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The Financial Situation
NTIL quite recently the uncertainties under out many branches of industry, more particularly
which the business community found itself in some of the trades closely associated with the
compelled to work consisted chiefly, as far as the so-called heavy industries which the Administration
legislative situation was concerned, in obscurities is so eager to encourage. To this extent we agree
concerning the course likely to be followed by the with the position taken by the labor leaders in the
Administration and the extent to which the courts matter. Indeed, it is precisely because we think
were likely to restrict Administration policies. To that they are largely correct in their appraisal of
these others have now been added. They concern the respective effects of these opposing plans that we
the degree to which Congress henceforth can be believe them to be wholly wrong in their conclusions
persuaded to grant virtually anything asked of it as to the relative desirability of the two systems.
by the President. Some weeks ago the Senate
The Question of Economy
refused at the earnest request of the AdministraNation's resources would be more
Whether
the
tion to approve the World Court proposal, but the
wasted
in
one case than in the other depends
seriously
furnishing
a
as
not
incident was widely regarded
in considerable part upon
dependable test of the conwhether the assets to be
trol of the President over
Bigness
created under the plan
the legislative branch in
For years past there has been a disposition
have any real value anymost domestic issues. It
in some quarters to condemn bigness as such
how. It can make little
was likewise, of course,
in the economic world. Not very often have
difference, it seems to us,
adherents of such ideas been willing to congenerally known that fairly
fess allegiance to them openly, but they have
whether three harbors
numerous groups in Conoften entertained them.
no one is likely to
which
gress were not altogether
It is doubtful if the average business man
in this country realizes the extent to which
use in any event are deepin sympathy with what
ideas are held without much dissimulathese
ened and improved or
the President was planning
tion by members of the present brain trust.
whether only one is thus
to do during the current
Yet their influence is rather plainly to be seen
in much of the present proposed legislation.
bettered for a given sum
year.
They of course obviously underly current
of money. The same, of
proposals for a graduated tax on corporation
What Will Congress Do?
course, is true of useless
earnings. Without much doubt they are to
be found in substantial measure in the utility
roads, battleships, and
But despite unexpected
holding company measure, and they tincture
doubtless many other prodifficulties with the workthe utterances and efforts of the Administration at various other points.
jected constructions. But
relief bill in the AppropriaDefense of them is sometimes put in this
considering the extent to
tions Committee of the
rather strange way: If bigness has genuine
which the assets to be
economic advantages then bigness can afford
Senate and notwithstandto pay higher taxes. Only if bigness has no
brought
into existence are
ing the predictions so freely
such advantages will extra taxation destroy
real assets, it would be unmade that this measure
it, which in that event would be a social advantage.
warrantably wasteful to
would have no easy time
With equal logic one might reason that
pay high wages for the
on the floor of the upper
smallness ought to be taxed out of existence
earning
power
show
sufficient
unless
it
can
work done when profeshouse, the public was
to pay additional taxes. Of course in both
sedly
the main object is to
hardly prepared for the
cases the fact is entirely overlooked that comover who cannot
effimen
does,
oblige
and
normally
tide
vote at the end of last
petition may,
ciency to share its advantages with the public
obtain work. It
otherwise
week which recorded the
in the form of lower prices which in substandoubly undesirbe
would
determination by a matial part at least take the whole question out
of the profit and loss statement.
jority of the Senate to
able to do so if, as is likely
The truth of the matter is that bigness is
stand firm against the utto be the case, really connot likely to last very long in a competitive
business world unless it does possess economic
most pressure. which the
structive enterprises would
advantages.
Administration was for the
be injured by having men
moment able to exert. In
drawn from them to Govthe parlance of the political world this was a real ernment projects which are doubtful in their use"set-back" for the President, and naturally at once fulness at best. On the other hand it is a fact that
raised a host of questions regarding the prospects the payment of a "security wage" greatly comfor the remainder of the New Deal program during plicates the problem in some respects, since for
this session of Congress.
practical purposes it seems almost automatically to
The real significance of the action of the Senate eliminate the usual method of Government operain respect to the relief bill is to be found in the fact tions through private contractors. We look with
that it raises just these questions. The issue on which grave uneasiness upon any plan that requires the
the relief plans of the Administration thus became Government to undertake directly construction and
impaled is unquestionably of some importance, al- other allied projects on any such scale as is now in
though its importance is not of just the nature that contemplation. The inefficiency, not to say the
the President seems to suppose. Payment by the corruption, likely to arise from such causes as these
Government of "prevailing wages" for work on such would probably go a long way toward wasting any
projects as it contemplates would very definitely advantages from a cost standpoint that might
tend, in our judgment, to maintain rates of pay otherwise be saved by paying the lower wage. The
which in many instances ought to be reduced. A Government ought not to launch itself up on any such
"security wage" of, say, fifty dollars a month would enterprise, but if it must do so then it ought by no
leave natural forces much more freedom in stimulating means to pay the "prevailing wage," chiefly, we
the type of wage readjustment that is needed through- believe, for reasons that are not directly related to
U
1348
Financial Chronicle
the net social advantages likely to be obtained from
the projects undertaken, which in any event are
certain to be small.
The Real Issue
But everybody knows that this is not the only issue
in the Senate. Many Senators voted with Senator
McCracken not because they believed in his cause,
but by reason of their hope that in this way they
could succeed in greatly modifying the basic provisions of the measure. Many Senators are out
spoken in their desire to reduce the appropriation
to $2,000,000,000 or less instead of making it twice
that amount. They would like to have the whole
scheme converted into a program for dispensing
really necessary relief and nothing more. With such
desires it seems to us that all sensible people must
be in the most earnest sympathy. Any compromise
agreement with the President under which Congress
grants the huge amounts asked for must be set down
as unfortunate.
But as has already been indicated, the most interesting and, in the long run, the most important
aspect of this whole matter is to be found elsewhere.
Whatever the issue and whatever the underlying
cause, members of the Senate who heretofore have
been much inclined to do what they were told by
the President are now showing much more inclination to do some thinking on their own account.
This is by far the most significant and, on the
whole, the most encouraging fact in the whole
matter. It is perfectly true that a great many of
those who are now rebelling against White House
domination really desire far more radical and often
even more unsound legislation than that for which
the President himself asks. This is a fact of first
importance, which no sensible man should overlook or minimize. It is also true—with deep regret
be it said—that many members of Congress have
very few settled convictions of an intelligent sort
on any public question. They are inclined to view
all issues from a strictly political standpoint, merely
reflecting in their attitudes what they think is
popular in their home districts or championing
causes they think they can make popular there,
and of course obeying [mandates twhen 1 issued
from quarters believed to control the political organization that elects them. This is a painful truth
which the patriotic citizen dislikes to record, but
it is a truth none the less. It naturally raises the
question in thoughtful minds as to what the general
behavior of Congress is likely to be if it is no longer
under the thumb of a President with a program which
is definite, even if it is a very bad one.
The Duties of Congress
But after all the people elect the members of
Congress, and the Constitution places certain very
specific duties and responsibilities upon them. Our
protection against Presidential dictatorship lies in
their determination to perform their own functions
in government with reasonable independence of
mind. Whatever may be the immediate result of
a declaration of independence by Congress, the fact,
if fact it be, that the legislative branch is now showing a real disposition to do some of its own thinking is encouraging. What is needed is not a timid
policy of reliance upon the President to prevent undesired action, but a serious effort to inculcate a
spirit of reason and sanity on Capitol Hill.
March 2 1935
Congress now has before it a number of highly
important measures, including the banking bill, the
social insurance proposal, the new Wagner labor
measure and the public utility holding company bill
in addition to the relief measure. It also has before
it the task of deciding what ought to be done about
the National Industrial Recovery Act which expires
early this summer. On every one of these measures
there should be full and unbiased hearings to which
bona fide effort should be made to bring the best
minds of the country. Of course, this implies a full
and careful reconsideration of the basic provisions
of each measure. It is too often assumed in Congress
that the subjects to which these bills relate have
been fully studied by Administration authorities.
Such may or may not be the case. The fact remains,
however, that if Congress is to perform the functions
for which it was created it must make its own study
of them. This it can do only if it is willing to hear
and consider carefully the words of qualified authorities in these various fields. Willingness and indeed
an evident determination to do so will be one of the
first convincing evidences of a "new deal" in legislative behavior, or, perhaps, to express it more accurately, of a reversion to the older and far sounder
legislative practices. We venture the opinion that
careful questioning of some of the "brain trust" who
drafted these measures, particularly as to the general underlying philosophy and intent, would open
the eyes of many members of Congress and incidentally greatly aid their determination to re-assert
themselves.
Causes of Unrest
There has been much rather superficial discussion
of the causgs of the situation that apparently has
arisen in Congress. Often disposition is shown to
trace it to tactical errors of one sort or another.
These and similar causes have doubtless played their
part. We venture the opinion, however, that the
underlying cause of the growing disinclination on
the part of Congress to play the role of a rubber
stamp is found in the obvious failure of New Deal
policies to date. The movement of events is so swift
and confusing in this day and time that the average
man is likely to overlook a good many salient facts.
Run back over some of the outstanding New Deal
measures and note their history. What roseate results were promised for the gold policy! Prices were
to be raised rapidly and debts were to be greatly
reduced. Yet obviously nothing of the sort has been
achieved. The enormous outlays of the first two
years of the Administration were to have restored
prosperity. Yet the President is now demanding
another $5,000,000,000 to care for the distressed and
to aid in the recovery that has not yet put in its
appearance. Enormous effort and funds (largely
created for the purpose with Government guarantee)
have been expended with promises in advance of relieving mortgage holders and restoring the mortgage
market. Yet it is reported that foreclosures in many
districts are running into larger figures now than
ever before, and of course a wayfaring man can see
that there is no mortgage market. The agricultural
program of which so much was promised has succeeded in greatly increasing many of the very evils
it was designed to eliminate, namely, large governmental holdings of commodities to support an oversupplied market, and in addition has found itself
forced into lines of action which its managers at first
Volume 140
Financial Chronicle
rejected as undesirable. Further legislation is now
being sought to enable the Administration to apply
further the hair of the dog that did the biting. The
NRA is a confessed failure, and even the Administration strategists are puzzled to know what to do with
it. Of course, all this is known in Congress, even
among Administration adherents, who likewise are
well aware that a good deal of it is pretty thoroughly
understood outside of Congress. It would be strange
indeed if the effect of it were not visible in Congress.
