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The Financial Situation
HE President yesterday sent to Congress the other—particularly on the scale here suggested—is
expected message concerning "certain largei fraught with great hazard. The business man may
plans" of his Administration. It would be more well become anxious over the prospect of any such
accurate to say that he has handed to the press, and, undertaking at present. The President's message is,
through it, to the public, a kind of apologia pro vita or ought to be, a challenge to reasonable men and
inta to which certain vague promises for the future women throughout the land.
are attached, the whole of which constitutes an inThe Drouth and Its Consequences
formal platform upon which he would like to see
members of his party conduct their campaigns and
HE attention of the entire business community,
be returned to Congress. The picture is doubtless
long largely centered upon Government policies,
"noble in motive," but it is
has now in substantial deshadowy in outline even for
gree been turned to the
a political pronouncement.
disaster wrought by nature
Taking Stock
The President is, for the
in the agricultural regions
It became known on Thursday that a
most part, engaged in articof the West. While it may
gathering of leading industrial figures has
been scheduled to take place at Hot
ulate worship of ideals towell be that precipitation
Springs, Va., on June 16 for the purpose
ward which we all like to
within the past few days
of comparing notes of their experience
believe the whole creation
under the NRA codes. The roster of those
has lessened and future
expected to attend is impressive. The promoves. His defense of the
rainfall will further ameliceedings are to be conducted in private and
means that have been emorate the hardships thus
discussion is, according to press accounts,
to be "free and frank."
ployed, and others that are
suffered—there is a possiThe Recovery Administration is to be repsuggested, for the realizability that the situation as
resented in the person of Mr. Harriman,
tion of the dreams are, of
Special Assistant to the Director. Most
it stands has been exaggerof those attending are members of the socourse, no more convincing
ated—it would none the less
called Business and Advisory Council of
than such documents usube depreciating the presthe Administration, and are therefore individuals whose opinion presumably is
ally are—indeed, not even
ent situation were it desigvalued by the Government at Washington.
as convincing.
nated by a lesser name than
An opportunity to be of real service to
But submerged in this
country
"disaster."
large
presented.
is
at
here
the
With perfect candor be it said, industrial
flood of words are a number
The President has estileaders throughout the country can well
of declarations that should
mated
that some 125,000
searching
of
soul
mind
little
in
and
a
do
connection with their relationship to the
not escape the attention of
families in the worst of the
NRA program, and wise and honest ultithoughtful men. In the
drouth sections have been
mata are what is called for at this time.
first place, it is evident
made destitute, and will be
It is to be hoped that these able leaders
of the business world will go to this meetenough that the President
in
actual want until next
ing determined to discuss the problems in
is thinking of many parts of
year's crops are harvested.
hand as earnestly, as dispassionately and
his direct and indirect reas unselfishly as is humanly possible, and
Others are seriously though
to speak as frankly and as forcefully as
lief program not in terms of
less drastically injured. Of
they know how. Encouraging, also, to
temporary emergency, but
those to whom the welfare of the country
course, there is no occasion,
is uppermost, would it be if reliable assurof permanency. He speaks
as
Mr. Roosevelt points out,
ance could be obtained that the Governof "the appropriation of a
for hysteria concerning a
ment will listen sympathetically to the
report to come.
large, definite annual sum"
national famine; however,
A plain word,perhapsan unwelcome word,
to be employed in the "atthe
effect of the shortage
of caution, however,seems in order. Many
tack on impossible ecobusiness men in this country must reupon the supply of foodlinquish their greed for monopoly if real
nomic and social condistuffs will no doubt be sufprogress is to be achieved in these matters.
tions." Such statements,
ficient to cause market and
As long as so many are anxious to all but
sell their souls for the privileges of pricecoupled with the child-like
price disturbances that will
fixing and controlling production in furfaith which the President
have far-reaching consetherance of their individual ends, we shall
clearly exhibits in what is
make little headway.
quences. These consequenknown as "managed econces will naturally be needomy," ought to give every
lessly magnified it undue
realistically minded citizen pause. They ought also speculation in the products in question is encourto arouse him to the need of becoming courageously aged or even permitted.
articulate before all this madness brings the whole
economic structure down upon our heads.
Another Half Billion
Most important among the other proposals and
Despite the enormous volume of funds already
implications of the President's message is the sug- placed at the disposal of the President for direct
gestion that "next winter we may well undertake relief—estimated by competent students of the apthe great task of furthering the security of the citizen propriation bills at from $3,200,000,000 to $3,700,and his family through social insurance." That the 000,000—the President has decided to ask for anPresident is deadly in earnest in this matter is indi- other $525,000,000 to be expended for special relief in
cated by the fact that preparatory work for the the drouth regions. Of course,no one who has cut his
formulation of a program of this sort has actually eye teeth will fail to connect this action with the fact
begun. Apparently the program that the President that this is an election year in which a great many
has in mind is to be a broad one, including all the officeholders must stand for re-election by the resibranches of so-called (but not really) social insur- dents of the suffering States—as well as other States.
ance. The best social insurance is careful and
But however this may be, it would be inexcusable
efficient business and financial management. Any folly to ignore or to gloss over the effect such a
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spending program must have, and indeed is having,
upon the national budget. It requires an extraordinary degree of optimism or naivete to suppose
that the Administration is likely so to alter its policy
on such matters within the next year that a really
balanced budget in 1936 will fall within the range
of possibility, regardless of assurances given at the
first of the year on the subject. Indeed the President
is now reported by the press to be referring to future
budget problems as "bridges to be crossed when
they are reached."
It is of real importance that the public gain a
clear understanding of this whole relief program and
all that it implies. So far as the drouth areas are
concerned, if conditions there are approximately as
distressing as they are currently said to be. relief
from some source is clearly imperative. Whether
the task of affording this relief ought to be assumed
in toto by the Federal Government is another and
vastly different question which involves the addition
of another half a billion or more to the budget for
the purpose. To the man of prudence and foresight
it seems clear that it would have been much wiser to
do whatever is necessary in these districts with the
funds already provided for direct and indirect relief.
The Relief "Complex"
It appears necessary once more,even at the risk of
charges of inhumanity and slavishness to what some
people are pleased to term "out-moded conserva
tism," to call attention to the effect this "relief" philosophy of the day will inevitably have, and indeed
is already having, upon the habits, mode of thought
and, consequently, the character of the American
people. Time was when the American business man,
finding himself in a difficult situation, went to work
to save himself, neither seriously asking nor expecting anyone else out of kindness of heart to come to
his rescue. The policy was of course not universal,
else we should not have created our system of exorbitant tariffs or inaugurated our campaigns for ship
subsidies and bimetallism. Nevertheless, it was the
rule. To-day it seems that any and all business
men, and for that matter anybody else who finds
himself hard put to it, hasten to Washington or
to some politician to set up a cry for "relief."
Most of them, moreover, manage sooner or later
to get at least a large part of what they demand,
not realizing that they themselves will indirectly
furnish the "relief" they are thus obtaining. It was
upon a basis of reasonable self-reliance (absit omen)
which asked no more than a fair field and no favor
that the nation grew to greatness, and it is upon
some such foundation that it will continue to maintain itself in real health and vigor. Such are the
plain facts of the case. Let him who will dissent.
The course we are now laying for ourselves can but
lead to ultimate disaster. It is imperative that it be
changed without delay, curtailing at every point possible instead of continuing to increase expenditures
for "relief" and "recovery" purposes.
June 9 1934
States of the West was worse than calamities of comparable proportions caused by a recent earthquake in
certain large cities, since in the latter case much
"employment" would be "created" in the process of
removing debris and rebuilding. This seems to imply that in such disasters, the more extensive the
destruction of capital goods the less severe the
calamity. Stated baldly along these lines of reasoning, it is advantageous to destroy large amounts of
wealth of one sort or another in order to provide employment in its re-creation. Such statements as this
by a man under unusual stress and without opportunity for serious reflection could be excused, if so
much of the program usually referred to as the New
Deal did not seem at one point or the other to rest
upon just such hopelessly fallacious conceptions of
recovery and the means by which it can be induced.
The Labor Situation
HE labor situation seems to be less menacing
than it was a week ago. Apparently the Minneapolis and Toledo crises have passed, and the threat
of an immediate outbreak in the textile industry has
been eliminated. In the iron and steel industry the
situation is still critical, with the outcome as uncertain, at this writing, as when the first rumble of
dissatisfaction was heard, but there is a rather widespread feeling of confidence in financial circles
that ways and means will be found to avert for the
time being at least an extended strike. At the same
time many smaller and less dramatic labor situations
continue in existence in various parts of the country,
and no observable progress has been made in getting
at the roots of the difficulties in the field of industrial relations, and not much need be expected unless
and until there are some fundamental alterations in
broad national policies which in the last analysis
have given rise to existing difficulties. But if the
country for a period at least is to be spared widespread strikes and outbreaks of violence, we have
something of importance to be thankful for.
T
"Right Turns" and Inflation
S
. SERTIONS,often rather confidently made, continue in a good many quarters to the effect
that the President has turned definitely "to the
right," whatever that means, and that the business
community can with reasonable assurance count
upon less troublesome administrative policies during
the remainder of this year at any rate. Curiously
enough such appraisals of the course of events at
Washington are, as has often been the case in the
past, accompanied by rumors of further reduction in
the gold content of the dollar and other steps of a
generally similar import. The differences of view
and confusion of counsel are perhaps the unavoidable accompaniment of perplexingly conflicting policies, but they are remarkable for all that.
As to the idea, if any one seriously entertains it,
that the Administration has seen a burning light
from Heaven or heard a voice calling upon it to forsake its ways of the past and to guide its feet by more
Strange Reasoning
orthodox gospel in the future, it may be dismissed
NSOUND ideas prevalent in official circles about without further thought. There has been
no basic
practically everything that has to do with the consistency in its program from the first. It
has
principles of economics and finance curiously betray always felt free to move in several directions at
the
themselves from time to time in public utterances. same time. Several legislative enactments that have
The President in his interview with the press the recently been placed upon the statute books with the
other day is reported to have made the remark that approval if not at the insistence of the President,and
the disaster produced by drouth in the agricultural a number of others, such for example as the Wagner
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Bill and amendments to the Agricultural Adjustment measure apparently scheduled for adoption, as
well as the program of social reform upon which the
President is said to be planning to ask legislation
next January, hardly proclaim an Administration
devoted to financial and political conservatism.
Just why the fact that the Treasury is determined to
refund callable or maturing securities into obligations of somewhat longer terms than have unfortunately been the custom in the past should be
construed as an indication of return to general orthodoxy, it would be difficult to say.
no political preparation for important tariff concessions has been made. The President, early in his
campaign for election, gave some fairly explicit assurances on the subject, but they were so hedged
about by later reservations and conditions that the
campaign closed without anything remotely resembling a "mandate" on the subject. Many if not most
of the national policies of the Administration have
made more difficult any effective tariff reductions. The nationalistic spirit has been nurtured
consistently by this Administration.
A Hidden Hazard
Already the President has felt it incumbent upon
him to place "fees" upon the importation of cotton
rugs as an offset to additional costs imposed upon
domestic manufacturers subject to the National Recovery Administration codes. More recently he has
notified a member of the Senate from a wool growing
State that he has no intention of doing anything
under the Act that would tend to depress the price
of wool, or for that matter, apparently, any agricultural product. The textile industry, or some of
it, is said already to be cultivating hopes that the
new law will be used to raise rather than to lower
tariff rates on its products, burdened as they are
with arbitrarily imposed additional costs resulting
from "new deal" legislation. No one can doubt that
similar attitudes will be adopted by each and every
industry that finds itself threatened with additional
competitive imports. Meanwhile the country at
large has been led not to feel the urgent need of permitting import trade to develop in a normal way.
Where then will the President find a group of important competitive products, the present tariff rates
upon which it will be politically feasible to reduce?
Perhaps the best frame of mind we can adopt is to
hope for reasonable success, but be prepared for
failure. Certainly to hope for quick results of consequence would be unjustified.
There is underlying danger in all this talk of an
Administration suddenly turned conservative. The
danger of the kind of inflation that is feared by all
sensible men and desired only by the speculatively
inclined elements and the monetary fanatics in the
country would be enormously enhanced should the
rank and file of the community finally come really
to 'believe that the Government at Washington was
done with the tactics that have seriously hindered
business progress during the past year or a little
more, while as a matter of fact it continued its
tremendously extravagant program of spending and
its other activities designed to lay the basis for and
to encourage inflation. A wide • range of price
ehanges through tinkering with money values and
credit is most likely to occur when the impression
prevails that nothing out of the ordinary is being
done.
Let the business community once more gain a feeling of assurance and the general public feel safe in
spending its income more freely for articles it desires, and the danger of monetary and credit disaster will become formidable. It is therefore of first
importance that the Government not be credited with
a return to real orthodoxy in monetary and credit
matters until more reliable indications are given.
Otherwise continuance during the coming fiscal year
of the enormous extraordinary expenditures by the
Government—according to current estimates these
may well run to $6,000,000,000—can easily lead to
catastrophe.
The New Tariff Program
UR embarkation upon a new course in tariff
making is now assured. The President is
granted powers never 'before enjoyed by one holding
his office. Heaven knows there is need enough for
a sharp revision of virtually all tariff and kindred
arrangements of the entire world, and ours are certainly no exception. There is a good deal to be said
for the method now to be tried in an effort to institute needed reforms. The need of a realistic attitude toward such matters, however, demands that
we employ a reasonable skepticism. The measure
as it went to the President imposes troublesome restrictions in respect of most-favored-nation clauses,
and furthermore entails the compromise arrangement under which the President must notify industries affected by proposed changes and hold formal hearings on the subject. Whatever may be said
in favor of these provisions, they unquestionably
to a great extent make progress with the actual work
in hand more difficult and time-consuming.
But the real difficulty, apart from those inherent
in the nationalistic philosophies of foreign peoples
at present, will doubtless be found in the fact that
O
Pressure for Higher Rates
The New Bankruptcy Law
NOTHER of the current legislative projects to
reach the statute book in the course of the
week is the new bankruptcy law. Like so many of
the enactments of recent months,this measure calmly
ignores the time-honored principle of the inviolability of contracts. Creditors, if they do not happen
to agree with reorganization managers who have succeeded in one way or another in obtaining the support of the holders of two-thirds of the claims
against the concern in question, are dealt with as
though they had no contractual rights at all. Those
who become creditors in the future may reasonably
be viewed, one supposes, as having done so subject
to the provisions of this act. In that case the prudent
among them will doubtless consider carefully before they commit themselves. To the ordinary layman, unversed in the intricacies of legal sophistry, it
would appear that contracts, under which existing
creditors hold claims upon corporations, are impaired by this law as truly as were those affected by
the Arkansas law declaring a moratorium on liens on
life insurance policies, an act that only last week
the Supreme Court declared to be in direct violation
of the Constitution of the United States. Evidently
there are several sections of this new bankruptcy
act which will be obliged to undergo judicial scrutiny. The law is offered by Washington as a long
step toward promoting dispatch and justice in bank-
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Financial Chronicle
ruptcies and reorganizations, which have long been
difficult business at best. As for ourselves, we find
it difficult to suppress the suspicion that it is even
more welcome to designing debtors and interests
close to them. At any rate the act now takes its
place along side of several others tending definitely
to suggest that investors in the future exercise extraordinary caution in their commitments. The present trend is hardly conducive to that frugal saving
and free investment of funds so essential to normal
industrial progress.
To End Price Fixing?
HE National Recovery Administration on Thursday issued a statement which is described in
Washington dispatches as indicating that an early
end is to be made to price fixing under the codes
except in clear-cut emergencies. There are many
who will wish that the press accounts of what was
actually said bore out more fully such a description
of the new policies of that organization. What appears to have been decided upon is a modification of
the collusive price practices now allowed, which may
and probably will make outright price fixing less attractive. How much farther than this these changes
will go remains for the future to determine. Certainly, he would be an optimist who supposed for a
moment that any such policy as is described would
bring an actual end to price fixing in American industry. A number of somewhat technical changes
are, apparently, to be instituted in what are known
as the "open price" provisions, and it is said that
henceforth code agreements will specifically provide that no cost accounting methods may be forced
upon any enterprise. Compulsory cost systems were,
as is well known, often nothing more nor less than
poorly concealed methods of dictating prices. At
any event it is encouraging to note one more bit of
evidence of even belated realization among public
officials that the recovery program has been pursuing the wrong course, and an evidence of willingness
to correct obvious blunders of the past.
T
National Credit
HE Federal Treasury has again during the past
week undertaken to test its standing in the
securities market, and has once more been able to express gratification at the response. The offerings of
$300,000,000 in twelve to.fourteen year 3% bonds and
$500,000,000 in five year 21/
8% notes were, according to official information, subscribed for eight or
nine times over, including of course all the "padded"
subscriptions. Both issues promptly went to premiums in the over-the-counter market on a whenissued basis. Confidence in official circles that the
Government can henceforth sell long-term obligations at very low rates of interest is said thus to have
been greatly strengthened.
The showing thus made is remarkable in more
ways than one. Let us be perfectly candid with ourselves about this matter of the national credit. If
we are willing to face the facts squarely we shall
have, first of all, to remind ourselves that the market
for Government obligations is thoroughly and systematically "rigged" for the purpose of keeping
prices at high levels. Not only are all. these issues
now being offered partly or completely tax exempt,
but they are likewise specially favored by admission
to the Federal Reserve banks as collateral for loans.
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June 9 1934
Official Manipulation.
Nor is this all, or nearly all of the story. The
present Administration has in its maze of corporations, funds, and other accounts developed a
mechanism admirably adapted to conceal support and "boosting" of the market for its obligations by the employment of methods repeatedly
and uncompromisingly condemned in Washington
during the investigations leading up to the Securities
Act of 1933 and the National Securities Exchange
Act, and in the provisions of these acts themselves
from which all Government securities are completely
exempted. Moreover, sundry Government policies,
including those designed to regulate with a trend
toward suppression of ordinary transactions in securities, have succeeded in absorbing the flow of new
securities at the same time that excess reserves in
the banks of the country have been enormously enlarged by Government action. Just what the ability
of the Treasury would be to place its obligations with
investors, or any one else, under normal conditions
remains a subject about which we can only conjecture. What its credit standing would be if full
and candid consideration were given to the true
state of Government finances is equally open to
question.
The Securities Act Amendment
LAWYERS and others have been studying the
terms of the amendments to the Securities Act
of 1933, now a part of the law of the land, there has
developed a rather marked, and to many a surprising, difference of opinion on the subject. One well
known firm of lawyers specializing in the financial
field has definitely taken the position that these
amendments go so far toward correcting the faults of
the original act that issuers and bankers can afford
now to proceed with new offerings with immunity.
On the basis of these changes statements have once
again become common that a substantial volume
of new issues, chiefly refunding in nature, are being
prepared for offering within the next few months.
Predictions of a volume of such new offerings running as high as several billions before the end of the
year have been heard in financial districts. The
Chamber of Commerce of the United States estimates
the volume of new offerings during the remainder of
the year at $1,000,000,000. It is unfortunately necessary in the interest of truth to add, however, that
this more roseate view of the matter is by no means
unanimously held by those in financial circles
who are in a position to judge, or even among
most expert legal authorities. Quite to the contrary,
there is excellent opinion that the amendment in
question is grossly inadequate, while other equally
authoritative opinion take the middle course. With
all this divergence of view the average man can only
hope that the more encouraging appraisals will prove
eventually to be correct.
A somewhat more hopeful attitude concerning the
effect of the National Securities Exchange Act is
likewise to be observed. Wall Street during the past
week has been notably inclined to find encouragement in the reflection that with a reasonable and efficient administrative body it may well prove possible
to conduct a reasonably satisfactory business In
securities under the act, although the fact is appreciated by all that a hostile administration can
harass a broker to a most annoying degree. It is to
IN
Volume 1.1*
Financial Chronicle
be hoped that responsible groups in the Street who
are building hopes of a sympathetic administration
of the law will not be disappointed.
The Federal Reserve Bank Statement
HANGES in the current condition statement of
the twelve Federal Reserve banks reflect only
a continuance of tendencies previously noted. The
Treasury again deposited large amounts of gold certificates with the institutions, the scale of such deposits far exceeding the actual receipts of gold from
abroad and from American mines. The certificates
deposited amounted to $58,126,000, although imports
were approximately $10,000,000 in the week covered,
while receipts from American mines were a further
$4,000,000, indicating that some $44,000,000 of the
certificates represented "profit" arising out of the
devaluation of the dollar to 59.06% of its former
gold content. It is assuredly open to serious question whether this practice is advisable at the present
time, since it tends sharply to accentuate the glut of
funds already available in the money market and
raises the potentialities of credit expansion to a degree that can only be regarded as dangerous. Charges
for accomodation in the money market are hardly
more than nominal, but despite this there is no
effective demand for credit and the Treasury deposits
of certificates are tending merely to increase further the unprecedented total of excess reserves of
member banks with the Reserve System, which are
now computed at approximately $1,700,000,000.
Surely, a more opportune time could be found for
this Treasury procedure, especially as it has again
been demonstrated this week that no difficulty whatever is encountered in borrowing huge sums at very
reasonable rates.
The deposit or sale of gold certificates by the
Treasury to the Reserve banks increased the total
of such holdings by the institutions to ,706,157,000
on June 6 from $4,648,031,000 on May 30. Changes
in the reserves otherwise were nominal. Discounts
continued their downward course, the borrowings
falling to $28,997,000 from $33,700,000. Bankers'
acceptance holdings of the banks increasul slightly
to $5,221,000 from $5,178,000, while holdings of
United States Government securities were not materially changed at $2,430,236,000. Federal Reserve
notes in actual circulation were up to $3,068,807,000
on June 6 from $3,051,604,000 on May 30, but the
Federal Reserve bank note circulation fell further to
a net figure of $58,748,000 from $60,422,000. Deposits of member banks on reserve account advanced
to $3,787,048,000 from $3,762,920,000, while total deposits showed an even larger advance to $4,092,308,000 from $4,047,746,000. The large increase in
gold certificate holdings more than offset the advance in circulation and deposits, and the ratio of
total reserves to deposit and note liabilities combined advanced to 69.3% from 69.0%.
C
Corporate Dividend Declarations
IVIDEND declarations the current week again
are of a largely favorable nature. Atchison
Topeka & Santa Fe Railway declared a regular semiannual dividend of $2.50 a share on its 5% noncumul. preferred stock, payable Aug. 1; a year ago
only $1.50 a share was paid, but on Feb. 1 last $3.30
a share was paid; from 1901 to and including Feb. 1
1933, regular semi-annual dividends of $2.50 a share
were paid. Chicago Burlington & Quincy RR. de-
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dared a dividend of 2% on the capital stock, par
$100, payable June 25; 3% was paid Dec. 26 last,
which was the first distribution since June 25 1932,
when 3% was also paid; prior to the latter date
semi-annual dividends of 5% were paid. Kennecott
Copper Corp. declared a dividend of 15c. a share on
the common stock, payable June 30; this is the first
payment since Jan. 2 1932, when 12Y2c. a share was
paid; in the two preceding quarters 25c. a share was
paid. United States Tobacco Co.increased the quarterly dividend to $1.25 a share, to be paid July 2;
from April 1 1931 to and including April 2 1934
quarterly dividends of $1.10 a share were paid; a
special dividend of $5 a share also was paid Jan. 2
last. Action of an adverse nature was taken by the
New England Power Association, which reduced the
quarterly distribution on the common stock to 25c. a
share, payable July 16; previously, 50c. a share was
paid quarterly; heavy burdens placed on the company by the Government are responsible for the cut,
according to a statement by that company.
Government Crop Report
HE June crop report, issued in advance by the
Department of Agriculture at Washington,
late yesterday afternoon, on the condition of this
year's crops, proved to be quite as bad as the early
Indications had shown. The damage by drouth has
been very severe. Some slight betterment in some
sections has appeared in the last few days, since the
date of the June report, but the important crops
are so far advanced toward maturity that it is
doubtful whether they will materially improve before
harvest.
The June 1 condition of winter wheat was 55.3%
of normal, the lowest on record. This compares
with 70.9% on May 1, a loss during the past month
of 15.6 points. The early progress of the crop was
not favorable. At the close of the winter season
the crop on April 1 was conditioned at 74.3% of
normal. A very much higher average for every year
prior to this year has been recorded. Last year,
when the condition was exceptionally low, the April
report showed a condition of 59.4% of normal. The
yield of winter wheat this year is now placed at
400,000,000 bushels, a reduction of 61,000,000 bushels
below the yield indicated a month ago. This compares with an estimated yield for last year's crop
on June 1 1933 of 341,017,000 bushels, and an actual
harvest of winter wheat last year of 351,000,000
bushels.
The condition of spring wheat was also very low.
For all spring wheat a condition of 41.8% of normal
was reported on June 1 this year. For the crop
harvested last year the June 1 1933 condition was
84.9% of normal and last year's yield was 176,373,000
bushels. For durum wheat the June 1 condition this
year was down to 29.6%, and other spring wheat
to 42.4%.
The injury to rye has also been severe. Prospects
for the crop this year, based on the June 1 condition
of 43.5% of normal, are for a yield of 18,800,000
bushels. The indicated yield of rye on May 1 was
27,900,000 bushels, the condition at that time being
placed at 67.8% of normal. Last year's harvest of
rye was 21,200,000 bushels, which was very low, the
average production for the five years, 1927-31, inclusive, being 40,900,000 bushels. For oats, the June 1
condition was 47.2% against 72.1% a month earlier,
and for barley, 44.7% of normal. Production per
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Financial Chronicle
acre for winter wheat this year is now estimated
at 11.5 bushels, against 12.4 bushels last year, and
for rye, only 6.4 bushels per acre, while last year's
production was 9.0 bushels.
Business Failures
business lines in the United
States for the month of May this year were again
reduced in number to the lowest point since October 1920. The records of Dun & Bradstreet show
977 business defaults last month involving a total of
$22,560,835 of indebtedness. For April this year
there were 1,052 business failures, the liabilities for
that month amounting to $25,786,975, while for May
a year ago the number was 1,909, and the indebtedness $47,971,573.
The change for the better in regard to the insolvency record has been almost continuous for more
than a year. It took shape quite definitely with the
declaration of the bank holiday in March 1933. Previously business defaults had been very numerous
and losses were very high. In this respect the year
1932 was one of the most disastrous in the history
of the country. Failures were more numerous than
in any preceding year. The record each month was
the highest for that month. For the first two months
of 1933 the number of defaults was quite as high as
those in the same two months of the previous year.
The decline in March 1933 was very pronounced, and
this continued, almost without interruption throughout that year.
For 1934 to date, covering five months, there were
5,544 business failures against 11,075 during the
same period for 1933, a reduction of 5,531 or 49.9%.
The reduction in the number of business defaults in
May this year, compared with that month last year
was 48.8%. The change for the better for the first
five months this year was quite fully maintained in
May. Liabilities for the first five months of this
year have amounted to $127,925,467; in the corresponding period of 1933 the total was $292,245,839.
All trade classes have participated in the improvement shown in the May failures record. The large
trading section, especially the retail division, contributed slightly better conditions than the other
classes. In retail lines there were 550 defaults reported last month for $7,645,034 of indebtedness; a
year ago the number of retail failures was 1,152 for
$15,891,976 of liabilities. In the manufacturing division, 246 defaults were recorded last month for
$9,675,606; compared with 466 in May 1933, involving a total of $19,020,191. Failures in wholesale
lines in May this year numbered 82 for $1,899,999
while a year ago there were 130 involving $5,035,098
of indebtedness. The remaining defaults that occurred last month are in the division covered by
agents and brokers and for this class 99 were reported, against 161 in May of last year. Liabilities
last month for these failures amounted to $3,350,196
compared with $8,073,708 a year ago.
INSOLVENCIES in
The New York Stock Market
ULNESS and uncertainty was the rule on the
New York Stock Exchange this week, until
yesterday's session, when the market shook off its
lethargy and engaged in a spirited rally that carried
many issues to the highest levels of the week. The
session yesterday was the first since May 17 in which
the trading exceeded 1,000,000 shares, the total
turnover amounting to slightly more than 1,600,000
D
June 9 1934
shares. This, as it happens, is not far short of the
total transactions for all the preceding four days
of the week, since the totals remained far under
1,000,000 shares on such days. Dealings Monday
were only 357,980 shares, while on Tuesday they
increased to 740,800 shares. This was followed by a
decrease to 664,790 shares on Wednesday, and a
further decline to 467,460 shares Thursday. The session yesterday thus stands out in sharp contrast with
earlier dealings, and this holds true also of the price
tendency, which was distinctly favorable, with all
groups of stocks affected.
Although dealings were dull earlier in the week,
the price tendency was not generally unfavorable.
Movements were small, and in both directions, but
from Monday to Wednesday, inclusive, small advances predominated over the equally small declines.
The advancing tendency was pronounced in some
groups of stocks on Tuesday, owing in part to the
resumption of dividend payments on Kennecott Copper stock. This had the effect of stimulating the
metals groups. Thursday's dealings witnessed a
down-turn in the general market, but shares of some
of the metals and petroleum companies movedagainst the trend and registered small gains. Pessimism on Thursday was due mainly to the difficulties
experienced that day in the efforts to avert a labor
controversy in the steel industry. The news yesterday was much more encouraging in this respect, as
there appeared to be a likelihood that the steel strike
could be averted. This, of course, would be a matter
of great significance to American industries as a
whole.
Contributing not a little to the improvement
yesterday were reports of fairly extensive rains in
the drouth regions of the West and the Middle West.
The drouth and its serious consequences to many
thousands of farmers has been a matter of deep
concern for some weeks, and the indications that
part of the crops in the area affected may yet be
rescued occasioned an increase of optimism. Quotations for grains and cotton moved rapidly downward
and upward all week, on varying reports of showers
and relaxation of the heat wave that accompanied
the drouth, but these figures now are comfortably
above the recent lows, and the variations did not
affect the stock market nearly to the same degree
as the reports yesterday that moisture had fallen
over much of the area. Also very favorable was the
excellent result attending the offering by the United
States Treasury for cash of $300,000,000 3% bonds
8% notes. It was indicated in
and $500,000,000 21/
Washington that approximately $7,000,000,000 had
been offered to the Treasury by investors. Outstanding issues of United States Government securities
were stimulated by this factor, and other high-grade
bonds also gained. Speculative and semi-speculative
bonds followed much the same course pursued by
the stock market.
Signature by President Roosevelt of the Stock
Exchange Control Bill on Wednesday brought at
least the negative satisfaction that the worst now
is known, so far as Congressional action in this
regard is concerned. In the financial community
all interest now centers on the personnel of the commission to be named by the President for administration of the Act. Hopes that the commission will
be liberal in the true sense of the word probably
contributed to the optimism apparent yesterday.
Trade and industrial reports for the week were not
Volume 138
Financial Chronicle
of a conclusive nature. Steel production for the
week beginning June 4 was reported at 57.4% of
capacity by the American Iron and Steel Institute,
or an improvement of 1.3 points over the preceding
week. Electric power production in the United
States for the week ended June 2 was reported by
the Edison Electric Institute at 1,575,828,000 kilowatt hours, against 1,654,903,000 kilowatt hours in
the preceding week, but as the later period included
a holiday, this was regarded as not unfavorable.
Carloadings of revenue freight were 578,541 cars in
the week ended June 2, as against 624,567 cars, or
7.3% less than for the previous week, but here
also a reservation must be made because of the
holiday.
As indicating the course of the commodity markets, the July option for wheat in Chicago closed
yesterday at 97%c. as against 102I/8c. the close on
Friday of last week. July corn at Chicago closed
yesterday at 56c. as against 59c. the close on Friday
of last week. July oats at Chicago closed yesterday
at 43/
1
2c. as against 45/
1
2c the close on Friday of
last week. The spot price for cotton here in New
York closed yesterday at 12.15c. as against 11.55c.
the close on Friday of last week. The spot price
for rubber yesterday was13.63c.as against 12.94c.the
close on Friday of last week. Domestic copper remained unchanged at 8/
1
2c., the same as on Friday
of previous weeks. With the pending silver legislation still to be disposed of, activity in the silver market remained exceedingly dull, and a slight advance
in the price of silver was noted. In London the price
yesterday was 19% pence per ounce as against 19%
pence per ounce on Friday of last week, and the New
York quotation yesterday was 45.35c. as against
44.92c. on Friday of last week. In the matter of
the foreign exchanges, cable transfers on London
yesterday closed at $5.06% as against $5.063
/
4 the
close on Friday of last week, while cable transfers
on Paris closed yesterday at 6.611/
2c. as against 6.58c.
the close on Friday of last week. On the New York
Stock Exchange, 26 stocks reached new high levels
for the year, while 50 stocks touched new low levels.
On the New York Curb Exchange, 10 stocks touched
new high levels for the year, while 22 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 410,110
shares; on Monday they were 357,980 shares; on
Tuesday, 740,800 shares; on Wednesday, 664.790
shares; on Thursday, 467,460 shares, and on Friday,
1,608,090 shares. On the New York Curb Exchange
the sales last Saturday were 65,980 shares; on Monday, 98,010 shares; on Tuesday, 131,305 shares; on
Wednesday, 125,680 shares; on Thursday, 113,045
shares, and on Friday, 247,855 shares.
As compared with Friday of last week, prices on
the whole show marked improvement. General Electric closed yesterday at 207
/8 against 19% on Friday
of last week; North American at 18% against 161/
4:
Standard Gas & Elec. at 11 against 9%;Consolidated
Gas of N. Y. at 33% against 31%; Pacific Gas &
Elec. at 17% against 163
/
4; Columbia Gas & Elec. at
13% against 12%; Electric Power & Light at 6
against 51/4; Public Service of N. J. at 37 against
/
8 against
35; J. I. Case Threshing Machine at 547
4714; International Harvester at 33/
1
4 against 30%;
/8 against 38%; MontSears, Roebuck & Co. at 437
Ward
&
Co.
at
28%
against
23%; Woolworth
gomery
3825
at 50% against 487
/
8; Western Union Telegraph at
47 against 42%; Safeway Stores at 501/s against
467
/8; American Tel. & Tel. at 118% against 112%;
American Can at 981/
/
4; Commercial
4 against 921
4; Shattuck & Co.at 10%
Solvents at 241/
8 against 211/
against 9%,and Corn Products at 68% against 63%.
Allied Chemical & Dye closed yesterday at 1383
/
4
4 on Friday of last week; Associated
against 1321/
4 against 121
Dry Goods at 131/
/
4; E. I. du Pont de
Nemours at 90 against 82; National Cash Register A
at 17% against 151/s; International Nickel at 26%
against 25; Timken Roller Bearing at 30 against
27%; Johns-Manville at 51% against 46; Gillette
Safety Razor at 11 against 10%; National Dairy
Products at 181
/
4 against 16%; Texas Gulf Sulphur
8;Freeport-Texas at 41% against
at 3514 against 331/
39; United Gas Improvement at 161/
8 against 155
/
8;
National Biscuit at 36% against 33%; Continental
Can at 78 against 73%; Eastman Kodak at 97%
against 93%; Gold Dust Corp. at 20% against 183
/
4;
/
8 against 19%; Paramount
Standard Brands at 297
Publix Corp. ctfs. at 47
/8 against 4%; Westinghouse
Elec.& Mfg. at 367
/8 against 32%; Columbian Carbon
at 70% against 65; Reynolds Tobacco class B at 453
/
4
against 431/
8; Lorillard at 191
/
4 against 17; Liggett &
Myers class B at 96% against 94; Yellow Truck &
Coach at 47
/8 against 4%; Owens Glass at 75%
against 74; United States Industrial Alcohol at 423
4
against 38% bid; Canada Dry at 23 against 20%;
Schenley Distillers at 31 against 25%; National Distillers at 27 against 24%;Crown Cork & Seal at 26%
against 2514,and Mengel & Co. at 8% against 7%.
The steel stocks followed the upward trend of the
market. United States Steel closed yesterday at
423
/
4 against 381/
8 on Friday of last week; United
States Steel preferred at 86% against 80; Bethlehem
4
Steel at 34% against 30%, and Vanadium at 213
against 181/
2. In the motor group, gains were the
rule. Auburn Auto closed yesterday at 36% against
34 on Friday of last week; General Motors at 33%
against 30; Nash Motors at 18% against 16%;
4 against 38%; Packard Motors at
Chrysler at 431/
4% against 3/8; Hupp Motors at 4 against 3%, and
Hudson Motor Car at 1414 against 12%. In the
rubber group, Goodyear Tire & Rubber closed yester4 on Friday of last week;
day at 30% against 261/
/8 against 12%, and United
B. F. Goodrich at 147
States Rubber at 20% against 18.
The railroad list displayed a decided upturn in
values. Pennsylvania RR. closed yesterday at 30%
against 29 on Friday of last week; Atchison Topeka
8; Atlantic Coast Line
& Santa Fe at 59 against 531/
at 42 against38%;New York Central at 3014 against
/8; New
/8 against 217
2678; Baltimore & Ohio at 247
Haven at 16% against 14%; Union Pacific at 123
4 against 4;
against 119%; Missouri Pacific at 33
/8 against 20%; MissouriSouthern Pacific at 247
Kansas-Texas at 97
/8 against 87
/8; Southern Railway
at 271/
8 against 23%; Chesapeake & Ohio at 47%
against 45%; Northern Pacific at 26% against 2234,
and Great Northern at 22% against 19.
The oil stocks advanced to higher levels than one
week ago. Standard Oil of N. J. closed yesterday at
4534 against 42% on Friday of last week; Standard
Oil of Calif. at 37 against 32, and Atlantic Refining
at 277
/8 against 24. In the copper group, Anaconda
Copper closed yesterday at 15% against 13% on
/8
Friday of last week; Kennecott Copper at 217
against 183
/
8; American Smelting & Refining at 41%
/
8 against 15; Cerro
against 37; Phelps Dodge at 173
3826
Financial Chronicle
14 against 333
de Pasco Copper at 37/
/
4, and Calumet
& Hecla at 4/
1
2against 41/
8.
June 9 1934
occurred in all sections of the market. There was
general uneasiness regarding affairs both at home
and abroad, reports said, and securities were liquidated all day. Prices at the end were the lowest of
the session. Some improvement occurred Wednesday in quiet trading. Rentes were a little better, and
many bank and industrial stocks likewise participated in the modest advance. In Thursday's session the gains were continued on a more vigorous
scale. Rentes were marked up and most French
equities also improved, but international issues were
not greatly changed. Gains were general on the
Bourse yesterday, and the advances were pronounced
in some stocks.
The Berlin Boerse was active and firm in the first
session of the week, with equities of almost all descriptions in keen demand, although bonds were
neglected. Advances in important stocks were as
much as seven points in some instances. The shares
of the shipping companies represented the only important group that did not participate. Gains were
general at Berlin in another active market Tuesday.
Bonds as well as stocks were in demand in this session. The gains in leading stocks on this occasion
were as much as eight points, while many issues
showed advances of two and three points. The good
tone was maintained until the close. Wednesday's
session at Berlin was unsettled, partly as a result
of extensive profit-taking. Most stocks lost a little
ground, but the recessions were not large in comparison with the previous advances. The downward
movement was resumed Thursday, on a larger scale.
Losses of two to three points were registered in
the principal stocks, and bonds also were lower.
The movement was reversed yesterday, with small
gains recorded in the active stocks.
European Security Markets
EFINITE trends were lacking this week on stock
markets in the important European financial
centers. Prices were weak in some sessions and
strong in others on the exchanges in London, Paris
and Berlin, with the movements of the several
markets quite unrelated. In London there was a
good deal of concern early in the week regarding the
German position and the apparent possibility of a
new devaluation of the mark. The pessimism entertained on this score soon was overcome, however,
and advances were more frequent than declines on
the London Stock Exchange. In Paris and Berlin
the downward and upward movements were approximately equal. No great changes are reported
currently in the trade and industrial indices of the
United Kingdom, and in this situation international
developments are playing a more important role. In
France the financial position seems secure, owing to
recent heavy gold receipts from other Continental
countries, but the continued high price levels of merchandise are occasioning increasing difficulties for
the Doumergue Cabinet and the outlook is not happy.
The German position is distinctly gloomy, owing to
the diminished exports and reduction of the note
coverage to unprecedented levels. European political affairs remain profoundly unsettled, and the renewed evidence afforded by the Geneva disarmament
negotiations of the diverse views entertained added
to the unsettlement on the leading stock markets.
The London Stock Exchange was quiet and lower
in the initial session of the week. British funds
were slightly lower, but larger declines appeared in
a long list of industrial stocks. Other departments
Intergovernmental Debts
of the market also were affected. In the international group heavy recessions occurred in German
WING in good part to the provisions of the
bonds, while Anglo-American trading favorites likeJohnson Act,it is now evident that the problem
wise dropped. The tone Tuesday was somewhat of the debts owed by European governments to the
better, but trading again was in small volume and United States Government is farther from a solution
price movements were quite unimportant. British than ever before. For some weeks diplomatic explorfunds showed fractional gains, partly because of the ations of this problem have been in progress, with
decision of the British Government to suspend all especial reference to the new aspect introduced by
payments to the United States on war debt account. the Johnson Act, which makes it impossible for naIndustrial stocks were uncertain, but some of the tions making token payments to avoid the status of
leading issues improved. German bonds again de- defaulters. Faced with the alternative of making full
clined, but the international group otherwise was payment of the instalment due June 15 as well as all
firm. Cheerfulness and activity both increased in past due instalments, or of being regarded in the
Wednesday's trading at London. British funds were United States as a defaulter,the British Government
firm and most industrial stocks also improved. Ger- decided that the default status was preferable. In
man bonds were easier at the start but they rallied these circumstances the entirely logical course was
later, while Anglo-American specialties were well pursued of electing to make no payment whatever on
maintained. In a further good market Thursday, June 15, and notification to this effect was conveyed
small advances were registered in many sections of to the Secretary of State by the British Embassy in
the list. British funds eased a little, but a majority Washington on Monday. The British action, moreof the industrial shares continued their advance. over, is almost certain to influence Italy, CzechoInternational securities also were in some favor. slovakia and other countries effecting token payPrices eased slightly yesterday, both gilt-edged and ments heretofore, to take a like course. The net
other issues being affected, but there was no weak- result probably will be a discard of the system of
ness.
token payments and a correspondingly diminished
Dealings in the Paris market were started very likelihood of any substantial payments on these
quietly on Monday, with the general trend toward debts in the future. Only Finland, it appears, inlower levels. Rentes declined only a little, but some tends to maintain full payments, and the Finnish
of the metal stocks were very weak. French bank indebtedness is of relatively small proportions.
and industrial issues declined and sizable recesThe British decision regarding the impending insions also appeared in most of the international stalment obviously was delayed pending the delivery
securities listed on the Bourse. The downward of President Roosevelt's war debts message to Contendency was accentuated Tuesday and severe losses gress. Although that message was directed as much
D
O
Volume
138
Financial Chronicle
to the European debtor nations as to Congress, Mr.
Roosevelt took a rather non-commital stand. Review
of the situation occupied most of the communication,
which was delivered June 1, but the President also
commented on the fact that the debts have gravely
complicated our trade and financial relationships
with the borrowing nations for many years. He
remarked on the important part the loans played in
the war and the subsequent reconstruction period,
and pointed out that the funds were borrowed by
the United States Government from its own citizens, who would have to be taxed to the degree payments are not made. Calling upon the debtors to
make a determined effort to meet their obligations,
Mr.Roosevelt added that the American people would
not be disposed to place an impossible burden upon
their debtors. "The people of the debtor nations will
also bear in mind," the President declared,"the fact
that the American people are certain to be swayed
by the use which debtor countries make of their
available resources—whether such resources would
be applied for the purposes of recovery as well as
for reasonable payments on the debts, or for purposes of unproductive nationalistic expenditure or
like purposes." The American position that the
debts have no relation whatever to reparations payments was reiterated, and Mr. Roosevelt also declared again that the door always is open to individual discussion, by any debtor, of the problem with
the United States Government.
In a negative sense, the message left no doubt that
the token payments would not permit the debtors
to escape the stigma of default, but it was nevertheless assumed in some quarters that the British Government would continue to effect such partial payments. These thoughts were dispelled rapidly and
finally by the publication in Washington, on Monday,
of the British note. In this communication, his
Majesty's Government restated cogently the arguments advanced on Dec. 1 1932, when it was pointed
out that the whole system of intergovernmental war
debt obligations had broken down. To date Great
Britain has paid the United States twice what she
has received from her own war debtors, the note said,
and figures were cited to show that the present settlement imposes upon the British people "a burden
which is both unreasonable in itself and inequitable
in relation to the treatment accorded other countries." The balanced budget attained by the British
Government is of no significance in this connection,
as the problem is really one of transfers, and "the
attempt to transfer amounts of this magnitude would
as its immediate effect cause a sharp depreciation of
sterling against the dollar, which, as his Majesty's
Government understand, would not be consistent
with the monetary policy of the United States Government."
Taking all circumstances into consideration, the
British Government would have been quite prepared
to make a further payment on June 15 in acknowledgment of the debt and without prejudice to their right
again to present the case of its readjustment, on the
assumption the President again would declare he
did not consider Great Britain in default, the note
stated. But it appears that in consequence of recent
legislation no such declaration would now be possible, and in this situation the procedure adopted by
common agreement in 1933 no longer is practicable.
Setting forth the alternatives of complete payment
or suspension, the British Government remarked
3827
with regret that "they could not accept the responsibility of adopting a course which would revive the
whole system of intergovernmental war debt payments." Resumption of full payments to the United
States would necessitate corresponding demands by
Great Britain for full payment from her own war
debtors, it was remarked. "Such procedure," it is
added,"would throw a bombshell into the European
arena which would have financial and economic
repercussions over all five continents and would
postpone indefinitely the chances of world recovery.
Accordingly, his Majesty's Government. are reluctantly compelled to take the only other course open
to them. But they wish to reiterate that, while suspending further payments until it becomes possible
to discuss an ultimate settlement of intergovernmental war debts with a reasonable prospect of
agreement, they have no intention of repudiating
their obligations, and will be prepared to enter upon
further discussions of the subject at any time when
in the opinion of the President such discussion would
be likely to produce results of value."
The aggregate of payments due June 15 is $477,843,644, this sum including not only the ordinary
instalments of $174,647,439 due under the funding
agreements, but also the $303,196,205 of postponed
instalments. On the same day that Great Britain
made its position clear, Finland took a like step,
and, as indicated above, signified her intention of
paying the full instalment of $166,538 due June 15
from that country. No official comment was made
in Washington on these developments, but it was
noted in a dispatch to the New York "Times," as the
impression of "some official persons, that because
the debt problem has been brought down to realities,
the President is not displeased with the British suspension." It brings the whole question down, the
report adds, to a basis from which a fresh start can
be made toward liquidating the war debt problem
under new conditions. In the British press unqualified approval was expressed of the stand taken by
the National Cabinet, and when Chancellor of the
Exchequer Neville Chamberlain announced the
action in the House of Commons on June 5 cheers
from all parts of the House greeted the statement.
In other debtor countries the British declaration
was read with the greatest sympathy, and it was held
apparent that tile debtors generally will be inclined
to follow the British example, while taking care to
address notes of refusal to pay based in every instance upon the individual situations.
Disarmament Conference
INCE the British and French delegates at the
Geneva Disarmament Conference engaged in an
acrimonious dispute on the second day of the resumed discussion, last week, attempts have been
made in private meetings to find some formula for
continuance of the Conference. Results of the private meetings are permitted to become known in a
general sense, and it does not appear that any real
progress has been made. "New deadlocks constantly
supersede the old whenever these are solved or sidetracked," Frederick T. Birchall, special correspondent of the New York "Times," remarked in a
dispatch of Tuesday. Owing in large part to the
Russian espousal of the French cause of security,
disarmament seems to have been sidetracked entirely
for the time being, and almost all discussions at
Geneva centered on means of obtaining the security
S
3828
Financial Chronicle
desired by France as the price for any measure of
disarmament. Norman H. Davis, head of the United
States delegation, was said on Monday to have demanded that any security pacts such as France and
Russia desired should be negotiated outside the Conference. British representatives at Geneva were
quite pessimistic in their talks with press correspondents. The prospect of a real disarmament
agreement was held to be very slim. There has developed at the gathering a Franco-Russian-Balkan
group that is not interested in disarmament, but
is intent on the diplomatic encirclement of Germany
through security pacts. British and American delegates are still trying to find a way to achieve real
disarmament. It is recognized, however, that this
could only be done if Germany were to return to the
•Conference.
The only authoritative indications of the course of
the Geneva gathering were furnished by Arthur Henderson, its President. In a statement issued June 1,
Mr. Henderson made it plain that he took a very
serious view of the situation. The wide differences
disclosed in the speeches clearly. made an adjournment desirable, and Mr. Henderson accordingly
moved for a suspension of open meetings in the hope
that "it may be possible to find a road upon which
we can travel." In a Bureau,or Steering Committee,
session on Tuesday, the debate again was so acrimonious that Mr. Henderson threatened to resign
and to terminate the Conference. He sought to
compose the differences of the two chief groups at
the gathering, but failed and charged Foreign Minister Louis Barthou of France with responsibility
for the failure of his efforts. The result was another
heated exchange, but feelings were soothed to a
degree when M. Barthou appealed to Mr. Henderson
to retain his post. The French were reported as
having proposed a general plan on Wednesday for a
combined plan of security pacts, limitation of aerial
armaments and a permanent conference. This plan
the British Cabinet considered on Thursday, but
London dispatches indicate that the consideration
was unfavorable. Captain Anthony Eden, the chief
British delegate at Geneva, was said to have been
instructed to continue his efforts for agreement
along the lines suggested by the British. After a
further session lasting far into the night, it was
reported yesterday that a tentative agreement had
been reached for a method of procedure involving an
attempt to bring Germany back to the Conference.
This plan, designed to permit the Conference to
resume at a future date, was submitted for the approval of the governments at Paris, London and
elsewhere. Norman Davis; of the United States, is
said to have taken a leading part in effecting this
compromise.
Saar Plebiscite
•
RRANGEMENTS were completed at Geneva on
Monday for the plebiscite in the Saar area,
which will decide whether the inhabitants of that
territory wish to rejoin Germany, become part of
France, or remain under League of Nations control.
This problem has been under consideration for some
time by the League Council, which appointed a
special committee early this year to determine the
procedure and name a date for the balloting. Baron
Pompeo Aloisi, Chairman of the Committee, submitted a report at the May meeting of the Council,
A
June 9 1934
and this document was published Sunday and approved Monday. The voting will take place Sunday, Jan. 13 1935, with freedom and secrecy fully
safeguarded in accordance with the terms of the
Versailles treaty. There is little doubt that the inhabitants of the area, who number approximately
800,000, will vote for adherence to Germany. Even
in France this result is accepted as all but a foregone
conclusion, but all precautions to insure the fairness of the plebiscite nevertheless are to be taken.
The Saar area is a rich coal mining region, and the
right to exploit the mines was given to France under
the Versailles treaty as compensation for the destruction of mines in northern France during the World
War. The population is overwhelmingly German.
The voting early next year will be organized and
supervised by a special commission of three members,
to be set up not later than July 1. Results will be
determined by the voting in unions of communes, or
where the commune is not a part of such a union,
by separate communes. The German and French
Governments are invited to contribute 5,000,000
French francs each to cover the costs, and the funds
will be placed at the disposal of the special plebiscite commission. A supreme plebiscite tribunal
having eight divisional tribunals will be set up to
decide disputes regarding the right to vote, offenses
against rules and other matters. Order is to be
maintained by special police, to be recruited by the
commission, preferably from among inhabitants of
the area. The attitudes of the French and German
Governments toward the plebiscite are considered
satisfactory, as both Governments addressed notes
to the League Council Committee guaranteeing the
absence of any pressure likely to influence the voting. They also gave undertakings to abstain from
any reprisals or discriminations against inhabitants because of political attitudes that may be revealed in the balloting. Any differences that may
arise between either Government and the League
over these matters is to be settled by The Hague
Court. The special plebiscite tribunal is to remain
in existence for one year after the voting, to deal
with complaints. Baron Pompeo Aloisi, in presenting his report,expressed appreciation of the co-operation and "spirit of comprehension" shown by both
the German and French Governments in the negotiations for these arrangements. The League Council
adopted the report in a spirit of warm approval on
Monday, reports said, and the hope was expressed
by some members that the agreement would prove a
happy augury of Franco-German agreement in other
directions as well.
Cuban Monetary Measures
CLOSE control of all foreign exchange operations
of any importance was established by the
Cuban Government last Saturday, under a decree
that is clearly designed to impede any abnormal
outflow of funds from the Island. Together with
a decree published last smonth prohibiting the exportation of gold from Cuba, this measure is generally believed to foreshadow action by the Cuban
authorities for the establishment of a Cuban bank
of issue. Many Cuban authorities have maintained
that the Havana Government ought to create its
own bank of issue, and the recent treaty with the
United States whereunder the Platt amendment is
to be abrogated, apparently has given fresh impetus
3829
Financial Chronicle
Volume 138
to this project. The decree signed last Saturday by
President Carlos Mendieta provides that proceeds
of the sale of Cuban products abroad must be returned to Cuba within three months. Funds may be
sent abroad only in payment for imported merchandise, for the maintenance of offices and personnel
abroad,for expenses of not more than $500 annually
of Cubans or of foreign residents temporarily absent,
and for debt service, dividend payments and the like.
Cuban banks are permitted to issue foreign drafts
only after proof by the drawer or drawee that the
funds are to be used for purposes stipulated. Cuban
banks early this week refused to issue any foreign
drafts, owing to uncertainty regarding the working
of the decree, but Dr. Joaquin Martinez Saenz, Secretary of the Cuban Treasury, announced on Tuesday that the banks in the Havana Clearing House
had agreed to comply with the requirements.
Vying in interest with the decree published last
Saturday is one dated May 22, whereunder the
Cuban Government prohibited the exportation of
gold and authorized the Treasury Department to call
in all Cuban gold coins in order to reduce their gold
content. Cuban gold coins consist of $25,$10,$5 and
$2 pieces, which were issued originally under the currency legislation of 1914 in an amount of $20,000,000,
but it is not believed that more than $6,000,000 remains in Cuba in the original form, and the actual
circulation naturally is negligible. The decree last
month provided for payment to the holders of such
coin in silver at the rate of $35 a troy ounce. The
gold coins are 97.73% pure and it was proposed to
reduce this to 88.86%. When the decree was published it was estimated by Cuban authorities that
$10,000,000 to $12,000,000 of gold remained in Cuba,
but by June 4 the estimate had been reduced to
$6,000,000, which is sufficient indication that they
were not meeting with any great success in their
endeavors to call in such coins. It was suggested
that a good part of the original gold coinage had
been melted and paid on foreign obligations by former Government, or clandestinely taken out of the
country.
Bank of England Statement
HE Bank of England statement for the week
ended June 6 shows a gain in bullion of £13,759
but as this was attended by an expansion of £775,000
in note circulation, the result was a loss of £761,000
in reserves. The Bank's gold holdings now total
£192,102,316 as compared with £187,737,544 a year
ago. Public deposits rose £2,238,000 while other deposits decreased £1,527,512. Of the latter amount
£1,415,339 was from bankers' accounts and £112,173
from other accounts. Proportion of reserve to liability is at 48.74% as compared with 49.48% a week
ago and 46.31% at the corresponding date a year ago.
Loans on Government securities increased £886,000
and those on other securities £646,252. The latter
consists of discounts and advances and securities
which increased £479,748 and £166,504 respectively.
No change was made in the 2% discount rate. Below
are listed the different items with comparisons for
earlier years.
T
BANK OF ENGLAND'SICOMPARATIVE STATEMENT.
June 6
1934.
June 7
1933.
June
1932.
June 10
1931.
June 11
1930.
Circulation
378,886,000 378,462,948 357,238,159 354,250,870 364,002.267
16,253,000 8,925,218 25,577,108 9.627,017 8,238,879
Public deposits
133,949,692 140,643,302 119,318,300 102,828,387 94,205,674
Other deposits
Bankers'accounts. 97,992,427 102,409,999 85,846,068 69,561.406 58.822,236
Otheraccounts
35,957,265 38,233,303 33,472,232 33,266,981 35,383,438
77,780,807 76,288,503 74,259,656 33,120,906 46,310,547
Govt.securities
17,049,571 21,831,574 38,233,205 35.123,247 20,747,452
Other securities
Disct.& advances. 6,128,333 11,073,188 12,611,580 6,597,037 6,804,409
Securities
10,921,238 10,758,386 25,621,625 28,526,210 13,943,043
Reserve notes & coin 73,217,000 69,274,596 50,223,346 62,036.653 53,178,140
192,102,316 187,737,544 132,461.505 156,287,523 157,180,407
Coln and bullion_
Proportion of reserve
48.74%
46.31%
to liabilities
34.66%
55,16%
51.90%
2%
2Si%
Bank rate
2%
214%
3%
Bank of France Statement
HE Bank of France statement for the week ended
June 1 shows another gain in gold holdings, the
current advance being 811,518,381 francs. Gold holdings now total 78,277,100,643 francs, in comparison
with 81,061,689,310 francs a year ago and 80,170,597,588 francs two years ago. Credit balances
abroad, bills bought abroad and advances against
securities record increases of 1,000,000 francs, 44,000,000 francs and 109,000,000 francs respectively.
The Bank's ratio is now at the high level of 78.98%,
which compares with 78.18% last year and 73.47%
the
previous year. Notes in circulation reveal a large
Discount Rates of Foreign Central Banks
increase, namely, 1,575,000,000 francs. The total of
HERE have been no changes the present week circulation is now 81,566,612,470 francs; compared
in the discount rates of any of the foreign with 84,615,324,665 francs a year ago and 82,406,central banks. Present rates at the leading centers 093,520 francs the year before. A decrease appears
are shown in the table which follows:
in French commercial bills discounted of 978,000,000
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
francs and in creditor current accounts of 1,128,Rate in
000,000 francs. Below we furnish a comparison of
Rate in
PrePreEffect
Country.
Date
noes
Country. Effect
Date
Mous
June 8 Established. Rate.
June 8 Established. Rate.
the various items for three years:
T
T
Austria
Belgium
Bulgaria.-Chile
Colombia..
Czechosio-:akia..
Danzig....
Denmark ....
England—.
Estonia....
Finland....
France-
5
3
7
4%
4
Mar. 23 1933
Apr. 25 1934
Jan. 3 1934
Aug. 23 1932
July 18 1933
6
3%
8
54
5
Greece
3%
4
2%
2
54
44
2%
4
7
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
.222nd
2;4
Rant 12 1222
4%
5
3
214
6%
5
3
5
7%
Germany- -
Hungary.._ 44 Oct. 17 1932 5
3;i Feb. 16 1933 4
India
June 30 1932 3%
Ireland.... 3
3
Dec. 11 1933 3%
Italy
3.65 July 3 1933 4.38
Japan
4% Aug. 16 1933 5
Java
Jan. 2 1934 7
Lithuania. _ 6
Norway.._ 34 May 23 1933 4
Oct. 25 1933 6
Poland _ ._ _ 5
514 Dee. 8 1633 6
Portugal
Apr. 7 1933 6
6
Rumania.Feb. 21 1933 7
South Africa 4
Oct. 22 1932 54
6
Spain
Sweden
214 Dec. 1 1933 3
Jan. 22 1931
Switzerland 2
Si
2
Foreign Money Rates
IN LONDON open market discounts for short bills
on Friday were 7A%, as against 7/8% on Friday
of last week and 7/
8@15-16% for three months' bills,
as against 7A@1546% on Friday of last week.
3 %. At
Money on call in London yesterday was 4
Paris the open market rate remains at 2/%, and
in Switzerland at 13/2%.
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
for Week.
June 1 1934.
June 2 1933.
June 3 1932.
Francs.
Francs.
Francs.
Francs.
+811,518,381 78,277.100,64381,061,689,310 80,170,597,588
+1,000,000
14,218,612 2,456,562,019 5,413,874,940
Gold holdings
Credit bals. abroad_
French commercial
bills discountecLa —978,000,000 4,033,784,759 2,946,161,995 3,379,460,092
Bills bought abed.b
+44,000,000 1,124,710,461 1,490,642,079 3.984,762,258
Adv. agst. securs..... +109,000,000 3,170,666,248 2,737,996,035 2,799,271,510
Note circulation_ _ _ +1,575,000,000 81,566,612,470 84,615.324,665 82.406,093,520
Cred. current accts. —1,128,000,000 17,547,281,03119,064.581,020 26,718,878,636
Proportion ot gold on
hand to sight liab_
+0.47%
78.98%
78.18%
73.47%
a Includes bills purchased in France. b Includes bills discounted abroad.
Bank of Germany Statement
HE Reichsbank's statement for the last quarter
of May reveals another decline in gold and
bullion, the current loss amounting to 16,847,000
marks. The total held is now down to 130,104,000
marks, in comparison with 372,329,000 marks last
year and 832,209,000 marks the previous year. A
T
3830
Financial
decrease appears in reserve in foreign currency of
1,800,000 marks,in silver.and other coin of 79,117,000
marks, in notes on other German banks of 9,838,000
marks, in investments of 2,482,000 marks, and in
other liabilities of 7,796,000 marks. Notes in circulation show a gain of 271,882,000 marks, bringing
the total of the item up to 3,635,376,000 marks. Circulation a year ago stood at 3,468,796,000 marks,and
two years ago at 3,984,207,000 marks. The proportion of gold and foreign currency to note circulation
is now only 3.7%, compared with 10.1% last year
and 24.1% the previous year. Bills of exchange and
checks, advances, other assets and other daily maturing obligations register increases of 282,122,000
marks, 50,085,000 marks, 57,774,000 marks, and
15,811,000 marks, respectively. Below we furnish a
comparison of the different items for three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
Assets-Gold and bullion
Of which depos. abroad
Reserve in foreign curr_
Bills of exch. and checks
Silver and other coin
Notes on other Ger. bks
Advances
Investments
Other assets
LiabilitiesNotes in circulation,
Other daily matur.oblig
Other liabilities
Propor. of gold & for'n
curr. to note circurn_
May 311934. May 311933.May 30 1932.
Retehsmarts. Reich:marks. Refehsniarks. Reichsmark,.
-16.847,000 130,104.000 372.329.000 832.209,000
No change
23,868,000
21,569.000
87,150,000
-1.800,000
1.726.000
76.998,000 129,688,000
+282,122.000 3,287,809,000 3,139,842.000 3,102.382.000
-79,117.000 228.290,000 253.219,000 190,855,000
-9,838.000
4,648,000
3,249,000
2.528.000
+50.085,000 124.543,000 165,744,000 261,318.000
-2,482,000 643,013,000 317,338,000 364,431.000
+57,774,000 626.713,000 379,129,000 844,492,000
+271.882,000 3,635,376,000 3,468,796,000 3,984.207.000
+15.811,000 537,679.000 438,793,000 472,682.000
-7.796,000 170,586,000 159,108,000 703,588.000
-0.9%
3.7%
10.1%
24.1%
New York Money Market
CTIVITY increased slightly in the New York
money market this week, but the level of rates
remained unaltered. The official easy money policy
again was in evidence as a result of large deposits
of "free" gold certificates by the Treasury with the
Reserve banks, and there appears to be no prospect
for any upward movement of rates. Funds are
available in tremendous amounts, and an ample
illustration of this was afforded by offerings of
$7,000,000,000 on Treasury flotations of $800,000,000
in 3% bonds and 23/g% notes. Call money on the
New York Stock Exchange was I% for all transactions of the week, whether renewals or new loans.
In the unofficial street market loans were reported
done every day at 4
3 %,or a reduction of yt% from
the official rate. Time money held to its range
of 4
3 @1%. Both the usual compilations of brokers'
loan totals were made available this week. The
comprehensive report of the New York Stock Exchange for the full month of May reflected a decrease
for that period of $71,839,674 to an aggregate of
$1,016,386,685. The Federal Reserve Bank of
New York report for the week to Wednesday night
reflected an increase of $82,000,000 to a total of
$997,000,000.
New York Money Rates
EALING in detail with call loan rates on the
Stock Exchange from day to day, 1% remained
the ruling quotation all through the week for both
new loans and renewals. The market for time money
has shown no activity in maturities up to six months,
but considerable business has been transacted in
eight and nine months maturities at 1%. Rates are
nominal at 4
3 @1% for two to five months, and I@
.
1Y
1 % for six months. The demand for prime commercial paper has been unusually brisk this week.
Offerings have been plentiful and the volume of
business has shown a sharp increase. Rates are 4
3 %
for extra choice names running from four to six months
and 1@13'.I% for names less known.
A
D
Chronicle
June
9 1934
Bankers' Acceptances
HE offerings for prime bankers' acceptances has
shown a moderate increase this week, and
the volume of business has been somewhat larger.
Rates are unchanged. Quotations of the American
Acceptance Council for bills up to and including 90
days are Yt% bid and 3-16% asked; for four months,
/% bid and W
I% asked; for five and six months,
M% bid and /
8% asked. The bill buying rate of
the New York Reserve Bank is M% for bills running
from I to 90 days, and proportionately higher for
longer maturities. The Federal Reserve banks' holdings of acceptances decreased during the week from
$5,178,000 to $5,221,000. Their holdings of acceptances for foreign correspondents also decreased
from $2,730,000 to $2,447,000. 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
SPOT DELIVERY.
-180 Days- -150 Days- -120 Days
Asked.
Bid.
Bid.
Asked. Bid.
Asked.
Prime eligible Ms
35
34
35
34
31
34
-90 Days- -60 Days- -30 Day*-Bid. Asked.
Bid. Asked.
Bid. Asked.
Prime eligible bills
16
34
la
34
'ii
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
IS% bid
Eligible non-member banks
H% bid
Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Effect on
June 8.
2
135
234
3
3
214
231
3
3
3
2
Date
Established.
Precious
Rate.
Feb. 8 1934
Feb. 2 1934
Nov. 16 1933
Feb. 3 1934
Feb. 9 1934
Feb. 10 1934
Oct. 211033
Feb. 8 1934
Mar. 16 1934
Feb. 9 1934
Feb. 8 1934
Feb. 16 1934
234
2
3
255
334
334
3
335
334
35-4
234
Course of Sterling Exchange
TERLING exchange suffered wild gyrations this
week. While in noticeable demand in some
quarters, it seems to have been under correspondingly great pressure in others. The pound is particularly easy in terms of French francs, or gold, and
in Monday's trading on the other side moved down
as low as 76.40 francs to the pound. In terms of the
old gold dollar it was estimated here that this gold
price for sterling was equivalent to $2.003. The
lowest actual dollar rate ever quoted was $3.14
on Nov. 29 1932. The range for sterling this week
has been between $5.033
% and $5.073
4 for bankers'
sight bills, compared with a range of between $5.063
and $5.093/ last week. The range for cable transfers has been between 85.03% and $5.073/
8,compared
with a range of between $5.063A and $5.093 a week
ago.
The following tables give the mean London check
rate on Paris from day to day, the London open
market gold price and the price paid for gold by the
United States:
S
MEAN LONDON CHECK RATE ON PARIS.
Saturday, June 2
76.937
Wednesday, June 6
76.583
76.93
Monday, June 4
Thursday, June 7
76.65
Tuesday. June 5
76.387
Friday,
76.53
June 8
LONDON OPEN MARKET GOLD PRICE.
Saturday, June 2
137s. 2d.
Wednesday, June 6_ __1378. 104d.
Monday, June 4
137s. 2d.
Thursday, June 7._ _1379. 134d.
Tuesday, June 5
1388
Friday,
June 8___137s. 4j4d.
Volume 138
Financial Chronicle
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK).
35.00
Saturday, June 2
35.00 I Wednesday, June 6
35.00
Monday, June 4
35.00 Thursday, June 7
35.00
June 8
Tuesday, June 5
35.00 Friday,
The sharp drop in sterling in terms of the franc
seems to have been due to the withdrawal of support
from sterling by the British Exchange Equalization
Fund. However, this is at most only a market
opinion. Throughout the greater part of May sterling
steadily weakened against the franc and in the last
week of the month it seemed that the authorities
in both London and Paris had taken steps to hold
the London check rate on Paris steady at around
77 francs to the pound, but on Friday last, June 1,
the rate broke to 76.98. Paris comment for the past
few weeks has been indicative of dissatisfaction with
the way in which the Equalization Fund has been
working. Complaints were made that the fund was
active enough whenever sterling tended to become
firm, but seemed to be operating with reluctance
whenever the pound was inclined to move down. The
French bankers fear that if the pound depreciates too
much against dollars, President Roosevelt may again
be induced to increase the price of gold, depreciating
the dollar toward the 50-cent level. The foreign
bankers also express anxiety as to possible repercussions on trade, with a much lower pound and with
the Swedish, Norwegian and Danish currencies, as
well as the rest of the sterling bloc correspondingly
depreciated, since they would naturally follow the
pound downward. The possibility of a lower pound
arouses a certain sense of dismay in Paris, as France
has gained her present favorable monetary position
only at great cost, and French authorities are loath
to see this position jeopardized by further gyrations
in exchange. It would seem that the present turn
in exchange was responsible for remarks of the Earl
of Liverpool in the House of Lords on Wednesday,
urging the British Government to move toward
monetary stabilization.
• The movement of funds from London to Paris has
been in progress since early in March due, as frequently pointed out, to the return of confidence in
France and the repatriation of French and other
Continental currencies which took flight to London
during the political disturbances in Paris in February.
At the present juncture there can be no doubt that
there has been a considerable mbvement of American
funds from London to New York. Sterling has
doubtless also been sold by British and Continental
investors seeking to place funds in the New York
investment market, attracted to some extent by
United States Treasury offerings, as there is almost
a dearth of opportunities for profitable employment of funds in many parts of Europe. A large
demand for dollars has been apparent for some weeks
on the part of British importers as a result of advantages offered in the commodity market by the
devalued dollar. These import requirements are
unseasonable at this time and in weighing their
influence on the future of sterling, it must be
recalled that Great Britain as a chief manufacturing
country will promptly turn these imports into reexports.
Counteracting these influences working against
sterling is a current demand for sterling from American sources, as American interests have been purchasing silver and gold in large amounts in the London
market in the past few weeks. This week the greater
part of the gold taken from the London open market
3831
has been for American account. An additional
factor in the firmness of sterling is due to the fact
that German interests having claims on sterling are
asking their British correspondents to keep their due
funds on balance for them in London. This condition
is caused by the precarious position of the mark.
Tourist requirements, which should be a factor in
firming sterling at this time, are negligible and at
the lowest level in many years. In Tuesday's trading
on the other side, the London rate on Paris broke
to a new record low of 76.25 francs to the pound,
after which the Exchange Equalization Fund apparently entered the market again and was more
active on both Wednesday and Thursday, until on
Thursday the rate rose to 76.75, though the mean
quotation for that day was 76.65, and yesterday
76.53.
The pressure against the pound and the heavy
withdrawals seem to have caused hardly any anxiety
in London, where funds continue abundant and have
shown no important change in rates from day to
day for more than a year. London reports that at
present there is a slightly harder undertone in the
money market, but the supply of funds is so great
that discount rates would move still lower were it
not for the concerted efforts of the Bank of England
and the great London banks to maintain them at
current levels in the interests of the discount houses,
which have been working on an unprofitable basis
for more than a year. A short while ago it was
estimated that London had an unnecessary surplus
of floating funds, "nuisance" or "bad" money, as
it is called there, aggregating more than £400,000,000.
Call money against bills is in supply in Lombard
Street at %%. Two-months' bills are %%; threemonths' bills, 15-16%; four-months' bills, 15-16%,
and six-months' bills 1% to 1 1-16%.
to London bullion brokers report that all the gold
available in the London open market this week is
believed to have been taken for American account.
There was available on Saturday £409,000, on Monday £241,000, on Tuesday £762,000, on Wednesday
£270,000, on Thursday £1,058,000 and on Friday
£247,000.
On Thursday the Bank of England bought £75,900
in gold bars. The Bank of England statement for
the week ended June 6 shows an increase in gold
holdings of £13,759, the total standing at £192,102,316, which compares with £187,737,544 a year ago,
and with the minimum of £150,000,000 recommended
by the Cunliffe Committee. At the Port of New
York the gold movement for the week ended June
6, as reported by the Federal Reserve Bank of New
York, consisted of imports of $11,725,000, of which
$3,366,000 came from Canada, $3,146,000 from
India, $2,493,000 from Colombia, $2,152,000 from
England, $416,000 from France and $152,000 from
Jamaica. There were no gold exports. The Reserve
Bank reported an increase of $2,493,000 in gold
earmarked for foreign account. In tabular form the
gold movement at the Port of New York for the
week ended June 6, as reported by the Federal
Reserve Bank of New York, was as follows:
GOLD MOVEMENT AT NEWYORK, MAY 31-JUNE 6, INCL.
Imports.
Exports.
$3.366,000 from Canada
3,146,000 from India
2,493,000 from Colombia
None
2,152,000 from England
416,000 from France
152,000 from Jamaica
$11,725,000 total
3832
Financial Chronicle
Net Change in Gold Earmarked for Foreign Account.
Increase: $2,493,000.
We have been notified that approximately $211,000 of gold was received
from China at San Francisco.
June 9 1934
Friday of last week, registered marks were quoted
in New York at 24.85 having dropped from 25.00.
The value of the mark has been maintained in foreign
The above figures are for the week ended Wednes- exchange for some time by the force of the severe reday evening. On Thursday there were no imports strictions which Germany has thrown about its curor exports of gold or change in gold held earmarked rency. The exchange rate for Berlin quoted in New
for foreign account. On Friday $3,363,400 of gold York and other foreign markets is usually designated
was imported, $1,954,800 coming from England and as the price of "free" marks. According to German
$1,408,600 from France. There were no exports of law, the Reichsbank decides what amount of free
gold, but gold held earmarked for foreign account marks may be offered in foreign markets. Germany
decreased $237,700. It was reported on Thursday allows no foreigner to hold free balances on a large
that $814,000 of gold was received at San Francisco scale and German citizens are forbidden to trade on
from China.
foreign exchange markets. The Reichsbank fixes
Canadian funds continue at a slight premium in arbitrarily the amounts of foreign exchange a German
terms of the dollar. Important items relating to the citizen may purchase in Berlin for the purpose of
proposed central bank for Canada will be found in importing foreign commodities, traveling in foreign
our news columns. On Saturday last, Montreal countries, or sending remittances to relatives residing
funds were at a premium of 9-32% to 5-16%; on abroad. Since July 1931, another German currency
Monday, at from Y
l% to 54%; on Tuesday, at from for foreign uses has been established, which has
5-16% to /%;
3
on Wednesday, at from /% to %; become increasingly important until just now. It
on Thursday, at from 9-16% to 4
5 %,and on Friday, consists of three kinds which are traded in on foreign
at from 34% to 13-16% of premium.
markets. These are (1) German scrip. German
Referring to day-to-day rates,sterling exchange on scrip delivered to foreign holders of German bonds
Saturday last was steady with an easy undertone. in place of cash interest payments, and the bonds
Bankers' sight was $5.0654@$5.0654; cable transfers themselves, afford Germany an export currency
$5.063/2@$5.063. On Monday sterling was off because German exporters who are paid in German
sharply. The range was $5.03/@$5.06N for bank- scrip or in bonds purchased abroad can sell them in
ers' sight and $5.0354@$5.063 for cable transfers. Germany from 25% to 50% above purchase price.
On Tuesday the pound was steadier in dull trading. This scrip has not been working satisfactorily for
Bankers' sight was $5.03/
5 @$5.043'; cable transfers some weeks. (2) Registered marks. Registered
4@$5.04%. On Wednesday sterling reacted marks are German balances of the standstill creditors,
$5.033
sharply upward. The range was $5.04%@$5.07 for these being mainly foreign banks which granted shortbankers' sight and $5.05@$5.073/ for cable transfers. term credits to Germany prior to July 1931. In
On Thursday sterling was steady. The range was April registered marks were selling at a discount of
$5.065
4@$5.079' for bankers' sight and $5.06%@ around 34% and are now following the free marks
$5.07A for cable transfers. On Friday Sterling down. (3) Blocked marks. Blocked marks have
moved lower, the range was $5.05%@$5.0634 for for a long time been at a heavy discount. Toward
bankers' sight and $5.06@$5.063/ for cable transfers. the end of 1933 they were at a discount of 30%.
Closing quotations on Friday were $5.063 for de- In January they were at a discount of 36%, in April
mand and $5.061A for cable transfers. Commercial at a discount of 55%. The amount of discount on
sight bills finished at $5.06; 60-day bills at $5.0534; blocked marks constitutes the loss a foreigner (except
90-day bills at $5.043
4; documents for payment (60 a standstill creditor or a holder of German foreign
days) at $5.053 4 and seven-day grain bills at currency bonds) sustains in liquidating German
$5.06 5-16. Cotton and grain for payment closed at investments. The capital of German emigres is
$5.06.
considered as blocked marks. The entire foreign
exchange market looks for a crisis in the German
Continental and Other Foreign exchanges
situation. Many believe the mark will be devalued
XCHANGE on the Continental countries has immediately. A moratorium is expected. The
been somewhat erratic this week owing to the Reichsbank is nearing the end of its ability to maindecline of sterling in terms of the franc and to the tain even approximate gold parity. The present
unpropitious developments bearing upon German quotations for free marks are to all intents and purmark exchange. On the whole, French francs are on poses merely quotations on an almost fictitious
balance slightly firmer than last week, as seen by the unit in the exchange market. All the special forms
average range for French cable transfers this week. of mark exchange which have arisen under the
The Belgian unit is also a shade firmer and Italian exchange control are at discounts under the free mark
lire, moving apparently independently of the main ranging from 40% to 60%. Hence foreign exchange
currents affecting the other major exchanges, is traders in some quarters assert that the mark could
decidedly firmer than last week.
be devalued considerably without really altering the
German marks are of paramount importance. German position. The Reichsbank's gold holdings
The mark has been showing a decided tendency are down to 130,104,000 reichsmarks, equal to less
toward weakness for months. A climax in the than $52,500,000 at par, and the reserve ratio is
German currency situation is imminent. In Tues- down to 3.7%.
day's trading marks declined more than 1 1-3 cents
The position of the French franc is practically
in New York, to a low of 37.62, the lowest since outlined in the above account of the course of.sterling
Feb. 5. Cross rates indicated a still lower quo- exchange. The French position is exceptionally
tation in Amsterdam at 37.25. Mark futures strong. The Bank of France statement for the week
are apparently not quoted and traders report ended June 1 shows an increase in gold holdings of
a complete lack of interest. Registered marks 811,518,381 francs, making the 13th successive
accompanied the free marks in their decline, dropping weekly increase and aggregating for the period
on Tuesday to 23.50 from 24.60 on Monday. On 4,348,901,197 francs. Present holdings total 78,277,-
E
Volume 138
3833
Financial Chronicle
100,643 francs, which compares with 81,061,689,310 bills and at 13.713/2 for cable transfers, against 13.64
2.
francs a year ago and with 28,935,000,000 francs and 13.643/
The
1928.
June
stabilized
in
when the unit was
XCHANGE on the South American countries
bank's ratio is at the high point of 78.98%, which
presents no new aspects of importance. As
compares with 78.51% on May 25, with 78.18% a
pointed out here on several occasions, the leading
year ago and with legal requirement of 35%.
Italian lire are exceptionally firm and in Wednes- South American countries are strongly inclined to
day's trading sold as high as 8.69, a new high on the increase the number of export products which may
recovery since the issuance of two royal decrees a be used to establish exchange in the "free" or "unfew weeks ago which made the Italian exchange con- official" market. The trend of the South American
trol more effective. Lire are also gaining rapidly in official rates is toward greater ease, due in part to
terms of French francs and are now above the point the easy undertone of sterling exchange. This week
which would cause gold to be sent from Italy to the official rate for Argentine paper pesos was geneFrance.
rally around 33.65, though on several occasions it
The following table shows the relation of the leading was quoted as high as 33.80. The "unofficial" rate
currencies still on gold to the United States dollar:
for pesos had a range in New York this week between
Range This
23.60 and 25.30.
Old Dollar New Dollar
This Week.
Parity.
Parity.
Argentine paper pesos closed on Friday nominally
6.63
6.58% to 6.61%
France (franc)
3.92
3 for bankers' sight bills against 337A on Friday
23.33 to 23.46
23.54
Belgium (belga)
13.90
at
33%
to 8.69
8.62
8.91
Italy (lira)
5.26
of last week; cable transfers at 34, against 34. Bra37.62 to 39.06
Germany (mark)
40.33
23.82
32.46
to 32.56
Switzerland (franc)
32.67
19.30
zilian milreis are nominally quoted 83/2 for bankers'
67.64
to 67.95
Holland (guilder)
68.06
40.20
sight bills and 81/2 for cable transfers, against 81/2 and
The London check rate on Paris closed on Friday 83/2. Chilean exchange is nominally quoted 1034,
at 76.53, against 76.98 on Friday of last week. In against 103. Peru is nominal at 22.80, against
New York sight bills on the French center finished 23.00.
on Friday at 6.61%, against 6.57% on Friday of last
week; cable transfers at 6.613/
2, against 6.58, and
XCHANGE on the Far Eastern .countries follows
commercial sight bills at 6.59, against 6.55. Antmuch the same course as has been apparent
werp belgas finished at 23.43 for bankers' sight bills ever since the abandonment of gold by Great Britain.
and at 23.44 for cable transfers, against 23.33 and Japanese yen are on balance very little changed from
23.34. Final quotations for Berlin marks were 38.74 last week, but the unit follows closely the trend of
for bankers' sight bills and 38.75 for cable transfers, sterling exchange. The Indian rupee fluctuates
in comparison with 39.04 and 39.05. Italian lire strictly with sterling, to which it is legally attached
closed at 8.66% for bankers' sight bills and at 8.67 at the rate of is. 6d. per rupee. Exchange on Hong
for cable transfers, against 8.58 and 8.59. Austrian Kong and Shanghai is fairly steady, as the Chinese
schillings closed at 19.00, against 18.90; exchange on
quotations reflect the world price of silver.
Czechoslovakia at 4.173/2, against 4.16; on Bucharest
Closing quotations for yen checks yesterday were
at 1.01, against 1.003/2; on Poland at 18.95, against 30.07, against 30.10 on Friday of last week. Hong
18.87, and on Finland at 2.25, against 2.25. Greek
Kong closed at 36 9-16®36 11-16, against 36 5-16®
exchange closed at 0.943 for bankers' sight bills and
36%
8; Shanghai at 333/8®33 3-16, against 32%;
% for cable transfers, against 0.943/i and
at 0.943
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
0.94/.
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
E
E
JUNE 2 1934 TO JUNE 8 1934, INCLUSIVE.
XCHANGE on the countries neutral during the
war presents no new features of importance
from those of recent weeks. Swiss francs and Holland guilders are firmer than last week, as the position
of both these countries has steadily improved with
the general improvement in the other gold bloc countries. It will be recalled that last week money rates
in Amsterdam were reduced. The private discount
rate was decreased from 13/% to 15-16%. The
former had rate been in effect since May 10. At the
same time the buying rate on prime guilder acceptances was cut from 134% to 1%. On Monday,
June 4, these rates were again reduced, the private
discount rate to 11-16% and the buying rate on
prime guilder acceptances to Yi%.
Bankers' sight on Amsterdam finished on Friday
at 67.94, against 67.59 on Friday of last week; cable
transfers at 67.95, against 67.60, and commercial
sight bills at 67.91, against 67.56. Swiss francs
closed at 32.55 for checks and at 32.56 for cable
transfers, against 32.46 and 32.47. Copenhagen
'checks finished at 22.61 and cable transfers at 22.62,
against 22.63 and 22.64. Checks on Sweden closed at
26.10 and cable transfers at 26.11, against 26.13 and
26.14; while checks on Norway finished at 25.43
and cable transfers at 25.44, against 25.45 and 25.46.
Spanish pesetas closed at 13.71 for bankers' sight
E
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
June 2. I June 4.
June 5.
June 6.
June 7.
June 8.
$
3
$
I
$
i
$
Etrra,
.189200* .189200* .189240* .189300* .189940* .189960*
Aus
U OsP
eh
Eilllng
.
.233676 .233923 .233776
Belgium, belga233238 .
Bulgaria, lev
.012500* .012375* .012375* .012375* .012500* .012375*
Czechoslovakia. krone .041542 .041543 .041584 .041637 .041671 .041665
226158 .225500 .224900 .225741 .226436 .225950
Denmark, krone
England, pound
sterling
5 064000 5.046833 5.037589 5.054464 5.073833 .061250
Finland, markka
022355 .022340 .022345 .022375 .022385 .022415
France, franc
065833 .065866 .065895 .065991 .066069 .066067
Germany. reichsmark .390007 .388746 .376700 .376446 .383600 .385625
Greece, drachma
.009425 .009418 .009443 .009456 .009455 .009460
Holland, guilder
.676225 .676414 .676584 .677707 .678521 .678485
Hungary, pengo
.297333 .297333* .297500* .297833* .297833* .297833*
Italy, lira
.086271 .086290 .086230 .086533 .086691 .086660
.254400 .253590 .252916 .253833 .254825 .254191
Norway, krone
Poland, zloty
.188300 .188533 .188666 .188933 .189166 .189066
Portugal, escudo
.046397 .046327 .046255 .046305 .046377 .046247
Rumania,leu
.009975 .009975 .009975 .010006 .010006 .010000
.136460 .136500 .136528 .136717 .136925 .136921
Spain, peseta
Sweden, krona
.261125 .260325 .259691 .260400 .261454 .260850
Switzerland, franc_ .324603 .324585 .324471 .324535 .325189 .325028
Yugoslavia, dinar._ .022606 .022666 .022666 .022675 .022716 .022706
ASIAChinaChefoo (yuan) dol'r .324583 .326458 .324791 .327291 .329166 .329166
Hankow(yuan) dol'r .324583 .326458 .324791 .327291 .329166 .329166
Shanghla(yuan)dol'r .323906 .325156 .324218 .327187 .328593 .328593
Tientsin(yuan)dol'r .324583 .326458 .324791 .327291 .329166 .329166
Hongkong, dollar_ _ 360312 .361562 .359687 .361718 .362812 .362656
India, rupee
.380150 .379625 .378250 .379875 .380940 .380200
Japan, yen
.300125 .299540 .298500 .299360 .300350 .299870
Singapore (8. S.) dol'r .593125 .593125 .591750 .592500 .594750 .594000
AUSTRALASIA- I
Australia, pound
4.034687'.4.022187'4.013125'4.024062*4.045000* 4.034687*
New Zealand, pound_ 4.046250'4.033125'4.024062.4.035000* 4.056562* 4.046250*
AFRICA1
South Africa. pound_ 5.004062* 4.992000* 4.979500* 4.995500* 5.018750'5.005750*
NORTH AMER.Canada, dollar
1 002473 1.002682 1.002812 1.004581 1.006276 1.007343
Cuba, peso
1 .999150 .999800 .999800 1.000200 .999800 .999800
Mexico, peso (silver) 1 .277500 .277500 .277500 .277500 .277500 .277500
Newfoundland. dollar 1.000062 1.000187 1.000375 1.002062 1.003875 1.005000
SOUTH AMER.Argentina, peso
.337600* .336437* .335866* .336966* .338300* .337366*
Brazil, mIlreLs
.085118* .085318* .084495* .084535* .085187* .085118*
Chile, peso
.102275* .102225* .102025* .102125* .102375* .102275*
Uruguay, peso
.802583* .802416* .802000• .803650* .803233. .804416*
Colombia, peso
.591700* .590800* .588200* .581400* .574700* .574700*
•Nominal rates; firm rates not available.
3834
Financial Chronicle
Manila at 49.80, against 497
4; Singapore at 59N,
against 59%; Bombay at 38.10, against 381A and
Calcutta at 38.10, against 38 8.
Gold Bullion in European Banks
HE following table indicates the amount of gold
bullion in the principal European banks as of
June 7 1934, together with comparisons as of the
corresponding dates in the previous four years:
T
Banks of—
1934.
1933.
1932,
England__ _
Franee a.__
Germany b
Spain
Italy
Netherlands
Nat.Beig'm
Switzerland
Sweden_ _
Denmark..
Norway_ _ _
£
192,102,316
626,216,805
5,311,000
90,513,000
73,962,000
67,460,000
77,067,000
61,216,000
15,091,000
7,397,000
6,577,000
Z
187.737.544
648,493,515
16,697,800
90,374,000
70,483,000
69.744,000
76,400,000
71,278,000
12,031,000
7,397,000
6,569,000
Z
132,461,505
641,364,780
37,481,300
90,150,000
60,895.000
78,121,000
72,617,000
80,463,000
11,443,000
8,032,000
6,561,000
1931.
£
156.287.523
447,466,363
104,614.000
96.962,000
57,461.000
37.498.000
41,374.000
26,102,000
13,301,000
9.552,000
8,133,000
1930.
£
157,180.407
350,540.477
123,449,650
98.823,000
56,279,000
35.995.000
34,280,000
23,153,000
13,506,000
9,567,000
8,144.000
Total week. 1,222,913,121 1,257,204,859 1,219,589,585
Prey. week_ 1.216.505.365 1.259.205.180 1.207.577.912
998,751.486 910,917.534
997.076.012 909.073.374
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 Ls £1,426,200.
Some Plain Truths About the War
Debt Defaults
Some of the American editorial comment on the
British note of June 4, announcing the decision of
the British Government to suspend further payments
on the war debts owed by Great Britain to the United
States "until it becomes possible to discuss an ultimate settlement of intergovernmental war debts
with a reasonable prospect of agreement," shows a
curious disposition to take at their face value the
statements and contentions of the British note, and
to regard the official presentation of the British case
as one which the United States is in no position
to refute. A similar disposition has been shown
to agree with the editorial expressions of various
British and French newspapers in regarding President Roosevelt's message of June 1 as intended primarily for "domestic consumption," and to intimate
that but for the obstinacy of Congress the "reasonable prospect of agreement" to which the British note
referred would probably have been offered by Mr.
Roosevelt, if not indeed by Mr. Hoover when the
controversy was in his hands. It is worth while to
examine the two documents with a view to discovering whether the door which the British Government
desires to see opened has in fact been closed, or kept
closed, by Mr. Roosevelt, and whether the British
statement, elaborate as it is, is in fact as conclusive
as it has appeared to some commentators to be.
The historical review of the debt question which
occupies a large part of Mr. Roosevelt's message reveals no difference whatever between the attitude of
Mr. Roosevelt and that of Mr. Hoover regarding the
nature and obligation of the debts and the position
of the United States regarding the debt agreements.
Referring to the statements issued on Nov. 23 1932,
by President Hoover and Mr. Roosevelt, then President-elect, Mr. Roosevelt quotes President Hoover as
saying that "the United States Government from the
beginning has taken the position that it would deal
with each of the debtor Governments separately, as
separate and distinct circumstances surrounded each
case," and that "this policy has been rigidly made
clear to every foreign Government concerned." He
follows this with a quotation from his own statement
of the same date declaring that he found himself "in
complete accord" with the principles which he and
Mr. Hoover had discussed the previous day,and adds,
as a further quotation: "These debts were actual
June 9 1934
loans made under distinct understanding and with
the intention that they would be repaid. In dealing
with the debts each Government has been and is to be
considered individually, and all dealings with each
Government are independent of dealings with any
other debtor Government. In no case should we deal
with the debtor Governments collectively. Debt
settlements made in each case take into consideration the capacity to pay of the individual debtor
nations."
After a reference to the payments due in December 1932, Mr. Roosevelt again quotes from his statement of Nov. 23: "I firmly believe in the principle
that an individual debtor should at all times have
access to the creditor; that he should have opportunity to lay facts and representations before the
creditor and that the creditor should give courteous,
sympathetic and thoughtful consideration to such
facts and representations." This was only restating
in friendly language the position implicit in Mr.
Hoover's course.
There is nothing new in the summary statement of
the American position with which Mr.Roosevelt concludes his message of June 1. He concedes as "a
simple fact" that the war debt payments have
"gravely complicated our trade and financial relationships with the borrowing nations for many
years," but he nevertheless reminds the debtor Governments that the obligations "furnished vital means
for the successful conclusion of a war which involved
the national existence of the borrowers, and later
for a quicker restoration of their normal life after
the war ended"; that the money loaned was borrowed
by the Government from the American people, and in
the absence of foreign payments must be repaid by
taxing the American people to pay off the Liberty
and later refunding bonds, and that while the
people of this country"would not be disposed to place
an impossible burden upon their debtors" they are
"nevertheless in a just position to ask that substantial sacrifices be made to meet these debts." In considering whether such sacrifices have been made,the
debtor Governments are reminded that "the American people are certain to be swayed by the use which
debtor countries make of their available resources—
whether such resources would be applied for the purposes of recovery as well as for reasonable payment
on the debt owed to the citizens of the United States,
or for purposes of unproductive nationalistic expenditure or like purposes." In conclusion, Mr.
Roosevelt repeats what he has already made clear to
the debtor Governments "again and again" that the
war indebtedness to the United States "has no relation whatsoever to reparation payments made or
owed to them."
The British note is important not only for what
it says but also for what, with obvious disingenuousness, it fails to say. In the main, the arguments now
urged in support of the policy of suspending further
payments are the same as those contained in the
former note of Dec. 1 1932, shortly before the last
full payment was made. It is contended that the
present debt agreement "imposes upon the people of
the United Kingdom a burden which is both unreasonable in itself and inequitable in relation to
the treatment accorded to other countries;" that
Great Britain is a creditor as well as a debtor, since
it made on its own account war advances to the
Allies considerably in excess of the amounts borrowed from the United States, and that the domestic
Volume 138
Financial Chronicle
charges of these loans have had to be met in full
because they have already paid to the United States
all that has been received from war debts and reparations "and nearly as much again out of their own
resources," and that, having suspended their claims
on their own debtors "in the hope that a general revision of these intergovernmental obligations may be
effected in the interest of world recovery," it "would
be impossible for them to contemplate a situation in
which they would be called on to honor in full their
war obligations to others while continuing to suspend all demands for payment of war obligations due
to them."
Combating the idea that the present budget surplus indicates an ability to continue payments on the
debts, the British note urges that such payments concern the balance of trade rather than the volume of
internal revenue, that the attempt to transfer in
dollars or gold the large sums called for would
sharply depreciate sterling against the dollar, and
that "in the long run such international transfers
would be impossible without a radical alteration in
the economic policies of the United States." The
war debt loans,it is insisted, are "radically different
from commercial loans raised for productive purposes," and the Hoover moratorium "made any resumption of the pre-existing reparation and war debt
settlements impossible," while for Great Britain to
demand the resumption of payments by its own war
debtors "would throw a bombshell into the European arena which would have financial and economic
repercussions over all five continents and would postpone indefinitely the chances of world recovery."
Not all of these arguments, surely, bear examination. By what process it is calculated that the
British debt burden is inequitable in comparison
with that of other debtor countries is not apparent.
Max Winkler of this city, a well known authority on
international finance, points out in the New York
"World-Telegram" of Thursday that while the debt
agreements call for a British payment of $2.71 per
capita for each dollar originally loaned, Czechoslovakia is called upon to pay $3.48, Rumania $3.40,
Lithuania $2.91, Latvia $2.79, Estonia $2.78, Hungary $2.76 and Poland $2.72. The transfer at this
time of the $261,791,011 due from Great Britain on
June 15 would undoubtedly put a severe strain on
exchange, but of that amount $176,120,246 represents
instalments of principal and interest which should
have been met in June and December 1933. It is of
course true that war loans differ from the commercial loans of a Government in that the latter represent what are commonly called "productive" operations while the former do not, but there is no difference whatever in the legal and moral obligation
to repay what has been borrowed. It is far from
clear that a renewal of the demand for payment to
Great Britain of what is owed to it by its Continental
debtors would precipitate any such world crisis as
the British note contemplates. To quote Mr. Winkler
again, "foreign countries seem to experience little
difficulty in obtaining funds for military equipment."
The core of the British contention, however, lies
in the reference to he Lausanne Conference and the
general revision of the war debt agreements. Because the creditors of Germany agreed to a drastic
reduction of their reparation claims, conditioned
upon what was described as a "satisfactory" settlement of the war debts, the United States, it is again
3835
implied, ought to confirm the action by agreeing to
a general debt revision. The argument is specious.
The United States was not a party to the Lausanne
Conference. It had repeatedly declared, as it has
again declared in Mr.Roosevelt's message,that there
was no connection between reparations and war
debts, and it is simple matter of history that no such
connection was recognized when any of the war loans
were contracted or when reparations were decreed.
The reparation claims were cut down at Lausanne
because Germany bluntly refused to go on with them
and public opinion in Great Britain, and to some
extent in France, had at last concluded that the
claims must be abated, but the attempt to make what
was actually a definitive reduction depend upon an
American action which was well known to be entirely opposed to American policy was a pretty clear
case of trying to "hold up" the United States by a
threat to stop payment on the debts.
It is useless to abuse the Johnson Act, or Congress,
or the American people for the impasse into which
the war debt question has now been thrown. It does
not simplify the issue to allow defaults to accumulate
until the total indebtedness is obviously difficult to
pay, or to protest that payment is impossible while
money is being poured out, as it is by half a dozen
Continental Governments, for extensive military establishments and elaborate fortifications. The way
is open, as it has always been, for any debtor Government that finds its war debt obligations to this
country unmanageable to submit a statement of its
financial condition and a concrete proposal for revision of its agreement. As far as the American public knows, no such proposal has ever been presented.
It is not for the American Government to take the
initiative. In the absence of definite proposals from
the debtor Governments, each acting for itself, the
American people will continue to conclude, as they
already have concluded, that the obligation of the
war debts is to be in fact repudiated, whatever the
form of expression in which repudiation is announced. The situation is obviously an extremely unpleasant one for the United States, since it not only
fosters distrust of the good faith of the debtor Governments but also embarrasses the reciprocal tariff
treaties which Mr. Roosevelt has expected to negotiate, but it is not a situation for which the United
States is to be blamed.
Amendments to NRA Code for Mutual-Savingi Banks
Approved—Changes Become Effective July 16.
Announcement was made on May 18 by the National
Recovery Administration that the Administrator had approved amendments to the code of fair competition for the
mutual savings banks making provision for the establishment
of uniform maximum hours of banking operations and the
setting up of sub-committees to assist in the administration
of the code. The amendments will become effective July
16. The Administration's announcement continued:
In the provision for the establishing of banking hours it Is stated that any
bank may observe shorter hours than those which will be fixed as the
maximum, but that the number of employees shall not be reduced on that
account and that wages must not be lowered.
The sub-committees for which provision is made, will be expected to
adopt local rules and regulations governing competitive practices in local
areas.
Form for Registration of Investment Bankers Under
NRA Code Approved by General Johnson.
National Recovery Administrator Hugh S. Johnson approved on May 18 the form of application prescribed by the
Investment Bankers Code Committee to be used by investment bankers, who register under one of the provisions of
the code of fair competition for investment bankers. The
code provides, it was stated, that any investment banker
desiring to be registered shall file with the regional code corn-
3836
Financial Chronicle
June 9 1934
mittee of the district in which the principal office of the applicant is located, an application in the form prescribed by the
code committee and approved by the Administrator.
A summary of fair practice provisions of the Code, in
which appears the section providing for the registration of
investment bankers, was given in our issue of May 12, page
3211.
New York—
Adams & Peck
Bristol & Willett
Richard W. Clarke & Co., Inc.
Charles E. Doyle & Co.
Evans, Stillman & Co.
Fenner and Beane Corp.
Foster & Co., Inc.
Glidden, Morris & Co.
Gonder, Kelley & Co., Inc.
Harris, Ayers & Co., Inc.
Holt, Rose & Troster
Lebenthal & Co.
Thirty-Nine Investment Banking Houses in New York
Group Approved for Membership in Investment
Bankers Association.
Applications for membership by 39 investment banking
houses in the area of the New York group of the Investment
Bankers Association of America are among the 147 applications that have been approved by the Association's Board
of Governors so far this year, it is announced at the Association's office at Chicago on June 5. The 20 applications
from the group, approved at the recent annual spring
meeting of the Board, are as follows:
At the previous meeting of the Board of Governors, in
February, the following applications for membership by
investment banking houses in the area of the New York
group were approved:
New York—
Adams, McEntee & Co., Inc.
Amott, Baker & Co., Inc.
Bacon, Stevenson & Co.
Burley & Co.
F. Eberstadt & Co., Inc.
Eldredge & Co., Inc.
Redden, Farwell & Co., Inc.
Hipkins & Topping
F. P. Lang & Co.
Neergaard, Miller & Co.
Biter & Co.
Maynard, Oakley & Lawrence
C. A. Preim & Co.
F. S. Robinson & Co.
Saunders, Ashplant & Co.
Albany—
George R. Cooley & Co.
Buffalo—
Dirge, Wood & 'Frubee
Rochester—
Albert A. Houck & Co.
Jersey City—
Outwater & Wells
Stemmler & Co.
Van Aistyne, Noel & Co., Inc.
Eli T. Watson & Co., Inc.
F. R. Fenton & Co., Inc.
Buffalo—
Cleversley & Co.
Liberty Share Corp.
Rochester—
Little & Hopkins
Newark—
Van Deventer, Spear & Co.
The New Capital Flotations in the United States During the Month of
May and for the Five Months Since the First of January
173,000 was for the 182-day bills. The average price for the
91-day bills was 99.983, the average rate on a bank discount
basis being 0.07% per annum, while the average price for the
182-day bills was 99.926, making the average rate on a
discount basis 0.15% per annum. The offering was made to
meet a similar issue of maturing bills.
A further new offering of $100,000,000 or thereabouts of
two series of Treasury bills, maturing in 91 days and 182
days, respectively, was announced by Secretary of the
Treasury Morgenthau on May 10. Each series was, dated
May 16 1934, the 91-day bills maturing Aug. 15 and the
182-day bills, Nov. 14. Tenders for the two series of Treasury
bills aggregated $325,981,000, of which $172,335,000 was
for the 91-day bills and $153,646,000 was for the 182-day
bills. The total amount accepted was $100,334,000 of
which $50,254,000 was for the 91-day bills, which mature
on Aug. 15, and $50,080,000 for the 182-day bills which
come due Nov. 14. The average price for the 91-day bills was
99.984, the accepted rate of 0.06% on a bank discount basis,
was the lowest rate at which an offering of Treasury bills ever
sold. The average price for the 182-day bills was 99.929,
making the average rate on a bank discount basis of 0.14%
per annum. Issued to retire maturing obligations amounting
to $75,008,000 and for other Government purposes.
A still further offering of a new series of Treasury bills in
the amount of $100,000,000 or thereabouts was announced
by Mr. Morgenthau on May 17 each dated May 23 1934 and
New Treasury Offerings During the Month of May 1934.
maturing respectively in 91 days and 182 days. Both series
An offering of two series of Treasury bills was announced were offered to the ,mount of $50,000,000 or tnereabout
on April 26 by Henry Morgenthau Jr., in the amount of the 91-day. bills maturing on Aug. 22, and the 182-day bills
$125,000,000 or thereabouts each dated May 2 1934 and on Nov. 21 1934. Tenders for the two series of Tre isury
maturing respectively in 91 days and 182 d ys. The bills, bills totaled $355,254,000 of which $190,788,000 was for the
however, as stated above, were dated May 2, and hence 91-day bills and $164,466,000 was for the 182-day bills.
form part of the government's financing for the month of The total amount accepted was $100,597,000 of which
May. The 91-day bills were offered in the amount of $75,- $50,457,000 was for the 91-day bills while $50,140,000 was
000,000 or thereabouts, and the 182-day bills to the amount for the 182-day bills. The average price for the 91-day
of $50,000,000 or thereabouts, the 91-day bills maturing bills was 99.985, the average rate on a discount basis being
Aug. 1 and the 182-day bills Oct. 31 1934. Tenders for the 0.06%, and the average price on the 182-day bills was
two series of Treasury bills aggregated $391,775,000, of 99.936, making the average rate on a discount basis 0.13%.
which $193,076,000 was for the 91-day bills and $198,699,000 This financing provided for the refunding of $75,115,000 of
was for the 182-day bills. The total amount accepted was similar securities, leaving $25,482,000 as an addition to the
$125,092,000, of which $75,055,000 was for the 91-day bills public debt. The rates on these offerings compare with
and $50,037,000 was for the 182-day bills. The average 0.06% on 91-day bills and 0.14% on 182-day bills (dated
price for the 91-day bills was 99.981, the average rate on a May 16); 0.07% on 91-day bills and 0.15% on 182-day bills
discount ba.is being 0.07% per annum, while the average (dated May 9), and 0.07% on 91-day bills, and 0.16% on
price for the 182-day bills was 99.918, making the average 182-day bills (dated May 2). The Treasury Department
rate on a discount basis 0.16% pr annum. Issued to replace in the last week of May omitted the weekly offering of
maturing bills.
Treasury bills, usually put out to meet maturing bills or to
On May 3, Mr. Morgenthau announced another new provide additional funds. As there is no series of Treasury
offering of two series of Treasury bills in the amount of bills coming due prior to June 20, when $100,110,000 of bills
$125,000,000 or thereabouts, each dated May 9 1934 and mature, the Treasury has ample funds on hand to meet
maturing in 91 days and 182 days respectively. The 91-day current expenditures.
In the following we show in tabular form the Treasury
bills were offered in the amount of $75,000,000 or thereabouts, and the 182-day bills to the amount of $50,000,000 financing done during the first five ihonths of, this year.
or thereabouts, the 91-day bills maturing Aug. 8 and the The results show that the Government disposed of $5,685,182-day bills Nov. 7 1934. Tenders for the two series of 127,300, of which $3,434,018,800, went to take up existing
Treasury bills aggregated $356,107,000, of which $156,841,- issues and $2,251,108,500, represented an addition to the
000 was for the 91-day bills and $199,266,000 was for the public debt. For May by itself the disposals aggregated
182-day bills. The total amount accepted was $125,287,000 $451,310,000, of which $400,502,000, represented refunding
of which $75,114,000 was for the 91-day bills and $50,- and $50,808,000, was an addition to the public debt.
In presenting our compilations of the new financing done
in the United States during the month of May there is
nothing to be said beyond repeating the comment made with
reference to preceding months, namely that the volume of
new flotations continues extremely meagre. The corporate
issues which came to market during the month aggregated
only $3.1.,781,300, while the amount of State and municipal
issues totaled but $77,590,594. There was also an issue of
$32,500,000 Federal Intermediate Credit banks 2% collateral trust debentures, making the grand total of all
financing for the month no more than $141,871,894 and
$39,138,807 of this was for refunding purposes, that is, to
take up old issues outstanding, leaving the amount of
strictly new capital only $102,733087.
As previously explained the Securities Act, with its burdensome regulations has rendered corporate financing virtually
out of the question. Security offerings by the United States
Government continues unabated and in a large measure
these issues are pre-empting the field formally dominated
by ordinary financing. Because of the importance and
magnitude of United States Treasury issues we furnish
below a summary of the new offerings sold during the month
of May and also those put out during the four months preceding, giving particulars of the different issues, and presenting a complete record in that respect for the first five
•
months of the current year.
UNITED STATES TREASURY FINANCING DURING THE FIRST FIVE
MONTHS OF 1934.
Date
Offered. Dated.
Dec. 26 Jan.
Jan. 3 Jan.
Jan. 10 Jan.
Jan. 17 Jan.
Jan. 23 Jan.
Jan. 23 Jan.
Jan. 24 Jan.
Due.
Amount
Accepted.
Amount
Applied for.
Antis ry total
Febru ary tote 1
125,493,000 Average 99.834
50,078,000 Average 99.524
75,008,000 Average 99.833
75,044,000 Average 99.501
100
418,291,700
100
428.730.700
75,155,000 Average 99.855
75,088,000 Average 99.688
*0.66%
*0.94%
*0.66%
*0.99%
2.50%
3.00%
*0.57%
•0.62%
81322888,400
393,054,000 $100,236,000 Average 99.781
100
455,175,000 455,175,500
344.987,000 100,110.000 Average 99.978
50.091,000 Average 99.98
194,789,000
50,025,000 Average 99.904
138,221,000
Mar h total_
•0.43%
3.00%
*0.09%
*0.08%
*0.19%
$755,637,500
Apr. 4 90 days
Apr. 4 182 days
Apr. 16 10-12 yrs
Apr. 11 91 days
Apr. 11 182 days
Apr. 18 91 days
Apr. 18 182 days
Apr. 25 91 days
Apr. 25 182 days
50,151,000 Average 99.98
184,356.000
50,096.000 Average 99.90
117.990,000
100
1049441,300 1049441,300
50,257,000 Average 99.98
182,226,000
50.225,000 Average 99.90
147,811,000
75,047,000 Average 99.98
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
April total
May
May
May
May
May
May
May
May
*0.62%
.0.62%
*0.67%
*0.67%
2.50%
1.50%
*0.72%
$1654 676,100
Mar. 1 Mar. 7 182 days
Mar. 7 Mar. 15 4 years
Mar. 1 Mar. 21 91 days
Mar. 22 Mar. 28 91 days
Mar. 2 Mar. 28 182 days
Apr. 2
Apr. 2
May
May
May 1
May 1
May 1
May 1
Yield.
Price.
3 91 days
$384,619,000 $100,990,000 Average 99.843
252,825,000 100,050.000 Average 99.843
10 91 days
289,397,000 125.340.000 Average 99.831
17 91 days
303.580.000 125,126,000 Average 99.831
24 91 days
100
29 1315 mos. 3,424,212.200 528,101,600
100
29 734 mos. 1,360.564,500 524.748,500
381,422,000 150,320.000 Average 99.819
31 91 days
302,858,000
Jan. 31 Feb. 7 91 days
244,427,000
Jan. 31 Feb. 7 182 days
230,078,000
Feb. 6 Feb. 14 91 days
178,326,000
Feb. 6 Feb. 14 182 days
Feb. 12 Feb. 19 22 mos. 1,332,409,900
2,285,754,500
Feb. 12 Feb. 19 3 years
307,110,000
Feb. 15 Feb. 21 91 days
420,115,000
Feb. 21 Feb 28 182 days
Mar.2
Mar.2
Apr.
Apr.
Apr.
Apr. 1
Apr. I
Apr. 1
Apr. 1
*0.08%
*0.19%
3.25%
*0.07%
*0.18%
*0.08%
*0.19%
*0.08%
*0.18%
1,500,615,300
2 91 days
2 182 days
9 91 days
0 182 days
16 91 days
16 182 days
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
Ma total
75,055,000 Average 99.981 *0.07%
50,037.000 Average 99.918 *0.18%
75,114,000 Average 99.983 *0.07%
50.173,000 Average 99.928 *0.15%
50,254,000 Average 99.984 *0.06%
50,080,000 Average 99.929 *0.14%
50,457,000 Average 99.98.5 *0.06%
50,140,000 Average 99.936 *0.13%
451,310,000
Gran I total_
USE OF FUNDS.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
3
10
17
24
29
29
31
TYPe of
Security.
Treasury bills
Treasury bills
Treasury bills
Treasury bills
255% Treas. notes
134% Ctfs of Ind.
Treasury bills
Total
Feb. 7
Feb. 7
Feb. 14
Feb. 14
Feb. 19
Feb. 19
Feb. 21
Feb. 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
Treasury bills
Treasury bills
34% Treas. bonds
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
Treasury bills
2
2
9
9
16
16
23
23
Refunding.
$100,990,000
75,020,000
75,023,000
80,034,000
60,180,000
New
Indebtedness.
$25,030,000
50.317,000
45,092,000
528,101.600
524.748,500
90,140,000
$391,247,000 $1,263,429.100
$125,493,000 $125,493,000
50,078,000
50,078,000
75,008,000 1 75,295,000
75,044,000 I
418,291,700
428,730,700
60,063.000
75,155,000
75,088,000
75,088,000
$1,322,888,400
$388,017,000
$100,236,000
455,175.500
100,110,000
50,091,000
50.025,000
$100,236,000
455,175,500
100,110,000
50,091,000
50,025,000
$755.637,500
$755,637.500
874,757,000
418,291,700
428,730,700
15,092,000
6936,871,400
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Total
Grand total_
bills
bills
bills
bills
bills
bills
bills
bills
$50,151,000
650,151,000
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
SUMMARY OF CORPORATE. FOREIGN GOVERNMENT, FARM LOAN
AND MUNIDIPAL FINANCING.
1934.
New Capital.
Refunding.
Total.
$
$
$
MONTH OF MAYCorporateDomesticLong-term bonds and notes
Short-term
Preferred stocks
Common stocks
CanadianLong-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other ForeignLong-term bonds and notes
Short-term
Preferred stocks
Common stocks
$75,055,000
50,037,000
75,114,000
50,173,000
50,254,000
50,080,000
50,457,000
50,140,000
675,055,000
50,037,000
75,114,000
50,173,000
75,008,000
25,326,000
75,115,000
25,482,000
$451,310,000
6400,502,000
$50,808,000
$5.685,127,300 $3,434,018,800 $2,251,108,500
25,582,000
2,958,000
1,258,800
1,982,500
28,823,300
2,958,000
31.781,300
12,500,000
61,409,787
20,000,000
16,180,807
32,500.000
77,590,594
102,733.087
39,138,807
141,871,894
1,258,800
1,982,500
FIVE MONTHS ENDED MAY 31.
CorporateDomesticLong-term bonds and notes
Short-term
Preferred stocks
•
Common stocks
CanadianLong-term bonds and notes
Short-term
Preferred stocks
Common stocks
Other ForeignLong-term bonds and notes
Short-term
Preferred stocks
Common stocks
Total corporate
Canadian Government
Other foreign government
Farm Loan issues
* Municipal, States, cities, drc
United States Possessions
2,958,000
25,582,000
Grand total
Features of May Private Financing.
Proceeding now with our analysis of the limited volume of
corporate offerings announced during May, we find that
there were but 10 new issues, totaling no more than $31,781,300, which compares with a similar number of offerings
for a total of $87,523,600, reported for the month of April.
The $31,781,300 of corporate offerings in May comprised
117,582,000 for railroads, $8,000,000 for public utilities and
$6,199,300 for the account of industrial and miscellaneous
companies. Of the total corporate offerings put out in
May, long-term issues comprised $25,582,000, short-term
issues accounted for $2,958,000, while stock issues contributed $3,241,300.
The following is a complete summary of the new financing
-corporate, State and city, foreign government, as well as
farm loan issues-for May and the five months ending
with May:
Total corporate
Canadian Government
Other foreign government
Farm Loan issues
• Municipal, States, Cities, &c
United States Possessions
$1,500,615,300 61,500,615,300
Total
May
May
May
May
May
May
May
May
$100,990,000
100,050,000
125,340,000
125,128,000
528,101,600
524,748,500
150,320,000
$1,654,676.100
Treasury bills
Treasury bills
Treasury bills
Treasury bills
234% Treas. notes
3% Treas. notes
Treasury bills
Treasury bills
Total
Mar. 7
Mar. 15
Mar.21
Mar.28
Mar. 28
Total Amount
Accepted.
The portion of the month's financing used for refunding
purposes was $2,958,000, or about 9.3% of the total. In
April the refunding portion was $59,283,000, or slightly more
than 67% of the total. In March it was $12,569,200, or
about 47% of that month's total. In February it 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
May 1933, the amount for refunding was $12,050,300, or
more than 77% of the total for that month.
The financing done during May consisted of $13,639,000
New York Lackawanna & Western RR. 1st & ref. mtge. 4s
1973, offered at 93 to yield 4.37%„000,000 Brooklynto
Manhattan Transit Corp. 15-yr. 6s 1949, priced at 98
yield 6.15%; $3,943,000 Pennsylvania Ohio & Detroit RR.
Co. 1st & ref. mtge. 4s B 1981,issued at par; $2,958,000
Mengel Co. 1st mtge. 7% bonds March 1 1939, representing
an extension of maturity and six offerings of stock aggregating
only $3,241,300.
No foreign issues of any description were floated here
during May. It was announced during the month, however,
that credits advanced to Germany by Lee, Higginson Trust
Co. of Boston had been extended for another year. The
credits which originally totaled $125,000,000 had been
reduced to slightly more than $71,000,000. It is understood
that the interest rate on the extension had been reduced
from 43. to 4%.
Included in the month's financing was an issue of $32,500,000 Federal Intermediate Credit banks 2% debentures
due in six and nine months, offered at price on application.
There were no new fixed investment trusts marketed
during the month.
During the month one new issue was floated with convertible features, namely:
32.958,000 Mengel Co. 1st mtge. 78. May 1 1939, convertible into corn.
stock at $12X per share, or 8 sits. for each $100 of bonds.
5.685.127.300
•Average rate on a bank discount basis
Dated.
3837
Financial Chronicle
Volume 138
$
57,539,900
12,750,000
2,908,800
16,676,485
6
$
74,460,200
2,958,000
132,000,100
15,7( 8,000
2,908,800
16,676,485
1,200,000
1.200,000
.
89,875,185
78,618,200
168,493.385
.
42,500,000
347.625,347
96,900,000
57,079,962
139,400,000
404,705,309
Grand total
. 480.000.532 232.598.162 712,598,694
•These figures do not include funds obtained by States and municipalities from
any agency of the Federal Government.
In the tables on the two succeeding pages we compare
the foregoing figures for 1934 with the corresponding figures
for the four years preceding, thus affording a five-ye 1r
comparison. We also furnish a detailed analysis for the
five years of the corporate offerings, showing separately
the amounts for all the different classes of corporations.
Following the full-page tables we give complete details
of the new capital flotations during May, including every
issue of any kind brought out in that month.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING FOR THE MONTH OF MAY FOR FIVE
YEARS.
MONTH OF MAY.
1934.
1933.
1932.
1931.
New Capital. Refunding.
Corporate-1930.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Domestic—
Total.
New Capital. Refunding.
Total.
Long-term bonds and notes_
$
$
25,582,000
$
25.582.000
$
500,000
500.000
$
4,930.800
Short-term
7,000,000
11.930,800 102,335,000
49,450,000 151,785,000 375,365.500
i,-911,666
2.958,000
25,834.000
12.050.300
401,199,500
12,050.300
2,300,000
Preferred stocks
8,000,000
10,300.000
29,550,000
1.258.800
730,000
30,280,000
1,258.800
64,536,250
28,000,000
92.536.250
Common stocks
16,175,000
31,050,000
1,982.500
47,225.000
1,982,500
51,114.000
3,083,535
3.083,535
51,114.000
Canadian—
13.300,000
13.300.000 356,126,468
9,500,000 365,626.468
Long-term bonds and notes..
Short-term
8,000,000
8.000,000
Preferred stocks
Common stocks
13,000,000
13,000,000
Other Foreign—
Long-term bonds and notes_
Short-term
Preferred stocks
Common stocks
Total corporate
3,900,000
28,823,300
2,958.000
31,781,300
3,900,000
3,583.535
12,050,300
15.633,835
7,230,800
Canadian Government
15,000.000
22,230,800 169,360.000
81,230,000 250,590,000 864,042.218
63.334.000 927.376.218
Other foreign Government_
2,144,000
2,144,000
23,000,000
4.000,000
27,000,000
Farm Loan issues
12,500,000
20.000,000
32,500.000
78,281,000
1.500,000
79.781.000
*Municipal, States, cities, &c
15,000,000
15,000,000
100.000
61,409.787
16,160.807
- 100.000
77.590,594
1.000.000
40,010,072
4,780,461
1,000,000
44,790,533
83,666,494
3,667.804
United States Po
87,334,298 172,679,521
ions..
2.319:64515 174,998,521 140.354.596
4.517.500 144.872,096
Grand total
1,425.000
102.733,087
39,138,807 141,871.894
1,425,000
43.593,607
16,830.761
60,424,368
90.897,294
33.667,804 124,565,098 344,283,521
83,549,000 427,832,521 1,108.102,814
• These figures do not include funds obtained by States and municipalities from any agency
73.351.500 1,181,454,314
of the Federal Government.
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED
STATE'S FOR THE MONTH OF MAY FOR FIVE YEARS.
1934.
1933.
1932.
MONTH OF MAY.
1931.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Long-Term Bonds and Notes—
Railroads
17,582,000
17,582.000
Public utilities
1.000.000
8,000.000
1.000,000
8,000,000
500.000
500.000
4,930.800
7,000,000
Iron, steel. coal, copper. &c
11.930.800
94,600,000
47,650,000 142,250.000
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
Oil
2.750,000
1,500,000
4,250,000
Land, buildings, &c
2,000.000
2.000.000
Rubber
9.185.000
300.000
9,485.000
Shipping
Inv. trusts, trading, holding, esc_
Miscellaneous
800.000
Total
800.000
25,582,000
25,582,000
500.000
500.000
4,930,800
7,000,000
Short-Term Bonds & Notes—
11,930.800 110,335.000
49.450.000 159,785.000
Railroads
Public utilities
20.970,000
530.000
21,500,000
6.091.200
6.091.200
2,100.000
8,000,000
10.100,000
Iron, steel, coal, copper, Stc
7,500,000
7,500,000
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
2,958,000
2,958,000
Oil
600.000
600.000
Land, buildings, Zsc
Rubber
480.000
200,000
680,000
5,959,100
5,959,100
Shipping
Inv. trusts, trading, holding, tec_
Miscellaneous
200.000
200.000
Total
2,958.000
2,958.000
12,050,300
12,050,300
2,300,000
8,000,000
Stocks—
10,300,000
29,550.000
730,000
30,280,000
Railroads
Public utilities
Iron, steel, coal, copper, &c
29.225.000
31,050,000
588,750
60,275,000
588,750
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
2.652,550
2,652.550
3,083.535
3.083,535
Oil
Land, buildings, &a
Rubber
250,000
250,000
Shipping
Inv. trusts, trading, holding, itc_
Miscellaneous
Total
3.241.300
3.241,300
3.083.535
3.083,535
Total—
29.475,000
31,050,000
60,525.000
Railroads
17,582.000
17,582.000
Public utilities
21,970.000
530.000
8,000.000
22,500,000
8,000.000
500,000
6,091,200
6.591,200
7,030,800
15.000.000
Iron, steel, coal, copper. dtc
22,030,800 131,325.000
78,700,000 210.025.000
588.750
558.750
Equipment manufacturers
Motors and accessories
Other industrial and manufacturing
2.652,550
2,958,000
15,610,550
3,083,535
3.083.535
Oil
3,350,000
1.500.000
4.850.000
Land, buildings, &c
2.000,000
2.000.000
Rubber
9,915.000
500,000
10,415.000
5,959,100
5.959,100
Shipping
a
Inv. trusts, trading, holding, &c_
Miscellaneous
200.000
200.000
800.000
800,000
Total corporate securities
28,823.300
2,958.000
31.781.300
3,583,535
12.050,300
15.633.835
7.230.800
15.000.000
22.230.1'00 169,360,000
81.00,000 250.590.000
New Capital.
60.435.000
248,318,000
14.000,000
6,350.000
1930.
Refunding.
25.834,000
Total
60,435.000
274.152,000
14,000,000
6,350.000
11,850.000
11,850.000
3,812.500
30.000.000
3.812.500
30.000.000
600,000
375,365.500
25,834,000
2,750.000
CAD
00
co
00
600.000
401,199,500
:1
I_
A)
C)
DJ
CI
2,750,000
0
12,000,000
1,000,000
61.400.000
•••••
15,000.000
3,536,250
15,000.000
7.850.000
64,536.250
1.000,000
28,000,000
8.550,000
92,536,250
318,583,649
31.709.375
9,000,000
327,583.649
31,709,375
28.035,690
23,931,754
250,000
500,000
28,535,690
23,931,754
250.000
t3
1.000.000
49,400.000
3,536,250
2,110,000
19,520,000
424.140,468 .
60.435.000
569.651.649
45.709,375
6.350,000
1,000.000
89,285,690
23,931.754
7,598.750
30,000,000
2,110,000
27.970,000
864,042.218
9,500,000
2.110,000
19.520.000
433.640.468
60,435.000
604.485.649
45.709.375
6.350.000
1,000.000
12,500,000 101.785.690
23.931,754
7,598.750
15,000,000
45,000,000
34,834.000
f:obb:000
63,334.000
2.110,000
28.970,000
927,376,218
1934.
Total.
New Capital. Refunding.
New Capital.
Corporate$
Domestic$$
20,621.000
57.539.900
74.160.200 132.000,100
Long-term bonds and notes2.958,000
12.750.000
18.500.000
15,708.000
Short-term
2,908,800
3,250.000
2,908.800
Preferred stocks
7.188,511
16,676,485
16.676.485
Common stocks
CanadianLong-term bonds and notes_
Short-term
Preferred stocks
Common stocks
Other ForeignLong-term bonds and notes.
1,200,000
1,200,000
Short-term
Preferred stocks
Common stocks
89.875,185
78,618,200 168,493,385
47.559,511
Total corporate
Canadian Government
Other foreign Government__
10,900,000
42.500,000
96,900,000 139,400,000
Farm Loan issues
111,698,235
57.079,962 404,705,309
347,625,347
,Municipal, States, cities, &c
ions__
United States Po
170.157.746
480,000,532 232.598,162 712,598,694
Grand total
• These figures do not include funds obtained by States and municipalities from any
1933.
Refunding.
$
69.045,500
38,212.300
2,247.778
Total.
$
89,666.500
54.712.300
3,250.000
9,436,289
1932.
New Capital. Refunding.
$
$
18,587.000
130.452,800
43,925.000
16,549.000
6.775.275
1,897,320
2,296,900
Total.
New Capital.
$
4;
149.039.800 689,940,100
60,474.000 139.797,350
6,775,275
93.198,667
4,194.220 119,523,594
1930.
1931.
Total.
New Capital. Refunding.
Total.
Refunding.
$
$
$
$
$
512,360.200 1.202300.300 1.654.118.660 148.194.250 1.802.312.91(
49.813.000 271,572,250
49.058.500 188.855.850 221,759,250
232.397.94(
31,050,000 124.248,667 232.397.946
10.753.500 845.907.15
119,523,594 835.153.652
87,500.000
87,500,000
73.888,000
18,000.000
50,000,000
1,600.000
1.600.000
111.105.578
158,665.089
5.000.000
156,073.975
64,409,320
220,483,295 1,179.959,711
39.922.000
30.000.000
395,979.721
692,000
582,745.896
122.432.934 292,590,680
agency of the Federal Government.
