the month of May 1,103,590 bags of coffee were destroyed,
bringing the total destroyed to date to 27,913,704 bags. Destruction
during May approximately equalled the destruction during the first four
months of 1934.
World Wool Supplies Below Year Ago—Trade Demand
Also Lower According to Bureau of Agricultural
Economics.
Decrease of 372 Tons Noted in Raw and Refined Sugar
Shipments from Puerto Rico to United States
During Week of June 30 as Compared with Same
Week Year Ago.
Shipments of raw and refined sugar from Puerto Rico to
the United States during the week of June 30 amounted to
19,269 short tons against 19,641 in the same week last year,
according to cables to the New York Coffee & Sugar Exchange. The Exchange further announced on July 2:
Raw sugar shipments from Jan. 1 to June 30 totaled 532,409 short tons,
an increase of 5.3% when compared with shipments of 505,804 during a
similar period last year.
Refined shipments amounted to 74,510, a 28.4% increase over the 58,027
ton total for the 1933 period.
About 75.9% of the quota for the United States under the Costigan-Jones
Sugar bill has been shipped to date. The balance for shipment to complete the quota figures is approximately 195,000 tons, part of which has
been already sold.
24,462,460 Bags of Coffee Consumed by World During
Crop Year July 1 1933 to June 30 1934, According
to New York Coffee & Sugar Exchange— Largest
Amount Consumed for Any Season Except 193031
Year.
July 1
1933 to June 30 1934, amounted to 24,452,460 bags, the
largest for any season with the exception of the 1930-31
year when 25,087,000 disappeared into consumptive
channels and a gain of an even 7% over the previouE 1932-33
year when the total amounted to 22,850,234 bags, according
to figures released by the New York Coffee & Sugar Exchange statistical department. In issuing the figures, the
Exchange on July 3 said:
World Consumption Of Coffee for the crop year,
United States deliveries to consumption, although they ran very low
during the past three months, amounted to 12,092,460 bags, a gain of
4.5% over the previous season when 11,572,234 bags were delivered.
World supplies of raw wool now available are smaller than
at this time last year, with the reductions largest in Southern
Hemisphere countries, according to the Bureau of -Agricultural Economics, United States Department of Agriculture.
Wool supplies available for export from Southern Hemisphere
countries were nearly 25% less this May 1 than last, the
Bureau says. The Australian clip may be larger this year
than last. Drouth in South Africa up to November last
probably reduced production there. An announcement
issued June 28 by the Department of Agriculture, in noting
the foregoing, continued:
The 1934 clip in the United States will about equal the 1933 clip, it is
expected, and slight reductions in this year's clip in Great Britain, France.
and Germany are in prospect.
No material change in estimates of the number of sheep in the principal
wool-producing countries, save possible further reduction in South Africa.
is Indicated. The number of sheep in leading countries, excluding Russia,
India and China, has declined in recent years.
World trading activity in combing and clothing wool has tended downward
since January from the relatively high point reached in 1933. European
raw wool stocks are reported as small, but stocks of tops are large in continental countries. Political and economic uncertainties, and especially
the current German embargo on imports, have weakened the European
demand for wool is not yet clear what direction demand will take in the
United States during the season which began April 1 1934. although wool
manufacturing activity was lower in the early months of 1934 than a year
earlier.
The Bureau says that the reduced demand by wool-producing countries
carried average prices for May 1934 below those of last December and
January in most of the world's leading markets. Despite the general decline, prices in May were well above those of a year earlier. Prices in
Germany have continued upward as a result of control on imports.
Government control of the wool trade has been intensified by the temporary prohibition on imports of raw wool into Germany, and by an import
licensing system in Italy. In Hungary, the Government has in operation
a scheme whereby manufacturers buy practically all the available domestic
wool at prices 30% above prices in London and Antwerp, and the mill
products are exported under advantageous exchange conditions.
Several European countries have tightened up import duties and quota
provisions affecting semi-manufactured wool and finished fabrics, the
report says.
34
Financial Chronicle
Petroleum and Its Products.—Ickes Announces New
Code Enforcement Plans—New Oil Control Group
in Texas Proposed—Gasoline Purchase Plan in
Final Stage—Nation's Crude Oil Output Drops.
Full details of the revised plan for enforcement of the
petroleum code made public by Administrator Ickes in
Washington Thursday disclosed that the Justice and Interior Departments have concludad arrangements whereby
all prosecutions for code violations will be handled by United
States District Attorneys. Attorney-General Cummings
has formally approved the plan. Oil administration agents
will aid in compiling data for effective court action and will
act as technical advisers to the Department of Justice.
"I feel that the greater facilities of the Department of
Justice which are located thoughout the entire country,"
Mr. Ickes said, "will enable us to expedite prosecution
where necessary. Our agreement provides the necessary
machinery through which we may move in any area to
enforce the provisions of the code where the evidence justifies going into court without requiring the establishment of
an expensive legal division in the Oil Administration.
"The agencies of the Oil Administration will continue
their efforts to obtain voluntary compliance through discussions and negotiations with parsons in the industry before
resorting to litigation. Our invastigating and technical
staffs will co-operate in bringing violations to the attention
of the district attorneys and in obtaining and preparing
evidence."
Negotiations with the Department of Justice on the proposed national marketing agreement are still under way,
Mr. Ickes disclosed. It was also made known that the proposed quotas-in-commerce amendment to the oil code was
under consideration although no final decision has been
reached as yet.
The -creation
of a State oil and gas commission
— _
_ — to take
over the duties now performed by the Texas
RailroaraT
mission will
proposed at the special session of the State
Legislature scheduled to be held early in September, former
Governor James Ferguson, spokesman for the Governor,
disclosed in Austin Thursday. Blame for "hot oil" was
placed upon the Railroad Commission.
The first of the contracts covering the purchase of surplus
gasoline stocks from independent East Texas refiners by
the major companies in accordance with the Planning
and Co-ordination Committee's plan for curtailing output
of "hot oil" and stabilizing the bulk gasoline market were
before Administrator Ickes in Washington as the week
closed for his formal approval.
The contracts, covering 300 cars of gasoline to be purchased by the major units, are the first concrete result
of the recently-enacted agreement between the smaller
independents and the big companies and oil administration
officials. In return for promising not to purchase "hot
oil" and, to abide by all provisions of the petroleum code,
the independents were promised that the major companies
would absorb their surplus stocks of gasoline at fair market
prices. Approval of Administrator hires and the Department of Justice are necessary before the agreement
is officially effective.
The assignment of E. B.Swanson and J. Howard,Marshall,
members of the Petroleum Administrative Board, to accompany the House subcommittee which is scheduled to
start hearings in Tulsa, Okla., next Monday in the investigation of the oil industry voted at the recent session
of Congress by the House Committee on Inter-State and
Foreign Commerce, was announced by Administrator Ickes.
Full co-operation of the Petroleum Administrative Board
was promised to the Committee.
"Committee members have advised me that they would
appreciate having some of the major officials of. the oil
administration work with them," Mr. Ickes said in announcing the appointments. "Mr. Swanson and Mr.
Marshall were assigned after several conferences I had
with Congressman Cole, of Maryland, Chairman, and
Martin Dies, of Texas, counsel, and the various members.
Mr. Swanson is Chief of the Production and Refining
Division of the Board. Mr. Marshall is especially qualified
to aid the Committee in looking into production and enforcement problems."
Despite protests from some oil operators, the Oklahoma
Corporation Commission reduced the July allowable for
the State to 489,500 barrels, the level established by Administrator Ickes. The 489,500 total represented a decline
of 22,200 barrels from the previous month's allowable,
July 7 1934
which was due to a ruling of the Oil Administrator that
Oklahoma production for the next four months will be
penalized for over-production in the first half of 1934.
Some Oklahoma oil men felt that the Corporation Commission should ignore the Federal ruling and restore the
July allowable to the original figure of 525,800 barrels
established by the Oil Administration. This move met
with no success, the Commission ruling in accordance with
the Federal figures.
July commitments filed with the Texas Railroad Commission for purchases of crude oil during the month totaled
1,150,000 barrels, as compared with the daily market
demand of 1,042,000 barrels estimated by the United States
Bureau of Mines. The reduction in the daily allowable
ordered for New Mexico recently brought forth a protest
from Governor Hockenfull to Administrator Ickes who
replied that the cut was necessary "to balance consumer
demand."
Daily average crude oil production in the United States
for the week ended June 30 dipped some 10,000 barrels from
the previous week although at 2,592,000 barrels it was
still far in excess of the Federal allowable of 2,o30,000 barrels
daily, the American Petroleum Institute reported. This
decline followed a drop of 7,350 barrels in the previous
week after a rising trend had been noted for several weeks.
Production last week was slightly under the figure of 2,602,500 barrels reported for the corresponding 1933 period. The
American Petroleum Institute report takes no recognition of
"hot oil."
Oklahoma output dropped 15,300 barrels to 515,100,
against a Federal allowable of 489,500 barrels. California
production also dipped as operators pursued their usual
month-end pinch-back policy, dropping 20,200 barrels to
515,000 barrels, 5,600 above the level set by the oil administration. Texas showed a gain, production rising 4,850
barrels to 1,072,050, approximately 30,000 barrels over the
limit set by the Federal allowable.
The Inter-State Commerce Commission Monday ordered
an investigation of the reduced rates and gathering charges
for inter-State transportation of crude petroleum by pipe
line covering rates from wells in Kentucky, Arkansas, Kansas, Oklahoma, Louisiana, Texas, Illinois and New Mexico
to destinations in Illinois, Indiana, Michigan, Missouri,
Kansas, Oklahoma, Texas, Ohio, Kentucky, West Virginia
and Louisiana.
Schedules listing reduced transportation rates were filed
with the Commission recently by the Atlantic Pipe Line
Co., Empire Pipe Line Co., Humble Pipe Line Co., Oklahoma Pipe Line Co., Shell Pipe Line Corp., Sinclair Prairie
Pipe Line Co., Stanolind Pipe Line Co., Texas Pipe Line
Co. of Oklahoma, Texas-Empire Pipe Line Co. and the
Illinois Pipe Line Co.
Instituted on the Commission's own motion, the investigation will be carried on to "determine to what extent and in
what manner, if any, said rates and charges are or may be
unreasonable, unjustly discriminatory, unduly prejudicial,
unduly preferential, or otherwise in violation of any provision of the Inter-State Commerce Act."
There were no price changes posted during the week.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradford, Pa
$2.55 Eldorado. Ark., 40
31.00
Corning, Pa
1.32 Rusk, Tex. 40 and over
1.08
Illinois
1.13 Darst Creek
.87
Western Kentucky
1.13 Midland District. Mich
.90
Mid-Cont.. Okla.. 40 and above— 1.08 Sunburst, Mont
1.35
Hutchinson, Tex., 40 and over.... 1.03 Santa Fe Springs, Calif., 40 and over 1.30
Spindletop, Tex., 40 and over
1.03 Huntington, Calif., 28
1.04
Winkler, Tex
.75 Petrolla, Canada
2.10
Smackover. Ark., 24 and over
.70
REFINED PRODUCTS—CHICAGO GAS WAR SETTLED—PRICES
BREAK IN OTHER AREAS IN LOCAL WARS—BULK MARKETS
STRENGTHEN—MOTOR FUEL STOCKS DIP.
The gasoline price war in Chicago was ended Thursday
when the Sinclair Refining Co. posted an advance of 2 cents a
gallon in service station prices and 1 cent a gallon in tank
wagon prices, closely followed by the Shell Petroleum Corp.
and the Pure Oil Co. Members of the Independent Brands
Petroleum Association also met the advances. Up to a late
hour to-night (Friday) Standard Oil of Indiana had not
acted on the advances.
The revised list posts premium grade gasoline at 19.3
cents a gallon, regular at 17.3 cents and third-grade at 15.8
cents a gallon, all taxes included. Further mark-ups of
2 cents a gallon on each grade will be necessary to restore
prices to levels prevailing prior to June 4 when the price
war started. Prices on all grades of gasoline were slashed
4 cents a gallon in approximately one week with both in-
Volume 139
dependents and majors maintaining an armed truce until
Thursday's settlement. Intervention from Washington by
Oil Administration officials was credited with playing a
major part in settling the war.
At the same time the Chicago war ended, local price wars
broke out in several sections in Ohio. In Dayton, major
distributors reduced service station prices of gasoline 3 cents
a gallon due to local competitive conditions, with the slash
bringing premium grade gasoline down to 18 cents a gallon
and regular grade to 16 cents, all taxes included. Standard
Oil of Ohio posted a cut of 3 cents a gallon in Middletown
Thursday, following a like cut posted on July 4 in urban
townships in Butler and Warren counties, where again local
competitive conditions were held responsiblefor thereductions.
Administrator Ickes announced in press dispatches from
Washington Wednesday, that five "vicious" gasoline price
wars in the Middle Atlantic region had been settled with
"full protection" provided for independents. Where negotiations with local factors proved unsuccessful, Mr. Ickes
disclosed, he conferred with officials of Standard Oil Co. of
New Jersey and Standard Oil of Indiana, who agreed to
co-operate with the Petroleum Administrative Board in
ending the wars through restoring prices in areas where
local gallonage battles had been raging. Inasmuch as these
two companies are the major factors in the affected areas,
Mr. Ickes believed that the situation was well on its way
to correction. Some adjustments in prices already have been
made in the affected sections and more are in early prospect.
In commenting on Mr. Ickes' statement, E. G. Seubert,
president of Standard Oil of Indiana, said Friday that his
company is not only ready to co-operate with the oil administration but in certain localized areas will agree to an experimental price schedule carrying its regular grade gasoline
1 cent above that posted for certain other regular grade gasoline and a 3i cent differential between its third-grade and
their third-grade gasoline.
"In making this concession to aid the Petroleum Administrator in his commendable effort to bring about market
stability," Mr. Seubert continued, "Standard of Indiana
has reserved the right to determine when, where, and how
long it. will tolerate the differential without fully meeting
competitive prices on trackside or other competing brands.
It has not agreed to a general policy of tolerating a differential and has reserved the right to continue straight-out meeting of competitive prices in the areas not excepted and to
return to flat meeting of prices in the areas if later developments require such action in protection of its share in the
gasoline business.
"This company does not recognize the validity of any of
the arguments trackside and other cut-rate marketers have
advanced in an effort to obtain Government enforcement of
a price differential between advertised and non-advertised
brands. Its stands now, as before, on the principle that it
has the same right as any other marketer to meet any price
at which a competing marketer offers his products, and must
continue to have that right, regardless of any deviations
which special conditions might cause to be made."
Mr. Seubert.said in conclusion that "it is believed that
Secretary Ickes understands and concedes the correctness
of this company's position."
In the local bulk gasoline market, sentiment showed a
marked improvement as was true in other bulk markets
throughout the country as the gasoline purchase plan for
east Texas moved into final stages of approval. The absorbtion of the surplus stooks of gasoline held by the smaller
refiners will prevent stocks of "distress" gasoline being
dumped on the bulk markets for sale at any price with the
resulting stabilization of the price struoture. Consumption
here was seasonally aided by the holiday and retail demand
is holding up well. Prices for bulk and retail gaPoline were
well maintained. Prices on other refined products showed no
change.
In keeping with the normal seasonal trend, stocks of motor
fuel reported to the American Petroleum Institute continued
to decline, dipping 415,000 barrels to 51,505,000 barrels on
June 30. Refinery operations dipped 2.5% during last week,
reporting units operating at 69.2% of capacity with daily
average runs of crude oil to stills off 85,000 barrels to 2,335,000 barrels.
Price changes follow:
June 30.-Gasoline prices were reduced s-cent a gallon at Rochester,
N.Y.
June 30.-Providence, R. I. gasoline prices were reduced 1 cent a gallon.
July 4.-Service station prices of gasoline were cut 3 cents a gallon by
the Standard Oil Co. of Ohio at urban townships in Butler and Warren
Counties. Ohio.
35
Financial Chronicle
July 5.-Sinclair Refining posted advances of 2 cents a gallon in service
station prices of gasoline and 1 cent in tank wagon prices in the metropolitan Chicago area. Shell Petroleum and Pure Oil met the advances as
did members of the Independent Brands Petroleum Association.
July 5.-Service station prices of gasoline in Dayton, 0., were reduced
3 cents a gallon by all major distributors.
July 5.-Service station prices of gasoline in Middletown, 0., were
reduced 3 cents a gallon by the Standard 011 Co. of Ohio. Major companies met the cut.
Gasoline, Service Station. Tax Included.
New Orleans
New York
Detroit
1.19
3.175
5.19
22
Houston
.18
Philadelphia
145
Atlanta
San Francisco:
175
Jacksonville
.22
Boston
Los Angeles:
Third grade_ _ _ - .18
Buffalo
185
173
Third grade_ _ _ _ .155
Above 65 octane_ .20
Chicago
Premium
19
Standard
22
Cincinnati
.1734
Premium
19
1934 St. Louis
.145
Cleveland
.17
Minneapolis
.174
Denver
Kerosene, 41-43 Water White, Tank Car, F. 0. B. Refinery.
New York:
North Texas
3.0334 I New Orleans, ex. $0534
(Bayonne)
0334-.0334
5.0534 Los Ang.,ex_ .043.4-.05 I Tulsa
Fuel 0 1, F. 0. B. Refinery or Terminal.
N. Y.(Bayonne):
California 27 plus D
Gulf Coast C
Bunker C
$1.30
11.00-1.10 Phila. bunker C
1.15
Diesel 28-30 D_ ___ 1.95 New Orleans C
Gas 0 I, F. 0. B. Refinery or Terminal.
Chicago:
I Tulsa
N. Y. (Bayonne):
28 plus GO $.0434-.0434
32-36 GO -5.0234-.0234 I
$1.15
1.30
3.0234-.0254
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F. 0. B. Refinery.
e 0434-.0434
Chicago
N. Y.(Bayonne):
N. Y.(Bayonne):
.0434
Shell Eastern Pet_3.0634 New Orleans
Standard 011N..I.:
Los Angeles, ex.-05-.06
New York:
Motor, U. S_ 0434
Colonial-Beacon-- .0631 Gulf ports
62-63 octane_ ._ .0614
0434
a Texas
0634 Tulsa
fStand. Oil N. Y. .07
.0634
*Tide Water 011 Co .0834
y Gulf
Republic Oil
.0634
:Richfield 011 (Cal.) .07
Sinclair Refining_ .0631
Warner-Quin. Co_ .07
x Richfield "Golden." z "Fire Chief," $0.07. • Tydol, $0.07. y "Good Gulf:
10.0734. t "Mobligas."
Crude Oil Output Off 10,100 Barrels During Week
Ended June 30 1934, but Exceeds Federal Quota
by 61,700 Barrels-Inventories of Gas and Fuel
Oil Higher.
The American Petroleum Institute estimates that the
daily average crude oil production for the week ended
June 30 1934 was 2,592,000 barrels, a decrease of 10,100
barrels under the previous week. The current figure exceeded the Federal allowable figure which became effective
on July 1 1934 by 61,700 barrels and further compares with
a daily average production of 2,593,750 barrels during the
four weeks ended June 30 1934 and with an average daily
output of 2,602,050 during the week ended July 1 1933.
Further details as reported by the American Petroleum
Institute follow:
Imports of crude and refined oil at principal United States ports totaled
1.310,000 barrels for the week ended June 301934,a daily average of 187,143
barrels compared with a daily average of 174.429 barrels for the preceding
week and an average of 161,179 barrels a day over the last four weeks.
Receipts of California oil at Atlantic and Gulf ports totaled 499,000
barrels for the week ended June 30 1934, a daily average of 71,285 barrels,
against a daily average of 76,893 barrels over the last four weeks.
Reports received for the week ended June 30 1934 from refining companies owning 89.7% of the 3,760,000 barrel estimated daily potential
refining capacity of the United States, indicate that 2,335,000 barrels of
crude oil daily were run to the stills operated by those companies and that
they had a in storage at refineries at the end of the week 32,203,000 barrels
offinished gasoline, 6,715,000 barrels of unfinished gasoline and 106,223,000
barrels of gas and fuel oil. Gasoline at bulk terminals, in transit and in
pipe lines amounted to 19,202,000 barrels;
Cracked gasoline production by companies owning 95.6% of the potential
charging capacity of all cracking units averaged 464,000 barrels daily
during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures in Barrels.)
Average
Actual Production.
Federal
4 Weeks
Agency
Allowable Week End. Week End. Ended
June 30
June 23
June 30
Effectire
1934.
1934.
1934.
July 1.
Oklahoma
Kansas
489,500
134,500
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
Total Texas
Total Louisiana
Wyoming
Montana
Colorado
Total Rocky Mtn.States
New Mexico
California
515.100
131,350
530.400
127,350
537,750
129,050
613,250
116,300
58,900
57,750
27,450
145,150
54,900
507,750
52,100
49,200
60,500
57,800
26,950
144,850
54,650
504,300
52,600
49,150
58.000
57,300
27.100
145,000
53,300
502,250
52,200
48,450
50.150
48,750
20,050
157,500
58,300
542,200
64,400
51,650
118,850
116,400
117,600
120.200
1,042,100 1,072,050 1,067,200 1,061,200 1,113,200
25,250
67,550
25,200
57,650
25.300
64,050
25,250
41,950
88,900
92,800
82,850
89,350
67,200
33,000
108,900
33,200
31.550
104,750
31,850
31,650
102,100
30,800
31,350
102,450
31,400
30,250
94,950
16,650
33,200
8,000
3.000
37.000
8,750
3.000
34,900
8,000
2,850
35,200
8,150
2,900
30,050
7,700
2,350
44,200
48,750
45,750
46,250
40,100
46,600
509,400
48,800
515,000
48,800
535,200
48,000
516.950
35,950
474.200
North Louisiana
Coastal Louisiana
Arkansas
Eastern (not incl. Mich.)_
Michigan
Week
Ended
July 1
1933.
Total United States_ __ _ 2.530.300 2.592.000 2.602.100 2.593.750 2,602.050
Nom-The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
36
Financial Chronicle
CRUDE RUNS TO STILLS FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS, WEEK ENDED JUNE 30 1934.
(Figures in thousands of barrels of 42 gallons each.)
Daily Refining
Capacity of Plants.
District.
Crude Runt
to Stills,
Stocks a Stocks
Stocks
of
of
b Stocks
of
UnFinGo
of
Poten. Reporting. Daily P. C. ished finished Other
and
tial
Aver- Oper- Gaso- Gaso- Motor Fuel
Rate. Total. P. C. age. <tied. line.
line.
Oil.
Fuel.
East Coast__
582
582 100.0
442 75.9 16,422 1,199
217 9,044
Appalachian
150
140 93.3
97 69.3 1,655
304
163
859
Ind.,III.,Ky_
446
422 94.6
342 81.0 8,552 1,164
45 3,236
Okla., Kan.,
Missouri_
461
386 83.7
246 63.7 5,223
726
554 3,425
Inland Texas
351
167 47.6
92 55.1 1,072
285
383 1,564
Texas Gulf__
566
552 97.5
448 81.2 4,024 1,624
210 6,952
La. Gulf_.__
168
162 96.4
133 82.1 1,200
____ 1,474
231
No. La -Ark.
92
77 83.7
45 58.4
66
29
288
448
Rocky Mtn_
96
64 66.7
44 68.8 1,094
172
40
648
California__
848
822 96.9
446 54.3 11,875
944 2,559 78,573
151
Totalsweek
June 30 1934 3,760 3,374 89.7 2,335 69.2 c51,405 6,715 4,200 106,223
June 23 1934 3,760 3,374 89.7 2,420 71.7 d51,820 6,941 4,250 105,580
a Amount of unfinished gasoline contained in naphtha distillates. I, Estimated.
Includes unb ended natural gasoline at ref nerles and plants also blended motor
fuel at plants. c Includes 32,203,000 barrels at refineries and 19,202.000 barrels
at bulk terminals in transit and pipe lines. d Includes 33,243,000 barrels at refineries and 18,577,000 barrels at bulk terminals, in transit and pipe lines.
Good Tonnage of Lead Bought at Lower Prices-Zinc
Advances-Silver Higher.
"Metal and Mineral Markets" in its issue of July 5 stated
that the tonnage of lead and zinc sold in the last week was
good, the former moving under the stimulating influence of
lower prices, and the latter because of brighter prospects
for sharp curtailment in the production of concentrate in
the Tri-State district. Copper was dull in the domestic
market, but moderately active abroad, notwithstanding the
unsettling political developments in Germany. Little occurred in tin to influence the price of that metal one way or
the other. Silver advanced steadily on the knowledge that
the Treasury has been a heavy purchaser. The operating
rate of steel companies has been reduced to 23% of capacity
in the current week, according to the American Iron and
Steel Institute. This compares with 44.7% a week previous,
and 57.4% a month ago. "Metal and Mineral Markets"
added:
Domestic Copper Quiet.
In the last week about 1,300 tons of copper were sold in the domestic
market, which was considered fair under the present set-up of the industry.
The price was maintained on the basis of 9 cents, Valley. Further progress
was made during the week in the matter of inducing consumers to operate
under the marketing provisions of the copper code. Some of the large
electrical manufacturing companies have not as yet committed themselves.
Actual domestic consumption of refined copper is said to be holding around
40,000 tons a month.
The foreign market was depressed on the unexpected turn of events in
Germany. The price declined almost daily, our average for July 3 being
7.675 cents, c.1. f. European ports, against 7.850 cents a week ago. Actual
business was booked as low as 7.625 cents. Foreign consumers, based on
reports furnished to "Metal & Mineral Markets," bought a good tonnage
in the last week. At the lower levels several important sellers were not
inclined to offer copper so freely, believing that the pressure abroad has
been overdone.
Effective July 2,Anaconda Sales Co., a subsidiary of Ananconda Mining,
took over the sale of all metals and metal products which were formerly
sold by the United Metals Selling Co.
During the last week 14 additional names were added to the list of consumers who have signed temporary agreements with the Copper Code
Authority and are authorized to certify their products as containing only
Blue Eagle copper. The additional names follow:
American Steel & Wire Co., Baltimore Brass Co., Baltimore Tube Co.,
Inc., Circle Flexible Conduit Co., Inc., Columbia Bronze Corp., Detroit
Lubricator Co., Lumen Bearing Co., Ohio Brass Co., Okonite Co., Penn
Brass & Copper Co., Riverside Metal Co., Seaboard Brass & Copper Co.,
Stamford Rolling Mills Co., Titan Metal Manufacturing Co.
Lead Sales Large.
Under the incentive of a 25-point mark-down in prices, sales of lead last
week exceeded 8,000 tons. From a 4 cents, New York, and 3.85 cents,
St. Louis, basis, which prevailed over the preceding week, the price of the
metal was reduced on June 28 to 3.85 cents, New York, and 3.70 cents,
St. Louis, and on the following day to 3.75 cents, New York,an 3.60 cents,
St. Louis, the New York figure in each instance being the contract settling
basis of the American Smelting & Refining Co. Prices continued at the
latter level throughout the remainder of the week. The first reduction
in price failed to induce any real interest in the metal, but the second
reduction stimulated active buying, as the total sales figure for the period
indicates. Practically all of the various consuming interests were repsented in the buying, with battery manufacturers and corroders placing a
fair share of the total business. Much of the metal was sold for August
shipment, although a substantial tonnage was for prompt delivery; sales
even included some "immediate" business.
Zinc Advances 10 4.35 Cents.
The price of zinc concentrate advanced to $28 on reports that pointed
strongly to an agreement on curtailment in production in the Tri-State
district that may extend over the whole of July. A $30 concentrate basis
is expected shortly. This news stimulated activity in Prime Western
zinc, and about 4,500 tons of this grade alone were traded in during the
last week. The future of the market for zinc, so far as the price trend is
concerned, hinges on the success of the latest curtailment plan. The price
of Prime Western settled at 4.35 cents, though demand at the advance was
very quiet.
Tin Buying Light.
Trading in the domestic tin market was relatively light last week, the
total business for the entire period consisting of a few small lots for consumer accounts. Prices moved within a narrow range, chiefly in sympathy
with sterling exchange.
Statistics for the industry, as issued by the Commodity Exchange, show
United States deliveries of 3,845 long tons in June, as against 4,110 tons in
July 7 1934
May and 6,145 tons in June 1933. Total visible supplies at the end of
June stood at 17,251 tons, as compared with 17,371 tons at the end of
May and 39,964 tons at the end of June 1933.
Chinese tin, 99%, was quoted nominally as follows: June 28, 50.800
cents; 29th, 50.625 cents; 30th, 50.550 cents; July 2. 50.750 cents; 3d,
50.800 cents.
Steel Production Drops to 21% As Prices Are Reduced,
Says "Iron Age."
Price reductions on many important steel products, a
drop in ingot production to 21% of capacity and the issuance
of a Presidential.order which threatens price stability under
he code were this week's outstanding developments in the
iron and steel industry, according to the "Iron Age" of
July 5. While all three are significant, the sharp decline in
production had been anticipated because of the mid-week
holiday and the completion last week of second quarter
commitments. The "Age" continues:
Independence Day is one of the year's two official holidays in the steel
industry, and even though ingot output is figured on a five-day basis, the
week's rate averages only 21% as compared with 48% last week and 60%
In the week before. Many large plants have entirely suspended operations,
and others are closing down either in the first two or last three working
days of the week.
Schedules in the Pittsburgh, Youngstown and Buffalo districts average
only 10% of capacity, while the Cleveland and Philadelphia territories are
running at 15 and 19% respectively. The rate at Chicago dropped from 52
to 28%, while a semblance of normal production is being maintained only at
Detroit, Birmingham and Wheeling where the scheduled rates are 100, .50
and 40% respectively. In all districts the extent of recovery next week
will be measured by actual consumer requirements and throw some light
on probable summer activity in the industry.
Recent sharp curtailment in steel output has been accompanied by a
drastic decline in pig iron production, 29 blast furnaces having been blown
out or banked in June, while only one blew in. On July 1 iron was being
made at a rate of 48,190 tons daily, as compared with 67,300 tons on June 1.
June production of 1,930,133 tons was only slightly less than the 2,042,896
tons made in May, while the June daily average rate declined only 2.4%
from 65,900 tons to 64,328 tons.
The Presidential order issued June 29, which permits a bidder on Federal.
State or municipal projects to reduce prices up to 15% from those regularly
filed with his Code Authority would seem to nullify all price stabilization
achieved under National Recovery Administration codes. The order
further provides that any price filed on such a contract must then become the
official minimum price on file with a code authority and be extended to the
trade generally. The process might be repeated indefinitely with obvious
results. The Steel Code Authority will seek exemption from the order on
the grounds that the code constitutes a contract which cannot be abrogated
except by mutual consent of all concerned. Exemption has already been
granted the coal Industry.
The price reductions of $1 to $4 a ton on many finished steel products
which have been filed in the last few days can scarcely be considered as
definite declines. They actually amount to the paring down of the increases
announced early in the second quarter. Those mark-ups, amounting to as
much as $8 a ton, were considered rather drastic even by some producers,
and scarcely any tonnage was shipped at the higher levels. The new prices
represent increases of $1 to $5 a ton over the figures at which steel moved
in the first half of the year. They more than offset the increased costs brought
about by wage increases and other expenses under the Steel Code. Although these quotations would not be profitable with operations at the
current level, they would certainly yield an adequate return if production
again approached the average of the second quarter.
Steel bars have been marked down $1 a ton to 1.80c.. Pittsburgh, and
plates and shapes $1 a ton to the same level. All had been marked up $3
a ton early in the second quarter. Hot-rolled annealed sheets are reduced $4
a ton to 2.45c.. Pittsburgh, but had previously been advanced $8. Hotrolled sheets, reduced $3, had been advanced $5; galvanized sheets, reduced
$3 after an advance of $8; light cold-rolled sheets, reduced $4 after an $8
mark-up; hot-rolled strip, reduced $3 after a $5 advance; cold-rolled strip,
reduced $4 after an $8 advance; alloy steel bars, reduced $2 after a $2
advance; sheet bars, reduced $2 after a $4 advance, and billets, slabs and
blooms, reduced $2 after a $3 increase. When the new prices already filed
are effective next week, the "Iron Age" composite price will be reduced
from 2.199c, a lb. to 2.131c. a lb., or $1.37 a ton, after having been advanced $3.82 a ton in the last week of April, the next gain being $2.45 a tqq.
Public works projects have been increased by the rapid allotment of a
large part of the $750,000.000 recently appropriated by Congress for that
purpose. Many of these jobs will be ready for bids before the end of the
summer. The Navy Department will take bids Aug. 15 on 24 vessels which
will require 41,000 tons of plates and shapes. Structural awards in the
past week amounted to 10,550 tons, compared with 8,700 tons last week.
New inquiries call for only 8,950 tons, compared with 26,750 tons in the
preceding week.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
Based on steel bars, beams, tank plates,
July 3 1934, 2.1990. a lb.
One week ago
2.1990.1 wire, rails, black pipe and sheets.
One month ago
2 199c. These products make 857 of the
One year ago
1.9530.1 United States output.
High.
Low.
2 199c. Apr. 24
1934
2.008c. Jan. 2
2 015c. Oct. 3
1933
1.867e. Apr. 18
1.9770. Oct. 4
1932
1.9260. Feb. 2
1931
2 037c. Jan. 13
1.945c. Dec. 29
1930
2.2730. Jan . 7
2.018e. Dec. 9
1929
2.3170. Apr. 2
2.273c. Oct. 29
2.286c. Dec. 11
1928
2.217c. July 17
2.402c, Jan. 4
1927
2.2120. Nov. 1
Pig Iron.
July 3 1934, $17.90 a Gross Ton.
Based on average of baslc iron at Valley
One week ago
817.901 furnace foundry irons at Chicago.
One month ago
17.901 Philadelphia, Buffalo, Valley, and DirOne year ago
15.011 mingham.
High
Low.
1934
517.90 May 1
516.90 Jan. 27
1933
16.90 Dec. 5
13.56 Jan. 3
1932
14.81 Jan. 5
13.56 Dec. 6
1931
15.90 Jan. 6
14.79 Dec. 15
18.21 Jan. 7
1930
15.90 Dec. 16
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov. 27
17.04 July 24
19.71 Jan. 4
1927
17.54 Nov. 1
Steel Scrap.
(Based on No. 1 heavy melting steel
July 3 1934, 510.67 a Gross Ton.
One week ago
$10.67 quotations at Pittsburgh, Philadelphia
One month ago
10.67 and Chicago.
One year ago
10.54
Financial Chronicle
Volume 1:9
High.
$13.00 Mar. 13
12.25 Aug. 8
8.50 Jan. 12
11.33 Jan. 6
15.00 Feb. 18
17.58 Jan. 29
16.50 Dec. 31
15.25 Jan. 11
1934
1933
1932
1931
1930
1929
1928
1927
Low.
510.67 June 5
6.75 Jan. 3
6.42 July 5
8.50 Dec. 29
11.25 Dec. 9
14.08 Dec. 3
13.08 July 2
13.08 Nov. 22
, The American Iron and Steel Institute on July 2 announced that telegraphic reports which it had received
indicated that the operating rate of steel companies having
98.1% of the steel capacity of the industry would be 23.0%
of the capacity for the current week, compared with 44.7%
last week and 57.4% one month ago. This represents a
decrease of 21.7 points, or 48.5%, from the estimate for
the week of June 25. Weekly indicated rates of steel
operations since Oct. 23 1933 follow:
1933Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 25
31.6%
26.1%
25.2%
27.1%
26.9%
26.8%
28.3%
31.5%
34.2%
31.6%
1934Jan. 1
Jan. 8
Jan. 15
Jan. 22
Jan. 29
Feb. 5
Feb. 12
Feb. 19
Feb. 26
29.3%
30.7%
34.2%
32.5%
34.4%
37.5%
39.9%
43.6%
45.7%
1934Mar. 5
Mar 12
Mar. 19
Mar. 26
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
47.7%
46.2%
46.8%
45.7%
43.3%
47.4%
50.3%
540%
55.7%
1934May 7
56.9%
May 14
56.6%
May 21
54.2%
May 28
56.1%
June 4
57.4%
June 11
56.9%
June 18
56.1%
June 25
July 2 ___.x23.0 V:
x The "New York Times" states that this indicated rate is the lowest
since March 1933, when the average was 15.5% for the month. Last year
operations in July averaged 58.95%, the highest monthly rate in several
years. The low mark for the depression was in August 1932, when the
average was 14.5%. The decline from 56.1% in the last two weeks is the
sharpest in the history of the industry. Although the July 4 holidays are
recognized as accounting in part for the drop this week, seasonal and other
factors are believed to be playing an important part."
credited with a rate of a fraction over 50%, compared with a shade under
64% in the preceding week and a little over 68% two weeks ago.
The following table gives the percentage of production, for the nearest
corresponding week of previous years, together with the approximate
change from the week immediately preceding.
All hot-rolled sheets except galvanized, all cold-rolled sheets, and hot..
rolled strip and hot-rolled carbon steel bars have been reduced $1 to $4
a ton, effective July 7.
Whether adjustments become contagious throughout the entire steel
price structure remains to be seen, but it is significant that the classifications
thus far reduced are those mainly purchased by the automobile industry'.
Despite these reductions, prices to be applied for third quarter will
still be slightly higher than those at which the majority of orders for the
second quarter were billed. The advances of $3 to $8 a ton on these
materials announced April 15, and now largely canceled, actually affected
only spot business during the past 234 months.
. No. 10 hot-rolled annealed sheets for third quarter now are 1.85 cents.
base, Pittsburgh, . net increase of $2 a ton over the price at which most
of the recent business has been shipped. No. 24 hot-rolled sheets become
2.45 cents, Pittsburgh, a net rise of $4. No. 10 cold-rolled sheets are
2.50 cents, and No. 20 are 2.95 cents, a net advance of $4 a ton in both
instances. Hot-rolled strip is 1.85 cents, the net gain $2 a ton. Carbon
steel bars are 1.8() cents, an increase of $1 a ton, instead of $3 as formerly
announced.
Concentration of buying in April and June, which ran steelworks operations up to the highest point reached since the middle of 1930, has resulted
in accumulation of stocks by many leading consumers, and a general
reluctance to make further commitments.
Steelmakers, by the terms of their recently revised code, are bound not
to advance prices, once named, for a quarter, but may reduce them at
any time. Few contracts have been entered for third quarter; those which
have will be adjusted to the new levels.
Drastic curtailment in steelworks operations last week, as second quarter
contracts were completed, brought the National average down 13 points
to 46%. Further sharp reductions are indicated this week as many steelworks have closed and will not resume until after July 4, and then on
slower schedules. Several important steelworks will be down all week.
Steelworks operations last week dropped 16 points to 40% at Pittsburgh; 12 to 51, Chicago; 10 to 36, eastern Pennsylvania; 10 to 52, Youngstown; 12 to 64, Cleveland; 19 to 62, Wheeling; 23 to 24, Buffalo, 5 to 65,
New England. Birmingham held at 55, while Detroit rose 11 to 93.
Although July automobile production is exPected to equal that of June,
the industry will be affected by the holiday. Ford and Hudson suspended
last Friday to remain down until next Monday.
Specifications for the lighter finished products apparently will not
begin to flow to the mills again in any considerable volume until the latter
part of July, based on steelmakers' estimates of consumers' inventories.
Meanwhile, the industry relies chiefly on the heavier products, mainly
plates, shapes and rails for a prop to operations.
Structural shape awards for the week dropped to 17.385 tons. Public
Works Administration has granted a loan to Allegheny County (Pittsburgh),
Pa., for six large bridges to take a total of 30,000 tons of steel. Also,
the Government has released funds for 340 post offices throughout the
country, which will require 15,000 tons. New York Central RR. will
take bids shortly on bridges in New York, 25,000 tons; inquiries are out
for 8.250 tons for a New York City pier shed, and 5,200 tons for a Goyeminent bridge over the Mississippi River at Moline, Ill. The navy
will open bids Aug. 15 for 12 vessels, requiring 20.000 tons of steel. Two
chemical companies have awarded 1,200 tons of plates for tanks.
The movement of pig iron from Lake furnaces in June exceeded that
of April and May combined; renewed buying is not expected much before
August. Three Valley furnaces have been blown out. After advancing
two consecutive weeks scrap prices remained stationary last week.
Iron and steel exports in May-241,753 gross tons-were nearly 20%
larger than in April, while imports-29,465 tons-increased 9.7%.
Pending adjustments in sheet, strip and steel bar prices, effective July 7,
"Steel's" iron and steel composite this week holds at $35.06; the finished
steel composite remains $55.50, and the steelworks scrap figure, $10.37.
Steel ingot production for the week ended July 2, is placed
at a shade over 45% of capacity, according to the "Wall
Street Journal" of July 3. This compares with 57% in
the previous week and with 60% two weeks ago. The
"Journal" further stated:
U. S. Steel is estimated at a fraction under 41%, against a little below
48% in the week before and 49% two weeks ago. Independents are
U. S. Steel.
Industry.
1933
1932 x
1931
1930
1929
1928
1927
52
33S4-134
64 -2
94 -1
72 -134
6734-334
Independents.
42
+2
60 +2
34
• 69
97
75
70
-I
-2
-2
-1
-4
33
59
91
69
65
+2
-2
-2
-1
-134
-3
x Not available.
Steel Ingot Production Lower in June.
The American Iron & Steel Institute in its latest monthly
report of steel ingot production places the output of all
companies in June at 3,015,972 tons in comparison with the
May output of 3,352,695 tons. In June 1933, 2,564,420
tons were produced. For the 26 working days in June 1934
approximate daily output amounted to 115,999 tons as
compared with 124,174 tons in May which had 27 working
days. In June 1933, which contained 26 working days,
daily output averaged 98,632 tons. The figures since January
1933 are tabulated by months, below:
MONTHLY PRODUCTION OF STEEL INGOTS, JANUARY 1933 TO JUNE
1934-GROSS TONS.
Reported for 1933 by companies which made 97.82% and for 1934 by companies
which made 99 39% of the open-hearth and Bessemer steel production in 1933.
Month.
"Steel," of Cleveland, in its summary of the iron and
steel markets, on July 2 stated:
37
Monthly
Calculated No.ol
Output
Monthly WorkBessemer. Companies Output AU fag
Reporting. Companies. Days.
OpenHearth.
1933.
Jan
Feb
March
April
May
June
*885,663
*922,798
*784,111
.1,180,823
•1716,425
*2,211,652
109,000
126,781
94,509
135,217
216,841
296,765
6 mos
*7,701,472
979,113 *8,680,585 58,874,388 155
July
August
Sept
Oct
Nov
Dec
Total
1934.
Jan
Feb
March
April
May
June
Total
*2,743,326
*2,430,663
*1,991,204
•1847,690
*1,331,029
*1,629.495
355,836
370,370
242,014
191,673
156,939
*129,834
*994,663
*1,049,579
*878,620
*1,316,040
*1.933,266
*2,508,417
*3,099,162
*2,801,033
*2,233,218
.2,039,363
*1,487,968
*1,759,329
51,016,870
51,073,012
8898,236
51,345,422
81,976,428
52,564,420
53,168,354
52,863,569
52.283,079
52,084,984
51,521,189
51,798,606
26
24
27
25
27
26
172,489
175,873
203,904
257,482
331,620
282,592
1,959,956
2,169,511
2,744,047
2.879,854
3,332,244
2,997,575
*1970,979
*2,182.826
*2.760,888
*2,897,529
*3,352,695
3.015,972
539,110
544,709
533,268
553,817
573,201
599.632
517.99
520.57
515.30
524.76
533,68
545.37
557,254 526.34
25 5126,734 558,30
27 b106,058 548.79
26 587,811 540.40
26 580,188 536,89
26 558,507 526.92
25 571.944 533.10
*19,674,879 *2.425,779 *22,100,658 522.594,079 310
1.786,467
1,993,638
2,540,143
2,622.372
3,000,624
2,714,983
Approx. Per
Daily
Cent.
Output OperaAU Cos. tfon.a
572,884 533,53
27 *72,999 *33.15
24 *90,951
41.3*
27 *102,255 *46.44
25 *115,901 *52.64
27 *124,174 *56.39
26 115,999 52.68
14,658,227 1,423,960 16.082,187 16,180,889 156
103,724
47.11
* Revised.
a The figures of "percent of operation" for 1933 are based on the annual capacity
as of Dec. 31 1932 01 67.366,130 gross tons, and for 1934 on the annual capacity as
of Dec. 311933. of 68,478,813 gross tons for Open-hearth and Bessemer steel ingots.
b Adjusted.
Pig Iron Output Off 2.4% in June.
Production of coke pig iron in Julie totaled 1,930,133
gross tons, compared with 2,042,896 tons in May, according
to the "Iron Age" of July 5. The daily rate in June, at
64,338 tons, showed a loss of 2.4% from the May rate of
65,900 tons a day. Production for the first six months this
year, at 9,798,313 tons, compares with 4,441,003 in the
corresponding period last year. The "Age" added:
There were 89 furnaces in blast on July 1, making iron at the rate of
48,190 tons a day, compared with 117 furnaces on June 1, operating at the
rate of 67,300 tons a day. Twenty-nine furnaces were blown out or banked
during June and one furnace was blown in. The Steel Corporation blew
out or banked 14, independent steel companies blew out of banked 12, and
merchant producers three.
Among the furnaces blown out or banked are the following: One Lackawanna. three Cambria and one Sparrows Point, of the Bethlehem Steel
Co.; one Donner, one Haselton, one Trumbull-Cliffs, Republic Steel Corp.;
two Aliquippa and one Eliza, Jones & Laughlin Steel Corp.; one Shenango,
Shenango Furnace Co.; one Campbell, Youngstown Sheet & Tube Co.;
one Clairton, two Duquesne, two Mingo and one Ohio of the Carnegie
Steel Co.; two Monongahela and two Lorain, of the National Tube Co.;
two South Chicago and two Gary furnaces, of the Illinois Steel Co.; one
Jisco, of the Jackson Iron & Steel Co., and one Rockdale of the Tennessee
Products Corp.
The Norton furnace of the American Rolling Mill Co. was the only one
blown in in June.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 1929-GROSS TONS.
January
Februat Y
March
April
May
June
First six months_
July
August
September
October
November
December
12 mos. average
1929.
1930.
1931.
1932.
1933.
1934.
111,044
114,507
119,822
122,087
125.745
123,908
119,564
122,100
121,151
116,585
115,745
106,047
91,513
115,851
91.209
101.390
104,715
106,062
104,283
7,804
100,891
85.146
81,417
75,890
69,831
62.237
53,732
86,025
55,299
60,950
65,556
67,317
64,325
54,621
61,356
47,201
41,308
38,964
37,848
36,782
31,625
50.069
31,380
33,251
31,201
28,430
25,276
20,935
28,412
18,461
17,115
19,753
20,800
21,042
17,815
23.772
18,348
19,798
17,484
20,787
28,621
42,166
24,536
57,821
59.142
50,742
43,754
36,174
38,131
36,199
39,201
45.131
52,243
57,561
65,900
64,338
54,134
Financial Chronicle
38
PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE
(GROSS TONS).
Pig Iron.:
January
February
March
April
May
June
Half year
July
August
September
October
November
December
Ferromanganese.y
1933.
1,215,226
1,263.673
1,619,534
1,726,851
,2.042.896
1,930.133
568,785
554.330
542,011
623,618
887,252
1,265,007
11,703
10,818
17,605
15,418
10,001
10,097
8,810
8,591
4.783
5,857
5.948
13,074
9,798,313
4,441,003
1,792,452
1,833,394
1,522,257
1,356,361
1,085,239
1,182.079
75,642
47,063
18,661
16,953
13,339
16,943
14.524
9.369
Year
1934.
1933.
1934.
136.762
13,212,785
a These totals do not Include charcoal pig iron. The 1932 production of this
iron was 15,055 gross tons as against 46,213 gross tons in 1931. y Included in
pig iron figures.
Preliminary Estimates of Coal Production Show Decline
for June.
According to the United States Bureau of Mines, Department of the Interior, preliminary estimates for the month of
June show that 26,430,000 net tons of bituminous coal were
produced against 28,100,000 tons in the previous month and
25,320,000 tons in the corresponding period last year.
Anthracite output was estimated at 4,184,000 net tons.
This compares with 5,250,000 tons produced in May and
3,928,000 tons in June 1933.
The average production of bituminous coal per working
day was estimated at 1,017,000 net tons against 1,064,000
tons in May and 974,000 tons in June 1933. Average output
of anthracite per working day during June 1934 was figured
at 160,900 tons compared with 201,900 tons last month and
151,100 tons in June 1933. The Bureau's statement follows:
June 1934 (preliminary):
Bituminous coal
Anthracite
Beehive coke
May 1934 (revised):
Bituminous coal
Anthracite
Beehive coke
June 1933:
Bituminous coal
Anthracite
Beehive coke
Total for
Month
(Net tons).
No. of
Working
Days.
Arerage per Calendar Year
Working Day to End of June
(Net Tons). (Net Tons).
26,430,000
4,184,000
48,000
26
26
26
1,017,000
160,900
1,846
28,100,000
5,250.000
51,300
26.4
26
27
1,064,000
201,900
1,900
25,320,000
3,928,000
50,100
26
26
26
974,000
151,100
1,927
182,685,000
32,766,000
524,700
145,210,000
22,387,000
403,700
Note.-All current estimates will later be adjusted to agree with the result of the
complete canvass of product on made at the end of the calendar year.
Production of Bituminous and Anthracite Coal Showed
Slight Increase During Week Ended June 23 1932.
According to the United States Bureau of Mines, Department of the Interior, the total production of soft coal during
the week ended June 23 1934 was estimated at 6,160,000 net
tons, an increase of 48,000 tons or 0.8% over the preceding
week, and compares with 5,990,000 tons produced in the
July 7 1934
week ended June 24 1933 and 4,210,000 tons in the corresponding week of 1932.
Anthracite production in Pennsylvania during the week
ended June 23 1934 was estimated at 806,000 net tons, a
gain of 3.9% or 30,000 tons over the output in the preceding
week and compares with 1,015,000 tops in the corresponding
week of 1933.
During the calendar year to June 23 1934 there were produced a total of 176,384,000 net tons of bituminous coal and
31,624,000 tons of anthracite as against 139,487,000 tons
of bituminous and 21,401,000 tons of anthracite coal during
the calendar year to June 24 1933. The Bureau's statement
follows:
ESTIMATED UN TED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Calendar Year to Date.
Week EndedJune 23
1943.c
lime 16
1934.d
June 24
1933.
1934.
1933.
1929.
Bitum. coal.a:
Weekly total 6,160,000 6,112,000 5,990,000 176,384,000 139,487,000 249,925.000
Daily aver__ 1,027,000 1,019,000 998,000 1,194.000
941,000 1,684,000
Pa.anthm.b:
Weekly total 806,000 776,000 1,015,000 31,624,000 21,401,000 34,381,000
215,900
Daily aver__ 134,300 129,300 169,200
146,100
234,700
Beehive coke:
10,700
515,100
Weekly total
9,900
12,000
392.700 3,216.500
1,783
3,434
21,443
1.650
2.000
2,618
Daily aver._
a Includes lignite, coal made Into coke, local sales and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales and colliery fue . c Subject
revision. d Revised.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS).
Week EndedJune 9
1934.
June 16
1934.
States.
191,000
Alabama
11,000
Arkansas and Oklahoma._
43,000
Colorado
540,000
Illinois
185,000
Indiana
31,000
Iowa
72,000
Kansas and Missouri
507,000
Kentucky-Eastern
90,000
Western
20,000
Maryland
4,000
Michigan
25,000
Montana
New Mexico
15,000
20,000
North Dakota
347,000
Ohio
Pennsylvania (bituminous) 1,778,000
58,000
Tennessee
12,000
Texas
23,000
Utah
176,000
Virginia
22,000
Washington
West Virginia-Southern b 1,425,000
455,000
Northern_c
55.000
Wyoming
7,000
Other States
6,112,000
Total bituminous coal
776.000
Pennsylvania anthracite
a gi. nnn
June 17
1933
June 18
1932.
June
1923a
At crape.
192,000
141,000
104,000
387,000
11,000
19,000
14,000
70,000
47,000
44,000
47,000
175,000
528,000
458,000
139,000 1,243,000
179,000
197,000
165,000
416,000
36,000
40,000
58,000
88,000
78,000
76,000
85,000
128,000
520,000
517,000
349,000
661,000
92,000
84,000
146,000
183,000
29,000
20,000
15,000
47,000
3,000
1,000
1,000
12,000
23,000
24,000
25,000
38,000
17,000
18,000
19,000
51,000
19,000
9,000
11,000
14,000
336,000
339,000
89,000
888,000
d
1,800,000
1,233,000 3,613,000
62,000
65.000
51,000
113.000
12,000
12,000
11,000
21,000
24,000
27,000
21,000
89,000
156,000
187,000
120,000
240,000
21,000
17,000
22,000
44.000
1.444,000 1.350,000
995,000 1,380,000
490,000 e426,000 e335,000
856,000
52.000
45,000
58,000
104,000
1,000
10,000
2,000
5.000
•
6,217,000 f5,674,000 4,102,000 10,866,000
579,000 1,956,000
1,057,000
825,000
7 97A
nnn
A 400
nnn
A AR1
non
19 Q99
nnn
a Average weekly production for entire month. b Includes operations on the
N. & W.; G. & 0.; Virginian; K. & M., and B. C. & G. c Rest of State including
the Panhandle and Grant. Mineral and Tucker Counties. d Original estimates in
error. Figures being revised. e Revised figures. f Original estimates. No revision In the National total will be made until receipt of final operators reports
Irons all districts.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstandina during the week ended July 3, as reported by
the Federal Reserve banks, was $2,472,000,000, an increase
of $4,000,000 compared with the preceding week and of
$247,000,000 compared with the corresponding week in
1933. After noting these facts, the Federal Reserve Board
proceeds as follows:
On July 3 total Reserve bank credit amounted to $2,488,000,000, an
increase of $23,000,000 for the week. This increase corresponds with increases of $96,000,000 in money in circulation and $36,000,000 in Treasury
cash and deposits with Federal Reserve banks, offset in part by a decrease
of $91,000,000 in member bank reserve balances and an increase of $20,000,000 in monetary gold stock.
Bills discounted increased $5,000,000 at the Federal Reserve Bank of
San Francisco and $2,000,000 at all Federal Reserve banks. Holdings of
United States Treasury notes increased $3,000,000, while holdings of United
States bonds declined $1,000,000.
As the Federal Reserve banks have heretofore set aside reserves with
respect to the Federal Deposit Insurance Corporation stock held by them
equal to the full par amount thereof, the amounts of such stock and of the
reserves thereon are not included in the condition statement figures for
the current week.
The statement in full for the week ended July 3 in comparison with the preceding week and with the corresponding
date last year will be found on pages 78 and 79.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
July 3 1934 were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Increase (-I-) or Decrease (-)
Since
July 3 1934. June 27 1934. July 5 1933..
$
$
$
29,000,000
+2,000,000 -153,000,000
5,000,000
-18,000,000
2 432,000,000
+2,000,000 +437,000.000
22,000,000 +19,000,000
+16,000,000
TOTAL RES'VE BANK CREDIT ..2,488,000,000
7 866,000,000
Monetary gold stock
Treasury and National Bank currency2,365,000,000
+23,000,000 +282,000,000
+20,000,000 +3,835,000,000
+1,000,000
+80,000,000
5.397,000,000 +96.000,000
Money in circulation
-68,000,000
3 746,000,000 -91,000,000 +1.527,000,000
Member bank reserve balances
Treasury cash and deposits with Fed3 113,000,000 +36,000,000 +2,782,000,000
eral Reserve banks
Non-member deposits and other Fed462 000,000
+1,000,000
eral Reserve accounts
-46,000,000
Returns of Member Banks in New York City and
Chicago-Brokers' Loans.
Below is the statement of the Federal Reserve Board for
the New York City member banks and that for the Chicago
member banks for the current week, issued in advance of the
full statement of the member banks, which latter will not
be available until the coming Monday. The New York
City statement also includes the brokers' loans of reporting
member banks, which for the present week shows an increase
of $52,000,000, the total of these loans on July 3 1934
standing at $1,069,000,000, as compared with $331,000,000
on July 27 1932, the low record since these loans have been
first compiled in 1917. Loans "for own account" increased
from $847,000,000 to $896,000,000, loans "for account of
Financial Chronicle
Volume 139
out-of-town banks" from $166,000,000 to $167,000,000 and
loans "for account of others" from $4,000,000 to $6,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
July 3 1934. June 27 1934. July 5 1933.
Loans and investments—total
Loans—total
On securities
All other
Investments—total
U.S. Government securities
Other securities
7,303,000,000 7,265,000,000 6.937,000,000
3,276,000,000 3,236,000,000 3,454,000,000
1,749,000,000 1,711,000,000 1.847,000,000
1,527,000,000 1,525,000,000 1,607,000,000
4,027,000,000 4,029,000,000 3,483,000,000
2,928,000,000 2,926,000,000 2,409,000,000
1,099,000,000 1,103,000,000 1,074,000,000
Reserve with Federal Reserve Bank. 1,234,000,000 1,376,000,000
Cash in vault
38,000,000
41,000,000
703,000,000
42,000,000
Net demand deposits
Time deposits
Government deposits
6,115,000,000 6,161,000,000 5,374,000,000
691.000,000 892,000,000 785,000,000
733,000,000 733,000,000 278,000,000
Due from banks
Due to banks
85,000,000
82,000,000
96,000,000
1,603,000,000 1,581,000,000 1,265,000,000
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers;
For own account
896,000,000
For account of out-of-town banks
167,000,000
For account of others
6,000,000
Total
On demand
On time
Loans and investments—total
847,000,000
166,000,000
4,000,000
784,000,000
64,000,000
10,000,000
1,069,000,060 1,017,000,000
858,000,000
734,000,000 681,000,000 643,000,000
335,000,000 336,000,000 215,000,000
Chicago.
1,442,000,000 1,453,000,000 1,257,000,000
Loans—total
On securities
Ali other
563,000,000
566,000,000
670,000,000
282,000,000
281,000,000
285,000,000
281,000,000
341.000,000
329,000,000
879,000,000
887,000,000
587,000,000
572,000,000
307,000,000
584,000,000
303,000,000
377,000,000
210,000,000
Reserve with Federal Reserve Bank.-- 448,000,000
Cash in vault
40,000,000
441,000,000
41,000,000
232,000,000
34,000.000
1,335,000,000 1,319,000,000
366,000,000 367.000,000
47,000,000
47,000,000
969,000,000
363,000.000
44,000,000
173,000,000
386,000,000
190,000,000
267,000,000
Investments—total
U. S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
168,000,000
398,000,000
Borrowings from Federal Reserve Bank.
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained a,bove, the statements of the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves and covering the same week,instead of being held until
he following Monday, before which time the statistics coverting the entire body of reporting member banks in 91 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 June 27:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on June 27 shows increases of $115,000,000
in investments, $129,000,000 in net demand deposits and $9,000,000 in
time deposits, and a decrease of 41,000,000 in loans.
Loans on securities declined $27,000.000 in the New York district and
$42,000,000 at all reporting member banks. A decrease of $15,000.000 in
all other" loans in the Chicago district and small decreases in the Richmond and Kansas City districts were offset by increases in other Federal
Reserve districts.
Holdings of United States Government securities increased $50,000,000
in the New York district, $18,000,000 in the Chicago district, $10,000,000
in the St. Louis district and $83,000,000 at all reporting member banks.
Holdings of other securities increased $27,000,000 in the New York district and $32.000,000 at all reporting banks.
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of $1,093.000,000 and net demand, time and Government deposits of $1.214,000,000 on June 27, compared with $1,081,000,000 and $1,196,000,000, respectively, on June 20.
A summary of the principal assets and liabilities of the reporting member
banks in 91 leading cities that are now included in the statement, together
with changes for the week and the year ended June 27 1934. follows:
Increase (+) or Decrease (—)
Since
June 27 1934. June 20 1934. June 28 1933.
Loans and investments—total-17,737,000,000
+74,000.000 +1,072,000.000
Loans—total
8,014.000,000
—41.000,000
—438,000.000
3,529,000,000
4,485,000,000
—42,000,000
+1,000,000
—219,000,000
—219,000,000
On securities
All other
Investments—total
9,723,000,000
+115,000,000 +1,510,000,000
U. S. Government securities.-- 6.665,000,000
Other securities
3,058,000,000
+83,000,000 +1,411,000,000
+32,000.000
+99,000,000
Reserve with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. banks
2,901,000,000
247,000,000
+77,000.000 +1,204.000,000
+11,000,000
+51,000,000
12,504,000,000
4,501,000,000
1,357.000,000
+129,000,000 +1,763,000,000
+9.000,000
+95,000,000
+3,000,000 +724,000,000
1,569,000,000
3,628,000,000
5,000,000
—5,000,000
+5.000,000
+278,000,000
+874,000,000
—1,000,000
—21.000,000
39
Adjournment of Canadian Parliament Legislation Enacted Includes Provision for Establishment of
Central Bank (Bank of Canada)—Marketing Act
Also Passed—Governor-General Reviews Measures
Enacted.
The recent session of the Canadian Parliament, which was
prorogued on July 3 by the Governor-General, was marked
by the enactment of legislation providing for the establishment of the Bank of Canada (Central Bank) privately
owned but largely Government-controlled. Other main features of the legislative achievements of the session, which
covered a period of five and a half months, are indicated
in the following Canadian Press advices, June 29, from
Ottawa to the Montreal "Gazette":
Establishment of machinery for an elaborate system of controlling and
stabilizing the marketing of natural products of the sea, land and forests.
Revision of banking and monetary legislation for the decennial renewal
of bank charters and the transfer of note-issuing powers which will
become the exclusive prerogative of the new central bank.
Launching of a $40,000,000 public works program as a relief measure
and amendments to the Dominion Notes Act to permit the issue of new
money more than sufficient to pay for these works.
Amendments to franchise and election legislation to provide for a closed
list of voters and shorten the time required to bring on an election.
Establishment of machinery for the relief of debt-burdened farmers by a
form of bankruptcy proceedings at no expense to the debtor, and provisions
for the release of fresh credit for farmers to enable them to carry on.
Consolidation of Canada's shipping regulations,- Excise and Customs Acts,
and adoption of a new Companies Act designed for the use of provinces
and Dominion in an attempt to bring about uniform laws.
Reduction in the sugar tax and application of a new gold tax in a budget
which estimates an ordinary surplus of $8,000,000.
Probes into the most intimate details of Canadian department store and
tobacco businesses and many other channels of mass buying and chain store
operation, as well as exhaustive inquiries with respect to banks, trust companies and their relations to big business.
The features of the closing of the session and the speech
of the Governor-General were detailed in an Ottawa account (Canadian Press), July 3, to the "Gazette," from
which we quote the following:
From 11 a. m. until 9:45 p. m., the House of Commons battled over the
last items on the order paper. With an audible sigh, the last legislation
went through, the customary money bill. About an hour later, the members were running for trains, their duties ended for the session.
Improvement in Canadian economic conditions, apparent when Parliament assembled in January, had been maintained and was reflected in substantially increased revenues, a greater volume of intra-Empire trade,
and a betterment in employment conditions. His Excellency, the GovernorGeneral, declared in the Speech from the Throne by which he dismissed
Parliament to-night.
Text of Speech.
The following is the text [in part] of the Speech from the Throne at the
prorogation of Parliament:
Honorable Members of the Senate; Members of the House of Commons:
I desire to express my appreciation of the careful attention you have
given to the various measures submitted to you for consideration during the
present session, and to congratulate you upon the extent and importance
of the legislation enacted which vitally affects the economic and social
life of Canada. It is a source of profound satisfaction that the improvement in economic conditions in Canada which was in evidence when you
commenced your sessional labors is still apparent. This improvement Is
reflected in substantially increased national revenues, a greater volume of
intra-Empire as well as foreign trade, and a betterment in employment
conditions throughout the country.
Our favorable trade balances have strengthened our external exchange
position and our national credit was never higher. The enactment of legislation incorporating the Bank of Canada to operate as a central bank will
permit of the exercise of a sound measure of public control over credit and
currency in the interests of the economic life of the nation and will secure
to Canada a greater measure of freedom in the exchange markets of the
world. The decennial revision of the Bank Act has been completed, and
necessary amendments made to improve our monetary and banking institutions.
Legislation has been enacted to improve the methods and practices of
the marketing of natural products. I express the confident hope that this
legislation will provide the means by which the producers of primary commodities in this country may exercise over the marketing of their products
a degree of regulative control which will inure to the benefit alike of producer and consumer. The Companies Act will provide greater security for
Investors in Canadian enterprises. The decline in world commodity prices
experienced in past years has borne heavily on the producers of primary
products, and the farming population has been faced with a great burden
of debt.
By means of the legislation which has been enacted speedy adjustments
without expense to the farmers may be made with creditors, and authority
has been granted to the Canadian Farm Loan Board to extend its operations so as to provide the farmer with additional capital by advances on
farm mortgages and also by providing intermediate credit. Under the
provisions of the Statute of Westminster legislation has been enacted to make
effective extraterritorially the laws of Canada relating to navigation and
shipping. The provision for the construction of public works and undertakings widely distributed throughout the country will, it is believed, further
serve to stimulate economic recovery by providing employment in various
lines of activity.
Among other important measures passed were: An Act to provide for the
franchise of electors at elections to the House of Commons; an Act respecting the Bureau for Translations; a consolidation of the Excise Act; measures
affecting fruit, dairy, livestock; an Act affecting Canadian and British
insurance companies.
The exploratory work of the Committee on Price Spreads and Mass
Buying has awakened public conscience to the need of preventing unfair
trade practices and exploitation of workers and price manipulation which
unfavorably affects the consumer. Legislation is necessarily deferred until
the work of the Committee has been concluded.
Financial Chronicle
40
The following, from Ottawa, July 2, is from the Philadelphia "Record":
Primarily, the central bank's benefits to the Dominion will be in making
this country independent of New York and other foreign financial centers
in the valuation of the Canadian dollar.
Stabilizes Money.
It will put Canada on the same footing with the major financial Powers
and make the country autonomous in the control of its currency and credit.
It will insure stability of the Canadian dollar abroad.
Private commercial banks will cease to be the dominating factors in the
control of credit and currency, and Wall Street will cease to be the intermediary in fixing the rate of exchange and indirectly to control the credit
of Canada.
Prime Minister Bennett and other sponsors of the measure claim the
central bank is the surest means of avoiding future depressions by putting
into the hands of the Government power to control the currency and credit
of the country.
Victory After Long Fight.
While establishment of a central bank long has been considered a necessity for the Dominion, victory for the Bank of Canada Act was won only
after a long and bitter fight with commercial banks. Financial interests
fought it at every step. Especially, they protested being forced to hand
over to the central bank their gold stocks at the statutory price of $20.67
an ounce, instead of the current market price of around $55.
Despite cries that the move was confiscatory, the bill passed the House
of Commons and the Senate, and henceforth all the gold stocks of the
Dominion will be held by the Bank of Canada, which alone will issue currency against it, taking over the issuance of notes now handled by chartered
banks.
Shares Offered to Public.
The central bank will be capitalized at $5,000,000, in shares of $50 each,
offered for public subscription. The home office will be in Ottawa, with
branches throughout Canada. The Government will appoint four of its
seven directors.
Answering the bankers' protests that the Bank of Canada Act contained
provisions that were confiscatory, the Government argued that the banks
were being treated exactly in the seine manner as individuals who took
their gold to the mint.
Independent of London.
It claimed the premium on gold resulted not from any commercial
activity on the part of banks, but as a result of Canadian monetary policy
applied in the face of a serious world situation.
Claims that the Bank of Canada would become an adjunct of the Bank
of England arose from the fact it is proposed to import a leading English
banker to run the central bank. Canada has no banker qualified to fill
the post, none with central banking experience, the Government explained,
adding that while the Bank of Canada will co-operate with the Bank of
England, it could never be considered a branch of the London institution.
Public Ownership Urged.
Still stronger opposition was registered in the House of Commons on the
private ownership scheme for the bank. Liberals and Progressives were
vehement in their cry for public ownership. They see political interference
possible under the private ownership plan with the Government permitted
to make appointments and naming four of the seven directors.
The Right Hon. W. L. Mackenzie King, opposition leader, saw in the
tie-up of the bank by the Government's decision to import its Governor an
attempt to consolidate currency, credit and trade policies of the British
Empire to the detriment of Canada. Under the tie-up, he argued, financial
interests would be more independent of Parliament than ever and would
make banks and bankers supreme over fiscal policies.
What Bank Will Do.
The Bank of Canada, while termed a "bankers' bank," is empowered to
have direct dealings, either in exchange or discounting, with individuals,
subject to certain limitations. According to the terms of the Act, the
bank may:
"Effect transfers of funds by telegram, letter or other method of communication and buy and sell transfers effected by such means, trade
acceptances, bankers' acceptances, bankers' drafts and bills of exchange
drawn in or on places outside of Canada and having a maturity not exceeding 90 days after sight, excluding days of grace, from the date of acquisition
by the bank.
"Buy and sell or rediscount short-term securities issued or guaranteed by
the Dominion of Canada or any Province having a maturity not exceeding
two years from the date of acquisition by the bank.
July 7 .1934
Neville Chamberlain, Chancellor of the Exchequer, announced the accord
In the House of Commons. It was signed at the Treasury at 5:30 P.
after a week of intensive negotiations during which Great Britain threatened'
to seize German funds to protect British investors in Germany.
Internal developments in Germany were believed to have made the
German delegation to London more conciliatory. Members expressed great
satisfaction at the agreement.
Will Pay on Loans.
Under the accord. Germany agrees to pay Young and Dawes plan
obligations when due in October. November and December, on presentation
by the Bank of England of coupons on bonds.
For six months, beginning July 1, the German Government is to provide
sterling funds to the Bank of England for the purchase in full at normal
value of all coupons on these loans held by British subjects on June 15,
when the moratorium was disclosed.
Regarding interest on other German loans, the principle which was laid
down in a letter from the Reichsbaiak to the committee of long-term creditors the end of May will be applied. This was understood to mean the
creditors agreed to accept the funding of bonds,instead of interest payments.
The agreement does not prejudice the "standstill agreement" on shortterm loans.
From a London cablegram July 4 to the New York
"Times" we take the following:
The British are completely satisfied with the agreement and are decidedly
pleased with the success of their big-stick diplomacy. As far as Britain is
concerned, the Germans have been forced to back down entirely from their
threat to default on the Dawes and the Young loans.
Trade Clash Sidetracked.
An additional source of satisfaction in London to-night was the fact
that the two countries had averted the bitter trade war that seemed to
be so imminent a fortnight ago.
"It would, of course, have been more satisfactory if the German Government could have made an arrangement with all its creditors on the lines
of this agreement," said Neville Chamberlain, Chancellor of the Exchequer,
in announcing the settlement to the House of Commons, "but as the
German Government is engaged in separate negotiations with different
creditors, we have been forced to take the same line. I think the House
will agree with me that as far as this country is concerned, this agreement
is a satisfactory solution."
Right to the last the British were aware of the fact that they held strong
cards in their hands—especially an adverse trade balance with Germany
that would have enabled them to impound German balances here at a
moment's notice.
Final Ultimatum Wins.
It is understood that the British delivered still another ultimatum in
the final stages of the negotiations by threatening to impose their proposed
clearing system at midnight to-night if an agreement were not signed.
The Germans promptly capitulated.
It is noteworthy that the Germans were not able to win a single additional concession for their exports to this country, although a demand
had been made in the most emphatic terms by the German delegates here
and by Hjalmar Schacht, President of the Reichsbank. Even to-day's
compromise was the same that the British were willing to accept in May.
The British. the French and the Swedish creditors accepted it at the time
with reservations. The Americans reserved the right to freedom of action,
and only the Dutch and the Swiss rejected it altogether. . .
In the preamble of the agreement both governments "affirm an earnest
desire that trade and financial relations between the two countries should
continue on a non-discriminatory and most friendly basis, and that the
volume of mutual trade should be maintained and as far as possible increased."
In pursuance of this principle, the Germans announced that they were
prepared to negotiate with Britain an exchange agreement for commercial
payments similar to those existing between Germany and other countries.
Among the subjects to be discussed in these negotiations is the failure of
many British exporters to receive payment recently for goods actually
delivered.
Sir Frederick Leith-Ross, head of the British delegation, wrote to Dr.
Fritz Berger, chief German delegate, to-day, saying the British Government was receiving an "increase of volume in complaints" on this score.
He expressed hope that in the next few days Germany would remedy
"this unfortunate situation, which must otherwise have serious effect on the
trading relations and credit possibilities of Germany."
Failure to receive German commercial payments for the past fortnight
is confirmed but not taken too tragically in banking circles here. It is regarded as a delay rather than as a refusal to pay, and there is widespread
belief that it is not yet a serious issue for countries trading with Germany.
Previous items as to the British action regarding the
German moratorium appeared in our issues of June 23,
page 4204, and June 30, page 4374.
Other Powers.
"Buy and sell securities issued or guaranteed by the Dominion of Canada
or any Province, having a maturity exceeding two years from the date of
acquisition by the bank, but the bank shall at no time hold such securities
of a par value in excess of three times the amount of the paid-up capital
of the bank; buy and sell short-term securities issued by the United Kingdom, any British Dominion, the United States or France, having a maturity
not exceeding six months from the date of acquisition by the bank; buy
and sell or rediscount bills of exchange and promissory notes indorsed by a
chartered bank drawn or issued in connection with the production or marketing of goods and merchandise and havoing a maturity not exceeding 90 days,
excluding days of grace, or not exceeding 90 days after sight, excluding
days of grace, from the date of acquisition by the bank; buy and sell or
rediscount bills of exchange and promissory notes indorsed by a chartered
bank, drawn or issued in connection with the production or marketing
of goods."
United States Expected to Seek Equal Treatment with
Great Britain in Behalf of American Holders of
German Bonds.
It was reported to have been indicated in authoritative
Administrative quarters in Washington on July 4 that the
United States would demand that American holders of
German bonds be given the same favorable treatment as that.
accorded England under the Anglo-German agreement reached
in London that day. Associated Press advices from Washington on that day continued:
Accord Reached Between Great Britain and Germany
Whereby Latter Is to Continue Service on Young
and Dawes Bonds During Next Six Months—
Trade War Averted.
The sigring of an accord in London on July 4 between
Great Britain and Germany whereby the latter agrees to pay
in full during the next six months interest to British holders
of Dawes and Young obligations, served to avert a threatened
trade war between those two countries. In a United Press
account from London July 4 to the New York "Journal of
Commerce" it was stated:
The London agreement provided for the full payment of interest for at
least a six-months' period on all Dawes and Young plan loans. The United
States, it was said, will insist upon terms equally favorable. Americans
hold approximately $1,000.000,000 in German bonds, making this country's
Nationals the largest holding group.
Although State Department officials declined to speak formally, it was
learnt that steps would be taken to seek equal treatment. One note already
has been delivered to Germany, following its mid-June declaration of a
moratorium on foreign interest payments, that this country would stand
for "no discrimination."
The State Department has never received a reply to its note, unless
Germany makes some statement shortly, it was said, another note might
be dispatched.
.In any event, it was stated reliably, unless Germany voluntarily offers
Americans equally favorable treatment with that accorded under the
London agreement, discussions will be undertaken to this end.
Volume 139
Financial Chronicle
41
Decrease Noted in "Annalist" Weekly Index of
Wholesale Commodity Prices During Week of
July 3.
A loss of 1.1 points for the week carried the "Annalist"
weekly index of wholesale commodity prices down to 113.6
on July 3 from 114.7 on June 26. Losses were greatest in
the farm and food products groups, and in metals, while
fuels were higher, the "Annalist" said. It continued:
It is understood that British dealers have been supplying the bulk of
copper to Germany. Currently, copper is available around 73( cents a
pound, whereas copper here is quoted at nine cents a pound.
Because of the exchange restrictions, it is understood, some of the
American oil companies are experiencing some difficulty in selling their
Products in Germany. However, one large international oil company said
Its business was being carried on there as usual. Another company explained
that it was carrying its business on as formerly, but was buying some
German goods for export in order to get its funds out of Germany.
Wheat was 2 cents lower, along with flour, with new crop pressure continuing heavy. Steers were down 18 cents and hogs 29, their products
following the decline. Cotton was lower. The decline of the finished steel
average to 2.131 from 2.199 reflected the recent steel cuts; a further decline
seems likely. Other losses were reported for eggs, cocoa,lemons and oranges
and lead.
Refinery gasoline prices recovered part of their recent losses, the "Oil,
Paint and Drug Reporter" average rising to 4% cents from 4 11-16, as
the prospects improved for putting into effect the proposed gasoline purchase program. The usual July 1 advance carried anthracite prices 25
cents higher. Potatoes, butter, bananas, tin, zinc and rubber also made
gains.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for seasonal variation (1913=100)
German Officials Deny Exchange Curb-Reich Tells
Washington No Discrimination Is Planned.
Associated Press adviees from Washington, June 30, are
taken as follows from the New York "Times":
July 3 1934. June 26 1934. July 3 1933.
100.5
90.9
Farm products
99.1
114.1
102.5
Food products
112.7
al11.7
111.3
Textile products
*111.7
161.4
111.9
Fuels
162.5
112.5
102.5
Metals
110.3
113.9
107.0
Building materials
113.9
Chemicals
99.5
96.9
99.5
89.1
81.1
Miscellaneous
88.6
All commodities
114.7
100.0
113.6
S All commodities on old dollar basis_
68.0
75.8
87.4
• Preliminary. a Revised. b Based on exchange Quotations for France, Switzerland, Holland and Belgium.
Germany Restricts Funds to Be Taken by Emigrants.
United Press advices June 28 from Berlin are taken as
follows from the New York "Journal of Commerce":
German emigrants will be permitted hereafter to take only 2,000 marks
abroad with them instead of the former 10,000 marks ($3.940).
the Government decreed to-day.
German Jews emigrating to Palestine will not be affected.
($788)
Germany Rules on Bond Buying-Herafter Will Not
Repurchase Issues Until Payment Is Made for
Her Exports.
The following from Berlin is from the "Wall Street
Journal" of July 5:
The Reichsbank has decided upon new regulations governing repurchases
abroad of German foreign currency bonds, in connection with new export
control. From now on,repurchases of these bonds will be effected generally
after payment is made for exported goods. Only in the case of exports made
on the basis of credits longer than 12 months will repurchases be allowed
immediately.
The Gold Discount Bank will be invested with a large part of the control
over transactions. It has not been revealed how this control will be exercised.
but it is supposed that the Discount Bank will apportion the repurchases
among the foreign centers and the bank itself will choose the issues to be
repurchased, &c., in order to prevent a rise in prices.
The project for complete centralization of repurchases at the Gold
Discount Bank has been abandoned, as the result essentially of opposition
from the private banks who were unwilling to lose commissions. The repurchases made after payment for exports, which was suggested by foreign
delegate) at the last transfer to conference, will contribute, it is. believed,
to an improvement in the devisen situation as up to now the Reichsbank has
advanced the funds necessary for repurchases.
Remington Rand, Inc., Shuts Branches in GermanyCloses Sales Offices Because of Exchange Restrictions-Company Will Act Through German
Corporation-Other Americans Affected Less.
Because of the difficulty in getting funds out of Germany
due to exchange restrictions, Remington Rand, Inc., is
closing its typewriter sales offices in Germany, said the
New York "Times" of July 6, which continued:
In the future the company will conduct the sales of its products in Germany through the Weilwerke A. G., in which it has a substantial financial
Interest. The Weilwerke organization also manufactures typewriters.
A survey reveals that companies like Remington Rand, which have only
distributing and assembly organizations in Germany, are suffering most
from the exchange restrictions. The American organizations with factories
there are said not to be experiencing any difficulty.
In fact, it is said, some of those are exporting products from Germany,
and thus they get sufficient dollar exchange, either directly or indirectly,
to carry on operations in a satisfactory manner.
Because of tariff and other restrictions, the tendency in recent years has
been for the large American companies to establish branch factories in
Germany. General Motors and the Ford Motor Co. have branch factories
In Germany. It is understood that neither of these companies so far has
experienced any serious difficulty because of the exchange restrictiots. The
General Motors company sends certain parts from the United States to its
German plant, and it is understood that any parts that the Ford factory in
Germany may need are sent from its British plants.
The F. W. Woolworth Co. is reported to be having no difficulty in carrying on its operations in Germany so far as exchange restrictions are concerned. It is stated that about 90% of the goods it sells in Germany through
a subsidiary are made in Germany. The other 10% of its sales there probably is more than offset by purchases it makes in Germany for sale in Its
stores in other countries.
For several months very little American copper has been sold in Germany,
although Germany, next to the United States, is probably the largest
consumer of copper. The reason for this has been due to the fact that copper
from Africa and South America were available below the price of American
copper.
German officials denied to-day that exchange regulations had been
Instituted by which foreign exchange would be given only to German
exporters and importers using German ships exclusively.
The State Department said an official of the Ministry of Economics
had informed the American Consul in Berlin the German Government
would make no such discrimination against Americans and Nationals of
other countries.
The challenged statement was said to have been made by the Governor
of the Hamburg district in a recent speech, and because of its possible
effect on American commerce, was immediately checked by the American
Consulate.
Arrival in France of Governor Harrison of Federal
Reserve Bank of New York.
George L. Harrison, Governor of the Federal Reserve
Bank of New York, arrived in Paris on July 2, according to
Associated Press acounts. The departure of Governor Harrison for Europe was noted in our June 30 issue, page 4396.
From London, United Press advices, July 3, to the New York
"Journal of Commerce" stated:
A Basle dispatch in to-day's issue of the "Daily Mail" said it was understood "on the highest authority" that George Harrison, Governor of the
Federal Reserve Bank in New York, and Montagu Norman, head of the
Bank of England, next Saturday would discuss means of definitely stabilizing
the dollar and pound sterling.
The same paper also printed the following (United Press)
from Washington, July 2:
Nothing definite could be learned here to-night concerning the possibility
of a meeting between George Harrison, New York Federal Reserve Bank
Governor, and Montague Norman, head of the Bank of England.
It was pointed out that no official action would be taken with President
Roosevelt out of the country, at the same time the President is believed to
feel the time has not come yet for permanent stabilization moves, hence
any conversations on the subject would be merely exchanges of personal
views and entirely unofficial.
Observers also pointed out, however, that Mr. Norman and Mr. Harrison
have met several times recently and are continually in communication via
trans-Atlantic 'phone.
Closing of Several French Banks. •
Under date of July 3 Associated Press adviees from Paris
to the New York "Times" said:
The economic difficulties of French farmers, brought about in many
instances by overproduction of wines, have caused three private banks of
Southern France to suspend payments in the past seven days, two closing
to-day.
The first to suspend was the long-established Villa Bank at Millau.
Officials of the institution announced to-day they expected to make an
so% payment to depositors. They credited their difficulties to the failure
of debtors to keep their engagements.
The Boissier Bank of Nimes, which has four branches in agricultural
communities, suspended to-day with an announcement that its deficit
has reached 12,000,000 francs.
The Banque Castelnau et Cie. of Montpelier suspended operations
to-day, its records showing assets of 13,926,388 francs and liabilities of
13,407,778 francs. The assets include numerous long-term loans, still
unpaid.
Last night (July 6) Associated Press accounts from Niort,
France, reported:
The Banque Regionale, which had a capital of 3,000,000 francs (about
$198,000) was declared bankrupt to-day.
The bank was closed recently after its President. Maurice Proust, had
been sentenced to 15 days' imprisonment for "abuse of confidence."
Only a few securities were found in the safe of the bank, which had
a number of branches.
Chancellor Hitler Crushes Revolt Against His RegimeMany Storm Troop Leaders Executed While Others
Commit Suicide-Former Chancellor von Schleicher
Slain-General Goering Aids in Repressing Alleged
Conspirators-President von Hindenburg Praises
Action.
Chancellor Adolf Hitler of Germany crushed, at least for
the time being, an incipient revolt which threatened the
existence of his regime, when, on June 30, he acted swiftly
to wipe out alleged rebel leaders among his Storm Troops
and to eliminate certain other opposition within the Nazi
ranks. The Chancellor, aided by General Hermann Wilhelm
Goering, Premier of Prussia, directed the execution of many
Storm Troop leaders in Berlin and Munich, while others
committed suicide. General Kurt von Schleicher, former
Chancellor, was killed while resisting police who attempted
to arrest him as one of the plotters. Captain Ernst Roehm,
Chief of Staff of the Storm Troops, was slain when he refused
to commit suicide at the direction of Chancellor Hitler, and
42
Financial Chronicle
July 7 1934
Heinrich Klausener, head of the Catholic Action, was killed
Tells of Sense of Disaster.
Over the whole country there lay a nightmare of impending disaster,
by a Nazi special guard.
origin of which was known only to a few of the initiated but the almost
Executions continued on July 1 and 2,but the total number the
unavoidable approach of which was sensed and felt by everybody. The
of dead had not been accurately estimated late this week. tolerant attitude that the leader had shown toward them was confused
President Paul von Hindenburg has officially supported with weakness. The traitorous clique had built its project upon this
Herr Hitler in his suppression of the threatened revolt, and assumption.
For a long time the leader silently watched them. Repeatedly the
congratulated him and General Goering on their action in responsible men whom he had taken into his closest confidence issued public
warnings.
Their warnings were entirely unheeded, were even cast off
crushing "traitorous machinations." One of the results with
supercilious and comical smiles.
of the uprising was a definite loss of authority by ViceSince it could not be done with kindness, it had to be done harshly.
Chancellor von Papen, who was detained in custody for And as great as the leader is in kindness, he can also be great in harshness. This was to be shown by this example. And the reactionary groups
several days. General Goering, on the other hand, gained that
were associated in this plot were to realize that joking was over and
much prestige.
hard facts had appeared.
This small clique of professional saboteurs would not stop, however.
Press reports from Berlin late this week said that ViceThey did not want to understand our tolerant spirit, and now the leader
Chancellor von Papen had offered his resignation, but that had
reason for strictly calling them to order.
President von Hinderburg had refused to accept it, and that
Embittered and indignant over the activities of the guild of conspirators,
Herr von Papen would therefore retain his post. On July the S. A. leaders and political leaders stand before the man who has again
shown in this critical situation that he is a real man, who, when the in5 the French Ambassador to Berlin filed representations with terests of the nation
are at stake, can make decisions and carry them out
the German Foreign Office, protesting against rumors being without consideration for the rank and dignity of those affected by his
circulated in German political circles that France had actually action.
On July 2 President von Hindenburg sent the following
been connected with the alleged conspiracy of the slain
Storm Troop leaders. These charges, however, were re- telegram to Chancellor Hitler:
the Chancellor:
peated in many German newspapers published on July 5, ToReports
submitted to me show that by your resolute energy and couragealthough they have not been officially recognized by the ous personal action you have crushed in the bud all traitorous machinations.
Thereby you have rescued the German people from a great danger. For
German Government.
this I express to you my deepest thanks and my sincere appreciation.
A Berlin dispatch of June 30 to the New York "Times"
With best greetings,
described the events of that day in part as follows:
VON HINDENBURG, Reich President.
The official version is that the attempt was a joint effort "to bring
The President also sent the following telegram to General
pressure" on the Government with a threat of violent action behind it.
Goering:
There is mention of a "foreign power" as being involved. The discerning
interpret this reference as being to Russia and the ultimate aim of the
rebels as a new national bolshevism.
Whatever the cause. Chancellor Hitler has acted swiftly and decisively.
Flying to Munich in the early hours of this morning from Bonn, where he
had been ostensibly inspecting work camps, he assembled his trusted special
guards in that city and proceeded to gather in the suspected leaders, who
had already proceeded to preliminary action.
Captain Roehm, the leader of the conspiracy, was arrested in his bedroom
in his country house outside Munich by Herr Hitler himself and then and
there deposed from all his offices. His fellow-conspirators were gathered
in by the dozen in Munich and around it.
The official story told to foreign correspondents by General Goering this
afternoon says that some of them, both in Munich and in Berlin, committed suicide and others were shot while resisting.
Goering Acts Swiftly.
Almost simultaneously in Berlin General Goering. by arrangement
with Chancellor Hitler, was taking similar action. It came swiftly and
unexpectedly just before noon. But here the members of the reactionary
group believed to be acting with the rebel Storm Troop leaders were equally
the objects of the assault.
Karl Ernst. group leader of the Berlin Storm Troops, was traced to a
house near Bremen and surrounded there. He is dead and the official
version is that he was shot while resisting arrest. The unofficial version is
that he was brought by airplane to Berlin and executed on his arrival.
Police and special guards at the very outset sought to put General von
Schleicher under arrest at his villa outside Potsdam. It is said that he
attempted to draw a pistol. A volley of shots brought him down and his
wife died with him.
Fortunately, official utterances have been fairly liberal and ostensibly
frank and themselves convey a fairly clear idea of developments in this
great day of Germany's internal struggling.
The fullest account was supplied by General Goering to foreign correspondents summoned to his office early in the afternoon. This was supplemented in what purported to be an official text of what he said, given out
this evening, by a further illuminating passage that no one present remembered having been spoken then. It was probably added as an afterthought. Here it is:
"The main go-between in the conspiracy was former Reich Chancellor
General von Schleicher, who made conduction between Captain Roehm
and a foreign power and those eternally dissatisfied figures of yesterday.
I expanded my task by delivering a stroke against those dissatisfied ones
also.
"It was self-understood that General von Schleicher had to be arrested.
While being arrested, he attempted to make a lightning assault upon
those men who were to arrest him. Thereby he lost his life."
Unofficial Versions.
This is the sole authoritative version of General von Schleicher's death.
Unofficial versions have it that the attempt to arrest him was made as
he was leaving his villa near Potsdam with his wife to enter their motor
to drive to Berlin and that she fell beside him under the rain of bullets that
greeted his supposed attempt to draw a pistol.
General Goering announced on July 1 that members of the
general staff of the superior branch of the Storm Troops had
been arrested in Berlin and Brandenberg. About a dozen
additional leaders of the revolt were reported to have been
executed on July 1. On that same date, Dr. Paul Joseph
Goebbels, German Minister of Propaganda, in a radio
broadcast described the events of the preceding day. Discussing the reasons for Chancellor Hitler's action, Dr.
Goebbels said that certain leaders of the Storm Troops had
planned to overthrow the existing regime. He tir.n added,
according to a Berlin dispatch of July 1 to the "Times"•
Through a life of unparalleled dissipation they have brought the honor
and prestige of the S. A. into discredit. Through their puffed-up airs
and revolutionary methods they have openly scorned the laws of our movement, requiring simplicity and moral cleanliness. They were about to
bring the whole leadership of the party into suspicion of outrageous sexual
abnormality.
They attempted to cross the purposes and the far reaching plans of
the leader with their personal desire for power and because of their narrowmindedness and short-sightedness.
To Prussian Prime Minister Goering:
For your energetic and successful action in suppressing the attempt
at high treason I express to you my thanks and my appreciation.
With comradely greeting,
VON HINDENBURG, Reich President.
China Reduces Duties on Cotton.
From the New York "Journal of Commerce" we take
the following (United Press)from Nanking July 1:
A new tariff was promulgated to-day by the Chinese Nationalist Government. It is effective to-day and tariff revisions will be made public to-morrow. It was understood the tariff raises duties on luxuries and reduces
duties on cotton and other necessaries.
Santos Market Shut—Strike Also Closes Banks in
Rio de Janeiro.
The following from Rio de Janeiro, July 6 (United Press)
is from the New York "Sun":
All banks were closed to-day by a strike of employees after a disagreement over pensions and other privileges. Finance Minister Oswald°.
Aranha addressed street gatherings of strikers in the banking district
urging them to return to work without success.
Bank executives said the situation was not serious and they expected a.
solution would be reached shortly.
It is stated that the New York Coffee and Sugar Exchange
has received a cable from Rio de Janeiro which reads:
Banks and Santos Bohm Official de Cafe (official Santos Coffee Market>
and Rio Bolsa Official de Mercadorias (Official Rio Mercantile Market)
are closed—bank employees strike.
Dr. Alfonso Lopez, President-elect of Colombia, Says
Republic's Finances Are Still in Unsatisfactory
Position—Statement by Bondholders' Committee
Indicates He Will Prepare Data on Country's
Debts.
The Independent Bondholders' Committee for Colombia,.
in a statement issued June 30, said that Dr. Alfonso Lopez,
President-elect of Colombia, who has been visiting the
United States, told representatives of the committee that
the financial position of the Republic was not in the satisfactory condition that recent statements by the committee
would indicate. A statement by the committee on Colombia's position was given in our issue of June 30, page
4378. Dr. Lopez told the committee's representatives that
the question of the settlement of Colombia's debts would
receive his immediate attention after he assumes office.
The statement of June 30 read in part as follows:
Dr. Lopez assured the committee that one of the first steps that will
be taken by his Administration will be to acquaint the American Government
and people with a true financial statement of the position of the Republicof Colombia. said statement to show the heavy expenditures incurred by
Colombia for its National defense in the recently threatened hostilities
with Peru over Leticia, which, of necessity, was a State secret up to thetime an amicable settlement was reached.
This committee heartily endorses this proposed move of the incomingAdministration and will welcome the opportunity of presenting Colombia's.
version of its position to the American bondholders and the American public.
It informed Dr. Lopez that this committee was prepared to appoint representatives at any time to make a joint study with the representatives of
the Colombian Government of the financial position of Colombia and
present to the American bondholders its findings and make such recommendations as the results of such study would warrant.
Dr. Lopez assured the representatives of this committee that the question
of the settlement of Colombia's debts would receive his immediate attention
on his assuming office; that Colombia had heretofore scrupulously lived
up to its obligations; that the Colombian people to-day were anxious to
Volume
139
Second Annual Report of League Loans Committee
(London)—Status of Nine Loans—Half Meeting
Their Services Regularly.
Speyer & Co. made available on July 5 a summary of the
Second Annual Report of the League Loans Committee
(London), which had just been received from Eliot Wadsworth, American Member of the Committee. In outlining
the status of the nine League Loans, the summary states
that "about half of the loans are meeting service regularly,
while the other half are in some stages of default." The
summary follows:
LEAGUE LOANS COMMITTEE (LONDON)
Summary of Chief Points in Second Annual Report, Dated June 1934.
The League Loans Committee, of which Sir Austen Chamberlain is
Chairman, comprises British. American and European members representative of the countries which hold the various tranches of the "League
Loans." The Committee exists to protect the bondholders and to safeguard
the special status of all these Loans.
The League Loans consist of the following:
Austrian Guaranteed Loan, 1923.
Bulgarian 7% Settlement Loan, 1926.
Bulgarian 7;4% Stabilization Loan, 1928.
Danzig (Municipality) 7% Loan, 1925.
Danzig (Free City) 6,Si% Loan 1927.
Esthonian 7% Loan, 1927.
Greek 7% Refugee Loan, 1924.
Greek 6% Stabilization Loan, 1928.
Kingdon of Hungary 7 % Loan, 1924.
The total originally issued amounted to .C81,000,000. which has been reduced now by the normal process of amortization to 463,000,000. About
half of the loans are meeting their service regularly, while the other half
are in some stage of default.
As the Appendices to the Report show, about half the total amount of
League Loans is held in Great Britain and one-fifth in America. All of
them were raised under the auspices of the League of Nations; and the
circumstances which entitle them to special consideration, both by the
Governments represented in the League and by the debtor Governments,
are fully described in the Report.
Part I of the Report surveys the Committee's work and the position
of the League Loans during the past year. In particular it draws attention
to the fact that the largest League Loan of all (the Austrain 1923 Guaranteed Loan) is no longer in any sort of default, so that the proportion of the
League Loans whose service is being regularly met has now risen to something like 50%.
Furthermore, during the year Bulgaria. Greece and Hungary have all
appreciably increased the proportion of the service of their League Loans,
which they have undertaken to transfer. Bulgaria and Hungary have duly
executed their undertakings in this connection; Greece, up to the time of
writing the Report, has failed to do so. The Committee comment on the
unsatisfactory position in regard to the service ofthe Greek loans,and upon
the conduct of both the Greek Government and the International Financial
Commission.
The Report goes on to say that the Committee have continued to maintain contact with the Trustees of the variousloans; with the issuing bankers,
who are the paying agents; with the various committees of short-term
creditors;and with the national associations of bondholders in Great Britain,
France and other countries. The Committee have closely supported the
Policy of the Financial Committee of the League of Nations in relation to
the debtor countries with which they have to deal: and they describe the
manner in which they consider that collaboration with the League works
to the benefit both of all classes of creditors and of the debtor countries
themselves.
The Committee state the reasons why they think that "definitive" settlements of the debt service of.those countries now in default would be premature at the present stage; why they consider that the debtor,if he cannot
transfer his full debt service, should provide the whole equivalent in his
budget in local currency, even if this means that he must at once re-borrow
the untransferred portion for Treasury purposes; they describe the lines on
which they have dealt with the accumulations of funds in local currencies
which this system has produced; their policy in dealing with gold clauses,
and finally, the grounds on which they urge the claim of the League Loans
to special treatment.
In Part II of the Report the Committee describe in detail the situation
of each of the League Loans during the past year. Austria, on whose 1923
Guaranteed Loan no defaults affecting either the bondholders or the Guarantor States ever took place, has now completely made good the technical
defaults which did occur in the service of this Loan; while Danzig and
Esthqnia have fully maintained the service of their League Loans without
any interruption.
Bulgaria transferred.25% of the interest on her two League Loans from
May 1933 to April 1934. From May 1934 to May 1936 (for the 1928 Loan)
and to July 1936 (for the 1926 Loan),she will transfer 3235% of the interest.
She will,in addition,transfer in final discharge ofthe past part-paid coupons
duein the previous two years, a sum equal to 10% of the levas which accumulated in respect of the untransferred service during that period. This
should bring her total effective transfers during the next two years up to
about 40% of the interest service.
Greece transferred 30% of the interest on her external debt (including
her two League Loans) for the financial year 1932-33. She undertook to
discuss the possibilities of further transfers for that year in November 1932:
but these discussions did not take place, nor did Greece transfer anything
further in respect of that year. In April 1933 Greece again went into complete default. For various reasons it was not until November 1933 that
she undertook to transfer 27%% of the interest for the financial year 193334 and 35% for 1934-35; and up to the time of writing the Report she had
not executed even this undertaking. The Committee "feel bound to state
that in their opinion the interests of the majority of Greek bondholders
have been seriously prejudiced by these delays, which are also very harmful
to the credit of Greece."
In the case of Hungary, holders of the 1924 League Loan received payment on their coupons in full up to August 1933. The amount which the
Hungarian Government transferred for this purpose was equal to about
25% of one year's interest service of the Loan, the Trustees having been
able to make up the deficiency by drawing on the reserve fund in their
hands. For the 12 months ending July 1934, Hungary has been transferring
50% of the interest service, so that holders received 50% of the coupon due
Feb. 1 1934 and should in due course receive 50% of that due Aufg. 1 1934
also.
43
Financial Chronicle
maintain the integrity and credit of the county, and that his Administration would lend every effort towards that end.
Part III contains for reference a full set of the documents published
during the past year regarding the League Loans, comprising announcements by the debtor Governments, the Trustees, the Paying Bankers and
the Committee itself. These documents also include the Memorials which
the League Loans Committee addressed to the British Government and the
League of Nations in July 1932, and the Resolution which the League
Council took on receiving the Committee's Memorial. At the end of the
Report there Is a set of tables and graphs giving statistical data regarding
the League Loans.
It is stated that the Report is on sale at the office of the
Committee,3, Bank Buildings, Princes St., London,E. C.2,
at 5s. per copy.
Rio de Janeiro (Brazil) to Pay $5.6875 for Each $32.50
Coupon Due July 1 on External 30-Year 63/2%
Secured Sinking Fund Gold Bonds of 1929.
Holders of State of Rio de Janeiro (United States of
Brazil) external 30-year 634% secured sinking fund gold
bonds of 1929, due Jan. 1 1959, are being notified by City
Bank Farmers Trust Co., New York, as special agent, it
was announced, that in accordance with the provisions of
Presidential decree of Feb. 5 1934, the State has remitted
to the bank funds for payment of the July 1 1934 coupons
of these bonds at the rate of 173% of the dollar face amount
of coupons. Upon surrender of the coupons to the bank
on and after July 9 1934, holders will receive $5.6875 for
each $32.50 coupon due July 1 1934, the announcement said.
Increase Reported in Latin American Bonds During
June—Europeans Drop.
Representative Latin American bonds showed an appreciation of 4.50% during June, according to the Foreign Bond
Associates, Inc., monthly index. All foreign bonds de-,
preciated 1.44%, based on the 50 included in the index,
the 30 European bonds declining 3.61% largely because of
the fall in German issues, and the four Asiatic bonds arising
0.29%.
July 1 Quarterly Coupon on 7% Gold Bonds of Soviet
Russia Being Paid at 40 Cents More Than Indicated Value of Coupon When Bonds Were Sold
July 1 1933—Agreement of State Bank of Russia
to Repurchase Bonds at Par Effective.
Coupons covering the regular quarterly interest due July
1 on the 7% Gold Bonds of the Union of Soviet Socialist
Republics, may be presented for payment at the rate of
$1.51 per 100 gold rouble bond, at the Chase National
Bank of New York, official paying agent in the United
States, it has been announced. This is an increase of 40
cents over the indicated value of the coupon when the bonds
were first sold on July 1 1933. The announcement in the
•
matter said:
The increase is due to the subsequent reduction in the gold content of
the United States dollar. Cable advices received by the Soviet American
Securities Corp. of New York from the State Bank of the U. S. S. R.
established the 61.51 rate, which is in accordance with the provisions of
the bond calling for payment in American currency based on the value
of the gold rouble at the prevailing rate of exchange. The agreement
of the State Bank of the U. S. S. R. to repurchase these bonds at par and
accrued interest on demand of the holder at any time after one year from
date of purchase became operative July 2. Providing the present rave of
exchange continues to prevail, each 100 gold rouble bond presented will
be repurchased at $86.57, as opposed to the price of $63.61 which prevailed
on July 1 1933. when the bonds were originally offered.
New York Stock Exchange Rules:External 8% 30-Year
Sinking Fund Gold Bonds of City of Carlsbad
(Czechoslovakia) Be Dealt in "Flat."
The following announcement was issued on July 2 by
the New York Stock Exchange through its Secretary,
Ashbel Green:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
July 2 1934.
Notice having been received that the interest due July 1 1934. on City
of Carlsbad external 8% 30-year sinking fund gold bonds, due 1954, is
not being paid:
The Committee on Securities rules that beginning July 2 1934, and until
further notice the bonds shall be dealt in "flat" and to be a delivery must
carry the July 1 1934, and subsequent coupons.
The Committee further rules that in settlement of all contracts in said
bonds on which interest ordinarily would be computed through July 1
1934, interest shall be computed up to but not including July 1 1934.
ASHBEL GREEN, Secretary.
Rulings on Two Issues of Hungarian Consolidated
Municipal Loan Secured Sinking Fund Gold Bonds
by New York Stock Exchange.
The following rulings by the Committee on Securities of
the New York Stock Exchange were issued on July 2 by
Ashbel Green, Secretary of the Exchange:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
July 2 1934.