The NIRA Problem
Of all these problems that now face both the Administration and Congress, there is probably none
that is more troublesome than the National Industrial Recovery Act. There does not seem to be any
solution, except of course that of letting the whole
matter go by default with the consequent lapse of
the law in June. Even in the textile industry, which
was the first and most ardent exponent of the whole
system, there is now little left but sickness of soul.
The trade agreements have largely broken down, at
least so far as any governmental aid or support is
concerned. The wage provisions are reliably said to
have increased the wage differentials between the
northern and southern sections of the industry in
such a way as to bring real injury to the employee
of the South and the employer of the North without
any apparent gain to anyone, least of all to the consumer who, as a result of the processing tax, the
artificially maintained price of cotton and the general confusion of it all, must pay much more for his
goods than would otherwise be the case. Meanwhile
Senator Borah and his colleagues are said to have
armed themselves with abundant material to show
the evil effects of the NRA upon the small producer
and the infringements of the anti-trust laws that
have occurred under it. The aid and comfort afforded labor officials have also acted like a drop
of blood upon the tiger's tongue, with the result that
labor is up in arms demanding the benefits that
were foolishly and vainly promised in the early and
halcyon days of the New Deal for labor. The courts,
two of them this week, one in the Weirton case in
Delaware and the other in the Kentucky coal mine
case, have repeatedly called the Act itself into serious constitutional question. These matters cannot
be brought to a final conclusion before the Supreme
Court for some time to come. Meanwhile the date
of expiration of the Act is approaching. The best
way, if not the only way, to cut this Gordian knot
is to permit the law to lapse, and thus write off the
whole foolish and deeply injurious experiment. This
the President evidently does not wish to do. It is
earnestly to be hoped that the newly arisen situation
in Congress will ultimately bring him to the conclusion that such a course after all is the part of
wisdom.
For our part, we take considerable encouragement
from the general trend of court decisions of the past
week or ten days, although of course such encouragement must be tempered by uncertainty as to the view
the Supreme Court will take on the questions involved. We heartily welcome the distinction drawn
in the steel case in Delaware between manufacture
and commerce even where the resulting product at
some later date may, and actually does, enter the
channels of inter-State commerce. We can only hope
that the court of last resort will take a similar view.
Of course it would spell the doom of such projects
1349
as the NRA, but that would be a most salutary development. Much the same view is to be taken of
the Grubb decision which was plainly foreshadowed
in an earlier opinion by the same court. It would
be a most helpful event if the Supreme Court were to
take the position that the Federal Government is
without power to enter the business of power production and distribution in competition with private
enterprise under the guise of improving navigation,
strengthening the national defense or the preservation of natural resources. From all present appearances this and only this will save the utility industry with its many dependent groups in the population from a grave and wholly unwarranted injury.
Bank Stock Listing
E REGRET what seems to be the disposition of
the Securities and Exchange Commission in the
matter of bank stocks to undertake to say what stocks
should be listed and what should not. The banks have
found by actual experience that the practice of having
their shares listed is of very doubtful wisdom. Bank
stocks, in:our;judgment, are not suitable media for
widespread speculative ownership and trading, which
listing tends to encourage. There are other aspects
of the matter also that raise serious questions as to
whether they ought to be listed. We doubt in any
case whether the fact that bank stocks are found in
some volume in the securities pledged in brokerage
accounts is a valid reason for listing. But the essential point in this matter is the apparent idea
entertained in Washington that the SEC owes
the community the duty of deciding for it what
stocks ought to be listed and what ought not.
Such is a mistaken view of its functions and
ought not to be entertained.
W
Federal Reserve Bank Statement
REDIT and currency tendencies of the country,
as reflected in the combined condition statement of the 12 Federal Reserve banks, remain much
what they have been in recent weeks. Member bank
deposits on reserve account declined $56,846,000 in
the week to Feb. 27, but this was due almost entirely
to drafts by the Treasury on the war loan deposits
with such institutions. As the funds are utilized
by the Treasury they can be expected to drift back
to the banks and again swell the reserve deposits.
Excess reserves over requirements remain close to
the $2,300,000,000 figure lately attained, and it
needs no great knowledge of economics to realize
the explosive force contained in any such aggregate.
Although monetary gold stocks of the country increased $35,000,000 in the week covered, the Treasury deposited with the Federal Reserve banks only
$26,944,000 of the gold certificates which these banks
now are permitted to call their own. Such variations have been common for months, but they even
out over a long period and it is not likely that the
Treasury has dipped to any great degree into its
famous "nest egg" of gold derived from devaluation
of the dollar. There are now signs that gold imports
hereafter will be on a smaller scale than in the immediate past, as the flow of funds to the United States
caused by the gold clause litigation uncertainty is
lessening.
The deposit of gold certificates by the Treasury
occasioned an advance in the Federal Reserve holdings of such instruments to $5,543,025,000 on Feb. 27
from $5,516,081,000 on Feb. 20, and as "other cash"
C
1350
Financial Chronicle
March 2 1935
also increased, the total reserves amounted to Association further reduced payments on the $5.50
$5,815,871,000 as against $5,785,250,000. Member preferred stock when it declared 371/2c. a share, paybank deposits on reserve account dropped to $4,587,- able April 1; 75c. a share was paid Jan. 1 last, and
949,000 from $4,644,795,000, but Treasury deposits prior to that date regular quarterly payments of
2 were made. United Corp. directors took no
1
on general account and other deposits both showed $1.37/
gains, and total deposit liabilities amounted to action on the quarterly dividend of 75c. on the $3
$4,898,231,000 on Feb. 27 as against $4,875,819,000 cumulative preference stock, normally paid on
on Feb. 20. A modest advance in Federal Reserve April 1, because of provisions of the Delaware law
note circulation took place to $3,138,751,000 from which prevent the payment of dividends on a pref$3,127,655,000, and there was also a slight further erence stock when the value of the corporation's net
increase in the net circulation of Federal Reserve assets is below the amount of stated capital reprebank notes to $1,324,000 from $1,242,000. The ad- sented by the outstanding preference stock, although
vance in total reserves exceeded the increases of current income is being received at a rate in excess
deposit and note liabilities, and the ratio again of preference dividend requirements.
advanced to 72.4% on Feb. 27 from 72.3% a week
The New York Stock Market
earlier. Borrowings by member banks from the
RENDS in the New York stock market were
System showed one of their rare increases to
uncertain this week, with the main movements
$6,464,000 from $5,926,000. Industrial advances by
the Federal Reserve banks continued their modest toward lower levels, especially in the early part of
advance and now have attained a total of $19,163,000. the week. The market steadied in the later sessions,
Open market bill holdings were $4,000 higher at but the turnover in equities, which was close to
$5,505,000, while holdings of United States Govern- 1,000,000 shares in the first half of the week, fell
to hardly more than 500,000 shares Thursday and
ment securities dropped $37,000 to $2,430,311,000.
yesterday. There was little buying interest at any
Corporate Dividend Declarations
time in stocks, even though the conviction is deepIVIDEND actions the present week, while again ening that the Supreme Court decisions on the gold
largely favorable, included several of an ad- clause suits signifies a further inflationary tendency
verse nature, mostly in the utility field. Union at Washington. A downward trend in stock prices
Carbide & Carbon Corp. declared a dividend of 40c. a was in evidence last Saturday, and the movement
share on the common stock, payable April 1, which was continued Monday of this week. Railroad issues
compares with 35c. a share in the three preceding were quite weak, largely because of comments.by
quarters. Wilson & Co., Inc., declared an initial Jesse H. Jones, Chairman of the Reconstruction
2c. a share on the common stock, Finance Corporation, who declared last week that
1
dividend of 12/
payable June 1; common stock was issued recently "railroad security holders will perhaps need to take
for the class A stock of the company in proportion substantial reductions in principal as well as rate
of five common shares for one class A share. Quaker of interest return." Other sections of the list
Oats Co. declared a special dividend of $1 a share showed only minor variations. Announcement by
and the regular quarterly of same amount, both pay- the Baldwin Locomotive Works that this old comable April 15. W. T. Grant Co. declared an extra pany will enter bankruptcy was one of the disconof 25c. a share in addition to the regular quarterly certing developments of the day. The tendency
dividend of like amount, both payable April 1. Tuesday again was downward, with railroad shares
American Safety Razor Co. declared a special divi- even weaker than in the previous session, owing to
dend of $1, to be regarded as applicable to the 1934 increasing apprehension that Mr. Jones had anearnings, and extra dividend of 25c. a share and nounced a new Administration policy toward the
the regular 'quarterly dividend of $1, all payable carriers. Steel, copper, motor and other stocks also
March 30. Emporium Capwell Corp. declared a dropped. Sentiment improved slightly on Wednesdividend of 20c. a share on the common stock, pay- day, owing, in good part, to rulings in Federal
able April 8; the last distribution on the issue was Courts which are adverse to the National Recovery
in September 1930, when a regular quarterly dis- Administration. Liquidation appeared to have run
tribution of 25c. a share was paid. U. S. Industrial its course, for the time being at any rate, and smr-Alcohol Co. resumed dividends on its common stock advances took place in all groups. Turnover fell off
with a declaration of 50c. a share, payable March 30; on Thursday, and prices fluctuated narrowly. Sevlast previous payment was 50c. a share, May 1 1931. eral announcements of progress in railroad reorganWheeling Steel Corp. declared a dividend of 50c. a ization plans failed to affect carrier stocks, which
sh-are on the $100 par 6% cumul. pref., payable remained at former levels, and other groups likewise
April 1, which will be the first distribution since closed within small fractions of previous figures.