62.500.000
43,695,426
29,600,000
92,500.000
439.675.147 720,838,915
692,000
753,350.442 1.970.320,626
11.327,356
10,900,000
123,025,591
170.604,746
50,000.000
5,000,000
163,655.000
17.000,000
10,060,000
527,40.700 1,777.428,411 3,221,032.508
44,142.000
41,922,000
2,000,000
265,956.000
40,600,000
23,000.000
11,000,000
9,738,000 730,576,915 600,029,589
4,175,000
620,206,700 2,590,527.326 4,158,335.097
91,888.000
13,000,000
13,000,000
4.000,000
tfl oranIoA
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE FIVE MONTHS ENDED MAY 31 FOR FIVE YEARS.
5 MONTHS ENDED MAY 31.
167.655.000
17.000.000
10.060.000
230,760.750 3,451,793,258
51,300,000
7,158.000
5,500,000 271.456,000
23,000.000
13,867,412 613.897.001
4,175,000
257,286,162 4.415.621.259
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE FIVE MONTHS ENDED MAY 31 FOR FIVE YEARS
99,609,100
30,083,000
New Capital.
12,000,000
7.721.000
2,308.000
1933.
Refunding.
Total.
34,802.500
32,518,000
46,802.500
40,239,000
1,725,000
1.725.000
900,000
New Capital.
127,782.800
1932.
Refunding.
18,587,000
Total.
146,389,800
1931.
Refunding.
$
242,126,300 145,895,700
364.176,000 354,988,000
102,939,800
6,062.500
11,970,000
New Capital.
1.200,000
12.000,000
67,167.000
2,000.000
26.845,000
24,970.000
61.037,500
2.530,000
15,337,500
27,500.000
76,375,000
33,500,000
791,000
1,40,000
54,885,000
6,440.000
8,055,850
500.000
2.470.000
2,470,000
65.667,000
2.000.000
25,625,000
200,000
130,452.800
18,587,800
200,000
149,039.800
11,286.000
827,440.100
1.000.000
42.825.000
100,000
8,375.000
45.675,000
100,000
20,621,000
69.045.500
89,666,500
16.500,000
6,216.000
23,295,200
4,342,000
6,216.000
39.795.200
4,342.000
2,958,000
500,000
5,959,100
7,375.000
2,850,000
1.000.000
49,813.000
1.000.000
12,500,000
288.572.250
209,913,511
27.750,000
579,156,761
115,879.875
6.-000:606
27,750,000
588.156.761
115,879,875
13.256,250
2,052.500
1,282,500
4.132,662
138,520.031
81,698.463
12,265,000
1.371,500
4,132,662
139,891,531
81.698,40
12,265,000
43,925,000
20.100.000
139.797,350
54,058,500
500,000
20,100.000
193,855,850
1,897,320
6,809,495
178,863,511
31,050,000
13.256.250
2,052,500
1,282,500
2,147,778
4,912,175
100,000
10,538,511
491,250
491,250
525.000
2,168,750
2,168,750
1.500.000
9.072.175
1,897,320
1,500,000
10.969,495
2,300.000
14,967.500
212,722,261
1,000,000
63,309,320
100,000
8,375,000
198,854.295
100,000
267,096.300
604,077,011
102,939,800
11,970,000
100.308,250
9,701.500
33,563,350
588,750
16,471.535
10,438,511
19,585,285
10,438.511
2.247.778
12,686,289
100,809.100
42.083,000
588,750
12,000.000
24,221,000
41,018,500
57,960.978
4,342,000
53.018,500
82.181,978
4,342,000
23,737.535
500,000
10.438,511
1.825,000
12,263,511
491,250
491,250
6,526.000
2,168,750
6:5-2Kood
5.959,100
900.000
5,959,100
158,665.089
3.968,000
156,073,975
900,000
525,000
250.000
168,493.385
47,559.511
111,105,578
7,375,000
135,544,975
2,168,750
1,650,000
2,300,000
46,353,500
220,483,295 1.179.959.711
S:918:666
64,409,320
140.185.910
87,000.000
81.250.000
30,000,000
10,000.000
75,000.000
1.-0-2-0;666 49,320,000
170,194,250 2.061.855,910
1.000,000
11,500.000
238.759,250
2.268.000
60,474,000
5,959,100
2.147,778
105,000
6,950,000
70.000
600.000
685.000
15.000.000
21.385,000
5.649,000
6,655,850
56,312,300
Total.
598.568,000
965,282,000
17,500,000
7,750,000
14,500.000
74.750.000
23,000.000
12.000,000
2.600.000
87,055.000
3.750,000
41,617.250
15,800.000
4.056,000
39,812,300
16.500,000
1,500,000
4,056,000
2.268.000
16,549,000
250.000
16.908.000
140.080,910
80.050.000
81,180.000
30,000,000
10,000.000
1,650,000
75.000,000
48,300,000
13.980.000
2.6%4.000
512,360.200 1,339,800,300 1,891.661,660
1.2-2-6;1566
900,000
1,650,000
132,000.100
1930,
New Capital. Refunding.
Total.
$
$
388,022,000 486.124,250 112,443,750
49,605,500
719,164,000 915.676.500
17.500.000
109,002,300
7,750.000
11,970,000
12.000,000
61,622.000
23.000,000
12.000.000
2.600.000
70.155,000
3,150.000
40.932,250
800,000
2,500.000
13.128.000
1Cobb:666
69,097.344
2,300,000
62.111.462
14,967.500
243,772,261 1,090.611.598
69,097,344
82,493.462
382,000
10,753,500 1,101,365,098
148,425,700 415,522.000 525,874,250
401,375,500 1,005.452,511 1,556.455.261
6,062,500 109,002,300 156,379,875
19,750,000
11,970,000
6.732,662
35,000,000 135,308,250 348,755,941
10,492,500 164.898,463
791,000
36,183,350 134,377,250
2.620,000
30.800.000
1,650,000
10,000,000
2,800,000 145.097.344
500.000
49,047.500 121,911,462
2,694,000
597,488,700 1,777,428.411 3,221,032,508
114.943,750 640.818.000
71,733,500 1,628.188,761
156,379,875
19.750.000
6,732,662
18.376.500 367,132,441
7,550.000 172,448,463
755,000 135,132,250
45.800.000
15,000,000
10,000.000
--- 145,097,344
2.402.000 124,313.462
230.760,7503,451.793,258
31,050,000
leptleiga
Total.
al3ITIONO
1934.
5 MONTHS ENDED MAY 31.
New Capital. Refunding.
Long-Term Bonds and Notes47,109,100
52.500.000
Railroads
10,430,800
19,652,200
Public utilities
Iron, steel, coal, copper, &a
Equipment manufacturers
Motors and accessories
2.308.000
Other industrial and manufacturing
Oil
Land, buildings, &a
Rubber
Shipping
Inv. trusts, trading, holding, Stc__
Miscellaneous
57,539,900
74,460,200
Total
Short-Term Bonds & Notes1,200,000
Railroads
12.000,000
Public utilities
Iron,steel, coal, copper, &a
Equipment manufacturers
Motors and accessories
2,958,000
Other industrial and manufacturing
500.000
011
Land, buildings, &a
Rubber
Shipping
Inv. trusts, trading, holding, &a250,000
Miscellaneous
4,158,000
12,750,000
Total
StocksRailroads
Public utilities
588,750
Iron, steel, coal, copper, 8m
Equipment manufacturers
Motors and accessories
18,471,535
Other industrial anf manufacturingOil
Land. buildings, &a
525.000
Rubber
Shipping
Inv. trusts, trading, holding, Stc_
Miscellaneous
19.585.285
Total
Total53,700.000
47,109,100
Railroads
19,852,200
22,430.800
Public utilities
588,750
Iron, steel, coal, copper, &a
Equipment manufacturers
Motors and accessories
5,266.000
18,471.535
Other industrial and manufacturing
500.000
Oil
Land, buildings, &a
525,000
Rubber
Shipping
Inv. trusts, trading, holding, &a_
250,000
Miscellaneous
78,618,200
89,875,185
Total corporate securities
Financial Chronicle
3840
June 9 134
DETAILS OF NEW CAPITAL FLOTATIONS DURING MAY 1934.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
To Yield
About.
Price.
$
Railroads13,639.000 Pay bank loans
3.943,000 General corporate purpose
Company and Issue, and by Whom Offered.
4.37 New York Lackawanna & Western RR. Co. 1st & ref. M. 4s, 1973. Placed privately.
4.50 Pennsylvania Ohio & Detroit RR. Co. 1st & ref. M. 4Iis, B. 1981. Placed privately through Kuhn,
Loeb & Co.
93
100
17,582,000
Public Utilities8,000,000 Pay bank loans
6.15 Brooklyn-Manhattan Transit Corp. 15-Yr. 6% Bonds, due 1949. Offered by Hayden, Stone &
Co.; J. W. Seligman & Co.; Lehman Bros., and Kuhn, Loeb & Co.
9834
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount.
Price.
Purpose of Issue.
Other Industrial and Mtg.2,958.000 Refunding
To Yield
About.
Company and Issue, and by Whom Offered.
7.50 Mengel Co. 7% 1st Mortgage Bonds, due March 11939. (Convertible into common stout at $1251 per
share or 8 shares for each $100 offace value of bonds.) Offered to holders of company's 7% mortgage
bonds due March 1 1934.
98
STOCKS.
Par or No.
of Shares.
To Yield
(a) Amount Price
Involved. per Share. About.
Purpose of Issue.
Company and Issue and by Whom Offered.
Iron, Steel, Coal, Copper, &c.
392,500 New equipment, working capital_ _
588,750
131
Austin Silver Mining Co. Capital Stock. Offered by Klopstock 4: Co., Inc., New York.
Other Industrial and Mtg.750,000 Addl equipment; working capital;
other corporate purposes
125,000 Pay bank loans; working cap'1, &c_
558,800 Expansion; working capital; other
corporate purposes
975,000
162.500
634
614
Clinton Distilleries Corp. Capital Stock. Offered by Ewart & Bond, Inc., New York.
Dodge Cork Co. Capital Stock. Offered by Van Alstyne. Noel & Co., Inc., New York.
700,000 Acq. brewery, bidgs., equip., &c_ _
70,000 Acq. brewery, bkigs., equip.. &c__
205,000 Additions; working Capital. &C - -
Northampton Brewery Corp. (Pa.) Convertible Preferred Stock. (Convertible on or
before Jan. 1 1939 or date set for redemption into common stock, sharefor share.) Offered
by Clokey & Miller, New York and James M. Johnson & Co., Washington.
700.000 10 sits. pref. and 51 (F. A.) Poth's Sons,Inc., Phila. 7% Pref. Stk. Offered by Alexander Smith & Co.,Phila.
shs.com. for $50/ (F. A.) Poth's Sons, Inc., Phila. Corn. Stock. Offered by Alexander Smith & Co., Phila,
Quaker City Brewing Corp.. Pa. Common Stock. Offered by company.
256,250 131
558,800
2
2,652.550
FARM LOAN ISSUES.
Amount.
Issue and Purpose.
Price.
To Yield
About.
Offered by-
32,500,000 Federal Intermediate Credit Banks 2% Coll.
Trust Deb., dated May 15 1934 and due in
6 and 9 months (refunding and provide funds
for loan purposes)
Price on application Charles It. Dunn, Fiscal Agent, 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.
New Capital Issues in Great Britain
The following statist:cs have been compiled by the Midland
Bank Limited. These compilations of issues of new capital,
which are subject to revision, exclude all borrowings by the
British Government for purely financial purposes, shares
issued to vendors, allotments arising from the capitalization
of reserve funds and undivided profits, issues for conversion
or redemption of securities previously held in the United
Kingdom, short-dated bills sold in anticipation of long-term
borrowings, and loans by municipal and county authorities
except in cases where there is a specified limit to the total
subscription. They do not include issues of capital by private companies except where particulars are publicly announced. In all cases the figures ara based upon the prices
of issua.
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
[Compiled by the Midland Bank, Ltd.]
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
10/A
•
Month of
May.
Five Months to
May 31.
£17,541.000
20,861,000
17,187.000
35,783,000
26,845,000
34,836.000
33,748,000
10,888.000
34,516,000
39,275,000
21,131,000
37,899.000
11,010,000
12,296,000
14,614,000
22441 MO
£63,476.000
213,672,000
90,302,000
146,157,000
88,762,000
86,894,000
100,703,000
102,413,000
139.729,000
161,244,000
170,145,000
128,635,000
58,083,000
57,304,000
51,787,000
AR Q74 non
Year to
May 31.
£118,288,000
387,738,000
260,840,000
271.651.000
178,273,000
201,891,000
237,355,000
221.607,000
290,582.000
336,229,000
371,421,000
212,238,000
165,608,000
87,888,000
107,521,000
1:1R (IAA MO
GEOGRAPHICAL DISTRIBUTION OF NEW CAPITAL ISSUES IN THE
UNITED KINGDOM BY MONTHS.
[Compiled by the Midland Bank, Ltd.]
United
Kingdom.
Jan. 1932
Feb. 1932
Mar. 1932
Apr. 1932
May 1932
5 months
June 1932
July 1932
Aug. 1932
Sept. 1932
Oct. 1932
Nov. 1932
Dec. 1932
India & Other Brit. Foreign
Ceylon. Countries. Countries.
Z
Z
E
291,000
2.605,000
78,000 2,805,000
9.109.000
11,072,000 1,032,000
9,572,000 3,516,000 4,925,000
8.936.000 1,496,000 1,864,000
38,980.000 6,122,000 12,199,000
15,391,000
3,225,000
50.000
10,000
11,851,000
10,272,000
4,037,000
2,067,000
Total.
Z
£
2,896,000
3,000 11,995,000
12,104,000
18,013,000
12,296,000
3,000 57,304,000
Year
83,817,000 6,390,000 22,483,000
10.000 17,468.000
27,000 3,312.000
73,000
17,000
7,000
19,745.000
264,000 10,807.000
37,000 4,312.000
348.000 113,038,000
Jan. 1933
Feb. 1933
Mar. 1933
April 1933
May 1933
7,875.000
56,000
269.000
4,917,000
30,000 1.727,000
12,287,000
1,000 1,160.000
7,283,000
9,328,000 4,753,000
241,000
8,310,000
7,167,000
13,448,000
965,000 8,248,000
292,000 14,614,000
5 months
June 1933
July 1933
Aug. 1933
Sept.1933
Dot. 1933
Nov. 1933
Dec. 1933
Year
Jan. 1934
Feb. 1934
Mar. 1934
kpril 1934
Way 1934
5 months
60,000
23,000
160,000 7.734,000
271,000
48,000
190,000
110,000
493,000
41,690,000 4,840,000 3,397,000 1,860,000 51,787,000
16,029,000
5,232,000
1,285,000
6.738.000
6.814,000
12,172,000
5,098,000
5,000 1,070.000
437,000 17,541.000
48,000
244.000
478,000 6,002,000
15,589,000 4,334,000 21,208,000
176,000
250,000 7,164.000
11,000 3,016,000
185,000 10,026.000
67,000
437.000
111,000 12,787,000
47,000
867,000
341,000 6.353.000
95,059,000 5,018,000 24,796,000 7,996,000 132,869,000
8,682,000
5,309.000
6.011.000
8,665,000
11,397,000
49,000 1.763.000
221,000 1,433,000
7,000
873,000
12,000
850,000
62,000 10,945,000
359,000 10,853,000
45,000 7,008.000
190,000 7,081,000
63,000 9,590.000
37,000 22,441,000
40,064.000
352,000 15.863,000
694,000 56,974,000
NEW CAPITAL ISSUES IN THE UNITED KINGDOM BY MONTHS.
[Compiled by the Midland Bank, Ltd.]
January
February
March
April
May
5 months
1931.
1932.
1933.
1934.
£12,332,412
19,606,243
13,446,859
1,687,195
11,009,880
£2,895,798
11,994,734
12.104.130
18,013,115
12,290,311
£8,310,263
7.167,385
13,447,603
8,247,859
14,614,014
£10,853,233
7,007,995
7,081.462
9,590,367
22,440.935
£48.082,589
£57,304,088
£51,787,124
£56,973,992
12,832,397
5.184,993
1,666,492
1,315,308
2,482,875
4.409,179
2,692,359
17.467,795
3,312,507
72,500
17,000
19,745,198
10,807,078
4,312.163
17,541,251
6.001,777
21,208,047
7,164,097
10,026,260
12,786,859
6,353.481
IRA 111111 102
fl12 naft_329
£132.868.896
June
July
August
September
October
November
December
VA/r
May Output of Motor Factories Was 48% Over
Last Year.
The May output of motor vehicles amounted to 336,657
units, according to an estimate released Thursday by the
National Automobile Chamber of Commerce.
On the basis of this estimate the month's production represented a decrease of 11% under the preceding month
and a gain of 48% over May 1933.
Five months' production was estimated at 1,477,770 units
-an increase of88% over the corresponding period last year.
The estimate which is based upon reports of factory
shipments is summarized below:
May 1934
336,657 5 months 1934
1,477.778
April 1934
378,983 5 months 1933
784,970
May 1933
227,743
Volume 138
Financial Chronicle
3841
/ Text of Securities Exchange Act of 1934 as Passed by Congress and Signed by
President—Provides for Federal Regulation of Stock Exchanges.
We are giving below the full text of the Securities Exchange
Act of 1934, as adopted by Congress on June 1, and signed
by President Roosevelt on June 6. The details of the final
Congressional action on the measure were given in our
issue of June 2, pages 3692-3694, and its signing is referred
to further in another item in this issue. The Act provides
for the Federal regulation of stock exchanges, the provisions governing the securities exchanges being embodied
in that portion of the Act entitled "Title I"; embodied in
the Act also is "Title II," which comprises amendments to
the Securities Act of 1933, these having been incorporated
as a rider to the Stock Exchange Control Bill as it passed
the Senate and included in the report of the conferees, which
the Senate and House accepted on June 1. Since Title II
was given in full in our June 2 issue, pages 3691-3692, we
give here only Title I, which relates solely to the regulation
of the stock exchanges:
SECURITIES EXCHANGE ACT OF 1934.
AN ACT
To provide for the regulation of securities exchanges and of over-theoperating
in
markets
inter-State and foreign commerce and
counter
through the malls, to prevent inequitable and unfair practices on such
exchanges and markets, and for other purposes.
Be it enacted by the Senate and gime of Representatives of the United
States of America in Congress assembled,
TITLE I—REGULATION OF SECURITIES EXCHANGES.
Short Title.
Section 1. This Act may be cited as the "Securities Exchange Act of
1934."
Necessity for Regulation as Provided in This Title.
Sec. 2. For the reasons hereinafter enumerated, transactions in securities
as commonly conducted upon securities exchanges and over-the-counter
markets are affected with a national public interest which makes it necessary
to provide for regulation and control of such transactions and of practices
and matters related thereto, including transactions by officers, directors,
and principal security holders, to require appropriate reports, and to impose
requirements necessary to make such regulation and control reasonably
complete and effective, in order to protect interstate commerce, the national credit, the Federal taxing power, to protect and make more effective
the national banking system and Federal Reserve System, and to insure
the maintenance of fair and honest Markets in such transactions:
(1) Such transactions (a) are carried on in large volume by the public
generally and in large part originate outside the States in which the exchanges and over-the-counter markets are located and (or) are effected by
means of the mails and instrumentalities of interstate commerce; (b)
constitute an important part of the current of interstate commerce; (c)
involve in large part the securities of issuers engaged in interstate commerce; (d) involve the use of credit, directly affect the financing of trade,
industry, and transportation in interstate commerce, and directly affect
and influence the volume of interstate commerce; and affect the national
credit.
(2) The prices established and offered in such transactions are generally disseminated and quoted throughout the United States and foreign
countries and constitute a basis for determining and establishing the
prices at which securities are bought and sold, the amount of certain taxes
owing to the United States and to the several States by owners, buyers,
and sellers of securities, and the value of collateral for bank loans.
(3) Frequently the prices of securities on such exchanges and markets
are susceptible to manipulation and control, and the dissemination of
such prices gives rise to excessive speculation, resulting in sudden and unreasonable fluctuations in the prices of securities which (a) cause alternately
unreasonable expansion and unreasonable contraction of the volume of
credit available for trade, transportation, and industry in interstate commerce, (b) hinder the proper appraisal of the value of securities and thus
prevent a fair calculation of taxes owing to the United States and to the
several States by owners, buyers, and sellers of securities, and (c) prevent
the fair valuation of collateral for bank loans and (or) obstruct the effective
operation of the national banking system and Federal Reserve System.
(4) National emergencies, which produce widespread unemployment and
the dislocation of trade, transportation, and industry, and which burden
interstate commerce and adversely affect the general welfare, are precipitated, intensified, and prolonged by manipulation and sudden and
unreasonable fluctuations of security prices and by excessive speculation
on such exchanges and markets, and to meet such emergencies the Federal
Government is put to such great expense as to burden the national credit.
•
Definitions and Application of Title.
Sec.3. (a) When used in this title, unless the context otherwise requires—
(1) The term "exchange" means any organization, association, or group
of persons, whether incorporated or unincorporated, which constitutes,
maintains, or provides a market place or facilities for bringing together
purchasers and sellers of securities or for otherwise performing with respect
to securities the functions commonly performed by a stock exchange as
that term is generally understood, and includes the market place and the
market facilities maintained by such exchange.
(2) The term "facility" when used with respect to an exchange includes
its premises, tangible or intangible property whether on the premises or
not, any right to the use of such premises or property or any service thereof
for the purpose of effecting or reporting a transaction on an exchange
(including, among other things, any system of communication to or from
the exchange, by ticker or otherwise, maintained by or with the consent of
the exchange), and any right of the exchange to the use of any property
or service.
(3) The term "member" when used with respect to an exchange means
any person who is permitted either to effect transactions on the exchange
without the services of another person acting as broker, or to make use of
the facilities of an exchange for transactions thereon without payment of a
conunission or fee or with the payment of a commission or fee which is
includes any firm transless than that charged the general public, and
acting a business as broker or dealer of which a member is a partner, and
any partner of any such firm.
(4) The term "broker" means any person engaged in the business of
effecting transactions in securities for the account of others, but does not
include a bank.
(5) The term "dealer" means any person engaged in the business of
buying and selling securities for his own account, through a broker or
otherwise, but does not include a bank, or any person insofar as he buys
or sells, securities for his own account, either individually or in some
fiduciary capacity, but not as a part of a regular business.
(6) The term "bank" means (A) a banking institution organized under
the laws of the United States, (B) a member bank of the Federal Reserve
System, (C) any other banking institution, whether incorporated or not,
doing business under the laws of any State or of the United States, a substantial portion of the business of which consists of receiving deposits
or exercising fiduciary powers similar to those permitted to national banks
under section 11 (k) of the Federal Reserve Act, as amended, and which is
supervised and examined by State or Federal authority having supervision
over banks, and which is not operated for the purpose of evading the
provisions of this title, and (D)a receiver, conservator, or other liquidating
agent of any institution or firm included in clauses (A),(B), or (C) of this
paragraph.
(7) The term "director" means any director of a corporation or any
person performing similar functions with respect to any organization,
whether incorporated or unincorporated.
(8) The term "issuer" means any person who issues or proposes to
issue any security; except that with respect to certificates of deposit for
securities, voting-trust certificates, or collateral-trust certificates, or with
respect to certificates of interest or shares in an unincorporated investment trust not having a board of directors or of the fixed, restricted management, or unit type, the term "issuer" means the person or Persons
performing the acts and assuming the duties of depositor or manager
pursuant to the provisions of the trust or other agreement or instrument
under which such securities are issued; and except that with respect to
equipment-trust certificates or like securities, the term "issuer" means
the person by whom the equipment or property is, or is to be, used.
(9) The term "person" means an individual, a corporation, a partnership, an association, a joint-stock company, a business trust, or an unincorporated organization.
(10) The term "security" means any note, stock, treasury stock, bond,
debenture, certificate of interest or participation in any profit-sharing
agreement or in any oil, gas, or other mineral royalty or lease, any collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract. voting-trust certificate, certificate of
deposit, for a security, or in general, any instrument commonly known
as a "security"; or any certificate of interest or participation in, temporary or interim certificate for, receipt for, or warrant or right to subscribe
to or purchase, any of the foregoing; but shall not include currency or any
note, draft, bill of exchange, or banker's acceptance which has a maturity
at the time of issuance of not exceeding nine months, exclusive of days
of grace, or any renewal thereof the maturity of which is likewise limited
(11) The term "equity security" means any stock or similar security:
or any security convertible, with or without consideration, into such a
security, or carrying any warrants or right to subscribe to or purchase
such a security; or any such warrant or right; or any other security which
the Commission shall deem to be of similar nature and consider necessary
or appropriate, by such rules and regulations as it may prescribe in the
public interest or for the protection of investors, to treat as an equity
security.
(12) The term "exempted security" or "exempted securities" shall
include securities which are direct obligations of or obligations guaranteed as to principal or interest by the United States; such securities
issued or guaranteed by corporations in which the United States has a
direct or indirect interest as shall be designated for exemption by the
Secretary of the Treasury as necessary or appropriate in the public interest
or for the protection of investors; securities which are direct obligations
of or obligations guaranteed as to principal or interest by a State or any
political subdivision thereof or any agency or instrumentality of a State or
any political subdivision thereof or any municipal corporate instrumentality
of one or more States; and such other securities (which may include, among
others, unregistered securities, the market in which is predominantly
intrastate) as the Commission may, by such rules and regulations as it
deems necessary or appropriate in the public interest or for the protection
of investors, either unconditionally or upon specified terms and conditions
or for stated periods, exempt from the operation of any one or more provisions of this title which by their terms do not apply to an "exempted
security" or to "exempted securities."
(13) The terms "buy" and "purchase" each include any contract to
buy, purchase, or otherwise acquire.
(14) The terms "sale" and "sell" each include any contract to sell or
otherwise dispose of.
(15) The term "Commission" means the Securities and Exchange
Commission established by section 4 of this title.
(16) The term "State" means any State of the United States, the District
of Columbia, Alaska, Hawaii, Puerto Rico, the Philippine Islands, the
Canal Zone,the Virgin Islands, or any other possession of the United States.
(17) The term "interstate commerce" means trade, commerce, transportation, or communication among the several States, or between any
foreign country and any State, or between any State and any place or
ship outside thereof.
(b) The Commission and the Federal Reserve Board, as to matters
within their respective jurisdictions, shall have power by rules and regulations to define technical, trade, and accounting terms used in this title
insofar as such definitions are not inconsistent with the provisions of this
title.
(c) No provision of this title shall apply to, or be deemed to include,
any executive department or independent establishment of the United
States, or any lending agency which is wholly owned, directly or indirectly
by the United States, or any officer, agent, or employee of any such department, establishment, or agency, acting in the course of his official duty as
such, unless such provision makes specific reference to such department,
establishment, or agency.
Securities and Exchange Commission.
Sec. 4. (a) There is hereby established a Securities and Exchange Commission (hereinafter referred to as the "Commission") to be composed of
five commissioners to be appointed by the President by and with the advice
and consent of the Senate. Not more than three of such commissioners
shall be members of the same political party, and in making appointments
members of different political parties shall be appointed alternately as
nearly as may be practicable. No commissioner shall engage in any other
business, vocation, or employment than that of serving as commissioner,
3842
Financial Chronicle
nor shall any commissioner participate, directly or indirectly, in any
stock-market operations or transactions of a character subject to regulation by the Commission pursuant to this title. Each commissioner
shall
receive a salary at the rate of $10,000 a year and shall hold office for a
term of five years, except that (1) any commissioner appointed to fill a
vacancy occurring prior to the expiration of the term for which his predecessor was appointed, shall be appointed for the remainder of such term,
and (2) the terms of office of the commissioners first taking office after
the date ofenactment ofthis title shall expire, as designated by the President
at the time of nomination, one at the end of one year, one at the end of
.two years, one at the end of three years, one at the end of four years, and
one at the end of five years, after the date of enactment of this title.
(b) The Commission is authorized to appoint and fix the compensation
ofsuch officers, attorneys,examiners,and other experts as may be necessary
for carrying out its functions under this Act, without regard to the provisions of other laws applicable to the employment and compensation of
officers and employees of the United States, and the Commission may.
subject to the civil-service laws, appoint such other officers and employees
as are necessary in the execution of its functions and fix their salaries in
accordance with the Classification Act of 1923. as amended.
Transactions on Unregistered Exchanges.
Sec. 5. It shall be unlawful for any broker, dealer, or exchange, directly
or indirectly, to make use of the mails or any means or instrumentality of
interstate commerce for the purpose of using any facility of an exchange
within or subject to the jurisdiction of the United States to effect any
transaction in a security, or to report any such transaction, unless such
exchange (1) is registered as a national securities exchange under section
6 of this title, or (2) is exempted from such registration upon application
by the exchange because, in the opinion of the Commission, by reason of
the limited volume of transactions effected on such exchange, it is not
practicable and not necessary or appropriate in the public interest or for
the protection of investors to require such registration.
Registration of National Securities Exchanges.
Sec. 6. (a) Any exchange may be registered with the Commission as
a national securities exchange under the terms and conditions hereinafter
provided in this section, by filing a registration statement in such form as
the Commission may prescribe, containing the agreements, setting forth
the information, and accompanied by the documents, below specified:
(1) An agreement (which shall not be construed as a waiver of any
constitutional right or any right to contest the validity of any rule or
regulation) to comply, and to enforce so far as is within its powers compliance by its members, with the provisions of this title, and any amendment thereto and any rule or regulation made or to be made thereunder;
(2) Such data as to its organization, rules of procedure, and membership, and such other information as the Commission may by rules and
regulations require as being necessary or appropriate in the public interest
or for the protection of investors;
(3) Copies of its constitution, articles of incorporation with all amendments thereto, and of its existing bylaws or rules or instruments corresponding thereto, whatever the name, which are hereinafter collectively
referred to as the "rules of the exchange"; and
(4) An agreement to furnish to the Commission copies of any amendments
to the rules of the exchange forthwith upon their adoption.
(b) No registration shall be granted or remain in force unless the rules
of the exchange include provision for the expulsion, suspension, or disciplining of a member for conduct or proceeding inconsistent with just and
equitable principles of trade, and declare that the willful violation of any
provisions of this title or any rule or regulation thereunder shall be considered conduct or proceeding inconsistent with just and equitable principles
of trade.
(c) Nothing in this title shall be construed to prevent any exchange
from adopting and enforcing any rule not inconsistent with this title and
the rules and regulations thereunder and the applicable laws of the State
in which it is located.
(d) If it appears to the Commission that the exchange applying for
registration is so organized as to be able to comply with the provisions
of this title and the rules and regulations thereunder and that the rules
of the exchange are just and adequate to insure fair dealing and to protect
investors, the Commission shall cause such exchange to be registered as a
national securities exchange.
(e) Within thirty days after the filing of the application, the Commission
shall enter an order either granting or, after appropriate notice and opportunity for hearing, denying registration as a national securities exchange,
unless the exchange applying for registration shall withdraw its application
or consent to the Commission's deferring action on its application for a
stated longer period after the date of filing. The filing with the Commission of an application for registration by an exchange shall be deemed
to have taken place upon the receipt thereof. Amendments to an application may be made upon such terms as the Commission may prescribe.
(f) An exchange may, upon appropriate application in accordance with
the rules and regulations of the Commission, and upon such terms as the
Commission may deem necessary for the protection of investors, withdraw its registration.
Margin Requirements.
Sec. 7. (a) For the purpose of preventing the excessive use of credit
for the purchase or carrying of securities, the Federal Reserve Board shall,
prior to the effective date of this section and from time to time thereafter,
prescribe rules and regulations with respect to the amount of credit that
may be initially extended and subsequently maintained on any security
(other than an exempted security) registered on a national securities exchange. For the initial extension of credit, such rules and regulations
shall be based upon the following standard: An amount not greater than
whichever is the higher of—
(1) 55 per centum of the current market price of the security, or
(2) 100 per centum of the lowest market price of the security during
the preceding 36 calendar months, but not more than 75 per centum of
the current market price.
Such rules and regulations may make appropriate provision with respect
to the carrying of undermargined accounts for limited periods and under
specified conditions; the withdrawal of funds or securities; the substitution
or additional purchases of securities; the transfer of accounts from one
lender to another; special or different margin requirements for delayed
deliveries, short sales, arbitrage transactions, and securities to which
paragraph (2) of this subsection does not apply; the bases and the methods
to be used in calculating loans, and margins and market prices; and similar
administrative adjustments and details. For the purposes of paragraph
(2) of this subsection, until July 1 1936. the lowest price at which a security
has sold on or after July 1 1933, shall be considered as the lowest price at
which such security has sold during the preceding 36 calendar months.
(b) Notwithstanding the provisions of subsection (a) of this section,
the Federal Reserve Board, may, from time to time, with respect to all
or specified securities or transactions, or classes of securities, or classes
of transactions, by such rules and regulations (1) prescribe such lower
June 9 1934
margin requirements for the initial extension or maintenance of
credit
as it deems necessary or appropriate for the accommodation of
commerce
and industry, having due regard to the general credit situation of the
country, and (2) prescribe such higher margin requirements for the initial
extension or maintenance of credit as it may deem necessary or appropriate
to prevent the excessive use of credit to finance transactions in securities.
(c) It shall be unlawful for any member of a national securities exchange
or any broker or dealer who transacts a business in securities through
the
medium of any such member, directly or indirectly to extend or maintain
credit or arrange for the extension or maintenance of credit
to or for any
customer—
(1) On any security (other than an exempted security) registered on a
national securities exchange, in contravention of the rules and regulations
which the Federal Reserve Board shall prescribe under subsections (a)
and (b) of this section.
(2) Without collateral or on any collateral other than exempted securities and (or) securities registered upon a national securities exchange,
except in accordance with such rules and regulations as the Federal Reserve
Board may prescribe (A) to permit under specified conditions and for a
limited period any such member, broker, or dealer to maintain a
credit
initially estended in conformity with the rules and regulations of the
Federal Reserve Board, and (B) to permit the extension or maintenance of
credit in cases where the extension or maintenance of credit is not for
the
purpose of purchasing or carrying securities or of evading or circumventing
the provisions of paragraph (1) of this subsection.
(d) It shall be unlawful for any person not subject to subsection (c)
to
extend or maintain credit or to arrange for the extension or maintenance
of credit for the purpose of purchasing or carrying any security registered
on a national securities exchange, in contravention of such rules and
regulations as the Federal Reserve Board shall prescribe to prevent the excessive
use of credit for the purchasing or carrying of or trading in securities
in
circumvention of the other provisions of this section. Such rules and
regulations may impose upon all loans made for the purpose of purchasing
or carrying securities registered on national securities exchanges limitations
similar to those imposed upon members, brokers, or dealers by subsection
(c) of this section and the rules and regulations thereunder. This subsection and the rules and regulations thereunder shall not apply (A) to a
loan made by a person not in the ordinary course of his business,(B) to a
loan on an exempted security,(C)to a loan to a dealer to aid in the financing
of the distribution of securities to customers not through the medium of a
national securities exchange,(D) to a loan by a bank on a security other
than an equity security, or (E) to such other loans as the Federal Reserve
Board shall, by such rules and regulations as it may deem necessary or
appropriate in the public interest or for the protection of investors, exempt,
either unconditionally or upon specified terms and conditions or for stated
periods, from the operation of this subsection and the rules and regulations
thereunder.
(e) The provisions of this section or the rules and regulations thereunder
shall not apply on or before July 1 1937, to any loan or extension of credit
made prior to the enactment of this title or to the maintenance, renewal, or
extension of any such loan or credit, except to the extent that the Federal
Reserve Board may by rules and regulations prescribe as necessary to
prevent the circumvention of the provisions of this section or the rules and
regulations thereunder by means of withdrawals of funds or securities,
substitutions of securities, or additiohal purchases or by any other device.
Restrictions on Borrowing by Members, Brokers and Dealers.
Sec. 8. It shall be unlawful for any member of a national securities
exchange, or any broker or dealer who transacts a business in securities
through the medium of any such member, directly or indirectly—
(a) To borrow in the ordinary course of business as a broker or dealer
on any security (other than an exempted security) registered on a national
securities exchange except (1) from or through a member bank of the
Federal Reserve System, (2) from any nonmember bank which shall
have
filed with the Federal Reserve Board an agreement, which is still in
force
and which is in the form prescribed by the Board, undertaking to comply
with all provisions of this Act, the Federal Reserve Act, as amended, and
the Banking Act of 1933, which are applicable to member banks and which
relate to the use of credit to finance transactions in securities, and with
such rules and regulations as may be prescribed pursuant to such
provisions of law or for the purpose of preventing evasions thereof,
or (3) in
accordance with such rules and regulations as the Federal
Reserve Board
may prescribe to permit loans between such members and (or) brokers and
(or) dealers, or to permit loans to meet emergency needs, Any such agreement filed with the Federal Reserve Board shall be subject to termination
at any time by order of the Board,after appropriate notice and opportunity
for hearing, because of any failure by such bank to comply
with the provisions thereof or with such provisions of law or rules or regulations; and,
for any willful violation of such agreement, such bank
shall be subject to
the penalties provided for violations of rules and regulations prescribed
under this title. The provisions of sections 21 and 25 of
this title shall
apply in the case of any such proceeding or order of the Federal Reserve
Board in the same manner as such provisions apply in the case proceedings
of
and orders of the Commission.
(b) To permit in the ordinary course of business as a broker his aggregate indebtedness to all other persons, including customers' credit
balances (but excluding indebtedness secured by exempted
securities),
to exceed such percentage of the net capital (exclusive of fixed assets and
value of exchange membership) employed in the business, but not exceeding in any case 2.000 per centum, as the Commission may by rules and
regulations prescribe as necessary or appropriate in the public interest
or for the protection of investors.
(c) In contravention of such rules and regulations as the Commission
shall prescribe for the protection of investors to hypothecate or arrange
for the hypothecation of any securities carried for the account of any
customer under circumstances (1) that will permit the commingling of his
securities without his written consent with the securities of any other
customer. (2) that will permit such securities to be commingled with the
securities of any person other than a bona fide customer. or (3) that will
Permit such securities to be hypothecated, or subjected to any lien or claim
of the pledgee, for a sum in excess of the aggregate indebtedness of such
customers in respect of such securities.
(d) To lend or arrange for the lending of any securities carried for the
account of any customer without the written consent of such customer.AI
Prohibition Against Manipulation of Security Prices.
Sec. 9. (a) It shall be unlawful for any person, directly or indirectly,
by the use of the mails or any means or instrumentality of interstate
commerce, or of any facility of any national securities exchange, or for
any member of a national securities exchange—
(1) For the purpose of creating a false or misleading appearance of
active trading In any security registered on a national securities exchange,
or a false or misleading appearance with respect to the market for any
such security,(A) to effect any transaction in such security which involves
no change in the beneficial ownership thereof, or (B) to enter an order or
Volume 138
orders for the purchase of such security with the knowledge that an order
or orders of substantially the same size, at substantially the same time.
and at substantially the same price, for the sale of any such security, has
been or will be entered by or for the same or different parties, or (C) to enter
any order or orders for the sale of any such security with the knowledge
that an order or orders of substantially the same size, at substantially
the same time, and at substantially the same price, for the purchase of
such security, has been or will be entered by or for the same or different
parties.
(2) To effect, alone or with one or more other persons, a series of transactions in any security registered on a national securities exchange creating
actual or apparent active trading in such security, or raising or depressing
the price of such security, for the purpose of inducing the purchase or
sale of such security by others.
(3) If a dealer or broker, or other person selling or offering for sale or
purchasing or offering to purchase the security, induce the purchase or
sale of any security registered on a national securities exchange by the
circulation or dissemination in the ordinary course of business of information to the effect that the price of any such security will or is likely to
rise or fall because of market operations of any one or more persons conducted for the purpose of raising or depressing the price of such security.
(4) If a dealer or broker, or other person selling or offering for sale
or purchasing or offering to purchase the security, to make, regarding
any security registered on a national securities exchange, for the purpose
of inducing the purchase or sale of such security, any statement which
was at the time and in the light of the circumstances under which it was
made, false or misleading with respect to any material fact, and which
he knew or had reasonable ground to believe was so false or misleading.
(5) For a consideration, received directly or indirectly from a dealer
or broker, or other person selling or offering for sale or purchasing or offering to purchase the security, to induce the purchase or sale of any security
registered on a national securities exchange by the circulation or dissemination of information to the effect that the price of any such security will or
is likely to rise or fall because of the market operations of any one or more
Persons conducted for the purpose of raising or depressing the price of such
security.
(6) To effect either alone or with one or more other persons any series
of transactions for the purchase and (or) sale of any security registered on
a national securities exchange for the purpose of Pegging,fixing, or stabilizing the price of such security in contravention of such rules and regulations
as the Commission may prescribe as necessary or appropriate in the public
interest or for the protection of investors.
(b) It shall be unlawful for any person to effect, by use of any facility
of a national securities exchange, in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in
the public interest or for the protection of investors—
(1) any transaction in connection with any security whereby any party
to such transaction acquires any put, call. straddle, or other option or
privilege of buying the security from or selling the security to another
without being bound to do so; or
(2) any transaction in connection with any security with relation to
which he has, directly or indirectly, any interest in any such put, call,
straddle, option, or privilege; or
(3) any transaction in any security for the account of any person who
he has reason to believe has, and who actually has, directly or indirectly,
any interest in any such put, call, straddle, option, or privilege with relation to such security.
(c) It shall be unlawful for any member of a national securities exchange
directly or indirectly to endorse or guarantee the performance of any
put, call, straddle, option, or privilege in relation to any security registered
on a national securities exchange, in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in
the public interest or for the protection of investors.
(d) The terms "put", "call", "straddle", "option", or "privilege"
as used in this section shall not include any registered warrant. right,
or convertible security.
(e) Any person who willfully participates in any act or transaction in
violation of subsection (a), (b), or (c) of this section, shall be liable to any
person who shall purchase or sell any security at a price which was affected
by such act or transaction, and the person so injured may sue in law or in
equity in any court of competent jurisdiction to recover the damages sustained as a result of any such act or transaction. In any such suit the
court may, in its discretion, require on undertaking for the payment of
the costs of such suit, and assess reasonable costs, including reasonable
attorneys' fees, against either party litigant. Every person who becomes
liable to make any payment under this subsection may recover contribution
as in cases of contract from any person who, if joined in the original suit,
would have been liable to make the same payment. No action shall be
maintained to enforce any liability created under this section, unless
brought within one year after the discovery of the facts constituting the
violation and within three years after such violation.
(f) The provisions of this section shall not apply to an exempted security.
Regulation of the Use of Manipulative and Deceptive Devices.
Sec. 10. It shall be unlawful for any person, directly or indirectly, by
the use of any means or instrumentality of interstate commerce or of the
mails, or of any facility of any national securities exchange—
(a) To effect a short sale, or to use or employ any stop-loss order in
connection with the purchase or sale,ofany security registered on a national
securities exchange, in contravention of such rules and regulations as the
Commission may prescribe as necessary or appropriate in the public interest
or for the protection ofinvestors.
(b) To use or employ, in connection with the purchase or sale of any
security registered on a national securities exchange or any security not
so registered, any manipulative or deceptive device or contrivance in
contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection
of investors.
Segregation and Limitation of Functions of Members. Brokers and Dealers.
Sec. 11. (a) The Commission shall prescribe such rules and regulations
as it deems necessary or appropriate in the public interest or for the protection of investors, (1) to regulate or prevent floor trading by members
of national securities exchanges, directly or indirectly for their own account
or for discretionary accounts, and (2) to prevent such excessive trading
on the exchange but off the floor by members,directly or indirectly for their
own account, as the Commission may deem detrimental to the maintenance
of a fair and orderly market, It shall be unlawful for a member to effect
any transaction in a security in contravention of such rules and regulations,
but such rules and regulations may make such exemptions for arbitrage
transactions, for transactions in exempted securities, and, within the
limitations of subsection (b) of this section, for transactions by odd-lot
dealers and specialists, as the Commission may deem necessary or appropriate in the public interest or for the protection ofinvestors.
(b) When not in contravention of such rules and regulations as the
Commission may prescribe as necessary or appropriate in the public interest
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or for the protection of investors, the rules of a national securities exchange
may Permit (1) a member to be registered as an odd-lot dealer and as such
to buy and sell for his own account so far as may be reasonably necessary to
carry on such odd-lot transactions, and (or) (2) a member to be registered
as a specialist. If under the rules and regulations of the Commission a
specialist is permitted to act as a dealer, or is limited to acting as a dealer,
such rules and regulations shall restrict his dealings so far as practicable
to those reasonably necessary to permit him to maintain a fair and orderly
market,and (or) to those necessary to permit him to act as an odd-lot dealer
if the rules of the exchange permit him to act as an odd-lot dealer. It shall
be unlawful for a specialist or an official of the exchange to disclose information in regard to orders placed with such specialist which is not available
to all members of the exchange, to any person other than an official of the
exchange, a representative of the Commission, or a specialist who may be
acting for such specialist; but the Commission shall have power to require
disclosure to all members ofthe exchange ofall orders placed with specialists,
under such rules and regulations as the Commission may prescribe as necessary or appropriate in the public interest or for the protection of investors.
It shall also be unlawful for a specialist acting as a broker to effect on the
exchange any transaction except upon a market or limited price order.
(c) If because of the limited volume of transactions effected on an
exchange, it is in the opinion of the Commission impracticable and not
necessary or appropriate in the public interest or for the protection of
investors to apply any of the foregoing provisions of this section or the
rules and regulations thereunder. the Commission shall have power, upon
application of the exchange and on a showing that the rules ofsuch exchange
are otherwise adequate for the protection of investors, to exempt such exchange and its members from any such provisions or rules and regulations.
(d) It shall be unlawful for a member of a national securities exchange
who is both a dealer and a broker, or for any person who both as a broker
and a dealer transacts a business in securities through the medium of a
member or otherwise, to effect through the use of any facility of a national
securities exchange or of the mails or of any means or instrumentality of
interstate commerce, or otherwise in the case of a member,(1) any transaction in connection with which, directly or indirectly, he extends or
maintains or arranges for the extension or maintenance of credit to or
for a customer on any security (other than an exempted security) which
was a part of a new issue in the distribution of which he participated as
a member of a selling syndicate or group within six months prior to such
transactions: Provided, That credit shall not be deemed extended by
reason of a bona fide delayed delivery of any such security against full
payment of the entire purchase price thereof upon such delivery within
thirty-five days after such purchase, or (2) any transaction with respect
to any security (other than an exempted security) unless, if the transaction is with a customer, he discloses to such customer in writing at or
before the completion of the transaction whether he is acting as a dealer
for his own account, as a broker for such customer, or as a broker for some
other person.
(e) Th. Commission is directed to make a study of the feasibility and
advisability of the complete segregation of the functions of dealer and
broker, and to report the results of its study and its recommendations to
the Congress on or before January 3 1936.
Registration Requirements for Securities.
Pr Sec.
12. (a) It shall be unlawful for any member, broker, or dealer
to effect any transaction In any security (other than an exempted security)
on a national securities exchange unless a registration is effective as to
such security for such exchange in accordance with the provisions of this
title and the rules and regulations thereunder.
(b) A security may be registered on a national securities exchange by
the issuer filing an application with the exchange (and filing with the
Commission such duplicate originals thereof as the Commission may require), which application shall contain—
(1) Such information, in such detail, as to the issuer and any person
directly or indirectly controlling or controlled by, or under direct or indirect common control with, the issuer, and any guarantor of the security
as to principal or interest or both, as the Commission may by rules and
regulations require, as necessary or appropriate in the public interest or
for the protection of investors, in respect of the following:
(A) the organization, financial structure and nature of the business;
(B) the terms, position, rights, and privileges of the different classes of
securities oustanding;
(C) the terms on which their securities are to be, and during the Preceding three years have been, offered to the public or otherwise',
(D) the directors, officers, and underwriters, and each security holder
of record holding more than 10 per centum of any class of any equity
security of the issuer (other than an exempted security), their remuneration
and their interests in the securities of, and their material contracts with,
the issuer and any person directly or indirectly controlling or controlled by.
or under direct or indirect common control with, the i23311Er;
(E) remuneration to others than directors and officers exceeding $20,000
per annum;
(F) bonus and profit-sharing arrangements;
(G) management and service contracts;
(H) options existing or to be created in respect of their securities;
(I) balance sheets for not more than the three preceding fiscal years,
certified if required by the rules and regulations of the Commission by
independent public accountants;
(.1) profit and loss statements for not more than the three Preceding
fiscal years, certified if required by the rules and regulations of the Commission by independent public accountants; and
(K) any further financial statements which the Commission may deem
necessary or appropriate for the protection of investors.
(2) Such copies of articles of incorporation, bylaws, trust indentures.
or corresponding documents by whatever name known, underwriting arrangements, and other similar documents of, and voting trust agreements
with respect to, the issuer and any person directly or indirectly controlling
or controlled by, or under direct or indirect common control with, the
issuer as the Commission may require as necessary or appropriate for the
proper protection of investors and to insure fair dealing in the security.
(c) If in the judgment of the Commission any information required
under subsection (b) is inapplicable to any specified class or classes of
issuers. the Commission shall require in lieu thereof the submission of
such other information of comparable character as it may deem applicable
to such class of issuers.
(d) If the. exchange authorities certify to the Commission that the
security has been approved by the exchange for listing and registration,
the registration shall become effective thirty days after the receipt of such
certification by the Commission or within such shorter period of time as
the Commission may determine. A security registered with a national
securities exchange may be withdrawn or stricken from listing and registration in accordance with the rules of the exchange and, upon such terms as
the Commission may deem necessary to impose for the protection of investors, upon application by the issuer or the exchange to the Commission;
whereupon the issuer shall be relieved from further compliance with the
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provisions of this section and section 13 of this title and any rules or regulations under such sections as to the securities so withdrawn or stricken.
An unissued security may be registered only in accordance with such
rules and regulations as the Commission may prescribe as necessary or
appropriate in the public interest or for the protection of investors. Such
rules and regulations shall limit the registration of an unissued security
to cases where such security is a right or the subject of a right to subscribe
or otherwise acquire such security granted to holders of a previously registered security and where the primary purpose of such registration is to
distribute such unissued security to such holders.
(e) Notwithstanding the foregoing provisions of this section, the Commission may by such rules and regulations as it deems necessary or appropriate in the public interest or for the protection of investors permit
securities listed on any exchange at the time the registration of such exchange as a national securities exchange becomes effective, to be registered
for a period ending not later than July 1 1935, without complying with the
provisions of this section.
(f) The Commission is directed to make a study of trading in unlisted
securities upon exchanges and to report the results of its study and its
recommendations to Congress on or before January 3 1936. Notwithstanding the foregoing provisions of this section, the Commission may,
by such rules and regulations as it deems necessary or appropriate for
the protection of investors, prescribe terms and conditions under which,
upon the application of any national securities exchange, such exchange
(1) may continue until June 1 1936. unlisted trading privileges to which
a security had been admitted on such exchange prior to March 1. 1934.
and for such purpose exempt such security and the issuer thereof from the
provisions of this section and sections 13 and 16. or (2) may extend until
July 1. 1935, unlisted trading privilege to any security registered on any
other national securities exchange which security was listed on such other
exchnage on March 1. 1934.
A security for which unlisted trading privileges are so continued shall
be considered a "security registered on a national securities exchange"
within the meaning of this title. The rules and regulations of the Commission relating to such unlisted trading privileges for securities shall
require that quotations of transactions upon any national securities exchange shall clearly indicate the difference between fully listed securities
and securities admitted to unlisted trading privileges only.
Periodical and Other Reports.
Sec. 13. (a) Every issuer of a security registered on a national securities
exchange shall file the information, documents, and reports below specified
with the exchange (and shall file with the Commission such duplicate
originals thereof as the Commission may require). in accordance with such
rules and regulations as the Commission may prescribe as necessary or
appropriate for the proper protection of investors and to insure fair dealing
in the security—
(1) Such information and documents as the Commission may require
to keep reasonably current the information and documents filed pursuant
to section 12.
(2) Such annual reports, certified if required by the rules and regulations of the Commission by independent public accountants, and such
quarterly reports, as the Commission may prescribe.
(b) The Commission may prescribe, in regard to reports made pursuant
to this title, the form or forms in which the required information shall be
set forth, the items or details to be shown in the balance sheet and the
earning statement, and the methods to be followed in the preparation of
reports, in the appraisal or valuation of assets and liabilities, in the determination of depreciation and depletion, in the differentiation of recurring
and nonrecurring income,in the differentiation of investment and operating
income, and in the preparation, where the Commission deems it necessary
or desirable, of separate and (or) consolidated balance sheets or income
accounts of any person directly or indirectly controlling or controlled
by the issuer, or any person under direct or indirect common control with
the issuer; but in the case of the reports of any person whose methods of
accounting are prescribed under the provisions of any law of the United
States, or any rule or regulation thereunder, the rules and regulations of the
Commission with respect to reports shall not be inconsistent with the
requirements imposed by such law or rule or regulation in respect of the
same subject matter, and, in the case of carriers subject to the provisions
of section 20 of the Interstate Cpmmerce Act, as amended, or carriers
required pursuant to any other Act of Congress to make reports of the same
general character as those required under such section 20, shall permit such
carriers to file with the Commission and the exchange duplicate copies of
the reports and other documents filed with the Interstate Commerce Commission, or with the governmental authority administering such other Act
of Congress, in lieu of the reports, information and documents required
under this section and section 12 in respect of the same subject matter.
(c) If in the judgment of the Commission any report required under
subsection (a) is inapplicable to any specified class or classes of issuers,
the Commission shall require in lieu thereof the submission of such reports
of comparable character as it may deem applicable to such class or daises
of issuers.
Proxies.
Sec. 14. (a) It shall be unlawful for any person, by the use of the mails
or by any means or instrumentality of interstate commerce or of any
facility of any national securities exchange or otherwise to solicit or to
permit the use of his name to solicit any proxy or consent or authorization
in respect of any security (other than an exempted security) registered
on any national securities exchange in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the
public interest or for the protection ofinvestors.
(b) It shall be unlawful for any member of a national securities exchange or any broker or dealer who transacts a business Insecurities through
the medium of any such member to give a proxy, consent, or authorization
in respect of any security registered on a national securities exchange and
carried for the account of a customer in contravention of such rules and
regulations as the Commission may prescribe as necessary or appropriate
in the public interest or for the protection of investors.
Over-the-Counter Markets.
Sec. 15. It shall be unlawful, in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate
in the public interest and to insure to investors protection comparable
to that provided by and under authority of this title in the case of national
securities exchanges. (1) for any broker or dealer, singly or with any other
person or persons, to make use of the mails or any means or instrumentality
of interstate commerce for the purpose of making or creating, or enabling
another to make or create, a market, otherwise than on a national securities
exchange, for both the purchase and sale of any security (other than an
exempted security or commercial paper, bankers' acceptances, or commercial bills, or unregistered securities the market in which is predominantly
intrastate and which have not previously been registered or listed), or (2)
for any broker or dealer to use any facility of any such market. Such rules
and regulations may provide for the regulation of all transactions by
June 9 1934
brokers and dealers on any such market, for the registration with the
Commission of dealers and (or) brokers making or creating such a market,
and for the registration of the securities for which they make or create a
market and may make special provision with respect to securities or specified
classes thereof listed, or entitled to unlisted trading privileges, upon any
exchange on the date of the enactment of his title, which securities are not
registered under the provisions of section 12 of this title.
Directors, Officers, and Principal Stockholders.
Sec. 16. (a) Every person who is directly or indirectly the beneficial
owner of more than 10 per centum of any class of any equity security (other
than an exempted security) which is registered on a national securities
exchange, or who is a director or an officer of the issuer of such security,
shall file, at the time of the registration of such security or within ten days
after he becomes such beneficial owner, director, or officer, a statement
with the exchange (and a duplicate original thereof with the Commission)
of the amount of all equity securities of such issuer of which he is the
beneficial owner, and within ten days after the close of each calendar
month thereafter, if there has been any change in such ownership during
such month, shall file with the exchange a statement (and a duplicate
original thereof with toe Commission) indicating his ownership at the close
of the calendar month,and such changes in his ownership as have occurred
during such calendar month.
(b) For the purpose of preventing the unfair use of information which
may have been obtained by such beneficial owner, director, or officer by
reason of his relationship to the issuer, any profit realized by him from
any purchase and sale, or any sale and purchase, of any equity security
of such issuer (other than an exempted security) within any period of
less than six months, unless such security was acquired in good faith in
connection with a debt previously contracted, shall inure to and be recoverable by the issuer, irrespective of any intention on the part of such
beneficial owner, director, or officer in entering into such transaction of
holding the security purchased or of not repurchasing the security sold
for a period exceeding six months. Suit to recover such profit may be
instituted at law or in equity in any court of competent jurisdiction by
the issuer, or by the owner of any security of the issuer in the name and in
behalf of the issuer if the issuer shall fail or refuse to bring such suit within
sixty days after request or shall fail diligently to prosecute the same thereafter; but no such suit shall be brought more than two years after the date
such profit was realized. This subsection shall not be construed to cover any
transaction where such beneficial owner was not such both at the time of the
purchase and sale, or the sale and purchase, of the security involved, or any
transaction or transactions which the Commission by rules and regulations
may exempt as not comprehended within the purpose of this subsection.
(c) It shall be unlawful for any such beneficial owner, director, or
officer, directly or indirectly, to sell any equity security of such issuer
(other than an exempted security), if the person selling the security or
his principal (1) does not own the security sold, or (2) if owning the security,
does not deliver it against such sale within twenty days thereafter, or does
not within five days after such sale deposit it in the mails or other usual
channels of transportation; but no person shall be deemed to have violated
this subsection if he proves that notwithstanding the exercise of good
faith he was unable to make such delivery or deposit within such time, or
that to do so would cause undue inconvenience or expense.
(d) The provisions of this section shall not apply to foreign or domestic
arbitrage transactions unless made in contravention of such rules and
regulations as the Commission may adopt in or er to carry out the Purposes of this section.
Accounts and Records, Reports, Examinations of Exchanges, Members and
Others.
Sec. 17. (a) Every national securities exchange, every member thereof,
every broker or dealer who transacts a business in securities through the
medium of any such member, and every broker or dealer making or creating
a market for both the purchase and sale of securities through the use of the
malls or of any means or instrumentality of interstate commerce, shall
make, keep, and preserve for such periods, such accounts, correspondence,
memoranda, papers, books, and other records, and make such reports, as
the Commission by its rules and regulations May prescribe as necessary or
appropriate in the public interest or for the protection of investors. Such
accounts, correspondence, memoranda, papers, books, and other records
shall be subject at any time or from time to time to such reasonable periodic.
special, or other examinations by examiners or other representatives of
the Commission as the Commission may deem necessary or appropriate
in the public interest or for the protection of investors.
(b) Any broker, dealer, or other person extending credit who is subject
to the rules and regulations prescribed by the Federal Reserve Board Pursuant to this title shall make such reports to the Board as it may require as
necessary or appropriate to enable it to perform the functions conferred
upon it by this title. If any such broker, dealer, or other person shall fail
to make any such report or fail to furnish full information therein, or, if
In the judgment of the Board it is otherwise necessary, such broker, dealer.
or other person shall permit such inspections to be made by the Board with
respect to the business operations of such broker, dealer, or other person
as the Board may deem necessary to enable it to obtain the required information.
Liability for Misleading Statements.
Sec. 18. (a) Any person who shall make or cause to be made any statement in any application, report, or document filed pursuant to this title
or any rule or regulation thereunder, which statement was at the time
and in the light of the circumstances under which it was made false or misleading with respect to any material fact, shall be liable to any person (not
knowing that such statement was false or misleading) who, in
reliance
upon such statement,shall have purchased or sold a security
at a price which
was affected by such statement, for damages caused by such reliance, unless
the person sued shall prove that he acted in good faith and had no
knowledge
that such statement was false or misleading. A person seeking to enforce
such liability may sue at law or in equity in any court of competent jurisdiction. In any such suit the court may, in its discretion, require an undertaking for the payment of the costs of such suit, and assess reasonable costs,
Including reasonable attorneys' fees, against either party
litigant.
(b) Every person who becomes liable to make payment under this
section may recover contribution as in cases of contract from any person
who, if joined in the original suit, would have been liable to make the
same payment.
(c) No action shall be maintained to enforce any liability created under
this section unless brought within one year after the discovery of the facts
constituting the cause of action and within three years after such cause of
action accrued.
Powers with Respect to Exchanges and Securities.
Sec. 19. (a) The Commission is authorized, if in its opinion such action
is necessary or appropriate for the protection of investors—
mg!
(1) After appropriate notice and opportunity for hearing, by order to
suspend for a period not exceeding twelve months or to withdraw the MOB-
Volume 138
Financial Chronicle
tration of a national securities exchange if the Commission finds that such
exchange has violated any provision of this title or of the rules and regulations thereunder or has failed to enforce, so far as is within its power,
compliance therwith by a member or by an issuer of a security registered
thereon.
(2) After appropriate notice and opportunity for hearing, by order to
deny, to suspend the effective date of, to suspend for a period not exceeding
twelve months, or to withdraw, the registration of a security if the Commission finds that the issuer of such security has failed to comply with
any provision of this title or the rules and regulations thereunder.
(3) After appropriate notice and opportunity for hearing, by order to
suspend for a period not exceeding twelve months or to expel from a national
securities exchange any member or officer thereof whom the Commission
finds has violated any provision of this title or the rules and regulations
thereunder, or has effected any transaction for any other person who, he has
reason to believe, is violating in respect of such transaction any provision
of this title or the rules and regulations thereunder.
(4) And if in its opinion the public interest so requires, summarily
to suspend trading in any registered security on any national securities
exchange for a period not exceeding ten days, or with the approval of the
l'resident, summarily to suspend all trading on any national securities
exchange for a period not exceeding ninety days.
(b) The Commission is further authroized, if after making appropriate
request in writing to a national securities exchange that such exchange
effect on its own behalf specified changes in its rules and practices, and
after appropriate notice and opportunity for hearing, the Commission
determines that such exchange has not made the changes so requested, and
that such changes are necessary or appropriate for the protection of investors or to insure fair dealing in securities traded in upon such exchange
or to insure fair administration of such exchange, by rules or regulations
or by order to alter or supplement the rules of such exchange (insofar as
necessary or appropriate to effect such changes) in respect of such matters
as (1) safeguards in respect of the financial responsibility of members and
adequate provision against the evasion of financial responsibility through
the use of corporate forms or special partnerships; (2) the limitation or
prohibition of the registration or trading in any security within a specified
period after the issuance or primary distribution thereof; (3) the listing or
striking from listing of any security; (4) hours of trading; (5) the manner,
method, and place of soliciting business; (6) fictitious or numbered accounts: (7) the time and method of making settlements, payments, and
deliveries and of closing accounts; (8) the reporting of transactions on the
exchange and upon tickers maintained by or with the consent of the exchange, including the method of reporting short sales, stopped sales, sales
of securities of issuers in default ,bankruptcy or receivership, and sales involving other special circumstances; (9) the fixing of reasonable rates of
commission, interest, listing, and other charges; (10) minimum units of
trading;(11) odd-lot purchases and sales; (12) minimum deposits on margin
accounts; and (13) similar matters.
(c) The Commission is authorized and directed to make a study and
investigation of the rules of national securities exchanges with respect to
the classification of members, the methods of election of officers and committees to insure a fair representation of the membership, and the suspension, expulsion, and disciplining of members of such exchanges. The
Commission shall report to the Congress.on or before January 3. 1935,
the results of its investigation, together with its recommendations.
Liabilities of Controlling Persons.
Sec. 20. (a) Every person who, directly or indirectly, controls any
person liable under any provision of this title or of any rule or regulation
thereunder shall also be liable jointly and severally with and to the same
extent as such controlled person to any person to whom such controlled
person is liable, unless the controlling person acted in good faith and did
not directly or Indirectly induce the act or acts constituting the violation
or cause of action.
(b) It shall be unlawful for any person, directly or indirectly, to do
any act or thing which it would be unlawful for such person to do under
the provisions of this title or any rule or regulation thereunder through or
by means of any other person.
(c) It shall be unlawful for any director or officer of, or any owner of
any of the securities issued by, any issuer of any security registered on a
national securities exchange, without just cause to hinder, delay, or obstruct
the making or filing of any document, report, or information, required to
be filed under this title or any rule or regulation thereunder.
Investigations; Injunctions and Prosecution of Offenses.
Sec. 21. (a) The Commission may,in its discretion, make such investigations as it deems necessary to determine whether any person has violated
or is about to violate any provision of this tile or any rule or regulation
thereunder, and may require or permit any person to file with it a statement in writing, under oath or otherwise as the Commission shall determine,
as to all the facts and circumstances concerning the matter to be investigated. The Commission is authorized, in its discretion, to publish
information concerning any such violations, and to investigate any facts,
conditions, practices, or matters N.hich it may deem necessary or proper
to aid in the enforcement of the provisions of this title, in the prescribing
of rules and regulations thereunder, or in securing information to serve
as a basis for recommending further legislation concerning the matters to
which this title relates.
(b) For the purpose of any such investigation, or any other proceeding
under this title, any member of the Commission or any officer designated
by it is empowered to administer oaths and affirmations, subpena witnesses, compel their attendance, take evidence, and require the production
of any books, papers, correspondence, memoranda, or other records which
the Commission deems relevant or material to the inquiry. Such attendance of witnesses and the production of any such records may be required
from any place in the United States or any State at any designated place
of hearing.
(c) In case of contumacy by, or refusal to obey a subpena issued to,
any person, the Commission may invoke the aid of any court of the United
States within the jurisdiction of which such investigation or proceeding
is carried on, or where such person resides or carries on business, in requiring the attendance and testimony of witnesses and the production of
books, papers, correspondence, memoranda, anti other records. And such
court may issue an order requiring such person to appear before the Commission or member or officer designated by the Commission,there to produce
records, if so ordered, or to give testimony touching the matter under
investigation or in question; and any failure to obey such order of the court
may be punished by such court as a contempt thereof. All process in
any such case may be served in the judicial district whereof such person is
an inhabitant or wherever he may be found. Any person who shall, without just cause, fail or refuse to attend and testify or to answer any lawful
Inquiry or to produce books, papers, correspondence, memoranda, and
other records, if in his power so to do, in obedience to the subpena of the
Commission, shall be guilty of a misdemeanor and, upon conviction, shall
term
be subject to a fine of not more than 81,000 or to imprisonment for a
of not more than one year, or both.
3845
(d) No person shall be excused from attending and testifying or from
producing books, papers, contracts, agreements, and other records and
documents before the Commission, or in obedience to the subpena of the
Commission or any member thereof or any officer designated by it, or in
any cause or proceeding instituted by the Commission, on the ground
that the testimony or evidence, documentary or otherwise, required of him
may tend to incriminate him or subject him to a penalty or forfeiture;
but no individual shall be prosecuted or subject to any penalty or forfeiture
for or on account of any transaction, matter, or thing concerning which he
is compelled, after having claimed his privilege against self-incrimination,
to testify or produce evidence, documentary or otherwise, except that such
individual so testifying shall not be exempt from prosecution and punishment for perjury committed in so testifying.
(e) Whenever it shall appear to the Commission that any person is engaged or about to engage in any acts or practices which constitute or
will constitute a violation of the provisions of this title, or of any rule or
regulation thereunder, it may in its discretion bring an action in the Proper
district court of the United States, the Supreme Court of the District of
Columbia, or the United States courts of any Territory or other place
subject to the jurisdiction of the United States, to enjoin such acts or
practices, and upon a proper showing a permanent or temporary injunction or restraining order shall be granted without bond. The Commission
may transmit such evidence as may be available concerning such acts or
practices to the Attorney General, who may, in his deiscretion, institute
the necessary criminal proceedings under this title.
(r) Upon application of the Commission the district courts of the United
States, the Supreme Court of the District of Columbia, and the United
States courts of any Territory or other place subject to the jurisdiction
of the United States, shall also have jurisdiction to issue writs of mandamus
commanding any person to comply with the provisions of this title or any
order of the Commission made in pursuance thereof.
Hearings by Commission.
Sec. 22. Hearings may be public and may be held before the Commission, any member or members thereof, or any officer or officers of the
Commission designated by it, and appropriate records thereof shall be
kept.
Rules and Regulations Annual Reports.
Sec. 23. (a) The Commission and the Federal Reserve Board shall
each have power to make such rules and regulations as may be necessary
for the execution of the functions vested in them by this title, and may
for such purpose classify issuers, securities, exchanges, and other Persons or matters within their respective jurisdictions.
(b) The Commission and the Federal Reserve Board, respectively.
shall include in their annual reports to Congress such information, data,
and recommendation for further legislation as they may deem advisable
with regard to matters within their respective jurisdictions under this
title.
Information Filed With the Commission.
Sec. 24. (a) Nothing in this title shall be construed to require, or to
authorize the Commission to require, the revealing of trade secrets or processes in any application, report, or document filed with the Commission
under this title.
(b) Any person filing any such application, report, or document may
make written objection to the public disclosure of information contained
therein, stating the grounds for such ob ection. and the Commission is
authorized to hear objections in any such case where it deems it advisable.
The Commission may. in such cases, make available to the public the
Information contained in any such application, report, or document only
when in its judgment a disclosure of such information is in the public
interest; and copies of information so made available may be furnished to
any Person at such reasonable charge and under such reasonable limitations
as the Commission may prescribe.
(c) It shall be unlawful for any member, officer, or employee of the
Commission to disclose to any person other than a member, officer, or
employee of the Commission, or to use for personal benefit, any information contained in any application, report, or document filed with the
Commission which is not made available to the public pursuant to subsection (b) of this section. Provided, That the Commission may make
available to the Federal Reserve Board any information requested by the
Board for the purpose of enabling it to perform its duties under this title.
Court Review of Orders.
Sec. 25. (a) Any person aggrieved by an order issued by the Commission in a proceeding under this title to which such person is a party
may obtain a review of such order in the Circuit Court of Appeals of the
United States, within any circuit wherein such person resides or has his
principal place of business, or in the Court of Appeals of the District
of Columbia, by filing in such court, within sixty days after the entry of
such order, a written petition praying that the order of the Commission
be modified or set aside in whole or in part. A copy of such petition shall
be forthwith served upon any member of the Commission, and thereupon
the Conunission shall certify and file in the court a transcript of the record
upon which the order complained of was entered. Upon the filing of such
transcript such court shall have exclusive jurisdiction to affirm, modify.
and enforce or set aside such order, in whole or in part. No objection to
the order of the Commission shall be considered by the court unless such
objection shall have been urged before the Commissoin. The finding of
the Commission as to the facts, if supported by substantial evidence, shall
be conclusive. If either party shall apply to the court for leave to adduce
additional evidence, and shall show to the satisfaction of the court that
such additional evidence Is material and that there were reasonable grounds
for failure to adduce such evidence in the hearing before the Commission,
the court may order such additional evidence to be taken before the Commission and to be adduced upon the hearing in such manner and upon
such terms and conditions as to the court may seem proper. The Commission may modify its findings as to the facts, by reason of the additional
evidence so taken, and it shall file such modified or new findings, which, if
supported by substantial evidence, shall be conclusive, and its recommendation, if any, for the modification or setting aside of the original order.
The judgment and decree of the court, affirming, modifying, and enforcing
or setting aside, in whole or in part, any such order of the Commission,
shall be final, subject to review by the Supreme Court of the United States
upon certiorari or certification as provided in sections 239 and 240 of the
Judicial Code, as amended (U.S.C., title 28, secs. 36 and 37)•
(b) The commencement of proceedings under subsection (a) shall not,
unless specifically ordered by the court, operate as a stay of the Commission's order.
Unlawful Representations.
Sec. 26. No action or failure to act by the Commission or the Federal
Reserve Board, in the administration of this title shall be construed to mean
that the particular authority has in any way passed upon the merits of. or
given approval to, any security or any transaction or transactions therein,
nor shall such action or failure to act with regard to any statement or report
filed with or examined by such authority pursuant to this title or rules and
3846
Financial Chronicle
regulations thereunder, be deemed a finding by such authority that such
statement or report is true and accurate on its face or that it is not false
or misleading. It shall be unlawful to make, or cause to be made, to any
prospective purchaser or seller of a security any representation that any
such action or failure to act by any such authority is to be so construed or
has such effect.
Jurisdiction of Offenses and Suits.
Sec. 27. The district courts of the United States. the Supreme Court
of the District of Columbia, and the United States courts of any Territory
or other place subject to the jurisdiction of the United States shall have
exclusive jurisdiction of violations of this title or the rules and regulations
thereunder, and of all suits in equity and actions at law brought to enforce
any liability or duty created by this title or the rules and regulations thereunder. Any criminal proceeding may be brought in the district wherein
any act or transaction constituting the violation occurred. Any suit or
action to enforce any liability or duty created by this title or rules and
regulations thereunder, or to enjoin any violation of such title or rules
and regulations, may be brought in any such district or in the district
wherein the defendant is found or is an inhabitant or transacts business,
and process in such cases may be served in any other district of which the
defendant is an inhabitant or wherever the defendant may be found.
Judgments and decrees so rendered shall be subject to review as provided
in sections 128 and 240 of the Judicial Code, as amended (U.S.C., title 28,
secs. 225 and 347). No costs shall be assessed for or against the Commission in any proceeding under this title brought by or against it in the
Supreme Court or such other courts.
Effect on Existing Law.
Sec. 28. (a) The rights and remedies provided by this title shall be in
addition to any and all other rights and remedies that may exist at law or
in equity; but no person permitted to maintain a suit for damages under
the provisions of this title shall recover, through satisfaction of judgment
in one or more actions, a total amount in excess of his actual damages on
account of the act complained of. Nothing in this title shall affect the
jurisdiction of the securities commission (or any agency or officer performing like functions) of any State over any security or any person insofar
as it does not conflict with the provisions of this title or the rules and
regulations thereunder.
(b) Nothing in this title shall be construed to modify existing law (1)
with regard to the binding effect on any member of any exchange of any
action taken by the authorities of such exchange to settle disputes between
Its members, or (2) with regard to the binding effect of such action on any
person who has agreed to be bound thereby, or (3) with regard to the
binding effect on any such member of any disciplinary action taken by
the authorities of the exchange as a result of violation of any rule of the
exchange, insofar as the action taken is not inconsistent with the provisions
of this title or the rules and regulations thereunder.
Validity of Contracts.
Sec. 29. (a) Any condition, stipulation, or provision binding any person
to waive compliance with any provision of this title or of any rule or regulation thereunder, or of any rule of an exchange required thereby shall be void.
(b) Every contract made in violation of any provision of this title or
of any rule or regulation thereunder, and every contract (including any
contract for listing a security on an exchange) heretofore or hereafter
made the performance of which involves the violation of, or the continuance of any relationship or practice in violation of, any provision of this
title or any rule or regulation thereunder, shall be void (1) as regards the
rights of any person who, in violation of any such provision, rule, or regulation, shall have made or engaged in the performance of any such contract,
and (2) as regards the rights of any person who, not being a party to such
contract, shall have acquired any right thereunder with actual knowledge
of the facts by reason of which the making or performance of such contract
was in violation of any such provision, rule or regulation.
(c) Nothing in this title shall be construed (1) to affect the validity of
any loan or extension of credit (or any extension or renewal thereof) made
or of any lien created prior or subsequent to the enactment of this title,
unless at the time of the making of such loan or extension of credit (or
extension or renewal thereof) or the creating of such lien, the person making
such loan or extension of credit (or extension or renewal thereof) or acquiring such lien shall have actual knowledge of facts by reason of which
the making of such loan or extension of credit (or extension or renewal
thereof) or the acquisition of such lien is a violation of the provisions of
this title or any rule or regulation thereunder, or (2) to afford a defense
to the collection of any debt or obligation or the enforcement of any lien
by any person who shall have acquired such debt, obligation, or lien in
good faith for value and without actual knowledge of the violation of any
provision of this title or any rule or regulation thereunder affecting the
legality of such debt, obligation, or lien.
Foreign Securities Exchanges.
Sec. 30. (a) It shall be unlawful for any broker or dealer, directly or
indirectly, to make use of the mails or of any means or instrumentality of
interstate commerce for the purpose of effecting on an exchange not within
or subject to the jurisdiction of the United States, any transaction in any
security the issuer of which is a resident of, or is organized under the laws
of, or has its principal place of business in, a place within or subject to the
jurisdiction of the United States, in contravention of such rules and regulations as the Commission may prescribe as necessary or appropriate in the
Public interest or for the protection of investors or to prevent the evasion
of this title.
(b) The provisions of this title or of any rule or regulation thereunder
shall not apply to any person insofar as he transacts a business in securities
without the jurisdiction of the United States, unless he transacts such
business in contravention of such rules and regulations as the Commission
may prescribe as necessary or appropriate to prevent the evasion of this
title.
Registration Fees.
Sec. 31. Every national securities exchange shall pay to the Commission
on or before March 15 of each calendar year a registration fee for the
privilege of doing business as a national securities exchange during the
preceding calendar year or any part thereof. Such fee shall be in an
amount equal to one five-hundredths of 1 per centum of the aggregate
dollar amount of the sales of securities transacted on such national securities
exchange during the preceding calendar year and subsequent to its registration as a national securities exchange.
Penalties.
Sec. 32. Any person who willfully violates any provision of this title,
or any rule or regulation thereunder the violation of which is made unlawful or the observance of which is required under the terms of this title,
or any person who willfully and knowingly makes, or causes to be made,
any statement in any application, report, or document required to be
filed under this title or any rule or regulation thereunder, which statement
June 9 1934
was false or misleading with respect to any material fact, shall upon conviction be fined not more than $10,000, or imprisoned not more than two
years, or both, except that when such person is an exchange, a fine not
exceeding 8500,000 may be imposed; but no person shall be subject to
imprisonment under this section for the violation of any rule or regulation
if he proves that he had no knowledge of such rule or regulation.
Separability of Provisions.
Sec. 33. If any provision of this Act, or the application of such provision
to any person or circumstances, shall be held invalid, the remainder of
the Act, and the application of such provision to persons or circumstances
other than those as to which it is held invalid, shall not be affected thereby.
Effective Date.
Sec, 34. This Act shall become effective on July 1, 1934, except that
sections 6 and 12 (b), (c). (d), and (e) shall become effective on September
1, 1934; and sections 5,7, 8,9 (a) (6), 10, 11, 12 (a). 13, 14, 15,16, 17, 18.
19, and 30 shall become effective on October 1, 1934.
The Course of the Bond Market
Recent trends have been continued this week, with high
grades and United States Government issues advancing
fractionally to new high levels. Lower-grade bonds showed
no definite trend during the greater part of the week, but
were, if anything, slightly better, in contrast to a moderate
decline last week. On Friday there was a substantial rally,
particularly among the lower-grade rail issues.
The announcement was made on Monday of an offering
for cash by the United States Treasury of two new issues,
$300,000,000 of 12 to 14-year 3s and $500,000,000 of 5year 23%s. Additional amounts of the 3s were offered for
exchange to holders of some $520,000,000 of certificates
and notes due June 15 and Aug. 1, thus seeking to refund
2-year and 9-month maturities into a longer term issue.
Large oversubscriptions were announced and the new issues
were quoted at sizable premiums in the "when issued"
market.
This financing has contributed to a confident tone among
gilt-edge bonds. The large financing requirements of the
Treasury in the coming fiscal year seem to point to the need
of similarly conservative financing methods in the near
future and thus tend to weaken the threat of further dollar
manipulation. The strength of the dollar abroad, the persistently large excess reserves of banks, the Treasury stabilization fund and the recently modified Administration's
policy toward commodity prices, are all factors making for
strength in the high grade bond market at present.
New high levels were again reached by some high-grade
railroad bonds; medium-grade issues were also strong.
Chesapeake & Ohio ref. 43's, 1995, closed at 1043%, up 13'
since a week ago; Illinois Central ref. 5s, 1955, at 94 were
unchanged; Union Pacific 5s, 2008, ended the week at
1143/2, 4
3 of a point above last Friday's price. A better
tone was evident throughout the second and lower-grade
rail list with substantial gains scored during the latter part
of the week. Chicago Milwaukee St Paul & Pacific adj. 55,
2000, closed at 153%, up 23
/
4 points; Erie ref. 5s, 1975,
closed at 74, a gain of 33
4; Missouri Pacific gen. 45, 1975,
at 143% compared with 13 last week; New York, Chicago
& St. Louis ref. 43's, 1978, closed at 643/
s, compared with
613% a week ago.
High-grade utility bonds continued their slow but steady
advance, many issues again establishing new highs, such as
Bell Tel. Penn. 5s, 1960; N. Y. Gas Electric Light Heat &
Power 4s, 1949, and Duquesne Light 43/2s, 1957. Lower
grades fluctuated within a narrow range, although the
general tendency was higher. Since a week ago, Cities
Service 5s, 1950, were up 13/i points at 483'; Electric Power
& Light 5s, 2030, were down
at 413
%; Peoples Gas 6s,
35,
1957, declined % to 90, and Associated Gas & Electric 43/
1949, were up % at 173%.
The industrial group continued in a relatively narrow price
range with the volume of transactions light. No marked
trend was evident, most representative issues recording only
fractional changes. The widest variations were seen in
steel issues with Republic Iron & Steel 532s, 1953, declining
13% to 863%, while Otis Steel 6s, 1941, advanced 8 points to
65 upon the announcement that the March, 1933, coupons
would be met. Fluctuations in oils and tire issues were small,
and meat packing bonds were steady. National Dairy 53%s,
1948, advanced 13% to 96, the year's high.
Foreign issues showed moderate declines. German bonds
continued weak, particularly Government issues. Others
with a downward tendency included Cuban and Scandinavian
obligations. South American issues held steady and Italians
showed resistance to further declines.
Moody's computed bond prices and bond yield averages
are given in the tables below:
Volume 138
Financial Chronicle
MOODY'S BOND PRICES.
(Bated on Average Yields.)
MOODY'S BOND YIELD AVERAGE8.t
(Based on individual Closing Prices.)
U.S.
120
120 Domestic Corporate*
1934
Goa Domesby Ratings.
Daily Bonds.
tic.
Corp.* ActaAtesages•
Aa.
Baa.
A.
120 Domestic
Corporate* by Groups.
June 8- 105 52
105 41
e__ 105.33
105.33
105.25
105.23
1-. 105.27
Weekly
May 25- 105.13
18- 105.05
105.11
104.75
Apr. 27.. 104.21
103.65
13-- 104.35
104.03
Mar.30- Stock E
23.. 103.32
16-- 103.52
103.08
2_ 101.88
Feb. 23- 102.34
16- 102.21
9_ 101.69
2.. 101.77
Jan. 26__ 100.41
19_ 100.38
12- 99.71
5-- 100.42
High 1934 105.52
Low 1934 99.06
High 1933 108.82
Low 1933 98.20
Yr. AgoJune 8'33 103.20
2 Yrs.Ago
June 8'32 96.37
RR.
P. U. Indus.
98 73
98 57
98.41
98.41
98.09
98.09
98.09
114 63
114.82
114.63
114.43
114.24
114.04
114.04
107 14
106.96
106.78
106.96
106.78
108.78
106.78
96 39
96.08
96.08
95.93
95.78
95.78
95.78
81 54
81.18
81.18
81.07
80.84
80.84
80.72
9920
98.73
98.73
98.73
98.57
98.57
98.57
92 10
91.96
92.10
91.96
91.67
91.67
91.53
105 37
105.37
105.20
105.03
104.85
104.85
104.85
98.25
98.57
98.41
98.73
98.88
98.88
98.25
97.16
xehang
95.93
96.70
95.63
94.88
95.18
95.33
93.99
93.85
91.53
90.55
87.69
84.85
98.88
84.85
92.39
74.15
113.65 106.78
113.26 106.60
112.88 106.42
112.50 106.42
112.50 105.89
112.31 105.89
111.92 105.54
111.16 104.68
e Close d.
110.42 103.48
111.16 104.16
110.79 103.15
110.23 101.81
110.23 101.97
109.86 101.47
109.12 100.00
108.75 99.68
107.67 98.41
107.67 97.16
106.25 95.48
105.37 93.26
114.82 107.14
105.37 93.11
108.03 100.33
97.47 82.99
96.23
96.70
96.85
97.00
97.31
97.31
96.70
95.78
81.0.7 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
91.67
92.39
91.96
92.53
92.53
92.39
91.67
90.27
104.85
104.68
104.85
104.68
104.51
104.33
103.65
102.81
94.43
95.18
94.14
93.11
93.26
93.26
92.10
91.81
89.31
87.96
84.85
82.02
97.31
81.78
89.31
71.87
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
74.38 91.39
70.52 88.36
66.55 85.74
83.72 100.33
88.38 85.61
77.66 93.26
53.16 69.59
89.17
89.86
88.50
87.96
88.36
88.36
87.43
87.04
83.97
82.38
78.44
74.25
92.82
74.25
89.31
70.05
101.81
102.47
101.47
100.49
100.81
100.81
100.00
99.68
98.88
98.73
98.00
97.00
105.37
96.54
99.04
78.44
86.51 104.33
94.58
83.48
69.77
86.38
81.66
91.96
63.68
76.67
59.80
43.75
56.12
70.24
66.04
90.83
3847
AU
120 Domestic Corporate
1934
120
by Ratings.
Daily
DomesAsesages. tic.
Aaa.
Aa.
A.
Baa.
June 8..- 4.83
3.93
7-- 4.84
3.92
6-- 4.85
3.93
5-- 4.85
3.94
4-- 4.87
3.95
2-- 4.87
3.96
1_
4.87
3.96
Weekly
May 25-- 4.86
3.98
18_. 4.84
4.00
11_ 4.85
4.02
4- 4.83
4.04
Apr. 27.- 4.82
4.04
20_ 4.82
4.05
13-- 4.86
4.07
8- 4.93
4.11
Mar.80-- Stook E xchang e
23-- 5.01
4.15
16._ 4.98
4.11
9-- 5.03
4.13
2_ 5.08
4.18
Feb. 23_ 5.08
4.16
16._ 5.05
4.18
9.. 5.14
4.22
2._ 5.15
4.24
Jan. 26__ 5.31
4.30
19_ 5.38
4.30
12_ 5.59
4.38
5__ 5.81
4.43
Low 1934 4.82
3.92
High 1934 5.81
4.43
Low 1933 4.96
4.11
High 1933 6.75
4.91
Yr. AgoJune 8'33 5.68
4.49
2 Yrs.Ag
June8'32 7.91
5.36
4.33
4.34
4.35
4.34
4.35
4.35
4.35
120 Domestic
Corporate Si, Groups.
RR.
ft
30
ForP. U. Indus. signs.
4.98
5.00
5.00
5.01
5.02
5.02
5.02
6.08
6.11
6.11
6.12
6.14
6.14
6.15
4.80
4.83
4.83
4.83
4.84
4.84
4.84
5.27
5.28
5.27
5.28
5.30
5.30
5.31
4.43
4.43
4.44
4.45
4.46
4.46
4.46
7.35
7.33
7.33
7.35
7.33
7.29
7.29
4.35
4.99
4.36
4.96
4.37
4.95
4.37
4.94
4.40
4.92
4.40
4.92
4.42
4.96
4.47
5.02
Closed.
4.54
5.11
4.50
5.06
4.56
5.13
4.64
5.20
4.63
5.19
4.66
5.19
4.75
5.27
4.77
5.29
4.85
5.47
4.93
5.57
5.04
5.81
5.19
6.04
4.33
4.92
5.20
6.06
4.49
5.04
5.96
6.98
6.12
6.04
6.07
5.96
5.92
5.91
5.98
6.11
4.83
4.81
4.82
4.77
4.75
4.73
4.76
4.81
5.30
5.25
5.28
5.24
5.24
5.25
5.30
5.40
4.46
4.47
4.46
4.47
4.48
4.49
4.53
4.58
7.25
7.20
7.14
7.16
7.28
7.21
7.20
7.22
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
8.35
6.74
5.22
6.74
5.43
7.17
4.64
4.60
4.66
4.72
4.70
4.70
4.75
4.77
4.82
4.83
4.87
4.94
4.43
4.97
4.60
6.35
7.21
7.38
7.41
7.57
7.51
7.51
7.91
8.01
8.31
8.51
731
8.81
7.21
11.11
7.34
7.21
5.10
5.92
7.20
5.69
6.07
5.28
9.7:
6.51
8.42
11.35
8.96
7.15
7.62
14.5
* These prices are computed from average yields on the basis of one "ideal" bond
(434% coupon, ma uring 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 Moody's
index of bond prices by months back to 1928, see the issue of Feb.8 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 issue of Feb. 10 1934,
Page 920. tt Average of 30 foreign bonds but adjusted to a comparable basis with previous
averages of 40 foreign bonds.
Indications of Business Activity
THESTATEOF TRADE-COMMERCIAL EPITOME.
Friday Night, June 8 1934.
There was still a good business going on despite the severe
drouth in the American grain belts and in Canada. Retail
sales increased and wholesale trade was of steady volume.
Moreover, there was a further increase in steel operations,
and while this was due undoubtedly to a desire to stock up
because of fears of a strike, there were those who ascribed
It, in part, at least, to an increase in the demand. On the
whole, industrial operations were well maintained, and with
the strike in the textile industry averted, better business
was reported. More summer-like weather of late helped
retail business. There was a large movement of vacation
necessities, traveling accessories and sports equipment.
Summer apparel was in the best demand. Linen suits and
goods sales were large, and sales of men's straw hats increased. Automobile sales increased somewhat following
the announcement of lower prices on some of the lowerpriced cars. Garden implements met with a better demand
owing to better weather conditions. In the wholesale line,
re-orders of summer wearing apparel were surprisingly
large, and orders for electrical appliances and refrigerators
increased. Cotton was more active during the week, and
prices advanced 33 to 35 points on buying stimulated by
unfavorable weather and sharp rises in wheat at times.
New highs for the movement were made. Wheat and other
grain, on the other hand, show declines as compared with
last week. Wheat was off 4 to 4%c., corn 3 to 32,c., oats
1% to 2c., and rye % to 1%c. Selling and general liquidation, because of rains over the grain belt, caused the decline.
Recently, grain advanced owing to a belief that the rains
came too late to help the crop, and the technical position
was stronger after the heavy selling early in the week. At
one time prices were 11c, under last Friday's close. The
Government report put the winter wheat crop at 400,000,000
bushels against 461,471,000 bushels a month ago and 351,030,000 bushels harvested last year. Coffee was somewhat
more active, but prices, after some early strength, receded
later on and ended lower for the week. Sugar was weaker,
but refined prices were Advanced. Hides were in better
demand, and prices show a rise since last Friday of 125 to
130 points. Other commodities were generally higher.
Rubber showed an advance of 71 points on July. The drouth
in the Middle West has been so severe that Administration
officials were considering a proposal to ask Congress for
an additional appropriation of from $500,000,000 to $1,000,.
000,000. Later in the week the dry spell was broken, and
the weather was somewhat cooler in that section of the
country. The rains, it was contended, were not sufficient,
however, to help grain crops. In the South the weather
was unfavorable for the cotton crop. Rains were beneficial
in some sections, while other parts of the belt received unwelcomed moisture. In parts of Ohio temperatures were up
to 103 degrees, and four died from the heat. To facilitate
the movement of live stock and feed, railway rate reductions
were made by all Western steam railroads, as a drouth
relief measure. Kansas and Nebraska had temperatures
over the last week-end of 100 to 105 degrees. In Butte,
Mont., on the 1st inst. a snowstorm followed on the heels
of heavy rain. It threatened severe damage to trees and
shrubbery. Boise, Idaho, also had a snowfall during the
week. Temperatures reached 111 degrees in Iowa early in
the week and caused several deaths. At New York it was
generally clear and warm. To-day it was fair and cool here,
with temperatures ranging from 57 to 65 degrees. The
forecast was for generally fair and somewhat warmer tonight and Saturday. Overnight at Boston it was 50 to 68
degrees; Baltimore, 64 to 82; Pittsburgh, 56 to 82; Portland, Me., 48 to 70; Chicago, 56 to 64; Cincinnati, 62 to 82;
Cleveland, 54 to 62; Detroit, 50 to 72; Charleston, 74 to 84;
Milwaukee, 50 to 60; Dallas, 74 to 92; Savannah, 72 to 86;
Kansas City, 78 to 100; Springfield, Mo.,70 to 90; St. Louis,
74 to 96; Oklahoma City, 74 to 94; Denver, 48 to 76; Salt
Lake City, 50 to 62; Los Angeles, 58 to 70; San Francisco,
54 to 68; Seattle, 54 to 64; Montreal, 46 to 64, and Winnipeg, 46 to 58.
Fewer Surplus Freight Cars in Good Repair.
According to the American Railway Association, Class I
railroads on May 14, had 359,560 surplus freight cars in
good repair and immediately available for service. This
was a decrease of 8,804 compared with April 30, at which
time there were 368,364 surplus freight cars.
r Surplus coal cars on May 14 totaled 100,426, a decrease
of 5,090 ears below the previous period, while surplus box
cars totaled 208,304, a decrease of 2,811 cars compared with
April 30.
Reports also showed 26,522 surplus stock cars, an increase
of 702 compared with April 30, while surplus refrigerator cars
totaled 10,565, a decrease of 869 for the same period.
Moody's Daily Index of Staple Commodity Prices
Displays Firm Tendency.
Primary commodity markets have displayed a satisfactory
degree of firmness during the current week. Although
wheat and corn lost approximately half of their gains of the
Financial Chronicle
3848
previous week, Moody's Daily Index of Staple Commodity
Prices was able to consolidate its gains and even advanced
slightly to 137.0, which is the best mark since the middle of
April.
Seven of the 15 commodities contained in the Index advanced in price during the week by substantial amounts,
offsetting fair sized losses in wheat and corn and fractional
declines in coffee, wool and silk. The advances were in
cotton, rubber, hides, hogs, sugar, cocoa and silver, in the
order of their importance. Steel scrap, copper and lead
were unchanged, although an advance of 32 cent in copper
is announced to take effect to-day (June 9).
The movement of the Index number during the week,
with comparisions, follows:
136.1 2 weeks ago. May 25
135.3 Month ago, May 8
June 8, 1933--133.8 Year ago.
136.1 .1933 High, July 18
e
Low,
136.1
136.3 1934 High, Feb. 16
Low, Jan. 2
137.0
Fri.. June 1
Sat., June 2
Mon., June 4
Tues., June 5
Wed., June 6
Thurs. June 7
June 8
Fri.
133.3
136.4
120.6
148.9
78.7
140.4
126.0
of 1.1 Points Noted in "Annalist" Weekly
Index of Wholesale Commodity Prices.
Higher Prices for wheat, cotton, steers and anthracite
,carried the "Annalist" weekly index of wholesale commodity
prices up to 112.9 on June 5, a gain for the week of 1.1
points, that left it at a new high since early 1931, and in
terms of the old gold dollar at the highest level since Dec. 12.
In stating this, the "Annalist" said:
Increase
The indices for the farm and food products groups made the largest
advances, partly in response to the drouth situation; the fuels and miscellaneous groups also advanced. Textiles and the metals declined moderately.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for Seasonal Variation.
1913=100.
June 5 1934. May 29 1934. June 6 1933.
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
b All commodities on old dollar basis
* Preliminary. a Revised.
b Based
98.9
111.1
*111.6
164.3
111.9
114.0
99.6
89.8
112.9
67.1
on
exchange
895.2
109.8
8112.2
163.7
112.1
114.0
99.6
89.2
111.8
66.4
quotations for
82.5
97.8
95.4
95.9
99.3
107.0
96.2
78.1
92.9
77.6
France,
_Switzerland, Holland and Belgium.
Election of Officers of New York Produce ExchangeSamuel Knighton Re-elected President for Third
Term.
Samuel Knighton was re-elected President of the New York
Produce Exchange for a third term at the annual election
held June 4. Thomas F. Baker was re-elected Vice-President
,and John M. Murray was re-elected Treasurer. The following were re-elected members of the Board of Managers
to serve for two years:
Carl F. Andrus, Gerlad F. Earle, L. C. Isbister, Clifford B. Merritt,
F. 0. Seaver and T. R. Van Boskerck.
June 9 1934
During the latest week seven of the 14 groups in the index were active.
Four groups advanced and three declined. Grains, feeds and livestock
made the most outstanding gain due to large advances in the prices for
wheat, corn, and other grains. Fats and oils, building materials, and
fertilizer materials also advanced. The declining groups were foods, Miscellaneous commodities and metals.
Thirty-three individual commodities showed advancing prices while 17
showed lower prices during the latest week. During the preceding week
there were 12 advances and 31 declines. Two weeks ago there were 34
advances and 26 declines. Wheat at Chicago advanced from 91 cents to
$1.02 a bushel, while at Minneapolis it advanced about 15 cents a bushel.
Corn advanced about six cents a bushel and oats about eight cents a bushel.
Cotton advanced about 1-10th of a cent, to approximately 113i cents a
Pound. Heavy weight hogs advanced while light weight hogs declined.
Other commodities that advanced included lard, butter, cottonseed meal,
coffee, eggs, flour, foodstuffs, silver, cement, paint, and rubber. The list
of declining commodities included wool, burlap, silk, cottohseed oil, tallow,
calfskins, hides, lambs, heavy melting steel, zinc, tin, lumber, and turpentine. For the most part the declining commodities showed only slight
recessions.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
Per Cent
Each Group
Bears to the
Total Index,
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
.3
.
Group.
Foods
Fuel
Grains, feeds and livestock_ _
Textiles
Miscellaneous commodities_ _
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural implements
Inn n
William A. Boger, H. Nicholas Edwards, Frank J. Knell, Elwood P.
McEnany, Henry H. Royce, Gordon S. Smillie, Max W. Stoehr, Alvin L.
Wachsman, Herbert K. Webb, and J. Victor di Zerega.
E. Malcolm Deacon, James B. Irwin and Byrd W.
Wenman were elected inspectors of election.
Preceding
Week.
Month
Apo.
Year
Ago.
71.1
70.1
57.3
68.4
69.5
91.3
81.3
84.0
85.8
50.6
93.2
65.0
76.6
92.4
71.5
70.1
54.7
68.4
69.6
91.3
81.0
84.1
85.8
49.0
93.2
64.7
76.6
92.4
71.4
69.1
53.0
87.8
70.8
91.3
81.0
84.4
85.6
50.3
93.0
65.5
76.1
92.4
61.2
48.5
49.8
55.6
61.9
84.4
71.9
73.4
75.2
50.4
87.2
64.6
65.9
90.2
,1,
,11 A
01 0
Ana
Loadings of Revenue Freight in Latest Week 12.8%
Higher than in Corresponding Period Last Year.
Loading of revenue freight for the week ended June 2
1934 amounted to 578,541 cars, a decrease of 46,026 cars
or 7.3% under the preceding week, but was, however,
65,567 cars, or 12.8% higher than in the same period in
1933. It was also a gain of 131,129 cars, or 29.3% over the
comparable week in 1932. Total loading for the week
ended May 26 1934 exceeded the corresponding 1932 week
by 19.8%. In the week ended May 1934 increases over
the like periods in 1933 and 1932 totaled 14.1% and 18.5%,
respectively.
The first 16 major railroads to report for the week ended
June 2 1934 loaded a total of 245,036 cars of revenue freight
on their own lines, compared with 266,319 cars in the preceding week and 277,114 cars in the seven days ended June 3
1933. During the week ended May 27 of last year these
same roads loaded 241,057 cars. With the exception of the
International-Great Northern RR., all of the carriers in
the following table continued to show increases over the
comparable period last year:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars.)
B. H. Wunder was re-elected a trustee of the gratuity
fund for three years.
All of the above were elected without a dissenting vote,
the Exchange said.
New York Wool Top Exchange Elects OfficersPhilip B. Weld Elected President.
The New York Wool Top Exchange elected Philip B.
Weld President, Arthur R. Marsh First Vice-President,
• Joseph R. Walker Second Vice-President, and Clayton B.
• Jones Treasurer on June 4. One new member, H. Clyde
Moore of Boston, was elected to the Board of Governors
.of the Exchange. The other members of the board who
were re-elected are as follows:
Latest
Week
June 2
1934.
Loaded on Own Lines. Receivedfrom Connections
Weeks EndedWeeks EndedJune 2 May 26 June 3 June 2 May 26 June 3
1934. 1934. 1933. 1934. 1934. 1933.
17,182
20.210
12,799
15,632
13,881
2.590
2,340
3,867
11,963
38,848
4,810
17,476
51,266
4,825
22,672
4,875
Atchison Topeka & Santa Fe Ry.
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR
Chic Milw. St. Paul dr Pac. Ry
Chicago de North Western Ity
Gulf Coast Lines
International Great Northern RR
Missouri-Kansas-Texas Lines__
Missouri Pacific RR
New York Central Lines
New York Chicago & St. Louis Ry
Norfolk & Western Ry
Pennsylvania RR
Pere Marquette Ry
Southern Pacific Lines
Wabash Ry
6
11
09
.6
8'
15
56.783
5,748
23,095
5,375
16,011 3,967 4,384 3.794
17,477 7,915 8,038 7,871
12,451 5,905 6,024 5,570
15,740 5,621 6,030 5,781
13,275 7,461 8,065 7,410
4,382 1,807 y1,879 1,442
946
1,259 1,419
1,731
4,155 2,610 2,587 1,922
11,970 7.211 y7,773 6,963
30.8)4 52,096 56,351 47.121
3,817 7,479 7,657 6,671
14,568 3,411 3,834 3,703
47,760 35,889 38,630 30,893
4,282 4,136 4,147 3,578
18,196
4,405 6,481 7,421 8,312
245,036 266.319 227,114 153,248 164,239 139,955
Total
x Not
18,690
20,377
14,035
17,363
15,122
2,910
2,626
4,271
12.895
43,322
reported.
y Corrected figure.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
Weeks Ended-
Wholesale Commodity Prices Higher During Week
of June 2 According to National Fertilizer Association.
Wholesale commodity prices advanced during the week
ended June 2 according to the index of The National Fertilizer
Association. When computed for the latest week this index
.showed a gain of three points, advancing from 71.4 to 71.7,
the Association announced. During the preceding week the
,index declined three points. A month ago the index stood at
71.2 The latest index number is, therefore, five points
higher than it was a month ago. A year ago the index stood
at 60.8. (The three-year average 1926-1928 equals 100.)
_Under date of June 4 the Association further said:
Chic. Rock Island & Pacific Ry__ _
Illinois Central System
St. Louis-San Francisco Ry
Total
June 2 1934.
May 26 1934.
June 3 1933.
19,317
24,854
11,803
20.703
26,128
12,193
19,897
22,666
10,859
55,974
59,024
53,422
The American Railway Association,in reviewing the week
ended May 26, reported as follows:
Loading of revenue freight for the week ended May 26 totaled 624,567
cars, an increase of 13,425 cars above the preceding week, 79,016 cars
above the corresponding week in 1933. and 103,318 cars above the corresponding week in 1932.
Miscellaneous freight loading for the week of May 26 totaled 244,171
cars, an increase of 2,751 cars above the preceding week, 34,914 cars above
the corresponding week in 1933, and 48,343 cars above the corresponding
week in 1932.
3849
Financial Chronicle
Volume 138
Loading of merchandise lass than carload lot freight totaled 164,111 cars,
a decrease of 111 cars below the preceding week this year. 2,637 cars below
the corresponding week in 1933, and 16,397 cars below the same week
In 1932.
Grain and grain products loading for the week totaled 28,252 cars, a
decrease of 365 cars below the preceding week, 6.230 cars below the corresponding week in 1933, and 3,756 cars below the same week in 1932. In the
Western districts alone, grain and grain products loading for the week ended
May 26 totaled 17,588 cars, a decrease of 6,121 cars below the same week
In 1933.
Forest products loading totaled 25,894 cars, an increase of 987 cars above
the preceding week, 3,074 cars above the same week in 1933, and 7,891
cars above the same week in 1932.
Ore loading amounted to 29,832 cars, an increase of 4,848 cars above the
preceding week, 19,304 cars above the corresponding week in 1933, and
27,288 cars above the corresponding week in 1932.
Coal loading amounted to 109,077 cars, an increase of 5.165 cars above
the preceding week, 26,697 cars above the corresponding week in 1933 and
36,225 cars above the same week in 1932.
Coke loading amounted to 6,945 cars, an increase of 89 cars above the
preceding week, 2,783 cars above the same week in 1933, and 3,743 cars
above the same week in 1932.
Live stock loading amounted to 16.285 cars, an increase of 61 cars above
the preceding week. 1.111 cars above the same week in 1933. but 19 cars
below the same week in 1932. In the Western districts alone, loading of
live stock for the week ended May 26 totaled 12,868 cars, an increase of
1,053 cars above the same week in 1933.
All districts except the Southwestern reported increases for the week of
May 26 compared with the corresponding week in 1933. All districts
however, 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 Feburary
Five weeks In March
Four weeks in April
Week ended May 5
Week ended May 12
Week ended May 19
Week ended May 26
Total
1932.
1934.
1933.
2,177,562
2,308,869
3,059,217
2,334,831
604,205
601,739
611,142
624,567
1,924,208
1,970,566
2,354,521
2,025,564
527,118
534,806
535,719
545,551
2,266.771
2,243,221
2,825,798
2,229,173
533,951
517,260
515,628
521,249
12.322.132
10.418.053
11.653.051
In the following table we undertake to show also the loadings for the separate roads and systems for the week ended
May 26 1934. During this period a total of 49 roads showed
decreases as compared with the corresponding week last year,
when the bank holiday was in effect. Among the larger carriers
which continued to show increases as compared with the
same week in 1933 were the Pennsylvania System, the
Baltimore & Ohio RR., the Chesapeake & Ohio RR., the
New York Central RR., the Southern Ry. System, the
Norfolk & Western Ry., the Atchison Topeka & Santa Fe
Ry. System, the Louisville & Nashville RR., the Illinois
Central System, the Southern Pacific Co. (Pacific Lines),
the Chicago & North Western Ry., the Chicago Milwaukee
St. Paul & Pacific RR., the Chicago Burlington & Quincy
RR., the Missouri Pacific RR., the Reading Co., the Great
Northern Ry. and the Erie RR.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED MAY 26.
Total Loads Received
from Connections.
1933.
324
4,367
9,286
2,618
2,111
10,741
975
27,713
26,369
26,397
33,346
30,422
5,342
10,002
13,579
194
1,627
8.576
1,873
20,006
1,750
401
318
4,566
7,839
10,908
173
1,309
7,017
1,754
18,228
1,640
238
267
4,599
7,917
10,860
179
1,274
7,016
973
17,349
1,805
444
286
6,545
6,270
13,257
1,911
1,128
7,188
91
27,888
2,346
38
199
5,849
5,189
12,459
1,651
828
6,345
66
23,381
1,902
32
172
63,668
53,939
52,702
66,861
57,874
606
1,160
6,594
26
220
261
2,239
4,065
7,719
*3,335
5,091
5,748
5,733
1,142
5,375
3,459
454
1,229
7,328
30
297
284
1,450
3,545
6.909
3,201
4,157
4,863
4,393
1,191
4,876
3,710
509
1.332
7,307
29
249
154
1,979
2,503
5,928
3,218
4,130
4,422
3,260
891
5,189
1,945
992
1.749
10,155
61
112
2,044
1,163
5,849
8,241
203
7,657
4,147
5,018
981
7,421
2,753
853
1,710
8,962
41
87
1,822
679
5,067
7,024
209
6,900
3,598
4,269
734
6,155
2,246
52,773
47,917
43,045
58,546
50,356
Grand total Eastern District. • 144,154
128,225
122,144
158,753
138,652
475a
23,012
24,076
759
1,662
97
195
6,010
4,703
4
659
186
209
59
66
1,129
987
b
1,171
52,498
51,472
11,435
10,109
3,836
4,082
47
34
2,809
2,689
615
13,117
1,993
6
9,804
53
24
34
2,271
898
38,630
14,332
4,021
0
5,320
648
12,439
1,375
s
9,343
35
26
9
2,264
945
32,604
13,425
1,445
0
3,429
102,589
101,881
91,118
77,992
20,377
18,616
980
3,078
17,642
14,052
901
2,754
17,081
11,689
1,023
2,494
8,038
3,834
1,057
604
7,892
3,343
1,023
502
43,051
35,349
32,287
13,533
12.760
8,664
924
522
152
43
1,474
536
342
6,780
18,295
165
7,832
694
468
120
54
1,570
448
333
6,462
16,846
156
3,952
1,473
803
365
74
978
684
4,047
2,911
10,633
560
3,894
1,252
781
270
71
974
813
4,150
2,787
10,847
660
Total
Group BDelaware dr Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western
Pittsburgh & Shawmut
Pitts. Shawmut & Northern_
Total
Group 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
•
•
Allegheny DistrictAkron Canton & Youngstown_
Baltimore Jr Ohio
•
Bessemer & Lake Erie
Buffalo Creek Jr Gauley
Central RR. of New Jersey_ •
Cornwall
•
Cumberland & Pennsylvania
Ligonier Valley
•
Island
Long
•
b Penn.-Read. Seashore Lines .
Pennsylvania System
Reading Co
•
Union (Pittsburgh)
•
West Virginia Northern
•
Western Maryland
•
. 126,244
Pocahontas District•
Chesapeake & Ohio
•
Norfolk & Western
Norfolk & Portsmouth Belt Lin
Virginian
Total
Southern DistrictGroup A'-'
Atlantic Coast Line
Clinchtield
Charleston & Western Carotin
Durham & Southern
Gainesville Midland
Norfolk Southern."
Piedmont & Northern
Richmond Fred. & Potomac._
Seaboard Air Line
Southern System
Winston-Salem Southbound_
NNtAWWW,=..4040
Total
456
29,806
4,066
233
6,151
564
*214
72
731
1,051
56,783
13,685
9,108
64
3,260
.1WWW•4..
WCA<C,M.e0WW
Total
'
Total
1933.
189
648
624
3,139
197
498
753
364
1,552
18,046
18,097
141
133
1,800
2,807
310
142
611
596
3,616
187
651
880
331
1,332
15,085
15,129
125
155
1,856
2,841
312
1932.
N
355
4,847
10,155
2,661
2,767
11,615
946
1934.
1.00CNOO.,COM
.000
,
0,
-.N .
MOOMMI,
.,100.1.,0NWOV
,
+,
0,
00.0.,
000NNNICM
1,785
2,830
7,477
707
2,616
10,415
617
M000.,= ,
),
1
C.nt0
03..COS,
1,281
2,915
7,644
1,175
2,479
10,200
675
Group BAlabama Tenn. & Northeri
Atlanta Birmingham & Coa st__
Atl. & W.P.-West.RR.o Ala
Central of Georgia
Columbus & Greenville.....--Florida East Coast
.--Georgia
Georgia Jr Florida
.-Gulf Mobile & Northern --Illinois Central System._ •--Louisville & Nashville
--Macon Dublin & Savannah .--Mississippi Central
Mobile & Ohio
Nashville Chatt. & St. Loui1-Tennessee Central
1934.
201
516
946
2,065
214
659
1,173
347
646
8.594
3,631
302
250
1,381
1,920
524
1933.
-155
600
950
2,074
149
449
1,275
278
644
8,325
3,451
310
236
1,314
2,207
415
49,298
43,849
41,882
23,369
22,832
Grand total Southern Distrlct--
87,185
81,746
76,865
49,849
49,331
Northwestern District Belt Ry. of Chicago
Chicago & North Western_
Chicago Great Western_ _ _
Chic. Milw. St. Paul & Patinc.
Chic. St. Paul Minn. & Onmho,
Duluth Missabe & Norther 1___
Duluth South Shore & Atl Lntic
Elgin Joliet & Eastern_ _ _ _ _.-Ft. Dodge Des M.& Southern_
Great Northern
Green Bay & Western. _ _ _ ---Lake Superior dc Ishpeming---Minneapolis & St. Louis._ -,--Minn. St. Paul ,k S. S. Malle-Northern Pacific
Spokane International_ _ _ ---Spokane Portland & Seattle----
876
16,867
2,327
17,363
3,285
9,114
1,166
5,798
299
13,757
479
1,499
1,928
5,199
8,286
252
1,531
782
1,618
1,4137
13,390
2,222
2,289
16,889
15,489
3,665
3,085
554
3,896
270
485
3,767
3,227
317
294
8,354
7,014
507
507
a
651
1,965
1,962
4,065
3,652
7,171
7,333
111a
1,013
1,217
1,693
8,065
2,141
6,030
2,634
89
350
3,933
112
2,750
358
70
1,115
1,924
2,238
179
1,025
1,712
7,499
2,220
5,825
26
4 2
58
357
3,833
128
1,798
297
54
1,298
1.867
200
6
138
993
90,026
69,782
62,116
34,706
32,525
18,690
2,644
179
14,035
1,180
11,465
2,272
772
1,650
141
802
1,789
606
256
17,416
278
410
10,505
128
1,319
17,315
2,813
168
13,334
1,328
11,567
1,973
688
1,471
397
1,058
1,974
425
89
13,990
249
370
9,521
248
1,053
18,361
3,369
139
13,692
a
12,412
2,229
640
1,273
155
1,056
a
537
211
14,844
260
347
10,321
151
1,165
4,384
1,926
87
6,024
527
6,108
2,180
975
1,812
11
782
940
359
52
3,711
243
936
6,760
5
1.340
4,080
1,405
33
5,382
553
5,535
1,698
896
1,904
10
724
833
198
94
3,217
255
905
6,641
4
1,367
86,537
80,031
81,162
39,162
35,734
*170
127
131
2,626
2,910
161
1,410
1.172
67
284
405
124
4,271
12,895
46
79
7.422
1,798
5,679
3,889
1,644
60
189
152
124
116
105
136
2,325
2,723
4,331
1,571
68
190
1,644
1,664
1,233
1,243
85a
244
75
502
512
80
50
4,294
4,164
11,827
12,209
50
36
104
106
7,592
7,092
1,904
2,020
5,341
5,473
3,340
3,979
1,785
1,907
23
15
2,920
401
153
949
1,592
735
1,148
951
245
606
194
248
2,025
7,184
19
111
2,872
1,538
2,027
3,227
1,963
51
Total
Central Western DistrictAtch. Top. & Santa Fe Sys 'ernAlton
Bingham & Garfield
,.-.,--Chicago Burlington & Quin
'
1.-Chicago & Illinois Midland
Chicago Rock Island & Par---Chicago & Eastern Illinois •Inc-- Colorado & Southern
Denver & Rio Grande Wes er0_
Denver & Salt Lake
Fort Worth & Denver City
---Illinois Terminal
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)_
St. Joseph & Grand Island - --Toledo Peoria Jr Western..------Union Pacific System
Utah
Western Pacific
-_-Total
Southwestern District _
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
---Gulf Coast Lines
International-Great North rn__
Kansas Oklahoma & Gulf.
- --Kansas City Southern
--Louisiana & Arkansas
---Louisiana Arkansas & Texa
Litchfield & Madison
Midland Valley
Missouri & North Arkansas
Missouri-Kansas-Texas Li ea_ _
Missouri Pacific
Natchez & Southern
..
Quanah Acme & Pacific...
St. Louis San Francisco...-__
St. Louis Southwestern. _ _ - -__
Texas & New Orleans
Texas & Pacific
Terminal RR.. Assn. of St. ..ouis
Weatherford M. W.& No lbw_
,N1
1934.
.wNNW
1932.
Total Loads Received
from Connections.
-.7a
.. .a
1933.
1934.
Eastern District.
Group ABangor dr Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N. Y. N. H. & Hartford
Rutland
Total Revenue
Freight Loaded.
Railroads.
cow,4c.00mzen-qxwmo,—wo.--4,—.1
1.—^co.l000m•—wvocom...como..
Total Revenue
Freight Loaded.
Railroads.
34.837
31.159
47.829
44.794
_ 47.370
26,499
26,480
Total
34,983
37.897
37.887
the West Jersey dc Seashore RR., formerly part of Pennsylvania
Pennsylvania-Reading
Seashore
Lines
include
the
new
consolidated
lines
of
available.
b
Not
a
Reading Co.; 1932 figures included In Pennsylvania System and Reading Co.
ER.. and Atlantic City RR., formerly Part of
Total
Financial Chronicle
3850
Index of Wholesale Commodity Prices of United States
Department of Labor Up 0.3 of 1% During Week
of May 26.
The wholesale commodity price index of the Bureau of
Labor Statistics showed a slight advance during the week
of May 26 and rose by 0.3 of 1%,according to an announcement made May 31 by Commissioner Lubin of the Bureau
of Labor Statistics of the U. S. Department of Labor.
In issuing the announcement Mr. Lubin stated:,
Present prices are now at 73.7% of the 1926 average and again approximate the high level for the year. Since Feb. 3 the index has fluctuated
with a narrow range of one point, the high being 73.8 and the low 72.8.
As compared with a level of 63.3 for the corresponding week of last
year, the present index is up by 163,5%. It is 143i% above the figure
for the same week of two years ago, when the index was 64.3. The average
wholesale price level now stands approximately 4% above the closing
week of 1933, when the index was 70.8. It is nearly 24% above the low
Point of last year (March 4) when the index was 59.6, and approximately
23% below the level for the year 1929, when the index had declined to
95.3% of the 1926 average.
Advancing prices for grains, livestock, cotton, hay, butter, cheese,
wheat flour, corn meal, white potatoes, fresh meats, petroleum products,
prepared roofing, silver, pig tin, cattle feed and carpets were largely responsible for the slight rise in the index. Important price decreases were
reported for eggs, sweet potatoes, rye flour, raw sugar, bituminous coal,
lead pipe, quick silver, crude rubber, calf skins, knit goods and burlap.
As to the index of the Bureau of Labor Statistics, Mr.
Lubin announced:
The largest increase for any special group of commodities was 1.1%
for housefurnishing goods, which placed the index at 83.9, the highest
level reached this year.
The farm products group, with an increase of 0.8 of 1% showed the second
largest advance. The index for the food group moved upward by 0.3 of
1% and placed the present level at the highest point reached since the
third week in March. Present prices are 67.4% of the 1926 average.
Fuel and lighting materials showed a slight strengthening of prices and
advanced by 0.3 of 1%. Building materials moved upward by 0.2 of 1%
due to minor increases in lumber, paint materials and prepared roofing.
The index for the hides and leather products group declined by 0.6 of
1% to the lowest level reached this year. Due to continued weakening
prices in certain textiles, the textile products group eased off ;4 of 1%
to the lowest level for the present year. Chemicals and drugs showed a
fractional decline.
Fluctuating prices within the metals and metal products and the miscellaneous items groups resulted In no change in their general level. The
price level for all commodities, exclusive of farm products and foods,
remained unchanged from the week before.
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 two weeks, for the weeks of
May 27 1933, May 28 1932, Nov. 18 1933 (high for year), and March 4
1933 (low for year). and the average for the year 1929.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF MAY 26
1934, MAY 19 1934, MAY 27 1933, MAY 28 1932, NOV. 18 1933, MARCH 4
1933, AND YEAR 1929. (1926=100.0.)
00
Week Ended-
May 26 May 19 May 27 May 28 Nov. 18 Mar. 4 Year
1934. 1934. 1933. 1932. 1933. 1933. 1929.
Farm products
Foods
Hides & leather products_
Textile products
Fuel& lighting materials_
Metals & metal products_
Building materials
Chemicals and drugs_ _
Housefurnishing goods_ _
Miscellaneous
All commodities other
than farm products &
foods
All commodities
60.1
67.4
88.0
73.1
73.4
88.7
87.2
75.3
83.9
69.7
59.6
67.2
88.5
73.5
73.2
88.7
87.0
75.4
83.0
69.7
52.4
60.3
78.9
56.2
61.0
78.1
71.5
73.2
71.9
58.8
46.3
59.3
72.1
55.4
71.4
79.8
71.3
73.4
75.9
64.1
58.7
65.4
88.5
75.8
74.5
83.5
84.7
73.5
82.1
65.4
40.6
53.4
67.6
50.6
64.4
77.4
70.1
71.3
72.7
59.6
104.9
99.9
109.1
90.4
83.0
100.5
95.4
94.2
94.3
82.6
79.0
79.0
67.0
70.3
77.5
66.2
91.6
73.7
73.5
63.3
64.3
71.7
59.6
95.3
Electric Output in April 15% 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 amounted to 7,443,120,000 kwh., an increase
of 15% over the same week in 1933 when output totaled
6,478,090,000 kwh. The current figure also compares with
7,714,669,000 kwh. produced in March 1934. Of the figure
for the month of April 1934, a total of 3,955,780,000 kwh.
was produced by fuels and 3,487,340,000 kwh. by water
power. The Survey's statement shows:
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN THE UNITED
STATES (IN KILOWATT-HOURS).
Division.
Total Si' Water Power and Fuels.
Feb. 1934.
Mar. 1934.
Ayr. 1934. Mar.'34. Ayr. '34.
520,444,000 557,656,000 529,290,000
New England
Middle atlantic_ _ _ 2,008,622,000 2.102,667,000 1,969,131,000
East North Central. 1.652,238,000 1,820,147,000 1,710,036,000
West North Central. 431,097,000 456,287,000 431,924,000
771,932.000 934,949,000 900,224,000
South Atlantic
East South Central_ 288,965,000 299,510,000 296,899,000
West South Central. 324,013,000 339,006,000 340,296,000
212,525,000 234,093,000 238,255,000
Mountain
839,656.000 970,354,000 1,027,065,000
Pacific
Total for U.S
Changes in Output
from Previous Year.
+24%
+12%
+28%
+2%
+9%
+23%
+8%
+15%
+10%
+19%
+15%
+20%
+4%
+7%
+33%
+8%
+19%
+13%
7,049,492,000 7,714,689,000 7.443,120,000 +15%
+15%
The average dal y production of electricity for public use in the United
States in April was 248,100,000 kwh., a slight decrease from the revised
figures of average daily production for March of 248.900,000 kwh. The
normal change from March to April is a decrease of 1.1%.
June 9 1934
The average daily production of electricity by the use of water power
in April was 17% larger than in March. The average daily production by
the use of fuels in April was for the second consecutive month 12% less
than in the previous month.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY FOR PUBLIC USE
January_.... _
February ___
March
April
May
June
July
August
September..
October.
November _
December__
Produced by
Water Power.
1933
Over
1932.
1934
Over
1933.
1934.
1933.
Kilowatt Hours Kilowatt Hours
7,631,497,000 6,964,516,000 c8%
7,049.492,000 6,296,807,000 cb7%
7,714,669,000 6,687,462,000 c9%
7,443,120,000 6,478,090,000 c5%
7,012,584,000
5%
7,242,095,000 10%
7,490,718,000 14%
7,687,990,000 14%
7,349,509,000
9%
7,478,854,000
8%
7,243,360,000
4%
7,469,747,000
4%
10%
12%
15%
15%
____
____
____
____
____
__
____
____
39%
33%
40%
47%
____
____
____
__
____
____
____
____
43%
42%
45%
48%
49%
42%
38%
38%
40%
35%
35%
37%
1934.
1933.a
85,401.732,0(0 27%
Total
41%
a Revised. b Based on average daily production. c Decrease under 1932.
Coal Stocks and Consumption.
Stocks of coal at electric power utilities increased slightly in April.
Bituminous stocks rose from 5,193,872 tons on April 1 to 5,257,153 tons on
May 1, an Increase of 1.2%; while the stocks of anthracite rose 0.5%,
standing at 1,315,635 on May 1. as compared with 1,308,595 tons at the
beginning of the previous month. The total stocks on May 1 amounted to
6,572,788 tons, or 1.1% more than on April 1.
The consumption of coal decreased in April. On a daily basis, the rate of
bituminous coal consumption shows a decline of 12.2% in comparison with
March, while anthracite consumption declined 7.4%. The total consudiption of both hard and soft coal in April amounted to 2,390,881 tons,
as against 2,805,378 tons in March. At the rate of consumption prevailing
in April, the stocks of bituminous coal on May 1 were sufficient to last
70 days and anthracite stocks were equivalent to 320 days' requirements.
The quantities given in the tables are based on the operation 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; therefore, 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.;
Percentage Gain in Electric Production Over Corresponding Period in 1933 Continues to DeclineExceeds Same Week Last Year by 7.8%.
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 2 1934 was 1,575,828,000 kwh., an increase of 7.8% over the same period
in 1933 when output totaled 1,461,488,000 kwh. This was
the smallest percentage gain over the corresponding period
in the preceding year shown since the week of Dec. 23 1933.
Production for the week ended May 26 1934 amounted to
1,654,903,000 kwh. compared with 1,493,923,000 kwh. for
the week ended May 27 1933, an increase of 10.8%. The
Institute's statement follows:
PER CENT INCREASES (1934 OVER 1933.)
Major Geographic
Divisions.
New England
Middle Atlantic
Central Industrial._._
Southern States
Pacific Coast
West Central
Rocky Mountain
Total United Statosi
Week Ended
Week Ended
Week Ended
Week Ended
June 2 1934. May 26 1934. May 19 1934, May 12 1934.
1.9
5.6
10.9
3.2
10.2
14.0
23.5
5.4
9.1
13.4
5.8
15.0
11.3
24.0
8.5
8.6
14.6
5.0
16.5
8.8
21.8
9.1
7.7
15.5
7.6
16.0
8.7
25.5
7.8
10.8
11.2
11.9
Arranged in tabluar 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:
Week of1934.
Jan. 6 1,563,678,000
Jan. 13 1,646,271,000
Jan. 20 1,624,846,000
Jan. 27 1,610,542,000
Feb. 3 1,636,275,000
Feb. 10 1.651.535.000
Feb. 17 1.640,951,000
Feb. 24 1,646,465.000
Mar. 3 1,658,040,000
Mar. 10 1,647.024,000
Mar. 17 1,660,013,000
Mar.24 1,658,389.000
Mar.31 1.665,650.000
Apr. 7 1,616,945,000
Apr. 14 1.642,187,000
Apr. 21 1,672,765.000
Apr. 28 1,668,564,000
May 5 1,632,768,000
May 12 1,643,433,000
May 19 1,649,770,000
May 26 1.654,903.000
June 2 1,575,828,000
inns. 0
x Revised figure.