Referring to the ruling of this Committee dated May 23 1934, in the
matter of Hungarain consolidated municipal loan 20-year 7% secured
Financial Chronicle
44
sinking fund gold bonds, external loan of 1926. and making provision for
dealing in bonds (a) "with Jan. 1 1933, and subsequent coupons attached"
and (b) "with all unmatured coupons attached (i. e., all matured coupons
detached)":
The Committee on Securities further rules that beginning July 2 1934,
the bonds may be dealt in as follows:
(a) "with Jan. 1 1933. and subsequent coupons attached";
(b) "with July 1 1934, and subsequent coupons attached."
Referring to the ruling of this Committee dated Jan. 26 1933, in the
matter of Hungarian consolidated municipal loan 20-year 734% secured
sinking fund gold bonds. due 1945, and making provision for dealing in
bonds (a)"with Jan. 1 1933, and subsequent coupons attached" and (b)
"with all unmatured coupons attached (i e., all matured coupons detached)":
The Committee on Securities further rules that beginning July 2 1934,
the bonds may be dealt in as follows:
(a) "with Jan. 1 1933, and subsequent coupons attached":
(b) "with July 1 1934, and subsequent coupons attached."
ASHBEL GREEN, Secretary.
Porto Alegre (Brazil) Paying 173/2% of July 1 Coupons
on 40-Year 73/2% Sinking Fund Gold Bonds, External Loan of 1925—Rulings on Bonds by New
York Stock Exchange.
Ladenburg, Thalmann & Co., as fiscal agents, announced
July 2 that they are notifying holders of City of Porto
Alegre, United States of Brazil, 40-year 73/2% sinking fund
gold bonds, external loan of 1925, that funds have been deposited with them sufficient to make a payment, in lawful
currency of the United States of America, of 173/2% of the
coupons due July 1 1934, amounting to $6.563I for each
$37.50 coupon and $3.28 for each $18.75 coupon. Pursuant
to decree of the Chief of the Provisional Governement of the
United States of Brazil, such payment, the fiscal agents
announcement said, if accepted by holders of these bonds
and coupons, must be accepted in full payment of such
coupons and of the claims for interest represented thereby.
Rulings on the bonds by the New York Stock Exchange
were issued as follows on July 2 by Secretary Green of the
Exchange:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
July 2 1934.
Per $1,000 bond
Notice having been received that payment of $6.56
Is now being made on City of Porto Alegre 40-year 7 % sinking fund
gold bonds, external loan of 1925. due 1966, on surrender of the July 1
1934 coupon:
The Committee on Securities rules that beginning July 3 1934 the said
bonds may be dealt in as follows:
(a) "with Jan. 1 1932 and subsequent coupons attached";
(b) "with Jan. 1 1932 to Jan. 1 1934 inclusive and Jan. 1 1935 and
subsequent coupons attached."
That bids and offers shall be considered as being for bonds under option
(a) above unless otherwise specified at the time of transactions; and that the
bonds shall continue to be dealt in "flat."
ASHBEL GREEN, Secretary.
Tenders of Cuban Sugar Stabilization Sinking Fund
/
2% Secured Gold Bonds, Due 1940, Invited by
51
National Sugar Exporting Corp.
The National Sugar Exporting Corp. is inviting tenders
for the sale to it of the Republic of Cuba sugar stabilization
sinking fund 53/% secured gold bonds, due Dec. 1 1940,
at a price not exceeding the principal amount and accrued
interest to date of purchase, sufficient to exhaust the sum of
$300,000. Tenders, it was announced July 2, should be
made on or before 3 p. m. (E. S. T.) July 10 1934 to the
Chase National Bank of the City of New York at 11 Broad
St., New York, or at its office, 86 Aguiar St., Havana.
Outstanding Brokers' Loans on New York Stock
Exchange Decreased for Second Consecutive Month
During June—June 30 Total Reported at $1,082,240,126—Represents Drop of $65,853,440 from
May 31.
The New York Stock Exchange reported on July 3 that
outstanding brokers' loans on the Exchange June 30 totaled
$1,083,240,126, a decrease if $65,853,440 from the May 31
total of $1,016,386,686. The May 31 figure also represented
a decline—of $71,839,673—under the previous months total
of $1,088,226,359 (April 30).
Demand loans during June, according to the report,
amounted to $740,573,126, which contrasts with the May
total of $722,373,686, while time loans in June 'totaled
$341,667,000 against $294,013,000 in May. The report for
June, as made public by the Exchange on July 3, follows:
New York Stock Exchange member total net borrowings on collateral,
contracted for and carried in New York as of the close of business June 30
1934. aggregated $1,082,240,126.
The detailed tabulation follows.
Demand.
Time.
(1) Net borrowings on collateral from New York banks
$639,635,278 $340,494,000
or trust companies
(2) Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others in the City of
100,937,848
1,173,000
New York
$740,573,126 $341.667,000
July 7 1934
Combined total of time and demand borrowings $1,082,240,126.
The scope of the above compilation is exactly the same as In the loan
report issued by the Exchange a month ago.
Below we give a two-year compilation of the figures:
1932—
June 30
July 30
Aug. 31
Sept. 30
Oct. 31
Nov.30
Dec. 31
1933—
Jan. 31
Feb. 28
Mar.31
Apr. 29
May 31
June 30
July 31
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 30
1934—
Jan. 31
Feb. 28
Mar. 31
Apr 30
May 31
June 30
Demand Loans.
$189,343,845
189.754,643
263.516,020
269,793,583
201.817,599
213,737,258
226,452.358
Time Loans.
$54,230,450
51,845,300
68.183,300
110.008,000
122,884,600
123,875.300
120,352,300
Total Loans.
$243,574.295
241.599.943
331,699.320
379,801,583
324,702,199
337,612,558
346,804.658
255.285.758
222.501,556
207,601.081
207.385.202
398.148.452
582.691.556
679.514,938
634,158,695
624.450,531
514,827,033
544.317.539
597,953,524
104,055,300
137,455,500
103,360,500
115,106,986
130,360,986
197,694,564
236,728,996
283,058,579
272,145,000
261.355,000
244,912,000
247,179,000
359,341,058
359,957,056
310.961,581
322,492.188
528,509,438
780,386.120
916,243,934
917,215,274
896,595,531
776,182,033
789,229,539
845,132,524
626,590.507
656.626.227
714,279.548
812.119,359
722,373,686
740,573,126
276,484,000
281,384.000
267.074.400
276,107,000
294,013,000
341.667,000
903,074.507
938,010.227
981.353,948
1,088.226,359
1,016.386,689
1,082.240,126
The report of brokers' loans during May was referred to
in our issue of June 9, page 3866.
Short Interest on New York Stock Exchange June 29
Below May 31.
The total short interest existing as of the opening of business on June 29, as compiled from information secured by
the New York Stock Exchange from its members, was
717,241 shares, the Exchange announced July 6. This
compares with 741,038 shares existing on May 31.
New York Stock Exchange to Combine Directory,
Constitution, Rules for Delivery, Digest of Circulars and Other Information in Single Volume.
The New York Stock Exchange on June 27 made known
plans for incorporation several of its handbooks into a single
loose-leaf volume. The Exchange said that it will discontinue
the publication, in their present forms, of the directory,
constitution, rules for delivery and digest of circulars, and
will issue them henceforth in the one volume, which will
contain, in addition to other information, a complete copy'
of the Securities Exchange Act of 1934 and all subsequent
rules and regulations under the Act. Each member of the
Exchange and each branch office will receive one copy of the
new volume, which will be entitled "Directory and Guide,"
free of charge and additional copies will be obtainable at
$25 each. The announcement of June 27 of the Exchange,
issued by Ashbel Green, Secretary, follows:
NEW YORK STOCK EXCHANGE
Office of the Secretary.
June 27 1934.
To the Members:
discontinue
the
publication of the directory,
It has been determined to
constitution, rules for delivery and digest of circulars in their present forms
and to incorporate these publications, together with other information in
one loose-leaf volume to be entitled "Directory and Guide."
The "Directory and Guide" will be divided into various sections, each
of which will be designated by an index letter.
The sections to be included are the following:
A. Directory of Members and Member Firms.—This section will be
arranged exactly as the bound directory heretofore published, and will
contain the same information.
B. Directory of Listed Securities.—This section will contain a complete
list of securities listed on this Exchange, including information, with respect
to stocks, as to the address of each corporation. the State of Incorporation,
par value and transfer agent, and with respect to bonds, as to the paying
agent and trustee.
C. Constitution and Rules of the Governing Committee —This section will
take the place of the form of constitution now in use.
D. By-Laws and Ruh s of Stock Clearing Corp.—This section will contain a
copy of the By-Laws and Rules of Stock Clearing Corp., with no change as
compared to the book now in use.
E. Rules for Delivery.—Thls section will contain the rules for delivery
heretofore published by the Committee on Securities in booklet form.
F. Listing Requirements.—This section will contain the requirements for
listing stocks and bonds, heretofore published in booklet form by the
Committee on Stock List.
G. Miscellaneous.—Thls section will contain rulings, opinions. etc.,
issued from time to time by the Exchange or its committees on subjects
of a more or less general nature. It will contain practically all the matter
heretofore published in booklet form, entitled "Digest of Circulars," as
well as certain additional information. This section will be arranged accord in to subject matter, and the source of all information will be indicated.
H. Federal Regulation of Exchanges.—This section will be devoted to the
Securities Exchange Act of 1934. A complete copy of the Act will be included
and it is proposed to incorporate in 'he same section such rules or relqulations
as may from time to time be adopted by the Securities and Exchange
Commission and the Federal Reserve Board, having to do with the administration of the Act.
The volume will include a general index.
It is proposed to keep the various sections of the publication up to date
by supplying corrected pages for substitution for those on which changes
occur, at least weekly.
For the purpose of providing a means of reference to such new matters
as may be included after the printing of the general index, a supplemental
Index will be provided. From time to time, as it appears necessary, the
general index will be reprinted and the pages then contained in the supplemental index will be discarded.
The "Directory and Guide" will be ready for distribution about the same
time that the July edition of the Directory would normally have been issued.
Each member of the Exchange and each branch office will receive one copy
free of charge; additional copies may be purchased at $25, which will include
service for one year. Each member will continue to receive corrections as
Volume 139
Resolution Adopted for Participation of Outsiders at
Meetings of Governing Committee of New York
Stock Exchange-Either Members or Non-members
of Exchange Eligible.
A resolution, which was presented to the Governing
Committee of the New York Stock Exchange on June 27,
and which provides for the naming of not more than 10
persons, either members or non-members of the Exchange,
or members of registered firms thereon, to attend meetings
of the Committee for a period of one year, was adopted by
that body on July 5. The group, as provided by the new
resolution, will be appointed each year and its members
will be placed upon standing and special committees of the
Exchange as the Governing Committee may designate.
They will be permitted to engage in the deliberations of any
of the committees on which they may serve but will have
no vote. The resolution as adopted follows:
Resolved. That the Governing Committee of the Exchange may, at its
first regular meeting in July of each year, invite, pursuant to section 8 of
article III of the constitution of the Exchange, not more than 10 Persons,
either members of the Exchange or of firms registered thereon, or nonmembers, to attend, for a period of one year the meetings of the Governing
Committee and to participate in its deliberations (except the consideration
of or hearings upon charges against a member of the Exchange) and to
serve upon such special and standing committees as the Governing Committee may from time to time designate, but without the right to vote at
the meetings of the Governing Committee or of such special or standing
committees.
As given in the New York "Times" of June 28, section 8
of article III of the constitution reads in part:
It (the Governing Committee) may, by special resolution or standing
rule, invite a person not a member thereof to attend its meetings and to
participate in its deliberations and to serve on special or standing committees
to such extent as it may prescribe in such resolution or rule, but without the
right to vote at the Governing Committee's own meetings. Such invitations
may be at any time recalled by the Governing Committee or modified.
The following statement was issued by the Stock Exchange
on June 27 at the time the resolution was presented to the
Governing Committee:
The Governing Committee has been advised of a widespread feeling
among the membership of the New York Stock Exchange that some form
of representation on the Board of Governors of the Exchange should be
granted to non-member partners of Stock Exchange houses. The basic
reason for this feeling seems to be that there are non-member partners of
Stock Exchange firms who have had wide experience in the security business
and whose judgment would be of great value to the Governing Committee
and to certain other committees. This resolution has been introduced in
the hope that the Exchange might in this way obtain the benefit of the advice
and experience ofsuch men as may be asked to serve under its authorization.
It may be noted that the plan as presented provides that the Governing
Committee may in its discretion appoint men who are neither members of
the Exchange nor of Stock Exchange firms, in order to benefit by a broader
point of view than could perhaps be obtained from men directly connected
with Exchange firms,
The Exchange, it was stated, has not used section 8 of
article III before except in the case of the President of the
Stock Clearing Corp. During his term as President of the
corporation, says the New York "Times," the late Samuel
F. Streit was invited to sit regularly with the Governing
Committee, and Laurence G. Payson, his successor, also
sits regularly. He does not, however, have a vote.
Coincident with the announcement of the Exchange of
June 27, it was also made known, according to the "Times,"
that the so-called committee of elders appointed by the
Association of Stock Exchange Firms would be disbanded;
it purpose was to work with the Law Committee of the
Exchange when legislation for control of stock exchanges
was pending.
Market Value of Listed Stocks on New York Stock
Exchange July 1, $34,439,993,735, Compared with
$33,816,513,632 June 1-Classification of Listed
Stocks.
As of July 1 1934 there were 1,203 stock issues aggregating
1,294,762,403 shares listed on the New York Stock Exchange,
with a total market value of $34,439,993,735. This compares
with 1,202 stock issues aggregating 1,294,379,415 shares
listed on the Exchange June 1 with a total market value of
$33,816,513,632, and with 1,204 stock issues aggregating
1,294,930,553 shares with a total market value of $36,432,143,818 on May 1. In making public the July 1 figures
on July 5, the Exchange said:
As of June 1 1934, New York Stock Exchange member total net borrowings on collateral amounted to 51,082,240,126. The ratio of these member
total borrowings to the market value of all listed stocks on this date was
therefore 3.14%. Member borrowings are not broken down to separate
those only on listed share collateral from those on other collateral: thus
these ratios usually will exceed the true relationship between borrowings on
all listed shares and their market value.
45
Financial Chronicle
long as he remains a member, and a branch office will continue to receive
corrections as long as it is maintained.
Subscriptions to this publication will be accepted from non-members in
the United States at a charge of $25 for the first year. The charge for renewal
subscriptions will be determined at a later date.
ASEIBEL GREEN. Secretary.
As of June 1 1934, New York Stock Exchange member
total net borrowings on collateral amounted to $1,016,386,686. The ratio of these member borrowings to the
market value of all listed stocks, on that,date, was therefore
3%.
In the following table, listed stocks are classified by leading industrial groups, with the aggregate market value and
average price for each:
July 1 1934.
Market
Value.
Autos and accessories
Financial
Chemicals
Building
Electrical equipment manufacturing
Foods
Rubber and tires
Farm machinery
Amusements
Land and realty
Machinery and metals
Mining (excluding iron)
Petroleum
Paper and publishing
Retail merchanksing
Railways and equipments
Steel, iron and coke
Textiles
Gas and electric (operating)
Gas and electric (holding)
Communications (cable, tel. dr redo).
Miscellaneous utilities
Aviation
Business and office equipment
Shipping services
Ship operating and building
Miscellaneous business
Leather and boots
Tobacco
Garments
S. companies operating abroad__
Foreign companies(Incl.Cuba lc Can.)
All listed stocks
2,218,459,014
985,729,823
3,554,340,647
294,003,566
811,790,394
2,366,238,987
277.652,981
370.291,044
151,462,110
37,062.947
1,092,149,206
1,239,507.491
3,829,131,368
248,983,673
1,885,792,352
4,111,346,490
1,311,369,726
206,691,060
1.794,180,121
1,171,957,289
2,537,624,678
159,153,517
173,057,790
264,151,095
9,152,011
35,242,150
75,763,639
234,740,070
1,461,138,752
19,372,743
692,373,788
820,083,213
Aver.
Price.
20.87
17.92
49.33
18.76
19.85
31.89
27.45
30.08
10.52
7.48
22.86
22.60
20.97
14.80
30.44
35.62
33.93
17.32
25.83
12.15
67.49
16.50
8.92
24.39
4.37
9,74
13.49
36.97
56.39
15.56
20.60
22.18
June 1 1934.
Market
Value.
2,275,270,170
956.720,230
3.421.268,888
270,148,621
805,181,545
2.315.357.765
278,835,277
360.001,333
165,014,143
36.769.539
1,068,264.114
1.133,800,058
3,815,817,456
247.958,988
1,849,614,599
4,026,186,143
1.296,693,987
204,015,437
1,721,328,597
1,155.684,660
2,555,886.266
160,964,560
183,482,919
245,656,315
9,456,074
35,754,437
76.100,048
231.420,460
1,404,862,172
20,129,414
663,905,363
824,964.054
Aver.
Price.
21.40
17.39
47.49
17.24
19.69
31.21
27.57
29.24
11.50
7.41
22.46
20.68
20.90
14.74
29.87
34.88
33.55
17.08
24.78
11.99
67.98
16.69
9.46
22.68
4.52
9.88
13.55
36.45
54.22
16.17
19.76
22.30
34.439.993,735 26.60 33.816.513.632 26.1
Lead and Zinc Futures Trading on Commodity Exchange Inaugurated July 2-Eight Commodities
Now Traded on Exchange-Observes First Anniversary as Combined Organization.
The Commodity Exchange, Inc., New York, inaugurated
on July 2 a futures market in lead and zinc, two basic commodities which, it is stated, have heretofore been without
organized hedging facilities in the United States. On July 5
the Exchange observed its first anniversary as a consolidated
organization operating in single quarters, the result of a
merger of the National Raw Silk Exchange, Inc., the National Metal Exchange, Inc., the Rubber Exchange, Inc.,
and the New York Hide Exchange, Inc. Comptroller
Joseph D. McGoldrick, of New York City, representing the
city, officially opened the trading in the new metals at 11:25
a. m., July 2. A September contract of lead was sold at
3.70 cents a pound and a September contract of zinc at 4.40
cents a pound. The rules for trading in the lead and zinc
futures market follow:
The contract unit in both metals will be 60.000 pounds. Quotations
will be in multiples of one-hundredth of one cent per pound. Deliveries
will be made from warehouses licensed and (or) designated by the Exchange. Trading hours for lead will be 10:20 a.m. to 2:40 p.m., and for
zinc from 10.30 a.m. to 2:55 p.m. Saturday closing will be 11:40 a.m.for
lead and 11:55 for zinc, except during the summer, when the Exchange is
closed on Saturdays.
Trades for future delivery of lead or zinc in any month shall not be made,
during any one day, at prices varying more than one-half of one cent per
pound above or below the lowest price of the closing range of such month
as established by the Committee on Quotations for Metals at the close of
the preceding business session of the Exchange.
The addition of lead and zinc gives the Commodity
Exchange a total of eight commodities, others already traded
in being hides, rubber, silk, silver, tin and copper. Jerome
Lewine, President of the Exchange, characterized the event
as another major step in the expansion of the Exchange, and
as marking a significant development in the history of futures
markets which are of signal importance to trading. In a
statement issued July 2, he said:
Insofar as the trade itself is concerned, the futures markets are designed
to remove the risk of adverse price changes in these commodities and to
provide price insurance to the producer, dealer and consumer against such
hazards. An additional function of the Exchange is to provide a broad,
continuous and liquid market for the commodity which renders financing
easier and makes the commodity more readily acceptable as collateral.
The economic function of a futures market may be put into the one word,
"hedging." The economic necessity for hedging facilities has been demonstrated for many years in the world's principal commodity markets. During the past decade rubber, silk, silver and copper have joined the ranks of
commodities in which active futures markets exist.
In the metals industry it is customary practice for custom refiners to
fledge their intake where futures facilities are available. The mine operator is also afforded opportunity for price protection through a futures
market. If the price of the metal is at a level at wnicn the miner may make
a reasonable profit, he may sell on the futures market for as much as one
year ahead the expected output of his mines. Thus,even when he is unable
to contract ahead in the trade for the sale of his mine output, he can protect himself by selling futures on an exchange. The consumer of metals,
or the manufacturer, may use the futures market to equal advantage. Any
rise in the cost of his lead or zinc is wholly or partially offset by a profit on
46
Financial Chronicle
his futures position. The dealer, who is frequently compelled to buy even
though he may be uncertain as to the course of prices, or may feel that
prices are too nigh, can assure himself substantially against the risk of a
price decline by selling on the Exchange for delivery in a month far enough
ahead so as to give himself opportunity to dispose of the physical commodity before the maturity date of his contracts. . . .
Comptroller McGoldrick declared at the opening of the
ceremonies inaugurating trading in lead and zinc that the
City of New York wished to "co-operate with business" as
well as develop the commerce of the port and cited as an
example the reduction in the rentals on the city's piers.
He said:
On behalf of the Mayor and the City Administration, and on my own
behalf, it is a pleasure to felicitate the members of the Commodity Exchange upon this enlargement oftoe activity which you so bravely pioneered
a year ago. This is not only the greatest city but the greatest port in the
world and it is fitting that this port should be the market place for the
commodities that constitute the realities of commerce.
This Administration wants industry and commerce to feel that we are
its friend. We realize that it is industry and commerce which make this
city great. In the past city administrations have been indifferent to what
was going on in business and business men have been indifferent to whai,
was going on at City Hall. As an evidence of the sincerity of our interest
in developing the commerce of this port. may I cite the part which this
Administration has played in working to bring about the establishment of
a free port zone in Staten Island, a dream which we hope soon will be a
reality. May I point also to the 25% reduction which we are effecting in
pier rentals? We want to co-operate with the business people and we want
them to co-operate with us. The Commodity Exchange has a splendid
record for such co-operation. We are happy to congratulate you on this
significant occasion.
Adoption of the rules for trading in lead and zinc futures
on the Commodity Exchange by members of the Exchange
was referred to in our issue of June 2, page 3694.
Bond Sales in Canada During First Half of Year Materially Higher Than First Six Months of 1933 and
1932, According to Dominion Securities Corp.
For the first six months of 1934, the total sales of new bond
issues in Canada amounted to $189,713,272, including $30,000,000 Treasury bills, according to a review prepared
recently by the Dominion Securities Corp. The result for
the first half of the current year,it was stated, was materially
higher therefore than in either 1933, or 1932, when new issues
amounted to $131,592,738 and $162,154,581, respectively.
An announcement issued in the matter continued:
Of particular significance is the expansion in railway, public utility and
industrial corporation bonds, which for the first six months of 1934 amounted
to $40,282,000, as compared with $7,610,000 in the correspondng period of
1933. and $20,045,000 in 1932.
The following table shows in detail the bond sales for the first six months
of 1934 and 1933:
1934.
Dominion of Canada
Provincial
Municipal
Railway
Public utilities
Industrial and miscellaneous
x$48,868,688
59,325,000
11,490,010
12,000,000
22,800,000
5,431,598
1933.
860,000,000
43,524,000
20,383,738
7,125,000
580,000
x3159,713,272
$131,592,738
Total
x Does not include Treasury bills of less than one year. amounting to 630,000,000
For the month of June, the total bond sales amounted to $11,969.284,
the largest Issue being that ofthe City of Montreal which wassold in London.
Ruling by Office of Comptroller of Currency on Deposits
Received by Stock Exchange Firms by Customers
Prior to JuneA16.
Under a ruling by the office of the Comptroller of the
Currency, made known this week by the Association of Stock
Exchange Firms the section of the Banking Act of 1933 prohibiting the carrying of deposits of customers by brokers
after June 16, does not apply where the business of accepting
of deposits is discontinued prior to that date. The announcement by the Association of Stock Exchange Firms follows:
Washington. June 111934.
. . . You request to be advised whether or not deposits made prior to
the effective date of Section 21 of the Banking Act of 1933. i.e., June 16
1934, which would be prohibited if made after that date,should be returned
to the depositors after June 16 1934.
You are advised that the act of engaging to any extent whatever on and
after June 16 1934. in the business of receiving deposits as indicated in
Section 21 of the Banking Act of 1933 subjects one to the provisions of that
action: whereas, in the opinion of this office, the section does not apply in
cases where the business of accepting deposits is discontinued prior to
June 16 1934, no matter how long deposits which have already been accepted are held before being returned to depositors.
Yours very truly,
(Signed) GIBBE LYONS. Deputy Comptroller.
Issuance of 3% Bonds of Home Owners' Loan
Corporation In Exchange for 4% Issue.
The Federal Home Loan Bank Board announced on June
29 that the Division of Loans and Currency of the Treasury
Department in Washington is now issuing 3% Home Owners'
Loan Corporation bonds, fully guaranteed as to principal
and interest by the United States, in exchange for HOLC
4% bonds. Washington advices, June 29, to the New York
"Herald Tribune" added:
July 7 1934
Conversions are made on a par for par basis with adjustment of interest
as of the day the 4% bonds are received. A check will be issued to the holder
for the interest adjustment by the Federal Reserve Bank up to July 1,
with respect to 4% bonds bearing the July 1 1934 interest coupons. After
July 1 a collection must be made from the holder of the 4% bonds to effect
the adjustment of interest.
The Federal Reserve Bank of New York, acting as fiscal agent for the
HOLC, will effect these conversions, beginning July 1. It is expected that
the other Federal Reserve Banks soon will be prepared to make such
conversions. It is suggested that any holder of HOLC 4% bonds desiring
to convert into HOLC 3% bonds, fully guaranteed by the United States,
avail himself of the facilities of his own local bank for handling the conversion.
Under the provisions of the Home Owners' Loan Act of 1933. as amended,
conversions of the HOLC 4% bonds received by the Federal Reserve Banks
after Oct. 27 1934 cannot be made.
Provisions in Investment Bankers' Code Applying to
Down Payment on Land Bank Bond Issues Waived
by NRA.
An order approving the application for waiver of Article
V Section 7 of the code for investment bankers, made by
Alex Brown & Sons, was issued on July 2 by the National
Recovery Administrition through Division Administrator
C. E. Adams said a Washington dispatch on that date to
the New York "Journal of Commerce" which further stated:
The waiver applies to the down payment regarding the issuance of that
block of now consolidated Federal Land Bank bonds Issued to refund the
$132,000.000 of outstanding Federal Land Bank 431% bonds called by the
Farm Credit Administration on July 1 1934 said issuance being
made
through that group of investment bankers represented by the applicant and
known in the specific instance as the Federal Land Bank group.
The article and the section covered by the order provide that whenever a
participant in a selling syndicate, or a member of a selling group, accepts a
subscription subject to allotment for the purchase of a new security to be
distributed by such selling syndicate or selling group, he shall require the
person making the subscription to deposit with him a down payment of not
less than 5% of the public offering price on the securities subscribed
for.
The order waives this provision in this instance.
Industrial Advisory Committee Named to Pass on Loans
For Federal Reserve District of New York.
The Industrial Advisory Committee named to pass on
loans to industries in the Federal Reserve District of New
York held its first meeting at the New York Reserve Bank on
July 5. The appointment of the Committee by the Reserve
Bank, with the approval of the Federal Reserve Board, under
provisions of Sub-Section D of Section 13B of the Federal
Reserve Act, as amended June 19 1934 was announced by
the Reserve Bank on July 3. The members of the Committee
are: John B. Clark, President, Clark Thread Co., Newark,
N.J.; John A. Hartford, President, Great Atlantic & Pacific
Tea Co., New York, N. Y.; Albert A. Hopeman, A. W.
Hopeman & Sons Co., Rochester, N. Y.; Charles Palmer,
President, Cluett, Peabody & Co., Troy, N. Y. and William
H. Pouch, President, Concrete Steel Co., New York, N. Y.
In the New York "Times" of July 4 it was stated:
The Committee is expected to meet frequently to pass upon applications
for loans received by the Reserve Bank. It will work in co-operation with
Lester R. Rounds, Deputy Governor of the Reserve Bank. in charge of
loan operations. The Reserve Bank already has several applications, but
it was not certain yesterday whether the committee would be able to take
action on any of them at its first meeting. It was thought likely that the
meeting would be occupied chiefly with organization.
The course to be followed on applications will be examination and study
by the lending staff of the Reserve Bank, consideration by the Industrial
Advisory Committee and, finally, approval by the directors of the Federal
Reserve Bank at their weekly meetings.
The law authorizes the Reserve banks to make direct advances to industry
when funds cannot be obtained from the usual banking sources on reasonable
terms, or to participate with member banks in the extension of such loans,
either by advancing up to 80% of the loan or by agreeing to discount a
loan made by the member bank up to 80% and assuming liability up to
80% on any losses that might result.
Loans are to be of a maturity not exceeding five years and may be made
only to established industrial or commercial concerns for working capital.
At the initial meeting of the Committee on July 5 a few
representative loans were looked over, but no action was
taken, the meeting being devoted principally to preliminary
discussions, said the "Times" of July 6. Only four of the
members were present, Mr. Clark being in Europe; no action
was taken toward the election of a chairman. We are giving
on another page in this week's issue of our paper, the full
text of the new low providing for loans to small industries.
The Morris Plan Co., New York, Changes Name to
The Morris Plan Industrial Bank of New York.
The Morris Plan Co., New York City, announced on
June 25 a change of its name to The Morris Plan Industrial
Bank of New York. The change is made, it is stated,
as a result of legislation passed in the last Assembly granting
the status of State banks to industrial banking companies.
An announcement issued in the matter said:
As a result of the same amendment which was in conformity with National
legislation qualifying Morris Plan for membership in the Federal Reserve
System and the Federal Deposit Insurance Corporation, the Morris Plan's
investment certificates held by the public will henceforth be classified as
certificates of deposit. These deposits are thus subject to the insurance
provisions of the FDIC, which accepted Morris Plan for membership last
Volume 139
Financial Chronicle
January. At the present time deposits with the Morris Plan bank here
exceed $20,000,000.
Although no drastic operating changes are in immediate contemplation.
the Morris Plan did announce, coincidental with the change in name,
the resumption of the so-called "90-day loan plan" which the bank originated
last year and which, after a satisfactory test from a credit standpoint,
has been re-installed. Under this method, loans of one year's duration
may be made up to $5,000 on various types of security. Although monthly
payments are required to retire the loan, no payments are necessary for
the first three months.
In commenting on the change in status, Arthur J. Morris,
founder of the Morris Plan and President of the New York
bank, pointed out June 25 that while more than 10,000,000
people have dealt with Morris Plan banks during the past
quarter of a century, there is still a great deal of confusion
and misunderstanding about certain phases of what has come
to be known as "character" banking. He said:
Particularly is this confusion true in view of all the recent discussions
which have centered around the subject of credit, governmental as well as
private credit.
In this State, for example, we have various laws governing various types
of lending. Under one Act certain companies can charge 3% monthly
on unpaid balances. Under another Act a charge of 13,6% monthly may
be assessed. Morris Plan, under an entirely different Act, the Industrial
Banking Act, discounts its loans at the regular 6% per annum rate plus
a small service fee ranging as low as 2-5 of 1% and never higher than 2%.
Even this is a higher rate than the big corporation pays for its bank
credit but a considerable difference in operating expenses explains the rate
differential. It must be remembered, for example, that where a commercial bank makes one $5,000 loan with one credit investigation and
only 4 to 12 accounting entries, the Morris Plan bank will make around
20 loans with this same $5,000 requiring 60 credit investigations and some
1,500 entries. Thus the commercial bank can operate on one-fifth the
personnel of the Morris Plan bank and with all the attendant economies.
The New York State Banking Department on June 18
approved a certificate filed by the Morris Plan Co. of Binghamton, N. Y., to change its name to the Morris Plan
Industrial Bank of Binghamton.
On June 27 the Banking Department approved an application of the Morris Plan Co. of Utica to change its name to
The Morris Plan Industrial Bank of Utica.
Calls for June 30 Condition of Banks Made Simultaneously by Comptroller of Currency, Federal
Reserve Board and Federal Deposit Insurance
Corporation—New York and Other State Bank
Calls Omitted at This Time.
Leo T. Crowley, Chairman of the Federal Deposit Insurance Corporation, issued a call on July 3 to all State banks
not affiliated with the Federal Reserve System but which are
members of the Temporary Insurance Fund for a statement
of their condition as of the close of business June 30 1934.
The Insurance Corporation's call coincides with the calls
issued on tha same day by the Comptroller of the Currency
for National banks and by the Federal Reserve System for
State banks which are members of the Reserve System.
The present is the first call ever made by the FDIC.
In deciding to request such information, Mr. Crowley
said, Directors of the Insurance Corporation were moved by
a desire to obtain more accurate information regarding the
condition of the various insured banks throughout the
country, so that they might batter be able to discharge their
responsibility to protect the Nation's bank depositors. The
announcement in the matter made by the FDIC also had
the following to say:
As a result of the three calls, information will soon be available in Washington, for the first time, as to the condition of practically every licensed
bank in the United States on a given date. Previously, only National
banks and State banks holding membership in the Federal Reserve System
forwarded statements of condition to Washington at various periods (at
least three times) each year.
In announcing the call for a statement of the condition of State nonFederal-Reserve-Member banks as of the close of business June 30 1934,
Chairman Crowley made it clear that the data is not being requested for the
purpose of additional assessments upon insured banks at this time. There
will be no further assessments for insurance purposes until Oct. 1 1934.
He also declared that it is not the intention of the FDIC to burden banks
with requests for data, reports or other information, nor to issue calls
except when absolutely necessary under the provisions of the Banking Act
of 1933.
There are 7,567 State banks not affiliated with the Federal Reserve
System which are members of the Insurance Fund, and which, therefore,
must report their condition as of June 30 1934 to the FDIC.
The extent to which the Federal authorities have taken
over the supervision of State-chartered banks was revealed
on July 3 (said the New York "Times") when the Chairman
of the FDIC called upon State banks for statements of their
condition as of June 30. The "Times" added:
This action, coupled with calls by the Controller and Federal Reserve
Board, means that virtually every bank in the country will have to report
its condition, despite the action of many State authorities, including New
York, in omitting calls for statements. So far as could be learned in Wall
Street, however, the State banks will not be compelled under the orders
of the Federal Reserve Board and the Insurance Corporation to publish
their reports. They will merely have to submit them to the officials.
The Banking Department of New York has not issued a call for reports
of the banks in its charge since the end of 1932, the statutory requirement
of four such calls a year having been suspended each quarter by action of
the State Banking Board under its emergency powers.
47
Despite the absence of calls by the State Banking Department, leading
local State-chartered institutions, as well as National banks have issued
statements of their condition regularly.
Federal Reserve Board's Regulations Governing Bank
Loans to Industry—Circular by Federal Reserve
Bank of New York Announces Readiness to Receive Applications.
The Federal Reserve Bank of New York yesterday (July 6)
transmitted to all banks and financing institutions in the
Second Federal Reserve District a copy of the Federal Reserve Board Regulation S, Series of 1934, pertaining to loans,
discounts, purchases, and commitments by Federal Reserve
banks to provide working capital for established industrial
or commercial businesses under the provisions of Section 13b
of the Federal Reserve Act, as amended by the Act of June
19 1934. There was also enclosed an introductory statement
by the Federal Reserve Board. The Board's regulations
were given in full in our issue of June 30, page 4386.
Both the circular of the Federal Reserve Bank of New
York and the statement by the Federal Reserve Board
pointed out that the law passed at the last session of Congress permits Federal Reserve banks to make direct loans
to businesses, in certain exceptional circumstances, when it
appears that they are unable to obtain financial assistance
on a reasonable basis from the usual sources. The circular
added, however, that accommodation would be granted in
most cases under the provision authorizing Federal Reserve
banks "to make commitments with regard to such discount
or purchase of obl;gations or with respect to such loans or
advances on the security thereof, including commitments
made in advance of the actual undertaking of such obligations." The Federal Reserve Bank of New York stated
that it is now prepared to receive applications for such commitments, which will "permit a bank or other financing
nstitution having idle funds to employ such funds in carrying
loans" for businesses. All such loans must have a maturity
of not more than five years.
The introductory statement by the Federal Reserve Board,
signed by Eugene R. Black, Governor, and Chester Morrill,
Secretary, after referring to the new provisions designed to
facilitate loans to industry and businesses, said that "it is
believed that the facilities thus afforded will aid in the
recovery of business, the increase of employment and the
general betterment of conditions throughout the country."
The circular of the Federal Reserve Bank of New York,
signed by George L. Harrison, Governor, is given below:
FEDERAL RESERVE BANK OF NEW YORK.
[Circular No. 1397, July 6, 19341
Discounts, Purchases, Loans and Commitments by Federal
Reserve Banks to Provide Working Capital for Established Industrial or Commercial Businesses.
To all Banks. Financing Institutions and others
concerned in the Second Federal Reserve District.
We transmit herewith, printed on the following pages, a copy of the
Federal Reserve Board Reguiation S. Series of 1934. pertaining to loans,
discounts, purchases, and commitments by Federal Reserve banks to provide working capital for established industrial or commercial businesses
under the provisions of Section 13b of the Federal Reserve Act, as amended
by the Act of June 19 1934. Preceding Regulation S there is also printed
an introductory statement by the Federal Reserve Board.
This bank is now prepared to receive applications for such discounts,
purchases, loans and commitments. Application forms are being prepared
and will be furnished upon request.
Section 13b of the Federal Reserve Act authorizes Federal Reserve banks
to grant accommodations, for the purpose of providing working capital to
established industrial and commercial businesses, as follows.
1. Accommodations Through Banks and Other Financing Institutions.—
Federal Reserve banks are authorized to discount for, or purchase from,
any bank, trust company, mortgage company, credit corporation for industry, or other financing institution, obligations entered into for the purpose
of obtaining working capital for established industrial or commercial businesses; to make loans and advances to any bank or other financing institution on the security of such obligations; and to make commitments with
respect to such discounts, purchases, loans and advances.
2. Direct Loans.—In exceptional circumstances, when it appears that
established industrial or commercial businesses are unable to obtain requisite
financial assistance on a reasonable basis from the usual sources, Federal
Reserve banks are authorized to make loans to, or purchase obligations of.
such businesses, or make commitments thereto, on a reasonable and sound
basis, for the purpose of furnishing working capital.
With respect to both kinds of accommodations, (1. e., accommodations
through banks and other financing institutions and direct loans) the obligations acquired, or the commitments made. by Federal Reserve banks may
not have a maturity in excess of five years.
As indicated above, the Federal Reserve banks may make the direct
loans only in exceptional circumstances and when requisite financial assistance is not obtainable on a reasonable basis from the usual sources. The
established inciustrial and commercial businesses that desire to obtain
accommodatioas from the Federal Reserve Bank of New York under Section 13b of the Federal Reserve Act will, therefore, be expected to make
application for such accommodations through the banks and other financing
institutions with which they have relationships: and any industrial or commercial business making application to the Federal Reserve Bank of New
York for a direct loan under this section will be required to show that there
are exceptional circumstances affecting its case and that it is not able to
obtain requisite financial assistance on a reasonable basis from the usual
sources.
48
Financial Chronicle
Attention is also directed to the fact that Section 13b of the Federal
Reserve Act authorizes Federal Reserve banks not only to make loans and
purchase obligations of the kinds specified in that section, but also "to
make commitments with regard to such discount or purchase of obligations
or with respect to such loans or advances on the security thereof, including
commitments made in advance of the actual undertaking of such obligations." The Federal Reserve Bank of.New York is now prepared to receive
applications for such commitments. Such a commitment will permit a
bank or other financing institution having idle funds to emply such funds in
carrying loans of the kind specified in this section, for such period as may
be convenient, with the assurance that it can at any time during its life
be discounted at the Federal Reserve bank.
GEORGE L. HARRISON, Governor.
The statement by the Federal Reserve Board read as
follows:
FEDERAL RESERVE BOARD.
Washington, June 26, 1934.
There is printed herewith the Federal Reserve Board's Regulation pertaining to loans, discounts, purchases and commitments by Federal Reserve
banks to provide working capital for established industrial or commercial
businesses under the provisions of section 13b of the Federal Reserve Act
as amended by the Act of June 19 1934. After consultation with the
Chairmen and Governors of the twelve Federal Reserve banks,this regulation was adopted by theYederal Reserve Board on June 26 1934 and became
effective immediately.
Recognizing the need of many small and medium-sized industrial and
commercial businesses for additional working capital to enable them to
continue or resume normal operations and to maintain employment or
provide additional employment, Congress has granted the Federal Reserve
banks very broad powers to enable them to provide such working capital,
either through the medium of other banks,trust companies and other financial institutions or, in exceptional circumstances, directly to such commercial and industrial businesses. It is believed that the facilities thus afforded
will aid in the recovery of business, the increase of employment and the
general betterment of conditions throughout the country.
In accordance with the policy of Congress and in order to facilitate as
much as possible the performance of the new functions thus granted to the
Federal Reserve banks, the Federal Reserve Board's regulation leaves the
broad powers granted by Congress to the Federal Reserve banks wholly
unimpaired and prescribes no restrictions beyond those prescribed in the
law itself. Any attempt to prescribe technical definitions of such terms as
"working capital" "established commercial or industrial business" "financing institutions" has been avoided,lest it have the effect of restricting and
hampering the operations of the Federal Reserve banks under this statute.
The regulations, therefore, contain practically nothing except an analysis
of the law and an outline of the necessary procedure. The law permits
Federal Reserve banks to make direct loans to established industrial and
commercial businesses only when authorized by the Federal Reserve Board;
but, in order to avoid the necessity of having applications for such accommodations passed on in Washington, the Board has granted blanket authority to all Federal Reserve banks to grant such accommodations directly
on their own responsibility without reference to Washington.
In accordance with one of the principles of the Federal Reserve Act,
which contemplates that the operations of each Federal Reserve bank will
be adapted to the peculiar needs of its own district and will be administered
by persons residing in and familiar with the problems of such district, the
Federal Reserve Board has not prescribed any uniform forms to be used in
making application to Federal Reserve banks for working capital but has
left to each Federal Reserve bank the task of preparing forms suitable to
the needs of its district. Each applicant, therefore, should communicate
directly with the Federal Reserve bank of its district, which will supply the
necessary forms and all necessary information.
The Industrial Advisory Committees, which are to be organized in each
Federal Reserve District and which will consist of five members actively
engaged in some industrial pursuit within the district, are being selected
and the names of their members will be announced promptly by the Federal
Reserve Banks.
EUGENE R. BLACK, Governor.
CHESTER MORRILL, Secretary.
Emigrant Industrial Savings Bank and Franklin
Savings Bank of NeW York Decide to Continue as
Members of Temporary Deposit Insurance Fund.
The intention of the Emigrant Industrial Savings Bank
and the Franklin Savings Bank, both of New York, to
remain in the Federal Deposit Insurance Corporation was
made known by Chairman Crowley of the Federal Deposit
Insurance Corporation on June 29. Mr. Crowley's announcement said:
The Boards of Trustees of two of the larger mutual savings banks in
New York have notified the FDIC that their institutions will remain as
members of the Temporary Deposit Insurance Fund. These are the
Emigrant Industrial Savings Bank and the Franklin Savings Bank.
After a thorough study of the situation and conferences with officials of
the FDIC these institutions concluded that memberahip in the Federal
Deposit Insurance Fund was decidedly beneficial to the institutions and
to their depositors, and that they were willing to co-operate with the general
program of insurance of bank deposits as provided by the amended Banking
Act which extended the present Temporary Deposit Insurance Fund to
July 1 1935.
$205,138,000 Tendered to Offering of $75,000,000 or
Thereabouts of 183-Day Treasury Bills Dated
July 3—Bids of $75,167,000 Accepted—Average
Rate 0.07%.
Tenders to the offering of $75,000,000 or thereabouts of
183-day Treasury bills, dated July 3 1934, amounted to
$205,138,000, Henry Morgenthau Jr., Secretary of the
Treasury, announced June 29. He said that $75,167,000 of
the tenders received had been accepted. The tenders,
which were invited on June 26 by Secretary Morgenthau
(reference to which was made in our issue of June 30, page
4388), were received at the Federal Reserve Banks and the
branches thereof, up to 2 p. m., Eastern Standard Time,
July 7 1934
June 29. The bills mature on Jan. 3 1935, when the face
amount will be payable without interest.
Secretary Morgenthau said that the bills were sold at an
average rate of about 0.07% per annum, on a bank discount
basis, the same rate at which the last previous offering of
bills (dated June 27) sold. The average price of the bills, the
Secretary said, is 99.964. He continued:
The accepted bids ranged in price from 99.980, equivalent to a rate of
about 0.04% per annum, to 99.960, equivalent to a rate of about 0.08%
per annum on a bank discount basis. Only part of the amount bid for
at the latter price was accepted.
New Offering of 182-Day Treasury Bills in Amount of
$75,000,000 or Thereabouts—To Be Dated July 11
1934.
A new offering of $75,000,000 or thereabouts of 182-day
Treasury bills was announced on July 5 by Henry Morgenthau Jr., Secretary of the Treasury. The bills will be dated
July 11 1934 and will mature on Jan. 9 1935, and on the
maturity date the face amount will be payable without
interest. Tenders to the bills will be received at the Federal
Reserve Banks, or the branches thereof, up to 2 p. m.,
Eastern Standard Time, Monday July 9. Tenders will not
be received at the Treasury Department, Washington.
The bills, which will be sold on a discount basis to the highest
bidders, will be used, in part, to meet an issue of similar
securities, in amount of $50,257,000, maturing on July 11.
Secretary Morgenthau's announcement of the offering continued in part:
They (the bills) will be issued in bearer form only, and in amounts or
denominations of $1,000, $10,000, 8100,000. 8500,000, and 81,000,000
(maturity value).
No tender for an amount less than 81,000 will be considered. Each
tender must be in multiples of 81,000. 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 9 1934,
all tenders received at the Federal Reserve Banks or branches thereof up
to the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot less than the amount
applied for, and his action in any such respect shall be final. Those submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at
the Federal Reserve Banks in cash or other immediately available funds
on July 111934.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from
all taxation, except estate and inheritance taxes. No loss from the sale
or other disposition of the Treasury bills shall be allowed as a deduction,
or otherwise recognized, for the purposes of any tax now or hereafter
Imposed by the United States or any of its possessions.
$500,000 of Government Securities Purchased by
Treasury Department in Open Market During
Week of June 30.
Government securities in amount of $500,000 were purchased in the open market, for the investment accounts of
the various Government agencies, by the Treasury Department during the week of June 30, it is indicated in a statement issued July 2 by the Treasury. The purchases during
the week of June 30 were the first to be made by the Treasury
in four consecutive weeks. The last previous purchases
were made during the week of May 26, which amounted to
$5,000,000. Since the inception of the Treasury's support
to the Government bond market last November, reference
to which was made in our issue of Nov. 25, page 3769, the
weekly purchases have been as follows:
0,748,000 Mar. 17 1934
Nov. 25 1933
$7,909,000
2,545,000 Mar. 24 1934
Dec. 2 1933
37,744,000
7,079,000 Mar. 31 1934
Dec. 9 1933
23,600,000
16,600,000 Apr. 7 1934
Dec. 16 1933
42,369,400
16.510,000 Apr. 14 1934
Dec. 23 1933
20,580,000
11,950,000 Apr. 21 1934
Dec. 30 1933
30,500,000
44.713,000 Apr. 28 1934
Jan. 6 1934
4,885,090
1934
33,868,000 May 5
Jan. 13 1934
5.001,500
17,032,000 May 12 1934
Jan. 20 1934
500,000
2,800,000 May 19 1934
Jan. 27 1034
4,000,000
7,900,000 May 26 1934
Feb. 5 1934
5,000,000
*22,528,000 June 2 1934
Feb. 13 1934
7.089,000 June 9 1934
Feb. 17 1934
1,861,000 June 16 1934
Feb. 24 1934
10,203,100 June 23 1934
Mar. 3 1934
6,900,000 June 30 1934
Mar. 10 1934
800,000
•In addition to this amount, $638,400 of bonds held by the Treasury as collateral
security for postal savings deposits purchased Feb. 9 by FDIC.
Receipts of Hoarded Gold During Week of June 27
$915,815—$43,235 Coin and $872,580 Certificates.
Figures issued by the Treasury Department on July 2
indicate that gold coin and certificates amounting to $915,814.74 was received during the week of June 27 by the Federal Reserve banks and the Treasurer's office. Total receipts since Dec. 28 1933, the date of the issuance of the
Financial Chronicle
Volume 139
order requiring all gold to be returned to the Treasury,
and up to June 27, amount to $91,328,220.31. The figures
show that of the amount received during the week ended
June 27 $43,234.74 was gold coin and $872,580 gold certificates. The total receipts are shown as follows:
Received by Federal Reserve banks:
Week ended June 27
Received previously
Total to June 27
Received by Treasurer's office:
Week ended June 27
Received previously
Gold Coin. Gold Certificates.
$43,234.74
$861,980.00
28,119,111.57 60,452,800.00
$28,162,346.31 $61,314,780.00
249,194.00
$10,600.00
1,591,300.00
Total to June 27
$249,194.00 $1,601,900.00
Note—Gold bars deposited with the New York Assay Office to the amount of
$200,572.69 previously reported.
Treasury Purchases of Silver Totaled 64,046.61 Fine
Ounces During Week of June 29.
According to figures issued June 29 by the Tresaury
Department, 64,046.61 fine ounces of silver was received by
the various United States mints during the week ended
June 29 from purchases made by the Treasury in accordance
with the President's proclamation of Dec. 31 1933. The
proclamation, which was referred to in our issue of Dec. 23,
page 4440, authorized the Department to buy at least
24,000,000 ounces annually. Of the amount purchased
during the week of June 29, 62,950.61 fine ounces were
received at the San Francisco mint and 1,096 fine ounces
at the mint at Denver. During the previous week ended
June 22 the Department purchased 380,532.05 fine ounces.
The total weekly receipts since the issuance of the proclamation are as follows(we omit the fractional part of the ounce):
Week Ended—
Jan. 5
Jan. 12
Jan. 19
Jan. 26
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
Ounces.
1,157
547
477
94,921
117,554
375,995
232,630
322,627
271,800
126,604
832,808
369.844
354,711
Week Ended—
Apr. 6
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
May 18
May 25
June 1
June 8
June 15
June 22
June 29
Ounces.
569,274
10,032
753,938
436,043
647,224
600,631
503,309
885,056
205.511
200,897
206,790
380,532
64,047
The statement by the Treasury Department contained
corrected figures on total receipts of silver through June 29
of 8,560,000 fine ounces.
Silver Shipment from Japan, Now in Vancouver,
Coming Here.
From Vancouver, July 4, Canadian Press accounts to
the New York "Times" said:
A shipment of silver, valued at $405.000, which has been teetering
between Shanghai and New York, had been definitely consigned tonight
to New York and was being loaded here on board the freighter Pacific
Shipper for forwarding via the Panama Canal.
The shipment arrived here June 20 on the Empress of Japan and was
presumed in local circles to be the one referred to by Secretary Morgenthau
when he declared the sudden clamping down of the sliver export embargo
in that country was due to information that international speculators were
marking large shipments to indefinite foreign destinations. He cited one
shipment labeled "Shanghai to Vancouver and return."
It is stated locally, however, this shipment was consigned to New York
originally, but held up here owing to curtailment of shipping facilities by
the longshoremen's strike.
It was reported it would be shipped back to the Orient. but instead
was unloaded here and is now ready to proceed to its original destination.
United States Treasury Closes Fiscal Year with Deficit
of $3,989,000,000—Public Debt at $27,053,000,000
Compares with $22,539,000,000 on June 30 1933.
Announcement was made July 2 by Secretary of the
Treasury Morgenthau that the Treasury 'closed the fiscal
year ended June 30 1934 with a deficit of $3,989,000,000.
"Expenditures," he said, "included $360,000,000 for the
retirement of United States obligations to meet sinking fund
and other statutory requirements, so that the deficit,
exclusive of debt retirements, was $3,629,000,000." Secretary Morgenthau added:
This amount and an increase of 8885,000,000 in the general fund balance
(exclusive of $835,000,000 remaining in the general fund as a result of
the reduction in the weight of the gold dollar and excess of trust fund
receipts over trust fund expenditures), account for an increase in the
total outstanding gross public debt from $22,539,000,000 at the close of
the fiscal year 1933 to $27,053,000,000 at the close of the fiscal year 1934.
Secretary Morgenthau's announcement continued:
Receipts.
Total receipts during the fiscal year 1934 were $3,116.000.000, or about
$1,036,000,000 larger than in the preceding year. In part, the increase
reflects collections in 1934 of 8353,000,000 of processing taxes on farm
products levied during the fiscal year under the provisions of the Agricultural Adjustment Act. Income taxes totaled $818,000,000, an increase
of about $72,000,000; miscellaneous internal revenue amounted to $1,470,000,000. an increase of $611,000,000, and customs to $313,000,000, an
increase of $63.000,000. Miscellaneous receipts from sundry sources
amounted to $162,000.000, a decrease of $63,000,000.
Total receipts were $144,000,000 less than the estimate included in the
budget submitted to the Congress at the beginning of January. Aggregate
revenue from income taxes, miscellaneous internal revenue and customs
49
receipts amounted to $2,601,000,000, as compared with the budget estimate
of $2,660,000,000.
Expenditures.
Total expenditures during the fiscal year were $7,105,000,000, compared
with a total of $5,143,000,000 during the previous fiscal year.
The following statement shows the combined general and emergency
expenditures (in millions of dollars) for the fiscal years 1933 and 1934.
classified by organization units, and the estimates of expenditures for
the fiscal year 1934 as classified in the 1935 budget.
Estimate of
Expenditures for
1934 as Classified
1933. In the 1935 Budget.
Expenditures.
Departments and Independent Organizations.
Departments:a
Agriculture
Commerce
Interior
Justice
Labor
Navy
Post Office (deficiency)
State
Treasury
War
Independent Organizatione.b
Agricultural Adjustment Administration
Civil Works Administration
Emergency Conservation Work
Emergency Administration of Public Works-Farm Credit Administration
Federal Deposit Insurance Corporation
Federal Emergency Relief Administration
Reconstruction Finance Corporation-c
Veterans' Administration
All other
Special Items.
Refunds of receipts
Interest on the public debt
Retirement of public debt
1934.
349
33
88
32
12
307
52
12
204
409
251
46
75
44
14
350
117
16
268
441
404
32
105
35
13
337
70
13
218
530
289
716
332
156
150
150
334
1,615
578
106
1,277
884
111
3,970
564
49
64
757
360
70
689
462
69
742
488
28
55
400
342
675
130
150
7,105 5,143
9,891
Total
a Departmental expenditures include emergency expenditures on account of
public works. b Includes legislative establishment and executive office. C Includes expenditures on account of relief and all funds allocated to other organizations.
The Public Debt.
The fiscal year 1934 closed with the total gross public debt at $27.053,000.000, compared with $22,539,000,000 on June 30 1933, an increase
of $4,514,000,000. This increase was due to borrowing necessary to finance
the emergency expenditures, a substantial part of which is represented
by assets in the form of obligations evidencing loans, the proceeds of which
when repaid may be used to reduce the public debt. The net balance in
the general fund on June 30 1934 was $2,582,000,000, or an increase over
the balance on June 30 1933 of $1,720,000,000, which includes $811,000,000
remaining in the general fund as a result of the reduction in the weight
of the gold dollar.
Public debt retirements of $360,000,000 were made from the sinking
fund and other miscellaneous sources as required by law. These reductions were, however, more than offset by new borrowings made necessary by the excess of expenditures over total receipts.
Money market conditions during the year permitted the issue of new
debt at low rates of interest. The annual interest- charge increased by
approximately $100,000,000.
The following table shows the issues of certificates of indebtedness,
Treasury notes and Treasury bonds offered by the Treasury during the
fiscal year 1934, including refunding operations:
Security,
Ctfs. of Indebtedness
TJ-1934
TD-1934
T5-1934
Date.
Maturity.
Sept. 15 1933 June 15 1934
Dec. 15 1933 Dec. 15 1934
Jan. 29 1934 Sept.15 1934
Rate.
51%
25i%
134%
Total certificates
Treasury Notes
B-1935
C-1935
D-1935
C-1937
C-1938
A-1939
$175,000,000
992,000,000
525,000,000
$1,692,000,000
Aug. 15 1933 Aug. 11035
Jan, 29 1934 Mar. 15 1935
Feb. 19 1934 Dec. 15 1935
Feb. 19 1934 Feb. 15 1937
Mar. 15 1934 Mar. 15 1938
June 15 1934 June 15 1939
151%
234%
251%
3%
3%
251%
Total notes
Treasury Bonds
1941
1943-1945
1944-1946
1946-1948
Amount.
(in even millions)
5354,000,000
528,000,000
418,000,000
429,000,000
455,000,000
529,000,000
$2,713,000,000
Aug. 15 1933 Aug. 1 1941
351%
Oct. 15 1933 Oct. 15 1945431-331%
Apr. 16 1934 Apr. 15 1946
351%
3%
June 15 1934 June 15 1948
5835,000,000
1,401,000,000
1,062,000,000
825,000,000
Total bonds
$4,123,000,000
Total certificates. notes and bonds
$8.528.000.000
Of the bonds issued on Oct. 15 1933 and April 16 1934 approximately
$1,701,000,000 were issued in exchange for Fourth Liberty Loan 431%
bonds called for payment on April 15 1934. This amount, together with
a redemption of $129,000,000 in cash and $26,000,000 of the uncalled
bonds exchanged on Oct. 15 1933, make a total of approximately $1,856,000,000 of the Fourth 431s redeemed. On April 13 1934 a further call
was made for approximately $1,250,000,000 of the Fourth 4315 for payment on Oct. 15 1934, making a total of approximately $3,106,000,000
redeemed or called for redemption, leaving approximately $3,162,000,000
uncalled.
In addition to the gross public debt there are contingent liabilities in
the form of guaranties as to principal and interest on obligations of the
Reconstruction Finance Corporation, Federal Farm Mortgage Corporation
and Home Owners' Loan Corporation aggregating as of June 30 1934
about $1,000,000,000.
On June 30 1934 the average annual rate of interest on the outstanding
Interest-bearing debt was 3.18%. as compared with an average rate of
3.35% on the preceding June 30. Total interest payments on the debt
during the year were $757,000,000, as compared with $689,000,000 for
the fiscal year 1933.
Commenting on the deficit shown in the above, a Washington dispatch July 1 to the New York "Herald Tribune"
observed that the deficit is about $835,000,000 greater than
the largest previous peace-time deficit in the fiscal year
1932, and about $920,000,000 greater than the next largest
peace-time deficit, in the fiscal year 1933. In the same
account it was stated:
50
Financial Chronicle
Since President Roosevelt submitted his budget last January no attempt has been made to segregate the general and emergency budgets
and Secretary Morgenthau, in to-day's statement, computed the deficit
only on the basis of the excess of the total of general and emergency expenditures over receipts.
Treasury Regulations Under Which Silver May Be
Licensed For Export.
Regulations under which silver may be licensed for export,
in accordance with the terms of the order placing an embargo
on silver exports, were issued at the Treasury Department
on July 5 by J. J. Coolidge, Acting Secretary of the Treasury.
The order, putting an embargo on exports of silver, except
under license, was given in our issue of June 30, page 4394.
The rules for licenses were contained in the embargo order
of Secretary Morgenthau, the regulations issued this week
amplifying those rules. As to the regulations, a dispatch
July 5 to the New York "Times" from Washington said:
Generally, the regulations provide that licenses may be issued authorizing
the exportation of silver which
(a). Is required to fulfill an obligation to deliver such silver outside of
the continental United States, incurred or assumed by the applicant on
or before June 28 1934.
(b). Has been owned on and continuously after June 28 1934 by a recognized foreign government, foreign Central Bank, or the Bank for International Settlements.
(c). Was imported in silver-bearing materials under an agreement to
refine such materials and export the silver so refined; or
(d). Is of a fineness of not more than 800 parts of silver in 1,000 by
assay.
Other Purposes Provided For.
The Secretary of the Treasury may with the approval of the President
also issue licenses authorizing the exportation of silver for purposes other
than those enumerated which are not inconsistent with the purposes of
the Silver Purchase Act of 1934.
No license is necessary to export articles fabricated from silver, foreign
silver coin and ore and metals containing silver in relatively small amounts,
but, except in the case of foreign silver coin, an affidavit is required to be
filed with the Collector of Customs at the port of export or the postmaster
at the place of mailing before the silver may be exported. . . .
In expanding regulations covering fabricated silver, which may be
exported without license, attention is called to the fact that the export
articles fabricated from both gold and silver, the exporter must comply
with the provisions of regulations issued under the Gold Reserve Act of
1934 as well as the provisions of the silver regulations.
Metals containing not more than 50 troy ounces of fine silver per short
ton may be exported under the regulations, but to export metals containing
both gold and silver, the regulations must be observed that were issued
under the Gold Reserve Act of 1934 permitting such exports where the metals
do not contain more than five troy ounces of fine gold per short ton.
Persona leaving the United States may carry with them articles owned
by them for their personal use fabricated out of silver, which do not contain
more than 100 troy ounces.
Foreign Coins May Go Out.
The regulations permit the export of foreign silver coins but emphasize
that an executive order of January 15, regulating transactions in foreign
exchange and transfers of coin and currency, "prohibits the export or
withdrawal from the United States of any silver coin which is legal tender
in the United States by any person within the United States except under
license issued pursuant to that order."
Provisions covering export under license of silver imported for refining
and re-export specify that the actual amount so exported shall not exceed
the amount imported for re-export. It is permitted, however, to mix
domestic metal with that imported for re-export, but in such a case the
total amount exported shall not exceed the silver imported for re-export.
Careful provision is made in the regulations to assure that the 50% tax
imposed in the Silver purchase Act on profits arising out of transfers of
silver shall have been paid.
•
Administration Officials Expect Currency Expansion
of $940,500,000 as Result of New Silver Purchase
Act—Treasury to Issue Certificates in Amount
Equal to Actual Cost of Silver Bought.
Administration officials believe that the Silver Purchase
Act of 1934 will result in currency expansion of at least
$940,500,000, with a corresponding advance in commodity
prices before the end of the year, according to reports from
Washington on June 26. On the same day Representative
Dies, co-author of the measure, said that the Treasury had
already bought about 70,000,000 ounces of silver. He added
that the Bureau of Printing and Engraving was far behind
in printing new silver certificates to be issued on the basis
of the metal. Incidentally, it was revealed at the Treasury
on June 22 that the policy will be to issue silver certificates
only in an amount equal to the cost of the silver acquired.
Under the law, certificates could be issued to the full extent
of the monetary value of the silver.
Associated Press Washington advices of June 26 quoted
Representative Dies as follows:
Representative Dies said the Treasury estimated it would have to buy
1,254,000.000 ounces of silver to comply with the new law.
"Counting the silver now owned by the Government. this will give us
about 2,000,000,000 ounces of silver," he said. "Under my bill, the
Treasury can issue $2.058,000,000 of new silver certificates based on the
silver we must acquire.
"That amounts to nearly one-half of the present outstanding currency
and means a marked currency expansion, with a reserve backing or an
expansion of about ten credit dollars for each silver certificate dollar Issued
under this Act."
Treasury actuaries, and Administration officials, however, reached their
estimate of $940.500,000 in new currency by the first of the year on a
different valuation.
July 7 1934
These said that the United States would be lucky if it obtained around
one-fifth of the world's silver supply without paying more than an average
of 75 cents an ounce. Therefore, they multiplied the 1.254,000,000 ounces
of silver to be acquired by 75 cents to obtain a resulting $90,500,000 in
new currency.
A Washington dispatch of June 22 to the New York
"Times" described the Treasury explanation as follows:
The Treasury issued, its explanation concerning the basis on which silver
certificates may be issued since it believes the confusion exists "because
of a failure to distinguish between, on the one hand, the basis on which,
or the ounceage of silver against which, silver certificates may be issued
and. on the other hand, the dollar amount of silver certificates to be issued."
"As to the first matter, viz., the ounceage of silver that must be placed
behind any, given dollar amount of silver certificates," the explanation
continued, "it was stated that silver certificates now or hereafter issued
must be secured 100% with silver, in the form of coin or bullion, valued
on the basis of $1.29 an ounce. Silver certificates have been issued on this
basis for over half a century.
Silver Backing of the Dollar.
"Stating the matter another way, each dollar amount of silver sertificates
has and will have back of it either one coined silver dollar or the amount
of silver bullion necessary to coin a dollar, to wit. 41216 troy grains of
standard silver or 37134 grains of fine silver.
"As to the other matter, viz., the dollar amount of silver certificates
to be issued under the Silver Purchase Act of 1934, the Secretary of the
Treasury is required to issue silver certificates of a dollar amount equal
to the cost of the silver purchased under section 3 of such Act.
"This Act, in addition, authorizes, but does not require, him to go
further and issue a dollar amount of silver certificates equal to the monetary
value of the silver so purchased, which monetary value is fixed by law at
$1.29 per ounce. Thus, if a thousand ounces of silver is purchased at a
cost of $450, the Treasury is required to issue $450 in silver certificates,
but may issue $1,290 in such certificates."
President Roosevelt Signs Frazier-Lemke Farm Bankruptcy Bill—Reasons for Signing Measure, Says
President Outweigh Arguments Against It—Bill
Will Require Amendment at Next Session.
In signing on June 28 the Frazier-Lemke farm bankruptcy
bill President Roosevelt issued a statement in which he
noted that the bill had been the subject of "many arguments
pro and con," but he said, "the reasons for signing it far
outweigh the arguments on the other side." In some respects, said the President, the bill is "loosely worded and
will require amendment at the next session of Congress."
The President stated that "contrary to the belief of many
uninformed persons, this is not a general or wholesale
moratorium privilege." He added "the provisions for appointment of appraisers under the Bankruptcy Act . ..
furnish adequate checks against the possibility of unfair
appraisals." The President's statement, made public
June 30, follows:
B. 35811—An act to amend an act entitled "An Act to Establish a Uniform System of Bankruptcy Throughout the United States," Approved
July 1 1898 and acts amendatory thereof and supplementary thereto.
"This is another bill on which many arguments pro and con have been
made. There has been a serious lack of understanding of its provisions
and it has been alleged that insurance companies and other mortgagees
will suffer severely through the use of this law by farmers to evade the
payment of debts that are within their capacity to meet.
"I do not subscribe to these fears.
"I have sufficient faith in the honesty of the overwhelming majority
of farmers to believe that they will not evade the payment of just debts.
"Furthermore, contrary to the belief of many uninformed persons,
this is not a general or wholesale moratorium privilege. The provisions
for appointment of appraisers under the Bankruptcy Act and for the
piclicial review of their appraisals furnish adequate checks against the
possibility of unfair appraisals.
"The actual repugnance with which farmers, like other right-minded
people, regard bankruptcy will prevent them front availing themselves
of the provisions of this measure except under the force of necessity. The
bill is intended to protect not only the farmers, but their creditors also
"In the actual operation of the law I do not believe that losses of capital
will greatly exceed, if they exceed at all, the losses that would be sustained if this measure were not signed.
"On the other side of the picture, it is worth remembering that this
Act will stop foreclosures and prevent occasional instances of injustice
to worthy borrowers. The mere threat of a use of this machinery will
speed voluntary conciliation of debts and the refinancing program of the
Farm Credit Administration. It will prevent deficiency judgments—
a form of liability which, in the judgment of many thinking business men,
ought to be abolished entirely.
"The bill is in some respects loosely worded and will require amendment at the next session of Congress. Nevertheless, the reasons for
signing it far outweigh the arguments on the other side."
While the above statement was not issued by the President
until June 30, he indicated on the previous day that he
had "acted" on it. Associated Press accounts from Washington June 29, in stating this, added:
The President has received recommendations against the legislation
which was designed to allow a breathing spell of five years to farmers
unable to reach an agreement with their creditors. Mr. Roosevelt referred
the proposal to the Department of Justice and the Farm Credit Administration for study. To-day, however, Western members of Congress
received word that the Chief Executive was favorably inclined toward
the measure.
The bill was the cause of much of the tumult which attended the last
hours of Congress. Mr. Roosevelt had informed members who were
supporting the bill that/ he favored some means of scaling down agricultural
Indebtedness. The Frazier-Lemke bill apparently was not on the Administration calendar, however.
Under the bill, any farmer who falls to reach an agreement satisfactory to him for scaling down hie debt could appeal to the Federal courts
and ask that he be declared a bankrupt. The Federal District Court, in
the case of an individual farmer, then is empowered to appoint appraisers
Volume 139
Financial Chronicle
to arrive at the "fair value" of the farmer's land and chattels. The farmer, if his creditors agree, may pay off this fair valuation over a period
of six years at low interest rates.
• An objection by lien holders, however, would cause the court to declare
a five-year moratorium during which time the farmer would keep his farm
and pay a "fair rental value," to be fixed by the courts, on the property.
At the end of the five-year period the court is authorized to have a new
appraisal made of the farmer's property. Should this arrangement be
accepted by the creditors, the producer may pay the sum fixed and be
discharged from his indebtedness.
The adoption of the Frazier-Lemke farm bankruptcy bil
by Congress was noted in our issue of June 23, page 4219.
Frazier-Lemke Amendment to Bankruptcy Act in
Accord with Program of FCA, According to W. I.
Myers—Farm Mortgaged Loans Under Refinancing
Program Will Raise Total Outstanding Loans of
Land Banks to More Than $2,500,000,000.
"The Frazier-Lemke amendment to the Bankruptcy Act
is in accord with the program of the Farm Credit Administration, since it attempts to prevent occasional selfish creditors
from foreclosing on distressed farm debtors," said W. I.
Myers, Governor of the FCA,on July 2. The signing of the
Frazier-Lemke farm bankruptcy bill is referred to in another
item in this issue of our paper. According to Governor
Myers,"the program of the FCA has been to prevent farm
foreclosures and to refinance excessive debt burden on a
basis which would permit good farmers to work out." "As
a result," he says;"of the general recovery during the past
year and the loans of the Federal Land banks and the Land
Bank Commissioner, the great majority of distressed farm
mortgage cases have been relieved, leaving a very slight
minority of farmers who will have to go into bankruptcy to
sa,v heir homes."
overnor Myers added:
i
armors as a class are very slow to take bankruptcy, and my experience
working with them personally and in the FCA gives me every confidence
that they still retain an ever-present urge to pay their debts. More than
86% of the instalments on Land Bank Commissioner loans, which generally
have been made to the most heavily indebted farmers, which matured
prior to June 1 were paid on or before they were due. Of those which are
delinquent, two-thirds are for less than 30 days. This shows that even
the most heavily indebted farmers are acting in the highest good faith,
/
In lending almost a billion dollars on the security of farm mortgages.
90% of which was used to refinance existing farm debt burdens, and in
making commitments to lend $700,000,000 more, the FCA has become
the creditor of the vast number of farmers who otherwise might have needed
to avail themselves of bankruptcy as provided by the Frazier-Lemke bill
in order to avoid foreclosure.
Ninety cents out of every dollar loaned by the Land banks and Commissioner under the FCA has g;pe to put farmers in a position where they are
not in need of bankruptcy The total farm mortgage loans and commitments made under the refinancing program will raise the total outstanding
loans of the Land banks and the Land Bank Commissioner to more than
162,500,000,000 in a few months so that they will become holders of over
30% of the total farm mortgage indebtedness in the United States, now
placed at $8,000,000,000.
In addition the interest burden on the refinanced debt has been reduced
on an average of about 25%. Payments of interest and principal have
been extended on mortgage loans of worthy farmers who through no fault
of their own temporarily have been unable to meet these payments.
The Federal Land banks were placed in a position to grant this relief to
borrowers by receiving compensating payments from the United States
Treasury, The Emergency Farm Credit Act of 1933 authorized the
Treasury to grant this aid to the Federal Land banks which Congress
selected as the vehicle to carry out the refinancing ofthe farm debt program.
From June 1 1933 to July 1 1934 the banks will have called on the Treasury
for about $50,000,000 for this purpose. The Emergency Appropriation
Act of Fiscal Year 1935, just signed by the President, carried $82,890.000
to be used for this purpose if necessary during the year ending June 30 1935.
Loans by the Land Bank Commissioner have been made, and will continue to be made, up to 75% of the normal value of farms, although less
than one-tenth of the farms in the country were indebted for more than
70% of their value at the time the refinancing program began. At that
time more than one-half of all the farms in the country were free from
mortgages. The 10% of the farms mortgaged for 70% or more of their
value has been cut to an even smaller percentage since last year by the
refinancing program, thus diminishing to exceptional cases the number of
possible applicants for bankruptcy under the Frazier-Lemke bill.
Reduction in the number offoreclostires shows that an increarling number
of heavily indebted farmers are getting their indebtedness in better shape.
In the last year more than 40,000 farmers have appealed directly to the
FCA in Washington for emergency aid because the mortgage holders were
pushing them for settlement. The creditors of these farmers were requested
not to press foreclosure proceedings until the Land bank could determine
If they could be refinanced. Appeals for such emergency assistance have
fallen from a peak of 2,000 a week in November to about 500 recently. Of
the 40,000 emergency cases, more than two-thirds of the farmers applied
for loans and about 70% obtained loans or commitments, thus removing
thousands of farmers from the 10% class which otherwise might have
naded to resort to bankruptcy.
Foremost among the creditors
editors who have greatly reduced the number of
their foreclosure actions during the past year have been the Federal Land
banks. The number of farms acquired by the Federal Land banks during
the past year has been the smallest in many years. The policy which the
FCA has pursued during the last year is not to foreclose upon any borrower
who is doing his honest best to meet his obligations, who is making proper
application of his income, if any, after meeting necessary living expenses,
and who is adequately caring for the mortgaged property. This policy
has also been followed by many other creditors, believing that avoidance
of foreclosure wherever possible will prevent losses of capital to debtor and
creditor alike.
Further pursuit of this policy, pending continued recovery and further
rise in farm values, will obviate any extensive need for resort to the bankruptcy provisions of the Frazier-Lemke Act. One farmer in several
hundred of insolvent farmers who cannot come to an agreement with his
51
creditors or arrive at a solution through one of the 2,300 debt conciliation
committees by voluntary action, can obtain court action under the bill. .
Under the refinancing program of the FCA, scale-downs of the cl
of creditors have been necessary in less than one out of seven loans.
Crime Bills Passed by Congress and Signed by President.
A number of crime bills (six) passed by Congress and
placed on the statute book with the approval of President
Roosevelt on May 18, were referred to in these columns
June 2, page 3703, the text of the measures having been
given at the same time. The signing of two other crime
bills were noted as follows in Associated Press advices from
Washington, June 7:
President Roosevelt to-day signed a bill authorizing the Department of
Justice to offer up to a $25,000 reward for the capture of criminals—such
as John Dillinger, the Mid-West outlaw. The measure authorizes rewards
also for information leading to arrest.
The President signed another bill authorizing States to enter compacts
for co-operation of their agencies in prosecuting crime.
President Roosevelt Signs Bill Affording Some Relief
From Processing Taxes on Jute, Cotton, Burlap
and Hogs.
In Associated Press advices from Washington June 27 it
was stated that Senator Pope of Idaho was advised that day
that President Roosevelt had signed the bill to afford some
relief from processing taxes on jute, cotton, burlap and hogs.
The accounts added:
The Act authorizes a refund of floor taxes where the processing fee is
reduced or abandoned without waiting for all processing taxes to be removed from jute, cotton and burlap. This is done in order to permit those
holding the commodities in stock to meet competition.
The bill redefines the processing tax as it affects hog producers to compel
packers and others processing hogs for the market or for other use to pay
the levies instead of the farmers. This is done by changing the definition
from "preparation for market" to "processing for distribution or use."
This will require packers and processors for market to pay the taxes and
will abolish the practice whereby local packers make farmers kill their hogs
and pay the taxes before they will buy them.
President Roosevelt Signs Bill Providing for Retirement on Pension of Railroad Employees at 65
Years of Age.
One of the bills passed at the late session of Congress on
which President Roosevelt delayed action, but finally signed
it on June 27, was that providing for the compulsory retirement of railroad employees with payment of annuities. As
explained in our issue of June 23, page 4218, wherein we gave
details of the final Congressional action on the bill, the
measure creates a Railway Retirement Board of three members to be appointed by the President. Railway employees
who reached 65 years of age or who completed 30 years of
service would be paid an annuity, based on the service
paid, and determined by multiplying the number of years
of service (not exceeding 30) by the following percentages of
monthly pay: 2% of the first $50; 11A% of the next $100,
and 1% of the compensation above $150. No portion of
monthly compensation above $300 would be considered in
determining the annuity to be paid. Retirement would be
compulsory for employees at 65, but the railroad and the
employee might, by an agreement with the Board, extend
the time for retirement to 70 years.
As in the cape of the Frazier-Lemke farm bankruptcy bill,
the President in signing the railroad pension bill announced
that he had considered the arguments for and against the
bill and that "after a careful weighing of the advantages and
disadvantages" had come to the "deliberate conclusion"
that he should approve the bill. One of the arguments
against the bill, according to the President, was that,
"although much improved in its final form," it "is still
crudely drawn and will require many changes and amendments at the next session of Congress." The President's
statement follows:
"S. 3231—An Act to provide a retirement system for railroad employees,
to provide unemployment relief, and for other purposes."
Decision on this bill has been difficult.
Arguments Against Measure.
The principal arguments against the measure include:
(a) The Federal Co-ordinator of Transportation at much public expense
is now engaged in a thorough survey of the whole subject of employment
security on railroads. He requested many months ago that legislation be
deferred until the completion of these studies and the filing of his report.
(b) The bill, although much improved in its final form, Is still crudely
drawn and will require many changes and amendments at the next session
of Congress.
(c) Although the bill does not create very large additional financial
obligations on the part of the railroads during the next four years, the
financial burden will increase progressively after that date, and the bill
makes no sound provision for this increase.
Arguments for the Bill.
The arguments in favor of the bill are as follows:
(a) The actual burden on the railroads caused by enforced contribution
will be far less than their figures would indicate.
(b) Superannuated employees will retire under the new pension plan
and, though a considerable number of these older men will not be replaced.
52
Financial Chronicle
many others will be replaced by other employees. The net result will be
to improve the morale of the entire force.
(c) The bill provides for the creation of a board which will have the duty
of accumulating all necessary data and recommending changes which will
put the system on an adequate and permanent basis.
After a careful weighing of the advantages and disadvantages to the
country. I have come to the deliberate conclusion that I should approve the
bill.
July 7 1934
F-B-0 and Pathe were merged into R-K-0 under me, and First National
joined Warner Brothers.
"I was manager of Hayden, Stone's offices (brokers) in Boston, and I
was in charge of operations in Bethlehem Shipbuilding Co. during the war.
I was 27 years old at the time.
"I'm no stock market operator. I've done my best work as an administrator.
"When I was 251 was President of a Boston bank—the Columbia Trust
Co.
"Prior to that I was a State bank examiner for Massachusetts,
"I was graduated from Harvard."
President Roosevelt Names Commission to Administer
Securities Exchange Act—Joseph P. Kennedy,
In his former post as President of the Columbia Trust Co.
Chairman—Other Members, R. E. Healy, J. M.
Landis, G. C. Mathews and Ferdinand Pecora— of Boston, Mr. Kennedy succeeded his father,P. J. Kennedy,
White House Statement Regarding Effective Date who was formerly State Senator. Arthur [Crock, writing
of Provisions of Act.
from Washuigton July 3 to the New York "Times" stated
The members of the Commission appointed by President that while in the service of the Bethlehem Shipbuilding Co.
Roosevelt to administer the newly enacted Securities Ex- Mr. Kennedy met and formed a strong admiration and friendchange Act of 1934 were made known by the President on ship for the then Assistant Secretary of the Navy. From
June 30, just before his departure for a month's cruise. Mr. Krock's comments we also quote:
The sentiments were reciprocated by the Assistant Secretary, whose name
Those named to the Commission are:
Joseph P. Kennedy of New York, 5-year term.
George C. Mathews of Wisconsin,4-year term.
James M. Landis of Massachusetts, 3-year term.
Robert E. Healy of Vermont, 2-year term.
Ferdinand Pecora of New York. 1-year term.
The above are recess appointments and are required to be
submitted to Congress for confirmation at the next session.
Regarding the appointments, Washington advices June 30
to the New York "Herald Tribune" said:
A New York financier and close friend of President Roosevelt, Mr.
Kennedy is the only member of the Commission with practical experience.
The other four members are known as advocates of strict regulation.
Professor Landis, who was one of the framers of the Act and of the
Securities Act, and Mr. Mathews, a securities expert and former member
of the Wisconsin Utilities Commission, are shifted from the Federal Trade
Commission.
Mr. Healy is the present chief counsel of the Federal Trade Commission
and has been in charge of its utilities commission. He appeared before
Congressional committees to urge that broad powers be given the new
Commission to require corporations to submit such reports as may be called
for.
Pecora Widely Known Prosecutor.
Mr. Pecora has become widely known as the prosecutor in the Senate
Banking and Currency Committee's stock market investigation.
Mr. Kennedy, Prof. Landis and Mr. Pecora are Democrats, while Mr.
Mathews and Mr. Healy are Republicans.
On July 2, in Washington, the Commission held its initial
meeting, at which time Mr. Kennedy was chosen as Chairman to serve in that capacity for one year. It was pointed
out in United Press accounts from Washington that day that
no provision is made in the law for the nomination of the
Chairman, and the latter's designation was left by the
President to the members. The fact that Mr. Kennedy was
chosen as Chairman, despite a contest waged in behalf of
Mr. Pecora, was noted in a Washington dispatch July 2 to
the New York "Journal of Commerce," which observed that
it was Mr. Pecora's investigation of Wall Street activities
that led to the formation of the stock market control law
and had been thought that he would be given the Chairmanship of the Commission which it created. From the same
account we quote:
Originally it had been thought that Mr.Pecora would have a leading part
to play in the preparation of the legislation designed to curb Wall Street
abuses. However, Prseident Roosevelt thought it better to appoint
others to do that work and directed Secretary of Commerce Roper to prepare a report on the subject.
Trade Commissioner Landis saw his work recognized by appointment to
the Conunission for a 3-year term. There was much pressure upon the
President exerted by friends of Mr. Pecora to give recognition to the work
of the latter also and it was thought that he would be honored by the
Chairmanship for the brief period of his association with the Commission.
• 4. *
Mr. Pecora was denied the Chairmanship, however, and for a time it
appeared that he might reject even the 1-year appointment.
Meet in Afternoon.
Called to meet at 3 o'clock, the new Commissioners, Kennedy, Pecora.
Landis, Federal Trade Commissioner George R. Mathews, and Commission
counsel Robert F. Healy, battled for two hours over selection of a Chairman.
Mr. Kennedy has long been a close personal friend of President Roosevelt.
He is looked upon as a very experienced stock market operator, and, while
he has frequently been mentioned for high Administration honors, it had
not been thought that he would be selected to his present post.
His appointment as Chairman by his colleagues is for a 1-year period
only, after which he may again be selected or the Chairmanship allowed to
rotate. The latter has not been determined upon as yet.
It would not be admitted by any of the members of the Commission that
there was any disagreement among them. However, upon his arrival at
the Federal Trade Commission at the appointed hour Mr. Kennedy went
to the office of Commissioner Landis, while Mr. Pecora and Mr. Healy
ensconced themselves in Mr. Mathews' office. Mr. Landis apparently
was the go-between, for he was seen going to and from the offices while
the contest was on. The thought was expressed that the limitation of
one year placed upon Mr. Kennedy's Chairmanship was a compromise
designed to meet Mr. Pecora's objections.
Two hours later a deadlock was avoided by the acceptance of the 1-year
term by Mr. Pecora and the quintet was sworn in.
In Associated Press dispatches July 3 from Washington,
Mr. Kennedy was quoted in part as follows:
"I never did so much in the market, although I did do pretty well in the
motion picture business. I managed three companies all at one time, all
of them competing with each other—F-B-0, Pathe and First National.
was and is Franklin D. Roosevelt. . . .
The Presidential ambitions of Mr.Roosevelt brought him(Mr. Kennedy),
Into active politics. He became Mr. Roosevelt's campaign, business and
financial manager, with amazing success.
In leaving Boston for Washington on July 1, Mr. Kennedy
said:
"I have dropped everything for the next five years and will make my
headquarters in Washington.
"The job of the Commission will be to interpret the Stock Market Control
Act and see that its provisions are carried out. And when we do that it
will mean the fulfillment of the New Deal for the stock market investors.
regardless of whether his investments are large or small."
The following White House statement was issued June 30
with the announcement of the names of those constituting
the new Commission:
The provisions of the Securities Exchange Act of 1934, in so far as they
affect brokers and their customers, corporadons whose securities are listed,
and the public generally, do not become effective before Sept. 11934.
The Act provides that sections regarding margins and the conduct of
business on exchanges or over-the-counter markets shall become effective
Oct. 1 1934. Registration of exchanges and of securities traded on exchanges becomes compulsory on the same date and registration may take
place beginning Sept. 1 1934.
It Is provided in the Act that Section 9, which contains provisions against
manipulation, pool operations, tipster sheets, &c., shall become effective
July 1 1934, except for subsection (a) (6) regarding "pegging", which is to
become effective Oct. 1 1934.
However,since all the provisions of Section 9 refer merely to transactions
in registered securities or upon registered exchanges, these provisions cannot
become operative until such registration has taken place.
President Roosevelt Appoints Members of New Communications Commission, Which Will Control
Inter-State and Foreign Radio, Telephone, Telegraph and Cable Transmission—Chairman Was
Head of Federal Radio Commission, Now Abolished.
President Roosevelt announced on June 30 the personnel
of the Communications Commission, which will administer
the new Communications Act,approved by the last Congress.
The Commission is given wide authority to regulate the
Nation's inter-State and foreign communications services
by telephone, telegraph, cable and radio. The members of
the Commission appointed by the President were:
Eugene 0. Sykes of Mississippi, Chairman, seven-year term;
Thad H.Brown of Ohio,six-year term;
Paul Walker of Oklahoma,five-year term;
Norman Case of Rhode Island,four-year term;
Irvin Stuart of Texas, three-year term;
George Henry Payne of New York, two-year term, and
Hampson Gary of Texas, one-year term.
Mr. Sykes, named as Chairman of the new Commission,
has been acting as Chairman of the Federal Radio Commission for the past year-and-a-half, and has been a member
of the Radio Commission since its creation in March 1927.
For eight years he was a member of the Mississippi Supreme
Court. The new law abolishes the Federal Radio Commission
transferring its powers and functions to the new Commission. Similarly, all authority formerly held over telephone and telegraph by the Inter-State Commerce Commission, is given to the Communications Commission. The
authority of the Communications Commission became effective July 1. The rew law under which it was created
empowers the President in time of war to take over all radio
and wire communications facilities in the interest of National
defense.
A Washington dispatch of June 30 to the New York
"Times" outlined the careers of the members of the Commission, other than Mr. Sykes, as follows:
The President also "drafted" Thad H. Brown from the Vice-Chairmanship of the Radio Commission to the position of second ranking member
of the New Communications Commission. Mr. Brown is a Republican and
friend of former President Hoover. He is a native of Columbus and at one
time was Secretary of State of Ohio. In 1930 he became General Counsel
of the Radio Commission, later being named a member and Vice-Chairman.
Next after Mr. Brown on the Commission is Paul Walker of Oklahoma,
named for a five-year term. Mr. Walker is a member of the Oklahoma
Corporation Commission, which is equivalent to a public service control
board. He is an expert on telephone and telegraph rates.
Volume 139
The four-year appointment went to Norman Case, former Governor
of Rhode Island. He is a personal freind of Mr. Roosevelt and in December
was a White House guest.
Chosen for the three-year term was Irvin Stuart of Texas, former instructor at the University of Texas and recently in the State Department
as an expert on radio. He was credited with being co-author of Communications Act, in association with Representative Rayburn.
George Henry Payne of New York, named for a two-year term, is an
author, playwright and journalist, and was a campaign manager of the Bull
Moose movement organized by Theodore Roosevelt in 1912. Eight years
later he was a convention floor manager for General Leonard Wood. He
also championed Senator Thomas J. Walsh in 1924 and sought to have
the Republican Party center on him for the Presidency.
Hampson Gary, named for a one-year term, is an attorney practicing
in Washington and in the Texas courts and was Minister to Switzerland in
President Wilson's administration.
President Roosevelt Creates National Labor Relations
Board to Handle Labor Controversies—Lloyd
Garrison, H. A. Millis and E. S. Smith Named to
New Body—Supplants National Labor Board—
President Sees Improved Method of Dealing with
Disputes.
President Roosevelt, in an Executive Order issued on June
29, acted under the joint Congressional resolution granting
him authority to settle labor controversies throughout the
United States, by appointing a board of three members to
investigate and mediate in disputes until the expiration of
the National Industrial Recovery Act. The new body is
termed the National Labor Relations Board. It supplants
the National Labor Board, whose existence by the Presidential order automatically ceases on July 9. All handling
of disputes involving labor conditions will in the future be
in the hands of the National Labor Relations Board, and
such investigations will no longer be conducted by the
National Recovery Administration. The new body will
work in conjunction with the Department of Labor.
The President named as members of the new board Lloyd
Garrison, Dean of the Wisconsin Law School, who will act
as Chairman; Harry Alvin Millis, head of the Department of
Economics at the University of Chicago,and Edwin S.Smith,
who has been acting as NRA Compliance Officer for Massachusetts. The salary of each board member is $10,000
annually. In a statement issued in conjunction with the
Executive Order, the President said that the creation of the
new Board "establishes upon a firm statutory basis the additional machinery by which the United States Government
will deal with labor relations, and particularly with difficulties arising in connection with collective bargaining, labor
elections and labor representation." The President elaborated upon his Executive Order by stating that it "creates in
connection with the Department of Labor, but not subject
to the judicial supervision of the Secretary of Labor, a
National Labor Relations Board composed of three impartial
persons." He added that the Board is given the power "to
make investigations, to hold labor elections, to hear cases of
discharge of employees and to act as voluntary arbitrator."
The new Board, the President said, will make regular
reports to him through the Secretary of Labor. He concluded by asserting that the Executive Order "marks a great
step forward in administrative efficiency and, more important, in governmental policy in labor matters. It meets
the universal demand not only of employers and employees,
but of the public, that the machinery for adjusting labor
relations should be clarified so that every person may know
where to turn for the adjustment of grievances."
Text of Presiden.'s Statement.
The statement made public by the President on June 30
follows:
The Executive Order that I have just issued carries out the mandate of
Congress,as expressed in Public Resolution No.44,73rd Congress, approved
June 19 1934. It establishes upon a firm statutory basis the additional
machinery by which the United States Government will deal with labor
relations, and particularly with difficulties arising in connection with
collective bargaining, labor elections and labor representation.
For many weeks, but particularly during the last ten days, officials of
the Department of Labor. the National Recovery Administration and the
National Labor Board have been in conference with me and with each
other on this subject. It has been our common objective to find an agency
or agencies suitable for the disposition of these difficult problems, and after
making such selection to make clear to the public how this machinery
works and how it can be utilized in the interest of maintaining orderly
industrial relations and justice as between employers, employees and the
general public, and enforcing the statutes and other provisions of law that
relate to collective bargaining and similar labor relations.
The Executive Order creates in connection with the Department of Labor,
but not subject to the Judicial supervision of the Secretary of Labor, a National Labor Relations Board composed of throe impartial persons, each of
whom will receive a salary of $10.000 a year. This Board is given the
power to make investigations, to hold labor elections, to hear cases of
discharge of employees and to act as voluntary arbitrator.
In addition, the Board is authorized to recommend to the President that
in such cases as they deem it desirable, existing labor boards such as the
industrial boards already created in the cotton textile industry or the
petroleum industry, and such as the various regional labor boards, should
be re-established under the authority of the joint resolution just passed by
53
Financial Chronicle
Congress and approved by me on June 19 1934: and also to recommend that
additional boards of a similar character should be newly created.
Whenever any regional, industrial or special board is established or
created under the authority of the Joint resolution it will report for adthe
ministrative purposes to the National Labor Relations Board, but
decisions of the regional, industrial or special boards will be subject to review by the National Board only where it is clear that such review will
serve the public interest. Furthermore, the Board can utilize and refer
cases to suitable State or local tribunal.
The existing National Labor Board is by this Executive Order abolished
effective July 9 1934, but the new National Labor Relations Board will
have the benefit of the expert personnel of the old Board and of such of the
subordinate regional labor boards as it may deem necessary. The new
Board will have the advantages of the experience of the old Board.
And I cannot let this opportunity pass without expressing publicly to
the Chairman and members of the old Board my personal appreciation as
well as the appreciation of the country of their unselfish and effective
services during the difficult days of this last year.
One of the most important features of the new arrangement is that the
National Labor Relations Board and all subordinate boards will make
regular reports through the Secretary of Labor to the President. The
Secretary will not have any power to affect the proceedings,findings,orders,
conregulations or recommendations of these boards, but will serve as the
it
duit through which information reaches the President. In this way will
Board.
be possible to have a close acquaintance with the work of the
be invaluable
Moreover, reports furnished regularly in this manner will
and in
contemplated
later
is
legislation
in the event that any permanent
labor
developing a systematic knowledge of the general character of the
relations problems in the United States of America, which must be Justly
the
Department
and expeditiously handled. Duplication of work between
will be
of Labor and these boards will be avoided and economy of force
effected.
will
The very presence of this Board and any boards it may authorize
have undoubtedly a salutary effect in making it possible for individual
Indeed
promptly.
grievances
conciliators to arrive at settlements of local
it is my hope that so far as possible adjustment in labor relations and the
correction of labor abuses can be effectively made at the source of the
located
dispute without bringing the parties before national authorities
in Washington.
To accomplish this purpose and to eliminate other forms of confusion.
of the
it is provided that persons and agencies in the Executive branch
National
Government shall not disturb the exclusive jurisdiction of the
boards
special
or
Labor Relations Board and such other industrial, regional
recommendations of the National Board,
as I may,in accordance with the
Executive
designate or establish; and that all persons or agencies in the
orders of such
branch of the Government shall respect the findings and
scope
boards. This rule is of universal application and includes within its
all permanent and emergency governmental agencies.
This Executive Order, I believe, marks a great step forward in adpolicy in
ministrative efficiency and, more important, in governmental
labor matters. It meets the universal demand not only of employers and
relalabor
adjusting
for
employees, but of the public, that the machinery
to turn for
tions should be clarified so that every person may know where
the adjustment of grievances.
Text of Executive Order.
The text of the Executive Order creating thejNational
Labor Relations Board is given below:
EXECUTIVE ORDER.
Creation of the National Labor Relations Board. eec.
I of
By virtue and pursuant to the authority vested in me under Title
15,U.S.C..
the National Industrial Recovery Act(Ch.90,48 Stat. 195,Tit.
44,
Sec. 701) and under joint resolution approved June 19 1934 (Public Res.
and the
73rd Congress), and in order to effectuate the policy of said title
follows:
purposes of the said joint resolution, it is hereby ordered as
Creation of the National Labor Relations Board.
Department
Sec. 1. (A) there is hereby created in connection with the
Board
of Labor a Board to be known as the National Labor Relations
of Lloyd
composed
be
shall
which
(hereinafter referred to as the Board),
Edwin
Garrison of Wisconsin, Chairman; Henry Alvin Millis of Illinois and
shall receive a
S. Smith of Massachusetts. Each member of the Board
vocation.
business,
salary of$10,000 a year and shall not engage in any other
or employment. Two members of the Board shall constitute a quorum.
members
A vacancy in the Board shall not impair the right of the remaining
to exercise all the powers of the Board.
(B) The Board shall have authority to appoint such employees, and
without regard to the provisions of the Civil Service laws, such attorneys,
special experts and examiners as it deems necessary for its own functions
may
and for the functions of such regional industrial and special boards as
be designated or established in accordance with sub-sections 3 (A) (1) and
to
3 (A) (2) of this Order. The power, however, shall not be construed
authorize the Board to appoint mediators, conciliators and statistical
experts when the services of such persons may be obtained through the
Secretary of Labor in accordance with sub-section 4 (A) of this Order.
Original Jurisdiction of the Board.
Sec. 2. The Board is hereby authorized:
(A) To investigate issues, facts, practices and activities of employers or
employees in any controversies arising under Section 7 (A) of the National
Industrial Recovery Act or which are burdening or obstructing, or threatening to burden or obstruct, the free flow of inter-State commerce; and,
(B) To order and conduct elections and on its own initiative to take steps
to enforce its orders in the manner provided in Section 2 of Public Resolution 44, 73rd Congress; and,
(C) Whenever it is in the public interest, to hold hearings and make
findings of fact regarding complaints of discrimination against or discharge
of employees or other alleged violations of Section 7 (A) of the National
Industrial Recovery Act and such parts of any code or agreement as incorporate said section; and
(D) To prescribe, with the approval of the President, such rules and
regulations as are authorized by Section 3 of Public Resolution 44. 73rd
Congress, and to recommend to the President such other rules and regulations relating to collective bargaining, labor representation and labor
elections as the President is authorized to prescribe by Section 10(A) of the
National Industrial Recovery Act.
(E) Upon the request of the parties to a labor dispute, to act as a Board
of Voluntary Arbitration or to select a person or agency for voluntary
arbitration.
Relationship to Other Labor Boards.
Sec. 3(A) The Board is hereby authorized and directed:
(1) To study the activities of such boards as have been or may hereafter
be created to deal with industrial or labor relations, in order to report
54
Financial Chronicle
through the Secretary of Labor to the President whether such boards should
be designated as special boards and given the powers that the President is
authorized to confer by Public Resolution 44, 73rd Congress, and
(2) To recommend, through the Secretary of Labor, to the President
the establishment, whenever necessary, of "regional labor relations boards,"
and special labor boards for particular industries vested with the powers
that the President is authorized to confer by Public Resolution 44, 73rd
Congress; and
(3) To receive from such regional, industrial and special boards as may
be designated or established under the two preceding subsections reports of
their activities and to review or hear appeals from such boards in cases
in which (1) the Board recommends review or (2) there is a division of
opinion in the Board or (3) the National Labor Relations Board deems review will serve the public interest.
Old Labor Board Abolished.
(B) The National Labor Board created by Executive Order of Aug. 5
1933, and continued by Executive Order No. 6511 of Dec. 16 1933, shall
cease to exist on July 9 1934: and each local or regional labor board, established under the authority of Section 2 (b) of the said Executive Order of
Dec. 16 1933, if it is not designated in accordance with Subsection 3 (a)(1)
of this order,shall cease to exist at such time as the National Labor Relations
Board shall determine. The National Labor Relations Board shall have
authority to conduct all investigations and proceedings being conducted
by boards that are abolished by this subsection; and all records, papers and
property of such board shall become records, papers and property of the
National Labor Relations Board. All except $100,000 of the unexpended
funds and appropriations for the use and maintenance of the National Labor
Board shall be available for expenditure by the National Labor Relations
Board and such regional, industrial and special boards as may be designated
or established in accordance with Subsections 3 (A)(1) or 3(A)(2) of this
Order. The remaining $100,000 of such unexpended funds and appropriations shall be transferred to the Secretary of Labor for the use of the conciliation service in the Department of Labor. All employees of boards
that are abolished by this subsection shall be transferred to and become
employees of the National Labor Relations Board at their present grades
and salaries, but such transfer shall not be construed to give such employees
any civil service or other permanent status.
Relationship to Other Executive Agencies.
Sec. 4 (A) The Board is hereby authorized:
(1) To request the Secretary of Labor to exercise the power conferred
upon him by Section 8 of the Act entitled "An Act to Create a Department
of Labor (Ch. 141, 37 Stat. 738) to appoint commissioners of conciliation:
and
(2) To request from time to time the Secretary of Labor to direct officers
and employees of the Department of Labor to render services and furnish
information and otherwise to aid the Board in the performance of its duties.
(B) The Board shall at the close of each month make, through the
Secretary of Labor, to the President a report in writing of its activities and
the activities of such regional, industrial and special boards as have been
designated or established in accordance with the recommendations of the
Board under Subsections 3 (A) (1) and 3 (A) (2) of this Order. Such
reports shall state in detail cases heard, decisions rendered and the names,
salaries, and duties of all officers and employees appointed under the
authority of this Order and receiving compensation directly or indirectly
from the United States.
(C) The National Labor Relations Board may decline to take cognizance
of any labor dispute where there is another means of settlement provided
for by agreement, industrial code, or law which has not been utilized.
(D) Whenever the National Labor Relations Board or any board designated or established in accordance with Subsections 3 (A) (1) or 3 (A)(2)
of this Order has taken, or has announced its intention to take, jurisdiction
of any case or controversy involving either Section 7 (A) of the National
Industrial Recovery Act or Public Resolution 44, 73rd Congress, no other
person or agency in the Executive branch of the Government, except upon
the request of the National Labor Relations Board, or except as otherwise
provided in Subsection 3 (A) (3) of this Order, shall take, or continue to
entertain. jurisdiction of such case or controversy.
(E) Whenever the National Labor Relations Board or any board designated or established in accordance with Subsections 3 (A) (1) or 3 (A) (2)
of this order has made a finding of facts, or issued any order in any case or
controversy involving Section 7 (A) of the National Industrial Recovery
Act or Public Resolution 44, 73rd Congress, such finding of facts and such
Order shall (except as otherwise provided in Subsection 3 (A) (3) of this
Order or except as otherwise recommended by the National Labor Relations
Board) be final and not subject to review by any person or agency in the
Executive branch of the Government.
(F) Nothing in this order shall prevent, impede or diminish in any way
the right of employees to strike or engage in other concerted activities.
FRANKLIN D. ROOSEVELT.
Approval recommended.
FRANCES PERKINS,
ecretary of Labor, the White House, June 29 1934.
Secretary of Labor Perkins said on June 30 that the new
Board, with its broad powers, could aid greatly in solving
difficult labor problems. She also said that Mr. Garrison
could only serve temporarily, since he has received a three
months'leave of absence from the University of Wisconsin.
The Labor Department on June 30 summarized the careers
of the members of the new Board as follows:
Lloyd Garrison was born in New York and is a graduate of the Harvard
Law School. He served in the navy during the war and later was associated
with the firm of Root, Clark, Buckner & Ballantine in New York for four
years. He organized the law firm of Parker & Garrison in 1926, was counsel
of the New York City Bar Association for five years and was active in investigations on ambulance chasing and on bankruptcy. He served as
special assistant to the United States Attorney-General under the SolicitorGeneral, participated in the study of bankruptcy upon which the New
York bankruptcy laws are based and has been acting Dean for the Wisconsin
Law School for two years.
Harry A. Millis is Chairman of the Department of Economics at the
University of Chicago, having been a professor there since 1916, and is
widely known as a labor economist. Ile 'previously taught at the University of Arkansas, Stanford University and University of Kansas. He is
a graduate of Indiana University. He was director of investigations in the
Rocky Mountain and Pacific States for the United States Immigration
Commission in 1908-10; director of investigations. Illinois State Health
Insurance Commission, 1918-19; chairman, trade boards, and chairman,
board of arbitration of men's clothing industry in Chicago, 1919-23. He
is President of the American Economist Association, is on the Chicago
Rejional Board and is a member of the Social Science Research Council.
July 7 1934
Edwin S. Smith was born in Brookline, Mass., and is a graduate of
Harvard. He was a reporter on the Springfield and Hartford newspapers
for several years after which he engaged on a business career, becoming a
specialist in labor relations. He was for three years with the Russell-Sage
Foundation in the Division of Industrial Relations, then became employment manager at Filene's in Boston. He was appointed by Governor Ely
as Commissioner of Labor and Industries of Massachusetts in 1931 and was
appointed by President Roosevelt as an observer at the International Labor
Organization conference in Geneva last year. He has been Chief Labor
Compliance Officer for Massachusetts under the NRA. He was one
of the sponsors of the Massachusetts Minimum Wage Law and helped
initiate the recent inter-State compact. He served on the Massachusetts
Special Commission Stabilization of Employment in 1931 and was chairman
of the Industrial Disease Commission in 1933.