Jan. 2 1932, when 75c. a share was paid. Container Nor was there any change in conditions yesterCorp. of America declared a dividend of $7 a share day, the movements again being very small and
on account of accruals on the 7% cumul. pref. stock, quite meaningless. Copper stocks and a few
par $100, to be paid April 1; the last previous pay- specialties showed modest improvement, but the
Two
ment was a regular quarterly dividend paid great bulk of issues merely drifted.
New York Stock Exchange seats were transferred
April 1 1931.
On the unfavorable side, Associated Oil Co. de- Tuesday at prices of $83,000 and $80,000, while
clared a dividend of 35c. a share on the common, pay- another was transferred yesterday at $81,000,
able March 30, which compares with 50c. a share these figures comparing with $90,000 on the last
paid in March and December 1934 and December previous transfer, effected Jan. 17.
In the listed bond market something akin to
1933. Commonwealth & Southern Corp. declared
be
to
prevailed in the first two sessions of the
stock,
preferred
hysteria
on
$6
share
its
only 75c. a
of
regard to second-grade railroad bonds.
with
quarterly
week,
regular
against
the
as
1,
April
paid
&
issues
Gas
tumbled 3, 4 and 5 points in each sesThese
England
New
Electric
paid.
previously
$1.50
T
D
$7olume 140
Financial Chronicle
1351
sion, and in some instances the recessions amounted for the week. General Electric closed yesterday at
/
2 on Thursday of last week; Con/8 against 231
to 8 and 9 points in a single session. This move- 227
1
4 against 1634;
New York at 18/
Gas
of
solidated
ment was clearly attributable to Mr. Jones's com51/4; Public Servagainst
Elec.
at
5
Gas
&
Columbia
Wednesday,
but
followed
on
ments. Improvement
I. Case Threshagainst
21%;
J.
21
/
1
2
J.
at
ice
of
N.
declines.
Nor
previous
for
the
to
make
up
it failed
4; International
8 against 571/
were any important changes recorded in later deal- ing Machine at 561/
1
2; Sears, Roebuck & Co.
ings. Highest-grade bonds were stable, with deal- Harvester at 40 against 39/
1
2 against 341/4; Montgomery Ward & Co. at
ings small, as investment activities were curtailed at 33/
/8 against 555
/
8;
8 against 26%; Woolworth at 547
pending the announcement of March financing by 251/
/
4 against 104/
1
4, and
the United States Treasury. Commodity prices American Tel. & Tel. at 1053
/8 against 119.
were quiet and firm, small net gains being recorded American Can at 1177
4
Allied Chemical & Dye closed yesterday at 1351/
in grains, cotton and sugar. The foreign exchange
Pont
week;
E.
I.
du
last
Thursday
of
market was highly uncertain, and the movements against 137 on
1
2 against 951/4; National Cash
caused some concern. Sterling was extremely weak de Nemours at 92/
against 16%; International
15
/
3
4
Register
A
at
dollar
and
relation
both
to
the
at almost all times in
237
/
8; National Dairy Products
24
against
Nickel
at
currencies
gold
improved
French
franc,
but
the
the
/8; Texas Gulf Sulphur at 33 ex/8 against 167
in terms of the dollar. Business indices show no at 167
important changes at the present time. Steel- div. against 34½; National Biscuit at 26% against
making was estimated for the week ending to-day 29; Continental Can at 71% against 72; Eastman
8 against 121½; Standard Brands at
at 47.9% of capacity by the American Iron and Steel Kodak at 1211/
Institute as against 49.1% last week. The Edison 17% against 17%; Westinghouse Elec. & Mfg. at 38
4 against
Electric Institute reports electric energy production against 391/4; Columbian Carbon at 761/
United
States
/
4;
4 against 203
/
8; Lorillard at 201/
for the week ended Feb. 23, which contained a holi- 773
Canada
393
/
4
;
against
1
2
day, at 1,728,293,000 kilowatt hours against 1,760,- Industrial Alcohol at 40/
1
2 against 131/2; Schenley Distillers
562,000 kilowatt hours in the preceding week. Car Dry at 10/
loadings of revenue freight totaled 552,896 in the at 26 against 27, and National Distillers at 27
week to Feb. 23, or 29,085 under those of the previ- against 28%.
The steel stocks closed lower this week. United
ous week, according to the American Railway
4 on
States Steel closed yesterday at 33 against 351/
Association.
/
4
As indicating the course of the commodity mar- Thursday of last week; Bethlehem Steel at 273
4,
/
4; Republic Steel at 12 against 131/
kets, the May option for wheat in Chicago closed against 293
/
8 against 18.
yesterday at 981/8c. as against 97%c. the close on and Youngstown Sheet & Tube at 163
Thursday of last week. May corn at Chicago closed In the motor group, Auburn Auto closed yesterday
2 on Thursday of last week;
4 against 231/
yesterday at 84/
1
2c. as against 857
/8c. the close on at 221/
/8; Chrysler at
Thursday of last week. May oats at Chicago closed General Motors at 29% against 307
/
4 against
8, and Hupp Motors at 21
yesterday at 505
/
8c. as against 51c. the close on 36% against 391/
Rubber
Tire
&
Goodyear
rubber
group,
1
2
. In the
Thursday of last week. The spot price for cotton 2/
of
Thursday
22
/
1
4
on
against
yesterday
at
21
here in New York closed yesterday at 12.60c. as closed
and
against
101
/
4
,
97
/
8
Goodrich
at
B.
F.
last
week;
week.
against 12.65c. the close on Thursday of last
/
8.
4 against 143
Domestic copper closed yesterday at 9c., the same United States Rubber at 141/
The railroad shares show declines for the week.
as on Thursday of last week.
8 against
In London the price of bar silver was 26 1/16 pence Pennsylvania RR. closed yesterday at 201/
4 on Thursday of last week; Atchison Topeka &
per ounce as against 25 3/16 pence per ounce on 203
Thursday of last week, and spot silver in New York Santa Fe at 42 against 42%; New York Central at
4c. In the matter of the foreign 16 against 16%; Union Pacific at 95 against 99;
at 567
/8c. against 551/
exchanges, cable transfers on London closed yester- Southern Pacific at 151/2 against 15%; Southern
1
2, and Northern Pacific
4 the close on Thursday Railway at 93/4 against 11/
day at $4.82 against $4.871/
/
4. Among the oil stocks, Standard
of last week, while cable transfers on Paris closed at 16 against 171
1
2c. as against 6.621/
4c. the close Oil of N. J. closed yesterday at 387
/8 against 40/
1
2on
yesterday at 6.65/
/
8
on Thursday of last week. On the New York Stock Thursday of last week; Shell Union Oil at 63
8 against
Exchange 83 stocks reached new high levels for against 67
/8, and Atlantic Refining at 231/
the year, while 417 stocks touched new low levels. 24%. In the copper group, Anaconda Copper closed
On the New York Curb Exchange 61 stocks touched yesterday at 10% against 10% on Thursday of last
/8; Amernew high levels, and 122 stocks touched new low week; Kennecott Copper at 16 against 167
levels. Call loans on the New York Stock Exchange ican Smelting & Refining at 36/
1
4 against 371/
8, and
remained unchanged at 1%.
1
4 against 15%.
Phelps Dodge at 15/
On the New York Stock Exchange the sales at
European Stock Markets
the half-day session on Saturday last were 536,190
shares; on Monday they were 744,200 shares; on QTOCK exchanges in the principal European finanTuesday, 946,398 shares; on Wednesday, 933.'
cial centers were inactive and irregular this
shares; on Thursday, 573,640 shares, and on Friday, week, owing mainly to the monetary uncertainty
637,462 shares. On the New York Curb Exchange now prevalent everywhere. On the London Stock
the sales last ,Saturday were 103,320 shares; on Exchange persistent demand appeared for the gold
Monday,118,745 shares; on Tuesday, 149,785 shares; mining shares of African and Australian companies,
on Wednesday,139,180 shares; on Thursday, 128,763 as the price of that metal advanced almost every day
to new high figures in the London market. This, of
shares, and on Friday,208,125 shares.
The course of the stock market the present week course, is merely another way of saying that sterling
exchange was persistently weak in the foreign exwas downward, but on Wednesday a slight rally in
prices occurred. Yesterday the market was steady, change market. Chancellor of the Exchequer Neville
with price changes at the close somewhat irregular Chamberlain made one of his periodic statements in
1352
Financial Chronicle
the House of Commons, Thursday, that there is no
prospect of early stabilization of the pound sterling.
Although the declaration merely confirmed the numerous previous statements by the Chancellor, it is
of unusual interest at this time, since the pound
dipped well under nominal parity of $4.8665 with
the United States dollar this week. It is remarked
in London dispatches that stabilization is not likely
to be contemplated by the British authorities for several years, and the prospect of a further indefinite
period of currency instability is not conducive to
normal investment operations. Some uncertainty
also was caused in London, this week, by continued
agitation regarding commodity speculation, and by
a decision of a leading firm of wool merchants to
rquidate their affairs. The London securities mart:et, in these circumstances, was very quiet, but prices
were well sustained.
Paris and Berlin also were perplexed by monetary
r roblems, and their influence on the stock exchanges
in Pat is and Berlin was apparent. The Bank of
France late last week capitulated to the French Government's demand for a more liberal discount policy
on short term French Treasury obligations, which
now are being issued in unusually large amounts.