Week of-
1933.
Week of-
Jan. 7 x1,425,639.000 Jan. 9
Jan. 14 1,495,116,000 Jan. 18
Jan. 21 1,484,089,000 Jan. 23
Jan. 28 1,469,636,000 Jan. 30
Feb. 4 1,464,913,000 Feb. 6
Feb. 10 1,482,509,000 Feb. 13
Feb. 18 1,469,732,000Feb. 20
Feb. 25 1,425,511,000 Feb. 27
Mar. 4 1,422,875,000 Mar, 5
Mar. 11 1,390,607,000 Mar, 12
Mar. 18 1,375,207,000 Mar. 19
Mar.25 1,409,655,000 Mar. 26
Apr. 1 1,402,142,000 Apr. 2
Apr. 8 1,399,367,000 Apr. 9
Apr. 15 1,409,603,000 Apr. 16
Apr. 22 1,431,095,000 Apr, 23
Apr. 29 1,427,960,000 Apr. 30
May 6 1,435,707,000 May 7
May 13 1.468,035,000 May 14
May 20 1,483,090,000 May 21
May 27 1,493.923,000 May 28
June 3 1,461,488,000 June 4
InnA 10 1 h41 71300n inn'. 11
1932.
1934
Over
1933.
9.7%
1,619,265.000
1,602,482,000 10.1%
9.5%
1,598,201.000
1,588,067,000
9.6%
1,588,853,000 12.5%
1,578,817,000 11.4%
1,545,469,000 11.6%
1,512,158,000 15.55_
1.519,679,000 16.5%
1,538,452.000 18.4%
1.537,747.000 20.0%
1,514,553.000 17.8%
1,480,208,000 18.85
1,465,076,000 15.572
1,480,738,000 18.5%2
1,469,810,000 16.9%
1,454,505,000 16.8%
1,429,032,000 13.7%
1,436,928,000 11.9%
1,435,731,000 11.2%
1,425,151.000 10.8%
1,381,452,000
7.8%
1 525 A71 nnn
DATA FOR RECENT MONTHS.
Month of-
3851
Financial Chronicle
Volume 138
1934.
January____ 7,131,158,000 6380,897,000
February___ 6,608,356,000 5,835,263,000
March
7,198,232,000 6,182,281,000
April
6,024,855,000
May
6.532,686,000
June
6,809,440.000
July
7,058,600,000
August
7.218,678,000
September_
6,931,652,000
October
7,094,412,000
November_.6,831.573,000
December__
7,009,164,000
1931.
1932.
1933.
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
8,638,424,000
1934
Over
1933.
7,435.782.000 10.0%
6,678,915,000 13.2%
7,370,687,000 16.4%
7,184,514,000
7,180,210,000
-_
7,070,729.000
--._
7,286,576.000
7,166,086,000
-_
7,099,421,000
7,331,380,000
6.271.644,000
--7,288,025,000
Total
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%.
Indexes of Business Activity of Federal Reserve Bank
of New York.
"The level of general business activity appears to have
been fairly stable during April and the first half of May,"
states the Federal Reserve Bank of New York in presenting
its monthly indexes of business activity in its "Monthly
Review" of June 1. The Bank further says:
This stability is reflected in the Reserve Banks diagram, which shows
the weekly index of merchandise and miscellaneous freight traffic computed by this Bank. Mince the middle of January railway freight traffic
of these two classifications has shown only slight fluctuations, after seasonal
adjustment, around a level about as high as at any time since early 1932,
but has remained far below the long term trend indicated by the data for
past years. Retail trade in New York and vicinity during the first half
of May also showed about the usual change from the April level, which
appears to have been somewhat higher than in January and February.
although below the relatively high level of March.
Passenger automobile registrations and the volume of advertising showed
little change in April, after seasonal adjustment, but increases occurred in
this bank's indexes of the volume of check payments and foreign trade.
The movement of bulk commodities by rail diminished somewhat, but the
decline was wholly accounted for by a sharp reduction in coal shipments.
(Adjusted for seasonal variations,for usual year to year growth,and where necessary
for price changes.)
Primary, DistributionCar loadings, merchandise and miscellaneous_
Car loadings. other
Exports
Imports
Waterways traffie
Wholesale trade
Distribution to ConsumerDepartment atom sales, United States
Department store sales, Second District
Chain grocery sales
Other chain store sales
Mail order house sales
Advertising
Gasoline consumption
passenger automobile registrations
General Business ActivityBank debits, outside of New York CIO
Bank debits, New York City
Velocity of demand deposits, outside of N.Y.CitY
Velocity of demand deposits, New York City
Shares sold on New York Stock Exchange
Life Insurance paid for
Employment in the United States
Business failures
Building contracts
New corporations formed in New York StateReal estate transfers
General price level*
Composite index
of wages*
________________________
Cost of living*
p Preliminary. * 1913 average100.
March
1934.
April
1934.
April
1933.
Feb.
1934.
52
51
42
49
42
85
60
68
55
53
39
96
60
69
552'
59p
66
96
60
60
592'
637
,
--86
75
81
60
75
72
50
68
28
70
69
49
76
72
55p
68
42
74
77
49
80
61
59p
70
492'
72
73
47
72
72
602'
--502'
60
47
72
54
62
67
79
41
30
56
47
66p
56
77
63
64
73
58
59
49
72
59
150
68
76
43
28
56
46
124
170
126
136
180
138
I362'
181p
139
55
53
72
52
125
67
59
85
11
71
ii
22
60
--1372'
I832'
139
Only Seasonal Changes Noted in Business Activity in
New England from March to April.
The Boston Federal Reserve Bank, in its "Monthly Review" of June 1, stated that "practically no change other than
seasonal occurred between March and April in the level of
general business activity in New England, moderate declines
of seasonal character in some lines of industry having been
offset by slight increases in others, while sales of reporting
department stores in this District during April were in approximately the same volume as in April 1933." The Bank
continued:
Between March and July 1933, industrial activity in New England expanded more rapidly than in any previous period, receding during the last
five months of the year. Therefore, comparisons between March to July
1934, and the corresponding months last year reflect the unusual conditions
of 1933 rather than the current situation.
In the textile industry the daily average amount of raw cotton consumed
by New England mills during April was 4,130 bales, as compared with
3,990 bales in March, and 3,195 bales in April 1933. During 13 consecutive
months including April 1934, the daily average amount was larger than in
the corresponding months a year earlier. Raw wool consumption in the
mills in this District, on a daily average basis, decreased between February
and March, and again between March and April. March was the only one of
the first four months of 1934 during which wool consumption was larger
than in the corresponding month of 1933.
Production of boots and shoes in this District during April is estimated to
have exceeded March production by a moderate amount, based upon the
facts that employment in Massachusetts boot and shoe manufacturing establishments was reported to have gained 4.7% between these months, and
aggregate payrolls in the industry increased 1.7%. Actual data on production for April are not yet available.
The total value of new construction contracts awarded in New England
in April was $12,631,000, an amount approximately the same as in March
and double the total value for April 1933. A seasonally corrected index of
the volume (square feet) of residential building contracts awarded in this
district in April was 17.8% of the 1923-24-25 average, compared with 13.9%
in April 1933. A similar index for the volume of commercial and industrial
building contracts awarded in this District stood at 11.2% in April 1933,
and in April 1934, had risen to 17.9% of the 1923-24-25 average.
Between March and April 1934, an increase of 1.0% occurred in the number of wage-earners employed in representative manufacturing establishments
in Massachusetts, according to the Department of Labor and Industries, and
the amount of aggregate weekly payrolls increased by 0.2%; average weekly
earnings per person enrployed, however, decreased 0.7%.
Employment and Payrolls in Steel Industry Increased
During April-General 10% Wage Increase on
April 1 Shown in Figures of American Iron & Steel
Institute.
Payrolls in the steel industry were larger by $4,208,508
during April than they were in the preceding month, and
employment increased by 11,809 according to the latest
figures on hours and wages announced June 1 by the American Iron & Steel Inst4tute. Wages and salaries increased
during the month to $45,471,878, of which $36,778,026 went
to wage earners. These figures reflect the general 10%
increase which was granted to wage earners in the steel
industry on April 1, the Institute said. It added:
While the hourly wage rates increased 10% during the month, employment rose to a total of 431,086. Of this number. 392,069 are wage earners.
This is approximately 93% as many wage earners as were employed in the
industry at the high point of 1929. The average hourly earnings among
the wage earners was 64.8 in April, as compared to 58.9 in the preceding
month. The current wage rate is approximately 7% above the 1929 wage
level.
In the 10 months since last June, the steel industry has increased its
operating rate from 45.96% of capacity to 54.19, a gain of 3.23 points or
17%. At the same time, the total monthly wages have increased 50%;
the number of wage earners has increased 28% and hourly wage rates have
risen 37%, while the average number of hours worked per week has declined 14%.
Since last June, 92,940 people have been added to the steel industry's
payrolls. Total hours worked per month have increased 9.8% from 51.645,321 to 56,723,813 and hours worked per man have declined from 39.7
to 34.4.
Lumber Orders to Date This Year Balance ProductionWeek Ended June 2 Lowest Since January.
Due partly to the Decoration Day holiday and partly
to the longshoremen's strike on the Pacific Coast which is
tying up all water shipments, the lumber movement during
the week ended June 2 1934, was the lowest of any week
since January, production, shipments and orders all declining
to mid-winter levels. This comparison is based upon telegraphic reports to the National Lumber Manufacturers
Association from regional associations covering the operations
of 1,425 mills whose production was 153,262,000 feet!
hipments, 149,751,000 feet; orders, 153,264,000 feet. Revised figures for 1,510 mills for the week ended May 26 were
production 187,988,000 feet; shipments, 171,499,000 feet!
orders 201,627,000 feet. Revised reports for the week ended
May 19 indicated its new business was the heaviest of any
week of 1934 to date, or 221,589,000 feet. The National
Lumber Manufacturers Association in reviewing lumber
operations for the week ended June 2, further stated:
Softwood groups reported orders above production except Western Pine,
Northern Pine and Northern Hemlock. Total softwood orders were 2% •
above production. All hardwood regions reported orders below output,
total hardwood.orders showing loss of 13% under output.
As during the five previous weeks orders fell below those of corresponding
week of 1933. all regions but California Redwood reporting decline. Total
orders were 40% below those of similar week of last year; production was
12% below that of a year ago and shipments were 33% below their last
year's record.
Unfilled orders on June 2 were again below those of corresponding date
of 1933, being the equivalent of 28 days' average production of reporting
mills compared with 30 days a year ago.
During 22 weeks of 1934 to date, orders approximately balance production. They are only 6% above orders of similar period of 1933. Production is 44% above that of the same weeks of last year.
Forest products carloactings during the week ended May 26 were 25,894
cars, an increase of 987 cars above the preceding week; 3.074 cars above the
same week of 1933 and 7,891 cars above similar week of 1932.
Lumber orders reported for the week ended June 2 1934 by 980 softwood
mills totaled 134.362,000 feet; or 2% above the production of the same
mills. Shipments as reported for the same week were 126,604.000 feet, or
4% below production. Production was 131,412,000 feet.
Reports from 491 hardwood mills give new business as 18,902,000 feet,
or 13% below production. Shipments as reported for the same week were
23,147,000 feet, or 6% above production. Production was 21,850.000 feet.
Unfilled Orders and Stocks.
Reports from 1.658 mills on June 2 1934, give unfilled orders of 950,597,000 feet and gross stocks of 5.289,727,000 feet. The 510 identical mills
report unfilled orders as 640,556,000 feet on June 2 1934, or the equivalent
of 28 days' average production, as compared with 685,568,000 feet, or the
equivalent of 30 days' average production on similar data a year ago.
Identical Mill Reports.
Last week's production of 401 identical softwood mills was 115.461.000
feet, and a year ago it was 133.634.000 feet; shipments were respectively
112,583.000 feet and 166,700.000; and orders received 121,867.000 feet and
197,953,000 feet. In the case of hardwoods, 193 identical mills reported
production last week and a year ago 12,007.000 feet and 10,975,000; ship-
3852
Financial Chronicle
ments 13,737,000 feet and 22,609,000 and orders 12,021.000 feet and
25.969,000 feet.
SOFTWOOD REPORTS.
West Coast.
The West Coast,Lumbermen's Association reported from Seattle that
for 600 mills in Washington and Oregon, shipments were 8% below production, and orders 20% above production and 31% above shipments.
New business taken during the week amounted to 57.973,000 feet (previous
week 88,691,000 at 599 mills); shipments 44,302,000 feet (previous week
50.156,000); and production 48.173,000 feet, previous week 61.375.000).
Orders on hand at the end of the week at 600 mills were 468.149.000 feet.
The 184 identical mills reported a loss in production of 42%, and in new
business a decrease of 48% as compared with the same week a year ago.
June 9 1934
Lumber orders reported for the week ended May 26 1934 by 1.033 soft."
wood mills totaled 179,171,000 feet, or 11% above the production of the
same mills. Shipments as reported for the same week were 145.993,000
feet, or 9% below production. Production was 160,992,000 feet.
Reports from 511 hardwood mills give new business as 21,127,000 feet,
or 16% below production. Shipments as reported for the same week were
23,665,000 feet, or 6% below production. Production was 25,072,000 feet.
Unfilled Orders and Stocks.
Reports from 1,752 mills on May 26 1934 give unfilled orders of 998.600,000 feet and gross stocks of 5,567.527,000 feet. The identical mills
report unfilled orders as 683,038.000 feet on May 26 1934. or the equivalent
of 28 days' average production, as compared with 692,084,000 feet, or
the equivalent of 29 days' average production, on similar date a year ago.
Southern Pine.
The Southern Pine Association reported from New Orleans that for 152
mills reporting, shipments were 35% above production, and orders 14%
above production and 15% below shipments. New business taken during
the week amounted to 23,374.000 feet, (previous week 27.979.000 at 196
mills); shipments 27,496,000 feet, (previous week 32,012,000), and production 20,443.000 feet, (Previous week 30,067,000). Orders on hand at
the end of the week at 152 mills were 82,514,000 feet. The 82 identical
mills reported a loss in production of 29%, and in new business a loss of
45%, as compared with the same week a year ago.
Last week's production of 437 identical softwood mills was 141,035,000
feet, and a year ago it was 139.970.000 feet; shipments were respectively
130,142,000 feet and 169.398,000: and orders received 157,079.000 feet and
214,012.000 feet. In the case of hardwoods. 195 identical mills reported
production last week and a year ago 13.669,000 feet and 11,275.000; shipments. 14,205,000 feet and 24,034,000, and orders 13,086,000 feet and
26,743,000 feet.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
120 mills reporting, shipments were 16% below production, and orders 28%
below production and 15% below shipments. New business taken during
the week amounted to 36,325,000 feet (previous week 48.623.000 at 138
mills); shipments 42,758,000 feet, (previous week 51,563.000); and production 50.655,000 feet, (previous week 59.162.000). Orders on hand at the
end of the week at 120 mills were 132,810,000 feet. The 114 identical
mills reported a gain in production of 45% and in new business a loss of
28% as compared with the same week a year ago.
Rains in Week Bring Almost General Relief to Parched
Grain Fields in Three Prairie Provinces of Canada
—Report of Dominion Bureau of Statistics (Canada).
The following summary of crop conditions in three Prairie
Provinces of Canada (Alberta, Manitoba and Saskatchewan)
is from the weekly report of the Dominion Bureau of Statistics of Canada issued June 6:
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported
production from 23 American mills as 3.176,000 feet, shipments 1,588.000
feet and new business 2,976,000 feet. Orders on hand at the end of the
week were 7,502,000 feet.
California Redwood,
The California Redwood Association of San Francisco reported production from 15 mills as 6,539.000 feet. shipments 5,038,000 feet and
new business 8,788,000 feet. Orders on hand at the end of the week were
34,593,000 feet. Ten identical mills reported production 220% greater
and new business 34% greater than for the same week last year.
The rains of the week afforded almost general relief to the parched grain
fields and pastures of the Prairie Provinces. Heaviest precipitation was
recorded in northern and eastern Manitoba. east-central and south-western
Saskatchewan and over most of Alberta. Yesterday's rains were of further
benefit to eastern and northern Manitoba, western Saskatchewan and
southern Alberta. Dry areas are still reported in southern Manitoba, southeastern, west-central and north-western Saskatchewan, and east-central
Alberta. The weather has been cool and cloudy for several days. The light
frosts reported from Calgary. Edmonton and riattleford caused no apparent
damage.
While the grain crops are temporarily relieved over most of the West,
there is continued anxiety regarding the growth of hay and pastures. These
crops require more moisture than the spring grains and have suffered severely
under the extremely unfavorable conditions.
The general rains will assist the grain crops to withstand grasshopper
damage, but it is reported that these insects developed very rapidly during
the past week. Poisoning is proceeding actively but serious damage has
been done in Manitoba and Saskatchewan. 60% of Manitoba's cropped
area is reported as having bad to very bad grasshopper infestation. Heavy
damage is evident in southern, central, and especially in south-western
Saskatchewan. In Alberta, the damage is confined to the Hanna district
and certain localities in the south.
The recent rains brought relief to all of Manitoba excepting the southwestern corner, where the drouth was most severe. In other districts, particularly in the south, relief is only temporary and pastures need much more
rain. The areas around Mordon and Souris are still in a drouth-stricken
condition. Grasshoppers have appeared in epidemic numbers and are causing considerable damage, except in north-western Manitoba.
In Saskatchewan, the drouth was broken by rains of the past week-end.
but not before irreparable damage had been done. More rain is required
almost generally to advance the growing crops, to germinate the late-sown
grain, to relieve the grasshopper situation and particularly to provide feed
ticularly to provide feed for live stock. Crops in northern and east-central
Saskatchewan are making good progress; in the south-west and south-east,
they are poor: and in the west-centre, poor to good. Fall rye is generally
heading out thin and short. The feed situation is very bad in some southern
districts and is causing much anxiety. Grasshoppers developed rapidly
during the past week and caused serious damage, especially in the southwestern area, where stubbled-in crops are nearly a total loss and crops on
fall-cultivated lands about 75% gone. The rapid invasion of crops was
forced by the sparse growth on stubble land, pastures and roadsides. Some
recovery may be hoped for if heavy rains encourage delayed germination.
Wireworms and cutworms are working in scattered localities.
The crop outlook for Alberta was almost completely changed by the heavy
and well-distributed rains of the past week. Only limited sections of eastcentral and extreme southern Alberta failed to receive the needed moisture.
More rain will soon be needed in southern Alberta and in some central areas,
but crop conditions are decidedly improved in every other district of the
province. In northern Alberta. crop prospects are variously described as
very good, excellent and ideal, with noreports of damage. Warm weather
is mentioned as necessary to advance growth. The rains
checked grasshopper and cutworm depredations, especially in lightly-infested areas. The
only serious losses are reported from Hanna. Frost was recorded in the
foothills and at some northern points on Sunday, but caused no damage.
Southern Cypress.
The Southern Cypress Manufacturers Association of Jacksonville, Fla.,
reported production from 24 mills as 666,000 feet, shipments 2.954.000 feet
and new business 2,472,000 feet. Orders on hand at these mills at the end
of the week were 5.626,000 feet.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported softwood production from 18 mills as 544.000
feet, shipments 564,000 and orders 528,000 feet. Week-end orders on
hand at 10 mills were 2.867.000 feet. The 11 identical mills reported a loss
of 3% in production and a decrease of 65% in new business, compared with
the same week a year ago.
Northeastern Softwoods.
The Northeastern Lumber Manufacturers Association of New York reported softwood production from 28 mills as 1,216,000 feet, shipments
1,904,000 and orders 1,926,000 feet. Orders on hand at the end of the
week were 9.164,000 feet.
Hardwood Reports.
The Hardwood Manufacturers Institute of Memphis. Tenn., reported
production from 332 mills as 17,574,000 feet, shipments 20,456,000 and
new business 17,037,000. Orders on hand at the end of the week at 568
mills were 187,865.000 feet. The 182 identical mills reported production
4% greater, and new business 53% less than for the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported hardwood production from 18 mills as 1,425,000
feet, shipments 1,024,000 and orders 911.000 feet. Orders on hand at the
end of the week at 15 mills were 6,391.000 feet. The 11 identical mills
reported a gain of 97% in production and a loss of 64% in orders, compared
with the same week last year.
The North Central Hardwood Association of Indianapolis, reported
production of 113 mills as 1,284,000 feet: shipments. 986,000 feet; orders,
739.000 feet; unfilled orders, 7,864,000 feet.
The Northeastern Lumber Manufacturers Association, of New York
reported hardwood production from 28 mills as 1,567,000 feet, shipments
681,000 and orders 215,000 feet. Week-end orders on hand were 5,252,000
feet.
We also give below a summary of lumber operations during the week ended May 26:
Due in part to the longshoremen's strike, which has tied up lumber
operations on the Pacific Coast, production and shipments at the lumber
mills during the week ended May 26 1934 were the lowest of any week
since February, and orders were lowest except for one week, according to
telegraphic reports to the National Lumber Manufacturers' Association
from regional associations covering the operations of 1,510 leading hardwood and softwood mills. Production of these mills was 187,988,000 feet:
shipments, 171,499,000 feet; orders received, 201.627.000 feet. Revised
figures for 1,506 mills for the week ended May 19 were, production, 212,370,000 feet; shipments, 175,704.000 feet; orders, 221.589.000 feet.
Softwood groups reported orders above production except Southern pine.
Western pine. Northern pine and Northern hemlock. Total softwood
orders were 11% above production. All hardwood regions reported orders
below output,total hardwood orders showing loss of 16% in this comparison.
As during the four previous weeks, orders fell below those of corresponding weeks of 1933, all regions but California redwood reporting decline.
Southern pine and West Coast reported production lower than during
similar week of last year. Total orders were 29% below those of last year's
week; production was 2% above that of a year ago and shipments were
25% below their last year's record.
For the second consecutive week unfilled orders on May 26 were below
those of corresponding date of 1933, being the equivalent of 28 days' average production of reporting mills, compared with 29 days' a year ago.
Forest product carleadings during the week ended May 19 were 24,907
cars, an increase of 71 cars above the preceding week; 3,303 cars above the
same week of 1933 and 6,338 cars above similar week of 1932.
Identical Mill Reports.
Decrease of 102,616 Long Tons Noted in United States
Consumption of Sugar During April as Compared
With a Year Ago.
Sugar consumption in the United States during April 1934
amounted to 413,773 long tons, raw sugar value, according
to B. W. Dyer and Co., sugar economists and brokers. This
is a decrease of 102,616 tons or 19.87%, from the F16,389
tons consumed in April of last yea', the firm said. An announcement issued in tile mater continued:
For the first four months of this year consumption is placed at 1.707.716
tons compared with 1.790,032 tons in the corresponding period of last
year. This is a decrease of 82,316 tons or 4.6%.
In explanation of the above figures, the Dyer firm points out that deliveries during March and April of 1933 had increased sharply due to the
threats of monetary inflation. This is partly responsible for the decline
this year as compared with a year ago. However, deliveries during the
first four months of this year when compared with the like period two
years ago, namely, of 1932. show an increase of 59.761 tons or 3.6%•
This is significant when it is taken into consideration that the total sugar
delivered in 1932 was slightly higher-36,127 tons—than in 1933.
Financial Chronicle
V oiume 238
May Flour Production Slightly Higher Than in April
But Continues Lower Than in Same Period Last
Year.
General Mills, Inc., in presenting its summary of flour
milling activities for approximately 90% of all flour mills
in the principal flour milling centres of the United States,
reports that during the month of May 1934 flour output
totaled 4,993,003 barrels as against 4,959,082 barrels in the
preceding month and 5,920,003 barrels in the corresponding
period in 1933. In April of last year production amounted
to 6,171,406 barrels.
During the 11 months ended May 31 1934 flour output
by the same number of mills reached a total of 57,077,354
barrels as compared with 62,322,375 barrels during the
11 months ended May 31 1933. The corporation's summary
follows:
PRODUCTION OF FLOUR (NUMBER OF BARRELS).
Month of May.
Northwest
Southwest
Lake Central.4 South.
Pacific Coast
Grand Total
11 Months Ended Mag 31.
1934.
1933.
1934.
1933.
1,213,781
1,793,963
1,692,719
292,540
1,577,162
2,072,553
1,909,954
360,334
14,676,164
19,837,620
18,972,505
3,591,965
15,743,218
22,040,816
21,262,578
3,275,763
4,993,003
5,920,003
57,077,354
62,322,375
World Coffee Consumption from July 1 1933 to May 31
1934 Increased 8.6% Over Similar 11-Month Period
Year Previous According to New York Coffee &
Sugar Exchange.
World consumption of coffee continues at a near record
rate, deliveries for the 11 months of the crop year, July 1
1933 to May 31 1934 amounting to 22,631,321 bags against
20,835,620 bags in the similar 1932-33 period,a gain of 8.6%,
according to the New York Coffee & Sugar Exchange.
Under date of June 7 the Exchange further said:
United States consumption amounted to 11,365,321 bags, against
10,515,620 bags, a gain of 8%. Europe accounted for 10,156,000 bags,
against 9,402,000, an increase of 8%. while the rest of the world took
1,110,000 bags, a gain of 20.9%•
During the month of May this year 735.978 bags disappeared into consumptive channels in the United States, 898,000 in Europe, while 65,000
bags were delivered to other parts of the world. Last year the disappearance during May was 1,049,551. 831,000 and 78,000, respectively.
1,104,000 Bags of Coffee Destroyed by Brazil During
May According to Advices to New York Coffee &
Sugar Exchange-Compares with 968,000 Bags
Burned From January to April.
Evidence that Brazil had again accelerated her coffee
destruction program was confirmed by advices to the New
York Coffee and Sugar Exchange which disclosed that during May 1,104,000 bags were burned. In an announcement
issued June 4 the Exchange also said:
During the first four months of the year only 968,000 bags had been
destroyed a sharp decrease from the rate during 1933. Not since November of last year has the monfhly total exceeded 1.000,000 bags. Since the
beginning of the destruction plan in June 1931, 27,914,000 bags have been
burned or otherwise destroyed. Previous advices from Brazil prediced
that on July 1 1934, the start of the crop year, excess stocks in Brazil will
have been reduced to a normal figure after four years of effort.
3853
To other destinations, principally United Kingdom, France and Canada.
the exports amounted to 219,895 tons, as contrasted with 247,730 tons
shipped during the same period last year, a decrease of 27.855 tons, or
approximately 11%•
Sugar stocks in Cuba on June 2 approximated 2,536,000 tons, while on
the same date last year 2,743,000 tons were on hand.
May Raw Silk Imports Exceed Previous Month, But
Were 6,621 Bales Below Corresponding Period Last
Year-Deliveries to American Mills Also Lower than
in 1933-Inventories Show Slight Change Over
April.
Raw silk imports into the United States during May 1934
totaled 38,717 bales, or 5,521 bales under imports of May
1933, it was announced by the National Federation of
Textiles, Inc. The current figure was, however, 3,070
bales higher than in April.
Raw silk in storage in warehouses was 61,060 bales on
June 1 1934 or 20,935 bales above June 1 1933. A slight
decrease was shown as compared with May 1 1934.
Deliveries of raw silk to American Mills during May 1934
were 38,740 bales, or 8,411 under the same month of 1933.
May deliveries were 1,348 above last month.
Approximately 33,200 bales of raw silk were in transit at
the end of May. The National Federation of Textiles, Inc.,
further reported as follows:
RAW SILK IN STORAGE.
(As reported by the principal public warehouses in New York City and Hoboken.)
(Figures in Bales.)
European. Japan. All Other. Total.
In storage May 1 1934
53,130
3,342 61,083
4,611
Imports, month of May 1934_x
192
38,034
491 38,717
Total available during May 1934
In storage June 1 1934_z
4,803
4,451
91,164
53,245
3,833
3,364
99,800
61,060
352
37,919
469
38,740
Approximate deliveries to American mills
during May 1934
SUMMARY:
Mai -....mell....
al....•••.......mid.
Imports During the Month.
In Storage at End of Month.
wall....tan.als.
•
January
February
March
April
May
June_ .,.
July
August
September
October
November
December
Total
Monthly average_ _
1934.
1933.
1932.
1934.
1933.
1932.
27.976
29,808
32,301
35,647
38,717
53,114
23,377
22,289
41,134
44,238
47,435
62,348
46,683
49,470
48,346
32,319
32,623
52,238
53,574
38,866
30,953
34,233
31,355
36,055
61,412
56,859
58,775
47,422
45,453
83,820
74,607
62,828
61,083
61,060
69,747
60,459
43.814
43,038
40,125
33,933
51,684
55,515
73,800
93,625
91,122
96,786
62,905
70,570
62,675
57,849
59,159
53,048
50,721
52,228
49,393
54,465
57,932
62,837
164,449
32,890
503,376
41,948
547,195
45.560
68,680
62,804
57,815
Approximate Deliveries
to American Mills.y
January
February
March
April
May
June
July
August
September
October
November
December
Approximate Amount of Japan
Silk in Transit at Close
of Month.
1934.
1933.
1932.
1934.
1933.
1932.
40,942
39,021
44,080
37,392
38,740
46,204
32,665
39,934
41,910
47,151
53,627
44,597
42,852
31,185
28,521
34,822
26,959
58,793
45,909
46,761
35,779
32,923
37,466
38,382
59,905
59,694
53,703
43,955
40,548
32,200
37,600
41,000
38,400
33,200
25,700
28,100
39,100
40.200
42,300
41,500
38,600
48,800
48,300
37,100
37,200
27,200
48,500
31,000
28,800
34,800
30,800
31,100
43,200
43,400
42,800
44,700
50,200
51,400
Total
200,175 469,427 553,818
Raw and Refined Sugar Shipments from Puerto Rico
37,842
40,058
36,480
40,035
39,119
46,151
to United States Totaled 16,974 Tons During Week Monthly average
Covered by European Manifests Nos. 19 to 23 inclusive. Asiatic Manifests Noss
of May 26 Compared with 11,573 During Same 76xto
97 inclusive. y Includes re-exports. Stocks at warehouses Inc ude Con"
Week Year Ago.
modity Exchange, Inc. certified stocks 3,800 bales. z Includes 1,201 bales held at
Shipments of raw and refined sugar from Puerto Rico to terminals.
the United States together for the week ending May 26
-Cent Pound Raw
amounted to 16,974 short tons against 11,573 in the same' Sugar Processing Tax Set at
Value-New Levy, Together with Eoual Reduction
week last year, according to cables to the New York Coffee
in Duty on Cuban Imports, Effective Yesterday
& Sugar Exchange. The Exchange said that about 64.5%
(June 8).
of the quota for the United States, under the Costigan-Jones
The processing tax on direct-consumption sugar from the
Sugar Bill, has been shipped to date. The Exchange further first domestic processing of sugar cane and beets was fixed
announced on June 5, as to cable advices:
at M-cent a pound of raw value on June 5 by Acting SecreRaw sugar shipments from Puerto Rico to the United States from Jan. 1
tary of Agriculture Rexford G. Tugwell. The tax became
to June 2 totaled 450,149 short tons, an increase of 4.8% when compared
effective yesterday (June 8). The duty on Cuban sugar
with shipments of 429,629 during a similar period last year.
Refined
shipments amounted to 63.260, a 25.3% increase over the 50,477 ton
was also reduced yesterday by the exact amount of the
total for the 1933 period.
processing tax. Regulations issued by the Department of
Exports of Sugar from Cuba Up to June 2 This Year Agriculture 'explained in detail definitions, conversion
factors and the matter of exemptions from the tax. A
199,526 Tons Below Same Period Last Year.
Cuban exports of sugar since the beginning of the year to Washington dispatch of June 5 to the New York."Times"
June 2 totaled 637,243 long tone raw sugar value as compared summarized the principal features of these regulations as
with 836,769 tons during the similar period last year, a de- follows:
The term "direct-consumption sugar" is defined by the Act as any
crease of 199,526 tons, or 23.8%, according to advices re- sugar to be used for any purpose other than further refining. The term
"raw
value" is defined as a standard unit of sugar testing 96 sugar degrees
ceived by Lamborn & Co. In announcing this on June 6
by the polariscope.
the company further said:
All taxes imposed and all quotas established are in terms of the raw
To the United States there were shipped 417,348 tons as against 5.989,039 tons for the same period in 1933, a decrease of 171,691 tons or approximately 29%. The shipments to June 2 this year approximate 24.6%
of the quota allocated to Cuba by the United States Agricultural Adjustment Administration.
value standard. In the case of direct-consumption sugar produced in
the United States from sugar beets, the raw value is determined by multiplying the weight thereof by 1.07.
Conversion factors have been determined and are included in the regulations. These conversion factors are to be used to translate into terms
3854
Financial Chronicle
of sugar raw value the various types of sugars, by-products of the sugar
cane industry and sugar articles manufactured therefrom.
Syrup of cane juice or molasses manufactured by a producer whose total
seasonal sales are not more than 200 gallons is exempted from payment
of the processing tax.
In the case of a producer who sells more than 200 gallons, but less than
500 gallons, the syrup will be exempt from the tax to the extent of 200
gallons, with the remainder taxed. If the producer sells more than 500 gallons he is not entitled to the exemption.
Petroleum and Its Products—Administrator Ickes Sees
Little Hope of Administration Oil Bill Being
Enacted in Current Session—House Ends Hearings
on Disney Measure—Crude Oil Output Below Federal Allowable—Refinery Runs Sharply Lower—
Consolidated Oil Corp. Signs Labor Pact.
Little hope of the Administration oil bill currently before
the House being enacted during the present session is felt
by Administrator Ickes, dispatches from Washington late
Thursday indicated. The House Committee on Inter-State
and Foreign Commerce concluded hearings on the Disney
measure Wednesday and although it was understood that
an executive session of the Committee would be held to report
on the bill, such a session was not scheduled for the latter
part of the week. In the Senate no action was taken on the
Thomas oil bill during the week, the measure remaining on
the calendar.
Administrator Ickes charged Thursday that the bill had
been "scuttled" by Chairman Rayburn (D., Texas), of the
House Inter-State and Foreign Commerce Committee. In
denying rumors that President Roosevelt had turned "thumbs
down," on the legislation and that he himself was "lukewarm" toward the Disney measure, Secretary Ickes said
that "if Rayburn would get behind the measure, it would
pass without any trouble at all."
In answering Mr.Ickes, Mr. Rayburn's only comment was
that "there has been no scuttling of the oil bill. We only
closed hearings Wednesday and have had no opportunity to
consider the measure in executive session to make up a
report."
Testimony of proponents of the Disney bill was offered
Wednesday in rebuttal of claims made by its opponents at
the hearings before the Committee on the previous day.
Arguments of those opposed to the measure that it would
create a monopoly for the major units in the industry were
denied by H. B. Fell, of Texas, Executive Vice-President of
the Independent Petroleum Association of America, and
representing 25 other oil organizations. Support of the bill
by all but two organizations in the industry was conclusive
proof that the question is of national concern and "not
local to any section," Mr. Fell stated in announcing that
90% of the independents stood behind the bill. An amendment to revise the clause dealing with the authority of
Administrator Ickes to control imports to provide that they
may not interfere unreasonably with domestic production,
and that such imports may not exceed the average monthly
imports during the latter half of 1932 was suggested by
Mr. Fell.
Other testimony in favor of the bill included that of John
D.Battle, of Texas, who told the Committee that low-priced
fuel oil had displaced 80,000,000 tons of coal a year, which
resulted in 75,000 miners losing their employment, in
favoring the Administration oil program. W. B. Hamilton,
representing the West Texas Chamber of Commerce,charged
that the opposition to the bill, stripped of its "fine claims
and phrases" meant only "unlimited production." In
commenting on this phase Mr. Hamilton cited the damage
done to West Texas oil fields through unlimited production.
The Burkburnett and Powell in Texas and the Seminole
in Oklahoma have fallen into disuse through the "greed of
oil producers," he said, and much oil was wasted. Charles
Fairy, Vice-President of the Petroleum Administrative
Board, denied the contention advanced by the bill's proponents that it violated States' rights. He also denied that
because a State owned land such ownership set aside the
Federal Constitution or the Federal supervision of commerce.
Speaking before the Committee Tuesday in opposition to
the measure, Ernest 0. Thompson, of the Texas Railroad
Commission, held that the purpose of the bill is to institute
unit operation of oil fields; a policy, he claimed, that would
be to the marked advantage of the larger units in the industry. Mr. Thompson stated that the Commission was
co-operating with the Federal oil authorities to the best of
their ability and cited some steps taken by it recently to
curtail illegal production of crude oil under comparatively
new legislation. Jack Blalock, of Texas, representing the
June 9 1934
Independent Petroleum Association of Texas, charged that
the bill would establish Administrator Ickes as a "dictator"
over the industry. The Administration oil program, he
held, would exert "unheard-of powers" and he asked "why
the oil industry should be singled out for a change in government. The American people abhor a dictator, save
under the pressure of the greatest necessity."
J. R. Parten, President of the Woodley Petroleum Co.,
contended that the bill "seeks to reserve profits from oil
to a comparatively few land owners and oil men who already
have found oil deposits under their land, and to discourage
oil finding because the plan of development clause makes
only large solid block lease ownerships the basis for wildcat
operations."
"Passage of this bill will for all time cut off opportunity
to the land owners in all the States that have potential oil
lands within their bounds. The interest of our great
farming class of people, who own so much of the land,
demands permanent elimination of legislative features that
would be subterfuge, or otherwise attempt to impose acreage
proration of oil production.
"It is admitted by oil men and petroleum geologists and
.has been recognized by the courts, that the more wells you
drill in a field the greater the quantity of recoverable oil
from that field. Therefore, the matter under discussion
cannot be urged as a conservation measure. Sponsors of this
bill have spoken of 'butchering oil fields' by, disorderly drilling. They imply that waste follows. But waste is not
taking place under present methods. What they mean is
that competitive drilling butchers the profits from oil fields
and divides those profits among too many of our people."
Daily average crude oil output last week dipped 39,100
barrels from the preceding week to a total of 2,453,400
barrels, approximately 75,000 barrels under the June
Federal allowable of 2,528,300 barrels, the first time in
months that the daily average dipped below the Federal
allocation. Slight gains in production in several States were
offset by a drop of 34,100 barrels in daily average crude oil
output in Oklahoma where production totaled 476,950
barrels, against the Federal allowable of 511,700 barrels,
reports to the American Petroleum Institute disclosed. The
reports compiled by the American Petroleum Institute,
however, take no cognizance of "hot oil."
Refinery runs reported to the American Petroleum Institute dipped to 63% of capacity in the week ended June 2,
compared with 71.3% in the previous week as the Federal
curb on refinery operations went into effect June 1. Daily
average runs of crude oil to stills last week dipped 278,000
barrels below the preceding week, totaling 2,137,000 barrels.
Stocks of gasoline reflected the rising seasonal trend in consumption, dipping 1,261,000 barrels last week, compared
with an increase of 132,000 barrels in the week ended May 26.
Administrator Ickes announced his approval last Saturday
of a Board of Review, named by the Planning and Coordination Committee to pass on controversies affecting
refinery operations. The right of refinery operators to appeal
from any decision rendered by the Board to the Administrator was stressed by Mr. Ickes who had insisted on this
provision in signing the revised refinery section of the
petroleum code on April 24.
Allowable daily production in the East Texas field has
been increased to 502,148 barrels, the advance being based
on one hour's potential of each well in the field, the Texas
Railroad Commission disclosed Wednesday in a statement
announcing that 104 new wells had been completed in the
field in the past week.
Announcement was made during the early part of the week
of the signing of an agreement between subsidiaries of the
Consolidated Oil Corp. and the International Association of
Oil Field, Gas Well and Refinery Workers, the first such
agreement to be reached in the petroleum industry. Under
the agreement, the Association, which is a branch of the
American Federation of Labor, will represent members in
collective bargaining in conformance with provisions of the
National Industrial Recovery Act.
The agreement provides that there will be no cessation
through strikes or lockouts of work during its term, which
runs for one year starting July 1 next. A clause in the pact
provides that it may be terminated upon 30 days' written
notice, but within such time the parties thereto may confer
upon such terms and conditions under which the agreement
may be extended instead of being terminated.
"In this agreement," H. F. Sinclair, Chairman of the
Executive Committee of the Consolidated Oil Corp., said,
Volume 138
Financial Chronicle
3855
REFINED PRODUCTS-GAS PRICE WAR BREAKS OUT IN
CHICAGO-RISING DEMAND FOR GASOLINE REPORTEDLOCAL MARKET IN GOOD SHAPE.
Although the unsettled condition in the Chicago area was
viewed with some concern by local distributors, it was held
that there was little chance of the disturbance, which was
characterized as purely of local nature, spreading to the Atlantic Seaboard. It was pointed out that Chicago was the
last major marketing center to swing into line with the higher
prices for motor fuel products which have been marked
up in other sections of the nation in recent weeks. The
reductions again reduced Chicago to a level out of line with
the country in general although the advances posted in the
early part of the week had brought it in line for a short time.
The spot tank car gasoline market in Chicago displayed
a sharp reversal of its recent trend as prices eased off under
pressure of .substantial offerings, mainly from East Texas,
which brought low octane material down to 43/i to 43 cents
a gallon, compared with the recent high of 434 to 454 cents
a gallon. Absence of purchasing of surplus stocks by major
companies which was on of the chief factors in pushing
prices into higher levels was mainly responsible for the easing
off in quotations. Jobbers again have adopted their handto-mouth purchasing policy after showing more interest in
the market in the last few weeks.
Gulf Coast fuel oil prices have shown an easier tendency
recently with reports from that area disclosing the sale of
several cargoes of Grade C bunker fuel oil around 98 cents a
barrel. This level is equal to approximately $1.14 in New
York harbor, compared with the current posted price in the
latter port of $1.30 a barrel.
Gasoline consumption in the local market is holding up
well with buying reported moving along at a fair rate.
Prices are well maintained in the bulk gasoline market and
demand continues fairly active. Fuel oil prices eased off
slightly during the week here with some offerings noted at
63/2 cents a gallon, tankwagon, for No.4 oil, against 7 cents
generally posted. Other fuel oils showed no change in prices.
Lubricants are in good shape being benefited from the usual
seasonal rise in demand as the summer period of heavy
automobile traffic gets under full swing.
Domestic consumption of gasoline is running well ahead
of corresponding periods last year thus far in 1934, statistics
released by the United States Bureau of Mines disclosed.
April demand was 32,735,000 barrels, up 8% as compared
with consumption in the like month last year and substantially above demand in March this year.
Consumption of domestic gasoline in the first four months
this year established a new record high, totalling 117,727,000
gallons, compared with the previous high of 117,559,000
gallons recorded in the like period in 1930. Consumption
of all petroleum products in the first four months this year
was at the highest point since the comparable period four
years ago.
Price changes follow:
Attention of the refined petroleum products markets
during the past week was centered upon the sudden gasoline
price war which broke out in Chicago in mid-week after earlier
indications of a general advance in retail motor fuel prices in
the Mid-west had partially materialized.
Monday saw independent distributors in Chicago post
an advance of 23/i cents a gallon for gasoline which was immediately followed with an advance of 23/i cents in regular
and premium grades of gasoline and 2 cents in third-grade
by all major units on tank wagon and service station quota,
tions.
Tuesday morning it was evident that the new price scale
could not be maintained as independents slashed prices 1
cent a gallon in their fight to maintain gallonage volume.
Then, the major companies met the 1-cent cut in prices,
although premium gasoline was not affected by this reduction, except by Shell Petroleum which cut all three grades.
This series of cuts brought prices to the following basis:
majors, 15.8 cents a gallon on third-grade, 17.3 cents on
regular and 20.3 cents on premium, with the exception of
Shell Petroleum; independents posted third-grade at 14.3
cents and standard at 16.3 cents.
Wednesday brought another reduction of 1-cent a gallon
by independents which was immediately followed by similar
reductions on the part of the major units which left the price
scale on Thursday morning, as follows: majors, third-grade
at 14.8 cents; regular at 16.3 cents and premium at 20.3 with
the exception of Shell Petroleum which is quoting premium
at 18.3 cents a gallon; independents, regular at 15.3 cents
with other grades proportionately below the scale posted by
the major companies. Tank wagon prices also were lowered
by the major units to meet the competitive levels.
Gasoline, Service Station, Tax Included.
New Orleans
$ 19
New York
$.19
$ 175 Detroit
Philadelphia
145
22
Houston
.18
Atlanta
San Francisco:
175 Jacksonville
22
Boston
.16
Third grade
Buffalo
185 Los Angeles:
Above 65 octane- .1735
Chicago
Third grade
135
163
Premium
.19M
Cbminnat1
Standard
15
.19
Cleveland
Premium
St. Louis
145
19
17
Denver
Minneapolis
174
17
Kerosene,41-43 Water White, Tank Car, F. 0. B. Refinery.
New York:
North Texas
3.034 New Orleans. ex_$.041i-05
(Bayonne)
$.05% Los Ang.. ex_ .0435-.05 Tulsa
.0334-.03%
Fuel 011, F. 0. B. Refinery or Terminal.
N. Y'. (Bayonne):
California 27 plus D
Gulf Coast C
$1.15
Bunker C
$1.30
$1.00-1.10 Phila. bunker C
1.30
Diesel 28-30 D___ 1.95 New Orleans C
1.15
Gas (31 ,F.0. B. Refinery or Terminal.
N. Y.(Bayonne):
Tulsa
Chicago:
$.0235-.0231
28 plus GO $.0435-.0434 32-3600 -5.0235-.0231
U. S. Gasoline. Motor (Above 65 Octane), Tank Car Lots, F. 0, B. Refinery.
N.Y.(Bayonne):
N.Y.(Bayonne):
Chicago
$.0435-.043
Standard 011 N. J.:
Shell Eastern Pet-8.0635 New Orleans
.0435
Los Ang., ex_
Motor. U. S.___$.0631 New York:
.05-.06
62-83 octane__ .0634 Colonial-Beacon- .0831 Gulf ports
.0.535-.06
tStand. Oil N. Y__ .07
z Texas
0631 Tulsa
.05-.05M
*Tide Water 011 Co .0634 Gulf
0631 Pennsylavnia - .0635-.0631
0635
Republic Oil
:Richfield Oil(Cal.) .07
Sinclair Relining- .0635
Warner-Quin. Co. .07
a Richfield "Golden." a "Fire Chief." $0.07. •Tydol, $0.07. y "Good
Gulf." 5.0731. 3 "Mobligas."
"procedure is established for the settlement without any
strikes of any disputes that cannot be settled by direct
negotiation. In this respect the agreement is unique. If
arbitration becomes necessary, the form it takes is to be
finally determined by the President of the American Federation of Labor and the employer.
"Should this procedure become a generally adopted formula
for industrial relations, it will mean the elimination of
mdustrial warfare with its heavy toll upon the worker and
business."
In approving the agreement, William Green, President of
the A. F. of L., stated that the new wage scales announced
by the Sinclair companies are fair and are acceptable to the
workers. The Sinclair organization announced the wage
advances in conjunction with the news of the labor agreement, which follows a recent strike affecting the Sinclair
producing properties in the Seminole region of Oklahoma.
The subsidiaries of Consolidated included in the agreement
are Sinclair Refining Co., Sinclair Prairie Oil Co., Sinclair
Prairie Oil Marketing Co., Sinclair Prairie Pipe Line Co. and
the Rio Grande Oil Co.
A recommendation made by a Special Master in Chancery
in Detroit early in the week to make permanent the temporary injunction by the Federal Court in Michigan against
the giving of premiums to stimulate sales of gasoline and oil
was hailed by Federal oil authorities as sustaining the constitutionality of the NIRA,the petroleum code and the code's
marketing provisions. The practice of giving premiums not
only leads to disastrous price wars in the immediate localities
affected but also exert an adverse affect on crude oil producing areas, the Master held in his report.
Stocks of Oil dropped 224,000 barrels in April as compared
with the previous month while stocks of gasoline were off
583,000 barrels from March, the Bureau of Mines reported.
The new Federal tax on crude oil production of 1 cent a
barrel becomes effective to-night (Saturday) at midnight.
The measure, which will provide the oil administration with
a strong weapon in its fight against proration violators, provides that State regulatory bodies will have access to the
returns and reports made to the Bureau of Internal Revenue.
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 net shown')
Bradford. Pa
$1.00
$2.55 Eldorado. Ark., 40
Corning. Pa
1.08
1.32 Rusk, Tex., 40 and over
Illinois
.87
1.13 Darst Creek
Western Kentucky
.90
1.13 Midland District, Mich
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
1.04
1.03 Huntington. Calif.. 26
Winkler, Tex
2.10
.75 Petrolia, Canada
Smackover, Ark.. 24 and over
.70
June 4.-Shell Petroleum Co. advanced service station and tank wagon
prices of gasoline in the Chicago area 2% cents a gallon on regular and premium and 2 cents a gallon on third grade. All other major companies met
the advance which followed a like markup by independent distributors
earlier in the day.
June 5.-A 1-cent a gallon reduction posted in gasoline service station
prices by independents was followed by a similar cut by major units who
did not include premium grade in the reduction, all reductions effective in
the Chicago area.
June 6.-An additional 1-cent a gallon cut in gasoline service station
prices posted by independents was promptly met by all major companies,
effective June 7 in the Chicago area.
June 7.-An additional 1-cent a gallon cut in Chicago gasoline service
station prices was posted by some independents, bringing levels below
those prevailing at the time of the orginnal price advance Monday morning.
June 7.-Standard of Indiana and other major units cut tank wagon
prices of gasoline in the Chicago area 2 cents a gallon to meet cut-price
competition by independent distributors.
3856
Financial Chronicle
Production of Crude Oil Again Lower in Week Ended
June 2, 1934-Inventories of Gas and Fuel Oils
Again Advance.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
June 2 1934 was 2,453,400 barrels, a decline of 39,100
barrels from the preceding week. The current output was
lower than the new Federal allowable figure, which became
effective June 1, by 74,900 barrels, and also compares with
a daily average production of 2,495,700 barrels during the
four weeks ended June 2 and with an average daily output
of 2,675,650 barrels during the week ended June 3 1933.
Further details, as reported by the American Petroleum
Institute, follow:
Imports of crude and refined oils at principal United States ports totaled
924,000 barrels in the week ended June 2 1934, a daily average of 132,000
barrels, compared with a daily average of 122,857 barrels for the week
ended May 26.
Receipts of California oil at Atlantic andaulf Coast ports totaled 665,000
barrels in the week ended June 2, a daily average of 95,000 barrels, compared with a daily average of 67,429 barrels in the preceding week.
Reports received for the week ended June 2 1934 from refining companies
owning 89.7% of the 3,760,000 barrel estimated daily potential refining
capacity of the United States, indicate that 2,127,000 barrels of crude oil
daily were run to the stills operated by those companies and that they
had in storage at refineries at the end of the week, 34,810.000 barrels of
finished gasoline; 6.895,000 barrels of unfinished gasoline and 104,224,000
barrels of gas and fuel oil. Gasoline at bulk terminals, in transit and in
pipe lines amounted to 18,422,000 barrels. Cracked gasoline production
by companies owning 95.6% of the potential charging capacity of all
cracking units, averaged 430,000 barrels daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION.
(Figures in Barrels)
Federal
Actual Production.
Agency
4 Weeks
Allowable Week End. Week End. Ended
Effective
June 2
May 26
June 2
June 1.
1934.
1934.
1934.
Dklahoma
Kangas
511,700
130,300
Panhandle Texas
Korth Texas
West Central Texas
West Texas
East Central Texas
East Texas
Conroe
Southwest Texas
Coastal Texas (not including Conroe)
Total Texas
Week
Ended
June 3
1933.
476,950
132,150
611,050
132,900
515,700
130,850
401,150
107,650
59,150
56.100
27,100
143,650
51,350
478.550
55,500
47,700
59,400
65,750
27,100
143,150
52,150
475.050
54,950
48,250
58,300
56,250
27,100
143,450
50,850
474.200
53,950
47.700
45,300
47,850
18,050
157,800
58,600
837,500
82,250
49,200
116,750
118,200
118,400
115.500
1,032.300 1,035,850 1,034,000 1,030,200 1,412,050
North Louisiana
Coastal Louisiana
Total Louisiana
Arkansas
Eastern (not 1nel. Mich.).
Michigan
Wyoming
Montana
Colorado
Total Rocky Mtn.States
New Mexico
California
25,300
64,100
25,550
57,150
25,700
58,900
25,100
42,350
83,000
89,400
82,700
84,600
67,450
33,000
108,900
32,800
36,000
8,500
3,500
30,900
103,900
34,750
32,850
7,900
2,850
30,600
101,550
32,400
32,100
7,150
3,000
30,700
101,150
32,650
32,000
7,300
3,000
29,900
90.650
16,700
28,250
5,950
2,550
48,000
43,600
42,250
42,300
36,750
48,000
500,300
45,900
460.000
45,850
479,200
45,950
481,600
36,050
477,300
Total United States
2,528.300 2,453,400 2,492,500 2,495,700 2,675,650
Note.-The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS, WEEK ENDED JUNE 2 1934.
(Figures in thousands of barrels of 42 gallons each.)
Daily Refining
Capacity of Plants.
District.
Crude Runs
to Mills.
Stocks a Stocks
of
of
FinUnPaten- i Repor lag
Daily P. C. tined finished
Gal
Arer Oper- Gam- (AsoRate. Total. P. C. age.
Wed. line.
line.
b Stocks
of
Other
Motor
Fuel.
Stocks
of
Gas
and
Fuel
Oil.
East Coast__
Appalachian.
Ind., Ill., Ky
Okla., Kan.,
Missouri__
Inland Texas
Texas Gulf__
La. Gulf __
No. La -Ark.
Rocky Mtn_
California__
582
150
446
582 100.0
140 93.3
422 94.6
464 79.7 16,590
98 70.0 1,611
316 74.9 8,658
949
373
1,149
461
351
566
168
92
96
848
386
167
552
162
77
64
822
218
85
394
86
50
28
388
56.5 5,584
50.9 1,284
71.4 4,258
53.1
1,282
64.9
280
43.8 1,156
47.2 12,529
780
311
1,957
232
83
190
871
566 3,147
313 1.789
170 5,543
____
1,091
30
434
43
679
2,382 80.296
Totals week:
June 2 1934
May 26 1934
3,760
3.760
2,127 63.0 d53,232
2.405 71.3 c54.493
6,895
7.377
4,350 104,224
4.350 104.010
83.7
47.6
97.5
96.4
83.7
66.7
96.9
3,374 89.7
3.374 89.7
101
157
48
7,465
851
2.929
a Amount of unfinished gasoline contained in naphtha distillates. b Estimated.
Includes unblended natural gasoline at refineries and plants, also blended motor fuel
at plants. c Includes 35,987.000 barrels at refineries and 18,506,000 barrels at bulk
terminals. In transit and pipe lines. d Includes 34,810,000 barrels at refineries
and 18,422,000 barrels at hula terminals, in transit and pipe lines.
Slab Zinc Shipments Continued to Increase in May
1934-Production Slightly Higher.
Slab zinc output continued below shipments during the
month of May 1934. According to the American Zinc
Institute, Inc., there were produced during this period a
total of 30,992 short tons, as compared with 30,562 tons in
the preceding month and 21,516 tons in the corresponding
month last year. Shipments totaled 35,635 tons as against
31,948 tons in April 1934 and 27,329 tons in May 1933.
June 9 1934
Inventories were further reduced during the Month of May
1934 by 4,643 short tons, or from 109,375 tons at April 30
to 104,732 tons at May 31. A year ago there were on hand
135,551 short tons of slab zinc. The Institute's statement
follows:
SLAB ZINC STATISTICS (ALL GRADES)-1929-1934.
(Tons of 2,000 pounds)
Produced
During
Period.
1929.
Total for year. 631.601
Monthly aver. 52,633
1930.
Total for year 504.463
42.039
Monthly aver_
1931.
Total for year. 300,738
25.062
Monthly aver
1932.
January
22,471
February
21,474
March
22,448
April
20,575
May
18,605
June
16,423
July
14,718
August
13,611
September._ _
13,260
October
15,217
November...._
16,076
December_
18,653
Total for year. 213,531
Monthly aver. 17,794
1933.
January
February
March
April
May
June
July
August
September...
October
November_.._
December._ -
Shipped
During
Period.
602.601
50,217
36,275
36.356
143,61
6,352
529
57,999
68,491
18,585
196
16
31,240
47.769
26,651
129,842
41
3
19,875
23,099
18,273
22,404
21,851
22,503
18,032
18.050
14,971
12,841
16,360
20.638
19,152
15,970
15,745
129,909
192,532
129,477
132.020
132,575
134,027
135,902
133,153
125,774
121,840
121,948
124,856
31
22,044
21,752
22,016
20.796
20.850
18,742
18,295
14,514
14,915
17,369
19,753
21,023
21,001
20,629
21,078
19,469
20,172
19,670
17,552
15,067
13,809
15,901
17,990
20,372
24,232
23.118
23,712
20,821
19,637
16.116
16.949
18,017
16.028
10,333
8.840
8,478
218.517
18,210
15,162
14,865
16,869
19,399
27,329
38.647
45,599
42,403
34.279
37,981
26,783
27.685
Total for year. 324,705
Monthly aver_
27,059
344,001
28.667
32,954
30,172
33,721
30,562
30.992
75,430
Average Unfilled
Retorts Orders
During Had of
Period. Period.
314,514
26.210
18,867
19,661
21,808
21,467
21,516
23.987
30,865
33,510
33,279
35,141
32.682
32,022
1934.
January
February
March
April
May
(a) Retorts
Stock at Shipped Operating
End of
for
End of
Period. Export. Period.
20
39
20
20
20
20
170
14
128,561
133,357
139,296
141,364
136.551
122,891
108.157
99,264
98,264
95.424
101,223
105,560
26,532 111.982
109,793
32,361
32,753 110,761
31,948 109,375
35,635 104,732
40
0
0
45
0
44
22
22
0
44
0
22
18.660
22,660
23.389
22,375
22,405
23,569
24,404
25.836
27,220
25,416
26.820
28,142
27,190
239
20
44
3
21,970
22.500
21,683
21,526
22,154
22,590
24,127
25,968
25,019
25.819
27.159
26.318
6.313
8.562
8,581
18,072
21,056
27,142
35.788
25.594
27.763
23,366
20.633
15,978
23,653
28,744
30,763
26,952
26,692
27,193
26,975
27,779
28.816
25,349
25.086
26,717
26,676
21.976
27,398
20,831
a Export shipments are included in total shipments.
Note.-These statistics include all corrections and adjustments reported at the
year-end
Production of Crude Petroleum Showed a Further Gain
in April-Inventories of Refinable Crude Continued to Increase.
According to reports received by the Bureau of Mines, Department of the Interior, the production of crude petroleum
in the United States during April totaled 75,796,000 barrels.
This represents a daily average of 2,526,000 barrels, an increase of 89,000 barrels over the daily average in March, and
349,000 barrels above April 1933, when the East Texas field
was closed down for about two weeks. Nearly half of the
gain in daily average output in April was recorded in Texas,
most of the remainder in Oklahoma. Production in East
Texas averaged 529,000 barrels daily, the highest since
September 1933. All of the other major producing districts
of Texas recorded gains in output in April. Daily average
production in Oklahoma increased 25,000 barrels, 19,000 barrels of which was recorded at Oklahoma City. Production
in California and Kansas showed small increases in April,
after material gains in March. The trend in production in
the other producing States was upward, only the Eastern
States reporting decreases in daily average output. The
Bureau of Mines in its report, further reported as follows:
Stocks of refinable crude continued to increase, totaling 354,350,000 barrels on April 30, compared with 354,067,000 barrels on April 1. Pipe-line
and tank-farm stocks of crude, especially in Kansas, Oklahoma and North
Texas, showed the largest increase in April; in fact, most other classes of
stocks declined.
The percentage yield of gasoline increased from 42.6% in March to 43.6%
in April; this increase, together with the gain in crude runs, resulted in a
material increase in the output of motor fuel. The total demand for motor
fuel in April was 35,458,000 barrels, of which 32,735,000 barrels constituted
domestic demand and 2,723,000 barrels was exported. The domestic demand
figure is substantially higher than in March 1934, and is 8% above a year
ago; on the other hand, exports were materially lower than in April 1933.
The trend in motor fuel stocks, which has been upward since some time
in September 1933, was reversed in April, when stocks declined about 600,000
barrels. Motor fuel stocks on April 30 totaled 65,608,000 barrels, of whicb
4,269,000 barrels was natural gasoline.
The most important change in the statistics of the minor products was a
material decline in the domestic demand for gas oil and fuel oil.
According to the Bureau of Labor Statistics, the price index for petroleum
products during April 1934 was 49.4, compared with 48.7 in March and 32.5
in April 1933.
The refinery data of this report were compiled from refineries with an
aggregate daily recorded crude oil capacity of 3,470,000 barrels. These
refineries operated during April at 71% of their capacity, given above,
which compares with a ratio of 67% in March.
3857
Financial Chronicle
Volume 138
PRODUCTION OF NATURAL GASOLINE (THOUSANDS OF GALLONS).
SUPPLY AND DEMAND OF ALL OILS.
(Thousands of Barrels of 42 Gallons.)
Stocks End of Mo.
Production.
New Suppit/Domestic production:
Crude petroleum
Daily average
Natural gasoline
Benzol_ a
Total production
Daily average
Imports:
Crude petroleum
Refined products
Total new supply,all oils
Daily average
Decrease in stocks, all Wis.__
DemandTotal demand
Daily average
Exports'
Crude petoroleum
Refined products
Domestic demand"
Motor fuel
Kerosene
Gas oil and fuel oil
Lubricants
Wax
Coke
Asphalt
Road oil
Still gas (production)
Miscellaneous
Losses and crude used as fuel
Total domestic demand
Daily average
StocksCrude petroleum
Natural gasoline
Refined products
April Jan-Apr. Jan-Apr.
1933.
1934.
1933.
April
1934.
March
1934.
75,796
2,526
2,926
152
78,874
2,629
75,548
2,437
3,019
159
78,726
2,640
65,313
2,177
2,674
89
68,076
2,269
288,770
2,406
11,764
573
301,107
2,509
265,642
2,214
10,864
360
276,866
2,307
b2,845
1,258
82,977
2,766
62,410
1,193
82,329
2,656
2,910
1,354
72,340
2,411
11,086
4,330
316,523
2,638
11,913
5,650
294,429
2,454
224
3,745
4,449
12,418
c538
83,201
2,773
86,074
2,777
76,789
2,560
328,941
2,741
293,891
2,449
3,942
7,675
2,582
6,771
2,939
6,732
11,323
25,150
8,899
22,946
32,735
3,654
25,476
1,651
82
520
1,021
247
3,642
183
2,373
30,528
4,218
32,377
1,643
78
736
512
317
3,429
193
2,690
30,176
2,925
25,123
1,390
88
612
777
111
3,557
79
2,280
117,727
16,271
120,299
6,036
332
3,117
2,294
880
13,578
564
11,370
108,225
12,830
108,262
4,493
346
3,207
2,197
373
13,063
415
8,635
71,684
2,386
76,721
2,475
67,118
2,237
292,468
2,437
262,046
2,184
354,350 354,067 336,499
4,269
3,926
3,590
231,176 232,026 248,558
354,350
4,269
231,176
336,499
3,590
248,558
Total, all oils
588,647
589,795 590,019 588,647 589,795
Days' supply
240
213
212
230
215
a From Coal Division. b Receipts of foreign crude as reported to Bureau of
Mines. c Increase.
PRODUCTION OF CRUDE PETROLEUM BY STATES AND
PRINCIPAL FIELDS.
(Thousands of Bairels of 42 Gallons.)
April 1934.
March 1934,
Total. DatlyAt. Total. DatlyAv.
Arkansas
California:
Huntington Beach
Kettleman Hills
Long Beach
Santa Fe Springs
Rest of State
Total California
Colorado
Illhiols
Indiana
Kansas
Kentucky
Loulsiana--Gulf coast_
Rest of State
Total Louisiana
Michigan
Montana
New Mexico
New York
Ohio-Central & Eastern
Northwestern
Total Ohio
Oklahoma-Okla, City
Seminole
Rest of State
Total Oklahoma___
Pennsylvania
Tennessee
Texas-Gulf coast
West Texas
East Texas
Panhandle
Rest of State
Total Texas
West Virginia
Wyoming-Salt Creek
Rest of State
Total Wyoming__
Jan.April
1934.
Jan.April
1933.
922
31
918
29
3,649
3,669
1,190
1,682
2,008
1,288
8,305
14,473
86
373,
66
4,031
338
1,475
764
2,239
901
237
1,401
295
260
85
345
5,803
3,188
6,706
15,697
1,187
40
56
67
43
276
482
3
12
2
134
11
49
25
74
30
8
47
10
9
3
12
193
106
224
523
40
1,244
1,702
1,930
1,299
8,535
14,710
81
394
70
4,064
378
1,337
798
2,135
870
214
1,341
313
280
85
365
5,402
3,278
6,771
15,451
1,222
40
55
62
42
276
475
3
13
2
131
12
43
26
69
28
7
43
10
9
3
12
174
106
218
498
40
4:513
ILK)
4,090
136
529 15,514
1,671
55
5,485
184
1,064 31,673
364
11
565
18
420
14
985
32
2,526 75,548
159
132
500
54
177
1.022
12
18
13
31
4,718
6,375
7,350
5.027
32,470
55,940
337
1,497
260
14,719
1,408
5,393
3,180
8,573
3,406
880
5,247
1,160
1,034
315
1,349
21,394
12,667
25,800
59.861
4,513
3
19,119
15,760
68,537
6,128
21,363
120,907
1,327
2,135
1,599
3,734
2,988
7,049
8.224
6,293
30,691
55,245
320
1,158
197
12,900
1,504
4,321
3,404
7,725
1,733
623
4,294
1,010
1,064
318
1,382
16,734
12,925
23,292
52,951
3,879
1
16,576
19,422
48,919
5,605
21,739
112,161
1,130
2,429
1,331
3,760
4,809
4,075
15,867
1,660
5,514
31,925
332
536
411
947
U. S. total
2,437 288,770
75,796
265,642
UMBER OF WELLS COMPLETED IN THE UNITED STATES.a
011
Gas
Dry
Total
Institute.
April
1934.
March
1934.
April
1933.
914
72
287
930
78
279
482
48
264
Jan.-Apr.
1934.
Jan.-Apr.
1933.
3,564
354
1,184
2.146
263
1,164
1,273
5,102
794
3,563
1,287
and Gas Journal" and California office of the American Petroleum
Natural Gasoline Output Declined During April 1934.
According to the United States Bureau of Mines, Department of the Interior, the daily average production of natural
gasoline in April was 4,100,000 gallons, an increase of 10,000
gallons over the average in March. Production in the Eastern
States declined, due to seasonal changes, but these losses were
offset by increases in the Oklahoma City and East Texas
fields. Production in the Texas Panhandle for the first four
months of 1934 totaled 77,500,000 gallons, or 43% above
production during the corresponding period of 1933. Stocks
of natural gasoline held by plant operators increased materially, rising from 42,918,000 gallons on April 1 to 53,587,000 gallons on April 30. The major portion of this
increase affected stocks in Texas. The Bureau's report
further showed:
April
1934.
March
1934.
Jan.April
1933.
April
1934.
4,900
600
30,500
2,200
35,800
3,500
1,100
4,900
39.400
6,000 23,000 24,000
800
3,000
3,000
31,500 122,300 111,100
2,200
8,300
9,100
36,300 140,300 112,100
3,500 14,000 13,400
1,100
4,300
5,200
4,800 19,000 18,500
40,600 159,100 160,700
7,138
607
20,750
1,186
18,378
669
132
1,169
3,558
6,103
627
19,486
819
10,215
907
186
1,186
3,389
Total
122,900 126,800 494,100 456,300
Daily average
3,800
4,120
4,100
4,090
Total (thousands of Ws.).. 2,926
3,019 11,764 10,864
91
Daily average
97
98
98
53.587
42,918
1.276
1.022
Appalachian
Illinois and Kentucky
Oklahoma
Kansas
Texas
Louisiana
Arkansas
Rocky Mountain
California
Jan.April
1934.
March
1934.
6,909 Tons of Tin Exported During April According to
International Tin Committee Compared with
6,946 Tons in March-Formation of Buffer Stock
of Tin at 8,282 Tons Agreed.
In a communique issued by the International Tin Committee, and made public by the New York office of the
International Tin Research & Development Council, it is
shown that 6,909 tons of tin was exported during April by
the five countries participating in the international tin
agreement. This compares with 6,946 tons exported in
March, a decrease of 37 tons. The communique also noted
that the formation, of a buffer stock of tin at 8,282 tons has
been agreed. The communique follows:
INTERNATIONAL TIN COMMITTEE.
Communilue.
1. A meeting of the International Tin Committee was held at London
on June 5 1934.
2. The monthly statistics as to export are as follows;
Cabled Information from Participating Countries for the Month of April.
Export April 1934.
1,310
Netherlands East Indies
439
Nigeria
1,663
Bolivia
2,794
Malaya
703
Siam
3. The four signatory governments have agreed to the formation, as
rapidly as possible, of a buffer stock of tin fixed at 8,282 tons. A special
quota of 5% of standard tonnages to permit of accumulation of this stock
has been sanctioned with effect from June 1. The whole stock must be
aCcumulated not later than the end of 1934.
As noted in the International Tin Committee's communique relating to exports in March, given in our issue of
May 5, page 3005, Netherland East Indies exported 1,430
tons during that month, Nigeria 342 tons, Bolivia 1,782, tons
Malaya 2,258 tons, and Siam 1,134 tons. The exports by
the countries during March exceed the allowable quota of
6,682 tons by 264 tons.
Non-Ferrous Metal Market Improved ModeratelyCopper Fairly Active Abroad.
"Metal and Mineral Markets" in its issue of June 7 stated
that even though some uncertainty still exists over the summer business outlook, inquiry for major non-ferrous metals
improved moderately last week, particularly in the last
two days. In copper the feature was the activity that developed in the foreign market at somewhat lower quotations.
The domestic situation in copper remains about unchanged.
Lead was in sufficient demand to steady prices. Zinc sold
off again, largely on continued excess production of concentrate in the Tri-State district. Formation of a "buffer
pool" in tin was announced on June 6. Silver closed slightly
higher. Bismuth was reduced in price on June 1. "Metal
and Mineral Markets" further went on to report:
Copper Business Lags.
Domestic business in copper continues slow, sales for the last week
totaling about 2,500 tons. Fabricators of copper report an increase in
specifications, but on new business the trade is evidently awaiting final
settlement of all questions of marketing raised by the code. Sales allotments have not yet been assigned to individual producers. The matter of
appointing an "arbiter" for the copper industry came up for further discussion during the week, but nothing definite was decided upon. The
copper and brass mill products industry is also considering the selection
of an "arbiter." The market for "Blue Eagle" copper held at 8.50c..
Valley, throughout the week.
The foreign market for copper was fairly active all week. The unsettlement in the price abroad, resulting in some offerings at a shade under
8c., c.i.f., on June 5, did stimulate buying interest. Most of the business
transacted abroad on June 6 was at prices ranging from 8c. to 8.05c., c.i.f.
Hatanga was an aggressive seller last week, and much of the weakness in
the foreign market was inspired by talk of a larger output by the Belgian
producer. One report had it that Katanga would step up output to about
100.000 tons for this year. The import restrictions in Germany also had
a bearish Influence abroad. Total foreign business last week was probably
in excess of 12,000 tons.
Lead Price Steady.
Demand for lead last week, although of fair proportions, was somewhat
below the level of the preceding week. Prices were unchanged at 4c., New
York, the contract settling basis of the American Smelting & Refining Co..
and 3.85c., St. Louis. The moderate falling off of consumer interest in
the metal was said to be a development that might have been expected
following the heavy buying of about two weeks ago, when the current
level of prices was established.
3858
Financial Chronicle
The business of the past week was well distributed among the various
consumers, with the pigment interests and battery manufacturers acquiring
a large share of the total metal sold. Now that a code for the industry has
finally been signed, the trade generally hopes that a more satisfactory
price for the metal will soon prevail.
Zinc Sells at 4.25c.
Prime Western zinc opened the week at 4.30c., St. Louis, but by Monday
several sellers took on business at 4.25c., near-by positions, and metal
was available at the lower level up to the close. Galvanizers showed more
interest, and business booked was in fair volume. During the week ended
June 2 about 3,000 tons of zinc changed hands. An unsettling factor in
the market was the difficulty experienced In regulating the output of
concentrate in the Tri-State district. With concentrate lower, it is hoped
that production can be held in check.
"Buffer Pool"for Tin.
Up until June 5 the domestic tin market of last week was relatively
quiet, but during the last two days a fair amount of business was transacted.
Prices moved within a narrow range, largely in sympathy with sterling
exchange. An unfavorable development of the week, although one that
was expected, was the further decline of 5% in tin-plate operations, from
75% to 70% of capacity.
A "buffer pool" of 8,280 tons is to be formed abroad as soon as possible,
according to cable advices of yesterday, which stated that an announcement
to that effect had just been issued by the four "signatory" countries. The
pool is to be built up through a 5% increase in production quotas, beginning
with June 1, for the remainder of 1934. This increase in quotas, however,
as pointed out by one bullish interpreter of the announcement, will provide
only about 4,700 tons, so the supposition is that the difference between
8,280 tons and 4,700 tons will have to be purchased in the open market.
Chinese 99% was quoted nominally as follows: May 31,51.750c.; June!.
51.450c.;Ju.ne 2, 51.350c.; June 4, 50.700c.; June 5, 50.500c.; June 6,
50.900c.
The world's visible supply of tin at the end of May was estimated at
17,371 long tons, against 17,704 tons a month previous and 41,883 tons a
Year ago. United States deliveries of tin during May amounted to 4,110
tons, against 4,405 tons in April, and 4,835 tons in May 1933, according
to the Commodity Exchange. With consumption of tin likely to decline
over the summer period, the May statistics failed to impress buyers here
as "bullish," especially with the market above 50c.
Steel Output Rises Another Point-Present Operating
Rate Will Probably Be Sustained During Remainder
of the Month, Says the "Iron Age"-Prices of Scrap
Drop to a New Low for the Year.
The strike threat and the desire of consumers to obtain
shipments against expiring low-priced contracts have resulted in increasing pressure for steel, raising ingot output
from 59 to 60% of capacity, reports the "Iron Age" of June 7,
in its weekly review of iron and steel conditions throughout
the country. At Chicago, production has risen 3% points to
69%, a new high for the year. Buffalo and the Valleys each
had a two-point gain to 59% and 65%, respectively, while
Cleveland output fell off four points to 63%. Operating rates
are unchanged at other centers, Detroit holding the lead at
100%, while Pittsburgh remains at 49%, the Wheeling district at 74%, eastern Pennsylvania at 45%, and the South at
63%. The "Age" further states:
June 9 1934
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
June 5 1934, 2.2220. a Lb.
Based on steel bars, beams, tank plates,
One week ago
2.222o. wire, rails, black pipe and sheets.
One month ago
2.2220. These products make 85% of the
One year ago
1 892e. United States output.
Low.
High.
1934
2.222c. Apr. 24
2.0280. Jan. 2
1933
1.8670. Apr. 18
2.0380. Oct. 3
1932
1.9280. Feb. 2
1.977o, Oct. 4
1931
2.0370. Jan. 13
1.9450. Dec. 29
1930
2.2730. Jan. 7
2.0180. Dec. 9
1929
2.3170. Apr. 2
2.2730. Oct. 29
1928
2.2860. Dec. 11
2.2170. July 17
1927
2.4020. Jan. 4
2.2120. Nov. 1
Pig Iron.
June 5 1934, 817.90 a Gross Ton.
Based on average of basic iron at Valley
One week ago
$17.90 furnace foundry irons at Chicago.
One month ago
17.90 Philadelphia, Buffalo, Valley, and 131rOne year ago
mingliam.
15.01
High.
Low.
1934
$17.90 May 1
$16.90 Jan. 4
1933
16.90 Dee. 5
13.56 Jan. 3
1932
14.81 Jan. 5
13.56 Dee. 6
1931
15.90 Jan. 6
14.79 Dee. 15
1930
18.21 Jan. 7
15.90 Dec. 16
1929
18.71 May 14
18.21 Dee. 17
1928
18.59 Nov. 27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap.
June 5 1934, $10.58 a Gross Ton.
Based on No. 1 heavy melting steel
One week ago
$10.92 quotations at Pittsburgh, Philadelphia
One month ago
11.92 and Chicago.
One year ago
9.92
High.
Low.
1934
$13.00 Mar. 13
$10.58 June 5
1933
12.25 Aug. 8
6.75 Jan. 3
1932
8.50 Jan. 12
6.42 July 5
1931
11.33 Jan. 6
8.50 Dec. 29
1930
15.00 Feb. 18
11.25 Dee. 9
1929
17.58 Jan. 29
14.08 Dec. 3
1928
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov.22
The American Iron and Steel Institute on June 4 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 57.4% of the
capacity for the current week, compared with 56.1% last
week and 56.9% one month ago. This represents an increase of 1.3 points, or 2.3% above the estimate for the week
of May 28. 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
flee. 11
Dee. 18
31.6% Dec. 25
28.1% 193125.2% Jan. 1
27.1% Jan. 8
26.9% Jan. 15
26.8% Jan. 22
28.3% Jan. 29
31.5% Feb. 5
34.2%
193431.6% Feb. 12
Feb. 19
29.3% Feb. 26
30.7% Mar. 5
34.2% Mar. 12
32.5% Mar. 19
34.4% Mar. 26
37.5% Apr. 2
39.9%
43.8%
45.7%
47.7%
46.2%
46.8%
45.7%
43.3%
1934Apr. 9
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
May 28
June 4
47.4%
50.3%
54.0%
55.7%
50.9%
56.8%
54.2%
58.1%
57.4%
"Steel," of Cleveland, in its summary of the iron and steel
markets, on June 4 stated:
While the general trend In steel consumption is slightly downwardbased principally on declining automobile production-two factors last
week tended to increase specifications and shipments and to rally steelworks operations 3 points to 60%.
The first of these is the reluctance of consumers to lose their equities in
Despite a further tapering of automobile tonnage, present operating rates
second quarter contracts, with the certainty of higher prices beginning
will probably be sustained through the remainder of the month. Sheet mills
July 1 than they now are paying; and the second is the artificial stimulus
are unable to accept additional specifications against contracts except for
supplied by fears of a steel strike.
special items, and are running at 70% of capacity. Strip mills are also
Nothwithstanding the radical statements issued last week by some labor
crowded, while tin plate producers continue to average close to 75%, although
groups, steelmakers are taking a hopeful view. The revised steel code,
facing an early downward revision of their schedules. Activity in the heavier
granting certain concessions to labor, goes in effect June 11, and the Washproducts, which has lagged, is relatively better, although at Chicago rail mill
ington administration is trying to avert a strike, set for June 16.
operations are being curtailed so that rollings can be spread evenly over the
To some extent price provisions of the new code led consumers last week
next three months.
to hesitate in ordering material. Foremost, is the amendment which
The strike threat of the Amalgamated Association has been taken more
permits producers to file prices, regardless of any question as to their
seriously by iron and steel consumers than by the producers. Lack of enthu"fairness," and the right of others to meet these prices promptly.
siasm for the strike demands on the part of the rank and file of workers has
Prices, once filed for a quarter, will be the maximum which can be
been marked, and in certain plants Amalgamated lodges have disbanded and
charged in that period, irrespective of how much costs might be advanced.
returned their charters. The steel industry is now apprehensive that union
Apparently, prices will be no higher than named at the outset, but there
strategy aims to achieve its ends through governmental interference rather
always will be the possibility of them going lower. Due regard to costs
than to take the risk of ordering a walkout. In this connection the revised
and ethical standards are expected to weigh against unfair competition.
Wagner bill is regarded as particularly dangerous. The provision of the
To the great majority of consumers changes made in basing points will be
measure permitting the Labor Board to hold employee elections on a comof minor significance.
pany, craft or piant basis, or any other basis it may select, would make it
June 11 was set as the effective date for the new code to allow for the
possible for a biased tribunal to confine the voting to sectors or groups
10-day period in which to file new prices. But with few exceptions books
known to be strongest in union membership. While a separate labor board
were opened June 1 for the third quarter at those prices which were named
for the steel industry has been proposed by General Johnson, the measure
last April, after consumers had been given the opportunity to cover at
of its merit would also be the character of its personnel.
lower levels. These prices incorporate the advances ranging from $3 to
Although the forward outlook in iron and steel is dimmed by labor uncer$8 a ton-offsetting some of the steelmaker's costs in increasing wages.
Steelmakers continue to take heavy shipments of scrap,. but lack of new
tainties, seasonal tendencies and the consumer accumulations of low-priced
buying has resulted In further price reductions at Chicago, Detroit and
inventories, there is a growing feeling that the growth of steel consumption,
Cleveland, lowering "Steel's" iron and steel scrap composite 38 cents to
apart from the automotive industry, has been underestimated. This nascent
$1.0.33. For the first time in six weeks, however, the downward trend In
change in viewpoint may account for signs of stabilization in the scrap
scrap
prices at Pittsburgh halted, leading to the belief that with strike
market, particularly at Philadelphia, and to some extent at Pittsburgh..
uncertainties overcome the market will show more stability. Pig iron
Nevertheless, the "Iron Age" scrap composite has declined from $10.92 to
shipments still are increasing moderately.
$10.58 a ton, a new low for the year.
Daily average pig iron output in May-66,274 gross tons-was 14.5%
Structural steel awards, at 29,825 tone, are the largest for any week since
higher than in April, and largest since April 1931. Total output-2,054,mid-January. Lettings for May, at 87,350 tons, were the largest for any
507 tons-was 18.3% over the preceding month. Production for five
month this year, comparing with 55,380 tons in April and 84,750 tons in
months this year-7,012,747 tons-shows a gain of 149% over the period
3faroh.
last
year. Stacks active May 31 numbered 115, a net increase of six in
The most important revision of the steel code is a provision that once
the month.
prices have been filed for a calendar quarter they cannot be advanced, although
Shape awards for the week dropped sharply to 9,006 tons, holiday inthey may be reduced. This change will largely destroy the incentive to
fluences being adverse. The Navy Department and Shipping Board are
contract for iron and steel, and was probably intended as a further safeco-operating in a proposal to aid in construction of 100 tankships in the
guard against speculative buying. The 10-day waiting period after filing
next two years, which will require a substantial steel tonnage.
prices was retained, except in the case of reductions in price to meet lower
Eastern plate mills are expanding production, largely for railroad equipprices filed by competitors.
ment requirements. Domestic freight car awards in May totaled 717;
Sheet steel piling has been advanced $3 a ton, effective June 11, and new
for the first five months this year, 21,424, largest for the period since 1930.
prices on seamless steel boiler tubes have gone into effect. Otherwise prices
Rail production is steady. Nickel Plate awarded 1.000 tons of track
of leading products remain unchanged. Makers of cap and machine screws,
fastenings.
who now have a code of their own, filed new prices, effective June 1. The
Steelworks operations last week advanced 3 points to 65% at Chicago;
"Iron Age" composite prices for finished steel and pig iron are unaltered
2 to 63, Youngstown;3 to 53, Buffalo; 1 to 79, Cleveland; and Ii-point to
at 2.222c. a pound and $17.90 a ton, respectively.
4534, eastern Pennsylvania. They were reduced 1 point to 50%, Pitts-
Financial Chronicle
Volume 138
burgh; and were unchanged at 100%, Detroit; 84, New England; 74,
Wheeling; 55, Birmingham.
Sheet mill operations, as a national average, last week were 68%, and
tin plate production 80%.
"Steel's" iron and steel price composite is unchanged at $34.77. and the
finished steel composite, $54.80.
U. S. Steel is estimated at about 48%, against 46% in the two preceding weeks. Leading independents are credited with a rate of 68%,
compared with 67% in the week before, and 69% two weeks ago.
The following table gives the percentage of production, for the nearest
corresponding weeks of previous years, together with the approximate
change from week immediately preceding:
Independents.
Industry.
U. S. Steel.
1933
1932 x
1931
1930
1929
1928
44.54-F234
36)
.5+134
51
41 -2
71 -234
95
7934+ 35
1007
7A1.4-4‘.4
42 -234
75 -435
9955
8234+1
0n.5_7
40 -2
6734-134
92 -11.4
76
on --0
+3
Not available.
Reported for 1933 by companies which made 96.57% and for 1934 by companies
that made 98.10% of the open hearth and Bessemer steel ingot production
In 1932.
1933.
Jan
Feb
Mar
Apr
May
885.743
922,806
784.168
1,180,893
1,716,482
109,000
126,781
94,509
135,217
216,841
994,743
1,049,587
878,677
1,318,110
1,933,323
1,030,075
1.086,867
909.886
1,362,856
2,001,991
26
24
27
25
27
39,618
45,286
33.699
54.514
74,148
18.23
20.83
15.50
25.08
34.11
5 mos....
June
July
Aug
Sept
Oct
Nov
Dec
5,490,092
2.211,657
2,738,083
2,430,750
1.991,225
1,847,756
1,331,091
1,624.447
682,348
296,765
355,836
370,370
242,016
191.673
156,939
132,787
6,172,440
2,508,422
3,093,919
2.801,120
2,233,241
2,039,429
1.488,030
1,757.234
6,391,675
2.597,517
3.203.810
2,900,611
2,312,562
2,111,866
1,540,882
1,819.648
49,548
99,904
128,152
107,430
88,944
81,226
59,265
72,786
22.79
45.96
58.95
49.42
40.92
37.37
27.26
33.48
19,665,101 2,428,734 22,093.835 22,878,571 310
73.801
33.95
27
24
27
25
27
73,959
92,147
103,600
117,425
125,807
34.13
42.53
47.81
54.19
58.06
11,943,244 1,141,368 13,084,612 13,338.035 130
102,600
47.35
Total_ _
1934Jan
Feb
Mar
April
May
5 mos
Pig Iron Output Up 14.5% in May.
Production of coke pig iron in May totaled 2,042,896
gross tons, compared with 1,726,851 tons in April, according
to the "Iron Age" of June 7. The May daily rate, at 65,900
tons, was the highest since that of April 1931, which was
67,317 tons. The daily rate in May showed a gain of 14.5%
over the April rate of 57,561 tons. The "Age" continued:
There were 116 furnaces in blast on June 1, making iron at the rate of
66,850 tons a day, compared with 110 furnaces on May 1, operating at the
rate of 63,270 tons a day. Seven furnaces were blown in during May and
one furnace was banked. The Steel Corporation blew in two furnaces,
independent steel companies blew three in and banked one, and merchant
producers blew two in.
Among the furnaces blown in are the following: One Swede furnace, of
the Alan Wood Steel Co.; one Monongahela, National Tube Co., one Ohio,
Carnegie Steel Co.; one Sparrows Point, Bethlehem Steel Co.; the Hamilton
furnace, of the Hamilton Coke & Iron Co.; one Ford furnace, of the Ford
Motor Co., and the Rockdale furnace, of the Tennessee Products Corp.
The furnace banked was an Eliza unit of the Jones & Laughlin Steel Corp.
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1 I928-GROSS TONS.
1930.
1931.
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
1932.
bacnt.D0wo..w000...--0
January
Februat y
March
April
May
June
First six months_
July
August
September
October
November
December
12 mos.average._
1929.
1933.
1934.
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
Pig /ron.x
January
February
March
April
May
June
Half year
July
August
September
October
November
December
1933.
1,215,226
1,263,673
1,619.534
1,726,851
2,042,896
568,785
554,330
142,011
623.618
887,252
1,265,007
Ferromanganese.y
1934.
172,489
175,873
203,904
257,482
331,620
1,958.956
2,169,511
2,744,047
2,879,854
3,332,244
1,996,897
2,211,530
2.797,194
2.935,631
3,396,783
a The figures of "per cent of operation" are based on the annual capacity as of
Dec. 311932. of 67,386,130 gross tons for Bessemer and Open Hearth Stee Ingots.
Bituminous Coal and Anthracite Production Increased.
According to the United States Bureau of Mines, Department of the Interior, bituminous coal output was estimated
at 6,350,000 net tons for the week ended May 26 1934, as
against 6,225,000 tons in the preceding week and 5,115,000
tons in the corresponding period last year. Anthracite
production amounted to 1,234,000 net tons as compared
with 1,111,000 tons in the week ended May 19 1934 and
688,000 tons in the week ended May 26 1933.
During the calendar year to May 26 1934 there were
produced a total of 152,033,000 net tons of bituminous coal
and 27,870,000 tons of anthracite as against 117,457,000
tons of bituminous coal and 18,232,000 tons of anthracite
during the calendar year to May 27 1933. The Bureau's
statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Calendar Year to Date.
Week Ended
May 26
1934.c
May 19
1934.d
May 26
1933.
1934.
1933.
4,441,003
1,792,452
1,833,394
1,522,257
1,356,361
1,085,239
1,182,079
1929.
a Includes lignite, coal made Into coke, local sales, and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales, and colliery fuel. c Subject
to revision. d Revised.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS)a
Week Ended
1933.
State.
11,703
10,818
17,805
15,418
10.001
8,810
8,591
4,783
5,857
5,948
13,074
47,063
18,661
16,953
13,339
16,943
14.524
9,369
13,212,785
Year
136,762
x These totals do not include charcoal pig iron. The 1932 production of this
15,055
gross
tons
in
1931.
3
,
gross tons as against 46,213
Included in
Iron was
pig iron figures.
Steel Ingot Output Higher in May.
The American Iron and Steel Institute's monthly report of steel ingot production calculates the output of all
companies in May at 3,396,783 tons, an increase of 461,152
tons over the previous month, when 2,935,631 tons were produced. A year ago, in May, the total was only 2,001,991 tons'.
Since November last there has been a substantial increase in
mill activity in each month, so that per cent, of operation,
which was only 27.26% in that month, was up to 58.06% in
May; the rate a year ago was 34.11%. Approximate daily
output for the 27 working days in .May was 125,807 tons,
while in April, with 25 working days, output averaged only
117,425 tons per days, and in -Aray 1933, which also had 27
working days, with no more than 74,148 tons. Below we
show the report in full, giving the monthly figures since
January 1933:
1.786,467
1,993,638
2,540,143
2,622,372
3,000,624
Bitum. coal-a
W eekly total 6,350,000 6,225,000 5,115,000 152,033,000 117,457.000 213,289,000
940,000 1,706,000
Daily aver__ 1,058,000 1,038,000 853,000 1,223,000
Pa. anthra.-b
Weekly total 1,234,000 1,111,000 888,000 27,870,000 18,232,000 29,793,000
241,200
147,600
Daily aver__ 205,700 185,200 114,700
225,700
Beehive coke348,200 2,750,000
468,800
Weekly total
8,900
10,300
11,700
20,833
2,763
3,721
Daily aver__
1,717
1,483
1,950
PRODUCTION OF COKE PIG IRON AND OF FERROMANGANESE
(GROSS TONS).
1934.
Monthly
Calculated No.of Approx. Per
Cent.
Monthly Work- Daily
Output.
Output OperaBessemer. Companies. Output All ing
Reporting. Companies. Days AU Cos. fion.a
OpenHearth.
Month.
MOOt-00000
NNNNNNNN
Steel ingot production for the week ended June 4 is placed
at a little over 59% of capacity, according to the "Wall
Street Journal" of June 5. This compares with a fraction
under 57I9% in the previous week and with a shade above
59% two weeks ago. The "Journal" adds:
3859
MONTHLY PRODUCTION OF STEEL INGOTS. JANUARY 1933 TO
MAY 1934-GROSS TONS.
May 19
1934.
May 12
1934.
May 20
1933.
May 13
1933.
May 21
1932.
May 1923
Average.e
398,000
Alabama
221,000 223,000 135,000 137,000 134,000
66,000
16,000
11,000
Ark. and Okla
8,000
17,000
8,000
168.000
50,000
74.000
69,000
Colorado
62,000
50,000
Illinois
515,000 495,000 431,000 490,000 125,000 1,292,000
394,000
Indiana
188,000 190,000 195,000 202,000 185,000
89,000
50,000
45,000
39,000
47,000
Iowa
36,000
64,000
131.000
67,000
Kansas and Missouri
70,000
38,000
58,000
679,000
Kentucky-Eastern _ 572,000 541,000 456,000 425.000 398,000
183,000
98.000 160,000
95,000
99,000
Western
112,000
47.000
19.000
23,000
21,000
Maryland
27,000
20,000
12.000
2,000
3,000
3,000
3.000
4,000
Michigan
23.000
42,000
25,000
25,000
24,000
Montana
26,000
14.000
17,000
57.000
17,000
New Mexico
17,000
16,000
14,000
14,000
14,000
12,000
North Dakota
18,000
20,000
860,000
82,000
Ohio
288,000 319,000 291,000 317,000
d
1,232,000 3,578,000
d
Pennsylvania (bitra.) 1,805,000 1,783.000
121.000
65,000
54,000
53,000
Tennessee
77,000
72,000
22.000
11,000
12,000
10,000
13,000
Texas
19,000
74,000
24,000
34,000
Utah
24,000
38,000
26,000
250.000
Virginia
183,000 172,000 137,000 131,000 117,000
44,000
23,000
21,000
26,000
Washington
21,000
22,000
W. Va.-Southern b 1,457,000 1,477,000 1,154,000 1,134,000 1,082,000 1,380,000
862,000
d
411,000
d
Northern_e
456,000 498,000
59,000
110,000
62.000
56,000
55,000
Wyoming
55,000
5,000
1,000
Other States
2,000
2.000
5,000
5,000
Total bitum. coal_ 6,225,000 6,237,000 5,050.000 5.080,000 4,355,000 10,878,000
Pennsylvania anthra. 1,111,000 1,088.000 664,000 724,000 705,000 1.932.000
Total ivial
7
gcn rim 7 29a nnn c 714 win c 1104 000 A nan (1011 12 810.000
a Figures for 1923 and 1932 only are final. b Includes operations on the N.& W.,
C.& 0., Virginian, K.dc M.. and B. C.& G. c Rest of State, including Panhandle,
Grant, Mineral, and Tucker counties. d Original estimates in error. Figures are
being revised. e Average weekly rate for the entire month.
Preliminary Estimates of Coal Production Show Gains
for May.
According to the United States Bureau of Mines, Department of the Interior, preliminary estimates show that for
the month of May 1934 there were produced a total of 28,025,000 net tons of bituminous coal, as against 24,772,000
3860
Financial Chronicle
tons in the previous month and 22,488,000 tons in the
corresponding period last year. Anthracite output was
estimated at 5,261,000 net tons, compared with 4,837,000
tons in April last and 2,967,000 tons in May 1933.
The average production of bituminous coal per working
day was estimated at 1,066,000 net tons as against 1,024,000
tons per day in April 1934 and 852,000 tons in May last
year. Average output of anthracite per working day during
May 1934 was figured at 202,300 net tons, compared with
201,500 tons in the preceding month and 114,100 tons in
the fifth month of last year. The Bureau's statement
follows:
June 9 1934
Total for
Mynah
(Na Tons).
Calendar
Year to
No. of
Average per
Working. Working Day End of Mall
Days.
(Net Tons.) (Net Tons.)
May 1934 (Preltntinary)—
Bituminous coal
28,025,000
26.3
1,066,000
156,180.000
Anthracite
5,261,000
26
28,593,000
202.300
Beehive coke
475,800
50.400
27
1,867
April 1934 (Revised)—
Bituminous coal
24,772,000
24.2
1,024,000
Anthracite
4,837,000
24
201,500
Beehive coke
60,800
25
2,432
May 1933—
Bituminous coal
22,488,000
119.890,000
26.4
852,000
Anthracite
18,459,000
2,967,000
26
114,100
Beehive coke
47,300
27
353,600
1,752
Note.—All current estimates will later be adjusted to agree with the result of the
complete canvass of production made at the end of the calendar year.
Current Events and Discussions
The Week With the Federal Reserve Banks.
The daily average volume of Federal Reserve bank credit
outstanding during the week ended June 6, as reported by
the Federal Reserve banks, was $2,470,000,000, a decrease
of $4,000,000 compared with the preceding week and an
increase of $250,000,000 compared with the corresponding
week in 1933. After noting these facts, the Federal Reserve
Board proceeds as follows:
On June 6 total Reserve bank credit amounted to $2,475,000,000, an
increase of $5,000,000 for the week. This increase corresponds with increases of $24,000,000 in member bank .reserve balances. $4,000,000 in
money in circulation and $2.000,000 in non-member deposits and other
Federal Reserve accounts, and a decrease of $6,000,000 in Treasury and
National bank currency, offset in part by a decrease of $17,000,000 in
Treasury cash and deposits with Federal Reserve banks and an increase
of $14,000,000 in monetary gold stock.
The System's holdings of bills discounted declined $5,000,000 and of
United States Treasury notes $2,000,000, while holdings of Treasury
certificates and bills increased $2,000,000.
The statement in full for the week ended June 6 in comparison with the preceding week and with the corresponding date last year will be found on pages 3907 and 3908.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
June 6 1934 were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Increase (+) or Decrease (—)
Since
June 61934. May 30 1934. June 7 1933.
$
6
6
29,000,000
—5,000,000 —248,000,000
5,000,000
—6,000,000
2,430,000,000
+518.000,000
10,000,000
+9,000,000
—5,000,000
TOTAL RES'VE BANK CREDIT...2,475,000,000
Monetary gold stock
7,790,000,000
Treasury and National Bank eurrency2,365,000,000
+5.000,000 +261,000.000
+14.000,000 +3,761,000,000
—6,000,000
+69,000.000
Money in circulation
5,342,000,000
+4.000,000 —138.000,000
Member bank reserve balances
3,787,000,000 +24,000,000 +1,583.000,000
Treasury cash and deposits with Federal Reserve banks
3,034,000,000 —17,000,000 +2,727,000,000
Non-member deposits and other Federal Reserve accounts
467,000,000
+2,000,000
—81,000,000
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 $82,000,000, the total of these loans on June 6 1934
standing at $997,000,000, 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 $743,000,000 to $825,000,000, while loans "for account
of out-of-town banks" remained even at $164,000,000 and
loans "for account of others" at $8,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
June 6 1934. may 30 1934. June 7 1933.
$
Loans and investments—total
7,141,000.000 7,034,000,000 6,970,000,000
Loans—total
On securities
All other
Investments—total
U.S. Government securities
Other securities
June 6 1934.
Total
997,000,000
On demand
On time
Loans and investments—total
On securities
All other
875,000,000
17,000,000
7,000.000
915,000.000
699,000.000
596,000,000
595,000,000
640,000,000
282,000,000
314,000,000
279,000,000
316,000,000
334,000,000
306,000,000
857,000,000
846,000,000
557,000,000
562,000,000
295,000,000
556,000,000
290,000,000
350,000,000
207,000,000
Reserve with Federal Reserve Bank.— 413,000,000
41,000,000
Cash in vault
410,000,000
42,000,000
200,000,000
32,000,0.00
1,339,000,000 1,322,000,000
348,000,000 348,000,000
26,000,000
26,000,000
903,000,000
356,000,000
7,000.000
Investments—total
U. S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
178,000,000
403,000,000
Due from banks
Due to banks
176,000,000
390,000,000
219,000,000
274,000,000
Borrowings from Federal Reserve Bank_
Member Banks of the Federal
the Preceding Week.
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursdays
simultaneously with, the figures for the Reserve banks
themselves and covering the same week, instead of being
held until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in 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 May 30:
Complete Returns of the
Reserve System for
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on May 30 shows increases for the week
of $99,000,000 in net demand deposits, $21.000,000 in loans and $28,000,000
In investments,and decreases of $9.000,000 in time deposits and $33,000,000
in Government deposits.
Loans on securities increased $8.000,000 at reporting member banks
In the Boston district and at all reporting member banks. "All other"
loans increased $10,000,000 in the New York district and $13,000.000 at
all reporting banks.
Holdings of United States Government securities declined $10,000,000
in the St. Louis district and increased $8,000,000 in the Cleveland district.
all reporting banks showing no change for the week. Holdings of other securities increased $13.000,000 in the New York district, 89,000,000 in the St.
Louts district and $28,000,000 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 $1,006,000,000 and net
demand, time and Government deposits of $1,158,000,000 on May 30.
compared with $1,014,000,000 and $1,146,000,000,respectively, on May 23.
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 May 30 1934 follows.
Increase (+) Or
May 30 1934,
Decrease
Since
May 23 1934. May 311933.
Loans and investments—total...17,306,000,000
+49,000,000
+880,000,000
1 727,000,000 1,646,000,000 1,777,000,000
1.550,000,000 1,558,000,000 1.682,000,000
Loans—total
On securities
All other
+21,000,000
+8,000,000
+13,000,000
—459,000,000
—237.000,000
—222,000,000
3,864,000,000 3,830,000,000 3.511,000,000
Investments—total
3,277,000,000 3,204,000,000 3,459.000,000
2 791,000,000 2.760,000,000 2,443,000,000
1,073,000,000 1,070,000,000 1,068,000,000
Reserve with F. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
6,150,000,000 6,097,000,000 5,758,000,000
679,000,000 676,000,000 687,000,000
539,000.000 539,000,000
87,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
87,000,000
70,000,000
85,000,000
1,642,000,000 1,577.000,000 1,398,000,000
Due from banks
Due to banks
856.000,000
38.000,000
8,026,000,000
3,476,000,000
4,550.000,000
9,280.000,000
+28,000.000 +1,339,000,000
— —
TJ. S. Government securities—. 6,262,000,000
+1,314.000,000
Other securities
3.018,000,000
+28,000,000
+25,000.000
1,304,000,000 1,356,000,000
39,000,000
40,000,000
743,000,000
164,000,000
8,000,000
678,000,000 629,000,000 539,000,000
319,000,000 286,000,000 180,000,000
Chicago.
1,453,000,000 1.441,000,000 1,197,000,000
Loans—total
Reserve with Federal Reserve Bank
Cash in vault
Borrowings from Federal Reserve Bank
May 30 1934. June 7 1933.
Loans on secur. to brokers & dealers:
For own account
825,000,000
For account of out-of-town banks
164,000,000
For account of others
8,000,000
Borrowings from F. R. banks
2,811,000,000
246,000.000
—7,000,000 +1,187,000,000
+41,000,000
+6,000,000
12,426,000,000
4,455,000,000
955,000,000
+99,000,000 +1,$08.000.000
—9,000,000 +173,000.000
—33,000,000 +737,000.000
1,526,000,000
3,600,000,000
—38,000,000
—54.000,000
+193,000.000
+788,000,000
8,000,000
+2,000,000
—88,000,000
Volume 138
Financial Chronicle
Formation of New York Foreign Exchange
Brokers Association.
Announcement is made of the formation of an association,
the membership of which constitutes practically every foreign
exchange broker operating in the New York financial district.
The association is to be known as The New York Foreign
Exchange Brokers Association. "The purpose of the organization," Chas. D. Blauvelt, of Blauvelt, Lingley & Co.,
and President of the new organization, states, "will be to
maintain the highest standards of business ethics and integrity and to promote fair and equitable principles of trade."
The officers of the association, elected at the executive meeting held June 1, in addition to Mr. Blauvelt are: Harold
Bayley, of Bayley & Mills, Vice-President; B. J. Snow, of
B. J. Snow & Co., Secretary; Herman Krech, Treasurer.
All of the foregoing, in addition to E.S. Church of Church &
Derry, Arthur Partridge of Partridge, Curtis & Co.and Oscar
Peterson, of Oscar Paterson & Co., make up the Executive
Committee of the association.
Foreign Nations Seek to Begin Treaty Negotiations
with United States Following Congressional Approval of Reciprocal
' Tariff Bill.
Final Congressional approval of the Administration's
reciprocal tariff bill on June 6 was immediately followed by
visits at the State Department by Felipe A. Espil, Argentine
Ambassador, and Hans Luther, German Ambassador, both
of whom expressed the desire of their Goverments to begin
negotiations at once. Negotiations are already being carried on by the State Department with respect to a commercial
treaty with Cuba. Other countries winch are said to have
recently signified their interest in such treaties include
Sweden, Brazil, Mexico, Portugal, Spain and Canada. In
this connection, a Washington dispatch of June 6 to the
New York "Times" commented:
Before the State Department can proceed it will require an appropriation of $100,000 to defray expenses made necessary by the setting up
of a special division for the negotiations and the appointment of experts
and other special personnel.
What countries will be invited first to negotiate or whether negotiations
will be conducted simultaneously but separately with several, are questions
yet to be decided.
The general plan will be to concentrate on articles which we particularly
need, and to obtain corresponding tariff reductions on articles the other
countries expecially require from us. The cumulative effect of such a
Program, it is felt, would be to lower tariff walls generally throughout
the world.
Cuban Cabinet Ratifies New Treaty with United
States—Exchange of Ratifications Expected Today, Making Pact Effective.
The new treaty under which the United States renounces
the right of armed intervention in Cuba, and which annuls
the Platt amendment through abrogation of the treaty of
1903, was ratified by the Cuba Cabinet on June 4. The
new treaty will become effective with the exchange of ratifications, expected to take place in Washington to-day
(June 9). Signature of the treaty on May 29 and its ratification by the Senate on May 31 were noted in our issue of
June 2, pages 3689-90.
President Roosevelt Asks Congress for Authority to
Give Government of Haiti Buildings and Equipment Now Used by United States Marines—Total
Value Is Under $100,000—Text of Message.
President Roosevelt on June 5 sent to Congress a message
in which he recommended the enactment of legislation
authorizing him to convey to the Government of Haiti,
without cost, such buildings, material and equipment owned
by the United States in Haiti "as may appear to me to be
appropriate." He referred specifically to the buildings and
equipment used by the United States marine and naval
forces which will be withdrawn in October. Such a gift,
the President said, would be "a fitting climax to the close
of a period of special relationship which has existed between
Haiti and the United States." Reports from Washington
said that the total value of the buildings and equipment
mentioned is less than $100,000. The text of the President's
message follows:
To the Congress of the United States.
Next October our marine and naval forces will be withdrawn from the
Republic of Haiti. During a period of almost 20 years in which they have
been stationed in Haiti they have rendered valuable assistance to the
Haitian Government and people in training the Haitian constabulary.
This constabulary, known as the "garde." has been using certain equipment and material loaned to them by our marine and naval forces, and
the Haitian Government would welcome the opportunity of retaining this
equipment material. Also, there are various buildings, barracks, garages
and workshops which our marines and naval forces have constructed and
which would be of practical use to the Haitian Government. It would
seem to me a fitting climax to the close of the period of special relationship
which has existed between Haiti and the United States if our Government
3861
were to make a gift of these buildings and of a portion of this material
and equipment to the Haitian Government. In the joint statement which
the President of Haiti and I issued on April 17 following our conversations
during President Vincent's visit to Washington, I expressed my intention
of seeking the necessary authorization from the Congress of the United
States in order to make such a gift.
With the foregoing in mind, therefore. I recommend the enactment
of legislation authorizing me In my discretion to convey to the Government
of Haiti, without cost to that Government, such buildings, material and
equipment now in Haiti owned by our Government as may appear to me to
be appropriate.
FRANKLIN D. ROOSEVELT.
The White House, June 5 1934.
Canadian Government Expected to Make Profit of
$33,000,000 on Gold Taken Over from Banks.
The Canadian Government may make a profit of $33,000,000 on gold that it will take over from Canadian banks
at the statutory price of $20.67 a fine ounce, according to
Toronto Canadian Press advices of June 6, which explained
the computation as follows:
The Government bank statement for April 30, the latest available.
gives the amount of coin in the banks at $39,928,171. A banker here
estimated that 95%, or about $38,000,000, was in gold coin. The banks
hold at agencies outside Canada $9,159,554, bringing the total up to roughly
$47,000,000. The prevailing premium on gold, now selling in New York
at $35 an ounce. is about 70% over the old price of $20.67. giving a profit
of $33,000,000.
Canadian Central Bank to Take Over Gold from
Chartered Banks at $20.67 an Ounce, Rather Than
$35.
The Canadian Parliamentary Banking Committee announced on June 5 that the new Canadian Central Bank
would take over from chartered banks gold at the statutory
price of $20.67 a fine ounce, rather than the market price
of $35 as the banks had desired. The Committee also reduced the profits which the Central Bank will be permitted
to earn and approved an amendment giving the Government
power of veto over its decisions. An Ottawa dispatch of
'June 5 to the New York '.`Times" noted the Committee's
action in part as follows:
The Committee was influenced on the gold price question by a memorandum
of Dr. W. C. Clark, Deputy Minister of Finance. warning that the Government would be exposed to widespread censure if it paid $35 for the gold
it took over.
Stating that the banks were being treated in exactly the same way as a
private Canadian citizen who turned in gold coin to-day to the mint, Dr.
Clark continued:
"The premium on gold resulted not from any commercial activity on the
part of the banks but as a result of the Canadian monetary policy applied in
the face of a serious world situation. It is obviously no part of the business
of banking to engage in the purchase of gold with a view to speculative
profit.
"The premium on gold is the measure of the depreciation of our currency.
This depreciation has been at the expense of the people and not at the
expense of the banks. It follows that any profit on gold reserves arising
out of monetary policy should accrue to the State representing the people
as a whole."
Canadian House of Commons Passes Bill Ending
"High-Pressure.
" Security Selling—Measure Described as One of Most Stringent Incorporation
Laws in World.
The Canadian House of Commons on June 1 passed the
Canadian Companies Act, designed to end "high-pressure"
selling of securities, including canvassing by telephone.
C. H. Cahan, Secretary of State, described the measure as
one of the most stringent company incorporation laws in
the world. The Secretary of State said that since notice of
the bill had been given many Canadian companies had
already applied for Provincial instead of Federal charters.
An Ottawa dispatch of June 1 to the New York "Times"
described the bill as follows:
It forbids the sale of securities unless the buyer has been supplied with a
prospectus containing exhaustive and accurate information about the company concerning its previous issues, salaries paid to its high ranking officials,
amounts paid to promoters, or intended to be paid, and a variety of other
details.
Great Britain Advises United States that Payments
on War Debts Will Be Suspended Pending Discussion of Ultimate Settlement of Intergovernmental
Debts.
The intention of the British Government to suspend further payments on its war debt to the United States is
made known in a note received at Washington, on June 4, by
Secretary of State Cordell Hull, from Sir Ronald Lindsay,
the British Ambassador. According to the note, such further payments would be deferred "until it becomes possible
to discuss an ultimate settlement of intergovernmental war
debts with a reasonable prospect of agreement." The British Government, the note adds, has no intention of repudiating its obligations, "and will be prepared to enter upon
further discussion of the subject at any time wihen in the
opinion of the President such discussion would be likely to
produce results of value."
3862
Financial Chronicle
Great Britain's note is in reply to a communication addressed to it by the United States, on May 25, as to which
the reply of Ambassador Lindsay states:
Moreover, the Hoover moratorium and the Lausanne agreement had
changed conditions, it was asserted. These had been followed by efforts
to reach a new debt settlement with us but without success, due to "the
unprecedented state of world economic and financial conditions."
His Majesty's Government are in fact faced with a choice between only
two alternatives, viz, to pay in full the sum of $262,000,000 as set forth
in the communication from the United States Treasury, dated May 25, or
to suspend all interim payments pending a final revision of the settlement,
which has been delayed by events beyond the control of the two governments.
Deeply as they regret the circumstances which have forced them to take
such a decision, His Majesty's Government feel that they could not assume
the responsibility of adopting a course which would revive the whole
system of intergovernmental war debt payments.
As already pointed out, the resumption of full payments to the United
States would necessitate a corresponding demand by His Majesty's Government from their own war debtors. It would be a re-creation of the conditions which existed prior to the world crisis and were in a large
measure responsible for it.
Such procedure would throw a bombshell into the European area which
would have financial and economic repercussions over all five continents
and would postpone indefinitely the chances of world recovery.
Accordingly, His Majesty's Government are reluctantly compelled to
take the only other course open to them.
In addition to sending communications to the debtor nations, President Roosevelt on June 1 addressed a message
to Congress on the subject of the foreign debts. A reference
thereto appeared in our June 2 issue, page 3702, and elsewhere in these columns to-day we give the President's message in full. The following is the note addressed, on May 25,
by William Phillips, Under-Secretary of State, to the British
Ambassador:
With reference to the notes sent to the various debtor
nations by the United States, it was stated in advices,
May 28, from Washington to the New York "Herald Tribune," that reminders were sent to 13 countries calling
attention to the fact that payments of $174,647,439 are due
June 15. From the same source we take the following:
In addition, each note, except that addressed to Finland, carried a statement of amounts which were due but not paid on previous dates when the
funding agreements provided for collections. Where token payments were
made, only the remainders due were noted. The amounts not paid in the
past according to contract terms added $304,155,582 to the total bill.
Ten of the messages from the State Department went forward to-day.
The three to Great Britain, France and Belgium had been dispatched last
week. Andre de Laboulaye, French Ambassador, visited Cordell Hull,
Secretary of State, to-day and talked over "current relations," but whether
the subject of war debts came up was not disclosed. Paris has already
indicated it will not pay. The bill to Great Britain called for $85,670,765
due June 15. France owes $59,000,218, and Belgium, $7,159,458.
The other governments to which notes were sent (said the
dispatch) were:
Czechoslovakia, for $1,632,812.
Estonia, $322,850.
Finland, $166,538.
Hungary, $32,669.
Italy, $14,741,598.
Latvia, $134,883.
Lithuania, $147,864.
Poland, $4,039,039.
Rumania, $1,248,750.
Jugoslavia, $300,000.
These amounts it was noted do not include past unpaid
balances.
The Washington account to the "Herald Tribune" likewise said:
The notes to the debtor countries said merely that the Secretary of State
was requested by the Treasury to submit to the nation in question a statement of the amount due June 15. The notes concluded with the polite
suggestion that payments may be made at the Treasury or the Federal
Reserve Bank of New York.
The May 25 note of the United States Government was
made public on June 4, along with Great Britains reply. As
to the State Department's note and the British Government's reply, we quote the following from the Washington advices, June 4, to the New York "Times":
This note [United States] was made public by the Department to-day,
and showed Great Britain owing $261,791,011.68, including back payments
of $65,949,481.58 due on June 15 1933; $110,170,765.05 due on Dec. 15
1933, and $85,670,765.05 due next June 15. . . .
Great Britain said she would have been prepared to make further payment on June 15 "in acknowledgment of the debt and without prejudice to
their right again to present the case of its readjustment, on the assumption that they would again have received the President's declaration that
he would not consider them in default"
"They understood, however." the note added, "that in consequence of
recent legislation no such declaration would now be possible, and if this
be the case the procedure adopted by common agreement in 1933 [of token
payments] is no longer practicable."
•
June 9 1934
British Position Restated.
Much of the note was taken up by a restatement of the British position
on debts. The existing system of intergovernmental war debt obligations,
it was contended, had broken down. The British funding agreement was
unreasonable in itself and inequitable as compared with the treatment
accorded the other debtors, the note stressed.
On original advances of $4,277,000,000 Great Britain had paid $2,025,000,000, while the amount now owed was $4,713,785,000. In addition,
her payments had been far in excess of all of those of the other debtors,
she said.
Furthermore, Great Britain had suspended payments of her debtors on
$7,800,000,000 of war advances. Improvement in her budgetary situation
was beside the point, being due to "unprecedented sacrifices" by her people.
Also, payment of intergovernmental debt was related to the balance of
trade, not to the volume of internal revenue, the note continued.
An attempt to transfer across exchange the amounts due would, the
note said, "cause a sharp depreciation of sterling against the dollar, which,
as His Majesty's Government understand, would not be consistent with the
monetary policy of the United States Government."
"And in the long run," it added, "such international transfer would be
impossible without a radical alteration in the economic policies of the
United States."
This reference, it was explained, was to the necessity of our accepting
goods and services from abroad to cover debt payments, which would
require a reversal of the existing favorable balance of trade for the United
States. War debts, it was contended, were different from commercial
loans, being neither productive nor self-liquidating and "the unnatural
transfers required for their payment would involve a general collapse of
normal international exchange and credit operations."
May 25 1934.
I am requested by the Secretary of the Treasury to transmit to you a
statement of the amounts due from your Government June 15 1933, Dec. 15
1933, and June 15 1934, under the provisions of the debt agreement of
June 19 1923. and the moratorium agreement of June 4 1932, and to
advise you that payment may be made either at the Treasury in Washington
or at the Federal Reserve Bank of New York,
STATEMENTS OF THE AMOUNTS DUE FROM THE GOVERNMENT OF
GREAT BRITAIN JUNE 15 1933, DEC. 15 1933, AND JUNE 15 1934.
Amount due June 15 1933—
Semi-annual interest due June 15 1933
$75,950,000.00
Less a partial payment of interest
10,000,518.42
Balance due
$65,949,481.58
Amount due Dec. 15 1933—
Principal instalments (11th payment) due Dec. 15 1933
32,000,000.00
Semi-annual interest due Dec. 15 1933
75,950,000.00
First semi-annual instalment of the annuity due Dec. 15 1933 on
account of the moratorium agreement of June 4 1932, as authorized by a joint resolution of Congress approved Dec. 23 1931._ 9,720,765.05
Amount due
$117,670,765.05
Less partial payment of Interest Dec. 15 1933
7,500,000.00
Balance due
$110,170,765.05
Amount due June 15 1934—
Semi-annual interest due June 15 1934
75,390,000.00
Interest accrued from Dec. 15 1933 to June 15 1934 on principal
instalments (11th payment) of $32,000,000 which matured
Dec. 15 1933
560,000.00
Second semi-annual instalment of the annuity due June 15 1934 on
account of the moratorium agreement of June 4 1932
9,720,765.05
Amount due
$36,670,785.05
Accept, Excellency, the renewed assurances of my highest consideration.
For the Secretary of State:
(Signed) WILLIAM PHILLIPS.
His Excellency, the Hon. Sir Ronald Lindsay, P. 0., G. O. G., K. 0. B.,
C. V. 0., British Ambassador
Ambassador Lindsay's reply follows:
June 4 1934.
British Embassy,
• Washington, D. C.
Sir: In their note of Dec. 1 1932, His Majesty's Government gave a full
statement of the reasons which convinced them that the existing system
of intergovernmental war debt obligations had broken down. They pointed
out the differences between these war debt obligations and normal credit
operations for development purposes.
They showed the economic impossibility of making transfers on the scale
required by these obligations and the disastrous effect which any further
attempt to do so would have on trade and prices.
They emphasized the sacrifices which the British nation had made in
this matter and the injustice of the difference between their funding settlement and those accorded to other debtors.
They concluded that a revision of the existing settlements was essential
In the interests of world revival and they urged that further payments
should be postponed pending such a revision.
Nothing that has since occurred has led His Majesty's Government in
the United Kingdom to change the views they then expressed.
That the present settlement imposes upon the people of the United
Kingdom a burden which is both unreasonable in itself and inequitable in
relation to the treatment accorded to other countries may be clearly seen
from the following figures:
In respect of war advances totaling $4,277,000,000, payments totaling
$2,025,000,000 have been made up to date by His Majesty's Government
to the United States Government. Yet, despite these payments, the nominal
amount of the debt still outstanding as at June 15 1934 amounts to
$4,713,785,000.
Meanwhile, in respect of war advances totaling $5,773,300,000 made by
the United States Government to other European governments, aggregate
payments made up to date amount to only $678,500,000. Thus, though
the war advances to these other governments exceed by one-quarter the
advances made to the United Kingdom, payments made by the United
Kingdom amount to three times what the United States Government has
received from those other Powers.
On the other hand, His Majesty's Government are creditors as well as
debtors in respect of these intergovernmental obligations. While, as
stated above, they borrowed $4,277,000,000 from the United States they
themselves made war advances to the Allied governments totaling £1,600,000,000 ($7,800,000,000 at par). These loans were raised by His Majesty's
Government from the people of the United Kingdom and the annual
interest thereon, and eventually their capital repayment, must, in the
absence of payments by debtor governments, be met out of the general
taxation of their own people.
In this respect the position of the United Kingdom is precisely similar
to that of the United States. But, whereas, the United States have received
very substantial payments against the domestic charges involved, His
Majesty's Government have had to meet the domestic charges of their war
loans to Allied governments in full, as they have paid over to the United
States Government all that they have received both from war debts and
war reparations, and they have in addition paid nearly as much again out
of their own resources.
If the United States feel the burden of their war advances of $10,050,000,000 against which they have received $2,703,000,000, how much heavier
Is the burden of the United Kingdom, which, with one-third of the population of the United States, has had to meet the full charges of $7,800,000,000
without any net receipts against these charges and has in addition made large
payments out of its own resources on account of its war debt to the
United States?
None the less, convinced that any resumption of payments on the past
scale could not but intensify the world crisis and might provoke financial
Volume 138
Financial Chronicle
and economic chaos, His Majesty's Government have suspended, their claims
on their debtors in the hope that a general revision of these intergovernmental obligations may be effected in the interest of world recovery. But
It would be impossible for them to contemplate a situation in which they
would be called on to honor in full their war obligations to others while
continuing to suspend all demands for payment of war obligations due
to them.
The imprOvement which has taken place in the budgetary situation of
the United Kingdom in no way invalidates this conclusion. This improvement is due entirely to unprecedented sacrifices made by the people of this
country. Since the war they have been carrying a burden of indebtedness
amounting to approximately £8,000,000,000 ($40,000,000,000), or £178
($850) per head of their population, about one-fifth of which represents
war loans made to allied governments.. They have balanced their budget
and even realized a surplus by the painful process of reducing expenditures
and increasing taxation.
For 15 years they have been paying taxation on a scale for which it
would be hard to find a parallel 'elsewhere. During the whole of this
period the burden of taxation has been higher in the United Kingdom, and
for a considerable part of the period twice as high as in the United States,
including all Federal, State and local taxation.
This taxation, amounting to close on one-quarter of the national income,
has aggravated the depression over a long period, and the necessity of maintaining an army of unemployed resulting from this depression has constituted
a formidable problem to the national finances ever since the war ended.
Yet in order to restore the national credit in 1931 the people of the United
Kingdom accepted further and heavy increases in taxation, accompanied
by rigorous control of expenditure, and cuts in salaries and allowances
of all kinds.
And, despite all these measures, the budget would have again shown a
deficit last year had it not been possible to secure by the conversion operation carried through in 1932 a reduction in the rate of interest paid on a
large proportion of the public debt. This reduction has enabled His
Majesty's Government to remit a part of the emergency sacrifices imposed
in 1931 and to restore part of the cuts on salaries and, the whole cut in
unemployment allowances, the continuance of which was imposing a severe
strain on the national conscience.
It would have been a gross act of social injustice to have denied this
relief to the people of this country in order to pay war debts to the
United States while suspending war debt payments due to the United
Kingdom.
But, although it is desirable that the internal budgetary position of this
country should not be misunderstood, it is really irrelevant to the question
of intergovernmental debt, the payment of which has to be related to the
balance of trade and not to the volume of internal revenue.
The revenues of the United Kingdom are sterling revenues, whereas the
debt payments to America have to be made in dollars or in gold. In
order to secure the means to pay, therefore, any sums available in sterling
would have to be transferred across the exchange. The attempt to transfer
amounts of this magnitude would as its immediate effect cause a sharp
depreciation of sterling against the dollar, which, as His Majesty's Government understand, would not be consistent with the monetary policy of the
United States Government.
And in the long run such international transfers would be impossible
without a radical alteration in the economic policies of the United States.
Payment of debts implies the willingness of the creditor to accept goods and
services sufficient to cover the debts due to him over and above the goods
and services required to cover his exports, and to make it possible for the
United States to receive payment of their claims it would be necessary to
effect a complete reversal of the existing favorable balance of trade between
their country and the rest of the world.
In the case of the United Kingdom the balance of trade is heavily unfavorable, and the balance of accounts is not such that His Majesty's Government
could contemplate the transfer of any substantial sum across the exchange,
unless it was compensated by equivalent receipts from the foreign debts of
this country. If this were done, sterling would not be affected by the payments to America, hut the burden would be thrown on the currencies of
the European debtor countries, thereby aggravating the present crisis, which
it is the object of both the United States and His Majesty's Government to
alleviate.
Only Part of Intergovernmental Obligation..
Thus the question of the British war debt is only a part of the wider
question of intergovernmental obligations resulting from the World War.
As has already been pointed out, the United Kingdom, while it was a
debtor to the United States, was itself a creditor for larger amounts from
France, Italy and other ex-Allied Powers in respect of war debts, and these,
in turn, are co-creditors with the United Kingdom of Germany in respect of
reparations.
These intergovernmental debts, as stated in the British note of
Dec. 1
1931, are radically different from commercial loans raised by foreign governments on the markets for productive purposes. War debts are neither productive nor self-liquidating, and the unnatural transfers required for their
payment would involve a general collapse of normal international
exchange
and credit operations.
The administration of the United States under President Hoover recognized this fact and initiated a moratorium on intergovernmental payments
in 1981 in order to avert an immediate collapse. But the moratorium of
1931 caused another change in the situation: it made any resumption of
the pre-existing reparation and war debt settlements impossible, and the
revision of reparations embodied in the Lausanne agreement was made subject to conclusion of a subsequent agreement for the revision of war debts.
It was with these facto in mind that His Majesty's Government approached
the United States Government in December 1932, and the United States
Government, in their note of Dec. 7, welcomed their suggestion for a close
examination between the two countries of the whole subject. After
this
exchange of notes, His Majesty's Government paid the instalment due on
Dec. 15 1932, in g;21d, explaining that this payment was not to be regarded
as a resumption of the annual payments contemplated by the existing agreement, and that It was made because there had not been time for discussion
with regard to that agreement to take place, and because the United States
Government had stated that in their opinion such a payment would greatly
Increase the prospects of a satisfactory approach to the whole problem.
