Full text of Commercial and Financial Chronicle : March 17, 1934, Vol. 138, No. 3586

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Me.

financial

DMmrrcitl 3' tjronirk
New York, Saturday, March 17 1934.

Volume 138

Jacob Seibert
It is with the deepest regret that we have to announce the death, on Wednesday March 14, of Jacob
Seibert, owner and Editor of the "Commercial and
Financial Chronicle." His death occurred at the
Bay Ridge Sanitarium, Brooklyn. While in impaired health for two years, Mr. Seibert had carried
on almost up to the day of his death, and as late as
last Friday (March 9), despite severe suffering, had
been at the office supervising the publication of last
Saturday's issue. Only a week before his death did
Mr. Seibert's condition reach a critical stage, and
on Monday night (March 12) a minor surgical
operation was resorted to, which at first gave
promise of a successful outcome.
Had he lived a few weeks longer Mr. Seibert
would have been 77 years of age. His death ended
a connection of nearly sixty-four years with the
"Chronicle," a record of continuous service almost,
if indeed not quite, without parallel in the history
of American journalism. Born in New York City on
April 10 1857, he was only thirteen years old when,
in August 1870, he entered the "Chronicle" office.
He was at the time ready for admission to the College
of the City of New York, but circumstances did not
permit him to realize his hope of a regular college
education, and he turned to Cooper Union, graduating from that institution in 1878 after five years'
study in evening courses.
From the time he entered the "Chronicle" office,
Mr. Seibert enjoyed the closest intimacy with William B. Dana, founder and first President of
the William B. Dana Company, publishers of the
"Chronicle," until the latter's death. The confidence reposed in Mr. Seibert by Mr. Dana and
the esteem in which he was held by the latter is
evidenced by the fact that he began writing for
the paper shortly after he entered the office, and
in 1880, at the age of 23, lie became Associate
Editor. Later, in addition to serving in this
capacity, he assumed the office of Vice-President of
the company, filially becoming President upon the
death of Mr. Dana, at the age of 82, on October 10
1910. In the declining years of Mr. Dana's life, Mr.
Seibert in reality assumed complete editorial control of the "Chronicle."
Because of his extraordinary vision, lie foresaw
the ultimate effect of current trends in economic
life. Through his editorial comments he was instrumental in focusing public attention upon matters having a vital, and many times harmful, influence upon world affairs. In numerous instances
he stood momentarily alone in his convictions; he
was not without his critics, but he was staunch in
the attitude he took, and time and again brought to




Number 3586

his way of thinking those who at first opposed him.
Of the many who looked upon Mr. Seibert as an
authority in his writings, it is of interest to record
that Paul M. Warburg, in his voluminous book analyzing the Federal Reserve System, quoted extensively from the views expressed by Mr. Seibert in his
many editorials on the Reserve Act. Numerous, too,
were the times when he was consulted by other financiers, eminent newspaper writers and members of
various legislative bodies.
Trained from his youth in an office whose journalistic standards were high and exacting, Mr. Seibert
remained throughout his long career loyal to the traditions in which he had grown up, while at the same
time devoting himself to the expansion of the scope
of the paper and the increase of its usefulness as a
record of events and an organ of opinion. Its field,
as he saw it, was not limited to commerce and
finance, but properly included all branches of industry, domestic and International politics, and
such general matters as appealed to an intelligent
public. At the same time he labored unceasingly to
maintain its standing as a full and authoritative
record in the special fields of stock market and exchange transactions, banking and currency, railway
and industrial finance and the movements of the
cotton market. He lived to'see the "Chronicle" become in these directions, as in the domains of
politics and current events generally, the most comprehensive weekly journal in the English language.
By temperament and training Mr. Seibert was
conservative, but his sympathy went out to such
liberal ideas or movements as seemed to him to harmonize with sound economic and political principles.
He was an uncompromising defender of the gold
standard, an opponent of high protective tariffs and
government interference in business and industry,
and a stern critic of the unbridled speculation which
precipitated the crisis of 1929. His views on public
policy sometimes brought him into sharp opposition
to the political party in power or to some prominent
agitation of the moment, but be buttressed his clear
statements of what he regarded as the sounder
policy with facts as well as logic, and refused to
admit to his pages any attacks upon the motives or
sincerity of those whom on principle he opposed.
Mr. Seibert's aversion to personal publicity led
him to shun membership in associations or clubs, and
although frequently sought as a speaker on public
occasions he invariably declined. His personal acquaintance, on the other hand, was extraordinarily
wide. For years a veritable stream of financial and
business leaders, Government officials, public men,
foreign visitors and newspaper correspondents came
to the "Chronicle" office, while a heavy correspondence from all over the world brought a welcome,

1786

Financial Chronicle

Mar. 17 19.p.

though largely unsolicited, contribution of imMr. Seibert's wife, two daughters and two sons
portant information or requests for advice or edi- survive him. The sons have been for years assotorial support. Blessed with a remarkable knowl- ciated with the paper, the elder, William Dana Seiedge of financial and business questions and a bert, being now Treasurer of the William B. Dana
formidable memory for details, his intellectual keen- Co., and the younger, Herbert D. Seibert, its Secreness and clarity, instinctive sympathy and gracious tary. The publication of the paper will continue,
courtesy made a lasting impression upon those who maintaining the high ideals fostered by its late
knew him. With his editorial, business and print- Editor. The tradition of the paper from its inceping staff his relations were simple, friendly and tion, to build up, never to destroy, will be percordial, and to all who were privileged to work with petuated.
him his memory is a treasured possession.

The Financial Situation
Obviously the inward gold movement is nearing its
ITH the passage of the first quarterly income
tax date on March 15, the National Govern- close. Total purchases since February 1 are ofment passes, technically successfully, the introduc- ficially reported as $593,000,000 up to the close of
tory period of test for its financial program. Excess the past week. Some small amounts will continue
reserves of member banks in New York continue at to be received as the result of older engagements, but
unprecedentedly great figures, little below a half they will not materially enlarge this total. The gold
billion dollars. The demands of business, on the so received has tended to increase the artificial glut
other hand, have continued small. Careful bankers of reserve balances, at the same time that it has
complain that they are unable to lend their funds furnished an inopportune draft upon the gold rebecause of absence of suitable customers—customers sources of European central banks. Exchange rates
who can be expected to liquidate their borrowings have apparently been "stabilized" for the time being,
out of current receipts. The bankers naturally do although how far the "understanding" said to exist
not wish,and ought not to be asked, to make loans for between the Federal Reserve System and the Bank of
the acquisition of capital assets. Suggestions com- England may actually be relied upon to ensure maining from various authorities that they should com- tenance by the latter institution of existing exchange
mit themselves in this way must, if acted upon, lead quotations may be reasonably doubted. The renecessarily to a condition less liquid and more ported designation of a special envoy to go to Europe
hazardous than that which now exists. The Gov- for the purpose of discussing, with France and
ernment continues its own heavy demands, although England particularly, the question of an internathe Secretary of the Treasury has authorized the tional stabilization agreement is,likewise, calculated
statement that, as things are going, there is a chance to inspire hope in the eventual adjustment of our
that the year may close with a deficit two billion currency base to the position of other nations. Withdollars less than the seven billion dollars which had out such an agreement, of course, our technically
been predicted. _Whatever may prove to be the ac- "stabilized" condition must continue to be extremely
tual figures, the Government must draw heavily uncertain, and subject to disturbance at unexpected
upon the banks for a long time to come.
moments when such disturbances can least conIn these circumstances, it has been a hopeful veniently be borne. Unquestionably, .the progress
augury that the Treasury apparently has under con- made by this envoy in his negotiations, during the
sideration the idea of beginning the process of fund- coming spring months, will be an important factor
ing our great outstanding body of short-term obliga- in strengthening or undermining, according to his
tions into longer term securities. Semi-official pro- degree of accomplishment of his mission, the conposals have come from Washington that indicate the fidence of the public, indeed of the world in general,
possibility of an issue of 10-year bonds placed for the with regard to the present financial position of the
purpose of taking up the portion of the Fourth United States.
--•-Liberty Loan not yet provided for and, perhaps, of
EANTIME,the capital market is showing some
furnishing some additional funds for the satisfaction
little tendency to an increase of strength. A
of immediate requirements. Such a policy of conversion has long been needed; to-day, it is perhaps few minor issues, largely of municipal bonds, are bethe most urgent necessity in national finance. With ing successfully placed, and there is good reason to
proper rates and suitable tax provision, a large issue believe that the larger railway applications, of which
of such bonds could unquestionably be placed with one or two are now pending, will find a satisfactory
the public—and any other disposition of them number of takers. There is, undoubtedly, a large
would largely destroy the benefit to be derived from fund of savings which would gladly find employsuch a funding process. The proceeds of the issue ment under conditions that were at all attractive.
of new Treasury notes just placed have been suf- What seems to be necessary is—in addition to the
ficient practically to cover the maturities of the further confirmation of stabilization plans—some
middle of March; indeed, according to preliminary assurance that the constant proposals for regulareturns, few old notes have been presented for re- tion of the market will be brought to a close. Few
demption in cash. With its large balance, the De- things have been more disturbing to the mind of the
partment is amply able to meet any excess payments investor than the repeated threats and uncertainties
caused by current outgoes and to "carry on" with attending the development of the so-called Stock Exonly its ordinary bill-financing until provision is change Control Bill initiated by Senator Fletcher
made for the April maturities. But the necessity of and Mr. Rayburn. The testimony steadily afforded
a definite plan of refunding will be as great as ever from all quarters with respect to this measure has
when this temporary "breathing spell" is over.
been convincing in its exhibition of the need for care-

W




M

Volume 138

ful revision, even from the standpoint of its authors,
inasmuch as the legislation quite obviously was likely to produce results which those who projected it
had never thought of.
As a latest • development, the practical assumption by the Government of responsibility for what
is to be done is rather encouraging, particularly
in view of the much more moderate and conservafive proposals made on behalf of the Administration by the official commission of which Assistant Secretary Dickinson of the Department of
Commerce has been spokesman. It is, however,
easy to see good reason for the doubts and fears
felt by many investors with reference to the future
of the market, since they have been assured, apparently with good warrant, that the enactment of
the bill must almost necessarily alter the conditions
under which trading and investing are carried on—
and to a very marked degree. Disposal of this
measure in any form and, it is to be hoped, in a
reasonable and moderate form, should provide a
much larger degree of certainty, and hence eliminate
some of the difficulties that have confronted not
cnly brokers and dealers in securities but also those
who had been disposed to find an outlet for their
savings. The necessity of such an early adjustment
can hardly be too greatly emphasized by those who
wish to see a prompt and effectual establishment of
assured foundation for the capital market.
T IS as yet uncertain what success the National
I Administration may have in its efforts to obtain
the power to negotiate reciprocity treaties without
continuous reference of them to Congress. Whatever
may be thought of the legal or constitutional aspects
of this proposal, it is at any rate clear that some
very early step designed to better the status of international trade will be a great aid to business recovery, as well as an essential element in restoration of the value of foreign bonds and of securities
generally. In fact, it is difficult to see how currency
stabilization proceedings can be expected to meet
with any success, unless they are founded upon at
least the prospect of a more two-sided and reasonable foreign trade situation. This, it needs hardly
to be emphasized, does not mean what is ordinarily
termed "free trade." Remembering the depreciation
which has taken place in the dollar abroad, and recalling also the advances in tariff rates which were
made in 1930, it would seem likely that even reductions of the full amount called for by the President's
plan would, nevertheless, leave tariff rates about as
high as they were after the adoption of the tariff
legislation of 10 years ago.
Secretary Wallace, in his striking brochure
"America Must Choose," clearly contemplates the
necessity of buying abroad if we are to sell abroad,
and urges the acceptance of moderately greater
imports as a condition necessarily antecedent to
larger foreign sales—which latter he considers
an essential element in the adjustment of present
uncertainties in the economic structure of the
nation. This is the view that is undoubtedly
being taken by a larger and larger number of persons. Its bearing upon the financial situation
is clear. Effective negotiation of successful treaty
arrangements under it would largely affect the
value, both present and future, of securities issued
by enterprises which must find a market for
their surpluses in other countries. Such actions




1787

Financial Chronicle

would, on the other hand, greatly tend to strengthen
—for obvious reasons—the position of foreign securities held in this country and issued by governments
and corporations elsewhere which are now not able
to "make exchange" which they need for the payment of their interest and amortization instalments
here.
The tariff proposal is thus a necessary integral
factor in restoring activity both in manufacturing
and in investing as well, besides giving a better
status to securities which certainly need some such
support if they can in any legitimate way obtain it.
The propriety, however, of giving to the President
alone the power of raising or lowering tariff schedules as much as 50% is more debatable. It is questionable whether Congress will, or should, relinquish
its right to the final word on a matter so vital to
the individual business man or corporation. Thus
the financial question and situation, as often happens, is likely to be more directly determined by
events at Washington than by developments in the
market itself.
.•••••-••••••••-•

TIVITIES of the Treasury with respect to recent gold acquisitions continue to furnish the
occasion for the more important of the current
changes in the condition statements of the twelve
Federal Reserve banks. Gold imports are now definitely diminishing, although considerable amounts
still are being received and they tend to emphasize
the truly extraordinary ease in monetary conditions
already prevalent as a consequence of official policy
long before the current flow of metal to our shores
started. In the week ended on Wednesday the monetary gold stocks of the country increased by $49,000,000, evidently as a result not only of the reported
imports of $32,134,000 from seven countries, but
also in consequence of acquisitions from American
mines and possibly of adjustments in accounts.
But the Reserve increase of gold, or more properly, as we have pointed out previously, the accession of gold certificates as a substitute for gold,
amounted to $99,373,000 in the same period, thus
showing that the Treasury sold to the Reserve system
approximately $50,000,000 more in gold certificates
than was received in the form of metal. Clearly this
increase over the gold acquisitions by the Treasury
represents utilization of gold received in the period
preceding the fixation of the dollar at 59.06% of
its former value, as there seems to be little or no
occasion for immediate extension of such transactions to the excess gold which the Treasury acquired
as a result of the revaluation of the currency. For
the time being, however, it is the sale of certificates
by the Treasury to the Reserve banks that measures
the fresh additions to available credit resources.
And those resources already are so great that their
pervasive influence is stretching out into ever wider
fields, as was again indicated by the decision of one
of the largest savings banks in this city to reduce
its dividends on balances of more than $1000 to
2%, while retaining a 3% rate for amounts up to
1
2/
that figure.
In other respects the condition statements of the
Reserve banks continue to reflect tendencies previously noted. The member banks reduced their
borrowing further, a decline of roughly $4,000,000
appearing in the discount holdings, which dropped to
$54,887,000 from $58,577,000. That the Reserve
banks are finding it difficult to maintain their hold-

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1788

Financial Chronicle

ing,s of acceptances is shown in a further recession
to $37,459,000 from $46,366,000, this decline reflecting the acute demand for bills now exercised by commercial banks despite the excessively low rates
prevalent. Holdings of United States Government
securities are again substantially unchanged at $2,431,840,000, against $2,431,863,000 in the previous
week. The amount of total Reserve bank credit outstanding, in consequence of these reductions, is some
$7,000,000 less than it was a week earlier.
The current statements, moreover, show a diminution of the amount of Federal Reserve notes and of
Federal Reserve bank notes in circulation, no offset
appearing, as on so many previous occasions, in the
two types of Reserve currency. Federal Reserve
notes declined from $3,002,345,000 to $2,989,052,000,
while the newer Federal Reserve bank notes decreased from $184,543,000 to $159,371,000. Deposits
showed a large further expansion to $3,614,082,000
from $3,480,900,000, the member bank reserve deposits again accounting for substantially all the addition, and excess reserves are now computed at the
unprecedented figure of more than $1,400,000,000.
Cash reserves were enlarged, chiefly as a result of
the addition of gold certificates to the holdings, and
we find, accordingly, that the ratio of reserves to
deposit and Federal Reserve note liabilities combined has risen during the week from 67.8% to
68.2%.
IVIDEND notices the current week have again
been of a decidedly favorable nature. The
Magma Copper Co. announced a special dividend of
50c. a share on its common stock, payable April 16;
this is the first distribution to be made on the issue
since the last quarterly dividend of 121/0c. a share
which was paid on Jan. 16 1933. American Brake
Shoe & Foundry Co. increased its quarterly dividend
to 20c. a share, payable March 31; previous quarterly
dividends were at the rate of 15c. a share. MarlinRockwell Corp. declared a dividend of 50c. a share,
payable April 2, which compares with 35c. a share
distributed Jan. 20 last. Acme Steel Co. increased
its dividend on the common stock from 25c. a share
to 37/
1
2c. a share, payable April 2. United Fruit Co.
declared an extra dividend of 50c. a share, in addition to the regular quarterly dividend of 50c. a share,
both payable April 14. Singer Manufacturing Co.
declared an extra dividend of 1%, as well as the
usual quarterly dividend of 11
/
2%, on its common
stock, to be paid March 31. Northern States Power
Co. declared a dividend of 25c. a share of its class A
common stock, payable May 1; the last previous payment was a quarterly distribution of $1 a share made
on Nov. 1 1933. Petroleum Corp. of America declared g dividend of 50c. a share, to be paid April 30;
a distribution of 25c. a share was made on this issue
on June 1 1931. Amalgamated Leather Cos., Inc.,
declared a dividend of 50c. a share on its $7 cumul.
pref. stock, payable April 1, on account of accumulations, leaving total accruals on this issue of $94 a
share; this is the first payment on the issue since
the last regular quarterly dividend of $1.75 a share
which was paid Oct. 1 1920. Neisner Bros., Inc.,
/
4% each, to be paid
announced three dividends of 13
May 1, on the 7% cumul. pref. stock, one representing the quarterly payment due at this time and the
other two on account of accumulations. Lerner
Stores Corp. declared a dividend of 1%7
0 on account
1
2% cumul. pref. stock, payable
of accruals on its 6/

D




Mar. 17 1934

March 24; the last distribution on this issue was
a regular quarterly dividend of like amount paid
April 30 1932.
--•-HE New York stock market was again a rather
colorless affair this week, with trading at modest
levels. There was a distinct advance in Monday's
session, but on all succeeding days only small fluctuations occurred, and the list was quite without a
definite tendency. Overshadowing the market and
creating a good deal of unsettlement among the trad•
ing element was the discussion of regulatory measures in Washington. The course of business, moreover, is now less definitely upward than it was in
the several preceding weeks, and hesitation is
natural in such circumstances. The American Iron
and Steel Institute, in its usual report, issued last
Monday, disclosed a small recession in the ratio of
operations to capacity, the rate being 46.2% as compared to 47.7% in the previous weekly report. A
month earlier, however, the ratio was only 39.9%, so
that the comparison is not altogether unfavorable.
Production of electricity for the week ended last
Saturday (March 10) throughout the country was
1,617,024,000 kilowatt hours against 1,658,040,000
kilowatt hours in the preceding week and 1,390,607,000 kilowatt hours in the corresponding week of
1933. Carloadings of revenue freight on the railroads of the United States, on the other hand, were
reported at 612,402 cars for the week ended last
Saturday (March 10) as compared with 441,361 cars
in the corresponding period in 1933, being an increase of 38.8%.
In the commodity markets there was a degree of
uncertainty that corresponded, in general, with that
in evidence on the stock market. Wheat prices advanced one cent in Monday's dealings, which were
fairly active, and cotton gained 9 to 12 points in
the same session. Changes were unimportant Tuesday and Wednesday, but on Thursday a sharp recession took place in wheat, and the advance of
Monday was more than offset. Quotations for cotton, however, were somewhat better maintained.
Bond prices continued their advance, and gilt-edged
issues moved to best levels of the last two years, but
in speculative issues some of the early gains were
lost in later trading of the week. The foreign exchange market was quiet throughout, with quotations showing only the narrowest fluctuations.
As indicating the course of the commodity
markets, the May option for wheat in Chicago
4c. against 863
closed yesterday at 871/
/
4c. the close
on Friday of last week. May corn at Chicago closed
yesterday at 50%c. as against 51c. the close the
previous Friday. May oats at'Chicago closed yesterday at 33c.as against 333
/
4c. the close the previous
Friday. The spot price for cotton here in New York
closed yesterday at 12.35c. as against 12.40c. on
Friday of last week. The spot price for rubber
yesterday was 11.30c. as against 11.12c. the previous
Friday. Domestic copper was quoted yesterday at '
Sc. as against 8c. the previous Friday. Silver continued to display a firm tone during the early part
of the week, but with Secretary Morgenthates Atatement, Thursday, that he was opposed to any present
action on silver by the United States the market
weakened. A slight recovery took place yesterday.
In London the price yesterday was 20 1/16 pence
per ounce as against 201/
4 pence per ounce on Friday
of last week, and the New York quotation yesterday

T

Volume 138

was 45.80c. an ounce as against 46.50c. an ounce the
previous Friday. In the matter of the foreign exchanges, cable transfers on London yesterday closed
at $5.091
/
4 as against $5.081
/
4 the close the previous
Friday, while cable transfers on Paris closed yesterday at 6.58/
1
2c. as against 6.58/
1
4c. the close on Friday of last week. On the New York Stock Exchange
145 stocks touched new high levels for 1934 during
the week and 11 stocks dropped to new low levels
for the year. On the New York Curb Exchange 71
stocks ascended to new• high figures for the year,
while 14 stocks touched new low levels. Call loans
on the New York Stock Exchange again continued
unaltered at 1%.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 571,720
shares; on Monday they were 1,258,830 shares; on
Tuesday, 1,274,640 shares; on Wednesday, 1,359,489
shares; on Thursday, 1,341,540 shares, and on Friday, 1,168,905 shares. On the New York Curb Exchange the sales last Saturday were 137,450 shares;
on Monday, 245,221 shares; on Tuesday, 271,889
shares; on Wednesday, 277,521 shares; on Thursday,
279,940 shares, and on Friday, 249,480 shares.
As compared with Friday of last week, prices are
generally higher. General Electric closed yesterday
8 against 213
at 221/
/
4 on Friday of last week; North
American at 19 against 187
/8; Standard Gas & Elec8 against 121
tric at 131/
/
4; Consolidated Gas of N. Y.
at 39% against 381
/
4; Brooklyn Union Gas at 70 bid
against 74;Pacific Gas & Electric at 193
/
4 bid against
191
/
2; Columbia Gas & Electric at 16 against 151
/
2;
Electric Power & Light at 7% against 71/4; Public
Service of N. J. at 391
/
2 bid against 37½; J. I. Case
Threshing Machine at 733
/
4 against 72½; Inteinational Harvester at 42 against 401/
2; Sears, Roe/
4 against 481/
buck & Co. at 473
8; Montgomery Ward
/
4; Woolworth at 51%
& Co. at 321/
8 against 321
against 51; Western Union Telegraph at 56%
against 54%; Safeway Stores at 53 against 53;
American Tel. & Tel. at 1191
/
4 against 121½; American Can at 100/
1
2 against 99%; Commercial Solvents at 27% against 273/4,; Shattuck & Co. at 12/
1
2
ex-div. against 13/
1
2, and Corn Products at 721
/
4
against 713
/
4.
Allied Chemical & Dye closed yesterday at 150/
1
2
against 149 on Friday of last week; Associated Dry
Goods at 16/
1
4 against 157
/8; E. I. du Pont de Nemours at 97 against 96%; National Cash Register
/
8 against 20; International Nickel at 261/
at 195
4
1
4; Timken Roller Bearing at 361
against 27/
/
4 against
35%; Johns-Manville at 591/
8 against 561/
8; Gillette
/
4 against 11/
Safety Razor at 103
1
2; National Dairy
8 against 153
Products at 161/
/
4; Texas Gulf Sulphur
1
2 against
at 37% against 38; Freeport-Texas at 43/
/
4 bid; United Gas Improvement at 171/
451
8 against
4 against 401
/
4; Conti17; National Biscuit at 431/
8; Eastman Kodak
1
2 against 781/
nental Can at 78/
Gold
Dust
Corp.
at 20/
1
4 against
1
2 against 89;
at 89/
at
21%
Brands
against
21%;
Para19½; Standard
1
4 against 47
/
8; Westmount-Publix Corp. Ws. at 5/
8; Columinghouse Electric & Mfg. at 39 against 391/
bian Carbon at 70 against 68%; Reynolds Tobacco
8
class B at 40% against 40%; Lorillard at 171/
1
2
/
8; Liggett & Myers class B at 88/
against 171
against 85½; Yellow Truck & Coach at 6 against 6;
Owens Glass at 85 against 86; United States Indus2;Canada Dry at 24%
trial Alcohol at 54 against 541/
bid against 25%; National Distillers at 28% against




1789

Financial Chronicle

/8 against 31%, and
28%8; Crown Cork & Seal at 307
Mengel & Co. at 7% against 8.
The steel shares show slight declines as compared
with Friday of last week. United States Steel
closed yesterday at 52% against 54 on Friday of
last week; United States Steel pref. at 92 against
/8,and Vana92; Bethlehem Steel at 431/
8 against 427
dium at 27/
1
2 against 27%. In the motor group,
Auburn Auto closed yesterday at 54 against 55 on
1
2 against
Friday of last week; General Motors at 37/
Nash
Motors
at
261
/
8
against
26a
/
4
;
Chrysler
37½;
1
2against
at 53% against 531/
4;Packard Motors at 5/
5%; Hupp Motors at 5% against 6, and Hudson
Motor Car at 201/
8 against 19/
1
2
. In the rubber
group, Goodyear Tire & Rubber closed yesterday at
2 on Friday of last week; B. F.
38/
1
4 against 371/
Goodrich at 16 against 15%, and United States
Rubber at 20 against 19%.
The railroad list displayed strength for the week.
Pennsylvania RR. closed yesterday at 35 against
/
4 on Friday of last week; Atchison Topeka &
341
8 against 65; Atlantic Coast Line
Santa Fe at 671/
at 47/
1
2against 48½; Chicago Rock Island & Pacific
at 47
/
8 against 47
/
8 bid; New York Central at 375
/
8
against 37½;Baltimore & Ohio at 30/
1
2against 29%;
New Haven at 19/
1
4 against 18%; Union Pacific at
128 against 127; Missouri Pacific at 5 against 47
/8;
Southern Pacific at 281/
8 against 271
/
4; MissouriKansas-Texas at 12/
1
4 against 12; Southern Railway
/
8; Chesapeake & Ohio at 447
at 331/
8 against 311
/8
against 43%; Northern Pacific at 32778 against 301
/
4,
and Great Northern at 29/
1
2 against 28.
The oil stocks followed the general trend of the
market. Standard Oil of N. J. closed yesterday at 45
against 451/
8 on Friday of last week; Standard Oil
/
8; Atlantic Refining at
of Calif. at 38% against 381
31% against 31. The copper stocks record declines
for the week. In the copper group, Anaconda Copper closed yesterday at 15 against 153/s on Friday of
last week; Kennecott Copper at 19/
1
4 against 201/
8;
American Smelting & Refining at 43/
1
2against 451/
8;
Phelps-Dodge at 16 against 16; Cerro de Pasco Copper at 35 against 36/
1
2, and Calumet & Hecla at 5
against 51/
4.

-- -

RICE movements on stock exchanges in the leading European financial centers were small and
unimportant this week. The tendency was irregular
on all markets, while trading was on a scale that
compared poorly with some of the brisk sessions of
the preceding week. The hesitation on the London
Stock Exchange was natural, as that market has
witnessed a sizable advance in quotations recently.
On the Paris Bourse and the Berlin Boerse the previous uncertain movements were continued. More
confidence is felt in the European financial centers
regarding the international currency situation than
in some time, as the reduced gold shipments to the
United States are diminishing the apprehensions regarding further lapses from the gold standard.
There were again rumors in London of currency
negotiations between Britain and the United States,
but they attracted little attention. Much more importance was attached to new indications that the
United Kingdom is steadily climbing out of the depression. Significant, in this connection, is a substantial increase in British foreign trade, reported
- Wednesday for the month of February by the Board
of Trade. The British commodity price index also

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Mar. 17 1934

is advancing. On the Continent, also, improvement Thursday, prices tended to recover on the Bourse,
appears to be more general. Like the British unem- and the movement sufficed to wipe out the early
ployment statistics, those of France and Germany losses and establish small net gains. Most bank
are showing improvement. The gain in France was and industrial shares finished a bit higher, and the
small in recent weeks, but official German figures exceptions were not important. The tendency imshow that the number of unemployed declined during proved yesterday, and small gains were general.
February by 400,000 to an aggregate of 3,374,000.
On the Berlin Boerse a confident tone prevailed
French trade declined steadily until the strong as trading was resumed for the week, and advances
Doumergue Government came into power last month, of a point or two were recorded in most of the active
but the confidence of the country in its Cabinet now stocks. A sharp advance in I. G. Farbenindustrie
seems to be stimulating business to some degree. shares stimulated the market, which soon showed the
German foreign trade statistics reflect a downward effects of increased public buying. Heavy industrial
trend, and some of the uncertainty on the Boerse is stocks and some of the electrical issues were in
due to that circumstance.
greatest demand, while bonds remained quiet and
The London Stock Exchange was fairly active in substantially unchanged. An uncertain opening was
the initial session of the week. British funds were noted Tuesday, owing in large part to realizing sales
in demand and small gains were recorded, owing to by speculative holders. Recovery followed later in
expectations of a comfortable budget surplus. South the day, but it did not suffice to wipe out all the
African gold mining shares also improved, as did a early recessions. Reichsbank shares and I. G. Farfew international securities. The industrial section benindustrie stocks were among the few issues that
of the market was quiet and slightly irregular, with showed net gains. The trend was irregular Wednesbrewery stocks showing better results than others. day, with most securities dropping to slightly lower
Business diminished in Tuesday's session, and the levels. A decline in Daimler Motor shares unsettled
trend was downward in almost all departments. the market. Electrical issues were well maintained,
British funds lost small fractions, and most of the but most other securities lost ground. An unfavorindustrial shares also were in supply. Gold mining able foreign trade report for February proved disshares were well supported on buying from Cape quieting Thursday, and for the first half of that
Town. German bonds moved sharply lower in the session prices declined. In the later trading of the
international list, in consequence of a cryptic state- day recovery developed, and such favorites as I. G.
ment by Dr. Hjalmar Schacht, President of the Farbenindustrie made net gains. The tone was again
Reichsbank, to the effect that an arbitrary reduc- firm yesterday, but turnover was small.
tion should be made in German external indebtedness. In Wednesday's dealings British funds were
ISQUIETING statements on the German transin renewed demand, owing to favorable revenue refer problem by Dr. Hjalmar Schacht. Presiturns, and small fractional advances were general. dent of the Reichsbank, have caused some apprehenNo definite trend developed in the industrial list, sion regarding German external bonds in the investabout as many losses as gains being recorded. The ment circles of all creditor countries. Addressing
international group also was uncertain. Trading the annual shareholders' meeting of the Reichsbank
was very quiet Thursday, and the tone again was in Berlin, on March 9, Dr. Schacht declared that
irregular. British funds lost a little ground, but a improvement in world trade depends upon a heavy
few of the gold mining stocks made gains. The reduction of German external indebtedness. The
industrial section was marked by weakness in tex- Reichsbank President intimated, some reports said,
tile shares, which developed as a result of the break- that the reduction should be effected by a simple
down of negotiations with Japanese interests. write-off of perhaps half the indebtedness, but other
Brewery stocks were improved and some of the heavy dispatches were less clear on the method of reducindustrial issues also advanced. Gilt-edged securi- tion considered appropriate. A definite solution
ties were firm in quiet trading yesterday, but indus- of the transfer problem is urgently required, Dr.
trial issues lost a little ground.
Schacht said, owing to the persistent downward
Trading on the Paris Bourse was very quiet in tendency of the Reichsbank's holdings of gold and
the opening session of the week, and most securities foreign exchange, which have reduced the note covcontinued their downward movement. Rentes were erage to 9470. "The burden of foreign debts that
well maintained, but industrial issues reflected Germany carries, and to which the Reichsbank owes
again the uncertainty caused by the Citroen Com- the sad state of its devisen (foreign exchange) acpany's need for financial aid. German bonds were count, is due chiefly to the Versailles treaty," he
quite weak, and most other international securities continued. "These debts must be reduced correalso lost ground. Business Tuesday was desultory, spondingly if international trade is to improve. He
but the general tone was somewhat better. Rentes pointed out that the transfer arrangements on
were a bit lower on account of selling in preparation standstill credits and long-term credits, together
for the mid-month settlement. Bank stocks were with the Capital Flight Law, have failed to improve
stimulated by the declaration of an unchanged divi- the foreign exchange situation. The only apparent
dend by the Banque de Paris at Pays-Bas, and in- improvement, Dr. Schacht remarked, consists of a
dustrial issues also improved. The tendency Wednes- 'better understanding of the German situation in
day was uniformly downward, and in some depart- other countries. It is realized in ever-widening
ments of the market important losses were sustained. circles, the Reichsbank shareholders were informed,
The settlement period necessitated selling in order that reduction of German purchases abroad must
to cover engagements,and all types of securities were affect raw materials markets adversely.
affected. Rentes receded only a little, but large
Dr. Schacht was closely questioned regarding his
losses were recorded in bank shares, and electrical views, when he appeared at Basle, Monday,to attend
and industrial stocks. International issues also the regular monthly meeting of the directors of the
dropped in most instances. After a weak opening, Bank for International Settlements. He was the




D

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"storm center" of the gathering, a Basle dispatch
to the New York "Times" stated. The explanations
offered by the Reichsbank President left the bankers from the creditor countries unsatisfied, and still
angry, it is indicated. The impression he gave, the
report to the New York "Times" said, is that Germany used most of her private loans to pay reparations and that the loans should be considered as
reparations to the extent they furnished exchange
to pay reparations. The statements made in Berlin
by Dr. Schacht have occasioned the belief that the
Berlin conference which will be held in April to
consider expedients for placing the German longterm external debt service on a contractual basis
will be faced by demands on the part of the German
authorities for heavy reductions in the debt total.
Dr. Schacht's utterances are regarded as preparatory to the meeting, which probably will begin
April 12.

to permit any check upon their exports to countries
other than British Empire units. The meeting
ended, accordingly, in a strained atmosphere, and
the Lancashire delegates immediately placed the
matter before the British Government for consideration. "It is still too early to predict that the two
countries will drift into a disastrous trade war, but
the possibility was being seriously discussed in industrial and political circles here to-day," a London
dispatch to the New York "Times" said. British
negotiators took the attitude that Japanese trade
has increased faster than that of the rest of the
world, and it was suggested that Japanese exports
hereafter should increase only "as and when an increase occurs in world trade." The Japanese rejected this proposal and the discussions were
promptly discontinued. It was suggested in London
reports that the abortive end of the negotiations may
have important political repercussions.

TN FURTHERANCE of his plans to stimulate
1 American exports by means of a series of banks
designed for this purpose, President Roosevelt
issued, on March 9, an executive order creating the
Second Export-Import Bank, which has the specific
aim of promoting trade with Cuba. The first institution, called simply the Export-Import Bank, was
organized last month to aid trade with Russia. A
third bank will be created later to foster trade with
all other lands. It will be instructive to observe
the operations of these banks, as statements by
Washington authorities indicate they will function
as "real credit institutions," which means, presumably, that they will be governed on business
principles rather than on political principles. The
Second Export-Import Bank is organized with a
capital of $2,750,000, all of which is furnished by
one division or another of the United States Government. This practice also was followed in the creation of the $11,000,000 Export-Import Bank, Which
is to deal with Russian trade. Preferred stock of
$2,500,000 is subscribed by the Reconstruction Finance Corporation, while common stock of $250,000
is purchased under executive authority from funds
made available for public works under the National
Industrial Recovery Act. George N. Peek, Special
Adviser to the President on Foreign Trade, will
head all these Export-Import banks, and operating
staffs also will be identical. When the Second Export-Import Bank was organized it was again indicated, Washington reports said, that its first transaction probably will be in connection with a large
silver purchase by the Cuban Government from
American producers. But it is also stated that no
intergovernmental loan will be involved, and that
any credit extended by the bank will be "properly
guaranteed."

DVANCES as great as those recently achieved
in the political field are being made currently
by the Russian Soviet Government in its commercial
and financial relations with other countries. Announcement was made in Moscow, Wednesday, that
negotiations had been concluded for a loan of 100,000,000 kronor from the Swedish Government, the
proceeds to be devoted to Russian purchases of
Swedish tool steel, electrical machinery and other
products. Although the German and other governments previously had given State guaranties for
private advances to Russia, this is the first instance
in which a direct loan by a foreign government was
arranged, and the event was considered of outstand1
2% interest,
ing importance. The loan will bear 5/
in contrast with the high rates heretofore charged
on private credits, and it will be amortized serially
from 1939 to 1941, inclusive. "It is notable," said
Walter Duranty, Moscow correspondent of the New
York "Times,""that the Swedes, who have a reputation for hardheadedness and whose traditional hostility to Russia is second only to that of the British,
should be the first in the world to make a loan to
the Soviet Government."
Increases in Russian.-Axnerican trade relations
already have been foreshadowed by the formation
of the $11,000,000 Export-Import Bank of Washington. The possibilities for expansion are to be investigated, on the Russian side, by a trade mission, which
will soon be sent to the United States. In a Moscow
report of Monday, to the Associated Press, it was
indicated that the mission probably will be headed
by Ivan Boieff, Vice-Commissar for Foreign Trade.
William C. Bullitt, United States Ambassador to
Moscow, is said to be exploring all avenues for increased Soviet-American trade. Mr. Bullitt is convinced, however, that any notable expansion will
have to be based on an approximately even exchange
of goods. Russia is now, of course, in a far better
bargaining position than at any time in the last 15
years, and Soviet officials insist that purchases
abroad will be far less under the second Five-Year
Plan than under the first plan. They anticipate,
moreover, a complete repayment of foreign obligations now outstanding by the end of the current year.
These improvements in the Soviet position are not
the only ones recently recorded, as the resumption of
normal trade relations with Great Britain was
effected just a few weeks ago, while France is now
believed to favor improved relations as well.

OMPLETE breakdown was reported in London,
Wednesday, of protracted trade negotiations
in which representatives of British and Japanese
cotton exporters engaged in an effort to reach agreement on the allocation of markets. The conference
was called as a consequence of the heavy inroads
made by Japanese exporters in recent years on the
trade of the Lancashire spinners. The two groups
discussed the problem for six weeks, but were unable
to agree even upon terms of conversations. British
textile interests desired to include the whole world
in the survey, while Japanese representatives refused

C




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ISARMAMENT efforts by the leading Powers
of the world have been replaced almost entirely by decisions everywhere to augment existing
forces on land, sea and in the air. So pronounced
was the tendency to rearm, this week, that commentators in all parts of the world agreed that little is
now to be expected from the General Disarmament
Conference at Geneva, or from other agencies designed to limit the war forces of nations. Private
conversations among the foremost European Powers are continuing, in an effort to find a basis for
agreement on armaments matters, but it is quite
clear that the aim is to regulate the nature and
speed of rearmament by the disarmed States, rather
than to reduce armaments of any Power whatsoever.
The realization that the sustained disarmament
efforts of the last 15 years are quite fruitless has
produced in many informed quarters a sense of profound pessimism, and a belief that it will prove exceedingly difficult, if not impossible, to maintain
world peace over a long period of years. The effects
of the current moves for increased armaments upon
the budgets of all countries have received comparatively little attention in recent weeks, but it is plain
that national finances will hardly be aided.
A week after the United States Senate passed the
Vinson Bill, providing for American naval construction up to treaty limits, similar action was taken
by the British House of Commons. Sir Bolton Eyres
Monsen, First Lord of the Admiralty, presented the
naval estimates last Monday,and explained that they
provided for construction up to the limits allowed
by the 1930 London Treaty. He expressed a desire
to avoid giving any impression that the London Government expected the further naval conference of
1935 to fail. The expenditures for 1934 of £56,550,000 called for by the program were carried by
a large majority, only 35 members voting adversely.
Great Britain also will increase its air force very
substantially. The French Parliament late last week
authorized a bond issue of 3,000,000,000 francs, of
which the proceeds will be devoted to making France
"invincible on land and water and in the air." Attention will be devoted particularly to a new aviation
program, designed to give the country an "air fleet
of the first magnitude." Japan recently voted the
largest defense budget in its history, and Tokio reports of Monday indicate that this program will be
supplemented by the organization and training of
civilians for air service.
The disarmament debate, meanwhile, has drifted
into a three-cornered affair, with direct conversations still in progress between Paris and Berlin,
while notes also are being exchanged by London and
Paris regarding the British memorandum of Jan. 29,
which suggested bases for discussion. A German
note was handed on Wednesday to the French Ambassador to Berlin, in reply to a French memorandum of Feb. 14. The German communication
was couched in courteous terms, but it again brought
up the problem of French Colonial troops. The text
was withheld and only vague intimations of the
contents are available, but it is significant that Berlin newspapers express the belief that the exchange
of notes is reaching its end. A French reply to the
British memorandum of Jan. 29 has been debated
by the Cabinet in Paris for some weeks, and it is
expected to reach London within a day or two. Paris
dispatches of Wednesday suggested that France will
again demand guarantees of security and will urge




Mar. 17 1934

the inclusion of German Storm Troops and other
organizations in any count of the Reich's soldiers.
Disarmament problems as a whole were made the
subject of an interpellation of the British Government in the House of Commons, Wednesday, but the
results were not encouraging. Captain Anthony
Eden, Lord Privy Seal, was unable to report on
his recent tour of European capitals in the interests
of disarmament, owing to the lack of a French
answer to the British memorandum of Jan. 29.
Charges by Labor members that Great Britain had
not been willing to co-operate with the United States
on disarmament were denied with some vehemence
by Foreign Secretary Sir John Simon. Captain
Eden, referring to such remarks, declared there was
no truth in criticisms that Great Britain and the
United States had disagreed on disarmament. "On
the contrary, the United States has lent most valuable support to the British draft convention," he
continued. "Only a few days ago President Roosevelt issued a statement again giving full support to
the initiative of the British memorandum." The gap
between Germany and France has not been bridged
by that memorandum, Captain Eden admitted, but
he expressed the belief that it had been narrowed.
RI-PARTITE discussions which may have an
important bearing on the future of Central
European and Balkan countries were started at
Rome early this week by Premier Mussolini of Italy,
Premier Julius Goemboes of Hungary and Chancellor Engelbert Dollfuss of Austria. These conversations are attracting the keenest interest in all parts
of the world, as there is some evidence that they may
result in economic and political adjustments of a
nature to smooth over for a time the unsettlement
caused by the free play of nationalist rivalries with
regard to Austria. The Rome meeting was announced last week, and it was indicated at the time
that the chief aim would be the formulation of a
series of bilateral economic treaties. This project
fits in, of course, with Premier Mussolini's cherished
aim of a Danubian arrangement under Italian dominance. Announcements in Rome indicate that no
difficulty was encountered in arranging the bilateral
trade treaties and the conversations are continuing
with the apparent aim of reaching some political
agreement as well. But any political accord would
be a matter of extreme delicacy in the present state
of Europe, and it may be surmised that London,
Paris and Berlin are being kept carefully informed
on such developments.
General Goemboes arrived in Rome on Monday,
and he promptly began a series of long private talks
with the Italian leader. Chancellor Dollfuss followed him late on Tuesday, and in this instance also
private conversations were arranged with the Italian
Premier. Trade experts of the Austrian and Hungarian Governments, moreover, preceded their Premiers to Rome, and most of the preliminaries to an
economic understanding were adjusted by such
minor diplomatists. The tri-partite conversations
of the three Premiers finally began on Thursday,
and it was indicated thereafter that a complete
agreement on all points under discussion was to be
anticipated. Although the talks were originally
scheduled to terminate yesterday, extension of the
conferences was announced, with the aim of conferring on political matters. It was suggested in
Rome reports that a pact for consultation among the

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three countries, "if and when such consultation is providing for extraordinary powers were passed at
found advisable," may result from the meeting. Berne by the Federal Legislature, as a consequence
While the Rome discussions were in progress rumors of recent incidents at Geneva, where fighting dewere current in London and Paris that a complete veloped between socialists and the police. A nanew alignment of European Powers might take tional referendum was demanded on such legislation,
place, but in most circles such reports were viewed which provided broad authority for punishing inas political trial balloons which may or may not citements to rioting, agitating for disobedience to
have significance. It is noteworthy that the German military orders, slandering the military or exercisVice-Chancellor, Franz von Papen, who had planned ing governmental prerogatives. Although it was
to visit Rome on a private mission this week, did not argued that measures of this nature were desirable
find it advisable to leave Berlin. Some reports sug- for use against extremists of both the Socialist and
gested that Foreign Minister Konstantin von Neu- Fascist factions, Swiss voters preferred to maintain
without impairment the prerogatives of constiturath would proceed to the Italian capital.
tional and democratic government.
ISCUSSIONS and inquiries which appear to
HERE have been no changes the present week
have considerable political significance are
in the discount rates of any of the foreign
taking place in France regarding the Stavisky affair
banks. Present rates at the leading centers
central
and the rioting in Paris on Feb. 6, which occasioned
in the table which follows:
shown
are
the deaths of a score of people and injuries ,in hunDISCOUNT RATES OF FOREIGN CENTRAL BANKS.
dreds of other instances. The financial problems
PreRate in
PreRate In
slows
Date
Country. Effect
virus
Date
of the Government have been taken out of the realm
Country. Effect
Afar.16 Established. Rate.
Mar.16 Established. Rate.
of discussion, owing to approval by the Parliament
Hungary_ 414 Oct. 17 1932 5
Mar.23 1933 6
Austria__ 5
314 Feb. 16 1933 4
214 India
of proposals for placing all responsibility for a bal- Belgium_ __ 3% Jan. 133 1932
June 801982 334
3
Ireland_ _
8
1934
Jan.
7
Bulgaria_ __
3
Dec. 11 1933 3%
436 Aug. 23 1932 515 Italy
anced budget in the hands of the new Doumergue Chile
3.65 July 3 1933 4.38
Japan
Colombia_ 4
July 18 1933 5
Java
434 Aug. 16 1933 5
regime. The official figures failed to provide for a CzechosioJan. 2 1984 7
6
vakia_ 334 Jan. 25 1933 4% Lithuania
.
_
334 May 23 1933 4
Norway.
5
1932
12
July
4
___
Danzig_
balance, as income lacked 1,861,000,000 francs of Denmark
Oct. 25 1933 6
Poland_ __ _ 5
_ _ 214 Nov.29 1933 3
June 30 1932 2% Portugal... 5% Dec. 8 1933 6
England.... 2
equaling expenditures, but Premier Gaston Doumer- Estonia__
Apr. 7 1933 6
6
5% Jan. 29 1932 634 Rumania
Feb. 21 1933 7
South Africa 4
Dec. 20 1933 5
4%
___
Finland
aue made it clear that he intends to use his extraor- France _ _ 3% Feb.
Oct. 22 1932 54
6
8 1934 23.4 Spain
2% Dec. 1 1933 3
Sweden
Sept.30 1932 5
4
dinary powers to remedy this situation. An official Germany__
%
Jan. 22 1931
Oct. 13 1933 74 Switzerland 2
7
Greece
Holland _ _ _ 2;4 Sent.18 1933 3
progis
in
now
affair
investigation of the Stavisky
In London open market discounts for short bills
ress. This Polish-born swindler floated approximately $30,000,000 of pawnshop bonds which turned on Friday were 7A%, as against 7A@15-16% on
out to be worthless, and the disclosure of the inci- Friday of last week and 7A% for three months'
dent was one of the factors occasioning the rioting bills, as against 15-16@1% on Friday of last week.
3 %. At
of Feb. 6. The commission of inquiry, however, is Money on call in London yesterday was 4
4 % and in
continually meeting obstacles, and little progress Paris the open market rate remains at 23'.
has been made. Significant, on the other hand, are Switzerland at 11A%.
statements by Jean Chiappe, former Prefect of the
HE Bank of England statement for the week
Pariq Police, that former Minister of the Interior
ended March 14 shows a slight loss of £512 in
Eugene Frot planned a coup d'etat to gain the leadbut as this was attended by a contracership of the Government. M. Frot has denied such gold holdings,
reserves rose £587,000. Gold
circulation
charges, but former Premier Edouard Daladier in- tion in note
£192,020,920 as compared
aggregate
now
formed the commission last Saturday that he faced holdings
ago. Public deposits
year
a
£167,134,991
a plot to overthrow the Government by force. He with
deposits increased
other
while
£9,567,000
decreased
placed the responsibility on an organization of war
of bankers' acconsist
latter
The
£11,525,036.
veterans known as the Croix de Feu, which appears
and other accounts
to have definitely Fascist leanings. The Croix de counts which rose £11,997,513
proportion of reserve
The
£472,477.
off
fell
which
Feu has grown greatly in strength recently and
compared with.51.73%
bids fair to become an important political factor in to liability is at 51.46% as
last week and 48.55% a year ago. Loans on governFrance.
ment securities increased £1,865,000 while those on
OTERS of all the 15 cantons in Switzerland other securities contracted £494,544. Of the latter
flocked to the polls last Saturday to express amount £170,300 was from discounts and advances
discount
their views regarding a proposal for extending to and £324,244 from securities. The rate of
show a
we
Below
2%.
at
the central Government powers against political has remained unchanged
years:
previous
with
figures
the
of
agitation or attempted coups d'etat. The voting was comparison
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
adverse by a comfortable margin, and it thus re1930.
1931.
1932.
1933.
1934.
flected again the long-established principle that
March 14 March 15 March 16 March 18 March 19
small
countries than in
democracy thrives better in
£
£
£
£
£
369,632.000 363,816,268 353,714.022 347,286,744 348,890,201
Circulation
large governmental units. Examples set in con- Public
12.882,680
10,499,765
9,477,179
21,267,610
12.243,000
deposits
147,836,486 140.031,810 105,487.033 93.023.466 97.969,498
deposits
tiguous countries, and especially in Italy, Germany Other
Bankers'accounts_ 111,735.031 106,145,906 73,054.023 59,795,625 62,086,473
Other accounts_ 36,101,435 33,885,904 32,433.010 33,227,861 35,883,025
and Austria, where the central Governments have Govt.
78,594,981 71.910,258 40,295,906 28,904,684 41.481,563
securities
17,335.037 29,311,138 50,176,430 37,367,055 22,318,484
securities
usurped power to a disquieting degree in recent Other
Dint.& advances_ 5.629,840 11,778,882 11,379,502 8,021,417 6,060,054
11,705,197 17,532,256 38,796.928 29,345,639 16,258,430
Securities
65.355,174
years, apparently were not appealing to the Swiss Reserve notes & coin 82,388,000 78,318,723 42,747,055 55,539.869 154,245,375
192,020.920 167,134,991 121,461.077 142,826,613
Coln and bullion
voters. In 10 cantons the people voted against any Proportion of reserve
53.64%
58.95%
37.18%
51-46%
48.55%
to liabilities
3%
34%
2%
2%
334%
grant of extraordinary powers to the Federal Gov- s ank rate
ernment, while in five cantons the voting favored
HE Bank of France weekly statement dated
the proposal. The aggregate adverse votes of 485,152
March 9 reveals an increase in gold holdings
also outnumbered the total of 414,434 favorable
votes, and the proposal thus was defeated. Laws (the first since Jan. 26) of 52,488,699 francs. The

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total of gold, which is now 73,980,688,145 francs,
.compares with 80,823,221,259 francs last year and
76,157,288,503 francs the previous year. Credit
balances abroad, French commercial bills discounted
and creditor current accounts record increases of
5,000,000 francs, 115,000,000 and 755,000,000 francs,
respectively. Notes in circulation show a contraction of 638,000,000 francs, the total of which is now
81,936,502,945 francs. The total of circulation a
year ago was 85,497,643,380 francs and the year
before 82,580,847,660 francs. Bills bought abroad
fell off 1,000,000 francs and advances against securities 69,000,000 francs. The proportion of gold on
hand to sight liabilities stands this week at 77.28%
in comparison with 76.78% the same period a year
ago. Below we furnish a comparison of the various
items for three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Change:
for Week.

Mar:9 1934. Mar, 10 1933. Mar. 11 1932.

Francs.
Francs.
Francs.
Francs.
+52,488,699 73,980,688,145 80,823,221,259 76.157,288,503
+5,000,000
17,523,467 2,508,006,332 4,149,750,853

Gold holdings
Credit bale. abroad_
a French commercial
hills discounted
+115,000.000 5,548,337,834 3,660,152,223 4,504,126,717
b Bills bought abr'd
—1,000,000 1,058,769,579 1,868,035,241 8,934,035,128
Adv. agst. securities
—69,000,000 2,972,258,654 2,765,533,153 2,778,755,910
Note circulation_.
.
. —638,000,000 81,936,502,945 85,497,643,380 82,580,847,660
Creel. curr. scale
+755,000,000 13,792,146,339 19,771,954,426 27,186,694,361
Propor'n of gold on
ham rl tn alsrht I I nil
-41 04%.
713.7501
77_2R1
69.38%
a Includes bills purchased in France. b Includes bills discounted abroad.
--S--

HE Bank of Germany in its statement for the
first quarter of March shows a decrease in
gold and bullion of 20,565,000 marks. Owing to
this loss, the Bank's gold now stands at 312,915,000
marks as compared with 749,657,000 marks last
year and 880,006,000 marks the previous year.
Decreases appear in reserve in foreign currency of
340,000 marks, in advances of 169,888,000 marks,
in other assets of 70,632,000 marks, in other daily
maturing obligations of 10,833,000 marks and in
other liabilities of 16,846,000 marks. Notes in
circulation contracted 108,080,000 marks, reducing
the total of the item to 3,386,011,000 marks. Circulation last year was 3,293,275,000 marks and the
previous year, 178,896,000 marks. Bills of exchange
and checks, silver and other coin, notes on other
German banks and investments record increases of
93,184,000 marks, 17,445,000 marks, 4,424,000
marks and 10,613,000 marks respectively. The
proportion of gold and foreign currency to note
circulation is now 9.4% as compared with 25.8% a
year ago and 24.8% two years ago. A comparison
of the various items for three years appears below:

T

REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
Assets—
Gold and bullion
Of which depos. abroad
Res've In torn currency
Bills of exch.& checks
Silver and other coin...
Notes on 0th. Ger. bka.
Advances
Investments
Other assets
Liabilities—
Notes in circulation_ _
Oth.dally matur.oblig's
Other liabilities
Propor. of gold & for'n
curr, to note circula'n

Mar. 7 1934. Mar. 7 1933. Mar. 7 1932,

Reichsmarks
Reichsmark: Reichsmarks Reithsmarks
—20,565,000 312,915,000 749,657,000 880,006,000
No change.
19,088,000
57,660,000
64.607,000
—340,000
6,351,000 100,633,000 156,409,000
+93,184,000 2,863,678.000 2,602,436.000 3,302,496,000
+17,445,000 236,821,000 218,293,000 133,582,000
+4,424,000
7,742,000
8,528,000
6,314,000
—169,888,000
78.309,000
85,813,000 218,430,000
+10,613,000 676,500,000 401,088,000 161,752,000
70,632,000 508,109,000 641,032,000 876,514,000
—108,080,000 3,386,011.000 3,293.275,000 4,178,896,000
—10,833,000 485,384,000 336,200,000 318,872,000
16,846.000 161,879.000 610,559,000 750,404.000
—0.3%
25.8%
9.4%
24.8%

Mar. 17 1934

to 2% from the previous rate of 3%, while retaining the 3% figure on sums up to and including $1,000.
Call loans on the New York Stock Exchange were
1% for all transactions, whether renewals or new
loans. In the unofficial outside market transactions
were reported every day at %.%, or a concession of
Y
i% from the official rate. Time loans are quite
as easy as daily money, and rates here also were continued. The total of brokers' loans, as reported by
the Federal Reserve Bank, declined $79,000,000 in
the week to Wednesday night.
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 been extremely dull this week,
no transactions of importance having been reported.
Rates are nominal at %
3 @1% for two to five months,
and 1@13.1% for six months. The market for commercial paper has continued quite active this week,
though transactions were restricted on account of
shortage of paper. Rates are 1% for extra choice
names running from four to six months and 134.%
for names less known.

D

HE demand for prime bankers' acceptances has
been small this week, and in consequence the
market has been unusually dull. Rates are unchanged. Quotations of the American Acceptance
Council for bills up to and including 90 days are
/% bid and Y
i% asked; for four months, /%
1
bid
and %% asked; for five and six months, 4
3 % bid
and 4
5 % asked. . The bill buying rate of the New
York Reserve Bank is IA% for bills running from 1 to
90 days, and proportionately higher for longer maturities. The Federal Reserve banks' holdings of
acceptances fell during the week from $46,366,000 to
$37,459,000. Their holdings of acceptances for foreign correspondents, however, show a trifling increase this week from $4,931,000 to $4,939,000.
Open market rates for acceptances are as follows:

T

SPOT DELIVERY.
—180Dal— —150 Data— —120 Days—
Asked. Bid.
Bid.
Asked. Bid.
Asked.
Prime eligible bills
55
—90Days— —60 Days—
—30 Days-Bid. deka. Bid.
Asked. Bid.
Asked.
Prime eligible bills
34
34
M
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
1% bid
Eligible non-member banks
1% bid

HE rediscount rate of the Federal Reserve Bank
of Minneapolis was reduced the past week
from 3
to 3%, effective March 16. 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 Reserre Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Bt. Louts
Minneapolis
Kansas City
Dallas
San Francisco

Role in
Wed on
March 16.
2
144
244
2
234
244
3
3

Date
Established.

"Wows
Rate.

Feb. 8 1934
Feb. 2 1934
Nov. 18 1933
Feb. 3 1934
Feb. 9 1934
Feb. 10 1934
Oct. 21 1933
Feb. 8 1934
Mar.16 1934
Feb. 9 1934
Feb. 8 1934
Feb. 16 1934

234
2
8
244
334
354
334

334
a
ATES for money in the New York market were
344
2
244
unchanged this week, at the extremely low
levels induced by the official easy money policy and
TERLING exchange is more active than at any
the current inflow of gold from many countries.
time in several weeks. Fluctuations are comThere was further evidence, however, of the spreading paratively narrow and the undertone
is firmer. The
influence of the easy conditions. One of the large New range this week has been
between 85.075
% and
York City savings banks decided, Monday, to curtai $5.1034 for bankers' sight bills,
compared with a
its dividendlpayments on deposits of more than $1,000 range of between $5.06 and
$5.0854 last weeks

R




S

Volume 138

Financial Chronicle

The range for cable transfers has been between
2, compared with a range of
$5.0734 and $5.103/
$5.08% a week ago. Sterling
and
between $5.063
%
is also steadier and fractionally firmer in terms of
French francs.
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:
MEAN LONDON CHECK RATE ON PARIS.
77.50
77.19 l Wednesday March 14
Saturday March 10
77.50
77.23 Thursday March 15
Monday March 12
77.375
16
March
Friday
77.38
Tuesday March 13
LONDON OPEN MARKET GOLD PRICE.
Saturday March 10 _136s. 1030. I Wednesday March 14_ _ _ _1368. 2d.
Thursday March 15__ _ _136s. 4d.
Monday March 12 ___136s. 10d.
March 16_ _ __136s. 4d.
Tuesday March 13 ___136s. 3%cl. Friday
PRICE PAID FOR GOLD BY THE UNITED STATES
(FEDERAL RESERVE BANK).
35.00
Saturday March 10
35.00 I Wednesday March 14
35.00
Monday March 12
35.00 Thursday March 15
35.00
March 16
35.00 Friday
Tuesday March 13

It will be recalled that during the greater part of
last week sterling 30-day futures ruled at the very
slight premium of 1-32 of a cent above spot, although
for a time on Friday of last week this premium disappeared and futures were quoted at a slight fractional
discount. However, the market recovered on
Saturday last and the premium on 30-day futures
was again 1-32 of a cent above spot, while 90-day
sterling was offered at a premium of A of a cent.
The market is now steady, giving an indication cf a
further firming of the premium on forward exchange.
It is not thought possible that the premkun on forward sterling can advance to the disproportionate
range of a few weeks ago, when toward the end of
February 90-day sterling commanded a premium
3 of a cent above spot, to which it had dropped by
of%
gradual stages from a premium as high as 9 cents
early in January. The present demand for sterling
comes largely,from commercial interests and is a
seasonal factor. The steadiness of sterling and the
narrowness of the fluctuations are also due largely
to the fact that the new dollar and sterling, as well
as the French franc, are now to all intents at parity
almost as if sterling were stabilized in terms of gold.
The disparity in exchange rates has been so far
eliminated that the gold flow from the other side has
virtually ceased. The ability to purchase gold in
London and deliver it at the United States Assay
Office at the $35 per fine ounce level has been one of
the main factors in effecting the present stability of
the dollar-sterling rate. It is no longer so certainly
profitable to bring gold to New York from the
London open market. It costs about 28 cents an
ounce to deliver gold in the United States. Now
the value of the dollar in London is constantly well
under 1% of the parity of the new dollar, 59.06
equaling 100, whereas during most of February the
dollar was valued in London at from 13/2% to 2%
above the Government's revaluation figure. The
Treasury's gold price of $35 an ounce on Thursday,
when the gold price in the London open market was
fixed at 136s. 4d., meant that the dollar rate in
London for gold, based on the dollar-sterling rate
of exchange at the moment of fixing the gold price,
was $34.75, so that no profitable transaction could be
effected for American account. The easing tendency
in the London gold price prevents any substantial
decline in the dollar rate for the pound and of course
reduces the margin of profit on gold shipments.
The comparative steadiness in rates during the
past few weeks is responsible for rumors in the market
that conversations are now in progress with the object




1795 .

of permanently stabilizing the pound. These rumors
are denied in responsible quarters. No official conversations directed toward tentative stabilization are
being held. British bankers it would seem are generally opposed to early stabilization and there is no
reason to believe that the British Treasury has
changed its views.
The London security markets continue to be active
and interest remains at a high pitch. Last week the
fortnightly settlement was the heaviest London experienced in many months. In many directions
prices reached new high records since the war, while
certain British Government stocks are now standing
at the highest prices in nearly a quarter of a century.
Reviving trade and industrial activity are largely
responsible for this upswing and the British banks
are watching it closely with a view to preventing a
runaway market. The large volume of funds on
deposit in London is also a factor in the great activity.
Money rates continue excessively easy, but it is very
doubtful if the Bank of England will mark down its
rediscount rate from the present 2% level, where it
has remained since June 30 1932. Call money against'
31% to '4%.
bills is in supply in London at from 4
Two-month's bills are at 27-32%, three-months' bills
7 % to 15-16%, four-months' bills at 15-16% to
at 4
1%, and six-months' bills at 1%. These rates are
fractionally easier than last week. They would be
still easier but for the concerted action on the part
of the London banks, working in conjunction with
the Bank of England in order to support the bill
houses, which have been operating on too narrow a
margin for more than two years.
On Saturday last £183,000 bar gold was available
in the London open market and is believed to have
been taken for shipment to the United States. On
Monday £350,000 was taken for "unknown destination," probably for European private account. On
Tuesday £480,000 was similarly taken. On Wednesday £480,000 was available and is believed to have
been taken for shipment to the United States. On
Thursday £576,000 was believed to have been taken
for American account. On Friday £445,000 was
taken for unknown destination. Some of it is believed to have been taken for shipment to the United
States.
The Bank of England statement for the week ended
March 14 shows a decrease in gold holdings of £512,
the total standing at £192,020,920, which compares
with £167,134,991 a year ago and with £150,000,000
recommended as a minimum by the Cunliffe committee. At the Port of New York the gold movement for the week ended Wednesday, March 14, as
reported by the Federal Reserve Bank of New York,
consisted of imports of $32,134,000, of which $22,346,000 came from England,$3,745,000 from Canada,
$1,910,000 from India, $1,734,000 from Mexico,
$1,772,000 from Holland, $556,000 from France, and
$71,000 from Cuba. There were no gold exports
and no change in gold earmarked for foreign account.
In tabular form the gold movement at the Port of
New York for the week ended March 14, as reported
by the Federal Reserve Bank of New York, was:
GOLD MOVEMENT AT NEW YORK, MARCH 8-MARCH 14,INCL.
Exports.
Imports.
$22,346,000 from England,
Canada
3,745,000 from
1,910,000 from India
None.
1,734,000 from Mexico
1,772,000 from Holland
556,000 from France
71,000 from Cuba
$32,134,000 total

1796

Financial Chronicle

Net Change in Gold Earmarked for Foreign Account.
None.
A footnote to the Reserve Bank statement of the gold movement reads:
"Imports from France of $8,118,000 of gold previously acquired and included in the monetary gold stock of the United States."

The above figures are for the week ended Wednesday evening. On Thursday imports amounted to
$4,517,200, of which $3,117,600 came from India,
$1,153,800 from England and $245,600 from Holland.
There were no exports or change in gold held earmarked for foreign account. On Friday, $7,184,300
of gold was received from England. There were
no exports or change in gold held under earmark
for foreign account.
Canadian exchange is firmer and on numerous
occasions during the week was quoted at par or at
a discount of around 1-16%. Several times the rate
moved up to a premium of 1-16%. On Saturday
last, Montreal funds were at a discount of A%, on
Monday at a discount of 1-16% to par, on Tuesday
at par and at a premium of 1-16%, on Wednesday a
discount of 1-16%, on Thursday at par to a discount
of 1-16%, and on Friday at M% discount.
Referring to day-to-day rates, sterling exchange
on Saturday last was steady. Bankers' sight was
$5.07%@$5.08; cable transfers, $5.07%@$5.083/s.
On Monday sterling was firm and in demand. The
range was $5.07%@$5.10 for bankers' sight and
$5.08@$5.103 for cable transfers. On Tuesday
the pound dull but firm. Bankers' sight was
$5.093g@$5.10%; cable transfers, $5.09%@$5.103/2.
On Wednesday sterling was firm and in demand.
The range was $5.093/
2@$5.10 for bankers' sight
and $5.09%@$5.103 for cable transfers. On Thursday sterling continued to present a firm undertone.
Bankers' sight was $5.093/
2@$5.09%
3 ; cable transfers, $5.09%@$5.10. On Friday, sterling was somewhat easier, the range was $5.083/
2@$5.093j for
bankers' sight and $5.08%@$5.09% for cable transfers. Closing quotations on Friday were $5.093/
for demand and $5.09% for cable transfers. Commercial sight bills finished at $5.083/
2; 60-day bills
at $5.08; 90-day bills at $5.073/2; documents for
payment (60 days) at $5.08, and seven-day grain
bills at $5.09. Cotton and grain for payment closed
at $5.08M.

Mar. 17 1934
•

France gold losses are at an end for the present at
least. Meanwhile the French bank is not threatened
from any European quarter, in fact gold has been
moving into Paris, from Amsterdam, Switzerland
and other places. The Bank of France statement for
the week ended March 9 shows an increase in gold
holdings, the first in many weeks, of fr. 52,488,699,
the total standing at fr. 73,980,688,145, which compares with fr. 80,823,221,259 a year ago, and with
fr. 28,935,000,000 in June 1928, when the unit was
stabilized. The bank's ratio is at the high figure
of 77.28% on March 9, which compares with 77.32%
on March 2, with 76.78% a year ago, and with legal
requirement of 35%. The economic situation in
France is felt to be more promising and banking
opinion there is that the Doumergue cabinet will
succeed in establishing the state finances on a sounder
basis. Last week, it will be recalled, the rate of
interest on defense bonds was increased from 31
/
2%
to 4%, and this move has succeeded in bringing out
money from hoarding. It has also induced money
from Amsterdam and other foreign markets. A better feeling of confidence exists and withdrawals from
public savings banks have ceased. The money market is gradually firming up, but it is thought that
unless exceptional circumstances arise, the Bank of
France will not increase its rediscount rate, especially
since its gold holdings are no longer seriously threatened.
The London check rate on Paris closed on Friday
at 77.37, against 77.15 on Friday of last week. In
New York, sight bills on the French center, finished
on Friday at 6.573, against 6.58 on Friday of last
week; cable transfers at 6.58%, against 6.5834, and
commercial sight bills at 6.56%, against 6.57. Antwerp belgas closed at 23.32 for bankers' sight bills
and at 23.33 for cable transfers, against 23.30 and
23.31. Final quotations for Berlin marks were 39.72
for bankers' sight bills and 39.73 for cable transfers,
in comparison with 39.67 and 39.68. Italian lire
closed at 8.563' for bankers' sight bills and at 8.573/2
for cable transfers, against 8.56 and 8.57. Austrian
schillings closed at 18.95, against 18.95; exchange on
Czechoslovakia at 4.153', against 4.16; on Bucharest
at 1.0134, against 1.01; on Poland at 18.90, against
18.90, and on Finland at 2.26, against 2.25. Greek
exchange closed at 0.93% for bankers' sight bills
and at 0.9434 for cable transfers, against 0.93%
3
and 0.94%.

XCHANGE on the Continental countries presents no new features from last week. Like
sterling, the Continentals are steady, tending toward
firmness as a seasonal matter, and fluctuations have
been within surprisingly narrow limits and almost
XCHANGE on the countries neutral during the
unchanged from last week. The following table
war, while ruling below new dollar parity, is
shows the relation of the leading European countries
nevertheless
relatively firm in terms of the dollar
still on gold to the United States dollar:
and has fluctuated this week within exceptionally
Old Dollar New Dollar
Range
narrow limits. The range of the Swiss franc and of
Parity.
Parity.
This Week.
France (franc)
3.92
6.63
6.57% to 13.593j
the
Dutch guilder is shown in the preceding paragraph
Belgium (belga)
13.90
25.54
23.29 to 23.3434
Italy (lira)
5.26
8.91
8.5634 to 8.59
on the Continental exchanges. The Scandinavian
Germany (mark)
23.82
39.673i to 39.77
40.33
currencies fluctuate of course with sterling, with
Switzerland (franc)
19.30
32.67
32.28 to 32.32
Holland (guilder)
40.20
68.06
67.25 to 67.35
which they are allied. Recent Paris dispatches state
The French franc has moved this week within that Dr. G. Bachmann, president of the Swiss Navery narrow limits compared with both sterling and tional Bank, in his annual report asserted that exthe United States dollar. On percentage of new ports of gold from Switzerland to Paris cannot imparity the dollar-franc rate indicates the value of peril the Swiss franc so long as the Swiss themselves
the dollar in the Paris market this week as ranging keep their confidence in their currency. He reafbetween 100.68% and 100.80%. When the United firmed faith in the gold standard and the intention of
States began its foreign purchases of gold the value maintaining the Swiss franc at its actual gold parity.
of the dollar in Paris was from 1% to 3% above the Dr. Bachmann seems to feel that Anglo-American
United States valuation. This means that it is no prices will rise and Switzerland will be able to escape
longer profitable to draw gold from the Paris market any painful effects of deflating prices. Money rates
and the French authorities feel that the Bank of in Amsterdam show a tendency to harden. The

E




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Volume 138

Financial Chronicle

private discount rate has advanced fractionally to
13/8%, while the buying rate for prime guilder acceptances has also advanced fractionally to 134%.
Prior to the current gold movement, which began a
few weeks ago, the private discount rate was down to
A%,and the acceptance rate to /%. The firmness
in the Amsterdam money market reflects the drain of
gold from Holland to France, England and the
United States. The increase in money rates in Paris
is also partly responsible for the firming up in Amsterdam, as the stiffer Paris money tends to draw
funds from Holland. It is doubtful, however, if
there will be any immediate increase in the official
discount rate of the Bank of The Netherlands. The
rate has been at 23/2% since Sept. 19, last, at which
time it was lowered from 3%. London and New
York bankers are discussing the likelihood that the
Netherlands rate may be restored to 3%. The bank
has lost approximately 126,000,000 guilders in gold
since the beginning of February, most of which has
gone to Paris. It is understood that the Dutch gold
shipped to London and New York in recent weeks
came from private account outside the vaults of the
central bank. The Netherlands Bank ruled some
weeks ago that it would permit withdrawals of gold
only for shipment to countries on the gold standard.
When announcement was made a few weeks ago of the
stabilization of the gold price in the United States at
$35 per fine ounce, the Netherlands Bank officials
ruled that this action did not constitute a full return
to the gold standard, because the American announcement stated that the price was fixed at that level
"until further notice."
Bankers' sight on Amsterdam finished on Friday
at 67.32, against 67.27 on Friday of last week; cable
transfers at 67.33, against 67.28, and commercial
sight bills at 67.30, against 67.25. Swiss francs
closed at 32.29 for checks and at 32.30 for cable
transfers, against 32.30 and 32.31. Copenhagen
checks finished at 22.71 and cable transfers at 22.72,
against 22.69 and 22.70. Checks on Sweden closed
at 26.29 and cable transfers at 26.30, against 26.20
and 26.21; while checks on Norway closed at 25.61
and cable transfers at 25.62, against 25.56 and 25.57.
Spanish pesetas closed at 13.62 for bankers' sight
bills and at 13.63 for cable transfers, against 13.63
and 13.64.

1797

XCHANGE on the Far Eastern countries is
steady, reflecting the better relationship between sterling, the dollar, and the French franc.
The Indian rupee moves of course in sympathy with
sterling exchange, to which it is legally anchored at
the rate of is. 6d. per rupee. The Chinese units
fluctuate with the price of silver. A recent United
Press Shanghai dispatch stated that the financial
and governmental leaders of China have agreed on a
policy to protect China's interests in the event that
the United States Government should raise the price
of silver, the Chinese monetary metal. It is understood that the Chinese bankers and the central political council have reached an informal agreement
giving President Chiang-Kai-Shek, S. S. Kung, Finance Minister and T. V. Soong, head of the Economic Council, authority to take protective measures
in the event of a silver crisis. Their measures would
possibly include an embargo on exports.
Closing quotations for yen checks yesterday were
30.10 against 30.08 on Friday of last week. Hong
Kong closed at 39@39 3-16, against 39/@39 7-16
Shanghai at 34 13-16, against 353/8@35 3-16; Manila
at 50.30, against 50.35; Singapore at 60, against
4;Bombay at 38 against 38/, and Calcutta at
593
/,against 383A.
381

E

FOREIGN =CHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
MARCH 10 1934 TO MARCH 16 1934, INCLUSIVE.

Country and Monetary

Noon Buying, Rate for Cable Transfers in New York.
Value its United States Money.
Mar.10. Mar.12. Afar. 13. Mar.14. Mar.15. Mar.16.

$
$
$
$
$
$
EUROPE.189020* .189100* .189000* .189040* .189020* .188960*
Austria.schIlling
232753 .232807 .233061 .232953 .233053 .232969
Belgium, belga
013275* !013204)* .013525* .013250* .013375* .013400°
Bulgaria. lev
Czechoslovakia, kron .041521 .041521 .041534 .041525 .041510 .041516
.226900 .227450 .227570 .227430 .227075
.226540
Denmark. krone
England, pound
5.077500 5.082916 5.094000 5.097750 5.096333 5.086666
sterling
.022400 .022416 .022516 .022437 .022450 .022408
Finland. markka_ _
065778 .065771 .065786 .065780 .065775 .065781
France, franc
Germany, reicbsmark .396683 .396800 .397016 .397069 .397071 .397015
.009425 .099420 .009425 .009425 .009425 .009367
Greece, drachma
.672471 .672350 .672861 .673038 .673200 .673053
Holland, guilder
.295833* .295833 .295933* .295833* .295666 .295733*
Hungary. Pengo
.085631 .085660 .085738 .085691 .085695 .085705
Italy, lira..
.255066 .255227 .255861 .256075 .256008 .255518
Norway. krone
.188540 .189240 .188980 .189160 .188720 .188760
Poland. zloty
.046533 .046604 .046605 .046691 .046677 .046612
Portugal, escudo
.010000 .009975 .010020 .010040 .010016 .010000
Rumania, leu
.136135 .136171 .136271 .136246 .136239 .136246
Spain, peseta
.261790 .261936 .262550 .262841 .262875 .262245
Sweden. krona
Switzerland, franc_ .322810 .322842 .322838 .322864 .322796 .322742
Yugoslavia. dinar__ .022580 .022600 .022640 .022640 .022650 .022630
ASIAChinaChefoo (yuan) dol'r .351250 .352916 .352916 .351666 .350416 .344166
Hankow(yuan)dorr .351250 .352916 .352916 .351666 .350416 .344166
Shanghal(yuan)dorr .347856 .352031 .351875 .350937 .350208 .343906
Tientsin(yuan)dorr .351250 .352916 .352916 .351666 .350416 .344166
Hongkong, dollar_ .388437 .391875 .391875 .391250 .391250 .385312
India, rupee
.382160 .382781 .383505 .384125 .383812 .383350
Japan yen
.299700 .300110 .300785 .300640 .300625 .299715
Singapore (S.S.) do/r_ .594375 .593750 .595625 .596250 .595000 .595000
AUSTRALASIA4.051666 4.055000 4.070000 4.060000 4.058333 4.055000
Australia. pound
New Zealand, pound..4.062083 4.065000 4.071666 4.071666 4.070000 4.063333
AFRICASouth Africa, pound- 5.015625 5.019375 5.038125 5.034687 5.034062 5 024687
NORTH AMER..997864 1.000000 .999531 .999375 .999401 .998494
Canada, dollar
Cuba, peso
999550 .999550 .999550 .999750 .999550 .999550
Mexico. peso (silver). .277280 .277280 .277280 .277280 .277280 .277060
Newfoundland, dollar .995500 .997500 .997512 .997062 .997000 .996262
SOUTH AMER..338250* .338550 .339683* .339933 .339733 .339166.
Argentina, peso
Brazil mIlreis
085725* .084900 .085175* .085300 .085300 .085250.
101000* .101000* .101300* .101300 .101300 .101300.
Chile, peso
.801166* .801750* .801750* .801583 .802000 .801583.
Uruguay, peso
892000' .704200* .704200* .689700 .699300 .689600.
Colombia. peso

XCHANGE on the South American countries
presents no new features from many weeks
past. These units continue to be only nominally
quoted as all foreign exchange and foreign trade
remain under the control of Government exchange
boards. There is, of course, an "unofficial" or
• Nominal rates; firm rates not available.
"bootleg" market in most of the South American
currencies, and while the official and nominal quoHE following table indicates the amount of gold
tations are relatively steady, the open market rates
bullion in the principal European banks as of
are at a great discount and fluctuate rather widely. March 15 1934, together with comparisons as of the
For instance, the Argentine pesos continues to be
corresponding dates in the previous four years:
quoted nominally at 333-34, while the open market
1930.
1931.
1932.
1933.
1934.
or unofficial rate in New York this week fluctuated Banks of£
£
£
between 25.30 and 25.60.
England..... 192,020,920 167,134,991 121,461,077 142,826,613 154.245,375
France a_ _ _ 591.845,555 646,585,770 609,258,301 448,158,799 340.750,786
Argentine paper pesos closed on Friday nomi- Germany b_ 14,691,350 34,426,500 39,864,30C 103.927.300 116,533,500
98,679,000
96,691.000
Spain
89,952,00()
90,357.000
90,472,000
4 Italy
56.130,000
57,309,000
60,854,00C
63,434,000
76,806,000
nally at 33% for bankers' sight bills, against 333
37.169,000
73,273,008
36,415.000
84,988,000
66,016,000
Netherlands
33,678,000
40,471.000
Nat. Belg'm
72,046,000
75,406,000
77,543,000
on Friday of last week; cable transfers at 34, against Switzerland
22,438,000
25,719,000
65,436,000
88,805,000
67,549,000
13,548,000
____
13,345,000
11,439,000
12,155,000
14,584,000
34. Brazilian milreis are nominally quoted 8.45 for Sweden
9,573,000
9.547.000
8,032,000
7,399,000
Denmark _.
7,398,000
8,134,000
_
6,559,000
8,014,000
6,574,000
Norway
8,145.000
cable
transfers,
for
8.50
bills
and
bankers' sight
890,135,661
983,897,712
week_
Total
1,158,174,685
1,278,705.261
1,205,499,825
nomiis
Chilean
exchange
8.50.
and
8.45
against
Pray wepk 1.207.682.827 1 274 024 aan 11.64 *RR 1137 982.593,680 890.883.976
a These a e the gold holdings of the Bank of France as reported in the new form
nally quoted 103, against 103.. Peru is nominal
of statemen . b Gold holdings of the Bank of Germany are exclusive of gold held
24.33.
against
the amount of which the present year is £954,400.
abroad,
24.25,
at

E




T

1798

Financial Chronicle

Mar. 17 1934

The Rome Conversations and the Political
that are far away, for saving our own European
Outlook in Europe. ....andighifill civilization." The statement
was reinforced by Sir
Whatever agreements or understandings may have Philip Sassoon, Under-Secretary for Aviation, who
been reached in the course of the three-Power con- declared that Great Britain must have parity
in the
versations which have been going on this week at air "howsoever that parity is attained." The stateRome, they are likely to have considerable influence ments were significant not only because of their inupon the balance of power in Europe and the politi- direct bearing upon the naval conference
which is
cal relations of the Central and Eastern European to be held next year to revise the London Naval
States. Reports to the effect that the main purpose Treaty, but also because of the virtual admission that
of the conversations was to set up some kind of joint nothing was to be hoped for from the League
of Nabarrier against the spread of German influence may tions and its grandiose plans of general
diswell be held in suspense until the exact facts are armament. Great Britain,in other words, was
turnknown, as may the suggestion that an Eastern ing toward prepardness in the face of a European
European or Danubian confederation of some nature, situation which it viewed as threatening, and was
with Italy as a prominent ally, has been one of the ready to arm on its own account, and to invite
the
chief matters considered. Both of these things are European Powers to join it in increasing air armapossible, but neither is as yet certain, and the diffi- ments, if a general agreement could not be obtained.
culties in the way of the practical accomplishment The air estimates submitted on March 8 called for
of either of them are many and important. The £17,561,000, a slight increase over the estimates for
significance of the conversations, for the moment at the preceding year, but the increase was sufficient to
least, lies rather in the circumstances under which provide six new squadrons as an effective check to
they have been held and the bearing of such a meet- Germany's air expansion. On Monday the House of
ing upon the general question of war or peace which Commons, with only 35 dissenting votes, approved
a
is everywhere being debated. A review of some re- bill appropriating £56,550,000 for a naval program
cent events will aid in placing the Rome discussions intended to bring the navy up to the limit set by the
in their proper setting.
London treaty.
On March 7, the day on which Germany and PoThe action of France shows a corresponding disland signed a trade agreement ending the long war position to prepare for eventualities. Correspondof tariff restrictions and prohibitions which for ence made public by the League of Nations on
years had obstructed commercial interchange be- March 9 showed no breaking of the deadlock between
tween the two nations, the Belgian Premier told the France and Germany over the question of German
Senate of that countiy that Iyhile the problem was rearmament, notwithstanding important concessions
"to know how to prevent Germany from rearming," offered by Germany and a frank expression of readia so-called preventive war was not to be thought of ness to discuss other points at issue, and there apas far as Belgium was concerned. "Such a remedy," pears to be no longer much hope that the divergent
he declared, "would be worse than the evil it tried French and British views can be reconciled. Under
to correct. No Government dreams of it, neither these circumstances, the Government has brought
France nor any other. I refuse to launch our coun- forward a proposal for a bond issue of 3,000,000,000
try on such an adventure." The reaction to the pro- francs for land, sea and air defenses, nearly onenouncement in Germany, France and Great Britain third of the amount being sought for airplanes.
was disconcerting. In Germany the statement was
It is in this atmosphere of preparedness that the
interpreted as indicating enough difference of opin- premiers of Austria, Hungary and Italy have been
ion between Belgium and France to increase French exchanging views at Rome. What, one naturally
isolation and weaken somewhat the influence of asks, is the danger against which Great Britain and
France with the Little Entente, and as lending sup- France apparently regard it as necessary to be foreport to the German demand for treaty revision. armed? No informed circles in Europe seriously beFrench expressions indicated regret that the Belgian lieve that Germany desires war, or that, in its presForeign Minister should have assumed to speak for ent condition, it could wage an important war.with
France, and hope that the united front against Ger- success if one were entered upon. There seems
man armament had not been impaired. The British equally little reason to think that France, however
reaction was a disclaimer that the Belgian statement much it may fear a reconstituted Germany, would
had been inspired by Great Britain, and a sugges- venture upon a preventive war without the tacit aption that it had complicated the situation instead of proval of Great Britain, Italy and Belgium, or that
making it clearer. Attention was also called to the such approval would be forthcoming. If European
fact that the pronouncement came at a moment when civilization is actually in the grave danger which
the general question of a disarmament agreement Stanley Baldwin pictured, it must be, it would seem,
was being held up by the failure of France to reply because of some conditions which, given certain cirdefinitely to certain British proposals, although the cumstances, make war inevitable.
delay was doubtless occasioned in part by preoccupaThe explanation is to be found in the attitude of
tion with domestic political troubles, especially the the Powers, and especially of France, toward Ausdevelopments in the great Stavisky scandal.
tria. By whatever term the present government of
The next day, March 8, Stanley Baldwin, Lord Austria is to be described, Austria evidently is no
President of the Council, intervening in a debate in longer a democratic State. Whether democratic or
the House of Commons on the air defense estimates, not, however, its preservation as an independent
declared that if it should prove impossible for Great State is one of the cardinal points of French policy
Britain to obtain a general disarmament convention in Central and Eastern Europe, and the acceptance
on the lines which it had proposed, the Government of its independence is, to the French mind, a test of
was ready "to start work the next morning to try to German sincerity and of Germany's desire for peace.
get an air convention alone among the countries of Until recently, France has relied upon its alliances
Western Europe, even if we could not get in some with Poland and the members of the Little Entente




Volume 138

Financial Chronicle

to supplement on the East the pressure which has
been exerted upon Germany from the West. The
ten-year non-aggression pact recently concluded between Germany and Poland, together with the still
more recent commercial agreement already referred
to, has appreciably weakened the hold of France
upon Polish foreign policy. There have also been
some intimations from Prague that Czechoslovakia,
the leading member of the Little Entente, is less cordial toward France than it formerly was, that a
non-aggression agreement with the Reich might not
be inacceptable, and that some common action with
Italy regarding Eastern European affairs was a
possibility. The pressure for such common action
has been increased by the efforts of Italy to divert
to the Adriatic some of the Hungarian and Austrian
commerce which previously had centered in Hamburg and followed Czechoslovakian routes.
It is this mixed political and commercial situation
that Premier Mussolini appears to be endeavoring to
turn to the advantage of Italy. However fearful he
may be of a Fascist Germany, he has apparently decided that a Fascist bloc which included Italy, Austria and Hungary and reached from the Adriatic to
the Danube would not only improve the position of
its three members commercially, but would also curb
materially the political influence of France with the
Little Entente. If, in addition, it put a check upon
such plans as the Hitler Government may have for
the extension of Pan-German influence, it would
contribute to the maintenance of peace, but French
support would no longer be so necessary to Austria,
and Italy rather than France would become the principal guarantor of Austrian independence. Moreover, with French prestige weakened, the Little Entente would lose something of its importance, and a
decline in the strength of that alliance would open
the way to a further extension of Italian influence
in the Balkan States.
The report from London on Wednesday, in a dispatch to the New York "Times" by the usually wellinformed writer who signs himself "Augur," to the
effect that Premier Mussolini was making an effort
to secure the co-operation of France in his plans may
represent only a tentative suggestion intended to
test political opinion, but it is of special interest
as showing the far-reaching possibilities of what may
be not inappropriately called a new political deal.
According to the report, French support is being
sought in return for some modification of Italian
colonial claims in North Africa and an agreement to
support France in opposing German rearmament.
The terms seem hardly adequate enough when the
opposition of the Little Entente to Italy is recalled,
and there is still left the important question of naval
parity on which the positions of Italy and France
have thus far been irreconcilable. The suggestion is
significant, however, as showing how the political
pendulum in Europe is swinging. Alone among the
great Powers, France still clings to the peace arrangements made at Versailles, and looks to the
League to enforce the treaty and keep Europe at
peace. Elsewhere it is realized that the treaty
prescriptions no longer conform to European conditions, and that while present frontiers may not soon
be changed, new alliances and agreements will appear to satisfy new national interests. Neither the
"spirit of Locarno" nor the treaties that embodied it
are any longer invoked, and the nations which subscribed to the Kellogg anti-war pact have again




1799

begun to arm. The age-old struggle between Germany and France still goes on, but the deeper
struggle is clearly seen to be between France and
Italy, the former striving to hold its traditional
place as the arbiter of Continental affairs, the latter
advancing impressively to new leadership with
fascism as its governmental form. We shall know
in due time whether the conversations at Rome have
laid further foundations for the erection of new
national alignments and a new balance of power, or
whether, save perhaps for some amelioration of commercial interchange, we must wait for the lines of
political cleavage to be still more sharply defined.
Report of the United States Steel Corporation.
The annual report of the United States Steel
'Corp., made public this week for the calendar year
1933, sounds a note of cautious optimism and shows
a definite trend back to better conditions after the
long period of unexampled and extraordinary business paralysis with which this country had been
visited during the years 1930 to 1933. The business
activities of the subsidiary companies of the corporation for the year 1933, in spite of the adverse conditions which prevailed, show many encouraging
features compared with the preceding year. Thus
while in 1932 the earnings of the entire organization
before dividends fell short of covering expenses and
charges (exclusive of charges for depletion and depreciation) by the amount of $30,855,910, in the year
1933 the corresponding result was a profit of
$7,083,376, a net betterment of $37,939,286. The improvement resulted largely from a substantial increase in the volume of business. Steel manufacturing plant facilities were operated during 1933 to
the extent of approximately 29% of capacity, compared with an average of 18% in 1932. In 1933 the
production of finished iron and steel products was
5,536,000 tons compared with 3,591,000 tons in the
Drevious year. Plant operations reached the low
point in the first quarter, averaging but 16% of
capacity, rising to 27.5% in the second quarter, 41%
in the third quarter and 31% in the final quarter.
The improvement in business was progressive during each of the first seven months. Beginning with
August there was a gradual recession until December, which showed a considerable increase over the
preceding month.
The gradual betterment in the corporation's operations is best disclosed on examination of the quarterly returns. In reviewing the results for the previous calendar yeqrs we pointed out that beginning
with the third quarter of 1929 each succeeding quarter without a single exception had shown smaller
earnings than the preceding quarter, and that in the
latter quarters of 1931 the shrinkage had been most
pronounced of all. In greatly aggravated form the
unfortunate record was continued all through the
calendar year 1932 and up to the end of the first
quarter of 1933. As a matter of fact, there were no
net earnings at all for any quarter of 1932 and the
first quarter of 1933, each and every quarter having
failed to earn expenses, not to speak of charges and
allowances for depletion, depreciation and obsolescence, and interest charges on bonds and
mortgages.
In the June quarter of 1929 the corporation had
aggregate earnings of $73,861,425, and while in the
September quarter of that year the downward descent, which was to last so long, began, earnings in

1800

Financial Chronicle

that quarter still amounted to $72,009,666. The
change from that condition of affluence to a deficiency in the third and fourth quarters of 1932
and the first quarter of 1933 of $4,474,719,$3,755,503
and $4,045,065, respectively, is a most extraordinary
one, and indicative of the magnitude of the slump
experienced. In the following table we show the
earnings by months and by quarters for each of the
last four calendar years, though we are unable to
insert the monthly totals for 1932 and 1933, since
they are no longer published. The figures, as already
stated, are exclusive of charges for interest on
bonded and other debt and of depletion, depreciation and obsolescence, but inclusive of allowances
for estimated amount of Federal income taxes payable in succeeding years.
Period.

1933.

1932.

January
February
March
First quarter

35.135.499 316.113.583
4,182.732 16.570.790
4.499.293 14,376.931
$4.631.963 43.362.737 313.817.524 $47,061,305

July
August
September
Third quarter

33.661.751 313.479.870
2,960,293 13.000.496
2.559.047 11.514.933
*11.816.832 x34.474.719

Oct3ber
November
December
Fourth quarter
Total for year
Deficit.

1930.

44.045.065 41.136,607 $19.464.836 $49,615.397

April
May
Second quarter..- _

1931.

36.118.411 $15,404.360
6.155.548 16.107.409
7.190.876 18.103.628

29.181.091 337.995.300
31.690.527 *10,943,449
7.949.384
1.248.689
1.081.333
4,145.397

35.587.543 43.755.504

34.020.549 323.038.230

217.991.272 x212.729.5136 246.484.000 S157.710.232

The results for the 12 mohths of 1933 as a whole
can be briefly stated by saying that starting with
an operating profit of $17,991,273, the charges and
allowances for depletion, depreciation, amortization and obsolescence of $43,195,117 left a deficit for
the year of $25,203,844, while the call for interest
charges on bonds and mortgages of the subsidiary
companies and of the United States Steel Corp.
added $5,164,453 more to the amount (interest on
the Steel Corp.'s own bonds was only $13,759 as a
result of the retirement in 1929 of two issues of the
corporation's bonds aggregating $271,462,000 out
of the proceeds of the new common stock sold at
140),raising the deficit to $30,368,297, besides which
the Steel Corp. had to provide in addition $7,468,237
for expenses and taxes of the Lake Superior iron
ore properties and the Great Lakes transportation
service which these concerns were not able to provide for themselves. This brought the deficiency,
before charging dividends (after allowing a credit
item of $1,335,411), up to $36,501,1,23, to which must
be added $7,205,622 for dividends of 2% paid upon
the Steel Corp. preferred stock, making a total deficiency for the year of no less than $43,706,745.
The labor policies of the Steel Corp. are referred
to in the report by Myron C. Taylor, Chairman. He
says that since the adoption of the steel code the
hourly wage and salary rates have been advanced
approximately 25%, which has added materially to
the costs of production, and has been offset only in
part by higher prices for steel products shipped in
the last five months of 1933. The corporation's
subsidiaries, he states, have whole-heartedly co-operated in carrying out the spirit and intent of the code
and the law in respect to "collective bargaining" by
and with employees. At practically all plants employees have organized under "Employees' Representation Plans," choosing their own representatives to
deal with the employing company in all matters re-




Mar. 17 1934

lating to wages and other conditions of employment. These plans, he states, have proven eminently
satisfactory in promoting harmony in industrial relations and are conducive to the best interests of the
employees, the employers and the general public.
Expressing the hope that the NRA would accomplish the purposes for which it was instituted, Mr.
Taylor says that sufficient time has not yet elapsed
to determine definitely how successful it will prove
and whether the steel code should be continued in
its present form after its expiration on May 31.
The report shows that at Dec. 31 1933 there were
53,203 employees of the Steel Corp. and its subsidiaries registered as stockholders holding 89,973
shares of preferred stock and 761,275 shares of common stock. As the shares are of the par value of
$100, this means that the registered employees own
$8,997,300 of preferred stock and $76,127,500 of the
common stock. This is truly a noteworthy record.
Also there were 14,057 employees who had in force
open subscription accounts for the purchase of common stock not yet paid for in full, and therefore,
were not yet registered holders of shares.
The corporation is fortunate in having had a large
surplus, accumulated out of profits of previous
years, to draw upon, otherwise it would have been
impossible to trench upon its resources in the way
found necessary during the last two years. And the
position of the corporation is still one of great
strength. After allowing for the past year's deficiencies the company still had on Dec. 31 1933 an
"earned undivided surplus of $287,330,507." This
undivided surplus of $287,330,507, it should be understood, is entirely apart from the $270,000,000 of
earned surplus actually appropriated and invested
in capital expenditures. The two items together, it
will be seen, make the total of the earned surplus,
appropriated as well as undivided, no less than
$557,330,507.
The corporation's working position was substantially maintained during the year. Cash amounted
to $55,324,252 on Dec.31 1933, as against $60,224,116
a year earlier, while sundry marketable securities,
including United States Government securities of
$48,338,736, stood at $49,404,586 against $46,139,334
on Dec. 31 1932. The following table shows the relative position of current assets and current liabilities
at the close of the last two years:
Gross working assets
Current liabilities

Dec. 31 '33. Dec. 31 '32.
3414.969.392 3410.382.837
46,987.376
52.283.704

Net working assets

3362.685.688 3363,395.461

Capital outlays are now necessarily on a restricted
basis, the net property expenditures reaching only
$7,875,635 in 1933 as against $7,540,608 in 1932. In
previous years the capital outlays were of large proportions. What is especially noteworthy is that
concurrently there were larger or smaller reductions
in the corporation's funded indebtedness. This process of making large capital expenditures each year,
while simultaneously reducing the corporation's
aggregate indebtedness, has been a distinctive feature of the administration of the property for almost
its entire history, as we have repeatedly pointed out
in reviewing previous annual reports. In 1930 total
expenditures for additions, extensions, &c., reached
no less than $144,439,895, and even the net outlay,
after allowing for offsets of $19,928,904 for salvage
of plants and improvements disposed of, &c.,
amounted to $124,510,991. In 1931 the gross expenditures made by the corporation and the subsidiary

Volume 138

Financial Chronicle

1801

companies for additional property, new plants, ex- 1924 the capital expenditures amounted to $79,tensions, improvements, &c., footed up $59,754,985, 619,986 and were coincident with a debt reduction
against which there were credits for property sold of $15,886,800. Similarly in 1923 the new ea pita!
or dismantled in the sum of $29,629,632, leaving a outlays were $60,762,920, while indebtedness diminnet addition to property investment in that year of ished $12,580,538. In 1922, with new capital ex$30,125,353. In 1932 and 1933 the property expendi- penditures of $29,571,662, the net decrease in debt
tures were on a reduced scale, as already remarked, was $1,124,500. In 1921, in the face of new capital
the gross amount reaching $7,966,382 in 1932 and expenditures of $70,091,866, the net indebtedness
s9,639,271 in 1933, and the net addition $7,540,608 was reduced in the sum of $14,163,865. In 1920
when the capital expenditures amounted to $102,and $7,875,635, respectively.
or
earnings
of
out
956,133,
there was a decrease in debt of $13,870,450.
reduction
At the same time debt
ways
other
in
when the capital expenditures aggrein
And
provided
1919,
resources
financial
out of
continues uninterrupted. During 1933 there was a gated $87,091,515, net debt diminished $13,921,885.
net reduction in the bonded and mortgage debt of the This record furnishes an insight into the underlycorporation and of the subsidiary companies in ing causes of the company's great financial strength,
amount of $2,770,431, this being concurrent, as we which have enabled it to pass through several years
have seen, with net expenditures on property invest- of unexampled depression in trade, without impairment account of $7,875,635. During 1932 there was ment of its financial resources.
In his closing remarks to the stockholders Mr.
a reduction in the bonded and mortgage debt of
investproperty
to
addition
Taylor sounds a note of cautious optimism when he
$2,937,039, while the net
was
there
1931
In
$7,540,608.
reached
states: "The review of operations for 1933 indicates
ment account
a reduction in the bonded and mortgage debt of the progress which has been made from the low
$2,932,816, while the net addition to property invest- operating point reached in 1932. Further improvement account was $30,125,353. In 1930 there ment is necessary before profitable results can be
was a reduction in bonded and mortgage debt in realized. The outlook is encouraging, present indiamount of $10,479,567, while the net expenditures cations being that sales in 1934 will exceed those
for capital account were, as stated above, $124,- in 1933. It is gratifying to note that operations in
510,991, this last not including $50,519,537, the in- January and February of 1934 show improvement
vestment cost of the properties, plants and business over operations in the corresponding months of
of the Atlas Portland Cement Co., the Columbia 1933."
Steel Corp., and the Oil Well Supply Co., acquired
by purchase during the year and paid for by the Estimated National Income 1909-1933-Per
Capita Income $316 in 1933, Compared with
issue of common stock therefor. In 1929 the debt
in 1932.
$307
reduction reached exceptional proportions because
The National income produced in the United States in
the company arranged for the retirement of the two 1933 amounted to $39.8 billion, according to a preliminary
whole issues of Steel Corp. bonds in amount of $134,- estimate announced on March 5 by the National Industrial
830,000 and $136,632,000, respectively, a total for the Conference Board. This represents an increase of $1.5
two issues combined of no less than $271,462,000. In billion, or 3.7% over the total of $38.3 billion for 1932. Inpopulation was $310 in 1933, as
addition, there were also called for redemption in come per capita of the total The Board further reports:
compared with $307 in 1932.
that year. the entire outstanding issues of the Incontinuously,
In the 3 years, 1930 to 1932, the National income declined
to $54.7 billion in
diana Steel Co. first mortgage bonds in the sum of from $83 billion in 1929. to $70.5 billion in 1930,per
capita basis show
and to $38.3 billion in 1932. The figures on a
$20,858,000 and the National Tube Co. first mort- 1931,
income the declin2
even more strikingly than do those of total National
1929, $683;
are:
1932. These figures
gage bonds in amount of $10,791,000. Altogether that took place from 1929 to $307.
in 1932 per capita income was the
1930, $572; 1931, $440; 1932,
the bonded and mortgage debt of the company was lowest in 24 years, being only $7 above the per capita figure for 1909, the
Board's series of National income estimates.
reduced in 1929 in amount of $344,344,437, while first year in the Conference
estimates of
The Conference Board has developed a continuous series of
concurrently the Steel'Corp. and its subsidiary com- National income produced covering the period 1909 to 1933, by correlating
States
United
supplementing estimates foi shorter periods made by the
panies had to provide for capital expenditures in and
NaDepartment of Commerce, the Federal Trade Commission, and the
making provision for additional property, new tional Bureau of Economic Research. These estimates, which are prein the accompanying table, show an almost continuous increase from
plants, and extensions and improvements in the sented
$27.2 billion in 1909 to $74.3 billion in 1920, followed by a precipitous decline to $52.6 billion in 1921. Then occurred another rise to $78.5 billion
aggregate sum of $59,329,674.
in 1926, with some fluctuations from year to year, to $83 billion in 1929.
This reduction of extraordinary size in bonded in- Finally, came the drastic decline in the depression years from the peak
debtedness in 1929 was simply a continuance of the of $83 billion in 1929 to $38.3 billion in 1932, followed by the upturn to
$39.8 billion in 1933.
policy of constant debt reduction made in previous
ESTIMATES OF NATIONAL INCOME PRODUCED, 1909-1933.
years during almost the entire history of the corpoIndex of
National Income.
Wholesale
ration. Thus during 1928 the capital expenditures
Prices. AU
Per Gainful
Commodities,
Worker.
Per
Total,
Year.
by all companies for the acquisition of additional
Base,
Including
Capita.
Billion
Unemployed. 1926=100.
Dollars,
property, new plants, extensions and betterments,
67.6
$716
$300
27.2
including stripping and development expense at 1909
70.4
785
326
30.1
1910
64.9
761
314
29.4
1911
Yet
there
was a net 1912
mines, aggregated $47,146,725.
814
69.1
334
31.8
69.8
857
350
33.7
decrease of $18,572,113 during that year in the 1913
68.1
806
327
32.0
1914
860
69.5
347
1915
34.5
the
Steel
and
of
Corp.
debt
bonded and mortgage
85.5
1,093
439
1916
44.2
117.5
1.304
521
53.2
its subsidiaries, through sinking fund operations 1917
131.3
1,463
581
1918
60.2
138.6
1,623
642
67.4
and other processes for retiring debt. In 1927 the 1919
134.4
1,770
74.3
697
1920
97.6
1,233
1921
486
52.6
new capital additions were no less than $97,585,998, 1922
96.7
1,423
562
• 61.7
100.6
1,584
1923
626
69.8
while net indebtedness was reduced $17,514,824. In 1924
98.1
615
1,555
69.6
103.5
1,695
1925
77.1
671
1926 the new capital expenditures amounted to $76,- 1926
100.0
1.699
78.5
674
1927
•
95.4
77.2
653
1,647
96.7
671
80.5
1,691
080,520, while there was a reduction in net indebted- 1928
1929
95.3
683
1,719
83.0
1930
86.4
572
70.5
1,439
ness of $16,776,225.
1931
54.7
440
73.0
1,108
*307
64.8
.772
*38.3
In 1925 the capital expenditures reached $70,- 1932
1933
85.9
*795
*316
•39.8
893,944, while net debt was reduced $1,774,852. In
•Preliminary estimate.




1802

Financial Chronicle

Mar. 17 1934

The Trust Companies in New York and Elsewhere
The year 1933 was an eventful period for the bank- the different companies
are concerned, are those furing institutions of the country and was conspicuous nished by the compan
ies themselves and are for Dec.
for the many important legislative reforms in bank- 30 1933, the Superin
tendent of Banking having ising methods, such as the Emergency Banking Act sued no call of conditi
on whatever throughout the
passed by Congress on March 9, and signed by the year, thus leaving Dec.
31 1932 as the last date on
President on the same day, and the Glass-Steagall which a call was made
by him. As has been many
Bank Act which became a law on June 16 of that times pointed out
by us, it was the practice of the
year, both of which were undertaken with a view to New York State Bankin
g Department for a quarter
promoting a sounder banking structure for the of a century or more
to require reports for the closnation and as an aid in restoring the confidence ing day of the year, but
this was changed in Deof the people in its banking institutions. With the cember 1911 by the then
executive head of the Deassumption of office by Franklin D. Roosevelt, on partment, and from
that time to 1914 various dates
March 4 1933, as President of the United States, the in December were fixed
as the time of the return,
widespread State bank holidays which had been de- While in December
1915 the last day was again
clared and the attendant confusion in the banking chosen, but for 1916 the
date was dropped back
situation prompted the President to proclaim, on to Nov. 29, for 1917
to Nov. 14, and for 1918 to
March 5, a nation-wide four-day bank holiday, from Nov. 1; for 1919 the
date was fixed at Nov. 12; for
March 6 to March 9, whereby all banking institu- 1920, for 1921, for 1922, for
1923, and for 1924 at
tions were ordered to suspend their operations. This Nov. 15; for 1925 at Nov.
14, and for 1926 and 1927
was followed by the action, on March 6, of Secre- at Nov. 15. The Superin
tendent who inaugurated
tary of the Treasury Woodin, promulgating regula- the departure evidently
contemplated that there
tions whereby banks closed by the President's proc- should always be a return
for some date in Decemlamation were permitted to open and operate on a ber,though the date was
not to be known beforehand.
restricted basis. Chief among these regulations was Succeeding incumbents of
the office did not feel
the provision creating special trust accounts for bound by any such
rule, but in 1928 the Superinthe receipt of new deposits, which were subject to tendent once more
returned to the old practice and
withdrawal on demand without any restrictions or called for figures
for the closing day of the year—
limitations and were to be kept separately in cash Dec. 31 1928—w
hich practice has been continued
or on deposit in Federal Reserve banks or invested in 1929, 1930, 1931
and 1932, but, as we stated above,
in obligations of the United States. The regulations due to the
omission of all calls in 1933, we were
applied to any banking institution which was law- obliged to
depend upon the companies themselves
fully engaged in the business of receiving deposits for the figures
, and with few exceptions the returns
prior to March 6 1933. The bank holiday was ex- bear the date
Dec. 30 1933.
tended to and including March 11 1933, and on MonIn one respect the comparisons with the immedi
day (March 13) all banks in the 12 Federal Reserve ately preceding years
differ sharply from those we
Districts, which on first examination by the Treas- were accustomed
to see in our previous annual reury were found to be in a satisfactory condition, views of the figures
. Prior to 1930 growth and exwere given permission to reopen. This was followed pansion were
the distinguishing characteristics of
on Tuesday (March 14) by the resumption of all the returns. Not so for 1930, 1931,
1932 and 1933.
their functions by banks already found to be sound The totals are still of huge proportions, whether we
in cities where there were recognized clearing houses. deal with the figures for New York City alone or with
The latter represented approximately 250 cities of those for the whole State. But they nevertheless
the United States. On Wednesday (March 15) and show a big decrease from the totals at the end of
1929. For the entire State we must of necessity, as
succeeding days banks in smaller places all through
we explained above, omit the year 1933 from our
the country which were able to meet the require- comparisons; howeve
r, aggregate resources for
ments of the Treasury resumed business, subject, Dec.31 1932 stood at $7,076,906,362,
Which compared
of course, to the Government's physical ability to with $7,854,235,545 on Dec. 31 1931; with $9,514,complete its survey. The steps taken above had a 738,626 on Dec. 31 1930, and with $10,518,317,251 on
salutary effect upon the banking situation and re- Dec. 31 1929, while the deposits Dec. 31 1932 were
sulted in strengthening the financial condition of down to $5,502,240,531 as against $5,886,391,309
Dec. 31 1931; $6,985,593,186 on Dec. 31 1930, and
the banking institutions of the country by preparing $7,897,
639,468 on Dec.31 1929. This showed a shrinkthem for the period of reconstruction which we are age during the three years
of, roughly, 31/
2 billion
now undergoing.
dollars in the case of aggregate resources and a loss
Continuing the practice begun by us a long time of $2,395,398,937 in the case of the deposits. A
ago, we print on subsequent pages our annual com- shrinkage of closely similar magnitude appears in
parative returns of the trust companies in this city the case of the totals for Greater New York taken by
(Manhattan and Brooklyn boroughs) and also those itself. In the case of Greater New York the task of
preparing the figures for this comparison was not so
in Boston, Philadelphia, Baltimore and St. Louis,
difficult as it would have been for the entire State,
bringing down the figures to the close of 1933. For
and we undertook the preparation of this informathis city the figures, as far as liabilities and assets of tion ourselves. Aggregate resourc
es for the trust




1

Volume 138

Financial Chronicle

companies in Greater New York are reported at
$5,800,764,039 Dec. 30 1933 against $5,869,809,482
Dec. 31 1932; $6,483,343,530 Dec. 31 1931; $7,052,929,451 for Dec. 31 1930, and $8,988,691,935 for
Dec.31 1929,showing a decrease of nearly 3% billion
dollars, while the deposits are given as $4,441,321,079
Dec. 30 1933 against $4,541,261,912 Dec. 31 1932;
$4,807,408,326 Dec. 31 1931; $5,708,466,300 Dec. 31
1930, and $6,639,813,028 Dec. 31 1929, the decrease for the four years in this instance being
$2,198,491,949.
As qualifying somewhat the significance of this
cumulative shrinkage extending over four successive years, it is important to note that the falling
off in 1930 at least was owing in large part to special
circumstances. It happened that the Equitable
Trust Co. of this city was taken over by the Chase
National Bank, disappearing, therefore, from the
trust company class, and the Interstate Trust Co.
was in like manner absorbed by the Chase National
Bank. This happened on May 31 1930.
What an important effect the disappearance of
these two trust companies from the trust company
list had in diminishing the trust company totals will
appear when we say that on Dec. 31 1929 the Equitable Trust showed deposits of $765,344,701 and
aggregate resources of $1,013,970,798, while the
Interstate Trust Co. showed $60,081,602 deposits,
with aggregate resources of $85,183,447. The elimination of these two companies from the list thus
accounted for the whole of the big decrease in the
general totals during 1930. No such qualifying considerations, however, apply to the further great contraction that occurred in the trust company totals
in 1931 and 1932 (though there were numerous trust
company changes in both 1931 and 1932, the same
as in all other recent years), and this additional
shrinkage may fairly be regarded as showing the
trend or course of trust company operations during
the period of great depression.
We wish again to caution against considering
these trust companies as being made up of institutions doing an exclusively trust business. And the
remark applies with reference to the changes in the
amounts from year to year, or even the changes
between one return and the next succeeding one, or
one immediately preceding. As we have so frequently pointed out, mergers and consolidations
have for a long time been the order of the day among
the trust companies in this city, and such mergers
and consolidations have involved not alone the taking over of one trust company by another. More frequently they have meant the absorption by a trust
company of a National or State bank, and in these
instances, which of late years have been very common, the mercantile business of the absorbed bank
has of course been continued by the consolidated
institution, even though now it be carried on in the
name of a trust company. As a matter of fact, in
the case of some consolidated institutions, of which
the Irving Trust Co. of this city is a notable illustration, so many mercantile banks have been taken
over in the process of bank absorptions that the
operations of the enlarged institution may be said
to consist to a predominant extent of that of an
ordinary bank of loan and discount, rather than of
the class of business which of old was associated
with the name of a trust company.
On occasion it happens, as in the case of the Chase
National during 1930, that a bank, National or




1803

State, will take over a trust company and the trust
company will then disappear from the list, though
cases of that kind are no longer frequent and usually
involve small trust companies of minor consequence.
There have been instances even of the shifting of
trust companies—and not minor ones at that—from
the trust company designation to the National bank
category and then back again to the trust company
division, at least as far as charter organization is
concerned, though obviously the selection of the
form of organization does not alter the character of
the business. The living Trust Co. again comes up
as a case in point.
All this makes it difficult to interpret the changes
from year to year, or when there is steady expansion
to accept such expansion as a measure of the growth
of the pure trust company, operating within distinctly trust company lines. Palpably enough, the
increase just as likely may have occurred in the
ordinary mercantile banking business or have followed from the taking over of business of that kind
through merger and absorption.
Of course during 1930 there were other trust company mergers besides the Equitable and the Interstate, the effect of some of which was to diminish
the trust company totals and of others to increase
these totals, and of still others to make no change
at all, since it involved a combination of one trust
company with another. During 1931 there were also
the usual number of changes in the trust company
list, but these were of much less consequence than in
most other years and they were all enumerated in
our trust company article on the subject which appeared in our issue of Feb. 27 1932.
Most prominent among the changes during 1933
was the merger of the Lawyers' Trust Co. with the
County Trust Co., under the title of the Lawyers'County Trust Co., effective on Aug.1 1933. Prior to
the merger the County Trust Co., on April 13 1933,
transferred $1,500,000 from surplus and undivided
profits to reserve account, while an amount sufficient to liquidate all known losses and write-down
to current market value had been charged against
reserve. The effect of the foregoing merger on the
trust company totals was to reduce the aggregate
capital for Greater New York by $3,000,000, which
sum represented the capital of the Lawyers' Trust
Co. before the consolidation. However, the capital
of the merged institutions was placed at $2,000,000,
the same as that of the old County Trust Co. before
the merger. Other changes that occurred during
the year which helped to contribute to the further
decline in aggregate capital was the approval by
the stockholders on Jan. 19 1933 of the merger of
the Chemical Securities Corp. into the Chemical
Bank & Trust Co., by reducing the bank's capital
from $21,000,000 to $20,000,000 and transferring the
sum to undivided profits; the assets of the Chemical
Securities Corp., in the approximate amount of
$14,500,000, were transferred to the bank and placed
in a special reserve account. A further reduction in
capital was brought about by the failure on April 12
1933 of the Mercantile Bank & Trust Co., which at
the request of its Board of Directors was taken over
by the State Superintendent of Banks and its business and affairs placed in liquidation. The Mercantile Bank & Trust Co. on the last call date (Dec. 31
1932) had a capital of $900,000, with deposits of
$4,221,800 and aggregate resources totaling $5,656,700. One other change of lesser importance was

1804

Financial Chronicle

Mar. 17 1934

the dissolution, on Sept. 12 1933, by a vote of the Trust Co. of Rochester decreased its capital account
stockholders of the Continental Bank & Trust Co., $2,000,000 •by reducing the capital stock from
of its affiliate, the Continental Corp. of New York. $5,000,000 to $3,000,000.
We have spoken above of the capital reductions
In tabular form the capital increases or decreases
effected throughout 1933 in the trust companies of in New York State, outside Greater New York, are
Greater New York; it is important that we make set out in the following:
mention also of the additions to capital structure,
CAPITAL INCREASES IN NEW YORK STATE OUTSIDE GREATER
NEW YORK.
through the sale of capital notes in the aggregate
Amount o
amount of $78,779,900 undertaken during the year
Old
New
Name.
Date.
Capital.
Capital. Increase.
by many companies. The list follows:
Middletown—
CAPITAL NOTES SOLD DURING 1933.
Name of Company—
Amount.
Nameof Company—
Amount.
Bank of New York dr Tr. Co.. 31.000.000 Irving Trust Co
$5.000,000
Bankers Trust Co
5,000,000 Lawyers-County Trust Co_ _ _
250,000
Bronx County Trust Co
2,179,900 Manufacturers Trust Co__ __ 25,000,000
Central Hanover Bk.derr.Co. 5.000.000 Marine-Midland Trust Co_ _ _ 1,000,000
Chemical Bank & Trust Co
5,000,000 New York Trust Co
2,500,000
Continental Bank dr Tr. Co_
100,000 Title Guarantee dr Trust Co_ 3,000,000
Corn Exchange Bk. dr Tr. Co. 3,000,000 Trust Co. of North America..
500,000
Fulton Trust Co
250,000
Guaranty Trust Co
20,000,000
Total
$78,779,900

The foregoing changes concern the financial institutions in Greater New York. Outside of this city,
in the rest of the State, the Banking Department on
March 23 1933 approved the merger of the Patchogue
Bank & Trust Co. of Patchogue with the Citizens'
Trust Co. of the same place, under the title of the
Patchogue-Citizens' Bank & Trust Co. As of Dec.31
1932 (the last call date) the Patchogue Bank &
Trust Co. had a capital of $200,000, surplus and undivided profits of $366,119,and deposits of $1,871,395,
while the Citizens' Trust Co.'s capital was $200,000,
with surplus and undivided profits of $362,239, and
deposits of $4,041,492. On Nov. 23 1933 the State
Banking Department also approved the merger of
the Northside State Bank of Corning into the Corning Trust Co. of that place, under the title of the
latter institution. Thus the Northside State Bank
represents a new addition to the trust company list
through its merger with the Corning Trust Co. As
of the last call date (Dec. 31 1932) it had a capital
of $50,000, with surplus and undivided profits of
$33,444, and deposits of $241,518. Among the companies dropped from the list during the year were
the following: The Westchester Title & Trust Co. of
White Plains, which discontinued its banking department on Feb. 21 1933, the depositors receiving
payment in full plus interest up to the close of business on the above-mentioned date; the return of the
company for Dec. 31 1932 gave its capital as
$2,000,000, with $2,350,189 surplus and profits, and
$4,590,701 deposits. The Union Trust Co. of North
Tonawanda was closed on April 4 1933 on orders
from the State Superintendent of Banks; it reported
on Dec. 31 1932 capital of $250,000, with $45,013 surplus and undivided profits, and $586,289 in deposits.
In addition to the foregoing, on March 14 1933 a
special representative of the Superintendent was
appointed to conserve the assets of the Ramapo
Trust Co. of Spring Valley, which on Dec. 31 1932
reported capital as $200,000, with $41,250 surplus
and undivided profits, and $672,382 in deposits. The
Mt. Vernon Trust Co. of Mt. Vernon reopened on
March 24 1933 (after the bank holiday), on a restricted basis, under State law, and at the present
time is in process of reorganization. One other
change of minor importance was the action of the
stockholders of the M. & T. Trust Co. of Buffalo,
who on Jan. 10 1933 approved the change in title
to the Manufacturers'& Traders' Trust Co., effective
on Feb. 1 1933. The institutions which readjusted
their capital structure during the year were the
Orange County Trust Co. of Middletown, which increased its capital from $100,000 to $200,000, effective as of Nov. 6 1933. In November 1933 the Union




Orange County Trust Co

Nov. 6 1933

100,000

$
200.000

100,000

CAPITAL DECREASES IN NEW YORK STATE OUTSIDE GREATER
NEW YORK.

Name.
Rochester—
Union Trust Co

Date.
Nov.

1933

Old
Capital.

New
Amount of
Capital. Decrease.

t
5,000,00 03,000.000 2.000,000

NEW YORK STATE.
Change of Title.
The stockholders of the M. & T. Trust Co. of Buffalo, N. Y., on Jan. 10 1933
approved the change in title to the Manufacturers & Traders Trust Co., effective
as of Feb. 1 1933.

The capital of the trust companies had been
steadily increasing in all recent years up to 1930,
when the Equitable Trust Co. and the Interstate
Trust Co. dropped out, with the effect of heavily
reducing the total. For Greater New York the
total stood at $104,700,000 on Nov. 12 1919; $116,983,300 Nov. 15 1920; $125,500,000 Nov. 15 1921;
$127,600,000 Nov. 15 1922; $159,000,000 Nov. 15
1923; $163,000,000 Nov. 15 1924; $169,500,000 Nov.
14 1925; $193,050,000 Nov. 15 1926; $224,700,000
Nov. 15 1927; $266,830,000 Dec. 31 1928; $437,688,700 Dec. 31 1929, with a drop to $389,900,000 on
Dec. 31 1930, to $367,825,000 Dec. 31 1931, to $349,360,000 Dec. 31 1932, and to $341;010,000 Dec. 30
1933, but unlike that of previous years, a new factor
has entered into the picture in the form of capital
notes, and during 1933 many of the trust companies
of Greater New York enlarged their capital structures through the sale of capital notes in the total
amount of $78,779,900.
A better measure of the changes in the operations of the
trust companies is afforded by the totals of the deposits,
but as a matter of fact all comparisons for 1930 were disturbed by the disappearance of the Equitable Trust Co.
from the list. As already noted, the amount of this item for
Greater New York, for Dec. 31 1930, was $5,708,466,300;
for Dec. 31 1931 the amount dropped to $4,807,408,326, and
for Dec. 31 1932 it was down to $4,541,261,912, while on
Dec. 30 1933 it declined to $4,441,321,079; this compares
with $6,639,813,028 Dec. 31 1929, but with $5,037,683,910
Dec. 31 1928. For Nov. 15 1927 the figure was $3,809,385,206
and for Nov. 15 1926 $3,090,619,710. On the other hand, in
the year ending Nov. 14 1925 the deposits showed an actual
falling off in amount of $63,170,251, though the elimination
of the Metropolitan Trust Co. from the list at that time was
responsible for $48,803,080 of that loss.
As pointed out in previous reviews, in 1920 and 1921 the
trust companies, like the mercantile banks, had their
deposits drawn down under the influence of business depression, credit restriction and price deflation. On the other
hand, in 1922, 1923 and 1924 the trust companies, no less
than the banks, enjoyed renewed growth in their deposits
with the return to normal conditions. And, as a matter of
fact, the fluctuations in the items referred to in the case of
the trust companies always correspond quite closely with
the fluctuations in the same items in the case of the banks.
The business of the two classes of institutions is becoming
more or less similar, at least in this city. In addition, the
deposits grew by reason of the absorption of so many large
banks, this movement having been particularly in evidence
in 1929, as noted by us at the time. In other recent years,
however, there have also been important amalgamations of
trust companies with banks, and in such instances the consolidated institution of course has continued both the former mercantile business and the trust company work. In
some of these amalgamations the result has been, as explained above, the transfer of a bank to the trust company

Volume 138

Financial Chronicle

1805

15 1926; with $18,993,654 of bills paylist, the charter of the bank being surrendered and the char- discounts on Nov.
on Nov. 14 1925; with only $2,758,rediscounts
no
with
able
the
cases,
other
ter of the trust company retained, while in
Nov. 15 1924 and with $16,effect has been to transfer a trust company to the bank 406 bills payable and rediscounts
Nov. 15 1922; $35,631,000
$9,281,621
1923;
15
Nov.
The
up.
981,613
given
being
company
group, the charter of the trust
15 1920, and $230,815,610
truth is, as a consequence of such combinations there was so Nov. 15 1921; $242,934,456 Nov.
much shifting from the trust company list to the bank group, Nov. 12 1919.
For the whole State however, borrowing increased the
and vice versa, in these earlier periods, that comparisons beof the
tween one date and another over a series of years were con- latter part of 1931 and for Dec. 31 1931, the amount
redisthe
and
$46,415,791
at
reported
was
bills
payable
siderably disturbed.
For
For Greater New York aggregate deposits between counts at $7,482,586, making $53,898,377 together.
$26,468,924
was
payable
bills
the
of
to
1
the
31
amount
1932
Dec.
$2,443,087,07
from
fell
1921
15
Nov. 12 1919 and Nov.
together;
$2,001,080,342. By Nov. 15 1922 the amount was back to and the rediscounts at $1,883,319 or $28,352,243
which
$32,726,238
was
1930
31
Dec.
items
0,
two
the
total
of
$2,486,238,62
the
to
up
was
it
1923
15
Nov.
for
7;
$2,208,982,61
31
Dec.
$133,336,624
1929;
31
Dec.
with
$103,334,315
$3,031,to
compares
or larger than before; by Nov.15 1924 it had risen
15 1926;
376,388, but by Nov. 14 1925 had dropped somewhat lower to 1928; $44,576,786 Nov. 15 1927; $43,309,209 Nov.
The
$2,968,206,137; on Nov. 15 1926 it moved up to $3,090,619,710, $42,876,978 Nov. 14 1925, and $10,488,998 Nov. 15 1924.
infor Nov. 15 1927 it rose to $3,809,385,206, the exceptional acceptances outstanding, also, after haNIng enormously
1932
31
Dec.
For
rapidly.
very
declining
extennow
are
of
over
creased,
taking
the
to
extent of the increase being due
sive amounts of banking business through mergers, while the amount (for the whole State) was reported at $231,995,for Dec. 31 1928, the total was $5,037,683,910 and for Dec. 193 with $4,255,591 additional representing bills purchased
31 1929 was up to $6,639,813,028, but on Dec. 31 1930 fell to and sold with endorsement, making $236,250,784 together.
was
$5,708,466,300, for Dec. 31 1931 dropped to $4,807,408,326, For Dec. 31 1931, the amount of acceptances
for Dec. 31 1932 was down to $4,541,261,912, and for Dec. 30 $321,790,335 with $161,391,455 additional of bills purchased,
making $483,181,790 together. For Dec. 31 1930 the amount
1983 was reduced to $4,441,321,079.
For the whole State the deposits of the trust companies, of the acceptances was reported at $474,575,822 with $393,after having fallen from $2,885,355,813 Nov. 12 1919 to 218,168 additional representing bills purchased making
$2,672,289,441 Nov. 15 1920, and then to $2,497,547,429 $867,793,990 together. This compares with $653,634,421 of
Nov. 15 1921, on Nov. 15 1922 got back to $2,770,799,561, for acceptances Dec. 31 1929; $402,809,136 Dec. 31 1928; $285,Nov. 15 1923 were up to $3,090,947,512, for Nov. 15 1924 189,377 Nov. 15 1927; $198,617,094 in 1926, $184,041,566 in
jumped to $3,743,655,185, for Nov. 14 1915 stood at $3,767,- 1925, $163,450,398 in 1924, $147,329,908 in 1923, and $111,251,862, for Nov. 15 1926 increased to $4,030,384,615, for 081,592 in 1922.
Turning now to the assets, the collateral loans still conNov. 15 1927 to $4,874,663,685, for Dec. 31 1928 to $6,211,295,841, and for Dec. 31 1929 took a leap to $7,897,639,468, stitute the largest single item among the investments of the
but for Dec. 31 1930 dropped to $6,985,593,186, for Dec. 31 trust companies, but naturally with Stock Exchange specula1931 to $5,886,391,309, and for Dec. 31 1932 stood at tion so heavily reduced and with the Equitable Trust out,
$5,502,240,531. As stated above, no figures were available a considerable decrease occurred during 1930 and 1931 with
a further large contraction in 1932. Such loans have always
for Dec. 30 1933 for the State as a whole.
The item of surplus and profits which in 1921 showed
been a favorite form of investment with these institutions,
some shrinkage (owing, no doubt, to diminished profits as and the high interest rates obtainable for most of 1929
well as the charging off of heavier losses than usual), made made them especially inviting in that year. For Greater
New York the aggregate of these loans fell from $1,115,new high record totals each year thereafter, until 1930, with
a comparatively small falling off even in that year, notwith- 503,148 Nov. 12 1919 to $896,288,916 Nov. 15 1920, and furstanding the dropping out of the Equitable Trust. It should ther declined to $744,386,339 Nov. 15 1921, but recovered
be understood, however, that the increase did not in its to $846,437,293 Nov. 15 1922, to $859,511,995 Nov. 15 1923,
entirety reflect accumulation of surplus earnings. In part it rose to $1,202,283,870 Nov. 15 1924; to $1,267,717,424 Nov.
followed from the selling of new stock at a premium and 14 1925; to $1,239,113,920 Nov. 15 1926; to $1,511,817,492
In part from the taking over of big mercantile banks. Sur- Nov. 15 1927; to $2,026,737,277 Dec. 31 1928; to $2,627,281,plus and profits for the trust companies in Greater New 412 Dec. 31 1929, but for Dec. 31 1930, fell to $2,199,907,York were heavily reduced during 1931 owing to the charging 922 for Dec. 31 1931 dropped to $1,519,858,494 and for Dec.
off of losses and depreciation and were reported at only 311932, were down to $1,078,227,028. For Dec.30 1933 it was
$710,323,527 Dec. 31, 1931. and dropped to $619,294,276 Dec. not possible to segregate the various loan items, as was the
31 1932, with the total at $547,740,527 Dec. 30 1933 as procedure in past years, due to the nature of the reports, and
against $835,081,347 Dec. 31 1930; $884,410,092 Dec. 31 it was necessary for us to confine ourselves to the some1929; $485,139,692 Dec. 31 1928; $346,909,297 Nov. 15 what broad and general term, "Loans and Discounts,"
1927; $281,150,160 Nov. 15 1926; $237,865,765 Nov. 14 and the total for Greater New York on this date was $1,1925; $219,006,842 Nov. 15 1924; $202,022,101 Nov. 15 1923; 997,241,654. For the whole State collateral loans Dec. 31
$197,338,717 Nov. 15 1922; $175,565,266 Nov. 15 1921; $187,- 1932 amounted to $1,366,277,858, which compares with
349,468 Nov. 15 1920, and $179,326,098 Nov. 12 1919. For $1,880,620,001 Dec. 31 1931; with $2,635,933,130 Dec. 31
the whole State, including Greater New York, the 1930; with $3,094,294,099 Dec. 31 1929, but with $2,435,227,surplus account (with all undivided profits) Dec. 31 1931 526 Dec. 31 1928; with $1,813,150,860 Nov. 15 1927; with $1,aggregated $814,150,627 and Dec. 31 1932, was only $709,- 491,410,495 on Nov. 15 1026; with $1,470,452,312 in 1925, and
960,881 against 8968,036,395 Dec. 31 1930. This compares $1,354,727,295 in 1924. The bill holdings, also, after having
with $1,012,017,720 Dec. 31 1929 but $581,394,018 Dec. 81 enormously expanded owing to the absorption of so many
1928; $424,247,856 Nov. 15 1927; $346,840,350 Nov. 15 1926; banks with a large banking business of a strictly commer$288,624,503 Nov. 14 1925; $263,732,250 Nov. 15 1924; $242,- cial nature underwent sharp contraction in 1932, one reason
049,428 Nov. 15 1923; $235,322,994 Nov. 15 1922; $209,223,775 being that there were so few bills available for purchase.
Nov. 15 1921; $219,945,439 Nov. 15 1920, and $211,441,830 The designation of the item in the statement given out by
the State Banking Department is "Loans, Discounts and
Nov. 12 1919.
Bills Purchased Not Secured by Collateral," and the aggreto
in
any
borrowing
engaged
not
are
companies
The trust
great extent, notwithstanding that they have absorbed so gate amount for the trust companies in Greater New York
many large banks. For all the trust companies in Greater for Dec. 31 1932 is reported at $641,266,946, against $1,New York the total of the bills payable outstanding Dec. 31 022,101,806 Dec. 31 1981; $1,314,229,293 Dec. 31 1930; $1,1932 was little more than nominal, being only $826,699 825,671,999 Dec. 31 1929; $1,064,089,284 Dec. 31 1928; $955,and was further reduced on Dec. 30 1933 to $119,036, while 069,496 Nov. 15 1927; $726,280,962 Nov. 15 1926; $668,845.they had no rediscounts whatever outstanding on Dec. 31 396 Nov. 14 1925; $626,867,758 Nov. 15 1924; $620,301,146
1932. On Dec. 31 1931 the bills payable were $11,516,439, Nov. 15 1923; $448,204,530 Nov. 15 1922; $486,467,500 Nov.
with rediscounts of $201,900. This compares with $19,- 15 1921; $646,822,007 Nov. 15 1920, and $479,327,753 Nov.
099,327, bills payable and $1,931,000 rediscounts Dec. 31 12 1919. For the whole State the amount stands at $840,187,1930; with $80,050,058 of bills payable and $1,090,000 of re- 855 Dec. 31 1932 against $1,275,791,458 Dec. 31 1931; $1,609,discounts on Dec. 31 1929; with $93,031,104 of bills pay- 995,949 Dec. 31 1930; $2,171,780,867 Dec. 31 1929; $1,378,able and $380,000 of rediscounts on Dec. 31 1928; with $24,- 006,520 Dec. 31 1928; $1,240,097,560 Nov. 15 1927; $998,922,495 of bills payable and $1,134,750 of rediscounts Nov. 111,748 in 1926; $880,261,088 in 1925, and $810,321,168 in
15 1927; with $27,608,314 bills payable and $400,000 of re- 1924.