President Roosevelt Appoints Dondal R. Richberg
Director of New Industrial Emergency Committee
—Mr. Richberg Also Named to Post Temporarily
Vacated by F. C. Walker—New Agency to Study
Relief, Public Works, Labor Disputes, and Recovery.
President Roosevelt, in an Executive Order which was
made public on July 2, appointed Donald R. Richberg as
Executive Secretary of the National Emergency Council,
succeeding Frank C. Walker, who has been temporarily
relieved from the duties of the office at his own request.
At the same time, the President created an Industrial Emergency Committee, composed of the Secretaries of interior
and Labor, the Recovery Administrator and the Federal
Emergency Relief Administrator, together with Mr. Richberg to act as Director of this Committee. The Executive
Order specified that Mr. Richberg be granted leave of absence as General Counsel of the National Recovery Adrnini4tration until Sept. 1.
The order said that the duty of the new Industrial Emergency Committee shall be "to make recommendations to the
President, through its Director, with respect to problems of
relief, public works, labor disputes and industrial recovery,
and to study and co-ordinate the handling of joint problems
affecting these activities." At the White House it was said
on July 2 that the new agency was created primarily to deal
with problems of industrial relief and with no other Governmental activities.
The text of the Executive Order, dated June 30, is given
below:
EXECUTIVE ORDER.
Creating the Industrial Emergency Committee.
By 'virtue of the authority vested in me by the National Industrial
Recovery Act, approved June 16 1933, and to effectuate the purposes
of said Act and further to effectuate the purposes of the Executive Order
of July 11 1933. appointing a temporary Executive Council, and the Executive Order of Nov. 17 1933, creating a National Emergency Council.
1. I hereby appoint Donald R. Richberg to serve (without compensation except as hereinafter provided) as Executive Secretary of the Executive Council and as Executive Directors of the National Emergency Council
from and after July 1 1934. until further order and during the absence of
Frank C. Walker, who is hereby, at his request, temporarily relieved from
the duties of said offices.
2. I hereby create an Industrial Emergency Committee, which shall
be composed of.
The Secretary of the Interior.
The Secretary of Labor,
The Administrator for Industrial Recovery.
The Administrator of Federal Emergency Relief,
and a director to be appointed by the President. It shall be the duty
of said Industrial Emergency Committee to make reconunendations to
the President. through its directors, with respect to problems of relief.
public works, labor disputes and industrial recovery, and to study and
co-ordinate the handling of joint problems affecting these activities.
3. I hereby appoint Donald R. Richberg Director of said Industrial
Emergency Committee and direct that he be given leave of absence as
General Counsel of the NRA until Sept. 1, with pay, in order that he
may fulfill the duties of the positions to which he is hereby appointed
and such further functions and duties as shall be prescribed by the President.
FRANKLIN D. ROOSEVELT.
The White House, June 30 1934.
A Washington dispatch of July 2 to the New York "Times"
quoted Mr. Richberg on the duties of his new office as follows:
The agencies to be dealt with by the new Committee include the NRA,
Federal Emergency Relief Adminsitration and Public Works Administration, Mr. Richberg said. It also will give attention to labor disputes In
which all are concerned. Creation of the National Labor Relations Board
last Saturday removed any power the NRA possessed in regard to labor
troubles.
"It is a small committee for an intensive job on industrial relations
in collaboration with the Emergency Council." Mr. Richberg explained.
"It is a job of making a study so that by the time the President comes
bark
we will have a program of co-operation.
"I haven't any plans just now.
We will try to work out a study of
co-ordinating activities.
"This Committee will make recommendations to the President directly.
This is a single method of joint communication with the President on
such matters.
"In connection with the co-ordinating activities of the
Emergency
Council, this Committee will do a special job on industrial relations. Coordination and coherence in the industrial policy—that's the particular job.
"We will function as to recommendations on any matters which might
be regarded as joint rather than special problem."
Joint meetings of the Executive and Emergency Councils will be held
twice a month. The White House stated that Mr. Walker definitely
will return to Washington. It also was suggested there that the joint
operations of the Executive and Emergency Councils would dispose of
Volume 139
55
Financial Chronicle
Executive Order Authorizes Reductions in Code Prices
When Bidding on Government Contracts—Designed to Relieve Situation Where Many Identical
Bids Are Submitted—New Price Also to Apply to
Private Purchasers.
President Roosevelt, in an Executive Order signed on
Executive Order Provides for Opportunity for Interested June 29, authorized any person or organization submitting
Persons to Present Views Before Conclusion of a bid to the United States Government, or to "any State,
Reciprocal Tariff Agreements—Secretary of State municipal or other public authority," to submit prices as
Hull to Be in Charge of Negotiations—Francis B. much as 15% below those filed by contractors with their
Sayre Heads Inter-Departmental Committee.
respective code authorities. The President said that this
President Roosevelt, in an Executive Order signed on Order had been issued in an attempt to correct a difficult
June 27 and made public June 29,outlined procedure whereby situation which had been caused by the submission in many
interested persons may present their views regarding con- cases of identical prices by all bidders seeking Government
templated reciprocal trade agreements before such agree- contracts to supply materials. The President explained
ments are actually concluded. All such persons, according at a press conference that bidders have hitherto contended
to the Order, may give information to a Committe designated that they are prevented from filing competitive bids by
the Committee of Reciprocity Information, consisting of codes which require the filing of prices. The Executive
members appointed by the Secretary of State, the Secretary Order provides that when a bidder lowers the price he has
of Agriculture, the Secretary of Commerce, the National filed with the Code Authority when submitting a bid to the
Recovery Administrator, the Chairman of the Tariff Commis- Government, he must then file the lower price with the Code
sion, the Special Adviser to the President on Foreign Trade, Authority, and the lower price will also become the estaband "the heads of such other Federal departments or offices lished price for private purchasers. The Order also proas may be named from time to time by the Executive Com- vides that losing bidders who believe they have been undermittee on Commercial Policy." The Executive Order also bid by unfair methods of competition may complain to the
provided that at least 30 days before the conclusion of any National Recovery Administration and ask for an investiforeign trade agreement the Secretary of State shall give gation of the circumstances.
notice of intention to negotiate such an agreement, thus
The text of the Executive Order is given below:
giving interested persons an opportunity to present their
EXECUTIVE ORDER.
•
views.
Modification of Executive Order No. 6646 of March 14 1934, ea.
President Roosevelt also announced on June 29, that Secreme
under Title I
By virtue of and pursuant to the authority vested in
tary of State Hull Will be in charge of negotiating reciprocal of the National Industrial Recovery Act of June 16 1933 (ch. 90, 48 stat.
purposes of said title, it is hereby ordered
effectuate
the
order
to
195)
and
in
treaties under the Tariff-Bargaining Act. It was also anas follows:
nounced that the Inter-Departmental Committee on Foreign
1. Any person submitting a bid to any agency or instrumentality of the
Trade Agreements held its first meeting on June 28 under United States, or any State, municipal or other public authority, to furnish
services at prices which, in accordance with the requirements of
goods
the temporary Chairmanship of Francis B. Sayre, Assistant one oror
more approved codes of fair competition, must have been filed prior
Secretary of State. This Committee is composed of repre- to their quotation, with the code authority or other designated agency,
with the requirements of such
sentatives of the State, Commerce, Agriculture and Treasury shall be held to have complied adequately
code of fair competition: (a) if said bidder shall quote a price or prices not
Departments, the Tariff Commission, and the office of Geo. more than 15% below his price or prices filed in accordance with the reN. Peek, Foreign Trade Adviser to the President. An quirements ofsuch code or codes; and (b) if, after the bids are opened, each
a price or prices below his filed price or prices shall immeannouncement by the State Department on June 29 said that bidder quotingcopy
of his bid with the code authority or other appropriate
diately file a
Mr. Sayre, under the Secretary of State, will be in general agency with which he is required to file prices.
charge of the proposed negotiation of foreign trade agree2. If. upon complaint made to the Administrator for Industrial Recovery, he shall find, after due investigation, that the tolerance of 15% proments. The statement then added:
vided in this order is resulting in destructive price cutting in a particular
many pressing problems very quickly and leave far less detail to be attended
to by the President.
Work of the Industrial Emergency Committee, for the present, will be
carried on by only three members, as Mr. Hopkins is sailing on Wednesday
from New York. He will study unemployment insurance and housing in
England, Germany, Austria, Italy and France.
The functions of the Committee will be to arrange for such general
economic studies as may be deemed necessary in connection with the
reciprocity program, as well as studies relating to particular nego:Aations;
to advise in selecting the countries for negotiations, and in general to coordinate the work of the governmental agencies concerned. Important
questions of policy will be referred to the Executive Committee on Commercial Policy.
The text of the Executive Order, as made public by the
State Department on June 29, is given herewith:
EXECUTIVE ORDER.
1. At least 30 days before any foreign trade agreement is concluded
under the provisions of the act notice of the intention to negotiate such
agreement shall be given by the Secretary of State. Such notice shall be
issued to the press and publisned in press releases of the Department of
State, the weekly Treasury decisions and commerce reports.
2. Persons desiring to present their views with respect to any such
proposed agreement shall present them to a committee to be known as
the Committee of Reciprocity Information. f3aid Committee, hereinafter referred to as the Committee, shall consist of members designated
from the personnel of their respective departments or offices by the Secretary of State, the Secretary of Agriculture, the Secretary of Commerce, the
National Recovery Administrator, the Chairman of the Tariff Commission,
the Special Adviser to the President on Foreign Trade and the heads of
such other Federal departments or offices as may be named from time to
time by the Executive Committee on Commercial Policy. The Committee shall function under the direction and supervision of, and its Chairman shall be designated from among the members of the Committee by,
the Executive Committee on Commercial Policy.
3. The form and manner in which views may be presented, the place
dt which they shall be presented and the time limitations for such presentation shall from time to time be prescribed by the Committee, which may
designate such sub-committees as it may deem necessary.
Plans for Negotiation of Reciprocal Agreements—
John H. Williams of Federal Reserve Bank of New
York, and Donald R. Heath of State Department,
Visiting South American Countries to Inquire
into Exchange Control Systems.
A Washington dispatch June 29 to the New York "Times"
had the following to say with regard to negotiation of
reciprocal agreements:
John II. Williams, economist of the Feederal Reserve Bank of New
York, and Donald R. Heath of the Latin-American Division of the State
Department, are visiting various South American countries on a State
Department mission to investigate exchange control systems in effect.
It is expected that under the agreements, drastic measures in some of
the South American countries will be relaxed.
"The governmental control over exchanges being exercised in these
countries is an important factor in the trade relationships between them
and the United States," it was stated, "and therefore one in which this
Government has an interest."
trade or industry, he is hereby authorized to issue an administrative order
reducing said tolerance of 15% for such trade or industry to the extent he
shall find necessary to prevent such destructive price cutting, but in no
event to a tolerance of less than 5%
3. The Administrator for Industrial Recovery is directed to cause a
study to be made of the effects of this order upon the maintenance of
standards of fair competition in sales to public and private customers and
to report to the President thereon within six (6) months of the date of this
order,
All prior executive orders, including executive order No. 6646 of March
14 1934, are hereby modified in so far as. and to such extent, as they may
hemn conflictor inconsistent with this order.
The White House. June 29 1934.
FRANKLIN D. ROOSEVELT.
A Washington dispatch of June 30 to the New York "Herald Tribune" said that the Executive Order has created
uncertainty and confusion among codified industries. The
dispatch added in part:
The new order Is looked on as not only a blow at price-fixing under the
codes, but as in the nature of another nail in the coffin of NRA. The
opinion was widely expressed here to-day among representatives of the important industries that the new order would make it impossible for these
industries to hold up the level of prices above the point of ruinous competition and that as a result a large share of industry would lose interest
In having the regime of NRA continued.
Intense pressure is being exerted on General Hugh S. Johnson, National
Recovery Administrator, to secure modification of the order.
Order Is Result of Identic Bids.
The ostensible reason for issue of the order is that under the system
which has prevailed the Government has been held up on prices. It is explained that when bids were opened for the product and that, or for services, it was found they were alike. The reason given by the bidders was
that the NRA codes made this necessary. However, officials are convinced that in many instances the identic bidding has been carried beyond
the point where it was made necessary by the codes.
In one instance no less than 17 concerns bid the same figure for fire
hose. Like bids have been put in on steel furniture and in the case of
numerous other products or articles which the Government desired to
purchase.
Lumber Code Authority Says President Roosevelt's
Order Authorizing Bidders for Public Orders to
Name Prices as Much as 15% Under Price Maintenance Does Not Apply to Lumber.
After conferring with the NRA through a committee, the
Lumber Code Authority on June 30 wired all its divisions
and subdivisions that the Presidential order affecting price
maintenance agreements does not apply to lumber code
minimum prices. The telegram is as follows:
56
Financial Chronicle
"Reference President's order June 29 allowing 15% price reduction in
connection sales to Government Agencies. This order does not apply to
Lumber Code. Consequently our present prices are not affected and remain
unchanged, and the Executive Order of March 14, so far as it applies to
Lumber Code also remains unchanged. Please give suitable notice to
persons under your jurisdiction."
The National Lumber Manufacturers Association, in making known the above, added:
The Executive Order of March 14, provides that all bids for Government
requirements shall be accompanied by a certificate stating that the bidder
is complying and will ciontinue to comply with each code of fair competition
to which he is subject; also that all provisions of the codes shall apply to
contracts with or sales to agencies of the United States.
It is understood that the reason why the Presidential Order of yesterday
does not apply to lumber is that the Lumber Code specifically authorizes
only minimum prices, established for cost protection, which now return
less than the cost of production.
President Roosevelt Creates Committee on Economic
Security to Study Program of Social Legislation—
Composed of Cabinet Members and H. L. Hopkins,
Relief Administrator—Unemployment and OldAge Insurance Among Items on Agenda.
President Roosevelt on June 29 announced the creation of
the Committee on Economic Security, entrusted to conduct
investigations in preparation for a program of social legis..
lation "to reduce the economic hazards and insecurity of
modern industrial and agricultural life." This Committee
will formulate suggested legislation for submission to
Congress, to States and to Governmental subdivisions, in
accordance with the President's recent message to Congress
in which he outlined plans for social legislation and said that
he would 'submit a detailed program at the next session.
The Committee appointed by the President includes the
Secretaries of Labor, Agriculture and the Treasury, the
Attorney-General, and Harry L. Hopkins, Federal Emergency Relief Administrator. It will be assisted in its study
by an advisory council, whose members are yet to be appointed. This council, according to a White House statement, "will consist of from 15 to 20 National leaders in such
fields as labor, social welfare, industry and commerce, and
State and local government."
The statement said that the study of employment opportunities provided by the Government will include public
works, "the integration of Government employment with
unemployment compensation, and the possibility of more
fully using the aptitudes and skill of workers." The Committee in studying social insurance will investigate unemployment compensation, old-age pensions, workmen's compensation, health insurance, mother's pensions, maternity
benefits, "and insurance against the special hazards of selfemployment in small business and agriculture."
Text of White House Statement.
The text of the White House statement issued on June 29
follows:
In preparation for a program of social legislation to reduce the economic
hazards and insecurity of modern industrial and agricultural life the President by Executive Order to-day created the President's Committee on
Economic Security and the advisory council to the President's Committee
on Economic Security. The two bodies will co-ordinate facts on economic
security and formulate a program under which the State and local governments may co-operate under the leadership of the Federal Government in
solutions of problems of insecurity harrying a large proportion of the men,
women and children of the Nation.
The President's Committee on Economic Security comprises the Secretary of Labor, the Secretary of Agriculture, the Secretary of the Treasury,
the Attorney-General and the Federal Emergency Relief Administrator.
The advisory council of the President's Committee on Economic Security
will consist of from 15 to 20 National leaders in such fields as labor, social
welfare, industry and commerce and State and local government. Additional members may be added by the President's Committee on Economic
Security.
The President's Committee on Economic Security will be served by a
technical board in gathering and co-ordinating existing facts on economic
security and in developing supplementary information through new studies.
The technical board will include technical and administrative officials of the
Federal Government.
Hearings by Advisory Council.
The President's Committee on Economic Security has been charged with
the rapid formulation of a program with a view to its recommendation to
Congress. the States and local governments for action.
The advisory council will hold hearings to receive the views and reactions
of various groups representing labor, business, agricultureal, social welfare,
governmental and other interests. The results of these hearings, together
with advice and counsel, will be handed to the President' Committee for
use in formulating its program.
In announcing the Executive Order, attention was called to the President's recent message to Congress outlining a program of social legislation
in which he said:
"Among our objectives I place the security of the men, women and children of the Nation first.
"This security for the individual and for the family concerns itself primarily with three factors. People want decent homes to live in; they want
to locate them where they can engage in productive work, and they want
some safeguard against misfortune which cannot wholly be eliminated in
this world of ours. . . .
"The third factor relates to security against the hazards and vicissitudes
of life. Fear and worry based on unknown danger contribute to social
unrest and economic demoralization. If, as our Constitution tells us, our
Federal Government was established among other things to 'promote the
general welfare,' it is our plain duty to provide for that security upon which
welfare depends.
July 7 1934
"Next winter we may well undertake the great task of furthering
security of the citizen and his family through social insurance."
the
Reasons for Creating Committee.
The cnief problem to be attacked by tne two new bodies s the insecurity
of the individual and the family which has become so characteristic of
modern industrial and agricultural life and which threatens to become
steadily more intense.
The reason for creating the organization is a conviction that neither time
nor automatic economic readjustments will solve Lie problems, but that
active measures undertaken co-operatively by the Federal, State and local
governments can control and direct economic changes to a large extent and
cushion the effects of the remaining inevitable maladjustments.
The basic factors making for insecurity are the decline of self-sufficient
agriculture, the steady growth of the division of labor and the interdependence of markets and the price system, as well as the increasing rapidity
of change in all phases of our economic system.
With improved organization and control of industry, commerce and
agriculture already the goal of the recovery program, the problems of
unemployment and dependency will be the subject of the work of the President's Committee on Economic Security and its advisory council.
They will study the hazards of unemployment, old age and unemployability, industrial accidents and occupational diseases, non-industrial
sickness and disability, widowhood and the economic aspects of maternity.
Socia Insurance Covers Wide Field.
In co-ordinating the various phases of promoting security, the development of work opportunities under private employment will cover such
aspects as the functions of the United States Employment Service, vocational guidance and training of workers, the transfer and relocation of
population, regulation of child labor and working hours, and also loans to
agriculture and industry.
The study of employment opportunities provided by the Government
will include large-scale public works, the integration of Government employment with unemployment compensation, and the possibility of more
fully using the aptitudes and skill of workers.
In dealing with social insurance, facts will be gathered and analyzed
with regard to unemployment compensation, old-age pensions, workmen's
compensation, health insurance, mothers' pensions, maternity benefits.
and insurance against the special hazards of self-employment in small
business and agriculture.
The problem of relief will be analyzed from the views of point of unemployment and other forms of public aid, as well as agricultural relief.
It is expected that the compilation of existing information,supplemented
by newly gathered facts butressed by national opinion revealed by the
hearings, an summed under a final analysis, will constitute the most comprehensive treatment of the problem of economic and social well-being
ever presented to the people.
President Roosevelt Signs Proclamation Placing Embargo on Shipment of Arms to Cuba—Action
Taken at Recommendation of Secretary of State
Hull Under Treaty of 1926—Shipments Can Be
Made Only Under License from State Department.
President Roosevelt on June 29 signed a proclamation
placing an embargo on the shipment of arms to rebellious
factions in Cuba. The proclamation, which was countersigned by Secretary of State Hull, provides that arms shipments can be made to Cuba only under license issued by the
Secretary of State. The President's action was taken under a
treaty with Cuba, concluded in 1926, under which each
nation agreed to co-operate to exclude exports objectinoable
to the other. He said in the proclamation that he had found
that there existed in Cuba "such conditions of domestic
violence which are or may be promoted by the use of arms or
munitions of war procured from the United States." The
proclamation was issued after the receipt of a recommendation by Mr. Hull, who referred to the treaty with Cuba,
and said that "in conformity with'our policy of the good
neighbor, we should proceed accordingly." Mr. Hull's
communication mentioned various other occasions when arms
embargoes had been proclaimed in this country.
The text of the recommendation by Mr. Hull to the President follows:
I submit herewith for your consideration and, if you approve, your
signature, a draft of a proclamation designed to place this Government in a
position to supervise and control the exportation of arms and munitions
of war from the United States to Cuba, with a view to enabling the Cuban
Government to maintain peace and tranquillity in that country.
I respectfully invite your attention to Article II of the convention between the United States and Cuba to suppress smuggling signed, at Habana,
March 11 1926, which reads in part as follows:
"The high contracting parties agree that clearance of shipments of merchandise by water, air or land, from any of the ports of either country to a
Port of entry of the other country,shall be denied when such shipment comprises articles the importation of which is prohibited or restricted in the
country to which such shipment is detined, unless in this last case there has
been a compliance with the requisites demanded by the laws of both countries."
The laws of Cuba restrict the importation of arms and munitions of all
kinds by requiring an import permit for each shipment.
There would not appear to be any legal means by which this Government
can effectively carry out its treaty obligations with respect to the traffic
in arms and munitions between the United States and Cuba, unless a
proclamation is issued pursuant to the joint resolution of Congress of Jan.31
1922.
The Cuban Government, through its Ambassador in Washington, has
expressed to this Government its approval of this action.
I feel that, in conformity with our policy of the good neighbor, we should
proceed accordingly.
The action which I recommend is by no means novel or unprecedented,
as is indicated by the following table of proclamations which have been
issued by your predecessors, pursuant to the joint reolutions of Congress
on Jan. 31 1922, and the similar joint resolution of March 14 1912, which
it superseded:
Brazil.—Proclamation Oct. 22 1930; revoked March 2 1931.
China.—Proclamation March 4 1922; still in effect.
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Financial Chronicle
Cuba.—Proclamation May 2 1924: revoked Aug. 29 1924.
Honduras.—Proclamation March 22 1924; still in effect.
Mexico.—Proclamation March 14 1912;revoked Feb.3 1914. Proclamation Oct. 19 1915: revoked Jan. 31 1922. Proclamation Jan. 7 1924:
revoked July 18 1929.
Nicaragua.—Proclamation Sept. 15 1926; still in effect.
If this proclamation meets with your approval, I shall, as soon as it is
promulgated, issue regulations prescribing that shipments of arms and
munitions to Cuba shall be limited to those for which a license has been
Issued by the Department of State and that sucn licenses shall not be issued
except upon the request of the Cuban Ambassador in Washington.
es1
We give herewith the text of the proclamation issued by the
President on June 29:
Whereas Section I of a joint resolution of Congress. entitled "Joint
resolution to prohibit the exportation of arms or munitions of war from the
United States to certain countries, and for other purposes," approved
Jan. 31 1922. provides as follows:
"That whenever the President finds that in any American country, or
in any country in which the United States exercises extraterritorial jurisdiction,conditions of domestic violence exist, which are or may be promoted
by the use of arms or munitions of war procured from the United States,
and makes proclamation thereof, it shall be unlawful to export, except under
such limitations and exceptions as the President prescribes, any arms or
munitions of war from any place in the United States to such country until
otherwise ordered by the President or by Congress:"
And whereas it is provided by Section II of the said joint resolution that—
"Whoever exports any arms or munitions of war in violation of Section I
shall, on conviction, be punished by fine not exceeding $10,000, or by
imprisonment not exceeding two years, or both:"
Now, therefore, I, Franklin D. Roosevelt, President of the United States
of America, acting under and by virtue of the authority conferred in sue by
the said joint resolution of Congress do hereby declare and proclaim that I
have found that there exist in Cuba such conditions of domestic violence
which are or may be promoted by the use of arms or munitions of war procured from the United States as contemplated by the said joint resolution;
and I do hereby admonish all citizens of the United States and every person
to abstain from every violation of the provisions of the joint resolution
above set forth, hereby made applicable to Cuba, and I do hereby warn
them that all violations of such provisions will be rigorously prosecuted.
And I do hereby enjoin upon all officers of the United States,charged with
the execution of the laws thereof, the utmost diligence in preventing violations of the said joint resolution, and this my proclamation is issued thereunder, and in bringing to trial and punishment any offenders against the
same.
And I do hereby delegate to the Secretary of State the power of prescribing exceptions and limitations to the application of the said joint resolution
of Jan. 31 1922, as made effective by this, my proclamation issued thereunder.
In witness whereof, I have hereunto set my hand and caused the seal of
the United States to be affixed.
Done at the City of Washington this 29th day of June, in the year of our
Lord nineteen hundred and thirty-four, and of the independence of the
United States of America the one hundred and fifty-eighth.
Executive Order Cancels Earlier Suspension of DavisBacon Act, Calling for Payment of Prevailing
Wages on Government Projects.
The Davis-Bacon Act, guaranteeing that workers on
Government projects must receive wages at least as large
as those paid locally, is again in effect, it was revealed on
July 4, when it wail-stated at Washington that before leaving
the United States on his vacation President Roosevelt issued
an Executive Order repealing a previous Executive Order
of June 5, which had suspended the provisions of the Act.
Issuance of the original Executive Order was noted in our
issue of June 30, page 4392.
President Roosevelt's Independence Day Message to
Americans Abroad Urges Them to Emulate Founders
of the Nation.
The hope that Americans will emulate the founders of the
Nation in "the tenacity, fixity of purpose, fortitude in
adversity and faith in ultimate victory" was expressed by
President Roosevelt in a message to Americans residing
abroad which was read at a dinner of the American Chamber
of Commerce in Paris on July 4. J. Theodore Marriner,
Charge d'Affaires, read the message which said, in part:
In years of stress, when we have spent every effort to bring our common
country through great difficulties to a new era of prosperity and progress,
it is appropriate that we should observe our national anniversaries with
particular solemnity,
I trust that Americans whose duties call them to live abroad, as well as
those of us who remain at home, may resolve on this anniversary of the
Declaration of Independence of our country to emulate its founders in the
tenacity, fixity of purpose, fortitude in adversity and faith in ultimate
victory which characterized them and which have created and preserved
the United States."
Other Independence Day celebrations were held in Paris,
as well as by groups of Americans in various South American
capitals.
President Roosevelt Declares Volunteer Welfare Services Essential to National Recovery—Invites
Representatives of 34 Organizations to White
House Conference in September.
Volunteer welfare services were described as "indispensable
to National recovery," by President Roosevelt in a letter
addressed to Newton D. Baker, Chairman of the 1934
Mobilization of Human Needs, and made public by Mr.
Baker on July 4. Mr. Baker also announced that the President has invited representatives of 34 National welfare
57
organizations to meet at the White House on Sept. 28 to
inaugurate their 1934 drive for private relief funds. Mr.
Baker said that the President had emphasized the necessity
of local communities raising funds to care for the needy this
year and had promised to lend the movement his strongest
support. The letter from the President read as follows:
My Dear Mr. Baker:
The 1934 mobilization for human needs is of such vital interest in the
National recovery plan that I am writing you as chairman in regard to
publicity for this great effort of the 34 National welfare agencies.
I am fully conscious of the great help that the advertising mediums of the
country, such as the magazines, movie companies and radio systems have
been to you and your associates in the past.
I wrote you on Jan. 2 thanking you for the invaluable assistance that the
1933 mobilization for human needs rendered the government in relief work
last year and I wish to state again emphatically that volunteer welfare
services are indispensable to National recovery. This is every whit as
true this year as it was last year.
I am sure that the 1934 mobilization will be a success if every one that
can will render aid this coming fall, and I bespeak for their utmost
co-operation.
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
Associated Press adviees of July 4 quoted Mr. Baker as
follows:
The President explained, Mr. Baker said, that there was a grave fear
that private citizens would assume that the billions of dollars appropriated
by the Government for merely material relief would make the support of
hospitals, nursing, child and faimily welfare service, guidance and recreation of youth unnecessary.
Mr. Baker said that only half the unemployed were receiving relief and
that the billions of Government funds distributed meant only $24 a month
for each family on relief.
President Roosevelt Leaves on Month's Cruise to
Hawaii—Will Visit Puerto Rico, Virgin Islands,
Colombia and Canal Zone Before Returning to
United States Early in August.
President Roosevelt sailed on the cruiser Houston from
Annapolis, Md., July 1, starting a vacation which will take
him to the Virgin Islands, Puerto Rico, Colombia, through
the Panama Canal and to Hawaii. He is expected to return
to a port on the Pacific Coast about Aug. 2 or 3. Plans for
the President's vacation trip were given in our issue of
June 30, pages 4392-93.
On July 5 the President landed at Cape Haitien, Haiti,
where he was greeted by President Stenio Vincent. In a
brief address, made partly in French, at the Union Club,
Mr. Roosevelt said that the United States marines will
leave Haiti within a month or six weeks. He expressed the
wish that the marines would be remembered as friends who
had tried to help Haiti.
Yesterday (July 6) the President arrived at Mayaguez,
Puerto Rico, where he was welcomed by Governor Blanton
Winship and other officials. Mr. Roosevelt motored across
the island to San Juan, where he planned to spend the night
as the guest of Governor Winship.
The President is accompanied on the trip by two of his
sons,Franklin D.,Jr.,and John. A dispatch from Annapolis
July 1 to the New York "Times" described his departure,
in part, as follows:
Soon after the President went aboard, the cruiser blew her deep-throated •
whistle, hoisted anchor and steamed slowly southward. At 6 a. m. tomorrow, when a brief step will be made in Hampton Roads for a final
contact with land to exchange messages, Mr. Roosevelt will have his final
sight of the Continental United States until he returns to the Pacific Coast.
None of the Cabinet was present to see Mr. Roosevelt off. The farewell
party was confined exclusively to his family and those members of his
"official family" who are closest to him, including Harry L. Hopkins,
Federal Relief Administrator; Jesse Jones, Chairman of the Reconstruction
Finance Corporation, and Frank C. Walker, Director of the Emergency
Relief Council.
The President's party aboard the Houston is quite small. It includes, in
addition to his two sons, only Rudolph Forster, Chief Clerk of the White
House Executive Offices, designated by Mr. Roosevelt as his official aide
in place of a member of his secretarial staff; Captain Wilson Brown, his new
naval aide; Commander Ross T. McIntyre, White House physician; Richard
Jervis, head of the White House Secret Service; Gus Gennerich, long Mr.
Roosevelt's personal attendant and now a member of the Secret Service,
and a code expert from the State Department.
The Houston is convoyed by the destroyers Gilmer and Williamson.
These will be replaced at Panama by the cruiser San Francisco, sister ship
of the Houston.
Press Personnel Limited.
News representation on the cruise is limited, by the President's personal
orders, to three press association correspondents. These are aboard the
Gilmar.
They are Francis M. Stephenson of The Associated Press,
Frederick A. Storm of the United Press, and Edward L. Roddan of Universal Service.
As the President stepped aboard first the Gilmer and then the Houston
to the tune of a bos'n's pipe he had laid out a tentative itinerary,which is
subject to change in detail but not in duration. The President is determined that the cruise will not last longer than one month.
Under the "approximate itinerary" as announced by the White House,
the following stops are scheduled: July 5, Cape Haitian; July 6, Puerto
Rico; July 7, Saint Thomas, Virgin Islands; July 8, St. Croix, Virgin
Islands; July 10, Cartagena, Colombia; July 11-12, Canal Zone and Panama;
July 24-28, Hawaii; August 2 or 3. Portland.
In keeping with the President's request, virtually no ceremony accompanied his departure, although his automobile ride from Washington was
in many respects a triumphal journey, with cheering crowds in the capital
and in Annapolis.
58
Financial Chronicle
He boarded the Houston with minimum ceremonies. Sailors manned
the rails and the ship's officers, including Captain Walter Woodson of the
Houston, bade him welcome.
Among those at the dock was Admiral William H. Standley, Chief of
Naval Operations.
Before leaving Washington the President on June 30 conferred with General Hugh S. Johnson, Recovery Administrator; Secretary of State Hull, Secretary of the Treasury
Morgenthau, Jesse Jones, Chairman of the Reconstruction
Finance Corporation, and Frank C. Walker, who is retiring
as head of the Executive Council. Press advices from
Washington said that the President instructed each of these
men to take a vacation of at least 30 days during the summer.
W. A. Ayres Appointed to Succeed J. M. Landis as
Member of Federal Trade Commission.
Befcre leaving for Annapolis on July 1, President Roosevelt appointed W. A. Ayres, Democratic Representative
and lawyer, of Wichita, Kan., to succeed James M. Landis
on the Federal Trade Commission. Mr. Landis, as we note
in another item, has accepted an appoiniment to the Stock
Exchange Commission.
Mr. Ayres was born in Elizabethtown, Ill., and was
admitted to the Kansas bar in 1893. He has served nine
Congressional terms.
William T. Kelley Designated Acting Chief Counsel of
Federal Trade Commission Incident to Retirement of Robert E. Healy.
The Federal Trade Commission announced on July 3 the
designation of Wm. T. Kelley as Acting Chief Counsel.
Mr. Kelley has been a member of the Commission's legal
staff since 1914 and has been Assistant Chief Counsel since
1923. The designation of an Acting Chief Counsel was made
necessary, says the Commission, by the retirement of Chief
Counsel Robert E. Healy, who retired from the Commission's
staff to become a member of the Securities and Exchange
Commission.
James A. Moffett Named Federal Housing
Administrator.
James A. Moffett of New York was named by President
Roosevelt on June 30 as Housing Administrator under the
Administration's newly enacted National Housing Act.
Associated Press advices printed in the Washington, D. C.
"Evening Star" said in part:
His(Mr. Moffett's] task will be the direction of the program which contemplates the expenditure of billions for construction and home repair
through co-operation between Government and private industry. . . .
Helped N. R. A.
He gained the good graces of the White House in the first feverish days
of National Recovery Administration. Walter Teagle. Senior Vice-President of the Standard Oil Co. of New Jersey. and other company officials
objected when Moffett was asked to serve on a Federal Petroleum Advisory
Board. Mr. Moffett was Vice-President of the Standard 011 concern
at a $100.000 annual salary. He resigned it to take the advisory Post.
Mr. Teagle at that time was a member of the Ltdustrial Advisory Board.
He held that the firm was well represented already in Federal advisory
capacities.
July 7 1934
July 1. Mr. Bovenizer has long been active in the Association's work, as a member of the Board of Governors and of•
many important committees. During the last two years
he has served as a Vice-President. Mr. Bovenizer will serve
as President until the close of the Association's next annual
convention in October. The death of Mr. Christie was
noted in our issue of June 30, page 4396.
F. M. Law President American Bankers Association, to
Speak
'July 9 on Crusaders Radio Program.
F. M. Law, President American Bankers Association, will
broadcast from Chicago a radio address, "What the banks
are doing to aid American business," Monday, July 9,
under the auspices of The Crusaders, over the NBC nationwide Blue Network of stations. The time of the address
will be 6:30 p. m., Eastern Standard Time; 5:30 p. m.,
Central Time; 4:30 p. m., Mountain Time; and 3:30 p. m.,
Paeific Coast Time. Mr. Law's speech, it is announced,
will present a "clear outspoken statement from the record,
pointing out the many ways in which banks are serving
the Nation."
Death of Gideon C. Bantz, Former Assistant Treasurer
of the United States.
Gideon C. Bantz,former Assistant Treasurer of the United
States from 1901 to 1912, died in Washington, D. C., on
June 30 of a heart attack. He was 82 years old. Mr.
Bantz served the Treasury Department for 57 years retiring
in 1930. In the Washington "Evening Star" of July 1 it
was stated:
Mr. Bantz was born in Dayton. Ohio. in 1952, and came to the Treasury
Department in 1873 as a clerk. He rose through the grades there until
appointed Assistant Treasurer in 1901, serving until 1912, when be became
a chief of division.
Mr. Dante time of service expired 10 years before his retirement in
August 1930, but he was granted five extensions of two years each.
Salvador Gold Reserves of Banks of Issue Concentrated
in Central Bank for Closer Control.
A cablegram July 3 from San Salvador to the New York
"Times"said:
The gold reserves of the Occidental and Salvadorean banks of issue were
transferred to-day in a truck guarded by soldiers to the Central Reserve
Bank, owned by the Government. The new bank has the exclusive right
to issue currency, which will be backed by gold reserve.
It is announced officially that, although the new bank is under Government control, no government shall be able to use its funds for administrative
needs or to cover Treasury deficits.
The first object is to establish elastic credits while avoiding either excess
or deficiency in the circulating medium and to prevent either inflation or
deflation. The bank is expected to end the wide fluctuations in exchange
rates.
Nicaraguan Debt Law Eased.
The Nicaraguan Congress here has passed a law probibiting
the imprisonment of servants, farmhands and other classes
of laborers for debt or non-compliance with contracts. Advises to this effect were contained in a Managua wireless
message June 30 to the New York "Times."
Rejoined Firm.
Mr. Moffett later became a member of the Oil Co-ordination and Planning Committee. Officially, he still is a member of that body, but he accepted
• a place as Vice-President of the Standard Oil of California a short time ago.
Death of Madame Marie Curie, Co-discoverer of Radium.
Madame Marie Curie, co-discoverer of radium with her
husband the late Pierre Curie, died on July 4 in a sanatorium
As Housing Administrator Mr. Moffett will receive a in the Alps. She was 66 years old. In the course of her
salary of $10,000.
laboratory work with her husband she also discovered the
element polonium. She was twice awarded the Nobel prize
Herman Oliphant and Robert H. Jackson Resworn as —the only person ever to be so honored. She
was born in
Treasury Officials.
Poland, but went to France before her marriage and her
Owing to changes of official titles in the Deficiency Bill it
major scientific work was done in that country. A Paris
was necessary to give the oath of office to two Treasury,dispatch of July 4 to the New York "Times" commented on
officials again on June 20 it was indicated in Washington
her career, in part, as follows:
advices on that date to the New York "Times" which went
Few persons contributed more to the general welfare of mankind and
, on to say:
to the advancement of science than the modest, self-effacing woman whom
the world knew as Mme. Currie. Her epoch-making discoveries of polonium
Herman Oliphant of Maryland was sworn in as General Counsel of the
Treasury, a newly created office. He had been a special assistant in charge
of legal affairs. Robert H. Jackson of Jamestown. N. Y., who has been
general counsel of the Internal Revenue Bureau. was sworn In as Assistant
General Counsel of the Bureau. In effect he is Assistant General Counsel
of the Treasury.
'
The nomination of Mr. Oliphant as General Counsel of the
Treasury Department was confirmed by the Senate a month
ago May 25.
George W. Bovenizer of Kuhn, Loeb & Co. to Fill Out
Unexpired Term of Late Robert E. Christie Jr. as
President of Investment Bankers Association.
As ranking Vice-President of the Investment Bankers
Association of America George W. Bovenizer, a partner of
the firm of Kuhn, Loeb & Co., New York, has succeeded
to the Presidency of the Association to fill the vacancy
• arising from the death of Robert E. Christie Jr., it was
announced at the office of the Association at Chicago on
and radium, the subsequent honors that were bestowed upon her—she was
the only person to receive two Nobel prizes—and the fortunes that could
have been hers had sho wanted them did not change her mode of life. She
remained a worker in the cause of science, preferring her laboratory to a
great social place in the sun. The road which she and her husband had
chosen she followed throughout her life, disdaining all Pomp. And thus
she not only conquered great secrets of science but the hearts of the people
the world over.
Mme. Curie was one of many illustrious persons who came from Poland
to settle elsewhere, such as Frederic Chopin, the l'otockis and Joseph Conrad. Her father was a distinguished scientist and from him she received
her early training in Warsaw. She became involved in the students'
revolutionary organization, however, and found it advisable to leave the
country. Years later she returned to open the radio-activity laboratory in
Warsaw;she had always had the longing of the nostalgic for her native land.
and she gave the $50.000 which she had received from American admirers
in 1929 for research work in the city of her birth.
From the "Times" of July 5 we also take the following:
Mme. Curie arrived in the United States for her first visit in the Spring
of 1921. She was accompanied by her two daughters, Irene and Eve. and
.he visited New York. Washington, Philadelphia, Pittsburgh, Chicago,
Buffalo, Niagara Falls, the Grand Canyon and Boston.
Volume 139
Financial Chronicle
Overwhelmed by Honors Here.
The frail little woman was overwhelmed by honors. She was feted and
laudatory speeches were made everywhere she went. She received honorary
university degrees from Columbia,the University of Pennsylvania, Woman's
Medical College, University of Pittsburgh, Yale, Wellesley, Northwestern
and Smith.
President Nicholas Murray Butler, in presenting the Columbia award,
said it honored the woman "to whose skill, scientific might and trained
powers of imagination it has been given to enrich mankind by the priceless
gift of radium, winning thereby a place on the immortal list of scientific
discoverers."
Dr. William Lyon Phelps of Yale said.
"There is one thing rarer than genius. That is radium. Mme Curie
illustrates the combination of both."
On May 20 1921, President • Harding presented the gift of the people
of the United States, the gram of radium, which had been purchased for
$100,000 and obtained from 500 tons of carnotite ore. . . .
As a Christmas present in 1921 a large group of American women endowed Mme. Irene Curie-Joliet, the daughter who had always helped
- Mme Curie in her work, enabling her to pursue her scientific researches.
from the fund of $56,413.54 left over after the gram of radium had been
bought in 1921.
In 1929 Mme Curie returned to the United States and received $50.000
with which to purchase a second gram of radium. The presentation took
place on Oct. 30 at the Academy of Sciences at Washington. President
Hoover lauding the life and work of the recipient.
During this visit Mme Curie received an honorary degree from St.
Lawrence University and dedicated Hepburn Hall of Chemistry there.
She received the gold medal of the New York City Federation of Women's
Clubs and many other marks of honor and esteem. As a guest of Henry
. Ford, Mme. Curie went to Dearborn. Mich. for the Edison jubilee.
Joseph W. Harriman to Begin Prison Term July 9—
United States Circuit Court Denies Application
for Bail Pending Appeal by Former Banker.
Joseph W. Harriman, former President of the defunct
Harriman National Bank & Trust Co. of New York City,
who was convicted on June 19 of misapplication of $1,713,000
of the bank's funds, must begin serving on July 9 the sentence
of 4M years imposed by Federal Judge John C. Knox,
according to a ruling of the United States Circuit Court of
Appeals on June 29. The Court, presided over by Judge
Learned Hand, denied a motion to admit Mr. Harriman
to bail and also indicated that its members had little doubt
about Mr. Harriman's guilt. The New York "Herald
Tribune" of June 30 described the decision of the Courtjas
follows:
Neither Mr. Harriman nor his wife, Mrs. Augusta B. Harriman, was in
court. George S. Leisure, counsel for Mr. Harriman, explained that his
client was receiving medical treatment at Doctors Hospital, East End
Ave. and 87th St.
At the outset of the hearing Mr. Leisure said it was customary to admit
a defendant to bail if there was any reasonable doubt of the outcome of
the appeal. He added that the physical condition of Mr. Harriman should
also be taken into consideration.
Judge Learned Hand, who presided, replied: "Frankly. I can't see how
there can be any doubt about the man's guilt. The irregularities were
there."
After conferring with Judges Thomas W. Swan and Augustus N. Hand,
who heard the case with him. Judge Hand added: "My brothers share
my feeling in the matter. There seems to have been a substantial motive
established and it was his and his alone. I don't really suppose that there
is a chance for the appeal. The chances that any of these ocher people
could have had any motive are so insignificant."
Jacob J. Rosenblum, Assistant United States Attorney, was then asked
by the Court if it were possible to provide adequate treatment for the
67-year-old banker, who is suffering from heart trouble.
"Yes. The defendant is committed to the Attorney-General." Mr.
Rosenblum said, "who may have him taken to Lewisburg. Pa., to Virginia.
or elsewhere, for the service of the term imposed"
Protest by W. W. Aldrich of Chase National Bank
Against Report of Cuban Commission Which Contends That American Loans Contracted During
Machado Regime Are Not Legally Binding on
Present Government.
Winthrop W. Aldrich, Chairman of the board of directors
of the Chase National Bank, addressed a letter of protest
to Carlos Mendieta, Provisional President of Cuba, taking
issue with the report of the Cuban Commission of Investigation which recently presented a report to President Mendieta
in which it is said to have contended that loans contracted
during the Machado regime are not legally binding upon the
present Cuban Government. A reference to the report,
which deals with the Cuban public works financing, appeared
in our issue of June 23, page 4206. The letter of Mr.Aldrich,
dated June 29, was delivered to President Mendieta on
July 2. In his letter Mr. Aldrich protests against the
reports "numerous perversions of truth and the injustice of
its conclusions." "At the same time," he says "we venture
the opinion that the course proposed by the Commission,
if adopted, would irreparably injure the credit of the Republic
and vastly delay or even prevent the economic reconstruction of Cuba." Mr. Aldrich also says:
The Commission has attempted by recitals of political conditions with
which the bank had no connection, by unjust insinuations and inferences
contrary to fact, and by legal argument to make a case for repudiation.
We believe and are so advised that the legal arguments are unsound and
that the validity of the public works obligations purchased by the Chase
National Bank has not been disturbed and is not open to question.
59
The statement is made by Mr. Aldrich that "we are now
prepared as at all times in the past to discuss financial matters, including the public works obligations, with the existing Government." We give herewith the letter of Mr.
Aldrich:
June 29 1934.
His Excellency, Carlos Mendieta,
Provisional President of the Republic of Cuba,
Havana.
Your Excellency.
No doubt your Excellency has received and had time to digest the report
of he Special Commission created by the Decree-Law of April 16 last.
relative to the obligations of the Republic in favor of the Chase National
Bank, its associates and the holders of Cuban public works gold bonds.
We have examined its text and recommendations and in advance of such
further study and analysis as we may find it advisable to make, desire to
enter without delay our earnest protest against its numerous perversions
of truth and the injustice of its conclusions. At the same time we venture
the opinion supported by practically universal experience in the past that
the course proposed by the Commission, if adopted, would irreparably
Injure the credit of the Republic and vastly delay or even prevent the
economic reconstruction of Cuba which we know is a cardinal factor in your
Excellency's Policy.
Your Excellency will recall that the Chase National Bank freely accepted
the invitation incorporated in the Decree-Law of April 16 to be heard before
the Commission. It did so after discussion with the S.ate Department of
the United States and in the belief that the Commission would make an
impartial and painstaking investigation of the matters of fact and law involved in the whole series of financial operations, and would base thereon
just and equitable recommendations warranting your Excellency's acceptance. We presented an elaborate factual memorandum setting forth step
by step the various elements of the fiJancing, the terms and conditions of
the several agreements entered into with the Republic and the costs involved. We gave in great detail the record of funds handled by the bank.
whether received from the Republic in remuneration for banking services
or paid out for its account on the double certification of its responsbible
officials. We opened our private tiles to the examiners delegated by the
Commission to check our accounts and statements of fact and withheld
nothing from them or from the Commission which they desired from us.
We submitted also a full statement on the legal points involved which was
prepared by Cuban and American lawyers of the highest professional standing and which sustained in full the legal approval given by leading Cuban
and Americar.lawyers at the time the financing was undertaken by the bank.
To none of these documents does the Commission appear to have given
more than cursory attention. Its report does not controvert any of the
essential facts presented by us for its consideration but appears to have
been written independently of the evidence and argument submitted to it.
The Commission has attempted by recitals of political conditions with
which the bank had no connection. by unjust insinuations and inferences
contrary to fact, and by legal argument to make a case for repudiation.
We believe and are so advised that the legal arguments are unsound and
that the validity of the public works obligations purchased by the Chase
National Bank has not been disturbed and is not open to question. I am
instructing our Cuban and American counsel to prepare and submit to
your Excellency at the earliest possible moment a statement setting forth
in detail their exceptions to the Commission's report. At the same time I
should make it clear that we did not submit oursleves to the jurisdiction
of the Commission or agree to accept its findings. On the contrary, prior
to the presentation of evidence we stipulated that we reserved all of our
rights and remedies, including the right to assert the international character
of the public works obligations and to invoke international law and usage.
I am confident your Excellency is aware of the very serious effects which
adoption of the recommendations of the Commission would have upon the
credit of the Republic. In the eyes of lenders the world over the technical
arguments and conclusions of the Commission will have no weight against
the profoundly important and undisputed facts that the bank paid out in
cash for the account of the Republic every penny of the funds represented
in the purchase price of the obligations now under discussion, and that
these payments in each instance were made on the double certification of
the appropriate officials of the Government, all in accord with the terms of
the agreements entered into between the bank and the Republic. Oblige
Lions thus incurred cannot be lightly set aside without impairing the credit
of the Republic, which for many years has stood second to none in Latin
America.
I would emphasize this point further, since I am aware that your Excellency is earnestly engaged in furthering the economic restoration of your
country. The early fruits of your efforts, as well as the efforts of others in
Cuba and in the United States who share chose purposes with you, are
already apparent to the Chase National Bank. From our own observation it appears, for example, that advances of credit to the sugar industry
in preparation for the next crop are being arranged at amounts 50 to 60%
higher than a year ago. Funds thus advanced by us and other American
banks will be spent, of course, practically exclusively in Cuba, and labor
will be the principal beneficiary. As a further indication of improved
conditions. I refer also to the favorable cash position of the Cuban Treasury,
which reported this week a cash balance of $15.115,000 which is the largest
reported in recent years. I need not refer to o.ber developments now in
prospect which, if carried to completion, should tend further toward the
economic rehabilitation of Cuba.
In thus addressing your Excellency, I should make it clear that I am
authorized to speak only for the Chase National Bank: yet I think I am
justified in assuming that I express the attitude not only of the 90,000 stockholders of the Chase National Bank but of the stockholders of the other two
banks directly interested, and of the numerous holders of the public works
bonds. Altogether I estimate that the stockholders in the three banks and
the holders of the bonds comprise nearly 200,000 American citizens scattered over every State in the Union. each of whom has a direct interest in
the matters now under discussion.
The Chase National Bank in all of its relations with the Republic of
Cuba has dealt with the existing Governments of Cuba as governments only
and not as political factions. We are now prepared, as at all times in the
past, to discuss financial matters, including the public works obligations.
with the existing Government. Your Excellency will understand, as I
know is in accord with your desire, that all such discussions if in anywise
fruitful must rest upon a common basis of good faith.
In order to clarify the situation caused by the publication of the report
of the Commission, and feeling that your Excellency will desire to have all
matters connected with this financing as widely known as possible, I am
intending to make available to the press the text of this letter when it shall
have reached your hands. In accordance with our practice. I am also
sending a copy to the State Department of the United States.
I take this occasion to assure your Excellency of my high consideration.
WINTHROP W. ALDRICH,
Chairman, Board of Directors.
60
Financial Chronicle
Dr. N. J. Silberling Warns California Bankers Against
Investments in Obligations of Local Governments—Cites Retarded Rate of Population Growth,
Mounting Tax Burdens, Proposals for Federal
Housing Construction—Advocates Expansion of
July 7 1934
the debt burden is being rapidly reduced rather than excessively expanded. He added in part:
Of all the classifications of debt in this country, the aggregate debt of our
large industrial concerns shows the most rapid reduction through the natural
course of events, and it is wholly probable that the future course of general
business will continue to permit further improvement in this direction.
While this may seem contrary to accepted principles, we must recognize
that public bodies no longer have debts backed up by limitless taxing power,
while on the other hand, some of our major industries have for a number
of years been strengthening their financial position, paying off their debts,
and their obligations are prime investments, regardless of sentiment or
conventional ratings.
Investments in Sound Industrial Bonds.
A warning that obligations of many local governments
throughout the country constitute relatively unattractive
investments at the present time, and are likely to decline
further in investment quality, was given in an address before
the convention of the California Bankers Association at James P. Warburg Declares Banking as a "Business
Career" Dead—Banking as "Profession" in Its
Del Monte, Calif. on May 24 by Dr. Norman J. Silberling,
Infancy—Views Expressed at "Choosing-a-Career"
President of the Silberling Research Corp. Speaking on the
Conference.
subject, "Property Values and Local Government Finances
Views
on finance were expressed by James P.Warburg, Vice.
pointed
in Relation to Bank Investments," Dr. Silberling
of the Bank of the Manhattan Co. of New York
Chairman
United
the
of
population
in
growth
of
rate
the
out that
and
adviser to the American Economic Delegation
financial
been
has
State,
States as a whole, and of California as a
Conference of 1933, in an address at the
declining with great rapidity in recent years. From this at the London
-Career Conference for college men and
First
Choosing-a
is
property
urban
much
fact he drew the conclusion that
Bamberger & Co. in Newark, N. J.,
over-valued at the present time. "Instead of population women, held by L.
28. College students from virtually
on
and
27
26,
June
becoming
is
"it
said,
he
cities,"
the
in
asset
being a financial
the conference. Stating that "the
every
attended
State
harder
a liability and creating new debts which may be even
had to say "is very simple," Mr.
he
what
main
of
theme"
liquidated."
yet
not
debts
old
the
than
meet
to
Warburg
added:
a
have
now
municipalities
Dr. Silberling said that many
Banking as a business career is dead. Banking as a profession is In Its
considerable surplus of building floor space, and at the same infancy—I might almost say, is not yet born.
created
improvements
and
streets
of
miles
There have been excluded from this conference the recognized professions,
time have "many
as law, medicine and architecture. Banking has been included as
at vast expense by our city governments for the benefit of such
one of a number of possible business or vocational pursuits. In my judgNot
inhabited."
be
never
may
which
lots
vacant
of
acres
ment, it has no place in a conference which deals with the various possible
only was there created a physical surplus of developed methods of making money.
property, he added, "but the values connected with this
Mr. Warburg told the students that "if you are thinking
property were enormously inflated by speculation and easy of becoming a banker because you think banking would be
credit." Dr. Silberling continued, in part:
a nice, respectable way to make quite a little money—
stay out of it." He continued:
Now suddenly we find that this inflated structure has been undermined
terrific
by the combined forces of the slowing down in numbers and also the
Impact of a world-wide economic breakdown and collapse of buying power.
This has, of course, caused drastic decline in values and rental incomes
from many types of urban property in all parts of the United States. The
average of house rentals in representative cities of the country has fallen
from an index number of 188 (the peak figure of 1924) to about 100 to-day.
In San Francisco they have declined from 140 to roughly 100;.in Los
Angeles from an index of 201 in 1923 to lees than 89 at present. Yet so
great is the impact of depression that the average family income does not
suffice to create an adequate demand for house accommodation to absorb
the surplus, to say nothing of requiring new construction.
Discussing the growing pressure being brought upon the
Federal Government to finance vast housing programs, Dr.
Silberling said that this would have the eventual direct effect
of lowering the return on all existing properties. In addition, with the high costs of local government, the tax burden
"is falling with crushing weight upon the owner of real
property, and the result is a rapidly rising proportion of
delinquent taxes." He added:
The important point is that the percentage of delinquencies has been
rapidly increasing. A few years ago it was no problem at all. Now it is a
problem written in terms of 10, 20, 30, 40, 50%. And this is creating the
necessity for alternative methods of raising money either through taxation
or borrowing.
In California the State Government has, of course, eased the local burden
somewhat by assuming some of the local district expenditures and by adopting a sales tax which, along with further tax changes, will permit turning
over to the local governments in 1935 for local assessment the properties
of utilities formerly taxed by the State directly.
From these facts Dr. Silberling drew the conclusion "that
from an investment point of view the obligations of local
governments in California, as well as in many other States,
are investments in debts which are out of line with future
income,and likewise, the investments in mortgaged property
in general represent capitalizations unjustified by the
prospects of income." Pointing out that the burden of
relief expenditures is rising, and will probably continue to
fall more heavily upon local governments, Dr. Silberling said:
Out of this situation we can reasonably expect several developments.
First of all, the State of California must increase its income by new taxes,
presumably including some form of an income tax. Secondly, we can expect the fiscal condition of the smaller towns to continue better than that
of the larger urban units.
I emphasize that again because I think that is one of the most important
deductions to be drawn from the records. Not only is population moving
gradually toward the smaller towns and away from the bigger cities, but
the debts of many of these smaller communities have always been moderate
and their expenditures, lately further controlled by law, are not likely to
get out of hand. This will leave fewer people to pay the debts and the
taxes of the cities.
From an investment angle, therefore, we arrive at the conclusion that
the obligations of the larger units represent increasing investment risks and
require most careful study by those who are charged with the responsibility
of making bank and trust investments. This is true also of the country
as a whole, where we find numerous cases of thoroughly solvent and fiscally
sound small cities—if we look for them carefully—but at the same time outstanding cases of grave investment risk in various big cities and State
governments.
Dr. Silberling advocated that banks expand their list of
approved investment securities to include sound industrial
bonds, which he described as a group of obligations in which
If you are thinking of becoming a banker because in that way you will
meet the best people and attain social prestige—stay out of it.
If you think that all you need to become a banker is a college degree
and that cardinal virtue of the get-rich-quick era, "a nice personality-stay out of it.
Having the right friends and a good set of teeth used to be the entrance
requirements. They are that no longer.
What you need to-day is a very different set of tools. You need primarily three things: certain elements of character, a very definite philosophy
and a background of proper training.
With regard to character, you need more than average intelligence, more
than average patience and more than average integrity. If You are not
reasonably sure that you are more than average intelligent—if you are aware
ofthe fact that you are naturally impatient—it is better to choose some other
career. As to integrity. I do not suppose that any one can judge his own
honesty, but certainly no one with any doubt as to his own ability to withstand temptation should choose a banking career.
Finally, and most important of all, you must like your fellow man and be
Interested in him. You must be willing to listen to his problems and
troubles, not because your job demands it, but because you enjoy it—
because you derive both interest and satisfaction from doing it.
In his further comments Mr. Warburg had the following
to say in part:
The field of banking and finance is a very wide one. It has been suggested that I should attempt to cover here a few of its major aspects. I
do not see very much point in attempting to do that, because what I have
to say to you applies to all the various executive phases of banking, and
because I assume that everyone here to-day would consider banking only
from the point of view of seeking ultimately to attain an executive position.
Nevertheless, it may be useful to define the functions of the four major
classifications of bankers if only to show that the requirements for each of
the four categories are basically the same.
The four major categories are, as you know, the commercial banker,
the investment banker, and the savings banker, or trust officer.
The job of the commercial banker Is to provide a safe refuge for the surplus
short-term funds of his community—and to satisfy the legitimate shortterm borrowing requirements of his community. In other words, he must
provide safety for the depositors of money which is temporarily idle.
and lend such money to others who have a legitimate temporary need for
It. To do that he must be honest, careful, intelligent, well-trained and
unbiased by personal interest.
The job of the investment banker is much the same except that he deals
In long-term funds instead of short term. It Is his function to provide
safe and profitable employment for capital accumulated out of savings,
and to provide for business enterprise the long-term money which it needs
to finance its capital requirements. The qulifications for the investment
banker are much the same. He must be honest, careful, intelligent, welltrained—though differently trained than the commercial banker—and
he too must be unbiased by personal interest.
The job of the trust officer is to manage the financial affairs of people
who are unable or unwilling to manage them for themselves. He looks
after the safety of principal and the obtaining to income for beneficiaries
of estates and trusts, just as the head of a family looks after the financial
welfare of his wife and children. He is a professional investor for others,
and as such he must have the same qualifications—again with a slightly
different background of specialized training—as the commercial banker
and the investment banker.
The function of the savings banker is very much like that of the trust
officer, except that where the trust officer deals with a number ofindividual
problems, each slightly different from the others, the savings banker deals
the the aggregate with the savings of large masses of people. These savings
he must invest carefully and intelligently so as to protect safety of principal
and enable him to pay a reasonable rate ofinterest. Furthermore, he must
also be prepared at all times to meet a certain number of withdrawals.
It is clear that his general qualifications must be very similar to those of
the other three categories. . • •
No matter what phase of banking you decide to enter, I cannot urge you
too strongly to acquite a basic knowledge of economies and government.
Volume 139
Financial Chronicle
Without that you will never understand your function in the community
or be able to give the right kind of advice.
Another thing that you need is at least an elementary training in the
history of banking and the present banking law. You would again be
surprised how few present-day bankers have that.
Then I would urge you, before you specialize in any particular type of
banking, to acquire a certain amount of practical experience in all of them.
After that the best advice I can give you is to pick your job, not so much
according to where the highest salary can be obtained, but according to
where you can work under the ablest man. Most of the best knowledge
of banking cannot be found in textbooks and is only to be found in the
accumulated experience of a few individuals. Therefore,the best education
for a young banker is to absorb experience as much as he can from the man
directly over him.
There is one more point I should like to stress in regard to training.
We are living in a time when what were formerly water-tight compartments
between nations have been so penetrated by the elimination of time and
distance that no one can think intelligently about economic matters if he
confines his thinking to the things that are happening in any one country.
If you are going in for foreign banking, it goes without saying that this
implies a special study of foreign countries and foreign banking technique.
But even if you are going to be a country banker in the Middle West,
you cannot be an intelligent banker if you are totally unaware of the changes
that are constantly taking place in the different parts of the world.
To sum up what I have said, there is no need for you to deliberate whether
or not to enter the banking business. There is no banking business.
Whether or not it is wise for you to enter the banking profession depends
first upon you natural equipment, second, upon your ability to acquire the
true professional philosophy, and third, upon your willingness and ability
to acquire the proper training.
If you comply with all these requirements, it still remains for you to
maintain throughout your careers the philosophy of disinterested service.
and it remains for you also to keep abreast of your problems by constant
study and by never making the mistake of thinking that your training is
complete.
I am convinced that if our future bankers are men who enter the profession upon these premises, it will not be long before we will have a model
banking system in this country. If they do not, and if our future bankers
are men who consider banking a business rather than a profession, I am
convinced that no amount oflaws and regulations will give us a good banking
system.
Following the conclusion of Mr. Warburg's address
various questions were put to the speaker, among which
was the following:
The fact that the Government has poured money into the banks under
the emergency laws, will that not eventually force the Government to take
over the banks, because the banks won't be able to pay the money back.
Isn't it parallel to the railroads?
Mr. Warburg, in replying, said:
There is a distinct danger that the Government will never get out of the
various forms of business investment it has gone into. That is why I don't
believe in it.
Loans to Corporations Paying High
H. Jones, Chairman, States Loans
Must Be Repaid Before Dividend Disbursements
RFC Will Not Make
Salaries—Jesse
Begin.
The Reconstruction Finance Corporation does not plan to
make loans to private corporations unless the salaries paid
are "reasonable," Jesse H. Jones, Chairman of the RFC
said on July 2. Mr. Jones indicated that when the RFC
considers that salaries being paid by applicants are unreasonably high it will require adjustments to be made before
loans are approved. He also said that borrowing corporations will not be permitted to pay dividends to their stockholders as long as loans remain unpaid. Mr. Jones revealed
that during the fiscal year ended June 30 1934 the RFC
drew upon the Treasury for $2,300,000,000 less than the
original budget estimate of $3,969,740,300. He added that
the RFC is committed to loans of approximately $1,000,000,000 which have not yet been disbursed. Of this amount
all but about $200,000,000 or $300,000,000 will be paid out,
he said.
61
are distributed among them. Benefit payments on allotted production
amounted roughly to 43% of the market price the farmer received as of
June 15. The benefit payments to co-operating farmers from processing
taxes account for 30% of the total income (farm sales price plus benefit
payments)such farmers received upon their allotments.
The combined effect of the two factors (farm sales price plus benefit
payments) in improving the farmers' real price is shown in the case of
wheat.
Largely because of smaller crops in 1933 and 1934, with consequent
reduction of the surplus, the farm sales price for wheat averaged 79 cents
on June 15 1934, as against 34% cents in March 1933. However. the 79
cents average of June 1934, does not include benefit payments of 29 cents
a bushel which co-operating farmers receive. Administrative expenses are
deducted from the benefit payment. A co-operating wheat grower on
June 15 received 1.08 cents per bushel for the domestically consumed portion of his crop, of which an average of 79 cents is paid him at the elevator,
and 29 cents, minus administrative expense, is paid to him as benefit payments. Thus more than 25% of the real price is paid out as benefit payments collected through the processing tax.
For that part of the crop consumed in this country, the total real price
therefore averages $1.08 per bushel, as against 343 cents in March 1933.
The increase of 723 cents per bushel on the domestically consumed part
of the crop is due to an increase of 44% cents in average sale price, plus
29 cents in benefit payment. The marked increase in farm prices for those
commodities covered by adjustment programs has contributed to the
improvement in general farm price averages.
Attainment of better balance in production, both through shorter yields
(weather) and through smaller acreages,'supplemented by changing valuation of the dollar, has resulted in improvement in the average sale price of
farm commodities from 50% of parity in March 1933. to 77% of parity in
June 1934, or 54% increase.
Meanwhile, prices paid by farmers have increased at the lesser rate of
22%. Hence, the exchange value of all farm products increased 26% from
March 1933 to June 1934, and for the seven basic commodities, including
benefit payments, the increase is about 70%. Both of the Adjustment
Acts' two methods of price advancement work out in practice. The first
method is adjustment of supply to demand. Experience proves that are-duction of 10% in hog supply, for example, results in a price increase of
approximately 20%. In 1933,including benefit payments,farmers received
about $200,000,000 more for 200,000,000 bushels less wheat than they produced in 1932.
The processing tax is the mechanism by which (1) adjustment in production is obtained and (2) agriculture collects a part of its income to
supplement market price and to compensate farmers for their co-operation,
The tax, paid to farmers as benefit payments, assures that the major part
of the advantages of the program will go to the farmers joining to make it
a success, and will not be diverted to those who refuse to co-operate.
For the co-operating farmer, the processing tax now is collecting 30%
of his true allotment price. This is the average proportion for those farmers
participating in the wheat, cotton, corn-hog, tobacco and rice programs.
The processing tax is collected at the point of processing or manufacturing.
This means that the tax collections are heaviest in the large processing
centers.
This does not mean that the tax falls disproportionately on States where
these processing plants are concentrated. The tax is not concentrated in
that way, but is spread out as a factor in the price of the product and hence
is shared by consumers generally.
The tax has the same effect upon consumer price as would a rise in the
price of raw material to the extent of the tax.
About 19% of the total wheat processing tax has been collected in Minnesota. This does not reveal anything about the prportion of the wheat
tax paid by Minnesota consumers. It means that Minneaplis is an important milling center, and therefore a corresponding share of the tax paid
by all American consumers is collected through the mills there, and that
is all it means.
Similarly, Chicago is a processing center for hogs. Through May 31
of this year, nearly $22,000,000 in processing taxes were collected in Illinois,
out ofa total of47,000,000 corn-hog tax collected. Because North Carolina
Is a processing center for textiles and tobacco, over $19,000,000 of the
total procesSing tax of $128,000,000 on cotton, and nearly $4,000,000 of a
total of $14,000,000 collected in tobacco processing taxes were collected in
that Sate.
Because the cost of raw material produced by farmers ordinarily is a
comparatively small factor in the consumer price of the finished products,
the processing tax does not greatly influence the retail price. The proceeds
are not retained by the Government, but goes to the farmer. Except for
the small proportion retained by the county associations for their local
administrative costs,the tax behaves entirely as any other rise in farm price.
The tax which adds but a small fraction to the retail price brings a large
percentage increase in the farm price. The increase in the price of a loaf
of bread attributable to the tax is only half a cent, while the cotton tax
raises the price ofa shirt a nickel,but the farmers'true price,including benefit payments, has more than doubled for cotton and has tripled for wheat.
Benefit Payments from Processing Taxes Represent
Nearly One-third of Farm Income, According to Marketing of Fruits and Vegetables by Motor Truck
to be Studied by FCA.
Chester C. Davis.
Plans for a far-reaching study of the use of motor trucks
Nearly one-third of the income from production of wheat,
corn, hogs, cotton and tobacco allotted under adjustment in the marketing of fruits and vegetables were announced
programs now being received, on the average, by the 3,000,- by the Co-operative Division, Farm Credit Administration,
000 contract signers who are co-operating in Agircultural July 2. The survey will include practically all phases of the
Adjustment Administration programs, is derived from motor truck problem in the marketing of fruits and vegeprocessing taxes, said a statement issued on July 1 by tables, the Co-operative Division said, especially as it affects
Chester C. Davis, Administrator of the Agricultural Adjust- farmer co-operative associations, and is being made at the
ment Act. Benefit and rental payments, including cotton urgent request of a large number of State and National
option payments, totaled $277,335,313.32 on June 29, farmers' organizations as well as many members of the
produce trade. The announcement by the Co-operative
Mr. Davis' statement said. It continued as follows:
Division continued:
Benefit payments to cotton farmers on their 1934 contracts now are
moving steadily,and there will boa heavy movement ofcorn and hog benefit
checks in the next few weeks, with continued payinents to wheat and tobacco
farmers.
Because of the gain from crop adjustments and other factors, and in
spite of unsatisfactory crop and forage conditions in much of the drouth
area, the outlook as a whole in the United is for improved purchasing power
for farmers in the coming months, and for better business conditions resulting from farmers' increased ability to buy industrial goods.
The true price received by farmers who co-operate in adjustment programs consists of two parts. These co-operating growers receive the
market price when the crop or animal is sold, just the same as non-cooperating growers do. Then they receive an addition to the market price
In the form of benefit payments when the proceeds from processing taxes
The survey will cover New York City and the area economically tributary
to it, comprising New York, Massachusetts, Connecticut, New Jersey,
Pennsylvania, Delaware, Maryland, Virginia, and North Carolina, New
York State College of Agriculture is co-operating as well as the agricultural colleges in the States covered by the survey. Other public and private
agencies have signified their willingness to assist.
Dr. Marius P. Rasmussen, Professor of Marketing at New York State
College of Agriculture, has been selected to take joint direction of the work
with Ward W. Fetrow, Chief Research Economist of the Co-operative
Division.
Dr. Rasmussen has done extensive research and teaching in the marketing
of fruits and vegetables. He has conducted nation-wide surveys of the
marketing of honey and Eastern grapes, as well as of the costs, methods.
62
Financial Chronicle
and practices of wholesaling and jobbing fruits and vegetables in New
York, Pittsburgh, Chicago. and other large terminal Markets.
Secretary of Agriculture Wallace Denies Charge That
AAA Agreed to Prevent Grain Legislation in View
of Adoption of Grain Code.
Secretary of Agriculture Wallace, in a statement issued
on June 28, denied that the Agricultural Adjustment Administration had agreed that there would be no grain trade
legislation at the last session of Congress in view of the
adoption of the Grain Trade Code. His statement was
made in response to newspaper reports which said that 200
Chicago Board of Trade brokers met on June 25 to hear
on3 of their number assert that the AAA had broken such
an agreement. Mr. Wallace pointed out that the AAA
could have made no such commitment, since enactment of
legislation rests entirely with Congress. He concluded by
expressing the hope that "the decent element in the Board
of Trade will keep these reckless orgies in check so that
they will not turn loose on the country the hatred and confusion in which they specialized in the closing days of the
Farm Board."
Mr. Wallace's statement follows:
Last Tuesday Chicago papers carried a story that 200 Chicago Board
of Trade brokers met on Monday to listen to one of their number state
that the Administration had broken an agreement that there would be
no grain trade legislation in view of the Grain Trade Code. This statement of an agreement is false. It is true that certain members of the
grain trade urged such a policy upon the Department, though I do not
recall that they ever asked for any specific agreement. Members of the
AAA repeatedly pointed out, however, that enactment of grain exchange
legislation was entirely up to Congress and that the Administration could
not possibly adopt a policy which would be in the nature of a commitment
of Congressional inaction.
In a meeting in my office at the time the Grain Code was under discussion, Representative Marvin Jones, Chairman of the House Agriculture
Committee, emphatically stated in the presence of several representatives
of the grain trade and AAA officials, first, that he had no authority to make
any commitment of action by Congress as to grain exchange legislation and,
second, that even if he had such authority he would make no commitment
of that kind, whether or not a grain code was effectuated by the Administration.
This whole matter has significance because it may be the forerunner of an
attack by that element of the Board which has most to fear from our
investigations of the terrible price fluctuations of last July. It is to be hoped
that the decent element in the Board of Trade will keep these reckless ones
in check so that they will not turn loose on the country the hatred and
confusion in which they specialized in the closing days of the Farm Board.
Third Report of Darrow Board Continues Attack
on NRA—Criticizes Codes as Oppressing Small
Business—Calls for More Equal Distribution of
Wealth—General Johnson Ridicules Board's Reply
—Executive Order Abolishes Board as of July 1.
The third and final report of the National Recovery
Review Board, headed by Clarence Darrow, was made
public on July 1. Following the completion of this report,
Mr. Darrow resigned, effective June 30. Like its predecessors, the third report assailed the codes which have been
set up under the National Recovery Administration, and
charged that they have "fostered and fortified those practices and systems under which 1% of the nation's population
has been enabled to possess itself of 60% of the wealth."
Codes have offered an opportunity for "the more powerful
and more profitable interests to seize control of an industry
or to augment and extend a control already obtained," the
report declared. It said that the nation's need was for a
better distribution of wealth, and that operation of the
National Industrial Recovery Act "has increased an evil
fraught with grave dangers to the republic."
Other charges made by the Board were that many codes
have suspended the anti-trust laws, that the cost of administration of codes is burdensome to small business, that the
basing-point system of price making furthers monopolies,
that price-fixing should be abandoned in the interest of the
consumer, that too many codes have been attempted, and
that the codes were "too drastic and attempted too much."
After enumerating these alleged evils, the report said, in part:
There is one other form of oppression of small enterprises, inadvertent
but often grievous, the Board feels it cannot overlook. By an executive
order of March 14 1933. every bidder for a contract for any species of work
for any part of the Government of the United States, including its agencies
or instrumentalities, must present with his bids a certificate of compliance
with each code to which he is subject.
However justifiable this provision may have seemed as a means to
enforce the NBA, its application has most unfortunate consequences.
Many small establishments honestly purpose to observe the code so far
as it is possible, but find some of its provisions incompatible with continued
business existence. We are to remember the fact, repeatedly forced upon
our attention in these investigations, that the NRA was framde for noble
aims, but the codes were most often made by large business units animated
by no higher purpose than their own advantage and the suppression of small
competitors.
The White House on July 5 made public the text of an
Executive Order which had been signed by President Roosevelt on June 30, in which he discontinued the Board as of
July 7 1934
July 1. The President said in his Order that the Board had
made three reports in the exercise of its duties and has "substantially completed the work for which it was established."
General Hugh S. Johnson, Recovery Administrator, in
a statement issued on June 28, ridiculed the reply made by
the Darrow board to the NRA discussion of its second report. General Johnson said that there could be no doubt
that Mr. Darrow himself had written the reply, and then
added:
Clarence here talks of plumbing of the baser sort and discloses an expert
knowledge of what Shakespeare calls "Jakes" and of those mundane matters of which those of us with rural upbringing are admittedly hardly qualified to speak. I love Clarence Darrow for his flair for the under dog. He
was the greatest jury-lawyer of his time and perhaps of all time. Nobody
in the world was ever more adept in convincing twelve men that another
man who had bombed somebody, or poisoned somebody, or taken a Kanaka
for a ride in the most approved gangster style, or, with some psycopathic
urge, taken a little boy out into the Michigan dunes and beaten the life
out of him, hadn't either bombed,or poisoned, or ridden or beaten anybody.
It's a great gift. Even in the twilight of his powers, I don't know a
man with whom I would rather spend an idle hour talking about the Trinil
Man or the Piltdown Man or even the Little Man. But, as a finder of
fact, he is what is left of the greatest criminal lawyer of our time.
Attorney-General Cummings Rules General Johnson
Acted Without Authority in Withdrawing Blue
Eagle from Harriman Hosiery Mills—Refuses to
Institute Criminal Prosecution Against Firm,
However.
The action of General Hugh S. Johnson, Recovery Administrator, in withdrawing the Blue Eagle insignia from the
Harriman Hosiery Mills of Harriman, Tenn., was described
as within his authority in a letter written by AttorneyGeneral Cummings on June 30. Attorney-General Cummings
previously, on June 28, had announced that he would not
attempt to prosecute the mills on information submitted
by the National Labor Board. When informed of the
Attorney-General's decision, General Johnson had written
him to inquire whether in his opinion it was necessary to
restore the Blue Eagle. The Attorney-General in his letter
of June 30 stated that "it is entirely conceivable that proper
ground might exist for the withdrawal of the Blue Eagle
even though no ground existed or no facts are available for
presentation to a court in sufficiently definite form to
justify a criminal prosecution."
The text of the Attorney-General's letter of June 30
follows:
This acknowledges your letter of June 28.
The attitude of the Department of Justice in connection with the Harriman Hosiery Co. was communicated to the National Labor Board in
letters of June 18 and June 25 1934. We have given careful consideration
to the matter and can find no reasorf for changing our view, which is to
the effect that the available evidence is not sufficient to warrant a criminal
prosecution.
I do not see that this conclusion has any necessary relationship to any
administrative action you may take. It would appear that the regulations
with respect to the issuance and withdrawal of Blue Eagles are promulgated
by the National Recovery Administration as administrative members, no
provision, so far as I am aware, appearing in the NIRA with respect to
the Blue Eagle. It is entirely conceivable that proper ground might exist
for the withdrawal of the Blue Eagle even though no ground existed or
no facts are available for presentation to a court in sufficiently definite
form to justify a criminal prosecution.
In determining whether the Blue Eagle should be withdrawn or restored,
you will naturally be governed by the facts within your knowledge which
bear upon the proper exercise of your administrative discretion. Therefore, to answer categorically your question, the conclusion reached by the
Department of Justice with regard to the suggested criminal prosecution
does not require you to restore the Blue Eagle.
Code of Fair Competition for Baking Industry to
Become Effective July 9—Correction of Item Referring to Code for Baking Industry.
In advertently an item bearing on the Code of Fair Competition for the baking industry, was made to appear, in our
June 30 issue, page 4402, as having to do with the code
of the banking industry. The baking industry is the one,
should have been mentioned throughout the item, and not
banking.
Reopening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of June 30 (page 4406),
with regard to the banking situation in the various States,
the following further action is recorded:
ILLINOIS.
Representatives of the Federal Deposit Insurance Corporation, Washington, D. C., on July 3 began paying off
depositors in the closed Fon du Lac State Bank, East
Peoria, Ill., the first bank to fail while insured under the
country-wide deposit insurance law. The pay-off marks
the first time in the history of the United States that depositors in a closed banking institution have been protected
against loss through a national system of deposit insurance.
The announcement in the matter by the FDIC,in the form
of a dispatch from East Peoria, continuing, said:
Financial Chronicle
Volume 139
The Fon du Lac State Bank, an independent institution not affiliated
with the Federal Reserve System, was a member of the Temporary Insurance Fund, which is administered by the FDIC and, through this
agency, created by the Government, all depositors had their accounts
insured up to $2,500 each. . . .
The FDIC has formed a new National bank—the Deposit Insurance
National Bank of East Peoria—for the purpose of paying off insured
depositors in the closed local institution. The proven claims of depositors
in the Fon du Lac State Bank—up to $2,500 per depositor—are being paid
by orders drawn on the new National bank by the FDIC. . . .
Deposits of the Fon du Lac State Bank at the time of closing amounted
to $241,412.84, while the number of depositors was 1,789.
Officials of the FDIC estimate that the amount of money to be paid
out by the Corporation—with each depositor in the closed bank insured
up to a limit of $2,500—will be approximately $125,000. However, there
will be no such loss to the Insurance Corporation, since there will be considerable recovery from the assets of the closed bank. But, if the closed
institution's entire assets were worthless and the loss to the Insurance
Corporation amounted to $125,000, such a sum would represent less than
4-100ths of 1%—to be exact, 0.037%—of the Corporation's present capital
of, roughly. $329,000,000.
The Fon du Lac State Bank was closed by Edward J. Barrett, Auditor
of Public Accounts for the State of Illinois, at the completion of business
May 26 1934 for the purpose of examination and adjustment. When this
audit was completed it was presented to the directors of the bank with
the request that they formulate a sound reorganization plan. Since
they did not present such a plan the bank was placed in receivership on
June 13 1934. Under the laws of Illinois, stockholders of a bank placed
in receivership have a period of grace in which to file suit to enjoin the
receiver. This period expired on June 25, but even then various legal
complications arose, due to the provisions of Illinois law governing receiverships, which had to be overcome before the FDIC could fulfill its
committed liability to reimburse depositors in the closed local bank. . . .
Federal Deposit Insurance went into effect Jan. 1 1934, and thus 184
days had passed before a claim could be made against the FDIC on behalf
of a bank depositor. Some 14,000 banks, both State and National, in
every section of the country are now enjoying the benefits of deposit
Insurance. . . .
More than 99% of the individual depositors in the closed Fon du Lac
State Bank will receive the full amount of funds they had on deposit from
the FDIC.
IOWA.
The First Trust & Savings Bank of Armstrong, Iowa,
reorganized through agreement of stockholders, reopened
on June 27 with L. F. Heinrich as President, F. E. Knowles
as Vice-President and John O'Neil as Cashier, according
to advices from Estherville, Iowa, on June 28 to the Des
Moines "Register," which added:
Depositors will receive 50% of their deposits in cash.
According to Clinton, Iowa, advices on June 23 to the
Des Moines "Register," the Farmers' & Citizens' Savings
Bank of Dewitt, Iowa, which had been operating since
January 1933 under Senate File 111, is asking depositors'
agreements which will allow for reopening.
MICHIGAN.
Regarding the affairs of the State Savings Bank of Carleton, Monroe County, Mich., the "Michigan Investor" of
June 30 had the following to say:
The Board of Supervisors of Monroe County has been asked to sign the
waiver and consent agreement of the State Savings Bank of Carleton
by Harry S. German, representing the bank. Mr. German told the Board
that the bank was reorganizing as a new bank and that 90% waivers had
been secured on savings deposits but that the bank needed the waiver on
. the County's deposit of $24,353.89 to come within the 75% required on
commercial deposits.
Mr. German said that the bank planned to release 50% of all its deposits
when it reopened with the remaining 50% to be placed in a trust fund and
liquidated as rapidly as possible. The bank's capital stock. Mr. German
said, has been raised from $20.000 to $25,000 and approximately $15,000
has been promised to be paid in in reassessments by former stockholders.
We learn from the."Michigan Investor" of June 30 that
.the Cadillac State Bank, Cadillac, Wexford County, Mich.,
reopened recently making available $600,000, which represented 42% of the deposits impounded in the old bank.
The paper continued in part:
The now bank reopened in better shape than in many years, with not a
cent of direct obligations, a capitalization of $100,000, the $350,000 in
the trust depository, and the more than $600,000 in liquid assets.
Within a space of 16 months the region of Wexford County has advanced
from a crisis where money was almost unknown, and city scrip was in circulation, to a point where there is a million dollars of available cash to
circulate in the community. In spite of the importance of the occasion,
there was no great flurry of excitement when the bank reopened. Actual
withdrawals on the opening day amounted to little more than $26.000....
Following are the officers of the new bank: William L. Saunders, Chairman of the Board of Directors: Judge Fred S. Lamb, President; Mart L.
Williams, Vice-President, and J. J. Veldman, Cashier. Active in the
reorganization work were Mr. Veldman, who served as conservator, and
H. Earle McNitt, member of the State Legislature, who was a co-author
of the Creen-McNitt banking measure of 1933.
The Cadillac bank shared honors in Wexford County with the Manton
State Bank (Manton) which completed its reorganization program. The
Manton bank obtained the approval of the Banking Department to a
plan to pay depositors the full moratorium account of 50% instead of the
15% specified in the depositors reorganization agreement. I. Fay Horton
is Cashier, Lloyd Phelps, President, and George Bans, Vice-President.
Depositors in the closed Peoples Wayne County Bank
of River Rouge, Mich., will receive a 35% payoff and the
bank will be reorganized and reopened as soon as possible,
according to an order signed by Judge Joseph T. Moynihan
in Wayne County Circuit Court, at Detroit. The "Michigan Investor" of June 30, from which this is learnt, furthermore said:
63
The testimony taken in Court developed that the River Rouge bank
has enough cash on hand, Home Owners' Loan Corp. bonds, and assets
to be purchased by the reorganized bank, at the present time, to pay off
all loans to the RFC, which were made prior to the banking holida and
to release 35% of all deposits. However, a loan will be secured from the
RFC in accordance with the plan.
The Federal Grand Jury in Detroit, Mich. (which has
been conducting an inquiry into the causes of Michigan's
banking crash), on June 29 returned nine indictments
charging alleged violations of the Federal Banking Code
and naming five former officers of the Detroit Bankers Co.
or of its First National Bank Detroit unit and eight former
executives of the Guardian Detroit Union Group units.
"None of the indictments." we quote from the Detroit
"Free Press" of June 30, from which the above information
is also obtained, "charges diversion, misapplication, personal gain or crimes which might have contributed to the
banking holiday. The transactions involve amounts small
in comparison with the huge total footings of the institutions
involved."
Those indicted (as named in the paper mentioned) are:
Detroit Bankers Co.
John Ballantyne, former President of the Detroit Bankers Co., now
President of the Manufacturers National Bank.
Donald N. Sweeny, former President of the First National.
Herbert L. Chittenden,former Chairman of the First National Executive
Committee,
John R. Bodde, former Vice-Chairman, Detroit Bankers,
John H. Hart, former Vice-President, First National.
Guardian Group.
Robert 0.Lord,former President, Guardian National Bank ofCommerce.
Col. James L. Walsh, former Guardian Group Executive Vice-President.
Alex Robertson, Vice-President, Ionia First National Bank.
Joseph H. Brewer, President, Grand Rapids National and President of
Michigan Bankers Association at the time of the holiday.
Stephen A. Graham, President, Port Huron First National.
Alvah D. Crimmins, Vice-President, Grand Rapids National.
Charles S. Campbell, President, Kalamazoo First National.
Earl H. Shepherd, Vice-President, Kalamazoo First National.
The paper continued in part as follows:
No capiases were issued, but late Friday afternoon, Guy K.Bard,special
prosecutor sent to Detroit by Attorney General Homer S. Cummings to
make the presentments, said that spokesmen for each of the 13 had been in
touch with him and had been advised to have their principals report either
Saturday or Monday. All agreed.
The indictments charge three specific offenses—conspiracy to make false
entries, the making of false entries in reports to the Comptroller, and false
reports to the Federal Reserve. . . .
The Grand Jury, composed of 16 housewives and seven men, has been
in session since June 5, but has consumed less than 10 days in its assimilation of the mass of involved data compiled in 15 months of investigation
by the Keidan Grand Jury, Pecora inquisitors and the Pratt-Bard investigations. . ..
With Friday's indictments, the Jury recessed until mid-July. . ..
Chittenden and Hart are named in four separate indictments, with two
extra counts each, and Ballantyne is named in two indictments with one
extra count, on charges revolving around their alleged failure to account in
bank statements for holdings at different dates of various amounts ofstocks,
bonds and securities. All of these charges concern Detroit Bankers stock.
Sweeny and Bodde were indicted on a similar charge as former executive
officers of the Peoples Wayne County unit, although both subsequently
came into the First National family.
These First National officials also were connected with the Detroit
Bankers and it is alleged that the banks speculated in the purchase of Bankers' stock and failed to list them in the reports, but had certain officers
of the bank sign a note, which note was charged off and never paid.
Lord and Col. Walsh are named in all four of the indictments returned
against Guardian officials. Conspiracy is charged in three instances and
• false entry, two counts, in the fourth, based on alleged efforts to conceal
bills payable in reports through certificate of deposit transactions.
Robertson is charged with conspiring to conceal $60,000 in bills payable
items at the National Bank of Ionia.
Brewer and Crimmins are charged with conspiring to avoid reporting
$500,000 bills payable at the Grand Rapids National.
Campbell and Shepherd are accused of conspiring to avoid reporting
$100,000 bills payable at the Kalamazoo First National.
Graham is accused of making false entry and covering a $200,000 bills
payable item at the Port Huron First National. There are two similar
counts.
The banks in Kalamazoo, Ionia and Grand Rapids are in the Western
District of Michigan and conspiracy s as the only link to indictrcents for
their officials in the Eastern District. The Port Huron bank is in the
Eastern District and charges are more direct. . .
According to the same paper (June 30), a short while
after the indictments were made public, Mr. Ballantyne
issued the following statement:
"I have been a banker in Detroit for many years, and during my entire
career I believe I have never for an instant failed to live up to the responsibility placed in me by at least two generations of Detroiters.
"Certainly, my conscience is completely clear and I willingly submit my
record to the most searching investigation, confident that when all of the
facts are known, my reputation will be secure."
MISSOURI.
A. plan for a first payment of 73% to depositors and
creditors of the First National Bank of Webster Groves'
Mo., has been approved by the Comptroller of the Currency, according to an announcement made June 25 by
Herbert M. Johnson, receiver for the institution. Mr.
Johnson said that holders of claims have until Sept. 1 to
file application for payment. The St. Louis "GlobeDemocrat," authority for the above, continuing, said:
July 7 1934
Financial Chronicle
64
The bank failed to reopen after the nation wide closing in March 1933.
Deposits at the close of business on Dec. 31 1932 were listed at $230,584.
The bank recently obtained a loan of $100,000 from the RFC. ...
Mr. Johnson said only about one-fourth of the depositors have filed
heir claims thus far. The dividend checks will be mailed about July 15.
The Community Bank of Manchester, St. Louis County,
Mo., opened for business on July 2 under authorization of
Finance Commissioner 0. H. Moberly. It took over 60%
of the assets of the Bank of Manchester, which has been
operating under restrictions, and which will now be liquidated and surrender its charter. The St. Louis "GlobeDemocrat" of July 3, authority for the above, went on to say:
State Senator Clarence M. Shotwell, who was President of the Bank
of Manchester, became President of the new bank. Otto Stoecker is
First Vice-President; Dr. Edward Fredericks, Second Vice-President, and
J. W. Mackay, Cashier. The assets taken over by the new bank, according to Shotwell, amounted to about $125,000.
NEW JERSEY.
According to Associated Press advices on July 3 from
Atlantic City, N. J., Chancellor Scoy of New Jersey on
that day granted a petition by William H. Kelly, the State
Bank Commissioner, for a rule to show cause why the receiver of the Collingswood Trust Co. of Collingswood,
N. J., a closed bank, should not pay a 5% dividend. The
rule was made returnable July 10, it was stated.
Concerning the affairs of the defunct First Nationa
Bank of East Orange, N. J., the Newark "News" of July 2
carried the following:
Dividend checks representing 45% of the deposits are being distributed
on claims established up to May 31 at the First National Bank of East
Orange in liquidation. Joseph R. Wilson, Jr., receiver, to-day (July 2)
announced the third set of checks submitted to officials at Washington
have been approved and returned to the bank for distribution. This
brings the total of first dividend checks to about $385,000.
Checks and schedules for claims established since June 1 are being
prepared and will be sent to Washington shortly. After officials there
have checked and approved the claims and vouchers, the checks wit be
returned to the bank for distribution. This procedure requires approximately 30 days.
All depositors who established their claims prior to May 31 will be
immediately given checks amounting to 45% of their deposit upon calling
at the bank.
NEW YORK.
Arthur A. Kestler, former Assistant United States District Attorney, has been retained as counsel for the executive
committee of the Stockholders' Protective Association of
the Richmond National Bank, Richmond Hill, Borough of
Queens, New York, N. Y., Samuel E. Held, Chairman of
the committee, has announced, according to the New York
"Herald Tribune" of July 1, which added:
The committee proposes, Mr. Held said, to oppose the action of the
Comptroller of the Currency, being taken through James J. Munro, receiver of the bank, to collect a 100% assessment on the stockholders,
"the amount of which assessment would be equal to the par value of $20
per share."
NORTH CAROLINA.
Dividend checks aggregating $405,397.46 were being
mailed on June 26 to the 7,965 depositors in the defunct
Page Trust Co., head office Aberdeen, N. C., who have
proved their claims. This payment represents 20% of
the claim and is the first since the institution closed its
doors on March 3 1933. Advices from Sanford, N. C.,
on June 26, printed in the Raleigh "News & Observer,"
from which the above information is obtained, continuing,
said:
Pittsburgh and will pay depositors of the old institution in
full. The old bank was placed on a restricted basis at the
end of the bank holiday in March 1933. The Pittsburgh
"Post-Gazette" of July 2, in reporting the matter, furthermore said:
Officials of the bank who have been working on reorganization plans
said the final step was completed with a sale of preferred stock in the
new bank to the RFC.
The new bank will have capital and surplus of $500,000, consisting
of $200,000 of preferred stock, $200,000 of common stock and $100,000
of surplus. S. Clarke Reed, who has been receiver for seven closed State
banks in this city, was connected with the Oil Well Supply Co. for 15
years, and prior to that was in the banking business, is President of the
new institution.
H. M. Schaefer is Vice-President and Cashier of the new
bank.
TEXAS.
On June 30 the Commonwealth Bank & Trust Co. of
San Antonio, Tex., discontinued receiving deposits and
announced plans to liquidate, according to San Antonio
advices on that date to the Dallas "News," which continuing said:
W. R. Wiseman. President of the bank, which has been operating on a
restricted basis, said an expected $500,000 RFC loan would permit the
bank to pay all obligations.
VIRGINIA.
A campaign to secure contract sign-ups from the depositors of the closed American Bank & Trust Co. of Richmond, Va., in order to establish a successor institution as
liquidating agent for the old bank, will be inaugurated
shortly, it was announced on June 27 by former Senator
George E. Allen, counsel to the successor bank depositors'
committee. The foregoing information is obtained from
the Richmond "Times-Dispatch" of June 28, which continued:
"We are in this movement to the finish," Mr. Allen said. "We are
much encouraged over the favorable reaction to our plan shown by some
400 depositors at Tuesday night's (June 26) meeting."
Nearly $4,000,000 in deposits, or more than half of the deposit liability
of $7,352,174 that existed on the first anniversary of the American Bank
receivership, must be secured in sign-ups before Judge Gunn will be asked
to name appraisers to go over the assets of the receivership, Mr. Allen
stated. If and when these assets are secured by the successor bank, it
will liquidate as a going concern and the earnings will be for the benefit
of the stockholders, who are depositors, Mr. Allen said.
No cash outlay is involved in the successor bank plan, depositors agreeing to accept stock in a new bank up to 50% of their deposits and to take
a deferred certificate of deposit for the balance, Mr. Allen emphasized.
The bank organization committee headed by P. C. Abbott will meet
shortly,
ciared. upon the return to this city of Chairman Abbott, Mr. Allen dethe
Mr. Allen added that "satisfactory arrangements to underwrite
sign-up campaign expenses are being made." He also pointed out that
the contract being submitted to depositors provided for the payment
of necessary expenses out of the holdings which are to be pooled.
One depositor with $80,000 to his credit has signed the new bank contract, and others with substantial sums to their account have also agreed
to become parties to the agreement, it was announced yesterday.
At the office of Chairman Abbott it was stated that the total sum represented in the sign-up to date has not been tabulated, but now amounts
to a substantial sum.
Receivership costs during the first year, several items of which were
non-recurring expenses, according to the receivers, amounted to $368.000.
These figures were termed "astounding" by Robert E. Denham, former
special counsel to the bank reorganization division of the Comptroller of
the Currency, in his address before the mass meeting of depositors at the
John Marshall Hotel. Mr. Denham asserted that the American receivership costs were roughly 15%. as compared with less than 6% in the average
National bank liquidation, administered by conservators.
The smallest check is for three cents, while the largest, $39,139.46,
goes to the RFC in payment of an obligation due it.
The payment of a dividend at this time is made possible by a loan for
$350,000 recently procured from the RFC. While nothing definite is
learned, depositors are hopeful that another payment may be made before
a great while.
The affairs of the Page Trust Co., which had its home office in Aberdeen,
and branches in Sanford, Hamlet, Carthage, Raeford, Apex, Raleigh,
ZebuIon, Slier City, Liberty, Troy, Albermarle, Randleman and Thomasville, are being liquidated by the State Banking Department, with S. J.
Hinsdale as liquidating agent, his headquarters being in Sanford.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made July 6 for the sale of a New
York Stock Exchange membership at $96,000, unchanged
from the last previous sale.
OHIO.
The New York Cocoa Exchange membership of D. B. Barrows was sold July 3 to P. Brandt for $3,000, a decrease of
$150 from the last previous sale.
We learn from Oak Harbor, Ohio, advices on June 27,
printed in the Toledo "Blade," that the newly-organ;zed
National Bank of Oak Harbor was to open on July 2 and
pay the depositors of the First National Bank of Oak Harbor,
which is now in receivership, a 45% dividend. 0. L.
Teagarden, head of the J. Weller Co. of Oak Harbor, is
President and a director of the new institution; C. L. Miller
s Vice-President and a director, and Roland E. Gratop
is Cashier. The dispatch furthermore said:
The National Bank of Oak Harbor has taken over all of the acceptable
assets of the First National Bank of Oak Harbor, and will conduct its
banking business in the old location of the First National.
PENNSYLVANIA.
With deposits of approximately $2,500,000, the Keystone
National Bank in Pittsburgh, Pittsburgh, Pa., opened for
business at 322 Fourth Avenue on July 2. The bank has
taken over the assets of the Keystone National Bank of
The sale of a New York Curb Exchange membership was
arranged July 3 at $30,000, unchanged from the last previous sale.
The extra membership of Philip B. Weld, on the Commodity Exchange, Inc., was sold June 15 to William P.
McDermott (for another) at $2,200, an increase of $100
over the last previous sale. On June 19 the membership of
Arthur Fertig and Herbert N. Rawlings were sold to Hugh
E. Paine (for another) and to Lewis J. Stern (for another),
respectively. The price of the former was $2,350, and that
of the latter, $2,200.
The Central Savings Bank, New York, celebrated its
75th anniversary on July 1. Coincident with the anniversary the bank paid its 174th consecutive dividend to its
205,000 depositors. The dividend, which amounted to
approximately $1,300,000, brings the total amount paid by
Volume 139
Financial Chronicle
the bank during its'existence to more than 160,000,000,
it was stated. August Zinsser, President of the bank, said
that dividends paid since the bank was founded, when
added to the present surplus of $27,933,857, exceed the
present deposits by nearly $1,500,000. He said that since
the bank began business in 1859 approximately 1,300,000
persons have deposited more than $1,330,000,000 in the
Central Savings Bank. The bank opened for business on
July 1 1859. On July 1 1934 deposits totaled over $186,000,000. The bank was organized as the German Savings
Bank in the City of New York and in 1917 the name was
changed to the Central Savings Bank.
The $15,000,000 carried by the First National Bank of
New York as a reserve for possible losses has been restored
to surplus, the June 30 statement of condition of the bank
showing surplus as $80,000,000, as compared with $65,000,000 last March. Undivided profits on June 30, according to the statement totaled ,495,460, as compared with
$7,278,379 as of Dec. 31 1933. Deposits of the bank
increased to $419,870,314.20 on June 30 from $377,858,450
at the close of last year. Capital remained unchanged at
$10,000,000.
The statement of condition of the Guaranty Trust Co.
of New York as of June 30 1934, issued July 6, shows deposits of $1,203,475,411, as compared with $1,178,744,990
on March 31 1934, and $1,087,621,195 on June 30 1933.
The company's total resources are $1,539,221,442, compared with $1,528,975,103 on March 31 1934, and $1,455,114,708 a year ago. Capital, surplus fund and undivided
profits, total $267,466,151, as compared with $267,266,270
on June 30 1933.
On July 5 the Corn Exchange Bank Trust Co., New York,
issued its statement of condition as of July 1. Total resources were shown as $253,948,071, as compared with
$252,814,909 on March 31 and $277,160,515 on July 1 1933.
Deposits on July 1 this year were $219,813,768, against
$218,731,172 on March 31 and $237,947,370 on July 1
last year. The bank had cash in vaults and due from
banks of $42,294,297, against $32,575,565 on July 1 last
year. United States Government securities increased to
$89,340,875 on the latest date from $82,767,302 on July 1
last year. Secured demand loans decreased to $22,397,961 from $28,674,285 July 1 1933, while secured time loans
dropped to $4,714,337 from $9,971,896 a year ago. Capital
was unchanged at $15,000,000. Surplus and undivided
profits were $16,170,302, against $16,083,736 on March 31
and $17,535,813 on July 1 1933.
Philip Lehman and his son Robert Lehman, both partners
of Lehman Brothers, have resigned from the board of directors of the Corn Exchange Bank Trust Co., New York,
it was announced June 30. The resignations, which were
effective several weeks ago, were tendered to conform with
the Banking Act of 1933. It was stated that both men
had applied to the Federal Reserve Board for permission to
continue as directors but their applications had been refused.
The Corn Exchange has not elected new directors to replace
the Messrs. Lehman, but it has aided George K. Livermore,
of Lawrence Turnure & Co., to its board. Effective July 1,
the Corn Exchange Bank Trust Co. reduced its interest
rate on compound interest accounts from 2 to 13/2%.
The resignation of Arthur Lehman, of Lehman Brothers,
as a director of the Marine Midland Trust Co., New York,is
announced by the institution.
Clinton Trust Co., New York,in its statement of condition
as of June 30 1934, reports total assets of $4,462,750, compared with $4,051,647 as of March 31 1934. Deposits increased from $2,949,979 to $3,107,861, it was said. Increases are shown in the principal asset items. Cash on
hand and due from banks totaled $1,117,070 on June 30
compared with $706,689 on March 31. Holdings of bonds,
It was stated, were $1,331,986 against $1,228,018; mortgages
$144,077 against $141,827, and other securities $110,177
against $121,052.
In compliance with requirements of the Banking Act of
1933, Charles A. Stone and Felix M. Warburg have resigned
as directors of the Bank of the Manhattan Co., New York.
Mr. Stone is a partner of Stone & Webster, and Mr. Warburg
of Kuhn, Loeb & Co.
65
Announcement is made by the Chemical Bank & Trust
Co., New York, of the resignation of J. M. Schiff as a
director. Mr. Schiff is a partner of Kuhn, Loeb & Co.
As a result of the interpretation given by the Federal
Reserve Board to the Banking Act of 1933, W. E. Sachs of
Goldman, Sachs & Co., dealers in securities, resigned on
June 19 as a director of the Lawyers County Trust Co.,
New York City.
The Manufacturers Trust Co., New York, has announced
the retirement of eight directors, bringing the total number
of members of the board to 25, the maximum allowed by
the Banking Act of 1933. The directors who have resigned
are: James H. Conroy, R. C. Flanigan, William M. Flock,
Frank J. Heaney, Lindley C. Morton, Maurice Newton, Max
S. Weil and Sidney J. Weinberg.
The Fulton Trust Co. of New York, in its statement of
condition as of June 30 last, reports undivided profits of
$626,712, not including profits from the sale of securities,
an increase of $26,160 over Dec. 31 last. Capital, surplus
and undivided profits of the company, which is engaged
exclusively in the trust and personal banking business,
amount to $4,626,714. Deposits stood at $16,381,400, an
increase of $1,308,700 during the first half of the current
year. Quick assets as of June 30 last aggregated $12,743,182, of which $137,249 represented cash in vault; $3,027,523
cash on deposit in Federal Reserve Bank of New York;
$2,717,382 cash on deposit in other banks; $5,649,4,71 U. S.