In accordance with the arrangement then made, discussions took place
first in the spring and later in the autumn of last year between representatives of the two countries, and His Majesty's Government appreciate the
sympathetic manner in which their representatives were listened to. But
on both occasions it was found impossible to arrive at a settlement acceptable
to the two governments in face of the unprecedented state of world economic
and financial conditions.
3863
Accordingly, the discussions were adjourned, and on June 15 and Dec. 16
1933 His Majesty's Government made token payments in acknowledgment of
the debt, and the President expressed the personal view that he would not
regard His Majesty's Government as in default.
In their note of Nov. 6 last His Majesty's Government expressed their
readiness to resume negotiations on the general question whenever, after consultation with the President, it might appear that this could usefully be
done, and His Majesty's Government are glad to note that the President in
his message to Congress on June 1 has again stated that each of the debtor
governments concerned has full and free opportunity to discuss this problem
with the Government of the United States.
But, unfortunately, recent events have shown that discussions on the
whole question with a view to a final settlement cannot at present usefully
be renewed. In these circumstances His Majesty's Government would have
been quite prepared to make a further payment on June 15 in acknowledgment
of the debt and without prejudice to their right again to present the case
of its readjustment, on the assumption that they would again have received
the President's declaration that he would not consider them in default.
They understand, however, that in consequence of recent legislation no such
declaration would now be possible, and if this be the case the procedure
adopted by common agreement in 1933 is no longer practicable.
Great Britain Faced with Two Alteriuttives.
His Majesty's Government are in fact faced with a choice between only
two alternatives, viz., to pay in full the sum of $262,000,000 as set forth
in the communication from the United States Treasury, dated May 25, or
to suspend all interim payments pending a final revision of the settlement
which has been delayed by events beyond the control of the two governments.
Deeply as they regret the circumstances which have forced them to take
such a decision, His Majesty's Government feel that they could not assume
the responsibility of adopting a course which would revive the whole system
of intergovernmental war debt payments.
As already pointed out, the resumption of full payments to the United
States would necessitate a corresponding demand by His Majesty's Government from their own war debtors. It would be a re-creation of the conditions which existed prior to the world crisis and were in a large measure
responsible for it. Such procedure would throw a bombshell into the
European arena which would have financial and, economic repercussions over
all five continents and would postpone indefinitely the chances of world
recovery.
Accordingly, His Majesty's Government are reluctantly compelled to take
the only other course open to them. But they wish to reiterate that, while
suspending further payments until it becomes possible to discuss an ultimate
cettlement of intergovernmental war debts with a reasonable prospect of
agreement, they have no intention of repudiating their obligations, and
will be prepared to enter upon further discussion of the subject at any time
when in the opinion of the President such discussion would be likely to
produce results of value.
I have the honor to be, with the highest consideration, sir, your most
obedient and humble servant,
R. C. LINDSAY.
The Hon. Cordell Hull, Secretary of State of the United States,
Washington, D. C.
British House of Commons Approves Changes in
Colonial Sugar Duties.
Canadian Press advices from London June 1 said:
The House of Commons to-night approved proposals to alter the Colonial
sugar duties in such a way as to divert the flow of the commodity to Canada.
The measure reduces the preference on Colonial sugar to its old rate of three
shillings, eight pence a hundredweight on 96-degree sugar, with proportionate rates on sugar of higher or lower polarization.
Sugar Quotas for Cuba, Hawaii, Puerto Rico, Philippines and Virgin Islands Fixed at 4,642,000 Tons.
Supplementing the item appearing in our issue of June 2
(page 3690) regarding the announcement as to sugar quotas
for areas outside Continental United States, made on May 31
by Rexford G. Tugwell, Acting Secretary of Agriculture, we
take occasion here to refer the to advices in the matter issued
by the Agricultural Adjustment Administration (May 31)
in which it was pointed out that under the terms of the
Jones-Costigan Act relating to the fixing of quotas for the
various insular producing areas, the Secretary of Agriculture
is required to determine consumption estimates for the calendar year, deduct the statutory quota of 1,810,000 short
tons for the continental United States, plus 30% of any
excess of estimated consumption above 6,452,000 short tons.
The Secretary of Agriculture has estimated consumption for
the calendar year at 6,476,000 short tons. This excludes
syrups and molasses, said the Administration, which added:
The total continental allotment was fixed, under the Act, at 1.817,000
short tons, leaving 4,659,000 short tons for distribution among the Islands
and foreign countries.
A reserve of 17,000 tons was created for subsequent allotment after further
study of the facts to full duty countries, leaving 4,642,000 short tons available for distribution among the Islands and Cuba. Sugar imported into
continental United States and subsequently re-exported as refined sugar or
in manufactured products is not subject to quota restrictions.
The allocations were determined by taking the average continental consumption of sugar from the Philippines, Puerto Rico. and Cuba for the
years 1931-33, and of Hawaiian sugar for the years 1930-32, and adjusting
the averages to the available total of 4,642,000 short tons. The Act requires the allocation to outside producing areas be made on the basis of
average quantities brought into the continental United States for consumption during such three years in the years 1925-1933, inclusive, as the
Secretary of Agriculture deems to be most representative.
Mr. Tugwell's announcement as to sugar quotas determined for Hawaii, Puerto Rico, the Philippines, the Virgin
Islands and Cuba followed a detailed study by a Cabinet
committee designated by the President to assist the Secretary
of Agriculture in ascertaining the facts upon which to base
his decision as to the quantities of sugar which may be shipped
3864
Financial Chronicle
for consumption into continental United States from outside
producing areas. This committee was composed of the Secretary of Agriculture, the Secretary of State, the Secretary
of War and the Secretary of the Interior.
The quotas for the various areas—totaling 4,642,000 tons
(noted in our item of a week ago)—were given in short tons
of sugar raw value.
It was pointed out by Acting Secretary Tugwell that "the
Department of Agriculture as it accumulates information not
available at this time, may be able to revise and refine certain
data which have been used in calculating quotas. If changes
are subsequently made in the data which have been used, the
Secretary of Agriculture may give effect to such changes
. through his power to revise and adjust quotas at his own discretion." It was emphasized however, that the quotas as
announced were expected to remain fixed, and that no
changes other than minor adjustments are anticipated.
From the announcement May 31 of the AAA we also quote:
It was further stated at the Department of Agriculture that it was contemplated that the Governors of the Island territories would be designated
as administrators of the sugar control plan. These officials also will be
charged with the responsibility of submitting plans to utilize processing tax
funds either in the form of benefit payments to cane producers or to make
necessary agricultural adjustments. A -commission from Puerto Rico already is engaged in the formulation of an agricultural program, it was
stated, and the other insular territories are expected to submit plans for the
improvement of the agricultural situation in their territories.
In the distribution of processing tax funds,It was stated that consideration
would be given to the changed agricultural conditions in each area brought
about by the application of the quotas.
Soviet Russia Passes United States in Output of Gold—
$100,000,000 Production in Year Puts Russia
Second Only to Transvaal—African Decline Noted.
Soviet production of gold, has now surpassed that of both
the United States and Canada and is second only to that
of the Transvaal, according to a statement on June 3 by A.
Serebrovsky, Chief of the gold industries. Adviees to this
effect were contained in a Moscow cablegram, June 3 to the
New York "Times":
Furthermore, M. Serebrovsky said, "the unequaled richness of the gold
deposits of the Soviet Union and the rapid growth of the gold-mining industry justify the claim that in the near future the U. S. S. It. will be able
to exceed the Transvaal's production, thus taking first place in the world."
It was reported through the Soviet press recently that Soviet gold production last year was 100,000,000 gold rubles, twice the annual production
before the revolution. This figure. far from being an exaggeration, probably
is too low. Certain well-informed foreign observers here compute the 1933
production at 114,000,000 rubles, nearly $100,000,000 at the present official
rate of exchange.
[The value of the gold produced in the United States last year was
$45,877,085. The figures for Canada and Transvaal were, respectively,
$63,061,106 and $238,936,062.]
Transvaal gold, M. Serebrovsky pointed out, is in nuggets concentrated
In one section and thus is easily mined. Furthermore, he said, production
there has recently been declining.
M. Serebrovsky asserted that while great progress had been made in
recent years in modernizing and mechanizing the gold-mining methods in
the Soviet Union, much more improvement is possible and production can
be greatly accelerated when transportation facilities are improved.
"We have the richest gold reserves in the world and must therefore take
full advantage of them," he added. "The gold-dust reserves here are
inexhaustible. So many have been discovered recently that we literally
do not know where to start first—in the Urals, North Caucasus, Kazakstan
or in some other rich field."
Announced for German Redemption
Bonds (Neubesitz)—Will Expire June 21 1934.
The German Government has announced a plan for the
conversion of German Government Redemption Bonds
without rights (Neubesitz), according to advices received
June 6 by Zimmerman & Forshay, New York City, from
their foreign correspondents. An announcement in the
matter said:
Conversion Plan
Under the offer of the German Government, which will expire on June
21 1934, the holders upon depositing 300 reichsmarks of the Neubasitz
bonds and paying 23.75 reichsmarks in cash, will receive 100 reichsmarks
in 4% new bonds listed on the Berlin Boerse. After June 21 1934, the
Neubesitz loan will be stricken from the Berlin Stock Exchange list. These
redemption bonds were issued in 1925 to holders of German war loans
purchased after June 1920, of which the firm of Zimmerman & Forshay
have been among the largest distributors in this country.
Australian Loan Oversubscribed.
Canadian Press advices from Canberra, Australia, June 7,
states:
The lists for the Commonwealth loan of $50,000,000 at 33j%, issued at
98, were closed, heavily oversubscribed, soon after they were opened
to-day.
A conference to the loan appeared in our June 2 issue,
3689.
page
China Remits Funds for Payment of Interest on Coupons Due June 15 1929 and Dec. 15 1928 on 6%
Hukuang Railways Sinking Fund Gold Loan of
1911.
J. P. Morgan announced on June 5 the receipt of funds
from China for the payment on and after June 15 of the
June 9 1934
following interest due on the Imperial Chinese Government
5% Hukuang Railways Sinking Fund Gold Loan of 1911:
Coupon No. 36 Due June 15 1929.
From all bonds of the American, British and French series. This includes the payment of such coupon from any bonds of these three series
which have been drawn for redemption for the sinking fund, but as to which
China has made no provision to date for the payment of princibal.
Coupon No. 35 Due Dec. 15 1928.
From bonds of the German series. This includes the payment of such
coupon from any bonds of this series which were drawn for redemption for
the sinking fund after June 15 1924, but as to which China has made no
provision to date for the payment of principal.
The announcement by J. P. Morgan & Co. continued:
No provision has yet been made by China for the payment of the principal
of any bonds of the American, British and French series drawn for redemption for the sinking fund after June 15 1925, or of any bonds of the German
series drawn for redemption for the sinking fund after June 15 1924.
With respect to that portion of the German series which had not been
validated prior to 1924, it is to be noted that China has not yet arranged to
pay the interest due between Dec. 15 1920 and June 15 1924 inclusive. In
addition, China is in arrears for the payment of the principal of such nonvalidated German bonds which were drawn for redemption for the sinking
fund between June 15 1922 and June 15 1924 inclusive, and no provision
has been made for the payment of any interest thereon subsequent to the
redemption date.
"China and Silver," by Sir Arthur Salter, to Be Published in United States.
A condensed version of the official report submitted to
the Chinese Government by Sir Arthur Salter, at the conclusion of his work as official adviser to the Chinese Economic Council, will be published in the United States by
the "Economic Forum," according to an announcement
this week. The announcement added:
Publication of the book, which is entitled "China and Silver," is considered extremely important at this time because of the probable effects
which American silver legislation may have on China. Of particular interest to America, in the opinion of the editors of the "Economic Forum,"
is Sir Arthur Salter's analysis of the possible repercussions from the Orient
if driven to desperate extremes by the American silver policy.
Exports of Funds Limited by Cuba—Americans Affected
by Call for Return of Proceeds from Sale of All
Products—Regarded as Step Toward Creation of
Bank of Issue—Cuban Banks All Refuse to Issue
Drafts or Engage in Exchange Deals, Fearing
Penalties.
A decree restricting the exportation of funds from Cuba
was signed by President Carlos Mendiata, according to
Havana advices, June 2, to the New York "Times." A later
cablegram (June 4) to the same paper stated that all Cuban
banks refused that day to issue drafts or effect exchange
operations, declining to accept responsibilities implied in
the decree restricting exportation of money from Cuba.
The June 4 cablegram added:
It is expected this suspension of operations will continue until the government issues regulations and clarifies the law.
Dr. Martinez Saenz, secretary of the Treasury, characterized the bank's
action as "an unjustified lockout, damaging Cuba's international credit."
"Anyone who can read the law," he said, "can see there is nothing in it
to hamper normal business transactions or credit. The decree law was
passed because of the threat of certain American bankers to withdraw from
Cuba all American currency because of recent legislation affecting gold and
silver."
Most of Gold Coin Gone.
According to recent statistics the total money circulation in Cuba does
not amount to more than $50,000
.
.000. of which half is Cuban silver and
gold. While the original issue of gold was $20,000,000 it is believed not
more than $6,000.000 in gold remains, the balance having been melted and
paid on foreign obligations by former governments or clandestinely taken
out of the country.
The effect of this legislation, financial observers say, will be contrary
to the objects of the administration and will force out United States currency by the curtailment of operations by American capital which now
dominates the island. It was said to be impossible to prevent the flow of
United States currency from Cuba.
The new restrictions are expected to handicap all commerce and industry.
Shipping agents met to-night to protest over the failure of the government
to provide for the prepaying of freight on exported merchandise.
Cessation of Credit Likely.
During recent months credits have been sharply curtailed and it is believed
the new law will cause an almost complete cessation of credit operations,
paralyzing commerce and industry. The penalties for violations are so
severe-6 to 12 years' imprisonment—that banks are not willing to assume
the risks the measure implies.
Following the abrogation of the Platt Amendment and recent legislation
revalorizing gold coin, the new law is considered a move toward the establishment of a bank of Issue, which is expected to be set up shortly. With no
gold reserve such a step would mean financial disaster, bankers say.
From the June 2 cablegram we quote:
The decree requires that proceeds of the sale of Cuban products be brought
back to Cuba within three months. This will affect many American companies. Most of the sugar companies are owned by Americans. They
usually ship the sugar to the United States and the proceeds remain in the
main offices in New York. Only sufficient funds for paying expenses are
returned to Cuba.
If the money received from exported products is not returned within three
months the exporter will be considered as having exported such funds and
will be subject to the penalty provided if a special exception is not made by
the Treasury Department.
Spaniards Also Affected.
The restriction on the exportation of funds will also affect thousands of
Spaniards who have been sending their savings to Spain and contributing
to the support of families there.
Volume 138
Financial Chronicle
The decree prohibits the exportation of funds except for the following
purposes.
In payment for imported merchandise; for the maintenance of offices and
personnel abroad; for the expenses, not to exceed $500 annually, of Cubans
or foreign residents of Cuba temporarily absent; to meet national, provincial
or municipal interest or principal payments or private obligations contracted before the decree; insurance premiums or interest or principal on
bonds or dividends on stocks held abroad, or to promote the export of
Cuban products.
Cuban banks will be permitted to issue foreign drafts only after proof
by the buyer that the funds are to be used for one of the purposes stipulated
in the decree. Importers must present invoices within 90 days, and in
other cases sworn statements and documentary evidence of the purpose
of the draft must be presented.
Neither Cubans nor foreigners residing in Cuba will be permitted to take
more than $500 out of the island nor can they receive when abroad more
than $500 yearly to cover personal or business expenses.
Nationals or foreigners residing abroad who obtain their livelihood from
properties or money invested in Cuba must pay to the government 10% of
all funds withdrawn unless the remittances are subject to other provisions
of the decree.
Insurance companies are permitted to send out the amount of the net
premiums collected but they must make monthly reports to the Treasury
Department.
Violators of this decree as well as those who facilitate illegal exportations
will be subject to 6 to 12 years' imprisonment.
Cuba Abolishes Various Emergency Consumption
Taxes Affecting Meal, Flour, &c.—Also Removes
Luxury Tax on Number of Articles.
The Department of Commerce at Washington reports,
under date of May 26, that Cuban decree-law No. 245,
published May 23 and effective June 1 1934, abolished the
emergency consumption taxes on meal or flour of oleaginous
seeds; chocolate; knit goods of cotton, rayon and silk; butter,
cheese, smoked ham and razor blades, as well as the emergency tax on public amusements and the special luxury tax
of 5% of the landed value on an extensive list of articles in
the luxury class, and 1% of the value on hotel and cafe
receipts in excess of specified limits. Advices to this effect
were contained in a cablegram to the Department from
Commercial Attache Walter J. Donnelly, Habana. The
further advIces, as made public by the Department,follow:
The emergency consumption taxes, established by the law of Aug. 9 and
effective Aug. 19 1932 were as follows: 6 cents Per 100 kilos on meal or flour
from oleaginous seeds; 2 cents per pound on chocolate; 30 cents per kilo
or fraction on cotton knit manufactures of single or ordinary work; 40 cents
per kilo or fraction on cotton knit manufactures of double or fine work;
65 cents per kilo or fraction on rayon or artificial silk knit manufacturers;
20% ad valorem on silk knit manufactures; $3 Per 100 kilos on butter and
cheese; $2 per 100 kilos on all kinds of smoked ham,and g of 1 cent on each
safety razor blade. The consumption taxes on imported articles were
payable to the customshouse, together with the import duties, and on articles
of local manufacture or production, on their release for consumption.
The principal articles on which the special luxury tax was applied include
passenger automobiles valued in Cuba in excess of $1,500; imported furniture; firearms and ammunition; imported hides and skins; leather goods:
musical instruments, including radios and accessories; bed clothes; table
linen and articles for personal use when made of silk, batiste or damask;
dress clothing and fine wearing apparel; fine jewelry and precious stones in
general; articles of gold and silver; articles of crystal and half crystal;
manicure articles, and imported
Perfumery.
Chile Obtains Loan From London Bank—Arranges for
£2,000,000 Credit to Consolidate Her Short-Term
Obligations.
From Santiago, Chile, June 2 a cablegram to the New
York "Times":
The announcement was made this morning that Chile's Ambassador in
London had closed an agreement with Rothschild & Sons for more than
£2,000,000 with which the government proposes to consolidate Chile's shortterm obligations in accordance with a plan announced to creditors a fortnight ago.
The obligations covered by the Ministry of Finance's plan are loans
made locally with foreign banks, including the National City and the Guaranty Trust and the South American banking companies. Overdrafts in
current accounts for past government expenses are other short-term debts.
It is pointed out the arrangement does not refer to service on foreign bonds
issues placed in markets abroad.
Chile Relaxes Oil Curb—Bill Will Allow Use of Foreign
Capital in Industry.
From Santiago, Chile, advices June 4 to the New York
"Times" stated:
The Government sent to Congress to-day a bill establishing new facilities
for the exploration and exploitation of oil deposits and withdrawing certain
limitations under the State monopoly.
The bill allows new grounds to be staked out only by Chilean citizens or
by companies with 60% Chilean capital, which may later by transferred to
foreign concerns if scarcity of capital makes work out of the question.
The Government retains 120,000 acres of land around oil wells already
mapped in the Tres Fuentes region and also the right to half of all future
discoveries.
The proposed oil legislation was referred to in our issue of
May 26, page 3521.
New York Stock Exchange Rules on 25-Year External
6% Gold Bonds Due 1947 of Dutch East Indies.
The following announcement was issued by the New
York Stock Exchange through its Secretary, Ashbel Green:
3865
NEW YORK STOCK EXCHANGE
Committee on Securities
June 4 1934.
Notice having been received that the Dutch East Indies Government
has announced that it will purchase at the rate of guilders 2.39ji per dollar,
the coupons due July 1 1934 from Dutch East Indies 25-year external 6%
gold bonds. due 1947. Coupons are to be delivered to the Nederlandsche
Handel-Maatschappij in Amsterdam, Holland, on or before June 21 1934.
The Committee on Securities rules that, beginning June 5 1934, the said
bonds, in addition to the regular method of trading (with next due coupon
attached, "and interest"), may be dealt in "ex" the July 1 1934 coupon,
transactions made in that manner to be "Flat" and to be a delivery to carry
the Jan. 1 1935 and subsequent coupons.
Unless otherwise specified, transactions in the said bonds shall be deemed
to have been made with the July 1 1934 coupon attached.
ASHBEL GREEN, Secretary.
Offer Announced by Province of Santa Fe (Argentina)
to Resume Payment of Interest on an Adjusted
Basis.
Luciano F. Molinas, Governor of the Province of Santa
Fe, Argentine Republic, in a notice to holders of the Public
Credit External 7% Sinking Fund gold bonds of the Province
dated Sept. 1 1924 and due Sept. 1 1942, on which service of
interest and sinking fund was suspended in September of
1932 because of the increased cost and difficulty of obtaining dollar exchange, together with reduced revenues, announced June 6 an offer to resume payment on an adjusted
basis commensurate, in its opinion, with the improvement
which has now taken place in the economic and financial
situation, which, however, still continues far below normal.
The provisions of the plan, as contained in Mr. Molinas's
notice, are noted in the following:
The plan, to be known as the Loan Readjustment Plan of 1934, is not
conditioned upon the assent of any speficied percentage of bondholders,
and since the plan represents the maximum which the Province feels itself
able to provide, it is not proposed to make any payments to bondholders
not assenting thereto.
The plan provides for the reduction of interest represented by the coupons
due Sept. 1 1934 to March 1 1939, inclusive, to 4% per annum and for the
payment of these respective coupons as they mature; also that the overdue
interest represented by the coupons due Sep.t 1 1932 to March 1 1934,
inclusive, shall be reduced in rate to 51 % per annum and be satisfied by
adding the aggregate amount thereof, as reduced, namely, 11%, to the
principal amount of each bond, without, however, increasing the amount
of interest payable upon the bond.
It further provides that the regular sinking fund of the issue shall be
waived for the period from Sept. 1 1932 to March 1 1939, inclusive, and a
special sinking fund provided for the period from Sept. 1 1934 to March 1
1939, this fund to consist of a sum in Argentine pesos equal to M of 1%
of the present outstanding principal amount of bonds. at their pesos value,
plus six months' interest at 4% on all bonds retired through the operation
of the special sinking fund. This sum is to be converted into United States
funds at current rates of exchange not later than 30 days prior to the corresponding coupon date and applied to the purchase for retirement of bonds
assenting to the plan at prices below their principal amount and accrued
interest.
Under the plan all payments to be made in United States currency shall
be made in dollars of lawful money of the United States in lieu of gold dollars. The option to take payment in a stipulated number of Argentine
pesos continues unaffected.
Bondholders who wish to assent to the plan should present their bonds
with all coupons attached, accompanied by letters of transmittal, to the
reorganization department of Manufacturers Trust Co., 45 Beaver Street,
New York City, as paying agents under the plan.
The Province reserves the right to elect at any time not to receive further
assents to the plan.
Tenders Invited for Purchase of $292,812 of Argentine
External Sinking Fund 6% Gold Bonds of 1924,
Series "B," for Sinking Fund.
The Chase National Bank of the City of New York, acting
for the fiscal agents, is notifying holders of Government
of the Argentine Nation external sinking fund 6% gold bonds
of 1924, series B, due Dec. 1 1958, that there is available
in the sinking fund $292,812 for the purchase of these bonds
at prices below par. Tenders, which should be presented
at the trust department, of the bank, 11 Broad Street, New
York, will be received up to 12 o'clock noon on July 2 1934.
Bonds of City of Buenos Aires (Argentina) to Be Purchased for Sinking Fund.
Kidder, Peabody & Co., fiscal agent under an agreement
with the City of Buenos Aires (Argentina), is inviting tenders of the city's external 313/
2-year 63% sinking fund
bonds, series 2-B, at prices not exceeding par for redemption
out of the $96,249 now held in the sinking fund. All tenders
must be received by June 12.
Offer by Hallgarten & Co. to Purchase April 1 1932 and
Oct. 1 1932 Coupons of Hungarian-Italian Bank,
Ltd., 73% 35-Year Sinking Fund Gold Bonds.
In a notice to holdeis of Hungarian-Italian Bank, Ltd.,
ni% 35-year sinking fund mortgage gold bonds, series AC,
due 1963, Hallgarten & Co. are offering to purchasa coupons
due April 1 1932 and Oct. 1 1932, at their face amount,
namely, $37.50 for each coupon on the $1,000 bond and
$18.75 on the $500 bond. Holders desiring to accept this
3866
Financial Chronicle
offer should present their coupons on or before June 15 1934
at the offices of Hallgartan & Co., 44 Pine Street, New York
City.
Market Value of Listed Stocks on New York Stock
Exchange June 1, $33,816,613,632, Compared with
$36,432,143,818 May 1-Classification of Listed
Stocks.
As of June 1 1934 there were 1,202 stock issues aggregating
1,294,379,415 shares listed on the New York Stock Exchange, with a total market value of $33,816,513,632. This
compares with 1,204 stock issues aggregating 1,294,930,553
shares listed on the Exchange May 1 with a total market
value of $36,432,143,818, and with 1,202 stock issues aggregating 1,293,612,894 shares with a total market value of
$36,699,914,685 on April 1. In making public the June 1
figures on June 4, the Exchange said:
As of June 1 1934, New York Stock Excbange member total net borrowings on collateral amounted to $1,016,386,686. The ratio of these member
total borrowings to the market value of all listed stocks, on this date, was
therefore 3.00%. 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.
As of May 1 1934, New York Stock Exchange member
total net borrowings on collateral amounted to $1,088,226,359. The ratio of these member total borrowings to the
market value of listed stocks, on that date, was therefore
2.99%.
In the following table,listed stocks are classified by leading
industrial groups, with the aggregate market value and
average price for each.
June 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 merchandising
Railways and equipments
Steel, iron and coke
Textiles
Gas and electric (operating)
Gas and electric (holding)
Communications (cable, tel. dr rado)_
Miscellaneous utilities
Aviation
Business and office equipment
Shipping services
Ship operating and building
Miscellaneous business
Leather and boots
Tobacco
Garments
U. S. companies operating abroad
Foreign companies(incl. Cuba dr Can.)
All listed stocks
2,27.5,270,170
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
1,15.5,684,660
2,555,886,266
160,984,560
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
May 1 1934.
Market
Value.
Aver.
Price.
2,587,042,520
1,026.467,285
3,641,459,047
307,801,046
871,784,441
2,428,645,485
319,605,875
421,683,560
173,584,257
40,821,657
1,165,958,546
1,207,333,143
4,023,258.358
271,800,008
2,014,880,885
4,385,253,586
1,555,939,849
234.291,526
1,831,491,364
1,251,475,464
2,670,175,860
170,045,110
203,085,631
270,224,887
11,254,359
32,830,375
81,213,736
246,199,284
1,400,230,425
23,617,668
705.235,164
857,453,417
24.40
18.65
50.66
19.65
21.32
32.73
31.60
34.26
12.13
8.23
24.51
22.01
21.94
16.18
32.54
38.03
39.49
20.27
25.37
12.98
71.02
17.63
10.47
24.95
5.38
9.73
14 46
38.77
54.04
18.19
20.99
23.10
33,816,513,632 28.13 36,432,143,818 28.13
Decrease of $71,839,673 Reported in Outstanding Brokers' Loans on New York Stock Exchange During
May-Follow Six Consecutive Rises-May 31 Total
of $1,016,386,686 Compares with $1,088,226,359 on
April 30.
Following six consecutive monthly increases, outstanding
brokers' loans on the New York Stock Exchange decreased
during May, the total on May 31 being reported by the
Exchange at $1,016,386,686, a decline of $71,839,673 when
compared with the April 30 total of $1,088,226,359. The
April 30 figure represented an increase of $106,872,411 over
the previous month's total of $981,353,948 (March 31), and
was the highest total reported since Aug. 311931.
The report for May, as made public by the Exchange on
June 4, shows that demand loans during the month
amounted to $722,373,686, which contrasts with the April
total of $812,119,359, while time loans in May totaled
$294,013,000 against $276,107,000 in April. The report
for May follows:
New York Stock Exchange Member total net borrowings on collateral,
contracted for and carried in New York, as of the close of business may 31
1934 aggregated $1,016,386,686.
The detailed tabulation follows:
Demand.
Time.
(1) Net borrowings on collateral from New York banks
5619,303,838 5293,391,000
or trust companies
(2) Net borrowings on collateral from private bankers,
brokers, foreign bank agencies or others in the
103,064,848
622,000
City of New York
$722,373,686 $294,013,000
Combined total of time and demand borrowings, $1,016,386,686.
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
June 9 1934
Below we give a two-year compilation of the figures:
Demand Loans,
1932May 31
June 30
July 30
Aug. 31
Sept.30
Oct. 31
Nov.30
Dec. 31
1933Jan. 31
Feb. 28
Mar. 31
Apr. 29
May 31
June 30
July 31
Aug. 31
Sept. 30
Oct. 31
Nov. 30
Dec. 30
1934Jan. 31
Feb. 28
Mar. 31
Apr. 30
May 31
Total Loans.
Time Loans.
246,937.972
189,343.845
189,754,643
263,516,020
269,793,583
201,817,599
213,737,258
226,452.358
53,459.250
54,230,450
51,845,300
68,183,300
110,008,000
122,884,600
123,875,300
120,352,300
300,397,222
243,574,295
241,599,943
331,899.320
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
283,056,579
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
628,590,507
656,626,227
714,279.548
812,119,359
722,373,686
276,484,000
281,384.000
267.074,400
276,107.000
294,013,000
938,010,227
981.353.948
1,088.226,359
1,016,386,686
903,074,507
The report of brokers' loans during April was referred to
in our issue of May 5, page 3018.
Market Value of Bonds Listed on New York Stock
Exchange-Figures for June 1 1934.
The New York Stock Exchange, on June 6, issued the
following announcement showing the total market value of
bonds listed on the Exchange:
As of June 1 1934, there were 1,570 bond issues aggregating $42,405,812,488 par value listed on the New York Stock Exchange. with a total
market value of $38,239,206,987.
This compares with 1,565 bond issues, aggregating
$41,765,451,113 par value, listed on the Exchange May 1
1934 with a total market value of $37,780,651,738.
In the following table listed bonds are classified by governmental and industrial groups, with the aggregate market
value and average price for each:
United States Government
Foreign Government
Railroad Industry (United states)
Utilities (United States)
Industrial (United States)
Foreign companies
All bonds
Market
Value.
Average
Prim.
517,859,528,241
4,795,897,139
8,224,880,540
3,445,305,956
2,325,473,824
1,588,121,287
$104.02
84.17
76.98
92.51
$38,239,206,987
$90.17
79.50
72.06
The following table, compiled by us, shows the total
market value and the total average price of bonds listed on
the Exchange for each month since Jan. 1 1932:
Market
Value.
Average
Price.
Market
Value.
Average
Price.
530.554,431,090
31,354,026,137
32,997,675.932
33,917.221,869
34,457,822,282
35,218,429,936
34,513,782,705
33.651,082.433
34,179,882,418
$74.51
76.57
80.79
82.97
84.43
84.63
83.00
82.33
81.36
$34,861,038,409
$83.34
86.84
88.27
89.15
90.46
-
1932Jan. 1
Feb. 1
Mar. 1
Apr. 1
May 1
June 1
July 1
Aug. 1
Sept. 1
Oct. 1
Nov. 1
Dec. 1
1933Jan. 1
Feb. 1
Mar. 1
$37,848.488,806
38,371,920,619
39,347.050,100
39,794,349.770
38,896,630,468
36,856,628,280
37,353,339,937
38,615,339,620
40,072.839.336
40,132,203,281
39.517,006,993
38.095,183,063
531,918,066,155
32,458,657,292
30.758.171.007
1933$72.29 Apr. 1
73.45 May 1
75.31 June 1
76.12 July 1
74.49 Aug. 1
70.62 Sept. 1
71.71 Oct. 1
74.27 Nov. 1
77.27 Dec. 1
193477.50
76.38 Jan. 1
73.91 Feb. 1
Mar. 1
$77.27 Apr. 1
78 83 May 1
74.89 June 1
36,263,747.352
36.843,301,965
37,198,258,126
37,780,651,738
38.239.2na 007
00.17
House Passes Bill Providing for Federal Regulation of
Commodity Exchanges.
The House,on June 4, passed, without a record vote, the bill
providing for Federal regulation and control of the commodity exchanges. The measure was taken up unexpectedly,
under a suspension of the rules, and debate was limited to
40 minutes. The measure would provide for the regulation
of grain and cotton exchanges. A Washington account,
June 4, to the New York "Journal of Commerce" Stated:
Action upon the bill at this session of Congress was deemed necessary by
House leaders because of the passage recently of the Fletcher-Rayburn bill
regulating stock exchanges, which, it was feared, would cause many of the
stock traders to transfer their activities to commodity markets.
Representative Jones Blames Traders.
Attention was called to this possibility by Chairman Jones (Dem., Texas)
of the House Agricultural Committee, In asking passage of the bill. He also
charged that the violent fluctuations In the wheat markets over the past
decade were caused by the activities of 16 traders on the market, according
to data gathered by the Department of Agriculture.
Support of the legislation also was voiced during the short period of consideration given it by the House by Representative Hope (Rep., Ran.), who
said that while it would be a "calamity" to abolish the exchanges, they have
provided a place where prices can be manipulated to the detriment of the
farmer.
"If we had a market free of manipulation," he declared, "there would be
no criticism nor need for this legislation."
He also called attention to the fact that many provisions of the bill already
are contained in the grain code now in effect, but said that this code was
temporary only, and the effect of this legislation was to write them into
permanent law.
Volume 138
"This bill will not limit legitimate trading," he said, "but will broaden
the markets for the farmers' products, prevent manipulation and permit
. wider use of hedging transactions."
A later account (June 7) to the same paper, referring to
the action of the House, on June 4, in affording little debate
on the measure, stated:
This action led interested persons to write and telegraph Senator Ellison D.
Smith (Dem., S. C.), Chairman of the Senate Agricultural Committee, urging
that before any further steps are taken to pass the legislation public hearings
be granted.
Senator Smith's Stand Determined.
It is understood that Senator Smith has made it known that if cotton
exchanges are to be kept in the bill for control, together with grain exchanges,
there would be no legislation under any conditions. He is not too greatly
in sympathy with the legislation in any event, feeling that enough legislation has been passed at this session and that an adjournment should be taken
to give business and industry a chance to take a few long breaths undisturbed
by more laws.
From Associated Press advices, June 4, to the New York
"Times" we quote:
Designed primarily to curb speculation, the bill would set up a commission which would have full leeway in fixing the limits of futures that an
individual might hold at one time, and also in restricting price fluctuations.
Representative Jones, author of the bill and of the Agriculture Committee's
report on it, in which the failure of exchanges to curb speculation was condemned' roundly, called attention to the activities of Arthur NV. Cutten, trader
on the Chicago Board of Trade, now under trial on charges of violating the
Grain Futures Act, as one who had been short more than a million bushels
in wheat at one time.
Representatives of cotton States joined in speaking for the bill, Representative Rankin terming it "from the standpoint of the cotton farmer one of
the most important pieces of legislation in Congress since I have been a
member."
Trading limitations under the measure would not apply to bona fide
hedging transactions, and "spreads" or "straddles" could be limited at the
Commission's discretion.
The Secretary of Agriculture would be empowered, to license futures commissiori merchants and floor brokers.
Margins are not fixed in the measure, although it would require that
margin money be treated as trust funds, deposited with banks or trust
companies except the amount necessary to cover transactions deposited with
the clearing house organization on contract market members.
Suspension up to six months or revocation of license would be the penalty
for failure or refusal of a board of trade to comply. Individual violations
would be punished by a denial of trading privileges on the markets or revocation of licenses.
Continued refusal of a board of trade or any director, officer, agent or
employee to abide by the Secretary's rules and regulations would be punishable by a fine of $500 to $10,000 and six months' to a year's imprisonment,
with each day's violation constituting a separate offense.
From the "Journal of Commerce" Washington dispatch,
June 4, we also quote:
Under the terms of the bill, those commodities which will come under the
regulation of a special grain futures commission consisting of the Secretaries
of Agriculture and Commerce and. the Attorney-General, are wheat, cotton,
rice, corn, oats, barley, rye, flaxseed, grain sorghums and mill feeds.
Authority is given the Commission to fix limitations upon purely speculative trades. Belief is that in the case of wheat the daily limit will be
fixed at about 2,000,000 bushels. Bona fide hedging transactions by growers
or holders of cash commodities are specifically permitted, and the limits are
to apply to brokers and commission merchants only to the extent that they
deal for their own account. The United States and its agencies are specifically
exempted from the trading limits.
A number of transactions on the exchanges are definitely prohibited' and
are named in the bill as "wash sales," "cross trades," "accommodation
trades," "privileges," "indemnities," "bids," "offers," "puts," "calls," "advance guaranties," and "decline guaranties.' This provision does not prevent, it is understood, the exchange of futures in connection with cash commodity transactions or of futures for cash commodities, or of "transfer
trades" or "office trades" if made under rules of the Board of Trade not
disapproved by the Secretary of Agriculture.
Provision is made in the bill for the licensing of futures commission merchants and floor brokers and the revocation of such licenses for failure to
abide by the Act or rules and regulations of the Secretary.
The making of futures contracts on contract markets is prohibited unless
(1) the contract is made prior to a date fixed by the Secretary, which is not
to be earlier than the 15th day of the delivery month provided in the contract, and (2) the contract requires the party making delivery to furnish the
party receiving delivery written notice of the date of delivery at least three
business days prior to delivery, but the Secretary may require longer notice
(not exceeding 10 days) of delivery, and (3) the contract provides for delivery of a grade or grades conforming to Government standards if the standards have been promulgated.
In an item regarding the bill in our issue of May 19, page
3363, it was noted that it was favorably reported to the House
on May 10 by the House Agricultural Committee, which latter, on May 14, voted to include cotton exchanges among the
commodity markets to be regulated by the measure. At that
time it was indicated in the advices to the "Journal of Commerce" that the Committee's action of May 14 was taken at
a secret meeting during which the Committee reversed its
previous stand and decided to include the cotton exchanges
within the scope of the legislation.
Chase National Bank of New York to Pay Dividends
on Common Stock Semi-Annually.
In a letter sent June 6 to holders of common stock of the
Chase National Bank, New York City, .Winthrop W.
Aldrich, Chairman of the Board of the bank, said that the
directors had decided to pay dividends on the common
stock semi-annually instead of quarterly as heretofore,
Accordingly, Mr. Aldrich said, the usual dividend payment
3867
Financial Chronicle
date of July 1 1934, will be postponed to Aug. 1 1934, and
the common dividend payable on Aug. 1 will cover a period
not of three months but of four months, with dividends
payable thereafter semi-annually on Feb. 1 and Aug. 1,
the same dividend dates designated for the preferred stock
of the bank. Mr. Aldrich's letter follows:
THE CHASE NATIONAL BANK
Of the City of New York.
June 6, 1934.
To the Holders of Common Stock:
You will recall that at a special meeting of shareholders held on Feb.
27 1934, the articles of association of The Chase National Bank were
amended so Us to provide for the issuance of preferred shares. The terms
of these amended articles of association governing the preferred shares
provide that dividends on those shares shall be payable semi-annually on
Aug. 1 and Feb. 1, and this as well as other terms of the amended article
of association make it desirable from several points of view to have the
dividends on the common and preferred shares payable on the same dates.
The Board of Directors has therefore decided that dividends on the
common shares, which heretofore have been payable on Jan. 1, April 1
July I and Oct. 1, will become payable hereafter on Aug. 1 and Feb. 1.
Accordingly, the former dividend payment date of July 1 will be postponed to Aug. 1 1934, and the dividend payable on that date (when declared) will cover a period not of three months as heretofore but of four
months. Thereafter the dividend periods will be six months.
The earnings of the bank thus far during the current period, notwithstanding the low interest rates generally prevailing, have been running at a
rate which if continued will justify the directors in declaring in early July
a common dividend payable Aug. 1 1934. of 47 cents a share. That
dividend will fully take account of the longer period covered, in view of the
recent dividend payments on the basis of 35 cents per share for three months.
WINTHROP W. ALDRICH,
Chairman Board of Directors.
The meeting of the stockholders of the bank held Feb. 27
was referred to in our issue of March 3, page 1500.
Statement by Senator Byrnes Bearing on Amendments
to Securities Act of 1933 Embodied in Conference
Report On Stock Exchange Control Bill.
In the Senate on June 1, when the conference report on
the bill providing for Federal regulation of stock exchanges
was adopted by the Senate, Senator Byrnes made a statement with reference to the amendments to the Securities
Act of 1933, which amendments formed part of the stock
exchange measure as enacted into law; the Securities Act
amendments as as adopted by Congress were given in our
June 2 issue, page 3691. Senator Byrnes' statement follows:
I desire to make a short statement with reference to the amendments to
the Securities Act of 1933 which are contained in the conference report
just adopted.
I think it is a fair statement that under the conference report the provisions as to the civil liability of underwriters and of the officers and directors
of a corporation are so amended that no honest man need have any fear of
the law so long as he is willing to give to the corporation of which he is an
officer, and in which he has invested his money, the same reasonable care
that he gives to the management of his own property.
Every section of title 2, containing the so-called "Fletcher Amendment,"
liberalizes the provisions of the Securities Act of 1933. The modifications
have grown out of the administration of the act during the past 12 months.
Some of them seem to be merely administrative changes, but in each case
they will be found to liberalize the existing requirements.
The provisions of the Securities Act of 1933 which have caused the greatest
complaint are those as to the civil liability of underwriters and of the officers
and directors of corporations on account of false statements in the registration statements filed by corporations. Under the existing law, where the
registration statement contains a false statement of a material fact, or
omits to state a material fact necessary to make the statement not misleading, any person who suffers a loss can sue the underwriters, the officers
and the directors of the corporation. The existing law provides, however.
among other things, that as regards any part of the statement purporting
to be made on the authority of an expert, or to be an extract from the
report or valuation of an expert, the defendant shall not be liable if he had
reasonable ground to believe and did believe that the statements therein
were true. It also provides that a director is not liable if he can establish
the same defense as to the statement of an officer.
There can be no doubt that the provisions of the existing law caused
many men who were serving as directors of corporations to fear that they
might be subjected to so-called "strike" suits as the result of the administration of that law. The existing law defined what constituted reasonable
investigation and reasonable ground for belief, and set forth the standard as
the care required of a person occupying a fiduciary relationship. That
phrase was greatly misunderstood by many officers and directors of corporations.
The amendments which have just been adopted by the Senate change the
law in very important and material particulars. These amendments provide that a defendant shall not be liable for any false statement made on
the authority of an expert, or purporting to be an extract from the report
of an expert, if the defendant can show that he had no reasonable ground to
believe, and did not believe, that the statements were untrue; and the law
is changed to provide that in determining what constitutes a reasonable.
investigation and reasonable ground for belief, the standard shall be that
required of a prudent man in the management of his own property. No
honest man will contend that anything less should be demanded either of
an underwriter or of an officer or director of a corporation offering securities
for sale to the public.
However, the amendments adopted to-day give greater assurance to the
honest officials of a corporation. Whereas the existing law permits a suit
to be brought at any time within 10 years after the filing of the registration.
the new law will permit such a suit to be brought only within three years.
It has been argued heretofore that a director would be uncertain as to the
settlement of his estate in ease of death because of the liability that would
exist for a period of 10 years. Under the new law, a suit must be brought
within three years.
Under the existing law, the plaintiff is entitled to recover the amount of
the loss suffered by him as a result of the purchase and sale of the security.
Under the new law, the defendant will have the right to show whether a
part of the plaintiff's loss is due to some cause other than the untrue state-
3868
Financial Chronicle
meat, and to such extent will be able to reduce the amount of the recovery
by the plaintiff.
Another change in the amendments is as to the requirement that the
plaintiff allege or prove that in purchasing the securities he relied upon the
statement which was afterward discovered to be false. The new law modifies this requirement. It provides that the plaintiff will not have to allege
or prove reliance until the corporation has made available to security holders
an earning statement for at least 12 months subsequent to the filing of the
registration statement.
After such an earning statement shall be made available, the plaintiff will
be required to allege and prove that he relied upon the false statement.
There is justification for the provision that reliance be not required until
a 12 months' earning statement is made public. When an issue of securities
is proposed, a banking house will investigate the financial statement of the
corporation. Based upon the statements contained in the- registration
statement of the corporation, a banking house will offer the securities at a
certain price. Therefore, the market value is fixed by the false statement
of the corporation. The individual investor relies upon the investigation
made by the banker. It is fair to assume that this situation continues
until such time as the corporation makes available a statement showing
Its earnings for 12 months. Then, the market value is influenced by the
statement of actual earnings and not by the statements contained in the
registration statement, which deceived the underwriter or banker and
the investor. It is entirely different from trading in stocks upon the exchanges, where those who trade have access to statements of earnings constantly filed and published.
An additional assurance to the officers of a corporation is given by the
provisions in the new bill aimed at so-called "strike suits." Under the new
law, the court will have authority to assess costs against the plaintiff, and
because it is recognized that the plaintiff who will resort to bringing nuisance
suits has, as a rule, no financial responsibility, the court, on motion, can
require such plaintiff to give bond to cover the costs of the suit before
proceeding with a suit.
I repeat, it is a fair statement to make that when the provisions of the
so-called "Fletcher Amendments" are analyzed, they give assurance to
every honest man who is an official of a corporation that he need have no
fear of the Securities Act of 1933 as amended, provided he is willing to give
to the corporation in which he has invested his money the same reasonable
.care that he gives to the management of his own property.
President Whitney of New York Stock Exchange Hopeful That Securities Exchange Act If• Wisely Administered Will Be "Constructive Measure."
In a statement issued June 1 with reference to the newly
enacted bill providing for Federal regulation of security
exchanges, Richard Whitney, President of the New York
Stock Exchange expressed himself as "hopeful that if wisely
and judiciously administered the Act will be a constructive
measure." Although he noted the Act "still contains provisions that may prove impracticable." He indicated it as
the intention of the Exchange "to do everything in its power
to co-,operate with the Commission in the administration of
the Act." Mr. Whitney's statement follows:
The National Securities Exchange Act of 1934, which was passed by
Congress to-day, differs in many important respects from the original
Fletcher-Rayburn bill. The New York Stock Exchange opposed the
original bill because it contained rigid and inflexible provisions which would
have proved unworkable in practice. Many of these objectionable features
have been eliminated, and the present Act creates a new administrative
commission of five persons to be appointed by the President and gives this
Commission broad powers to protect investors and prevent unfair practices
In the security markets of the country. The Exchange has always advocated these fundamental purposes of the Act. Although it still contains
provisions that may prove impracticable, I am truly hopeful that if wisely
and judiciously administered the Act will be a constructive measure.
For these reasons, and because National recovery and the revival of business are of paramount importance, the Stock Exchange intends to do everything in its power to co-operate with the Commission in the administration
of the Act.
Mackay & Co. Describe Securities Exchange Act of 1934
as "Distinctly in Public Interest."
Comment on the "Securities Exchange Act of 1934" was
offered on June 6 in a letter by Mackay & Co.(members
of the New York Stock Exchange) which characterized the
bill as distinctly in the public interest and leaving little
grounds for criticism. While a reduction in volume of trading will in all probability take place, it is pointed out that such
reduction will fall largely in the class of transactions aimed
to produce artificial values. The letter in part said:
A careful reading of the Bill as signed by the President leads us to the
opinion that the major objectives of the Bill are distinctly in the public
Interest and leave little if any grounds for criticism.
It seems probable that under the operation of the Act,the average volume
of trading will be curtailed, but it is in our judgment by no means sure
that such curtailment as may take place will work any hardship on the
general public inasmuch as it would appear that the reduction of trading
will fall largely in that category of transactions which are either aimed to or
tend to produce artificial values, so that such loss of marketability as may
'occur will be more than offset by a closer approximation of true current
value.
The form of the Bill is such that wide discretionary Powers are given to
the Federal Reserve Bank in connection with margin requirements, loans,
&c., and to the Commission in other matters,so that the Act has unusual
flexibility to meet changing conditions.
It is our judgment that, given sincere and intelligent administration by
the Commission, the desirable objectives of the Act can in large measure be
attained.
J. P. Morgan 8c Co. of New York and Drexel 8c Co. of
Philadelphia To Continue As Private Bankers
Subject to State Examination—Action Taken to
Comply with Federal and State Banking Laws.
Announcement was made on June 7 by J. P. Morgan &
Co., New York, and also by Drexel & Co., Philadelphia,
June 9 1934
that they have applied to the State Banking Departments of
their respective States, for permission to continue as private
banking houses. The announcement by the Morgan firm,
given out by Thomas W. Lamont and George Whitney,
partners, follows:
In order to comply with existing banking laws, both State and Federal,
we have, under Article IV of the New York State Banking Law, made
application to Joseph A. Broderick, the State Superintendent of Banks, to
continue as private bankers. The Superintendent has made an examination
of our affairs as of June 1 1934 and,in the event that be approves the application, we shall, in accordance with the law, be prepared to publish our
statement whenever called for by the State Superintendent of Banks.
The following is the Drexel firm's announcement:
Drexel & Co. state that they intend to continue their banking business,
subject to examination by the Pennsylvania Department of Banking, as
provided in the amended Department of Banking Code.
Incidental to the above action the New York "Journal
of Commerce" noted:
The applications to the State Banking Department are being made in
compliance with Section 21 of the Banking Act of 1933. which requires that
firms receiving deposits must submit to examination either by the Reserve
authorities or by State Banking Departments. Such firms, the law states.
"shall submit to periodic examination by the Comptroller of the Currency
or by the Federal Reserve Bank of the district, and shall make and publish
periodic reports of its condition, exhibiting in detail its resources and liabilities, such examination and reports to be made and published at the same
time and in the same manner and with effect and penalties as are now provided by law in respect of National Banking Associations transacting
business in the same locality."
In the same paper it was stated:
The firm already supplies data upon its condition to the Federal Reserve
Bank of New York. This information is given because the firm accepts
banking drafts which from time to time find their way into the portfolio
of the Reserve Bank.
E. W. Clark & Co., Philadelphia, to Discontinue
Handling Deposits Under Provisions of Banking
Act of 1933—To Continue Handling of Investment
Securities and Brokerage Accounts.
In conformity with the Banking Act of 1933, which prohibits a firm engaged in the securities business from engaging
at the same time in the business of receiving deposits, E. W.
Clark & Co., private bankers, Philadelphia, Pa., announced
June 6 that they will discontinue the handling of deposits
after June 16. From the Philadelphia "Ledger" of June 7
we quote:
E. W. Clark & Co. have been conducting a private banking business in
Philadelphia for 97 years. In recent months, however, the firm has been
reducing its deposit line and yesterday its members prepared an announcement for customers that after June 16 the firm's business will be confined
to that of handing investment securities and brokerage accounts.
The firm will continue to hold memberships in the Philadelphia and New
York Stock Exchanges and other exchanges.
Cassatt & Co. of Philadelphia to Discontinue Banking
Business.
From the Philadelphia "Record" of June 8 we take the
fodowing:
Cassatt & Co., Commercial Trust Bldg., announced yesterday that its
banking department will be discontinued as of June 16, in conformity with
the Banking Act of 1933, which prohibits a firm engaged in the securities
businessfrom engaging at the same time in the business of receiving deposits.
Cassatt & Co. has been receiving deposits since 1872.
Guaranty Co. of New York Dissolved in Accordance
With Banking Act of 1933 - J. R. Swan, President,
and Three Other Officers Join Edward B. Smith
& Co.
W. C. Potter, Chairman of the Board of the Guaranty
Trust Co. of New York, announced after the meeting of
the board of directors on June 6, that, in order to comply
with the provisions of the Banking Act of 1933, which
requires the separation of security affiliates from the banks
by June 16 1934, the directors had voted to dissolve the
Guaranty Co. of New York. Mr. Potter stated that Joseph
R. Swan, President, Burnett Walker, Senior Vice-President,
Irving D. Fish, Vice-President, and J. Ritchie Kimball,
Vice-President of the Guaranty Co., will become partners
in the firm of Edward B. Smith & Co. The following
announcement was issued on June 6 by Edward B. Smith
& Co.:
Edward B. Smith & Co. announce that Joseph R. Swan, Burnett Walker,
Irving D. Fish and J. Ritchie Kimball will become partners in the firm
of Edward B. Smith & Co. on June 18 1934. It is expected that they will
bring with them into the new firm the greater part of the present organization of the Guaranty Co. of New York.
Offices will be maintained by the firm at 31 Nassau St., New York,
1411 Chestnut St., Philadelphia, 1 Federal St., Boston, and also in Chicago.
Pittsburgh and London at locations where the Guaranty Co. has been
established for many years.
The firm of Edward B. Smith & Co. was founded in Philadelphia in
1892 and conducts a business in high-grade investment securities, with
offices in New York, Philadelphia, and Boston.
The Guaranty Co. of New York was organized In 1920 as the security
affiliate of the Guaranty Trust Co. of New York, and since that time it
has participated in an important manner in most of the major financing that
has been effected through security offerings in the United States and has
conducted a general investment business in high grade securities.
Volume 138
Financial Chronicle
The officers and personnel of the Guaranty Co. will bring with them
wide experience and will have the benefit of the numerous personal contacts
which they have made with many large corporations and financial interests.
not only of this country, but of Europe and the Far East.
Mr. Swan has been identified with the Guaranty Co. of New York from
Its formation, first as Vice-President, and since 1928. as President after
ident
the retirement of Harold Stanley. Mr. Walker became a Vice-Pres
senior
of the Guaranty Co. at the time of its organization and has been the
Vice-President for a number of years. Mr. Fish was formerly in charge
of the office of the Guaranty Co. In Minneapolis and later in Chicago.
He joined the New York office in 1930 and has for a number of years been
in charge of the sales department. Mr. Kimball has been with the company
since its inception, in charge of the municipal department, whose dealings
In municipal securities are amongst the most important in the country.
Upon completion of the present plans, the general partners of the firm
of Edward B. Smith & Co. will be as follows:
Joseph R. Swan, Radcliffe Cheston Jr., Charles S. Cheston, John W.
Cutler, Burnett Walker, Edward B. Smith Jr., Reginald G. Coombe,
Edward C. Sayers, Junius A. Richards, Irving D. Fish, Harcourt Amory,
J. Ritchie Kimball, Rodney W. Brown, Harold G. Hathaway, Robert F.
Whitmer Jr.
The new and enlarged organization will continue as in the past to function
as underwriters of, and dealers in investment securities, to render a comprehensive investment advisory service, and as members of the New York,
Philadelphia, and Boston Stock Exchanges to conduct a general commission
business.
Attention is called to the proposed change in address of the New York
offices of the firm of Edward B. Smith & Co. from 15 Broad Street to the
offices now occupied by the Guaranty Co. of New York at 31 Nassau St.
3869
also become associated with Brown Harriman & Co., Inc., of which he has
been elected a Vice-President.
Ralph T. Crane and Laurence G. Tighe, P. Blair Lee and Charles S.
Garland, who have been partners active in the investment functions of
Brown Brothers Harriman & Co., will retire from the partnership to join
Brown Harriman & Co., Inc. Mr. Crane and Mr. Tighe will serve as
Vice-Presidents in New York. Mr. Lee will be resident Vice-President
In Philadelphia. Mr. Garland will be resident Vice-President in Chicago.
Mr. Crane is one of the principal officers of the Investment Bankers Association. Pierpont V. Davis, hitherto a Vice-President of the City Co.
and head of its railroad department, and Hendrik It. Jones, who has
served as Vice-President in charge of the City Co.'s European organization,
L.
will be Vice-Presidents of the new company in New York. Sidney
Castle, who has been Assistant Vice-President and Manager of the City Co.
who
Mann,
organization at Chicago and in the Middle West, and Henry
has been resident Vice-President of the City Co. at Berlin, German:", will
join Brown Harriman & Co. as resident"Vice-Presidents in Chicago and
Comptroller
Europe, respectively. H. F. Mayer will be Secertary and
and W. t'. Roper will be Treasurer.
or about
on
business
Brown Harriman & Co., Inc., will commence
Y. Its
June'16. Its head office will be at 63 Wall Street. New Yo*k N
Philamain out-of-town offices in this country will be situated at Boston,
represendelphia. Chicago and San Francisco. The company will also have
Cleveland,
tatives in 16 other cities as follows* Albany, Buffalo, Hartford,
Washington, Baltimore, 1-ittsburgh, Detroit, Indianapolis. MinneaPolls,
and
Milwaukee, Portland, Me., Providence. It. I., Reading, Syracuse,
Los Angeles. European offices will be located at London. Amsterdam
and Berlin.
In the New York "Times" of June 7 it was noted that
the Guaranty Co. is the third important securities affiliate
of. the large New York banks to be placed in liquidation in
obedience to the Banking Act of 1933. It was further noted:
Winding Up of Affairs of City Company of New York
in Compliance With Banking Act of 1933—National
City Bank to Continue Affiliates Business in
Underwriting of Government State and Municipal
Securities.
Chase
the
of
affiliate
Corp.,
Forbes
Harris
Chase
the
The two others are
The intention of the City Company of New York to disNational Bank,and the City Co.of New York,Inc., affiliate of the National
City Bank.
immediately its securities business, and to proceed
continue
and
The latest announced dissolution will end an important underwriter
its affairs, was made known on June 4 by James H.
up
wind
to
October
in
1920,
career
its
which
securities
began
distributer of investment
Chairman of the Board of Directors of the National
when it was formed to carry on the business started by the bond departPerkins,
ment of the Guaranty Trust Co. Its capital was all supplied by the trust
City Bank. The action grows out of the requirements of
company,starting at $5,000,000 and mounting to $20,000,000 by July 1929.
rethe
through
Banking Act of 1933 which calls for the separation of
the
half
by
capital
was
reduced
In December 1931, this
purchase by the Guaranty Co. from the Guaranty Trust Co. at par of
affiliates from banks by June 16. Mr. Perkins
security
$10,000.000 of its capital stock. The company has never published a
the National City Bank will continue that part
that
states
statement of condition and its capital has been carried in the bank's stateof the business of its affiliate—the City Company—"which
ment as part of the bank's investments.
has to do with underwriting and trading in United States
permitted
Brown Brothers Harriman & Co. to Continue in Government, State and Municipal securities, at
General Banking Business—To Meet Require- by law."
ments of Banking Act of 1933 Will Turn Over
The announcement of Mr. Perkins regarding the winding
Underwriting Business to New Company to Be up of the affairs of the City Company was contained in the
Known as Brown Harriman & Co.—Formed By
letter addressed on June 4 to the stockholders of
Partners Retiring From Banking Firm—Former following
City Company Executives Also in New Company. the National City Bank:
The firm of Brown Brothers Harriman & Co. announced
THE NATIONAL CITY BANK OF NEW YORK.
NEW York, June 4 1934.
on June 5 that it will continue in the general banking business
and that it will conform with the requirements of the Banking To the Shareholders:
The Banking Act of 1933 passed last June required divorcement of
Act of 1933 by turning over to a new company its business
commercial banking from investment banking within the period of a year.
in underwriting, trading and distributing of securities. At I have felt that the National City Bank of New York should support the
the same time announcement was made of the formation policy of Congress in both letter and spirit. In the year past we have been
to find a way fully to meet this policy and at the same time to
of Brown Harriman & Co., Inc., to commence business endeavoring
preserve any good-will value there might be in the business of the City
business
investment
and
to
June 16
engage in the general
Company of New York, Inc., formerly the National City Company.
Good-will is a nebulous thing. In so far as it is attached to the name of
as underwriters of capital issues and as dealers in United
City Company it cannot be realized on, because the continued use of
States Government, State, county and municipal bonds, the
the name would identify the user with the Bank and that cannot be perand in railroad, public utility, industrial and other securities. mitted without control by the Bank, which is forbidden by law. In so
the investment banking
The new firm has been organized by certain partners of far as it may be represented by personnel trained inwhom
the City Company
personnel consists offree individuals
such
business,
Brown Brothers Harriman & Co. who are retiring from the is not in a position to deliver to a prospective purchaser.
latter concern and are acting together with some of the
The ownership of the control of an investment banking company by the
whether such ownership came
former executive officers of the City Co. of New York, shareholders of the Bank would be unlawful,
from the distribution of the stock of the City Company, or from the
formerly known as the National City Co.
Company.
purchase of the business of the City
Brown Brothers Harriman & Co.,in addition to its general
The organization of a new investment banking concern as successor to
City Company and in which the shareholders of the Bank would be
the
banking business, will retain its memberships in the New
offered less than a controlling interest, would involve, in the first place, a
York, Boston, Chicago and Philadelphia Stock Exchanges recommendation
by the Bank to its shareholders to place new capital, or
and will also continue its commission brokerage business to leave a substantial amount of the old capital, at the risk of the future of
business, and. in the second place, the sponsorship by the
and its investment advisory service. The announcement the securities
Bank of the new investment banking concern without power on the part
firm
continued:
banking
the
of
of the Bank to control its policies. Your Directors after mature consideraOffices will be maintained at New York, Boston and Philadelphia.
The Boston office will be under the direction of Louis Curtis and the Philadelphia office will be under the management of Moreau Delano. A representative will be maintained at Chicago to deal with investment
management and Stock Exchange commission brokerage business. Those
remaining as partners in the banking firm will be Thatcher M. Brown,
Prescott S. Bush. Louis Curtis, Moreau Delano, E. R . Harriman, W. A.
Harriman. Robert A. Lovett, Ray Morris and Knight Woolley.
Brown Brothers Harriman & Co. and its predecessors have been in the
private banking business for more than 116 years. The firm was ohe of
the first to build up an international banking business and fr.= 1840 on
has been a leading factor in foreign exchange and international credits.
The general private banking business of the firm will now be conducted
under the supervision and examination of the authorities as provided by
the Banking Act of 1933.
The announcement of the formation of Brown Harriman
& Co., Inc., said in part:
The President of the new company will be Joseph P. Ripley, who was
associated with W. A. Harriman and E. Roland Harriman prior to his
connection with the National City Co. Mr. Ripley has recently resigned
serving as Its executive
as Executive Vice-President of the City Co. after
was for several years
head during the past year or more, prior to which he
a Vice-President engaged in the underwriting of corporate securities. Horace
or the City
department
bond
municipal
C. Sylvester Jr., who headed the
who has. in
Co. throughout the whole of its active history since 1916 and
addition, directed the sales organization of the City Co. since 1931. will
tion have been unwilling to place the Bank back ofsuch a plan. I personally
believe that in future the Bank should be free from any connection, either
directly or in any other way which might be taken by the public to indicate
a relationship, with any investment banking house. I think the Bank
should keep itself free to do legitimate business with any responsible house
on equal terms with any other.
The City Company will accordingly discontinue the securities business
Immediately, and will proceed to wind up its affairs. This will take time.
as it will be necessary to liquidate slow assets and dispose of pending claims.
When the Trust Agreement relating to the stock of the City Company
was recently amended, by the written consent of the Trustees and of the
holders of upwards of 75% in amount of the common stock of the Bank,
among the additional powers vested in the Trustees was the power to place
the company in voluntary dissolution and to transfer and deliver the stock
of the company to the Bank, thereby terminating the trust. These steps
have been taken, and, in connection with the discontinuance of the securities business, they bring the relationship between the Bank and the Company into conformity with the Banking Act of 1933. The Federal Reserve
Board has so ruled, under Section 20 of the Act, the so-called "divorce"
section. The program has also been submitted to the Comptroller of the
Currency and approved by him. The capital of the City Company was
originally derived from a special dividend paid by the Bank, and it seems
appropriate that the money at present invested in the business of the
Company be returned into the Bank.
Some of the officers and employees of the City Company will be retained
to handle the liquidation of its affairs. A number of the principal officers
have resigned and will, I hope, make other connections satisfactory to
3870
Financial Chronicle
them. Neither the name, nor the files nor other indicia of the good-will of
a business, will be sold or given to anyone.
The Bank will continue that part of the business of the City Company
which has to do with underwriting and trading in United States Government, State and municipal dectiritles, as permitted by law.
There will be no successor to the City Company.
Yours very truly,
JAMES H. PERKINS,
Chairman of the Board of Directors.
Indiana Income Tax As Applied to Banks Upheld by
State Court—Decision Given in Test Case Backed
by Marion County Bankers Association.
A test case, backed by the Marion County Bankers'
Association, attacking the constitutionality of the Indiana
gross income tax law in its application to banks has been
decided adversely by Judge Russell J. Ryan, of Superior
Court, Room 5, it was indicated in the Indianapolis "News"
of May 24, which had the following to say regarding the
decision:
Suit was filed by the Bankers Trust Co. to recover $227.90 paid under
protest to the State on income of $22,790.87. The trust company enlisted
the support of 20 banks in the county and contended that the 1933 Act
was unconstitutional in that it did not specify whether State or National
banks are included in the Act,and that it was necessary to include National
banks or the Act would be discriminatory.
Judge Ryan held the Act is constitutional, adding that the legislature
had no authority to tax National banks and that any mention of "banks"
In the Act would refer to State banks.
The suit sought to obtain exemption from taxation for extra-banking
activities of banks not in line with actual banking business, such as the
sale of steamship tickets and the rental of real estate, but Judge Ryan
held that this type of business would come under provisions of retail or
wholesale business and subject to taxation at the rate of 1% or H of 1%,
respectively.
Will Sign Order.
Only in one particular did the Judge uphold the contention of the banks.
This was in the decision that securities such as municipal or county bonds
Issued before the adoption of the Act are not taxable.
Judge Ryan said he would sign the formal order of the Court in connection with the case as soon as it is prepared. The decision which he announced came as the annual convention of the State Bankers' Association
opened in Indianapolis.
It was the second decision this week by Judge Ryan upholding the constitutionality of the gross income tax law. Two days ago he held that
filling stations owned by the Standard Oil Co. were subject to taxation
as retail stores, paying 1% on gross income, and that the law itself was
constitutional.
Premium Paid on New United States Notes.
It was noted in the New York "Evening Post" of June 5
that although no allotments have yet been made by the
Treasury and the issue will not be made until June 15, the
new 231i% five-year Treasury notes were sold over the
counters of dealers on a "when issued" basis on June 5 at
a premium of 18-32ds above par, or at 100.18. This, it
was added, was a slight advance over June 4, when the first
sales were recorded at a premium of one-half a point.
Total of $800,000,000 or Thereabouts Offered in
June 15 Financing of Treasury Department—
Consists of $300,000,000 or Thereabouts of 12-14Year 3% Bonds and $500,000,000 or Thereabouts
of Five-Year 2% Notes—Books Closed—Cash
Subscriptions Total $2,511,000,000.
As its June 15 financing the Treasury Department on
June 4 offered $800,000,000 or thereabouts of two issues
of Treasury securities through the Federal Reserve banks;
one issue being 12-14-year 3% Treasury bonds of 1946-48,
offered to the amount of $300,000,000 or thereabouts,
and the other five-year 2%% Treasury notes of Series
A-1939, in amount of $500,000,000 or thereabouts. About
$175,000,000 of 3,4% Treasury certificates of indebtednes
of Series TJ-1934 mature on June 15 1934, and about
$345,000,000 of 2% Treasury notes of Series B-1934 will
mature on Aug. 1 1934, and the holders of these two issues
may exchange them for the new 3% Treasury bonds. In
indicating that cash subscriptions of $2,511,000,000 had been
received for the 3% Treasury notes, Associated Press advices
from Washington, June 8, said:
June 9 1934
The books for the 23i% Treasury notes and books for
cash subscriptions for the 3% Treasury bonds were closed
on June 5 following a reported heavy oversubscription, but
the books for the receipt of subscriptions for which payment
is to be tendered in certificates of indebtedness maturing
June 15 and Treasury notes maturing Aug. 1 remained open
until June 8.
The following circular was issued by the Federal Reserve
Bank of New York incident to the closing of the books on
June 5:
FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States.
Circular No. 1388, June 5 1934.
CLOSING OF SUBSCRIPTION BOOKS
On offering of United States of America 2 % Treasury Notes of Series
A-1939. On offering of United States of America 3% Treasury Bonds
of 1946-48.
To all Banks and Trust Companies in the Second Federal Reserv. District
and Others Concerned:
In accordance with an announcement received to-day from the Treasury
Department the subscription books for the offering of United States of
America 23 % Treasury notes of Series A-1939 were closed at the close
of business to-day, June 5 1934, and the subscription books for the offering
of United States of America 3% Treasury bonds of 1946-48 were closed
at the close of business to-day, June 5 1934. for the receipt of cash subscriptions, but will remain open until the close of business June 8 1934,
for the receipt of subscriptions for which payment is to be tendered in
Treasury certificates of indebtedness of Series TJ-1934, maturing June 15
1934, or Treasury notes of Series B-1934, maturing Aug. 1 1934,
All cash subscriptions mailed before midnight to-night, June 5 1934,
as shown by post office cancellation, will be considered as having been
entered before the close of the subscription books.
GEORGE L. HARRISON, Governor.
Both the new 3% bonds and 2%% notes will be dated
June 15 1934 and will bear interest from that date; interest
in the case of the bonds and notes will be payable semiannually on June 15 and December 15 of each year. The
Treasury bonds will mature on June 15 1948, but may be
redeemed at the option of the United States on and after
June 15 1946, while the Treasury notes will mature on June 15
1939 and will not be subject to call for redemption prior to
that date. In his announcement of the offering, Henry
Morgenthau Jr., Secretary of the Treasury, had the following
to say regarding the exemption of the bonds and notes from
various taxes:
As more specifically stated in the official circulars, the Treasury bonds
will be exempt, both as to principal and interest, from all taxation except
estate or inheritance taxes, surtaxes, excess-profits and war-profits taxes;
the interest on bonds (issued under the Second Liberty Bond Act) up to
$5,000 of principal amount under one ownership will be exempt from all
taxation; and the notes will be exempt, both as to principal and interest,
from all taxation except estate or inheritance taxes.
In Washington advices June 3, to the New York "Times"
of June 4, it was stated that two features of the offering
attracted particular attention, viz.:
1. The fact that the Treasury, with an unexpended balance of $1,210,000,000 in the general fund as of May 31, exclusive of profit on gold.
decided to add another $800,000,000 in "cash" to its available resources,
although emergency outlays are falling far behind estimates and the Treasury
already has sufficient funds with wnich to meet all demands for some time.
2. The low interest rate on the new bonds. Three per cent has been
quoted on a Treasury bond on only one other occasion since pre-war days.
an issue marketed in September 1931.
We further quote the advices in part:
The Treasury said to-day that cash subscriptions of $2,511,000,000 were
received for the June 15 offering of $300,000,000 3% Treasury bonds maturing in 1946-48.
The Treasury said that for its offering of $500,000,000 of 2H% notes
subscription totaled $4,931.000.000.
Cash subscriptions for the bonds in amounts up to and including $10,000
were accepted in full, while those above that figure were allotted 10% of
the amount they subscribed.
In addition to such allotments on cash subscriptions, all offers to take
the bonds in exchange for Government certificates of indebtedness maturing
June 15 1934. and Aug. 1 1934, are being accepted.
Subscriptions to the Treasury notes are being allotted in full up to $10,000,
with a 9% allotment in excess of $10,000.
On the first point, it is understood that three considerations guided
the Treasury experts; namely, favorable money market conditions which
make possible the raising of funds at low interest rates; the possibility of
emergency outlays expanding rapidly from this time, and finally, a determination to cut down the size of the large floating debt of $1,403,657,000
which the Treasury now carries on its books in the form of 90- and 180-day
Treasury bills. . . .
As to the second point, the decision to quote as low as 3% on the new
Issue of Treasury bonds is said to have been made only after a careful
study of all factors. It has been the objective of the Treasury as far
back as when Mr. Mellon was Secretary so to arrange Government finances
that it would be practical to push interest on bonds down to that level
and keep it there.
The plunge was first taken in September 1931 after an issue offered at
• % was heavily oversubscribed and talk began to be heard in Congress
that the Treasury was being too generous with the banks and other large
buyers of bonds.
The September 1931 3% issue of about $800,000.000 was floated after
the books on subscriptions had been kept open for some time longer than
had been customary. Since that time these bonds have frequently been
depressed well below their par value in the open market. Until to-day's
announcement, bond issues have since carried at least 3H%.
In comparing the new issue of 3% bonds with the 3%s issued in September 1931, it is important to make the distinction that the new bonds mature
in 14 years and are callable in 12 years. whereas the 1931 offering matures
24 years after the date of issue and are not callable for 20 years.
Under normal conditions, relatively short-term securities may safely
be marketed at lower interest rate than that quoted for offerings of longer
maturity.
Recently the open market for Government bonds has been strong, and
the old 3% bonds have sold for some time slightly above par. .. .
In the announcementof the offering itis stated that the right
is reserved to the Secretary of the Treasury to increase
the offering of Treasury bonds by an amount sufficient
to allot in full all subscriptions for which payment is tendered in maturing certificates of indebtedness and notes.
Aside from offerings of Treasury bills on a discount basis
the Treasury Department's last previous financing (April 15)
consisted of an offering of 3,4% Treasury bonds of 1944-46,
offered only in exchange for approximately $1,000,000,000
of Fourth 43,4% Liberty Loan bonds, which had been called
Volume 138
for redemption on April 15, and for $244,234,000 of 3%
Treasury notes of series A-1934 which matured on May 2the amount of Treasury bonds to be issued having been
limited to the Liberty bonds and Treasury notes offered in
exchange. $815,115,500 of the Liberty Loan bonds and
$234,325,000 of the 3% notes were tendered in exchange
for the 334% Treasury bonds. References to this exchange
offering made in our issues of April 28, page 2841, April 14,
page 2503, and April 7, page 2338. In his announcement of
the June 15 financing, made June 4, Secretary Morgenthau
said:
The Treasury is to-day offering for subscription at par and accrued
interest, through the Federal Reserve banks,$300,000,000 or thereabouts,
12-14 year 3% Treasury bonds of 1948-48, and $500,000,000, or there% Treasury notes Of Series A-1939, with the right
shouts, 5-year
reserved to the Secretary of the Treasury to increase the offering of Treasury
bonds by an amount sufficient to allot in full all subscriptions for which
payment is tendered in Treasury certificates of indebtedness of Series
TJ-1934, maturing June 15 1934, or Treasury notes of Series B-1934,
maturing Aug. 1 1934.
The Treasury bonds will be dated June 15 1934 and will bear interest
from that date at the rate of 3% per annum, payable semi-annually on
June 15 and Dec. 15 in each year. They will mature June 15 1948, but
may be redeemed at the option of the United States on and after June
15 1946.
The Treasury notes will be dated June 15 1934 and will bear interest
from that date at the rate of 23 % per annum, payable semi-annually
on June 15 and Dec. 15 in each year. They will mature June 15 1939
and will not be subject to call for redemption prior to that date.
As more specifically stated in the official circulars, the Treasury bonds
will be exempt, both as to principal and interest, from all taxation except
estate or inheritance taxes, surtaxes, excess-profits and war-profits taxes;
the interest on bonds (issued under the Second Liberty Bond Act) up to
$5,000 of principal amount under one ownership will be exempt from
all taxation; and the notes will be exempt, both as to principal and interest, from all taxation except estate or inheritance taxes.
Bearer bonds with interest coupons attached and bonds registered
as to principal and interest will be issued in denominations of $50, $100,
$500, $1,000, $5,000, $10,000 and $100,000. The notes will be issued
in bearer form only, with interest coupons attached, in denominations of
$100, $500, $1,000, $5,000, $10,000 and $100,000.
Applications will be received at the Federal Reserve banks and branches,
and at the Treasury Department, Washington. Banking institutions
generally will handle applications of customers, but only the Federal
Reserve banks and the Treasury Department are authorized to act as
official agencies.
Applications, unless made by an incorporated bank or trust company,
must be accompanied by payment in full or by payment of 5% of the
amount of bonds or notes applied for, and if payment for bonds or notes
allotted is not completed on the prescribed date, the 5% payment shall
be forfeited to the United States upon declaration by the Secretary of
the Treasury in his discretion.
Subject to the reservations stated in the official circulars, cash subscriptions for either bonds or notes for amounts to up and including $10,000
will be given preferred allotment, and other cash subscriptions will be
allotted on an equal percentage basis. Subscriptions for bonds for which
payment is tendered in Treasury certificates of indebtedness of Series
TJ-1934, maturing June 15 1934, or Treasury notes of Series B-1934.
maturing Aug. 1 1934, will be allotted in full. For such payment the
certificates of Series TJ-1934 will be accepted at par, and the notes of
Series 13-1934 will be accepted at par with an adjustment of accrued interest
on such notes as of June 15 1934.
About $175,000,000 of Treasury certificates of indebtedness of Series
TJ-1934 mature on June 15 1934, and about $345,000,000 of Treasury
notes of Series B-1934 will mature on Aug. 1 1934, and the holders of
these two issues may exchange them for Treasury bonds under this offering. Interest on the public debt to the amount of about $117,000,000
is payable on June 15 1934.
Details of the offering are contained in the following
circulars issued by the Treasury Department:
UNITED STATES OF AMERICA
3% Treasury Bonds of 1948-48.
Dated and bearing interest from June 15 1934. Due June 15 1948.
Redeemable at the option of the United States at par and accrued interest
on and after June 15 1916. Interest payable June 15 and Dec. 15.
1934---Department Circular No. 512 (Public Debt Service)
Treasury Department, Office of the Secretary.
Washington, June 4 1934.
The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, approved Sept. 24 1917, as amended, invites subscriptions, at par and accrued interest, from the people of the United
States, for 3% bonds of the United States, designated Treasury bonds
of 1946-48. The amount of the offering is $300.000,000. or thereabouts,
with the right reserved to the Secretary of the Treasury to increase the
offering by an amount sufficient to accept all subscriptions for which
h % Treasury certificates of indebtedness of Series TJ-1934. maturing
June 15 1934, or 2% Treasury notes of Series B-1934, maturing Aug.
1 1934, are tendered in payment.
Description of Bonds.
The bonds will be dated June 15 1934 and will bear interest from that
date at the rate of 3% per annum, payable semi-annually, on Dec. 15 1934,
and thereafter on June 15 and Dec. 15 in each year until the principal
amount becomes payable. They will mature June 15 1948, but may be
redeemed at the option of the United States on and after June 13 1946,
In whole or in part, at par and accrued interest, on any interest day or days,
on four months' notice of redemption given in such manner as the Secretary of the Treasury shall prescribe. In case of partial redemption the
bonds to be redeemed will be determined by such method as may be prescribed by the Secretary of the Treasury. From the date of redemption
designated in any such notice, interest on the bonds called for redemption
shall cease.
The bonds shall be exempt, both as to principal and interest, from all
taxation now or hereafter imposed by the United States, any State, or
United States, or by any local taxing authority,
any of the possessions of the
additional income
except (a) estate or inheritance taxes, and (b) graduated
surtaxes, and excess-profits and war-profits
as
taxes, commonly known
upon the income
taxes, now or hereafter imposed by the United States,
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Financial Chronicle
or profits of individuals, partnerships, associations, or corporations. The
interest on an amount of bonds authorized by the Second Liberty Bond
Act, approved Sept. 24 1917, as amended, the principal of wnich does
not exceed $5,000, owned by any individual, partnership, association, or
corporation,shall be exempt from the taxes provided for in clause (b) above.
The bonds will be acceptable to secure deposits of public moneys, and
will bear the circulation privilege only to the extent provided in the Act
approved July 22 1932, as amended. They will not be entitled to any
privilege of conversion.
Bearer bonds with interest coupons attached, and bonds registered
as to principal and interest, will be issued in denominations of $50, $100.
$500, $1,000, $5.000, $10,000 and $100,000. Provision will be made
for the interchange of bonds of different denominations and of coupon
and registered bonds, and for the transfer of registered bonds under rules
and regulations prescribed by toe Secretary of the Treasury.
The bonds will be subject to the general regulations of the Treasury
Department, now or hereafter prescribed. governing'United States bonds.
Application and Allotment.
Applications will be received at the Federal Reserve banks and branches
and at the Treasury Department, Washington. and unless made by an
incorporated bank or trust company, must be accompanied by payment in
full or by payment of 5% of the amount of bonds applied for. Banking
institutions generally will handle applications for subscribers, but only
the Federal Reserve banks and the Treasury Department are authorized
to act as official agencies. The Secretary of the Treasury reserves tne
right to close the books as to any or all subscriptions or classes of subscriptions at any time without notice.
The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part, to allot less than the amount of bonds applied
for, to make allotments in full upon applications for smaller amounts
and to make reduced allotments upon, or to reject, applications for larger
amounts, to make classified allotments or to make allotments upon a
graduated scale, or to adopt any or all ofsaid methods or such other methods
of allotment and classification of allotments as shall be deemed by him to
be in the public interest; and his action in any or all of these respects shall
be final. Allotment notices will be sent out promptly upon allotment,
and the basis of allotment will be publicly announced.
Subject to the reservations contained in the next preceding paragraph,
allotments will be made as follows: Cash subscriptions for amounts up
to and including $10,000 will be given preferred allotment, all other cash
subscriptions will be allotted on an equal percentage basis, and subscriptions for which payment is to be tendered in Treasury certificates of indebtedness of Series TJ-1934 or in Treasury notes of Series B-1934 will
be allotted in full.
Payment.
Payment at par and accrued interest, if any, for bonds allotted must be
made or completed on or before June 15 1934, or on later allotment. In
every case where payment is not so completed, the 5% payment with
application shall, upon declaration made by the Secretary of the Treasury
in his discretion, be forfeited to the United States. Any qualified depositary will be permitted to make payment by credit for bonds allotted
on cash subscriptions to it for itself and its customers up to any amount
for which it shall be qualified in excess of existing deposits, when so notified
by the Federal Reserve Bank of its District. Treasury certificates of
indebtedness of Series TJ-1934, maturing June 15 1934, will be accepted
at par in payment for any bonds subscribed for and allotted. Treasury
notes of Series 13-1934, maturing Aug. 1 1934, with coupon dated Aug. 1
1934 attached, will be accepted at par with an adjustment of accrued
interest as of June 15 1934, in payment for any bonds subscribed for and
allotted. Payment through surrender of Treasury certificates of indebtedness of Series TJ-1934 or Treasury notes of Series 13-1934 should
be made when the subscription is tendered.
General Provisions.
As fiscal agents of the United States, Federal Reserve banks are authorized and requested to receive subscriptions, to make allotments on the basis
and up to the amounts indicated by the Secretary of the Treasury to
the Federal Reserve banks of the respective districts, to issue allotment
notices, to receive payment for bonds allotted, to make delivery of bonds
on full-paid subscriptions allotted, and they may issue interim receipts
pending delivery of the definitive bonds.
The Secretary of the Treasury may at any time, or from time to time.
prescribe supplemental or amendatory rules and regulations governing
the offering, which will be communicated promptly to the Federal Reserve
banks.
HENRY MORGENTHAU, JR., Secretary of the Treasury.
UNITED STATES OF AMERICA
Treasury Notes.
% Series A-1939, Due June 15 1939.
Dated and bearing interest from June 151934. Interest payable June 15
and Dec. 15.
1934-Department Circular No. 513 (Public Debt Service)
Treasury Department, Office of the Secretary.
Washington, June 4 1934.
The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, approved Sept. 24 1917, as amended, offers for subscription, at par and accrued interest, through the Federal Reserve banks.
2H% notes of the United States, designated Treasury notes of Series
A-1939. The amount of the offering is $500,000,000, or thereabouts.
Description of Notes.
The notes will be dated June 15 1934 and will bear interest from that
date at the rate of 2H % Per annum, payable semi-annually, on Dec. 15
1934, and thereafter on June 15 and Dec. 15 in each year. They will
mature June 15 1939 and will not be subject to call for redemption Prior
to maturity.
The notes shall be exempt, both as to principal and interest, from all
taxation (except estate or inheritance taxes) now or hereafter imposed
by the United States, any State, or any of the possessions of the United
States, or by any local taxing authority.
The notes will be accepted at par during such time and under such
rules and regulations as shall be prescribed or approved by the Secretary
of the Treasury in payment of income and profits taxes payable at the
il••• 4
maturity of the notes.
The notes will be acceptable to secure deposits of public moneys, but
will not bear the circulation privilege.
Bearer notes with interest coupons attached will be issued in denominations of $100, $500, $1,000, $5,000, $10,000 and $100,000. The notes
will not be issued in registered form.
Application and Allotment.
Applications will be received at the Federal Reserve banks and branches
and at the Treasury Department, Washington, and unless made by an
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Financial Chronicle
incorporated bank or trust company, must be accompanied by payment
in full or by payment of 5% of the amount of notes applied for. Banking
institutions generally will handle applications for subscribers, but only
the Federal Reserve banks and the Treasury Department are authorized
to act as official agencies. The Secretary of the Treasury reserves the
right to close the books as to any or all subscriptions or classes of subscriptions at any time without notice.
The Secretary of the Treasury reserves the right to reject any subscription, in whole or in part, to allot less than the amount of notes applied
for, to make allotments in full upon applications for smaller amounts and
to make reduced allotments upon, or to reject, applications for larger
amounts, to make classified allotments or to make allotments upon a
graduated scale, or to adopt any or all of said methods or such other methods
of allotment and classification of allotments as shall be deemed by him
to be in the public interest; and his action in any or all of these respects
shall be final. Allotment notices will be sent out promptly upon allotment, and the basis of allotment will be publicly announced.
Subject to the reservations contained in the next preceding paragraph,
allotments will be made as follows: Subscriptions for amounts up to
and including $10,000 will be given preferred allotment, and all other
subscriptions will be allotted on an equal percentage basis.
Payment.
Payment at par and accrued interest, if any, for notes allotted must
be made or completed on or before Aide 15 193.4 or on later allotment.
In every case where payment is not so completed, the 5% payment with
application shall, upon declaration made by the Secretary of the Treasury
in his discretion, be forfeited to the United States. Any qualified depositary will be permitted to make payment by credit for notes allotted
on cash subscriptions to it for itself and its customers up to any amount
for which it shall be qualified in excess of existing deposits, when so notified
by the Federal Reserve Bank of its District.
General Provisions.
As fiscal agents of the United States, Federal Reserve banks are authorized and requested to receive subscriptions, to make allotments on the
basis and up to the amounts indicated by the Secretary of the Treasury
to the Federal Reserve banks of the respective districts, to Issue allotment
notices, to receive payment for notes allotted, to make delivery of notes
on full-paid subscriptions allotted, and they may issue interim receipts
pending delivery of the definitive notes.
The Secretary of the Treasury' may at any time, or from time to time,
prescribe supplemental or amendatory rules and regulations governing
the offering, which will be communicated promptly to the Federal Reserve
banks.
HENRY MORGENTHAU, JR., Secretary of the Treasury.
Treasury Purchased No Government Securities During
Week of June 2.
The Treasury Department made no purchases of Government securities in the open market during the week of June
2,it is indicated in a statement issued by the Department on
June 4. This is the first time the Treasury has failed to
purchase any securities for the investment accounts of any
of the various Government agencies since the inception of
its support to the Government bond market last November
(reference to which was made in our issue of Nov. 25, page
3679). The Treasury purchased securities amounting to
$5,000,000 during the previous week ended May 26. The
weekly purchases have been as follows:
Nov. 25 1933
$8,748,000 Mar. 3 1934
310,208.100
Dec. 2 1933
2,545.000 Mar. 10 1934
6.900,000
Dec. 9 1933
7,079.000 Mar. 17 1934
7,909.000
Dec. 16 1933
16.600,000 Mar. 24 1934
37.744.000
Dec. 23 1933
16.510,000 Mar. 31 1934
23.600.000
Dec. 30 1933
11.950,000 Apr. 7 1934
42,369.400
Jan. 6 1934
44,713,000 Apr. 14 1934
20,580,000
Jan. 13 1934
33.868,000 Apr. 21 1934
30,500.000
Jan. 20 1934
17,032,000 Apr. 28 1934
4,885.000
Jan. 27 1934
2,800.000 May 5 1934
5,001.500
Feb. 5 1934
7,900,000 May 12 1934
600,000
Feb. 13 1934
*22,528,000 May 19 1934
4,000.000
Feb. 17 1934
7,089,000 May 26 1934
5,000,000
Feb. 24 1934
1,861,000 June 2 1934
• In addition to this amount. 5538.400" of bonds held by the Treasury as collateral
security for postal savings deposits purchased Feb. 9 by FDIC.
295,511.17 Fine Ounces of Silver Purchased During
Week of June 1 by Treasury Department.
In accordance with the President's proclamation of Dec.
31 1933, which authorized the Treasury Department to buy
at least 24,000,000 ounces of silver annually, the Department purchased 295,511.17 fine ounces during the week of
June 1, which compares with 885,056.38 fine ounces purchased during the week of May 25. A statement issued
June 4 by the Treasury showed that of the amount purchased
during the latest week, 291,835.17 fine ounces were received
at the San Francisco mint and 3,676fine ounces at the Denver
mint. Since the issuance of the proclamation, referred to in
our issue of Dec. 23 1933, page 4440, the weekly receipts are
as follows (we omit the fractional part of the ounce):
Week Ended—
Jan. 5
Jan. 12
Jan. 19
Jan. 28
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Ounces.
1,157
547
477
94.921
117,554
375,995
232,630
322.627
271,800
126.604
832,808
Week Ended—
Mar. 23
Mar.30
Apr. 6
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
May 18
May 25
June 1
Ounces.
369.844
354,711
569.274
10,032
753,938
436,043
647,224
600,631
503,309
885.056
295,511
Hoarded Gold Amounting to $809,724 Received During
Week of May 29—$64,864 Coin and $744,860
Certificates.
Receipts of gold coin and certificates during the week of
May 29 by the Federal Reserve Banks and the Treasurer's
June 9 1934
office, according to figures issued by the Treasury Department on June 4, amounted to 09,723.62. Total receipts
since Dec. 28 1933, the date of the issuance of the order
requiring all gold to be returned to the Treasury, and up to
May 29, amount to 7,839,931.68. Of the amount received
during the week ended May 29, the figures show, $64,863.62
was gold coin and $744,860 gold certificates. The total
receipts are shown as follows:
Received by Federal Reserve Banks:
Week ended May 29
Received previously
Total to May 29
Received by Treasurer's Office:
Week ended May 29
Received previously
Gold Coln.
$63,863.62
27,824,134.06
Gold Certificates.
$734,660.00
57,430,180.00
$27,887,997.68 $58,164,840.00
51,000.00
246,994.00
$10,200.00
1,528,900.00
Total to May 29
$247,994.00 31,539,100.00
Note.—Gold bars deposited with the New York Assay Office to the amount of
$200.572.69 previously reported.
Offering of $27,500,000 of 2% Debentures of Federal
Intermediate Credit Banks.
A new issue of 2% debentures of the Federal Intermediate
Credit Banks amounting to $27,500,000 was offered on
June 7 by Charles R. Dunn, fiscal agent in New York of
the Banks. The debentures, which were offered at a slight
premium over par value, are dated June 15 1935. They will
mature in part on Oct. 15 1934 and the balance on March
15 1935. The announcement of the offering said:
Of the financing now announced, $16,000.000 will be for the purpose of
refinancing outstanding debentures which mature June 15, while approximately $11,000,000 will represent new funds for the steadily expanding
operations of the institutions. After this transaction is completed, the
12 Banks will have a total of about $182,000,000 debentures outstanding.
In our issue of May 19, page 3365, we referred to an offering of $32,500,000 of 2% debentures made by the Banks on
May 8.
New Paper Money To Be Issued By Treasury Department—Billion Pieces of Outstanding Currency To
Be Replaced. Five Years Required to Complete
Replacement—Gold Clause To Be Eliminated.
Gradual replacement of virtually all paper money now in
circulation with a new type of bill is being undertaken by
the Treasury Department, it was reported in advices June
6 from Washington to the New York "Times," which stated
that more than 1,000,000,000 pieces of paper currency outstanding from the Treasury and Federal Reserve Banks will
be replaced. Officials estimate at $4,800,000,000 the
amount that will eventually be involved in the shift. It was
further stated that all paper money will be legal tender
under the new policy. We also quote from the account:
The gold clause will be eliminated; that is, there will be no statement of
the promise to redeem paper in gold. Silver certificates will be issued In
denominations of $1, $5 and $10, backed by the new policy of the purchase
of all newly-mined silver by the Treasury.
Officials emphasized that there would be no change in the intrinsic value
or purchasing power of paper money, but that the new type would simply
be made to conform to legislation under the Farm Relief Act of 1933 and
bills providing for the removal of the gold redemption clause on all Government obligations enacted June 5 1933.
The new system provides that all money issued by the United States.
Federal Reserve Banks and national banks shall be legal tender for the
payment of all debts, public and private, and for the first time places all
money on a parity.
Gold certificates remain legal tender, according to the Treasury, in
spite of the fact that their possession is illegal.
The total circulation of money was given as about $5,370,000,000.
Not "Redeemable in Gold."
Under the new system the Federal Reserve notes. which constitute
the largest single type of circulation, will not bear the phrase "redeemable
in gold on demand at the United States Treasury, or in gold or
lawful money
at any Federal Reserve Bank."
The reserve notes will contain the clause. "This note is legal
tender
for all debts, public and private, and is redeemable in lawful money at
the
United States Treasury or at any Federal Reserve Bank."
The silver certificates will provide that they are redeemable In silver
at the face value. National bank notes will be designated as "legal tender."
United States notes will be made complete legal tender except for customs
duties and payment of interest on the public debt.
The following extract is also taken from the same advices:
Before the new money is put out several billion dollars in the present type
of money signed by former Secretaries Mellon, Mills and Woodin and by
Secretary Morgenthau will be issued to replace that returned from circulation in bad condition.
Five years will probably be required to accomplish replacement of
the present paper money. Treasury officials pointed out specifically that
no money now in circulation had been recalled.
They said that the new dies would not all be prepared until the end
of the year, when full production of the new money will be under
way.
The change has made it necessary to increase the staff at the Bureau of
Engraving and Printing and a twenty-four-hour day of three shifts was
authorized.
Small Bills Under Way.
Small denomination bills are already being produced In the new type.
The larger denominations will be made as soon as the dies are prepared.
When the present circulation and that in stock is exhausted, the new
paper will be used for replacement purposes. The transformation will be
so gradual as hardly to be noticed by the public.
Volume 138
Financial Chronicle
Bills to Create Federal Monetary Authority
Introduced in Congress.
Bills to create a Federal monetary authority with sole
power to coin money, issue currency and regulate banking
were introduced in the Senate and House on June 6, according to United Press advices on that date from Washington
to the New York "Journal of Commerce," which further
said:
The measure was put into the Senate by Senator Bronson Cutting (Rep,
N. M.) and in the House by Representative Wright Patman (Dem.. Tex.)
The authority would regulate the purchasing power of the dollar and
maintain full employment at the 1926 wage level. Seven members would
be appointed to the authority for fourteen years.
The measure also would direct the Secretary of the Treasury to purchase
all the Federal Reserve banks. Powers delegated to the proposed authority,
as the direct agent of Congress, include.
1. Coinage of money and issuance of currenty.
2. Replacement of bank credit as a circulating medium of exchange
with "lawful money."
3. Increase the country's present working capital by expanding demand
bank deposits to the predepression level, and provide for regular-controlled
annual expansion to care for the increase in population.
4. Act as fiscal agent of the Federal and State governments without
charge.
5. Buy or sell domestic or foreign gold and silver or domestic or foreign
exchange or obligations.
6. Redeem currency in gold or silver in international trade.
7. Regulate purchasing power of the dollar.
List of Companies Filing Registration Statements with
Federal Trade Commission Under Securities Act.
New registration statements involving more than $13,800,000 in 10 issues filed.under the Securities Act were made
public on June 4 by the Federal Trade Commission. They
are grouped as follows:
Industrial and commercial
Certificates of deposit
Reorganization or readjustment
$2,941.000
9,836,900
1,039,500
The certificates of deposit item contains a $9,036,900 refinancing matter of the St. Louis Gas & Coke Corp. Industrial and commercial issues include $1,850,000 in investment company issues, one of which is that of a Colorado
mining investment company. Issuers of the proposed
securities have headquarters or operate in New York City,
Jersey City, Elizabeth, N. J., Milwaukee, San Francisco,
Denver, Shelby, Mont., Hazelton and Uniontown, Pa.,
and Bluefield, W. Va.
Registration statements (910-919) made public June 4
were listed as follows:
Oliver Cromwell, Inc.. (2-910, Form D-2), 120 Broadway, New York City,
a New York corporation organized May 16 1934 to acquire the Oliver Cromwell apartment hotel, 12-18 West 72d St., New York City, now under
foreclosure. issuing 15-year first mortgage bonds in the amount of $882.000 together with 17,640 shares of common stock under a plan of readjustment, the new bonds to be secured by the company's mortgage indenture.
The bonds, together with escrow certificates evidencing rights to the 17,640
shares of common stock, are expected to be offered in exchange to holders
of first mortgage 6% serial gold certificates of the 14 West Seventy-second
Street Corporation, former owner of the Oliver Cromwell, and to present
owners of certificates of deposit representing these bonds, on a basis of
one share of stock for each $50 principal amount of bonds which is equal
to $100 face value of the old bonds. The balance of the company's authorized shares of common stock. namely 52,920, will be issued for cash. None
of the members of a bondholders' protective committee appointed in May
1931 are or will be interested in Oliver Cromwell, Inc., according to the
registration statements. Pursuant to the agreement under which the committee functions,old bonds in the amount of $1,683,800 have been deposited.
Among officers of the new company are. Edwin Maurer, Brooklyn, president, and Judson II. Post, Forest Hills, Long Island, Treasurer. If
the readjustment plan is successfully completed, it is anticipated the
following persons will become officers and directors. Joseph E. Gilbert.
New York City, President; Edwin I. Hilson, New York City,Vice-President
and Victor Gilbert, New York City, Treasurer.
Pennmar Shares, Inc. (2-911, Form A-1), Hazeiton, Pa., a Delaware
corporation organized March 20 1930 as an investment trust of the management type dealing in securities for investment purposes, and proposing to
Issue 18,753 shares of class A stock at a price to be determined by the
market price of securities held in its portfolio at the time of sale, the issue
not to exceed in the aggregate $250,000. Officers are listed as follows.
Eckley B. Markle, President; C. Henry Altrniller, Vice-President, and
Carl E. Kirschner, Secretary-Treasurer, all of Hazleton, Pa.
Cole Realty Co., Inc. (2-912, Form D-2), Bluefield, W. Va., a West Virginia corporation owning and operating "The West Virginian Hotel,"
Bluefield, proposing to Issue, under an extension plan. $157,500 SA%
first mortgage bonds out of an original issue of $300.000 of which $165.000
is now outstanding with the public. Out of the latter amount, $157,500
is proposed to be extended under the present registration, secured by first
deed of trust on the land and building of the hotel. These bonds were called
for deposit by First Mortgage Corp., Richmond, Va. (Release No. 163,
Bog. Statement No. 2-869), the deposit agreement providing for deposit
of $165,000 principal amount of the bonds with authority to the depositary
to distribute to holders of deposit receipts the interest due as of June 11934,
when and as such funds are received from the realty company, to declare
the extension program effective and to attach proper interest notes to
various first mortgage bonds aggregating $157,500. Among officers
of the company are. W. J. Cole, President-Treasurer, and J. L. Alexander,
Secretary, both of Bluefield.
Elizabeth Brewing Corp. (2-913, Form A-1), Elizabeth, N. J., a New
Jersey corporation organized Oct. 6 1932, owning property and qualified
to do business in New Jersey and owning all outstanding stock of the
Baltimore Brewing Co., which owns property and is qualified to do business
In Maryland. The company expects to issue 225,000 shares of fully paid
non-assessable common stock owned by Oscar L. Auf der Heide in a probable
amount of $281,250. No arrangement has been made for sale of the stock
nor has a price been decided on; it will depend on the market price of the
3873
New York Produce Exchange at the time of sale, according to the registration statement. The price will probably be 25 cents less than the produce
exchange price which, at the time the registration statement was filed, was
$1.25 a share. A commission of 25 cents a share will probably be paid.
An underwriter has not been named, but it is expected Valiance & Co..
120 Broadway, New York City, will be designated. Among officers are
Oscar L. Au/ der Heide, President; John S. Toomey, Secretary-Treasurer.
both of West New York, N. J.
First Mortgage Bondholders Protective Committee of St. Louis Gas it Coke
Corp. (2-914, Form D-1), 1623 West Wells St., Milwaukee, calling for deposits of $9,036,900 first mortgage sinking fund 6% gold bonds—series
due June 1 1947, of a present market value of $722,880. The original
Issuer was organized June 25 1927 to manufacture and sell pig iron, gas coke.
electricity and coke by-products. The company defaulted in payment of
Interest on the first mortgage bonds. A law suit is now pending between
Illinois-Missouri Pipe Line Co., and St. Louis Gas & Coke Corp., in which
the latter consented to appointment of a receiver in equity. According to
the receiver's report, liabilities at the date of receivership were as follows.
$33,750.33 taxes payable, $17,328.94 estimated accrued taxes and $2,173.57
penalties on State and local taxes. Members of the protective committee
are. E. M. Goodman and W. H. Sullivan, both of Milwaukee, and Eben
Burroughs, Racine, Wis.
Market Street Realty Co. Bondholders' Protective Committee (2-915, Form
D-1), San Francisco, calling for deposits of $800,000 out of an original
issue of $1,250.000 first mortgage 6% serial gold bonds issued under a deed
of trust dated Sept. 1 1923. The original issuer, Market Street Realty Co..
operator of the California Theater Building in San Francisco, defaulted in
the payment of interest on all outstanding bonds becoming due March 1
and Sept. 1 1933. Members of the committee are. Nion R. Tucker.
Mortimer Fleishhacker and Nat Schmulowitz, all of San Francisco.
Union Deposit Co. (2-916. Form A-1), Denver, a Colorado corporation
organized Sept. 30 1924, proposing to redeem certain class "A" stock of
Mines Financing. Inc., a Colorado corporation. Amount of the offering
Is $600.000. For consideration of $3 a share, Union Deposit Co. expects
to guarantee to redeem 200,000 shares of the stock 20 years after date of
Its original issuance at its par of $10 a share, and prior to the expiration of
the 20-year period at lesser amounts, depending on the length of time the
stock had been issued and outstanding. The redemption amounts range
from $3.40 a share at the end of the fifth year to $10 at the end of the twentieth year. All funds raised by the sale of this issue are to be invested in
fully paid units of Union Investment Trust. The units will be held in
escrow by the Union Trust Co., Denver, securing the performance of the
redemption guarantee by the Union Deposit Co. Among officers of the
deposit company are.,P. H. Troutman. President; S. W. Clark, VicePresident-Treasurer, and E. J. Campen, Secretary, all of Denver.
Affiliated Investors Fund, Inc. (2-917, Form A-1), Jersey City, a Delaware
corporation organized May 14 1934 to deal in investment securities, proposing to issue $500.000 debentures and $500,000 common stock, the
Proceeds to be used to pay dividends and expenses and to invest in securities. The underwriter is Affiliated Distributing Group, Inc., 921 Bergen
Ave., Jersey City. Among officers are. Thomas F. Lee, Scrasdale, N. Y..
President; H. M. Meyer, Bound Brook. N. J., Treasurer, and F. I. Ring.
Jersey City, Secretary.
Uniontown Distilling Syndicate (2-918, Form A-1), Uniontown. Pa., a
Pennsylvania common law trust organized Sept. 14 1933 to manufacture
and sell liquor, proposes to issue 351,000 syndicate units at $2.25 each.
or $789,750. The underwriter, Pitt Investment Co., Pittsburgh, will
purchase 50,000 units at $1.50 each and 171.990 units at $1 each. Proceeds
of the issue will be used for making physical improvements and for working
and organization expenses. Trustees of the company are. M. E. Minert
and Joseph K. Oglevee, both of Uniontown, Pa.. and Raymond A. Blair
of Pittsburgh.
Hannah-Porter Co. (2-919. Form A-1), Shelby, Mont., a Montana corPoration organized Aug. 5 1926 for the purchase of oil and gas leases and for
drilling operations. Company expects to issue 20,000 shares of common
stock at $1 a share in lots of 100 shares only, the aggregate amount being
320,000, the proceeds to be used for working expenses. Ten per cent commission will be paid on sales made by salesmen if they are employed. Stock
will be sold by mall and by directors of the company. Among offices's are.
M. ,
Porter, President, and W. S. Hannah, Secretary-Treasurer, both of
Shelby,
In making public the above, the Commission said:
In no case does the act of filing with the Commission give to any security
its approval or indicate that the Commission has passed on the merits of
the issue or that the registration statement itself is correct.
The last previous list of registration statements was given
in our issue of June 2, page 3699.
Complaint Issued by Federal Trade Commission
Charges Three Cotton Seed Crushers' Association
with Conspiracy to Hinder Competition.
Conspiracy to hinder competition in the purchase of
cottonseed throughout the Southern States and to fix the
prices paid for that commodity, is charged by the Federal
Trade Commission in a formal complaint issued against
three leading cottonseed crushers' associations. They are
the National Cottonseed Products Association, the Texas
Cottonseed Crushers Association and the Oklahoma Cottonseed Crushers Association. The Commission's announcement of June 4, from which the foregoing is quoted, went
on to say:
Eighty per cent of all crushing mills in the industry have maintained
memberships in the National Association in recent years, while the Texas
and Oklahoma Associations' members comprise a large majority of cottonseed crushing mills and milling companies in those States and these associations have promoted the formation and operation of divisions of the
National Association in their respective States.
'I
piThese three associations represent an industry which has crushed as
much as 5.000.000 tons of cottonseed in a year. such output having a total
value of more than $200,000.000.
Promoting and holding frequent meetings and conferences, the associations, according to the complaint, have systematically exchanged information concerning prices within their own memberships. In the course of
these activities they have entered into agreements that they would pay
certain prices for cottonseed, such agreements, according to the complaint.
having "unreasonably restricted the freedom of the individual mills and
milling companies to compete with each other as to prices and otherwise,"
and having been "to the detriment of growers and sellers of seed."
3874
Financial Chronicle
June 9 1934
Price Agreements Alleged.
This, he said, not only strengthens the constitutionality of the bill but
According to the complaint, the Texas and Oklahoma Associations, as
also amounts to a limitation upon the powers of the President.
well as associations in Louisiana and Arkansas, all affiliated with the
The second amendment, he declared, provides that the present reciprocal
national group, "co-operatively adopted and operated a device for autotariff law shall not apply to commodities covered by prospective trade
matically fixing and regulating the price of cottonseed in car lots within
agreements, while the third change made stipulates that all persons likely
the territory of each of said associations." This device consisted of posting
to be affected by any proposed trade treaty be given opportunity to be
and publishing on the Dallas Cotton Exchange, Houston Merchants Exheard before the treaty is consummated.
change, New Orleans Cotton Exchange and Little Rock Cotton Exchange
It was this third amendment which caused most controversy on the floor
the car lot prices which the terminal mills or association representatives
of the House with Representative Treadway (Rep., Mass.), ranking member
decided "would provide a satisfactory profit to the mills after deducting
of the Ways and Means Committee, characterizing it as a "sop" to Demofrom the value of products from a ton of seed, the cost of crushing and
cratic Senators who had threatened to oppose the bill.
of transportation."
Lozier Defends Measure.
No transactions took place on these exchanges as a foundation for the
prices so posted, the Commission alleges, and the associations from time
Defending the bill Representative Lazier (Dem., Mo.) charged the Reto time withheld and suppressed the posting or publication of prices actually
publican opposition with casting a reflection upon the President when it
being paid which were higher than they thought should be paid.
Insisted that he should not be vested with such wide power to regulate the
Member mills of the Association from time to time agreed to maintain
tariff structure.
the posted prices as their purchase prices in individual transactions, it is
"It is a reflection on any President, be he Republican or Democratic,"
charged, "and it was their purpose to have the said posted price automatMr. Lozier declared, "to assume that he will make trade agreements vitally
cally become the market price as a matter of custom and tacit understandaffecting the industries of this country without first weighing carefully all
ing without the necessity of general conferences or formal agreements."
the arguments pro and con."
In carrying out their plans the members, through their associations and
Embodying the most far-reaching powers ever conferred
divisions and under supervision of the national organization, according
upon a President in an effort to restore the nation to its
to the complaint, entered into agreements that member mills would telegraph or telephone each other the general prices they were paying and
former position in international trade, the bill, it was pointed
offering to pay for cottonseed, and that "they would not deviate from the
out in the same advices, gives him authority to alter tariff
prices so reported without giving simultaneous and immediate notice
rates and duties in the negotiation of reciprocal trade agreethereof to member mills." Otherwise, they would indicate in their reports
that they were deviating "only where necessary to meet competition."
ments with foreign governments without further ado by
Another means of carrying out plans for price control was, according to
Congress. The Washington dispatch, June 6, to the same
the Commission's complaint, agreeing that prices made to sellers and
exchanged among competitors should be on the basis of f.o.b.shipping point
paper continued:
and be exclusive of the cost of transporting seed to their respective mills
Under its provisions the President may raise or lower tariffs on any comso as to "prevent the cheapness of transportation on nearby seed resulting
modity by as much as 50% of the existing rate, whenever he finds such
in the payment of a higher price to the sellers" ofsuch seed. This practice
adjustment advantageous in bargaining for beneficial tariff concessions
also promoted uniformity of prices within sectional organizations, the
on the part of foreign countries.
complaint alleges.
Any foreign trade agreement concluded by the President would be subject
Other Agreements.
to termination, upon due notice to the foreign Government concerned, at
Other means of carrying out plans were listed by the Commission as
the end of not more than three years from the date on which the agreement
follows: Limiting the prices paid for hauling seed to the mill in order to
came into force, and, if not then terminated, would be subject to terminaprevent payments by mills to seed sellers from being more than the price
tion thereafter upon not more than six months'notice. Under this procedure
published and reported to competitors; engaging in "systematic propait is understood that the agreements could run indefinitely.
ganda to induce and persuade the mills that it was unfair not to buy seed
Republican high protectionists continued their fight against the bill to
on the same spread throughout the season"; fixing of the rates of comthe end, predicting dire consequences to American industries and a flood of
mission and dealers' margins; elimination of seed brokers; maintenance of a
imports from abroad, but were literally swamped by the huge Democratic
system of grading to insure that prices arrived at through the concerted
majority anxious to comply with the wishes of the President and confer
action before mentioned would apply to all variations in quality, and
upon him the powers requested.
using such grading system to hamper, obstruct and discriminate against
They defended the measure with assurance that it was the most important
independent buyers of seed, including ginners and others, and to remove
segment of the Roosevelt recovery program yet to come before Congress,
them from the competitive field.
and refused to concede that any action would be taken that would react
The respondents are given until July 6 to show cause why an order should
harmfully to American industries.
not be entered by the Commission requiring them to cease and desist from
However, there still is considerable doubt being expressed in some circles
the practices charged.
as to the Administration tariff attitude toward the wool industry. In some
quarters wool buyers are said to be making lower offers on wool because
Officers of Associations.
of apprehension less the reciprocity policy would mean sweeping reduction
Officers of the three associations named as respondents in the Comin
the wool tariffs.
mission's complaint are as follows:
Senator O'Mahoney (Dem., Wyo.) has received numerous complaints to
National Cottonseed Products Association.—J. Ross Richardson, Presithis effect and upon taking it up with the White House was advised in a
dent; T. H. Gregory, Vice-President; Earl S. Haines, Executive Viceletter that the President considers the industry as one which needs protecPresident; S. M. Harmon, Secretary and Assistant Treasurer; and the foltion and that the legislation would not be used to cut wool prices.
lowing directors: T. J. Kidd,P. F. Cleaver, P.D. McCarley,0.0. Flaitz,
George W. Covington, J. I. Morgan, A. L. Durand, J. J. Lawton, E. E.
The adoption of the bill by the House on March 29 was
Clarke, P. J. Lemm, S. W. Wilbor, W. F. Pendleton, Henry Underlich,
noted in our issue of March 31, page 2183.
Stanley R. Pratt, Wright Youtsey, 0, E. Jones and T. 0. Asbury.
Texas Cottonseed Crushers Association.—P, J. Lemm, President; B. B.
The bill was favorably reported by the Senate Finance
Hulsey. Vice-President; A. L. Ward, Executive Vice-President; B. Wallin,
Committee on May 2 (as indicated in our May 5 issue, page
Secretary-Treasurer: and the following members of the executive committee: P. J. Lemm, Chairman; B. B. Hulsey, J. Row Richardson, B. W. 3023), and debate in the Senate was opened on May 17.
Wilbor, J. W. Simmons, H. Wunderlich, J. T. Gant, W. L. Weber and
On May 30 the first test vote on the bill was won by its
J. S. LeCiercq Jr.
advocates when the Senate rejected an amendment offered
Oklahoma Cottonseed Crushers Association.—A. L. Durand, President:
by Senator Vandenberg which would have broadened the
J. C. Brown, Vice-President:.J. H. Johnston, Secretary: and the following
directors: R. K. Wootton, P. A. Norris, J. B. Garnett, A. E. King and
provisions for hearings on rate changes. The Senate vote
Earl Shotwell.
against this amendment was 46 to 29. On June 1, Democratic leaders in the Senate obtained an agreement for a final
vote on the bill June 4, thus bringing to an end an attempted
Republican filibuster. Recording this action of the House,
the "Times" reported the following from Washington June 1:
Passes Reciprocal Tariff Bill—House Accepts
Senate Amendments.
The Administration's Reciprocal Tariff bill, granting the
President broad powers to change tariff rates and to make
By adopting
the House a resolution virtually abrogating the rules of
trade agreements with foreign countries, was approved by that body, and in
by forcing through in the Senate an agreement to vote on
the Senate on June 4 by a vote of 57 to 33. The House, two President Roosevelt's Reciprocal Tariff Bill not later than Monday, Democratic leaders succeeded to-day in upsetting two anti-administration filimonths ago (March 29), passed a bill similar in general busters,
took charge of a balky Congress and drove toward final adjournpurposes, with amendments added by the Senate the bill ment. . . .
In a session marked with high partisan tension and climaxed by a near
went back to the House which, contrary to its usual course of
the House adopted. 259 to 92, a rule that placed itself
completely
sending the measure to conference, accepted the Senate fist-fight,
in the hands of Speaker Ramey, the Democratic leader; Representative
amendments on June 6 by a vote of 154 to 53. Congres- Byrns and Chairman Bankhead of the Rules Committee
until adjournment.
The resolution provided also a procedure whereby these leaders might
sional action was thereupon completed on the bill and it was
off any further Republican attempts to attack legislation already
sent to the President for his signature. According to the ward
enacted, or to delay the recovery program of the Administration.
Washington advices, June 6, to the New York "Times" the
The Senate bill resembles that passed by the House on
principal amendment accepted by the House provided for March
29 in that it empowers the President in the interest
"reasonable" notice of the intentions of the Government
of American foreign trade to conclude agreements with
to conclude any trade agreement, and a private hearing of
foreign Governments, and authorizes him to modify existing
interested parties, under such rules and regulations as the duties and other
import restrictions. He would be limited
President might prescribe. The President was said to have
to an increase or decrease of not more than 50% in any rate
approved the amendment before it was offered.
of duty.
From the Washington account, June 6, to the New York
A Washington dispatch, of June 4, to the New York
"Journal of Commerce" we take the following:
"Times" further described the bill as follows:
Senate
Doughton Explains Terms.
Opening the debate in the House as the final chapter was written in the
long fight of the Administration for the bill, Chairman Doughton of the
Ways and Means Committee explained the Senate changes, pointing out
that of the 14 made only 3 were of material consequence. One, he said,
stipulates that the President. before negotiating a trade agreement, must
find not only that foreign trade barriers are burdening American trade but
that the purpose of expanding American trade must likewise be served by
operation of the treaty.
The bill specifies that the authority of the President to enter into such
foreign trade agreements shall end three years from enactment of the
measure, and that every such agreement shall be subject to termination at
the end of three years from the date on which it was made.
Designed fundamentally for the promotion of American foreign trade
by way of mutual tariff and trade concessions with foreign countries, the
bill empowers the President to act whenever he finds "as a fact" that any
existing duty or other import restriction of the United States or any foreign
country is unduly burdening and restricting our international commerce.
Volume 138
Financial Chronicle
A three-line section in both the Senate and House bills again states the
of foreign
policy of our Government against cancellation or reduction
indebtedness due it.
We quote below in part from a Washington dispatch of
June 4 to the New York "Herald Tribune" which noted the
action taken by the Senate on various proposed amendments
on that date:
Five Republicans—Senators Capper, Couzens, La Follette, Norbeck
up
and Norris, and one Farmer-Labor member, Senator Shipstead, lined
for the bill, and five Democrats turned against it. The Democrats against
the bill were Senators Adams, Dill, Glass, Long and Overton.
Republican Senators, aided by a few Democrats, sought in every way to
break into the cordon which the Administration organization had formed
about the bill, but to no effect. They were beaten in roll call after roll call
and on a series of viva voce votes, beginning with the defeat of the proposal
of Senator Hiram Johnson, insurgent Republican of California, to exempt
agricultural products from cuts in making agreements.
Ashurst Enters Protest.
One of the sharpest flare-ups of the day occurred when Senator Pat
Harrison (Dem., Miss.) in charge of the bill, proposed an amendment to
"freeze" the excise rates on lumber, copper, coal and oil and prevent them
being changed by trade agreements. Senator Henry F. Ashurst (Dem.,
Ariz.), champion of copper, leaped to his feet and protested. He demanded
that Senator Harrison withdraw the amendment.
"Beware of it," he explained. "No man who pretends to be fair can draw
the assassin's dirk against four of the greatest industries of this country.
It is conceived in iniquity, it is born in sin."
Senator Ashurst said he wanted no amendment that would prevent increasing copper rates. Senator Harrison, under the bombardment, withdrew the amendment. Senator Huey P. Long, however, obtained a roll
call on it and it was beaten 57 to 29.
Anti-Court Amendment Wins.
Senator Harrison obtained adoption of what he called a "clarifying"
amendment Intended to prevent American producers from going to the
courts to interfere with trade agreements. Senator Daniel 0. Hastings
(Rep., Del.) protested, but was defeated.
All attempts to strengthen the notice and hearing feature of the bill as
backed by the Finance Committee failed. In effect, this feature leaves it
to the President to make the rules and regulations for notice and hearings.
Tne discussion of the bill in the Senate has lasted for about three weeks.
Republicans have charged the Democrats with completely reversing the
stand they took in 1929 when they opposed giving the Executive large
powers under the flexible tariff. It is the plan of the Republican leaders
to make the utmost politically of the tariff controversy and carry it into
the campaign.
Amendments Defeated.
The high point of the contention over amendments to the bill was reached
at noon and continued for some time thereafter while Senator Hiram Johnson, insurgent Republican of California, backed by nearly the entire Republican side and a scattering of Democrats, pressed a series of amendments,
the purpose of which was to prevent the President from reducing rates on
agricultural products in making trade agreements.
These amendments, though varying in language, looked to the same general objective. One after another they were beaten. Moreover, Democratic Senators commandeered the floor when the Senate met at 10 o'clock
and held it until noon, when it had been agreed to take up the agricultural
amendments, and thus choked off Senator Johnson from opportunity
to speak before the voting. Senators Thomas P. Gore of Oklahoma,
Bennett C. Clark of Missouri and A. W. Barkley of Kentucky engaged in
the Democratic maneuver to prevent Senator Johnson from speaking.
3875
Eighth, it is a blind speculation in which we hand tne President 90 billion
dollars' worth of blue chips, with which to gamble away our American
birthright, hoping against hope that we may win, but fearing against wellgrounded fear that we shall lose as usual.
Ninth, the net loss to America is almost certain. At most we shall only
succeed in trading an abandoned job at home for every artificial sale which
we stimulate abroad.
Tenth, we abandon the cost-of-production yardstick and substitute a
rubber rule which stretches to fit the Presidential whim and judgment.
Eleventh, the proposal is futile, even if we are to attempt bargains,
because it cannot touch the free list where 900,000,000 of foreign trade
favors are already granted for nothing. This is the place to start bargaining,
if we are to bargain at all.
Republican Senators, on May 21, criticized the Administration for negotiating a trade agreement with Colombia
before Congress had approved the tariff bill. United Press,
Washington advices of this date described that debate as
follows:
already
Senator H.D.Hatfield (Rep., W.Va.)said the State Department
a "tacit
had concluded a treaty with Colombia. He said it also had made
German dyes.
agreement" with Germany to exchange American lard for
Mich.) "does
"What!" exclaimed Senator Arthur Vandenberg (Rep.,
waiting for
the Senator mean we already have concluded a treaty without
passage of this bill?"
"I do," Senator Hatfield replied calmly.
Senator Simeon D. Fees (Rep., Ohio), who had just concluded a lengthy
attack on the tariff bill, gasped in amazement.
the
"We are rapidly drifting into a state of Executive authority which
country won't tolerate," he cried.
would
Senator Vandenberg said he certainly hoped Senator Hatfield
Departintroduce a resolution demanding an investigation of the State
introduced.
ment's negotiations with foreign powers since the tariff bill was
Senator Hatfield said he certainly would do just that to-morrow.
Fees, negoand
Vandenberg
Although apparently a surprise to Senators
Department
tiation of the Colombia treaty is no secret as far as the State
the first
is concerned. The agreement was concluded last November in
of a series of negotiations with South American and European governments.
undisremain
terms
It has not been sent to the Senate, however, and its
closed.
00
Senate Approves AAA Bill Appropriating $100,000,0
to Enable Discharge of Liens Held by Banks
Against Cotton in Possession of Secretary of
Agriculture. •
An Administration bill appropriating $100,000,000 to
liens
enable Secretary of Agriculture Wallace to discharge
held by banks against cotton in possession of the Agricultural Adjustment Administration was approved by the
apSenate on June 6 and sent to the House for concurrent
proval. The AAA had indicated that it regarded passage
of the measure essential to prevent closing out the notes
of the banks when they mature on July 31 and dumping
the cotton on the market, with a possible depressing effect
on prices. A Washington dispatch of June 6 to the New
York "Journal of Commerce" stated that the appropriation
will not materially alter the budget or affect Treasury
since the amount involved is already an outIn the opening debate on the tariff bill in the Senate on accounts
obligation. The dispatch then continued:
commercial banks
May 17, Senator Borah denounced the measure as uncon- standing
It was borrowed by the Secretary of Agriculture from
Corstitutional, and said that Congress was acting to surrender and by the cotton pool manager from the Reconstruction Finance
Credit Corporation, and if the Treasury
its taxing power to the President. He said the bill obviously poration through the Commodity
Agriculture
of
advance the fund appropriated to the Secretary
the banks
marked a "trend from constitutional Government." United should
the advance would be used to pay off the Federal obligation to
this
reported
debate
17,
Press, Washington advices of May
and the obligations carried by the RFC.
under the
Necessity of the legislation is that the Secretary has borrowed
in part as follows: •
Adjustment Act from commercial banks
Borah spoke after McNary. He attacked constitutionality of the measure. The Idaho Senator told his colleagues if they transferred their taxing
and tariff power to the President they might as well go home.
He denied Harrison's statement that the bill's provisions were justified
by the emergency. The Constitution, Borah said, was framed in an atmosphere of emergency to deal with national emergencies.
He assailed dictatorships, Communism. Nazism and other forms of
government which "put chains on the body and fetters on the brain."
"We have had hours of dark peril before and the instrumentalities of
democracy were sufficient," he argued. "There is a niche alongside Lincoln
and Washington for the man who now challenges these apostles of fanaticism
and terrorism and shows his willingness to defend the integrity of constitutional government."
Senator Vandenberg, speaking against the bill on May 18,
also contended that it would clothe the Executive with
extraordinary authority. He summarized his objections in
part as follows:
First, it demands a delegation of Congressional taxing power and Senate
treaty-making power which is without color of constitutionality.
Second, it would clothe the Executive with unchecked authority to rule
or ruin industrial and agricultural commodities, and the citizens and communities which may be dependent upon them for existence.
Third, it emphasizes exports at the expense of the preservation of home
markets for home production.
Fourth, since we have "most favored nation" treaties with 29 countries,
to all of whom we must grant any tariff favors granted to any one of them,
we must multiply our tariff gifts by 29 each time we get one concession
in return.
Fifth, this program cannot possibly improve our recovery situation, but
is calculated seriously to impair it because it runs in exactly the opposite direction from the National Recovery Administration and tne
Agricultural Adjustment Administration, which automatically increase
domestic production costa and therefore require higher rather than lower
tariffs in order to succeed.
Sixth, this scheme invites international complications of the precise type
which we have scrupulously avoided for 140 years because it leans toward
trade alliances which make for international blocs, hatreds and reprisals.
Seventh, the proposal is calculated to be the most autocratic of all the
President's progressively accumulating dictatorial powers.
authority of the Agricultural
he was authorized
$60.000,000 with which to acquire and carry cotton which
against this
to acquire by the Act and the pool manager has borrowed producers in
the
cotton $38,000,000 which has been distributed among
connection with 4-cent loans.
Renewals at Issue.
Congress is not
Since the obligations borrowed all mature July 31 and
these obligations
expected to be in session then, it would be necessary for
to be renewed or paid.
House Passes Bill to Do Away with Present Dual System
of Measuring Ships Using Panama Canal.
The House on June 5, acting under suspension of rules,
approved the Lea bill, designed to eliminate the present
dual system of measurement and charges for vessels using
the Panama Canal. The vote was 99 to 47. President
Roosevelt has endorsed the bill, which is expected to receive
early consideration in the Senate.
House Passes Tobacco Production Control Bill, Similar
to Bankhead Act—Measure Imposes Penalty Tax
on Production Above AAA Allocations.
The House of Representatives on June 6 approved the
Kerr Tobacco Production Bill, imposing a penalty tax on
tobacco grown in excess of Agricultural Adjustment Administration allowances by "contract growers," and on the
entire production of growers who fail to sign curtailment
agreements with the AAA. The House vote was 206 to 143,
and after approval the measure was sent to the Senate for its
consideration. Another bill, reducing taxes on tobacco products, which was favorably reported by the Ways and Means
Committee May 25, is expected to be considered by the
3876
Financial Chronicle
House during,the present session. This measure was described in our issue of May 26, page 3532.