1806

Financial Chronicle
Mar. 17 1934
The stock and bond investments constitute another very 005,846 Dec. 31 1932 against $648,871,79 Dec. 31 1931;
9
large item, and these increased further in 1930 notwithstand- $911,766,964 Dec. 31 1930; $1,374,765,856 Dec. 31 1929; $1,ing the disappearance of the Equitable Trust and further 089,128,075 Dec. 31 1928; $443,194,60
9 Nov. 15 1927; $294,enormously increased in 1931 and 1932. The aggregate for the 989,498 Nov. 15 1926; $103,511,447 Nov.
14 1925; $141,416,companies in Greater New York on Dec. 30 1933 was $2,242,- 538 Nov. 15 1924; $260,573,825 Nov.
15 1923; $164,352,748
158,528 as against $2,416,414,389 on Dec. 31 1932, represent- Nov. 15 1922; $146,059,87 in 1921;
1
$167,713,628 in 1920,
ing a decrease of $174,255,861 and compares with $1,685,- and $105,552,25
8 in 1919.
615,274 Dec. 31 1931; with $1,354,404,084 Dec. 31 1930; with
In the foregoing we have been dealing with the trust
$1,162,677,244 Dec. 31 1929; $766,245,114 Dec. 31 1928; $735,- companies as
a whole. As far as the separate companies
902,221 Nov. 15 1927; $653,013,089 Nov. 15 1926; $639,092,695 are concerned,
the elaborate statements on subsequent pages
Nov. 14 1925; $761,457,826 Nov. 15 1924; $578,844,733 Nov. 15 will enable
the reader to ascertain what the experience
1923; $607,744,730 Nov. 15 1922; $480,806,007 Nov. 15 1921;
of each company has been as between 1931 and 1933. To
$460,767,809 Nov.15 1920, and $570,213,964 Nov.12 1919. For
furnish a sort of general survey we introduce here the folthe whole State the total Dec. 31 1932 was $2,755,709,174
lowing table comprising all the separate companies in the
against $2,036,430,286 Dec. 31 1931; $1,726,838,247 Dec. 31
Boroughs of Manhattan and Brooklyn, and showing the
1930; $1,454,215,758 Dec. 31 1929; $1,063,311,071 Dec. 31
deposits on Dec. 31 of the last five years:
1928; $1,054,028,130 Nov. 15 1927; $932,691,071 Nov. 15
DEPOSITS OF NEW YORK CITY TRUST COMPANIES.
1926; $921,557,895 Nov. 14 1925, and $1,037,185,829 Nov. 15
1924. The real estate held does not ordinarily vary greatly
Borough of Manhattan Dec. 31 '29.1D6c. 31 '30.Dec. 31 '31 Dec. 31 '32 Dec. 30'33.
from year to year, but increased heavily in 1929, 1930 and
American Exp Bank &
$
8
2
$
$
1931 and for a part of 1932; for the companies in Greater
Trust Co
(27)
27
24,361,271
(27)
(27)
(27)
American
m 58.998,111
(m)
(m)
(m)
(m)
New York the total Sept. 30 1932 was $183,919,203 and Anglo-Sou
Amer Tr...2 12.503,7'' 6,467.598 4.151.577 2,778,990 3,272,057
Dec. 31 1932, $163,620,642; on Dec. 30 1933 the total was Banat Corn Ital Tr__3 25.291,1'' 15.458.51. 12,725,359 11,044,80. 10,163,470
Banco di Napoli Tr_28
8,244.6 I 5.336.467 4.412,083 6.354,979
$166,287,774, an increase of $2,667,132 over Dec. 31 1932 Banco dl Ellen Trust__4 14,069,:I I 11,795,611 9,098,162
6,121,550 6,843,616
Bankers
608,094,1 i.638,468,081 558,413,189 623,744,054613,603,582
against $164,440,187 Dec. 31 1931; $141,695,764 Dec. 31 Bank
of Athens Trust _f 5,701.7'' '6,893,922 4,978,419 3,740,621 2.663,610
Bank of Europe Tr_ _ _a 15,473, II 13.730,99
(a)
(a)
(4)
1930; $129,097,078 Dec. 31 1929; $69,248,000 Dec. 31 Bank
of Manhat Tr_26397.094,200469,093,737 375,156,092 352,960,271
(26)
1928; $56,189,912 Nov. 15 1927; $42,440,287 Nov. 15 Bank of NY &Tr_ _ _w 126.953,6'' 103.462,374 105,769,791 104,970,279 123,080,731
&
3.956.311
Plaza
Broadway
7,217,519
Tr 9
(9)
(9)
(9)
1926; $40,530,591 Nov. 14 1925; $46,500,246 Nov. 15 Cent Hanover Bk&Trk
598,326,400660,778.800608.191,909 594,220,198577.596,901
Mercantile Bk &'17_13 19,775.501
5,929,872 4,221,792
(13)
1924; $51,050,870 Nov. 15 1923; $48,900,549 Nov. 15 1922; Chemical
Bk dr Tr_ _18337,471,800357,250.691 297,395,849 322,930,705322,218,276
$45,975,995 in November 1921; $45,052,851 in November City Bk Farmers Tr_19 50.403,500 49,216,358 46,830,430 50,752.702 47,399,812
Clinton Trust Co.._15
604.500 1,536,811 2,038,532 2,183,017 2.806,767
1920, and $44,703,110 in November 1919. The amount of Colonial Trust Co__16 13,398,400 12,403,357 14,076,247 8,954,718
(16)
Continental Bk & Tr 22 29,771,200 24,903,774 37,433,581 34,177,711 31,981,380
bonds and mortgages owned has heretofore changed com- Corn Exch Bk & Tr_14259.592,000248,209,247239,008.843213,525,939211,789,105
-County ......-1 29,019,900 25.860,019 20,080,119 20,342,518 31,747,240
paratively little from year to year, but during the last few Lawyers'
Empire
90,031,700 81,326,422 74,063,888 58,898,276 56,024,440
91.194
21 765.344.700
173,433
years, has increased, the total for Dec. 30 1933 for the trust Equitable
664,188
(21)
(19)
Farmers Loan dr Trust
(19)
(19)
(19)
(19)
companies of Greater New York being $112,178,117 against Fidelity Trust
1 53,324,500
Midland Tr Co, __...... 63,455,491 53,400,853 61,865,031 65.851,850
$129,190,290 Dec. 31 1932; $146,494,460 Dec. 31 1981; $163,- Marine
x'...,,,,.nt..r.. -c.• ii 17 4R1 In0 15 (1411.4s 1
(I)
15303 587 a 1 co eon
057,041 Dec. 31 1980; $164,087,687 Dec. 31 1920; $121,360,951
Dec. 31 1928; $112,573,510 Nov. 15 1927; $117,296,925 in No- Borough of Manhauan.Dec. 31 '29. Dec. 31 '302Dec. 31 '31.!11ec. 31 '32.33ee. 30'33.
vember 1926; $89,053,572 in November 1925; $76,177,295 in
2
$
$
I
Trust Cor
I 3.486.725 8,835,431 9,299,738
November 1024; $73,340,713 in November 1923; $55,660,301 Fiduciary
Fulton
16,949,100 18,257,668 16,543,427 16,244,083 15.072.656
Guaranty
17 1,300.324.60) 1,331,701098 1,051,029.384 1,031.433,8 1,019.582,852
In November 1922; $60,374,001 in November 1921; $58,694,686 Hellenic
Bk & Tr__ _29
2,150,621 3,738,165 3.336,842 2,660,077
Intenutt Germanic Tr 6 15,654.500
In November 1920, and $60,599,653 in 1919.
(6)
6
(6)
(6)
Internet Trust Co_
10,194,244
(22)
(22)
(22)
The reserve held by the trust companies with the Federal Am Exch Irving Tr.._b 654.407,200 618,804,153440,018,58615
,764,059412,928,075
Int. Madison Bk&Tr2
9,642,600 7,479,903 17.573,382.1
(20)
(20)
(20)
Reserve Bank has increased heavily during the last few Interstate
Trust
z 60,081.600
(a)
(x)
(x)
I
(1)
Trust
21,868,700 24,053,1871
years, as would be expected from the inclusion of so many Lawyers
13,571.8
(I)
Murray Hill Tr Co
9,548,500
(y)
I
(y)
(v)
(v)
I
large banks. With respect to the items, specie, other cur- New York
305.927.500 325,010,943 252.070,083260.511,486 245,859,381
Pacific Coast Trust.- 20,456,400
(7)
(7)
rency authorized by the laws of the United States, cash J Henry Schroder Tr 23 1,221,900 3.509,031 4,225,863 4,380,121
6,738,870
Times Square Tr Co_
(g)
4,314.900 2,165.912,
(a)
(a)
Items, due from approved reserve depositaries, and due from Title
Guar & Trust
47,693,600 45,714.307i 43,368.983 37.405.222 28.699,657
4.693,900 3,410,110, 3,351,771 3,480,836 3,683,237
other banks and trust companies, it was again necessary Trust Co of N A. N
Underwriters Tr Co.2
1,290,400 10,184,7541 5,920.686 6,518.732 7,532,198
for us to group them under the broad term "Cash and Due United States
72.114.000 58.077.2101 63,542,541 68,592,558 58,792,481
from Banks," which on Dec. 30 1933 for the companies of
Total
a 8.078,995,603 5,308,888,54 4,389,184,781 4,358,219,995 3,928,478,89
Greater New York amounted to $971,307,429. The amount
DEPOSITS OF NEW YORK CITY TRUST COMPANIES.
due from the Federal Reserve Bank of New York, less
offsets, combined with the amount due from approved
Borough of Brooklyn. .Dec. 31 '29.Dec. 31 '30.!Dite. 31 '31.Dec. 31 '112]Dec. 30 '33.
reserve depositaries, less offsets, aggregated for the trust
$
$
I
$
s
$
companies of Greater New York on Dec. 31 1932, $664,- Brooklyn
8 122,437.
131,883.043111,188.588113,491,337 93,098,487
Globe
Bank
dr
10,427,7
Trust
8.118.268
24
(24)
(24)
836,153, against $541,133,916 Dec. 31 1931; $671,868,304 Kings County
(24)
31,269,184 30,948.050 29,474,440 27,092,448
30.485,
e 386,974,800 219.456,274 270,090.907 393,036,410382,273,563
Dec. 31 1930; $646,291,898 Dec. 31 1929; $482,810,415 Manufacturers
MIdwood
•
10.851.091
(a)
(s)
(0)
Dec. 31 1928; $394,954,589 Nov. 15 1927; $321,400,741 Municipal 13k dr Tr_10 10.491,900
(10)
(10)
(10)
(10)
(10)
on Nov. 15 1926; $321,196,215 Nov. 14 1925; $338,428,608
Total
580,816,900401.577.859418,223.545 536.002,1871502,464,49g
Nov. 15 1924; $260,735,096 Nov. 15 1923; $243,672,704 Nov. Total Greater
N Y.__I 8,839,812,500 5,708,488,3751 4.8)7,408,32J 4.804.227.182 4.43
0.941,388
15 1922; $234.304,212 in November 1921; $196,965,929 in
a Corporation Trust included in total for all the years;
had depoeits of $79,332
November 1920, and $238,737,114 in November 1919.
on Dec. 30 1933.
The trust companies never held large sums of cash in
b Flatbugh Trust of Brooklyn was consolidated with Broadway
of New lark
City March fl 1912. The Broadway changed title to Irving
their own vaults, and the holdings of "specie" by the com- and
Market & Fulton National consolidated with Irving InTrust Nov 30 1917
March
1916 On
April 19 1920 the Irving Trust was merged in the Irving
panies in Greater New York on Dec. 31 1932 were only appeared
National Bank and die
from the trust company list on Feb. 7 1923 the
Columbia Trust Co.
was
consolidated with the Irving Bank. the new Institution becoming the Irving
$5,507,260 against $6,959,273 Dec. 31 1931; $8,692,655 Dec.
Rank-Columbia
Co.. and accordingly reappeared in the trust company list.
31 1930; $9,200,435 Dec. 31 1929; $6,663.753 Dec. 31 1928: A merger of theTrust
Irving Bank-Columbia Trust Co and the National Butchers &
Drovers Bank, under the name Irving Bank & Trust Co. became
effective Sept 20
$4,937,016 Nov. 15 1927; $4,026,528 Nov. 15 1926; $3,637,699 1926. American Exchange-Pacific Bank was merged
Irving Bank & Trust Co. under the name of American on Dee 11 1926 with the
In November 1925; $3,493,095 in November 1924; $3,460,696 and
Exchange
on Feb. 1 1929 returned to Its former title, the Irving Trust Irving Trust Co.,
Co.
In November 1923; $4,000,736 in November 1922; $5,233,340
a Citizens Trust C.o. took over Manufacturers' National
Bank Aug. 12 1914.
becoming Manufacturers' Trust Co.. which absorbed the West Side
In November 1921; $8,877,761 in 1920, and $11,138,921 in
Bank, New
York City. June 15 1918. the Ridgewood National Bank
1 1921, the North
1919. In addition, the companies of Greater New York Side Bank of Brooklyn April 28 1922.,he Industrial Bank ofSept.
New
York
Dec.tx
City
1922. the Columbia Bank Aug. 14 1923 and the Standard Bank
and the Commonreported $31,100,996 of "other currency authorized by the wealth Bank a of July
29 1927. Merger of the Capitol
Longacre Bank and United National Bank Into the National Bank dr Trust Co..
United Capitol Nat. Bank &
laws of the United States" on Dec. 31 1932, against $41,- Tr. Co. on Mar. 1928. and later acquired by
Manufacturers Trust Co. on June
1928, On Jan. 28 1929 absorbed the State Bank
& Trust Co., which on Dee. 31
418,780 Dec. 31 1931; $62,585,132 Dec. 31 1930; $40,740,021 61928
had deposits of 2109,362,900, and on Aug. 11 1931 the
MIdwood Trust Co. of
Dec. 31 1929; $27,823.129 Dec. 31 1928; $22,709,275 Nov. 15 Brooklyn. On Aug. 25 1931 acquired the Brooklyn National
received the value realized upon the assets turned over to the Bank; stockholders
Manufacturers Trust
1927; $20.031,065 in 1926; $23,823,016 in 1925; $18,279,919 Co. after payment of all liabilities. The Chatham Phenix National
Bank & Trust
Co.
with the Manufacturers Trust Co. under the title of the latter
Feb. 9
In 1924; $23,795,804 in 1923; $17,851,658 in 1922; $17,704,- 1932.merged
The N. Y. State Banking Dept. on the same date approved the on
merger of
the
Empire
City
Safe
Deposit
Co.
Into the Manufacturers Trust Co. under the
536 in 1921; $19,419,590 in 1920, and $23,315,808 in 1919. title of the Manufacturers
Safe Deposit Co.
The remaining cash items, viz.: "exchanges and checks for
(Bank of Athens Trust Co. began huskies, April 1 1926.
next day's clearings and other cash items," aggregated for
a Bank of Europe on Feb 24 1928 entered the trust company
list under the
title of the Bank of Europe Trust Co. On Aug. 28 1931
the
of Europe Trust
the trust companies of Greater New York only $213,- Co. and
Its affiliate, the Bank of Europe Safe Deposit Co., Bank
were
both
taken over
by the State




Banking Department.

Volume 138

i County Trust Co. of New York began business Feb. 23 1926, and effective
Aug. 1 1933 took over the Lawyers' Trust Co. of New York, the new institution
being the Lawyers-County Trust Co.
Formerly the Federation Bank of New York and began business In May 1923
Name changed to the Federation Bank & Trust Co and began Wellness as a trust
company on April 15 1926. On Oct. 30 1931 the State Banking Department took
over the bank along with its affiliate, the Federation Safe Deposit Co. The bank
resumed business on Oct. 3 1932.
k Central and Union Oonadlidated June 18 1918. Merger with the Hanover
National Bank under the title of the Central Hanover Bank & Trust Co. approved
on May 14 1929. On Dec. 31 1928 the Central Union Trust Co. had deposits of
$297.398.100.
I Lawyers Tnist Co. began business Feb 28 1925 to take over trust business
heretofore done by the Lawyers Title & Trust Co. and merged with the County
Trust Co. of New York on Aug. 1 1933 under the title of the Lawyers-County
Trust Co.
es American Trust organized Jan.27 1919.absorbed Queens Co Trust Sept. 1919
and was merged on Nov. 17 1930 into the Bank of Manhattan Trust Co.
r Began business in 1930.
8 Began business Sept. 1920. Absorbed by the Manufacturers on Aug. 11 1931
with the stockholders of the Midwood Trust Co. receiving the value realized upon
the assets tarnnd over to the Manufacturers Trust Co. after payment of liabilities.
w New York Life Insurance & Trust merged with Bank of New York, termini
Bank of New York & Trion Co. Sept. 1922.
x Interstate Truss CO. began business Oct. 14 1926, and, as of the close of business
June 30 1927. arquIred Bloomingdale Bros Bank and merged with the Franklin
National Bank. Merged on Jan. 21 1928 with Hamilton National Bank. and on
Aug. 10 1929 with the Century Bank. On May 31 1930 merged Into the Chase
National Bank.
y Murray Hill Trust Co. opened for business on Sept. 7 1926 and merged into the
Bank of America (N. A.) on Feb. 15 1930.
z Times Square Trust Co. began business on Oct. 5 1926. Taken over by the
State Banking Department along with its affiliate, the Times Square Safe Deposit
Co., both as of Aug. 5 1931.
(1) Coal & Iron National Bank merged Into the Fidelity-International Trust
Co.; name of latter changed to Fidelity Trust Co. as of Feb. 27 1926; acquired by
the Marine Midland Corp. as of April 16 1930 and title changed to the Marine
Midland Trust Co. on July 1 1930.
(2) Began business,, Dec. 3 1923.
(3) Began business June 16 1924 and on JUDO 28 1927 Unwired the Security Bank
Absorbed the private banking firm of DI Sesta & DI Sesa on Aug. 25 1928 and the
private banking business of Louis M.P. Scotto, 212 Columbia St., Brooklyn, as of
March 1929. The Bancomit Corporation, Investment affiliate of the Bence Commerciale Italians Trust Co., dissolved the corporation on Aug. 17 1932.
(4) Began business April 20 1925 and acquired the Windsor Bank on Aug.4 1928.
(6) Began business on Oct. 17 1927: merged with the Mutual Trust Co.. which
was formerly known as the City Trust Co.. on Aug. 16 1929 and the Terminal Trust
Co.on Feb.20 1928; name changed to the International Trust Co.as of Jan.21 1930.
Acquired by the Continental Bank & Trust Co. on Sept. 15 1931.
(7) Began business on April 23 1927: name changed to Pacific Trust Co. as of
July 25 1929 and on June 27 1930 merged into the Manufacturers Trust Co.
(8) Acquired Bank of Coney Island on Jan. 10 1928: the Mechanics Bank of
Brooklyn on Feb. 8 1929. and the Guardian National Bank and the State Bank of
Richmond County (Staten Island) on Jan. 20 1930.
(9) Began business Dec. 5 1923 and on Sept. 29 1930 merged with the Plaza
Trust Co.. Park Row Trust Co. and the Broadway National Bank and Trust Co.
under title of the Broadway & Plaza Trust Co.; Park Row Trust Co., which began
business on April 7 1930. was formed by a group of directors of the Plaza Trust Co.
to acquire the Clarke Brothers Bank which failed in June 1930. Merged on April 4
1931 into the Hibernia Trust Co.
(10) Formerly Municipal Bank; name changed on Aug. 15 1928. Absorbed
Seventh National Bank on Dec. 21 1928, and was acquired by the Bank of United
States, effective May 13 1929.
(13) Chelsea Exchange Bank granted trust powers and title changed to the
Chelsea Bank & Trust Co. on Oct. 28 1929: closed on Dec. 23 1930. Reorganized
and began business on June 4 1931 under the title of the Mercantile Bank & Trust Co.
On April 12 1933 the institution was taken over by the State Superintendent of
Banks at the request of its board of directors, and its business and affairs were
placed in liquidation.
(14) Corn Exchange Bank changed Its name to the Corn Exchange Bank & Trust
Co. on May 21.1929.
(15) Opened for business on Dec. 19 1929.
(16) No report for Dec. 31 1933 available. Began business May 15 1929 and
on April 4 1931 acquired the Broadway & Plaza Trust Co. Effective June 27 1932,
title of the Hibernia Trust Co. changed to the Colonial Trust Co.; no other corporate
change was involved.
(17) Acquired the National Bank of Commerce on May 6 1929.
(18) Stockholders of the Chemical Bank & Trust Co. on Jan. 19 1933 approved
the merger of the Chemical Securities Corp. into the Chemical Bank & Trust Co.
by reducing the bank's capital from 321,000,000 to $20,000,000 and transferring
the sum to undivided profits; the assets of the Chemical Securities Corp. In the
approximate amount of $14,500,000 were transferred to the bank and placed in a
special reserve account. Chemical National Bank and the U. S. Mortgage & Trust
Co. merged on June 29 1929 under title of the Chemical Bank & Trust Co. On
Dec. 31 1928 the U. S. Mortgage & Trust Co. had deposits of 175,057,000.
(19) Farmers Loan & Trust Co. became affiliated with the National City Bank and
title changed to the City Bank Farmers Trust Co. on June 28 1929.
(20) Merger of the International Union Bk. & Tr. Co. and the Madison State
Bank on Oct. 311929. Taken over by State Banking Department on Aug.5 1931.
(21) Merger with Seaboard National Bank under the trust charter effective
Sept. 16 1929; merged On May 31 1930 with the Chase National Bank under the
National bank charter. Present Equitable Trust Co. Is an affiliated institution of
the Chase National Bank, being known as the Equitable Trust Branch of the Chase
National Bank. On Dec. 19 1931 took over the trust buslness of the American
Express Bank & Trust Co., which was acquired by the Chase National Bank as of
the same date.
(22) Formerly Continental Bank name changed on Nov. 11 1929 to the Continental Bk. & Tr.Co. and on Sept. 15 1931 acquired the Straus National Bank
& Trust Co. and the International Trust Co., and on Dec. 21 1931 acquired the Industrial National Bank. The stockholders of the Continental Bank & Trust Co.
on Sept. 12 1933 voted the dissolution of the bank's affiliate, the Continental Corp.
of New York.
(23) Began business May 24 1929.
(24) Formerly the Globe Exchange Bank of Brooklyn. On May 31 1930 acquired
the Rugby National Bank of Brooklyn, and on Aug. 22 1931 closed by the State
Banking Department.
(25) Opened for business Nov. 26 1929. Acquired the Sixth Avenue Bank on
Feb. 14 1930; the Eastern Exchange Bank on Dec. 18 1930 and the Union Bank of
Bronx County of New York in December 1930.
(26) Banking business of the (Manhattan company) continued by the Bank ni
Manhattan Trust Co. as of Nov.6 1929. Merged with the Central Bank (formerly
the Central National Bank) on June 12 1930; on Nov. 17 1930 the American Trust
Co.. a subsidiary of the New York Title & MM.Co.. which In turn was owned by
the Manhattan Co., and the International Acceptance Trust Co. were merged into
the Bank of Manhattan Trust Co.. and on May 23 1931 the Seward National Bank &
Trust Co. was also merged into the Bank of Manhattan Trust Co. In April 1931
the Manhattan Co. acquired a dominant interest in the Corning Trust Co. and the
North Side State Bank, both of Corning, N. Y.. as of Nov. 26 1932, title changed
to the Bunk of the Manhattan Co. through a merger of the Manhattan Co.. Bank
of Manhattan Trust Co. and the International Acceptance Bank.
(27) Began business on April 15 1930 and on Dec. 19 1931 merged with the Chase
National Bank and Its affiliates. Its trust business was consolidated with that of
She Equitable Trust Co. of New York, a Chase National affiliate.
(24) Opened for business May 24 1930.
(29) Began business on Feb. 10 1030.




1807

Financial Chronicle

TRUST COMPANIES AT OTHER POINTS.
In the case of the trust companies at Boston, Philadelphia,
Baltimore and St. Louis, the figures as presented on subsequent pages for the different institutions are all our own,
we having in each instance made direct application for them
to the companies, though in a few instances, where our
requests met with no response, we have had to have recourse
to official statements made in pursuance of calls of the
public authorities. In the nature of things, as we are
entirely dependent upon the companies themselves for the
figures,and no general data of an official kind are available,
comprehensive totals and elaborate details, such as were possible for the institutions of New York (prior to 1933), are
eut of the question. Our summaries for these other centres
are such as we have been able to prepare ourselves and necessarily are limited to a few leading items. Nor are the returns in those instances cast on uniform lines, nearly every
company having its own distinct method of classification,
making general footings out of the question, except as regards those few common things treated alike by all, and
WIlich have definite, established meanings, such as capital,
surplus and deposits.
As in the case of New York, the distinctive characteristic
of the trust company returns outside of New York is that
all the different items show noteworthy shrinkage. But it is
in the falling off in the number of companies which our
compilations include that the unfortunate experience of the
last three years is most apparent. While in former years
the disappearance of institutions from our list was due
mainly to consolidation, absorption, &c., now the losses are
due mainly to failures.
Boston, during 1933, added one new company to its list,
the Pilgrim Trust Co., which opened for business on June 12
1933 with a capital of $200,000 and surplus and undivided
profits of $100,000; on the other hand, there was a loss of
one company through the merger of the Harris Forbes Trust
Co. with the Union Trust Co., under the latter's title, on
Dec. 1 1933. The capital of the Union Trust Co. remained
unchanged at $500,000. The United States Trust Co. on
Jan. 31 1934 reduced its capital stock from 81,400,000 to
$700,000 and sold to the Reconstruction Finance Corporation preferred stock in the amount of $1,000,000, thereby
increasing its capital structure in the sum of $300,000. As
no figures were available for the United States Trust Co.
for Dec. 30 1933, we have employed in their place the figures
taken from the company's Jan. 31 1934 report. With the
above adjustments made, aggregate capital for all Boston
trust companies for Dec. 30 1933 remains unchanged at
$12,100,000; or, without giving effect to the new capital
financing by the United States Trust Co., there would be a
net capital decrease of $300,000. Surplus and undivided
profits declined from $13,842,052 Dec. 31 1932 to $12,714,573
Dec. 30 1933; deposits were reduced from $139,706,466 Dec.31
1932 to $132,935,057 Dec. 30 1933, with aggregate resources
of $155,948,167 Dec. 30 1933 as compared with $167,711,492
Dec. 31 1932.
Following are the comparisons back to 1900:
BOSTON.

Capital.

$
Dec. 31 1900 (16 cos.)
8,450,000
Dec. 31 1901 (16 coe.)
9.000.000
Dec. 311502 (18 006.)
11,100,000
Dec. 31 1903 (19 cos.)---_. 12,100,000
Dec. 311504 (19 cos.)
12,500.000
Dec. 31 1905 (19 cos.)
12.500.000
Dec. 31 1906 (16 cos.)
11,100.000
Dee. 31 1907 (19 nos.)
11,750.000
Dec. 31 1908 (19 cos.)
11,750.000
Dec. 31 1909 (19 cos.)
12,150,000
Dec. 31 1910 (19 cos.)
12.250,000
Dee. 31 1911 (19 cos )
14,850.000
Dec. 31 1912 (21 cos.)
16,250.000
Dec. 31 1913(23 cos.)
17,250.000
Dee. 31 1914 (24 cos.)
17,450.000
Dec 31 1915 (26 cos.)
18,480,200
Dec. 31 1916 (29 °Os.)
19,150.000
Dec 31 1917 (29 cos.)
21.479.800
Dec 31 1918 (30 cos.)
21,650,000
Dec 31 1919 (31 cos.)
26,077,000
Dec 31 1920 (28 cos.)
26.329,300
Dec 31 1921 (23 cos.)
23.450,000
Dec 31 1922 (21 006.)
23.850.000
Dee 31 1923 (17 cos.)
18.650.000
Dee 31 1924 (17 cos.)
18,750,000
Dee 31 1925 (16 cos.).
21.750.000
Dec. 31 1926 (16 cos.).
24.400.000
Dec. 31 1927 (17 cos.)
28,400.000
Dec. 31 1928 (17 005.)
31.400.000
Dec. 31 1929 (21 cos.)
25.700,000
Dec, 31 1930 (18 cos.)
17,200.000
Dec. 31 1931 (14 cos.)
14,300,000
Dec. 31 1932 (II 005.)
12,100,000
Tlan 2111C011 (11 ("RIR 1
19 101) 000

Surplus and
Profits.

DOOM!.

$
10.285.659
12,294,798
15.779,627
18,629,264
19,702,108
20,841,502
22.551.499
23,699,740
24.610.326
25,002,793
27.349,902
26,234.350
28,108,699
29,358,660
26.143.017
24.261,485
26,174,836
27,419,977
29,107.018
33.978.583
34.573.485
34,983.448
32.900.905
30.089.158
29.719.764
32.046.404
33.711,924
37.537.669
42,541,775
33.373.351
21,360.438
16,483.779
13,842,052

$
89,461,044
107,991,782
116,264,790
112.281.257
139,851,208
148,033.197
158,213,825
125,254.672
173,765.331
186,937.983
189,153.760
216,926.992
207.263,762
213.973.959
225.532,137
293,833.516
337.625.256
363,551,440
415,355.824
503,450.567
429.925,262
392.924.224
446,844.659
323.701.085
372,741,230
396,114,507
412.255.145
457,072,002
467,412.309
293,892,920
207.435,027
170.680.752
139,706,466

19 7141 k72

150 nom,nm,

Aggregate
Resources.
$
108,196,703
129,286.583
143,144.410
143.010.520
172,053,313
181,397.832
191.885.064
160.704,413
210.125.656
224 090.823
228.753.66e
258.248.404
251.622.061
260.582.620
269,125.151
336,704,221
383,460.071
414.609,941
466,298,771
560.096.231
495.145.451
456.840.071
507,282.281
413.589.461
438,755,961
469.871.201
476.561.531
521.144,381
533.453.31.
353,392,371
245.048,25'
203.373.92
167.711,49;
ltnnAo
•
• ve.

1808

Financial Chronicle

Mar. 17 1934

Trust companies in Philadelphia numbered 25 on Dec. 30 reopened on a restricted basis after the bank holiday in
1933 as compared with 28 on Dec. 31 1932. Among the March, resumed its normal banking business on Dec. 18 1933
Institutions which failed to reopen after the bank holiday and increased its capital structure by the sale of capital
in March of last year were the Media-69th Street Trust Co., notes in the amount of $500,000. Aggregate capital for all
Baltimore trust companies for Dec. 30 1933 was $11,750,000
the North City Trust Co., and the Guardian Bank & Trust as compared with $18,600,000
on Dec. 31 1932; surplus and
Co. Conservators were appointed for the Banca Cora- undivided profits declined from $23,677,678 Dec. 31 1932 to
merciale Italiana Trust Co. and the Kensington Security $13,113,484 Dec. 30 1933; deposits were reduced from $188,Bank & Trust Co. in March, the former being released from 449,341 Dec. 31 1932 to $109,912,258 on Dec. 30 1933, and
conservatorship on May 25 1933, and the latter in December aggregate resources fell off from $260,875,585 to $136,811,976,
a reduction of $124,063,609 for the year.
1933. The Integrity Trust Co. increased its capital, effective
St. Louis institutions numbered 15 on Dec. 30 1933 as
Jan. 20 1934, from $2,987,920, all common capital, to against 22 on Dec. 31 1932. This
reduction was due to the
$7,995,973, consisting of $995,973 common capital, $4,000,000 failure of a number of companies in January of last year.
first preferred shares,and $3,000,000second preferred shares, Among the institutions which closed were the Park Savings
this capital increase not being included in our 1933 total. Trust Co., which suspended business on Jan. 11 1933; the
The Real Estate Trust Co., effective Dec. 12 1933, reduced Savings Trust Co., on Jan. 12; the West St. Louis Trust Co.,
Its capital stock from $3,000,000 to $1,500,000, and the Penn- on Jan. 13; the Laclede Trust Co. and the Natural Bridge
Trust Co., on Jan. 16, and the Shaw Bank & Trust Co. on
sylvania Warehousing & Safe Deposit Co. from $800,000 on
Jan. 18 1933. Most prominent among the reorganizations
Dec. 31 1932 to $750,000 as of its June 30 1933 report. last year was the formation of the South Side Bank
& Trust
Capital for Philadelphia trust companies as a whole was Co., on April 13 1933, to take over the Lafayette South Side
reduced from $51,997,970 on Dec. 31 1932 to $49,245,170 on Bank & Trust Co. and its affiliate, the South Side National
Dec. 30 1933; surplus and undivided profits from $120,- Bank; however, while negotiations were in progress the
275,110 on Dec. 31 1932 to $100,503,994 Dec. 30 1933; deposits Glass-Steagall bill (which prohibits a State bank from becoming a member of the Federal Reserve System if it purfrom $579,623,410 to $593,144,636, and aggregate resources
chases and owns the stock of another bank) was enacted
from $793,268,045 to $724,733,995.
into law, and, the plan being in conflict with the new legisBelow is the record from Dec. 31 1900 to Dec. 30 1933:
lation, it was abandoned. The reorganization of the Lafayette South Side Bank & Trust Co. was resumed, and the
Surplus and
Aggregate
PHILADELPHIA.
Capital.
Profits.
bank reopened on Dec. 20 1933 under the title of the ManuDeposits.
Resources.
facturers' Bank & Trust Co. The South Side National Bank,
I
$
$
$
Dec. 31 1900 (40 cos.)
28,399,985 27.826,941 136.496.312 196.498.618
which is to be reorganized separately, had its plan approved
Dec. 31 1901 (41 cos.)
31.927,006 33,885,857 149,137,386 218.660,249
Dec. 31 1902 (41 cos.)
33,142,233 37,514,329 153,151,355 227.480.117
by
the Comptroller of the Currency in December 1933. In
Dec. 31 1903(43 cos.)
34,320.337 39,654,877 161,231,152 238,817.566
Dec. 31 1904 (43 cos.)
34.800,980 42,344,733 202.855,988 283,503,299
connection with the above reorganization the capital of the
Dec. 31 1905 (44 cos.)
35.312,363 45,594,298 209.213,067 293,177.935
new institution was fixed at $430,000 common capital stock
Dec. 31 1906 (52 cos.)
36,931,963 49,590,018 193,283,134 286.232.600
Dec. 31 1907 (58 cos.)
38,727,909 50,840,244 169.669,224 265,150,778
and $1,215,000 preferred stock as compared with $2,150,000
Dec. 31 1908 (58 cos.)
39.068,955 52,000,978 200,983,530 296,761.341
Dec. 311909 (59 cos.)
39,897,218 55,374,618 217,196,883 316,892,720
common capital of the old Lafayette South Side Bank &
39.931,416 59,187,488 208,837,634 311.640,645
Dec. 31 1910 (59 cos.)
Dec. 31 1911 (58 cos.)
Trust Co. and $600,000 common capital of the South Side
38.511,733 62.262,427 224,225,832 328.196.392
Dec. 31 1912 (56 cos.)
36,797,838 64,847,539 231,712.367 337,179,556
National Bank. Effective March 20 1933, the Water Tower
Dec. 31 1913 (56 cos.)
39,162,538 65,535,659 232.941,234 341,764,741
Dec. 31 1914 (56 cos.)
39,069.243 65,932,688 238,258,333 347.588,292
Bank of St. Louis merged with the North St. Louis Trust
Dec. 31 1915(56 cos.)
38,870,193 69,298,540 297,235,195 407.024.328
Dec. 31 1916 (58 cos.)
38,879.993 73,775,140 331,108,286 444,775.175
Co. under the latter's title, and increased its capital from
Dec. 31 1917 (54 con.)
40.579.993 77,779,452 327.597,906 452,498,288
$200,000 to $300,000. The elimination of the Guaranty-Plaza
Dec. 31 1918 (56 cos.)
41,307,608 78.408.601 335,093,397 505,489,017
Dec. 31 1919 (57 cos.)
44,142,068 81,801.490 405,373.275 576.019.954
Trust Co. from the list through the change of title to the
Dec. 31 1920(64 cos.)
45.338.668 87.915,257 417,307,021 591,315.173
Dec. 31 1921 (66 cos.)
46,098.921 91,183,753 407,600,404 561,639,998
Plaza Bank, in August 1933, accounted for the further reducDec. 31 1922 (69 cos.)
47,554,243 88.125.428 489.308,036 635,130.394
Dec. 31 1923 (78 cos.)
53,525.235 110.457.610 599,915.842 771,778.286
tion in companies during the year. Aggregate capital for
Dec. 31 1924 (81 cos.)
57,839.244 129,778.397 656,621.057 859.818.395
St. Louis institutions as a whole declined from $22,700,000
Dec 31 1925 (89 roe.) .... 61,440,874 146,171,713 759.772.771 960.052,041
64.612,332 148,436,275 7950599,739 1026.146.591
Dee. 31 1926 (86 cos.)
on Dec. 31 1932 to $22,095,000 Dec. 30 1933; surplus and
Dec. 31 1927 (82 cos.)
74,735.750 150.738,418 924,937,431 1163,615,797
Dec. 31 1928 (80 con.)
77,808,900 172,946,116 897.506,491 1241,311,008
undivided profits were reduced from $14,478,686 on Dec. 31
81,742,010 205,455,959 923,889,600 1223.597.627
*Dec. 31 1929 (66 cos.)
1932 to $9,181,635 Dec. 30 1933; deposits have fallen off from
Dec. 31 1930 (54 cos.)
68,477,960 199,120,865 896,244,975 1160,931,671
Dec. 31 1931 (28 Coe.)
54,101,370 149.983.688 659.659,295 867,708,944
$242,406,026 to $227,972,128, and aggregate resources from
aDec. 31 1932 (28 cos.).— 51,997.970 120,275,110 579.623,410 793,268,045
Dec. 30 1933 (25 cos.)
49,245,170 100,503,994 533.144,638 724,733.995
$283,784,674 to $263,056,916 for the year.
Below are the items each year back to Dec. 31 1901:
•Owing to the non-receipt of information for Dec. 31 1929 from the Allegheny
Title & Trust Co. and the Manufacturers Trust

Co.. we have been obliged to use
last year's figures for these two companies.
a It has been necessary for us to use last year's figures In the case of the Gimbel
Bros. Bank dr Trust Co.. owing to the non-receipt of their Dec. 31 1932 report.

The following are the totals for Baltimore back to December 31 1913:
BALTIMORE.
Dec. 31 1913(10 cos.)
Dec. 31 1914 (10 cos.)
Dec. 31 1915(11 cos.)
Dec. 31 1916 (11 cos.)
Dec. 31 1917 (11 cos.)
Dec. 31 1918(11 con.)
Dec. 31 1919(12 con.)
Dec.31 1920(12 cos.)
Dec. 31 1921 (13 con.)
Dee.31 1922(13 cos.)
Dec. 31 1923(14 cos.)
Dec. 31 1924 (14 cos.)
Dec. 31 1925 (13 cos.)
Dee. 31 1926 (14 one.)
Dec. 31 1927 (13 col.)
Dec. 31 1928 (13 cos.)
Dec. 31 1929 (12 cos.)
Dec. 31 1930 (11 cos.)
Dec. 31 1931 (10 Coe.)
Dec. 31 1932 (10 cos.)
Tan IA 1022 12 nnal

Capita).

Surplus and
Profits.

Deposits.

Aggregate
Resources.

$
8,950,000
8.950,000
8.650,000
8,650.000
8,650,000
8,650,000
9.150,000
10,250,000
10,800,000
11,500,000
13,000,000
13,200,000
13,950.000
14.950.000
14,950,000
15.300.000
17.150.000
19,100.000
18,600.000
18,600.000
ii 7r11) ono

$
12,177,127
11.407,783
11,851,317
12,539,306
12.765,927
13,309,150
14,099.513
14,967,987
15,988,624
17.361.792
19,596,373
20,909,399
21,695.365
24,440,935
25,779,355
28,486,023
27,766,787
31,404,881
28,122,063
23,677.878
13113484

$
45,131,061
62,212,492
72,128,718
82,523,300
89,537,806
85,714,838
116,199,900
108.508,855
110,811,291
137,308,934
137,383,255
164,890,476
200.438,939
198,565,429
235,403.813
227,720.059
231,555,199
276,498,109
244,564.573
188,449.341
100.912.258

$
68,058,188
73,170,115
93.230,098
103,712,606
110,988,411
107,773,988
140,749,413
138,393,143
140,781,858
169,330,708
190.993,111
203.393,123
244,201,203
243.740,127
276.363,728
271.793.425
289.334,533
827.102,270
296.402,760
260,875,58)
136.811.976

Among the changes in trust companies in Baltimore during the year were the following: On Aug. 7 1933 the Baltimore Trust Co., with a capital of $6,250,000, was superseded
by the Baltimore National Bank, the capital of the new
Institution being $1,500,000, consisting of $500,000 of common shares and $1,000,000 of preferred shares; and on
Feb. 20 1933 the State Bank Commissioner appointed a
receiver for the Title Guarantee & Trust Co. With the
elimination from the trust company list of the above institutions, total capital of Baltimore trust companies as a whole
was reduced by $6,850,000. The Union Trust Co., which




ST. LOUIS.
Dee.31 1901( 6 cos.)
Dee.31 1902( 9 con.)
Dec.31 1903( 8 cos.)
Dec. 31 1904( Soon.)
Dec.31 1905(6 coll.)
Dec.31 1906( 9 cos.)
Dec. 31 1907( 8 cos.)
Dec.31 1908( 9 con.)
Dec.31 009(13 cos.)
Dee.31 1910(13 con.)
Dee. 31 1911 (16 cos.)
Dec.81 1912 (15 cos.)
Dec.31 1913 (16 cos.)
Dec.31 1914 (16 cos.)
Dec. 31 1915 (14 Cm)
Dec.31 1916 (15 cos.)
Dec.81 1917(15 con.)
Dec.31 1918 (15 cos.)
Dec. 31 1919(15 cos.)
Dec.31 1920 (17 cos.)
Dec. 31 1921 (18 cos.)
Dec. 31 1922 (17 cos.)
Dec. 31 1923(17 cos.)
Dec. 31 1924 (20 cos.)
Dec. 31 1925 (21 cos.)
Dee. 31 1926 (22 con.)
Dee. 31 1927 (22 001.)
Dec. 811928 (21 con.)
}Dec. 311920(21 cos.)
Dec. 31 1930 (24 cos.)
Dec. 31 1931 (21 con.)
sDeo. 31)932 (16 cos.)
Dec. 30 1933 (15 cos 1

Capital.

Surplus and
Profits.

Deposits,

Aggregate
Resources.

$
$
$
$
13,425,660 14.471.934
41,339,273
69,829,807
20,485,300 24,922,243
62,910.106 109,167,449
19,000,000 24,915.483
62,563,117 107,454,100
16,000.000 22.507,930
78,706,702 117.214.632
16,100.000 23.365,609
71,681,442 111,268,041
18,350.000 23,684,914
74.512.832 115,189,586
13,350.000 22.537.837
66,329.762 107.028.169
13,452.400 22.782.021
97,856,192
61.619.831
14.752.400 19.428,356
73.959.732 108,139,489
14,752.000 19,505,474
73.015.086 107.272,961
15.002,400 19.591.743
78,169.009 112,763,152
14,900,000 19,617,825
84.229.211 118,747,036
14,950,000 19,600,492
83,329.512 117,880.284
13,050,000 19,024.203
81,741.093 111.765,316
*8.050.000 '12,738,269 *62,012,906 .04.088.996
8,250,000 12.879,829
91.509,254
70,380.425
8,350.000 12,795,317
98.906.145
79,518.642
8,350,000 12,909,504 102.137,663 123.307.168
8,450.000 13,519,789 121,424,904 153 394.692
9,350,000 14.146,690 125,581.165 145,780,855
s12,450,000 115,300.040 a154,550.540 1186,171.366
12.650.000 15.662.452 171,019.489 204,152,108
12,950.000 16,147,139 170.608,193 207.829,421
13,400.000 15.620,518 193,958.238 225.731.883
13,600,000 16,262.276 190,966.610 235.055443
13,950.000 17,542,258 205,474,676 237,884,193
13,950.000 19,874.590 202.893,571 238,902,733
16,700,000 21,447.250 245,452,552 298,258,498
25,000,000 18.792,155 342,152.127 372,036,085
26.700,000 21,030,288 355,378.247 403,008.534
23.700,000 16,423,553 265.916.325 305.979,877
22,700,000 14.476,666 242,406,026 283,784,674
2200500n
0 I21 n'n
non nnn /no non nro nin

• Reduction In totals due to the elimination of the St. Louis
Union Trust Co.:
whose banking business was taken over by the newly organised
St. Louis Union
Bank. The trust company reported no deposits on Dec. 311915, against
$25,710.275 on Dec. 81 1914 and 311.244,321 aggregate resources Dec. 31 1915.
against
$36,935,227 on Dec. 311914,
All Items heavily Increased through the establishment of the Liberty-Central
Trust Co. by the merger of the Central National Bank and the Liberty Bank.
t Owing to the non-receipt of information for Dec. 31 1929 for the Union-Eastern
Trust Co.. we have been obliged to use last year's figures.
a Due to the non-receipt of Dec. 31 1932 figures for the Laclede Trust Co.. the
Natural Bridge Trust Co., the Park Savings Trust Co., the Savings Trust Co., the
Shaw Bank & Trust Co. and the West Bt. Louis Trust Co.. all of which failed In Jan.
1933. It was necessary for us to eliminate them from our totals for the year.

Volume 138

Financial Chronicle

1809 1

Gross and Net Earningeof United States Railroads for the
Month of January.
tion of coke pig iron in the United States for the
month the current year was 1,215,226 gross tons
against only 568,785 gross tons in January 1933 and
972,784 tons in January 1932, but comparing with
1,714,266 tons in January 1931; 2,827,464 tons in
January 1930, and 3,442,370 tons in January 1929.
The production in 1934, it will be observed, was more
than double that of a year ago, but only about 64%
of that in January 1929. Steel production in January the present year is calculated at 1,996,897 tons
against only 1,030,075 tons in January 1933;
1,459,450 tons in 1932, but comparing with 2,458,689
tons in January 1931; 3,796,090 tons in January
1930, and 4,490,354 tons in 1929, the 1934 figures in
this instance being less than 55% of the 1929 production. Coal production was also on an increased
scale. No less than 32,916,000 tons of bituminous
coal were mined in the month in 1934, as against
27,060,000 tons in January 1933; 27,892,000 tons in
January 1932; 38,542,000 tons in January 1931;
49,778,000 tons in January 1930, and 52,140,000 tons
in January 1929. Anthracite production also was
on a larger scale. The figures show that the output
of Pennsylvania anthracite in January 1931 was
6,125,000 tons as against only 3,807,000 tons in
January 1933; 3,897,000 tons in January 1932;
6,157,000 tons in January 1931; 7,038,000 tons in
January 1930, and 7,337,000 tons in January 1929.
Building activity, which for the first time in a
long while showed signs of revival in the closing
month of 1933, showed marked improvement in
January. According to the compilations of the
F. W. Dodge Corp. the contracts awarded in the
37 States east of the Rocky Mountains represented
a money value of $187,463,700 in January 1934 as
against only $83,356,000 in January 1933 and $84,798,400 in January 1932, but comparing with $227,956,400 in January 1931; $323,975,200 in January
Dec.
InC.
1930, and $409,967,900 in January 1929. The cut of
1934.
1933.
(+) or
(—).
Month of January—
—1,893 0.78%
241,337
239,444
Mlles of road (148 roads)__
$257,719,855 $226,276,523 +831,443,332 13.90%
lumber rose in proportion to the increase in the proGross earnings
195,457,386 181,298,257 +14,159329 7.81%
Operating expenses
75.84%
80.12%
—4.28%
Ratio of expenses to earnings_
jected new building work. For the four weeks endNet earnings
862,262,469 $44,978,266 +817.284,203 38.43%
ing Jan. 27 1934 the National Lumber ManufacFor these favorable results a modest improvement turers' Association reports the cut of lumber for 613
in some of the basic industries clearly, must be identical mills at 497,334,000 feet against 362,061,000
credited, although, as stated, greater importance feet in 1933, an increase of 37%, and 22% above the
attaches to the parlous state of the country in record of comparable mills during the same period
January 1933. It is already evident that the im- of 1932.
The Western grain movement was about the same
provement will continue, for a few months at least,
a year ago, but much below the movement in
as
in
plight
were
in
sorry
February and
as affairs
years. We give the details of the Western
earlier
last
An
year.
of
in
improvement
passenger
March
traffic over some routes also contributed to the more grain traffic further along in this article, and will
favorable figures for January 1934, and in this re- only say here that for the four weeks ended Jan. 27
spect the heavy traffic to Florida resorts is im- the present year the receipts of wheat, corn, oats,
portant. The leading railroads, moreover, must be barley and rye at the Western primary markets were
credited with a commendable performance in keep- only 29,345,000 bushels against 29,753,000 bushels in
ing their operating costs down and transferring to the corresponding four weeks of 1933; 31,577,000
net earnings a very large part of the sizable gain bushels in 1932; 53,054,000 bushels in 1931;
in gross earnings. All the principal industries regis- 50,699,000 bushels in 1930, and no less than
tered decided improvement over the previous year. C6,599,000 bushels in the same four weeks of 1929.
Turning now to the loading of revenue freight on
According to the Bureau of the Census, the number
the
in
1934
was
January
out
railroads of the United States, which furnishes
turned
vehicles
motor
of
161,006 as against 130,087 in January 1933, and a composite total of the freight traffic of all kinds,
119,344 in January 1932, but comparing with 171,848 we find that 2,177,562 cars were loaded with revenue
in January 1931; 273,218 in January 1930, and freight on the railroads of the United States in the
401,037 in January 1929. Much more striking, how- four weeks ended Jan. 27 the present year against
ever,is the 1934 recovery in the case of iron and steel. 1,924,208 cars in the corresponding four weeks of
According to the "Iron Age," the January produc- 1933; 2,266,771 cars in 1932; 2,873,211 cars in 1931;

Gross and net earnings of United States railroads
for the month of January at length are reflecting
some improvement in the business situation. Our
compilations of earnings show a very comfortable
increase, and the achievement stands out in some
contrast to the indifferent results that have characterized virtually all the months of the depression.
The upward tendency plainly in evidence during
January extends the small gains recorded in December as compared with the same month of the
previous year. More important still is the fact that
January results compare quite favorably with those
of the preceding month. This is not to say, however,
that the figures in themselves are such as to occasion jubilation, since the totals are still far below
anything that might be regarded as a reasonable
return on these great properties. It is only in contrast with the dire results of earlier months that
the earnings furnish any cause for satisfaction.
The results for January could hardly fail to appear favorable in contrast with those of the same
month last year, when the country was entering
upon the banking crisis which led to the closing of
all institutions by Presidential decree early in
March, and when the uncertainties of a change in
the Administration were adding their weight to the
downward pressure upon business exerted by the
protracted business slump. It is for this reason
that we emphasize rather the continued improvement as contrasted with the immediately preceding
month. Gross earnings in January were $257,719,855 as against $248,057,612 in December 1933,
while net earnings were $62,262,469 as against $59,129,403. The final results show, however, an increase of $31,443,332, or 13.90%, from the totals
of gross earnings in the same month last year, while
net increased $17,284,203, or 38.43%, in the same
period.




1810

Financial Chronicle

,470,797 cars in 1930, and 3,719,927 cars in the same
four weeks of 1929.
In all the foregoing we have been dealing with
the railroads of the United States as a whole. In
the case of the separate roads the feature in the
comparisons with the previous year is that in our
compilation showing the increases and decreases in
excess of $100,000, not a single road has a loss in
gross or net with the single exception of the Baltimore & Ohio, which has a decrease in net of only
$363,262. The Pennsylvania RR. stands at the head
of the list for amount of increase in the gross earnings, reporting $2,979,623 in the gross and $1,100,834
gain in the net earnings. The New York Central,
including all the roads commonly known as the New
York Central Lines, reports $2,501,261 addition to
the gross and $839,099 addition to net. Similar increases in both gross and net in smaller amounts is
the case in the majority of the roads. In the following we bring together all changes for the separate
roads for amounts in excess of $100,000, whether
increases or decreases, and in both gross and net.
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF JANUARY 1934.
Increase.
Increase.
Pennsylvania
32.979,623 Penn Reading S S Lines- 3287.603
New York Central
a2,305,818 Pere Marquette
287.167
Union Pacific (4 roads)-- 1,868,959 Atlantic Coast Line
286,476
Baltimore & Ohio
1,430,989 Atch Top & S Fe(3 roads)
281,304
Southern Pacific(2 roads) 1,407,857 Denver & 110 Western277,404
Reading Co
1,120.255 Chic St P Minn & Omaha
275,576
Chic Mil St P & Pacific_ _ 1,018,587 Wabash
1,948
Chic Burl & Quincy.._ _ _
988,994 Central of Georgia
235,989
Chicago & North Western
910,302 Detroit Toledo & Ironton
234,222
Lehigh Valley
794,422 Western Maryland
209.218
Louisville & Nashville758,606 Western Pacific
201,348
NYNH& Hartford_ -750.757 Pittsburgh & Lake Erie_
195,643
Missouri Pacific
690.294 Wheeling & Lake Erie_ 178,859
Erie (3 roads)
881,297 Texas & Pacific
185,835
Chesapeake & Ohio
822,255 Mobile & Ohio
161,123
Great Northern
553,592 Maine Central
159.505
Y Chicago & St Louis538,500 Nash Chatt & St Louis_ _
153,654
Northern Pacific
530,424 Chicago Great Western.
146.777
Delaware & Hudson523,314 Minn St P & 58 Marie_ _
145,004
Boston & Maine
472,593 Bessemer & Lake Erle__ 139.970
St Louis-San Fran (3)_ _ _
447,310 Elgin Joliet & Eastern
135,523
Norfolk & Western
432.754 CM N 0 & Texas Pacific
132,002
Southern Ry
410,680 Los Angeles & Salt Lake.
119,322
Chic R I & Pac(2 roads)375,633 N Y Ontario & Western_
114,581
Central RR of N J
864.723 Grand Trunk Western_ _
112,702
Illinois Central
364,643 Lehigh & New England..
110,119
Seaboard Air Line
338.171 Alabama Great Southern
102,919
Del Lack & Western_
332.191
Missouri-Kansas-Texas
293,676
Total(67 roads)
$29,374.388
a These figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis. Michigan Central,
Cincinnati Northern, and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie, the result Is an increase of $2,501,261.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF JANUARY 1934.

Increase.

Increase.
Pennsylvania
$1,100,834 Seaboard Air Line
Union Pacific(4 roads)- - 1.064.106 Denver & R G Western... $212,242
207,492
Reading Co
965,587 Chic St P Minn & Omaha
197,229
Southern Pacific(2roads)
918.401 Detroit Toledo & Ironton
181,938
New York Central
a831,415 Southern Ry
179,090
Chicago Burl & Quincy_ _
718,608 Boston & Maine
171,346
Chicago & North West_ _
711,828 Western Pacific
169,164
Chic MU St Paul & Pac_ _
702,193 Missouri-Kansas-Texas.._
187.847
Lehigh Valley
647.508 Texas & Pacific
161,675
Louisville & Nashville....526,656 Atch Top & S Fe(3 roads)
151,040
Chesapeake & Ohio
474,356 Central of Georgia
138.015
Northern Pacific
468,169 Del Lack & Western_ _ _ _
127,740
Erie (3 roads)
458.689 Minn St P & 88 Marie_ _
119.571
NYNH& Hartford..
440.954 Mobile & Ohio
115,719
Delaware & Hudson_ _ _ _
433.809 Lehigh & New England_ _
110,651
N Y Chicago & St Louis_
403,041 Nash Chatt & St Louis_ _
109,750
Central RR of N J
373,657 Norfolk Southern
102,524
Wabash
353.896
St. Louis-San Fran (3)_..
334,468
Total (52 roads)
$15,969,847
Great Northern
318,102
Missouri Pacific
304.365
Decrease.
Illinois Central
288.762 Baltimore Sc Ohio
$363,262
Chic RI & Pac(2roads)_
283.538
Pere Marquette
230.072
Total(1 road)
$383.262
a These figures cover the operations of the New York Central and the
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan
Central.
Cincinnati Northern, and Evansville Indianapolis & Terre Haute.
cluding Pittsburgh & Lake Erie, the result is an increase of $839,099. In-

When the roads, are arranged in groups or geographical divisions, according to their location, as
is our custom, the generally favorable character of
the returns is brought conspicuously to view, inasmuch as it is found that all the different districtsEastern, Southern and Western-as well as all the
different regions grouped under these districts,
show improved results over a year ago in the case
of gross and net alike, the ratio of improvement
alone varying. Our summary by groups is as below.
As previously explained, we group the roads to
conform to the classification of the Inter-State
Commerce Commission. The boundaries of the dif-




Mar. 17 1934

ferent groups and regions are indicated in the footnote to the table:
SUMMARY BY GROUPS.
District and Region.
Gross Earnings
Month of January.
1934.
1933.
Inc.(+)or Dec.(-)
Eastern District$
$
$
%
New England region (10 roads)____ 12,565,658 10,985,423
+1,600,235 14.59
Great Lakes region (25 roads)
52,952,123 48,431,265
+8,520,858 14.04
Central Eastern region (18 roads) 53,842,338 46,516,946
+7,325,392 15.75
Total(53 roads)
119,360,119 103,913,834 +15,448,485 14.87
Southern DistrictSouthern region (28 roads)
34,608,162 31,118,923 +3,489,239 11.21
Pocahontas region(4 roads)
16,017,336 14,932,097
+1,085,239 7.27
Total(32 roads)
50,625,498 46,051,020
+4,574,478 9.93
Western DistrictNorthwestern region (18 roads)... 26.552,007 22,383,498
+4,188,609 18.73
Central Western region (21 roads). 40,188,275 34,985,848
+5,200,427 14.88
Southwestern region (28 roads).._ 20,995,958 18,962,523 +2,033,433
10.72
Total(63 roads)
87,734,238 76,311,889 +11,422,369 14.97
Total all districts (148 roads)
257,719,855 226,276.523 +31,443,332 13.90
District and Region.
Net Earnings
Month ofJanuary.-Mileage-1934.
1933. Inc.(+)or Dec.(-)
Eastern District1934. 1933.
$
$
$
%
New England region_ 7.180 7,265 3,086,946 2,420,659
+686,287 27.63
Great Lakes region__ 28,926 27,060 12,918,819 9,074,700
+3,844,119 42.38
Central Eastern region 25,047 25,211 13,961,454 11,363,491 +2,597,988
22.86
Total
59,153 59,538 29,967,219 22,858,850 +7.108,369 31.10
Southern DistrictSouthern region
39,437 39,750 8,819,131 6,682,093 +2,137,038
Pocahontas region_- 6,042 6,102 8,480,089 6,008,450 +471,819 31.98
7.85
Total
45,479 45,852 15,299,200 12,690,543 +2,608,657 20.58
Western DistrictNorthwestern region_ 48,585 48,819 3,769,646
896,690
40
Central Western reg'n 53,397 53,998 8,883,278 5,143,232 +2,872,956320.
+3,540,046
Southwestern region-- 32,850 33,132 4,543,126 3,388,951 +1,154,175 88.83
34.06
Total
134,812 135,949 18,998,050 9,428,873 +7,587,177 80.26
Total all districts_.-239,444 241,337 62,262.469 44,978.266 +17284,203 38.43
NOTE.-We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce Commission, and the
following indicates the
confines of the different grouns and regions.
EASTERN DISTRICT.
New England Region.-Thts region comprises the New
States.
Great Lakes Region.-This region comprises the section England
the Canadian boundary
between New England and the westerly shore of Lake on
Michigan to Chicago, and
north of a line from Chicago via Pittsburgh to New York.
Central Eastern Region.-This region comprises the section south of the Great
Lakes Region,east of a line from Chicago through Peoria St. Louis
and the Mississippi River to the mouth of the Ohio River, and north of to
the
River to Parkersburg, W. Va., and a line thence to the southwestern cornerOhio
of Maryland and by
the Potomac River to its mouth.
SOUTHERN DISTRICT.
Pocahontas Region.-This region comprises the section
of the southern
boundary of Virginia, east of Kentucky and the Ohio Rivernorth
north to Parkercburg,
W. Va., and south of a line from Parkersburg to the
land and thence by the Potomac River to its mouth.southwestern corner of MugSouthern Region.-This region comprises the section east of the Mississippi Rive
and south of the Ohio River to a point near
Kenova, W. Va., and a line thane
following the eastern boundary of Kentucky and
the southern boundary of Virgini
to the Atlantic.
WESTERN DISTRICT.
Northwestern Regton.-This region comprises the section adjoining Canada lying
west of the Great Lakes Region, north of a line from
Chicago to Omaha and thence
to Portland and by the Columbia River to the Pacific.
Central Western Region.-This region comprises the section south of the Northwestern Region, west of aline from Chicago to Peoria and thence to St. Louis, and
north of a line from St. Louis to Kansas City and thence to El Paso and by the
Mexican boundary to the Pacific.
Southwestern Region.-This region comprises the section lying between the Mississippi River south of St. Louis and a line from St. LouLs to Kansas City and thence
to El Paso and by the Rio Grande to the Gulf of Mexico.

The Western grain traffic in January the present
year, as indicated above, was not quite equal to that
of January 1933, which, in turn, fell far below even
the very small movement of January 1932. While
the volume of corn and of barley moved to the Western primary markets was much heavier than in the
previous year, the movement of all the other cereals,
in greater or less degree, was on a reduced scale,
the shrinkage in the case of wheat having been particularly pronounced. The receipts of wheat at the
Western primary markets for the four weeks ending
Jan. 27 1934 were only 7,783,000 bushels as against
11,811,000 bushels in the corresponding four weeks
of 1933; the receipts of corn 13,123,000 bushels as
compared with only 11,702,000 bushels; of oats, only
3,635,000 bushels against 3,772,000 bushels; of barley, 4,385,000 bushels as compared with only
1,849,000 'bushels, and of rye, only 419,000 bushels
against 619,000 bushels. The receipts for the five
cereals, wheat, corn, oats, barley and rye, combined,
for the four weeks of January 1934 were only
29,345,000 bushels as compared with 29,753,000
bushels in the same four weeks of 1933; 31,577,000
bushels in the corresponding period of 1932, and
53,054,000 and 50,699,000 bushels, respectively, in
the same period of 1931 and 1930. In the following
table we give the details of the Western grain movement in our usual form:

Volume 138

Financial Chronicle

1811

qualification that it followed decidedly poor results in
January 1928, our compilation then (January 1928) having
shown $30,161,749 loss in gross and $5,558,796 loss in net.
22,000
It happens, too, that in January 1927 comparison was with
78,000
decidedly indifferent results in the previous year. The
314,000
259,000
increase in the gross then was no more than $6,119,441, or
only 1.27%, While in the net there was actually a loss of
8,000
218.000
$2,853,250, or 2.79%. As a matter of fact, results were
indifferent, too, in the previous year (January 1926), due
14,000
27,000
to the strike then prevalent at the anthracite mines, and
5.000 the losses suffered by Southwestern roads at that time
Loot
because of the previous season's poor winter wheat yield.
23.000
In the gross our.figures in January 1926 showed a trifling
18,000
decrease, namely, $3,960,038, or not quite 1%; in the net
there was an incease, but equally diminutive, namely,
$946,994, or also less than 1%. The exhibit for January
3,000
1925 was likewise hardly up to the mark, while in January
19,000
1924 there were actual losses in both gross and net.
29,000
As explained by us at the time, the showing made by our
compilations in January 1925 was satisfactory chiefly because of the renewed testimony it afforded of the increased
efficiency and economy with which the roads were being
operated. The gross earnings recorded moderate improvement, namely, $15,866,417, or 3.30%, but the improvement
in the net then reached $17,341,704, or 20.73%, expenses
having been slightly reduced. The gain in gross in January
1,000
1,000
1925 did not suffice to wipe out the loss in gross earnings
Total Allsustained in January 1924. On the other hand, the loss in
419,000
3,635,000 4,385,000
1934___.. 1,395,000 7.783,000 13,123,000
net in January 1924 was no more than $9,412,390. The mild
619,000
3,772,000 1,849,000
1933.... 1,417,000 11,811,000 11.702,000
with the exceptionally severe
On the other hand, the livestock movement over weather in 1924, as compared
weather the previous year, enabled the managers greatly to
Western roads appears to have been a trifle larger reduce expenses at that time, thereby offsetting the greater
than in January a year ago. At Chicago the receipts part of the loss in gross receipts then sustained, while in
embraced 14,306 carloads as compared with only 1925, as just shown, still greater efficiency of operation perit is to be
13,333 carloads in January 1933. At Omaha and mitted a further saving in expenses. Moreover,
1924 losses in both gross and net,
the
to
reference
with
said,
Kansas City, however, the receipts were only 3,217
that these were in comparison with extraordinarily favorable
carloads and 4,406 carloads, respectively, as against results in January 1923. In reviewing the January state3,696 and 4,550 cars, respectively.
ment of the last mentioned year we referred to it as the most
As to the cotton traffic over Southern roads, while encouraging monthly exhibit it had been our privilege to
trade, we noted, bad
the overland movement of the staple was consider- present in a long time. Revival of roads, thereby swellthe
of
traffic
the
to
substantially
ably larger, receipts at the Southern outports were added
ing the gross revenues, while at the same time operating
on a greatly reduced scale. Gross shipments over- expenses, though showing continued augmentation, had not
land were 69,218 bales in January 1934 as against Increased to such an extent as to absorb the whole of the
only 41,814 bales in January 1933 and 58,185 bales gain in gross. As compared with the same month of 1922,
$105,816,364
in January 1932, but comparing with 111,104 bales there was then an improvement of no less than
the net. On the other hand,
in
$35,012,892
of
and
gross
the
in
in January 1931; 74,315 bales in January 1930, and
however, the very large gain in gross in 1923 was merely a
no less than 167,997 bales in January 1929. At the recovery of what had been lost in the gross in the two preSouthern outports the receipts of cotton reached ceding years, namely, 1922 and 1921, though in the net the
only 478,928 bales in January 1934 as against 821,609 1923 improvement was additional to an improvement in 1922,
transformation
bales in 1933 and 1,200,877 bales in January 1932, the two successive gains in net reflecting the
of
relinquishment
the
with
expenses
but comparing with 458,398 bales in January 1931; effected as regards of the properties.
control
Government
476,836 bales in January 1930, and 735,209 bales in
The reason for the loss in gross in January 1922 was, of
January 1929, as will be seen by the table we now course, that at that time the country was still suffering
Intense depression in business, and the falling off in Janupresent:
FOR
OF
PORTS
MONTH
SOUTHERN
ary 1921, which amounted to $33,226,587, was due to much
RECEIPTS OF COTTON AT
JANUARY FROM 1929 TO 1934 INCLUSIVE.
the same circumstance. In January 1921 the United States
was in the earlier stages of that intense prostration of trade
1931.
1929.
1930.
1932.
1933.
1934.
Ports.
from
which the country was still suffering at the beginning
111,410
87,701
251.115
bales_ 177.025 186,053 353.448
Galveston
and as a consequence there was a substantial reduc1922,
of
140,271 343,147 361,689 161,747 137,400 248.438
Houston, &c
4.811
5,251
3.530
11,297
9,051
5.325
Corpus Christi
2,083
3,157
tion in the gross receipts in that month, notwithstanding
131
Beaumont
97,706 127.313 162.554
119,409 209,147 351,445
New Orleans
the much higher rate schedules, both passenger and freight,
23,393
42,575
42,538
67.834
33,508
9,931
Mobile
1,421
129
8,112
8
469
1,015
put in force the previous August (1920). The shrinkage
Pensacola
20,958
20,508
32,865
19.841
7,598
6,223
Savannah
1,609
5,468
in
2,846
the grosi in January 1921 was $33,226,587, and it was
Brunswick
8,384
13,693
9,453
5,080
9,777
6,735
Charleston
1,557
3,372
by a further shrinkage of $75,303,279 in January
8,494
followed
8,487
3,923
Lake Charles
5,283
3,760
6,056
5,880
4,919
1,480
Wilmington
1922, and it should be noted that The January 1923 gain of
6,657
10.487
16,255
2,783
3,105
2,632
Norfolk
44
2,428
880
1,082
Jacksonville
$105,816,364, though large, did not entirely wipe out the
476.836 735.209
458.398
1.200.877
821.009
478.028
antecedent loss. In the net, however, as already stated,
.1....1
the 1923 improvement followed a substantial improvement
RESULTS FOR EARLMR YEARS.
In the net in 1922 also. We have already pointed out that
It has already been noted that, speaking of the roads the gross in 1922 fell off no less than $75,303,279. That
collectively, the $31,443,332 increase in gross and $17,284,203 reduction in gross revenues was accompanied by a cut in
Increase in net in January the present year follows heavy the expenses in the prodigious amount of $104,392,928. yieldcumulative losses in the four years preceding. The falling ing, hence, a gain in the net of $29,089,649. Contrariwise.
off for January 1933 was $46,000,776 in gross and $361,700 in 1921 the showing was a poor one, both in the gross and
In net; that for January 1932 was $90,545,842 in gross and in the net, and particularly in the latter. And it is the
$26,082,545 in net; that for January 1931 $85,314,308 in poor results of that year and of the years preceding that
gross and $22,883,171 in net, and that for January 1930, made possible the better net the carriers established in suc$36,102,247 in gross and $23,005,176 in net. In 1929, how- ceeding years. The simple truth of the matter is that owing
ever, our compilation showed an increase of $28,853,685 in to the prodigious expansion in the expenses, the net had got
gross and of $23,578,213 in net, yet this was subject to the down to the vanishing point. In brief, our statement for

WESTERN FLOUR AND GRAIN RECEIPTS.
Barley.
Oats.
Corn.
Wheat.
4 Wks.End. Flour.
(bush.)
(bush.)
(bush.)
(bush.)
(bbls.)
Jan. 27.
Chicago
920,000
902.000
277,000 2,872,000
1934____ 627,000
309,000
587,000
227,000 3,811,000
1933___. 632,000
Minneapolis509.000 2,134,000
1,080,000
1,980,000
1934....
832,000
441,000
428,000
3,772,000
1933Duiuth15,000
122,000
483.000
375,000
1934_
204,000
109,000
9,000
1,141,000
1933_
Milwaukee156,000 1,069,000
474,000
35,000
66,000
1934____
322,000
92,000
361,000
34,000
23,000
1933____
Toledo7.000
194,000
225,000
255,000
19342,000
278.000
231,000
1.108,000
1933_
Detroit68.000
70.000
99,000
80,000
1934..
58,000
24,000
28.000
104,000
1933_
Indianapolis & Omaha1,000
600,000
1,185,000 2,630,000
1934_
937,000
694,000 2,707,000
1933_
Bt. Louis34,000
590,000
932,000
1934....._ 471,000
1,096,000
60.000
667,000
764,000 1,514,000
1933-- 520,000
Peoria134,000
216,000
1,796.000
1934_..__ 180,000
79,000
38,000
121,000
1933.... 192,000
205,000 1,370,000
Kansas City156.000
1934_....
1,733,000 1,630,000
51,000
204,000
774,000
1933____
50,000 3,048.000
N. Joseph96.000
619.000
1934__
149.000
265,000
582,000
1933_
86,000
Wichita
2,000
21,000
298,000
1934.
479,000
2,000
42.000
1933_
602,000
Stour City1,000
3,000
85,000
1934.
60,000
22,000
47.000
45,000
1933_
26,000




Ro•
(bush.)

Financial Chronicle
January 1921 showed $33,226,587 loss in gross, notwithstanding the much higher rates, and this was attended by
an augmentation of $27,124,775 in expenses, the two combined causing a loss in net in the huge sum of $60,351,362.
It is true, on the other hand, that there had been substantial gains in January of the two years immediately preceding, namely, in January 1920 and January 1919. In January
1920 our compilations showed an increase over January 1919
of $101,778,760 in the gross, and of $49,809,654 in the net,
though a special circumstance accounted for the magnitude
of the gains. In other words, in the January 1920 total
there was included an estimate covering back mail pay for
the years 1918 and 1919, accruing to the Railroad Administration as a result of a decision of the Inter-State Commerce
Commission on Dec. 23 1919. The addition in that way was
roughly $53,000,000, and both gross and net were enlarged
to the extent of this $53,000,000. With that item eliminated
there would have been at that time instead of the $101,000,000 increase in gross an increase of only $48,000,000,
and the net earnings would have recorded an actual loss
of about $3,000,000. Below we furnish a summary of the
January comparisons for each year back to 1906. For 1911,
for 1910 and for 1909 we use the totals of the Inter-State
Commerce Commission, which then were more comprehensive than our own, but for the preceding years we give the
results just as registered by our own tables each year-a
portion of the railroad mileage of the country being always
unrepresented in the totals in these earlier years, owing to
the refusal at that time of some of the roads to give out
monthly figures for publication:
Gross Earnings.

Jan. I
Year
Caen.

Year
Preceding.

Increase or
Decrease.

Net Earnings.
Year
Given.

Year
Preceding.

Increase or
Decrease.

$
$
$
1906. 128,566,988 106.741,980 +21,824.988 38,673,269
28,996,772 +11,676,497
1907_1133,840,696 123.664,663 +10.176,033 36,287,044 37.098,918
-809,874
190&'135.127,093 155,152,717 -20,025,624 29,659,241
1909_ 182,970,018 173.352.799 +9,617,219 50,295,374 41,155,587 -11,496,346
41.036,612
+9,258,762
1910- 211,041,034 183,284,06 +27,776,971 57,409,657 50,491,080
+6,918,577
1911_ 215,056,017, 210.808,24
+4,248,770 53,890,659
1912_ 210.704,7711213,145,078 -2,440,307 45,940.705 57,373,968 -3,483,309
1913_ 246,663,7371208,535,060 +38,128,677 64,277,164f 52,960,420 -7,019,714
1914_ 233,073,834 249,958,641 -18,884,807 52,749,860 45,495,387 +18,781,777
1915.. 220,282,196 236,880,747 -16,598,551 51,582,992, 65,201,441 -12,451,572
52,473,974
-890,982
1916. 287,043,635 220,203,595 +46.840.04 7
8.899.81051,552,397+27,347,413
1917- 307,961,074 257,115,289 +40.845.78 87.748,9041
79,069,573
+8.879.331
1918_ 282,394,665 294,002,791 -11,608,126 17,038,704.
83,475,278
-66,436,574
1919_ 395.652.020
+111,420,819 36,222,169;
1920_ 494.708,125 392,927,365 +101,778,76 85,908,709, 13,881,674 +22,340,495
36,099,055 +49.809,654
1921_469,784,502 503,011,129 -33,226,587 28.451,745 88,803,107
1922- 393,892,529, 469,195,808 -75,303,27 57,421,605 28,331,956 -60.351,362
+29.089,649
1923_ 350,816,521; 395.000,157 +105,816,364 93,279,688 58,266,794
+35,012,892
1924_ 467,887,013 501.497,837 -33,610,824
95,955,5671 93,366,257 -9,412,390
1925_ 483,195,642 467,329,225 +15.866,417101,022,458
83,680,754 +17,341,704
1926_ 480,062,657 484,022.695 -3,960,038102,270.877101.323,883
+946.994
1927_ 485,961,345 479,841,904 +6,119.441 99,428.246102,281,496
1928_ 456,560,897, 486,722.646 -30,161.749 93,990,640 99,549,436 -2,853,250
1929_ 486,201,495 457,347,810 +28.853,68 117,730.186 94,151,973 -5.585,796
1930_ 450,526,039 486,828.286 -36,102,24 94,759,394 117,764,570 +23,578,213
1931_ 365,416,905 450,731,213 -85,314,308 71,952,9041 94.836,075 -23,005,176
-22,883,171
1932_ „ 365,522,091-90,545,842 45,940,685:2,023,230
1933_ 228,889,421 274,890,1971 -46,000,776 45,603,2871 45,964,9871 -26,082,545
-361,700
1934_ 257,719,855 226.276,523 +31,443,332 62,262,469 44.978,2661
+17.284,203
Note.-In 1908 the returns were based on 157,629 miles ot road; in
1909, 231,709:
In 1910, 239.808; In 1911, 242,479; in 1912, 237,888; in 1913,
in 1914,
243,732; in 1915, 246,959; in 1916, 247,620; in 1917, 248,477; In 235.807;
204,046; in
1919, 232,655; In 1920, 232,511; in 1921, 232,492; In 1922, 235,395;1918,
In 1923, 235,678;
In 1924, 238.698; in 1925, 236,149; in 1926, 236.944; in 1927, 237.846:
239.476; in 1929, 240,833; in 1930, 242,350; In 1931, 242,657; in 1932, In 1928,
244,243; in
1933, 241,881; In 1934, 239.444.

New Capital Issues in Great Britain.
The following statistics have been compiled by the Midland
Bank Limited of London. 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 are based upon
the prices of issue.
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
[Compiled by the Midland Bank Limited]
Month of
February.
1919
1920
1921
1922
1923
1924
1925
1928
1927
1928
1929
1930
1931
1932
1933
10/A




£9,684,000
35,214.000
10,363,000
25,997,000
9,957,000
22,388.000
15,568,000
25.759,000
21,899,000
27,872,000
33.293,000
26,155,000
19,606,000
11,995,000
7.167,000
7 MA run

Two Months to
Feb. 28-9.

Year to
Feb. 28-9.

E28,024,000
77,660,000
32,831,000
68,340,000
31,009,000
33,928,000
35,662,000
54,126.000
48,231,000
61,666,000
80,466.000
43,080,000
31,939.000
14,891,000
15,477,000
17 RA1 MA

£91,886,000
287,177,000
339,382,000
251,304,000
198,337,000
206.680,000
225,279,000
238,361,000
247,371,000
328,150,000
381,319,000
216,364,000
225,018,000
71,618,000
113,625,000
lgq 959 NM

Mar. 17 1934

NEWLCAPITAL ISSUES INITHE UNITED KINGDOM BY MONTHS.
[Compiled by the Midland Bank Limited]
• ,b.-...

i.l
1932.

nal.
January
February

£12.332.412
19,606,243

Two months__ - March
April
May
June
July
August
September
October
November
December
il
Year

1933.

£2,895,798
11,994,734

1934.

£8,310,263
7,167,385

£10,853,233
7.007,995
£17,861,228

£31,938,655

£14,890,532

£15,477,648

£13,446,859
1,687,195
11.009,880
12,832,397
5,184,993
1,666,492
1,315,308
2.482,875
4,409,179
2,692,359

£12.104,130
18,013,115
12,296,311
17,467,795
3,312,507
72,500
17,000
19,745,198
10.807,078
4,312,163

113,447,603
8.247,859
14,614,014
17,541,251
6,001,777
21,208,047
7.164,097
10.026,260
12,786.859
6,353.481

£99 MA 192

1113.038.329

£132889898

GEOGRAPHICAL DISTRIBUTION OF NEW CAPITAL ISSUES IN THE
UNITED KINGDOM BY MONTHS.
bad
bija,
[Compiled by the Midland Bank Limited]

Janu ny 1932
Febriiary 1932

liski, ip II • k. w. ....United. India and Other British Foreign
Ceylon.
Kingdom.
Countries. Countries.
£291,000
9,109,000

Tnm months_ _ _ _ £9,400,000

£78,000

£2,605,000
2,805.000

£3,000

PO
Total.'
.C2,896,000
11.995,000

£78,000 £5,410,000

£3,000 £14,891,000

March 1932
£11,072,000 £1,032,000
April 1932
9,572,000 3,516,000 £4,925,000
May 1932
8.936,000 1,496,000 1,864,000
June 1932
15,291,000
2,067,000
July 1932
60,000
3,225,000
Aug St 1932
50.000
23,000
Sept mber 1932._._
10,000
Octo Ler 1932
11.851,000
160,000 7.734,000
Novetuber 1932.... 10,272,000
271,000
Dece mbar 1932_
4,037,000
48,000
190,000

£12,104.000
18,013,000
12,296.000
17,468,000
3,312,000
73,000
17,000
19,745,000
10,807,000
4,312,000

Yesir

.C83,817.000 L6,390,000 £22,483,000

JanusLry 1933
£7,875,000
Febr Lary 1933 ---- 4,917.000

£56,000
30,000

E269,000
1,727,000

Two months _ _ -- £12,792,000

£86,000 £1,996,000

£12,287,000
Marc 11933
7.283.000
April 1933
9.328,000
May 1933
16.029.000
June 1933
5,232.000
July 933
1.285,000
Augusit 1933
Bente mber 1933.... 6,738.000
Octo er 1933
6,814,000
Novelnber i933...
12,172,000
Dece aber 1933..
5,098,000

£1,000 £1,160,000
4,753,000
5,000
48,000

241,000
1,070,000
244,000
15,589,000
176,000
11,000 3,016,000
437,000
67,000
867,000
47,600

£10,000
27,000
7,000
264,000
37.000

£348,000 £113,038,000
£110,000
493,000

18.310,000
7,167,000

£603,000 £15,477,000
£965.000
292,000
437,000
478,000
4,334,000
250,000
185,000
111,000
341,000

£13,448,000
8,248.000
14,614,000
17,541,000
6,002,000
21,208,000
7,164,000
10,028,000
12,787,000
6.353,000

£95,059.000 £5,018,000.C24,796,000 £7,996,000 £132.869,000

Ye r
JanusrY 1934
Febrtary 1934
-4
Tw) months_

£8,682,000
5,309.000

£49,000 £1,763,000
221,000 1,433.000

£359,090 £10,853.000
7,008,000
45,000

£13.991.000

£270.000 .C3,196,000

/404,000 117,861,000

The Course of the Bond Market.
New high levels for bond prices have been attained this
week. The higher grade issues have been particularly
strong, with the lower grades selling almost up to recent
highs. Ti. S. Government bonds also advanced to new
highs. Excess reserves of member banks again increased and
short term interest rates remained at low levels.
Gilt edge bonds, as exemplified by the Aaa issues, sold to
yield 4.11% on Friday, a new high yield to be recorded in
these averages. The Aaa railroad issues, at 4.17%, yield
approximately the 'same as the industrials, but utility high
grade issues yield only 4.01%. On the other hand, the
lower grade utility issues lag behind the general list with a
yield around 7.50%, compared to 5.80% and 5.23% for the
railroad and industrial groups, respectively.
High grade and medium grade railroad bonds advanced to
new highs during the week. Atchison gen. 48, 1995, closed
at 1003
4last week; Chesapeake & Ohio
, compared with 993
ref. 43/2s71995, at 1013i compared with 9938; Northern
Pacific ref. 6s, 2047, at 1023 -compared-with .99% last
Friday; and New York Central cony. 6s, 1944 (selling on a
when-issued basis on the New York Curb Exchange) ended
the week at 122 compared with 118X a week ago. After
several";ells ofstielgth, the second grade- rail issues have
shown signs of weakness and unsettlement, the closings
being somewhat erratic. Missouri Pacific ref. 5s, 1981,
8 compared with 32Wi, a week ago;
closed on Friday at 31%
Chicairgilwaukee Sc. Paul &Pacific mtge. 5s, 1975, at
4s, 1966, ended
8-23
27(7
:npared
with 503/s; Illinois Central 43
the week at 733 compared with 71%; New York Chicago
& St. Louis deb. 6s, 1935, at 73 compared with 713/2 last
Friday. Because of rumors and the subsequent announcement of a plan to pay interest on the Alleghany coll. 5s,
1950, due April 1st, all the issues of this company have
rallied substantially from their depressed levels of last week.
Alleghany Corporation Coll. 5s, 1944, 1949 and 1950 closed
at 65, 57 and 3432, respectively, compared with 60, 533
and 27, last week.
A firm tone has prevailed throughout the week in utility
issues, marred only by some profit taking on Thursday.

1813

Financial Chronicle

Volume 138

Texas 5s, 1944, gaining a point to 10234
High grades were once again in demand with many issues Oils were also firm,
1949 w.w., at 9634, unchanged since a
5s,
making new highs, not only for the move but for all time. and Shell Union
group Bethlehem 5s, 1942,were up
steel
the
In
ago.
week
Niagara
1941,
5s,
Light
&
Among these were Dayton Power
Republic Iron & Steel 5348, 1953,
while
111,
to
points
Falls Power 6s, 1950, New York Gas, Elect. Lt. Heat & 234
National Dairy 534s, 1948, were
85.
from
to
advanced
863/8
of
Pwr.
&
Lt.
El.
Gas
Consolidated
Power 4s, 1949, and
Lead 53.s, 1941, advanced
Joseph
St.
913/2.
at
higher
23/i
included
Baltimore 434s, 1970. Net changes for the week
1953, were 4 higher at 80.
5s,
Drug
United
Texas Power & Light 5s, 1956, up 1 to 8834, Derby Gas 1 point to 112.
to sell off. Argentendency
a
shown
have
3
issues
Foreign
&
Power
Illinois
%,
77
& Electric 5s, 1946, up 334 to
South Ameriother
all
virtually
and
bonds
Government
2,and Penn Ohio Edison 53/2s, tine
Light 5s, 1956, up 1% to 641/
bonds. Scandinavian
German
were
as
lower,
were
issues
can
1959, up 334 to 63.
Japanese were steady, while
Considerable price strength has been seen in industrial and Finnish issues as well as
Government, French City
French
in
bonds, with the volume of trading also increasing. Tire advances were recorded
issues.
Austrian
some
and
Rubber
S.
U.
with
and rubber issues as a group were strong
Moody's computed bond prices and bond yield averages
5s, 1947, advancing to 83 on Friday from 7934 a week ago,
given in the tables below:
are
9834.
to
234
up
1957,
and Goodyear Tire & Rubber 5s,
MOODY'S BOND YIELD AVERAGES.?
(Based on Individual Closing Prices.)

moonrs BOND PRICES.
(Based on Average Yields.)
120 Domenic Corporate
120
U.S.
by Ratings.*
1934
(7oo. DomesDaily
Bonds. tic.
Baa,
A.
Acr.
Averages. **
Corp.* Acta.
Mar.16__ 103.52
15_ 103.34
14._ 103.26
13- 103.19
12__ 103.03
10__ 103.07
Mar. 9_ 103.06
8-- 102.84
7-- 102.56
6- 102.18
5._ 102.06
3... 101.89
2__ 101.88
1_ 102.01
Weekly
Feb. 23_ 102.34
16- 102.21
9_ 101.69
2.. 101.77
Jan. 26_ 100.41
19__ 100.36
12_ 99.71
5__ 100.42
High 1934 103.52
Low 1934 99.06
High 1933 108.82
Low 1933 98.20
Fr. A goMar.16'33 101.88
2 Yrs.Ago
Mar.16'32 95.95

120 Domestic
Corporate* by Groups.
RR.

P. U. Indus.

80.60
80.37
80.26
79.56
79.34
79.11
78.88
78.82
78.66
78.77
78.88
78.77
78.66
78.32

98.41
98.57
98.73
97.94
97.78
97.47
97.47
96.85
96.85
96.70
96.70
96.70
96.54
96.54

89.86
89.59
89.72
89.04
88.90
88.63
88.50
87.96
88.10
87.96
87.96
88.10
87.96
87.69

102.47
102.47
102.47
102.14
101.81
101.81
101.47
101.14
100.98
101.31
100.81
100.65
100.49
100.17

96.70
96.70
96.70
96.08
95.93
95.78
95.63
95.18
95.03
95.03
95.03
94.88
94.88
94.58

111.16
110.98
111.16
110.98
110.79
110.61
110.79
110.61
110.42
110.42
110.23
110.23
110.23
110.23

104.16 95.18
104.33 95.33
104.33 95.48
103.82 94.73
103.32 94.73
103.32 94.43
103.15 94.14
102.47 93.85
102.30 93.55
102.14 93.40
101.97 93.26
101 97 93.26
101.81 93.11
101.64 92.82

95.18
95.33
93.99
93.85
91.53
90.55
87.69
84.85
96.70
84.85
92.39
74.15

110.23
109.86
109.12
108.75
107.67
107.67
106.25
105.37
111.16
105.37
108.03
97.47

101.97
101.47
100.00
99.68
98.41
97.16
95.48
93.26
104.33
93.11
100.33
82.99

93.26
93.26
92.10
91.81
89.31
87.96
84.85
82.02
95.48
81.78
89.31
71.87

79.68
80.37
78.88
78.99
75.50
74.36
70.52
66.55
80.60
66.38
77.66
53.16

97.16
97.31
95.33
95.33
92.68
91.39
88.36
85.74
98.73
85.61
93.26
69.59

88.36
8,8.38
87.43
87.04
83.97
82.38
78.44
74.25
89.86
74.25
89.31
70.05

100.81
100.81
100.00
99.68
98.88
98.73
98.00
97.00
102.47
96.54
99.04
78.44

78.77 101.97

88.77

76.78

58.38

74.25

80.03

82.50

120 Domestic Corporate
All
by Ratings.
120
1934
DomesDaily
Baa.
A.
Aa.
ilea.
tic.
Averages
1)..ar.16__
1514__
13__
12__
10__
Mar. 9__
8__
7_
6-5._
3._
2_
1__
Weekly
Feb. 23._
16_
9__
2__
Jan. 26_
19_
12_
5._
Low 1934
High 1934
Low 1934
High 1933
Yr. AgoMar.1613
2 Yrs.Ago
Mar 113•32

II
30
ForP. U. Indus. elem.

120 Domestic
Corporate by Groups.
RR.

i7.23
7.23
7.27
7.28
7.24
i 7.26
7.25
117.26
7.23
17.25
17.31
7.34
I 7.38
I 7.42
III
17.49
17.52
17.57
117.52
97.97

4.96
4.96
4.96
5.00
5.01
5.02
5.03
5.06
5.07
5.07
5.07
5.08
5.08
5.10

4.11
4.12
4.11
4.12
4.13
4.14
4.13
4.14
4.15
4.15
4.16
4.16
4.16
4.16

4.50
4.49
4.49
4.52
4.55
4.55
4.58
4.60
4.61
4.62
4.63
4.63
4.64
4.65

5.06
5.05
5.04
5.09
5.09
5.11
5.13
5.15
5.17
5.18
5.19
5.19
5.20
5.22

6.16
6.18
6.19
6.25
6.27
6.29
6.31
6.36
6.33
6.32
6.31
6.32
6.33
6.36

4.85
4.84
4.83
4.88
4.89
4.91
4.91
4.95
4.95
4.96
4.96
4.96
4.97
4.97

5.43
5.45
5.44
5.49
5.50
5.52
5.53
5.57
5.56
5.57
5.57
5.56
5.57
5.59

4.60
4.60
4.60
4.62
4.64
4.64
4.65
4.68
4.69
4.67
4.70
4.71
4.72
4.74

5.06
5.05
5.14
5.15
5.31
5.38
5.59
5.81
5.03
5.81
4.96
6.75

4.16
4.18
4.22
4.24
4.30
4.30
4.38
4.43
4.13
4.43
4.11
4.91

4.63
4.66
4.75
4.77
4.85
4.93
5.04
5.19
4.56
5.20
4.49
5.96

5.19
5.19
5.27
5.29
5.47
5.57
5.81
6.04
5.13
6.06
5.04
6.98

6.24
6.18
6.31
6.30
6.62
6.73
7.12
7.58
6.18
7.58
6.16
9.44

4.93
4.92
5.05
5.05
5.23
5.32
5.54
5.74
4.91
5.75
4.83
7.22

5.54
5.54
5.61
5.64
5.88
6.01
6.35
6.74
5.53
6.74
5.43
7.17

6.32

4.63

5.51

6.50

8.62

6.74

6.21

4.70
4.70
4.75
4.77
4.82
4.83 (8.01
4.87 98.32
4.94 I8.51
7.22
4.68
8.61
4.97
7.22
4.60
6.35 11.11
IN
6.00 10.71

6.65 12.51
6.03
71.87 82.26 75.19
not purport to show either the average
do
and
years)
31
In
coupon,
maturing
4H%
bond
"ideal"
one
of
basis
the
•These prices are • mputed from average yields on
In a more comprehensive way the relative leve s and the relative movement of
movement of actual price quotations. They merely serve to Illustrate
level or the aver
index of bond prices by months back to 1928. see the issue of Feb.6 1932. Page 907.
yield averages, e latter being the truer picture of the bond market. For Moody'sbonds
In computing these indexes was published in the issue of Feb. 10 1934.
used
ot
list
complete
•Alltual aye e price of 8 long-term Treasury issues. tTbe latest
of 40 foreign bonds.
920. 'PT Av age of 30 foreign bonds but adjusted to a comparable basis with previous averages
76.25? 97.00

85.23

73.85

57.77

8.55

4.94

8.78

8.78

8.71

6.98

T e Railroad Problem-Co-ordinator Eastman in His Second Report to Inter-State
Commerce Commission Demands Federal Control of All Transport-Wants
Buses, Trucks, Air and Ship Lines Regulated to Avoid Chaos.
g

has been proven neces.
Joseph B. Eastman, Federal Co-ordinator of Transporta, stand is definite-Federal regulation
no recommendations,
makes
he
lines,
tion, on March 10, in the second of a series of reports to sary. As to pipe
of investigations
outcome
the
pending
comment
deferring
transthe
Congress and the President on what is wrong with
regulatransport
air
to
As
Department.
Interior
the
by
portation industry and what should be done about it, recomsufficient to
mends that motor trucks and buses and water transportation tion, Mr. Eastman holds that its need "is
of
be brought as soon as possible under the "guiding hand of warrant definite recommendations in the form of a bill
details comFederal control." In his first report, submitted on Jan. 20 proposed legislation at this time," but defers
now
last (V. 138, p. 570) Mr. Eastman submitted a tentative ment in recognition of the effects which measures
problems
present
the
upon
have
may
plan for public ownership and operation of the railroads pending in Congress
of the United States, but held that the time had not yet of the industry.
In transmitting the recommendations and the report to
arrived for such a move. In this, his second report, Mr.
Eastman answers "Yes" to the following two questions on the President, Wm. E. Lee, Chairman of the Commission,
stated that, "while we are required to comment only on the
which the report is based:
recommendations of the Co-ordinator, we can not refrain
Is thore need for Federal legislation to regulate other transportation
agencies and to promote the proper co-ordination of all means of transport?
from commending to your careful consideration his excellent
Is there need for amendments to Federal statutes to improve details of
discussion of the many situations associated with his recomthe present system of regulating the railroads?
mendations. His analysis of the contemporary situation is
The first of these questions is answered in the report by illuminating."
two drafts of proposed legislation, each extending to highway
Chairman Lee's letter, dated March 10,follows:
carriers and water carriers the same degree of Federal
The Co-ordinator's present recommendations fall into three general
regulation as is now imposed upon the railroads. In answer classes: (1) a bill for the regulation of motor carriers: (2) a bill for the reguto the second, Mr. Eastman submits to the President and lation of water carriers, and (3) bills proposing miscellaneous additional
to the Inter-State Commerce Act.
Congress four companion bills amending existing provisions amendments
In our judgment the enactment into law of the first two bills is imperabills,
these
of
first
The
Act.
of the Inter-State Commerce
tively necessary under present conditions, and the bill marked No. 1 in
enabling the Inter-State Commerce Commission to prescribe Appendix H should be considered in connection therewith for the reasons
in the Co-ordinator's report. If, on account of pressure of time,
maximum as well as minimum join trial-water rates and Indicated
the Congress should find it impossible or impracticable to undertake to
to
pre.rent enact into law all three classes of proposed legislation, we recommend that
to establish through rail rates without regard
the bill in Appendix H
restrictions of the Act, Mr. Eastman urges be considered precedence be given to thewefirst two, including
recommend unanimously.
above mentioned. These
along with the motor and water-carrier bills, since, he holds,
Through our Legislative Committee we have heretofore expressed or
approval of H.R. 6836. relating to the regulation of motor traffic, known
all together are "of the most pressing importance."
as the Rayburn bill, and have submitted certain suggestions intended to
Mr. Eastman holds that, from the standpoint of organiza- Improve
it. The bill now submitted by the Co-ordinator differs slightly
tion and experience, the Inter-State Commerce Commission from the Rayburn bill. However, the changes suggested by the Co.
in line with our suggestions to Chairman Rayburn and we
is the most natural and appropriate agency in which the ordinator are
believe still further improve that bill.
new regulatory authority should be vested.
We are also unanimous in recommending the third class of legislation,
He deals in his report with motor and water carriers, air with the exception that Chairman Lee and Commissioner McManamy do
transport and pipe lines. On the first three agencies his not concur in any amendment relating to the fourth section.




1814

Financial Chronicle

While we are required to comment only on the recommendations of the
Co-ordinator, we cannot refrain from commending to your careful consideration his excellent discussion of the many situations associated with
his recommendations. Ills analysis of the contemporary situation is
Illuminating.
Synopsis of Second Report of Co-ordinator.
The second report of the Co-ordinator discusses the need for Federal
legislation to regulate the transportation agencies other than the railroads
and to promote the proper co-ordination of all means of transport. It also
considers whether and to what extent the regulation of the railroads should
be relaxed. The conclusion is reached that both the water lines and the
motor trucks and buses should be brought under a greater degree of regulation; that the aim should be to obtain a well-knit national transportation
system, with each form of transportation playing its appropriate part with
a minimum of waste and duplication; and that to achieve this end Federal
regulation should be co-ordinated in the hands of the Inter-State Commerce
Commission. Facts with respect to the air carriers and the pipe lines are
presented, but without recommendations as to legislation. All of the
proposals of the railroads for relaxation of their regulation are analyzed
and most of them are rejected, but it is proposed to restore the Fourth
Section of the Inter-State Commerce Act to the form which it had prior to
the 1920 legislation, and to give less latitude in the filling of reparation
claims.
The Co-ordinator is studying whether and to what extent the various
forms of transportation are receiving an actual or virtual public subsidy
and, if so, what should be done about it. So much intensive research has
been required, however, that this subject is reserved for a subsequent
report. Labor conditions will also be discussed later, and there will be further consideration of the protection of the public safety and convenience
In the use of the highways.
At the outset of the report, it is shown that between 1920 and 1932 at
least 25 billions of capital went into the development of transportation
facilities in this country. About as much was spent in one way or another
on other forms of transportation as had been invested in the railroads up
to 1920. Since that year, however, the railroads have increased their investment by nearly one-third. This enormous increase in transportation
facilities has led to a bitter struggle for traffic, not only between the different forms of transportation but within each group, and this struggle has
been internsified by the depression. This situation imperils the financial
stability of the national transportation system, threatens wages and working
conditions, and creates a demoralization in rates and charges which in
the
ong run is a menace to commerce and industry.
Two Schools of Thought Noted.
The view that something should be done about this situation has
continually gained in strength and is now commonly held. There are, however, two schools of thought. One is that the other agencies of
transportation should be brought under Federal regulation to much the
same
extent as the railroads. The other is that the thing to do is to let
down
the bars of railroad regulation.
The report finds that the experience of the past, not only with the
railroads but with all industry, and not only in this country but in other
parts
of the world, shows which course to take. In the early days of railroads
we relied upon free competition as the means of public protection,
and the
result was bankrupt and unsafe railroads, bad labor conditions,
flagrant
favoritism in rates with the benefit going to the big shipper and the
big
community, and an uncertainty and instability which demoralized business.
Public regulation was imposed quite as much to cure the ills of
unrestrained
competition as to curb the exactions of monopoly. Of late the country
has
begun to discover that competition can also require restraint in industries
which are not supposed to be affected, like transportation, with the
public
interest.
Guiding Hand of Government Control Needed.
The conclusion is reached that the entire transportation industry,
including the other agencies as well as the railroads, is in need of the guiding
hand of Government control if a threatening chaos is to be transformed
Into order; and this is the conclusion that has been reached quite generally
In other countries. The object of such control is not the protection
of the
railroads only, but the proper protection of every form of transformation.
They all have their parts to play, for each of them can do certain
things
better than any other agency. The problem is to find their
appropriate
functions, protect them in the performance of such functions,
prevent
wastefull duplication of service without eliminating such competition
as is
economically sound, and promote a system of stable rates which will
reflect
the lowest costs of good service but afford the necessary
foundation for
credit. It is too much to expect that all of the present facilities of
transportation in each group can survive, for there as many which are now
without economic justification, but out of the present confusion and waste
a
sound and well co-ordinated system of transportation can be built.
The agency to achieve this result is believed to be the Inter-State Commerce Commission. If transportation is to be co-ordinated,
regulation
must be co-ordinated, and the Commission is the natural and
appropriate
agency for that purpose. It has been in existence for nearly half a century,
and few governmental bodies have stood the test of time as well. No
other
agency has the organization or the necessary experience. The regulation
proposed will have the best chance of success in its hands.
Water Carrier Industry.
Conditions in the water carrier industry are described in detail, including
coastwise and intercoastal operations and those on the Great Lakes
and
Inland waterways. While there has been some public regulation of water
carriers, it has been incomplete and ineffective. The routes are
overtonnaged, there is much cut-throat competition, the carriers have for
some
time been in poor financial condition, much of their equipment Is old, and
they lack funds for replacements. Sentiment in favor of greater
public
regulation has grown within the industry and among those whom it serves.
It is particularly needed to control entrance into the business, prevent
demoralization in rates, protect the common carriers against unfair competition from contract carriers and even more from boat linos controlled
by industries, and promote co-ordination with other forms of transportation.
Motor Industry Described.
Conditions in the motor carrier industry are also described at length.
It is shown that tracking is disorganized and much of it is in an economically
unsound condition. The small scale of operations, the ease of entering
the business, and the presence of three highly competitive types of operators
(the common carrier, the contract carrier and the private carrier) are the
reasons. There are thousands of little operators, with a very few trucks
or even a single truck. Many of the truckers are poorly trained and inadequately financed, and some are irresponsible. Too often rates have
been demoralized by operators with little knowledge of costa or driven by
sheer financial necessity to quote rates known to be unremunerative.
The
financial depression has drawn many unemployed into the business, has
made many second-hand trucks available at low prices, and has demoralized
labor conditions. The bus industry is better organized, but is far from
prosperous.




Mar. 17 1934

The motor trucks fill a need for expeditious, frequent and specialized
short-haul service which the railroads were unable to meet. For some time
the railroads were not greatly concerned by this competition and took few
steps to meet it. With the improvement of the trucks and the tremendous
expansion of hard-surface highways, the number of operators and the range
of their operations greatly increased. They were helped by the railroad
rate structure, which recognizes value as well as cost of service, with the
result that the higher-valued commodities and the shorter hauls pay higher
rates, relatively, than the lower-valued commodities and the longer hauls.
If fixed on a strict cost basis, it is probable that many of the rates would
be higher than they now are and many others would be lower, some of
them much lower. The country has in general approved this method of
making railroad rates, believing that it tended to place the burden where
It could best be borne, and much the same method has been followed all
over the world. However, it favored truck competition, since it made
the traffic vulnerable on which the relatively higher rates are charged.
The railroad response to this competition was tardy, but the tendency
toward drastic and widespread reductions in railroad rates is now so pronounced that it is causing serious concern to the truckers. In making
these reductions, the railroads proceed on the theory that any rates necessary to regain traffic can be justified, if they more than cover "out-ofpocket" expense. Having no non-competitive traffic to furnish reserve
strength, the trucks cannot apply that theory as fully or as effectively as
the railroads, and the same is true of the buses and the water lines. HOWever, the trucks have continued to gain traffic, so that it is estimated that
In 1932 their traffic was about 44% of rail in terms of tons originated, and
12.7% in terms of ton-miles. This understates the effect of their competition, because the railroads have lost much revenue to traffic which they
carry at reduced rates made to keep or regain traffic. All told, the losses
to rail and water carriers probably amount to several hundred millions of
revenue per year.
Intercity buses are estimated to have performed 37.1% as much service
in 1932, measured in passenger-miles, as the railroads. However, the
railroads have lost much more traffic from the private car than from the
bus. For some time they made little effort to improve their service or lower
their rates, but now they are beginning to develop radically new equipment
and service, and are cutting passenger fares drastically. These developments have greatly alarmed the bus operators.
Co-ordination Between Railroads and Motor Transportation.
Co-ordination between the railroads and the motor vehicles has not gone
very far, but is increasing. Many of the railroads have gone extensively,
through subsidiaries, into truck and bus operation, and are using the new
means of service as a substitute for or to supplement their rail service.
The facts in regard to this development are presented at length in an appendix. The opportunities for desirable co-ordination are very great.
The report contains a statement in regard to experience in other parts
of the world, which is amplified in an appendix. The situation is much
the same there as hero. The present tendency is in two directions. The
railroads have discovered that drastic regulation of the trucks is not a cure
for their own troubles, and are turning their attention to improvements in
their own equipment and service and to the readjustment of their rates.
This movement has gone farther in some countries than hero. On the
other hand, the public authorities are directing their attention to the coordination of all of the transportation agencies.
The public interest in transportation is summarized as requiring:
(I) A minimum of outright duplication of facilities or services;
(2) a transportation system which is well organized and functions in an
orderly, dependable way, rather than one which is unstable, uncertain and
a breeder of discriminations;
(3) responsibility, in both a narrow and a broad sense; and
W.1.4
(4) financial stability and good credit.
The very extensive efforts of the States at motor carrier regulation are
described and amplified in an appendix. It is also shown that public
opinion in favor of Federal regulation has been steadily increasing, and
that now the need for such regulation is virtually conceded within the industry itself, as shown by its attitude toward the NRA codes.
0.
060 41
The most serious argument against Federal regulation of motor carriers
Is found to be the question of practicability, owing to the multitude of small
operators. This question is discussed at length, the State experience is
analyzed, the possibility of help from the industry itself is considered, and
the conclusion is reached that while many difficulties will be encountered,
they are not insurmountable, and the experiment ought to be tried.
Regulation's Effects Studied.
The public effects of regulation are also discussed. It is found likely
that it will somewhat lessen the flexibility of truck operations and set up
requirements which small or poorly financed operators will be unable to
meet. But it will produce benefits which will more than compensate, by
promoting a more orderly conduct of the business, lessening irresponsible
competition and undue internal strife, encouraging the organization of
stronger, units, and otherwise enabling the industry to put itself on a
sounder and more generally profitable basis. It will help the common
carrier particularly.
Some shippers will lose the unreasonably low rates and the privilege of
driving hard bargains which they have enjoyed, but all will gain the advantages of fair, known and stable rates. The smaller shipper will in particular be helped. Public advantage will also result from the opportunities
which regulation will create for co-ordinating rail, water and motor services.
While railroads should be permitted to use trucks and buses freely in
connection with their rail service, there appears to be no present need for
encouraging a movement toward absorption by them of truck, bus and
water operations. Railroad credit conditions permit of no such movement
at the present time, and a more or less independent development of the rival
agencies for the present Is desirable.
Regulation of the motor carriers will improve railroad conditions by
stabilizing competition and preventing much duplication and waste. However, it is stated that such regulation is not to be regarded as a panacea for
railroad ills. The railroads have spent too much time and attention on
plans for the restriction of their competitors and too little on the development and improvement of their own service and the readjustment of their
own rates. It Is from self-help that they have most to gain. Included in
railroad self-help is the proper utilization as an adjunct of rail service of all
other means of transportation. These other agencies cannot be legislated
out of existence; they perform useful public functions, and they are here
to stay.
Methods of Regulation Viewed.
In another chapter, the moans of regulation is discussed. The NRA
codes have provided some means for the Federal regulation of the other
agencies, but it is pointed out that such regulation is on a temporary.
emergency basis; that it is largely industrial self-regulation; that it is not
well adapted for use where serious conflicts of interest between the industry,
other industries and the general public are involved; nor is it adapted to
the proper co-ordination of all forms of transportation. It is found that
the Inter-State Commerce Commission is the natural and logical agency,
well organized and trained by experience for such co-ordinated regulation.

Volume 138

Financial Chrcnicle

The practical objections which have been raised to rgeulation by the Commission are discussed, including the contentions that it has too much work
now, that it is "railroad-minded," that it would use railroad rates as a
pattern for the rates of the other agencies, and that its procedure is too
bureaucratic and cumbersome. The conclusions are that these objections
are not valid.
The next chapter discusses the two bills which are proposed as new parts
of the Inter-State Commerce Act, one for the regulation of the water carriers and the other for the regulation of the motor carriers. The differences
between the latter and the Rayburn bill are noted and explained..
Short chapters discuss conditions with respect to the air carriers and the
pipe lines, but no recommendations are offered for the present.
The remainder of the report is taken up with a discussion of the various
proposals of the railroads for relaxation of their regulation. The more
important of these are conditioned upon the assumption that no further
regulation is imposed upon their competitors, and are plainly offered for
tactical reasons. No changes are recommended, except in the case of the
Fourth Section, which prohibits the charging of lower rates for a longer
haul than for a shorter haul over the same line or route in the same direcUm, and in the case of the present provisions with respect to reparation.
These proposals are all analyzed, however, at length and with care. A few
other changes in the Inter-State Commerce Act are considered, and two
of these are recommended.
Attached to the report are several voluminous appendixes, for consideration and reference by those who desire a detailed presentation of the
facts. Owing to their volume, these appendixes are not in the mimeographed edition of the report which is now being issued, except three which
present the proposed bills. All will be available, however, when the report
Is printed.
General Summary of Co-ordinator's Views.
Since 1920 the transportation facilities of the country have expended
enormously. Capital about equal in amount of the total invested in the
railroads in that year went, in one way or another, into the provision of
other means of transportation, and the railroads increased their own investment by nearly one-third. The natural result has been a bitter struggle
for traffic, not only between the various forms of transportation, but within
each subdivision or group, and.this struggle has been intensified by the depression. This situation, which has been continually growing more acute,
not only imperils the financial stability of the national transportation
system, but it threatens the wages and working conditions of labor, and it
creates a demoralization in rates and charges which in the long run is a
menace to commerce and industry.
The view that something must be done about this situation has continually gained in strength, and is now commonly held. There are, however, two schools of thought. The railroads are subject to a very comprehensive system of public regulation, which is the product of years of experience and controversy. The other transportation agencies are regulated
much less thoroughly and to a considerable extent not at all by the Federal
Government. It seems to be agreed that this inequality should be corrected.
Some wish it corrected by imposing more comprehensive regulation upon
the other forms of transportation. Others believe that the thing to do is
to let down the bars of railroad regulation.
It is because of this diversity of view that it has been deemed wise to
combine in this report a consideration both of the proposals for regulating
the other transportation agencies and of the specific proposals of the railroads for relaxing their own regulation, including those which they condition upon the assumption that no further regulation is to be imposed
upon the other agencies. Apart from these conditional proposals, the
striking thing about the suggestions of the rialroads is that so many of
them are relatively unimportant or even trivial. After all that has been
said about the extent to which the railroads are hamstrung and fettered
by public regulation, this circumstance is very significant. Their proposals
leave untouched most of the vital parts of the scheme of regulation, including such matters as control over securities, the construction of new

1815

lines, the abandonment of old lines, consolidations and acquisitions of
control, service, accounting and most matters of safety. The regulation
of rates and charges is left largely intact, even when the conditional proposals are taken into account, and these are plainly offered for tactical
reasons.
It is believed that the experience of the past, not only with the railroads
but with all industry, and not only in this country but in other parts of the
world, shows which course to take. We relied in the early days of railroading upon free competition as the means of public protection, and the
result was bankrupt and unsafe railroads, bad labor conditions, flagrant
favoritism in rates with the benefit going to the big shipper and the big
community, and an uncertainty and instability which were demoralizing
to industry in general. Competition was not universal,• for the railroads
enjoyed a monopoly at many of the smaller places. But public regulation
was imposed quite as much to cure the ills of unrestrained competition as
to curb the exactions of monopoly. Of late the country has begun to discover that competition can also require restraint in industries which were
not supposed to be affected, like transportation, with the public interest.
It has become evident that the entire transportation industry, including
the other agencies as well as the railroads, is in need of the guiding hand of
Government control if a threatening chaos is to be transformed into order;
and this is the conclusion that has been reached quite generally in other
countries. The object of such control is not the protection of the railroads
only, but the proper protection of every form of transportation. They all
have their parts to play, for each one of them can do certain things better
than any other agency. The problem is to find their appropriate functions,
protect them in the performance of such functions, prevent wasteful duplication of service without eliminating such competition as is economically
sound. and promote a system of stable rates which will reflect the lowest
costs of good service, but afford the necessary foundation for credit. It is
too much to expect that all of the present facilities of transportation in each
group can survive, for there are many which are now without economic
justification, but out of the present confusion and waste a sound and well
co-ordinated national system of transportation can be built.
The agency to achieve this result is believed to be the Inter-State Commerce Commission. If transportation is to be co-ordinated, regulation
must be co-ordinated, and the Commission is the natural and appropriate
agency for that purpose. It has been in existence for nearly half a century.
and few governmental bodies have stood the test of time as well. No other
agency has the organization or the necessary experience. The regulation
proposed will have the best chance for success in its hands.
Summary of Recommendations.
The recommendations of the report may be summarized as follows:
(1) Enact the legislation for the Federal regulation of the water carrier
industry (which is set forth in bill submitted as Appendix F).
(2) Enact the legislation for the Federal regulation of the motor carrier
industry (which is set forth in bill submitted as Appendix G).
(3) Enact the legislation for the amendment of the present Inter-State
Commerce Act which is set forth in the four bills submitted as Appendix H.
These bills would:
(a) Enable the Commission to prescribe minimum as well as maximum
oint rail-water rates, and to establish through railroad routes where
jeleemed necessary in the public interest regardless of the "short-hauling"
of any carrier.
(b) Include ports and gateways in the protection of section 3 against
undue preference and prejudice.
(c) Restore the Fourth Section to the form which it had prior to the
legislation of 1920.
(d) Shorten the statutory periods of limitation with respect to reparation
claims to one year in the case of overcharges (and undercharges) and to
90 days in the case of all other claims.
The recommendations marked (1), (2) and (3) (a) above should be conThe others
sidered together and are of the most pressing importance.
may be considered separately.

Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, March 16 1934.
General trade was still on the upgrade despite some irregularities in the heavy industries. Steel output declined 1.5
points to 46.2% of capacity, but the rate was still above
that of last year and two years ago. Electric output
receded slightly, but like that of steel made a better showing than last year and several years past. Carloadings
reached the best peak of the year, and While the production
of lumber showed no change, shipments and orders were
larger, and despite labor unrest, the production of automobiles was increased. Retail sales reached the largest volume
thus far this year, owing to better weather and the proximity
of Easter. The demand was largely for women's spring
suits, coats, hosiery, shoes, millinery, dress accessories and
yard goods in cotton, rayon and silk, and there were good
sales of housewares, curtains and rugs. There was also a
good demand for shoes. The better weather also helped
wholesale business, which reached the best volume recorded
since last August. Increased orders were reported for dry
goods, men's and women's wearing apparel, shoes, hardware and jewelry, and sales of automobiles were larger.
The main drawback in the wholesale division is the difficulty which is being experienced in obtaining prompt delivery of merchandise. There was an increased demand
from the grocery trade for the better brands of goods. Cotton showed very little activity, and prices ended with very
little change from a week ago.
The delay in acting on the crop control bill at Washington
had a depressing effect for a time, but rumors that it
would be passed within a day or two brought about a re-




covery late in the week. Commodity markets were generally
steady during most of the week, but the announcement from
Washington that Secretary Morgenthau was opposed to
silver legislation at this time caused a sharp decline in
silver on the 15th inst. which was reflected in other markets. Sugar futures were under considerable liquidation
owing to the delay in reaching an agreement on quotas.
Coffee advanced to new high levels early in the week, but
later reacted under general liquidation. Rubber reached
the 11c, level for the first time since July 1930, in very
active trading. Buying was stimulated by more favorable
restriction news. Copper held steady at the Sc. level despite
code uncertainties. Tin was active and firm. Wool was
quiet but firm. Cotton goods continued in small demand,
although there was a better business than a week ago.
Wheat was strengthened by further talk of inflation and
a further decrease in the visible supply. Other grain followed the trend of wheat for the most part. The weather
was better in the winter wheat belt, but additional moisture
is needed. Flour continued in small demand, but prices
were firmer in sympathy with wheat.
The weather here early in the week was rather cold, with
occasional snow flurries, but recently it has been more
spring-like. Over last week-end a cold snap prevailed, and
on the 12th inst. it was 13 above zero at New York. A heavy
snowstorm at sea, which piled drifts four feet high on
decks of ships, was reported by passengers of four liners
arriving here on the 12th inst. from European and Southern
ports, and all ships were delayed in docking. To-day it was
fair and warmer here, with temperatures of 28 to 52
degrees, and the forecast was for fair and warmer con-

1816

Financial Chronicle

ditions to-night, followed by cloudy and rainy weather tomorrow. Overnight at Boston it was 26 to 34 degrees;
Baltimore, 32 to 46; Pittsburgh, Pa., 40 to 42; Portland,
Me., 20 to 32; Chicago, 34 to 50; Cincinnati, 40 to 48; Cleveland, 38 to 44; Detroit, 32 to 42; Charleston, 40 to 56; Milwaukee, 32 to 54; Dallas, 56 to 70; Savannah, 40 to 62;
Kansas City, 34 to 66; Springfield, Mo., 44 to 62; St. Louis,
44 to 60; Oklahoma City, 46 to 74; Denver, 46 to 66; Salt
Lake City, 54 to 70; Los Angeles, 52 to 66; San Francisco,
50 to 68; Seattle, 46 to 54; Montreal, 30 to 34, and Winnipeg,
2 to 30 degrees.
Moody's Daily Index of Staple Commodity Prices Displays Easy Tendency.
Principle staple markets displayed a slightly easy tendency
on every day of the week except Monday, when a substantial
rally caused Moody's Daily Index of Staple Commodity
Prices to equal its high mark of the year, 140.4, first reached
on Feb. 16 and closely approached on several occasions
since then. The Index at the close was 138.4, still well
within the narrow range it has occupied since early in
February.
Eight of the 15 commodities contained in the Index
showed declines for the week, none of them very large.
A 20-cent decline in hogs was the most important of the
losses, with scrap steel, coffee, sugar, silk, cotton, cocoa,
and silver following. Rubber and wheat ware the only
staples to advance, while hides, corn, copper, lead and
wool tops were unchanged.
The movement of the Index number during the week, with
comparisons, is as follows:
Fri.
Mar. 9
Sat. Mar. 10
Mon. Mar. 12
Tues. Mar. 13
Wed. Mar. 14
Thurs. Mar. 15
Fri.
Mar. 16

139.5
139.1
140.4
139.8
139.4
139.0
138.4

2 weeks ago. Mar. 2
Month ago, Feb. 16
Year ago,
Mar. 16
1933 High, July 18
Low, Feb. 4
1934 High, Feb. 16
Low, Jan. 2

140.0
140.4
88.7
148.9
78.7
140.4
126.0

Mar. 17 1934

Revenue Freight Car Loadings for Latest Week 38.8%
in Excess of Corresponding Period Last Year.
Loading of revenue freight for the week ended Mar.10 1934
totaled 612,402 cars, an incre ise of 8,265 cars, or 1.4%,
over the preceding week, and an increase of 171,041 cars, or
38.8%, over tha corresponding period in 1933. It was also
a gain of 36,921 cars, or 6.4%, as compared with the same
week in 1932. Total loadings for the week ended March 3
1934 were 25.5% in excess of those for the week ended
March 4 1933.
The first 16 major railroads to report for the week ended
March 10 1934 loaded a tot 1 of 261,799 cars of revenue
freight on their own lines, as against 260,539 cars in the
previous week and 191,538 cars in the seven days ended
March 11 1933. All of these carriers showed substantial
gains over the comparable period last year, when business
as a whole was retarded by the declaration of the bank holiday.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of Cars).
Loaded on Own Lines
Weeks Ended-

Rec'd from Connections
Weeks Ended-

Mar.10 Mar. 3 Mar.11 Mar.10 Mar. 3 Mar.11
1934. 1934. 1933. 1934. 1934. 1933.
Atchison Topeka & Santa Fe-_
Chesapeake & Ohio Ry
Chicago Burl. & Quincy RR
Chicago Milw. St. Paul & Pao. Ry
Chicago & North Western Ry
GulfCoast Lines & subsidiaries_
International Great Northern RRMissouri-Kansas-Texas RR
Missouri Pacific RR
New York Central Lines
N. Y. Chicago & St. Louis Ry...
Norfolk & Western Ry
Pennsylvania System
Pere Marquette Ry
Southern Pacific Lines
Wabash Ry

17,269
22,750
13,766
16,768
13.918
2,993
3,093
4.134
12.901
44,090
3.895
18.187
58,519
5,272
19,193
5,047

16,742
21,229
14,795
17.991
14,186
2,399
2,872
4,372
13,854
43,946
3,760
17,618
56.998
5,499
19,205
5,073

14,544 4,391 4,185 3,145
16,089 7,434 6,947 4,284
10,504 6.160 6,373 4,181
12,171 6.575 6,320 4,353
10,388 9,198 8,815 5,595
1,999 1,203 1,173
763
3,046 1,886 1,928 1,389
3,637 2,506 2,762 1,794
9,931 7,820 7,797 5,148
29,771 66,217 64,433 39.354
2,588 9,308 8,870 5,866
11,462 3,673 3,751 2,731
44,115 36,044 34.694 24,841
3,132
14,288
3,873 8,312 8,059 5,827

261,794 260.539 191.538 170,725 168.107 109,271
Not available.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars)

Total

Increase of 3.4 Points During February Over January
•
Week EndedReport in "Annalist" Index of Business Activity.
Mar.
Mar.
11 1933.
3
1934.
1934.
Mar.
10
The "Annalist" Index of Business Activity shows a rise of
14,430
19,386
3.4 points for February to 76.5 (preliminary) from 73.1 for Chicago Rock Island dr Pacific Ry.- 19,522
19,535
26,466
26,289
..._-- - Illinois Central System
January. The gain since the low of last year
9,505
12,053
12,154
amounts to St.Louis-San Francisco Ry
18.0 points, while the decrease from the high has been cut
Total
43,470
57,905
58,305
to 13.0 points, the "Annalist" said. The most important
The American Railway Association, in reviewing the week
factor in the increase in the combined index was a rise in the
index of automobile production to 76.6 (preliminary) from of March 3, stated on March 9:
Loading of revenue freight for the week ended on March 3 totaled 604,137
58.7 for January. In issuing its index yesterday (March 16)
cars, an increase of 30,766 cars above the preceding week, when loadings
the "Annalist" also stated:
were reduced due to the observance of Washington's Birthday. It also was
Of almost equal importance was an estimated increase in the index of
electric power production to 91.6 from 89.3. The adjusted indices offreight
car loadings and steel ingot production also showed substantial gains, the
former rising to 67.4 from 65.2 and the latter to 56.0 from 48.8. Gains
were also recorded in the adjusted indices of pig iron production, silk consumption, boot and shoe production, cotton consumption and lumber production. The adjusted index of zinc production was the only component
to show a decline for the month.
Table I gives the combined index and its components, each of which is
adjusted for seasonal variation and where necessary for long-time trend,
for the last three months. Table II gives the combined index by months
back to the beginning of 1929.
TABLE I-THE "ANNALIST" INDEX OF BUSINESS ACTIVITY AND
• 'COMPONENT GROUPS.
1934
February.
Freight car loadings
Steel Ingot production
Pig iron production
Electric power production
Cotton consumption
Wool consumption
Silk consumption
Boot and shoe production
Automobile production
Lumber production
Cement production
Zinc production
Combined index

67.4
56.0
45.8
091.6
89.2
66.6
*111.8
876.6
c66.5
61.5
*76.5

January.

1933
December.

65.2
48.8
42.7
89.3.
88.8
73.9
60.6
*105.0
58.7
54.5
46.2
62.1
73.1

62.2
54.3
42.1
90.0
68.5
78.9
51.5
93.0
41.6
51.9
34.8
60.5
69.7

TABLE II-THE COMBINED INDEX SINCE JANUARY 1929.

January
February
March
April
May
June
July
August
September
October
November

•

nasnornhar

1934.

1933.

1932.

1931.

1930.

1929.

73.1
*76.5

63.0
61.7
58.5
64.1
72.5
83.4
89.5
83.6
76.5
72.4
68.5

70.1
68.1
66.7
63.2
60.9
60.4
59.7
81.3
65.2
65.4
64.7

81.4
83.1
85.1
86.4
85.1
82.6
83.1
78.9
76.3
72.6
72.2

102.1
102.5
100.5
101.8
98.5
97.1
93.1
90.8
89.6
86.8
84.4

112.9
112.4
111.9
115.0
115.7
116.6
116.7
115.6
115.0
113.4
106.0

RO 7

RA 9

79 1

22 A

ini 9

• Subject to revis on. a Based on an estimated output o 6,938.000.000 kilowatt-hours AS against a Geological Survey total of 7,614,000,000 known t-hours in
January and 6,285,000,000 in February 1933. b Based on an estimated output of
260,000 cars and trucks as against Department of Commerce total of 167,910 cars
and trucks in January and 110,123 cars and trucks in February 1933. c Based on an
estimated output of 1,010,000,000 feet as against Federal Reserve Board total of
1,027,000,000 feet in January and 614,000.000 feet in February 1933.




an increase of 122,929 cars above the corresponding week in 1933 and
44,658 cars above the corresponding week in 1932.
Miscellaneous freight loading for the week of March 3 totaled 205,929
cars, an increase of 10,253 cars above the preceding week, 44,520 cars
above the corresponding week in 1933, and 9,313 cars above the corresponding week in 1932.
Loading of merchandise less than carload lot freight totaled 162,397 cars,
an increase of 18,255 cars above the preceding week and 128 cars above the
corresponding week in 1933. It was, however, a decrease of 29,107 cars
below the same week In 1932.
Grain and grain products loading for the week totaled 29,098 cars, an
increase of 1,646 cars above the preceding week, and 1,125 cars above the
corresponding week in 1933. It was, however. a decrease of 2,273 cars
below the same week in 1932. In the Western districts alone, grain and
grain products loading for the week ended March 3 totaled 19,061 cars, an
Increase of 1,849 cars above the same week in 1933.
Forest products loading totaled 21.530 cars, a decrease of 975 cars below
the preceding week but 6,168 cars above the same week in 1933, and 1,041
cars above the same week in 1932.
Ore loading amounted to 2,646 cars, a decrease of 565 ears below the
preceding week, but 1,278 cars above the corresponding week in 1933 and
550 cars above the corresponding week in 1932.
Coal loading amounted to 157.714 cars, an increase of 2,688 cars above
the preceding week, 63,804 cars above the corresponding week in 1933, and
62,347 cars above the same week in 1932.
Coke loading amounted to 10,792 cars, an Increase of 724 cars above the
preceding week. 5,913 cars above the same week in 1933 and 5,708 cars
above the same week in 1932.
Live stock loading amounted to 14,031 cars, a decrease of 1,260 cars
below the preceding week, seven cars below the same week in 1933, and
2,921 cars below the same week In 1932. In the Western districts alone,
loading of live stock for the week ended March 3 totaled 11,055 cars, a
decrease of seven cars below the same week in 1933.
All districts reported increases for the week of March 3 compared with
the corresponding week in 1933, while all reported increases compared
with the same week in 1932 except the Centralwestern and Southwestern
which showed small decreases.
Loading of revenue freight in 1934 compared with the two previous
years follows:
1934.
1933.
1932.
Four weeks in January
2,177,562
1,924,208 2,266,771
Four weeks in February..... 2,308,869
1,970,566
2,243,221
Week ended March 3
604,137
481,208
559.479
Total

5.090,568

4,375,982

5,069,471

In the allowing table we undertake to show also the
GadTnErfor the separate roads and systems for the week
;Tire March13 1934. DuringIthis period only 20 roads

1817

Financial Chronicle

Volume 138

showed decreases as compared with the corresponding week
last year. Among the larger carriers showing increases as
compared with the same week in 1933 were the Pennsylvania System, the Baltimore & Ohio RR., the New York
Central RR.,the Chesapeake & Ohio Ry., the Southern Ry.
System, the Louisville & Nashville RR., the Norfolk &

Western Ry., the Illinois Central System, the Atchison
Topeka & Santa Fe Ry., the Chicago Milwaukee St. Paul
& Pacific Ry., the Chicago & North Western Ry., the Reading Co., the Chicago Burlington & Quincy RR.,the Missouri
Pacific RR., the Erie RR. and the Southern Pacific Co.
(Pacific Lines).

09' CARS)-WEEK ENDED MAR. 3.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER
Total Loads Received
Total Revenue
Total Loads Received
Total Revenue
front Connections.
Freight Loaded.
Railroads.
from Connections.
Freight Loaded.
Railroads.
1933.
1934.
1932.
1933.
1934.
1933.
1934.
1932.
1933.
1934.
Group B111
235
Eastern District.
266
178
135
Alabama Tenn. & Northern...
543
Group A783
730
558
712
291 Atlantic Birmingham & Coast__
242
2,299
1,935
1,804
900
Bangor & Aroostook
1,046
671
590
715
Ala
of
&
-West.
RR.
P.
Atl
W.
3,987
4,581
3,225
2,994
3,338
2,040
Boston & Albany
2,534
3.529
3,329
3,751
8,433 Central of Georgia
10.545
8,314
6,695
7,708
114
Boston & Maine
196
308
169
.194
2.063 Columbus & Greenville
3,213
721
605
847
600
Central Vermont
610
1,186
1,073
1,131
East
Coast
Florida
1,973
2,899
2,506
2,305
2,955
1,162
Maine Central
1,369
799
1,068
828
10,097 Georgia
12,172
11,455
9,349
New York, N.H.& Hartford_ 10,318
339
458
296
266
335
837 Georgia dr Florida
1,099
583
517
559
Rutland
565
724
1,303
1,033
1,186
Gulf Mobile & Northern
7.797'
8,405
18,045
15,562
18,633
27,686 Illinois Central System
34,751
29,103
24,400
27,529
Total
3,222
3.993
14,504
12,860
18,970
Louisville & Nashville
348
414
175
108
140
Macon Dublin & Savannah...197
260
162
126
139
Central
Mississippi
Group B1,090
1,412
1,940
1,469
Ohio
1,674
&
Mobile
5.559
7,421
4,884
4,521
5,924
Delaware dr Hudson
1,892
2,333
2,804
2.546
2,781
4.947 Nashville Chatt. dr St. Louts
6,037
7,985
7,831
Delaware Lackawanna & West.. 10,620
810
681
407
270
334
10,952 Tennessee Central
14,829
10,831
9,930
13,770
Erie
1,590
1,785
186
150
119
Lehigh & Hudson River
21,530
25,453
47,125
41.005
51,658
Total
742
1,031
1,509
1,246
2,232
Lehigh & New England
5,869
7,047
6,521
7,388
9,099
Lehigh Valley
45,721
54.782
86,980
76,499
22 Grand total Southern District... 90,581
36
1,503
1,198
2,074
Montour
20,437
31,054
19,638
16,904
20,534
New York Central
1,646
2,176
2,234
1,937
2,076
New York Ontario & Western_
Northwestern District.
19
13
373
328
513
Pittsburgh & Shawmut
1,277
1,614
958
525
873
216 Belt Ry. of Chicago
314
347
241
436
Pittsburgh Shawmut& Northern
6,499
8,815
13,729
11,984
14,186
Chicago & North Western
1.872
2,396
2,236
1,822
2,189
51,999
Chicago
Great
71,743
Western
55.991
51,652
Total
67,397
5,001
6,320
16,069
13,819
Chic. MIlw. St. Paul & Pacific_ 17,991
1,990
2,559
2,931
2,632
3,634
Chic.St.Paul Minn.& Omaha_
40
93
347
282
554
Duluth Missabe & Northern....
Group C
297
333
447
344
591
984 Duluth South Shore & Atlantic_
658
1,078
417
Ann Arbor
555
3.055
4,707
3,483
2,601
4,718
1,446
&
1,812
Elgin
Joliet
Eastern
Louisville
1,504
Chicago Ind.&
1,218
1,256
117
134
275
232
236
8,868 Ft. Dodge Des M.dr Southern.
12,557
8,486
Cleve. CM. ChM.& St. Louis...
6.683
7,437
1.107
1,821
7,634
7,750
d8,372
45 Great Northern
74
56
19
CentralIndiana
23
323
335
536
469
477
83
97
Green Bay & Western
227
198
Detroit & Mackinac
203
67
119
b
161
311
1,991 Lake Superior & Ishpeming
3,602
210
200
Detroit & Toledo Shore Line..
294
1,313
1,358
1,603
1,460
1,728
779 Minneapolis & St. Louis
1,546
1,186
Detroit Toledo & Ironton
1,114
2,080
1,573
2,201
4,578
3,827
4,328
4,981 Minn. St. Paul & S. S. mane_
7,705
Grand Trunk Western
2,582
2,499
4,323
1,514
2,244
7,479
6,494
8,323
6,803 Northern Pacific
10,633
6,425
Michigan Central
5,340
7,965
150
158
b
75
74
151 Spokane & International
139
3,609
Monongahela
2,945
5,389
878
862
1,025
746
1,113
6,431 Spokane Portland & Seattle.
8,870
4,446
New York Chicago & St. Louis
3,312
3,760
3,313
5,403
4,433
Pere Marquette
3,799
5,499
27,073
36,069
63,330
55,223
69,698
Total
3.287
5,426
3,346
Pittsburgh & Lake Erie
2,277
4,506
535
913
758
Pittsburgh & West Virginia...819
1,327
6,102
8,059
5.297
Wabash
4,215
5,073
Central Western District.
1,501
3,213
2,703
Wheeling & Lake Erie
2,534
3,511
3,571
4.185
19,408
15,553
Atch. Top.& Santa Fe System_ 16,742
1,492
1,807
3,207
2,633
2,494
71,127
45,926
Total
37,589
47,300 Alton
53,201
28
22
173
232
208
&
Garfield
Bingham
4,796
6,373
14.701
11,796
14,795
District
Grand total Eastern
148,127 113,641 131,020 177,621 126,981 Chicago Burlington & Quincy
721
583
b
1,487
1,695
Chicago & Illinois Midland__.
5,300
8,630
11,872
9,190
9,819
....
Chicago Rock Island dr Pacific_
1,534
1.989
2,691
2,177
3,143
Allegheny District.
Chicago & Eastern Illinois
788
673
989
735
999
630
il
b
824
225
477
Youngstown
&
&
Canton
Southern
Colorado
Akron
1,363
1,648
1,618
1,768
2,247
10,583 Denver & Rio Grande Western.
13,499
26,550
21,064
27,747
Baltimore & Ohio
10
8
194
189
358
413 Denver & Salt Lake
925
1,156
663
1,716
Bessemer & Lake Erie
721
770
953
1,208
931
6
132
5 Fort Worth & Denver City.123
303
Buffalo Creek & Gauley
788
1,102
b
1,662
2,083
8,609 Illinois Terminal
5,911
5,213
10,859
6,657
Central RR.of New Jersey...._
177
285
457
313
.535
232
36 Northwestern Pacific
38
6
Cornwall
61
19
97
71
90
11
16 Peoria & Pekin Union
315
231
395
Cumberland dr Pennsylvania
2,540
3,163
13,230
10,361
14,122
22
203
10 Southern Pacific (Pacific)
168
280
Ligonier Valley
291
249
286
283
220
2,519
3,384
1,255
959
625
St. Joseph & Grand Island....
Long Island
733
980
288
308
314
1,140 Toledo Peoria & Western
c
1,383
894
1,141
c Penn-Read Seashore Lines4,383
6,227
12,010
9,884
11,634
34,694
57,238
47,112
27.528 Union Pacific System
56,998
Pennsylvania System
7
s
380
351
238
12,368 Utah
14,570
11,815
10,504
14,308
Reading Co
837
1,016
1,120
953
1,143
557 Western Pachic
1,426
5,463
2,644
6,798
Union (Pittsburgh)
2
52
50
112
West Virginia Northern
30,141
37,474
83,929
70,879
83,810
3,124
5,778
3,027
2,427
Total
3,105
Western Maryland
Total
Pocahontas District.
Chesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern District.
Group AAtlantic Coast Line
Clischfield
Charleston & Western Carolina
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom
Seaboard Air Line
Southern System
Winston-Salem Southbound_

120,668

92,277

113,118

87,652

67,518

21,229
17,618
901
3,501

16,604
11,047
789
2,806

15,809
13,506
980
2,877

6,947
3,751
1,158
468

4,712
2,922
949
497

43,249

31,246

32,972

12,324

9,080

8,873
1,247
378
146
49
1,081
510
258
7,031
19,222
128

7,947
851
320
106
40
1,383
517
279
6,570
17,359
142

8,890
922
395
182
63
1,378
600
349
7,512
19,366
198

4,706
1,584
1.019
368
88
1,116
1,057
2,916
3,763
12,118
594

3,778
1.159
835
243
75
899
727
3,185
3,091
9,611
588

Southwestern District.
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas_
Litchftold & Madison
Midland Valley
Missouri & North Arkansas_ _
Missouri-Kansas-1 exas Lines_ _
Missouri Pacific
Natchez & Southern
Quanah Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR.Assn.01St. Louis
Weatherford Min.Wells& N.W.