Government securities, and $1,211,556 demand loans secured
by collateral. The bank's statement points out that all
securities are carried at less than market value on June 30
and that collateral loans are secured by marketable securities
having a market value in excess of the amount of such loans.
The statement of condition of the Grace National Bank of
New York as of June 30 1934, is reported as showing total
resources of $29,478,082 compared with $29,374,389 as of
March 5 1934. United States Government securities of
$9,176,497 are shown as against $13,177,596 on the earlier
date. State, municipal and other public securities total
$4,362,243, compared with $1,855,364 on March 5. Capital
stock and surplus remain unchanged at $1,500,000 and
$1,000,000, respectively, while cash is shown as $3,841,545
compared with $3,975,502 in the last previous statement.
Deposits are $22,684,949 and were $22,407,477 as of March 5.
According to the June 30 statement of condition of the
Continental Bank & Trust Co. of New York, the institution
has loans and discounts amounting to $7,269,225, an increase of roughly $2,500,000 as compared with $4,705,081 on
Dec. 30 1933. Collateral loans by contrast are up less than
$350,000 at $6,525,893, compared with $6,178,561, and call
,572,415 to $6,826,650.
loans to brokers are down from
An announcement issued with regard to the statement
continued:
The Continental during the period strengthened its cash position, cash
and due from banks amounting to $9,201,937 on June 30, against $8,011,870
six months previously. Holdings of United States Government bonds rose
from $9,578,162 to $11,335,109. while the portfolio shows a reduction in
New York City and State bonds from $5,087,069 to $3,856,725. Other
marketable securities recorded a drop from $383,972 to $166.140.
On the side of liabilities, deposits increased almost $5,000,000, being
reported as $38,777,595 on June 30 as compared with $31,981,379 on Dec.
30. Capital, surplus and undivided profits are listed as $7,507,880, an
increase over $7,467,445 on March 31 last, but a decrease as compared
with Dec. 30 1933, following which date $1,000,000 was transferred from
surplus to reserves.
Total resources of the Bankers Trust Co., New York City,
as shown in the condensed statement of condition as of June
30, amount to $927,752,644. This compares with $901,507,480 as of March 31 last. Gross deposits have increased
from $763,759,130 to $808,860,223 during the same period.
In the statement as of March 31 the company segregated
Government from other deposits; the former show a decrease
of $7,406,250 as against an increase in the latter of $49,936,793, compared with the previous figures.
Several changes in the official staff of the Bankers Trust
Co., New York, were made at a meeting of the board of
directors held July 3. In the trust department of the
institution, William J. Buckley, Francis A. Cochrane and
Arthur Gardner were appointed Assistant Trust Officers,
while in the administration department, Howard R. Caldwell was appointed Assistant Treasurer. The following
changes were made at the meeting in the foreign department:
66
Financial Chronicle
Frank A. Klingsmith, now joint manager of the London office, was
appointed Assistant Vice-President of the New York office.
G. Pagnamenta. now joint manager of the London office, was appointed
manager. London office.
John A. Stahl, now assistant manager of the London office, was appointed
Assistant Treasurer of the New York office.
A new high record in both deposits and total resources is
shown in the statement of condition of the Sterling National
Bank & Trust Co., New York City, as of June 30 1934.
Deposits, it is stated, amount to $19,704,379 and resources
to $24,122,634. On March 5 1934 the bank reported deposits of $19,498,127 and resources of $24,096,703, and at
Dec. 30 1933 deposits were $15,508,102 and resources
$19,851,824. Capital of $1,500,000 and surplus and undivided profits of $1,004,917 remain unchanged. Reserves
amounted to $84,316, it was stated, compared with $315,189
on March 5, and $211,468 on Dec. 30. The statement shows
the cash position as $3,687,829 with the bank's holdings of
United States Government securities amounting to $8,312,372, and of State, municipal and corporation bonds to
$5,582,815. These compare with $4,021,375, $10,598,054
and $2,315,061, respectively, as of March 5 1934. Furniture
and fixtures have been written down to $1 from $285,787
on March 5 1934.
The statement of Chase National Bank, New York, for
June 30 1934 was made public on July 5 in response to the
call issued by the Comptroller of the Currency. The deposits of the bank on June 30 amounted to $1,512,486,000,
it was stated, and certified and cashier's checks amounted to
$20,961,000, the sum of which $1,533,447,000, compares
with $1,364,339,000 on Dec. 30 1933 and $1,497,486,000 on
March 31 1934. An announcement issued with regard to
the statement said:
Total resources of the bank on June 30 amounted to $1,810,699,000, as
compared with $1.715.188.000 on Dec. 30 1933, and $1,820,539,000 on
March 311934; cash in the bank's vaults and on deposit with the Federal
Reserve Bank and other banks, $412,911,000, as compared with $304,790,000 and $393,072,000; investments in United States Government securities,
$417.366.000 as compared with $207,064.000 and $319,600,000; securities
maturing within two years. 194,195.000 as compared with $91,945.000
and $111,467,000; other bonds and securities, including stock in the Federal
Reserve Bank. $132.857.000 as compared with $155,563,000 and $126.306.000; loans and discounts. $621,566,000 as compared with $795,192,000
and $713,247.000.
The capital of the bank, consisting of $50,000,000 preferred stock and $100,270,000 common stock, and the
surplus of $50,000,000 were unchanged from March 31, it
was said. The undivided profits account was $16,521,000
on June 30 as compared with $11,3,75,000 on March 31.
The board of directors of The Chase National Bank of
the City of New York declared on July 5 a dividend of 47
cents per share on the common stock of the bank, as well
as the dividend accrued to Aug. 1 1934 upon the preferred
stock of the bank, both payable Aug. 1 to holders of record
July 14. The amount of the common dividend of 47 cents
per share is intended to compensate for the postponement
by one month from July 1 to Aug. 1 of the dividend payment date as against previous quarterly payments of 35
cents per share. In order to coincide with the dividend
payment dates designated for the preferred stock under
the amended article of association of the bank, hereafter
the payment dates for dividends on the common stock,
when declared, will fall semi-annually on Feb. 1 and Aug. 1.
A dividend of 33 1-3 cents per share on the common stock
of the National City Bank of New York for the period April
1 to Aug. 1 1934 has been declared by the directors of the
bank, payable to holders of such common stock of record
as of July 7 1934. For the four months ended April 1 the
bank paid a dividend of 25 cents a share on its common
stock. At that time James H. Perkins, Chairman of the
Board of the bank, expressed in a letter to the holders of the
common stock, that if conditions continued to justify it, a
dividend of 33 1-3 cents a share would be paid on Aug. 1
1934. He also said that dividends on the common stock
would be placed on a semi-annual basis after Aug. 1, as in
the case of dividends on the preferred stock, the payment
dates being Feb. 1 and Aug. 1. Reference to the April 1
dividend and Mr. Perkins's letter was made in our issue of
April 7, page 2353. The directors, at the time of declaring
the Aug. 1 dividend of 33 1-3 cents on the common stock,
also declared dividends aggregating 50 cents per share on the
preferred stock of the bank held by shareholders other than
the Reconstruction Finance Corporation, being at the rate
of 5% per annum for the period Feb. 1 to Aug. 1 1934, payable on Aug. 1 1934 to holders of such preferred stock of
record as of July 7 1934. Dividends aggregating 43 1-3
July 7 1934
cents per share on the preferred stock now held by the
Reconstruction Finance Corporation, being at the rate of
5% per annum for the period Feb. 1 to April 1 1934 and at
the rate of 4% for the period April 1 to Aug. 1 1934, were
also declared, and will be paid on Aug. 1 1934 to holders of
such preferred stock of record as of July 7 1934.
William J. Wason, Jr. was elected President of the Kings
County Trust Co. of Brooklyn at a regular meeting of the
bank's board of directors on July 5. Mr. Wason succeeds
the late Julian P. Fairchild, who died on June 15. He is
the fourth President of the trust company, which was
founded in 1889. Mr. Wason was born at Port Jefferson,
Long Isuand, in 1872. Virtually his entire business career
has been spent in the bank, which be entered as a clerk
in 1895, less than six years after it was organized. His
promotion brought him up through the offices of Assistant
Secretary, then Second Vice-President and First Vice.
President.
Lindsley P. Baldwin, Secretary of the Board of Trustees
of the Kings County Savings Bank, Brooklyn, N. Y., and
trustee of the institution, died on July 2. He was 60 years
old. Mr. Baldwin has been President of the Forman Co.,
makers of bronze tablets, for many years. He became
Secretary of the Board of Trustees of the Kings County
bank in 1933.
The statement of condition of the Brooklyn Trust Co.,
Brooklyn, N. Y., as of June 30 1934, issued July 3, showed
deposits of $98,279,276, against $95,841,467 on March 31,
when the last previous statement was issued, and $95,232,011
a year ago. The current statement showed total resources
of $123,959,204, comparing with $121,433,229 on March 31,
and $121,610,492 on June 30 1933. Undivided profits of
$1,315,505 were shown after deduction of the semi-annual
dividend amounting to $164,000, which compares with
$1,392,178 on March 31 and $1,309,273 on Dec. 30 1933.
Increases since March 31 were noted in holdings of Government securities and cash. Cash on hand and due from
other banks was $23,047,905 against $17,771,803 three
months ago, and Government security holdings were reported at $17,276,471 against $13,857,585. Total time
loans and bills purchased, it was stated, amounted to
$20,473,981 against $18,747,699, an increase of $1,725,382,
while decreases were shown in holdings of municipal bonds
and other securities.
At the semi-annual meeting of the board of trustees of the
Williamsburgh Savings Bank, Brooklyn, N. Y., on July 2,
J. V. Jewell, President of the institution since October 1923,
was elected Chairman of the Board. Mr. Jewell is succeeded as President by Henry R. Kinsey, Executive VicePresident of the bank, and Charles H. Place has been
elected to fill Mr. Kinsey's place as Vice-President. Mr.
Jewell gave as his reason for resigning as President his desire
to devote more time to his personal affairs and his charitable
interests. The careers of the three men were summarized
as follows:
Mr. Kinsey is serving his third term as President of the Savings Banks
Association of the State of New York. He began with the Williamsburgh
bank in 1900 as a bookkeeper and worked his way through practically every
Position as teller, accountant, Assistant Comptroller, Comptroller and
Executive Vice-President. He is also a member of the Banking Board of
the State of New York, and has served as Secretary and Chairman of the
Executive Committee of Group Five of the Savings Banks Association of
the State. He is a director of the Savings Banks Trust Co. and a member
of their executive committee, and holds like offices in the Institutional
Securities Corp. of New York.
Charles II. Place also has served the bank since 1900, working his way
up from a clerkship. He has taken a prominent part in the establishment
of Group Five Information Bureau relative to mortgages and for years has
been an active member of the Junior Officers' Association of Group Five.
Mr. Jewell was elected to the Board of Trustees 34 years ago; in 1908 he
became a member of the executive committee, and in 1914 was elected
Vice-President. Nine years later he was elected President. During his
administration the institution enjoyed a considerable growth, from assets
of $142,000.000 and a surplus of $19,000,000 in 1923 to $268,000,000
assets and a surplus of $34.000,000 in April of this year. Mr. Jewell was
one of the original stockholders of the Nassau Trust Co. and was active in
bringing about the absorption of that company by the Mechanics Bank.
In 1889, he and his father, Ditmas Jewell. helped organize the 26th Ward
Bank of Brooklyn. In 1904 he was elected President of that bank, which
was subsequently absorbed by the Mechanics Bank. He is a director of
the Kings County Trust Co.. the Brooklyn Trust Co., the Brooklyn &
Queens Transit Corp., and is the oldest living member of the New York
Produce Exchange.
According to Rochester, N. Y., advices on July 3 to the
"Wall Street Journal," the Lincoln Alliance Bank & Trust
Co., of that city, has omitted the dividend due on its capital
stock at this time. Raymond N. Ball, President, stated
Volume 139
Financial Chronicle
that the omission is due to low earning power of funds,
citing that $23,000,000 of the $60,000,000 resources is in
cash and United States Government securities. The dispatch added:
The last dividend payment was for 25 cents on April 2. For all of 1933
the bank paid $1.25.
Incident to the 150th anniversary of its establishment on
Thursday, July 5, the First National Bank of Boston,
Boston, Mass., issued this week a resume of the period
under the title of "Retrospect of 150 Years," in which it
said in part:
July 5 will mark the 150th anniversary of the opening of the Massachusetts Bank, the first commercial bank to be established in New England
and the forebear of the First National Bank of Boston.
As the life of this bank is practically co-extensive with the National life
of this country it is perhaps pertinent at this time to review the character
of the founders of the Republic, their ideals and objectives and to consider
the underlying principles upon which our great industrial progress is founded.
The Revolutionary War was "in reality a battle in the great world-wide
struggle between contending social classes." The patriots of 1776 sought
to establish political and economic freedom for the individual. They
visualized a new country in which the individual could be master of his own
destiny and where ability, initiative, courage and self-reliance would be
duly rewarded.
It is ironical that a century and a half later the perpetuation of the system
which has served this country so well all these years should seem to hang
in the balance.
In times of stress there is always the temptation to resort to panaceas
born of despair and to repeat experiments which have proved their utter
futility over and over again in the course of the world's history.
The principles underlying our economic system are thoroughly sound.
Under the driving force of personal initiative and by the energetic application of intelligence, private enterprise, stimulated by the prospect of profits,
has provided a standard of living in this country higher than any other in
the world. Although comparatively young, as human history goes, under
this system this country has acquired 40% of the world's wealth.
With such a record why should any drastic or fundamental change be
contemplated just because a temporary cloud of depression is passing over?
We have had depressions before. During the past 150 years we have had
sixteen of them, of which seven were of major importance. We have
weathered them all and we will weather this one if we keep our poise and
sanity.
Following the Revolutionary War the union achieved by It was on the
verge of disintegration. . . . Robert Morris warned Congress that
"our credit is gone." A monarchy was advocated as the way out of general
disorder. But calmer counsel prevailed and the adoption of the Constitution, the funding of the Federal debt and its payment at face value,
the adoption of sound money principles restored public confidence and
the new nation entered upon a period of prosperity.
It is interesting to note that when there was no National currency the
first three established banks—Bank of North America, Bank of New York
and the Massachusetts Bank—according to one historian, "gave the people
an excellent currency which served as an educating influence against fiat
money schemes,the disastrous effects of which led to the adoption ofsounder
principles in the framing of the Constitution in 1787."
It may now be said to be axiomatic that wars cause depressions. The
Revolutionary War, the War of 1812, the Civil War and the World War all
did. Business conditions during and after wars have common characteristics. . . .
Our great economic tragedies have not all been caused by wars. Some
have been produced by unsound governmental policies. The great depression that began in 1837 and continued for about four years was brought
about by an orgy of speculation in internal improvement. supported and
financed in large measure by State governments, and by the indiscriminate
granting of bank charters with the accompanying lax bank supervision.
In the eight-year period preceding that crisis the aggregate debts of the
States increased nearly 600% and the number of banks more than doubled.
The depression of the 1890's was largely due to the Sherman Silver Act and
the uncertainty over the gold standard.
Invariably when we have departed from tried and proved economic
principles, when our National policies have been shaped by political expediency rather than by such principles, trouble has ensued. Waste and
extravagance by nation, States and municipalities have inevitably produced crises, for such dissipation ofsavings and impairment of credit cannot
occur with impunity.
To indict private enterprise alone for our economic tragedies is grossly
unfair and is not supported by the evidence of history.
. .
No one can challenge the wisdom of reasonable governmental regulation
to correct abuses and safeguard personal rights but it is not the function
of government to supplant private enterprise and every incursion in this
direction merits popular resistance. Furthermore continued spending beyond a reasonably obtainable budget will inevitably lead to inflation and
Inflation always has and always will spell disaster.
For 150 years this bank has prospered by adhering to the sound principles
of banking initiated by the sterling old time Boston merchants of 1784. It
has progressed with the times and has adapted itself to changing conditions
but it has never swerved from the fundamentals.
The Union Trust Co. of Boston, Mass., on June 29 was
admitted to membership in the Federal Reserve System.
George V. Hopper, Cashier of the Paterson National
Bank, Paterson, N. J., committeed suicide on June 27 in
the bank building. It was reported by bank officials that
Mr. Hopper's accounts are in perfect condition. The
deceased banker, whose home was in Glen Ridge, N. J.,
had been connected with the Paterson National Bank for
about 35 years, going there as a messenger. He was 50
years of age.
On June 28 the Comptroller of the Currency granted a
charter to the Keystone National Bank in Pittsburgh,
Pittsburgh, Pa. The new institution replaces the Keystone
National Bank of Pittsburgh and.is capitalized at $400,000,
consisting of $200,000 preferred stock and $200,000 common
67
stock. S. Clarke Reed is President of the new organization and H. M. Schaefer, Cashier.
The First & Farmers' National Bank of Forest City, Forest
City, Pa., was chartered by the Comptroller of the Currency
on June 25. The new bank succeeds two Forest City banks,
the First National Bank and the Farmers'& Miners' National
Bank, and is capitalized at $100,000, consisting of $40,000
preferred stock and $60,000 common stock. George C.
Bartholomay heads the new organization with H. L. Bayless
as Cashier.
The National Bank of Oak Harbor, Oak Harbor, Ohio,
was chartered by the Comptroller of the Currency on June
23. The new institution, which succeeds the First National
Bank of Oak Harbor, is capitalized at $50,000, consisting of
$25,000 preferred stock and $25,000 common stock. 0. I:
Teagarden is President and R. L. Gratop, Cashier of the
new bank.
Directors of the First National Bank of Cincinnati, Ohio,
on June 26 elected Waldo E. Pierson a Vice-President of the
bank, T. J. Davis, President, of the institution, announced.
Mr. Pierson was one of the founders and President of the
Midland Acceptance Corp., acquired by the Commercial
Investment Trust Corp., New York, recently. The Cincinnati "Enquirer" of June 27, in reporting the matter,
also said in part:
As a member of the bank's Board of Directors for several years, Mr.
Pierson served in an advisory capacity to board committees. His experience
In the field of credits is regarded as a valuable asset to the bank, officials
said.
Mr. Pierson came to Cincinnati in 1923 to organize the Midland Acceptance Corporation. . . . He was active head of the company until
last week. He was Vice-President and General Manager of the Welbon
Automotive Co.. Indianapolis, before coming to Cincinnati.
The First National Bank at Paris, Paris, Ark., was
chartered by the Comptroller of the Currency on June 27.
The new organization, which succeeds the First National
Bank of Paris, is capitalized at $50,000, half of which is
preferred and half common stock. L. B. Crenshaw heads
the new institution with Lewis C. Sadler as Cashier.
According to Conway, Ark., advices on June 23, printed
in the Memphis "Appeal," depositors of the Farmers'
State Bank of Conway, which closed in November 1931, will
receive a dividend of 10% from proceeds of a Reconstruction
Finance Corporation loan of $212,251.53, according to E. G.
Pettus, Deputy Commissioner in charge.
The proposed payment to more than 4,000 depositors in the
defunct State Bank of Orlando & Trust Co., Orlando, Fla.,
of a 5% dividend, totaling $107,407, was made known on
June 22 by J. W. Mosteller, the liquidator's agent. Orlando advices on June 22, to the Florida "Times-Union," in
reporting this also said:
He also stated that the Reconstruction Finance Corporation had granted
a loan of $275,000 to the defunct bank and that depositors would also be
paid this amount later The depositors will receive 18% payments or a
total of $382,000.
At the same time Mosteller offered his resignation and M. A. Smith.
General Liquidator, appointed R. L. Richards, formerly of the Jacksonville
office of the RFC, to fill the vacancy. . . .
The State Bank of Orlando & Trust Co. closed Its doors in August 1929.
Probable opening in the near future of a new bank in Titusville, Fla., to be known as the Citizens' Bank of Titusville,
is indicated in the following dispatch from that place on
June 23 to the Florida "Times-Union":
Stock in a new bank here has been fully subscribed, it was announced
to-day (June 23). Titusville formerly had two banks, but has been without
any since 1928.
The new institution, backed by 43 stockholders, will be called the Citizens'
Bank of Titusville. It will probably open early in August and may make
use of and purchase the building formerly owned by the Bank of Titusville,
now being liquidated.
Concerning the affairs of the closed Volusia County Bank
& Trust Co. of De Land, Fla., advices from that place under
date of June 22, printed in the Florida "Times-Union," had
the following to say:
The closed Volusia County Bank & Trust Co. here will accept a proffered
loan of t105,000 from the Reconstruction Finance Corporation, it has
been decided by a special committee of depositors, R. L. Lockhart, Liquidator, stated to-day (June 22).
The loan, which is expected to be available in about 60 days, will provide funds for the payment of a dividend of approximately 6% to depositors,
it was said, and will bring total dividends paid to date, to 16%.
A dispatch from Hemphill, Tex., on June 18 to the Dallas
"News," stated that sufficient stock had been subscribed
for opening a new bank in Hemphill in the Fall, according to
an announcement by L. Motley, well-known banker o
68
Financial Chronicle
Teneha, who is in charge of organization. The new bank
with a capital stock of $25,000 will operate under the Federal
Reserve system and will guarantee deposits up to $2,500,
this amount to be raised to $5,000 after the first year, it
was said.
The Comptroller of the Currency issued a charter on
June 26 to the First National Bank at Lubbock, Lubbock,
Tex. The new bank is capitalized at $150,000, half of which
is preferred stock and half common stock, and replaces
the First National Bank in Lubbock. 0. L. Slaton and Roy
Riddel are President and Cashier of the new institution.
On June 23 the Comptroller of the Currency issued a
charter to the First National Bank of Angleton, Angleton,
Tex. The new organization succeeds the Angleton State
Bank of that place and has a capital of $50,000, half of
which is preferred stock and half common stock. Louis J.
Wilson and E. L. Lehmann are President and Cashier,
respectively, of the new institution.
At the time of mailing checks for the 135th dividend, which
was payable July 2,1934,at the rate of 30cents per share, HerbertD.Ivey,President of the Citizens NationalTrust&Savings
Bank of Los Angeles, Calif., called attention to the fact
that the bank has maintained an unbroken record of consecutive dividend payments for more than 40 years, or
since Jan. 2 1894. Mr. Ivey also said:
Our Board of Directors recently authorized the transfer of $3,000,000
from our $6,000,000 surplus fund to a reserve for doubtful items and losses
which may result from the long-continued depression. However, there is
to-day a pronounced tendency toward business improvement and as it
continues many items now classified as doubtful will be restored to good
standing, since borrowers will be able again to meet their obligations. Bank
earnings should correspondingly improve.
After making this transfer to reserve our statement as of June 30 1934
shows a capital structure of more than $9,000,000,represented by $5,000,000
common stock, $3,000,000 surplus, and undivided profits in excess of $1,000,000-this in addition to a reserve of more than $3,000,000.
Earnings of the Bank of America National Trust & Savings
Association and the Bank of America (California), both with
head offices in San Francisco, Calif., for the first six months
of 1934, totaling $5,214,000, covered dividend requirements
for the entire year by a margin of more than $1,000,000 and
continued the uptrend in profits with a 17% gain over earnings for the first half of 1933, it was announced July 2 in
connection with the publication of the June 30 statement.
The announcement went on to say:
After payment of two quarterly dividends aggregating $1,800,000 the
amount of 31.542.000 was appropriated for reserves and $1,872,000 added
to undivided profits during the past six months, which increased this account to $17,048,000 on June 30.
The earnings were at the annual rate of $10,400,000 or 23,5 times the
annual dividend rate of $4,100,000 established when Directors increased
the quarterly disbursement in June.
The combined statement of condition of Bank of America National
Trust & Savings Association and Bank of America (California) as of June 30
1934, shows total deposits of 5926,004,000, an increase of $158,590,000
since June 30 1933.
The statement shows total resources of $1,091,377,000, with total cash
of $101,448,000 and with $438,234,000 invested in United States. Government. State. County and municipal bonds and other securities. The
market value of these securities is higher than the amount at which they
are carried on the books of the bank, the report shows.
The statement of condition of The Farmers and Merchants National Bank of Los Angeles, Los Angeles, Calif.,
as at the close of business June 30, shows total assets of
$109,094,619, of which $23,925,644 represents cash on hand
and with Federal Reserve Bank and due from other banks.
On the debit side of the statement, total deposits are given
as $97,070,819. The institution has a paid-in capital of
$3,000,000; surplus of $4,500,000 and undivided profits of
$526,507, making a total capital structure of $8,026,507.
V. H. Rosetti is President.
The statement of condition of Wells Fargo Bank & Union
Trust Co., San Francisco, Calif., as of June 30 1934, shows
total resources of $203,648,111. Total deposits of $178,880,878 established an all-time high record for the bank.
The previous high point of deposits was a year ago, June 30
1933, when they totaled $167,206,647. On June 29 1929
the deposit figure was $122,766,514. Moderate increases
are shown in the bank's undivided profits, now $3,364,202
as against $3,305,164 a year ago and $2,656,056 on June
29 1929.
Albert William Austin, Chairman of the Board and former
President of the Dominion Bank (Canada), died in Toronto,
Ont., on July 5 after a prolonged illness. The deceased
banker, who was 77 years old, was born in Toronto the son
July 7 1934
of the late James Austin, founder and a former President
of the Dominion Bank. Mr. Austin left Upper Canada
College in 1874 to become a clerk in his father's bank, but
after serving three years he abandoned banking and entered
the wholesale grocery business of Frank Smith & Co., in
Toronto. In 1880 he went to Winnipeg with a view to
establishing his own wholesale grocery business, but upon
noticing the lack of transportation facilities there, obtained
the first franchise for an electric railway in the Manitoba
capital. In 1892 Mr. Austin sold his railway interests in
Winnipeg and returned to Toronto, becoming Vice-President
of the Consumers' Gas Co. and a director of the Dominion
Bank. Subsequently he succeeded the late Sir Augustus
M. Nanton as President of the bank, became President of
the Consumers' Gas Co. and President of the Canada NorthWest Land Co. Last year, upon his retirement as President
Mr. Austin became Chairman of the board of directors of
the Dominion Bank, the office he held at his death.
Cable advices received at the New York representative's
office of Barclay's Bank, Ltd., London, indicate that for
the period Jan. 1-June 30 1934 the bank has declared its
usual rate of dividend, namely, 10% per annum on the A
shares and 14% per annum on the B and C shares. This
is the same dividend consistently paid for many years past.
Course of Bank Clearings.
Bank clearings this week again show a decrease as compared with a year ago. Preliminary figures compiled by us,
based upon telegraphic advices from the chief cities of the
country, indicate that for the week ended to-day (Saturday,
July 7) bank exchanges for all cities of the United States
from which it is possible to obtain weekly returns will be
6.5% below those for the corresponding week last year.
,894,912,074, against
Our preliminary total stands at
$5,237,263,782 for the same week in 1933. At this center
there is a loss for the five days ended Friday of 13.6%.
Our comparative summary for the week follows:
Clearings-Ileturns by Telegraph.
"Week Ended July 7.
1934.
1933.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$2,562,109,286
180,084,127
249,000,000
157,000,000
62,324,421
56,100,000
91,677,000
73,359,324
53,182,091
47,630,121
50,370,065
15,952,000
$2,965,415,585
163,278,990
205,000,000
156,000,000
49,640,672
53,600,000
73,448,000
60,910,866
31,644,369
35,412,849
29,534,805
15,495,000
-13.6
+10.3
+21 5
+0.6
+25 6
+4.7
+24.8
+20.4
+68.1
+34.5
+70.5
+2.9
Twelve cities, 5 days
Other cities, 5 days
$3,598,788,435
480,304,960
$3,839,381,136
456,285,570
-6.3
+5.3
Total all cities, 5 days
All cities, 1 day
$4,079,093,395
815,818,679
$4,295,666,706 -5.0
941,597,076 -13.4
fa 119.1 919 074
lc 977 995,799
_a x
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Juno 30. For
that week there is a decrease of 12.2%, the aggregate of
clearings for the whole country being $4,859,804,236, against
$5,537,674,197 in the same week in 1933.
Outside of this city there is an increase of 8.4%, the bank
clearings at this centre having recorded a loss of 21.5%. We
group the cities according to the Federal Reserve districts
in which they are located, and from this it appears that in the
New York Reserve District, including this city, the totals
record a loss of 20.9% and in the Boston Reserve District
of 15.9%, but in the Philadelphia Reserve District the totals
show gain of 10.9%. In the Cleveland Reserve District
there is an increase of 18.1%, in the Richmond Reserve
District of 21.5% and in the Atlanta Reserve District of
21.5%. The Chicago Reserve District has to its credit a
gain of 16.0% and the St. Louis Reserve District of 14.5%,
but the Minneapolis Reserve District suffers a contraction
of 12.5%. In the Dallas Reserve District the totals are
larger by 23.9%, in the Kansas City Reserve District by
16.7% and in the San Francisco Reserve District by 4.8%.
In the following we furnish a summary of Federal Reserve
districts:
69
Financial Chronicle
Volume 139
SUMMARY OF BANK CLEARINGS.
Week End. June 30 1934.
Ine.or
Dec.
1933.
1934.
1931.
1932.
4,859,804,336
1,859,908,216
29 MHz.
',CI, ma, 071
CIAllAAA
340,859,120
16,800,155 125,610.530 $213,277,322
Stock, number of shares_
Bonds.
Railroad & miscell, bonds $156,080,000 $276,280,000 31,368.072,000 31,063,435,000
388,454.500
361,771,000
State, foreign, Arc., bonds 46,213,500 77.623,000
260.247,000
328.418,700
U.S. Government bonds. 64,754,100 23,292.000
The volume of transactions in share properties on the
New York Stock Exchange for the six months of 1931 to
1934 is indicated in the following:
1931.
1932.
1933.
1934.
No. Shares. No. Shares. No. Shares. No. Shares.
291_477.684
236.878.736
We also furnish to-day a summary of the clearings for
the month of June. For that month there is a decrease
for the entire body of clearing houses of 0.9%, the 1934
aggregate of clearings being $23,054,423,468, and the 1933
aggregate $23,274,962,833. In the New York Reserve
District the totals record a decline of 8.4% and in the
Boston Reserve District of 9.6%, but in the Philadelphia
District the totals show a gain of 20.2%. In the Cleveland
Reserve District there is an improvement of 24.1%, in the
Richmond Reserve District of 27.9%, and in the Atlanta
Reserve District 29.1%. The Chicago Reserve District
has an increase of 21.7%, the St. Louis Reserve District
of 12.3%, and the Minneapolis Reserve District of 1.2%.
In the Kansas City Reserve District the totals are larger
by 29.6%, in the Dallas Reserve District by 26.4%, and in
the San Francisco Reserve District by 14.5%.
June
1933.
June
1934.
June
1932.
Int.or
Dec.
June
1931.
Total
164 cities 23,054,423,468 33,374,962,833 --0.9 31,918,490,621 39,246,521,381
Outside N. Y. City
8,628,619,084 7,450,383,242 +15.8 8,016,623,723 13,186,310,359
29 A1710.•
I 110 OVA nail
1 Ana nOg 512
-7.7
1.081.348.423
1.422 187 WI
We append another table showing the clearings by Federal Reserve districts for the six months for each year
back to 1931:
6 Months
1034.
Federal Reserve Dicta.
s
1st Boston_ ...14 cities 5,696,052,492
2nd Newyork .13 89,570,150,006
3rd Philadelpla32 . 7,555,134,073
4th Cleveland..13 "
5,101,321,675
5th Richmond. 8 2,466,419,189
6th Atlanta_ __ _ 15 ••
2,634,989,360
7th Chicago _25 8,441,366,476
8th St.Louis_ _ 6 2622820,294
9th Minneapolls13 "
1,951,630,170
3.276.006.768
10th Kansas C1ty14 "
11th Dallas
10 1,796,609,362
12th San Fran_ _21 4,694,742,271
6 Months Irtc.of 6 Months
1032.
Dec.
1933.
$
5,105,313,673
78,409,074,974
6,449,039,708
4,024,966,541
1,922.329.980
1,669,466,536
6,007,297,078
2,016.623,959
1,599,071,250
2.462377,126
1,348,121,665
3,756,539,609
%
+11.6
+14.2
+17.2
+36.7
+28.3
+40.9
+40.5
+30.1
+22,0
+33.0
+33.3
+25.0
6 Months
1931.
3
$
6,624,177,738 11,122,872048
88,831,929,140 153,686,083,624
7,646,359,259 11,194,743,318
5,434,508,736 8,485,363.982
2,850,135,788 3,901,854,949
2458355.328 3,397,248,975
9,746.958.563 17,352,362.458
2,446,775,389 3,458,924,346
1,844,133,205 2,535,673,228
3,270,716.354 4,569,248,153
1,619,134,056 2,262,062,544
4,916,851,661 7,036,753,305
Total
164 cities 135,806,242136 114,970,222,099 +18.1 137,679.835,277228.903.221,929
Outside N.Y.CU)
48,622384.252 38,719,908,163 +25.5 51,557,573,287 78,826,465,038
,
Canada
22 nItIne
7 AI, AIA IAA
A I7A A77 982 -4-18.3
6.293 110 077
42.423,343
64,182.836
65,658.034
Month of January
February
March
54,565,340
56.829.052
29,000,004
18,718,292
10.314.200
20,006,557
34,362,383
31.716.267
33,031.400
First quarter
141,206,205
58.120,040
99,110,140 172,263,252
29,845.282 52,896.506
25,335,680 104,213,054
16,800,155 125.610,530
April
May
June
31.470,016
23,136,013
23,000,504
54,346,836
46,650.525
58,643,847
213,277,322 340.850,120 176,718,572 331,903,460
Six months
The following compilation covers the clearings by months
since Jan. 1 1934 and 1933:
MONTHLY CLEARINGS.
Clearings Outside New York.
Clearings, Total AU.
°nth.
1933.
1034.
1933.
1934.
$
$
%
3
%
3
Jan___ 21.401,654,532 20.118.012.016 +6.4 7,849,400,138 7.472.087.801 +5.0
Fe:b.__ 20,511,436,146 18.381,143,379 +11.6 7,011,534.148 6,217.426.581 +12.8
ar- 23,519,678,240 16,460,033,786 +42.0 8,361,311,184 5.003.708,520 +67.1
Ist gm.65,432.768,918 54,060,090.081 +10.1 23,222,245.470 18,694,122,992 +24.2
Al9ril._ 24.357,009,617 16,688.176,458 +46.0 8,268,484,015 5,899,353,447 +40.5
ay.. 22,061,950,133 20,046,992,727 +14.5 8,503.034.783 6,686,048.482 +27.2
Julie.. 23.054,423.46823.274.962.833 -0.9 8,628,619,084 7,450,383,242 +15.8
$
6
Federal Reserve Diets.
%
$
$
943.381,567 1,906,579,671
1st 13oston....14 cities
939,299.981 1,038,552,264 -9.6
2nd NewYork...13 " 14,872,422,693 16,231.014,302 -8.4 14,334,142,431 26,692,124,014
3rd Philadelpla 12 "
1 354 599 534 1,126,888,762 +30. 1,163,413,421 1,960.125.389
846,182,730 1,387,191,84-4
4th Cleveland--13 "
775,155,130 +34.1
964907,308
'
464,248,597
644,367.791
5th Richmond _ 8 "
345,662,203 +27.9
442272806
358,854,436
537.303,233
6th Atlanta____15 "
334,070,596 +39.1
431,399,420
7th Chicago _....25 "
1,535,173,108 1,260,949,007 +21.7 1,563.865,365 2,814,415,861
386,581,050
576,977,627
403,237,394 +12.3
8th St.Louls___ 6 "
452,833,141
323,537,218
452,838.776
359,076,576 +1.2
9th Minneapolls13 "
363,345,000
533,193,532
760,084,774
454,746,270 +29.6
10th Kansas City14 "
589,244,450
246,971,826
361,178,428
243,220,411 +26.4
11th Dallas
307,363,508
10 755,118,448 1,153,532,974
702,389,917 +14.5
12th San Fran__21 "
804,562,519
Canaria
3267.056,600 $377,105,000 $2,050,161,700 $1.712,137,500
Total bonds
5,537,674,197 -12.2 5,409,261,596 8,782256.069
1,715,147,551 +8.4 1,981.385,400 2791,784,570
qr. AAA 891 -559
1933.
1934.
1933.
1934.
$
$
$
Federal Reserve Diets.
%
$
435,035,159
297,439,968
238,596,673 -15.9
230,658,818
let Boston_ ... _12 cities
6,152,574,983
3,643,437,256
-20.9
3,916,720,470
3,098,305,270
NewYork__12
2nd
474,365,192
323.983371
279,208,192 +10.9
309,722,975
3rd Philadelpla 9 294,615,970
204,367,137
175,242,372 +18.1
206,938,160
6th Cleveland__ 5 "
141,256.607
114,633.470
80,493,560 +31.5
97,772,581
5th Richmond _ 6 '•
107,637.548
83,523.336
74,965,826 +21.5
91,111,605
6th Atlanta_ ___10 "
561,845,324
372,866,918
+16.0
311,576,719
361,503,393
7th Chicago - --10 113,519,457
84,780,028
68,518,439 +14.5
101,354,668
8th S6.Louis_ _ _ 4 "
87,683,967
84,061,410
87,018,304 -12.5
76,161,182
9th Minneapolis 7 "
122.040,408
96,448,712
+16.7
93,072,382
108,624,624
10th Kansas City10 "
46,048.171
32,063,743
32,293,140 +23.9
40,025,695
11th Dallas
5 "
246,433,287
171,654,447
159,968,220 +4.8
167,625,264
12th San Fran_ _12 "
111 oltleS
Total
Outside N.Y. City
Sit Months.
Month of June.
Desertptton.
8 08 002 4;
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for June and the six months of 1934 and 1933 are given
below:
2d on_ 70,373,473,218 60,010,132,018 +17.3 25,400,138,782 20,035,785,171 +27.3
6.moo. 135806242136 114970222099 +18.1 48.622,384,252 38,720.008,163 +25.5
The course of bank clearings at leading cities of the country
for the month of June and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES IN JUNE.
June
1934. 1933. 1932. 1931.
$
14,426 15,825 13,902 26,060
990 1,795
888
082
804 1.708
006
809
1,206 1,070 1,087 1,831
416
267
272
303
586
343
353
430
500
408
399
438
336
242
171
233
240
175
161
186
380
278
259
310
463
274
209
283
292
217
247
234
181
104
67
98
580
300
193
323
98
74
81
97
149
92
90
109
48
34
39
35
103
79
50
64
172
110
112
118
90
68
65
84
112
81
40
90
73
52
40
50
148
112
104
121
52
37
44
51
141
99
85
100
60
39
39
45
47
35
39
38
21,353 21,848 20,303 36,760
Total
1,701 1,427 1,615 2,487
Other cities
Total all
23,054 23,275 21,918 39.247
Outside New York_ 8,620 7,450 8,017 13,186
(000.0001
omitted.)
New York
Chicago
Boston
Philadelphia
St. Louis
Pittsburgh
San Francisco
Baltimore
Cincinnati
Kansas City
Cleveland
Minneapolis
New Orleans
Detroit
Louisville
Omaha
Providence
Milwaukee
Buffalo
St. Paul
Denver
Indianapolis
Richmond
Memphis
Seattle
Salt Lake City
Hartford
Jan. 1 to June 301934. 1933. 1932. 1931.
$
$
87,184 76,240 86,122 150,077
5,364 4,417 6.213 11,112
9,922
4,432 5,721
4.941
7,230 6,143 7,189 10,399
1,658 2,470
1,340
1,602
1,760 2,223 3,648
2,210
2.685 3.746
2,148
2,616
1.497 2,004
056
1,299
1,104 1,493
858
1.059
1,670 2,298
1,303
1,698
1,763 2,711
1,464 1,127
1.626
1,202
1,066
1,236
1,083
720
416
592
3,486
1,819
609
1,803
594
464
424
580
918
505
438
688
292
226
181
205
628
435
261
332
605 1,033
571
668
529
334
491
396
637
492
365
472
449
332
229
288
883
681
578
692
327
273
227
332
828
607
454
554
367
247
206
253
302
218
194
220
126,162 107,277 127,257 213,852
7.603 10,423 15,051
9,644
135,806 114,970 137,680 228,903
48,622 38,730 51,558 78,826
We now add our detailed statement showing the figures
for each city separately for June and since Jan. 1 for two
years and for the week ended June 30 for four years:
CLEARINGS FOR JUNE, SINCE JANUARY 1, AND FOR WEEK ENDING JUNE 30.
Month of June.
Sit Months Ended June 30.
Clearings at•
1934.
1933.
Inc. or
Dec.
$
$
%
First Federal Reser ye District- BostonMe.-Bangor
1,944,016
2,385,711
Portland
4,735,358
6,628,072
Mass.-Boston
006,316,619
800,178,631
Fall River
2,462,376
2,503,001
Holyoke
1,523,078
1,460,815
Lowell
1,300,544
1,333,588
New Bedford
2.301,843
2,416,250
Springfield
12,675,154
12,500,154
Worcester
5,706,344
5,701,254
Conn.-Hartford
39,332,033
37,9511,048
New Haven
15,261,785
14,444,633
Waterbury
4,689,700
5.555,900
38,500,000
H. 1.-Providence.... 35,029,800
1,622,514
2,093,317
N. H.-Manchester..
Total (14 CR166)----
030,200,081 1,038,552,264
1934.
$
Week Ended June 30.
1933.
.tne. or
Dec.
1934.
1933.
Inc. or
Dec.
1932.
1931.
$
%
$
$
%
$
$
+22.7
+40.0
-10.7
+5,3
-3.6
+2.5
+1.0
-1.3
-1.6
-3.5
-5.4
+18.5
-9.0
+29.0
12,911,077
42.550,072
4,940,904,091
15,738.630
8.757,804
7,341,059
14,881.537
68,690,624
31,505,430
220,230,625
86,204.661
29,660,000
204,858,300
11,728,564
0,347,642
30,316,352
4,432,143,716
13,835,692
8,031,315
6,495,412
12,404,550
66,770,213
31,293,035
194,277,452
86,454,805
22,649,500
181,047.500
10,246.399
+38.1
+40.4
+11.5
+13.8
+9.0
+13.0
+20.0
+2.9
+1.0
+13.4
-0.3
+31.0
+13.2
+14.5
492,288
1,370,732
175.000,000
568,854
-9.6
5,696,052,492
5,105,313,673 +11.6
544,253 -9.5
1.102,631 +15.7
209,881,069 -16.6
519,217 +9.6
548,684
2,477,003
284,000,000
585,703
834,561
3,475,216
363,679,062
920,657
286.107
427.544
2.752,793
1,424.727
7,342,269
2,839.427
328,633
452,273
2.558,163
1.144,578
8,812,949
3.508,746
-12.0
-5.5
+7.6
+24.5
-16.7
-19.1
317,905
504.821
3,420,000
2,095,180
0,033,552
5,004,910
406,644
2,315,479
4,827.607
2,957,946
14.265,387
7,880.768
7,660,600
484,387
9,260,000 -17.3
394,161 +22.9
8,771,900
680,310
12,575,700
896.042
200.658,818
238,596,673 -15.0
297,430,968
435,035,159
70
Financial Chronicle
July 7 1934
CLEAR!NGS--(Continued).
Month of June.
Mon/ha Ended June 30.
Clearings at
1934.
Inc. or
Dec.
1933.
Second Federal Res erve District -New YorkN. Y.-Albany
41,229,831
34,513,776
Binghamton
3,730,825
3,594,410
Buffalo
118,046,825
111,713,685
Elmira
2,175,133
2,543,299
Jamestown
1,532,243
2,150,889
New York
14,425,804,384 15,824,579,591
27,203,823
Rochester
28,754,315
Syracuse
15,148,456
15,852,881
Conn.-Stamford
13,078,337
11,507,433
N. J.-Montclair
1,747.364
2,157,729
Newark
88,947,093
74,734,363
Northern N. J
129,513,900
115.886,809
Oranges
3,645,853
3,643,769
Total (13 cities).-
14,872,422,693 16.231,014,303
Third Federal Rese rye District-Philadelphia
Pa.-Altoona
1,357,654
1,624,647
Bethlehem
1,117,119
Chester
1,198,414
Harrisburg
6,995,031
6,803,540
3,002,869
3,674,489
Lancaster
Lebanon
1,352,079
1,359,200
2.515,272
Norristown
2,197,420
Philadelphia
1,296,000,000 1,070,178,000
4,254,028
Reading
4.423,828
8,910,803
7.421,198
Scranton
6,345.712
Wilkes-Barre
7,955,475
4,494,165
York
4,464,973
N. J.-Trenton
16.334,900
17,507,700
Total (12 cities)
Week Ended June 30.
1934.
1933.
230,439,440
217,862,016
5,211,734
+5.8
10,232,191
22,097,989
19,739,692 +11.9
709,146
831,753
667,829,105
571,277,622 +16.9
27,327,613
27,930,754
13,286,830
14,875,055 -10.7
608,391
430.582
11,609,296
9,227,088 +25.8
319,881
396,883
87,183,857,884 76,240,313,936 +14.4 2,999,896,020 3,822,526,646
159,154,593
150,632,355 +5.7
8,122,337
5,768,783
86,753,335
81,515,183 +6.4
3,375,122
3,006,407
69,465,101
60,858,035 +14.1
2,178,747
2,364,939
9,466,934
9,985,307 -5.2
603,696
281.255
437,954,729
400,709,765 +9.3
15,953,053
19,439,728
656,940,160
611,430,861
29,661,497
+7.4
27,848,582
21,294,610
20,648.059 +3.1
Inc. or
Dec.
1932.
1931.
%
$
$
+96.3
9,505,289
8,609.264
--14.7
911,786
1.573,525
+2.2
32,167,491
46,973,880
--29.2
1,364,832
1,344,307
+24.1
781,868
969,448
--21.5 3,427,976,196 5,991,471,499
_29.0
8.989,699
13,688,949
--10.9
4.772,188
6,504.148
+8.5
2,368,282
3,669,829
--53.4
1,274,215
998,130
+21.9
22,973,606
30,137,842
--6.1
30,401,804
46,634,362
-8.4 89.570,150,006 78,409,074,974 +14.2 3,098,305,270 3,916.720.470 -20.9 3,543,437,256 6,152,574,983
8.809,677
6,054,794 +45.5
330,072
-6.8
-2.7
+22.4
-0.5
-14.5
+21.1
-3.8
+20.1
-20.2
+0.7
+7.2
6,911,719
39,753,274
19,763,934
7,484,551
11,629,151
7,230,000,000
26,760,503
54,572,675
36,156,730
25,939,759
87,352.100
6,259,553 +10.4
41,696,589 -4.7
17,774,288 +11.2
7,192,839 '+4.1
9,860,661 +17.9
6,142,610.000 +17.7
27,789,534 -3.7
46.833,469 +16.5
37,270,215 -3.0
22,902,466 +13.3
82,795,300 +5.5
224,261
292,628 +12.8
b
343,847 -34.8
354,234
b
487,483
564,766
b
1,016,145
868,522
719,543 +20.7
1,096.474
2.278,483
300,000,000
845,553
1,959,865
1,140,716
948,986
3.405,000
264,000,000
943,381
1,260,698
1,547,230
1,048,865
9,052,000
+13.6
-10.4
+55.5
-26.3
-9.5
-62.4
309.000,000
2,646,662
2,466,111
2,128,795
1.262,412
4,541,000
453.000,000
3,131,465
4,263,518
3,024,221
1,651,594
5,435,000
1,354,599,534 1,126,888,762 +20.2
7,555,134,073
6,449,039,708 +17.2
309,722,975
279,208,192 +10.9
323,983,171
474,365,192
+32.2
+15.5
+35.5
+22.9
+3.0
+138.4
+15.3
29.655.201
1,059,344,722
1,464,493,525
214,553,100
9,853,206
3,292,093
28,336,065
18,567,309
857,554,154
1,127,382,196
162,680,350
8,613,896
1,691,113
19,674,280
+59.7
+23.5
+29.9
+31.9
+14.4
+94.7
+44.0
39,921,775
62,215.992
7,789,100
36,061.884 +10.7
46,315,009 +34.3
7,094,500 +9.8
43,507,813
66,158,338
7,245,700
50,456,393
100,190,228
11,092,900
1,139.749
896,817 +27:1
887,050
1,402,530
+7.8
+16.8
+35.6
+21.8
+7.9
+10.3
3,649,067
2,138,693
4,434,584
2,210,443,951
30,403,536
40,723,932
3,572,148
1,834,997
3,883,675
1,780,462,117
23,784,099
35,466.207
+2.2
+30.8
+14.2
+25.6
+27.8
+14.8
95.871,544
+13.15
88,588,236
131,473,919
775.155,130 +24.1
5,101,321,675
4,024,966,541 +26.7
206,938.180
175.242,372 +18.1
204,367,137
294.615,970
-29.3
-7.3
+19.7
128.605
2,045,000
*28,500,000
100,220 +28.3
2,510,000 -18.5
23,885,885 +19.3
412,067
3.340.186
28,588,772
502.734
3,784,966
33,808,038
+31.9
+505.1
+35.9
+27.4
51.949,019
961.907,308
Fifth Federal Reser ve District- RichmondW. Va.-Huntington
629,007
430,885
Va=Norfolk
9,491,000
10,152,000
120,814,217
Richmond
104.165,181
N.C.-Raleigh
B. C.-Charleston_ _
3,488,658
2,972,805
Columbia
6,940,320
Md =Baltimore
233,118,610
170,538.466
Frederick
1.120,998
915,209
Hagerstown
D. C.- Washington_ _
66,669,996
56,487,657
Total (8 cities)
-5.4
-4.4
+13.7
-19.0
+19.0
+11.8
+0.1
1933.
Inc. or
Dec.
+19.7
Fourth Federal Res erve District- -ClevelandOhio-Akron
5,318,946
Canton
4,022,465
Cincinnati
185,772,722
160,868,708
Cleveland
282,944,917
208,808,819
Columbus
37,316,000
30,372,600
1,817,552
Hamilton
1,764,573
Lorain
638,887
267,943
4,939,945
Mansfield
4,284,041
Youngstown
Pa -Beaver County-734,984
682,071
Franklin
346,413
404,629
Greensburg
636,949
863,964
Pittsburgh
429,827,166
352,753,152
3,830,456
3,548,740
KY =Lexington
W. Va.-Wheeling_ _ _ _
7,497,140
6,798,656
Total (13 cities)
+19.5
+3.8
+5.7
-14.5
+40.4
1934.
442,272,806
+18.0
3,443,003
50,271,000
691,828,277
C
21,178,786
37,546,283
1,299,275.878
6,207,462
b
356,668,500
345,662,203 +27.9
2,466,419,189
Sixth Federal Reser ye District-AtlantaTenn.-Knoxville
13,411,457
10,650,633
Nashville
41,216,794
48,656,039
Ga=Atianta
117,100,000
146,100,000
3,637,915
3,480,414
Augusta
2,005,591
Columbus
1,787,450
Macon
2,064,798
2,444,311
Fla.-Jacksonville_ _ _
45,048,555
32,187,517
Tampa
3,619,957
4,052,438
Ala.-Birmingham
59,241,018
42,245,377
4,345,040
Mobile
3,698,526
Montgomery
1,976,829
2,508,775
Miss.-Hattiesburg _
3,395,000
2,719,000
Jackson
1,024,714
Meridian
1,018,960
457,710
420,832
Vicksburg
97,989,182
66,965,284
La=New Orleans.. _ _
+46.0
-6.5
+16.0
+17.4
+36.7
+22.5
-20.6
+18.0
+24.8
-4.3
+12.2
+18.4
+40.0
+11.9
+40.2
+17.5
+26.9
+24.91
4,866,791
54,250,000
578,097,645
c
16,054,240
d6,205,325
955,859,053
4,871,064
b
302,125.862
724.578
84,874,362
-0-.4
774,605
1,759,637
40,789.651 +27.4
62,079,315
78,422,209
727,801
+18.1
14,425,380
12,480,003 +15.6
19,438,525
22,979,023
1,922,329,980 +28.3
97,772,582
80,493,560 +21.5
114,633,470
141,256,607
2,088,881
10,066,093
30,400,000
666,210
3,004,278 -30.5
8,211,317 +22.6
25,600.000 +18.8
637,876 +4.4
2,127,321
9,506,349
26,700,000
555,752
4,340,860
10,485,401
30,670,910
1,164,450
487,210
11,670,000
459,101
+6.1
9,741.000 +19.8
446,757
8,238,960
742,859
9,290,187
12,941,943
931,288
9,180,142 +41.0
911,683 +2.1
9,468,352
860,205
11,519,309
1,194,880
+2.7
+17.5
+42.3
109,775
21,750,225
131,123 -16.3
17,089,306 +27.3
143,426
25,478,214
189,978
38,258,712
+0.6
+8.8
+46.3
56,432,637
286,155,186
937,100,000
24,984,628
12,196,963
15,557,426
269,801,149
27,133.435
342,084,970
25,438,523
14,947,477
21282,000
b
6,839,311
2,957,562
592,078,093
334,070,596 +29.1
2,634,989,360
1,869,466,536 +40.9
91,111,605
74,965,826 +21.5
83,523,336
107,837,546
Seventh Federal Re serve District -ChicagoMich.-Adrian
247,179
Ann Arbor
2,004,561 -1.5
1,973,875
192,852,707 +67.3
322,587,829
Detroit
Flint
2,985,022 -18.6
2,430,911
7,193,744
Grand Rapids
3,858,677 +86.4
Jackson
5,121,150 -77.0
1.180,053
Lansing
2,262,004 +99.8
4,514,748
Ind.-Ft. Wayne
2,100,278 +41.5
2,971,775
Gary
6,013,960 +50.7
9,063,369
39,619.000 +26.8
50,242,000
Indianapolis
3,552.345
South Bend
1,870,590 +89.9
12,715,171 +26.9
Terre Haute
16,132,088
Wis.-Madison
2,549,942
1,852 246 +37.7
Milwaukee
49,763,733 +28.3
63,858,286
Oshkosh
967.523 +48.7
1,419,194
Iowa-Cedar Rapids..
2,456.241
839,459 +192.6
Davenport
Des Moines
27,706,021
20,091,809 +37.9
Iowa City
Sioux City
10,142.972 +5.4
10,694,889
Waterloo
Ill.-Aurora
701,547 +35.7
951,698
Bloomington
1.833,040
1.280,178 +43.2
Chicago
887,572,102 +10.6
981.802,829
Decatur
2,006,927 +25.2
2,513,072
Peoria
8.762,824 +15.6
10,128,383
Rockford
2,113,469 +49.4
3,157,743
Springfield
4,011,854
3,451,098 +16.2
1,441,966
11,848,453
1,803,044,399
28,381,367
39,188,492
7,617,983
23,562,338
15,555,480
45,182,024
288,350,000
20,021,591
94,266.358
11,802,099
331,609,909
7,577,498
9,212,212
b
149,719,872
b
60,723,024
b
5,253.864
9,558,132
5,364,179,903
13,479,415
62,772,783
15,585,354
21,428,960
d52I,243
12,637,672
609,292,426
16,553,447
25,368,868
18,962,955
8,437,401
12,840,522
31,466,287
228,824,715
14,646,531
74,190,428
7,261,487
261,005,278
3,397,746
0,753,060
b
111,216,787
b
45,037,148
b
3,422,749
9,746.933
4,416,507,830
9,935,901
47,883,907
13,067,707
21,318,052
+176.6
-6.2
+195.9
+71.5
+54.5
-59.8
+179.3
+21.1
+43.6
+26.0
+36.7
+27.1
+62.5
+27.1
+123.0
+195.5
40,875
585,321
81,644,828
421,092
47,451,578 +72.1
103,814
787,145
74,288,596
164,289
751,834
118.261,033
1,433.804
820,551 +74.7
2,431,370
3,929,950
829,580
711,149
583,835
424,306 +87.6
1,547,500
1,263.001
2.986,950
1,925,419
10,802,000
735,976
3,415.819
9.513,000 d-Wa
469,269 +56.8
3,021,956 +13.0
12,611,000
902,354
4,387,805
18,541,000
1,240,949
6,336,889
13,321,237
11,405,835 +16.8
17,567,077
23,998,900
482,973
169,755 +184.5
650,362
2,548,350
+34.6
6.033,397
5,075,510 +18.9
6,130,711
5,222,429
+34.8
2,331.159
2,233,782
+4.4
2.183,934
3,781,807
+53.5
-1.9
+21.5
+35.7
+31.1
+19.3
+0.5
428,654
234,886,246
524,678
1.898,784
529,344
887,569
258,954 +65.5
225,958,907 +4.0
621.227 -15.5
1,860,269 +2.1
481,012 +9.8
807,181 +10.0
1,098,979
242,293,138
452,901
2.434,087
473,311
1,282,033
1,493,427
364,054,868
922,057
3,082,046
1,298,620
1,304,497
8,441,386,476
6,007,297,078 +40.5
361,503,393
311,576,719 +16.0
372,868,918
561,845,324
+11.4
+20.1
1,691,869,788
589,418,460
1,339,784,556 +26.3
423.604,328 +39.1
67,800,000
22,038,691
59,900,000 +13.2
18,265.716 +20.7
57,400,000
17,326,451
83,200,000
18,527.237
+16.1
+15.7
+13.4
331,549,877
1,028.169
8,954,000
20 040,978
226,736,381 +46.2
525,424 +95.7
5,952,292 +50.4
11,260,977
10,052,723 +12.0
9.482,214
10,851,851
255,000
300,000 -15.0
571,383
940,369
403,237,394 +12.3
2,622,820,294
2,016,623,959 +30.1
101,354,868
88,518,439 +14.5
84,780,028
113.519,457
Total (15 cities)_._.
Total (25 cities)_
431,399,420
1.535,173,108 1,260,949,007 +21.7
Eighth Federal Res erve District--St. LouisInd -Evansville
New Albany
Mo.-St. Louis
302,766,668
271,737,196
Ky.-Louisville
97,360,816
81,092,544
Owensboro
Paducah
4,986,342
Tenn.-Memphis
50,998,938
43,919,658
Ill.-Jacksonville
169,719
146,654
Quincy
1,537,000
1,355,000
Total (6 cities)
452,833,141
61,084.804
215,456,651
644,700,000
19,686,026
9,977,414
10,008,514
194,799,431
22,051,192
218,726,292
19,948,869
10,813,292
16,826,000
b
6,658,518
2,517,881
416,211,652
-7.6
+32.8
+45.4
+26.9
+22.2
+55.4
+38.5
+23.0
+56.4
+27.5
+38.2
+26.5
71
Financial Chronicle
Volume 139
CLEARINGS-(Concluded.)
Week Ended June 30.
Ste Months Ended June 30.
Month of June.
Clearings at1933.
1934.
Inc. or
Dec.
1934.
1933.
%
S
$
Inc. or
Dec.
1934.
1933.
Inc. or
Dec.
1932.
%
S
$
%
$
1931.
$
$
$
Ninth Federal Rese rve District- Minneapolis17,386,501
4inn.-Duluth
13,942,304
247,208,800
234,429,394
Minneapolis
789,160
826,886
Rochester
64,767,367
83.766,479
St. Paul
6,713,868
5,752,001
7. D.-Fargo
3,493,000
Grand Forks
3,583,000
669,000
614,126
Minot
2,069,663
I. D.-Aberdeen
2,036,930
3,966,433
Sioux Falls
3,924,094
1,264,283
ylont.-Billings
1,577,343
1,760,345
Great Falls
2,107,501
8,787,087
10.597,390
Helena
200,16
187,552
Lewistown
-19.8
-5.2
+4.8
+29.3
-14.3
+2.6
-8.2
-1.6
-1.1
+24.8
+19.7
+20.6
-6.3
55,539,418
1,236,197,112
4,430,538
491,336,875
38,152,169
19,037,300
3,168,302
10,909.431
21,514.821
8.410.184
10,628,277
51,384,426
921,317
53,869,440
1,066,086,850
4,112,060
333,773,027
34,585,210
14,263,000
3,081,026
11.498,046
18,960,488
6,211,995
7,808,340
43,990,006
831,762
+3.1
+16.0
+7.7
+47.2
+10.3
+33.5
+2.8
-5.1
+13.5
+35.4
+36.1
+16.8
+10.8
2,159,105
51,324,195
3,869,151 -44.2
62,904,937 -18.4
1,800.639
58.588.787
3,729,918
56,372.327
18,204,245
1,312,535
16,110,530 +13.0
1,345,680 -2.5
14,299,597
6,506,693
17,742,606
1,677,894
359,076,576
+1.2
1,951,630.170
Tenth Federal Rese rye District- Kansas City- 246,198 +47.4
362.952
ceb.-Fremont
b
b
262,017
Hastings
7,155,187 +22.0
Lincoln
8,731.243
89,680,858 +21.4
Omaha
108,829,363
6,148,123 +8.6
6,676,247
Dol.-Kansas City_
7,871,633 +14.2
Topeka
8,992,230
10,342.255 +36.5
14,119,847
Wichita
1,446,250 -2.0
1do.-Joplin
1,417,808
258,764,270 +19.7
Kansas City
309,819,943
12,421,617 +3.6
St. Joseph
12,863,769
16,179,726 +41.6
)kla.-Tulsa
22,913,946
2,303,398 -11.9
2010.-Colo. Springs.._
2,029,777
40,394,149 +122.5
Denver
89,895,392
1,792,606 +30.0
Pueblo
2,329,916
1,889,006
1,699,855
51,449,727
687,525,601
36,494,004
44.156,281
56,731,200
8,052,570
1,688,065,611
72,324,373
131,291,340
11,511,655
471,870,077
11,945,468
1,575,191
4950,000
38,163,358
437,546,543
32,894,722
37,837,077
56,913,529
7,238,045
1,303,396,055
59,828,597
92.495,295
13,094,434
364,962,852
15,481.428
454,746,270 +29.6
3,275,006,768
Total (13 cities)
363,345,000
Total (14 cities)
589,244,450
Eleventh Federal R eserve Distric t-Dallas3,155,649
rexas-Austin
3,463,848
2,362,551
Beaumont
3,108,787
106,589,427
Dallas
143,540,469
9,207,250
El Paso
11,012,456
21,981,347
Ft. Worth
23,779.126
6,557,000
Galveston
8,621.000
81,207,891
Houston
101,184,026
977,541
Port Arthur
1,244,938
2,118,912
Wichita Falls
3,042,640
9,242,843
1a.-Shreveport
8,366,218
+9.8
+31.6
+34.7
+22.0
+8.2
+31.5
+24.6
+27.4
+43.6
-9.5
19,770,826
17,066,405
832,683,937
65,725,452
125,519.635
51,605,000
610,901,988
6.994,493
15,809,064
50,532,562
399,651
473,530 -15.6
591.534
251,629
376,113
36-.6
275,430 +-
308,169
439,599
2,385,338
2,039,046 +17.0
----
1,965,991
6,969,994
1,599,071,250 +22.0
76.161,182
87,018,304 -12.5
84,061.410
87.683.967
+19.9
+78.9
+34.8
+57.1
+10.9
+16.7
-0.3
+11.3
+29.5
+20.9
+41.9
-12.1
+29.3
-22.8
61,041
54,683
1,713,270
24,622,098
68,345 -10.7
b
b
1,490,654 +14.9
20,272,005 +21.5
191,596
117,188
1.694,661
21.254,425
299,049
261.990
3.102,048
27.688.873
2,350,264
3,978,699
2,154,873 +9.1
2,843,608 +39.9
1,647,201
4,315,288
3,127,365
5,744,719
72,491,878
2,603,128
63,066,257 +14.9
2,647,027 -1.7
.64,055,374
2.091,374
76.071,908
3,731,223
2,462,377,126 +33.0
108,624,624
17,195,295
14,173,734
586,549,322
51,277,281
109,062,105
40,146.000
463,275,173
5,361,135
11,868,646
49,212,974
+15.0
+20.4
+42.0
+28.2
+15.1
+28.5
+12.2
+30.5
+33.2
+2.7
243,220.411 +26.4
1.796,609.362
1.348,121.665 +33.3
Twelfth Federal Re serve District -San Franci sco1,573,000 +8.2
1,702,000
Wash.-13ellingham
84,948,055 +17.9
100,196,421
Seattle
18,773,000 +73.4
32,546,000
Spokane
1,203,384 +81.2
Yakima
2,180,969
2,454,436 +40.2
Ida.-Boise
3,441.048
457,000 +44.2
)re.-Eugene
659,000
73,442,678 +25.3
92,017,406
Portland
+5.3
1,848,591
Utah-Ogden
1,947,073
38,783,507 +16.5
45,163,919
Salt Lake City
6,941,090 +25.4
Ariz.-Phoenix
8,704.514
+9.8
2,943,011
3,230,832
Dallf.-Bakersfield_.....
12,471,472 +20.1
14,982,835
Berkeley
13,235,148 -17.7
10,897,369
Long Beach
1,508.722 +19.9
1,809,189
Modesto
11,147,622 -7.8
10,282,431
Pasadena
2,867,933 -7.1
2,665,676
Riverside
14,323,533 +29.3
18,524,532
Sacramento
399,254,038 +9.7
437,939,740
San Francisco
5,704,222 +18.2
San Jose
6,744,550
4,072,515 -4.9
Santa Barbara
3,871,958
4,436,960 +13.9
Stockton
5,055,057
9,810,000
554,401,029
162,714,000
11,109,763
19,368,323
3,306.000
513,560.062
11,562,803
253,362,052
50,958,369
19,312,149
118,717,454
68,477,296
11,027,295
67,543,752
16,664.915
92,812,861
2,616.297,414
40.163,821
24,457,885
29,115,028
7,607,000
454,463,610
109,404,000
6,379,057
12,588,060
2,190,000
372,758,523
9.319,690
206,347,866
37,027,938
13,860,284
68.609,922
66,807,832
7,514,759
63,437,336
14,952.78
79,030,48
2,148,307,71
30,886,15
21,384,38
23,662.20
702.389,917 +14.5
4,694.742,271
3.756,539.609 +25.0
Total (10 cities)
307,363,508
Total (21 cities)._
804,562,519
Grand total (164 cities) 23,054,423,468 23,274,962,833
+29.0
+22.0
+48.7
+74.2
+53.9
+51.0
+37.8
+24.1
+22.8
+37.6
+39.3
+73.0
+2.5
+46.7
+6.5
+11.5
+17.4
+21.8
+30.0
+14.4
+23.0
362,461
133,452 +171.6
404,329
668.310
387,102
401,061
-3.5
677,276
1,344,921
93,072,282 +16.7
96,448,712
122.040,406
890,542
29,915,414'
5,876,447
1,826,000
+4.5
1,008,322
1,482,354
23,784,048 +25.8
22,847,404
30,427,749
4,566,302 +28.7
1,275,000 -43.2
4,508.875
1,748,000
8.479,958
2,234,000
851,875
1,517,292
1,815.915 -16.4
1.951,142
3,424,110
40,025,695
32,293.140 +23.9
32,063,743
46.048.171
21,530,071
7,174,000
404,696
+4.6
20,581,684
4,599,000 +56.0
328,510 +23.2
22,490,194
5,789,000
462,430
28,672,805
8.898,000
734,840
20.403,643
16,455,274 +24.0
16,473,569
25,561,319
10,358,113
10,345,852
+0.1
10,867.173
13,995,544
2,285,607
3,114.964 -26.6
2,918,572
5,336,326
1,909,747
2,294,327 -16.8
3,177.636
4.258,627
2,351,006
97,932,531
1,403,630
776,958
1,095,262
2,615,353
96,478,482
1.261,898
916,240
976,636
--10.1
+1.5
+11.2
-15.2
+12.1
4,144,770
101,752,074
1,550.232
1,101,336
927,461
9,284,537
142.830.076
3,389.838
1,635,575
1,835.800
167.625.264
159,968,220
+4.8
171,654,447
246,433,287
-0.9 135.806,242,136 114.970,222,099 +18.1 4,859.804.236 5,537,674,197 -12.2 5,409,261,596 8,783,256.069
Outside New York____ 8,628,619,084 7,450,383,242 +15.8 48,622,384.252 38.729,908.163 +25.5 1,859.908,216 1,715,147,551
+8.4 1,981,285,400 2,791,784,570
CANADIAN CLEARINGS FOR JUNE, SINCE JANUARY 1, AND FOR WEEK ENDING JUNE 28.
Week Ended June 28.
Six Months Ended June 30.
Month of June.
Clearings al1934.
Canada-
$
lontreal
'oronto
Vinnipeg
'ancouver
ittawa
Mebec
lalitax
familton
:algary
4. John
'ictorla
xondon
)dmonton
tegina
irandon
,ethbridge
laskatoon
4008e Jaw
irantford
'ort William
iew Westminster
vledicine lint
'eterborough
lherbrooke
Citchener
Vindsor
'rince Albert
vloncton
Cingston
)hatham
larnia
ludbury
Total (32 cities)
• Estimated.
1933.
$
Inc. or
Dec.
%
1934.
$
1933.
$
Inc. or
Dec.
%
1934.
$
422,390,386
499,150,381
247,976,030
64,796,936
20,327,832
17,714,731
9,111,338
16,635,935
24,156,318
6,235,283
6,469,268
11,304,677
19,504,697
13,203,111
1,230,107
1,458.660
5,050,969
2,074,607
3.479,585
2,824,609
1,902,62
846,75
2,455,850
2,633.29
4,361,67
9.514,66
989,94
2,922,15
2,428,96
1,959,78
1,892,82
2,621,81
-7.8
-11.6
-3.5
-5.5
-8.2
-1.4
+3.6
+1.4
-14.9
+10.4
-5.7
+1.0
-18.9
-6.2
+8.7
+5.5
-1.8
-9.9
-1.5
+14.0
+10.4
+0.4
+8.8
+0.4
+0.1
+2.7
+14.6
+3.1
-4.3
-10.2
+7.2
+18.0
2,204,498,950
2,772,628,056
1,138,496,560
367,219,462
105,469.115
95,372.108
53.781,914
95.038,017
111,206,396
40,013,946
37,112,166
62,338,108
89,900,238
71,570,051
6,995,481
9.031,434
27,797,695
11,148.867
19,008,261
14,379,178
11,882,142
4.866,985
15,062,960
14,071,947
25,598,753
55,293,909
6,455,984
16,650,734
12,542,194
10,653.511
10,495,591
16,093,783
1,900,147.915
2,227,002,792
1,076,126,345
305,055,431
95,602,965
91,195,707
48.273,695
81.293,191
116,796,218
34,857,693
31,973,960
56,449,23
85,497,40
72,905,36
6,407,73
7,463,73
26,933.63
11,562,44
17.719,85
12,395,71
9,907,42
4,219,88
12.765,90
12,982.49
19,941,68
50.769.26
5,395,48
14,682,94
11,778,26
9,941,29
8,810,26
11,581,42
+16.0
+24.5
+5.8
+20.4
+10.3
+4.6
+11.4
+16.9
-4.8
+14.8
+16.1
+10.4
+5.1
-1.8
+9.2
+21.0
+3.2
-3.6
+7.3
+16.0
+19.9
+15.3
+18.0
+8.4
+28.4
+8.9
+19.7
+13.4
+6.5
+7.2
+19.1
+39.0
79,765,843
93,007,075
43,077,863
13,329,436
3,858.449
3,161,760
1,992,232
3,626,081
4,418,940
1,414,052
1,249,027
2,362,596
3,151,477
2,468,484
310,103
340,209
1,014,042
388.618
652,916
802,987
450.531
194,016
592,850
582,919
833,984
1,913,503
217.448
797,765
523,857
425,121
387,482
775,605
1,318,855,090 1,429,625,812
-7.7
7,532,674,466
6,478.437.358 +16.3
268,087,271
389,582,744
441,101,409
239,264,911
61,202,827
18,658,611
17,471,471
9,434,624
16,876,000
20,549,016
6,883,136
6,099,714
11,416,720
15,819,704
12,386,127
1,337,263
1,538,366
4,960,169
1,869,673
3,428,943
3,220,150
2,100,613
.850,000
2,671,495
2,644,317
4,366,070
9,768,614
1,134,573
3,012,800
2,323,912
1,759,365
2.028,457
3,093,296
1933.
8
Inc. or
Dec.
%
1932.
$
$
-25.6
-8.5
-56.4
-2.0
-16.3
-9.7
+19.0
+4.0
-27.2
+2.0
-2.1
+13.1
+8.2
-38.6
+8.3
+14.8
-8.6
-4.4
-4.9
+31.1
-3.7
+2.0
+9.8
+4.5
-2.1
-7.3
+4.0
-14.5
+1.8
-0.7
+13.5
+20.6
82.556.980
69,885,162
31,944,139
11,347.855
4,923,280
4.125,365
1,994,060
3,344,783
4,555.500
1,563,671
1,149,741
2,260,808
3,093,841
3,002,837
299,765
289,938
1,231.436
516.885
677,670
488,969
420,752
147,381
531,839
490,660
835,066
2,217,011
215,177
864.441
.595,579
421,415
339,552
547,172
105,008,206
88.953.483
33,036,113
15.491,177
5,342,058
5,188.199
2,528,359
4,760,259
5,148.313
1,688,769
1,691,717
2,850,741
4,216,700
2,617.718
350,399
371,667
1,402,342
368.707
884,029
560,538
617,827
236,431
549,266
805,844
830,46C
2.458,112
352,802
813,801
727,692
523.765
423,861
678.300
358,435,521 -25.2
236,878,730
291,477,664
107,140,774
101.646,167
98,880,169
13,601,452
4,608,909
3,503,312
1,673,681
3,487,247
6,068,931
1,386,460
1,276,203
2,088,859
2,911,290
4,022,962
286,305
296,403
1,109,733
406,420
686,216
612,426
467,947
190,290
539,745
557,715
851,617
2,064,988
209,155
933,406
514,476
427,975
341,299
642,994
b No clearings available. c Clearing house not functioning at present. d Clear rigs for two months. e Three months' figures.
1931.
72
Financial Chronicle
THE CURB EXCHANGE.
Dealings on the Curb Exchange have been small, prices
irregular and the tone weak during the greater part of the
present week. There were occasional strong spots in the
mining group, particularly in New York & Honduras
Rosario Mining, which moved consistently upward breaking
through to a new top. Glen Alden Coal also showed considerable activity, but in the general list the changes were
few and usually within a comparatively narrow compass.
Price movements on Saturday were irregular, trading
was generally dull, and transactions were confined largely
to week-end adjustments. The outstanding dealings of the
day were in Glen Alden Coal, which was active and higher
following reports of a possible dividend and Singer Manufacturing Co., which broke into new high ground for 1934
on a comparatively small turnover. A. 0. Smith recovered
from its sinking spell of the previous day and there were
fractional gains in such stocks as American Cyanamid B,
Canadian Industrial Alcohol, Cord Corp., Electric Bond &
Share, International Petroleum and Newmont Mining.
Public utilities, oil shares and mining and metals were
generally dull and moved within a narrow range. In the
specialties group, Great Atlantic & Pacific Tea Co. declined
a point, Montgomery Ward A was lower and Pittsburgh
Plate Glass yielded about a point. In the alcohol list, Distillers Seagram was unchanged and Hiram Walker declined
a point.
The tone of the Curb Exchange was generally easier and
trading was of small proportions during the most of the dealings on Monday. There were a number of fractional gains,
but most of the active market leaders were down on the day
as the market closed. Oils showed the easiest trend, Humble
Oil and Standard of Indiana recording losses of small fractions. Mining stocks also were weak,particularly Aluminum
Co. of America, which was off about 2 points. Small declines were registered by a number of the public utilities
like American Gas & Electric, Niagara Hudson and Electric
Bond & Share. Wet stocks like Hiram Walker and Distillers
Seagram were neglected.
Pre-holiday dullness was apparent during the entire session
of the curb market on Tuesday, and the trading for the most
part made little progress either way. The new Armour
issues opened weak, but turned firmer as the day progressed.
Glen Alden Coal again moved ahead and reached a new top,
being in fairly good demand most of the day. New York &
Honduras Rosario Mining broke through to new high ground
on a small turnover and there was moderate interest manifest
in other active issues of the group. Leading public utilities
recovered a part of their losses of the previous day, the
strongest stocks in the group including Electric Bond & Share
and Niagara Hudson. On the other hand, American Gas &
Electric slipped backward and United Light & Power moved
within a comparatively narrow channel. Small changes
were in evidence among the oil stocks and the leading
specialties showed practically no change from the previous
close. The market was closed on Wednesday in observance
of the Fourth of July holiday.
Better prices prevailed during part of the trading on
Thursday, though the turnover was again small and there
were no changes of special importance. Glen Alden Coal
and New York & Honduras Rosario were again in demand,
and there was some interest apparent in Greyhound Bus
Corp. In the afternoon there were some recessions among
the stocks that were most active in the forenoon, though the
gains, at the close, were in excess of the losses. Mining
shares were fairly firm and so were the utilities. Oil stocks
were idle and wet issues were generally inactive.
The tone of the curb market was fairly firm on Friday,
though the volume of sales continued small. There were
occasional advances, but these were, as a rule, in small
fractions. Public utilities were fairly steady but did little
more than hold their gains made earlier in the week. Oil
stocks showed some improvement, particularly in Gulf Oil
of Pennsylvania and Humble Oil. Mining and metal shares
were practically unchanged from the previous close and liquor
stocks were generally neglected. There was a small amount
of interest apparent in the specialty group but the changes
were small and without special significance. As compared
with Friday of last week some of the more popular of the
market leaders were slightly higher, American Cyanamid B
closing on Friday night at 19 against 18 on Friday of last
week, American Gas & Electric at 273
% against 273', Canadian Industrial Alcohol (Cl. A) at 8% against 8%, Consolidated Gas of Baltimore (3.60) at 67Y
), against 65%, Cord
July 7 1934
Corp. at 4 against 3%,Electric Bond & Share at 153 against
14%, Glen Alden Coal at 22 against 193/2, Greyhound Corp.
at 183
% against 179,Gulf Oil of Pennsylvania at 643/2 against
633', International Petroleum at 273/i against 27%, National Belles Hess Co.at 3% against 338, Niagara Hudson at
4, Teck5% against 53', A. 0. Smith at 233 against 183
Hughes (.60) at 73i against 63/i and Wright Hargreaves at
93 against 9%.
A complete record of Curb Exchange transactions for the
week will be found on page 99.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
July 6 1934.
Stocks
(Number
of
Shares).
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
64,371 51,503,000
117,020 2,050,000
102,280 2,616,000
Total
555,721 511,536,000
Sales at
New York Curb
Exchange.
136,105
135.945
$39,000
134,000
99,000
HOLIDAY
2,462,000
84,000
2,905,000
123,000
1934.
84,000
48,000
$479,000
Week Ended July 6.
1933.
Total.
860,000 $1,602,000
129,000 2,313,000
64,000 2,779,000
2,630,000
3,076,000
3385,000 512,400,000
Jan Ito July 6.
1934.
1933.
3,510,476
Stocks-No. of shares_
555,721
Bonds.
$11,536,000 $21,335,000
Domestic
2,634,000
Foreign government
479.000
936,000
Foreign corporate
385,000
38,848,991
52,965,623
$580,189,000
21,440,000
17,763,000
$484,303,000
23,851,000
23,714,000
812,400,000 $24,905,000
$619,392,000
$531,868,000
Total
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 20 1934:
GOLD.
The Bank of England gold reserve against notes amounted to E191,410,683 on the 13th inst. as compared with £191,333,148 on the previous
Wednesday.
During the week the Bank announced the purchase of £49,480 in bar gold.
In the open market about E2,900,000 of bar gold was disposed of during
the week. There was a good demand from the Continent which seemed
to coincide with the date of the repayment of the Dutch loan to the French
Government.
Quotations during the week:
IN LONDON.
Per Ounce,
Equivalent Value
Fine.
of E Sterling.
137s.8 d.
June 14
12s. 4.06d.
1375. 854d.
June 15
12s. 4.06d.
137s. 9d.
June 16
12s. 4.01d.
1375. .
June 18
12s. 4.01d.
137s. 9;id •
12s. 3.97d.
June 19
1375. 103'd.
June 20
12s. 3.88d.
1375. 9.17d.
12s. 4.00d.
Average
The following were the United Kingdom Imports and exports of gold
registered from mid-day on the 11th inst. to mid-day on the 18th Inst.:
Exports.
Imports.
.E805,103 Netherlands
Germany
£34,395
18,808 France
France
23,431
645.020 Swtizerland
Swtizerland
6,929
8,784 United States of America 1,686,167
Belgium
16,024 Other countries
Venezuela
520
24,456
Peru
1,517,698
British South Africa
118.493
British West Africa
420,197
British India
18,200
British Malaya
163,175
Australia
9.606
Tanganyika Territory - - 21,562
Other countries
£3.757.126
£1,751,442
The SS. "Mantua" which sailed from Bombay on the 16th inst. carries
gold to the value of about £489,000, of which £473,000 is consigned to
London and E16,000 to New York.
The following are the details of the United Kingdom imports and exports
of gold for May 1934:
Imports,
Exports.
British West Africa
E332,513
Union of South Africa
7,254,983
Southern Rodesia
508,329
British India
2,576,191
British Malaya
78,241
Australia
590,486
New Zealand
63.294
Canada
11,936
British West India Islands & British Guiana
15,549
Germany
1,604,677
£2,318
l'oland
31,670
Netherlands
172,512
111.238
Belgium
9,661
9,800
France
306.234
6,296,369
Switzerland
226,400
47.766
Iraq
49,385
China
406,682
Egypt
13,125
United States of America
341,250
1,334,585
Venezuela
44,966
Other countries
121,952
7,348
£14,728,366 £7,841,094
SILVER.
During the past week sales have been rather restricted and a moderate
speculative demand has been sufficient to maintain a steady tone. Buyers
have not been disposed to press the market unduly, but offerings have
been readily absorbed. China and New York have taken little interest,
but the Indian Bazaars have again worked both ways. The undertone
remains firm.
It is reported that the Silver Purchase bill was signed by President
Roosevelt last night. It will be remembered that the Act provides for a
tax of 50% on profits accruing from dealings in silver and a code of regulations has been promulgaged governing the operation of this tax.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 11th inst. to mid-day on the 18th inst.:
Financial Chronicle
Volume 139
Imports.
Soviet Union (Russia)_
Belgium
Japan
British India
Australia
Canada
British West Africa
Other countries
Exports.
£3,100
£22,800 Sweden
1.061
2,800 Norway
2,812
18.667 Austria
97,175
5,555 United States of America
3,100
13,356 Bombay (via other ports)x10,348
7,545 Irish Free State
3.104
1,870 Other countries
6,152
E120,700
£79,745
x Coln at face value.
Quotations during the week:
IN LONDON.
IN NEW YORK.
-Bar Silver Per Or. Std.(Per Ounce .999 Pine.)
Cash.
2 Mos.
June 14 ---19%d.
453ic.
June 13
19 15-16d.
June 15...19 13-16d.
June 14
455(c.
19%d.
June 16---19 11-16d.
June 15
45 3-16c.
1910.
June 18---19 11-16d.
45 1-16c.
June 16
195,
0.
June 19---19 13-16d.
45 1-16c.
June 18
19%ii.
June 20.-19%d.
June 19
1915-16d.
45,ic.
Average_ --19.792d.
19.854d.
The highest rate ofexchange on New York recorded during the period from
the 14th inst. to the 20th inst. was $5.05% and the lowest $5.03 •
The stocks in Shanghai on the 15th inst. consisted of about 117,500.000
01111088 in sycee. 380,000.000 dollars, and 29.100,000 ounces in bar silver
as compared with about 118,800,000 ounces in sycee, 388,000.000 dollars
and 28.400.000 ounces in bar silver on the 9th inst.
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat..
Thurs.,
Wed.,
Tues.,
Mon.,
June 30.
July 5.
July 4.
July 3.
July 2.
Sliver, per oz__ 21d.
21d. • 2013-18d. 2011-18d. 2011(1.
Gold, p. fine oz.137s.10
1376.10d. 1376.711d. 137s.5d. 1378.7d.
Consols.
% Holiday.
80
794
7911
791(
British
%W. L
10334
10334
Holiday.
103%
1031£
British 4%1960-90
11434
Holiday.
114%
11414
11414
French Rentes
Parls)3% tr.* Holiday.
70.95
77.4.0
76.40
77.50
French War L'n
On Paris)5%
1920 amort
Holiday.
112.75
112.47
111.50
113.20
Frt.,
July 6.
2011'd.
137s.9d.
7934
10334
11434
77.70
113.30
The price of silver in New York on the same days has been:
Silver in N. Y
per oz. (eta.)
4834
48.14
4834
Holiday.
4634
4634
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
June 30 July 2. July 3. July 4. July 5. July 6.
1934. 1934. 1934. 1934. 1934. 1934.
Francs. Francs. Francs. Francs. Francs. Francs.
Bank of France
11,200 11.200 11,116 11,500 11,400
Banque de Paris et Pays Ban._
1,420 1.405 1.415,
__SWUM d'Union Parialenne.,-169
174
169
175
Canadian Paollio
216
222
226
223
-iiii
Canal de Suez
18,900 18,800 18,800 18.900 18,700
Ole Distr. d'Electrieltie
2,310 2,290 2,300 2,325
Cie Generale d'Electileltle
1,695
1,700
1,700
1:777
75
1.700
Ole Generale Tranaatiantique26
28
26
26
26
Citroen B
173
186
166
166
---Comptoir Nationale d'Escompta
990 1,006
1,011
1,010
Ooty 8 A
134
130
140
-iio
140
Courrieres
268
268
276
276
--Credit Commercial de France
703
705
713
710
Credit Lyonnais
2,050 2,010 2,030 2,050 2:1380
Kane Lyonnais
2,510 2,510 2,510 2.gr
2,580
Energie Electrique du Nord.621
630
630
7
Energie Electrique du Littoral
822
840
855
833
---Kuhlmann
575
573
592
582
L'Air Liquids
727
772
740
Holl750
750
Lyon (P L M)
972
988
983
day
966
....._
Nord Ry
1,400 1.405
1.429
1.412
Orleans
488
463
466
465
Pathe Capital
62
Ry--62
64
11
3
Pechiney
1.013
1,020
1,038
1.033
Rentes, Perpetual 3%
76.95 77.40 77.70
77.50 76.40
Rentes 4%, 1917
86.50 85.30 85.40 86.40 86.50
Rentes 4%, 1918
85.70 84.30 85.10 85.50 85.75
Rentes 414%, 1932 A
91.50 90.70 90.90 91.60 91.80
Rented 434%. 1932 B
89.70 89.00 89.40 89.80 90.10
Rental 5%, 1920
113.20 111.50 112.47 112.75 113.30
Royal Dutch
1,620 1,620
1,620
1.630
1,630
Saint Gobain C & C
1,220 1,249
1,249 1,221
Schneider & Cie
1.575
1,585 1,575
1.580
Societe Fmnmise Ford
52
51
53
51
55
Societe Generale Fenders
67
68
68
67
Societe Lyonnalse
2.515 2,480 2,510 2,530
Societe MarselliaLse
521
521
521
521
Tubize Artificial Silk peer
108
108
111
110
Union d'Electricitie
700
697
698
717
Wagon-Lila
80
80
so
79
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
June
30.
Reichsbank (12%)
Berliner Ilandels-Gesellsehaft (5%)
Commerz-und Privet Bank A 0
Deutsche Bank und Diaconto-GeselischaftDresdner Bank
Deutsche Reichsbahn (Ger Rye) pre!(7%)
Aligemeine Elektrizitaete-Gesell (A E G)..... HoltBerliner Kraft u Licht (10%)
day
Dessauer Gas (7%)
Geefuerel (5%)
Hamburg Elektr-Werke (8%)
Siemens & Halske(7%)
I G Farbeninclustrie(7%)
Salzdetturth (7% %).. _ _.
Rheinische Braunkohle (12%)
Deutsche Erdoel(4%)
Mannesmann Roehren
Repair
Norddeutacher Lloyd
July
153.
90
57
62
65
111
23
142
133
106
125
146
147
172
233
118
64
25
30
Per Cent of Pa
July July
4.
155. 155
90
90
57
57
62
61
65
65
111
111
23
23
141
141
132
132
105
105
125 125
147
148
148
148
170 170
233 233
118
117
63
63'
25
25
31
31
July
5.
154
90
57
62
65
111
23
142
133
108
125
148
149
172
234
117
64
26
30
JItly
155.
90
58
62
65
111
23
142
132
108
127
150
149
172
235
114
64
26
31
NATIONAL BANKS.
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
73
CHARTERS ISSUED.
Capital.
June 23-Torrance National Bank, Torrance, Calif
$100,000
Capital stock consists of $50,000 common stock and $50,000
preferred stock. President, James W. Post; Cashier. R. J.
Deininger. Will succeed No. 10396. the First National
Bank of Torrance.
June 23-The National Bank of Oak Harbor, Oak Harbor, Ohio_ 50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, 0. L. Teagarden; Cashier, R. F.
Gratop. Will succeed No. 6632, the First National Bank
of Oak Harbor.
June 23-The First National Bank of Angleton, Angleton, Tex_
50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, Louis J. Wilson; Cashier, E. L.
Lehman. Will succeed the Angleton State Bank of Angleton.
June 25-The First & Farmers National Bank of Forest City.
Forest City, Pa
100,000
Capital stock consists of $60,000 common stock and $40,000
preferred stock. President, George C.Bartholomay; Cashier,
H. L. Bayless. Will succeed No. 5518, the First National
Bank of Forest City and No. 9248, the Farmers & Miners
National Bank of Forest City, Pa.
June 25-Amarillo National Bank. Amarillo, Tex
500,000
Capital stock consists of $250.000 common stock and $250,000
preferred stock. President, B. T. Ware; Cashier, S. D.
'Vaughan. Will succeed No. 4710, the Amarillo National
Bank.
June 26-First National Bank in Pampa,Pampa, Tex
125,000
Capital stock consists of $75,000 common stock and $50,000
preferred stock. President, B. E. Finley; Cashier, Edwin S.
Vicars. Will succeed No. 9142, the First National Bank of
Pampa.
June 26-First National Bank of Lubbock. Lubbock, Tex
150.000
Capital stock consists of $75,000 common stock and $75,000
preferred stock. President, 0. L. Slaton; Cashier, Roy
Riddel. Will succeed No. 12682, First National Bank in
Lubbock.
June 27-The First National Bank at Paris, Paris, Ark
50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President. L. B. Crenshaw; Cashier, Lewis
C. Sadler. Will succeed No. 11592, the First National Bank
of Paris.
June 28-Keystone National Bank in Pittsburgh, Pittsburgh, Pa.. 400,000
Capital stock consists of $200,000 common stock and $200,000
preferred stock. President, S. Clarke Reed; Cashier, H. N.
Schaefer. Will succeed No. 7560, the Keystone National
Bank of Pittsburgh.
VOLUNTARY LIQUIDATIONS.
June 23-The Citizens National Bank of Llano, Tex
75,000
Effective June 12 1934. Liq. agent, Allen S. Johnson, Llano,
Tex. No absorbing or succeeding bank.
June 25-The First National Bank of What Cheer, Iowa
50,000
Effective June 20 1934. Liq. agent. Robert Schott, What
Cheer, Iowa. Succeeded by the First National Bank in
What Cheer, charter No. 14143.
June 25-The Berlin National Bank, Berlin, N. H
100,000
Effective June 12 1934. Liq. agent. William E. Corbin, Berlin.
N. H. Succeeded by Berlin National Bank, charter No.
14100, which has changed its title to Berlin City National
Bank.
June 25-The First National Bank of Moundsville, W. Va
50,000
Effective June 21 1934. Liq. agent, Dale R. Chaddock,
Moundsville, W. Va. Succeeded by First National Bank at
Moundsville, charter No. 14142.
June 25-The First National Bank of Lime Springs, Iowa
25,000
Effective June 20 1934. Liq. agents, R..1. Hughes and C. E.
Anderson, both of Lime Springs, Iowa. Absorbed by the
Exchange State Bank, Lime Springs, Iowa.
June 25-The First National Bank of Shelton, Wash
50.000
Effective June 161934. Liq. agent, Wm. G. Reed, care of the
liquidating bank. Absorbed by the First National Bank of
Seattle, charter No. 11280.
June 26-The United States National Bank of Johnstown,Pa-800,000
Effective June 25 1934. Liq. committee: John W. Walters
,
Edgar Bantly and Theodore B. Mainhart.care of the liquidating bank. Succeeded by United States National Bank in
Johnstown. charter No. 13781.
June 26-The Citizens National Bank of Groesbeck, Groesbeck,
Tex
50,000
Effective June 18 1934. Liq. agent, Citizens National Bank in
Groesbeck, Tex. Succeeded by Citizens National Bank in
Groesbeck, Tex.. charter No. 14126.
June 28-The First National Bank of Gentry, Ark
25.000
Effective June 15 1934. Liq. agent, Vol Wasson, Gentry. Ark.
Absorbed by the Brett State Bank, Siloam Springs, Ark.
June 28-The First National Bank of Edinburg, Tex
50.000
Effective June 20 1934. Liq. agent, Ralph M.Love. Edinburg,
Tex. Succeeded by First National Bank in Edinburg,charter
No. 14124.
CHANGE OF TITLE.
June 23-Citizens National Bank & Trust Co. of Ridgewood.
N. J., to Citizens First National Bank St Trust Co. of Ridgewood.
June 25-The First National Bank of Rapelje, Repoli°, Mont.,
to Stillwater National Bank, Columbus, Columbus, Mont.
AUCTION SALES.
Among other securities, the following, not actually dealt in
at the Stock Exchange, were sold at auction in New York,
Jersey City, Boston and Philadelphia on Thursday of this
week:
By Adrian H. Muller & Son, New York:
Shares. Pocks.
S per Share.
60 The Mounting & Finish Co.,Inc.(N.Y.). preferred, par $100
$1,400 lot
75 The J. T. Robertson Co.. /00. (Del). preferred, no par
$115 lot
Bonds.
Per Cent.
52.000 First mortgage 6% gold bond certificates, due May 1 1940 and covering 257 West 39th St., Manhattan Borough, N. Y. City
$425 lot
By Adrian H. Muller & Son, Jersey City, N. J.:
Shares.
Stocks.
1,000 A. B.See Elevator 2d preferred
$ per Share.
83
By R. L. Day & Co., Boston:
Shares. Stocks.
26 United States Trust Co., Boston, ex-dividend, par $10
25 Goodall Worsted Co., par 850
2 Dennison Manufacturing Co., 7% preferred, par $100
$ per Share.
8%
4634
42
By Crockett & Co., Boston:
Shares. Stocks.
25 National Shawmut Bank. Dar $25
13 American Mfg. Co., common, par $100
25 Laconia Car Co.,7% preferred, par 8100
4 Greenfield Tap & Die. 8% preferred, per $100
3 Saco Lowell Shops, let preferred, par $100
6 units First Peoples Trust
$ per Share.
2134
s
$6 lot
42
30
234
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per Share.
4 Market Street National Bank, par $100
28215
30 Central-Penn National Bank. par 510
2511
5 Corn Exchange National Bank St Trust Co.. par $20
3594
20 Girard Trust Co., par $10
8614
75 S. Twitchell Co., common, par $50
$50 lot
Bonds.
Per Cent.
23.000 The Temple Anthracite Coal Co., 7% sinking fund debenture, due
1944. Certificate of deposit
815 lot
Financial Chronicle
74
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
Max Oil & Gas (guar.)
2c July 16 July 4
Alaska Juneau Gold Mining Co.(guar.)
15c Aug. 1 July 10
Extra
150 Aug. 1 July 10
American Alliance Ins. (quar.)
25c July 16 July 6
American Art Works.6% pref.)quar.)
$1% July 15 June 30
July 2 June 20
American Beverage, coin. pref
American Bankstocks
8c
/c July 16 July 15
(quar.)
American Factors (monthly)
Aug. 10 July 31
10c
Corp.
American Reserve Ins. Co. (s-a)
50c Aug. 1 July 17
American Security Shares (St. Louis)
6c July 15 July 15
American Thermos Bottle, 7% Pref. (guar.)Oct. 1 Sept. 20
87
Aug. 1 July 20
Asbestos Mfg., $1.40 cony. pref. (quar.)
Associated Standard Oil Stocks A
9.472c July 15
Atlantic & Charlotte Air Lines -a.)
es.
$435 Sept. 1 Aug. 20
July 16 July 5
Atlantic Safe Deposit (N. J.) (quar.)_ _ _
$2
_
Bancroft (Jos.) & Sons Co.—No pref.div. _action taken.
Bandini Petroleum (monthly)
Sc July 20 June 29
Basic Insurance Shares, C
6.76c July 16
Belding-Corticelli, Ltd., common (quar.)
$1 Aug. 1 July 16
Beneficial Industrial Loan Corp., corn.(quar.)-- 37)ic July 30 July 16
Preferred, series A (quar.)
87)ic July 30 July 16
Birmingham Electric, $7 pref
h$1U Aug. 1 July 14
$6 preferred
/LSI Si Aug. 1 July 14
Brockton Gas Light (guar.)
380 July 16 July 2
Brown Shoe Co., preferred (quar.)
1% Aug. 1 July 20
Calamba Sugar Estates (quar.)
40e Oct. 1 Sept. 15
7% preferred (guar.)
35c Oct. 1 Sept. 15
Calhoun Mills (guar.)
$I July 2 June 27
Ca.if. Group,6% pref.(quar.)
37Sic July 2 June 30
Canadian Bronze Co.. Ltd., common (quar.),...
15e Aug. 1 July 20
Aug. 1 July 20
Preferred (quar.)
Si
Canadian Eagle Oil Co. (s.-a.) pref. div. action d eferred
Central Illinois Securities,$IM preferred
hl5c Aug. 1 July 20
Central Kansas Power,7% Preferred (guar.)-- - $1% July 15 June 30
6% preferred(guar.)
$134 July 15 June 30
Central Ohio Light & Power,$6 pref
1114 July 10 June 30
Sept. 1 Aug. 20
Century Ribbon Mills, Inc.. preferred (quar.)_ Cerro De Pasco Copper Corp
50c Aug. 1 July 16
Chase National Bank, N. Y., corn
47c Aug. 1 July 14
5% preferred (initial)
37 c Aug. 1 July 14
Chester & Philadelphia Ry
SOc July 16 July 9
July 16 June 30
Cincinnati Milling Mach.,6% preferred (quar.)- $1
Aug. 1 July 20
City Water of Chattanooga, 6% pref. (guar.)Si
Coca Cola Bottling Co.(St. Louis)(quar.)
15c .July 20 July 5
College Point Nat. Bank of N. Y
25c July 15 July 3
Commercial Discount, pref. A (quar.)
20c July 10 July 1
Preferred B (quarterly)
1734c July 10 July 1
Commonwealth Telep. Co.(Madison, Wis.)6% preferred (guar.)
$1Si July 16 June 30
Commonwealth Util. Corp.,631% pt. C (qu.)-- 51% Dec. 1 Nov. 15
Concord Electric Co.((mar.)
70c July 16 July 2
6% preferred (guar.)
July 16 July 2
Si
Connecticut River Power.6% Preferred (quar.)
$1Si 3ept. 1 Aug. 15
Container Securities
25c July 6 June 20
Corn Exchange Bank Trust Co.(ran)
75c Aug. 1 July 23
Crystal Tissue Co.,8% preferred s.-a.)
$4 July 2
Consolidated Chemical Indus., A guar.)
37c Aug. 1 July 15
July 2 June 27
Dakota Central Telen., 6)4% preferred (quar.)- $1
Davenport Water. 6% pref. (quar.)
$1Si Aug. 1 July 20
July 2 June 20
Davidson Co., Preferred
51
Diamond State Telep. (guar.)
50c June 30 June 30
Dictaphone Corp., corn. (quar.)
50c Sept. 1 Aug. 17
Preferred (quarterly)
$2 Sept. 1 Aug. 17
District Bond. °ref. (quar.)
37 c July 2 June 30
July 10 July 2
D••ff Norton Mfg
1
Edison Elec. Illum.(Boston)(quar.)
$2% Aug. 1 July 10
10c Aug. 31 Aug. 17
Employers Group Associates(guar.)
Erie & Kalamazoo RR (3-a)
$236 Aug. 1 July 26
Exeter & Hampton Electric (guar.)
52% July 16 July 2
Fall River Gas Works(guar.)
60c Aug. 1 July 23
July It July 10
Felin (J. J.) & Co., Inc. (s-a)
$3
7% preferred (quar.)
$1% July 18 July 10
Finanee Co.of America at Balt.—
10c July 16 July 6
Class A & B common
707 preferred (quar.) (guar.)
43 c July it July 6
8(c July it July 6
79 preferred, class A (cull%)
69c July 16 July 2
Fitchburg Gas & Elect. Light (quar.)
• 7c July 11 June 30
Foundation Trust Shares,series A
General Cigar Co., corn. (guar.)
$I Aug. 1 July 16
25c Aug. 1 July 14
General Stockyards Corp., common
$6 preferred (guar.)
51% Aug. 1 July 14
25c July 16 July 6
Great American Ins. Co. (quar.)
88c July 6 July 2
Haverhill Electric(quar.)
$14d Aug. 1 July 16
Holly Sugar Corp.,7% pref.(quar.)
July 25 July 20
Homestake Mining Co. (monthly)
$2 July 25 July 20
Extra
15c July 30 July 12
Honolulu Gas Co.. Ltd.(mthly)
50c Aug. 1 July 14
Humberstone Shoe Co., Ltd. (quar.)
h75c July 14 Jul
Hutchins Investors Corp., $7 pref
Illinois Commercial Telep.(Madison, Wis.)—
750 July 14 June 30
$6 preferred (quar.)
International Utilties Corp.,$7 pr. pref.(quar.)- 87%c Aug. 1 July 20a
43,
4,c Aug. 1 July 20a
$33,5 prior preferred. series 1931 (guar.)
514 Aug. 1 July 20
Interstate Dept. Stores. 7% pref
25c Aug. 1 July 20
Kalamazoo Stove Co.. com.(quar.)
28.09c July 15
Keystone Custodian Funds, 13
500 July 24 July 14
Keystone Steel & Wire Co.,common
Kokomo Water Works Co., 6% pref. (quar.)-- $1% Aug. 1 July 20
25c Aug. 1 July 20
Kress(S. H.) dr Co.,common (quar.)
15c Aug. 1 July 20
Special preferred (quar.)
Aug. 1 July 20
$1
Lazarus (F. & R.), 6A % pref. (quar.)
July 20 July 10
$1.
Lehigh & Wilkes-Barre Coal of N. J. (quar.)_
July 14 June 30
Lexington Telep.. 6)4% prior preferred (.quar.)..
Juno 30 June 30
London Life Insurance (quar.)
50c Aug. 1 July 17
Loose-Wiles Biscuit Co., common (guar.)
Oct. 1 Sept. 18
1st preferred (quar.)
150 Sept. 1 Aug. 8
Manhattan Shirt Co. (quar.)
50c July 16 July 6
Massachusetts Pr. & Lt. Assn., 1st pref.(quar.)_
75c Aug. 1 July 16
Maytag Co., $3 cum. pref_
$1)4 Aug. 1 July 16
$6 cum. preferred (guar.)
Mercantile Amer. Realty,6% pref. (quar.)_ _
51)i July 15 July 15
25c Aug. 1
Metropolitan Indust. Co., 6% pref. (qivar.)_
Mexican Eagle Oil o. (s.-a.)—Pref. div. action deferre d.