The French Central Bank agreed to advance up to
80% of the face value of the bonds, at interest rates
starting at 25
/
8%,as against the bank's regular rate
of 4y2% on advances against securities. Loans
against the short term Treasury obligations are to
be for periods of thirty days, although heretofore
only one-day advances were made. In Germany, a
decree was passed late last week which empowers
the Finance Minister of the Reich to float a new loan
of 750,000,000 to 1,000,000,000 marks, in order to refund all short and medium term Government obligations into long term bonds. The decree is drastic and
makes possible a "forced loan" in which cash reserves of banks, corporations and individuals would
be subscribed. A further decree, promulgated Wednesday, calls for reduction of interest rates on more
than 2,000,000,000 marks of German Government
obligations from 6% or more to a uniform level of
4I/2%. This change was termed "voluntary," but
all bonds bearing the higher coupon rates were
stricken from the Boerse and thus will have no
market.
Dealings, on the London Stock Exchange in the
initial session of the week were marked by increases
in quotations of gold mining stocks and declines in
virtually all other sections. The gold mining issues
were fairly active, as a record high price for the
metal had been attained the previous Saturday.
British funds were weak in small trading, and most
industrial stocks also declined. International stocks
drifted lower on pessimistic reports from New York.
British funds were in better demand Tuesday, but
the tone otherwise was dull. Gold mining securities
were marked down a little, and industrial issues also
receded, while international stocks again failed to
attract any interest. On Wednesday gold mining
issues forged ahead once more, owing to a new advance in the price of the yellow metal. British funds
were in demand and also improved, but industrial
issues and international securities were quiet and
irregular. A more generally cheerful tone prevailed
on Thursday, and there was likewise more activity.
Gold mining issues continued to attract most attention as the price of the metal continued to advance.
British funds improved fractionally, and gains also
March 2 1935
were registered in a majority of the industrial stocks.
Anglo-American trading favorites had a stronger
tone, but dealings in this section were small. In a
quiet market yesterday small recessions were noted
in British funds, but gold mining stocks and industrial issues improved.
The Paris Bourse was exceptionally quiet on Monday, but prices were well maintained. Rentes managed to improve slightly, while movements in French
equities were inconsequential. Gold mining issues
listed on the Bourse moved ahead in line with British
quotations. Turnover remained small on Tuesday,
with the main trend of quotations toward lower levels. Rentes lost their previous gains and a majority
of French equities reflected modest liquidation. Gold
mining issues again proved an exception to the general trend, but international securities drifted lower.
Gloomy industrial prospects in France made their
impression on the Bourse, Wednesday, and prices
dropped rather sharply in that session. Rentes
showed large recessions, and French bank, utility
and industrial shares also dropped. Gold mining
stocks moved to higher levels, these issues being the
only bright spot in the market. The carry-over on
Thursday was arranged easily, with money at %%,
but the main trend of prices was again downward.
Further declines appeared in rentes and in almost
all French equities with the exception of bank stocks.
There was a better tone in international securities.
A slow but general advance took place on the Bourse
yesterday. Rentes were in beet demand, but other
securities likewise improved.
On the Berlin Boerse the downward trend in evidence late last week was continued when trading
was resumed on Monday. Reichsbank shares moved
against the general trend, but almost all other issues
were a point or two lower and in some instances the
declines were larger. Fixed-interest securities held
up better than equities. The tone was more cheerful
on Tusday, but there was very little trading. A few
specialties showed sizable gains, and Reichsbank
shares also improved, but most issues remained close
to previous levels. The trading Wednesday was
somewhat livelier, and there were also more gains
in quotations. Mining stocks were in general demand and most utility and industrial issues also
showed improvement, but bonds were dull. The
session on Thursday was even more active and prices
improved in most departments. Specialties were in
best demand, most other securities showing little
change. Trading was quiet yesterday, but prices
were well maintained in all departments of the
market.
Trade Agreements
THROUGH an exchange of communications, a
I new commercial agreement was concluded Wednesday by the Governments of the United States and
Belgium. On the American side the new arrangement was made under the authority granted President Roosevelt by Congress last year to effect reciprocal tariff agreements, while on the Belgian side it
extends to the Belgo-Luxemburg Economic Union.
This is the third in the series of pacts negotiated
under the special powers and it is highly important
in many ways, since it is the first treaty of this
nature with an industrialized country producing
competitive articles. The two previous treaties were
made with Cuba and Brazil. Under the Belgian
treaty the United States effects tariff reductions
Financial Chronicle
Volume 140
ranging from 16 to 50% on forty-seven products, including cement, glass sand, plate glass, low-priced
iron and steel products, imitation oriental rugs,
photographic films, cordage, etc. The United States,
in turn, received concessions on forty-five items of
tariff rates and quotas, the import duties being
"frozen" in some instances while quotas are increased in others. Among the principal concessions
made to the United States are rate reductions on
automobiles and spare parts, calculating machines,
radios, meat and agricultural products. This treaty
is of the unconditional most-favored-nation type and
the tariff concessions made by the United States will
extend automatically to all other countries not practicing discrimination against the United States. The
reservation is made, however, that each and any
concession can be withdrawn if an unexpected influx
of goods from "low-cost" countries should develop.
It also provides for modification or termination of
the pact in the event of wide variations in exchange
rates.
It is doubtless significant that increased attention
is now being given in all quarters of the globe to
trade restrictions and methods by which they can
be lessened or removed. The treaty with Belgium
now concluded in Washington is only the third in
a series of more than a dozen similar pacts expected
to be arranged, and if the method proves successful
it will probably be applied even more generally.
Premier Pierre-Etienne Flandin of France,and Jesse
Isidor Straus, United States Ambassador to Paris,
both pleaded for reductions of the barriers to international trade, when they spoke at a dinner in the
French capital last week. The speakers agreed that
high tariffs and trade quotas contribute to the crisis,
and can hardly be considered as furnishing a solution for the current difficulties. M. Flandin also
referred indirectly to the war debts as obstacles to
recovery. The Nazi authorities in Germany also
appear to be considering trade problems with a
deeper sense of reality than they displayed in the
past. Dr. Julius Lippert, the Nazi Commissioner
for Berlin, declared in an address before the American Chamber of Commerce there, Tuesday, that the
boycott of German goods in the United States had
seriously affected the trade between the two countries. He appealed to "America's sober business
sense" to end the boycott, and explained that it is
based on "false assumptions," since Jews were the
equals of Aryans in the German business world.
Unfortunately, this anxiety to increase trade by letting down the barriers is not universal. Italy established, late last week, a system of import quotas
covering practically all products entering into trade
with that country. It is suggested in Rome reports
that the aim is to provide the Italian Government
with a weapon in bargaining with foreign countries
for the purpose of enlarging Italian exports.
Panamanian Contract
FOR
the second time since the dollar was devalued,
the United States Government now has tendered
to the Government of Panama a check for $250,000
in an endeavor to settle accounts arising under the
Treaty of 1904, which calls for the payment of this
sum in gold coin for annual rental of the Panama
Canal. The Treasury, on Tuesday, sent a check for
the sum in present devalued dollars to Sullivan &
Cromwell, fiscal agents for Panama, and that firm
promptly rejected the payment under instructions
1353
from Dr. Ricardo J. Alfaro, the Panamanian Minister. One year ago exactly the same procedure was
adopted, and the problem has since been under diplomatic discussion. The action of the Panamanian
Government is more disinterested than would appear on the surface, since it was declared officially
when the first check was tendered that the additional current dollars obviously due that country
under the treaty would be applied in servicing Panamanian bonds held in the United States. In all responsible quarters the action of the United States
Government is deeply deplored, as the treaty provides for the only external gold obligation of this
Government. The Supreme Court opinions of Feb.
18, both of the majority and the minority of the
Court, held unconstitutional the gold clause abrogation resolution of Congress, in so far as it applies to
United States Government obligations, and it is thus
plain that the tender of a check for $250,000 is a
gross and unjustified violation of a contractual obligation. It is also a violation of a treaty obligation
and the significance of the action is hardly to be
overestimated when it is considered that the United
States currently is placing so much stress upon
maintenance of treaties. Nor is any conflict with
the gold confiscation laws of the United States involved in this matter, as Panama has made it clear
that a correspondingly larger amount of dollars to
compensate for devaluation of our currency would
be considered a discharge of the obligation.
Chilean Debt Mission
tRIVAL in New York, Tuesday, of a Chilean
debt mission marked the beginning of negotiations on the default situation now existing on
bonds of the Chilean Government, municipalities
and mortgage banks, outstanding in the United
States and several European countries in an amount
of about $437,000,000. The mission, headed by Don
Ernesto Barros, Jr., former Chilean Minister of
Finance, came to this country in order to "explain"
and urge the acceptance of a plan for paying a very
diminutive sum in accordance with laws already
adopted by the Santiago Government. Under such
legislation, Chile proposes to utilize for all external
debt service the Government's share of profits made
by the Nitrate Sales Corporation and certain revenues from copper producing enterprises. The aggregate funds to be anticipated from the profits and
revenues under present conditions is estimated here
at no more than $3,500,000, and even that small sum
is to be split into two parts, half to be utilized for
interest payments and half for repurchases of bonds
in foreign markets at default prices. Interest payments proposed by Chile would be less than 3/
2%
annually, as against contract rates of 6 and 7%. Informed circles here regard the Chilean plan as
counter to all accepted principles of international
finance, which call for debt settlements on the basis
of national capacity to pay, rather than on the basis
of a few special taxes and revenues.
Although the Chilean debt proposal can hardly
be considered an admirable one, Senor Barros denied
on his arrival that it was equivalent to repudiation.