The Kerr bill resembles the Bankhead Cotton Production
Act, in that it exempts from taxation all tobacco grown
under the curtailment agreement, but imposes a tax of 25 to
33 1-3% on production above that amount. This tax would
also be levied on every grower who failed to sign, within 60
days after passage of the bill, an amendment to curtail
production in accordance with Government regulations.
The House Ways and Means Committee,in a report on the
bill, said:
If a contract tobacco grower voluntarily entered into an agreement with
the Agricultural Department to reduce his acreage 30% during the crop year
of 1933 in order that there may not be an overproduction of tobacco then it
would be manifestly unjust to him to allow a "chisler" or a non-contract
producer to increase his crop.
This bill proposes to put a sales tax offrom 25% to 33 1-3% on all tobacco
produced by contracting parties in excess of that allotted to them by the
Agricultural Department and on all tobacco produced and offered for sale
by those who did not enter into contract to reduce their crop.
If the contracting producer is willing to reduce his income 30% by curtailing then the non-contracting producer cannot complain that the Government should require him to pay at least a sales tax upon all the tobacco
which be sells.
House Passes Bill Providing for Hiring 105,000 Persons
to Conduct "Unemployment Census" Next November-Republicans Term Measure "Patronage Grab."
A bill providing for the enlistment of 105,000 persons to
conduct a census of unemployment next November was approved by the House on June 7 by a vote of 218 to 145, and
sent to the Senate for its consideration. House passage of
the measure came after Republicans had charged that the
bill was a "patronage grab," and asserted that all persons
employed would be Democrats. They also declared that by
conducting such a census in November the Democrats were
attempting to sway the Congressional elections.
House and Senate Conferees Agree to Raise from
$2,500 to $6,000 Amount of Bank Deposits Subject
to Federal Guarantee—Permit RFC Loans to Closed
Banks on "Reasonable" Security.
Senate and House conferees who have been considering
controversial features of a bill designed to extend Federal
aid to depositors in closed banks, and to extend the temporary Federal insurance of bank deposits, reached agreement
June 7 on the most ;mportant disputed provisions of the
measure. They agreed on legislation authorizing RFC loans
to closed banks on "reasonable" security, rather than requiring "adequate" security as provided in the present law.
They also agreed to raise the maximum deposit guarantee
from $2,500 to $5,000 and to extend for one year the peirlio
in
-which-StiZte'banki-must join tife-F7deraTheservrUirem
in order to participate in the deposit insurance plan. Associated Press adviees from Washington on June 7 further
noted the terms of agreement as follows:
The dispute over the deposit insurance extension is tied in with banking
Opposition to the permanent insurance law which was to have become
effective in a few weeks. The bankers contend that its revision submits sound banks to unlimited assessments for the purpose _ of payThl
depositors of badly managed institutions.
The permanent law, the effective date of which is postponed for one
year. would guarantee deposits to a maximum of $10,000 in jull,—riv tfi
larger deposits partly insured on a sliding scale.
Under the present temporary law, the participating banks are assessed
a small percentage of the deposits insured to which the Government adds
$150,000,000, forming a pool from which to pay the claims of depositors
In failing banks.
As amended by to-day's conference agreement, the Government's participation would be shifted to the RFC, with that agency authorized to leiaa
the Federal Deposit Insurance Corporation $250,000,000 on demand. 1.7
With these provisions settled, the conferees had only to decide—Mire
reaching a complete agreement upon the question of extending.—...
cifmM
8t
surance to Hawaii and Alaska, with indications a decision to do so wcnill
be reached.
House and Senate Approve Conference Report on
Revised Air Mail Bill Vesting Control of Mail
Transport in I.-S. C. C.—Postage Rate Would Be
Reduced to Six Cents an Ounce July 1—Bids for
Temporary Air Mail Contracts Lowest on Record.
The conference report on the Administration's permanent
Air Mail bill was approved on May 29 by the House of Representatives and by the Senate on June 5. Senate and House
conferees had reached an agreement on May 22. House approval was recorded by a vote of 260 to 72. The bill provides
for a reduction from eight to six cents an ounce in air mail
postage rates, beginning July 1. The base rate of pay to
bidding air mail contractors may not exceed 33 1/3c. an airplane mile for loads under 300 pounds, and up to 40c, an
airplane mile for each additional 100 pounds. The bill places
mail transport under the supervision of the Inter-State Commerce Commission. Under the bill passed on April 28 by the
Senate (the McKellar-Black Air Mail bill), it was provided
June 9 1934
that the Postmaster-General would let contracts for one year,
and during that period a bipartisan commission, appointed by
the President, would study the air mail situation and then
recommend a broad policy to the next Congress. Senate approval was given the measure without a record vote. The
House Post Office Committee, however, on May 1 decided not
to consider the Senate bill, and instead agreed to pass its
own bill. On May 10 the House, by a vica voce vote, passed
its substitute Air Mail bill providing for domestic air mail
contracts for a period of one year, while a special commission
studies the aviation set-up of the nation with a view to coordination of service and commercial aviation activities. In
its advices from Washington, May 10, the New York "Times"
had the following to say regarding the House bill:
The measure passed by the House was substantially the same as one
approved some time ago by the House Post Office Committee. It differs
from the Senate bill in that it allows contractors whose contracts were canceled to bid again. It provides for a flat rate of 35c. per airplane mile for
100 pounds of mail, and one-tenth the rate for each additional 100 pounds
or fraction.
Another modification is that the postage rate would be lowered after
July 1 1934, to Sc. per ounce.
Another provision in the House bill specifies that the pilots and co-pilots
of commercial ariplanes engaged in carrying air mail should be paid at the
rate that prevailed in 1933. The Secretary of Commerce, instead of the
Inter-State Commerce Commission, as in the Senate bill, is authorized to
certify the qualifications of airplanes used by the contractors.
Partisan Debate Flares Again.
Representative Goss of Connecticut, member of the special investigating
committee now studying army airplane problems, made a determined effort
to amend the bill so as to limit the investigating committee authorized in the
bill to strictly commercial activities.
The Goss motion was defeated, although Mr. Goss was successful in reducing the fund allowed the special commission from $100,000 to $75,000.
A Washington dispatch of May 29 to the New York "Times"
summarized the principal features of the revised permanent
Air Mail bill, in part, as follows:
Interlocking directorates would be prohibited in the new bill, and it would
be unlawful for holding companies to acquire stock in companies engaged in
carrying air mail.
The bill authorizes the Postmaster-General to award contracts to lowest
responsible bidders for not to exceed one year, and gives to low bidders the
right to appeal to the Comptroller-General.
Forbids sale or transfer of contracts without permission of the PostmasterGeneral.
Limits extensions of routes to 100 miles and' permits only one such extension to any one person.
Prescribes at least four transcontinental routes, which shall be maintained
as "primary" routes, and authorizes the Postmaster-General to designate
"secondary" routes.
Limits routes to an aggregate of 29,000 miles, with total annual schedule
of 40,000,000 airplane miles; authorizes expenditure of appropriations to
pay contractors holding existing temporary contracts.
Empowers the Inter-State Commerce Commission to fix reasonable compensation rates, but limits such refs to those provided in the Act. Also
directs the Commission at least once in every calendar year to review the
rates of compensation paid. "to be assured that no unreasonable profit is
resulting or accruing therefrom."
Rate adjustment law for rail mail is applied to air mail.
Bill authorizes carriers whose contracts were canceled to sue for damages
through the Court of Claims.
Every bidder on air mail contracts shall furnish a list of stockholders,
directors and a statement of the financial set-up of the concern.
The Secretary of Commerce is to prescribe safety requirements for aircraft
and to certify qualifications of flying personnel.
After Oct. 31 no air mail contractor shall hold more than three contracts
and no contract for any other "primary" route shall be awarded to or
extended for such contractor.
The Postmaster-General is authorized to extend service to Canada within
150 miles of the international boundary.
The President is authorized to appoint a commission of five to survey all
phases of American aviation and report to Congress not later than Feb. 1 1935.
Bids for temporary transport of the mail were opened in
the Post Office Department on May 25. These were described
as the lowest in history, and Postmaster-General Farley calculated that the annual air mail costs under the bids awarded
following the annulment of contracts last February would
he about $6,299,762 lower than the appropriation of $14,000,000 for the fiscal year ending June 30, Mr. Farley issued
a statement on May 25 in which he said:
The average air mail pay per mile on the new air mail system, comprising
28,548 miles, will be 27.9c., as compared with approximately 42c. per airplane mile in the old system of 25,248 miles.
The annual air mail pay for the new system, with its 3,300 additional
miles, will be $7,700,238, as compared with $19,400,264 in the fiscal year
1933, and with approximately $14,000,000 for the present fiscal year which
ends June 30.
Three biddings have been held on the new air mail system. The per mile
average mail pay for the first bids received was 28.8c. The per mile average
mail rate for the second bidding was 38.5c. The combined average for the
first two biddings was 35.7c. The average rate of mail pay for the 60 bids
received in the third and last letting was 20.27c., which brought down the
general average to 27.9c.
House Approves Communications Control Bill and
Sends Measure to Conference—Would Create 7Man Commission to Supervise Telephone, Telegraph and Radio Systems.
The Communications Control Bill, designed to place
telephone, telegraph and radio transmission under the regu-
Volume 138
Financial Chronicle
3877
We quote further from the two statements, as given in
lation of the Federal Government, was approved by the
dispatch of May 30 to the New York "Times":
Washington
a
vote.
record
a
without
ves
2
of
June
Representati
on
House
President of the Chamber, said in a statement
Harriman,
I.
Henry
ons
Communicati
A similar measure, providing for a Federal
that although the revised draft was vastly improved over the original,
Commission to regulate the Nation's telephone, telegraph and obvious care was taken in writing some provisions, the measure was
and radio systems passed the Senate on May 15, as was noted still objcctionable in that it would be "provocative of industrial strife
of allaying it."
in our May 19 issue, page 3368. A conference committee instead
While the declared policy of the bill was to protect workers' rights
endeavored this week to adjust minor differences between of freedom of association, he said, there was "nothing in it to safeguard
the worker against the most notorious form of coercion, i.e., from persons
the two bills.
who do not hold any employment in the industry and who act on behalf
The House bill provides that the Commission shall consist of
workers in the employ of concerns other than the workers' own emof seven members, who will perform the functions regarding ployer."
The bill attempted to hinder an employer in his right to protect himcommunications now exercised by the Federal Radio Com- self.
according to Mr. Harriman, in that it would become an "unfair
The
Commission.
and
Commerce
the Inter-State
mission
labor practice" for him to interfere with the right of workers "to engage
originally
in concerted activities for the purpose . .. of mutual aid and protection.'
Radio Commission would be abolished. The bill
Widespread Protest Forecast.
provided for new regulations and rules. These, however,
James A. Emery, counsel for the Manufacturers' Association, asserted
were opposed by the American Telephone and Telegraph
In a statement that the bill was "hastily devised after superficial conCo. and other companies affected, and were finally eliminated sideration,"
but in spite of that was proposed as permanent legislation
utilities
the
study
The bill authorizes the Commission to
"containing far-reaching and dangerous features which have never been
situation and recommend regulatory legislation by Feb. 1 the subject of hearing or discussion."
"This bill will arouse widespread protest for its injustice. its invalidity
1935.
and its impolicy," he said. "It will multiply complaint and conflict.
follows
as
It is not calculated to make for industrial peace but to incite disagreement.
Approval of the bill by the House was described
"It becomes an unfair practice for an employer to discourage memin a Washington dispatch of June 2 to the New York "Times":
being any associaThe "gag rule" voted yesterday functioned perfectly as the House
disposed of the measure. The only objections to the bill were from Republicans and directed against what they called radio censorship. Representative McGugin of Kansas asserted that former Senator James A. Reed
was "kept off the air" by Democrats when he sought to speak after the
investigation of Dr. William A. Wirt's accusation against the "Brain
Trusters."
Chairman Rayburn of the Inter-State Commerce Committee said he
was certain the Senate would not consent to all provisions of the House
bill. He was named by Mr. Rainey to Head the House conferees. Others
named were Representatives Wolverton of New Jersey, Huddleston of
Alabama, Lee of Missouri and Mapes of Michigan.
The House measure differs from the bill passed by the Senate chiefly
creating
in that it retains the provisions of the Radio Act of 1927 instead of
a new set of regulations.
Differs from Senate Bill.
within the
The Senate bill provides for the creation of two divisions
and
Commission, to be known as the Radio Division and the Telegraph
House
The
Telephone Division and prescribing the jurisdiction of each.
adbe
may
divisions
that radio telegraph and telephone
report suggests.
visable.
interThe Senate bill exempts from its provisions carriers engaged in
with the
state or foreign commerce solely through physical connection
carriers
these
makes
facilities of the non-affiliated carrier. The House bill
schedules of
subject to some regulations but does not require them to file
charges.
report
The House bill directly instructs the Commission to study and
on the following subjects:
affect the
"1. Certain transactions of common carriers which may
charges made for services rendered to the public. These transactions
research,
include those relating to the furnishing of equipment, supplies,
companies
services,finance or credit,whether byasingle company or group of
to report
directed
controlled by the same interests. The Commission is also
the same
on the desirability of requiring competitive bidding in cases where
company or groups of companies are both buyers and sellers.
com"2. The methods by which, and the extent to which, telephone
are
panies are furnishing telegraph services, and telegraphic companies
entered
contracts
exclusive
furnishing telephone services, and the effect of
from
into by common carriers which prevent other competing carriers
places.
locating offices in railroad depots, hotels and other public
News Agencies Unaffected.
relating
A requirement that recommendations be made for legislation
important.
to the purchase of equipment and supplies is considered more
which electric comDrafters of the measure contended that the prices at
with which they
panies have sold equipment to the operating companies
high rates for users.
are finacially related is one of the chief reasons for the
and newsIt was clearly indicated that news agencies, press associations
insofar as the transpapers do not come within the provisions of the bill
furnish service, may
mission of news is concerned. These may refuse to
service to be renoffer it under varying arrangements and establish the
charges therefor.
dered, the terms under which it is given and the
Henry I. Harriman of United States Chamber of
Commerce and James A. Emery Criticize Wagner
Labor Bill — Assert Modifications of Original
Measure Have Not Removed Fundamental Objections—Legislation Seen as Fostering Communism
Within Industry.
The Chamber of Commerce of the United States and
the National Association of Manufacturers, in statements
issued on May 30 attacked the revised Wagner bill for the
settlement of industrial disputes, and said that modifications
in the original measure had failed to remove fundamental
objections to its provisions. The statement on behalf of
the Chamber was issued by Henry I. Harriman, its President, while that for the Manufacturers' Association was
made by James A. Emery, its General Counsel. Mr.
Harriman said that in its new form the bill is a "great
improvement" over that originally introduced, but added
-that modifications "only tend to make less prominent
the fundamental objections to this legislation; they do
not lessen objections." Mr. Emery said that the bill
'would further disturb industrial relations, would open
the way for communistic influences within industry, and
makes no attempt to curb coercion by labor against employers, which is the underlying cause of recent industrial
strife."
bership In any labor organization, a labor organization
tion existing in whole or in part to deal with employers concerning working
conditions.
"Communistic unions exist on every side. They continually foment
labor disturbances. While dealing with employers respecting working
conditions, they excite strife, incite violence, stimulate discontent and
aim at the subversion of political and social institutions by force.
"Yet under this bill an employer who in any way discouraged membership in such an organization is to be told by the Government which
it would overthrow that he violates the law.
Sees Confusion of Thought.
"The bill represents a fatal confusion of thought between political
representation and personal contact. It empowers the board to authorize
a majority in any employment unit to write an exclusive labor contract
for the minority.
"In political representation, the minority is protected against the abuse
of majority power by limitations on government. But in a labor contract
the individual or minority group are servile and not free men, if they
may not select their own agents or are individually denied the right to be
represented by themselves or another.
"Seventy-four per cent of the manufacturing establishments of the
United States employ 20 men or less. To destroy the individual right of
contract on the theory that all employment units are large is neither sound
in law nor principle.
"It is an utter denial of the individual freedom of persons that lies at
the very foundation of our institutions. No Government board is good
enough to determine who shall write another man's contract of labor
without his consent."
President Roosevelt Signs Corporation Bankruptcy
Bill Following Adoption of Conference Report by
Congress.
On June 7 President Roosevelt signed the corporation
bankruptcy law, designed to facilitate the release of corporations from receivership. With the adoption on June 1 by
the Senate of the conference report on the corporation bankruptcy bill, Congressional action on the measure was completed. The House adopted the conference report on
May 29. The bill passed the Senate on May 4 without a
record vote; it passed the House on June 5 1933 and was
sent to conference to adjust the differences. The measure
is designed to extend relief to financially distressed corporations through permitting reorganization without the necessity
of bankruptcy or receivership proceedings in the courts.
Before approving the bill May 4, the Senate by a vote of
37 to 11 defeated an amendment by Senator Frazier designed
to assist bankrupt farmers. In Associated Press advices
from Washington June 7, it was stated:
Throughout the country there are situations where holders of large
amounts of claims have agreed to plans of settlement, but where action has
been held up by minority creditors' objections. Heretofore, it has been
necessary for bondholders committees to go through foreclosure proceedings
which required cash payment for the interest of dissenters.
In the past many receiverships have been long-drawn out because protective committees have endeavored to obtain deposit of a much higher
percentage of claims to avoid a large payment. Courts also have been
unwilling to authorize the sale of assets at low figures when a substantial
minority failed to join in a reorganization. Under the new law, no cash
will be necessary. If a majority agrees to accept new securities in lieu of
former claims, on court approval, the minority has to accept them also.
The same accounts said:
The act binds all creditors to a court-approved reorganization plan
to which holders of two-thirds of the total amount of claims have agreed.
A petition for reorganization may be filed by any creditor or stockholder
if it has been approved by holders of 25% in amount of each class of claims
and 10% of the total.
If the company is not actually insolvent but merely unable to meet maturing debt, shareholders representing 10% of each class of stock and 5%
of the total must agree to such petition.
A debtor company may file the petition without such approval.
Favorable court action on a composition plan must be accompanied by
written agreement by the holders of two-thirds of the total claims. It the
company is not held actually insolvent, approval by stockholders representing majority holdings also is required.
Pointing out that the President signed the bill on June 7
at the stroke of noon the Associated Press added that the
White House made clear that the bill would be signed just
3878
Financial Chronicle
when the clock showed 12, so that applicants for its benefits
could get off to an even start, with no preference for those
"in the know."
A reference to the bill appeared in our issue of May 12,
page 3197.
President Roosevelt Signs Securities Exchange Act of
1934—Provides for Federal Regulation of Stock
Exchanges—Commission of Five to Administer Act.
The bill for Federal regulation of stock exchanges (the
Fletcher-Rayburn bill) was placed on the statute books on
June 6, when President Roosevelt signed the bill—on which
Congressional action was completed June 1. The adoption
by Congress of the conference report on the bill, (which is
to be known as the Securities Exchange Act of 1934) was
noted in our issue of June 2, page 3692, and elsewhere in these
columns to-day we are giving the full text of the bill as enacted into law; it is proper to state that the bill in its entirety
besides providing for the regulation and control of security
exchanges also embodies amendments to the Securities Act
of 1933, and this portion of the newly enacted measure,
which is contained in "Title II" of the new law, was given
in our issue of June 2, page 3691. The new law provides for
the creation of a commission of five members to administer
the Stock Exchange Act, the members of which are to be
appointed by President Roosevelt. The Commission ill
also take over from the Federal Trade Commission,(60 days
after the new members qualify) the administration of the
Securities Act of 1933. Incident to the signing of the measure
regulating stock exchanges we quote the following from a
Washington account to the New York "Times":
Those present at the signing, each of whom received as a souvenir one
of the pens used by President Roosevelt, were Senator Fletcher and Representative Rayburn, Chairmen of the Senate Banking and Currency and the
House Inter-State and Foreign Commerce Committees; Ferdinand Pecora,
Senate Counsel in the stock market investigation; Representatives Lea of
California and Mapes of Michigan; Benjamin V. Cohen, Assistant Counsel
of the Public Works Administration, and Thomas V. Corcoran, Assistant
Counsel of the Reconstruction Finance Corporation. Messrs. Cohen and
Corcoran helped draft the bill.
To Delay Appointments.
President Roosevelt said at a press conference prior to signing the measure
that he had not given any consideration to appointees to the Commission.
He has received 50 to 100 names, he said, all of which had been filed for
consideration.
He said he did not expect to take up this task until after Congress's
adjournment.
Mr.Pecora was particularly happy over the signing of the bill, which to a
large extent grew out of disclosures developed under his direction at hearings
before the Banking and Currency Committee.
Holding up his souvenir pen as he left the President's office, Mr. Pecora
said:
"I shall treasure this pen as the pen that made effective one of the most
constructive pieces of legislation ever enacted. And I really mean that."
"Will it affect the business of the Stock Exchange?" Mr. Pecora was
asked.
"I think it will improve business there both ethically and otherwise," he
replied.
"How about volume of trading?"
"Well, in so far as pool operations are concerned, these will disappear,"
Mr. Pecora said.
When Mr. Pecora was asked if he would become a member of the Control
Commission, he replied that he could not discuss a position that had not
been offered to him.
Various reports have been current in the newspapers this
week as to those who may be given a place on the new Commission; one of these accounts appeared as follows in the
"Times" of June 5.
Four men—an industrialist, a banker, and two members of the Federal
Trade Commission—will receive offers of posts on the Securities and Exchange Commission, which will administer the Fletcher-Rayburn Act, it
was reported yesterday in Wall Street.
The men mentioned are Thomas J. Watson, President of International
Business Machines Corp.; Sidney J. Weinberg of Goldman, Sachs & Co.,
investment bankers, and Federal Trade Commissioners James M. Landis
and George C. Mathews.
General Robert E. Wood, President of Sears, Roebuck & Co., has also
been discussed as a possible appointee, but General Wood stated yesterday
in Chicago that the job had not been offered to him, and that he would not
be interested in it "if it takes much time."
On his return to New York on June 6, Thomas j. Watson, President of International Business Machines Corp.,
stated that he has not been offered an appointment to the
Securities and Exchange Commission, which will administer
the Fletcher-Rayburn Act. He added that he could not, in
any event, consider an appointment of this kind, if it were
offered to him.
The conference report on the bill was adopted by the
Senate and House on June 1 without a roll call in either case.
With reference to the dispatch with which the report was disposed of by the two bodies a dispatch from Washington June 1
to the "Times" said:
Final Congressional action was swift. There were a few short speeches
In the Senate, while in the House less than 20 minutes was required for
disposal of the report. In that branch there were a few scattered "noes,"
but the sentiment of the House was reported to have been about 10 to 1
or the bill as it came out of conference. •
June 9 1934
From the June liaccountito the New York "Herald
Tribune" we quote:
Representative Cooper Still Against Bill.
In the House, Representative Sam Rayburn, Democrat, of Texas. Chairman of the Inter-State and Foreign Commerce Committee, made a brief
explanation of the bill. Representative Carl Mapes, of Michigan, one of
the two Republican conferees, approved the bill, but Representative John
G. Cooper, of Ohio, the other Republican conferee, said he would vote
against it because of failure to eliminate features he considered objectionable.
In the consideration of the bill before its original passage by the House.
Mr. Cooper had unsuccessfully sought to moderate the penalty provisions.
Representative Hamilton Fish, Republican, of New York, said that while
he had voted against the bill before he would approve the conference report
because of improvements made in conference. He vainly sought to obtain a roll call so several Republicans who had voted in the negative before
could go on record for the bill.
After the conference report had been approved in the Senate. Senator
James F. Byrnes, Democrat, of South Carolina, one of the Senate conferees,
made a defense of the Securities Act amendment in the bill.
Protests in the Senate on June 1 to changes made by the
conferees were noted in our item of a week ago, page 3692.
In another item in this issue we give the statement of Senator
Byrnes respecting the amendments to the Securities Act of
1933. The Associated Press advices from Washington
June 6 thus summarized the major provisions of the FletcherRayburn stock exchange regulation law:
A new commission of five members to be appointed by the President
and confirmed by the Senate will regulate the exchanges and administer the
Securities Act of 1933.
Members of the commission, to be known as the Securities and Exchange
Commission, will serve for $10,000 a year.
All securities exchanges must register with the Commission and subject
themselves to its regulation, unless exempted because of the limited business
transacted on them.
Regulations to govern the extedsion of credit for margins will be laid down
by the Federal Reserve Board. The law sets a standard, which the Board
does not need to follow, limiting credit to 55% of the current market price of
a security or 100% of its lowest price for the preceding three years, provided
it is not more than 75% of current market price.
Brokers must borrow from Federal Reserve member banks or nonmember banks which comply with Reserve Board regulations, and under
Board supervision, but in no case more than 20 times the capital they employ in their business.
Manipulative practices on the exchanges are prohibited, and the Commission will have power to regulate legitimate operations such as short
selling which have potentialities of abuse.
Regulations will be made by the Commission to prevent floor trading by
Exchange members with certain exceptions, and to curb as far as practicable
the combination of broker and dealer functions.
Corporations, to register their stocks on the exchanges, must file with the
exchanges and the Commission complete data on their organization and
financial structure.
The Commission will have authority to require regular annual audits and
quarterly statements from the corporations.
The use of proxies will be subject to regulation by the Commission.
Officers, directors and owners of more than 10% of the stock of a corporation will be required to report to the Commission their holdings in its
securities and file monthly statements of any changes.
The law goes into effect July 1, but the margin section does not become
Operative until Oct. 1, and will not apply to existing accounts until July 1
1937.
Penalties for violations run up to $10,000 fine or jail for two years, for
individuals, and $500,000 for exchanges.
Modifications of the liabilities under the Securities Act provide that:
Purchasers must prove reliance on untrue registration statement to collect
damages after an operations statement covering 12 months has been issued.
Underwriters, officers or directors, are not liable for mistakes of experts
if they prove they had no reason to believe the statements were untrue.
Underwriters are responsible only for that part of an issue they handle.
Plaintiffs may be required by court to post bond to cover expenses of suit.
President Roosevelt Signs Bill Establishing Free Ports
From Which Foreign Merchandise May Be ReExported Without Payment of Duty.
President Roosevelt on June 7 signed the Celler bill, establishing free trade zones in ports of entry. Under the
provisions of this measure foreign merchandise may be
imported for re-export purposes. Associated Press Washington advices of June 8 described the bill as designed to
attract foreign commerce to American shores, and added:
Its purpose is to permit foreign shippers to unload their dutiable cargoes
in the zones without payment of duties. This merchandise may be stored,
processed, graded, reassembled and mixed with foreign or domestic goods
for re-export purposes. If the goods move into domestic trade channels,
however, existing duties must be paid on them.
Under existing law, tariffs are collected on dutiable foreign imports.
and if they are reshipped to another foreign country the shippers receive
a "drawback" from the Treasury of the amount they paid. Otherwise
goods imported must be stored in bonded warehouses.
President Roosevelt Wishes Wagner and Housing
Bills Enacted Before Congress Adjourns—Status
of Other Measures Uncertain.
Expectations of an early adjournment of Congress received
a setback on June 4 when Congressional leaders conferred
with President Roosevelt at the White House, and said later
that the President desires action on his housing program and
on the Wagner labor disputes bill before adjournment. After
the conference it still appeared uncertain whether the President would ask for a vote on the oil control bill and on the
proposed licensing amendments to the Agricultural Adjustment Act. Leaders in the Senate and House said on June 4
that adjournment by June 16 was the earliest possible, while
Volume 138
Financial Chronicle
some Republican Senators expressed doubt that Congress
would complete the legislative program before July.
We quote from a Washingtan dispatch of June 4 to the
New York "Herald Tribune" regarding the comments of
those who attended the conferenea:
At the meeting were Senator Joseph T. Robinson, Democratic leader of
the Senate; Speaker Henry T. Rainey and Representative Joseph W.
Byrns, Democratic floor leader in the House.
The President's stand in behalf of the housing and Wagner labor bills
indicated that he was ready to exert his full influence for the measures,
bringing to a culmination the bitter fight centering around them. Manufacturing and business interests as represented in the United States Chamber
of Commerce and the National Association of Manufacturers are vigorously
opposing the Wagner bill.
Adjournment Date Indefinite.
The President's stand also points to a later adjournment than June 15
despite the optimistic suggestions of the Congressional leaders. The
Wagner measure and housing bill, in addition to other legislation already
on the schedule, such as the silver bill and the $1,178,000,000 relief and
emergency bill, not to mention non-Administration measures which may
arouse debate and the controversial nomination of Dr. Rexford G. Tugwell to be Under-Secretary of Agriculture, mean long and hectic sessions
even after commitees have acted. Drbuth relief legislation will also be a
new starter on'the list.
The Congressional leaders following the conference still entertained some
doubt about the exact program, preferring to wait a day or two, but word
from the White House was that the President expected full action on his
major proposals.
Views of Robinson and Rainey.
Senator Robinson said: "It is not possible now to indicate when the work
of the session of Congress will be finished. Consideration is being given
to the passage of the silver bill, the housing bill and the so-called Wagner
labor bill. Amendments to the Agricultural Adjustment Administration
and the oil bill may have to go over until next session. It will probably be
a day or two before we can determine just what measures will be taken
up before adjournment.
"I am inclined to think after the conference with the President that the
session will continue for at least 10 days. I expect the nomination of Mr.
Tugwell to be determined before adjournment."
Speaker Rainey stated that the oil bill and the AAA amendments as well
as the Wagner and housing measures were considered important. He said
an effort would be made to pass all of them before adjournment.
If the President continues to insist on the Wagner bill and the housing
legislation some members of Congress thought that adjournment would not
come before June 22 or even later in the month.
Other Administration Bills Pending.
Other Administration bills which are pending include the commodity
exchange regulation measure, the new food and drug bill and the unemployment insurance bill. In addition the two houses have yet to agree on the
finral form of the communications bill, air mall legislation and the bill
extending the temporary bank deposits insurance system. These measures
passed both houses but with some changes.
On his return to the Capital, Representative Byrns said he felt "the
Senate holds the key to adjournment."
Congress Urged by New York Chamber of Commerce
to Withhold Action on Wagner Labor Bill.
Because of its possible menace to American industry and
commerce, Congress is urged not to act on the Wagner
Labor Disputes bill at this session, in a report adopted by
the New York State Chamber of Commerce at its monthly
meeting on June 7. The report, signed by five members of
the Committee on Internal Trade and Improvements, says
there is fear that the bill, if enacted, might leave the business
of the nation at the mercy of a handful of labor leaders. It
declares that the measure does not cover "the unfair practice
of interference and coercion and often bloodshed by one group
of employees in their relation with other employees," or
settle the method of choosing employee representatives in
collective bargaining. The report also says:
Doubt exists as to the constitutionality of this bill as now written. It is
to be permanent legislation and not an emergency act as in the case with
other New Deal legislation regulating local matters.
Many believe that while the bill is designed to minimize industrial conflict, it would in operation seriously increase the chances of such conflict.
In fact Section 7a of the National Industry Recovery act is considered to
have brought on many labor disputes, which otherwise would not have
happened.
If the Board should be really effective much good would result, but many
fear that provisions in this bill could be used by a sympathetic board to
effect general establishment of the closed shop in American industry, and
to hand over to the American Federation of Labor a monopoly of the labor
market. Such a result would be most undemocratic and un-American, and
would place industry and commerce in the hands of a few labor leaders who
could completely stop business throughout the Nation because ofsome local
dispute.
The report holds that the bill should receive the most
careful study, which is not possible in the short time remaining before Congress adjourns. John F. Fowler, Acting Chairman of the committee, presented the report which was signed
also by William H.Coverdale, Marshall W.Gleason, Samuel
T. Hubbard and John P. H. Perry.
President Roosevelt, in Message to Congress, Asks
Postponement of Legislation on Waterways Until
Next Session—Transmitting Preliminary Report on
River Development, He Asks More Time for Comprehensive Survey.
President Roosevelt, in a special message transmitted to
Congress on June 4, forwarded a copy of a report dealing
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with the development of the rivers of the United States. This
had been prepared by the Secretaries of the Interior, War,
Agriculture and Labor, and contained information designed
to enable Congress to prepare legislation providing for flood
control, navigation, irrigation and the development of hydroelectric power. The President pointed out that the reports,
which had been furnished after a specific request by Congress last February, had necessarily been prepared in an
extremely limited time. He also said that the subject "is
one of enormous magnitude,covering the whole of the United
States."
The President, after again stressing the complexity of the
subject, suggested that Congress regard his message and the
accompanying documents "as merely a preliminary study and
allow me, between now and the assembling of the next Congress, to complete these studies and to outline to the next
Congress a comprehensive plan to be pursued over a long
period of years." Further legislation bearing on the subject
at the present session is unnecessary, he added. He also said
that before Congress adjourns he will forward it "a broader
outline of national policy in which the subject matter of this
message will be presented in conjunction with two other
subjects also relating to human welfare and security."
The text of the President's message follows:
To the Congress of the United States:
On Feb. 2 1934, by resolution, the Congress requested me to report on "a
comprehensive plan for the improvement and development of the rivers of
the United States, with a view of giving the Congress information for the
guidance of legislation which will provide for the maximum amount of flood
control, navigation, Irrigation and development of hydro-electric power."
Pursuant thereto, I requested the Secretaries of the Departments of the
Interior, War, Agriculture and Labor to advise on the development of a
water policy and on the choice of projects. I am sending herewith copies
of their report, together with separate letters from the Secretary of War
and the Secretary of Labor, and also:
(1) List of technical advisory committees of the President's committee.
(2) Review of reports of technical subcommittees on water flow.
(3) Review of reports of technical subcommittees covering additions in
the arid section, prepared by the Bureau of Reclamation.
(4) Seven reports of technical subcommittees covering various regions.
I ask that the Congress bear in mind certain obvious facts relating to
these reports:
(1) That the time for the preparation of these reports was extremely
limited.
(2) That the subject is one of enormous magnitude, covering the whole
of the United States.
(3) That the resolution of the Congress covering the subjects of flood
control, navigation, irrigation and development of hydro-electric power, automatically opened the door to all interrelated subjects which come under the
general head of land and water use. This broader definition brings to our
attention very clearly such kindred problems as soil erosion, stream pollution, fire prevention, reforestation, afforestation, marginal lands, stranded
communities, distribution of industries, education, highway building, home
building, and a dozen others.
(4) All of the reports were based primarily on information already at
hand, and further study is strongly recommended.
(5) For the purpose of making a preliminary test, I requested a wholly
tentative trial selection of 10 specific projects. As I had expected, the
report strongly doubts the advisability of recommending these projects, on
the ground that any selection at this point must necessarily omit many
meritorious projects which further analysis may show to be preferable.
(6) The reports of the technical subcommittees, covering various areas,
are of definite value. But before any work is done it is obvious that a
competent co-ordinating body must go over all of these reports, as well as
reports on other projects, and produce a comprehensive plan.
In view of the above, I therefore suggest that the Congress regard this
message and the accompanying documents as merely a preliminary study,
and allow me, between now and the assembling of the next Congress, to
complete these studies and to outline to the next Congress a comprehensive
plan to be pursued over a long period of years. Further legislative action
on this subject at this session of the Congress seems to me, therefore, unnecessary.
I expect before the final adjournment of this Congress to forward to it a
broader outline of national policy in which the subject matter of this
message will be presented in conjunction with two other subjects also relating to human welfare and security.
We should proceed toward a rounded policy of national scope.
FRANKLIN D. ROOSEVELT.
The White House, June 4 1934.
Associated Press Washington advices of June 4 to the New
York "Herald Tribune" summarized the reports transmitted
to Congress as follows:
To make the survey from which the data submitted was obtained, the
nation was divided into five areas and a technical subcommittee was
appointed to study the needs of each. Mr. Roosevelt asked that in each area
a "trial selection" of 10 projects be made. This was not found feasible by
the engineers of the subcommittees in all cases.
In addition to the five geographical areas selected for study with reference to river developments, a special investigation was made regarding the
"arid and semi-arid areas" now hit by drouth. Where these are concerned,
the investigating engineers said, "long-time planning is most important."
A number of reservoir projects in the Sacramento-San Joaquin section
were listed "for immediate consideration," the total cost of which was estimated at $168,360,000.
Continuation of investigation regarding the Colorado River basin, where
it was said "need is greatest," was recommended together with reservoir and
diversion projects estimated to cost $22,500,000. Irrigation and underground water investigation, flood prevention works and power developments
In the Columbia River basin were listed for possible execution at a cost of
$40,400,000.
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The river development areas were the Atlantic region, Great Lakes-St.
Lawrence, eastern or upper Mississippi, Western or lower Mississippi, Gulf
and Pacific Coast.
The subcommittee for the Great Lakes-St. Lawrence region reported that
that section "does not lend itself to division into a number of separate projects,
since but one large basin is included in the drainage area."
•
Canal Connections Suggested.
The subcommittee regarded the problem as that of "the development of
the basin as one large project with a number of items of work." These were
listed, generally, as deepening of connecting channels to permit deeper
loading of ore boats, provision of adequate canal connections with the
Hudson River and the Mississippi River, and the restoration of lake levels, at
a total cost of $36,000,000.
However attractive may be the possibility of a seaway permitting entrance
of ocean-going vessels to the lakes, the report said, lake port commerce "is
and will be of first magnitude, and greatest importance and improvements
for its benefit must not be given second place."
The engineers, however, outlined plans for establishing the much-discussed'
and disputed. St. Lawrence seaway at an estimated cost of $175,187,300, with
annual maintenance charges of $7,560,000 and an annual value of $79,000,000.
Accompanying this, it said, should go harbor improvements costing $2,664,000
to permit ocean-going vessels to enter lake ports.
The subcommittee for the Atlantic region listed 11 projects, none of which
It recommended for execution at this time. They were the Hudson River,
Santee River, Savannah, Susquehanna, Potomac, Peedee-Yadkin River, Connecticut, James, Roanoke, Altamahah and Cape Fear Rivers.
Study of City Needs Urged.
It recommended a detailed investigation of the water system needs of
New York City, Philadelphia and other cities in Pennsylvania, New York
and New Jersey, which, it suggested, may logically be supplied from the
Delaware River basin.
The subcommittee for the Gulf region listed possible projects for improvements in the San Luis Valley and diversion from the east fork of the San
Juan River with two regulating reservoirs, the latter to cost $6,000,000. It
also mentioned the possibility of reservoirs on the Caballo, Mariscal, Pecos
and Nueces.
The upper Mississippi region subcommittee brought out the possibility of
diversion channels and reservoirs, canalization and extension of the nine-foot
channel from Minneapolis harbor to the city limits. It spoke also of the
possibility of numerous power developments on numerous tributary streams.
For the lower Mississippi, flood control and navigation improvements
totaling $90,000,000 were recommended, with a stream flow study costing
$100,000 and a five-year soil erosion control program at a cost of $375,000.
Improvements on the Missouri, Platte, Arkansas, Red, Atchafalaya, Ouatchia, Yellowstone and White Rivers also were proposed.
For the Pacific Coast region it was recommended that careful attention
be given to a program for developing the Sacramento and San Joaquin Rivers
at a cost of $672,260,000.
Other possibilities in that section listed were: Colorado irrigation works,
8533,000,000; Utah Lake Basin reservoirs, conduits, Sm., $16,000,000; Snake
River storage works and conduits, $258,000, and Gila watershed control and
irrigation, $40,000,000.
President Roosevelt Sends Message to Congress
Outlining Broad Social Program, Involving Housing, National Planning for Use of Land and Water
Resources, and Old-Age and Unemployment
Insurance—Will Present Legislation to Next Congress—Urges Passage of Housing Bill Before
Adjournment.
President Roosevelt, in a special message to Cohgress
yesterday (June 8), outlined a broad program of social reform
which his Administration intends to introduce in the form
of legislation, most of it at the next season of Congress.
Describing the purposes with which he is proceeding, he
said that "among our objectives, I place the security of the
men, women and children of the Nation first." The program
as described by the President embraces the following three
major ends:
(1) Provision for adequate housing facilities, to be obtained through
co-operation of the Federal Government with private agencies. As bearing
thereon, the President referred to the Housing bill now under consideration
by Congress and indicated that he hoped it will be approved before adjournment.
(2) National planning to direct the use of the Nation's land and water
resources so that people may locate their homes where they can engage in
productive work.
(3) "Security against the hazards and vicissitudes oflife." The President
said that he is already considering plans for Government-supervised social
insurance, particularly against old age and unemployment, and that legisation designed for this purpose will be presented to the next Congress.
Taking up the first of these objectives, the President contrasted conditions in a simple and primitive civilization when
"homes were to be had for the building" with those to-day,
when "the complexities of great communities and organized
industry make less real these simple means of security."
He referred to appropriations already made for housing by
Federal and local authorities and said:
The task thus begun must be pursued for many years to come. There
is ample private money for sound housing projects, and the Congress,
in a measure now before you, can stimulate the lending of money for the
modernization ofexisting homes and the building of new homes. In pursuing
this policy we are working toward the ultimate objective of making it
possible for American families to live as Americans should.
In regard to the second factor—"the security of livelihood"—the President said that hundreds of thousands of
families now reside "where there is no reasonable prospect
of a living in the years to come. This, he said, is a National
problem, and he deplored the fact that the United States
has hitherto failed to create a National policy for the development of our land and water resources and "for their better
June 9 1934
use by those people who cannot make a living in their present
positions." Illustrating his contention that such planning is
necessary, he cited the "dry wheat" farmers of the Northwest and Southwest, who have farmed arid land for so long
a period that the water table in many places is 50 or 60 feet
below the surface. The Government, the President asserted,
should adopt as a clear policy "to be carried out over a long
period, the appropriation of a large definite annual sum so
that work may proceed year after year not under the urge
of temporary expediency, but in pursuance of the wellconsidered rounded objective." In discussing this phase
of his program he said,in part:
Human knowledge is great enough to-day to give us assurance of success
In carrying through the abandonment of many millions of acres for agricultural use and the replacing of these acres with others on which at least a
living can be earned.
The rate ofspeed that we can usefully employ in this attack on impossible
social and economic conditions must be determined by business-like procedure. It would be absurd to undertake too many projects at once or to
to a patch of work here and another there without finishing the whole of
an individual project. Obviously, the Government cannot undertake
National projects in every one of the 435 Congressional Districts, nor even
In every one of the 48 States.
The magnificent conception of national realism and national needs that
this Congress has built up has not only set an example of large vision for all
time but has almost consigned to oblivion our ancient habit of pork barrel
legislation; to that we cannot and must not revert. When the next Congress
convenes I hope to be able to present to it a carefully considered national
plan, covering the development and the human use of our national resourdes
ofland and water over a longer period of years.
In considering the cost of such a program it must be clear to all of us that
for many years to come we shall be engaged in the task of rehabilitating
many hundreds of thousands of our American families. In so doing we shall
be decreasing future costs for the direct relief of destitution.
I hope that it will be possible for the Government to adopt as a clear
policy to be carried out over a long period, the appropriation of a large,
definite, annual sum so that work may proceed year after year not under
the urge of temporary expediency, but in pursuance of the well considered
rounded objective.
The third factor of the program—"security against the
hazards and vicissitudes of life"—necessarily involves oldage and unemployment insurance, the President said. He
remarked that this should be a matter of co-operation between
the States and the Federal Government, with funds raised by
contribution rather than increased taxation. Social insurance, he said, should be National in scope, "although the
several States should meet a large portion of the cost of
management, leaving to the Federal Government the responsibility of investing, maintaining and safeguarding the
funds constituting the necessary insurance reserves." He
told the Congress that he has commenced the necessary
actuarial and other studies, and that he will recommend plans
for the consideration of the 74th Congress. His message then
concluded:
These three great objectives—the security of the home, the security of
livelihood, and the security of social insurance—are, it seems to me. a
minimum of the promise that we can offer to the American people. They
constitute a right which belongs to every individual and every family willing
to work. They are the essential fulfilment of measures already taken toward
relief, recovery and reconstruction.
This seeking for a greater measure of welfare and happiness does not
Indicate a change in values. It is rather a return to values lost in the
course of our economic development and expansion.
Ample scope is left for the exercise of private initiative. In fact, in the
process ofrecovery, I am greatly hoping that repeated promises that private
Investment and private initiative to relieve the Government in the immediate future of much of the burden it has assumed will be fulfilled. We
have not imposed undue restrictions upon business.
We have not opposed the incentive of reasonable and legitimate private
profit. We have sought rather to enable certain aspects of business to
regain the confidence of the public. We have sought to put forward the
rule of fair play in finance and industry.
It is true that there are a few among us who would still go back. These
few offer no substitute for the gains already made, nor any hope for making
future gains for human happiness. They loudly assert that individual
liberty is being restricted by government, but when they are asked what
Individual liberties they have lost, they are put to it to answer.
We must dedicate ourselves anew to a recovery of the old and sacred
possessive rights for which mankind has constantly struggled—homes,
livelihood and individual security. The road to these values is the way of
progress. Neither you nor I will rest content until we have done our utmost
to move further on that road.
Silver Legislation Before Congress Condemned in
Report Approved by New York State Chamber
of Commerce—Holds Restoration of Bimetallism
Would Retard National Recovery—Sees No Danger
of Gold Shortage.
Declaring that there is no danger of a gold shortage and
that the restoration of bimetallism at the present market
ratio would retard national recovery, the Committee on Finance and Currency of the Chamber of Commerce of the
State of New York made public, on ,June 6,a report condemning the silver legislation now before Congress. The report
was approved by the Chamber at a meeting on June 7.
The Committee, of which Edwin P. Maynard is Chairman,
recognizes that the Administration's attitude toward silver
legislation is influenced by political considerations, but it
urges that no further attempts be made to placate the so-
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Financial Chronicle
called silver bloc in Congress. The report declares that the
restoration of bimetallism at a ratio of 16 to 1 would be a
national calamity. It holds that the purchase of silver bullion by the Government will undermine confidence in the
nation's currency and that it is in the interest of world
trade and stability that the price of silver should be prevented from excessive fluctuations.
The report, which is in the form of resolutions, follows:
Whereas, The Chamber is informed that the President favors the passage
of the silver legislation now before the Senate and the House of Representatives before the adjournment of Congress, and
Whereas, The Chamber recognizes that the bills as drafted are permissive
in character, and therefore lees objectionable than they would be if they were
mandatory, and
Whereas, The Chamber recognizes that the Administration's attitude toward
silver legislation is of necessity influenced by political consideration,
Nevertheless, The Chamber wishes to record its opinion:
1. That the purchase of silver bullion will not promote sound recovery,
but, on the contrary, will add to the liabilities of the Federal Government
and reduce confidence in the nation's currency;
2. That the restoration of bimetallism at the present market ratio would
cause national injury and retard recovery;
3. That the restoration of bimetallism at a ratio of 16 to 1 would be a
national calamity;
4. That a rise in price of silver benefits materially neither domestic industry and agriculture nor the foreign trade of the United States, and
5. That there has been enough compromising with the advocates of bimetallism, and that a further attempt to placate the so-called silver bloc in Congress will only result in renewed demands and renewed compromise; and
further,
Whereas, It is in the interests of world trade and world stability that the
price of silver should be prevented from fluctuating excessively just as it is
desirable to prevent excessive fluctuations in any of the major exchanges
in terms of each other,
The Chamber is of the opinion that such excessive fluctuations in the price
of silver can only be avoided by international agreement to re-establish an
international monetary standard; and that the United States cannot hope to
accomplish this end by isolated action; and,
Whereas, The Chamber recognizes that some economists fear that the
world's supply of monetary gold may be insufficient to re-establish a satisfactory international gold standard, and therefore favor the inclusion of
silver in the metallic base;
The Chamber wishes to record its opinion:
A. That there is no evidence of such a gold shortage, and that the majority of economists do not share the belief in a gold shortage;
B. That the recent revaluation of various currencies has certainly for the
time being eliminated any grounds for fear of a gold shortage; and,
C. That the danger for the future in this country is not that the metallic
base may prove too small and thus exercise a deflationary influence, but
rather that the metallic base may prove so large as to threaten serious danger
of excessive inflation of the currency and credit structure when real business
improvement seta in.
For these reasons, be It
Resolved, That the Chamber of Commerce of the State of New York is not
in favor of the passage of the proposed silver legislation at this time upol,
any economic grounds.
The report is signed by every member of the Ohamber Committee, viz.: Edwin P: Maynard, Chairman; Robert C. Hill,
John S. Small, John C. Traphagen, Walter H. Bennett, James
P. Warburg and John W.Prentiss.
House Approves Relief and Deficiency Bill, Appropriating $1,178,000,000 in New Expenditures—Measure
Would also Authorize President to Spend Additional $5,000,000,000 Previously Allocated to RFC
and PWA.
The relief and deficiency bill, appropriating $1,172,000,000
for new relief and authorizing potential additional expenditures of $5,000,000,000, was passed by the House of Representatives on June 4 by a vote of 310 to 46. The so-called Democratic "gag rule" was invoked, and only 40 minutes was
allowed for debate. It was expected that if this bill also
receives Senate approval the relief expenditures authorized
may be partially utilized in the drouth area.
In the bill passed by the House on June 4, $1,178,000,000 is
allotted as a direct cash appropriation for relief and public
works. In addition, the measure authorizes the President
to employ all available Reconstruction Finance Corporation
cash and credit and to use all unexpended Public Works Administration funds, increasing the possible total of expenditures under the bill to more than $6,000,000,000A Washington dispatch of June 4 to the New York "Herald
Tribune" gave the following additional details of the bill and
of the debate in the House:
Another important section of the legislation would permit the Reconstruction Finance Corporation to purchase the bonds and other obligations of beneficiaries of PWA advances. This, according to the formal committee report
on the bill, will open the way for large Federal Government acquisitions of
the bonds of municipalities and other local subdivisions.
The Republican opposition to-day concentrated for the most part on the
method of consideration adopted by the Democratic leadership. Representative Harold McOugin, Republican of Kansas, contended that "the only possible reason for the adoption of the suspension method was that the Democratic leadership does not consider its own colleagues as fit to legislate."
Representative James Buchanan, Democrat of Texas, Chairman of the
Appropriations Committee, asserted that the recent Republican filibuster had
made the tactics adopted necessary.
Representative Robert L. Bacon, Republican of New York, deplored the
use of RFC funds for relief purposes, and called on the House to face the
Issue in a frank manner and to appropriate directly the funds necessary for
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Federal relief work. "There is no chance of the RFC funds expended for
relief coming back," he said.
Representative Taber insisted that the members of the House should realize
that the bill, which appeared to carry directly $1,178,000,000 for relief purposes, indirectly carried as high as $4,000,000,000, and perhaps $1,000,000,000 more out of the funds of the RFC.
United Press Washington advices of June 4 listed the direct
appropriations in the bill as follows:
Here is how the huge new direct appropriations are divided:
To be distributed by the President for direct relief, public works, Civilian
Conservation Corps and Tennessee Valley, $899,675,000. Not over $51)0,000,000 to be spent on public works, including $40,000,000 to start 20 new
warships.
For public highways, $100,000,000.
For new Federal buildings, $65,000,000.
For aid to Federal Land banks, increasing the new liquor enforcement
unit and other emergency expenditures by the Treasury, $96,095,000.
For roads and trails on Indian reservations, national forests and public
land, $11,230,000.
Congress on War
Debts Owed United States by Foreign Governments.
We are giving below President Roosevelt's message
addressed to Congress on June 1 in which he reviewed the
situation as to the war debts owed the United States by
foreign governments. In his message, to which reference
was made in our issue of June 2, page 3702, the President
said "I can only repeat that I have made it clear to the
debtor nations again and again .that 'the indebtedness to
our Government has no relation whatsoever to reparations
payments made or owed to them,' and that each individual
nation has full and free opportunity individually to discuss
its problems with the United States."
Earlier in his message the President made the statement
that "the American people would not be disposed to place
an impossible burden upon their debtors, but are nevertheless in a just position to ask that substantial sacrifices
be made to meet these debts." The President went on
to say:
President Roosevelt's Message to
We shall continue to expect the debtors on their part to show full understanding of the American attitude on this debt question. The people of
the debtor nations will also bear in mind the fact that the American people
are certain to be swayed by the use which debtor countries make of their
available resources—whether such resources would be applied for the purposes of recovery as well as for reasonable payment on the debt owed to
the citizens of the United States, or for purposes of unproductive nationalistic expenditure or like purposes.
In presenting his report to Congress the President suggested "that in view of all existing circumstances no legislation at this session of the Congress is either necessary
or advisable."
The President's message follows in full:
To the Congress of the United Slates:
In my address to the Congress Jan. 3 I stated that I expected to report
later in regard to debts owed the Government and people of this country
by the governments and people of other countries. There has been no
formal communication on the subject from the Executive since President
Hoover's message of Dec. 19 1932.
The developments are well known, having been announced to the press
as they occurred. Correspondence with debtor governments has been
made public promptly and is available in the annual report of the Secretary of the Treasury. It is, however, timely to review the situation.
Payments on the indebtedness of foreign governments to the United
States which fell due in the fiscal year ended June 30 1932 were postponed
on the proposal of President Hoover, announced June 20 1931, and authorized by the joint resolution of Congress approved Dec. 23 1931. Jugoslavia alone suspended payment while rejecting President Hoover's offer
of postponement.
In the six months of July to December 1932 which followed the end of
the Hoover moratorium year, payments of $125,000,000 from 12 governments fell due. Requests to postpone the payments due Dec. 15 1932
were received from Great Britain, France, Belgium, Czechoslovakia,
Estonia, Latvia, Lithuania and Poland. The replies made on behalf of
President Hoover through the Department of State declined these requests, generally stating that it was not in the power of the Executive
to grant them, and expressing a willingness to co-operate with the debtor
government in surveying the entire situation. After such correspondence
Czechoslovakia. Finland, Great Britain, Italy, Latvia and Lithuania
met their contractual obligations, while Belgium, Estonia, France and
Poland made no payment.
In a note of Dec.111932. after the United States had declined to sanction
postponement of the payment due Dec. 15, the British Government, in
announcing its decision to make payment of the amount due on Dec. 15.
made the following important statement:
For reasons which have k..lready been placed on record, His Majesty's
Government are convinced that the system of intergovernmental payments
In respect of the war debts as it existed prier to Mr. Hoover's initiative
on June 20 1931 cannot be revived without disaster. Since it is agreed
that the whole subject should be re-examined between the United States
and the United Kingdom, this fundamental point need not be further
stressed here.
In the view of His Majesty's Government, therefore, the payment
to be made on Dec. 15 is not to be regarded as a resumption of the annual
payments contemplated by the existing agreement. It is made because
there has not been time for discuss on with regard to that agreement to
take place and because the United States Government have stated that
In their opinion such a payment would greatly increase the prospects of
a satisfactory approach to the whole question.
His Majesty's Government proposed accordingly to treat the payment
on Dec. 15 as a capital payment of which account should be taken in
any final settlement and they are making arrangements to effect this payment in gold as being, in the circumstances, the least prejudicial of the
methods open to them.
This procedure must obviously be exceptional and abnormal and His
Majesty's Government desire to urge upon the United States Government
the importance of an early exchange of views with the object of concluding
the proposed discussion before June 15 next in order to obviate a general
breakdown of the existing intergovernmental agreements.
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Financial Chronicle
The Secretary of State, Mr. Stimson, replied to this note on the same
day that acceptance by the Secretary of the Treasury of funds tendered
in payment of the Dec. 15 instalment cannot constitute approval of or
agreement to any condition or declaration of policy inconsistent with
the terms of the agreement inasmuch as the Executive has no power to
amend or to alter those terms either directly or by implied commitment.
No payment was made by France Dec. 15 1932. as the French Chamber
of Deputies, by a vote on the morning of Dec. 14 refused authorization
to make the payment. The resolution voted by the French Chamber
at that time invited the French Government to convoke as soon as possible, in agreement with Great Britain and other debtors, a general conference for the purpose of adjusting all international obligations and
putting an end to all international transfers for which there is no compensating transaction. The resolution stated that the Chamber, despite
legal and economic considerations, would have authorized settlement
had the United States been willing to agree in advance to the convening
of the conference for these purposes.
This resolution of the French Chamber is to be read in relation with
the public statements of policy made by President Hoover and by myself
on Nov. 23 1932. President Hoover said:
The United States Government from the beginning has taken the position
that it would deal with each of the debtor governments separately, as
separate and distinct circumstances surrounded each case. Both in
the making of the loans and in the subsequent settlements with tho different debtors, this policy has been rigidly made clear to every foreign
government concerned.
I said:
I find myself in complete accord with the four principles discussed
in the conference between the President and myself ye terday and set
forth in a statement which the President has issued to-day.
These debts were actual loans made under distinct understanding and
with the intention that they would be repaid.
In dealing with the debts each government has been and is to be considered individually,and all dealings with each government are independent
of dealings with any other debtor government. In no case should we deal
with the debtor governments collectively.
Debt settlements made in each case take into consideration the capacity
to pay of the individual debtor nations.
The indebtedness of the various European nations to our Government
has no relation whatsoever to reparations payments made or owed to them.
Of the $125,000,000 due and payable Dec. 15 1932, the Treasury received $98,750,000, of which $95,550,000 was the British payment made
subsequent to the above correspondence, and the other $3,000.000 represented payments by five other debtor nations. The amounts due from
Belgium, Estonia, France, Hungary and Poland which were not received
amounted to $25,000,000, of which $19,260,000 was due and payable
by France.
In my statement issued Nov.23 1932 I had said:
I firmly believe in the principle that an individual debtor should at all
times have access to the creditor that he should have opportunity to lay
facts and representations before the creditor and that the creditor always
should give courteous, sympathetic and thoughtful consideration to such
facts and representations.
This is a rule essential to the preservation of the ordinary relationships
of life. It is a basic obligation of civilization. It applies to nations as
well as to individuals.
The principle calls for a free access by the debtor to the creditor. Each
case should be considered in the light of the conditions and necessities
peculiar to the case of each nation concerned.
On Jan. 20 1933 President Hoover and I agreed upon the following
statement:
The British Government has asked for a discussion of the debts. The
incoming Administration will be glad to receive their representative early
in Marcia for this purpose. It is, of course, necessary to discuss at the
same time the world economic problems in which the United States and
Great Britain are mutually interested and, therefore, that representatives
should also be sent to discuss ways and means for improving the world
situation.
On March 4 1933 the situation with regard to the indebtedness of other
governments to the United States was, in brief, as follows:
France: The French Parliament had refused to permit payment of
$19,261,432.50 interest due on the $3,863,650,000 bonds of France owned
by the United States.
Great Britain: With respect to the British bonded debt held by the
Treasury in the principal amount of $4,368,000,000, Great Britain in
meeting a due payment of $30,000,000 principal and $65,550,000 interest
had stated that the payment was not to be regarded as a resumption of
the annual payments contemplated under the funding agreement of June
19 1923, but was to be treated, so far as the British Government was
concerned, as a capital payment of which account should be taken in
any final settlement.
Italy: With respect to the $2,004,900,000 principal amount of bonds
of the Italian Government held by the United States Treasury, the Italian
Government had paid the sum of $1,245,437 interest due Dec. 15 1932;
but in doing so it referred to a resolution of the Grand Council of Fascism,
adopted Dec. 5 1932, in which "a radical solution of the 'sponging of the
slate' type was declared to be necessary for the world's economic recovery."
Czechoslovakia: In making a payment of $1,500,000 principal due
Dec. 15 1932, on its debt of $165,000,000, had stated that "this payment
constitutes in the utmost self-denial of the Czechoslovak people their final
effort to meet the obligation under such extremely unfavorable circumstances."
Belgium had declined to pay $2,125,000 interest due Dec. 15 1932 on
its bonds of $400,680,000 held by the Treasury of the United States, and
in doing so had recited circumstances which it stated "prevent it from
resuming, on Dec. 15, the payments which were suspended by virtue of
the agreements made in July 1931," adding: "Belgium is still disposed
to collaborate fully in seeking a general settlement of intergovernmental
debts and of the other problems arising from the depression."
Poland has not paid the $232,000 principal and $3,070,980 interest
due Dec. 15 1932 on its bond in the principal amount of $206,057,000
held by the Treasury of the United States.
On the nine other governments whose bonds are held by the Treasury of
the United States. Estonia and Hungary had not met payments due Dec. 15
1932.
Austria is availing itself of a contractual right to postpone payments.
Greece was making only partial payments on its foreign bonded indebtedness, including that held by the United States.
Yogoslavia had declined to sign any Hoover moratorium agreement and
had stopped paying.
No payment by Rumania had fallen due since the close of the Hoover
moratorium.
Finland, Latvia and Lithuania were current in their payments.
Although I had informal discussions concerning the British debt with the
British Ambassador even before March 4 1933, and in April there was
further discussion of the subject with the Prime Minister of Great Britain
and between experts of the two governments, it was not possible to reach
definitive conclusions. On June 13 the British Government gave notice
that in the then existing circumstances it was not prepared to make the
payment due June 15 1933, but would make an immediate payment of
$10.000,000 as an acknowledgment of the debt pending a final settlement.
June
9 1934
To this notice reply was made by the Acting Secretary of State, pointing
out that it is not within the discretion of the President to reduce or cancel
the existing debt owed to the United States nor to alter the schedule of
debt payments contained in the existing settlement. At the same time I
took occasion to announce that, in view of the representations of the British
Government, the accompanying acknowledgment of the debt itself, and the
payment made. I had no personal hesitation in saying that I would not
characterize the resultant situation as a default. In view of the suggestion
of the expressed desire of the British Government to make representations
concerning the debt. I suggested that such representations be made in
Washington as soon as convenient.
Payments of Instalments in Silver.
The Agricultural Adjustment Act, approved May 12 1933, had authorized
the President for a period of six months from that date to accept silver In
payment of instalments due from any foreign government, such silver to
be accepted at not to exceed a price of 50 cents an ounce. In the payments
due June 15 1933, the governments of Great Britain, Czecholsovakia,
Finland, Italy, Lithuania and Rumania took advantage of this offer.
On June 15 1933, payments of about $144,000,000 were due from foreign
governments, the larger amounts being about $76,000,000 from Great
Britain, almost $41,000,000 from France and $13,500,000 from Italy. The
amounts actually paid into the Treasury were $11,374,000 of which $10,000,000 was paid by Great Britain and $1,000,000 by Italy. Communications were received from most of the debtor governments asking a discussion of the debt question with the United States Government.
In October 1933, representatives of the British Government arrived in
Washington and conferred for some weeks with representatives of this
Government. These discussions made clear the existing difficulties, and the
discussions were adjourned.
The British Government then stated that it continued to acknowledge
the debt without prejudicing its right again to present the matter of readjustment and that it would express this acknowledgment tangibly by a payment of $7,500,000 on Dec. 15. In announcing this I stated that in view
of the representations, of the payment and of the impossibility of accepting
at that time any of the proposals for a readjustment of the debt, I had no
personal hesitation in saying that I should not regard the British Government as in default.
On Dec. 15 1930, there was due and payable by foreign governments on
their debt-funding agreements and Hoover moratorium agreements a
total of about $153,000,000. The payments actually received were slightly
less than $9,000,000,including $7,500,000 paid by Great Britain,$1.000,000
by Italy, and about $230,000 by Finland.
Finland Only Government Which Has Met All Payments.
At the present time Finland remains the only foreign government which
has met all payments on its indebtedness to the United States punctually
and in full.
It is a simple fact that this matter of the repayment of debts contracted
to the United States during and after the World War has gravely complicated
our trade and financial relationships with the borrowing nations for many
yeare.
These obligations furnished vital means for the successful conclusion of a
war which involved the national existence of the borrowers, and later for a
quicker restoration of their normal life after the war ended.
The money loaned by the United States Government was in turn borrowed
by the United States Government from the people of the United States,
and our Government,in the absence of payment from foreign governments,
Is compelled to raise the shortage by general taxation of its own people in
order te pay off the original Liberty bonds and the latter refunding bonds.
It is for these reasons that the American people have felt that their debtors
were called upon to make a determined effort to discharge these obligations.
The American people would not be disposed to place an impossible burden
upon their debtors, but are nevertheless in a just position to ask that
substantial sacrifices be made to meet these debts.
We shall continue to expect the debtors on their part to show full understanding of the American attitude on this debt question.
The people of the debtor nations will also bear in mind the fact that the
American people are certain to be swayed by the use which debtor countries
make of their available resources—whether such resources would be applied
for the purposes of recovery as well as for reasonable payment on the debt
owed to the citizens of the United States, or for purposes of unproductive
nationalistic expenditure or like purposes.
In presenting this report to you, I suggest that, in view of all existing
circumstances, no legislation at this session of the Congress is either
necessary or advisable.
I can only repeat that I have made it clear to the debtor nations again
and again that "the indebtedness to our Government has no relation whatsoever to reparation payments made or owed to them" and that each
individual nation has full and free opportunity individually to discuss its
problem with the United States.
We are using every means to persuade each debtor nation as to the
sacredness of the obligation and also to assure them of our willingness, if
they should so request,to discuss frankly and fully the special circumstances
relating to means and method of payment.
Recognizing that the final power lies with the Congress, I shall keep the
Congress informed from time to time and make such new recommendations
as may later seem advisable.
FRANKLIN D. ROOSEVELT.
The White House, June 1 1934.
President Roosevelt Plans Message to Congress on
Drouth Relief—Government to Spend More Than
$500,000,000 for Aid in Stricken Areas—President
Says There Is No Danger of Famine—Secretary
Wallace Says Drouth May Stimulate Long-Range
Agricultural Planning.
President Roosevelt is expected to send to Congress within
a few days a message dealing with drouth relief and asking
appropriations of more than $500,000,000 for that purpose,
according to reports from Washington June 6. The President on that day said that it is a Federal duty to assist those
in distress, but at the same time he emphasized to newspaper
men that there is no danger of a famine in this country as a
result of the drouth. He has held several conferences this
week with Congressional leaders, including representatives
from the drouth-stricken areas, in planning his relief program. The Department of Agriculture, in an official drouth
report June 6, said that conditions "would materially affect
Volume 138
Financial Chronicle
the National food supply." It added that from present
conditions the crop is likely to be "much below" the harvest
in any of the last 25 years, with the possible exception of
1933. Discussing livestock, the Department said that many
animals are already "too weak to stand shipment and many
animals are too thin to have much value for slaughter purposes."
Harry L. Hopkins, Emergency Relief Administrator, said
on June 6 that the Government would be caring for 300,000
families in the drouth territory by the end of the week.
He added that 150,000 of these families are already deriving
a living from work projects. He estimated that more than
1,000,000 perons are receiving Government aid as the result
of the drouth.
Secretary of Agriculture Wallace, in a speech before a
meeting of farmers at Bismarck, N. D., on'June 6,said that
"the severity of the prescnt emergency may at last jolt usinto
action" on long-range agricultural planning. Mr. Wallace
said there is no fear of food shortage because of "enormous
carryovers," but he added that the drouth does suggest "the
necessity of future protection against crop failures in a continuous program of production control." Associated Press
advices from Bismarck on June 6 quoted Mr.Wallace on the
Government's drouth relied plans in part as follows:
3883
the effective date was changed to June 5. The effective
date for the fee on imitation oriental rugs remains June 10.
Promulgation of the order increasing the fees on these
products was noted in our issue of June 2, pages 3702-03.
President Roosevelt Approves Code for Baking Industry—Affects 25,000 Establishments—Two Thousand New York Bakers Had Returned Blue Eagles
Because of Delay in Code Approval.
President Roosevelt on May 29 aproved a code of fair
competition for the bakery industry, covering 25,000 establishments throughout the country. The code will become
effective June 18. In his executive order approving the
code the President ordered an investigation by the code
authority within 90 days of the code's labor provisions,
which are subject to modification at the end of that period.
The code provides for a 40-hour week for mechanized
bakeries and 48 hours for handcraft shops. It exempts
from hours limitations commission salesmen, including route
delivery salesmen. The coda guarantees salesmen from $18 to
$22 weekly, depending on the population of the community.
The wage scale stipulates $14 to $16 for clerical workers,
while other employees are to be paid a minimum of 40 cents
an hour, and kers, wrappers and cleaners are to receive at
least 32 cents an hour. A differential of $1 weekly was
The first move in the drouth aid program involved relief of human beings,
and the second the protection of property, principally livestock, he said.
approved for the South.
It will proceed along four lines. Buying of surplus cattle, feeding of founApproval of the code recalled the decision of 2,000 memdation herds, redtration of railroad freight rates, and use of Governmentcontracted acreage for pasturing and forage.
bers of .the New York State Bakers' Association, who on
"More food, more clothing and more money, in so far as it is necessary.
May 22 voted to return their Blue Eagles to the National
must and will be supplied," Mr. Wallace asserted. "If it is possible to
Recovery Administratiln because the NRA was delaying
find new opportunities for farm families whose crops have shriveled or
blown away, those opportunities will be found."
code approval. This delay, it is stated, had been caused
Secretary Wallace added he did not see "how any one who has gone
chiefly by objections of the American Federation of Labor,
through this drouth area can say a kind word for nature's method of crop
which had contested its labor provisions. The investigation
reduction."
"Man's methods," he said. "may be full of imperfections, his machinery
ordered by President Roosevelt within 90 days was expected
as crude and uncertain as all of his inventions in their early stages, but
to satisfy the A. F. of L. objections. Disapproval of the
they are perfection itself by comparison with the occasional crudeness, the
90-day trial period for the labor provisions was also expressed
ruthlessness and the uncertaiqties of nature."
The Secretary of Agriculture spoke of the necessity of"adequate reserves"
on June 4 and 5 by the National Bakers' Council, which
to be carried on farms from season to season and said it might be possible
has refused to act as code authority for the industry. The
for farmers to "maintain these necessary reserves by means of loans similar
to the present corn and cotton loans."
Council is also reported to have objected to the code in
The Administration's relief program was also described in that it does not forbid the giving of premiums. At the
a Washington dispatch of June 5 to the New York "Times," public hearing of the code last January,90% of tha industry
voted in favor of a clause forbidding premiums, but the
from which we quote in part below:
That the Administration's relief plan calls for $525,000,000 was officially
NRA did not include the clause in the code.
confirmed by Chester C. Davis, AAA Administrator and principal author
of the program.
In the case of the additional $100,000,000 to be appropriated under the
Jones-Connally Act for cattle purchases, however, Mr. Davis said all livestock would be included and that large numbers of hogs would be bought
for relief distribution.
Wherever possible, the distribution of the proposed $100,000,000 fund
for livestock feed and the $25.000,000 for supplying wheat, corn and forage
seed for next year's plantings would be made on the loan basis.
Distribution of these funds is expected to be carried on jointly by the
Federal Relief and Farm Credit Administrations. Where loans can be
made, the farmer's note will be requested, with a lien on his crop next year.
Direct grants will be made, however, where farmers are clearly unable to
make a loan.
Both Direa and Work Relief.
Similarly, it was indicated that while the $100,000,000 proposed for work
prog-ams would go largely for work relief, part would be devoted to direct
relief.
An effort will be made to provide farm families in the worst of the drouth
areas, through the work programs, with an income of $60 to $75 a month.
in cash, provided that the heads ofsuch families are willing to work on what
are described as "socially useful projects."
Much of this work will be devoted to digging and repairing wells. Public
buildings will be repaired and roads constructed and mended. Relief
officials pointed out that many farm families would be unable to care for
their needs before next year's crop is harvested and that they probably would
be carried on the work relief rolls for many months.
The $100,000,000 in the Administration's plans for the work programs is
in addition to allotments already made by the Relief Administration, with
which Harry Hopkins,the director, expects 100,000 farmers to be placed on
work projects by the end of this week.
As for the $50,000,000 set aside for buying and retiring submarginal lands
in "chronic" drouth regions, officials said these activities would be spread
over North and South Dakota, Wyoming and Montana.
It is expected that about 16,000,000 acres may be acquired by the Government in this WA y at prices from $2 to 17 an acre, but with higher payments
In some cases to allow for improvements.
Increased Import Fees on Cotton Chenille Rugs and
Other Cotton Rugs Effective June 5—Fees on
Imitation Oriental Rugs Effective June 10,
President Roosevelt on June 4 signed an order directing
that increased import duties on cotton chenille rugs and other
cotton rugs, except imitation oriental, be made effective on
June 5. When originally imposing increased fees on all
these products he directed that they be made effective
June 10, unless during the period from May 11 to May 31
the exports of cotton chenille rugs from Japan to the United
States should excaed 90,000 square yards. A Tariff Commission announcement of June 4 said that those exports
during that period did exceed that amount and, therefore,
Per Capita Wages of Federal and State Employees
Decreased but 1.2' c." from 1929-1932, Says National
Industrial Conference Board, Whereas Compensation in Other Fields Dropped 21.1% in Same
Period.
The per capita average of wages and salaries of active
employees in Government, Federal, State and local, in 1932
was $1,448, which was 24.3% more than the per capita fulltime rate for employees in all other fields of employment,
according to an analysis of official data issued on June 2
by the National Industrial Conference Board. The Board
further reports:
From 1929 to 1932 the per capita average of wages and salaries.of employees in the Government group decreased only 1.2%, while tne average
compensation of employees in all other fields of employment dropped 21.1%.
Agricultural employees, whose 1929 average compensation was the
lowest of all industrial groups in that year, suffered the greatest proportionate reduction, their per capita average falling 45.7% from 1929 to 1932.
The per capita average compensation of employees in mining was reduced
31.5%; in construction, 30.9%, and in manufacturing, 26.1%.
Industries In which the per capita average for wages and salaries was
reduced in relatively smaller proportions were trade, 15.5%; electric light
and power and gas, 14.2%, and finance, 14.2%. In communications the
per capita compensation rose 0.1%.
The following tabulation shows the per capita average of wages and
salaries in Government and other fields of employment in 1929 and I932,
and the percentage reduction in each from 1929 to 1932:
D2er61:121insa.
1929.
1932.
Government
Manufacturing
1,508
1,115
Agticulture
31'3
45
48
2
45.7%
Mining
7
6
54368
1
1.049
31.5%
Construction
1,904
1,315
Electric light and power and gas
1,561
Transportation
1681
,
Communication
111 4
1,319
32
030
99
•
3
11 0
64
645 229
255
1i
s%
Trade
1,474
1,245
Finance
1,90
2.282
Service
11:261165
1.015
Miscellaneous
31:216855
Average for all fi lds except
e
ce Government
1,476
2201:41%%
• Increase 1932 over 1929.
Number of Unemployed in April Totaled 7,907,000,
According to National Industrial Confreence
Board—Decline of 114,000 from March Total.
The total number of unemployed workers in April 1934
was 7,907,000, according to an estimate of the National
Industrial Conference Board issued May 24. This is a decline of 114,000 or 1.4% from the March total and a decline
of 5,296,000 or 40.1% as compared with March 1933, when
3884
Financial Chronicle
unemployment was at its highest point. The Board's
further observations follow:
Unemployment increased 32,000 in mining, but this was overcome by
decreases of unemployment in other industries as follows: Manufacturing
and mechanical. 99.000; transportation, 7,000; trade, 59,000: domestic and
personal service, 5,000. and 3.000 in miscellaneous occupations. In addition, it is estimated that 27.000 new workers became available for employment during the month.
Unemployment has decreased since March 1933 in all industrial groups
for which figures are available. Decreases were especially marked in manufacturing and mechanical industries. The number unemployed in this
group of industries in April 1934 was 2,500,000, a decline of 3,923,000 or
61.1% from the peak of unemployment in this group in March 1933. From
March 1933 to April 1934 the number of unemployed workers in other
groups decreased as follows: 54.8% in trade, 29.7% in domestic and
personal service, 14.8% in the extraction of minerals and 11.1% in transportation.
In this estimate the workers employed through the Public Works Administration are counted as employed. Emergency workers employed under
Government auspices, usually part time, in lieu of direct unemployment
relief, are counted as unemployed.
The following table shows the number of unemployed workers in the
various industrial groups in March 1933. March 1934 and April 1934:
Number of Unemployed.
Industrial Group.
Extraction of minerals
Manufacturing and mechanical
Transportation
Trade
Domestic and personal service
Industry not specified
Other industries.
All industries
Allowance for new workers since 1930 Census
Mar. 1933. Mar.1934. Apr. 1934.
576,000
6,423,000
1,591,000
2,126,000
607.000
539.000
296,000
459.000
2,599,000
1,422,000
1,020,000
432,000
420,000
296,000
491,000
2,500.000
1,415,000
961,000
427,000
417,000
296.000
12.158,000
1,045,000
6,647,000
1,374,000
6,506,000
1,401,000
13,203,000 8,021,000 7.907.000
Totalunemployed
•This group includes agriculture, forestry and fishing, public service and professional service. The number given Is that of the unemployed in 1930, no figures
being available from which later changes in employment can be computed.
Decline in Rate of Increase in Collective Bargaining
Arrangements Reported by National Industrial
Conference Board.
The rate of increase in the adoption of collective bargaining
arrangements has diminished sharply in recent months,
according to preliminary figures from a nation-wide survey
announced on May 29 by the National Industrial Conference
Board, which includes information from 2,681 companies
which employ 2,093,503 wage earners. This is the second
survey of collective bargaining conducted by the Conference
Board, the first covering the situation in November 1933
and the second in May 1934. The Board states that the
same companies were included in both surveys so that the
results of the two surveys are comparable. The Board also
has the following to say:
On the basis of information reported in this survey, the proportion of
employees still dealing individually with their employers has declined from
48.9% of the total in November 1933 to 43.8% in May 1934, a drop of
about 5% of the total. Employees under plans of employee representation
increased from 43.2% in November to 46.5% in May,and employees dealing through organized labor unions increased from 7.9% of the total to
9.6%: From November to May the number of workers dealing with their
employers through labor unions increased 47,519, as compared with an
increase of 134,473 in the number of workers in employee representation
plans.
Of the employees in companies which in November 1933 were dealing
exclusively on an individual basis, 93.4% were still doing so in May, while
3.6% had changed to employee representation and 3.0% to labor unions.
Of the employees in companies which in November were dealing entirely
through employee representation. 97.4% were still doing so in May, 1.9%
had changed to labor unions and 0.7% had returned to individual dealing.
Ofthe employees in companies which in November dealt exclusively through
labor unions,98.9% were still doing so in May;0.6% had returned to individual dealing, and 0.5% had changed to employee representation.
The individual basis of employer-employee dealings still predominates
in small establishments. Of the reporting companies with less than 100
employees. 88% were dealing individually,8% had works committees and
4% dealt through labor unions. Employee representation is most general
in the very large companies, employing more than 5,000 employees, being
found in 52% of companies of this size that reported, as compared with 38%
Among medium size
dealing individually and 10% through labor unions.
companies, employing from 500 to 2,500 wage earners, 10% dealt through
labor unions, 28% had employee representation plans and 62% were dealing individually.
United States Government Officials and Employees
Abroad to Receive Extra Compensation Account
of Exchange Losses.
To make up exchange losses suffered since July last year,
American officials and employees abroad are to receive
extra compensation on their next pay. Stating that exchange
differences averaging a drop of 40% have caused hardship to
these overseas Government workers, a dispatch June 1 from
Waghington had the following to say regarding the arrangements for their reimbursement:
Authorizations to draw checks in the required amounts were sent to
foreign posts by the State Department to-day.
A total of 12,561 officials employees and navy and army officers and men
will benefit by the order, the total amount so far involved being estimated
at about $4,000,000. A fund of $7,438,000 for this purpose, to cover the
fiscal year from July 1 1933, to June 30 1934, was appropriated recently by
Congress. All of it will be used by June 30.
June 9 1934
• Of those benefiting, 7,827 are naval officers and men: 3,360 are State
Department officers, and 862 army officers and men, the latter mostly stationed in the Far East.
The list also includes representatives of the Commerce, Agriculture,
Treasury, Labor and Justice Departments, and the Public Health Service,
Tariff Commission, Battle Monuments Commission, Library of Congress and
the National Aeronautics Commission.
In countries still on the gold standard, adjustments were made previously
up to Feb. 1 1934, through shipment of gold from this country. The adjustments authorized to-day will therefore apply in those countries from Feb. 1.
Representatives of Seven States Sign Compact for
Legislation Protecting Women and Minors in
Industry—New York, Pennsylvania and Five New
England States in First Inter-State Compact in
Nation's History.
Representatives of New York, Pennsylvania and five New
England States, meeting at Concord, N. H., on May 29, signed
the first inter-State compact in the history of the Nation as a
step to protect women and minors in industry. Vermont was
the only New England State to fail to sign the compact, but
a representative of Vermont participated in conference as
an observer. After signing the compact the delegates heard
Governor Winant of New Hampshire read a message from
I'resident Roosevelt expressing his congratulations at the
completion of the pact. The compact, before becoming effective, must be ratified by the Legislatures of the seven States.
Associated Press advices from Concord, May 29, quoted from
the President's message, and outlined the terms of the compact, as follows:
"You may recall," wrote the President, "that in January of 1931, when I
was Governor of New York, I called the first conference of officials of the
Northeastern States to consider the possibility of proceeding by joint State
action to maintain and to improve industrial and labor standards.
"Because this meeting on May 29, at least in part, is an outgrowth of our
earlier discussions in Albany, I naturally have a deep personal satisfactiton
In it. But my interest goes much further, for the State action now proposed
Is complementary to the national action already taken in Washington to
give American citizens a more ample and more secure life."
The compact, which must be ratified by the Legislatures of the several
States, contemplates minimum standards of wages for women and minors,
and contains a provision that "no employer shall pay a women or minor an
unfair or oppressive wage."
State boards are to be set up with authority to investigate payrolls and
require compliance.
The compact has been under negotiation for several years. Governor
Winant, who left a sickbed to preside over the historic gathering, has been
one of the leading proponents of the agreement under which it is hoped to
deal the sweatshop a death blow in the industrial Northeast.
Connecticut, through its Commissioner of Labor, Joseph M. Tone, was the
first State to sign the document. The others followed in alphabetical order.
Vermont, originally reported in an official statement from the Governor's
office to have been a party to the signed agreement, did not sign, but those
present said they expected it would do so soon.
United States Supreme Court Invalidates Section of
Economy Act Forbidding Suits Against United
States on Renewable Veterans' Insurance.
The United States Supreme Court, in two cases which presented its first ruling on the Economy Act of 1933, on June 4
held that the section of the law which deprives courts of
Jurisdiction of the right to hear suits against the Federal Government on annual renewable term insurance contracts issued under the War Risk Insurance Act is invalid. Associated Press Washington advices of June 4 added the following information regarding the Court's ruling:
The cases were brought by Mrs. Margaret S. Lynch, of Albany, Ga., and
Sam Wilner, of Chicago, beneficiaries under war risk insurance policies. In
both instances, the beneficiaries contended, the insurance was in effect
when the veteran became totally and permanently disabled.
Both claims were pending before the Veterans' Administration when the
economy act repealed the law granting yearly renewable term insurance and
were therefore rejected. The lower Federal Courts refused
to review the action of the Veterans' Administration, taking the position
the economy act
had deprived them of authority to review action in such
eases.
Owen D. Young Defends "Brain Trust," but Asserts Its
Use Should Be Confined to Research While Others
Apply Its Principles.
Owen D. Young, Chairman of the Board of the General
Electric Co.,in an address June 4 at the commencement exercises of the University of Nebraska, defended the "brain
trust," but added that activities of its members should be confined to research, while the application of principles should
be entrusted to others. Application, he said, interferes with
research,"and the spirit of research interferes with practical
application." Mr. Young advocated that the Administration
separate sharply the field of research from application. In
recalling that when President Roosevelt assumed office there
was need for delayed research and experiment in social organization, Mr. Young said that it was logical to create a
"brain trust" for research. He added:
That is what the physical sciences had been doing for a generation. No
one then was afraid of a brain trust. We welcomed them as research
workers, and no group in the world has contributed so much to its advancement and general welfare during the last generation as the brain trust of
Volume 138
Financial Chronicle
the physical sciences. I for one am their defender and ready to meet their
critics.
I make one reservation, however. In the physical sciences we use the
brain trust as research workers. We do not ask them to be application engineers. It is unfair to them. Application interferes with research, and
the spirit of research interferes with practical application. If I had one
suggestion for the Administration, appreciating as I do the difficulties and
sympathizing as I do with its aims, it would be to separate sharply the field
of research from application. Let the brain trust develop the principles.
Let the experienced engineers apply them in the creation of the new, practical working machines we need.
Perhaps we shall find our way not through militaristic regimentation and
coercive police controls. Perhaps we shall have officially recognized research with responsible and responsive economic and social groups voluntarily
applying them to their several needs under a general law, but not under a
bureaucratic administration. Such a general law would prohibit and penalize
unsocial and uneconomic practices and would make the industrial groups
themselves responsible complainants against marauders and adventurers in
industry who are enemies of the common good. That strikes. me as the
principle by which to guard both our political and economic freedom.
Monthly Report of RCC for May—$12,940,056 Repaid
by Borrowing Carriers Up to June 1—$60,751,312
in Loans Outstanding.
Of the $73,691,368 in loans made by The Railroad Credit
Corp., $12,940,056 has been repaid by borrowing carriers
either through cash or credits, up to June 1 1934, the Corporation reported June 4 to the Inter-State Commerce
Commission. This leaves $60,751,312 in outstanding loans
as of that date. The Corporation said:
Upon the loans made to various railroads, $2,155,207 has been paid in
interest.
The gross emergency revenues of participating carriers, which were pooled
for lending purposes under the Marshalling and Distributing Plan, 1931,
amountdd to $75,423,722. Of that amount, $15,711,825 has been returned
in cash or credits by the RCC leaving a balance of $59,711,897 yet to be
repaid.
In a letter addressed to participating carriers and accompanying the report, Mr. E. G. Buckland, President of the
Corporation, said:
The net changes in conditions during May were nominal. Cash receipts
amounted to $268,540, of which $185,190 was in reduction of loans; $83,345
in payment of interest, and $5 from miscellaneous sources.
The gross emergency revenues of participating carriers, which were pooled
for the lending purposes of the Plan, amounted to $75,423,722.51, of which
$15.711,825.06 has been returned in cash or credits, leaving a balance of
$59,711,897.45. Loans totaling $73,691,368 have been reduced by cash
and/or credits to $60,751,311.65, while interest actually paid on such loans
to May 31 1934 aggregated $2,155,206.88.
The Corporation's statement of condition as of May 31
follows:
REPORT TO INTER-STATE COMMERCE COMMISSION AND
PARTICIPATING CARRIERS AS OF MAY 31 1934.
Net Chance
Balance
During May
1934.
May 31 1934.
Assets—
Investment in affil. cos. (loans outstanding)
:$202,339.97 $60,751,311.65
Other Investments
157,200.00
Cash (reserved for tax refunds. $115,380.85)
218,544.12
414,214.17
Petty cash fund
25.00
Special deposits (reserve for tax refunds)
300,000.00
miscellaneous accounts receivable
1649.34
58,856.33
Interest receivable
x18,695.02
206,556.66
Unadjusted debits
64,838.72
...
Expense of administration
9,996.03
59,082.68
$6,855.82 882,012.085.21
-----------------------TotalIdCsNon-negotiable debt to affhlated companies
Unadjusted creditsIncome from securities and accounts (interest accrued
on loans. Arc.)
Capital stock
1857,793.81 *859711,897.45
1,914,972.17
Total_______________________________________
$6,355.82 $62,012,085.21
x Denotes decrease.
•Emergency revenues to May 31 1934
Less: Refunds for taxes
Distributions Nos. 1-7
Fund share assigned to R. C. C
64,649.63
384,015.59
1,200.00
$75,423,722.51
$1,627,557.49
14,038,482.11
45,785.46 15,711,825.06
859.711,897.45
Approved:
Correct:
E. R. WOODSON, Comptroller,
ARTHUR B. CHAPIN,Treasurer.
Washington, D. C., June 1 1934 (No. 27).
President Roosevelt Greets American Newspaper Guild
at Opening of National Convention—Writers Defer
Decision on A. F. of L. Affiliation.
A message from President Roosevelt expressing his greetings and best wishes for success to the American Newspaper
Guild was read at the opening session of the second national
convention of the Guild at St. Paul Minn. on June 5. The
President praised newspaper men as "rendering real and
valued service to the nation. The text of the message
follows:
So many of my friends are attending with you the national convention of
the American Newspaper Guild that it affords me real and personal pleasure
to send a word of greeting and best wishes.
Newspaper men have been and are rendering real and valued service
to the nation. It is gratifying that they accept the great responsibilities
that go at all times with their work.
It wish for you a most successful convention.
Governor Olson of Minnesota welcomed the 150 delegates
to the convention, who came from 50 cities throughout the
country. President Heywood Broun opened the four-day
meeting of the Guild by reviewing the history of its six-
3885
months' growth, which he said had made it the largest organization of its kind in the world. The delegates approved
a proposal by Mr. Broun to postpone for one year discussion
of the possibility of affiliation with the American Federation
of Labor.
Henry P. Fletcher Elected Chairman of Republican
National Committee—Statement of Party Policy
Warns of Uncontrolled Inflation and of "Covert"
Changes in Established American Institutions.
Henry P. Fletcher of Pennsylvania, who has spent many
years in the American diplomatic service, was elected Chairman of the Republican National Committee at a meeting in
Chicago on June 6. Mr.Fletcher succeeds Everett Sanders,
who resigned. He will be aided in the November Congressional election campaign by a new campaign advisory committee appointed by the National Committee.
The Committee on June 6 also announced a new "declaration of policy." While this did not directly attack the Roosevelt Administration, it said that "a small group in Washington" is seeking "covertly to alter the framework of American
institutions." The "declaration" recognized that the Nation is confronted by serious and complex problems of industrial recovery, and said that these problems "must be approached in a broad, liberal and progressive spirit, unhampered by dead formulas or too obstinately clinging to the
past." It added, however, that these problems "can best
be solved within the framework of American institutions in
accordance with the spirit and principles of the founders of
of the Republic, without the destruction of individual freedom." The statement denounced the financial policies of
the Administration as leading to unlimited inflation, and
declared that "we cannot spend our way to prosperity."
The statement follows in full:
American institutions and American civilization are in greater danger today than at any timesince the foundation of the republic.
The people must determine whether we are to remain a democracy or to
substitute the domination of an all-powerful central government.
While it is not within the authority of the Republican National Committee to write a detailed party program, under existing circumstances we
deem it out duty to set forth the spirit and attitude in which our party
should approach the problems of the day, and to restate our principles of
government.
Our nation is beset with problems of infinite complexity—the problems
of recovery; of unemployment with its unending tale of human suffering;
of agriculture with its lost markets and relatively low prices; of forever
checking abuses and excesses that have bikome all too apparent, and thereafter the problems of a wider spread of prosperity, ofrelieving the hardships
of unemployment and old age, and of avoiding these tragic depressions.
These problems must be approached in a broad, liberal and progressive
spirit, unhampered by dead formulas or too obstinately clinging to the past.
Sees Policies Leading to Inflation.
Our country has been backward in legislation dealing with social questions.
We welcome the recognition that these questions demand attention by
government.
But we insist that all of these problems can best be solved within the
framework of American institutions in accordance with the spirit and principles of the founders of the Republic, without the destruction of individual
freedom.
In the name of national recovery, the present administration has committed the country to a program which, unless checked, will lead to the
chaos of unlimited inflation. The slowly accumulated savings and the
present earnings of the people are being consumed recklessly by the Government. At the very threshold oflife, the youth of the nation Is beingsaddled
with unbearable burdens.
A small group in Washington,vested with temporary authority,is seeking
covertly to alter the framework of American institutions. They seek to
expand to the utmost limit the powers of the central government. In
place of individual initiative they seek to substitute complete government
control of all agricultural production, of all business activity.
There is nothing new in most of the present political and economic e Derlments. History records a long record of failure of similar experiments.
As often in the past,the people least able to bear the burden will be the chief
sufferers from the mistakes of misguided bureaucrats, who ignore history.
• Progress, liberty and democracy go hand in hand. Even if by tyranny,
government could assure material well-being—which it cannot—it is too
heavy a price to pay.
Given liberty of expression and of action, the people are better able to
find a solution of their problems than any group of autocrats.
We must not see destroyed in four years a civilization which has been
centuries in building and which has brought to our nation greater progress,
well-being and happiness than have ever been enjoyed by any nation, any
time, anywhere.
In the interest of the re-establishment of faith in our Government, we
insist that there shall be no further repudiation of solemn obligations of the
Government.
We believe that governments and men who cannot stand criticism are
those most in need of it and that only through deliberate discussion can we
reach sound conclusions.
Advocates Free Speech and Press.
We believe in freedom of speech and in freedom of the press and in freedom of the radio for the discussion of national questions.
We believe in an economic system, based upon individual initiative and
• the maintenance of competition, checked by Government regulation—not
in an economic system based upon bureaucratic control and bureaucratic
management.
We are opposed to revolutionary change without popular mandate and
all "change by usurpation—the customary weapon by which free governments are destroyed."
We believe that the present emergency laws vesting dictatorial powers
in the President must never be permitted to become a permanent part of
our Government syetem. AIL hi
3886
Financial Chronicle
We believe in our Federal form of government with its system of State
and local responsibilities.
We believe that we cannot spend our way to prosperity.
We believe that an unassailable national credit and a balanced budget
are indispensable foundations of national well-being.
We believe, in short, that American democracy, working along American
lines, in accordance with the spirit and principles of American institutions,
Is equal to the task of solving the problems of the new world, of breaking
down the obstacles that stand in our way, and of resuming at an even more
rapid pace the progress that has characterized the life of the nation for well
nigh one hundred and fifty years.
We call upon all who believe in the maintenance of these principles to
unite in the election of Senators and Representatives who will support them.
Loans Advanced by Production Credit Associations
Average $501.
The average-size loan obtained by farmers this spring
from the 650 Production Credit Associations throughout the
United States has been $501, according to figures made
available at Washington, Ma,y 19, by the Production Credit
Division of the Farm Credit Administration. The average
amount of the individual production loan by districts, ranges
from $260 to $2,700, according to an announcement by
the FCA, but the average for the entire country as reported
by the 12 Federal Intermediate Credit Banks, which discount for the Associations, is slightly over $501. As issued
under date of May 21 the Administration's announcement
also said:
Most of the loans made so far by the newly organized Associations have
been crop production and livestock loans, with maturities usually less
than 12 months.
Up to May 12, the Federal Intermediate Credit Banks made over 71,000
loans and approvals for the Associations, aggregating $36,000,000. On
that date, about $20.000,000 had been advanced to farmers through the
Associations and most of the balance of $16,000,000 consists of money
allotted for future advances to farmers who are getting their loans in instalments. Ordinarily the instalment loans enable the borrowers to save
from;.1' to M on interest costs, since the interest rate on production
loans—recently reduced to 5%—is charged on each advance separately.
The average-size Production Credit Association loan for the country has
been increasing gradually during the past several weeks since, in addition
to the smaller-sized loans required for crop production, the Associations
are now making an increasing number oflivestock loans and general purpose
loans which are being used to refinance debts originally incurred for an
agricultural purpose; to purchase equipment, machinery and supplies, and
for financing repairs and improvements.
Short-Term Spring Financing of Production Credit
Associations Reported at $44,500,000.
The Vice-Presidents of 7 of the 12 Regional Production
Credit Corporations of the Farm Credit Administration met
at Washington, D. C., May 29, in a joint session with the
Washington officials of the Production Credit Division to
discuss the operation and loan-making procedure of the 650
Production Credit Associations in the country. In stating
this, an announcement issued by the FCA on May 29 said:
A total of $44,500,000 of short-term spring financing, including loans and
commitments, has been handled by the Associations since theg began to
do a volume business two months ago. Most of the loans this spring have
been for crop and livestock production. Additional requirements for livestock loans and general purpose loans may be expected as the season advances, and in the conference of Vice-Presidents of the Production Credit
Corporations, which will continue here throughout the remainder of the
week, attention is being given to the operation and further development of
the Associations in handling these new credit requirements.
The Vice-Presidents of the Production Credit Corporations attending
the meeting are as follows:
Vice-Presidents.
Production Credit Corporations.
H. L. Gardner
Columbia (8.(J.)
G. H. Johnson
New Orleans (La.)
E. C. Johnston
St. Paul (Minn.)
Roy Green
Wichita (Kans.)
Virgil P. Lee
Houston (Texas)
M. A. Thompson
Berkeley (Calif.)
June 9 1934
by;the various banks and the office of the Intermediat.
Credit Commissioner upon the basis of current official examinations of the Banks. Governor Myers continued:
With these additions and changes in the capital structures of the Intermediate Credit Banks, their combined capital will be $70,000,000, and their
surplus, reserves and undivided profits will be in excess of $15,340,000.
Budget for Cotton Garment Code Authority Said to
Be Nearly $1,000,000.
Apropos of a recent reference in these columns to the
budgets of the Code Authorities, many of which we noted,
are almost unbelievably large, our attention has been drawn
to the following from the "Daily News Record" of May 22:
That the task of the cotton garment Code Authority is gigantic has never
been questioned. Covering 17 district divisions of the garment fields,
Including about 4,000 units scattered over at least 42 States of the Union,
as has been emphasized repeatedly, the job of organizing, governing and
policing has never been underestimated in the trade.
The amount of floor space being taken over in the building at 40 Worth
Street for this important purpose has been mentioned in the market a
number of times as indicative of a further appreciation of what is required
for this purpose.
It was not until the trade learned that the budget for the cotton garment Code Authority is already up to three-quarters of $1,000,000—
and may run up to $1,000,000—that the full extent of what it is all about
was driven home. The executive director, as is known, receives $25,000.
A large staff is required to handle the tremendous amount of detail. Out
over the country, branch offices are vital. So far as the policing is concerned, it is the conviction of many in the industry that regardless of how
great the force, it will not be more than is actually necessary.
Trade reports also are that about $200,000 has already been collected
for labels in the past two months.
In our reference to Code Authority budgets (May 26,
page 3486) it was stated that they amount in many instances
to hundreds of thousands of dollars per year, and in those
industries afflicted with a number of such code authorities
the total cost is running well into the millions.
NRA to Adopt New Policy Eliminating Price Fixing—
Many Codes to Be Revised in Accordance with
Plan, Which Contemplates Enforcement of AntiTrust Laws Against Combinations Maintaining
Prices.
The National Recovery Administration announced on
June 7 that it will adopt a new policy that will require the
revision of many codes to allow freer competition and to
eliminate price fixing. The new plan contemplates the
enforcement of the anti-trust laws against combinations
designed to maintain prices. A minimum price would only
be fixed in cases of definite emergency. Associated Press
Washington advices of June 7 summarized the principles of
the new policy as follows:
1. Wilfully destructive price cutting is forbidden, and any prime which
appear unreasonably low may be investigated and a correction required
if they are found to be unfair.
2. Fixing of even a minimum price will be allowed only in cases of demonstrable emergency, threatening destruction of business firms, employment or wage levels. Then only the NRA shall have the right to determine
what is the minimum price to be fixed and it shall be "the lowest reasonable cost"—not a profit-covering figure for the majority of enterprises.
3. Open price posting—which means letting all competitors know every
other competitor's price—will be allowed only on these terms: That the
prices be reported to a neutral, confidential agency; they shall become effective immediately without a waiting period for powerful competitors to
argue the original proposal into line with their own figures; prices may not
be revised upward for 48 hours, but they may be cut right away and so
reported.
General Johnson Averts Threatened Strike of 300,000
Cotton Textile Workers—Workers Given Representation on NRA Code Authority.
A threatened etrike of 300,000 cotton textile workers,
Capital and Surp'us of Federal Intermediate Credit which had been called for June 4, was averted on June 2
Banks Increased by $25,000,000—Additional Capital under an agreement between General Hugh S. Johnson,
Deemed Necessary to Meet Increased Demands. . Recovery Administrator, and Thomas F. McMahon, PresiGovernor W. I. Myers of the Farm Credit Administration dent of the United Textile Workers. Mr. McMahon issued
announced June 5 that he had called $25,000,000 from the the strike call on May 30 in protest against an order by the
Treasury to increase the capital and surplus of the 12 Federal National Recovery Administration curtailing by 25% the
Intermediate Credit Banks. Governor Myers said that this number of hours machinery in cotton textile mills will be
sum represents the first call out of a revolving fund of permitted to operate over a 12-week period. The settlement
$40,000,000 created by an Act of Congress, approved on made no change in the 25% machine-hour curtai meat order.
Jan. 31 1934, for the purpose of providing the intermediate General Johnson said that labor leaders admitted that "the
Credit Banks with the additional capital deemed necessary strike was not against the order at all but only to secure a
to enable them to meet the incieased demands for agricultural 33 1-3% increase in hourly rates of pay and certain other
production and marketing credit. He further announced:
demands." The agreement, which was also accepted by
It is contemplated that the remaining $15,000,000 will be called and
George A. Sloan, Chairman of the Cotton Textile Code
distributed in the near future.
Authority, did not comply with the demand for a wage
Of the amount called at this time, $10,000,000 has been subscribed for
increase, but it provided that the Research and Planning
additional shares of the capital stock of some of the Banks, and a total of
$15,000,000 has been subscribed to the paid-in surplus of the 12 Banks.
Division of the NRA would make a study of the question
Governor Myers pointed out that the deficits of the Federal and report within two weeks.
General Johnson announced the following terms of the
Intermediate Credit Banks of Columbia, South Carolina
and Berkeley, Calif., amounting to about $2,259,00e, will strike settlement on June 2:
I.—Strike order to be countermanded without prejudice to the right of
be eliminated. At the same time he announced that the
labor to strike.
12 banks have been authorized to charge off all assets of a
IL—One representative of employees of the cotton textile industry
doubtful nature, approximating $3,850,000 as determined to be appointed by the Secretary of Labor to Labor Advisory Board.
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Financial Chronicle
III.—One representative of employees of the cotton textile industry
to be appointed labor adviser to Government members on Cotton Textile
Code Authority.
IV.—Authority of Cotton Textile National Industrial Relations Board
to be defined by administrative order to include all subjects mentioned in
VII hereof. Membership to said board to be increased by one representative of employers and one representative of employees from the
cotton textile industry.
V.—If those conditions are accepted I will urge the Cotton Textile
Code Authority to accept and agree to abide by the foregoing amendment
to the Industrial Relations Board provisions.
VI.—Investigation and reports upon the following questions to be
made by NRA Division of Planning and Research in conjunction with
revised Industrial Relations Board.
(a) What productive machine hours are necessary to meet normal
demand (within 10 days)?
(b) What increase, if any, in wage rates is possible (within 14 days)?
(c) Have wage differentials above the minimum been maintained
(within 30 days)?
(d) What changes have taken place in man-hour productivity?
(e) The Division of Planning and Research to co-operate with the
Industrial Relations Board in completing its studies of the work load for
the use of the Board in dealing with all controversies over the stretch-out
or specialization system.
VII.—The Cotton Textile Industrial Relations Board will continue to
handle all pending or future claims and complaints of discrimination,
representing, in accurate entries on pay envelopes, unwarranted reductions
in classification, increased stretch-out, alleged violations of Section 7(a),
and all other alleged violations of the code.
VIII.—The seasonal character of the cotton textile business and the
necessity for temporary reduction in machine hours from time to time
is recognized by the representatives of the labor organizations.
General Johnson also made public on June 2 the text of a
letter to Mr. McMahon, which read as follows:
June 2 1934.
Mr. Thomas McMojhon, President
United Textile Workers of America.
My Dear Mr. McMahon.—With reference to appointment of employee
representation under II, III and IV of my proposed settlement, if such
settlement is effected and an investigation by Mr. Bruere discloses that
there is no other substantial union organization and that your organization
is National in scope with about 200,000 bona fide members in the cotton
textile industry. I will appoint a member of the United Textile Workers
of America in each case. If he does not so find, I will ask Miss Perkins to
appoint such meber under II from the United Textile Workers' group,
and as to III and IV, will endeavor to make some disposition taking care
of the interests of all union groups.
Sincerely,
HUGH S. JOHNSON, Administrator.
We quote below from a statement issued by officials of
the United Textile Workers on June 2:
We are confident that the agreement made with General Johnson will
mark the beginning of a new day for cotton textile workers.
It will similarly result in the exposure of the evils in the industry and
creates the machinery for an unbiased investigation of conditions, including
wages, hours, machine load and code violations.
We appreciate the sympathetic attitude shown by General Johnson
Ile discussed with us every phase of the problem, and, while we disagreed
in some things, his constructive suggestions were helpful in reaching a
settlement. The textile workers can now feel satisfied that the proper
agencies will be set up for their protection.
The United Textile Workers of America notifies all local unions that
the strike will not take effect Monday morning.
Mr. Sloan also issued a statement on June 2 in which he
commented on the settlement of the dispute as follows:
The administrative order recommended by the Cotton Textile Code
Authority calling for a 25% reduction for each productive machine for a
period of 12 weeks stands. It becomes effective Monday, and does not
contemplate any increase in the hourly rates prescribed in the code.
The basis of settlement in the present issue recommended by the Administrator and accepted by the representatives of the United Textile
Workers involves a minor organization change in the code. It will be
submitted to the Cotton Textile Code Authority for its consideration and
action at an early meeting.
With the textile strike removed from the National scene, General Johnson
will turn Monday to the strike threatened in the steel industry over the
question of union recognition and collective bargaining.
, The text of General Johnson's announcement of the strike
settlement is given below:
The threatened cotton textile strike was condition on NRA rescinding
its own order restricting machine hours 25% during the usual summer
slump, which for the past tow years has averaged approximately 25%
decline in production. At present there is a very large surplus of goods
unsold and disastrous shut-downs were threatened. The idea of the
order was to spread these inevitable reductions over the whole industry
equably (with exceptions for the smaller mills and certain special cases)
and thus to sustain employment on the widest possible basis.
The order prevented shut-downs for long periods by requiring that
reductions be by days instead of weeks or months, except that shut-downs
for normal causes,such as inventory. repairs, &c., shall not be prevented.
No argument against either the wisdom or the equity of this order has
been presented. On the contrary, labor representatives in the present
conference admitted the necessity for this action and that the strike was
not against the order at all, but only to secure a 33 1-3% increase in hourly
rates of pay and certain other demands.
While NRA is willing to do anything it can to compose differences as
they arise, it cannot proceed to any action under the threat of a strike
against its own order. Accordingly, the first article of settlement countermands the strike order.
Labor representatives in the present conference now concede that the
real issues are:
(1) Their right to represent members of their union in collective bargaining.
(2) Certain other grievances alleged to be in violation of the code; but
principallY.
(3) A demand for an increase of 33 1-3% in the labor element of the
cost of cotton textiles.
There is no question that labor is entitled to prompt and effective relief
of any just complaint under I and II, or of the duty of NRA to insure it.
3887
The most effective instrumentality we have as yet tried in labor disputes
was the President's suggestion in the settlement of the automobile strike.
There is already an Industrial Relations Board in the cotton textile
Industry and it has functioned exceptionally well—better, perhaps, than
any similar set up, but, to bring it into the field of action of the Wollman
board its powers required further definition and its membership had to
Include a representative of labor in the cotton textile industry.
Followed Formula in Automobile Settlement.
A basis of settlement was the Administrator's agreement to urge upon
this industry such definition and amendment of the Industrial Relations
Board as would accord with the President's formula in the automobile
settlement. Labor accepts this and it is believed that this will go far
to quiet the present unrest and prevent future disturbance.
Labor in this industry is also to be given representation on the Labor
Advisory Board and is to have an adviser to the Government members
on the Code Authority. Studies of all assertions of other general grievances are to be continued.
So much for the first two causes of complaint. As to wages, it is clear
that no such violent increase as 33 1-3% in all wage scales, if any, can be
considered at this time. The rise in the price of cotton textiles has been
one of the chief consumer complaints.
Including the processing tax, raw cotton costs have increased 150%.
There has been a 70% increase in labor costs due to the code and other
influences, and an increase of 94% in cost of labor, material and supplies
In cotton textiles.
A very clear cause of decreased consumption is this increased cost and
increased prices which flow from it. In this situation any such increase
In cost would paralyze production and employment and defeat the very
ends aimed at.
The course of negotiations have not been helped by the concurrent newspaper debate between the parties to them. Fairness to NRA and to a
great industry and to its accomplishments for labor under the NRA compels
me to correct several inaccurate statements which appeared in news dispatches yesterday and which were attributed to officials of the United
Textile Workers.
A statement that the administration of the cotton textile code,"through
lack of enforcement has brought it to a point of pre-code conditions," is
simply without foundation in fact. I know of no code under the NRA
that is administered more conscientiously and more effectively than this
code has been and is being administered by its code authority.
The statement that wages "have been forced down to lower than ever
before" is equally unfounded. The very opposite is true. The record
shows that the present hourly wage rate as well as weekly earnings adjusted
to living costs (real wages) have reached and passed the highest 1929 level.
Between April 1933 and April 1934 payrolls in this industry increased
over 100%; between March 1933 and April 1934, employment increased
34%. Average actual weekly earnings increased between March 1933
and February 1934 about 35%•
The improvement of labor conditions under this code surpasses that
In any other industry, and, in addition to the wage improvements mentioned, include the wiping out of unfavorable working conditions such as
child labor, unconscionable hours and unregulated stretch-out.
The improvements have been retained and,at the time they were obtained
through an NRA code hearing and months of patient work with the Cotton
Textile Institute prior to the code, there was no substantial labor organization in the industry.
For that work the generous co-operation of the industry, with the
steady insistence of NRA,deserves credit. In such circumstances insistence
that labor in this industry cannot expect protection under the code except
through membership in a particular union is also unwarranted. It Is
not necessary to be a member of a particular union in order to enjoy the
benefits of the cotton textile code.
This is Code No. 1—that of the first industry to answer the President's
early observations on the benefit of the principles of NIRA, made weeks
before the enactment of the law. Strictures on the good faith of that
Industry are unwarranted and unjust.
Steel Strike Still Threatened Unless Union Leaders Are
Granted Recognition by Company Executives—
General Johnson Confers with Leaders of Both
Factions in Effort to Avert Walkout.
Threats of a steel strike, made by leaders of the Amalgamated Association of Iron, Steel and Tin Workers, continued
to disturb the industry this week, as representatives of the
National Recovery Administration held a series of conferences in an effort to avert a walkout, which has been predicted this month unless principal companies in the industry
will agree to recognize the union, an affiliate of the American
Federation of Labor,for the purpose of collective bargaining.
General Hugh S. Johnson, Recovery Administrator, conferred in Washington yesterday (June 8) with Mike Tighe,
head of the union. General Johnson has proposed the creation
of a special Steel Labor Board to handle the demands of
the union for recognition, but thus far both the union leaders
and company executives have opposed the formation of
such a board.
The union asserts that it has a membership of at least
100,000 among the country's 423,000 steel workers. This
claim has been denied by heads of principal companies, who
have estimated that union membership is much smaller
and have declared that an overwhelming majority of steel
workers would oppose a strike if one were called. The steel
leaders, in a joint statement June 6, said that the demands
of the Amalgamated Association "do not relate to the
grievances of the workers," and that "the sole demand is
for a closed shop. As the industry is unalterably opposed
to the closed shop, the demand could not be considered."
The statement follows:
Representatives of the iron and steel industry conferred here to-day
with General Johnson, National Recovery Administrator, and Donald
RIchberg, general counsel of the NRA, on the creation of a labor-relations
board in connection with the iron and steel code, and on the threatened
steel strike.
3888
Financial Chronicle
June 9 1934
The steel men stated the demands of the Amalgamated Association do
not relate to grievances of the workers, that the sole demand is for a closed
shop. As the industry is unalterably opposed to the closed shop,the demand
could not be considered.
It was made clear that the industry was definitely committed to the
maintenance of employee-representation plans now effective in the industry
and to the principle of the open shop.
Federation of America; Grover A. Whalen, President of the
Advertising Club of New York; C. M. Chester, President
of the General Foods Corp., and Mrs. Anna Steese Richardson, director of the Good Citizenship Bureau.
A so-called "rank-and-file" committee of steel workers
told Secretary of Labor Perkins on June 6 that "all hell
will break loose" if the union's demand for a collective
bargaining conference with the employers is not met by
to-morrow (June 10). The union spokesmen also denied
that they are demanding a closed shop and said that "genuine
collective bargaining" was their only objective.
The American Iron and Steel Institute issued a statement
on June 4 in which it said that strike threats in the industry
come from union leaders who represent only a small minority
of the workers. The Institute added that in the belief of the
steel industry no general walkout of employees from the
mills is in prospect. The statement, in part, follows:
The Amalgamated Association of Iron, Steel and Tin Workers has pre-
Annual Convention of National Fertilizer Association
to Be Held at White Sulphur Springs June 18-20—
Appraisal of Code to Be Among Matters Considered.
The tenth annual convention of the National Fertilizer
Association will be held at White Sulphur Springs, W. Va.,
June 11, 12, and 13, according to an announcement by
Charles J. Brand, Executive Secretary and Treasurer. The
date was originally set for June 18, 19, and 20. At the
Association's convention a year ago a tentative and preliminary draft of a code for Fertilizer industry was presented aVd
discussed. This code after undergoing many changes was
finally approved on October 31 and became effective on
November 10. Since then, it is stated, the industry has
made much progress toward the recovery goal. Employment
in March had increased 89% over March a year ago and
pay rolls had increased 108%. According to the Association
the present indication is that fertilizer manufacturers will
make a moderate profit this year as compared to heavy
losses last year.
At the time of the convention this year the industry will
have been operating under its code for seven months. The
discussion will be in the nature of an appraisal of the code.
•
Reopening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of June 2 (page 3718),
with regard to the banking situation in the various States,
the following further action is recorded:
sented to various steel companies demands for recognition of the union
and has threatened a strike if its demands are not met.
Although the overwhelming majority of the 430,000 employees in the
steel industry have refused to join the union and have evidenced their
desire to bargain collectively through their own employee representation
plans now in effect, the union seeks the exclusive right to speak for all
employees and the union is receiving attention in Washington and in the
press entirely out of proportion to its importance.
There is only one point at issue—the "closed shop." The by-laws of the
Amalgamated Association require the closed shop. This means that employers would be required to permit only members of the union to work
in the steel mills.
To accede to such a request would be rank treachery on the part of
employers since it would force the employees into the union in most cases
against their wishes, and compel every employee to pay tribute in the form
of union dues for the right to work.
The employers in the steel industry will make no agreement that denies
to their employees, whether or not they are members of the union, equal
opportunity for work and advancement.
Workmen in the industry have for many years resisted all efforts of the
labor unions to control their employment and to deprive the individual
worker of the right to advance according to his merits.
The great majority of the employees in the steel works do not want to
strike and the companies will co-operate in every way possible to enable
them to remain at work.
The union leaders have attempted in public statements to convey the
Impression that employers in the Industry have denied their employees
the free right of collective bargaining. Such is not the fact.
The industry has been a leader in the development of the modern method
of collective bargaining, in which the employees participate without discrimination. Under employee representation plans, representatives may be
union members, if the men so choose. The employee representation plans
which are in operation in the steel plants have brought about a close and
harmonious relationship between management and men. That a harmonious
relationship has existed Is evidenced by the fact that the industry has been
free from strife for many years.
Annual Convention of National Association of Credit
Men to Be Held in Los Angeles June 11 to 15.
The National Association of Credit Men will hold its
39th annual convention and Fourth Credit Congress of
Industry in Los Angeles, Calif., June 11 to 15. Foreign
trade and export credit problems will be featured in the
sessions of the convention, said an announcement by the
Association, which continued:
Because the Administration at Washington is at present moving along
to develop over-seas trade and because of the rapid rise of
export business in the past year in this country, the Association convention
officials announced (May 26) that a round-table meeting will be held
June 12 at the Hotel Biltmore, in Los Angeles, at which all of the credit
delegates who are interested in foreign trade will analyze their problems.
several lines
Annual Convention of Advertising Federation of
America to Be Held in New York City June 18-20—
Broadcasting of Sessions.
Several meetings of the 30th annual convention of the
Advertising Federation of America, at the Hotel Pennsylvania, New York, June 18 to 20, inclusive, in which both
Federal and New York State and city officials are scheduled
to speak, will be broadcast over the WABC-Columbia
network on those dates. The opening luncheon of the
convention, at which Governor Herbert H. Lehman, of
New York State, and Mayor Fiorello H. LaGuardia, of
New York City, will speak, will be broadcast from the
Hotel Pennsylvania Monday, June 18, from 1:30 to 2:00
p. m., Eastern Daylight Saving Time.
The second broadcast will come from the convention's
banquet, at which H. V. Kaltenborn, news commentator
of the Columbia network, will be one of the principal
speakers. This broadcast will be given Tuesday, June 19,
from 10:30 to 11:00 p. m.
Secretary of Agriculture Henry A. Wallace will be the
principal speaker in the convention's general luncheon, on
Wednesday, June 20, and what he has to say will be relayed
over the Columbia network from 1:15 to 1:45 p. m. Other
speakers scheduled to talk at the opening luncheon on
June 18 include: Edgar Kobak, President of the Advertising
CALIFORNIA.
The People's Savings & Commercial Bank of Chico, Calif.,
which remained closed after the banking holiday, has
ordered payment of 30% of the remaining commercial
deposit liabilities and 15% of the remaining savings deposits, it was announced on May 29 by the State Superintendent of Banks, Edward Rainey, according to the
San Francisco "Chronicle" of May 30, from which we
quote further as follows:
After the bank holiday a merger and reorganization plan was put into
Current
payments bring liquidation to 70% of commercial and 57.5% of the savings
deposits.
ILLINOIS.
effect, resulting in the payment of 50% of the deposit liabilities.
The Fond du Lac State Bank of East Peoria, Ill., failed
to open for business on May 28, according to Peoria advices
on that date to the Chicago "Tribune," which furthermore said:
State Auditor E. J. Barrett ordered the suspension for examination
and adjustment, officials assert. The bank IS a member of the Federal
Deposit Insurance Corporation.
That a new bank would open in Bloomington, Ill., on
June 7, was reported in the following dispatch from that
place on June 5, appearing in the Chicago "Tribune":
The new National Bank of Bloomington will open Thursday (June 7)
officials announced to-day. With its opening, Bloomington will have its
first national bank since the bank moratorium In March 1933.
INDIANA.
The Lafayette National Bank of Lafayette, Ind., growing
out of the former Fowler Bank City Trust Co. of that city,
was formed on June 1 with a capital stock of $250,000,
according to Associated Press advices from Lafayette on
that day, which continuing said:
Of the capital,$150,000 will be subscribed through the RFC and $100,000
will be subscribed locally.
The institution will be a member of the Federal Reserve System and its
deposits will be insured through the Federal Deposit Insurance Corp.
Affairs of the old bank are to be liquidated.
IOWA.
The opening of a new bank to be known as the West
Liberty State Bank at West Liberty, Iowa, was announced
June 1 by D. W. Bates, State Superintendent of Banking,
according to the Des Moines "Register" of June 2, which
furthermore said:
Superintendent Bates said the new bank had agreed to take over 40%
of the liabilities of three banks, the Iowa State Bank, of West Liberty.
the Peoples State Bank, of West Liberty, and the Downey Savings Bank.
of Downey.
The arrangement will release approximately $500,000 to depositors of
the three banks. Bates stated. All three banks have been operating under
Senate File 111.
According to Bates, assets of the three banks will be liquidated through
the State Banking Department in receivership proceedings.
MICHIGAN.
Following the approval of reorganization plans, the
conservator and depositors of the Charlevoix State Savings
Financial Chronicle
Volume 138
Bank of Charlevoix, Mich., have received instructions
to proceed with the work of reopening, according to the
"Michigan Investor" of June 2, which continuing said:
When that is completed Charlevoix will again have two banks. The
Charlevoix County State Bank, which reopened earlier in the year. has
enjoyed an increase of more than $60,000 in commercial deposits since
then, which is an unusual record because in past years deposits showed
a seasonal tendency to decrease from Feb. 1 to June 1. Commercial
deposits of the bank are now $20,000 greater than they were a year ago.
The following in regard to the affairs of the People's
Wayne County Bank of Hamtramck, Mich., appeared in
the "Michigan Investor" of June 2:
A committee which will aid in obtaining waiver,and consent agreements
from large depositors which will make possible an additional 40% payoff
by the People's Wayne County Bank of Hamtramck has been formed,
it was announced by H. C. Blackman, conservator. The largest depositors in the bank already have signed the waiver and consent agreements, he said, including the Chevrolet Motor Car Co., the Chrysler
Corp., the Swedish Crucible Steel Co. and the City of Hamtramck. The
first three named also have subscribed for stock in the proposed reorganized bank.
The First State & Savings Bank of Howell, Mich., reopened on June 1. In indicating this the "Michigan Investor" of June 2 said in part:
Although the Howell bank opened on Friday, June 1, it cannot be said
to be stepping into a new career along with blushing June bridges, for it
is the oldest incorporated bank operating in Livingston County. Organized 43 years ago, it still retains its identity even though having been
closed and undergone a reorganization.
The First State opens as the third under the so-called "54 Bank Plan
of Michigan." It has no preferred stock and no borrowed money. It
has $62,250 in capital stock, all subscribed and owned locally. It is a
member of the Federal Reserve Bank of Chicago and of the Federal Deposit
Insurance Corporation. It is 80% liquid. ...
Officers of the First State are Wm. E. Robb, President, who continues
in office; Don W. Van Winkle, Vice-President, and A. L. Smith, Cashier.
We learn from the "Michigan Investor" of June 2 that
the State Banking Advisory Committee has approved
reorganization plans for the Maynard-Allen State Bank
of Portland, Mich. Carl Derby, conservator, expects
the opening to take place July 16 or soon thereafter. The
paper added:
He also revealed that the bank will open with its own resources without
borrowing from the Reconstruction Finance Corporation or any other
source. The capital will probably be $50,000. There was $635,000 on
deposit when the bank closed.
The Fruit Growers' State Bank of Saugutuck, Mich.,
reopened last week, making available 50% of their deposits
to the depositors. The remaining 50% will be liquidated
by the Saugatuck Depositors' Corp. The above information is obtained from the "Michigan Investor" of June 2,
which added:
The bank has been closed, except for trust business, since February 1933.
Officers of the new bank are: President, R. J. Walker; Vice-President,
George Hoy; Cashier, L. P. Braudy; Assistant Cashier, Henry Till.
MISSOURI.
The Rockbridge Bank of Rockbridge, Ozark County,
Mo., restricted since March 1933 in its operations, has been
closed by its board of directors and will be liquidated by
the Finance Department, according to Jefferson City,
Mo., advices on June 2 appearing in the St. Louis "GlobeDemocrat," which also said:
This is one of the smallest banks operating under the State law and
had deposits of only $11,000 when ordered closed by the directors.
An order issued on June 4 by 0. P. Moberly, State Bank
Commissioner for Missouri, removed all restrictions from
the operations of the Farmers'& Merchants'Bank of Huntsville, Mo., •Lccording to a Jefferson City dispatch on that
day, printed in the St. Louis "Globe-Democrat," which
also said:
The institution has been on a restricted basis since the beginning of the
banking holiday of March 1933.
NEW YORK STATE.
According to advices from Mineola., L. I., on June 6
appearing in the New York "Herald Tribune," Edwin V.
Hella,well, receiver for the First National Bank of Hempstead, L. I., closed since the banking holiday of March 1933,
announced on that day that an initial dividend of 50%
would be paid on all deposits at an early date. He indicated that the payment, which will total about $1,750,000,
will be made within a month. The dispatch added:
The total deposits at the time the bank closed amounted to 33,500,000.
The late August Belmont was one of the organizers of the institution.
Dudley A. Wilson, Chairman of the depositors' committee of the Pelham National Bank, Pelham, N. Y.,
which has been in receivership since July 1933, has issued
a statement declaring that in his opinion depositors should
recover the full amount of their deposits if the liquidation
of the bank is properly handled by the receiver, according
to the New York "Herald Tribune" of June 5, which added:
This contrasts, Mr. Wilson said, with an 11% liquidating dividend
authorized the middle of January 1934, the only one to date, and with
3889
slight prospect of much more indicated.
0129.382.
The dividend amounted to
The Mount Vernon Trust Co., Mount Vernon, N. Y.,
which had been closed or operating on a restricted basis
since the banking holiday of March 1933, was opened on
Tuesday morning, June 5, by order of Joseph A. Broderick,
New York State Superintendent of Banks, bringing financial
relief to the institution's 22,000 depositors. All restrictions
had been lifted simultaneously with the filing of an order
by Mr. Broderick with Bernard Koch, the County Clerk
at White Plains. The above information is obtained
from Mount Vernon advices on June 5 to the New York
"Times," from which we quote further in part:
A happy air pervaded the city as word of the opening was spread. Fiftyfive per cent of the deposits were available for withdrawal, allowing the
release of more than $3,000,000 to depositors desiring to withdraw, but
late in the afternoon bank officials said that deposits had exceeded withdrawals.
The bank's deposits total about $6,700.000, of which a part consists of
trust accounts. Under the plan of reorganization, depositors receive
Immediate cash credit for 55% of their deposits, "together with capital
stock of the reorganized trust company and certificates of beneficial interest
in segregated assets to be administered by trustees in a proportion of
11X and 33U%, respectively, of their deposit balances." A 10% limit
on withdrawals was fixed after the banking holiday.
Superintendent Broderick said in a statement that the Mount Vernon
bank "is the last of 37 institutions permitted to resume business" of the
total of 46 placed on a restricted basis during the banking holiday.
The Superintendent's order said that the reorganization plan was "fair
and equitable to all depositors and other creditors and stockholders, and
in the public interest." The order added that depositors and other creditors
representing about 80% of the bank's liabilities, other than those to be
satisfied in full, and stockholders owning at least two-thirds of the outstanding capital stock had approved the reopening plan.
Among conditions upon which hinged the reopening were admittance
to membership in the Federal Reserve Bank and in the Federal Deposit
Insurance Corporation. The bank made also a satisfactory disposition
of loans from the Reconstruction Finance Corporation. . ..
John Leland Cross, President of the bank, said in a statement that
the total liquid assets of the institution were "far in excess" of all normal
requirements, with a liquidity of more than 90%•
"The plan under which the trust company reopens has been criticized,
challenged and attacked," he added. "but it has fully stood the tests
In both State and Federal courts and has received the complete and unqualified approval of the Federal Reserve Board, RFC, FDIC and State
Banking Department."...