3c July 14 June 30
Midwest Oil Co., $1 par (quar.)
30c July 14 June 30
$10 par (quarterly)
5c July 14 June 30
Preferred (quarterly)
Milwaukee Elec. Ry.& Lt. Co..6% prof.(guar.) $134 July 31 July 20
15Z Aug. 1 July 20
Modine Mfg. (quar.)
July 2 June 23
Mollohn Mfg.,pref. (8.-a.)
Aug. 15 Aug. 1
Monmouth Cosol Water,7% pref. (quar.)1.5c July 16 June 30
Mutual Investment Trust Shares, N. Y.(new)...
25c Aug. 1 July 20
Nash Motors Co , corn. (quar.)
$2 Aug. I July 20
National Carbon Co., pref. (quar.)
33 1-3c Aug. 1 July 7
National City Bank, N. Y
50c Aug. 1 July 7
59' preferred (semi-annual)
50c Aug. 1 July 7
Preferred (holders other than RFC)
43 1-3c Aug. 1 July 7
Preferred (held by RFC)
10c Aug. 13 Aug.. I
National Liberty Insurance Co. (s.-a.)
Sc Au. 13 Aug. 1
Extra
62Sic July 3 June 18
National Life Assurance of Canada (quar.)
13%c Aug. I July 13
National Tea Co., preferred (guar.)
11.2c Tune 30
National Trust Shares (modified)
Name of Company.
July 7 1934
When Holders
Per
Share. Payable. ofRecord.
National Telep. & Teleg.. $334 1st pref.(quar.)_ 87%c Aug. 1 July 16
$134 Aug. 1 July 16
Neisner Bros., Inc., preferred (qua".)
147 Aug. 1 July 16
Preferred
75c July 14 June 21
New Bedford Gas & Edison Light (quar.)
13c July 2 June 5
New England Fire Ins
3734c Aug. 1 July 20
New York Merchandise Co.(quar.)
Aug. 15 July 31
Nineteen Hundred Corp.. B (quar.)
4c June 30
North American Trust Shares
58 1-3c Aug.. 1 July 14
Ohio Public Service Co.,7% pref. (mthly.)_
50c Aug. 1 July 14
6 preferred (mthly.)
41 2-3c Aug. 1 July 14
5% preferred (mthly.)
50c Aug. I July 20
Outlet Co.,common (guar.)
25c Aug. I July 20
Extra
$134 Aug. 1 July 20
1st preferred (quar.)
$134 Aug. 1 July 20
2nd preferred (quar.)
h$1Wi June 30 June 23
Peaslee Gaulbert Corp., 7% preferred
Sc Aug. 1 July 16
Penn Traffic
50c Aug. 1 July 16
Philadelphia Insulated Wire Co. (s.-a.)
50c June 30
Philadelphia Traction
50c June 30
ertificates of deposit
$1g
, Aug. 1 July 20
Phillips-Jones Corp., pref. (guar.)
Aug. 1 July 20
Pitney-Bowes Postage Meter
Pittsburgh Cincinnati Chicago & St. Louis RR.
$23i July 20 July 10
Co.(s.-a.)
35c July 2 June 9
Pittsburgh Plate Glass
51St July 30 July 3
Plymouth Cordage Co., corn. (quar.)
4.03c June 30
Primary Trust Shares.series A
Public Serv. Co. of Colorado,7% pref. (mthly.) 58 1-3c Aug. 1 July 14
50c Aug. 1 July 14
preferred (mthly.)
41 2-3c Aug. 1 July 14
5 preferred (mthly.)
6.04c July 16 June 30
Public Service Trust Shares, A,regular
6.045e June 30
A, coupon
20c July 22 June 30
Quaker State 011 & Refining
50c Aug. 1 July 21
Reed (C. A.)(quarterly)
90c July
2July 2
Reliable Fire Ins. Co.(Dayton, Ohio) (quar.)
51 July 14 July 9
Reserve Investment Corp., 7% pref
75c July 14 July 9
Reserve Resources Corp. (quar.)
$1 Aug.
1July 16
Rhode Island Public Service, A (quar.).
50c Aug. 1 July 16
Preferred (quarterly)
10c Aug. 1 July 11
Richmond Ins. of New York (guar.)
2J4c Aug. I July 11
Extra
6c July 25 July 16
Rickel(H. W.)
25e July 16 July 6
Rochester Amer.Ins.(N.Y.) (quar)
20e Aug. 1 July 16
Rockland Light & Power (guar.)
20c Aug. I July 16
Stock trust certificates ((buar.)
81
Aug. 1 July 25
Roos Bros., $6)4 preferred (quar.)
h81 4c Aug. 1 July 25
$634 preferred
Aug. 1 July 14
Salt Creek Producers Assoc., Inc. (quar.)
5.5a July 16 June 30
Selected Management Income Trust Shares
10c July 14 June 30
Shareholders Corp
July 20 June 30
$2
Sheaffer (W. A.) Pen, $8 pref. (guar.)
Solvay Amer. Investment Corp., pref.(quar.)_ _ 51% Aug. 15 July 16
Southern Acid & Sulphur, Inc. 7% pref.(qu.)_ _ $134 Oct. 1 Sept.10
3734c June 26 June 22
Southern Fire Ins.(Durham, N. C.)(quar.)July 2 June 30
Springfield City Water, pref. A,B & C (quar.)_ _
25c Aug. 1 July 14
Squibb (E. R.) & Sons (quarterly)
Aug. 1 July 14
$1%
Preferred (quarterly)
Standard Fruit Steamship Corp., partic.pref- - - _ mh75c Aug. 1 July 21
40e July 16 June 30
State Street Investment Corp.(guar.)
4.6e July 15
Super Corp. of Amer. Trust Shares,series AA_ _
4.8c July 15
Series B
$2 Aug. 15 July 20
Syracuse Lighting. 8% pref. (guar.)
$1% Aug. 15 July 20
634% preferred (quarterly)
51 54 Aug. 15 July 20
6% preferred (quarterly)
20c Sept. I Aug. 20
Telep. Inv. Corp.(monthly)
200 Oct. 1 Sept.20
Monthly
Oct. 1 Sept. 15
Tennessee Elect. Pow.Co.,5% pref.(quar.)---Oct. 1 Sept. 15
11
% preferred (quar.)
Oct. 1 Sept. 15
$1
7% preferred (guar.)
$1.8
Oct.
I Sept. 15
7.2% preferred (quar.)
50c Aug. 1 July 14
6 prefer.ed (monthly)
50c Sept. 1 Aug. 15
6 preferred (monthly)
50c Oct. 1 Sept. 15
6 preferred (monthly)
60c Aug. 1 July 14
7.2% preferred.(monthly)
Sept. 1 Aug. 15
60c
7.2 preferred (monthly)
60c Oct. 1 Sept.15
7.2% preferred (monthly)
-3c Aug. 1 July 14
58 150
Toledo Edison Co., 7% pref. (mthly.)
Aug. 1 July 14
6% preferred (mthly.)
41 2-3c Aug. 1 July 14
5% preferred (mthly.)
July 31 July 12
12
c
Transamerica Corp. (s-a)
Aug 1
4.
Trustee Standard Investment Shares,series0
134
..
86c Aug. 1
Series D
July
_
15
(spec.)
A
series
Trustee Standard 011 Shares,
July 2 June 30
Trust Fund Shares,reg
July
4
2
..3
3
3
c
Bearer
1.6c July 2 June 30
Trusteed American Bank Shares, ser. B.,reg_ _ _ _
1.6c July 2
Series B.coupon
1.1c July 5 June 30
Trusteed Industry Shares,reg
1.1c July 5
Bearer
75c Aug. 1 July 19
Tung-Sol Lamp Works, Inc.. preferred (quar.)
h25c Aug. 1 July 19
Preferred
150 July 16 June 30
United Bond & Share, Ltd.(quar.)
United Light & Rys.,7% prior prf.(monthly)_ _ 58 1-3c Aug. I July 16
58 I-3c Sept. I Aug. 15
7% prior preferred (monthly)
58l-3c Oct. 1 Sept. 15
7% prior preferred (monthly)
53c Aug. 1 July 16
6.36% prior preferred (monthly)
53e Sept. 1 July 16
6.36 prior preferred (monthly)
53c Oct. 1 Sept. 15
6.36 prior preferred (monthly)
50c Aug. 1 July 16
6 prior preferred (monthly)
50c Sept. 1 Aug. 15
607 prior preferred (monthly)
50c Oct. 1 Sept. 15
69 prior preferred (monthly)
$2 Oct. 1 Sept. 15
Upressit Metal, preferred (guar.)
Aug. 1 July 16
Walgreen.com.(quarterly)
h7
25
5 Aug. 1 July 21
Walker Mfg., $3 preferred
90c Aug. 1 July 14
Washington Gas Light (quar.)
Si July 5 June 29
West Coast Oil, preferred
$2
July 10 July 5
Washington 011
10c July 15 June 30
Westland 011 Royalty, A (monthly)
Aug. 1 July 16
Williams(R.C.), Inc
622
%
5c
e July 31 July 15
York Ry.,5% preferred (quar.)
Below we give the dividends announced in previous weeks
ancl not yet paid. This list does not include dividends announced, this week, these being given in the preceding table.
Name of Company.
Abraham & Straus, Inc., pref. (guar.)
Adams(J. D.)Mfg. Co.,common (quar.)
Affiliated Products (monthly)
Agnew Surpass Shoe Stores
Preferred (guar.)
Air Reduction Co. (quar.)
Alabama Great Southern RR. Co.. preferred
Alabama Power Co.. $5 pref. (quar.)
Allied Chemical & Dye Corp.,common (quar.)_
Aluminum Mfg.(guar.).-Quarterly
7% preferred (guar.)
7% preferred (quar.)
Amerada Corp. (quarterly)
American Can Co. common (quar.)
American Cities Power & Light
American Credit Indemnity of N. Y.(quar.)
American Coal of Allegany County
American District Teleg. Co.of N.J.,com.(qu.)
7% preferred (quar.)
American Envelope,7% pref. (guar.)
7% preferred (quar.)
American Factors. Ltd.(monthly). - American Fork & Hoe Co.. pref. (quar.)
Per
When Holders
Share. Payable. of Record.
$1
15c
Sc
200
$1%
750
$3
11
SIM
501C
50c
Si St
$15(
50c
51
75c
25c
50c
SI
SI
10c
5154
Aug. 1 July 14
Aug. 1 July $15
Aug. 1 July 16
Sept. 1 Aug. 15
Oct. I Sept. 15
July 16 June 29
Aug. 15 July 14
Aug. 1 July 16
Aug. 1 July 11
Sept.30 Sept. 15
Dec. 31 Dec. 15
Sept.30 Sept. 15
Dec. 30 Dec. 15
July 31 July 14
Aug. 15 July 258
Aug. 1 July 15
Aug. I July 25
Aug. !July 11
July 15 June 15
July 15 June 15
Sept. 1 Aug. 25
Dec. 1 Nov. 25
July 10 June 30
July 15 July 5
Financial Chronicle
Volume 139
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
American Gas & Electric, pref. (guar.)
$134 Aug. 1 July 9
American Hardware Corp.(guar.)
25c Oct. 1
Quarterly
Jan. 1
American Home Products Corp.(monthly)
20c Aug. 1 July 14a
American Hosiery Co.(guar.)
3731c Sept. 1 Aug. 28
American Ice Co., preferred (guar.)
$134 July 25 July 6
American Light & Traction Co.common (guar.)
40c Aug. 1 July 13a
Preferred (guar.)
131% Aug. 1 July 13a
American Machine & Foundry Co., com.(qu.)20c Aug. 1 July 13
American News Co.(bi-monthly)
25c July 14 July 3
American Shipbuilding (quar.)
50c Aug. 1 July 14
American Smelting & Refining preferred
h$434 Sept. 1 Aug. 3
American Telephone & Telegraph (quan)
$24 July 16 June 15
American Water Works & Elec. (guar.)
250 Aug. 1 July 6
American Woolen Co.. Inc., preferred
$135' July 16 June 15
Anglo-Persian Oil Co.. Am.dep.rec. ord. reg x w731% Aug. 7 June 8
Ordinary shares
w 734% July 31 June 9
Arlington Mills
50c July 16 June 26
Atchison Topeka & Santa Fe Ry. Co. common_ _
$2 Sept. 1 July 31
Preferred (semi-annually)
$234 Aug. 1 June 30
Atlas Corp- $3 pref. A (quar.)
75c Sept. 1 Aug. 20
$3 pi eferred (guar.)
75c Dec. 1 Nov. 20
Atlas Plywood Corp
50c July 15 July 2
Atlas Powder Co., pref. (guar.)
$134 Aug. 1 July 20
Austin. Nichols & Co., Inc., prior A (quar.)
$13.1 Aug. 1 July 16
Auto Finance, preferred (semi-ann.)
8734c July 16 June 30
Aviation & industrial Corp., A (guar.)
731c July 15 June 30
Baldwin. 6% cum. pref. (guar.)
$134 July 14 June 30
Bangor Hydro-Electric Co.,common (guar.)--30c Aug. 1 July 10
Barber(W.H.)& Co.,pref.(guar.)
$13I Oct. 1 Sept.20
Preferred (guar.)
$131 Jan. 1 Dec. 20
Battle Creek Gas
Sc Aug. 1 July 31
Bayuk Cigars, Inc.. preferred (guar.)
$135 July 15 June 30
Beatty Bros., 1st preferred (quar.)
$134 July 31 July 21
Bell Telephone of Can.(quar.)
$134 July 16 June 23
Bell Telep. of Penna.,634% pref.(guar.)
$131 July 14 June 20
Block Bros. Tobacco (guar.)
3734c Aug. 15 Aug. 11
Quarterly
3734c Nov. 15 Nov. 11
Preferred (quar.
$134 Sept.30 Sept.25
Preferred (guar.
$114 Dec. 31 Dec. 24
Bloomingdal Bros., pref. (guar.)
$13-i Aug. 1 July 20
Bon Anil, class A (war.)
El July 31 July 14
Boston Insurance(Mass.)(quarterly)
$4 Oct. 1 Sept. 20
Boston & Providence R.R. Co.(guar.)
$2.125 Oct. 1 Sept. 1
Boston RR. Holding,Pref.(1.-a•)
$2 July 10 June 30
Bower Roller Bearing Co.,(guar.)
25c July 20 July 1
Bralorne Mines, Ltd.(guar.)
15c July 16 June 30
Brantford Cordage Co. preferred (guar.)
50c July 15 June 20
Bridgeport Hydraulic (guar.)
40c July 16 June 30
Briggs Mfg. Co
25c July 30 July 16
British-Amer. Tobacco Co.,ord.(interim)
zwlOd July 7 June 4
British Columbia Power Co.. class A (guar.).—
37c July 16 June 30
British Columbia Telep., 6% 2d pref. (guar.)- $131 Aug. 1 July 17
Brooklyn Borough Gas (guar.)
$134 July 10 June 30
Brooklyn-Manhattan Transit Corp., pref. (q11.)- $134 July 16 June 30
Bruck Silk Mills, Ltd. (guar.)
25c July 16 June 15
Buffalo Niagara & Eastern Power—
$5 1st preferred (quarterly)
$131 Aug. 1 July 14
Bugwell Food Markets.7% pref. A
70c Aug. 1 Aug 1
Builders Exchange Building of Bait. (8.-0
3% July 7 June 23
Extra
33- July 7 June 23
California-Oregon Power,6% pref. (guar.)
750 July 16 June 30
7% preferrel (guar.)
13734c July 16 June 30
Campo Corp., common
20c Sept. 1 Aug. 15
631% preferred (guar.)
$1.94 Aug. 1 July 15
Canada Dry Ginger Ale, Inc., (guar.)
25c July 16 July 2
Canada Northern Power Corp.. Ltd..corn.(qu.)
25c July 25 June 30
Preferred (guar.)
% July 16 June 30
Canada Southern Ry. (semi-ann.)
$134 Aug. 1 June 29
Canadian Converters CO., common (quar.)_ --50c Aug. 15 July 31
Canadian Fairbanks Morse, pref. (guar.)
$134 July 14 June 30
Canadian Industries A & B (guar.)
873.4c July 31 June 30
A & B (extra)
75c July 31 Juno 30
$134 July 16 June 30
Preform'(guar.)
Canadian Light & Power (semi-ann.)
50c July 16 June 30
Carnation Co..7% pref. (guar.)
SI% Oct. 2
Preferred (guar.)
$134 Jan. 1
Carolina Clinchfield & Ohio Ry.(guar.)
$1 July 20 July 10
Stamped certificates(guar.)
$131 July 20 July 10
Carpel Corp. (guar.)
28c July 16 July 9
Central Cold Storage Co. common (guar.) _ - 123-4c Aug. 15 Aug. 5
Central Hudson Gas & Elec. v. t. c. (quar.)---20c Aug. 1 June 30
Central Power Co., 7% preferred (guar.)
8731c July 16 June 30
6% preferred (quarterly)
75c July 16 June 30
Central l'ower & Light Co.,7% preferred
4334c Aug. 1 July 14
6% preferred
3734c Aug. 1 July 14
Centrifugal Pipe Corp. (guar.)
100 Aug. 15 Aug. 5
Quarterly
10c Nov. 15 Nov. 5
Champion Coated Paper Co.,common (quar.)-- $1
Aug. 15 Aug. 10
Charis Corp.(quarterly)
3734c Aug. 1 July 23
Chesapeake & Potomac Telep. Co. of Balt.—
Preferred (quarterly)
$131 July 16 June 30
Cincinnati Newport & Coy. Lt. & Traction..
$134 July 16 June 30
Preferred(guar.)
$1,125 July 16 June 30
Cincinnati Northern RR.Co.(s-a)
$6 July 31 July 21
Cincinnati Postal Terminal & Realty Co.
631% preferred (guar.)
July 15 July 5
$194
Cincinnati Union Terminal,4%
$131 Oct. I Sept.20
Prof. (quar.)__
4% preferred (quar.)
Jan. 1 Dec. 20
$1
Cleveland, Clue. Chicago & St. Louis(semi-ann.)
July 31 July 21
5% preferred (guar.)
$134 July 31 July 21
Cleveland & Pittsburgh, reg. gtd.(quar.)
Sept. 1 Aug. 10
8731c
Registered guaranteed (guar.)
8734c Dec. 1 Nov. 10
Special guaranteed (guar.)
500 Sept. 1 Aug. 10
Special guaranteed (quar.)
50c Dec. 1 Nov. 10
Clinton Water Works Co..pref.(guar.)
$131 July 16 July 2
Colonial Finance Corp.of R.I.,7% pref.(guar.) 1734c
July
July 2
Columbia Pictures Corp.common (semi-annual)! 231% Aug. 10
2 June 15
Columbus Ily., l'ower & Light Corp.—
Class B preferred (quar.)
July
114
'2
14
7
$la Aug. 1 J
Commerce Liquidating (9y. Louis, me.) oleo_ _
Commonwealth Edison Co. (guar.)
$1
Aug.
1
July
14
Commonwealth Investment (Calif.) (quar.)4c Aug. 1 July 14
Concord Gas Co.. preferred (guar.)
$131 Aug. 15 July 30
Confederation Life Association
$1 Sept.30 Sept.25
(guar.)
Quarterly
$1 Dec. 31 Dec. 25
Connecticut Investment Management
10c July 14 July 2
Connecticut & Passumpsic Rivers RR.—
Preferred (8.-a.)
$3 Aug 1 July 1
Consol. Cigar Corp.. preferred (guar.)
Sept. 1 Aug. 15a
Prior preferred
Aug. 1 July 16a
$1
Consolida.ed Gas Co.of N. Y., pref. (quar.)
Aug. 1 June 29
$1
Consol. Lobster(guar.)
100 July 16 July 9
Consol. Min. & Smelt. Co.of Canada (semi-a1
4% July 16 June 30
0
Consolidated Oil Corp. S% pref. (guar.)
$2 Aug. 15 Aug. 1
Consolidated Royalty Oil Co.(guar.)
Sc July 25 July 15
Consolidated Traction of N. J.
$2 July 16 June 3
(s.-a.)
Consumers Power Co..$5 prof.(guar.)
$131 Oct. 1 Sept. 15
7% preferred (quarterly)
$134 Oct. 1 Sept. 15
, preferred (monthly)
50c Aug. 1 July 16
6 o preferred (monthly)
50c Sept. 1 Aug. 15
6 o preferred (monthly)
50c Oct. 1 Sept. 15
6% 'preferred (quarterly)
$134 Oct. 1 Sept. 15
6,6% preferred (quarterly)
$1.65 Oct. 1 Sept. 15
6.6% preferred (monthly)
55c Aug. 1 July 16
6.6% preferred (monthly)
55c Eept. 1 Aug. 15
6.6% preferred (monthly)
55c Oct. 1 Sept. 15
Continental Ins. Co.(s.-a.)
60c July 10 June 30
Continental Public Service (8.-a.)
5% July 16 June 30
Corn Products Refining common (quar.)
750 July 20 July 2
Preferred (quar.)
$131 July 16 July 2
$111
I
Name of Company.
75
Per
When Holders
Share. Payable. ofRecord.
Coon (W.)3.) Co.,7% pref. (guar.)
$1 13‘, Aug. 1 July 14
Creamery Package Mfg. Co (quar.)
250 July 10 July 1
Preferred (guar.)
$134 July 10 July 1
Cresson Consol. Gold Mining & Milling
Aug. 15 July 31
Crowell Publishing,7% pref.(s.-a.)
Aug. 1 July 24
Crum & Forster,8% pref.(quar.)
Sept.30 Sept. 19
Common (quarterly)
1234c July 15 July 5
Cudahy Packing Co. common (guar.)
6234c July 16 July 5
Cuneo Press. Inc.. common (guar.)
300 Aug. 1 July 20
Curtiss-Wright Export Corp. pref. (guar.)
$13i July 15 June 30
Darby Petroleum
250 July 25 July 10
Dayton Power & Light Co.,6% preferred (mo.)
50c Aug. 1 July 20
Denver Union Stockyards (quar.)
50c Oct. 1
Quarterly
50c Jan. 1
7% preferred (guar.)
$13i, Sept. 1 Aug. 20
7% preferred (guar.)
$134 Dec. 1 Nov.20
Detroit Edison Co. capital stock (guar.)
$1 July 16 June 30
Detroit Hillsdale & Southwestern (seml-ann.)_ _
$2 July 7 June 20
Detroit Paper Products
40c July 16 July 10
Detroit River Tunnel Co.(8.-a.)
$4 July 16 July 10
Devonian Oil (guar.)
15c July 20 June 30
Extra
10c July 20 June 30
Diamond State Telep..634% pref. (guar.)
$114 July 14 June 20
Doctor Pepper Co.(guar.)
15c Sept. 1 Aug. 15
Quarterly
15c Dec. 1 Nov. 15
Dome Mines, Ltd.(guar.)
50c July 20 June 30
Extra
$135 July 20 June 30
Distillers Co.. Ltd.. common (final)
1234%
Dominion Textile Co.,ILtcl..preferred (quar.) _ $13i July 16 June 30
E.I.duPont de Nemours& Co.—
Debenture stock (quarterly)
$11•4 July 25 July 10
Duquesne Light Co.,5% 1st pref.(guar.)
$131 July 16 June 15
Eastern Gas & Fuel Assoc
15c Oct
1 Sept. 15
Prior preferred stock(mum)
51.125 Oct. 1 Sept. 15
$6 preferred (quarterly)
$134 Oct. 1 Sept. 15
Eastern Theatres. Ltd pref. (8.-a.)
July 31 June 30
$3
Eastern Township Telep. Co
36c Oct. 15 Sept. 15
East Penn RR..13% gtd.
$13-I July 17 July 7
Eaton Manufacturing Co.(guar.)
25c Aug. 15 Aug. 1
Electric Bond & Share Co., $6 pref. (quar.)_ _ _ _ $134 Aug. 1 July 6
$5 preferred (quarterly)
$131 Aug. 1 July 6
Electric Power Assoc., Inc., class A
10c Aug. 1 July 16
Common
10c Aug. 1 July 16
Elizabeth & Trenton (s-a)
$1 Oct. 1 Sept. 20
5% preferred (s-a)
$134 Oct. 1 Sept. 20
El Paso Electric. pref. (guar.)
$134 July 16 June 29
El Paso Electric Co.(Del.)7% pref. (quar.)_ _ _
$131 July 16 June 29
$6 preferred (guar.)
$134 July 16 June 29
Ely & Walker Dry Goods Co.,7% pref.(s.-a.). _ $354 July 16 July 5
67 preferred (s.-a.)
$3 July 16 July 5
Empire & Bay State Teleg..4% guar.(quar.)_ _ _
$1 Sept. 1 Aug. 22
4% guaranteed (guar.)
$1. Dec. 1 Nov.21
Eppens, Smith (semi-annual)
$2 Aug. 1 July 25
Escanawba Power & Traction.6% prof.((Man)- $134 Aug. 1 July 27
6% preferred (guar.)
$134 Nov. 1 Oct. 26
Eureka Pipe Line Co. (quar.)
$1 Aug. 1 July 16a
Excess Ins. Co. of America, common
250 July 16 June 30
Faber Coe & Gregg (quarterly)
250 Sept. 1 Aug. 15
Quarterly
250 Dec. 1 Nov. 15
Quarterly
250 3-1-35 2-15-35
Farmers & Traders Life insurance Co.(quar.)_ _ $234 Oct. 1 Sept. 10
Feldmuehle Paper & Cellulose (Berlin)
6%
Fiberboard Products,6% pref.(guar.)
$131 Aug. 1 July 16
Fidelity-Phenix Fire Insurance Co. (5.-a.)
60c July 10 June 30
Firestone Tire & Rubber, com.(guar.)
100 July 20 July 5
First National Corp. of Portland (Ore.)
h5c July 16 June 25
Fishman(M. H.)Co..7% pref. A & B (quar.).. $131 July 14 June 30
Food Machinery. 631% preferred (monthly) _
50c July 15 July 10
634% preferred (monthly)
50c Aug. 15 Aug. 10
634% preferred (monthly)
50c Sept. 15 Sept.10
Freeport Texas Co.6% preferred(quar.)
$134 Aug. 1 July 12
Gardner Electric Light (semi-ann.)
$4 July 16 June 30
General Cigar Co., Inc.. preferred (guar.)
$134 Sept. 1 Aug. 23
Preferred (quan)
$1% Dec. 1 Nov.22
Generale d'Electricite
80 fr.
General Electric Co.. corn. (guar.)
150 July 25 June 29
$10 special stock (guar.)
15c July 25 June 29
General Electric (Great Britain) ord.reg
zw8%
Amer. dep. rec, for ord. reg
zw8
General Italian Edison Electric Amer. Shares_ _ _ $3.3§ July 13 July 6
General Mills Co..corn.(guar.)
Aug. 1 July 16
General Motors Corp.. $5 pref.(quar.)
Aug. 1 Jury 9
Gillette Safety Razor CO prefererence (guar.)Aug. 1 July 2
Gold Dust Corp.. com.(guar.)
Aug. 1 July 10
Gotham Silk Hosiery Co., pref. (guar.)
Aug. 1 July 12
Gottfried Baking Co., Inc., preferred (quar.)_
Oct. 1 Sept.20
Preferred (guar.)
Jan. 2 Dec. 20
Grace(N.R.)6% first pref. (semi-annual)
Dec. 29 Dec. 27
Great Lakes Engineering Works (guar.)
10c Aug. 1 July 25
Extra
Sc Aug. 1 July 25
Great Lakes Power Co.. ser. A $7 pref.(quar.)_ _ $134 July 16 June 30
Green & Coats Street Phila. Passenger Ry.. pref_ $134 July 7 June 22
Preferred
$134 Oct. 6 Sept.22
Greenfield Gas Light,6% preferred (guar.)
75c Aug. 1 July 16
Guarantee Co.of N. Amer.(Montreal)(quar.)_ $134 July 16 June 30
Extra
$234 July 16 June 30
Hale Bros. Stores. Inc.(guar.)
150 Sept. 1 Aug. 15
Quarterly
15c Dec. 1 Nov. 15
Hamilton Woolen
Si July 16 June 30
Handley Page,10% partic. pref. reg
zw10%
10% partic. pref.(Am.dep.rec.)
zw10%
Hannibal Bridge (quar.)
July 20 July 10
$2
Harbauer Co.. 7% preferred (guar.)
$1U Aug. 1 July 21
7% preferred (guar.)
$13i Oct. 1 Sept.21
7% preferred (guar.)
$1% Jan. 1 Dec. 21
Harbison-Walker Refractories, pref.(quar.)_ _ _
1 31 T
1 July 20 July 10
Hardesty (R.) Mfg.,7% pref.(guar.)
Sept. 1 Aug. 15
7% preferred (guar.)
1131 Dec. 1 Nov. 15
Harrisburg Bridge. preferred
700. July 15
liarrisburg Gas,7% pref.(guar.)
$1% July 16 June 30
Hartford & Connecticut Western RR. Co.
2% preferred (8.-0
$1 Aug. 31 Aug. 20
Hartford Electric Light Co.(guar.)
68 Yic Aug. I July 15
Hawaiian Commercial Sugar (guar.)
750 Aug. 15 Aug. 4
Hawaiian Sugar (guar.)
60c July 15 July 5
Hercules l'owder Co., pref.(guar.)
1381 Aug. 15 Aug. 3
Hershey Chocolate (guar.)
Aug. 15 July 25
$4 cony. preferred (guar.)
$1 Aug. 15 July 25
Hibbard,Spencer. Bartlett & Co.(mo.)
10c July 27 July 20
Monthly
10c Aug. 31 Aug. 24
Monthly
10c Sept.28 Sept.21
Hickok Oil Co. (semi-annual)
50c Sept. 15 Sept. 8
Hobart Mfg. Co
June 25
e6%
Hollinger Consol. Gold Mines, Ltd.(mo.)
1% July 16 June 29
Monthly,extra
1% July 16 June 29
Holly Development Co. (quar.)
lc July 15 June 30
Holly Sugar Corp., preferred
$1,
4 Aug. 1 July 15
Honolulu Plantation (monthly)
15c July 10 June 30
Horn & Hardard Co.. N.Y.,corn.(guar.)
400 Aug. 1 July 12
Hotchkiss lo.(France)
65fis
Household Finance Corp.cl. A & B com.(qu.)_ _
750 July 14 June 30a
Partic. preference (guar.)
8734c July 14 June 30a
Hussmann-Ligonier cony. pref.(initial)
15c Aug. 1 July 20
Cons'. preferred
Aug. 1 July 20
e2
Illinois Northern Utilities, 6% pref. (quar.)_ _ _ _ $1
Aug. 1 July 14
Imperial Life Assurance (guar.)
$334 Oct. 1
Quarterly
$331 Jan
1
Incorporated investors (semi-annual)
25c July 20 June 21
Industrial cotton Mills(It.II..S.0.1.7%pf.(qr.)
$114 Aug. 1 July 27
Insurance Co. of North America (5.-a.)
$1 July 16 June 30
Interallied Investors Corp_ cl. A (s.-a.)
35c July 16 July 9
3c
1.334
July 7 1934
Financial Chronicle
76
Name of Company.
When Holders
Per
Share. Payable ofRecord.
V% July 10 June 22a
International Business Mach. Corp.(quar.)____
$134 Oct. 10 Sept. 22a
Quarterly
45c Aug. 1 July 13
International Cigar Machinery Co
15c July 16 June 20
International Harvester Co., common (quar.)
International Hydro-Elec. System, pref. (quar.) 8734c July 16 June 25
Aug. 1 July 3
International Nickel Co. of Canada.pref. (qu.). $1
Aug. 1 July 14
$1
International Printing Ink Co., pref. (qu.)
18
International Tea Stores (final)
18
Amer. dep. rec. (final)
Aug. 15 Aug. 1
Interstate Hosiery Mills (quar.)
50c Nov. 15 Nov. 1
Quarterly
Oct. 1 Sept.14
$2
(quar.)
Intertype Corp., 1st pref.
38c July 16 June 30
Investment Foundation pref. (guar.)
hl2c July 16 June 30
Preferred
20c Sept. 1 Aug. 10
Iron Fireman Mfg. Co.. corn. (quar.)
20c Dec. 1 Nov. 10
Common (quar.)
50c July 15 June 30
(quar.)
investors'
shs.
Fund,
Investors
Irving
25c Aug. 1 July 15
Jefferson Lake Oil ((mar.)
75c July 14 June 30
Jewel Tea Co., Inc., common (quar.)
July 16 July 2
$134
(quar.)
Joplin Water Works,6% pref.
15c Sept.30 Sept.20
Kalamazoo Vegetable Parchment Co.(quar.)-15c Dec. 31 Dec. 20
Quarterly
Kansas City, St. Louis & Chicago ER.
$134 Aug. 1 July 19
6V guaranteed preferred (quar.)
20c July 28 July 10
Kaufmann Dept. Stores, Inc., corn. (quar.)_
$134 July 14 June 25
Kentucky Utilities Co.,6% pref. (guar.)
1234c July 15 June 15
Kelvinator Corp
$13.1 July 15 July 5
Keystone Steel & Wire, pref. (quar.)
h$1 July 16 July 5a
Keystone Watch Case Corp., corn
Aug. 1 July 20
$14
(quar.)_
pref.
Baking,
7%
Kroger Grocery &
ifir.
Kuhlmann (Paris)
July 10 June 20
Lamont Corliss & Co. ((Mar.)
July 10 June 20
Extra
3734c Sept.30
Landers. Frary & Clark,corn.(quar.)
Dec. 31
3734c
(quar.)
Common
$lq Sept. 15 Sept. 5
Landis Machine, pref.(quar.)
$134 Dec. 15 Dec. 5
Preferred (guar.)
134% Aug. 1 July 16
Lane Bryant, Inc.,7% preferred (guar.)
20c Aug. 1 July 16a
Lee Rubber & Tire Corp
h$14 July 10 July 2
Lerner Stores Corp., 634
30c Aug. 1 July 26
Lincoln Nat.Life Ins.(Ft. Wayne)(quar.)
30c Nov. 1 Oct. 26
Quarterly
10c Sept. 1 Aug. 15
Link Belt Co.,common (quar.)
Oct. 1 Sept. 15
$1
Preferred (quar.)
25c Aug. 1 July 17
Liquid Carbonic(quar.)
50c Sept.10 Aug. 25
Little Miami RR.special guaranteed (quar.)
50c Dec. 10 Nov. 24
Special guaranteed (guar.)
$1.10 Sept. 10 Aug. 25
Original guaranteed cc:liar.)
$1.10 Dec. 10 Nov. 24
Origal
in guaranteed guar.)
Little Schuylkill Nay.. R.& Coal (semi-ann.). $1.10 July 15 June 15
$2 Oct. 1 Sept. 20
Lock Joint Pipe,8% pref. (quar.)
$134 Aug. 15 July 28
Loew's, Inc., $634 pref. (quar.)
Aug. 1 July 16
$1.63
(quar.)
Corp.,
pref.
Gas
Lone Star
$2 Aug. 1 July 17
Lord & Taylor Co.. 24 pref. (quar.)
$134 Aug. 15 July 31
Los Angeles Gas & Elec..6% pref.((mar.)
Louisiana & Missouri River RR.
$334 Aug. 1 July 20
7% guaranteed pref. (s.-a.)
Louisville Gas & Elec. Co.(Kentucky)
1%% July 14 June 30
7% preferred (quar.)
134% July 14 Juno 30
6% preferred (quar.)
13.4% July 14 June 30
5% preferred (quar.)
90c July 13 June 30
Lowell Elect. Light(quar.)
1 Sept.21
. 2
Lunkenheimer Co., 634% pref. (guar.)
Dec. 22
Jan.
634% preferred (quar.)
1005forc.
Lyoitnalse des Eaux
July
14
June
30
corn.
(quar.)
MacAndrews & Forbes,
3134 July 14 June 30
Preferred (.quarterly)
$3 July 10 June 30
MacFadden Publications, inc., $6 pref
50c July 16 June 29
Magma Copper Co
10c July 15 June 30
Magnin (I.) & Co
Aug. 15 Aug. 5
3134
Preferred (quar.)
2134 Nov. 15 Nov. 5
Preferred (quar.)
363.4 Aug. 1 July 18
Mahoning Coal RR. Co., common (quar.)
$134 July 16 June 26
Maine Gas,$6 preferred (guar.)
$2 July 16 June 30
Massachusetts Lighting Cos.$8 pref. (quar.)._ _
$114 July 16 June 30
preferred
(quar.)
$6
Massachusetts Utilities Assoc., pref.(quar.)_. 6234c July 16 June 30
$3 Aug. 1 July 1
Massawippi Valley RR. (semi-ann.)
40c Sept. 1 Aug. 15
May Department Stores (quar.)
h$33.( Sept. 1 Aug. 15
May Hosiery Mills $4 cum. pref
50c Aug. 1 July 14
McCall Corp., common (quar.)
r$1
July 14 June 30
McColl-Frontenac Oil Co.. 6% pref. (quar.)._
50 Aug. 1 July 13
Melville Shoe Corp. common (guar.)
$114 Aug. 1 July 13
First preferred (quar.)
734c Aug. I July 13
Second preferred (quar.)
$134 July 15 July 15
Mercantile Amer. Realty Co., pref. (quar.).Sc July 31 July 15
Merland Oil of Canada
$1 Aug. 1 July 20
Metal Thermit Corp.(guar.)
$25 July 31 July 21
Michigan Central RR. (s.-a.)
Mill Creek & Mine Hill Navigation & RR (s-a). $131 July 12 June 30
Missouri River-Sioux City Bridge Co. pref.(qu.) 3134 July 16 June 30
25c July 15 July I
Mock. Judson, Voehringer, common
Mohawk Hudson Power Corp.$7 pref.(quar.)._ 1134 Aug. 1 July 16
$134
July 16 July 2
pref.
(quar.)
Water,
Monongahela Valley
Montreal Light, Heat & Power Consolidated
38c July 31 June 30
Common (quarterly)
80c July 16 June 30
Montreal Telephone Co.(quar.)
$24 July 14 July 5
Montreal Tramways,common (quar.)
Oct. 1 Oct. 1
3134
(quar.)
Moore Dry Goods Co.
134 Jan. 1 Jan. 1
Quarterly
$IN Oct. 1 Sept.20
Morris 5 & 10c. Stores. 7% pr.(guar.)
$1 Sept. 1 Aug. 25
MorrisPlan Ins. Soc.(quar.)
$1 Dec. 1 Nov. 26
Quarterly
50c
July 16 July 2
Leather
Co
Mosser (J. K.)
$2 July 16 June 30
Mountain States Telephone & Telegraph
3134 July 12 June 30
Mount Carbon & Port Carbon RR.(s.-a.)
$134 Sept.28 Sept.20
Mutual Chem.of America. pref.(guar.)
136 Dec. 28 Dec. 20
Preferred (quar.)
/43 Aug. 1 July 16
preferred
Corp.,
7%
Metals
National Bearing
50c July 14 June 15a
National Biscuit Co., corn. (quar.)
50c Oct. 15 Sept. 14
Common (quar.)
$134 Aug. 31 Aug. 17
Preferred (guar.)
$2 Aug. 1 July 20
National Carbon,8% preferred (guar.)
1236c July 15 June 30
National Cash Register, new corn. (init.)
50c Sept. 1 Aug. 15
National Container Corp.. preferred (quar.)..
h50c Sept. 1 Aug. 15
Preferred
50c Dec. 1 Nov. 15
Preferred (guar-)
h50c Dec 1 Nov. 15
Preferred
25c July 16 June 30
National Fuel Gas Co
National Lead Co., class B preferred (quar.)_ _ $134 Aug. 1 July 20
$134 Aug. 1 July 6
National Power & Light, $6 pref. (quar.)
$1 Aug. 1 June 30a
Nevada-Calif. Electric, preferred
ti July 10 June 30
Newark Telep.(Ohio),6% pref.(quar.)
25c July 16 June 30
New England Power Assoc.,common
50c Aug. 10 July 20
New Jersey Zinc (quar.)
$1
July 15 June 20
New York Telephone, pref. (quar.)
SOc Aug. 15 Aug. 1
1900 Corporation, class A (quar.)
50c Nov. 15 Nov. 1
Class A (quarterly)
1234c
Nipissing Mines Co
$2 Sept.19 Aug. 31
Norfolk & Western Ry.common (quar.)
$1 Aug. 18 July 31
Adjustment preferred
North American Edison Co. preferred (quar.)- _ 3134 Sept. 1 Aug. 15
88c July 16 July 6
North Boston Lighting Prop.(quar.)
88c July 16 July 6
Voting trust certificates (quar.)
75c July 16 July 6
6% preferred (guar.)
$334 Aug. 1 July 20
North Carolina RR. gtd. stk. (s.-a.)
$2 July 15 June 30
(semi-ann.)
Northern Central Ry.
Northern Indian Pub. Serv..7% pref. (quar.).... 8734c July 14 June 30
July 14 Jt.ne 30
75c
(quar.)
preferred
6%
6834c July 14 June 30
634% preferred (quar.)
3134 July 20 July 14
Northern Insurance Co. of New York
Northern N.Y. Utilities, Inc..7% 1st pref.(qu.) 3134 Aug. 1 July 10
$210i
Name of Company.
Northern Ontario Power Co., corn. (quar.)---6% preferred (quarterly)
Northern RR.of N. J.4% guaranteed (quar.)
4% guaranteed (quar.)
Northern States Power Co.(Del.), corn. (quar.)
7% preferred (quar.)
69' preferred (quar.)
Northwestern Bell Telep.. 634% pref. (quar.)_ _
Norwich Pharmacal Co. (quar.)
Quarterly
Oahu Ry.& Land Co.(monthly)
Oahu Sugar
Ltd. (monthly)
Ohio Brass Co.
Co..
6.70 pref. (quar.)
6% preferred (quar.)
Omnibus Corp.. pref.(quar.)
Onomea Sugar Co.(mo.)
Ontario Mfg. Co. common (quar.)
Preferred (quar.)
Pacific Gas & Electric Co., common (quar.)
Pacific Lighting Corp. common (quar.)
$6 preferred(quar.)
Pacific Telegraph & Telephone, pref.(guar.)._ _
Pan American Airways Corp
Pechlney Chemicals Co
Peninsula Telephone Co.. 7% pref. (guar.)
Penmans,Ltd.,common (quar.)
Preferred (guar.)
Pennsylvania Power Co..$6.60 pref.(mo.)
$6.60 preferred (monthly
$6 preferred (quarterly)
Pennsylvania RR. Co
Pennsylvania Salt Mfg. Co.(quar.)
Peterborough RR.(semi-ann.)
Philadelphia Co., common (quar.)
Philadelphia Electric Co. 35 pref. (quar.)
Philadelphia Elec. Power Co.8% pref.(quar.)_ _
Philadelphia & Trenton RR. (quar.)
Philip Morris & Co. (quar.)
Philips' Incandescent Lamps(interim div.)
Phoenix Finance, pref. (quar.)
Preferred (quar.)
Preferred (guar.)
Photo Engravers & Electra, Ltd
Piedmont & Northern Ry. (quar.)
Pittsburgh Bessemer & Lake Erie R.R. (s.-a.)
Pittsburgh Fort Wayne & Chicago R.R.(quar.).
Quarterly
7% preferred (guar.)
7% preferred (quar.)
Pittsburgh & Lake Erie RR (s.-a.)
Pittsburgh Youngstown & Ashtabula R.R.79' preferred (quar.)
79 preferred ((mar.)
Pollock Paper & Box Co., pref. (quar.)
Preferred (quarterly)
Portland & Ogdensburg RR.(quar.)
Potomac Electric,7% preferred ((Mar.)
6% preferred (quar.)
Powell River, 7% preferred
7% preferred
Power Corp. of Canada. Ltd.,6% pref.(quar.)_
6% non-cumul. pref. (quar.)
Premier Gold Mining Co., Ltd
Premier Shares (s.-a.)
Procter & Gamble Co..8% pref.(quar.)
Prudential Investors, Inc., $6 pref. (quar.)
Public Service Co.of No. Ill. 7% pref.(quar.)
69' preferred (guar.)
Public Service Corp. of N. J. COMMOD (quar.)
8% preferred (quar.)
7% preferred (quar.)
$5 preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
6% preferred (monthly)
Pullman, Inc. (quar.)
Quaker Oats Co., common (guar.)
6% preferred (guar.)
Quarterly Income Shares, Inc
Rand Mines, Ltd.,ordinary registered
Ordinary bearer
Rapid Electrotype Co.(extra)
Reading Co.(quar.)
1st preferred (quar.)
2d preferred (quar.)
2d preferred (quar.)
Reliance Mfg. Co.(Ill.), common (guar.)
Republic Insurance. Texas(quar.)
Quarterly
Republic Stamping & Enameling Co.(quar.)
Republic Supply Co. (quar.)
Rice-Stix Dry Goods Co.,common
Safety Car Heating & Lighting Co
St. Croix Paper Co.,common (quar.)
San Carlos Milling Co.(monthly)
San Diego Consol. Gas & Electric Co—
l'referred (quarterly)
Sanford Mills
Saratoga & Schenectady RR.(8.-a.)
Schuylkill Valley Nay. & RR.(semi-annual).....
ScottPaper Co.. 7% series A preferred (quar.)..
6% series B nreferred (quar.)
Seeman Bros., Inc.,common (guar.)
Shamokin Valley & Pottsville RR.(semi-ann.)
Sharp & Dohme,Inc.,pref.((mar.)
Shattuck (Frank (31.) Co.(guar.)
Shell Transport & Trading Co.,common (final)z
Shenango Valley Water.6% pref. (quar.)
6% preferred (quar.)
Sioux City Stockyards Co., pref. (quar.)
Preferred (quar.)
Smith (8 Morgan) Co.(quar.)
Quarterly
Southern Acid & Sulphur (quar.)
7% preferred (guar.)
Southern Calif. Edison Co., Ltd., common (qu.)
Orig. preferred (quzr.)
534% preferred series C (quar.)
Southern Calif. Gas, preferred A (quar.)
6% preferred (quarterly)
_
Southern Canada Power Co., Ltd.,com.
6% preferred (quar.1_
Southern County Gas & Elec. Co.of Calif.69', preferred (quar.)
Southern Franklin Process Co.7% pref. (quar.)
Southern New England Telep.(quar.)
Southland Royalty Co. common (quar.)
South Pittsburgh Water,7% pref.(quar.)
69' preferred (quar.)
5% preferred (8.-a.)
Spicer Mfg. Corp.,$3 preference (quar,)
Springfield Gas Light(Mass.)(quar.)
Stamford Gas & Electric Co.(quar.)
Standard Cap & Seal Corp.common (quar.)_ _
Standard Coosa-Thatcher, 7% preferred (quar. _
Standard Fire Ins. Co.(Trenton)(quar.)
Standard Gas & Electric Co., $03 cum. pf. (qu.)_
$7 cum. preferred (quar.)
Standard 011 Co. of Kansas(quar.)
Standard Oil Co. (Ohio),5% pref. (quar.)
Standard Power & Light Corp., prig
Stanley Works,6% preferred (quar.)
Per
When Holders
Share. Payable. ofRecord.
50c July 25 June 30
July 25 June 30
135
Sept. 1 Aug. 22
$1 Dec. 1 Mar.21
25c Aug. 1 June 30
July 20 June 30
134
July 20 June 30
July 14 June 20
$1% Oct. 1 Sept.20
$1% Jan. 1 Dec. 20
150 July 15 July 11
10c July 14 July 6
141% July 14 June 30
14134 July 14 June 30
$2
20c July 20 July 9
25c Oct. 1 Sept. 20
$1% Oct. 1 Sept. 20
37%c July 16 June 30
75c Aug. 15 July 20
July 16 June 30
$1
July 16 June 30
$1
25c Aug. 1 July 20
30 Cr
$1% Aug. 15 Aug. 6
75c Aug. 15 Aug. 6
$154 Aug. 1 July 21
55c Aug. 1 July 20
55c Sept. 1 Aug. 20
Sept. 1 Aug. 20
50c Sept.15 Aug. 1
75c July 14 June 30
Oct. 1 Sept. 25
20c July 25 July 2
$134 Aug. 1 July 10
50c Oct. 1 Sept. 5
$234 July 10 June 30
25c. July 16 July 2
8%
50c July 10 July 1
50c Oct. 10 Oct. 1
50c Jan. 10 Jn 1 '35
50c Sept. 1 Aug. 15
75c July 10 June 30
75c Oct. 1 Sept.15
$1% Oct. 2 Sept. 10
Jan, 1 Dec. 10
$1
Oct. 2 Sept. 10
31
1114 Jan. 1 Dec. 10
$134 Aug. 1 June 29
$1% Sept. 1 Aug. 20
$15( Dec. 1 Nov.20
$1% Sept.15
$15' Dec. 15
500 Aug. 31 Aug. 20
$1% Aug. 1 July 20
$1% Aug. 1 July 20
$134 Sept. 1
$134 Dec 1
% July 16 June 30
75c July 16 June 30
r3c July 16 June 16
10
, July 16 June 30
$2 July 14 June 25
$134 July 16 June 30
$134 Aug. 1 July 14
$135 July 14 July 14
70c Sept.29 Sept. 1
$2 Sept.29 Sept. 1
$13
54,5 Sept.29 Sept. 1
$1 4 Sept.29 Sept. 1
c July 31 July 2
50c Aug. 31 Aug. 1
50c Sept.29 Sept. 1
75c Aug. 15 July 24
$1 July 16 July 2
$1% Aug. 31 Aug. 1
3c Aug. 1 July 15
35 6d.
38 6d.
20c July 15 July 1
50c Aug. 9 July 12
50c Sept. 13 Aug. 23
50c July 12 June 21
50c Oct. 11 Sept. 20
15c Aug. 1 July 20
20c Aug. 10 July 31
20c Nov. 10 Oct. 31
25c July 10 July 1
25c Oct. 5 Oct. 2
25c Aug. 1 July 15
$1 Aug. 15 Aug. 1
50c July 16 July 6
20c July 16 July 2
14%
V
$3
$134
$14
$1%
6234c
$I
87%c
8c
w734
$1
$1
$1
$1
1
50c
$154
3736c
134%
3736c
3734c
20c
1%%
July 14 June 30
July 15 June 26
July 15 July 1
July 12 June 30
Aug. 1 July 17
Aug. 1 July 17
Aug. 1 July 16
Aug. 1 July 15
Aug. 1 July 17
July 10 June 20
Sept. 1 Aug. 26
Dec. 1 Nov. 20
Aug. 15 Aug. 14
Nov.15 Nov. 14
Aug. 1
Nov. 1
Sept.15 Sept.10
Oct. 1 Sept.10
Aug. 15 July 20
July 15 June 20
July 15 June 20
July 14 June 30
July 14 June 30
Aug. 15 July 31
July 16 June 20
$1% July 14 June 30
July 10 June 30
July 16 Juno 30
$1
July 14 June 30
$1% July 16 July 2
July 16 July 2
$1
$1% Aug. 20 Aug. 10
75c July 16 July 3
38c July 16 July 2
$2% July 16 June 30
80c Aug. 1 July 5
$134 July 15 July 15
40c July 23 July 16
45c July 25 June 30
5234c July 25 June 30
July 31 July 2
$1% July 16 June 30
5234c Aug. 1 July 14
3734c. Aug. 15 Aug. I
77
Financial Chronicle
Volume 139
Per
When Holders
Share. Payable. ofRecord.
Name of Company.
Steel Co. of Canada, corn. (quar.)
Preferred (quarterly)
Suburban Elect. Security. 1st pref.(quar.)
Superheater Co. (guar.)
Supervised Shares, Inc.(quar.)
Peck-Hughes Gold Mines (guar.)
Telautograph(quar.)
Telephone Investment Corp. (monthly)
Thatcher Mfg. Co., pref.(quar.)
Tide Water Oil Co.5% pref.(quar.)
Tobacco & Allied Stocks, Inc
Toronto Elevators. 7% pref. (quar.)
Troy & Bennington RR.(semi-annual)
Tuckett Tobacco Co., Ltd.. pref. (quar.)
United Biscuit Co.of Amer.. pref.(guar-)
United Companies of N.J.(quar.)
United Fruit Co.,corn. (quar.)
United Gas & Electric(30.5% pref.(semi-ann.)_
United GasImprovement(quar.)
5% preferred (quar.)
United Gold Equities of Can.(quar.)
Extra
United Gold Mines
United N. J. RR.& Canal (guar.)
Quarterly
Quarterly
United Security, Ltd. (guar.)
U.S.Petroleum Co.(guar.)
Quarterly
U. S. Pipe & Foundry Co., corn.(quay.)
Common (quar.)
Common (quar.)
Preferred (guar.)
Preferred (quar.)
Preferred (guar.)
United States Smelting, Refining & Mining Co.
Common (quarterly)
Preferred, capital stock (guar.)
United Verde Extension Mining (quar.
Universal Leaf Tobacco common (quar.
Extra
Upper Michigan Pow.& Lt.,8% pref. (guar.).6% preferred (quar.)
6% preferred (guar.)
Vanadium Alloys Steel
Vapor Car Heating Co.. Inc.. 7% pref
Venezuela Oil Concessions, Ltd., corn.
Victor Brewing
Vulcan Detinning Co., preferred (guar.)
Preferred (quar.)
Warren Foundry & Pipe
Western Grocers, Ltd., pref. (quar.)
Western Power Corp.,7 preferred (guar.)_ --Westinghouse Air Brake Co.(quar.)
Westmoreland, Inc.(quar.)
30c Aug. 1 July 7
43%c Aug. 1 July 7
Aug. 1 July 15
1234c July 16 July 5
1. c July 16 June 30
15c Aug. 1 July 11
25c Aug. 1 July 16
20c Aug. 1 July 20
90c Aug. 15 July 31
Aug. 15 Aug. 1
$1.
$1 July 16 July 6
$1 % July 16 July 3
$5 Aug. 2 July 20
July 14 June 30
$1
Aug. 1 July 16
July 10 June 20
SOc July 14 June 21
July 15 June 30
30c Sept. 29 Aug. 31
SIM Sept. 29 Aug. 31
r2
July 16 July 10
r234c July 16 July 10
lc July 15 June 30
July 10 June 20
$2% Oct. 10 Sept. 20
Dec. 20
$2% Jan.
50c July 16 June 27
lc Sept. 10 Sept. 5
lc Dec. 10 Dec. 5
12%c July 20 June 30
12%c Oct. 20 Sept.29
12 c Jan. 20 Dec. 31
July 20 June 30
30c Oct. 20 Sept.29
30c Jan. 20 Dec. 31
2%%
$2
87%c
25c
50c
Si
SI.)4
$1%
$134
50c
h$3)4
25%
Sc
NO
50c
$134
Si%
12)4c
30c
July 14 July 5
July 14 July 5
Aug. 1 July 5
Aug. 1 July 17
Aug. 1 July 17
Aug. 15
Nov. 15
Jan. 1
Aug. 10 Aug. 1
Sept. 10
July 16 July 2
July 20 July 10
Oct. 20 Oct. 10
Aug. 1 July 16
July 15 June 20
July 16 June 30
July 31 June 30
Oct. 1 Sept.15
Per
When Holders
Share. Payable. ofRecord.
Name of Company.
Westinghouse Electric & Manufacturing'Co.—
Preferred (quarterly)
8735c July 31 July 16
West New Brighton Bank (Staten Is.. N. Y.)—
$3 July 10 June 30
Semi-annual
West Penn Electric Co..7% Pref. (quar.)
51',i Aug. 15 July 20
Aug. 15 July 20
6% preferred (quar.)
West Penn Power Co.. 7% pref. (quar.)
lt% Aug. 1 July 5
1%4 Aug. 1 July 5
6% preferred (quarterly)
$1% Sept.15 Sept. 5
Weyenberg Shoe Mfg., preferred (quar.)
Preferred (quarterly)
$1% Dec. 15 Dec. 5
Wichita Union Stockyards. 8% pref. (s.-a.)
$4 July 16 July 10
Wichita Water.7% Pref.(guar.)
$134 July 16 July 2
25c Aug. 1 July 16
Williams(R.C.)(quar.)
Aug. 1 July 15
Winstead Hosiery (quar.)
Nov. I Oct. 15
1
Quarterly
Wisconsin Gas & Electric Co.6% pref.0 (quar.) $134 July 16 June 30
$1% July 31 June 20
Wisconsin Telep.,pref.(quar.)
f'10% Sept.30 Sept.15
Woodley Petroleum Co
$135 Aug. 15 Aug. 6
Worcester Salt. 6% preferred (quar.)
50c July 14 June 30
Worthington Ball A
25c Aug. 1 July 20
Wrigley (Wm.) Jr. Co. (monthly)
25c Sept. 1 Aug. 20
Monthly
25c Oct. 1 Sept.20
Monthly
15c Oct. 1 Sept.21
Yale & Towne Mfg. Co.(quar.)
25c Aug. 1 July 16
Young(L. A.) Spring & Wire, common
t The New York Stock Exchange has ruled that stock will not be quoted
further
notice.
ex-dividend on this date and not until
t The New York Curb Exchange Astociation has ruled that stock will
not be quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
f Particle in common stock. g Payable in scrip. h On account of accumulated dividends. j Payable In preferred stock.
in Any holder of Standard Fruit & S. S. Corp., cumulative $7 pref.
stock who presents the same for conversion into participation preference
stock and common stock on or before the date last mentioned will thereby
become a holder of record of participating preference stock, entitled to share
in such dividend.
n A dividend on the convertible preference stock, optional series of 1929.
of Commercial Investment Trust Corp. has been declared payable in
common stock of the corporation at the rate of 1-52 of 1 share of common
stock per share of convertible preference stock, optional series of 1929, so
held, or at the option of the holder (exercisable in the manner stated in tne
certificate of designation, preferences and rights of the convertible preference stock, optional series of 1929), in cash at the rate of $1.50 for each
share of convertible preference stock, optional series of 1929, so held.
p On March 9th, Consumers Power Co. announced the declaration of a
dividend on the 6% pfd. stk. at the rate of $1.50 payable July 2, to holders
of rec. June 15. The rate on the 77 pfd. announced at the same time was
incorrectly stated as $1.50 and should have been $1.75.
r Payable in Canadian funds,and in the case of non-residents of Canada.
a deduction of a tax of 5% of the amount of such dividend will be made.
u Payable in U. S.funds. a A unit. to Less depositary expenses.
z Less tax. y A deduction has been made for expenses.
Weekly Return of the New York City
Clearing House.
Condition of the Federal Reserve Bank of
New York.
The weekly statement issued by the New York City
Clearing House is given in full below:
The following shows the condition of the Federal Reserve
Bank of New York at the close of business July 3 1934,
in comparison with the previous week and the corresponding
date last year:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JUNE 30 1934.
Clearing House
Members,
• Capital.
• Surplus and Net Demand
Deposits,
Undivided
Average.
Profits.
Time
Deposits,
Average.
July 3 1934. June 27 1934. July 5 1933.
Assets—
$
$
Gold certificates on hand and due from
1,529,420,000 1,663,145,000
U. B. Treasury.'
Gold
1,601,000
1,707,000
Redemption fund—F. R. notes
65,428,000
53,948,000
Other cash
S
$
8
8
85,907,000
9,885,400
Bank of N Y & Trust Co
10,474,000
6,000,000
Bank of Manhattan Co_
31,931,700
281,616,000
31,041,000
20,000,000
35,561,900 a953,678,000 170,750,000
National City Bank.._ __ 127,600,000
310,179,000
47,510,600
Chem Dank & Trust Co_
23,811,000
20,000,000
Guaranty Trust Co
52,610,000
90,000,000 177,660,100 51,003,385,000
250,352,000 101,220,000
10,297,500
Manufacturers Trust Co
32,935,000
532,076,000
61,291,500
Cent Hanover Bk & Tr Co
45,544,000
21,000,000
177,502,000
16,083,700
Corn Exch Dank Tr Co_
22,773,000
15,000,000
363,350,000
73,717,000
First National Bank
14,629,000
10,000,000
373,841,000
Irving Trust Co
57,812,800
10,820,000
50,000,000
26,456,000
3,467,400
Continental Ilk & Tr Co
2,571,000
4,000,000
Chase National Dank
6150,270,000 659,526,800 61,270,717,000
81,416,000
Fifth Avenue Dank
3,148,900
40,913,000
500,000
852,000
Bankers Trust Co
60,610,800 d.561,472,000
31,761,000
25,000,000
Title Guar & Trust Co
10,655,800
17,972,000
10,000,000
238,000
Marine Midland 'Pr Co_
7,314,700
46,971,000
4,986,000
5,000,000
New York Trust Co
208,610,000
21,490,900
22,719,000
12,500,000
Cornm'l Nat Bk & Tr Co
7,572,600
50,505,000
1,284,000
7,000,000
Public Nat Bk dc Tr Co_
4,860,600
45,907,000
8,250,000
33,894,000
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
Totals
614,955,000 700,200.700 6,601,589,000 663,393,000
• As per official reports: National, March 5 1934; State, March 31 1934: Trust
companies, March 311934; e as of March 15 1934.
Includes deposits in foreign branches as follows: a $213,708.000; b $57,465,000;
c $69,118,000; d $15,601,000,
Other securities
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended June 29:
Gold held abroad
Due from foreign banks
F. R. notes Of other banks
Uncollected items
Bank premises
Federal Deposit Insurance Corp.stock..
AUother assets..
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
O' BUSINESS FOR THE WEEK ENDED FRIDAY, JUNE 29 1934.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Manhattan—
$
Grace National
25,587,500
Trade Dank of N.Y. 3,105,122
Brooklyn—
Peoples National__ _
A 1RCI AAA
Cash.
Res. Dep.. Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
$
97,500
134,549
$
1,720,400
608,576
non
305.000
RR
4 RAO finil
TRUST COMPANIES—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
Brooklyn—
Cash.
Res. Dep., Dep. Other
N. F. and Banks and
Elsewhere. Trust Cos.
s
$
$
55,383,500 *3,432,200 7,636,400
471,570
95,373
6,511,596
278,305
*502,564
9,119,638
15,894,300 *2,403,500 1,150,600
386,100
29,911,300 *4,514,300
64,321,245 7,741,716 16,552,062
Gross
Deposits,
S
8
1,240,400 55,633,800
560.548 5,988,758
62,228 7,941,757
1,387,600 15.607,500
31,952,000
60,677,003
Brooklyn
265,000 94,046,000
92,168,000 2,432,000 15,585,000
Hines County
25.495 595 1.656.672 6.178.151
26.681 gun
• Includes amount with Federal Reserve as follows: Empire,$2,363,000: Fiduciary,
8282,917, Fulton, $2,265,400; Lawyers County, $3,823.600.
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total D.S.Government securities_ _
Total bills and securities
Total assets
1,584,969,090 1,730,280,000 934,914,000
2,038,000
3,500,000
1,890,000
2,735,000
10,942,000
3,528,000
10,894,000
21.512,000
33,244.000
13,677,000
14,422,000
54,756,000
2,054,000
1,951,000
17,385,000
166,173,000
387,464,000
226,618,000
169,173,000
386,649,000
224,433,000
181,386,000
264,108,000
307,807,000
780,255,000
780,255,000
753,301,000
35,000
35,000
1,712,000
796,021,000
798,883,000
827,154,000
1,193,000
5,547,000
128.673,000
11,449,000
1,195.000
8,253,000
119,309,000
11,449,000
42,529,000
29,649,000
1,372,000
5,212,000
90,352,000
12,818,000
30,569,000
24,237,000
2,560,311,000 2,741,365,000 1,899,559,000
Liabilities—
Gross
Deposits,
$
$
1,874,200 24.629,500
137,475 3,316,970
48000
Total reserves
Redemption fund—F.R. bank notes
a
279,124,000
570,965,000
8,057,000
76,768,000
663,573,000 640,185,000 672,285,000
F.It. notes In actual circulation
57,122,000
35,163,000
35,473,000
F. R. bank notes In actual circulation ne
Deposits—Member bank reserve sac's , 1,473,343,000 1,597,028,000 872,943,000
32,108,000
44,626,000
U. S. Treasury—General account ,
10,202,000
4,844,000
Foreignbank
1,331,000
3,319.000
22,112,000
142,173,000 133,286,000
Other deposits
Total deposits
1,627,049,000 1,778,259,000 932,007,000
86,986,000
Deferred availability items
108,730,000 117,358,000
60,302,000
58,535,000
Capital paid in
60,269,000
Surplus
4.5,217,000
45.217,000
85,058,000
Reserves (FDIC stock, sell insurance
)
47,266,000
1,667,000
Reserve for contingencies.
4,737,000
Allother liabilities
5,899,000
15,573,000
17,305,000
Total liabilities
2,560,311,000 2,741,365,000 1,899,559,000
Ratio of total reserves to deposit an
F. R. note liabilities combined
_
69.2%
71.5%
58.3%
Contingent liability on bills purchase
for foreign correspondents
453.000
12.249.000
567.000
•-Other cash" does not include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
These are certificates given by the U. S. Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100
cents to 59.06 cents, these certificates being worth less to the extent of the citig
ference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
78
Financial Chronicle
July 7 1934
Weekly Return of the Federal Reserve Board.
The f oh,wing is the return issued by the Federal Reserve Board Thursday afternoon,July 5,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve note
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement) shows the amount of these
bank notes issued and the amount held by the Federal Reserve banks along with the collateral pledged against outstanding
bank notes. The Reserve Boa•d's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions.'
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JULY 3 1934.
July 3 1934. June 27 1934. June 20 1934. June 13 1934. June 6 1934. May 30 1934. May 23 1934. May 16 1934. July 5 1933.
ASSETS.
$
$
Gold ctts, on hand & due from U. S_s___ 4,782,684,000 4,781,748,000 4,788,726,000 4.787.162,000 4,706.157.000 4.648,031.000 4,633,584,000 4,583,812,000 966,234,000
Gold
2,538.541,000
Redemption fund (F. R. notes)
24,972,000
25.231,000
26,254,000
28,200,000
29,923.000
30,010,000
29,774,000
30,165,000
44,317,000
Other cash •
211,608,000 237,803,000 232,810,000 233,854,000 223,321,000 223,880,000 238.142.000 236,520,000 255,459,000
Total reserves
Redemption fund-F. R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
5,019,523,000 5.044.523.000 5,047,790,000 5,049,216,000 4,959,488.000 4.901,685.000 4.901,649.000 4.850,497,000 3,804,551,000
4,187,000
4,335,000
4,352,000
4,695,000
4,434,000
4.720.000
5,354,000
5,275.000
8,014,000
4,571,000
24,417,000
6.732,000
20,283,000
6,760,000
21,196,000
6,047.000
21,829,000
5,618.000
23,379,000
9,038.000
24,662,000
6.413,000
27.838,000
6.312.000
28.090,000
43,335,000
138,468,000
28,988,000
27.015.000
27,956,000
27,876,000
28,997,000
33,700,000
34.251,000
34.402.000
181,803,000
5,317,000
5.215.000
5.200,000
5,201,000
5,221.000
5,178,000
5.263,000
5.501,000
23,084,000
U.S. Government securities-Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
467,807,000 469,253,000 472.206,000 40(3.416.000 406,258.000 406.194,000 406,208,000 406,190,000
1,221,884,000 1.219,172,000 1.192.609,000 1,202,264,000 1,214,508,000 1,216,490,600 1,217,000,000 1,233,599,000
440,779,000
697,514,000
Total U. S. Government securities
Other securities
2,431,790,000 2,430,274,000 2,430,180,000 2,430,406,000 2,430,236,000 2,430.154,000 2,430,200.000 2,430,166,000 1,995,258,000
519,000
612,000
527.000
534,000
646,000
535,000
546,000
534,000
2,297,000
Total bills discounted
Bills bought In open market
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks.
Uncollecteditems
Bank premises
Federal Deposit Insurance Corp. stock
All other resources
Total assets
742,099,000
741,849,000
765,365,000
821,726,000
809,470,000
807,470,000
806,992,000
790.367.000
856,965,000
2,466,607,000 2,463,023,000 2,463,863,000 2.464,017.000 2,464,988.000 2,469,567.000 2.470.260,000 2,470,605,000 2,202,442,000
3,129,000
15,585,000
478,866,000
52,682,000
47,277,000
3,129,000
20,517,000
435,509,000
52,630,000
139,299.000
46,206,000
3,129,000
17,318,000
466,297,000
52,630,000
139.299,000
44,247,000
3,128,000
18,165.000
494.632,000
52,610,000
139,299,000
53,824,000
3,122,000
18,451,000
435,751,000
52,609,000
139,299,000
49,090.000
3.125.000
15,382,000
397,257.000
52,602,000
139,299,000
48.577.000
3,134.000
16.995,04)0
423,048,000
52,597,000
139,299,000
47,926,000
3,135,000
20,430,000
501.044.000
52,595,000
139.299.000
46,131,000
3,729,000
15,416,000
357,321,000
54,366,000
51,163,000
8,087.856.000 8,209.171,000 8.238.925,000 8,279,586,000 8,127.232,000 8,032,214,000 8.060.2(32,000 8,089,011.000 6,497,002,000
LIABILITIES.
F. R. notes in actual circulation
F. R. bank notes in actual circulation_
3,121.703,000 3,055,994,000 3,054,216,000 3.054,479,000 3,068,807,000 3,051,604,000 3,038,297,000 3,061,279.000 3,115,371,000
46,347.000
44,852,000
61,439,000
57,340,000
55,353,000
60.422.000
63.752.000 124,012,000
58,748,000
Deposits-Member banks' reserve account 3,745.739,060 3,836,536,000 3.768,556,000 3,895,108,000 3,787,048,000 3,762,920.000 3.767.269,000 3.694,493,000 2,218,912,000
U. S. Treasurer-General account_a
152.150,000 134,396.000 196,951,000
51,343,000
47,893,000
51,636,000
45,074,000
67,965,000
75,758.000
Foreign banks
5.767,000
4,530,000
5,610,000
4,484,000
4,322,000
6,592,000
4,649,000
3,686,000
15,984.000
Other deposits
227,241,000 219,281,000 219,943,000 246,474,000 225,816.000 227,598,000 236,809,000 246,981,000 147.863,000
Total deposits
Deferred availability items
Capital paid In
Surplus
Reserves(FDIC stock, self insurance, 3se.)
Reserve for contingencies_
All other liabilities
Total liabilities
Ratio of total reserves to deposits and
- F. R. note liabilities combined
ontingent liability on bills purchased for
foreign correspondents
Maturity Distribution of Bills and
Short-term Securities1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-15 days bills bought in open market._
16-30 days bills bought In open market..
31-60 days bills bought in open market
61-90 days bills bought In open market
Over 90 days bills bought in open market
Total bills bought in open market
1-15 days U. S. certificates and bills_ _
16-30 days U. S. certificates and bills
31-60 days U. S. certificates and bills
61-90 days U. S. certificates and bills
Over 90 days U. S. certificates and bills.Total U. S. certificates and MIS
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
Total municipal warrants
Federal Reserve NotesIssued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
4,129,660,000 4,195,980,000 4,189,934,000 4,193,797.000 4,092,308,000 4,047.7413,000 4.061,031.000 3,991,197,000 2,450,724,000
460,997,000
147,121,000
138,383,000
22,540,000
22.600,000
436,342,000
147,129,000
138,383,000
161.834,000
464,856,000
147,107,000
138,383,000
161,83? 000
489,990,000
146,460,000
138,383,000
161.833,000
429,302,000
1411,433,000
138,383,000
161.832,000
399,832,000
146,271,000
138.383.000
161.832,000
427,374,000
146,470,000
138,383.000
161,832,000
501,685,000
146,202,000
138,383,000
161,832,000
357,504,000
146,796,000
278,599,000
12,179,000
27,162,000
27,242,00
37.304,000
31,419,000
26,124,000
25,436,000
24,681,000
11,857,000
8,087,856,000 8,209,171,000 8,238,925.000 8.279,586,000 8,127,232.000 8,032,214,000 8,060,262,000 8.089,011,000 6,497,002,000
69.2%
69.6%
69.7%
69.7%
69.3%
69.0%
69.0%
68.8%
68.4%
1,450,000
1,740,000
1.957,000
2,093,000
2,447,000
2,730.000
3,268,000
3,622,000
36,140,000
20,630,000
2,003,000
1,550,000
4,544,000
261,000
18,766,000
1,392,000
1,268,000
5.276,000
313,000
20,006,000
1,075,000
1,514,000
5,064,000
297,000
20 927,000
1,65'1,000
1,856,0)0
2,927,000
601,000
22.451.000
2,644,000
1,763,000
1,846,000
293,000
26,540,000
2,474.000
1,893,000
2.497,000
296,000
24,480.000
5,334,000
2.007,000
2,132,000
298,000
25,118,000
3,502.000
3,037,000
2,499,000
246.000
127,542,000
12,614,000
14,870,000
23,274,000
3,503,000
28,988,000
27,015,000
27.956,000
27,876,000
28,997,000
33,700,000
34,251.000
34.402.000
181,803,000
520,000
2,675,000
767,000
1,355,000
1,411,000
2,762,000
844,000
198,000
1,358,000
371,000
3,128,000
343,000
197,000
1,404,000
3.354,000
246,000
868,000
1,406,000
659,000
2,788,000
2,571.000
198,000
1,638,000
771,000
237,000
315,000
464,000
4,247,000
928,000
204.000
435,000
3.934,000
15,769,000
1,731,000
1,942,000
3,642,000
5,178.000
5,263,000
5,501.000
23,084,000
34,325,000
43,100,000
150,446.000
277,326,000
351,768,000
$
$
$
$
$
$
5,317,000
5,215,000
5,200,000
5,201,000
6,221,000
33,225,000
16,999,000
100,259,000
102,222,000
489,394.000
31,470,000
19,600,000
82.462,000
116,769,000
491,548,000
33,105,000
33,225.000
80,262,000
129,469,000
489,304,000
88,604.000
31,470,000
67.880,000
110,629,000
523,143,000
79,136,000
32,105,000
48,225.000
75,662,000
574.342.000
100,096.000
51,070,000
64,462.000
591,842.000
94,736,000
65,330,000
56.962.000
589,964,000
21,325,000
70.981,000
62,210,000
34,430,000
604,421,000
742,099,000
741,849,000
765.365,000
821.726.000
809,470,0N
807,470,000
806.992,000
790,367,000
856,965,000
477,000
484,000
492.000
492,000
7,000
492,000
7,000
500,000
506.000
506,000
5,000
5.000
35,000
512,000
35,000
35,000
35,000
35.000
519,000
527,000
534.000
534.000
35,000
35,000
35.000
2,177,000
10,000
38,000
22,000
50,000
535,000
546,000
546,000
2,297,000
3,376,193,000 3,338.310,000 3,348,703,000 3,351,519.000 3.359.601,000 3,330,083,000 3,332,511,000 3,337,686.000 3,361,556,000
254,490,000 282,316,000 294,487,000 297,040,000 290,794,000 278,479,000 294.214.000 276,407,000 246,225,000
In actual eirculatIon
3,121,703,000 3.055,994,000 3,054,216,000 3,054,479,000 3,068,807,000 3,051,604,000 3,038.2,47,000 3,061.279.000 3,115,331,000
Collateral Held by Agent as Security for
Notes Issued to BankGold ctfs. on hand ds due from U.S.Tram
BY gold and gold certificates
3,093,656,000 3,073,656.000 3,102,871,000 3,076,771,000 2,999,771.000 3,004,771,000 3,014.771,000 3,021,771.000 1 518931000
Gold fund-Federal Reserve Board
1248435000
B eligible paper
18,071,000
15,725,000
16,245,000
17,009.000
15,672,000
18,871,000
16,440,000 119,420,000
15,271,000
U. S. Government securities
305.000,000 292,000.000 267,000,000 302,700,000 375,300,000 364,300,000 352,300,000 341,300.000 505,700,000
Tota collateral
3,416.727,000 3,381,381.000 3,386,116,000 3,395.143,000 3,390,342,000 3,387,942,000 3,384,080,000 3,379.511,000 3,392,486,000
1
•"Other cash" does not Include Federal Reserve notes or a bank's own Federal Reserve bank notes.
These are certificates given by the U. S. Treasury for the gold aken over from the Reserve banks when
the dollar was on Jan. 31 1934 devalued from 100 cents to
59,06 cents, these certificates being worth less to the extent of the difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions
of the Gold Reserve Act of 1934.
a Caption changed from "Government" to "U. S. Treasurer-General account" and $100.000,000 Included in Government deposits on May 2 transferredt to "Other
otoosits."
Financial Chronicle
Volume 139
79
Weekly Return of the Federal Reserve Board (Concluded).
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 3 1934
Two Ciphers (00) Omitted.
Federal Reserve Bank of-
Total.
Boston. New York.
Phila.
Cleveland. Richmond Atlanta.
Chicago.
St. Louis. Minneap. Kan.City. Dallas. San Fran.
RESOURCES.
$
$
s
$
$
$
$
s
$
$
3
5
$
Gold certificates on hand and due
from U.S. Treasury
4,782,684,0 410,565,0 1,529,420,0 298,632,0 366,048,0 169,343,0 132,643,0 1.026,945,0 178,668,0 103.197,0 172,982,0 104,646,0 289,595,0
Redemption fund-F. R. notes..
25,231,0 2,085,0
1,601,0 2,606.0 3,051,0 2,081.0 3,456,0
959.0 1,161,0 1,000,0
2,143,0
554,0 4,534.0
Other cash
211.608,0 15,345,0
53.948,0 34,316.0 11,899,0 6,795.0 11,676,0
29,158,0 9,587,0 11,982,0 10,245,0 5,392,0 11,265,0
Total reserves
5,019,523,0 427,995,0 1,584,969,0 335,554,0 380,998,0 178,219.0 147,775,0 1,058,246,0 189,214,0 116,340,0 184.227,0 110,592,0 305,394.0
Redem. fund-F. It, bank notes1,890.0
250,0
4,187,0
858,0
715,0
474,0
Bills discounted:
See. by. U.S. Govt.obligations
4.571.0
2,735,0 1,002,0
183,0
276,0
9,0
95,0
125.0
15,0
20,0
80,0
31,0
Other bills discounted
24,417,0
10,942,0 5,170,0
203,0
540,0
318,0
360,0
76,0
502,0
368,0
411,0 5,347.0
180,0
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
594,0
371,0
28,988,0
5,317,0
13,677,0
2,054,0
723,0
487,0
6,172.0
536,0
627,0
193,0
369,0
178,0
203,0
649,0
171,0
121,0
388,0
84,0
195,0
142,0
442,0
142,0
5,427,0
360,0
467,807,0 27,226,0
1,221,884,0 80,648.0
742,099,0 49,805,0
166,173,0 30,022,0 36,000.0 17,500,0 15.104,0
387.464,0 85,149,0 109,438,0 53,204,0 45,840,0
226,618,0 51,949,0 67,587.0 32,859,0 28,305,0
76,701,0 16,166,0 17,348,0 17.272,0 20,388,0 28,107,0
218,557,0 47,624,0 29,838,0 47,089.0 31,582,0 85,451,0
135,785,0 29,410.0 18,420,0 29.083,0 19,505,0 52,773,0
Total U. S. Govt. securities- 2,431,790,0 157.679.0
Other securities
512,0
780,255,0 167,120,0 213,025,0 103,563,0 89,249,0
35,0
477.0
430,843,0 93,200,0 65,606.0 93,444,0 71,475,0 166,331.0
Total bills and securities
2,468,607,0 158,644,0
Due from foreign banks
237,0
3,129,0
Fed. Res. notes of other banks-364,0
15,585,0
Uncollected items
478,866,0 51,688,0
Bank premises
52,682,0 3,224,0
All other resources
812,0
47,277,0
796.021,0 174,305,0 214,235,0 104,383,0 89,796,0
1,193,0
342,0
109,0
119,0
300,0
5,547.0
407,0 1,141,0
737,0
906,0
128,673.0 36,763,0 49,320,0 46,371,0 15,735,0
11,449,0 4,215,0 6,788,0 3,128.0 2,372,0
30,569,0 5.420,0 1,460,0 1.843,0 2,412,0
431,605,0 93,492,0 66,078,0 93,781,0 72,059,0 172,118,0
414,0
222,0
7,0
88,0
10.0
88,0
2,195,0
936,0 1,030,0
332.0 1,358,0
632,0
50,877,0 21,397,0 12.586,0 27,679,0 18,655.0 19,122,0
7,387,0 3.124,0 1,664,0 3,485,0 1,757,0 4,089,0
289,0 1.105,0
530,0
1,233,0
619.0
985,0
Total resources
8,087.856,0 643,214,0 2,560,311,0 557,864,0 654,957,0 334,969,0 258.936,0 1,552,047,0 308,158,0 198,716.0 310,820,0 204,942,0 502,922,0
LIABILITIES.
F. It. notes In actual circulation 3,121,703,0 247,067,0 663,573,0 251.850,0 311,296,0 143,258,0 135,895,0
F. R. bank notes in actil clreurn.
35,163.0 4,655,0 4,306,0
728.0
44,852,0
Deposits:
Member bank reserve account 1,745,739.0 302,495,0 1,473,343,0 213.985,0 235,957,0 120,982,0 83,898,0
U. S. Treasurer-Gen. acct._
10,202,0 8,786,0 17,355,0
500,0 3.826.0
152,150,0 17,616,0
Foreign bank
1,331,0
352,0
509,0
470,0
171,0
4,530,0
186,0
Other deposits
227,241,0 3,161,0 142,173,0 11,490,0 7,569,0 8,170,0 7,333,0
774.983,0 132,980,0 97.338,0 110,102,0 41,071.0 212.290,0
652.304,0 104.474,0 68,000,0 140,582,0 113 684,0 230,035.0
19,125,0 24,374,0 6,250.0 20,679,0 19,322,0 4,115,0
161,0
137,0
616,0
347,0
113,0
137,0
4,448,0 15,373,0 6,768,0 4.256,0
1,267,0 15,233.0
Total deposits
4,129,660,0 323,624,0 1,627,049,0 234,770,0 261,351,0 135,838,0 95,228,0
Deferred availability Items
• 460,997.0 49,829,0 108,730,0 34,765,0 48,449,0 44,465,0 15,373.0
Capital paid in
80,269,0 15,395,0 12,705,0 4,960,0 4,405,0
• 147,121,0 10,769,0
Surplus
45,217.0 13,352,0 14,090,0 5.171.0 5,145,0
138,383,0 9,810,0
Reserves: FDIC stock, self In
surance.
11.yierve for contingencies
4,737,0 2,500.0 2,300,0 1,155.0 2,581,0
22,540.0 1,053,0
All other liabilities
534,0
15,573,0
577,0
460,0
309,0
22,600,0
122,0
Total liabilities
676,493,0 144,382.0 81,131,0 165.654,0 134,410,0 249,730,0
61,521,0 20,892,0 12,505,0 26.612,0 19,109,0 18,747,0
12,613,0 4,030,0 3,049,0 4,150,0 3,994,0 10,782,0
20.681,0 4,756,0 3,420,0 3,613,0 3,683.0 9,645,0
2,969,0
2,787,0
853.0
265.0
1,026,0
247.0
617,0
72.0
1,130,0
1,545,0
1,619,0
109,0
8,087,856,0 643,214.0 2,560.311,0 557,864.0 654,957,0 334,969.0 258.936,0 1,552,047,0 308,158.0 198.716,0 310.820,0 204,942,0 502.922.0
Memoranda.
Ratio of total res. to dep. & F. It
note liabilities combined
69.2
75.0
68.5
63.9
69.0
69.2
83.9
Contingent liability on bills pur
4 based for train correspondent
1 scan
110.0
453.0
159.0
146.0
58.0
53.0
•"Other Cash" does not Include Federal Reserve notes or bank's own Federal Reserve bank notes.
72.9
68.2
65.2
66.8
63.0
66.1
192.0
50.0
35.0
43.0
43.0
180.1
FEDERAL RESERVE NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
Boston. New York,
Total.
Phila,
Cleveland, Richmond Atlanta.
Chicago.
Si. Louis. Minneap Kan.CUy. Dallas. San Fran.
Federal Reserve notes:
$
$
Issued to F.R.Ilk. by F.11..Agt. 3,376.193,0 270,821,0
Held by Fedil Reserve Bank___ 254,490,0 23,754.0
$
S
$
S
$
755,783,0 265,284,0 324,841,0 150,988,0 154,617,0
92.210,0 13.434,0 13.545.0 7,730,0 18,722.0
S
$
$
$
$
$
807.376.0 137,348,0 100,915,0 116.513,0 45,664.0 246,043.0
32,393,0 4,388,0 3,577.0 6,411,0 4,593,0 33,753,0
In actual circulation
3,121,703,0 247,067.0
Collateral held by Agent as security for notes issued to bks:
Gold certificates on hand and
due from U.S. Treasury
3,093,656,0 276.117,0
Eligible paper
504,0
18,071,0
U. S. Government securities
305,000,0
663,573,0 251.850,0 311,296,0 143,258.0 135,895.0
774,983,0 132,980,0 97,338,0 110.102,0 41,071,0 212,290,0
753,706.0 239,000,0 264,931,0 117.340,0 98,385,0
8,017,0 2,027,0
405,0
723.0
311,0
25,000,0 60,000,0 34,000,0 60,000,0
784,513,0 126,936,0 80,000.0 106.290,0 46,675.0 201,763,0
95,0
103,0
102,0
94,0
442,0 5,248.0
30,000.0 12,000,0 22,000,0 12,000,0
50.000,0
761,723,0 266,027.0 325.654.0 151.745.0 158.696.0
314,608,0 139,039,0 102,102,0 118,384.0 47,117,0 257,011,0
Total collateral
3.416.727.0 276.621,0
FEDERAL RESERVE BANK NOTE STATEMENT.
Two Ciphers (00) °trailed.
Federal Reserve .4 gent at-
Boston. New York.
Total.
Federal Reserve bank notes:
Issued to F. It. Ilk. (outstdg.).
Held by Fed'! Reserve Bank__
$
58,785,0
13,933,0
$
1,511,0
783,0
In actual eirculation-net •..
Collat, pledged ago). outst. notes:
Discounted & purchased bilLs_.
U. S. Government securities__
44,852,0
728.0
63,474.0
63.474.0
Total collateral
Phila.
Cleveland. Richmond Atlanta.
$
$
36,534,0 16,035.0
1.371,0 11,380,0
3
4,705,0
399.0
35.163,0
4,655,0
4,306.0
5,000,0
36.974,0 16,500,0
5 000,0
5.000.0
36,974.0 16.500.0
5.000.0
Chicago.
$
$
$
Si. Louts. 2ifinneap. Kan.City. Dallas. San Fran.
$
$
$
$
$
• Does not include 393,277.000 of Federal Reserve bank notes for the retirement
of which Federal Reserve banks have deposited lawful money with the Treasurer of
the United States.
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of
resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. the
These figure
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board upon the
figures for
the latest week appears in our department of "Current Events and Discussions," immediately preceding which we also
give the
figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE
DISTRICT AS AT CLOSE OF
BUSINESS JUNE 27 1934 (In Millions of Dollars).
Loans and Investments-total
Loans-total
On securities
All other
Investments-total
U. S. Oevenorneut securities
Other securities
Reserve with F. It. Dank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. Bank
Total.
Boston. New York
Phila.
Cleveland. Richmond Atlanta. Chicago. Si. Louts, Minneap. Kan.City. Dallas. San Fran.
$
17,737
$
1,141
$
8,176
$
1,049
$
1.189
8,014
669
3,737
498
3,529
4,485
260
409
1,925
1,812
233
265
9,723
472
4,439
6,665
3.058
309
163
2,901
247
12,504
4,501
1,357
1,509
3,628
n
262
48
847
342
114
119
184
$
3
$
1,823
$
$
$
$
522
350
545
412
$
1,840
720
201
158
202
184
882
338
382
71
130
39
119
61
141
60
124
223
659
346
344
418
167
178
199
219
59
108
61
117
551
771
179
166
1,103
3,111
1.328
295
256
577
194
127
52
112
54
1,438
53
6,569
1,115
773
142
1,645
136
12
675
310
73
160
226
126
19
630
457
56
93
172
44
12
214
135
9
76
85
25
6
166
131
33
76
73
tx.tz .4.1J, ,s. w-4
...o.os.o,m .0.
w.owcoo. -10)
Federal Reserve District-
321
192
343
228
958
222
99
139
53
232
111
179
49
608
352
74
8
341
164
36
83
142
38
4
217
122
9
72
93
71
11
407
168
26
207
240
74
9
271
122
68
132
118
127
15
619
942
91
161
17i
Financial Chronicle
80
are
,finanrial
United States Government Securities
Bankers Acceptances
arm-title
atammtrcu'
PUBLISHED WEEKLY
NEW YORK AND HANSEATIC CORPORATION
Terms of Advertising
45 cents
Transient display matter per agate line
On request
Contract and Card rates
Representative.
Gray,
Western
CHICAGO OsTicE-In charge of Fred. H.
208 South La Salle Street, Telephone State 0613.
LONDON OFFIcE-Edwards & Smith, 1 Drapers' Gardens. London, E.C.
WILLIAM B. DANA COMPANY, Publishers,
37 WALL ST., NEW YORK
U. S. Treasury Bills-Friday, July 6.
Rates quoted are for discount at purchase.
Bid.
William Street, Corner Spruce, New York.
Railroad and Miscellaneous Stocks.-For review of the
New York stock market, see editorial pages.
The following are sales made at the Stock Exchange this
week (June 30 to July 6 inclusive) of shares not represented
in our detailed list on the pages which follow:
Range Since Jan, 1.
Range for Week.
Sales
for
Week.
STOCKS.
Week Ended July 6.
Lowest. I Highest.
Highest.
Lowest.
per share. $ per share.$ per share.
Par. Shares. S per share.
RailroadsFeb 5634 Apr
July 3 50
50 52 July 3 52
Canada Southern_ _100
Jan 234 Apr
800 1% July 2 134 July 5 1
Duluth S S & Atl p1100
Jan 834 Apr
750 4% July 5 434 July 5 3
Havana Elec Ry pi 100
Int Rys of Cent Am10 534 July 2 534 July 2 334 Maij 631 Apr
Certificates
July 5 15 July 5 7ye Jan 2234 Apr
50 15
100
Preferred
Market St Ry
100
Preferred
100
Pt9 Ft W & Chic pf_100
Wheel & Lake Erle_100
100
Preferred
Indus. S, Miscell.Am Mach & Mets ctfs.*
Amer Radiator & Stand
Sanitary pref....100
Armour & Co (Illinois)
Preferred receipts_ _ _
Art Metal Construct_10
Bloomingdale 7% pf100
Bon Anal class A
Briggs & Strat
City Investing
100
Collins & Alkman p1100
Col Fuel & Jr pref.. 100
Como! Cigar pf (7)A00
Devoe & Reynolds100
1st preferred
Fed Min & Smelt p1.100
Guantanamo Sug pt 100
Harbison Walker Refrac
preferred
100
Indian Refining
10
Kan City P & L ser B_•
ItresgeDeptStores pf 100
Mathieson Alkali Works
preferred
100
20 1
10 334
30 165
10 2434
20 30
9
1,300
10 120
July
July
July
July
July
3 1
6 334
5165
3 2434
3 32
SOOt 6831 July
301 6% July
31 Jan 234
3
6 334 June 834
5 14134 Jan 105
3 2434 July 29
Jan 36
3 25
9% July 5
July 3
July
July
July
July
July
July
120
May
Jan 121
May
69% July 3 6834 Jun 7134 June
Jan 911 Apr
63,1 July 2 5
Jan,107%
May 83
Jan 24%
May 52
Jun 94
Jan 32
Jan 59
July
Apr
Apr
Feb
Apr
Feb
Apr
Feb 110
Jan 96
May
July
Jan 31
Feb
100 1073iJune 30 10734June 30 99
July 6 70
July 6 96
100 96
734
10 2934 July 6 29% July 6
June30 100
July 3 2%
July 6 111
July 2 39%
Jan 100
Jan
June30 87
July 3 234 May 434 Apr
July 6 9734 Jan 11134 Apr
Apr
Jan 55
July 2 19
July 5131% July 5 110
Jan 135
100 9434 June30 9434 June30 89
Feb 95
30 131
Omnibus Corp pref_100
Peoples Drug Stores634% cony pref._100
Revere Cop & Br p1.100
Shell Transp & Trad_ /2
Stand Brands pref._100
Underwood-Elliott-Fish
preferred
100
270 10934
50 85
545 2254
15012334
United Amer Bosch_ _ _*
United Dyewood pf _100
S Express
100,
linty Leaf Tob pref_100
Utah Copper
10
Vulcan Detinning p1100
Mar
Apr
June
Apr
June
434 Jan 10
July 2 111%
88
10 107% July 107% July
8131 July 2 76
10 81% July
19 July 5 15
100 19 July
July 5 Si)
50
20 50 July
270 79 June 3 79 June 30 77%
July 2 10%
21
30 20 July
50 July 2 31
20 50 July
60 100
400 234
10111
30 38
June
1
Jan
June30 10931
July 2 85
July 6 2234
July 6 12431
Jan 10934
June30 86
Jan 90
July 2 46
June 2634
July 6 21
July 3 12134 Jan 126
100 120
July 2 120
July 2 102
280 1134
50, 68
2001
34
90125_
10 6034
3010634
July
July
July
July
July
July
2 1234
3 6834
5
34
2 125
3 6034
510614
July
July
July
July
July
July
2 9
5 5914
34
5
2 11234
3 6034
5 95
June
June
Mar
June
Jan 121
June
June 17
Ma 75.31
May 134
Jan 12534
July 67
Jan 110
Feb
May
Apr
June
Apr
Apr
No par value.
The Week on the New York Stock Market.-For
review of New York stock market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week Ended
July 6 1934.
•
State,
Railroad
Stouts,
Number of and Miscell. Municipal &
Porn Bonds.
Bonds.
Shares.
Saturday
Monday
Tuesday
Wednesday _
Thursday
Friday
189,300
411,950
401,112
440,556
457,827
5696,000
1,470,000
1,772,000
HOLIDAY
2,004,000
6,416,000
6,414,000
1,568,000
Sales at
New York Stock
Exchange.
101
non
17
sin non
14,882,000
11,067,000
9,328,000
1,755,000
3,670,000
10,175,000
11,652,000
147
In4000
Jan. 1 o July 6.
1934.
1933.
1,900,745
Stocks-No. of shares.
Bonds.
Government bonds_ _ _ $11,414,000
7,510,000
State & foreign bonds.
Railroad & misc. bonds 28,180,000
$987,000
3,767,000
1,235,000
111 414 Afill
Week Ended July 6.
1934.
Total
Bond
Sales.
United
States
Bonds.
83,199,000
5,830,000
6,321,000
, nnn 'AM cos
1933.
28,823,590
215,041,767
369,682,719
55,429,100
15,017,000
75,947,000
S338,811,200
368,517,000
1,394,006,000
$265,676,200
403,471,500
1,139,382,900
847,104,000 7396,393,100 62,101,334,200 $1,808,530,600
Total
Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, July 6.
Maturity.
Sept.15 1934_ _.
Aug. 11935.
June 15 1939_
Aug. 1 1934-Dec. 15 1934...
Mar. 15 1935._
Dec. 15 1935...
Feb. 1 1938-Dec. 15 1936...
Int.
Rate.
134%
1%%
234%
234%
234%
M%
234%
234%
234%
mt.
Bid.
Asked.
10031.2 10013.,
101.s, 10122.2
.101..n
10123
100..,
1012,1 1013s,
loiti. 1012.:,
103.,, 10361,
103".. 10310,2
104,.., 104.4,
July 7 1934
Maturity,
Rate.
Bid.
Asked.
Apr. 15 1936_ ._
June 151938....
June 151935...
Feb. 15 1937_ ...
Apr. 15 1937._
Mar. 15 1938...
Aug. 1 1936...
Sept.15 1937_
234%
234%
3%
3%
3%
3%
334%
334%
1041.,
1041.1,
102"32
104.4.2
1041.,,
1042.3,
105..,
105.8r,
104..,
104"13
102"n
101",,
104...,
101"31
105.,,
105,..r
July 11 1934
July 18 1934
July 25 1934
Aug. 1 1934
Aug. 8 1934
Aug. 15 1934
Aug. 22 1934
Aug. 29 1934
Sept. 5 1934
Sept.26 1934
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
Asked.
Bid.
Oct. 3 1934
Oct. 10 1934
Oct. 17 1934
Oct. 24 1934
Oct. 31 1934
Nov. 7 1934
Nov. 14 1934
Nov.21 1934
Dec. 19 1934
Dec. 26 1934
Jan. 2 1935
Asked.
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.1551.
United States Government Securities on the New
York Stock Exchange.-Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
Daily Record of LI. S. Bond Prices. June30 July 2. July 3 July 4. July 5. July 6.
-- --104',, 104722
104." 1043..
104.., 104',,
1040.2 1042.,
104.22 104.22
104.22 104,22
15
13
18
2
--- ---____
-------- - -
High 104in
First Liberty Loan
334% bonds of 1932-47- Low. 104..,
Close 104422
(First 3348)
2
Total sales in $1,000 untie_
---Converted 4% bonds of _{Hill
1932-47 (First 48)-..- - Low---Close
,--Total sales in $1,000 units.-,..,
103
High
bonds.{
Converted 434%
of 1932-47 (First 4348) Loiv_ 103.n
Close 103..,
14
Total sales in $1,000 units----Second converted 434% 1 WO
___.
(First(Low_
of
1932-47
bonds
Second 434s)
,--Total sales in $1,000 untie.-{High 1032.22
Fourth Liberty Loan
431% bonds of 1933-38__ Low_ 1032.32
Close 1032,32
(Fourth 434s)
6
Total sales in $1,000 units102
032
(High
1
Fourth Liberty Loan
1012083
Low_
called).
43,
4% bonds (2d
Close 1012032
2
Total salts in $1,000 units.-(High 113232
Treasury
Low_ 113,22
431s 1947-52
Close 113,n
Total sales in $1.000 units...1
(High
--____
Low_
45, 1944-54_
-__
Close
__-units-Total sales in $um
---(High
-Low_
434a-334s, 1943-45
____
Close
Total sales 0,81.000 units-,
___
(High
Low_
____
334s, 1946-56
_ _ _Close
---untieTotal sales in $1,000
{High 1114.0.2
Low. 104""
3518, 1943-47
Close 104""
25
Total sales in $1,000 units-(High 101,..,
Low. 101.22
3,s. 1951-55
Close 101,..,
28
Total sales in $1,000 units.-{High 101 1%2
Low_ 101.6.,
38, 1946-48
Close 101"22
28
Total sales in $1,000 units.-____
!High
-___
Low.
3345, 1940-43
---Close
--Tom sates(0 81,000 units_.,.
____
(High
Low-_ 3818, 1941-43
--__
Close
Total sales in $1,000 units_ (High
- 10-21132
Low. 102,..,
334s, 1946-49
Close 102,..,
35
Total sales in $1,000 units...
(High 105,32
Low_ 105,32
334s, 1941
Close 105,32
4
Total sales in $1,000 units.(High 10316,1
Low_ 103"22
334s, 1944-46
Close 1031.22
9
Total sales in $1,000 units-Federal Farm Mtge
(High 1011,32
Low_ 10120n
334s, 1944-64
Close 1.012,,,
127
Total sales in $1,000 units_ _ _
High 100.,33
Federal Farm Mortgage
Low_ 100""
3s, 1949
Close 100"22
4
Total sales in ELMO unites...
Home Owners' Loan
{High 10023,2
4s, 1951
Low_ 1002632
Close 100.7.2
319
Total sales in $1,000 units...
Home Owners' Loan
(High 100"22
Low_ 100""
38, series A, 1952
Close 100,1.2
417
Total sales in 81.000 unt/s___
,--,--103.,
., 1031..,
10310,, 103"32
103.s, 103,en
15
7
-----___
-,--103"22
10323n
1032in
21
1012232
1012032
101.22
43
113.,,
113.22
i13,,
19
108.3.2
108,..,
108""
38
1032.22
1032,32
103""
132
1073n
107232
1073.,
20
104,122
104",,
104""
560
101.6.,
101"32
101 1..,
744
101"22
101.1.2
101.222
618
105232
105232
105232
5
105...
104..s,
10528,
12
1021.1,
102",,
1021In
50
105232
105
105,22
29
103,..,
103.22
103""
388
101.132
101.232
100‘23,
221
100,232
100.22
100."
37
1002,32
100.432
100.2.2
561
100""
100.22
100'22
376
1011,;.: 10-3-2;;;
103..., 103,0.1
1031.22 103.2.:
24
14
------•
„--16-3-,i.; iciiii;
103.22
1032332
1032332 103231
103.22
103.22 103";
69
25
2;
101,...
101.28 101...
101""
101":2 101"s
1012,32
101"22 10120,
12
23
:
113w,,
113,6., 11334
113,22
113022 11334
1131132
113"22 113",
3
12:
34
108.7.,
109
109.1,
108.6.2
108". 109
108''22
108.22 109.22
20
19
8,
1031.22
103.22 104,22
103,422
1032.22 103",2
103.22 104's2
103""
4
6'
113
107,0n 10716,
107.n
107832 1101,1- 107"22 107.2
107",, DAY 107022 107":
51
11
10
104"22 104",
104"22
10422,, 104"2
104",,
104ito love,
104"22
1
3:
28
101,in
101",, 10133,
101",,
101"32 10132,
101"n
101,.., 10114,
17
IL
110
101 2.22
101"8 101.4,
101 ,232
101"., 101",
101 "32
101163, 1012,3
157
40
27,3
105.22
105.22 105th
105
105,32 105,32
105,32
105,32 105223
2
25
3
____
105... 105.4,
____
105,
" 103.21
____
105.., 105•..
_
5
37
102.4;
10226., 102..,
102",,10220.2 102.41
102'.3
1022.32 102,91
17
18
5
105
105332 105.01
105
105,s2 105.21
105
105." 105.21
I
66
224
103".
103,6.2 1032.1
103",
103.232 103",
103":2
103.022 1031.1
4
113
34
1011,32
10120u 1012i,
101,32
1011.12 1012o,
101 1.32
10120,2 1012,1
59
163
215
100"i2
100,822 103.1
100.22
100.22 100",1
100""
100"" 100271
Si
117
98
100.232
1002532 10010,II
100.432
1002.32 100'., 2
100.6,, loon,
100",.
240
192 1,085
100.422
100.22 10021.
100.22
100"n 100" 3
100"22
100"n 100".
530
47
482
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
5 4th 434s (uncalled)
1 4th 434s (2d celled)
10 Treasury 4348 1934
2 Treasury 3348
10232 to 10222.,
101..” to 101",,
103",, to 10322.1
102w., to 102,91,
The Curb Exchange.-The review of the Curb Exchange is
given this week on page 72.
A complete record of Curb Exchange transactions for the
week will be found on page 99.
81
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE PAGE PRECEDING.
NOTICE.-Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the day.
sales in computing the range tor the year.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
June 30.
Monday
July 2.
Tuesday
July 3.
Wednesday
July 4.