He described it as an attempt to bring about a readjustment, which will apply equally to holders of
Chilean bonds in all foreign countries. "We are
coming here, inspired by the most friendly spirit, to
place ourselves at the disposal of the holders of our
country's foreign obligations, with the object of giv-
A
1354
Financial Chronicle
ing them any information that they may require to
form an idea of the true economic situation in Chile,"
he continued. "We are sure that once we have had
an opportunity of giving this information, everybody
will share our conviction that the spontaneous effort
of our country to renew service on our foreign debt
is—to use a phrase of President Roosevelt's—a substantial sacrifice made with the object of paying our
foreign debts to the limit of our capacity. As a
country traditionally honest in servicing its external
obligations, we went our creditors to be convinced
that what we are going to place at their disposal is
all we can give them without endangering the very
life of our nation." Default on Chilean dollar bonds
occurred late in 1931 and early in 1932 and no payments whatever have been made since. Clarification
and explanation of the Chilean laws recently adopted
to cover this situation indeed are necessary, as it
is understood here that holders of the bonds are to
lose all rights, under Chilean law, unless they accept
the insufficient proposal now made.
March 2 1935
French admission of equality to the vanquished
country was regarded as of some importance, especially as it may well be a prelude to a similar statement regarding German armaments. In their London visit, the Austrian statesman talked not only
with officials of the British Foreign Office, but also
with Chancellor of the Exchequer Neville Chamberlain and Montagu Norman, Governor of the Bank of
England. There was some uncertainty in London
regarding the purposes of the Austrian visit, and a
colorless statement of thanks for British hospitality
gave no indication of the actual conversations.
Saar Area
HE final chapter in the Saar Basin episode of
the World War settlements was written Thursday and yesterday, when the area was transferred
to German sovereignty. This was accomplished in
accordance with the terms of the Versailles Treaty,
which prescribed the plebiscite in which the population made known, in January, its choice of future
allegiance. Agreements between Germany and
European Diplomacy
France covering various aspects of the transfer were
chancelleries continued to work at ratified by the French Parliament late last week,
EUROPEAN
cross-purposes this week in their discussions of and final obstacles thus were removed. These acthe Anglo-French invitation to Germany to join in cords concern chiefly the payment to be made by
a Western European pact for mutual aerial defense, the Reich for the Saar mines, social insurance of the
to rejoin the League of Nations and enter treaties inhabitants and the private insurance of French
for securing Eastern and Central European peace. citizens of the Saar. The Saar Governing CommisThe official German reply to the Anglo-French in- sion of the League of Nations announced early this
vitation emphasized the German willingness to align week that administration of the territory would be
the Reich with the Western European nations in an transferred to the Reich exactly at midnight, Feb.
aerial pact, but it made no mention of the other 28. In due observance of this edict, transference
elements of the plan. Diplomatic correspondence now has been effected and the German Government
on this matter apparently served to clear the atmo- has assumed all the assets and liabilities, and is consphere to some degree, as the British Foreign Secre- tinuing all laws and ordinances. German officials
tary, Sir John Simon, announced in London, Mon- took command of the Saar police forces on Thursday,
day, that he had accepted a German invitation to and this action constituted a practical assumption
visit Berlin and discuss all phases of the peace prob- of sovereignty. But the formal transfer was effected
lem. It was made clear in London, however, that yesterday, when Baron Pompeo Aloisi of Italy,
the German authorities merely were willing to dis- Chairman of the League of Nations Saar Committee,
cuss the entire range of problems, acceptance of the transferred the territory to the administration of
Eastern Locarno and Central European proposals Joseph Buerckel, the Nazi Commissioner for the
being another matter. Chancellor Adolf Hitler Saar. The restoration of the Saar to the Reich was
touched on the matter in an address at Munich, last celebrated throughout Germany, yesterday.
Sunday. The Chancellor declared that equality of
Italian War Preparations
armaments for Germany must precede German adherence to the proposed Eastern Locarno agreement. INTENTIONS of the Italian Government with
The National Cabinet at London discussed all phases I regard to Abyssinia are but thinly disguised
of these latest diplomatic developments in Europe, nowadays, as war preparations admittedly are being
Wednesday, and approved the plans of its Foreign pushed with the greatest vigor by Premier Benito
Secretary. Before going to Berlin, Sir John intends Mussolini and his Fascists. Although the Ethiopian
to visit Paris for a final talk with Foreign Minister Government has given every indication of a desire
Pierre Laval. After visiting Berlin, Sir John may for a peaceful settlement of the border incidents
proceed to Moscow and Warsaw, but this part of his which stirred Italy to wrath, it was declared in
plan still is indefinite, as it appears that the French Rome,late last week, that the peace negotiations are
object to British conversations of this nature, on limping badly. Thousands of Italian troops already
the ground that Russia now is entirely within the have been dispatched to Eritrea and Italian SomaliFrench sphere of diplomatic influence.
land, single ships taking as many as 5,000 men. IniThese major developments in the European diplo- mense supplies of war materials also have been
matic scene were accompanied by others relating to rushed to the Italian colonies, which adjoin AbysAustria, which remains one of the chief pawns in sinian territory on either side. Two Italian
the game. Kurt Schuschnigg, the Austrian Chan- divisions, numbering 35,000 men, are already on the
cellor, visited Paris last Sunday and London on way to Africa, and the national industrial output
Monday, accompanied by his Foreign Minister, has been increased in order to replace the airplanes
Baron Egon Berger-Waldenegg. At the end of the and munitions also shipped. Premier Mussolini
Paris talks, an official communication was issued called on Wednesday for the creation of two new
to the effect that France and Austria are agreed on divisions to take the places at home of those sent
the desirability of a Danubian pact,in which Austria to the colonies. It was indicated at the same time
is to be on a footing of "perfect equality." The that all able-bodied Italians between the ages of 18
T
Volume 140
Financial Chronicle
and 55 are liable to military service in wartime,
under the latest Fascist regulations, and this means
that Italy can put 7,000,000 to 8,000,000 soldiers into
the field. The Abyssinian envoy to Rome, Negradas
Yesus, issued a statement on Wednesday in which
he offered solemn pledges of peaceful intentions
with regard to Italy. His country's intentions, M.
Yesus said, are so peaceful that "if Italy remained
without a single soldier and without a single gun
in her colonies, Abyssinia would not touch a single
stone there." It was also made plain that Abyssinia
is ready to comply with any reasonable Italian demands in order to adjust the frontier incidents.
1355
move by the League to apply sanctions or coercive
measures against Paraguay, and other South American neutrals are held likely to adopt a similar attitude. In the meanwhile, the war between the two
Latin American States continues to be waged with
great intensity, entirely on soil that nominally is
Bolivian. The forces are contesting now for possession of Villa Months, the last great Bolivian base
in the Chaco area. The two nations slowly are being
drained of men and resources in the senseless conflict, which now has been in progress nearly three
years.
Discount Rates of Foreign Central Banks
Paraguay Withdraws from the League
HE National Bank of Austria reduced its discount
rate from 41A% to 4%,effective Feb. 23. The
HE prestige of the League of Nations never has
rate has been in force since June 27 1934, at
43'%
high
in
very
been
recent years, and it received
another blow last Saturday when Paraguay an- which time it was reudced from 5%. Present rates
nounced its withdrawal because of the Council's at the leading centers are shown in the table which
endeavor to make the dispute between Paraguay follows:
DISCOUNT RATES OF FOREIGN CENTRAL BANKS
and Bolivia a dispute between all the world and
PreRate in
PreRate in
Paraguay. The inadequacy of the League has been
Date
Mous
Country
Effect
Mous
Date
Effect
Country
Established
Rate
Mar.1
Rate
Established
Mar.
1
demonstrated clearly enough in such incidents as
Hungary__ 434 Oct. 17 1932 5
1935
Feb.
23
Austria__
4
434
the Japanese encroachment in Manchuria and the Belgium_._ 234 Aug. 28 1934 3 Indht
334 Feb. 16 1934 4
Ireland__
3
June 30 1932 334
_ 7
Jan. 3 1934 8
developing struggle between Italy and Abyssinia. Bulgaria._
4
Nov.26 1934 3
Chile
434 Aug. 23 1932 534 Italy
3.65 July 3 1933 3
Colombia__ 4
July 18 1933 5
Japan
Fruitless efforts to halt the war between Bolivia Czeehoslo354 Oct. 31 1934 4
Java
Feb. 1 1935 634
vakia____ 334 Jan. 25 1933 454 Jugoslavia. 5
and Paraguay over the boundaries of the Gran Danzig_
Jan. 2 1934 7
Lithuania
6
Sept.21 1934 3
_ 4
Norway.
334 May 23 1933 4
Denmark.. 254 Nov. 29 1933 3
Chaco add another illuminating chapter to that England_ _ _ 2 June 30 1932 254 Poland_ _
5
Oct. 25 1933 6
Dec. 13 1934 551
Estonia____
25 1934 534 Portugal_ _ _ 5
story. After prolonged investigation of the Chaco Finland__ 54 Sept.
Dec. 4 1934 454 Rumania
434 Dec. 7 1934 6
Feb. 21 1933 5
SouthAfrica 4
France ____
234 May 31 1934 3
conflict, the League attempted to intervene in a Germany__ 4 Sept.30 1932 5 Spain
6
Oct. 22 1932 654
254 Dec. 1 1933 3
Greece__ _ 7
Oct. 13 1933 754 Sweden_ _
determined way at an unfortunate moment, when Holland ...._ 254 Sept. 18 1933 3 Switzerland 2 Jan. 22 1931 254
the Paraguayans were making great strides against
Foreign Money Rates
the Bolivians. It has been a characteristic of the
war that both disputants were willing to discuss IN LONDON open market discounts for short bills
on Friday were 9-16% as against M@9-16% on
peace terms during periods of stalemate, while only
the losing side would welcome advances at other Friday of last week,and 9-16@/% for three-months'
times. The League's proposals last year for an bills as against 9-16@%% on Friday of last week.
1 4%. At
armistice and a wide neutral strip seemed peculiarly Money on call in London on Friday was /
remains
at
VA%
and in
market
rate
Paris
the
open
unfair to the Paraguayans, who rejected them, while
the Bolivians readily agreed to the suggestions. Be- Switzerland at 1%.
cause of the Paraguayan objections, the League proBank of England Statement
posed next that the altogether ineffective arms emHE Bank's statement for the week ended Feb. 27
bargo against both disputants be applied after the
shows a loss of £4,296 in gold holdings and an
usual three months' period of grace only to
expansion of £4,177,000 in circulation which, toParaguay.