152
104
183
2.399
2,872
183
1,535
1,043
146
475
623
63
4,372
13,854
45
82
7,283
1,865
5.083
4,098
1,530
14

115
147
143
2,192
2,617
117
1,222
1,274
111
204
367
57
4,208
11,298
50
109
6,286
1,719
4,552
3,228
1,410
17

167
155
186
2,994
1,537
161
1,547
1,121
b
394
500
66
4,788
13.947
48
95
7,690
2,226
5,500
3,408
1,584
16

3,889
343
159
1,173
1,928
1,045
1,439
656
311
818
214
305
2,752
7,797
18
118
3,627
1,953
2.172
3,531
2.404
40

2,447
306
142
910
1,419
647
1.120
791
206
498
162
250
2,116
5,881
13
85
2,644
1,212
1,839
2,721
1,790
33

27,232
36,692
48,130
41,443
48,004
39.855
35.494
24.191
29.329
38,923
Total
Total
Jersey & Seashore RR., formerly part of
a Estimated. b Not available. c Pennsylvania-Reading Seashore Linea include the new consolidated lines of the West
Co. *Previous week's figures.
Pennsylvania RR.. and Atlantic City KR. formerly part of Reading Co.: 1932 figures included In Pennsylvania System and Reading

Col. Leonard P. Ayres of Cleveland Trust Co. Attributes
to Three Factors the Increased Business Activity
Under Way Since November-These Are Activity in
Automobile Industry, Expansion in Building Construction and Augmented Coal Shipments Incident
to Severe Winter.
That "the present prospects are that business will continue
to be increasingly active during the first half of the year
unless serious labor troubles should check production in the
automotive industries" is the view advanced by Col. Leonard
P. Ayres, Vice-President of the Cleveland Trust Co. of
Cleveland, Ohio, in the company's "Business Bulletin"
dated March 15. Col. Ayres notes that "business activity
has continued through February the vigorous advance which
began last November." He goes on to say, "in that month
the volume of industrial production was nearly 34% below




its computed normal level, and the subsequent improvement
has lifted it until in February it was only 27% below normal."
"That," he points out, "is an advance of seven points, but
since the November figure, stated the other way, was 66%
of normal, and the February one 73%, the increase of seven
points from the base of 66 becomes an advance of over
11%, which is a rather impressive improvement for a three
months period." In his comments Col. Ayres says:
"Three factors appear to be most immediately responsible for the current
lift in general business. The first, and probably the most influential, is the
increased activity in the automobile industry, which is an important
customer of a long list of other industries, and which has been largely
responsible in recent weeks for the greater output of steel. The second of
the three stimulating factors has been a large increase in building construction. which is mostly the result of heavy Federal expenditures for public
works. Finally the generally prevailing severe winter weather has increased
coal shipments, and the use of electricity, and has stimulated the sales of
clothing and foot wear."

1818

Financial Chronicle

The further observations of Col. Ayres follow, his diagrams
being omitted:
Bonus payments to farmers will average about 100 million
monthly
through April, and continue at half that rate through the rest of
the year.
Total treasury disbursements have been running this year
at about 30
million dollars a day, and while that continues business will respond
to the
stimulus. We are now fully launched upon a great social experiment
which
will demonstrate whether or not public expenditures can generate
a business
revival which private enterprise can subsequently sustain.
Recovery.
There are six elements of business activity that are so important
in our
National economy that we may truly term them controlling factors.
In
the diagram they are termed recovery essentials, and the record
of each
one is shown during the past five years, and for the first one or two
months
of this year. In each case the average for the years 1923, 1924 and 1925
is
taken as being equal to 100 and purely seasonal fluctuations
have been
eliminated. The list would be improved if a good index of agricultural
earnings could be included, but that is impossible because of
the seasonal
character of farm output.
Automobile production and building construction are such important
factors in our industrial life that it has often been stated that
prosperity
Is assured if they are both active, and that depression is inevitable
when
their output is low. At the present time both are showing
important
expansion. Automobile production is running rather disquietingly
ahead
of retail sales, which may be partly due to the severe winter weather
of
January and February. and partly to the fear that output may be
restricted
later on by strikes. Building has shown a vigorous expansion
which has
been temporarily checked by weather conditions. Most of the building
activity is financed by public funds.
When automobile output and building construction are active
steel
production expands and later on the volume of railroad freight
increases.
The expansion in steel has already taken place, and it is continuing,
with
rather bright prospects for the next few months. Exports were slightly
higher in 1933 than in 1932, with a distinct upward trend in the second
half of the year that is still continuing.
It is difficult to estimate the outlook for textiles. The industry tends to
have alternate good and poor years, and last year was a prosperous one for
it. It is highly important because it is so very large. The Census divides
all manufacturing into 16 groups, and the textile industries employ more
workers, pay more wages, and produce greater values of output than any
of the other 15 groups. The volume of railroad freight has not as yet shown
much increase beyond that caused by the large recent traffic in coal which
was partly attributable to the generally prevailing severe weather.
A weighted average of these six recovery essentials would show that taken
together they are currently running at better than 60% of their 1923-1925
levels, and that they are about half as high as they were in 1929. All have
shown important recoveries from their lows for the depression. Probably
their course during 1934 will chiefly depend on what develops in automobile
production and in building. The present outlook is hopeful.
Cotton.
The recently published official reports on cotton production in
1933
revealed the significant fact that the output per acre reached a new
high
record. Forty million acres were first planted to cotton in 1933,
and then
the acreage was cut, largely through the domestic allotment payments
for
crop restriction, until the final harvest was taken from only 30 million
acres.
This was 17% less than the final acreage of 1932, but nevertheless
the final
crop was larger. The Government paid farmers many millions
to plow under
their growing crops, but the outcome was increased production. The
reduction plan failed.
In the diagram the irregular line shows the average yield per acre of
cotton
for each year beginning with 1900. Up to about the beginning of the
World
War the normal yields were around 190 pounds per acre. Then the
infestations of the boll weevil cut it so that for 15 years it was around 160 pounds.
In 1930 the severe drouth greatly reduced the weevils and then production
rose to the old normal level. In 1933 it went far above that standard,
and
exceeded 209 pounds per acre, to set a new high record.
The Bankhead Bill has been approved by House and Senate Committees.
and indorsed by the President. It aims to make it more profitable
for
farmers to produce cotton, and at the same time to prevent them from
raising
too much of it. The bill has been much discussed in the South, and
nearly
all farmers who have expressed opinions about it have indorsed it. The
bill
fixes the total amount of cotton farmers can sell this year, and
places
prohibitive taxes on ginning above that amount. Growers will be
given
certificates based on their previous production, and fixing the
amounts
they may have ginned this year.
The Bankhead Bill makes the Secretary of Agriculture a czar over
the
cotton growing and ginning industries. It gives him power to fix
the
amount of cotton that may be ginned in subsequent years, and it charges
him with the duty of allotting to each individual farmer the amount
he is
to be permitted to produce and sell. It has been estimated that the
bill
might result in taking out of production an acreage not far from equal
to
the crop land of the nine States in the New England and Middle Atlantic
groups, or almost equal to that of all the Pacific States. If that happens
we shall have applied to the farmers the first large-scale compulsions
of a
planned economy.
Production.
This bank's index of industrial production was 33.6% below normal in
November, 31.8 in December, 29.0 in January, and the February estimate
Is 27.0% below.
Agricultural Exports.
The Secretary of Agriculture has recently published a pamphlet entitled
"America Must Choose," in which he discusses the courses of action open
to this Nation with respect to its farm problem and its foreign trade. He
offers three choices. The first is national isolation, under which we should
withdraw from use from 50 to 100 million acres of farm land so as to reduce
crops to amounts we can consume at home. The second course would be
Internationalism, by which we should lower our tariffs so as to admit about
a billion dollars more of foreign goods annually in order to increase our
exports of our own goods by corresponding amounts. The remaining
alternative would be a middle course by which we should lower tariffs less
drastically, and withdraw fewer acres from use.
Of course the Secretary is quite right in his reiteration of the old truism
that if we want to sell more of our goods abroad we must increase our
purchases of foreign goods, as he is also in urging that our tariff policies
should be shaped to promote national welfare rather than special interests.
No matter how fully we may be in accord with these generalizations it is
hard to follow the reasoning of the Secretary to his more specific conclusions. His argument is that the developments of recent years, and especially those of the depression, have demonstrated that we are producing for
export large amounts of agricultural products for which the world furnishes
no adequate markets, and that consequently we should tax the rest of the




Mar. 17 1934

population to subsidize the farmers to raise less, and lower industrial goods
tariffs to permit larger farm exports.
The fact is that the volume of our agricultural exports
has been decreasing ever since the war. The course of the shrinkage is shown
in the diagram.
Moreover the purchases of agricultural goods which we make abroad
are
more than sufficient to enable foreign countries to buy
from us all our farm
exports. In every year but one since 1922 the value
of our agricultural
imports has been greater than that of our agricultural exports. In
the main
there is little competition between them. Our
great exports are cotton,
wheat, and tobacco, while our most important imports are coffee,
sugar,
silk, and rubber. Our purchases of these four
import staples are greater
than the foreign purchases of our three leading export
staples.
The necessity for the choice about which the
Secretary writes is not a
recent development, and not a product of the depression.
The farmers are
suffering from low world prices, but so are all other exporters.
During the
depression our agricultural exports have fared
better than other exports
even in the matter of dollar value. In 1932 the value of
agricultural exports
was a larger proportion of that of all exports than
it was in any year since
1926. Under the circumstances it is hard to believe that
there is any good
reason why America must choose to penalize non-agricult
ural producers in
order to subsidize agricultural exporters except the potent
reason that the
agricultural interests presumably have the political power
to get what
they want.
Consumption Goods.
Apparently there was no very serious over-production of
consumption
goods in the prosperity period Just before the depression, and
the shortages
accumulated during the depression are not so large as might
have been
expected. Consumption goods, as distinguished from durable goods,
are
those usually bought directly by consumers at retail, and used up
and re'placed relatively quickly. The most important classes consist of food
and
clothing. Other components include tobacco, and articles made of
textiles,
paper, leather, and rubber.
The diagrams show the monthly changes in the physical volume,
but
not in the value, of the industrial production of
consumption goods during the past 35 years. The top section is the index
of production. It
is based on the data, the weightings, and the methods
used by the Census
and the Federal Reserve Board in the construction
of their indexes of
production. It is believed that the totals for each
year are relatively
reliable throughout, but due to inadequacy of data the
monthly changes
prior to 1910 are only approximations.
A straight line computed by the method of least
squares and based on the
years from 1899 through 1930 inclusive, has been drawn
through the irregular
Index line to show the trend, and to serve as a computed
normal from which
to measure the plus deviations of the prosperity periods, and
minus deviations of the depressions. The black silhouette of the middle
section shows
the percentages by which production exceeded this computed
normal or
fell below it.
The lowest diagram was made by cumulating the data of the
middle one.
The percentages by which production exceeded normal were
continuously
added until a depression period was reached and then the percentages
were
cumulatively subtracted. If production has been above normal
by 10%
for 10 consecutive months the accumulated surplus would be
equal to the
total normal output for one month. The accumulated theoretical surplus
so measured in terms of normal monthly output was nearly two months
at
the end of the war period, and almost two months in 1929.
The indicated accumulated shortage was one month Just before the war,
almost one month in the following depression, and six months in January
1934. These computations are useful aids toward understanding conditions,
but not accurate measures of surplusses and deficits. The indicated
surplusses do not tell Just how much overproduction there has been, nor do
the
Indicated shortages all have to be made up. Nevertheless it is
important
to know that at the end of prosperity the theoretical accumulated
surplus
of consumption goods was not more than that normally produced
in two
months, and that present accumulated shortages do not exceed
normal
production of six months.

"Annalist" Weekly Index of Wholesale Commodity
Prices for Week of March 13 Highest Since March 17
1931-Increased 0.8 Point Over Week Previous.
Advancing 0.8 point, the "Annalist" Weekly Index of
Wholesale Commodity hices rose to 109.0 March 13, from
108.2 MIrch 6, and now stands at the highest point since
March 17 1931, when it fell to 109.3. In reporting this, the
"Annalist," said:
The bonus and silver bills in Congress pointed to the persistent desire
of
members of Congress to benefit special interests at any cost
to the countrY,
and their Inflationary threat was largely responsible for the advance
in the
commodities, although the increased costs Implicit in the National Recovery
Administration efforts to reduce working hours without
cutting weekly
Pay also contributed. In terms of the old dollar, the index rose to 65.0
from 64.6.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for seasonal variation( 913=100),
Mar. 13 1934. Mar. 16 1934. afar.161933.
Farm products
Food products
Textile products
Fuels
Metals
Building materials_
Chemicals
Miscellaneous
All commodities
b All commodities on old dollar basis

93.3
107.7
•122.2
154.5
105.0
113.8
99.5
89.2
109.0
65.0

91.7
107.3
al22.2
154.5
104.9
113.7
99.5
87.2
108.2
04.6

88.0
87.8
68.0
103.4 "
95.1
106.5
95.5
69.0
82.7
820

* Preliminary. a Revised. 1) Based on exchange quotations for France,
Switzerland, Holland and Belgium. c First date for which all quotations
were available
after national bank holiday.
Advances were general. Wheat rose to $1.06 for No. 2 red at
New York.
from $1.04%. oats at Chicago to 45 from 443,
rye to 7431 from 7431.
steers to $7.10 from the Chicago average. from $6.60; choice
beef to $9.50S10.50, from $9-10; cotton to 12.45 from 12.35; rubber to
13,from 123i,
and tin to 54%-54M from 52%. Coffee, eggs. flour and lubricating oil
also made gains. Hogs, butter and cheese, on the other hand, declined, as
well as potatoes and zinc.
Foreign price indices available for the week of Feb. 27 show
a general
downward drift, that of the United Kingdom falling to 65.4 on March
3,
from 65.9; that of Germany to 95.8 on Feb. 28, from 96.2; that of Italy
to 42.1 on Feb. 28, from 42.2. The latest French index also shows loss,
declining to 384 on Feb. 23, from 385 the week before, and 386 on Feb. 10.

DAILY SPOT PRICES
Index
Cotton.

Wheat.

Corn.

Hogs.

US
$

Old
$

83.0
139.1
4.38
.6614
1.0434
12.35
82.7
138.7
4.35
.65%
12.30 , 1.03%
83.2
139.3
4.46
.66
1.0441
12.45
83.1
139.5
4.44
.664I
1.04
12.40
139.1
83.0
.66%
1.0511
12.35
83.8
140.4
I:5i
.6634
1.06
12.50
83.3
139.8
.29
.66 4.
1.0644
1245
domestic,
Cotton.-Middling upland, New York, Wheat.-No.2led, new,cit.,
New York. Corm-No. 2 yet ow, New York. Hogs.-Day's average. Chicago.
Moody's index -Daily index of 15 staple commodities, Dec. 31 1931=100: March 1
1933=80.

March 6
March 7
March 8
March 9
March 10
March 12
Marnh Is

Slight Increase Noted in Wholesale Commodity Prices
During Week of March 10 by National Fertilizer
Association.
Wholesale commodity prices advanced slightly during the
week ended March 10, according to the index of the National
Fertilizer Association. This index advanced one pointfor
the latest week, moving up from 71.6 to 71.7. (The threeyear average 1926-28 equals 100.) The latestindex number
is a new high point since the upward trend of commodity
prices began some time ago. A month ago the index stood
at 70.7, and last year at this time it stood at 56.7. A year
ago commodity prices showed their first upward turn from
the low point of 55.8 recorded in early March 1933. The
Association also announced the following under date of
March 12:
During the latest week three groups advanced, two declined, and nine
showed no change. The advancing groups were textiles, fats and oils,
and metals. The largest gains were shown in textiles. Grains, feeds and
livestock, and foods were slightly lower.
The prices for 21 individual commodities advanced while prices for 20
commodities declined. A week ago there were 30 advances and 23 declines.
bushel
Cotton advanced 1-3 of a cent a pound; wheat lost about one cent a
at
at Chicago and Kansas City, but avdanced about one cent a bushel
Minneapolis; butter at Chicago advanced 1M cents a pound; corn advanced
less than one cent a bushel; heavy hogs advanced, but light weight hogs
were slightly lower. Other important commodities that advanced during
the latest week were eggs, ham,fancy flour, potatoes, peanuts, hay, copper,
tin, coffee, and rubber. Listed among the declining commodities were
burlap, silk, lard, cottonseed oil, good cattle, lambs, silver, and hides.
Cotton
None of the price changes during the latest week were large.
perhaps made the best showing for the week.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
Per Cent
Each Group
Bears to the
Total Index.

Group.

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

Foods
Fuel
Grains, feeds and livestockTextiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements
_

Inn 11

1819

Financial Chronicle

Volume 138

All arnAna nn mhInwel

Latell
PreWeek
Mar. 10 ceding
Week.
1934.

Month
Ago.

Year
Ago.

73.1
67.8
54.8
72.7
69.2
90.5
80.0
78.8
85.0
56.4
93.1
67.6
75.8
92.4

73.3
67.8
55.2
71.9
69.2
90.5
80.0
78.6
85.0
55.2
93.1
67.6
75.8
92.4

71.6
86.2
54.4
72.1
69.0
84.9
79.1
78.5
85.2
53.4
93.0
67.4
74.5
92.3

56.3
52.3
38.7
42.3
59.1
85.3
71.4
87.9
76.6
42.4
87.4
60.5
65.1
91.7

71_7

71 it

707

Act 7

Increase of 0.3 of 1% Reported by United States Department of Labor in Wholesale Commodity
Prices During Week Ended March 3.
Wholesale commodity prices again resumed their upward
trend during the week of March 3 and advanced by 0.3 of
1%,according to an announcement made March 8 by Commissioner Lubin of the Bureau of Labor Statistics of the
U. S. Department of Labor. "Present prices," Mr. Lubin
said, "are 73.6% of the 1926 average, as compared with
73.4% for the week ended Feb. 4 and are within 0.1 of
1% of the high for the week ended Feb. 17, when the index
was 73.7. The advance was due largely to the rise in the
market prices of farm products, foods, miscellaneous items,
housefurmshing goods and metals and metal products."
Mr. Lubin continued:
As compared with the low point of the year 1933 (week ended Mar. 4),
when the index was 59.6, prices are up by 233.i %. The index is slightly
more than 11% higher than for the corresponding week of two years ago,
when the general average was 66.2% of the 1926 prices. The general
average is about 23% below the average for the year 1929, when the index
number registered 95.3.
Present prices are 23.% over the high point reached during 1933 (Nov.
18), when the index stood at 71.7. They are 4% above those for the first
week of January.
Of the 10 major groups of items covered by the Bureau of Labor Statistics,five showed an increase and four a decrease, with the group of chemicals
and drugs showing no change from the level of the week before.

As to the index of the Bureau of Labor Statistic , the
Department of Labor announced:
The greatest increase was shown by the farm products group, which rose
by 1.3%. The index for this group, 62.0, is nearly 53% above the corresponding week of one year ago and 22% over two years ago, when the indexes were 40.6 and 50.9, respectively. The food group rose 0.7 of 1% to a




level of 67.5. Food products are now 26% over the level of a year ago and
nearly 8% above that of two years ago, when the respective indexes were
53.4 and 62.7.
The hides and leather products group, although registering a slight decline for the week, is 33% above a year ago and 15% over two years ago.
Textile products weakened slightly to an index of 76.6. .Textile prices are
51% over the corresponding week of 1933 and 30% above 1932.
The group which shows the smallest change over the past two years is
chemicals and drugs. For this group existing prices are about 6% above
those of March 5 1933 and 0.3% of 1% over prices of 1932.
• During the year period fuel and lighting materials showed an increase of
14%; metals and metal products, 10%; building materials. 233. %; housefurnishing goods, 13%, and miscellaneous articles, 15%. These groups of
commodities registered advances of about 5% or more over the two-year
period. All commodities other than farm products and foods are nearly
19% higher than last March and about 11% above two years ago.
Important price changes during the week showed advances for corn,
rye, livestock, eggs, potatoes, butter, fruits and vegetables, pork products.
dressed poultry, lard, crude rubber, cottonseed meal, scrap steel, pig tin,
certain paint materials and lumber items, Pennsylvania fuel oil, kerosene,
tire fabrics and certain other cotton textiles. Among the more important
items showing price decreases were barley, oats, wheat, cotton. oranges.
territorial wool, seeds, cheese, flour, wheat cereal, dried fruits, coffee, raw
sugar, bran, silver, certain series of men's shoes and hides and skins, prepared roofing, gasoline, hemp, jute, and cotton yarns.
Present wholesale prices of livestock are the highest since September
1932. and have advanced nearly 29% since the first of January. Fresh
meats are the highest since October 1932, and have shown an increase in
price of nearly 19% since the first of the year. Farm products as a whole
have advanced nearly 11% since the first of January.
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 one year ago, the
average for the year 1929 and the percentage change of present prices compared with corresponding weeks of the past two years:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF MARCH 3
AND FEB.24 1934, MARCH 4 1933 AND YEAR 1929, AND PERCENTAGE
CHANGE OVER LAST TWO YEARS (1926=100.0).
Week Ending-.
Per Cent
Per Cent
Change
Change
Mar. Feb. Afar. Mar. 3 Mar. Mar. 3 Year
1934 & 1929.
5
@
1934
4
24
3
1934. 1934. 1933. Mar. 4 1932. Mar. 5
1932.
1933.
95.3

All commodities

73.6

73.4

59.6

+23.5

66.2

+11.2

Farm products
Foods
Hides and leather products..,
Textileproducts
Fuel and lighting materials_ _
Metals and metal products
Building materials
Chemicals and drugs
HouseturnishIng goods
Miscellaneous
All commodities other than
farm products and foods-

62.0
67.5
89.8
76.6
73.5
85.1
86.5
75.4
82.3
68.6

61.2
67.0
90.1
76.7
73.6
85.0
86.6
75.4
82.1
68.5

40.6
53.4
67.6
50.6
64.4
77.4
70.1
71.3
72.7
59.6

+52.7
+26.4
+32.8
+51.4
+15.1
+ 9.9
+23.4
+ 5.8
+13.2
+15.1

50.9
62.7
77.9
59.1
67.9
80.6
73.4
75.2
78.6
64.6

+21.8 104.9
+ 7.7 99.9
+15.3 109.1
+29.6 90.4
+ 8.2 83.0
+ 5.6 100.5
+17.8 95.4
+ 0.3 94.2
+ 4.7 94.3
+ 6.2 82.6

78.6

78.7

66.2

+18.7

71.0

+10.7

91.6

Department Store Sales During February at Seasonal
Trend-Little Change from January Reported by
Federal Reserve Board.
Preliminary figures for February indicate that, as is usual
at this season, there was little change in department store
sales from the preceding month. The Federal Reserve
Board's index, which makes allowance both for number of
business days and for usual seasonal changes, was 70 in
February on the basis of the 1923-25 average as 100, compared with 69 in January and 69 in December. Under date
of March 10 the Board further reported:
In comparison with a year ago, the value of sales for February according
to preliminary figures was 16% larger. Increases compared with last
year were reported for all districts, the largest increases being in the Dallas.
Atlanta, Chicago, and Cleveland districts. The aggregate for the first
two months of the year was 17% larger than last year.
PERCENTAGE INCREASE Olt DECREASE FROM A YEAR AGO.
Federal Reserve DistrictBoston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

February..

Jan. 1
to
Feb. 28.•

Number of
Reporting
Stores.

Number
of
Cities.

+9
+6
+8
+29
+11
+37
+32
+24
+18
+21
+38
+14

+15
+9
+10
+27
+13
+34
+26
+24
+16
+20
+34
+16

5.5
54
30
20
41
41
60
35
50
22
20
75

29
27
13
12
23
25
27
20
33
15
7
27

258
503
+17
+16
Total
•February figures preliminary; in most cities the month had the same number
of business days this year and last year.

Electric Output 18.4% in Excess of Corresponding
Period Last Year.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
United States for the week ended March 10 1934 was 1,647,024,000 kwh., an increase of 18.4% over the same period
last year when output totaled 1,390,607,060 kwh. The
current figure also compares with 1,658,040,000 kwh. produced in the week ended March 3 1934, 1,646,465,000 kwh.
in the week ended Feb. 24 and 1,640,951,000 kwh. in the

1820

Financial Chronicle

week ended Feb. 17 1934. Production during the week
ended March 3 1934 was 16.5% in excess of the comparable
period in 1933.
With the eiception of the Middle Atlantic and the Rocky
Mountain regions, all of the seven geographic regions
reporting showed larger percentage gains over the same
week last year than those for the week ended March 3 1934
as compared with the week ended March 4 1933. The
Institute's statement follows:

Mar. 17 1934

covering an 11-year period beginning with 1923, show average declines of
1.7% in employment and 3.2% in payrolls.
Despite the January losses, indexes of employment and payrolls indicate
that employment in all reporting industries of Illinois was 18.6% above,
and that payrolls were 26.5% above the level established in January 1933.
The gains in manufacturing industries were sharper, employment in January 1934, being 26.2% above that for January 1933, and payrolls 42.1%
higher than those of last January. For the non-manufacturing industries
employment and payrolls in January 1934, were, respectively, 7.5% and
7.1% above the levels of January 1933.
It is noteworthy tat with the exception of the clothing and millinery
group employment and payrolls in each of the 14 main manufacturing and
non-manufacturing groups of industries, in January 1934, were above the
PER CENT CHANGES (1934 OVER 1933).
level of January 1933. Employment in the clothing and millinery group
In
January 1934, was below, while payrolls were above those of a year ago.
Major Geographic
Week Ended
Week Ended
Week Ended
Week Ended
Divisions.
Mar. 10 1934. Mar. 3 1934. Feb. 24 1934. Feb. 17 1934.
Eleven hundred and five manufacturing establishments reported a loss
at'2.2% in employment, and a gain of less than 0.1 of 1% in payrolls from
New England
+15.7
+14.2
+17.0
+13.2
December to Janaury. The decrease in employment in manufacturing
Middle Atlantic
+14.1
+15.3
+14.4
+12.1
plants was the fourth consecutive monthly decline reported, while the payCentral Industrial
, +27.6
+24.6
4-24.7
+15.4
Southern States
+18.5
+11.9
+4.1
+7.0
rolls gain succeeded a slightly larger gain reported in December. Six
Pacific Coast
+7.9
412.5
+7.7
+8.9
hundred and sixty-three non-manufacturing concerns in the trade, services,
West Central
+12.7
+10.0
+3.1
+7.5
public utilities, coal mining, building and contracting, and miscellaneous
Rocky Mountain
+15.7
+18.2
+12.0
+16.3
groups reported declines of 2.8% in employment and 1.9% in payrolls
Total United States_
+18.4
+16.5
+15.5
+11.6
during the December-January period.
The total actual man-hours worked in January, as reported by 1,128
Arranged in tabular form. the output in kilowatt hours of
employing 200,835 persons, decreased 1.0% from Decemthe light and power companies of recent weeks and by establishments
ber; 804 reporting manufacturing establishments employing 127.515 wage
months since and including January 1930 is as follows:
earners, decreased actual man-hours 0.6 of 1%; and 324 reporting nonmanufacturing establishments employing 73,320 workers, decreased actual
man-hours 1.5%. The reduction in man-hours for female employees was
Week of1933.
Week of- 1932.
Week of- 1931.
1932.
much sharper than that for male wage earners. The average hours worked
May 6 1,435,707,000 May 7 1,429,032.000 May 9 1,637,296,000 0.5%
per employee per week for all industries combined advanced in those plants
May 13 1,468,035,000 May 14 1,436.928.000 May 16 1,654,303,000 2.2%
reporting
man-hours data from 35.9 in December to 36.1 in January, or
May 20 1,483,090,000 May 21 1,435,731,000 May 23 1,644,783,000 3.3%
0.6 of 1%; the average in manufacturing plants increased from 34.2 in
May 27 1,493,923,000 May 28 1,425,151,000 May 30 1,601,833,000 4.8%
June 3 1,461,488,000 June 4 1,381,452,000 June 6 1,593,682,000 5.8%
December to 34.4 in January, or 0.6 of 1%; and those in the non-manufaoJune 10 1,541.713,000 June 11 1,435,471.000 June 13 1,621,451,000 7.4%
turing establishments were 38.9 in both December and January.
June 17 1,578,101,000 June 18 1,441.532,000 June 20 1,609,931.000 9.5%
In the 1,690 firms reporting data by sex, employment of women wage
June 24 1,598,136,000 June 25 1,440,541,000 June 27 1,634,935,000 10.9%
July 1 1,655,843,000 July 1 1,456.961.000 July 4 1,607.238,000 13.7%
earners was curtailed more sharply than that of men. In these establishJuly 8 1,538,500,000 July 9 1,341,730,000 July 11 1,603,713,000 14.7%
ments the employment of females declined 4.8% while that of males declined
July 15 1,648,339,000 July 16 1,415,704,000 July 18 1,644,638,000 16.4%
1.6%. The amount paid in wages to female workers in January was 1.0%
July 22 1,654,424,000 July 23 1,433,990,000 July 25 1,650,545,000 15.4%
more,
and that paid to male wage earners was 0.5 of 1% less than the
July 29 1,661,504,000 July 30 1,440,386,000 Aug. 1 1,644,089,000 15.4%
Aug. 5 1,650,013,000 Aug. 6 1,426,986,000 Aug. 8 1,642,858,000 15.6%
amount expended in December. In 1,062 manufactruing establishments
Aug. 12 1,627,339,000 Aug. 13 1,415,122,000 Aug. 15 1,629,011,000 15.0%
in Illinois the employment of males declined 2.0% and that of females deAug. 19 1.650,205.000 Aug. 20 1.431,910,000 Aug. 22 1,643,229,000 15.2%
creased 2.7%; payrolls, however, increased less than 0.1 of 1% for males,
Aug. 26 1,630,394,000 Aug. 27 1,436,440,000 Aug. 29 1,637,533,000 13.5%
Sept. 2 1,637.317,000 Sept. 3 1.464,700,000 Sept. 5 1.635,623,000 11.8%
and increased 2.7% for females.
Sept. 9 1,582,742,000 Sept. 10 x1,423,977,000 Sept. 12 1,582,267,000 11.1%
Of the nine main manufacturing groups of industries five, namely, stone,
Sept.16 1,663,212,000 Sept. 17 1,476,442,000 Sept. 19 1,662,660,000 12.7%
clay and glass, metals, machinery and conveyances, wood products, chemSept.23 1,638,757,000 Sept. 24 1,490,863,000 Sept.26 1,660,204,000 9.9%
icals, oils and paints, and food, beverages and tobacco, reported declines
Sept.30 1,652,811,000 Oct. 1 1,499,459,000 Oct. 2 1,645,587,000 10.2%
Oct. 7 1,646,136,000 Oct. 8 1,506,219,000 Oct. 10 1,653.369,000 9.3%
in both employment and payrolls during January. Three manufacturing
Oct. 14 1,618,948,000 Oct. 15 1,507,503,000 Oct. 17 1,656,051,000 7,4%
groups, furs and leather goods, printing and paper goods, and textiles,
Oct. 21 1,618,795,000 Oct. 22 1.528,145,000 Oct. 24 1,646,531,000 5.9%
showed increases in both the number employed and the amount paid to
Oct. 28 1,621,702,000 Oct. 29 1.533,028,000 Oct. 31 1,651,792,000 5.8%
Nov. 4 1,683,412,000 Nov. 5 1,525,410,000 Nov. 7 1,628,147,000 3.8%
them in wages; the clothing and millinery group showed a loss in employNov. 11 1,616,875,000 Nov. 12 1,520,730,000 Nov. 14 1,623,151,000 6.3%
ment but a sharp gain in payrolls from December to January.
Nov. 18 1,617,249,000 Nov. 19 1,531,584,000 Nov. 21 1,655,051,000 5.6%
In the stone, clay and glass group, the miscellaneous stone and minerals,
Nov. 25 1,607,546,000 Nov. 26 y1.475,268,000 Nov.28 1.599,900,000 1 5.9%
and the lime, cement and plaster industries were responsible for the decline
Dec. 2 71,553,744,000 Dec. 3 1,510,337,000 Dec. 5 1,671,466,000 f
Deli. 9 1,619,157,000 Dec. 10 1,518,922,000 Dec. 12 1,617,717,000 6.6%
of 0.5 of 1% in employment, while these industries, together with glass
Dec. 16 1,644,018,000 Dec. 17 1,563,384,000 Dec. 19 1,675,653,000 5.2%
manufacturing establishments, accounted for the payrolls loss of 1.9%
Dec. 23 1,656,616,000 Dec. 24 1,554,473,000 Dee. 26 1,564.652,000 6.6%
reported for the group. These losses were considerably smaller than the
Dec. 30 1.539,002,000 Dec. 31 1,414,710,000
1932.
seasonal factors would ordinarily warrant.
Jan. 2 1,523,652,000 8.8%
1934.
1933.
Fan. 6 1,583.678,000 Jan. 7 :L425,639,000 Jan. 9 1,619,265,000 9.7%
Declines of 2.8% in employment and 1.3% in payrolls, as reported by
Fan. 13 1,648,271,000 Jan. 14 1,495,116,000 Jan. 16 1.602,482,000 10.1%
establishments in the metals group, were rather widely shared by the
ran. 20 1,624,846,000 Jan. 21 1,484,089,000 Jan. 23 1,598,201,000 9.5%
various industries comprising this group. Reporting tools and cutlery
ran. 27 1,610,542,000 Jan. 28 1,489,636,000 Jan. 30 1,588,967,000 9.6%
plants expanded both employment and payrolls sharply, and the important
'eb. 3 1,636,275,000 Feb. 4 1,454,913,000 Feb. 6 1,588,853.000 12.5%
reb. 10 1,651,535,000 Feb. 10 1,482,509.000 Feb. 13 1,578,817,000 11.4%
agricultural implements industries reported large gains in both items.
reb. 17 1,640,951,000 Feb. 18 1,469,732,000 Feb. 20 1,545,469,000 11.6%
Each of the industries in the wood products group contributed to the
'eb. 24 1,646,465,000 Feb. 25 1,425,511,000 Feb. 27 1,512,158,000 15.5%
sharp declines of 14.7% in employment and 16.5% in payrolls reported
Jar. 3 1,658,040,000 Mar. 4 1,422,875,000 Mar. 5 1,519,679,000 16.5%
Jar. 10 1,847,024,000 Mar. 11 1.390.607,000 Mar. 12 1.538.452,000 18.4%
for the group. Reporting saw and planing mills establishments reduced
both employment and payrolls by approximately one-third.
x Revised figure. y Includes Thanksgiving Day.
In the chemicals, oils and paints group of industries, employment in
DATA FOR RECENT MONTHS.
January declined 5.9%, and payrolls decreased 2.6%. Every industry
1933
except paints, dyes and colors, which increased both employment and
1932.
Month of1933.
1931.
1930.
Under
payrolls sharply, contributed to these declines. Employment and payrolls
1932.
losses in the miscellaneous chemical industries were particularly marked.
January ____ 6,480,897,000 7,011,736,000 7,435,782,000 8,021,749,000 7.6%
Losses of 2.4% in employment and 4.0% in payrolls were reported during
February ___ 5,835,263,000 6,494,091,000 6,678,915,000 7,066,788.000 10.1%
January by industries in the food products group. Employment losses
March
6,182,281,000 6,771,684,000 7,370,687,000 7,580,335,000 8.7%
were
rather generally reported by industries comprising this group; payrolls
April
6,024,855.000 6,294.302.000 7,184,514,000 7,416,191,000 4.3%
losses were contributed by 6 of the 11 industries of the group. Sharp
May
6,532,686,000 6,219,554,000 7,180.210,000 7,494,807,000 85.0%
June
6,809,440,000 6,130,077,000 7,070,729,000 7,239,697,000 811.1%
employment and payrolls reductions were reported by miscellaneous
July
7,058,600,000 6,112,175,000 7,286,576,000 7,363,730.000 815.5%
grocery -products plants. The confectionery industry reported sharp inAugust
7,218,678,000 6,310,667,000 7,166,086,000 7,391,196,000 814.4%
creases in employment and total wage payments. The important slaughterSeptember._ 6,931,652,000 6,317,733,000 7,099,421,000 7,337.106,000 69.7%
October
7,094,412,000 6,633,865,000 7,331.380,000 7,718,787,000 a6.9%
ing and meat packing industry reported moderate losses in both the number
November
6,831,573,000 6,507,804,000 6,971,644,000 7,270,112,000 115.0%
of persons employed and in the amount paid to them in wages.
December
7,009,164,000 6,638,424,000 7,288,025,000 6.566,601,000 a5.6%
In January, increases of 1.3% in employment and 4.9% in payrolls were
reported by the fur and leather goods industries group. The leather, and
Total
80,009,501,000 77,442,112,000 86,073,969,000 89,487,099,000 83.3%
boots and shoes industries increased both employment and payrolls. While
a Increase over 1932.
the miscellaneous leather industry increased employment but decreased
Note.-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures are
wage expenditures.
based on about 70%.
Job printing establishments were largely responsible for the gains of 3.5%
in employment and 4.2% in payrolls reported by the printing and paper
goods
group. Paper boxes, bags and tubes industries decreased employIndustrial Situation in Illinois During January Reviewed by Illinois Department of Labor by Industry ment but added to payrolls, and edition book binding establishments
employment but decreased payrolls.
-Both Employment and Payrolls Dropped Below Increased
Of the five main non-manufactring industry groups, the trade, and buildDecember.
ing and construction industries decreased employment and payrolls, while
According to Paul R. Kerschbaum, Acting Chief of the expansion in both items during January was reported by the services, public
Division of Statistics and Research of the Illinois Depart- utilities, and coal mining industries.
The sharp declines of 15.7% in employment and 10.8% in payrolls rement of Labor, in his review of the industrial situation in ported by the wholesale and retail trade group in January were primarily
of
a seasonal nature. Sharp declines in both employment and payrolls in
Illinois by industry, "reports from 1,768 manufacturing and
department and chain stores, and mail order houses are normally expected
non-manufacturing establishments in Illinois disclosed de- after
the holiday season.
clines of 2.5% in employment and 0.8% of 1 in payrolls from
Losses of 13.1% in employment and 19.0% in payrolls, which approxDecember 1933, to January 1934." Mr. Kerschbaum said imate the usual seasonal declines in the building and construction industries,
were reported in January. Building and road construction contractors
that "these reporting firms employed 328,738 wage earners reported
sharp employment declines, while the former also reported a
in January and paid out a total of $6,912,363 weekly in sharp reduction in payrolls.
Roteb3 and restaurants were responsible for the employment and payrolls
wages." In his review issued Feb. 21 Mr. Kerschbaum
gains,in January, of8.9% in employment and 7.5% in payrolls reported for
further state 1:
the services group of industries. Reporting laundries, and cleaning and
The January decline in employment for all reporting industries was the
dyeing establishemnts reduced both employment and payrolls slightly.
fourth consecutive monthly decrease reported, while the loss in payrolls
Telephone and railway car repair establishments were responsible for the
Was the third consecutive monthly decline. Losses in both employment
gain of 0.5 of 1% in employment reported for the public utilities industries:
and payrolls between December and January are in accordance with the
the payrolls gain of 0.4 of 1% was accounted for by the telephone, and
usual seasonal movements. Records of the Illinois Department of Labor,
street and electric railways industries.




Volume 138

Financial Chronicle

Reporting coal mines increased employment 4.7%fand paid out 4.5%
more in payrolls during January. These increases were somewhat larger
than the average seasonal gains reported to the Illinois Department of
Labor since 1922.
During January, reports of 28 wage rate increases affecting 1,597 persons,
or 0.5 of 1% of the total wage earners reported during the month in the
1.768 establishments, were received by the Illinois Department of Labor.
These increases ranged from 5 to 100%. Five establishments reported
decreases In wage rates affecting 36 workers.
Weekly earnings for January 1934, for both sexes combined averaged
$21.03 for all reporting industries; $22.74 for males and $14.16 for females.
For the manufacturing industries weekly earnings averaged $19.41; $21.44
for males, and $2.73 for females. Average weekly earnings in the nonmanufacturing industries for both sexes combined were $23.74; $25.85 for
males, and $16.02 for females.

Review of Building Situation in Illinois During February and First Two Months of 1934 by Illinois
Department of Labor-Decrease Noted in Number
of Projects and Estimated Expenditures.
"During the mouth of February 344 building projects, involving a total estimated expenditure of $540,792, were authorized by building and public officials in 65 Illinois cities,"
reports Paul R. Kerschbaum, Acting Chief of the Division
of Statistics and Research of the Illinois Department of
Labor. "These figures compared to January 1934," Mr.
Kerschbaum said, "represent declines of 18.1% in the number of projects and 69.8% in proposed expenditure." In
his monthly review of the building situation in Illinois,
issued March 12, Mr. Kirschbaum further reported:
The drop of 69.8% in expenditure is sharply contrary to the usual movement of permit expenditures from January to February. An average gain
in estimated expenditure, of approximately 50% from January to February,
is disclosed for a 13-year period beginning with 1921. Building reports
submitted seldom include State and Federal projects since permits are
not usually required for such structures.
The total estimated cost for February 1934 was 39.3% above the cost
of proposed buildings authorized by permits in February 1933.
The decline in the total estimated expenditure in February was caused
by sharp losses in new nonresidential building and in additions, alterations, repairs and installations. Authorized expenditures for new nonresidential building dropped sharply from $920,920 in January to the
unusually small total of $80,820 in February, or 91.2%. Additions,
alterations, repairs and installations declined during the same period from
$798,422 to $328,772, or 58.8%. The expenditure authorized for new
residential building advanced from the low total of $74,250 in January to
$131,200 in February, or 76.7%.
Although the expenditure for new residential building increased sharply
in February, only 14 new housekeeping dwellings, planned to provide for 14
families, were authorized, conrpared with 15 such structures authorized in
January. Three of the total of 14 one-family dwellings for which permits
were issued in February were to be erected in Chicago, seven in the Chicago
suburban cities, and four in the reporting cities outside the Chicago
metropolitan area.
The February decline in the total estimated expenditure for all reporting
cities of the State was shared by the three major geographic areas. The
large decrease of 84.7% in Chicago estimated expenditures was accompanied
by smaller declines of 7.8% in the Chicago suburban cities, and 26.5% in
the reporting cities outside the Chicago metropolitan area. Comparisons
disclose that in February 1934 total estimated expenditures in Chicago
were 46.9%. and those for the Chicago suburban cities were 95.8% higher
than they were in February 1933. In reporting cities outside the Chicago
metropolitan area, expenditures in February 1934 were 1.8% below those
of a year ago.
In Chicago the January•February decline of 84.7% was sharply contrary to the usual seasonal movement, which for this period is definitely
upward.. Marked declines in new non-residential building from $832,390
to $40,875, or 95.1%, and in additions, alterations, repairs and installations from $551,995 to $156,400, or 71.7%, caused the Chicago loss. New
residential building expenditures advanced from $13,000 in January to
$16,000 in February. The indexes of Chicago building expenditures in
February were 1.2 for all buildings, 0.2 for new residential building,
18.2 for additions, alterations, repairs and installations, and 0.4 for new
non-residential building (monthly average 1929 •=_. 100).
In the 34 Chicago suburban cities, new residential building increased
from $52,800 in January to $93,700 in February, or 77.5%. New nonresidential building declined sharply from $73,745 in January to
$30,885
in February, or 58.1:, and additions, alterations, repairs and installations
declined from $67,045 to $53,972, or 19.5%, during the same period.
Twelve of the 34 cities comprising this group reported gains over January,
and 15 showed increases over February 1933.
In time 30 reporting cities outside the metropolitan area new non-residential building expenditures declined from $14,785 in January to $9,060
In February, or 38.7%, while the estimated expenditure for additions,
alterations, repairs and installations declined from $179,382 to $118,400, or
34.0%, during the same period. Expenditures for new residential structures, however, advanced from $8,450 in January to $21,500 in February.
Eleven cities in this group reported an increase over January expenditures,
and 10 showed gains over February 1933.
Of the total estimated expenditure authorized by permits issued in
February in the 65 cities reporting to the Illinois Department of Labor,
39.4% was to be expended for Chicago projects, 33.0% for projects in
the Chicago metropolitan area, and 27.5% in the reporting cities outside
the metropolitan area. The proportion of the total estimated expenditure
for February to be expended for new residential structures was 24.3%;
for new non-residential buildings, 14.9%, and for addition, alteration,
repair and installation projects, 60.8%.
During the first two months of 1934 the total estimated expenditure
for the 65 reporting cities was $2,334,384, or 114.3% above the
total of
$1,089,284 for the first two menthe; of 1933. In Chicago the
estimated
expenditure authorized by permits increased from $437,110 for the
first
two months of 1933 to $1,610,660 for the same period in 1934, or
268.5%.
For these same comparative periods permit expenditure for the 34
Chicago
suburban cities increased from $269,574 to $372,147, or 38.1%,
while that
• The index of seasonal variation for total Chicago building for February
is 86.8, and for January 60.8.




1821

for the 30 cities outside the Chicago metropolitan area declined from
$382,600 to $351,577, or 8.1%. An analysis by building classification
disclosed that the total estimated expenditure for new residential building
increased from $133,150 for the first two months of 1933 to $205,450 for
the first two months of 1934, or 54.3%; new residential expenditures
increased from $331,140 to $1,001,740, or 202.5%, and additions, alterations, repairs and installations increased from $624,994 to $1,127,194,
or 80.4%.

Farm Exports Index of Bureau of Agricultural Economics Dropped 16 Points from December to
January.
The index of exports of farm products dropped to 93
for January, compared with 109 in December, 97 in January
1933 and 111 in January 1932, according to the Bureau
of Agricultural Economics, United States Department of
Agriculture. The 1909-1914 period equals 100. Exports
of all products except dairy products, eggs and fruit decreased in January. Under date of March 14 the Bureau
further announced:
Cotton exports during the seven months ended Jan. 31 totaled 5,929,000
bales valued at $296,768,000, against 5,808,000 bales valued at $212,060,000
during the corresponding period of 1932-33. This represented a gain
of 2% in volume and 40% in value.
Exports of wheat and flour during the seven months, July 1933 to
January 1934, totaled 18.608,000 bushels valued at $13,797,000. compared with 31,950,000 bushels valued at $19,261,000 during the preceding
corresponding period. This represented a decrease of 42% in quantity
and 28% in value.
Exports of leaf tobacco during the seven months ended Jan. 31 totaled
286,715,000 pounds valued at $63,733,000, compared with 246,049,000
pounds valued at $42,745,000 during the preceding corresponding period.
This was a gain of 17% in volume and 49% in value.
January indexes by groups of commodities were: Grain and products.45;
animal products, 68: dairy products and eggs, 91; fruit, 346: cotton fiber
and linters. 109; wheat and flour. 51; tobacco, 82; hams and bacon, 17.
and lard, 130.

Country's Foreign Trade in January -Imports and
Exports.
United States export trade declined in both quantity and
value during January, while import trade recorded a moderate increase, according to the monthly report issued by the
Department of Commerce at Washington. The value of
exports of United States merchandise amounted to 8170,000,000 as compared with $190,000,000 in December. Imports for consumption were valued at 8129,000,000 as against
8124,300,000 in December. The net balance of merchandise
exports was 841,000,000.
The decline of 11% in the value of exports was in excess
of the usual seasonal decrease of about 4%. Imports, on
the other hand, recorded a slightly greater than seasonal
increase. The gain of 4% in the value of January imports
for consumption compares with a normal seasonal increase
of about 2%. The Department continued:
More than half of the decline in the value of domestic exports resulted
from the decrease in shipments of unmanufactured tobacco. Only two
of the 11 major classifications of exports recorded larger total values than
in December. Exports of inedible animals and animal products increased
from a value of S5.300,000 in December to 88.200,000 in January, while
exports of machinery and vehicles advanced $200,000 to a value of
$26,400,000.
Exports of inedible vegetable products declined S13,300,000 from December to a value of $10,200,000 in January; shipments of textile fibers
and manufactures decreased $3,000,000 to $46,500,000 in January; chemicals and related products declined $2,200,000 to $6,600,000; wood and
paper products, $1,500,000 to $7,100,000; vegetable food products and
beverages, $1,100,000 to $15.600,000; and nonmetallic minerals declined
3900,000 to $23,800,000 in January. Declines in each of the other three
major classifications amounted to a half million dollars or less.
Principal export commodities, other than tobacco, which showed declines during January. were unmanufactured cotton, electrical machinery
and apparatus, petroleum and products, saw-mill products, hops and
wheat and carbon black. The decreases ranged from $2,800,000 to
$500,000. Exports of lard, automobile casings, wood manufactures, and
advanced manufactures of iron and steel each fell off about $400,000.
Leading commodities for which export values in January were larger than
in December include undressed furs, coal, iron and steel mill products and
automobiles.
By economic classes the percentage distribution of the total value of
January export trade was as follows: Finished manufactures,
36.2%;
crude materials, 35.6%; semi-manufactures, 14.8%; manufactured
foodstuffs, 9.0%; and crude foodstuffs, 4.3%.
Eight of the 11 major Import classifications contributed to
the increased
value of January imports for consumption. Imports of inedible
vegetable
products increased $3,000,000 to a value of $18,500,000 in January;
vegetable food products and beverages increased $1,900,000 to a
value of $34,600.000: and imports of inedible animals and animal products increased
S1.200,000 to a value of $9,100,000 in January. The other five
classifications showing increased values recorded gains of from $100,000
to $600,000.
Declining in value were imports of wood and paper, metals and
manufactures and the miscellaneous group of commodities with drops
of $1,400,000,
$1.200,000 and $500,000, respectively.
Leading import commodities recording noteworthy increases in
value
included cane sugar from the Philippine Islands, crude
rubber, cocoa,
vegetable oils and undressed furs. Spirits, liquors and wines
imported
for consumption aggregated $4,908,000 in value as compared
with $6,690,000 in December.
By economic classes the percentage distribution of the
total value of
January imports for consumption trade was as follows: Crude
materials,
29.3%; finished manufactures, 21.8%; semi-manufactures,
18.7%; manufactured foodstuffs. 16.2%; and crude foodstuffs,
14.0%.
It should be noted that the import statistics for January
represent
"Imports for consumption," whereas previously the statistics were
based

Financial Chronicle
on "general imports." The "imports for consumption" embrace imported
articles entering consumption channels immediately upon arrival in the
country plus articles withdrawn from warehouse for consumption. "General imports" have represented direct entries upon arrival plus entries for
warehouse. Imports for consumption are of considerably greater significance than the general import figures In that they reflect the extent to
which foreign merchandise is actually entering the domestic economy
of the country.
TOTAL VALUE OF DOMESTIC EXPORTS AND IMPORTS FOR
CONSUMPTION OF THE UNITED STATES.
(Preliminary figures for 1934 corrected to Feb. 28 1934.)
MERCHANDISE.
7 Mos. End ng January.

January.

Increase(+)
Decrease(-)

1933.

1934.

1933.

1.000
Dollars
Domestic exports
169.531
Imports for consumption 128,536

1,000
Dollars
118,559
92,718

1,000
Dollars
1,159,840
962,743

1,000
Dollars
875,054
674,815

40,995

25,841

197,097

200,239

1934.

Excess of exports
EXCP02 or 1monrta

1.000
Dollars
+284.786
+287,928

DOMESTIC EXPORTS AND IMPORTS FOR CONSUMPTION BY MONTHS.
1934.

1932.

1931.

1930.

1929.

b
wwo.w000rowcno.A...
mo....co.p.coo.a..rol2
1c4t.-01742-N2.21,15 6
..40,
100>c, v
0..,0 oczwwwww

1,000
Dollars.
245,727
220.660
231,081
210,061
199,225
182,797
177,025
161,494
177,382
201,390
190,339
180.801

1,000
Dollars.
404,321
342,901
363,079
326.536
312,460
289.869
262,071
293,903
307,932
322,676
285,396
270.029

1,000
Dollars.
480,382
434,535
481,682
418,050
377,076
386,804
393,794
374,533
431.801
522,378
435,380
420,578

1

Domestic ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December

1933.

1,000
1.000
Dollars. Dollars.
169,531 118,559
99,423
106,293
103.265
111.845
117,517
141,573
129.315
157,490
190,842
181,291
189,797

7 months end.January 1.159,840

875,054 1,235.337 1,987,733 2,982,885 3,185,804

Importsfor Consump LionJanuary
128,536
February
March
April
May
June
July
August
September
October
November
December

92,718
84,164
91,893
88,107
109.141
123,931
141,018
146,714
147,599
149,288
125,269
124,318

7 months end.January

674,815 1326.251 1,489,787 2,424.661 2,389.775

962.743

134,311
129,804
130,584
123.178
112,611
112,509
79.934
93,375
102,933
104,662
105,295
96,898

183,284
177,483
205,690
182,867
176,443
174,516
174,559
168,735
174,740
171,589
152,802
149,516

316,705
283,713
304,435
305,970
282,474
314,277
218,089
210.920
227,767
245,443
196,917
201,367

358,872
364,188
371,215
396,825
381,114
350,347
347,133
372,757
356,512
396,227
332,635
302,692

TOTAL VALUES OF EXPORTS, INCLUDING RE-EXPORTS AND
GENERAL IMPORTS.
MERCHANDISE.
January.
1933.

1934.

1933,

1,000
Dollars.

1,000
Dollars.
120,589
96,006

1,000
Dollars.
1,177,654
986,467

1,000
Dollars.
891,593
671.994

24,583
___

191,187

219,599

Exports
Imports
Excess of exports
Excess of imports

7 Mos. End no January.

1934.

____

Increase(+)
Decrease(-)
1,000
Dollars.
+286,061
+314,473

EXPORTS AND IMPORTS OF MERCHANDISE, BY MONTHS.
1934.

1933.

1932.

1931.

1930.

EXPORTS AND IMPORTS OF GOLD AND SILVER. BY MONTHS.

ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December

General ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December

96,006
83,748
94,860
88,412
106,869
122,197
142,980
154,916
146,641
150,857
128,505
133,000

7 mos.end. Jan
12 mos. end. Dec__ __

135.520
130.999
131,189
126,522
112.276
110.280
79,421
91,102
98,411
105.499
104,468
97,087

183,148 310,968 368,897
174,946 281.707 369,442
210,202 30C,460 383,818
185.706 307.824 410.666
179,694 284,683 400,149
173,455 250,343 353,403
174,460 220,558 352.980
166,679 218,417 369,358
170.384 226,352 351,304
168,708 247,362 391,063
149,480 203.593 338,472
153,273 208,636 309,809

671,994 1,119,004 1,508,071 2,423,954 2,374,409
1.449.559 1,322,7742,090,635 3,060,908 4,399,361
GOLD AND SILVER.
January.

GoldExports
Imports
Excess of exports
Excess of Imports
SarerExports
Imports
Excess of exports
RIrtvast rat Imnorta




7 Months End. January.

1934.

1933.

1934.

1933.

1,000
Dollars.
4,715
1,947

1,000
Dollars.
14
128,479'

1.000
Dollars.
277,663
11,630

1,000
Dollars.
41,705
343,945

Increase(+)
Decrease(-)
1,000
Dollars.
+235,958
-332,315

266,033

2,768
128,485

302,240

859
3,593

1,551
1,763

17,100
37,241

7,131
10,659

2 734

212

20 141

3 528

+9,969
+26,582

1933. 1932. 1931.
- -- 1,000 1,000 1.000 1,000 1,000 1,000 1,000 1,000
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars Dollars. Dollars,
14 107,863
4,715
859 1,551 1,611 3,571
54
942 1,638
•
209
14
21.521 128,211
967 2,323
209
28,123 43,909
•26
193 1,617 3,249
27
16,741 49,509
•
235 1,865 2,099
22,925 212,229
628
343 1,268 1,895
40
4.380 226,117
828 2,305
2,572
85,375 23,474 1,009
433 2,024
7,015
81,473 18,067
39
868 2,183
3,321
•
58,281
60 28,708
2,281 1,316 2,158
34.046
61 398,604
872
875
464
16 4,994
2,957
590 1,260 2,168
13 32,651
10,815
1933.

1932.

1931.

1934.

7 mos. end. Ja 277.663 41,705573.855 106,359 17,100 7,131 13,321 27,726
12 mm .end. De
19,041 13,850 26,485
366,652 809.528 466,794
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December

1.947 128,479 34,913
30.397 37,644
14.948 19,238
6,769 19.271
1.785 16,715
1,137 20,070
1,497 20,037
1,085 24,170
1,545 27.957
1,696 20,674
1,894 21,756
1,687 100,872

34.426
16.156
25,671
49.543
50,258
63,887
20,512
57,539
49,269
60.919
94,430
89,509

3.593

1.763
855
1.693
1,520
5.275
15.472
5.386
11,602
3,494
4,106
4,080
4,977

2.097
2,009
1.809
1,890
1,547
1,401
1,288
1,554
2,052
1,305
1,494
1.203

2,896
1,877
1,821
2.439
2,638
2,364
1,663
2,685
2,355
2,573
2,138
3,215

7 mos. end. Jan 11,630 343,944 407,091 198,281 37,241 10,659 16,726 22,384
102 107 252 215 712 110
60.225 19.650 28.664
12 mm.end. Dec

Changes in Cost of Living According to National
Industrial Conference Board-Rise of January
Continued During February.
The rise in living costs of wage-warners that began in
January continued in February, according to the regular
monthly survey of the National Industrial Conference
Board, announced yesterday (March 16). Living costs in
February were 1.0% higher than in January and 8.6%
higher than in February 1933, but 21.6% lower than in
February 1929. The February rise was due to substantial
increases in food prices and moderate advances in all the
other major items of expenditure, except coal. The following is also from the survey:
The purchasing value of the wage-earner's dollar compared with the base
1923=100 was 127.7 cents in February as against 129.0 cents in January
and 139.9 cents in April 1933.
Food prices rose 2.9% in February over January, which made them
19.1% higher than a year ago but 29.9% below their level of February 1929.
Rents, which in previous months had shown little tendency to follow the
upward trend of prices, advanced 0.2%. They were, however, 4.0%
lower than in February 1933 and 31.7% lower than in February 1929.
Women's clothing prices remained the same in February as in January,
but men's clothing prices increased 0.4%. Clothing prices as a whole were
25.4% higher in February than in February of last year, but 22.5% lower
than in February 1929.
Coal prices showed a very slight reduction of 0.1%. They were 3.3%
higher than in February 1933, but 9.3% lower than in February 1929.
The cost of sundries advanced 0.2% over January and was 3.0% above
the level of February 1933, but 7.7% below that of February 1929.

Item.

7 mos. end. Jan
1,177,654 891,593 1.258,345 2,107,061 3,028,756 3,238.391
1,674.983 1,611,016 2,424,289 3,843,181 5,240,995
12 mos. end. Dec_ _ _ ..

Silver.

Gold.
1934.

1929.

1,000
1,000
1,000
1,000
1,000
1,000
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars.
Exports, Including Re-exportsJanuary
172,000 120,589 150.022 249.598 410,849 488,023
101,515 153.972 224,346 348,852 441,751
February
March
108,015 154,876 235,899 369,549 489,851
April
105,217 135,095 215,077 331.732 425,264
May
114,203 131.899 203,970 320,035 385,013
June
119,790 114,148 187.077 294,701 393,186
July
144,109 106,830 180,772 266.762 402,861
August
131,473 108.599 164.808 297,765 380,584
September
160,119 132,037 180,228 312,207 437,163
October
193.733 153,090 204,905 326,896 528.514
November
184,256 138,834 193,540 288,978 442,254
December
192,000 131,614 184,070 274,856 426,551

Mar. 17 1934

Relative
Index Numbers of
Per Cent Incr. (-I-)
the Cost of Living
Importance
or Deer.(-)
In
Prices 1923=100
Between
Family
January 1934 and
Budget
Feb. 1934 Jan. 1934
February 1934

Food
33
74.1
72.0
+2.9
Housing
62.8
20
62.7
+0.2
Clothing
77.5
12
77.3
+0.3
Men's
79.8
79.5
+0.4
Women's
75.1
75.1
Fuel and light
87.1
87.1
Coal
84.8
84.9
-0.1
Gas and electricity
91.6
91.6
Sundries
92.1
91.9
so
+0.2
Weighted aver, of all items.
78.3
77.5
100
+1.0
* Based on food price index of the United States Bureau of Labor Statistics, as
of Feb. 13 and Jan. 16, respectively.

Lumber Orders at the Mills Record Another Gain.
New business booked at the lumber mills made another
advance during the week ended March 10 1934, Wing the
heaviest recorded since last June, except for two peak weeks
in November; production was greater than any week since
November; shipments dropped slightly from their hign level
of the preceding two weeks, according to telegraphic reports
to the National Lumber Manufacturers Association from
regional associations covering the operations of leading hardwood and s)ftwood mills. Totals reported by 1,323 American mills were production 183,415,000 feet; shipments,
174,422,000 feet; orders, 212,290,000 feet. Revised figures
for the previous week for 1,332 mills were production,
178,521,000 feet; shipments, 193,871,000 feet; orders, 210,779,000 feet. Both totals for the first time included reports
from the Northeastern Division, 30 mills reporting for the
latest week. The Association further reports as follows:
For the week ended March 10, all regions but Southern pine, Northern
hemlock and Northern and Northeastern hardwoods reported orders above
production. Southern pine orders lagging less than 2% below output. Total
softwood orders were 16% above production; hardwood orders. 15% above
hardwood output. All regions reported all items this year above those of
corresponding week of 1933, production being 75%,shipments 60%. orders
57% above respective volumes of last year's week.

Volume

Financial Chronicle

138

During 10 weeks of 1934 to date, production was 53% heavier than
during similar period of 1933; shipments were 24% greater than in 1933 and
orders were 39% in excess of those booked during the first ten weeks of 1933.
Forest products carloadings during the week ended March 3 were 21,530
cars, a decrease of 975 cars below the preceding week; 6,168 cars above the
same week of 1933 and 1,041 cars above similar week of 1932.
Lumber orders reported for the week ended March 10 1934, by 989
softwood mills totaled 186,561,000 feet, or 16% above the production of
the same mills. Shipments as reported for the same week were 148.576,000
feet, or 8% below production. Production was 161,130,000 feet.
Reports from 385 hardwood mills give new business as 25.729,000 feet,
or 15% above production. Shipments as reported for the same week
were 25.846,000 feet. or 16% above production. Production was 22,285,000
feet.
Unfilled Orders and Stocks.
Reports from 1,371 mills on March 10 1934, give unfilled orders of
786,331,000 feet and gross stocks of 4,973,002,000 feet. The 556 identical
mills report unfilled orders as 568,741,000 feet on March 10 1934, or the
equivalent of 23 days' average production, as compared with 416.710,000
feet, or the equivalent of 17 days' average production on similar date a
year ago.
Identical Mill Reports.
Last week's production of 416 identical softwood mills was 143,338,000
feet, and a year ago it was 83,805,000 feet; shipments were respectively
129,762,000 feet and 83,318,000; and orders received 159,847,000 feet and
101,964,000 feet. In the case of hardwoods, 210 identical mills reported
production last week and a year ago 14,412,000 feet and 6,492,000; shipments 16.887,000 feet and 8,211,000 and orders 17,367,000 feet and 11,098,000 feet.
SOFTWOOD REPORTS.

Automobile Financing During January 1934.
A total of 109,923 automobiles were financed in January,
on which $36,504,373 was advanced, compared with 108,606,
on which $35,217,934 was advanced, in December, the
Department of Commerce reported on March 12.
Volume of wholesale financing in January was $36,565,194,
as compared with $17,060,916 in December.
Monthly statistics on automobile financing, based on data
reported to the Bureau of the Census by 456 identical
organizations, are presented in the table below for January
1934 and for July to December 1933; and for 282 identical
organizations for January 1934 and for January to December
1933. The increase in the number of reporting organizations from July 1933 to January 1934 resulted from the
inclusion of additional organizations. The changes in the
number of organizations included have not greatly affected
the totals, as is indicated by comparisons for the same months
appearing in the two summaries.
AUTOMOBILE FINANCING.
Retail Financing.
Year
and
Month.

West Coast Movement.
The West Coast Lumbermen's Association reported from Seattle that
for 573 mills in Washington and Oregon, shipments were 17% below production, and orders 5% above production and 27% above shipments.
New Business taken during the week amounted to 96,558,000 feet (previous week 98,369,000 feet at 565 mills); shipments 76.272.000 feet, (previous week, 91,668,000); and production 92.397,000 feet (previous week
89,986,000). Orders on hand at the end of the week at 573 mills were
383.793,000 feet. The 184 identical mills reported a gain in production
of 61%, and in new business an increase of 29%, as compared with the
same week a year ago.
Southern Pine.
The Southern Pine Association reported from New Orleans that for
169 mills reporting, shipments were 14% below production, and orders
2% below production and 15% above shipments. New business taken
during the week amounted to 28,223,000 feet (previous week 27,686,000
at 189 mills); shipments 24,580,000 feet (previous week 27.924,000). and
production, 28,673,000 feet (previous week, 28,143,000). Orders on hand
at the end of the week at 169 mills were 90,423,000 feet. The 90 identical
mills reported a gain in production of 13% and in new business an increase
of 36%, as compared with the same week a year ago.
Western Pine.
The Western Pine Association reported from Portland, Ore., that for
128 mills reporting, shipments were 20% above production, and orders
60% above production and 34% above shipments. New business taken
during the week amounted to 46,616,000 feet (previous week 44.619,000
at 136 mills); shipments 34,917,000 feet (previous week 37.040.000); and
production 29.118,000 feet (previous week 27,677,000). Orders on hand
at the end of the week at 128 mills were 114.266.000 feet. The 116 identical
mills reported an increase in production of 236% and in new business a
gain of 176%, as compared with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn.. reported
production from 25 American mills as 632,000 feet, shipments 2.048,000
feet and new business 2,376,000 feet. Orders on hand at the end of the
week were 6,305,000 feet.
California Redwood.
The California Redwood Association of San Francisco reported production from 19 mills as 6,739,000 feet, shipments 6,005,000 feet and new
business 7,552,000 feet. Orders on hand at the end of the week were
34,038,000 feet. Twelve identical mills reported production 112% greater
and new business 101% greater than for the same week last year.
Southern Cypress.
The Southern Cypress Manufacturers Association of Jacksonville. Fla.,
reported production from 24 mills as 1,156,000 feet, shipments 2,370.000
feet and new business 2,433.000 feet. Orders on hand at these mills at the
end of the week were 4,770,000 feet.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported softwood production from 21 mills as 1,583.000
feet, shipments 1.135,000 and orders 1,195,000 feet. Week-end orders
on hand at 14 mills were 4,525,000 feet. The 14 identical mills reported a
gain of 536% in production and a gain of 69% 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 30 mills as 832,000 feet, shipments
1.249,000 and orders 1,608,000 feet. Orders on hand at the end of the
week were 6,135,000 feet.
Hardwood Reports.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
production from 334 mills as 19,314,000 feet, shipments 23,245,000 and
new business 24,033,000. Orders on hand at the end of the week at 386
mills were 128,033,000 feet. The 196 identical mills reported production
118% greater, and new business 55% than for the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association. of
Oshkosh. Wis., reported hardwood production from 21 mills as 2,010,000
feet, shipments 1,823,000 and orders 1,227,000 feet. Orders on hand at
the end of the week at 17 mills were 8,466.000 feet. The 14 identical mills
reported a gain of 170% in production and a gain of 67% in orders, compared with the same week last year.
The Northeastern Lumber Manufacturers Association of New York
reported hardwood production from 30 mills as 961,000 feet, shipments
778,000 and orders 469,000 feet. Week-end orders on hand were 5,577,000
(feet.




1823

Wholesale
Financing
Volume.
in Dollars.

New Cars Financed.

Total.
Number
of Cars.

Volume
in Dollars.

Number
of Cars.

Summary for 456 Identical Orga nizations.
1934836,565,194 a109,923 $36,504,373
January
1933 b68,522,872
July
58,793,704 194,552
74,813,725
August _
70,705.795 211,708
65,665,515
September
52,276,214 184,998
60,316,106
October
39,776.604 172,432
46,063,578
November
18,364,889 135,584
35,217,934
December
17.060,916 108,606
cSummary for 282 Identical Orga nizations.
1934January
$35,879,064 d101,700 $34,437,380
193331,280,101
January-..
30,133,915 92,083
February
29,188,663
27,514.654 87,512
33,546,689
March
27,706,336 101,458
April
45,337,026
40,840,508 132,088
58,192,788
May
5.5,005,590 168,328
June
65,514.154
56,937,616 185,286
July
65,152,510
57,866,453 182,244
71,186,944
69,613,121 198,911
August
62,538,790
51,127,428 173,770
September
57,502,969
38,962,531 162,140
October
43,889,055
17,703,226 126,855
November
33.124,069
16,572,650 100,457
December
Total(year)

$469,984,028 1,711,130 3596,453,758

Volume
in Dollars.

35,684

819,837,613

86,926
94,613
80,928
73,002
51,356
33,729

44,696,167
48,860,024
42,166,003
37,940,369
27,077,214
18,486,989

34,426

819,189,736

35,546
32,609
38,329
55,571
75,025
84,358
84,282
91,617
78,379
70,669
49,719
32,467

18,327,630
16,842,415
19,463,540
28,225,885
37,475,257
43,004,313
43,333,572
47,290,779
40,887,086
36,790,012
26,278,194
17,794,238

728,571 $375,712,921

Retail Financing.
Year
and
Month.

Used Cars Financed.
Number
of Cars.

Volume
in Dollars.

Summary for 456 Identic at Organizes tons.
1934$15,839,548
January
71,540
1933 b22,538,097
103,554
July _
24,580,709
112,917
August
22,231,578
100,265
September
21,323,104
October
95,947
18,116,265
81,550
November
72,279
December
15,933,279
cSummary for 282 /dentic at Organizat ions.
193414,420,432
64,575
January
193312,173,577
54,234
January
11,725,419
February
52,796
13,335,403
March
60,625
16,106,512
April
73,267
May
19,428,060
89,260
21,181,515
96,741
June
20,542,189
July
93,930
22,535,753
103,161
August
20,392,629
91,611
September
19,665,186
87,998
October
16,740,762
74,458
November
14,532,165
65,392
December

Unclass(fied.
Number
of Cars.

Volume
in Dollars.

2,699

$827,212

4,072
4,178
3,805
3,483
2,678
2,598

1,288,608
1,372,992
1,267,934
1,052,633
870,099
797,666

2,699

827,212

2,303
2,107
2,502
3,250
4,043
4,187
4,032
4,133
3,780
3,473
2,678
2,598

778.894
620,829
747,746
1,004,629
1,289,471
1,328,326
1,276.749
1,360,412
1,259,075
1,047,771
870,099
797,666

312,381.667
39,086
Total year)
943,473 8208,359,170
a Of this number 32.5% were new cars. 65.1% used cars, and 2.4% unclassified.
b Data prior to July not available. c Of these organizations eight discontinued
automobile financing in January 1934. d Of this number 33.8% were new cam.
63.5 used cars, and 2.7% unclassified.

Employment in Motor Industry During February
Largest Since September 1929-National Automobile Chamber of Commerce in Report to NRA
Says Hourly Rates Equal Those Paid in Peak
Year but Prices of Motor Vehicles Are Lower.
With 183,000 factory workers on the job at hourly rates
equal to those paid in 1929, members of the National Automobile Chamber of Commerce reported on March 6 to the
employment group of the National Recovery Administration
that employment in February surpassed all of their records
since September 1929. W. J. Cronin, Secretary of the Manufacturers' Committee, who appeared for the Chamber, is
quoted by the latter as saying:
Despite the fact that labor costs are 18% greater than in 1926, while
factory costs are the same, the public is getting a far better car at a 10%
lower price.
While production this year will probably not run more than 50% of the
5,300,000 unite produced in the record year of 1929, it is a notable fact
that employment in February had reached 80% of number at work in the
same month of our greatest year, or all the labor normally attached to it.

Financial Chronicle

February 1934
January 1934
February 1933

170,206
101,586
93,402

Two months 1934
Two months 1933

271,792
207,193

Rubber Consumption in United States During 1933
Reported at 416,000 Tons by Rubber Manufacturers' Association as Against 332,000 Tons in 1932.
Earlier compilations have shown the consumption of rubber in the United States during 1933 to be in the neighborhood of 406,000 tons. The Rubber Manufacturers' Association's quarterly report, however, shows a revision in the
figures for the second quarter, which now brings the total
for the year up to 416,000 tons, an increase of 10,000 tons
over the previous figure. This compares with 332,000 tons
consumed in 1932, an increase of over 25%. Under date of
March 3 the Association further reported:
The shipments of rubber from Malaya during February, according to
private reports, amounted to nearly 58,000 tons compared with about
55,300 tons in January and 37,600 tons in February 1933. The Ceylon
shipments during February were 8,350 tons, as compared with 7,551 tons
in January and 4,462 tons in February 1933.
The stocks of rubber in the United Kingdom on Feb. 24 amounted to
92,719 tons. It is estimated that there will be a decrease this week of
1,000 tons.

Shipments of Raw and Refined Sugar from Philippines
to United States Higher, According to New York
Coffee and Sugar Exchange.
Raw sugar shipments from the Philippines to the United
States from Nov. 1 1933 to Feb. 28 1934 amounted to 507,357
long tons, against 420,425 tons during the same period in
1932-33, an increase of 20.7%, according to cables to the
New York Coffee and Sugar Exchange. The Exchange said
that refined shipments for the same period were 30,115 tons
against 20,588 tons in 1932-33, an increase of 46.3%.
Shipments from Feb. 15 to Feb. 28, raw and refined together, totaled 111,715 tons this year against 77,512 tons
during the last half of February 1933. Approximately 45%
of the amount available for the United States of the 1933-34
crop has been shipped so far, the Exchange stated.
Census Report on Cotton Consumed and on Hand, &c.,
in February.

Under date of March J4 1934, the Census Bureau issued its
report showing cotton consumed in the United States, cotton
on hand, active cotton spindles and imports and exports of
cotton for the month of February 1934 and 1933. Cotton
consumed amounted to 477,890 bales of lint and 59,674 bales
of linters, compared with 508,034 bales of lint and 57,769
bales of linters in January 1934 and 441,203 bales of lint
and 50,602 bales of linters in February 1933. It will be seen
that there is an increase over February 1933 in the total lint
and linters combined of 45,759 bales, or 9.30%. The follow,ng is the statement:




Cotton
Seven
In Con- In Public Spindles
Active
Storage
Months turning
Ended Establish- rt as Corn- During
Feb. 28
presses February
meats
(bales). (bales). (bales). (Number).

Year
Feb.
(bates)
United States

I 1934 477,890 3,401,614 1,654,369 8,638,995 26,355,498
1 1933 441,203 3,253,390 1,449,413 9,377,783 23,669,146

Cotton-growing States-New England States
All other States
Included AboveEgyptian cotton
Other foreign cotton
American-Egyptian cotton
Not Included AgaveLinters
{

Automobile Chamber Reports February Output of
170,206 Cars and Trucks.
Motor companies belonging to the National Automobile

Chamber of Commerce produced 170,206 vehicles in February,according to a preliminary estimate (released March 9)
by the Chamber.
On the basis of this estimate, February operations represented 68% increase over the preceding month and 82%
increase over the corresponding month last year.
The estimate, which is based upon reports of factory
shipments, includes the operations of all but one major
producer in the industry.
Summary of motor vehicle production by Automobile
Chamber members follows:

Cotton on Hand
Feb. 28-

Cotton Consumed
During-

000000
WWWWWW

It is stated that the hours of work were shown to have
declined from 45.6 per week in 1929 to 31 in 1932, with an
estimated increase to an average of 35 hours per man per
week in 1934 under the present code provisions.
An actual shortage in certain skilled classes of labor, Mr.
Cronin testified, has resulted in delaying the re-employment
of other workers dependent upon these classes. It has operated in part to force a lower average work week for the
industry as a whole than the allowable average. An average for the working force as a whole would always be less
than allowable hours under the code because of this and
similar difficulties in maintaining a uniform flow of production. Concluding, he added that perhaps the greatest
problem which faces the manufacturers is one of maintaining volume. This, he said, can only be done by keeping costs
and prices down. Re-employment of the mass of workers,
which depends on the revival of normal production in construction and the heavy goods industries, is an important
factor.

Mar. 17 1934

FEBRUARY REPORT OF COTTON CONSUMED. ON HAND, IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES.
[Cotton In running bales, counting round as half bales, except foreign, which
Is in 500-pound bates.]

OCC, 000000
WWWWWW
WW
WA. W.WA.WA

1824

376,211 2,715,640 1.300,893 8,273,424 17,893,586
369,805 2,720,635 1,155.736 8,879,704 16,810,806
87,826 587.338 289,405 263,489 7,759,416
60,443 444,164 240,620 291,213 6.234,204
13,853
98,636
702,496
64,071 102,082
10,955
88,591
53,057 206.866
624.136
9.280
64,872
6.253
47.383
3,311
24.842
2,069
23,554
1,482 • 7,809
11,242
1,178
59,674
50,602

454,738
388,228

28,572
26.306
19,947
21,416
7,872
5,213

22.264
36,962
8,014
5,635
1,425
8,253

324,980
308,908

37,020
66,734

Imports of Foreign Cotton (500-16. Bales).
country of Production.

February.
1934.

Egypt
Peru
China
Mexico
British India
All other
Total

7 Mos. End.Feb. 28

1933.

1933.

1934.

8.773
273
3,289
100
988
152

4,785
408
10,403

13,575

39,418
3.341
30,788

46
144

54,532
3,117
12,247
1,352
11,154
515

15,788

82,917

75,052

945
562

Exports of Domestic Cotton, Excluding Linters
(Running Bales-See Note for Linters).
Country to Which Exported.

United Kingdom
France
Italy
Germany
Spain
Belgium
Other Europe
Japan
China
Canada
All other
Total

February.

7 Mos. End. Feb. 28

1934.

1933.

120,388
52,195
61,739
109,500
30.176
13,184
45,532
137.089
31.643
22,667
4,344

105,930
971.945
980,914
64,482
632,980
648,302
64,074
488,103
518,969
111.757 1,023,127 1,218,704
20,647
199,942
197,888
12.446
95,177
127.188
38,967
415,623
324,881
90,625 1,322,839 1,211.974
191.385
28,324
193,291
8.872
160,061
107,770
46,925
10,898
89,085

628.457

557,022 5,547.907 5,596,746

1934.

1933.

Note.-Unters exported. not Included above, were 14,478 bales during February
In 1934 and 11.645 bales In 1933; 99,052 bales for the seven months ended Feb. 28
In 1934 and 95,882 bales in 1933. The distribution for February 1934 follows:
United Kingdom, 1,445; Netherlands, 975; Spain, 142; France, 475; Germany,7,999;
Italy, 375; Canada, 1.069; New Zealand, 6; Japan. 1,633; South Africa, 280:
Mozambique, 72; Panama. 27.
WORLD STATISTICS.
The world's production of commercial cotton, exclusive of linters, grown In
1932, as compiled from various sources was 23,634.000 bales, counting American
In running bales and foreign in bales of 478 pounds lint, while the consumption of
cotton (exclusive of linters in the United States)for the year ended July 31 1933 was
24,986,000 bales. The total number of spinning cotton spindles, both active and
Idle, is about 158,000,000.

Census Report on Cottonseed Oil Production
During January.

On March 13 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on
hand, and cottonseed products manufactured, shipped out,
on hand and exported for seven months ended Feb. 28 1934
and 1933.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND ON
HAND.

Items.

Season.

On Hand
Aug. 1.

Crude oil, lbs___

Produced
Aug. Ito
Feb. 28.

Shipped Out
Aug. 1 to
Feb. 28.

1933-34 *51,269,417 1,031,984,313
29,523,581 1,068,889,671
1932-33
Refined oil, lbs. 1933-34 a876,331,574 5810,468,897
1932-33 628,420,148 831,094,054
Cake and meal, 1933-34
160,874
1,506,848
tons
114,656
1932-33
1,557,566
Hulls, tons
78,886
1933-34
889,634
162,773
1932-33
979,072
Linters, running 1933-34
70.786
617,488
235,521
bales
1932-33
544,748
Hull fiber, 500- 1933-34
985
34,386
lb. bales
4,138
1932-33
13,618
Grabbota,motes,
Ac., 500 - lb.. 1933-34
3,216
29,080
bales
1052-Ra
15 250
19.109

On Hand
Feb. 28.

930,916,479 *173,761,396
969,868,704 159,497,063
a811,464.492
802,479,881
279,103
1,388,619
331,572
1,340,680
90,022
876,298
145,612
996,233
142,166
546,108
287,828
492,441
3,419
31,952
8,571
11,185
23,611
la RIO

8.685
17.549

* Includes 4,274,646 and 17,981,021 pounds held by refining and manufacturing
establishments and 14,320,860 and 22,038.630 pounds in transit to refiners and consumers Aug. 1 1933 and Feb. 28 1934, respectively.
a Includes 5,498.953 and 2.996,513 pounds held by refiners, brokers, agents, and
warehousemen at places other than refineries and manufacturing establishments and
12,642,917 and 2,293,912 pounds in transit to manufacturers of lard substitute,
olemargerine, soap. dm., Aug. 1 1933 and Feb. 28 1934, respectively.
b Produced from 879,647,643 pounds of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR SIX MONTHS ENDED
JANUARY 31.
Item011-Crude. pounds
Refined, pounds
Cake and meal, tons of 2,000 pounds
Linters, running balm

1934.

1933.

10,654,295
3,467,419
88,585
84,574

21,429,787
4,052,050
110,423
84,237

Financial Chronicle

Volume 138

COTTON SEED RECEIVED, CRUSHED AND ON HAND (TONS).
On Hand at Mills
Crushed
Received at Mills.*
Feb. 28.
Aug. 1 to Feb. 28. Aug. 1 to Feb. 28.
State.

1934.

1933.

AlabamaArizona
Arkansas
California
Georgia_
Louisiana
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other States

208,794 219,461 161,386 194,989
32,246
30,176
27,164
37,095
297,165 349,437 254,716 270,808
49,530
62,787
52,399
86.640
329,168 282,134 281,654 230,856
129,439 164,178 108,407 141,491
436,258 491,844 313,957 376,684
218,325 210,208 199,136 179,678
357,670 345,424 351,140 317,901
170,276 185,964 152,367 168,765
271,058 398,452 244,413 280,353
1,252,673 1,344.188 1,121,048 1,162,989
48,692
55,877
54,949
64,331

50.372
7.130
58,439
26,780
59,005
23,610
134,038
19,694
33,812
18,545
71,917
230,411
8,496

34,566
2,016
86.437
8.124
61.735
25,025
139,457
35,309
67,326
19,496
127,464
356,467
6,672

Tinital Sitsam

A RcR 5024 19S Ah9 A AA7 ARA A 4c4 052

742 240

070 004

1934.

1933.

1934.

1933.

•Includes seed destroyed at mills but not 220,938 tons and 300,024 tons on hand
Aug. 1, nor 39,005 tons and 40,274 tons reshipped for 1934 and 1933 respectively.

Petroleum and Its Products-Administration Files
Appeal from Adverse Ruling on Petroleum Code
with United States Supreme Court-Early Action
By Court Seen Likely-Mr.Ickes Studying New Oil
.Legislative Program-Major Companies in East
Texas Field Offer to Supply Independents with
Crude Oil.
With Government attorneys filing the appeal of the Oil
Administration against recent adverse decisions challenging
the constitutionality of the petroleum code in lower Federal
Courts in Washington yesterday (Friday) it is believed that
the Supreme Court will decide early next month whether
it has jurisdiction and set the case for hearing.
In announcing this action, Harold L. Ickes, Oil Administrator, disclosed that Nathan R. Margold, Solicitor of the
Department of the Interior and Chairman of the Petroleum
Administrative Board, and Charles Fahy, First Assistant
Solicitor and Vice-Chairman of the Board, would conduct
the case in co-operation with the Department of Justice.
"Mr. Margold and Mr. Fahy have been closely identified
with the oil question from the beginning," Mr.Ickes pointed
out. "I have asked the Attorney-General that they be
allowed to represent the Government in this appeal and
Attorney-General Homer S. Cummings kindly consented."
The appeal is based on the quashing by Federal Judge
Randolph Bryant, eastern Texas district, of indictments
against J. W. Smith, Roy Taylor, John M. Kerr, W. B.
Gossage and Marvin Jones, for conspiracy to violate section
9 (c) of the NIRA and regulations issued thereunder, and
Section 4 of Article III of the oil code, the Oil Administration stated. The cases of the Amazon Petroleum Corp.
and the Panama Refining Co. will be appealed to the Fifth
Circuit Court.
Section 9 (c) makes illegal the shipment in inter-State
commerce of oil produced in violation of State laws. The
code provision makes the illegal production of oil in excess
of State or Federal allocations an unfair trade practice,
considered ruinous to an industry which for some years has
been gripped by chaos due to waste from excessive production, Mr. Ickes stated.
A draft of the proposed legislation to be presented to
Congress to plug the loopholes in the oil code which resulted
in the adverse decisions recently rendered against the
petroleum code in several lower Federal Courts is believed
to be in the hands of Mr. Ickes now. In announcing that
Nathan R. Margold had completed a tentative draft of the
proposed measure, Mr. Ickes said last Tuesday that the
draft would be submitted to him shortly for his study.
The Humble Oil and Refining Co. has joined with other
major oil companies operating in East Texas in offering to
supply the crude oil needs of the East Texas independent
refineries at the posted price, the State Petroleum Council
announced in Austin yesterday (Friday). Complaints have
been made by several of the independent factors that under
proration restrictions they were not able to obtain enough
crude oil for their operations.
Allowable production in the Southwest Texas area was
raised 5,446 barrels daily by the Texas Railroad Commission,
bringing daily average allowable up to 52,228 barrels. Gulf
Coast district allowables are due for an upward revision
within the near future, with present conditions indicating
an increase of several thousand barrels in the daily allowable.
The immediate adoption of minimum price levels for both
crude oil and gasoline was held necessary by k. B. Reeser,
President of the Barnsdall Corp. and member of the Planning
and Co-ordinating Committee, to curb the increase in production at the well and cut down the steadily rising stocks
of gasoline, in a statement released early this week.




1825

The hoped-for stability has not developed to date, Mr.
Reeser said, and the industry has witnessed increased confusion since the abandonment of the fixed-price plan by the
planning and co-ordinating committee at the request of
certain interests in the industry which proposed in their
stead, the still-pending marketing agreement and gasoline
stabilization pool plans.
"These plans have not progressed and it would seem reasonable to assume that the oil administration would now proceed with the establishment of reasonable minimum prices
and thus make it possible for the entire industry to operate
in full accord with the provisions of the NRA," Mr. Reeser
continued.
"Production of crude oil in the United States is approximately 100,000 barrals a day mcre than it was at this time
last year. Gasoline stocks have not been brought into balance and stability, at this time, is very uncertain. Fortunately, nature has stepped into the situation and will,
within a short time, correct many of the evils which rules
and regulations have failed to do."
Pointing out that potential production in the United States
has registered a sharp decline, Mr. Reeser predicted that
"in many sections of the producing States there will be an
actual shortage of current production to meet the market
demand.
In commenting on the Petroleum Administrative Board's
recommendation that the credit terms be eliminated from the
code, Mr. Reeser forecast "disastrous results" should this
section be eliminated.
"The abuse of credits are as much a part of price cutting
as any other device and have caused many price wars,"Mr.
Reeser pointed out. "The provisions of the code on this
subject are fair and equitable to all interests in the industry
and elimination of this section can only have disastrous
results."
Election of Judge Amos L. Beaty of New York, general
counsel of the American Petroleum Institute,as Chairman of
the Planning and Co-ordinating Committee. Code Authority
for the Petroleum industry, was announced in Washington
Wednesday. Judge Beaty will serve until Sept. 15 1934,
and succeeds Wirt Franklin, independent oil producer of
Fort Worth, Texas. Charles F. Roeser, independent producer of Fort Worth, Texas, was named Vice-Chairman to
succeed Judge Beaty. The election was pursuant to the
committee's policy of rotating its chairmanship every six
months.
With both California and Oklahoma exceeding their
Federal allowable crude oil output last week rose 130,600
barrels from the prckvious week to a daily average of 2,313,900
barrels, 31,100 barrels above the Federal allowable for the
Nation for the month, statistics compiled by the American
Petroleum Institute disclosed.
The trade did not attach too much consideration to this
apparently unfavorable development, however, as it was
pointed out that both offending States were following their
usual practice of letting wells run strong during the first
half of the month, pinching-back production in the latter
half to bring total output for the month within the Federal
Both crude and refined oil imports dipped last week,
averaging 108,143 barrels daily, compared with 154,857
barrels daily in the week of March 3 and a daily average of
134,017 barrels for the month ended March 10. Receipts
of California oil at Atlantic and Gulf Coast ports averaged
55,857 barrels daily, compared with 96,857 barrels daily in
the preceding week and a daily average of 97,214 barrels
during the four-week period, according to the Institute.
Crude oil production in the Allegheny-Bradford fields
responded to the anticipated seasonal increase in demand for
Pennsylvania oils, rising 5,202 liarrels daily last week.
Bradford production rose 3,593 barrels to an average of
31,759 barrels daily with output in Allegheny fields was up
1,609 barrels to a daily average of 7,959 barrels.
There was no price changes posted during the week.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A.P.1. degrees are not shown.)
31.00
$2.45 Eldorado, Ark.,40
Bradford,Pa
1.03
1.20 Rusk, Tex., 40 and over
Corning,Pa
.87
Creek
1.13
Darst
Illinois
.90
1.13 Midland District, Mich
Western Kentucky
1.35
Mid-Cont., Okla., 40 and above... 1.08 Sunburst. Mont
Hutchinson, Tex., 40 and over_ __ 1.03 Santa Fe Springs, Calif.,40and over 1.30
1.04
1.03 Huntington. Calif.,26
Spindietop, Tex., 40 and over
1.82
.75 Petrolia, Canada
Winkler,Tex
.70
Smackover, Ark., 24 and over
REFINED PRODUCTS-CALIFORNIA GASOLINE PRICE WEAKNESS SPREADS-CARTEL AGREEMENT STILL PENDINGGASOLINE QUOTA ARRANGEMENTS UNDER CONSIDERATION-MOTOR FUEL STOCKS SPURT.

Delay in the proposed Pacific Coast oil cartel was reflected in further price weakness in California gasoline prices

1826

Financial Chi onicle

during the week, with competitive conditions developing
in the San Francisco Bay area and around San Jose forcing
reductions in service station postings in the first important
extension of the recent sharp break in gasoline prices in Los
Angeles and the lower San Joaquin area. Prices in the
Pacific Northwest have not yet been affected.
All major distributors cut service station prices of gasoline
2 cents a gallon on third grade and 3 cents a gallon on standard and premium grades in the Oakland and East Bay area,
making the base retail price, standard grade, 163/2 cents,
tax included. In San Francisco and the Peninsula territory,
the cut was 1 cent on third grade and 2 cents on standard
and premium grades, making the retail price for standard
grade gasoline 173/i cents a gallon. In making the cuts, the
distributors stated that competitive conditions made them
necessary.
Opposition on the part of the signatories to the original
cartel to the amendments which the Department of Justice
held necessary in order that the cartel agreement might not
violate terms of the consent decree entered against the most
of the major California oil companies in 1930 is holding up
the situation and the uncertainty is reflected in an exceedingly
nervous price structure throughout the entire Pacific Coast
marketing area.
The modification proposal submitted by the Department
of Justice to the consent decree as already once modified on
Sept. 25, last, says under section V, subsection 2c:
"The affiliated companies shall be required publicly and
consistently to identify their principal and their sources of
supply of gasoline and motor fuel, and when selling the
products of their principals to sell them at the same identical
prices and under the same identical brands as their principals. (Affiliated company as used herein shall include one
whose policies or whose regular source of supply are or shall
be directly or indirectly controlled by any other company.)"
This condition was found unsatisfactory by several of the
signatory companies.
In a recent statement issued by K. R. Kingsbury, President of Standard Oil of California, saying that the Department of Justice conditions were not acceptable, he commented
that the cartel had been considerd by many within, la well
as without tha oil industry, as possibly the most constructive
move that had come from within the industry itself under
the NRA.
The cartel had been watched with interest as an experiment
that might lead to similar attempts at stabilization in other
industries, Mr. Kingsbury stated, adding that "it would be
a great pity ti have it fail without at least a trial under the
strict supervision of the Government." The cartel signers
originally represented more than 95% of the gasoline market
on the Pacific Coast, he pointed out.
Organization of the cartel originally was to develop an
acceptable substitute for the oil purchasing and marketing
agreements, which were to apply east of California. With
the latter agreements requiring signatures representing 85%
of the industry to be successful, the plans are mutually
dependent upon each other for successful operation.
Pending final decision on the Department of Justice's
ruling on the cartel, several California oil companies are
reported to be withholding their signatures to the marketing
practices and gasoline stabilization pool agreements.
Barring a prompt solution of this problem, it is held
not unlikely that the Federal Government will step in with
price-fixing which the agreements were designed to supplant.
While enough signatures have been promised to make the
agreement effective, according to officials of the Planning
and Co-ordinating Committee, some of the companies have
not filed their signed agreements pending the solution of
"certain difficulties."
The threatening rise in stocks of gasoline has held the
attention of Oil Administration officials and early in the week
the Planning and Co-ordinating Committee held a meeting
in Washington at which a plan for the establishment of
quotas for refineries based on last year's runs of crude oil
to stills was taken under consideration. The plan contains
a stipulation that would prevent the refiner from buying or
running crude oil to stills unless he could show that he had
a market for the gasoline so produced. On the other hand,
if a refiner could show that he had a market for more gasoline than his quota allowed him to produce, he would be
allowed to buy and run additional crude to meet his needs.
Proponents of this plan point out that should it become
effective, it would take the emphasis off control of crude oil
production and place it on refining, adding that it would




Mar. 17 1934
be easier to enforce the regulation of refineries than production of crude oil which is difficult to check.
Another plan under consideration by the committee favors
self-regulation although both plans definitely stress the need
of allocations of quotas to refineries. However, there are
two distinct groups, and the second, pointing to the fact
that previous self-regulatory agreements in the industry
have been repeatedly violated by some companies, favored
strict regulation 9f refineries.
Last week's rise of 1,020,000 barrels in stocks of motor
fues as reported by the American Petroleum Institute
stresses the need of some form of regulation which will prevent excessive production of gasoline, oil men contend.
Total stocks as of March 10 were 58,003,000 barrels of
motor fuel were 2,323,000 barrels above the level set by
Administrator Ickes for Feb. 28 and 1,793,000 barrels higher
than the March 31 allowable.
Seasonal gains in consumption should result in paring
stocks of gasoline quite sharply. While it is a normal seasonal tendency to build up stocks of gasoline during the winter months in anticipation of Spring demand, there has been
a marked tendency toward excessive stocks in recent weeks,
with the resulting instability in gasoline markets.
In the local market, gasoline prices were firm to strong as
sentiment improved under the stimulus of the normal rise
in demand in Spring. Some foretaste of what improved
weather conditions will mean in consumption was felt during
the week as generally favorable weather increased retail
demand to a marked degree. Prices in the bulk market
held unchanged but the trade expects upward revisions once
the spring rise in demand is in full sway.
In commenting upon the unsettled conditions prevailing
in the California gasoline markets, Administrator Ickes said
last Tuesday that there was danger of surplus gasoline from
the West Coast flooding the Eastern markets unless the
proposed Pacific Coast oil cartel could be made effective.
Advances in No. 1 fuel oil to 9 cents a gallon, tank wagons,
and reports of an impending markup in No. 5 oil, currently
posted at 43/ to 5 cents a gallon, same basis, featured developments in the fuel oil field here during the week. Kerosene is strongly held, at 6 cents a gallon for 41-43 water
white, tank car lots, refinery, and in view of the short stocks,
some possibility is held that further advances might well
develop. Grade C. bunker fuel oil is well held at $1.20 a
barrel, refinery, with Diesel oil moving in good fashion at
$1.95 a barrel, same basis.
Activity in Pennsylvania lubricating oils broadened somewhat during the week and prices are well sustained. Export inquiries have picked up somewhat, it is reported.
All grades of gasoline were reduced 2 cents a gallon at
service stations in the Denver area Thursday, the new price
listing third grade at 18 cents, standard at 20 and premium
at 22 cents, all taxes included.
Prices changes follow:
Monday. March 12.-A1l major distributors operating in the San Fran-

cisco Bay and San Jose area reduced gasoline prices. In Oakland and
East Bay territory, the cut was 2 cents a gallon on third grade and 3 cents
on regular and premium while in San Francisco and the Peninsula area,
the cut was 1 cent on third grade and 2 cents on standard and premium
grades.
Wednesday, March 15.-All distributors reduced gasoline prices 2 cents
a gallon at service stations, the new levels being 18 cents for third grade.
20 cents for regular and 22 cents for premium, taxes Included.
Thursday, March 18.-No. 1 domestic heating oil was advanced to 9
cents a gallon, tank wagon,in the New York market.
New York
Atlanta
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Denver

Gasoline, Service Station, Tax included.
$.20
$.19
New Orleans
Detroit
4.17
s.12
Philadelphia
.17
Houston
.19
Francisco:
San
.19
Jacksonville
.17
Third grade.- .16
Los Angeles:
.18
Above 65octane_ .17%
Third grade.... .11%
.183
1914
Premium
13
Standard
.205
.14
15
St. Louis
Premium
.205
.15
s Less taxes.
.20
Minneapolis

Kerosene,41-43 Water White, Tank Car, F.O.B. Refinery.
New York:
New Orleans, ex _4.4%-4%
.03
Ta
.xas
Loa Ahns
8.06 I llort
Tulsa
04M-.03M
(Bayonne)
ex- .04)4-.06
Fuel Oil, F.O.B. Refinery or Terminal.
N.Y.(Bayonne):
Gulf Coast C
$1.05
um California 27 plus D
Bunker C
8.75-1.00 Phila. Bunker C.1.15-1.20
1.05
Diesel 28-30 D_. 1.951New Orleans C
Gas 011, F.O.B. Refinery or Terminal.
N.Y.(Bayonne):
(Tulsa
28 plus G 0__$.033j-.04
$.01%1
32-300 0

8.01%

U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots. F.O.B. Refinery
N. Y.(Bayonne):•
Chicago
$.0354-.04
N. Y.(Bayonne):
Standard 01IN.J.:
New OH.,ex- .05%
Shell Eastern Pet.$.06
Motor, U.8_11.06
Arkansas
04 -.04
New York:
62-63 octane.... .053(
05 -.07
Colonial-Beacon.- .06% California _
Stand. 011N. Y.. .06M
Los Ang.,ex._ 04%-.07
.06
s Texas
Tide Water Oil Co .06
.06)4 Gulf ports.... 05
Gulf
illichtield011(Cal.) .07
Republic 011
04
.08M Tulsa
Warner-Quin.Co. .06%
Pennsylvania. 05
Sinclair Refining- .06
zRichfield "Golden." z"Fire Chief." $0.07.

Financial Chronicle

Volume 138

Crude Oil Output Increased Sharply During the Week
Ended March 10 1934-Exceeds Federal QuotaA Further Falling Off in Inventories of Gas and
Fuel Oil-Motor Fuel Stocks Again Rise.
The American Petroleum Institute estimates that the daily
average gross crude oil production for the week ended
March 10 1934 was 2,313,900 barrels, or 31,100 barrels
above the Federal allowable figure which became effective
on March 1 last. The current figure compares with 2,183,300 barrels per day produced during the week ended March 3
1934, a daily average of 2,253,100 barrels during the four
weeks ended March 10 1934 and an average daily output
of 2,115,850 barrels during the week ended March 11 1933.
Inventories of gas and fuel oil again declined during the
week under review, falling 1,382,000 barrels, or from 108,440,000 barrels at March 3 1934 to 107,058,000 barrels at
March 10 1934. In the preceding week inventories dropped
920,000 barrels.
Further details, as reported by the American Petroleum
Institute, follow:
Country-wide stocks of motor fuel again increased in the seven days
ended March 10 1934, the gain amounting to 1,020.000 barrels. Stocks at
hand at all points on this date amounted to 58.003,000 barrels, as against
56,823.000 barrels at Mar. 3 last and 58,781.000 barrels at March 11933.
Imports of crude and refined oil at principal United States ports totaled
757,000 barrels for the week ended March 10, a daily average of 108.143
barrels, compared with a daily average of 154,857 barrels for the week ended
March 3 and 134,107 barrels daily for the four weeks ended March 10.
Receipts of California oil at Atlantic and Gulf ports totaled 391,000
barrels in the week ended March 10, a daily average of 55.857 barrels.
compared with a daily average of 97,214 barrels for the last four weeks.
Reports received for the week ended March 10 1934 from refining companies controlling 92.4% of the 3.616,900 barrel estimated daily potential
refining capacity of the United States, indicate that 2,157,000 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 33.488.000 barrels of
gasoline and 107.058,000 barrels of gas and fuel oil. Gasoline at bulk terminals, in transit and in pipe lines amounted to 20,965.000 barrels. Cracked
gasoline production by companies owning 95.1% of the potential charging
capacity of all cracking units averaged 416,000 barrels daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Average
Aaust Production.
Federal
4 Weeks
Agency
Allowable Week End. Week End. Ended
Mar. 10
Mar. 3
Effealre Mar. 10
1934.
1934.
1934.
Mar. 1.
456,400
112,300

)klahoma
{ansas
r.anhandie Texas
gorth Texas
West Central Texas
West Texas
East Centt al 'I exas
East Texas
Donroe
Southwest Texas
Doastal Texas (not including Conroe)

947,900

Total Texas

Week
Ended
Afar, 11
1933.

477,250
113,500

404,550
113,100

454,300
112,900

413,600
114,000

54,100
55,000
28,650
133,100
43,100
428,600
48,000
42,850

57,700
55,150
28,800
128,950
43.100
416,856
49,200
45,450

52,850
55,000
26,550
129,950
43,150
418,550
49.350
43,700

44,500
46,700
27,550
160,650
58,900
308,200
36,600
48,850

111,950

111,550

111,500

108,350

943,350

934,750

930,800

838,300

26,450
43,800

27,650
44,200

27,800
44,350

33,050
33.700

North Loubdana
Coastal Louisiana
71.800

70,250

71,850

72,150

66,750

Arkansas
Eastern (not Incl. Mich.)._
Michigan

32,200
95,200
29,300

32,000
95,900
28.450

30,950
88,500
29.750

31,450
92,000
28,550

30,850
88,850
14,600

Wyoming
Montana
Colorado

29,600
7,400
2,500

31,000
7,800
2,650

31,050
7,200
2.750

30,750
6,450
2.800

31,350
5,800
2,550

39,500

41,250

41,000

40,000

39,700

44,300
453,900

42,250
469,700

41,550
427,300

41,750
449,400

37,100
472,300

Total Louisiana

Total Rocky Mtn.States
New Mexico
CalUornia

2,282,800 2.313,900 2,183.300 2,253,100 2,115,850
Total United States
Note.-The figures indicated above do not include any est mate of any oil which
produced.
been
have
ously
surreptit
might
CRUDE RUNS TO STILLS, MOTOR FUEL STOCKS AND GAS AND FUEL
OIL STOCKS WEEK ENDED MARCH 10 1934.
(Mures In barrels of 42 gallons each.)
Daily Refining Capacity
Of Plants.

Crude Runs
to Stills.

District.
Reporting.
Potential
Rate
East Coast
Appalachian_
Ind., III., Ky
Okla.,Kan.,Mo
Inland Texas__
Texas Gulf_ ___
Louisiana gulf_
No. La.-Ark.__
Rocky Mtn
California

582,000
150,800
436,600
462,100
274,400
537,500
162,000
82,600
80,700
848,200

Total.

%

582,000 100.0
139,700 92.6
425,000 97.3
379,500 82.1
165,100 60.2
527,500 08.1
162,000 100.0
78,500 92.6
63,600 78.8
821,800 96.9

%
Dolly ()per
Average. sled.
459,000
75,000
287.000
218,000
73,000
466,000
118,000
48,000
16,000
397,000

•Motor
Fuel
stoat.

Oas and
Fuel Oil
Stocks.

78.9 17,649,000 5,367,000
53.7 2,016,000
708,000
67.5 8,718,000 3.162.000
57.4 5,902,000 2.916,000
44.2 1.404.000 1.544,000
88.3 5.341,000 4,618,000
72.8 1,940,000 1,425,000
62.7
348.000
623,000
25.2 1,091,000
689,000
48.3 13,594,000 86,006.000

Totals week:
Mar. 10 1034. 3,616,900 3,342,700 92.4 2,157,000 64.5 658.003,000 107,058,000
Mar. 31934. 3,616,900 3,342.700 92.4 2,205.000 66.0 c56,983,000 108.440,000
•Below are set out est mates of total motor fuel stocks in U. S. on Bureau of
Mines basis for week of March 10,compared with certain March 1933 Bureau figures:
x
A.P.1.estimate on B.of M.basis, week of Mar. 10 1934
x
A.P.2.estimate on B.of M.basis, week of Mar.3 1934
58,781,000 barrels
U.S.B.of M. motor fuel stocks, Mar. 1 1933
60,558,000 barrels
U.S. B.of M.motor fuel stocks, Mar. 31 1933
b Includes 33,488,000 barrels at refineries, 20,985,000 barrels at bulk terminals
In transit and pipe lines, and 3,550,000 barrels of other fuel stocks.
c Includes 32,723,000 barrels at refineries, 20,750,000 barrels at bulk terminals,
In transit and pipe lines, and 3.510,000 barrels of other motor fuel stocks.




1827

x Because of the many changes made by companies In their method of reporting
stocks to the American Petroleum Institute, it has been decided to discontinue our
attempt at estimating figures on a Bureau of Mines basis until further notice.
y Corrected figures.

Department of Justice to Permit Change in Federal
Court Oil Decree-Will Accept Modifications to
Allow Operation of California Cartel Under NIRASenator Borah Introduces Bills Designed to Remedy
Conditions Under Oil Codes.
The Department of Justice announced March 8 that it
would agree to modification of a Federal court order restricting operations of 12 California oil companies so as to permit
them to enter into a cartel agreement, drawn up under provisions of the National Industrial Recovery Act. The
modification was agreed to after a conference between
Preaident Roosevelt, Attorney-General Cummings and Secretary of the Interior Ickes, as well as a number oflegal experts
from the Department of Justice. The modifying order will
be accepted, it was said, only if it restrains oil companies
from unfair and monopolistic practices and protects the
public from unreasonable prices. A Washington dispatch
March 8 to the New York "Times" added the following
details of the announcement:
Following that conference the Attorney-General telegraphed to H. H.
McPike, United States Attorney, the terms of modification. The original
decree was handed down by the District Court of Northern California in
1930. A hearing is to be held on a petition for modification already filed
by the oil companies.
According to Mr. Cummings, the California oil industry, while operating
under the decree, had been so damaged by price wars and excessive competition that the cartel was formed as the only visible basis for rehabilitation
of that industry.
The Government will not consent to dismissal of the decree, but only to
relaxation of those features that will permit organization of the oil business
in that State, while at the same time retaining all of the anti-trust features
of the court order.
The Attorney-General reserves the right on behalf of the Administration
to require at any time that the oil companies file court statements so that
there will be a public record as to how the arrangements are working out.
In addition, the Government reserves the further right to approach the
court again in the event that it is satisfied that monopolistic practices
have grown up or are being prompted by the agreement.
Senator Borah to-day introduced two bills designed, he said, to remedy
conditions in the oil industry under the oil codes which "permit the big
syndicates to disregard the codes, raise the price of crude oil and gasoline
and drive the independents out of business."
The bills amend existing laws to prohibit oil producers, refiners and
marketers from owning or controlling pipe line companies either through
stock ownership or interlocking directorates, and to prohibit pipe line companies from transporting crude oil and products produced by companies
In which they have an interest.

An item relative to the Pacific oil 'cartel appeared in our
issue of Feb. 17, page 1133.
Good Tonnage of Copper and Lead Sold During WeekPrices Generally Firm.
"Metal and Mineral Markets" for March 15 1934 reports
that asidefrom the widespread disappointment over the copper
code developments in Washington the market for major
non-ferrous metals took on greater activity in the last
week. A good tonnage of copper and lead was disposed of
in the seven-day period that ended yesterday, and prices
for both of these metals appeared to be quite firm. Tin
also sold in larger volume, with the market higher. Silver
met with good support and the price equalled the high
for the movement. Prime Western zinc alone was inactive,
and it was reported that one seller offered material at
slight concessions. Quicksilver closed moderately higher.
The same publication says:
Domestic Copper Active.
With the exception of yesterday, when the news on the copper code
dampened enthusiasm in all branches of the industry, the market presented a fairly lively appearance. The sales tonnage for the week in
domestic copper totaled about 9,000 tons, a figure well above the average.
All of the business was booked on the basis of Sc. per pound, delivered
Connecticut, with the bulk sold for second-quarter delivery.
Foreign business again was in good volume, but not up to the high
mark established in recent weeks. The tendency of the foreign price
to move above the domestic level, together with the code situation here.
made European consumers less eager to buy. Transactions in the foreign
section of the market revealed a range in prices for the week of 8.10c.
to 8.30c.. c.i.f. usual ports.
Executives of the United States Copper Association, after the public
hearing adjourned, were asked to remain in Washington to confer with
Washington officials on the provisions of the code presented by the National
Recovery Administration. Under the latest proposed code, the matter
of establishing copper prices-minimum and maximum-Is left to the
Code Authority. Those in close touch with the situation say that the
minimum will probably be close to the 9c. level, with a maximum, should
the marketing section of the code remain as it now stands, not much above
12c.
Lead Demand Continues.
Demand for lead continued in good volume last week, with the market
firm and prices unchanged at 4c.. New York, the contract settling basis
of the American Smelting & Refining Co., and 3.90c., St. Louis. Perhaps
the outstanding development of the week was the improvement in sentiment which was said to prevail generally among consumers and in the
industry. Buying of the week included several purchases of fair tonnage,
as well as a number of carload lots for prompt or near-by shipment. Corroders were, apparently, the principal buyers, with miscellaneous manufacturers also acquiring a fair tonnage. Statistics for the industry show

1828

Financial Chronicle

that despite the upward movement of stocks of refined metal during January, total refined and unrefined stocks were slightly lower at the end of
that month than at the close of 1933.
Active Trading in Tin.
A "squeeze" abroad, presumably engineered by the tin pool, that resulted in a shortage of spot metal, led to the development here last week
of one of the most active tin markets that has prevailed in some time.
All interests, consumers and dealers alike, participated in the trading,
with tin-plate manufacturers entering the market on Tuesday to place
substantial orders for the metal. Operations at tin-plate mills are estimated to be at 80% of capacity. Prices moved upward during the week
under the active buying and also owing to the steady improvement in
sterling.
Chinese 99% tin was quoted nominally as follows: March 8, 52.10c.;
March 9, 52.50c.; March 10. 52.525c.; March 12. 53.10c.; March 13,
53.125c.; March 14, 53c.
Zinc Buying Slow.
The market was quiet and some metal was offered during the week
at/4.375c.. St. Louis. On actual business done during the week prices
realized ranged from 4.375c. to 4.40c. With concentrate being maintained
on the $30 basis, and the season for increased activity in galvanizing
near at hand, most sellers continue to regard the market as firm.
The zinc statistics of the American Zinc Institute for January and
February are summarized as follows, all figures in short tons:
January. February.I
January. February.
Production
32,954
30,172 Stock at end
110.100
111.982
Daily rate
1,063
1,078 Unfilled orders_ 26,717
26,676
Shipmenrs
26,532
32.054

Steel Output Falls Off--Demand from Motor Car
Industry Checked by Threat of Labor Difficulties
-Scrap Prices Again Rise.
The American Iron &ISteel Institute on March 12 1934
announced that telegraphicIrep
.orts which it had received
indicated that the operatinerate of steel companies having
98.1 Mot the steel capacity of the industry wouldbe 46.2%
;lithe capacity for the current week,_compared with 47.7%
last week and' -89:9% one month ago. This represents a
decrease of 1.5 points or 3.1% from the estimate for the week
of March 3 1934. Weekly indicated rates of steel operations
since Oct. 23 1933 follow:
1933.
Oct. 23
31.6%
Oct. 30
26.1%
Nov. 6
25.2%
Nov. 13
27.1%
Nov. 20
26.9%

1933.
Nov. 27
28.8%
Dec. 4
28.3%
Dec. 11
31.5%
Dec. 18
34.2%
Dec. 25
31.6%

Jan.
Jan.
Jan.
Jan.
Jan.

1934.
29.3%
1
8
30.7%
34.2%
15
22
32.5%
34.4%
29

1934.
Feb. 5
37.5%
Feb. 12
39.9%
Feb. 19
43.6%
Feb. 26
45.77
Mar. 5
47.77:
Mar. 12
46.2%

Mixed tendencies in steel production and in scrap prices
indicate a leveling off of the upward surge of activity that
- -gotuirdel:-Vv7:y in the latter part of January, according
to
the "Iron Age" of March 15. Demand from the automobile industry has been checked by fear of labor troubles,
and evidences of increased caution are seen in a number
of miscellaneous consuming lines. Among exceptions may
be noted the farm equipment industry, which has increased
its output to 40% of capacity, and container manufacturers,
who are now engaging 80% of the tin plate capacity of the
country,
as compared with 75% a week ago. In general,
_however, the present lack of trend in the steel industry is
explained by opposing tendencies in two leading lines-the
temporary shrinkage of automotive requirements and the
steady growth of railroad needs, continued the "Age,"
which further went on to say:
Ingot output has risen one point to 31% of capacity at Pittsburgh and
three points to 33% of capacity in the Philadelphia district, largely because of heavier railroad releases. More tonnage from the carriers has
also reached Chicago producers, but not in sufficient volume to prevent
a two-point drop in operations to 49% of capacity. Among districts
specializing in the lighter rolled steel products, Detroit and Cleveland
continue to operate at 100 and 69% respectively, but the Valley rate has
receded from 55 to 52% and the Wheeling average from 80 to 75%.
The National average of ingot production has dipped to 48,
,6%
of
1
capacity from 49% a week ago.
Weakness in scrap has developed both because of uncertainty in the
automobile outlook and a better flow of material following the subsidence
of severe weather. The scrap market is weak at Detroit and Cleveland
and has commenced to give ground at Pittsburgh, where heavy melting
grade is off 25 cents a ton. Chicago prices, however, are strong, with steel
scrap up 50 cents a ton. The "Iron Age" composite price for heavy melting
scrap, representing an average of Chicago, Pittsburgh and Philadelphia
prices, has advanced slightly from $12.92 to $13 a gross ton.
Part of the current reaction in iron and steel demand is attributable to
the failure of prices to advance for the second quarter. In some cases,
consumers no longer intend to specify fully against expiring first quarter
contracts.
But few in the trade doubt that the market would recover its lost buoyancy if the threat of grave labor difficulties were removed. Throughout
Industry there is a general disposition to accede to all demands of labor
that are consistent with practical plant operations and do not threaten
to stifle business at the source, but there is almost universal opposition
to union recognition. The automobile industry, for example, is prepared
to increase wages, simplify its bonus systems for the payment of production
workers and possibly further reduce the working week, if organized groups
of employees give up their insistence on the closed shop. Similarly the
steel industry seems disposed to follow the President's suggestion that
wage rateslbe raised and might agree to an advance of as much as 10%,
provided that prices might be raised sufficiently to cover the increase in
cost. Further shortening of hours in the steel industry is not a practical
possibility, since the average work week per employee during operations
under the code has been only 29.2 hours.
The possibility of a wage advance is already being taken into consideration bylpig ironTproducers, particularly in the East, who talk of raising
their prices in anticipation of such a contingency. It is unlikely, however.




Mar. 17 1934

that there will be general advances in the industry until action on wages
has been taken.
Several thousand tons of plates for cars bought by the Van Sweringen
lines have been ordered and other tonnages for this equipment will probably
be placed shortly. The Milwaukee and the Illinois Central have closed
for a total of about 50,000 tons of rails; the Wabash has bought 10,000
tons; the Missouri-Kansas-Texas has ordered 4.700 tons, while the Seaboard Air Line has purchased 11,200 tons of rails and 2,000 tons of fastenings. The New York Central will take bids March 20 on 40,000 tons
of rails, and the Baltimore & Ohio has asked for a Public Works Administration loan to finance orders for 35,000 tons. The Seaboard Air Line
has applied for Government money to buy 1,100 freight cars and five
locomotives.
Structural steel awards, at 13,500 tons, compare with 21,800 tons a
week ago. New projects total 12,600 tons, compared with 13,000 tons
last week.
Iron and steel exports in January were 178,023 tons, compared with
184,585 tons in December. The decline, however, was more than covered
by a decrease in scrap shipments.
Prices of bolts, nuts and rivets have been reaffirmed for the second
quarter. Low phosphorus pig iron has been reduced from $23 to $19 a ton,
f.o.b. Tennessee furnace, effective March 17. The "Iron Ago" composite prices on pig iron and finished steel are unchanged at $16.90 a ton
and 2.028 cents a pound respectively.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
fBs.sed on steel bars, beams, tank plates
March 13 1934, 2.028e. a Lb.
One week ago
wire, rails, black pipe and sheets,
2,0280.
One month ago
20280.1These products make 85% of the
One year ago
United States output.
1 923c.
High.
Low,
1934
2 028c. Jan. 2
2.028c. Jan. 2
1933
2036g. Oct. 3
1.867e, Apr. 18
1932
1 977c. Oct. 4
1.926e. Feb. 2
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
22860. Dec. 11
2.217c. July 17
1927
2.4020. Jan. 4
2.212c. Nov. 1
Pio Iron.
March 13 1934, $16.90 a Gross Ton. (Based on average of basic iron at Valley
One week ago
furnace foundry irons at Chicago.
$16.90
One month ago
16.90
Philadelphia, Buffalo, Valley. and BlrOne year ago
mingham.
13.56
High.
Low.
1934
$16.90 Jan. 2
316.90 Jan. 2
1933
16.90 Dec. 5
13.56 Jan. 3
1932
14.81 Jan. 5
13.56 Dec. 6
1931
15.90 Jan. 6
14.79 Dec. 15
1930
18.21 Jan. 7
15.90 Dec. 10
1929
18.71 May 14
18.21 Dec. 17
1928
18.59 Nov. 27
17.04 July 24
1927
19.71 Jan. 4
17.54 Nov. 1
Steel Scrap.
March 13 1934, $13.00 a Gross Ton. Based on No. 1 heavy melting steel
One week ago
$12.92
quotations at Pittsburgh, Philadelphia,
One month ago
and Chicago.
12.08
One year ago
6.92
Low.
High.
1934
$13.06 Mar. 13
$11.33 Jan. 2
1933
12.25 Aug. 8
6.75 Jan. 3
1932
6.42 July 5
8.50 Jan. 12
1931
11.33 Jan. 6
8.50 Dec. 29
1930
11.25 Dec. 9
15.00 Feb. 18
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

"Steel" of Cleveland, in its summary of the iron and
steel markets, on March 12 stated:
Despite increasing labor agitation in automobile centers and at Washington, steel production continues strongly upward. and barring further
spread of strikes in the leading consuming industry, steel makers can see
no interruption to steady improvement in demand through the first half
of the year.
So far, the uncertainties engendered by this situation have not retarded
the flow of specifications on contracts expiring this month, steel works
operations rising three points to 51% last week, though they have made
consumers more reluctant to contract for the second quarter.
As a result of the NRA code meeting last week, the steel industry itself
appears to face with certainty a decrease in working hours of probably
10%, and a compensatory increase of about 11% in wages.
Since present iron and steel prices have not proved remunerative the
proposed changes would seem to indicate higher levels. On the other
hand, it is believed that in return for further contributions to the relief
of unemployment the Government will take measures to stimulate consumption of capital goods, in which steel is a component part, and hence
there may be a corresponding increase in volume.
Automobile manufacturers are pushing up production as rapidly as possible, expecting this month to establish a now high for the year. Sheet
and strip mill output is sustained principally by their specifications, but
now purchasing by them is limited almost entirely to material for delivery
In April. Strikes in some Michigan plants last week were averted by
referring an ultimatum to Washington. Efforts are being made at Cleveland to unionize iron and steel warehouses.
Releases for rails, freight cars and railroad repair material recently
purchased are largely responsible for lifting steel works operations in
the Pittsburgh and Chicago districts. Carnegie Steel Co.'s Braddock,
Pa., Mills this week are to schedule the first of 42,000 tons of rails for
the Pennsylvania. Seaboard Air Line has ordered 15,200 tons of rails
and fastenings; St. Louis-San Francisco. 18,000 tons of rails.
Loans having been approved, the Chicago Milwaukee St. l'aul & Pacific
Is to place shortly 20,000 tons of rails, build 75 passenger coaches and
Install automobile loading devices in 300 freight cars. Illinois Central
is about to purchase 28,333 tons of rails and fastenings; Wabash is inquiring
for 10,000 tons of rails.
With seasonal outdoor work approaching, and transfer of CWA activities
to PWA April 1, additional construction projects are anticipated which
may go far toward relieving labor unrest. Structural awards for the
week, 11,290 tons, Include 3,500 tons for Government radio towers in the
Canal Zone and IIawaii.
Three thousand tons of concrete-reinforcing bars were purchased for
Boulder Dam, and 3,500 tons of welded steel pipe for the Fort Peck,
Mont., dam. Further improvement Is noted in steel demand for agricultural implements.
Scrap consumption is rising at a more rapid rate, imparting additional
strength to prices. Buying at Chicago is the heaviest this year. No. 1
heavy melting steel has sold at $14.50 Pittsburgh, up 25 cents. This
situation is stimulating demand for pig iron. A merchant furnace interest
at Cleveland has booked 22,000 tons for second quarter; a Chicago malleable

foundry has contracted for 5,000 tons. "Steel's" London cablegram
comments on the stronger demand for pig iron in Great Britain.
Steel works operations last week advanced 14 ponits to 93% at Detroit;
six to 50, Chicago; three to 82, Cleveland; three to 34, Pittsburgh; one to
66, New England, and one to 31, eastern Pennsylvania, and four to 56.
Youngstown. They were unchanged at 52, both at Buffalo and Birmingham, and down seven to 70 at Wheeling.
Daily average steel ingot production rose 25.3% last month to 92,696
gross tons, highest since last August. Total output was 28,224,698 tons,
compared with 1,996,897 tons in January. Production in the first two
months this year-4,221,595 tons-is nearly double thatin the corresponding
period last year.
"Steel's" iron and steel price composite remains $32.40; finished steel.
$51.10, while the scrap index is up eight cents to $12.33.

Steel ingot production for the week ended March 12 was
placed at a shade over 48% of capacity, according to the
"Wall Street Journal" of March 14. This compares with
47% in the previous week and nearly 45% two weeks ago.
The "Journal" added:
United States Steel is estimated at 41%. the same as the week before
and compares with 42% two weeks ago.
Independents are credited with a rate of 53%, against 51% in the preceding week and 4634% two weeks ago.
The following table gives percentage of production for the nearest corresponding week of previous years, together with the approximate change
from the week immediately preceding:

1934
1933
1932
1931
1930
1929
1928
1927

Industry.

U. S. Steel.

Independents.

48 +1
15 -155
2535-1
54 +1
76 -3
94 +1
8255+135
9154-52

41
15 - 35
2635-1
54 -1
82 -355
97 +1
8855- 35
99 +2

53 +2
1555-3
2435-135
54 +2
70 -3
02 +1
77 +1
85 +3

Increased Steel and Iron Production in Buffalo During
February Reported by University of Buffalo.
Steel production in Buffalo made a sharp gain in February, according to the Bureau of Business and Social Research
of the University of Buffalo. The daily average production
during February was 36% higher than during January.
A similar comparison at this date in previous years showed a
loss of 7% in 1933, a 63% gain in 1932 and a 35% rise in
1931. February 1934 output was 157% above the February
1933 level. We further quote as follows from an announcement issued March 6 by the Bureau:
The gradual decline in pig iron since early autumn was checked this
month with an increase in daily average production of 10% in February
1934. A comparison between February and January in other years showed
in 1933 a 2% drop, in 1932 a 13% rise and in 1931 a 3% gain. February
1934 pig iron production was almost four and one-half times the output of
February 1933, when two plants which are now producing were not operating.
These percentages are computed from actual tonnage figures and are not
the "ratio of operation to capacity"figures customarily published elsewhere.
Comparisons of the current month (February 1934) with the preceding
month and with the corresponding month of last year are given below:
Unadjusted

Adjusted for Days in Month

February 1934 compared
with January 1934
February 1934 compared
with February 1933

Steel

Pig Iron

Steel

Pig Iron

+35.5%

+10.1%

+22.4%

-0.6%

+157.0%

+341.8%

+157.0%

+341.8%

Steel Shipments Up 53,723 Tons.
Shipments of steel by subsidiaries of U. S. Steel Corp.
in February totaled 385,500 tons, as compared with 331,777
tons in January and only 275,929 tons in February last
year. The shipments in December 1933 were very much
higher, aggregating 600,639 tons, while in February 1930
they totaled 1,141,912 tons. Below we show the monthly
figures since 1930:
TONNAGE OF SHIPMENTS OF STEEL PRODUCTS BY MONTHS FOR
YEARS INDICATED.
Month.

Year 1930. Year 1931. Year 1932. Year 1933. Year 1934
1,104,168
1,141,912
1,240,171
1,188,456
1,203,916
984,739
946,745
947,402
767,282
784,648
676,016
579,098

Januar",
February
March
April
May
June
July
August
September
October
November
December

Yearly adjustment_ a(40,259)
Total for

IleAr

1829

Financial Chronicle

Volume 138

11

824 204

800,031
762,522
907,251
878,558
764,178
853,104
593,900
573,372
486,928
476,032
435,697
351,211
8(6,040)
7.878.744

426.271
413.001
388,579
395.091
338,202
324,746
272,448
291.888
316,019
810,007
275,594
227,578

285,138
275,929
256,793
335.321
455,302
603,937
701,322
668,155
575,161
572.897
430,358
600,639

331,777
385,500

a(5,160) 6(44,283)
3.974.082

5.805.235

a Reduction. b Addition.

Refractories Industry to Lower Hours 10% with Corresponding Increase in Wages-Code Authority
Responds to President Roosevelt's Appeal for
Shorter Hours and Higher Pay-Action Will Create
2,000 New Jobs.
President Roosevelt's recant appeal that industries which
can do so shorten hours and increase wages to create wider
employment was answered March 9 by the Code Authority
for the refractories industry, which announced that the




major units of that industry would adopt a 36-hour week
and pay their employees the same weekly wages as they
had formerly received for a week of 40 hours. The Code
Authority said that this action will mean immediate reemployment of more than 2,000 workers. A Washington
dispatch March 9 to the New York "Times" commented
on the announcement as follows:
The industry mines clay and manufactures crucibles, fire-brick and
refractory materials used in the production of steel, iron, glass and pottery.
It is classed as part of the durable goods industry. The leaders in the
durable goods group have been insisting since Monday [March 5] that a
reduction in hours would be "economic suicide" because prices would
have to be increased, thus stiffening consumer resistance and leading to
more unemployment.
While several thousand workers will benefit directly from the action
of the refractories industry, it was said that other thousands would be
affected in industries closely related to the refractories group. More
than 20,000 are now employed in the refractories industry, which is spread
from- California to Maine.
New Wage Clause for the Code.
The average of 36 hours per week is to be over a 4-week period. The
pay increase is provided by a substitution for the wage provisions of the
code of a new provision increasing the minimum wage for common labor
by at least 10% and providing for the maintenance of existing differentials
for classes above common labor.
When the refractories industry adopted the President's Re-employment
Agreement, it was operating on an average maximum work-week of 60
hours. This was reduced to 40 and now the industry is planning for 36
hours.

Anthracite Shipments Again Increased in
February 1934.
Shipments of anthracite for the month of February 1934,
as reported to the Anthracite Institute, amounted to
5,197,931 net tons. This is an increase, as compared with
shipments during the preceding month of January, of
8,451 net tons, or 0.16%, and when compared with February 1933 shows an increase of 1,453,775 net tons,or 38.84%
Shipments by originating carriers (in net tons) are as follows:
Month of-

Feb. 1934. Jan. 1934. Feb. 1933.x Jan. '33.x

1,293,214
Reading Co
835.419
Lehigh Valley RR
409,946
Central RR.of New Jersey
549,847
Delaware Lackawanna & Western_
521,212
Delaware & Hudson RR. Corp_ _ _
Pennsylvania RR
636,800
450,340
Erie RR
242,572
N. Y. Ontario & Western Ry
258,581
Lehigh & New England RR

1,295,019
857,279
365,838
438,493
547,555
627,407
436,507
304,874
316,508

726,044
593,016
307,257
439,480
391,147
490,281
387.841
259,644
149,448

625.588
495,844
265,587
355,796
334,622
500.692
y321,444
240.069
133.880

Total
5107031 5.159.480 3.744.156 v3.273.522
x Revised. y In the January sh pments release (see "Chronicle" of Feb. 17 1934
page 1136) Erie RR. tonnage for January 1933 is given as 396,872. This should
read 321,444, changing the total for that month to 3,273,522 instead of 3,348,980
net tons.