S Per share $ per share $ per share $ per share
5858 5912 5712 587g 5738 5873
8712 8712 8678 8678 8612 8678
038
3934 3678 3734 *37
38
2334 2334 2212 2314 22
2212
28
28
26
26
.26
2612
4234 4234 43
43
43
43
111 111 *110 111 .11012 111
1012 *912 11
*914 1012 *10
*5
612
5
5
.412 53*
*35
48
*3514 48
*40
48
3734 38
3714 3734 3634 3714
*9014 93 .9014 93
93
03
1378 14
1338 1378 1312 1358
.90
95 .00
95
*90
95
*64
68
*6218 68
.60
65
4712 4712 4678 4734 4638 4738
.
3
4
•3
4
0314 4
*314 4
.312 4
3
3
*3
338
3
3
7
7
659 678
634 634
438 413
418 438
418 418
712 714
7
714 71 2
714
834 878
778 838
778 818
1714 1714
1512 1512 1514 1514
3
3
3
3
278 3
514 514 .5
514
512
512
*4
4
414
4
378
378
.3218 3278 302 3218 3112 31,2
.23
2534 *23
26
25
25
.
20
23
•20
22
•20
23
*3,4 334 .338 334 .338 334
.658 712 *634 7
7
7
*53
54
51
51
.51
53
2318 2318 2218 2234 2212 2212
.814 838
612 8
634 634
1834 183
Stock
1758 18'2 1712 1778
*2312 241
2312 231
. 24
24
.
17
Exchange
18
17
17
•1634 17
2118 2138 2018 21
20
2012
.9
13
13
912 912 Closed.
9
"2012 28
•2012 28
•2012 25
34
a
inde78
55
7+3
"a
*712 8
7'2 712 .714 8
25
25
24
24
2312 2378 pendence
.36
38
35
35 .33
3734
Day
.61
70
64
.6112 62,2
.61
17
•1612 19
1612 1612 •16
*77, 834
8
8
778 8
13
*1213 1334 •12
1334 •11
.
15
19
•15
19
.15
1912
1514
1412 1434 1412 1412
"15
5112 5112 50
5114 4834 4834
•23
*23
25
25
*23
25
14
1438 1438 14
.14
1412
7
*5
778 *618
.618 772,
*12
I.
12
12
*112
178
•112
178 •112
17s
*214 3,4 "214 3,4 *214 3,4
.312 4
*312
379
.312 4
•83, 914
858 9
918 9,4
2212 221
2214 2234 22
22
*334 4
358 334
338 358
*512 534
512 512
5,4
514
3214 3214 *31
.3214 34
32
.1
178 .4
11
112
85
*5
8
3
4
3
58
38
2812 287
27
28
2678 2758
"1714 20
•1612 1812 •16
20
3058 31
29
30
2838 29
.123 124 .123 124 •123 124
15
15
1414 15
1438 1458
24
241
2358 24
2312 2338
0714 734
7
714
7
7
•1
115
114
*1.
114 .1
*214
278 .214 3
.
214 278
.18134 184
18134 18134 "180 184
•9834 100
9834 9834 .
98
9934
2334 24
2212 23,4 2234 23
.
218 312 "218
312 .
218 312
•212 812 .4
812 .4
812
*212 514 .212 514 .212 514
3034 3034 29,2 3012 2914 2934
412 4.318
412
*318 412 .318
2712 .22
•22
27
•22
2712
4278 41
.41
4134 .
39
41
3212 31
.31
31
*25
32
.314 4
.
314 4
*314 4
•678 gas *74 8
.
678 8
35
19
19
"19
35
•18
*47
.4712 51
5112 "47
51
3813 41 .
•3812 41 .
3813 41
39
"38
3838 .38
.38
3814
•818 11.
.818 11
.818 11
.234 3
212 234
•234 3
*312 37
338 3,
338 338
.838 18
.
858 15
.83g 15
118
1,
118
11
•1
118
.134 21
•134 2,8
*134
21
2234 2312 2238 23,4
2358 24
24
241
237,2
23
23
24
2958 2938 2832 2839
.
2958 31
40
43
•40
43 .
43
.40
32
32 .25
30 .25
.
25
*512 6,4 .512 612 •512 612
458 458
.
458 5
414 412
24
24
.22
*21
2434 *21
11938 11934 11914 12034
123 123
8412 86
8434 8434 8412 8412 .
318
312
314 3,4 .
.314 334
512 512
53s 538
5,4
538
11
11
1178 11
1134 1134
*12
16
17,2
•1414 171 .10
478 5
•5
.512
434 431
10
11
"1038 11
1114 104
•Bid and asked prices, no sales on this day.
Thursday
July 5.
Friday
July 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-3l157e lots.
Lowest.
per share Shares.
Par
$ per share
Railroads
61
59
6012 60
13,600 Atcb Topeka & Santa Fe..100
8618 87
8738 8712 1,500
Preferred
100
38
38
39
39
1,100 Atlantic C08,85 Line RR_ 100
2212 2314 2318 2312 8,100 Baltimore & Ohio
100
2612 2612 82678 28
600
Preferred
100
43
43
4234 4278
50
700 Bangor de Aroostook
111 111 •110 111
20
Preferred
100
*912 11
Boston & Maine
•912 11
100
478 478 "413 434
200 Brooklyn & Queens Tr_No par
.4014 4758 *4014 47
Preferred
No par
3678 3814 3814 3834 4,000 Bklyn Mash Transit_ No par
•9112 93 *9112 93
200
$6 preferred series A _No par
1378 14,4 14
1438 12,800 Canadian Pacific
25
"90
95
*90
95
Caro Clinch & Ohio stpd__100
.62
68 .62
Central RR of New Jersey _100
68
4613 47
4612 473s 8,400 Chesapeake & Ohio
25
4
4
•3
•3
:Chic & East III Ry Co.....100
314 314 *314 334
100
6% preferred
100
278 278
234 234
800 Chicago Great Western
100
*7
714
Preferred
100
700
7,8 71s
418 4,4 1,900 Chic alilw St P & Pao_ _No par
418 414
738
7
7,4 712 9,400
Preferred
100
812
8
814 834 9,600 Chicago dr•North Western _100
1612 1634 1634
16
Preferred
600
100
3
3
*3
318 1,300 :Chicago Rock Tel dr Pacific100
584
5
.5
5
500
7% preferred
100
4
4
*334 4
400
6% preferred
100
*3112 33
*3113 33
100 Colorado dr Southern
100
26
26
2614 2738
4% 1st preferred
100
200
21
21
21
21
210
4% 2d preferred
100
33s 338 *338 334
200 Consol RR of Cuba pref
100
•658 7
7
7
40 Cuba RR 6% pref____ _. 100
.52
*5234 552
53
100 Delaware & Hudson
100
2238 23
23
23'4 4,200 Delaware Lack & Western_50
•7
71
712 73g 1,300 Deny & Rio Or West pref _.100
.1858 1978 1,700 Erie
18
18
100
*2212 24
•2234 24
300
First preferred
100
17
17
.1714 1712
Second preferred
100
300
2034 2138 2114 217, 11,600 Great Northern Prof
10
•8
13
•7
13
100 Gulf Mobile & Northern__10
•2012 25
•2012 25
Preferred
10
7
*58
300 Havana Electric Ry Co No Pa
"8
78
"712 8
778 778
10
300 Hudson & Manhattan
241
24
2412 2434 3,000 Illinois Central
10
361 •33
•33
3612
10
200
6% pref series A
60
6112 621
60
30
Leased lines
100
•16
17 .16
10
RR Sec ells series A 1000
17
.778 814 *8
:Interbro
RapidTran
etc100
400
814
13
.12
1234 1234
200 Kansas City Southern
100
.15
1812 .
Preferred
100
1512 1812
.15
1614 1514 1512
800 Lehigh Valley
50
*4912 52 "50
52
800 Louis% ille & Nashville__100
25
•23
•23
:Manhattan Ry 7% guar _100
25
.14
1412 14
14
Mod 5% guar
100
500
•618
778 *618 778
Market St Ry prior pref
100
*12
58
300 :Minneapolis ,k St Louls_..100
.12
58
2
112 112 .1
100 Minn St Paul & SS Marie.100
•214 314 8214 314
100
7% preferred
312 31
4% leased line ells
378 4
60
100
1,500 MO-Kan-Teka8 RR____No Par
878 914
873 878
2218 2232 223s 2212 1,100
Preferred series A
100
100
3'2 312
3,2 312 1,000 :Missouri Pacific
514 51.
512 512 1,100
Cony preferred
100
32
32
•31
32
50 Nashville Chatt & St Louts 100
•1
134 .1
Nat Rys of Met 1,1 4% pf _10
134
10
400
20 preferred
68
58
.58
34
2758 2858 2812 287, 21,700 New Ion Central ___ _No pa
.1614 18
*1634 20
N Y Chic dr St Louis Co_ 10
*29
2934 29
2934 1,400
Preferred series A
100
124 124
12413 125
30 N Y & Harlem
50
1412 1478 1458 15
9,000 N Y N H & Hartford
100
2312 2414 2378 24,4 2,500
Cony preferred
100
7
718 •678 714
700 N Y Ontario & Western _ 100
.
1
114 "1
N Y Railways pref
No par
114
.214 212 .214 212
:Norfolk Southern
100
182 182 *182 183
200 Norfolk .1, Western
100
•98
99
10
*98
Adjust 4% pref
99
100
2278 2334 233* 24
8,400 Northern Pacific
100
*219 312 .218 312
Pacific Coast
10
.4
812 *4
1st preferred
No par
812
2d preferred
•212 514 .
No par
212 5,4
2912 3012 3018 3034 11,400 Pennsylvania
50
*34 4
•318 4
Peoria & Eastern
100
*22
2712 *2212 271s
Pere Marquette
100
41
41
*3812 43
Prior preferred
400
100
•27
31
.29
Preferred
36
100
100
Philadelphia Rap Tran Co..50
.314 4
.
314 4
•678 8
•678 8
7% preferred
50
•18
35 .18
35
100 Pittsburgh dr West Virginia 100
•47
5113 84718 50
Reading
5
*3813 41
.3818 41
151 preferred
5
•38
3814 *38
20 preferred
3838
50
•818 11
•818 11
Rutland RR 7% prof
100
•212 234
212 212
500 :St Louis-San Francisco...100
500
let preferred
3,8 31s
314 314
100
.834 15
St Louis Southwestern__ 100
•834 15
1
1
1
1
900 :Seaboard Air Line__..No par
*134 218 .134 218
Preferred
100
2314 2414 2414 2438 17,100 Southern Pacific Co
100
24
24
2334 2414 5,300 Southern Railway
100
2912 2934 2934
29
700
Preferred
100
.40
43 .40
43
Mobile & Ohio stk tr Ws 100
•25
32
Texas dr Pacific Ry Co_...100
•25
32
614
100 Third Avenue
614 614 •6
100
412 412 *4
5
400 Twin City Rapid Trans No par
2412
2413 *21
.
21
Preferred
100
119 120
120 12034 2,600 Union Pacific
100
8434 86
87
Preferred
87
700
100
•3i8 31
•318 31
100 :Wabash
100
1,800
Preferred A
*5,4 51
5,4 5,
100
1118 1135 12
12
2,600 Western Maryland
100
•1414 17
•1414 17
20 preferred
100
.
458 5
.45s 51
300 Western Pacific
100
Preferred
1038 1038 1038 101
1.700
10
:Companies reported in receivership
a Optional sale.
No account is taken of such
Highest.
$ Per share
Per share
5112May 14 7334 Feb 5
7018 Jan 5 8912June 27
3414May 14 5414 Feb 16
21 May 12 3413 Feb 5
2412 Jan 9 3738 Feb 6
3912 Jan 9 4618 Feb 1
9518 Jan 5 111 June 30
91 2June 6 1912 Feb 5
478 Jan 8
838 Feb 7
41 Jan 18 5814 Apr 26
2814 Mar 27 4014May 23
8218 Jan 4 9434 Apr 28
1234 Jan 2 004 Mar 12
70 Jan 6 9212June 23
62 June 1 92 Feb
3912 Jan 5 4858June 16
258 Jan 15
7 Feb 17
178 Jan 9
8 Feb 16
234May 14
512 Feb 1
614 Jan 4 1178 Feb 19
418 July 2
812 Feb 5
634Slay 14 1314 Feb 5
65s Jan 3 15 Feb 5
1314 Jan 3 28 Feb 16
234 Jan 3
614 Feb 7
458 Jan 3
958 Feb 6
8 Feb 6
334May 14
27 Jan 4 4038 Feb 1
20 Jan 4 3314 Feb 9
20 Jan 12 30 Feb 3
218 Jan
634 Feb 5
1013 Jan 23
314 Jan 1
7312 Feb 1
49 June
2018May 1
3334 Feb 5
1314 Mar 28
534 Jan 1
2478 Feb 5
1378 Jan
2814 Apt 26
16 Jan
12 Jan 3 23 Apr 21
18 May 14 3213 Feb 5
57s Jan 10 1614 Feb 20
15 Jan 11 3534 Feb 21
38July 2
113 Jan 23
63sJune 5 1218 Feb 7
22 May 14 3878 Feb 5
35 Jan 13 50 Apr 26
4834 Jan 5 66 May 2
16 May 23 2414 Feb 8
7 May 14 1334 Jan 2
11 Jan 8 1934 Apr 21
1534 Jan 5 2712 Apr 21
1258May 14 2114 Feb 5
484 Jan 4 6212 Apr 20
20 Jan 3 3212 M ar 29
1958 Jan 12
13 Slay 1
478 Jan 1
1214 Apr 24
138 Mar 28
12 Jan 11
112July 5
358 Feb 6
518 Apr 20
134 Jan 8
713 Star 10
313 Jan 2
712May 14 1478 Feb 5
1734 Jan 5 3438 Feb 6
6 Feb 5
3 Jan 2
412 Jan 3
914 Feb 7
32 Jan 2 46 Jan 24
24 Feb 23
1 May 16
1 Mar 7
38 Jan 5
2538May 14 454 Feb 5
15 Jan 3 2678 Apr 24
1718 Jan 3 4314 Apr 23
108 Jan 2 139 Feb 1
1338May 14 2418 Feb 5
2312 Jan 6 3758 Feb 5
7 July 2 1158 Feb 5
134 Jan 16
78June 5
44 Apr 20
14 Jan 3
161 Jan 5 18378June 28
82 Jan 8 .100 June 9
2118 Jan 6 3634 Apr 11
2 Jan 4
638 Mar 14
334 Jan 19 1114 Apr 20
612 Mar 14
2 Jan 3
2814May 14 3778 Feb 19
8 Feb 17
4 Jan 16
1612 Jan 10 38 Apr 24
18 Jan 13 5112 Apr 23
164 Jan 10 43 Apr 23
3 Feb 8
6 Apr 25
412 Jan 12 16 Apr 24
15 Jan 3 27 Feb 21
43 Jan 2 5638 Feb 5
3378 Feb 7 4112June 9
2918 Jan 11 3912June 19
712May 14 15 Feb 7
438 Feb 6
238 Jan 2
214 Jan 4
618 Apr 4
1212 Jan 19 20 Mar 8
2 Feb 6
1 Jan
34 Feb 21
134 Jan 11
1812 Jan 5 3334 Feb 5
2178May 14 3612 Feb 5
2738May 12 4114 Apr 28
39 Jan 19 4734 Apr 20
1858 Jan 3 4314 Feb 1
53sJune 26
814 Jan 12
138 Jan 1
812 Apr 24
6 Jan 12 39 Apr 24
11011 Jan
13378 Apr 11
7134 Jan 18 86 July 5
214 Jan
44 Jan 30
858 Apr 26
318 Jan
834 Jan
174 Feb 20
12 Jan
23 Feb 20
234 Jan
812 Mar 29
458 Jan
1712 Mar 2S
c Cash sale.
PER SHARE
Range for Prerious
Year 1933
Lowest.
Highest.
per share
3458 Feb
Apr
50
1612 Feb
814 Feb
912 Apr
20
Jan
6858 Jan
Apr
6
312 Mar
3534 Apr
2134 Feb
64 Mar
712 Apr
5014 Apr
Apr
38
3458 Feb
12 Apr
12 Apr
138 Apr
212 Apr
1
Apr
112 Feb
114 Apr
2
Apr
2
Apr
312 Apr
278 Apr
154 Feb
1212 Apr
10 Mar
114 Feb
212 Jan
3738 Feb
1714 Feb
2
Feb
334 Apr
412 Apr
212 Apr
458 Apr
134 Ma
212 Ma
38 De
812 July
812 Apr
16 Mar
31 Mar
412 Apt
418 Feb
812 Feb
212 Mar
858 Feb
2114 Jan
12 Mar
Jan
6
17s Ma
18 Jan
12 Ma
34 AD
212 Dec
534 Jan
1112 Jan
1 18 Apr
158 Apr
Jan
13
1, Ma
Jan
14
Fe
24 Jan
24 Apr
per share
801,July
7934 June
59 July
3778 July
3914 July
4134 Dec
110 Aug
30 July
94 July
601s July
4114 July
8312 June
2078 July
7912 July
122 July
4914 Aug
8 July
812 July
Vs July
1478 July
1134 July
1814 July
16 July
2434 July
1018 July
1912 July
15 July
51 July
4234 July
30 July
1058 June
16 June
9334 July
46 July
1934 July
2534 July
294 July
234 July
3334 July
1112 July
2312 July
234 June
19 June
5034 July
6041 July
60 July
34 July
1334 Dee
2478 July
3414 July
2734 July
6712 July
28
Oct
20
Oct
8 June
214 July
54 July
812 July
1412 July
1718 July
3714 July
1014 July
1514 July
57 July
312 June
Ps June
5812 July
2758 Aug
3414 July
100 Mar 15834 June
1118 Feb 3478 July
18
Apr 56 July
15 July
712 Dec
18 Mar
312 July
478 July
12 Apr
11112 Mar 177 July
74 May 8712 Sept
93s Apr 3478 July
Jan
1
7 July
1 38 Feb
10 July
1
Feb
7 July
1334 Jan 4214 July
9 July
78 Feb
378 Ma
37 July
4412 July
6
Jan
412 Feb 3812 July
2 Jun
578 July
3 I)ec
10 July
3534 July
613 AP
2312 Apr 6212 July
Apr 33 July
25
2312 Ma
37 July
6
78
1
514
14
1118
418
578
8
15
418
4
412
6114
56
14
4
553
1
14
Jan
1812 July
938 July
Jan
Apr
914 July
Mar 22 July
3 July
Jan
478 July
Mar
Feb 3834 July
Mar 36 July
Jan 49 July
Jan 4014 July
Apr 43 July
1218 June
Feb
434 June
Dec
Dec
15 June
Apr 132 July
Apr 7512 July
712 July
Jan
978 July
Apr
16 July
Feb
1913 July
Jan
912 July
AD
16 July
Ma
Sold 15 days. r Ex-dividend,
p Ex-rights.
New York Stock Record-Continued-Page 2
82
July 7 1934
12if FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND
PAGE PRECEDING.
HIGH AND LOWISALE PRICES-PER SHARE, NOT PER CENT.
Saturday I
June 30.
Monday
July 2.
Tuesday
July 3.
Wednesday I Thursday
July 4.
July 5.
Friday
July 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest,
Lowest.
Highest.
$ per share 8 per share $ per share $ per share S per share $ per share Shares.
Industrial & Miscel. Par $ per share
$ Per share $ per share $ per share
838
8181 838
3
8
818
8
812
834 3,100 Adams Express
No par
6/
1
4 Jan 6 1178 Feb 5
3 Feb
1314 July
*7712 86
*771286
*7712 86
*7712 86 "7712 86
Preferred
100 7014 Jan 25 7712 Apr 19
39 Apr 71 June
*2714 2814 *2714 2734 02612 2738
*2612 28
*2634 28
Adams Millis
No par 16 Jan 5 3478 Apr 5
8 Apr 211
078 078 *878 031 *878 012
/
4 July
*9
9/
1
4
938 934
400 Address Multigr Corp
10
7/
1
4 Jan 5 1138 Feb 6
518 Apr 1212 June
"5
6
.5
6
*5
6
*5
6
*5
6
Advance Rumely
7/
1
4 Feb 5
412May 14
No par
11
/
4 Feb
9/
1
4 July
634 6/
1
4
6/
1
4 834 *6/
1
4 7
300 Affiliated Products Inc_No par
•634 7
*834 7
9/
1
4 Feb 6
1318 Jan 13
538 July
1134 May
9812 9812 98
9834 98
98
99
9918 9914 9934 1,100 Mr Reduction Ino
No Par 9134June 2 10814 Jan 24
4712 Feb 112 Sept
*2
238
2
2
.2
238
*2
238 "2
238
100 Mr Way Elec Appliance No par
338 Apr 26
178 Jan 3
12 Feb
4 May
2114 2038 2114 20/
21
1
4 21
2118 2112 211
/
4 211
/
4 7,900 Alaska Juneau Gold MIn___10 17381May 12 2378 Jan 15
111
/
4 Jan 33 Aug
*5/
1
4 6
*514 6
"614 534
A P W Paper Co
*514 534 *514 534
1
4 Apr 24
5 Jan 13
7/
No par
1
Jan
938 July
238 234
212 212
2/
1
4 238
21
/
4 2/
1
4
238 234 7,600 Allegheny Corp
212May
514
14
Feb 1
No par
/
1
4 Apr
814 July
1234 1234 1212 1234 1212 1212
1234 13
1218 1218
1,600
Prof A with $30 warr___100
1
4 Jan 4 1618 Apr 10
5/
1
Apr 2178 July
.1112 1314 11
11
*10
12
1212
11
*10
11
200
Peet A with $40 warr___100
538 Jan 3 1438 Apr 10
118 Apr 21 July
*12
13
12 .10
12
12
*10
*10
13
13
100
Prof A without warr___100
514 Jan 6 1438 Apr 9
114 Mar 20 July
*18
20
*18
*18
21
21
.18
*18
21
21
Allegheny Steel Co ___ _No par
15 June 16 2318 Feb 23
5 Mar 213 July
131 131
131 13114 12912 13014
130 13214 13314 135/
1
4 3,000 Allied Chemical & Dye_No par 12612M0y 14 16034 Feb 17
7034 Feb 152 Dee
c127 127
12713 12712 *12578 12912
012614 12914 *12614 12914
200 Preferred
100 12218 Jan 18 130 June 22 115 Apr 125
Oct
1512 1512 14/
1
4 1512 15
15
15
15/
1
4 1512 1512 1,600 Allis-Chalmers Mfg____No par 1334May 12 2338 Feb 5
6 Feb 2638 July
1412 1412 1412 1412 *14
15
*14
1514 *14
15
200 Alpha Portland Cement No par 1234 Jan 2 2018 Feb 5
5/
1
4 Jan 24 July
*4
4/
1
4
4
4
*31
/
4 414
*3/
1
4 434 *3/
200 Amalgam Leather Co
1
4 434
3/
1
4May 12
1
734 Mar 12
/
1
4 Feb
914 July
*3112 3334 *32
3334 *32
*32
3334 *32
3334
3334
7% preferred
50 25 Jan 6 45 Mar 13
5 Feb 40 July
*501
/
4 5112 .50
5012 50
50
5012 51
51
5114 2,700 Amerada Corp
No par 4112 Jan 4 5510June 8
181
/
4 Mar 4738 Nov
*33
3312 *33
33/
1
4 *33
3318
33
33
3318 3318
300 Amer Agri° Chem (Del) No par 2514 Jan 4 36 Jan 24
714 Mar 35 July
"21
2114 2034 2034 21
2118 2114 2138 1,500 American Bank Note
21
211
/
4
10 1412 Jan 4 2514 Apr 27
8 Mar 2812 July
*4638 50
*4612 49
04634 49
*4612 49
*4834 49
Preferred
E.0 40 Jan 4 5012 Apr 27
34 Apr 491
/
4 June
1238 1238 12
1214 1212 1212
1278 1278 12/
1
4 1278 1,500 American Beet Sugar__No par
712 Jan 4 1312June 19
1
Jan
1834 July
68
69
67
6814 67
6812 68
6714
68
6912
420
7% preferred
234 Jan 64 Sept
100 4812 Jan 4 7278June 18
2414 2414 *25
2613 26
*261
26
261
26
/
4
/
4
281
/
4
700 Am Brake Shoe & ledy_No par 2334May 14 38 Feb 6
91
/
4 Mar 4212 July
98 Jan 10 11012 Apr 18
•10734 110 *10734 110 *107/
1
4 110
*10734 110
10
1097s 10978
Preferred
60 Mft/ 106 Aug
100
9534 9814 951s 96
9514 96
97
98/
9734 98
1
4 4,200 American Can
1
4 Feb 15
25 9014May 14 107/
4912 Feb 10012 Dec
*145 147 *14538 147 *145/
1
4 147
*14512 147
146/
100
1
4 14634
Preferred
100 12612 Jan 6 14634 July6 112 Feb 134 July
2012 2012 *1914 2014 20
20
20
2012 20
2012 1,500 American Car dr Fdy__ _No par
1
4 Feb 5
618 Jan 3934 July
1814June 2 33/
4113 4178 4012 41
*4014 41
40
40
40
40
600
Preferred
15 Feb 59/
100 3814 Jan 8 5812 Feb 5
1
4 July
*6
1014 *6
814 "6
814
814
*6
814 .6
American Chain
Jan 11
Feb
1214
27
No
11
/
4 Mar 14 July
par
612
*2512 35
*2.512 35
*2512 35
"2512 35
*2512 35
7% preferred
100 2012 Jan 10 40 Apr 24
312 Mar 31 12 July
*56
57
5512 5512 55
5538
5514 5514 .5614 5712
500 American Chicle
No par 4814 Jan 8 6038June 18
34 Mar 5114 July
*314 414 *314 414 0314 411
Amer Colortype Co
*314 414 *314 41
/
4
812 Feb 5
338 Jan 29
2 Feb
10
618 June
33/
1
4 33
1
4 33/
3314 3312 3312
34
34
34
900 Am Comml Alcohol Corp_ _20 32 June 2 6212 Jan 31
34
13 Feb 8978 July
112 11
/
4
112 112
11
/
4 11
11
/
4
/
4 134
134 134 1,300 Amer Encaustic Tiling_No par
8June 27
5
Feb
16
11
1
Jan
6 June
*534 7
*534 7
*538 678
*558 678 •5/
Amer European Sec's__No par
1
4
1
4 6/
Feb
101
8June
/
4
2
3
55
3/
1
4 Apt
13 July
*8
812
8
818
8
818
8
814
818 814 1,700 Amer & For'n Power_No par
7 May 10 1334 Feb 6
37
8
Feb
193
8 June
2038 2038 20
2018 a19
19
1912 1912 .1938 20
1,200
Preferred
17 Jan 4 30 Feb 7
No par
714 Apr 4478 June
1034 1034 •101 1 1112 *1014 11
/
4 1012 1012
•1014 111
300
2nd preferred
Jan 4 1712 Feb 8
par
9
/
1
4
No
4
/
1
4
Apr 2714 June
15/
1
4 15/
1
4 *1512 17
*1512 16/
•1512 18
1
4
1512 1512
200
$6 preferred
12 Jan 4 25 Feb 6
No par
818 Apr 3538 July
•14
1538 14
14
•1312 14
*13
*1318 14
14
100 Amer Hawaiian S S Co____10 1312May 14 22/
1
4 Feb 10
418 Jan
2112 July
.634 8
.634
712 .838 8
*638 8
838 7
200 Amer Hide & Learher_No par
614M0y 24 1012 Feb 5
212 Mar
18 June
*29
32
3112 3112 *28
31
*28
31
*28
31
100
Preferred
2May 14 4214 Mar 15
261
1312
100
Feb
5713
June
*3413 3478 3434 3434 3412 3412
700 Amer Home Products
3412 341
/
4 3412 3434
2434 Dee 4212 May
/
4 Jan 5 3838 Apr 26
1 261
614 638
6
618
8
6
6
6
618 61
/
4 2,300 American Ice
6 July 2 10 Feb 5
334 Feb
No par
1712 June
•3718 38 .38/
1
4 3734 3678 37
23614 3614 3618 3618
600
8% non-cum prof
25 Feb 57/
100 3514 Jan 8 4514 Mar 26
1
4 June
7/
1
4 8
712 778
713 734
1
4 1,800 Amer Internet Corp_ __No par
734 7/
734 7/
1
4
414 Feb
6/
1
4 Jan 8 11 Feb 6
1518 July
34
1
*34 1
1
34
300 Am L France & Foamite No par
"4 1
78
112 Apr 4
'
34
Jan 5
/
1
4
14
Apr
312
June
*6
7
6
6
5
514
*5
5
5
8
170
Preferred
114 Jan
100
4 Jan 18 10 May 22
12 June
2438 2438 *23
24
*2314 24
24
24
23/
1
4
1
4 23/
600 American Locomotlye__No par 2214June 2 3834 Feb 6
5/
1
4 Jan 391s July
.55
56
*54
5518 *53
55/
1
4
Stock
*5414 56
54
551
/
300
4
Preferred
1
4 Mar 13
1734 Jan 63 July
100 49 June I 74/
•1413 15 .1412 141
/
4 14/
1
4 1434
400 Amer Mach & Fdry Co_No par 13 Jan 4 19/
141
1
4 *141
/
/
4 14/
4 15
1
4 Feb 5
834 Feb 22/
1
4 July
9
914
8/
1
4 914
834 938 Exchange
1
4 912 12,500 Amer Mach & Mctals__No par
9/
9/
1
4 934
Jan 3 1014May 11
1
314
Jan
6 June
2314
241
24
/
4 23/
1
4 24
2278
22/
1
4 231s 2234 2312 5,800 Amer Metal Co Ltd___Ne par 18 Jan 4 27/
1
4 Feb 15
318 Feb 2338 July
*7613 84
*7612 86
*7612 82
Closed82
*80
82
100
86
8% cony preferred
Feb
91
15
1512 Jan 75/
100 73 Jan 2
1
4 Nov
*25
27
*2434 26
*2434 26
*2434 27
28
26
10 Amer Newe Co Ino____No par
17
21 Jan 3 3434 Mar 13
Jan 3012 July
7
71
/
4
7
7
634 7
Inde71
834 714
7
/
4 4,500 Amer Power & Light__No par
4 Feb
5/
1
4 Jan 4 1214 Feb 6
1978 July
2014 2014 20
20
1938 20
*1938 1934 1914 1918
900
$6 preferred
9/
1
4 Apr 4118 July
1334 Jan 6 2978 Feb 6
No par
17/
1
4 17/
1
4 1714 18
17
1718 pendence
17
1718 3,300
1718 17
$5 preferred
9 Apr 35 July
127s Jan 5 2814 Feb 7
No par
1378 1414 13/
1
4 14
1312 13/
1
4
1418 7,200 Am Bad & Stand San'y No par
14
1334 14
1
4 Feb 1
4/
1
4 Feb
12 May 14 17/
19 July
1818 1838 17/
1
4 1814 1738 1818
Day
1818 1918 1878 19/
1
4 7,800 American Rolling Mill
533 Mar 311
25 1618May 14 2814 Feb 19
/
4 July
54
54
5414 5412 *5412 55
•5412 55
55
500 American Safety Razor No par 36 Jan 13 55 July 6
55
2018 Apr 47/
1
4 July
*438 438 *438 434
438 438
.41
/
4 *418 438
/
4 41
100 American Seating v I o_ No par
738 Feb 19
78 Mar
314 Jan 10
718
July
1
1
1
1
1
•1
1
118
1
1
900 Amer Ship & C,omm __ _No par
238 Jan 30
Apr
Jan 4
1
412
/
1
4
June
2334 2334 23
42212 25
2314 2438
23
23
170 Amer Shipbuilding Co_No par
23
1112 Mar 3634 June
1914 Jan 4 30 Jan 30
4214 43
4138 4238 411
/
4 4218
11,200 Amer Smelting & Retg_No par 3534May 10 5114 Feb 15
4218 43
4214 43
10114 Feb 5312 Sept
*122 127 *124 125
125 125
*122 128 *12212 124
100
Preferred
31
Jan 9912 Dec
100 100 Jan 2 125 June 29
954 9514 9514 9512 9534 9534
•9512 96
96
96
500
2nd preferred 6% cum
2012 Jan 73 July
100 7114 Jan 2 96 July 6
*59
5912 5912 5912 5912 60
60
601
60/
/
1
4 2,300 American Snuff
4 60
3212 Jan 5114 Sept
48/
1
4 Jan 5 6038July 5
25
12212
*120 12212 12214 12214 *120
12212 1221 *120 12212
30
Preferred
/
4 Jan 112 July
100 106 Feb 2 x125 June 13 1021
1512 1534 1512 1512 15
1614 1612 1612 17
11314
2,200 Amer Steel Foundries__No par
41
/
4 Feb 27 July
14 June 2 2612 Feb 5
.68
79 .6918 79
*70
72
*7014 74
10
7234 723
Preferred
8June 2 81 Jan 30
3738 Mar 85 July
597
100
*4118 43
.4118 43
*4118 43
.42/
4278 43
300 American Stores
1
4 43
/
4 Feb 7
30 Feb 47/
No par 37 Jan 3 441
1
4 July
.65
65/
1
4 *6312 65
*6312 64
65
64
65
85/
1
4 2,000 Amer Sugar Refining
2111 Jan 74 July
100 48 Jan 3 6612June 28
*120 12018 120 120 .11938 12018
•12018 120/
200
1
4 12014 12014
Preferred
Jan 3 12014 July6
80
Jan
10318
11214
100
July
•17
18
*1712 1834 *1714 18
1738 1738 1818 181
200 Am Sumatra Tobacco_ _No par
1334May 10 2038 Mar 13
8
Jan 26 July
113 11314 11212 11312 113 11312
11234 11414 11334 115
11,300 Amer Telep & Teleg
Jan 4 12514 Feb 6
8611 Apr 134/
107
/
1
4
100
1
4
July
*7334 7414 73
73
7234 7312
7414 7412 7412 7434 1,000 American Tobacco
40 Feb 9078 July
25 6514 Jan 8 8238 Feb 8
75/
1
4 7534 7414 75
74
75
7878 7618 7634 7.100
75
Common class B
/
4 Feb 5
5034 Feb 941
25 87 Jan 8 841
/
4 July
*121 12214 *121 122
122 122
•122 12214 .122 12214
100
Preferred
100 10714 Jan 3 124 June 16 10234 Mar 120 July
.512 61
*51
/
4 6
*512 618
100 :Am Type Founders___No par
*512 6
1
4 Jan 8 13 Feb 21
218 Dec 25 July
4/
151
/
4 151
/
4 1518 1518 .1312 15
1312 1312 14
140
14'2
Preferred
VA Jan 6 2834 Feb 21
7
Oct 37/
100
1
4 July
20
2012 1912 19/
1
4 19/
1
4 20
x20
2014 20
2014 3,400 Am Water Wks dr Eleo_No par 1638May 14 2738 Feb 7
1078 Apr 4314 July
75
75
74
74
.7112 7434
*7112 7434 7312 7313
300
let preferred
No par 54 Jan 3 80 Feb 5
35 Mar 80 June
*1014 1034
1014 1014 1012 1012
1014 1012 1014 1034 1,600 American Woolen
812May 14 1718 Feb 5
312 Mar 17 July
No par
•60
611
/
4 6014 6012 60,2 60,2
6012 6012 6012 62
1,700
Preferred
221
/
4 Feb 671
100 58 May 14 8334 Feb 7
/
4 Dec
138
11
/
4
114
114
112 112 .114
114
138
/
4 1,200 Am Writing Paper
11
33 Feb
414 Mar 14
1 June 27
1
418 June
4/
1
4 418 *414 5,2
.414 434
41
600
/
4 412
418 4'8
Preferred
312June 26 1712 Apr 23
No par
Feb
3*
143
4 July
*534 6
*5/
1
4 638
5/
1
4 534 *534 612
534 534
300 Amer Zinc Lead & Smelt_I
214 Feb
9 Feb 16
Hai July
5
/
1
4 Jan 4
430 2 48
.41
48
•39I2 48 .3912 48
*41
48
Preferred
20 Feb 68 July
3712 Jan 4 5018 Feb 18
25
14/
1
4 1478 1413 15
1414 14/
1
4
1438 1478 1412 147 10,800 Anaconda Copper Mining 50 13 May 14 1734 Apr 11
5 Feb 2278 July
121
/
4 13
*1212 1312 13
1313
*13
13
13
13
800 Anaconda Wire & CableNo par
41
/
4 Jan
914 Jan 12 13 June 30
1512 June
2012 2012 20
20
19/
1
4 19/
1
4
*19
20
20
20
400 Anchor Cap
Jan 8 2434 Jan 31
No
8
18
par
Jan 391
/
4 July
*93/
1
4 9612 95
95
9412 9412
9334 9334 .94
$6.50 cony preferred_No par 84 Feb 5 100 Apr 17
40
96'z
6212 Jan 90 June
31
31
30
31
30
30
•29
*30
31
31
700 Archer Daniels Midrci_No par 2814 Jan 9 34 Apr 23
9/
1
4 Mar 2914 July
•115 120 *115 120 *115 120
*115 120 .115 120
7% preferred
95 Feb 115 July
100 110 Jan 24 11514June 20
•92
921
/
4 921
/
4 9214 *92
93
600 Armour & Co (Del) pref_..100 76/
921
/
4 9212 923
92
1
4 Jan 2 03/
1
4 Apr 20
41
Jan 90 July
534 534
512 534
578 618
5/
512 51
1
4 53 12,800 Armour of Illinois cleat A __25
/
4
8 Apr 13
4/
1
4 Jan
18
1 Feb
734 June
234 234
2,
8 234
2/
1
4 278
3,700
234 23
2/
1
4 278
Class 13
378 Apr 12
Jan 6
214
25
5 July
Si Feb
691
/
4 6914 8814 691
/
4 6814 69/
400 55 Jan 3 75/
7014 7214 7014 721e 19,700
1
4
Preferred
1
4 Apr 13
7 Feb 93 July
*5
1
4
5/
5
5
5
5
51
5
5
5
700 Arnold Constable Corp
8/
1
4 Fen 9
5
11
/
4 Jan
3/
1
4 Jan 10
7 July
*614 7
*614 7
*614 7
.612 7lz
7
7
100 Artloorn Corp
2 Mar
414 Jan 5 1012 Apr 21
No par
912 June
*138 11
/
4
112 112
•11
11
/
4 134 *IN
/
4 11
/
200 Associated Apparel Ind No par
4
134
3/
1
4 9 ,b15
1 Jan 9
Apr
514
14
June
*1012 1112 1112 1113
•11
13
1112 1112 .11
1112
400 Associated Dry Goods
/
4 Feb 6
312 Feb 20 July
1
1 lis Jan 3 181
*5512 60
*55
60 .55
60
*55
6014 6018 6018
100
6% Ist preferred
18
100 50 Jan 1 7712 Apr 20
Feb 6112 July
*4514 55
*45
55
*45
.4511 5712 .
55
4514 5712
7% 2d preferred
15
Jan 511
100 50 Jan 4 6478 Apr 20
/
4 July
838
40'2 *38
43.313 .38
4012
*38
4012 .38
4012
Aasoolated Oil
6/
1
4 Mar 3512 July
25 291s Jan 5 4012 Apr 25
19 .15
•15
17
*15
015
17
17
15
15
10 At 0 & W I SS Linee__No par
Apr
16
15
12
41
/
4
12
Mar
'(as'
26 JulY
*243* 25
*24/
1
4 25
2438 25
2478 2512 25/
1
4 2512 3,700 Atlantic Refining
1238 Feb 3212 Nov
25 2134N1ay 14 3514 Feb 5
.48/
1
4 50
4812 4812 4713 4713
48/
1
4 4912 *4812 4912
600 Atlas Powder
No par 3514 Jan 8 5512 Mar 13
9 Feb 3918 July
10012 100's 101 101 •113014 101
10014 10014 10014 10014
Preferred
80
Apr
10112
17
60 Apr 8318 Sept
100 83 Jan 9
*8/
1
4 10
*838 9
*838 912
.8/
1
4 10
*8/
1
4 10
Atlas Tack Corp
/
4 Mar 14
712 Jan 15 161
No par
lls Feb 3434 Dec
22/
2234 2312 22
1
4 22
23
23
2312 2312 2412 6,800 Auburn Automobile
_No pa
31
22 July 2 5738 Mar 13
Oct8414 July
"11
12
12
1214 *11
•11
*1114
123
8
13
121
Austin
/
100
4
Nichols
78 Feb 984 July
No par
7 Jan 4 181
/
4 Mar 5
6
618
634 6
634 578
534 6
10,100 Aviation Corp of Del (The)._5
6
6
512 Feb
5/
1
4 Feb 10 1034 Jan 31
161
/
4 July
1012 10/
1
4 1012 1012 1014 1038
10/
1
4 1034 1012 1034 4,000 Baldwin Loco Works No par
Feb
978May 10 16
5
312 Apr 17/
1
4 July
1•4212 4618 .4212 45
*4212 44
.4212 4812 *4212 48
Preferred
1
4 Apr 21
912 Apr 60 July
100 35 Jan 8 64/
.9718 991 *9718 99
.9714 99
*97
*97
99
99
Bamberger (L) dr Co prof_ _100 8812 Jan 9 9918Ju11e 20
8814 Feb 9978 Aug
*414 4/
1
4
414 414 *334 47
1
4
100 Barker Brothers
"334 412 *334 4/
612 Feb 5
Vo par
3 Jan 2
38 Jan
714 June
.27
283 .2538 28/
30 .25
1
4
*2538 2812 *25/
1
4 2812
81.4% cony preferred__100 1818 Jan 9 3812 Apr 12
51
/
4 Apr 2414 July
738 738
7
71
7
/
4
7/
1
4
71
/
4 714
7/
1
4 712 3,300 Barnsdall Corp
6
7 May 14 10 Jan 22
3 Mar 11 July
297 *2838 291
2934 2934 29
*3114 32
2912 30
600 Bayuk Cigars Inc
No par 23 May 8 39 Feb 5
314 Jan 521
/
4 July
*95
98
98
*95
98
98
•95
98
98
98
30
1st preferred
27
100 89 Jan 15 98 Mar 16
Jan 100 July
1638 1538 15/
1
4 151
16
/
4 1533
1618 1618 1,600 Beatrlce Creamery
1534 18
/
4 Apr 21
7 Mar 27 June
10./
1
4 Jan 6 181
25
.91
943
4 *91
941
*91 100
•91
94
91
91
100
Preferred
45 Feb 8$ May
100 55 Jan 13 91 July 6
.64
66
*64
66
.6412 66
.8412 66
66
6634
200 Beech-Nut Packing Co
20 58 Mar 2 67 Apr 23
45
Jan 7012 June
1
4 1234 12/
1
4 121s 1284
12/
1
4 12/
12/
1
1
4 1234 12/
4 1238 1,100 Belding Herninway Co_No par
878 Jan 3 1514 Apr 24
31
/
4 July
/
4 Feb
121
1
4 *115/
1
4 119 *11578 11712
115/
1
4 115/
11812 11812 *11634 11912
300 Beiglan Nat Rys part pref.._
9512 Jan 9 11978May 25
6214 Apr 10114 Nov
1412 1518 1412 14/
14/
1
4 15
1412 1434 14/
1
4
1
4 1518 4,100 Bend!! Aviation
1
4 Feb 1
els Feb2114 July
5 1338May 14 23/
1
4 1634
1612 1634
16/
1638 17
1678 1718
1878 1712 5.100 Beneficial Indus Loan__No par
1218 Jan 31
1918 Apr 26
1314 Sept15 Aug
•Bid and asked prices, no sales on this day
9 Companies reported In receivership. a Optional sale. c Cash sale. x Ex-dividend. y Fx-rights.
New York Stock Record-Continued-Page 3
83
Or FOR SALE DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
June 30.
Monday
July 2.
Tuesday
July 3.
Wednesday
July 4.
Thursday
July 5.
Friday
July 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
$ per share $ per share 3 per share 3 per share $ per share $ per share Shares. Indus.& Miscell.(Con.) Par $ per share
$ Per share $
*31
32
.31
.3112 32
32
32
32
*3112 32
No par 2612 Jan 8 3414 Apr 10
200 Best & Co
3258 33
3214 3258 3218 3258
33
34
3358 3414 8,200 Bethlehem Steel Corp No par 3038June 2 4912 Feb 19
.6012 61
6012 6012 *60
6014 61
100 5878June 2 82 Feb 19
6114 6114
6014
400
7% preferred
.26
27
26
26
*26
*26
27
27
27
27
60 Bigelow-Sant Carpet Inc No par 25 May 28 40 Feb 5
•1018 11
.10
1012 1012 1014 1014
1012
1034 *10
No par 1014May 14 1614 Jan 30
200 Blaw-Knox Co
•1612 22
*1614 22
18 Jan 12 28 Feb 7
•1614 2178 *1614 2178
*1614 22
Bloomingdale Brothers_No par
55
5434 5434 54
55
5312 64
551
5618 57
1,800 Bohn Aluminum & Br
5 4958May 14 6834 Jan 24
2614 2834 26
2638 2534 26
26
27
2612 2634 8,400 Borden Co (The)
25 1972 Jan 8 2712 Feb 5
23
23
2134 2238 2138 22
22
2214 2,900 Borg-Warner Corp
2112 22
10 2058May 14 2858 Feb 5
4114
3 Feb 9
*114
11
11
*114
*114
1 Jan 2
112
112 .114
11
:Botany Cons Mills class A_50
1713 17
17
12 Jan 6 1938 Apr 26
17
1718 1634 1714 17
1714 6,600 Briggs Manufacturing_No po
1718
.3518 3558 .3518 3512 3514 3558
.3538 36
3534 36
.500 Bristol-Myers Co
5 28 Jan 4 3738 Apr 26
.66
6734 6714 6712 .65
661 *65
6712
67
500 Brooklyn Union Gae___No par 6078May 8 8012 Feb 6
66
*5212 55
52 .5078 55
52
5212 .52
600 Brown Shoe Co
No par 5014 Jan 5 61 Feb 18
52
55
4638 658
612 638
612July 6 1078 Mar 17
.634 7
.6
634 .6
200 Bruns-Balke-Collender_No Par
63
938 Feb 5
5
5
5 July 5
533
518 518
SOO Bucyrus-Erie Co
*514
10
514
514
518
51
912 91
912 912
912 912
958 958
*932 10
5
9145fay 12 1412 Apr 24
500
Preferred
•5834 64
5834 5834 58
170
58
100 56 June 8 75 Jan 15
5818 *57
58
7% preferred
58
558 558
734 Apr 25
MS Jan 3
6
6
Na par
538 51
534 534
512 558
3,000 Budd (KG) Mfg
.28
100 25 Jan 2 44 Apr 25
31
.28
31
*28
31
31
.28
.28
7% preferred
31
3
53s Jan 30
3
3
3
234July 6
.278 3
3
3
234 3
1,800 Budd Wheel
No par
5
*5
5
6
.458 6
612 Apr 28
518 51
27s Jan 9
No par
.458 538
300 Bulova Watch
878 914
9
734 Jan 4 1512 Feb 16
914 'Fs 914
9
978
No par
700 Bullard Co
878 9
.2
4
.2
6 Feb 21
42
4
158 Jan 26
4
*2
.2
4
Burns Bros class A__ _No par
4
*812 9
.812 9
9
10
4 Jan 9 1512 Feb 20
10
1078
260
*812 9
100
7% preferred
14
1418 1334 1334 1314 1312
1353 1358 1378 1378
900 Burroughs Add Mach_No par 1218May 14 x1938 Feb 1
*134 212 *134 212 *134 214
*134 21
.134 214
378 Feb 9
No par
:Bush Term
134MaY 12
.234 4
6 Mar 8
.234 4
•234 31
3 June 29
.27,3 312
.234 312
100
Debenture
.12
14
.11
.10
14
14
14
14
20 Bush Term BI fru pref ctfs_100
.11
518 Jan 3 1534 Feb 23
14
*112 158 •112 158 •112
218 Feb 18
*112 158 *112 158
112 Jan 13
Butte & Superior Mining_10
158
.2
238
3 Feb 18
212 212 4,000 Butte Copper & Zhao
238 212
5
2 Jan 2
212 212
212 258
4212 3
.212 3
434 Feb 1
*212 3
*212 3
318 Jan 2
No par
100 Butterick Co
212 212
2218 2218 2112 2112 2112 2112
2134 2134 2214 2212 1.000 Byers Co(AM)
1834June 2 3234 Feb 7
No par
*5212 56
*5212 54
44618 53 .4618 53
100 4714 Jan 15 6778 Apr 23
*5118 53
Preferred
3178 3178 3178 32
3258 3258 3231 3234
1834 Jan 4 3412 Apr 30
__No par
900 California
3114 3112
78
78
78
.
78
78
1
1
34June27
134 Jan 23
1
*78
1
10
Packing_1,000 Callahan Zino-Lead
*414 412
414 414
658 Fen 5
.418 414
4 Jan 3
418 414
1,200 Calumet & Heela Cons Cop_25
418 414
812 812
812May 14 1571 Feb 23
.
834 914 *834 9
858 834
700 Campbell W & 0 Fdy __No par
834 834
.2118 2112 2012 2012 2034 2034
21
21
21
2138
700 Canada Dry Ginger Ale____5 20 June 2 2912 Apr 24
*33
3412 33
*3212 3312 •3212 3312
33
100 Cannon Mills
No par 2812 Jan 4 38 Apr 2
*3214 3312
778
.7
778
873 .833 878
.
818 834 *778 8
538 Jan 2 10 Apr 13
1
100 Capital Adminis el A
•____ 36 ....___ 36
•---- 36 *---- 36 •____ 36
10 2834 Jan 24 39 Apr 20
Preferred A
49
4978 4812 49
5012 51
4912 5038 1,600 Case (J I) Co
100 46 May 14 8634 Feo 6
4912 4934
•70
7478 •70
.70
7478 .72
7478
7478 70
100 8734May 25 8412 Feb 6
Preferred certificates
70
50
2734 2734 27
27
27
27
2718 4,000 Caterpillar Tractor_No par 2312 Jan 4 3338 Apr 21
2714 2612 267a
.25
2512 2514 2634 7,300 Celanese Corp of Am__No par 2258June 2 447s Feb 5
2512 2334 25
25
2418 24'2
.2
238 .2
212
438 Apr 12
214 .2
*2
2 Juno 22
2
2
200 :Celotex Corp
No par
21
•134
178
153 158 .112 134
4 Apr 12
114 Jan 9
134 134 *112 18
No pa
200
Certificates
13
15
14
1512 14121 1512 1312 14
14
14
100
612 Jan 18 2238 Apr 13
580
Preferred
.2858 29
2813 281 .2814 29
29
2958 2914 2934
1,800 Central Aguirre Asso_No par 24 Mar 22 3218 Feb 5
.9
93
*9
734 Jan 16 1238 Feb 19
958
934 934 *912 1038
200 Century Ribbon MIlls_No par
958 958
.8312 93
•82
93 .8312 93
*8312 93
100 82 Mar 31 95 Jan 2
Preferred
*8312 93
4178 4214 4118 4178 4114 4279
4212 4313 4134 4278 38,700 Cerro de Pasco Copper_No par 3014May 16 4312July 5
734 Apr 5
578 57
314 Jan 2
*512 578
58
700 Certain-Teed Products_No par
57
514 534 *512 534
2834 2834 .2914 32
*29
100 1712 Jan 19 35 Apr 1
32
*29
Stock
31
200
3014 30'4
7% preferred
4513 4512 4514 4514 4412 451
4412 45
45
45
No par 34 Jan 4 4878 Apr 21
1,700 Chesapeake Corp
512May 14
97s Feb 5
678 6e
678 7
718 718
678
7
*612 64 Exchange
900 Chicago Pneumat Tool_No par
2158 2158 21
2134 2212 2212 2318
2114 21
No par 1812 Jan 12 2834 Apr 24
1,000
Cony preferred
21
*2612 27 .2534 27
10 1914 Jan 8 3034 Feb 5
200 Chickasha Cotton Oil
2618 26'8 Closed- *2818 2714 2712 2712
534
*6
614
July5 1158 Feb 19
6
*534 614
6
No par
600 Childs Co
534 53
6
6
.13
15
.1334 153 *1314 16
lnde1314 1314 *1314 16
25 1218May 16 1758 Apr 9
10 Chile Copper Co
3812 3914 3818 3914 3814 3378
3878 3934 3912 4114 29.800 Chrysler Corn
5 3612Nlay 14 6038 Feb 23
•1912 1934
pendence .1978 20
1714 Jan 5 2438 Jan 30
20
1912 1912 1912 20
20
No par
600 City Ice & Fuel
8312 8312 .8312 85
48414 85
85
100 87 Jan 3 86 Apr 23
8512
100
Preferred
8312 8312
78
7
78
78
78
78
210 Feb 6
.78
1
76 Jan 5
78
Day
7s 2,300 City Stores
No par
*12
58
12
12
*12
12 Apr 20
114 Feb 6
58
Voting trust certifs_No par
200
*12
58
*12
58
312
.212 412 *212 4
*212
312
55
8 Feb 6
*212
318June
26
No
par
Class
A
.212 318
.2
518 Feb 21
*2
412 *2
412 .2
412
No par
212June 5
Class A v t e
412 *2
412
*1212 1658 *1212 1658
*1212 1658 *1234 1934 *1212 1658
834 Jan 5 2134 Mar 5
No par
Clark Equipment
431
35
*33
.30
35 .30
34
3412 .31
Cluett Peabody at Co No par 28 Jan 3 45 Apr 7
36
*105 115 *10518 115 .10514 115
410514 11212 .10514 11212
100 95 Jan 17 115 Apr 23
Preferred
12612 12914 12914 13078 3,300 Coca-Cola Co (The)___No par 9514 Jan 2 13078 July 6
•125 12612 .125 12612 .125 12612
.5414 5478 5458 5458 *5412 5434
No par 5018 Jan 11 55 June 1
5434 5434 .5434 55
200
Class A
1434 1512 1538 1578 4,400 Colgate-Palmolive-Peet No par
1512 1512 15
1514
1434 15
938 Jan 3 1818 Mar 13
88
.8678 8934 .87
88
87
87
88 .87
100 6812 Jan 8 9214 Apr 18
200
6% preferred
88
1614 1614
1534 16
161 1 161 •1538 1638 1534 1534
1558June 2 2812 Feb 19
No par
1,500 Collins & Altman
534 534 *518 612
884 Feb 6
578
534 534
578
378 Jan 2
512 5'2
600 :Colorado Fuel & Iron_No par
.7134 731
73
7214 74
7114 7138 7034 7114
7478 3,700 Columbian Carbon v t o No par 58 Jan 8 7714 Apr 23
.29
.28
3018 .28
3114 2878 29
30
300 Columb Pict Corp v t o_No par 23 Jan 6 3434May 28
28
28
1334 1378 1312 14
14
1358 14
1414 17,600 Columbia Gas & Eleo_No par
1118 Jan 4 1914 Feb 6
1338 l3e
7612 77
76
76
7612 76's
*77
100 52 Jan 5 7834June 21
773
900
7614 767
Preferred series A
.66
70 •67
467
70 .67
70
100 41 Jan 9 71 Apr 24
70
10
67
5% preferred
67
2813 28
*28
28
28
2814 28
28
29
10 1833 Jan 4 3518 Apr 21
2,000 Commercial Credit
28
28
28
29
2834 2854
.27
.28
25 2312 Jan 5 29 Mar 3
281 .28
170
7% 1st preferred
29
*4714 49
.4714 48 .4714 48
*4714 48
60 38 Jan 3 50 Mar 9
*4714 48
Class A
2838 2838 2838 281 .2814 2812
2812 281 *2814 2S'z
2
24 Jan 3 30 Mar 3
90
Preferred B
10434 105
•10412 10478 10478 105
105 105
9112 Jan 3 106 Apr 30
170
105 105
6f4% first preferred-10
.55
5678 5458 55 .5414 65
5612 1,000 Comm Invest Trust___No par 3534 Jan 4 5934 Apr 11
55
85
56
•1081
-- *10858
4108%
.1085g _ _ _
109 June 27
_ •10858 -No par 91 Jan
Cony preferred
2218
-2238 2158 121
22212 22-58 9.500 Commercial Solvents-No Par
2178 -i2-1
2158 -21719341%lay 14 3834 Jan 30
8
2
218
2
2
218
2
134 Jan 2
214 21,900 Commonvelth & Sou.. No par
21<
2
218
334 Feb 6
4612 4612 45
44
4513 4312 4434
44
4414 4434 2,000
No par 2112 Jan 2 5234 Apr 23
$6 preferred series
2714 2758 2612 27
27
27
27
27
2,300 Congoleum-Nairn lno No par 23 Jan 9 3114 Feb 16
263s 2612
•1078 1238 .1118 1238 •111s 1238
*1118 12
.1118 12
934 Jan 12 1412Mar 5
No pal
Congress Cigar
*834 1038 .878 978 *834 10
*834 10
*834 10
Consolidated Clgar____No par
814 Jan 2 1338 Mar 17
.60
61
60
.60
61
.60
60 .60
61
100 4514 Jan 2 61 June 20
Prior preferred
20
61
318
3
3
43
.3
338
318 318
318 318
212 Jan 2
534 Feb 15
1
500 Consol Film Indus
•14
1412 .
14
14
.14
14
15
1418 1418
1414
1038 Jan 2 1712 Feb 15
200
No par
Preferred
33
3312 3234 3314 3234 3314
3338 3414 34
3434 15,400 Consolidated Gas Co_ No par 311sJune 2 4738 FED 6
9334 9334 9312 9312 92
93
93
93
9314
No par 82 Jan 4 94 June 19
93
1,000
Preferred
.214
234 *214 234
*214 258
258 258
218 Jan 8
438 Feb 7
214 212
300 Consol Laundries Corp_No par
10
1018 10
No par
1018 1038 1014 1038 14,900 Consol Oil Corp
912Nruy 10 1414 Feb 13
1018 10
1018
•109 11112 4109 11112
.110 11112 .110 11112
100 108 Feb 9 11112 Apr 28
8% preferred
.110 11112
78
1
I
72
1
3,900 Consolidated Textile_ __No par
218 Feb 7
7s Jan 4
78
78
1
78
78
.
958 10
9
958 48
912
913 912
20
912 10
1,200 Container Corp class A
618 Jan 5 1334 Apr 23
358 378
378 37s
378 4
354 378
538 Apr 18
1,700
334 334
Class B
238 Jan 2
V° par
834 834
812 812 *8
400 Continental Bat class A Na par
938 938 *9
7 Jan 8 1458 Jan 24
612
912
114
114
114
114 •114
138
114
1,200
238 Feb 7
No par
Class B
1 Jan 1
114 *14
112
.57
58 .57
5818 5718 5718
*57
5712 57
57
Preferred
200
100 4814 Jan 8 64 Feb 9
7912 7912 701z 7912 79
79
79
7914 7934 2,100 Continental Can Inc
20 6912May 14 8314 Apr 21
7918
*758 9
•758 9
*738 0
.
758 9
Cont'l Diamond Fibre
5
•73s 9
718 Jan 5 1134 Feb 6
.30
3112 .30
3014 3014 3014 3058
32
3038 3038
500 Continental Insurance___2.50 2338 Jan 6 3512 Apr 20
1
1
1
118
1
1
118
1
1
118 3,700 Continental Motors.„-No par
238 Feb 21
1 June 25
1878 1914 187s 1912 1834 19
19
1978 1912 1978 11,500 Continental 011 of Del
5 1612 Jan 13 2234 Apr 21
6472 65
6414 65
6414 65
681g 5,900 Corn Products Rellning____25 6012May 14 8412 Jan 26
6518 6614 67
•14314 147
*14334 147 .144 147
145 145 .14334 147
100
100 135 Jan 4 195 Apr 25
Preferred
578 6
578 578
57/I 6
512 6
538 53
4,000 Coty Inc
97s Feo 5
370 par
334 Jan 2
.33
3314 33
33
33
33
33
33
400 Cream of Wheat otfs_ _No par 28 Jan 3 35 Jan 31
33
33
1514 1518 151
•151s 1534 15
15
15
900 Crosley Radio Corp
15
15
8 Jan 2 1712J00e 16
No par
.2458 251 *2438 2512 2478 25
25
25 .25
251
600 Crown Cork & Seal
No par 2414May 10 3614 Feb 1
•3818 40
40
40
.3934 401
3918 391
4018 401
300
No par 3512 Jan 2 4114 Apr 20
$2.70 preferred
514
*512 55
538 •514
512 51
51
514
51
1,300 Crown Zellerback v t o_No par
658 Apr 27
378 Jan 6
22
221 •2134 221
.2214 241 •2178 24's
22
22
400 Crucible Steel of Amerloa_100 2178 Jan 4 3838 Feb 19
60
60
*5512 61
45512 61
*54
61
.54
61
100 48 Jan 12 71 Apr 19
Preferred
100
1<
•112 17
*113
•158
112 11
138
300 Cuba Co (The)
No par
1 Jan 2
318 Feb 9
.112 1521
738 8
*8
878
754 8
814 838
83s 858 7,100 Cuban-American Sugar _ ___10
312 Jan 10
933 Feb 8
5678 57
54
5678 59511 5958 62
56
1,410
100 2018 Jan 9 62 July 8
Preferred
5514 56's
47
47
4534 4638 .45
46
461 .4618 47
50 37 Jan 2 5034 Feb 16
500 Cudahy Packing
46
.2112 2214 2112 2112 2218 221
*2218 227 42218 2278
1312 Jan 8 2938 Apr 12
200 Curtis Pub Co (The)___No par
78
78
8114 8138 8138 1,100
80
81
80
No par 4312 Jan 3 8414 Apr 13
8033 81'<
Preferred
318 31
314
318 31<
318 314 7,500 Curtiss-Wright
1
212 Jan 2
318 318
318
514 Jan 31
914 912
938 958 6,600
914 90
938 958
1
Class A
514 Jan 3 1214 Apr 2
914
978
*1512 18
, 1613 161 .
.1512 18
200 Cutler-Hammer Inc___No par 11 Jan 4 2112 Feb 21
1512 18
16
16
•Bid and asked prices, no sales on this day.
2 Companies reported In receivership. a Optional sale. c Cash sale.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
per share $ por share
9 Mar 331s Aug
1018 Mar 4914 July
2514 Feb 82 July
618 Apr 2912 June
312 Feb 1914 July
858 Feb 21 July
912 Mar 5812 Dec
18 Feb 3712 July
512 Feb 2214 Dec
38 May
412 July
258 Feb 1438 July
25 Dec 3814 Sept
60 Dec 8812 June
3812 Mar 5378 July
134 Mar 1812 June
2 Feb 127s June
334 FebI 1958 June
2012 Mar 72 June
97 July
114 Are
3 Mar 35 July
1
Feb
534 July
5 June
78 Mar
212 Feb 1314 July
12 Apr
5 June
13 June
134 Jan
61s Feb 207s July
1
Apr
8 June
1
Apr
912 June
41s Dec
8 Dee
1
Feb
278 June
414 June
12 Mar
114 Apr
712 June
812 Feb 4314 July
3018 Mar 80 July
734 Mar 3434 July
214 June
14 Jan
2 Feb
CA June
2 Feb
1614 July
712 Feb 4112 July
14 Feb 3512 July
414 Oct1212 July
251s Jan 3512 July
3012 Feb 10312 July
41
Feb 8814 July
512 Mar 2934 July
412 Feb 5878 July
12 Mar
574 July
38 Feb
438 July
11$ Jan
1234 July
14
Jan 41 July
2 Apr 1158 July
52 Feb 100 Dec
578 Jan 4434 Sept
1
Jan
738 July
4 Mar 3014 July
147a Jan 5212 July
218 Mar 1238 July
512 Feb 2514 June
5 Mar 34 July
2 Feb
1018 July
8
Apr 211, July
734 Mat 5758 Dec
718 Mar 25 June
45 Apr 72 July
14 Feb
338 July
18 mar
218 July
112 Jan
812 July
514 July
34 Nov
5 Mar 1414 June
10
Jan 4112 July
90
Jan 100 June
7312 Jan 105 July
Apr 51 Dec
44
7 Mar 2238 July
49 Apr 88 Aug
3 Apr 28 Sept
278 Dec 1758 July
2318 Feb 7112 July
658 Mar 28 Nov
9 Mar 2818 July
50 Dec 83 June
40 May 7412 June
4 Feb1914 Dec
1812 Star 25 Sept
16 Feb3912 Aug
1818 Mar 2518 Sept
70 Mar 9578 Sept
18 Mar 4311 July
Jan 9778 Jan
84
9 Feb 5714 July
114 Dec
f118 June
173
, Dec 8012 June
2758 July
738 Jan
612 Feb
18 June
312 Apr
1934 June
31
Apr65 June
134 Jan
534 May
578 Mar 1434 May
34 Dec 6418 June
Jan
811s Dee 99
112 Dec
512 Jan
5 Mar 1534 July
Oct
9512 Mar 108
314 July
14 Mar
118 Jan
1014 July
14 Feb412 June
3 Mar 1814 July
312 July
12 Jan
Jan 64 July
38
3514 Feb7838 Dec
312 Feb1718 July
1012 Mar 3612 Judi
1 Mar
4 June
47, Mar
1938 Sept
4538 Feb 9058 Aug
11712 Mar 14534 Jan
238 Mar
712 June
23 Feb 3912 July
214 Mar 1434 June
1414 Feb 65 July
2411 Feb 3812 July
1
Apr
811 July
9 Mar 3712 July
18
Feb 6038 July
438 June
II Feb
1112 Slay
118 Jan
10
Jan 68 June
2034 Feb 5911 June
812 Mar 3214 June
30
Feb 66 June
112 Feb
438 July
2 Mar
8 J1111,
21 July
414 Jan
r Ex-dividend. y Ex rights.
I
84
New York Stock Record-Continued-Page 4
July 7 1934
gar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FOURTH PAGE PRECEDING.
HICH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
.
Monday
Tuesday
Wednesday Thursday
Friday
July 2.
July 3.
July 4.
July 5.
July 6.
Saturday
June 30.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
5 per share $ per Share $ per share I per share I per share $ per share Shares. Indus.& Mlscell.(Con.) Par I per share
$ per share
*634 734
712 7,2
712 712 *7
712 712
700 Davega Stores Corp8
814 Feb 5
-5
6 Jan 10
2038 2012 1912 2014 20
20
2058 21
2058 21
6,100 Deere & Co
-.-par
No
18 June 2 3418 Feb 1
*1112 1214 *1112 1134 *1112 12
1134 1134 *1134 1212
200
Preferred
20 1118June 7 1512 Jan 30
80
•78
78
78
*76
7812
*73
*76
79
100 Detroit Edison
78
100 6312 Jan 5 84 Feb 23
*4512 48
*4512 47
*4512 47
*4512 47
*4512 48
Devoe dr Reynolds A__No par 29 Jan 6 5518 Apr 25
*2314 2414 023
2358 2312 23,2
2312 2334 24
24
1,000 Diamond Match
No par 22134May 14 2812 Jan 1f3
*3118 3158 3158 3158 3158 3158
3212 1,100
3134 32
32
Participating preferred___25 2814 Mar 27 3212July 6
44
4478 4334 4412 4378 4438
44
4412 4414 4458 5,700 Dome Mines Ltd
No par 32 Jan 25 4614June 27
20
*19
20
21
2012
*19
21
•19
2014 2014
200 Dominion Stores Ltd_ _No par
19 Feb 10 23 Mar 10
1978
1912 1978 19
19
1914
4,500 Dougiae Aircraft Co Inc No par
1914 1934 1934 20
1414 Jan 2 2812 Jan 31
*12
1412 "1012 1312 *1014 13
13
*11
*11
13
Dresser(S10 Mfg cony A No par
914 Jan 10 19 Feb 17
•10
11
*914 1034
10
914
10
400
934
*958 1012
Convertible class II_ _No par
712 Jan 16 1 178 Mar 28
534 534
500 Dunhill International
*514 638 *514 638
512 534
512 512
512 July 2 1134 Mar 26
1
*10134 10312 .10134 10312 10134 10134
10134 10134 10134 10134
80 Duquesne Light let pref...100 90 Jan 16 104 June 9
7
7
618 612 *614 634
400 Eastern Rolling Mills__No par
•614 7
614 614
518 Jan 3 1254 Feb 19
9712 9712 9658 97
9634 9634
9812 99
09
1,400 Eastman Kodak (N J)_No par 79 Jan 4 101 June 19
98
•146 148
145 146
143 145
145 145
143 143
50
6% cum preferred
100 120 Jan 16 147 June 27
1678 1678 ' 1618 1634
1614 1658
1638 1614 1614 2,600 Eaton Mfg Co
16
No pa, 1314 Jan 3 2212 Apr 19
8814 89
8612 8814 8678 88,4
8838 9012 90
9114 13,700 El du Pont de Nemours__ __20 80 May 16 1037s Feb 16
*12118 123 *12118 123
12212 12312
1,300
6% non-voting deb
124 124 *12312 124
100 116 Jan 2 12412June 20
*1058 12
1178 1058 1058
*11
300 Eitingon Schtld new __No par
1058 1078 *1014 11
1058July 3 1914 mar 6
2118 2138 2058 20.4 2038 2118
2078 2138 2118 2134 6,300 Moe Auto-Lite (The)
5 1818 Jan 9 3138 Feb 21
*95
98
*9214 96 *__ _ _ 96
9512 9512
Preferred
•____ 96
10
100 80 Jan 5 101 Apr 6
*412 514 •43* 518
*458 5
*438 5
500 Electric Boat
3
712 Jan 29
338 Jan 8
438 5
7
7
7
7
678 678
634 634
678 678 1,300 Else & Mus Ind Am shares__
918May 8
414 Jan 3
52* 558
512 558
512 558
538 512
958 Feb 7
534 534 2,100 Electric Power & Light No par
412 Jan 3
*1414 16
*1414 1514 14
*1418
1412
1534 14
400
Preferred
1414
No par
814 Jan 3 21 Apr 18
1278 1278 1234 1234 1212 12,2
1214 1214 1214 13
1,300
36 preferred
No par
8 Jan 2 1934 Feb 7
*43
44
43
43
4318
*42
4212
200 Elec Storage Battery_ No par 240 Juno 7 62 Jan 24
4212 4212 *42
*3
4
1
*54
1
100 :Elk Horn Coal Corp No par
58May 11
178 Feb 21
*34
34
34
1
*34 1
*112 178 *112 178 *112
158
100
158 158 *112 1.78
6% part preferred
334 Feb 23
V4 Jan 10
50
5612 .55
.55
•55
56
5512
5612 *55
•55
5612
Endicott-Johnson Corp_
50 51 May 14 63 Feb 16
*12512 128 *12512 128
126 126
•1213 128 *126 128
Preferred
30
100 120 Jan 3 126 Mar 20
•414 412
100 Engineers Public Serv__No par
5414 434 *414 434
414 4,t
*414
834 Feb 7
-4 June 7
14 -*15
14
14
1512 14
1312 1312 1,000
1378 14
$5 cony preferred____No par
1158 Jan 3 2312 Feb 6
17
17
1634 17
1512 1512 1512 1512 1,000
1534 1534
*518 preferred
11 Jan 8 2412 Feb 5
No par
1714 1714 *17
1678 1678
20
200
2078
2078 *16
*16
$6 preferred
No par
1412 Jan 2 2512 Feb 5
612 612
634 634
634 634
*612 634 *612 634
400 Equitable Office Bldg No par
6145tay 12 103* Jan 22
*978 1018
*914 1014 .914 1018 *914 1018
100 Eureka Vacuum Clean
934 934
718 Jan 8 142* Feb 19
5
2358 2378 23
2338 2258 2338
2312 2378 2312 2378 3,700 Evans Products Co
0 Jan 3 2714 Apr 27
5
*512 578
*518 578
512 512
512 512
160 Exchange Buffet Corp No par
512 512
4 Jan 9 1012 API' 2
*12 218
*12 218
112 Vs
*12 218
•1* 218
Falrbarike Co
238 Apr 17
158 Mar 9
25
*518 8
*518 8
*6
7
•6
8
*6
1212 Apr 14
Preferred
8
414 Feb 14
100
•1314 1412 *1314 1412 *1314 1412
100 Fairbanks Morse & Co_No par
1314 1314 *13
1438
7 Jan 6 18 Feb 19
*51
5312 50
51
50
51
5014 51
5312
*51
Preferred
140
100 30 Jan 10 58 Apr 24
*714 734
100 Federal Light dr Trao
7313
738 *7,4 713
*714 8
7 May 10 1114 Apr 3
"714 814
15
*48
52
52
*48
51
51
"_ . 52 *._ . 52
Preferred
10
No par 3418 Jan 12 62 Mar 13
*61 100
.61 100
*60 100
»ai loo *ii loo
Federal Min & Smelt Co__100 75 May 10 107 Feb 14
*412 5
412 412 •412 5
414 414
412 412
400 Federal Motor Truck_No par
834 Jan 30
418June 28
•234 318
3
3
278 278 .234 312
314 314
500 Federal Screw WorksNo par
538 Feb 23
2 Jan 13
•178 2
178
178
178 2
2
178 2
2
900 Federal Water Serv A No par
4 Feb 6
114 Jan 6
*2014 2412 *2038 2412 *2038 2412
•2038 2412 *2038 2412
Federated Dept Stores_No par 2234 Jan 8 31 Mar 6
*31
3112 •30
*30
31
31
*30
31
*30
Fidel Phen Fire Ins N Y__2.50 2334 Jan 5 35 Apr 20
31
1
1
*8 4 9 4 *814 914 08,4 914
•812 914 *812 9,4
Fifth Ave Bus Sec Corp.No par
7 Feb 15 11 Jan 3
"25
25
32
25
*23
Stock
32
32
*23
•23
30 June 21
32
30 Filene's (Win) Sons Co_No par 25 Feb I
•99 104
*99 104
•99 104
*99 104 .99 104
618% preferred
100 87 Jan 10 105 Apr 25
1714 18
1738 5734 1,300 Firestone Tire & Rubber___10 1658June 22 2514 Feb 19
*1738 1734
1718 Exchange
217
17
17
*78
8312 *5212 8312 8112 8112
200
8114 8114 *55
83
Preferred series A
100 71 Jan 9 86 Apr 21
6312 6312 6312 631 2 6334 65
6534 1,600 First National Storee__No par 5414 Jan 5 6712 Apr 23
6334 6412 65
Closed318 318
3
318
318 318
3
2145111F 12 173s Feb 21
3,8
318 3,200 :Follansbee Bros
3
No par
*18
1912 *1734 1812 *1734 19
.nde•18
Food Machinery Corp_No par
1978 *1838 19
1012 Jan 9 21 May 4
*1512 16
1512 1512 *1431 1538
16
•15
1514 1514
400 Foster-Wheeler
1214May 14 22 Feb 16
No par
*1114 1214 *11
pendence
1134 1034 11
1114 1112 12
500 Foundation Co
12
878May 14 174 Jan 30
No par
*2114 2158 "21
2158 .2114 2158
*2114 2158 *2114 2112
Fourth Nat Invest w w
1
1933 Jan 5 2712 Feb 5
*1338 1418 1338 1338 1212 1318
Day
13
13
13
1,400 Fox Film class A newNo par
13
1214 Jan 5 1712 Feb 20
*47
4958 47
47
4612 4612 4614 4614
4614 4614
50 Fkin Simon & Co Inc 7% pf100 Ws Jan 12 63 Feb 7
3212
3214 3212 3212 3234 32
3214 3278 3258 3278 2,700 Freeport Texas Co
10 3034June 18 5018 Feb 19
28
.21
*21
2578 *2034 2578
•2034 2578 *2034 2578
Fuller (0 Al prior pref_No par
1612 Jan 19 3312 Apr 26
*10
14
10
10
*812 10
*814 1012
814 9
60
36 2d pref
8'3 July0 1958 Apr 26
No par
2
2
*2
214 *2
218 *2
•2
218
458 Mar 12
300 Gabriel Co (The) el ANo par
214
2 June 23
*1338 1412 *1358 1334 *1358 1334
133* 1358 *1358 1334
20 Gamewell Co (The)
1112 Jan 18 20 Feb 19
No par
77
8
778
8
778 8
*778 818
900 Gen Amer Investors_ No par
7714 8
738 Jan 4 1112 Feb 6
*8112 85
*83
85
85
•83
•83
85 •83
85
Preferred
No par 79 Jan 29 87 Mar 13
3638 3638 3638 3658 3618 3612
*3634 3714 37
800 Gen Amer Trans Corp
37
5 3318 Jan 4 4358 Feb 19
1812 18
*18
18
1818 1818 1858 1858
1758 1778
700 General Asphalt
10 161s Jan 4 2312 Apr 24
938 938
938 9'2 2,600 General Baking
958 958
058 934
9'2 934
93* July 5 1438 Feb 5
5
105 105
104 104 *10112 103
103 103
104 104
70
$8 preferred
No par 100 May 8 10812 Feb 7
*758 778
714 712
71g
712
73* 734
734 733 1,100 General Bronze
514 Jan 9 1018 Mar 9
5
*378 414 •37s
378 378
4
4
414
700 General Cable
378 378
618 Feb 1
33* Jan 4
No par
812 *618 812 *618 812
*6
*6
•658 81
Class A
8'l
6 Jan 4 12 Feb 1
No par
*23
*23
25
25
•23
25
*23
*23
25
25
7% cum preferred
100 1412 Jan 9 33 Apr 20
43
42
43
42
42
*4112 42
*4112 42
42
300 General Cigar Inc
No par 27 Jan 2 43 June 26
*11034 112 "11034 112 *11034 112
112 112 *11034 112
20
7% preferred
100 97 Jan 8 112 June 21
1978 20
1912 20
1012 1978 1958 20
1912 1934
21,400 General Electric
1812 Jan 4 2514 Feb 5
No par
1238 1238 1214 1238 1238 1212
1238 1212 1238 1212 4,200
Specie]
10 1133 Jan 2 1234 Feb 26
3178 32
3138 3178 3078 3178
3o34 31
3012 307 14.500 General Foods
No par 30I2July b 3678 Jan 30
34 2,000 Gen'l Gee & Elec A ___ _No par
*34
34
34
34
73
34
34
34
34
134 Feb 6
34 Jan 2
1414
*13
1412 1412 14
1512 *1414 15
*141 1 15
400
Cony prof series A No par
614 Jan 2 19 Mar 13
•____ 20
•14
•1514 20
*1534 20
*1514 20
20
$7 Prof class A
No par
12 Jan 29 21 Mar 13
*15
.1714 21
21
"1714 20
*1714 20
*812 21
$8 pref class A
14 Jan 19 22 Mar 12
No par
5518 5518 *5538 _. _ *5514 22
.5158 ___ *5214 - -100 Gen Ital Edison Else Corp_ _ _
50 Jan 24 6114 Feb 16
5714 5714 5612 -5634 *5714 -593•5714 -5934 59 -59
4
400 General Mills
No par 5378 Mar 20 6412 Jan 16
•110 1147s •113 11478 *113 11458
*11178 11458 *110 11458
Preferred
100 103 Feb 27 11214June 5
3014 3078 3038 3034
3034 31
304 31s 3138 3218 33.400 General Motors Corp
10 2918J1,0e 2 42 Feb 5
•10034 102
10178 102
102 10212
10212 10214 x102 10212 1,100
No oar 8934 Jan 6 103 May I
85 preferred
*11
14
12
1558 *11
*12
14
Gen Outdoor Adv A_ No par
1558 •121s 14
834 Jan 5 21 Apr 14
*414 5
.4
478
4
434
43* 434 1,200
*414 5
Common
658 Apr 20
No par
358 Jan 2
•1758 1934 *1818 1958 •1818 1912
*1834 1934 *1834 1934
General Printing Ink
No par
1012 Jan 3 2512 Apr 23
*8658 88
*8634 88
No par
*8612 88
*8634 88
7312 Mar 10 88 Apr 24
*8634 88
86 preferred
234 278 •234 3
•278 3
234
234 3
1.100 Gen Public Servtee__ No par
558 Feb 7
234
212 Jan 8
32
3212 *3112 3234 3158 3158
900 Gen Railway Stamm_ _ _ _No par 3114May 14 4534 Mar 3
3112 3212 3212 33
•158
178
158
134
134 *158
1
178
134 2,200 Gen Realty & Utilities
1i2May 14
134
358 Jan 30
17s
*16
18
18
*16
*1.512 18
18
18
•16
*16
$6 preferred
16 Jan 8 2638 Jan 30
No par
•1512 17
*1518 1614 .1558 1678
1512 1512 *15
100 General Itefractorie8...._No par
1612
1018 Jan 3 2338 Feb 23
•1334 1458 1334 14
14
14
1412 1412 1412 1434
Voting trust certifs...No par 1214 Jan 22 1912 Feb 21
800
*30
*30
35
35
*3012 35
30
35
*30
30
10 Gen Steel Castings pref No par 30 June 27 4812 Mar 15
1058 1058 1012 1058 1018 103*
1038 1034 1034 1078 2,200 Gillette Safety Razor No par
812 Jan 6 1212 Feb 6
No par 47
Jan ii 5512July 6
*6114 6512 •6112 6512 *6112 6312
6512 6512 6512
*62
Cony preferred
300
358 334
312 312 2,900 Gimble Brothers
378 373
334 334 *334 373
312July 6
63e Feb 5
No par
*20
2212 •20
2112 .20
22
20
*1958 2112
20
100
Preferred
100 1614 Jan 8 30 Feb 5
2414 2458 2338 2412 2334 24
24
2414 2414 2414 2,700 Glidden Co (The)
1551 Jan 4 2838 Apr 26
No par
*101 10112 10112 10112 10012 101
10114 10112 10112 10112
400
Prior preferred
100 83 Jan 19 103 Apr 27
612 634
638 6,2
614 614
638 612 2,700 Gebel (Adolf)
5
612 612
912 Feb 27
53* Jan 2
1934 1934 1914 1958 1914 1958
1978 20
2014 4,200 Gold Dust Corp v t e_ __No par
20
1634 Jan 11 23 Apr 23
11078 112 *11078 112
112 112 *111 120
112 112
200
36 cony preferred_ __No par 9612 Jan 6 112 June 19
1258 1234
1238 1212 1218 1214
1212 1234 1258 13
4,400 Goodrich Co (II F)
1219 July 3 18 Feb 19
No par
51
*45
45
45
*45
50
4514 4514 48
300
48
Preferred
100 40 Jan 5 6234 Apr 21
2634 2714 26
2634 2514 2613
2614 2718 2714 2734 4,600 Goodyear Tire & Rubb.No par 25'3 July 3 4138 Feb 19
*77
80
"77
7912 *77
let preferred
*77
7918 7712 7712
79
100
No par 74 May 19 8614 Feb 19
•778 8
*758 778
300 Gotham Silk Hose__.No par
734 734 *734 773
778 778
7 Jan 4 1134 Feb 5
56
.51
*51
.51
*5112 56
56
*5112 56
56
Preferred
100 4912 Jan 22 7112 Apr 26
2
2
218
2
2
2
2
218
2
4,2 Feb 1
218 2,700 Graham-Paige Motors
1
2 June 27
*912 10
1018
934 934
300 Granby Cons M Sro & Pr__100
914 914 .9
103*
"10
8 Jan 2 1338 Feb 18
*512 6
400 Grand Union Co tr Ws
*512 6
•53* 578 *51 2 578
512 558
834 Jan 31
4 Jan 8
1
5
3734 3734 *3714 3978
*3712 38
3978 38
37
38
Cony pref series
300
No par 23 Jan 6 40 Apr 24
*2534 27
*2534 27
2534 2514
•2434 27 •2434 27
100 Granite City Steel
No par 23 Jan 15 31 18 Apr 25
31
31
30
3018 3038 3034
3012 31
31
1,200 Grant (W T)
31
No par 30 June 8 4058 Feb 19
1158
11 12 1112 1114 1138 *11
•11
400 Gt Nor Iron Ore PropNo par
1214 1158 1158
101251ay 14 1518 Feb 19
3358
3338 3358 3234 3338 33
3378 3412 3412 35
10,100 Great Western Sugar...No par
25 May 14 35 July 6
113 113 I•113 11512
*113 114
*11314 115 *11314 115
50
Preferred
100 102 Jan 2 11534June 23
238 238
*214 212 *238 212'
258 258
212 212
34 Jan 2
400 Guantanamo Sugar _...No par
312 Feb 8
2912! .24 2917
30 .24
*20
*24
30
*24
30 .
Gulf States Steel
No par 24 Jan 2 42 Mar 13
70 1 *62
.62
69
75
*62
*62
*62
75
75
Preferred
100 47 Jan 8 83 Apr 20
•Bid and asked prices, no sales on this day. 0 Companies reported In receivership, a optional wile, c Cash atife. z 1.1V-(11v1,1Prld
PER SHARK
Range for Previous
Year 1933.
Lowest.
Highest
$ per share
158 Feb
2438 July
614 Feb
48
Apr
10 Mar
1712 Feb
2618 Feb
12 Feb
1012 Feb
1014 Feb
634 Feb
218 Mar
7s Apr
85 Nov
118 Mar
46
Apr
110 May
3,s Mar
321
.Mar
9712 Apr
$ per share
8114 July
49 July
1838 June
9112 July
337s Aug
2912 July
31 July
3912 Sept
2638 July
1814 July
18 June
1034 June
1414 July
10218 June
10 July
8934 July
130 Mar
16 July
9638 Dee
117 July
-1-0 Apr -2-i12 -.I-u-ly
76
Oct 8812 July
1
Jan
814 July
1
Feb
412 Dec
318 Feb
1538 June
712 Apr 3612 June
612 Apr 3234 June
21
Feb 54 July
18 Jan
4 June
58 Apr
6 June
26
Feb 627a July
107
Feb 123
Oct
334 Dec 1434 June
11 Dec 47 June
11
Dee 4978 June
12 Dec 55 June
612 Mar 1338 July
3 Apr
1814 July
7s Mar
10 Nov
312 Nov
1113 July
78 May
258 June
1
Feb
814 June
212 Mar 1114 June '
10
Feb 4212 Nov
434 Apr 1412 JUDO
33 Dee 5912 July
16 Mar 103 Sept
34 Mar 1134 July
478 July
94 Feb
138 Dec
%June
712 Feb 30 July
1014 Mar 36 July
5 Mar
958 Nov
9 Apr 30 July
81
Apr 95 Sept
918 Apr 3112 July
42 Mar 75 June
43 Mar 7034 July
212 Feb
19 June
612 Apr
16 July
412 Feb 23 July
2 Feb2338 July
1358 Mar 2614 June
12
Oct19 Sept
12
Jan 60 Aug
1618 Feb 4938 Nrv
9
Jan 31 Jose
4
Jan 23 June
1
Feb514 Aug
612 Jan 2078 Aug
258 Feb
12 June
42 Feb 85 July
1334 Feb 4314 July
458 Mar 27 July
1012 Dec 2078 July
0934 Mar 10814 Sept
218 Feb
1012 July
114 Mar 1112 June
214 Feb 23 June
612 Mar 40 June
2414 Dee 483* June
90 July 112
Jan
1012 Feb 3014 July
1078 Apr
1214 July
21
Feb 3978 Beat
12 Doc
27 June
318 Apr 1612 June
634 Dec 1812 June
5 Apr 20 June
2414 Jan 5534 Nov
3512 Mar 71 June
9212 Mar 10612 Sept
10 Feb 3534 Sept
6512 Mar 95 July
518 Jan 24 June
212 Mar 1018 June
314 Jan 17 June
31 Mar 82 Aug
2 Apr
814 June
1314 Jan 4912 July
313 Feb
458 June
512 Jan 2214 June
212 Feb 1914 July
714 Sept 18 June
938 Feb 3812 June
758 Dec 2014 Jan
4512 Dee 75
Jan
34 Feb
72* June
514 Mar 33 July
334 Mar 20 July
48
Apr 9112 Aug
3 Feb
16 July
12 Feb 2738 July
9012 Dec 105 July
3 Mar 2112 July
9 Feb 63 July
914 Feb 4712 July
2734 Mar 8014 July
612 Oct
1712 June
41
Apr 73 July
1
Apr
558 July
37s Mar 1558 June
358 Mar 1058 June
20 Sept3638 July
11,8 Mar 3058 July
1534 Feb3612 Dee
518 Feb
1634 July
678 Jan
41/8 Sept
7212 Jan 110 Sept
412 May
14 Jan
634 Feb 38 July
1614 Jan 64 June
tr Ex-rights.
New York Stock Record-Continued-Page 5
85
car 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
June 30.
Monday
July 2.
Tuesday
July 3.
Wednesday
July 4.
Thursday
July 5.
Friday
July 6.
Sales
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest.
Highest.
•
PER SHARE
Range for Precious
Year 1933
Lowest.
Highest.
$ per share $ per share 5 Per share $ per share $ per share 5 per share Shares. Indus.& MIscell. (Con.) Par $ per share
$ Per share $ per share $ NI share
*2614 2613 *2614 26,2 *2614 2612
*2614 2612 2614 26,4
100 Hackensack Water
25 2012 Jan 9 2614 July6
15 Mar 2512 July
*2914 30,4 *2914 30,4 2914 2914
*2912 30,4 *2912 3014
20
7% preferred class A__ 25 27 Jan 4 3012June 27
25
Apr 2878 Jan
513 . 514
518
5
478 478
5
518 512
518 3,700 Hahn Dept Stores. ___No par
434Nlay 12
814 Feb 15
118 Feb
912 July
39
39
*38
39
38
38
39
•36% 43
*35
200
Preferred
100 2514 Jan 9 5234 Apr 21
9
Apr 3813 July
*6% 634
*6
6
612
6
6
6
700 Hall Printing
6
612
10
934 Feb 14
/
1
4 Jan 8
3
318
Feb
1012
July
*7
8
8
*7
*7
8
*7
*7
8
8
Hamilton Watch Co___No par
353 Jan 26 1178 Apr 20
212 Apr
9 July
40
40
*39
41
.40
41
•40
40
4678
40
20
Preferred
100 26 Jan 15 5312 Apr 25
15
Feb 35 July
*93
9413 *93
9413
*9413 9412 *9413 9413
9414 *93
Hanna (NI A) Co $7 pf_No par 84 Jan 8 96 Apr 4
4512 Jan 85 Aug
*1812 1878 1814 1814 1814 1814
*1818 18% •181g 18%
200 Harbison-Walk Refrao _No par
1412 Jan 2 2434 Feb 21
61s Feb 2512 July
*4
553 *4
558 *4
5%
*4
553 *4
Hat Corp of America cl A__1
558
27s Jan 2
612 Apr 13
78 Star
712 June
60
60
*5814 60
•60
60
61
60
*60
61
100
64% preferred
100 1934 Jan 4 6214June 27
518 Apr 30 June
*253 234
212 2%
212 212
234 278 1,100 Hayes Body Corp
234 234
2
114 Jan 2
634 Feb 15
34 Feb
July
312
*8813 8912 *8813 89
88
5812
8814 8814 8813
88
300 Hazel-Atlas Glass Co
25 85 may 14 9678 Apr 23
65 July 9712 Dec
111 111 *10712 11473 *107 11473
•112 11473 112 112
200 Helme (G W)
25 101 Jan 9 115 June 27
8912 Jan 105 Dec
*813 9
*5
9
738
*738 812
733
7
7
200 Hercules Motors
7 July 6 1218 Mar 15
No par
3 Mar 17 July
*72
73
72
73
77
7373 77
77
7212 73
4,200 Hercules Powder
No par 59 Jan 4 77 July .5
15 Feb 681
/
4 Dec
*11814 122
122 122 •11814 122
*11814 122 *11814 122
10
$7 cum preferred
100 111 Jan 4 12412.1une 1
85
Apr 11012 Dec
*63
6358 *6312 6353 63% 6358
*6212 6373 13373 6378
200 Hershey Chocolate ____No par 4812 Jan 15 6478May 8
3518
Mar
72
July
*94
9634 *9412 9634 a9512 9512
95% 95% 9634 97
Cony preferred
600
No par 83 Feb 16 97 July 6
6434 Apr 90 July
*838 834 •8
858 *8
814
814 814
8
814 3,500 Holland Furnace
612 Jan 3 1014 Apr 23
No par
Jan
1012 June
312
•11
1112 1058 11
11
11
11
1058 11
11
1,300 Hollander & Sons (A)
514 Jan 2 13 June 21
214 Mar
1012 June
*400 420 .400 425 *400 425
421 421 •
430
100 Homestake Mining
100 310 Jan 4 421 July 5 145
Jan 373
Oct
*1912 2034 *1912 2013 •1912 20,2
•1912 2012 2012 2034
200 Houdallle-Flershey Cl A No par
11 Jan 8 2314 Jan 30
418 Apr 15 June
413 *4
*37
418
378 37g
334 4
4
400
Class B
par
384 Jan 2
Jan 26
67.s
1
Mar
8
/
1
4
June
*47
4814 *47
4814 47
•45
47 .45
47
46
100 Household Finance partp
Nof_ 5O 43 Feb 5 54 Mar 12
43 Nov 511
/
4 Jan
*19
2014 *1834 20
*19
1934 2018 2014
*19
20
200 Houston Oil of Tex tem ctfs100 1714May 12 2934 Feb 5
814 Mar 38 July
3118 334 *358 4
314Stay 12
*378 4
*378 4
358 358
500
Voting trust etre new_ ___25
538 Apr 6
17
8
Feb
7
8
2 July
5514 56
5412 5578 5413 56,4
5534 5614 543s 555s 16,300 Howe Sound v t e
5 3512 Jan 3 5714June 28
512 Jan 3838 Dec
912 934
914 958
918 912
933 973
918
913 8.500 Hudson Motor Car__ ....No par
834June 22 2414 Feb 5
3 Feb
163
8
July
359
312
312
314
312 314
318 333
318
314 3,800 Hupp Motor Car Corp
318Nlay 14
714 Jan 30
10
158 Mar
784 July
2412 25
2414 2412 2434 25
20
513 2558 26
*9
2
5513 0
2,000 Industrial Rayon new__ No par 2238May 25 2638June 14
_
*56
6012 *5334 60
•5912 6013
59
59
100 Ingersoll Rand
No par 50 May 14 7334 Feb 3
19,8 Feb 78 July
3712 3712 3678 3673 *341g 37
39
*3512 39
•35
200 Inland Steel
No par 35 May 23 4934 Feb 21
12
Feb 4578 July
438 4%
433 438 *414 5
438 438 *438 478
358May 10
300 Inspiration Cons Copper_20
673 Feb 5
2 Feb
912 June
4
*334
4
418
334 334 *334 4
4
418
1,500 Insuranshares Ctfs Inc
212 Jan 2
414 Apr 25
1
11.4
Mar
37a June
*334 438 *334 412
6
34
2 6
37
384
214 Jan 15
800 Intercont'l Rubber___No par
3,4 334 :
578May 4
312 358
412 July
33 hfar
65
8
*6
*6
658
*6
653
Interlake Iron
653 *6
No par
1114 Feb 19
512June 1
218 Mar 12 July
234 234 *234 3
•234 3
"278 3
234
2 Jan 8
234
300 Internet Agricul
No 1p0aor
618 Feb 5
78 Feb
5/
1
4 July
*2112 2634 *2112 2634 *22 '
*2234 26
*2234 26
Prior preferred
15 Jan 8 3714 Feb 3
5
Jan 2712 July
*138 14114 *13734 14114 9.38 141
1.135 141 •13812 13912
tot Business Machines_No par 131 June 2 14914 Jan 30
7534 Feb 15314 July
713 712
*734 813
712 734
712 712 1,200 Internet Carriers Ltd
712 7,2
1
1218 Feb 21
278 Jan
538 Jan 11
10/
1
4 July
2614 2612 *2514 2614 2513 25,2
26
2614 2512 26 I 1,300 International Cernent__No par 2158June 5 87/
1
4 Feb 5
618 Mar 40 July
3273 33
3214
3212 3273 3218 3238
3212 3234 4.5001 Internet Harvester__No par 30 May 14 4678 Feb 5
1358 Feb 46 July
•---- 12318 •_-_ 123 •____ 121
32
1341 *____ 121
12
Preferred
100 11512 Jan 13 12538Nlay 11
Jan 11912 Aug
80
614
6
614 614
6
534 6
618
6
612 2,700 lot Hydro-El Sys Cl A
434 Jan 6
918 Feb 7
25
212 Apr 1378 July
314
*314 334
314
334 334
314 314
313 Jan 2
600 Int Mercantile Marine_No par
378 378
6 Jan 24
672 June
114
Jan
2578 261g
2512 26
2553 26
2534 26
2538 2534
16,900 Int Nickel of Canada__No par 21 Jan 4 2914 Apr 27
534 Feb 2314 Nov
*122 130 *122 130 *121 130
*121 130 *121 130
1
4 Jan 13 130 June 28
Preferred
100 115/
Jan 115 Dec
72
*1512 1778 *1512 17
•1512 17
1612 1612
*1512 17
20 Intermit Paper 7% pref
100 1012 Jan 5 25 Apr 24
212 Jan 2184 July
384 334 *334 372
*334 4
*334 4
334 334
334Niay 26
600 Inter Pap dr Pow cl A _ _No par
612 Apr 20
10 July
12 Arm
*134 2
134
184
134 *134
134
Class B
312 Apr 21
700
178
No par
173
184 Jan 4
178
514 July
14 Apr
*158
134 *158
•158 134
134
158 158
158
153
11
/
4 Jan 4
400
Class C
234 Apr 23
No par
4 July
14 Jan
*1614 1714 1553 16
1614 1612 17
1512 1558
17
Preferred
1,900
100 1014 Jan 8 2478 Apr 23
2
Apr 2212 July
2012 2012 .20
2012 20
20
20
20
2012 2012
600 lot PrInting Ink Corp_No par
9 Jan 13 25 Apr 21
14
Oct
312 Feb
*8514 90
*86
90
•86
Stock
90
8578 86
*86
90
100
Preferred
100 86 Jan 2 86 Apr 21
Apr 71
35
Aug
*30
31
*30
3012 •30
3012 30'2 31
31
3012
300 International Salt
No par 21 Jan 3 32 June 19
1334 Mar 27/
1
4 July
4112 4212 *42
43
43
.42
*42
43
43 Exchange *42
No par 40 May 12 503
2438 Jan 5638 July
,Jan 26
500 International Shoe
33
33
3213 30
31
•30
31
3213
*30
30
300 International Silver
1
4 Feb 15
100 2912June 5 45/
934 Feb 5912 July
*70
7214 70
Closed- •6912 70
70
6912 70
*69
7212
40
7% preferred
2412 Mar 7171 July
100 59 Jan 4 8412 Apr 9
1258 1234 1233 1234 1218 1238
1214 1258 1238 1234 12,100 Inter Telep & Teleg _ __No par 1138May 7 1734 Feb 6
518 Feb 2134 July
1114 1112 1113 1113 1034 1073
1053 11
Inde1118 1118 1,300 Interstate Dept Stores_No par
312 Jan 4 1638 Apr 20
112 Mar
878 July
*773 812 *734 812 *734 812
*778 812 *734 812
No par
5/
1
4 Jan 3 10 Feb 8
178 Jan
lntertYPe Corp
1114 July
*2712 29
pendence •28
*2712 29
29
2812 30
•2712 29
800 Island Creek Coal
1 24114 Jan 29 30 July 6
11
Feb 32 July
4638 4633 *4613 49
47
47
4712 4712
*4613 4978
300 Jewel Tea Inc
No par 33 Jan 9 52 Apr 20
23 Feb 45 July
52
52
5114 52
5234 5334 3.800 Johns-Manville
5112 53
Day
5114 5134
No par 44 May 12 6638 Jan 30
1214 Niar 8312 Dec
*10714 125 .10714 112 .10714 112
*110 112 *110 112
Preferred
100 101 Jan 4 112 Apr 18
42
Apr 1081
/
4 July
•55
60
*55
59
*51
75
*55
*55
60
60
„Tone, & Laugh Steel pref _100 60 May 25 77 Jan 23
35 Feb 91 July
*734 814
*Vs 814 *734 8
8
*734 8
814
612 Jan 3 1038 Apr 13
258 Mar
200 Kaufmann Dept Stores $12.50
9313 June
•1678 17
*1673 17
1673 1678 1612 1658
1672 1678
1
4 Jan 4 1812 Apr 20
800 Kayser (J) & Co
5 13/
1912 July
672 Feb
*218 214
2
2
218 213
218
2
218
218 1,500 Kelly-Springfield Tire
5
2 July 3
412 Mar 12
78 Mar
618 July
•10
1134
10
*9
10
*918 10
*911 11
10
10 June 22 20 Jan 30
100
No par
6% preferred
Feb 31 18 June
712 *5
*5
718
•5
71s •4
5
5
713
4 Jan 13 10 Feb 16
2
100 Kelsey Hayes Wheel conv.c1A1
8 May
Feb
*3
4
•3
4
*3
•3
412 *3
4
412
258 Jan 2
1
Class B
712 Feb 16
112 Dee
634 June
1578 1614
1553 1614
1552 16
157g 1614 5,600 Kelvinator Corp
1512 1534
/
4 Jan 4 2114 Mar 14
No par
111
Feb
1538 Sept
318
.86
88
*86
88
SS
*87
88
88
•86
88
100 Kendall Co pt pf ser A_No par 6518 Jan 18 8812N1sy 4
30
Jan 73 July
2113 22
2113 2134 21
2112 2178 15,500 Kennecott Copper
2133 22
2138
1734 Mar 27 231sJune 13
No par
738 Feb 28 Sell
*12
15
•12
•I218 14% *1214 1434
15
*1214 1434
Kimberly-Clark
No par 12 Jan 2 1814 Apr 12
578 Apr 2538 Jo y
•473 534 *473 534 *478 578
•473 578 •478
578
84 J. us
Kinney Co
3 Jan 16
714 Apr 13
1
No par
Apr
.2938 35
*2933 35
35
*29
•29
2914 2914
32
Preferred
458 Feb 30 July
100
No par 1312 Jan 6 41 Apr 28
1812 1812 18
1814
1873 1933 1918 1914 3,500 Kresge (88) Co
18
1814
1332 Jan 2 2234 Feb 5
Mar 1872 Joy
10
512
•106 110 *10614 110
•10614 111 •10614 111
110 110
10
7.7 preferred
Apr 105 Jn te
100 101 Jan 4 111 Mar 18
88
•55
59
*54
59
*54
59
59
*54
59
5912
100 Kreas (S H) & Co.
No par 36 Jan 3 61 Apr 27
27
/
4 lily
Jan 441
3012 3058 3034 31 14 3034 3114
3114 3114 3114 3158 3,300 Kroger Gras Jr Bak_ „No par 2314 Jan 8 3338 Apr 23
1412 Feb 311
/
4 J tly
*30
3412 30
30
*28
30
30
30
32
30
30 Laclede Gas Lt Co St Louis 100 22 June 18 6312 Feb 13
30 Nov 80 June
•3513 40
*3518 40
*35121 40
*3518 40
*3513 40
100 32 June 9 60 Feb 9
5% preferred
3712 Apr 61
Jan
•2518 26
2514 2414 25
*2512 2573 2512 26
2514
800 Lambert Co (The)NO par 2214 Jan 4 3138 Feb 5
1938 Dec 411
/
4 July
*101 2 1318 *1014 11
•1014 11
11
*1014 11
II
100 Lane Bryant
No par
1414 Apr 19
6 Jan
3 Feb 1012 June
*1213 13
1213 1212 1112 1112
1112 1112 1134 1232 1,800 Lee Rubber dr Tire
8
8 Jan 3 1412 Apr 26
1
4 July
334 Mar 12/
15
15
15
1418 141g *1458 1514
15
.14
15
900 Lehigh Portland Cement_ __50 11 May 14 20 Feb 23
27 June
578 Jar
78
77
*75
77 .