New officers of the institution, in addition to Mr. Cross,
the President, were named in the dispatch as follows:
Arthur W. Mischanko, a State Banking Department representative
sent to the bank during the restricted period, Vice-President and Comptroller.
Fred E. Goldman, Vice-President, formerly Assistant Vice-President of
the Irving Trust Co., in charge of its office at 470 Broadway, New York,
and a banker throughout his career.
John M.Bromley, Secretary and Treasurer, an officer of the bank before
its reorganization.
Anthony H. Seitz, Assistant Vice-President, a business man here (Yonkers).
Charles G. Sposato, Assistant Secretary, also active in local business
circles.
Albert J. Vey and Harry R. Marshall, trust officers.
PENNSYLVANIA.
The newly organized South Philadelphia National Bank
of Philadelphia, Philadelphia, Pa., which succeeds two
Philadelphia banks—the Southwestern National Bank and
the Sixth National Bank—both of which had been oparating
on a restricted basis, opened its doors on May 31. The
new institution starts with a capital of $500,000 and surplus
of $100,000, the former consisting of $300,000 preferred
stock and $200,000 common stock. In indicating the
proposed opening of the consolidated institution the next
day, the Philadelphia "Record" of May 30 had the following
to say in part:
Business will be conducted at both sites of the older institutions. Main
offices will be at 2d and Pine Sts., the address of the former Sixth National
Bank, and a branch office at Broad and South Sts., address of the old
Southwestern.
With the beginning of business at 9 a. m. to-morrow (May 31), 35%
will be available to depositors in the old Southwestern and 20% to depositors in the old Sixth National Bank. ...
John E. (Jack) Kelly, Democratic City Chairman, was one of the prime
movers in the reorganization plans which have been in preparation during
the past 14 months. .. .
The capital is comprised of 10,000 shares of preferred stock, to be Purchased by the Reconstruction Finance Corporation at $30 a share, and
10,006 shares of common stock, purchased by the bank's stockholders
at the same price.
The reorganization is set up on the so-called "Spokane plan" by which
the new bank will purchase part of its assets. At the time the restriction
was placed, assets of the Southwestern were placed at 32,500,000 and
those of the Sixth at $6,500,000.
Norman 0. Ives, President of the new institution, pointed out yesterday
(May 30) that all real estate assets have been liquidated and that the new
bank will begin without owning a dollar's worth of real property.
Even buildings in which business will be conducted have been rented
from the former institutions, thus giving the old depositors the greatest
possible income from the investments in these buildings, he explained.
Nor will the percentage of deposits to be made available to-morrow
be all that the old depositors will get, Ives added. Further liquidation
will be made and additional payments made to depositors as the process
continues.
The total deposits in the Southwestern at the time of the bank holiday
were approximately $1,000,000, and those in the Sixth National approximately $3,300.000.
3890
Financial Chronicle
Eugene Walters, former President of the Southwestern, will continue
as Vice-President of the new South Philadelphia Bank. C. Russell Arnold,
for a number of years the chief bank examiner for the RFC in the Third
Federal Reserve District, which includes Philadelphia, will act as VicePresident and Cashier of the merged institution.
The old Southwestern was organized in 1886 and for many years was
the only National bank in South Philadelphia.
The Pittsburgh "Gazette" of June 1 stated that two of
the three banks in that district still operating on a restricted
basis would be licensed to conduct a regular banking business, according to an announcement the previous day by
Dr. William D. Gordon, State Secretary of Banking for
Pennsylvania. The banks named are the Ohio Valley
Bank of Pittsburgh and the Rankin Bank of Braddock.
The paper mentioned continued:
Of the Braddock Trust Co., Braddock, and several others in the State,
the banking chief said their future is dependent "either upon the commitments obtainable from the Reconstruction Finance Corporation or
the ability of the parties at interest to obtain the necessary depositor and
shareholder approval of the reorganization plans."
An extension until Sept. 1 of the effective period of the Sordoni closed
bank act has been proclaimed by Governor Gifford Pinehot, Gordon
announced.
VIRGINIA.
Advices from Clifton Forge, Va., on June 2 to the Richmond "Dispatch," indicated that a new bank was expected
to open in Clifton Forge on June 6, under the title of the
Mountain National Bank, which will replace the Clifton
Forge National Bank. The advices continued in part:
L. F. Pendleton's conservatorship of the Clifton Forge National Bank
was terminated at noon to-day (June 2). It is anticipated that the Mountain National Bank will be open for business Wednesday June 6. This is
subject to final instructions of the Comptroller of Currency.
The Mountain National Bank, which will take over the assets of the
Clifton Forge National Bank, will have a capital of $100,000 and a paid
in surplus of $20,000.
Officers in the new bank will be Walter T. Wade, Jr., President; Eugene
Mathews, Vice-President: R.B.Jarrett, Active Vice-President and Cashier;
W. E. Chambers, Assistant Cashier.
WISCONSIN.
Two banks in Antigo, Wis., the First National Bank and
the Langlade National Bank, which had been operating
on a restricted basis since the moratorium of March 1933,
were closed on June 1 by order of the Comptroller of the
Currency. Ad vic.3s from Antigo to the Milwaukee "Sentinel," reporting the above, continuing said in part:
L. J. Bosworth, conservator at the Langlade, has been made receiver.
C. J. Sadlier, receiver for a bank at Clintonville, has been placed in charge
of the First National. The closings caused abandonment of reorganization
plans started several weeks ago.
A week ago petitions were being circulated by depositors, urging Federal
authorities to hasten opening of the two banks. . . .
One bank now serves the community, the Fidelity Savings, operated
on a 100% basis.
Associated Press a dvices from Madison, Wis., on June 1
stated that the Wisconsin Banking Commission on that date
announced that it had authorized the Whitewater Commercial & Savings Bank, Whitewater, and the Hustler-Camp
Douglas Bank, Camp Douglas, to resume operations on an
unrestricted basis and to release $243,437 and $124,925,
respectively, in deferred deposits.
Additional Banks Licensed to Resume Operations In
Second (New York) District.
Supplementing its statement of May 23 (given in our
issue of May 24, page 3553), the Federal Reserve Bank of
New York issued the following announcement on June 6,
showing additional banking institutions in the Second (New
York) District which have been licensed to resume full
banking operations:
FEDERAL RESERVE BANK OF NEW YORK.
(Circular No. 1389, June 6 1934. Supplement to
Circular No. 1336, as supplemented.]
To All Banking Institutions in the Second Federal Reserve District:
Supplementing information given in our circulars Nos. 1336, 1346, 1356,
1360, 1368. 1374, 1379, 1382 and 1386, the following additions should be
made to the list of banking institutions in the Second Federal Reserve
District which have been licensed to resume full banking operations:
MEMBER BANKS—NEW YORK STATE.
Mount Vernon—The Mount Vernon Trust Co. (Became member and
received license June 4 1934.)
NEW JERSEY.
Cliffside Park—The United National Bank of Cliffside Park. (Newly
chartered to succeed The Cliffside Park National Bank. The First National
Bank of Fairview, and The Palisade National Bank of Fort Lee.)
Sea Bright—The Sea Bright National Bank. (Newly chartered to
succeed First National Bank in Sea Bright.)
NON-MEMBER BANK—CONNECTICUT.
Bridgeport—West Side Bank. (Reopening of bank which suspended
Aug. 30 1933.)
GEORGE L. HARRISON, Governor.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
At a meeting of the board of directors of The National City
Bank of New York, on June 5, Leo A. Kane and Victor
Schoepperle were elected vice-presidents. Mr. Kane is in
June 9 1934
charge of the bank's bond department while Mr. Schoepperle
joines its foreign department in an executive capacity.
The Irving Trust Co. of New York announced on June 5
the election of John F. McIlwain as an Assistant Secretary
in its Wall Street office at 1 Wall Street.
Milton Dammann, President of the American Safety
Razor Corp., has been appointed a member of the advisory
committee of the Hamilton Trust Branch of The Chase
National Bank of New York.
At the monthly Meeting of the board of directors of The
Marine Midland Trust Co. of New York on June 5, the
regular quarterly dividend of 373 cents per share was
declared, in addition to a special extra dividend of 15 cents
per share, making a total of 523' cents per share. Dividend
to be payable on June 21 1934 to stockholders of record
at the close of business on June 18 1934. The following
junior officers were promoted to the rank of Assistant
Vice-Presidents:
Arthur M. R. Hughes. George C. Textor, Mervin W. Bricker, Alfred
N. Wheeler Jr., R. C. Smith and George B. Paull.
The following were elected Assistant Treasurers: Wilmer
S. Wrench and E. G. Stocker.
Guaranty Trust Co. of New York announces the appointment of John D. Bowen and Griffith Mark as Assistant
Treasurers. Mr. Bowen was formerly Correspondent in
charge of the Chicago Office of the Trust Co.
Former Governor of Massachusetts Frank G. Allen has
been elected a director of the Union Trust Co. of Boston,
according to the Boston "Transcript" of June 1, which also
said:
Mr. Allen is Chairman of the directors of Winslow Brothers & Smith Co.
and J. K. Messer Leather Corp., a director of Winslow & Co. and other
corporations, a member of the Executive Committee, Boston Chamber of
Commerce; also a trustete of Boston University, Wellesley College and the
Franklin Savings Bank of Boston.
Following a Federal court trial without a jury, Federal
Judge Ira L. Letts on May 17 found Fred A. Young, President
of the closed Leominster National Bank, Leominster, Mass.,
not guilty of charges said to allege abstraction and conversion
of $10,200 of the bank funds and making false entries, and
ordered the defendant discharged, it was stated in the Boston
"Herald" of May 18. The Leominster National Bank was
closed in May 1932. Our last reference to its affairs appeared
in our issue of April 22 1933, page 2738.
The Providence "Journal" of June 1 is authority for the
statement that the directors of the Mechanics' National
Bank of Providence, R. I., have recommended to stockholders that the institution issue $250,000 in new preferred
stock under the Banking Act of 1933 and that the bank's
common stock be reduced by $250,000. This proposal
will be voted upon at a special meeting of the stockholders
called for June 29. We quote further from the paper as
follows:
The proposed preferred stock, to which shareholders will be entitled
to subscribe in proportion to their present holdings, will have a par value
of $25 a share and will be cumulative. Interest will be paid at the rate
of 4% until March 31 1939, and at the rate of 5% thereafter. The number
of shares of common stock which will be outstanding after the $250,000
reduction is approved by the Comptroller of the Currency will be 10,000
shares of a $25 par value per share.
The 11250,000 additional funds obtained by the issue of preferred stock,
if shareholders approve the WM), will be used to write down the book
value of the bank's assets.
That a new dividend would probably be paid shortly to
depositors in the savings department of the defunct Broadway Bank & Trust Co. of New Haven, Conn., was indicated
in the New Haven "Register" of May 18, Which said:
Prospects are bright for another 10% dividend to savings depositors of the
closed Broadway Bank & Trust Co. in the near future, because of the material
impetus being given to the bank liquidation by the Ilome Owners' Loan
Corporation, the receiver, the First National Bank & Trust Co., announced
Alarge number of mortgages are in the process of being exchanged for the
t°-day.
Government bonds, which may be liquidated easily, providing the sum needed
for another dividend. The bank has paid already 50% to the savings de.
positors and 20% or commercial accounts. According to the semi-annual
report of the receiver, approved to-day in the Superior Court, there was an
improvement during the last half year in collections and in the general
income of the closed bank.
Practically all of the assets of the closed institution remain in the form
of mortgages on real estate, as the bulk of the securities have been closed out.
The Sea Bright National Bank, Sea Bright, N. J., was
chartered on June 1 by the Comptroller of the Currency.
The new organization, which succeeds the First National
Bank in Sea Bright, is capitalized at $50,000, half of which
Volume 138
Financial Chronicle
half common stock. Ira D. Emery
is President of the new bank and William V. Smith, Cashier.
is preferred stock and
Charles L. Inslee, Executive Vice-President of the Sussex
& Merchants' National Bank of Newton, N. J., died on
June 4 at his home in Fredon Township, N. J. Mr. Inslee,
who was 60 years of age, was a graduate of the School of
Engineering of Cornell University, and practiced as a civil
engineer in New York City for a number of years before
he retired.
At a special meeting attended by more than 80% of the
stockholders of the Trust Co. of New Jersey, Jersey City,
N. J., on June 7, the proposed flotation of $5,000,000 of
preferred stock was approved. In reporting the matter,
yesterday's New York "Times" added:
The RFC has agreed to buy whatever private buyers do not take. Of
the total issue, 33.000,000 in Series A will pay 4% and the remainder, in
Series B, will Pay 5%•
Townsend Stites, heretofo-re Chairman of the finance
committee of the Camden Safe Deposit & Trust Co. of
Camden, N. J., was elected.Prasident of the institution at
a meeting of the directors on June 7, succeeding Ephraim
Tomlinson, who resigned and was made Chairman of the
Board of Directors, according to the Philadelphia "Inquirer"
of yestarday, June 8, which went on to say:
Mr. Tomlinson stated he wished to be relieved of the arduous tasks attending the office of President and recommended Mr. Stites as his successor.
Directors of the institution also elected John H. Annis, Executive VicePresident; C. Merrill Schlosser, Trust Officer. and Frank S. Norcross.
Solicitor. The latter will succeed George Reynolds Oct. 1, when Mr.
Reynolds plans to retire from the active practice of law.
Mr. Stites formerly was Vice-President and General Manager of the
Welsbach Co.
William J. Montgomery, a Vice-President of the First
National Bank of Philadelphia, Pa., and head of the wholesale grocery firm of William Montgomery & Co., was found
dead at the wheel of his automobile on June 7 at one of the
entrances to Fairmount Park. Death was due to heart
disease. Mr. Montgomery, who would have been 70 years
old next month, was born in Philadelphia. He received his
education in the public schools and after attending a business
college, in 1883, with two brothers formed the grocery firm
bearing his father's name. He had been senior partner of
the firm since 1896. Mr. Montgomery was a trustee of the
Saving Fund Society of Germantown; a member of the
Philadelphia Clearing House Committee; a director of the
Philadelphia Warehousing & Cold Storage Company, and
of the Philadelphian "Forum."
On May 29 the First Nation- al Bank in Sykesville, Sykesville, Pa., was granted a charter by the Comptroller of the
Currency. It replaces the First National Bank of Sykesville
and is capitalized at $50,000 half of which is preferred stock
and half common stock. B.B. Weber is President and W.R.
Semple, Cashier.
Under date of June 1, the National Bank & Trust Co. at
Charlottesville, Va., was authorized to maintain a branch
in the Town of Scottsville, Albemarle County, Va.
The Comptroller of the Curr- ency on May 31 issued a charter to the La Fayette National Bank, La Fayette, Ind. The
new bank succeeds the Fowler Bank City Trust Co. of La
Fayette and has a capital of $250,000, made up of $150,000
preferred stock and $100,000 common stock. Burr S. Swezey
is President of the new institution, while Perry Davis is
Cashier.
With reference to the affairs of the Farmers' Trust Co
of Indianapolis, Ind., which closed in May 1931, the In-.
dianapolis "News" of June 2 carried the following:
The third current report of the Farmers' Trust Co. was filed Saturday
(June 2) by Boyd M. Ralston, receiver, and his attorneys, H. Nathan
Swaim and Charles W. Richards, in Superior Court, Room 4.
It covers the period from Jan. 30 1933 to April 30 1934. Collections
from rents, interests on loans and farm products sold total $60,892.82,
while in liquidating assets the receiver has taken in $14,021.16. The
total income for the period was $74,913.98.
In the last current report Mr. Ralston showed total cash funds and
assets to be $603,716.66. The total in the most recent report showed
them to be $665,047.05. In the period covered by the new report a 12M%
dividend was paid to depositors.
Operating expenses were listed at $15,082.40, and other expenses totaled
$22.058.14. The total liabilities in the preceding report were $685,030.58,
while the current report showed $610.033.21.
Mr. Ralston urged that the real estate property of the bank be reappraised. Ho said the present appraisal Is too high. The bank has a
balance of $67,383.76.
The Chicago "Journal of C- ommerce" of June 1 reported
of approximately $360,000 would be made
that a distribution,
3891
on that day to depositors of the Congress Trust & Savings
Bank of Chicago, Ill., representing the balance of their unpaid
deposits, according to an announcement by Edward J. Barrett, State Auditor of Illinois. The paper added:
The bank, which closed in June 1932, is one of the first in the State of
those closing during the depression to pay off its depositors in full.
Checks for scene 8,000 depositors will be available at the bank to-day
(June 1), Clement H. Nance, Deputy Receiver, stated. The present distribution it; made possible by a loan from the Reconstruction Finance Corporation,
advances from stockholders, and the sale of unencumbered assets of the bank.
We learn from the Chicago "Tribune" of May 30 that the
committee for reorganization of the defunct Cosmopolitan
State Bank of Chicago, Ill., which has been closed since
Feb. 17 1932, has submitted a plan for the reopening of the
bank to the State Auditor. The paper continued:
Details are not available and probably will not be revealed unless the
plan is approved.
With reference to the affairs of the closed Woodlawn
Trust & Savings Bank of Chicago, Ill., the Chicago "Tribune"
of May 18 had the following to say:
Efforts are being revived to reorganize the Woodlawn Trust & Savings
Bank, 1180 East 63rd Street, it was learned yesterday (May 17). Several
efforts have been made since the bank closed, in June 1932, to reorganize,
but the plans have fallen through each time.
The present move is sponsored by the bank's old management. No dividends have been paid. The bank paid deposits down from $10,000,000 to
$2,000,000 before it closed. Resources which remained after the closing consisted largely of slow and "frozen" real estate assets.
On May 31 the First National Bank in Golconda, Golconda,
Ill., was chartered by the Comptroller of the Currency. The
new bank, which replaces the First National Bank of the
same place, is capitalized at $50,000, consisting of $25,000
preferred and $25,000 common stock. A. L. Robbs is President and 0. R. Earley, Cashier, of the new institution.
Liquidation of the First Trust Co. of Appleton, Wis., an
affiliate of the First National Bank of that city, was begun
on May 24, after stockholders voted in favor of the plan, according to advices from Appleton on that date by the Associated Press, which added:
A statement by R. S. Powell, President of both the trust company and the
bank, declared liquidation was forced by curtailment of business by the new
Federal Securities Act and by "the limitations that have resulted from the
1933 banking laws."
On May 28 the Comptroller of the Currency issued a charter to the First National Bank in West Concord, West Concord, Minn. It succeeds the First National Bank of West
Concord and is capitalized at $50,000, consisting of $30,000
preferred stock and $20,000 common stock. A. W. Schmidt
heads the new bilk and W. E. Glarner is Cashier.
The Citizens' National Bank of Ashland, Ashland, Neb.,
with capital of $50,000, was chartered by the Comptroller of
the Currency on May 31. The new bank replaces the
National Bank of Ashland, Ashland. j. C. Railsback and
M. Lynn Judy are President and Cashier, respectively, of
the new organization.
The respective depositors of two defunct Nebraska banks
—the Nebraska State Bank of Bloomfield and the Firth
Bank at Firth—received dividends on May 28, according
to Associated Press advices from Lincoln on that date,
which said:
The State Banking Department, Monday (May 28), made 5% dividend
payments totaling $12,143 to depositors of the failed Nebraska State Bank,
Bloomfield, and 25%, or $39,106, by loan from Reconstruction Finance
Corporation to Firth Bank depositors.
That dividend payments to depositors of two closed
Oklahoma State banks were authorized on May 29 by
W. J. Barnett, the State Bank Commissioner, was indicated
in the "Oklahoman" of May 30, which said in part:
Two per cent final dividend will be paid by the Bank of Commerce,
Sapulpa. The last dividend totals $4,369.05 and makes a total of 47%
paid.
First dividend of 25%,totaling $9,489.72, was authorized for the Farmers'
State Bank, Ames.
As of May 26, the First National Bank of Calvin, Okla.,
went into voluntary liquidation. The institution, which was
capitalized at $25,000, was taken over by the First National
Bank of Holdenville, Okla.
0. H. Moberly, State Finance Commissioner for Missouri, on June 2 issued a charter to the Palmyra Savings
Bank, Palmyra, Marion County, Mo.,according to Jefferson
CitY, Mo., advices on June 2 printed in the St. Louis
ntlobe-Democrat." The dispatch went on to say:
3892
Financial Chronicle
'The new institution is capitalized by local citizens, who hold all of the
stock which totals $25,000, all paid up. It is chartered by V. B. Wilson,
Andrew Lochran, J. F.,Williams and others.
Plans of the Mercantile-Commerce Co., the investment
affiliate of the Mercantile-Commerce Bank & Trust Co. of
St. Louis, Mo., to discontinue dealing in securities, effective
June 1, in compliance with the Banking Act of 1933, were
announced May 28 by W. L. Hemingway, the bank's President. Details appeared in our issue of June 2, page 3756.
The First National Bank of Paris, By., with capital of
$100,000, was placed in voluntary liquidation on May,9 last.
The National Bank & Trust Co. of Paris is the successor
institution.
Directors of the St. Augustine National Bank, St. Augustine, Fla., following a meeting June 2, announced the
resignation of G. B. Lamar as President of the institution
and the election of C. S. L'Engle, Vice-President of the
Barnett National Bank of Jacksonville, Fla., as his successor. The above information is obtained from a St.
Augustine dispatch to the "Florida Times-Union," which
also said in part:
p )3/1r. L'Engle has been active in the management of the local bank for
the last four years as a director. ...
Also at the meeting to-day, Charles E. Young Jr. was elected a director
to succeed his father, Charles E. Young Sr.
k,In tendering his resignation Mr. Lamar stated that his action was due
to:the fact that he has not yet entirely recovered from his serious illness
of the pastlyear.
A new banking institution, the First National Bank in
Waynesboro, Waynesboro, Miss., was granted a charter by
the Comptroller of the Currency on June 1. It is capitalized
at $50,000, of which $30,000 is preferred stock and $20,000
common stock. Robert Golden heads the new bank and
V. B. McWhorter is Cashier.
The Comptroller of the Currency on May 29 issued a
charter to the First National Bank in DeBidder, DeRidder,
La. It succeeds the First National Bank of that place and
is capitalized at $50,000, consisting of $25,000 preferred stock
and $25,000 common stock. J. F. Sugrue heads the new
institution, with J. C. Nichols as Cashier.
The First National Bank of Hamlin, Tex., went into voluntary liquidation on May 19. The institution, which was
capitalized at $40,000, was absorbed by the Farmers' &
Merchants' National Bank of Hamlin.
The FirstTState Bank of Matador, Matador, Tex., on
May 25 absorbedrthe First National Bank of that place.
The enlarged bank is a member of the Federal Reserve
System.
The Vallejo Commercial National Bank, Vallejo, Calif.,
with capital of $100,000, was placed in voluntary liquidation on May 18. The institution was absorbed by the Bank
of America, San Francisco, Calif.
Effective May 22, two California banks—the Placerville
National Bank, Placerville, and the First National Bank,
Grass Valley—were placed in voluntary liquidation. Both
institutions were absorbed by the Bank of America, San
Francisco, Calif.
Conforming to the provisions of the Banking Act of 1933,
the California Securities Co., the investment affiliate of
the California Bank of Los Angeles, Calif., discontinued
its investment business and the underwriting and dis-
tributing of investment securities as of May 31, and the
bank on June 1 opened a department to deal in United
States Government and high grade State, county and
municipal bonds. A letter notifying the clients and friends
of the California Bank of the change said in part:
III This department will be known as the bond department and its business
will be carried on at the head office of California Bank, 625 So. Spring St.,
Las Angeles. Complete statistical information will be available for the
use-of the bank's customers and friends, and facilities for safekeeping and
shipment of securities will be maintained. Its services will also consist
of the execution, as agent for customers, of orders in the purchase and
sale of securities, thus permitting clients to place orders through our head
office or any of its branches as heretofore. This department will not
have any outside representatives. . . .
A 5% dividend was paid to depositors in the commercial
department of the First State Bank of Huntington Beach,
Calif., according to advices from Newport Beach, Calif., on
May 27, which added:
This is a total of 35% in returns to depositors, or about $146,000.
June 9 1934
According to Newport Beach, Calif., advices, on May 27,
appearing in the Los Angeles "Times," a 10% dividend was
paid recently by the commercial department of the closed
First State Bank of Capistrano, Calif. There has been a
total of 20% in disbursements from this bank since liquida-
tion, the dispatch said.
H. F. Schilling, appointed receiver of the First National
Bank of Beverly Hills, Calif., by the Comptroller of the Currency when bank examiners were reported to have found that
institution in difficulties, has filed suits in the 'United States
District Court against seven stockholders, seeking to recover
Judgments against them on stockholders' assessments, which
were ordered made and collected by the Comptroller after
Mr. Schilling was appointed receiver.
One additional suit was filed on a promissory note recovery
action. The receiver was appointed July 26 1932. Shortly
thereafter he was instructed to levy an assessment on the
shareholders of the bank's stock in an effort to collect
$450,000. The Los Angeles "Times" of May 28, authority for
the above, also said, in part:
. . . Richard L. Hargreaves, former President of the defunct bank,
was found guilty recently of misapplying funds of the bank and was sentenced by United States District Judge Cosgrave to a Federal prison term
of three years. John R. Scantlin. Vice-President of the bank, co-defendant
in the case, was permitted to plead nobo contendere. He will not be sentenced
until after the Hargreaves case is disposed of, Mr. Hargreaves having appealed
from the jury's verdict.
That the Willapa Harbor Bank at Raymond, Wash.,
had been sold to the First National Bank of Seattle, Wash.,
and would be operated as a branch of the latter, was indicated in the Portland "Oregonian" of May 22, which
went on to say:
The bank was established 18 months ago by Charles L. Lewis, Wiliam
lumberman, to give the community banking service, and had resources of
$437,870 as of April 30. Capital, surplus and undivided profits amounted
to $55,250. Deposits total more than $250.000.
A charter was granted by the Comptroller of the Currency,
on May 26, to the First National Bank of Tonasket, Tonasket,
Wash. The new organization succeeds the First National
Bank of Tonasket and is capitalized at $50,000, made up of
$20,000 preferred stock and $30,000 common stock. .Arthur
Lund is President and E. Workosky, Cashier, of the new
institution.
THE CURB EXCHANGE.
Firmer prices were apparent on the Curb Exchange
during the greater part of the present week, and while there
was some irregularity from time to time, the changes in
the general list were usually small and without special
significance. There were a few special stocks in which
the gains or losses reached a point or more, but these changes
were largely among the miscellaneous specialties. Public
utilities showed occasional periods of strength and there
was some speculative interest apparent in the oil stocks,
industrial issues and alcohol shares. Trading was quiet,
especially on Monday when the transactions were the smallest
since the first of the year. Mining and metal issues were
slightly higher on Tuesday but the gains were not maintained
as the pace slackened. On Friday prices in this group
moved smartly upward under the leadership of Aluminum
Co. of America, which forged ahead 75 points to 72.
Losses of two or more points among the leading industrial,
mining and metal shares unsettled the entire market on
Saturday and prices sagged all along the line. Some
resistance was displayed by a number of the pubic utilities
and oil stocks, but the steady flow of small selling kept
the share list tumbling downward most of the day. Trading
was unusually dull, the total sales barely reaching 66,000
as compared with 840,778 a year ago. Among the outstanding declines were Aluminum Co. of America, which
yielded more than 2 points and Pittsburgh Plate Glass,
which slipped back a similar amount. Other prominent
issues closing on the down side included such active stocks
as Montgomery Ward A, Sherwin-Williams, Newmont
Mining, Bunker Hill-Sullivan, American Cyanamid B,
National Bellas Hess and United Shoe Machinery. Greyhound Bus recovered a part of its loss of the previous day
and Holly Sugar pref. also registered a modest gain on a
small turnover. Hiram Walker moved ahead fractionally
during the early trading and oil stocks were featureless.
Light trading was the rule on the Curb Exchange on Mon.day, though there was a strong tendency among the oil
stocks, public utilities, alcohol shares and industrial issues
to move upward. Mining and metal shares were moderately
firm, but showed little change at the end of.the day. Popular
Volume 138
speculative issues like Aluminum Co. of America, Parker
Rust Proof, Montgomery Ward A and Singer Manufacturing
Co. were comparatively quiet or did not appear on the tape
at all. General Tire & Rubber was one of the weak spots
and declined about 2 points on a single sale. International
Petroleum, Niagara Hudson Power, J. B. Stetson and
United Shoe Machinery were generally lower, though the
declines were largely fractional. Among the active stocks
showing moderate gains were such trading favorites as
American Cyanamid B, Sherwin-Williams, Electric Bond &
Share, Humble Oil, Ford Motor of Canada, Schiff & Co.,
Lake Shore Mines, American Gas, Imperial Oil of Canada,
Pennroad Corp. and Swift & Co. Electric Bond & Share
opened higher, but subsequently fluctuated within a very
narrow range. Mining stocks were quiet and showed little
change either way.
Shares on the Curb Exchange worked slightly higher
on Tuesday, though the trading continued slack and without
special feature. There was some irregularity during the
opening hour, but most of the leaders stiffened later in the
day, though the gains were generally within a comparatively
narrow compass. Oil stocks were represented among the
advances by Gulf Oil of Pennsylvania, which moved ahead
about two points. Public utilities continued to extend their
gains, though the improvement was small. Liquor shares
like Hiram Walker were in moderate demand, but the
movements were not especially noteworthy. Aluminum
Co. of America recorded a small gain, and Lake Shore
Mines and Newmont Mining did equally well. Fractional
advances were also recorded by American Gas & Electric,
Electric Bond & Share, &Alas Hess, Pioneer Gold and
Wright Hargreaves. Miscellaneous shares closing on the
downside included among others, Bunker Hill-Sullivan,
National Rubber Machinery and Sherwin-Williams.
Curb prices moved irregularly higher for a brief period
during the early trading on Wednesday, but the pace
slackened later in the session as the specialties fell off due to
profit taking. There was a brisk upward movement in the
oil group, particularly in Gulf Oil and Pure Oil pref., both of
which established substantial advances. In other parts of
the list light gains and losses were about evenly divided.
The public utility group was easier, Electric Bond & Share
and American Gas & Electric slipping back fractionally,
while a small gain was recorded by Niagara Hudson Power.
Some of the mining and metal shares were higher at times,
but, in most instances, failed to hold their advances and
closed unchanged from the final prices of the previous day.
Montgomery Ward A attracted a small amount of speculative attention and advanced 1% points, while Great Atlantic
& Pacific Tea Co. tumbled downward about 3 points. Lake
Shore Mines showed little activity, Newmont was fairly
steady and Pioneer Gold was slightly lower. Pittsburgh
Plate Glass and Teek Hughes also yielded small fractions.
Mining shares attracted the most attention on Thursday
and some of the more active stocks in this group showed
modest gains though, on the whole, trading was dull and
without noteworthy movement. Public utilities were
easier in tone, particularly issues like Electric Bond & Share,
American Gas & Electric and Niagara Hudson. Oil shares
were lower all along the line, Humble Oil, Gulf Oil of Pennsylvania and Standard of Indiana leading the downward
swing. The demand for the alcohol stocks was slightly
improved and small gains were registered by Distillers
Seagram and Hiram Walker. In the motor group, Ford
of Canada B (3413) was the strongest and moved briskly
forward 2% points to 397% and Singer Manufacturing Co.
(6A) closed 3 points higher at 168. Trading was again dull
and without noteworthy movement.
Modest gains ranging from fractions to a point or more were
registered by some of the more popular of the trading favorites
on Friday as the market continued its upward swing. The
turnover was the largest in some time, the volume slowly
increasing as the day progressed. Oil stocks were the outstanding strong issues, South Penn Oil breaking into new high
ground, followed by Gulf Oil of Pennsylvania. Mining and
metal shares recorded some good advances, especially Aluminum Co.of America which surged upward 7% points to 72.
Public utilities were moderately firm but moved within a
narrow compass. Hiram Walker was the best of the liquor
shares and improved about 2 points. Specialties were fairly
active and made some substantial advances. As compared
with Friday of last week, many prominent issues were higher,
Aluminum Co. of America closing on Friday at 72 against 65
on Friday of last week, American Gas & Electric (4)at 263'
3893
Financial Chronicle
against 233-g, American Light & Traction (1.60) at 143(
% against 2%, Atlas
against 13%,American Superpower at 23
Corporation at 11% against 103(, Brazil Traction & Light at
9% against 8%, Consolidated Gas of Baltimore (3.60) at 64
against 62%, Creole Petroleum at 133 against 127%, Electric
Bond & Share at 16 against 135
% Ford of Canada A (Mb)at
213
% against 20%,Gulf Oil of Pennsylvania at 68% against
587%, Hudson Bay Mining & Smelting at 14 against 127%,
Humble Oil (new) at 45% against 43%, Parker Rust Proof
%
(03) at 597% against 58, Pennroad Corporation at 23
against 2%, Singer Mfg. Co.(6A) at 171 against 165, A.0.
Smith at 247% against 237%, Standard Oil of Indiana (1) at
% against 15, Teck
% against 26%, Swift & Co. at 167
273
Hughes (.60) at 6/
78 against 6%, United Gas Corp. at 2%
against 27%, United Light & Power A at 3 against 27%,and
%.
United Shoe Machinery at 667% against 653
A complete record of Curb Exchange transactions for the
week will be found on page 3928.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
June 8 1934.
Stocks
(Number
of
Shares).
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
Total.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
65,980 $1,433,000
98,010 1,990,000
131,305 2,459,000
125,680 2,739,000
113,045 2,385,000
247,855 3,483,000
$48,000
51,000
124,000
104,000
160,000
290,000
$27,000 $1,508,000
107,000 2,148,000
74,000 2,657.000
85,000 2,928,000
126,000 2,671,000
142,000 3,915,000
Total
781,875 314,489,000
3777,000
$561,000 815.837.000
Sales at
New York Curb
Exchange.
Week Ended June 8.
1934.
1933.
Stocks—No, of shares_
771,875
6,871,835
Bonds.
Domestic
314,489,000 $26,478,000
Foreign government.._ _
777,000
1,491.000
Foreign corporate
561.000
867,000
Total
315,827,000 328,836,000
Jan 1 to June 8.
1934.
1933.
35,729,776
35,692,927
3515,932,000
19,064,000
15,783,000
8402,591,000
17,511,000
20,015,000
$550.779,000
3440.117,000
Course of Bank Clearings.
Bank clearings this week show an increase 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, June 9)
bank exchanges for all cities of the United States from which
it is possible to obtain weekly returns will be 4% above
those for the corresponding week last year. Our preliminary
total stands at $4,798,669,212, against $4,613,455,334 for
the same week in 1933. At this center there is a gain for the
five days ended Friday of 0.5%. Our comparative summary for the week follows:
Clearings—Returns by Telegraph.
Week Ended June 9.
1934.
1933.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
5t. Louis
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
82,545,791,570
189.105,791
226,000,000
144,000,000
56,802,170
59,500,000
78,871,000
82,537,750
50,572,582
51,729,612
40,262,490
21.437,000
32,533,398,628
156,770,581
177,000,000
154,000,000
44,199,548
48,200,000
69,206,000
62,189,322
31,483,217
34,830,317
29,708,123
13,899.000
+0.5
+20.6
+27.7
—6.5
+28.5
+23.4
+14.0
+32.7
4-60.6
+48.5
+35.5
+54.2
Twelve cities, 5 days
Other cities, 5 days
33,546,609.965
452,281,045
$3,354,884,736
461,106.360
+5.7
—1.9
Total all cities. 5 days
All cities, 1 day
83,998,891,010
799,778,202
$3,815,991,096
797,464,238
+4.8
+0.3
OA wto ACM 0,0
.
.
OA 010 AEC .10A
.
•
.
_LA eh
•
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended June 2. For
that week there is an increase of 4.3%, the aggregate of
clearings for the whole country being $4,494,431,173, against
$4,695,633,653 in the same week in 1933.
Outside of this city there is an increase of 19.5%, the bank
clearings at this center having recorded a loss of 14.4%.
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
show a decrease of 14.1%,and in the Boston Reserve district
of 4%, but in the Philadelphia Reserve District there is an
increase of 25.5%. The Cleveland Reserve District records
an expansion of 21.2%, the Richmond Reserve District of
42%, and the Atlanta Reserve District of 47.8%. The
June 9 1934
Financial Chronicle
3894
Chicago Reserve District enjoys a gain of 34%, the St. Louis
Reserve District of 12.5% and the Minneapolis Reserve
District of 5.7%. The Kansas City Reserve District has
enlarged its totals by 28.1%, the Dallas Reserve District
by 39.9% and the San Francisco Reserve District by 10.1%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended June 2 1934.
1933.
1934.
Inc.or
Dec.
Federal Reserve Diets.
151 Boston_ _ _ _12 cities
2nd New York _12 3rd Phtladelpla 9 "
1113 Cleveland__ 5 "
5th Richmond _ 6 "
5th Atlanta___ _10 "
7th Chicago _ __19 "
6th St. Louis_ _ _ 4 "
Dth Minneapolis 7 ''
10th Kansas City 10 "
s Ilth Dallas
12th San Fran_ _12 "
$
199,101,051
2,908,003,647
274,779,573
188,777,093
89,187,946
91,466,838
313,152,989
93,217,715
65,818,082
83,915,487
33,409,868
148,570,884
3
207,342,134
3,384,479,340
218,839,171
155,774,792
62,811,371
61,870,290
236,006,977
. 82,859,229
62,299,533
69,419,310
23,899.245
134,992,261
111 cltles
Total
Outside N. Y. City
4,494,431,173
1,571,754,516
4,695,633.653 -4.3
1,399,282,738 +19.5
%
-4.0
-14.1
+25.5
+21.2
+42.0
+47.8
+34.0
+12.5
+5.7
+28.1
+39.9
+10.1
3
501,303,735
7,690,648,755
501,267,177
339,880,560
170,452,107
114,341,160
737,855,212
155,987,978
119,047,288
147,736,383
50,536,372
274,768,770
$
229,997,223
3,738,219,205
241,427,140
180,414,488
100,001,014
65,083,094
331,949,002
84,625,507
65,041,889
84,680,268
27,779,268
156,483,822
5,305,701,930 10,804.825,497
1,681,280,780 3,114,176,742
We also furnish to-day a summary of the clearings for
the month of May. For that month there is an increase
for the entire body of clearing houses of 14.5%, the 1934
aggregate of clearings being $22,961,950,133, and the 1933
aggregate $20,046,992,727. In the New York Reserve
District the totals record a gain of 8.3%, in the Boston
Reserve District of 10.0% and in the Philadelphia Reserve
District of 27.2%. In the Cleveland Reserve District the
totals show an expansion of 37.2%,in the Richmond Reserve
District of 40.4% and in the Atlanta Reserve District of
36.0%. The Chicago Reserve District has enlarged its
totals by 47.2%, the St. Louis Reserve District by 21.6%
and the Minneapolis Reserve District by 13.5%. In the
Kansas City Reserve District the increase is 29.7%, in the
Dallas Reserve District 26.7% and in the San Francisco
Reserve District 15.7%.
AIay
1933.
May
1934.
May
1931.
May
1932.
Inc.or
Inc.or
s
$
s
%
$
Federal Reserve Dist's.
999,494,437 1,810,921,143
906,623,994 +10.0
997,407,915
1st Boston_ _ _ _14 cities
25,515,869,486
13,142,189,872
8.3
13,723,999,022
+
14,860,053,831
2nd New York. _13 "
1,343,737,275 1,056,522,423 +27.2 1,144,811,120 1,881,025,321
3rd Philadelpla 12 "
833,934,235 1,358,421,866
663,638,970 +37.2
910,805,375
4th Cleveland_ _13 "
615,704,190
445,562,818
308,392,620 +40.4
432,920,940
5th Richmond _ 8 ••
543,905,374
382,330,614
331,259,119 +36.0
450,451,706
6th Atlanta_ _.._15 "
2,937,354,018
1,531,984,110
+47.2
1.044,138,729
1,537,122,251
"
._25
7th Chicago.
555,764,313
387,090,033
367.345,556 +21.6
446,619,147
8th St.Louis _ __ 6 '•
411,443,850
292,822,1348
295,727,261 +13.5
335,656,678
9th NIinneupolls13 "
716,092,917
519,177,650
435,988,425 +29.7
565,280,466
10th Kansas City14 "
360,655,508
244,866,439
228,937,231 +26.7
290,168,055
10 "
11th Dallas
1,136,554,642
761,237,027
+15.7
684,419,377
791,696,494
12th San Fran_ _21 "
164 cities 22,961,950,133 20,046,992,727 +14.5 20,667,501,203 37,843,712,628
Total
8,503,034,783 6,686,048,482 +27.2 7,928,232,424 12,900,103,745
Outside N. Y. City
/9 711100 1 410 770 907 1 709 070 79, -1-111 0. 1 910 416 409 1 401 1 IR non
We append another table showing the clearings by Federal Reserve districts for the five months for each year
back to 1931:
5 Months
1934.
5 Months
1931,
5 Months Inc.or 5 Months
1932.
Dec.
1933.
3
3
$
3
%
Federal Reserve fists.
1st Boston_ _ .... 14 cities 4,755.752,511 4,066,761,409 +17.0 5,680,796,171 9,216,292,377
74.487,788,709
126,993,959,610
62,178.060,671
+20.1
74,697,727,313
"
_13
York.
New
2nd
6,200,534,539 5,322,150,946 +16.5 6,482,945,838 9,194,294,929
3rd Philadelplal2 "
4,139,414,367 3,249,811,411 +27.4 4,588,326,066 7,098,172,138
4th Cleveland_ _13 "
2,021,146,383 1,576,667,777 +28.4 2,385,887,191 3,157,587,158
"
6th Richmond. 8
2.203,589,940 1,535,395,940 +43.5 2,099,300,892 2.860,045,743
6th Atlanta__ _ _15 "
4,746,348,071 +45.5 8,181,093,198 14,461,947,182
6,906,193,368
"
_25
.
Chicago_
7th
2,169,987,153 1,613,386,565 +34.5 2,050,194,339 2,881,946,719
5th St. Louis_ _ .. 6 "
1,588,285,170 1,239,994,674 +28.1 1,520,595,987 2,082,834,452
ilth MinneapolLs13 "
2,685.762,318 2,007,630,856 +33.8 2,737,522,822 3,809,163,379
10th Kansas City14 ••
1,488,245,854 1,104,901,254 +34.8 1,372,162,230 1,900,884,116
10 "
11th Dallas
3,054,149,692 +27.4 4,161,733,213 5,781,239,905
3.890,179,752
"
21
Fran.
San
12th
164 cities 112,751518,668 91,695,259,266 +23.0 115,761,344,656 189,438;67,708
Total
39,993,765,168 31,279,521,921 +27.9 43,540,949,567 65,421,831,910
Outside N. Y. City
39711174
r•anneln
a 717 610 WA
4 040 011 7t0 4-23.1
7.359.935.843
5.211.761.664
Month of May.
Fire Months.
Description.
1934.
1933.
1934.
1933.
25,335,680 104,213,954
196,477,167
Stock, number of shares_
Bonds.
Railroad & mlscell. bonds $179,247,000 $260,918,000 $1,212,883,000
315,557,500
State, foreign, &c., bonds 40,015,000 76,643,500
65,480.800 39,456,400
263,664,600
U.S. Government bonds_
1931.
1932.
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results
for May and the five months of 1934 and 1933 are given
below:
215,239,599
$787,155,900
310,831,000
236.954,700
$284,742,800 $377,017,900 $1,792.105,100 $1,334,941,600
Total bonds
The volume of transactions in share properties on the
New York Stock Exchange for the five months of 1931 to
1934 is indicated in the following:
1934.
No. Shares.
1933.
No. Shares.
Month of January
February
March
54.565,349
56.829,952
29,900,904
18,718,292
19.314.200
20,096,557
First quarter
141,296,205
58,129,049
29.845,282 52,896,596
25,335,680 104,213,954
April
May
1931.
1932.
No. Shares. No. Shares.
34,362,383
31.716,267
33,031.499
42,423,343
64,182.838
65,658,034
99,110,149 172,263,252
31,470,916
23,136,913
54.346.836
46.659.525
The following compilation covers the clearings by months
since Jan. 1 1934 and 1933:
MONTHLY CLEARINGS.
Clearings Outside New York,
Clearings. Total All.
Month.
1934.
1933.
1934.
1933.
Jan_ _ 21.401,654,532 20,118,912,916 +6.4 7,849,400,138 7,472,987,891 +5.0
Feb_ _ 20,511,436,146 18,381,143,379 +11.6 7,011,534,148 6,217,426,581 +12.8
23,519.678,240 16,460,033,786 +42.9 8,361,311.184 5,003,708.520 +67.1
Mar
1st qu_ 65,432.768.918 54.960,090.081 +19.1 23,222,245,470 18,694,122,992 +24.2
April__ 24,357,099,617 16,688,176.458 +46.0 8,268,484.915 5,899.353,447 +40.5
May.. 22,961.950,133 20,046,992,727 +14.5 8,503,034,783 6,686,048,482 +27.2
The course of bank clearings at leading cities of the country
for the month of May and since Jan. 1 in each of the last
four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES IN MAY.
May
-Jan. 1 to May 31
1934. 1933. 1932. 1931. 1934.
1932.
1931.
1933.
(000,000s
$
$
omitted.)
14.459 13,361 12,739 24,944 72,758 60,416 72,220 124.017
New York
958 1,916
837
4,382
976
3.529
5.222
317
Chicago
858 1,618
4,132
792
864
3,5213
4,917
8,214
Boston
1,748
1.075
1,008
5.934
1,290
6,102
8,568
5,072
Philadelphia
400
266
245
1,389
298
1,390
2,054
1,068
St. Louis
581
342
290
1,781
401
1,881
3,062
1,408
Pittsburgh
613
404
371
2,178
443
2,277
3,147
1,749
San Francisco
327
232
153
1,066
235
1,688
1,255
785
Baltimore
242
168
147
874
182
1,253
929
697
Cincinnati
350
266
221
1,378
294
1,918
1,045
1.401
Kansas City
269
430
177
1.182
259
2,248
1,489
919
Cleveland
273
189
198
1,002
216
1,335
985
819
Minneapolis
163
104
55
494
93
901
616
349
New Orleans
559
286
33
1,480
2,906
323
416
1,518
Detroit
92
73
73
492
496
96
390
343
Louisville
98
150
85
770
109
505
348
Omaha
579
47
34
31
244
170
36
192
143
Providence
114
61
45
525
57
268
356
211
Milwaukee
163
103
98
861
550
116
585
460
Buffalo
80
03
61
439
81
408
328
269
St. Paul
79
109
72
382
5213
90
411
325
Denver
78
56
40
54
238
377
280
189
Indianapolis
142
107
101
734
116
569
571
Richmond
474
50
41
44
275
51
281
236
Memphis
183
93
130
83
687
454
95
508
370
Seattle
58
35
37
308
208
208
Salt Lake City-168
46
34
35
255
41
182
184
155
Hartford
21.321 18,691 19,035 35,423 104,813 85,436 106,954 177.105
1.641 1.356 1.827 2,421
8,971 12,333
7.939
6,259
Total
Other cities
22,962 20,047 20,668 37,844112,752 91,695 115,761 189,438
Total all
Outside N.Y. City_ 8,503 6,686
7,928 12,900
39,994
31,280 43,541
65,422
We now add our detailed statement showing the figures
for each city separately for May and since Jan. 1 for two
years and for the week ended June 2 for four years:
CLEARINGS FOR MAY,SINCE JANUAR Y 1, AND FOR WEEK ENDING JUNE 2.
1934.
$
1933.
$
997,407,915
1934.
1933.
:::,
$
3
Inc. or
Dec.
NetN000 ,
:
000.0N ,
—.1,
Total (14 cities)-...
Inc. or
Dec.
+++++++
First Federal Reser ve District- Boston1,784.350
2.288,420
Me.-Bangor
4,405,163
6.856,498
Portland
791,780,052
863.526.891
Mass -Boston
2,599,660
2,878,770
Fall River
1,289,943
1.408.020
Holyoke
1.135,332
1,250,384
Lowell
2,224,439
2,555,688
Bedford
New
10,755,683
11.747.439
Springfield
4,553,924
5.505,063
Worcester
35,090,720
41.451,993
Conn.-Hartford
13,683,173
13,973,833
New Haven
4,203,000
5.683,700
Waterbury
31,113.600
36,169,500
R. I.-Providence_._ _
2,004,955
2,111,716
N.11.-Manchester_ _ _
Week Ended June 2.
Fire Months Ended May 3 .
Month of May.
Clearings at-
+28.2
+55.6
+9.1
+10.7
+9.2
+10.1
+14.9
+9.2
+20.9
+18.1
+2.1
+35.2
+113.2
+5.3
10,525,360
35,921,100
4,131,725,460
13,144,738
7.287,989
6,007,471
12,465,278
56.181,470
25,894,185
182.271.579
71.760,028
24,104,100
169,828.500
9,635,247
7,403,626
25,580,994
3,525,827,097
11,373.316
6,507,337
5,194,868
10,012.707
54.095,059
25,498.691
154.945,419
71,193,110
17,959,800
142.547,500
8,623.885
906.823.994 +10.0
4.756,752.511
4.066,761,409 +17.0
1934.
1933.
$
3
511,167
1,308,546
170,132,308
500,028
249,398
537,809
2,531,743
952.950
11,040,288
3,095,462
7,077.700
563.652
199,101,051
Inc. or
Dec.
1932.
--
1931.
s
s
523,662
2 536 804
198,358,928
649,462
840,201
3,751,320
448,047,649
912,129
+23.7
+14.8
-14.8
+33.3
+43.5
-7.4
293,713
584,722
3,632,805
1 875 151
'
0,92 0597
5,569,127
509,627
877,457
5,883,023
3,601,253
15,016.400
8,682,295
7,939.400 -10.9
477,043 +18.2
8,299,900
382.262
12,479,300
703,081
229,997,223
501,303,735
%
416,482 +22.7
1,011,166 +29.4
181,223,701 -6.1
463,779 +7.8
201.638
468,572
2.972,557
714,775
9,109,537
3,343,484
207,342,134
-4.0
3895
Financial Chronicle
CLEARINGS-Continuel).
Five Months Ended May 31.
Month:of May.
Week Ended June 2.
Clearings at1934.
1933.
Inc. or
Dec.
1934.
%
$
$
8
Second Federal Res erve District -New York36.139,427
37,332.880
r. Y.-Albany
Binghamton_
3,344.867
3,378,882
Buffalo
116,386.438
98,336,244
Elmira
2,194,566
2,105.886
Jamestown
1,209.223
1,789,158
New York
14,458,915,350 13,360,914,245
Rochester
26,000,205
26.150,816
Syracuse
14,264,854
14,281,256
onn.-Stamford
14,137,319
11,669,065
1. .1.--Montclair
1,620,054
1,645,579
Newark
74,003,433
65,012,611
107,707,938
Northern 11..T
98,722,972
Oranges
3.516,207
3,243,378
Total (13 cities)._ 11,860,053.831 13,723,999,022
1933.
Inc. or
Dec.
1934.
1933.
s
%
$
$
.
8,201,168
189,209,609
183,348.240
+3.2
5,444,909
-3.2
891,277
18,367,164
16.145.282 +13.8
786,795
+1.0
20,216,190
549,782,280
459,563,937 +19.6
25,191,430
+18.4
645,100
11.111,697
12.331,756 -9.9
568,708
+4.2
318.817
9,458.427
7,694,845 +22.9
380.917
+48.0
+8.2 72,758,053,500 60,415.734,345 +20.4 2,822.676.657 3,296,344,915
5,825,861
7,573,661
-0.6
131,930,770
121,878.040 +8.3
3,988,446
3,257,622
71.604,879
65,662,302 +9.1
-0.1
2,340,374
2.125,470
56.386,764
49,350.602 414.3
+21.2
7.719,570
7,827,578 -1.4
359,621
658,539
-1.6
17,928,701
349.047.636
325,975,402
+13.8
+7.1
15,476,140
527,426,260
26,317,880
+9.1
491,544.052 +6.4
24,963,789
17,648,757
17,004.290 +3.8
+8.4
7,185,030
b
5,794.600
32,949,734
16.089,465
6.132,472
9.113.879
5,934,000,000
22,506,475
45.661,872
29.811,018
21,445,594
69,844,400
4,697,140
b
5,061,139
34,701,558
14,771.419
5,833.639
7,663.241
5,072,432.000
23,365,906
39,412.271
29.311,740
18,437,493
66.460.400
+53.0
b
+14.5
-5.0
+8.9
+5.1
+18.9
+17.0
--3.7
+15.9
+1.7
+16.3
+5.1
1,343,737,275 1,056,522,423 +27.2
6,200,534,539
5,322,150,916 +16.5
Fourth Federal Res erve District- -Clevelandc
c
c
thin-Akron
5,578,530
3,384.312 +61.8
Canton
182,312,294
146,689,007 +24.3
Cincinnati
258,624.611
177,162,550 +46.0
Cleveland
41,585,200
29,068,700 +43.1
Columbus
1.869,626
1,486.836 +25.7
Hamilton
597,260
248.147 +142.6
Lorain
5,167,964
3,535,815 +46.2
Mansfield
b
b
b
Youngstown
637.968
645.800 -1.2
.a.-Beaver County
390,467
288,570 +36.3
Franklin
905.690
577,167 +56.9
Greensburg
400,706,842
289,898,948 +38.2
Pittsburgh
3,849,082
Cy.- Lexington
3,244,620 +18.6
8,579,841
7,412,498 +15.3
V. Va.-Wheeling....
c
24,336,255
873.572.000
1,181,548,608
177.237,100
8,035,654
2,653,206
23,396,120
b
2,914.083
1,734,064
3,570,620
1,780,616,785
26,573,080
33.226,792
c
14,544,844
696,685.446
918,573,377
132,307,750
6,849,323
1,423.170
15.390,239
b
2,890.077
1,288,584
3.246,726
1,407,708.968
20,235,359
28,887,551
4,139,414.367
3,249.811,411 +27.4
Total(13 cities)
910,805,375
663,638,970 +37.2
Fifth Federal Reser ye District- Richmond665.949
378,828 +75.6
2,813.996
V. Va.-Huntington....
'a.- Norfolk
9,029,000
9.497,000 -4.9
40.780,000
Richmond
116.443,815
101.460.665 +14.8
571.014,060
c
c
cc
Z. C.-Raleigh
3,212,172
I. C.-Charleston
3,145,178 +2.1
17,690.128
Columbia
5.823,448
b30,605,963
4d.-LialtImore
152,575,037 -1-11:0 1,066,157.268
235,015,570
Frederick
1,068,911
882,714 +21.1
5,086,464
Hagerstown
b
b
b
b
). C.-Washington.-61.662,075
40,453,198 +62.4
289,998,504
Total(8 Mies)
432,920,940
308,392,620 +40.4
Sixth Federal Reser ye District- Atlanta'enn.-linoxville
10.927.758
16,424,109
Nashville
50,791,255
38.348,558
lit.- Atlanta
162,100.000
123,400.000
Augusta
3,874,299
4,108,004
Columbus
2,139,292
1,860,040
Macon
3.033,879
2,094,914
'la.-Jacksonville__ _ _
47,525,080
33.731,136
Tampa
4,549,329
3,499,611
11a.-itirmIngham-.._
61,180,457
42.499,071
Mobile
1,408,891
3,955,653
Montgomery
2,457,929
2,081,888
dist.- Hattlesburg_
3,372,000
2,770.000
Jackson
b
b
Meridian
1,042,180
1,110.967
400.361
Vicksburg
439,655
92,549.702
54,972,107
A.
-New Orleans_.,_
Total (15 cities)._
150,451,706
2,024,146,383
-33.5
+32.4
+31.4
-5.7
+15.0
+44.8
+40.9
+30.0
+44.0
+13.0
+17.9
+21.7
b
-6.2
+9.8
+68.4
45,782,004
237,499,147
791.000,000
21,504,214
10,191,372
13,113.115
224,752,594
23,080.997
282.843,952
21,093,483
12,438,702
17,887,000
b
5,814.597
2,499.852
194,088,911
331,259,119 +36.0
2,203,589,940
4.435.906
44.098,000
473,932,464
c
13,081,435
d6.205.325
785,320,587
3,955,855
b
245,638.205
%
1932.
1931.
$
$
-33.6
4,970,360
7,240,310
-11.7
799,404
1,271,018
+24.6
22,401,600
42,768,930
1.202,175
-11.8
943.857
1,251.224
661.812
+19.5
-14.4 3,624,421.140 7,518.110.740
-23.1
8.686,905
14.279.410
4,360.100
7,155,949
+22.4
4,572.998
+10.1
3,557,848
1.060.221
1,546,650
-45.4
47,592.483
31,866,824
-13.7
43.656.868
-5.1
34,489,134
...-
+20.1 2,908,003,647 3,334,479,340 -14.1 3,738,219,205 7,690.648,755
+8.3 74,697,727,313 62,178,060,671
Third Federal Rese rve District- Philadelphia'a.-Altoona
1,643,587
1,204,275 +36.5
b
Bethlehem
b
b
Chester
1,217,271
1,186,704 +2.6
Harrisburg
6,830,914
7,224,118 -5.4
Lancaster
3,489,077
2,815,016 +73.2
Lebanon
1.312,279
1,335,927 -1.8
Norristown
2,CO3,764
1,546,235 +29.6
Philadelphia
1,290,000,000 1,007,766,000 +28.0
Reading
4,972.714
4,112,907 +12.2
9,260,582
Scranton
7,147,579 +29.6
5,932,•399
Wilkes-Barre
6,286,096 -5.6
5,037,488
4,117,766 +22.3
York
12,057,300
11,479.800 +5.0
1. J.-Trenton
Total(12 cities)
Inc. or
Dec.
c
+67.3
+25.4
+28.6
+34.0
+17.3
+86.4
+52.0
b
+0.8
+34.6
+10.0
+26.5
+31.3
+15.9
333.826
b
246,355
276,292 +20.8
b
b
282,059 -12.7
402,545
b
391,300
808,117
b
1,171,691
854,426
695,703 +22.8
1,085.413
3,099,033
266,000.000
894,246
2,079,377
1,245,888
941,155
2,184,000
208,000,000 417-.15
934,274 -4.3
1,564,064 +32.9
1,372,969 -9.3
891.710 +5.6
4,872,100 -55.2
229,000.000
2,426,401
2,190,110
1,734.030
1,246,341
2,951,000
478,000.000
3.582,676
4,896,357
3.356,071
1,071.232
4.384.000
274,779,573
218,889,171 +25.5
241,427.140
501,267,177
c
c
40.198.513
55,848,062
8,586,100
c
c
c
c
33,216.263 +21.0
41,647,408 +34.1
6,134,100 +39.6
c
c
37.523.099
59,490.027
7,395,100
c
c
60,154,796
114,107,548
13,232,800
876,834
b
674,962 42-9:9
b
b
867,843
b
1,404,018
b
+1E4
75,138,619
150.981,398
83.287,584
74,102,059
-.188,777,093
155,774,792 +21.2
180,414,488
339,880,560
-36.6
171,927
1,914,000
-7.5
+20.5
23,996,584
c
+35.2631,865
+393.2
+35.8
48,592,454
+28.6
b
+18.1
13,881,116
114,784 +49.8
1,897,000 +0.9
15,591,591 +53.9
417,032
2,309,866
22,028.339
717,772
4.157.859
36,519,851
1.576,667,777 +28.4
47,673,347
174,239,857
527,600,000
16,048.111
8,189,964
7,943,816
162,611.914
18.431.235
176,480,915
16,250.343,
8,836,463
14,107.000
b
5.639.558
2,097,049
349,246,368
-4.0
+36.3
+49.9
+34.0
+24.4
+63.8
+38.2
+25.2
+60.3
+29.8
+40.8
+25.8
b
+3.1
+19.2
+41.5
1,535,395.940 +43.5
-3.0
721,342
1,773,190
33.165,797 +46.5
---
54.342,189
95,094,412
651,499
+II.;
20.182,246
32.189 023
89,187,946
62,811,371 +42.0
100,001,014
170.452.107
2,014,909
10,941.133
3.089,765 -34.8
6,503,632 +68.2
2,087,643
8,560,428
1.700.000
13.432.069
10,519,000
29,700,000
732,502
8,679,000 +21.2
20,500,000 +14.9
807,296 -9.3
6,706,646
16,700,000
684,108
13,061,019
33,275.046
1,365.916
478,630
13,727,396
950,677
400,210 4-1-9:8
7.230,280 +89.9
692,493 +37.3
--
449,112
6,786,059
700,866
903,203
11,647,554
1,436,262
11,390,700
-b
b
b
b
b
79,476
22.323,115
67.903 +17.0
13,899.711 +60.6
118,086
22,290,146
138.896
37,381,165
91,466,838
61.870,290 +47.8
65,083.094
114.311,160
Seventh Federal Re serve District -Chicago203.430
b93,735
b
259,719
b
dich.-Adrlan
1,191,787
d52I,243 +129.2
63,103
1,059,951
1,029,762
1,855,212 -7.4
Ann Arbor
1,718,808
9,874,578
10,633,111 -7.1
491.593 +-1-8:7
583,549
69,110,213 139,413,385
323,039,193
32,969,196 +879.8 1,480.456,570
Detroit
416.439,719 +255.5
25,353,093 +191.3
73,851.555
2,671,398 +41.8
Flint
3,788.932
25,950,456
13,568.425 +91.3
5,261,380
2,968.673
Grand Rapids
377,438 +1819.7
31,994,748
6,490,704
796.347 +72.5
1,173,774
21,510.191 +48.7
Jackson
4,550,807 -67.3
1,486,015
6,437.930
13,841,805 -53.5
Lansing
1,395,722 +203.2
. 1,506,500 3,050.545
4,231,302
19,047.590
349,262 +110:8
6,175,397 +208.4
945.907
2.960,707
1,034.871
,nd.-8t. Wayne
1,818.419 +86.1
3,384,446
12,583,705
10,740.244 +17.2
453,460 +43.8
652.080
Gary
6.234,115 +55.0
9,662,130
36.118.655
25,452,327 +41.9
Indianapolis-53,666,000
39,643,000 +35.4
19,045,000
12,176,000
238,108,000
189,205,715 +25.8
8,382,000 +28.3
10,755,000
South Bend
2.082,718 +114.2
2.799,249
4,462,034
1,508,720
16,472,246
395,141 +75.0
12,775,941 +28.9
691,332
Terre llaute
3,951,486
16,160,809
11,954,192 +35.2
2.608,685
78,134,270
2,409,683 +33.3
61,475.257 +27.1
3,212,685
Via.-Madison
1,978,314
1,577,301 +25.4
9,252,157
5,109,241 +71.0
Milwaukee
45,127,639 +25.3
56,555,031
25,211.487
267,751,623
14,915.446
211,241,543 +26.8
8.906,834 +-3-8:15
12,289,418
Oshkosh
887,311 +46.8
1,302,390
6.158,304
2,430,223 +153.4
a.-Cedar Rapids__
889.743 +119.4
2,955,061
1,952,427
6,755,971
706,177
d2,913.6oi +131.9
228,032 482.1
--416.019
b
bb
Davenport
b
b
b
34,842,366
24.284,951 +43.5
Des Moines
122,013,851
7,894,280
4.892.189
91,124,978 +33.9
4,304,933 +1-6:4
5.011,569
b
b
b
b
Iowa City
b
b
12,014,565
8.470,298 +41.8
Sioux City
4,663.579
50,082,135
34,894.176 +43.4
2,244,967
1
2
.1
2,361,941
2,076,714
b
b
b
b
Waterloo
b
b
b
b,
b
b
b
979,234
678,828 +44.3
4,302,166
11.-Aurora
2,721.202 +58.1
2,203,369
1,581,346 +39.3
Bloomington
7,725,092
1,744,987
1,059,622
8,466,755 -8.8340,798
254,385 +34.0
975,884.355
836,503.229 +16.7 4,382,377,074 3,528,935.728 +24.2
Chicago
196,670,591 177,185,470 +11.0 211,539,973 507,805,818
2,718,436
2,109,429 -28.9
Decatur
10,966,343
1.079.069
7,928,974 +38.3
563,027
431.522 +74.3
752,204
11,515,811
9,576,850 +20.2
Peoria.
52,644,400
3,590,785
2,181,072
39,121,083 +34.6
2,278,031 -9.8
2,055,594
2,762.370
3.249,813 -15.0
12,427.611
Rockford
2,790,765
10,954,238 +13.5
472,785
600,251
560,161
+7.2
4.065,431
3.649,744 +11.4
Springfield
17.417,106
2,374,248
17.866,954
1.306,285
-2.5
865.089 -6.3
810,546
Total (25 cities)._
1.537.122,251 1.044,138.729 +47.2
Eighth Federal Rea erve District- -St. Louisb
b
:ltd.-Evansville
b
b
New Albany
__
297,733,166
244,967,172
Louis
-St.
o.
11
73,075,296
95.897,817
iy.-Loulsville
b
b
Owensboro
4,214,616
b
Paducah
43,514,615
51,125.974
renn.-Memphis
120,557
235,890
[IL-Jacksonville
1,453,000
1,656,000
WU),
Total(6 cities)
446,649,147
6.906,193.368
4,746,348,071 +4575
b
b
b
b
b
b
+21.5 1,389,103,120 1,088.027.360
+31.2
492,057,644
342,511,784
b
bb
_
b
15,054,636
280,550.939
+17.5
182,816.723
+95.7
858,450
e378,770
+14.0
7,417,000
4,597,292
367,345,556 +21.6
2,169,987,153
b
b
+30.1
+43.7
Iv
313,152,989
b
63.600.000
19,692,790
+53.5
+126.6
+61.3
9,609,925
b
315.000
1,613,386,565 +34.5
93,217.715
236,006,977 +34.0
b
b
331,949,002
b
737.855.212
b
62,000,000 11-2-.;
12,889.669 +52.8
_
61,100.000
15.320,732
118,300.000
23,563,013
421:5
7,616,766
b
588.009
14,175.018
b
949.247
82,859.229 +12.5. 81,625,507
156,987.978
7,670,560
b
299,000
b
+5.4
3896
Financial Chronicle
Jane 9 1934
CLEARINGS-(Concluded.)
Floe Months Ended May 31.
Month of May.
Clearings at1934.
1933.
$
3
Ninth Federal Rese rve District- MinneapolisMinn.-Duluth_
_
9.771,637
8,903,317
Minneapolis
215,522,636
198,492.028
Rochester
781,404
723.444
St.Paul
80,713,239
61,371,105
N.D.-Fargo
6.661.572
5,999,545
Grand Forks
3.074.000
2,554,000
Minot
566.451
554,430
S. D.-Aberdeen _ _ _ _.
1.965.163
2,074,031
Sioux Falls
3,985.945
3,820,141
Mont.-Billings
•
1,492,874
1,165,846
Great Falls
1,977,061
1,443,496
Helena
8,977.710
8,474,032
.
Lewistown
166,986
151,846
Inc.07'
Dec.
1934.
%
s
+9.8
+8.6
+8.0
+31.5
+11.0
+20.4
+2.2
-5.2
+4.3
+28.1
+37.0
+5.9
+10.0
41,597,114
1,001,767,718
3,603,652
407.570.396
32,400,168
15.454,300
2,554,176
8,872,501
17,590,727
6,832,841
8,520,776
40,787.036
733,765
295,727,261 +13.5
1,588,285,170
Tenth Federal Res z rve District- Kansas City-293,026
Neb.-Fremont
217.684 +34.6
b
b
291,315
Hastings
7,173,587 +26.0
9,036,449
Lincoln
84,589,310 +29.4
109,435.239
Omaha
Kan.-Kansas City_...
4,928,477 +19.8
5,903,587
Topeka
5,692,503 +32.9
7,568,017
•
7,477.498 +24.5
9,310,783
Wichita
•
Mo.-Joplin
1,259410 +7.4
1,351,962
221,396,158 +32.7
Kansas City
293,748.800
11,891,000
10,736,376 +10.8
St. Joseph
•
22,455.024
Okla.-Tulsa
16,503,629 +36.1
.
2,102.148 -5.1
1,995,175
Colo.--Col.
•
71,953,831 +25.0
89,912,459
Denver
1,958,114
2,087,630
+6.6
.
Pueblo
435,988,425 +29.7
Total(13 cities)-
.
Total (14 cities).._..
335;658.678
565,280,466
Week Ended June 2.
1933.
Inc.or
Dec.
1934.
1933.
$
%
$
$
36,482,939
818,878,050
3.322.900
269.005.660
27.871,342
10,770.000
2,412,026
9,428,383
14,994,055
4,947,712
6,047,995
35,202,019
631,593
+14.0
+22.3
+8.4
+51.5
+16.2
+43.5
+5.9
-5.9
+17.3
+38.1
+40.9
+15.9
+16.2
Inc. or
Dec.
1932.
%
$
1931.
$
2,287,333
44.824,711
1,723,995 +32.7
44.645,424 +0.4
4,612,769
42,654,611
10,686,458
81,716,857
14,829,829
1,282,820
12,344,294 +20.1
1,207,086 +6.3
13,719,754
1,463,063
20,309,231
2,071.410
876,118
381,717
409.236
-6.7
545.688
291.492
269,807
+8.0
345,413
719,133
1,950,180
1,699,691
+14.7
1,700.591
2,668,081
1.239,994,674 +28.1
65,848,082
62,299,533
+5.7
65,041,889
119,047,288
1,526,054
1,437,838
42,718,484
578,696,238
29,817,757
35.164,051
42.611,353
6,634,762
1,378,245,668
59,460,604
108,377,394
9,481,878
381,974,685
9,615,552
1,328,993
d950,000
31,008,171
347,865,685
26.746,599
29,965,444
46,571.274
5.791,795
1,044,631,785
47,406,980
76,315.569
10,791,036
324,568,703
13,688,822
95,676
49,448
1,804,036
21,922.488
72,142 +32.6
186,748
b121,394
1,471,739 +22.;
1.828,056
16,457,184 +33.2
19,036,776
427,661
406,475
3,504,440
36,845.597
2,685,762,318
2,007,630,856 +33.8
+14.8
+51.4
+37.8
+66.4
+11.5
+17.3
-8.5
+14.6
+31.9
+25.4
+42.0
-12.1
+17.7
-29.8
1,180,730
2,423,337
1,106,932 +6.7
1,628,541 +48.8
1,321,475
3.645,588
2,394,272
5,339.629
58,340,449
2,103,939
45,555,786 +28.1
2,416,458 -12.9
54,619,748
2,454,295
92,354.375
4,004,076
1,189,568
179,582
.
49.9
358,636 -
713.707
815,802
351,892 +131.8
752,481
1.270,290
88,915,487
69,419,310 +28.1
84,680,268
147,736,383
•
Eleventh Federal
Texas-Austin
Beaumont
Dallas _
El Paso
Ft. Worth
Galveston_
Houston
Port Arthur
Wichita Falls
La.-Shreveport
I eserve Distric t-Dallas3,059,763
2,939,476
2,423,647
2,778,000
•
137.866.427
102,218,072
•
11.490,644
8,524,191
19,777,023
21,012,792
•
7,325,000
6,043.000
•
75,293,687
94,075,631
1,130,576
922,518
2.764.991
2,029.734
8,664,231
8.765,883
+4.1
+14.6
+34.9
+34.8
+6.2
+21.2
+24.9
+22.6
+36.2
-1.2
16,306,978
13,957,618
689,143,468
54,712,996
101,740,509
42.984,000
509,717,962
5,749,555
12,766,424
42,166,344
228,937,231 +26.7
1,489,245,854
Twelfth Federal R serve District-San Fraud scoWash.-Bellingham_ _
1,545,000 +11.7
1,726,000
95,167.998
Seattle
82.891,955 +14.8
29,552,000
37,740,000 -21.7
Spokane
Yakima
1,699,409
1,152,369 +47.5
Idaho-Boise
3,155,502
2,147,720 +46.9
Ore.-Eugene
421,000 +48.2
624,000
84,878,667
Portland
77,332,965 +9.8
130.11-Ogden
1,964.419 -6.7
1,832,026
Salt Lake City
45,720,579
34.623,556 +32.1
Ariz.-Phoenix
9,075,305
7,476,780 +21.4
Calif.-Bakersfield _
3,653,129
2,429,340 +50.4
11,466,327 +30.3
14,943,047
Berkeley
11.163,413
12,050,482 -7.4
Long Beach
1,225.269 +29.3
1,584,296
Modesto
10,147,805 +5.1
10,667,858
Pasadena
2,895,325 -1.7
Riverside
2,845,706
14,575,219
12,840,895 +13.5
Sacramento
443,115,758
370,916,365 +19.5
San Francisco
San Jose
5,265,822 +27.5
6,715,108
3.750,479 +10.6
4,146.404
Santa Barbara
No longer will report clearin gs.
Santa Monica
4,855,070
4,135,504 +17.4
Stockton
8,108,000
454,204,608
130,168,000
8,028,794
15,927,275
2,647,000
421,542,656
9,615.730
208,198,133
42,253,855
16,081,317
103,734.619
57,579,927
9,218,106
57.261,321
13,999,239
74,288,329
2,178,357,674
33,419,271
20,585,927
Total(10 cities)
Total (21 cities)._ _ _
290,168,055
791,696,494
684,419.377 +15.7
24,059,971
3,890.179.752
14,039,646
11,811,183
479,959,895
42,250,031
87,080,758
33,589,000
382,067,282
4,383,594
9,749,734
39.970,131
+16.1
+18.2
+43.6
+29.5
+16.8
+28.0
+33.4
+31.2
+30.9
+5.5
1,104,901,254 +34.8
747,830
558,280 +34.0
808.465
993,711
25,471,027
16,546,570 +53.9
18,971.045
36,879,272
3.932.922
1,506,000
4,105,987 -4.2
1,144.000 +31.6
4,436,642
1,466,000
6,439.432
2,661,000
1,752,089
1,534.408 +14.2
2,097,116
3.562.957
33,409,868
23,889,245 +39.9
27,779,268
50,536,372
-
+34.4
16,176,930 +11.9
18.095,759
19,996,135
+22.9
3,588.000 +59.3
5.716.000
+43.6
5.034,000
269,747 +46.9
396.268
+72.5
434.599
+57.2
+52.7
13,681,580 +21.0
16,685,009
+40.8
15.400,091
+28.7
7.399,134 +16.4
8,614.259
+24.2
7,767,382
+40.4
---+47.3
-+84.8
2.389,811 -11.32,686,054
2,119,506
+7.5
+53.5
2,243,062 -712:1
1.837.653
+9.5
3,221,664
+15.8
1,685,638 +16.1
+14.8 ' 1,957.295
4,798,535
84,604.099 +6.8
90,371,140
+24.5
93,674,170
1,254.475 +3.4
1,297,326
+32.7
1,614,833
792.260 -12.1
896.623
+18.9
926,690
No longer will report clear Ings.
907,525 -13.6
784.046
19.225,243 +25.1
928,769
6,034,000
369,515,555
90,631,000
5,175,673
10,133,624
1,733,000
299,315,845
7,471,099
167,564,359
30,086,848
10,017,273
56,138,450
53,572.684
6,006,037
52.289,714
12,084,855
64.706,951
1,749,053,681
25,181,930
17,311,871
3,054,149,692 +27.4
148.570,884
134,992,261
Grand total (164 cities) 22.961.950.13320,048.992.727 +14.5 112,751,818,668 91,695,259,266 +23.0 4,494,431,1734,695,633.653
Outside New York-- 8,503,034.783 6.686,048,482 +27.2 39,993,765,168 31,279,524,921
+10.1
156.483,822
36471,291
10,727.000
1,111,543
32,345,332
14,877,690
6,083,176
5,289,936
7,734,241
154,508,182
2,718,175
1,864,104
1,338,100
274,768.770
-4.3 5,305,701,920 10804825,497
+27.9 1,671,754,516 1,399,288,738 +19.5 1,681,280.780 3,114,176,742
CANADIAN CLEARINGS FOR MAY, SINCE JANUARY 1, AND FOR WEEK ENDING MAY 31.
Month of May.
Week Ended May 31.
Fire Months Ended May 31.
Clearings at1934.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New Westminster
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Sudbury
Total(32 cities)
$
405,157,181
511,655,936
358,867,492
63,793,798
19,243,094
17,926,891
11,485,687
18,101,171
20,244,543
7.530,168
6,380,679
11,510,784
15,681.909
15,346.643
1,351,742
1,603,484
5,365.146
2,097,905
3.389,481
2,545,913
2,153.78.
881,00
2,712.092
2.791,060
4.555,736
10,792,817
1,209,079
3.007.232
2,301.469
1,848.787
1,796,382
2,949,971
1933.
8
354,593,934
442,110,122
259,972,529
58,200,728
17,779,841
17,167,600
9,351,531
14,598,039
21,952,910
6,558,327
5.989,289
10,065,805
13,716,732
12,948,568
1,178,908
1,336,838
5,034,964
2,231,534
3,544,086
2,285,084
1,889,112
753,693
2,325.805
2,445,264
3,609,360
10,147.095
998.083
2,643,942
2,110.204
1,696,519
1,532,534
2,210,042
Inc. or
Dec.
%
+14.3
+15.7
+38.0
+9.6
+8.2
+4.4
+22.8
+24.1
-7.8
+ 14.8
+6.5
+14.4
+14.3
+18.5
+14.7
+19.9
+6.6
-6.0
-4.4
+11.4
+14.0
+16.9
+16.6
+14.1
+28.2
+6.4
+21.1
+13.7
+9.1
+9.0
+17.2
+33.5
1,536,279,067 1,292,979,022 +18.8
1934.
$
1,814,916,206
2,331,526,647
899,231,649
306,016,635
86,810,504
77,900,637
44,347,290
78,162,017
90,657,380
33,130,810
31,012,452
50,921.388
74,080,534
59.183,924
5,658,218
7,493,068
22,837,526
9,279,194
15,579,318
11,159,028
9,781.529
4,016,985
12,391,465
11.427.630
21.232.683
45,525,295
5,321,411
13,637,904
10,218,282
8,894,146
8,467,134
13,000,487
6,213,819,376
1933.
II
1,477,757,529
1,727,852.411
828,150,315
240,258,49.5
75,275,133
73,480,976
39,162,357
64,657,256
92,639,900
28.622,410
25,504,692
45,144,558
65,992,705
59,702,256
5,177,623
6.005.070
21,882.663
9,487,837
14,240,268
9,571,104
8,004,797
3,373,130
10,310,054
10,349,207
15,580,014
41,254,599
4,405.539
11,760.786
9,349.300
7,981,515
6,917,436
8,959,611
Inc. or
Dec.
%
+22.8
+34.9
+8.6
+27.4
+15.3
+6.0
+13.2
+20.9
-2.1
+15.8
+21.6
+12.8
+13.3
-0.9
+9.3
+24.8
+4.4
-2.2
+9.4
+16.6
+22.2
+19.1
+20.2
+10.4
+36.3
+10.4
+20.8
+16.0
+9.3
+11.4
+22.4
+45.1
5.048,811,546 +23.1
1934.
1933.
g
95,832,937
110.562,123
87,594.948
63,793,798
3,844,039
3,835.297
3,010,969
3,585,361
5,033,051
1,682,809
6,380,679
2,630,881
3,387,667
3,409,804
337.052
322,227
1,218,918
328.834
660.436
553,055
478,832
178.834
666,833
574,051
938,872
2,370,932
1,209,079
732.867
491,684
432,419
338,088
717.666
$
%
90.405.607 +6.0
112,296,258 -1.5
45,777,176 +91.4
15,210,101 +319.4
3,683,035 +4.4
4,567,396 -16.0
2,217,645 +35.8
3,419,271
+4.9
5,070,166 -0.7
1,442,845 +16.6
1,512,030 +322.0
2,253,749 +16.7
3,229,310
+4.9
2,696,743 +26.4
258,098 +30.1
324,180 -0.6
1,058,932 +15.1
491,739 +33.1
883,214 -25.2
505,344
+9.4
494.026 -3.1
153,847 +16.2
565.843 +17.8
553,676 +3.6
887.652
+5.8
2,030.082 +16.8
204.618 +490.9
538.300 +36.1
473,201
+3.9
372,621 +16.0
318,872
+6.0
591,028 +21.4
407,135,042
304.487,505 +33.7
b No clearings available. c Clearing house not functioning at present, d Clearings for two months. •Four months'figures,
Inc. or
Dec.
1932.
1931.
$
6
88,727,499 138,007,788
84,741,067 114,526,299
32,530,461
35,837,093
13,189,081
15,422,944
4,580,070
6,941,599
4,704,884
5,711,239
2,896,910
3,400,285
4.808,497
5.023.730
5,174.862
0,945,369
2,159,339
1,087,537
1,461,337
1,881,474
3,094,195
2,967,731
4,236,832
4,949,668
3,507,847
3,344,343
334,067
421,717
280,018
392,956
1,511,163
1,351,644
544,251
565,614
929,500
441.918
692,376
586,890
647.855
481,442
225,670
213,188
526,185
578.818
839.496
653,766
1,137,338
1,019,307
2,817.813
2,714,908
493,309
308,401
839,960
793,045
589,122
707,996
403,754
463,553
410,340
191,050
683,172
511,476
267,900,126 360,772,859
Financial Chronicle
Volume 138
3897
Condition of National Banks Mar. 5 1934.—The statement of condition of the National banks under the Comptroller's call of Mar. 5 1934 has just been issued and is summarized below. For purposes of comparison, like details for
previous calls back to and including June 30 1933 are included.
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON JUNE 30, OCT. 25 AND DEC. 20 1933,
AND MARCH 5 1934.
Mar. 5 1934
June 30 1933
Dec. 30 1933
Oct. 25 1933
(4,902 Banks a)(5.057 Banks a)(5.159 Banks a) (5,293 Banks a)
Assets—
Loans and discounts (including rediscounts)_b
Overdrafts
United States Government securities owned
Other bonds, stocks. securities, &c., owned
Customers' liability account of acceptances
Banking house,furniture and fixtures
Other real estate owned
Reserve with Federal Reserve banks
Cash in vault
Balances with other banks
Outside checks and other cash items
Redemption fund and due from United States Treasurer
Acceptances of other banks and bills of exchange or drafts sold with endorsement
Securities borrowed
Other assets
$
8,116,972,000
2,800.000
4,031,576,000
3.340,055.000
225,835.000
641,694,000
132,187,000
1,412,127,000
288,478,000
2,381.333,000
37,008.000
37,428,000
4.912,000
4,359.000
203.727.000
Total
$
8,257,937,000
4,224,000
4,111,645,000
3,383.270,000
198,820.000
646,292,000
158,422,000
1,684,024,000
329,786.000
2,149,654,000
25,543,000
38,387.000
4,330,000
3.699,000
202,616.000
$
7,899,279.000
3,394,000
5,407,348,000
3,428,443,000
191,258,000
643,643.000
165,415,000
2.029.848.000
358.302,000
2,498,833.000
32,812,000
40,851,000
12.504,000
4.508.000
224,735,000
$
8,101.156.000
3,053.000
4,469,147.000
3,401,625.000
229,956.000
645,278,000
158.530.000
1.747,364.000
343.117.000
2,313,454.000
43.250,000
40,474,000
14.005.000
5,716.000
231.358,000
20,860.491,000 21.198,649,000 21,747.483,000 22,941,173,000
Liabilities—
Demand deposits, except United States Government deposits, other public funds and
deposits of other banks
Time deposits, except postal savings, public funds and deposits of other banks
Public funds of States, counties, municipalities, &c
United States Government and postal savings deposits
Deposits of other banks, certified and cashiers' checks outstanding and cash letters of
credit and travelers' checks outstanding
Total deposits
Secured by pledge of loans and (or) investments
Not secured by pledge of loans and (or) investments
7,035,751.000
5,354,017,000
1,089,388.000
1,024,374.000
7,180,766.000
5,484.561,000
1,076,691,000
1,095.139,000
7,331.057,000
5.519,119,000
1.253.554,000
1.125,215,000
7,463,649,000
5.730,547,000
1.331.771,000
1,509,252,000
2,270,585,000
2,218,051,000
2,360,937,000
2.755,268,000
16,774,115.000 17,050,208,000 17,589,882,000 18,790,487,000
2,640,397,000
16,150,090,000
Circulating notes outstanding
Agreements to repurchase United States Government or other securities sold
Bills payable
Rediscounts
Acceptances of other banks and bills of exchange or drafts sold with endorsement
Acceptances executed for customers
Acceptances executed by other banks for account of reporting banks
Securities borrowed
Interest, taxes and other expenses accrued and unpaid
Other liabilities
Capital stock (see memorandum below)
Surplus
Undivided profits, net
Reserves for contingencies
Preferred stock retirement fund
730,435.000
9,223,000
88,528,000
29.327,000
4,912,000
229,304,000
3,374,000
4,359.000
41,617,000
88,743.000
1.515,647,000
940.598,000
235.600,000
164,709,000
Total
746,913,000
13.412,000
81,064,000
19,302.000
4.330.000
205.624.000
7.777.000
3,699,000
60.009.000
77,710.000
1,566,698,000
916.183,000
264.376,000
176,344,000
790,037,000
6,051,000
47.369,000
5,350.000
12.504,000
194.824.000
5.790,000
4.508,000
55,618,000
108,073,000
1.653,930,000
867,825,000
248,870.000
149,807,000
130.000
778.566,000
5,905.000
68,452,000
13,535,000
14,005.000
235,718.000
6,816.000
5.716,000
45,100,000
81.622.000
1,588,250.000
880.670.000
236,022,000
197.224.000
20,860.491,000 21.198,649,000 21.747.483,000 22,941,173,000
Memorandum:
Par value of capital stock—
Class A preferred stock
Class 11 preferred stock
Common stock
51.193.000
2,600.000
1.463,412.00
75,119.000
3.800,000
1,488.682,000
140.295.000
4,400,000
1.444,759,000
243,291.000
5,535.000
1,406,162,000
Total
1,517,205,000
1,567,601.000
1,589,454,000
1,654,988.000
Loans and investments pledged to secure liabilities:
United States Government securities
Other bonds, stocks, and securities
Loans and discounts (excluding rediscounts)
Total
2.869,879,000
997.637,000
121,407,000
•
3,988,923.000
Pledged:
Against circulating notes outstanding
Against United States Government and postal savings deposits
Against public funds of States, counties, school districts, or other subdivisloni;
or municipalities
Against deposits of trust department
•
Against other deposits
•
Against borrowings
•
With State authorities to qualify for the exercise of fiduciary powers
For other purposes
•
Total
Details of Cash in Vault—
Gold coin
762,000
•
1,034,000
820,000
Gold certificates
1.136,000
•
1.245,000
917,000
All other cash in vault
341.219,000
•
286,199,000
328,049,000
Details of Demand Deposits_
Deposits subject to check (except those of other banks, the United States Govern ment and States, counties, municipalities, &c)
6,825,317,000 6.987.348,000 7,114,024,000
Certificates of deposit
91,365,000
•
75.490,000
90,914.000
Public funds of States, counties, school districts or other subdivisions or municipal ;
848,475.000
865,307,000 1,008,658,000
Deposits of other banks, trust companies located in United States
12,094.000
8,901,000
12,204.000
Foreign countries
158,000
•
1,000,000
Other demand deposits
125,668,000
134,904,000
102,504,000
Details of Time Deposits__
Publicfunds of States, counties, school districts or other subdivisions or municipal';
244,896,000
240,913,000
211,384.000
Certificate of deposit
662,366,000
766,783,000
725,343,000
Deposits evidenced by savings pass book
4.281.521,000 4,394,201,000 4,544,084,000
Christmas savings and similar accounts
9,518,000
34.912.000
48,211,000
Open accounts
281,306.000
249,206,000
287,639,000
Postal savings
570.479,000
574,713,000
578,817,000
Deposits of other banks and trust companies located in United States
52.071.000
46.563,000
54,410,000
Foreign countries
6,357.000
711,000
5,515,000
Deposits, payment of which has been deferred beyond time originally contemplatecI
29,167,000
21,845,000
21,595,000
Percentages of Reserve—
Central Reserve cities
•
11.35%
11.30%
11.33%
Other Reserve cities
6.94%
7.08%
7.037
All Reserve cities
8.70%
8.68%
8.65%
Country banks
4.78%
4.78%
4.83%
Total United States
7.16.1.,
717°L
7•10°Z.
a Licensed banks which were operating on an unrestricted basis. b Includes customers' liability under letters of credit.
Pittsburgh Stock Exchange.—Record of transactions
at Pittsburgh Stock Exchange, June 2 to June 8, both
inclusive, compiled from official sales lists:
Stocks--
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par Price. Low. High. Shares.
Amer Window Glass p61100
Armstrong Cork
*
*
Blaw-Knox Co
Carnegie Metals Co
1
Central Ohio Steel Prod_ •
*
Columbia Gas & Elec_
Devonian Oil
10
Duquesne Brewing
5
Fort Pittsburgh Brew- __ _1
Follansbee Bros pref.--100
Jones dr Laughln SU pref100
Koppers G a: Coke pret_ioo
•
Lone Star Gas
5
McKinney Mfg
19
1%
24
7
63.1
14
14
14
19
19
10% 10%
iq 2
34 34
124 121
12% 13
2% 231
2% 24
7
7
614 614
82
83%
5% 64
14 134
10
100
30
2,600
100
495
832
200
2,000
33
10
55
2,532
100
Range Since Jan. 1,
Low.
11
14
10%
14
24
113.1
9
24
134
5
614
65
54
1
Jan
Jan
June
Jan
Apr
May
Jan
Jan
Jan
May
June
Jan
May
Mar
High.
154, Apr
28% Feb
164 Jan
3
Feb
34 June
19
Feb
18 May
4% Feb
234 June
30
Feb
75
Feb
Apr
85
84 Feb
2
Mar
PTIOay
30
474
8
4
2
4c
20
134
434
20
935,153,000
245,805,000
146,572,000
87,907.000
64,893,000
34,207.000
3.988,923,000
229.000,000
538,000.000
357.535.000
7.262.098,000
83,438.000
1,086,170,000
14,217,000
301.000
118,113,000
245,601,000
656.222,000
4,765,947,000
21.407.000
262,687,000
551,092,000
58,342.000
7,082,000
24,284.000
11.43%
7.11%
8.7370
4.87%
7.20%
_
EWES
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low, High. Shares.
Nat Fireproofing pref__ 50
Pittsburgh Brewing pref..50
Pittsburgh Forging Co_ _ _1
Pittsburgh Oil & Gas
_5
Pittsburgh Plate Glass__25
Pitts Screw & Bolt Corp_ _*
Pitts Steel Foundry
*
Renner Co
1
San Toy Mining
1
Shamrock Oil & Gas
*
United Engine & Fdy____*
Vanadium Alloy Steel_ _ _.*
Victor Brewing Co
1
Western Pub Serv v t 0._*
Westinghouse Air Brake_ *
WestInghse Elec & Mfg_50
Unlisted—
Lone Star Gas 6% pref _100
* No par value.
816,269.000
1,658.117.000
2
30
334
1
46
734
4
134
4c
134
20
19
14
434
26
3134
2
324
34
1
474
8
4
24
6c
134
21
19
14
44
2734
3134
70
70
100
740
100
127
125
300
20
2,000
4,000
300
135
23
3,100
550
302
35
80
Range Since Jan. 1.
Low.
2
28
3
1
3934
7
2
14
3c
14
16
1534
90c
44
26
304
64
Jan
May
Jan
Jan
Jan
Jan
May
Jan
Jan
May
Jan
Mar
Jan
May
June
May
Jan
High.
44
39
54
1
57
114
334
234
7c
434
254
20
1'%
7
3534
47
75
Feb
Feb
Feb
Jan
Apr
Apr
May
Apr
Feb
Feb
Feb
Jan
Mar
Feb
Feb
Feb
Feb
Financial Chronicle
3898
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
May 23 1934:
GOLD.
The Bank of England gold reserve against notes amounted to .C191,233,190 on the 16th instant, showing no change as compared with the
previous Wednesday.
During the week the Bank of England announced the purchase of £99,959
In bar gold.
In the open market business has been quiet. During the week about
£1,600,000 was dealt with at prices fixed on franc parity.
Quotations during the week:
IN LONDON.
Equivalent Value
Per Ounce.
of Sterling.
Fine.
12s. 5.83d.
136s. Id.
May 17
12s. 5.74d.
2d.
136s.
May 18
12s. 5.69d.
136s. 25,0.
May 19
12s. 5.64d.
136s. 3d.
May 22
12s. 5.32d.
136s. 6I.6d.
May 23
12s. 5.64d.
136s. 3.00d.
Average
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 14th instant to mid-day on the 19th instant:
Exports.
Imports.
£24,714
£795,446 Netherlands
Germany
268,222
44,340 France
France
487
13,430 Other countries
Netherlands
60,341
Switzerland
16,069
Iraq
13,416
Peru
1,348,004
British South Africa
110.009
British West Africa
7,992
British Malaya
5,613
Tanganyika Territory_ _ _
29,839
Other countries
£293,423
£2,444,499
Gold shipments from Bombay last week amounted to about 11,356.000.
The SS. "Naidera" carries .C1,068,000 of which £978,000 Is consigned to
London and E90,000 to New York, and the SS. "President Polk" has
£288,000 consigned to New York.
SILVER.
The feature of the week was President Roosevelt's silver message to
Congress which was given yesterday afternoon. Congress Is asked to
authorize the purchase of silver for monetary purposes until the proportion
reaches 25% silver and 75% gold. Authority is also asked to acquire
present stocks of silver in the United States at a price not in excess of
50 cents per ounce and to take over accumulations not required for industrial uses on payment of just compensation. Power is also sought to
regulate imports, exports and other dealings in silver. whilst It is also
proposed to levy a tax of at least 50% on profits accruing from dealings In
silver.
In the course of the message it was disclosed that a part of the dollar
stabilization fund has been used to purchase silver.
As no time limit is stated It is to be assumed that purchases of silver
will be at the discretion of the executive, the effect on the market will
therefore depend on the manner in which the powers are exercised.
In the London market during the week, business has been active, sales
by India and China having been offset by support from speculators and
America, so that the prices were well maintained. To-day, following the
news from Washington, operators showed hesitation, but quotations improved slightly on further speculative demand.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 14th instant to mid-day on the 19th instant:
Exports.
Imports.
117,603
Soviet Union (Russia)- --- £23,357 Syria
9,477 Persia
55,430
Canada
5,500
4,690 French possessions In India
British West Africa
16,567 Other countries
2,046
Australia
3,017
Other countries
£80,579
£57,108
Quotations during the week:
IN NEW YORK.
IN LONDON.
(Per Ounce .999 Fine.)
Bar Silver Per Oz. Std.
2 Mos.
Cash.
4434c.
19 11-16d. 19 11-16d. May 16
May 17
44 15-IGc.
May 17
19 7-16d.
19%d.
May 18
May 18
193cl.
45%.c.
19 9-16d.
May 19
May 19
193cl.
45%c.
19 9-16d.
May 22
May 21
45%c.
19 11-16d. 191,12d.
May 23
May 22
45%c.
19.625d.
19.575d.
Average
The highest rate of exchange on New York recorded during the period
the
and
$5.11%
was
lowest
Instant
23d
$5.90.
from the 17th instant to the
INDIAN CURRENCY RETURNS.
May 7.
May 15.
Arpil 30.
(In Lacs of Rupees)17.908
17,862
17.686
circulation
In
Notes
9,610
9,657
9,734
Silver coin and bullion in India
4.155
4,155
4,155
Gold coin and bullion in India
2.945
2,936
2,946
Securities (Indian Government)
1,151
851
1,161
Securities (British Government)
The stocks in Shanghai on the 19th instant consistedof about 121,200.000
ounces in sycee, 380,000.000 dollars and 26.600,000 ounces in bar silver as
compared with about 126.400,000 ounces In sycee. 379,000,000 dollars and
25,600,000 ounces in bar silver on the 12th instant.
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:
Mon.,
Sat.,
June 4.
June 2.
Silver, per oz__ 19 7-16d. 1934d.
Gold, p. fine oz. 137s.2d. 137s.2d.
763.4
Consols. 2Si% Holiday.
British 354%1013.4
Holiday.
W. L
British 4%Holiday. 112%
1960-90
French Renter
77.40
(in Paris)3%fr. Holiday.
French War L'n
(In Paris) 5%
Holtday. 112.10
1920 amort
Silver In N. Y.,
44%
per oz. (ins.) 4434
Frt.,
Thurs.,
Wed.
Tues.,
June 7.
June 6
June 5.
June 8.
1.91d.
19 11-16d. 19 13-16d. 19)d.
1385.
137s.10%d. 1379.1 lid.137s.414d
76%
771-16
77
76%
102
102
102
102
1123.4
1123.4
112%
112%
76.60
76.70
77.00
78.00
112.50
111.40
111.75
112.80
45%
45%
44%
45
June 9 1934
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 2 June 4
1934. 1934.
Francs. Francs.
11,600
Bank of France
1,436
Banque de Paris et Pays Bas
180
Banque d'Union Partsienne
240
Canadian Pacific
18,700
Canal de Suer
2,240
Cie Distr. d'Electricitie
1.730
Cie Generale d'Electilcitie
23
Cie Generale Transatlantique_ _
156
Citroen B
1,005
Comptoir Nationale d'Escompte
140
Coty S A
286
Courrieres
730
Credit Commercial de France_
2,050
Credit Lyonnais
2,510
Eaux I-yonruds
655
Energie Electrique du Nord
807
Energle Electrioue du Littoral_ _
599
Kuhlmann
750
L'Alr LiquIde
978
day
Lyon (V L M)
1,400
Nord Ry
888
Orleans Ity
68
Pathe Capital
1,083
Pechlney
77.40
Rentes, Perpetuel
83.30
Routes 4%, 1917
83.40
Rentes 4%, 1918
89.40
Rentes 4 s4:51., 1932 A
87.90
Rentes 4F5 %, 1932 13
112.10
Rentes 5%. 1920
1.540
Royal Dutch
1,285
Saint Gobain C & C
1,635
Schneider & Cie
57
Societe Francalse Ford
71
Societe Generale Fonciere
2.510
Societe Lyonnalse
529
Marseillaise
Societe
130
Tubize Artificial Silk pref
695
Union d'Electricitie
84
Wagon-Lits
June 5
1934.
Francs.
11.500
1,410
177
239
18,700
2,225
1,700
25
151
1,001
140
282
718
2,030
2,510
644
789
588
740
950
1,375
898
67
1,069
76.60
82.40
82.70
88.50
87.00
112.50
1.520
1,265
1,630
57
75
2,515
529
113
688
82
June 6
1934.
Francs.
11,600
1,427
177
242
18,600
2,255
1,710
26
157
1,004
150
282
725
2,030
2,520
655
819
598
740
061
1,390
878
07
1,043
76.70
83.10
83.00
88.75
87.30
111.40
1,560
1,268
1,625
54
82
2,520
528
116
705
82
June 7
1934.
Francs.
11,600
1,432
177
245
18.600
2,265
1,740
"182
June 8
1934.
Francs
11,800
241
18,600
1,750
26
_
1,010
140
140
286
725
2,060 2:656
2,530 2,530
_654
---814
603
760
740
-965
1,404
-TOO
874
67
1,065
77.00 7166
83.10 84.10
83.20 84.30
89.10 88.90
87.50 88.40
111.75 112.80
1,560 1,560
1,182
1,625
53
55
82
2,530
528
119
712
82
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
June June June June June
2.
Per Cent of Par
154 154 154 153
154
Relchshank (12%)
86
86
85
85
85
Berliner Handels-Gesellschaft (5%)
50
50
53
51
52
Commerz-und Privet Bank A G
55
57
58
59
Deutsche Bank und Disconto-Gesellschaft 53
60
60
03
62
63
Dresdner Bank
109 109
Deutsche Relchsbalin (Ger Rys) pref (7%)....108 109 109
26
26
26
26
26
Allgemeine Elektrizitaets-Gesell (A E
133 134 137 137 135
Berliner Kraft u Licht (10%)
123 124 125 126 124
Dessauer Gas (7%)
98 100 101 101
100
Gesfuerel (5%)
116 118 119 118 118
Hamburg Elektr-Werke (8%)
137 138 141 139 139
Siemens & Halske(7%)
140 143 146 145 144
G Farbenindustrle(7%)
145 147 154 152 154
Salzdetfurth (754'4)
226 228 228 233 235
Rhelnische Braurikohle (12%)
118 119 120 119 120
Deutsche Erdoel (4%)
64
65
66
65
65
Mannesmann Roehren
27
25
27
26
26
Hamtg
33
32
32
31
32
Norddeutscher Lloyd
June
8.
153
86
52
58
63
109
26
136
125
101
119
141
145
158
234
121
66
28
34
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of Friday
Juno 8 1934:
Ina.
/32
Anhalt 75 to 1946
Argentine 5%. 1945. 5100
92
pieces
12712
Antionula 8%, 1940
Austrian DefaultedCoupons .186-120
Bank of Colombia. 7%,'47 /22
Bank of Colombia. 7%. *48 /22
136
Bavaria 6(4s to 1945
Bavarian Palatinate Cons.
127
Cit. 7% to 1945
Bogota (Colombia) 63.4.'47 /20
7
Bolivia 6%, 1940
/27
Buenos Aires scrip
Brandenburg Elec. 68, 1953 /3912
Brazil funding 5%, '31-'51 15014
1594
Brazil funding scrip
dritish Hungarian Bank
167
7148, 1962
Brown Coal Ind. Corp.
162
,s, 1953
6,
Call (Colombia) 7%, 1947 /12
Callao (l'eru) 73.4%. 1944 1 6
5
Ce,ra (Brazil) 8%. 1947..
Columbia scrip Issue of '33 /39
J34
Issue of 1934
Costa Rica funding 5%,'51 /47
City Savings Bank, Buda/13
pest, 7s, 1953
Dortmund Mun UtIl 68,'48 /50
/29
Duisburg 7% to 1945
Duesseldorf 7s to 1045..
130
Fruit Prussian Pr. lis, 1953. /46
European Mortgage & Investment 73.4g. 1966_ _ _ fe712
French Govt. 534s. 1937._ 163
French Nat. Mall SS.6s.'52 158
/30
Frankfurt 78 to 1945
German Atl Cable 7s, 1945 /44
German Building & Land/51
bank 634%. 1948
German defaulted coupons. /64
/19
German scrip
130
Germtn called bonds
75
Haiti 6% 1953
Hamb-Am Line 834g to '40 /86
Hanover Harz Water Wks.
6"/, 1957
/30
Housing & Real Imp 7s,'46 /47
Hungarian Cent Mut 73.'37 /48
Hungarian Discount & Exchange Bank is. 1963._ 143
Hungarian defaulted coupe /63-100
I Flat price.
Ask
34
3012
24-24
38
30
21
9
30
4112
6014
6014
59
65
14
9
41
37
49
55
54
32
33
50
70
169
161
32
47
53
68
2012
40
77
90
35
49
50
45
Hungarian Ital Bk 734s,'32
Jugoslavia fe, 1956
Ju‘oslavia coupons
Koholyt 63.4g. 1943
Land M Bk, Warsaw 89,'41
Leipzig Oland Pr. 654e,'46
Leipzig Trade Fair 7s. 1953
Lu‘ne
aberrit7%
te
Pow9
1, Light &
18
Water
Mannheim & Paint 7s, 1941
Munich is to 1945
Munic Bk, Hessen, 7s to '45
municipal Gas & Elea Corp
Recklinghausen, is. 1947
Nassau Landbunk 6SO,'38
Natl. Bank Panama 634%
1946-9
Nat Central Savings Bk of
Hungary 73.4s, 1962_._.
National Hungarian & Ind.
Mtge. 7%, 1948
Oberpfalz Elec. 7%, 1948..
Oldenburg-Free State 7%
oo1945
Potrt
Alegre 7%, 1968
l'roteetant Church (Germany), 75. 1946
Prov Ilk Westphalia 65, '33
Prov Ilk Westphalia Os. '36
Rhine 1,Vestph Elea 7%,'30
Rio de Janeiro 6%, 1933._
Rom Cath Church 634s,'46
R C Church Welfare 7s,'46
Saarbruecken M Bk (is, '47
Salvador 7%, 1957
Salvador 7% ctf of dep '57
Salvador
87o. scrip
Santa Catharine (Brazil),
Ask.
BIJ
/8112
3.3
30
40
/38
65
/63
73
70
67
/64
51
/49
1'34
/31
60
60
35
33
/50
/55
53
88
/42
44
51
/57
/
156
58
163
/32
65
/32
/15
34
17
/43
/51
/50
177
/23
f61
/43
170
12•3
/23
/14
52
79
26
63
45
75
294
2412
18
30
45
123,4 2414
13
Santander (Colom) 75, 1940 III
2212
Sao l'aulo (Brazil) 68, 1943 /21
69
Saxon State Mtge. 6s, 1947 /66
33
30
Serbian 58, 1950
40
/38
Serbian coupons
Stem & Clalske deb fle, 2930 /340 355
32
29
State Mtg BkJugos1531950 /30
39
connote'
46
Stettin Pub TRH 78, 1946.. /42
40
Tucuman City is, 1951.- - 137
03
Tucuman Prov. 75, 1950.. 60
31
Veeten Elec Fty 78. 1947._ /24
36
Wurtemberg is to 1945... /34
GOVERNMENT RECEIPTS AND EXPENDITURES.
Through the courtesy of the Secretary of the Treasury
we are enabled to place before our readers to-day the details
of Government receipts and disbursements for May 1934
and 1933 and the eleven months of the fiscal years 1933-34
and 1932-33.
General & Special Funds.
—Month of May— —July 1 to May 311932-33.
1933-34.
Re,
1933.
elYts—1934.
Internal revenue.
$
599,612,513
629,940,136
16,436,233
Income tax
24,561,184
751,711,398
93,519,032 1,339,186,836
A/Neel' internal revenue
118,701,635
313,559,690
Processing tax on farm prod's_
43,555,644
227,806,900
292,597,369
Customs
20,515,622
21,041,136
Miscellaneous receipts:
Proceeds of Govt -owned securities:
31,567,200
394,175
Principal—for'n obligations
67,184,087
19.669,636
Interest—foreign obliga'ns_
30,667,200
56,215,464
19,114,874
All other
19,745,772
20,423,171
24,348,197
1,559,181
Panama Canal tolls, kg
3,178,987
64,295,186
48,425,767
6,161,772
Other miscellaneous
5,779,824
Total receipts
Expenditures—
General:
Departmental (see note I)._
Public bldg. construction and
sites, Treas. Dept.(note 1)_
River and harbor work(note I)
National defense (note 1):
Army
Navy
Veterans' Admin. (note 1).
Adjusted service ctf. fund_
Agricultural Adjustment Administration (note 1)
Farm Credit Admin (note 1)_
Agricul. market'g fund(note 2)
Distribution of wheat and
cotton for relief
Refunds of receipts:
Customs
Internal revenue
Processing tax on farm prod.
Postal deficiency
Panama Canal
Subscription to stock of Federal Land banks
Civil Service retirement fund
(Government share)
Foreign Service retirement
fund (Government share).Dist. of Col.(Govt.share)_._
Interest on the public debt
Public debt retirements:
Sinking fund
Purchases and retirements
from foreign repayments.
Received from torn govts.
under debt settlements._
Estate taxes, forfeitures,
gifts, &c
Total
Emergency (see note 3):
Federal Emergency Administration of Public Works'
Civil Works Administration
Loans and grants to States.
municipalities, &c
Loans to railroads
Public highways
River and harbor work_
Boulder Canyon project
Emergency Dousing Corp
Another
Civil Works Administration
Federal Emergency Relief Administration
Administration for Industrial
Recovery
Agricultural Adjust. Admin._
Farm Credit Ariniintstration
Emergency Conserva'n Work_
Reconstruction Finance Corp_
Federal Farm Mtge Corp.
bonds, prin. and interest_
Tennessee Valley A utnorty
Federal Land banks (subscens
to paid-in surplus. &c.)
Federal Says. & Loan Ass'ns
(subsoil p'ns to pref. shs)
Federal Deposit lnsur Corp.
(subscriptions to stock)_ _
Total
Total expend's (note 4)..
236,564,182
157,316,714
2,724,517,270
310,095,1011
27,710,441
4,496,356
7,589,975
1,793,267,655
191,542,736
20,772,855
39,770,038
42,803,963
197,298,759
242,762,613
459,750,407
50,000,000
15,342,878
0265,193
255,384,240
24,852,608
354,725
22,524,114
2,372.095
6,968,6
814,464
12,375,108
44,283,197
920,188
27,002.999
7,646,029
100,000,000
354,725
03,252,831
12,522,854
52,563,961
87,247,954
10,042,216
611,737,780
0242,545
20,850,000
20,850,000
416,000
7,775,000
583,513,318
425,660,300
18,329,108
24,144,441
292,700
5,700,000
635,277,788
7,419,400
6,896,300
359,395,400
30,977,000
357,850
343
198,914,274
255,923,935
2,909,650
15,343
2,057,250
2,790,752,735
3,477,500,375
400,005,000
5,319,204
23,360.000
28,496,644
8,596,481
2,153,167
270,913
6,926,453
21,835,639
59,234,414
47,849,000
=5,518,973
61.041,209
16,622,519
320,913
105,877,798
305,069,612
96,076058
248,938550
923,165
411,183
14,226678
29,291,186
106,421,660
5,691,054
61,643,135
63,397,060
289,983,108
1,446,344,434
192,493,470
2,160,096
35,054,891
8,119,337
3,704,262
40,114,350
150,500
421,300
87,701
350,441,240
549,355,514
149,883,334
3,581,029,991
6,371,782,726
192,493.470
448,417.405
13,870,076
14,129,503
3,633,672
4,293,794
1,194,714,738
2,122,595,902
830,629,762
CURRENT ASSETS AND LIABILITIES.
GOLD.
$
7,778,883,213.73 Gold certificates:
Outstanding (outside
962,062,129.00
of Treasury)
Gold ctf. fund—Fed.
Reserve Board....3,844.482.588.68
Redemption fund—
Fed. Reserve notes. 29.775,221.73
156,039,430.93
Gold reserve
Exch. stabilization fund 1,800,000.000.00
986,523,843.41
Gold In general fund_ _
7 778,883,213.73
Total
7,778,883,213.73
Total
Note.—Reserve against 8346.681,016 o U. S. notes and $1,190,024 of Treasury
by sliver dollars
secured
notes of 1890 outstanding. Treasury notes of 1890 are also
in the Treasury.
SILVER.
Liabilities—
$
Assets—
Silver ctfs (Sec. 45, Act
Silver bullion (Sec. 45,
1.560.000.00
of May 12 1933)
1,560,000.00
Act of May 121933)..
504,455,888.00 Silver ctfs. outstanding_ 493,825,044.00
Silver dollars
Treasury notes of 1890
1.190,024.00
outstanding
9,440,820.00
Silver dols.In gen.fund.
506.015,888.00
Total
506,015,888.00
GENERA L FUND.
Liabilities—
Assets—
986.523,843.41 Treasurer's checks outGold (see above)
standing
3,178,051.87
9,440.820.00
Silver dols. (see above).
3,242,571.00 Deposits of Government
United States notes__
officers:
Silver ctfs. (Sec. 45, Act
3,973,794.31
Post Office Dept
1,148.680.00
of May 12 1933)
Board of Trustees.
Federal Reserve notes.. 13.614.445.00
Postal Savings Sys2.243,212.00
Fed Reserve bank notes
tem:
National banknotes...,. 21.729,326.00
5% reserve, law4.824.267.17
Subsidiary silver coln___
60,664,647.68
ful money
4,136,354.72
Minor coin
92,626,054.17
Other deposits..
44,860,724.92
Silver bullion
Postmasters, clerks of
Uncla.ssifled—
courts, disbursing
2,473.924.49
Collections, Jar
266,165,151.52
officers. &c
Deposits in—
59.628,524.14 Deposits for:
Fed Reserve banks__
Redemption of F. R.
Special depos. acct. of
bank notes(5% fund
sales of Govt. se4,720.300.00
lawful money)
1 314,617,000.00
entitles
Redemption of nat'l
Nat. and other bank
bank notes(5% fund.
depositaries:
38,039,560.97
lawful money)
To credit of TreasRetirement of add'i
6,073,742.75
urer of U. S
circulat'g
Act
notes
other
To credit of
1,350.00
of May 30 1908_ __
22,518,245.67
Govt. officers_ _ _
Uncollected items, exForeign depositaries:
9,746,796.14
changes. &c
To credit of Treas1,337,246.53
urer of U. S
479.115.706.66
To credit of other
2,021,713,008.08
1,350,733.63 Net balance
Govt. officers_ _ _
Philippine Treasury:
To credit of Treas1.065,053.31
urer of U. S
Total
2,500,828,714.74
Total
2.500,828,714.74
Total
Note.—The amount to the credit of disbursing officers and agencies to-day was
$623.524.739.63.
$1,275,810 in Federal Reserve notes, $2,243,212 in Federal Reserve ban/ notes,
and S21,636,25I in National bank notes are in the Treasury in process of redemption and are charges against the deposits for the respective 5% redemption funds
and retirements funds.
1,194,714,738
4,672,215,113
140,732,451
1,806,247
a Excess of credits (deduct).
Note 1.—AddltIonal expenditures on these accounts for this month and the fiscal
year 1934 are included under Emergency Expenditures, the classification of which
will be shown In the statement of classified receipts and expenditures appearing
on page 4 of the daily Treasury statement for the 15th of each month.
TREASURY CASH AND CURRENT LIABILITIES.
The cash holdings of the Government as the items stood
May 31 1934 are set out in the following. The figm es
are taken entirely from the daily statement of the United
States Treasury as of May 31 1934.
Assets—
Gold
34,216,1E6
306,739
713,351
3,290,944
297,986
10,000000
651,809
Note 2.—On and after May 27 1933 repayments of loans made from Agricultural
Marketing Fund—Federal Farm Board, and Interest thereon, are reflected as
credits in the expenditures of the Farm Credit Administration.
Note 3.—Emergency expenditures for the fiscal year 1933 (except Reconstruction
Finance Corporation) are included in general expenditures, the classification of
which emergency expenditures is not available for corn parLson with emergency
expenditures for the fiscal year 1934. Therefore neither the totals of general expenditures not the totals of emergency expenditures for the two fiscal years are comparable.
Note 4.—Total expenditures and excess of expenditures for the fiscal year 1933
include expenditures made by the Reconstruction Finance Corporation, whereas
in last year's daily Treasury statements Reconstruction Finance Corporation expenditures appeared on page 3.
Note 5.—The classification of receipts and expenditures on account of contributed
funds prior to the fiscal year 1934 is not available. Such receipts and expenditures
were classified as special funds and are included in the receipts and general expenditures under General and Special Funds for the fiscal year 1933.
71,870,505
67.359.680} 2,109,889,337
Excess of receipts
291,100,692 3,647,235,455 2,878,947,458
Excess of expenditures (note 4). 312,791,332
Summary.
291,100,692 3,647,235,455 2,878,947,458
312,791,332
Excess of expenditures
6,896,300
7,419,743
359,768,593
461.604,230
Less public debt retirements_
Excess of expenditures (exclud'g
284,204,393
305,371,589
3,287,466,862
2,417,343,258
public debt retirements)
Trust & contributed funds and
Increment on gold, excess of
+4,293,794
+3,633.672
—830,629,761
+1,806,247
receipts(—)or expends. (-1-r_
288,498,186 2,456,837,101 2.419,149,505
309,005,261
Total excess of expenditures
Increase (+1 or decrease (—)in
—272,268,565 +123,678,619 +1,159,507,787 --52,765,967
general fund balance
412,176,805 3,616,344,888 2.366 383 538
36,736,696
Increase in the public debt
Public debt at beginning of
26,118,280,752 21,441,209,176 22,538,672,560 19,487,002,444
month or year
26,155,017,448 21,853,365,981 26,155,017,448 21,853,385,962
Public debt this date
Trust and Contributed Funds
and Increment on Gold.
(See note 5)
Receipts—
9,835,709
9,937,536
142,063,354
138,926,204
Trust and contributed funds
Increment resulting from reduc298,868
2,811,162,310
tion In weight of gold dollar_
9,635,709 2.953,225,664
10,236,404
138,926,204
Total
Expenditures—
122,595,902
14,129,503
140,732,451
13,870,076
Trust and contributed funds._
Chargeable against increment on
gold:
2.000,000,000
Exchange stabilization fund.
Total
Excess of receipts or credits_
Excess of expenditures
3899
Financial Chronicle
Volume 138
TREASURY MONEY HOLDINGS.
The following compilation, made up from the daily Goliernment statements, shows the money holdings of the Treasury at the beginning of business on the first of March,
April, May and June 1934.
loklings In U.,S. Treasury Mar. 1 1934. April 1 1934
May 11934. June 11934.
Net gold coin and bullion_ 3,302,788,571 3,197,338.263 1,177,503,999 1,142.563,274
55.450,225
47,739,093
46,199,257
47,381.652
Net silver coin and bullion
3.242.571
3,439.868
2,133,836
2,864,366
Net United States notes_ _
21,729,326
19,950,435
21,174,245
17,774,695
Net National bank notes.
13.614,445
16,478,030
16,459,125
Net Federal Reserve notes
17,041,690
2.243.212
2.158.375
2,359.041
1,876.159
Net Fed. Res. bank notes_
4.824.267
8,525,972
10.228,262
11,324.018
Net subsidiary silver
6,610,279
7,485,111
7,194,504
Minor coin. 360
6,965,532
Total cash In Treasury. 3408 016,683 3,303,086.533 1283 280,883 •1250 277.599
Less gold reserve fund._ 156,039,088 156,039,088 156,039,088 156,039.431
Cash balance In Treas'y 3,251.977,595 3,147,047,445 1,127,241,795 1,094,238,168
Dep. In spee'l depositories
account Treas'y bonds,
Treasury notes and certificates of Indebtedness 1,944,487,000 1,914,432,000 1,443,651,000 1,314,617,000
59,628,524
Dep. In Fed. Res. bank
98,536,605 145,930,157
109.848.573
Dep. In National banks—
6,073.743
7,227,012
6,698,242
To credit Treas. U. S
7.190.726
22,518,246
21.304,772
23,649.134
To credit disb. officers_
21,844,679
1,065,053
1,157.584
862,698
Cash In Philippine Islands
1,054.228
2,687,981
2,711,049
2,724,887
Deposits In foreign depts.
3.020.749
Dep. In Fed. Land banks
Net cash In Treasury
5.339.423.550 5,193,951,011 2,749,223,369 2,500.628,715
and In banks
Deduct current liabilities_ 437,654,630 376,080,395 455,241,796 479,115,707
Available cash balance_ 4,901,768,920 5.817,870.616 2.293,981,573 2.021,713.008
• Includes June 1 144,860,725 silver bullion and $4,136,355 minor, &c., coin
not Included In statement "Stock of Money."
3900
Financial Chronicle
PRELIMINARY DEBT STATEMENT OF THE
UNITED STATES MAY 31 1934.
The preliminary statement of the public debt of the United
States May 31 1934, as made upon the basis of the daily
Treasury statement, is as follows:
Bonds2% Consols of 1930
2% Panama Canal Loan of 1916-38
2% Panama Canal Loan of 1918-38
3% Panama Canal Loan of 1961
3% Conversion bonds of 1946-47
234% Postal Savings bonds(7th to 46th series)
$599,724,050.00
48,954,180.00
25,947,400.00
49.800,000.00
28,894,500.00
78,030,240.00
1,933,210,300.00
• % Fourth Liberty Loan of 1933-38 (called
and uncalled)a
4,421,632,050.00
Treasury bonds:
6,354,842,350.00
• % bonds of 1947-52
$758,983,300.00
4% bonds of 1944-54
1,036,834,500.00
bonds
of
1946-56
334%
489,087,100.00
334% bonds 01 1942-47
454.135,200.00
334% bonds 01 1940-43
352,993,950.00
• % bonds of 1941-43
544,914.050.00
334% bonds of 1946-49
819,096,500.00
3% bonds ot 1951-55
755,481,350.00
334% bonds of 1941
834,474,100.00
% bonds of 1943-45
1,400,570,500.00
33.1,% bonds of 1944-46
1,061,744,100.00
8,508,314,650.00
Total bonds
15.694,507,370.00
Treasury Notes234% Series 5-1934, maturing Aug. 1 1934_ __
345,292,600.00
3% Series A-1935, maturing June 15 1935____
416,602,800.00
134% Series B-1935, maturing Aug.1 1935....
353,865,000.00
• % Series 0-1935, maturing March 15 1935_
528,101,600.00
• % series D-1935, maturing Dec. 15 1935__
418,291,900.00
• % Series A-1936, maturing Aug. 1 1936_
364,138,000.00
234% Series B-1936, maturing Dec. 15 1936_
357,921,200.00
234% Series 0-1936, maturing April 15 1936._
558,819,200.00
334% Series A-1937, maturing Sept. 15 1937._
817,483,500.00
3% Series B-1937. maturing April 15 1937____
502,361,900.00
3% series 0-1937, maturing Feb. 15 1937._
428,730,700.00
% Series A-1938, maturing Feb. 1 1938..
276,679,600.00
234% Series B-1938. maturing June 15 1938.818,056,800.00
3% series 0-1938, maturing Mar. 15 1938____
455,175,500.00
4% Civil Service Retirement Fund. Series
1934 to 1938
6% Foreign Service Retirement Fund, Series
1934 to 1938
4% Canal Zone Retirement Fund, Series 1936
to 1938
Certificates of indebtedness34% Series TJ-1934, maturing June 15 1934._
134% series TS-1934, maturing Sept. 15 1934_
234% series TD-1934, maturing Dec. 151934.
4% Adjusted Service Certificate Fund Series,
maturing Jan. 1 1935
$6,441,520,300.00
231,700,000.00
2,363.000.00
2,214.000.00
6,677.797,300.00
$174,905,500.00
524,748,500.00
992,496,500.00
51,692,150.500.00
119,700,000.00
1,811.850,500.00
Treasury Bills (Maturity
Series maturing June 20 1934
Series maturing June 27 1934
Series maturing July 3 1934
Series maturing July 11 1934
Series maturing July 18 1931
Series maturing July 25 1934
Series maturing Aug. 1 1934
Series maturing Aug. 8 1934
Series maturing Aug. 8 1934
Series maturing Aug. 15 1934
Series maturing Aug. 15 1934
Series maturing Aug. 22 1934
Series maturing Aug. 29 1934
Series maturing Sept. 5 1934
Series maturing Sept. 26 1934
Series maturing Oct. 3 1934
Series maturing Oct. 10 1934
Series maturing Oct. 17 1934
Series maturing Oct. 24 1934
Series maturing Oct. 31 1934
Series maturing Nov. 7 1934
Series maturing Nov. 14 1934
Series maturing Nov. 21 1934
S100,110,000.00
50,091,000.00
50,151,000.00
50,257,000.00
75,047,000.00
75,325,000.00
75,056,000.00
50,078,000.00
75,114,000.00
75,044,000.00
50,254,000.00
50,457.000.00
75,088,000.00
100,236,000.00
50,525,000.00
50,096,000.00
50,225,000.00
50,033,000.00
50,040.000.00
50.037,000.00
50.173,000.00
50,080.000.00
50,140,000.00
Debt Bearing No InterestUnited States notes
Less gold reserve
Deposits for retirement of National bank and
Federal Reserve bast notesOld demand notes and fractional currency__
Thrift and Treasury savings stamps, unclassified sales, do)
Receipts at-
Flour. i
tsWheat.
Corn. I
Oats.
Rye.
Barley.
518.1961bs
h.60155.bush.56 lbs.lbush. 32 lbs. bush.56I5s.
bush.48lbs.
New York...
87,000
227,000
79.0001
56,000
Philadelphia..
21,000
6.0001
6.000
2,000
Baltimore..
2,000
8.000
13,0001
6,000
New Orleans•
22,000
12,000
22,000
45,0001
Galveston_ 2,000
Montreal..._
55,000, 1,527,000
66,000
25,000
Boston
31,0001
1,000
4,000
Sorel
136.000
Halifax
8.000
Quebec
I
376,000
Total wk.'34_
232,000' 2,282,000
Since Jan.1'34 5.829,000 26,094,000
144,000
3,053,000
160,000
2,486,000 1,030,000
27,000
235,000
Week 1933._
309.000 1,782,000
102,000
56,000
Since Jan.1'33 6,583,000 28,292,000 2,059 .000 1,931,000
116,00s
107,000
* Receipts do not include grain passing through New Orleans
for foreign porta
on through bills of lading.
The exports from the several seaboard ports for the
week
ending Saturday, June 2 1934, are shown in the annexed
statement:
Wheat.
Bushels.
237,000
3,000
136,000
1,527,000
376.000
Corn.
Bushels.
1,000
1,000
Flour.
Barrels.
Oats.
Rye,
Barley.
Bushels, Bushels. Bushels.
12,785
3,000
55.000
66,000
25,000
8,000
Total week 1934._ 2,279,000
Same week 1933_ _ _. 2,579,000
2,000
1,000
78,785
131,665
66,000
3,000
25,000
47,000
The destination of these exports for the week
and since
July 1 1933 is as below:
Flour.
Exportsfor Week
and Since
July 1 to-
Week
June 2
1934,
$25,587,812,170.00
Barrels.
United Kingdom_ 51,000
Continent
6,900
So. dr Cent. Amer. 1,000
West Indies
3,000
Brit. No. Am. Col. 6,000
Other countries..... 10,885
$1,511,210.26
2,043,950.00
3,296,200.00
11,100.00
845,250.00
4,290,350.00
17,8.5.5,850.00
28,222,000.00
458,925.00
Total 1934
Total 1933
78,785
131.665
Wheat,
Corn.
Since
Week
Since
Week
Since
July 1
June 2
July 1
June 2
July 1
1933.
1934.
1933,
1934.
1933.
Barrels.
Bushels.
Bushels.