Preliminary Estimates of Production of Coal and
Beehive Coke for the Month of February 1934.
According to the United States Bureau of Mines, preliminary estimates show that for the month of February 1934
there were produced a total of 31,950,000 net tons of bituminous coal as compared with 32,916,000 tons in the preceding month and 27,134,000 tons in the corresponding month
last year. Anthracite output was estimated at 6,123,000
net tons as against 6,125,000 tons in January last and
4,275,000 tons in February 1933.
The average production of bituminous coal per working
day was estimated at 1,331,000 net tons, as against 1,266,000
tons in January 1934 and 1,135,000 tons in February of
last year. Average output of anthracite per working day
during February 1934 was figured at 260600 net tons, as
compared with 235,600 tons in the previous month and 181,900 tons in the same period in 1933. The Bureau's statement follows:
Total for
Month
(Net Tons).

No. of
Working
Days.

Cal. Year
Average per to End of
Working Day February
(Net Tons). (Net Tons).

February 1934 (Fre1frnfrrarb)1,331,000 64.866,000
24
31,950,000
Bituminous coal
260,600 12,248,000
23.5
6,123.000
Anthracite
4,871
213,500
24
116,900
Beehive coke
January 1934 (Revised)1,266,000
26
32,916,000
Bituminous coal
235,060
8,125,000
26
Anthracite
3.578
27
96,600
Beehive coke
February 19331,135,000 54.194,000
23.9
27,134,000
Bituminous coal
181,900
8,082.000
23.5
4,275,000
Anthracite
3,504
166.000
24
Beehive coke
84.100
with
the
result
of the
agree
Note.-All current estimates will later be adjusted to
complete canvass of production made at the end of the calendar year.

Production of Bituminous Coal and Anthracite During the Week Ended March 3 1934 Showed Little
Change, But Continued Higher Than in Same
Period in 1933.
According to the United States Bureau of Mines, Department of Commerce, production of bituminous coal in the
week ended March 3 1934 showed little change over the
preceding week, amounting to 8,250,000 net tons as against
8,330,000 tons in the week ended Feb. 24 1934 and 5,270,000

1830

Financial Chronicle

tons in the week ended March 4 1933. Anthracite output
totaled 1,654,000 tons as compared with 1,710,000 tons in
the preceding week and 967,000 tons in the corresponding
1933 week.
During the coal year to March 3 1934 there were produced,
according to estimates, 318,636,000 net tons of bituminous
coal and 49,752,000 tons of anthracite, as against 277,245,000
tons of bituminous coal and 45,617,000 tons of anthracite
during the coal year to March 4 1933.
The Bureau's statement follows:
ESTIMATED WEEKLY PRODUCTION OF COAL AND BEEHIVE COKE
(NET TONS).
Week Ended.
Mar. 3
1934.c

Feb. 24
1934.d

Coal Year to Date.
Mar. 4
1933.

1933-34.

1932-33.e

1929-30.e

Bitum. coal a:
Weekly total 8.250,000 8,330.000 5,270,000 318,636,000 277,2451000 486,421,000
Daily avge-- 1,375,000 1,388,000 878,000 1,150,000
981,000 1,716,000
Pa. anthrs. b:
Weekly total 1,664,000 1,710,000 967,000 49,752,000 45,617,000 68,762,000
Daily avga_ 275,700 310,000 161,200
177,100
246,900
163,200
Beehive Coke:
Weekly total
37,000
33,600
21,700
803,400
608,600 5,354,800
Daily avge__
6,167
5,600
3,617
2,799
2,121
19,285
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan County, washery and dredge coal, local sales, and colliery fue c Subject
to revision. d Revised. e Production during first week in April adjusted to make
accumulations comparable with year 1933-1934.

Mar. 17 1934

ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES(NET TONS).a
Week Ended

State-

Feb. 24
1934.

Feb. 17
1934.

Feb. 25
1933.

Feb. 27
1932.

Feb. 1923
Average.a

Alabama
Arkansas and Oklahoma
Colorado
Illinois
Indiana
Iowa
Kansas and Missouri
Kentucky-Eastern
Western
Maryland
Michigan
Montana
New Mexico
North Dakota
Ohio
Pennsylvania (bituminous)
Tennessee
Texas
Utah
Virginia
Washington
West Virginia-Southern_b
Northern_c
Wyoming
Dther States

409,000
254,000 252,000 145,000 150,000
87.000
33,000
32,000
40,000
51,000
231,000
93,000
124,000 109,000 117,000
1,063,000 933,000 732,000 976,000 1,993,000
613,000
356,000 366,000 284,000 302,000
136,000
88,000
69,000
73,000
82,000
174,000
141,000 113,000 126,000 120,000
556,000
674,000 676,000 483,000 472,000
226,000
205,000 184,000 122,000 150,000
51,000
36,000
44,000
34,000
41,000
26,000
12,000
9,000
9.000
8,000
80,000
50,000
43,000
47,000
48,000
58,000
26,000
21,000
23,000
27.000
37,000
42,000
33,000
36,000
48,000
694,000
547.000 547,000 369,000 315,000
1,910,000 1,905,000 1,453,000 1,461,000 3,087,000
127,000
72,000
65,000
93,000
92,000
23,000
14,000
11,000
14,000
14,000
96,000
63,000
37,000
54,000
38,000
212,000
215,000 215,000 157,000 157,000
77,000
36,000
28,000
30,000
32,000
1,665,000 1,610,000 1,294,000 1,220,000 1,127,000
673,000
630,000 595,000 280,000 441,000
156,000
69.000
75,000
81,000
83,000
7,000
6,000
10,000
2,000
10,000

Total bituminous coal
F'ennsylvanla anthracite

8,330,000 8,015,000 6,081,000 6,416,000 10,956,000
1,710,000 1,655,000 849,000 1,054,000 1,902,000

Total enal
10 ninne0 9.670.000 6.930.000 7.470.000 12,858,000
a Figures for 1923 and 1932 only are final. b Includes opera ions on the N.& W..
C.& 0., Virginian, K.tIc M.,and B. C.& G. c Rest of State, including Panhandle.

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 March 14, as reported
by the Federal Reserve banks, was $2,535,000,000, a decrease of $24,000,000 compared with the preceding week
and of $1,101,000,000 compared with the corresponding
week in 1933. After noting these facts, the Federal Reserve
Board proceeds as follows:
On March 14 total Reserve bank credit amounted to $2,532,000,000, a
decrease of $7,000,000 for the week. This decrease corresponds with
decreases of $68,000,000 in Treasury cash and deposits with Federal Reserve banks and $29,000.000 in money in circulation and increases of $49,000,000 In monetary gold stock and $20.000,000 in Treasury and National
bank currency, offset in part by increases of $141,000,000 in member bank
reserve balances and $17,000,000 in non-member deposits and other Federal
Reserve accounts.
The System's holdings of bills discounted declined $4,000,000, of bills
bought in open market $9,000,000 and of Treasury certificates and bills
$24,000,000. while holdings of United States Treasury notes Increased
$24,000,000.

The statement in full for the week ended March 7 in comparison with the preceding week ma with the corresponding
date last year will be found on subsequent pages, namely,
pages 1877 and 1878.
Beginning with the statement of March 15 1933, new
items were included as follows:
1. "Federal Reserve bank notes in actual circulation," representing the
amount of such notes issued under the provisions of paragraph 6 of Section
18 of the Federal Reserve Act as amended by the Act of March 9 1933.
2. "Redemption fund-Federal Reserve bank notes," representing the
amount deposited with the Treasurer of the United States for the redemption
of such notes.
3. "Special deposits-member banks," and "Special deposits-nonmember banks," representing the amount of segregated deposits received
from member and non-member banks.
A new section has also been added to the statement to show the amount
of Federal Reserve bank notes outstanding, held by Federal Reserve banks,
and In actual circulation, and the amount of collateral pledged against
outstanding Federal Reserve bank notes.

Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
March 14 1934 were as follows:
Bills discounted
Bills bought
0. S. Government securities
Other Reserve bank credit

Increase (+) or Decrease (-)
Since
Mar. 141934. Mar. 7 1934. Mar. 15 1933.
$
$
$
55,000,000 -4,000,000 -1,178,000.000
37,000,000 -9,000,000 -356,000,000
2,432,000,000
+533,000,000
8,000,000
+6,000,000
+17,000,000

TOTAL RES'VE BANK CREDIT_ _2,532,000,000 -7,000.000 -994,000,000
Monetary gold stock
7,605,000,000 +49.000,000 +3,641,000,000
Treasury and National Bank currency2,332,000,000 +20,000,000
+76,000,000
Money in circulation
5,345,000,000 -29.000,000 -1,637,000,000
Member bank reserve balances
3434,000,000 +141,000,000 +1,490,000,000
Treasury cash & deposits with F. R.
banks
3,226,000,000 -68,000.000 +2.909,000,000
Non-member deposits and other F. R.
accounts
-39,000,000
444,000,000 +17,000.000

until the following Monday, before which time the statistics
covering the entire body of reporting member banks in the
different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks for the
current week, as thus issued in advance of the full statement
of the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
course, also include:: the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week shows an increase of $79,000,000, the total of these
loans on March 14 1934 standing at $923,000,000, as compared with $331,000,000 on July 27 1932, the low record for
all time since these loans have been first compiled in 1917.
Loans "for own account" increased from $689,000,000 to
$775,000,000, while loans "for account of out-of-town
banks" decreased from $150,000,000 to $147,000,000 and
loam "for account of others" from $5,000,000 to $1,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Mar. 141934. Mar.7 1934. Mar. 151933.
Loans and investments-total

7 213,000,000 7,069,000,000 6,523,000,000

Loans-total

3,406,000,000 3,310,000,000 3,157,000,000
1 733,000,000 1,649,000,000 1,674,000,000
1 673,000,000 1,661,000,000 1,483,000,000

On securities
All other

3,807,000,000 3,759,000,000 3,366,000,000

Investments-total

2,704,000,000 2,668,000,000 2,253,000,000
1103,000,000 1,091,000,000 1,113,000,000

U. S. Government securities
Other securities

Reserve with Federal Reserve Bank .,._l.170.000.000 1,181,000.000
41.000.000
38,000,000
Cash in vault
Net demand deposits
Time deposits
Government deposits

5 709,000,000 5,580,000,000 4,518,000,000
675,000,000 679,000,000 740,000,000
797,000,000 797,000,000 170,000,000

Due from banks
Due to banks

86,000,000
82,000,000
1 495,000,000 1,414,000,000

Borrowings from Federal Reserve Hank_

Total
On demand
On time
Loans and investments-total




55,000,000
756,000,000
483,000,000

Loans on secur. to brokers & dealers:
775,000,000
For own account
For account of out-of-town banks.,.. 147,000,000
1,000,000
For account of others
923,000,000

689,000,000
150,000,000
5.000,000

366,000,000
15,000,000
7,000,000

844,000,000

388,000,000

654,000,000 567,000,000 235,000,000
269,000,000 277,000,000 153,000.000
Chicago.
1 389,000,000 1,386,000,000 1,099,000,000

Loans-total

577,000,000

570,000,000

646,000,000

278,000,000
299,000,000

274,000,000
296,000,000

353,000,000
293,000,000

812,000,000

816,000,000

453,000,000

528,000,000
284,000,000

533,000,000
283,000,000

202,000,000
251,000,000

Reserve with Federal Reserve Bank_ .__ 379,000,000
Cash in vault
41,000,000

345,000,000
42.000,000

150,000.000
128,000,000

1.194,000,000 1.152,000,000
358,000,000 360,000,000
69,000,000 . 69,000,000

788,000,000
359,000,000
16,000,000

On securities
All other
Investments-total
U. S. Government securities
Other securities

Returns of Member Banks in New York City and
Chicago-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in New York City, as well as those in Chicago,
on Thursday, simultaneously with the figures for the Reserve
banks themselves and for the same week, instead of waiting

669,000,000
85,000,000

Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks

Borrowings from Federal Reserve Bank.

173,000,000
359,000,000

168,000,000
338,000,000

90,000,000
133,000,000
13,000,000

Financial Chronicle

Volume 138

Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
The Federal Reserve Board resumed on May 15 1933 the
publication of its weekly condition statement of reporting
member banks in leading cities, which had been discontinued
after the report issued on March 6, giving the figures for
March 1. The present statement covers banks in 91 leading
cities instead of 101 leading cities, as formerly, and shows
figures as of Wednesday, March 7 1934, with comparison for
Feb. 28 1934 and March 8 1933.
As is known, the publication of the returns for the New
York and Chicago member banks was never interrupted.
These are given out on Thursday, simultaneously with the
figures for the Reserve banks themselves, and cover the same
week, instead of being held until the 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 March 7:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on March 7 shows increases for the
week of $116,000,000 in net demand deposits, 8196,000,000 in reserve
balances with Federal Reserve banks, and $42,000,000 in investments, and
a decrease of $17,000,000 in loans.
Loans on securities declined $20,000,000 at reporting member banks in
the New York district and $25,000,000 at all reporting member banks.
"All other" loans increased $6,000,000 in the Boston district and 88,000,000
at all reporting member banks.
Holdings of United States Government securities increased $81,000,000
in the New York district and $29,000,000 at all reporting member banks,
and declined $22,000,000 in thie Chicago district, $12,000,000 in the
Philadelphia district and 811,000,000 in the San Francisco district.
Licensed member banks formerly Included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of 81,050.000,000 and net
demand, time and Government deposits of $1,083,000,000 on March 7.
compared with 81,055,000,000 and $1.088,000,000, respectively, on Feb. 28.
A sununary 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 March 7 1934, follows:
Increase (±) or Decrease (—)
Since
March 7 1934. Feb. 28 1934. March 8 1933.
Loans and investments—total..._ _17,425,000,000

+25,000,000 +1,697,000,000

Loans—total
On securities
All other

8,168,000,000
3,495,000,000
4,673,000,000

-17,000,000
—25,000.000
+8.000,000

Investments—total

9,257,000,000

+42,000,000 +1,839,000,000

U.S. Government securities_ ___ 6,278,000,000
2,979,000,000
Other securities

+29,000.000 +1,851,000,000
+13,000,000
—12,000,000

Reserve with F. R. banks
Cash In vault
Net demand deposits
Time deposits
Ciovernment deposits
Due from banks
Due to banks
Borrowings from F. R.banks

—142,000,000
—264,000,000
+122,000,000

2,467,000,000
231,000,000

+196,000,000 +1,165,000.000
+7,000,000 —328,000,000

11,514,000,000
4,377,000,000
1,504,000,000

+116,000,000 +2,230,000,000
+7,000,000 +132.000,000
+37,000,000 +1,462,000,000

1,441,000,000
3,331,000,000

+29.000,000 +852,000,000
+144,000.000 +1,618,000,000

10,000,000
—0.--

—2,000,000 —1,056,000,000

League of Nations Peace Commission Abandons Efforts
in Chaco Controversy—Declares Bolivia and Paraguay Are So Far Apart Agreement Appears Impossible—Commission Returns to Europe, Leaving
Observer in South America.
The League of Nations Chaco 'Peace Commission
announced on March 12 that it was unable to effect an
agreement between Bolivia and Paraguay over possession
of the Chaco, and that it was therefore forced to abandon
its peace efforts and return to Europe. In a statement
issued by Alvarez Del Vayo, Chairman of the Commission,
it was said that the two Nations ware so far apart that
acceptance of any conciliation formula seemed impossible.
The Commission took over the peace negotiations from
the Pan-American Conference late in December after the
Conference had induced Bolivia and Paraguay to agree
to a truce.
On March 4 the Commission made public new peace
proposals which it had submitted to Bolivia and Paraguay,
in which it suggested the conclusion of a treaty under which
all armies would withdraw from the entire Chaco region
until the World Court had an opportunity to hand down
an opinion on the issues involved. Paraguay and Bolivia
appeared, however, unable to come to an agreement to
act on the terms suggested by the Commission, and the
League body accordingly abandoned its efforts, as noted
above. A Buenos Aires dispatch March 12 to the New York
"Times" described the abandonment of mediation by the
Commission as follows:
The collapse of the League's conciliation efforts signalizes the failure of
an effort to reintroduce Old World methods of secret diplomacy into
America. The Pan-American Conference negotiations were carried out
with sufficient publicity to create a united public opinion in favor of the




1831

Conference's efforts until Latin-American diplomatic circles were convinced
that the belligerents were about prepared to accept any Conference formula
with the explanation to their people that they had been forced to accept
by Pan-American pressure.
This would have permitted the Governments to "save face," which
both must do in accepting any peace formula.
The negotiations of the League Commission, however, have been conducted in impenetrable secrecy which has made impossible the exercise
of the moral backing of the American peoples, for which the Commission
has frequently pleaded.
The Commission called the Bolivian and the Paraguayan envoys to-day
to appear simultaneously before it to consider the divergent points of view
as set out in the recent notes from Asuncion and La Paz.
The Commission's Announcement.
The Commission's announcement given out to-night says:
The exchange of viewpoints which took place between the envoys to-day
in the presence of the League Commission shows that the positions of the
two countries remain in their original divergence as set out in the replies
of the two Governments. There has not been nor is there any indication
of the possibility at an early date of the slightest advance toward any
point of agreement.
After analyzing to-day's debate in its various aspects, the Commission
has arrived at the conclusion that the prospects of success which might
grow out of direct negotiations have been reduced to such a minimum
as not to justify the Commission in longer postponing its return to Geneva.
where it will prepare and present its report to the League Council. In
consequence, the members of the Commission will embark for EuroPe in
the course of the present week.
The Commission is leaving here its Secretary. General Juan Antonio
Duero,legal adviser to the League of Nations. He is authorized to represent
the Commission and report to it any new developments.
The Commission rejected Paraguay's request to undertake an investigation of charges of violation of the laws of humanity, which the Commission
says it presumes means mistreatment of war prisoners.
The announcement also says the Commission sent a report to the League
responon Saturday containing its opinion of which of the belligerents was
sible for the war and that this report will be given out by the League's
Secretary General at Geneva.

The text of the Commission's proposed Chaco peace
treaty is given below, as cabled to the New York "Times"
March 4 from Buenos Aires:
The Governments of Bolivia and Paraguay being desirous of bringing to
an end the state of war existing between the two countries by the adoption of
adequate measures to insure a final cessation of hostilities, as well as a
final determination of their frontiers by means of legal arbitration and in
conformity with the principles laid down by other American republics on
Aug.3 1932. are agreed on the following stipulations:
Article 1.
Hostilities shall cease 24 hours after the entry into force of the present
treaty.
Article 2.
In the following 24 hours both armies shall begin to evacuate the positions
occupied by them at the time of the cessation of hostilities and shall within 45 days withdraw to the following positions: The Bolivian Army to
Villa Montes and Robore and tne Paraguayan Army to the River Paraguay.
Article 3.
The demobilization of both armies shall begin at the same time as the
withdrawal provided for in Article 2. All demobilized soldiers shall return
to their civil occupations within three months.
Article 4.
At the end of these three months and as long as the final judgment of the
Permanent Court of International Justice, fixing the frontier between the
two countries, has not been implemented, neither of the two armies shall
exceed 5,000 men. Aslong as the above clause limiting the strength ofthe two
armies is in force, the two Governments shall undertake not to acquire
arms or other implements of war. If, in the course of that period, one of
the two Governments should deem that an increase in its army or war
material is necessary, the Council of the League shall have the power
to grant such an increase at the request of the government concerned.
If one of the two Governments is of the opinion that the provisions of
the present article are not being carried out, the Council of the League
shall also deal with that question at the request of that government. For
execution of the stipulations of this article the decision of the Council shall
be taken excluding the votes of the parties.
Article 5.
Pending execution of the final judgment of the Permanent Court of
International Justice fixing the final frontiers between the two countries.
the latter may keep such police forces as shall be necessary for their maintenance, or as follows:
Bolivia will exercise police rights along the upper Pilcomayo River in the
regions lying to the east of the Chiriguanos Mountains and the Parapet!
Elver, as well as in the regions lying to the south of the Chocsi Mountains
and the Otuquis River. For such police operations as may be necessary
in those regions, Bolivia, in order to avoid possible difficulties with the
Paraguayan police undertakes not to go beyond meridian 62 to the east and
parallel 19.30 to the south.
Paraguay will exercise police right along the lower Pilcomayo River and
in the regions lying to the west of the River Paraguay and the River Negro
or Otuquis.
For such police operations as may be necessary in those regions. Paraguay,
in order to avoid possible difficulties with the Bllivian police, undertakes not
to go beyond meridian 61.30 to the west and parallel 20 to the north.
Paraguay will, however, exercise police rights north of parallel 20 along the
western bank of the River Negro or Otuquis as far as Galpon. Police
rights on the eastern bank of this river shall be exercised by Bolivia.
Paraguay shall also exercise police rights to the west of meridian 61.30
along the northern bank of the Pilcomayo River up to meridian 61.55.
As to the narrow strips of territory which, according to the above Provisions, the police of neither country are allowed to enter, the two Governments shall agree on such police action as may be necessary.
If, notwithstanding the undertaking of both Governments to observe
scrupulously the above provisions, incidents occur between the Bolivian
and Paraguayan police and are not rapidly settled on the spot, the Permament Court of International Justice shall have the power to indicate
provisional measures to overcome the difficulty according to Article XLI
of its statute.
Article 6.
After the ratification of the present treaty, the Permanent Court of
International Justice, at the request of the party which first brings Its case
before it, shall have and shall exercise complete jurisdiction for resolving

1832

Financial Chronicle

the controversy between the two countries: Bolivia maintaining, on the one
hand, that the frontier between the republics of Bolivia and Paraguay is
the Paraguay River, that Bolivia's rights in the Chaco Boreal extend to the
confluence of the Pilcomayo and Paraguay Rivers; Paraguay maintaining,
on the other hand, that its rights west of the Paraguay River extend north
to the frontiers between the old Province of Paraguay and the old military
government of Chiquitos and westward to the frontier between that same
province and the provinces in upper Peru and that the Court must establish
what those frontiers were.
Notwithstanding which and in a spirit of conciliation, it being understood that the concessions below mentioned will neither weaken the thesis
or titles which one or the other of the parties desires to uphold before the
Permanent Court of International Justice nor, if present treaty does not
enter into force, be referred to later as precedents of any moral or judicial
value: Bolivia on the one hand, renounces the reservations she has made
concerning the award to Paraguay by President Hayes of the territory
between the River Verde and the main branch of the River Pilcomayo;
Paraguay, on the other hand, renounces the reservations she has made concerning the determination of the frontier between Bolivia and Brazil by
the Treaty of Petropolis and declares consequently that she claims as her
frontier to the north of Chocsi Mountains and the Rivers Aguas Calientes,
Negro and Otuquis, to the west the River Parapeti and the Chiriguanos
range and to the south the River Pilcomayo.
Article 7.
Within eight days following the entry into force of the present treaty
the two countries shall take the measures necessary for the repatriation of
war prisoners in conformity with international regulations. The two
Governments agree to send a request to that effect to the international
committee of the Red Cross and to accept the arbitration of its delegates
in any difficulties which may occur. The expenses of those delegates shall
be borne by the two Governments.
Article 8.
The two Governments agree that, after the Permanent Court of International Justice has pronounced Its judgment, they will request the PanAmerican Union to convene a conference of neighboring countries as contemplated in the resolution adopted by the International American Conference on Dec. 24 1933, "to study the co-ordination of all geographical
and economic factors which might contribute to the development and
prosperity of the sister nations."
Article 9.
The present treaty shall be ratified according to the constitutional law of
each State. The two Governments shall take without delay all measures
necessary to that ratification. In case either Congress Is not in session, it
shall be convoked in an urgent extraordinary session.
Article 10.
The present treaty shall enter into force 12 hours after its ratification
by the two countries. It shall be registered in the Secretariat General of
the League of Nations in conformity with Article 18 of the pact.

Mar. 17 1934

Sentiment would develop in this country, the President held, for a
seaway controlled by the United States and Canada, as soon as it became
apparent that the latter country intended to complete the seaway within
her own territory, to the discrimination of American shipping.
Some authorities are inclined to believe that Canada may refuse to
accept modification if the President should suggest changes to appease
American opposition.
Lewis Aims to Bar Revival.
To-day's vote came suddenly,shortly after noon. All of the reservations
were withdrawn by the opposition and then Vice-President Garner, in
vigorous fashion, called for the test on the treaty itself.
Immediately after the result was announced, Senator Lewis of Illinois
announced that he would move within a few days for its reconsideration.
He is opposed to the treaty, so this move would be made to prevent the
President from submitting a revised treaty in this session, if be so desired.
Senate leaders say President Roosevelt is determined to continue his
fight for a project espoused while he was Governor of New York and which
he believes would give the lake States cheap transportation, and provide
for power consumers in New York State reduced electricity rates.
Pittman Predicts Ratification.
Senator Pittman, Chairman of the Foreign Relations Committee, predieted that the treaty would be sent to the Senate again next session and
that it would be ratified.
"The treaty is not dead," he said "You will recall that it took seven
years to get the Boulder Dam proposition through and that it has taken
years to bring about many other important propositions.
"I believe the fears of some of the Senators in the Mississippi River
region are unfounded and that the provisions of the treaty can be so clarified
as to remove their fears. Fears ofothers as to damages can also be removed."
Senator La Follette, a leader for the treaty, declared that the opposition
would be overthrown when the treaty was resubmitted.

Recommendations for speedy ratification of the St.
Lawrence Waterway Treaty with Canada were contained in
a special message sent to the Senate by President Roosevelt
on Jan. 10. The President explained that the treaty would
act to increase navigation facilities for Middle Western
farmers and produce cheaper electrical power for the Northeastern section of the United States. His message was
accompanied by a report from the Federal Power Commission analyzing the cost of construction of the proposed canal
and the advantages that would be obtained by users of
electricity and navigation. Indications that the treaty
faced a hard fight before ratification were found in a minority
report from the Foreign Relations Committee, presented by
Senator Wagner of New York, in which he said that the
navigation features would be of little aid to the West in
reducing ocean and railroad freight rates from the farms to
Europe, and urged that this was an inappropriate time for
the Federal Government to spend money to produce competition for the railroads, already facing financial difficulties.
Senator Wagner said that he favored the hydro-electrio
features of the treaty, but believed that the entire question
could be left for future determination.

Senate Defeats Ratification of St. Lawrence Waterway
Treaty with Canada—Vote of 46 to 42 Fails of
Needed Two-Thirds Majority—President Roosevelt
Had Urged Approval of Pact—Indicates He Will
Revive Issue Later—Ratification Opposed By
Utilities, Railroads and Eastern Business Interests.
President Roosevelt March 14 suffered what has been
described as the "first major defeat" of his Administration
when the Senate, rejected the St. Lawrence Waterway
Treaty with Canada by a vote of 46 for the pact to 42
against. A two-thirds majority would have been necessary Richard Washburn Child Sails for Europe to Make
Study of Economic Situation for Secretary of
for ratification. After he had received word of the Senate
State Hull—Appointment as Special Adviser Indiaction, the President announced that the subject would be
cates. Interest of United States in Present Status
revived at a later date, and said that if the United States
of Projects Left Pending by World Economic and
Monetary Conference.
did not join with Canada in completing the waterway,
Richard Washburn Child, former Ambassador to Italy,
Canada might enter alone upon the undertaking and collect
sailed for London on the liner Washington from New York
tolls from American ships.
The President had originally recommended speedy ratifi- March 14, after having been appointed by Secretary of
cation of the treaty in a special message sent to the Senate State Hull as special adviser in Mr. Hull's capacity as
January 10. Later, he forwarded to the Senate a number Chairman of the United States delegation to the World
of reports by various Governmental agencies, all of which Monetary and Economic Conference, which met in London
contended that ratification would be beneficial to this last summer. William Phillips, Under-Secretary of State,
country. The treaty was opposed by utility and railroad in announcing the appointment March 5, emphasized that
interests, as well as by merchants associations in the Eastern Mr. Child had no instructions to negotiate or propose any
portion of the United States. The opposition also included definite action on the part of the United States and said
several Senators who on most other questions have been that his mission is to investigate the present economic
leaders in furthering the Administration's recovery program. situation abroad and the status of the resolutions and other
We quote in part from a Washington dispatch March 14 projects left pending before committees when the London
to the New York "Times," describing the defeat of the conference adjourned. A Washington dispatch March 5
to the New York "Times" added the following information
treaty in the Senate:
regarding the appointment:
Twenty-two of 60 Democrats deserted the Administration in the vote
to-day, while 14 Republicans joined with 31 Democrats in support of the
pact. Eighty-eight of the 96 Senators participated in the voting. There
were five absentees, and two members paired for ratification to one against.
Advocates of the treaty had long expected to-day's outcome. The vote
was not discouraging, they held, and they Immediately prepared to take
the issue into the November campaign, hopeful that the Administration
would also go to the public on the question and renew negotiations with
Canada for some modification of the treaty terms.
President Roosevelt, knowing the treaty's fate an hour before the Senate
voted, indicated that a revised pact, with some interpretive reservations,
perhaps, would be submitted to the next Senate.
He declared emphatically that a treaty to build the canal would be
ratified eventually and that no concessions would be made to those in the
opposition who demanded more diversion of water from Lake Michigan
than stipulated in the pact.
In his opinion it is perfectly obvious that, if the United States rejects
the plan to co-operate with Canada, the seaway will be built by Canada.
This would work to the disadvantage of American commerce, as our
shipping would have to pay tolls.
Canada could construct the canal, without our assistance, for about
E100,000,000, the President indicated. At such a cost a proposed power
project dam would be eliminated.




"I am going over to learn rather than to preach," Mr. Child said. "The
President wants to know what is the attitude of the European nations as
a result of the changed economic conditions since the meeting of the World
Economic Conference last Summer.
"The question is to determine whether Europe now is prepared to talk
economic disarmament. We want to know what they want to do, what the
attitude of the other fellow is.
"My mission will be of an explanatory nature, with a view to determining
whether it is worthwhile to reconvene the World Economic Conference." A
Officials declined to predict that Mr. Child's mission would necessarily
result in an initiative by the United States to call the nations together again
to discuss their economic difficulties. It was felt, however, that economic
conditions throughout the world, particularly in Europe, had changed
materially since the London gathering recessed, and that.facts.concerning
these developments should be gathered.
Mr. Child, whose appointmentlas Ambassador' to Rome was made by
President Harding, was converted from Republicanism before the i1932
Presidential election. In newspaper and magazine articles since the
inauguration of President Roosevelt he has beenianroutspoken.oritic of
many of the President's recovery policies:.
1
Among attaches of the United States delegation to London, it was felt
that the importance of Mr. Child's mission should,not be,exaggerated.

Volume 138

Financial Chronicle

One-expert said that the national recovery programs in this and other
countries were now in midstream and that any attempt to revive the
London Conference would be premature for some months.
Iv More optimism was expressed in regard to success in lowering tariff and
other trade barriers through the bilateral reciprocal treaties for which
President Roosevelt has asked authority. Multilateral action by a large
conference is still regarded as virtually impossible.
*Some of the superficial stumbling blocks of the London session of last
Summer have been removed, it was admitted. The official devaluation
of the.dollar in terms of gold, with the relative stability promised by that
action, might overcome the objections the gold countries voiced last
Summer.
IA On the other hand, it was said the gold countries were still too busy
building their national trade policies, in an effort to retain their present
monetary structures to be able or willing to go very far in international
co-operation.

German Business Is Unified by New Governmental
Decree Making Dr. Kurt Schmitt, Minister of
Economics, Virtual Director —12 Principal Business
Organizations Created to Cover All Industry—
Program Will Compromise with Nazi Ideals in
Order to Conform to Economic Progress.
Unification of German business under a program of reconstruction and the adoption of a new business code was announced March 13 by Dr. Kurt Schmitt, Minister of Economics. The plans, involving widespread changes in organization, will be formulated under authority delegated to
Dr. Schmitt by the Cabinet in a decree passed Feb. 27 which
makes him the virtual business dictator of the Reich. It
was said that the new decree is designed to eliminate the
overorganization of business and the resultant unrest, replacing it with a rigid organization of the several business
associations. Dr. Schmitt is empowered to name certain
organizations as the single representatives of their branch
of business. He is also authorized to create new organizations and abolish or unify others, remove their leaders and
force individual outsiders to join them and to comply with
their regulations. Violation of the Minister's orders would
subject an offender to severe punishment.
Further details of the announcement were reported as
follows in a Berlin dispatch, March 13, to the New York
"Times":
Dr. Schmitt outlined his program before a gathering of Germany's most
Important business captains in the hall of the Reich Economic Council.
According to it, all German business has been divided into 12 groups, each
with a group leader at its head.
Over them and co-ordinating their work is a chief leader, to which post
Dr. Schmitt has appointed Phillip Kessler, Chairman of the Board of
Directors of the Verzmann Electric Co. of Berlin. He is 46 years old..
Count Ruediger von der Goltz, a lawyer of Stettin and the son of the noted
"Liberator of the Baltic," has been appointed Hedd Ressler's deputy.
The 12 groups are: The mining, iron and metal industries; the machine,
electrotechnical, optical and other mechanical industries; iron, sheet iron
and metal products; stone and earth, lumber, building, glass and ceramics;
the chemical, technical oil and fats paper and paper-using industries;
leather, textiles and clothing; food; artisans; commerce; banks and
credits; insurance, and transportation.
Dr. Gustav Krupp von Bohlen und Halbach has been appointed leader of
Group 1 and Dr. Albert Voegler leader of Group 4. All the other group
leaders are scarcely known beyond their own fields.
Dr. Schmitt delivered his speech clad in the black death's head uniform
of the Hitler special guard, but his program was no 100% realization of
the Nazi program. It was rather a compromise.
There was nothing in it about "blood and race." The labor code proclaims the owner of a business as the "leader of his workers," and it has
been found impossible to bar anyone from that function without destroying
business. Therefore even "non-Aryans," women and foreigners have been
admitted to this "leadership."
The main purpose of the reconstruction, Dr. Schmitt said, was to coordinate business and the State. Private business was to remain, he
assured his audience, and competition likewise. But all business was to
be put into the service of the people and the State and competition was
to become "loyal comradeship." This was to be realized, the Economic
Minister explained, by introducing into business the principle of leadership
and by creating new business of "loyal competition" administered by "courts
of honor."
Price-fixing and production quotas, Dr. Schmitt indicated, may play a
role in the program, even if in principle he expressed himself against them
and against the whole cartel system.

1833

A Vienna dispatch, March 6, to the New York "Times"
added the following data:
In each organization will be a section for workmen and a section for
office employees. Certain classes of civil servants and railway men are
excluded from the union.
Anyone who has been subjected to even the smallest punishment by the
police for political offenses—and many thousands of opponents of the dictatorial regime of Chancellor Dollfuss and the Fascists have been so punished during the last 11 monthe—may be excluded from the union. So
may anyone suspected of being likely to carry on Socialist traditions,
political agitation or class *warfare inside it.
Workers Are Bitter.
This, of course, opens the way for a flood of denunciations by those
anxious to curry favor with the present regime, and the whole project
has caused great bitterness among the workers.
The decree is introduced by a preamble stating that the new measure
has been inspired "by the spirit of Christianity, social justice and love
of country." At a date to be announced later the Minister of Social
Welfare is empowered to place the property taken from the Socialist trade
unions in the hands of this new body.

Portion of Bonds of Czechoslovak State Loan of 1922
Drawn for Redemption Through Sinking Fund.

Kuhn, Loeb & Co., the National City Bank of New York
and Kidder, Peabody & Co. announce that there has been
drawn by lot for redemption on April 1 1934, out of moneys
in the sinking funds, $92,600 principal amount of 8%
secured external sinking fund gold bonds due April 1 1951,
comprised in the first portion of the Czechoslovak State
Loan of 1922, and $22,500 principal amount of 8% secured
externs 1 sinking fund gold bonds, series B, due Oct. 1 1952,
of the same loan. Interest on drawn bonds will cease to
accrue on and after April 1 1934.
kThe bankers have purchased in the open market $69,000
additional of the Series A bonds and $72,000 additional of
the Series B bonds, making the respective totals drawn for
redemption or purchased, $161,600 and $94,500.
Payment on Coupons Due April 1 on 7% Sinking
Fund Gold Bonds of Buenos Aires (Argentine) to
Be Made at Rate of $29.35 for Each $35, $14.67 for
Each $17.50 and $2.93 for Each $3.50.

The Province of Buenos Aires is notifying holders of its
external 7% secured sinking fund gold bonds dated April 1
1926, and due April 1 1952, that it has made available at
the Corporate Agency Department of National City Bank
of New York for delivery on or after April 1 1934 to holders
who assent to the Province of Buenos Aires Loan Readjustment Plan of 1933 the sum of $29.35 in respect to each $35
coupon, $14.67 in respect to each $17.50 coupon and $2.93
in repsect to each $3.50 coupon maturing April 1 1934,
together in each case with 5% arrears certificates for the
unpaid balance on such coupons.
Issuance of Executive Order by President Roosevelt
Creating Second Export-Import Bank to Aid in
Financing Trade with Cuba—To Have Capital
of $2,750,000.
To carry out the plans of the Administration at Washington

to develop trade with Cuba, President Roosevelt on March 9
issued an Executive Order creating the second ExportImport Bank of Washington, D. C. This projected institution will be formed along the lines of what has been
designated as the "Export-Import Bank of Washington,"
the object of which is to foster trading with Soviet Russia.
Details of the proposals with respect to the latter wine given
in our issues of Feb. 10, page 965; Feb. 17, page 1159, and
Feb. 24, page 1331. Items bearing on the Export-Import
Bank to promote trade with Cuba appeared in our issues
of March 3, pages 1482 and 1483. While the President's
Executive Order of March 9 makes no specific mention of
Cuba, it is the understanding that the objective of the Bank
All Trade Unions in Austria Dissolved by Government has particular reference to further trading with that country;
Decree—Members Will Be Enrolled in One Fascist as an incidental, the plans have been reported as including
Organization under Control of Heimwehr Minister, a credit to Cuba which would be used toward the purchase
Who Will Name Leaders of Workers.
of silver to be minted into silver currency for the Island.
All members of Austrian trade unions must enroll in a The Second Export-Import Bank will have a capital of
single Fascist union under the direction of Odo Neustaedter- $2,750,000,$250,000 of which will be common and $2,500,000
Sturmer, Minister of Social Welfare and a Heimwehr leader, preferred.
according to a governmental decree published in Vienna
In a Washington account March 9 to the New York
March 6. Two weeks earlier all Socialist trade unions, with "Times" it was stated:
500,000 members, had been dissolved, and the latest order
was therefore directed against the unions of the Christian
Social party. It provides that the leaders and Presidents
of the workers' organizations will be nominated by the Heimwehr Minister. The Presidents in turn will nominate the
committee members of the organizations for the various
branches of employment. These nominations will be subject to the approval of the Minister.




Sumner Welles, Assistant Secretary of State, and former Ambassador
to Cuba, has been active in the organization of the new financial institution.
Silver Deal to Be Backed.
Mr. Welles continued to-day his conferences with J. Martinez Saenz,
Cuban Secretary of the Treasury, over the amount of silver bullion Cuba
wishes to buy for coinage purposes. . ..
When the"plan was first mentioned it was thought the Cuban Government would require about $10,000,000 worth ofsilver for currency purposes.
It was emphasized to-day that the credit extended by American producers, backed by the Second Export-Import Bank, would be "properly

1834

Financial Chronicle

guaranteed." No intergovernmental loan would be involved, according
to Mr. Welles.
As in the case of the Soviet trade bank, the United States Government
would subscribe for the $250,000 worth of common stock of the institution
to be held by the Secretary of State and the Secretary of Commerce,
except for one qualifying share for each of the trustees.
The funds for this purpose will come from the $3,300,000,000 authorized
for public works under the National Industrial Recovery Act.
The preferred stock, with a nominal value of $2,500,000. will • be purchased by the Reconstruction Finance Corporation.

The Bank is to be under the guidance of a Governing
Board consisting of nine trustees which would include,
among others, Secretary of Commerce Roper; George H.
Peek, Special Adviser to President Roosevelt on Foreign
Trade; Chester C. Davis, Administrator cf the Agricultural
Administration. President Roosevelt's Executive Order
follows:

Mar. 17 1934

Paulo 7% Coffee Realization Loan, 1930, announced
March 17 that the funds in their hands available for the
redemption of Dollar Bonds, after absorbing the reserve
fund and providing for the payment of the coupon due
April 1 1934, are sufficient (at the rate of $5.07% to the
pound fixed by the State for the purpose) to redeem as of
that date $1,255,000 bonds, which represents approximately
72% crf the full semi-annual redemption, at $1,042.84 for
each $1,000 drawn bond. Numbers of drawn bonds are published in the "Chronicle" to-day. The announcement says:
The Government of the State of San Paulo has instructed the fiscal
agents to apply to a supplementary drawing all further funds received by
them or their agents in San Paulo on or before March 31 1934. Upon
the arrival of these funds, including sums now in transit, the supplementary drawing will take place and a further notice will be published.
Bonds then drawn will be redeemable immediately with accrued interest.

EXECUTIVE ORDER
Authorizing the Formation of a Banking Corporation to Be Known as
Brazilian Farmers Get Government Aid—Bond Issue
Second Export-Import Bank of Washington, D. 0.
Authorized to Finance Loans of 50% on AgriculWhereas, the Congress of the United States has declared that a National
tural Mortgages.
emergency exists by reason of widespread unemployment and disorganizaStating that the Brazilian Economic Readjustment Act has
tion of industry; and has declared it to be the policy of Congress to remove
been signed by President Getulio Vargas, authorizing the
obstructions to the free flow of inter-State and foreign commerce which
tend to diminish the amount thereof; to provide for the general welfare
government to aid farmers to the extent of 50% to liquidate
by promoting the fullest possible utilization of the present productive
their mortgages. A cablegram, March 10, from Rio de
capacity of industries, to reduce and relieve unemployment, to improve
Janeiro to the New York "Times" further reported.
standards of labor and otherwise to rehabilitate industry and to conserve
National resources; and
The decree, under discussion for a year and criticized by the press on the
ground that it embodied the views of the bankers rather than the farmers
Whereas in order to meet said emergency and to provide the relief neceswas rewritten. It is understood it is confined now strictly to agricultural
sary to protect the general welfare of the people, the Congress of the United
mortgages, specifically defining those entitled to its benefits.
States has enacted, inter elle, the following acts:
The act authorizes the Minister of Finance to issue 500,000 one-conto
1. National Industrial Recovery Act, approved June 16 1933;
30-year bonds at s% to liquidate at par value agricultural mortgages. The
2. Agricultural Adjustment Act, approved May 12 1933;
bonds
*will be legal tender at Government banks, thus allowing the holders
3. Reconstruction Finance Corporation Act, approved Jan. 22 1932;
to use them in credit operations.
4. Bank Conservation Act, approved March 9 1933, and
The act will be administered by the newly created Readjustment Chamber
Whereas in order effectively and efficiently to carry out the provisions
under the direction of Ruber Rosa, Under-Minister of Finance.
of said acts it is expedient and necessary that a banking corporation be
organized with power to aid in financing and to facilitate exports and
Imports and the exchange of commodities between the United States
Bank to Make Loan—Ecuadorean Government
and other nations or the agencies or nationals thereof;
to Get About $40,000.
Now, therefore, under and by virtue of the authority vested in me by
From Guayaquil, March 6, the New York "Times" rethe National Industrial Recovery Act of June 16 1933 it is hereby declared that an agency, to wit: a banking corporation, be created pursuant
ported that the Central Bank of Ecuador has agreed to lend
to Title 5, Chapter 9, Section 261 of the Code of the District of Columbia
the
national Government 2,500,000 sucres (about $40,000),
(1929), under the name of Second Export-Import Bank of Washington,
D. C.
leaving the consolidation of the Government's debt and the
The Governing Board of said corporation shall consist of a board of
new loan until the next Congress meets because of legal
trustees composed of nine members, and the following persons, who have
objections
to that plan. The advices likewise said:
been invited and who have given their consent to serve, shall constitute
The Bank has suggested that the Government have coined 3,000,000
the initial board of trustees and shall handle the concerns of the corporation
sucres in silver while such an operation will still show some profit. The
for the first year:
small loan and the profit from the coinage of the silver sucres will hardly
Daniel C. Roper, Secretary of Commerce.
make up the decline in governmental revenues, which are falling behind
R. Walton Moore, Assistant Secretary of State.
the budget estimates at the rate of 500,000 sucres a month.
George N. Peek, Special Adviser to the President on Foreign Trade.
Robert F. Kelley, Chief of the Division of Eastern European Affairs,
Department of State.
Senate Committee Hearing on Bill for Federal ReguChester C. Davis, Administrator, Agricultural Adjustment Adminislation of Stock Exchanges—Listing Requirements
tration.
and Work of Committee on Stock List of New
Tom K. Smith, Assistant to the Secretary of the Treasury.
York Stock Exchange Detailed by Frank Altschul.
Stanley Reed, General Counsel, Reconstruction Finance Corporation.
Lynn P. Talley, Executive Assistant to the Directors of the ReconstrucBefore the Senate Banking and Currency Committee, on
tion Finance Corporation.
March 1, Frank Altschul, Ohairman of the Committee on
Harold H. Neff, Assistant Chief, Securities Division, Federal Trade
Stock.List of the New York Stock Exchange, detailed the
Commission.
The operations of the corporation shall be carried on in the District
organization and work of his Committee, and indicated his
of Columbia, and the main office of the corporation shall be at 1,825
views regarding those provisions of the Fletcher-Rayburn
H Street, N. W., Washington, District of Columbia, or at such other
bill for the Federal Regulation of Stock Exchanges insofar
place as may be determined by the board of trustees.
The amount of capital stock of the corporation shall be $2,750,000,
as they relate most directly to the work of his Committee.
divided into classes and shares as follows:
In a Washington account, March 1, to the New York "Jour(a) $250,000 par value of common stock, divided into 2,500 shares
of the par value of $100 each; and
nal of Commerce," it was stated that Mr. Altschul urged
(b) $2.500,000 par value of preferred stock, divided into 2,500 shares
the provision of penalties for making false statements by
of the par value of $1,000 each.
persons applying for listing of their stock on the Exchange.
The Secretary of State and the Secretary of Commerce are hereby
authorized and directed to cause said corporation to be formed with such
From that account we quote:
certificate of incorporation and by-laws as they shall deem requisite and
"I believe that such legislation would not alone be helpful to us in
necessary to define the methods by which the corporation shall conduct
the work we are trying to do, but would prove an enormous safeguard to
its business.
the investing public," Mr. Altschul said.
The Secretary of State and the Secretary of Commerce are authorized
Listing Rules.
and directed to subscribe for all of the common capital stock of said corThe witness conceded there had been instances of deliberate misrepreporation for the use and benefit of the United States, and shall provide
sentation on listing applications, but added that the Exchange was constantly
that one share thereof shall be issued to each of the initial trustees and
extending its work to stamp out new corporate evils. He noted particularly
their successors in order to qualify them to hold the office of trustee in
said banking corporation.
the Committee's work in connection with the tendency to issue non-voting
common
subscribing
for
the
purpose
of
There is hereby set aside for the
stock which had been practically eliminated by refusal to list any more
capital stock of said corporation the sum of $250,000 out of the approstocks of this type.
priation of $3,300,000.000 authorized by Section 220 of the National
From Mr. Altschul's statement to the Committee relative
Industrial Recovery Act and made by the Fourth Deficiency Act, fiscal
year 1933, approved June 16 1933 (Public No. 77, 73rd Cong.).
to the provisions of the bill, and their effect on dealings,
It is hereby further directed that any common stock in said corporation
we take the following extract:
standing in the name of the Secretary of State and the Secretary of Commerce, for the use and benefit of the United States, shall be voted by such
Sec. 11. (a) It shall be-unlawful for any person to effect any transaction in any
security on a National securities exchange unless a registration is effective as to
person or persons as they, the Secretary of State and the Secretary of
such security in accordance with the provisions of this Act and the rules and reguCommerce, shall appoint as their joint agent or agents for that purpose.
lations made by the Commission thereunder and unless such security has been issued.
Any vacancies occurring in the initial board of trustees shall be filled
The effect of this provision, read in conjunction with Section (b), would
by the remaining members, subject to the approval of the President of
appear to be to prevent dealings in any security until 30 days after the
the United States.
Stock Exchange had certified to the Commission that the security had been
FRANKLIN D. ROOSEVELT.
approved for registration and listing. In the case of new issues this 30-day
The White House
delay might place such an added risk upon underwriters as to raise a
March 9 1934.
serious question of whether the business of underwriting new issues for the
purpose of financing the capital requirements and the maturities of existCoupons Due April 1 on Sao Paulo 7% Coffee Realiza- ing corporations could go forward at all.
Apart from the question of underwriters we have frequently had before
tion Loan 1930 to Be Paid—$1,256,000 Bonds
us in the past applications for listing where prompt action on our part,
Drawn for Redemption.
order to make possible the early issuance of the securities in question,
Speyer & Co. and J. Henry Schroder Banking Corp., in
was essential to the carrying out of an entirely legitimate corporate purpose
United States of America fiscal agents for the State of Sao highly in the interests of the security holders.




Volume 138

Financial Chronicle

I am apprehensive that the delays imposed in connection with the underwriting of new issues and of the issuance of new securities at times without underwriting will place an obstacle in the path of perfectly legitimate
transactions helpful to American business.
I am uncertain of the precise effect of the words "unless such security
has been issued," but I assume that they are intended to prevent a "when,
as, and if issued" market. NVhile the New York Stock Exchange has, in
recent years, been reluctant to list on a "when, as, and if issued" basis,
and has only done so infrequently, and tsen only when it seemed largely
in the public interest, we believe that the "when,. as, and if issued" market
has a legitimate place in the business of providing capital for industry,
and we feel that any abuses that it is sought to correct in connection with
such a market are capable of being dealt with without eliminating such a
market altogether.
Beyond this, I should point out that many types of securities are now
listed for which it would appear that under no circumstances is it likely
that a registration statement would be filed. The removal from the list
of these securities already outstanding in the hands of investors under
such a retroactive law would, in many instances, affect the interests of
the investors most unfavorably.
The following possibilities which might result from such a provision of
the law should be considered. Stocks and bonds of many companies that
are in the hands of receivers might be forced off the list because of the
fact that the original issuer had no longer any power to file a listing application or registration statement, and it is uncertain how far the receivers
would go in doing so. In many instances these securities have been kept
on so as to not use the influence of striking to force minority stockholders
Into reorganizations or into deposit agreements of protective committees.
If this Section of the law remains unchanged, even if the registration
requirements were modified, many situations might arise where the new
company, protective committee, or voting trustees might elect to register
the securities which they have issued for listed securities, but no person
would be in a position to apply for registration of the listed securities
themselves in their original outstanding form.
Thus, possibly quite unintentionally, pressure would be brought upon
minorities to deposit under plans of reorganization in a way in which the
Stock Exchange has always been reluctant to bring pressure itself.
In other cases, where, through the exchange of shares, a company has
acquired a very large percentage of stock of another company and desires
to have the stock of its subsidiary removed from the list, this provision
of the Act might well result in the acquiring company making no provision
for the registration of the securities of the underlying company, and in
this manner dissenting minorities might well be forced into a consolidation
or exchange of shares contrary to their expressed wishes, merely in order
to obtain a listed security. It has been the consistent policy of the Committee on Stock List not to permit its listing facilities to be used to club
minorities into action in this manner.
Furthermore, it is difficult to see why foreign governments or foreign
corporations which have issued bonds many years ago and which have no
further present need of the American capital market should apply for
registration.
The amount of such securities that might be forced off the list through
the operation of the provisions of the bill as now drawn is, as you know,
very considerable.

In submitting his statement as to the views of the provisions of the bill, Mr. Altschul reported as follows on the
work of his Committee:
To the Chairman and Members of the Committee on Banking and Currency, United States Senate: I would like to submit to you herewith a
document covering the organization and work of the Committee on Stock
List, the listing requirements of the Exchange as they exist to-day, and
an account of the changes in listing requirements and policies of the Committee which have been made from 1926 to December 1933.
This material has been assembled on short notice; it is at present in
process of correction and revision. With your permission, as soon as this
work is completed we shall furnish you with copies in their final form.
This material has been brought together in order to make available to
you in convenient form the fullest possible information.
I would like to draw your particular attention to the Section entitled:
"Outline of Revisions and Extensions, &c. . . ." The reason I do
this is because this Section will serve to give you some indication of the
extent to which my Committee has been engaged in a continuing effort to
accommodate its listing requirements, agreements and policies to the everchanging aspects of American corporate procedure.
You will note a reference to action of the Governing Committee taken
on Tan. 27 1926, in the matter of the issue of common stock without
voting powers. This is a striking case in point. The Committee on Stock
List had observed with growing concern the tendency of corporations to
Issue stock without voting power. This device was being increasingly
used to lodge control in small issues of voting stock, leaving ownership
of the bulk of the property divorced from any vestige of effective voice
in the choice of management.
The Committee felt that this tendency ran counter to sound public
policy, and accordingly decided to list no more non-voting common stocks.
With this action of the Committee, the period of the creation of nonvoting common stocks came to an end.
The Section to which I refer contains a running account of such endeavors
on our part. In a growing and developing economy like our own, corporate
procedure is ever-changing, and at times its changing nature is accompanied
by experiments of a character which require close scrutiny and sometimes
prompt action if the public interest is to be served. To keep abreast of
such developments, and occasionally possibly to anticipate them, requires
a high degree of flexibility. In my opinion this flexibility is most readily
found in some such body as the Committee on Stock List, and such a
Committee is peculiarly well adapted to consider and to resolve new problems
as they arise because it is composed of men who are in intimate and daily
touch with the world of business and finance.
I believe that flexibility in the formulation of these rules is of the
utmost importance. Rules in this domain must of necessity be capable of
adaptation to conditions which change from day to day. A statute crystallizing in law the rules of to-day may be utterly ineffectual to deal with
the conditions of to-morrow. Such rigidity might easily obstruct the
normal development of American corporate procedure where the object
should be not to obstruct but to influence, in the public interest, the direction of such development.
Notwithstanding the efforts made by the Committee on Stock List,
evidence of which you will find in the document which I have placed in
your hands, we recognize that there is much that we have placed in your
hands, we recognize that there is much that we have not been able to




1835

accomplish. One of our difficulties has its roots in the lack of uniformity
Iii the corporation laws of the various States. The competition between
States in this field is a matter of common knowledge, and the tendency
of many States to liberalize the provisions of corporate charters with a view
to making their laws attractive for the incorporation of companies has
led to practices which have often given us concern. At times, we have
been able to resist such practices with a fair degree of promptness, but
more often we have had to wait until, either as a result of our efforts or
otherwise, public opinion had developed to a point where it would support
determined action on our part.
The remedy for much of this we have long felt lies in a Federal incorporation statute. We recognize the enormous political difficulties in the way
of such legislation, but the importance of it from the point of view of the
protection of investors generally is so great and the advantages of it are so
obvious that we would, with all respect, like to urge upon you the desirability of having this question fully explored.
Such an act would, for instance, furnish the means of clarifying and
codifying such complicated questions as those growing out of pre-emptive
rights, stock dividends, the par value of stock or stocks of no par value.
It would permit the development and imposition of uniform methods of
accounting within industries, a matter of great importance to investors
generally. Furthermore, it would permit the general adoption of a desirable and simple provision to the effect that auditors should be responsible
to the stockholders of a corporation rather than to its management, and
should only be removable after a full hearing before a stockholders' meeting.
Instances of deliberate misrepresentation in connection with listing applications have insofar as we kr.ow been comparatively rare; that they have
occurred, however, admits of no dispute. We are sympathetic to legislation providing penalties for false statements contained in listing applications or in documents submitted iii support of these; and I believe that
such legislation would not alone be helpful to us in the work that we
are trying to do, but would prove an enormous safeguard to the investing
public. Legislation which will act as a deterrent and will at the same
time provide adequate punishment for transgressors—taken in conjunction
with such legislation as I have suggested above—will, I believe, be most
effective to accomplish the purposes which are being sought in the relevant
sections of the bill. Regulation which takes the form of an attempt at
continuing supervision of corporate activities in order to prevent every
conceivable kind of fraud will, in my opinion, not only fail to prevent
fraud but will of nedessity hamper the conduct of honest business.
I have come prepared to make a complete statement to you in regard
to those provisions of the bill under consideration which relate most directly
to the work of my Committee. If time permits, I would like very much to
read this statement to you now, in order that you may have an opportunity
of questioning use fully in regard thereto in case you care to. I believe
that such a discussion would prove most helpful to all concerned.
Respectfully submitted,
FRANK ALTSCHUL, Chairman, Committee on Stock List.

Brief Filed by New York Stock Exchange with Senate
and House Committees Questioning Constitutionality of Bill for Federal Regulation of Stock
Exchanges.
In furtherance of the opinion that the Fletcher-Rayburn
bill providing for Federal regulation of Stock Exchanges
is unconstitutional, a brief was filed in behalf of the New
York Stock Exchange on March 7 with the Senate Banking
and Currency Committee and the House Inter-State Commerce Committee questioning the legality of the proposed
legislation. It was submitted by Thomas B. Gay of Hunton,
Williams, Anderson, Gay and Moore, counsel for the
Exchange.
From the Washington account, March 7, to the New York
"Times" we quote:
The argument of the Exchange is that a declaration by Congress that
"transactions in securities as commonly conducted upon securities exchanges . . . . are affected with a National public interest" does
not make this so as a matter of law. Such transactions as "commonly
conducted" are not transactions in inter-State commerce, according to
counsel for the Exchange, and Congress "cannot by legislative fiat ascribe
to them legal characteristics which they do not otherwise possess."
"Sales are made only between members of the Exchanges and,in the case
of the New York Stock Exchange, the transactions occur only in its building in the City of New York . . . . The actual contracts of purchase
and sale take place only in New York City, and all deliveries of securities
and payments of money in connection with the performance of these contracts likewise occur solely in New York City.
"In the case of certificates of stock, they are constituents of title, and,
under the rules of the Exchange, the issuing companies must maintain
transfer agents and registrars in New York City where such certificates
may be transferred of record."
More Opposition Heard.
The use of the telegraph, telephone or other means of communication
does not make a transaction one in inter-State commerce, according to
the
brief, and various court decisions are cited in support of the contention that
"Inter-State communication is not inter-State commerce."

The opinion that the Fletcher-Rayburn bill is unconstitutional was expressed on Feb. 23 before the House InterState Commerce Committee by Mr. Gay. Mr. Gay termed
the proposed control the "most far-reaching regulatory power
ever attempted by Congress," and remarked that the constitutional aspects of the measure are "so far-reaching as
to render it, to say the least, subject to the greatest doubt
whetheethere exists in the Constitution power of Congress
to enact this bill."
Before the Senate Banking and Currency Committee on
Feb. 28, Mr. Whitney indicated that if the bill was enacted
substantially as drafted, its constitutionality would be
tested in the courts. Advices to this effect were contained
in a Washington dispatch, Feb. 28, to the New York "Times"
which continued in part:

1836

Financial Chrcnicle

Apparently for the purpose of laying the foundation for such eaten, he
asked that Thomas B. Gay. Richmond lawyer, be permitted to review
briefly the constitutional questions involved, and subsequently to submit
a brief setting forth at much greater length the constitutional points involved.
The request was granted and Mr. Gay repeated in large part the argument he made before the House Committee last week. He referred many
times to a letter written in 1932 to Carter, Ledyard St Milburn of New York.
attorneys for the Exchange, by Commissioner James M. Landis of the
Federal Trade Commission, one of the principal authors of the pending
bill.
Questioned on Margin Plan.
In that letter Mr. Landis, then a Harvard professor, expressed doubt
as to the constitutionality of the LaGuardia bill for the regulation of
trading in securities, then pending in the House.

Objections to Fletcher-Rayburn Bill for Federal Regulation of Stock Exchanges Voiced by John Dickinson, Who, as Chairman of Committee Named by
Secretary Roper, Recently Submitted Report on
Stock Exchange Regultaion—Mr. Dickinson's Opposition Indicated at House Committee Hearing.
One of those who has registered objections to provisions
in the Fletcher-Rayburn bill for FederAl regulation of
stock exchanges is John Dickinson, Assistant Secretary of
Commerce, who was Chairman of the committee named
by Secretary of Commerce Roper to study the problem of
stock exchange regulation. The report of this committee
was given in these columns Feb. 10, pages 925-931. It
was noted by the Washington correspondent of the New
York "Journal of Commerce" on March 6 that the pending
bill, based in part on the findings of the Dickinson Committee, was drawn by others. Mr. Dickinson is said to
have asserted (according to the "Journal of Commerce")
that he had had nothing to do with formulating the provisions and at present he is engaged in making a report upon
these for Mr. Roper and the Senate Banking and Currency
Committee.
Before the House Committee on Inter-State Commerce
on March 6 Assistant Secretary Dickinson is said to have
declared that the Fletcher-Rayburn bill would prove "disastrous." He is reported as thus declaring against the bill,
in a Washington dispatch March 6 to the New York "Times,"
from which we also quote as follows:
The regulation bill, if passed as written, Mr. Dickinson maintained,
would mean the immediate liquidation of not less than $380,000,000 of
unlisted securities, while $350,000,000 more would have to be sold to
meet marginal requirements. This would be followed by more liquidation
of such securities.
Favors Separate Agency.
"Whatever might be the desirability of reducing the amount of funds
held in the stock market as a long-run policy," he said, "It is a challenging
question whether it would be sound economic policy to effect the reduction
at the present time, when all the efforts of the Government are in the
direction not merely of maintaining but of increasing values."
Mr. Dickinson favored a separate Government agency to administer any
exchange control measure that might be enacted, as do the exchanges, their
argument being that the agency should be supervisory rather than regulatory in nature.
Mr. Dickinson objected to the "rigidity" he found implied by placing
margin requirements at 60%. "It is hardly desirable," he said, "to freeze
margins into a statute."
He held there was need offlexibility in the general conduct of the market.
This he contended was impossible under the bill because specialists were
forbidden to trade in their own accounts under any conditions, and by the
separation of dealers and brokers. He objected to the section which deals
with puts, calls and options on the ground that it would prohibit trading
on exchanges in convertible bonds and purchase warrants.
Mr. Dickinson opposed what he asserted virtually put all regulatory
power into the hands of the Federal Trade Commission on the ground
that by expanding control over credit for stock market purposes through
this agency, conflict was caused with the Federal Reserve Board, as well
as dividing authority. The Trade Commission would be forced to maintain
accurate reports as to the situation ofsome 20,000 companies who have stock
issues. To enforce uniform bookkeeping on these corporations at the present
time was. in his opinion, almost impossible.
"If the Fletcher-Rayburn bill goes into effect," Mr. Dickinson said,
"$350.000,000 of unlisted securities would have to be sold out or an equal
amount of cash put up to bring the accounts into line with the original
market requirements.
"When, in addition to this, we take into account the fact that the
$350,000.000 of unlisted securities would no longer be available for market
purposes and would presumably have to be sold out, we get at least some
indication if not an accurate statistical picture of the extent of liquidation
which would be required within the next few months if the margin provisions of the bill are to go into effect by Oct. 1.
"The liquidation in so short a period of any such volume of securities
could not but be followed by the most deflationary consequences.
"Assuming that the bill would be so amended that the proposed flat
60% margin would not go into effect until the expiration of a considerable
time, say five years, the question still remains as to whether the fixing of a
single flat, arbitrary margin for all stocks under all circumstances is an
advisable method for protecting the economic structure of the country
from the dangerous consequences of excessive speculation.
•
Margin Trading Needed, He Says.
"The danger of overspeculation exists not so much in the total amount
of the funds in the stock market as in the excessive expansion and contraction of those funds.
"We must remember that strong and justified as may be our desire to
reform the speculative institutions of this country, margin trading has been
an essential feature of our financial system for almost 100 years. Even if
we look forward to its ultimate abolition, it is so tied in with the functioning
apparatus of our credit structure that any abrupt attempt to amputate or




Mar. 17 1934

restrict it to arbitrary narrow limits by governmental fiat would be likely
to have unforeseen consequences in many directions.
"As a part of the credit system of our country, its control can properly
be vested only in the agency to which we have hitherto looked as the centre
of control for our credit system namely, the Federal Reserve Board, which
can treat it as a part of the general credit problem in proper relation to other
parts of the problem."
He was sure the Government could "smash down on"any Exchange which
refused to regulate itself satisfactorily.
"If an Exchange," Mr. Dickinson said, "failed adequately to enforce its
rules, its dereliction in view of the relatively small number of exchanges
would be relatively easy to discover and disciplinary action could be applied
by the Federal agency."
He maintained that the postal power and the power of the Government
to regulate inter-State commerce made regulation of Exchanges constitutional, but added:
"I would not underwrite the constitutionality of some of the articles of
the proposed bill."

Percy H. Johnston of Chemical Bank & Trust Co. at
Hearing Before Senate Committee on Bill to
Regulate Stock Exchanges, Contends Federal Reserve Board Had Power to Forestall 1929 Panic—
Statement by Mr. Johnston and W. C. Potter on
Proposed Bill.
The view that the Federal Reserve Board had the power
to halt the 1929 panic in its beginning and did not do so
because the Board "bent its policy to meet the wishes of
the Treasury," was expressed by Percy H. Johnston,
Chairman of the Board of the Chemical Bank & Trust Co.,
in testifying on March 12 before the Senate Committee on
Banking and Currency. Mr. Johnston appeared before the
Committee incident to its hearing on the bill for the Federal
regulation of stock exchanges. According to Mr. Johnston,
the Treasury wanted to borrow "cheap money for the
Government" and preferred matters to continue as they
were at the time of the speculative period. Further indicating what Mr. Johnston had to say, Washington advices
March 12 to the New York "Times" said:
When the Federal Bank in Chicago sought to invoke its powers to curb
speculation, the Treasury Department in Washington, Mr. Johnston said,
vetoed its action after the Chicago bank had announced that it proposed to
increase interest rates.
"I wish there was some way to cure speculation," Mr. Johnston said.
"I think we would be better off. But I think you have got to change your
race of human beings, because they like to speculate.
"However, I think you have the control now. We had the control in
1925. in 1926,In 1927, in 1928 and in 1929, and we did not use it. We had
the control in the power of the Federal Reserve Board, and if the Board
had not bent its policy to meet the wishes of the Treasury, which wanted
to borrow cheap money for the Government, but had raised these rates, as
it should have done, we could have stopped this speculation in its incipiency in 1927 and 1928 and avoided this colossal'crash that has come with
such widespread disaster to every one.
Recalls Warning by Banks.
"I do not doubt that there were many people who wanted the speculation
to go on, but I do claim that the Central banks, rather than the Federal
Reserve Board, which is the Central Bank in effect, had that power. But
Inevitably Central banks color their operations to suit the treasuries of
their country."
Time and again, Mr. Johnson declared, the outstanding bankers of the
country raised storm signals and warned "there was going to be a flood."
If the Federal Reserve Board exerts its power to the extent necessary to
hold speculation in check, it must have, said Mr. Johnston, "an awfully
stiff backbone."
The New York banks in the stormy pre-depression days, he added, lent
very little money for their own account to brokers. The money that flowed
Into Wall Street, he said, came from all parts of the world, the bulk of it
from non-banking corporations and individuals with large capital surpluses
who encouraged speculation by sending their money into the market.
Most of the money. Mr. Johnston stated, passed through the banks
acting as agents. The result is, he added, that the New York Clearing
House now prohibits the lending of money for the account of other PeoPle.

At the hearing on March 12 before the Senate Committee,
William C. Potter, Chairman of the Guaranty Trust Co.
of New York, presented his views on the Fletcher-Rayburn
bill in so far as it affected banking. Mr. Johnston is said
to have collaborated with Mr. Potter in the preparation of
the statement. From the Washington account March 12
to the New York "Herald Tribune" we quote:
It was Mr. Potter's contention that, inasmuch as the banks already are
subject to regulation by the Comptroller of the Currency, the Federal
Reserve Board and other agencies, caution should be exercised in vesting
further authority over them in a different agency.
"I doubt the wisdom of divided responsibility with respect to these
matters," said Mr. Potter, "and it seems obvious that the banks should not
be subjected to the jurisdiction of two arms of the Government whose purposes and policies might at times conflict."
Mr. Potter called attention to a number of provisions of the bill applying
to brokers and dealers and to persons transacting a business in securities
through the medium of an exchange which, he said, might be construed as
applying to banks. He suggested that amendments should be adopted to
exclude banks if that was the intention, as he believed to be the fact.
Objects to Margin Restrictions.
Emphatic objection was offered by Mr. Potter to the application of
margin requirements to bank loans on collateral security.
"I understand that the primary purpose of these margin requirements Is
to prevent undue speculation in securities," said the banker. "So far as
member banks of the Federal Reserve System are concerned it seems to
me that their activities in this regard should be controlled by the Federal
Reserve Board and other agencies of that system, and that the expansion
of credit, when such expansion is necessary and desirable, should not be
curtailed by such a formula; that the purpose of the bill in restricting undue
speculation should be accomplished through some other means."

Volume 138

Financial Chronicle

Mr. Potter cited various provisions of the Banking Act of 1933 giving to
the Federal Reserve authorities control over the use of credit for speculative purposes. If further action is needed, he urged that the authority
should be vested in the Federal Reserve Board.
The establishment of minimum margins for banks, he asserted, is "unsound and unnecessarily restrictive in principle." The margin requirements, he said, would have "a harmful, deflationary effect."
The proVisions of the bill, he said, would have the effect of requiring that
loans by New York City banks to New York Stock Exchange members,
which now total about $850,000,000 and are secured by $1,000,000.000 of
collateral, be reduced to about $450,000,000, or a reduction of $400.000,000.
Mr. Potter said that as he read the bill it would vest in the Federal Trade
Commission power to prescribe rules and regulations which might prevent
a bank from closing out accounts except at such time and by such method
and under such conditions as the Commission might deem appropriate.
Such a power, he said, might have "very far-reaching and disastrous effects
on the ability of banks to meet the demands made upon them in times of
stress."
Mr. Potter said he believed the section aimed at the dissemination of
false information regarding securities would deal a most serious blow to the
free and full discussion of corporate securities, which although subject to
possible abuses, is of great importance.
"The freedom of the press in the discussion of corporations and their
securities should be fully preserved," he said, "and should not be curtailed
by permitting the one who purchases or sells a security to obtain punitive
damages because of some misstatement or omission of some statement
which the person making the statement may have regarded of no importance, but which some jury might be led to believe should have been made in
order to render such statement not misleading."
Mr. Potter expressed the view that adequate relief for dissemination of
false and misleading information can be obtained under the common law
without running the risk of greatly curtailing the free discussion of financial
matters and corporate securities and the furnishing of information and
advice by bankers and others to whom investors turn for assistance.

In addition to the above, we also take from the Washington
dispatch to the "Times" the following:
"Flexibility is essential to sound credit relations," he said, "but the bill
relates credit to market values only and ignores the more important relation of real value, as well as other considerations, such as character, general
financial standing, and previous relationships, all of which are in theory
and in practice important to the banker, as well as to the customer.
"Not every man can walk in frotnthe street to borrow money of the bank,
irrespective of how good his collateral may be.
"Relations with the bank must be established, and there are many other
factors which enter into the making of loans by a bank on a sound basis.
There are times when credit can be extended soundly with very little
margin.
"For instance, when cotton was selling at 4.6 cents a pound, it was a
very good security with little margin. When at 12 cents a pound it might
require largely increased margins and even then be less safe to loan against.
"The principle is the same in respect to loans upon other commodities,
merchandise and securities.
"I am fearful that the margin requirements,of the bill, not only as applied
to banks, but as applied to the exchanges as well, will have a harmful,
deflationary effect. These results would be contrary to the course deemed
advisable by high authority as an integral part of the recovery program.
Says Liquidation Would Result.
"To demonstrate, the low prices of securities during the two past years
as compared to current market prices would very generally require banks
to exact margin upon listed securities to the extent of 150% of the amount
of their advances. The reduce loans to fit such a margin would undoubtedly
be accomplished in large measure through liquidation.
"Take the case of the Guaranty Trust Company of New York. Its loans
to brokers upon collateral amount in the aggregate to approximately $200,000,000. The listed collateral, exclusive of a comparatively small amount
of unlisted collateral, securing these loans is presently valued at approximately $250,000,000.
"Section 6-0 would require that these loans be reduced to approximately
$100,000,000.
"To go further in illustration, loans by New York City banks to New
York Stock Exchange members alone, as of March 1 1934, were roughly,
$850,000,000. The collateral securing these loans, I believe, approximates
$1,100,000,000 in present values.
"The provisions of the bill would have the effect of requiring that these
loans be reduced to approximately $450,000,000, or a reduction of $400.000,000. I believe it is is fair to say that this reduction would have to be
accomplished in a largo part by the liquidation of securities."

to Bill for Federal Regulation of Stock
Exchanges Voiced by President Harriman of United
States Chamber of Commerce at Hearing Before
House Committee—Proposes Substitute Legislation—Directors of Chamber Also Oppose Provisions.
Before the House Committee on Inter-State Commerce
on March 1, Henry I. Harriman, President of the United
States Chamber of Commerce, indicated his opposition to
the bill for Federal regulation of stock exchanges and offered
as a substitute a proposal that a commission of five be
created that would have flexible powers but would not be
given control over business other than those concerns
directly connected with stock exchanges. A Washington
dispatch March 1 to the New York "Herald Tribune"
reported as follows Mr. Harrison's views:
Opposition

The chief objection to the measure Is that it is too rigid and inflexible,
putting into law regulations which in all probability it would be necessary
to change from time to time, as circumstances suggested.
Opposes Broad Powers.
A second objection is that the bill, while designed for the regulation of
stock exchanges, goes much further than that, and would provide regulation of securities and of corporations issuing them.
Again, it seems to me that the bill in its present form takes away the
constitutional right of an individual to object, even though he is deprived
of his property, because of provisions governing the listing of securities. •
It would appear that the purposes of the act could better be served
through the giving of adequate publicity to facts which the investing
public should have.




1837

The legislation which I would like to see substituted would have these
principle objectives:
First—To utilize such constitutional powers as Congress may possess to
provide for the Federal licensing of security exchanges for the purpose of
regulating the business of such exchanges and of their members.
Second—To establish a "Federal Administrative Authority" with broad
discretionary power to require the exchanges to adopt and enforce rules
and regulations in a form satisfactory and of such character as to establish
a minimum standard of fair dealings on such exchanges.
Third—In case of the violation of such fair rules, the "Federal Administrative Authority" is to have power to deprive such exchange of its license
or to suspend it, or to fine it, or to require it to change its governing
personnel.
Fourth—The fair rules to be adopted by the Stock Exchange should
Include provisions governing such matters as pools, margin trading, wash
sales, specialists, short selling, retailing methods, listing or withdrawal
requirements, reports of corporations whose securities are listed, Stc. The
suggestive of rules which should be adopted:
(a) Borrowings for marginal purposes by members of the exchange
should be regulated in at least two particulars: First, they should be
limited, so far as practicable, to loans by banks operating under Federal
and State laws, and, second, they should be limited in the percentage of
loan to the market value of the collateral, by classes of securities, unless
in any case a higher percentage is specially approved.
(b) A member of an exchange should be prohibited from using securities
left with him by the owner thereof as collateral for loans, unless the loan is
for the exclusive benefit of the owner.
Asks for Annual Audits.
(c) Corporations whose securities are listed should be required to file
annually with the exchange a copy of an audit by an independent certified
public accountant, presenting such information as the exchange may
prescribe.
(b) Dissemination by members of an exchange of false or misleading
statements with reference to corporations or their securities should be made
subject to fine by the governing body of the exchange,dismissal from membership in the exchange, and in case of grave offenses, criminal penalties.
(e) Members of the exchange should be prohibited from being parties
in any manner to wash sales that are engaged in for the purpose of increasing the volume of transactions to establish a fictitious market situation.
(f) The operation of specialists should be made subject to rigorous rules
to avoid abuses, or if necessary prohibited.
(g) Short selling, pools, syndicates and stabilization efforts should be
made subject to special rules designed to avoid stimulation of undue
speculative activity.
Fifth—The "Federal Administrative Authority" preferably should be a
special agency established for the specific purpose of regulating exchanges.
I would suggest that it consist of the Secretary of Commerce and at least
four other members appointed by the President, including a representative
of the Federal Trade Commission, a representative of the Federal Reserve
System, and two persons, at least one of whom shall have had practical
experience in the business of originating and marketing of securities and
the operations of security exchanges, the President to designate the
chairman.

The directors of the United States Chamber of Commerce,
in a statement issued March 4, expressed it as their opinion
that "obviously the bill was not drafted by persons with
practical knowledge of business operations and credit conditions." The directors went on to say that "it [the bill]
appears to be the product of a few inexperienced individuals
whose idea of desirable procedure to arrest evils is to impede
or stop legitimate transactions. It attempts an impossible
degree of regulation of the credit agencies and business enterprises of the country, even to the point of requiring small
and large companies to sign away constitutional rights as a
condition to the continuance of their securities upon the
public markets." The directors contend that "under the
drastic powers proposed in the bill, banks and others, including investors, may be treated as brokers or dealers and
prevented from extending, or even maintaining, credit to
any customer pledging bonds and other securities not registered upon a National exchange." The statement further
said:
Unlisted securities are made ineligible as collateral on marginal accounts
and presumably with banks, although the vast majority of the obligations
of State and local agencies of Government and innumerable bond,stocks and
other securities of business enterprises in communities through the United
States are not listed on any exchange.
The securities that are listed on a National exchange are subjected to
such impractical requirements as to the precentages of loans that may be
made against them as not only to impede healthy marginal transactions
with brokers, but also to harass normal extensions of credit by banks. No
rule of thumb method can be devised which will fit all securities in all
situations.
Such proposals as rigidly limit the loan value of securities or prevent
extension of credit, except under artificial limits, to an outright purchaser
of a security within 30 days after its requirement, are undue interference
with the relations of honest creditors and debtors and a false indictment of
the sagacity of the most skilled credit authority.
The measure would force liquidation of bank loans made to individuals.
business firms and others, and of accounts with exchange members, at a
time when credit extensions are being urged, if not demanded, by public
officials. It would produce even greater injury than the Federal Securities
Act in retarding or preventing the flow of securities into new and refunding
issues.
Each of 9,000 banks, not members of the Federal Reserve System, would
be prevented from lending to members of stock exchanges and others who
transact business in securities, even including another bank. Insolvencies
of firms, affecting innocent investors, could result.

Short Interest on New York Stock Exchange Feb.28 Reported at 970,494 Shares as Compared with 1,030,083
Shares Jan. 31.
The total short interest existing as of the opening of business on Feb. 28, as compiled from information secured by
the New York Stock Exchange from its members, was

1838

Financial Chronicle

970,494,the Exchange announced March 10. This represents
a decrease of 59,589 shares from the Jan.31 total of 1,030,083.
Views of Investment Bankers Association of America
on Bill for Federal Regulation of Stock Exchanges
—Memorandum Submitted to Senate Banking and
Currency Committee Finds Some Provisions Inimical to Public Interest—Looks for "Further
Drastic Deflation" if Bill Is Adopted as Originally
Proposed.
Describing "certain parts" of the bill for Federal regulation
of stock exchanges as "admirable in content and purpose,
the Investment Bankers Association of America finds,
however, that "other provisions are inimical to the public
interest." In the opinion of the Association, "if the Act
should be adopted in its present form the inevitable result
will be a resumption of further drastic deflation and the
destruction of sound and established values." A memorandum embodying the views of the Association on the bill
was submitted to Senate Banking and Currency Committee
on March 8 by Robert E. Christie Jr., President of the
Association. The memorandum follows:

Mar. 17 1934

public credit and increased burdens on taxpayers. The success of
the
business recovery program requires that private capital should gradually
take over the heavy burden that the Government assumed in its
emergency
financing of industry. How can this be done by crippling the established
credit machinery and by depreciating the value of seasoned securities?

Collateral for Customers' Loans.
Section 6 of the proposed Act would forbid a member of a:
National
securities exchange to accept an unlisted security as
collateral for a customer's loan. There are several hundred thousand
corporations in the
United States. Of these only 788 have securities listed
on the New York
Stock Exchange. Not only would Section 6 bar
the securities of these
thousands of corporations, as collateral in brokerage
transactions, but it
would also forbid any person, "who transacts a
business in securities
through any such member," to accept such securities
as collateral. This
has been Interpreted that a bank which executes
customers'
orders by buying
or selling securities through a stock
exchange would automaticallyjbe
• barred from accepting as collateral any unlisted securities.
The adoption of any such provision would do
immeasurable harm.
Unlisted securitie,s barred from use as collateral both in
broker and in bank
loans would depreciate in value. Both investors and
issuers would lose
thereby. By what right, rule of reason or economic
necessity could such
uneconomic and unwise discrimination between listed and
be justified? Under this section a bank might find the unlisted securities
purchase of certain
municipal and corporate bonds highly desirable or sound
investments for
its own funds yet be forbidden to make a much-needed
and worhty loan to a
Productive enterprise on the same securities. Loans already
in existence
and considered worthy and desirable by sound banking
standards would
have to be liquidated under Section 6 of the proposed Act.
The resulting
restrictions of credit would have a disastrous effect on the credit
structure
of the entire country.
It is deemed a public duty by the Investment Bankers
Association that
the attention of the Congress be called to the aforementioned
sections of the
proposed National Securities Exchange Act and to other
provisions therein
relating to transactions not on an organized exchange, in
order
to indicate
how vitally the Act may affect others than members of
securities exchanges.
The apparent purposes and applications of the Act should
be viewed by the
Congress in the light of the fact that the investment
banking business has
already submitted to the National Recovery
Administration rules of fair
practice designed to accomplish some of the same
purposes as the National
Securities Exchange Act, and without jeopardizing the
processes of business
recovery. A copy of the Rules of Fair Practice for the
Investment Bankers
Code is attached hereto. Of approximately 1,250
investment bankers who
assented to the code and were, therefore, eligible to vote on
the fair practice
rules, 888 out of 1,005 who voted approved the rules, while
only 117 disapproved. The majority of those disapproving did so
because of certain
specific sections, but indicated their approval of the
provisions In general.
The rules are the product of four months' of incessant
work by a great
many investment bankers, and they embody a renewed hope and
confidence
that the Investment Bankers Code will be the means of abolishing
abuses
and restoring their business to a greater usefulness and esteem
than ever
before. The rules of fair practice are also significant of a conviction
among
investment bankers that in the Investment Bankers Code and its
proposed
rules the National Recovery Administration has provided the means for
the
sound economic and equitable development of investment banking. We
therefore submit that the provisions of the proposed National Securities
Exchange Act should apply only to the regulation of transactions
on
organized security exchanges.
Section 7 of the Act covers the restrictions of "members" borrowing.
It would seem important that the language in the first paragraph of
this
section which reads "person who transacts a business in securities through
the medium of such 'member'" be calrified. It is submitted that
the
limitations of this section should not in fairness be applied to persons or
firms, the major part of whose business Is other than through members
of stock exchanges, and certainly should not be applied to that part of the
business ofsuch persons which has no connection with the stock exchange.
Subsection 5 of Section 8 is drawn in language that is almost impossible
to determine the extent of its application in individual cases. What
matters are "sufficiently important to influence the judgment of an average
investor" are, to put it mildly, difficult to ascertain. In trying to understand this language in order that one may be guided by it In the transaction of his business, it must not be assumed that one's difficulty
will
arise from a desire to mis-state any fact. The difficulty is in knowing
what is "misleading in the light of the circumstances under which it
was
made." The unintentional but actual results of provisions of this
type
is to deprive investors of the advice of dependable brokers and
dealers.
The provisions are so vague and the penalties so severe that
responsible
dealers will not risk incurring "strike" suits.
Paragraph (I) of Subsection 9 of Section 8 would seem to prevent exchange trading in warrants in securities with warrants, and In convertible
securities. It is important to the investment banker in the distribution
of new securities not to have any possible doubt thrown upon the right
to issue convertible securities where it seems necessary or wise to do so.
It is submitted that the implications of this legislation are so vitally
important to the dealer in securities as well as to the owner of securities
and to the public at large that the Act should be so drawn that it will
not hinder and embarrass transactions not contemplated to be within
its scope. It is in no sense the purpose of this memorandum to be narrowly
critical, but to place this criticism on a basis of public interest and mutual
helpfulness. The high objective which the investment bankers have
striven to attain in the fair practice provisions of their code is that of greater
usefulness in advancing the productive enterprises of industry and government. In no other way can the investment banking business advance
its own interests except it first advance the nation's interests.

The Investment Bankers Association of America on whose behalf this
memorandum is filed is composed of investment bankers who handle in
origination and distribution the great majority of all securities offered in
the United States. Under the Investment Bankers Code as filed under the
National Industrial Recovery Act transactions on stock exchanges are
excluded. The investment banking business even exclusive of stock exchange transactions, represents a highly important segment of the securities
business of this country.
For the country's economic welfare, for the protection of the credit of
States and municipalities and of industry, generally, and in behalf of the
rights of the investing public and of financial institutions, the Investment
Bankers Association begs to present to the Congress this memorandum in
relation to the proposed National Securities Exchange Act of 1934.
While certain parts of the proposed Act are admirable in content and
purpose certain other provisions are inimical to the public interest. If the
Act should be adopted in its present form the inevitable result will be a
resumption of further drastic deflation and the destruction of sound and
established values. Further restrictions on credit will retard if not reverse
the progress of business recovery.
Three fundamental qualities determine the value of an investment
security. They are:
1. Safety of Principal.
2. Dependability and Amount of Income Yield.
3. Marketability.
These three enter into the valuation of a security in varying degrees.
but if you destroy or impair any of them in whole or in part to that extent
the value of the security is injured. The proposed Act would destroy or
impair a material part of the marketability, and therefore of the value. of a
vast amount of securities, including both public and corporate securities
of the highest grade amounting to many billions of dollars. In particular
this would be the inevitable effect or Sections 10, 6,7 and 19 of the Act.
Section 10. by its proposed segregation of brokers and dealers, would
not only impair the marketability and value of listed securities, but would
break down the efficient and economic marketing machinery that has been
built up throughout the years as the means by which the States and their
taxing subdivisions obtain and maintain economically the credit demanded
by public necessities and advancement. There are approximately $19 billion
of our State and municipal obligations, which, with many other types of
securities such as insurance stocks and equipment trust issues, are not listed
on any securities exchange. They are dealt in on the so-called over-thecounter market which is maintained by dealers and brokers who may or
may not be members of any securities exchange. Neither the over-thecounter market nor any organized securities exchange exists as a separate,
isolated and independent unit. They are all interrelated, inter-dependent
and integral parts of one whole,financial structure.
Section 10 of the Act which segregates the functions of broker and dealer
is very vital to those engaged in the investment banking business. The
result of this segregation would inevitably be a consolidation of the security
business into very few hands. Its operation in financial centres other than
New York must be considered if its true significance is to be appreciated.
There is not a city in the United States of any substantial importance that
does not contain conscientious and honest investment bankers who try to
the very limit of their ability to advise customers accurately in connection
with the purchase of securities. If tne duty of the investment banker is
considered to be solely that of selling securities, and if he considers the
transaction permanently terminated when he has received payment from
his customer, then his situation would be very simple. Such, however, is
not the case. The conscientious investment banker recognizes the duty of
continuously observing the market and advising the person to whom he has
made sale of securities. It is impossible to conduct this type of business in
most of the smaller cities upon the income derived either from the brokerage
business or the dealer business. In order to operate, the investment banker
in the smaller centres must combine the two functions. The customer is, of
course entitled to know exactly the basis upon which he is conducting his
transaction. No investment banker who mistreats the confidence of his
customer can build a substantial and profitable business.
The investment bankers under the Fair Practice Provisions of their Code
Inquiry by Senate Committee Into Trading in Aviation
in Article VI have spelled out clearly the methods in which the information shall be given to the customer and the limitations to be observed
Stocks—Letter from J. P. Morgan & Co. Declares
by the investment banker in connection with all retail sales and purchases.
to Be Without Foundation Statement by Senator
It will be of great value to the security business that there will be a set of
Robinson that Firm Had Advance Information
uniform rules to the end that the customer may know exactly how and
Regarding Cancellation of Air Contracts.
where he will receive the information as to whether he is purchasing a
security from a dealer or availing himself of the services of a broker.
At the close of an afternoon session (March 12) on the
It would be an unnecessary hardship to a very large number of men,
hearings before the Senate Banking and Currency Committee
who have given a lifetime to the creation of good-will in the security business,
on the stock exchange control bill, Ferdinand Pecora,
to force a segreation of these functions. Such a segregation would produce a
result diametrically opposed to what is needed and desired at this time for
Counsel for the Committee, read into the record a letter
re-establishment
the
of an active market in securities to the end that
from J. P. Morgan & Co., in which that firm denounces
American business men may again secure capital funds at a reasonable
as "entirely without foundation" a statement made by
price.
Effect of Segregation on Stale and Municipal Bonds.
Senator Robinson of Indiana that the sale of 4,500 shares
The direct effect of segregation on State and municipal bonds and on
Of
aircraft stock by J. P. Morgan 8z Co. was evidence that
other securities, which cannot be listed, as a matter of public policy or for
the "international bankars" had advance information that
other reasons, would be less efficient support in the markets for these securities, with the consequent loss to investors and ultimately lower prices for
the air mail contracts were to be cancelled. The foregoing




New York
is from a Washington account (March 12) to the
taken:
also
is
following
the
"Times," from which
of the
Fletcher, Chairman
The letter, which was addressed to Senator
Committee, follows:
New York. March 8, 1934.

Dear Sir:
Senator Robinson of
The New York "Times" this morning says that
the Senate Banking
Indiana, speaking in the Senate, cited testimony before
and others had sold
and Currency Committee that J. P. Morgan & Co.
as evidence that
aircraft stock shortly before cancellation of the contracts
"international bankers" had advance information.
information of
Any suggestion that J. P. Morgan & Co. had advance
the action referred to is entirely without foundation.
sold by us Jan. 26
The 4,500 shares of stock in the United Aircraft Co.
York Stock Exchange.
to Feb. 1, as reported to your Committee by the New
for a large loan
constituted part of the miscellaneous collateral securities
your Committee
to C. E. Mitchell made in 1929, concerning which loan
has full information.
offered and
We have desired to realize on this collateral as opportunity
and some other
accordingly the 4,500 shares of United Aircraft stock
securities in unrelated enterprises have been sold.
any suggestion
These sales were made upon our own judgment without
suggestion or
from the borrower or others. We had no information,
the general
Intimation from any one effecting the aeroplane industry or
and public
situation beyond what was a matter of common knowledge
Information in the press.
Committee.
your
of
We are sending copies of this letter to the members
Yours very truly,
J. P. MORGAN & CO.

A reference to the inquiry into trading in aviation stocks
appeared in our March 10 issue, page 1658.
Outstanding Bankers' Acceptances Show Decrease of
$21,199,331 During Month—Total Feb. 28 $750,127,087 Compared with $771,326,418 Jan. 31.
A sharp drop in the volume of bankers acceptances arising
from exports coupled with a substantial loss in the volume
of bills used to finance goods in domestic warehouses resulted
in a net loss, in the total volume of bills outstanding at the
end 'of February, amounting to $21,199,331. The total
volume of bills amounted to $750,127,087, which exceeded
the total for Feb. 28 1933 by $46,301,198.
In reporting this on March 16 Robert H. Bean, Executive
Secretary of the American Acceptance Council further noted:
Acceptances for the purpose of financing imports totaled $97,878,877,
financing
an increase of $8,584,846. Acceptances created for the purpose of
also increaxed in
goods stored in or shipped between foreign countries
volume by $9,301,019.
Reductions in the classified volume for the month of February were in
bills off
export bills which declined $22,542,487, in domestic warehouse
$15,048.816. acceptances for the purpose of creating dollar exchange off
$983,148 and domestic shipment acceptances which declined $510,825.
The reduction in bill volume in four of the six classified groups, reflezta
the continued lessened use of acceptance credits because of the greater
desire of banks to employ surplus funds in over-the-counter loans, a shift
which is being reflected in the increase in all other loans as reported by the
member banks.
For the past month the acceptance business has been at a very low point
of activity both with respect to the creation of new bills and the movement
of seasoned bills in the market. Banks have not been inclined to sell fresh
bills and on the hand have been ready buyers of prime names notwithstanding the low yield rate. The result has been that although the bill
volume in general declined $21,000,000, bills in the hands of accepting
banks made a gain of $14,000 000, giving these banks a total of $580,965,878 out of a grand total of $750,127,000.
On March 8th the discount market rate for bills was reduced one quarter
% which low rate had been quoted but twice before in
of 1% to Si
the history of the bill market. This reduction, however did not have any
material influence either on the buyers or sellers and the dealers continued
with extremely low protfolios.

Mr. Bean's detailed statistics follow:
TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS.
Federal Reserve District,

Feb. 28 1934.

Jan. 311934.

$44,347,090
602,882.588
15,232,482
2,293,366
756,899
8,435,824
40,933,605
2,229,826
3,287,422
1,250,000
2,553,456
25,869,529

$45,453,056
621,331,233
14,703,105
2,189,140
623.259
8,622,724
42,672,462
2,282,499
3,457,355
1,400,000
2,596,396
25,985,189

1
2
3
4

a

8
7
8
9
10
11
12

Feb. 28 1933.
$40,987,807
573,563,405
10,368.795
9,077,797
1,770.737
5,956,932
36,064,013
1,424,970
2,032,969
800,000
1,103,505
20,674,959

$771,326,418
$703,825,889
$750,127,087
Grand total
Decrease for month, $21,199,331 Increase for year, S46,301,I98
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
Feb. 28 1934.

Jan. 31 1934.

$97,878,877
202,784,628
12,567,602
248,391,279
4,195,667

$89,294,031
225,327,115
13,078,427
263,440,095
5.178.815

$71,023,085
173,846,920
13,406,591
205,552,043
8,604,466

154309034

175 007.935

231 :109 7R5

Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar exchange
Based on goods stored in or shipped
haturamn tnnthrn nntintrim

Feb. 28 1933.

CURRENT MARKET QUOTATIONS ON PRIME BANKERS ACCEPTANCES
FEB. 15 1934.

Days—
30
80
DO

1839

Financial Chronicle

Volume 138

Dealers'
Dealers'
Buying Rate. Selling Rate.
Ii
l'i
'




Si
%
Si

Days—
120
150
180

Dealers'
Dealers'
Rigging Rate Selling Rau.

51

5L

Benjamin Baker & Co., Inc., Syracuse Brokerage
House, Forced Into Bankruptcy.
&
On March 15 the brokerage firm of Benjamin Baker
forced
was
Y.,
N.
Syracuse,
in
offices
Co., Inc., with head
into bankruptcy by its creditors. The firm maintained
branch offices in Binghampton, Cortland, Oneonta, Rochester, Utica, Watertown and New York City. Associated
Press advices from Utica on the date named, reporting the
failure, went on to say:

ral's office
A few hours before Irving H. Lessen of the Attorney-Gene
at Syracuse to
was to ask Justice Francis D. McCurn in Supreme Court
previously against the
make permanent a temporary injunction issued
with the Clerk
firm, creditors filed the involuntary bankruptcy proceeding
H. Bryant appointed
Frederick
of Federal Court in Utica and Federal Judge
Horace M. Stone of Syracuse as receiver.
the State
In obtaining the temporary injunction in Supreme Court,
to prospective
had charged the company issued "misleading" information
customers.
Jesse Canton
Mr. Stone's bond was fixed at $15.000. E. T. Eshelman,
and Anthony Brickheimer were appointed as appraisers.

3 % Treasury Certificates of Indebted$455,175,000 of 4
ness of Series TM-1934 Tendered in Exchange for
Treasury's March 15 Financing of Four-Year 3%
Treasury Notes—All Subscriptions Allotted—No
Cash Subscriptions Had Been Solicited.
Subscriptions amounting to $455,175,000 were received
to the Treasury Department's March 15 offering of fouryear 3% Treasury notes of series C-1938, offered only in
3 % Treasury certificates of indebtedness of
exchange for 4
series TM-1934 which matured on March 15, Henry Morgenthau Jr., Secretary of the Treasury, announced March 15.
No cash subscriptions were invited. The maturing certificates totaled about $460,000,000 and the amount of the
offering was limited to the amount of those certificates
tendered in exchange. Secretary Morgenthau said that all
subscriptions were allotted.
The Treasury notes are dated March 15 1934 and become
due March 15 1938. They bear interest from March 15
at the 3% rate; per annum, payable semi-annually. The
offering was announced on March 7 by Secretary Morgenthau
and reference to the same was made in our issue of March 10,
page 1662. The books for the offering were closed at the
close of business March 10. Subscriptions and allotments
were divided among the Federal Reserve Districts and the
Treasury as follows:
Fed. Res. Dist.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago

Reed & Allotted
$14,276,500
335,475,500
3,940,500
9,354,500
2,447,000
3,341,000
53,193,000

Fed. Res. Dist.
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
Total

Rec'd & Allotted.
$7,967,500
4,592,500
9,100,500
2,842,500
7,127,000
1,517,500

$455,175,500

The following circular was issued by the Federal Reserve
Bank of New York as to the closing of the books:
FEDERAL RESERVE BANK OF NEW YORK
Fiscal Agent of the United States
[Circular No. 1361—March 10 1934]
Subscription Books Closed on Offering of3% United States of America Treasury
Notes, Series C-1938.
To all Banks and Trust Companies in the Second
Federal Reserve District and Others Concerned:
In accordance with instructions from the Secretary of the Treasury the
subscription books for the offering of3% United States of America Treasury
notes of series 0-1938, dated and bearing interest from March 15 1934.
due March 15 1938, offered only in exchange for Treasury certificates of
indebtedness of series TM-1934, maturing March 15 1934, were closed
at the close of business to-day, Saturday. March 10 1934. No further
of
subscriptions to this offering can, therefore, be received after the close
business to-day.
GEORGE L. HARRISON, Governor.

New Offering of $100,000,000 or Thereabouts of 91-Day
Treasury Bills—To Be Dated March 21 1934.
Announcement was made on March 15 by Henry Morgenthau Jr., Secretary of the Treasury, of a new offering of
91-day Treasury bills to the amount of $100,000,000 or
thereabouts. The bills will be dated March 21 and will
mature June 20 1934, and on the maturity date the face
amount will be payable without interest. They will be sold
on a discount basis to the highest bidders and will be used
to me9t an issue of bills amounting to $100,263,000 maturing
March 21. Tenders to the offering will be received at the
Federal Reserve Banks, or the branches thereof, up to
2 p. m., Eastern Standard Time, Monday March 19.
Tenders will not be received at the Treasury Department,
Washington. Secretary Morgenthau's announcement of the
offering said in part:
They will be issued in bearer form only, and in amounts or denominations
of $1,000. $10,000, $100,000. $500,000. and $1,000,000 (maturity value).
No tender for an amount less than $1,000 will be considered. Each tender
must be in multiples of $1,000. The price offered must be expressed on
basis of 100, with not more than three decimal places, e. g.. 99.125. Fractions must not be used.

1840

Financial Chronicle

Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on March 19
1934, all tenders received at the Federal Reserve banks or branches thereof
up to the closing hour will be opened and public announcement of the
acceptable prices will follow as soon as possible thereafter, probably on
the following morning. The Secretary of the Treasury expressly reserves
the right to reject any or all tenders or parts of tenders, and to allot less
than the amount applied for, and his action in any such respect shall be final.
Those submitting tenders will be advised of the acceptance or rejection
thereof. Payment at the price offered for Treasury bills allotted must be
made at the Federal Reserve banks in cash or other immediately available
funds on March 21 1934.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from
all taxation, except estate and inheritance taxes. No less from sale or
other disposition of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States or any of its possessions.

Interest Rates Lowered From 3 to 2
on New Loans
by Federal Intermediate Credit Banks—Production
Credit Associations•to Reduce Interest Rates From
6 to 5W7o.
Announcement that interest rates on new loans by the
Federal Intermediate Credit Banks would be reduced from
3 to 23/2% on March 16 throughout the continental United
States, was made March 15 by Wm. I. Myers, Governor
of the Farm Credit Administration. This reduction, applicable until further notice, is made possible, it is pointed out,
by the recent sale of Intermediate Credit Bank debentures
bearing a low rate of interest. Not only was the rate low,
but the issue was heavily oversubscribed, it is noted by the
FCA which on March 15 also had the following to say:
This low rate of interest will be immediately reflected to the farmerborrowers from production credit associations and other refinancing institutions that borrow upon or discount farmers' notes with the Federal Intermediate Credit Banks. The Production Credit Associations' rate to farmers
will be lowered from 6 to 534%. The rate of interest charged by the
Federal Intermediate Credit Banks to farmers' co-operatives for loans
secured by warehouse receipts representing staple agricultural commodities
In acceptable warehouses also will be reduced from 3 to 234%.

"This 23'% discount rate by the Federal Intermediate
Credit Banks," said Governor Myers, "is the lowest in the
history of these institutions." He further observed:
"It reflects the low rate of interest carried by the debentures which
were sold recently to the investing public. When these interest rates are
lower it is possible for the Intermediate Credit Banks to lower their rates.
When the market stiffens and the cost of money is higher, of course, the
Intermediate Credit Banks have to advance their rates correspondingly.
"It is the first time in history that low interest rates in the big money
markets have been reflected immediately to farmers throughout all parts of
the United States. This nation-wide reflection is made possible through
the newly organized production credit associations which now number 655,
covering practically the entire country, most of which have just begun to
receive applications for loans. In fact, up to last Saturday, we had received
about 53,000 applications for $32,000,000 and the number of applications is
increasing at therrate of about 10,000 a week. These production credit
associations will pay the Intermediate Credit Banks 234% on the money
which they borrow and the associations are permitted to charge borrowers an
additional 3% per annum to cover expenses, build reserves and pay dividends. Since the associations are co-operative in form any 'profits' from
this spread are available to be passed on to the borrowers."

The FCA points out that the average Production Credit
Association has an authorized capital of about $108,000.
About three-fourths of this is being paid in as needed by the
Production Credit Corporation of the Farm Credit Administration district in which the Associatiotn is located. Normally,it is added, the Associations will be able to offer farmers'
notes to the Federal Intermediate Credit Bank for discount
up to 4 or 5 times their paid-in capital. The capital of the
associations is invested in bonds deposited with the Intermediate Credit Bank as security in addition to the farmers'
notes discounted with it.
The most recent offering of collateral trust debentures
of the Federal Intermediate Credit Banks ($25,000,000) was
referred to in these columns March 10, page 1662. These
debentures carried a rate of 2% compared with 23/2%
borne by the $28,000,000 debentures in the previous offering,
as was indicated in our issue of Jan. 13, page 253.

Mar. 17 1934

Lowering of the interest rate on merchandising loans was made possible
by the reduction in discount rate just announced by Governor Myers for
the Intermediate Credit Banks.
Merchandising, or working capital, loans are those made to farmers'
co-operative associations to aid them in more effectively marketing their
products. Repayment usually is required at the end of the marketing
season.

Purchases of Gold By Treasury From Feb. 1 to March 9
Totaled $593,069,609—Most of It Imported.
Gold purchases by the U. S. Treasury from Feb. 1 to
March 9 amounted to $593,069,609, the Treasury announced
on March 12. This includes newly mined and imported
gold, by far the greater part of it falling in the latter category,
and was taken over at the new quoted gold price of $35 an
ounce. In addition, it is noted in Washington advices to
the New York "Times," gold purchased at home and abroad
by the Reconstruction Finance Corporation for the Treasury
from Oct. 25, when the President's gold-purchase policy
went into effect, until Jan. 15 aggregated $132,000,000 and
purchases through the Federal Reserve Bank of New York
from Jan. 15 to Feb. 1, $55,000,000. Those were made at
slightly less than $35 an ounce, but the effect has been to
increase the monetary gold stocks since Oct. 25 by roughly
$780,000,000. This account continued in part:
Treasury figures show that recently there has been a sharp tapering off
in the amount of gold received in response to the Treasury's offer to buy all
shipped here for $35 an ounce, this being due to readjustments in the price
of gold on the markets abroad, which narrowed the profit to be made by
selling it to the United States Government. During the week ended
March 2 the gold taken over was valued at $159,733,052, and for the week
ended March 9 this item had dropped to $73.841,306. Latest reports, the
Treasury said, are of a continuing decline in the offerings from abroad.
Stabilization Fund Not Used.
Such a situation has been created without use having been made of the
$2,000,000,000 stabilization fund set up out of the profit of about $2„800.000,000 on gold accruing to the Government as a result of dollar devaluation. In fact none of the gold profit has been touched and final adjustment when the gold is deposited with the Federal Reserve Bank is being
effected by issuing gold certificates against free gold in the Treasury.
As compared with these figures there was a net decline of $306.000,000
in American gold stocks, due to export or earmarking for foreign account,
during February and the first four days of March last year, just before the
embargo was clamped on, and an additional $318,000,000 had been withdrawn for hoarding within the country. The remaining gold reserves at
the old statutory price of $20.67 per ounce were then valued at $2,853.000,000, but by April 5 the return of hoarded gold had increased the stocks in
the vaultit of the Federal Reserve banks and Treasury to $3,538,000,000
while the total gold holdings of the United States had been raised to $4,300.000,000. Gold listed as assets in the Treasury daily statement of March 9
of this year under revaluation, amounted to $7,575,091,209.
No Purchases Abroad.
Up to this time in carrying out its program to take all gold offered at
$35 an ounce the Government has not actually gone into the foreign markets
to make purchases but has simply accepted that which has been turned
in at the mints and assay offices.
The Treasury also announced to-day that $26,466,288 in gold coin and
$46,698,290 in gold certificates had been turned in at the Federal Reserve
Banks up to March 7 under the Secretary's order of Dec. 28 aimed at gold
hoarders, and $238.749 in gold coin and $1,303,800 in gold certificates at
the United States Treasurer's offices.

Silver Purchases by Treasury During Week of March 9
Totaled 126,604 Ounces—Total Receipts by Mints
Now 1,644,314.14 Ounces.
Silver amounting to 126,604 ounces was received by the
various United States mints during the week ended March 9,
Henry Morgenthau Jr., Secretary of the Treasury,announced
March 12. This compares with 271,800 ounces received
during the previous week ended March 2. Total receipts
of silver purchased by the Treasury since the issuance of
the President's proclamation of Dec. 21 1933,nuthorizing
the Department to buy at least 24,000,000 ounces annually,
totaled 1,544,314.14 ounces up to and including March 9.
The Dec. 21 proclamation was given in our issue of Dec. 23,
page 4440. The total weekly receipts by the mints are as
follows:
Week Ended—
Jan. 5

Jan.12
Jan,19
Jan,26
Feb. 2
Feb. 9

Ounces.
1,157.00
547.00
477.00
94,921.14
117,544.86
375,995.83

Week Ended—
Feb. 16
Feb.23
Mar, 2
Mar, 9
Total

Ounces.
232,630.00
322,627.31
271,800.00
126,604.00
1,544,314.14

$6,900,000 of Government Securities Purchased by
Treasury During Week of March 10.
Lower Interest Rates on Merchandising Loans to
Farmers' Co-operative Associations Announced by
During the week ended March 10 the Treasury Department
Farm Credit Administration.
purchased $6,900,000 of Government securities in the open
Reduction in interest rate from 4 to 334%on merchandising market, it was announced on March 12 by Henry Morgenloans to farmers' co-operative associations was announced on thau Jr., Secretary of the Treasury. Of this amount, it
March 15 by Wm. I. Myers, Governor of the Farm Credit was said, $5,600,000 was purchased for the investment
Administration. The change, effective March 16, applies account of the Federal Deposit Insurance Corporation and
to all new loans of this type made after that date by the $1,300,000 for other investment accounts. Since the inCentral Bank for Co-operatives and its twelve regional banks. ception of the Treasury's support to the Government bond
The rate of interest on facility loans granted by the banks market last November, reference to which was made in our
for co-operatives, however, remains unchanged at 4%%. issue of Nov. 25, page 3769, the weekly purchases have been
From the announcement we also quote:
as follows:




Volume 138

"Open Mind" Held by Secretary of Treasury Morgenthau
on Next Silver Step—After Conference with Members of House Coinage Committee Expresses Belief
that World London Agreement Would Go "Long
Way" Toward Stabilizing Prices.
A statement was made on March 15 by Secretary of the
Treasury Morgenthau to the effect that "I have an open
mind on the next silver step, but as long as things are getting
better each week it's time to sit tight. That's the way I feel.
I've still got to be shown that silver alone is a cure." Secretary Morgenthau indicated that he was averse to any action
respecting silver at this time, following a conference with
Representative Somers, Chairman of the House Coinage,
Weights and Measures'Committee and other members of the
Committee who accompanied him. The Washington correspondent of the New York "Journal of Commerce" reported Secretary Morgenthau as stating that the Treasury
was constantly studying the silver problem and felt that world
ratification of the London silver agreement would "go a long
ways toward stabilizing prices."
That "the silver advocates are not going to lay down,"
was indicated by Representative Somers, who is quoted as
saying "we are still meeting informally in the hope of working
out an acceptable plan." From a Washington dispatch
March 15 to the New York "Times" we take the following
extract:
Two bills providing for the purchase of silver bullion and the issuance of
currency against such deposits were reported by the Committee last week
and are on the House calendar.
The consensus of opinion, however, still appeared to be that in the end
the Administration would have its way.
Mr. Morgenthau discussed the deliberations later with the newspaper
correspondents.
"They wanted to know how I felt about it," Mr. Morgenthau said.
"I just showed them these charts here, one of which is quite interesting. It
shows the wholesale prices for the whole world and the top is the United
States. It scorns as though the United States were doing a little bit better
than any other country on world commodity prices."
"Except Italy," it was suggested.
"Well, Italy is going bad," said Mr. Morgenthau. "I showed them this.
I told them we are constantly studying silver; that we feel that if the world
ratifies the London agreement on silver we are going a long way on taking
care of surplus silver for the next four years. I have just got an open mind
as to what the next step should be after that."
Canada and Mexico Still Out.
Of the important countries involved in the international silver agreement,
Mr. Morgenthau said that Canada and Mexico have not yet ratified.
The United States, India and China have.
The Secretary was asked whether his attitude was that he did not want
to see any bills pushed at this time.
"What I tell them is this," he replied. "It seems to me that the Administration has found a combination of circumstances which is pulling this
country out of the depression. As long as the present combination works,
why change it?
"I told them up on the Hill (the Capitol) that if something went radically
wrong and we saw we were going into another nose dive, then we would get
busy. But as long as things are going a little bit better each week, I think
it's a good time to sit tight. That's the way I feel."

Text of Bill Passed by Congress Extending Period
within which Federal Reserve Banks May Use
Government Securities as Collateral for Federal
Reserve Notes—Bill Signed by President Following
Passage by Congress.
As has already been noted in these columns, under the
bill passed by Congress within the past few weeks, the time
within which the Federal Reserve banks may use Government securities as collateral for Federal Reserve notes has
been extended. The Act, as passed by the Senate on Feb. 28
and the House on March 3, was signed by President Roosevelt on March 6. As explained by Representative Steagall
In the House, on March 2, "this bill provides an extension
of a measure passed on Feb. 27 1932 which authorized the
Federal Reserve banks, upon approval of a majority of the
Federal Reserve Board, to issue Federal Reserve notes based
upon Government bonds to the same extent and in the same
manner that Federal Reserve notes were authorized to be
Issued when secured by- eligible commercial paper." The
further comments of Representative Steagall were given in
our issue of March 10, page 1667, in an item reporting the
adoption of the bill by Congress. Under the newly-enacted
measure the provisions in question are to continue "until
March 3 1935, or until the expiration of such additional
period not exceeding two years as the President may prescribe." As signed by the President, the text of the bill
follows:




1841

Financial Chronicle

517,032,000
58,748,000 Jan. 20 1934
Nov.25 1933
2,800,000
2,545,000 Jan. 27 1934
Dec. 2 1933
7,900,000
7,079,000 Feb. 5 1934
Dec. 9 1933
*22,528.000
16,600,000 Feb. 13 1934
Dec. 16 1933
7,089,000
16,510,000 Feb. 17 1934
Dec. 23 1933
1,861,000
11,950,000 Feb. 24 1934
Dec. 30 1933
10,208,100
44,713,000 Mar. 3 1934
Jan. 6 1934
6.900,000
33,868,000 Mar. 10 1934
Jan. 13 1934
* In addition to this.amount, 5638,400 of bonds held by the Treasurer as collateral
security for postal savings deposits purchased Feb. 9 by the FDIC.

[S. 2766.]
AN ACT
To extend the period during which direct obligations of the United States
may be used as collateral security for Federal Reserve notes.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That the second paragraph of
Section 16 of the Federal Reserve Act, as amended, is amended to read as
follows:
"Any Federal Reserve bank may make application to the local Federal
Reserve Agent for such amount of the Federal Reserve notes hereinbefore
provided for as it may require. Such application shall be accompanied
with a tender to the local Federal Reserve Agent of collateral in amount
equal to the sum of the Federal Reserve notes thus applied for and issued
pursuant to such application. The collateral security thus offered shall be
notes, drafts, bills of exchange, or acceptances acquired under the provisions of Section 13 of this Act, or bills of exchange indorsed by a member
bank of any Federal Reserve District and purchased under the provisions of
Section 14 of this Act, or bankers' acceptances purchased under the provisions of said ,Section 14, or gold certificates: Provided, however, That
until March 3 1935, or until the expiration of such additional period not
exceeding two years as the President may prescribe, the Federal Reserve
Board may, should it deem it in the public interest, upon the affirmative
vote of not less than a majority of its members, authorize the Federal
Reserve banks to offer, and the Federal Reserve Agents to accept, as such
collateral security, direct obligations of the United States. On such date or
upon the expiration of such period so prescribed by the President, or
sooner should the Federal Reserve Board so decide, such authorization shall
terminate and such obligations of the United States be retired as security
for Federal Reserve notes. In no event shall such collateral security be less
than the amount of Federal Reserve notes applied for. The Federal Reserve
Agent shall each day notify the Federal Reserve Board of all issues and
withdrawals of Federal Reserve notes to and by the Federal Reserve bank
to which he is accredited. The said Federal Reserve Board may at any
time call upon a Federal Reserve bank for additional security to protect
the Federal Reserve notes issuel to it."
Approved March 6 1934.

House to Vote on Two Bills Providing Further Government Aid for Silver--Speaker Rainey Announces
Vote Will Be Taken Under Suspension of Rules
Monday, March 19.
Two bills providing for further Government purchases of

silver will be voted upon in the House of Representatives
Monday (March 19), Speaker Henry T. Rainey announced
yesterday (March 16). Mr. Rainey said that the votes will
be taken under a 'suspension of the rules, whereby a twothirds majority is required for passage. Both of the measures
which will be considered were favorably reported March 10
by the House Coinage, Weights and Measures Committee.
One, the Fiesinger bill, would authorize the Secretary of the
Treasury to purchase silver bullion to the extent of 1,500,000,000 ounces at home or abroad, and provides for the
issuance of silver certificates to the amount of the cost of
the silver purchased. The second measure, the Dias bill,
would create a board which would negotiate with foreign buyers for the sale of American agricultural products at world
market prices. Silver coin or bullion would be accepted
in payment at not more than 25% above the prevailing
market price for silver.
Rediscount Rate of Minneapolis Federal Reserve Bank
3% to 3%.
Reduced from 33/
The Federal Reserve Bank of Minneapolis reduced its
rediscount rate from 3%% to 3%, effective March 16, the
Federal Reserve Board announced March 15. This is the
tenth Federal Reserve Bank to lower its rate since the
Federal Reserve Bank of New York took the initial action
effective
on Feb. 1 by reducing its rate from 2% to 1
Feb. 2.
Cabinet Officers Advocate Administration's Reciprocal
Tariff Legislation Before House Ways and Means
Committee—Secretaries Hull, Wallace and Roper
All Defend Proposals as Valuable Aid to Foreign
Trade—Other Witnesses Propose Amendments
Giving President Power to Remove Articles From
Free List and Retaining Flexible Provisions of
Existing Law on Certain Commodities:
Hearings on the Administration's legislative proposals to
authorize the President to conduct reciprocal tariff negotiations with other nations were concluded this week by the
House Ways and Means Committee, after a number of persons, including several Cabinet officials, had testified regarding the desirability of the legislation. Secretary of
State Hull, Secretary of Agriculture Wallace and Secretary
of Commerce Roper all appeared before the Committee
March 9 in support of the bill. Secretary Hull again testified, March 10, and said that the Administration was willing to include in the bill'a clause retaining the flexible provisions of existing law on commodities not affected by international agreements. Francis B. Sayre, Assistant Secretary
of State, on the same day proposed that the legislation be
amended to empower the President to remove articles from
the free list.

Financial Chronicle

. 1842

Mr. Hull, in his testimony, March 8, warned that if the
United States is to gain a larger share in the world's foreign trade Congress must act on the legislation promptly.
He said the primary object of the President's proposal is
"to reopen the old and seek new outlets for our surplus
production through the gradual moderation of the excessive
and more extreme impediments to the admission of American
products into foreign markets."
Secretary Wallace in his testimony contended that the
United States must be willing to import more goods in order
to build up the purchasing power of other nations for American products. "For agriculture it is exceedingly necessary
that foreign purchasing power be restored," Mr. Wallace
said. "If we can get that we would like to know it so we
can increase our efforts at retiring surplus acreage from
crop production." He stressed his contention that high
tariffs cause unemployment just as surely as low tariffs,
saying that "it is just a question of where the unemployment
will be."
Secretary Roper said that the United States, as a result
of the devaluation of the dollar, could make greater tariff
concessions than at first contemplated, despite the additional
labor costs imposed by NRA codes. "Revaluation of the
dollar," he said, "has put our .tariffs relatively so high
that the United States is now free to make even greater concessions than otherwise could be possible."
A Washington dispatch, March 8, to the New York
"Times" noted the testimony before the House Ways and
Means Committee, in part, as follows:
Mr. Hull told the Committee, of which he is an "alumnus," that most
other important trade nations had already empowered their executives to
go out and bargain with other countries for mutual tariff concessions,
These nations could effect new trade arrangements overnight, he said,
and had been doing so for several years.
Mr. Hull Says We Are Outbid,
As a result, he declared, the United States was being outbid every day
in international trade, while nations which would,seek tariff reciprocity
with us were "not disposed to take the time and trouble to negotiate such
arrangements with a country unable to place such agreements in operation
without unreasonable or uncertain delay, if at all."
Secretary Hull said the Administration bill would in no wise abrogate
the "favored-nation" doctrine of the United States by setting up the new
basis for tariff concessions. He added that there would be no occasion
for denouncing existing treaties before the executive branch could proceed
with negotiations for reciprocal agreements.
Emphasizing what he called the utter futility of having the Senate pass
upon each of the proposed reciprocal treaties, Mr. Hull recalled that the
Government negotiated 10 agreements, known as the "John A. Rasson cornmercial treaties," under the Dingley Tariff Act of 1897, which, according
to the public opinion of the time, would have doubled the foreign trade of
this country.
"They were, however, filibustered to death 'in another body,' as we are
accustomed here in the House to say," he declared.
Imports Are Defended.
The Secretary stressed the necessity for mutuality in restoring America's
share of world trade. He sought to dispel the bugaboo of imports, which
was raised particularly in the House during the high tariff days.
"It should be kept in mind," he said, "that American labor at good
wages produces the billions of commodities we export, while our imports
chiefly comprise commodities we do not produce in this country at all or
in insufficient quantities, with the result that American labor is helped
rather than hurt by most of our imports."
In answer to a question from Representative McCormack of Massachusetts,
Secretary Hull said the President considered the pending bill as a vital
part of the entire recovery program.
"What relation, if any, has this to foreign debts?" Mr. McCormack asked.
"None whatever," replied the Secretary.
In answer to a question from Representative Treadway of Massachusetts,
Mr. Hull said the executive branch was ready to proceed at once toward
negotiation of specific trade agreements.
Mr. Treadway asked about the constitutionality of the proposal, pardonlarly about Mr. Hull's own attitude toward it in the light of his former
%iews on some phases of tariff making. Secretary Hull answered that where
he had changed his views he had been "impelled, driven and literally kicked"
into other channels of thinking by the woes of 30,000,000 unemployed people
In the world and their families,
"For agriculture it is exceedingly necessary that foreign purchasing
Power be restored," Secretary Wallace said. "If we can get that, we would
like to know it so we can increase our efforts at retiring surplus acreage
from crop production."
Secretary Wallace told the Committee that if the bill were passed and
the results were as contemplated the AAA's program would be greatly
simplified.
The AAA wanted Congress to make up its mind, he said, whether it
would take the course as outlined in the bill, or whether it preferred to go
still further along the course already charted for the AAA.
Speaking of employment, be said:
"It is important for Congress to realize that high tariff causes unemployment just as surely as low tariff—it is just a question of where the imamployment will be."
Mr. Wallace estimated that 40,000,000 to•50,000,000 acres in productive
American crop lands would have to be retired from cultivation if foreign
trade were not revived by lowering tariff walls, both on imports to these
shores and our exports abroad,
He showed little patience with the contention of Republican members,
notably Representative Treadway, that the Administration proposed by
the operation of the reciprocity system to kill off certain industries and
throw people in the "inefficient" industries out of work.




mar. 17

1934

"Anyone who knows the present Chief Executive would know that he
would not be so inhuman as to retire these industries and these workers in
such a barbarous way as you suggest," he told Mr. Treadway.
Mr. Wallace also scouted the argument that American workers were protected by the tariff walls which had been built around the country.
"The American laborer has a higher standard of living and receives a
higher wage because he is a more efficient worker,". Secretary Wallace
said. "Efficiency is the criterion of his success, not the tariff."
Mr. Roper estimated that adjustments of tariffs or prices could be made
within a range of 70% before it would be felt because of the elasticity
of our currency. He added that very few requests had been received
from industry for additional tariffs or import restrictions under the NRA
because of the dollar depreciation.
"Revaluation of the dollar has put our tariffs relatively so high that the
United States is now free to make even greater concessions than otherwise
could be possible," Mr. Roper said.
He presented figures to show the trend of our foreign trade over the past
four years and then for January of this year as compared to a year ago.
The January figures showed a considerably larger dollar value both in
exports and imports. He agreed with Secretary Hull's statement that this
was due largely to the revaluation of our currency.
Secretary Roper said he had talked to business men in all sections of the
country and, as one man, they had said that the greatest single thing that
could happen to our commerce would be a revival of foreign trade. He
told the Committee that he regarded the pending bill as the surest, most
sensible, and most practical way to bring about this result.

Testimony before the Committee, March 10, was noted, in
part, as follows, in Associated Press Washington advices
of that date:
John Dickinson, Assistant Secretary of Commerce, made a plea before
the Committee at hearings to.day for "a new protectionism—for a policy
of protection to American industry and commerce which will really protect
and vitalize and restore rather than restrict and dry up and destroy."
The "new protectionism embodied in this bill," Mr. Dickinson said, "is a
national policy for protection of the national welfare, rather than for the
selfish welfare of particular localities and factories at the expense of the
N,hole people."
He preceded John E. Dowsing of Scarsdale, N. Y., representing the United
States Potters' Association of East Liverpool, Ohio, who condemned the
measure as giving the President "unprecedented authority" to change rates
affecting industries without giving the industries "their day in court."
Foreign countries are anxious to dump their products on the United
States, he said in his argument that the purpose of the bill was to lower
tariffs.
"The bill establishes absolute control over industry," the witness said,
adding that "it suspends the power of Congress to legislate," and that it
would permit the Executive to determine the "very life or death of
industry."

Francis B. Sayre, Assistant Secretary of State, defended
the constitutionality of the proposed tariff legislation before
the Committee, March 12, and declared that the measure was
"not such a drastic departure from what has been done before." Associated Press Washington ads-ices, March 12,
described Mr. Sayre's testimony as follows:
He cited discietionary tariff powers granted to other Presidents and
Supreme Court decisions upholding them.
When Democratic members moved to bring the hearings to a close quickly,
Representative Treadway, Republican of Massachusetts, protested vigorously,
calling the Democratic attitude "unfair."
Chairman Doughton, Democrat of North Carolina, denied that, but consent was given for testimony to-morrow from James A. Emery of the
National Association of Manufacturers, and Wednesday from Samuel Crowther, business writer.
Precedent for the legislation was seen by Professor Sayre in the fact
that a former President negotiated 10 reciprocal trade agreements in 1891
and 1892.
Discretionary tariff powers were exercised, he said, by Presidents Adams,
Jackson, Polk, Lincoln, Johnson, Grant and Hayes.
"I am impressed that this bill goes no further than laws enacted at the
outset of this Government," be told the Committee, pointing out that the
first Congress gave the President power to stop commerce altogether.
Often, he said, Congress had granted extensive discretionary power to
the Chief Executive on tariffs, embargoes and !Idea.

Mr. Sayre, testifying before the Committee, March 13,
asserted that the reciprocal tariff proposals were necessary
to save the export trade which the United States still holds.
Mr. Emery, who again testified, stated that the Association's Tariff Committee advocated agreements which might
promote foreign trade, but opposed authorizing the President to conclude such pacts with other nations without
Senate ratification. The testimony at this hearing was
summarized as follows in a Washington dispatch, March 13,
to the New York "Journal of Commerce":
Revision of the Administration tariff bill to allow the President to switch
articles to and from the free list in the negotiation of trade arrangements
with foreign Government but at the same time make any such agreements
effective only upon approval by Congress was urged to-day by James A.
Emery, general counsel for the National Association of Manufacturers,
testifying before the House Ways and Means Committee,
Early passage of the measure previously had been urged by Francis B.
Sayre, Undersecretary of State. who warned that the foreign trade aituation is changing rapidly throughout the world and unless the United States
acts immediately to retain some of its foreign markets "we are going to
lose the trade that we are now enjoying."
The amendment which was offered to-day by Mr. Sayre is designed to
continue the present arrangement respecting the shipment of flour to Cuba
which has been milled in bond by the Buffalo wheat millers. Without
the amendment it was explained the Buffalo millers would have had to
pay into the Treasury any difference between the regular tariff rate and
the preferential rate accorded United States flour under the most favored
nation treaty.
Urging early action on the bill, Mr. Sayre declared that the "world situation is a rapidly changing one. Trade is diminishing at a pace that looks

Volume 138

Financial Chronicle

1843

like disaster. European countries are setting up machinery to meet the
problem, and it seems to me imperative that we should follow their example and work out a constructive program. We must look at the situation from a national viewpoint. Unless we work out a constructive program we are going to lose the trade that we are now eniovine."

including two producing oil wells and five locations to be drilled in
Guendale Township, Midland County. Michigan. Common stock will be
issued in the amount of$36,000. Officers are: John B. Heck Sr., President;
Alvin C. Jones, Vice-President. and Bernard E. Woodruff, SecretaryTreasurer, all of Toledo.

List of Companies Filing Registration with Federal
Trade Commission Under Federal Securities Act—
Mitten Bank Securities Corp. Among Security
Issues.
Ten security issues totaling in excess of $5,000,000, of
which approximately $3,000,000 represent investment company issues and $2,000,000 industrial capital, filed with the
Federal Trade Commission for registration under the
Secjuities Act, were announced on March 12. Industrial
and commercial securities account for eight of the ten
issues, among which are projects involving oil, gold mining,
brewing, laundry service, motion picture production, accident insurance, and agriculture.
The list of statements (Nos. 710 to 719) filed for registration was announced as follows on March 12:

In no case does the act of filing with the Commission give to a security
the Commission's approval, or indicate that the Commission has passed
on the merits of an issue or even that the registration statement itself is
correct.