7378 75
75
•75
77
75
7% preferred
120
100 73%June 22 81 Apr 26
34
Feb 78 Berg
*3
314 *313 314
31,3
313
312 358 1.200 Lehigh Valley Coal___ _No par
314 358
212 Jan 8
6 Feb 21
1
Jan
938 July
1118 1118 11
1114 1238 1214 1258 2,700
1114 11
11
Preferred
5 Jan 3 1414 Feb 21
212 Apr
50
13 June
•8313 6913 6012 7073
6814 68,4 *6634 6812 *67
69
400 Lehman Corp (The)_._No par 6438May 12 78 Feb 6
3712
8 July
Feb
7J3
*1912 1934 1938 1934 •1912 1934
*1914 1934 1934 20
600 Letin & Fink Prod Co
5 1834 Jan 23 2312 Apr 19
14
Feb 2314 June
3112 3112 31
3034 3158 3034 3112 2,900 Libby Owens Ford Glees No par 2738May 14 437s Jan 19
3134 3014 301
Mar
43
4
373
8
July
*22
2212 *22
2212 2213 2212
2213 •22
*22
23
1718 Jan 8 24 Apr 23
200 Life Savers Corp
2218 Sept
1558 Oct
*94
96
94
94
9473 9478 *94
*9313 95
9512
200 Liggett dr Myers Tobacco__25 73 Jan 6 0712June 18
49
Feb 98 Sent
9512 9534 95,4 9514 9514 953
9614 9613 9614 9612 1,600
Series 11
25 7412 Jan 8 9814June 18
4914 Feb 9938 Sept
•140 14778 *140 14778 •14018 1477
14778 14778 •9618 9612
100
Preferred
100 129 Jan 13 14838June 18 121 Nlar 1101s Sept
.22
22,4 22
22
2214 2214 2238 2212
2178 22
900 Lily Tulip Cup Corp__No par 16 Jan 15 2312 Apr 18
2112 May
Apr
13
*24
25
24
24
2314 2312 23
*2358 24
2338
700 Lima Locomot Works__So par 22 June 4 3614 Feb 5
Jan 3134 July
10
16
16
•1534 1614 *1512 16
147g 1473 *1213 16
200 Link Belt Co
No par
1214 Jan 3 1938 Feb 6
1934 July
634 Apr
*2712 281
2634 273(1 2653 265
•27
2733 2733 2738
800 Liquid Carbonic
No par 2534Nlay 14 3538 Apr 23
1014 Feb 50 July
2818 281
2734 2814 2734 281
2778 2834 2778 28% 13,800 Loew's Incorporated _No par 2534 Jan 6 3518 Apr 12
812 Mar 3612 Sept
*85
93
92
92
91
91
•89
•877g 95
94
Preferred
200
No par 72 Jan 2 9714 AM'24
Apr 7818 July
35
•17, 2
"178 2
2
2
172
17
173
178
500 Loft Incorporated
No par
414 June
158 Jan 2
3 Jan 31
112 Dec
•11, 134 *112
•113
•112
13
153 •112 153
13
Long Bell Lumber A No par
114 Jan 12
Feb
5,2 June
234 Feb 20
12
*40
4013 *4018 4112 4014 401
4012 41
•4I
4112 1,400 Loose-Wiles Biscuit
4)34 Deo
25
3812
244
1914
8
4
Feb
Jan
26
17
Feb
*128
*128
•128
•128
•128
7% 1st preferred
100 11934 Jan 11 128 Apr 14 11312 M
12
Jan
1814 181
1773 1814 1734 18
1734 18
1758 18 - 3,500 Lorillard (F) Co
10 1534 Jan 8 1912 Feb 5
1018 Feb 21', July
*110 140 .110 140 *110 140
•____ 140
140
7% preferred
100 102 Jan 26 113 Apr111 8712 Feb 103 Nov
•134 213 •134 21g
•134 218 •134 218
*134
214
Louisiana Oil
114 Jan 10
No pa
338 Apr 4
58 Jan
4 July
*14
1812 *14
1812
•14
15
1812 •14
14
15
20
Preferred
100
714 Jan 2 2312 Apr 4
312 Feb 29 July
16
16
16
1812
18
16
16
16
16
16
(100 Louisville Gas & El A.No pa
Jan 9 21 Feb 7
251
15
4 June
Apr
137
8
14
14
13
"1312 1378 *1358 1378
13
•13
1378
1212May 10 1912 Feb 20
'200 Ludlum Steel
1
4
Feb 1012 July
*7838 90
*6518 90
*6553 8234 *6518 90
Cony preferred
*6518 90
No par 80 June 14 97 Feb 20
5
/
1
4
Deo
143
8
Ma
•34
3438 *3313 3412 *3418 3412
.3418 3412 3418 344
200 MacAndrews & Forbes
10 30 Jan 5 3434June 25
91
: Feb 8184 Dec
*10312 -- *10312 -___ *10312 ---*105
*105
... . 6% preferred
100 95 Jan 13 107 June 4
74
Apr 96 Nov
2513 2512 25
*26
2514 2512 2534
2612 2618 VC-1; 1,500 Mack Trucks Inc
No par 2338N1ay 10 4134 Feb 6
1
1312 Feb 4(/
4 July
*4113 42
4072 41
4078 4112 4178 4178 1,700 Macy (R EI) Co IncNo par 3812May 22 6218 Jan 30
4018 4033
611
2414 Fe
/
4 July
*6
6'2
6
6
614 614
512 512
534 6
800 Madison Sq Gard v t,No par
258 Jan 2
7 J
7 Apr 27
158 Mar
•2112 2234 *2134 2234 *2153 2234
2234 23
23
23
500 Magma Copper
10 1512 Jan 17 22314June 28
538 Mar
1982 lily
.2'2 258 *212 25
*2
238 •2
212 212
233
414 Apr 24
200 Mallinson (H R1 & Co_No pa
178 Jan 2
5,4 Ju le
72 Feb
35
1115
*15
35
*15
•15
*15
35
35
35
100
7% preferred
758 Jan 9 3338 Apr 24
3 Feb 2634 AO,
*212 3
*212 234 *2
*2
23.4 *2
234
100
/Menet! Sugar
1 Jan 8
234
Er,
{ July
14 Jan
334 Jan 23
7
•5
7
*412 673 •412 6711
*5
*5
7
100
Preferred
134 Jan 3
978 JULY
914 Apr 26
8t Jan
*412 612 *4
6
*4
*4
612 •4
612
613
414 Jan 23
112 Jan
No pa
Mandel Bros
978 Jt ne
812 Jan 26
16
*15
16
*15
1513 .1434 1512
•15
15
15
512 Apr 23 Ju y
25 1214 Jan 4 2038 Feb 1
100 Manhattan Shirt
*213 312 *218 312
218
218
*218 3
*218 3
4 June
184 Jan 10
100 Maracaibo 011 Explor_No pa
338 Feb 17
12 Jan
•458 433 •458 434
*458 434
434 434
41351ay 11
434 434 1,200 Nfarancha Corp
533 Nov
538 Feb 5
478 No
7
713 713
7
714 7% 2,500 Marine Midland Corp
7
718
534 Jan 5
5
9 Feb 6
67s
7
11 12 Jan
5 Dec
20
2012 2078 20
20
2014 2014 •2014 2112 1,000 Martin-Rockwell
20
20 July 2 32 Jan 25
No pa
6
Feb 2314 Dec
1434 1434
1412 1458
1434 15
1412 1434 14,2 1434 1,400 Marshall Field & Co
1211 Jan 4 1938 Apr 11
No pa
414 Jan
1838 June
*812 9
9
9
812 812
•8
No par
812 •8
300 Martin-Parry Corp_
812
778 Dec
612 Jan 24 1233 Mar 3
12 Jan
•'(id and asked prices, no sales on this day. f Companies reported In receivership. a Optional sII,. C Cash sale
s Sold 15 days. 1E3-dividend
v Ex-rights
New York Stock Record-Continued-Page 6
86
VirFOR
July 7 1934
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
June 30.
Monday
July 2.
Tuesday
July 3.
$ per share $ per share $ per share
304 3112
3214 3214 3034 32
38
38
3818 3913 38
39
.512 6
512 512
54 54
2538 2514 2514 25
.25
2514
•75
77 '7514 77
77
'75
*2834 2978 *2878 2914 '2834 29
2
218
218 *2
218 218
*178 2
178
*178 2
178
1918 *1914 21
19
'1714 25
.758 814 *758 814 '758 8%
4712 4812 4738 48
4734 4814
*8512 8812
8712 88
'8712 88
612 658
658 63
64 634
*2712 2812 2712 2712 2612 2738
312 4
378 414
4
4
51
5112 *5112 54
5112 5112
3714 3714
364 37
712 38
714 738 *714 734 *714 734
•38
40
*38
40
40 '38
*2438 2614 .2414 2512 2414 2414
*2812 2658 2612 2612 *2614 2658
412 458
434 434
434 434
1212 1212
1278 1278 1258 13
1334
1118 1118 11
11
*11
*70
82
*70
80 '70
84
54
5512 *5214 5512 .53
58
3
3
278 278 *278 318
19
*19
19
*19
20
23
17
17
17
1812 17
•17
5014 5034 50
5012
*5012 52
2714 2758 2658 2738 2658 2718
*46
'46
48 '4618 48
48
54
%
%
*53
%
%
*714 938 *8
834 *712 038
22
2412 2112 2258 22
*22
812 812 *8
834 834
812
*1034 1138
'10
12
12 .11
3234 33
*3234 3512 *324 33
20
.1812 20 .18
20
*18
838 838
612 612
614 612
1838 1838 '18
19
•1812 20
1618 1714 1678 1714 1678 1714
*5
5
512
*518 512
5
7
714 778
714
778 778
8
8
734 734
*74 818
35
3514 337 3514
3514 35
•14218 14312 •14218 14312 *14278 144
1612 1612
1612 1612 1618 161
1712 173 1714 1778 1714 1734
112
158
158
1%
138
158
*1614 1812 *1614 1812 '1614 17
2338 2378
235 245* 2312 24
*2612 28
*2614 2834 *2612 28
153 156 *151 153
*153 156
•143 145 *143 145 '143 145
*113 11658 •113 11812 *113 1165*
10
1018 1033 10
1018 10
. 41
*3912 41
0391
3934 40
"18
1712 1538 1558 '1514 16
51
52
52
*51
52
53
12
•1218 1234 *1218 1212 12
*2134 23
2114 2114 22% 23
"4034 4218 *4034 4212 4034 4034
'103 106 *103 106 •103 105
8
8
8
*8
8
83*
*16
1712 *16
1534 16
17
.414 434 *414 7
*4
6
*12
*10
14
13
115 12
58
58
58
58
12
58
"1512 1634 '1512 16
1512 1512
*8012 82
"79
82 '7918 82
*9514 97
9678 064 *95
97
•10673 10778 *10678 10778 10678 10678
*4353 4414 4314 4418
44
44
1718 1714
1634 1718 1658 1678
*4038 42
4012 4012 4018 4014
418 418
44 438
438 412
7312 *70
•70
7312 *70
7312
*3614 41
36
•36
36
38
*212 27
212 212 *212 278
1118 1078 1118
11% 1138 11
31
318
'314 312
314
3
*1434 16
14
14
*1434 16
*534 6
512 512 *54 512
1014
*714 1014 *7
*714 10
1553 154 1512 1512 1512 1512
*100 10112 *100 10112 *100 10112,
45
4%
412 4581
*458 5
"1858 1912 •1813 191:
"1858 20
7612 7612 76
76
76% 767
18
1838 1858 1814 1834 18
.323* 33
3218
3212 3212 32
"24
25
•2358 25
24
24
7934 79
7814 7814 79
7934
*110 120 *110 112 *11012 125
7
7
7
7
7
7
334 34
334 334
314 334
•1034 1118 11
11
*1034 1118
27% •23
26
.20
2778 .20
1
1%
118 "1
1
'1
*14
*114
153
138
1,4
133
15
15
*12
.12
'12
18
3% 3%
314 314
314 314
414 438
438 412
418 4,4
2
2
2
2
214
218
: 2014
195* 1934 191
19% 20
1612 1634 163o 17
163 1658
334 334
"338 334 '35* 334
5714 5714
*5512 58,2 .5512 58
5714
5714 57
5712 5712 57
•10812 __-_ •109 -__ •109 -*238 35* *212 353 0212 35*
53
45* 5
•5
*5
514
2212 '2112 2234 *21
*20
2134
.3114 3218 301 3114 3038 3052
15
15 '14
014
*1412 15
1014 104 1014 1014 1014 1014
1712 1712 1714 1712 1714 1734
341:
3321 3412 '33
'33212 3412 '
63 '5712 63 .5712 63
.59
:
43* 41
*412 434
42 45
2734 2734 2734 28
2758 281 1
*1144 13
'1158 137* *1112 14
65
65 .61
•61
65
'61
173
1718 1714 1718 1734 17
.512 10
"512 10
*512 10
218
2
24 214
218 214
5a
53
58
58
5•8
58
.714 8
714 714
7
7
112
112
112 112
112
112
2712
•2718 2712 2718 2718 27
7812 7812 7812 *7818 8038
•78
12
12 I
14
'12
1412
•12
38
*31
36
•31
36
.31
Wednesday
July 4.
S per share
Stock
Exchange
Closedlodependence
Day
• Bid and asked prices, no sales on this day.
Thursday
July 5,
Friday
July 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share Shares. Indus. & MIscell.(Con.) Par i per share
$ Per share I per share $ per share
3234 33
3,100 Mathieson Alkali WorksNo par 28 May 14 4034 Jan 24
14 Fob 4651 Nov
800 May Department Stores___10 30 Jan 2 4438 Apr 23
3814 3814
934 Fob 33 Sept
400 Maytag CO
834 Feb 21
118 Apr
438 Jan 2
No par
*512 534
812 July
Preferred
1,700
2614 2734
318 Apr 1,514 Aug
10 Jan 2 2812 Apr 26
No par
150
15 Apr 58
*7712 80
Prior preferred
No par 49 Jan 3 9212 Apr 3
Oct
100 McCall Corp
13 Mar 3034 Sept
2914 2914
No par 24 Jan 11 32 Apr 13
.500 :McCrory Stores classANo par
*214 238
412 Feb 6
118 Jan 8
38 Apr
478 June
414 Feb 6
300
Class B
.13 2
118 Dec
138 Jan 4
No par
6
Jan
Cony preferred
400
'1914 2112
212 Mar 21
514 Jan 2 2534 Mar 17
100
Jan
McGraw-Hill Pub Co_No par
3 Apr
818 June
4 Jan 4 1012 Apr 21
*712 8,4
4834 4834 3,700 McIntyre Porcupine Mines„5 3812 Jan 25 5012June 19
18 Mar 4838 Oct
200 McKeesport Tin Plate_No par 83 May 10 9414 Feb 21
*8614 8812
4418 Jan 9534 Aug
918 Apr 10
5
612 658 3,300 McKesson & Robbins
412 Jan 2
134 Mar 1313 July
Cony prof series A
2758 2734 1,900
358 Mar 25 July
50 11% Jan 2 3412 Apr 27
4
55* Mar 17
418 9,700 :McLellan Stores
1 Jan 6
14 Feb
No par
338 July
21a Jan 2278 July
53
600
53
8% cony prof ser A
612 Jan 2 6312June 8
100
900 Melville Shoe
375* 3734
8% Feb 2834 Oct
No par 26 Jan 2 39 June 28
400 Mengel Co (The)
2 Mar 20 July
6% Jan 13 11 Jan 22
1
714
714
7% preferred
40
22
*38
Jan 57 July
100 30 Mar 21 52 Apr 19
5 1612 Jan 4 30 Feb 19
100 Mesta Machine Co
*2438 2512
7 Feb 21 Sept
300 Metro-Goldwyn Pict pref__27 21 Jan 5 2634May 22
2614
26
1312 Mar 22 Sept
612 Feb 18
412 438 1,000 Miami Copper
4 May 11
934 June
5
138 Mar
12,
8 1234 1,600 Mid-Continent Petrol
334 Mar 16 July
10 11 May 14 1434 Feb 5
*1112 14
200 Midland Steel Prod_.._..No par 11 May 14 2178 Feb 19
3 Max
175 July
28 Mar 72 Sept
*70
8% cum 1st prof
82
100 7012 Jan 12 8514 Apr 21
800 Minn-Honeywell Regu_No par 38 Jan 4 5512June 30
8
13 Apr 36% Del
*5312 56,
53 Jul,
54 Jan 30
500 Minn Moline Pow Impl No par
3
3
213 Jan 4
78 Feb
/
200
*1814 20
Preferred
6 Feb
171/1 Jan 11 3534 Feb 1
No par
30 July
1,200 Mohawk Carpet Mills
7
1714 1714
Jan 22 July
20 121* Jan 4 2238 Apr 21
1,800 Monsanto Chem Co
5138 5214
25 Mar 83 Dec
10 39 May 14 52I4 July6
858 Feb 2878 July
28
2812 18,900 Mont Ward & Co InoNo par 2114 Jan 4 3558 Feb 15
48
100 Morro] (J) & Co
25
48
Jan 56 July
No par 37 Jan 4 5114 Apr 13
138 Feb 8
58 1,300 Mother Lode CoalitIon_No par
38
tis Jan 8
218 June
18 Jan
100 Moto Meter Gauge & FAL ___1
88 838
14 Jan
714 Jan 6 12 Feb 21
878 Dec
900 Motor Products Corp No par 2112July 2 440 Feb 15
*2212 24
734 Mar 3634 Sept
600 Motor Wheel
112 Mar
834 83
81 2June 29 1612 Feb 16
5
1138 July
12
*11
112 Mar 1034 July
Mullins Mfg Co
514 Jan 12 1558 Apr 23
No par
*3218 3412
90
5 Mar 25 June
Cony preferred
No par 1218 Jan 12 48 Apr 21
20
.18
5 Mar 1838 June
Munsingwear Inc
134 Jan 6 2514 Apr 13
No par
10
6 may 12 1138 Feb 16
138 Feb
612 634 2.000 Murray Corp of Amer
1112 July
100 Myers F dr E Bros
*1812 20
8
1518 Jan 2 2154 Feb 21
Jan 2012 July
No par
1118 Apr 27 July
17% 1712 9,900 Nash Motors Co
1512June 29 3214 Jan 30
No par
87 Feb 23
118 Feb
300 National Acme
*5
512
512 *5
414 Jan 9
7114 July
1
938 Dee 1018 Dee
2,000 National Aviation Corp.No par
7
7
7
7 July 3 1314 Jan 31
7
97 July
300 :National Bell Hess pret_100
8
114 Jan
8
*734 8
314 Jan 6 1234 Mar 19
34% 345 35
7,400 National Biscuit
3112 Feb 6038 June
34
10 33585111y 23 49% Jan 16
100
14212 14312
'14278 144
7% cum pref
100 131 Jan 3 148 Apr 2 118 Mar 145 Aug
1412May 12 2358 Feb 8
1,800 Nat Cash Register
518 Mar 2338 July
1612 164 16% 17
No par
1012 Feb 2534 July
1814 23,700 Nat Dairy Prod
174 1818 18
No par 13 Jan 4 1834June 9
3 Mar 16
18 Mar
158 1,100 :Nat DepartmentStoresNo par
134
I%
•158
1 Jan 9
212 June
30
114 Feb
17
1614 1614 17
Preferred
5 Jan 17 2212 Apr 18
10 June
100
2078 Dec 33% Nov
2338 2418 2314 2378 10,300 Natl Distil Prod
No par 231s Jan 3 310 Feb 1
5 Feb 1938 Dec
*2612 28
Nat Enam & Stamping.No par 1612 Jan 5 32% Apr 24
*2612 28
4314 Fob 140 Nov
300 National Lead
152 152 *152 153
100 135 Feb 10 16012 Apr 18
*143 145 .143 145
Preferred A
100 122 Jan 16 143 Apr 18 101 Mar 12814 Nov
75 Feb 10918 July
Preferred 11
*11014 11618 •11014 1165
100 10012 Jan 9 11314June 25
674 Apr 2012 July
10
1014 1014 1038 2,100 National Pow di Lt____No par
812 Jan 4 1512 Feb 6
15 Feb 5518 July
800 National Steel Corp
*4012 4114
41
41
25 3838Jun0 2 58,4 Feb 5
4
Apr 2858 June
700 National Supply of Del
1514 154 154 1534
25 1112 Jan 10 2118 Apr 24
100
17 Feb 8014 June
57
*51
.5212 57
Preferred
100 3312 Jan 4 60 Apr 23
61* Jan 27 July
1,700 National Tea Co
12
12
115* 12
11 May 12 1834 Feb 1
No par
112 Jan
900 Nelsner Bros
1218 June
12114 211 1
23
23
6,2 Jan 4 3014 Apr 13
No Par
*4034 44
100 Newberry Co (J J)... No par 3912May 14 497 Apr 10
*4012 44
7% preferred
*103 10412 *103 10413
100 100 Apr 3 105 June 21
-1-38 Mar 1-1-34 July
500 Newport Industries
*814 8%
8
8
is Jan 10 13 Mar 6
1
6% Apr 2312 July
200 N Y Air Brake
*1534 17
•1534 17
15 Jan 5 24% Feb 7
No par
2,14 Doe 1172 June
100 New York Dock
4
8% Mar 19
4
6
*4
358 Jan 11
100
Mar
13
6
20
Oct 22 June
12
8
500
Jan
11% 118 12
Preferred
8
100
i.
23 June
38 Dec
1,
114 Feb 7
12
12 1,600 IN Y Investors Inc.__ _No par
2 Jan 2
10 Jan 2212 Aug
200 NY Shipbldg Corp part stk....
1512 1512
•15% 1614
1138 Jan 3 22% Feb 1
*8078 82
31
Jan 90 June
'8078 82
7% preferred
100 7312 Jan 2 893 Apr 13
70 Nov 1017o Aug
97
30 N Y Steam $6 met
9614 9614 97
No par 82 Jan 5 9912 Apr 10
110
83 Nov 110
Jan
10678 1064 *10678 107
$7 1st preferred
No par 90 Jan 15 10978May 26
1738 Jan 3878 Sept
4378 4412 4412 4434 2,200 Noranda Mines Ltd___No par 3314 Jan 4 455*June 11
1214 Dec 3612 July
1718 1711 175
8,300 North American Co___No par
17
13% Jan 9 2512 Feb 6
1,500
31 Deo 46
404 4012 4034 40%
Jan
Preferred
50 34 Jan 9 4514 Apr 20
8 Feb 1
414 438
4 Feb
414 414 3,700 North Amer AvlatIon
9 July
418 Feb 10
1
7312
7312 '70
39 Nov 79 July
No Amer Edison pret__No par 4712 Jan 4 7434 Apr 28
*70
"3614 41
263 Apr 43 June
10 Northwestern Telegraph___50 34 Jan 9 43 Apr 26
*3614 41
57 July
100 Norwalk Tire & Rubber No par
118 Feb
412 Feb 19
*212 278 *212 278
233 Jan 8
43 Feb 1738 July
10125Iay 14 1578 Feb 5
1114 4,200 Ohio 011 Co
1114 11
11
No par
1
7 Feb 5
118 Feb
3 July 3
804 July
3%
314 "3 4 312 1,600 Oliver Farm EquIp
No par
100
1512 "1438 16
314 Fob 30% June
*14
Preferred A
12 Jan 8 27% Feb 5
No par
15 Mar
6% Jan 2
4121une 23
834 July
512 512 1,100 Omnibus Corp(The)vto No Dar
5%
514
2% Feb
•734 1014 '712 93
Oppenheim Coll de Co_ _No par
15 June
7% Jan 4 1438 Mar 31
Feb
16
3,400 Otis Elevator
193
8
1512 1534 1538 16
May
8
10,8
Feb 2514 July
14
No par
9312 Apr 106 July
10
*100 10112 10112 10112
Preferred
100 92 Jan 18 102 May 12
45
45
114 Mar
8 Feb 19
1,000 Otis Steel
438 4%
9% June
4101 Jan 4
No pa
•I858 1912 .185* 1912
214 Feb 2134 June
Prior preferred
9 Jan 2 25 Feb 20
100
79
79
1,200 Owens-1111nois Glass Co____25 7312May 14 94 Jan 30
•76
"76
31% Mar 9614 July
2,100 Pacific Gas & Electric,
18
1734 18
18
15 Dec 32 July
25 1512 Jan 6 2312 Feb 7
900 Pacific Ltg Corp
3212 3212
32
32
22 Dec 4338 Jan
No par 2312 Jan 2 37 Feb 7
960 Pitethe Mills
2358 2318 25
2512
6
Feb 29 July
100 2058N1ay 14 34 Feb 5
80
115 Pacific Telep & Teleg
7838 7812 79
65 Mar 9434 July
100 72 Jan 11 8512 Mar 13
*11012 125 *11012 125
6% preferred
9914 Nov 111 12 Sept
100 103 Jan 3 116 June 22
878 Apr 25
1,500 Pac Western 011 Corp_ _No par
*7
718 *7
534 Dee
753
612 Mar 19
912 Sept
638 Feb 23
134 Mar
312 334 10,800 Packard Motor Car,....No par
312July 3
353 35*
674 July
200 Pan-Amer Petr & Trans ____5 1034 Jan 9 1112 Jan 30
•1034 111 *1034 1118
8 June 14 July
*23
25
.2312 25
6
Park-TlIford Inc
jan 365* Oct
1 20 May 12 3512 Feb (I
1
1,000 Parmelee Transporta'n _No par
1
2 Feb 5
1
1
38 Mar
1 Jan 11
3 July
400 Panhandle Prod & Ref_No pa
138
138
138 •114
212 Apr 6
414 June
38 Apr
114 Jan 2
18
'12
•12
8% eons,preferred
18
534 Jan
20 June
100 11 June 26 2112 Apr 6
57
334 338
Feb 16
314 334 11,900 :Paramount Pubilx otts____10
212 June
18 Apr
134 Jan 2
418 412 4,900 Park Utah C511
414 412
878 Feb 15
% Jan
414 July
314 Jan 11
218 218 3,900 Pathe Exchange
414 Mar 2
2% 214
212 July
112 Jan 4
14 Jan
No par
2012 2012 2012 2078 2,400
114 Jan
Preferred class A.__ _No par
1414 Deo
1012 Jan 4 2434Ju1le 12
53 Jun 25 Nov
1612 167s 16% 1632 3.100 Patin° Mines & Entail:a' No par
235851ay 14 2112 Jan 2
33
400 Peerless Motor Car
*334 4
334
478June 5
2 Jan 2
918 July
3
34 Feb
400 Penick di Ford
"5512 5612 5638 5612
x2512 Feb 6034 Dec
No par 53 May 14 64 Jan 31
59
5934 '5812 5912 1,300 Penney (J C)
1914 Mar
56 Dec
No par 5112 Jan 4 6778 Mar 3
.10812 ____ •10812 ____
90
Jan 108 Aur
Preferred
100 10512 Mar 8 10812May 16
35*
514 Apr 26
278 2% "318
200 Penn Coal di Coke Corp _.1
958 July
218 Jan 9
34 Feb
37 Jan 6
5
700 Penn-Dixie Cement___No par
7% Fob 5
5
*434 5
84 Jan
91, June
.20
21
23
21
100
4% Mar 32 July
Preferred series A
100 13 Jan 8 32 Apr 24
2,600 People's (1 L & 0(Chic)_100 27 Jan 4 437k Feb 6
32
25 Dee P.
3058 3118 31
Jan
15
15
.14
•14
Pet Milk
612 Fel
1514 June
9% Jan 3 15 Feb 23
No par
500 Petroleum Corp of Am
1038 1038
1014 1014
15 July
9 Jan 5 1414 Feb 3
5
45* Jai
10,800 Phelps-Dodge Corp
1712 18
1714 18
412 Jai
I873 Sept
25 1458 Mar 27 1878 Apr 26
3453 *33
2117 No, 36 July
.33
Philadelphia Co 6% prat_ _50 241* Jan 2 37 Feb 9
3412
3814 Dee 62 July
*5712 63 .5712 63
$8 preferred
No par 49 Jan 12 84% Feb 17
5
6% Feb 21
212 Feb
55* 13,600 PhIla & Read 0 & 1
94 July
314 Jan 4
45* 5%
No par
274 2878 2812 2918 2,900 Phillip Morris & Co Ltd___10 1112 Jan 3 3138June 27
8
Feb
1478 June
Phillips Jones Corp-- No par
3 Fob
•1114 135* •1114 135
1634 July
9 Jan 5 21 Apr 2
7
65
65
10
65
.61
7% preferred
35 June 35 June
100 58 Feb 27 74 Apr 7
173 17% 1714 174 8,100 Philips Petroleum
454 Jan
No par
1854 Sept
1518 Jan 9 x2034 Apr 11
*512 10
Phoenix Iloalery
.512 10
138 Mar
17% Dec
518Ma5' 12 1312 Feb 3
5
612 Feb 19
21s 238 6,600 Plerce-Arrow Mot Car Co__ _5
218 214
712 Nov
3 Dec
2 Jan 16
1,300 Pierce 011 Corp
1% Jan 3f)
%May 10
58
521
,
t
58
178 June
-2,5
14 Jan
37 Feb
500
105 Feb 14
Preferred
7% 7% '37
8
13% Jane
7 May II
/Ou
138 3,400 Pierce Petroleum
112
112 '112
234 June
2 Feb 6
114 Jan 13
No par
53 Jan
93 Feb 2678 June
700 Pillsbury Flour Mills_ No par
2714 2734 274 2778
1812 Jan 8 2778June 27
500 Pirelli Cool Italy Amer shares 7014 Jan 22 8412 Mar 24
777s 784 784 7838
3338 Apr 75 Nov
1412
11
300 Pittsburgh Coal of Ps
'11
11
4 Feb 23 July
912 Jan 9 1812 Feb 9
100
•31
Jan 48 July
Preferred
32
32
17
*31
180 30 Jan 8 4212 Feb ,
1 Companies reported In receivership. a Optional sale. e Cash sale. a Sold 15 days. z Ex-dividend. o Ex-rights.
$ per share
3112 3234
.37
38
54 54
2512 2618
77
78
*2878 2912
238
*218
*178 2
21
21
*712 814
4814 49%
*8534 8812
638 658
.2712 29
4
4
*5012 53
38
38
*738 734
.38
40
*2414 2578
*2614 2658
412 434
1238 1278
•1114 14
82
.70
5512 5512
278 278
19
19
1714 1714
5012 5112
2718 28
*4618 48
%
5a
838
*714
23
23
812 834
*1012 12
33
33
20
•18
638 612
•1812 20
1718
17
New York Stock Record-Continued-Page 7
87
Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SEVENTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
June 30.
Monday
July 2.
Tuesday
July 3.
Wednesday
July 4.
Thursday
July 5.
Friday
July 6.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
O'n Oasts of 100-share lots.
PER SHARE
Range for Precious
Year 1933.
Lowest.
Highest.
Lowest.
Highest.
$ per share $ per share $ per share 3 per share $ per share Shares. Indus.& Miscell.(Con.) Par $ per
$ per share $ per share $ Per share
share
7
718
7
7
715 714
7% 714 1,100 Pittsburgh Screw & Boit No par
7 Jan 6 1138 Apr 4
17s Feb 11% July
*24
2512 *24
•2418 2512 2512 2512
2512
20 Pitts Steel 7% cum pref___100 25 June 28 43 Feb 21
1014 Jan 3834 May
*2
338 *218 338
.212 338
3
3
200 Pitts Term Coal Corp
312 Feb 21
2 Jan 19
100
12 Feb
67a July
.1412 1614 .1412 1614
1614 1614 16
17
6% preferred
50
818 Jan 4 1712 Feb 23
100
4
Jan 231g July
*214 3
*214 3
*214 3
Pittsburgh United
*214 3
25
5 Feb 19
214 Jan 2
Feb
8
4
612 July
*37
40
377 377
3712 3712 *37
3738 1,020
Preferred
100 3612June 7 5978 Feb 19
1534 Feb 64 July
212 212 *2
312
212 212 •234 312
200 Pittston Co (The)
No par
134 Jan 4
5 Feb 21
38 Apr
7 June
1212
1112 1158 *1112
*1218 1214 12
12
500 Plymouth 011 Co
5 10 May 14 1634 Jan 30
634 Feb
17% July
734 8
77
8
8
914 2,500 Poor & Co class B
9
812
No par
6 June 2 1478 Feb 5
134 Apr 1334 July
*358 418 .35
418
•338 4
*358 4
Porto Ric-Am Tob Cl A_No par
3 Jan 12
614 Jan 30
138 Mar
8 June
*112 134
•112 2
*112 2
15*
Class B
100
138
No par
112 Jan 3
314 Jan 30
58 Feb
4 May
19
19
.19
2078
1912 2014 2078 2112 1.000 Poeta'Tel dr Cable 7% prof 100 1614May 14 2938 Feb 6
4 Feb 4034 June
.238 212
214
238
214
218 1,100 :Pressed Steel Car
2
214
512 Feb 16
No par
178 Jan 5
38 Jan
512June
*10
1138 .10
.10
1138
Preferred
1138
1155 .10
100
67s Jan 5 22 Feb 17
3
Jan
18 June
3614 3612 3614 3612
3614 3638 3612 3634 4.700 Procter & Gamble
No par 331sJune 2 4114 Jan 23
19% Feb 4712 July
113 11312 .110 113%
•110 11312 *110 11312
5% pref (ser of Feb 1 '29)100 10212 Jan 22 114 June 20
130
97 Apr 11034 Nov
:Producers & Refiners Corp5O
114 Mar 15
14 Jan 2
14 Jan
278 June
67 Feb 19
Preferred
118May 2
2 Nov
50
13 June
-56- ICC- -5 - 364
--4'2
- -3512
614 3
-3478 -36
3412
3512 -k
6,600 Pub Set Corp of N J___No par 33 May 14 45 Feb 6
32% Nov 571s June
.80
8112 .81
82
81
81
80% 80/
1
4 8112 8112
35 preferred
300
No par 87 Jan 2 84 Feb 6
5978 Nov 8812 Jan
*9512 97
*9512 97
9612 9612
100
6% preferred
•9614 9718 *9634 07,2
100 79 Jan 8 9712June 21
75 Dec 101% Jan
•104 105 *10334 105 *10334 105
•10378 105 .104 105
7% preferred
100 90 Jan 8 106 Feb 21
84 Dec 11212 Jan
*11678 11818 *11638 118 *1165* 118
•118 119
118 118
100 8% preferred
100 105 Jan 12 11912 Feb 17
Jan
99 Nov 125
*103 10378 *103 10378 .103 103%
10234 10234 *10214 10334
100 Pub Ser El & Gas pf 35_No par 90 Jan 10 10378June 18
83% Dec 10312 Jan
4912 4912 48
481
4812 49
48
4834
4834 4978 3.100 Pullman Inc
No par 4612June 2 5938 Feb 5
18 Feb 5818 July
1038 1038 10
1014
1018 1018 1018 1038 3,600 Pure 011 (The)
10
1018
938May 10 1478 Feb 16
No par
212 Mar 1538 Sept
.67
68
.66
68
.66
68
66
66
66
66
20
8% cony preferred
100 57334 Jan 9 80 Feb 6
30 Mar 6978 Sept
.1334 1378 1312 1334 1314 1314
1312 1312 *1312 1338
400 Purity Bakeries
No par 1214 Jan 6 1934 Feb 5
578 Feb 255* July
678 7
634 68
638 678
634 7
634 7
18,700 Radio Corp of Amer
918 Feb 6
No pa
612 Jan 4
3 Feb
1214 July
.37
4012 37
37
•37
*3612 40
4012 *3718 4012
100
Preferred
60 2314 Jan 4 4112Slay 11
1314 Feb 40 May
2834 29
27
2834 2678 278*
2734 2878 2834 2934 7,000
Preferred B
No par 15 Jan 4 3538May 11
612 Feb 27 July
218
218
218
218
218 218
218
218 218 2,100 Dladio-Keith-Orph
214
414 Feb 17
_No pa
218June 22
1 Mar
534 June
17
17
.1634 173 .1634 1758
•1612 171.8 1612 17
300 Raybestos Manhattan_No par 16 Jan 9 23 Feb 5
5 Feb 205* Sept
.814 9
812 81
.814 8,2
712may 14 14 Feb 6
•814 812
812 818
400 Real Silk Hosiery
10
512
Feb
8 June
207
.5014 60
*5014 693 *5014 6934
.5014 5014 *5014 6934
Preferred
100
100 45 Jan 23 6014 Apr 26
25
Jan 60 May
3
3
3
3
•258 3
3
3
*234 3
500 Rels (Robt) & Co____No par
6 Apr 2
213 Jan 5
412 July
14 Jan
1312 1312 *13
14
.8
*1014 15
15
*978 15
100
1st preferred
100 1312 Jan 3 3834 Apr 2
11 Jan
1812 June
*1014 1012 1014 101
1014 1034 1038 1058 1,800 Remington-Rand
1014 10,2
1
655 Jan 6 1338 Feb 23
212 Feb
1114 July
.6018 66
•60
63
•59
59
66
60
.57
63
200
lst preferred
100 321
/
4 Jan 5 6912 Mar 14
712 Feb 3712 July
.56
65
•56
65
•56
*56
65 .56
65
65
2d preferred
100 30 Jan 8 67 Mar 14
8 Feb 3534 Dee
318 318
318 314
318 318
31s 314
31a
314 1.700 Reo Motor Car
512 Feb 23
3 June 28
138 Feb
6
638 June
1538 1534 1512 16
1512 1614 1614 1634 7,500 Republic Steel Corp___Na par
1514 1512
15 May 14 2534 Feb 23
4 Feb 23 July
4514 4514 46
4612 .4414 46
45
4534 4512 47
6% cony preferred
1.200
100 39 Jan 4 6712 Feb 23
9 Feb 5412 July
.912 10
912 912
9
9
.8
10
912 912
300 Revere Copper & Braes
5 Jan 8 1412 Apr 11
5
114 Jan
12 June
•19
20
*18
•1712 20 .1712 20
20
*1812 20
Class A
10 1114 Jan 29 2812 Apr 11
214 Mar 25 June
*205* 2118 *2014 2012 2012 2034
2012 2012 2012 2034
700 Reynolds Metal co ,,No par 1512 Jan 2 274 Apr 26
6 Feb 2112 June
*984 1012 5934 10
*934 10
Reynolds
934 934 *912 934
Spring
100
612 Jan 9 1312 Feb 25
No pa
112 Feb 1534 July
4514 4534 45
4538 4514 46,4
4518 4618 4534 46
9,700 Reynolds (R J) Tob class B_10 3934Mar21 4638June 14
2612 Jan 55414 Sept
.57
60
*57
60
.60
60
6012 6012 6012
60
30
Class A
10 67 Jan 6 6012July 6
Jan 6234 Jan
60
.7
10
*7
10
•7
*7
10
10
*7
10
Ritter Dental Mfg
No par
7 June 7 1312 Feb 8
612 Feb 1634 June
p71
/
4 271
/
4 271
/
4 271
/
4 *2638 2738
•2638 2714 2614 26% 1,500 Roan Antelope Copper Mines. 26'4 July3318 Apr26
2338 Nov 2612 Nov
.7
712
712 712
718 71s
718 718
7% 7,8
400 Ross% Insurance Co
4
Jan 3 1014 Feb 6
5
2 Apr 1078 June
.3518 36 .3538 36
3518 3518
*3514 3578 .3538 3512
100 Royal Dutch Co (N Y shares) 33 Apr 30 3918 Feb 19
1738 Mar 3934 Nov
2012 2012 2038 2012 2014 2012
2034 2118 2078 213n 3,300 St Joseph Lead
10 1612may 12 2778 Feb 5
618 Feb3134 Sept
50
50
.4812 4978 483* 49
50
50
Stock
5012 5012
800 Safeway Stores
No par 44 Jan 5 57 Apr 23
28 Mar 6238 July
105 105 .105 10612 .106 10612
10612 108
10634 10634
220
6% preferred
100 8434 Jan 3 108 July 6
72 Apr 9412 July
111 111
111 111
Exchange •111 11134 11114 11112
111 111
60
7% preferred
100 9812 Jan 16 113 June 16
80% Feb105 Sept
.614 714 *612 714
.612 714 5612 714
658 658
100 Savage Arms Corp___ _No par
6 Jan 13 1214 Feb 15
214 Apr 12 July
27
27
2638 2634 2618 2634 Closed2634 2738 2755 2738 8,700 Schenley Distillers Corp
5 25 June 2 387'8 April
24 Nov4514 Aug
518 518
5
518
478 478
434 478
478 47$ 1,500 Schulte Retail Stores
1
334 Jan 4
8 Feb 5
32 Mar 1014 July
22
22
22
22
*2218 24
22
lode.2214 25
2214
110
Preferred
100 15 Jan 2 3034 Apr 16
31 Apr 35% July
•45
4678 467 47
.4512 4734 •45
47
47
4734
40 Scott Paper Co
No par 41 Jan 10 50 Apr 5
28
Jan 447 July
32
32
1
.3112 32
31
3138 31 4 3134 1,800 Seaboard 011 Coot Del_No par 2538 Jan 6 3838 Apr 11
31
3155 pendence
15
Feb 4355 Sept
•234 3
*234 3
*234 3
.234 3
Seagrave Corp
*234 3
No par
Feb 7
258 Jan 18
118 Feb
444 July
43*
415 4134 41
40% 4138
42
Day
42
4238 4318 5,900 Sears, Roebuck de Co No par 3838June 1 5114 Feb 5
43
1212 Feb 47 July
.212 234 *212 234
•214 212 •214 212
212 212
100 Second Nat Investors
1
414 Jan 26
2 May 10
114 Feb
5 June
*3812 40 .38
40 .38
*38
40
40
40
4018
200
Preferred
1 32 Jan 8 4518 Feb 2
24 Feb 48 July
•1
118
1
118
118
118
1
1
118
1
600 :Seneca Copper
No par
1 Jan 6
2 Jan 22
18 Mar
338 June
1
1
634 7
7'8
74
7
7
714 8,200 Servel Inc
7
634 7
1
Apr 24
434 Jan 8 9
112 Feb
712 July
018 9%
878 9
834 9
914
914
914 914 1,600 Shattuck (111 G)
No par
634 Jan 2 1378 Mar 9
534 Apr 1314 July
*755 9
*758 s
*712 0
*758 8
*758 9
Sharon Steel Hoop,
_No par
23
Jan
1314
11
Feb
5
,
8
112
Feb
12
July
*534 573 .534 578 *534 678
77 Feb 5
534 534
512 512
800 Sharpe & Dohme
No par
434 Jan 2
212 Feb
858 June
4512 4512 .46
47
.46
*46
47
47
.46
47
100
Cony preferred set A _No par 381.4 Jan 8 49 Slay 3
2114 Mar 4178 July
5
7g
8
8
7
8
778 778
734 8,8
814 814 2,800 Shell Union Oil
No par
734July 5 1112 Jan 27
312 Feb
115* July
*73
75
*73
75 .73
•73
7438 .73
7434
7438
Cony preferred
100 58 Jan 2 89 Jan 26
2812 Mar 61 July
155* 1538 1512 1512 1514 1512
*1512 16
1512 16
1,200 Simmons Co
No par 1412May 14 24% Feb 5
438 Feb 31 July
*934 10
*938 10
934 934 10
.9% 10
1018
400 Simms Petroleum
1112 Feb 5
10
814June I
4% Feb
1238 June
914 913 •9111 9,2 *9,8 912
•918 912
77 Jan 10 1118 Apr 25
014
938
400 Skelly 011 Co
25
3 Feb978 June
.61
6438 *61
6412 .61
•61
64
.61
64
64
Preferred
100 5434 Jan 9 6818 Apr 26
22 Feb5712 July
•17
25
*17
25 .17
•17
25
25
*17
25
Sloss-Sbetf Steel & Iron__100 15 Jan 9 2712 Feb 17
Jan 35 July
7
•3034 35 .3034 34
*3034 35 .3034 35
*3034 32
7% preferred
100 2312 Jan 2 42 Apr 23
814 Feb42 July
•1374 1372 1272 1314 .1252 135*
1314 *13
13
14
800 Snider Packing Corp__No pai
634 Jan 3 17 May 5
5
8
Mar
Les July
1512 1572 1512 1534 1532 1572
1534 16
16
1614 23,000 Socony Vacuum 011 Co Inc__15 14 Slay 14 19% Feb 5
6 Mar
17 Nov
•I03 104
103 103
103 103
•10214 104 .10234 104
200 Solvay Am Invt Tr preflOO 86 Jan 8 10414June 28
58
Feb92
July
35
3514 35
3514 3412 35
35
3512 3538 3512 3,300 So Porto Rico Sugar___No par 2918May 14 3938 Feb 5
1578 Jan
485* July
•125 135 *130 135 *130 135
130 133 .133 135
20
Preferred
100 115 Jan 16 133 July 5 112
Jan 132 July
•I614 1612 *1614 1638 1614 1638
1614 1612 1612 1655 1.800 Southern Calif Edison
25 1514 Jan 4 2218 Feb 7
1414 Nov
28
Jan
9
*8
•8
9
•8
0
.8
9
*8
9
Spalding (A G)& Broe_No par
4
534 Jan 10 13 Apr 21
Jan
11% July
.5812 65 .5812 65
.5812 65
55812 65 .581
. 65
let preferred
2518 Mar 61 June
100 3014 Jan 11 74 Apr 21
Spans Chalfant & Co Ina No par
7 Jan 22 1538 Apr 23
412 Feb 1512 July
555
553
5712 55
55
.53
5712
5712 .53
5712
20
Preferred
100 30 Jan 23 62 Apr 24
1712 Feb 50 June
5
5
434 434
412 458
412 455
438 5
3,300 Sparks WIthington____No par
Jan 5
8 Feb 21
34 Feb
8 June
355
412 412
4
4
.314 4
.
314 434 *314 434
70 Spear dc Co
738 Apr 18
No par
2 Jan 3
12 Jan
512 June
•2214 23
2112 2112 .2112 23
2252 2232 2212 2212
300 Spencer Kellogg & Sons No par 1534 Jan 5 2412 Feb 23
712 Apr 22 July
818 838
818 814
818 814
3
8,4
818 85* 10,200 Sperry Corp (The) v to
1
538 Jan 5 1138 Apr 2
218 May
712 July
.7
8
.7
8
7
7
•6
7
*6
7
100
Spicer
7Juiy3
Mtg
13
Co
No
Feb
par
7
5
Jan
18 June
.264 28
.2514 29 .2514 29
•2514 2634 .2514 29
Cony preferred A__ _No par
2134 Jan 2 3112 Feb 20
1134 Mar 3212 Jur s
.51
5212 5014 51
51
51
52
52
5334 54
800 Splegel-May-Stern Co_No par
19 Jan 4 6712 Apr 25
1
Feb 2112 Dec
2018 2038 20
2012 19% 2012
2018 2078 2034 2118 24,300 Standard Brands
No par 1834May 12 2514 Feb I
1334 Mar 3738 July
*578 6
578 57
6
6
57
512 6
6
1.200
Stand
Comm
par
8
Tobacco_No
Mar
4
13
Jan
9
1
Jan
938 Aug
1012 1012 1014 wiz 10 1014
10/
1
4 101
/
4 10/
1
4 1034 1,600 Standard Gas & El Co_No par 638 Jan 4 17 Feb 6
518 Mar 2212 June
.1138 11% 1158 115*
1138 1112
1114 11% 1114 1134 2,000
Preferred
par
No
17
Feb
8
63
4
6
Dec
755
257
Jan
8 June
.23
27
.23
25 .23
25
•2214 25 .2214 25
$6 cum prior pref
No par
18 Jan 10 33 Feb 6
15 Dec 61 June
•28
2812 28
28
2738 28
2738 2738 28
28
800
$7 cum prior pref
No par
1712 Jan 4 3812 Apr 24
16 DeC 66 June
•118
112 *Ils
112 •118
Ili
11
•1%
114
114
100 Stand Investing Corp No par
12 Mar
13* Jan 5
71 Jan 13
278 June
*10712 109
109 109 .1084 10955
10914 10914 .108,2 110
300 Standard Oil Export pref_100 9612 Jan 2 11014May 26
9212 Mar 10234 Sept
3412 3412 3414 3434 3334 3412
34
3452 3432 3434 5.700 Standard Oil of Calif. No par 23058May 14 427 Jan 30
53434 37 .3454 37
Mar
1912
45
Nov
*3434 37
•3434 3672 53434 3672
Standard 011 of Kansas___1O 3334 Feb 13 41 Apr 21
1234 Apr 3978 Dec
4378 44
4338 437
4314 4338
4378 4414 4378 4438 13,400 Standard 011 of New Jersey _2
4118May 16 5018 Feb 17
Mar 4712 Nov
2255
•1014 11
934 10
.934 10
10
10
*934 11
400 Starrett Co (The) L S No par
6 Jan 15 1414 Apr 19
4 Feb 1112 June
60
6012 59,2 6014 60
6012
61
61,4 6114 6312 6,300 Sterling Products Inc
10 4714 Jan 4 6312July 6
453x Dec 6034 Sept
•1178 178 *158 134
112
138
.112
138
112
112
600
Sterling
Securities cl A_No par
138 Jan 2
3 Feb 6
378 June
38 Jan
.418 438 *418 514 .
414
.418 518
51$
414 414
100
Preferred
No par
3 Jan 3
7 Feb 6
112 Feb
734 June
•3412 3434 .3412 3514 .3412 3434
•3412 3434 *341% 3434
Convertible preferred____50 30 Jan 12 3634 Feb 1
20 Mar 3614 July
658 634
638 638 •655 714
658 7
634 7
1,300 Stewart-Warner
10
614
Jan
103
8
Feb
8
21
Feb
212
1112
July
75
734 734
734 734
755
712 734
712 77
3,400 Stone .1, Webster
No par
6 Jan 8 1314 Feb 6
512 Dec 1914 July
4
4
4
4
4
418
4
418
4
418 5,600 :Studebaker Corp(The)No par
4 June 27
112 Mar
914 Feb 21
838 June
•1834 2012 .1834 20
20
2()
•1834 2078 .1834 20
Preferred
100
100 1912 Jan 2 47 Feb 19
9 Apr 3818 June
.6134 0214 62
62
*6134 62
6134 6134 6178 6172
400 Sun OH
No par 5112 Jan 2 6378June 18
35 Feb 59 Nov
11414 1141 .11414 115 .115 116
•115 116
115 115
100
Preferred
100 100 Jan 17 115 July 6
89 Mar 103 July
1512 1555 15
15
.1412 1538
1538 1512 1478 1478
600 Superheater Co (The)__No par 1418May 25 2514 Feb 5
712 Feb 27 July
2
2
178 2
178
17s
178 2
.178 2
1,200 Superior Oil
14 Jan 3
1
3 Feb 1
34 Jan
412 July
014 9'4
834 83 .
978 078 .9
85* 972
978
300 Superior Steel
618Slay 14 1534 Feb 19
100
2
Feb 2238 July
*378 414 5378 455
334 4
•334 4,4 *378 414
400 Sweets Co of Amer (The)___50
314 Jan 9
I Mar 10 July
534 Jan 26
*1
118 .1
118 .1
.1
118
118 .1
118
Symington
Co
No par
78S1ay 11
212 Feb 19
15 Apr
3 June
•212 3
.212 3
212 21_
214 212 .2
2'g
Class A
300
214 July 5
No par
538 Feb 23
14 Apr
514 July
*1114 12
•1114 12
1114 1114
•11
12
*1138 1154
100 Telautograph Corp
5 1012S1ay 12 1514 Feb 1
81s Feb
1638 July
5
*434 514 5458 434 .45
•412. 5
*43.4 5
Tennessee Corp
634 Feb 19
418 Jan 8
5
133 Feb
714 Alia
2334 2334 2358 24
2338 234
2338 2378 235* 237
7.000 Texas Corp (The)
25 2112S1ay 14 2938 Feb 5
1034 Feb 301s Sept
3378 3418 3312 3412 3312 3352
335* 3418 3312 34
4,800 Texas Gulf Sulphur____No par 301251ay 14 4314 Feb 6
1514 Feb4514 Noy
.378 4
5378 4
378 378
378 4
4
4
1,200 Texas Pacific Coal & 011_10
318 Jan 8
6% Apr 4
138 Ma
612 May
878 878
834 9
9
014 912
955
012 97g 8,200 Texas Pacific Land Trust _1
634 Jan 6 12 Apr 2
312 Mar 1118 June
1214 .12
1214 .12
1214
*12
•12
1214
1214 *12
Thatcher Mfg
No par
10 Jan 4 1512 Jan 30
5
Feb2218
July
.40
43
43
.40
•40
*40
43
43 .40
43
$3.60 cony nret
No pa
39 Jan 15 44 Jan 29
275* Feb44 JU13
•Bid and asked prices, no sales on this day. :Companies reported In receivership. a Optional sale. c Cash sale. r En-dividend. y
Ex-rights.
$ per share
718
714
*24
2512
12
338
*1412 1614
.214 3
.37
40
.238 312
*1134 1178
778 818
*338 412
*112 2
*1918 20
*212 25
•10
1138
36
3612
11312 11312
New York Stock Record-Concluded-Page 8
88
July 7 1934
we FOR PALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE EIGHTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
June 30. I
Monday
July 2. I
$ per share
.718 714
5
5
*1414 1734
7
*614
1414
•13
I 318 318
1912
•19
1218 1214
*81
82
38
*31
*94
9412
6% 612
30
30
6% 634
*738 818
412 45
*703.; 714
*37
3734
234 3
Tuesday
July 3.
$ per share I $ per share
7,2! *718 712
'no
5
5
5
5 I
*1414 17121 •1412 1714
614 614 "6
7
1334 '1318 1314
.13
3
3
318
3
19
19
19
19
117 123
1158 117
*81
.81
82
82
38
38
"31
"31
9412 9412 9412 9412
612 612
612 624
30
30
2734 29
612 622
612 624
75
*73
7% 738
43
4% 45
4%
*7034 714 7034 7034
•37
3712 *37
3712
3
3
3
3
•512I 653
512 512
512 512
218 .2
.218 212
238
218
47
4712 4712 47
*4712 48
50
5012 *4912 51
"5012 51
4214 42% 413 4214 4114 4134
•16
1614 1614
1633 1578 16
*1812 19
*19
19% 1812 19
18
17% 1818 1714 171 2
1818
2512 2514 2514 25
*25
25,s
120 120 *120
__ *120
44 -44
"4338 4434 4358 14
5l
5
5
514
518 518
•3114 31% 3133 3133 3114 3133
1558 1558 1514 1512 1514 1512
*614 8
.614 8
"614 734
514
514 512
514
5
518
72
71
72
7134 714 71
16% 1638 1618 168 158 1614
*99 100 '9834 9912
*9812 100
218 214 *2
*218 3
3
7
*634 7
7
*634 812
445
50 '45
50
50
*45
*312 334
358 338 .312 338
63
63 '61
63
61
*61
.4778 478 4714 4712 47
47
38 .36
.3512 42
40
38
112
1 12
112 112
112 112
2314 2334 2258 2314 2212 23
185 1834 19
.1834 19
1
19
•112 212 .112 214 •112 214
'17
20 '17
1812 *17
1818
101
.9
.9
.878 11
11
•75
86
075
86 '75
86
*4212 4358 43
*4312 44
4314
*138 1391 '138 13912 13912 13912
77
0778 814
778 *734 8
404 4034 4014 4078 395* 50
08
838
8
8
.734 814
01234 147 *1253 1312 *1258 1312
'51
58
57
58
5912
"51
64 6,
6% 614
618 618
18
1718
18
1714 174 17
44
44
4112 4334 41
4112
12712 12813 126 12758 x126 128
65
65
*61
64
.61
x64
384 385
38
383 373 38
8318 831
83
835* 8218 8212
111 111
110 11014 '11018 115
3
3
234 3
.278 3
1
118
1
1
1
1
"2038 2133 20
2038 20
201,
*9
934
912 95
.9
934
•76l2 77
7612 7612 '7612 77
3478 347 *3412 3434 3414 3434
314 *3
•318 314
318
318
1812 1812 18
18 '17
18
8112 8112 '78*7814 80
*7618 7612 .76% -764 7618 7634
•412 612 "412 612 *412 512
72
72 .68
72
70
70
*554 57
*534 57
534 534
2718 27
2712 2712 27
27
*10412 10612 "10412 10612 106 106
*414 434
434 434
412 412
•712 834 *712 83
'718 834
2
2
*2
218 •2
218
31
31
'30
.30
*30
31
514
5%
5
515
553
53*
.20
2512 '20
2513 *20
2512
238
"218 23* *2
218
2%
9
9
858 9
858 834
•1612 21
"1612 2018 .1612 21
22
22
22
*2158 22
22
•334 412 *334 412 *334 41.
114
1
'1
1
'I
11
"24
2412 24
*2214 24
24
*5858 597 '5858 597 *59
5978
4412 4518 4312 4414 4218 4314
"2258 2278 2212 227s 2238 22%
3638 3518 3634 3514 3534
36
*89
"89
*89
93
93
95
•1014 12
010
.1014 12
12
*2512 3212 *2512 35
"251z 3212
'654 67 .6514 67
*6514 67
"76% 77
7614 7614 7614 7614
6612 6612 *65
65
66
65
"109 11014 '109 11014 .10712 1101 4
•104 1054 104 104 *10212 105%
"218 234 *2
2% 218
23*
34
58
54
58
58
58
19 '18
•18
*18
19
19
19
'16
18
.1513 1712 .18
4718 *43
49% .45
*43
49
"1553 17 '1538 18
"1538 18
"2512 2714 .2512 2614 "2512 2713
•14 258 •14 25
•178
253
912 '61 4 912 .614 912
*614
.312 4
312 312
312 334
Ps 724
7314 712
724 Pa
2412 25
2334 2412 2312 2453
81
81
8112 8114 8212
81
491_ 4878 4914
4912 4978 49
20
20 .19
2014 *19
20
"4138 44
4138 415* 413* 4138
43145 35
"3112 35
"3112 35
50
52% 4914 4914 50
*51
•6414 644 6414 6414 *6414 644
•1612 1812 1712 1712 1558 1558
4
4
4
418
4
4
*35
*35
*35
39
39
39
1614 1612 1618 1618 "16
1634
194 1939 1912
1912 1934 19
*258 3
.258 3
*258 3
5% 518
434 5
434 5
Wednesday
July 4.
Thursday
July 5.
Friday
July 6.
Sales
for
the
Week.
PER SHARE
sonce Jan. 1.
R
On basis of 100-share tots.
Lowest.
$ per share $ per share $ per share' Shares. Indus.& MIscell.(Conti.) Par
*612 712 *612 712
The Fair
No par
5%
5
700 Thermold Co
5
S'oI
1
*1458 17% '1458 1714
Third Nat Investors
1
*6
100 Thompson (J R)
7
7
*6
25
1312 1312 1314 1358
500 Thompson Products Inc No par
3
*3
3
314
1,300 Thompson-Starrett Co_No par
*19
1918
19
19
300
33.50 cum prof
No par
1134 12% 12
1218 6,000 Tidewater Assoc Oil_ No par
8112 8112 817 818
200
Preferred
100
38
38
*31
*31
Tide Water 011
No par
9412 93
93
*93
Preferred
500
100
614 64
634 634 3,100 Timken Detroit Axle
10
291z 2912 2912 2912 1,500 Timken Roller Bearing.No par
612 634
612 658 7,800 Transamerica Corp__ ..No par
300 Transue & Williams St'l No par
"7%
712
714 738
438 412
414 438 8,500 Tri-Contineatal Cor.oNo par
71
71
*67
*67
100
6% preferred
No par
100 Tile° Product* Corp_ No par
*37
3712 378 3738
31
2,600 Truax Traer Coal
3
318
3
No par
558 553 1,500 Truscon Steel
10
58 553
*2
100 Ulen & Co
212 *2
212
No par
4718 471 *45
500 Under Elliott Fisher Co No par
4714
5112 *51
400 Union Bag dr Pap Corp.No par
52
51
4214 4378 4358 4414 7,700 Union Carbide & Carb_No par
1618 1614 1614 1612 1,700 Union 011 California
25
*1858 19
700 Union Tank Car
*1853 19
No par
1753 1734 1758 1778 15,400 United Aircraft dr Tran_No par
25
2478 25
800 United Biscuit
2431
No par
120 120 *11412 128
20
Preferred
100
44
4414 1,700 United Carbon
4412 45
No par
5
514 14,600 United Corp
5
518
No par
3114 3134 3118 3158 1,000
Preferred
No par
1512 1512 1538 1534 4,900 United Drug Inc
5
United Dyewood Corp
734
*611 734 *614
10
538 3,100 United Electric Coal_ _ _No par
514
5%
518
71
7112 7112 7014
1,200 United Fruit
No par
1534 1618
1578 1614 12,300 United Gas Improve_ No par
*9853 9912 *9834 9912
Preferred
No par
3
*218
*218 3
200 :United Paperboard
100
*634 8
*634 8
200 United Piece Dye Wka_No par
*45
"45
50
50
61-4% preferred
100
3
3
3,500 United Stores class A__No par
312
3
63
63 '61
*61
Preferred class A_ _ __No par
*4514 4778 477 4812
700 Univereal Leaf Tobacco No par
*39
*39
42
10 Universal Pictures let pfd_ 100
42
112
133
112 1,100 Universal Pipe & Rad
13*
I
2312 2,600 U S Pipe dk Foundry
23
23's 23
20
19
19
19
19
600
1st preferred
No par
.112 21
*112 214
US Distrib Cor,)
No par
19
1818 18'8 *17
300 U S Freight
No Par
*9
101
*9
1012
U S & Foreign Secur
No par
86
*75
"75
86
Preferred
No par
43
43
4318 4314
500 US Gypsum
20
139 13913 139 13912
380
7% preferred
100
814
Stock
8
7
500 U S Hort Mach Corp
7
5
"4018 42
*4012 42%
800 U S Industrial Alcohol_No par
Exchange
400 U S Leather v t o
814 83* "818 8%
No par
1234 1234 *1214 1312
100
Class A v t e
No pa
Closed- '5518 65
*5518 65
100
Prior preferred v t o
100
612 612
600 II S Realty & ImPt.....No pa
0635 634
Inde1778 1814 7,100 U S17 Rubber
12 18
No par
44
43
4234 43
3,700
1s1 preferred
100
pendence 12834 13014 12813 13014 7,800 U S Smelting Ref & Min _50
'63
6418 *6312 6418
100
Preferred
50
Day
385* 3958 3914 4014 32,100 US Steel Corti
100
8212 8338 8314 84
2,900
Preferred
100
•112 115
115 115
400 U 9 1 obacco
No par
278 278
3
3
2,000 Utilities Pow & Lt A
1
1
1
1
I
1,800 Vadsco Sales
No par
2014 218 2138 2112 2,300 Vanadium Corp of Am_No par
200 Van Raalte Co Ina
934
5
*914 x912 •9
75
90
7612 '75
7% 1s1 prof
77
100
034
1,300 Vick Chemical Inc
3478 3414 3514
5
318 38
3
400 Virginia-Carolina Chem No par
3
18
18
1814
•18
400
6% preferred
100
*7814
_ _
_ 079
300
100
7% preferred
"7618 -7-612 7612 -77
50 Virginia El dc Pow $6 pf Aro par
512 512 "4%
10
Virginia
518
Iron Coal & Coke.100
69
71
69
50 Vulcan Detinning
71
100
512 558
512 512
500 Waldorf System
No par
27
2714 2718 28
1,800 Walgreen Co
No par
*10412 106 *10412 106
50
63-4% preferred
100
0458 434
458 458
300 Walworth Co
No par
*7% 812 2,200 Ward Baklng class A No par
8
8
2
218 "2
218
300
Class B
No par
30
"30
30
31
600
Preferred
5
100
518 12,700 Warner Bros Pictures
5
5
518
23
2312
*20
*20
$3.85 cone prof
No par
.2
100 Warner Quinlan.
25* *218 25*
No par
878 88
878 9
1,300 Warren Bros
No par
194 016
'17
19
Convertible pref
No par
2212 2212 '2234 2312
300 Warren Fdy & Pipe_No par
Webster Elsenlolar____No par
0334 414 0334 4
1
1
1
1%
640 Wells Fargo & Co
1
2312 2312 23
23
700 Wesson 011 & Snowdrift No par
5914 5914 *5912 5978
100
Cony preferred
ho par
43
4458
4512
443*
5,400 Western Union Telegraph_ 100
2214 2238 2218 2214 2,900 WestIngh'se Air Brake..io par
35% 37
3659 3714 11,400 Weetinghouse El dr Mfg.....50
89
088
90
95
20
lot preferred
50
*1014 12
*10
12
Weston Elea 1 astrum't.No par
*2512 3212 *2512 3212
Clans A.
No par
67
67
67
67
30 West Penn Elea class A_No par
79
79
•76
"76
90
Preferred
100
66
6578 657
66
80
8% preferred
100
'10738 109 .10738 11014
West Penn Power prat. I00
103 103 *103 10534
20
8% preferred
100
"218 23
2% 234
300 West Dairy Prod Cl A...No pa
34
78
34
1,100
Class 11 v t e
'53
No par
•1812 19
1834 1834
100 Westvaco Chlorine Prod No par
"16
*1714 18
18
Wheeling Steel Corp
No par
4918 *45
*45
491
Preferred
100
*1538 18
*1538 18
White Motor
50
*2512 27
"2553 27
WhiteRkMinSpr ottnewNo par
*17s
258 '17
2%
White Sewing Machine.No par
4.612 012 *622 0i.,
Cony preferred
No par
.312 334 *312 378
700 Wilcox 011 &Gas
.5
1,900 Wilson & Co Inc
7'2 728
734 77
No par
24
2518 2412 25
7,500
Class A
No par
8112 1,700
8212 8212 81
Preferred
100
4938 5(1
51)
5014 8,300 Woolworth (F W) Co
10
"2012 2178 20
200 Worthington P & W
20
100
"4158 44
415 4158
60
Preferred A
100
'30
*3018 35
36
Preferred It
100
51
50
04934 541
80 Weight Aeronautical.. No par
1,200 Wrigley (Wm) Jr (Del)No par
6534
6434 6518 •65
"1612 17
200 Yale & Towne Mfg Co_ _25
*1612 1712
418
418
41 4
4
1,200 Yellow Truck & Coach el-B.10
37
*37
37
10
3812
Preferred
100
1634 1612 1612
'16
800 Young Spring dr Wire No par
201 4 203* 2012 2053 3,00 Youngstown Sheet & T_No par
212 258 *212 258
200 Zenith Radio Corp_ _..No par
47
5% 518 2,800 Zonite Products Corn
5
1
• ROI and Ogked nrlrea. no 9 des on this day. 2 Companies reported In receivership.
_
STOCKS
NEW YORK STOCK
EXCHANGE.
a Optional sale.
$ per share
6 Jan 8
5 May 8
13% Jan 2
618June 27
13 June 28
278May 14
19 Mar 31
812 Jan 4
6412 Jan 4
31 Mar 26
80 Jan 11
37 Jan 4
2634May 14
57,8May 14
612May 10
4 May 14
6014 Jan 9
33 Jan 6
15* Jan 3
47s Jan 4
218 July 2
38 Jan 5
43 Jan 8
3578May 14
15 May 14
1558 Jan 9
1714July :3
23 Jan 8
107 Jan 9
35 Jan 4
412 Jan 4
2434 Jan 3
914 Jan 8
358 Jan 2
3% Jan 10
59 Jan 5
1414 Jan 4
86 Jan 8
134 Feb 13
7 Jan 8
49 Jan 12
3 July 5
5418 Mar 21
4014 Feb 26
16% Jan 8
114 Jan 2
18 Jan 4
1812 Jan 11
112 Jan 5
1078May 31
814 Jan 2
6314 Jan 5
3414June 1
115 Jan 10
45 Jan 9
37 May 14
714June 4
1134MaY 12
8512 Jan 5
534May 14
1434 Jan 5
2418 Jan 8
9658 Jan 13
5412 Jan 13
3738June 2
7918June 2
99 Jan 5
258 Jan 5
1 Jan 2
18 /slay 12
412 Jan 2
x3414mar I
245* Jan 4
258/s1ay 14
1412 Jan 3
5934 Jan 8
85 Jan 2
48 Jan 11
52 Jan 4
512July 5
2214 Feb 26
8412 Jan 4
234 Jan 4
61* Jan 5
2 May 29
y 16
0
18
2ALan
24
77
1812 Jan 19
139 Jan 4
678May 14
18 Jan 8
16 May 14
334May 7
1 Jan 17
153e Jan 4
5212 Jan 5
4034May 14
21 June 18
3014May 14
8312 Jan 17
6% Jan 3
185* Jan 8
4412 Jan 8
51% Jan 8
45 Jan 3
8912 Jan 2
78% Jan 10
218 July 3
%June 2!
14% Jan 12
1612June 28
Highest.
PER SHARE
Rangefor Previous
Year 1933.
Lowest.
Highest.
3 Per share $ per share $ per share
1218 Feb 16
238 Mar 1212 May i
918 Feb 19
1
Feb
1012 July
1938 Feb 6
10 Mar 2114 July
11 Feb 5
6 Dec 151 2 June
2014 Feb 16
58 Jan 2014 Sept
512 Jan 29
12 Mar
912 June
2412 Jan 30
12
Jan 30 June
1438 Apr 23
318 Jan
1134 Sept
8518 Apr 30
2312 Apr 6514 Nov
40 Apr 27
914 Apr 26 Dec
9612 Apr 27
45 Feb 80 Dec
812 Apr 24
112 Mar
814 June
41 Feb 5
1354 Feb 3512 July
812 Feb 5
25 Mar
93 July
27 Mar
1312 Feb 17
1712 July
64 Feb 3
2% Feb
R% July
78 Apr 20
41
Apr .375 May
40 Feb 3
2018 Feb 3878 July
312 Feb 23
12 Apr
514 July
95 Feb 19
2 Mar 1234 June
4 Jan 15
24 Jail
614 June
5112 Jan 20
914 Feb 3912 July
6078 Feb 23
512 Jan 60 July
50% Jan 19
1934 Feb 5178 July
2012 Feb 5
812 Mar 2338 July
2114June 18
1012 Feb 22% June
3733 Feb l
1612 Mar 4C8 July
29% Apr 26
1312 Feb 27. p July
120 June 30
92 May Ill
Dec
4612June 16
1014 Feb 38 Dec
878 Feb 7
4 Dec
1412 June
3772 Feb 7
22% NOV
4078 June
1814 Apr 28
618 Dec
12 Sept ,
1078 Apr 28
34 Feb
678 June I
8 Apr 25
1 Mar
8% July
77 Apr 21
2314 Jan 68 Aug
2018 Feb 6
137 Dec 25 July
9914May 19
8212 Dee 100
Jan
35* Feb Ill
12 Jan
512 July
1334 Feb 20
312 Mar 2178 July
88 Feb 21
35 Dec 85 July
6 Apr 20
34 Feb
714 July
66 Apr 16
45 Mar 66 Jay
5038 Apr 24
2112 Apr 5112 July
4612 Apr II
10
Apr 35 June
3 Feb 16
33 July
14 Apr
33 Feb 7
618 Mar 2218 July
19% Feb 23
1234 Apr
19 May
4 Jan 31
1
Oct6 June
2712 Feb 5
7
Feb 2953 July
1514 Feb 5
3% Feb
1734 July
78 Feb 26
3612 Mar 84 Jbly
501* Jan 24
18
Feb 5312 July
13912July 3 10114 Jan 121 Sept
1018 Apr 24
158 Apr
1178 June
8434 Feb 9
1312 Feb 94 July
23 Mar
1714 July
1178 Jan 24
414 Feb 2734 July
193 Feb 1
80 Jan 30
30 Feb7814 Sept
1234 Feb 2
212 Feb1412 July
24 Apr 21
278 Feb 25 July
6114 Apr 20
512 Feb437 July
13512 Feb 16
1312 Jan 10558 Sept
65 June 18
3912 Jan 58 Sept
5978 Feb 19
23% Ma
6712 July
53 Mar 10512 July
9912 Jan 5
115 July 6
59
Jan 10912 Dee
538 Feb 6
178 Apr
8% June
17 Jan 25
118 Jan
318 July
758 Mar 3614 July
3134 Feb 19
11% Apr 18
15s May
10 July
2012 May
98 Feb 5
65 Sept
351 4July 6
2318 Dec 31 Sept
538 Jan 23
58 Feb
738 July
26 Feb 5
353 Mar 2612 July
8112June 29
353* Mar 6312 July
78 Jan .90
60 Dec 8559 Jan
9 Feb 23
218 Feb
15 May
79 Mar 9
1254 Feb 6778 June
878 Feb 20
515 Dec 12 July
2914June 18
107 June 15 15 Apr 90112 Sept
6% Feb 1
75 Apr
838 June
12 Feb 5
218 Mar 20 July
35 Feb 5
53 API*
553 July
4
Ja
en
b 25
36
8% F
4478 July
2 AV
111 1 Feb
1)18 Sept
31% Apr 24
414 Feb 2412 Oct
37 Feb 16
24 Ma
4% June
1358 Jan 24
212 Feb 223* June
2878 Apr 23
712 Feb 35% June
31 Jan 20
5 Feb30 Dec
7 Jan 25
1
Jan
8 July
2% Jan 23
% Apr
312 June
273 Feb 21
7 Mar 3712 July
60 Feb 23
40 Mar 63 July
66% Feb 6
1714 Feb 771.4 July
38 Feb 8
1134 Jan 3558 July
4714 Feb 5
195* Feb 5834 July
92 Jan 30
6012 Feb 06 July
14 Feb 5
312 Feb
1314 July
2512June 29
10 Mar 2214 July
70 June 13
30
Apr 73 June
79 June 13
37
Apr 7734 June
67 Apr 16
3312 Apr 6912 July
11058June 12
8812 1)ec 11035 Jan
105 June 29
80 Dec 101
Jan
6,4 Jan 30
212 Apr
11% June
212 Jan 30
414 June
74 Mar
274 Feb 8
5 Mar 2012 July
29 Feb 21
71* Jan 35 July
57 Feb 26
15 Feb 67 July
2812 Feb 19
14
Jan 26% July
3112 Apr 19
23
Oct 29
Oct
37 Feb 6
434 July
53 Jan
1114 Apr 2(1
1 18 Jan
1012 July
5% Apr 5
2 Mar
514 JUDO
9 Apr 11
11 June
78 Jan
2638 Apr 13
4
Jan 22 June
8412 Apr 11
19 Mar 7212 July
547 Apr 21
2518 Apr 50% July
317s Feb 5
8 Mar 397 July
33 Jan 24
14 Mar 51 June
42 Jan 24
14
Feb 47 June
75 Jan 27
6
Apr 24 May
6318 July 5
3412 Feb 5714 Dec
22 Apr 24
7
Jan 23 June
714 Feb 19
218 Mar
734 July
4712 Apr 26
18 Mar 42 July
2234 Feb 19
1915 July
312 Mar
333 Feb 19
712 Feb 375j July
434 Feb 5
5 Dec
12 Feb
734 Feb 19
358 Feb
8'2 July
38 Jan 4
1612May 15
24 Jan 4
III Jan 8
5% Jan 12
31,,m ay 7
4 Jan 8
431214 Jan 0
53 Jan 8
4114 Jan 3
17 May 14
34 Jan 10
30 Jan 10
Id% Jan 8
641i Jan 11
14 Jan 5
4 May 14
28 Jan 2
15 Jan 8
1718klay 14
212May 24
43j July 2
1
c Cash sale. s Sold 7 days.
7 Ex-dividend.
y Ex-right'.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
89
Interelf"--escept for (aeons and &Punted trmds
On Jan. 1 1909 the Exchange method of Quoting bonds was changed and prices are now -and
only transactions of the week, and when selling outside of the
NOTICE.-Cash and deferred delivery /falai are disregarded in the week's range. unless they areofthe
such sales In computing the range for she year.
taken
Is
amount
No
occur.
which
they
In
week
the
In
footnote
a
in
shown
are
range
regular weekly
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 6.
..,1t,
Price
Friday
July 6.
Week's
Range or
Last Sale,
Range
Singe
Jan. 1.
4.
.0_
sa el
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 6.
11
'.,o,
Prim
"Map
July 6.
Week's
Range or
Last Sale.
1.
1
m
Range
Since
Jan. 1.
High
High No Low
Ask Low
Bid
Foreign Govt. & Munk.(Con.)
7474 98,4
89814 24
High Cuba (Republic) 56 of 1904_1944 M S 0994 Sale 95
Low
9518
93
External M of 1914 ser A_1949 F A 94_ 95 June'34 _-__
1001:: 10401:
0278 78
1949 F A 7038 -iti 68 June'34 ---External loan 410
10017:: 1034:
g
844
817
June'34
-..-734
81
4
J
733
1953
.1
15
Sinking fund 53.0 Jan
1014110411n
22% 4174
38
30
Public wks 5348 June 30 1945 .1 D 274 2812 27
10210.10233e
10% 1934
113
139*
123 Sale 1234
1959 51 N
101014:10410:: Cundinamarca 6145
101
98
11
9912
99
10115n 1021.81 Czechoslovakia (Rep of)88 1951 A 0 98% 99
90 101
1
9912
9912
1952 A 0 9912 101
Sinking fund 88 ser B
10411n11314:
9812
8512
39
96
954
Sale
96
3
3
1942
6s
exit
Denmark 20-year
9114 68
1955 F A 8934 Sale 89
833. 9512
External gold 5148
9734:1041::
87
71
80
25
101310091n
External g 4148--Apr 15 1962 A 0 80 Salo 7834
10002, 10711:: Deutsche Bk Am part ctf 86_1932
573 774
6
58
5712
Stamped end to Sept. 1 1935_.._,-, 57% 62
9824:1040a
66
9
43% 6778
93%10120u Dominican Rep Cuat Ad 510'42 m S 66 Sale 66
5812
4
36
584
1940 A 0 584 Sale 564
let ser 5345 of 1926
10108: 10121::
374 5978
1
597
594
2d series sink fund 5%8_1940 A 0 584 60
9834:10513 w
46
7
46
584
9824:: 1054: Dresden (('ity) external 78-1945 M N 46 Sale 46
9510,2102N: Dutch East Indies ext1 85-1947 1 J -- __ ____ 13212 June'34 --- 150 185
4
163
163
1511a
Sal:
1654
163
13
M
1962
as
-year
.
40
external
9724:10510
1 151 1641:
30-year extl 5%s__ __Nov 1953 MN 160 --_- 16214 016214
1014: 10324:
:185
30-year ext 510._ __Mar 1953 M S 160 --_- 63 June'34 --- 1511
1011%10211n
484 60
58%
584_
--June'34
J
J
1000:: 1017:: El Salvador (Republic) Os A_1948
55
38
J .1 4712 54-34 55 June'34 --Certificates of deposit
1001400131n
57% 76
3
724
1004: 1011n Estonia (Republic of) 7s____1987 3 .3 7234 73% 724
99
79
99
8
98-4
4
983
991
Finland (Republic) ext 68-1945 M S
16
8134 1004
External sinking fund 76-1950 M 5 100 Sale 9934 100
State & CIty-See note beloto.
43
99
9858
784
9818
Sale
8
985
S
M
13345_1958
External sink fund
78
29
93%
93
External sink fund 5348_1958 F A 9278 Sala 9238
Foreign Govt. & Municipals.
97
77
11
97
Finnish Mu,, Loan 6345 A.-1954 A 0 97 Sale 9618
97
11
12
98
75
953
9612
0
9
8,2
A
B____1954
External 1346 serial
1834 274
-- 2614 MaY'34 - --1047 F A
Agri° Mtge Banks f 68
264
48
25
2878
7
MN 2878 Sale 25
618%6-1953
of)
(City
Frankfort
2614
I
20
2511
2512
Aug 1 1934 subaeq coupon__ - .. 2458 -18
15414
185
90
4
1853
Sale
34
185
185
0
J
730-1941
15% 2934 French Republic extl
1
2934
0
Sinking fund Os A_Apr 15 1948 A-- - 2934
185
24 160 18518
1949 3 0 185 Sale 18311
External 75 of 1924
2812
16
2
2514
2438 27- 2514
With Oct 15 1934 coupon... r - 28InternsGovernment
German
811
6618
3
79
e
Akerehus (Dept) ext fa
,-1'1 784 7934 784
1963 M
344 634
373 599
Zion& 35-yr 5146 of 1930-1965 3 D 37 Sale 3412
84 1734
8
12
1212 12
12
Antioquia (Dept) coll 76 A 1945 J J
4714 874
5114 161
4 Salo 4714
/
1949 A 0 491
German Republic exri 7s
9
17
12
17
External, f 76 ear B
1945 J 3 1012 Sale 1012
Bks
German Prov & Communal
93e 17
1012 1114 104 June'34 --,
External a f 7e ser 'Li
19453 J
23
311 711
341
:
(Cons Agile Loan)630 A_1958 J D 3412 Sale 3158
81 1714
1012 1114 1114
2
1114
External If 78 ear D
1945 3 J
5712 88%
4
8434
844
1954 MN 8458 87
114
6
97 114 11
8% 143 Graz (Municipality) 136
External a f 78 1st set,_--1957 A 0
6518
82
65
---84
May'34
--_Only unmatured coupons on__
97 111
149*
8
2
4 11
/
11
External sec a t 78 2r1 ser-1957 A 0
117
28 111% 1202
4i 118 117 116
9
8
149* 01 Brit & Ire(UK of)510_ 1937 1-N
11
978 1112 11
External see 6 f 76 ad ser_ _1957 A 0
130 109 1174
a11518 Sale 11458 8115
9734
7
824 994
14% fund loan £ opt 1960A990 M
Antwerp(City) external 5a.._1958 J D 974 Sale 9814
22
334
2
31
31
34
MN
2914
Greek Government 6 f ser 78_1984
8234 17
6318 84
: 814
Argentine Govt Pub Wk,68-19130 A 0 814 821
1814 31
23 June'34 _-__
234 25
8 rsee 68 aux .33 coupon_ _nes F A
8311 90
534 8414
Argentine 66 of June 1925 1959 3 0 815 Sale 8114
7412
82
16
81
80
Sale
804
0
A
Haiti (Republic) 4 f as see A-1952
53
84
8234 51
Esti a f Ca of Oct. 1925_ - 1959 A 0 8111 Sale 8114
3211 al
304 58
1948 A 0 3212 Sale 3058
8378 Hamburg (State) 65
40
53
823
External,1 Os series A__ 1957 M S 8138 Sale 81%
44
23
3234 June'34 __
29
534 84
8312 41
Heidelberg(German)exti 73.48'50 3 .1 20
External (is series B-Dec 1958 3 D 8138 Sale 814
7214 95
23
941
54
93
0
941g
Silo
A
Helsingtors (City) ext 8348-1980
8234 41
8114 8112
539* 84
Esti s f 68 of May 1926_ _1980 MN 81
283s 4414
7
37
37
33
37
1
.
J
1945
710
8418
Munk,
Loan
534
Hungarian
15
8212
8114
External 6 t 86 (State Ry).1960 M S 8114 Sale
2714 274
2714 May'34.-Only unmet coup attached.. J 3
824 49
5238 837
xtl Os Sanitary Works_1961 F A 8114 Sale 8114
11
3055 45
38
3618
3618 41
1946 J J
8238 29
External If Is (coup)
82 814
529* 84
Esti Os pub wks May 1927 1961 MN 81
30
30
--_June'34
40
40
---3
J
attached
unmat'd
coups
Only
7714 30
474 78
Public Works MI 5348_1962 F A 71318 Sale 781z
46
June'34
__
---334 504
471x
9314 71
Hungarian Lane M Hut 714s '81 M N
8034 99
Argentine Treasury S. £..,,...1945 M 2 93 sale 93
47 June'34 ---604
81
4714 -50
N
M
1981
B
ear
fund
734s
prs
Sinking
43
ow
93
94
Sale
4
1
Australia 30-yr 5a_ -July115 1955 J J 93/
31% 424
387 364 June'34 --36
89
94% 30
974 Hungary (King of) s t 730_1941 F A
External ISs of 1927- Sent 1957 M 5 934 Sale 9318
95
83
9118 58
External g 454s of 1928. _ _1958 MN 9034 Sale 9012
4 112 June'34 ____ 1101a 116
1
a/ N 110 115/
extl
t
s
58_1960
State
Free
98
28
Irish
:
911s 1001
1943 J D 98 Sale 9714
Austrian (Govt)
.t 76
193
909* 102
93
Italy (Kingdom of) ext1 711-1951 J D 93 Sale 901
50
77
67
22
Internal sinking fund 78_1957 3 J 67 Sale 6578
I
9314 100
94
94
Italian Cred Consortium 76 A '37 M 5 9258 97
___.
8914 100
June'34
8914
91
8812
13
M
H-1947
External sees f 76 set
35
83514 13
37
35
5912
Bavaria (Free State) 6346._1945 13 A 35
8434
76
934
23
81
Sala
Itallan Public Utility extl 76-1959 3 .1 8234
10118 19
95 105
Belgium 95-yr ext113346
1949 M 2 10118 Sale 100
9812
88
904 125
89
Sale
90
A
F
13341-1954
s
30-yr
f
Govt
Japanese
94 10412
External If as
1955J J 100 Sale 9912 10014 119
7
86
734
17
78
754
7514
75
N
Esti sinking fund 5346___ _1985 M
99 109
10714 40
External 30-year.f 7._ _ _1955 .1 D 1074 Sale 1084
Bank)
s
Mtge
gip
1084
(State
100
63
Jugoslavia
1O3'z
Sale
1958 M N 106
2318 4212
2
23i
Stabilisation loan 74
2318
32
234
0
A
1957
Secured 61 g 76
68
821:
Bergen (Norway)S.,.Oct 15 1949 A 0 801:- 82 June'34 ---159* 27
1514
2
1518 --_ 158
78 with all unmet Gaup -1957 ---5 7811 June'34 --. 6615 82%
External sinking fund 56_1980 M it 78 1071358 14
20
139* June'34 ____
- 14
1
,
With Oct 1 '35k sub coups on
31312 66
324 52
Berlin (Germany).f 610.....1950 A 0 364 Sale 34
5012
50
654
June'34
---37k
47
FA
-_1947
364 40
304 491: Leipzig (Germany)s t 78_ _ _
894
60
External 6 t 136_ _June 15 1958J D 36 Sale 35
--__
874 June'34
4
204
Lower Austria (Prov) 734,._1950 1 D 8814
174 24
1945 A 0 2018 Sale 20
Bogota (City)frit!sf fis
63
50
____
Feb'34
50
------„
814 20
Only unmatured Coups attach'd r
64 11%
734
Bolivia (Republic of)(nil 88_1947 MN
734 Sale
70% June'3 --__ 149 17058
al re lows
64
1
64
618 Sale
514 1012 Lyons (City of) 15-year 68_1934
te
Exrnal
secured 78 01(11).1958 J .1
4 149 121
170
7
618
3
514 1012 Marseilles(City of) 15-yr 88.1934 MN 61694 Sale :170
64 Sale
1989 M 8
External e f 78 WO
7 163s
5,
11
5
10
8
107
8
97
0
1097a
3 149 17014 Medellin (Colombia) 6126_1954 J
Bordeaux (City of) 15-yr 64_1934 M N 1697g Sale 16978
413 73
MN --------51 Apr'34 ---4148-1943
frit:
Awing
2917
29
26
Mexican
Sale
3612
2917
4
223
1941 J D
Brazil (II So?)external 8a
------4
Sept'33
J
-------Q
'45
253
Mexico (US) exti 5s of 1899 Z
31
2014 32
External s ? 634,0? 1926_1957 A 0 2534 Sale 25
1:114 10
84 64 June'34 _ _ _
7
1945 _--Assenting 55 of 1899
2578 31
204 32
External 6 f 6JO of 1937-.1957 A 0 2514 Sale 2518
1114
7
7 June'34 ____
-----------56
5
large
243
254
Assenting
32
28
Sale
204
76 (Central Ry)
1952 .1 13 2514
718 8
718 Apr'34 -__
_
____ ____
Assenting ,Si small
49
8318
2
50%
Bremen (State of) extl 7..
l935 M S 395 487 50
414
2
414 714
518
1954 ------- _-5'x
4
4
of
84
4s
Assenting
1904
843
841
88
84
7314
5
1957 M
.
Brisbane (City) et0
____
634 6% 414 Mar'33 --_
---84
3
73
8278
877
Assenting 48 of 1910
85
1968 F A 84
Sinking fund gold 58
5 _-8%
61
1
------------634
93
95
95
Assenting 44 of 1910 large
4
95
959*
20-years 1 66
1950 J 13 93
4% Ms
518 June'34 ____
____
____
20_
-_--:
small
4112
1910
4
of
403
4s
Sale
Assenting
3118 4812
Budapest (City) extl e f 66_1982 .1 0 4112
illg 11
Apr'34 _-_(rem fla of'13 assenrilarge)'33. 3 ---_ ____ 9
.
5
4614 7914
773s
Buenos Aires (City) a 148 2 B 19553 1 -,,, 77
5
_.
7
1118
6
____ 612 Apr'34 _._
7118 11
*Small
7118
47
External s t 66 ear C-2._ 1960 A 0 71.8 ---- _,..,
8218 9178
50
84
824
Sale
84
0
A
17
1952
71
Milan (City. Italy) ext.! 6345
4514 71
External a t Os ser C-3_ _1980 A 0 714 - - -- i 1
Minas Geraes (State) Brazil304 50
4934
6
Buenos Aires (Prov) esti 88.1961 M 5 4978 -_- 4912
24
17
2
191
1958 M 13 1918 Sale 194
434 92
26I4 444
External a 1 ()%a
fitpd (Sep 1'33 coup on)1901 M 5 4314 Sale 4234
2312
17
11
191
1959 M S 19 Sale 191
Ext sec 1314s series A
4878 544 4912 June'34 ---319* 4918
Externals f8346
1981 F A
2714 364
37% 35 June'34 ---D 33
J
2
76-195
434 40
4312 Sale 414
of)
27
Stpd (Aug 1'33 coup on)1981 F A
41
(City
Montevideo
2614 3272
39
317
304
Sale
304
N
-..,,
M
June'34
_1959
es
A_
22
1
series
External s
1878 24
Bulgaria(Kingdom)a t 75_1967 J J 2134 2314
2218
234 2218
2
: 264
211
Stabil'n a? 7%s__Nov 15 1968 MN 21
96
85
30
921
913
103s 1834 New So Wales (State) extl 551957 F A 9134 Sale 914
13% 19
Caldm Dept of(Colombia)730•46 3 J 13 Sale 13
11
8514 953.
92
78
101
Apr 1954 A 0 92 Sale
External 4 1 58
92 10258
Canada (Dorn'n of) 30-yr 46_1960 A 0 10034 Sale 10058
16
914 10114
1011
F A 101 Sale 100
1943
10918
1093
Sale
as
26
ext
4
-year
Norway
6
1093
4
.
11114
10314
6e
MN
1952
9014 10114
20
100
9914
1944 F A 9814 100
10414 13 1003 10417
26-year external as
4)4s
19313 F A 10414 Sale 10414
9914 la
894 100
1952 A 0 998 Sale 9812
30-year external as
674 8018
80
9
1954 .1 J 7658 Sale :7614
Carlsbad (City)s 1 8a
83.4 9512
95
933 Sale 938*
27
D
J
1
1965
124
124
Sale
s
-year
5348
t
40
1214
19
4
103
Cauca Val (Dept) Colom 734616 A 0
8018 92
27
921
484 21
External s f M___Mar 15 1963 M 8 9058 Sale 9058
45% 73
Cent Agile Bank (Ger) 7s....1950 M 8 46 Sale 4514
831: 91
_ 9018 June'3 ___
434 6_7
Municipal Bank extlef 58.1967 3 D 9018
351: 89
Farm Loans? 04__July 15 1960 3 3 43 Sale 4038
91
81
3
a901
14
3
(191
li
901g
D
3
Sale
384
58.1970
f
anis
403
Municipal Pank
52
3514 fig
Farm Loan a 1 6&,.Oct 15 1960 A 0 40
2874 554
43
29
31
110
43
Nuremburg (City) exti 68_1952 F A 30 Sale7
3814 70
Farm Loan as aer A Apr 15 1938 A 0 4134 Sale 41
65
2
774
7418
7438
74
73
8
M
1953
4
Sale
113
12
as
7
guar
4
113
Devel
9
16
Oriental
Chile (Rep)-Ext1 a t 76....1942 MN
6234 74
8914 14
12
1212
12
3
1958 M N 694 693s 69
71g 10
Esti deb 5%6
External sinking fund Os_ _1900 A 0 11
764 93
3
9214
92
1114 Sale 1114
153 Oslo (City) 30-year If 138_1955 MN 92 Sale 1024
1214 13
7
Est sinking fund as__Feb 1901_ F A
98 103%
103
5
_1953 J 1) 103 10312
7
1534 Panama (Hem exti
129* 32
1114 Sale 1114
Ry ref ext a f(38
Jan 1981 J J
2918 44
3814 June'34 ____
40
734 1534
Ext1 a f 5a set A.__May15
53,.48.- 1983 M N 27
Est sinking fund as_ sent 1981 M 5 1114 1218 12 June'34 - - -.
3812 11
374 Ellie 374
_
299* 44
1111
1
Sale
15%
7
714
1112
25*
Stamped
S
External sinking fund 6s..1902 M
1078 1818
3
1414
144
Sale
144
13
13
1218
114 Sale 1112
Pernambuco (State of) ext17e '47 Iii
718 16
External sinking fund 06..1983 MN
811 17
3
1318
1314 1234
1234 14
94 1512 Peru (Rep of) external 78_1959 M 5 13
Chile Mtge 131c owl June 30 1957:E 124 sale 1218
574 141a
37
4
81
818
Sale
814
D
14
Sale
J
1960
set
1st
extl
Os
et
3
10
1814
144
Nat Loan
8 f 614e of 1928_ _June 30 1951 l D 14
64
35
8%
149*
818
Sale
818
1211
7
918 154
Nat loan ext1 s 1 as 2d 6er_ 1901 A 0
Guar if t 136
Apr 30 1961 A 0 1214 Sale 1214
79
59
12
72
7012
Sale
714
0
A
1211
123
..1940
Sale
4
:
6,..
16
gold
121
8
of)
(Rep
154
Poland
N
Guars tes
1962 M
11818
88
101
115
11218
Sale
114
0
A
_1947
84
9
9%
84 Sale
Stabilisation loan 3? 7s_
12
7
Chilean Cons Menlo 76
1960 M 11
6914 90
8512 57
334 12
External sink fund g 88_1950 3 J 85 Sale 84
,
Chinese(Hukuang Hy)
2758 427
_1951 J D 324 Sale 3234
1
174 247s
1834
1878 18% 1834
9278 93 June'34 ---81% 93
Porto Alegre(My of) 83-1961 -I D
Christiania (Oslo) 20-ye
6 f tle '54 M 8 92
5a_.
1
4
181
19
10
161e 2412
4
23
1914 21
31
Esti guar rink fund 71as__19136 1 1
2718 50
Cologne(City)Germany 03451950 M 8 2918 Sale 29
83 100
924 June'34 ____
98
9818
N
M
(Greater
City)
730-1952
Prague
Colombia(Rep)(is of'28_.Oct 131
37
57
35
5812
S
Sale
4
363
359*
M
'51
30
9
2112 3558 Prussia (Free &Mel extl 6%8
Oct 1 1934 and sub coupons on. A 0 28 Sale 28
3858 79
347k 5712
62
1952 A 0 36 Sale 3514
30
External s f as
3534
21
Ester 88(July 1 '34 coup on)'131 1 3 28 Silo 28
102
10312
1045
8
1064
10434
1034
0
A
1941
234
June'34
---27
Tii
8
15
t
11
24
Queensland (State) ext1
Colombia Mtge Bank 8%8011947 A 0 221
94Is 103
4
1947 F A 101 102 1004 10034
22%
2
154 2418
2234
25-year external as
Sinking fund 76 of 1928...194(3 If N 22% 24
4814 69%
7
4912
2384
Rhine-Main-Danube 78 A-1950 M S 485* 89.19 4878
26
22% 2334 2318
15
Sinking fund 7,of 1927
1947 F A
28
19
9
224
2214
Sale
2212
0
A
80_1948
d
1110 Grande do Sul exti ,f
8318 84
784
1952 J D 78 Sale 78
Copenhagen (City) 58
1814 20
1918 229* 19 June'34 _-__
_
7234
74
Apr'32-Oct'33-Oct'34 cpn on
7
721* 74
5912 71313
25-year g 410
1953 M N
24
14
1514
19
184
19
1714
1r)
J
-_66_1968
fund
32%
sinking
19
1414
Sale
32
3514
External
32%
Cordoba (City) exti a f 78_1957 F A
1718 24
5
1914
19 Sale 19
r
External s f 76 of 1920._ _ _1960 111 N
2978 37
External 5? 7s_. _Noy 15 1937 M N 3114 3678 37 June'34 -- ....
174 244
1914
1914
1
27
D
4
173
J
1967
muialo
7a
loan_
1
6
External
54
w
2518
504
50%
51
504
J
Cordoba (Prov)Argentinaenti
7s1942 1
174 2274
6
21
Rio de Janeiro 35-year 6 f 54_1948 A 0 21 Sal: 21
Costa Rica(Republio)28
31
16
20
193 Sri: 19
External a f 634,
38
1953 P A
30
38 June'34 ---40
71 Nov 11932 coupon on.1951 MN 39
92
83
84
88
4
883
88
Brie
0
A
1952
7
1844
ext1
2512
25
-Rome
634,
(City)
2418
2412
..
76 May 1 1936 coupon on-195I ...„
I
U. S. Government.
Bid
Ask Low
High No.
50
First Liberty Loan-334 of '32-47 J D 1040:: Sale 104'33 1040::
_ 10224:May34 ---J 13
Cony 4% of 1932-47
.5 D 10311:: Sale 10314:10314: 74
Cony 434% of 1932-47
.1 D 10314:1030e 102:saiune34 ---2d cony 434% of 1932-47
Fourth Lib Loan 4)4% of '33-38 A 0 103241 Sale 1033%10334: 145
434 % (2d called). _ 10114: Sale 101",,101",, 44
0 11320:: Sale 1130:: 11334: 181
1947-1952 ATreasury 410
Treasury 4XS tO Oct 15 1934.
0106',, Sale 10304:1010n 314
A
1943-45
thereafter 334%
1944-19543 D 1091:: Sale 10334:1094e 161
Treasury 4e
1946-1958 M 5 10713:: Sale 1077:: 1070:: 97
Treasury 3348
1942-1947 J /3 10.120:: Sale 10414:10414: 646
Treasury aka
Treasury 38.....Sept 15 1951-1955 M 13 1012433 Sale 10110:2101313: 981
Treasury 3.9.- -Dec 15 1946-1948.1 D 1010:1 Sale 101140012in 1002
10513:: 68
Treasury 3148 June 15 1940-1943 J D 10512:: Sale 105
88
Treasury 3146 Mar 16 1941-1948 M 8 I050:: Sale 10404:1054:
20:: 282
10214:102
Sale
Treasury 33,46 June 15 1946-19493 0 1020::
10510,, 938
Aug 11941 F A 1050:: Sale 105
Treasury 3116
- 10324,2 Sale 1034: 10321:: 863
_1944-1946
Treasury 314s_ _
34 101241: 785
hfS 101,33t Sale 101,
Fed Farm Mtge eon. 3148_ _1984 --1944-1949 M 5 10030:: Sale 1000:: 10023,, 300
3s
2386
10014:10010n
Sale
s,
100,,
J
.1
Home Owners Mtge Corn 48_1951
1952 M N 10010:: Sale 1004: 10004: 1991
3s series A
----32
F
For footnotes see page 94.
being almost entirely over the counter.
NOTIL-Sales ol State and City securities occur very rarely on the New York Stook Exchange. dealings In such securities
head of ''Quntations for Unlisted wecurIties."
Sid and asked quotations, however, by active dealers in them securities, will be found on a subsequent page under the genera
90
New York Bond Record-Continued--Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 6.
t
•"i'
...11..
Price
Friday
July 6.
Week's
Range or
Last Sale.
jn
air2
Hangs
Since
Jan. 1.
I
I
BONDS
N. 7. STOCK EXCHANGE
Week Ended July 6.
i
...t.
July 7 1934
Price
Friday
July 6.
Week's
Range or
Last Sale,
Foreign Govt. &Munic.(Cond.,
.
Rotterdam (City) (nal 6s___1964 MN
Roumania (Monopolies) 70_1959 F A
Searbruecken (City) (38
1953 J J
Sao Paulo(City)a 18s__Mar 1952 MN
External a f 634s of 1927 1957 MN
San Paulo (State) esti ef 85_1936 1 J
External sec 518s
1950 J J
Externals f is Water L'n_1956 M 5
External s 168
1968.3 .1
Secured 5!7e
1940 A 0
Santa Fe (Prov Arg Rep) 78_1942 M S
Saxon Pub Wks(Germany) 78'45 F A
Gen ref guar 64s
1951 MN
Saxon State Mtge Inst 7s.._1941 J D
Sinking fund g 6 As_Deo 1948 J D
Serbs Create & Slovenes 8a 1962 M N
All unmatured coupon on__ __-_
Nov 1 1935 coupon on
External sec 7s ser B
1982 M N
November coupon on
__ ---is Nov 1 1935 coupon on -1962 -- _,
Silesia (Prov of) int' 7s
1958 .1 b
Silesian Landowners Assn 68 1947 F A
1936 M N
Soissons (City of) extl 68
Styria (Prov) external 75__A946 F A
Sweden external loan 548_1954 M N
Sydney (City)s 1 5345
1955 F A
1 •
0:14
Range
Since
Jan. 1.
High No Low
High
Rid
Rallroads (Corufnued)Ask Low
Bid
Ask Low
High No. Low
High
11578111934 a11612 011612
1 112 134
Canadian North deb of 7s_1940.3 D 10914 Sale 109
10912 33 105 109/
1
4
3212 Sale 2812
23
40
25-year 51 deb 654s
3212 77
1940 J J 11912 11934 11812 11912
3 108/
1
4 120
7814 79
6618 81
7834
10-yr gold 4 Hs___Feb 15 1935 J J 10212 Sale 10218 10212 11 1004 103
5
7814
24 Sale 2214 1 24
18
22
30 i Canadian Pao Ry 4% deb stook-- -,-- 83 Sale 8258
8312 99
61
84
2334 Sale 2334 i 2334 39
17/
1
4 24
Coll tr 474e
1946 M S 9734 Sale 961
/
4
9734 19
74/
1
4 98
3313 Sale 33 1 35
18
3514 I 55 equip tr eta
23
1944 .1 J 108 10814 10778 108
7
994 108
22/
1
4 Sale 22/
13/
1
4 25 I
1
4 1 24
10
Coll tr g be
1954
J D 10012 Sale 10014 10034 118
Dec 1
774 100/
1
4
2112 Sale 21
13/
1
4 24 I
2112
3
Collateral trust 430____1960 .1 .