It is this situation that now has called forth the gether, resulted in a decline of £4,182,000 in reserves.
Paraguayan resignation from the League of Nations. Bullion holdings now total £193,060,880 as comThe United States Government made it clear almost pared with £192,002,585 a year ago. Public deposits
two months ago that thd proposal for applying sanc- fell off £6,951,000 while other deposits rose £506,784.
tions against Paraguay alone would not have the The latter consists of bankers' accounts which insupport of Washington, as the covering resolution creased £692,669 and other accounts which fell off
of the United States Congress stipulated that the £185,885. The reserve ratio dropped to 48.60%
arms embargo must be applied against both nations. from 49.25% a week ago; last year it was 52.86%.
Great Britain, France and Sweden informed the Loans on Government securities rose £822,000, while
League last month that they would adopt the those on other securities decreased £3,052,884. Of
League's suggestions and lift the embargo against the latter amount £751,290 was from discounts and
arms shipments to Bolivia while maintaining it in advances and £2,301,594 from securities. The rate
respect to Paraguay. The cabled message contain- of discount did not change from 2%. Below are
ing Paraguay's withdrawal from the League was shown the different items with comparisons of other
received at Geneva last Sunday, which day also years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT
marked the expiration of the period of grace. It
was charged by the Asuncion Government that the
Feb. 27
Mar. 1
Feb. 28
Mar. 2
Ma-. 4
1935
1934
1933
1932
1931
League is not treating Paraguay fairly in its various
£
£
E
£
£
377,438,000 367.402.301 359,284,058 351.785,826 350,722,320
proposals. The League authorities, well aware of Circulation
Public deposits
19,354,000 32,102.016 26,440,988 7,022,690 7,827.444
deposits
136,233,189 127.941,782 139,016,288 113,958,377 100,024,428
the waning prestige of the organization in the Other
Bankers accounts_ 95,518,851 90,278,734 104.474,124 80,482,570 66,612,662
Other accounts_ _ _ 40,714,338 37,663,048 34.542,164 33,475,807 33,411,766
Americas, hastily announced on Wednesday that Governm't
securities 82,422,413 75,648,981 86,500,258 47,235,906 34,394,684
securities
15,783,958 18,027,719 30,507,949 47,304,859 40,678,332
a meeting of the Consultative Committee on the Other
Disct. ec advances_ 6,246,262 5,804,612 11,964.868 11,356,64 10,639,093
Securities
9,537,696 12.223.107 18,543,081 35,948,21 30.039,239
Chaco War would be held March 11 to consider Reserve notes 8:coin_ 75,623,000
84,600,284 66,732,678 44,666,909 51,039,561
Coin and bullion
193,060,880
192,002,585 150,966,736 121,452,735 141,761,881
further measures. Already, however, Argentine Proportion of reserv
to liabilities
48.60%
52.86%
40.3%
47.32%
36.92%
officials have signified that they will oppose any Bank
rate
2%
2%
2%
3%
5%
T
T
T
1356
Financial Chronicle
March 2 1935
dation was light at all times, while the supply of
Bank of France Statement
loanable
funds did not change. The United States
HE weekly statement of the Bank of France dated
Treasury
this week varied its discount bill borrowof
Feb. 22 shows an increase in gold holdings
ing
policy
slightly by offering $50,000,000 sixstands
at
148,444,041 francs. Total gold now
82,039,743,324 francs, which compares with 73,971,- months' and $50,000,000 nine-months' obligations in
475,499 francs a year ago and with 81,016,694,523 place of the $75,000,000 issues of six-months' bills
francs two years ago. An increase appears in credit common heretofore. On the $50,000,000 bills maturbalances abroad of 1,000,000 francs, in French com- ing Aug. 28, the awards were made at an average
mercial bills discounted of 430,000,000 francs and in discount of 0.108% on an annual bank discount
creditor current accounts of 545,000,000 francs. basis, while the $50,000,000 bills due Nov. 27 went
average of 0.166%. Call loans against stock
Notes in circulation reveal a decrease of'162,000,000 at an
collateral were 1% all week on the New
and
bond
francs, bringing the total of notes outstanding down
Exchange, while 34% was done every
York
Stock
to 81,915,439,920 francs. Circulation last year
street market. Time loans held
day
in
the
unofficial
aggregated 81,023,502,945 francs and the previous
No changes appeared in
their
range
of
3
/
4@1%.
to
year 83,986,388,185 francs. The Bank's ratio stands
and
commercial
paper rates.
bankers'
bill
now at 80.54%, compared with 77.09% a year ago
and 77.20% the year before. A decline is recorded
New York Money Rates
in advances against securities of 60,000,000 francs.
EALING in detail with call loan rates on the
A comparison of the various items for three years
Stock Exchange from day to day, 1% remained
appears below:
ruling
quotation all through the week for both
the
BANK OF FRANCE'S COMPARATIVE STATEMENT
new loans and renewals. Transactions in time money
Changes
have been at a standstill this week, no business havFeb. 22 1935 Feb. 23 1934 Feb. 24 1933
for Week
ing
been reported. Rates are nominal at %@1%
Francs
Francs
Francs
Francs
+148,444,041 82,039,743,324 73,971,475,499 81,016,694,523
Gold holdings
4% for six months.
for
two
to five months and 1@11
2,601,241,056
14,523.467
10,667,042
+1.000,000
Credit bals. abroad_
a French commercial
demand for prime commercial
There
has
been
a
good
bills discounted._ +430,000,000 3,999.075,396 5,963,337,834 3,303,437,486
950,950.592 1,055,769.579 1,799,562,220
No change
b Bills bought abr'd
—60,000,000 3,079,868,937 2,932,258,654 2,580,468,598
Adv. against securs_
paper this week but only a fair amount of paper has
81,023.502,945 83,986,388,185
81,915,439,920
—162,000,000
circulation_
_
_
_
Note
Credit current accts. +545.000,000 19,945,928,020 14,935,146,339 20,956,538,857
available. Rates are 4
3 % for extra choice
been
Proport'n of gold on
77.09%
77.20%
hand to shzht !lab.
—0.16%
80.54%
names running from four to six months and 1% for
a Includes bills purchased in France. b Includes bills discounted abroad.
names less known.
Bank of Germany Statement
Discount Rates of the Federal Reserve Banks
HE Bank of Germany in its quarterly statement
HERE have been no changes this week in the
dated Feb. 23 shows a further increase in gold
rediscount rates of the Federal Reserve banks.
and bullion, this time of 87,000 marks. The Bank's
The
following
is the schedule of rates now in effect
gold, which now totals 80,066,000 marks, compares
for
the
various
classes of paper at the different
with 312,433.000 marks a year ago and 786,716,000
Reserve
banks:
marks two years ago. A decrease appears in reserve
DISCOUNT RATES OF FEDERAL RESERVE BANKS
in foreign currency of 61,000 marks, in bills of exRate in
change and checks of 315,714,000 marks, in advances
Date
Previous
:Ilea on
Federal Reserve Bank
Established
Rate
Mar. 1
of 16,210,000 marks,in investments of 88,000 marks,
1934
234
8
Feb.
2
Boston
and in other liabilities of 225,846,000 marks. The New York
2
Feb. 2 1934
154
234
Jan. 17 1935
2
Philadelphia
currency
to
note
foreign
proportion of gold and
Feb. 3 1934
2
Cleveland
234
3
Jan. 11 1935
254
Richmond
circulation stands now at 2.54%, compared with Atlanta
Jan. 14 1935
2
234
234
Jan. 19 1935
2
Chicago
9.9% last year and 29.6% the previous year. Notes St.
.1an. 3 1935
2
234
Louis
Jan. 8 1935
254
Minneapolis
in circulation reveal a contraction of 113,898,000 Kansas City
3
Dec. 21 1934
234
3
Jan. 8 1935
Dallas
234
Feb. 16 1934
marks, bringing the total of the item down to 3,323,- San Francisco
2
234
145,000 marks. Circulation last year aggregated
Bankers' Acceptances
3,228,599,000 marks and the previous year 3,111,224,000 marks. Silver and other coin, notes on THERE has been a keen demand throughout the
week for prime bankers' acceptances but the
other German banks, other assets and other daily
maturing obligations record increases of 3,844,000 supply of bills has been limited and trading sagged.
marks, 767,000 marks, 25,318,000 marks and 37,- Rates are unchanged. Quotations of the American
687,000 marks, respectively. Below we furnish a Acceptance Council for bills up to and including 90
days are 3-16% bid and M% asked;for four months,
comparison of the different items for three years:
5-16%
bid and Yi% asked; for five and six months,
STATEMENT
COMPARATIVE
REICHSBANK'S
M%
bid
and /% asked. The bill buying rate of
Changes
Feb. 23 1935 Feb. 23 1934 Feb. 23 1933
for Week
the New York Reserve Bank is %% for bills runReichmarks Reichsmarks Reichsinarks
Retchvinarks
Assets—
ning from 1 to 90 days, 4
3 % for 91-to 120-day bills,
80,066,000 312,433,000 786,716,000
+87,000
Gold and bullion
50,453,000
19.088,000
21,316,000
No change
Of which depos. abroad
and 1% for 121- to 180- day bills. The Federal
7,940,000 133,974,000
4,606,000
—61,000
Res've in foreign curr
Bills of each. and checks —315,714,000 3,258,565,000 2,645,341,000 2,277,255,000
+3,844,000 244,299,000 305,190,000 325,120,000
Reserve banks' holdings of acceptances increased
Silver and other coin__.
12,494,000
11,961,000
12,728,000
+767,000
Notes on 0th. Ger. bk.,.