In making public the above the Commission said:

House of Representatives, by Vote of 295 to 125, Approves Patman Bonus Bill—Measure Which Goes
to Senate Calls for Payment of $2,400,000,000 in
"Greenbacks" to Veterans—Defeat in Senate Predicted by Administration Leaders—House Acted
Despite Threat of Presidential Veto.
The House of Representatives, despite the opposition of
party leaders and the threat of a Presidential veto, on
March 12 approved the Patman bonus bill by a vote of
295 to 125 and sent the measure to the Senate, where Administration spokesmen predicted it would be defeated.
President Roosevelt has threatened to veto the bill if passed
by both branches of Congress. It would provide for the
immediate payment of the soldiers' bonus through the
issuance of $2,400,000,000 in "greenbacks." In the House
vote 231 Democrats voted aye and 74 no, while 59 Republicans approved the bill and 51 were opposed. All five
Farmer-Labor members voted yes.
The final vote in the House was recorded after members
had voted by 318 to 109 to discharge the Ways and Means
Committee from further consideration of the bill. We quote,
in part, from a Washington dispatch March 12 to the New
York "Times" describing the debate and vote in the House:

Mitten Bank Securities Corp.(2-710), Philadelphia, a Pennsylvania investment corporation proposing to issue $3,051,000 guaranteed first mortgage
6% gold bonds.
Guarantors of the issue are Mitten Bank Securities Corp.. Philadelphia,
Bankers Bond & Mortgage Co., Philadelphia. and Bankers Bond & Mortgage Co. of America, Newark, N. J. No commissions or discounts will be
paid for extension of the securities, according to the company, but $30.000
has been paid to the trustee of the issue to cover expenses. Among the
officers are: W. K. Myers, President; P. G. Winters, Vice-President:
C. E. Ebert. Vice-President; H. R. Lott. Comptroller. and Mahlon Townsend. Secretary-Treasurer, all of Philadelphia. Directors are: A. A.
Mitten, W. K. Myers, C. E. Ebert, C. J. Joyce, R. T. Sento-, H. G.
Tulley, G. W. Jacket, Boyd Garbutt, LeRoy H. Forker, Harry C. Allen,
James Gormley, John T. Horn, Carl W. Brooks, Harry Ellis and John A.
Whipps.
The above amount of $3.051,000 of bonds Is now outstanding of an
The galleries were packed, but the scenes outside were quieter than on
original issue of $3,750,000 of which $699.000 have matured and been paid.
June 15 1932. when the House by a vote of 211 to 176 passed the same
The property covered by the mortgage securing this issue consists of a
Patman bal. Thousands of "bonus marchers" milled about on that
20-story office building In Philadelphia occupied in part by the Philadelphia
occasion. . . .
Rapid Transit Co.
Caucus on Offices Bill.
protective
a
Boston,
bondholders'
William F. Garcelon and others. (2-711),
Confused by their overwhelming defeat on the bonus question, but
committee calling for deposit of first mortgage 5% bonds of Suffolk Buildhopeful that cooler heads would prevail upon rebellious members to come
ing Trust, Boston, which trust has been out of existence for 15-years. The
back to the support of the Administration. House leaders immediately
committee reports that owners of equity in a building formerly owned by
after the vote insisted upon plunging directly into their second caucus
the Suffolk trust have been paying interest on a second mortgage held by
within a week.
a bank and on a third mortgage and have not given first mortgage bondSpeaker Rainey, the majority leader, Mr. Byrns, and the conservative
holders benefits due them, with the result that interest due Jan. 1 1934.
element
had set themselves to a desperate effort to bind the Democrats
was defaulted. Members of the protective committee are: William F.
against the E354,000,000 increases voted by the Senate in the Independent
Garcelon. lawyer: Howard W. Long and Patrick J. Daly, investment
Offices Supply Bill. These were for restoration of Federal employees'
security dealers, all of Boston.
Pay reductions and more liberal benefits for war veterans.
miles north of
Sierra Mushroom Co. (2-712), Adams County, Colo. (7
For a time the caucus made progress and voted 165 to 74 to bind party
Denver), a Colorado corporation in the mushroom business, proposes to
members to vote for sending the bill to conference without instructing the
offer for sale 674 shares of preferred stock and 13,480 shares of common
House conferees. Thus the measure would have to come back to the
(treasury) stock in units consisting of 1 share preferred and 20 common
House for approval of whatever concessions the conferees might make.
units.
674
The
of
deducttotal
proceeds,
a
after
or
unit
a
$100
at a price of
which
But 67 Democrats "excused" themselves from the binding action,
ing acquisition costs, will be used for necessary equipment. The total issue
they are permitted to do under the caucus rules, and leaders had new cause
amounts to $67,400. II. A. Reinhardt, Denver, is underwriter. C. W.
for anxiety.
Savery, Denver, is President, and Comptroller and A. D. Lewis, Denver,
might
With the 67 not bound to vote with the leaders, it was feared they
Secretary-Treasurer.
block efforts to send the bill to conference. The caucus ended, therefore,
Monitor Gold Mining Co. (2-713), Amarillo, Texas, a Delaware corporawith the subject where it was before the meeting was called.
tion proposing to engage in mining and milling of ores and production of
Mr. Patman defended the measure on the ground that it would benefit
electric power, issuing 750,000 shares of common stock at $1 a share. J F.
veterans who would circulate the money paid them. He denied
3.550.000
Bromert is President and R. J. Booth, Secretary-Treasurer, both of
it
be "printing press" money.
that
would
Texas.
Amarillo,
"It will be real money and banker's money," he asserted, "It can be
Professional Indemnity Co. (2-714). Milwaukee, a Wisconsin corporation
save the GovernPaid without increasing taxation one penny, and it will
proposing to engage in the accident insurance business, issuing $360,000
ment $1,125,000,000 in addition to $10,000.000 for administration costs,
common stock. Proceeds are to be used for company pruposes. No
in the next 12 years."
officers or directors have been elected Affairs of the company are being
to
Chairman Doughton of the Ways and Means Committee declined
conducted by 15 incorporators of whom R. C. H. Duclos is temporary
prior to
lead the opposition to the measure during the 20 minutes of debate
Chairman, R. B. Wolter, temporary Secretary and E. A. Piepenbrink.
the first vote.
fiscal agent.
Rep"If the Chairman doesn't want to take the responsibility, I will,"
First Champlain Producing Corp., (2-715), New York, a New York
resentative Treadway, ranking Republican member of the committee.
corporation proposing to contract for the production of six motion picture
declared.
two-reel comedies and for distribution thereof, issuing 100,000 shares of
"Is the gentleman opposed to the bill?" Speaker Rainey asked Mr.
$1 par value common stock at a total price of $100.000, the proceeds to
Doughton. There was no audible reply. and Republicans laughed.
be used for general corporate purposes. The underwriter, Champlain Fund.
the
"I did not think it would become incumbent upon me to defend
Inc., 63 Wall St., New York. is authorized to secure subscribers for cash
Democratic President of the United States," Mr. Treadway told the
such
of
which
of
subscriptions
10%
issuer
from
the
receive
to
and
par
at
.
House. He read the President's recent memorandum to Mr. Rainey
7% is to be in payment for securing the subscriptions and 3% for compensathat said he would be compelled to veto the bonus bill.
tion for services past. present and future of its officers and directors, who
Mr.
Tread"That is all the testimony I need to support him to-day,"
have agreed to serve as officers and directors of the issuer. They are:
way declared. "I hope the good sense of the House will follow his good
Benjamin B. Burton, President; Charles W. Rand, Treasurer and S. M.
advice."
Sullivan, Secretary, all of New York City.
Burns Backs the President.
Baby Service Corp (2-716), Jersey City, a laundry furnishing infants'
other
or
which
hospitals
institutions
Mr. Byrns took the floor late In the debate to plead with the insurgents.
diaper service to homes and smaller
He told them he had no criticism to offer against any member doing as
do not maintain the necessary processing equipment. The company
he saw fit.
announces it expects to issue $435.361 common and preferred stock, and
"We realize that voting for this is an idle political gesture," he adthat it will later make application for registration of bonds amounting to
monished. "Personally, I cannot support a measure that strikes at the
$227,361. Among officers are: S. H. McKnight, Jersey City. President;
very heart of the recovery program. The whole question before us is whether
D. McLaughlin, Jersey City, Vice-President and Treasurer; and R. V.
we are going to do anything that may have a tendency to destroy the
Esposet, New York, Secretary.
President's program."
Auto City Brewing Co., (2-717), Hamtramck, Detroit, Mich., a Michigan
products.
There was a faint ripple of applause as he closed, but the insurgent group
corporation proposing to manufacture beers, malts and kindred
drove directly ahead toward the passage of the measure.
Issuing 400,000 shares of common stock at an aggregate price of $400.000.
Driven by Mr. Patman and Representative Lundeen of Minnesota, a
The underwriter, John L. Brown & Co., Detroit, received a commission of
Republican who originated the petition to discharge the Committee, the
15% for each share sold of the original 125 shares, Plus $4,000 expenses.
Insurgent steamroller crushed ruthlessly all opposition. When debate
Among officers are: Joseph Chronowski, Detroit, President; Alois J.
became prolonged, or when danger threatened as in the score of amendments
Chronowaki, Detroit, Secretary, and Charles Huhn, Detroit, Treasurer.
offered, Mr. Patman moved to shut off debate. The affirmative vote that
Milmae Mines, Ltd.. (2-718), Sault Ste. Marie, Ontario, a Canadian
followed each such motion was thunderous.
corporation with United States headquarters at Sault Ste. Marie, Michigan,
The disorder came so near chaos at one time that it was impossible from
proposing to engage in the mining of 13 claims in the Michipicoten area,
the gallery to distinguish any one voice. That was when Representative
The
Algoma District, Ontario, selling securities in the United States.
Taber of New York lodged a point of order against the bill on the ground
company proposes to issue 150,000 shares common stock at $1 a share.
that it was an appropriation measure and had not been presented by the
Among officers are: Henry C. Miller, Toronto, Ontario, President, and
Appropriations Committee.
William S. Maguire. Sault Ste. Marie, Ontario, Secretary-Treasurer.
Representative Cannon of Missouri, a shrewd parliamentarian, was in
Jones Woodruff Oil Co., Inc., (2-719). Toledo, Ohio, a Delaware corporachair, and cries of "Rule, rule, rule," sounded from both saides of the
the
indenture
the
of
property
tion proposing to take over the business and
aisle.
trust of Bertha L. Jones covering oil and gas rights on 80 acres of land




1844

Financial Chronicle

"I will ask Mr. Patman if this provides for lawful money," Mr. Cannon
said.
"It does," replied Mr. Patman.
"Then the Appropriations Committee should have reported it," Mr.
Cannon said to the House.
Taber Objection is Ruled Out.
The House immediately became so unruly it was riotous. . .
.
Subsequently. Mr. Cannon ruled that because the bill had not been
reported by any Committee and was brought up by the discharge petition,
it was not subject to the point of order raised by Mr. Taber.
Representative Christianson of Minnesota sought to amend the bill to
provide for payment of the value of the certificates as of the day of enactment of the bill, but he was defeated by a vote of 105 to 54.
Mr. Martin of Colorado then moved to pay $50 per month to the veterans,
and he lost, 110 to 74.
Cancellation of interest on the certificates already held as collateral by
the Veterans' Administration, proposed by Representative Ellen Boggen
of Pennsylvania, was likewise defeated, as was a second motion by Mr.
Martin to pay only veterans who were not subject to income taxes.
The insurgent machine was working perfectly. Representative Kenney
of New Jersey moved to provide a national lottery, operated by the Veterans
Administration, to provide an annual income of $1,000,000,000, but he
was ruled out of order.
So was every other amendment rejected.
As a final gesture, Representative Fish of New York attempted to recommit the bill with instructions to eliminate the "inflation" section. His
motion was defeated 160 to 41, and the opponents of the measure then
gave up any hope they had held.
An idea of the strength of the insurgents may be seen in an annalysls of
the members who voted against the administration. Seventeen members of
the Ways and Means Committee voted to discharge their own Committee,
seven voted against discharge and one did not vote.
The Chairmen of 37 Committees also voted to discharge the Committee,
while six voted against and five failed to vote.

Alleged "Tax Evasions" by Andrew W.Mellon, James J.
Walker, Thomas S. Lamont, and Thomas L. Sidlo
Charged by United States Attorney-General Cummings—Former Treasury Secretary Calls Action
"Crudest Politics" —Content to Leave Outcome to
Courts—Text of Mr. Mellon's Statement.
Suits charging "tax evasion and avoidance" will be brought
by the Department of Justice in the near future against
Andrew W. Mellon, former Secretary of the Treasury;
James J. Walker, former Mayor of New York Ciiy; Thomas
S. Lamont,a partner of J. P. Morgan & Co.,and Thomas L.
Sidlo of Cleveland, a law partner of Newton D. Baker,
according to an announcement March 10 by AttorneyGeneral Homer S. Cummings. Mr. Mellon, in a statement
issued March 11, unqualifiedly denied charges made by
Mr. Cummings and called his action "politics of the crudest
sort." Mr. Mellon said that for many months a campaign
of "character-wrecking and abuse has been conducted
against me in the press and over the radio," and added that
he was glad "the issue is joined at last," and that he is
"quite content to leave the outcome to the courts and to
the good sense and fairness of the American people when all
the facts are known."
The announcement by the Department of Justice March 10
read as follows:
Attorney-General Homer Cummings has referred to the respective
United States Attorneys in New York, Cleveland and Pittsburgh,
with
authority for presentation to grand juries under the laws against tax evasion
and avoidance, the cases of Thomas S. Lamont, James J. Walker,
Thomas
L. Sidlo and Andrew W. Mellon.
Other cases of a similar nature are pending for trial and still others
in
course of preparation.
Civil and criminal tax cases in Federal Courts are being handled for
the
Attorney-General by Assistant Attorney-General Frank J.
Wideman,
head of the newly created Tax Division of the Department of
Justice.

Mr. Cummings also announced that the Department of
.Justice is inquiring into the practices of the Aluminum Co.
of America, remarking that it was a Mellon-controlled concern and "a 100% monopoly in the producing field." In
his statement March 11 Mr. Mellon referred to this remark
by the Attorney-General, saying: "What this has to do
with my income taxes is not apparent." He added that he
and all the members of his family own less than a majority
of the stock of the Aluminum company and said that the
concern is not violating Federal anti-trust laws.
Mr. Mellon's statement, made public March 11, followR
in full:
Washington, D. C.. March 11 1934.
The action which the Attorney-General has taken in seeking to secure
an indictment against me on the charge of income tax evasion is politics
of the crudest sort.
I am as much in the dark as any one as to any possible grounds he could
have for such action, but I am glad, under any circumstances, to get my
tax affairs out of the Attorney-General's office and into the Court, where
I am satisfied I shall get justice and a prompt disposition of the case, which
has so far been denied me.
No charges have ever been made by the Treasury of any tax evasion by
me, nor have I been advised by either the Treasury or the Department of
Justice of any intention to try to collect additional taxes from me. All
Income taxes which have ever been asserted against me have been paid
and in no single year have I failed to pay a very substantial income tax.
The total has amounted in the last 20 years to over 820,000,000.




Mar. 17 1934

Terms Action "Arbitarry and Unfair."
I feel very strongly that before the Attorney-General of the United States
should being a charge of this kind against me I, like any other citizen,
should be given proper notice, in the manner provided by law, of the Government's intention to assert additional taxes, and should have been afforded an opportunity to meet such charges in the customary way.
In all my years of experience in the administration of the tax laws I
have never known of a single instance in which such unfair and arbitrary
action has been taken.
In May of last year charges were made by Congressman McFadden from
the floor of the House of Representatives, based on information furnished
by a man named Olson, regarding what was termed "a specific tax evasion"
in connection with my 1931 income tax return. The
Attorney-General
announced to the press at that time that he would investigate these charges,
and I requested that he do so at once, offering the fullest co-operation.
Nothing was done until October and November, when three agents
of the Department of Justice visited my office in Pittsburgh and spent
several weeks going over my books and records. At the conclusion of
their investigation they expressed themselves satisfied with the co-operation they had received and stated that they had found no irregularities
of any kind.
Their report laid before the Department of Justice for tweeks, and as no
action was taken, I wrote the Attorney-General on Dec. 7, asking for a
prompt and final disposition of the matter, in view of the publicity given
the charges last summer and their continued reiteration in the press. The
Attorney-General not doing me the courtesy of acknowledging the
letter.
I again wrote him on Jan. 15 demanding a disposition of the matter
and
cessation of stories appearing in the press and emanating from him or his
Department to the effect that I had evaded payment of taxes.
Letter to Attorney-General Cummings.
In my letter I said:
"The proper amount of tax to be paid by a citizen necessarily may be
subject to dispute. If the authorized officer of the Government should
decide that additional taxes are claimed, I am quite willing to meet the
Government's respresentatives either in a friendly conference or in open
court and settle any questions that may arise. The law provides
such
protection for any citizen, and I am quite willing and able to avail myself
of it. I am not able, however, to protect myself against the
innuendoes
of wrongdoing appearing in some newspapers, based apparently
on information furnished by some one in either the Treasury or the
Department of
Justice."
On Feb. 6 I received an evasive response, saying that the Department
of Justice had completed its examination of my 1931 taxes
and neither
making any criticism nor dismissing the charges, but suggesting fishing
a
expedition into years as to which no charges had been made by any one.
In public statements Issued from time to time the Attorney-Genera
l
has attempted to justify this unusual procedure in conducting
an investigation of my tax affairs by the Department of Justice instead of leaving it
to the Treasury Department, whose duty it is to investigate such matters,
and has not hesitated to cite as reasons quite irrelevant matters, such as
the suit brought against me by McFadden's friend Olson, for alleged failure
on my part to collect sufficient income taxes from certain foreign steamship
companies.
This suit had nothing whatever to do with my income taxes, as not
even Olson had charged that I had profited personally in any way. The
suit was brought as an informer action by Olson, who hoped to collect
3220,000,000, of which half should be for himself and half for the Government. That case has been tried in the Supreme Court of the District of
Columbia, and on Dec. 8 1933, was thrown out and judgment entered for
me and the other Treasury officials who were joined with me as defendants.
Yet, as late as Jan. 18, the Attorney-General was referring to this suit as a
reason for his investigation of my tax affairs, although he must have known
that the suit had been dismissed by his own Federal court and, in any
event, had never had the remotest connection with my personal income
taxes.
Congressional Investigations Always Cleared Mr. Mellon of Charges.
The other reason the Attorney-General has given publicly for hisInvestigation of me is that requests have come "from one or more members of Congress to investigate certain claims with reference to the personal income tax
returns of Mr. Mellon."
There have always been members of Congress wanting to investigate
me for their own reasons, and I may say they have indulged themselves on
every possible occasion in the last 12 years.
During the entire time I was in public office I was subjected to most
searching Congressional investigation into every phase of my official conduct
and my personal affairs, and in each instance an investigation of the facts
exonerated me from the charges which had been made.
In a statement asking for an indictment against me in connection with
my tax affairs, the Attorney-General has made irrelevant references to the
Aluminum Company of America as a "Mellon controlled corporation"
which is a "100% monopoly in the producing field."
What this has to do with my income tax is not apparent, but in any
event I and all the members of my family own less than a majority of the
stock of this company and certainly the Aluminum Company, whether or
not is a "100% monopoly" is not violating the Federal laws in this respect.
No one knows this better than Mr. Cummings, whose own law firm in
Hartford. Conn., has just recently been defeated in a suit which they
brought in the Federal court there on behalf of a client, the Baush Machine
Co. of America, in which this very point was involved. In returning a
a verdict for the Aluminum company in the Baush case, the court and jury
held that the Aluminum Company of America had not violated the antitrust laws.
For many months now a campaign of character-wrecking and abuse has
been conducted against me in the press and over the radio. I know there
has been no evasion of taxes on my part. I have, on the contrary, always
been scrupulous to give the Government the benefit of every doubt in making up my tax returns. I am glad the issue is joined at last and am quite
content to leave the outcome to the courts and to the good sense and fairness of the American people when all the facts are known.

In Associated Press advices March 10 to the New York
"Herald Tribune" it was stated:
War on tax evaders officially was declared on Dec.30 when AttorneyGeneral Cummings created the tax division to combine more effectively
Federal agencies charged with enforcing the law.
This step was believed to have been taken in part as the result of the
acquittal of Charles E. Mitchell, former head of the National City Bank of
New York. on charges of income tax evasion. That trial was one of the
first of its kind to have been held since enactment of the Income Tax Law.
The Mellon case arose when a suit was brought against Mr. Mellon in
the District of Columbia in which certain charges were made against the
former Secretary. Later a resolution was introduced in the Senate asking
the Department of Justice to investigate, and other requests came from
the House. As a result of this the department undertook the investigation.
Ordinarily the Department of Justice has not conducted such investigations,
leaving them to the Treasury.

Financial Chronicle

Volume 138

to Federal Employees with Respect to Taxation—Not All as a Class Exempt from Federal
Income Tax.
The matter of taxation as applied to Federal employees,
to which incidental reference was made in these columns,
March 10, page 1616, has occasioned several communications to us. What we had to say was carried in a paragraph in our Financial Situation, wherein we commended the
recommendations of Secretary of the Treasury Morgenthau
as to the desirability of making tax-exempt Federal, State
and municipal securities subject to tax. In our comments
we also said:
Status as

We would also make the further suggestion that State and municipal
officers and Federal employees of every class and description should be
made subject to the Federal taxes the same as other individuals. At
present they are not subject even to the ordinary normal Federal income
taxes.

One correspondent in referring to the above sentence as
carrying an inference that one class (Federal employees) is
not subject to tax makes this remark:
It is true that State and municipal employees are exempt from Federal
income tax, but Federal employees are not, as a class. There may be a few
constitutional officers whose salaries cannot be reduced by a tax law,
but their number is very small. Most Government officers and all Government employees are very much subject to income tax just the same as any
other citizens. I would assume that the statement above quoted was too
broadly made through an inadvertence, if it were not for the next following
sentence wherein you say, "At present they are not subject even to the
ordinary normal Federal income taxes." This is not true, insofar as it
applies to Federal officers and employees, for there is no exemption as
to them.

President Roosevelt Issues Executive Order Consolidating Federal Agencies Dealing with Liquor Laws
—Would Become Effective in 60 Days—In Special
Message He Asks Congressional Resolution to
Make Unification Effective Immediately—Bureau
of Industrial Alcohol Abolished.
President Roosevelt, in a special message transmitted to
Congress March 10, recommended the passage of a joint
resolution immediately consolidating Federal agencies engaged in the enforcement of the Internal Revenue laws.
At the same time he sent to Congress an Executive Order
which would consolidate these agencies at the end of 60 days,
provided Congressional action had not been taken prior to
that time. The order would abolish the Bureau of Industrial Alcohol and the office of the Commissioner of
Industrial Alcohol in the Treasury Department, transferring their functions to the Commissioner of Internal
Revenue. The liquor enforcement branch of the Department of Justice would also be transferred to the Internal
Revenue Bureau.
All Federal agencies dealing with liquor would be affected
by the consolidation, except the Federal Alcohol Control
Administration, which will continue to operate as an independent agency handling the general aspects of the
Government's liquor policy. In his special message, the
President said that the changes made by the Executive
Order "will permit a more efficient administration of the
Internal Revenue laws as well as the laws carrying out the
protective features of the 21st Amendment."
The text of the message follows:
THE PRESIDENT'S MESSAGE.
To the Congress of the United States:
Pursuant to the provisions of Section 1 of Title III of the Act of March 20
1933 (ch. 3, 48 stat. 8, 16). I am transmitting herewith an Executive order
consolidating the Executive agencies which are engaged in the enforcement
of the Internal Revenue laws.
The need for such a consolidation at this time springs primarily from
the repeal of the 18th Amendment. The tax and enforcement agencies
of the Government should be reorganized in harmony with the changes
which have occurred in the laws relating to the manufacture,transportation
and sale of intoxicating liquors. The changes made by this order will
permit a more efficient administration of the Internal Revenue laws as
well as the laws carrying out the protective features of the 21st Amendment.
Because of the obvious desirability of accomplishing the proposed changes
at the earliest possible moment, I recommend that the order be given
consideration by Congress with a view to the enactment of a joint resolution
making its provisions immeciately effective.
FRANKLIN D. ROOSEVELT.
The White House, March 10 1934.

FACA Suspends All Liquor Import Quotas Between
May 1 and June 30—Action Taken at Wish of
President Roosevelt in Hope of Lowering Prices
and Ending Bootlegging—New Domestic Distilleries
to Be Licensed, Adding 44,000,000 Gallons to Potential Yearly Output.
In an effort to drive down liquor prices, which he asserted
in many cases are too high, President Roosevelt announced
plans to remove temporarily all restrictions on imports.
In addition the President said that domestic manufacturers
of rye and bourbon whisky whose applications for permits
were filed to late to come within domestic quota allot-




1845

ments will be licensed to operate immediately, this increasing
the potential maximum production of whisky by 44,000,000
gallons a year. In line with the President's announcement,
the Federal Alcohol Control Administration stated March 10
that all quota restrictions on the importation of liquor from
abroad would be abolished during the period from May 1
to June 30. The notice issued by the FACA read as follows:
Pursuant to the provisions of Article III of the Marketing Agreement
and the license for importers of alcoholic beverages, we decree that for the
period from May 1 1934,to June 30 1934,the amount of alcoholic beverages
to be permitted to be imported from any country shall be without limit.

In accordance with this ruling an importer of alcoholic
beverages who holds an import permit may import from any
country beverages in any quantity, provided they arrive
in the United States between May 1 and June 30. He
must, of course, pay the usual customs taxes on these
imports. The FACA announcement also added:
Importers should take notice that any importation reaching American
ports prior to May 1 and not covered by a quota permit is not covered by
the above provision, and will be seized by the customs officials as illegal
shipments.
This agreement permitting the unlimited importation of liquors is for the
third import period, May 1 to June 30 only. It does not affect in any way
the allocations for the second import period. March 1 to April 30,for which
allotment permits were mailed out by the FACA on Feb. 28 last. No
supplementary permits will be issued for the second import period.

We quote in part from a Washington dispatch March 9
to the New York "Times," describing the President's views
upon this subject as made known during a press conference:
The decision to try out the no-quota import system was reached at a
Cabinet meeting held just prior to the press conference this afternoon,
.when, the President said, the general feeling was expressed that the
'bars on imports should be let down for a trial period. He stressed the fact
that the period would be only of short duration.
However, it was remarked that with almost seven weeks intervening
before this procedure could be adopted, importers in this country and
distillers abroad would have sufficient time to prepare virtually unlimited
shipments for entry into the United States when the quotas were lifted.
The decision to enlarge the domestic distilling capacity was reached yesterday,the President said, although no word of it was made public until to-day.
Mr. Roosevelt approved a recommendation by Joseph H. Choate Jr.,
Federal Alcohol Administrator, that additional distilleries be licensed.
These distilleries, the President said, were in the main small ones which in
most cases had been owned as family businesses for many years, principally
in Kentucky and Tennessee.
Quotas Go Back Later.
It is understood in informed quarters that quotas will be re-assigned
authafter enough liquor has been imported to assure, in the opinion of
orities, a reserve supply large enough to cause competition among sellers
which is strong enough to forestall profiteering.
officials
The tentative abandonment of quotas was greeted with favor by
since
who have been connected with the administration of the restrictions
repeal came into effect.
conThe set-up by which the quotas were granted and questions in
led
nection with them were settled was apparently too complicated and
to unreasonable delays.
diplomats
The State Department was visited by streams of disgruntled
larger
almost daily, seeking to know why their countries had not received
quotas, why their quotas were being delayed, and so on.
violation
At least one country, Germany,seriously raised the question of
this
of the most-favored-nation clause in its trade treaty, signed with
country in 1925.
Originally adopted in the belief that handsome trade concessions could
allowances for
be obtained by bargaining liquor quotas against import
from that
American products, the system has been a disappointment
point of view.
into France
Outside of an increased quota for American apples and pears
importance
and American tobacco into Spain, hardly any concessions of
in effect.
have been obtained in the four months the liquor system has been
margins of
high
Trade reports to liquor control officials have indicated
appears
It
business.
liquor
profit all along the line in the newly revived
salutary
to be felt generally that unlimited foreign competition would have a
effect on the whole situation, at least for a time.
increase.
It is expected that the revenue accruing from customs duties will
flood
Reports of the impending abolition of liquor quotas has brought a
sent a
of protests from interested persons. An association of apple growers
without
long message to officials urging the retention of the quota system
which, they maintained, it would be impossible to force American products
into foreign markets.

Plan Submitted to Senate Banking Committee Would
Authorize RFC to Make Direct Loans to Industrial
or Commercial Concerns—Jesse H. Jones Asserts
Legislation Would Aid Business Recovery—Measure Would Also Permit Financing of Foreign
Trade.
Jesse H. Jones, Chairman of the Reconstruction Finance
Corporation, submitted to the Senate BankingCommittee
on March 15 a plan contemplating direct RFC loans to
private industry and for financing foreign commerce. Accompanying the proposed legislation was an RFC recommendation that its enactment would aid materially in the recovery program. The tentative bill would authorize the
RFC to lend directly to industrial or commercial companies
for a period of not more than five years, provided they employed more than ten persons and complied with the provisions of National Recovery Administration codes. Such
loans could be made for the purpose of furnishing working
capital, reducing and refunding existing indebtedness, or
making plant improvements or replacements.

1846

Financial Chronicle

Associated Press, Washington, adviees March 15, summarized the principal features of the proposal as follows:
The board would also be authorized to participate, or accept responsibility up to 75%,in loans by banks for industrial or commercial purposes.
To encourage foreign trade, the corporation would be empowered to lend
either directly or through banking corporations set up under government
ownership.
The bill was submitted by Mr. Jones with a statement explaining that
the proposal was not intended to conflict with the proposed Federal intermediate Credit Bank system which has been discussed as an agency under
the Federal Reserve System for loans to industry.
He said if that system should be created the RFC would serve In a supplementary capacity. No additional appropriation or extension of authority
was asked. It was said that funds now available would carry the RFC
through the year.
Mr. Jones commented in his letter that he would approve of extending
to Federal Reserve Banks the power to make loans to commerce and industry.
In order to encourage foreign trade the bill would permit the corporation
to lend directly to exporters or to set up a system of government-owned
banks. The corporation said this procedure had been followed by almost
all other big industrial nations and that its absence in this country had reduced exports.
The bill was in the nature an omnibus measure, proposing a number of
other extensions of RFC power including:
Authority for the corporation to accept securities of railroads in reorganizing under the Railroad Bankruptcy Act with the approval of the
Interstate Commerce Commission.
Power to make additional advances for self-liquidating projects on
which it has already made loans.
Authority to increase the lending power of the corporation for drainage
and irrigation districts from $50.000,000 to $100,000,000, to care for
applications which have more than covered the original amount.
Permission to subscribe to preferred stock or purchase capital notes of
mutual insurance companies and to permit salary increases in insurance
companies up to a maximum of $17,500 a year.
Several sections of the bill were devoted to technical provisions designed
to facilitate the corporation in court suits connected with liquidating loans

Mar. 17 1934

Copper production dropped from $303,139,000 in 1929 to $21,123,000 in
1933.
Copper, at 9 cents a pound, is about half what it sold for in 1929. This
lasting and proved metal should be used while it is cheap.

Jeremiah D. Maguire, President of Federation Bank,
Named Deputy Administrator for Construction
Industry.
Jeremiah D. Maguire, President of the Federation Bank
& Trust Co. of New York, has been appointed by National
Administrator Hugh S. Johnson, a Deputy Administrator
in charge of the Code Authority for the Construction Industry. His colleagues on this Board are George R. Dempster, Knoxville, Tenn., and Michael J. McDonough, President, Building Trades Department, American Federation
of Labor. Mr. Maguire was graduated from Cornell
University in 1898 with the degree of Mechanical and Electrical Engineer, and was active in the construction industry
for many years. He later entered the banking field as the
Pre,ident of the Industries Development Corp. of New York,
and in 1932 resigned that position to become President of
the Federation Bank & Trust Co. Mr. Maguire is a director
of the Continental Bank & Trust Co. of New York, and a
member of the Advisory Board of the Chase National Bank.
He is an honorary member of the International Printing
Pressmen and Assistant's Union of North America. He is
a member of the American Society of Mechanical EngineArs.
OE.

General Johnson as the "Hotspur" of Administration—
Solution of Problems Through Blanket Rulings
•
and Blue Eagle Campaigns Impossible According
to Walter Lippmann—NRA a Project of LongLoans to Publishers Through Participation by the
Term Reconstruction.
RFC Not Favored by Chairman Jones.
To quote Walter Lippmann, "on General Johnson's own
Disapproval of participation by the RFC in loans to showing, after listening to the criticisms and studying his
newspaper publishers through the medium of a Publishers own experience, the problems confronting National Recovery
Finance Corporation, organized under the leadership of Administration are formidable." In the New York "Herald
John A.Park of the Raleigh (N. C.)"Times," was expressed Tribune" of March 13, Mr. Lippmann (in a copyright
on March 12 by Jesse H. Jones, Chairman of the corpora- account) went on to say in part:
tion. This was indicated in a dispatch from Washington
It has still, he [General Johnson] says, to provide assurance that the
advance in prices will not outrun increases in wages. It has still to preto the New York ".Times," in which it was also stated:
vent "industrial or labor control against the public interest." It has

"From the standpoint of the Government, I don't think it should be
done," Mr. Jones stated in reply to questions.
Asked if he based his opinion on the belief that such loans might be
interpreted as placing the Government in the position of influencing the
press, Mr. Jones refused to discuss the subject.
The question has come up because of the organization of the Publishers Finance Corp.. of which Mr. Park was elected President. Most of
those in the movement were representatives of Southern newspapers.
This corporation would be empowered to make loans to daily and
weekly
newspapers, magazines, printing concerns, newspaper syndicates, machinery manufacturers, advertising agencies, book publishers and supply
companies.
Representatives of the Publishers Finance Corp. have discussed obtaining
loans from the RFC with counsel for that organization, but Mr.
Jones
said he had not talked with them personally and that the subject had
not
been before the RFC directors. As far as he knew, he said, no applications
for loans had been made.
Officials of the RFC emphasized that such conversations as had taken
place were started by the group of publishers.
The proposals by the Publishers Finance Corp. were brought
forward
after the RFC had been making direct loans to industries which
formed
community mortgage corporations eligible to apply for loans.
The first
meeting to form the corporation was held in Raleigh on Dec. 9.
Discussions with officials of the RFC preceded this
gathering.

The Publishers Finance Corp. was referred to in our issue
of Jan. 13, page 259.
Use of Copper in Federal Works Urged by Ten Senators
in Petition to President Roosevelt—Urged in Behalf
of Those Now Unemployed Through Closing of
Copper Mines.
A petition to President Roosevelt for the use of as mush
copper as possible in Federal building projects was presented
by ten Senators on March 12. Senators Wheeler of Montana
and Hayden of Arizona laid the petition before the President,
who is reported as having been sympathetic to the proposal,
and to have indicated that it would be taken under consideration. In addition to the two named the other signers—
all representing copper producing States—were Senators
Ashurst, Hatch, Erickson, Pittman, Thomas of Utah, Pope,
McCaron and King. In a Washington dispatch March 12 to
the New York "Times" it was stated:
"They argued that the comparative cheapness ofcopper made its use more
economical than at any time in recent years and that aid could be given to
250,000 persons dependent for their living on copper mines now closed.
." Their statement said:
"From an engineering standpoint and for the social welfare of the West,
we believe the President to be fully justified in directing that this practical
support be given an industry essential to national recovery and invaluable
to national defense."
Among the arguments for the use of copper were the following:
Copper is a quality material for permanent building and the accepted
standard for electrical transmission lines.
The labor represented in finished copper products is about 78% of its
value, the largest labor value of any competitive metal products.




still to obtain compliance with the spirit and letter of the several hundred
codes. It has still to insure to labor its statutory rights. It must make a
contribution to the relief of unemployment.
No doubt the General will attack these problems with his customary
energy and superb assurance. He is no Hamlet to sit and brood. He is
rather the Hotspur of this Administration who, as the Prince of Wales said,
"kills me some six or seven dozen Scots at a breakfast, washes his hands, and
says to his wife,'Fie upon this quiet life—I want work.'" He has certainly
cut out work for himself now. To prevent an advance in prices, when you
have rounded up business men in associations and suspended the Sherman
Act, is all by itself a problem which would cause any one but the most
dauntless man to wonder how it is to be done. To obtain compliance
with the provisions of several hundred codes in several million factories
and stores is also a day's work. To insure to labor its statutory rights
under the Recovery Act, when the mass of labor is unorganized, and the
rest for the most part organized in antiquated craft unions, is another
day's work.
No one, who was not possessed with the excitement of a great task, could
fall to realize, I think, that the solution of these problems is impossible by
sudden bursts of energy, for the establishment of a constitutional order in
Industry, which is the real goal of NRA, cannot conceivably be done by
blanket rulings, town meetings, Blue Eagle campaigns and mass propaganda. They can produce the semblance of an industrial order, the appearance of compliance, but not the habit, the proven method, and the
reality. General Johnson's own list of unsolved "problems" is the best
Possible evidence that NRA is a project oflong-term reconstruction, . . .
A failure to grasp that truth, an attempt to use NRA as a major instrument in producing recovery from unemployment, is almost certain to
retard recovery and endanger the public support of the far-reaching possibilities of NRA itself. I know that General Johnson has figures which he
thinks prove that the attempt last August and September to use NRA to
promote employment by wholesale method was a success. But this view
is not shared by many competent men in Washington and elsewhere, who are
fully as "liberal" as General Johnson and just as indisputably devoted to
the New Deal, both in its immediate and its longer objectives.
It may be a coincidence, but the coincidence happened, that as a hostile
critic has put it "last year's business revival took place before the codes
went into effect; the summer reaction occurred during the peak of NRA
power and prestige; the current revival in business began when the NRA
was comparatively quiescent." There is no reason to think that the NBA
was the main cause of the slump of August to October. but the evidence at
the time seemed to point to the conclusion that while agricultural prices
were falling, owing to the absence of monetary control, manufacturing
prices were raised under the pressure of NRA; that this aggravated the
farm problem, caused something like a buyers' strike, and that this in
its turn caused unemployment to increase and production to be retarded.
It is a fact that the first three weeks of October were the most critical
which have confronted the Administration since it surmounted the bank
crisis of March. I should suppose that the Administration would be very
hesitant indeed to open wide again the throttles of NRA and repeat last
summer's experiment with the Blue Eagle campaign. It ought to have
better evidence, more careful and complete and conclusive figures than are
now available, to show that its previous attempt at artificial wholesale reemployment did not in fact promote unemployment in industry and a
greater disparity for agriculture.

Executive Order Regarding NRA Code as Applied to
Farmers' Co-operatives.
President Roosevelt, by Executive Order, made known
Feb. 19, has ruled that no NRA code of fair competition

Volume 138

Financial Chronicle

shall be so construed or applied as to make it a code violation
to sell to or through any bona fide and legitimate co-operative
organization, including farmers' co-operatives, or to sell
through any intervening agency to such co-operative organization. The announcement Feb. 19 by the NRA said:
The Order, made public by the National Recovery Administration to-day,
is to clarify questions that have arisen concerning the scope and meaning
of a previous Executive Order (No. 6355. of Oct. 23 1933) defining the
effect of certain provisions in codes of fair competition upon co-operative
organizations.
The Order announced to-day says, further, that no code shall be so
construed or interpreted as to prevent any such co-operative organization
from being entitled to receive and/or distribute to its members as patronage
dividends or otherwise the proceeds or benefits directly or indirectly derived
from any discount, commission, rebate, or dividend (a) ordinarily paid or
allowed to other purchasers for purchases in wholesale or middlemen
quantities or (b) paid or allowed pursuant to the requirement or provisions
of any code of fair competition to other purchasers for purchases in whole
sale or middle-man quantities.
The Administrator for Industrial Recovery is authorized by this Executive
Order to determine, after such hearings and proceedings as he may deem
necessary, whether in any doubtful case an organization is a bona fide and
legitimate co-operative entitled to the benefits and protections of tnis Order.

S. M. Williams Named Manager of Code Authority for
Daily Newspaper Publishing Business Group
Begins Work March 12 When Code Becomes
Effective.
The Code Authority of the daily newspaper publishing
business has completed its organization and began functioning on March 12, when the daily newspaper code became
effective. Samuel M. Williams of the Ridder newspaper
interests was appointed manager of the Code Authority and
Charles R. Butler, former President of the Inland Daily
Press Association, was named field representative. An
official announcement issued March 11 added the following
details of the organization of the Code Authority:
Temporary offices of the Code Authority have been set up at the headquarters of the American Newspaper Publishers' Association, but as soon
as possible the Authority will secure its own offices in New York City.
Under the provisions of the daily newspaper code, the Code Authority
was required to designate four publisher representatives of the newspaper
industrial board, and the representatives which have been chosen are
Merrill M. Lord, Business Manager and Treasurer of the Chicago "HeraldExaminer"; E. H. Harris, publisher of the Richmond, Ind., "Palladium
and Item"; Emanuel Levi, general manager of the Louisville "CourierJournal" and Louisville "Times," and Harvey J. Kelly, Chicago, Chairman
of the American Newspaper Publishers' Association Special Standing Committee.
Mr. Williams,in addition to being named Manager of the Code Authority,
was made Secretary and Treasurer. Prior to his connection with the
Bidder papers, Mr. Williams served for many years on the New York
"World" and other newspapers. His experience has covered all branches
of the newspaper business. Mr. Butler was co-publisher of a daily newspaper at Mankato, Minn., and has had broad experience in commercial
printing and lithography.

Railroads Propose Extending Until April 30 1935
Present Deduction of 10% in Wages—Proposed
15% Reduction Temporarily Abandoned
Spokesmen for the Nation's class I railroads on March 15
temporarily abandoned their demand for a 15% wage reduction and asked the 21 standard railway unions to extend tle
present 10% deduction until April 30 1935. This request
was served on Alexander F. Whitney, Chairman of the
Railway Labor Executives Association, by W. F. Thiehoff,
Chairman of the Conference Committee of Managers, at a
joint conference held at the Willard Hotel, Washington, D.C.
The meeting was attended by the 21 chiefs of the unions
and 1,500 general chairmen of the brotherhoods. The New
York "Times" in reporting the matter further states:
While Mr. Whitney made an informal reply to the request of the managers,
he said that the unions would meet March 16 to frame a formal answer
which would be served on the employers at 2 p. m.
Mr. Thiehoff made it plain that his offer was not to abandon permanently
the hope of a 15% wage reduction, which was announced about a month
ago as the desire of the managers. He said that the employers wished to
postpone until Jan. 1 1935 "further action under the present notices served
by the railroads in respect to basic rates of pay."
President Roosevelt some weeks ago suggested to both parties that
present wage deduction period which expires on July 1 be extended for
another six months' period, terminating on Jan. 1 1935. The employers
now request that the present arrangement be continued for nine months,
expiring on April 30 1935.
Financial Straits Noted.
In arguing for continuance of the 10% deduction the carriers reviewed
the precarious financial condition of the last few years and declared that
"the slight improvement since the spring of 1933 has resulted only in
decreasing the deficit of that year, the final results being the poorest for
any annual period except for 1932."
The credit position of the railways, it was said, continues most unsatisfactory.
"Only through their borrowing from the Reconstruction Financial
Corporation, now approximately $400,000,000, the Railroad Credit Corp.
and the banks, have funds been made available to meet fixed charges and
maturing loans." the statement continued.
"At the end of 1933, despite aids provided through (1) increased freight
atm, which have since been eliminated; (2) the decrease in payrolls by
reason of the wage deduction; (3) aid from banks. RFC. railroad Credit




1847

Corp. and Public Works Administration. there were 44,334 miles of railroads
in the hands of receivers or trustees—the greatest amount of railroad
mileage in receivership since the Civil War.
Leaver Living Cost Cited.
"In 1932 and 1933 alone, 33,000 miles went into receivership, with
funded debts aggregating over 81,250,000,000. As of Feb. 28 1934, there
were in excess of 81,500,000,000 of railroad bonds listed upon the New York
Stock Exchange upon which interest is not being paid."
The statement further referred to the "unprecedented reduction of
traffic andrevenues."
"These facts, in our opinion, justify the 15% decrease in basic rates as
provided in the notice quoted above," the managers' statement continued.
"That this would not create an unjust hardship upon railroad employees
is shown by the fact that the cost of living is still far below that,existing
at the time that these basic rates were created. In December 1929. the
171.4.
cost of living index as published by the Department of Labor stook at
As of December 1933, it was 135.0, a decrease of 21.2%."
request
In conclusion, the committee referred to President Roosevelt's
avoidance
for continuance of the present 10% deduction and his desire for
of controversy.

Aluminum Workers "Holiday Strike" Ends After Mediation by NRA—Employees of Pittsburgh Plants
Asked Higher Wages, Shorter Hours and Institution of Check-off—Return to Jobs After Accepting
11% Wage Increase.
A 10-day "holiday strike" participated in by more than
3,000 employees of the Aluminum Co. of America at three
Pittsburgh plants was ended March 12, following a conference attended by company executives, employee representstives, labor officials and the Regional Labor Board of
the National Recovery Administration. The strikers had
demanded higher wages, shorter hours and better working
conditions. Under an agreement reached March 11 the
employees returned to work after accepting an 11% wage
increase. A. R. Butler, President of the National Council
of Aluminum Workers, said at the beginning of the strike
that the workers demanded a minimum wage of $1.06
hourly for men and 85% of that amount for woman, as well
as a five-day week of 30 hours and the check-off for union
dues.
I. W. Wilson, an official of the company, in a statement
issued March 1 said:
There are no outstanding demands which have not received consideration
from the management and which have not been frankly and openly discussed with the representatives of employees. In so far as wage rates
are concerned, our company made only two general reductions of 10%
from 1929 to 1933, and on Aug. 1 1933, made a general wage increase of
11%, and effective as of to-day further general increases had already
been announced.

Associated Press advices from New Kensington, Pa.,
March 11 described final settlement of the strike as follows:
Acting on the advice of a Federal conciliator,employees of the Aluminum
Co. of America to-night ended their 10-day "holiday," voting by a large
majority to return to work at once.
The vote was taken at a meeting of about 2,000 of the "rank and file"
after an address by Howard 'I'. Colvin of the Department of Labor, who
urged the workers to accept the company's proposal of an 11% wage increase
and an offer to discuss union recognition and a check-off of union dues
after they return to their jobs.
About 3,400 had walked out of the three Mellon-owned plants. A company spokesman said that half would resume work to-morrow and the
rest by Thursday.

Bank of New York & Trust Company Observes 150th
Anniversary—Oldest Bank in New York and Oldest
.
in United States Still Preserving Original Ider214t
The Bank of New York and Trust Company, the oldest
bank in New York and the oldest in the United States still
preserving its original identity, observed on March 15 the
150th anniversary of its founding. Its organization as the
Bank of New ;York on March 15 1784 marked the beginning
of banking in New York and to some extent the establishment
of commercial banking in this country. The bank observed
its anniversary by holding a reception for its friends at its
main office, 48 Wall Street, during banking hours on March
15. This was followed in the evening by a dinner which
John C. Traphagen, President of the Bank, gave for officers
and trustees at the Union Club. A history of the bank has
been written by Allen Nevinsto commemorate the anniversary.
Following the organization of the bank in March 1784, its
doors were formally opened for business on June 9 of that
year. For fifteen years it was the only bank in New York
and the center around which the financial life of the town
revolved. Outlining the bank's career, an announcement
issued in behalf of the bank has the following to say:
Alexander Hamilton was one of the founders of the bank. He wrote its
original constitution, served as a director for two years and took an active
part in its management. When he became the first Secretary of the Treasury, the first loan he arranged for the Government—$200,000—was from
the Bank of New York. As evidence of the first draft against this loan, the
bank still has in its possession U. S. Treasury Warrant No. 1.
The first President of the bank was General Alexander McDougall, an
influential merchant of that time, who had become a leader in civic affairs
after distinguished service in the Revolutionary War. The first Cashier

1848

Financial Chronicle

was William Beton, another able merchant of New York. The twelve original
directors were: Samuel Franklin, Robert Bowne, Comfort Sands, Alexander
Hamilton, Joshua Waddington, Thomas Randall, William Maxwell,
Nicholas Low. Daniel McCormick, Isaac Roosevelt, John Vanderbilt and
Thomas B. Stoughton.
Among the original directors and early Presidents of the bank was Isaac
Roosevelt, great-great-grandfather of Franklin Delano Roosevelt. He
served as head of the bank from 1786 to 1791.
Through a bill passed by the New York legislature and signed by Governor
George Clinton on March 21 1791, the bank became the first incorporated
institution of its kind in New York State. Up to this time, the State had
enacted no legislation on banking. The bank's charter, closely following its
constitution written by Hamilton, served as a model for the banking law
of the State and to some extent of the nation. Several of the provisions
of the constitution indicated that the experiences which the colonies had
just been through had molded the thoughts of the founders in dealing with
banking problems. Curously, these problems have a bearing on those still
confronting the banking world to-day. For example, the constitution provided, among other things, that (a) the President and directors shall receive
no compensation other than that determined-by the stockholders at a general
meeting; (b) reflecting the inflationary difficulties of the time, that subscriptions to the bank's stock should be payable in specie only, not in paper
money; and (c) that the bank should make no foreign loans.
When the New York Clearing House Association was established in 1854,
the Bank of New York became, and it still remains, No. 1 on the list of
members.
Through a merger with the New York Life Insurance and Trust Company in 1922, the institution became the Bank of New York and Trust
Company. The consolidation was a logical one—nearly 100 years earlier
some of the men associated with the Bank of New York and assisted in
founding the New York Life Insurance and Trust Company. The traditions of both institutions were similar and both were deeply rooted in the
history of New York.
Throughout its history the bank has never missed paying a dividend
except in 1837, when it was obllged to do so by a State law applied to all
banks. During the first hundred years of its existence the bank paid dividends of 9093 %, according to an estimate made in 1884. During the
Past fifty years, dividends aggregating 8103i% have been paid, including a
25% stock dividend in 1921 and a 50% stock dividend in 1927. The total
dividends to date on this basis amount to 1720%, and do not include the
payments made by the New York Life Insurance and Trust Company
prior to its merger with the bank.
The first home of the bank was the Walton House at No.67 St. George's
Square, near Pearl and Water Streets. It later removed to Hanover Square
and in 1798 to its own building at Wall and William Streets, the site which
became its permanent location and on which its 32-story building now
stands. For brief periods, beginning in 1791, the bank occupied a "country
residence" in Greenwich Village, because of recurrent outbreaks of yellow
fever in New York.
The history of the bank records that it has gone unharmed through seven
major panics, including the depression which began in 1929. The other
crises were those of 1835, 1857. 1873, 1884, 1893 and 1907.
lip The latest statement of the bank,as of Dec.30 1933,shows total resources
of $151,260,674.

The present senior officers of the Bank of New York and
Trust Company are: Edwin G. Merrill, Chairman of the
Board;J. C. Traphagen,President; L.F.Kiesewetter, Joseph
Andrews, Robert E. Miller, George S. Butler, Dave H.
Morris, Jr., Henry J. Schuler, Henry Parish, J. L. van Zelm,
John C. Vedder, Charles Eldredge, Linzee Blagden, A. J.
Purdy and Robert J. Roos, Vice-Presidents.
National Automobile Chamber of Commerce Requests
Members to Reduce Hours and Raise Wages 10%,
Effective March 31—Henry Ford Restores $6 a Day
Minimum Pay—Total of 230,000 Workers Will Be
Affected—General Johnson Expresses Pleasure at
Compliance with Request of President Roosevelt.

Mar. 17 1934

a number which has been materially added to since that date. This compares
with 232,600 in the same month of 1929, a year of greatest production,
and an average for that year of 198,000.
The average hourly earned rate of workers in the plants of members of
the National Automobile Chamber of Commerce in March 1934, it is estimated, will equal or exceed the average rate in 1929, while the weekly
earnings are expected to be at least 90% of the weekly average in 1929,
the difference in the latter figure being due largely to limitations on maximum weekly hours permitted by the code of the Industry.
The current cost of living is approximately 83% of 1929. The members
of the National Automobile Chamber of Commerce have therefore substantially restored the level of employment and wage rates of the year 1929,
although production for the year is not expected to be more than 50% of
that in 1929.
The new models designed this year marked a radical departure from all
previous models and necessitated the largest investment in the industry's
history in dies, tools and equipment.
It is obvious, however, that increases in cost eventually result in increased prices, which, in turn, tend to restrict sales and employment.
Labor unrest in the automobile industry has been brought about principally not by dissatisfaction with wages and working conditions, but
rather has been caused by artificial issues that have arisen out of efforts
to unionize the plants involved.
These issues involve the right of each employee to deal for himself or
through a representative of his own choice with his employer in the matter
of wages, hours and conditions of employment.
It is the position of labor union organizers that If a majority of the
employees of a plant choose to bargain through union labor officials or
committees all the employees in that plant must do so.
It is the position of employers that each employee has the right to
bargain with his employer individually or through a representative of his
own choosing.
It is the opinion of the employers that the law, Section 7A of the NIRA,
clearly sustains that contention.
There are other equally artificial issues raised and insisted upon by
union labor organizers.
It is the earnest convictions of the members of the National Automobile
Chamber of Commerce that to surrender to these claims of labor union
organizers would be to surrender the freedom and right of employees to
bargain into the hands of labor union organizations contrary to the letter
and the spirit of the law. The National Chamber of Commerce in this
crisis feels it is its bounden duty to declare its position in these matters as
follows:
The code of the automobile manufacturing industry provides: "Employees shall have the right to organize and bargain collectively through
representatives of their own choosing, and shall be free from the interference, restraint, or coercion of employers of labor, or their agents, in the
designation of such representatives or in self-organization or in other concerted activities for the purpose of collective bargaining or other mutual
aid or protection;
"2. No employee and no one seeking employment shall be required as a
condition of employment to join any company union or to refrain from
joining, organizing, or assisting a labor organization of his own choosing;
and (3) employers shall comply with the maximum hours of labor, minimum
rates of pay, and other conditions of employment, approved or prescribed
by the President."
The merit clause in our industry's code reads:
"Without in any way attempting to qualify or modify, by interpretation,
the foregoing requirements of the NIRA, employers in this industry may
exercise their right to select, retain or advance employees on the basis of
individual merit, without regard to their membership or non-membership
in any organization."
The members of the National Automobile Chamber of Commerce, in
accordance with this provision, have met, for the purpose of bargaining
collectively, properly authorized representatives of employees in the industry. The members of the National Automobile Chamber of Commerce propose, in accordance with the law, to continue to meet such representatives
of employees in the industry. They propose to do so whether those representatives represent the majority of employees, minority groups or
individuals.
The members of the industry, intending scrupulously to keep the law
and the code, do not intend to submit to being coerced extra-legally. They
intend as well to protect from unlawful coercion, insofar as they are able
to do so, those who work for them and those with whom they deal.
By so doing they believe that they are living up to the spirit and the
letter of the code, and that the stand they are now taking is for the best
interests of the industry, its employees and the country at large.

Approximately 230,000 workers in the automotive industry
will receive shorter hours and higher hourly wages March 31,
according to plans announced March 13 by the National Automobile Chamber of Commerce and by Henry Ford. Every
important motor car company with the exception of the
Ford concern is a member of the National Chamber, whose
directors recommended that member firms reduce the aver43 National Banks Licensed by Comptroller of Currency
age working, week from 40 to 36 hours, with corresponding
During Period from Feb. 11 to Feb. 28—Brings
wage advances. The announcement said that 183,000 perTotal Licensed During Month to 63, as Compared
sons are currently employed by members. On the same day
with 69 in January—Only 280 National Banks Still
Unlicensed Against 1,446 Following Banking
Mr. Ford announced that he had restored a $5-a-day miniHoliday.
mum wage to 47,000 of the 70,000 persons employed in this
J. F. T. O'Connor, Comptroller of the Currency, reported
plants. General Hugh S. Johnson, Recovery Administrator,
said March 13 that the action of the National Automobile on March 7 that 43 National banks were licensed and opened
Chamber "is in exact compliance with what the President or reopened during the period Feb. 11 to 28, both inclusive.
requested." The directors of the Chamber, in their state- Of these, the Comptroller said, 42 banks, with $45,612,000
ment, discussed labor conditions in the industry, and re- frozen and $3,893,000 unrestricted deposits, had been in
marked that members "Intending to keep the law do not the hands of conservators; while the other institution—the
intend to submit to wing coerced extra-legally." The an- First National Bank of George West, Texas, with frozen
nouncement said that labor unrest has been produced Chiefly deposits of 3192,000—had been in the hands of a receiver.
During the short month of February 63 National banks,
by "artificial issues that have arisen out of efforts to unionwith $62,953,000 frozen and $6,568,000 unrestricted deposize the plants involved."
The statement of the National Automobile Chamber of its, were licensed, 20 banks having received licenses during
the first 10 days of the month. This compares with 69
Commerce follows:
In response to the appeal of the President, the National Automobile
Chamber, of Commerce, at a directors' meeting in the General Motors
Building here to-day, recommended to its members that average weekly
hours of productive workers be reduced from 40 to 36, and that compensating wage increases over rates prevailing in February 1934 be made effective
on or before March 31 1934.
As a result of aggressive leadership and the prospective acceptance by
the public of the new models the members of the National Automobile
Chamber of Commerce on Feb. 15 1934 employed 183,000 men and women,




National banks, having $68,966,000 frozen and $6,983,000
unrestricted deposits, licensed during the month of January,
and with 77 National banks, having $78,628,703 frozen
and $4,125,000 unrestricted deposits, licensed during the
month of December. The Comptroller's announcement of
March 7 further said:
By the close of business Feb. 28 1934 the number of unlicensed National
banks in the United States had been reduced to 280. contrasted with 1.446

on March 16 1933, the first day after the termination of the banking holiday. Moreover, 81.5% of the institutions which were still unlicensed at
the end of last month had received approved reorganization plans, which
means that they can reopen just as soon as these plans are consummated.
The 280 National banks unlicensed at the last of February were divided
as follows: 228. with $201,993,000 frozen and $18,008,000 unrestricted
deposits, had approved reorganization plans; 52, with $29,718,000 frozen
and $3,166,000 unrestricted deposits, had disapproved reorganization plans.
During the final 18 days of Feb. 11 National banks and one State bank
received approvals for their reorganization plans from the Comptroller's
Department. Of the 11 National banks, 3 institutions, with $1.909,000
frozen and $166,000 unrestricted deposits, were unlicensed; while the other
8 banks, with $4,013,000 frozen deposits, were insolvent institutions.
The State bank desiring a National charter is the First State Bank, Antlers,
Okla.
The 42 National banks which consummated their reorganization plans
and were issued licenses to resume business or were granted charters for
new banks to take over the business of the old ones during the period Feb. 11
to Feb. 28 1934, both inclusive, are shown below, with deposits of each:

Date.

Name of Bank.

Location.

Frozen.

DelawareMilton
FloridaOrlando

Feb. 21
Feb. 23
Feb. 23
Feb. 27

A lamosa National Bank
Boulder National Bank
First National Bank
Palisades National Bank

$
173,000
373,000
974,000
207,000

$
79,000
17,000
82,000
112,000

1,727,000

290,000

Feb. 28

195,000

5,000

1,576,000

157,000

Feb. 23
Feb. 27
Feb. 17

1,065,000
351,000
257,000

278,000
30,000
19,000

1,673,000

327,000

1,748,000
260,000
253,000

20.000
40,000
59,000

2,261,000
KentuckyOwenton
First National Bank
Feb. 24
313,000
MassachusettsWoburn
638,000
Tanners National Bank
Feb. 26
MichiganFirst National Bank & Trust
Ludington
Co
838,000
Feb. 19
Lansing
Feb. 26 11,801,000
Capital National Bank
Marshall
First National Bank
768,000
Feb. 17
First National Bank
Utica
Feb. 23
640,000

119,000

14,047,000

695,000

207,000
789,000

82,000
33,000

996,000

115,000

816,000
413,000
1,361,000

141,000
98,000
80,000

2,590,000

319,000

IllinoisCharleston
Granville
East Peoria

National Trust Bank
First National Bank
First National Bank

IowaCouncil Bluffs.... First National Bank
First National Bank
Gowrie
Garner
Farmers National Bank

Feb. 26
Feb. 14
Feb. 28

NebraskaAurora
Grand Island

First National Bank
Nebraska National Bank

New JerseyCarlstadt
Clementon
Guttenberg

Feb. 27
Carlstadt National Bank
Clementon National Bank__ __ Feb. 15
Feb. 19
Liberty National Bank

New YorkGreenwood
Kings Park
Oxford
OhioBYesville
Dillonvale
Toledo

Feb. 21
Feb. 21

Feb. 24
Kings l'ark National Bank-- Feb. 21
Feb. 24
First National Bank

First National Bank

First National Bank of ByesFeb. 16
vale
Feb. 19
First National Bank
Feb. 24
First National Bank

OklahomaFeb. 21
Perry
First National Bank
OregonFeb. 13
First National Bank
Clatskanie
PennsylvaniaFeb. 28
First National Bank
Ambler
Bethlehem National Bank_ _ _.Feb. 16
Bethlehem
Cambridge Springs Springs First National Bank__ Feb. 26
Tower City National Bank.-- Feb. 26
Tower City
Texas-Pearsall

Pearsall National
Pearsall

Bank

19,000
38,000
123,000
399.000
160,000
13,000

169,000
329,000
775,000

16,000
69,000

1,273,000

85,000

354,000
418.000
4,824,000

29,000
40,000
300,000

5,596,000

369,000

397,000

31,000

540,000

70.000

1,658,000
4,149,000
859,000
1,183,000

277,000
180,000
98,000
83,000

7,849,000

638,000

in
Feb. 19

77,000

9,000

1VashingtonColfax
Walla Walla

Farmers National Bank
First National Bank

Feb. 26
Feb. 21

690,000
1,392,000

304,000
155,000

2,082,000

459,000

West VirginiaElkins
Elkins
Oak Hill
Webster Springs__

Elkins National Bank
Peoples National hank
Oak Hill National Bank
First National Bank

Feb.
Feb.
Feb.
Feb.

946,000
293,000
186,000
357,000

31,000
45,000
18,000
54,000

1,782,000

148,000

45,612,000

3,893,000

Total 42 banks

13
13
27
19

The following compilation shows the 11 National banks whose reorganization plans were approved during the period Feb. 11 to Feb. 28 1934, inclu..
INSOLVENT NATIONAL BANKS.
Name of Bank.

Location.
ArkansasDardanelle
ColoradoCentral City
IllinoisBloomington
IowaWhat Cheer
MississippiWaynesboro
Ohio-

Stockport

Deposits.

GeorgiaFitzgerald
NebraskaAshland
VirginiaAbingdon

Dale.

Name of Bank.

Location.

Frozen.

Date.

Frozen
Deposits.

Unrestricted

National Bank of Fitzgerald_ _ Feb. 26

450,000

97,000

The National Bank

Feb. 16

205,000

25,000

First National Bank

Feb. 26

1,254,000

44,000

1,909,000

166,000

Total 3 banks
RECAPITULATION.

Deposits.
No.
Frozen.

Number of banks and deposits approved on Feb.

Unrestricted

First National Bank & Trust
Feb. 14
Co

First National Bank

UNLICENSED NATIONAL BANKS.

10 1934
Number of banks and deposits approved Feb. 11
to 28, 1934

Deposits.

ColoradoAlamosa
Boulder
Boulder
Palisades

1849

Financial Chronicle

Volume 138

271

274

42
228

Total Feb. 28 1934

1,909,000

166,000

249,223,000 22,165,000
1,618,000

4
270

Number of banks and deposits opened Feb. 11 to
28, 1934

247,314,000 21,999,000

3

Number of banks and deposits whose approved
plans were withdrawn

Unrestricted

264,000

247,605,000 21,901,000
45,612,000

3,893,000

201,993.000 18,008,000

The list of those banks which were licensed during the
first 10 days of February and those which had had their
reorganization plans approved during that period, was given
in our issue of Feb. 17, page 1176.
No Bank Failures Among Members of Temporary
Insurance Fund Since Funds Formation More'
Than Three Months Ago.
Although the temporary insurance fund is now wE 11 within
its third month of operation, so far no bank which is a.
member of this fund has closed its doors, Leo T. Crowley,
Chairman of the Federal Deposit Insurance Corporation,
declared March 8. This absence of failures among institutions whose deposits are insured is in striking contrast with
the experience of previous years, he pointed out, further
noting:
During the 12 years ending and including 1933 the average number of
banks which failed in the United States for the combined months of January
and February was 204, involving an average of $79,647,916 in deposits.
Failure statistics for January and February 1922-1933, as furnished by
the Federal Reserve Board, covering all banks in the United States,follow:
Month of February.

Month of January.
Year.
Failures.

Deposits.

Failures.

57
35
152
100
71
135
56
58
90
198
342
242

$12,843,000
5,639,000
47,948,000
26,682,000
13,998,000
30,669,000
12,021,000
18,490,000
26,523,000
75,712,000
218,867,000
134,202,000

42
36
90
62
51
80
49
69
87
77
121
154

1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933

Deposits.
817,084,000
6,495,000
23,827,000
15,941,000
11,682,000
26,103,000
18,216,000
23,989,000
32,433.000
34,616,000
57,266,000
64,529,000

As of Feb. 15, the number of banks affiliated with the temporary insurance fund totaled 13,529, of which 7,391 are State banks not members of
the Federal Reserve System, 5,229 are National banks and 909 are State
banks holding membership in the Federal Reserve System. The number
of insured accounts in all these institutions is 54,682.092; insured deposits,
$15,482,981.016; total deposit liability in the 13,529 institutions, $37,923,
828.503. and the ratio of insured deposits to total deposits, 40.83%. The
following tabulation shows these figures broken up as between the three
classes of banks which are members of the fund:
Number of
Insured Banksx5,229
y909
z7,391

Insured
Accounts.

Insured
Deposits.

Total Deposit
Liability.

24,690,344 $6,021,331,769 $17,503,087,333
8,796,618 2.518.063,133 9,676,301,702
21,195,130 6,943,586,114 10,744,439,468

Ratio of Insured
Deposits to Total
Deposit Liability.
34.40%
26.02%
64.62%

40.83%
54.682.092 815.482.981.016 837.023.828.503
x National banks. y State banks-members Federal Reserve System. z State
banks-not members Federal Reserve System.
13.529

Reopening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of March 10 (page 1682),
with regard to the banking situation in the various States
the following further action is recorded:

First National Bank

Feb. 26

44,000

DISTRICT OF COLUMBIA.

First National Bank

Feb. 21

221,000

The Washington Mechanics' Savings Bank of Washington,
D. C., which has absorbed the Mount Vernon Savings Bank
and plans to re-open the Franklin National Bank by about
the middle of April, will change its name to the City Bank
of Washington. On March 13 the Treasury Department
notified Clarence F. Burton, President of the institution of
its official approval of the new name.
The new name has been agreed to by the Board of Directors
of the Washington Mechanics' Savings Bank, the old Mount

First National Bank & Trust Co

Feb. 26

2,027,000

First National Bank

Feb. 20

277,000

First National Bank

Feb. 27

442,000

First National Bank

Feb. 26

158,000

Feb. 19

651,000

TexasMarlin-Citizens National Bank
Marlin
West VirginiaAnsted National Bank
Ansted
Total 8 banks




Feb. 16

193,000
4,013,000

1850

Financial Chronicle

Vernon Savings Bank and the Franklin National Bank, and
will be submitted to the stockholders of the Mechanics' Bank
at their annual meeting on April 10, Mr. Burton said. There
is no doubt about the forthcoming approval of the stockholders. The new name will not take effect until after the
meeting of the stockholders, however. The Washington
"Evening Star" of March 13, authority for the foregoing,
continuing said:
The Washington Mechanics' Savings Bank was chartered in the State of
Virginia in 1906. and has been operating in the District of Columbia under
the same name ever since, without restriction, expanding to four and,
finally, with the accession of the Mount Vernon Bank, as headquarters,
Into five banking houses. Addition to the Franklin National Bank. at
Tenth Street and Pennsylvania Avenue, will give the institution six banking
houses under the new name. The branch of the Franklin Bank on Connecticut Avenue will not be used by the City Bank of Washington.
Since the bank charter rests in Virginia, it was necessary also to get
approval of that State before making a change. The Corporation Commission of Virginia was notified and, after investigation, sent word to Mr.
Burton that the new name was "available."
ILLINOIS.

We learn from the Chicago "News" of March 8 that plans
for making available 40% to depositors of the closed West
Side Trust & Savings Bank of Chicago, Ill., were given an
impetus on that day by Edward J. Barrett, State Auditor
of Illinois, when he outlined a program to Max Shore,
Chairman of a depositors' committee. Mr. Barrett, it
was stated, set up a program agreeable to his office, which if
followed closely, he believes, will produce the desired results.
This program, based on the condition of the bank as of
Jan. 27 1934, and subject to change as the assets of the bank
are liquidated, was outlined as follows:
1. The receiver will endeavor to borrow from the Reconstruction Finance
Corporation the sum of $2,100,000 from which must be paid other secured
bills payable in the amount of $1,200,000. Practically all of the assets of
the bank, other than those to be purchased by the new National Bank as
hereinafter set forth, will be offered as collateral to the RFC.
2. The bank's liabilities to general creditors will be reduced approximately $348,000 by the allowance of offsets against loans and discounts.
3. General creditors of the bank will voluntarily waive 60% of the
amounts of their respective balances, and in consideration of $400,000 in
cash to the receiver will voluntarily waive any further claim against stockholders of the bank on their stock liability. To make the plan effective,
approximately $1,800,000 must be waived, meaning that waiver agreements must be executed by depositors whose balances aggregate $3,000,000.
4. After the organization of the new National bank it will be asked to
purchase assets of the West Side Trust & Savings Bank of Chicago, which
have been designated as acceptable by the National Banking Department,
for the sum of approximately $588,000.
5. Secured liabilities of approximately $17,000 will be retired and $18,000
in additional cash will be provided by the sale of certain foreign bonds
and pledged United States Government securities.

The paper mentioned furthermore said:
"Consummation of this plan will permit the receiver to pay all remaining
preferred and secured cliams and 40% of the balances of waiving depositors."
the auditor stated.
Even if the proposals suggested are not fulfilled and the reorganization
not consummated, the State Auditor's office, with the aid of a loan from
the RFC, hopes to make a substantial payment to depositors at an early
date.

The Chicago "Tribune" of March 11 carried the following
in regard to the closed trust company:
Moves in the attempt to reorganize the West Side Trust & Savings Bank
were outlined to the general depositors' committee at a meeting yesterday
afternoon in the Morrison Hotel. Plans are proposed which, through the
aid of a RFC loan, would make available immediately 40% of the frozen
deposits.

Announcement was made on March 8 by Robert R.
Wallace, receiver for the closed First National Bank of
Joliet, Ill., that the institution would make a 30% payment
to the depositors immediately, according to the Chicago
"Tribune" of March 9, which continuing said:
This amount was obtained through a loan from the RFC,and from funds
collected by the receiver. In addition, F. W. Woodruff, President of the
bank, which closed during the bank holiday of 1933, personally will pay
the balance due all depositors who had $50 or less in the bank.
The bank paid on June 19 1933, a 40% dividend. On Sept. 24 1930,
the bank had on deposit $18.519,000. On March 4 1933 it had $3,327,000.
After the present payment, there will remain only $996.000 due depositors.
The total number of depositors affected by Mr. Woodruff's payment in
full of all claims of $50 or less is about 13.000

A license to re-open has been issued by the Federal Reserve
Bank of Chicago to the Grosvenor Savings Bank, of Jonesville, Mich., according to Chicago advices on March 15 to
the "Wall Street Journal."
MICHIGAN.

The Chicago Federal Reserve Bank issued a license to
reopen to the Cass City State Bank, in Cass City, Mich.,
effective March 12, according to Chicago advices on that
date to the "Wall Street Journal."
According to the "Michigan Investor" of March 10, the
following State banks in Michigan are making dividend
payments:
Citizens National Bank of Romeo, 32%, the first since the bank closed;
Peoples' State Bank of Bessemer, the first since the bank closed; American
State Savings of Lansing, 10%, or $300,000, making a total release of
$1.,300,000.




Mar. 17 1934

Concerning the affairs of the closed Bank of Saginaw,
Saginaw, Mich., the "Michigan Investor" of March 10 had
the following to say:
The plan of the depositors committee of the Bank of Saginaw for reorganization of the bank is not feasible in the opinion of the State Banking
Department and the Reconstruction Finance Corporation, according to a
statement issued by Frank W. Merrick, receiver of the bank. Mr. Merrick
said that they feel that the only feasible plan is the so-called "Government
plan" developed last summer.
MISSOURI.

A dispatch by the Associated Press from Warrenton, Mo.,
under date of March 10 stated that a new bank, to be known
as the Warren County Bank, with capital and surplus of
$30,000, had opened for business on that date in Warrenton,
after receiving word from the Federal Deposit Insurimce
Corporation that it had satisfactorily met all the Corporation's requirements. The new institution, it was stated,
had taken over part of the assets of the old Warren County
Bank. The dispatch added:
The new bank is headed by T. W. Hukriede, former Congressman and
until recently U. S. Marshall for the Eastern District of Missouri. Alger
Engel and George C. Dyer are the Vice-Presidents. J. G. Wessendorf,
Cashier, and Miss Mamie KeeBing, Assistant Cashier.

The following with reference to the affairs of the First
National Bank of Webster Groves, Mo., was contained in a
Washington dispatch on March 7, appearing in the St.
Louis "Globe-Democrat":
Hope of reorganizing the First National Bank of Webster Groves, closed
for a year, is vanishing. The Comptroller has appointed Herbert Johnson
receiver. This means liquidation, and at the Comptroller's office to-day
(March 7) it was stated there was at present no means of knowing just
what this process would pay out to creditors.

Th tt steps are being taken by the Comptroller of the
Currency to liquidate the Grand National Bank of St. Louis,
Mo., is indicated in the following Washington dispatch on
March 11 to the St. Louis "Globe-Democrat":
The Comptroller of the Currency yesterday (March 9) moved to liquidate
the Grand National Bank of St. Louis, which has been in the hands of a
conservator since the banking holiday of March 1933.
Comptroller J. F. T. O'Connor yesterday appointed P. W. Henry,
Acting Deputy Commissioner of Finance for Missouri, as receiver for the
bank, but upon being notified of his appointment by wire. Henry communicated with J. E. Fouts, supervising receiver for the Comptroller's office,
and declined to accept.
O'Connor, upon being notified of Henry's refusal to-day, instructed
Fouts to withdraw the commission and return the bank back into the
hands of John W. Snyder, conservator, who has been in charge of its
affairs since the bank holiday.
Action looking toward the appointment of a receiver for the bank has
been held in abeyance pending the outcome of the litigation involving the
Continental Life Insurance Co. of St. Louis, the affairs of which are closely
involved with those of the bank.

The "Globe-Democrat" in the same issue had the following
to say:
In the St. Louis Circuit Court, where the insurance company litigation
is pending, there was introduced in evidence recently a statement from the
office of the Comptroller to the effect that Ed Mays, President of both
the bank and the insurance company, would not hold any office in the
then contemplated reorganization of the bank.
The statement was incorporated in a letter written Dec. 22 1933, by
Gibbs Lyons, Deputy Comptroller, to State Superintendent of Insurance
R. E. O'Malley of Missouri, and was read in Court at the trial of the suit
brought by O'Malley to dissolve the insurance company on the grounds
of mismanagement and insolvency.
Testimony in the suit also revealed that in a plan to open the bank,
submitted to the Comptroller of the Currency by Mays, it was proposed
an estimated $1,035,569 would be put into the reorganized bank by the
insurance company and by Mays, who would arrange his subscription
through a financing deal with the insurance company.
NEW JERSEY.

Herman Deyerberg, Conservator of the First Nationa
Bank of West New York, N. J., which has been doing a
restricted business since the bank holiday was declared about
a year ago, issued a statement at noon March 8, which indicates that plans for the reopening of the bank are practically
completed. The "Jersey Observer" of March 9, from which
this is learnt continuing said:
The statement says that at a well attended meeting of the reorganization
committee held at the bank to-day, Mr. Deyerberg reported that the
amount of the stock fixed by the committee in connection with the reopening of the bank has been subscribed.
He also stated that he will be in a position to advise the committee as to
the amount of the loan to be obtained from the RFC, soon.
Mr. Deyerberg also stated that the spirit of co-operation manifested by
the depositors at large has been very encouraging. . . .
NEW YORK STATE.

Supreme Court Justice George H. Taylor, Jr., on March
14 signed an order granting permission to Francis M.Fallon,
an attorney, to institute a suit against the Mount Vernon
Trust Co., Mt. Vernon, N. Y., Joseph A. Broderick, State
Superintendent of Banking, and Arthur W. Mischanko,
Deputy Superintendent, to recover $5,794 that Fallon had
in the bank as receiver in a foreclosure suit brought by the
Emigrant Industrial Savings Bank against several realty
concerns. White Plains advices on the date named, printed
in the New York "Herald Tribune," in reporting the above,
continuing said:

Financial Chronicle

Volume 138

three
Mr. Fallon immediately filed his complaint and alleged that the
defendants have 13.-en and at.- ,n 1. corrupt, collusive and illegal scheme
and conspiracy to intaleAr. and der,aud" him.
The trust company has been closed but recently was permitted to reopen
amount
on a basis of 55% cash to depositors. Mr. Fallon is seeking the full
on deposit.
OHIO.

Associated Press advices from Columbus, Ohio, on March
9 reported that the Ohio State Banking Department on
March 9 had issued a license to the Citizens' Banking &
Savings Co. of Conneaut, Ohio. We quote further from the
dispatch as follows:
The license provides for reopening of the bank as soon as the Federal
Reserve and State Examiners complete the set-up for reorganization. The
conservatorship of the bank was lifted several days ago.

The People's Bank & Savings Co. of Cincinnati, Ohio,
re-opened for business on March 13 on a normal basis for
the first time in more than a year. Since the National
banking holiday officials had been working on plans of reorganization and only last Saturday, March 10, were informed
that the bank had received permits. In noting the opening
of the institution, the Cincinnati "Enquirer" of March 14
said:
William J. Shroder, President of the re-organized institution, said yesterday (March 13) after the first banking day that new deposits exceeded
withdrawals several times over and that officials were more than satisfied
with the day's operations.
The banking rooms at Fourth and Elm Streets contained many floral
pieces, representing the good wishes of individuals and business houses of
city. Officials received congratulations for their work in placing the bank
on an unrestricted basis and in releasing many thousands of dollars into
trade channels.
It was announced that more than $290,000 had been deposited in the bank
during the last year, despite the fact the institution was being re-organized.
These funds were segregated at the time and yesterday (March 13) were
placed in the general deposit funds.
Withdrawals of all accounts in full of $50 or under is permitted under the
re-organization set-up. There were comparatively few withdrawals of this
nature yesterday, officials said.
With the re-opening funds of $1,500,000 are released. This represents
been
50% of the deposits. Assets representing a similar amount have
placed in trust for the benefit of depositors, who received participation
deassets,
"slow"
these
certificates against them. With liquidation of
positors will receive the funds and the certificates will be retired.
PENNSYLVANIA.

With T. F. Soles as President,• the Bank of Glassport.
Glassport, Pa., is to be organized to supplant the Glassport
Trust Co. under a plan announced March 9 by William D.
Gordon, State Secretary of Banking for Pennsylvania, according to the Pittsburgh "Post-Gazette" of March 10,
which furthermore said:
The new bank will have capital of $100,000, surplus $50,000. undivided
profits, $20,531 and deposits. $781,994.

The resumption of a normal banking business by the
Kensington-Security Bank & Trust Co. of Philadelphia, Pa.,
in the near future was indicated on March 8 in a statement
issued by Dr. William D. Gordon, Secretary of Banking for
Pennsylvania, and by the mailing to depositors, stockholders
and creditors of the institution the terms of a plan for reestablishing the bank. The plan has been approved by the
State Banking Department and the Board of Directors of
the institution. The Kensington-Security Bank & Trust
Co. went on a restricted basis on March 1 1933, with deposits of approximately $7,000,000 and more than 23,000
depositors. Its main office is at Kensington and Allegheny
Avenues, with a branch at Franklin Street and Girard
Avenue. The Philadelphia "Ledger" of March 9, from
which tha above information is taken, continued as follows:
Dr. Gordon's statement listed the Kensington-Security as one of the
19 State-chartered banks that had raised the necessary capital structure
that would permit them to resume normal banking operations and which
had made application to the Federal Deposit Insurance Corporation for
membership.
The plan provides for the organization of a new bank to be known as
the Security Bank & Trust Co. of Philadelphia.
Assuming a certain percentage of the liabilities of the old bank, the
new institution will make available to depositors of the old bank 30%
, % of
‘
of the money due them, these depositors being required to use 73
stock in the new bank. Assets
their freed deposits for the purchase of capitalwill
be trusteed and payments
covering the remaining 70% of the deposits
made from time to time as the assets are converted into cash. It is estimated
in
placed
the trusteeship.
be
will
assets
that about $11,000,000 in
In drawing up the paw, consideration was given to a large class of depositors in the restricted bank and in this connection it has been decided
to pay off in full, when the new bank starts operation, all accounts having a
balance of $50 or less. It is estimated that 16,000 of the old bank's accounts
will be paid in full under this plan.
The new bank will have $300,000 of capital stock and $150,000 of surplus,
and it has agreed to sell to the RFC $250,000 of preferred stock. The
RFC authorities in Philadelphia and Washington have approved the
preferred stock plan.

The Pennsylvania Banking Department on Match 8 gave
35 restricted banks until June 1 next to complete reorganization plans which will permit them to reopen on a normal
basis. The last extension had expired the previous day,
March 7. Included in the group is the Kensington-Security
Bank & Trust Co. of Philadelpnia. Tre extension, which was
announced by Dr. William D. Gordon, State Secretary of




1851

Banking, was allowed under the authority of GavernoPinchot. Dr. Gordon expressed confidence, it was stated,
that all of the banks would reopen on a normal basis. He
expects that about 20 of them will reopen within the next
month. The Philadelphia "Ledger" of March 9,from which
the above information is obtained, went on to say in part:
Dr. Gordon said 19 of the 35 banks have completed "sound plans" of
reorganization and have obtained the approval of depositors, creditors
and shareholders. He said the "greater majority" of these should reopen
on a normal basis within 30 days. They are:
Brentwood.—Brentwood State Bank.
Brookville.—Brookville Title & Trust Co.
Derry.—First Savings & Trust Co.
East Conemaugh.—The United States Savings S.: Trust Co. of Conemaugh
Jeanette.—The First Bank & Trust Co.
Jersey Shore.—The Jersey Shore Trust Co. and the State Bank of
Jersey Shore.
Johnstown.—Johnstown State Deposit Bank, the Johnstown Trust Co.
and the Morrellville Deposit Bank.
Lancaster.—Northern Trust & Savings Co.
Mahanoy City.—American Banking Trust Co.
McKees Rocks.—McKees Rocks Trust Co.
Mount Pleasant.—Citizens Savings & Trust Co.
Pittaburgh.—Hazelwood Savings & Trust Co. and Western Savings
Bank & Trust Co.
Rankin.—The Rankin Bank.
Reading.—The Pennsylvania Trust Co.
Sharpsburg.—Farmers & Mechanics Bank of Sharpsburg.
Dr. Gordon said plans of reorganization of thirteen additional banks
have been approved and they now are obtaining necessary depositor,
creditor and shareholder approval.
List of Other Banks.
"From present indications," he said, "they should experience no difficulty
In complying with the statutory requirements in this respect." These
banks are.
Bethlehem.—The Gosstonyl Savings & Trust Co.
Bowmanstown.—Citizens' Bank of Bowmanstown.
Erie.—Bank of Erie Trust Co.
Hazleton.—American Bank & Trust Co. of Hazleton.
Lancaster.—Farmers Trust Co. of Lancaster.
Lykens.—The Miners Deposit Bank & Trust Co.
Mechanicsburg.—Mechanicsburg Trust Co.
Mohnton.—Mohnton Trust Co.
Philadelphia.—Kensington Security Bank & Trust Co.
Pittsburgh.—Ohio Valley Bank.
Shillington.—The Shilllngton Bank.
Williamstown.—Miners' and Merchants' Bank and Williams Valley
Bank.
The three remaining banks operating on a restricted basis have made
progress in their reorganization plans, Dr. Gordon said, and their programs
are awaiting final approval of the Banking Department. These institutions
are:
Braddock.—Braddock Trust Co.
Harrisburg.—Commonwealth Trust and Union Trust Co. of Pennsylvania.
VIRGINIA.

Concerning the affairs of the closed First N-ational Bank &
Trust Co. of Petersburg, Va., advices from that city on
March 8 to the Richmond "Times-Dispatcn," had the
following to say:
Obligations of stockholders of the closed First National Bank & Trust
Co.to the full eAtent of their holdings were due to be paid to-day (March 8)
to W. A. Bond, receiver of the bank, but whether they were paid was not
known because receiver Bond would make no statement. He declared no
statement can be made by him prior to making public his first report as
receiver for the defunct institution.
Stockholders have been making efforts to have the time for paying
the obligations extended but no announcement of any extension was made
to-day. When the shareholders were ordered by the Comptroller of Currency to meet thier stock obligations in order that depositors might receive
Payment on their money in the defunct bank, March 8 was set as payment
date except in satisfactorily-secured cases where four payments might be
arranged monthly, the last payment to be made June 8.
These deferred payments will bear interest after to-day and receiver
Bond has been directed to take all necessary steps, by suit or otherwise,
to enforce the individual liability of the stockholders to the fullest extent.
About shareholders are affected by the order with a total of about $700.000
involved.
WASHINGTON.

The Pioneer State Bank at Goldendale, Wash., reopened
for business on March 3 after haveing been closed since
Jan. 1 1933, according to the Portland "Oregonian" of
March 4, which continuing said:
Sixty per cent of theTdeposits were released. The bank is under the
temporary deposit insurance guaranty and has membership in the Federal
Reserve.

ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were completed March 5 for the sale of a
membership in the Chicago Stock Exchange at $4,500,
down $500 from the last previous sale.
The membership of Mr. Andre Blot-Lefevre on the
Commodity Exchange, Inc., was sold March 6 to Mr. Paul
Linz (for another) at $3,000. This is an increase of $200
over the last previous sale.
The election is announced of Stephen L. Vanderveer as
a Vice-President of the Continental Bank and Trust Company of New York. Mr. Vanderveer will have his headquarters at the bank's main office at 30 Broad Street, this
city.

1852

Financial Chronicle

Advices from the New York office of the Banca Commerciale Italia,na, under date of March 13, said:
"At the meeting of the Board of Directors of the Banes Commerciale
Italians, Head Office in Milan (Italy) it has been decided to propose, at
the general meeting of the shareholders, to be held on March 31, a dividend
for the year 1933 of Lire 25 per share, equal to 5%,to allocate Lire 4,000,000 to reserves, and to carry over as undivided profits Lire 3,000.000.
The Board of Directors has ascertained that all risks of industrial and financial nature have been eliminated from the balance sheet of the bank,
through sale to Istituto Ricostruzione Industriale. as a result of which the
bank finds itself in excellent condition of liquidity.
"Moreover, in view of the practical stability of prices which characterizes
the Italian and International economic situation, and also of the increased
productive activity in various sections, the Board of Directors has further
approved a general revision of all the assets of the bank, including Italian
and foreign affiliated and associated banks, by eliminating the depreciation
caused by the world crisis and utilizing for this purpose part of the reserves.
Remaining reserves, after such depreciation, will amount to more than Lire
140,000,000, and total means of the bank will aggregate more than
840,000,000 Lire."

The rate of interest on deposits in excess of $1,000 was
reduced on March 12 by the Bowery Savings Bank, New
York City, from 3% to 23/%, annually. The interest on
aocounts less than $1,000 remains unchanged at 3%. In
the case of accounts above the $1,000 mark, the 3% rate
is paid on the first $1,000 and 23/2% on the remainder.
Henry Bruere, President of the bank, announced that no
new accounts will be accepted for amounts greater than
$1,000. He said that after such a maximum has been
attained deposits on these new accounts are limited to $500
in any regular quarterly period.
Owners of common stock of the Chase National Bank,
New York, have subscribed for $3,777,840 of the $50,000,000
issue of preferred stock, on which the subscription period
expired March 14. Subscriptions were received from 2,051
individual shareholders. The bank will sell to the RFC
the balance of $46,222,160 preferred stock not subscribed
by common stockholders.

An additional dividend of 20% will be distributed soon to depositors of
the savings department of the closed Highland Trust Co. of Somerville,
according to announcement by State Bank Commissioner Arthur Guy. The
Supreme Court has authorized the payment, which will amount to $811,893
and will be paid to approximately 13,000 depositors. The Reconstruction
Finance Corporation has made the payment possible by agreeing to advance
approximately' $900,000 against assets of the savings department. Dividends
amounting to 25% have already been paid to the savings department
depositors.
•

The First National Bank in Greensburg, Greensburg, Pa.,
was chartered by the Comptroller of the Currency on
March 9. The new bank, which succeeds the First National
Bank & Trust Co. of Greensburg, is capitalized at $400,000,
consisting of $200,000 preferred and $200,000 common stock.
Richard Coulter and Paul S. Bair are President and Cashier,
respectively, of the new institution.
The People's National Bank of Pitcairn, Pa., Which was
In the hands of a receiver almost two years, on March 6
started to pay its second dividend to the depositors, according to the Pittsburgh "Post-Gazette" of March 7.
The Comptroller of the Currency on March 3 issued a
charter to the First National Bank in Clarion, Clarion, Pa.




Announcement was made by Dr. William D. Gordon, State
Secretary of Banking for Pennsylvania, on March 8,/ that
as a result of a loan of approximately $316,000 from the
Reconstruction Finance Corporation a 32% payment to
approximately 12,000 depositors of the defunct Citizens'
Trust Co. of Bellevue, Pa., would be made not later than
April 9. This will make a total of 62% paid to the depositors. The institution had about $1,000,000 in deposits when
It closed in October 1931. The Pittsburgh "Post-Gazette"
of March 9, authority for the foregoing, went on to say:
Depositors of the bank agreed to drop court action on exceptions to the
accounting of Secretary Gordon in the liquidation of the bank's affairs,
contingent upon payment of the dividend, according to Park H. Martin of
Bellevue, Chairman of a Conmiittee of Depositors. This was done, Mr.
Martin said, "to try to get money for the depositors at a time when they
sorely needed it, as otherwise it would take about three years."
The depositors' suit was dropped despite Judge Elder W. Marshall's
Common Pleas Court decision upholding it and surcharging
Secretary Gordon
$2,260.35. The Court's ruling was, in effect, that the State banking
thief's
"short cut" method of liquidating closed State banks was
illegal. An
appeal to the State Supreme Court had been prepared but
was not taken.

On March 3 the Comptroller of the Currency chartered
the People's National Bank in Brunswick, Brunswick, Md.,
capitalized at $50,000. It succeeds the People's National
Bank of Brunswick. Harry Y. George and George W. Grubb
are President and Cashier, respectively, of the new bank.

The action is in conformity with that taken by many other banks in
expanding their capital, through similar sales to the RFC. The purposes
of the sales are to expand the capital of the bank and also to afford greater
available credit for loans to help business recovery.
The Public Service Commission of Maryland has authorized the Washington Suburban Sanitary District, Maryland, to Issue $650,000 4%,
series CC bonds, due in 30 years, and $200,000 5%,series DD obligations,
due in 50 years, with an option to the district to redeem the issue in
30
years.

Concerning the affairs of the closed Highland Trust Co.
of Somerville, Mass., the Boston "Transcript" of March 10
carried the following:

Mr. Murray began his banking career as messenger for the old Tradesmen's
National Bank of Pittsburgh in 1896. In 1898 he entered the employ of
the company, then known as the Fidelity Title & Trust Co., as assistant
bookkeeper. He was elected Assistant Treasurer and Assistant Secretary in
1905, Treasurer In 1912, Vice-President in 1917, and elected to the Board
of Directors Jan. 22 1932.
Mr. Murray is President also of the First National Bank of Sewickley.
Mr. Walton graduated from Yale in 1909. He entered the employ of the
Fidelity Trust Co. in 1914 and was elected Assistant Treasurer in 1917.

On Feb. 28 the Comptroller of the Currency issued a
charter to the Ambler National Bank, Ambler, Pa., capitalized at $100,000. The institution succeeds the First National
Bank of that place. Andrew Godfrey is President and
Wm. H. Faust, Cashier of the new bank.

Stockholders of the National Savings & Trust Co. of
Washington, D. C., at a meeting held March 12, ratified
the action of the directors in approving the sale of $1,000,000
5% income debentures to the RFC, according to the Washington "Evening Star" of March 13, which went on to say:

Effective Feb. 20 1934, the Farmers' National Bank of
Houlton, Houlton, Me., capitalized at $50,000, was placed
in voluntary liquidation. This bank was absorbed by the
First National Bank of Houlton.

Directors of the Fidelity Trust Co. of Pittsburgh, Pa., on
March 8 elected Eugene Murray President of the institution
to fill the vacancy caused by the death of Malcolm McGriffin. Mr. Murray for many years had been Vice-President
and Treasurer of the institution. The directors at the same
time advanced J. Farley Walton from First Assistant Treasurer to Treasurer, to succeed Mr. Murray in that capacity.
The Pittsburgh "Post-Gazette" of March 9, from which the
above is learnt, continuing, said:

Mar. 17 1934

The new bank is capitalized at $50,000 and succeeds the
First National Bank of Clarion. Harry R. Wilson and
W. M. Moore are President and Cashier, respectively, of the
institution.

It the Washington "Evening Star" of March 11 it was
stated that a 12%% dividend totaling approximately
$120,000 was to be paid the depositors of the North Capitol
Savings Bank of Washington, D. C., on March 13, according
to an announcement by John S. Bryan on March 10. The
"Evening Star," continuing, said in part:
This is the second 121
/
2% dividend to be made available by the bank,
a
previous one having been paid last May.

L. S. Shoemaker, in charge of the liquidation
of the
Farmers' Deposit Bank of Richwood, Ohio, announced on
March 9 that the bank would pay a 15% dividend the week
of March 20, according to a dispatch from Marysville, Ohio,
on that date to the Cincinnati "Enquirer," which added:
This is the fourth dividend creditors and depositors
have received, making
45% the bank has paid since it went into liquidation
more than a year ago.

The Farmers' & Merchant-s' National Bank of Bellaire,
Ohio, capitalized at $100,000, was placed in voluntary liquidation on Feb. 13 last. It was succeeded by the Farmers' &
Merchants' National Bank in Bellaire.
The Union National Bank
-of New Albany, New Albany,
Ind., was chartered by the Comptroller of the Currency on
March 6. The new bank, which is capitalized at $200,000,
is successor to the Second National Bank of New
Albany
and the New Albany National Bank.
Joseph R. Julin, Secretary
-of the First National Bank of
Chicago, Chicago, Ill., died in that city on March 12. He
was 51 years old and had been a close friend of the former
President of the bank, Melvin A. Traylor, who died recently.
Horace C. Wetmore, heretofore an Assistant Cashier of
the First National Bank of Chicago, Chicago, Ill., was advanced to an Assistant Vice-President of the institution at
a meeting of the directors on Mar. 9. Two other promotions

Volume 138

Financial Chronicle

were also made by the Board. C. Edward Dahlia and
Homer J. Livingston, formerly Assistant Attorneys, were
elected Attorneys. In reporting the matter, the Chicago
"Tribune" of Mar. 10, furthermore said:
Mr. Wetmore is a son of the late Frank 0. Wetmore, who was with
the bank for more than 40 years, and was Chairman of the Board at the
time of his death in 1930. Mr. Wetmore's election marks the second
promotion recently of a son Of the former head of the institution. James
B. Forgan, Jr., son of the former President, was made a General VicePresident and Director last month.
The following with reference to the affairs of the closed
Moline State Trust & Savings Bank of Moline, Ill., appeared
in advices from Rock Island, Ill., on Mar. 6 to the Chicago
"Tribune":
Exchange fluctuations resulting from the United States Government's
manipulation of the gold market has resulted in substantial savings for
depositors of the closed Moline State Trust & Savings Bank, it was revealed in Rock Island County Circuit Court to-day (Mar. 6).
The bank held a number of bonds payable in Swiss francs. Value of
the bonds, par of which amounted to $100, was estimated at $30 in United
States money before the manipulation.
Now the par value of the same bonds is estimated at $100 in United
States money and they will therefore bring between $6,000 and $7,(F)
for the benefit of the depositors.
The election of William Taylor as a Vice-President of
the First Wisconsin National Bank of Milwaukee, Wis.,
was announced Mar. 8 by Walter Kasten, President of the
institution, following a meeting of the Board of Directors.
Mr. Taylor was to assume his duties at the bank on Mar. 15.
He brings to his new post a broad background of banking
experience. For the past year he has been chief national
bank examiner in the Seventh Federal Reserve District.
Previously he served in the same capacity in the Cleveland
District.
The Comptroller of the
Curency on Mar. 5 issued a
charter to the First National Bank in Winthrop, Winthrop,
Minn. The new bank has a capital of $50,000, made up of
$30,000 preferred stock and $20,000 common stock. J. Aug.
Swanson is President and E. W. Olson, Cashier, of the new
bank, which replaces the First National Bank of Winthrop.
The First National Bank
in Lenox, Lenox, Iowa, the new
Institution, which replaces the First National Bank of Lenox,
has a capital of $50,000, $40,000 of which is common stock
and $10,000 preferred stock. W. H. Madden is President
and Retta Goodale, Cashier, of the new bank.
According to Associated Pr-ess advices from Lincoln, Neb.,
on March 10, the Nebraska State Banking Department on
that date paid a 10% dividend of $20,124 to depositors in
the failed Fidelity State Bank of Aurora, Neb. A similar
amount had been paid previously, it was said.
The National Bank of Commerce of Pine Bluff, Pine
Bluff, Ark., was granted a charter by the Comptroller of
the Currency on Mar. 9. It succeeds the Cotton Belt Bank
& Trust Co. of the same place and is capitalized at $100,000,
half of which is preferred and half common stock. W. N.
Trulock and Harvey Hogg are President and Cashier, respectively, of the new institution.
Frank K. Harris has been appointed a Vice-President of
the Jefferson-Gravois Bank of St. Louis, Mo., and assumed
his new duties on Mar. 8. Mr. Harris was formerly an
official of the Manufacturers' Bank & Trust Co. The St.
Louis "Globe-Democrat" of Mar. 8, in reporting Mr. Harris's
election, furthermore said in part:
Mr. Harris is President of the Business Men's Association of South
St. Louis. In 1926 he helped organize the Savings Association Jf Clearing
House Banks in St. Louis and served three terms as its President. He
Is active in the Missouri Bankers' Association and was regional Chairman
of the Research Committee of the American Bankers' Association in 192'.'
which made a study of the trend of savings deposits.
In 1924 and 1927, Mr. Harris served as Vice-Chairman of the Community
Fund Campaign and in the same capacity in the 1932 United Relief
campaign. He was a membel- of the Mayor's Committee of 71 on RAH
and Unemployment.
We learn from the St. Louis "Globe-Democrat" of Mar. 8
that William 0. Crawford, formerly of the correspondent
bank division of Mercantile Commerce Bank & Trust Co.
of St. Louis, Mo., was elected Assistant Vice-President of
the Mississippi Valley Trust Co. of St. Louis, at a meeting
of its Board of Directors on Mar. 7 and assumed his new
duties immediately. The paper mentioned went on to say:
Mr. Crawford was born and educated in St. Louis and entered the
banking field in 1916 with the National Bank of Commerce. He is active
In the Missouri Bankers' Association, having served both as Secretary
and Chaiiman of Group 5.




1853

The defunct Scruggs-Vandervoort-Barney Bank of St
Louis, Mo., on Mar. 1 paid an initial dividend to its depositors, according to the St. Louis "Globe-Democrat" of
that date, which said:
Depositors of the closed Scruggs-Vandervoort-Barney Bank will be paid
their first dividend to-day (Mar. 1) amounting to 30%, Ralph D. Griffin,
special Deputy Finance Commissioner in charge, announced yesterday.
Checks will be mailed out to about 13,000 depositors, the aggregate
sum to be distributed totaling $369,945.66.
Mr. Griffin said the payment is made possible at this time through a
loan from the Reconstruction Finance Corporation. This loan must be
repaid before further payments can be made to depositors.
At a meeting held Mar. 12 the Board of Directors of the
Mercantile-Commerce Bank & Trust Co. of St. Louis, Mo.,
declared a quaterly dividend of 1%, or $1.00 per share,
payable Apr. 1 to stockholders of record as of the close of
business Mar. 20 1934. The total dividend payment will
amount to $100,000.00.
On Mar. 1, the First National Bank of Stanford, Stanford,
Ky., was chartered by the Comptroller of the Currency. It
succeeds the First National Bank of Stanford, and is capitalized at $50,000, consisting of $25,000 preferred stock and
$25,000 common stock. J. B. Foster and C. B. Pipes are
President and Cashier, respectively, of the new institution.
Judge W. H. Barrett, in the United States District Court,
on Mar. 7 passed sentence on five defendants who pleaded
guilty or were convicted in the previous week of banking
frauds committed while in the employ of the Liberty National Bank & Trust Co. of Savannah, Ga. Associated
Press advices from Savannah on Mar. 7 authority for the
above, went on to say:
Judge Barrett imposed straight penitentiary sentences, giving no alternative of fines.
Joseph Edward O'Brien, convicted of 28 counts, was sentenced to five
years on each count, to be served concurrently, the charges being embezzlement and making false entries.
John Francis Sullivan, misapplication of funds, five years.
Ralph Palmer Mattox, making false entries, three years.
John Francis Harte, embezzlement, two years.
John Joseph Fitzpatrick, aiding and abetting Sullivan, two years.
Sullivan, Harte and Fitzpatrick pleaded guilty last week. Mattox went
to trial but offered no defense after the Government had completed its
case. O'Brien resisted and was found guilty yesterday (Mar. 6) after a
trial lasting three days.
The total amount of the embezzlements was announced at $147,000
begun first in 1922 and covered up by a system of co-operation of false
entries among those brought to trial.
The National Bank of Monroe, Monroe, Ga., with capital
of $150,000, was chartered by the Comptroller of the Currency on March 5. The institution represents a conversion
to the National system of the Bank of Monroe.
The Guaranty Bank & Trust Co., a new Louisiana institution, with paid in capital of $50,000 and undivided profits
of $5,000, was to open for business with offices in Hammond
and Amite on Mar. 12, according to advices from Hammond
on Mar. 8 to the New Orleans "Times-Picayune." Officers
of the new bank are: W. H. Nalty, Chairman of the Board;
L. A. Loustalot, President, and E. G. Davis, Vice-President
and Cashier. The dispatch added:
The bank is a member of the Federal Deposit Insurance Corporation.
It will be the first unrestricted bank in operation here since the banking
holidays.
The Lockhart National Bank, Lockhart, Tex., was placed
in voluntary liquidation on Feb. 20 1934. The institution,
which was capitalized at $200,000, was succeeded by the
First-Lockhart National Bank.
Effective Feb. 20 1934, the Lockhart National Bank of
Lockhart, Tex., capitalized at $200,000, was placed in voluntary liquidation. The institution was succeeded by the
First-Lockhart National Bank.
The First National Bank in Santa Ana, Santa Ana, Calif.,
was chartered by the Comptroller of the
Currency on Mar. 3.
The new institution succeeds two Santa
Ana banks, the
First National Bank and the Farmers' &
Merchants' Savings Bank, and is capitalized at
$1,000,000, consisting of
$500,000 preferred stock and $500,000 common stock. I.
A.
Mellenthin is President and E. B. Sprague,
Cashier, of
the new bank.
Directors of the Wells Fargo Bank & Union
Trust Co.,
San Francisco, Calif., have declared the
regular quarterly
dividend of $3.25 per share payable Apr. 1 to
stockholders
of record Mar. 26 1934.

1854
NEW YORK
BROOKLYN
BOSTON

Financial Chronicle

Trust Company Returns

Mar. 17 1934

PHILADELPHIA
BALTIMORE
ST. LOUIS

We furnish below complete comparative statements of the condition of all the trust companies in New
York, Brooklyn, Boston, Philadelphia, Baltimore and St. Louis. This is in continuation of a practice begun
32 years ago, the compilation having been enlarged 17 years ago by the addition of Baltimore's institutions.
The statements occupy altogether 13 pages.
The dates selected for comparison are Dec. 30 1933, Dec. 31 1932 and Dec. 31 1931. In the case of
the Boston, the Philadelphia, the Baltimore, and the St. Louis companies, we have sought to get figures
for these dates and have largely succeeded. As, however, returns for these dates are not required in all
the States, a few of the companies have not found it convenient to compile statistics for Dec. 31, but have
furnished instead the latest complete figures available.
In the matter of the New York companies we take the returns under the call of condition nearest the
close of the year. Formerly it was the practice of the State Banking Department to require the trust
companies to render a statement of their condition, showing resources and liabilities for the last day of
December, and also to furnish certain supplementary statistics for the 12 months of the calendar year.
In December 1911 this practice was abandoned,and for some years thereafter it became the custom to select
Nov. 15 as the date. In 1928, 1929, 1930, 1931 and 1932, however, the Superintendent again returned
to the old practice and once more made the date Dec. 31, but during the year 1933 no call of condition whatever was made by the Superintendent, and it was necessary for us to obtain these statements from the banks
themselves, and with few exceptions they bear the date Dec. 30 1933. Beginning with 1911, too, the Banking
Department has waived entirely the requirement as to the supplementary items of information. As these
supplementary statistics, dealing with earnings, expenses, dividends, &c., constituted a most valuable
feature of the annual returns and the record extended back a quarter of a century or more, we have not
felt satisfied to let the record be broken. Accordingly we have made direct application to the companies
in each instance,and in not a few of the cases we have been successful in obtaining the supplementary statistics,
though the number of companies supplying such data has been greatly reduced as compared with the original
number.

NEW YORK COMPANIES
Anglo-South American Trust Co.(New York).
Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Resources$1,039
$2,680
$93,882
Specie
38.611
48.977
13,244
Other. curr. author, by laws of U. S..
524
296
544
Cash items
687,550
826,557
1,144,348
Due from approved res. depositaries.
959,442
482,089
589,620
Due from other banks and trust co's2,179,173
Stock and bond investments
2.183.420 2,476,125
639,575
Loans & disct. secured by. collateral_ _
447,856
832.119
Loans, discounts and bills purchased
375,333
367.943
not secured by collateral
564,542
34.506
727
22.481
Own acceptances purchased
31,364
1.088
120
Overdrafts
231.718
8.509
Customers' liability on acceptances.. _
141,731
Customers liab. on bills purchased.-35,679
158,318
289,020
158,024
286.598
Other assets
367.975
Total
LiabilitiesCapital
Surplus and undivided profits
Reserve for taxes, expenses. &c
Preferred deposits, demand
Deposits, not preferred,demand
Deposits, not preferred. time
Due to trust cos., banks & bankers_
Bills payable
Bills purchased
Acceptances
Other liabilities

$5,372,538 $4,815,058 $6.535.751
$1,000,000 $1,000,000 $1.000,000
732.434
757,959
509.458
237,473
18.024
16,154
95.077
140.901
137,716
1,116,223
2,283.171
2,263,362
2,060,757
354,917 1,726,620
23,877
19,036
23,074 • 28,570
35,679
158.318
289,020
232,686
8,910
150.463
66,149
95.309
142.010

$5,372,538 $4,815,058 $6,535,751
Total
Amt. of dep. on which int. is paid.. $2,145,138 $2,457,000 $3,683,000

*Banco di Napoli Trust Co.(New York).
ResourcesDec. 30 '33. Dec. 31 '32. Dec. 31 '31.
$625
Specie
$994
__
102,930
Other curr. auth. by laws of U.S.
101,456
13,468
Cash items
$3,747,208
79,396
20.483
Due from Fed. Res. Bank of N. Y_
30,482
1,300,276
Due from approved res. depositaries.
964,693
1,779,822 1.162,946
Duefrom other banks,tr. cos.,& bkrs
Stock and oond investments
3.282.576 2,282,398 3,478.584
Loans & discts. secured by bond and
mtge.or other real estate collateral_
56,720
45,965
Loans & discts sec. by other collat._
927,285
134,601
305,934
Loans, discounts and bills purchased
not secured by collateral
189,796
799,178
Own acceptances purchased
78,808
106.903
Bonds and mortgages owned
47,600
45,000
Customers' liability on acceptances_ _
150,742
419.118
470,820
Cust.liab. on bills purchased & sold..
34,197
461.114
Other assets
111.803
115,664
199,426
Total

$8,487,990 ,,$6,308,126 $8,253,391

LiabilitiesCapital
$1,000,000
Surplus, incl. all undivided profits.-711,216
Res,for taxes, exp., contingencies, &c
Preferred deposits, demand
Preferred deposits, time
Deposits, not preferred, demand_ _ _ _ 6,354.9791
Deposits, not preferred, time
Due to tr. cos., banks and bankers_ _
Acceptances
419,118
Bills purchased
Other liabilities
2,677
Total
$8,487,990
Amt.ofdeposits on watch int.is paid_
(7)
*Began business May 24 1930.




*1,000,000 $1,000,000
700,000
700,000
144.014
50,000
25,905
1.266,580 1.023,186
2,473,020 1,971,049
646.577 2.292.232
150.742
470.820
461,114
34,197
11.104
140.976
E6.308.126 $8.253,391
*3.420.502 $4.593,456

Banca Commerciale Italian& Trust Co. (New York)
Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Resources$15,342
$16.660
$13,005
Specie
163.915
163,270
193,408
Other currency auth. by laws of U.S.
196,294 1,431,830
Cash items
36,954
Due from approved reeve depositaries
580,307
2,386,609 2,051.304
Due from other banks and trust cos.. 3,381,976 2,920.639 2,725,347
Stock and bond investments
*3.689,323 4,648,123 4.424,319
Call loans acct. customers
1,000,000
Loans & discts. rec. by bond & mtge.
206,882
213.858
203,850
3,123,761 4,022,518
Loans & discts. sec, by other collateral 2.887.462
Loans,disc & bills pur. not sec.by coil 1.412,630
831,944
592.271
Own acceptances purchased
68.522
24,243
49,982
Overdrafts
173
1,681
738
Bonds and mortgages owned
193,500
173.100
223.200
Real estate
598,406
558,406
598,406
480,098
Customers' liability on acceptances
365,120
492.568
11.068
Customers'liability on bills purchased
10,799
42,580
407,610
Other assets
259.120
255,532
$13,811,128 $16,777,203 $17.560.323
Total
Liabilities$2,000,000 $2,000,000 *2,000.000
Capital
a1,100,022
2,016.469 2,101,333
Surplus and undivided profits
121,199
125,294
Reserves for taxes exp.. conting., &c.
132,396
201.361
Preferred deposits, demand
240,504
961,562
Preferred deposits, time
20,651
7.941
Deposits, not preferred, demand_ _ _ - 2,005,529 2.294,293 3,932.170
Deposits not preferred time
7,471,376 6,927,704 7,204,313
Due to trust cos., banks & bankers485,204
1,561,654
619,371
Bills purchased
10.799
11.068
18,743
Acceptances
408,167
501.332
509.550
Other liabilities
7.471
78,234
72,944
Call loans account customers
1,000.000
Total
$13,811,128-$16,777,203 $17,560,323
Amt.of dep.on which IntAs being paid $7,661,982 $10,662.180 $10,558,184
Supplementary-For Cal. Years
-1932.
1931.
Total Int. & comm. rec. during year_ $6213.
$743,409
306
$652,477
All other profits rec. during year._ _
408.255
169,874
120,339
Charged to undivided profitOn account of depreciation
21,068
On account of other losses
12,160
59,866
On account of reserve
69,781
106,000
Int. credited to depos. during year..
412,642
246,711
294,162
Expenses during year, exclud'g taxes
529,000
485,338
538,519
Amt. of dive, declared on cap. stock100,000
26,000
Amt. deposits on which int. Is paid
7,661.982 10,662,180 10.546.348
Taxes Daid during year
2,247
4,000
2.000
* Represents bond investments only.
a Surplus reduced from *2.000.000 to *1.000,000. of which *833,049
was for charge-offs and $166,951 to undivided profits.

Bank of Athens Trust Co. (New York)
ResourcesDec. 30 '33. Dec. 31 '32.
Specie
$25,200
11,929
Other currency auth. by laws of U.8_
154.535
Cash Items
$590.9461
77,050
Due from Fed. Reserve Bank of N.Y.
•
397.457
Due from approved rat. depositaries-I
I
22,009
Due fr. other biol., tr. cos.& bankers.
2,520,362 3,497,740
Stock and bond investments
NI
Loans and discounts sec. ny collateral} 287,372
L•ns. disct. & bills pur. not sec. by coll
Own acceptances purchased
265
Overdrafts
2,053
2,426
Customers liability on acceptance.-43,235
55,919
Other assets
$3,443,968 54,818,275
Total
Liabilities$500.000
$500,000
Capital
227,358
527,358
Surplus Including undivided profits
38,907
Reserves for taxes. expenses, &c
1
419,571
Preferred deposits, demand
Preferred deposits, time
I
Deposits, not preferred. demand_ _ _. t 2,663,650
802,255
Deposits, not preferred. time
2,415,057
103,737
Due trust cos., banks and bankers---j
2,053
Acceptances
2,426
8.964
Other liabilities
50,907
Total
$3,443,968 $4,818,275
Amount deposits on which Int. Is paid
(7)
$3,199,600

..,12

Dec. 31 '31.
$47.361
9,862
261.950
26,542
1.133,148
119,504
2,859,298

t11:?4E
13.546
2.822
25,722
55.921
*6.105.415
$500.000
531,493
40,206
29.909
7,249
1,088.008
3,490.432
362.819
25,722
29.577
$6,105,415
S4,317.300

Volume 138

Bank Of New York & Trust Co. (New York).
Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Resources$30,572
$38,173
Specie
665,170
566.443
Other curr. auth. by laws of U.S_
$21,361,036 7,097,476 18,273.978
Cash items
12,175,370 11.420.292
Due fr. Fed. Reserve Bank of N.Y.._
Due fr. other Ms.,tr. cos.& bankers
1 1,722,204.
investments
29.648.010
68.242,420
48,537,728
bond
and
Stock
Loans and discounts secured by bond
150.256
70.668
& mtge. or other real estate collat_
Loans & disc,secured by other collat. 43.321,844 23.629,666 28,462.287
Loans, disc. & bills purchased not
18,387.175 22,320.898
secured by collatera
1.139,802
281,473
Own acceptances purchased
37,324
2,949
Overdrafts
3,803,863 3,856,140 3,459,999
Bonds and mortgages owned
8,050,354 8.201,835 8,383,535
Real estate
Customers' liability on acceptances__ 5.873,693 2.166,169 3.838,993
5.147
138,655
Customers'liability on bills purchased
330,247
607,465
541,246
Other assets
Total
$151,260,675 127.279.862 130.550.128
LiabilitiesCapital
$6,000,000 $6,000.000 $6.000.000
Surplus and undivided profits
9,745,789 9.219,826 9,730.678
Capital note
1,000,000
2.608.103
Reserves for taxes, expenses, &c
4,243,343 3,820,461
Preferred deposits, demand
9.443,600 4,926.367
Preferred deposits. time
7.519,079 8,311.911
Deposits, not preferred. demand
123,080,731 69,744.650 76.711,231
Deposits, not preferred, time
3,684,699 2.952,325
Due trust cos., banks and bankers
14.578,252 12,867,955
Acceptances
2,464,274 5.398,416
6,499,960
Bills purchased
1.043.142
Other liabilities
690,852
805.021
Total
$151,260,675 127,279,862 130,550,128
Amt,of dep. on which int. is paid _
9,500,000 $91,300.000 $79,000.000
Supplementary Statistics.
Dec. 30 '33. Dec. 31 1932.
Capital (Par $100)
$6,000,000 $6,000,000.00
9,219,826.00
Surplus and undivided profits
9.745,789
Gross deposits
123,080,731 104.970,279.00
14.00
Dividend rate per annum, payable quarterly
14
253.66
Book value
262
385-170
Approximate price range,
395-250
1933.
1932.
Quarterly Earnings1931.
1930.
First
$5.74
$6.77
$7.68
$8.08
4.49
Second
05.231
2.60{
7.61.
Second
dlb.661
6.52
Third
6.23
7.07
10.28
6.02
Fourth
4.92
a3.851
a5.37
Fourth
c--77.33i
b-13.33
$22.77
$6.49
$18.01
-$56.13
a regular earnings. b Transferred $800.000 from undivided profits,
due t) revaluation of securities, &c. c Transferred $4,640,000 from
undiviied profits, due to revaluation of securities. &c. d Transferred
$1,000,0 from undivided profits, due to revaluation of securities, &c.
Bankers Trust. Co. (New York).
ResourcesDec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Stock and bond investments
282,748,672 355.393,373 153,014,145
Real estate
22,085,814 26.465.189 20,974.895
Bonds and mortgages owned
3,937,306 3,894,228 3.648,050
Loans on bond and mortgage or
i
82,437
other real estate collateral
Loans St disc. sec. by other collateral_ 272084242 131,668,368 172.281,037
Loans, discounts and bills purchased
89.738.496 124,235,969
not secured by collateral
17,505,823 22,132.782
Own acceptances purchased
3,489
Overdrafts
88,756
Due from trust cos., banks & bankers
14,265,838 9,412,595
53.606
Specie
36,054
660,098
Other currency auth. by laws of U.8_ 138626241
539,292
35,029,776 103.178.929
Cash Items
53.976.518 61,921,944
Due from the Fed. Res. Bank of N.Y.
Customers' liability on acceptances
14,955,865 29,428,022 44,106,778
Customers' liability on bills purch.,
60.849 26,146,072
sold with endorsement
4,383,214 3.655,102
2,764,280
Other assets
Total
$737,202,420 762.609.324
Liabilities$25,000,000 $25,000,000
Capital stock
Surplus fund and undivided profits 60,030.599 77,136,109
Capital note
5,000.000
5,672,223
Reserve for taxes, exp., conting., Stc.a16,993,490
Preferred deposits, demand
56.564,599
3,190.372
Preferred deposits, time
Deposits, not preferred, demand
613603582 387.531,942
Deposits, not preferred, time .....
32,816.800
Due trust cos., banks and bankers
143,640,342
Bills purch., sold with endorsement
.
60,849
16,172,954 30,380.065
Acceptances
Other liabilities
401,795
616.024

745,372.400
$25.000,000
75.020.371
12,581,330
50.073,787
4.182,430
385,275.709
23,822,139
95.059.122
26,146,072
45.424,644
2,786,796

Total
$737.202,420 762,609.324 745.372.400
Amt.deposits on which lot, is paid--$
(?)
553.471,816 468,953,210
1933.
1932.
1931.
Net profits for year before dividends- 9,605,510 $9,615.738 *27.633.041
Dividends paid during Year
7,500,000
7.500,000 7.500.000
* Before transfer of $12,000,000 to contingency fund.
a This figure includes contingency fund in the amount of $15,849,892.

Bank of Sicily Trust Co. (New 'York).
Dec. 31 '33. Dec. 31 '32. Dec. 31 '31.
$13.216
224.554
Specie
.214
Other curr. author. by laws of U.8
$2,498,579
447:725
1,282.586
Cash items
321,103
749.407
Due from approved res've depositaries
166.326
746.218
Due fr. other banks, tr. cos. & bankers
3,596,039 4,306,222 3,981,273
Stock and bond investments
Loans & disc, secured by bond and
537,648
723,648
mortgage or other collateral
297.365
488.816
Loans & disc. secured by other coil_ _
Loans, discounts and bills purchased 2,402,363
1.520.039 2.557.656
not secured by collateral
62,502
13.424
Overdrafts
53,613
19,102
Own acceptances purchased
509.015
434,411
294,540
Real estate
294,849
78.568
289,794
Customers' liability on acceptances214,371
155.430
207,352
Other assets
Resources-

$9.515.216 $8,501,270 $11,625.584
Total
Liabilities$1,800.000 +$1,800.000 $1,600,000
Capital
413.577
500.000
Surplus and undivided profits__ _.450,2311
2,207
33,619
Reserves for taxes, expenses: &e
I
1
162.961
Preferred deposits, demand
2,654
Preferred deposits, time
83.769
6.843,616
1,331.00
328.01
Deposits, not preferred, demand_ _
3,361.812
4,152,806 4.912,589
Deposits, not preferred, time
472.128
411,968
Due to trust cos., banks & bankers.- j
294,849
130.661
Acceptances
289,794
126,520
33,274
104,011
Other liabilities
Total
Amt. deposits on which int. is paid

$9,515,216 $8,501,270 211.625.584
(7)
$4,841,382 $7,111,195

*Capital increased from $1,600,000 to $1,800,000 as of April 27 1932.




1855

Financial Chronicle

*Bronx County Trust Co. (New York).
Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Resources$60,850
$87.786
Specie
504.855
592,193
Other curr. authoriz. by law of U.S $1.506.152
712.044
674,316
Cash items
572,495
681.126
Due from approved res. depositaries_
6,303,600 6,322.502 6,828,285
Stock and bond investments
Loans & disc. sec. by bonds & mtges.
1,995,671
1.491,029 1,424,990
or other real estate collateral
1,031.909 2,038,579
Loans and disc. sec. by other coll_
Loans,disc. & bills purch., not sec. by
2.025.824 2,757,209 5,014.563
collateral
4,093
1.695
Overdrafts
1.748,162 1.966.851
Bonds and mortgages owned
1,995,074
1.141.362
1.410.538
Real estate
396,661
3.712
650
Customers' liability on acceptances
375,864
408.216
928,607
Other assets
215,151,589 $16,957,534 220,898.340

Total

LiabilitiesCapital stock
$1.550,000 $1,550,000 $1,550,000
517.375
520,667
Surplus fund and undivided profits
999,007
Capital notes
2.179.900
700,183 1.123,011
Reserves for taxes, exp.. &c
3.018.860 3,240.087
Preferred deposits, demand
463.956
956,098
Preferred deposits, time
9.243.124
7,023.601
Deposits not preferred, demand
10,379,691
2,588,528 4,234.884
Deposits not preferred, time
23.746
Due to trust cos., banks & bankers__ _
21,798
650
3,712
Acceptances
501.507
574,087
Other liabilities
42,991
Total
$15.151,589 216,957,534 220,898.340
Amount of dep. on which int. Is Paid$8,080.000 $10,000,000
(7)
Fordham National Bank and Bronx County Trust Co. consolidated
as of Aug. 11929.

*Uentral Hanover Bank & Trust Co.(New York).
ResourcesDec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Stock and bond investments
$301,484,374 330,361,046 259.454.474
Real estate
19,146.909 19,511.570 12.157.875
Bonds and mortgages owned
4.527,348 4,772,742
Loans on bond or mtg.or 0th.r. e.coil)4,569,701 4,801,417
Loans & disc. sec. by other collateral 241266791{168,250.756 181,583.907
47,054.343 86,262.178
Loans,disc.& bills pur.not sec.by col_
Overdrafts
39,578
64,998
76,475.881 45.498,704
Due from the Fed. Res. Bank of N.Y.
Due from other bks..tr. cos.& b'kers_
13.352,176 19,622,528
389,372
110868289
252.092
Specie
2,140,468 1,839,383
Other currency auth. by laws of U. S
21.597,651 96,059,344
Cash items
Customers liability acct. acceptances 21,924,781 22,312,518
2,222,490
2,917,732 2,789,024
Other assets
2696,913,634 713.362,8602756,293.690

Total

Liabilities$21,000,000 $21,000,000 $21.000.000
Capital stock
Surplusfund and undivided profits- 61,264.418 69,031.231 79,103.247
5.000,000
Capital note
3,381,904 2.797,304
5.471,259
Reserve for taxes, int., &c
38,894,533 21.421,692
Preferred deposits, demand
32,184,594 35,477.928
Preferred deposits, time
577596901 345,624.354 432.550.536
Deposits, not pref., demand
31.154,608 9,789,985
Deposits, not pref., time
146,362.110 108,951,765
Due trust cos., banks and bankers-.
23.956,056 22,945,397 42,223.153
Acceptances
2,784,130 2,978.080
2,625,000
Other liabilities
Total
Amt.deposits on which int. paid__

$696,913.634 713.362,8602756.293,690
452,202,0002406.511.000
(7)

1931.
1932.
Supplementary-For Calendar Years
1933.
223.200,742
Total int. & com'sions rec.during year
4.453,080
Figures for these
Int. credited to depositors during year
9.733,813
Expenses during year, incl. taxes__ -years not available.
Amt.of dive. declared on cap.stock__
7.350,000
Amt.deposits on which int. is paid_ 552.299,000
Hanover National Bank and Central Union Trust Co. consolidated
as of May 15 1929 under title of the Central Hanover Bank & Trust Co.

*Chemical Bank & Trust Co.(New York).
ResourcesDec. 30 '33. Dec. 31 '32. Dec. 31 '31.
$160.721
Specie
$158,418
$124.793
Other currency auth. by laws of U. S. 1,729,078
1,515,590
1.670.546
Cash items
22,155,010 21,774,749 40,753.803
Due from Fed. Res. Bank of N. Y.. 42,156,690 54.658,492 30.531,564
Due fr. other banks,trust cos. 8z biog. 9.121.976 3,977.830 3.061.934
Notes of Reconstruction Fin. Corp
5,000,000
Stock and bond investments
205,498,700 165,888.156 114.793.801
Loans and discounts secured by bond
& mortgage or other real estate coll. 1,814,333
2,602,052 2,530,880
Loans & disc, secured by other coll 66,493.129 83.905,513 108.357.939
Loans, discount and bills purchased,
not secured by collateral
43,081,489 53,121.897 53,072,146
Own acceptances purchased
1,892,692 6.602,629 5.253.075
15.143
74,488
Overdrafts
14,026
Bonds and mortgages owned
5,973.173 6.086.262 6.038.687
Real estate
2,414.037
2.561.731
7,267,421
Customers liability on acceptances
22,614,439 19,840,930 32.417.267
Customers'liability on bills purchased 10,016,636
134,007 3,771,488
Other assets
1.282,624
2.762,985 2,242,793
Total

$447,716,570
LiabilitiesCapital
220,000,000
Capital notes
5,000.000
Surplus and undivided profits
47,490,328
Reserve for taxes. expenses. &c
14.201,512
Preferred deposits, demand
Preferred deposits, time
245136066
Deposits, not preferred, demand
Deposits, not preferred, time
Due trust companies. banks & bankers 77.082,210
Bills payable
Acceptances
23,364,986
Bills purchased
10.016.636
Other liabilities
5,424,832

425.241.1492406,030.044
$21.000.000 $21.000,000
45,412.502
13.301,712
25,014.052
12.284,258
182,152,392
21.542.265
81.937.739
103,625
20.355,779
134,007
2,002,819

44.758.832
2.297.713
13.039,57
11.453.448
218.666.460
14.092.566
40.143.798
502.500
33,808.462
3.771.488
2.495.202

Total
2447,716,570 425,241,1492406,030,044
Total amount of deposits on which
interest is being paid
$
(1)
215,883.7002227.444.285
*Old Chemical Nat'l Bank converted to a State institution and merged
with U. S. Mortgage & Trust Co. as of June 29 1929 with name as above.
Chemical Securities Corp. merged into the Chemical Bank & Trust Co.
on Jan. 19 1933 and capital of the latter reduced from $21,000.000 to
$20,000,000 in connection with the merger.

Financial Chronicle

1856

*The Continental Bank & Trust Co.(N. Y.) (Concluded.)

*City Bank Farmers Trust Co.
ResourcesDec. 30 '33.
Other currency auth. by laws of U. S.. $2,960,000
Cash ems
Due fr. approved reserve depositaries 11,990,087
Due fr. other banks,trust cos.&bkers.
179,882
Stock and bond investments
18,193,053
Loans and discounts secured by bond
7,750
& mortgage or other real estate coll.
Loans & dLsct. secured by other coll. 13,527,932
Loans, discounts and bill purchased.
6,075.788
not secured by collateral
2,087,879
Overdrafts and secured advances
6,269,821
Bonds and mortgages owned
5,414,092
Real estate
2,618,279
Other assets

Dec. 31 '32. Dec. 31 '31.
$2,020,000 $1,745,000
180
23,607,563 18,270,638
137,467
120,859
23,119,294 21.923.841
205,750
3,197,141

81,750
4.443.166

3,898,530
983,177
7,320.574
5,563,360
2,657,491

5,981.781
5,521,375
4,294,358

$69,324,563 $72,693,740
Total
Liabilities$10,000,000
$10,000,000
Capital
11,748,151 11,797,536
Surplus and undivided profits
107,569
176,048
Reserves for taxes, expenses, &c
19,023,170 24,591,062
Preferred deposits, demand
1,914,7822,290,022
Preferred deposits, time
Deposits, not preferred, demand_ _ _ _ 25,421.427 22,727,031
310,834
240,620
Deposits, not preferred, time
Due to trust cos., banks and bankers
799,613
833.753
35.933
752
Other liabilities

8.041,659

$70,441.215
$10,000,000
10,941,669
2.607,524
20,930,867
3,604,786
20,726,508
729,902
838.365
61,594

Total
$69.324,563 $72,693,740 $70,441,215
Total amount of deposits on which
$1,508,206 $32,935,327 $28,265,717
interest is being paid
• Organized June 28 1929 to take over the trust business of the National
City Bank and the Farmers' Loan & Trust Co.

*Clinton Trust Co., New York.
ResourcesDec. 30 '33. Dec. 31 '32. Dec. 31 '31.
$5,269
$7,705
Specie
46,297
39,870
Other curr. authorized by laws of U.S.
95.577
45,722
$578,244
Cash items
319,312
266.464
Due from Federal Reserve Bank
125.855
216,984
Due from approved res. depositaries_
1.372,066
1,029.096
1,371,811
Stock and bond investments
Loans and discounts secured by bond
110,815
92,420
and mortgage or other real est. coil_
492,806
477,164
Loans & discount secured by oth. coll- 1,819,983
Loans, discounts and bills purchased
593,672
918,999
not secured by collateral
161
161
Overdrafts
134,000
134.000
133,539
Bonds and mortgages owned
24,818
16,855
21,297
Other assets
$3,924,874 $3,271,045 $3,295,042

Total
LiabilitiesCapital
Surplus and undivided profits
Reserve for taxes, expenses, &c
Preferred deposits, demand
Deposits not preferred, demand
Deposits not preferred, time
Re-discounts
Other liabilities

$500,000
350.041
268.066
1
J

1
2,806,7671

$500,000
529,053
50,902
329.052
1,339,999
513,967
8,072

Mar. 17 1934

$500,000
529,053
19,311
117,148
1,537,104
384,279
201,900
6,247

$3,924,874 $3,271,045 $3.295,042
Total
Total amount of deposits on which in$753,100 $1,383,700 $1.294,309
terest is being paid
•Began business Dec. 19 1929.

LiabilitiesCapital
$4,000,000 $4,000,000 $4,000,000
6,750,212
Surplus and undivided Profits
5,755,975
4,627,380
Capital notes
100.000
Reserves for expenses, taxes, &c
250,000
1.105,841
762,804
2,892,066
Preferred deposits, demand
7,422,855
1,446,663
Preferred deposits, time
446,420
Deposits not preferred, demand
31,981,380 22,731,351 30,332,929
Deposits not preferred, time
2,159,663
1,645,911
Due to trust cos., banks and bankers602,257
1.931,174
Federal funds purchased
1,500,000
Acceptances other banks sold with our
enoiorsement
3,834,860
932,210
Acceptances
1,464,543
1,180,025
Bills purchased
3,363,233
94,497
6,250,000
Bills Payable
Other liabilities
200.941
149,617
396,357
Total
$48,667.324 $46,463,666 359,180,174
Total amount of deposits on which interest is being paid
$13,689,300 $15,627,000
(7)
* Formerly Continental Bank:changed to a trust company Nov. 11 1929.
a Straus National Bank & Trust Co. merged into the Continental Bank &
Trust Co. and acquired the International Trust Co., both as of Sept. 15
1931. Also acquired as of Dec. 21 1931 the Commercial banking business
of the Industrial National Bank.
On Sept. 12 1933 stockholders of the Continental Bank & Trust Co.
voted the dissolution of the bank's affiliate, the Continental Corporation
of New York.

*Corn Exchange Bank 8c Trust Co.(New York).
ResourcesDec. 31 '33. Dec. 31 '32. Dec. 31 '31.
Specie
31,133,226 31.073.257
Other curr. author, by laws of U. S
5,007,557
5,294,206
Cash items
45,008,897 11,254,505 26,354,530
Due from Federal Reserve Bank
32,923,501 27,551,054
Due from approved res. depositaries_
300.000
300,000
Due from oth. bks., tr. cos. & bankers
1,976,832
3,340,533
Reconstruction Finance Corp. notes- 3,000.000
Stock and bond investments
121,081.455 103,314,053 111,399,794
Loans & discts. sec. by bond & mtge.
or other real estate collateral
2,858,445
2,081,903
Loans & discts. sec. by other collat 136952,3981 26,003,555 40,565,736
Loans, discounts and bills purchased
not secured by collateral
30,621,795 24,522,063
I
Own acceptances purchased
137,593
15.600
Overdrafts
28,366
49,178
Bonds and mortgages owned
a20.745.242 22,543,899 24.313,862
Real estate
15,654,456 15,613,433 14,647,870
Customers liability on acceptances.... 1,512.797
976,255
1,035.555
Customers'liability on bills purchased
4.952,906
1.845,197
Other assets
1,586.596
1.507.578
$245,800,442 256,279.611 289,005,625
Total
Liabilities$15,000,000 $15,000,000 $15,000,000
Capital
16.011.337 22.550.000 22,549,501
Surplus and undivided profits
3,000,000
Capital note
3,838,542
Reserves for taxes, expenses, &c
6,077,676
26,297,126 25,120,729
Preferred deposits, demand
150,075
Preferred deposits, time
211789105 150,060,339 176,877,646
Deposits, not preferred, demand
22,390,514 28,487,873
Deposits, not preferred, time
14,627,886
Due trust cos., banks and bankers_ _ _
8,522,595
1,029.709
1,051,218
Acceptances
4,952,906
Bills sold, endorsed
335,420
365,481
Other liabilities
$245.800,442 256,279,6113289,005.625
Total
Total amount of deposits on which in$32,597,000 117,781.8003127,874,700
terest is being paid
* Name changed from Corn Exchange Bank as of May 21 1929.
a Less $650,000 reserve.

*Colonial Trust Co.(New York).

Corporation Trust Co.(New York).

Dec. 31 '33. Dec. 31 '32. Dec. 31 '31.
Resources$18,608
$17,889
Specie
Other currency authorized by laws
198,228
107,763
of U. 5
3,813
306,687
Cash items
2,107.666
1,176,222
Due from Fed. Res. Bank of N.Y.__
3,084,858
2,184,623
Due from approved res. depositaries
Due from other banks, trust com599.757
506,325
panies & bankers
3,418.848
3,201,588
Stock & bond investments
Loans & discts. secured by bond &
42,963
61.750
mtge. or other real estate collateral_
4.203.192
2,503,990
Loans & discts. secured by other coil_
Loans, discounts & bills purchased not
4,184.721
2,087,977
secured by collateral
194,925
58,596
Own acceptances purchased_ _ _
206,228
61,928
Oustomers' liability on acceptances_ _ Figures
for
234,702
20,911
Other assets
Dec. 31 '33
unavailable $12,696,967 $18,497,790
Total
Liabilities-$3,000,000 $3,000.000
Capital
846,500
612,589
Surplus & undivided profits
259,149
8,749
Reserves for taxes, exp.,conting., &c..
1,528,021
1,427,565
Preferred deposits, demand
133.202
62,600
Preferred deposits, time
6,421,536 10,919,974
Deposits, not preferred, demand_ _ _ _
789,047
497,442
Deposits, not preferred, time
706,001
545,575
Due to trust cos., banks & bankers_ _ _
67,335
226,200
Acceptances
89.696
53,575
Other liabilities

Dec. 30 '33. Dec. 31 '32. Dec. 31 '31
Resources$501,925
$501,515
$502,340
Stock and bond investments
205,714
373,895
326,888
Due from trust cos., banks & bankers_
186
295
51
Specie
953
788
1,257
Other curr. authorized by laws of U.S
1,912
1,678
1.918
Cash items
608,813
645,482
638.368
Other assets
$1,470,816 $1,319,269 $1,523,893
Total
Lie hi/hies$500,000
$500.000
$500,000
Capital stock
112,733
112,733
147.138
Surplus and undivided profits
373,688
364.423
361,457
Reserves for taxes, expenses, &c
58,642
44,313
46,551
Preferred deposits, demand
20,690
16,042
13,236
Deposits not preferred, demand
370.658
284,564
487.110
Other liabilities
$1.470.816 $1,319,269 $1,523,893
Total

Total
Amount of deposits on which interest
is being paid

$12,696,967 $18.497,790
$6,724,335 $8,852.046

* Began business May 28 1929. Broadway Plaza Trust Co. merged
into the Hibernia Trust Co. April 4 1931. Above statement for Dec. 31
1930 for the Hibernia Trust Co. alone. Effective June 27 1932 title of
the Hibernia Trust Co. changed to the Colonial Trust Co., no other corporate change was involved.

