The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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 N 2 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 T 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. T 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- T 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. Volume 139 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