2,582,886
752,000 41,644,000 Bushels. Bushels.
368,000
613.677 1,508,000 57,280,000
256,000
59,000
4,000
548,000
1.000
2,000
770,000
3,000
51,000
52,000
65,000
1,000
202,233
12,000
735,000
1,000
13,000
4,292.796 2.279,000 100,168,000
2,000
692,000
3,811,107 2,579,000 144,740,000
1 non s ale non
58,534,835.26
NATIONAL BANKS.
The following information regarding National
banks is
from the office of the Comptroller of the Currency,
Treasury
Department:
$346,681,016.00
156,039,430.93
$190,641,585.07
312,677,722.00
2,037,455.03
CHARTERS ISSUED.
3.313,680.91
Total gross debt
$26,155,017,448.27
a Includes amount of outstanding bonds called for redemption on April 15 1934.
on which interest has ceased.
COMPARATIVE PUBLIC DEBT STATEMENT.
(On the basis of daily Treasury statements.)
Aug. 31 1919,
Mar. 31 1017,
When War Debt
May 311933,
Was at Its Peak.
Pre War Debt.
a Year Ago.
1,282,044,346.28 26,596,701,648.01 21,853,385,981.45
Gross debt
74,216.460.05 1.118,109,534.76
Net balance In general fund_
364.321,210.87
Gross debt less net bal•
ance in general fund_ _ _ 1.207,827,888.23 25,478,592,113.25 21,488,954,770.58
April 30 1934,
Last Month.
May 311934.
26,118,280,752.48 26,155,017,448.27
2,293,981,573.12 2,021,713,008.08
Gross debt leas net balance In general fund-23,824,299.179.36 24,133,304,440.19
Total receipts of flour and grain at the seaboard ports
for
the week ending Saturday, June 2 1934, follow:
New York
New Orleans
Sorel
Montreal
Quebec
Halifax
508,670.443.01
Gross debt
Net balance in general fund
Flour.
Wheat.
Corn.
Oats.
I
Rye.
Barley.
bbls.196185 bush 60 lbs bush.56 lbs. bush. 32 lbs.
bush.56lbs.bush.48155.
Chicago
188,000
487,000
677,000
253,000
604,000
137.000
Minneapolis..
499,000
126,111
89,000
31,000
281,000
Duluth
840,000
155,000
23,000
17,000
57,000
Milwaukee_ -.
11,00
126,000
130.000
20,000
68,000
219,000
Toledo
78,000
18,000
285,000
1,000
Detroit
16,000
2,000
15,000
12,000
Indianapolis_ _
10,000
168,000
166.000
31,000
St. Louis_ _ _
114,000
150,000
199,000
104,000
6,000
15,000
Peoria
31,000
6,000
188,000
44,000
6,000
45.000
Kansas City_ _
10,000
433,000
103,000
16,000
Omaha
103,000
134,000
27,000
St. Joseph_ _ _
25,000
49,000
12,000,
Wichita
254,000
17,000
Sioux City...
35,000
12,000
2,000
11,000
Buffalo
4,174,000 1,167,000
284,000
69,000
Total wk.'34.
354,000 7,236,00073,143,000 1,327,000
846,000
Same wk.'33.
365,000 6,881,000 7.095.000 2,259,000, 779.000
Same wk.'32.
335.000 5,867,000 2,283,000 1,698,000, 753,00 1,364,000
175,000
316,000
1
Since Aug.11933
15,175,000 204,601,000 174.671,
65,971,000
47.238.000
1932
16,827,000299,129,000 186,661,000 85,519,000 11,185,
1931
17,985,000 290,545,000 116,325,000 65.856,000 14,577,000 45,861,000
7,519,05030,291,000
Exportsfrom-
1.403,657,000.00
Total interest-bearing debt outstanding
Matured Debt on Which Interest Has CeasedOld debt matured-Issued prior to April 1 1917
4% and 434% Second Liberty Loan bonds of
1927-42
434% Third Liberty Loan bonds 01 1928
354% Victory Notes of 1922-23
4h % Victory Notes of 1922-23
Treasury notes, at various interest rates
CUs. of Indebtedness, at various Int. rates-Treasury bills
Treasury Savings Certificates
BREADSTUFFS.
Figures Brought from Page 3973.-All the statement
s
below, regarding the movement of grain-receipts, exports,
visible supply, &c.-are prepared by us from figures collected
by the New York Produce Exchange. First we give
the receipts at Western lake and river ports for the week ending last
Saturday and since Aug. 1 for each of the last three years:
Receipts at-
$831,350,370.00
Phut Liberty Loan of 1932-47:
334% bonds
11.392.226.350.00
4% bonds (converted)
5,002,450.00
• % bonds (converted)
535,981,500.00
June 9 1934
Capital.
May 26-First National Bank in Tonasket. Tonasket,
Wash_ ___ $50,000 •
Capital stock consists of $30,000 common stock
and 220,000
preferred stock. President, Arthur Lund;Cashier,
E. Workosky. Will succeed No. 10407, The First National
Bank of
Tonasket.
May 28-First National Bank In West Concord, West
Concord
Minn
____ 50,000
Capital stock consists of $20,000 common stock and
$30,000
preferred stock. President, A. W. Schmidt;
Cashier,
W.
E.
Glamor. Will succeed No. 5362, The First
National Bank
of West Concord.
May 29-First National Bank In DeRidder, DeRidder,
Capital stock consists of $25,000 common stock andLa
$25,000
preferred stock. President, J. F. Sugrue;
Nichols. Will succeed No. 9237, The First Cashier, J. C.
National Bank
of DeRidder.
May 29-First National Bank in Sykesville, Sykesville,
Capital stock consists of $25,000 common stock andPa
preferred stock. President, B. B. Weber; Cashier,$25,000
Semple. Will succeed No. 7488. The First National W. R.
Bank of
Sykesville.
50,000
50,000
May 29-First National Bank In Bangor, Bangor, Pa
200.000 •
President, John Stiles; Cashier, A. ei. Abel. Will
succeed No.
2659, The First National Bank of Bangor.
Volume 138
1
AUCTION SALES.
Among other securities, the following, not actually dealt in
at the Stock Exchange, were sold at auction in New York,
Jersey City, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
$ per Share.
Shares.
Stocks.
2,000 of the capital stock of the par value of $100 each of Jasper Land Co. of
Jasper. Ala., an Alabama corporation, offered for sale pursuant to an agreement of pledge to Chase National Bank of the City of New York, as
pledgee, set forth in promissory note dated July 5 1929, payable to the
1
Chase National Bank of the City of New York
2
120 Bansicilla Corp.(N. Y.) class A, no par
4
30 Bansicilla Corp.(N. Y.) class B, no par
4 Municipal Florida Land Owners, Inc., par $100
$1 lot
1,333 1-3 capital stock of Northern Terminal Corp. of New York
$100 lot
174 The E. Day Co. (Conn.) common, par $100
1134
50 Camden Rail dr Harbor Terminal Corp.(N. J.), no par
$6 lot
By Adrian H. Muller & Son, Jersey City, N. J.:
Shares.
Stocks.
2,000 Kreuger & Toll Co. American Certificates
520 A. B. See Elevator Co., Inc., 1st prefd
$ per Share.
$16 lot
@$7
By R. L. Day & Co., Boston:
Stocks.
Shares.
25 National Rockland Bank, Boston, par $20
50 Irving Trust Co., New York, par $10
100 E. Howard Clock Co. preferred, par $100
40 Western Massachusetts Companies
25 New Hampshire Fire Insurance Co., par $10
100 Providence & Washington Insurance Co., par $10
g per Share.
59
1734
7
2534
3534
2834
By Crockett & Co., Boston:
Stocks.
Shares.
1 Chase National Bank of New York, par $13.55
1 Irving Trust Co.. New York, par $10
300 Rights First National Bank
1 Saco Lowell Shops first preferred, par $100
3 Business Properties Associates
Bonds$200 Associated Gas dr Electric Co. registered cony. 5s, May 15 1965
$100 Cities Service Co. convertible 58, June 1 1950
S per Share.
2834
1731
534c.
36
60
Per Cent.
1594
4234
By A. J. Wright & Co., Buffalo:
Stocks.
Shares.
10 Angel International Corp
3901
Financial Chronicle
May 29-South Philadelphia National Bank of Philadelphia. Capital.
Philadelphia. Pa
$500,000
Capital stock consists of $200,000 common stock and $300,000
preferred stricig. President, Norman C. Ives; Cashier C.
Russell Arnold. Will succeed No. 3498, The Southwestern
National Bank of Philadelphia, and No. 352, The Sixth
National Bank of Philadelphia.
May 31-The First National Bank in Traer, Traer, Iowa
50,000
President, It. J. Morison; Cashier, K. P. Moore. Will succeed No. 5135, The First National Bank of Traer.
May 31-First National Bank in Golconda, Golconda, Ill
50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, A. L. Robbs; Cashier, 0. R.
Kerley. Will succeed No. 7385, The First National Bank of
Golconda.
May 31-The Citizens National Bank of Ashland. Ashland, Neb.. 50,000
President, J. C. Railsback; Cashier, M. Lynn Judy. Will
succeed No. 2921, The National Bank of Ashland.
May 31-LaFayette National Bank, LaFayette, Ind
250,000
Capital stock consists of $100,000 common stock and $150,000
preferred stock. President, Burr S. Swezey; Cashier, Perry
Davis. Will succeed Fowler Bank City Trust Co. of LaFayette.
June 1-First National Bank in Waynesboro, Waynesboro, Miss- 50,000
Capital stock consists of $20,000 common stock and $30,000
preferred stock. President, Robert Golden; Cashier V. B.
McWhorter. Primary organization.
June 1-The Sea Bright National Bank, Sea Bright, N. J
50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, Ira D. Emery; Cashier. William
V. Smith, Will succeed No. 13552, First National Bank in
Sea Bright.
VOLUNTARY LIQUIDATIONS.
May 26-The First National Bank of Gouverneur, New York
200.000
Effective May 25 1934. Lig. committee: Nelson R. Caswell
Henry R.Freeman and Geo. A. Lockie, care of the liquidating
bank. Succeeded by First National Bank in Gouverneur,
charter No. 13911.
May 29-The First National Bank of Calvin, Okla
25,000
Effective May 26 1934. Lig. agent: C. H. Wilbanks, care
First National Bank, Hoidenville, Okla. Absorbed by The
First National Bank of Holdenville, Okla., charter No.5270.
May 29-The First National Bank of Cecil, Pa
25,000
Effective May 19 1934. Lici. committee: C. T. Littell, John
Quinn and John F. Wagner, care of the liquidating bank.
Succeeded by First National Bank in Cecil,charter No.14094.
May 29-The Vallejo Commercial National Bank, Vallejo Calif
100,000
Effective May 18 1934. Lig. agent: W. C. Marshall, care of
Corporation of America,460 Montgomery St., San Francisco,
Calif. Absorbed by Bank of American, San Francisco, Calif.
50,000
Moff 29-The Placerville National Bank, Placerville, Calif
Effective May 22 1934. Lig. agent: W. C. Marshall, care of
Corporation of America,460 Montgomery St., San Francisco,
Calif. Absorbed by Bank of America, San Francisco, Calif.
May 29-First National Bank in Grass Valley, Calif
50,000
L....Effective May 22 1934. Lig. agent: W. C. Marshall, care of
Corporation of America,460 Montgomery St., San Francisco,
Calif. Absorbed by Bank of America, San Francisco, Calif.
May 31-The First National Bank of Paris, KY
100,000
Effective May 9 1934. Lig. agent: D. L. Walker, care of the
liquidating bank. Succeeded by The National Bank & Trust
Co. of Paris, charter No. 14076.
May 31-The First National Bank of Hamlin, Tex
40,000
Effective May 19 1934. Lig. agent: Martin McCain, Hamlin.
4. Tex. Absorbed by The Farmers & Merchants National Bank
of Hamlin, charter No. 12700.
June 1-The Walters National Bank, Walters, Okla
50,000
Effective April 16 1934. Liq. agent: George W.Smith, care of
the liquidating bank. Succeeded by the Walters National
Bank, Walters, Okla., charter No. 14108.
June 1-The First National Bank of Gladstone, Mich
50,000
Effective May 28 1934. Lig. committee: M. M. Bonz, Glenn
W. Jackson and E. J. Noreus, care of the liquidating bank.
Succeeded by First National Bank in Gladstone, charter No.
14111.
CONSOLIDATION.
May 31-Crocker First National Bank of San Francisco, Califf.
--6,000,000
Crocker First Federal Trust Co., San Francisco. Calif
1,500,000
Consolidated to-day under the provisions of the Act of Nov. 7
1918, as amended Feb. 25 1927 and June 16 1933, under the
charter and title of Crocker First National Bank of San
Francisco, No. 1741. with capital stock of $6,000,000 and
surplus of $5,000,000.
BRANCH AUTHORIZED.
June 1-National Bank & Trust Co. at Charlottesville, Va. Location of
branch: Town of Scottsville, Albemarle County, Va. Certificate No.
987A.
$ Per Share.
15e.
By Barnes & Lofland, Philadelphia:
Shares.
Stocks.
$ Per Share.
5734
12 Philadelphia National Bank, par $20
2434
20 Central-Penn National Bank, par $10
2934
30 Pennsylvania Co. for Ins. on Lives .3r Granting Annuities, par $10
1134
25 Real Estate-Land Title & Trust Co., par $10
61
22 West Jersey & Seashore RR. Co., par $50
Per Cent.
Bonds$1,000 The Guanajuato Reduction & Mines Co.6% 1st mtge., due July 1 1924.
Extended to July 1 1944. Certificate of deposit. (With 5 shares common
$101 lot
stock, par $1)
$500 The American Finance & Securities Co. (Del.) certificate of contingent
$50 lot
obligation (with 5 shares common stock, par $1)
34
$6,800 Delaware Valley Utilities Co.6% (M. A: N.) due 1952
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.
Agricultural Insurance (Watertown,N.Y.)(qu.)
65c July 2June 26
Allegheny & Western Ry.(s.-a.)
$3 July 2 June 20
Alles & Fisher. Inc. (quarterly)
10c July 2 June 15
July 2 Juhe 15
American Bakeries Corp.,7% pref.(quar.)$1.4
1
American Express Co.(quar.)
$134 July 2June 22
American Factors, Ltd.(monthly)_
10c July 10 June 30
American Optical Co., 1st pref.(guar.)
$134 July 2 June 16
American Paper Goods Co.. 7% Pref. (guar.)-- $134 June 15 June' 5
American Snuff Co., common (guar.)
75c July 2 June 14
Preferred (quarterly)
$134 July 2June 14
American Sugar Refining Co.. common (quar.)_
50c July 2June ba
Preferred quarterly
$134 July 2June Sc
American Woolen Co., Inc., preferred
$134 July 16 June 15
American Wringer (guar.)
6234c July 2 June 15
Anglo-Persian Oil, Am.dep.rec. ord.re5
w734% Aug. 7 June 8
Appalachian Electric Power Co.,7% pref. (qu.)
134 July 2 June 5
134 July 2 June 5
$6 Preferred (quarterly)
Apponaug Co., common (quarterly)
50c June 30 June 15
Associated Breweries, (Can.), pref. (quar.)_ _
$1% July 1 June 15
Atchison Topeka Sr Santa Fe By.Co.,pref.(s-a.) $2
Aug. 1 June 30
Atlas Powder Co. pref. guar.)
Aug. 1 July 20
$1
Automatic Voting
'Machine Corp.
Common (initial)
260 July 2June 20
Axton-Fisher Tobacco Co., A (quar.)
80c July 1 June 15
40c July 1 June 15
Class B (quarterly)
$134 July 1 June 15
Preferred (quarterly)
Baldwin,6% cum. pref. (guar.)
$134 July 14 June 30
June 15 May 31
Preferred A (quarterly)
July 2 June 12
Bankers Trust Co.(quarterly)
734
64June 30
Basic Insurance Shares, bearer (s.-a.)
15c July 2 June 20
Bickford's, Inc.. common (guar.)
6234c July 2June 20
Preferred (quarterly)
$134 June 15 May 15
Biltmore Hats.7% preferred (quarterly)
1234c July 2June 25
Bird & Son, Inc. (quarterly)
lOc June 27 July 16
Bloomingdale Bros.. Inc.,common (guar.)
Sc June 20 May 31
Bondini Petroleum (monthly)
$134 July 2June 9d
Boston Elevated By. Co. (quar.)
$134 June 30
Boston Warehouse & Storage Co.(guar.)
June 15 June 10
Boyd-Richardson,8% Prof
260 June 18 May 31
Bristol Brass Corp.(guar.)
$1% July 2 June 15
7% preferred (guar.)
37c July 16 June 30
British Columbia Power Co., class A (quar.)-- _
20c July 1 June 18
Broad Street Investing Co., Inc
260 July 16 June 15
Bruck Silk Mills, Ltd. (guar.)
50c July 3 June 15
Burt (F. N.) Co., Ltd., corn. (guar.)
$1 N, July 3 June 15
Preferred (guar.)
S135 July 3 June 15
Calgary Power Co., corn. (quar.)
$1% June 30 June 15'
Canadian Celanese, Ltd.,7% pref.(guar.)
h75c June 30 June 15
7% preferred
25c July, 1 June 20
Canadian Foreign Investors Corp. (guar.)
$2
July 1 June 20
8% preferred (quarterly)
75c July 2 June 15
Canadian General Electric, corn. (guar.)
8735c July 2 June 15
Preferred (guar.)
$1% June 30 June 20
Canfield Oil, pref. (guar.)
50c July 2 June 16
Cannon Mills Co.(quarterly1
Capital Administration Co., Ltd.
760 July 1 June 18
Preferred series A (guar.)
$134 July 2 June 20
Carnation Co.,7% pref. (guar.)
Celanese Corp. of America,7% 1st preferred_-- $334 June 30 June 15
$134 July 1 June 15
7% prior preferred (guar.)
Central Aguirre Associates (guar.)
3734c July 2 June 19
Central Hanover Bank & Trust Co.(quar.)_ _ _ _ $134 July 2 June 18
June 25 June 16
Cnicago, Burlington & Quincy R.R
$1.12 July 2 June 20
Cincinnati & Suburban Bell Telep. Co.(guar.)
July 1 June 20
50c
Clorox Chemical (quarterly)
$1% July 2 June 21
Cluett, Peabody & Co. pref. (guar.)
25c June 30 June 9
Colt's Patent Fire Arm;Mfg. Co.(guar.)
25c June 30 June 18
Congress Cigar Co., corn. (quar.)
July 2
Connecticut Fire Ins.. Hartford (quar.)
Connecticut & Passumpsic Rivers RR.
$3 Aug. 1 July 1
Preferred (s.-a.) _
20c July 1 June 15
Continental Bank az Trust Co. (guar.)
Continental Gas & Electric Corp., pref. (quar.)_ $134 July 2 June 12
114-Sc June 30
Corporate Trust Shares, original (s.-a.)
11.3c June 30
Series AA (semi-annual)
4.7c June 30
Series AA modified (semi-annual)
11.3c June 30
Accumulative (semi-annual)
4.7c June 30
Modified (semi-annual)
134 July 14 June 20
Diamond State Telep.,
% pref. (guar.)
Dominion Rubber Co , pref. (quar.)
134 June 30 June 20
$2 July 2 June 20
Duplan Silk Corp., pref. (quar.)
25c June 30 June 20
Early & Daniel Co. (quar.)
7% pref. quarterly
$134 June 30 June 20
Sc dJune 9 May 25
Eastern Malleable Iron Co
Eastern Steamship Lines, 1st pref. (qu.)
$134 July 2 June 15
8734c July 2 June 15
Preferred (quar.)
Ecuadorian Corp., Ltd., corn.(guar.)
ule July 1 June 9
Preferred $100 par (semi-ann.)
3%% July 1 June 9
Elizabethtown Water Consol.
$2 June 30 June 20
Endicott-Johnson Corp., corn. (guar.)
75c July 1 June 18
Preferred (guar.)
July 1 June 18
$1
Fall River Electric Light (guar.)
760 July 2 June 15
Fanny Farmer Candy Shops(guar.)
260 July 2
Preferred (quarterly)
60c July 2
Fear (Fred) & Co.(guar.)
50c June 15 June 4
Federal Insurance Co. (Jersey City, (s.-a.)
$1 July 1 June 21
Federated Dept. Stores, Inc. (guar.)
15c July 2 June 21
Extra
10c July 2 June 21
Fidelity Title & Trust (Stamford),(guar.)
$134 June 30 June 30
Fifth Ave. Bank (guar.)
$6 July 1
Extra
$10 July 1
Filene's (Wm.) Sons Co., corn. (guar.)
20c Jkly 2 June 20
Extra
10c July 2 June 20
Preferred (quar.)
$134 July 2 June 20
Finance Co. of Penna.(guar.)
$234 July 2 June 16
First Instwanstocks (quar.)
2c June 15 June 9
$134 July 2 June 15
Fisher Flouring Mills, 7% pref. (quar.)
Five-Year Fixed Trust Shares, bearer (s.-a.)
291-5c June 30
Fixed Trust Oil Shares, bearer (s.-a.)
12.2c June 30
Original series, bearer (s.-a.)
17.1c June 30
Series B. Dearer (s.-a.)
16c June 30
Gachin Gold Syndicate (quar.)
15c June 30 June 15
10c June 30 June 15
Extra
1
3902
Financial Chronicle
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
General American Investors Co., Inc., pref.(qu.) $13i July 2 June 20
General American Transportation Corp.—
Common (semi-annual)
50c July 1 June 15
General Printing Ink Co., common
150 July 2 June 18
Preferred (quarterly)
July 2 June 18
$1
Granite City Steel Co.(guar.)
25c June 30 June 18
Greif Bros. Cooperage Corp., cl. A,corn
25c July 2June 150
Green (D.) Co.,6% preferred (guar.)
$154 July 2 June 15
Guaranty Trust Co.of N. Y.(guar.)
5% June 30 June 8
Gulf Power Co.,$6 pref. (guar.)
$1
July 2 June 20
Gurd (Chas.),7% pref. (quar.)
$1
July 2 June 15
Heath (D. C.) & Co., pref. (guar.)
$ig June 30 June 28
Hiram Walker-Gooderham & Worts, Ltd.—
Capital stock (guar.)
r25c June 15 May 25
Hoelscher (Wm.)& Co., pref. (s•-a.)
20c July 2 June 30
Homestake Mining Co. (monthly)
$1 June 25 June 20
Extra
$1 June 25 June 20
Howes Bros. Co.. 7% 1st pref. (guar.)
$1 g June 30 June 20
7% preferred (quarterly)
Slit June 30 June 20
6% preferred (guar.)
June 30 June 20
$1
Huylers of Del., 7% pref. stamped (guar.)
July 2
7% preferred unstamped (guar.)
$1 July 2
Imperial Chemical Industries, Am. dep. rec-19c June 8 Apr. 12
Incorporated Investors (semi-annual)
25c July 20 June 21
Indiana General Service, 6% pref. (guar.)
$13 July 2 June 5
Indiana & Michigan Electric,7% pref. (quar.).... $1
July 2 June 5
$1
6% preferred (guar.)
July 2 June 5
Inland Investors, Inc.(guar.)
15 July 2 June 20
International Carriers, Ltd., capital stock
Sc July 2 June 18
International Hydro-Elec. System, pref. (guar.) 87Sic July 16 June 25
International Nickel of Can., pref. (quar.)
$15( Aug. 1 July 3
International Shoe Co.. corn.(quar.
50c July 1 June 15
Intercolonial Coal, Ltd. (s.-a.)
$2 July 3 June 21
8% preferred (s.-a.)
$4 July 3 June 21
Jamestown Telep. Corp.7% 1st pref.(guar.)... $154 July 2 June 15
Series A preferred (semi-annual)
$2S4 July 2 June 15
Jefferson Electric Co
25c July 2 June 15
Jersey Central Power & Light Co.
7% preferred (quar.)_
$15' July 1 June 11
6% preferred (guar.)
July 1 June 11
$1
5 g% preferred (guar.)
$1
July 1 June 11
Johns-Manville Corp., pref. (quar.)
$154 July 2 June 18
Preferred (quarterly)
$1 g July 2 June 18
Langennorf United Bakeries, class A
25c July 15 June 30
Leeman Corp.(guar.)
60c July 6 June 22
Kansas Elec. Power Co.,7% pref.(guar.)
$154 July 2June 15
6% Jr. preferred (quarterly)
July 2June 15
$1
Kayner Co.,7% pref. (guar.)
$13j July 2
Kermecott Copper
iSo June 30 June 15
Keystone Custodian Fund D
3z5.96c. June 15
Series G-1
6.25c June 15
Series H-2
32c June 15
Keystone Public Berl. $2.80 pref. (guar.)
70c July 1 June 15
L'Air Liquid°, Amer. dep. receipts
$1.28 June 8 May 31
Lambert Co., common (guar.)
75c July 2 June 18
Lazarus (F. & R.) Co. corn. (guar.)
10c June 30 June 20
Extra
Sc June 30 June 20
Little Schuylkill Nay., RR.& Coal (semi-ann.)_ $1.10 July 15 June 15
Loew's. Inc. (guar.)
250 June 30 June 16
Loew's (Marcus) Theatres, 7% pref
h$111 June 30 June 15
Ludlow Mfg. Assoc
June I May 5
$1
Mack Trucks, Inc
2
June 30 June 15
Magnin & Co
100 July 15 June 30
Marine Midland Corp. (guar.)
100 July 2 June 15
Marine Midland Trust (quar.)
37c June 21 June 18
Extra
15c June 21 June 18
May Department Stores (guar.)
40c Sept. 1 Aug. 15
McKeesport Tin Plate Co.(guar.)
$1 July 2 June 15
Mead Johnson & Co., corn. (quar.)
750 July 2 June 15
Extra
250 July 2 June 15
Preferred (semi-annual)
35c July 2 June 15
Merchants & Miners Transportation (guar.)
400 June 30 June 18
Merchants Nat. Realty6% pref. A & B (guar.)- $134 July I June 25
Metal Thermit Corp. guar.)
$1 Aug. 1 July 20
7% preferred (quar.)
$154 July 1 June 20
Minnesota Power & Light Co.7% pref
$1.31 July 2 June 11
$6 & 6% preferred
$1.12 July 2 June 11
Mississippi 'Valley Public Service—
d% preferred B (guar.)
$134 July 2 June 21
Missouri River-Sioux City Bridge Co. pref.(qu.)
y July 16 June 30
Mitchell(J. S.)7% pref.(guar.)
$134 July 3 June 15
Mock, Judson, Voehringer, common
250 July 15 July 1
$134 July 1 June 15
7% preferred (guar.)
Monroe Chemical, pref. (guar.)
8714c July 2June 15
No action was taken on tne corn.
Morristown Securities $5 pref.(s.-a.)
$214 July 2 June 15
Mountain Producers Corp. (guar.)
15c July 2 Jtme 15a
Mount Vernon Woodberry Mills, pref
h$214 June 30 June 16
Mutual Telephone (Hawaii)(mo.)
8c June 15 June 10
National Biscuit Co., corn. (guar.)
50c July 14 June 15a
Nashua Gummed & Coated Paper Co.
7% preferred (guar.)
$15‘ July 2 June 25
National Battery Co., pref.(quar.)
550 June 30 June 15
National Candy Co., corn. (guar.)
25e July 1 June 12
1st & 2nd preferred (guar.)
$134 July I June 12
National Tea Co., coin. (guar.)
15c July 2 June 14
Nevada-Calif. Electric, preferred
El Aug. 1 June 300
143 July 2 June 9a
Preferred
50c July 2 June 11
New England Power Assoc..$2 pref.(guar.).—
$1/4 July 2 June 11
$6 preferred (quarterly)
Common
25c July 16 June 30
Newport Electric,6% pref. (quar.)
$114 July 1 June 15
New River Co., preferred
14114 June 15 June 6
New York Shipbuilding Co.founders'sha.(gu.)10c July 2 June 21
Participating shares (guar.)
100 July 2 June 21
Preferred (guar.)
$154 July 2 June 21
Nipissing Mines Co
12Sic
North Shores Gas,7% pref
h50c July 2 June 9
Norwich & Worcester RR.8% pref. (guar.)
$2 July 2 June 15
Nova Scotia Light & Power (quar.)
75c July 2 June 16
May 26 May 26
Oakland Title Insurance & Guaranty (guar.)... $1
Ohio Edison, $7 preferred (guar.)
$1,' July 2 June 15
$1
July 2 June 15
$6 preferred (guar.)
July 2 June 18
Old Colony RR.(quar.)
$1
Old Colony Trust Assoc., 1st ser. tr.shs.(quar.)
1
July 2 June 15
Ontario bean & Debenture (guar.)
$13.4 July 3 June 15
Orange & Rockland Electric,7% pref. (quar.)_ _ $1
July 1 June 25
July 1 June 25
$1
6% preferred (guar.)
Pacific Finance Co.of Calif.(Del.)
Sc July 2 June 15
June 30 June 20
Pacific Telegraph & Telephone (guar.)
$1
July 16 June 30
Preferred (quar.)
$1
Parke Davis & Co. (extra)
10 June 30 June 20
Penna. Glass Sand, $7 preferred
1416 July 1 June 15
June 30 June 20
Peoples Coll. Corp., 8% pref. (s.-a.)
$154 June 30 June 20
7% preferred (s.-a.)
Common
50c June 30 June 20
Perfect Circle Co. (quarterly)
50c July 1 June 15
$1,' Oct. 1 Sept. 25
Peterborough RR.(semi-ann.)
Philip Morris Consolidated, Inc.—
43X July 2 June 18
Class A (quarterly)
July 2June 4
Phoenix Ins.(Hartford, Conn.)(guar.)
50c Sept. I Aug. 15
Photo Engravers & Electro
$154 July 2 June 15
Pie Bakeries. Inc.. 7% pref. (guar.)
75c July 2 June 15
$3 cum. 2d preferred (quar.)
Powdrell & Alexander. Inc., pref. (guar.)
$134 July 2 June 30
25c July 2 June 16
Pratt & Lambert. Inc., corn
Prudential Investors, Inc.. $6 pref. (guar.).
$1.14 July 16 June 30
June 15
Public Service Colorado, 7% pref. (monthly)_ 58 1-3c July
50c July 2 June 15
6°f preferred (monthly)
507 preferred (monthly)
41 2-3c July 2 June 15
$134 June 15 May 31
Pub lc Service Co.of N. H.,$6 pref.(guar.)._ _ _
$1 g June 15 May 31
$5 preferred (quarterly)
Name of Company.
June 9 1934
Per
When Holders
Share. Payable. ofRecord.
Reliance Mfg. Co.(Ill.), common (quar.)
15c Aug. 1 July 20
Preferred (quarterly)
$1 g July 1 June 20
Reynolds (R. J.) Tobacco, coin. (guar.)
75c July 2 June 18
Common B (guar.)
75c July 2 June 18
Ridge Ave. Passenger By.(Phila., Pa.)(guar.). $3
July 2June 15
Riverside Silk Mills,class A
h25c July 3 June 15
Class A (quarterly)
25c July 3 June 15
Ross Gear & Tool Co.,common (quar.)
30c July 1 June 20
Scranton Electric Co.,$6 preferred (guar.)
$114 July 2 June 5
Second Twin Bell (monthly)
20c July 5 June 30
Selected Industries. Inc..$514 prior stock (qu.)_ $154 July 1 June 16
Senior Securities, Inc. (guar.)
30c June 10 May 31
Shattuck (Frank G.) Co. (guar.)
6c July 10 June 20
Southwestern Bell Telephone. pref. (guar.)..._ $1% July 1 June 20
Southwestern Gas & Electric Co.,8% pref.(qu.) $2
July 2 June 15
Sparta Foundry (quarterly)
75c June 30 June 15
Springfield Gas & Electric Co.—
Preferred series A (guar.)
$154 July 2 June 15
Square D Co , class A
2734c June 30 June 20
Standard Oil Co.(Ohio), 5% pref. (quar.)
July 16 June 30
No action was taken on the common.
Starrett (L. S.), preferred (quarterly)
$1 g June 30 June 18
Supertest Petroleum Corp. (guar.)
25c June 30 June 15
Ordinary (guar.)
250 June 30 June 15
Bearer (quar.)
250 June 30
Ordinary bearer (guar.)
250 June 30
$7 preferred A (quar.)
$131 June 30 June 15
3734c June 30 June 15
$134 preferred 11 (guar.)
Sunset McKee Salesbook, Class A (guar.)
3734c June 15 June 4
Tampa Gas,8% preferred (quarterly)
June 1 May 19
7% preferred (quarterly)
$15.1 June 1 May 19
Taylor Milling Corp.(quar.)
250 July 2 June 12
Toledo Edison Co.. 7% pref.(monthly)
58 1-3c July 2 June 15
50c July 2 June 15
6% preferred(monthly)
41 2-3c July 2 June 15
5% _preferred (monthly)
62 Ac July 2 June 18
Trico Products Corp., common (guar.)
TA-Continental Corp.,$6 pref. (quar.)
July 1 June 16
Twin Bell Oil Syndicate(monthly)
July 5 June 30
$2
United Gold Mines
lc July 15 Tune 30
11.40450 July 1 June 1
United N. Y. Bank & Trust, C-3 reg..
ll.4048c July 1
C-3 bearer
$134 July 2 June 20
United States Gauge, 7% pref. (8.-a.)
$254 July 2 June 20
Semi-annual
July 2 June 18
United States Tobacco Co.,common ((Atari
154
Preferred (quarterly)
131 July 2 June 18
$15 July 2 June 20
United States Trust Co.(guar.)
$10 July 2 June 20
Extra
250 Aug. 1 July 5
United Verde Extension Mining (guar.)
20c June 30 June 20
Universal Products Co.(guar.)
30c July 2 June 15
Vortex Cup Co.. common
July 2 June 20
Walgreen Co., preferred (guar.)
Waukesha Motor Co..common (guar.)
$38t July 1 June 15
Western Grocers, Ltd., pref. (guar.)
g July 15 June 20
July 1 June 20
Western Tablet & Stationery.7% pref.(guar.)_ _
$111 July 2 June 15
West Jersey & Seashore RR.,common (s.-a.)..
10c Jun 15 May 31
Westland Oil Reyalty, A (monthly)
Woolworth (F. W.) & C0.—
10.7c June 8 May 16
American dep.receipts,6% preferred
25c Aug. 1 July 16
Young(L. A.) Spring & Wire,common
1
Below we give the dividends announced in previous weekand not yet paid. This list does not include dividends ans
nounced, this week, these being given in the preceding table.
Name of Company.
Per
When Holders
Share, Payable. of Record.
50c July 2 June 18
Abbott Laboratories, Inc. (guar.)
150 July 2 June 18
Extra
300 June 30 June 21
Abraham & Straus, Inc., coin.(guar.)
15c June 30 June 21
Extra
h8ltdc June 15 May 23
Acme Glove Works.634% pref
Adams Express Co., pref.(guar.)
Silt June 30 June 15
Sc July 1 June 15
Affiliated Products, Inc. (monthly)
Agnew Surpass Shoe Store. Ltd., pref.(guar.)._ $134 July 3 June 15
Alabama Great Southern RR. Co., preferred
307 Aug. 15 July 14
Alabama Power Co., $7 pref. (guar.)
$134 July 2 June 15
6 preferred (quar.
July 2 June 15
5
11
S preferred (quar.
Aug. 1 July 16
Albany & Susquehanna RR.(s.-a.)
$4
July 2 June 15
1
Allied Chemical & Dye Corp. pref. (guar.)
July 2 June 11
87 c July 1 June 26
Allied Laboratories preferred (guar.)
Alpha Portland Cement 7% pref. (guar.)
June 15 June 1
Aluminum Co. of Amer.. pref
July 1 June 15
Aluminum Mfg.(guar.)_
June 30 June 15
uarterly
50c Sept.30 Sept. 15
uarterly
50c Dec. 31 Dec. 15
preferred iquar.)
$154 June 30 June 15
7% preferred guar.)
$154 Sept.30 Sept. 15
7% preferred guar.)
$1 g Dec. 30 Dec. 15
Amalgamated Leather Cos.. Inc., pref
50c July 1 June 20
American Bank Note Co., pref. (guar.)
75c July 2 June 11
American Can Co., pref. (guar.)
1 g% July 2 June 150
American Chicle (quarterly)
75c July 2 June 12
American Cigar Co., common (guar.)
$2 June 15 June 1
Preferred (guar.)
$111 July 2 June 15
American Enka Corp. (guar.)
250 July 2 June 15
American Envelope,7% pref. (guar.)
$154 Sept. 1 Aug. 25
7% preferred (guar.)
$1 g Dec. 1 Nov. 25
American Factors. Ltd.(monthly)
100 June 9 May 31
American Felt 6% preferred (guar.)
$114 July 2 June 15
American Gas lc Electric, corn.(guar.)
25c July 2 June 7
Common (semi-annual)
July 2 June 7
Preferred (quarterly)
i?
Aug. 1 July 9
American Hardware Corp.(guar.)
2
July 1
Quarterly
25c Oct. 1
Quarterly
Jon.
American & Hawaiian Steamship Co. (guar.).25c July 2 June 15
American Home Products Corp.(mo.)
20c July 2 June 14
American Hosiery Co.(guar.)
3734c Sept. 1 Aug. 28
American Investment Co.of Ill., B (guar.)
7 c July 2 Tune 10
American Motorist Insurance Co.(guar.)
6 c July 1 June 25
American National Finance, pref. (1.-a•)
50c June 15 June 1
American Power & Light Co.$6 preferred
37
July 2 June 6
$5 preferred
31 c July 2 June] 6
American Safety Razor Corp.(guar.)
June 30 June'8
1
American Steel Foundries,-7% pref. (guar.).—
50c June 30 June 15
American Stores Co.(quarterly)
50c July 2 June 15
American Sugar Refining Co., corn. (quar.)_...
50c July 2 June 5
Preferred (quarterly)
$151 July 2 June 5
American Sumatra Tobacco Co
250 June 15 June 1
American Telephone & Telegraph (guar.)
$231 July 16 June 15
American Thread Co., pref. (8.-a.)
1214c July 2 May 31
American Tobacco Co. preferred (guar.)
I g % July 2 June 9
American Water Works & Electric Co.—
$6 first preferred (mar.)
$114 July 2 June 8
Anchor Cap Corp. cumulative (guar.)
15-C July 2 June 20
$614 preferred (quar.)
$154 July 2 June 20
Anglo-Persian Oil Co.ordinary shares
w 734% July 31 June 9
Armour & Co.of Delaware 7% pref.(guar.).
$134 July 2 June 9
Associates Investment, cent. (cmar.)
June 30 June 20
Preferred (quarterly)
$1
June 30 June 20
Birmingham
& Coast RR.(s.-a.)
Atlanta
$2
July 1 June 12
Atlantic Refining Co.(guar.)
2
.11111e 15 May 21
Atlas Corp..$3 pref. A (guar.)
75c Sept. 1 Aug. 20
eferred (guar.)
75c Dec. 1 Nov.20
Atlas Powder Co.. com.(guar.)
500 June 11 May 31
Avon, Genesee & Mt. Morris RR.,334% guar
$1.45 July 2 June 26
Babcock & Wilcox Co.(quarterly)
250
June 20
t
k
qc
Financial Chronicle
Volume 138
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
35c July 2 June 16
Backstay-Welt Co. common (special)
Baltimore & Cumberland Valley Ext. RR.(s.-a.) $1,4 July 2 June 30
82c July 2 May 31
Bangor & Aroostook RR.Co.com.(quar.)
31% July 2 May 31
Preferred (guar.)
July 2 June 15
Si
/3ani,e.aydro-Electric Co.,7% pf.(qu.)
July 2 June 15
$1
6% preferred (quarterly)
30c June 30 June 15
Bankers Investors Trust of Amer.(s.-a.)
31% July I June 20
Barber(W. H.)& Co.. pref.(guar.)
El% Oct. 1 Sept.20
Preferred (guar.)
$1% Jan. 1 Dec. 20
Preferred (guar.)
June 15 May 31
Bayuk Cigars, Inc., common
July 15 June 30
Preferred (guar.)
July 2 June 14
Beatrice Creamery Co. preferred (quar.)
July 2 June 15
(quarterly)
RR.
Beech Creek
July2 June 12
Beech-Nut Packing Co., corn. (guar.)
June 15 May 31
Belding-Corticelli,
pref. (quar.)
July 16 June 23
Ltd.,
Bell Telephone of Can.
(quar.)
July 14 June 20
Bell Telep. of Penna.,63 % prof. (guar.)
June 31 May 10
Bigelow-Sanford Carpet, pref
Birminv,ham Water Works.6% pref.(guar.) -- $IM June 15 June 1
37c Aug. 15 Aug. 11
Block Bros. Tobacco (quar.)
37%c Nov. 15 Nov. 11
Quarterly
$1% June 30 June 25
Preferred tiriar.i
$1% Sept.30 Sept.25
Preferred quar.
$1 l4 Dec. 31 Dec 24
Preferred quar.
75c July 2 June 15
Bohn Aluminum & Brass Co
Si July 31 July 14
•
Am!
class
A (guar.)
Bon
50c July 1 June 19
Class B (guar.)
5%
Boots Pure Drug,ord. register (extra)
25c July 1 June 15
Borg-Warner Corp. common
$1% July 1 June 15
Preferred (quarterly)
32% June 30 May 31
Boston & Albany RR. Co
July 2 June 9
$I
Boston Elevated (quarterly)
$2.125 July n June 20
Boston & Providence R.R. Co.(guar.)
$2.125 Oct. 1 Sept. 1
Quarterly
$2 July 10 June 30
Boston RR. Holding, pref. (s.-a.)
sig June 30 June 11
Boston Wharf Co. (semi-annual)
June 15 June
Boston WOVOD Hose & Rubber Co. preferred
25c July 20 July 1
Bower Roller Bearing Co.,(guar.)
July 3 June 15
Brazilian Traction, Light & Power Co. pref.(gu)
$6g June 30 June 15
Bridgeport Gas Light (guar.)
June 30 June 20
25c
Briggs & Stratton Corp .com. (guar.)
10c June 30 June 20
Extra
June 15 May 31
Si
Bright(T. G.) $6 pref. (guar.)
7 c June 15 May 31
Common (quarterly)
July 2 June 15
1
Brill° Mfg. Co., Inc., com.(guar.)
50c July 2 June 15
Class A (guar.)
r20c July 3 June 16
British American Oil Co., Ltd. (guar.)
rwl0d July 7 June 4
British-Amer. Tobacco Co. ord. (interim)
' pref. (quar.)---- $1% Jg ly I June 15
British Columbia Telep., 670
$1% Aug. 1 July 17
67 2d pref. (quarterly)
July 2 June 15
Brooklyn & Queens Transit Corp. pref.(guar.) - $1.
July 2 June 1
$1
Brooklyn Union Gas Co.(guar.)
75c June 15 May 31
Buckeye Pipe Line Co..capita'stock
June 15 May 31
75c
Quarterly
45c Jcly 2 June 20
Bucyrus Monignan Co. class B iquar.)
40c July 2 June 15
Buffalo Niagara & Eastern Power, pref. (guar.)
$1% Aug 1 July 14
$5 1st preferred (quarterly)
60c June 30 June 4
Bulolo Gold Dredging Ltdzw15%
Burmah Oil Co., Ltd.. corn. (final)
m82%7
Common. bonus
e33 -3%
Common, bonus
June 15 June 1
$1
Butler Watts:,7% pref.(quar.)
40c July 1 June 15
Calamba Sugar Estates (guar.)
35c July 1 June 15
7% preferred (quar.)
California Electric Generator, 6% prof. (guar.) $1 Si July 2 June 5
50c July 2 June 22
California Ink (qt.arterlY)
37%c June 15 May 31
California Packing Corp
July 2 June 15
7
Camden & Burlington County Ry.(semi-ann.)
37/5c June 15 May 31
Canada Malting, Ltd. (quarterly)
25c July 25 June 30
Canada Northern Power Corp., Ltd..com.(q11.)
Preferred (guar.)
1i% July 16 June 30
$2 July 3 June 15
Canada Permanent Mortgage (guar.)
r$1% July 3 June 15
Canadian Canners, Ltd., 1st pref.(guar.)
r7 3'c July 3 June 15
2d preferred
r 1 July 4 June 17
Canadian Cottons, Ltd., corn. (guar.)
July 4 June 17
r$1
Preferred (quarterly)
$2 July I June 20
Canadian Oil Co., Ltd., pref. (guar.)
June 30 June 20
Canfield Oil, 7% pref. (guar.)
July 2
Carnation Co. preferred (guar.)
Oct. 2
Preferred (quar.)
Jan. 1
Preferred (guar.)
$2% July 2 June 23
Carolina Tel.& Tel.(guar.)
zw15% June 26 June 1
Carreras. Ltd., A & B common (interim)
$1% June 15 June 9
Carter (Wm.),6% Preferred (guar.)
SI July 1 June 12
Case (J. I.) Co. 7% preferred
$1.20 July 2 June 20
Cayuga & Susquehanna RR.(5.-a.)
$1% July 2 June 30
Central Franklin Process. 1st & 2nd pref. (qu.)
July 2 June 15
Central Illinois Light Co.,6% pref. (guar.).7% preferred (quarterly)
1 % July 2 June 15
873c July 16 June 30
Central Power Co.. 7% preferred (guar.)
6% preferred (quarterly)
75c July 16 June 30
10c Aug. 15 Aug. 5
Centrifugal Pipe Corp. (guar.)
Quarterly
10c Nov. 15 Nov. 5
Champion Coated Paper Co.
11% July 1 June 20
1st and special preferred
July 2 June 20
Champion Fiber Co., pref. (guar.)
3114 Juno 30
Chase Brass & Copper, gtd. pref. A
63c July 2 June 8
Chesapeake Corp. (quarterly)
70c Jury 1 June 8
Chesapeake & Ohio Ry. Co.. corn. (guar.)
July 1 June 8
Preferred (semi-annually)
$3
June 29 June 7
Chesebrough Mfg. Co.(guar.)
Extra
50c June 29 June 7
75c July 1 June 15
Chicago Electric Service (guar.)
Chicago Flexible Shaft Co.. com.(guar.)
25c June 30 June 20
Chicago Junction Rys.& Union Stkyds.(qu.)_ _
25c July 2 June 15
Preferred (quarterly)
$134 July 2 June 15
Chicago Rivet & Mach
25c June 15 June 1
Chickasha Cotton Oil (special)
50c July 2 June 8
Christiana Securities. 7% pref. (guar.)
$1% July 2 June 20
Chrysler Corp. corn. (guar.)
25c June 30 June 1
Common extra
25c June 30 June 1
Cincinnati New Orleans & Texas Pacific (s.-a.)
$4 June 26 June 4
July '1 June 20
Cincinnati Union Terminal.4% pref.(quar.) .. $1
Oct. 1 Sept.20
4°7 preferred (quar.
$1
Jan. 1 Dec. 20
4% preferred (guar.
$1
31% July 2 Juno 20
Citizens Water(Washington, Pa.)(guar.)
50c June 30 June 1.5
City Ice & Fuel Co.. com.(guar.)
20c June 15 May 29
Clark Equipment Co., corn. (quar.)
$1% July 2 June 20
Clearfield & Mahoning RR.(8.-a.)
Sept. 1 Aug. 10
8714c
Pittsburgh,
reg.
(guar.)
gtd.
&
Cleveland
8734c Dec. 1 Nov. 10
Registered guaranteed (guar.)
50c Sept. 1 Aug. 10
Special guaranteed (guar.)
50c Dec. 1 Nov. 10
Sendai guaranteed (quar.)
50c July 2 June 11
Clinton Trust Co. (quarterly)
June 15 May 25
1st
(guar.)
pref.
Electric,
&
Gas
$1%
Counties
Coast
$1% July 2 June 12
Coca-Cola Co., common (guar.)
July 2 June 12
Class A (sem -annual)
July 2 June 12
Coca-Cola International Corp., class A (5.-a.)
$3 July 2 June 12
Common (quarterly)
July 1 June
Co.,
(guar.)
pref.
$1%
-Palmolive-Peet
Colgate
25c June 30 June 9
Colt's Patent Fire Arms (quar.)
50c June 29 June 15
Columbia Broadcasting system, A & B (quar.)_
25c July 2 June 15
Columbia Pictures Corp. common (guar.)
f Aug. 2 June 15
(2%7
Common (semi-annual)
June 11 May 26
Xenia
RR
Columbus &
25c June 30 June 9
Conunercial Credit Co., corn. (guar.)
June 30 June 9
1%7
(quarterly)
preferred
1st
6
June 30 June 9
1%
7i9 1st preferred (quarterly)
June 30 June 9
(quarterly)
o
2
preferred
B
class
'
89
June 30 June 9
75c
(quarterly)
$3 class A cony. stock
30c June 30 June 1
Commercial Solvents Corp.common (semi-ann.)
114
sia
Name of Company.
3903
When Holders
Per
Share. Payable. of Record
50c July I June Sc
Commercial Investment Trust Corp.,com.(qu.)
July I June 5a
n
Convertible preference stock
4c Aug. 1 July 14
_
_
(quar.)__
(Calif.)
Commonwealth Investment
Commonwealth & Southern Corp.$6 pf. (guar.) 313' July 2 June 8
$13' July 2 June 15
Commonwealth Utility, pref. A (guar.)
313' July 2 June 15
Preferred B (guar.)
$13' July 2 June 15
Preferred C (guar.)
50c June 15 May 31
(guar.)
Industrial
Gases
Compressed
Si June 30 June 25
Confederation Life Association (guar.)
Si Sept.30 Sept. 25
Quarterly
$1 Dec. 31 Dec. 25
Quarterly
323'c June 15 June 1
Congoleum-Nairn. Inc.. com.(guar.)
Consolidated Diversified Stand. Security—
25c June 15 June 1
Preferred (semi annual)
50c June 15 May 11
Consolidated Gas Co.of N.Y.common (guar.)Aug. 1 June 29
$13'
Preferred (guar.)
Consolidated Gas, El. Lt.& Pow. Co.of Bait.—
90c July 2 June 15
Common (quarterly)
$13' July 2 June 15
Series A,5% preferred (quarterly)
$13' July 2 June 15
Series D,6% preferred (quarterly)
314 July 2 June 15
(quarterly)
preferred
Series E, 53'%
h50c July 2 June 8
Consolidated Film Industries. pref
zls 3d June 14
Consolidated Gold of So. Africa, interim
173'e July 1 June 20
Consolidated Paper, pref. (guar.)
$13' July 2 June 15
Consumers Power Co..$5 pref.(guar.)
$1.65 July 2 June 15
6.6% preferred (guar.)
313' July 2 June 15
7% preferred (guar.)
50c July I June 15
6% preferred (monthly)
55c July 1 June 15
6.6% preferred (monthly)
$1 July 1 June 18a
Continental Baking Corp., pref. (guar.)
% July 2 June 15
$1
(guar.)
pref.
6%
Continental Gin.
25c June 2.5 June 14
Crowell Publishing Co. common (guar.)
68c June 15 May 310
Crown Cork & Seal Co., Inc., pref. (quar.)_ _
Si July I June 13
Crown Williamette Paper Co., $7 1st pref
Crum & Forster Insuranceshares Corp.$2 June 30 June 20
(quarterly)
preferred
8%
*1 3' Tune 15 Tune 1
Cuneo Press Inc.. preferred (guar.)
MS( July 2 June 20
Curtis Publishing( Co., 17 cum. pref
$13' July 2 June 30
Dairy League Corp.7% pref. (semi-ann.)
25c June 30 June 18
Danahy-Faxon Stores (guar.)
50c July 2 June 15
Davenport Hosiery Mills, Inc., common
Si July 3 June 15
Dayton & Michigan RR..5% pref. (guar.)_
50c July I June 20
Dayton Power & Light Co.6% pref. (monthly)..
Si July 2 June 15
Delaware RR.(semi-annual)
75c July 1 June 20
De Long Hook & Eye Co. (quarterly)
50c July 1
Denver Union Stockyards (guar.)
50c Oct. 1
Quarterly
50c Jan. 1
Quarterly
Sept. 1 Aug. 20
$13'
7% preferred (guar.)
313' Dec. 1 Nov. 20
7% preferred (quar.)
23'% July 2 May 15
Deposited Bank Shares of N. Y.(s.-a.)
$1 July 16 June 30
Detroit Edison Co. capital stock (quar.)
$2 July 7 June 20
Detroit Hillsdale & Southwestern (semi-ann.). _
35 June 11 May 31
Co
Oil
Devonian
25c July I June 20
Devoe & Raynolds Co.,Inc.. class A & B (qu.).
25c July 1 June 20
Class A & B common (extra)
$13' July 1 June 20
First and second preferred (quar.)
50c June 21 June 8
Dictaphone Corp. common
15c Sept. 1 Aug. 15
(guar.)
Co.
Pepper
Doctor
15c Dec. 1 Nov. 15
Quarterly
50c July 20 June 30
Dome Mines. Ltd.(guar.)
July 20 June 30
313'
Extra
$13' July 3 June 15
Dominion Glass, common (quar.)
3 June 15
July
313'
(ouarterly)
Preferred
r30c July 2 June 15
Dominion Stores Ltd.,common (quar.)
$13' July 3 June 15
Dominion Textile Co.. Ltd.,common (guar.) _
% July 16 June 30
Preferred (quarterly)
e50% July 2 June 16
Dow Chemical
July 2 June 2
60c
(guar.)
Draper Corp.
July 1 June 20
El
Driver-Harris Co.. 7% pref. (guar.)
1% July 2June 15
Duke Power Co., com.(guar.)
July 2 June 15
%
1%
Preferred (quarterly)
$1% July 16 June 15
Duquesne Light Co..5% 1st pref.(guar.)
June 15 May 31
65c
(guar.)
com.
Co.,
&
Nemours
de
E.I. duPont
313' July 25 July 10
Debenture stock (quarterly)
$13' June 15 June 5
Bast Mahanoy RR. (s. a.)
Eastern Gas & Fuel Associates, prior pref.(qu.) $1.125 July 1 June 15
$134 July 1 June 15
$6 preferred (quarterly)
31 July 2 June 5
Eastman Kodak. com.((war.)
!tl% July 2 June 5
Preferred (quarterly)
313' July 17 July 7
East Penn RR.,6% gtd. (s.-a.)
25c June 25 June 11
Edison Bros. Stores
25c July 2 June 20
Electric Controller & Mfg. Co.(guar.)
July 2 June 9
50c
(quar.)
common
Co.
Electric Storage Battery
50c July 2 June 9
Preferred (quar.)
31 Oct. 1 Sept. 20
Elizabeth & Trenton (s-a)
$131 Oct. 1 Sept. 20
5% preferred (s-a)
$1.61 July 2IJune 20
Elmira 8z Williamsport RR.,pref.(8.-a.)
5134 July 16 June 29
(guar.)
pref.
El Paso Electric.
50c July 1 June 15
Emerson's Bromo-Seltzer. 8% pref. (quar.)
$1 Sept. 1 Aug. 22
Empire & Bay State Teleg.,4% guar.(quar.)_-115.
ye 2
Nuuoinv
i
lcy
D:
134 J
I% guaranteed (guar.)
$
Empire Power Corp. $6 preferred
1
Aug.
$2
Eppens, Smith (seml-annual)
10c July 2 June 15
Equitable Office Building
$13' July 2 June 15
7% preferred (quarterly)
7c June 30 June 25
Equity Trust Snares in American reg. (8.-a.)
7c June 30
In American coupon, on coupon No. 8
June 9 May 31
8734c
(quar.)_
guaranteed
Erie & Pittsburgh RR..7%
Escanawba Power & Traction,6% pref.(quar.). $114 Aug. 1 July 27
Nov. 1 Oct. 28
$134
6% preferred (guar.)
12%c July 1 June 15
Eureka Vacuum Cleaner Co.(guar.)
25c Sept. 1 Aug. 15
Faber Coe & Gregg (quarterly)
25c Dec. 1 Nov. 15
Quarterly
25c 3-1-35 2-15-35
Quarterly
Sc July 2 June 15
Falconbrldge Nickel Mines
July 1 June 10
5234
Farmers & Traders Life Insurance Co.(quar.)
$23' Oct. 1 Sept. 10
Quarterly
July 1 June 15
50c
Faultless Rubber, com. (guar.)
6%
Feldmuehle Paper & Cellulose (Berlin)
10c June 20 June 9
Ferro Enamel Corp., corn. (guar.)
Sc June 20 June 9
Common (extra)
16c June 29 June 15
Fifth Avenue Bus Securities Corp.(guar.)
July 2 June 9
823'c
(quar.)
First National Stores, Inc.,common
313' July 2 June 9
Preferred (guar.)
$13' Tune 30 June 20
First State Pawners Society(guar.)
313' July 2 June 12
Fisk Rubber Corp.$6 pref.(guar.)
50c June 15 June 10
Food Machinery. 61.4% preferred (monthly).__
50c July 15 July 10
63'% preferred (monthly)
50c Aug. 15 Aug. 10
63'% preferred (monthly)
50c Sept. 15 Sept. 10
634% preferred (monthly)
July 1 June 12
40c
Fourth National Investors Corp.common
313' Aug. 1 July 12
Freeport Texas Co.6% preferred(guar.)
June 15 June 5
313'
Gamewell Co.. pref.(guar.)
$13' Sept. I Aug. 23
General Cigar Co., Inc., preferred (guar.)
Sl% Dec. 1 Nov. 22
Preferred (guar.)
Generale d'Electricite
July 25 June 29
General Electric Co., corn. (guar.)
July 25 June 29
$10 special stock (guar.)
July
General Italian Edison Electric Amer. Shares
lye 14
y 13 June
6a
July
General Mills, Inc., pref. (quar.)
June 12 May 17
r35c5ra.
11
1
2
110.
'
$3
8
General Motors Corp.. corn. (guar.)
$13' Aug. 1 July 9
$5 preferred (euarterly)
25c July 2 June 11
General Railway Signal Co., common (quar.)_
*134 July 2 June 11
Preferred (quarterly)
5
June
June 15
2j
y 2un
313'
Georgia Power Co., $8 preferred (quar.)
$1% July
$5 preferred (guar.)
German National RR. Co.. 7% preferred—
Coupon No. 16 of series IV and coupon
334%
No. 12 of series V (8.-a.)
25c June 29 June 4
Gillette Safety Razor Co., common (quar.)____
$13' Aug. 1 July 2
(quarterly)
Prefererence
3904
Financial Chronicle
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
Glens Falls Ins. 00.(quar.)
40c July 2 June 15
Glidden Co.(quar.)
25c July 2 June 11
Preferred (quar:)
July 2 June 11
1
Globe Underwriters Exchange
25c June 12 June I
Goldblatt Bros.(quar.)
25c July 2 June 11
Gold Dust Corp. preferred (quar.)
$1 3' June 30 June 16
Golden Cycle Corp. (quar.)
40c June 10 May 31
Gold & Stock Telegraph (guar.)
$1;4 July 2 June 20
Goodyear Tire & Rubber Co..7% pref. (quar.)
$1 July 2 June 1
Goodyear Tire & Rubber (Can.), corn. (quar.)- $13' July 3 June 15
Preferred (quar.)
$1% July 3 June 15
Gordon Oil (quarterly)
25c June 15 May 31
Gorton-Pew Fisheries (guar.)
60c June 30 June 20
Gottfried Baking Co.,Inc.. preferred (quar.)
13'% July 2 June 20
Preferred (guar.
Oct. 1 Sept. 20
Preferred (quar.
% Jan. 2 Dec. 20
Grace(N.R.)6%
pref. (semi-annual)
$3 June 30 June 28
6% first preferred (semi-annual)
$3 Dec. 29 Dec. 27
Grand Rapids & Indiana Ry.(semi annual)_.
$2 June 20 Tune 9
Grant(W. T.),(guar.)
25c July 2 June 12
Gt. Western Electro Chem Co..6% 1st pf.(qu.) $1 3' July 1 June 20
Great Western Sugar Co.,common (quar.)
60c July 2 June 15
Preferred (quarterly)
$1 3' July 2 June 15
Green & Coats Street Phila. Passenger Ry.,pref. $1% July 7 June 22
Preferred
*13' Oct. 6 Sept.22
Greene RR.(s.-a.)
June 19 June 13
113
Greenwich Water & Gas.6% pref. (guar.)
July 1 June 20
$1
Group No. I Oil Corp. (quar.)
$100 June 30 June 9
Guarantee Co. of N. Amer.(Montreal)(quar.)
$1% July 16 June 30
Extra
$2% July 16 June 30
Gulf States Utilities Co.. $6 pref. (quar.)
June 15 June 1
$I
$534 preferred (quarterly)
$I 5i June 15 June I
Hackensack Water Co.7% pref. class A (attar.) 43 Ue June 30 June 18
Hale Bros. Stores,Inc.(quar.)
15c Sept. 1 Aug. 15
Quarterly
15c Dec 1 Nov. 15
Hall (C. M.) Lamp Co., common (guar.)
10c June 15 June 4
Halifax Fire Insurance Co
45c July 3 June 9
Haloid Co. (quarterly)
25c July 2 June 15
Extra
25e July 2 June 15
7% preferred (quarterly)
$1% July 2 June 15
Hamilton United Theater. pref.(quar.)
$1% June 30 May 31
Hammermill Paper Co..6% pref. (quar.)
$1 3' July 2 June 15
Hanes (P. H.) Knitting Mills,7% pref.(quar.)
$131 July 2 June 20
Hanna (M. A.) Co., pref. (guar.)
YA June 20 June 5
Hannibal Bridge (quar.)
July 20 July 10
$2
Harbauer Co.. 7% preferred (quar.)
Aug. 1 July 21
$I
7% preferred (quar.)
Oct. 1 Sept.21
$1
7% preferred (quar.)
Jan.
$I
1 Dec. 21
4
Harbison-Walker Refractories, pref.(quar.)-- — 14
% July 20 July 10
Hardesty (R.) Mfg.,7% pref.(quar.)
Aug. 15
Sept.
1
$1%
7% preferred (quar.)
$131 Dec. 1 Nov. 15
Hawaiian Agricultural Co.(monthly)
20c
June
June
30
25
Hawaiian Electric (monthly)
15e June 20 June 15
Hawaiian Sugar (quar.)
60c July 15 July 5
Hawaii Consolidated Ry., Ltd.,7% pref. A....—
20c June 30
Hazel-Atlas Glass Co
$131 July 2 June 16
Hazeltine Corp. (special distribution)
June 15 June 1
*23'
Hearst Consol. Publishers, class A (quar.)
43%c Tune 15 June 1
Hada Mining Co
10c June 15 May 15
Helme (Geo. W.) Co., corn. (quar.)
$1% July 2 June 11
Preferred (quarterly)
July 2 June 11
$l
Hercules Powder Co., corn (quar.)
75c June 25 June 14
Hibbard. Spencer. Bartlett& Co.(quar.)
10c June 29 June 22
Hollinger Consolidated Gold Mines, Ltd.(mo.)_
Sc June 18 June 1
Extra
Sc June 18 June 1
Holly Sugar Corp., preferred
$1% Aug. 1 July 15
Home Fire & Marine Insurance Co.(quar.)
50c
June 15 June 5
Honolulu Gas(monthly)
15c Tune 20 June 12
Honolulu Oil Corp
2Sc June 15 Tune 5
Honolulu Plantation Co.(monthly)
25e June 9 May 31
New stock (monthly)
15c Tune 11 May 31
Hoskins Mfg. Co.(quar.)
25c June 26 June 11
Hotchkiss'Jo.(France)
65frs
Houdalle Hershey Corp., class A pref
$1 % June 12 June 7
Household Finance,pref.(quar.)
$1.05
Quarterly
75c
Howey Gold Mines. Ltd
3c July 2 May 31
Humble 011 & Refining Co.(quar.)
25c
July 1 June 1
Huron lir Erie Mortgage (Ontario) (guar.)... - $114 July
3 June 15
Hygrade Sylvania (guar.)
July 2 June 9
50c
Preferred (quar.)
$1% July 2 June 9
Idaho-Maryland Consol. Mines(quar.)
3c June 20 June 5
Ideal Financing Assoc.. A (guar.)
12;4c July 2 June 15
$8 preferred (quarterly)
82 July 2 June 15
cony.
preferred
(quarterly)
$2
50c July 2 June 15
I. G. Farbenindustrie (conpar No. 12)
k7%
Illinois Central RR..leased lines (s.-a.)
162
July 2 June 11
Imperial Life Assurance (quar.)
July 3
uarterly
$3
334 Oct. 1
Quarterly
Jan. 1
Imperial Tobacco Co.of Can.,ord. abs. (quar.)_
June 30 June 6
Indiana Hydro-Electric Power Co
8714c June
May 31
Indianapolis Power & Lt. Co.,63'% pf.(quar.)_ $1% July 15
I June 5
6% preferred (gear.)
July I June 5
$1
Indianapolis Water Co., 5% pref. ser. A (quar.) $1
June 30 June Ila
Industrial redon M ills(R H.8.0.).7%pf (qr.)
Aug. 1 July 27
$I
Industrial Rayon Corp. (new stock) (initial)__ _
42c July 1 June 18
Ingersoll-Rand Co.. pref. (s.-a.)
July 2 June 4
International Business Machines Corp. (quar.)_ $1% July 10 June 22
International Harvester Co.. common (quar.)
15c July 16 June 20
International Nickel Co. of Canada. corn
10c June 30 May 31
International Ocean Telegraph (quar.)
July 2 Tune 30
$I
International Power Security. $6 pref
h$2 June 15 June I
International Proprietories, Ltd.. A stock
r65c June 15 May 23
International Salt Co
3734c July 2 June 15a
International Silver Co.,7% pref (quar.)
$1 July 1 Tune 14a
International Teleg. Co.of Maine (semi-annual) $1.33
00c July 2 Junej15
Interstate Hosiery Mills (guar.)
Aug. 15 Aug. 1
Quarterly
50c Nov. 15 Nov. 1
Intertype Corp.. 1st pref. (guar.)
July 2 June 15
$2
2d preferred (s-a)
July 2 Tune 15
$3
Investment Corp. of Phila..
50e June 15 Tune 1
Investors Corp.of R. I.,$6 pref.(quar.)
$1% July 2 June 20
Iowa Electric Light & Power7% Preferred A
h37 3'c June 15 June 1
63'% preferred B
&Si Jtc June 1F June 1
6% preferred C
h75c June 15 Tune 1
Iron Fireman Mfg. Co., corn. (quar.)
20e Sept. 1 Aug. 10
Common (quar.)
20c Dec. 1 Nov. 10
Irving Trust Co.(guar.)
25c July 2 June 4
Judson Mills, 7% pref. A S; B
$1% July 2 May 25
Kalamazoo Vegetable Parchment Co.(quer.). _
15c June 30 June 20
Quarterly
15c Sept.30 Sept. 20
Quarterly
15c Dec. 31 Dec. 20
Kansas City Power & Light, 1st pref. B (quar.)_ $1% July 1 Tune 14
Katz Drug Co., common (quar.)
50c June 15 May 31
Preferred (quarterly)
il% July 2 June 15
Kaufmann Dept. Stores. pref. (quar.)
$131 July 2 June 9
Keystone Custodian Funds. series 11 (11q.)_ _ $
Keystone Steel & Wire
19557
0c June 15 Tune 5
Kilburn Mills (quarterly)
$1 June 15 May 31
Kimberly-Clark Corp.. pref. (quar.)
$1% July 2 June 12
Royalty,
King
8% pref. (quar.)- -.$2 June 30 June 15
Kings County Ltg. Co.B 7% pref.(qtfkr.)
$1 31 July 2 June 18
S% preferred (quarterly)
$1 3.1 July 2 June 18
Common (quar.)
July 2 June 18
$1
6% preferred (quarterly)
July 2 Tune 18
$1
Klein (D. Emil) Co.. common (quar.)
25c July 2 June 20
Hopper's Gas & Coke Co.. pref. (quar.)
% July 2 June 10
Kresge (S. S.) Co..common
20c June 30 June 14
Preferred (quarterly)
$I
June 30 June 14
Huhlmann (Paris)
20 fr.
Name of Company.
Kroger Grocery & Baking,6% pref. (quar.-___
7% preferred (quarterly)
Lackawanna RE.of N. J.. 4% gtd.(quar.)
Lake Shore Mines, Ltd.(quarterly)
Extra
Landers, Frary & Clark,corn.(quar.)
Common (quar.)
Common (quar.)
Landis Machine, pref. (quar.)
Preferred (quar.)
Preferred (quay.)
Lee Rubber & Tire Corp
Lehigh Portland Cement Co., pref
Leslie Calif. Salt (guar.)
Lowing's, Inc
Libby-Owens Ford-Glass (quay.)
Liggett & Myers Tobacco Co., pref.(quar.)
Lily-Tulip Cup (quar.)
Lincoln Nat.Life Ins.(Ft. Wayne)(quar.)
Quarterly
Linde Air Products, 6% Pref. (quar.)
Lindsay Light Co., pref. (quar.)
Link Belt Co.. preferred (quay.)
Little Miami RR.special guaranteed (quar.)
Special guaranteed (guar.)
Special guaranteed (guar.)
Original guaranteed (quar.)
Original guaranteed guar.
Original guaranteed guar.
London Tin Corp., Am. dep. rec. 731% pref
Amer. dep. rec. 731% Prof
Long Island Lighting Co., ser. A 7% prof. (qu.)
Series B 6% preferred (quar.)
Lord & Taylor. common (quar.)
Loose-Wiles Biscuit Co , pref. (quar.)
Lorillard (P.) Co., corn. (quar.)
Preferred (quarterly)
Loudon
a Packing Co.(quar.)
Louisville Gas & Electric Co.of Delaware—
Class A & B,common (quar.)
Lunkenheimer Co., 631% prof. (quar.)
634% preferred (quar.)
631% preferred (quer.)
Lykens-Valley RR. & Coal (semi-ann)
Lynchburg & Abingdon Teleg. (semi-annua )_...
Lyonnaise des Eaux
MacFadden Publications. Inc., $6 pref
Magnin (I.) & Co., preferred (quar.)
Preferred (quar.)
Mani Agriculture. Ltd.(quar.)
Manischewitz (B.) Co., pref. (guar.)
Mapes Collard Mfg.(quar.)
Marconi's Wireless Teleg. Co., Ltd., corn
Marlon Water. 7% pref. (quar.)
Mathleson Alkali Works. Inc., corn. (quar.)
Preferred (quarterly)
Mayflower Associates (quar.)
McColl Frontenac Oil Co.. common (quar.)
Memphis Power & Light Co,7% prof. (quar.)6% preferred (quarterly)
Merchants Refrigerating Co. of N. Y.(quar.)
Mesta Mhine
Mac
Co., corn. (quay.)
Preferred (quarterly)
Metal Package Corp.. common (quar.)
Metro-Goldwyn Pictures Corp.. pref. (guar.)._
Metroploitan Edison,$1 fret. (quar.)
$6 preferred (quarterly
85 preferred (quarterly
Midland Royalty. $2 preferred
Milland Grocery 6% preferred (semi ann.)
Mill Creek & Mine Hill Navigation & RR.(s-a)..
Miss. River Power, pref. (quar.)
Mississippi Valley Puolic Service6% preferred B (guar.)
Mobile & Birmingham RR.. 4% etd (s-a)
Monarch Knitting, 7% preferred
Monongahela West Penn Public Service Co.
7% preferred (quarterly)
Monsanto Chemical Works(quar.)
Montgomery Ward & Co., class A
Montreal Cottons, Ltd., pref. (guar.)
Montreal Loan & Mtge.(quar.)
Moore Dry Goods Co.(quar.)
Quarterly
Quarterly
Morrell (John). (guar.)
Morris & Essex RR
Mo
srr
eriisesFB
inaw
nu
cea..A
r )(quar.)
7% preferred (guar.)
Morris 5 & 10c. Stores. 7% pr.(quay.)
7% preferred (quar.)
Morris Plan Ins. Soc.(quar.)
June 9 1934
Per
When Holders
Share. Payable. ofRecord.
$13'
$13'
$1
r50c
r50c
July 2 June 20
Aug. 1 July 20
July 2 June 8
June 15 June I
June 15 June 1
37 Ji
ic
e j
Se
up
nte.3
30
5
3734c Dec. 31
$13' June 15 June 5
$1 3' Sept. 15 Sept. 5
$13' Dec. 15 Dec. 5
20c Aug. 1 July 16a
873'c July 2 June 14
35c June 15 June I
10c June 15 June 9
30c June 15 May 31
$13' July 2 June 11
37c June 15 June 1
c Aug. 1 July 26
30c Nov. I Oct. 26
$131 July 2 June 20
173'c June 25 June 9
$1July 2 June 15
60c June 9 May 25
50c Sept. 10 Aug. 25
50c Dec. 10 Nov. 24
*1.10 June 9 May 25
$1.10 Sept. 10 Aug. 25
81.10 Dec. 10 Nov. 24
30% June 26 May 25
h30% June 19 May 22
131% July 1 June 15
1% 4 July 1 June 15
$2
July 2 June 16
$13' July 1 June 18
30c July 2 June 15
$13' July 2 June 15
37;4c July 2 June 15
123'c July 2 June IF
37 cune
$114 July
$1
Oct.
$114 Jan.
40c July
$3 July
25 May 31
1 June 22
1 Sept.21
2 Dec. 22
2 June 15
2 June 15
1°°f$3
r. July 10 June 30
$1 3' Aug. 15 Aug. 5
$13' Nov. 15 Nov. 5
15c July 2
$13' July 2 June 20
75c July 2 June 15
zw6%
$13' July 2 June 20
373'c July 2 Juno 11
$1
July 2 June 11
50e June 15 June 1
r20c June 15 May 15
$13' July 2 June 16
$I )4 July 2 June 16
25c June 30 June 23
25c July 2 June 16
$1% July 2 June 16
$1
July 2 June 15
14j% June 15 May 25
$13' July I May 31
$13' July I May 31
$1 S4' July 1 May 31
625c June 15 June 5
$3 July 1 June 20
*1 31 July 12 June 30
$13' July 2 June 15
$13' July
$2
July
141 July
1 June 21
2 June I
3 June 15
43%c
25c
h$1%
r$1%
75e
SI)i
$I 34
$7101
July 2 June 15
June 15 May 25
July 2 June 19
June 15 May 31
June 15 May 31
July 1 July 1
Oct. 1 Oct. 1
may 21
1 Jan.
Jan. 10
June
$1% July 2 June 6
20
9
3300
$3101
June
June
une 2U
Ju
une 30 Ju
$1
)
ep V
o
Jucity. I June
i
sl
xct.
pe . 1 Aug... n
i
sl S
Muncieterla
W yter Works.8% Pref.(quar.)
$2
J
15 J
Muskogee Co., common
25c June 15 Ju
une b
Mutual Chem.of America, pref.(quer.)
June 21
June
$1
28
Preferred (quar.)
Sept.
SI
28
Sept.
20
Preferred (quar.)
1
Dec. 28 Dec. 20
Mutual Telephone (Hawaii) (monthly)
c
June
June
9
20
Myers (F. C.) & Bros. (quar.)
25c June 30 June 15
Preferred (quar.)
$1% June 30 June 15
Nashua Gummed & Coated Paper
93 il
10
1
c J0
June 2
un
lye 12
2j
Nashville & Decatur RR.. 754% guar. (s....a.)
Nassau & Suffolk Ltg.,7% preferred (quar.)
15
$131
June
July
1
National Biscuit Co.. corn. (quar.)
5 c July 14 June 15
National Bond & Share Corp
25c June 15 May 31
National Breweries, common (quar.)
40c July 2 June 15
Preferred (quarterly)
540c4c July 2
e 10
5
1J
Auung.
National Container Corp., preferred (guar.)._
Sept.
Preferred
h50c Sept. 1 Aug. 15
Preferred (quar.)
50c Dec. I Nov. 15
Preferred
h50c Dec. 1 Nov. 15
National Dairy Prod. Corp., common (quar.)
30c July 2 June 4
Class A & B preferred (quay.)
$1% July 2 June 4
National Enameling & Stamping Co
50c June 30 June 4
National Finance Corp.of Am
Amer.(quar.)
I5c July 2 June 11
6% preferred (quarterly
15c
July 2 June 11
Extra
15c July 2 June 11
National Gypsum.7% pref. (quar.)
131
National Investors Corp., &SA pref. (quar.)
h$112"4
J
5
jul y 2
e 12
1 June
National Lead Co..common (quay.)
$114 June 30 June 15
Class A preferred (guar.)
$1%
1
June
June
15
Class B preferred (guar.)
$1% Aug. 1 July 20
National Refining Co..8% preferred
h$2
15
June
July
1
National Standard Co.(quar.)
50c July 2 June 20
Adjustment dividend
20c July 2 June 20
National Sugar Refining Co. of N. J
50c July 2 June 1
National Transit Co. (send annual)
40c June 1S1May
May 25
Co.(quarterly)
" 15c July 2 June 15
Newark Telephone Co.(Ohio)(quar.)
31
,May
$I
June
10
Newberry (J. J.) Co.. corn. (quar.)
25c July 11.1une 16
New Castle Water,6% pref.(quar.)
15
1
(quar.) 9
i‘ay
$ 1
5 jr
June 3
Ju
ully 2
1
New England Gas & Elec. Assoc.$5% pf.
New England Telep. & Teleg. Co
$13' June 30 June 8
New Jersey Pow.& Lt.$6 pref.(quar.)
$1% July I May 31
$5 preferred (quarterly)
$131 July I May 31
New Jersey Water. 7% pref. (quer.)
$1 31 July 2 June 20
New York & Harlem RR.(senal-ann.)
$2% July 2 June 15
Preferred (semi-annual)
3
S1
21
3 jr
un
Ju
ne 1105
ul y 2 J0
N. Y. Lackawanna & Western,5% gtd.(quar.)_
Volume
138
Name of Company.
Financial Chronicle
When Holders
Per
Share. Payable. ofRecord.
July 2 June 30
New York Mutual Teleg.(8.-a.)
July 2 June 15
New York Power & Light Corp.,7% pref.(qu.)
July 2 June 15
preferred
(guar.)
$6
June 14 June 1
New York & Queens Elec. Lignt & Power (guar.)
July 2 June 15
New York Steam Corp., 6% pref. (quar.)
July 2 June 15
7% preferred A (quarterly)
July 15 June 20
New York Telephone, pref. (quar.)
June 28 June 15
New York Transportation Co. (guar.)
Niagara Share Corp. of Maryland—
July 2 June 15
Class A preferred (quar.)
July 2 June 15
Niagara Wire Weaving, $3 pref. (guar.)
h31)4 July 2 June 15
$3 preferred
50c Aug. 15 Aug. 1
1900 Corporation, class A (quar.)
soc Nov. 15 Nov. 1
Class A (quarterly)
r$1 June 30 June 13
Noranda Mines. Ltd
Norfolk & Western Ry. common (guar.)
$2 June 19 May 31
12)4c July 2 June 5
North American Co.,common
Common
el% July 2 June 5
Preferred (guar.)
75c July 2 June 5
North Central Texas Oil Co..pref.(quar.)
$1 N July 2 June 11
Northern Central Ry.(semi-ann.)
$2 July 15 June 30
Northern Ontario Power Co., com. (quar.)_ _
50e July 25 June 30
6%0 preferred (quarterly)
1 % July 25 June 30
Northern Pipe Line Co.(semi-ann.)
25c July 2 June 15
Northern RR.of N. J.4% guaranteed (quar.)
$1 Sept. 1 Aug. 22
4% guaranteed (guar.)
$1 Dec. 1 Mar.21
North River Insurance Co. (quar.)
15c June 11 June 1
Extra
5c June 11 June I
North Western Teleg. Co.(s.-a.)
$1)4 July 2 June 15
Norwalk Tire & Rubber Co. pref. (guar.)
87 Hc July 2 June 22
Norwich Pharmacal Co. (quar.)
$1 H, July 2 June 20
Quarterly
$1N Oct. I Sept. 20
Quarterly
$1 N Jan. 1 Dec. 20
Oahu fly. & Land (monthly)
15c June 15 June 11
Oahu Sugar Co., Ltd.(monthly)
10c June 15 June 6
Ohio Edison Co., $5 pref. (quar.)
$1 N July 2 June 15
$6 preferred (quarterly)
$1)4 July 2 June 15
$6.60 preferred (quarterly)
$1.65 July 2 June 15
$1N July 2 June 15
17 preferred (quarterly)
$7.20 preferred (quarterly)
$1.80 July 2 June 15
July 2 June 11
Ohio Finance Co.. 8% pref. (quar.)
$2
July 2 June 11
Class A (quar.)
$1
Ohio & Mississippi Teleg. Co
$2N July 2 June 16
15c June 15 May 19
Ohio Oil Co., common
$1 N June 15 June 4
Preferred (quar.)
Oklahoma Gas & Electric Co.,6% pref.(qu.)
1% June 15 May 31
7% preferred (guar.)
134% June 15 May 31
$2
Omnibus Corp.. pref.(quar.)
h50c June 15 May 31
Oneida Community, Ltd..7% preferred
20c June 20 June 10
Onomea Sugar (monthly)
10c June 30 May 31
O'Sullivan Rubber
50c July 2 June 15
Pacific & Atlantic Teleg. Co. of U.S. (8.-a.)
Pacific Lighting Corp.,$6 pref.(quar.)
$1)4 July 16 June 30
Pan American Southern Corp
$1 June 15 May 21
Paraffine Companies. Inc., coin. (quar.)
50c June 27 June 18
25e June 30 June 20
Park Davis & Co. (quar.)
Extra
10c June 30 Juno 20
Pechiney Chemicals Co
30 fr
Penick & Ford Co., Ltd.(guar.)
50c June 15 June 1
Peninsula Telephone Co.. 7% pref. (quar.)$1 N Aug. 15 Aug. 6
Penn Central Light & Power,$2.80 pref.(au.)-70c July 2 June 11
July 2 June 11
$5 prefe-re (quar.)
$1
Penney (J. C.) Co., corn. (quar.)
30c June 30 June 20
Preferred (quarterly)
$1N June 30 June 20
Pennsylvania Gas & ElectricSIN July 2 June 20
57 and 7% preferred (quarterly)
Pennsylvania'Power Co..$6.60 pref.(mo.)
550 July 2 June 20
$6.60 preferred (monthly)
55c Aug. 1 July 20
$6.60 preferred (monthly
55c Sept. 1 Aug. 20
$6 preferred (quarterly)
$155 Sept. 1 Aug. 20
Pennsylvania Telep. Corp.,6% pref. (quar.)_-- SIN July 1 June 15
Pennsylvania Water & Power Co. (guar.)
75c July 2 June 15
Preferred (quarterly)
31 si July 2 June 15
Peoples Drug Stores (guar.)
250 July 2 June 8
Preferred (quar.)
31% June 15 June 1
Peoria Water Works,7% pref.(quar.)
$1N July 2 June 20
Perfection Stove Co. (quarterly)
30c June 30 June 20
Pet Milk Co.. com.(guar.)
25c July 2 June 13
Preferred (guar.)
$1 N July 2 June 13
12Nc June 15 June 5
Petroleum Exploration (guar.)
Phelps Dodge Corp., special
25c July 2 June 14
$1 N June 21 June 16
Philadelphia Balt. & Wash. RR.(8.-14.)
Philadelphia Co., $6 cum. pref. (guar.)
51 N July 2 June 1
$1 N July 2 June 1
$5 cum. preferred (guar.)
Philadelphia Electric Power Co.
50c July 1 June 9
8%. $25 par, preferred (quar.)
$2H July 10 June 30
Philadelphia & Trenton RR. (guar.)
Philips Incandescent Lamps (interim div.)
6%
50c July 10 July 1
Phoenix Finance, prof. (guar.)
50c Oct. 10 Oct. 1
Preferred (quar.
50c Jan. 10 Jo 1 '35
Preferred (quar.
75c July 10 June 30
Piedmont & Northern (quarterly)
15c July 3 June 2
Pioneer Gold Mines of British Columbis. Ltd.._
75e Oct. 1 Sept. 15
Pittsburgh Bessemer & Lake Erie R.R.(s•-s•)- Pittsburgh Fort Wayne & Chicago R.R.(quar.)- $1% July 2 June 11
$1% Oct. 2 Sept. 10
Quarterly
$1% Jan. 1 Dec. 10
Quarterly
El% July 2 June 11
7% preferred (guar.)
$1% Oct. 2 Sept. 10
7% preferred (guar.)
Jan. 1 Dec. 10
7% preferred (quar.)
Pittsburgh, McKeesport & Youghiogheny RR
$1 N July 2 June 15
(Semi-annually)
$23 July 2 June 30
Pittsfield & North Adams RR.(8.-a.)
35c July 2 June 9
Pittsburgh Plate Glass Co.(quar.)
R.R.Pittsburgh Youngstown & Ashtabula
$1N Sept. 1 Aug. 20
7% preferred (guar.)
51N Dec. 1 Nov.20
7% preferred (quar.)
25c June 30 June 12
Plymouth 011 Co.(quar.)
$1 N June 15
Pollock Paper & Box Co.. pref. (guar.)
51 N Sept. 15
Preferred (quarterly)
S1 N Dec. 15
Preferred (quarterly)
July 2 June 15
Ponce Electric. 7% pref. (quar.)
Si
Powell River. 7% preferred
$1 N Sept. 1
7% preferred
$1N Dec. I
r3c July 16 June 16
Premier Gold Mining Co., Ltd
June 15 May 25
Procter & Gamble Co., 5% pref.(guar.)
July 2 June 20
Publication Corp.. 7% orig. pref. (guar.)
7% 1st preferred (quar.)
N June 15 June 5
Public Service Co. of Oklahoma7% prior lien stock (quar.
51 N July 2 June 20
July 2 June 20
Si
6% prior lien stock (quar.
Public Service Corp. of N. J., com.(qUar.)- 70c June 30 June 1
8 preferred quar.)
$2 June 30 June 1
7 preferred guar.)
51)4 June 30 June 1
5 preferred quar.)
$13.' June 30 June 1
6% preferred (monthly)
50c June 30 June 1
Public Service Electric & Gas Co., $5 pf. (qu.). Si).' June 30 June 1
7% preferred (guar.)
31N June 30 June 1
Quaker Oats Co., common (guar.)
Si July 16 July 2
6% preferred (quar.)
31N Aug. 31 Aug. 1
Queensboro Gas & Electric, 6% pref. (quar.).. $134 July 1 June 15
10c June 15 June 1
Rapid Electrotype Co
250 June 15 May 31
Raybestos-Manhattan, Inc. (quar.)
Reading Co., 1st preferred (quar.)
50c June 14 May 24
50c July 12 June 21
2d preferred (guar.)
Reeves (Daniel), Inc., corn. (guar.)
250 June 15 May 31
Preferred (quarterly)
31N June 15 May 31
Reliance Grain,6H % prof.(guar.)
31N June 15 May 31
July 2 June 15
Rensselaer & Saratoga RR (s.-a.)
$4
Republic Insurance. Texas (quar.)
20c Aug. 10 July 31
Quarterly
20c Nov. 10 Oct. 31
$14,4 June 30 June 15
Rich's, Inc., 6)4% preferred (quar.)
1
Name of Company.
3905
When Holders
Per
Share. Payable. of Record.
25e July 5 July 2
Republic Supply Co. (quar.)
25c Oct. 5 Oct. 2
Quarterly
50c June 11 May 28
Rike-Kumler Co. corn.(semi-ann.)
51% July 1 June 25
7% preferred (quar.)
Si;.' July 2 June 20
Rochester Telephone Corp.(quar.)
$1% July 2 June 20
634% 1st preferred (quarterly)
July 2 June 20
$134
5% 2nd preferred (quarterly)
25c July 2 June 4
Royal Baking Powder (quar.)
$134 July 2 June 4
6% preferred (quarterly)
6%
Royal Dutch Petroleum Co.(annual)
zw234%
Rubber Plantations Invest. Trust common
250 June 15 June 1
Ruberoid Co. (quarterly)
250 June 015 June 5
Ruud Mfg. Co., corn. (quar.)
75c July 1 June 19
Safeway Stores, Inc., common (quar.)
$134 July 1 June 19
6% preferred (quar.)
$13' July 1 June 19
7% preferred (quar.)
$3 July 2 June 22
St. Croix Paper, pref. (8.-a.)
10c June 20 June 8
St. Joseph Lead Co
$3 July 1 June 15
St. Louis Bridge, 1st pref.(s.-a.)
$134 July 1 June 15
2nd preferred (quarterly)
75c June 30 June 15
San Francisco Rem. Loan Association (quar.)
San Joaquin Light & Power Corp.,7% pf.(qu.)_ $1% June 15 May 31
$134 June 15 May 31
6% A & B preferred (quarterly)
$2 July 2 June 15
Savannah Electric & Power 8% pref. A (quar.)_ _
$1 N July 2 June 15
754% preferred B (guar.)
SIN July 2 June 15
7% preferred C (quar.)
July 2 June 15
$1
654% preferred B (quar.)
50c June 15 May 31
Schiff Co., common (guar.)
$134 June 15 May 31
Preferred (quarterly)
Sc June 30 May 31
Scottish Type Investors A & B (qu.)
37 Nc June 30 June 16
Scott Paper Co.. corn. (quar.)
July 2 June 15
250
Co.
(quarterly)
Scoville Mfg.
15c June 15 June 1
Seaboard Oil of Del. (quarterly)
10c June 15 June 1
Extra
Second International Securities Corp50c July 2 June 15
6% 1st preferred (quar.)
h95c July 1 June 12
Second National Investors Corp., $5 preferred
Shell Transport & Trading Co., common (final)z w7 %
Sept. 1 Aug. 26
51
Shenango S alley Water, b% pref. (quar.)
$154 Dec. 1 Nov.20
6% preferred (quar.)
Si).' Aug. 15 Aug. 14
Sioux City Stockyards Co., pref. (quar.)
311 Nov. 15 Nov. 14
Preferred (quar.)
June 30 June 15
Siscoe Gold Mines, Ltd. (quar.)
lc June 30 June 15
Extra
Si Aug. 1
Smith (S Morgan) Co.(quar.)
Si Nov. 1
Quarterly
15c June 15 May 11
Socony Vacuum Corp
July 2 June 15
South Carolina Power Co., $6 pref. (quar.)
$4 July 1
Southeastern Cottons,Inc.
$334 July 1
7% preferred
$1 ,
3 ' July 1 June 10
Southern Acid & Sulphur,7% Pref. (qu.)
2% July 15 June 20
Southern Calif. Edison Co., Ltd., orig. pf.(qu.)
IN % June 15 May 19
7% series A preferred (quar.)
134% June 15 May 19
6% series B preferred (quar.)
1)4% July 15 June 20
534% preferred series C (quar.)
Southern Canada Power Co., Ltd.,6% pf.(qu.)_ 134% July 16 June 20
1% June 15 May 31
Southern Colorado Power Co.,7% pref.(quar.)_
8%
South Manchuria Ry
30c June 30 June 15
South Penn Oil Co. (quar.)
60c July 2 June 13
South Porto Rico Sugar Co.,corn.(quar.)
2% July 2 June 13
Preferred (quarterly)
Southwestern Gas & Elec. Co.7% pref.(guar.)- $19.' July 2 June 15
Si July 2 June 15a
South West Penna. Pipe Lines (quar.)_
30c June 30 June 15
Spencer Kellogg & Sons. Inc., corn. (quar.)_ -$2 July 2 June 20
Springfield Rys.,4% pref. (s.-a.)
75c July 2 June 20
Extra
$1.15 July 2 June 20
(Semi-annual)
250 July 2 June 4
Standard Brands. Inc., common (guar.)
31 N July 2 June 4
$7 cum. preferred (quar.)
July 1 June 20
1234c
Standard Coosa-Thatcher (quar.)
Sit.' July 15 July 15
7% preferred (guar.)
40c July 23 July 16
Standard Fire Ins. Co.(Trenton)(quar.)
$254 June 30 June 9
Standard Oil Exports Corp., pref.(s.-a.)
250 June 15 May 15
Standard Oil of California (guar.)
25c June 15 May 15
Standard Oil Co. of Indiana (quar.)
50e July 31 July 2
Standard Oil Co. of Kansas(quar.)
25c June 15 May 31
Standard Oil of Kentucky (guar.)
25c June 20 May 23
Standard Oil of Nebraska (quar.)
50c June 15 May 16
Standard Oil of New Jersey $25 par (18.-a.)
$2 June 15 May 16
$100 par (semi-annual)
30c Aug. 11July 7
Steel Co. of Canada, corn. (quar.)
43No Aug. 1 July 7
Preferred (quarterly)
$154 July 2 June 15
Stein (A.) & Co., preferred (quar.)
250 June 15 May 25
Sun Oil Co. common (quar.)
June 20 June 1
h2)g
Superior Oil
'(Calif.) preferred
July 2 June 15
Sussex RR.(s.-a.)
10c July 2 June 20
Sutherland Paper Co.. common
$134 June 30 June 12
Swedish Ball Bearing Co.. pref.(quar.)
12Hc July 1 June 9
Swift & Co.(quarterly)
25c June 15 June 5
Sylvania Industrial Corp.(quar.)
Sc June 30 May 26
Sylvanite Gold Mines
25c June 30 June 10
Tacony-Palmyra Bridge,common (guar.)
25c June 30 June 10
Common class A (quarterly)
20c July 1 June 20
Telephone Investment Corp.(monthly)
July 2 June 15
Tennessee Elec. Power Co.5% pref.(quar.)-- Si
July 2 June 15
Si
6% preferred (quar.)
$1N July 2 June 15
7% preferred (quar.)
July
2 June 15
$1.80
7.2% preferred (quar.)
50c July 2 June 15
6% preferred (monthly)
60c July 2 June 15
7.2% preferred (monthly)
250 July 1 June 1
Texas Corp. (quar.)
2N % June 16 May 18
Texas Gulf Producing (monthly)
50c June 15 June 1
Texas Gulf Sulphur (quarterly)
15c June 30 June 9
Texon Oil & Land Co..common (quar.)
June 30 June 8
h$2
Tide Water Assoc. Oil Co., 6% pref
50c July 2 June 20
Time. Inc. (quar.)
250 July 2 June 20
Extra
$134 July 2 June 20
$634 preferred (quar.)
40c July 1 June 12
Third National Investors Corp.,com.(quar.)— 25c June 20 June 5
Todd Shipyards (quarterly)
3134 July 16 July 3
Toronto Elevators, 7% pref. (guar.)
Trinidad Leaseholders, Ltd—
Amer. dep. rec. for ord. reg
June 15 June 1
Troy & Greenbush. RR. Assoc. (semi-ann.)........ m
513.' July 14 June 30
Tuckett Tobacco Co., Ltd.. pref. (quar.)
July 2 June 15
33
Tunnel RR.of St. Louis (8.-a.)
Underwood Elliott Fisher Co.,common (quar.)_ 37 Nc June 30 June 12
$134 June 30 June 12
Preferred (quar.)
Union Carbide & Carbon Corp
35c July 2 June 1
Union Elec. Light & Power (III.)6% pref.(qu.). 3134 July 2'June 15
Union Elec. Light & Pow.(Mo.)7% pref.(qu.)- $134 July 2 June 15
6% preferred (quarterly)
$134 July 2 June 15
Union Pacific RR., common
$1)4 July 2 June 1
United Biscuit Co.of Amer.. pref.(quar.)
$1N Aug. liJuly 16
44c July 2,June 16
United Carbon Co.. common (quar.)
July 2IJune 16
Preferred (s.-a.)
$3
United-Carr Fastener Corp.,corn.(quar.)
15c June 15 June 5
United Companies of N. J.(guar.)
$234 July 10 June 20
United Corp. $3 Preferred (guar.)
75c July 2 June 5
United Dyewood Corp., pref. (quar.)
$134 July 2 June 15a
20c June 23 June 7
United Elastic Corp. (quar.)
United Gas dc Electric Corp pref. (quar.)
134% July 1 June 15
30c June 30 May 31
United Gas Improvement Co.common (guar.)._
$15.' June 30 May 31
Preferred (quar.)
United Light & Rys.(Del.),7% prior pref.(mo.) 53 1-3c July 2 June 16
53c July 2 June 16
6.36% prior preferred (monthly)
50c July 2 June 16
6% prior preferred (monthly)
$2)4 July 10 June 20
United N. J. RR. & Canal (guar.)
$234 Oct. 10 Sept. 20
Quarterly
5234 Jan. 1 Dec. 20
Quarterly
15c July 2 June 15
United States Foil, class A & B common (quar.)
Preferred (quarterly)
31N July 2 June 15
3906
Financial Chronicle
Per
When Holders
Share. Payable. of Record.
Name of Company.
United States Gypsum Co., corn.(quar.)
Preferred (guar.)
U.S. Petroleum Co.(quar.)
Quarterly
Quarterly
U. S. Pipe & Foundry Co., corn. (quar.)
Common (quar.)
Common (guar.)
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
United States Playing Card (quar.)
United Stores Corp., preferred (quar.)
Upper Michigan Pow.& Lt.,6% pref. (quar.)
6% preferred (guar.)
6% preferred (quar.)
Upressit Metal Cap Corp.,8% pref.(guar.)- - - Valley RR.of New York (s.-a.)
Vapor Car Heating Co., Inc.. 7% pref
7% preferred
Venezuela Oli Concessions, Ltd., corn. (final). _
Vermont & Boston Telegraph Co.(s.-a.)
Victor Monoghan, 7% preferred (quarterly)Viking Pump Co., preferred (guar.)
Virginia Electric & Power Co.. $6 pref. (quar.)_
Virginia Public Service, 7% pref. (quar.)
6% preferred (quarterly)
Vortex Cup Co.. class A (qua,)
Vulcan Detinning Co.. preferred (quar.)
Preferred (quar.)
Wagner Electric Co.. preferred (quar.)
Walker (H.), Gooderham & Worts, Ltd.—
Preference (quarterly)
Ward Baking Corp., 7% preferred
Ware River RR., guaranteed (s-a)
Washington Water Power, $6 pref. (quar.)_ _ - _
Wesson Oil& Snowdrift Co., Inc., corn.(quar.)_
Western Canada Flour Mills, 63i% preferred_
Western New York & Penna. Ry.(s.-a.)
5% preferred (quarterly)
Westmoreland, Inc. (quar.)
Westmoreland Water,$6 pref. (guar.)
Weston Electrical Instrument Co.—
Class A (quarterly)
Class A
West Penn Electric Co.. class A
West Penn Power Co., 7% pref. (guar.)
6% preferred (quarterly)
Westvaco Chlorine Prod.. pref. (quar.)
Weyenberg Shoe Mfg., preferred (quar.)
Preferred (quarterly)
Preferred (quarterly)
Whitman (Wm.) Co., Inc., preferred
Wilcox-Rich Corp., clam A (quar.)
Wilson & Co., 7% preferred (guar.)
25c
$1 n
Ic
Ic
lc
123ic
123ic
12 c
30c
30c
25c
81 qc
July 2 June 15
July 2 June 15
June 10 June 5
Sept. 10 Sept. 5
Dec. 10 Doc. 5
July 20 June 30
Oct. 20 Sept.29
Jan. 20 Dec. 31
July 20 June 30
Oct. 20 Sept. 29
Jan. 20 Dec. 31
July 2 June 20
June 15 May 25
Aug. 15
Nov. 15
Jan. 1
July 2 June 15
July 2 June 15
June 10
Sept. 10
$135
3135
$2
$23i
14335
/43Si
x5%
$2
$13i
60c
$134
$1
$134
6234c
o
134%
51%
July
July
June
June
July
July
July
July
Oct.
July
2 June
1
15 June
20 May
2 June
2 June
2 June
20 July
20 Oct.
2 June
25c
50c
5334
$135
1234c
75c
$1,35
31 34
30c
$134
June
July
July
June
July
June
July
July
July
July
15 May 25
2 June 15
2 June 30
15 May 25
2 June 15
15 May 31
2 June 30
2 June 30
2 June 15
2 dJune 15
50c
h50c
$131
%
135%
$14
111%
313i
$134
313
,
4"
623ic
h81 34
July 2 June 19
July 2 June 19
June 30 Juno 15
Aug. 1 July 5
Aug. 1 July 5
July 2 /June 15
June 15 June 5
Sept. 15 Sept. 5
Dec. 15 Dec. 5
June 15 June 1
June 30 June 20
July 2 Juno 16
16
1
31
10
10
15
10
10
20
June 9 1934
Per
When Holders
Share. Payable. of Record.
Name of Company.
Winstead Hosiery (guar.)
$134
Quarterly
$134
Wisconsin Michigan Power, 6% pref. (guar.). $134
Wisconsin Power & Light Co..6% preferred_ _ _ _ 373ic
7% preferred
439'c
Wisconsin Public Service Corp., 7% pf. (quar.)_
31%
634% preferred (quar.)
31%
preferred
6%
(quar.)
$134
Wood (Alan). Steel, 7% preferred
50c
Woodley Petroleum Co
.110
Woolworth (F. W.),Ltd.(Interim)
x7E30
Worcester Salt (quarterly)
500
Wright-liargreaves Minos (quar.)
10c
Extra
Sc
Wrigley WIn.) Jr. Co. (monthly)
25c
Monthly
25c
Monthly
25c
Monthly
25c
Yale & Towne Mfg. Co.(guar.)
15c
Aug. 1 July 15
Nov. 1 Oct. 15
June 15 May 31
June 15 May 31
Juno 15 May SI
June 20 May 31
June 20 May 31
June 20 May 31
June 15 June 5
Sept. 30 Sept. 16
June 22 May 21
June 30 June 20
July 2 June 9
July 2 June 9
July 2 June 20
Aug. 1 July 20
Sept. 1 Aug. 20
Oct. 1 Sept.20
July 2 June 11
t The New York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until furtner notice.
The New York Curb Exchange Association has ruled that stock will
not be quoted ex-dividend on tills date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable In stock.
f Payable in common stock. tt Payable in scrip, h On account of accumulated dividends. I Payable in preferred stock.
k I. G. Farbenindustrie dividend is payable against surrender of coupon
No. 12 partly in cash and partly in scrip.
m Reynolds Metals Co. declared an extra dividend payable in capita I
stock of the corporation at the rate of 1 new share for each 4 shares held
(subject to approval of listing application by New York Stock Exchange).
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.
o Pacific Bancshares, Ltd., have authorized the exchange of 10 shares of
capital stock for one share, thereby increasing the liquidating value 10 times.
Bayuk Cigars, Inc.. declared a dividend of 4-100ths of a share of common treasury stock on each share of common stock outstanding.
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. c A unit. w Less depositary expenses.
S 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 Juno 6 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 2 1934.
Clearing House
Members.
* Capital.
.Surplus and Net Demand
Undivided
Deposits,
Profits.
Average.
$
Bank of N Y & Trust Co
6,000,000
Bank of Manhattan Co_
20,000,000
National City Bank_ ___ 127,500,000
Chem Bank & Trust Co_
20,000,000
Guaranty Trust Co
90,000,000
Manufacturers Trust Co
32,935,000
Cent Hanover Bk &Tr Co
21,000,000
Corn Each Bank Tr Co_
15,000,000
First National Bank
10,000,000
Irving Trust Co
50,000,000
Continental Bk & Tr Co
4,000,000
Chase National Bank_
el50,270,000
Fifth Avenue Bank
500,000
Bankers Trust Co
25,000,000
Title Guar & Trust Co...
10,000,000
Marine Midland Tr Co_
5,000,000
New York Trust Co__ _ _
12,500,000
Comml Nat Bk & Tr Co
7,000,000
Public Nat Bk & Tr Co_
8,250,000
$
$
9,885,400
89,545,000
31,931,700
289,708,000
35,561,900 a946,470,000
47,510,600
319,423,000
177,660,100 b1,000,428.000
10,297,500
246,784,000
61,291,500
530,186,000
16,083,700
172,630,000
73,717,000
376,024,000
57,612.800
373,661,000
3,467.400
26,524,000
e59,526,800 c1,255,599,000
3,148,900
40.009,000
60,610,800 d554.266,000
10,655,800
18,148,000
7,314.700
47,992,000
21,490.900
211,152,000
7,572,600
49.030,000
4,860,600
45,179,000
Time
Deposits,
Ateraoe.
$
10,260,000
30,051,000
158,440,000
21,802,000
52,760,000
100,880,000
43,980,000
22,394,000
16,564,000
10,862,000
2.397.000
77,261,000
852.000
36,679,000
290,000
5,018,000
16,590,000
2.282,000
33,612,000
June 6 1934. May 29 1934. Juno 7 1933.
A ssets—
Gold certificates on hand and due (rein
5
$
1.569,924,000 1,580,596,000
U. S. Treasurys
Gold
Redemption fund—F. It. notes
1,293,000
1,436,000
Other cash
56,852,000
67,455,000
1 628,069,000 1,639,487,000 1,061,188,000
Total reserves
Redemption fund—F. R. bank notes._
2,003,000
3,000,000
2,290,000
Bills discounted:
Secured by U. S. Govt. obligations—
Other bills discounted
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Totals
614,955,000 700.200.700 6,593.654 000 642.974.000
Includes deposits in foreign branches as follows: (a) $223,615,000:(b) $58,345,000;
(c) $71,998,000; (d) $15,339,000.
* As per official reports: National, March 5 1934; State, March 31 1934; trust
companies, March 311034; e as of March 15 1934.
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 1:
Gold held abroad
Due from foreign banks
F. It. notes of other banks
Uncollected items
Bank premises
Federal Deposit Insurance Corp.stock- All other assets
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH TIIE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, JUNE 1 1934.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Mahhattan—
$
23.483,300
Grace National
Trade Bank of N Y. 2,928,104
Brooklyn—
Peoples National__ _
5,083,000
Cash.
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
3
84,300
132,183
$
1,685,900
592,372
81,000
306,000
Gross
Deposits.
3
$
1,189,100 21,835,900
145,368 3,137,144
36,000
4,790,000
TRUST COMPANIES—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Manhattan—.
Empire _______ J--__
Federation
Fiduciary
Fulton
Lawyers County...._.
United States
Brooklyn—
Brooklyn
-
s
Cash.
$
Res. Dep., Dep. Other
N. F. and Banks and
Elsewhere. Trust Cos.
$
56.977.900 *3,451,400 8,577,100
6,535,172
71,491
454,953
8,418.420
*526,085
454,137
16,548,900 *2,345,300 1,060,700
29,020,200 *5,539,900
412,500
63,791,353 7,773,000 15.535,273
88,298,000
95 11/9 571
2,527,000 17.716.000
1 Ann 1151
7 1154 8511
s
Gross
Deposits.
$
1,251,300 58,016,000
560.508 5,983,216
64,320 7.353,984
440,400 15,319,300
32,137,200
58,612,530
276,000 92,428,000
27.054 772
• Includes amount with Federal Reserve as follows: Empire, $2,420,800;
Fiduciary, $301,506; Fulton, $2,220,800; Lawyers County. $4,819:300.
$
276,224,000
691,607,000
4,712,000
88,645,000
Total U.S.Government securities.-
Total bills and securities
Total assets
3,199,000
10,224,000
6,223,000
11,324,000
24,547,000
39,158,000
13,423,000
17,547,000
63,705,000
1,957,000
1,891,000
3,577,000
148,403,000
386,608,000
245,244,000
148,404,000
387,200,000
244,651,000
780,255,000
780.255.000
185,410,000
264,124,000
294,557,000
—
744,091,000
35,000
35,000
4,347,000
795,670.000
799,728,000
815,720,000
1,189,000
5,804,000
107,498,000
11,441,000
42,529,000
32,118.000
1,188,000
4,975,000
00,270,000
11,441,000
42,529,000
31,453,600
1,395,000
6,995,000
84,858,000
12,818,000
26,241,000
2,626.321,000 2,639.361.000 2,012,215,000
Liabilities—
.
F. R. notes in actual circulation
638,044,000 636.137,000 671,817,000
F. It. bank notes in actual circulation net
37.633,000
$1,168,000
38.470.000
Deposits--Member bank reserve wet.- 1,518,560,000 1,556,725.000 1,017.087,000
U. S. Treasury—General account....
32.065,000
8,220,000
10,801,000
Foreign bank
1,238,000
14,2.12,000
1,519,000
Other deposits
122,339,000 123,005,000
18,005,000
Total deposits
1,674,202,000 1,692,050,000 1,057,544,000
Deferred availability items
102,888,000
79,661,000
97,951,000
Capital paid in
59,719,000
58,530,000
59,643,000
Surplus
45,217,000
85,058,000
45,217,000
insurance,
stock,
self
Reserves (FDIC
&c.)
47,266,000
1,667,000
47,266,600
All other liabilities
20,452,000
6,770,000
15,627,000
Total liabilities
2,626.321,000 2,632,361,000 2,012,215,000
Ratio of total reserves to deposit and
-1". R. note liabilities combined
70.4%
61.4%
70.4%
Contingent liability on bills purchased
for foreign correspondents
11.639,000
609,000
739,000
•"Other cash" does not include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
a 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 1034 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 01 1934.
3907
Financial Chronicle
Volume 138
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, June 7, 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 Board's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE 6 1934.
June 6 1934. May 30 1934. May 23 1934. May 16 1934. May 9 1934. May 2 1934. Apr. 25 1934 Apr. 18 1934. June 7 1933.
3
$
3
$
3
3
3
ASSETS.
S
S
Gold ctts. on hand & due from U. S_x..-- 4,706,157,000 4,648,031.000 4.633,584.000 4.583.812,000 4.585,034.000 4,586,500,000 4,490,358.000 4,476,979,000 961,977,000
2,514,484,000
Gold
45,524,000
31,498,000
31,498,000
31,144,000
30,631,000
Redemption fund (F. R. notes)
30,165.000
29,774,000
29,923,000
30,010,000
Other cash •
223,321,000 223,880,000 238,142,000 236,520,000 234.299,000 232,267,000 241,262.000 224,832,000 290,192,000
4959,488,000 4,901,685,000 4,901,649,000 4,850,497,000 4,849,964,000 4.849.011,0004.763.118.000 4,733.309.000 3,812,177,000
Total reserves
4,434,000
4,720,000
5,351,000
5,275,000
5,791,000
6,022.000
7,768,000
8,226,000
7,242,000
5,618,000
23,379,000
9,038,000
24,662,000
6,413,000
27,838,000
6,312,050
23,090,000
6,277,000
30,297.000
7,388,000
30.924,000
7.903.000
32,410,000
b8,441,000
b32,032,000
55,335,000
221,330,000
28,997,000
33,700,000
34.251,000
34.402,000
36,574,000
38,312,000
40,313,000
40,473.000
276,665,000
5,221,000
5,178,000
5,263,000
5,501.000
6,656,000
8.279,000
10.163,000
13,499,000
11,411,000
406,258,000 406,194,000 406,208,000 406,190.000 407,860,000 407.858,000 406,204,000 406.277,000
1,214,508,000 1,216,490,000 1,217.000,000 1.233,599,000 1,237,089,000 1,242.591,000 1,221.099,000 1,207,603,000
441.103,000
675,532,000
816,384,000
794,968,000
Redemption fund-F. R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations._ Other bills discounted
Total bills discounted
Bills bought in open market
U.S. Government securities-Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
809.470,000
807,470.000
806,992,000
790,367.000
786.869,000
781,370,000
802,870,000
Total U. S. Government securities- 2,430,236,000 2,430,154,000 2,430,200,000 2,430,156,000 2,431,818,000 2,431,819,000 2.430.173,000 2,430,264,000 1.911,603,000
5.029,000
562.000
848,000
747,000
747,000
546,000
546,000
534,000
535,000
Other securities
2,464,988,000 2.469,567,000 2.470.260.000 2,470,605,000 2,475,795,000 2,479,157,000 2.481.197.000 2.484,798.000 2,204,708,000
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banksUncollected items
liank premises
Federal Deposit Insurance Corp. stock
All other resources
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
16,995,000
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
3,134,000
16,260,000
403,394,000
52,569,000
139,299,000
45,581,000
3.131,000
16,846,000
456,805,000
52,569,000
139,299,000
44,668,000
3,131,000
17,317,000
428,684,000
52,558,000
139,299,000
43,078,000
3,130,000
15,905,000
493,347,000
52.556,000
139,299.000
41,879,000
3,810,000
19,282,000
334,699,000
54,312,000
49,300,000
8,127,232,000 8,032,214.000 8,060,262,000 8,089,011,000 7,994,787.000 8,048.408,000 7.936.150,000 7.972.449.000 6,485,530,000
Total assets
•
LI.45ILI7'IES.
3,163,689,000
3,068,807,000 3,051,604,000 3,038.297,000 3,061,279.000 3,059,927,000 3,058,777,000 3,030,216,000 3,029,647,000 104,884,000
83,102,000
66,252,000
70,208,000
77.767,000
63.752,000
61,439,000
60,422,000
58,748,000
Deposits-Member banks. reserve account 3,787,048,000 3,762,920,000 3,767,269,000 3,694,493,000 3.677,863,000 3.570.28300 b3.743,597,000 3,669.177,000 2,203,889,000
32,173,000
68,977,000
17,644,000
60,115,000 142,776,000
45,074,000
U.S. Treasurer-General account_a
01,343,000
51,636.000
75,758,000
42,208,000
4,565,000
6,585,000
5,347,000
6.915.000
Foreign banks
4,649,000
5.610,000
5,592.000
3.686,000
158,178,000 154,345,000
Other deposits
225,816,000 227.598,000 236,809.000 246,981,000 249,983,000 273.765.000 b161.916,000
F. R. notes in actual circulation
F. R. bank notes In actual circulation_
Total deposits
Deferred availability items
Capital paid In
Surplus
Reserves(FDIC stock, self insurance. &c.)
All other liabilities
Total liabilities
2,432,615,000
4,092,308,000 4,047,746,000 4,061.031.000 3,991,197.000 3,994,876,000 3,993,409,000 3,928,504,000 .3,900.897.000
328,902,000
488,075.000
427.495.000
454,807,000
401,661,000
429,302,000 399,832,000 427,374,000 501,685.000
146,383,000 150,052,000
146,433.000 146,271.000 146.470,000 146.202.000 146,279,000 146,300,000 146,449,000 138,383,000 278,599,000
138,383,000
135,383,000
138,383,000
138,383,000
138,383,000 138,383,000 138.383,000
12,179,000
161,829,000
101,832,000 101,832,000 161.832,000 161,832.000 161,831,000 161,831,000 161.829.000
14,610,000
24,133,000
25,507,000
24,693,000
25,578,000
24.681,000
25,436.000
26,124,000
31,419,000
6,485,530,000
7,972,449,000
8,127,232,000 8,032.214,000 8,060,262.000 8,089,011.000 7.994,787,000 8,048,408,000 7.936,150,000
Ratio of total reserves to deposits and
F. R. note liabilities combined
Contingent 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 blils discounted
Over 90 days bills discounted
69.3%
69.0%
69.0%
68.8%
68.7%
68.8%
68.4%
68.3%
68.1%
2,447,000
2,730,000
3.268,000
3,622,000
4,002,000
4,261.000
4.669,000
4.669.000
35,436,000
$
Total bills discounted
1-15 days bills bought in open market
16-30 days bills bought In open market_....
31-60 days bills bought in open market.-61-90 days bills bought in open market_
Over 90 days bills bought In open market
Total bills bought in open market
1-15 (lays 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 bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
01-90 days municipal warrants
Over 90 days municipal warrants
$
$
a
$
s
Federal Reserve NolesIssued to F. R. Bank by F. R. AgentHeld by Federal Reserve Bank
$
s
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
24,950,000
2,813,000
5.777,000
2,460,000
574.000
28,004,000
3,177.000
5.930.000
978,000
223,000
80,146.000
1,880,000
6,814,000
1,251,000
222.000
29,822,000
3,028.000
4,818,000
2,569,000
236,000
181,962,000
20,062,000
48,089,000
21,039,000
51.513.000
28,997,000
33,700.000
34,251.000
34.402.000
36,574,000
38,312.000
40.313,006
40,473,000
276,665,000
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
2,218,000
191,000
437,000
3,810,000
3,238,000
910,000
272,000
3,859,000
4,111,000
2,048,000
298,000
3,706,000
9.127,000
3,371,000
823,000
178,000
3.960,000
3,504.000
724,000
3,222.000
1,000
5,221,000
5.178.000
5,263,000
5.501,000
6,656,000
8,279.000
10,163,000
13,499,000
11,411,000
43,975.000
130,466,000
17,725,000
594,703,000
62,180,000
21,325,000
117,1321,000
21.070.000
559,174.000
115,530,000
43,975,000
103,301.000
21,830,000
518.174.000
116,831,000
62,180,000
99.306,000
42,210,000
495.857,000
107,725,000
28,988,000
76,550,000
158,896,000
422.809,000
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
809,470,000
807,470,000
806,992,000
790,367,000
786,869,000
781,370,000
802.870,000
816,384.000
794,968,000
492,000
7,000
500,000
506,000
506,000
509,000
5,000
499,000
8,000
5,000
508,000
5,000
499,000
8.000
5,000
35,000
35,000
35,000
35,000
35,000
5.000
35,000
17,000
36,000
4,906,000
25,000
10,000
38,000
50,000
535,000
546,000
-
546,000
547.000
047,000
548,000
562,000
5.029,000
35,000
Total municipal warrants
$
22,451,000
2,644,000
1,763,000
1,846,000
293,000
534,000
-
3,359,601,000 3,330,083,000 3,332,511,000 3,337.686,000 3,345,138,000 3.323,359,000 3,310,532,000 3,309,708,000 3,419,635,000
290,794,000 278,479,000 294,214,000 276,407,000 285,211,000 264,582,000 280,316,000 260,061,000 255,946,000
3,068,807,000 3,051,604,000 3,038,2,07,000 3,061,279,000 3.059,927,000 3.058,777,000 3,030,216,000 3,029,647,000 3.163,689,000
CoUaleralitch! by Agent as Security for
Notes Issued to BankGold Mts,on hand & due from U.S.Tress
2,099,771,000 3,004,771,000 3.014,771,000 3,021,771.000 3.013.771,000 2,983.271.000 2,980.271.000 3,003,471,000 1 468639 000
By gold and gold certificates
I 318 435000
Gold fund-Federal Reserve Board
29,332,000 162,422,000
25,296,000
17,009.000
22,151,000
18,871,000
18.875,000
16,440.000
15,271,000
By eligible paper
505,900,000
313,400,000
331,400,000
352,300,000
355.400,000
364,300,000
341,300,000 349,300.000
375,300,000
U. S. Government securities
3,390,342,000 3,387,942.000 3.384.080,000 3.379,511,000 3,381,946,000 3,360,822,000 3,345,967,000 3,346,203,000 3,455,396,000
Total collateral
In actual circulation
b Revised.
•"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
100 cents to
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
the Treasury under the provisions
59.06 cents, these certificates being worth less to the extent of the difference. the difference itself having been appropriated as profit by
Act
Reserve
Gold
1934.
of
of the
deposits on Stay 2 transferred to "Other
a Caption changed from "Government" to "II. S. Treasurer-General account" and $100,000,000 included in Government
deposits."
3908
Financial Chronicle
June 9 1934
Weekly Return of the Federal Reserve Board (Concluded).
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF
THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 6 1934.
Two Ciphers (00) Omitted.
Federal Reserve Bank of-
Total.
Boston. New York
Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City.
RESOURCES.
$
$
Gold certificates on hand and due
from U.S.Treasury
4,706,157,0 383.083,0 1,569,924,0 287,634,0 369,573,0 182,193,0 120,803.0 998,920,0 163,550,0
98.952,0 151,898,0
Redemption fund-F. R. notes
30.010,0 2,279,0
1,293,0 2,804,0 3,336,0 1,581,0 3.636,0
6,486,0 1,046,0 1,297,0 1,069.0
Other cash
223,321,0 15,773,0
58,852,0 34,552,0 12,620,0 8,058.0 11,690,0
33,372,0 10,046,0 11,491,0 10,136,0
Total reserves
4,959,488,0 401,135,0 1,628,069,0 324,990,0 385,529,0 191,832,0 136,129,0 1,038,778,0 174,642,0
109,740,0 163,103,0
Redem. fund-F. R. bank notes_
4.434,0
250,0
2,003,0
858,0
715,0
134,0
Bills discounted:
Sec. by. U.S. Govt. obligations
5,618,0
227,0
3,199.0 1,301,0
149,0
119.0
6,0
62,0
82.0
220,0
10,0
Other bills discounted
23,379,0
507,0
10,224,0 7,509,0 1,237,0
840,0
604,0
1,110,0
36,0
419,0
203,0
Total bills discounted
28,997,0
734,0
13.423,0 8,810,0 1,386,0
959,0
586,0
98,0
1,116,0
639,0
213,0
Bills bought in open market
5,221,0
371.0
1.957,0
536,0
487,0
193,0
649,0
121,0
178,0
85,0
142,0
U. S. Government securities:
Bonds
406,258,0 22.991,0 148,402,0 25,603,0 30,249,0 14,707,0 12,696,0
66,568.0
13,664,0 15,833,0
Treasury notes
1,214,508,0 80,622,0 386,608,0 85,124,0 109.404,0 53.185,0 45,833.0 212,238,0 47,608,0 29,817,0 13.197,0
Certificates and bills
809,470,0 54,067,0 245,245,0 56,393.0 73,372,0 35,671,0 30,727,0 152,037,0 31,928,0 19,994,0 47,074,0
31,573,0
Total U. S. Govt. securities_ 2.430,236,0 157,680.0 780.255.0 167,120,0 213,025.0
103,563,0 89,256,0 430,843,0 93,200,0 65,644,0 91,844,0
Other securities
534,0
35.0
499.0
$
a
$
$
$
$
$
$
Dallas. San Fran.
$
$
s
89,509,0 292,118,0
577,0 4,606,0
5,944,0 12,787,0
96,030,0 309,511,0
474,0
43,0
413,0
200,0
377.0
456,0
142,0
577,0
360,0
18,730,0 23,618,0
31,571,0 85,424,0
21,174,0 57,289,0
71,475.0 166,331,0
Total bills and securities
2,464,988,0 158,785,0
Due from foreign banks
3.122,0
236.0
Fed. Res. notes of other banks
18,451,0
308,0
Uncollected items
435,751,0 44,778,0
Bank premises
52,609,0 3,224,0
Federal Deposit Ins. Corp.stock_ 139,299.0 10.230,0
All other resources
49,090,0
830,0
795,670.0 176,965,0 214,898,0 104,715,0 90,020.0 432,608,0 93,419,0 66,368,0
92,199,0 72,073,0 107,268,0
1.189,0
342,0
300,0
119,0
10,0
414,0
109,0
7,0
87.0
87,0
222,0
5,804,0
633,0
842,0 1,078.0
2.970,0 1,658,0 1.071,0
892.0
1,506,0
317,0 1,374,0
107,498.0 33,771,0 39,556,0 44,594,0 15,786,0
55,482,0 20,734,0 12,212,0 23,208,0 19,172,0 18,960,0
11,441,0 4,156,0 6,788,0 3,128,0 2,372,0
7,387,0 3,124,0 1,657,0 3,485,0 1,757,0 4,090,0
42,529,0 14.621.0 14,147,0 5,808,0 5,272,0
19,749,0 5,093,0 3,510,0 4,131,0 4,359,0 9,850,0
32,118,0 5,706,0 1,403,0 1,907,0 2,494,0
1,029,0
295,0 1,179,0
460,0 1,038,0
631,0
-8.127,232,0 619,776,0 2,626,321.0 562,042,0 664;178,0 353,179,0 253,074,0 1,558,417,0299,109,0 195,744,0
288,170,0 195,307,0 511,906,0
Total resources
LIABILITIES.
F. R. notes in actual circulation_ 3,068,807,0 244,653,0 638,944,0 247,813.0
304,025,0 143,249,0 136,039,0 775,047,0 133,652,0 95,363,0 107,031,0 40,493,0 201,598,0
F. R. bank notes in act'! cIrcen- 58,748,0
758,0
37,633,0 5.507.0 12,112,0
182,0
2,556.0
Deposits:
Member bank reserve account_ 3,787,048,0 288,880,0 1.518,560.0209,797.0 243,201.0
140,016,0 74,678,0 644,313,0 112,263,0 67,397,0 138.684,0 112,765,0 236,494,0
U. S. Treasurer-Gen. acct.__
75,758,0 3,634.0
32,065,0 1,924,0 10,393,0 3,201,0 2,890,0
10,450,0 3.206,0 2,136,0 2,435,0
1,563,0 1,861,0
Foreign bank
3,686,0
270,0
1,238,0
389,0
359,0
472.0
142,0
123,0
86,0
105,0
131.0
105,0
266,0
Other deposits
225.816,0 4,472,0 122,339,0 18,440,0 10,898,0 5,312.0 7,426,0
12,674.0 13,444,0 6,926,0 2,894,0
1,379,0 19,612,0
Total deposits
4,092,308,0 297,256,0 1,674.202,0230,550.0 264,851,0 148.671,0 85,125,0 667,909,0
129,036,0 76,545,0 144,118,0 115,812,0 258.233,0
Deferred availability items
429,302,0 44,388,0 102,888,0 31,436.0 39,089,0 43,910,0 14,106,0
56,662,0 21.050,0 12,542,0 23,208,0 20,109,0 19,824.0
Capital paid in
146,433.0 10,736,0
59,719,0 15,383.0 12,787,0 4,980,0 4,385,0
12,565,0 4,022,0 3,036,0 4,149,0 3,975,0 10,716,0
Surplus
138,383,0 9,610,0
45,217,0 13,352,0 14,090,0 5,171,0 5,145,0
20,681,0 4,756,0 3,420,0 3,613,0 3,683,0 9,645,0
Reserves: FDIC stock, self Insurance, &c
161,832,0 11,283,0
47,266,0 17,121.0 16,447.0 6,963,0 7,852,0
22,718.0 5,946.0 4,535,0 4,747,0 5,489,0 11,465.0
All other liabilities
31,419,0 1,092,0
20,452,0
900,0
777,0
235,0
422,0
425,0
2,835,0
413,0 3,100,0
303,0
465,0
--Total liabilities
8,127.232,0 619,776,0 2.628,321,0562.042,0 664,178,0 353,179,0 253,074,0
1,558,417,0 299,109,0 195,744,0 288,179,0 195.307,0 511,906,0
Memoranda.