*The Continental Bank & Trust Co.(New York).
Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Resources$33,277
$42,291
Specie
Other curr. authorized under laws
$8,011,871
489.909
521,805
of U.S.
885,285 8,400,744
Cash items
3,520,330 4,629,905
Due from Fed. Res. Bank of N. Y
8,744.561
2.009,577
Due from oth. bks., tr. cos. & bankers
8,572,415.
Call loans to brokers
15,349,204 14,853,906 16.326,578
Stock and bond investments
100.000
Notes of Reconstruction Fin. Corp
Loans & disct. sec. by bond & mtge.}
6,178,5611
78,250
408,875
or other real estate collateral
9,986,957 14,183,371
Loans & disc. sec. by other collateral.
Loans, discts. & bills purchased not
4,995,193
4,705,081
7,107,442
secured by collateral
58,120
55,096
Own acceptances purchased
9,048
5,295
Overdrafts
448.532
474,854
Bonds and mortgages owned
371,021
Furniture and fixtures
1,056,009
880,545
Customer liability on acceptances_ _ _ _ 1,130.301
94,497
3,363,233
Customers'liability on bills purchased 3.834,861
1,209,792
414,009
770,563
Other assets
Total




$48,667,324 $46,463,666 $59,180.174

*Lawyers' County Trust Co. (New York).
Dec. 30 '33. Dec. 31 '32. Dec. 31 '31
$360,351
$762,117
Specie
410,000
736,530
Other curr. auth. by laws of U. 51,273,515
$7,603,338
655,206
items
Cash
825.000
700,000
Due from Fed. Reserve Bank of N.Y3,046,960
4,685,512
Due from approved res. depositaries5,051
3,550
bkers.
Due from other banks, tr cos.&
8,118,262
15,576,199
8,904,704
Stock and bond investments
Loans & disc, secured by bond and
618,989
732,829
mtge. or other real estate coil
3.533,097
2,900,660
Loans & disct. secured by other coll.._ 10,196,822
not
purchased
Loans, disct. & bills
7,033.053
4,192,533
secured by collateral
120
375
Overdrafts
702,000
1,813,130
1,810,500
Bonds and mortgages owned
1,908,574
77,563
384,541
Real estate, furniture and fixtures17,278
30,534
7,427
Customers liability on acceptances....
428,466
427.688
253.135
Other assets
$28,682,462
$26,218,534
$35,834,592
Total
Liabilities$2,000,000 *82,000,000 $4,000,000
Capital
3,131.835
2,706,586
1.221,388
Surplus, incl. undivided profits
250,000
Capital notes
a313,216
Special reserve account
1,082,704
1,344,778
195,901
Reserves for taxes, expenses, &c
5,540,839
5,790,839
Preferred deposits, demand
1,000,000
1,000.000
Preferred deposits, time
31,747,240 11,982,757 11,050,286
Deposits not preferred, demand
1.420.337
1,969,448
Deposits not preferred time
269,545
398,635
Due to trust co.'s. banks & bankers
30,534
17,278
7,427
Acceptances
56,143
108,473
99.420
Other liabilities
$35,834,592 $626,218,534 $28,682,482
Total
$15,183,800 817.031.500
(7)
Amt.of dep.on which int. is being pd.
1932.
1931.
1933.
Supplementary-For Cal. Year$994.149
$900,629
•
year_
Total int. & comm.rec'd during
240,045
71,631
All other profits received during year_
197.784
535,416
Charged to profit & loss on acet roses
267,685
154,148
Int, credited to depositors during year
444,112
469,245
Expenses during year, excl. taxes---192.000
192,000
$192,000
And,of diva. declared on capital stock
* Merger of the County Trust Co. and the Lawyers' Trust Co. under
1
1933.
Aug.
effective
became
title of the Lawyers' County Trust Co.
As of Nov. 17 1932 capital reduced from $4,000,000 to $2,000,000.
a In April 1933 the policy of carrying all securities at the current market
value was adopted. Special reserve account represents the appreciation in
market quotations in the value of $313.215.74 against which fund any
subsequent depreciation in market value may be charged.
Resources-

Volume

Empire Trust Co. (New York).
Dec. 30 '33. Dec. 31 '32. Dee. 31 '31.
Resources$18,947,430 $15,187,493 $17.186,730
Stock and bond investments
521,221
681,421
757,813
Bonds and mortgages owned
2,612.003 2,547,706 2,815.000
Real estate
550,549
821.345
f
Loans on bond & mtg.or otherr.e.colll
Loans & disc.sec. by other collateralf 27,697,3091 26,112,059 35,912.704
lins, disc. & bills pur. not sec. by coll. 3,169,318 3,452,612 4.842.160
20,860
1.518
Overdrafts
1,295,699 2,831,732
Due from Federal Res. Bk.of N.Y
14.056,933 14.423.082
Duefrom approved res. depositaries
Due from other bks., tr. cos.& bkrs.... 12,145,934 2,565,812 4,154,497
962,837
574.927
Specie
475,907
582,583
Other currency with. by laws of U. S.
17.195
7,195
items
Cash
382.955
6,867
Customers' liability on acceptances
538,872
1,009,916
839,378
Other assets
$66,169,185 $68.904,085 $85.636,301
Total
Liabilities$6,000.000 $6,000,000 96,000,000
Capital stock
*2,649.212 3,188,563 03,062,237
Surplusfund and undivided profits
1,791,284
616.763
1,420,533
Reserves for taxes, expenses, &c
10.356.068 17.550,072
Preferred deposits. demand
4,230,878 2,025,581
Preferred deposits. time
Deposits, not preferred, demand---- 56,024,440 30,535,279 41,061.326
7.995.303 8,294,643
Deposits, not preferred, time
5,780.748 5.132,265
Due trust co's, banks and bankers.....
382.955
6,867
Acceptances
335,938
193,616
75.000
Other liabilities
$85.636,301
Total
$66,169.185 868,904,085
$49.753,010 $61.593,736
Amt. deposits on which int. is paid
(7)
* After deduction of $750.000 reserve for contingencies.
a After deduction of $5,000,000 reserve for contingencies.

*Federation Bank & Trust Co.(New York).
Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Resources,
Specie
28.225
Other currency auth. by laws of U. El57,752
$1.584,475
Cash items
435,153
Due from Fed. Res. Bank of N. Y_ _ _
1,000.247
Due fr. 0th. bks., tr. cos. & bankers_
Stock and bond investments
1.122.317 5.506,469
pedal investment
04,652,200
See note
Loans and discts. secured by bond &
below
mtge. other real estate collateral
Loans & discts. sec. by other collat..44,500
364,049
Loans, discounts, and bills purchased
not secured by collateral
8.000
Furniture and fixtures
44,727
92,974
Other assets
51.149

I

Total
$7,818,917 $7.174,859
LiabilitiesCapital
$825,000
$825,000
685,938
Surplus,incl. undivided Profits
737.207
8,724
Reserves for taxes, expenses. &c
55,810
857.190
Preferred deposits, demand
408,778 See note
Preferred deposits, time
below
Deposits, not preferred, demand_
6,150.900i 1.765,464
2,311,497
Deposits, not preferred, time
250,936
Due to tr. cos., banks and bankers
61.332
50.000
Other liabilities
$7,818,917 $7,174,859
Total
$5,350,322
Amt.of dep,on which int, is paid_ --(7)
• Taken over by the State Banking Dept. on Oct. 30 1931 and resumed
business on Oct. 3 1932.
a Senior interest in the assets of the old institution totaling $7,877,019.15,
at book value, consisting of stocks and bonds,loans,secured and unsecured,
bonds and mortgages and real estate.

*Fiduciary Trust Co.(New York).
Dec.31 '33. Dec. 31 '32. Dec. 31 '31.
Resources$109
$1,040
Specie
I
258.808
664,473
Other currency auth. by laws of U. S_ $1,728,412
42,513
340,389
Cash items
I
I,
623,671
483,884
Due from approved reserve depositors
1,605,607
2,694,424 4,189,675
Stock and bond investments
Loans & discts. secured by collateral_ 6,557,609 4,365,032 2,357,829
Loans, discounts and bills purchased
291,179
1,216,404
498,443
not secured by collateral
195,300
Own acceptances purchased
58
Overdrafts
23.045
63.813
87.369
Other assets
Total
$11.566,257 $11,026,892 $5,695,937
LiabilitiesCapital
$1,000,000 $1,000,000 $1,000.000
1,000.000
1,000,000
Surplus,including undivided profits.... 1,000.000
174,920
130,515
178.615
Reserves
1,280,033
Preferred deposits, demand
688,498
1.357.774
6,587,553 2,686,249
Deposits not preferred, demand
7,494,531
Deposits not preferred, time
110,972
889,654
433.503
78,189
13,930
Due to trust cos., banks and bankers..
1.004
87.904
Other liabilities
34,294
60.948
Total
$11.566,257 $11,026.892 $5,695,937
Amt.dep. on which int. is being paid- $503.503 $8,835.373 $3.303,654
* Organized in 1930.

Fulton Trust Co. (New York).
Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Resources$11.950.864 $11,116,992 $7,690.214
Stock and bond investments
632,850
657,250
Bonds and mortgages owned
750,900
Loans & disc, sec, by bond & mtge.
3,499,114
48,000
11.000
or other real estate collateral
4,467.401
8,349.769
Loans & disc. sec. by other collateral
238.050
410.600
Loans, disc. & bills pur. not sec. by colj
3,475
1.544
Overdrafts
417.739
423.810
435.522
Real estate
Due from Fed. Res. Bank of N.Y.... 2,414.502 2,385,149 2.839.856
1,100.046
661,873
Due from approved res. depositaries
943,265
684.428
579.877
Due from other bks..trust cos.& bkrs.
104,485
113.515
Specie
50.000
41.000
Other currency auth. by laws of U./l2,302
114.571
11.150
eash items
135.192
129.861
119,506
Other assets
$21,374,249
127,C108,097
$22,053.326
Total
Liabilities$2,000.000 $2,000,000 $2,000.000
Capital stock
2,600,552 3,003,049 3.085.139
Surplus fund & undivided profits
250,000
Capital note to R. F. C
61,032
355,434
119,153
Reserve for taxes, expenses, &c
1,511,986 2.004.201
Preferred deposits, demand
852,149
I627,132
Preferred deposits, time
15,072,656 13.654,425 13.197.282
Deposits, not preferred, demand
422,847
387,265
Deposits, not preferred, time
66.947
63,276
Due to trust cos.. banks and bankers.
69.327
66.084
65.736
Other liabilities
$21,374.249 $22,053.326
7768.
$2(.
Total
$15,205,600 $15.371.300
(7)
Amt. deposits on which int. is paid1933.
Supplementary$288,329
* Net operating income for year
240,000
Dividends paid
$48,329
To undivided Profits
in net operating
* Net profit realized on security transactions not included
income. All securities valued at the market on Dec. 30 1933 and the difference between market and book value charged to undivided profits.




1857

Financial Chronicle

138

*Guaranty Trust Co. (New York).
Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Resources$500.886,783 639.689,503 339.431,284
Stock and bond investments
14,185.861 14.322.480 14.554.843
Real estate
1.445.273
2,393,977 2.391,701
Bonds and mortgages owned
Loans on bond and mortgage or other
1,182,399
629,521
real estate collateral
Loans & disc. sec. by other collateral_ 541614199 257.173.995 441,047.586
Loans, discounts and bill purchased
175,390.298 289.931.142
not secured by collateral
15,178,325 2.009.064
Own acceptances purchased
104.275
46,999
Overdrafts
105,824.112
114,162,191
Y.-N.
of
Due from Fed. Res. Bank
36,800.384 38,079.355
Due fr. other tr. cos., bks. & bkrs-79.750
94.012
202490022I
Specie
1,152,209 1,056.162
Other currency auth. by laws of U.S45,683.079 107.726.933
Cash items
29,63 ,63
Notes of It. F. C
Customers' liability on acceptances...106,189,769 82.776.372 84.092,372
139.165 44.231.200
Customers' liability acct. bills purch22,155,564 21.964,336 20.620.875
Other assets
$1.419,553,813 $1407594569$1491416530
Total
Liabilities$90,000,000 $90.000,000 $90,000.000
Capital stock
Surplus fund and undivided profits-177,985,636 181,233.494 194.959.038
20,000,000
Capital note
2.569,898 4,394.176
Reserves for taxes, expenses, &c
36.009,344 48,562.333
Preferred deposits, demand
6,442.739 7.688,543
Preferred deposits, time
Deposits, not preferred, demand....... 1019582652 704.610.845 743.100,954
61.564.252 52.616.007
Deposits, not preferred, time
222.806,693 209.061.526
Due trust cos., banks and bankers.-106,189.769 85,968.777 86,715.794
Acceptances
5.708.549 16.249.362 10.087.059
Other liabilities
139,165 44.231,200
87,207
endorsement
Bills purchased sold with
$1419,553,813$1407,594,56951491416630
Total
54,000 $850866000
,
$933,9
(7)
Amt.depos.on which int. is paid--institution and
State
a
to
converted
* National Bank of Commerce
merged into the Guaranty Trust Co. as of May 6 1929.
*Hellenic Bank & Trust Co.(New York).
Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Resources$18,961
$26,886
$10,833
Specie
1,199
265
5,155
Other currency auth. by laws of U.S..
73,881
13.763
1.121
Cash items
264.865
668.199
92.029
Duefrom approved res've depositaries
731,959
700.038
638,882
Duefrom 0th. bks.,tr. cos.& bankers
2,424.932 2,672,648 3,449.126
Stock and bond investments
120,221
97.988
Loans and discts.secured by collateral 1,066.603
Loans, discounts and bills purchased
546,814
534.936
56,349
not secured by collateral
130,000
Own acceptances purchased
180
1,615
Overdrafts
130,000
28,556
Customers' liability on acceptances. _
56,595
36.951
66.793
Other resources
$4,391,253 $5.013,289
Total
Liabilities$1,000,000 $1,000,000
Capital
508.547
214,673
Surplus,including undivided profits.. _
300.000
Capital reserves
21.550
50.273
_
&c__
coating.,
exp.,
taxes,
Res.for
100,000
Notes payable
275,068
335,858
Deposits not preferred, demand
2,247,008 2,733,421
Deposits not preferred, time
328,353
77,211
Due trust cos., banks 8: bankers
130.000
28.556
Acceptances
16,350
37,674
Other liabilities
$5.013,289
$4,391,253
Total
$3,284,867
(7)
Amt of deposits on which int.is paid..
* Began business Feb. 10 1930.

$5,263.801
$1,000,000
313,238
209.276
500,017
2,820,262
417,885
3.123
$5,263.801
$3,656.410

Irving Trust Co.
Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
$337,768
$248,534
Specie
3,448,185 4,708.827
U.S....
of
laws
by
author,
Other curr.
65.423.243
27.229.459
$109913935
Cash Items
80.090.390 44,415.626
Due from Fed. Res. Bank of N. Y_.
7,195.879 10.048.275
Due from other bks.,trs. cos,and bkrs
10,899,048 222,929.443 152,352.054
Stock and bond investments
deed
mtge.
&
bonds
on
discts.
Loans&
585.943
1,086.633
177945472
or other real estate collateral
68,658.644 127,813.888
Loans & (Haas. sec. by other collat
117.689,239
74,631.370
col
by
Loans disc. & bills pur., not sec.
17,899,187 14.973.436
Own acceptances purchased
15.335
17.868
Overdrafts
8.691.830
.
11,552,818.
Bonds and mortgages owned
26.311.361 26.503.050 26.550,585
Real estate
Customers' liability on acceptances 12.736.074 10,079,025 31,822.149
34.022 10.699.676
Customers'liability on bills purchased
3.137,067 3,785.402 4.925,492
Other assets
$552,501,775 553,810.674 621.053.366
Total
ReSOUITZS-

Liabilities$50,000,000
Capital stock
Surplus fund and undivided profits.... 57.564,161
5,000,000
Capital note due July 31 1934
Reserves for taxes. expenses, &c.._ _ _ 8,489.049
Preferred deposits, demand
Preferred deposits, time
412928075
Deposits, not preferred. demand
Deposits, not preferred. time
Due to trust cos., banks and bankers14.113,956
Acceptances
Bills purchased
4,406,534
Other liabilities

50,000,000 50.000,000
62,412.122 75,506,710
10.279.745 7.602.716
25.433.508. .
19.046.448 16.444.817
266,778,452 300.835.871
24,084.066 20.419422
80,421.586 84.673.658
11,687.502 33.799.281
34,022 10.899.876
3,633,224 3.426.399

Total
$552,501,775 553,810,674 621.053.366
302.491.700 323.317.500
Amt.dep.on which lot,is being paid $
(7)

*Manufacturers' Trust Co.(New York).
ResourcesDec. 30 '33.
Stock and bond investments
192,992,753
R lestate
20,562,922
25,730,422
Bonds and mortgages owned
Loans on bond & mtge,or oth.r.e.coll. 12.970,420
80,617,910
Loans & disc. sec. by other coll
Loans disc. & bills pur.not sec. by coll. 50,762.673
13.711,883
Own acceptances purchased
43,082
Overdrafts
49,625,519
Duefrom Fed. Res. Bank of N.Y
Duefrom other tr.co's. bk..& bankers 10,248,539
641,136
Specie
Other currency auth. by laws of U.S. 4.373,910
12,269,357
Cash items
23,269,04e
Customers' liability on acceptances
6,548,1408
Customers'liability on bills purch
2.827,744
Other assets
Total

Dec. 31 '32. Dec. 31 '31.
185.084,794 $87,149,319
20,565.78514,956.140
26,223,249 28.154.547
16,602,686 6.710.626
85,237.630 65.870,329
52,232.705 69.763,164
5,280.712 1.474,493
39,741
93,478
46,549.446 30.784.880
1,159,280
12,048,295
711.993
903.332
3,940,438 3.206,073
9.363,022 23.838.999
26.648.664 14.186.752
1,231,466 16,317.589
1.336.669
2.947.751

$507.196,126 494.953,453 365.660,594

1858

Financial Chronicle

*Manufacturers' Trust Co. (N. Y.) (Concluded.)
LiabilitiesCapital stock
132,935,000t$32,935,000 827,500.000
Surplus fund and undivided profits-- 10,297.483 20.297,483 22,196.390
Capital notes
25,000,000
Reserves for taxes, expenses. &c
25,344,731 18.938,798 14,263.685
Preferred deposits, demand
64,738,838 35.758,710 19,861.271
Preferred deposits, time
34.193,934 16,924,536 5.572,687
Deposits, not preferred,demand
196,147.663 236,034.791 174,053.427
Deposits, not preferred,time
65,589,829 73,308,894 62,282.700
Due to trust companies and banks-- 21,603,299 31.009,480 8,320,819
Acceptances
24.449,991 27.991,125 14.497.447
Bills purchased
6,548,808
1,231.466 16.317,589
Other liabilities
346,550
523.170
794.579
Total
$507,196,126 494,953.453 365.660,594
Amt.dep. on which int, is paid
112,695,453 275,171.000 166.031.153
* State Bank & Trust Co. merged into Manufacturers Trust Co. as of
Jan. 26 1929. Pacific Trust merged into Manufacturers' Prust Co. as of
June 27 1930; Midwood Trust Co. on Aug. 11 1931, taken over for liquidation and Brooklyn Nat. Bank on Aug. 25 1931. As to liquidation of Int.Madison Bank & Trust Co., American Union Bank, Bank of Europe &
Trust Co., Times Square Trust Co., Globe Bank & Trust Co., see V. 133.
pp. 2866. 2711. 2555. 1394 and 896. t Chatham Phenix Nat. Bank &
Trust Co. merged into Manufacturers Trust Co. as of Feb. 9 1932, and
capital increased from $27,500,000 to $32,935,000 in connection with the
merger.

Marine-Midland Trust Co. (New York.)
ResourcesDec. 31 '33. Dec. 31 '32. Dec. 31 '31.
Stock and bond investments
$35.244.423 $33,030.197 825,659.860
Bonds and mortgages owned
1,604,280
1,300,715
1.366.895
Loans on bond & mtge.or oth.r.e. coll
403,250
441.225
487.150
Loons 3c disc. sec. by other collateral_ 23,246,411 16,412.472 19.145.868
Joans disc. & bills put.:lot sec by coll 7,400,922 9,935.331 14,635.524
Own acceptances Purchased
2.067,601
3,350.867 2,368,180
Overdrafts
1,519
2,544
7,643
Due from Fed. Res. Bank of N.Y
5,648,240 6.097,247 6,096,281
Real estate
98,000
105.095
100.000
Due from other Isles.. tr.
. cos.& bkrs
5.705,381 8,282.816 6,664.762
Specie
117,427
97.265
65,459
Other currency auth. by laws of U.8495,187
583,500
410.000
Cash items
507,796
832.027
499.557
Customers' liability on acceptances
5,259,807 5,601.520 8.214.034
Customers'liability on bills purch_
696.755 5,181.170
Other assets
587,347
590.139
369,989
Total
$88,387,591 387.186,214 $91,445,872
LiabilitiesCapital stock
$10,000,000 $10,000,000 *10,000.000
R. F. C. capital note
1,000,000
Surplus fund and undivided profits
5,269,912 5.546.186 7,019.006
Reserves for taxes, expenses. &c
259,854 3,230.510 3.183.601
Preferred deposits, demand
13,869,874 7.767.233
1.957.343
Preferred deposits, time
1,918,046
1.509,650
1.736,637
Deposits, not preferred.demand
37,591,220 38.714.623 40.507.736
Deposits, not preferred, time
2,593,161
3,946,413 2.591,648
Due trust co's. banks and bankers
9,879,549 9,927.112 6.607.488
Bills payable
4.100.369
Acceptances and letters of credit- --- 5,404,172 5,691,053 8,342,308
Bills purchased
696.755 5.181,170
Other liabilities
601.803
156.680
218,566
Total
*88.387,591 887,186.214 *91.445.872
Amt.deposits on which int. is paid.-- $5,755,346 $36,722,600 $37,152.000
Supplementary-For Cal, Year1933.
1932.
1931.
Total int. & comm.received during Yr $2,511,889 $2,878.379 $3.165,525
All other profits received during year..
108,301
77.424
63.331
Charged to profit and lossOn account ofdepreciation
On account of other losses
77.553
Int. credited to depositors during year
164,497
342.688
444.017
Expenses during year. excluding taxes 1,232,166
1.366.272
1.256.028
Amt.of divs. declared on capital stock
1,000,000
750,000
1.000.000
Taxes paid during year
20,000
10,000
11,982
•Formerly Fidelity Trust Co. Name changed to Marine Midland Trust
Co. as of July 1 1930
On Jan. 10 1934 capital reduced from $10,000,000 to $5,000,000.
Mercantile Bank & Trust Co.(New York).
ResourcesDec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Specie
866,739
$57,993
Other currency auth. by laws of U.S_
328,431
327,443
Cash items
151,763
464.830
Due from Fed. Res. Bank of N. Y.
431,881
562,282
Duefrom approved res've depositaries
522,129
Due from banks, trust cos. & bankers
624
409,177
Stock and bond investments
2,031.621
2,249,472
Loans & (Ryas. secured by bond and
mtge. and other real est. collateral94,720
294,228
Loans and discts. sec. by other collat..
285,172
548.398
L'ns,discts.&bills pur.not sec.by coll..
1,188,595 2.215,362
Bonds and mortgages owned
43,410
Overdrafts
See
912
230
Real estate
note
177,184
98,000
Other assets
below
335,572
246.840
Total
$5.656,753 $7,474,255
LiabilitiesCapital
$900,000
*900.000
Surplus and undivided profits
235,728
604.268
Res've for taxes, exps., conting., &c
290,210
34,738
Preferred deposits, demand
506,050
539,710
Deposits not preferred, demand
2,248,472 2,972.696
Deposits not preferred, time
1.065.070 2,216,767
Due to trust cos., banks and bankers..
402,199
200,698
Other liablit es
9,024
5.378
Total
85,656,753 87,474,255
Amt.of depos. on which int. is paid
$4,018,998
• Began business June 4 1931 as a reorganization of the Chelsea Bank
& Trust Co. and was placed in voluntary liquidation on April 12 1933.

*(J. Henry)Schroder Trust Co.(New York).
ResourcesDec. 31 '33. Dec. 31 '32.
Specie
$514
Other currency author.by laws of U.S.
4,071
Cash items
$1,460.470
34,921
Due from Fed. Res. Bank of N. Y
1.014,000
Duefrom approved res. depositaries
101,908
Due from oth. bks.. It, cos. & bankers
Stock and bond investments
6,937,891
4.595.752
Loans & discts. secured by collateral_
1
30,875
Los.
an discounts and bills purchased
14.245
not secured by collateral
8.370
Other assets
27.969
45,475
Total
$8,440,575 35.835.886
LiabilitiesCapital
$700,000
8700,000
Surplus and undivided profits
807,298
628.848
Reserves for taxes, exps., conting., &c
191,752
117,452
Preferred deposits, demand
1,205,706
Preferred deposits, time
839,192
I 6,738,8701
Deposits
sits not preferred, demaDpo
Deposits not preferred, time
Other liabilities
2,655
3,465
Total
$8,440,575 55,835.886
Amt.dep. on which int. Is being paid_
(7)
84.165,341




Dec. 31 '31.
$540
6.415
257,606
597.916
110.700
3.768.984
164.687
586.737
43,190
$5.536.775
*700.000
534.518
64,726
1.130.982
1.404,069
1.536.644
54.166
11.670
$5,536,775
83.890.387

Mar. 17 1934

New York Trust Co. (New York).
Resources
-Dec.
31 '33.
Stock and bond Investments
$120,672,178
R. F. C. Notes
2,500,000
Real estate
1,860,957
Bonds and mortgages owned
3,422,882
Loans on bond and mortgage or
other real estate collateral
4,591,789
Loans & disc. sec. by other collateral_ 75,904,990
Loans, discounts and bills purchased
not secured by collateral
26,125,496
Own acceptances purchased
7,538,420
Overdrafts
87,409
Due from Fed. Res. Bank of N. Y..- 30,961.538
Due from approved reserve deposit
397,821
Due from trust co's, banks & bankers
252,242
Specie
46,591
Other currency auth. by laws of N.Y.
633,283
Cash items
17.132,370
Customers' liability on acceptances... 14,246,168
Customers' liabilities on bills purch
30,222
Other assets
4,027,907

Dec. 31 '32. Dec. 31 '31.
117.214.023$104.371.980
1.924,468
2.885.112

1.773.293
2,912,389

4,411,500
5.762.931
84,221.543 81,090,361
26,321,983
7.781.205
136,330
41.657.214
503.282
466,349
102,448
655.537
19.338,447
12.266.333
62.707
2.922.209

32.157.577
422,958
121.854
22.767.224
329.274
921,484
55,137
840,812
45.967.176
20.012.532
14,143.552
5.702.667

Total
$310,432,263 324,222.123$338,001.770
LiabilitiesCapital stock
$12,500.000 $12,500,000 $12,500,000
Surplus fund and undivided profits 21,047,551 22,019,413 26,559,172
Capital notes
2,500,000
Reserves for taxes, expenses, &c
11,866,924 15.276,517 11,919,160
Preferred deposits, demand
29.009,901 17.488,767 18,039,358
Preferred deposits. time
9.172,200 9,710.324 11.448,036.
Deposits, not preferred, demand
144,782,173 146,873,888 166,150.790
Deposits, not preferred, time
6.519,358 13,425.435 7,979.802
Due trust co's, banks and bankers
56,375,749 73.013,073 48.452.095
Acceptances
14,672,071 12.499,406 20,394.504
Bills purchased
30,223 ,
62,707 14.143.552
Other liabilities
1.956,113
1,352.593
415.301
Total
$310,432.263 324,222,123E338.001,770
Amount deposit on which int is paid _$$13.470,401 329.079,0198204.881.045.

Title Guarantee & Trust Co. (New York).
Resources-Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Stock and bond investments
$4.579,606 $15.259,618 $20,352,298
Real estate
11,554,160 7.868,1077.
Bonds and mortgagee owned
16,058,182 17,939.892 19.456.002
Loans on bond & aim or 0th. re. coll. 3,845,825 4.958,972 5,382,350
Loans & disc. sec. by other collateral_ 4,538,703 6,068,304
7.276.128
Loans dis. & bills pay, not sec. by coll. 3,656,008 3.821.425 8.226,674
Overdrafts
755
1,691
1,725.
Due from Fed. Res. Bank of N. Y..
3.369,861
1,005,541
2.111 442
Due'from approved res. depositaries_ 2,278,256 11.222.348 4,765,922
Due from other tr. so's. bka.. tders...tc
145,769
20.620
59,467
Exchanges for N. Y. Clearing House558,036
Specie
40,624
534.513
748.348.
Other currency meth. by laws of U.8. 1,075.522
1,049.579
894.555
Cash items
502
1,756.864 3.188.8813
Du..temcr..• tishiliv no sceeptaneee
233,258
96.897
114.95&
Customers'liability on bills purchased
86,559
53,081
53.694
Other assets
2,196,037
1,165.044
1.134,657
Total__
854.217,663 $72.620,496 880,876,162
LiabilitiesCapital stock
$10.000,000 $10,000,000 *10.000.000.
Surplus fund and undivided profits
10,669,252 20,467,093 21,208,095
Capital notes
3,000.000
Reserves for taxes, expenses, &c
3,424,637 3.603,678 5.162.447
Preferred deposits, demand
4,050,323 7.167,263 4.048.803
Deposits not preferred, demand
20,140,976 28,886.666 38,342,950'
Deposits not preferred. time
222.430
1,280.647.
Doe trust co's hanks and hankers ._ 2,285,928
127,573
70,647
Bills purch.,sold with endorsement_ 53,081 .
53,694
86,559
Acceptances.
114,950'
/33,258
96.897
Other liabilities
104,300
994.524
967.994
Total
Amt.deposit on which int, is paid-

$54,217.663 $72,620,496 880,876,162
$2,065,190 $29.364,277 *39,924.471

Shatilementare-For cal. YearTotal int.& comm.rec'd during year.
Ail other profits received during year,.
Total income for year
Charged Co profit and lossOn account ofdepreciation
On account of losses
lot, credited to depositors during year
Expenses during year, excluding taxes
kmt of diem. Paid on cap stock
Provision for taxes during year
amt. depoelts on which int. Is paid._

1933.
1931.
1932.
$1,847.775 83.281.368 $3,221,288
2.373,895 3.131.578 8,166,766
4,221.670 6.412.946 11,388,054
149,811
141.069
318.415.
66,735
212.497
298.417
445,965
4,240,384 5.641,141
400,000 1,800,000 3.600.000
43,000
352,000.
2,065,190 29.364,277 39,924,471

Trust Company of North America (New York).
Dec. 31 '33. Dec. 31 '32. Dec. 31 '31.
Specie
$3.467
$4,204
Other currency auth. by laws of U. S.
48.895
37,815
Cash items '$1,479,035
1.992
1,357
Due from Federal Reserve Bank
50,000
.
Due from approved res. depositaries_
654.712
1.244,372
Due from other bks., trust cos. & bkrt
50.023
112.939
Stock and bond investments
1,199.890
1.361.127
1.446,257
Loans & disc. sec. by bond & mtge.
or other real estate collateral
7.112
7.700
Loans & disc. sec. by other collateral.. 1,973,038
616,291
1,103.981
Loans. disc'ts & bills purch. not sec.
by collateral
675,224
811.620
Own acceptances purchased
26.585
17,828,
Overdrafts
6
57
Bonds & mortgages owned
30,083
11.217
39.835
Customers' liability on acceptances_.
46.122
284,829
98,838
Customers liability on bills purchased
481
Other assets
55,691
61,587
42,209
Resources-

Total
LiabilitiesCapital stock
Surplus fund & undivided Pronto--Capital notes
Reserve for taxes, expenses, &c
Preferred deposits, demand
Preferred deposits. time
Deposits not preferred, demand
Deposits not preferred. time
Due to trust cos.. banks & bankers..
Acceptances
Bills purchased
Other liabilities

$5,022,566

$4.306.727 *4.292.126

5500.000
278,739
500,000

8500,000
275,939

8500,000
309.309

3,683,237

3.496
1,109.095
19.059
1,613,998
646.388
72.293
54.810

10.486
744.759
44.728
1,618,604
838.558
105,120.
111.213
481
8,868

34,641
25,949

11,649
Total
$5,022,566 $4.306.727 84.292.126
Amt.of dep. on which int. Is being pd.
81.986.441 81.938.652
(7)

1859

Financial Chronicle

Volume 138

*Underwriters Trust Co.(New York).
Dec. 31 '31.

Dec. 30 '33. Dec. 31 '32.
Resources$56,264
Specie
144,302
Other currency author.by laws of U.S.
$1,002,939
257,527
Cash items
Due from approved res. depositaries_
962,014
Due from 0th. bks., tr. cos. & bankers
5,029,481
Stockond bond investments
4.491,915
Loans & disc. sec. by bond & mtge.
2,761,809{
377 740
or other real estate collateral
Loans & disc. sec. by other collateral_
1.951,587
Loans, discounts and bills purchased
747,485
not secured by collateral
801,402
Overdrafts
Real estate
Customers' liability on acceptances
215,885
87.746
Other assets

$53,390
187.773

1.137,686
3.125.154
197.880
1.980,136
2,348,664
279
25,000
129,765
473.549

19,811,516 18.876.580 $9,659,276

'Final

Liabilities-

11.000,000 111,000.000 $1,675.000
1,428,746
1.044.662
806,388
133,064
369,344
302.915
1.575.922
2,302.160
136,455
I 7,532,1981 1,279.543
2.303.928 3,438,965
769,343
631.102
350,000
129,765
103,586
22.016
12,270

Capital
Surplus and undivided Profits
Reserve for taxes. expenses, &c
Preferred deposits. demand
Preferred deposits, time
Deposits not preferred. demand
Deposits not preferred, time
Bills payable
Acceptances
Other liabilities

Total
$9,811.516 $8,876.580 19,659,276
Amt.of dep.on which int. is being pd.
$4,355,821 33,286,318
(7)
* Began business Nov. 26 1929. t Capital reduced from $1,675,000
to 11,000,000 in October 1932.

United States Trust Co. (New York).
Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Resources-

Stock and bond investments
$24,645,762 $27,696,550 118.737.900
Real estate
2,000,000
2,200,000
2,200,000
Bonds and mortgages owned
6,719,785 6,965,332 6.988,448
Loans & disc, secured by other collat. 32,308,216 31.099.348 38.627,138
Loans, discounts and bills purchased
1,811,029 4.146,248 3.395.376
not secured by collateral
Due from Fed. Reserve Bank of N.Y. 6,586,882 5,500,000 7,650.342
Due from approved res've depositaries 14,577,913 20,495,411 15.654.578
560,957
457,525
Other assets
574,209
Total
$89,223,796
LiabilitiesCapital stock
$2,000,000
Surplus fund & undivided profits_ 27,100.941
Reserves for taxes, expenses, &c
1,030,394
Preferred deposits, demand
29.427,692
Preferred deposits, time
1,482,000
Deposits, not preferred, demand
16,649,456
Deposits, not preferred, time
8,365,766
Due trust cos., banks and bankers
2,867,547
Other liabilities
300.000

$98.663,846 193.711,307
12.000.000
27,050.746
575.788
16.095.906
23,812,295
17.891.608
8,809,757
1.982.992
444,754

12,000.000
27.005,358
692,525
6.071,864
29,694,598
16,725,432
8.483.178
2.567.467
470.885

Total
$89,223,796 198.663.846 393.711,307
Amt. deposits on which int. is paith$13,302,713 162,825,770 156,748,635
1931.
Supplemeniaro-For.
. Cal. Year1932.
1933.
Total int. & comm. rec'd during year 14,038,731 14.385,675 $5,000,624
All other profits received during year
10.473
Int. credited to depositors during year
599,754
646.890
379,563
Expenses during year, excluding taxes 1,286,542
1,055,346 1.095.185
Amt.of dive. declared on capital stock 1,400,000
1,400.000
1,400.000
Taxes paid during the year
320,763
351.259
356.342
Amt. deposits on which int. is paid
13.302,713 62.825,770 56.748.635

BROOKLYN COMPANIES
*Brooklyn Trust Co.(Brooklyn).
ResourcesDec. 30 '33. Dec. 31 '32. Dec. 31 '31.

groek and bond inverkments
$32,874,390
Real estate
7,735,535
Bonds and mortgages owned
2,164,399
Loans on bonds & mtg.or 0th. r.e.eoll. 3.345,940
Loans and disc. sec. by other collateral 29,214,966
Loans.disc & bills pur not sec. by coll. 16,201,709
Own acceptances purchased
1,069,232
Overdrafts
3,917
Due from Fed. Res. Bank of N. Y__, 7,670,423
Due from approved res. denositarles
Due from other banks and trust cos
Specie
14,412,890
Other currency auth. by laws of IJ. S.
Cash items
Customers liability on acceptances- 2,031,671
Customers liability & bills purch
480,771
Total
$117,205,843

$84,462,979 $42,416,976
7,909.453 7,496.214
2.419.873 4.309,216
3.741.765 2.217.189
28,476.845 25.114.672
24,637,195 26,778.421
1.246.265 3.293,666
4.306
2.037
14,741.489 12.363.656
11.422.127 3,681.350
720.511
370.523
289.583
528,823
2,396.884
2.040.533
6.180.96817.100,599
3.219.118 5.316.773
4,599,742
763.614
977,621
142,377.6121158,863.372

Liabilities-

Capital stock
$8.200,000 $8.200,000 $8.200.000
gurplusfund and undivided profits.... 5,309,274 10.337.112 12.893.065
Reserves for taxes. expenses. &a
6.853.238 10,341.543
8,425,568
Preferred deposits demand
26.240,089 18.382.445
Preferred deposits, time
1.890.313 9.270.547
Deposits not preferred, demand
93.098.487 71.120.193 77.510.634
Deposits not preferred. time
10.234,266 10.412.772
Due crust cos., banks and bankers__
1.608.189
4,006,475
Acceptances
2,090.514 3.278,246 5.326,393
Bills purchased
4,599.742
Othei liabilities
82,000
318.042
217,678
Total
3117.205:843 142.377,612 158.863.372
Amt. deposits on which int, is paid _
(7)
$87.781.581 $96.078,208
*Mechanics Bank merged into Brooklyn Trust Co. as of Feb. 8 1929.
Guardian Nat. Bank and State Bank of Richmond County merged into
Brooklyn Trust Co. as of Jan. 20 1930.

Kings County Trust Co.(Brooklyn).
Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.

RESOUrCCI--

Stock and bond investments
$12,884,855 $11.048.556 111.920,466
Real estate
698,493
210.000
236.609
Bonds and mortgages owned
2.368.083
2,372,650
2.433.285
Loans on bond & mtg. or 0th.r.e. coll.
366,370
537,936
381.723
Loans & disc. sec. by other collateral- 5,983.794 6.824.930 9.809.433
Bankers' acceptances
896.411
Loans disc.& bills pur.not sec. by coil. 2,488.899 3,230,516 3,361,176
Overdrafts
33
230
77
Due from approved res. depositaries- 6,329.457 9,965.559 6,187.011
Duefrom other tr cos., bks.& bankers
30,254
31,091
508.441
Specie
7,697
41,875
28,305
Other currency auth. by laws of U.S._ 2,032,458
1.971.154 2.893.546
118.461
Cash items
95.528
215.497
464,566
350,096
Other assets
383.120
$34,818,464 $36,750.574 838.139.602

Total

Liabilities
$500,000
$500,000
Capital stock
1500.000
6,768,387 6.665,136 6.562.497
Surplusfund and undivided profits
431,200
71,900
68.800
Reserve for taxes, expenses, &c
9,916,436 13.252.922 9.878.412
Preferred deposits, demand
16,001,647 14,837.280 19,135,355
Deposits not preferred, demand
1,109,315
1.155.615
1.315.391
Deposits not preferred, time
65,050
228.623
618.891
Due trust co's. banks and bankers__ _
26,429
42.198
57.156
Other liabilities
$34,818,464 136.750,574 138.139.602
Total
(7)
Amt.of deposits on which int. Is paid.
825.792.600 128,041.400

BOSTON COMPANIES
*I3anca
Resources--

Commerciale

Italians Trust Co,(Boston).
Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.

Stocks and bonds
Demand loans
Time loans with collateral
Other time loans
Bankers' acceptances purch, or disc
Overdrafts
Customers' liability acct. of accept__
Safe deposit vaults,furn. & fixtures-.
Interest accrued but not collected_ _ - _
Due from Reserve banks
Due from other banks
Cash, currency,and specie
Other cash items
Prepaid expenses
Foreign exchange future contracts...
Other resources
Total

Liabilities-

3,865
1
11.990
230,563
249,727
89.214
2,417

$907.971
272.398
5.140
174,952
77,115
236
28,401
1
13,223
161.022
206.415
57,645
11,027

1946,572
255,510
7,374
252.739
32,806
125
42,890
1
17.235
143.518
363.693
92,184
4,539

150,314
31.273

32.216

14,739

189,978
28,722

$2,012,737 11,947,762 $2,173,925

Capital stock
Surplusfund
Undiv. prof. lees exp.,int. & tax. paid
Reserved for int., taxes & expenses
Reserved for contingencies
Due to other banks
U. S. Government deposits
Demand deposits
Subject to check
Open accounts
Certified checks
Treasurer's checks
Time dep. not pay. within 30 days:
Certificates of deposit
Open accounts
Acceptances
Foreign exchange future contracts...
Other liabilities
Total
Savings department (additional)
* Incorporated in 1929.

$895,523
129.150

1750,000
250,000
51,641
1,150
138,246
15,205
59

$750,000
375,000
5,642
7,596
70,299
38,032
4,169

$750.000
375,000
10.679
11,300
70,000
84,144
11,016

511,921
14,057
9,820
18,612

509,866
131.677
1,896
4.824

405,795
106.744
1.524
5,845

105,493
3.865
142,668

5,000
28,401

4,500
280,000
42.890

15.360

14,489

$2,012,737 31,947,762 32,173.925
1677,850
$594,292
$565,408

Boston Safe Deposit a mid Trust Co. (1108t:1311).
Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Resources
-

314,228,102 810,749.623 1.4.459.800
Bonds and stocks
9.637,394 10.092,988 15.708.128
Loans
1,213,341
1,036,468
Cash in office
899.724
4,591,790 7,493,456 3,725,374
Cash in banks
476,965
Exchanges for clearing house
321,931
551,503
20,960
24,614
Overdrafts and accrued interest
24.759
49
3,505
Cash Items
3,395
1,700,000
1,700.000
Real estate
1.700,000
Boston Safe Dep. & Tr. stock in
hands of directors
44.800
163.96§
Other resources
307,638
Total




832,176.239 131,586,553 $27,117.483

Boston Safe Deposit & Trust Co.(Boston)(Concluded.)
LiabilitiesDec. 30 '33. Dec. 31 '32. Dc. 31 '31.
12,000,000 12,000.000 82,000,000
3,000,000 3.000,000
3,000,000
798.051
850,501
871,403
25,920,277 25,366.695 21.031.580
286,047
379,211
332,476
1.805
5,234
36,881
114

Capital stock
Surplus
Profit and loss
Deposits
Reserved for taxes. etc
Int. reserve & for. etf. of dePneit
Other liabilities

$32,176,239 $31,586,553 $27.117.483
Total1932.
1931.
1933.
Rate of interest paid on deposits-- 3i, 1 & 3i% 3i% & 1%
1%
& 3,8 ext.
$8 & 38 ext. $8 & 18 ext.
Dividends paid in calendar year

11% &

Resources--

Columbia Trust Co.(Boston).
Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.

U. S. and Massachusetts bonds
Other stocks and bonds
Loans on real estate
Demand loans
Time loans
Federal Deposit Insurance
Cash in office
Cash in banks
Other resources
Total

$84,850
196.707
1.360,484
535,804
54,832
3,091
43,717
172,774
41,870

$65.900
199.097
1,426.002
383,951
108.517

$51,800
250,956
1.597.400
535,492
96.984

46,830
335.529
27,159

72,974
303.179

$2,494,129 $2.592,985 $2,909,395

Liabilities-

Capital stock
Surplus and profits and reserves
Deposits
Other liabilities
Total

Resources-

1100,000
386,217
1,852,282
155,630

1100,000
379.636
2,014.074
99.275

1100.000
382,740
2.426,654

82,494,129 32,592,985 32,909.395

*Day Trust Co. (Boston).
Dec. 31 '33. Dec. 31 '32. Dec. 31 '31.

Stocks and bonds
Loans and discounts
Cash and due from banks
Other resources

$6,792,222 86.202.560 $4,673.145
2,408,575 2.136,846
1,587,899
1,531,407 2.146,760
781,601
24,394
18,689
37,732

Total
LiabilitiesCapital stock
Surplusfund
Undivided profits, less exp. & int
Deposits
Reserved for taxes. &c
Other liabilities

89.930.217 810,782,289 37.629.324

Total
*Began business in July 1929.

$2,500,000 82,500.000 12,300.000
295,000
285.000
275.000
28.881
14,504
3.094
7,050,029 7.882,785 4,751,230
50,000
100,000
100,000
6.307
719,930,217 310.782,289 87,629.324

1860

Financial Chronicle

*Harris Forbes Trust Co. (Boston).
AssetsDec. 31 '32. Dec. 31 '3t.
U. S. and Massachusetts bonds
3238.787
3136.319
County. city and town bonds payable within three years
99,500
300,493
Corp. & other bonds pay. in 3 years_
296,755
346,587
Other bonds and securities
215,703
330.331
Loans and discounts
1,077,307
681.386
Customers' liability on letters of
credit and acceptances
22,200
7,345
Cash and due from banks
1,084.395
1.094,724
Other assets
33,745
31.986
Total
82,929.171 43.068.392
LiabilitiesSee
Capital stock
$500.000
note
$500,000
Surplusfund
below
100.000
100.000
Undivided profits
40.575
5.5.161
Reserves
30,000
30,000
Due to other banks
Deposits (demand):
Subject to check
For payment of coupons, &c
2.375,617
2.236,665
Certificates of deposit
Treasurer's checks
Deposits (time), ctfs. of deposit
Acceptances and letters of credit
22,200
7.345
Other liabilities
Total
$2.929,171 33.068,392
* Company began business June 1 1929 and consolidated with the Union
Trust Co. of Boston under the title of the latter on Dec. 1 1933.

New England Trust Co. (Boston).
ResourcesStocks and bonds
Real estate
Demand and time loans
Cash in bank and office
Other assets
Total
LiabilitiesCapital stock
Surplus
Undivided profits
Reserved for taxes
Reserved for contingencies
Deposits
Discount collected not earned
Rent collected not earned
Total

Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
$10,616,866 $12.912.956 $9.698,025
1.915.000
1.975,000
1.915.000
9,626.288
9,284,015 12.173.663
6,546.936
6.130.692
6,848.927
108,028
130.987
124.576
$29,115,109 $30,397,239 $30,524,611
$1.000,000 $1.000.000 $1,000,000
2,000.000
2,000,C00
2,000.000
869.981
876,352
1,016.786
98.783
61.493
59,558
250.000
350,000
350,000
24.781,812 26,057.661 26,089.227
54.243
40,552
33.334
15,571
14.552
14,053
$25,115,109 $30,397,239 $30,524,611

* Pilgrim Trust Co.(Boston).
ResourcesUnited States, State and municipal bonds
Other bonds
Cash in office and banks
Demand loans with collateral
Time loans with collateral
Other time loans
Furniture and fixtures
Customers'liability account of acceptances
Expenses and interest paid less undivided earnings
Total
LiabilitiesCapital stock
Surplus and guarantee fund
U. S. Government deposit
Other deposits
Letters of credit
Reserve for taxes
Total
* Began business on June 121033.

Dec. 31 '33.
$247,385
58,538
509,729
61,587
287,095
574,078
11,314
2,391
21.333
$1,773,450
$200,000
100,100
25.202
1.445,014
2,391
743
$1,773,450

Stabile Bank & Trust Co. (Boston).
ResourcesDec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Cash and due from banks
$162,566
$104,592
$133,498
Loans and discounts
273,568
331,195
399,176
Securities
380,480
416,633
547.753
Foreign department
29.797
Real estate, furn., fixtures & vaults_
62,049
23.808
20,553
Other assets
18,032
46.114
Total
$896,695
$922,341 $1.130,777
LiabilitiesCapital
$250.000
$250.000
$250,000
Surplus
75.000
75,000
125,000
Reserve
33,399
33.300
7,500
Undivided profits
11,920
20.565
9,433
Deposits
423,446
373,847
738,844
Other liabilities
169.631)
102.930
Total
s896,695
$922,342 $1,130,777

State Street Trust Co. (Boston).
Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
ResourcesLoans on real estate
$911.316
$882,267 $1,376.432
Time loans
22,690,802 27,294.148 27.053.067
Demand loans
7.477.653
8.209,196 10,221.561
Investments
13,549.372 10,446,838
4,300.371
Due from Federal Reserve Bank
7,755,315
5,536.650 10.291.614
Cash in office and banks
4.316,448
5,138.038
6.835.532
Real estate and safe deposit vaults_
820,312
861,304
888.439
Interest & rent accrued, not collected
201,362
193,033
88,250
Customers' liability on account acceptances and letters of credit
820,429
24,858
240,344
Acceptances ofother banks end.& sold
1,492
57,453
720.350
Other assets
12.692
12,065
7.648
Total
$58,560,193 $58,655,850 $62.023,608

Mar. 17 1934

State Street Trust Co. (Boston) (Concluded.)
LiabilitiesCapital stock
$3,000,000 $3,000,000 $3,000.00
Surplus and undivided profits
3.744.377
3,700,966
3,713.108
Reserve for taxes, &c
175.963
79,456
85,446
Acceptances
207,143
Acceptances of other banks end.&sold
9,746
28.940
Acceptances and letters of credit
18,775 1 134,657
issued and guaranteed
874.380
Deposits
50,674,198 51.682,213 54,012,032
Other liabilities
149.436
190,111
158,704
Total
$58.560,193 $58,655,850 $62,023,608

*(The) Union Trust Co. (Boston).
ResourcesDec. 30 '33. Dec. 31 '32. Dec. 31 '31.
U. S. and Mass. bonds
$2,925,966
$900.0921 $795,690
Other stocks awl bonds
444.117
377,987J
Demand loans with collateral
409,293
573,812
359.098
Other demand loans
87,970
21.100
40.122
Time loans with collateral
756,078
595.173
558.164
Other time loans
227.402
173.511
286.794
Real estate loans
45.000
Coupons for collection
3,406
Overdrafts
732
197
Banking house safe deposit vaults,
furniture and fixtures
55.669
Revenue stamps
74
101
848
Due from Reserve banks
} 1,491,257(
1,043.615
728.435
Due from other banks
22.513
24,126
Cash-Currency and specie
249,537
104,597
103.403
Checks on other banks
96.188
17.822
30.818
Other assets
43.224
15.381
65
Total
$6,845,872 $3.411.853 $3.351,652
LiabilitiesCapital stock
$500.000
$500,000
$500,000
Surplusfund
215,000
200.000
200.000
Undiv. prof., less exp.. int. & taxes
71.028
27,190
69,953
Reserved for taxes & contingencies
80,073
70,000
50,000
Due to hanks
28.704
88,995
U. S. Government deposits
4,768,0691
68,600
Deposits (demand)Subject to check
2.165,921
2,093,124
For payment of coupons, &c
996,540
315.335
271.677
Certified checks
13,342
410
3.676
Treasurer's checks
11,383
59.104
344
Deposits (time)-Ctfs, of deposit_ __ _
50.129
3,000
23,000
Open accounts
138,383
6.623
1.562
Other liabilities
1,925
15.685
602
Total
$6,845,872 $3,411,853 $3.351.652
* Title changed to the Union Trust Co. of Boston effective as of Nov. 1
1932; formerly the Kidder Peabody Trust Co.

*United States Trust
ResourcesU. S. and State of Mass, bonds
Other stocks and bonds
Loans on real estate
Demand and time loans
Cash and due from banks
Other assets
Total
LiabilitiesCapital stock
Preferred stock
Surplus
Undivided profits
Reserves
Deposits
Due Federal Reserve Bank
Other liabilities

Co. (Boston).
Jan 31' 34. Dec. 31 '32.*Dec. 31 '31.
a$2,484,947 $1.422,144 $2,290.058
3,576,370
8.637.643
3.772.766
1 7,010.140
1 5.073,986
6.529.6291 7.917,619
2,305,065
4,560,0011
2.597.648
144.570
87,230
162,477

$13,584,938 $16,371,777 $28,615,585
b$700,000 $1,400,000 $1,400,000
1,000,000
2,000.000
1,000,000
350.000
789,992
651,364
294,249
2.001.776
133,834
185,809
11,053,324 13,186,579 16.888.431
2.482,651
3,052.735
1,556

Total
$13,584.938 $16,371.777 $28,615.585
• Bank of Commerce & Trust Co. and United States Trust Co. consolidated as of Dec. 31 1931. Above statements are combined figures for
all the years.
a This amount comprises U. S. bonds only.
b Changes in capital structure effective as of Jan. 31 1934.

Winthrop Trust Co. (Winthrop, Mass.).
ResourcesU.S. and State of Mass. bonds
Other stocks and bonds
Demand loans with collateral
Other demand loans
Time loans with collateral
Other time loans
Loans on real estate
Banking house and vaults
Due from banks
Cash, currency add specie

Dec. 30 '33. Dec. 31 '32. Dec. 31 '31$440,603
$400,041
$301,113
333,888
376,247
631.699
81.593
89,476
156,906
5.473

78,818

1,591,063
25,000
135,417

1.728,299
25.000
180,084

1

1,496,606
25,000
1
180,927

Total
$2,558.617 $2,622,717 $3,101,919
LiabilitiesCapital stock
$100,000
$100.000
$100,000
Surplus fund
1
124,891
100.000
141,571(
Undivided profits
66.369
Deposits
Certified checks
Treasurers checks
2,295.158
2,768.442
2,354,396
United States Governt_ient depositsDue to banks and bankers
Reserved for taxes and interest
67.108
38,568
26,750
Total

$2,558,617 $2,622.717 83.101.919

PHILADELPHIA COMPANIES
tBanca Commerciale Italiana Trust Co. (Philadelphia).
ResourcesDec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Reserve fund
$60,553
$147,571
Stocks and bonds
1,161,269 $1,120,707
1,221,927
Demand loans with collateral
359.387
Other time loans and discounts
562,761
600.882
433,749
Due from banks excl. reserve
401,504
Customers' liability under letters of
credit and acceptances
194,551
191,461
197.072
Safe deposit vaults, furn. & fixtures
11,435
12,849
Interest accrued but not collected_ --51,911
Cash and due from Reserve banks
t446.122
599.370
484.986
Future foreign exchange contracts_.._
93.115
Other assets
361.320
186.138
Total
$3,413,421 $2,746,293 $2.740,927
LiabilitiesCapital stock
$1,000,000 $1,000.000 $1,000.000
Surplus fund
421,606
522,952(
500,000
l
Undiv.prof.,less exp.,int. & taxes pd_
24.523
Deposits
1,468,522
907,950
910,216
Letters of credit and acceptances
194,551
191,461
197.072
Reserved for expenses, taxes, &c
11,295
Future foreign exchange contracts
93,115
Other liabilities
328.742
123,930
4,706
Total
$3,413,421 $2,746,293 $2.740,927
* Began business Nov. 1 1929. t Cash and due from banks, excluding
reserve.




Banca d'Italia & Trust Co. (Philadelphia).
Dec. 30 '33. Dec. 31 '31. Dec. 31 '30.
ResourcesU.S. bonds
$450
$1.150
$350
Other stocks and bonds
36.065
38,093
37.798
:. f record...
179,091
Mortgages and judgments ,
154.314
204.819
10,072
Demand loans with collateral
8,924
9.769
22,884
31,646
Commercial & other paper purchased25,415
1.454
26
Overdrafts
21,917
22,276
Office bldg., furniture and fixtures
22,6'35
64,677
64.677
Real estate
64,317
34,739
12.903
Due from Reserve banks
17.359
10.504
Cash, currency and specie
7,237
6.999
7.747
Other assets
7,341
9,009
18,282
Due from banks, excluding reserve.__
11,406
3.513
Total
$392,019
$375,856
$402.620
LiabilitiesCapital stock
125,000
$125,000
3125.000
Surplus fund
25,000
57,000
57.000
Undiv. profits, less exp., int. & taxes..
1,845
4,522
5,355
Duo to other banks
3.137
Demand deposits
42,311
31.418
27,284
Time deposits (savings fund, &c.)_
122,311
107.879
100,462
Bills payable
36.530
55.400
40.925
Reserves
29.902
18,000
17.250
Other liabilities
2,580
9,120
264
Total
$392.019
375,856
$402,620

Broad Street Trust Co. (Philadelphia).
Dec. 30 '33.
ResourcesCash, specie and notas} $382,893
banks
Due from reserve
es
Notes purchased
Loans secured by bonds & mortgages_} 786.914
Loans on collateral
1,067,908
Bonds and investments
Mortgages & judgments of record_
1 1,010,877
Furniture and fixtures
Banking house and other real estate...)
Miscellaneous resources
$3.248,592
Total
Liabilities$1,000,000
Capital stock
Surplus and undivided profits
360,393
Deposits subject to check
1
Certified checks
t 1,299,647
Treasurer's checks
Special time deposits
13,647
Reserve '
Mortgage on banking house
390,000
Bills payable
184,905
Other liabilities, dividends unpaid
$3,248,592
Total

Gimbel Bros. Bank & Trust Co. (Philadelphia).

Dec. 31 '32. Dec. 31 '31.
$319.5525 $102,710
1
147.413
304.828
955,5971
284,992
1
714,795
896,785
1,021,324
294.695
189.500
1,011.913
987.257
400
97
$3,478,942 $3,752,916
$1,000,000 $1,000.000
441,421
582.635
11.297.556
1,436,279
26,316
7.885
366.826
70,934
20,335
390.000
400.000
138,930
50,000
1.378
1.363
$3,478,942 $3,752.916

Chestnut Hill Title & Trust Co. (Philadelphia).
ResourcesDec. 30 '33. Dec. 31 '32. Dec. 31 '31.
$56,875
$42,119
Cash, specie and notes
$35,466
28,408
50.953
Due from approved reserve agents,50,573
411.153
360,512
Commercial paper purchased
256,469
229.384
161,752
Loans upon collateral
158,677
.731375,921
398.018
Bonds and stocks
176,881
201,258
238.871
Mortgage and judgments of record-56,310
56.310
56,310
Office building and lot
85,755
77.506
118.957
Other real estate
13,773
16.554
12,396
Furniture and fixtures
9.912
9,722
4,957
Other assets
Total
$1,321,182 $1,350,476 $1,525.825
Liabilities$250,000
Capital stock
$250,000
$250,000
Surplusfund
175.000
175,000
125,000
26.391
Undivided profits
22.315
1,032
Reserve for depreciation
22,500
5.081
33,119
Demand deposits
337.339
303.473
285,452
Time deposits
463.661
423,264
509.578
Bills payable
250.000
167.001
116,300
Other liabilities
5.010
266
701
Total
$1,321,182 $1,350,476 $1.525,825

Fidelity-Philadelphia Trust Co. (Philadelphia).
ResourcesDec. 30 '33.
Bonds and mortgages owned
$5,443,078
Stocks and bonds
47,580,741
Loans and discounts
31,106.260
Real estate, office buildings and lots _ 4,639.637
Furniture and fixtures
2,626,144
Cust. liab. on accep. & let, of credit_
172,826
Cash on hand
521,934
Due from approved reserve agents- 6,209,345
Due from other banks
3,150,728
903,808
Exchanges for clearing house
1,060,298
Miscellaneous
Total
LiabilitiesCapital stock
Surplus and profits
Reserve for contingencies
Reserve for taxes, int. & expenses
Deposits
Bills payable
Letters of credit issued
Other liabilities

1861

Financial Chronicle

Volume 138

Dec. 31 '32.
$5,501.742
51,616.056
35,171.409
4,043.150
2,625,206
291,239
13,481
6,303,862
4,166.943
1,248.068
1,130,657

Dec. 31 '31.
$5.728,935
53.006.619
44,868,168
3.796.358
2,622,089
298,976
425,897
6,176.151
3.452.344
2.113,649
1.443.224

$103,414,799 112,111,8135123.932,410
$6,700.000 $6,700.000 $6,700,000
15,860,784 120,267,2731 22.794,074
1,058,687 1
1 5,093,713
458.537
957,791
78,705,783 84,424,311 83,233.424
4,400,000
172,826
291.239
298.976
458,182
428,989
454.431

Total
$103,414,799 5112,111.8135123.932,410
Trust department (additional)__31,010,602,354 $998,609,8095800.488,270

(The) Finance Co. of Pennsylvania (Philadelphia).
ResourcesDec. 30 '33.
Cash on hand
$368,464
Due from banks,&c
Commercial & other paper owned_ _ _ _
894,836
Loans on collateral
Stocks, bonds,&c
5,293,110
Mortgages
148,315
Real estate, turn.& fixtures
4,793,005
Other assets
100,232
Total
$11,597,962
LiabilitiesCapital stock
$2,350,000
Surplus & undiv. prof
7,784.463
805,599
lies. for deprec.,int., taxes,&c
Deposits
594,102
Dividends unpaid
55,842
7,956
Miscellaneous liabilities
$11,597.962
Total

Dec. 31 '32. Dec. 31 '31.
$655,803
$341.406
696,978

909.393

5,225.953
5.615.559
181,825
339.450
4,757.716
4.180.597
102.041
145.456
$11.620,316 $11.531,861
$2,350,000
2.350.000
7,762,019 7.694.662
764.364
825.169
665.477
548.210
70,500
100,052
7.956
13,768
$11,620,316 $11,531,861

Frankford Trust Co. (Philadelphia).
Dec. 31 '33.
Resources$903,065
Real estate mortgages
2,963,642
Stocks and bonds
1,447,412
Loans on collateral
1,097,611
Loans on personal securities
1,095,455
Real estate
910,510
Cash on hand and reserve bonds
691,212
Cash on deposit
58,062
Other assets (incl. vault.turn.&
$9.167,029
Total
Lfabililies$500,000
Capital stock
1,338,469
Surplus and reserve fund
profits
Undivided
Gen. dep. payable on demand & time 7,096,402
58,780
Other liabilities
$9.167.029
Total
$9,912,985
Trust department (additional)

Dec. 31 '32. Dec. 31 '31'
$1,100,550 $1.114,642
3,151,413
3.334.839
1,792,014
2.936.312
1,531,854
1.908.256
780,381
650.251
503,502
663,795
398,579
445.974
51,094
72,887
$9,309,387 $11,126.956
$500,000
$500.000
1,678.020
1,928.000
143.726
453.666
6.432,514 6,929,843
555.127
1.315,447
$9.309,387 $11,126.956
$9,674,810 $7.743,202

ResourcesDec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Cash, specie and notes
$54,831
$82,117
Due from approved reserve agents
125,2001
208.062
Due from other banks, tr. cos.. &c.179.5561
Legal reserve securities at par
60,000
Nickels and cents
212
314
63
Cash items
767
Figures
1,326
Exchanges for Clearing House
for
170.652
Time loans with collateral
1
22,213
Dec. 31 '32
-171,346
Call loans with collateral
5
1.238.307
1,259,360 unavailable
Bonds and stocks
299.500
115,000
Bonds and mortgage owned
86,436
111.737
Furniture and fixtures
15
Overdrafts
297,879
22,376
Other assets
Total

$2.441,318

$1,865,951

LiabilitiesCapital
Surplus fund
Undivided profits
Deposits subject to check
Certified checks
Treasurer's checks
Savings fund deposits
Special time deposits
Other liabilities

8200,000
100,000

$200,000
56,596
Figures
Mfrs

'

7,295

596,358
16.096
1.480
1.415,996
24,937
15.293

$1,865,951

82.441,318

410,935 Dec. 31 '32
unavailable
1,191,125

Total

*Guardian Bank & Trust Co. (Philadelphia).
ResourcesDec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Cash, specie and notes
'
$119,332
Due from approved reserve agents I
$71.200
Legal reserve securities at par
Nickels and cents
754
798
Comm'l paper purch.,upon one name
Upon two or more names
580,265
492.131
Time loans with collateral
Call loans with collateral
Loans on call upon one name
Loanssecured by bonds & mortgages
290,133
417.810
Bonds and stocks
30.127
28,287
Office building and lot
10.023
11,599
See
Furniture and fixtures
8.525
2,274
note
Book val. of legal res. sec. above par
Other resources not included in above( below.
$898,220 81.165.040

Total
LiabilitiesCapital stock
Surplusfund
Undivided profits,less exp.& taxes pd
Reserve for int., taxes & expenses__ Demand deposits-Dep.subj. to ch'k.
Demand certificates of deposits_ _ _
Deposits Commonwealth of Penns _
Deposits United States
Certified checks
Cashiers' or Treasurers' checks_ _ _ _
Time deposits, time ctfs. of depositSpecial time deposits
Time savings fund deposits
Bills payable on demand
Other liabilities, not incl. in above_

96,740

8300.000
1100.000
4.324
59.200

408,894

490,494

$300,000

Total
* Conservator appointed for the institution.

42,586

80,481

50,000

130.000
541

$898,220 $1,165,040

Girard Trust Co. (Philadelphia).
Dec. 30 '33.
Resources1513,308,431
Cash and reserve
Due from b inks & clear, house exchsi
14,754.247
Loans_ _ _ . _
45,757,215
U. S. Govt. securities
25,875,114
Other seem hies
2,666,082
Mortgages
2,415,387
Banking house
295,256
Other real estate
146,786
Customers,liability on letters of credit
23,166
Other resources

Dec. 31 '32. Dec 31 '31.
$14,805,1291 $7,295.609
1 7.037.
17.715.478 24,795,073
39,198,543 39.182.247
26,678.692 29,920,328
237,398
1.249.301
2.415,387
2.415.387
149.736
359.982
253.341
242,806
25,281
48.700

$105,241,684$102.720.599$111.335.105

Total

LiabilitiesCapital stock
Surplus fund
Undivided profits
Reserve for taxes
Reserve for deprec. of securities
Deposits
Dividend
Due Federal Reserve Bank
Letters of credit t..aied
Repurchase contracts. U. S. securities

$4,000,000 $4,000,000 $4,000.000
9,000,000 16,000.000
9,000,000
829.168
1.012,309
1,242,624
425.925
324,431
293,023
4.001.165 2.001.453
3,941,055
86.218,197 83,739,888 79,715.662
400,000
*400,000
400.000
2,700.000
253.341
242.806
146,785
5,009,550

$105,241.684$102,720.5995111.335.105
Total
Trust dept.. excl. of corp. trusts___.$940,010,4128938.135,8103870.601,679
* Dividend payable Jan. 2 1934.

*Industrial Trust Co. (Philadelphia).
Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Cash and reserve
$932,896 $1.035,745 $1.374,012
Loans on collateral
6,326,717
7.820.856 10.959.163
Commercial paper purchased
Bonds, mortgages and judgments,_ 4,625.998
5.488,555
5,091,955
Stocks, bonds, &c
Banking house, furniture and fixtures
403,951
402.854
405.681
Customers'liability on letters ofcredit
1,594
Other resources
209,644
212,237
2-4.6:1518
Resources
-

Total

Germantown Trust Co.(Philadelphia).
Dec. 30 '33.
Resources$1,187,470
Cash on hand,due from banks,&c
5,818,124
Loans on collateral
2,542,904
Loans on bonds and mortgages
6,724,735
Stocks, bonds. &c
293,727
Commercial paper
Real estate, furniture and fixtures- 2,415,198
186,169
Other assets
$19,1-68,327
Total
Liabilities$1,400,000
Capital stock
2,532,884
Surplus and Profits
1,510,300
Reserve for contingencies, &c
13,725,143
Deposits
$19,168,327
Total




Dec. 31 '32. Dec. 31 '31.
$1,097,697 $1,345.764
6,941,259 8.649.066
2,503,021
2.383.471
7,280,910 7,555,505
310.350
442.552
2,371,955
2,184,910
226,145
275.274
$20.731,337 $22,836,542
$1,400,000 $1.400,000
3,111,253 4,306,088
16,220,084 17.130.454
$20,731,337 $22.836,542

$12,502,530 $14,961,344 $18.074,899
LiabilitiesCapital stock
$882,250
$882.250
$882,250
Surplus4.100.000
Undivided profits
j• 3,056,312
3.888.6291
176.878
Reseryes
334.533
Deposits
8,262,096
9,532.976 11,587.408
Acceptances and letters of credit..
1,594
Bills payable
300,000
649.700
975,000
Other liabilities
278
7.789
18.830
Total
Trust funds (additional)

$12,502,530 $14,961.344 $18.074,899
$14,627,209 $14,334,246 814.413.367

'Consolidated with Fern Rock Trust Co. as of Feb. 15 1929. Name
changed from Industrial Trust, Title & Savings Co. Consolidated with
Textile National Bank as of Oct. 15 1929; consolidated with Northeastern
Title & Trust as of Nov. 13 1930.

1862

Financial Chronicle
Integrity Trust Co. (Philadelphia).

ResourcesDec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Real estate mortgages
Stocks, bonds and other investments322,305.392 $24.073.016 $25.894,359
Loans on collateral and commercial
paper purchases
14,331,681 27,596.278 33,334.395
Real estate, furniture and fixtures_
2,731,375 2.782.437 2.777,434
Cash on hand and on deposit
2,893,122 4,235,282 6,178,511
Customers'liabil. on letters of credit4,850
276,990 1,052.124
Other assets, accrued Interest
278.971
483.765
695.712
Total
842,545,391 $59.427.768 $69,902,535
LiabilitiesCapital stock
482,987,920 $2.987,920 $2.987.920
Surplusfund
375.000 8.000.000 11.000.000
Undivided profits
134,190
1,390.546
1,000,330
Reserved for interest,taxes,&a
154,238
288.546
Deposits
37,860,475 44.486,039 47,240,715
Reserved for contingencies
385,244 2.500.000 3,000,000
Dividend Jan.2
298,785
Bills payable
780,000
2,650,000
Letters of credit issued
4.850
1.052,124
276.990
Other liabilities
17,711
22.251
23.899
Total
Trust department (additional)

$42,545,391 $59.427.768 $69,932,535
$40,939,716 $41.690,255 $40.110,204

*West Philadelphia Title & Trust consolidated with Integrity Trust Co.
as of Feb. 28 1929 and Columbia Ave. Trust Co. and Tenth National Bank
merged as of July 1 1929. Market Street Title & Trust Co. merged as of
Feb. 28 1930. a Effective Jan. 20 1934 the capital structure was increased
to $7,995.973, consisting of $995.973 common capital, 84.000.000 1st pref.
shares and $3,000,000 2nd pref. shares.

*Kensington Security Bank & Trust Co.(Phila.).
ITATOUrte3Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Real estate mortgages
$1.494,869 82.071.560 $2,071.680
Loans on collateral & personal secur_ 6,709,465 8.336.131 11,061.910
Stocks, bonds. &c
3.467.387 3,175.108 2.739.236
Cash on hand and on deposit
933.288
825,8991.169.037
Banking house
805.725
971,129
805.725
Other assets
147.101
289.910
263,609
Total
$13,700.624 $15.526,928 818,111.197
LiabilitiesCapital stock
$1,300.000 81.300.000 $1,300.000
Surplus and undivided profits
2.117,448 2,183,347 2.203.352
Contingent fund
767,908
815.834
1.631,106
Deposit,
7,553,546 8,207,675 10,076.752
Dividends payable Dec. 31
26,050
78,000
Reserve for taxes, &c
4,021
20,409
72.181
Bills payable
1,931.683 2,922,989 2.690,562
Miscellaneous liabilities
26.018
50,624
59,244
Total
$13.700,624 $15,526,928 $18,111.197
* Kensington Trust Co. and National Security Bank & Trust Co. consolldated on June 28 1930 under name of Kensington Security Bank &
Trust Co.

Liberty Title & Trust Co. (Philadelphia).
ResourcesDec. 31 '33. Dec. 31 '32. Dec. 31 '31.
Cash on hand
$224,269 . $192,452
8195,613
Due from banks, &c
527,452
778.394
901162
Loans on collateral
3.554,682 3,825,229 4.110.102
Stocks, bonds. &c
1,300,693
1,456.278 1,632.010
Mortgages
1,025,063
1.185.247 1.277,274
Commercial paper purchased
412,956
429,842
563.046
Real estate, furniture and equipment
446,353
284,840
156,773
Other resources
20.269
39.413
41.131
Total
$7.511.737 $8,191,695 88.877.111
LiabilitiesCapital stock
$1.000,000 $1,000,000 $1,000.000
Surplus
1,100,000
1.300.000
1.500,000
Undivided profits
154,506
95.722
162.733
Reserve for depreciation
202,917
120.025
212,369
Title Insurance reserve fund
743
743
723
Deposits
5,052,919 5.582,240 6,093.630
Other liabilities
652
621
Total
$7,511,737 $8,191,695 88,877.111
Trust department (additional)
$12,756,624 $12,299,459 813.418.408

*Media-Sixty-Ninth Street Trust Co. (Phila.).
ResourcesCash in vaults
Due from reserve banks
Due from other banks
Loans
Bonds and stocks
Mortgages of record
Office building and lot
Furniture and fixtures
Vaults
Other resources
Total
LiabilitiesCapital stock
Surplus
Undivided profits
Bills payable
Other liabilities
Reserves for losses, &c
Borrowed money
Deposits

Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
$25,297
$260,361
737,195
416,838
22,424
22,204
2.417,217 2.978.638
2.720,938 2,999,307
2.097,650
1,726.433
127,508
127,508
166,633
124,170
47.759
131,998
89,159
See
note
$8,446,861 88,792,377
below
$375.000
$375,000
1,254.8291 1,000,000
1
180.496
}
1,392,037
15,050
19,850
156,512
1.090,167
5,405.145 5.975,152

Total

$8,446,861 $8,792,377

* Media Title & Trust Co. of Media, Pa., and Sixty-Ninth Street Terminal Title & Trust Co. consolidated as of May 1 1930. In March 1933
conservator appointed for the institution.

Mitten Men & Management Bank & Trust Co. (Phila.).
ResourcesCash specie and notes
Due from approved reserve agents
Commercial paper
Time loans on collateral
Call loans on collateral
Character loans
Bonds and stocks
Bonds and mortgages owned
Furniture and fixtures
Other assets

Dec. 31 '33. Dec. 31 '32. Dec. 31 '31.
$105,693
$28.064
$118,843
548,834
147.335
201,334
502,678
382.032
383.499
283,836
682.872
373.728
1,082.508 2.276.343
778.688
1.763.420
217,378
67,692
3.114,339 2,499.839 3.269,223
1.551,942
1,665,836 1.586.736
92.276
92,239
93,756
540,443
388,883
640.955

Total
LiabilitiesCapital stock
Surplusfund
Undivided profits
Res've for int., taxes & contingencies_
Demand deposits
Time deposits
Due to banks, trust companies, &c...
Bills payable
Other liabilities

$6,979,828 17.150.085 $11.351.331

Total
Trust department (additional)

86.979.828 $7,150.085 811.351.331
$272,603
$531.946 $4,167.22

11.500.000 *81.500,000 $3.500.000
300,000
300.000
300,000
51.645
16,463
67,735
1,204.019
1.768.177
1,026,955
618,438
393.721
515.072
2,843,732 2,207,451 4,805,542
3,220
3,230
20.984
722,663
628,022
686.639
203.208
42,988
251.340

•Capital reduced from $3,500.000 to 81.500,000.




Mar. 17 1934

*Ninth Bank & Trust Co. (Philadelphia).
ResourcesDec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Loans and discounts
$8,389,025 $11,661,936 813,169,727
Investments
7,704,044
5,793,288 6.658,184
Banking house. vault,&c
1,005,621
1,004.641
1,027.668
Interest accrued
112,754
115,706
142.695
Due from banks
364,007
337,503
688,046
Clearing House exchanges
123.869
186,124
134.369
Cash and reserve
1,338.022 1,564,577 1,341,516
Customers' liability acct. acceptances
2,692
13.498
21,997
Other resources
3,239
22,748
Total
$19,073,588 $20,617,951 123,235.957
LiabilitiesCapital stock
$1.375,000 $1,375,000 $1,375,000
Surplus and profits
1,776,353 t2,323,465 2,339.774
Reserve for taxes, &c
684,007
638,494 t1.102,308
Discount unearned
14,802
25,824
21,651
Deposits
15,189,303 15,808.524 16.108,929
Bills payable and rediscount
400,000 2,200.250
Acceptances & letters of credit Issued13,498
21,997
2,692
Dividend payable Jan. 2
20,625
48,125
61,875
Total
$19,073,588 820,617.951 323,235,957
Trust department (additional)
$15.882,859 $14,741.792 114.892.235
* Incorporated in Pennsylvania Sept. 12 1923 as a consolidation of The
Ninth National Bank, incorporated in 1885 and The Ninth Title & Trust
Co. incorporated May 22 1920. Northern National Bank and Ninth Bank
& Trust Co. consolidated as of March 4 1929 under name of latter. Also
merged with Fairhill Trust Co. as of June 111929. t Reserve for taxes, &c.
Included in this amount is $1,000.000 set aside out of surplus and undivided
profits for depreciation and contingencies. On Jan. 4 1933 the board of
directors authorized a reduction in the surplus fund from $2,000.000 to
81.375,000 as of Dec. 31 1932. The $625,000 charged against. this account
was transferred to the reserve for contingencies. At the same time the board
of directors authorized charging $202,868.47 against the reserve for contingencies, leaving a balance of 81,003,287.98 in that account.

*North City Trust Co. (Philadelphia.)
ResourcesDec 30 '33. Dec. 31 '32. Dec. 31 '31.
Due from approved reserve agents-77,680
Nickels and cents
569
3124,621
Cash items
299
Due from banking instit's (excl. res.)
39,633
Bills disc. on 1.2 or more
Time loans with collateral
943.504 1,009,814
Call loans with collateral
Loans secured by bond & mortgage_
Bonds438.2911
203,828
Stocks
).
1
233.238
Furniture, fixtures and bank building
136,060
126,060
Title reserve
1.00G
1.000
Furniture and fixtures
See
348.651
349,596
Other resources
note
6,632
8.065
below.
Total
81.994.697 $2.053,844
LiabilitiesCapital stock
$500.000
8500.000
Surplusfund
0
3 9.447{
200,000
Undivided profits
}
7.973
Demand deposits
357,6841
670,041
Time deposits
278.904)
Due Federal Reserve Bank
397.745
357,307
Res've for deprec., title ins., &c
01,717
123.473
Bills payable
35.050
Mortgages payable
149,200
160.000
Total

81.994.697 82.053,844
* Taken in possession by the Secretary of Banking on Sept. 30 1933.
a Title insurance reserve only.

Northern Trust Co.(Philadelphia).
Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Real estate mortgage loans
$1,793,990 81.841.183 82.058.300
Investment securities
5,258,079 5,758,7906,364,957
U.S. Govt. & municipal securities_ .
_
1,636,472
938.169
865,414
Loans on collateral
1,456,352 2.059,775 3,694.027
Commercial paper
52,820
83,107
58.683
Real estate
807.381
697 708
587.295
Cash on hand and in bank
1,656,513
2.223,218 1.363.609
Other resources-accrued interest---98,732
33,900
28,427
Total
$12,760,339 $13,531 198 815.123.364
LiabilitiesCapital stock
8500,000
$500,000
$500,000
Surplus fund
2,000,000 3,000.000 3,750,000
Undivided profits
377,571
320,328
344.670
Reserves
1,112,508
513.000
Deposits
8.770,260 9.197,870 10.528.694
Total
$12,760,339 $13.531,198 815,123.364
liesOUTC43-

North Philadelphia Trust Co. (Philadelphia).
Resources-

Dec. 30 '33.
Stocks and bonds
$2320,927
Mortgagee
1,712,020
Amount loaned on collateral,
933,775
Amount loaned on personal securities
278,840
Cash on hand
372,642
Cash on deposit with banks
488,282
Real estate, furniture and fixtures
823,874
Other assets
9,914
Total
$6,740,274
LiabilitiesCapital stock
$500.000
Surplus fund
1,000,000
Undivided profits
69,609
Reserve for depreciation
203,169
Reserve for interest and taxes
36,277
Title insurance reserve
1,805
Bills payable
Gen. clap. paY,on demand & time...... 4,922,860
Other liabilities
6,554
Total
$6,740,274
Vrust department (additional)
15,687.304

Dec. 31 '32. Dec. 31 '31.
$2.024.305 $2,108,379
1,972.662 2.147.572
2,076.526
1,247.971
407.256
291,125
285.829
222,558
184.238
279,743
476.917
665,071
1.615
2,461
$6.705,896 $7.688.332
$500,000
1,300,000
92,737
78,287
35,745
6,293
4,692,834

8500.000
1.350,000
126,930
75.000
55,318
5.644
535.000
5.040.440

$6,705,896 $7.688,332
35.236.500 $4.874,821

Pennsylvania Warehousing & Safe Deposit Co.(Phila.)*
ResourcesReserve fund
Cash on hand
Due from banks and bankers
Loans dc discounts
Investment securities owned
Real estate, furniture and fixtures
Other assets

I)ec. 30 '33. Dec. 31 '32. Dec. 31 '31.
$55,662
$355,261
33,325
1,820
8165.057
223,488
26.570
26.052
455,054
375,908
539.615
492,339
485,170
590.627
1,433.686
1.432,974
1,717,287
78,272
103,603
112,521

Total
LiabilitiesCapital stock
Surplus and undivided profits
Reserve
Deposits
Bills payable
Other liabilities

$2,771,826 82,895.681

Total

1

$750,000
849,251
758,131
400,000
14,444

8800,000
939.924{
726,275
400.000
29,482

83.036.784
8800.000
494,144
486,547
481.093
775.000

82,771,826 $2,895,681 83.036.784

'Pennsylvania Co. for Insurances on Lives & Granting
Annuities (Philadelphia).
Dec. 30 '33. Dec. 31 '32. tDec.31'31.
Resources$1,901,249 $14,571,503 $13,856.048
Cash on hand
40.432.899 39,850,501 32.074,048
bankers
and
Due from banks
69,661,883 83.621,911 106.758,822
Loans on collateral
73,146,954 65.215,3521 67,493,571
Stocks, bonds. &c
10,409.121 10,590.3781
Mortgages
16,277,154 14,516,918 19.747,243
Commercial paper purchased
5,024,035 6.681,912 10,062,156
bal.
trust
of
proteen
for
fund
Reserve
1,566,395 1.474,920
1,207,128
Interest accrued
1,192.358 1,209,316
1,162,825
Furniture and fixtures
2.829,962
2,829.962
1,077.132
Bank building
333.769
253,839
212,783
Customers'liab. let, of cred. & accep.
5,175.904 2.645.065 2.005.565
Other assets
$225.689,067 243,536,094 257.845.420
Total
Liabilities$8,400,000 $8.400,000 $8.400.000
Capital stock
17,000,000 17 000 000 27.000,000
Surplus fund
581.848
1.279,525
1,788,452
Undivided profits
9.606,558 11.303,272 11.087.498
Reserves
187.146,365 203,158.022 190,761.444
Deposits
415.153
534.209
307,231
Interest payable to depositors
12,000.000
Bills payable
4,348.667
Loans & comm. paper rediscounted
630,000
630,000
336,000
Dividend payable Jan. 2
842,649 1.309,357
740,996
Treas. checks & Clear. House bills...
333.769
253,839
212,783
Letter of cred. issued & acceptances_
977.684
134.578
150.682
Other liabilities
$225,689,067 243.536,094 257.845.420
Total
859,689,610 843.186,761 839,060.512
Trust department (additional)
•Bank of North America & Trust Co. consolidated with Pennsylvania
Co.for Insurances on Lives & Granting Annuities as of June 1 1929 under
name of latter. Colonial Trust Co. merged March 29 1930.
t On Dec. 27 1931 the Continental-Equitable Title & Trust Co. discontinued its banking business and transferred all its deposit accounts to
the Pennsylvania Co. for Insurances on Lives & Granting Annuities.

Provident Trust Co. (Philadelphia).
Dec.30'33. Dec. 31 '32. Dec. 31 '31.
Resources-$2,311,164 $2,653,261 $2,622.751
M ortgages
25,176,896 24.867,690 26.104,015
Stocks and bonds
807,032 1.562.209
581,769
Commercial paper
10,534,989 10,925.149 12.848.644
Loans
4,833,9434,478,977. .
Real estate
Cash on hand & due from bks. & bkrs_ 6,577,152 6.068.310 5,016.116
673,184
508.356
464,686
Miscellaneous assets
Total
850,480,599 $50,308.775 $52,990,798
Liabilities$3,200.000 $3,200,000 $3,200,000
Capital stock
Surplus
12,260,000 12.260,000 12.260.000
1.403,427 5,038,396
Undivided profits
- -. 1,605,955
1,000.000
750,000
Reserve for contingencies & deprec.450,000
320,000
160.000
Dividend payable Jan
267,551
293.117
285,631
Reserve for taxes, etc2a
Deposits
32.527,269 31,967,892 30.551.972
352,879
274.339
151,744
Other liabilities
Total
850.480,599 850.308.775 $52,990,798
*Trust department (additional). Incl.
$3731831168381.709,0948359,348.514
corporation trusts
Listed bonds and stocks carried at market or book value, whichever
Is lower. Inactive securities, loans and "Other real estate" carried at
appraised or book value, whichever is lower. a Dividend payment dates
changed to Feb. 1. May 1. Aug. 1 and Nov. 1.

The Real Estate-Land Title & Trust Co.
(Philadelphia).
Dec. 30 '33. Dec. 31 '32.
ResourcesCash on band and due from banks- $3,856,931 $5.911.466
21,070,869 24.503,793
Loans
19,777,801 19,515,687
Investments
1,915,671
1,937,538
Real estate
3.832.667 3,797.217
Other assets
Total
LiabilitiesCapital stock paid in
Surplus and reserves
Undivided profits
Deposits
Other liabilities
Total
Trust dept. (additional)

1863

Financial Chronicle

Volume 138

Dec. 31 '31.
$6,029.042
28,558,084
21,446,592
1,868.596
3.462,565

$50,453,939 $55,665.701 $61.864,879
$7,503,000 $7,500,000 $7,500,000
11,905,351 13,065.670 14,832,874
1,719.803 1.765,497
1,239,593
26.154.451 31,245,915 35.993.481
3,654,544 2,134.313 1.773,027
$50,453,939 355.665,701 $61,864.879
8175,399,668 175,034.6648173.352.675

The Real Estate Trust Co. of Philadelphia.
Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Resources-$249,000
$253,000
Lawful reserve bonds
308.552
349,834
$ 1,401,739J
}
Cash on hand
I, 1.363,441 1,323,623
Due from banks and bankers
1,938,026
1,499,997
1.579,994
Call loans on collateral
337 546
186 025
Loans on bonds and mortgages
129,374
156,211
Loans on one and two name paper } 5,280,5961
3.381,359
4,350,793
bonds, &c
to
Stocks,
5,613,517 5.298.517
3,795,465
Real estate
194.927
159.259•
Other assets
$12,252,721 $13.932.076 813,332,071
Total
Liabilities$1,500,000 83.027.800 13.131.200
Capital stock paid in common
2,000,000 2,000,000 2,000.000
surplus
357.425
306,673
534,809
Undivided profits and conting.reserve
94.493
56.051
Building renewal reserve
832,000
832,000
Principal of ground rents
6.848,614
7,394,418
8,217.089
Deposits
400
234
Dividends unpaid
67.939
314.899
823
Other liabilities
Total
Trust department (additional)
Rate of interest paid on deposits
Divs.paid in cal. year

$12,252,721 $13,932.076 313.332,071
$53.635,608 $51.641,302 $50,939.433
1931.
1932.
1933.
1%
(7)
1a
$250.4
$184.047
(7)

Sbnsitaly Bank & Trust Co. (Philadelphia.)
Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
$17.934
$28,703
Cash, specie and notes
68.386
$95,673
73,999
Due from approved reserve agents.436
340
370
Nickels and cents
25,000
25,000
Legal reserve securities at par
. 27.951
20,397
22,647
Due from bank'g instit., excl. res....
34,518
Time loans with collateral
37.960
399,870
419,505
Call loans with collateral
17.800
Loans secured by bond and mortgage_
281,542
Commercial paper
173,162
179,581
143,149
Bonds and stocks
137,800
214.880f
} 171.562
Mortgages owned
107,585
1
Judgment of record owned
50.000
50.000
50.000
Office building and lot
11.843
12,213
12,425
Furniture and fixtures
415
384
207
Overdrafts
767
4.434
333
Other resources
Resources-

Total
LiabilitiesCapital stock
Surplus fund
Undivided profits
Demand deposits
Time deposits
Reserve for deprec.
Other liabilities
Total •

$947,900

$977,772

3993.099

$125,000
1 110,390

$125,000
110,380

$125.000
90.000

155,910
556,511

150,588
591.529

194,385
563,340
20.374

89

275

1947,900

1977.772

1993,099

Wyoming Bank & Trust Co. (Philadelphia).
ResourcesDec.30 '33. Dec. 31 '32. Dec. 31 '31
858.511,
Cash, specie and notes
3122.117
47,513
3152.004
Due from approved reserve agents.._
14,000
Legal reserve securities
60.773
Commercial paper
465.846
500.725
405.490
Time loans on collateral
Call loans on collateral
Loans on call on one name
105.067
Loans payable on demand
375,770
563.699
473,164
U.S. and other bonds
151.413
Preferred stocks-investment
186.300
211.153
208,700
Mortgages and judgments of record__
141.620
148.275
115,722
Office building and lot
26.540
Furniture and fixtures
4.500
37.111
64.098
Other resources

Total
LiabilitiesCapital stock
Surplusfund
Undivided profits
Demand deposits
Time deposits
Bills payable & rediscounts
Reserve for depreciation
Miscellaneous

31.413,737 11.612,966 $1.613.406
8200,000
58.666

$200.000
144,394

532.969
510,734
110,000

1.067,951
200.621

1,368

3200,000
1100.000
1 68.948
1.005.458
239.000

81.413.737 81.612.966 81.613.406

Total

BALTIMORE COMPANIES
Colonial Trust Co. (Baltimore) (Concluded).

*Baltimore Trust Co.(Baltimore).
ResourcesDec. 30 '33.
Cash on hand & in F.R. St oth. banks
U.S. Govt.and other bonds & invest..
Bankers' acceptances
Federal Intermediate Credit Bank
deb. and other short-term notesLoans
Customers liabilities account accepts.
and letters of credit
See
Banking houses, furniture & fixtures_
note
Interest earned but not collected_ _ _
below
Other assets

Dec. 31 '32. Dec. 31 '31.
$11.067,355 $11.711,370
23,593.805 24.193.467
674,748 1.504.371

Total
LiabilitiesCapital
Surplus and undivided profits
Reserves
Acceptances and letters of credit
Acceptances and foreign bills sold
Rediscounts with Fed. Res. Bank
Bills payable with Federal Res. Bank_
Deposits

376.119.405 $85.502,681

1.272,783
2.503.491
31,975,282 37,662.582
1,084.275
5,300.000
1,151.156

2,007,121
5,300.000
620,279

$6,250,000 16.250,000
4,405.899 4,432.971
8,278.921
9.118,932
1.085,875 2.016,121
674,748 1.504.371
1,250,000
6,423,666
49,000.296 60.930.286

876.119,405 $85.502.681
Total
•Century Trust Co. and Baltimore Trust Co. consolidated as of Nov.22
1929 under name of latter. In process of liquidation.

Colonial Trust Co.(Baltimore).
Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Resources$418,906
$359,469
$463.305
Loans and discounts
4
142
1
Overdrafts, secured and unsecured.1.084,489
1,082,832
1.399.714
Rocks, bonds, securities, &c
83,150
108.850
141,250
Mortgages
224,444
225,134
221.149
Bkg. house, furn.. fixtures & vault
220,490
220,490
202,153
Other real estate
162.058
17
Checks and cash items
128,826
104.981
Due from approved reserve agents-.
15,454
14.827
Lawful money reserve in bank
12,627
16.910
25.084
Miscellaneous
2.053
Federal Deposit Ins. Corp
Total




$2,131,006 82,237.347 12.570,456

Liabilities-Capital stock paid in
Surplus fund
Undivided profits
OsPosits
Reserve for interest and taxes
General reserve
Other liabilities
Total

Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
$400.000
8400.000
$400,000
400.000
400.000
300,000
17,851
36.053
34,086
1.579.203
1,379.694
1,392,346
2,814
3.068
2.927
166,718
15.804
962
3.870
2.728
785
82,131.106 32.237,347 12,570.456

Fidelity Trust Co.(Baltimore).
ResourcesDec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Loans and discounts
34.099.028 $5,373,040 37.438,600
888
Overdrafts, secured and unsecured...
396
263
Stocks, bonds, securities &c
8,505,833 11,265.072 9,461,507
Due from banks, bankers & trust cos_
3.827
5.921
879,474
Exchanges for Clearing House
406.212
303.062
221.550
Checks and other cash items
58,562
101,930
77.197
Due from approved reserve agents
1,880,290 4,233.592 3.246.825
Cash on hand
324.039
523.589
274,055
Due from rust's, under letters of cred
37.045
34,033
7,050
Furniture and fixtures
75,000
Miscellaneous assets
4,283
67.400
12.210
Total
$16.031,950 $21.908.035 $20.981.788
LiabilitiesCapital stock paid in
81,000,000 11.000.000 81,000.000
Surplus fund
1,250.000 2.000.000
500,000
Undivided profits
268.624
196.680
208,554
Due to banks, bankers and trust cos_
700.610
467,419
579.072
Due to approved reserve agents
487.567
646.416
Dividends unpaid
35.852
30,182
Deposits (demand)
9,928,765 12.213.921 11.062.191
Deposits (savings and special)
1,942,466 4,039.065 3,761,010
Reserve for taxes and interest,&c_ _ _ _
223,626
919.093
167,536
Certificates of deposit
100,000
135,000
100.000
Trust deposits
1,533,325
1.000.556 1,266.115
City of Baltimore deposit
75,000
5.000
Liabilities under letters of credit
7.050
37.045
34.033
Total
116,031,950 821,908.035 $20,981.788
1933
1932.
Divs. pd.on co.'s stk. in cal. year _ _
24%
21%
24%
Rate of interest paid on deposits _ _ _1%,sav.3% 1 %.sav.3% 1 %.sav.3 Si%

1864

Financial Chronicle
Equitable Trust Co. (Baltimore).

ResourcesDec. 31 '33. Dec. 31 '32. Dec. 31 '31.
Loans and discounts
85.310.167 $5,319.026 87,821.874
Overdrafts, secured and unsecured
2,751
1,864
2,192
Stocks, bonds, securities, &c___
12.793,090 10.956.346 11,011.394
Bank. house, vaults,turn. & fixtures250.000
250,000
250.000
Due from banks, bankers & trust cos_
17,025
26.211
6,000
Due from approved reserve agents
1.767,361
2,867,001
3,187.909
Lawful money reserve in bank
399,069
223,924
270,799
Accrued interest receivable
128,144
114,103
121.473
Miscellaneous
115,345
112.166
51.987
Total
$20,782,952 $19,850,431 $22,743,839
LiabilitiesCapital stock paid In
$1,250,000 $1,250.000 $1,250,000
Surplus fund
1,000,000
1.500.000 2,000.000
Undivided profits
102,057
200.431
430.217
Due to banks, bankers and trust cos.
544,000
216.204
345.849
Due to approved reserve agents
1,931.717
1.396,814
303,247
Deposits (demand)
10,722,881
7,344,338 8.136.313
Deposits (time)
6.413,769 7,016,599 8,102.793
Dividends unpaid
12,228
24,918
37.275
Reserved for taxes. interest. &c
286,026
386.134
337.710
Bills payable
750.000
Miscellaneous
48,636
28.514
8,552
Total
820.782.952 819,850,431 822.743,839

*Maryland Trust Co. (Baltimore).
ResourcesDec. 30 '33. Dec. 31 '32. Dee. 31 '31.
Loans
$13,133,346 813,599,093 $18.316,238
Stocks, bonds. securities, &c
8,168,580 8,769.854 10,280.438
Due from banks, bankers & trust cos_ 2,605,302 3,678,987 2,940,592
Cash on hand and on deposit
3,797,554 3.232,256 4,386.431
Banking houses and office buildings _ 1.7u8.076
1.690,211
1,492.929
Miscellaneous assets
312,488
271,277
310,714
Total
$29,725.346 $31,241.678 837,727.342
LiabilitiesCapital stock
$2.500,000 82,500.000 $2.500,000
Surplus
1,250,000
1,250,000 2,000.000
Undivided profits
264.911
319.910
720,000
Reserves
100,244
132,582
228,576
Deposits
25,540,606 26.992,290 31.901.546
Miscellaneous
69,585
46.896
377.220
Total
$29,725,346 831,241,678 837.727,342
* Continental Trust Co., Drovers & Mechanics National Bank and
Maryland Trust Co. merged as of July 26 1930 under name of Maryland
Trust Co.

Mercantile Trust Co. (Baltimore).
ResourcesDec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Loans and discounts
$8,410,833 $8,889,203 $10.821.281
Stocks, bonds, securities, &c
*8,402,418 *8.026,889 *8.356.886
Banking house, furniture and fixtures 1,214,703
1,185.000 1,185.000
Cash on hand and on deposit
2,013,171 4,695.182 2,274.285
Accounts receivable
574,879
450.720
376.588
Foreign department
26,300
46,336
18,356
Clearing House exchanges
338,475
295,725 1.201,662
Customers'Habil. under letters of cred
63,909
88,510
112,145
Other assets
477.452
352,584
Total
$21.522.140 $24,030,150 $24,346,203
LiabilitiesCapital stock, paid in
81,500,000 $1,500,000 $1,500,000
Surplus fund
3,500,000 3.500.000 4,000,000
Hnelivided profits
100,673
60,673
104,325
Reserve for interest,taxes,&c
314.976
262.365 . 258,404
Deposits (demand)
12,970.961 13,373.108 14.052.707
Deposits (time)
3,047.636
5,214,012 4,318.622
Letters of envilt
63.908
88,510
112,145
Other liabilities
23,986
31.482
Total
821,522,140 524 030 150 824,346,203
* Investments carried at market prices as of Dec. 31.

Real Estate Trust Co.(Baltimore)
ResourcesLoans
Investments
Mortgages
Furniture and fixtures
Due from approved reserve agents
Cash
Interest earned not collected
Miscellaneous
Total

Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
8757.877
8862.132 81,009.786
531,529
308.585
324.536
429,342
456.101
508,680
6,868
7,993
8.644
252.094
216.700
355.263
15.852
195,439
34.053.
19,095
15,528
16.562
29,712
30,659
1,011
$2,042,369 82.093,137 $2,258,535

Mar. 17 1934

Real Estate Trust Co. (Baltimore) (Concluded.)
LiabilitiesCapital stock
Surplus
Undivided profits
Deposits (demand)
Deposits (saving and special)
Reserve for interest and taxes
Other liabilities
Total

Dec. 30 '33. Dec. 31 '32. Dec. 31 '31
$600,000
$600,000
$600.000
150,000
150,000
150,000
64,455
62,692
59,477
996,570
1,041,314
1,204.541
199,934
188,160
226.556
11,764
16,221
11,927
19,646
39,044
1.740
$2,042.369 $2,093,137 $2,258.535

Safe Deposit & Trust Co. (Baltimore).
ResourcesDec. 30 '33. Dec. 3132. Dec. 31 '31.
Stocks and bonds
$4,322,523 $6,333,329 $12,997,554
Loans,secured
2.094,222 2.473.099 3.592,507
Mortgage loans
709,340
646,509
746,256
Cash on deposit
7,139,182
3,287.749 3,527.139
Bills receivable
142,875
Real estate
275,000
275.000
275.000
Accrued interest receivable
11,956
16,731
18.967
Other assets
5,708
35.303
825
Total
$14,700,806 $13,132,989 $21,092,979
LiabilitiesCapital stock
$2,000,000 $2.000,000 $2,000,000
Surplus
3,000,000 2,650.000 3,000,000
Undivided profits
1,067,337
877,280
894,706
Reserve for taxes
118,777
169,430
169,097
Deposits
3,843.895
11,135.617
3,226.263
Deposits. trust funds
4,600,797
2.860,016 2.893.559
Res've for deprec. in val,ofsecurities_
70,000
1,350.000 1.000.000
Total
$14,700,806 813.132.989 821,092.979

Title Guarantee & Trust Co.(Baltimore).
ResourcesDec. 30 '33. Dec.31 '31. Dec. 31 '30.
Loans and discounts
$1,248,696 52,002.669
Stocks, bonds,securities, &c
1,640.238. .
Banking house,furniture and fixtures
600.200
600.200
Mortgages and ground rents
2,328,883 2.180.674
Cash in hand and in banks
1,019,534
748,039
Other real estate owned
See
79.512
81,987
Accrued interest receivable
note
43,189
25,359
Miscellaneous
below
4.486
4.009
TotaL
56.964,738 $7.607.60 I
LiabilitiesCapital stock paid in
8600.000
8600.000
Surplus
1,000,000
900.000
Undivided profits
44,209
69,403
Due to banks. bankers & trust cos482,096
174,409
Deposits(demand)
2.565,539
2.969.845
Deposits (time)
1,829,841
2.464.216
Bills payable
357,060
200,000
Reserve for interest, taxes, &c
160.859
154,922
Total
$6,964.738 87.607.60
Note.-Taken over by the State Bank Commissioner on Feb. 18 1933.

*Union Trust Co. (Baltimore).
Resources-Dec. 31 '33. Dec. 31 '32. Dec.31'31.
Loans and discounts
$14,609.687t$33,312,009 $42.307.450
Stocks, bonds. securities, &c
6,756,179 13,879,406 12,858,403
Banking houses, furniture & fixtures_ 2,269,473 3,219,308 2,962,248
Cash and exchange
5,627.759 11,895,516 12.039.253
Credit granted on acceptances
386.100
6,848
1.339,498
Customers'Habil. under letters of cred
26,810
64.484
Other assets
605,361
578,526
Total
$29,875,307 $63.297,675 $71,571.336
LiabilitiesCapital stock paid in
$2.500,000 $2,500,000 $2,500,000
Surplus fund
5.000,000
1,500,000 5,000,000
Capital notes
500.000
Undivided profits71,411
1.599.683
510.947
Reserve for interest and taxes, &c
186.227
25.963
1,164.621
Deposits
25,198,069 45,254.708 57,750.149
R. F. C. advances
8,753,922
Acceptances sold
970,793
letters of credit
04,484
28,810
Bills payable
3,500,000
Other liabilities
79.864
86,668
Total
$29.875,307 $63,297,675 871.571.336
* In October 1929 purchased the National Bank of Baltimore. :Absorbed the Monumental City Bank July 1 1930 and the Farmers St Merchants Nat. Bank July 311930. t On Dec. 12 1930 assumed management
of American Trust Co. (Balto.) and guaranteed the deposits.

ST. LOUIS COMPANIES
*Bremen Bank & Trust Co.(St. Louis).
ResourcesDec. 30 '33.
Loans on collateral security
81.098,713
Loans on real estate security
Overdrafts by solvent customers_ _ _ _
181
Bonds and stocks
1,815,685
Stock in Fed. Res. Bk.. St. Louis
19,500
Stock in Bremen Investment Co
Real estate (company's office bldg.).176,000
Other real estate
51.191
United Sates Liberty bonds
548,908
Safe deposit vaults, furniture & fist
25,200
Duefrom banks and bankers
519.746
Cash on hand
148.317
Total
$5,151,441
Liabilities'
Capital stock paid in
$400,000
Surplus
250,000
Undivided profits less current expenses and taxes paid
36.496
Deposits
1,002,379
Time certificates of deposit
2,328,422
Other deposits
9,199
Savings deposits
1,104,965
Treasurer's checks
19,807
Unpaid dividends
174
Total
$5,151,441

Cass Bank & Trust Co. (St. Louis) (Concluded.)

Dec. 31 '32. Dec. 31 '31.
$1,260,547 $1,684,234
383
856
2,248.027 3.169,929
27.000
27.000
750.000
750.000
180.000
184.000
17.879
23,879
428,253
28,000
30.800
634.531
594.317
143.192
138,531
85,717.812 86,603.546
$400.000
500,000

8400.000
500,000

16.794

116.490

1:132:11?

128:288

* Federal Deposit Insurance Corporation.

1.032,4431
2.625.182 5,565,888

4.502
1.122.786
9,931
8,732
6.174
12,436
$5.717.812 86.603,546

* Organized as the Bremen Bank in 1868: name changed to Bremen
Bank & Trust Co. as of May 1 1930.

Cass Bank & Trust Co. (St. Louis).
ResOUTC63Dec. 31 '33. Dec. 31 '32. Dec. 31 '31.
Loans on collateral security
$1,414,107) 82,035.7801 81.089.438
Loans on real estate security
483,918f
I 1,058.653
Overdrafts by solvent customers
1.178
Bonds and stocks
2,078,932 2,927,431
2.855,621
Stock In Fed. Res. Bank. St. Louis
18,000
21.000
Real estate (company's office bldg.)._
150.000
150.000
150,000
Other real estate
84,399
86.275
82.428
Safety deposit vaults
90,000
100.000
100,000
Due from Fed. Res. Bank and other
banks and trust companies
378,142
269,571
357,677
Checks and other cash items
98.979
13.120
Cash on hand
109,322
194,622
156,083
All other resources
*7.062
503.664
Total
$4,912,861 85,763,679 $6.388,862




LiabilitiesDec. 31 '33. Dec. 31 '32. Dec. 31 '31
Capital stock
$300.000
$300,000
$300,000
Surplus
400,000
300,000
400,000
Undiv. prof.less curr.exp.& taxes pd.
15,374
82.407
22,672
Deposits subject to draft at sight by
individuals and others
1,348,594
Time certificates of deposit
1,274,333
121(1
1.:
Other dine deposits(U.S.Postal Sava.)
4.669
189.000
198,700
Savings deposits
1.386,144
1.402,880
118:3gg
U. S. Government deposits
17,000
Cashier's checks
39.748
70,041
22,542
Bills pay. & redisets with F. R.Bank
Other liabilities
r012,6,4
12,375
Total
84,912,861 85.763.679 36.388.862

Chippewa Trust Co. (St. Louis).
ResourcesLoans and discounts
Overdrafts
U. S. Government securities
Other bonds
Stock in F. R. Bank, St. Louis
Banking house
Furniture and fixtures
Cash and due from banks
Other assets

Dec.'30 '33. Dec. 31 '32. Dec. 31 '31.
$999.833 11,230,700
$1.018,486
944
591
524
225,500
225,500
37,862
355.995
317,870
383,954
7,500
7,500
7.500
180,000
180.000
182.000
53,000
51,000
55,000
204.076
131.221
180,266
58,375
8,479
9,559

Total
LiabilitiesCapital stock
Surplus
Undivided Profit
Reserves
Deposits subject to check
Savings deposits
Time certificates of deposit
Unearned interest
Bonds borrowed
Bills payable
Total

$1,941,777 81.962.472 $2,208.986

}

$200,000
50,000
22,153
4,973
499,424
999,367

$200,000
50,000
40.983
3,100
428,569
880,566

50,000
115,860

358,715

$200,000
50.000
40,977
5,100
644,149
993,7er

539
275,000

$1.941,777 $1,962,472 82.208.986

Financial Chronicle

Volume 138

Easton-Taylor Trust Co.(St. Louis).
itesourcesDec. 30 '33. Dec. 31 '32. Dec. 31 '31.

Loans on collateral
Loans on real estate
Other securities
Bonds and stocks (present value)__
Due from banks and trust cos
Cash on hand, &c
Furniture and fixtures
Safe deposit vaults
Real estate
Other resources
Total
Capital stock paid in
Surplus
Undivided profits
Reserves for interest.taxes,&c
Deposits, demand
Bills payable and rediscounts
Time deposits
Savings deposits
Treasurer's checks outstanding
Other liabilities
Total-

$356,383
$438,155
$551,354
228,980243.280
261,070
25,944
38,131
117,407
538,800
696,299
752,426
110.874
102.120
128,718
56,034
95.813
40.309
7,773
7.773
7.772
9.129
9.129
9.129
86.293
62,906
86,294
44.187
29,128
32,647
$1,464,397 $1,694,136 $2,015,724
$200.000
100,000
5,579
6,611
492,096

$200,000
100,000
7.184
23.023
703.307
130,000
201,929
634.387
13,776
2.118
$1,694,136 $2,015.724
$200,000
100,000
4,566
8,287
542.171
149.580
170,068
505,960
13,504

225,459
424,216
10,369
67
$1,464.397

Guaranty-Plaza Trust Co.(St. Louis).*
ResourcesDec. 30 '33. Dec. 31 '32. Dec. 31 31.
Loans and discounts
$621,322
$579,438
Overdrafts
239
U.S. Govt.securities owned144.407
Other bonds,stocks and secur. owned
921.421
1,:370.635
Customers liability on acc't L./c
1,675
Furniture and fixtures
10.203
77.157
Reserve with Federal Reserve Bank
86.877
6.451
Cash and dtu)from banks
393,131
668.058
Outside checks and other cash items
3.348
116,067
Other assets-Interest accrued
See
17.789
24.223
Total
note
$3.030.234 $2,012,207
Liabilitiesbelow
Capital stock: paid in
$200,000
$200,000
Surplus
60.000
200,000
Undivided profits-net
1,021
17,164
Reserves
32.816
100.194
Due to banks, incl. cashier's checks
38,148
38,123
Demand deposits
2,173.457 1.475,948
Time deposits
298,495
202.208
Acceptances acct. letters of credit_ _ _ _
1,675
Other liabilities-Unearned interest
2.091
1 101
Total
33.030.234 82.012.207
* Merged on Sept. 6 1932 with the Plaza National Bank under title of
the Guaranty-Plaza Trust Co. and changed its name in August 1933 to
The Plaza Bank.

Jefferson Bank & Trust Co. (St. Louis).
ResourcesLoans
Bonds and stock
Banking house and equipment
Other real estate owned
Cash and due from other banks
Total
LiabilitiesCapital
Surplus and undivided profits
Reserve for interest and taxes
Deposits
Bills payable
Total

Dec. 30 '33. Dec. 31 '32.
$1,002,990 51,206,920
763,350
1,359,046
122,800
122,800
88,589
73,348
307,675
295,506
$2,285.404 $3,057,620
8200.000
77,673
2,857
2,004,874

3200,000
151.757
3,786
2,377,077
325,000
82,285.404 83.057,620

*Mercantile-Commerce Bank & Trust Co. (St. Louis).
-Dec.
Resources
30 '33. Dec. 31 '32. Dec. 31 '31.
Time loans
518,245,397 811.009.652 315.202,959
Demand loans
8,737,708 18,532,096 22,427.173
Acceptances of other banks
, . 28
B
k
24,41)4,785 26.045.309 26.168.194
Liberty bonds and U. S. Govt. certifi- 35.731,978
rates ofindebtedness
360,000 28,253,880 30.667,177
Stock in F. R. Bank, St. Louis
2,600,000
450,000
450.000
Real estate(company s office bldg.)
700,000
2.600.000 2,600,000
Safe deposit vaults
1,500,000
700.000
700.000
Other real estate
3,452
1,700.000
1.900.000
Overdrafts
22,912:595
3,110
7,056
Cashduefrombanks
1, 136,642 129.247,378 18.880,150
Cust's Habil. on letters of credit
1
2.743
201,390
Customers liability on acceptances....
109,970
5,412
4.590
Other resources
67.676
Total
3116.410,697 118.721.8133119.208,689
LiabilitiesCapital stock
510.000,000 $10,000,1300 $10,000,000
Surplus
5,000,000 5.000,000
2,000,000
Undivided profits
1.367.216
1,463,302
1.095.784
Reserve for taxes
40,000
Reserve for interest
110.000
65,000
75,000
Other reserves
603,700
550.477
477.213
Unpaid dividends5635
7,812
4,878
Bank's liability acc't letters of credit..
201.390
109,970
136:642
Bank's liability acc't acceptances
5,412
4.590
2,743
U. S. Government deposits
2,868,075
259.913
1,649,848
Time deposits
25.930,720 30.038.648 34.641.829
Demand deposits
73,340.434 71,531.178 65.753,791
Total
5116,410,697 118,721.8138119,208.689
•On May 18 1929 the Mercantile Trust Co. merged with National Bank
of Commerce under name of Mercantile-Commerce Bank & Trust Co.

*Mississippi Valley Trust Co. (St. Louis).
ResourcesDec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Stocks and bonds
$10,772,800 812.146.813
U. S. bonds & ctfs. of indebtedness 13,586,983 11.563,610 $11,010,844
11,763,805
Loans on real estate
3,406,6732,031,381. .
Loans on collateral
20,245,926 16,010,623
Other negotiable & non-nego. paper._ 9,800,405 8,247,502 27,181,571
12,279,695
Customers liability on accept. &c._
382.279
200,555
259.719
Real estate
1,375,364
1,265,840
1,102,640
Cash on hand
114,472,209j
411,651
523.600
Cash on deposit
1 23,961,787 7.500,236
Other resources
1,574,765
1,228,339 3.712,105
Total
$75,617,404 377.068.101 $77.826,637
LiabilitiesCapital stock
$6,000,000 $6,000.000 36.000.000
Surplusfund
1,500,000 2,500,000 2,500.000
Undivided profits
506,724
547.295
749.631
Reserve for contingencies
1.000,000
Deposits (savings)
6,978,193 7,513,958 7.374,709
Deposits (time)
4,825,569 8,101.143 10,641,083
Deposits (demand)
54,416,875 52,059,614 49,841,615
Acceptances and letters ofcredit
382,279
200,555
259,719
Accrued interest and taxes
2,918
43,947
16,462
Other liabilities
4.846
101,589
443,418
Total

$75,617,404 $77.068,101 $77,826.637
*Mississippi Valley Trust Co., Merchants-Laclede National Bank and
State National Bank consolidated as of July 1 1929 with name of Mississippi Valley-Merchants State Trust Co. Name changed to Mississippi
Valley Trust Co.

* Manufacturers Bank & Trust Co.(St. Louis).
ResourcesDec. 30 '33.tDec. 31 '32. Dec. 31 '31.
Loans on collateral
Commercial paper & invest.secure--} $2,588,269 $10,570.2931 $9,854,642
Loans on real estate
3.327.284
Customers' liab a-c accept. & L.0 _
6,205
19,995
Overdrafts
1.428
1.348
Stock in Federal Reserve Bank
57.950
108,000
108,000
Bonds and stocks
2,082,617
7,433,797 9,170.526
Real estate(company's office bldg.).350.000
387.941
387,941
Other real estate
.
.
Safe deposit vaults
37,500
38,200
38.200
Cash and due from banks and bankers 4,593,285
2,942,113
1.927,717
Checks and other cash items
31,340
Items in process of collection
476.669
Other resources
75,218
263,559
299,304
Assess,for ins. under Bkg. Act 1933-12.601
Total
$9,797,440 $22,332,441 $26,146,023
LiabilitiesCapital stock
$430,000 $2,150,000 $2,150,000
Preferred stock
1,215,000
Surplus
286,667
750,000
1,450.000
Undivided profits
6.929
130,421
399.989
Reserve for preferred dividends
1,485
1T.S.Govt.,State,county or municipa
deps.,requiring notice of withdraws
2,369,129
1,334.000
Deposits subject to draft by trust
companies, banks and bankers___
293,110
Deposits subject to drafts by individuals and others
6,035,848
Time certificates of deposit
7,857,359 19,251,815 7,204,496
Demand certificates of deposit
872
Savings deposits
5,514,318
Cashier's checks and certified checks
255,245
checks
acct.
reserve purch_
Cashier's
Fidelity insurance fund
44,000
Contingent liability on letters ofcredit
6.205
19,995
Bills payable and rediscounts
1,438.150
Other liabilities
50.000
Total
89,797,440 822.332.441 $26,146,023
* Lafayette-South Side Bank & Trust Co. of St. Louis reorganization
Plan was completed on Dec. 1 1933 and the institution was re-opened under
title of the Manufacturers Bank & Trust Co. on Dec. 20 1933. t Figures
for Dec. 31 1932 and Dec. 31 1931 for the Lafayette-South Side Bank &
Trust Co. only.

1865

Mound City Trust Co. (St. Louis).
ResourcesLoans and discounts
Bonds and stocks
Real estate
Cash and exchange
Safe deposit vault and fixtures
Federal Deposit Insurance Corp
Other resources, accrued interest
Total
LiabilitiesCapital stock
Surplus
Undivided profits
Due Federal Reserve Bank
Deposits
Reserves, depreciation. acc
Total

Dec. 31 '33. Dec. 31 '32. Dec. 31 '31.
$656.770
3721.774 81,028.146
402.963
520,337
537.935
47,860
47,860
47,915
194,241
180,285
245.289
14.422
14,422
14.000
1,918
11,663
11.237
11.010
$1,329,837 $1,495,688 31.884.522
$200.000
50,000
2.287
50.000
1.023.734
3.816

$200,000
50.000
11,000
75.000
1.123.716
35.972

$200.000
50,000
11.000
1,580.582
42,940

$1.329,837 $1,495,688 $1,884.522

North St. Louis Trust Co. (St. Louis).
ResourcesDec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Bonds and stocks
$1,145,102
$993.701 $1,238.148
Loans and discounts
1,505,995
907.782 1,113,389
Due from Federal Reserve and other
banks and cash on hand
338,137
219.382
193.872
Real estate, furniture and fixtures
122,380
75,473
74.990
Other real estate
50,074
Other resources
37.363
21.106
22.786
Total
$3,199,051 82,191,934 $22.668.695
LiabilitiesCapital
$300.000
200,000
3200.000
Surplus and undivided Profits
139,443
112,770
150.902
Demand deposits
7.38,319
529.008
661.726
Savings and time ctfs. of deposit.- _ _ 1,948,749
1.414.699
1,222.707
Treas. checks and div. checks
16,022
8.550
10.823
Bills payable
100,000
200,000
Other liabilities-res. for int. & taxes
6,518
18.899
30.545
Total
33.199,051 $2,191.934 32.668.695

Lindell Trust CO. (lit. Timis).
Resources-

Loans and discounts
Bonds and stocks
United States securities
Stock in Federal Reserve Bank
Cash on hand and in other banks
Furniture and fixtures
Bank building
Other real estate owned
Interest earned, not collected
Other resources
Total
LiabilitiesCapital stock
Surplus
Undivided profits
Reserve for interest and taxes
Treasurer's checks outstanding
Deposits
Bills payable
Other liabilities
Total




Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
3945.280 31.015,915 $1,261,938
595,2341
948,847
943,244
792.9011
12,000
12.000
12.000
235,268
206.216
268,228
45.487
45,417
45.417
243,079
246.833
246.833
21,772
20,857
229
1.108
$2,912,107 $2,475,228 $2,778,768
$3300,000
100,000
23,701
19,854
7,355
2,456,277

$300.000
$3300,000
100,000
100.000
31,249
59.546
7.678
16,750
21,871
23.639
1.852 975 2,023,803
160.000
255.000
4,920
1.455
30
$2,912.107 $2,475,228 $2.778,768

Northwestern Trust Co.(St. Louis).
ResourcesLoans and discounts
Cash and due from banks
Real estate
Overdrafts
Banking house.furniture St fixtures
Bonds and stocks
Other assets

Dec. 30 '33. Dec. 31 '32. Dec. 31 '3
$2,980,866 $3,405.015 $3,821.661
523,191
467,291
669,809
191,751
67,601
29,776
1.929
120,000
120,000
120.000
4,517,020 4.757.900 5.143.759
18,401

Total
$8.351,488 38.818,780 $9.786,934
LiabilitiesCapital stock
$500,000
$500,000
$500.000
Surplus
1,000,000
1,000.000
Undivided profits......16.765 1,000,000
8.665
48.514
Deposits
6,642.983 6.956.115 7,882,420
Bills payable
180,000
250.000
350,000
Reserves
4,000
4.000
6.000
Bonds borrowed
100.000
Other liabilities
7,740
Total

58.351,488 38,818,780 $9.786.934

1866

Financial Chronicle

Security National Bank Savings & Trust Co.(St. Louis).
ResourcesDec. 30 '33. Dec. 31 '32. Dec. 31 '31.
Loans
$1,680,265 $1,757,361 11.877.366
792
774
1,055
Overdrafts
2.729,054
2.730.549
2,219,921
Bonds
15.000
15,000
Stock in Fed. lies. Bank, St. Louis
15,000
305.227
304,183
310,564
Real estate (company office building)
14,877
Other real estate owned
30,456
U. S. Govt. certifs. of indebtedness
6,087,671
4,900,991
6,526,367
and Liberty Loan bonds
2,156,657
1,759,536
1,663,604
Cash and due from banks
5.000
17,500
Five per cent redemption fund
17,500
6.800
5,000
Due from customers acct. secs. purch.
5,670
4,823
6.145
Insurance premiums prepaid
96.490
91.434
95,607
Interest and commissions accrued
8.298
Other assets
$12,574,782 $11,602,028 $13,285,727
Total
Liabilities$350,000
$350,000
$350,000
Capital stock
150,000
150,000
150,000
Surplus
203,777
224,887
Undivided profits
223,593
1.510,000
U.S. bonds sold with re-purch.agree't
93.250
23,220
80,551
Reserve for interest and taxes, etc_ _ _
2,742,565 3,426.360
5,539,630
Board of Education deposits
514.360
1,203,500
*315,983
U.S. Govt., State and city deposits
6,940,680
6.400,525
All other deposits
5,522,356
100.000
Other reserves
100.000
97.300
350,000
Circulating notes outstanding
350.000
Total
112,574.782 $11,602,028 $13,285.727
* U. S. Government deposits.

Tower Grove Bank & Trust Co. (Bt. Louis).

Mar. 17 1934

Tower Grove Bank & Trust Co.(St. Louis)(Concluded.)
LiabilitiesCapital stock paid in
Surplus
Undivided profits
Reserves
Deposits subject to draft
Time certificates of deposit
Demand certificates of deposit
Savings deposits
Cashier's checks
Postal savings deposits
U. S. Government securities
Bills payable and rediscounts
Other liabilities
Total

$500,000
300,000
45,871
14,260
3,315,731
1,012,055
104,641
2,633.729
88,698
107,705
461,336

$500,000
300,000
307.036
96,972
2,947,639
1.444,797
105,557
3,031,701
91,106

$500,009
300,000
390,077
20,403
4,205,724
2,116.119
125,114
3.321,882
96,207

20,000
109
$8.584,135 88,844,808 $11.075,526

*United Bank & Trust Co. (St. Louis).
Dec. 30 '33. Dec. 31 '32. Dec. 31 '31.
ResourcesLoans and discounts
$3,358,133 13.310,038 $4.400.749
1,626,105
U.S. Govt. bonds and securities
2,541,582
1,899,482
1,852.598.
Other bonds and securities
888,771
1,711,963
45,000
Stock of Federal Reserve Bank
45,000
45,000
Overdrafts
342
664
956
35,194
23,099
28,832
Safe deposit vaults, turn. & fixtures
206,718
211,718
189,345
Other real Estate
1.376,082
1,196.588
1,397,808
Cash and sight exchange
1,750
1,370
Letters of credit
62,642
51,643
41,765
Other resources, Int. earned, uncollec_
Total
LiabilitiesCapital
Surplus
Undivided profits
Reserves
Letters of credit
Demand deposits
Time deposits
Savings deposits
Bank deposits
Deposits by City of St. Louis
Government deposits
Unearned discount

$8,524,095

$8,636,792 $9,390,050

11,000,000
500,000
11,466
9,599
3,894,613
1,127,941
708,471
35,323
700,000
533,771
2,911

11.000,000 $1,000,000
500,000
500,000
87,038
87,153
44,260
64,949
1,370
1,750
3,986,414
4,632,373
1,179,346
1,427,994
803,805
859.565
41.379
71,834
555,000
660.000
436,200
82.450
1.982
1,980

18.524,095

$8,636,792 $9,390,050

ResourcesDec. 31 '33. Dec. 31 '32. Dec. 31 '31.
Loans on collateral
$2,969,815 11.404,104 $5,982,654
Loans on real estate
1.508,470
1,049.600 3.356,837
1,645
Overdrafts
241
323
Bonds and stock, incl. $800,000 stock
1,975,655
in Govt. Security Holding Co
1,866,986
1.787,648
24,000
Stock in Fed. Res. Bank, St. Louis
24,000
24.000
157,189
Real estate (company's office bldg.)_ _
153,741
150,292
17.517
Other real estate
164,453
38,398
355,101
U. S. Govt. ctfs. of indebtedness_ _ _ _
497,000
450
885,604
U. S. Liberty bonds
915,885
42,689
35,448
Safe deposit vaults
29.556
Due from Federal Reserve Bank.other
605,840
682,547
trust companies and banks
789,065
183.938
22,473
Checks and other cash items
35,560
78.255
112,344
Cash on hand
138,519
77,774
70,048
Other resources
113,561
554.256
72.075
Furniture and fixtures
44,913
.075,526
Total
$8,584,135 S8,844,808

•Broadway Trust Co. consolidated with United States Bank as of Aug. 1
1929 under name of United States Bank & Trust Co. and later changed
to United Bank & Trust Co.

THE WEEK ON THE NEW YORK STOCK EXCHANGE.
Speculative activity on the New York stock market continued quiet, with the trend mixed and the volume of sales
small during most of the present week. Moderate selling
was apparent from time to time until Thursday when the
offerings were particularly heavy following the break in
silver stocks due to the opposition of Secretary Morgenthau
to silver legislation and the possibility of a wide strike in
the motor industry. There was little public participation
manifest in the trading,a large proportion of the transactions
being for professional account. The dealings centered to a
large extent around the utilities, rails and aviation issues,
though there was some demand for miscellaneous industrials
and specialties. Alcohol issues were quiet, and so were the
oils and most of the merchandising stocks. Aviation shares
had occasional periods of strength, but the gains were not
maintained. Call money renewed at 1% on Monday and
continued unchanged at that rate throughout the week.
Changes were small and trading was dull during the greater
part of the abbreviated session on Saturday. Metal shares
and a few of the specialties were in moderate demand, but
the general list was dull and the turnover was comparatively
light. The metal stocks were represented on the upside by
United States Smelting, which moved up about 2 points,
followed by American Smelting, Cerro de Pasco and Howe
Sound. General Motors showed a slight gain, but Chrysler
was off on the day. Steel shares and railroad issues were
somewhat irregular and so were the aviation stocks. Alcohol
issues were lower during the opening hour, stocks like National Distillers, American Commercial Alcohol and Schenley
being affected by Washington advices indicating the lifting
of restrictions on liquor importations. Aviation shares were
inclined to sag, United Aircraft slipping back a point or more.
As the market closed declines predominated, moderate losses
being recorded by such stocks as American Commercial
Alcohol 1% points to 50%, Anchor Cap pref. 33.. points to
843., Budd Manufacturing pref. 2 points to 30, Consolidated
5 points to 523', Electric Auto Lite
Cigar pref. (63/2) 2%
pref. (7) 2% points to 96, Union Bag & Paper 13% points to
55, United States Industrial Alcohol 1 point to 533. and
National Distillers 13% points to 27%.
Leading stocks moved briskly upward on Monday, the
gains expanding from fractions during the opening hour to
2 or more points in the late afternoon, merchandising
shares, motors, steel issues and some of the utilities led the
upward swing, and there was considerable interest displayed
in the railroad stocks due to the improvement in last week's
carloadings. Motor issues lagged behind, due in part to the
possibility of a tie up by strike. Public utilities were slightly
higher and some of the industrials showed strength. Rubber
shares were higher, particularly United States Rubber pref.,
which got up to 47 at its top for the day. Aircraft stocks
were slightly stronger and the chemical issues opened about
2 points higher and held the greater part of their gains until
the session closed. Among the stocks showing advances at
the close were Allied Chemical & Dye, 27's points to 151%;
American Can, 1% points to 101%; American News, 3H
3 points to 50; Devoe &
points to 33%; Atlas Powder (H),4%
Raynolds pref. (7), 9 points to 109; Homestake Mining Co.,
4 points to 357; Laclede Gas, 33/g points to 45; Western
Union Telegraph, 1% points to 573/8, and Postal Telegraph
ef 23
% points to 243..

Irregular price movements and .quiet trading were the
outstanding features of the trading on Tuesday. Miscellaneous industrials and public utilities displayed moderate
activity, but the pivotal stocks moved within a comparatively
narrow channel, not much above the closing prices of the
previous day. Motor stocks, steel shares and metals were
heavy at times, the market apparently being unable to shake
off its early lethargy. The gains were.slightly in excess of
the losses, though the changes on either side were not
especially noteworthy. Among the changes on the side of
the advance were Amalgamated Leather pref., 3 points to
45; American Beet Sugar pref., 2% points to 593'; American
Water Works pref. (6), 2 points to 74; Federal Light &
Traction pref. (6), 5 points to 62; International Silver pref.,
53% Points to 793; Pacific Tel. & Tel. pref. (6), 2 points to
110; Public Service of N. J. (5),3 points to 80; Texas Pacific,
5 and Wright Aero, 7 points to 573/3.
23% points to 35%,
Stocks were slightly higher on Wednesday, though the
public interest remained small and the volume of trading
continued light. Advances ranging from fractions to a.
point or more were recorded by .some .of the more active
groups, including the motors, rails, miscellaneous specialties and aviation shares. The general list, however, continued to drift along, most of the pivotal issues easing off
toward the close. The sharpest trading centered around
the aviation issues, rails and local tractions. Toward the
end of the session prices eased and part of the advances of
the first hour were canceled, though, on the whole, the gains
exceeded the losses. The changes on the upside included
among others, American Hide & Leather pref. 1H points to
41, American Zinc pref. 5 points to 50, Peoples Drug 3 points
to 29, Remington Rand 2d pref. 23/ points to 663%, Spalding
1st pref. 7 points to 57, Standard Gas 7 pref. 4 points to 31,
Wilson pref. 2 points to 76, American Locomotive pref. 1%
points to 73 and Pere Marquette pref. 6% points to 293/2.
The selling wave that developed late on Thursday carried
many active stocks sharply downward, the breaks ranging
from fractions to 2 or more points in the general list and
up to 7 points in some of the mining issues. The selling was
most pronounced in the silver group due largely to the
publication of the statement of Secretary of the Treasury
Morgenthau that he opposed further change in the Government's silver policy at this time. Motor shares also were
hard hit because of the possibility of a wide strike in the auto
industry. Railroad shares were fairly firm but made little
progress either way. Miseellaneous* industrial stocks were
down toward the end of the session, the steel shares leading
the downward swing with net losses ranging up to 2 or more
points. Other declines recorded at the close were Amalgamated Leather pref. 33% points to 403%; American Beet
Sugar pref., 23
% points to 5738; American Smelting, 23j
points to 433%; Cerro de Pasco, 23% points to 343%; G3odrich pref., 3 points to 54; Public Service Electric & Gas Co.
pref. (5), Yi point to 101; Republic Steel pref., 23% points
to 603/3; Urion Bag & Paper Co., 2 points to 52; United
States Smelting, 8% points to 1183%, and Pittsburgh &
West Virginia, 2 points to 23.
Irregularity was again the dominating feature of the
trading on Friday, though the general undertone was somewhat improved. Pivotal shares, including the rails, industrials and specialties, were not greatly.changed though,
at times, the trend was toward higher levels. Motor
stocks, metals and aircraft issues also attracted some at-




Total

Financial Chronicle

Volume 138

tention, but the changes were small and not especially
noteworthy. Silver shares showed slight improvement as
the metal stocks turned upward, but the uncertainties
concerning the labor trouble in the motor industry were,
in a measure, responsible for the weakness in this group
(luring the morning trading. The changes at the close of
the session were small and unimportant. Among the
latter were such stocks as American Bank Note pref. (3),
% points
22% points to 463/s; American Shipbuilding B2, 23
to 26%;Cuban American Sugar pref., 3 points to 40; Laclede
Gas pref. 3 points to 54; Loose-Wiles (2), 2 points to 432%;
Spiegel May, 3 points to 42; United States Gypsum pref.,
3,
62% points to 125; United States Smelting, 3 points to 121%
and Remington Rand, 1 point to 69.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE,
DAILY. WEEKLY AND YEARLY.
Stocks.
Railroad
State.
Week Ended
Number of and Mina. Municipal &
March 16 1934.
Shares.
Bonds.
For'n Bonds.
Saturday
Monday
Tuesday
Wednesday
Tfiursday
Friday
TntsII

Sales at
New York Stock
Exchange.

571,720
1,258,830
1,274,640
1,359,489
1,341,540
1,168,905
ft 075 191

United
States
Bonds.

Total
Bond
Sales.

36,079,000
10,683,000
12,931,000
14,299,000
12,240,000
9,410,000

$1,731,000
2,480,000
2,632.000
2,653,000
2.321,000
2,861,000

$549,000
2,320,200
1,829,000
2,458,500
1,774,900
1,801,500

$8,359,000
15,483,200
17,392,000
19,410,500
16,335,900
14,072.500

nnn

511 072 flflf1

2111 712 11111

501 052 11'21

205 Ade

Jan. 1 to March 16.