1 9312 Sale 93
9378 36
714 9378
20 Sale 1934 1 20
1253 22 I :Car Cent 1st cons g 45
9
1849 1 J 4112 50
42
42
9
3212 44
8612 Sale 8412
65
88 I Caro Clinch &0 let 30-yr 58_1938 1 D 10614 107 10614 10614
8612 20
2
9534 10714
3812 Sale 138
184 4312
4034 35
let & cons g asser A-Dec lb '52 J D 10712 Sale 107
10712
7
9014 109
47 Sale 4612
4612 87
4712 26
Cart & Ad let gu g 45
81 June'34 ____
79
83
1981.7 D
70
84
3612 Sale 1361z
3612 601/4 I Cent Branch U P let g 48_1948 1 D 53 Sale 5014
22
39
53
5
28
56
54 Sale 5312
5312 71
:Central of Ga lst g be_Nov 1945 F A
_ 62
8
55
58 June'34 _
41
65
Sale
564
(56
5512 70 I
2
56
Comm! gold be
26
25
25
1945 MN 23
1
22
38
12514 2638 26
2118 28 I
4
2614
Ref & gen 5340 aeries B 1959 A 0 10
1038 1434
16
7
1278 26
a 1714 22
16
22
Ref. ac gen be series C
16/
1
4 June'34 ___
1959 A 0 15
17/
1
4 1712 June'34 ____
121
/
4 26
11512 1912 1512June'34 ____
Chau Div pur money g 48_1951 J D 25
1312 1512
27
33 May'34 ____
18
37
124/
1
4 Sale 12434
18
251
/
4
Mac & Nor Div let g 58_1946 J .1 ____ 37
25/
1
4 16
35
Jan'33 ____ _
_
Y 1714 18 11712
1234 20
Mid Ga &Atl Div pur m be '47 J .1 ____ 25
2
1712
21
Jan'34
25 /1-18
113 18 (1414 June'34 ____ 11 17
Mobile Div let g ba
__ 3414 May'34
1946 1 J 27
28
35
6618 Sale
Cent New Engl let gu 48._ _1961 1 .1 7812 -8-0
6238 71
7012
6634 39
81
7
65
8334
114418 Sale 34334
43/
1
4 69
:Cent RR &Bkg of Ga Coil 5*'37 131 N
4418 13
73/
1
4 72
72
70
1
53
7212
171 Sale 170
8 130 171
171
Central of NJ gen g be
_--- 10812 June'34 ____
1987.3 .1 107
95 10812
8614 Sale 8614
55
88
8714 29
General 45
1987.3 J 9714 Sale 97
9714 45
9712
78
10212 Sale 10212 10278 42 10134 10934
90 Sale 8912
93
Cent Pac let ref gu g
80
90
6
95
_1949 F A 9414 Sale 9312
109
754 96
Through Short L let4s_9238
tit48_1954 A 0 9258 9414 9238
1
734 93
Taiwan Elm Pow a 1 648_1971 J J 167/
1
4 6812 68/
611
/
4 7312
6812 16
Guaranteed g be
1
4
8234 Sale 81
82/
1
4 42
1960 F A
63/
1
4 87
Tokyo City 6a loan of 1912-1952 M 8 6512 68
6614 734 Charleston & Say'h let 71_1938 J J 105
b
6634
67
____ 105 June'34 ____ 103 105
External of 548 guar
1961 A 0 (691z Sale 69
69/
1
4 46
6134 7334 Cheri & Ohio let con g be
1939 MN 11014 Sale 110
11012 49 10512 111
Tolima (Dept of) ext1 7s
1212 Sale 1212
1947 MN
1012 17
1212
2
General gold 4 4s
1992 M S 11038 Sale 11018
11034 47
98/
1
4 11034
Tronehjem (City) let 548_1957 MN 18012 8212 82 June'34 ____
67/
1
4 8714
Ref az impt 445
103 A 0 10514 Sale 105
10558 52
8853 10534
Upper Austria (Prov) 7s
1945 1 D 8312 Sale 8312
62
86
Ref & lmpt 434s see B
1
8312
1995 J .1 10534 Sale 10518 10534 76
8812 10578
Only unmatured coupe attch ------------74 May'34 ____
74
76
Craig Valley let be_May 1940 .1 J 104 105 104
104
1
9712 105
External 51 634e_June 15 1957 .1
,,
, 75sale7412 75
484 774
4
Potts Creek Branch let 48_1946 J J 101
____ 101 June'34 __
9012 101
Uruguay (Republic) call 88_1946 F A
3534 Sale 35/
344 46
2
1
4
3534
R & A Div 1st con g 48-1989 J J 10312 Bale 10312 10312
4
974 10312
External it 1138
42
1960 MN 32 Sale 3134
30
28
2d consol gold 4s
3218
1989 J J 10112 ____ 10112 10112
1
8712
10112
Externals 1 tle____May 1 1964 MN 13178 Sale 3112
294 42
10
32
Warm Spring V 1st g 55_1941 M S 10518 --- 9912 Jan'34 ____
9912
99
Venetian Prov Mtge Bank is '52 A 0 ____ 94/
1
4 97 May'34 ____
97 109 I Chic & Alton RR ref g 38_1949 A 0 6012 Sale 5912
6012 29
5151 7018
Vienna (City of) extl e 1 68_1952 MN 8912 Sale 8912
1
89/
1
4 10
68
90 3 I Chic Burl & Q-III Div 343_1949 J .1 1004 Sale 100
10012 37
88
10012
Unmatured coupons attache& M N
60
76 I
7312
7312 Sale 7312
2
Illinois Division 4*
1949.7 .1 10514 Sale 10453 10514 71
97 105./
1
4
Warsaw (City) external 7e_ _1958 F A 6134 Sale 6118
53
684
634 14
General 48
1958 M S 102/
1
4 Sale 10212 102/
1
4 84
924 104
Yokohama (City) extl 6a
1961 .1 D 7312 Sale 7312
66
77 I
let & ref 434e ser B
12
76
1977 F A 10312 Sale 10318 104
58
8818 104
let & ref ba ser A
Sale
10814
109
1971 F A 10812
6
96 109
Chicago & East Ill 1st 58
j934 A 0 7812 _ _ _ 80
80
1
53
8118
Railroad.
te dr E Ill Ry(new co) gen Is 1951 M N
1512 29
1234 Sale 1234
10
2512
Certificates of depoelt
13
13
13
9
1
934
21
10418
Ala tat Sou let cons A ba
____
1943 J D
104 May'34 ____
94 104
Chicago& Erie lat gold ba___1982 M N 10912 110 10912 110
4
91 110
let cons 48 set B
1943 J 0
96 10014 Chicago Great West 1st 43_1959 M S 47 Sale 46
1
-, 100
100
4712 49
3112 59
Alb & Susi] let guar 334s 1946 A 0 999734 983
- 4 98
9812 11
85
994 :Chic Ind & Louise ref 68_,_1947 J .1 30
38
35 June'34 -33
4712
Alleg & West 1st gu 4s
1999 A 0 891
73/
1
4 8812
/
4 9012 8812 Apr'34
Reftmdlng gold Se
3014
4218
32
32
2
1947 J .1 30
26
Ades Val gen guar g 4s
1942 M 5 102 10334 10212 June'34 ___
96 10334
Refunding 45 series C
36 May'34 ____
28
1917 J .1
20
36
41
:Ann Arbor let g 4s..__July 1995 Q J 56 Sale 56
564
4
29
60
let dr gen 58 series A
13
12 Sale 12
16
1968 MN
12
23/
1
4
Atch Top & S Fe-Gen g 48.1995 A 0 10314 Sale 10234 10314 207
let & gen 6s aeries B_May 1986.3 J ____ 1478 15 June'34 -_
93 10312
13
2538
84
a99
Adjustment gold 48.-July 1995 Nov
1
99
9914 100 a99
Chic Ind &Sou 50-year 4s
Sale 9212
J
93
93
1956
J
28
71
9312
Stamped
9812 Sale 9734
July 1995 M N
9938 Chia LS & East let 43'45_1969 J D 1031
83
102
99
/
4 __ 10178 May'34 __ _
99 10514
Cony gold 4e of 1909___1951 J D 97
8212 0638 Chi M & St P gen 45 ser A 1989 J .1 6112 Sale 6112
_ _- 96
1
96
65
1.8
6014 741
/
4
Cony 45 of 1905
1955 J D 9712 Sale 9634
80
9712
9712 28
Gen g 3345 ser 13___May 1989 J J
60 June'34 __53 71
59
/
1
4
58
Cony g 48 laelle of 1910
9512 ____ 95 June'34 ____
1960 1 D
7814 95
Gen 4%seer C
May 1989 J J 64
67
08
8013
6958 55
64
Cony deb 4340
1948.3 D 10612 Sale 10514 10612 42
9514 10612
Gen 4 411 ser E
67
67
May 1989.3 J 64
67
2
634 81
Rocky Mtn Div let 48_1965 J J
82 100
9834 9934 99
7
9958
Gen 43(a ser F
May 1980.3 J 69 Sale 69
70
3
65
84
Trans-Con Short L 1st 48_1958 J J 10414.10418 10414
9514 104,4
8
Cal-Aria 1s1 &ref 434s A.1962 M 19 10614 1-6612
4
95
10612
10612
Chic Milw St P & Pao be A_1075 F A
- 10612
3834 483
37/
1
4 Sale 3412
3412
5012
All Knox & Nor let g ba_1946 J D 10458 ____ 10012 June'34 ____
9934 103
Cony ad) 55
13$8 1023
Jan 1 2000 A 0 1212 Sale 1214
1
4
1218 23/
All & Cheri AL let 44e A_1944 .7 J 10114 - - - _ 1011
86/
1
4 102
Chic & No West gen g 348.1987 Si N
/
4 June'34 ____
5914 Sale 5812
5914 11
52
70
let 30-year 58 aeries B
1944 J .1 10534 Sale 105/
88 10534
1
4 105/
1
4 18
General 48
1987 M N 66 Sale 66
66
4
5712 77
Atlantic City let cons 4s
75
90
1951 J J 90
_--- 90 May'34 -___
Stpd 4s non-p Fed Inc tax '87 M N 64
73
7312 June'34 __ _
58
78
Atl Coast Line Mt cons 43JulY '52 M S 9812 Sale 9812
9912
Gen 434s stpd Fed Inc tax_1987 M N
82
9912 49
7212 23
70
7158 72
6312 8254
General unified 434* A
74
92
Gen be stpd Fed inn tax_ -1987 M N
1
4 87/
1964 J D 8778 88/
1
4
8858 52
75
72
76/
2
1
4 75
68
87,
8
L dr N coil gold 45____Oct 1952 MN
82 Sale 8118
68
85
4 4s stamped
41
82
Jan'34 ____
4514 Sale 62
6012 62
1987 MN
Atl & Dan lot g 45
53/
1
4
5
1948 J 1 49 Sale 47
39
49
15-year secured g 6519_1936 6,1 S 855* Sale 85
86/
1
4 12
79
98
2d4s
4018 43
1948 1 J
40
35
47
42
1st ref g 5a
3
5312 21
4314 6612
May 2037 .1 D 5312 Sale 5012
At! & Yad let guar-4a
64
48
let & ref 434e stpd May 2037 J D 46 Sale 45
1949 A 0 5712 60
59 June'34 ____
4612 24
39
6078
Amain &IN W let gu g 5s 1941 .1 1 8912 90
794 92
let & ref 434* ser C May 2037 J D 46 Sale 4518
4
91
92
4634 38
3858 61
Cony 434s furled' A
3812 641
294 53/
1949 SIN 3712 Sale 3518
1
4
Bait & Ohio let g 4s_ __July 1948 A 0 10114 Sale 10078
10114 103
8812 102/
1
4 Whirl R I & PRY gen ffs_
1988 J J 6514 Sale 65
66,2 32
511
/
4 7312
Refund & gen be series A_1995 J D 83 Sale 8112
83
43
67/
1
4 86
Certificates of deposit ___ ___
66 June'34 ____
64
73
- __-- 66
1st gold ba
984 10812
July 1948 A 0 t(17 Sale 107
10818 86
*Refunding gold 48
A0 25 Sale 2312
3112
25
45
1931 -20
Ref & gen 6* seriesC
1995 J D 92 Sale 92
9712
77
9314 44
Certificates of deposit ____ --- 2234 Sale 2112
2234
9
20
29
P L E & W Va Sys ref 4s 1941 MN 19914 Sale 9914
85 100
991
/
4 29
*Secured 44e series A
26
2434
25
2012 3234
7
1952 M S 25
10014
Southwest Div let
_1960 J 1 99 Sale 9858
8312
9914 106
Certificates of depoelt ____ _ - 2212 2512 2212
2234
3
22
28
Tol & CM Div 1st ref5s..88
45A_1959 J J 1187 Sale
66
Cony g434*
20
101
4
/
4
11
1034 12
45
1900 61-N
8/
1
4 181
/
4
Ref & gen 58 series D
41
67
8518 Cb St L & NO be_June lb 1951 J 13 10512 107 10512 June'34 __
81
2000 M 5 181 Sale 7912
83 107
Cony 434a
65/
1
4 158
1960 F A 6512 Sale 61
57
7234
Gold 345
6312 Sept'33 _______
June 15 1931 J D 8318
Ref & gen M 58/
1
4er F
1996 M El 81 Sale 7912
81
53
6712 8573
Memphis Div 1st g 4s____1951 J D 84/
8418 June'34 ____
1
4 -87
6314 _--8634
Bangor & Aroostook 1st 58_1943 J J 10712 10918 110 June'34 ___ 101 110
Chin T H & So East 1st 5s__1960 J D 63
67/
1
4 6413
67
24
5512 80
Con ref 45
1951 J .1 9858 Sale 97
/
98/
4
1
4 46
Inc gu ba
75
981
48/
1
4 17
1
4 45
Dec 11961) M 6 4614 49/
441: 62
Battle Crk & Stur In gu 38-1989 J D 63
May'34
60
05
--__
Chic
Un
63
Sta'n lot gu 4348 A.1963 J 11 1053* 10614 10558 106/
1
4 13 10038 1071
69
/
4
Beech Creek let gu g 4s
90 10112 I
1011
/
4 June'34 ____
1st 58 series B
1936 I 1 1011
/
4 _
6 10512 11012
1963.7 1 10734 Sale 10614 10734
2d guar g 55
92
99/
1
4I
- -31936 .1 J 101 101
4 9914 June'34 ____
Guaranteed g bs
1944 .1 D 10612 Sale 10638 10718 15
9714 108
____
83
June'34
83
Beech Creek ext 1st g 3348_1951 A 0 891s..
83
1st guar 634e aeries C._1963 J .1 113 Sale 11212 113
25 1111
/
4 115
Belvidere Del CCIA6 Vi 334e_1943 1 J 10034 101-4 ------- ---- ---- Chic & West Ind coo 48
1952 .1 J 9212 Sale 921
/
4
92/
1
4 163
7214 9312
Big Sandy let 4s guar
__ 10212 June'34 ____
1944 J D 10312
9818 10212
--let ref 534s series A
1962 51 S 10112 10278 10272 10314 19
84/
1
4 10412
59
8712
864
73
9018 Choc Okla & Gulf eons be
Button & Mainellet 56 A C_1967 M S 8678 Sale
48
48 June'34 ____
1952 M N 46
48
62
let M be series II
1955 rd N 187 Sale 8512
7312 90 I Cin it & D 2d gold 4348
87
36
10314
1
1937.3 J 10114 ____ 10314
96 10314
lot g 44s tier JJ
844 CI St L ec C let g 48....Aug 21938 Q F 10234 ____ 102 June'34 _ _ _
68
/
4
821
/
4 20
1901 A 0 82 Sale 811
99 10212
Boston dt NY Air Line lot 4s1955 F A
1
bl
7312 CM Lab & Nor let con gu 4s_1942 MN
68
68 Sale 68
_ . 9618 May'34 __
85
9814
_ 10012 may.12 __
8878 10034 CM Union Term let 4348_2020 J J 10712
Bruns & West let ffU g 48_1938 J .1 1100
e10838 29 10012 10838
Ws108- 108
Buff Roch & Pitts gen go be 1937 M 5 110558 1-66 10514
97 105/
10512 ll
1
4I
1st mtge lie series B
11014 14 10433 11112
2020.7 .1 11014 Sale 110
Consol 434,
76
49
60
80/
1
4
76 Sale 74
1st mtge g 5* eerie, C
1957 ail N
N 109 Sale 10878
M
10912
1957
24
1044 111
34 June'34 _ _ _ _
34
4814 I Clearfield & Stab let gu 6a 1943 J .1 103
•:Burl C it & Nor 1st & roll 53'31 A 0 3418 38
/
4 Feb'34 ____
____ 961
9658 9653
34
Certificatedof deposit
40 Apr'34 ____
40 I Cleve CM Chi & St L gen 48_1993 J D 96/
-35
1
4 Sale 9512
97
11
7518 97
General 55 series B
_
00
Apr'34 __ _
1993 J D
924 100
92 10712
Canada Sou cons gu So A___1002 A 0 10718 110 10712 10712
2
Ref & impt Os eer C
- 100 May'34 _ _ _ _
100 10012
1941 J .1 105-80 100
/
4
98/
1
4 1041
Ref & impt be ser D
3
Canadian Nat guar 4Hs--__1954 M S 1044 Sale 1035* 1041a
90
1963 J J 8712 Sale 8712
11
748 9112
9812 10858
30-year gold guar 048_1957 J 1 107/
/
4 13
1
4 Sale 10718 1071
Ref & impt 434e ser E
77 Sale 76/
1
4
1977 J J
82
7712 88
64
107
61
9912 10734
Guaranteed gold 430_ _1968 .1 D 10658 Sale 10638
Cairo Dl, let gold 4e
1
4 104 lOt June'34
1939 1 J 103/
92 10414
Guaranteed g 58
11314 28 105 11334
Cln W & M Div let g 4a 1991 J J 90
July 1969 J J 11314 Sale 11214
9212 9134
9134
1
68
92/
1
4
1041s
11478
16
1143
11418
8
St L Div 1st coil tr g 4s
Sale 11312
Guaranteed g 54
Oct 1969 A 0
1
4 ____ 9412
1990 M N 94/
9412 10
9412
77
11438 20 105 11434
Guaranteed g be
Spr & Col Div 1st g 4e
1970 r A 114 Sale 11314
1940 M 5 101.... 99 Apr'34
92
09
111
Guar gold 4413-Tune 15 1955 .5 D 111 I Sale 11014
22 10218 112
W W Val DI, let g 4a_ .1940 J .1 91
9378 87 Apr'34
73/
1
4 87
1083a 22 100 10914 Cleveland & Mahon Val it-is 1938 1 J
Guar g 434o
1956 F A 108 Sale 108
.. 0318
10318
1
9912 10334
Guar g 4.348
Sept 1951 M S 10814 Sale 10734 108/
1
4 41 1001
/
4 19914 Clev & Mar let ffU g 4 Hs_ „1935 M N 1031510112 10214
- 101 May'34 ____
9912 1011
/
4
For footnotes see Page 94,
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exchange - Members- New York Curb Exchange
49 WALL STREET
-
-
NEW YORK
Private Wires to Chicago, Indianapolis and St. Louis
1
I
New York Bond Record-Continued-Page 3
91
...
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 6.
1'
4
a
tt
..,e.
Price
Friday
July 6.
Week's
Range a,
Last Sate.
.3 _,
.#.3
c71.
Range
Since
Jan. 1.
Railroads (ContintsetnBid
Ask Low
IfCot No. Low
High
Clev & P gen gu 4;48 aer B__1942 A 0 103 ---- 98 June33 ---- ____ ____
Series B 330
1942 A 0'9712 86 Jan'33
Series A 43.4o
1942 1 J 10334 ---- 10134 May'34 --__ 10134 10134
Series C 330
1948 MN 98
91 Aug'33
Series D 3;0
83 Oct'33
1960 A F 921/4
Gen 430 oar A
1977 F A 1004 105
102 June'34 ___ 1004 104
Cleve Sho Line let gu 430_1981 A 0 103 -- - 103
10314 13
82 1034
Cleve Union Term let 510_1972 A 0 10213 Male 10212 102/
1
4 19
8412 10378
let s f be series B
1973 A 0 994 Bale 9834
82 10014
9934 34
let at guar 434e series C 1977 A 0 93/
1
4 Bale 9112
9358 61
75
95
Coal River Ry let gu 4._,1945J D 102 Sale 102
102
95 102
1
Colo & South ref & ext 430_1935 M N 9413 Sale 94
9412 31
84
9778
General mtge 430 ear A 1980 MN 6834 73 6912
7138 21
85 8112
Col & H V let ext g 48
1948 A 0 10258
_ 10158 May'34
96 102
Col & Tot let ext 4e
1955 F A 10218 ---- 10212 Apr'34 ____
97 103
Conn & Paseum Ely let 0_1943 A 0 9213 ---- 9812 June'34 ____
92 984
Coneol Ry non-cony deb 48-1954 1 J 5034 Sale 4912
5034
43
5912
8
Non-cony deb 4a
50 58
1955.3 J
5312 June'34 ____
-- 51
Non-cony deb 48
1955 A 0 -_-_- 5834 59 Mar'34 ____
4438 59
Non-cony deb 48
1956.3 J ___- 60 56 May'34 ____
44 6812
Cuba Nor By let5He
37
1942.3 D 37 Sale 3634
38
1914 39
Cuba RR 1s8 50-year be g 1952 J 1 2612 27 2612
27
7
18
3212
let ref 730 series A
24
1936 J D 24 Sale 2212
b
1614 30
let lien & ref 138 ear B
1936 J D 23
2512 26 July'34
15 29
Del& Hudson lot lig ref 4e
1943 M N
8.
1935 A 0
Gold 530
1937 MN
D RR & Bridge let gu g 48_1936 F A
Den & R G lot C0118g 48
1936 J J
Consol gold 434s
1938.3 J
Den & R G West gen 58 Aug 1955 P A
Assented (sub) to plan)
.____
Ref & impt be Ber B_Apr 1978 -A0
:Des M & Ft Dodge 4s ctie_1935 1 1
Dee Plaines Val let gen 4348_1947 M 13
Det & Mao let lien g 48
1955 J D
Second gold 0
1995 1 D
Detroit River Tunnel 4 Ho_ _1961 MN
Dul Missabe & Nor gen 5o
1941 1 J
Dub & Iron Range let be
1937 A 0
Dill Sou Shore & All g bo
1937 J J
9614 121
9618 Sale 9514
10114 102 10118 June'34 ____
10313 103/
1
4 10312 10338 17
/
4 May'34 ____
103 ____ 1011
5212 136
48 Sale 4678
1
54
6134 54
2212 81
18/
1
4 Sale 18/
1
4
201s 26
1818 Sale 1818
42/
1
4 129
3712 Sale 3612
814 May'34 ____
8
6
85/
1
4 90 84 June'34 __
204 2434 23 May'34
10 20 12 May'34 __
4
10412 Sale 10411 10412
1051
-- 0378 Jan'34 __
107 410778 108 June'34 ____
39 4412 40 June'34 --...
East Ry Minn Nor Div let048. A 0
East T Va & Ga Div let 53_1958 NI N
Elgin Joliet & East let g 58_1941 MN
El Paso & SW lot 5e
1965 A 0
Erie & PUNS gu 3345 ear 8_1940 J J
Series C 314e
19403 J
Erie RR let cone a 4s prior_1996 J .1
let ooneol gen lien g 48_,..19913 J 1
Penn coll trust gold 0_1951 F A
513-year cony 48 series A.-1953 A 0
Series R
1953 A CI
Gen cony 48 series D
1953 A 0
Ref & impt be of 1927
1967 M N
Ref & 'rapt be of 1930
1975 A 0
Erie & Jersey 1st e f 68
19615 J -1
Geneseee River let 8 t 68_1957 1 1
N Y & Erie RR ext let 48_1947 M N
34 mtge 4 Hs
1938 M S
9718 __ 95 Apr'34 ---8913 98
1084 Sale 10813 1094 11
91 10918
11
0418 105
104 105
9412 10512
90 93 94 June'34 ___
8112 94
944 99
9918 ___- 96 Feb'34 __
95 10012
9918 --- 0012 June'34 ____
96 Bale 9434
96
55 794 96
77/
1
4 41
7768 ____ 7812
6614 79/
1
4
104 Bale 104
994 104
1
104
1
4
75
75 Bale 74/
10
62/
1
4 7712
7512 sale 7512
11
78
63
77
72/
1
4
72/
1
4 7218
62 75
1
70
604 7978
76
74
74 Sale 7212
73/
1
4 Bale 7218
737s 103 60
7914
113
96 11312
1
11314 11312 113
110
5 97 111
11034 11338 110
19158 ____ 0114 May'34 ---9M4 102
10112 _--- 100 Mar'34 --__ 100 100
Ind Bloom & West let ext 48 1940 A 0
Ind III & Iowa 1st g 4e
1950.7 .1
:Ind & Louisville let HU 0._1958 .1 J
Ind Union RY gen be ser A 1965 J .1
Gen & rots,series B
1965.3 .1
2Int-Ort Nor let lie eer A_ _1952 J J
Adjustment (le ser A-July 1952 A 0
let be soden Et
1956 J J
let ass aeries C
1956 1 J
lot Rye Cent Amer let belt 1972_ M N
let coil trust 8% g notee_ _1941 MN
let lien & ref 6355
1947 F A
For footnotes see page 94.
Price
Friday
July 6.
Week's
Range or
Last Sale.
4_,
B.4",.,
°
c6 *1
Range
Since
Jan. 1.
Bid
Ask Low
Railroads (Continued)High No. Low
High
1938.1 D
212 8
:Iowa Central bo MN
412 1138
834 June'34 ---1951 M S
358 4
lot & ret g0
334 June'34 ---24 54
James Frank & Clear let 48_1959 1 I) 86 Sale 86
6918 8814
6
87
Kal A & OR let gu g be
1938 1 J 100___ 103 Mar'31 --- .
1990 A 0 95/
1
4 97 96
Kan & M 1.1 gu g0
a
97
ii -91
A
48_1936
0
ref
g
4734 Sale 47
36
53/
1
4
4858 31
21K C Ft S & M Sty
A 0 4312 5034 47
Certificates of deposit
354 62
4718 14
Kan City Sou let gold 381950 A 0 76 Sale 7534
7658 26
6213 7712
75
75
7534 18
Ref & Mut be
8712 84
Apr 1950 1 J 73
Kansas City Term let 4s____1960 1 J 10312 Sale 10238 10312 68
9312 10312
Kentucky Central gold 48_1987 .1 J 10112 103 103 June'34 --9013 103
Kentucky & Ind Term 4;46.1961 J .1 8918 92 '9078
9078
73 91
1
Stamped
1961 J J 93
93 June'34 --80
93
Plain
1961 1 .1 96 -9812 93 June'34 --93 93
Lake Erie & West let g 58_1937 1 J
2d gold be
1941 J J
Lake Sh & Mich Bog 3Mo
1997 1 D
1945 M S
Lehigh & NY let Rug 4e
Lou Val Harbor Term gu 56_1954 F A
Leh Val N Y let gu g 434a
1940 J 1
Lehigh Val (Pa) cons a 48_2003 MN
2003 M N
General eons 434.
General cones.
2003 M N
Leh V Term Ry let gu g bo 1941 A 0
Lex & East let 50-Yr 58 gu_1965 A 0
Little Miami gen0series A_1962 MN
Long Dock control g 68
1935 A 0
Long IslandGeneral gold 4s__ ._ _1938 1 D
1949 M 8
Unified gold 4e
1937 M N
20-year pm deb be
1949 m 8
Guar ref gold 0
Louisiana & Ark 1.1 6.Ns A.1969 J 1
Louis &Jeff Rdge Co en g 48 1945W 5
Louisville & Nashville 58-1937 MN
1940 J .1
Unified gold 48
let refund 53.0 eerie' A-2003 A 0
let & ref be series B
2003 A 0
2003 A 0
let & ref 4Mo series C
1941 A 0
Uold be
Paducah & Mem Div 48_1946 F A
St Louts Div 2d gold 3e_ _1980 M 13
Mob & Montg let g 4Hs_ _1945 MS
South Ry joint Monou 48_1952 J 1
AU Xnoxy 63 Cin Div 48._1965 MN
10118 Sale 101
10138
9034 954 93
9312
1
4
9478
9412 Sale 93/
7912
7812
7912 June'34
103 10712 10214 103
99 100
99
99
5912 6112 59
6012
66 Sale 6412
66
7534
75
7678 75
10458 105 10458 104/
1
4
1101
/
4 11114 11018 June'34
10058 ___ 10058 June'34
1034 10358 10338 June'34
12
4
28
--6
2
40
16
10
2
------
834 10158
70
95
81
98
57
83
8212 103
8314 99
47 68
7412
52
54
83
94 10512
91 11018
95 10058
99 1034
9914 104
95 102
93/
1
4 10414
924 1025e
504 6838
84 1014
102 10712
9413 104
92381013.
90 10438
83 99
1014 1064
82 100
6078 7413
96381031
.
64/
1
4 83
85 101
-------10014 May'34 ---68 Sale 68
1
68
6712 70 68 June'34 ---6712 70 70 June'34 ---112 4
1/
1
4 June'34 --__
10014 101
67/
1
4 75
65 724
6978 70
178 214
10218___ 102 June'34 ____
87 -92 91 May'34 ____
9812 9834 9912 100
16
9634 16
9434 Sale 964
791
/
4 84 80 June'34 --__
__ 94 94 June'34 --__
___ 9134 95 May'34 ____
664
64 65 64
2
75
- 75 June'34 ---738 __1111
/
4 714 June'34 ---312 458 378
4
378
312 1112 312 June'34 ---2
34 313 June'34 --__
42/
1
4 28
394 40/
1
4 40
32
1
4
34 33/
1
3378
4512
5
454 Sale 45
4
35
38
3234 34
22
25 June'34 ____
25
7312 Bale 73
3
7312
77 ---- 85 Jan'34 ---87
1
80/
1
4 ---- 87
94 102
8734 91
86 100
754 97
62 854
7814 97
65
95
MA 7513
7034 75
4
918
24 . 538
234 4/
1
4
118 4/
1
4
3434 49
3318 4212
38
56
20
38
164 34
60
80
85
88
7612 87
16
20
2Mo-III RR let bs sec A
1959 1 J 20 Sale 18
-- 29 June'34 __
2014 30
92
60
Mo Kan & Tex lot gold 48-1990 1 D 9112 Sale 9112
5678 May'34 _2812-58
40
53
8412 28
Mo-K-T RR pr lien 52 tier A..1962 1 J 84 Sale 8358
60
_
1962 J J 89 Sale 69
9812 10338 100 Jan'31 __
69
6
, 40-ye5,r 45 8erle8 B
10214 103 10235 June'34 ____
5814.
10
.
2.38
1
Prior lien 434s 8.1. D
1978 1 1 73
75
75
75
10 105 10912
554 44
10878 Sale 10834 109
Cum adjust be tier A_Jan 1967 A 0 5234 Bale 5254
107/
1
4 Bale 10758 10778 19 102/
4
2914
1
4 10734 2Mo Pao let & ref 58 aer A-1965 F A 29
3034 2914
_ _
_
68 ---- 96 Nov'30 __
- 2511 2912 28 June'34 ____
Certificates of deposit
9534 169 ii -9-1112
1975 1-81 5 12 Sale 12
95 Sale 9458
50
13
General 48
99 128
78 991
29513 30
S 294 29/
/
4
9812 Sale 98
1
4 2914
M
1977
lst
&
ref
be
series
F
9278 49
7618 99
1
27
27
9212 sale 9112
Certificates of deposit----------251z 28
84 Sale 8313
6878 92/
18
1
4
84
2912 20
let & ref be eer 0
1978 M0 2912 Sale 29
1
4
78
7712 Sale 76/
40 87 874
Certificates of deposit- 2512 ___- 34 May'34 ___
78
1
4 Sale 774
53
77/
6618 8612
1014 84
9
Cony gold 531s
958 Sale
1949 Iii-N
--------36 June'34 ____
28
36
29
30
let rota 58 series H
1980 A 0 2912 Sale 294
534 May'34 ---5
6
534 Ms
- - 2512 ___- 29 June'34 ____
Certificates of deposit
10112 10314 102 May'34 ---_
9812 102
F -A 2912 Sale 29
1991 .
2912 88
lot & ref be sec!
82
1
82 Sale 82
624 8612
7
2912 2634 • 27
Certificates of deposit- 26
7712
78 7713
78
3 69
81
Mo Pao 3d 7e ext at 4% July 1938 '
80 84 June'34 --__
ITN 75
--------87 Feb'34 _ _ __
67
91 June'34 __
70
95
Mob & Bir prior lien g 58._ _1945 J .1 91
_ _
____ 68 55 Dec'33___
95 90 June'34 ____
J .1 91
Small
I
1084 Sale 1084 10814
1584 11181
4
70 60 May'34 ____
let M gold 48
1945.7 1 40
1
4 10118 12
10038 10034 100/
82 10114
1 J 43 6478 80 Feb'34 --__
Small
10414_ - 10434 105
5 97 10534 (Mobile & Ohio gen gold 48_1938 134 S -__ 89 994 Jan'34 ..___
102
102
foil
5
10012
911
/
4 102
1914 19 June'34 ____
Montgomery DI, 1st g 58_1947 F A 17
8712 30
8712 Sale 87
72 8978
Ref & impt 434s
1977 M S 1112 1234 13 June'34 ____
97
39
3814 Sale 37
32
5058
See b% notes
1938 M S 1212 1538 1414 June'34 ____
Mob & Mal let gu gold 4s__.1991 M S 8512 86
8312 June'34 ____
10218 .__- 10212 10212
5 924 10212 Mont C let gu 66
1937 J 1 --- 10278 10212 lO2ls 24
98 ---- 92 Mar'34 ____
83
9212
10134
let guar gold 58
4
10134
1011
/
4
Sale
J
19373
9513 -- 9512 June'34 __ __
92 9513 Morris & Easex let gu 3;0_2000 J D 8878 Sale 8818
89's 63
7614 -- -- 71 Mar.30 ---- --Constr M be ear A
1955 MN 10234 Sale 10258 1023
_19
8134 Sale 8134
8338 32
96$
8814 15
Coma'. M 4145 ear R
1955 MN 9834 Sale 9614
58
84
8212 Sale 8212
6
74 8814
75
80 79 31MD.34 --- 63
82
Nash Chatt & St L 48 rier A_1978 F A 94 954 95/
1
4
5
9514
1
4
7658 Sale 76/
774 18
624 79/
1
4 N Fla & S lot gu g be
1937 F A 10414 106 104 June'34 ____
9312
1
93 94 9312
81
9813 Nat By of Mex or lien 4348_1967 J .1__
__
378 18 July'28 ___
17
103 Sale 10212 103
90 10378
Assent cash war rot Nod OD- 44
44 48
41g Bale
67
6612 Sale 6534
49
5811 7612
Guar 48 Apr '14 coupon_1977 A.-0 --------1234 July'31 ____
9978
99 Sale 99
4 87 991
/
4
Assent cash war rot No Son ---4 June'34 ____
41
/
4
5
- -- 8118 May'34 ____
75 823s Nat RR Me: pr lien 4 3.4e Oct'26
8388 89 8758 May'34 ---76 8758
Aeoent cash war rot No 4 on - 41
/
4
414 434 44
2
72 -- -- 7112 May'34 ---7112 76
1951 A0 --------22 Apr'28 ____
let control 48
79
79 Sale 79
10
66
79
414 June'34 ____
41
Assent cash war rot Nod on -- __
4
1
4 8312 June'34 ____
8312 84/
69
85
Naugatuck RR let g 48
7113 Nov'32 ___
1954 M -N 7418 81
85 ---- 80 Mar'34 ____
67 80 New England RR cone 58
89
1945 J .1 89 . - 89
i
87 ---- 8612 June'34 ____
75
90
Consol guar 0
1945.7 1 8112 -8/4 85 June'34 ____r
NJ Junction RR guar 1st 4,1986 F A 92 ___- 92 June'34 ____
8034 73
80/
1
4 Sale 78
68
87
New On Great Nor Se A __..l983 J -1 6858 Bale 68
6858 12
7413 Sale 7314
62 81
744 28
No & NE lot ref&impt 430 A '52 .1 J 6658 71 69 June'34 ____
/
4
89
New Orleans Term let 48
1953 J ./ 87 Sale 861
24
95 100 100 June'34 ___
95 100
20
23
2/8 0 Tex & Me: 0-0 ino 5e..1935 A 0 20
20
2
9538 --- 9334 June'34
76
1954 A 0 22 Sale 22
1st M series B
9542
3
234
25 25 Feb'34 ___
17
26
1956 F A 22
25
28 24 June'34 ---let 55 series C
10412 105 10412 June'34 ___
984 10412
1966 F A 22
52 26 June'34 ____
let 43.4s aeries D
1031i__ 103 Mar'34
100 103
lot 530 series A
1
4
1964 A 0 2218 Sale 22/
2234 17
3012 13
28/
1
4 4412 N & C Digo gen guar 434e_..19451 .1 101/
30 Sale 29
1
4 10212 102 May'34 ___
9
/
1
4
Bale
9
184 Nyge,m B let con g 5e-1935 A 0 103 Sale 103
1058 53
1012
103
1
2 28 401
1
4
2718
30 26/
26
/
4 N y cent RR cony deb 68_1935 M N 9978 100 9978 100
26
10
26
29 10
5
23 41
Cony secured Os
1944 MN 117 Sale 11614 11718 206
69
69
6748 71
5
4518 70
Consol 4s series A
1998 F A 8678 Sale 864
87
53
7114 7411 69 June'34 ---494 7412
Ref & impt 430 sense A 2013 A 0 6834 Sale 6714
49
69
6618 ---- 8612
1
8612
434 6712
Ref es impt 5s series C
2013 A 0 74 Bale 74
7478 74
14
28
7578 924
70 9112
8118 79
8318 8334
4412 8212
2512 39
22
35
111
/
4 2034
24
384
234 35
2413 3812
29
34
8
1613
24
384
234 34
2414 3813
26
34
724 89
85 91
83 91
48 60
55
80
99
994
19
27
10
2158
1334 23
8312 8412
8772 103
81 10134
7434 8958
77 103
73 97
--
Illinois Central let gold 4s 1951 1 J
let gold 33'4e
1951 1 J
Extended let gold 330..„1951 A 0
let gold as sterling
1951 M 8
Collateral trust old 48_ _ _1952 A 0
Refunding 4e
1955 MN
Purchased line. 310
1952 J .1
Collateral trust gold 0_1953 M N
Refunding be
1955 MN
15-year secured 630 g_i936I J
40-year 434e
Aug 11966 F A
Cairo Bridge gold 48
19503 D
Litchfield Div 1st gold 38_1951 J 1
Louley Div & Term g 334s 1953 J J
Omaha Div let gold 3e_ _1951 F A
St Louie Div & Term g is_1951 1 J
Gold 33.4e
19511 J
Springfield Div let g 330_1951 J J
Weste n Line et g .. _1951 F A
III Contend ChM St L &
411N0Joint let ref be merles A__ _1963 J D
let & rot 430 series c
1963 3 D
3
g
t
-43..
1
4 103/
1
4
10334 Sale 103/
1
1
4 102
10134 Sale 101/
7
10414 Sale 10334 10414 15
1
4 71
10214 Bale 10112 102/
6158 Sale 6012
6212 25
4
10114
100/
1
4 - - 100
10714 13
107 Bale 107
127
10378 Sale 10313 104
10312 Bale 10312 104
11
10414 24
104 Sale 103
9818 Sale 98
9878 65
106 107 10512 May'34 ---_
9958 Sale 9958 100
6
74 Sale 73
74
2
103/
1
4 ____ 10312 June'34 ---1
83
83 Sale 83
9934 10012 101 June'34 ---
Fla Cent & Penn be
411
/
4 June'34 ____
1943.1 .3 42 - 1
4
5814 14
:Florida East Coast let 4348-1959 J D 5678 Sale 58/
94 12
lot & ref 6. series A
9
94 Sale
1974 M S
Certificates of deposit
858 834 June'34 __
8
2 Fonda Johns & Glov 4 34e....1952
Proof of claim filed by owner MN
738 1478 12 May'34 ..___
(Amended) let cone 2-0_1982
Proof of claim filed by owner M N
4
53s
538
53z 7
.. 9712 June'34 ____
Fort St U D Co let g A Me_ _1941 1 J 9814
Ft W & Den C let g 530-1961 1 El 10518 1164 10512 10512
1
Galt,How & Hend let 530 A '38 A 0
20a & Ala By lot cone be Oct '45 J .1
2Ga Caro & Nor let gu g be '29Extended at 6% to July 1 1934 1 J
Georgia Midland let 38_ _ _ _1946 A 0
Gouv ei Oswegatchle let 5e__1942 1 D
Gr It & I ext let gu g 4348_1941 J J
Grand Trunk of Can deb 78-1940 A 0
16-year a 1 68
1936 /34 S
Grays Point Term let be__A947 I D
Great Northern gen 713 ser-A.1936 J 1
let & ref 431e series A
1981 J .1
General 534s eerie.B
1952 .1 1
General bs series C
1973 -1 .1
General 430 series D
1976 J .1
General 4 Ma series E
1977 -1 J
Green Bay & West deb otto A__ Feb
Debentures etre B
Feb
Greenbrier RY lst gu 4o
1940 MN
Gulf Mob & Nor let 534.13_1950 A 0
let mtge be series C
1950 A 0
Gulf & S I let ref& ter baFeb 1952.1 J
Stamped (July 1'33 coupon on) 1 1
Hocking Val let cons g 4348_1999 J J
Howiatonic Ry co,, g be
_1937 MN
H & T C 1st g be int guar
1937 J J
Houston Belt & Term let 513_1937 J .1
HIM & Manhat lets.ser A _ _1957 F A
Adjustmentincome bs Feb1957 A 0
804 9614
97 10212
92 105
9914 101/
1
4
354 8112
42
63
174 32
18
2312
2378 494
4
834
65 85
2413
20
11/
1
4 12
84 104/
1
4
10378 103/
1
4
10212 108
234 4912
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 6.
90 8312 June'34 __
95
284 ---- 21 June'34 --__
34
56
912
8/
1
4
46
64
19
1712
712 13
We 15
83 6712
964 10512
7K
•.'
.
.,
.•4
.
1512 26
Mahon Coal RR 1.1 5,
1934 J .1
Manila RR (South Lines)48_1939 MN
1959 M N
lot ext 4e
Man GB & NW lot 33.48-1941 1 J
Me:Internal let 48 aastd-1977 M S
Michigan Central Detroit & Bay
1949 J J
City Air Line 48
1951 M S
Jack Lane & Sag 3348
1952 M N
let gold 330
Ref & impt 434.tor C
1979 1 1
1949 A 0
Mid of N J ist ext 58
*Mllw&Nor let W430(1880)'34 1 D
*Cons ext 430(1884)-A934 J D
Mil Spar & NW let gu 48-1947 M S
Milw & State Line let 330-1941 1 J
:Minn & St Louis 58 et/8_1934 hi N
1949 M 8
lot & refunding gold 4s
Ref & ext 50-yr s.ear A_1962 Q F
Q F
Certificates of deposit
M St P & SS M eon g 4.101 gu '38 J J
1938 J .1
let cone be
1938 J 1
let cons be gu as to int
1948 J 1
lot & rots. series A
1949 M S
25-year 5 Me
Nu J .1
let ref 534s ser B
let Chicago Term e f 48-A941 MN
MINMISPPI Central let 5o_1949 1 .1
8212 9514
99 10438
____ __.
2/
1
4 412
___ _ __
218 .
4
234 5
____ _ __
2 .
5
_ _
_
gO "ii
al
66
85
824 92
574 77
54
7512
8234 89
18
2934
1953 32
30/
1
4 33
1714 8112
204 33
97 1024
1014 10312
83 101
11512 1181s
7338 90'2
6014 75
87 8314
New York Bond Record-Continued-Page 4
92
3
•
t
BONDS
Price
Week's
.4 • Range
N. Y. STOCK EXCHANGE 1 t
FrIdag
Range Or.g.a
"
.
Since
..44.
Week Ended July 6.
July 6.
La.0 Sale. ie0
Jan. 1.
Railroads (Continua)High
High No. Low
Bid
Ask Low
67
94
NY Cent & Bud My M 33481997.3 J 9112 Sale 9112
7912 96
30-year deDenture 45
1942 J J 97 Sale 9613
8018 98
17
97
- 684 Sale 88
Ref & impt 4444 ser A__ _.2013
75
60
684 47
--8534 Sale 8534
Lake Shore coil gold 3448_1998 FA
8634 29 6918 8812
88
Mich Cent coil gold 340_1998 F A 88 Sale 8713
88
15
71
8518 10038
NY Chic & St List g 44_ _ _1937 A 0 10018 10038 9934 10014 45
7614 70
Refunding 5414 series A _1974 A 0 7413 Sale 7313
5512 8012
189
64
Ref 434e series C
1978 M 8 6334 Sale 6214
4714 70
72
3-yr 6% gold notes
1935 A 0 72 Sale 70
49
30
80
NY Connect 1st gu Ole A_1953 F A 105 Sale 10478 10534 18
96 10534
1st guar 54 series B
1953 F A 105 107 10634 107
7 101 10714
NY & Erie-See Erie RR.
68
88
8434 87 May'34 ____
NY Greenwood L gu 4155_ _1946 M N 75
9514 June'34 ---N Y & Harlem gold 3444_ _2000 M N 9538
9514
88
9438 9578
9538 220
NY Lack & West 4s ser A_ _1973 M N 9512 Sale 95
1973 MN 95
9512 10114 June'34 ---- 100 10114
434s series B
9512 10034
N Y & Long Branch gen 44._1941 M S 10014 10018 10034 June'34 --- NY & N E Bost Term 48... _1939 A 0 -------9512 Tuly'29 ____ _ _ _ _
I5i78 65
62 60 June'34 ---NYNB& H n-c deb 44_ _1047 M 13 55
62 56 June'34 ____51
Non-cony debenture 348_1947 M 5 50
6012
2 45 58
54
Non-cony debenture 334s_1954 A 0 54 Sale 54
5478 6412
5738 13
Non-cony debenture 46_1955 J 1 5612 5738 5612
2
52 64
57
Non-cony debenture 49-1956 M N 5634 Sale 5634
5413 53
45
5978
6
5312
J 53
Cony debenture 334s
1958
8012 28
Cony debenture 64
7114 8778
3 8012 Sale 7914
1948
71
8918
40
84
Collateral trust 84
1940 A 0 8238 Sale 81
1957 M N 48
49
5112 49
2 44
Debenture 44
58
D 62 Sale 6034
45
62
5714 7012
1st & ref 4344 ser of 1927__1967
4
99
Harlem R & Pt Cbes 1st 481954 M N 99 Sale 99
8334 9978
574 71
6678 48
N Y 0& W ref 848..__June 1992 M S 66 sale 66
58
50
8818
18
General 44
19553 D 5713 Sale 6713
90
90
90 Jan'34 ____
NY Providence & Boston 44 1942 A 0 99_
747 Y & Putnam let con gu 48_1993 A 0 8512 -8634 87
5
87
7178 8712
7578
50
.1 7218 74 74 June'34 ____
NY Sow & West 1st ref 59_1937
43
5613
1
5113
70 5112
1937 F A 51
26 gold 4444
3 3834 5813
54
General gold 54
1940 F A 5214 Sale 5214
1943 M N Ms 9912 9813 May'34 __
8238 9734
Terminal let gold 58
42
6914
5214 35
J 5118 Sale 51
NY Westeb & B 1st ser 1434e'46
1631
: 92 mg 17114
Nord By ext sink fund 6148_1950 A 0 167 sale 467
25
8
1714 12
./Norfolk South ist & ref 5s-1961 F A 1714 Sale 1812
17 June'34 ___
74 22
19
. 14
Certificates of deposit_ _ _ _
_-/g 304 3712 3212 May'34 ____
1414 40
*/Norfolk & South 181 g 58.._1941 M
10638 91
1996 A 0 10612 Sale 105
9834 106
N & W Ry 1st cons a 44
10512 13 10018 10654
DIY1 1st lien & gen g 48...19445 J 10538 106 105
1941 J D 10414 106 10414 105
Pocah C & C joint 4s
15 9934 10514
_
Oct'33 ____ _
North Cent gen & ref 5s A_ _1974 M S 1074 ____ 98
WI f_ 1044 June'34 ___
o444
1974 M S 1044
Gen & ref 4448 series A
i
51
1945 A 0 5212 -tib 51
35
60
(North Ohio 1st guar g 5a
45
55 60 June'34 _-3534 64
Ex A pr'33-Oct'33- A pr'34 consStroud as to sale Oct 1933. &
52 Apr'34 ___
48
58
3438 52
Apr 1934 coupons
100
83 10038
99
North Pacific prior lien 48_ 1997 Q J 99 Sale 99
71
Gen lien ry & Id g 38 Jan 2047 Q F 70 Sale 6912
70,4 52 60
8513 18
87 85
7312 9014
Ref & impt 4%s series A..2047 J J 85
10018 88
8618 103
Ref & Impt 68 series B___ 2047 J J 9918 Sale 99
7614 9711
9312 12
Ref & Mut as series C___ 20473 J 9214 Sale 92
754 97
934 de
Ref & Impt 58 series D___ 2047 J .1 9212 sale 9213
Nor By of Calif guar g 58.- _1938 A 0 103 -___ 100 Jan'34 ___ 100 100
July 7 1934
13
.
BONDS
Price
N.Y.STOCKEXCHANGE1Priday
..,e,
Week Ended July 6.
July 6.
Week's
Range Or
Lase Sale.
1 •
1
Range
Since
Jan. 1.
Bid
Ask Low
Railroads (Concluded)High No. Low
High
*St Louis Iron Mt & Southern*Itly & G Div 1st g 4s......1933 M N 6112 Sale 5913
6134 35
4712 84
71
St L Poor & N W 1st gu 5s_ J948 J 1 ---- 7018 71
4
574 82
20
18
Pit 1,-San Fran or lien 44 A_1950 J .1 1814 Sale 18
1634 28
1834 24
Certificates of deposit..-_ ---- 1814 Sale 18
17
26
2012
177: 30
7
Prior lien 69 series B
1950.3 1 1913 Sale 194
1812
18
99
1
Certificates of deposlt _ _._ --, 1813 Sale 1812
1712 39
Con M 434s series A
1978 M II 1712 Sale 1714
1413 2512
1413 2412
1612 Sale 1614
Ctfa of depos stamped..____ -7
1612
St L SW lat g 44 bond cue_ _1989 MN 7512 7712 27613
2 8413 8114
7812
- a8112 (16112
Slag 4e Inc bond °Mg_ _Nov 1989.3 J 6213
424 63
1
let terminal & unifying 541_1952 J .1 5508 "ii 6O'e
62
8
48 6912
49
54 49
Gen & ref 85a ser A
2
1990.3 1 41
43
5812
2312
2338
8
St Paul & K C Sh L 1st 4348_1941 F A 2213 24
234 3734
95 May'34 ---St P & Duluth 1st con g 4e...1968 1 D 86
84 95
73
June'34 --St Paul E Or Trk let 414s.._1947 1 J -___ -73
63 76,2
St Paul Minn & ManitobaCom M M ext to July 1 1943-- - - 10512 Sale 10514 10578 34
97 10812
____ 10034 101 June'34 --Mont ext let gold 48
1937.3
94 10112
98 99 June'34 --, 89 99
Pacific ext gu 44(sterling) _HMO J J 96
St Paul Lin Deo 1st & ref 5_1972J J 111 Sale 11014 111
29 101 111
S A & Ar Pass 1st gu g 44._ _1943 J .1
Santa Fe Pros & Plum 18t 58.1942 M S
Scioto V & N E 1st gu
1989 M N
.1/Seaboard Air Line 1st
48_g4s_ 1950 A 0
Certificates of deposit ___
5- 65 A0
*Gold 4s stamped
Certifs of deposit stamped_ A 0
Adjustment 54
Oct 1949 F A
*Refunding 4s
1959 A 0
Certificates of deposit..--- 22.-z
1st & cons 64 series A
1945 m I
Certificates of depoeit..__.. .r,__
*Atl & Birm 30-yr 1st g 48_1933 M 5
/Seaboard All Fla 68 A ctf8_1935 A 0
Belies B certificates
1935 F A
So dr No Ala cons gu g 55_ _ _ _1936 F A
Gen cons guar 50-year 5s_ _1963 A 0
So Pao coil 4a(Cent Pao ooll) 1949 J 1)
let 4448(Oregon Linos) A_1977 M S
Gold 4444
1968 M S
Gold 44s with marra:28_4969 MN
1981 MN
Gold 414e
San Fran Term 1st 4s.._ _1950 A 0
So Pao of Cal 1st con ang 5s_1937 NI N
so Pee Coast let gU g 48_ _ _1937 J 1
So Pas RR 1st ref 4e
19553 .1
Stamped (Federal tax4_1955 1 J
Southern By let cons g 48_1994 J .1
Devel & gen 44 series A
1956 A 0
Devel & gen (is
1956 A 0
Devel & gen 6448
1966 A 0
Mem Div lat g fa
1996 2 J
St Louts Div let g 48
1951 J .7
East Tenn reorg lien g 54_1938 at S
Mobile & Ohio coil tr 4e...1938 TA 5
/Spokane Internet let g 58_1955 1 1
Staten Island By lit 434e...19433 D
Sunbury & Lewiston let 4a 1938 J 1
8312 47 6012 8534
8234 Sale 8178
1
106 10534 10634 10834
97 1087s
2
105% 10612 10512 10613
9712 10612
2434 23 June'34 --16
20 27
26 2218 May'34 - 204 234
16
--------2314 June'34 -, 1713 27
18
5
18
16
8
15
25
412
414 71
7
412 513 44
:
814
8
7
7/4 7
7
14
778 9 June'34 ___
74 13
-912 40
9
5
1612
9
10
813
9
fps
5
8
812 3
20
1
1814 2434 20
2514
144
4
4 Sale
414
o
314 713
37
313 4
378
1
338 714
104_ 10314 June'34 _ -...., 1004 1031:
1 10914 10914
109 111
91 110
72
56
29
7111 Sale 71
742a
8138 115
8012 Sale 8012
8312 84t4
85
32
65 Sale 63
534 72
85
45
6413 Sale 82
53
72
6412 152
6412 Sale 62
524 71
984 125
98 Sale 97
8274 98%
_ 10418 June'34 ---- 101 1044
10438
100 111-14 9938 May'34 ---, 99
9978
8934 160
8912 Sale 8834
9014
70
-------- -9213 May'30_ .
e 03
10414 140
403.8
illi Iiiii:
64
148
8338 Sale 62
5718 7254
87
39
8534 90 854
75 95
9134 39
9113 Sale 9012
972,4
78
8034 100
1
9614
96 4 98 9814
664 91
87 8778 88 June'34 ---10218 10334 10218 June'34 --7.•
84 10214
7213
75 7214
3
70
56 81
1234
924 17
3
1014 1212 1112
-------- -60 MaY•33 ---- _
00
Feb
.
34
_
_
---- 100
100 _ _
.1-0-0--
2
67
61
72
66
.
97 Mar'32___ ____
64
103 June'34 __ _ 100 f0318
11
_. Tenn Cent 1st as A or B___ _1947 A 0 63 64 6218
48 6978
89 10313 Term An of St L lot g 444_1939 A 0 10738 10818 1071: 10734 18 10088 10814
10312 June'34 ___
10238 10378 69
1st cons gold 54
92 16378
5 1014 110
1944 F A 10914 __ _ 10914 10914
11174 11178
1 10414 11178
Gen refund 4 f g 4e
1953 1 J 9912 Sale 9912 10014 87
82 10012
11214 11238
944 13
8 10412 11312 Texarkana & Ft S let 5345A 1950 F A 9414 Sale 9314
7614 97
.
.
99
100
8314 100 Tex & N 0con gold M
119
64 90
j9433 J 89 107 90 June'34--Texas & Pao let gold 54
11
9114 110
2000 1 D 10912 Bale 10914 10913
4 64 87
8438
Pao RR of Mo 1st ext g 411_1938 F A 10018 Sale 0014 10018
Gen & ref Se series H
5 8714 10034
1977 A 0 8438 Sale 84
8412 24
98
5 84 10012
26 extended gold lie
65 864
Gen & ref 5s series C
1938 J 1 98 10012 98
1979 A 0 8412 Sale 8312
8514 15
Paducah & Ills let 8 f g 444_1955
Gen & ref 5e series D
.1 100 ---_ 04 June'34 ____ 10034 104
65 8612
1980 J D 8514 Sale 84
914
914 90
18 12314 180 Tex Pac-Mo Pao Ter 5448 A_1964 1.4 5 90
67
9114
7
Paris-Orleans RR am 534s 1968 M 8 15713 Sale 15712 159
75 June'34 __
50
go
75 Tol & Oblo Cent 1st gu 58
941e 10312
PauUsta Rs. lst ref 4 f 7a__ _4942 M o 75
J 10238 103 0238 June'34 -1935
76
85 10334
Pa Ohio & Det 1st & ref 434e A'77 A 0 102 Sale 0138 103
Western Div ist g 68
9713 1027s
1935 A 0 102 10212 l023s June'34 ---02 June'34 ---8 101 106
Pennsylvania RR cons g 44_1943 M N 1054 10614 10514 106
90 102
General gold 54
1935 1 D 10114
8 86 June'34 ---1054 10534 33 100 10534 Tol St L & W 50-year g 44_1950 A 0 7238 8.57Coneol gold 48
6754 8718
1948 M N 10538
9972 10534 Tol WV &0gu 4s ser C_
1
ds Merl MO dollar May 1 1948 M N 10534 Sale 10534 10534
1942 M 5 10212 ____ 9618 Apr'31
83 -913
.
4
1
96
11074 60 103 11114 Toronto Ham & Buff let 148 1946
Consol sinking fund 440_1980 F A 11012 Sale 110
D 95% ---- 96
8838 10338
General 4444 series A
1965 J D 10214 Sale love 10238 226
974 10934 Union Pao RR 151 & Id gr 48 1947 31 106/4 Sale 10534 10834 122
45
Gereral as series B
1968.7 D 10812 Sale 10838 109
9984 10738
102
94
let Llen & ref 48
15-year secured 8444
1936 F A 107 Sale 10678 10744 491 1034 10712
89 102
June 2008 al 8 10112 Sale 10114 103
29
26
104
9114 10438
40-year secured gold 54-1964 MN 10378 Sale 103
Gold 444s
8914 10314
1967 J J 103 Sale 10212
7814 9213
9134 111
181 lien & ref 58
Deb g 454s
1970 A 0 904 Sale 9012
June 2008 3.4 S 11312 Sale 11312 11418 28 10213 115
97
39
9778 418
824 971:
8312 9812
General 444serIesD
1981 A 0 9738 Sale 974
40-year gold 4e
1968 3 13 964 Sale 9612
74
57 8134 1:1 N J RR & Can gen 4a
1
Peoria & Eastern 1st mu 44_1940 A 0 74 Sale 74
1944 M 8 10374 ___ 10538 June'34 ---- 10012 1054
7
9
94
1914 vandaila cons g 45 aeries A__1955 F A 103 __-_ 1011, May'34 ---912
912 Sale
Income 48
99 102
April 1990 AM
8512 10112
Peoria & Pekin Un 1st 1144__1974 F A 101 102 10078 June'34 ____
Compel 4e series B
974 101
1957 MN 10212 -___ 101 Apr'34 __
8738 29
5812 90 (Vera Cruz & P east 4342_1933
Pere Marquette 1st am A 68 1956 J J 86 Sale 8413
32 ---- 378 June'34 ---213 5
1
103 June'34 --, 9814 103
1st 4s series R
19565 J 7018 73 71
5014 7813 Virginia Midland gen M.....1938 M N
73% 32
7614 75
iota 434s series C
1980 M S 74
5114 81
Va & Southwest 1st gu 5.__..2003 J J .. -97 953
7874 11
3 7574 9584
95%
844 15
3 10012 10614
Phil& Bait & Wash 1st g 4e 1943 M N 10614 ___ 10614 10814
let eons 68
67
87
1958 A 0 83 85 84
10878 61
1974 F A 10934 ___ 110 June'34 __ 100 110
General As series B
9918 1094
Virginia By let Ss aeries A 1962 MN 10812 Sale 103
4
103
General g 4 44. Berleo C
lot mtge 4 Jle aeries B-1982 M N 10214 103 103
1977 1 .1 10334 170512 lova 10434 37 9214 10514
90 10312
2734 10
2312 3114
Philippine Ry 1st 30-vr s f 4e 19373 .1 2612 28 27
92
92 Sale 90
46
:Wabash RR let gold 58.-1939 M N
74
95
8312 7978 June'34 ____
5618 834
26 gold 58
PC C & St L gu 4 yie A
1940 A 0 10612 10814 10612 10714 11 10114 10712
78
1939 F A
102 10712
let lien 40-year a teem 44_1934 J ./ ----60 60 Feb'34 ____
Series B 44e guar
60 60
1942 A 0 10712 ____ 107 June'34
984
1064
June'34
-___
_-__
June'34 _
103 10712
Series C 41.34 guar
Det & Chic Ext let M
1942 MN 10712
,4 __
70
9818
1941 1 J 99
574 -58 57 June'34 -___
45
Salm D 44 guar
87
991s 101
Dee Molnar Div let g 411-1939 3
1945 MN 10218 __ 100 May'34 _ __ _
3 5012 55 5012 June'34 ---Series E 4 444 guar gold_1949 F A 944 _ _._ 8913 Aug'32 ____ ____ _ .
45
Omaha Div 1st g 3444___ _194i A 0
55
_ 0214 May'34 __-75 May'34 ____
90
99 10134
Series F 4s guar gold
1953.3 D 103
7314 75
Toledo & Chic Div g 4s_ _1941 el 8 74
2104 24
1812 99
98 105
Wabash By ref & gen 534e A 1075 M a 2113 Sale 2078
Series 045 guar
1957 MN 100 1944 044 June'34 ____
25 Apr'34 ---1960 F A 10014 10412 024 June'34 ____ 10212 10212
1412 25
Series H sone guar 4s
Certificates of deposit..--,- r_ ., ii" 24
224 2112
4 10034 10734
2112 10
Series Icons Mir 434s____1963 F A 10712 Sale 0612 10738
Ref & gen 5s(Feb'32 coup) 13•78 F-A
15
2813
Series J cone guar 4345_ 1964 MN 10638 109 08 June'34 __ 10158 108
16
Certificates of depoolt __-- - , __-_ 22 2414 Apr'34 ....-,
244
10938 45
94 10912
2134 28
Ref & gen 434s series C_ _1978 A--43 2134 Sale 1978
General M Sc wiled A____1970 J 13 10834 Sale 0838
1513 2812
___ 20 May'34 ____
16
254
9 9434 10912
Gen mtge guar 58 ser B___1975 A 0 10878 10978 0834 109
..
CerUfleates of deposit
---------2034
8414 10214
2112 23
Gen 434s series C
Ref & gen as series D
.1 10112 Sale 0112 102% 43
1977
15
28
1980 A01 24.2 s
___ 234 Apr'34 ---Mita Mcli dc Y 2d gu 64
1934 3 1 --------101 Sept'33 ___ ___ ____
14
231:
Certificates of deposit
77 May'34 --8 77
Pitts Sh & L E ist g 5.1
1940 A 0 10454 -___ 10412 Dec'33 ___- - - ---- Warren 1st ref gu a 3448_ :2
F--A- -TT,: 81
--000
8844 79 June'34 --1st consol gold 58
1943 J ./ 10438 -___ 100 Mar'33 ____ ____ Washington Cent let gold 4s1948 Q M 79
79
79
100
100
____
__ Wash Term let an 3444
4
993
4
1943 MN 10178 -- -- 94 Oct'33 ____ ___
Pitts Va & Char let 48
93
A
10012
1945 F
.
.
80
56 -let 40-year guar 48
D 74 ---- 7913 June'34 ____
Pitts & W Va let 414e ser A_1958
1945 F A 1004 ,--- 95 Noy'33 _
56
794 Western Maryland 155 44_1962 A 0 854 Sale 8532
5
7938
8612 57
7 ie
let M 4 44 series B
1958 A 0 7938 Sale 7813
.
;-1 3-7- 12
96
1st al 4448 series C
56
80
1M & ref 544s series A_ __ _1977 J J 9534 Sale 9534
27
78
10 80
1960 A 0 7678 Sale 7234
9734
9414 100
West N Y & Pa 1st a As
Pitts Y & Ash let 4s ser A._1948 3 D 100 ---- 100 May'34 ____
1937 J ./ 10814 Sale 1064 10614 21 10254 10612
9 85 10311
10313
let gen 56 series B
General gold 4s
1962 F A 10918 ---- 10918 10912 20 101 1094
1943 A 0 103 Sale 103
50
____
MN
3812 56
50 50
Western Pao let Ife ser A_ _ 1946 M 8 3812 Sale 36
50 May'34 ____
Providence Secur deb 4s____1957
80
4634
Providence Term let 44
8438 53 8878 86
1956 M S 92 ____ 914 Apr'34 ____
81.12 9112 West Shore let 44 guar
2361 1 „I 8312 Sale 8313
8114
1
8138 8114
Registered
6512 8214
2361 / 1 80
82 98
48
Wheel & L E ref 444a ser A._1966 34 5 10014 101 100 June'34 ---97
Reading Co Jersey Cent coil 48'51 A 0 9614 Sale 9614
85 100
Gen & ref 4448 series A_ _ _1997 J J 10338 Sale 10234 10334 33 86 10334
Refunding sesames 84
1966 M 8 103 105 103 June'34 ---9312 103
100
10313 10
Gen & ref 444 series B__ _1997 1 J 10312 Sale 103
18
8613 10312
RR 1st consol 48
8614 100
1949 NI 5 9912 100 99
Rensselaer & Saratoga 64_ _1941 M N --------113 Oco30 ____ ____ Wilk & Eaat let an g 64
5138
5154
1
3938 597k
1942 .1 D 5138 54
_ _ Will & SF let gold 52
Rich & March let g 48
1948 MN 39 -___ 40 July'33 ____ ____
1936 1 D 10138 10214 10214 June'34 --- 100 10214
9934 10118 Winston-Salem S B 1st 44_1960 1 1 ---- 101 al00 June'34 --Richm Term By 151 gu 5_
81952 J J 10384-- 10138 June'34____
90 101
15
73 98 /W18 Cent 50-yr let een 4e 1949 .7 J
9614 14
23
Rio Grande Junc lot gu 58_1939 J D 934 18 9338
1312 Sale 1313
1312 2213
114 Oct'33 ___ ___ ___
938
1
4
938
Sup & Dui dly & term 1st 44'38 M N
1
938 Sale
938 17,2
/Rio Grande Sou 1st gold 45.19493 1
113 _ _ 314 July'33___ ____
Wor & Conn East let 4%8_1943 1 .1 65 ____ 68 May'34 -- 66 66
Guar 44 (Jan 1922 coupon)1940 .1 J
9374'
68 ---9113 57
Rio Grande West let gold 48_1939 J .1 87 Sale 85
58 64
4412 67
17
87
1st con & coil trust 4e A 1949 A 0 55
INDUSTRIALS.
15
25
17
16
*/14 I Ark & Louis lot 44s 1934 M 5 15 Sale 15
47
72
63 604 June'34 ___
Rut-Canada 1st gu g 44_ _1949 J J 60
35
+/Abitibi Pow & Paper ist 5s1953 1 D 35 Sale 3238
55
1813 4854
70 70
1941.3 J 88
70
5312 7832 Abraham & Straus deb 5341_1943
4
Rutland let con 434e
With warrants
98 105
10
A 0 105 Sale 10438 105
81 Ms & Grand bild let 4e
1947 1 J 10114- 0112 10112 10 86 10112 Adams Express coll tr g 48_1948 M $ 7812 80 80
83
3 62
8012
1996.3 J 9214 I13-12 9213 June'31
95
77
9212 Adriatic Elee Co ext174
5
St Lawr &Adr let g 5a
9014 110
1952 A 0 a95 Sale 95
97 884 June'34 -1990 A 0 91
56
69
70 69 June'34 ____
7954 88'a Albany Porter Wrap Pap 6s_1948 A 0 68
20 gold 68
Og & L Chem let MI g 44.-1948 1 .1
Ohio Connecting By let 4e_1943 M S
19383 D
Ohio River RR let g be
1937 A 0
General gold 58
Oregon RR & Nay corn a 45.1946 1 D
Ore Short Line let cons g 58_1948 .7 .1
Guar stpd cons 64
1946.3 J
Ore-Wash RR & Nay M.._ _1961 1 I
86 Sale
10014 ____
10338 __
10312 1-04
10374 Sale
11178 ____
11238 Sale
100 Sale
1,9 ___,...
New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 6.
t•
0
vk
....3,
Price
Friday
July 6.
Week's
Range or
Last Sale.
i•
1
Industrials (Continued)Bid
High No.
Ask Low
Allegany Corp coil tr 5a
1944 F A
68 Bale 6712
69
27
Coll a cony 58
8314 43
1949 3 D 8238 Sale 6112
Coll & cony 5a
1950 A 0 3514 Sale 3514
3712 83
Certificates of deposit
308 3718 365*
38%
5
Allis-Chalmers Mfg deb 5s__1937 M N
9912 Sale 9914
9912 33
Alpine-Montan Steel let 78_1955 M S 80
85 81 June'34 --_Amer Beet Sugar 68
99% 100 100
1935 F A
100
1
68 extended to Feb 1 1940____ F A
9312 9678 9314
9614
5
American Chain 5-Yr 68-1938 A 0 8634 8812 8634
87
4
Amer Cyanamid deb 56
1942 A 0 10212 Bale 10212 10278 18
Am a Foreign Pow deb 5a_ 2080 M S 52 Sale 50
52
81
American Ice sf deb 5a
75
71
74
1983J D 74
14
Amer I 131 Chem 201:11, 510_1949 M N 9734 Sale 9734
9813 55
Am Internet Corp cony 5148 1949 1 J 8334 Sale 8334
84
4
Amer Macb & Fdy e f 613_1939 A 0 106 Bale 106
2
106
Am Rolling MIll cony 641„ .1933 iid N 10514 sale 104
10514 66
Am 81:10 & R let 30-Yr 588erA
105
59
- '47. A 0 1037 Sale 10314
Amer Bug Ref 5-year 8.
1931 J J 10612 Bale 10514
10812
6
Am Telep d Teleg cony 4a
1936 I'd E3 104 ____ 10312 104
7
30-year eon tr 5a
1946J D 109 Sale 10834 10914 14
35-year a f deb 5e
111
210
1980 J J 11034 Bale 110
20-year a I 534s
112
117
1943 MN 112 Sale 111
Cony deb 410
1939 J .1 1093e Sale 10812 1093* 25
Debenture 58
11034 214
1985 F A 11034 Bale 1093*
tAm Type Founders (le ette_1940 ---- 301a 34
3018 June'34 ---Am Water Works de Electric10-yr 5.9 cony coll tr
/
10812 61
4 Bale 10738
1944 M 13 1081
Deb it tie eerie. A _ _ _ _1975 MN 8514 Sale 85
85/
1
4 28
Am Writing Paper let---88_1947 J J 2212 24
22
23
14
402
/
4 918
912 101
Anglo-Chilean Nitrate 78._1945 MN
5
Ark & Mom Midge & Ter 58_1964 M B 8618 Bale 86%
8812
5
Armour & Co (Ill) let 4)0_1939 .1 D 99 Sale 985*
9918 155
Armour a Co of Del 5)0_ _ _1943 J J 9734 Bale 9612
98
131
Armstrong Cork cony deb Si 1940.2 D 9934 Sale 9912 100
41
Associated 0116% g notes...1935 M S 10318 104 10312 10312
1
Atlanta Gas L let 5a
1947 J D 10018,...„ 10018 May'34 ---All Gulf & WI SS coil tr 55 1959 J J
59
4
59 Bale 59
Atlantic Refining deb 0_1937 J J 10714 Sale 10714 10712 23
Baldwin Loco Works let 58_1940 MN
Batavlan Petr guar deb 4)0_1942 J 3
Bell Telep of Pa 56 series B 1948 J J
let & ref Is aeries C
1960 A 0
Beneficial Indus Loan deb 6*1946 ea 8
Berlin City Elec Co deb 8)43 1951 J D
Deb sinking fund 630_1959 F A
Debentures 68
1955 A 0
Berlin Elec El & Underg610 1956 A 0
Beth Steel lst & ref 158-guar A '42 MN
30-year pm & Impt et 58__1939 J J
Bing & Bing deb 6%a
1950 IN B
•/Botany Cons Mills 13e 1934 A 0
Certificates of deposit_ .. _. A 0
*Bowman-Bilt Hotels 1st 713.1934
•Stmp as to pay of 2435 pt red_ I'd 5
*/13'way & 7th Ay 1st cons 581943.2 D
Brooklyn City RR let Si.. 1941 J J
Bklyn Edison Inc gen 5a A_1949.2 J
Can mtge 53 series E
1952 j .7
Bklyn-Manh R T see 68_1968 J 1
Bklyn Qu Co a Sub con gtd 58'41 MN
1941 ,,t y
let 58 stamped
Bklyn Union El 1st g 58
1950 F A
Bklyn Un Gaa 1st cons g 58_1945 MN
1st lien & ref 66 series A 1947 MN
Cony deb g 514a
1936.2 J
be
Denture
gold 58
1950 1 D
let Hen a ref series 14
1957 IN N
Buff Can El 4%s series B__1981 F A
/Buell Terminal let 45
1952 A 0
Consol So
1965 2 j
Bush Term Bides 5agu tax ex '80 A 0
By-Prod Coke let 510 A
1945 MN
Range
Since
Jan. 1.
Low
High
511* 74
44
6912
25
46
3614 4018
90% 9912
5614 8312
71 100
80
9614
84
908
9312 10314
35
5912
62
7934
83% 99
67/
1
4 87
um 10712
953* 11612
9912 105
10414 10712
10118 10418
10518 11038
10314 II/
10578 112
107 113
10318 11034
3018 50
10012 111
8414 90
2134 62
3
1734
83/
1
4 90
87% 997e
82
9812
86 100
10213 1048
95 10018
50
6112
10318 10712
10638 108 107 June'34 ---10612 10738 10514 1064 10
11234 Bale 1124 11312 39
11418 11434 11334 11438 66
1051
/
4 Sale 104
10514
6
4012 Bale 40
4034 42
37% 3618
35
38
6
36
16
3334 Bale 3334
3612 4012 38
4014
7
1137a 28
113 Bale 11218
1031* 104 10278 10388 49
June'34
---- 3712
3512
15%
4
1578
- 15
1414 -1134 1373 1112 June'34 ----
102 10712
1023s 116
106 114
106 1153*
84 108
36
6534
3534 87
333* 6514
38
74
99% 11538
99 1035*
30
3712
12
25
8
20
412 MaY'33 ---9
3
97 10
934 June'34 ---83
85 8214
83
2
1083* Bale 10734 10878 20
9
1075* 108'2 10712 108
116
102
102 Bale 101
- -- 6618 6814 June'34 ---i712 _ _ 5734 June'34 ---97
30
9678 Sale 9612
115
115 Bale 115
5
_--- 11712 June'34 ---117
--------158 Feb'34 - .
18
105
104 105 10414
108 109 108
10811
0
10812 Bale 10734 10812
6
12
55
55
55
52
2214
5
2214 Sale 22
4518 477 46
47
3
_,
8112
0
81 Bale 8012
....„ - 11
Ps -9772
86
10512 10954
1053* 110
9314 102
57
67
573* 5718
7512 9954
1063* 115
11078 11712
158 158
98 105
10414 10914
99 10812
50
60
1218 2612
4312 6012
6112 88
Cal G & E Corp unf & ref 56_1937 MN 1073* 108 107,2 June'34 ---22
103
Cal Pack cony deb 58
1940 3 J 103 Bale 10214
Cal Petroleum cony deb s f 5.'39 F A 103 Bale 10212 103
12
.
7
Cony deb a f g 510
104
1938 M N *104 Bale 104
Camaguey Sugar 78 cta
6
6
5
1942 _ _
6
4
Canada SS L let d4 gen 6e 1941 A-I3 30
32'2 30 June'34 --Cent Dist Tel 1st 30-yr 58_1943 J D
.
8
-- 10812 109
Cent Hudson G di E 5e_Jan 1957 M 8 1091810884
- 10814
10814 109
d
6518 27
Cent Ill Flee a Gas let 5a
1951 F A 6434 Bale 6412
Central Steel 1st g s t 8&
194l MN 109 110 108 June'34 ---6314 24
Certain-teed Prod 510 A...1918 MI B 6218 Bale 617*
184
Chesap Corp cony 55 May 15 47 M N 10712 Bale 10618 109
Ch CL a Coke let gu g 58_ _1937 j j 10538 Sale 10514
10534 49
•:Chicago Railways 1st as stpd
57% 5918 59 June'34
- ---F A
Aug1 1933 25% Part pd
Childs Co deb 5a1943 A 0 5112 Bale 511
52
/
4
10
Chile Cornier Co deb 5a_ _ _ _1947 1 j 8434 Bale
44
84
86
Cin 0 dr E let M 46 A
31
1968 A 0 102 Bale 10112 102
Clearfield Bit Coal let 4e._.1940 J J
- 6518 June'34 ---Colon 011 cony deb 65
5512 604 6014 June'34 --__
1938.2 J 65-:Colo Fuel & Ir Co gen a t 581943 F A 65 Sale 6012
60
65
Col Indus let & coil 58 gu__ _1934 F A
10
30
2734 297 2812
Columbia GI & E deb S. May 1952 NI N 89 Bale 8812
51
89
Debenture S.
8818 ..1
Apr 15 1952 A 0 885 8878 883*
8684 ,
Debenture 513
Jan 15 Dm j j 8614 Sale 85 4
..
3
Columbus BY P & List 4)4s 1957 J J 9612 9712 9714
9714
7
4
Secured cony g 5448______ 1942 A 0 10618 Salo 10618
10812
10318 10712
8612 103
963* 103
9918 104
2% 12
1812 3334
1043* 109
10418 10812
45% 6978
10118 112
5218 717k
96 110
98/
1
4 106
Commercial Credit a f 5As__1935 J J
Comml Invest Tr deb 510.1949 F A
Conn Ry & L 1st & ref g 410 1931 j j
Stamped guar 430
1951 J 3
Consolidated Hydro-Elec Works
of Upper Wuertemberg 78.1956 j j
Cone Coal of aldlet &ref 5a .19303 D
Certificates of deposit
Consol Gas(NY)deb 5)0_ _1945 FA
Debenture 4 48
1961.2 D
Debenture lis
1957 J 3
Consumers Gas of Chic gu 54 19363 D
Consumers Power let 5a C1952 MN
Container Corp let 6e
1948 3 D
15-year deb 58 with warr_1943 .1 D
Copenhagen Telep ris Feb 15 1954 p A
Crown Cork di Seal e f 6a_1947 J D
Crown Willamette Paper 6s_1951 J J
crown Zellerbach deb 5a w w 1940 M 8
•iCuban Cane l'rod deb 61.19501 .1
Cumb T & T let & gen 58_1937 .1 j
3712 Bale 3612
1918 Sale 193*
18
2078 20
107 Bale 106%
/
4
102% Sale 1021
105 Sale 1043*
104 Sale 104
108_
107%
9012
91 -93
72 Bale 72
8718 89 8713
105 106 105
933* Bale 938*
a94 Bale 094
33* Bale
3
1071
/
4 10718 107
Del Power & Light let 430_1971 3 J
151 & ref 410 _
1969 3 J
let mortgage 4 34s
19693 J
Den Gas & El List & rota 15*'61 MN
Stamped as to Penna tax 1951 MN
Detroit Edison 58 sec A
1949 A 0
Gen a ref be serial B
1955 1 D
Can & ref 513 serlos C
1962 F A
Gen & ref 410 eerie' D__1961 F A
Can a ref 58 series E
1952 A 0
Dodge Bros cony deb 65_-_1940 M N
Dold (Jacob) Pack let 60_1942 MN
Donner Steel 1st ref 7e
1942 3 3
Duke-Price Pow let 6s ear A_1966 MN
10412- _ 10412 June'34 ---102 1-03 102 June'34 ---1021* -- 10234 June'34 ---1024
10214 103/
1
4 102
1033*
1015 Bale 1018
6
11
107 _7 __ 10712 1071
10814 Bale 10712 10812 12
3
10712 Bale 10712 108
104 Bale 10334 10414 23
108
10734 Sale 10738
16
10582 90
10512 Sale 10518
9212
924 9212 9212
2
100 Sale 100
100
2
951
7
9512 Sale 935*
For footnotes gee Me 94.
-------109 110
10318 ___
10412 ____
101 June'34 ---1098
109
20
103
103
1
1048
.June'34 ----
.
39
5
2012 26
20
6
10712 48
10314 79
103
105
104
9
10814
8
9178
3
73
2
87'l 15
3
105
95'z 17
1
a94
33* 28
10714 20
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 6.
2--:
5i
uh
.,a.
93
Price
Friday
July 6.
Week's
Range or
Last Sate.
1.
1
Range
Since
Jan. 1.
Industrials (Continued)Bid
Ask Low
High No. Low
High
Duquesne Light let 410 A__1987 A 0 10714 Bale 10614
10714 58 10114 10934
let M a 4444 aeries
_1957 IN El 11014 ____ 11014 June'34 ____ 10212 110%
*East Cuba Sug 15-yrB.a 2710 '37 M S 1614 Sale 15
165* 15
7/
1
4 2212
Ed El III Bklyn 1st eons 0_1939 3 J 106 10684 106
1 10018 106
106
Ed Eleo(N VI let cons g 58_1995 J 3 12138 123 122 June'34 --_- 110 122
EllPow Corp (Germany)610'50 I'd
3914 Sale 3914
4012 34
3914 8911
let sinking fund 64*
40 Sale 3914
1953 A
4112 13
394 6914
1954 F
Ernesto Breda 78
____ 7818 8418 June'34 --_8338 89
Federal Light & Tr let 54-1942 10
78
83 80 June'34 ---64
82
5.9 International m11.38_1942 M
__ 8034 June'34 ___;.
75
8074
let lien a t 5s stamped
78
1942 10
7882
79
8214
60%
''
let lien 6e stamped
79 _--8418 91
1942 M
84 June'34
64
84
30-year deb tie series B
1954 J
___ 6812
6812
4
5113 8812
Federated Metals 52 75
104
67105 10214
1939 J
10214
2 101 106
Flat deb a t g 78
1946 J J 99 100
985
994
5
9712 102
Framerican Ind Dee 20-yr 710'42 1 J 107 Sale 107
10734 16 10212 110
N
/Francisco Bug lets f 7)0_1942 M
3412 Sale 30
35
18
19
41
Gannett Co. deb ile ear A....1943 F A
Gas* El of Berg Co emu a be1949 3 D
*Gelsenkirchen Mining _ _1934 M 8
Gen Amer Inveators deb6s58A1952 F A
Can Baking deb 5? 510
1940 A 0
Gen Cable let a 1 514s A
1947 J .1
Gen Electric deb g 3%e___ _1942 F A
Gen Elec(Germany)78Jan 15'45 J J
El f deb 610
1910 J D
20-year e 1 deb 6.
1948 M N
Gen Petrol let sink I'd 58_1940 F A
Can Pub Sem deb 510
1939 J 3
Gen Steel Cut 514e with ware'49 J 1
*Wen Theatres Equip deb 681940 A 0
Certificates of deposit
Good Hope Steel & Ir see 76_1945 A 0
Goodrich(B F)Co let610-1947 J J
Cony deb 134
1945 3 D
Goodyear Tire & Rubb let581957 M N
Gotham Silk Hosiery deb 66.1936 J I)
•IGould Coupler let s f 6s 1940 F A
Gt Cone El Pow (Japan)70-1944 F A
let & gen 5? 630
195(1 3 3
Gulf States Steel deb 5101
1942 J D
95 Sale 9334
95
5
110
____ 104 Feb'34 ---5812 Sale 58%
59
9
9812 Bale 97
9812 • 13
1047 Sale 10478
10478
1
76 Sale 7534
7614 16
104 10414 10414
10414
4
51
55
52
53
16
5234 Sale 5212
53
59
4912 Bale 4914
5018 61
10514 Bale 105
1053* 29
8512 9412 92
93
4
82 Sale 8112
8214 14
77
778 Sale
812 13
8 Sale
8
812
6
53 Sale 53
57
26
105 Sale 10434
10514 35
85 Sale 8434
8512 38
10134 Sale 10014
102
96
___•_ 8978 90 June'34 ____
15
1712 1734 June'34 --__
8112 Sale 8138
8112 18
758 Bale 7512
78
7
8818 8834 88 June'34 _-_-
793* 95%
104 104
5418 80
79% 9812
102 1063*
39
771g
100 10414
4838 65
48
6311
4534 6312
10312 108
76
943*
6218 8914
318 13
3
113*
53
6318
96 10514
72
90
8914 102
89
95
878 1918
6814 87
663* 79%
71
89
Hackensack Water let 0_1952 3 .1
Hanna SS Linea (is with warr_1939 A 0
Harpen Mining 68 with warr_1949 J J
Havana Elea donut g 5a_....1952 F A
Deb 540 urine of 1928.1951 M 6
*DIoe(R)di Co 1st 630 ser A1934 A 0
Holland-Amer Line 68 (flat).1947M N
Houston 011 tank fund 5%1_1940 MN
Hudson Coal 1st 5 f 5e ear A _1962 1 D
Hudson Co Cu 1st g 5e
1949 MN
Humble Oil(I Reaping 531-1937 A 0
Illinois Bell Telephone 50_1966 J D
Illinois Steel deb 4%s
1940 A 0
Wieder Steel Corp mtge 68_ _1948 F A
Tod Nat Gm & 011 ref 58_
1936 I'd N
1978 A 0
Inland Steel 1st 410
let Met 410 sec B
1981 F A
/Interboro Rap Tran let 64-1966 I 3
•10-year 6a
1932 A 0
Certificates of deposit ____ .-510-year cony 7% notes_1932 M 6
_
Certificates of deposit
Interlake Iron let 58 B
1951 IN N
Int AgileCorp
Co 1s1 a coil tr 54,Stamped extended to 1942.... 10 N
Int Cement cone deb 5s
1948 1111 N
Internet Hydro El deb 6a_ _ _1944 A 0
Inter Mere Marine s f 6a
1941 I 0
Internal Paper be tier A a B_1947 J .1
Ref a f &series A
19551W 8
Int Telep & Teleg deb g 4)4s 1952 .1 J
Cony deb 410
1939 3 I
Debenture be
1955 F A
Investors Equity deb 5e A 1947 1 D
Deb 58 ser IT with warr__ _1948 A 0
Without warrants
1948 A 0
1033* 104 10384 June'34 ---48
38
48 June'34 ____
6038 Bale 6038
60%
4
38
45 a38 June'34 --8% 934 8 June'34 _--32 Sale 32
32
1
39 Dec'34 ____
-- -. 25
8412 Bale 8312
8618 19
44 Sale 44
44% 50
1113 11212 11178 June'34 ____
10412 Bale 10414
10434 126
110 Bale 109%
11018 18
107 Sale 10812 107
35
37 Sale 38
3812 10
10218 Sale 10218
10218
4
9912 Bale 99
100
47
9934 Bale 9812
9934 108
7134 Sale 71
717 113
3212 Bale 3112
3312 32
--_ 2812 3212 May'34 ____
764 Bale 751
7912 21
74
728 74
7812 14
74 Bale 7314
74
10
98 103/
1
4
393* 5712
53
7018
37%
291*
7
93*
25
40
___
_
83 -88
_39
51
10514 11212
103% 10512
10534 1E02
1021* 10714
36
5911
94 1028*
88 100
851a 91134
65% 7214
8112 42
881g
32
7014 80
6713 78
60
7711
K C Pow & Lt lat 434a ear B 1957 1 J
1st Mtge 4148
1961 F A
Kansas Cu a Electric 410_1980 1 D
Karstadt (Rudolph) 1st 6s_ _1943 MN
Certificates of deposit
Keith (B F) Corp let 64_ __ _1946 IN S
Kelly-Springfield Tire 88_ _ _1942 A 0
Kendall Co 510 with warr_ _1948 M S
Keystone Telep Co 15t 5a___1935 J .1
Kings County El L & P 64_1937 A 0
Purchase money 6e
1997 A 0
Kings County Elev let g 0_1949 6 A
Kings Co Lighting let 5a_1954 J 1
First and ref 614e
1954 3 J
Kinney(OR)& Co 734% notes'86 J D
Kresge Found'n coil tr 68_1938 J I)
/Kreuger & Toll ol A re citte_1959 IN El
10634 Sale 10634
10714 14
10914 Sale 10834
10914 43
997e 101
997e Bale 98
29
3378 2812 June'34 _-_2612 Sale 2612
2712
9
6878
6818 69
69
6
____ 41
4214
43%
2
95 Bale 9412
95
25
75
81
7912 Je'34
June'34 ____
10712 ___ 1073*
10738
5
1398 1-45 140 June'34 ____
9112 Bale 9112
9234 47
10812
_ 109 June'34 ____
115 117-14 115
115
2
99 100
9812 June'34 ____
9912 Bale 9812
997
26
1418 Sale 14
1418 10
10012 10712
10018 11014
7213 997
19
36,2
1612 32
51
72
4214 59,2
7418 9512
733* 8118
104 107%
122 145
75
93
10314 109
108 120
8112 100
8234 100
1214 213*
107 108 10612 1071
5
91 Sale 91
92
6
90
917 9018
9018
2
63 Bale 63
6378 17
6214 Sale 62
621
12
1114 Bale 11
1212 67
10014
100 1001 10034
3
10012 10078 10078
1008
6
8734 88'2 88 June'34 ____
5712 6134 57 June'34 ____
51
60
58 June'34 ____
50
56
54
5484
3
954 15
9514 Sale 95
12732 12814 12714
128
6
11234 Sale 11218
113
23
10012 Sale 99%
101
45
80 Sale 80
80
2
123 124 123% 124
14
10714 Sale 10714
10712
7
10612 10712 10614
10678 21
83 Bale 82
83
2
97 10774
79
9512
85
93
50
69%
50
6974
518 1912
81 10034
80 1007s
7912 91
40
621s
423* 69
581*
40
8118 97
11918 12812
106 1133*
85 10218
76
98
11212 124
9912 10712
88 10678
51
8514
47
59,8
43
65
56
86
92 10278
5218 6518
583* 82
30
65
1712 331i
69
89
70
885
66% 88
Lackawanna Steel let 58 A too IN El
73
98
*Laclede G-L ref ,Sc ext 5s
1934 A 0
9014 107%
Certificates of depoalt._ __
_
Coll & ref 514a aeries C
--1953 FA
101 103
Coll & ref 530 series D
1960 F A
101 11(1
Lautaro Nitrate Co Ltd 64_1954 J J
103 103
Lehigh C a Nav I f 414e A 1954 J 3
97 10434
Cons itink fund 4 Ne set C.1964 3 J
Lehigh Val Coal let & role 155'44 F A
3612 60
let & ref .1 lia
1954 F A
12
2514
let a ref a 1 5s
1964 F A
1114 24
1st a ref e t 5a
1974 F A
1011 10712
Secured 6% gold notes
1938 1 /
9038 10314 Liggett & Myers Tobacco 74_1944 A 0
9712 105
Se
1951 F A
100 10518 Loew's Inc deb I 168
1941 A 0
10012 10814 Lombard Elea 7e ear A
19523 D
70
9612 Lorillard (P) Co deb is
1944 A 0
52
8114
lki
1951 F A
7518 95
Louisville Gag a El(Ky)66_4962 MN
973* 107
Lower Austria Hydro El 614s1944 F A
791* 93
70
96
/McCrory Stores deb 530_1941
2/
1
4 83
Proof of claim filed by owner__ _
10312 1073* McKesson & Robbins deb 61050 MN
nalanatt Sugar 181 a f 710_1942 A 0
9414 1058
Certificate/10? deposit
*Stinpd Oct 1931 coupon_1942 A 0
895* 103
94 104
Certificates of deposit...... --86 10278
+Flat stamped modified.
_ .
8734 10314 1Manhat Ry(NY)cons g 441-1990 l\-0
963 10734
Certificated of deposit
_968 10812
2d 4e
20133 b
963* 1084 Manila Elee RR a Lt a f 54_1953 IN El
89 10518 Mfrs Tr Co cue of partio In
97 108
A I Namm a Son 1st 68_1943 J D
98/
1
4 10534 Marlon Steam Shovel a? 6+1_1947 A 0
7978 93 Market St Ry 78 sec A _April 1940 Q 3
94 102
Need Corp 1st Os with warr_1945 IN N
7412 98% Nieridlonale Else let 7s A 1957 A 0
7934
93
59
537
723
57
6112
6812
633*
8212
98
9712
81
Sale
Sale
Sale
Sale
Sale
Sale
Sale
Sale
9814
Bale
98
8012
9218
5714
538
7212
57
60
6718
63
98
98
98
8012
1
93
32
5934 70
5484
5
74
22
59
37
6112 75
6812 60
6312 201
98
19
98
1
98
4
62
797g
40%
44
57%
38%
4814
57%
52
82%
88
gm
84%
93
6938
8312
82%
73
693*
73/
1
4
69114
98
98
gg
60
601
8211 Bale
1612 22
15
20
16
20
10
163*
15
35
4714 Sale
3918 Sale
30
32
84% 931g
6212
6212
1
8112
83
46
16 June'34 ____
1812 May'34 ____
1 75* June'34 ____
20 Feb'34 ____
20 Feb'34 ____
4612
4914 22
39
40
28
31
31
1
82 June'34 -__
50
5812
9
10
10
6
15
4218
37
30
82
86
8674
233*
20
20
20
20
5112
46
40
97
7012 75
55
56
88 Bale
7612 Sale
9234 987e
71
71
1
55 June'34 ____
88
893 101
7612
78
27
a9278 09278
5
60
44
68
53
9118
7774
•111
9112
81
118
,
New York Bond Record-Concluded-Page 6
94
BONDS
fi Y. STOCK EXCHANGE
Week Ended July 6.
•
i1
No,
Free
Friday
July 6.
Week's
Range or
Lan Sale.
;.
.0.,
020
Range
Since
Jan. 1.
Industrials (Continued)Bid
High
High No Loin
Ask Low
Metr Ed lit dr ref 53 ler 0_1953 1 J 100 Sale 100
1004 16
77 10114
1968M S 9.413 sale 9412
9434 17
lot g 43Se series D
71
95
Metrop Wat Sew & Dr 5349_1950 A 0 89 Sale 8858
9212
80
7
89
*Met West Side El(Chic)48 1938 F A 1012 1214 1012 Jone'34 ---18
10
Meg Mill Mach lat a 1 75_1956 J D 47 68 55 June'34 ---60
78
Midvale St &0coll tr a f 58_1938 M S 10234 Sale 10214 10318 98 97% 1034
834 21
8312 814
Milw El Ry & Lt let 56B
1961 .1 D 82
57 8513
1971 J .1 8114 sale 8012
lit mtge 5e
8114 10
56
85
Montana Power lit 53 A
1943 J J 100 Sale 9978 10012 16
7913 10012
Deb 53 series A
1962 J D 77
8012
53 8134
1
8012 8012
Montecatini Min & AgileDeb g 78
19373 J 93
9812
7 91
94
95 934
Montreal Tram lot dr ref 58_1941 J J 994 Sale 9914
9518 101
5
9914
Gen & refit 5s series A 1955 A 0 784 8138 8214 Apr'34 ---8214 8214
Gen & refit Si series 13 1955 A 0 7834 86
74
74
74 Feb'34 ---Gen & ref s f 434a series C.1955 A 0 73
7538 76
76
76 June'34 ---Gen & ref a f 5s aeries D 1955 A 0 783 -- 85 Mar'34 ---83 85
Morris & Co let of 434s__._1939 J J 984
8412 9918
9878 18
4-9578
- 9812
Mortgage-Bond Co 45 ser 2_1966 A 0 3312
4058 Dee'33 --- ----Murray Body let 834s
88 100
-1934 J D 96 -9634
_-- 9512 June'34 --95 10518
Mutual Fuel Gas let lug 58_1947 MN 10412 __ _ 104 May'34 ____
97 10312
1
Mut lin Tel gtd ea ext at 5% 1941 MN 10212 Bale 10212 10212
Kamm (A I)& Son-See Mfrs Tr
Nassau Eleo 601 g 45 sted--1951 J 3
Nat Acme 1st if es
1942 J 11
Nat Dairy Prod deb 5348-1919 F A
Nat Steel let eoll 55
1956 A 0
Newark Consol Gee Cons 58-1948 I CO
Newberry (JJ) Co 534% notes'40 A 0
New Eng Tel & Tel 58 A
1952 J1 D
lot g 4343 series B1961 MN
NJ Pow & Light let 4348_1960 A 0
New On Pub Sery lit 55 A 1952 A 0
1955 1 D
First & ref 5s series B
N Y Dock 18t gold 48
1951 P A
1938 A 0
Serial 5% notes
NY Edison 1st & ref 8343 A.1941 A 0
let lien & ref 5a ()Mee B I944 A 0
let lien & ref 58 series C 1951 A 0
NY Gas El Lt H de Pow g 58 1948 .1 D
Purchase money gold 48 1949 F A
NYLE&WCoal& RE 5448'42 MN
NYLE&WDock&Imp 53'43 3 J
NY Rya Corp Inc 13s___Jan 1965 Apr
Prior lien 68 series A
1965 J J
N Y dr Richm Gas lit Ele A_ _1951 MN
IN Y State Rya 430 A ct18_1962 --6343 series B certificatea_1962--1947 MN
NY Steam 8s series A
1951 MN
1st mortgage 53
1956 MN
let mortgage es
NY Telep 1st & gen if 43.481939 MN
19463 D
NY Trap Rock lit 88
Niag Lock &0Pow let he A 1955 A 0
Niagara Share deb 5D3
1950 M N
Norddeutache LloYd 20-yr8165'47 MN
Certificatesof deposit _ _ _ ___
Nor Amer Cem deb 834e A_ _1940 M S
North Amer Co deb 5s
1961 F A
No Am Edison deb 53 set A_1957 M El
Deb 534. Leer B-Aug 15 1963 F A
Deb 5s ser C
Nov 151969 MN
Nor Ohio 'frac & Light 641_1947 M E3
Nor States Pow 25-yr he A__1941 A 0
lit & ref 6-yr 68 ser B_ _1941 A 0
Norweg Hydro-El Nit 5345_1957 MN
Ohio Public Service 730 A__1946 A 0
let & ref 70 series B
1947 F A
Old Ben Coal 1st 63
1944 F A
Ontario Power N F lit 5E1_1943 F A
Ontario Transmission lot 55_1945 MN
Oslo Gas & El Wks extl 58..1963 54 B
OiD Steel 1st mtge Si tier A_1941 M 13
Pacific Coast Co Ist g 5&..l946 J D
Pacific Gas& Ellen & ref 65 A '42 1 i
Pacific Pub fiery 5% notea_ _1938 M S
Pacific Tel dr Tel let 5a
1937 .1 J
Ref mtge 58 a•ries A
1953 M N
•/Pan-Am Pet Co(Cal)cony 13340 J D
Certlficatee of deposit
Paramount-B'way let 530..1951 1 .1
Certificates of deposit
*:Paramount Fam Lasky 65_1947
*Proof of claim filed by ownerJ D
Certificated of deposit
*IParamount Pub Corp 534s 1950 V A
*Proof of claim filed by owner.. ---Certificates of deposit--iiia ---Park-Lex 6Hs MO
Parmelee Trans deb Els
1944 A 0
Pat & Passaic GA E cone 581949 M 61
Paths Exch deb 73 with warr 1937 M N
Pa Co gu 334a coll tr A reg 1937 M S
Guar 3Hs coll trust ser B_1941 F A
Guar 3340 trust ctla C
1942 J 11
Guar 3428 trust ctfs D
1944 3 0
Guar is ser E trust ctfis-- -1952 M N
Secured gold 4448
1963 M N
Penn-Dixie Cement lot 63 A 1941 M S
Pennaylvanta P & L let 4 yie win A 0
Peop Gas L & C 182 eoe8 88,1943 A 0
Refunding gold Si
1947 M S
Phil& Co sec Si series A
1967 J 0
Pinla Elec Co lit & ref 434121967 MN
led & ref 45
1971 F A
Phil.& Reading C & I ref 581973 1 J
19491W 53
Cony deb 88
Phillips Petrol deb 5301-- _1939 1 D
Pillsbury Flour Mills 20-yies'43 A 0
Pirelli Co (Italy) cony 78_1952 M N
Pocah Con Collieries 15t if Ss '67 3 .1
Port Arthur Can & Dk ea A_1963 F A
1953 F A
let mtge 62 series 13
Port Gen Elea lst 4%88er c 1960 M s
Portland Gen Else let 5e__ _1935 3 1
Porto Rican Am Tob cony 681942 J J
Postal Teleg & Cable coll 58_1953
J
.:Pressed Steel Car cony g 531933 J J
Pub Ben,El & G let & ret 4354'67 J D
lit & ref 432s
1970 F A
1st & ref 4s
1971 A 0
Pure 011 s f 534% noted__ _1937 F A
13 1 534% notes
19401W El
J
Purity Bakeries a f deb 58_1048
tRadio-Keith-Orpheum pt pd cthe
for deb 68 & corn stk (65% pd)_ - *Debenture gold 68
1941
Remington Arms lst 8 f 6i_1937 M N
Rem Hand deb 5348 with narr'47 MN
Repub I dr E3 10-30-yr fni s L1940 A 0
Ref & gen 540 series A.,l963J J
Revere Cop & Brass de ser A 1948 M El
J
1946
Rhelnelbe Union a f 78
Rhine-Ruhr Water aeries &,,1963J J
Rbine-Westphalla El Pr 7s-1950 M N
1952 MN
Direct mtge 68
Cons mtge Si of 1928 1953 F A
Cons M 68 of 1930 with warr'55 A 0
3
59
59 Sale 59
85 June'34 85
9834 149
9834 Sale 9734
95
105 Sale 10354 105
11038 -- -- 10978 June'34 ____
4
10378 Sala 10313 10378
3
11378
11354 Sale 113
110 Sale 10912 11014 16
8912 Sale 8912
9012 50
58 Sale 57
5854 28
8714 Sale 5718
5858 30
8
5754
.5734 Sale 57
8
4534
44 Sale 44
34
114 Sale 11312 114
10818 109 1074 10858 15
10814 Bale 10758 10838 95
3
115 11852 11512 11512
10612 Sale 10484 10612 40
9214 947s 90 June'34 --__
100 103 100 May'34 --734 9
712
8
23
12
70
70 Sale 70
10514 ---- 106 June'34 --314
1
334
334 Sale
314 458 438 June'34 -__
6
10938
10912 --_- 109
45
196 Sale l0518 106
9
105 Sale 10484 105
10858 Sale 10812 10878 38
4
5512
5512 Sale 5518
1
103
10358 105 03
18
89
69 Sale 6812
16
@FedFRASER