Ratio of total res. to dep. & F. R.
note liabilities combined
69.3
74.0
70.4
67.9
67.8
65.7
61.6
67.3
72.0
61.4
63.8
64.7
66.5
Contingent liability on bills purchased for for'n correspondents
2,447,0
192.0
699,0
278.0
257,0
102.0
93.0
190,0
61,0
337.0
88.0
75.0
75,0
•"Other Cash" does not include Federal Reserve notes or bank's
own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
Total.
Boston. New York.
PhUa.
Cleveland. Richmond Atlanta.
Chicago.
St. Louis. Minneap. Kan.City. Dallas. San Fran.
Federal Reserve notes:
$
8
Issued to F.R.Bk. by F.R.Agt_ 3,359.601,0267.354.0
Held by Fed'I Reserve Bank__ 290,794,0 22,701,0
$
3
$
$
$
736.689,0 266,912.0 320.768,0 153,190,0 154,733,0
97,745.0 19,099,0 16,743,0 9,941.0 18,694,0
$
$
8
$
$
$
815,007,0 138,755.0 100,135,0 115,139,0 45,006,0 245,913,0
39,960.0 5,103,0 4.772,0 7,208,0 4.513,0 44,315,0
In actual circulation
3.068,807,0244.653.0
Collateral held by Agent as security for notes issued to bks:
Gold certificates on hand and
due from U.S. Treasury
2,999.771,0 271,117,0
Eligible paper
15,271,0
644,0
U. S. Government securities
375,300,0
638,944,0 247,813,0 304.025,0 143,249,0 136,039,0
775,047,0 133.652,0 95,363,0 107,931,0 40,493,0 201.598,0
733,706,0 228,000.0 261,931,0 129.340,0 91.385,0
8.590,0 2,953,0
696,0
403,0
411,0
37,000,0 60,000,0 25,000,0 65.000.0
754,513,0 116,936,0 76,115,0 97,290,0 45,675,0 193,763,0
98,0
196,0
313,0
394,0
117,0
456.0
65,000,0 23,000,0 25,300,0 20,000,0
55.000,0
742,296,0 267,953,0 322.627,0 154,743,0 156,796,0
819,709,0 140,034.0 101.728,0 117.407,0 46,131,0 240,157,0
Total collateral
3,390,342.0271,761,0
FEDERAL RESERVE BANK NOTE STATEMENT.
Two Ciphers (00) OmtUed.
Federal Reserve Agent al-
,
Total.
Boston. New York.
Phila.
Cleveland. Richmond Atlanta.
Chicago.
St. Louis. Minneap. Kan.CUy. Dallas. San Fran.
Federal Reserve bank notes:
Issued to F. R. BA.(eutstdg.)_
Held by Fed'! Reserve Bank__
$
73,402,0
14,654,0
$
1,511,0
753,0
In actual circulation-net *.
Collat. pledged agst. outst. notes:
Discounted & purchased bills.
U. S. Government securities__
58,748,0
758,0
81,474,0
5,000,0
39,974,0 16.500,0 15,000,0
1.000,0
4,000,0
81,474,0
5,000,0
39,974,0 16,500.0 15.000.0
1.000.0
4
Total collateral
$
$
S
39,347,0 16,035.0 12,775,0
1,714,0 10,528,0
663,0
37,633,0
3
$
$
5,507,0 12,112,0
3
534,0
352.0
i
S
182.0
$
3,200,0
044,0
8
2,556.0
non 0
Does not Include $93,277,000 of Federal Reserve bank notes for the retirement o
which Federal Reserve banks have deposited lawful money with the Treasurer
of
the United States.
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items
of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained.
These figures
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board
upon the figures for
the latest week appears in our department of "Current Events and Discussions," immediately preceding which
we also give the
figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL
RESERVE DISTRICT AS AT CLOSE OF
BUSINESS MAY 30 1934 (In Millions of Dollars).
Federal Reserve DistrictLoans and investments-total
Loans-total
On securities
All other
Total.
Boston. New York
$
17,306
$
1,145
$
7,946
8,026
673
3,715
3,476
4,550
263
410
1.867
1,848
Investments-total
9,280
472
4,231
k U. S. Government securities
6.262
3,018
301
171
2,934
1,297
2,811
248
12,426
4,455
955
1,526
3,600
227
48
841
341
87
119
185
1,410
51
6,518
1.094
568
131
1,639
7
Other securities
Reserve with F. R. Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. It. Bank
5
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Alinneap. Kan.City.
Dallas. San Fran.
$
$
$
$
$
$
$
$
$
1.179
343
328
1,806
492
341
544
1,777
384
499
421
170
177
750
205
157
203
869
187
233
202
59
62
332
39
73
62
223
61
266
219
111
115
418
132
118
141
648
126
522
758
173
151
1,056
287
184
341
908
197
278
563
121
98
720
171
130
230
570
146
244
195
52
53
116
336
54
338
111
51
$
1,021
140
12
673
311
49
154
215
119
18
824
458
39
87
172
1
47
11
217
135
7
80
88
23
6
166
133
19
80
75
450
52
1,558
474
38
235
475
71
8
324
165
23
86
140
36
4
210
123
5
75
93
77
11
407
187
18
180
225
73
9
273
121
39
125
113
138
10
617
933
63
174
180
ore
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:
I go Sinttnrial
(giirottirle
(tamintrclal
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
Including Postage—
12 Mos.
6 Mos.
United States, U. S. Possessions and Territories
$10.00
$6.00
6.75
In Dominion of Canada
11.50
South and Central America Spain, Mexico and Cuba— 13.50
7.75
Great Britain, Continental Europe (except Spain). Asia.
Australia and Africa
8.50
15.00
The following publications are also issued:
COMPENDIUMS—
MONTHLY PUBLICATIONS—
PUBLIC UTILITy—(semi-annualty)
BANK AND QUOTATION RECORD
RAILWAY & INDUSTRIAL—(four a year)
MOI1THLY EARNINGS RECORD
STATE AND MUNICIPAL—(Senli-ann )
The subscription price of the Bank and Quotation Record, the State and
Municipal Compendium and the Railway and Industrial Compendium is
$10.00 per year each. The price of the Public Utility Compendium is
$7.50 per year and the price of the Monthly Earnings Record is $6.00
per year. Foreign postage extra.
NOTICE. On account of the fluctuations in the rates of exchange,
remittances for foreign subscriptions and advertisements must be made
In New York funds.
Terms of Advertising
Transient display matter per agate line
45 cents
Contract and Card rates
On request
CHICAGO OyncE—In charge of Fred. )3. Gray, Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens. London. E.C.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
Railroad and Miscellaneous Stocks.—For review of the
New York stock market, see editorial pages.
The following are sales made at tile Stock Exchange this
week (June 2 to Juno 8 inclusive) of shares not represented
in our detailed list on the pages which follow:
Sales
for
Week.
STOCKS.
Week Ending June 8.
Range Since Jan. 1.
Range for Week.
Lowest.
Lowest. I Highest.
Highest.
Par. Shares.
Railroads—
per share. $ per share.
per share.S per share.
30 5134 June 4 9154 June 4 50
Feb 5634 Apr
Canada Southern..100
Hudson & Manh 121_100
200 16
June 7 16
June 7 16
May 2654 Jan
Apr
20 5
June 2 5
Int Rys of Cent Am..*
June 2, 3
Jan 7
Certificates
20 434 June 8 4% June 71 334 Mar 6% Apr
Market St Ity 2d pt 100
50 2 June 2 234 June 2, 1
Jan 434 Apr
Preferred
100
30 4% June 7 434 June 7 33/4 May 834 Apr
Indus. & Miscell.—
Abrah'm dr Straus pf100
Am Mach & Mets ctts_*
Amer Rad & Standard
Sanitary pref _...100
Art Metal Construct..10
Bon Atilt class A. __*
Briggs & Stratton....'
Brown Shoe pief ___100
Chicago Yellow Cab
Consol Cigar pref(7) 100
Prior pref x-warr.100
20 10734 June 210734 June 2, 89
400 8
June 7 854 June 6 434
Jan 1071i Apr
Jan 10
May
10 120
40 631
1
250 7854
300 22
5011931
100 15
100 51
10 581.1,
1
10 87
100 16
300 22
100 128
10 24
Jan 121
May
Jan, 934 Apr
June 7 120 June 7111134
June 2 61/ June 2 5
2 7934
8 2234
412234
5 15
8 51
8, 5833
1
June 6 87
June 2 16
June 2 22
June 8 128
June 8 24
June 6 76
June 8 15
June 511834
June 5 1134
June 8 31
June 8 49
June
June
June
June
June
6 8034 Marl 91
2 15
May 23
2 15
Jan 25
8 128
June 16034
8 733 Jan, 31
June
June
June
June
June
2 147
5111
4 35
2 25
6 60
June
June
June
June
June
2 12334 Mar 147
June
6 973/4 Jan 11134 Apr
6 19
Jan 55
Apr
2 9
Jan 2634 Apr
6 50
May 6334 Jan
June
June
June
June
June
4 9134
8 44
2 108
7 81
6 125
June
June
June
June
June
6 89
Feb 95
Jan
8 21
Jan 4534 Apr
2 86
Jan 108
June
5 46
Apr
Jan 85
4 12154 Jan 12531 May
Underwd-Ell-F pref 100
20 120 June
United Amer Bosch_ _ _*
210 9 June
United Dye wd pref.
_100
40 70 June
U S Express
74 June
100
100
Un Pipe & Rad pref. 100
June
120 14
Vulcan Detln pref..100
June
20 106
Webster-Eisen1 pre 100
20 79% June
• No par value. x Compan es reported
5 120
6 1134
2 7034
5
34
6 15
5 106
7 79%
June
June
June
June
June
June
June
Jan 120
Apr
5 102
4 9 June 17
Feb
2 59% Mar 7534 May
5
34 May 134 Apr
Apr
6 4% Jan 24
5 95
Apr
Jan 110
7 65
Jan 80
Feb
Lushes Sons pf (7%)100
Duplan Silk
•
Florsheim Shoe cl A. *
Freeport-Texas pref 100
GuantanamoSug pfd100
Heime(G W) pref _100
Kan City B & L pre B •
Kresge Dept Strs pfd100
Maytag Co pref x-war •
Mexican Petroleum _100
10 147
30 10834
100 31
60, 25
101 60
1
200, 9034
100; 44
150'108
201 80
110,12434
Omnibus Corp pref.100
Peoples Drug Stores,.*
634% cony pref _ _100
Revere Cop&lir pref100
Stand Brands pref_ _100
June
June
June
June
June
June
Apr
Mayl 83
Jan 2434 Apr
Junex123.33 Apr
Apr21.6
May
Jan 59
Apr
Feb, 59
Apr
May
Feb
Apr
Jan
Feb
in receivership.
Quotations for United States Treasury Certificates of
Indebtedness, &c.—Friday, June 8.
Maturity,
——
June 151934...
Sept.15 1934...
Aug. 1 1935..
June 15 1934._
Aug. 1 1934__.
Dec. 151934...
Mar. 15 1935....
Dec. 15 1935._.
Feb. 1 1938_ _
Int.
Rate.
li %
134%
134%
234%
23/4%
234%
234%
23/4%
234%
Bid.
—
100":2
1002223
101 228,
1003132
1001132
101 21,,
101 nu
103.32
1031132
Asked.
Maturity
Int.
Rate.
Bid.
Asked.
1002%
1001132
10122,,
101132
1002132
101:1,,
102
1031:2
1031332
Dec. 15 1936___
Apr. 15 1936_ ..
June 191938...
June 151935...
Feb. 15 1937.. _
kpr. 15 1937...
Mar. 15 1938...
tug. 7 7938--Sept.15 1937.,.
234%
234%
234%
3%
3%
3%
3%
3Ii.%
33/4 %
104.22
103.132
10.',,
10331n
104132
104.8
1041.22
10422,,
10541
10111n
104,
sa
10442
103,st
1041132
104142
1041.3:
10421,2
105132
Bid.
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
Asked.
Bid.
Aug. 29 1934
Sept. 5 1934
Sept.26 1934
Oct. 3 1934
Oct. 10 1934
Oct. 17 1934
Oct. 24 1934
Oct. 31 1934
Nov. 7 1934
Nov. 14 1934
Nov 21 1024
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
fl 1502
Daily Record of U. S. Bond Prices. June 2. June 4. June 5. June 6. June 7. June 8.
——
First Liberty Loan
High 10327n 10314,, 103",, 10327,2 103":: 103"r
334% bonds of 1932-47__ Low_ 103"as 103"as 103"as 103"ss 103i% 103"a,
Close 103"as 103"; 103",, 103"; 103,6; 103"r
(First 334*)
20
11
36
4
12
47
Total sales in $1,000 units__
{High
Converted 47 bonds 01.1
____
___.
____
____
____
Low.
____
1932-47 (First 45)
Total sales in $1,000 units__
Converted 434% bonds_ High
of 1932-47 (First 4110
(Close
I'°w.
Total sales in $1,000 units_
Second converted 4% %(High
bonds 01 1932-47(First)Low.
Second 433s)
Total sales in $1,000 units_ __
{High
Fourth Liberty Loan
Low43.4% bonds of 1933-38
Close
(Fourth 434s)
Total sales in $1,000 units__
LoanHigh
High
Fourth Liberty Loan(
bonds (2d called)_ Low_
431% bon
Total sales in $1,000 units_ __
High
Treasury
Low_
43.1s 1947-52
Close
Total sales in 81,000 units__
High
Low_
45. 1944-54
Close
Total sales In $1,000 units_ __
High
Low_
43/4s-33/4s, 1943-45
Close
Total sales in $1,000 units_ __
High
Low_
3335, 1946-56
(Close
Total sales in $1,000 units_
High
Low_
334s, 1943-47
Close
Total sales in $1,000 units__
High
ow_
L
3s, 1951-5
5
Close
Total salts in $1,000 units_ __
High
Low..
3545. 1940-43
Close
Total sales in $1,00G units__
High
Low_
3%s, 1941-43
Close
Total sales in $1,000 units___
High
35411, 1946-49
Low_
Close
Total sales in $1,000 units_ __
High
Low_
33.15. 1941
Close
Total sales in $1,000 units_ __
High
Low_
331s, 1944-46
Close
Total sales in $1,000 units__
Federal Farm Mtge
High
Low_
334s, 1944-64
Close
Total sales in $1,000 units__ _
High
Home Owners' an
Low_
48, 1951
Close
Total sales in $1,000 units_ __
Home Owners' Loan
( High
4 Low_
38. series A, 1952
(Close
Total sales in $1,000 units_ __
Asked.
2
1
1
1
3
---_-_
-104
103n
,-n
104
103.032 103.122 1032.22
104
104
1038132
7
24
31
101% 101"a: 101",,
101.122 1012.32 101",,
1013132 1012.32 101.832
21
2
10
112% 112432 11212,2
112.s, 112% 112"s:
112,a. 112',, 112",,
10
3
48
1082,, 1084,2 10Son
108
107"s: 103,
:a
108132 108.32 108132
9
45
113
1031132 103113 103tin
103,as 103% 10310a:
103,as 103", 103",s
13
161
50
____ 1061.3 1061.32
____ 10614, 106",:
--- - 106":: 1061.32
____
38
26
___ 104,as 104,as
____ 104,as 104,as
---- 101,a: 104'.1
30
-_-_
73
10027:, 10022,2 10022,2
1009,1 100",: 100";
1002,a: 100l,, 100,1,,
87
73
47
101,a: 104":: 101"as
104,o 104,as 104";
104,as 104",s 104";
25
77
15
___ 1041.3 104"a:
- _ - _ 1041,2 104";
---_ 104",,104"a:
21
-—
60
10111,, 101a,
, 101"as
101i% 101". 101"a:
101.732 1012322 101";
200
18
29
101,a, 104"a: 101";
101,
as 101,
:s 104";
104,a: 104"a 101"as
115
46
152
1021732 1022., 102,9n
1021.22 1022.2 102..32
1022132 1022.3 1022132
90
79
85
101"r 101", 101";
101..22 101 2.3 101"as
1011732 101"2 101"as
27
964
74
1012.32 1012.3 101.022
1012222 101% 101",,
101.232 1012.3 101 1.22
141
13
777
10022,2 10022, 10020,,
100"as 100", 100"n
100",, 100", 100"as
122
8
86
,___
103";
103.832
103";
28
101",,
101",,
,--10331n
103..32
1032.32
45
101";
1012I,
___.
103",
1032s
:
103",
81
101,5:
10124
101",, 101",, 1012I,
10:
38
85
112..2
____ 112",
- — 11222,
112.42
112"as
- __ _ 112",2
13:
65
__
1052,2 1052,7 108",
105,as 108,11 108,ss
103.22 108.22 108113
9
32
3!9
103"a: 103"as 103",2
103,81 103",,103".2
103"as 103"s 103",
28
203
5:
-- -- 106", 106",
---- 106", 106",
____ 1061.2 1061.2
2
___
1
1048; 101 0, 1042I2
104,
,, 101,
:s 104".
101,t: 104"a: 104,,,
2
1
4
100'.2,, 10022,2 100";
100":: 100"; 100",
100 1.: 100":: 100".
81
20
38
104"; 104"as 104",
1041132 104220 104vs
104"1: 104".: 104".
2
1
24
1041232 104,
.22 10422,
104"a: 104",: 104".
1040o 104"s: 104".
2
37
36
101"; 101,81: 101";
101"ss 101"as 101",
101"1: 101"a: 1012,1
9
5
4
---- 104":: 104",
_ --- 101"as 104".
---- 104"as 104".
___
24
102"; 102"; 102o,
1022.22 102"; 1022.,
102,732 1022.32 1023o 2
614 1,500
160
102
102.22 102
10123
10128, 102
102
102,1, 101"
139
11
74
101213 1011.22 10117 2
101", 101",, 101"
101",,101",, 101"
2,677
163
358
100": 100o:: 10015 2
100", 100",, 100"
100"a 100"s: 100"12
58
183
10
1032732 to 10302,
101"a: to 101"as
10932 to 108.31
1011,22 to 1041233
104"as to 104"."
Fourth 4332; (uncalled)
Fourth 433s (2d called)
Treasury 4s
Treasury 330, 1940-43
Treasury 3.33s, 1941-43
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.
eek Rnded
JulU 8 1934.
Stocks,
Railroad
State,
Number of and Miscell. Municipal &
Shares.
Bonds.
Porn Bonds
Sat rday
Mon day
Tuesday
Wed nesday
Thu%day
Frit'ty
410,110
357,980
740,800
664,790
467,460
1,608,090
$3,303,000
4,646,000
7,098,000
6,319,000
5,907,000
9,927,000
$1,226,000
1,982.000
1,962,500
2,216,000
1,884,500
1,670,000
Week Ended June 8.
1934.
Stocks—No, of shares_
4,294,230
Bonds.
Government bonds..-__ $12.510,700
State & foreign bonds.. 10.941,000
Railroad & misc. bonds 37,200,000
Total
.....
,-----.
- ----,-----103-asas 103",s 103",, 103"s, 103"as 103",,
,
2:
,
:
2 103%
2
1031%
3
10'
3"%
"
, 103,2%1 103
3
:11a: 1 03
15:
28
28
12
5
38
Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
Sates of
New York Stock
Exchange.
U. S. Treasury Bills—Friday, June 8.
Rates quoted are for discount at purchase.
June 20 1934
June 27 1934
July 3 1934
July 11 1934
July 18 1934
July ,25 1934
Aug. 1 1934
Aug. 8 1934
Aug. 15 1934
Aug. 22 1934
3909
Financial Chronicle
Volume 138
1933.
United
States
Bonds.
$911,900
1,859,900
1,718,300
3,934,300
2,472,000
1,624,300
Total
Bond
Sales.
$5,440,900
8,487,900
10,778,800
12,459,300
10,263,500
13.221.300
Jan. 1 fo June 8.
1934.
1933.
33,120,594
201,407,346
259,991,623
$4,616,000
19,410,000
74,357,000
$278,194,600
328,434.500
1,256,483,000
$243,598,200
337,007,500
888.216,900
$60,651,700 $98.383,000 $1,863,112.100 $1.468,822,600
The Curb Exchange.—The review of the Curb Exchange is
given this week on page 3892.
A complete record of Curb Exchange transactions for the
week will be found on page 3928.
3910
June 9 1934
,
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
rar
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 for the year.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
June 2.
Monday
June 4.
Tuesday
June 5.
Wednesday
June 6.
Thursday
June 7.
Friday
June 8.
$ per share $ per share $ per share $ per share S per share $ per share
52
53
523 53% 5418 5618 5538 563
5414 5514 5538 50
.79
83
79
81
8034 80
83
84
8312 84
8312 8312
38
39
38
39
3912 41
41
3912 3912 3912 42
41
2114 2218 2212 23
2334 2312 24
23
2318 2314 2314 25
27
26
2612 26
2712 2712 .2638 2712 2722 28
2712 26
43 .408 43 .41
.41
43
43
43
43 .42
*41
.41
*100 10812 *100 10812 .103 10812 *100 10812 *100 10812 *100 10812
*9
14
912 912 *9514 15
.834 14
*10
15
*93* 15
4,5
*54 6
518 54 *614 6
54 54 *518 6
4
5412 •52
*47
544 .4912 5412 .51
5412 *50
5412
5412 *SO
393* 3834 39
3838 3812 3814 394 39
39
373* 38
40
*9218 93
*9218 03
93
03
93
03 .9318 9312 9312 9312
1512 1514 153* 15
1514 1518 1534
1434 14% 1518 153* 15
95
.89
*91
05 .89
95
*9112 95
95 .89
95 .91
6812
66
.62
70
78
*63
70 .64
.63
70
70
*60
47
474 24614 4638 4638 4738
4514 4512 4512 463* 4614 47
53
*3
4
*3
4
4
314 324 *314 4
*3
4
4
.312 4
4
•312 4
*312 412 *312 412
.312 5
322 312
34 338
33* 33*
338 33* *34 334 .
3,2 334
77
712 712 .712 8
8
8
*8
838
7%
8
812
412 412
434 434
44 5
434 47
5
514
43* 438
77
83
73* 778
8
878
77
8,4
712 734
814 812
878 918
9
94
914 934
938 1014
94 912
614 034
1712 .17
•17
1712 .17
18
.16
17 .16
17% 1834
177
33* 34
314
318 314 *314 34
34 314
33
3,4 314
638
514 514 .6
514 514 *512 612
5,2 54 *514 6
412 412
414 41 i .418 414 *414 5
•414 412
414 411
*28
3312 .2812 3312 .2814 31
3312 *28
•2812 3112 3112 3222
.2112 23
.2112 25
23
23 .23
24
23
23
2312
23
23
23 .18
23 .18
23
23
23
*18
23
*18
23
3'8 3't
318 34
314 34
314 324 *318 34
324 314
57
57 .
522 712 *512 612 *51 2 64 *512 612
*622 7
49
514 5134 53
50 .50
53
5334 5212 5234 53
5514
2038 213* 213s 2238 2178 2314 23
, .223.4 23
233
2278 2412
714 74 *738 812 *814 812
812 822 *814
914
94 914
1712 1712 1712 18
17
18
1878 1914 1878 1878 1918 2038
22
22
22
22
2212 2212 *2214 2312 22
2212 2234 25
1834 .1834 20
.1712 2212 1712 1712 .18
*1834 1934 *19
2012
1838 1878 1915 197
2034 2112 2012 2078 2034 2238
1912 21
.9
.9
10
10
10
12
10
.9
*9
11
.10
11
.22
25
*22
2312 2312 2312 *21
2412 02118 2478
25 .21
13,
.
78
13
.7s
•78
78
13*
%
78
*73
73
13*
*678 712
7
7
65
678
7
718 *678 712
722 712
2214 2234 2312 24
2334 254 2518 2514 2418 2512 25
2634
.35
3714 38
*3712 40 .3712 42 .38
40 .35
38
42
.6212 6412 •61311 6312 •613* 6412 •63
6412 6414 6414 *60
6422
16
*154 1612 *16
1612 .16
16
1634 .15
1634 *16
1634
73
8
814
84 814 .8
84
712 712
814 9
734
13
13 .13
1338 13
•12
134 .123* 1334
1312 1312 1434
18
19
.17
18
.1712 1834 .1714 19
19
•18
19
194
1514 1412 1412 1412 1612
1412 14% 1414 1514 15
1414 144
484 4812 494 4912 5114 5114 5212 5212 5012 503* 5234 547
27 .24
•24
26
27 .24
*26
27
27
27
27
*24
15
15
1412 14,2 14% 1478 1478 15 .14
1414 1512
*14
.718 9
.718 9
*718 9
•712 934 .715 934 *74 9
08
3*
34
"8
3*
34
58
34
58
31
31
34
.134 2
.134 2
.114 2
134
2
134 *11.4
*134 2
*2
.2
4
*2
4
.2
4
4
*214 5
*2
5
4
.414 434 .414 431 .44 434 .414 434 *414 434
44
97
914
914 912
914
9
9
9
.84 83
83* 9
2212 2318 22% 2314 2211 2278 223* 2412
2118 2114 217
21
334 334 *334 4
5312 4
334 334
4
334 334
4
6
534 534
6
578 6
6
6
612
6
53* 578
3714
3224 3214 •321 1 3712 .3214 3712 *3214 3278 3214 324 .30
13*
138 •14
138
138 •114
114
1% *114
114 *11 1
13*
34
"8
*58
"8
%
"8
34
34
34
34
*12
*12
2734 3012
2578 263
27,8 273* 2712 29
281 4 2878 275s 28
20 .1834 1912 1912 1912 1912 1912 20
2113
*1714 1814 *18
53314 34
37
34
36
3514 3614 .3412 3534 35
*3214 34
12012 12012 .1194 124 .121 124 .121 125 .121 125 .121 125
1612
15
1514
154 1512 1578 15
144 1414 1412 1514 15
26
2534 254 264
26
2412 2412 24
2312 24
263* •25
712 838
7,2 722 *712 734 .712 734
7,4 7,4
74 714
•% 14
114
1
%
*1
1
1
54 14
*78
114
238 238 *238 23
234 23
238 238
.238 234 *24 234
180 18014
180 180 .17712 180
•17212 175 .175 180 .175% 180
a9712 9712 9912 9012
.9712 100
.9712 100
97
*9634 100
97
24
253* 2418 2438 2412 263s
2514 25
22
227
2314 24
.218 3
*218 34 .218 312 •218 312 *24 3,2 .
24 312
812 .4
812 *4
812 .4
812
*31/1 84 *322 712 *4
*212 512 •212 514 *212 514 *212 514 5212 514 *212 514
2958 3078
2914 2938 2912 30% 2938 3038 295 30
2834 29
622 *3
64 *312 612 *3
612
612 *3
*312 6'2 *3
25
26
26
*22
2734 .23
2734 *23
.2512 277g •2218 28
*3712 45
.41
45
40
40
4073 *3712 45
40
•3712 45
3912
3712 *31
34
34
34
.31
3712 *31
3912 *31
34
41
458 *4
.4
514 .4
434 .4
.4
4118
414 4,4
*838 11
.85* 1134 *83* 1134
.812 11
.838 11
.812 11
19
19
25
23 .18
3012 .18
35
*18
•18
35
518
*4324 4934 451 1 46
*4512 463* *4512 4638 463* 463g
.4212 45
42
42
40 .40
*40
*3838 3978 •3838 39% 3978 3978 40
*3712 3818 38
384 .38
3838 *38
38% 38% 38%
3838 .38
.818 1418 *812 1418 *818 10
*818 10
*818 12
818 81g
2
23
318 34
.3
34 *234 34 .234 3 8
318
234 *23
37
37
414
37g
.334 4
378 378 '3,2. 4
*312 334
.10
40
*10
40 .10
*10
40
40
40
*10
40
.10
118
Ils
14
118
118
118
III
118
118
1,8
*118
114
212
2
23
n
222
212 .2
212 *2
218 .2
.2
2334 225* 2314 223 2478
2018 2114 2034 2134 2138 2314 23
2522 2478 2712
257
25
2314 233* 2414 2412 245s 2538 25
32
3314
317
3134 .31
30
2934 3012 3014 3112 31
30
43
*41
43
*4138 43 .4114 43 .41
.4158 43
.4112 43
32
32 .24
32 .24
2312 2312 *2412 32 .25
25
*21
634
634 .6
*534 614 .6
.534 6
*512 6
6
.53
5
.4
5
.4
5
5
5
.4
5
434 454 *4
272
28
26
26
.25
26
28
25
.24
25
24
24
12114 12112 11914 12012 120 12314
11914 11914 119 119% 11938 121
8112 8134 8112 8112 8014 81
8018 80% .8014 81
.804 81
35* 33*
31 2 35* .338 35*
*324 312 *314 33* *3,4 3%
638 634
04 64
5,2 614
514 512
54 *514 5,2
514
1214 1218 1338
1218 12
12
12
1112
1114
1012 1078 11
17
1712 •1514 171 *1514 1712 17
18
.15
1712 .11
.10
57
554
53
.5
6
6
6
64
6
578
5,8
518
12
1278
121 .11% 1214
12
12
121 1
.114 12
1934 11
•Bid and asked prices, no sales on this day.
Sales
for
the
Week.
STOOKS
NEW YORK STOCK
EXCHANGE.
No account Is taken of such
•
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest,
,
,
PER SHARE
Range for Previous
Year 1933
Lowest.
Highest.
Shares.
Railroads
Par $ per share
19,700 Atch Topeka & Santa Fe_100 5112May 14
1,500
Preferred
100 70,8 Jan 5
4,200 Atlantic Coast Line RR_ 100 3414MaY 14
11,200 Baltimore & Ohio
100 21 May 12
1,800
Preferred
100 2412 Jan 9
Bangor & Aroostook
50 3912 Jan 9
Preferred
100 9518 Jan 5
100
100 Boston de Maine
912June 6
200 Brooklyn & Queens Tr_Ne par
41 Jan 8
Preferred
No par 41 Jan 18
13,600 Bklyn Monh Transit_ No par 284 Mar 27
300
86 preferred series A_No par 824 Jan 4
19,300 Canadian Pacific
25 123 Jan 2
Caro Clinch & Ohio stpd_ _100 70 Jan 6
200 Central RR of New Jersey.
_100 62 June 1
14.500 Chesapeake & Ohio
25 3912 Jan 5
100 :CM & East III Ry Co___100
23* Jan 15
17 Jan 9
200
100
6% preferred
400 Chicago Great Western
2347u,tay 14
100
800
54 Jan 4
Preferred
100
414 Jan 2
2.000 Chle Milw SIP & Pao_No par
100
634May 14
8,600
Preferred
13,600 Chicago & North Western_100
63* Jan 3
500
100 134 Jan 3
Preferred
234 Jan 3
900 :Chicago Rock fel & PacItle100
43* Jan 3
300
100
7% preferred
100
33455ay 14
300
6% preferred
30 Colorado & Southern
100 27 Jan 4
160
4% lot preferred
100 20 Jan 4
40
4% 25 preferred
100 20 Jan 12
1,000 Comm! RR Of Cuba pref
218 Jan 5
100
3,4 Jan 15
..100
20 Cuba RR 6% prof
2,800 Delaware & Hudson
100 49 June 2
8,700 Delaware Lack & Western.50 2018May 12
500 Deny & Rio Or West prat 100
554 Jan 19
100 1378 Jan 8
3,300 Erie
1,700
100 16 Jan 3
First preferred
100 12 Jan 3
200
Second preferred
100 18 May 14
17,200 Great Northern prof
57 Jan 10
100 Gulf Mobile & IsTorthern_100
Preferred
100 15 Jan 11
100
78 Feb 13
200 Havana Electric Ry Co No par
100
800 Hudson & Manhattan
618June 5
6,200 Illinois Central
100 22 May 14
100
100 35 Jan 13
6% prof series A
10
Leased lines
100 4334 Jan 5
20
RR See etfs series A 1000 16 May 23
7 May 14
3,200 fInterboro RapiciTran v t 0 100
1,000 Kansas City Southern
100 11 Jan 8
500
Prelerred
100 1534 Jan 5
7,500 Lehigh Valley
50 1258May 14
1,800 Louisville & NaebvIlle____100 484 Jan 4
20 :Manhattan Ry 7% guar 100 20 Jan 3
1,100
100 13 May 12
Mod 5% guar
47 Jan 16
Market St Ry prior prat ___100
12 „ran 11
700 :Minneapolis & St Louis __I00
100 Minn St Paul dr SS Marie_ 100
134June C
14 Jan 8
100
7% preferred
100
130
312 Jan 2
4% leased line etre
712May 14
3,000 Mo-Kan-Texas RR__ _No par
4,000
Preferred series A
100 1734 Jan 5
3 Jan 2
100
800 :Missouri Pacific
41: Jan 3
Cony preferred
7,300
100
50 Nashville Chatt & St Louis 100 32 Jan 2
250 Nat Rys of Me: lot 4% 0_100
1 May 16
2d preferred
38 Jan 5
100
53,500 New York
_No par 2538May 14
800 N Y Chic &Central_s
St LouleCo
100 15 Jan 3
100 174 Jan 3
Preferred series A
3.300
20
8,500
3,200
1,500
500
400
700
50
14.100
38,700
200
300
200
30
200
300
600
300
200
400
1.700
2,400
42.700
11.700
2,400
200
900
130
5,000
1,100
400
4,100
7,000
1,000
1.200
3.000
S per share $ per share $ per share 1
7334 Feb 5
343* Feb 8018 July 1
8734 Apr 27
50
ADr 79% June I
5414 Feb 16
161: Feb 59 July
3412 Feb 5
814 Feb 3778 July
3
37 Feb 6
94 Apr 3914 July
4618 Feb 1
20
Jan 4134 Dec
110 Apr 20
68% Jan 110 Aug
191: Feb 5
6
Apr 30 July
8% Feb 7
312 Mar
938 July 1
5814 Apr 213
3534 Apr 6018 July !
4014May 23
215 Fob 41 14 July 1
9434 ADC 28
64 Mar 834 June 1
1814 Mar 12
71
: Apr 207 July
88 Mar 14
5014 Apr 7912 July 1
92 Feb 3
38
Apr 122 July '
4778 Apr 12
245 Feb 4014 Aug
13 Apr
7 Feb 17
g July
8 Feb 16
12 Apr
RI: July
512 Feb 1
138 Apr
738 July
212 Apr
1178 Feb 19
1478 July
812 Feb 5
1
Apr
1134 July
1314 Feb 5
11: Feb
1814 July
15 Feb 5
114 Apr
18 July
28 Feb 16
2 Apr 2434 July
2
614 Feb 7
Apr 1018 July
312 Apr
93* Feb 6
1912 July
8 Feb 6
278 Apr
15 July
1514 Feb
403* Feb 1
51 July
3314 Feb 9
1212 Apr 423* July
30 Feb 3
10 Mar 30 July
834 Feb 5
114 Feb
103* June
1012 Jan 23
212 Jan
16 June
7312 Feb 1
373* Feb 0334 July
3334 Feb 5
1714 Feb 46 July
1314 Mar 28
2
Feb
1034 July
247 Feb 5
334 Apr 2534 July
2814 Apr 26
412 Apr 294 July
23 Apr 21
212 Apr 2314 July
3212 Feb 5
43* Apr
3334 July
164 Fob 20
1122 July
134 Mar
3534 Feb 21
212 Mar 231 2 July
112 Jan 23
38 Dec
234 June
1218 Feb 7
612 July
19 Juno
3878 Feb 5
812 Apr 5034 July
50 Apr 26
16 Mar 604 July
66 May 2
31 Mar 60 July
2414 Feb 0
44 Apr 34 July
133 Jan 2
44 Feb
1384 Dee
1934 Apr 21
612 Feb 247 July
2712 Apr 21 212 Mar 3414 July
2114 Feb 5
838 j
Feb
b 27
7:
31 J
July
6212 Apr 20
2124 Jan
324 Mar 20
12 Mar 28
Oct
193* Jan 12
6
Jan
20
Oct
1214 Apr 24
1% Mar
8 June
13 Mar 28
4 Jan
214 July
57 July
33* Feb 6
II Mar
54 Apr 20
114 Apr
81
:July
712 Mar 10
21: Dec
1412 July
147 Feb 5
1718 July
534 Jan
343* Feb 6
3714 July
1112 Jan
6 Feb 5
1 18 Apr
1014 July
934 Feb 7
I% Apr
1514 July
46 Jan 24
13
Jan 57 July
24 Feb 23
312 June
4 Mar
1 Mar 7
138 June
4 Jan
4514 Feb 5
14 Feb 5812 July
26% Apr 24
218 Jan 273* Aug
4314 Apr 23
2% Apr 344 July
NY & Harlem
50 108 Jan 2 139 Feb 1 100 Mar 15854 June
100
I338May 14 2418 Feb 5
NYNIldr Hartford
1118 Feb 3478 July
Cony preferred
100 231:Jan 6 375* Feb 5
18
Apr 56 July
N Y Ontario & Western...100
71451ay 12 113* Feb 5
15 July
712 Dec
154 Jan 16
No par
NY Railways prof
78.1tine 5
312 July
is Star
:Norfolk Southern
100
418 Apr 20
14 Jan 3
47 July
12 Apr
100 161 Jan 5 182 Apr 19 11112 Mar 177 July
Norfolk & Western
.....,
74 may
Adjust 4% pret
100 82 Jan 8 9912.j111,e 8
,'2 Sept
100 2118 Jan 6 3634 Apr II
Northern Pacific
938 Apr 347 July
Jan
n 1,
4 10
13
Pacific CoastNo parl()
,4
8 Mar,
3
234 j
ADr 214
July
let preferred18
13 11:
'141
10
7 July
2 Jan 3
No par
6l Star 14
221 preferred
1
Feb
7 July
50 2814Stay 14 37% Feb 19
Pennsy
13lvani % Jan
4214 July
100
8 Feb 17
Peoria & Eastern_
4 Jan 16
78 Feb
9 July
100 1612 Jan 10 38 Apr 24
37 Mar
Pere Marquette
37 July
100 18 Jan 13 5112 Apr 23
Prior preferred
8
Jan 4412 July
100
1612
Jan 10 43 Apr 23
Preferred
412 Feb
3812 July
Philadelphia Rap 'Fran Co...50
6 Apr 25
3 Feb 8
57 July
2 June
412 Jan 12 10 Apr 24
50
7% preferred
3 Dec
10 July
Pittsburgh & West Virginia 100 15 Jan 3 27 Fob 21
612 Apr 353 July
50 43 Jan 2 56% Feb 5
Reading
2312 Apr 0212 July
50 3378 Feb 7 40,8 Apr 23
lst preferred
25
Apr
34 July
50 294 Jan 11 2918Slay 3
25 preferred
2312 Mar
37 July
712May 14 15 Feb 7
100
Rutland RR 7% prof
6
1812 July
Jan
45 Feb 6
238 Jan 2
:St Louts-San Franctsco_100
72 Jan
938 July
618 Apr 4
214 Jan 4
100
let preferred
1
Apr
914 July
100 121
:Jan 19 20 Mar ii
St Louis Southwestern
514 Mar 22 July
1 Jan 2
2 Feb 6
:Seaboard Air Llne____No par
3 July
4 Jan
100
318 Feb 21
15 Jan 11
Preferred
47 July
% Mar
100 1812 Jan 5 3334 Feb 5
Southern Pacific Co
Ills Feb 3834 July
100 2178May 14 3612 Feb 5
Southern Railway
4,8 Mar
39 July
100 2758May 12 4114 Apr 28
57 Jan 49 July
Preferred
Mobile & Ohlo stk IF ctts 100 39 Jan 19 4734 Apr 20
8
4014 July
Jan
Texas & Pacific Ry Co_ 100 1833 Jan 3 434 Feb I
15 Apr 43 July
100
814 Jan 12
Third Avenue
6 Mar I
418 Feb
1218 June
I% Jan 10
Twin City Rapid Trans No par
812 Apr 24
434 June
% Dec
6 Jan 12 39 Apr 24
Preferred
100
15 June
412 Dec
100 1101:Jan 4 13378 April
Union Pacific
61 14 Apr 132 July
100 71% Jan 18 84 Apr 26
Preferred
7512 July
56
Apr
47 Jan 30
214 Jan 5
712 July
100
:Wabash
112 Jan
97 July
838 Apr 26
100
34 Jan 2
l'referred A
118 Apr
85 Jan 2 1714 Feb 20
100
Western Maryland
10 July
4
Feb
194 July
688 Jar
100 12 Jan 9 23 Feb 20
25 preferred
823 Mar 29
25 Jan 2
100
Western Pacific
Apr
1
012 July
438 Jan 5 1712Ntar 20
100
Preferred
16 .11117
178 Star
:Companies reported In receivership.
a Optional sale. e Cash sale. s Sold 15 days. z Ex-dividend.
y 1 x-rIghte.
C.
New York Stock Record-Continued-Page 2
3911
Gir FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SECOND PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
June 2.
Monday
June 4.
I
Tuesday
June 5.
Wednesday
June 6.
Thursday
June 7.
Friday
June 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basi, of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Precious
Year 1933.
Lowest.
$ per share 5 per share
712 712
7111
734
.7712 86
.7712 86
27
2714
26
26
858 858
838 8%
.5
512 *5
512
63* 7
*63* 68 .
914 93
24
95
0214 258 •214
258
19
194 1912 20%
.512 614 *512 814
258 234
212 234
12
1212 1134 1134
1114 1114 1112 1112
1138 1112 1112 1112
*13
20
20
*14
130 131
13034 133
•127 12714 .127 12714
144 1512
1514 1514
1314 1314 .
13
1312
Highest.
$ per share $ per share $ per share 5 per share Shares.
Industrial BE 5iiscel. Par $ per share
5 Per share $ per share $ per share
77
818
818 818
8
818
814
918 8,400 Adams Express
3 Feb
No pa?
65g Jan 6 11% Feb 5
1314 July
07712 86
*7712 86
*7712 86
*7712 86
Preferred
39
100 7014 Jan 25 7712 Apr 19
Apr
71 June
27
2734 27
27
2634 2634 2612 2812 3,300 Adams Milne
16 Jan 5 348 Apr 5
8 Apr
No par
2158 July
834 834
87
9
9
912 1,500 Address MuMgr Corp
9
5% Apr 1212 June
10
734 Jan 5 1138 Feb 6
918
*513 512 .5
512 *5
512
512 51.
412May 14
758 Feb 5
100 Advance Ruruely
134 Feb
No par
938 July
*658 7
*7
714 *68 7
958 Feb 6
100 Affiliated Products 1nc_No par
7
7
618 Jan 13
558 July
1134 May
9511 9512 93
95
9414 9434 9412 9712 2,300 Air Reduction Ine
No par 9131June 2 10614 Jan 24
4712 Feb 112 Sept
238 23* .23
234 *238 258 *238 258
100 Air Way Elea Appltance No par
I% Jan 3
4 May
12 Feb
33* Apr 26
1058 2012 20
2012 2038 2078 20% 21
33,900 Alaska Juneau Gold Mln___10 1738May 12 237 Jan 15
1118 Jan 33 Aug
0512 614 *534 614 *512 6
7% Apr 24
100 A P W Paper Co
1
5 Jan 13
614 614
No par
Jan
958 July
258 234
234 27
514 Feb 1
234 234
234 278 6,100 Allegheny Corp
No par
814 July
212May 14
% Apr
1214 1212 1234 1234 *1214 13
12% 1312 1,800
1
Pref A with $30 warr___100
Apr 2178 July
578 Jan 4 1618 Apr 10
*10
1134 1134 1134 *1114 13
*12
1318
400
Ds Apr 21 July
Pref A with $40 warr___100
53* Jan 3 14% Apr 10
1112 1112 1112 1112 .1118 12
12
12
600
114 Mar 20 July
Fret A without warr___100
54 Jan 6 1438 Apr 9
*13
1978 *13
1978 *13
20 .13
5 Mar 28 July
20
Allegheny Steel Co
1712 Jan 2 2318 Feb 2:3
No par
1344 135% 134 136
7034 Feb 152 Dee
13314 13412 13312 13834 4.500 Allied Chemical & DYe-No par 12612M8y 14 16034 Feb 17
12714 12714 12714 12714 *12714 128 *1258 128
300 Preferred
Apr 125
Oct
100 12218 Jan 18 12914 Apr 5 115
15
16
1512 16
153 1534 1534 1634 8,000 Allis-Chalmers Mfg-__-No par 1334May 12 2338 Feb 5
6 Feb 28% July
1312 1312 *1314 14
*1312 14
14
14
300 Alpha Portland Cement No par 1234 Jan 2 2018 Feb 5
534 Jan 24 July
*4
414
.38 4
4
4
4
4
4
4
414 412 1,000 Amalgam Leather Co
58 Feb
734 Mar 12
914 July
312May 12
1
031
3334 .31
3334 *3112 3334 *3112 3334 *32
5 Feb 90 July
3334 3384 3334
50 25 Jan 6 45 Mar 13
7% preferred
200
50
50
5014 5012 5012 5178 52
55
1812 Mar 473* Nov
544 5518 55
8June 8
5558 10,300 Amerada Corp
No par 4112 Jan 4 55,
3278 33
3234 3234 33
33
3318 3312 3,000 Amer Agrio Chem (Del) No par 2514 Jan 4 35 Jan 24
714 Mar 35 July
*3212 3318 3234 33
184 19
19
1914 19
1958 1914 1912 1914 1938 1912 21% 6,700 American Bank Note
8 Mar 2812 July
10 1412 Jan 4 2514 Apt 27
.45% 4878 4612 461y *4518 48% .4612 487
4
Apr 497j June
5012
47
Apr
4712
27
Jan
x47
34
Preferred
487
40
150
50
912 94
97
9%
078 1018 1018 1034 1014 108 1058 1118 3,300 American Beet Sugar__No par
1
Jan
1634 July
712 Jan 4 1234 Feb 3
58
59
561z 58
5812 5958 60
64
6012 61
23 Jan 64 Sept
6312 1,220
Jan 4 71 Apr 12
62
100
preferred
4612
7%
*25
264 *24
2614 26
2614 *2512 26
9% Mar 4212 July
800 Am Brake Shoe & Fdy_No par 2334May 14 38 Feb 6
2512 25ly 2512 2614
10718 1074 *105 107
106 107 *10718 109 *107 109
103 109
60 Mar 106 Aug
200
Preferred
100 96 Jan 10 11012 Apr 18
9112 92
92
9212 9412 9478 9434 9512 9412 947
491/ Feb 10012 Dec
9514 9814 10,500 American Can.
25 9014May 14 10734 Feb 15
14312 1434 .14318 144
144 144
145 145
144 145
600
144 144
Preferred
Feb134 July
100 12612 Jan 5 14512 Apr 13 112
1814 1812 194 194 20
20l 20%
2084 *1958 2018 204 21% 5,000 American Car & Fdy___No par 1814June 2 3378 Feb 5
21
618 Jan 3934 July
.3912 41
*39
41
41
41
*4012 4112 *39
4110 4014 42
400
Preferred
15 Feb592 July
100 3814 Jan 8 5612 Feb 5
*718 9
•718 9
*71g 9
*712 9
1214 Feb 27
13* Mar
•718 9
612 Jan 11
100 American Chain
No par
14 July
718 718
.2514 28
*2514 28
28
28
*25
*26
7% preferred
30 .26
30
30
100
311 Mar 3112 July
100 2012 Jan 10 40 Apr 24
56
56
57
57
57
57
57
34 Mar 5114 July
57
57
5712 1,100 American Chicle
57
57
No par 4614 Jan 8 60 Apr 20
*4
5
*312 5
0414 5
41y 04
*414 5
818 June
Amer Colortype Co
612 Feb 5
*4
338 Jan 29
2
Feb
10
412
32
3234 3318 34'8 3372 3538 3438 35
13
Feb 89% July
3414 3514 3514 3712 6,900 Am Comrrel Aloohol Oorp_20 32 June 2 6211 Jan 31
*214 23*
214 238
214
211
238
2 May 12
238 212
214 212 1,300 Amer Encaustic Tiling-No par
5 Feb 16
1
Jan
6 June
23*
*558
37 Apr
612 .558 51
558 558
*558 612 *558 612
200 Amer European Sees__No pa
.558 61
13 July
558June 2 1012 Feb 3
37 Feb
734 8
74. 734
734 84
7 May 10 1334 Feb 6
1958 June
8
814 834 7,900 Amer & For'n Power_ __No par
814
8
84
*1812 194 .184 20
20
Preferred
21
20
17 Jan 4 30 Feb 7
500
20
714 Apr
20
No par
1912 1912 20
4478 June
10
10
1114
1012 1012 *1012 1024 1012 1034 .10% 11
934 Jan 4 1712 Feb 6
438 Apr 2714 June
700
11
2nd preferred
No pa,
*15
1712 16
16
3538 July
12 Jan 4 25 Feb 6
17
618 Apr
$6 preferred
No par
.1512 171 *1512 1712 .1512 16
1712
300
01414 144 *14
700 Amer Hawaiian S S Co____10 1312May 14 2258 Feb 16
143* 1412 l4ly 1458 143* 1412 1412 14% 15
418 Jan
214 July
*614 7
*614 67
212 Mar
612 S'y
614Nfay 24 1012 Feb 5
300 Amer Hide & Leather_No par
16 June I
712
612 612 *612 73
*7
.2712 2814 2814 2814 29
1313 Feb 6712 June
400
30
Preferred
100 2612Nlay 14 4214 Mar 15
3014
30
*29
30 .28
29
.3212 3312 3258 3234 *3314 3.1, *nit 36
34
600 Amer Home Products
244 Deo 4212 May
1 2618 Jan 5 3638 Apr 26
34
333
8
3312
*7(
No par
618 Jan 4 10 Feb 5
334 Feb
174 June
734 734
Va
733 738
713 758
734 734
734 814 2,100 American Ice
4
38
38
•36
38
6% non-cum prof
100 354 Jan 8 4514 Mar 26
500
25
38
.3514 38
Feb 5778 June
4014
*36
38
.37
38
8ly 0812 858
612 Jan 8 11 Feb 6
5
813 338
1518 July
812
414 Feb
83s 878 5,000 Amer Internet Corp_No par
8
812 812
118
118
112 Apr 4
14
34 Jan 5
900 Am L France & Foamite No par
118 *1
118
118
714
118 .1
1
311 June
118
4 Apr
07
.7
834 •73* 914 *734 91
Preferred
100
12 June
4 Jan 18 10 May 22
114 Jan
834 .758 93* *758 938
57 Jan
23
2214 23
24 .223* 25
2312 24
26
23
1,400 American Locomotive__No par 2214June 2 383* Feb 6
24
25
3918 July
49
49
50
50
1734 Jan 63 July
54
Preferred
50
100 49 June 1 7458 Mar 13
55
500
*5012 55
50
*51
55
14
14
.1412 1434 1478 15
15
1558 1.500 Amer Mach & Fdry Co_No par 13 Jan 4 1914 Feb 5
834 Feb 223* July
1512 *1412 15
15
•712 8
7% 8
8
7.400
MetaLs__No
84
Amer
1
Mach
Jan
par
85
8
&
6 June
314 Jan 3 104May 11
8
8
84
858
810
2114 2114 2112 2112 23
18 Jan 4 2758 Feb 15
31s Feb 2358 July
2334 5,200 Amer Metal Co Ltd___No par
23
23
2338 2314 2334 23
'7218 86
*7218 86
1512 Jan 757 Nov
6% cony preferred
86
200
•713
78
100 73 Jan 2 91 Feb 15
76
7718 7718 .74% 86
2514 2514 *2512 27% .2512 27's *2518 2718 *2512 2718 26
2718
130 Amer NOW9 Co Inc____No pa, 21 Jan 3 3434 Mar 13
17
Jan 3012 July
57 Jan 4 1214 Feb 6
634 7
612 634
672 7:
672 7
4 Feb
1978 July
63.4 534
678 712 8,700 Amer Power & Light__No pa,
2034 2034 .2034 23
22
22
52012 22
978 Apr 4118 July
$6 preferred
No pa' 1334 Jan 6 297 Feb 6
x2012 2084 21
700
21
17% 1718 .
4 77, 18
z1755 NI •18
1278 Jan 5 2614 Feb 7
1,700
9 Apr
$5 preferred
35 July
1812 1734 1734 1812 19
No par
1238 1278 1258 1314 1314 I.37s
45 Feb
12 May 14 173* Feb 1
19 July
1312 13% 13% 1312 1312 1414 19.900 Am Rad & Stand San'y No par
165 1714 174 18
18
1978 16,100 American Roiling MIII
534 Mar 31% July
1712 1834
25 1618May 14 2814 Feb 19
1814 18% 1758 18
52
52
52
5212 .5238 53
5434
Apr 26
400 American Safety Razor No par 36 Jan 13
2018 Apr 4734 July
5112 5l1y
*5018 53
.52
53
.414 434 *4
434 *412 43
412 4ly
412
200 American Seating v t c_No par
*4
434 *4
314 Jan 10
7% July
3* Mar
73* Feb 19
.118
1,1
118
118
118 *118
118
ill
118
18 Apr
2% Jan 30
412 June
1 Jan 4
900 Amer Ship At Comm__ _No par
114
114 5118
.2212 25
*2212 25
25
24
24
114 Mar 36% June
30 Amer Shipbunding Co_No par
*23
•2334 25 .24
25
1914 Jan 4 30 Jan 30
3638 37
3658 3812 3735 39 ' 383* 401* 3912 4058 3938 4158 27,700 Amer Smelting & Refg.No par
35347.145 10 5114 Feb 15
103 Feb 5312 Sept ,
*1143* 118
116 116 •115 118
11634 11634
300
31
Preferred
Jan 9912 Dee
100 100 Jan 2 123 Apr 12
11512 11512 *11614 120
080
"8012 84
84
84
8512
200
*80
*8112 85
84
85
2nd preferred 8% eum
080
2012 Jan 73 Any
100 7114 Jan 2 943* Apr 11
58
58
57
200 American Snuff
*57% 58 .5712 58
57
*56
57
*88
3212 Jan 514 Sept
58
25 488* Jan 5 58 Apr 27
120 120 *12018 121
40
Preferred
121 121
100 106 Feb 2 12312May 3 10218 Jan 112 July
121 121 .121 122 .121 122
14
1414
15
1534 17
3,500 Amer Steel Foundries__No par
15
1512 153
155g 1534 154 15ly
458 Feb 27 July
14 June 2 264 Feb 5
67
.61
5978 5978 *6014 66
67
50
6014 .61
0604 66
Preferred
100 5978June 2 81 Jan 30
60
375* Mar 85 July
42
42
42
42
*4214 4214 4214 4278
900 American Stores
*4212 43
.4218 43
No par 37 Jan 3 4114 Feb 7
Feb 47% July
30
'
5514 55
5915 5912 593* 5958 6078 6,200 Amer Sugar Refining
*5514 56
2112 Jan 74 July
5578 SIPs 58
100 46 Jan 3 81 Feb 6
114% 11478 *11312 1147s 11212 1141 *11458 11558 11558 11512 11534 11534
600
Preferred
Jan 11214 July
100 10311 Jan 3 11534June 8
80
•1612 1712 •17
1734 1734 1812 1,000 Ara Sumatra Tobacco__No par
18
18 .17
.173* 183
18
6
Jan 26 July
13547.1105 10 2058:Mar 13
11112 112% 11214 1l3s 114 115'y 115 116
11478 119
114 115
18,400 Amer Telep & Teleg
8612 Apr 134% July
100 10734 Jan 4 12514 Fen 6
6812 6834 6814 6834 684 SOly 694 694 594 6934 70
4,300 American Tobacco
71
49 Feb9078 July
25 554 Jan 8 8238 Feb 5
711y 71
8934 7014 70
72
6934 70
7214 74
11,200
Common class B
25 67 Jan 8 8412 Feb 5
71.34 71
5044 Feb94% July
*122 124
12212 12212.
200
12212 1221 .12033 124 *121 12312
Preferred
12178 124
100 10714 Jan 3 12312 Apr 10 1023 Mar 120 July
612 64 *512 712
71
631 634
700 :Am Type Founders___No par
218 Dee 25 July
714 714
618 612 *61 1
478 Jan 3 13 Feb 21
"15
015
17 .15
15% 16
15
15
17
250
15
17
16
Preferred
Oct3778 July
7
100
734 Jan 6 2834 Feb 21
18
184 1838 1858
1858 1918 1878 1918 1812 1858 1818 19% 5.300 Am Water Wks & Elec_No par
1078 Apr 434 July
1638May 14 275* Feb 7
•714 75
*7112 75
77 .74
7434 743 *74
75
75
100
1s1 preferred
.74
35 Mar 80 June
No par 54 Jan 3 80 Feb 5
1012 1012 1012 1012 1074 1114
Illy 115* 117
1112 1112 *11
17 July
812May 14 1718 Feb 5
312 Mar
1.700 American Woolen____No par
•5814 60
59
61
5934 50
Si
5412 3,300
6112 61% 6214 *60
22% Feb 5712 Dec
Preferred
100 58 May 14 83% Feb 7
'1% 214
214
214
2
214
214
218
214 214
218 214
2,300 Am Writing Paper
418 June
38 Feb
44 Mar 14
1
14 Jan 10
68
•612 7
7
678 734
74 714
712 75
704 810 3,700
1434 July
Preferred
34 Feb
No par
54 Jan 8 1712 Apr 23
558 558
53* 6
.6
614 *6
612
64 81z
1,200 Amer Zinc Lead & Smelt_1
214 Feb
63
61
1078 July
9 Feb 16
538 Jan 4
.39
43
.39
43 .39
*3912 45
*3912 45
43
43
43
200
Preferred
Feb 86 July
20
2' 3712 Jan 4 5018 Feb 16
1312 1334
1418 1458
14 18 144 1414 1458 1458 154 31,400 Anaconda Copper Mlning__50 13 May 14 1734 Apr 11
1378 1458
5 Feb 2278 July
0912 13
.9
11
*9% 11
10
10
*9
10
10
11
200 Anaconda Wire & CableNo par
418 Jan
1512 June
914 Jan 12 1234 Apr 26
2058 2014 21
20
193* 1938 .19
.10
20
2012 204 20
394 July
700 Anchor Cap
Jan
8
18 Jan 8 2434 Jan 31
No par
"35 100
*97 100 .97 100
.97 100 .07 100 .97 100
90 June
6212 Jan
$6.50 cony preferred_No par 84 Feb 5 100 Apr 17
52814 29
29
29
93 Mar
3018 294 2934 30
30
303
30
800 Archer Daniels MIdI'd_No par 2614 Jan 9 34 Apr 23
30
2914 July
'Ill 120 .114 120 .114 120 *115 120 .11514 120 *11514 120
7% preferred
Feb 115 July
95
100 110 Jan 24 115 Apr 12
00
90 .90
91
91
91
9214 9214 *0012 92'o 91
91
400 Armour & Co (Del) pref-100 7814 Jan 2 9314 Apr 25
90 July
Jan
41
57
534 6
6
6
Sig
5ls
614
618 64
75 June
618 638 14,200 Armour of Illinois class A__25
118 Feb
8 Apr 13
44 Jan 3
21
24 278
27
234 27g
37 Apr 12
27* 3
254 270
234 2.78
4.800
Class B
5 July
34 Feb
24 Jan 6
25
6558 67
55
68
68
6712 67
6812 7038 9,400
6812 0712 69
July
Preferred
Feb
93
7
Apr
13
Jan
3
753*
100 55
53
.458 514 *47
514
514 514
514 512 *5
400 Arnold Constable Corp
558 55
8114 Feo 9
5
7 July
358 Jan 10
118 Jan
7
*7
*512, 712 .5% 712 55
712
7
612 *5
612
100 Artloom Corp
912
June
2
Mar
21
Apr
414
Jan
5
No
par
1012
I%
112
112
1i2 .134
1,34
11. 134 *112 2
2
2
1.100 Associated Apparel Ind No par
514 June
1 Jan 9
312 F b 15
34 Apr
1134 12
.114 12
1218 1218 •12
1212 1218 1314
1278 *12
1,000 Associated Dry Goods
1118 Jan 3 1S14 Feb 6
311 Feb20 July
I
6978 *51
•50111 691 *50
6212 .6018 695 .5018 65
6012 61
500
8% 1st preferred
18 Feb8112 July
100 50 Jan 1 7712 Apr 20
045
57% *45
5712 *45
5712 *45,8 5718 *45
5712 *45
571_
7% 2d preferred
15
Jan 51% July
100 60 Jan 4 64% Apr 20
33 .38
.38
4034 38
4014 .38
4034 33
4014 .38
38
20 Associated 011
654 Mar 3512 July
25 2912 Jan 5 4012 Apr 25
.13
14
.13
14
14
14
•13
14
.14
19
*13
19
10 At 0 & W IRS Linee__No pir
412 Mar 28 July
12 May 15 16 Apr 12
24
243* 2412 2538 2514 263e 2532 2514 261g 2778 14,200 Atlantic Relining
2312 24
1238 Feb 3212 Nov
25 21347.Iay 14 3514 Feb 5
4714 *45
45
481 .457 4712 4714 471
4518 4514 4514 045
600 Atlas Powder
9 Feb 3918 July
No par 3514 Jan 8 5512 Mar 13
09958 100
.9938 100 .99% 997 •9958 997
994 9938 9912 991_
70
Preferred
Apr 83% Sept
60
100 83 Jan 9 101 12 Apr 17
10
.834 10
*9
9
9
10
.9
912
•9
9
10
500 Atlas Tack Corp
112 Feb 343 Dee
No par
Mar
14
15
1814
712
Jan
337
3314
3534 35
3334 3414 35
35
35
35
35
3612 6,900 Auburn Automobile
Oct 8414 July
31
No par 31 147.1:33, 14 575 Mar 13
1238 1238
1278 13
13
1278 13
•Il
12 .1112 1238 12
2,900 Austin sP. hot.
No par
7 Jan 4 1658Mar 5
% Feb 931 July
714
612 634
7
7%
634 678
7
7
7
7
7% 9,000 Aviation Corp of Del (The)_5
1638 July
512 Feb
53.1 Feb 10 1034 Jan 31
10% 1014 1012 1012 1078 103* 11
1058 1034 104 11% 12,700 Baldwin Loco Works No p,sr
10
312 Apr
1 73* July
978513y 10 16 Feb 5
4412 45
*42
43
48
45
48
4314 4314 47
.42
471_
1,100
Preferred
912 Apr 50 July
100 35 Jan 8 644 Apr 21
9558 *9534 98%
9858 •97
*963* 9811* *97
98
08
.9512 93
150 Bamberger (L)& Co pref 100 8612 Jan 9 99 Feb 23
Aug
5814
Feb
993*
434 0418 434 *44 434
412 412 *418
54% 434 *4% 414
300 Barker Brothers
714 June
No par
38 Jan
512 Feb 5
3 Jan 2
29
29
*28
29
2912 291_ 29
29
29
30
160
30
.28
518 Apr 2414 July
cony
Apr
12
6)4%
3812
Ms
preferred__100
Jan
9
788 788
712 758
712 734
734 818
8
8
8
814 10,600 Barnsdall Corp
11 July
3 Mar
7 May 14 10 Jan 22
5
2814 2814 52812 2912 .2858 3012 *2812 30
*30
3012
*2814 29
100 Bayuk Cigars Inc
314 Jan 5211 July
ye par 23 May 8 39 Feb 5
•9234 95 .9234 95
*41234 95 .9234 95
*9234 95 .9234 95
1s1 preferred
Jan 100 July
27
100 89 Jan 15 93 Mar 15
15
1512 154 16
1614
1578 157
16
15
155 17
15
4,300 Beatrice Creamery
7 Mar 27 June
25 103* Jan 6 1534 Apr 21
86
*85
___ •85 105
86
8712 .85
*85 105
86
300
.85
45
Feb 85 May
Preferred
100 55 Jan 13 8712May IS
.5912 6012 .5912 6012 6012 6012 *6112 65
•62
65 .63
6412
100 Beech-Nut Packing Co
45
Jan
7012 June
20 58 Mar 2 67 Apr 23
1238 1212 12% 1212 .1238 1211 123 1318 1,400 Belding Heminway Co_No pn•
12
lily 1112 12
1212 July
312 Feb
8% Jan 3 1514 Apr 24
6214 Am' 101 14 Nov
Belgian Nat Rys part pref._
9512 Jan 9 11978May 25
*118 120 .118 120 *11618 120 *11612 120 .116 . _ •117 120
7,100 Bend!' Aviation
61s Feb 2114 July
1414 144 1478 1434 1518 1518 1514 148 1638 1512 16
5 1338May 14 23% Feb I
14
1(112 1612 1614 171
4,400 Beneficial Indus Loan__No par
1314 Sept 15 Aug
1918 Apr 26
1618 1613 1618 1618 1618 1612 151 4 164
1218 Jan 31
• 111,1 and asked prices, no sales on this day
,... ,
2 Compan es reported In receivership.
a Optional sale. c Cash sale. z En-dividend.
v Fx-rightk.
New York Stock Record-Continued-Page 3
3912
June 9 1934
12fir FOR SALE DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE THIRD PAGE PRECEDING
HIGH AND LOW SALE PRICES-PER SHARE, Nor PER CENT.
Saturday
June 2.
Monday
June 4.
Wednesday
Tuesday
June 5. I June 6.
Thursday
June 7.
Friday
June 8.
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 Pierodue
Year 1933.
Highest.
Lowest.
$ PeT share $ Per share $ per share
$ Per share $ per share $ per share' $ per share $ per share ' $ per share Shares. Indus. &Miscall.(Con.) Per $ per share
Na par 2613 Jan 8 3414 Apr 1
9 Mar 3318 Aug
32
600 Best & Co
*2812 2912 3014 3014 "2814 3014 *284 3014 3014 3012 31
1018 Mar 4914 July
3318 327 3334 32
324 3238 34% 24,200 Bethlehem Steel Corp No par 3038June 2 4912 Feb 1
30% 3118 3114 3134 31
2514 Feb 82 July
100 5878June 2 82 Feb 1
6013 62 I *61
64 *61
64781 6313 6312 1,300 7% preferred
5913 60
58% 59
618 Apr 294 June
80 Bigelow-Sant Carpet Inc No par 25 May 28 40 Feb
27 27 *2534 2678 *2534 267 *2554 2678 2678 27
*2534 27
1114 1,600 Blaw-Knox Co
No par 1014May 14 1614 Jan 3
313 Feb 1914 July
*1034 11
11
1012 1034 1012 1012 1012 1034 *1012 11
*1178 22 *1178 22
Bloomingdale Brotbers_No par 18 Jan 12 26 Feb
6% Feb 21 July
*1178 22 *118 22
22 *1178 22
*18
913 Mar 5812 Dec
3,000, Balm Aluminum & Br
.5 49511MaY 14 6854 Jan 2
55
55
5378 547
54 57
5218 524 *53
55
5313 55
18 Feb 3712 July
25 1978 Jan 8 2713 Feb
24% 2558 2514 25% 25
2534 253 2638 19,9001 Borden Co (The)
2418 2412 2414 247
28 Feb
512 Feb 2214 Dec
2214 23
23
23
2334 4,8001 Borg-Warner Corp
2214 2212 23
2114 2112 2114 22
1
a
a
ii
3
Feb
2r8l
413 July
*138
2
1:Botany
Cons
Mills
A-6?)
% May
2
*138
2
class
2
*138
2
*13
4
*13
8
* 38 2
1
12 Jan 6 1938 Apr 2
238 Feb 14% July
1612 168 1658 1738 11,200 Briggs Manufacturing_No p...1
167* 17
157 1618 1614 1638 1612 17
5 28 Jan 4 37% Apr 2
25 Dee 384 Sept
3,100 BrIstol-Myers Co
347 35'2 3434 3434 34% 35
3458 3438 3438 3412 35
*34
60 Dec 8813 June
800 Brooklyn Ualon Gas___No par 8078M3y 8 8013 Feb
*6212 6312 8214 6212 *8238 64
6238 6258 63 64
*6212 64
2812 Mar 5378 July
I Brown Shoe Co
No par 5014 Jan 5 61 Feb 1
3150
55
55 *50
55 "50 55
*50
55
*50
*50
55
107
83
834May
7
8
9
Mar
1
134 Mar 184 June
*818
par
Bruns-Balke-Collender_No
8
500
8
812
8
7
3
4
*734
•78
1 734 8
938 Feb
2 Feb 1278 June
011:,
4
1 34
10
612 612
634
634 634
5001 BucYr118-Erie Co
612 612 *6
*534 618
614 614
1413 Apr 2
25 Feb 1958 June
1012 1114 1,400: Preferred
1012 11
11 •104 11
*934 1012 10
913 10
•▪
100 56 June 8 75 Jan 1
2013 Mar 72 June
58
58
56
5614
130 7% preferred
60 60 *5714 5934 *5713 59
*5812 60
97 July
fris Jan 3
734 Apr 2
No par
8,900 Budd (E G) Mfg
Si Apr
614
8
618
6
64
614 65
534 6 . 57
534 534
44 Apr 25
3 Mar 35 July
39
26
3618 *30
36
7% preferred
*2812 34
34
*2813 34
*25
538 Jan 30
3
2%1cl/i
a
a?
, 25
1 Feb
go
o i0
534 July
*gas 313
3% 35*
318 34 *318 338
318 34
318 338
900 Budd Wheel
612 Apr 28
7/1 52112
5 June
434 *414 434
414 414 *41
100 Bulova Watch
*414 538 •412 434 *414 434
213 Feb 1314 July
758 Jan 4 1512 Feb 16
934 934 *914 938
958 1078
700 Bullard CO
"94 10
No Par
*914 104 *914 10
6 Feb 21
158 Jan 26
4 Apr
5 June
No par
4
*2
4
Burns Bros class A
*2
4
*2
*2
4
4
*2
4
*2
1512 Feb 20
134 Jan 13 June
9
94
680 7% preferred
8
9
814 914
734 8
*714 734
7l5 8
ay
n A x1938 Feb 1
618 Feb 2078 July
p00
a, 11184a
4,800 Burroughs Add Mach...No i
1314 1314 1312 135* 1334 1312 1352 135* 14
1278 1318 13
3% Feb 9
1 Apr
8 June
No 1p&r
) 1
314
,
1
% g
218 212
212 212
500 :Bush Term
214 214 *218 212
312
214 *218 214
1
Apr
94 June
100
*312 5
*334 5
Debenture
312 312 *312 5
*312 512
*
5
3 6 Mar 8
44 Dec
54 Jan 3 1554 Feb 23
8 Dec
11
11
11
*95* 11
30 Bush Term BI gu prof otfs_100
1113 *10
•912 1112 *913 1112 *10
24 Feb 16
1 Feb
2% June
200 Butte & Superior Minhig...10
112 Jan 13
112 158 •112 15* *113 15*
*113 158 *112 158 *112 I%
3 Feb 16
2 Jan 2
44 June
5
4 Mar
214
2
2
2
2
214 214
900 Butte Copper & Zino
214 1112
*2
2
2
434 Feb 1
114 Apr
24 Jan 2
No par
74 June
258 238
234 3
•258 3
234 234
900 Butterick Co
258 258
258 234
812 Feb 4314 July
No par 1834June 2 32% Feb 7
2158 2234 3,600 Byers Co(AM)
2158 2118 2112 2038 21
2034 21
1834 184 20
67% Apr 23
3018 Mar 80 July
5212 53
*5138 56
5534 5534 53 551
220 Preferred
57
*5114 56
*52
n!
18 3413 Apr 30
4'4
3 en
7% Mar 3434 July
30
3014 30
2938 2914 3012 3014 31
3134 5,000 California Packing--No ;Tr 1;
288 2 38 29
1% Jan 23
•78 1
214 June
*78 I
.78 1
78 1
14 Jan
78
%
1
1
600 Callahan Zino-Lead
2 Feb
8% Fen 5
938 June
lan 3
471an
45* 438
414 438
438 413 4,700 Calumet & Heola Cons 0°8_62
418
414 413
4
4
4
2 Feb 1614 JUIY
812May 14 1578 Feb 23
97 10
1014 319
10
*9
934
400 Campbell W & 0 Fdy __No par
9% 918 *9
91s 918
713 Feb 4113 July
3,500 Canada Dry Ginger Ale____5 20 June 2 2913 Apr 24
20
2014 2014 2034 20% 2114 2114 2112 2114 2134 2138 23
14 Feb 3513 July
32
3218 3212 33
No XV 2812 J811 4 38 Apr 2
31
3114 32
31
900 Cannon Mills
*3018 31
•30
31
414 Got 1212 July
538 Jan 2 10 Apr 13
1
Capital Adminbi al A
*7
8
*7
1018 *713 104 *712 1013 *734 1018 *838 913
251g J80 3513 JUIY
34
10 2634 Jan 24 39 Apr 20
*32 34
1332
34
Preferred A
3312 3312 3312 3132
50
*32 3312 *32
304 Feb 10313 July
100 46 May 14 8634 Feo 6
52
50
52
5112 55
504 51
50
6,700 Case (15) Co
4713 48% 49% 50
41 Feb 8614 July
*71
74
76 *71
74
70
Preferred certificates_.-100 6734May 25 8412 Feb 6
6912 6934 74 *70
70 *66
69
333
8
Apr
21
Jan
4
515 Mar 2934 July
23%
__No
Tractor_
par
2558 26
25
26
2512 2534 2514 2714 9,400 Caterpillar
244 2434 24% 25
412 Feb 5878 July
2412 2414 2634 16.700 Celanese Corp of AmNo par 2258June 2 44% Feb 5
23% 2338 2334 2618 2458 2512 24
2258 23
57 July
458
Apr
12
12 Mar
214
Jan
9
3
par
No
3
3
Corp
312
3127
318
3
100
:Celotex
*3
*258
212
*234 2%
43 July
4 Apr 12
38 Fet.
14 Jan 9
No par
2% 2%
270
Certificates
214 414
3
3
132% 3
*24 2%
*234 3
14 Jan 1254 July
615 Jan 18 22% Apr 13
100
120
Preferred
16
161 1678 •16
15% 1538 15% 16
16
1612 15
*15
14 Jan 41 July
26
2715 2834 4,500 Central Aguirre Anso__No par 24 Mar 22 324 Feb 5
2634 264 27
24
2434 2514 26
24
24
2 Apr 113* July
*912 104
7% Jan 16 1238 Feb 19
•10
1078 108 11
500 Century Ribbon Milla_No par
10% 10% *1014 11
10
10
52 Feb 100 Dec
100 82 Mar 31 95 Jan 2
93
93 *82
20 Preferred
83
8312 *82 93 *82
*8312 93 *8312 93
51j Jan 4434 Sept
34
3412 34% 3538 3434 3534 358 365* 357 36% 35% 3713 29,100 Cerro de Pasco Copper-No par 3014 MaY 18 404 Feb 15
73 July
1 Jan
734 Apr 5
314 Jan 2
6
618 1,700 Certain-Teed Products-No Par
6
6 I
534 6
5% 534
512 *5,8 558
*5
35
Apr
19
5
4
1712
Jan
Mar 3014 July
preferred
100
3018
304 *26
3018 *26
30% *25
3018 *25
*25
31
*26
7%
74 Mar 25 June
No par 1714 Jan 5 24% Jan 30
2,100 City Ice & Fuel
2114 21% 22
2014 2012 *20% 2012 20% 2058 2034 2072I 21
45 Apr 72 July
100 67 Jan 3 86 Apr 23
83
130
Preferred
82
80 80
8112 82
3179
80
*76% 8113 *7638 80
1473 Jan 5212 July
No par 34 Jan 4 48% Apr 21
4412 444 4534 1,900 Chesapeake Corp
*4214 4314 43% 4334 4412 4434 445 45 *44
9% Feb 5
512May 14
218 Mar 1238 July
7% 712; *7
7
7%
714
74 734 1.800 Chicago Pneumat Tool_No par
7
7
6% 6%
12
2834
Jan
Apr
24
512 Feb 2514 June
1613
2034
2058
21141
Cony
No
par
21%
2012
2,000
preferred
2014 2012
19
2012
20
20% 19
5 Mar 34 July
10 1914 Jan 8 3034 Feb 5
800 Chickasha Cotton 011
2812 2718 2714. 22718 2718 *2634 2813
2812 2612 2612 2858 7327
7
712
2 Feb 1018 July
6 Jan 6 1158 Feb 19
7
7 I *634 7
No par
600 Childs Co
6% 6%
6% 6% *678 712
6 Apr 2113 July
40 Chile Copper Co
25 1212MaY 16 1758 Apr 9
1312 1312 *1212 1334 131212 1334 *1212 1412 *1212 1612 1312 1312
75 Mar 5738 Dec
3934 43% 99.700 Chrysler Corp
5 3612May 14 60% Feb 23
3712 3818 3814 3914 38% 40% 395 40381 3918 40
35 July
24 Feb 8
78 Jan 5
1
4 Feb
*1
118 1,200 City Stores
118
1
No par
1
1
1
1
1
1
1
33
8
2
4
12
114
Apr
Feb
20
6
18 Mar
2% JulY
certifs__No
par
34
200
Voting
trust
*58
34
34
58
5a
34
*12
34
*12
558 Feb 6
358May 14
812 July
No par
112 Jan
Class A
*318 38 *318 338 •318 338 *318 338 •318 3% *3123 3%
518
5
Feb
21
212June
614
July
Nov
*212
•2%
212
212
100
Class
A
•
3
4
414
414
*212
t
o
No
par
414
31212 414 '
1 212 414
1934 *13
100 Clark EquIpment
No par
8% Jan 5 21% Mar 5
5 Mar 1414 June
181z *1358 1812
1934 *13
13
13 *124 194 *13
3634 38
*36
38
38
10 Jan 4113 July
37
*36
700 Cluett Peabody & Co No par 28 Jan 3 45 Apr 7
36
*3412 36
3434 35
90 Jan 100 June
100 100 •102 107 •102 107
20 Preferred
109 109
100 95 Jan 17 115 Apr 23
*100 109 *100 109
124 125
734 Jan 105 July
700 Coca-Cola Co (The)___No par 954 Jan 2 127 Apr 24
123 123 *122 124 *123 12312 12312 12313 •12212 124
547
*545
Jan
11
55
543
5018
June
1
*54%
par
5434
5478
400
Apr 51 Dee
543
4
55
55
Clam
A
No
44
13
55
*541g
8 8,200 Colgate-Palmolive-Peet No par
1334 13% 1312 14-79% Jan 3 1818 Mar 13
7 Mar 223 July
1258 1312 1312 134 1334 13% 1312 14
86
87 *8212 851s 86
s64 3 87
100 6% preferred
49 Apr 88 Aug
100 684 Jan 8 9214 Apr 18
*6412 885* 3176 • 8618 *85
3 Apr 26 Sept
No par 1558June 2 2813 Feb 19
1712 1712 1734 1738 17% 1734 1812 3,200 Collins & Alkman
1538 1534 1614 1614 17
834 Feb 6
5
5
4% 4%
3% Jan 2
412 412
500 :Colorado Fuel & Iron-No Par
434 434
278 Dee 173* July
418 418 *414 434
8534 6634 67
6638 67
70% 5,100 Columbian Carbon•t o No par 58 Jan 8 7714 Apr 23
2318 Feb 7113 July
6614 67
66
*6412 65
66
3334 34% 3312 3312 34
3458 6,300 Columb Pict Corp•t o_No par 23 Jan 6 34%May 28
858 Mar 28 Nov
3158 3212 3114 3234 327 34
117 1214 121s 1212 1258 1278 1238 1278 12% 1234 12% 13% 28,500 Columbia Gas & Eleo No Par 1118 Jan 4 1914 Feb 6
9 Mar 2818 July
7412
74
744
7412
731
7412
73
74
1,000
Preferred series A
50 Dee 83 June
100 52 Jan 5 761s Feb 27
73
*7214 7312
72
70
6912 67 67 *67
20 5% preferred
8912 *65
100 41 Jan 9 71 Apr 24
40 May 74% June
62 62 *65
70
*82
28
29
28
5,300 Commercial Credit
4 Feb 1914 Dec
277 285 228
2834 264 28
10 1858 Jan 4 354 Apr 21
26
2534 26
*2613 29
*2612 29
120 7% 1st preferred
25 2315 Jan 5 29 Mar 3
1813 Mar 25 Sept
27% 273* 2712 2712 *2712 29
29
29
*4114 48% *4612 4858
*47
49
200
49
Class A
50 38 Jan 3 50 Mar 9
16 Feb 3913 Aug
1347 49
4812 4813 *47
29
90
*2818 29 •284 29
29
29
Preferred B
29 *28
25 24 Jan 3 30 Mar 3
1812 Mar 2518 Sept
2858 2858 *28
90 6%% first preferred_.100 914 Jan 3 106 Apr 30
105 105 *105 106 x104 104% *10334 105
70 Mar 957 Sept
10512 106 *105 105
5212 5212 54
3,000 Comm Invest Truat___No par 3534 Jan 4 5934 Apr 11
18 Mar 4312 July
4914 x4914 4912 494 5058 5112 51% 52
49
Cony preferred
No par 91 Jan 3 10812 Apr 14 84 Jan 977 Jan
*10513 10858 *106 10814 *10512 10814 *106 107 *10614 107
*108
2418
22% 2234 2258
28.400 Commercial Solvents_No par 1934May 14 3634 Jan 30
21% 2278 225* 23
9 Feb 5714 July
2034 -2112 2112 22
2
214 23,400 Commonwith & Sou
218
2
218
2
2'
No par
2
1% Jan 2
618 June
334 Feb 6
214
114 Dee
2
2
218
4612 3,300
457 4634 47
46
x46
46
48
$6 preferred eeries.. No par 2111 Jan 2 5234 Apr 23
48
1758 Dec 6013 June
4412 4412 44
2638 2612 2712 2,900 Oongoleum-Nairn Inc-No par 23 Jan 9 3114 Feb 16
73 Jan 27% July
2612 26
2512 26
25
*24% 25
24
24
*1113 1338 •1112 13%
Congress Cigar
934 Jan 12 1412Mar 5
No pat
84 Feb 18 June
131114 1312 *1114 1313 31115* 1312 *1134 1312
10
1078
"9
10
900 Consolidated Cigar ____No par
912 97
912 912
514 Jan 2 1338 Mar 17
34 Apr 194 June
*914 912 13834 912
60
20
*58
Prior preferred
*57 60
100 4514 Jan 2 60 Apr 11
31 Apr 65 June
60
578 577 *58
1357 60
58
58
312 312
3% 3% 2,000 Comm! Film Indus
33
213 Jan 2
1
534 Feb 15
1% Jan
534 May
312 338
334
334 334
*334 4
15% 16
1,500
57 Mar 1454 May
Preferred
1814 x15% 16
No par 1038 Jan 2 1712 Feb 15
15% 1512 1513 1558 15% 1614 16
3334 25,400 Consolidated Gas Co.__No par 3118June 2 4738 Fro 6
3215 32
3218 3234 32
34 Dec 6413 June
315* 327
31% 31% 3158 32
9034
2,300
Preferred
90
90% 90
90
No par 82 Jan 4 9214 Feb 6
8934 8934 90
8118 Dec 99 Jan
904 9014 8914 gg
212 234 1,500 Como! Laundries Corp_No par
438 Feb 7
238 25*
218 Jan 8
234 234
54 Jan
212 24 *24 25
14 Dec
212 212
114 1112 38,000 Consol Oil Corp
912Nlay 10 1414 Feb 13
No par
8 Mar 1534 July
10
1014 1014 1038 1014 1034 1058 114 1034 11
8% preferred
Oct
10814 111 •10814 III
100 108 Feb 9 11112 Apr 28
9512 Mar 108
•10814 111 *10814 111 *10814 111 *10814 111
14 541/2
1
14 5,300 Consolidated Tertile_No par
118
1
1
I%
118
78 Jan 4
24 Feb 7
314 July
1
I
1
1
1
900 0ontainer Corp Glass A
1114 1138
11
11
1012 11
20
1014 July
54 Jan 5 13% Apr 23
14 Jan
*1014 1012 1012 101 *1012 11
37
Class B
414 3,100
4
3% 4
4
No par
2% Jan 2
413 June
334 37
538 Apr 18
4 Feb
334 3%
*334 373
•918 311
1,000 Continental Bat ohms A No par
912 10
94 10
10
7 Jan 8 1458 Jan 24
3 Mar 1814 July
834 834 *9
8% 8%
Class B
114
114 1,100
No par
313 July
114 138
14 I%
1 Jan 1
2% Feb 7
114 114
158 I%
13 Jan
*114 1%
100
Preferred
5912
6018 *58
6018 5812 5812 *58
100 4614 Jan 6 64 Feb 9
36 Jan 84 July
*59
6018 *57 8018 *58
3,500 Continental Can Inc
20 8912May 14 8314 Apr 21
7512 7612 78
7514 75
7212 72% 734 7412 7518 75
3514 Feb 7838 Dec
72
*84 10
Conn Diamond Fibre
*814 10
5
*818 9
*77 10
Vs Jan 5 1134 Feb 6
3% Feb 17ls July
.7% 10
•713 8
,
31
3012 314 4,600 Continental Insuranoe.....2.60 2338 Jan 6 3512 Apr 20
304 31
30
1012 Mar 3612 Jut
2913 2912 294 294 294 30
it8
518
118
118
Continental
2,800
118
Motera-No
par
114
4 June
118
14 Jan 2
2% Feb 21
118
1 Mar
118 14
118 118
47 Mar 1938 Sent
2058 2112 38,200 Continental 011 Of Del.....1.5 1613 Jan 13 2234 Apr 21
2014 21
18% 1912 1934 2038 203 21
1814 19
6638 66% 6512 6614 6512 6812 6.400 Corn Products Refining---25 13012May 14 8413 Jan 28
4538 Feb 90% Aug
6414 66
6412 65
6234 64
200 Preferred
100 135 Jan 4 145 Apr 25 1174 Mar 14534 Jan
143 143 .14212 147 1314212 147 *14212 145
.
14212 147 *14212 147
514 5%
No par
5
538
512
55* 53*
558 534 7,600 Coty Inc
9% Feo 5
712 June
5
238 Mar
3% Jan 2
55* 512
3212 33
2.000 Cream of Wheat otie-No par 28 Jan 3 35 Jan 31
3258 3278 3234 3278 32% 327
23 Feb 3912 July
33
3212 3278 33
No par
8 Jan 2 1518 Apr 13
134 1312 1478 2,000 Crosley Radio Corp
214 Mar 1434 June
*1218 1234 1212 1234 1234 1314 13% 1312 *13
No par 2414May 10 3614 Feb I
28
26
26
254 2534 2578 26% 1,700 Crown Cork & Seal
1414 Feb 85 July
2518 2518 25% 2514 26
No par 3512 Jan 2 4114 Apr 20
41
4034 4034
200' $2.70 preferred
40 *40
2413 Feb 3812 July
4014 40
4012 *40
.40
41
*40
53
812 July
o.No
par
Zellerbaok
•
t
MOO,
Crown
3
7
8
Jan
6
5%
658
Apr
518
5
5
27
518
5
1
Apr
5
5
478
5
5
2412 2412
231
900 Crucible Steel of Amerloa-100 2138 Jan 4 3838 Feb 19
2414 243* *23
2334 24
9 Mar 3712 July
23
23
*2134 23
61
100 48 Jan 12 71 Apr 19
61
1001 Preferred
*130
61
61
61 .60
18 Feb 6038 July
*60
61
*53
*53 61
No par
1 Jan 2
800 Cuba Co (The)
318 Feb 9
17s
*18
45* June
I% 134 .15* 17
13 Feb
158 13 *112 158
158 158
978 Feb 8
7
7%
714 713 3,700 Cuban-American Sugar--10
6% 714
312 Jan 10
118 Jan 114 May
63s 6%
6% 612
612 612
June
9
1301
Preferred
100
Jan
4914May
68
46
46
46
47
47
204
Jan
45
16
10
45
*4312
45
*434
45
*43
50 37 Jan 2 5034 Feb 16
45
1,000 Cudahy Packing
2034 Feb 5913 June
434 4314 4314 4314 44
44
4434 44
4412 .42
*41
2238 2278 24
3,000 Curtis Pub Co (The)-__No par 1313 Jan 8 29% Apr 12
64 Mar 324 June
2112 2112 2034 2112 2112 2212 223* 2238 22
No par 434 Jan 3 8414 Apr 13
81
1,800' Preferred
80 Fe. 66 June
7918 79% 78% 8018 80
7712 77% 7878 80
77
77
438 July
33
1
213 Jan 2
514 Jan 31
338 338
35* 38 14,300 Curtin-Wright
113 Feb
358
358 358
34 34
314 33*
1
8 July
514 Jan 3 1214 Apr 2
1118
2 Mar
17,400'
Class
A
105*
97
1012
107
8
103s
105*
1118
10
10
94 934
July
21
par
11
Jan
4
Ino___No
2112
Feb
21
Jan
Cutler-Hammer
44
15
15
15
200:
*1412 17 *14
17
17 *15
17 •14
*14
1
z Ex-dividend. y Ex rights.
•Bld and asked prices, no sales on thi3 day. I Companies reported In receivership, a Optional sale. c Cash sale.
New York Stock Record-Continued-Page 4
rar FOR
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
June 2.
3913
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FOURTH PAGE PRECEDING.
Monday
June 4.
Tuesday
June 5.
Wednesday
June 6.
Thursday
June 7.
Friday
June 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On boats of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
a per share $ per share $ Per share 3 Per share 3 per share $ per share Shares. Indus.& Miscall.(Con.) Par 8 per share
8 Per share $ Per share $ Per shore
5
6 Jan 10 .84 Feb 5
*6
74
614 7
718 *612 714
*6
138 Feb
834 July
600 Davega Stores Corp
7,8 7,8
714 714
18
1834 19
19/
1
4 19
20
18 June 2 3418 Feb 1
2434 July 49 July
194 1974 1914 1914 1912 21
No par
8.700 Deere & CO
*11
614 Feb 184 June
11,2 •11,8 114 151158 12
1132 1134 1114 114 *1114 1112
20 1118June 7 1514 Jan 30
800
Preferred
*75
76
*75
77
75
75
100 6312 Jan 5 84 Feb 23
48
Apr 914 July
*74
76
*73
75
75
75
200 Detroit Edison
45
4612 4614 4612 464 4712 47
10 Mar 3378 Aug
2,100 Devoe & Reynolds A__No par 29 Jan 6 554 Apr 25
47
4612 4612 4734 48
23
2312 2312 23
23
1712 Feb 291s July
23
234 2312 2312 2312 24
No par x2134May 14 2812 Jan 16
24
1,000 Diamond Match
*3018 31
*3018 31
2613 Feb 31 July
31
3114 31
31
*31
31
200
3114 *31
Participating preferred_ __25 2814 Mar 27 314 Jan 24
384 3838 3812 4.018 3934 414 41
12 Feb 394 Sept
No par 32 Jan 25 43 June 8
4112 41
4214 42
43
32,500 Dome Mines Ltd
*2012 2138 2018 21
21
101
: Feb 264 July
19 Feb I0 23 Mar 10
2114 21
214 *2134 2178 214 2134 3,400 Dominion Stores Ltd No par
1833 1914 1934 20
1814 July
194 21,4 2012 2114 204 2034 2078 2214 23,100 Douglas Aircraft Co Inc No par 144 Jan 2 284 Jan 31
1014 Feb
*13
14
*13
14
634 Feb 18 June
914 Jan 10 19 Feb 17
13,4 1318 1334 134 •14
15
15
15
300 Dresser(SR)Mfg cony A No par
1114 1134 1134 1034 1112 1114 1114 1114 1112 1114 1134 1,800
11
24 Mar 1034 June
7:
1 Jan 16 1174 Mar 28
Convertible class B_ _No par
*6
7
*6
7
614May 14 1134 Mar 26
74 Apr 1434 July
*638 734 *034 7
714
1
200 Dunhill International
64 634 *7
85 Nov 10218 June
511014 10212 *10112 1021 101,2 1011 10112 10212 *10112 10214 1014 10212
500 Duquesne Light lat pref__100 90 Jan 16 10338 Apr 14
7
7
7
7
7
718 8
3
54 Jan 3 1234 Feb 19
l's Mar 10 July
734 734 *714 814
2,000 Eastern Rolling MUls__No par
*934 95
X93
94
934 95
46
96
Apr 894 July
9612 95
95
9512 9712 3,100 Eastman Kodak (N J)_No par 79 Jan 4 9712June 8
140 140 *13812 140
140 140 *140 142 *13812 142
142 142
50
100 120 Jan 16 142 June 8 110 May 130 Mar
6% cum preferred
*1638 16,2 *164 1678 17
34 Mar 16 July
17
17
1714 1674 1674 1714 1834 2,500 Eaton Mfg Co
No par 1314 Jan 3 224 Apr 19,
8033 814 8212 8338 83
10378 Feb 161 3214 Mar 964 Dee
86
8514 86,2 8412 8538 85
9018 42,100 El du Pont de Nemours_ __20 80 May 1
12214 12212 *122 1223 12238 12234 *122 12234 12234 12234 1221s 12314 1,000
974 Apr 117 Jul,
8% non-voting deb
100 116 Jan a 12314June 8
*1134 12
12
12
12
12
- 12
12
12
12
12
12
500 Eitingon Schild new__No par 11 May 14 1914 mar 6
2034 2134 221
20
22
To
Apr 171-2 July
224 22
2234 22
224 22
5 1818 Jan 9 3138 Feb 21
2312 15,600 Elec Auto Lite (The)
*90
93
90
90
:July
93
76
Oct 881
93
120
93
93
93
93
93
93
Preferred
100 80 Jan 5 101 Apr 6
414 438
438 434
44 434
814 July
712 Jan 29
Jan
412 434
338 Jan 8
1
434 434
434 514 4,800 Electric Boat
3
74 74
74 71
918May 8
Feb
44 Dec
414 Jan 3
1
7,4 738
733 734
718 738
732 738 6,800 Elec & Mus Ind Am ,hares..
54 514
5,4 54
44 Jan 3
958 Feb 7
34 Feb 1538 June
5,600 Electric Power & Light NO Par
54 534
538 6
54 514
5,2 534
*1334 14
14
141
14
712 Apr 3612 June
No par
84 Jan 3 21 Apr 18
1512 1512 1512 1514 154 1433 16
3,000
Preferred
•1238 1312 *13
131
13
14
1438
$6 preferred
No par
8 Jan 2 1934 Feb 7
611 Apr 3214 June
1314 *1332 1334 *1314 14
500
*4014 4112 4014 401 *4018 41,2 *4014 41
Feb 64 July
240
404 40
4112
21
700 Elec Storage Battery_ __No par x40 June 7 52 Jan 24
• *4 1
*84 1
58May 11
18 Jan
4 June
*4 1
178 Feb 21
IElk Horn Coal Corp__Mo par
•34 1
*34 1
"4 1
4.112 2
112 112 *112 2
14 Jan 10
334 Feb 23
98 Apr
6 June
•112 2
*1
174 *112 174
200
6% part preferred
50
*52
57
*5212 57
54
26
Feb 6278 July
55
54
*5278 57
*52
*5274 55
100 Endicott-Johnson Corp_ _ 50 51 May 14 63 Feb 16
*118 125
123 123
Oct
125 125 *120 125 *121 125
125 125
100
Preferred
100 120 Jan 3 126 Mar 20 107 Feb 123
44 414
4
412 2,200 Engineers Publics Serv__No pa
413 414
4 June 7
414 4,4 *418 414
4
414
834 Feb 7
334 Dec
MI June
*13
14
*1318 1534 •13
1158 Jan 3 2312 Feb 6
11 Dec 47 June
15 •13
15
*1312 1534
$5 cony preferred____No pa
1534 *13
1334 1334 *1314 14
14
14
1414
11 Jan 8 2411 Feb 5
11 Dec 4978 June
14
15
14
500
No pa
14
$514 preferred
•14
*14
1618 •15
*1412 17
144 Jan 2 254 Feb 5
12 Dec 55 June
1614 *1412 1618 •14
*14
16
No pa
17
$6 preferred
614 612 *614 612
64 Mar 1338 July
7
7
64 7
2,200 Equitable Office Bldg No pa
614May 12 1038 Jan 22
612 678
678 7
874 912 •914 934 10
3 Apr 184 July
1012 1,800 Eureka Vacuum Clean
718 Jan 8 1434 Feb 19
973 978 10
1014 1018 1038
22
24
25
7 Mar 10 Nov
23,4 2312 2334 234 2458 234 2434 23
24
14,600 Evans Products Co
5
9 Jan 3 2714 Apr 27
538 532
634 634
4 Jan 9 104 Apr 2
34 In
Ill: July
634 7
310 Exchange Buffet Corp_No par
534 534
6
612
5,2 5,2
*34 213
Fairbanks Co
25
158Mar 9
238 Apr 17
238 June
`34 24
7s May
*34 214
*34 2,8
*84 218
*84 218
•51,
*514
Preferred
414
Feb
14
1213
Apr
14
1
Feb
814 June
.514 8
100
•514 8
8
•514 8
*514 8
8
21: mar 1114 June
*13
1312 *13
800 Fairbanks Morse & Co_No par
7 Jan 6 18 Feb 19
1378 1334 1378
1312 •1314 1334 •13
1312 •13
10 Feb 424 Nov
5014 50,4 *50
70
Preferred
•
100 30 Jan 10 58 Apr 24
*5014 5112 50
50,4 5014 51
5014 *50,4 51
.7
15
434 Apr 1412 June
600 Federal Light & Trao
7 May 10 1114 Apr 3
7
7
8
814
758 *714 8
*7
734
*714 8
1
4 Jan 12 62 Mar 13
No par 34/
83 Dec 5915 July
*48
57
10
Preferred
*4813 65
50
50
55
*50
54
*50
*50
55
15 Mar 103 Sept
•72
85
Federal Mtn & Smelt Co__100 75 May 10 107 Feb 14
90 .72
*75
85
90
*75
*72
90
*72
90
*54 574 *512 5
.45i2 5
200 Federal Motor Truck__No par
534May 14
834 Jan 30
h Mar 1.184 July
6
634
*54 6
*512 6
2 Jan 13
538 Feb 23
31
300 Federal Screw Works__No par
478 J1317
34 Feb
34 314 *3
34 3,4
334 *34 334
*3
3,2 *3
21,2
114 Jan 5
4 Feb 8
138 Dec
634 June
2
2
800 Federal Water eery A__No par
2
214 214
24 214
214
214
218 24
*21
24
74 Feb 30 July
•21
24
400 Federated Dept Stores_No par 2234 Jan 8 31 Mar 6
23
23
*2112 23
*21
*21
23
23
2833 29
1014 Mar 36 July
29
29
1,600 Fidel Phen Fire Ins N Y_ _2.50 2334 Jan 5 35 Apr 20
31
30
•29
304 *294 30
304 30
*8
7 Feb 15 11 Jan 3
5 Mar
94 Nov
40 Fifth Ave Bus Sec Corp.No par
914 *8
818 814
9,4 *8
914 *813 9,4 *84 94
*2014 30
9 Apr 30 July
*2014 30
Filene's(Wm)Sons Co-No Par 25 Feb 1 2812 Apr 10
*2014 30
*2014 30
*2014 30
*2014 30
81
Apr 95 Sept
*102 104
6;5% preferred
•99 104 *100 104 •102 104
110
100 87 Jan 10 105 Apr 25
104 104
1034 104
. 17
171
918 Apr 3112 July
174 1734 1712 1814 *1734 1834 1734 173
1,900 Firestone Tire dc Rubber _10 17 Jan 14 2514 Feb 19
1838 19
•81
831
42 Mar 75 June
100
Preferred series A
100 71 Jan 9 86 Apr 21
8114 81,8 *81
•8218 86
86
86
*81
86
*81
544 Jan 5 674 Apr 23
62,2 631
63
43 Mar 7034 July
64
6412 651
64
654 x6238 6238 6212 6334 1,800 First National Stores__No par
414 41
412
214May 12 1738 Feb 21
24 Feb
19 June
41,2
No par
434 44 2,300 :Follansbee Bros
438 41
414 41
414 41
174 171
104 Jan 9 21 May 4
612 Apr 16 July
1714 1714 •18
183
17,14 1874 1,100 Food Machinery Corp_No pay
1518
*18
19
1334 133
No par 1214May 14 22 Feb 16
41
: Feb 23 July
1414 1434 1514 1514 15
1512 1612 1,900 Foster-Wheeler
15
15
151
878May 14 1714 Jan 30
2 Feb 2338 July
114 1234 2,700 Foundation Co
No par
*912 10
*1012 III
*978 1034 *104 114 11
11
204 201
2034 2034 21
1
1938 Jan 5 2712 Feb 5
1358 Mac' 264 June
2114 2214 2,200 Fourth Nat Invest w w
21
21
2114 2112 211
1312 131
14
12
Oct 19 Sept
3,700 Fox Film class A new__No par 1214 Jan 5 1712 Feb 26
1414 144 15
143
1414 15
144 1434 •14
*4812 5312 *4812 5312 *4858 531 *4812 50
12
Jan 50 Aug
3618 Jan 12 63 Feb 7
*4812 50
Fkln Simon & Co 100 7% pt10
15481s 50
39
*384
401
1 z35 May 14 5024 Feb 19
1618 Feb 494 Ws,
3912 4112 12,400 Freeport Texas Co
40
39
394 394 393
3934 40
2314 2314 *2012 29
9
Jan 31 Alas
10 Fuller (0 A) prior pref_No pa
164 Jan 19 334 Apr 26
*2012 271 •2012 271 *2012 271 *2012 2712
14
*10
•1014 14
4
. 10
Jan 23 June
*11
15
No pa
9 Jan 4 1958 Apr 26
12
$6 2d prof
*10
al2
14
15
*11
218 214
214 214
458 Mar 12
218 Jan 12
1
Feb
514 Aug
600 Gabriel Co (The) ci A No pa
214
234 238 *214 24 *238 212
1333 1334 1338 1338 •I4
210 Gamewell Co (Tbe)
64 Jan 2078 Aug
14
134 14
No pa
1113 Jan 18 20 Feb 19
14
14
151
14
84 834
238 Feb 12 June
*712 8,4 *74 8
900 Gen Amer Investors_ No pa
738 Jan 4 1112 Feb 6
8
8
84 833
774 8
81
•76
*76
42 Feb 85 July
81
81
81
100
81
Preferred
79 Jan 29 87 Mar 13
.76
No Da
81
81
•76
*76
354 354 36
37
331/8 Jan 4 4358 Feb 19
1334 Feb 434 July
3812 3834 37
37
364 3734 3.100 Gen Amer Trans Corp
37
371
174 1714 *1734 1812 18
458 Mar 27 July
181
1912 2,600 General Asphalt
10 1518 Jan 4 234 Apr 24
1814 184 19
1834 191
934 10
934 10
1018 Dec 204 July
94 10
4,000 General Baking
94May 12 1438 Feb 5
974 10
5
978 1018
978 10
10014 101 *10018 103 *1004 103 •10012 103 *10012 103 •10012 103
60
$8 preferred
9934 Mar 10814 Sept
No par 100 May 8 1084 Feb 7
*634 74
674
714 •74 714
218 Feb 1011 July
678 718
7
718
7
734 1,900 General Bronze
5
534 Jan 9 1018 Mar 9
438
4
•4
4
64 Feb I
300 General Cable
114 Mar 114 June
418 413
412 *44 414
No par
338 Jan 4
44 44 *4
*734 8
*714 10
214 Feb 23 June
'714 8
8
1034
100
Class A
No par
8
6 Jan 4 12 Feb 1
*714 814 •8
20
2038 1814 20
615 Mar 46 June
•20
600
2214 *2034 2218 •2034 2214 214 22
7% cum preferred
100 1411 Jan 9 33 Apr 20
.3812 39
3812 3812 *37
3914 40
40
600 General Cigar Inc
244 Dec 41354 June
*38
No par 27 Jan 2 40 May 28
39
*37
39
*106 10812 *106 10834 *106 10834 *106 10834 •106 10834 *106 10834
Jan
90 July 112
100 97 Jan 8 110 Apr 28
7% Preferred
1918 194 1918 1934 1914 20
lots Feb 3014 July
No par 184 Jan 4 2514 Feb 5
194 2018 1912 1973 1934 2078 51,200 General Electric
124 1212 1238 124 1212 1212 1211 1212 1214 1212 1233 1212 6,600
1078 Apr 124 July
10 1114 Jan 2 1234 Feb 26
peolci
3213 3234 3258 3238 3214 32i.. 3214 3233 3218 3212 324 3234 9,100 General Foods
21
Feb 3978 Sept
No par 314May 23 3678 Jan 30
74
74 3.500 Gen'l Gas & Elec ANo par
14
24 June
34
4
84
134 Feb 6
h Dec
34 Jan 2
78
34
84
84
34
14
14
1338 14
14
*1414 1474
34 Apr 1611June
14
14
700
Cony pref series A No par
814 Jan 2 19 Mar 13
*1312 14,8 14
*1512 20
*14
20
*14
20
*1568 20
884 Dee 184 June
*14
$7 pest class A
No par 12 Jan 29 21 Mar 13
20 •1718 21
21
5 Apr 20 June
1534 1534 *15
1514 154 4.15
1714 1714 *1718 21
$8 pref class A
60
No par 14 Jan 19 22 Mar 12
21
5854 ---- 5834 *54
*51
5834 *51
244 Jan 5534 Nov
Gen Ital Edison Elec Corp__ 50 Jan 24 6114 Feb 16
5833 *5378 584 *551g 564
5614 5512 5514 5534 55
5578 5578 56
354 Mar 71 June
5614 5634 5612 5634 2,600 General Mills
No par 534 Mar 20 644 Jan 16
*11214
•11214
112 112
921
:Mar 1064 Sept
11214 11214 •11134 11284 112 112
400
Preferred
100 103 Feb 27 11214June 5
2913 297s 30
3034 30
10 Feb 3534 Sept
31l
10 291/June 2 42 Feb 5
3118
31'e 314 304 3113 3078 334 131,300 General Motors Corp
100,4 10014 100 100
9984 100
651
:Mar 95 July
100 100
100 100
100 10034 1,300
$5 preferred
No par 8934 Jan 6 103 May 1
5510
1634 *10
1744 •16
1734 1514
518 Jan 24 June
Can Outdoor Adv ANo par
1784 •16
1712 •16
171
834 Jan 5 21 Apr 14
434 5
*458 5
24 Mar
1018 June
•4114 5
658 Apr 20
5434 5
5
514
900
Common
*458 5
No par
358 Jan 2
*1612 1812 1812 1812 *1714 19
17 June
314 Jan
18
40 General Printing Ink
No par 101
:Jan 3 254 Apr 23
511634 1934 •1634 1814 18
.86
88
88
88
$o preferred
31 Mar 82 Aug
86
86
88
88
5186
90
50
No par 7312 Mar 10 88 Apr 24
*86
90
312 *3
•274 3,2 *3
34
314 314 *3
2 Apr
814 June
314
558 Feb 7
318 *3
213 Jan 8
300 Gen Public Service___No par
32 •30
32
*30
3134 33
331s x3212 34
1,000 Gen Railway Signet__ No par 3114May 14 4534Mar 3
1314 Jan 4915 July
3312 3312 1532
2
2
173 2
458 June
2
2
38 Feb
2
178 2
2
2,000 Gen Realty & Utilities
112May 14
338 Jan 30
2
2
1
20
*17
*17
20
*17
19 •17
20
19
*17
$6 preferred
No par 16 Jan 8 2638 Jan 30
511 Jan 2234 June
20 •17
14
*1214 1512 *1434 1512 15
14
21: Feb 1934 July
154 16
700 General RetractoriesNo par 1018 Jan 3 234 Feb 23
15 •1412 15
1514
1414 14
*1318 14
74 Sept 18 June
144 144 1438 14
1414 14
1514 2,400
Voting trust malts_ _No par 1214 Jan 22 194 Feb 21
35 •-___ 3712 *-___ 35
35
60 Can Steel Castings pref No par 3013 Jan 13 4812 Mar 15
35
35 •____ 35 '_-_- 35
938 Feb 3812 June
1013 1014 1012 1074 1012 1074 1012 104 1012 1012 1012 11
8,100 Gillette Safety Razor__No par
758 Dec 2014 Jan
812 Jan 6 124 Feb 6
61
61
614 614 *614 63
*5978 61
Jan
63
500
Cony preferred
6112 6115 62
No par 47 Jan 11 63 June 8
454 Dec 75
4
4
414
44 418 1,300 Gimble Brothers
34 334 *334 4
*4
758 Jun*
414 •4
No par
638 Feb 5
54 Feb
334May 12
*21
22
2212 2274 2278 •21
*21
23
200
*22
2234 23
Preferred
54 Mar 33 July
23
100 1814 Jan 8 30 Feb 5
2334 244 244 25,4 2514 26
334 Mar 20 July
2534 2814 x2614 2634 6,900 Glidden Co (The)
No par 155s Jan 4 2838 Apr 26
254 25
4.0912 10114 101 10114 101 102
400
Prior preferred
101 101
10034 102 x102 102
48
Apr 911: Aug
10
83 Jan 19 103 Apr 27
67
8
.718
71
67
4
7
72
8
3,600
Cobol
(Adolf)
634 63
74 712
94 Feb 27
3 Feb16 July
7
7
512 Jan 2
1812 19
1918 1914 194 20
Ms 2012 5,400 Gold Dust Corp v t e___No par 1634 Jan 11 23 Apr 23
1912 197
12 Feb2734 July
1912 20
*110 119 *11012 119 •11012 119 •1104 119 •11078 119 *11078 119
$8 cony preterred___No par 964 Jan 6 110 May 1
9613 Dec 105 July
1312 133
1478 5,600 Goodrich Co(B
1234 124 1314 131
1312 137
134 134 14
No par 1214May 12 18 Feb 19
3 Mar 2115 July
5078 51
50
50
900
5314 54
Preferred
5112 511 *514 531 •511
: 531
9 Feb63 July
100 40 Jan 6 6234 Apr 21
271
27
254 264 27
284 2812 287
28
3012 13,700 Goodyear Tire & Rubb_No par 25343une 2 4134 Feb 19
94 Feb4712 July
2814 28
*7018 75
75
•72
let preferred
80
*70
80
No par 74 May 19 8614 Feb 19
2734 Mar 8014 July
*7312 80
*7312 7614 •75
*74 8
7,2 71
758 73
734 814 1.200 Gotham Silk Hose____No par
61
: Oct1712 June
7 Jan 4 114 Feb 5
74 74
734 8
*50
56
55
•50
66
56
Preferred
Apr 73 July
56
*50
100 494 Jan 22 711 Apr 26
41
*50
•50
56
*50
212 24
212 234 4,000 Graham-Paige Motors
234 234
238 238
24 234
212June 4
44 Feb 1
I
Apr
64 July
24 24
812 834
8i4 81
913 91
912 1034 2,500 Granby Cons M Sm & Pr100
378 Mar 1538 June
•914 934
8 Jan 2 1338 Feb 16
94 94
*534 6
578 57
6
6
700 Grand Union Co tr etfs
6
614
4 Jan 8
314 Mar 104 June
1
834 Jan 31
•54 57
*54 6
3534 353 *38
38
300
Cony pref series
37
*36
3614 3634 3634
20 Sept 364 July
37
No par 23 Jan 6 40 Apr 24
*3412 36
*26
28
28
*26
*26
28
28
28
Granite City Steel
1118 Mar 304 July
*26
28
5126
No par 23 Jan 15 3118 Apr 25
*26
3012 31
32
1,900 Grant (W T)
.31
1534 Feb 364 Dec
31
324 30
No par 30 June 8 4034 Feb 19
31
3012 303 *3012 307
1114 111
1112 111
114 111
1134 1178 114 1234 1,300 CB Nor Iron Ore Prop No par
1012May 14 1518 Feb 19
54 Feb
1854 July
1114 111
291
29
3113 13,000 Great Western Sugar_No pat 25 May 14 3478 Jan 20
2913 30
30
678 Jan
41(8 Sept
2934 304 2934 30
2812 283
112 112
170
Preferred
7212 Jan 110 Sept
100 102 Jan 2 112 June 2
112 112 *111 112 *111 112 •111 1111 11114 112
173 178
900 Guantanamo Sugar__ __No par
3h Feb 8
44 May
.173 17
14 17
4 Jan
134 134 *178 2
34 Jan 2
•178 2
25
25
*25
28
28
28
200 Gulf States Steel
29
28
*25
2874 1523
634 Feb 33 July
No per 24 Jan 2 42 Mar 13
*24
65
*60
*601g
1562
65
66
47
Apr
20
65
65
30
Jan
8
83
1614
Jan
64
June
*61
65
Preferred
100
65
65
7'8"
•Bid and asked prices, no sales on this day. I Companies reported In receivership. a Options leale. C Cash sale. a Es-dividend. y Ex-rights.
New York Stock Record-Continued-Page 5
3914
June 9 1934
tar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEETFIFTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
June 2.
Monday
June 4.
Tuesday
June 5.
Wednesday
June 6.
Thursday
June 7.
Friday
June 8.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share tots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ Per share 3 per share $ per share $ per share $ per share $ per share Shares. Indus.& Miami!.(Con.) Par 8 Per share
$ Per share 8 Per share $ per share
*2478 26
*25
*2478 26
26
25/
1
4 2578 '25
*25
26
26
25 2012 Jan 9 26 Apr 18
100 Hackensack Water
15 Mar 2512 July
*2912 2978 2912 2912 2912 2912 29
29
*2918 2912 *2918 2912
7% preferred class A__.._26 27 Jan 4 30 Apr 23
50
25 Apr 2878 Jan
5
5
5
5
518
518
514 5/
1
4
474May 12
514 514
814 Feb 15 , 14 Feb
5/
1
4 534 3,800 Hahn Dept Stores__N par
94 July
*3414 3914 *3414 3914 *3512 38
*3414 38
*3414 3612 38
39/
1
4
400
Preferred
100 2514 Jan 9 5274 Apr 21
9 Apr 3813 July
714 714 *67s 7
7
7
678 678
*634 678
934 Feb 14
812 Jan 8
10
718 734 1,800 Hall Printing
318 Feb 104 July
*558
*5
/
1
4
8
*5/
1
4 8
8
'54 8
*574 8
'534 8
358 Jan 26 1178 Apr 20
Hamilton Watch Co-No par
212 Apr
9 July
*3412 40
*3412 41
40
40 539
39
39
41
41
41
Preferred
100 25 Jan 15 534 Apr 25
50
15 Feb 35 July
93 93 *9014 9312 '92
9212 *92
9212 *92
9212 9212 9212
80 Hanna(M A) Co $7 pi_No par 84 Jan 8 96 Apr 4
454 Jan 85 Aug
*183
8
17
1712
17
17
19
1838 19
1714 1712
1938 20
1,800 Harbison-Walk Refrao_No par 1418 Jan 2 2474 Feb 21
618 Feb 2513 July
*____
512 *4
512 *4
512 *4
512 *4
278 Jan 2
538
538 *4
612 Apr 13
Hat Corp of America al A__1
713 June
73 Mar
*5718 59 *5718 59
5614 5614 *5614 5912 5614 5614 *5612 59
100 1974 Jan 4 59 May 2
40
634.7' preferred
518 Apr 80 June
2
314 314
3/
1
4 34
34 3/
1
4
684 Feb 15
114 Jan 2
3/
1
4 358 1,200 Hayes Body Corp
1
4
338 3/
1
4 '314 3/
812 July
74 Feb
89
89
89
87 87 *8612 89
89 *88
90
25 85 'ay 14 96/
1,000 Hazel-Atlas Glass Co
90
90
1
4 Apr 23
1
4 Dec
65 July 97/
*105 10712 *106 10712 *10578 10712 *10518 10712 *10518 10712 *10518 10712
25 101 Jan 9 10712May 5
Helme (0 W)
6913 Jan 105 Dec
812 1012 *812 1012 .812 1012 *734 10
*812 11
9 Jan 4 1218 Mar 15
No par
*734 10
Hercules Motors
3 Mar 17 July
6618 6612 *6612 69
6734 6734 6778 6778 *6778 68
69 71
No par 59 Jan 4 75 Apr 24
1,400 Hercules Powder
15 Feb 6858 Dec
12212 12212 122 12212 12112 12112 121 123 *121 124
*122 124
100 111 Jan 4 12412june 1
120
$7 cum preferred
85 Apr 11018 Dec
*5912 63
60 60 *5912 63
*5912 63
5912 5912 *6013 63
200 Hershey Cb000late----No par 4812 Jan 15 6478May 8
35/
1
4 Mar 72 J11137
*9118
*90
94
93
9312 .92
92
92
9212 9212 *92
9378
No par 83 Feb 16 94 Apr 21
200
Cony preferred
6474 Apr 90 July
878 9
8
8 ' 814 84
9
978
9
9
9
918 2,900 Holland Furnace
512 Jan 8 1014 Apr 2
No par
312 Jan 1012 June
5
*913 10
574 Jan 2 1078 Feb
912 *9
912 *9
912 9/
1
4 *9
912 912
912
214 Mar 1012 June
300 Hollander & Sons(A)
366 366 *367 38878 *375 385 *375 385 380 380 *375 385
100 810 Jan 4 388 Mar 2
300 Homestake Milling
145 Jan 878 Oct
22
2212 z204 2134 *21
2134 2134 2158 22
2114 2034 2034 1,500 Boudallle-Hershey CIA No par 11 Jan 8 2314 Jan 3
418 Apr 15 June
434 434
413 458
458 478
*412 458
434 434
374 Jan 2
678 Jan 2
No par
412 434 1,300
Class B
1 Mar
674 June
*52
60 *50
60
54
54 *50
60 *5134- _ *5134
43 Nov 5114 Jan
100 Household Finance part pf_50 43 Feb 5 54 Marl
_
*1812 1924 *1812 2012 2012 21
2112 2212 2214 2i58 2214 2312 3,900 Houston Oil of Tex tern etts100 1714May 12 2934 Feb
814 Mar 88 July
378 418
334 378 *378 4
*378 4
41g 418
314May
12
54 Apr
414 414 2,100
178 Feb
Voting trust °Us new---25
728 July
4824 4934 4978 5034 5034 5218 5112 5312 5212 541
5 8512 Jan 3 5513 Apr
5434 23,900 Howe Sound v t a
/
4 54
54 Jan 3822 Dec
1314 1258 1278 1258 1414 20,600 Hudson motor
1214 1212 1214 1234 1212 1314 13
-No par 1218May 12 2414 Feb
8 Feb 1614 July
318Ma3P
312 358
358 358
334 334
14
714 Jan 3
10
334 378
334 4
car__Corp
378 4
158 Mar
4,200 Hupp Motor Car
774 July
1
4 2434 2414 2414 24
2318 2318 2378 2378 2338 2458 24/
2514 9,800 Industrial Rayon new__ No par 2238May 25 2514Ju1se
5412 56
55
5412 5512 55
56
5758 5778 5778 58 61
194 Feb 11 -July
No par 50 May 14 7324 Feb
1,800 Ingersoll Rand
394 *37
38
*35
3714 *36
*3612 38 *3612 3818 38
12 Feb 4578 July
3978
No par 35 May 23 4974 Feb 2
400 Inland Steel
434 *412 434
*4
434 *4
434 434 *4
678 Feb
358May 10
412 412
412
2 Feb
912 June
200 Inspiration Cons Copper-20
*334 378 *334 37a
3/
1
4 378
414 Apr 2
218 Jan 2
1
3/
1
4 378 *378 4
114 Mar
378 378
378 June
300 Insuranshares Ctrs Inc
334 4
338 312 *334 414
578May
'4
378 4
414
24 Jan 15
414 414
44 July
/
1
4 Mar
900 Intercont'l Rubber-No par
612 612
54 512 *512 612
612 612
6
6
24 Mar 12 July
512June 1 1114 Feb 1
612 612 1,100 Interlake Iron
No par
278 278
'278 312 *278 318
318 34
618 Feb
2 Jan 8
318 318 *3
72 Feb
No par
338
572 July
300 Internal Agrioul
no 25 *23 26 *21 26 *21 2512 *21 254
22 22
5 Jan 274 July
100 15 Jan 8 3714 Feb
Prlor preferred
100
13212 13212 133 13312 *13414 136
131 131
7574 Feb 15314 July
13512 13612 137 13778 1,400 Int Business Machlnes_No par 131 June 2 14914 Jan 3
81
/
4 81
843 818 *818 8'2
/
4
1
81s
81
/
4 814
278 Jan 1072 July
558 Jan 11 1218 Feb 21
8
84 834 1,900 Internal Carriers Ltd
22 2214 22 22
2178 221
/
4 23
2318 23
618 Mar 40 July
23
2334 25
2,600 International Cement__No par 2158June 5 8734 Feb 5
3018 3012 3038 3112 3112 3218 3214 32/
4678
Feb
5
May
14
1358 Feb 46 July
1
4 3158 32
311
/
4 3314 10,700 Internal Harvester_-No par 30
*118 123 *118 123
123 123 *118 123 *118 123 *118 123
80 Jan 11918 Aug
100 1154 Jan 13 12538May 11
Preferred
100
618 638
6
614
618 614
212 Apr 1878 July
94 Feb 7
614 638
414 Jan 6
25
614 638
6/
1
4 738 5,000 Int Hydro-El Sys CIA
312 334
*312 334
114 Jan
6 Jan 24
314 312 *312 414 *338 4
672 June
84 Jan 2
*34 358 1,300 Int Mercantile Marine_No par
2538 25
2478 2514 25
2614 26
674 Feb 234 Nov
2614 2534 26
2632 2632 60,900 Int Nickel of.Canada-No par 21 Jan 4 2954 Apr 27
'12312 125 *12312 125 '12312 125 *12312 125 12312 125 *123 --__
72 Jan 115 Dec
100 11574 Jan 13 12538May 11
Preferred
300
*17
19
*1624 19
19
212 Jan 2174 July
19
19
100 104 Jan 5 25 Apr 24
19
*1912 24 *1912 24
20 Internal Paper 7% pref
414 Cs *418 434
4
4
612 Apr 20
334May 26
4 Apr 10 July
418 41g *418 412 *414 412
400 Inter Pap & Pow ol A-No par
*2
238 n
2/
1
4
2/
1
4 218
312 Apr 21
174 Jan 4
574 July
No par
14 Apr
214 214
Class B
300
2/
1
4 218 '21
/
4 214
112 158 *112 2
178 178 *112 178
4 July
224 Apr 23
178 Jan 4
14 Jan
No par
Class 0
158 178
178 17g 1,600
151
/
4 1612 1612 1714 1658 1712 1658 1658 1612 1918 5,400
1578 16
2 Apr 2212 July
100 1014 Jan 8 2478 Apr 23
Preferred
1914 1914 *1812 2038 1912 1913 *1924 2038 1812 1812 *1914 2038
9 Jan 18 25 Apr 21
84 Feb 14 Oct
300 Int Printing Ink Corp_No par
85 85
*83
85 *83 85
85 Apr 71 Aug
*83
100 66 Jan 2 86 Apr 21
85 '83 85 *83 85
Preferred
20
2812 2812 2824 2834 29
29
2912 30
1374 Mar 2774 July
2914 294 2912 2912 1,900 International Salt
NO par 21 Jan 3 3012 Apr 11
4112 4112 *4112 42
4012 4112 41
2428 Jan 5628 July
41
*4012 414 4112 42
900 International Shoe____No par 40 May 12 5078 Jan 2
ns 2984 2912 2912 3012 3012 *2814 31
*2514 29
974 Feb 594 July
100 2912June 5 4554 Feb 1
3112 3112
400 International Silver
*65
68 *65 64
*66
68
*65 68
2413 Mar 7178 July
100 59 Jan 4 8412 Apr
67 67
7% preferred
68
68
40
1158 1134 1134 12
1178 1258 1214 1258 12
518 Feb 2174 July
1228 1218 1314 26,300 Inter Telep & Teleg___No par 1128May 7 1774 Feb
12
12
1214 1214 1212 1212 *1214 13 *12
878 July
13
113 Mar
34 Jan 4 1638 Apr 2
13/
1
4 1338 1,400 Interstate Dept Stores_No par
*7I3 812 *714 812 *714 812
812
812 8.7
7
178 Jan 1114 July
528 Jan 3 10 Feb
No par
718 *7
600 Intertype Corp
27
27 '2634 2738 2734 28
2818 2858 2812 2812 *28
11 Feb 82 July
1 2454 Jan 29 2858June
900 Island Creek Coal
2812
*44
*45
48
48
*4478 48
46
46 *44
*46
47
46
28 Feb 45 Ally
No par 83 Jan 9 52 Apr 2
100 Jewel Tea Inc
46
1
4 47
46/
1
4 46/
48
4918 4818 4978 484 48/
1
4 4878 5158 10,900 Johns-Manville
1214 Mar 8312 Dec
No par 44 May 12 664 Jan 3
*10714 11112 *10714 11134 *10714 11134 *109 11124 11174 11134 112 112
42 Apr 10618 July
Preferred
100 101 Jan 4 112 Apr 18
20
*50
*50
70 *50
70
70 *50
70 *51
*51
65
65
85 Feb 91 J11137
Jones & Laugh Steel pref_100 60 May 25 77 Jan 23
714 714
*714 814 *74 734
978 June
734 734 *712 8
400 Kaufmann Dept Stores $12.50
8
8
228 Mar
613 Jan 3 1018 Apr 13
174 174 1738 1712 *17
17
17
1728 17
17
*8
814
600 Kayser (J) & Co
5 1378 Jan 4 1813 Apr 20
678 Feb 1012 Ally
278 278 *212 234 *212 258
212 212
212 258
212 234 1,900 Kelly-Springfield Tire
4 Mar
413 Mar 12
61s July
214 Jan 5
5
*1012 12 *1058 12
*1018 12
*1034 12
*10
1138 1178 12
8 Feb 3118 June
No par 11 Jan 2 20 Jan 30
300 6% preferred
"5
8
8
*5
612 *5
'5
8
*5
8 May
718 *5
718
2 Feb
4 Jan 18
@FedFRASER