Week Ended March 16.
1934.

1933.

Stocks-No. of shares_
6,975,124 *8,092,852
Bonds.
Government bonds.. _ $10,733,100 $11,109,500
State .1r foreign bonds_
7,488,500
14,678,000
Railroad dr misc. bonds 65,642,000 20,406,000

1933.

1934.
128,448,960

49,330,431

3117,836,100
202,186.500
695,819,000

$110,103,600
136,596,000
329,751,900

Total
$91,053,100 839,004,000 $1,015,841,600
8576,451,500
•Exchange was closed from March 4 to March 15, incl., due to Bank Moratorium.
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA
BALTIMORE EXCHANGES.
Boston.
Week Ended
March 16 1934.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
'rota'
Prey. wk. revised.

AND

Baltimore

Philadelphia.

Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Saks.
14,720
24,417
28,691
24,113
26,039
5,879

$200
16,000
3,500
25,200
4,000
9,000

6,632
11,700
13,117
14,914
11,304
6,465

123.859

857,900

64,132

155 1.112

299 04/1

F1 140

512
353
491
1,938
822
1,598

$1,100
100

$7,000

5,714

$5,200

ono

7 200

222 51111

81,000
6,000

212

1.000
2.000
1,000

THE CURB EXCHANGE.
Narrow changes and light dealings were the features of
the trading on the Curb Exchange this week. Moderate
gains were recorded on Wednesday when the transactions
were somewhat heavier, but price movements, as a rule, have
been without definite trend. Some activity was apparent
in the public utilities and some scattered specialties showed
modest gains, but the rails, industrials and metals were
mixed and not especially active.
On Saturday trading was comparatively light and considerable price irregularity was apparent throughout the session.
The feature of the trading was the reappearance of Boston
and Albany which was traded in at a slight advance from the
last transaction.. Oil shares were quiet and the public
utilities moved within a narrow channel. Mining and metal
stocks were inactive, and while the last half hour showed
some gams among the more active issues, the list, as a whole,
was easier.
Quiet firmness prevailed in the curb market on Monday.
and while there was some activity in the specialties group
that carried a number of the favorites to higher levels, the
market, as a whole, made little progress either way. Public
utilities were somewhat stronger, American Gas & Electric
advancing about a point, followed by Electric Bond & Share,
Niagara Hudson and United Light & Power A, with lesser
gains. Distillers Seagram and Hiram Walker were the
active issues of the alcohol group and closed fractionally
higher. Aluminum Co. of America listed a modest gain,
Sherwin Williams, Swift & Co., Montgomery Ward A,
American Cyanamid B and New Jersey Zino were fairly
steady but were little changed from the previous close.
Public utilities continued in the forefront on Tuesday, and
while the gains did not extend to all parts of the group, there
were a number of more active issues that closed with substantial gains. Among these were. Electric Bond & Share,
American Gas & Electric and Niagara Hudson. British
Columbia Power, usually an inactive stock, jumped about
7.points. Mining shares were off, Newinont showing a decline of a point or more, while the loss in Lake Shore was
somewhat smaller. Industnals were fairly active and registered some gains, though the fluctuations were small. Stocks
closing on the side of the advance included such prominent
issues as Parker Rust Proof, Sherwin Williams, Pittsburgh
Plate Glass and American Cyanamid B. Oil shares were
irregular, Humble Oil and Gulf Oil of Pennsylvania being
fairly steady, while Standard of Indiana showed modest
strength for a time and then sagged.
Dealings were fairly heavy with a slight upward trend on
Wednesday. Some cross currents were apparent, but prices
were fairly firm, and the market continued steadily upward.
Public utilities were the outstanding strong stocks and were




1867

represented on the upside by such active issues as American
Gas & Electric, Electric Bond & Share, Niagara Hudson
Power and United Light & Power A. Oil shares and alcohol
stocks were practically at a standstill, while industrial shares
like Pittsburgh Plate Glass, Parker Rust Proof and American
Airways were fairly steady.
The trend of the market was somewhat mixed on Thursday,
some popular stocks moving up while other shares equally
active slipped quietly downward. Specialties provided a
goodly part of the gains, though the trading, on the whole
continued dull and without noteworthy movement. In the
public utility group most of the pivotal shares moved downward, stooks like United Light & Power, Niagara Hudson,
American Gas & Electric and Electric Bond & Share sagging
fractionally. Gulf 011 of Pennsylvania was the most active
stock in the oil group, and other popular shares like Standard
of Indiana and Humble Oil showed losses on the day. In
the mining and metal group, Aluminum Co. of America
was fairly steady, while Lake Shore and Newmont sold off.
Alcohol shares were steady to firm and railroad stocks
stiffened toward the end of the session.
The price trend was again toward lower levels during the
early trading on Friday, though there was some improvement in the closing hour, which cancelled a goodly part of
the early losses. Public utilities were fractionally higher
and toward the end of the session some of the specialties
moved slowly ahead. Oil shares, with the possible exception of International Petroleum, were off on the day and
there was some weakness apparent in the industrial group,
particularly Aluminum Co. of America which turned downward toward the close. Alcohol shares were stronger and
the mining stocks were fairly steady. The range for the
week shows both gains and losses, though the changes were
slightly more pronounced on the side of the decline. The
recessions included among others, American Laundry Machine, 142% to 132%; American Light& Traction,162% to 143/2:
Brazil Traction & Light, 125
% to 123/
8; Consolidated Gas of
Baltimore, 61 to 60; Ford of Canada A, 24 to 23; Gulf Oil
of Pennsylvania, 692% to 69; Hudson Bay Mining, 12
to 112%; Humble Oil (New), 413
4 to 412%; New Jersey Zinc,
56 to 5432; Parker Rust Proof, 613
4 to 603/2; Pennsylvania
Water & Power Co., 542% to 532%; A. 0. Smith, 362% to
352%; Standard Oil of Indiana, 285
% to 262%; United Gas
5 to 32%,and United Shoe Machinery,612% to 1
Corp.,3%
60%•
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.

Week Ended
March 16 1934.

Stoats
(Number
of
Shares).

$39,000
124,000
103,000
74,000
237,000
84,000

$40,000 $2,668,000
75,000 4,824,000
80,000 5,142,000
100,000 5.927,000
107,000 5,381,000
101,000 3,819.000

1.461.501 326.597,000

$661,000

$503,000 327,761,000

Week Ended March 16

Sales at
Amy York Curb
Exchange.
Stocks-No,of shares
Bonds.
Domestic
•
Foreign government_
Foreign corporate...
Total

Total.

137,450 $2,589,000
245,221 4,625,000
271,889 4.959.000
277,521 5,753,000
279,940 5,037,000
249,480 3,634,000

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total

Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.

Jan. I ro March 16.

1934.

1933.

1934.

1,461,501

*910,514

21,068,774

6,866.710

326,597,000
661,000
503,000

38,834,000
303,000
309,000

$252,402,000
10,749,000
10,049,000

$176,923,000
7.556,000
9,681,000

$27.761,000

39,446,0001

3273,200,000

3194,160.000

1933.

*Exchange was closed from March 4 to March 15, inc., due to Bank Moratorium

COURSE OF BANK CLEARINGS.
Bank clearings this week will 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, March 17) bank exchanges for all cities of the United
States from which it is possible to obtain weekly returns,
will be 19.0% above those for the corresponding week last
year. Our preliminary total stands at $5,536,793,85.%
against $4,652,155,517 for the same week in 1933. A part
of this increase is due to the fact that all of the banks in the
country did not open immediately after the bank holiday and
others that were opened were on a restricted basis. Our
comparative summary for the week follows:
Clearings-Returns by Telegraph
Wee* Ended March 17.

1934.

•1933.

New York
$3,121,033,684 $2,667,190,208
Chicago
164,571,484
154,574,908
Philadelphia
234.000,000
165,000,000
Boston
172,000,000
151,000,000
Kansas City
55,591,180
34,105,747
St. Louis
60,200.000
40,200,000
San Francisco
87,165,000
108,610,719
Los AngelesNo
longer will r eport Clearings
.
Pittsburgh
65,750,625
45,709,464
Detroit
58,295,010
2,834,193
Cleveland
48,837,101
27,926,899
Baltimore
42,000.285
25,056,929
New Orleans
22,399,000

Per Cent.
+17.0
+6.5
+41.8
+13.9
+63.0
+49.8
-19.7
+43.8
+2.056.9
+74.9
+67.6

Twelve cities, 5 days
Other cities. 5 days

34.131,843,369
482,151,510

33,422.209,067 +20.7
369,346,820 +30.5

Total all cities, 5 days
All cities. 1 day

$4,613,994,879
922,798,976

33,791,555,887 +21.7
860,599,630 +7.2

•On account of bank holiday, the 1933 figures are, in most instances for less than
five days.

1868

Financial Chronicle

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 March 10, but
because of the general bank holiday in this week last year,
when all the banks in the country were closed, we are unable
to give any comparisons with the corresponding week a
year ago.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.

1934.

Week End. Mar. 10 1934.

Inc.or
Dec.

1933.

Federal Reserve Gists.
$
$
197,186,741
let Boston._ _ _12 cities
3,255,113,223
2nd NewYork.-12 "
267,073,995
Brd Phliadelpla 9 "
6th Cleveland... 5 "
164,537,714
86,632,727
5th Richmond _ 6 "
5W1 Atlanta..._10 "
97,392,438 BANK
285,461,046 HOLIDAY
7th Chicago ---19 "
95,898,238
5th St.Louls... 4 "
loth Mbanespolls 7 "
71,542,719
103,540,909
10th Kansas cityie "
11th Dallas
5 "
41,474,556
12th San Fran--13 "
167,603,012
112 cities
Total
Outside N.Y. City
(unarm

4,833,457,318
1,658,960,172

32 Mann

280 127 178

5,028,612,083 8,367,984,072
1,777,547,396 2,791,821,650
228 078 812 -i-365

1934.

238 125 880

305 830 108

West Ended March 10.
Clearings al
1933.

$
$
First Federal Reserve Dist net-Boston
Me.- Bangor--421,541
1,434,225
Portland
Mass.-Boston
173,433.117
Fall River_ __ 569,034
Lowell
All
252,529
New Bedford
571,370
United
2,641,038
Springfield_ _
States
1,140,928
Worcester
Banks
Conn.-Hartford
5,922,445 Closed3,113,463
New Haven...
Bank
R.I.-Providence
7,327,900 Holiday.
N.H.-Mancheier
359,151
Total(12 cities)

Inc. OF
Dec.

1932.

%

$

197,186,741

1931.

s

451,595
2,034,804
219,488,504
735,518
326,404
567,404
2,906,130
1,953,859
6.580,383
4,926,429
8,429,600
461.680

586,271
2,765,414
389.847,335
1,147,603
429,614
777,527
4,225,594
2,772,100
12,117,548
5,663,779
11,697.600
452,237

248,862,310

432,482,622

Second Feder al Reserve D istr-New Y orkN. Y.-Albany..
5,722,475
5,509,342
4,397,635
Binghamton
666,058
1,036,197
670.921
23,016,393
Buffalo
35,805,841
24.787,389
Elmira
426.362
960,818
579,493
Jamestown_ __ _
400,532
963,673
536,768
3,176.497,146
3.251,064,687 5,576.162,422
New York_
8,562,069
6,147,500
6,893,088
Rochester
4,405,710
2,515,638
2,997,760
Syracuse
2,796,803
2,412,659
Conn.-Stamford
2,377,528
725,610
482,422
308,249
N. J.-Montclair
33,382,414
21,506,224
15,256,133
Newark
36,755,189
23,332,155
21,033,621
Northern N..7.
Total(12 cities) 3,255,113,223
Third Federal Reserve Dist riot-Plaited elphia
Pa.- Altoona..._
314,057
b
Bethlehem_ _
Chester
280,874
Lancaster
656,109
Philadelphia
257,000,000
Reading
972,271
Scranton
2,651,385
Wilkes-Barre._
1,141,834
York
875,465
N.J.-Trenton
3,182,000
Total(9 cities).

267,073,995

Fourth Feder at Reserve D istrict-Clev eland Ohio-Akron
c
Canton
c
38,655,942
Cincinnati_ _ _ _
Cleveland
46,646,482
7,385,800
Columbus
1,117,324
Mansfield
Youngstown
b
Pa.-Pittsburgh.
72,732,166
Total(5 cities).

164,537,714

3,338,915.613 5,707,066,088
471,006
b
371,553
885,596
273,000,000
2,207,707
1,960,067
1,693,657
1,136,971
3,615,000

782,343
b
863,847
2,410,467
379,000,000
2,667,226
5,433,014
2.964,177
1,894,055
4,227,000

285,341.557

400.242,129

c
c
39,644,838
59,874,729
8,184,100
826.015
b
73,278,960

c
c
55,416,992
95,076,648
15,646,300
1,439,277
b
133,029,409

181,808,642

300,608,626

Fifth Federal Reserve Dist rict-Richm ondW.Va.-Hunting'n
131,496
1,595,000
Va.- Norfolk_
24,472,404
Richmond
789,374
3,C,-Charleston
45,067,600
Md.-Baltimore_
D.C.-Waal:11128'n
14,576,853

361,233
2,379,326
23,971,020
806,768
49,249,029
19,161,462

647,190
3,265,566
31,454,401
1,888,458
69,959,936
25,315,593

86.632,727

95,928,838

132,531,144

2,431.078
10,017,114
28,100,000
1,021,030
549.355
10,104,688
8,354,898
838,266
b
101,881
25,508,316

2,500,000
13,889,648
38,762,377
1,472,982
816.336
14,890,683
13,162,668
1,541,257
b
151,687
39,314,783

87,026,626

126,502,421

Total(6 cities)_

Sixth Federal Reserve Dist rict-Atiant a2,038.930
Tenn.-Knoxville
11,384.439
Nashville
34.200,000
Ga.- AtJanta
1.080,109
Augusta
616,260
Macon
Fla.- Jack'nville
12,931,000
Ala.-Birm'ham
12,359,847
Mobile
925,323
Miss.-Jackson
b
Vicksburg
109,899
La.-NewOrleans
21,746,631
Total(10 cities)




97,392.438

Inc. or
Dec.

1932.

1931.

Seventh Feder at Reserve D 'strict-Chi cagoMich.-Adrian_
172,597
52,716
All
147,598
Ann Arbor__ -413,569
737,302
United
597,339
Detroit
60,754,950
56,263,144 129,039,387
States
Grand Rapids_
1,384,602
2,688,214
4,089.188
Banks
Lansing
1,285,008 Closed2,527,139
1,194,400
Ind.-Ft. Wayne
534,880
Bank
2,562,798
1,014,576
9,736,000 Holiday.
Indianapolis12,138,000
16,029,000
South Bend
664,044
1,138.081
1,726,013
Terre Haute_
3,295,673
4,313,601
3,338,786
Wis.-Milwaukee
13,740,918
22,844,149
17,033,634
Ia.-Ced. Rapids
297,694
749,101
2,298,891
Des Moines_ _ _
5,139,105
4,748,544
8,087,207
Sioux City_ _ _ _
2,344.949
2,474,699
3,705,232
Waterloo
111.-Bloomingt'n
309.409
973.293
1,841,647
Chicago
181,718,920
222,493,287 395,833,153
Decatur
409,727
570.001
959,067
Peoria
2,152,884
2,196,573
2,893,962
Rockford
449,218
1,094,468
2,274,975
Springfireld_ _ _
776,780
1,599,836
2,086,062
285,461,046

332,451,554

604.021,370

Eighth Federa Reserve Dis trict-St.Lo UMInd.-Evansville
b •
Mo.-St. Louis_ _
58,200,000
24,235,281
KY.- Louisville_
Tenn.-Memphis
13,152,957
I11,-Jacksonville
QUlncy
310,000

55,600,000
17,257,833
9,679,014

b
87,900,000
23,766,840
13,804,153

616,463

679,340

83,153,310

126,150,333

Ninth Federal Reserve Dist rim-Wane spoilsMinn.-Duluth_
2.098,674
2,172,010
43,979,909
Minneapolis_ -45,121,207
St. Paul
. 14,152,218
19,845,926
N. D.-Fargo_
2,310,988
1,536,659
B.D.-Aberdeen.
604,140
387,474
Mont.-Billings359,318
370,078
Helena
1,488,424
2,109,365

3,959,409
59,964,074
22,038,094
2,713,159
898,328
634.846
2,631.181

Total(4 cities).

Total(7 cities).

We now add our detailed statement, showing last week's
figures for each city separately for the four years:

1934.

1933.

1931.

5
$
432,482,622
248,862,310
3,338,915,613 5,707,066,088
400,242,129
285,341,557
181,808,642
300,608,626
132,531,144
95,928,838
126,502,421
87,026,626
604,021,370
332,451,554
83,153,310
126,150,333
64,993,671
92,839,091
141,987,091
96,785,454
51,776,410
38,701,687
174,642,821
251,776,747

%

Week Ended March 10.
Clearings at-

Total(19 cities)
1932.

Mar. 17 1934

95,898,238

71,542,719

64.993,671

92,839,091

Tenth Federal Reserve Dist rict-Kansa s CityNeb.- Fremont.
72,752
Hastings
78,994
Lincoln
2,127,227
Omaha
31,659,135
Kan.-Topeka_
1,666.787
2,121,921
Wichita
Mo.-Kansas City
62,344,976
St. Joseph_ _ _ _
2,603,583
Colo.-Col. Spga.
408,472
Pueblo
457,062

194,679
167,136
2,167,410
22,826,585
1,985,507
3,577,624
61,380,415
2,920,143
696,022
869,933

273,714
429,271
3.292.508
36,288,915
2,956,278
4,963,036
87,385,903
4,055,670
1,074,586
1,267,210

103,540,909

96,785.454

141,987,091

Eleventh Fede rat ReserveD Istrict-Dell asTexas- Austin.._
853,826
Dalian
32,278.163
Ft. Worth_ 4,536,847
Galveston
1,916,000
La.-Shreveport1,889,720

918,069
26,636,555
6.758,353
1,810,000
2,578,710

1,567,104
35,102,975
8,264,591
2,865,000
3,976,740

38,701,687

51,776,410

Total(10 cities)

Total(5 cities).

41,474,556

Twelfth Feder al Reserve D Istrict-San Franc'scoWash.-Seattle_ _
22,555.025
20,433,518
Spokane
6,029.000
6,006,000
Yakima
456,861
437,182
Ore.-Portland
17,511,720
19,935,927
Utah-Salt L.City
8,317,915
9,241.786
Calif.-Long Bch
2,476,828
3,349,143
Los Angeles... No longer will report death) gs
Pasadena
2,716,625
3,770,028
Sacramento...
3,127,988
5,540,794
San Diego
No longer will report clearin 68
San Francisco.
98.733,035
102,295,237
SanJose
1,534.943
1,600,565
Santa Barbara_
914,621
1.071,342
Santa Monica_
756,534
1,010,153
Stockton
1,288,024
1,185,038
Total(13 cities)

167,603,012

174.642,821

33,247,258
10,358,000
1,015,269
28,006,280
13,582,646
6,096,394
5,497,511
8,515,719
137,863,132
2,349,917
1,828,347
1,730,374
1,685,900
251,776,747

Grand total (112
cities)
4,833,457,318

5,028.612.083 8.367.984,072

Outside N. Y.._ 1.656,960,172

1,777,547,396 2,791,821,650
Week Ended March 8.

Clearings at
1934.
Canada$
Montreal
88,213,752
Toronto
108.109.275
Winnipeg
34,189,854
Vancouver
15,470,279
Ottawa
4,411,504
Quebec
4,027,206
Halifax
2,149,003
Hamilton
3,912,522
4,352,346
Calgary
St. John
1,661,817
Victoria
1,739,136
London
2,407,405
Edmonton
3,900,744
Regina
3,162,699
Brandon
261,065 .
Lethbridge
338,932
Saskatoon
1,184,701
Moose Jaw
472,941
Brantford
738,012
Fort William__ _.
541,259
New Westminster
512,601
Medicine Hat _..
195,349
Peterborough....
620,805
Sherbrooke
515,333
Kitchener
1,098,454
Windsor
2.086,460
Prince Albert---268,293
Moncton
888,118
Kingston
502,226
Chatham
389,089
Sarnia
428,163
Sudbury
587,982
Total(32 cities)

289,137,125

1933.
$
64,271,238
72,490,207
43,119,197
10,355.547
3,885,943
4,256,783
1,734,661
2,934,467
4,012,261
1,247,679
1,205,030
2,141.627
2,888,672
4,168,858
254,203
278,333
998,940
421,887
618,219
462,832
346,272
157,242
494,667
495,531
711.388
1,833,592
231,443
457,732
457,262
379,369
372,869
391,581

Inc. OF
Dec.

1932.

1931.

%
+37.3
+49.1
-20.7
+49.4
+13.5
-5.4
+23.9
+33.3
+8.5
+33.2
+44.3
+12.4
+35.0
-24.1
+2.7
+21.8
+18.6
+12.1
+19.4
+16.9
+48.0
+24.2
+25.5
+4.0
+54.4
+13.8
+15.9
+50.3
+9.8
+2.6
+14.8
+50.2

$
75,600,565
73,961,598
25,473,862
11,295,101
4,788,733
3,825,683
2,155,858
3,692,542
4,536,729
1,583,509
1,433,445
2,412,573
3,730,523
2,872,965
322,683
292,581
1,290,223
506,852
709,892
487,402
447,917
156,735
574,620
574,769
661,457
2,100,573
236,036
566,889
493,921
470,535
407,857
461,352

$
114,262,235
97,903,781
28,494,03
14.323,605
5.255,739
6.344,488
2,611,294
4,571,523
5,716.495
1,972,050
1,798.060
2,588,529
3,636,199
2.971,624
379.715
325,133
1,493,462
652,342
853,461
604,890
601,190
178,424
727,233
817,114
1,007,120
4,363,631
332,916
593,815
530,247
486,647
484,470
668,083

228,075,512 +26.8

228,125,880

305,530,108

b No clearings available. c Clearing House not functioning at Drama •

Financial Chronicle

Volume 138

THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Feb. 28 1934:
GOLD.
The Bank of England gold reserve against notes amounted to £190,979,339
on the 21st instant, as compared with £190,903,256 on the previous
Wednesday.
In the open market the amounts of gold on offer were on rather a
smaller scale, although £3,900,000 was disposed of during the week. Supplies were taken for the United States of America, but movements of the
exchanges have tended to lesson the margin, the prices quoted yesterday
and to-day being practically on parity.
Quotations during the week:
IN LONDON.
Per Fine
Equivalent Value
Ounce.
of E Sterling.
Feb. 22
136s. id.
12s. 5.83d.
Feb. 23
125. 5.42d.
1369. 5%cl.
Feb. 24
136s. 6d.
125. 5.37d.
Feb. 26
12s. 5.46d.
1368. 5d.
Feb. 27
136s. 7d.
12s. 5.28d.
Feb. 28
137s. Id.
12s. 4.73d.
Average
136s. 6.25d.
12s. 5.35d.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 19th instant to mid-day on the 26th instant:
Imports.
Exports.
Germany
£1,578,758 Netherlands
.£23,341
Netherlands
376,047 Belgium
5,000
Belgium
96,150 France
55,652
France
14,366,637 Switzerland
39,459
Switzerland
976,877 Austria
27,150
British South Africa- --- 1,014,914 U. S. A
15,350,363
British West Africa
60,601 Saudi Arabia
10,000
British India
1,592,457
British Malaya
27,676
China
234,295
Hongkong
35,625
Australia
210,688
U.8. A
9,464
Other countries
60,703
£20,640,892
£15,510,965
Gold shipments from Bombay last week amounted to about £1,108,000.
The SS. Ranpura carries £1,037,000, of which £482,000 is consigned to
London and £555,000 to New York and the SS. President Harrison has
£71.000 consigned to New York.
SILVER.
On continued demand from the Indian Bazaars and speculators, prices
showed a further advance, and 20%cl. for cash and 20 11-16d. for two
months' delivery, were reached on the 23d instant. Up to this point sellers
had been very hesitant, but subsequently China offered more freely and,
as a result, prices reacted rather sharply, declining to 20 3-16d. and 20%d.
for the respective deliveries by yesterday. New York has operated both
ways during the week but Continental operations have been less in evidence.
In the course of his budget speech yeterday at Delhi, the Indian Finance
Minister announced that it was proposed to reduce the duty on silver imported into India from 7% annas to 5 annas per ounce; another matter of
interest to the market is the news that both China and Canada have decided
to ratify the Silver Agreement reached in London last July.
Following this, the market hardened, general buying and reluctance on
the part of sellers resulting to-day in a sharp rise of ;id. ,prices being fixed
at 20 11-16d. for cash and 20%d. for two months' delivery; these prices
are the highest since Dec. 8 1931.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 19th instant to mid-day on the 26th instant:
Imports.
Exports.
Soviet Union (Russia)
£22,248 Germany
£4,673
Germany
24,682 Syria
6,220
British West Africa
7,241 Persia
10,150
Canada
10,351 British India
17,270
U. S. A
31.375 French Possessions in India-- 4,580
Japan
7,085 New Zealand
9,910
Nicaragua
2,010 Other countries
6,143
Other countries
5,277
£110,269
158,946
Quotations during the week:
IN LONDON.
IN NEW YORK.
Bar Silver per Oz. Std.
(Per Ounce .999 Fine.)
Cash.
2 Mos.
Cents.
Feb. 22
20%cl.
Feb. 21
209-16d.
46%
Feb. 23
20%cl.
2011-10-i. Feb. 22
Closed
Feb. 24
209-10-I. 20%el.
Feb. 23
46%
Feb. 26
20%cl.
20 7-16d.
Feb. 24
46 7-16
Feb. 27
203-16d. 20 d.
Feb. 26
45%
Feb. 28
11-16d.20 d.
Feb. 27
46%
Average
20.490d. 20.552d.
The highest rate of exchange on New York recorded during the period
from the 22d instant to the 28th Instant was $5.10 and the lowest $5.06.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)Feb.22
Feb. 15.
Feb.7.
Notes in circulation
17,715
17,723
17,741
Silver coin and bullion in India
9,924
9,956
9,974
Gold coin and bullion in India
3,748
3,740
3,732
Securities (Indian Government)
4,043
4,027
4,035
The stocks in Shanghai on the 24th instant consisted of about 153,000,000
ounces in sycee, 350.000,000 dollars and 17,200 silver bars, as compared
with about 156,700,000 ounces in sycee, 350,000,000 dollars and 15,440
silver bars on the 17th 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:
Sat.,
Mon.,
Mar. 10. Mar. 12.
Silver, per oz.. 2034d.
20'%d.
Gold, p.flne oz. 136s.10 WI. 1368.10d.
Consols, 2)4%
7934
8034
British 334%W. L
10334
10334
British 4%1960-90
11334
11334
French Rentes
(in Paris)3% fr. 69.10
69.20
French War L'n
(in Paris)5%
1920 amort. 106.40
108.50

Wed.,
Tues.,
Mar. 13. Mar. 14.
2034d.
2034d.
136s.334d. 136s.2d.
80 5-16.
8034

Thurs.,
Fri.,
Mar. 15. Mar. 16.
20346.
201-16th
136.9.4d. 1368.5d.
80
80

10334

10334

10334

10334

11314

11334

11334

11334

68.90

68.60

68.60

68.00

106.50

106.00

105.70

105.50

The price of silver in New York on the same days has been:
Silver in N. Y.,
per oz. (cis.)

4631




463‘

(46U

4631

4534

4534

1869

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:

Mar.I0 Mar.12 Mar.13 Mar.14 Mar.15 Mar.18
. 1934. 1934. 1934.1
1934. 1934.
Francs. Francs. Francs. Francs. Francs. Francs
10,900 10,800 10,800 10,700 10,600 10,600
Bank ot Franc's
_ -1,368
1,330 1.334
1,356
1,356
Banque de Paris et Pays Bas
-160
161
160
172
171
Banque d'Unlon Parisienne
266
272
271
276
282
272
Canadian Pacific
19,900 19,900 19,900 19,900 19,900 19,800
Canal de Suez
Cie Distr d'Electricitie
2,400 2,400 2,410 2,390 2,335
1,1385
1,700
1,690
1680 1,700
Cie Generale d'Electricitle
1,760
27
29
29
30
29
Cie Generale Trimsatiantique
30
160
165
187
185
180
Citroen B
185
---995
998
998
997
Compton. Nationale d'Escompte
998
-_-150
160
170
160
Coty S A
150
---268
273
276
280
Courrieres
280
708
714
720
702
Credit Commercial de France
700
1,960 fitio
1,990
1,970
Credit Lyonnais
2,010 2,010
Eaux Lyonnais
2,590 2,570 2,560 2,540 2,530 2,540
681
682
Energie Electrique du Nord
622
620
804
794
845
830
Energie Electrique du Littoral_ _
846
562
592
585
578
Kuhlmann
590
710
710
710
710
L'Air LIquide
720
710
-875
878
877
Lyon (P L M)
877
877
1,245 1,247
1,262
1,240
Nord rtY
1,255
824
816
824
820
Orleans ay
816
816
65
---66
67
Pathe Capital
66
65
948
976
971
971
Pechlney
975
e
Rentes, Perpetuel 3%
69.10 69.20 68.90 68.00 68.60 6:65
75.90 75.60 75.40 75.50
Routes 4% 1917
75.90 76.00
76.30 76.20 76.00 76.30
Routes 4%, 1918
76.30 76.50
81.40 81.30 81.40
81.80
82.10
Rentes 4)4% 1932 A
82.00
82.50 82.70 82.30 82.00 81.70 82.00
Reines 434%, 1932 B
Rentes 5%, 1920
106.40 108.50 106.50 106.00 105.70 105.50
1,730
1,770
1,780
1,780
Royal Dutch
1,770 1,770
-1,205 1,137 1,145
Saint Gobain C & C
1,220 1,223
1,510
1,506
1,525
1,530
1,530
Schneider & Cie
52
50
52
51
52
Societe Francais° Ford
53
57
58
88
60
60
Societe Gt.nerale Fonciere
2,550 2,570 2,560 2,540 2,555
Societe Lyonnalse
540
541
538
542
Societe Marsellialse
Suez
145
146
147
149
148
Tubize Artificial Silk prof
739
740
741
744
745
Union d'Electrteitie
95
95
95
95
95
Wagon-Lits

THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Mar. Mar. Mar. Mar. Mar.
14.
15.
12.
13.
10.
Per Cent of Par
161
161
164
162
168
Relchsbank(12%)
91
91
91
96
96
Berliner Handels-Geselischaft(5%)
49
50
49
50
50
Commerz-und Privat Bank A G
62
62
63
64
Deutsche Bank und Disconto-Gesellachaft_ 64
65
65
66
66
66
Dresdner Bank
113 113 113
Deutsche Reichsbahn (Ger Rya)prof(7%) 113 113
31
31
32
33
33
Aligemeine Elektrizitaets-Gesell(A E G)
133
134
134
132 135
Berliner Kraft u Licht (10%)
124
123 123 123 124
Dessauer Gas(7%)
105
105
103 104
104
Gesfuerel(5%)
117 117 117
116
117
Hamburg Elektr-Werke (8%)
147
146
146
145 146
Siemens & Haiske(7%)
142
140
139 140
138
I G Farbenindustrie(7%)
151
154
152
155
154
Salzdetfurth (734%)
202 202 204 204 204
Rheinische Braunkohle(12%)
112 113
112
109 111
Deutsche Erdoel(4%)
71
71
72
71
72
Mannesmann Roehren
31
31
31
Hapag
30
30
36
35
34
36
35
Norddeutscher Lloyd

Mar
16.
159
90
49
63
65
113
32
133
124
105
117
146
142
150
202
114
71
31
36

In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of
March 16 1934:
Bid. Ask.
Bid. Ask.
Anhalt 7s to 1946
44 Hungarian defaulted coups 190
140
/78
7348.
'32
Bk
Hungarian
Ital
Argentine 5%, 1945, 1100
83
30
Jugoslavia Is. 1956
pieces
86
/40
32 Jugoslavia
Antioquia 8%, 1948
129
163
uP
I°n8
943
-- 1Coh iyt 6378,
AustrianDefaultedCoupons 1100
Bank of Colombia, 7%,'47 119
-22 Land M Bk, Warsaw 88.'41 70
22 Leipzig Oland Pr.6348,'46 1681
Bank of Colombia, 7%,'48 119
WI;
541z Leipzig Trade Fair 78, 1953 1541
Bavaria 644s to 1945
153
Luneberg Power, Light &
Bavarian Palatinate Cons
164
88
Water 7%.1948
41
Cit.7% to 1945
137
Bogota (Colombia) 634.'47 (23's 25 Mannheim & Palat 78, 1941 /68
49
46
1945
7s
to
Munich
14
111
Bolivia 6%. 1940
44
30 Munic Bk, Hessen. Ts to'45 /39
Buenos Aires scrip
120
5612 Municipal Gas & Elee Corp
Brandenburg Elec. 6s, 1953 155
67
1947
/63
78,
Recklinghausen,
Brazil funding 5%,'31-'51 6412 6512
64
Brazil funding scrip
16412 ____ Nassau Landbank BYO.'38 162
Natl. Bank Panama (iSi%
British Hungarian Bank
43
/41
1946-9
7345, 1962
/5012
Nat Central Savings Bk of
Brown Coal Ind. Corp.
60
Hungary 7348, 1962... 159
1691:,
6348. 1953
Cali (Colombia) 7%, 1947 115
17 - National Hungarian & Ind.
65
163
Callao (Peru) 734%, 1944 1 81s 11
Mtge.7%.1948
49
7. 146
te
1946
7Ceara (Brazil) 8%. 1047.. f 612
E-Frieeti.7%Sti
Columbia scrip
16" Oldenburg-Free
/25
43
(39
to 1945
45
Costa Rica funding 5%,'51 43
22
Porto Alegre 7%. 1968_ _ _ _ /20
Costa Rica scrip
/43
--Protestant Church (GerCity Savings Bank, Buda52
/50
many), 75, 1946
54
Peet, 7s, 1953
152
Dortmund Mun Util 68.'48 1
5512 Prey Bk Westphalia (is,'33 154
4861
6
52
1(31.3
57
Duisburg 7% to 1945
41 Prov lik Westphalia 68.'36 155
Duesseldorf 7s to 1945_ 43 Rhine Westpla Elea 7%.'36 f761
27
126
East Prussian Pr. 65. 1953.
66 Rio de Janeiro 6%, 1933
European Mortgage & In6812
Rom Cath Church 63513.'46 MID
66
vestment 7345, 1968- 64 R C Church Welfare 7s,'46 1531
163
Saarbruecken M Bk 68.'47 187
French Govt. 534s, 1937- 150
_
27
125
French Nat. Mail SS.6a,'52 143
Salvador 7%,1957
148
23
Frankfurt 75 to 1945
42 Salvador 7% ett of dep '57 /21
139
18
113
German Atl Cable 78, 1945 /53
57 Salvador scrip
German Building & LandSanta Catharina (Brazil),
23
122
bank 635%,1948
/511
6412 8%, 1947
16
German defaulted coupons. 166
70 Santander (Colom) 7s, 1948 115
2311
German scrip
119's 21 Sao Paulo (Brazil) 6s, 1943 /22
German caned bonds
56 Saxon State Mtge. 68, 1947 168
/52
33
30
Serbian 58, 1956
Haiti 6% 1953
69
/40
85 Serbian coupons
Hamb-Am Line 6348 to '40 /81
Stem & Halske deb (is, 2930 /320 340
Hanover Harz Water Wks.
55
8%, 1957
46 Stettin Pub HMI 7s, 1946_. 52
141
33
_ _ Tucuman City 7s, 1951_ _. /31
Housing & Real Imp 7s,'46 /52
"sf Tucuman Prov. 713, 1950._ 50 54
Hungarian Cent Mut 7s.'37 /49
44
Vesten Elec By 7s, 1947._ /41
Hungarian Discount & Ex52
4412 Wurternberg 7s to 1945_ __ AO
change Bank 7s, 1963._ 143
I Fiat price.

1870

Financial Chronicle

Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the Treasury at the beginning of business on the first of December•
1933 and January, February and March 1934:
Holdings in U.S. Treasury Dec. 11933. Jan. 1 1934. Feb. 11934. Mar. 11934.
Net gold coin and bullion_
Net sliver coin and bullion
Net United States notes__
Net National bank notes.
Net Federal Reserve notes
Net Fed. Res. bank notes_
Net subsidiary silver
Minor coin. &o_ _,.

$
260,364,348
61,853,099
2,481,049
18,742,572
16.860,665
1,524,534
10.450,945
7,183,386

$
274,608,953
47.679,232
3.524.666
19,567.388
17,110,685
1,919,197
10.212,774
29,404,497

$
a
346.269,963 3,302,788,571
49,662,843
47,381,652
2.422,372
2,864.366
19.170.668
17,774.695
16,569,475
17,041,690
1,930,137
1,876,159
11,042,114
11,324,018
7,361.766
6,965,532

Total cash In Treasury_
Leas gold reserve fund__

379,460,598
156,039,088

404,027,392
156,039,088

454,428,981 '3408016.683
156,039,088 156,039,088

Cash balance in Treas'y 223,421,510 247,988,304 298,389,893 3,251,977,595
Dep. In spee'l depositories
account Treas*y bonds,
Treasury notes and certificates of indebtedness 1,048,247.000 1,006,825,000 1,312,308,000 1,944,487,000
Dep. In Fed. Res. bank__ 118,611,923 104,372.400 313.833.868 109,848,573
Dep. In National banksTo credit Treas. U. S__
7.463,356
7,145,171
6,595.383
7.190,726
To credit disb. officers_
20.977.343
24,063.320
20,911,600
21,844,679
Cash in Philippine Islands
834,803
1,119,368
1,179.767
1,054.228
Deposits in foreign depts.
2,698.670
2,739,960
2.814,141
3,020,749
Dep. In Fed. Land banks.
Net cash in Treasury
and In banks
1,422,254,605 1,394.253,523 1,956,033.009 5,339.423,550
Deduct current liabilities_ 314.928,703 368.104,900 418,831,897 437,654.630
Available cash balance. 1.107.325.002 1.026.148.623 1.537.201.112 4.901.768.920
•Includes March 1, 835,571,466 silver bullion and $4.940.879 minor, dm. coin
not included in statement "Stock of Money."

frrunrcercialiand WsceliantonsBays
National Banks.-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
Capital.
Feb. 28-Ambler National Bank, Ambler, Pa
$100,000
President, Andrew Godfrey; Cashier Wm. H. Faust.
Wil
succeed No. 3,220,
l}
the First ational Bank of
Ambler.
Feb. 28-Auburn National Bank, Auburn, Wash
50,000
Capital stock consists of $25,000 common stock and
$25,000 preferred stock. President, W. A. Heath;
Cashier, C. F. Anderson. Will succeed No. 12,085.
the Auburn National Bank.
Mar. 1-First National Bank in Stanford, Stanford, Ky
50.000
Capital stock consists of $25,000 common stock and
$25,000 preferred stock. President, J. B. Foster;
Cashier, C. B. Pipes. Will succeed No. 2,788, the
First National Bank of Stanford.
Mar. 1-First National Bank in Lenox, Lenox, Iowa
50,000
Capital stock consists of $40,000 common stock and
$10.000 preferred stock. President, W. H. Madden; Cashier, Retta Goodale. Will succeed No.
5,517, the First National Bank of Lenox.
Mar. 2-The Nodaway Valley National Bank of Villisca,
Villisca, Iowa
50.000
Capital stock consists of $30,000 common stock and
$20,000 preferred stock. President, F. F. Jones:
Cashier, J. L. Wheeler.Will succeed No. 7,506,
the Villisca National Bank.
Mar.!3-First National Bank in Clarion, Clarion, Pa
50,000
President, Harry R. Wilson; ()ashler. W. M. Moore.
Will succeed No. 774, the First National Bank of
Clarion.
Mar. 3-The Peoples National Bank in Brunswick, Brunswick,
Maryland
50,000
President, Harry Y. George; Cashier, Geo. W. Grubb.
Will succeed No. 8,244, Peoples National Bank of
Brunswick.
Mar. 3-First National Bank in Santa Ana, Santa Ana, Calif. 1,000,000
Capital stock consists of 8500,000 common stock and
$500,000 preferred stock. President, A. I. Mellenthin; Cashier, E. B. Sprague. Will succeed No.
3,520, the First National Bank of Santa Ana, and
the Farmers & Merchants Savings Bank of Santa
Ana,
Mar. 5-First National Bank in Winthrop, Winthrop, Minn
50,000
Capital stock consists of $20,000 common stock and
0.000 preferred stock. President, J. Aug.
Swanson; Cashier, E. W. Olson. Will succeed No.
7,014, the First National Bank of Winthrop.
Mar. 5-The National Bank of Monroe, Monroe, Ga
150,000
President, J. R. Radford; Cashier, J. P. Adams.
Conversion of the Bank of Monroe.
Mar. 6-The Union National Bank of New Albany, New
Albany, Ind
200,000
President. Julius C. Moser; Cashier, Ira F. Wilcox.
Will succeed No. 2,166, the Second National Bank
of New Albany, and No 775, the New Albany
National Bank.
Mar. 7-The Chandler National Bank of Lyons, Lyons, Kan
50,000
President, C. Q. Chandler; Cashier, W. W. Chandler.
Primary organization.
Mar. 7-Dover National Bank, Dover, Pa
50,000
President, George W. Lauer; Cashier, 0. W. Spangler.
Will succeed No. 9,362, the Dover National Bank.
Mar. 7-The Bridgeport.National Bank, Bridgeport, Ohio..... 200,000
President, H. R. Jun.gling; Cashier, Geo. R. Smith.
Will succeed No. 6,624, Bridgeport National Bank.
Mar. 9-First National Bank of Export, Export, Pa
60,000
Capital stock consists of $30,000 common stock and
$30.000 preferred stock. President, Benjamin
Rubright,• Cashier, P. R. Foight. Will succeed
No. 7,624, the First National Bank of Export.
Mar. 9-The National Bank of Crewe, Crewe, Va
50,000
President, A. H. Klocke; Cashier, Claude M. Jones.
Will succeed No. 9,455, the First National Bank of
Crewe.
Mar. 9-First National Bank in Philippi, Philippi, W.Va
50,000
President, Herman S. Haller; Cashier, E. W. S.
Kennedy.
Will succeed No. 6,302, the First National Bank of Philippi.
Mar. 9-The North Bend National Bank, North Bend, Ore_ _ _ 50.000
Capital stock consists of 825.000 common stock and
$25,000 preferred stock. President, Robert Banks;
Cashier, C. P. Kibler. Will succeed No. 9,328,
the First National Bank of North Bend.




Mar. 17 1934

Capital.
Mar. 9-First National Bank in Greensburg, Greensburg, Pa..- 400,000
Capital stock consists of $200,000 common stock and
$200,000 preferred stock. President, Richard
Coulter: Cashier, Paul S. Bair. Will succeed No.
2,558, the First National Bank & Trust Co. of
Greensburg.
Mar, 9-National Bank of Commerce of Pine Bluff, Pine Bluff,
Arkansas
100,000
Capital stock consists of $50,000 common stock and
$50,000 preferred stock. President, W.N.Isrulock;
Cashier, Harvey Hogg. Will succeed Cotton Belt
Bank & Trust Co. of Pine Bluff.
VOLUNTARY LIQUIDATIONS,
Mar. 3-The Coos County National Bank of Groveton, Groveton, N. H
50,000
Effective Nov. 28 1933. Liq. Corn. F. L. Blake,
S. M. Emery and William Lehneit, care of the
liquidating bank. Succeeded by 'Groveton National Bank," Groveton, N. H., charter No. 13,808.
Mar. 3-The Lockhart National Bank, Lockhart, Texas
200,000
Effective Feb. 20 1934. Liq. Corn., M. 0, Flowers,
W. B. Kelly and John T. Storey, care of the liquidating bank. Succeeded by "First-Lockhart National Bank," Lockhart, Texas, charter No. 13,934.
Mar, 5-The First National Bank of Silverton, Silverton, Colo_
500,00
Effective Mar. 1 1934. Liq. Agent, B. B. Allen, Silverton, Colo. Liquidating bank not absorbed or
succeeded by any other association.
Mar. 5-The First National Bank of Lockhart, Lockhart, Tex_
200,000
Effective Feb. 20 1934. Liq. Corn., B. J. Bellamy.
.Arthur A. Wiede and A. N. Parr care of the liquidating bank.
, Succeeded by "First-Lockhart National Bank,'Lockhart, Texas, charter No. 13,934.
Mar. 7-The Farmers & Merchants National Bank of Bellaire,
Ohio
100,000
Effective Feb. 13 1934. Lig. Corn., Geo, H. McDonald, L. L. Dubois, G. W. Minch, care of the liquidating bank. Succeeded by "Farmers and Merchants National Bank in Bellaire," Bellaire, Ohio,
charter No. 13,996.
Mar. 9-Farmers National Bank in Houlton, Houlton, Maine50,000
Effective Feb. 20 1934. Liq. Agent, George B.
Barnes, Houlton, Maine. Absorbed by the First
National Bank of Houlton. Maine,charter No.2.749.
CHANGE OF TITLE.
Feb. 24-First National Bank of Ogden, Ogden. Utah
to"First Security Bank of Utah, National Association."
Feb. 27-The Manitowoc National Bank, Manitowoc, Wis.
to "Manitowoc National Bank."
Feb. 28-The First National Bank & Trust Co. of Vermilion.
Vermilion, S. Dak.
to "First National Bank in Vermilion."
Mar. 1-Conqueror First National Bank of Joplin, Joplin, Mo
to "First National Bank of Joplin.
BRANCHES AUTHORIZED.
Feb. 24-First Security Bank of Utah, National Association, Ogden.
Utah. Location of branch: Tremonton, Box Elder County,
Utah. Certificate No. 972A.
Feb. 28-The National Bank of Tacoma, Tacoma, Wash. Location of
branch: Fort Lewis,Pierce County, Wash. Certif. No.973A.
Mar. 6-First National Bank in Medford, Medford, Mass. Location,
of
branch, 501 High St., West Medford. Medford, Mass.. certificate No. 974A.

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:
Shares. Stocks.
per Share.
1,000 Bobrow Bros. Inc. (Pa.) 7% pref
$150 lot
250 Bobrow Bros. Inc. (Pa.), common
825 lot
498 Wengler dr Mandell.Inc. (Iil.), 7% preferred
*100101
500 Wengler dr Mandell, Inc. (Ill.), common, no par
S251ot
75 Canal Bank & Trust Co.(La.), par $15: 25, par $15
$10 lot
75 Realty Operators, Inc. of New Orleans (La.), par $25
$7 lot
25 Realty Operators, Inc. of New Orleans (La.), par 825
$3 lot
350 Interborough Ice Mfg. Corp.(N. Y.), common, no par
$6,650 lot
350 Interborough Ice Mfg. Corp. (N. Y.), common, no par
$6,650 lot
.50 Consolidated Arizona Smelting Co.(Me.). par 85:37 International & Megt.
Bank of Mexico (Mexico). par $100: 100 Denver dr Rio Grande RR. Co.
(Colorado and Utah), common; 150 Denver & Rio Grande RR. Co. (Colorado and Utah), preferred, par $100; 134 Detroit United RR. (Mich.)
common, par /100
87101
$500 City of Victor (Colo.) ref. bond, series B, 5% dated Feb. 1 1916, due
Feb. 11924. Aug. 1 1919 and subsequent coupons attached:85,000 Rochester
& Syracuse RR.. Inc., 1st mtge.5% gold bonds,due May 1 1957, May 1927
and subsequent coupons attached; $500 Frank Gilbert Paper Co. (N.Y.).
7% 1st mtge. gold coupon bond, due March 1 1927 stamped, March 1927
coupon on. $5,000 United Masonic Temple Corp.(Ill.) 1st mtge.leasehold
634% 25-yr. s. f. gold bond, due Sept. 11949, Sept. 1 1931 and subsequent
coupons attached: 5 the German-American Brewing Co. (N.Y.), par $50;
24 International Combustion Engineering Corp. (Del.), common, no par;
100 Hayden Gold Mines Co.. Ltd. (Ontario), Par $1; 10 3-10 Duplex Motion
Industries, Inc. (Del.). par $1 200 Lime & Stone Products Corp., (Del.),
preferred, par 810; 40 Lime dr Stone Products Corp. (Del.), common, par $10:
3 10-20 Permanent Mtge Corp.(Del.),class AA pref., par $100;3 10-20 Permanent Mtge. Corp. (Del.). class BB common, no par; $200 Peoria Water
Works Co.(N. J.) 4% deb, bond. due Nov. 1950 registered; $10,000 Syracuse Lake Shore dr Northern RR. Co. 18t mtge. 5% gold bonds, dated
May 11907, ea, of dep. registered: 15 the Fuller-Hammond Co. (Mass.).
pref., par $100; 2 Hart & Crouse Co., Inc.(N. Y.),6% non-cum. 2d pref.,
par $30; 1 Hart & Crouse Co., Inc. (N. Y.) common, par $5; 50 Supersteam Products, Inc. (Del.), common, no par: 10 Federal Adding Machine
Corp.(N. J.), common, par $10; 20 Federal Adding Machine Corp. (N.J.)..
pref., par 810; 35 Bureau for the Investigation of Commercial Frauds, Inc.
(N• Y.), no par; 93 the North Georgia Land dr Mfg. Co. (Ala.), pref..
par 400.: 93 the North Georgia Land dr Mfg. Co.(Ala.), common. par $10:
400 Manhattan Nevada Gold Mines, San Francisco, Calif. (Aria.). par 81:
100 National Consolidated Petroleum Corp. (Ariz.), pref.. par 810; 5 the
Chase dr Baker Co.(N. Y.), common, par *190:1.000 Burknett Van Cleave
Oil Co. (Del.), par $1; 500 Allied Oil Corp. (Del.:. par $1; 50 American
Bicycle Co.(N. J.), common, par UN;1 Watertown Engine Co.(N. Y.),
common and $41.63 scrip, par /50: 40 Silver King of Arizona Mining Co.
(Ariz.), par $5; 400 the American Copper Co. (Ariz.), par $1; 500 Island
011 dr Transport Corp.(Va.). temp. Ws, par 810; 1 Standard Rope & Twine
Co.(N. 3.), par 4100: 500 Goldfield Somerset Mining Co. (Ails.). par $1;
25 The Anaconda Sonora Copper Co. (So. Oak.), par 1110: 5 St. Lawrence
Park Corp. (N. Y.), par $100. 100 Building Materials Corp. (Del.), pref.,
par $25; 160 Building Materials Corp.(Del.), common,no par; 10 Dickinson
Cord Tire Corp. (Del.), no par 10 Dickinson Cord Tire Corp. (Del.),
pref., par $10; 400 the Ore Chimney Mining Co., Ltd. (Ont.), par 40o.;
800 the Michigan Diamond 011 dr Refining co.(8. Dak.), Par 11: 20 United
Royalties Co., Inc. (Del.), no par; 50 the Aspen Consolidated Mining Co.
(Kan.), par $10. 25 Fred'k Southack & Alywn Ball Jr. Inc.(N. Y.), pref..,
Par VW; 25 Fred'k Southack & Alwyn Ball Jr., Inc. (N. Y.), common.
no par; 10 Hampton Home Security Co. Inc. (N. Y.), common, no par;
10 The Stevens Mfg,Co.(br J.), par :100;200 the Electric Enameling Co.
(N. J.), par $100; 12 Crown 011 Co. (Del.), par 81: $100 non-convertible
certificate beneficial int. Palos Verdes Trust, registered; 100 Treasure Hill
Coalition Mining Co.(Ariz.), par $1;6 Trinity Refining Co. (Del.), par 81;
250 Queen 011 Co.(Del.), par $1;40 Great Salt Lake 011 Co.(Ariz.), par 11:
3 Park Petroleum, Inc. (Tex.), no par; 150 Buffalo Texas 011 Co. Shareholders Assn., Wichita Falls, Tex. no par; e Southeastern Ice & Cold
Storage Co. (Del.), pref., par $100; I southeastern Ice & Cold Storage Co.
(Del.), common, no par: 8 Rhode Island Pullclean Towel Co. (R. I.),
pref., par $10;8 Rhode Island Pullclean Towel Co.(R.I.),common,par $10
10 the Denver & Rio Grande RR. Co., ctf. of dep., pref., no par
$250101

By Adrian H. Muller & Son, Jersey City, N. J.:
Bondi385,000. Erie & St. Lawrence first pref. mtge. 5-year 6% coupon gold
$30,000 lot
notes

By R. L. Day & Co., Boston:
$ per Share
Stocks.
Shares.
15
15 United Elastic Corp
103
100 Talbot Mills, par $100
107%
36 Vermont & Massachusetts Road X.D., par $100
11833-117
10 Nashua & Lowell Road, par $100
503(
15 Boston Storage Warehouse Co, par $100
400
Athenaeum,
par
$300
Boston
1
5031
7 Boston Storage Warehouse, par $100
7 Internat. Securities Corp. of America,6% pref., pat'$100: 1 2,30 B.B.& R.
cony.
1943
ref.
ctfs.):
Photocolor
common
C;
5
Corp.
(6%
Knight Corp.,
5 Photocolor Corp.(Profit Sharing Corp.);$1,000 Ambassador Hotel Co.. deb.
1201ot
65, certificates epos
20%
100 New England Public Service $7 prior pref
57
5 Lowell Electric Light Co., par $25
13%
25 Saco Lowell Shops, 2nd pref., par $100
8
10 Charles Street Garage, preferred, par $100
8
15 Old Colony Trust Associates
Per Cent.
534 flat
$5,000 Fitchburg & Leominster St. RWY.extended bonds
$5,000 Intercontinents Power Co.. deb.6s 1948 series A certificate deposit 3% flat
Electric
Lamp
and
signed
by
William
M.
Ade
Demand note for $50.000 to
$50 lot
Patents Co.. Inc., dated Sept. 21 1933

By Barnes & Lofland, Philadelphia:
$ per Share.
Shares.
Stocks.
$125 lot
76 Delaware Dredging CO
$100 lot
255 Globe Security Bond & Mortgage Co-. pref
$3 lot
100 Tunnel & Mine Machine Co., common
$2 lot
50 Presto Devices Co., common
$2 lot
50 Presto Devices Co., common
10
20 John B. Stetson Co., common, no pat'
10
26 John B. Stetson Co., common, no par
23%
100 Central-Penn National Bank, par $10
54%
10 Philadelphia National Bank, par $20
50 Pennsylvania Co.for Insurances on Lives & Granting Annuities, par $10- 3034
- 73
75 Girard Trust Co.. par $10
3
10 Integrity Trust Co., par $10
42%
25 Fire Association of Philadelphia, par $10
10
8 Philadelphia Bourse, common, par $50
2
100 Arcade Real Estate Corp., preferred, par $50

By A. J. Wright & Co., Buffalo:
$ per Share.
50o
250 lot

Shares.
Stocks.
6 The Como Mines
4 Buffalo Wills St. Claire, com

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 Commit,.

Per
When
Share. Payable.

Railroads (Steam).
Cleveland Cincinnati at St. Louis$131
5% preferred (quar.)
$13(
Joliet & Chicago
$631
Mahoning Coal, coin.(quar.)
$1
Meadville.Conn. Lake dIr Linesville(8.-a.)
$23.3
New London Northern (quar.)
$2
Norwick & Worcester,8% pref.(qu.)_
$131
Old Colony
Peterborough(Nashua, N.H.)(s.a-.)_ _ _ $134
Pittsburgh Bessemer & Lake Erie113%
Common(s.-a.)
Providence & Worcester(quar.)
8234
Southern Ky.(Mob.& Ohio stk.tr.ctfs.)
$2
$3
Utica, Chenango & Susquehanna Valley.

Boots Closed
Days Inclusive.

Apr. 30 Holders of rec. Apr. 20
Apr. 2 Holders of rec. Mar.21
May 1 Holders of rec. Apr. 11
Apr. 2 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar. 15
Apr. 2 Holders of rec. Mar. 10
Apr. 2 Holders of rec. Mar. 17
Apr. 1 Holders of rec. Mar.24
Apr.
Apr.
Apr.
May

2 Holders of rec. Mar.15
2 Holders of rec. Mar. 14
2 Holdres of rec. Mar. 15
1 Holders of rec. Apr, 14

Public Utilities.
Alabama Power,$6 pref.(quar.)
Holders of rec. Mar. 15
5134 Apr.
American District Teleg. Co. of N. J.
Common (quar.)
$1 Apr. 1 Holders of rec. Mar. 15
$1 34 Apr. 1 Holders of rec. Mar.15
Preferred (quar.)
h50o Apr.
Arkansas Pow.& Lt.,$6 pref
Holders of rec. Mar. 15
$7 preferred
359e Apr.
Holders of rec. Mar. 15
British Columbia Tel.,6% 1st pt.(qu.)_. UM Apr.
Holders of rec. Mar. 15
h75c Apr.
Carolina Pow.& Light.$6 pref
Holders of rec. Mar. 16
$7 preferred
h88o Apr.
Holders of rec. Mar. 16
•Cincinnati Gas & Elec., pref. A (guar.).- 5131 Apr.
Holders of rec. Mar. 15
So Apr.
Connecticut G.& C.Scour.,corn.(qu.)._
Holders of rec. Mar. 15
$3 preferred (quar.)
750 Apr.
Holders of rec. Mar. 15
El% July
Holders of rec. June 15
,Consumers Power Co., pref.(quar.)_ _
7% preferred (quar.)
$134 July
Holders of rec. June 15
6.6% preferred (quar.)
$1.65 July
Holders of rec. June 15
7% preferred (quar.)
$134 July
Holders of rec. June 15
500 May
6% preferred (monthly)
Holders of rec. Apr. 14
50c June
6% preferred (monthly)
Holders of rec. May 15
50e July
6% preferred (monthly)
Holders of rec. June 15
550 May
6.6% preferred (monthly)
Holders of rec. Apr. 14
55e June
6.6% preferred (monthly)
Holders of rec. May 15
550 July
Holders of rec. June 15
6.6% preferred (monthly)
Electrical Securities Corp.,$5 pref.(qu.) $134 Mar.3 Holders of rec. Mar. 15
Holders of rec. Mar. 26
$1 Apr.
Elizabethtown Consol. Gas.(quar.)
Holders of rec. Mar. 20
Foreign Lt.& Pow.Co.,$6 pref.(quar.)- $134 Apr.
400 Apr.2 Holders of rec. Mar. 15
Guardian Pub. UHL by. Tr..ser. I (s-a)
Houston Nat. Gas Corp., pref.(quar.) _ 87.13o Mar. 31 Holders of rec. Mar. 21
Jamaica Pub.Serv. Co.,7% pref.(quar.) $134 Apr. 3 Holders of rec. Mar. 21
250 Apr. 3 Holders of rec. Mar.21
Common (guar.)
$134 Apr. I Holders of rec. Mar. 19
Kansas Gas& Elec..7% pref.(qu.)
$134 Apr. 1 Holders of rec. Mar. 19
$6 preferred (quar.)
$334 Mar.31 Holders of rec. Mar. 31
Lockhart Power,7% pref. (s.-a.)
$134 Apr. 2 Holders of rec. Mar. 20
Memphis Natural Gas,$7 pref.(quar.)
Minn. Gas Light.5% Mo. units (qtr.)... $1% Apr. 2 Holders of rec. Mar. 20
h75c Apr. 2 Holders of rec. Mar. 12
Minnesota Pow.& Light,6% pref
h87c Apr. 2 Holders of rec. Mar. 12
7% preferred
h75c Apr. 2 Holders of rec. Mar. 12
$6 preferred
32 Apr. 16 Holders of rec. Mar. 31
Mountain States Tel.& Tel.(guar.). _
UM May 1 Holders of rec. Apr. 6
National Power dc Light,$6 pref. ((tn.)._
Newport Elec. Corp..6% pref.(guar.).- $1.34 Apr. 1 Holders of rec. Mar. 15
N. Y.Pow.& Light Corp.,7% p1.(qu.)- $134 Apr. 2 Holders of rec. Mar. 15
$6 preferred (guar.)
$133 Apr. 2 Holders of rec. Mar. 15
N.Y.et Richmond Gas Co..6% Met---- h$134 Apr. 2 Holders of rec. Mar. 15
500 Apr. 2 Holders of rec. Mar. 10
North Shore Gas,7% pref
25e May 1 Holders of rec. Mar. 31
Northern States Pow.Co.corn.(guar.)-1 K % Apr. 20 Holders of rec. Mar. 31
7% preferred (quar.)
134% Apr. 20 Holders of rec. Mar. 31
6% preferred (quar.)
$1 Mar. 31 Holders of rec. Mar. 29
Northwestern Bell Tel.(quar.)
$133 Apr. 14 Holders of rec. Mar.20
6 3.4 % preferred (quar.)
Ohio Public Service Co.,7% pref.(mo.) 581-30 Apr. 2 Holders of rec. Mar. 15
500 Apr. 2 Holders of rec. Mar. 15
6% preferred (monthly)
412-30 Apr. 2 Holders of ree. Mar. 15
5% preferred (monthly)
$134 Apr. 1 Holders of ree. Mar. 24
Ohio Telep. Service,7% pref.(qu.)
500 Apr. 1
Ottawa Elec. RY.(guar.)
Ottawa Light. Heat & Power (attar.)
- $133 Apr. 2 Holders of rec. Mar. 15
$1.14 Apr. 2 Holders of reo. Mar. 15
634% preferred (quar.)




1871

Financial Chronicle

Volume 138

Name of Company.

Per
When
Share. Payable.

Books Closed
Days Inclustoe.

Public Utilities (Corschated).
Otter Tall Pow.(Minn.)$6 pref.(qu.) - $134 Apr. 2 Holders of rec. Mar. 15
$133 Apr. 2 Holders of rec. Mar. 15
$533 pref. red. (quar.)
37330 Apr, 16 Holders of rec. Mar.31
Pacific Gas& Elec.,com.(quer.)
Panama Pow.& Lt.,7% pref.(quar.)
$131 Apr. 2 Holders of rec. Mar. 15
$134Apr. 2 Holders of rec. Apr. 2
Plainfield Union Water (quar.)
25c Apr. 2 Holders of rec. Mar. 15
Providence Gas Co.(guar.)
Pub.Serv. Co.of Colorado,7% pf.(mo.) 581-3e.Apr. 2 Holders of rec. Mar. 15
50c Apr. 2 Holders of rec. Mar. 15
6% preferred (mo.)
41 2-3c Apr. 2 Holders of rec. Mar. 15
5% preferred (mo.)
$133 Apr. 2 Holders of rec. Apr. 2
Rhode Island El. Protective Co
Rockville-Willimantic Lt.,7% pi.(an.). $134 Apr. 2 Holders of rec. Mar.15
5133 Apr. 2 Holders of rec. Mar. 15
6% preferred (quar.)
El% Apr. 2 Holders of rec. Mar. 15
St. Joseph Ry., Lt.,Ht.& Pr.. pr. (qu.)_
Superior Water, Lt.& Pr., pref.(quar.)
5134 Apr. 2 Holders of rec. Mar. 15
Toledo Edison Co., 7% pref.(monthly). 58 1-30 Apr. 2 Holders of rec. Mar.15
50c Apr, 2 Holders of rec. Mar. 15
6% preferred (monthly)
41 2-3c Apr. 2 Holders of rec. Mar. 15
5% preferred (monthly)
Twin State Gas & Eleo Co., 7% pref(qu) 5134 Apr. 2 Holders of rec. Mar. 15
U.S. Electric Light & Power Shares__ _
10. Apr. 2 Holders of rec. Mar. 15
$134 Apr. 2 Holders of rec. Mar.26
Western Power Corp.,7% pref.(quar.)
100 Apr. 4 Holders of rec. Mar. 22
Western Public Service
West Texas Utilities Co.,6% pref.(qu.)_
75c. Apr. 2 Holders of rec. Mar. 15
Bank & Trust Cos.
Bank of N.Y.& Trust Co.,corn.(guar.)
Chemical Bk & Trust Co., com.(quar.).
Commercial Nat. Bk.& Trust(quar.)
Fifth Ave.Bank (quar.)
First National Bank(guar.)
Fulton Trust Co.(guar.)
Harlem Savings Bank
Manufacturers Trust Co.((Mar.)
Merchants Bank (quar.)
New Rochelle Trust (guar.)
New York Savings Bank
National Exchange Bk.&
(Bklyn)
Fire Ins. Cos.
Aetna Fire Insurance Co.(quar.)
d Continental Assurance Co.(guar.)-Hanover Fire Ins. Co.(quar.)
Hartford Fire Ins. Co.(quar.)
New Hampshire Fire Ins.(guar.)
Northwestern Nat.Ins.Co.(Man)

$314
45e
$2
$6
$25
3%
750
250
50c
50c
75e
$35
40e
50c
400
50c
400

$134

Miscellaneous.
3733c
Acme steel Co.(Qum.)
750.
Air Reduction Co.(quar.)
$134
Aloe (A. S.), 7% pref
100
Aluminum Goods Mfg.Co.((Mar.)
50c
Amalgamated Leather Cos., pref
3134
American Bakeries Corp.,7% pf.(qu.)
American Brake Shoe & Foundry Co.
200
Common
$134
Preferred(quar.)
be
American Discount Co.of Ga.(quar.)_
$2
American Hard Rubber,8% pref. (qu.)..
250.
American Hardware Corp.(guar.)
25c.
Quarterly
250.
Quarterly
Quarterly
$1
American Steamship (quar.)
50
Angostura-Wupperman Corp.(quer.).
5c
Extra
Associated Breweries of Can.,7% pf.(qu) 5134
180.
Banc Ohio Corp (quar.)
$134
Bayuk Cigar,Inc., pref.(quar.)
Bearium Metals Corp., pref.(guar.).- $133
55133
Preferred (extra)
15e.
Bickford's, Inc., com.(quar.)
6234c.
Preferred (quar.)
$1
Bon Anil Co., class A (guar.)
500.
Class B (quar.)
50c
Brantford Cordage Co.(quar.)
25e
Bruck Silk Mills, Ltd. (quar.)
750.
Burco, Inc.,$3 cony. pref.(guar.)
$1
Burger Bros.,8% pref.(quar.)
25c
Cambridge Investors, A & B (s -a.)
55534
Canada Packers,7% preferred
$134
Carnation, 7% pref. (guar.)
10c
Central Tube (monthly)
Century Ribbon Mill, Inc., pref. (qu.)- - $134
3733c
Chain Stores Prod.. pref.(quar.)
$134
Chatham Mtg.,7% pref.(guar.)
6% preferred (guar.)
$134
$134
Chicago Towel Co., pref.(quar.)
40e
Cincinnati Union Stockyards(quar,)- $134
City Investing Co., pref. (quar.)
Cluett Peabody & Co.,Inc., pref.(quar.) $134
200
Connecticut Gen, Life Ins. (guar.)
25e
Consolidated Bakeries of Can
37330
Consolidated Chem. Indus.. A (qu.)...
h$233
Consolidated Dry Goods,7% pref
$1
Continental Baking Co.. pref.(guar.)50e.
Cream of Wheat (quar.)
50o
Davenport Hosiery Mills,com.(quar.) _
150
Diamond Shoe Corp.,com.(quar.)
$134
634% preferred (quar.)
$134
Dominion Rubber Co., pref.(quar.)_
_
$2
Duncan Mills (quar.)
Preferred (quar.)
$134
$1
Eagle Warehouse & Storage (guar.).Edmonton City Dairy,513% met (qu.). $134
2%
Empire Safe Deposit Co.(quar.)
750
Endicott-Johnson Corp., com. ((Mar.)-$134
Preferred(quar.)
30
Eureka Standard Conso1. Mining (au.)_
25c
Family Loan Society (guar.)
8730
Partic preferred (quar.)
3733c
Extra
Fishman(M.H.) A & B. pref.(guar.)... $134
1733o
Fortnum & Mason, 7% pref. (5.-a.)49 West 37th Slice Corp., v.1. c. (8.-a.)
$1
Fuller Brush, 7% pref. (quar.)
%
30
Fundamental Investors, Inc
25c,
Galveston Wharf (monthly)
$133
Gannett,$6 pref.(quar.)
General Baking Corp., com.& pre/. div. action
$134
General Capital Corp.,corn
250.
General Stockyards Corp., com
$133
Convertible preferred (quar.)
General Tire & Rubber Co., pref.(qu.)_ _
$133
Gorton-Pew-Fisheries Co. (quar.)
50e.
Grand Rapids Varnish Corp.(quar.)
Sc,
Great Lakes Engineering Works,(qu.).
Sc
Guardian Bk.Shs. Inv. Tr., pref.(s -a.).. 3734e.
Guardian Investors Trust, pref.(5.-1035e.
35e.
Convertible preferred (s.-a.)
Guard'n Rail Shs. mv.Tr.,ser.I pf.(s,a) 400.
Holly Development(guar.)
lc
Howe Sound Co
75e
Howes Bros.,7% 1st pref.(guar.)
$1.34
7% preferred (guar.)
$134
6% prefened (guar.)
um
Hunts, Ltd.. A dr B (quar.)
1233e
Incorporated Investors
f234%
Independent Pneumatic Tool Co.(quer-)
50o
Industrial Credit Corp. of N.E.(qu.)___
320
Extra
8330
7% preferred (quar.)
87340

Apr.
Apr.
Apr.
Apr.
Apr.
Apr.

2 Holders of rec. Mar.23
2 Holders of roe. Mar.20
2 Holders of rec. Mar. 21
1
2 Holders of rec. Mar.20
2 Holders of rec. Mar.26

Apr. 2 Holders of rec. Mar. 16
Apr. 2 Holders of rec. Mar. 20
Apr. 1 Holders of rec. Mar. 15

Apr. 2 Holders of rec. Mar. 16
Mar. 31 Holders of rec. Mar. 15
Apr, 2 Holders of rec. Mar. 19
Apr. 2 Holders of rec. Mar. 15
Apr. 2 Holders of rec. Mar. 17
Mar.31 Holders of rec. Mar. 19
Apr. 2 Holders of rec. Mar.20
Apr. 16 Holders of rec. Mar. 31
Apr. 2 Holders of rec. Mar.20
Apr. 1 Holders of rec. Mar.21
Apr. 1 Holders of rec. Mar.23
Apr. 2 Holders of rec. Mar.16
Mar.31 Holders of rec. Mar.23
Mar.31 Holders of rec. Mar.23
Apr. 2 Holders of rec. Mar. 20
Apr. 2 Holders of rec. Mar. 17
Apr. 1
July 1
Oct. 1
Jan 1'35
Apr. 2 Holders of roe. Mar.21
Apr. 2 Holders of rec. Mar. 20
Apr. 2 Holders of rec. Mar.20
Apr. 1 Holders of rec. Mar. 15
Apr. 2 Holders of rec. Mar.21
Apr. 15 Holders of rec. Mar. 31
• Holders of rec. Feb. 15
Holders of rec. Feb. 15
Apr. 2 Holders of rec. Mar.24
Apr, 2 Holders of rec. Mar.24
Apr. 30 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar.24
Apr, 15 Holders of rec. Mar.20
Apr. 16 Holders of rec. Mar. 15
Apr. 2 Holders of rec. Mar.22
Apr. 2 Holders of roe. Mar. 15
Apr, 2 Holders of rec. Mar. 19
Apr. 2 Holders of rec. Mar. 16
Apr. 2 Holders of rec. Mar.20
Mar,20 Holders of rec. Mar. 10
June 1 Holders of rec. May 19
Apr. 2 Holders of rec. Mar.20
Apr. 2 Holders of rec. Mar. 20
Apr. 2 Holders of rec. Mar. 20
Apr. 2 Holders of rec. Mar.20
Mar. 31 Holders of rec. Mar. 24
Apr. 2 Holders of rec. Mar. 28
Mar.21 Holders of rec. Apr. 2
Apr. 2 Holders of rec. Mar.24
Apr, 3 Holders of roe. Mar. 15
May 1 Holders of rec. Apr. 15
Apr. 2 Holders of rec. Mar.26
Apr. I Holders of rec. Mar. 9a
Apr. 2 Holders of rec. Mar.26
Apr. 2 Holders of rec. Mar.21
Apr. 2 Holders of rec. Mar.20
Apr. 2 Holders of rec. Mar. 20
Mar.31 Holders of rec. Mar. 22
Mar. 1 Holders of rec. Feb. 22
Apr. 2 Holders of rec. Mar.20
Apr. 2 Holders of rec. Mar. 28
Apr. 2 Holders of rec. Mar. 15
Mar.30 Holders of rec. Mar.23
Apr. 1 Holders of rec. Mar.22
Apr. 1 Holders of rec. Mar.22
Mar. 31 Holders of rec. Mar. 17
Apr. 2 Holders of rec. Mar. 12
Apr. 2 Holders of rec. Mar. 12
Apr. 2 Holders of rec. Mar. 12
Apr. 15 Holders of rec. Mar. 31
Apr. 2 Holders of rec. Mar. 26
Mar.25 Holders of rec. Mar. 15
Apr. 2 Holders of rec. Mar. 26
Apr. 2 Holders of rec. Mar. 15
Mar. 15 Holders of rec. Mar. 14
Apr. 2 Holders of rec. Mar. 15
postpon ed.
Apr. 2 Holders of rec. Mar.23
May 1 Holders of rec. Apr. 16
May 1 Holders of rec. Apr. 16
Mar. 31 Holders of rec. Mar.20
Mar. 30 Holders of rec. Mar.20
Mar. 31 Holders of rec. Mar. 20
May 1 Holders of rec. Apr. 27
Apr. 2 Holders of rec. Mar. 15
Apr. 2 Holders of rec. Mar. 15
Apr. 2 Holders of rec. Mar. 15
Apr. 2 Holders of rec. Mar. 15
Apr. 15 Holders of rec. Mar.31
Mar.30 Holders of rec. Mar.20
Mar. 31 Holders of rec. Mar. 21
Mar. 31 Holders of rec. Mar.21
Mar. 31 Holders of ree. Mar.21
Apr. 3 Holders of rec. Mar. 17
Apr. 20 Holders of rec. Mar. 22
Apr. 2 Holders of rec. Mar.24
Apr. 2 Holders of rec. Mar. 15
Apr. 2 Holders of rec. Mar. 15
Apr. 2 Holders of rec. Mar. 15

1872
Name of Company.

Financial Chronicle
Per
When
Share. Payable.

Books Closed
Days Inclusive.

Miscellaneous (Concluded).
Inland Investors
15e Apr. 1 Holders of rec. Mar. 20
Inland Investors,Inc
15c Apr. 1 Holders of rec. Mar.20
Interlake Steamship Co.(quar.)
25e Apr. 1 Holders of rec. Mar. 20
International Button Hole Mach.(qui20c Apr. 2 Holders of rec. Mar. 15
Extra
20e Apr. 2 Holders of rec. Mar. 15
International Petroleum Co
r28c Mar. 15 Holders of rec. Feb. 28
Investment Foundation, pref.
37e Apr. 16 Holders of rec. Mar. 31
- -Preferred
hl3c Apr. 16 Holders of rec. Mar. 31
Investors Royalty, pref.(quar.)
500 Mar. 30 Holders of rec. Mar. 20
Janss Investment (Los Angeles)—
$6 class A preferred (quar.)
$IN Apr. 2 Holders of rec. Mar. 21
Jewel Tea Co.,Inc., cons.(quar.)
75c Apr. 16 Holders of rec. Apr. 2
Kalamazoo Vegetable Parchment
15c Mar. 30 Holders of rec. Mar. 20
King Royalty
25c May 1 Holders of rec. Apr. 15
Lambert Co., corn. (quar.)
The Apr. 2 Holders of rec. Mar.23
Landers, Frary & Clark, corn.(quar.)- -- 374o Mar. 31
Common (quar.)
June 30
373
Common (quar.)
3734c Sept. 30
Common (quar.)
37e Dec. 31
Lerner Storm Corp.,6N % pref.(quar.)_
SIN Mar.24 Holders of rec. Mar. 19_
Loomis-Sayles Mutual Fund (quar.)---50c Apr. 2 Holders of rec. Mar. 15
Lycom Mfg.,8% pref.(quar.)
$2 Apr. 2 Holders of rec. Mar. 27
MacAndrews-Forbes,Inc.,corn.(quar.)50e Apr. 14 Holders of rec. Mar. 31
Preferred (quar.)
$131 Apr. 14 Holders of rec. Mar. 31
Mackay Companies took no action on 4% pref divide nd.
Magna Copper Co
50c Apr. 16 Holders of rec. Mar. 29
Manufacturers Finance,7% pref
21Nc Mar. 31 Holders of rec. Mar. 17
Marlin-Rockwell Corp., corn
50o Apr. 2 Holders of rec. Mar. 22
Mascot Oil (quar.)
lc Mar. 25 Holders of rec. Mar. 15
Massachusetts Investors Trust (quar.)
21c Mar. 31 Holders of rec. Mar. 15
McColl Frontenac Oil, pref.(quar.)
$1% Apr. 14 Holders of rec. Mar. 31
McQuay-Norris Mfg. Co., corn.(quar.).
75e Apr, 2 Holders of rec. Mar. 22
Midland Steel Products,8% pref. (qu.)$2 Apr. 1 Holders of rec. Mar. 24
Mill Factors, A & B (quar.)
50c Apr. 1 Holders of rec. Mar. 20
Morris (Philip) & Co., Ltd.(quar.)
250 Apr. 16 Holders of rec. Apr. 3
Morrison Cafeterias,7% pref.(quer.)_ _
513/ Apr. 2 Holders of rec. Mar. 24
M dr P Stores, 7% pref. (quar.)
$131 Apr. 2 Holders of rec. Mar. 27
Murphy (G. C.) Co., pref. (quar.)
$2 Apr. 2 Holders of roe. Mar. 22
National Biscuit Co.,corn.(quar.)
700 Apr. 14 Holders of rec. Mar. 23
National Casket Co., corn. (s.-a.)
$1 May 15 Holders of rec. Apr. 28
Preferred (quarterly)
$131 Mar. 31 Holders of rec. Mar. 15
National Finance Corp., A dr B (quar.)_ _
20c Apr. 2 Holders of rec. Mar. 24
8% preferred (guar.)
200 Apr. 2 Holders of rec. Mar. 24
National Fuel Gas(quar.)
25e Apr. 16 Holders of reo. Mar. 31
National Grocers,7% pref
14131 Apr. 2 Holders of rec. Mar. 20
National Licorice,6% pref.(quar.)
131N Mar. 31 Holders of rec. Mar. 21
Nation-Wide Securities(Md.)
2.1e Apr. 2 Holders of rec. Mar. 15
Neisner Bros., cum. pref. (quar.)
$13 May 1 Holders of rec. Apr. 16
Cumulative preferred
h$3% May 1 Holders of rec. Apr. 16
Newberry(J. J.) Realty,6%% p1.(qu.)_ $131 May 1 Holders of roe. Apr. 16
6% preferred B (attar.)
$134 May 1 Holders of roe. Apr. 16
Niagara Wire Weaving,S3 pref
11513.4 Apr. 2 Holders of rec. Mar. 19
Noblitt Spares Indus.(quar.)
250 Apr. 2 Holders of rec. Mar. 20
Northwestern Yeast Co.(quar.)
$3 Mar. 15 Holders of rec. Mar. 12
Novadel-Agene Corp., corn. (Quer.).--- $134 Apr. 2 Holders of me. Mar. 21
Nunn-Bush & Weldon Shoe, 1st pref_ _ - /4334 Mar. 31
Ogilvie Flour Mills,corn.(quar.)
$2 Apr. 3 Holders of rm. Mar. 23
Penna. Co. for Ins. on Lives & Grtg.Ann.
400 Apr. 2 Holders of rec. Mar. 19
Penna. Conley Tank Car,8% pref (qu.)
$2 Mar. 31 Holders of rec. Mar. 20
Perfection Petroleum,6% pref.(quar.)_ _ 3734c Apr. 2 Holders of rec. Mar. 30
Perfection Stove Co.(extra)
s$1
Holders of rec. Dec. 20
Petroleum Corp. of America.
50e Apr. 30 Holders of rec. Mar. 29
Pinchin Johnson, Ltd—
Amer.dep.rec. for ord. mg
9% Apr. 10 Holders of rec. Mar. 16
Planters Nut & Chocolate (quar.)
$134 Apr. 2 Holders of rec. Mar. 15
Plume dr Atwood Mfg.(guar.)
50e Apr. 2 Holders of rec. Mar. 24
Pneumatic Scale Corp.(quar.)
2 Holders of rec. Mar. 22
17340 Ap
Pollock Paper & Box,7% Pref.(qu.) _ _ _ _
$131 Mar. 15 Holders of rec. Mar. 1
Procter & Gamble Co..8% pref. (quar.)
$2 Apr. 14 Holders of rec. Mar. 22
Prudential Investors,6% pref.(qu.).- -- $1 34 Apr. 2 Holders of rec. Mar. 15
Rath Packing Co.(Wan)
50c Apr. 1 Holders of rec. Mar.20
Reece Button Hole Mach.(quar
20e Apr. 2 Holders of rec. Mar. 15
Reece Folding Mach.((Mar.)
Sc Apr. 2 Holders of rec. Mar. 15
Rike-Kumler,7% pref.(quar.)
$134 Apr. 2 Holders of roe. Mar. 24
Safety Car Heating & Ltg. Co.(quar.).. _
$1 Apr. 2 Holders of me. Mar. 16
St. Louis Natl. Stockyds.(quar.)
$134 Apr. 2 Holders of rec. Mar.25
Sayers& Scovill,(guar.)
$1 Apr. 2 Holders of rec. Mar. 20
6% preferred (quar.)
$131 Apr. 2 Holders of rec. Mar. 20
Second Twin Bell Oil Syndicate(mo.)- - 20c Apr. 5 Holders of rec. Mar.30
Shaffer Stores,7% pref.(quar.)
$131 Apr. 2 Holders of rec. Mar. 31
Shawmut Assoc.(Boston)(quar.)
10c Apr. 2 Holders of rec. Mar. 16
Silver King Coalition Mines Co.(quar.)15c Apr. 2 Holders of rec. Mar. 20
Sliverwood's Dairies, 7% prof
8$1 Apr. 2 Holders of rec. Mar. 20
Singer Mfg. Co. (quar.)
$134 Mar.31 Holders of roe. Mar. 10
Extra
$1 Mar.31 Holders of rec. Mar. 10
Slattery (E. T.),7% pref.(quar.)
5131 Apr. 2 Holders of rec. Mar. 17
Sloan & Zooke Prod.,7% pref. (quer.)- - $1.31 Mar.31 Holders of rec. Mar. 26
Spencer Trask Fund, Inc. (quar.)
12340 Mar. 30 Holders of rec. Mar. 15
Standard Cap & Seal Corp. ,com.(qu.).
600 May 1 Holders of rec. Apr. 3
Standard Oil Co. of Ohio, pref. (quar.)
$131 Apr. 18 Holders of roe. Mar.31
Sunshine Mining
160 Mar. 26 Holders of rec. Mar. 12
Southern Acid & Sulphur
$I Mar. 15 Holders of rec. Mar. 10
7% preferred (quar.)
5134 Apr. 2 Holders of roe. Mar. 10
Tow le Mfg.Co.(quar.)
5131 Apr. 2 Holders of reo. Mar. 24
Twin Bell Oil Syndicate (mo.)
32 Apr. 5 Holders of rec. Mar. 30
United Fruit Co.(quar.)
50e Apr. 14 Holders of roe. Mar. 22
Extra
50e Apr. 14 Holders of rec. Mar. 22
United Loan Corp. (quar.)
$13/ Apr. 1 Holders of rec. Mar. 20
Extra
50c Apr. I Holders of rec. Mar. 20
United Securities(quar.)
50c Apr. 2 Holders of roe. Mar. 27
United Shoe Mach. Corp., COEO. (guar.) 62310 Apr. 5 Holders of roe. Mar. 20
Preferred quar.)
37340 Apr. 5 Holders of rec. Mar. 20
Universal Leaf Tobacco Co., corn. (qu.)
50e May I Holders of roe. Apr. 17
Preferred (quar.)
$2 Apr. 2 Holders of rec. Mar. 21
Valve Bag,6% pref
83134 Apr. 2 Holders of rec. Mar. 15
Wooden & Co.(guar.)
50c Mar. 31 Holders of rec. Mar. 20
Westinghouse Air Brake Co. (quar.)___
25e Apr. 30 Holders of rec. Mar. 31
Westland Oil Royalty. A
100
Extra
be
Whital Can,6(% pref
14134 Apr. 2 Holders ot rec. Mar. 15
White Rock Mini Spring Co. corn. (qu.)
500 Apr. 2 Holders of rec. Mar. 23
1st preferred (quar.)
$13.4 Apr. 2 Holders of rec. Mar. 23
2nd preferred (quar.)
$235 Apr. 2 Holders of rec. Mar.23
Winn & Lovett Grocery Co. A (quar.)._
50c Apr. 1 Holders of rec. Mar.20
Preferred (quar.)
134% Apr. 1 Holders of rec. Mar.20
Wuluku Sugar(mo.)
20e Mar. 20 Holders of roe. Mar. 15

Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company

Per
When
Share. Payable.

Boob Closed
Dap Inclusive.

Railroads (Steam).
Alabama dr Vicksburg (5.-a.)
$3 Apr. 1 Holders of reo. Mar.
Bangor et Aroostook. common
63e Apr. 2 Holders of reo. Feb. 28
Preferred
131% Apr. 2 Holders of rec. Feb. 2
Beech Creek
50o Apr. 2 Holders of reo. Mar. 1
Boston ar Albany
$2 Mar. 31 Holders of roe. Feb. 2
Boston dr Providence (quar.)
$2.125 Apr. 2 Holders or rec. Mar.2
Chesapeake & Ohio common (quar.)---70e Apr. 2 Holders of rec. Mar.
$100 par common (qua:.)
32.80 Apr. 2 Holders of rec. Mar.
Preferred (semi-ann.)
$334 July 1 Holders of rec. June
Cincinnati Union Terminal,4% pt.(qu.) $131 Apr. 1 Holders of roe. Mar.2
4% preferred (quar.)
$ix July 1 Holders of rec. June 2
4% preferred (quar.)
$131 Oct. 1 Holders of roe. Sept.2
4% preferred (quar.)
$131 Janl'35 Holders of rec. Dec. 2




Name of Company.
Railroads (Steam) (Concluded).
Clevelana & Pittsburgh,reg. gtd.(quar.)
Registered guaranteed (quar.)
Registered guaranteed (guar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Dayton & Michigan (s-a)
8% preterred (quar.)
Detroit Hillsdale dr S'weetern (s-a)
Dover & Rockaway (s-a)
Lackawanna RR.of N.J.,4% pref.(qu.)
N Y.Lackawanna,5% gtd.(quar.)___
New York Lackawanna dr Western (qu.).
Norfolk dr Western, com. (quar.)
Extra
Northern RR of NJ.4% gtd (quar.)......
4% guaranteed (quar.)
4% guaranteed (quar.)
Piedmont et Northern (quar.)
Pittsburgh Bessemer & Lake Erie (s.-a.)_
Pitts Ft Wayne & Chicago (guar.)
Quarterly
Quarterly
Quarterly
7% preferred (quar.)
7°' preferred (quar.)
7%. preferred (qua:.)
7% preferred (quar.)
Pittsburgh Youngstown & Ashtabula7% preferred (quar.)
7% preferred (quar.)
7% preferred (guar.)
Reading, 2d preferred (quar.)
Union Pacific, common
Preferred (s.-a.)
United NewJersey RR.& Canal(quar.).
Vicksburg Shrev. & Pao. corn. (8.-a.)-- Preferred (semi-annual)
Warren (s-a)

Mar. 17 1934
When
Per
Share. Payable

Books Closed
Days Inclusive.

June 1 Holders of roe. May 10
Sept. 1 Holders of roe. Aug. 10
Dec. 1 Holders of rec. Nov. 10
June 1 Holders of reo. may 10
Sept. 1 Holders of reo. Aug. 10
Dec. 1 Holders of reo. Nov. 10
Apr. 2 Holders of rec. Mar. 15
Apr. 2 Holders of reo. Mar. 15
July 7 Holders of reo. June 20
Apr. 2 Holders of reo. Mar. 31
Apr. 2 Holders of roe. Mar. 8
Apr. 2 Holders of rec. Mar. 5
Apr. 2 Holders of rec. Mar. 14
Mar.19 Holders of rec. Feb. 28
Mar.19 Holders of rec. Feb. 28
June 1 Holders of rec. May 21
Sept. 1 Holders of rec. Aug. 22
Dec. 1 Holders of rec. Mar.21
Apr. 10 Holders of me. Mar.31
Apr. 1 Holders of rec. Mar. 15
Apr. 3 Holders of roe. Mar. 10
July 3 Holders of rec. June 11
Oct. 2 Holders of rec. Sept. 10
$131 1-1-35 Holders of roe. Dee. 10
$131 Apr. 3 Holders of rec. Mar. 10
$ix July 3 Holders of me. June 11
$ix Oct. 2 Holders of reo. Sept. 10
1-1-35 Holders of roe. Dee. 10

873.40
8731c
87330
500
500
500
87310
$1
$2
53
$1
$131
$131
$2
$2
$1
$1
$1
750
75o
$131
$134

$13(
$131
$135
50e.
$154
$2
$231
$231
$234

June I Holders of reo. May 21
Sept. 1 Holders of reo. Aug. 20
Dec. 1 Holders of reo. Nov. 20
Apr. 12 Holders of reo. Mar. 22
Apr. 2 Holders of rec. Mar. 1
Apr. 2 Holders of rm. Mar. 1
Apr. 10 Holders of reo. Mar.20
Apr. 1 Holders of rec. Mar. 8
Apr. 1 Holders of reo. Mar. 8
Apr. 16 Holders of roe. Apr. 4

Public Utilities.
x Apr. 2 Holders of rec. Mar. 15
Alabama Power Co.$7 pref.(quar.)
Apr. 2 Holders of roe. Mar.15
$6 preferred (quar.)
$ig May I Holders of roe. Apr. 16
$5 preferred (guar.)
250 Apr. 2 Holders of roe. Mar. 13
American Gas & Elec.(quar.)
$135 May 1 Holders of rec. Apr. 7
Preferred(quar.)
Amer. Pow.& Lt. Co. $6 prof.(quar.)_ 373,10 Apr, 2 Holders of reo. Mar. 7
3.5 preferred
31340 Apr. 2 Holders of roe. Mar. 7
American Superpower Corp. 1st pt.(qu.) $134 Apr. 2 Holders of rec. Mar. 15
$231 Apr. 16 Holders of reo. Mar. 15
American Tel. & Tel. Co. (qua:.)
American Water Works Sr Elec. Co.—
5131 Apr. 2 Holders of roe. Mar. 9
$6 first preferred (quar.)
Appalachian El. Pow. Co. $7 pf. (qu.)
$111 Apr. 2 Holders of roe. Mar. 9
$1 34 Apr. 2 Holders of reo. Mar. 9
36 preferred (quar.)
$131 Apr. 2 Holders of reo. Mar. 17
Atlantic & Ohio Tel.(quar.)
37%e May 1 Holders of roe. Apr. 10
Bangor Hydro-Elec.,com.(quar.)
$131 Apr. 2 Holders of rec. Mar. 10
7% preferred (guar.)
$IN Apr. 2 Holders of reo. Mar. 10
6% preferred (quar.)
Battle Creek Gas,6% pref.(quar.)
$134 Apr. 1 Holders of roe. Mar. 20
Bel Telephone Co.of Canada (quar.)--- r$i34 Apr. 16 Holders of rec. Mar.23
Ap . 14 Holders of roe. Mar.20
Bell Telep. Co.of Pa.634% prof.(qu.)
Boston Elevated Ry.(quay.)
$IX Apr. 2 Holders of rm. Mar.10
Brazilian Tmc., Lt.& Pow. prof.(qu.)
8154 Apr. 3 Holders of rm. Mar.15
Bridgeport Gas Light (quar.)
600 Mar.31 Holders of ree. Mar. le
British Columbia Power A (quar.)
38e Am 16 Holders of Teo. Mar.31
Brooklyn & Queens Transit pref.
$134 Apr. 2 Holders of rec. Mar. 15
Union Gas Co.(quar.) (qu.)Broklyn
$1 31 Apr. 2 Holders of roe. Mar. 1
Buffalo Niagara & Eastern Power (au.).
40o Apr. 2 Holders of rec. Mar. 15
$5 1st preferred
3134 May 1 Holders of reo. Apr. 14
Calgary Power Co.. corn.(quar.)
$131 Apr. 2 Holders of rec. Mar. 15
Canada Northern Power,Ltd.,com.(qu.)
250 Apr. 25 Holders oe roe. Mar.31
7% preferred (guar.)
134% Apr. 16 Holders of roe. Mar.31
Central Illinois Light Co.6% pref.(qu.). 131% Apr. 2 Holders of reo. Mar. 15
7% preferred (quar.)
191% Apr. 2 Holders of NO. Mar. 15
Cincinnati dr Suburban Telep. (quar.)
$1.13 Apr. 12 Holders of rec. Mar. 20
Citizens Water(Wash.,Pa.)(quar.)___. $131 Apr. 2 Holders of ree. Mar.20
Clinton Water Works,7% pref.(quar.)- $131 Apr. 16 Holders of rec. Apr. 2
Columbus Ry. Pow. dr Lt.6% Pt.(W.)- $134 Apr. 2 Holders of rec. Mar. 16
6 % preferred B (quar.)
$1.63 May I Holders of roe. Apr. 14
Commonwealth & Southern Corp.—
$6 preferred (quar.)
$131 Apr. 2 Holders of rec. Mar. 9
Commonwealth Water & Light pf.(qu.)- 5131 Apr. 2 Holders of rec. Mar. 20
$6 preferred ((mar.)
5134 Apr. 2 Holdels of rm. Mar. 20
Connecticut Elec. Service, corn.(quar.)_
75e. Apr. 1 Holders of roe. Mar. 15
Consol. Gas of N.Y.,5% pref.(quer.)- $131 May 1 Holders of roe. Mar. 20
Cense'. Gas El. Lt. dr Pow. Co.of Bait.,
Common (quar.)
900 Apr. 2 Holders of roe. Mar. 15
Series A,5% preferred (quar.)
5134 Apr. 2 Holders of rec. Mar. 15
Series D 6% preferred (quar.)
$135 Apr. 2 Holders of roe. Mar. 15
Series E 534% preferred (quar.)
$131 Apr, 2 Holders of rec. Mar. 15
Consumers Gas of Toronto (quar.)
$234 Apr. 2 Holders of rec. Mar. 15
Consumers Power Co.. $5 pro!. (riar.). $134 Apr. 2 Holders of roe. Mar. 15
$134 Apr. 2 Holders of roe. Mar. 16
6% preferred (quar.)
$1.65 Apr. 2 Holders of reo. Mar. 15
6.6% preferred (guar.)
7% preferred (quar.)
$131 Apr. 2 Holders of reo. Mar. 15
50e Apr. 2 Holders of reo. Mar.15
6% preferred (monthly)
55o Apr. 2 Holders of reo. Mar.15
6.6% preferred (monthly)
Continental Gas & Elec. 7% pref. (au.). $134 Apr. 2 Holders of rec. Mar. 12
500 Apr. 1 Holders of roe. Mar.20
Dayton Power & Light Co.pref.(mthly.)
Detroit Edison Co.((Mar.)
51 Apr. 16 Holders of reo. Mar.81
Diamond State Telep.634% pref.(qu.). $ix Apr. 14 Holders of rec. Mar 20
51 Apr. 2 Holders of reo. Mar.15
Duke Power Co. common (quar.)
Preferred (quar.)
$131 Apr. 2 Holders of rec. Mar.15
Duquesne Light Co..5% 1st pref.(qu.). $131 Apr. 16 Holders of roe. Mar. 15
Eastern New Jersey Power 6% pt.(au.). $ix Apr. 1 Holders of reo. Mar. 10
180 Apr. 15 Holders of rec. flea. 31
Eastern Township Telephone
Elizabeth & Trenton (s.-a.)
$1 Apr. 2 Holders of roe. Mar.20
Semi-annual
$1 Oct. 1 Holders of reo. Sept.20
5% preferred (s.-a.)
$134 Apr. 2 Holders of roe. Mar.20
5% preferred (s.-a.)
513.4 Oct. 1 Holders of reo. Sept.20
Empire & Bay State Teleg.,4% gu.(qu.)
$1 June 1 Holders of roe. May 22
4% guaranteed (guar-)
$1 Sept. 1 Holders of roe. Aug. 22
4% guaranteed (quay.)
$1 Deo. 1 Holders of roe. Nov. 21
Empire Power Corp.$8 pref.(quar.)---- $131 Apr. 1 Holders of roe. Mar. 15
Escanawba Pow.& Traction6% preferred (quar.)
5134 May 1 Holders of reo. Apr. 26
6% preferred (quar.)
$134 Aug. I Holders of reO. July 27
$131 Nov. 1 Holders of rec. Oct. 26
6% preferred (quar.)
Fall River Electric Light
75e Apr. 2 Holders of rec. Mar. 15
Georgia Power, $6 pref. (quar.)
$1% Apr. 2 Holders of roe. Mar. 15
$13/ Apr. 2 Holders of rec. Mar. 15
$5 preferred(
(Mar.)
$131 Apr. 2 Holders of rec. Mar. 31
Gold & Stock Tel. (quar.)
Greenwich Water et Gas6% pref.(qu.)
$111 Apr. 2 Holders of rec. Mar.20
4331e. Mar. 31 Holders of rec. Mar. 16
Hackensack Water, pref. (quar.)
15e. Mar.20 Holders of reo. Mar. 12
Honolulu Gas (monthly)
15e. Apr. 20 Holders of Teo. Apr. 12
Monthly
150. May 20 Holders of reo. May 12
Monthly
15e. June 20 Holders of rm. June 12
Monthly
Illinois Bell Telephone (guar.)
$2 Mar,31 Holders of roe. Mar.21
51.31 Apr. 2 Holders of reo. Mar. 9
Indiana & Mich. Elec. 7% pref.(qu.)-6% preferred (qua:.)
$131 Apr. 2 Holders of rec. Mar. 9
Indianapolis Power dr Light Co.
Apr. 1 Holders of rec. Mar. 1
6% preferred (guar.)
% p.eferred (quar.)
$13' Apr. I Holders of reo. Mar. 1
Indianapolis Water
5% pref. (qtr.)- $134 Mar.31 Holders of roe. Mar. 10
Internat. Hydro-Elec.
Co..
$3N pref. (qu.). 87 Ne Apr. 16 Holders of roe. Mar. 26
Interocean Telep. Co. (quar.)
$134 Apr. 2 Holders of reo. Mar.81
Jersey Central Pr. dr Lt., 7% pre/.(qu.)_ $131 Apr. 2 Holders of reo. Mar. 10
6% preferred (quar.)
5131 Apr. 2 Holders of roe. Ma:. 10
53.1% preferred (qua:.)
$1,1 Apr. 2 Holders of roe. Mar. 10
Joplin Water Works 6% pref. (quar.)___
8134 Apr. 16 Holders of roe. Apr. 2

Na,,..! ComPane

When
Per
Share. Payable.

Books Closed
Days Inclustoe.

Public Utilities (Contitnued).—
Kansas City Pow.& Lt. 1st pref.(qu.). $144 Apr. 1 Holders of rec. Mar. 14
Kansas El. Pow. Co. 7% pref.(quar.)_ _ $144 Apr. 2 Holders or rec. Mar. 15
$144 Apr. 2 Holders of roe. Mar. 15
6% preferred (guar.)
$144 Apr. 2 Holders of rec. Mar. 31
Kansas Utilities. 7% pref.(quar.)
70e. Apr. 1 Holders of rec. Mar.15
Keystone Pub. Serv., $2.80 pref.(qu.)
8144 Apr. 2 Holders of rec. Mar. 19
Kings County Lighting (quar.)
$144 Apr. 2 Holders of rec. Mar. 19
7% preferred (quar.)
$144 Apr. 2 Holders of rec. Mar. 19
6% preferred (guar.)
$144 Apr. 2 Holders of rec. Mar. 19
s% preferred (guar.)
1 160 Mar.31 Holders of roe. Mar. 12
Lone Star Gsa Corp.common (quar.)_
$134 Mar. 31 Holders of roe. Mar. 12
6% cony. preference (quar.)
Long Island Lighting Co. 7% pre:.(qu.)- $144 Apr. I Holders of rec. Mar. 15
$144 Apr. 1 Holders of roe. Mar. 15
6% preferred (guar.)
Louisville Gas & Electric Co.(Del.)—
43440 Mar.24 Holders of rec. Feb. 28
Class A and B common (quar.)
5144 Apr. 2 Holders of rec. Mar.20
Marion Water,7% Pref.(quar.)
Memphis Pow.& Lt. Co.Si prof.(qu.)
3134 Apr. 2 Holders of ree. Mar. 17
5144 Apr. 2 Holders of rec. Mar. 17
$6 preferred (quar.)
$144 Apr. 1 Holders of rec. Feb. 28
Metropolitan Edison Co.$6 pref.(qu.)
$144 Apr. 2 Holders of rec. Feb. 28
$7 preferred (guar.)
$144 Apr. 2 Holders of roe. Feb. 28
$5 preferred (quar.)
Mississippi River Power6% prof.(qu.)-. $144 Apr. 2 Holders of rec. Mar. 15
$144 Apr. 16 Holders of rec. Apr. 2
Monongahela Valley Water pref.(qu.)
Monongahela West Penn Pub. Service144% Apr. 2 Holders of rec. Mar. 15
7% cum. preferred (quar.)
$144 Apr. I Holders of roe. Mar. 15
Nassau & Suffolk Ltg., pref. (quar.)____
New England Gas & Electric Assn.
$144 Apr. 1 Holders of rec. Feb. 28
8514 preferred (quar.)
New England Power Assoc..6% pr.(qu.) $144 Apr. 2 Holders of roe. Mar. 10
50e. Apr. 2 Holders of rec. Mar. 10
$2 preferred (quar.)
50e. Apr, 16 Holders of rec Mar. 31
Quarterly
$144 Mar.31 Holders of rec. Mar. 9
New England Tel. & Tel. Co
New Jersey Pr. & Lt., $6 pref. (quar.).... 5144 Apr. 2 Holders of roe. Feb. 28
$lx, Apr. 2 Holders of roe. Feb. 28
$5 preferred (guar.)
$144 Apr. 2 Holders of MC. Mar.20
New Jersey Water,7% prof.
5144 Apr. 2 Holders of rec. Mar. 15
New York Steam Corp., $7 prof.(qu.)
$144 Apr. 2 Holders of rec. Mar. 15
$6 preferred (quar.)
New York Telephone, 644% pref. (qu.).. $144 Apr. 16 Holders of rec. Mar. 20
500 Mar.28 Holders of rec. Mar. 15
New York Transportation Co.(quar.).-.
$145 Apr. 2 Holders of rec. Mar 24
Newark & Bloomfield RR (s.-a.)
$144 Apr. 1 Holders of rec. Mar. 15
Newport Elec. Corp..6% pref.(guar.). _
50o Apr. 25 Holders of rec. Mar.31
North Ontario Pow.Co., Ltd..corn.(qu.)
6% preferred (quar.)
134% Apr. 25 Holders of rec. Mar.31
75c Apr. 2 Holders of roe. Mar. 17
Nova Scotia Light & Power (guar.)
5144 Apr. 2 Holders of rec. Mar. 15
Ohio Edison Co., $5 pref. (qua,.)
5144 Apr. 2 Holders of rec. Mar. 15
$6 preferred (quar.)
$1.65 Apr. 2 Holders of rec. Mar.15
$6.60 preferred (guar.)
$7 preferred (quar.)
$144 Apr. 2 Holders 01 rec. Mar .15
$1.80 Apr. 2 Holders of rec. Mar. 15
$7.20 preferred (quar.)
Orange& Rockland Elec.7% pref.(qu.)- 5144 Apr. 2 Holders of rec. Mar. 24
6% preferred (quar.)
$145 Apr. 2 Holders °tore°. Mar.24
Pacific Lighting Corp.,$6 prof.(guar.).- $144 Apr. 16 Holders of rec. Mar. 31
Pacific Tel. & Tel.(quar.)
$144 Mar. 31 Holders of roe. Mar. 20
6% preferred (quar.)
5144 Apr. 16 Holders of rec. Mar. 31
Penn. Central Lt. & Pr., pref. (quar.)-- $144 Apr. 2 Holders of rec. Mar. 10
700. Apr. 2 Holders of roe. Mar. 10
$2.80 preferred (quar.)
Pennsylvania Gas & Elec. Corp.,
$144 Apr. 2 Holders of roe. Mar.20
$7 & 7% preferred (guar.)
55e Apr. 2 Holders of rec. Mar.20
Pennsylvania Pow Co.,$6.60 Prof.(rno.)
55e May 1 Holders of rec. Apr. 20
$6.60 preferred (monthly)
550 June 1 Holders of rec. May 21
$6.60 preferred (monthly)
$144 June 1 Holders of roe. May 21
$6 Preferred (quar.)
Pennsylvania Water & Power Co.—
750 Apr. 2 Holders of roe. Mar. 15
Common (quar.)
$144 Apr, 2 Holden/ of rec. Mar. 15
Preferred (guar.)
Peoria Water Works, 7% prof. (qu.) _ $154 Apr. 2 Holders of roe. Mar.20
1144 Apr. 2 Holders of rec. Mar.
Philadelphia Co., $5 cum. pref. (quar.)_
$144 Apr. 2 Holders of roe. Mar.
$6 cum. preferred (quar.)
500 Apr. 1 Holders of rec. Mar. 1
Philadelphia Elec. Pow.8% prof.(qu.)
$144 Apr. 2 Holders of rec. Mar. 1
Porto Rico Power. pref.(quar.)
70e Mar.31 Holders of roe. Mar.
Public Service Corp. of N. J. com.(qu.)
$2 Mar.31 Holders of rec. Mar.
8% cumulative preferred (quar.)
S144 Mar.31 Holders of rec. Mar.
7% cumulative preferred (quar.)
$144 Mar.31 Holders of roe. Mar.
$5 cumulative preferred (guar.)
bde Mar.31 Holders of roe. Mar.
6% preferred (monthly)
Public Service of No.111..6% pref.(qu.). $144 Mar.20 Holders of rec. Mar. 1
7% preferred (guar.)
51% Mar.20 Holders of rec. Mar. 1
Public Service Co.of Okla.,7% pro!.(qu) $141 Apr. 2 Holders of rec. Mar.2
6% preferred (guar.)
$144 Apr. 2 Holders of rec. Mar.2
Public Service Electric & Gas Co.
7% preferred (quar.)
$1
Mar. 31 Holders of roe. Mar.
$144 Mar. 31 Holders of rec. Mar.
$5 preferred (quar.)
Queensborough Gas & Eiec.,6% Df.(QU.) 5144 Apr. 2 Holders of rec. Mar. 1
Richmond Water Works 6% pref. (qu.)_ $144 Apr. 2 Holders of rec. Mar.2
Rochester Toler/. Corp. 644% pref. (cill.) 5144 Apr. 2 Holders of rec. Mar.2
5% second preferred (guar.)
$144 Apr. 2 Holders of rec. Mar. 2
Quarterly
$144 Apr. 2 Holders of rec. Mar. 2
Savannah El.& Pow.Co.8% pt. A (qu.)
$2 Apr. 2 Holders of rec. Mar. 1
744% preferred B (quar.)
5144 Apr. 2 Holders of rec. Mar. 1
7% preferred C (quar.)
$IN Apr. 2 Holders of roe. Mar. 1
6% preferred B (quar.)
$144 Apr. 2 Holders of rec. Mar. 1
Scranton Electric $6 prof. (guar.)
$144 Apr. 2 Ilolders of rec. Mar.
Sedalia Water Co. pref. (quar.)
$144 Apr. 15 Holders of rec. Apr.
Sharon Ry.(suni-annuall
5144 Apr. 2 Holders of rec. Mar.2
South Carolina Power Co.. $6 pret.(qu.) $144 Apr. 2 Holders of roe. Mar. 1
South Colorado Power,$6 let prof.(qu.) $134 Apr, 2 Holders of rec. Mar. 1
South Pittsburgh Water 7% prof. (qu.). $144 Apr. 16 Holders of rec. Apr.
$134 Apr. 16 Holders of rec. Apr.
6% preferred (quar.)
Southern & Atlantic Telegraph (s,-a.)._ 623.40 Apr. 2 Holders of roe. Mar. 1
Southern Calif. Edison Co.. Ltd.
534% preferred series C (quar.)
34460 Apr. 15 Holders of rec. Mar.2
500 Apr. 15 Holders of rec. Mar.2
Orig. preferred (quar.)
Southern New England Telep.(quar.)-- $144 Apr. 16 Holders of rec. Mar.3
$144 Apr. 1 Holders of rec. Mar.2
Southwestern Bell Tel., pref.(quar.)
Southwestern Light dr Power Co.500 Apr. 2 Holders of rec. Mar. 1
16 cony. preferred
Springfield Gas & Elec., $7 pref.(guar.). $134 Apr. 2 Holders of rec. Mar. 1
20e Apr. 2 Holders ot roe. Mar.2
Telephone Investment Corp. (mo.)____
Tennessee Electric Power Co.
$134 API% 2 Holders of roe Mar. 1
6% let preferred (quar.)
$1 34 Apr. 2 Holders of roe Mar. 1
6% let preferred (quar.)
$6144 Apr. 2 Holders of reo. Mar. I
7% lot preferred (quar.)
$1.80 Apr. 2 Holders of roe. Mar. 1
7.2% lot preferred (quay.)
500 Apr. 2 Holders of rec. Mar. 1
6% 1st preferred (monthly)
600 Apr. 2 Holders of roe. Mar.1
7.2% let preferred (monthly)
$244 Apr. 29 Holders of rec. Mar.2
United Cos.of New Jersey (quar.)
United Gas & Elec. Corp., pref. (quar.) 144% Apr. 1 Holders of rec. Mar. 1
300 Mar. 31 Holders of rec. Feb. 2
United Gas Impt. Co., common (quar.).
$144 Mar. 31 Holders of rec. Feb. 2
$5 preferred (quar.)
United Light & Rye. CO.(Del.)
58 1-3c Apr. 2 Holders of rec. Mar.1
7% preferred (monthly)
53e Apr. 2 Holders of roe. Mrs.1
0.36% preferred (monthly)
50c Apr. 2 Holders of rec. Mar.I
6% preferred (monthly)
United States Elec. Lt.& Pr.,$6 pf.(qu) $144 Apr. 2 Holders of rec. Mar. 1
Upper Michigan Pow.& Lt. pref.(qu.) - 5144 May 15
5144 Aug. 15
6% preferred (qua.)
51.4i Nov. 15
6% preferred (quar.)
5144 2-1-35
6% preferred (quar.)
Virginia Eleo. & Power. Co.. $6 Pt.(qu.) 5144 Mar.20 Holders oh rec. Feb. 28
Wisconsin Public Service Corp.
7% preferred (guar.).
$144 Mar. 20 Holders of rec. Feb. 28
$144 Mar. 20 Holders of rec. Feb. 28
63.4% preferred (quar.)
5144 Mar. 20 Holders of roe. Feb. 28
6% preferred (quar.)
Sou. Canada Pow. Co.,6% pref.(quar.) 134% Apr. 16 Holders of rec. Mar. 20
$ 2 Apr. 2 Holders of rec. Mar. 15
pf
.(qu.)
Gas
&
El.
Co.,
8%
Southwestern
5144 Apr. 2 Holders of rec. Mar. 15
7% preferred (quar.)
5144 Apr. 2 Holders of rec. Mar. 15
Union El. Lt. dr Pow.((11.)6% pt.(qu.)
Union El. Lt. & Pow.(Mo.)7% pf.(qu.) 5144 Apr. 2 Holders of rec. Mar. 15
$144 Apr
2 Holders of roe. Mar. 15
6% preferred (guar.)
$144' Apr. 2 Holders of rec. Mar. 22
West Kootenay Pow.& Lt. pref.(qu.)
sug Mar. 30 Holders of rec. Mar. 17
West Penn Elec., class A (guar.)




1873

Financial Chronicle

Volume 138

Name of Company.
Public Utilities icoadurled).
West Penn Power,6% pref. (quar.)---7% preferred (quar.)
Wichita Water Co. 7% ord.(quar.)....
Wisconsin Elec Pow.,6% pref.(guar.).
6)4% preferred (quar.)

Per
When
Share. Payable
$144
$1%
51%
51%
$144

Books Closed
Days inclus(ve.

May 1 Holders of rec. Apr. 5
May 1 Holders of rec. Apr. 5
Apr. 16 Holders of rec. Apr. 2
Apr. 2 Holders of rec. Mar.15
Apr. 2 Holders of rec. Mar.15

Banks and Trust Companies.
744% Apr. 2 Holders of rec. Mar. 12
Bankers Trust Co. (quar.)
50c Apr. 2 Holders of rec. Mar. 16a
Bank of the Manhattan Co.(quar.).....
Central Hanover Bank & Trust (quar.)- $144 Apr. 2 Holders of rec. Mar. 20
35o Apr. 1 Holders of rec. Mar. 10
Chase National Bank of the City of N.Y.
500 Apr. 2 Holders of rec. Mar. 10
Clinton Trust Co
200 Apr. 1 Holders of rec. Mar. 16
Continental Bank & Trust Co.(guar./
5% Mar.31 Holders of rec. Mar. 9
Guaranty Trust Co.of N.Y.(quar.)-25e Apr. 2 Holders of rec. Mar. 12
Irving Trust Co. (guar.)
3744c Mar. 22 Holders of rec. Mar. 19
Marine Midland Trust Co. (guar.)
lEc Mar.22 Holders of rec. Mar. 19
Extra
Public Nat. Bank & Trust Co.(quar.)
3734c Apr. 2 Holders of rec. Mar.20
Apr. 2 Holders of rec. Mar. 21
515
United States Trust Co.(guar.)
Fire Insurance Companies.
American Ins.(Newark, N. J.)(s-a). 25c
25e
Birmingham Fire ins. Co.(Ala.)(quar.)$4.21
Boston Insurance Co.
Continental Assurance Co.(guar.)
50c
400
Glen Falls Ins. (quar.)
Phoenix File Ins. Co.(quar.)
50c
25c
Providence Wasington Ins. Co
200
Republic Insurance. Texas (guar.)
20e
Quarterly
Quarterly
20e
3744e
Southern Fire Insurance

Apr. 2 Holders of rec. Mar. 10
Mar.31 Holdesr of rec. Mar. 15
Apr.
Holders of rec. Mar.20
Mar. 31 Holders of rcc. Mar. 15
Apr. 2 Holders of rec. Mar. 15
Holders of rec. Mar. 15
Apr.
Mai.2 Holders of rec. Mar. 10
May 1 Holders of rec. Apr. 30
Aug. 10 Holders of rec. July 31
Nov. 10 Holders of rec. Oct. 31
Mar.28 Holders of rec. Mar. 20

Miscellaneous.
50o Apr. 1 Holders of rec. Mar. 15
Abbott Labratories(quar.)
100 Apr. 1 Holders of roe. Mar. 15
Extra
30e Mar.31 Holders of rec. Mar. 21
Abraham & Straus, com.(quar.)
150 Mar.31 Holders of rec. Mar. 21
Extra
$144 Mar. 31 Holders of rec. Mar. 15
Adams Express Co.. prof. (guar.)
Sc Apr. 1 Holders of rec. Mar. 16
Affiliated Products, Inc.(rno.)Agnew surpass Shoe Stores. prof.(qu.)-- $144 Apr. 2 Holders of rec. Mar. 15
Allied Chemical& Dye Corp.. pref.(qtr.) 134% Apr. 2 Holders of rec. Mar. 9
Aluminum Co. of Amer., pref.(qUar.)-- 37440 Apr. 1 Holders of roe. Mar.15
50o Mar. 31 Holders of rec. Mar. 15
Aluminum Mfg.(quar.)
500 June 30 Holders of rec. June 15
Quarterly
50e Sept. 30 Holders of rec. Sept. 15
Quarterly
50o Dee. 31 Holders of rec. Dec. 15
Quarterly
El% Mar. 31 Holders of rec. Mar. 15
7% Preferred (quar.)
7% preferred (guar.)
$144 June 30 Holders of rec. June 15
7% preferred (quar.)
$144 Sept. 30 Holders of roe. Sept. 15
$144 Doe. 30 Holders of rec. Dec. 15
7% preferred(
(Var.)
75e Apr. 2 Holders of rec. Mar. 12
American Bank Note Co.. pre/.(qua,.)
5144 Apr. 2 Holders of rec. Mar. 16
American Can Co., pref.((Mar.)
75e Apr. 1 Holders of rec. Mar.12
American Chicle Co.(quay.)
$144 Apr. 2 Holders of rec. Mar.15
American Cigar Co., pro!.(quar.)
25e Apr. 2 Holders of rec. Mar.21
American Enka Corp
American Envelope,7% prof.((Sutra— - $144 June 1 Holders of rec. May 25
$IM Sept. 1 Holders of roe. Aug. 25
7% preferred (quar.)
7% preferred (guar.)
$134 Doe. 1 Holders of rec. Nov.25
$144 Apr. 2 Holders of rec. Mar.23
American Express Co.(quar.)
750 Apr. 1 Holders of rec. Mar.23
American Glanzstoff Corp., pref. (qu./
$144
Apr. 1 Holders of rec. Mar.23
7% preferred (guar.)
5814 Apr. 1 Holders of roe. Mar.23
7% preferred
250 Apr. 2 Holders of rec. Mar. 15
American Hawaiian Steamship Co.(qu.)
20c Apr. 2 Holders of rec. Mar.14e
American Home Products Corp.(rno.)—
$134 Mar.31 Holders of rec. Mar. 15
American Mfg. Co. pref. (quar.)
$134 Apr. 2 Holders of rec. Mar. 17
American Optical,7% pref.(quar.)
$1 Mar.31 Holders of rec. Mar. 6
American Safety Razor Corp.(quar.)_..
3% Apr. 2 Holders of rec. Mar. 14
American Snuff Co. common
144% Apr. 2 Holders of rec. Mar. 14
Preferred
50c Mar.31 Holders of rec. Mar. 15
American Steel Foundries. prof
500 Apr. 2 Holders of roe. Mar.16
American Stores Co. (quar.)
50e Apr. 2 Holders of rec. Mar. 5
American Sugar Refining Co..corn.(qu.)
$144 Apr. 2 Holders of roe Mar. 5
Preferred (quar.)
American Tobacco Co., pro!. (quar.)--- 144% Apr. 2 Holders of rec. Mar.10
American Woolen Co., Inc.. pref. (511.)- $144 Apr. 15 Holders of rec. Mar. 15
6244e Apr. 2 Holders of rec. Mar. 15
American Wringer (quar.)
$144 Mar. 31 Holders of rec. Mar. 15
Preferred(quar.)
15c Apr. 2 Holders of rec. Mar.20
Anchor Cap Corp.. common (quar.)._
5144 Apr. 2 Holders of rec. Mar.20
$614 preferred (qua,.)
50c Apr. 2 Holders of rec. Mar. 15
Apponaug Co. common (quar.)
Armour & Co. of Del.. 7% prof.(guar.)- UK Apr. 2 Holders of rec. Mar. 10
500 Mar.30 Holders of rec. Mar. 15
Associated Oil Co
$1 Mar. 31 Holders of rec. Mar. 21
Associates Investment, corn.(quar.)....
$144 Mar. 31 Holders of rec. Mar. 21
$7 preferred (quar.)
75e June 1 Holders of roe. May 19
Atlas Corp..$3 pref. A (quar.)
750 Sept. 1 Holders of rec. Aug. 20
$3 preferred (quar.)
75c Dec. 1 Holders of rec. Nov.20
$3 preferred (quar.)
500 Apr, 2 Holders of rec. Mar.22
Auburn Automobile Co
Axton-Fisher Tobacco,6% pref.(quar.). $144 Apr. 2 Holders of rec. Mar. 15
80e Apr. 2 Holders of roe. Mar. 15
Common A (quar.)
400 Apr. 2 Holders of rec. Mar. 15
Common B (quar.)
25c Apr. 2 Holders of rec. Mar.20
Babcock & Wilcox Co.(quar.)
25e Apr. 2 Holders of rec. Mar. 17
Backstay Welt Co
$144 Apr. 14 Holders of roe. Mar 31
Baldwin Co.,6% prof.(quay.)
So Mar.20 Holders of rec. May. 6
Bandini Petroleum (mo.)
30.960 Apr. 1 Holders of rec. Mar. 1
Bank Stock Trust Shares, 0-1 ref
30.30e Apr. 1 Holders of rec. Mar. 1
C-2. registered
Barber(W.H.)& CO., prof.(quar.)... $144 Apr. 1 Holders of rec. Mar.20
$144 July 1 Holders of rec. June 20
Preferred (quar.)
$144 Oct. I Holders of rec. Sept.20
Preferred (quar.)
$144 Jan 1'35 Holders of rec. Dec. 20
Preferred (quar.)
Beatrice Creamery Co., pre/.(quar.)
5144 Apr. 2 Holders of roe. Mar. 4
750 Apr. 2 Holders of rec. Mar. 12
Beech-Nut packing Co.. corn. (quar.)...
Belgian Ford,interim
10%
Berkshire Woolen (e-a.)
$2
Bird & Son (quar.)
12440 Apr. 2 Holders of rec. Mar.26
Block Bros. Tobacco (quar.)
37140 May 15 Holders of roe. May 11
Quarterly
374Ic Aug. 15 Holders of roe. Aug. 11
Quarterly
3744e Nov. 15 Holders of roe. Nov. 11
Preferred (quar.)
$134 Mar.31 Holders of rec. May.25
Preferred (quar.)
$144 June 30 Holders of rec. June 25
Preferred (quar.)
$144 Sept.30 Holders of roe. Sept.25
Preferred (quar.)
$144 Dee. 31 Holders of rec. Dec. 24
Bloomingdale Bros
10c Mar. 31 Holders of rec. Mar. 21
Bohn Aluminum & Brass, common
750 Apr. 2 Holders of rec. Mar. 15
Borg-Warner Corp.. coin. (guar.)
250 Apr. 1 Holders of rec. Mar. 15
Preferred (quay.)
$144 Apr, 1 Holders of rec. Mar. 1E
Boston Storage dr Warehouse (quar.)$144 Mar.31
Bower Roller Bearing Co
2So Mar.20 Holders of rec. Mar. 1
Bridgeport Machine Co.. prof
551 Mar. 25 Holders of roe. Mar. 20
Briggs & Stratton Corp
25c Mar.31 Holders of rec. Mar.20
Brillo Mfg. Co., Inc.. corn.(guar.)
15c Apr. 2 Holders of rec. Mar. 15
Class A (quar.)
500 Apr. 2 Holders of rec. Mat. 15
Bristol Brass, preferred (qua,.)
$144 Apr. 2 Holders of rec. May. 15
British Amer. Assurance (s.-a
750 Apr. 3 Holders of rec. Mar. 24
British American Oil Co.(quar.)
r20o Apr. 2 Holders of rec. Mar. 15
British-Amer.Tobacco Co., interim (qu.)
10d Mar. 31 Holders of rec. Mar. 1
5% preferred (semi-ann.)
244% Mar.31 Holders of rec. Mar. 1
Broad Street Investing (quar.)
20e Apr, 1 Holders of rec. Mar. 19
Bruck Silk Mills (quar.)
25c Apr. 16 Holders of rec. Mar. 15
Bucyrus Erie Co., pref.(guar.)
50e API. 2 Holders of rec. Mar. 15
Bucyrus-MonIghan Co., el. A (quar.).
450 Apr. 2 Holders of rec. Mar. 20
Building Products, A dr B (quay.)
25e Apr. 2 Holders of rec. Mar. 15
Burma Corp., Ltd., Am.dep. rec.(inter.) era 11 an Apr. 26 Holders of rec. Mar. 12
Burt(F. N.)& Co.,corn.(quar.)
50e Apr. 2 Holders of roe. Mar. 15
California Ink Co. (quar.)
50o Apr, 2 Holders of roe. Mar.22
California Packing Corp., corn
2503 Mar. 26 Holders of rec. Mar. 10
Calamba Sugar Estates, corn. (quay.)...
40e Apr 2 Holders of roe. May. 15
7% preferred (quar.)
350 Apr. 2 Holders or rec. Mar. 15
Cambria Iron (s-a)
51 Apr, 2 Ho.ders of rec. Mar. 15

Financial Chronicle

1874
Name of Conspan11-

When
Per
Sham Payable.

Books Cloud.
Days Inclusive.

Miscellaneous (Continued).
Canada Iron Foundries,6% pref.(s-a)- - 5134 Apr. 30 Holders of rec. Apr. 15
Canada Permanent Mtge.(quar.)
$2 Apr. 3 Holders of rm. Mar. 15
Canadian Canners. cony. 2d pref
r734o Apr. 2 Holders of rec. Mar. 15
1st preferred (guar.)
r$134 Apr. 2 Holders of roc. Mar. 15
Canadian Celanese Ltd., 7% pref
h75e Mar. 31 Holders of rec. Mar. 16
$114 Mar. 31 Holders of rec. Mar. 16
7% preferred (quar.)
Canadian Cottons, Ltd., corn. (quar.)_
$1 Apr. 4 Holders of rec. Mar. 16
5134 Apr. 4 Holders of rec. Mar. 16
Preferred(guar.)
Canadian Foreign Investment Corp.—
Common (guar.)
250 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
$2 Apr. 1 Holders of rec. Mar. 15
Canadian General El.Co.corn.(quar.)
r75e Apr. 2 Holders of rec. Mar. 15
r8734c Apr. 2 Holders of rec. Mar. 15
Preferred (guar.)
Canadian Oil, pref.(guar.)
$2 Apr. 1 Holders of me. Mar.20
Canadian Westinghouse(guar.)
50e Apr. 2 Holders of rec. Mar. 20
Canadian WU ebound Boxes, A
3734e Apr. 1 Holders of rec. Mar. 15
Canfield Oil Co.. preferred (guar.)
$134 Mar.31 Holders of rec. Mar.20
Cannon Mills Co. (quar.)
50e Apr. 2 Holders of rec. Mar. 17
75c Apr. 1 Holders of tee. Mar. 19
Capital Administration of Amer.(quara_
h75c Apr. 1 Holders of rec. Mar. 19
Quarterly
$114 Apr. 2
Carnation Co.. pref.(guar.)
5134 July 2
Preferred (guar
Preferred (guar.)
8134 Oct. 1
Preferred (guar.)
$134 Jan. 2
Case (J. I.), 7% pref.(guar.)
51 Apr. 1 Holders or rec. Mar. 12
Celanese Corp. of Amer..7% pref.(qu.). $1% Apr. 1 Holders of rec. Mar. 16
Central Aguirre Assoc
37540 Apr. 2 Holders of rec. Mar. 19
Centrifugal Pipe Corp. (quar.)
100 May 15 Holders of rec. May 5
Quarterly
100 Aug. 15 Holders of rec. Aug. 5
Quarterly
10c Nov.15 Holders of reo. Nov. 5
Champion Coated Paper Co.1st preferred (guar.)
alai Apr. 2 Holders of rec. Mar. 20
5134 Apr. 2 Holders of rec. Mar.20
Special preferred (guar.)
Champion Fiber, 7% pref. (quar.)
5134 Apr. 2 Holders of rec. Mar. 20
Chase Brass it Copper,6% pr. A (quar.)_
X Mar. 31 Holders of rec. Mar. 20
Chesapeake Corp.. corn. (quar.)
620 Apr. 2 Holders of rec. Mar. 8
Chesebrough Mfg.(guar-)
El Mar. 30 Holders of rm. Mar. 10
Extra
50o Mar,30 Holders of rec. Mar. 10
Chicago Daily News. $7 pref.(guar.)
$13j Apr. 2 Holders of rec. Mar. 20
Chicago Flexible Shaft Co.. corn. (gu.)250 Mar. 30 Holders of roe. Mar. 20
Chicago Junction dr Union Stockyards5134 Apr. 2 Holders of reo. Mar. 15
6% preferred (guar.)
Quarterly
8234 Apr. 2 Holders of rm. Mar. 15
Christiana Securities.7% prof.(quar.)- - $131 Apr. 2 Holders of me. Mar. 20
25c Mar.31 Holders of rec. Mar. 1
Chrysler Corp.. common (guar.)
Cincinnati Wholesale Grocery1% preferred (guar.)
$114 Apr. 2 Holders of rec. Mar. 15
500 Mar.31 Holders of reo. Mar. 15
City Ice & Fuel Co.. corn.(guar.)
25e Apr. 2 Holders of rec. Mar. 27
Cleveland Union Stockyards(quar.)...500 Apr. 1 Holders of me. Mar. 20
Clorox Chemical(guar.)
Coca-Cola Co., common (guar.)
$114 Apr. 2 Holders of ree. Mar. 12
$3 Apr. 2 Holders of rec. Mar. 15
Coca-Cola Internat. Corp., corn. (guar.)
400 Apr. 1 Holders of rec. Mar. 15
Cohen(Dan.)
Colgate-Palmolive-Peet Co., pref. (au) $134 Apr. 1 Holders of rec. Mar. 10
254) Mar. 31 Holders of ree. Mar. 10
Colt Patent Fire Arms Mfg.(guar.)
250 Mar. 31 Holders of reo. Mar. 10
Commercial Credit Co., corn. (quar.)--$14 Mar. 31 Holders of reo. Mar. 10
8X% preferred (guar.)
7% preferred (guar.)
43340 Mar. 31 Holders of rec. Mar. 10
8% preferred (guar.)
50o Mar. 31 Holders of rec. Mar. 10
75o Mar. 31 Holders of me. Mar. 10
53 class A cony. pref. (guar.)
Commercial Investors Trust Corp.—
50c Apr. 1 Holders of rec. mar. 5a
Common (guar.)
Preference stock (guar.)
05134 Apr. 1 Holders of rec. Mar. 60
Commercial National Corp
El Mar. 31 Holders of rec. Mar. 25
Confederation Life Assoc. (guar.)
SI June 30 Holders of rec. June 25
Quarterly
Quarterly
81 Sept. 30 Holders of roe. Sept. 25
$1 Dec. 31 Holders of reo. Dec. 25
Quarterly
260 Mar.30 Holders of rec. Mar. 17
Congress Cigar Co.(guar.)
300 May 1 Holders of ree. Apr. 20
Consolidated Amusement(guar.)
Consolidated Film Indus., pref. (quar.)500 Apr. 2 Holders of roe. Mar. 9
50e Apr. 16 Holders of rec. Apr. 2
Consol.Invest. Trust (initial)(semi-an.)
25e Apr. 16 Holders of rec. Apr. 2
Special
Consolidated Oil Corp.,corn.(initial)._
280 Apr. 7 Holders of rec. Mar. 10
Consolidated Paper, 7% prof.(ouar.)--- 17 X c Apr. 1 Holders of rec. Mar.21
14 Apr. 2 Holders of rec. Mar. 15
Continental Gin, 6% pref. (quar.)
Coon(W. B.)7%pret.(guar.)
5114 May 1 Holders of rec. Apr. 14
Cottrell(C.B.)& Sons, pref. (quar.)-___
$114 Apr. 2 Holders of ,.eo. Mar. 31
Courier Post. pref.(guar.)
8134 Apr. 1 holders of rec. Mar. 15
Courtaulds Ltd., corn. final
w434% Mar.22 Holders of rec. Feb. 20
25c Mar. 24 Holders of rec. Mar. 14
Crowell Publishing
Crown Cork International Corp.. el. A__ h 500 Mar.20 Holders of rec. Mar. 5a
51 Apr. 1 Holders of rec. Mar. 13
Crown Willamette Paper,$7 pref.(qua Crum dr Forster (guar.)
1234e Apr. 14 Holders of rec. Apr. 5
$2 Mar. 31 Holders of reo. Mar. 21
8% preferred (guar.)
52 June 30 Holders of rec. June 20
8% preferred (guar.)
h750 Apr. 2 Holders of rec. Mar. 20
Curtis Publishing Co..$7 Prof
250 Mar. 30 Holders of rec. Mar. 16
Danahy-Faxon Stores (guar.)
75e Apr. 1 Holders of roe. Mar. 20
De Long Hook & Eye Co.(guar.)
50o Apr. 1
Denver Union Stockyard.(guar.)
Quarterly
50o July 1
500 Oct. 1
Quarterly
500 Jan. 1
Quarterly
5114 June 1 Holders of rec. May 20
7% preferred (guar.)
7% preferred (guar-)
$114 Sept. 1 Holders of reo. Aug. 20
SIX Dec. 1 Holders of reo. Nov. 20
7% preferred (guar-)
% May 1 Holders of rec. Mar. 15
Deposited Insurance Shares A (s -a.)_ _
Devoe & Reynolds Co.—
25e Apr. 2 Holders of rec. Mar. 21
Common A dr B Mar./
250 Apr. 2 Holders of roe. Mar. 21
Common A & B extra
$114 Apr. 2 Holders of reo. Mar 21
7% first and second pref.(guar.)
150 June 1 Holders of me. May 15
Doctor Pepper Co..(quara
150 Sept. 1 Holders of rec. Aug. 15
Quarterly
15e Dec. 1 Holders of rec. Nov. 15
Quarterly
250 Apr. 20 Holders of rec. Mar. 31
Dome Mines (quar.)
250 Apr. 20 Holders of rec. Mar. 31
Extra
Dominion Bridge Co.. Ltd.. corn. (qui)- r500. May 15 Holders of reo. Apr. 30
Dominion Glass Co. common (quar.)...- 5114 Apr. 3 Holders of rec. Mar. 15
g 1 X Apr. 3 Holders of rec. Mar. 15
Preferred (guar.)
300 Apr. 2 Holders of roe. Mar. 15
Dominion Stores. Ltd., corn.(quar.).___
r$1 Apr. 2 Holders of rec. Mar. 15
Dominion Textile Co.. corn. (guar.) _ _
r$lfj Apr. 16 Holders of me. Mar. 31
Preferred (guar-)
60e Apr. 2 Holders of rec. Mar. 3
Draper Corp
Driver Harris Co.. corn.(guar.)
25c Apr. 2 Holders of rec. Mar. 22
$114 Apr. 2 Holders of rec. Mar. 22
Preferred
Dutch Ford,interim
8%
Duplan Silk Corp., pref. (guar.)
$2 Apr. 2
E. I. du Pont de Nemours dr Co.—
51X Apr. 25 Holders of rec. Apr. 10
Debenture stock (guar.)
Early & Daniel Co.. corn. (guar.)
250 Mar.31 Holders of rec. Mar.20
$1 14 Mar.31 Holden; of rec. Mar.20
Preferred (guar.)
Eaatern Gas & Fuel 4X % pref.(guar.)- - 81.1214 Apr. 1 Holders of rec. Mar. 15
$1 14 Apr. 1 Holders of rec. Mar. 15
6% preferred (guar.)
Eastern Steamship Lines, pref.(guar.)__ 8734e Apr. 2 Holders of rec. Mar. 16
$134 Apr. 2 Holders of rec. Mar. 16
First preferred (guar.)
Eastern Steel Prods., 7% pref. (quara -- 5114 Apr. 3 Holders of rec. Mar. 15
Eastman Kodak Co., corn. (quar.)
750 Apr. 2 Holders of ree. Mar. 5
Preferred (guar-)
$114 Apr. 2 Holders of rec. Mar. 5
Ecuadoria Corp., Ltd., corn
1% Apr. 1 Holders of rec. Mar. 10
Electric-Auto-Lite Co.. pref. (quar.)_ _ _ _
8134 Apr. 2 Holders of rec. Mar. 15
Elec. Controller & Mfg.(guar.)
25o Apr. 2 Holders of rec. Mar. 20
Electric Storage Battery, corn. (quar.)
5500 Apr. 2 Holders of rec. Mar. 10
250c Apr. 2 Holders of reo. Mar. 10
Preferred (guar-)
Electrical Securities. prof. (guar.)
$114 Mar.31 Holders of rec. Mar. 15
Emerson's Bromo-Seltzer, pref.(guar.)._
50c Aprl 2 Holders of rec. Mar. 15
Pippens. Smith (s.-a.)
$2 Aug. 1 Holders of reo. July 25
Equitable Office Bldg. Corp. corn.(au.).
25c Apr. 2 Holders of rec. Mar. 15
Eureka Vacuum Cleaner (guar.)
1234e Apr. I Holders of rec. Mar. 15
Falconbridge Nickel Mines
Sc Mar. 30 Holders of rec. Mar. 15
Fanny Farmers Candy Shops(quar.)..._ _
250 Apr. 2 Holders of rec. Mar. 15
Extra
250 Apr. 2 Holders of rec. Mar. 15




Name of Company.