76,061,000
70,718,000
46,315,000
—18,210,000
Advances
from
$5,501,000 to $5,505,000. Their holdings of
—88.000 755,455,000 659,876,000 400,873,000
Investments
+25,318,000 672,043,000 600,115,000 790,779,000
Other assets
for foreign correspondents, however,
acceptances
LfabIllifer—
. —113,898,000 3,323,145,000 3,228,599,000 3,111,224,000
Notes in circulation_ _.
from
$366,000 to $357,000. Open market
decreased
+37,687,000 834,335,000 522.278,000 364,764,000
0th. daily matur. oluig.
—225.846,000 293,800,000 239,546,000 759,858,000
Other liabilities
acceptances
are nominal in so far as the
rates
for
Proport'n of gold & torn
29.8%
9.9%
2.54%
cure. to note eircurn_
+0.08%
dealers are concerned, as they continue to fix their
own rates. The nominal rates for open market acNew York Money Market
ceptances are as follows:
HE New York money market remained a dull
SPOT DELIVERY
—180 Days— —150 Days— —120 Days—
and routine affair this week, all rates being
Asked
Asked
Bid
Asked
Bid
Bid
carried over from last week. Demand for accommo- Prime eligible bills
34
34Ms
34
34
T
D
T
T
T
Volume 140
Financial Chronicle
- -30Days
-90 Days- -60Days
Bid Asked
Bid Asked
Bid Asked
Prime eligible bills
34
'II
34
'
34
3ts
FOR DELIVERY WITHIN THIRTY DAYS
M% bid
Eligible member banks
Eligible non-member banks
% bid
Course of Sterling Exchange
TERLING exchange is exceptionally dull, under
pressure abroad, and ruling at record low levels
in terms of gold. Reflecting the selling of sterling
on the other side, the dollar is sharply firmer in terms
of the pound, although all the European gold bloc
currencies are at the highest levels witnessed in the
market for many months. The range for sterling
this week has been between .813/2@$4.86% for
bankers' sight bills, compared with a range of
between $4.86 and $4.983
4 last week. The range for
$4.81%@$4.87,comhas
been
between
cable transfers
pared with a range of between $4.863/g@$4.89% a
week ago.
The following tables give the mean London check
rate on Paris from day to day, the London open
market gold price and the price paid for gold by the
United States:
S
MEAN LONDON CHECK RATE ON PARIS
Saturday, Feb. 23
73.375 I Wednesday, Feb. 27
Monday, Feb. 25
73.369 I Thursday, Feb. 28
73.436 I Friday, March 1
Tuesday, Feb. 26
73.216
73.055
72.75
LONDON OPEN MARKET GOLD PRICE
1438. lid. I Wednesday, Feb. 27 _ _143s. 1134d.
Saturday,Feb.23
1438. 930. I Thursday, Feb. 28____144s. Id.
Monday. Feb. 25
1455. id.
Tuesday, Feb. 26
1435. 630. I Friday, Mar. 1
PRICE PAID FOR GOLD BY UNITED STATES (FEDERAL
RESERVE BANK)
3510f
35.00 I Wednesday, Feb. 27
Saturday, Feb. 23
35.00
Monday, Feb. 25
35.00 I Thursday, Feb. 28
35.00
Tuesday, Feb. 26
35.00 I Friday, Mar. I
The mean London check rate on Paris reflects the
weakness of sterling in terms of the French franc, or
gold. . Before the abandonment of the gold standard
by Great Britain in September 1921, the rate for
London on Paris at this season was ordinarily around
124 francs to the pound. Toward the end of 1934 the
British Exchange Equalization Fund had been making
efforts to peg the pound around 76 francs. With
intermittent variations the rate has steadily declined
since then, and there were frequent indications that
during December the London authorities considered
a rate around 75.50 francs to the pound as the low
limit. It was only with the greatest difficulty, however, that the rate has since been maintained above
74 francs to the pound. Last week the market was
taken by surprise when the rate went below 74 and
threatened to touch 73. On Saturday last London
on Paris went to 73.375 and was only slightly better
on Monday. Then the British Exchange Equalization
Account, according to well informed sources, interfered in the market, forcing the rate up to 73.436.
The market was surprised on Wednesday to see the
rate decline as low as 73.187 francs to the pound, a
record low. Considerable excitement prevailed on
Thursday when the pound touched a new low 72.94
francs. On Friday London on Paris touched 72.56
francs to the pound, record low. In keeping with the
heavy decline in sterling, the price of gold in the
London open market rose sharply. It may be recalled
that on Oct. 11 1934, the open market price for gold
went to 143s. 3d. an ounce, a record high up to that
date. This compares with the statutory price of
around 84s. per ounce paid by the Bank of England.
Soon after gold reached this high level, a London
chairman of one of the great gold-mining companies
of South Africa advised its shareholders that their
experts were convinced that within a year or two at
1357
most the price of gold might rise to 144s. per ounce.
On Friday last (Washington's birthday, when the
markets were closed in New York) gold in London
2d. On Saturday it went
went to a price of 143s. 63/
2d. and on
to 143s. 11d. On Wednesday to 143s. 113/
Thursday to 144s. id., and on Friday, March 1, to
145s. ld.
It does not seem that the British Exchange Equalization Fund has interfered in the least degree to
arrest the present decline in the pound. There has
been some movement of funds from London to New
York and also to Paris. It was thought in the
foreign exchange market only a few weeks ago that
American, English and French banks agreed in opposing further depreciation in sterling, because a deflationary effect upon the gold nations of the Continent
might be feared. There is no way of knowing what
would be the effect of a fall from gold by Belgium,
Switzerland, Italy or France, but the view is generally
held that such a departure would entail a new decline
in world-wide commodity prices. Undoubtedly a
movement of funds from London to this side has been
in progress since the United States Supreme Court.
rendered its decision on the gold clauses. Some return of capital from London to Holland and France
has likewise occurred with the firming in the gold
units in the past few weeks. These capital movements contributed to the decline in sterling. At this
season of the year under normal conditions of exchange sterling would show firmness in terms of the
dollar. At present it is asserted that neither the
Bank of France nor the American stabilization fund
are desirous of keeping funds in London after buying
sterling for the support of the British unit, as the
funds would depreciate with the pound. The only
way to get such funds out of London is to buy gold
or silver and bring it out of London. Thus, it is
thought, at the present time supporting purchases of
sterling are limited to the amount of metal available.
The British Exchange Equalization Fund could, of
course, operate to a considerable extent to limit the
fluctuations and take whatever loss might result
regardless of metal. At present the silver stocks
are quite limited, as China has been buying against
the United States for some few weeks, while at the
same time the Chinese silver tax has eliminated
Shanghai as a source to a large extent. The amount
of gold coming into the London open market during
the past few weeks has declined considerably. It is
thought that most of the gold taken in this period
has been not only for the American official account
but for the Bank of France also. However,the market can only surmise these operations, as the changes
in the gold holdings of the Bank of France or the
increase in imports of gold to this side are officially
disclosed later.
London has been complaining for the past few
weeks that money rates are too low and there is a
large body of opinion there which urges that business would be better served if rates were not so low.
This element would prefer to see a firmer pound.
Complaints from London sources in this direction
have resulted in a second declaration during the past
few days by Neville Chamberlain, Chancellor of the
Exchequer, that the British authorities are satisfied
with their present monetary policies. Only on
Thursday Mr. Chamberlain declared in the House
of Commons, when asked what measures the Government proposed to take to check the fall in the pound,
1358
Financial Chronicle
March 2 1935
from Guatemala. There were
that the decline on foreign markets would have no from India and $9,900
but gold held earmarked for
metal,
the
of
no
exports
home,
at
effect on the purchasing power of the pound
$9,900.
and that the Government would continue in its easy foreign account increased
a steadier undertone,
shows
ge
exchan
an
eCanadi
positiv
some
money policy. He also asserted with
more often at par. On Saturday
ness that there was no immediate prospect of stabili- ruling this week
last Canadian funds were at par, on Monday at par,
zation.
on Tuesday and WednesThe trend of the market in the past few weeks has to a premium of 1-16%,
at a discount of Xi% to
ay
led some foreign exchange bankers to conclude that day at par, on Thursd
0 to 5-32%.
t of 37
discoun
a
at
the British authorities are deliberately allowing the 3-16% and on Friday
g
exchange on
sterlin
rates,
-day
Referring to day-to
pound to decline in order to compete more successs' sight
Banker
ease.
to
d
incline
was
fully with the depreciated Japanese yen for Eastern Saturday last
6/
@$4.8
rs
transfe
8
cable
/
4;
$4.863
was
$4.86@$4.863
markets. There can be no doubt that the trend of
was
range
The
.
steady
was
pound
y
the
On
Monda
British trade has at least been halted in its upward
bankers' sight and $4.863'©
course and there are signs that trade is even declining $4.86@$4.865A for
transfers. On Tuesday sterling
with corresponding increase in unemployment and $4.86% for cable
slightly easier undertone. Bankers'
unrest. It is equally evident to close observers of was steady with a
4;cable transfers $4.86/@
1@ .863
trade currents that business in Japan, both internal sight was $4.863
day sterling displayed ease. The
and external, is at probably higher levels than Japan $4.87. On Wednes
3/ for bankers' sight and
has known since it became an industrial nation. range was $4.85%@$4.86
and $4.85%@$4.863 for cable transfers. On Thursday
Hence the official views as to easy money policies
g
lower. The range was $4.83%@$4.85/
as to the decline in sterling may well be motivated sterlin was
for bankers'sight and $4.84@$4.853 for cable transby conditions in the Far East.
sterling dropped the range was
It was thought only a few days ago that the clear- fers. On Friday
bankers' sight and $4.81/@
for
ing banks of London would make some effort to bring $4.813'@$4.843/
rs. Closing quotations on
transfe
for
cable
$4.843
about firmer money rates in the interests of the disdemand and $4.817A for
/
for
$4.81
were
Friday
count market, but rates continue unchanged, showsight bills finished at
cial
Commer
rs.
cable
transfe
money
ing if anything an easier undertone. Call
bills at $4.80%; 90-day bills at
against bills is plentiful at %.%. Two-months' bills $4.815A; 60-day
t (60 days) at $4.80%
are 9-16%, three months' bills 9-16% to 5A%, and $4.80/; documents for paymen
,and seven-day grain bills at $4.81. Cotton and grain
four- and six-months' bills /%.
at $4.81/.