Mar. 17 1934
When
Per
Share. Payable.

Books Closed
Days Inclusive.

Miscellaneous (Continued).
Farmers & Traders Life Ins. Co.(Syracuse, N. Y I (quar.r...
5234 Apr. 1 Holders of reo. Mar. 11
Faultless Rubber Co.(guar.)
50c Apr. 2 Holders of rec. Mar. 15
Federated Department Stores (guar.)_ _ 150 Apr. 2 Holders of rec. Mar.21
Extra
100 Apr. 2 Holders of rec. Mar.21
Ferro Enamel Corp., mm.(guar.)
10c Mar. 20 Holders of rec. Mar. 10
Extra
5c Mar,20 Holders of rec. Mar. 10
Flat Company
5%
Filth Avenue Bus Securities (quar.)._
160 Mar.29 Holders of rec. Mar. 15
Filene's(Wm.)Sons Co., common(au).
20c Mar.31 Holders of rec. Mar.20
Extra
be Mar.31 Holders of rec. Mar. 20
Preferred (guar.)
514 Apr. 2 Holders of rec. Mar. 20
Finance Co. of America (Baltimore)—
Common A and B (guar.)
10e Apr, 16 Holders of rec. Apr. 5
7% preferred (guar.)
134% Apr. 16 Holders of rec. Apr. 5
7% preferred class A (guar.)
131% Apr. 16 Holders of rec. Apr. 5
Finance Co. of Penna. (guar.)
8234 Apr, 2 Holders of rec. Mar. 17
First Bank Stock (s.-a.)
10c Apr, 2 Holders of rec. Mar. 15
First National Stores common (quar.).. 62X c Apr. 2 Holders of rec. Mar. 10
7% 1st preferred %quar.)
5134 Apr, 2 Holders of rec. Mar. 10
Fishman (M. H.) Co., Inc., corn. speo_ _
500 Mar.20 Holders of rec. Mar. 1
Fisk Rubber, pref.(initial)
MX Apr. 2 Holders of rec. Mar. 12
Freeport Texas, 6% preferred (guar.)-- 8134 May 1 Holders of reo. Apr. 13
87X o Apr. 1 Holders of rec. Mar. 20
Fruehauf Trailer, pref. (quar.)
Gailand Mercantile Laundry (quar.)---- 8714e Apr. I Holders of ree. Mar. 15
10c Apr. 2 Holders of rec. Mar. 15
Garlock Packing Co., corn. (quar.)
15e Apr, 2 Holders of rec. Mar. 15
Extra
1134 Apr. 2 Holders of rec. Mar. 20
General Amer. Investors, pref.(guar.) _
General Cigar Co., Inc.. pref (quar.)--- 5134 June I Holders of reo. May 23
$134 Sept. 1 Holders of rec. Aug. 23
Preferred (guar.)
$134 Doe. 1 Holders of rm. Nov. 22
Preferred (guar.)
15e. Apr. 25 Holders of rec. Mar. 16
General Electric Co., corn
150. Apr. 25 Holders of rec. Mar. 16
Special preferred (guar.)
General Mills, 8% pref.(guar.)
$134 Apr. 2 Holders of rec. Mar. 14a
General Motors Corp., $5 pref.(guar.)
$134 May 1 Holders of rec. Apr. 9
15c Apr. 2 Holders of rec. Mar. 19
General Printing Ink Corp., corn.(guar.)
$1 34 Apr, 2 Holders of rec. Mar. 19
Preferred (guar.)
25e. Apr. 2 Holders of rec. Mar. 9
General sty. Signal Co., corn.(guar.).
5134 Apr. 2 Holders of rec. Mar. 9
Preferred (guar.)
General Shoe, A,initial (guar.)
100 Apr. 15 Holders of rec. Apr. 15
Gillette Safety Razor Co.common (qu.).
25e Mar.30 Holders of rec. Mar. 12
$134 May 1 Holders of rec. Apr. 2
Preferred (guar.)
Glidden Co.(guar.)
250 Apr. 2 Holders of rec. Mar. 14
Preferred (guar.)
5134 Apr, 2 Holders of rec. Mar. 14
Godman (II. C.), 1st pref.(guar.)
$134 June 1
Goldblatt Bros., Inc.. new corn. (qu.)__
25a Apr. 2 Holders of rec. Mar. 10
Gold Dust Corp.. $6 pref. (guar.)
$134 Mar.31 Holders of roe. Mar. 17
Goodyear Tire & Ruboer,$7 cum pf.(gu)
$1 Apr, 1 Holders of rec. Mar. 1
Goodyear Tire & Rubber of Can.(guar.)
X Apr. 2 Holders of rec. Mar. 15
Preferred(quar.)
r$134 Apr. 2 Holders of rec. Mar. 15
Gottfried Baking Co., Inc., pref. (qu.)_ _ 134% Apr. 2 Holders of reo. Mar. 20
Preferred (quar.)
134% July 2 Holders of rec. June 20
1 X % Oct. I Holders of reo. Sept 20
Preferred (guar.)
134% Jan. 2 Holders of rec. Dec.20
Preferred (guar.)
250 Mar. 30 Holders of rec. Mar. 20
Granite City Steel (quar.)
25ai Apr. 2 Holders of rec. Mar. 14
Grant(W. T.) Co.. corn. (guar.)
Great Lakes Engineering Works—
$2 Mar. 23 Holders of rec. Mar. 8
Capital distribution
Great West Electro Chemical, pt.(qua
$134 Apr. 1 Holders of rec. Mar. 21
80c. Apr. 2 Holders of rec. Mar. 15
Great Western Sugar, corn. (quar.)
5134 Apr. 2 Holders or rec. Mar. lt.
Preferred (guar.)
Green (Dan.).6% pref. (guar.)
$I X Apr. 2 Holders of rec. Mar. 15
Group No. I 011 Corp. (guar-)
$100 Mar. 31 Holders of rec. Mar. 10
Curd (Chas.). 7% pref. (quar.)
5131 Apr. 1 Holders of rec. Mar. 15
Hale Bros. Stores, Inc. (guar.)
15o June 1 [folders of rec. May 15
Quarterly
150 Sept. 1 Holders of reo. Aug. 15
Quarterly
150 Dec. 1 Holders of reo. Nov. 15
Retold Co.(guar.)
25c Mar. 31 Holders of rec. Mar. 15
Extra
2250 Mar. 31 Holders of rec. Mar. 15
Preferred (guar.)
5134 Mar. 31 Holders of rec. Mar. 15
Hamilton United Theatres, pref. (guar.) 5134 Mar. 31 Holders of rec. Feb. 28
Hammermill Paper, 8% pref. (guar.). —
5134 Apr. 2 Holders of rec. Mar. 15
Hanna(M. A.) Co.,$7 prof.(quar.).._
$134 Mar.20 Holders of rec. Mar. 5
5145 Apr. 1 Holders of reo. Mar. 21
Harbauer,7% prof.(quar.)
$IX Aug. 1 Holders of reo. July 21
7% Preferred (guar.)
5134 Oct. 1 Holders of rec. Sept. 21
7% Preferred (guar.)
7% preferred (guar-)
5134 Jan 1'35 Holders of rec. Dec. 21
HarLison-Walker Refractories—
14% Apr. 20 Holders of rec. Apr. 10
Preferred (guar.)
5134 June I Holders of rec. May 15
Hardesty (R.) Mfg., 7% prof. (quar.)__
$114 Sept. 1 Holders of rec. Aug. 15
7% preferred (guar.)
5114 Dec. I Holders of rec. Nov. 15
7% preferred (guar.)
800 Apr. 15 Holders of roe. Apr. 5
Hawaiian Sugar Co.(mo.)
600 Apr. 15 Holders of rm. Apr. 5
Quartesly
$114 Apr. 2 Holders of rec. Mar. 17
Hazel-Atlas Glass Co
$134 Mar. 31 Holders of rec. Mar. 29
Heath (D. C.) Co. pref. (guar.)
Helme(Geo. W.)common (guar.)
$114 Apr. 2 Holders of rec. Mar. 10
8134 Apr. 2 liolders of rec. Mar. 10
Preferred (guar.)
50e Mar. 24 Holders of rec. Mar. 13
Hercules Powder Co.common (quar.)..
Heyden Chemical Corp.. prof. (qua?.).. 5134 Apr. 2 Holders of reo. Mar. 20
100 Mar.30 Holders of reo. Jan. 23
Hibbard. Spencer, Bartlett & Co. (no.)
Ribbon (J. H.)Dry Goods.6it% Pf.(qu) 514 Apr. 10 Holders of rm. Apr. 5
IIickok Oil,7% pref.(guar.)
$134 Apr. 2 Holders of rec. Mar. 24
$1.05 Apr. 2 Holders of rec. Mar. 15
Holaphone Co., Inc., pref. (s.-a.)
r5e Mar. 26 Holders of rm. Mar. 9
Hollinger Consol. Gold mines (monthly)
r15c Mar 26 Holders of rec. Mar. 9
Extra
$1 Mar. 26 Holders of roe. Mar. 20
Homestake Mining Co.(monthly)
Extra
$1 Mar. 26 Holders of rec. Mar. 20
Horn & Harden Baking (guar.)
$114 Apr. 1 Holders of rec. Mar.21
250 Mar. 26 Holders of roe. Mar. 10
Hoskins Mfg. Co.(guar.)
Household Finance Corp.—
750 Apr. 14 Holders of rec. Mar. 31
Common A & B (guar.)
$1.05 Apr. 14 Holders of rec. Mar. 31
Preferred (guar.)
250 Apr. 1 Holders of reo. Mar. 2
Humble Oil & Refining, new (guar.)--2% Apr. 1 Holders of rec. Mar. 31
Humbolt Malt & Brew, A
Huron & Lake Erie Mtge. Corp.(quara - 5134 Apr. 3 Holders of rec. Mar. 15
51 Apr. 2 Holders of rec. Mar. 17
Huyiers of Del.,7%pf. std.& unstd.(qu.)
50e Apr. 2 Holders or rec. Mar. 10
Hygrade Sylvania Corp. common
514 Apr. 2 Holders of rec. Mar. 10
8614 preferred (guar.)
30 Mar. 20
Idaho Maryland Consol. Gold Mining_
Ideal Financing Assoc.. $8 pref.(au.)- - $2 Apr.
Holders of rec. Mar. 15
50c. Apr.
Holders of rec. Mar. 15
$2 convertible preferred (guar.)
12 X 0. Apr.
Holders of rec. Mar. 15
Series A (guar.)
Imperial Tobacco of Can.ord.(qua?.)... r134% Mar.3 Holders of rec. Mar. 7
r3 % Mar.3 Holders of rec. Mar. 7
Ordinary (final)
Mar.3 Holders of rec. Mar. 7
r3%
Preferred (s.-a.)
$114 Apr. 2 Holders of rec. Mar. 9
Indiana General Service 8% pref.(qu.)_
15e May 11 Holders of rec. Apr. 27
Indiana Pipe Line
Industrial Cotton Mills, pref. (quar.)_.. $134 May 1
5134 Aug. 1
Preferred (guar.)
$134 Apr. 1 Holders of rec. Mar. 15
Industrial Rayon Corp.(guar.)
5o Apr. 20 Holders of rec. Mar. 12
InsuranceShares Certificates
300 Mar. 30 Holde.s of rec. Mar. 23
Inter-Island Steam & Navigation (guar.)
250 Apr. 1 Holders of rec. Mar. 20
Inter lake Steamship (quar.)
$134 Apr. 10 Holders of rec. Mar. 22a
Internet') Business Mach. Corp
50 Apr. 1 Holders of rec. Mar. 16
International Carriers, Ltd
150 Apr, 16 Holders of roe. afar. 20
International Harvester (quer-)
100 Mar. 31 Holden of rec. Mar. 1
International Nickel
100 afar. 31 Holders of rec. Mar. 1
International Nickel of Canada
ai May 1 Holders of rec. Apr. 3
Preferred (guar.)
37340 Apr. 2 Ilolders of rec. Mar. 150
International Salt Co.
500 Apr. 1 Holders of rec. Mar. 15
International Shoe Co. common (quar.).
1% Apr. 1 Holders of rec. Mar. 14
International Silver Co. pref. (quar.)_.
50c Apr. 1 Holders of rec. Mar. 15
International Steel (guar.)
$1 Mar.31 Holders of rec. Mar. 15
Inter-Ocean Re-Insurance (s.-a.)
50o May 15 Holders of reo. May 1
Interstate Hosiery Mills (guar.,
500 Aug. 15 Holders of reo. Aug. 1
Quarterly
150o Nov. 15 Holders of rec. Nov. 1
Quarterly
200 June 1 Holders of reo. May 10
Iron Fireman Mtg. Co.. corn.(guar.)-200 Sept. 1 Holders of reo. Aug. 10
Common (guar.)
200 Dec. 1 Holders of reo. Nov. 10
Common (guar.)

Name of Company.

1875

Financial Chronicle

Volume 138
Per
When
Share. Payable.

Books Closed
Days Inclusive.

Name of Company.

When
Per
Share. Payable.

Books Closed
Days Inclusive.

Miscellaneous (Continued).
Miscellaneous (Continued).
5134 Apr. 2 Holders of rec. Mar. 16
Ontario Loan dz Debenture(guar.)
Johns-Manville Corp. pref.(guar.)
$134 Apr. 3 Holders of rec. Mar. 15
$134 Apr. 2 Holders of rec. Mar. 15
O'Sullivan Rubber
10c June 30 Holders of rec. May 31
Katz Drug Co.. pref. (guar.)
of
rec.
Mar.
10
Apr.
2
Holders
5e Apr. 2 Holders of rec. Mar. 15
pref.
(quar.)____
5134
Pacific
Finance
Dept.
Stores.
Corp.
of
Calif
Kaufman
.,com.(gu.)
75e Apr. 2 Holders of ree. Mar. 20
5134 June 1 Holders of rec. May 10a
Page-Hersey Tubes common (guar.).Kendall Co., partic. p1. ser. A (guar.)
92c June 1 Holders of rec. May 10a
Partic. preferred series A (partic. div.)
Preferred (guar.)
$134 Apr. 2 Holders of ree. Mar. 20
500 Mar.27 Holders of rec. Mar. 17
Kimberly-Clark Corp.. 6% pref. (guar.) UM Apr. 2 Holders of rec. Mar. 12
Paraffine Cos. (guar.)
52 Mar. 31 Holders of rec. Mar. 15
Parke Davis & Co.(guar.)
25e Mar. 31 Holders of rec. Mar.20
King Royalty,8% pref. (guar.)
25c Apr. 1 Holders of rec. Mar.20
Penman's Ltd. (guar.)
75c May I Holders of rec. Apr. 21
Klein(D.Emil) Co.. corn.(guar.)
500 Mar.31 Holders of rec. Mar.24
6% preferred (guar.)
Koloa Sugar, (monthly)
$134 May 15 Holders of rec May 5
Koppers Gas dr Coke 6% pref. (guar.)._ $134 Apr. 2 Holders of rec. Mar. 12
Penney (J. C.) Co., Common (quar.)---30e Mar. 31 Holders of rec. Mar. 20
20e Mar.31 Holders of rec. Mar. 10
Kresge (S. S.) Co., common
Preferred (guar.)
5134 Mar,31 Holders of rec. Mar. 20
$IN Mar. 31 Holders of rec. Mar. 10
Preferred (guar.)
Penna. Glass Sand Corp.,7% pref
8814 Apr. 1 Holders of rec. Mar. 15
$IN June 15 Holders of rec. June 5
Landis Machine, pref. (guar.)
Perfect Circle (guar.)
500 Apr. 1 Holders of rec. Mar. 20
Preferred (guar.)
$134 Sept. 15 Holders of rec. Sept. 5
Perfection Stove Co.(guar.)
30c Mar. 30 Holders of rec. Mar. 20
51 34 Dec. 15 Holders of rec. Dec. 5
Preferred (guar.)
Pet Milk Co. common (guar.)
25e Mar. 31 Holders of rec. Mar. 12
be Mar. 31 Holders of rec. Mar. 20
Lazarus (F. & R.) & Co. corn. (guar.)._
7% preferred (guar.)
$1.4 Mar. 31 Holders of ree. Mar. 12
Sc Mar. 31 Holders of rec. Mar. 20
Extra
Phoenix Finance, prof. (guar.)
500 Apr. 10 Holders of reo. Apr. 1
Lehigh Portland Cement Co., pret.(gu.) 8734c Apr. 2 Holders of rec. Mar. 14
Preferred (guar.)
50o July 10 Holders of rec. July 1
Lehman Corp. (guar.)
60c Apr. 5 Holders of rec. Mar. 23
Preferred (guar.)
50e Oct. 10 Holders of rec. Oct. 1
Liggett & Myers Tobacco. pref. (guar.). 5134 Apr. 2 Holders of rec. Mar. 12
Preferred (guar.)
50e Jan. 10 Holders of ree. 1 1 '35
30c May 1 Holders of rec. Apr. 26
Lincoln Nat. Life Ins.(Ft. Wayne)(nu.)
Pie Bakeries, Inc.. 1st pref. (quar.)_
$14 Apr. 2 Holders of rec. Mar. it.
30e Aug. 1 Holders of rec. July 26
Quarterly
Second preferred (guar.)
75e Apr. 2 Holders of rec. Mar.15
300 Nov. 1 Holders of rec. Oct. 26
Quarterly
Second preferred
h$4S4 Apr. 2 Holders of rec. Mar. 15
5134 Apr. 2 Holders of rec. Mar.20
Linder Air Prod., pref.(guar.)
Pilgrim Mills (guar.)
$1. Mar. 31 Holders of rec. Mar. 20
Link Belt Co., preferred (guar.)
$134 Apr. 2 Holders of rec. Mar. 15
Pioneer Gold Mines of 13rit. Col. (guar.) r15c Apr. 2 Holders of rec. Mar. 3
34c. Mar. 31 Holders of roe. Mar. 31
Lock Joint Pipe (monthly)
Pirelli Co. of Italy (annual)
10%
8% preferred (guar.)
52 Apr. 1 Holders of rec. Apr. 1
Bonus
5%
25c Mar. 31 Holders of rec. Mar. 15
Loew's, Inc., corn.(guar.)
Pittsburgh Plate Glass (guar.)
25c Apr. •2 Holders of rec. Mar. 10
Loose-Wiles Biscuit, preferred (guar.).- $14 Apr. 1 Holders of ree. Mar. 19
Extra
10c Apr. 2 Holders of rec. Mar. 10
300. Apr. 2 Holders of rec. Mar.15
Lorillard (P.) Co., corn.(guar.)
250 Mar. 31 Holders of rec. Mar. 10
Plymouth 011 (guar.)
Preferred (guar.)
$l% Apr. 2 Holders of rec. Mar. 15
Ponce Electric. 7% prof. (guar.)
$134 Apr. 2 Holders of rec. Mar. 15
Lord & Taylor Co., corn. (guar.)
8254 Apr. 2 Holders of rec. Mar. 17
$134 Apr. 2 Holders of rec. Mar. 20
Powdrell & Alexander. Inc., pref.(qU.)
Loudon Packing Co.(guar.)
3734e Apr. 2 Holders of rec. Mar. 15
Powell River,7% Prof
$14 June 1
12 N c Apr. 2 Holders of rec. Mar. 15
Extra
7% preferred
t.
$IN S
Eepe.
Lunkenheimer6N% Pref.(guar.)
$15$ Apr. 1 Holders of rec. Mar. 22
7% preferred
$14
% preferred (War.)
$134 July 1 Holders of roe. June 22
25e Apr. 2 Holders of rec. Mar. 15
Pratt & Lambert, Inc.. corn.(guar.)- -% preferred (guar.)
$154 Oct. 1 Holders of roe. Sept.21
r3c Apr. 16 Holders of rec. Mar. 16
Premier Gold Mining Co.(guar.)
5134 Jan. 2 Holders of reo. Dec. 22
634 preferred (guar.)
Prudential Investors,6% pref.(guar.) _ _ $134 Apr. 16 Holders of rec. Mar. 31
25c Mar. 31 Holders of rec. Mar. 16
Mack Trucks, Inc., common (guar.)_
54 Apr. 1 Holders of rec. Dee. 31
Puritan Ice, 8% pref. (s.-a.)
Magnin (1.) & Co., preferred (quar.)._. UN May 15 Holders of rec. May 5
$I Apr. 16 Holders of rec. Apr. 2
Quaker Oats Co., corn. (guar.)
Preferred (guar.)
$114 Aug. 15 Holders of ree. Aug. 5
SI Apr. 16 Holders of rec. Apr. 2
Extra
$114 Nov. 15 Holders of rec. Nov. 5
Preferred (guar.)
514 May 31 Holders of rec. may 1
6% preferred (guar.)
Manhattan Shirt Co., corn. (quar.)____
15c June 1 Holders of rec. May 15
1% Mar.31
Railroad Credit Corp., panic. carriers_ _
Manischewitz (13.) Co., pref. (guar.)_ _ _
$14 Apr. 2 Holders of rec. Mar. 20
lbc May 1 Holders of rec. Apr. 20
Reliance Mtg. Co. of Ill., corn.(guar.)._
Mapes Congo'. Mfg.(guar.)
750 Apr. 2 Holders of rec. Mar. 15
$134 Apr. 1 Holders of rec. Mar. 21
Preferred (guar.)
Quarterly
7.50 July 2 Holders of rec. June 15
250 Apr. 5 Holders or roe. Apr. 2
Republic Supply Co. (guar.)
Marine Midland Corp.(guar.)
10c Apr. 2 Holders of rec. Mar. 16
25e July 5 Holders of recs. July 2
Quarterly
Mathieson Alkali Works, corn.(guar.).- 37 N c Apr. 2 Holders of rec. Mar. 8
25e Oct. 5 Holders of rec. Oct. 2
Quarterly
Preferred (guar.)
750 Apr. 2 Holders of rec. Mar. 17
5134 Apr. 2 Holders of rec. Mar. 8
Reynolds(R. J.) Tob. Co.. A & B (qu.)Maul Agricultural (guar.)
150 Apr. 2 Holders of rec. Mar.25
$134 Mar.30
Rich's, Inc.. 6 S4% preferred (guar.) -McKeesport Tin Plate (quar.)__
$1 Apr. 2 Holders of rec. Mar. 15
825e
Apr. 2 Holders of rec. Mar. 15
Silk
Mills,
pref.
A.
Riverside
Mead, Johnson (guar.)
75c. Apr. 2 Holders of rec. Mar. 15
30e Apr. 1 Holders of rec. Mar. 20
Ross Gear & Tool Co., corn. (quar.)__ _
Extra
25c. Apr. 2 Holders of rec. Mar. 15
25c Apr. 2 Holders of rec. Mar. 8
Royal Baking Powder (guar.)
Mercantile Amer. Realty 6% pref.(qu.).
Apr. 2 Holders of rec. Mar. 8
$134 Apr. 15 Holders of rec. Apr. 15
6% preferred (guar.)
Merch. & Miners Transp. (guar.)
40c Mar. 31 Holders of rec. Mar. 12
750 Apr. 2 Holders of rec. Mar. 13
Safeway Stores, Inc., corn. (guar.)
Merck Corp.. pref
52 Apr. 2 Holders of rec. Mar. 17
514 Apr. 2 Holders of rec. Mar. 13
7% preferred (guar.)
Mesta Machine Co. common (quar,)....._
250 Apr. 2 Holders of rec. Mar. 16
51 34 Apr. 2 Holders of rec. Mar. 13
6% preferred (guar.)
Preferred (guar.)
$134 Apr. 2 Holders of rec. Mar. 16
3734e Mar.31 Holders of rec. Mar.17
Scott Paper Co., corn. (guar.)
Metropolitan Coal,7% pref.(guar.) - - 814 Mar. 31 Holders of rec. Mar. 24
58 Mar. 31 Holders of rec. Feb. 28
Scottish Type Investors A & B (quar.)Meyer-131anke,7% pref
h$14 Apr. 2 Holders of rec. Mar.20
25e Apr. 2 Holders of rec. Mar. 15
Scovill Mfg.(quar.)
25e. Mar.31 Holders of rec. Mar.15
Meyers(F. E.) dr Bros
500 Apr. 2 Holders of rec. Mar. 15
Second Internat. Seam. lot pref. (guar.)
5134 Mar.31 Holders of rec. Mar. 15
6% preferred (guar.)
Selected Industries, mo.—
Minn.-Honeywell Regulator. pt.(guar.)_ $134 Apr. 2 !folders of rec. Mar.20
5131 Apr. 1 Holders of rec. Mar. 17
$534 dividend prior stock (guar.)
Mitchell(J. S.)& Co., 7% prof.(quar.). 514 Apr. 3 Holders of rec. Mar.16
6e Apr. 10 Holders of rec. Mar. 19
Shattuck (Frank G.). (guar.)
Mock Judson & Voehringer 7% pr. (qu.) 51/4 Apr. 2 Holders of rec. Mar. 15
Sioux City Stockyards Co., pref (gu.)-- 5134 May 15 Holders of rec. May 14
881 Apr. 2 Holders of rec. Mar. 15
Monarch Knitting 7% preferred
$134 Aug. 15 Holders 01 rec. Aug. 14
Preferred (guar.)
500 Mar, 20 Holders of rec. Mar. 10
Monroe Chemical, corn.(guar.)
5134 Nov. 15 Holders of rec. Nov. 14
Preferred (quar.)
87340 Apr. 2 Holders of rec. Mar. 15
X334 preferred (guar.)
3734c Feb. 15 Holders of rec. Feb. 14
d Common (guar.)
Montgomery Ward & Co. class A
118134 Apr. 2 Holders of rec. Mar. 17
3e Mar. 31 Holders of rec. Mar. 8
SLscoe Gold Mines(guar.)
Moore Corp., 7% class A & B prof.(au) iu134 Apr. 2 Holders of rec. Mar. 15
2c Mar, 31 Holders of rec. Mar. 8
Extra
5134 Apr. 1 Holders of ree. Apr. 1
Moore Dry Goods Co.(quar.)
El May 1
Smith (S Morgan) Co.(guar.)
Quarterly
$134 July 1 Holders of rec. July 1
El Aug. 1
Quarterly
Quarterly
$11.4 Oct. 1 Holders of rec. Oct. 1
$1 Nov. 1
Quarterly
Quarterly
5134 Jan. 1 Holders of rec. Jan. 1
30e Mar.31 Holders of rec. Mar. 15
South Penn 011 Co
Morris (Philip) Consol. class A (quar.). _
% Apr. 2 Holders o rec. Mar. 19
60c Apr. 2 Holders of rec. Mar. 10
South Porto Rico Sugar Co.,com.(qu.).
Morris 5& 10e. Stores, 7% p1.(quar,)__. $134 Apr. 2 Holders or I'm Mar. 20
2% Apr. 2 Holders of rec. Mar. 10
Preferred (guar.)
7% preferred (guar.)
514 July 1 Holders of rec. June 20
SI Apr. 2 Holders of rec. Mar. 150
South West Penna. Pipe Lines
7% preferred (guar.)
Oct. 1 Holders of rec. Sept.20
250 Mar. 31 Holders of rec. Mar. 15
Sparta Foundry (guar.)
Morris Finance class A (guar.)
$114 Mar. 31 Holders of rec. Mar. 21
250
Mar. 31 Holders of rec. Mar. 15
Extra
Series It (guar.)
30e Mar.31 Holders of rec. Mar. 21
25e Mar.31 Holders of rec. Mar. 15
Spencer Kellogg & Sons. corn. (guar.)._
Morris Plan Ins. Sew.(guar.)
SI June 1 Holders of ree. May 26
Spiegel, May,Stern,634% pref.(guar.)- 85134 May 1 Holders of roe. Apr. 16
Quarterly
$1 Sept. 1 Holders of rec. Aug. 25
25e Apr. 2 Holders of rec. Mar. 8
Standard Brands, Inc., corn. (quar.)!.__
Quarterly
$1 Dec. 1 Holders of ree. Nov. 26
5134 Apr. 2 Holders of rec. Mar. 8
Preferred (quar.)
Mountain Producers Corp. (guar.)
15c Apr. 2 holders of rec. Mar. I5a
Apr, 2
12340
Standard Coosa-Thatcher (guar.)
Mutual Chem. of Amer., pref.(guar.).-UN Mar. 28 Holders of ree. Mar. 15
$134 Apr. 16 Holders of ree. Apr. 16
7% preferred (guar.)
Preferred (guar.)
5134 June 28 Holders of rec. June 21
Standard Fuel Co.,634% pref. (guar.)
5134 Apr. 2 Holders of rec. Mar. 15
Preferred (guar.)
UM Sept.28 Holders of roe. Sept. 20
500 Apr. 30 Holders of ree. Apr. 2
Standard 011 Co. of Kansas (quar.)_...._
Preferred (guar.)
$134 Dee. 28 Holders of ree. Dec. 20
25e Mar.20 Holders of rec. Feb. 20
Standard 011 Co. of Nebraska (guar.) _ Nashua Gummed & Coated Paper$1
34 Mar.30 Holders of rec. Mar. 19
Starrett (L. S.) Co., pref. (guar.)
7% first pref.(guar.)
51.4. Apr, 2 Holders of rec. Mar. 26
52 Apr. 2 Holders of rec. Mar.24
State Theatre of Boston, pref.(guar.). _ _
National Battery Co. pref. (guar.)
55e Apr. 2 Holders of rec. Mar. 16
Stein (A.)&Co., Inc., pref.(guar.)
514 Apr. 2 Holders of rec. Mar. 15
National 13reweries, Ltd., corn.(guar.)
r40e Apr. 2 Holders of rec. Mar. 15
250 Apr. 2 Holders of rec. Mar. 15
Supertest Petroleum (guar.)
Preferred (guar.)
r44c Apr. 2 Holders of rec. Mar. 15
514 Apr. 2 Holders of rec. Mar. 15
Class A preferred (guar.)
National Candy (guar.)
250 Apr, 1 Holders of rec. Mar. 12
37
N c Apr. 2 Holders of ree. Mar. 15
Class B preferred (guar.)
7% 1st & 2(1 prof. (guar.)
514 Apr. 1 Holders of rec. Mar. 12
Swift & Co. (guar.)
12340 Apr. 1 Holders of rec. Mar. 10
National Container, pref.(guar.)
500 June 1 Holders of rec. May 15
Mar.31 Holders of rec. Mar. 1
Sylvanite Gold Mines. bonus
234%
Preferred
550c June 1 Holders of roe. May 15
25c Mar.31 Holders of ree. Mar. 10
Tacony-Palmyra Bridge, corn. (guar.).Preferred (guar.)
50o Sept. 1 Holders of roe. Aug. 15
Class A (guar.)
25c Mar.31 Holders of rec. Mar. 10
Preferred
5501 Sept. 1 Holders of rec. Aug. 15
Taylor Milling Corp. (guar.)
25c Apr. 1 Holders of rec. Mar. 30
Preferred (guar.)
500 Dec. 1 Holders of rec. Nov. 15
Texas Corp. (guar.)
250 Apr. 1 Holders of rec. Mar. 20
Preferred
h50o Dec. 1 Holders of rec. Nov. 15
Texas Gulf Producing
234% Mar.31 Holders of rec. Mar. 2
National Dairy Prods.. corn.(guar.)_ _ 30c Apr. 2 Holders of tee. Mar. 16
Texas Gulf Sulphur Co (guar.)
50e Mar.15 Holders of rec. Mar. 1
Preferred A 413(guar.)
$IN Apr. 2 Holders of rec. Mar. 16
Texon Oil & Land Co. (quar.)
15o Mar. 31 Holders of ree. Mar. 10
150 Apr. 2 Holders of roe. Mar. 10
National Finance Corp. of Amer.(guar.)
Tintic Standard Mining Co. (guar.).
734e Mar. 31 Holders of rec. Mar. 17
150 Apr. 2 Holders of rec. Mar. 10
6% preferred (guar.)
Todd Shipyards Corp. (guar.)
250 Mar.20 Holders of rec. Mar. 5
150 Apr. 2 Holders of tee. Mar. 10
Extra
Toronto Mtge. Co. (Ont.)(guar.)
N Apr. 2 Holders of rec. Mar. 15
National Lead Co., common (guar.)._
$IN Mar. 31 Holders of rec. Mar. 16
Torrington Co. (guar.)
75e Apr. 2 Holders of rec. Mar. 16
Class 13 preferred (guar.)
$134 May 1 Holders of rec. Apr. 20
Tri-Continental Corp.,$6 pref.(guar.).- SIN Apr. 1 Holders of rec. Mar. 17
National 011 Prod., Inc., $7 pref. (quar). 5134 Apr. 2 Holders of rec. Mar. 20
Trico Products Corp.(guar.)
6234e Apr. 2 Holders of rec. Mar. 16
National Standards Co.(guar.)
50c Apr. 2 Holders of rec. Mar. 20
Trumbull Cliffs-Furnace, pref.((mar.) _ _
5134 Apr. 2 Holders of rec. Mar. 15
50c Apr. 2 Holders of rec. Mar. 1
National Sugar Refining
Underwood Elliott Fisher, corn.(quar.).
25e Mar. 31 Holders of rec. Mar. 12
15c Apr. 2 Holders of rec. Mar. 14
National Tea Co. common (guar.)
Preferred (guar.)
$14 Mar.31 Holders of rec. Mar. 12
Mar.
31
National Weaving,7% 2d pref
Union Carbide & Carbon Corp
25c Apr. 2 Holders of rec. Mar. 9
Natomis Co. (guar.)
$14 Apr. 1 Holders of rec. Mar. 13
Union Twist Drill Co.. pref.(guar.). _ _ _
$131 Mar.31 Holders of rec. Mar.20
Extra
$14 Apr. 1 Holders of rec. Mar. 15
United Biscuit Goof Amer.. pref.(0U.). $134 May 1 Holders of rec. Apr. 16
New York Ship Building Corp.—
United Carbon Co., corn
43e Apr, 2 Holders of rec. Mar. 17
100 Apr. 2 holders of rec. Mar. 20
Founders & participating stock (gu.)_
Preferred (s-a)
$334 July 1 Holders of rec. June 16
$134 Apr. 2 Holders of rec. Mar. 20
Preferred (guar.)
United Corp., preference (quar.)
750 Apr. 2 Holders of rec. Mar. 7
15c Apr. 14 Holders of rec. Mar.23
New York Transit Co
United Dyewood Corp.,7% pref.(guar.) 514 Apr. 2 Holders of rec. Mar. 20
$134 Apr. 2 Holders of rec. Mar. 24
Newark & 13loomfield (s-a)
United Elastic Corp.(guar.)
25e Mar. 24 Holders of rec. Mar. 7
15c Apr. 1 Holders of rec. Mar. 16
Newberry (J. J.) Co., corn.(guar.)
United Profit Sharing Corp., pref. (s.-a.)
5% Apr. 30 Holders of rec. Mar.31
$134 Apr. 2 Holders of rec. Mar. 15
Niagara Share Corp., el. A. ore!.(qu.)
United States Foil Co. common A & B_ _ 1234e Apr. 2 Holders of ree. Mar. 15a
25c
Apr.
2
Holders
of
rec. Mar. 20
Noblitt-Sparks Industries (guar.)
Preferred (guar.)
$14 Apr. 2 Holders of rec. Mar. 15a
750 Apr. 2 Holders of rec. Mar. 5
North American Co. pref. (guar.)
United States Gypsum Co.,corn.(qu.)._
25e Apr. 2 Holders of rec. Mar. 17
Common (guar.)
12340 Apr. 2 Holders of rec. Mar. 5
Preferred (guar.)
8134 Apr. 2 Holders of ree. Mar. 17
f 1% Apr. 2 Holders of rec. Mar. 5
Common (truer.)
U. S. Petroleum Co. (guar.)
le June 10 Holders of ree. June 5
5134 Apr. 2 lloiders of rec. Mar. 10
North Central Texas Oil pref. (quar.)--Quarterly
le Sept. 10 Holders of rec. Sept. 5
Norwalk Tire & Rubber Co.. pl.(qu.)- -- 87340 Apr. 2 Holders of roe. Mar. 22
Quarterly
he Dee. 10 Holders of rec. Dec. 5
Norwich Pharmacal Co.(guar.)
$134 Apr. 2 Holders oi ree. Mar. 20
(3.5. Pipe & Foundry Co.. corn. (guar.) 12340 Apr. 20 Holders of rec. Mar.31
Quarterly
$134 July 2 Holders of rec. June 20
Common (guar.)
12340 July 20 Holders of ree. June 30
Quarterly
5134 Oct. 1 Holders ot ree. Sept.20
Common (guar.)
1234e Oct. 20 Holders of ree. Sept. 29
$I 34 In 1'35 Holders of rec. Dee. 20
Quarterly
Common (guar.)
12340 1-20-35 Holders of rec. Dec. 31
15c Apr, 16 Holders of reo. Apr. 11
Oahu Ry.& Land (mo.)
Preferred (guar.)
30c Apr. 20 Holders of rec. Mar. 31
150 June 15 Holders of rec. June 11
Monthly
Preferred (guar.)
30c July 20 Holders of rec. June 30
$I Apr. 1 Holders of rec. Mar. 10
Ohio Finance, A (quar.)
Preferred (guar.)
300 Oct. 20 Holders of rec. Sept.29
52 Apr. 1 Holders of rec. Mar. 10
8% preferred (guar.)
Preferred (guar.)
30e 1-20-35 Holders of rec. Dec. 31
$2 Apr. 2 Holders of rec. Mar. 15
Omnibus Corp., pref. (guar.)
United States Playing Card (guar.)
25e Apr. 2 Holders of rec. Mar.22
20c Mar. 21 Holders of rec. Mar. 10
Onomea Sugar(mo.)
United States Tobacco Co., corn
51.10 Apr. 2 Holders of rec. Mar. 19
250 Mar.31 Holders of rec. Mar. 20
Ontario Mfg. Co., corn. (guar.)
Preferred
S134 Apr. 2 Holders of rec. Mar. 19
$134 Mar.31 Holders of rec. Mar. 20
Preferred (guar.)
Universal Products Co
200 Mar. 31 Holders of rec. Mar.20




1876

Financial Chronicle
When
Per
Share. Payable

Name of Company.

Books Closed.
Days Inchalve.

Miscellaneous (Concluded).
Upressit Metal Corp.,8% pref.(euar.)__
$2 Apr. 2 Holders of rec. Mar. 15
Vickers. Ltd
4% Apt. 4
Victor-Monoghan, pref. (Quer.)
S1H Apr. 1 Holders of rec. Mar. 20
Virginia Coal & Iron (extra)
$3 Apr. 20 Holders of rec. Apr. 10
Vortex Cup Co.,coin.(guar.)
25: Apr. 2 Holders of rec. Mar. 15
Class A (quar•)
62tic Apr. 2 Holders of reo. Mar. 15
Class A (guar.)
62(40 July 2 Holders of rec. June 15
Vulcan Detinning Co., coin. (special).—
3% Apr. 20 Holders of reo. Apr. 10
Preferred (Qum.)
i3(% Apr. 20 Holders of ree. Apr. 10
Preferred (guar.)
134% July 20 Holders of reo. July 10
Preferred (guar.)
154% Oct. 20 Holders of ree. Oct. 10
Wagner Electric, pref.(guar.)
S154 Apr. 1 Holders of rec. Mar.20
Walgreen Co., pref. (Quer.)
5154 Apr. 2 Holders of rec. Mar. 20
Ward Baking Co., pref. (guar.)
50c Apr. 2 Holders of rec. Mar. 17
Waukesha Motor Co., corn. (quar.)
200 Apr. 1 Holders of rec. Mar. 15
Wesson 011 & Snowdrift Co., Inc.—
Common (quer.)
1234e Apr. 2 Holders of reo. Mar.15
West Coast Oil Co., pref
Si Apr. 5 Holders of rec. Mar. 24
Western Assurance Co.,corn.(s-a)
3% Apr. 3 Holders of rec. Mar. 24
Western Grocers. Ltd.. pref. (quar.)_
51% Apr. 15 Holders of rec. Mar. 20
Western Tablet & Stationery,7% pf.(gu) $1,4 Apr. 2 Holders of rec. Mar.20
Westmoreland. Inc. (guar.)
300 Apr. 2 Holders of rot. Mar. 15
Weston Biscuit Co.(quer.)
25: Apr. 2 Holders of rco. Mar.20
Weston Elec. Instrument, class A
500 Apr. 2 Holders of rec. Mar. 16
Weston (0.), Ltd. (quar.)
25r; Apr. 1 Holders of rec. Mar.22
Westvaco Chlorine Prod., pref.(guar.)
$154 Apr. 2 Holders of rec. Mar. 15
Wilcox-Rich Corp., cl. A (guar.)
62)40 Mar. 31 Holders of rec. Mar.20
Wilson & Co., Inc., pref.(guar.)
AI % Apr. 2 Holders of roe. Mar. 17
Wilson-Jones Corp.(N. Y.)
50c Apr. 2 Holders of rec. Mar. 25
Winstead Hosiery (guar.)
$154 May 1 Holders of roe. Apr. 15
Quarterly
$154 Aug. 1 Holders of reo. July 15
Quarterly
Si H Nov. 1 Holders of rec. Oct. 15
Wiser 011 Co.(quar.)
25c Apr. 2 Holders of rec. Mar.12
Woodley Petroleum Co
110% Mar. 31 Holders of rec. Mar. 12
Common
100 Sent. 30 Holders of rec. Sept. 15
Wright-Hargreaves Mines(Qum.)
100 Apr. 2 Holders of rec. Mar. 14
Bonus
Sc Apr. 2 Holders of rec. Mar. 14
Wrigley(Wm.)Jr.. Co.(monthly)
250 Apr. 1 Holders of ree. Mar.20
Yale & Towne Mfg. Co.(guar.)
15o Apr. 2 Holders of rec. Mar. 16
t The New York Stock Exchange has ruled that stock will not be quoted exdividend on this date and not until further notice.
The New York Curb Exchange Association has ruled that stock will not be
quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. e Payable in stock.
I Payable in common stock. g Payable in scrip. h On account of accumulated
dividends. ./ Payable in preferred stock.
Subject to the 5% NIRA tax.
n Commercial National Corp. declared the first liquidating dividend, payable in
stock of the Commercial National Bank Ai Trust Co.. on the basis of one share of
bank stock for each 10 shares of Commercial National Corp. held. There will be no
record date, and stockholders in order to obtain the liquidating dividend should
present their certificates at the bank.
o Commercial Investors Trust declared a dividend at the rate of 1-52 of 1 eh. of
Corn. stock on the Cony. pref. stock, opt, series of 1929, or in cash at the holders'
option at the rate of 5154 per share.
pl3lue Ridge Corp. pays 1-32 of one share of common stock or 75c. in cash at
the option of the holders of $3 convertible preferred stock.
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.
o Extra div. on Perfection Stove should have been announced in the Dec. 2
1933 issue.
is Payable in U.S.funds. e A unit. to Lees depositary expenses.
z Lees tar. v A deduction has been made for expenses.

Mar. 17 1934

STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, MAR. 10 1934.

Clearing House
Members.

*Surplus and
Undivided
Profile.

• Capttal.

$
Bank of N Y & Trust Co
6,000,000
Bank of Manhattan Co__
20,000,000
National City Bank_ _ _ _ e127,500,000
Chem Bank dt Trust Co20,000,000
Guaranty Trust Co
90.000.000
Manufacturers Trust Co.
32,935,000
Cent Hanover Bk & Tr Co
21,000,000
Corn Etch Bank Tr Co15,000,000
First National Bank....
10,000,000
Irving Trust Co
50.000,000
Continental Bk dc Tr Co_
Chase National Bank—
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co.Marine Midland Tr Co__
New York Trust Co-Oomml Nat Bk & 'Fr Co
Public Nat Bk & Tr Co_

Net Demand
Deposits,
Average.

Time
Depolial,
Average.

$
84,445,000
253,805,000
6882,324.000
287,289,000
5908,471,000
221,495.000
486,273,000
178,890,000
342,824,000
349,738,000

$
8,755,000
31,740,000
155.854,000
27.037,000
53,745,000
99,969,000
43,326,000
21,708,000
10,850,000
10,725,000

4.1327,400
26,046,000
59,187,900 c1,148,505,000
3,056,600
40,566,000
60,030,600 d472,431,000
10,689,300
18,931,000
17,339,300
45,701,000
21,047,600
200,354,000
7,447.800
45,494,000
4,682,000
42,278,000

1,969,000
88,859,000
3,117,000
36,238,000
286,000
4,567,000
15,624,000
1,394,000
32,139,000

$
9,745,800
31.931,700
e35,847,200
47.490,300
177,985,600
10,297,500
61,264,400
16,011,300
72,278,400
67,664,200

4,000,000
148,000,000
500,000
25,000,000
10,000,000
15,000.000
12,500,000
7,000,000
8,250,000

Totals
612 RR5 000 698.504.900 6 naa RAO nun 687 9n9 nnn
*As per official reports: National, Dec. 30 1933; State, Dec. 30 1933;
trust
companies, Dec. 301933; e as of Jan. 13 1934; as of Jan. 22 1934.
Includes deposits in foreign branches as follows: a $208,722,000; 5884,811,000;
e $70,064.000; d $20,426,000.

The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are herefore no longer shown below. The f..11 wing are
the figures for the week ended Mar. 9:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, MAR. 9 1934.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Manhattan—
s
Grace National
24,087,800
Trade Bank of N. Y. 2,892,313
Brooklyn—
PpnnIcka NatInnni

Res. Dep., Dep, Other
N. Y. and Banks and
Elsewhere. Trust Co..

Cash.

$
103,800
121,948

$
1,513,900
596,975

01 (1911

112 nnn

4 OM non

Gross
Deposes,

$
3
1,905,500 23.134,400
280,635 3,241,409
231000

485(1 nein

TRUST COMPANIES—Average Figures.

Weekly Return of New York City Clearing House.—
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued ad now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with .the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec, 11 1930. See "Financiai
Chronicle" of Dec. 31 1930, pages 3812-13. We give the
statement below in full:

Loans,
Disc. and
Invesbnents.
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County....
United States

Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.

Cash.

$
$
$
61,644,800 *3,347,900 9,178,300
0,212,306
84,614
391,559
9,651,261
.620,127
387,086
17,033,300 *2,070,500
754,100
29,709,800 *4,676,800
447,600
64,479,731
5,855,016 13,694,030

Grose
AVMS).

$
8
1,229,100 62,659,000
583,765 5,653,860
284,226 9,000,109
410,700 15,309,900
32.001,900
55,852,505

Brooklyn—
Brooklyn
Kings County

92,888,000 2,303,000 17.848,000
242,000 96,623,000
24.993.815 1.688.084 6.517 249
9A A49 997
• Includes amount with Federal Reserve as follows: Empire, 82,280,400;
Fiduciary, $401,261; Fulton, $1,917,200: Lawyers County, $3,961,800.

Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Mar. 14 1934, in
comparison with the previous week and the corresponding date last year:
Assets—
Gold certificates on band and
from U.S. Treasury (n)
Gold
Redemption fund—F. R. notes
Other cash

Afar. 141934. Mar. 7 1934. Mar. 181933.
due
1,254,192,000 1,277,046,000
3,244,000
52,346,000

3,354,000
51,493,000

264,404,000
457,060,000
40,084,000
69.694,000

1,309,782.000 1.331,893.000 831,242,000
Total reserves
2,808,000
3,101,000
170,000
Redemption fund—F.R.bank notes
Bills discounted:
7,512,000
8,042,000 480,612,000
Secured by U.S. Govt.obligations.-18,465,000 134,531.000
18,293,000
Other bills discounted
25,805,000
2,450,000

26,507,000
2,646,000

615,143,000
86,037,000

165,518,000
357,561.000
278,676,000

165,518,000
353,844,000
282,893,000

156,338,000
148,202,000
250,696,000

Total U.S.Government securities__
Other securities (see flats)
Deduct: Bills rediscounted with other
Federal Reserve banks

801,755,000
143,000

801,755,000
143,000

555,236,000
5,116,0000

Total bills and securities free nef10- Gold held abroad
Due from foreign banks (see note)
F. R. notes of other banks
Uncollected items
Bank premises
Federal Deposit Insurance Corp.stock—
All other assets

830.153,000

Total bills discounted
Bills bought in open Market
U.S.Government securities:
Bonds
Treasury notes
Certificates and bills

Total assets

143,800,000

1,196,000
5,192,000
127,168,000
11,424,000
21,265,000
30,951,000

831,051,000 1,117,732,000
1,131,060
3,047,000
99,309.080
11.424,600
21,265,000
29,555,000

1,391,000
4,195,000
145,567,000
12,818,000

Mar,14 1934. Mar, 7 1934. Mat.151933.
$
Liabilities—
F. R. notes in actual circulation
810,641,000 811,389,000 994.750,000
F. R. bank notes In actual Circulation_
51,541,000
3,301,000
62,774.000
Deposits—Member bank reserve sat__ 1,358,667,0001,366,690.900 834,848,000
Government
1,600.000
7,012,000
165,000
Foreign bank (see note)
3,217,000
6,668.000
1,779,000
Special deposits—Member bank
1,414,600
1,598,000
1,472.000
Non-member bank
1,061,000
82,000
1,094,000
Other deposits
29,658,000
31.171,000
16.749,000
Total deposits

1,395,817,000 1,409,118.000

Deferred availability items
Capital paid in
Surplus
Submit). for Fed. Dep, Ins. Corp.stock:
Feld
Called for payment on April 15
All other liabilities
Total liabilities

860,110,000

119,926,000
59.116,000
45,217,000

98,201,000
59.280,000
45,217,000

130,092,000
58,426.000
85,058,000

21,265,000
21,265,000
15,644,000

21,265.000
21,265,000
14,994,000

7.639.000

2,340,232,000 2,331,483,000 2.139,376,000

Ratio of total reserves to deposit and
F. It. note liabilities combined

65.3%

65.9%

44.8%

Contingent liability on bills purchased
for foreign correspondents

1,776,000

1.769.000

9.179.000

26,261.000

2,340,232,000 2,831.483,000 2,139.376,000

•"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes.
NOTE.—Beginulug with the statement of Oct. 17 1925. two new items were added in order to show separately the amount of balanoes held
abroad and amounts due
to foreign correepondente. In addition, the caption "All other earning amts." previously made up of Federal Intermediate Credit bank debentures, was
to
Other securities." and the caption, "Total earning assets" to "Total bills and securities," The latter term was adopted as a more accurate description of the changed
total of the
discount acceptances and securities acquired under the provisions of sections 13 and 14 of the Federal Reserve Act, which it was stated are the only items
included therein.
These are certificates even by the U. S. Treasury for the sold taken over from the Reserve Banks when the dollar was on Jan. 31 1934 devalued from 100 cents to
59.08 cents, these certificates being worth lees to the extent of the difference, the difference itself havInz been appropriated as profit by the Treasury under the provisions
of_the Gold Reserve Act 0( 1934.




Financial Chronicle

Volume 138

1877

Weekly Return of the Federal Reserve Board.
Th& )1 lowing is the return issued by the Federal Reserve Board Thursday afternoon, Mar.15,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 MAR. 14 1934.
Mar, 141934. Mar. 7 1934. Feb. 28 1934. Feb. 21 1934. Feb. 14 1934. Feb. 7 1934. Jan. 31 1934. Jan. 24 1934. Mar. 15 1933.
ASSETS.
bold ctfs, on hand & due fr. U. S.(a)
;old
tedemption fund (F. R. notes) /ther cash •
Total reserves_

$
$
IS
$
I
8
$
4,252,321,000 4.152,948,000 3,895,811,000 3,712,311,000 3,582,092,000 3,513,171,000 3,513,884,000
34,014,000
217,411,000

34.163,000
210,841,000

35,138,000
208,727,000

41,503,000
213,904,0(10

42,234.000
222,460,000

42,478.000
220,899.000

8
$
947.440,000 835,2910100
2,539,167,000 2,040,428,000
43.356,000 135,058,000
43,356,000
234,848,000 248,163.000 214,726,000

4.503.776,000 4,397,952,000 4,139,676,000 3,967.718,000 3,846,786,000 3,776,548,000 3.792,088.000 3,808,126.000 3,225,503,000

tedemption fund-F. R. bank notes.3111s discounted:
Secured by U. S. Govt. obligations
Other bills discounted
Total bills discounted
Sills bought In open market
J. S. Governmentseourities-B onds
Treasury notes
Special Treasury certificates
Certificates and bills

11,495,000

11,111,000

12,591,000

12,159,000

12,387,000

12.520,000

12,977,000

13,004,000

170,000

12,607,000
42,280,000

b15,117,000
b 13,460,000

18,362,000
46,028,000

b18,927,000
b17.540,000

19,264,000
49,141.000

21,020.000
52,307,000

26.377.000
56,355.000

35.910,000
61,320.000

769,973,000
463,264,000

58,577.000
97.230,000 1,233,237,000
64,390,000
54,887,000
82,732.000
73,327,000
68,405,000
66,467,000
46,366,000
62,345,000
37,459,000
96,899,000 111.397.000 104,126,000 403,316,000
75.111,000
86,086.000
442,875,000 442,843,000 442,830,000 442,775,000 443,045,000 442.785,000 445,012,000 442,781,000 425,013,000
1,092,063,000 1.038.318,000 1.055.420.000 1,031,256,000 1.026,142,000 1,028,137,000 1,028.139,000 1,053,138,000 465,084,000
9,000.000
898,902,000 920,702,000 933,701.000 957,704,000 962,837,000 960,821.000 960,819.000 935,820,000 999,937,000

Total U. S. Government securities... 2,431,840,000 2,431,863,000 2,431,951,000 2.431,735,0002.432.024,000 2,431,743.000 2.433,970.000 2,431,739,000 1,899,034,000
)ther securities
653,000
1.293,000
5,644,000
653,000
1,293,000
1,293,000
653,000
1,293,000
1,293,000
Total bills and securities
2,524,839,000 2,537.459,000 2,559,339,000 2,574,606,000 2,587,808,000 2,603.262.000 2.629,392.000 2,634,388,000 3,541,231,000
Sold held abroad
3,120,000
Due from foreign banks
3,128,000
3.610,000
3,395,000
3.392,000
3,485,000
3,392,000
3,400,000
3,400,000
3,132,000
Federal Reserve notes of other banks._.17,955,000
19,783.000
15.780,000
13,145,000
13,293,000
15,377,000
16.222,000
15.027,000
15,907,000
Uncollected items
392,474,000 410,791,000 396,209,000 499,174,000 364,079,000 364,053,000 377,583,000 366,178,000
432,658,000
Bank premises
54,028,000
51,980.000
52,431,000
52,339.000
52,365,000
u2,382,000
52,332,000
52,383,000
52,431,000
Federal Deposit Insurance Corp. stock69,650.000
69.650.000
69,650,000
69,650,000
69,650,000
69,650,000
69,650,000
69,650,000
All other resources
48.987,000
52.647,000
49,025,000
45,914,000
48,636.000
46,483,000
46,969,000
47.791,000
,
50965.000
Total assets
7.525.986,0007.309.002,000 7,138,121,000 7.134.292.0006.943.107,000 6,988.696,000 7,030,016,000 7.261,322.000
7,714,853,000
LIABILITIES.
F. It. notes in actual circulation
989 052 000 3,002.345.000 2.979,637,000 2,970,309,000 2,952,541,000 2,946,226.0002.926,243.000 2.931,359.000 4,292,702,000
F. It. bank notes in actual circulation- .2
",,
159,., 'A--nn 184,543,000 195,376,000 197,750,000 199,358,000 201,984,000 203,057.000 203.176.000
3.301,000
Deposits-Member banks'reserve account
-''" 3,312,787,000 3,093,119,000 2,830,118,000 2,850.888.000 2.735.701.000 2.651,945.000 2.850,961.000 1,963,780,000
Government
65,240.000
34,926,000
27,688,000
84,912,000 241,860.000
45.654,000
45,261,000 165,546,000
16,128.000
Foreign banks
4.483.000
3.952.000
4,024,000
23,040,000
7,989,000
3,610,000
3,433,000
4,871,000
73994000
Special deposits-Member bank
-"
43,068,000
43,248.000
27,938,000
40,305,000
38.711.000
29,248,000
36,883,000
30,405,000
25
316.000
Non-member bank
,
12.114,000
10,005.000
10,183.000
4.851,000
10,438,000
11,094.000
11,419,000
11,416,000
11.405,000
Other deposits
89,111,000
64,075,000
79.266.000
83,847.000
84,790,000
78.115,000
82.326.000
85,528,000
97,747,000
Total deposits
3 614 082 000 3,480,900,000 3,265.381.00 3,127.884.000 3.026,569,000 2,962,541,000 3,035,035.000 3,053,023,000 2,123.739,000
Deferred availability Items
"
•000 394,161.000 406,909,000 382,533 000 497.108,000 365,119,000 366,476,000 384,702,000 384.676,000
478'730
Capital paid in
'
145,820,000 146,118,600 145,310,000 746,309,000 145,081.000 145,222,000 145,359,000 145,400,000 150.210.000
Surplus
138,383,000 138.383.000 138,383,000 138,383,000 138,383,000 138.383,000 138.383.000 278,599,000
Subscrip. for Fed. Dep, Ins. Corp. stock: 138.383,000
Paid
69,650.000
69,650,000
69,650.000
69.650.000
69,650.000
69,650,000
69,650,000
69,650,000
Called for payment April 15
69,650,000
69,650.000
69.650.000
69,650,000
69,650,000
69,650,000
69,650,000
69,650,090
All other liabilities
34.673.000
40,236,000
34,843.000
28,095,000
44,332,000
38.706,000
35,95.2,000
36,653,000
50,115,000
Total liabilities
7.525.986.000 7.309,002,000 7,138,121,000 7,134,292,000 6.943.107.000 6.988.696.000 7,030,016,000 7,261,322,000
7,714.853,000
and
reserves
to
deposits
Ratio of total
F. It. note liabilities combined
67.8%
63.6%
63.6%
50.3%
66.3%
64.3%
63.9%
65.1%
68.2%
Ratio of total gold reserve & 0th. cash to
deposit & F. R. note liabilites combined
63.6%
63.6%
Rediscounts between F. It. banks
143,800,000
Contingent liability on bills purchased
for foreign correspondents
4,474,000
4,931,000
4,477,000
4.835.000
27,478,000
4.635.000
4.284,000
4,478,000
4,939,000
Maturity Distribution of Bills and
Short-term Securities1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-91 days bills discounted
Over 90 days bills discounted

S
40,825,000
2.332,000
5,358,000
6,045,000
327,000

Total bids discounted
54,887,000
1-15 days bills bought In open market.._
9,966,000
16-30 days bills bought In open market
31-60 days bills bought in open market...
13,973,000
8,992,00
61-90 days bills bought in open market...
Over 90 days bills bought In open markt
4,528,000
Total bills bought in open market
1-15 days U.S. certificates and bills..-.
16-30 days U. S. certificates and bills..-.
31-60 days U. S. certificates and bills
61-90 days U.S. certificates and bills....
Over 90 days U. S. certificates and bills
Total U. S. certificates and bills
1-15 days municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants

37.459.000
205,729,000
61,190,000
147,928,000
29,325,000
452 730 000
896,902,000
590,000
10,000
53 000

Total municipal warrants

8

$

$

46,328,000
3,428,000
4,408,000
4,094,000
321,000

51,491,000
2,700,000
5,519,000
4,285,000
395,000

52,196,000
5.415,000
4,736,000
3,671,000
449.000

58,577,000
14,376,000
9,662.000
16,156,000
6,172.000

64,390,000
26,462,000
9.399.000
19,623,000
6,861.000

46,366,000
207,760.000
90.095,000
143.318,000
49,875,000
429,654.000

8

$

$

$

$

52,872.000
5,218.000
4.998.000
4,833.000
484,000

54,155,000
6.456.000
7,660,000
4,469,000
587,000

61,744,000
7,341.000
9,730,000
3,245,000
672.000

76.294.000
4,041,000
12,367.000
3,707,000
821,000

502,668,000
32,170,000
58,205,000
66,836,000
10,990,000

66,467,000
31.957,000
15,542,000
19,103,000
8.460,000
49,000

68.405,000
30.832.000
21,922,000
21,740,000
8,591,000
1,000

73,327,000
27,138,000
33,381,000
21,412,000
14,962.000
6,000

82,7.32,000
33,092.000
31,661,000
29,153,000
17.431,000
60.000

97,230.000
29,242,000
25.400.000
40,431.000
8,943.000
110,000

670.869.000
75,421,000
68,151,000
136.775,000
71,456,000
506,000

62,345,000
201,999,000
91,980,000
130,568,000
107.875,000
401,279.000

75.111.000
87.693,000
209,610.000
155,433,000
111,830,000
393,938.000

86,086.000
72,170,000
201,999.000
153,170,000
144.928,000
390.570.000

96,899,000
58,401,000
87,693,000
304,930,000
138.643,000
371.154,000

111,397,000
45,260,000
74,170.000
316.087,000
128,893.000
404,409,000

104.126.000
31,513.000
58,401.000
332,463,000
155,133,000
358,310.000

352,309,000
50,120,000
60,000,000
170.227,000
248,140,000
455,399,000

920.702,000
590,000
10,000

933,701,000
636.000

957.704,000
1.276.000

962.837,000
1.276,000

960,821,000
1.230,000
46,000

960.819,000
1,240,000
36,000

935,820.000
1,240,000

983,886,000
5,280,000

53,000

17.000

17,000

17,000

17,000

17.000

-

36.000
17,000

84,000
30,000

653.000
-

653,000
1.293,000
1.293.000
1.293.000
1,293,000
1,293,000
5,394,000
653,000
Federal Reserve NotesIssued to F. R. Bank by F. R. Agent-3,250,040,9003,224,644.000 3.223,491.000 3,204,150,000 3,200,844,000 3,180,943.000 3,202,007,000 4.314,448,000
3,244,280,000 247,695,000 245,007.000 253,182.000 251,609,000
Held by Federal Reserve Bank
254,618,000 254.700,000 270,648,000 398,106,000
255,228,000
circulation
actual
In
3,002,345,000 2,979,637,000 2,970,309,000 2.952,541,000 2,946,226,000 2,926,243,000 2,931.359.000 3,916,342,000
2,989,052,000
Collateral Held Si, Agent as Security for
Notes Issued to BankGold ctfs.on hand & due from U.S.Trees)
2.897,118,000 2,840,618,0002,765,318,000 2,663,318.000 2.573.318.000 2,541,818.000 2516317.0001 1,474.073.000
BY gold and gold certificates
1,262.847,000
Gold fund-Federal Reserve Board
I 1,067.745,000 1,195,585,000
By eligible paper
63,030,000
75,426,000
95,149,000 110,000,000 122,358,000 137,328,000 158,736.000 165.201.000 877,152,000
U.S. Government securities
326,400,000 376.000,000 412,800,000 496,100,000 548,100,000 561,100.000 570,100,000
558,800.000 1,000,700,000
Total collateral
3,286,548,000 3,292,044.000 3.273.267,0003.269.418,000 3.243.776.000 3.240.246.000 3.245.153.000 3 265_810 600 a Ili. 754 nne
•"Other cash" does not include Federal Reserve notes or a bank's own Federal Reserve bank notes. b Revised.
These are certificates given by the U. S. Treasury for the gold taken over from the Reserve Banks when the dollar was on Jan. 31 1934
devalued from 100 cents to
69.06 cents, these certificates being worth less to the extent of the difference, the difference itself having been appropriated as profit by the
Treasury under the provisions
of the Gold Reserve Act of 1934.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
BUSINESS MAR. 14 1934
TWO (-loners (00) onstuea.
Federal Reserve Bank ofTotal.
Boston. New York
Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas, San Fran.
ASSETS.
$
8
3
8
$
$
$
Gold certificates on hand and due
4,252,321,0 316,296,0 1,254,192,0 283,461,0 347.369,0 156,413,0 133,373,0
from U. S. Treasury
Redemption fund-F R. notes_
34,044,0 2,810,0
3,244,0 3,528,0 3,579,0 1,878,0 3,120,0
217,411,0 18,552,0
Other cash
52,346,0 34,504,0 14,949,0 8,812,0 10,595,0
Total reserves




4,503,776,0 337,658,0 1,309,782,0 321,493,0 365,897,0 167.103,0 147.088.0

3

8

$

8

$

$

941,082.0 175,108,0 108,234.0 172,038,0 104,364,0 260,391,0
6,519,0 1,287,0 1.294,0
807,0
717,0 5,261,0
28.453,0 9,472,0 10.105,0 9.602,0 6,693,0 13.328,0
976.054.0 185.8670 119 aaa 0 182 447 0 111

774 11 575 0200

1878

Financial Chronicle
Weekly Return of the Federal Reserve Board (Concluded).

Two Ciphers (00) Omitted.

Total.

RESOURCES (Concluded)Redem. fund-F. R. bank notes_
Bills discounted:
Sec. by 13.5. Govt. obligations
Other bills discounted

Boston. New York.

$
11,495,0

$
1,250,0

12,607,0
42,280,0

Phila.

$
3,101,0

Cleveland. Richmond Atlanta.

Chicago.

Mar. 17 1934

St. Louis. Minneap. Kan.City. Dallas. San Fran.

$
1,066,0

8
1,215,0

549,0
965.0

7,512,0 2,486.0
18,293,0 14.326,0

1,020,0
2,405,0

Total bills discounted
54,887,0 1,514,0
Bills bought in open market
37,459,0 6.554,0
U. S. Government securities:
Bonds
442,875,0 24,399,0
Treasury notes
1,092,063,0 72,855,0
Certificates and bills
896.902,0 60,427,0
'
Total U. S. Govt. securities_ 2,431,840,0 157,681,0
Other securities
653,0

25,805.0 16,812.0
2,450,0 2,245,0

3,425,0
2,983,0

165,518,0 28.070,0 32,156,0 14,126,0 12,297,0
357,561,0 76,024,0 98,867.0 43,422,0 37,690.0
278,676.0 63,026.0 82,001.0 36,015,0 31,260,0

76,948,0 14,494,0 16,361,0 14,113,0 19,283,0 25,110,0
192,047,0 43,023,0 26,948,0 37,899,0 28,531,0 77,196,0
168.348,0 35.683,0 22,348,0 31,432,0 23,661,0 64,025.0

801.755,0 167.120,0 213,024,0 93,563,0 81,247,0
510,0
143,0

437,343,0 93,200.0 65,657,0 83,444,0 71,475,0 166,331,0

Total bills and securities
2,524,839,0 165,749,0
Due from foreign banks
3,132,0
237,0
Fed. Res. notes of other banks_
15.907,0
351,0
Uncollected items
482,658,0 49,518,0
Bank premises
52.431,0 3,224,0
Federal Deposit Ins. Corp.stock69,650,0 5,115,0
All other resources
50,965,0
977.0

830,153,0 186,687,0 219.432,0 96,716,0 83,592,0
1,196,0
342.0
300,0
119,0
109,0
5,192,0
417.0 1,233,0
782,0 1,136,0
127,168,0 37.506,0 46,043,0 40,414,0 16,095,0
11,424,0 4,016,0 6.788,0 3,128,0 2,372,0
21,265,0 7,310,0 7,073,0 2,904,0 2,636,0
30,951,0 6,623,0 1,518,0 2,202,0 3,164,0

442,241,0 94.719.0 67,630,0 85.141,0 80,959,0 171,820,0
414,0
10,0
7,0
222.0
88,0
88,0
2,267,0
455,0 1,069,0
960.0
256,0 1.789,0
64,487,0 22,576,0 10,429,0 26,628,0 17,982,0 23,812,0
7,382,0 3,110,0 1,657,0 3,485,0 1,755,0 4,090,0
9,874,0 2,547,0 1,755,0 2,066,0 2,180,0 4,925,0
1,439,0
366,0 1,357,0
881,0
683,0
804,0

Total resources

i

$
269,0

$
1,471,0

$
838,0

$
547,0

8
500,0

S
474,0

8
764,0

302,0
1,658,0

86,0
1,082,0

314,0
1,270,0

108,0
156,0

1,0
943,0

357,0

5,0
61,0

224,0
764,0

1,960,0
1,193,0

1,168,0
1,177,0

1,584,0
3.314,0

264,0
1,255,0

944,0
1,029,0

357,0
1,340,0

66,0
9,418,0

988,0
4,501,0

7,714,853,0 564,079.0 2.340,232.0 565,460,0 649,499.0 313,368,0 256,461.0 1,505,629,0 310.993,0 203,470,0 302,107,0 216,349,0 487,206,0

LIABILITIES.
F. R. notes in actual circulation- 2,989.052,0 221,647,0 610,641,0 237,124,0 294,460,0 147,764.0 125,707,0
F. R. bank notes in act'l circurn
159,371,0 21,412,0
51,541,0 18.360,0 14,003,0
3,035,0
Deposits:
Member bank reserve account_ 3,454,492,0 232,823,0 1,358,667,0 213.057,0 244,219,0 100.660,0 80,586,0
Government
16,128.0 1,106,0
1,600,0 1,551,0 1,706,0 1,150,0 2,248.0
Foreign bank
8,994,0
3,217,0
636,0
919,0
848,0
336,0
309,0
Special-Member bank
25,316,0
1,414,0 4,332,0 3,494,0 1,130,0 1,623,0
190,0
Non-member bank
1,061,0 1,991,0
11,405,0
115,0
610,0
252,0
Other deposits
97,747,0 4,522,0
29.658,0 4,933,0 1,569,0 4.641,0 9,486,0
Total deposits
3,614,082.0 239,277,0 1,395,617,0 226,783,0 251,951,0 108,527,0 94,504,0
Deferred availability Items
478,730,0 49,622,0 119,926,0 35,431,0 45,308,0 39,843,0 15,622.0
Capital paid In
145,820,0 10,665,0
59,116,0 15,706,0 12,722,0 4,984,0 4,410,0
Surplus
138,383,0 9,610,0
45,217,0 13.352,0 14,090,0 5,171,0 5,145,0
subscription for FDIC stock:
Paid
21.265,0 7.310,0 7,073,0 2,904,0 2,636.0
69,650,0 5,115,0
Called for payment April 15.__
69,650,0 5,115,0
21,265,0 7,310,0 7.073,0 2,904,0 2,638,0
All other liabilities
50,115,0 1.616,0
15,644,0 4,084,0 2,819.0 1,271,0 2.766,0
Total liabilities

769,764,0 136,326,0 96,701,0 109,254,0 41,209,0 198,455,0
14,404,0 10,076,0 6,187,0 4,279,0 5,900,0 10,174.0
582,692,0 106,152,0 72,444,0 137,241,0 125,065,0 200,886,0
1,364,0 1,852,0 1,283,0
508,0 1,379,0
381.0
1,113,0
292,0
203,0
627,0
247,0
247,0
7,125,0 2,202.0
704,0 1,299,0
329.0 1,474,0
6,327,0
377,0
672,0
1,566.0 8,463,0 3,968,0 10,524,0 1,869,0 16,548,0
593,860,0 125,288.0 78,979,0 149,819,0 128,889,0220,588,0
67,405,0 23,387,0 10,544,0 26,157,0 19,493,0 25,992,0
12,837,0 3,921,0 2,850,0 4,066,0 3,886,0 10,657,0
20,681,0 4,756,0 3,420,0 3,613,0 3,683,0 9,645.0
9,874,0
9,874,0
6,930,0

2,547,0
2,547,0
2,145,0

1,755,0
1,755,0
1,279,0

2,066,0
2,066,0
787,0

2.180,0
2,180,0
8,929,0

4,925.0
4,925,0
1,845,0

7,714,853,0 564,079,0 2,340.232,0 565.460,0 649,499,0 313,368,0 256,461,0 1,505,629,0 310.993,0 203.470,0 302,107,0 216,349,0 487,206.0

Memoranda
Ratio of total res. to dep..4 F. R.
note liabilities combined
Contingent liability on bills purchased for for'n correspondents

68.2

73.3

65.3

69.3

67.0

65.2

66.8

71.6

71.0

68.1

70.4

65.7

66.6

4,939,0

348,0

1,776,0

503,0

464,0

184,0

169.0

609,0

160,0

111,0

136.0

136,0

343,0

"Other cash" does not include Federal Reserve notes or bank a own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent at-

Boston. New Yolk.

Total.

Phila.

Cleveland. Richmond Atlanta,

Chicago,

Si. Louis. Minneap. Kan.City

Dallas. San Fran.

Federal Reserve notes:
2
$
Issued to F.R.Bk. by F.R.Agt. 3,244.280,0 235,993,0
Held by Fed'i Reserve Bank... 255,228,0 14,346,0

2
2
5
$
$
684,183,0 251,116,0 312,204,0 155.921,0 145,601.0
73,542,0 13.992,0 17,744,0 8,157,0 19,894,0

2
$
2
8
2
S
811,529,0 141,186,0 101,658,0 115,906,0 46,265,0 242.718,0
41,765,0 4.860,0 4,957,0 6,652,0 5,056,0 44,263.0

In actual circulation
2.989,052,0 221,647,0
Collateral held by Agent as security for notes issued to bks:
Gold certificates on hand and •
due from 17.5. Treasury
2.897,118,0 232,672,0
Eligible paper
63,030,0 7,585,0
U. S. Government securities
326,400,0

610,641,0 237,124,0 294,460,0 147,764,0 125,707,0

769,764,0 136,326.0 96,701,0 109,254,0 41,209,0 198,455,0

683.706,0 228,500,0 252,886,0 123,399,_ 100,385,0
17,101,0 8,165,0 4,872,0 2,203,0 1.476,0
15,000,0 55,000,0 32,000,0 45,000,0

732.713,0 130,697.0 85,944,0 112,290,0 38,163,0 175,763,0
1,504,0
1,389.0 9,336,0 4,920,0
1.373,0
3,106,0
65,000,0
82,000,0 11,000,0 16,400,0 5,000,0

700,807,0 251,665,0 312,758,0 157,602,0 146,861.0

817,819,0 143.070,0 103,848,0 118,679,0 47,499,0 245,683,0

Total collateral

3.286,548,0240,257.0

FEDERAL RESERVE
Two Ciphers (00) Omitted•
' Federal Reserve Agent at-

Total.

Boston. New York.

Phtla.

BANK NOTE STATEMENT.

Cleveland. Richmond Atlanta.

Federal Reserve bank notes:
Issued to F. R. Bk.(outstdg.):
Held by Fed'I Reserve Bank__

S
2
182,262,0 22,290.0
22,891.0
878,0

2
$
$
62,335,0 24,372,0 14,650,0
10,794,0 6,012,0
647,0

In actual circulation
Collat. Pledged agst. outst. notes:
Discounted at purchased bills
U. S. Government securities..

159.371,0 21,412,0

51,541,0 18,360,0 14,003,0

1,038,0
207,774,0 30,000,0

1,029,0
64,274.0 26,500,0 15,000,0
RAI 0,1 /1

A

Tn•el nnlle•ennal

Or. 010 11

9/1

nnn n

OR

C./111 /1

$

IR 1100 /1

Chicago. St. Louts. Minneap. Kan•Cily

Dallas, San Fran.

$
3,909,0
874,0

$
$
15,116,0 10.358,0
282,0
712,0

$
6,372.0
185,0

$
4,402,0
123,0

$
S
6,804,0 11.654,0
904,0 1,480,0

3.035,0

14,404,0 10,076.0

6.187,0

4,279,0

5,900,0 10,174,0

4,000,0

9,0
16,000,0 11,000,0 10,000,0

5,000,0 11,000,0 15,000,0

nnnn

In nnn n II Al)!) n 1(1.090 0

5 (nn n

ii (lnn n 15 non n

Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
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.
Beginning with the statement of Jan. 9 1929. the loan figures exclude "Acceptances of other banks and bills of exchange of drafts sold with endorsement" and include
all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with endorsement were included with loans, and some,
of the banks included mortgages in investments. Loans secured by U. S. Government obligations are no longer shown separately, only the total of loans on securities being
given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper,
only a lump total being given. The number of reporting banks formerly covered 101 leading cities, but was reduced to 90 cities aftei the declaration of bank holidays or
moratoria early In March 1933. Publication of the weekly returns for the reduced number of cities was omitted in the weeks from March 1 to May 10, but a summary or
them is to be found In the Federal Reserve Bulletin. The figures below are stated in round millions.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF'
BUSINESS MAR. 7 1934 (In Millions of Dollars).
Federal Reserve DistrictLoans and investments-total
Loans-total
On securities
All other
Investments-total
U.S. Government securities
Other securities
Reserve with F. R. Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
FInernarImm frnm V 11 Filtnk




Total.

Boston. New York

Phila.

Cleveland. Richmond Atlanta. Chicago. St. Louis. AIinneap. Kan.City

s

s

s

1,226

8,002

1.031

8,168

663

3.827

500

3,495
4,673

250
413

1,866
1,061

241
259

$
17,425

$
1,137

$

$
355

349

431

170

187

212
219

59
111

63
124

$
1,724

$

$

Dallas. San Fran,
3

$
555

436

$
1,761

165

198

188

885

43
122

62
136

60
128

22()
665

518

331

734

220

332
402

87
133

9,257

563

4,175

531

706

185

162

990

298

166

357

248

876

6,278
2,979

398
165

2,854
1,321

291
240

512
194

137
48

116
46

663
327

200
98

111
55

249
108

192
56

555
321

2.467
231
11,514
4,377
1,504
1,441
3.331
In

159
35
794
337
129
100
170

1,232
49
5,990
1,081
846
133
1,473

130
12
645
301
74
126
196

126
18
563
439
76
93
152

37
11
204
134
14
66
83

29
6
159
131
36
88
76

69

7

393
51
1,369
481
87
231
421

329
162
38
86
140

38
5
196
126
7
81
92

76
12
398
164
31
158
225

69
10
284
120
62
119
138

109
14
583
901
104
180
165

2

1

8

Quotations for United'States Treasury Certificates of
Indebtedness, &c.—Friday, March 16.

ore

sob jtinanrial
Tainnterrliti (grin:1.11.1de

Maturity.

PUBLISHED WEEKLY

Terms of Subscription—Payable in Advance
6 Mos.
12 Mos.
Including Postage—
$6.00
$10.00
United States, U. S. Possessions and Territories
11.50
6.75
In Dominion of Canada
13.50
7.75
South and Central America, Spain, Mexico and Cuba
Great Britain, Continental Europe (except Spain), Asia,
15.00
8.50
Australia and Africa
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
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Transient display matter per agate line
On request
Contract and Card rates
Crimea° OralCs—In charge of Fred. H. Gray, Western Representative.
208 South La Salle Street, Telephone State 0613.
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WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor,
; Business Manager, William D. Riggs; Treas.,
William Dana Seibert: Set.. Herbert D. Seibert. Addresses of all. Office of Co.

Wall Street, Friday Night, March 16 1934.
Railroad and Mscellaneous Stocks.—The Review of the
Stock Market is given this week on page 1866.
The following are sales made at the Stock Exchange this
week of qlures not r presented in our r etailed list:
STOCKS.
Week Ending Mar. 16

1879

Financial Chronicle

Volume 138

Sales
for
Week.

Range for Week.
Lowest.

Highest.

Range Since Jan. 1.
Lowest.

Highest.

Railroads—
Par. Shares 8 per share. $ per share. $S per share.$ per shlre.
Chic St Paul & Om-100
20 5 Mar 15 5 Mar 15 5
Feb 6%. Feb
Cinn Sand & Cl pret 50
10 49 Mar 12 49 Mar 12 46
Jan 49
Mar
Duluth 5 S .3. At1_100
100 1 Mar 10 1 Mar 10
% J
1% Feb
Hudson & Manh pf_100 1,100 21 Mar 21 12% Mar 15 18
Jan 26% Jan
rot Rys of Cent Am--"
J
5
Mar
50 4% Mar 13 5 Mar 13 3
Preferred
100
610 12 Mar 10 13% Mar 14 7% Jan 16
Feb
Market St Ry
100 2,31
34 Jan 2% Mar
1% Mar 12 2% Mar 16
2d preferred
100 1.030 23 Mar 16 4 Mar 18 1
Jan 4
Mar
Preferred
100
840 5% Mar 16 7% Mar 16 5
Mar 7% Mar
New 011 Tex & Mex100
Feb
10 19% Mar 14 19% Mar 14 11% Jan 25
New York Cent rts__ 137,200 2 Mar 10 2% Mar 14 1% Mar 2% Mar
Northern Central...if)
Mar 81
Mar
20 81 Mar 10 81 Mar 10 81
Norfolk&Westpfdloo
Jan 90
Mar
30 89 Mar 12 90 Mar 13 82
Pacific Coast 1st pf—
1,63
6% Mar 10 10% Mar 14 3% Jan 10% Mar
2d preferred
Jan 6% Mar
4% Mar 13 6% Mar 14 2
* 2,03
Finis Rapid Trans pf 50
Feb 9% Mar
410 6 Mar 14 9% Mar 16 5
Feb 4% Jan
Common
60
570 3 Mar 16 4 Mar 16 3
Pitts Ft Worth & Chi—
Mar
Preferred
100
10 160 Mar 12160 Mar 12 14134 Jan 160
Texas & Pacific_
100 1,100 33 Mar 12 36 Mar 13 1834 Jan 43% Feb
Wabash RR pretB_100
200 63.1 Mar 15 634 Mar 14i 2% Jan 634 Mar
Indus. & Miscall.—
10 105 Mar 16 105 Mar 16 89
Jan 105
Feb
Abrah'm & Straus 91100
300 7 Mar 10 7 Mar 10 4% Jan 8
Feb
Am Mach & Meta ctfs-•
Amer Radiator & Stand
100
10(116 Mar 14 116 Mar 14 111% Jan 11734 Feb
Sanitary pre f
Beneficial Ind Loan--• 42,100 13% Mar 10 18 Mar 16 12% Jan 18
Mar
Bloomingdale 7% pflil•
10 98% Mar 14 98% Mar 14 88
Jan 98% Mar
Blumenthal & Co pt 100
10 51% Mar 15 51% Mar 15 48% Feb 36% Feb
Jan 20% Feb
Briggs & Stratton___•
100 20 Mar 12 20 Mar 12 15
Burns Bros class A...."
100 2% Mar 15 2% Mar 15 1% J
6
Feb
Jan 434 Feb
Class A crts
"
200 234 Mar 15 2% Mar 15 1
Jan 15% Feb
Preferred
100
120 10 Mar 16 12 Mar 14 4
City Stores class A....
400 4% Mar 15 4% Mar 16 3% Jan 534 Feb
Class A offs
Jan 5% Feb
100 4% Mar 18 434 Mar 16 3
% Jan 1% Feb
Certificates
1,600
34 Mar 10 1 Mar 14
Collins& Alkman p1100
Jan 9234 Mar
40 91% Mar 13 92 Mar 10 79
Feb
Col Fuel & Jr pret-100
50 23 Mar 10 24 Mar 12 1034 Jan 32
Jan 66% Feb
Col Gas di El prat B_100
180 6234 Mar 13 64 Mar 14 41
Comm Cred prof (7).25
Mar
260 28 Mar 12 28% Mar 12 23% Jan 29
Consol Cis pr pf x-w 100
Feb 5234 Feb
140 50 Mar 16 62 Mar 15 49
Feb 109
Devoe & Ray let pf-100
Mar
10109 Mar 12 109 Mar 12 99
Fairbanks Co ars_ _2.
M
300 134 Mar 14 134 Mar 10 1
1% Mar
Preferred Mts....100
Feb 7% Jan
80 5% Mar 12 6 Mar 10 3
Fed Min & Smelt p1100
Jan as(
Mar
400 79 Mar 10 88 Mar 14 70
Fifth Ave Bus Sec....'
Feb 11
Jan
10 7% Mar 16 7% Mar 16 7
Filene's(Wm)Sons Co
Feb 27
30 27 Mar 14 27 Mar 14 25
Feb
04% preferred_ _100
30 96 Mar 13100 Mar 15 87
Jan 100
Mar
Foster Wheeler pret....•
10 80 Mar 16 80 Mar 16 60
Jan 80
Mar
Gen Baking Co pref...'
150 104 Mar 16105% Mar 15 102% Jan 10834 Feb
Gen Ry Signal pf__100
10 9634 Mar 15 96% Mar 15 98
M 10134 Feb
Gen Refractories v t 0'
900 14% Marl 1634 Mar 14 12% Jan 1934 Feb
Harbison Walker Rd-Preferred
100
Jan
20 96 Mar 10 96 Mar 10 37
Jan 100
25 1,400 93 Mar 10 9434 Mar 14 87% Jan 96% Jan
Hazel Atlas Co
Island Creek Coal p1.1
20 90% Mar 13 90% Mar 13 90
Jan 90% Mar
Kans City L&P pf B."
30 108 Mar 15 108 Mar 15 0734 Jan 108
Mar
Keith-Albee-Orph pt100
400 26 Mar 13 30 Mar 14 20
Jan 30
Mar
Kresge Dept Stores_l
100 6 Mar 16 6 Mar 16 2% Jan 7% Feb
100
Preferred
10 25 Mar 16 25 Mar 16 19
Jan 40
Jan
100
Feb 63% Feb
Laclede Gas
30 4334 Marl. 45 Mar 12 40
100
Preferred
190 51 Mar 12 54 Mar 12 4234 Jan 60
Feb
5
300 1934 Mar 14 1934 Mar 14 17% Jan 20
Life Savers
Jan
MacAnd & Forbes pf10 i
20 9934 Mar 10 9934 Mar 10 95
Jan 9934 Feb
5 3,700 434 Mar 13 5 Mar 10 4% Jan 5% Feb
Marancha Corp
Martin-Parry Corp...* 2,000 10% Mar 12 1134 Mar 14 634 Jan 12% Mar
*
20 20 Mar 13 20 Mar 13 9
Maytag pref x-warr
Jan 20
Mar
Milwaukee El By & Lt
100
10 56 Mar 10 56 Mar 10 50
preferred
Jan 57
Feb
Nat Aviation Corp...." 2,300 8% Mar 16 9% Mar 12 7% Feb 13% Jan
10 35% Mar 16 35% Marl 35% Feb 37
Jan
Norwalk T & R pret.50
Jan 110
10 110 Mar 13110 Mar 13 103
Mar
Pac Tel & Tel pref 100
Pacific Western 011___* 1,000 7 Mar 12 7% Mar 12 654 Mar 8% Feb
J
17
Panhandle P & R pt 100
350 14% Marl 17 Marl. 12
Mar
J
Peoples Drug Stores...* 4,000 25% Mar 12 29% Marl'21
2934 Mar
J
97
Mar
634% cony pret_100
30 95 Mar 14 97 Marl. 88
3% Mar 12 2% Jan 43-4 Jan
Penn Coal & Coke___50
500 334 Marl
Feb 65
Mar
Phillips- Jones pret_100
50 65 Mar 13 65 Mar 13 58
Feb 23
Mar
Rhine Westphal El& P
100 23 Mar 13 23 Mar 13 22
Roan Antelope Copp M
31% Feb
500 30% Mar 10 31 Mar 12 26% J
Schenley Distillers_ . 130,200 29 Mar 10 3534 Mar 16 26% Jan 3534 mar
Shell Transp & Trad_
100 26% Mar 14 26% Marl 26% M
284 Mar
834 Mar
Sou Dairies class A•
110 7% Mar 13 834 Mar 15 7% M
Sterling Products_ _10 4,300 64 Mar10 54% Mar 14 47% Jan 58
Jan
Und-Ell-Fisher pret-100
Jan 119
10 119 Mar 15 119 Mar 15 102
Mar
Jan 17
Feb
United Amer Bosch_.•
60 12 Marl 12% Mar 16 10
5 17.700 12% Mar 10 14% Mar 14 9% Jan 15% Feb
United Drug
20 65 Mar 16 65 Mar 16 59% M
65
Mar
United Dyewood pf_100
Mar 16 7% Jan 13
100 11 Mar 16 11
Feb
U 5 Distributing p1100
8 118 Mar 12120 Mar 1.5 112% Jan 120
Mar
Unlv Leaf Tob preL100
10 15 Mar 13 15 Mar 13 4% Jan 17
Feb
Union Pipe & Bad pf1(10
5
800 30% Mar 12 31 Mar 13 24% Jan 31% Mar
Vick Chemical
10 7% Mar 12 7% Mar 12 434 Jan 9
Virginia Ir Cl & C.100
Feb
* 6,300 23% Marl 25 Mar 14 22% Feb 25% Feb
Walgreen Co
100
90 9734 Mar 13 98 Mar 12 84% J I 102% Feb
Preferred
200 56 Marl 57 Mar 14 38
Jan 57
Feb
Wheeling Steel pret_100
'No par value.




June 18 1934_
Sept. 15 1934—
Aug. 1 1935_
Aug. 1 1934-Dec. 15 1984...
Mar.15 1935..-Dee, 15 1935—
Feb. 1 1988...
Dee. 15 1936....

Int.
Rata.

sin.
134%
134%
234%
234%
234%
234%
254%
23$%

Bid.

Asked.

Maturity.

/M.
Rate.

Bid.

Asked.

100,ss
100uss
101014
1001'n
101"ss
1011"ss
102,
st
”
101,
102'n

10010n
100,4n
101ess
101
101liss
102
102,as
101,as
102"ss

Apr. 18 1938—
JUDO 15 1938—
May 2 1934-June 15 1935_
Feb. 15 1937—
Apr. 15 1987.-Mar. 15 1938.—
Aug. 1 1986...
Sept 15 1937...

234%
234%
3%
3%
3%
3%
3%
3%%
334%

1022sn
10111n
100uss
102nn
102,n
102'n
101un
10317st
102"s

102nss
101.17,,
100uss
102sess
1020n
102uss
101"ss
103"ss
103'n

U. S. Treasury Bills—Friday, March 16.
Rates quoted are for discount at purchase.
Bid.
Mar.21 1934
Mar.28 1934
Apr. 4 1934
Apr. 11 1934
Apr. 18 1934
Apr. 25 1934
msv 2 1054

Asked.

0.15%
0.15%
0.15% •
0.16%
0.15%
0.15%
AIRS.

May 9 1934
May 16 1934
May 23 1934
Aug. 8 1934
Aug. 15 1934
Aug. 29 1934
spnt_ 5 1924

Bid.

Asked.

0.15%
0.15%
0.15%
0.25%
0.25%
0.25%
0.25%.

0.06%
0.05%
0.05%
11.0561.

United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.—
Daily Record of U. S. Bond Prices. Mar.10 Mar.12 Mar.13 /kfar.14 Mar.1511/Ifect.18
— --I— -High 102nn 102nn 102un 1031n 1031311 103,ss
First Liberty Loan
41 102uss 102"sa 103
334% bonds of 1932-47_1Low_ 102siss 102"n 102,
Close 1022su 102"ss 102"n 103ln 103'n 102,ss
(First 334s)
75
60
13
72
10
57
Total sales in 51.000 units _ _ _
_
Converted 4% bonds of(High
Low_
1932-47 (First 4s)
Close
Total sates in $1,000 units_ _ _
10-3;;; 101";s;
103
;
1
s; 10-3
103
Converted 434% bondrIgh 10-31of 1932-37 (First 4348) Low- 103,n 1011"n 102"n 102"ss 102"as 103'32
Close 103,n 102"st 103
1022'n 1031n 103"31
8
13
101
5
31
34
Total sales in $1,000 units_...
---Second converted 434 %,,{111gh
---Low_
(First(
bonds of 1932-47
Close
Second 434s)
Total sales in $1.000 units_
.
3
;
1
103"ss
{High 10-3Ws 103',, 10
Fourth Liberty Loan
Low_ 103"ss 102",, 103'ss 103,
n 103'ss 103'n
434% bonds of 1933-38
103'n
103
1031ss
103"ss
,
n
103"ss
Close
103,
ss
(Fourth 43(s)
161
142
121
24
87
81
Total sales in 31.000 units__
{High 100"ss 100,42 100", 10021n 100,,ss 100"ss
Fourth Liberty Loan
100uss
Low- 100"ss 100"ss
100"sz 100,131 100,5n
434% bonds (called)
10014.
Close 100"n 100"as
100,1n 100"s: 100:en
20
28
15
22
9
11
Total sales in $1,000 units_
110'n
110'n 110,211 109"ss 109,1n 110
reasury
110
109"ss
109"n
109,1s
110
,
st
{HighLow.
109"n
43451947-52
Close 110,ss 109"as 109"ss 109un 109.11 110'n
255
308
55
132
2
44
Total sales in $1,000 units.
(High 101"ss 101"ss 101"ss 1011011 101"n 101"n
4Low 101"ss 101'n 101'st '101"st 101uss 101"st
43, 1944-54
!Clow 101"ss 1010n 1011,n 1011sa 101"ss 101"st
125
420
101
232
143
51(
Total sales in $1,000 units-11 106"ss
106,
n 106'ss 106'n 106,
st 106,
ss
106
{HighLow. 106'n 106
106,
n 106,ss 106,
430-3%8.1943 45
8 106"st
CloSi 106,ss 106,ss 106'n 106,
:t 106,
290
326
164
394
32
102
Total sale. in $1,000 units—.
104'n 104'n 104"st 104un 104"ss 1042,n
ss 104% 104"r 104"ss 104"ss
{HighI.ow. 104"ss 104,
334s, 1948-58
Close 104'ss 104,ss 104"” 1041,
" 104"n 104uss
108
66
27
66
110
107
Total sales in 51.000 units-(High 1012's 101"ss 101"n 102,
n 102,n
102
101,21:
101us
101"st
I.ow.
101ust
334s, 1943-47
Close 101un 101,2ss 101"st 102'n 102,n
7
14
32
128
Total sates is $1,000 units...
9
;
1
98"ss 998"n 98,712 99
9815i
{HighLow. 98uss 98"n Nun 98un 98"n 9828ss
3s. 1951-55
99'n
98"ss
Close 98"n 98,1n 98"st 98,
",,
258
126
613
174
31
213
Total sales in $1,000 sniffs—
102"rs 102",,
[High 101nss 101.2"ss 102',, 102
Low. 101",, 101,,ss 101"n 101"st 102,n 102"ss
334s, 1940-43
Close 101",, 1012,11 102'n 102'n 102"n 102"st
101
21
164
110
2134
35
Total sales in $1,000 units__
(High 101"31 101uss 101,,st 102'ss 102'ss 102"st
101,
42 102'n
Low. 101"11 101,,s 101"st 102
35,1e. 1941-43
102,
” 102un
Close 1011814 101,,n 101"tt 102
60
23
123
47
469
14
Total sales in $1,000 units__
100'n 100'n 100"st 10011ss 100,,n
{High 100
9910, 100
100"n 100nn 100"st
Low_ 100
334's 1948-49
100'n 1001,n 100"ss 100uss
100
Close 100
206
5
87
273
12
43
Total sales in $1,000 ,,sits..._
101"st
, 101"s 101"n 10124n 101u
{High 101",
101un
101"ss
1011in
10115n
10114s
101",,
Low.
334s. 1941
Cloee 101",, 1011,st 101"ss 1012844 10184ss 101"ss
72
155
120
78
475
24
T,tal sales in $1.000 units

Note.—The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
15 let 3358
7 4th 434s (uncalled)
32 4th 434s (called)
a Odd lot sale $7,500 at 102111s.

1022,” to 102"rs
103in to 103,ss
100issi to 100801s

Foreign Exchange.—
To-day's (Friday's) actual rates for sterling exchange were 5.0834 @5.09 31
for checks and 5.0834(815.0934 for cables. Commercial on banks sight.
5.083-4, 60 days, 5.08, 90 days, 5.0734, and documents for payment, 60
days, 5.08. Cotton for payment 5.09.
To-day's (Friday's) actual rates for Paris bankers' francs were 6.57%0
6.58 for short. Amsterdam bankers' guilders were 67.31067.32.
Exchange for Paris on London, 77.35, week's range, 77.50 francs high
and 77.15 francs low.
Cables.
Sterling, Actual—
Checks.
High for the week
5.103.
5.10%
Low for the week
5.0731
5.07%
Paris Bankers' Francs—
High for the week
6.59%
6.5834
Low for the week
6.5731
6.5734
German Bankers, Marks—
High for the week
39.77
39.75
Low for the week
39.67%
39.6534
Amsterdam Bankers' Guilders—
High for the week
67.35
67.34
Law for the week
67.25
67.21

The Curb Exchange.—The Review of the Curb Exchange is
given this week on page 1869.
A complete record of Curb Exchange transactions for the
week will be found on page 1898.

1880

Mar. 17 1934

Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
tar

FOR SALES DURING THE WEEK OF STOCKS NOT
RECORDED IN THIS LIST, SEE PAGE PRECEDING.
NOTICE.-Sales for deferred delivery (s. 10, s. 15 days) are disregarded
In the week's range, unless they are the only sales of the week,
are shown In a footnote In the week In which they occur. No account
and whether included or no
is taken of such sales In computing the range for the year.
_
HIGH AND LO1V SALE PRICES-PER SHARE, NOT PER CE.VT.
STOCKSPER SHARE 1.PER SHARE
Sales
Range
Since
Jan.
Range
for
Precious
for
NEW YORK STOCK
Saturday
Monday
Tuesday
Wednesday Thursday
On basis of 100-share lots.
Friday
Year 1933
the
EXCHANGE.
Mar. 10.
Mar. 12.
Mar. 13.
Mar. 14.
Mar. 15.
Mar. 16.
Week.
Lowest.
Highest.
Lowest.
Highest.
$ per share $ per share $ per share $ per share S per share
S per share Shares.
Railroads
Par $ per share
S Per share $ per share $ Per share
6414 65,4 6578 6678 6612 68
68
6912 6634 68
6618
6712 21,200 Atch Topeka At Santa Fe__100 54 Jan 6 7334 Feb 5
.80
81 .8012 81
3458 Feb 8018 July
81
81
8134 8212 8214 8214 82
82
800
Preferred
100 7018 Jan 5 8512 Feb 17
*4614 49
60 Apr 7934 June
4812 49
4912 50
50
503s 47
49
4714 4712 2.300 Atlantic Coast Line RR
100 39 Jan 6 5414 Feb 16
2914 30
1812 Feb 59 July
2934 3034 3012 3114 3114 3134 2912 3118
2934 3012 29,700 Baltimore & Ohlo
100 2214 Jan 4 3412 Feb 5
*32
33
814 Feb 3778 July
33
3334 3312 34
34
3414 34
34
33
3334 4,500
Preferred
100 2412 Jan 9 3738 Feb 6
*4112 43[4 *4234 4314 4234 4234 4314 4314 4234
912 Apr 391a July
423
4
.42
423
4
300 Bangor & Aroostook
60 3912 Jan 9 46 18 Feb 1
*10114 105 *101 105 .101 105 *10014 105 *101
20
Jan 4134 Ilec
105 *101 105
Preferred
100 9518 Jan 5 109 Feb 6
6858 Jan 110 Aug
•14
17
*14
1678 *14
17
*14
15 .13
15
1418 15
200 Boston & Maine
100 11 Jan 11
1912 Feb 5
6
*5
67
Apr
*514 7
30 July
*6
7
*5
7
.538 7
*538 7
Brooklyn & Queens Tr _No par
478 Jan 8
838 Feb 7
*45
312 Mar
49
938 July
*4578 4814 *4578 4814 *4412 4814 *4412 4712 *4338
12
Preferred
No par 41 Jan 18 48 Feb 7
3534 Apr 8018 July
.3034 3114 3038 302 3134 3238 32
3318 3112 3278 3118 47
3134
8,600
Bklyn Mash Transit
No par 30 Mar 8 3614 Feb 7
213
4
Feb
*8312 8412 *84
4114
July
85
86
8618 85
85
*8312 85
*8312 84
300
86 preferred series A_No par 8218 Jan 4 87 Jan 19
64 Mar 8312 June
____ ________
Brunswick Ter &Ry SeeNo pa, --------------13 Jan
1712 18
18
July
414
18[4
1712 18
1738 1778 17
17% 17
1714 62,200 Canadian Pacific
25 1234 Jan 2 1814 Mar 12
712 Apr 2078 July
*86
89
"86
89
*8712 88
88
88
*87 100
*87 100
50 Caro Clinch & Ohio stpd_100 70 Jan 6 88 Mar 14
5014 Apr
*7312 8312 .75
7912 July
8212 "75
82
*77
81 .75
80 .77
79
Central
RR
of New Jersey.100 70 Jan 15 92 Feb 3
38
4318 44
Apr 122 July
435* 4412 4438 4478 45
4518 4412 4518 4412 4478 25,600 Chesapeake dr Ohio
25 3912 Jan 5 46% Feb 5
*1
2438 Feb 4914 Aug
512 *4
5
5
5
*5
612 .5
612 55
612
100 Chic dr East Ill Ry Co
100
238 Jan 15
7 Feb 17
12 Apr
8 July
*513 6
512 512 *57
6
6
6
578 578 .5
57
8
1,000
6% preferred
100
178 Jan 9
8 Feb 16
414 414
12 Apr
438 412
438 412
812 July
41, 412
434 434
4,400 Chicago Great Western__ _100
412 5
278 Jan 3
512 Feb 1
138 Apr
1014 10,1 10
738 July
10
1012 11
103
; 11.8 10
10
1018 1034 2,000
Preferred
100
614 Jan 4 117s Feb 19
212 Apr
634 678
1478
July
612 634
678 71s
75*
7
634 718
634 678 4.600 Chic Milw St P & Paa_No pa,
414 Jan 2
812 Feb 5
1
1034 11
Apr
1134 July
11
1138 1118 1112 1112 12
1034 1112 1034 1114 12,900
Preferred
100
678 Jan 8 1314 Feb 5
112 Feb
1814 July
1234 1334 1334 14
135* 14% 1334 14% 1314 1334 1338 1334 24,300 Chicago & North Western_100
6s8 Jan 3 15 Feb 5
114 Apr
16 July
24
2418 2378 2418 24
25
2112 2513 2434 2514 2412 2434 3,000
Preferred
100 1314 Jan 3 28 Feb 16
2
Apr
.478 5
3434 July
5
5
5
5
434 518
5
5
478 478 2,400 Chicago Rock 1st & PacIfic_100
23
4 Jan 3
614 Feb 7
2 Apr
*718 8
1015 July
*734 8
8
8
8
834
734 8
"734 8
1,200
7,
,
?
preferred
100
45* Jan 3
95* Feb 6
312 Apr
1912 July
*614 634 *634 678
6% 7
7
712
7
712 *612 712
800
(Pi preferred
100
378 Jan 2
8 Feb 6
278 Apr 15 July
*3312 35
34
34
35% 361
36
37
36
361 .34
36
740 Colorado dr Southern
100 27 Jan 4 4038 Feb 1
15,4 Feb 51 July
2534 2612 *2512 2778 2534 26
2712 29
28
28
2912
2.1
310
4% 1st preferred
100 20 Jan 4 3314 Feb 9
1212 Apr 4234 July
.22
28 .22
30
*22
30 .23
30 "23
27
*23
27
4% 2d preferred
100 20 Jan 12 30 Feb 3
10 Mar 30 July
*5
5,4
518 518
518 51
515 518
5,4 514
51a 512 1,100 Consol RR of Cuba pref.__100
218 Jan 5
634 Feb 5
1 14 Feb
105* June
*618 934 *818 934 *612 934
64 634
712 71
*634 834
30 Cuba RR 6% pref
100
314 Jan 15 1012 Jan 23
212 Jan
16 June
6212 6278 6314 64
65
64
8434 67
84
5312 64
64
4,600 Delaware dr Hudson
100 53 Jan 6 7312 Feb 1
3758 Feb 0334 July
28
2812 2812 295* 2918 297s 29% 305s 2814 2938 2834 2914 15,300
Delaware Lack & Western_50 2212 Jan 6 3334 Feb 5
1714 Feb 46 July
914 95* *934 10
912 91
10
1014
912 91
.958 10
900 Deny & RIO Or West pref 100
534 Jan 19 1178 Feb 6
2 Feb
1934 July
2012 2012 21
22
2114 22
2178 23
2158 2213 2114 22
9.700 Erie
100 1378 Jan 8 2478 Feb 5
334 Apr 2534 July
2612 2612 2712 27
26
2738 2718 2818 2758 2734 2658 27
3,600
First preferred
Jan
3
Mar
18
100
2818
14
412
Apr
2912
July
*181 1 2038 *20
*181 1 21
21
21
21 .19
2138 .19
21
100
Second preferred
100 12 Jan 3 22 Feb 5
212 Apr 2314 July
2734 281 1 2818 2914 2918 297
2912 3014 2778 2938 2812 2912 30,100 Great Northern pref
100 1838 Jan 4 3212 Feb 5
4% Apr 3334 July
.1312 1512 "14
15
1514 .14
1434 15
*1312 15 .1334 15
200 Gulf Mobile dr Northern_100
134 Mar
Wu Jan 10 1614 Feb 20
1112 July
*30
32 .2934 31
3134 314 32
3214 3112 3214 "31
32
1,200
Preferred
100 15 Jan 11 3534 Feb 21
212 Mar 2312 July
•1 18 114 *1 18 114 .1 18
11
*118
114 *118
*118
114
114
Havana Electric Ry Co No par
Feb
7
13
8
23
38
Jan
Dec
1
12
234 June
.9
938
1
938 918
95* 10 4 10% 1012
938 934 *912 10% 1,200 Hudson & Manhattan
100
712 Jan 2 1218 Feb 7
612 July
19 June
3112 32
3212 3334 3314 34'8 3314 3478 3212 3312 3212 3314 12,500 Illinois
Central
100 2812 Jan 6 3878 Feb 5
812 Apr 5034 July
*4114 43 .41
43
*4112 43
43
43 .42
45 .41
45
100
6% pref aeries A
100 35 Jan 13 4912 Jan 30
10 Mar 6018 July
*59
6158 .58
6158 .5912 6158 6158 6158 *80
62 .60
62
40
Leased lines
100 4834 Jan 5 6158 Mar 14
31 Mar 60 July
2014 2012 .2012 2212 .2012 2212 205* 205* *2034 2212 *203 22
,2
110
4
RR
See
ctfs
series
A__1000 1712 Jan 8 2414 Feb 6
412 Apr 34 July
9
9
914 912
938 10
978 1014
978 978 *938 10
3,100 Interburo Rapid Tran v 18.100
1334 Jan 2
834 Feb 26
418 Feb
1334 Dec
*1538 1534 1512 1534 1512 16
1558 1614 1558 155* *1512 1618 3,400 Kansan City Southern
100 11 Jan 8 1914 Jan 16
612 Feb 2478 July
.21
23 .21
2334 2334 2334 2418 2414 "20
2414 "20
2414
300
Fret,
100 1534 Jan 5 26 Feb10 z12 Mar 3414 July
•1812 1878 1878 1914 1914 1912 1914 1978 1834 1912 1812 1834 3,700 Lehigh rred
Valley
50 13 Jan 4 2114 Feb 5
858 Feb 2784 July
*53
54
5412 55
55
55
5612 5612 55
58
5514 5514 1.400 Loulsv 1.e & Nashville___100 4814 Jan 4 61 18 Feb 5
2114 Jan 6712 July
27
*25
28
28
27
28
28
29
*2614 29 .2614 29
400 Martha tan Ry 7% guar_ _100 20 Jan 3 31 Feb 3
12
Mar 28
Oct
1612 16% .1634 1734 1712 1734 18
19
18
1812 18
1814 10,500 Manh ay Co mod 5% guar.100 15 Jan 3 195* Jan 12
6
Jan 20
Oct
*612 8
*612 8
.6,2 8
*7
8
*738 8
8
1078
300 Market r-t Ry prior pref__.100
478 Jan 16 1078 Mar 16
*34
78
15* Star
4.78
June
7, 1
8
1
78
7,
.78 1
78
78
500 Minneapolis & St Louts_ _100
12 Jan 11
118 Jan 19
214 July
18 Jan
3
*212 3
3
.25* 3
3
3
.212 3
"212 3
300 Minn St Paul & SS Marle_100
178 Jan 2
358 Feb 6
12 Mar
578 July
*334 512 .412 514 *334 5
*334 5,4 *4
518 *4
412
7% preferred
100
8
Jan
Feb
134
43
14
4
July
Apr
812
3
4
714 712
712
7
7
7
612 7
614 678 "652 7
590
4% leased line ells
100
712 Star 10
312 Jan 2
212 1)ec 1412 July
1138 12
12
1212 1212 1234 1234 13
12
1234 12
1214 3,500 Mo-Kan-Texas RR____No par
8 Jan 2 1478 Feb 5
53
Jan
1718
4
July
2.812 2812 2834 29
2912 2978 2912 30
29
30
2814 2918 5,600
Preferred series A
100 1734 Jan 5 3438 Feb 6
1112 Jan 3714 July
.5
518
5
5
5
5
518 512
478 518
434 5
3,200 Missouri Pacific
100
3 Jan 2
6 Feb 5
1 18 Apr
105* July
712 734
734 778
712 8
734 838
734 8
734 778 4,500
Cony preferred
100
412 Jan 3
934 Feb 7
158 Apr
1514 July
*38[2 40 .40
43
43 .3812 43
41
44
43
42
42
130 Nashville Chatt & St Louis 100 32 Jan 2 46 Jan 24
13
Jan 57 July
.138 2
.112 2
2
2
218 218
2
218
2
2
360 Nat Rys of Men 1st 4% pf_ 100
22
214 Feb 23
1 18 Jan
312 June
% Mar
*34
*34
78
78
78
78
34
31
*58
78 '
2,3 preferred
400
78
58
100
38 Jan 6
1 Mar 7
is Jan
138 June
3658 37[2 37[4 3838 341 1 39
3838 3938 3714 3834 3738 3734 53,800 New York
_ No par 3112 Jan 6 4514 Feb 5
14
Feb 5812 July
.2012 22
22
21 18 22
21
2234 22
21
22
2112 22
2,800 N Y Chic & Central_St LouisCo
100 15 Jan 3 2534 Feb 23
218 Jan 2758 Aug
3212 33
31
31
3034 3134 31
3312 3114 335* 3134 3212 5,400
Preferred series A
100 1712 Jan 3 3434 Feb 21
258 Apr 3414 July
•I25 130 *125 130
129 129 *126 129
128 129
129 129
60 N Ity & Ilarlem
50 108 Jan 2 139 Feb 1 100 Mar 15834 June
19
1838 19
1958
1938 2012 1812 1938 1873 1914 27.400 N I( N LI & Hartford
19[2 2914
100 1414 Jan 3 2118 Feb 5
11 18 Feb 3478 July
3012 3238 3238 3112 3312 325* 33[2 32
30
3218 3112 32
5,160
Cony preferred
100 2312 Jan 0 3758 Feb 5
Apr 56 July
18
.934 105* 10
10
1014 105* 1010 11
*934 1014 .978 1038 1,300 NY Ontario & Westera
100
8 Jan 5 1158 Feb 5
712 Dec 15 July
5 114„ 158
13
138
, *1 1 4
134 "13s
134 *114
134
134 *114
100 N Y Railways pref
23
No
Jan
par
1
14
13
4
Jan
16
18
Mar
312 July
.2
253 •218 233
214 *2
214
212
218
218 *218 213
600 Norfolk Southern
100
114 Jan 3
3 Jan 30
478 July
12 Apr
173 173 .170 177 .172 177
177 177
177 177
172 172
700 Norfolk dr Western
100 161 Jan 5 181 Feb 16 11112 Mar 177 July
2934 3012 3034 3238 32
341 1 31
3312 33
3318 3112 3272 26.800 Northern Pacific
100 2118 Jan 6 3518 Fen 5
958 Apr 3478 July
414 4,4
4
4,8 414
434
5
618
512 6
6
5
2,930 Pacific Coast
4
Jan
2
10
61s Mar Ii
1
Jan
7 July
3338 3418 3334 3514 3412 3534 3534 3638 3458 3534 3412 3514 26,200 Pennsylvania
50 2914 Jan 4 3778 Feb 19
134 Jan 4214 Jul),
.6
814 *6
*6
*6
7
7
7
6
*512 7
6
100 Peoria & Eastern
100
8 Feb 17
4 Jan 16
9 July
78 Feb
•25
2618 2618 2734 28
2614 26
2812 28
"26
2712
28
900 Pere Marquette
100 1812 Jan 10 33 Feb 6
378 Mar 37 July
321 1 3214 *3012 35
.31
*3012 35
35 .3112 35
53112 3414
100
Prior preferred
100 18 Jan 13 38 Feb 19
6
Jan 4412 July
.23
28
23
23
*2512 27
2912 .27
28
2912 *2712 2912
90
Preferred
100 1612 Jan 10 30 Feb 5
412 Feb 3812 July
.23
28
23
23
2618 *1414 2618 .23
2578 .23
*2018 2812
100 Pittsburgh & West Virginia 100 15 Jan 3 27 Feb 21
Apr
3634 July
812
5234 5212 53
*50[2 51 12 5112 5112 .52
55 .53
55
5478
900 Reading
50 43 Jan 2 5638 Feb 5
2312 Apr 6212 July
53512 38 .35
*3512 38
*35
38
38 .35
38
38 .35
lst preferred
50 3378 Feb 7 35 Jan 22
Apr 38 July
25
•3334 35
*3414 35 .35
.335* 35
36
35
35 .3334 36
100
20 preferred
35 Star 7
50 2918 Jan 11
2312 Mar 37 July
•10,8 1558 *10
1578 *1014 16
155* •10
*1038 16
*1014 16
Rutland RR 7% pref
100
8 Jan 4 15 Feb 7
Jan
6
1812 July
358 4
34 334
358 358 1,800 St Louls-San Francisco
312 31 2
334 378
3,2 35* .
93 July
Jan 2
100
4% Feb 6
23,
78 Jan
414 438 2,600
418 414
418 4,4
418 414
4
4
334 334
1st preferred
5 Feb 6
100
214 Jan 4
1
Apr
914 July
.18
2314 .18
2314 .18
201 .18
2314 *18
2018 •18
St Louis Southwestern____100 1212 Jan 19 20 Mar 8
2018
514 Mar 22 July
.18
23
23
28
25 .23
•25
35 .25
36 '
1 26
26
210 Preferred
26 Mar 16
106 2012 Mar r
12 June 2638 July
•138
134
158
11. 158
158 134
158
112 158
112
158 4,000 Seaboard Air Line
No pa,
1 Jan 2
2 Feb 6
14 Jan
3 July
258 258
258 258 .238 234
238 23
.258 234 *238 234
400
Preferred
38 Mar
3% Feb 21
100
134 Jan 11
478 July
2614 27
2914 2834 2934 2738 29
2814 28
27
2758 2812 51,800 Southern Pacific Co
100 1812 Jan 5 3334 Feb 5
11 18 Feb 3834 July
3012 3118 3112 3334 325* 3312 3234 34
3158 33% 32
3318 25.100 Southern Railway
418 Mar 36 July
100 2334 Jan 0 3612 Feb 5
*3434 36
37
3558 37
3814 3814 39
3714 3818 3612 3712 6,000
Preferred
578 Jan 49 July
100 2734 Jan 6 4078 Feb 5
•4212 46
54212 48 .4212 46 .4212 46
.4212 46
*4312 46
Mobile & Ohlo Mk tr ctfa 100 39 Jan 19 4612 Fob 6
8
Jan 4014 July
.6
7
*618 7
7
.612 7
7
.61a
100 Third Avenue
7
814 Jan 12
100
6 Mar I
418 Fel
12 18 June
.234 312
3
312
4
37
4
334
312 312 *31. 378
8
800 Twin City Rapid Trans No par
438 Feb 6
Jan 10
13
8
Dec
434 June
3
4
1212 1212 14
1412 141, 1412 141, 15
1512 1812 1814 19
710
Preferred
19 Star 16
100
8 Jan 1
412 Dec
15 June
•126 128
12714 128
128 - 12834 128 - 12912 12712 128
128 128
1,800 Union Pacific
100 11012 Jan 4 133 Feb 23
6114 Apr 132 July
80
.81I
80
8078 80
80
80
81
807
8014 8014 "80
900
Preferred
100 7134 Jan 18 8312 Feb 17
56
Apr
7512 July
*334 4
4
414 412
4
35* 35*
418 438 *4
414 2.000 Wabash
473 Jan 30
100
214 Jan 5
1 12 Jan
712 July
514
.
"513 6
6
534 6
512 6
2,500
558 534
534 6
Preferred A
100
634 Feb 5
318 Jan ^
1 18 Apr
978 July
15,s 1534 155* 1618 18
1478 15
1534 1512 1534 13,500 Western Maryland
161
15
100
834 Jan 2 1714 Feb 20
4
Feb
16 July
*1814 21
.19
2078 20
2014 2012 2114 2034 2034 *19
2034
1,400
24 preferred
100 12 Jan 9 23 Feb 20
1912 July
55* Jan
*512 .578
512 6
534 638
818 614
61 1 63
6% 614 3.600 Western Pacific
100
234 Jan 2
718 Feb 23
1
Apr
912 July
1012 1034 1078 1112 1138 1234 1238 131, 12
1212 1234 17,300
1314
Preferred
100
458 Jan 5 1312 Feb 23
16 July
178 Mar
*391 4 _ _
934 -9%
.7402

53938 42
41 18 41 13 *3914- 4334 *3914 .
4078 4078
978 10'8
934 10
101s 1038
934 1018
934 1018
741, 7410 7413 7410 •7310
•74
____ .74
____

•Bid and asked prices. no sales on




nla day

a )ptional sale

Industrial & Miscellaneou
200 Abraham & Straus
Na pa:
8,500 Adams Express
No par
100
or*rred
^,
__
1M

c Cash sale. 45.1d 15 dam

z En-dividend.

35 Jan 17
658 Jan 8
7014 Jan 25

v En -r ants

4218 Feb 15
1178 Feb 5
7412 Fe.)21

1318 Feb4012 July
3 Feb
1314 Jul)
3.
An, 71 T.,.

w.• FOR

New York Stock Record-Continued-Page 2

IIIGII AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday
Mar. 10.

1881

SALES DURING THEONEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SECOND PAGE PRECEDING.

Monday
Star. 12.

Tuesday
Mar. 13.

Wednesday
Mar. 14.

Thursday
Mar. 15.

Friday
Mar. 10.

Sales
for
the
Week.

STOCKS
NEW YORK STOCK
EXCHANGE.

PER SHARE
Range Since Jan. 1.
On Oasts of 100-share lots.
Lowest.

Highest.

PER SHARE
Range for Previous
Year 1933.
Lowest.

Highest.

$ Per share $ per share $ per share
$ Per share 8 per share 3 per share 3 per share Shares. Indus.& MIscell.(Con.) Par $ per share
8 Apr 215 July
16 Jan 5 343 Mar 12
No par
333 3414 3312 3414 3112 33
3112 3212 11,900 Adams Millis
1212 June
518 Apr
734 Jan 5 11% Feb 6
10
103 1074 108 1078 103 103
1018 1012 2,100 Address Multigr Corp
93 July
13 Feb
758 Feb 5
518 Feb 10
No par
*534 6
6
6
6
61s
6
6
700 Advance Rumely
55 July
95 Feb 6
1134 May
618 Jan 13
2,100 Affiliated Products Inc_No par
8
8
8
8
8
*77
8
818
4712 Feb 112 Sept
No par 9512 Jan 9 10514 Jan 24
9714 9714 2,700 Air Reduction Ine
9712 98
98
9812 97,2 98
314 Feb 16
4 May
12 Feb
Ps Jan 3
700 Air Way Elec Appliance No par
.274 3
23
25
234 3
*23
3
1118 Jan 33 Aug
2012 2138 26,100 Alaska Juneau Gold Min_ 10 1914 Mar 1 237 Jan 15
203 2312 205 2118 2012 21
95 July
53
53
1
74 Feb 2
Jan
5 Jan 13
No par
100 A P W Paper Co
68
*5
534
*538 678 *5
514 Feb 1
84 July
% Apr
234Mar 16
No par
358 334
234 312 75,500 Alleghany Corp
312 38
312 33
1
Feb
5
Apr
145
8
4
217
8 July
Jan
Fret
A
warr___100
912 9%
914 97
with
$30
6,600
914 912
58
812 9
11 Apr 21 July
812 812 *8
633 812 1,600
014 •8
ms
558 Jan 3 1312 Feb 5
Peel A with $40 warr___100
114 Mar 20 July
514 Jan 6 1212 Feb 5
Fret A without warr___100
2,200
6
8
858
814 *838 834 *8
8
5 Mar 26 July
*18
1712 Jan 2 2318 Feb 23
No par
2112 *1958 2112 *1958 20
100 Allegheny Steel Co
20
20
7034 Feb 152 Des
15012 151 14912 15034 14914 151
15012 153
2,500 Allied Chemical & Dye_No par 144 Jan 8 16034 Feb 17
Oct
Apr 125
*12412 126 *125 126 *125 126 *125 126
100 12218 Jan 16 12614Mar 7 115
200 Preferred
6 Feb 2638 July
1612 Jan 8 2338 Feb 5
2058 1914 20
1978 2038 20
1938 1978 9,100 Allis-Chalmers Mfg____No par
534 Jan 24 July
1234 Jan 2 2018 Feb 5
1534. 1534 16
16
500 Alpha Portland Cement No par
16
16
*1512 163
54 Feb
914 July
714
712
734 Mar 12
678 738
1
4 Jan 15
618 6%
6
6
5,300 Amalgam Leather Co
5 Feb 40 July
4312 45
44
44
4014 42
*39
4234 1,400
50 25 Jan 6 45 Mar 13
7% preferred
4758 Nov
1812 Mat
4714 4714 *4738 48
48
49
48
4814 4712 4834 4834 49
No par 4112 Jan 4 5038 Feb 2
2,300 Amerada Corp
714 Mar
35 July
2914 30
30
30
2834 29
2918 2934 29
29
29
1,800 Amer Agri° Chem (Del) No par 2514 Jan 4 36 Jan 24
29
8 Mar 2812 July
1914
1918 198 19
19
19
19
19
19
10
1412 Jan 4 23 Fen 5
1918 1812 1858 1,600 Arnelleall Bank Note
34
Apr
497 June
*4434 47
443 45
46
46
*4434 47
4458 4514 46
Preferred
50 40 Jan 4 4934 Mar 2
4678
280
1
Jan
1634 July
712 Jan 4 1234 Feb 3
1014 1014 10
11
11
1035 1058 113
1012 1058 1058 11
3,300 American Beet Sugar__No par
234 Jan 64 Sept
557
59
*5812 59
59
60
100 4612 Jan 4 61 Feb 3
5618 58
240
7% preferred
*5714 5912 57% 58
918 Mar 4212 July
*3118 3212 *32
3212 3212 3278 31
31
31
31
1,400 Am Brake Shoe & Fdy_No par 28 Jan 5 33 Feo 6
3212 32
00 Mar 106 Aug
*98 102
102 10518 104 104
100 96 Jan 10 107 Feb 7
104 104
Preferred
104 104
10518 1051
580
25 9418 Jan 5 10734 Feb 15
492 Feb 10012 Dec
99 10018 10058 10112 10012 10112 10018 10158 9918 lOO's 9958 190'3 12,700 American Can
*141 143
142 142 *14112 143
142 142 214014 1401 .14014 143
Preferred
100 12612 Jan 6 142 Mar 12 112 Feb 134 July
300
618 Jan 3934 July
2812 2812 2858 2938 2934 2978 293s 29d4 2834 293
2314 Jan 6 3378 Feb 5
2834 283a 2.500 American Car & Fdy___No par
15 Feb 5934 July
5113
*48
5118 *48
100 3814 Jan 8 5612 Feb 5
51% 5114 5114 5112 53
200
Preferred
5012 5013 49
158 Mar
14 July
No par
612 Jan 11 1214 Feb 27
10
*912 1012
*912 1014
912 10
10
600 American Chain
1018 1012 1012 10
312 Mar
3112 July
*26
31
100 2012 Jan 10 3112 Feb 27
*26
31
*2712 31
*26
31
*26
31
*26
31
7% preferred
7
Mar 5114 July
8
55
Mar
7
34
Jan
par
4614
54
5458 *53
No
53
538 538 54
5412 53
53 *52
800 American Chicle
5478
612 FeO 5
2 Feb618 June
.4% 48 *4'8 478 *4% 47
10
338 Jan 29
*47
514
100 Amer Colortype Co
*414 512
48 47
13 Feb8978 July
50
5138 5012 5012 5018 5034 5012 5l4 50
52
51
5112 6,400 Am Comml Alcohol Corp 20 4734 Feb 19 6212 Jan 31
375 3 8
5 Feb 16
1
Jan
6 June
4
238 Jan 6
4
334 4
354 3%
314 334
358 5,600 Amer Encaustic TIling_No par
34
37 Apr
13 July
6 Jan 3 101 2 Feb 3
834
818 84 *814 874 *8111 834 *8
*75
834 *8
S'o
500 Amer European Sec's__No par
37
1334
Feb
6
3
Feb
Jan
195
8 June
par
73
4
1018 1014 1014 11
Power___No
1
Forn
1012 1138 1012 111s 10
1012 10 4 1012 22,400 Amer &
714 Apr 4478 June
17 Jan 4 30 Feb 7
*2212 2312 2312 2438 2312 24
No par
*2312 2412 24
1,100
Preferred
24
*23
24
438 Apr
2714 June
934 Jan 4 1712 Feb 6
No par
•1212 1312 1312 1412 *14
2nd preferred
15
1353 14
900
13
138 *1212 1438
3538 July
12 Jan 4 25 Feb 6
618 Apr
No par
18
1818 18
1878 1814 19
1858 1834 15I4 1812 18
86 preferred
1814 3,300
41 Jan
2112 July
20
20
20
20
20
2138 x2114 2134 19% 21
2014 2014 5,800 Amer Hawaiian S S Co_.10 1714 Jan 5 2258 Feb 16
212 Mar
16 June
714 Jan 12 1012 Feb 5
934 934 *9
934
912 912
938 1018 10
1014 1014 1014 3,400 Amer Hide & Leather_No par
4214
8
Mar
15
Jan
1312
Feb
5712 June
100
307
8
Preferred
*37
4012 *38
3912 3912 3912 3958 42
4014 4,100
40
4214 40
2434 Dee 4212 May
1 2618 Jan 5 3558 Feb 5
*3234 33
400 Amer Home Products
*3212 33
33
*3212 33
x32
*33
3412 *3212 34
3,14 Feb
1712 June
618 Jan 4 10 Feb 5
No par
87
2,100 American Ice
*878 9
9
918
9
9
9%
914 914
9
9
25
Feb 578 June
100 3514 Jan 8 45 Feb 5
6% non-cum prof
800
*4158 4312 43
43
43
43
43
*43
45
4412 4412 43
1518 July
414 Feb
612 Jan 8 11 Feb 6
11
9
2,600 Amer Internat Corp_No par
9
9
958
914 938
9
9
9
914
958
14 Apr
312 June
34 Jan 5
133 Jan 20
I
1,400 Am L France & Foamite No par
1 18
1'8
1 18
1
118
118
118
118
118 *1
118
12 June
4 Jan 18
114 Jan
100
Preferred
68 Feb 1
170
634
534 534
614 614
5512 6a
534 534 *6
678
6
par
6
8
Jan
3918
July
2614
Jan
4
333
4
Feb
57
Locomotive__No
American
7
3,500
35
35
3478 36
3612
36
36
3634
37
3618 3634 35
1734 Jan 63 July
100 50 Jan 8 7458 Mar 13
Preferred
71
1.500
72
7214 71
*71
74
7112 74
74
7312 7458 73
834 Feb 2238 July
1714 1612 1714 •1678 1718 1,300 Amer Mach dr Fdry Co.No par 13 Jan 4 193 Feb 5
*17
173 *17
1712 17
17
17
935 Feb 1
1
Jan
6 June
314 Jan 3
*73
754
712
700 Amer Mach & Metals_ No par
712 712 *7
*75
8
734 73
712 7,
318 Feb 2358 July
18 Jan 4 2758 Feb 15
24
2538 25
2558 2412 25
2412 25's 2234 2412 2212 237 11,300 Amer Metal Co Ltd___No par
7 Nov
75
2
Jan
73
Jan
91
Feb
15
1512
preferred
100
cony
6%
9012
*87
87
9012
0012
*87
*87
9012 *87
*87
91
91
17
Jan
3012 July
21 Jan 3 3434 Mar 13
31
3214 3114 3112 3,020 Amer News Co Ine____No par
29
30
3014 3312 3318 3434 3234 34
57 Jan 4 1214 Feb 6
4 Feb1978 July
97
938 10
93
934 10'a
958 954 21,900 Amer Power & Light__No pa,
9
912
9,2 10%
97 Apr 4118 July
'Jo pa, 1334 Jan 8 2978 Feb 6
$6 preferred
2334 2334 3,300
2512 26's 253 26
25
25
267
*2378 2412 24
9 Apr
35 July
127 Jan 5 264 Feb 7
No par
$5 preferred
22
221
2034 214 2078 2078 1,300
2112 22
.1934 2012 2078 207
458 Feb19 July
137
8
Jan
4
175
8
Feb
1
Stand
San'y
No
par
Rad
&