All the gold on offer in the London open market for payment closed
genertion,
destina
wn
Continental and Other Foreign Exchange
this week was taken for unkno
the
both
of
t
accoun
for
be
to
ally believed at this time
FRENCH francs and the Continental currencies
Bank of France, or for others selling the metal to the
generally are firmer than at any time in many
Bank of France, and to a large extent for official months. The especial firmness in terms of sterling
American account. On Saturday last there was iss outlined above in the resume of sterling exchange.
available and so taken L283,000, on Monday £225,this week the French franc went above
000, on Tuesday 022,000, on Wednesday 069,000, new dollar parity of 6.63. The lowest rate during the
on Thursday £150,000 and on Friday £267,000.
week was around 6.62% and in Thursday's market
The Bank of England statement for the week ended francs went as high as 6.653/2. Nevertheless, the
Feb. 27 shows a decrease in gold holdings of £4,296. market has not been really active, The firmness in
Total gold holdings of the bank now stand at £193,- the French franc reflects greater steadiness in the
060,880, which compares with L192,002,585 a year dollar and the weakness of other currencies in terms
ago, and with the minimum of £150,000,000 recom- of the franc. In fact the higher quotations for the
mended by the Cunliffe Committee.
gold bloc and the low quotations for the pound origiAt the Port of New York the gold movement for nute almost entirely in transactions on the other
the week ended Feb. 27, as reported by the Federal side.
Reserve Bank of New York, consisted of imports of
Despite the great hesitancy which overhung the
$32,519,000, of which $27,963,000 came from Eng- market for weeks in anticipation of the gold clause
land, $2,248,000 from France, $1,679,000 from decisions of the United States Supreme Court, the
to the deCanada and $629,000 from Holland. The Reserve only reaction of foreign banking in
Bank reported a decrease of $350,000 in gold ear- cision has been a certain confidence that the dollar
marked for foreign account. In tabular form the would henceforth rule steadier and that no further
gold movement at the Port of New York for the week disturbing changes would be made. However, this
.
ended Feb. 27, as reported by the Federal Reserve view is by no means general among foreign bankers,
Bank of New York, was as follows:
many of whom still point to the impulsive conduct
27,INCLUSIVE
21-FEB.
FEB.
YORK,
NEW
AT
ENT
GOLD MOVEM
of Washington with regard to monetary and business
Ezports
Imports
policies.
$27,963,000 from England
2,248,000 from France
The Flandin Government and the council of the
None
1,679,000 from Canada
Bank of France have come to an understanding in
629,000 from Holland
regard to the question of discounting short-term
832,519,000 total
Treasury paper. The bank has consented, with
Net Change in Gold Earmarked for Foreign Account
some guarantees by the Government and has already
Decrease: 8350,000
d one-month loans on Treasury and defense
The above figures are for the week ended Wednes- grante
at 2/%. This will widen the money market
bonds
day evening. On Thursday $307,000 of gold was
and will avoid a sudden tightening such as
in
Paris
received from India. There were no exports of/the
occurs. The Treasury will benefit inmes
someti
foreign
metal or change in gold held earmarked for
placing its bonds more easily and thereby
account. On Friday $5,559,400 of gold was received directly by
00 expects to avoid the humiliation of going abroia
of which $5,188,100 came from England, $361,4
Volume 140
Financial Chronicle
1359
of years of great success in whittling
for accommodation as it has had to do on numerous After a number
annual trade deficit down to a figure which
occasions. The clarification of this issue between the the
be handled comfortably by Italy's invisible
Government and the regents of the bank has also could
trend has been reversed and the trade
been a factor in inducing a flow of foreign funds to exports, the
mounted. Imports for 1934 increased to
Paris in the past few days. While the gold bloc deficit has
00,000 lire from 7,431,800,000 lire in 1933,
currencies are generally firm in terms of the dollar 7,664,7
dropped to 5,231,500,000 lire in 1934
and the pound, most of these units are easier in terms but exports
lire in 1933, notwithstanding that
of the franc. This is especially true of the Belgian from 5,990,500,000
high for the year. As a result,
new
a
set
December
unit and the Italian lira.
increased over 1,000,000,000
deficit
trade
The present increase in gold holdings of the Bank the 1934
for 1934 from 1,441,300,000
lire
00,000
2,433,2
to
lire
of France is due in some measure to the flow of Con1933."
in
tinental gold to Paris, but it is also believed that the lire
Exchange on Vienna is of minor importance in
Bank of France or French private banks bought
market, but is of interest at this time
considerable gold in the London open market in the the New York
l Bank of Austria reduced its
past week or ten days. The Bank of France state- because the Nationa
JA% to 4%,effective Feb. 23. The
ment for the week ended Feb. 22 shows an increase rediscount rate
been in effect since June 27 1934,
in gold holdings of 148,444,041 francs. Total gold OA% rate had
from 5%.
holdings now stand at 82,039,743,324 francs, which when it was reduced
The following table shows the relation of the leadcompares with 73,971,475,499 francs a year ago, and
currencies still on gold to the United
with 28,935,000,000 francs when the unit was stabil- ing European
Range
ized in June 1928. The Bank's ratio is at the high States dollar:
Old Dollar New Dollar
Thse*Week
Parity
a
Parity
77.09%
s
with
compare
which
,
80.54%
level of
6.62( to 6.65%
6.63
3.92
France (franc)
23.43 to 23.60
23.54
year ago, and with legal requirement of 35%.
13.90
Belgium (belga)
8.49 to 8.5334
8.91
5.26
(lira)
Exchange on Antwerp in terms of the dollar is Italy
32.49 to 32.67
32.67
19.30
Switzerland (franc)
to 68.30
67.83
68.06
40.20
firmer than at any time in some months. On several Holland (guilder)
Friday
on
dollar
occasions this week the belga touched new
The London check rate on Paris closed
week.
last
terms
in
parity of 23.54. However, the unit is easy
at 72.56, against 73.65 on Thursday of
finished
es.
currenci
center
bloc
of the French franc and other gold
In New York,sight bills on the French
Only quite recently, it may be recalled,• Belgium ob- on Friday at 6.654, against 6.62Y8 on Thursday of
tained a credit from Dutch bankers in order to support last week; cable transfers at 6.65, against 6.623,
4.
exchange. In this connection it is of interest to note and commercial sight bills at 6.63, against 6.593
sight
'
bankers
Dutch
the
which
for
clause
23.57
the insistence on a gold
Antwerp belgas closed at
bankers required of the Antwerp authorities. The bills and at 23.58 for cable transfers, against 23.40
monthly bulletin oft he Rotterdamsche Bankvereenig- and 23.41. Final quotations for Berlin marks were
ing cites the gold clause as follows:
40.57 for bankers' sight bills and 40.58 for cable
1. Belgian Government undertakes to make repay- transfers, in comparison with 40.27 and 40.28.
ment in times of peace as well as war,notwithstanding Italian lire closed at 8.49 for bankers' sight bills and
any legal provisions to the contrary;
at 8.50 for cable transfers, against 8.46 and 8.47.
2. Repayment of capital and interest is to be made Austrian schillings closed at 19.00, against 18.93;
at the offices of the bank heading the Dutch syndicate exchange on Czechoslovakia at 4.21, against 4.19%;
2; on Poland at
/
either in Dutch guilders or in gold at the rate of one on Bucharest at 1.02, against 1.011
guilder for 0.6048 grams of fine gold at lenders option; 19.06, against 18.97, and on Finland at 2.131A,
3. If for any reason whatsoever it should be im- against 2.16. Greek exchange closed at 0.94 for
possible to effect deliveries of gold at Amsterdam the bankers' sight bills and at 0.943/ for cable transfers
Belgian Government undertakes to deliver the gold against 0.93IA and 0.94.
at any other place indicated by the lender bank.
XCHANGE on the countries neutral during the
Should it be impossible to deliver gold at all, the
war presents no new features of importance
Belgian Government undertakes to place at the disfrancs
posal of lender banks in Dutch guilders or other cur- beyond the fact that Dutch guilders and Swiss
syma
dollar,
the
of
rency the sum required to purchase the corresponding are relatively firmer in terms
upthe
with
es
currenci
pathetic movement of these
amount of gold on a free gold market;
are
units
both
eless
Neverth
4. Any disputes which may arise over the inter- swing in the franc.
and
y
currenc
French
the
of
pretation of the contract shall be submitted to the relatively easy in terms
according to advices from the other side there have
Permanent Court of Justice at The Hague.
The lenders subscribed Belgian Treasury bills of been some shipments of gold to Paris from Sitzerland
90 days, renewable thrice and paying 4%, and de- and Holland. There has also been considerable
withdrawal of Dutch funds from the London market
livered payment in gold and devisen.
of
in
terms
ly
easy
been
relative
owing to the unfavorable trend taken by sterling in
Italian lire have
The
for
lire
market
time.
past few weeks. The Scandinavian units move
es
the
some
for
most currenci
ly
hy with sterling.
at
all
The
thin.
is
times
relative
in
sympat
York
in New
Bankers' sight on Amsterdam finished on Friday
weakness in the lira is due in large measure to an
unfavorable trade balance. Mr. Clinton R. Harrower at 68.25, against 67.84 on Thursday of last week;
writing in the "Wall Street Journal" recently pointed cable transfers at 68.26, against 67.85, and commercial sight bills at 68.23, against 67.82. Swiss
out:
"Final figures for Italian foreign trade are now francs closed at 32.64 for checks and at 32.65 for
available and show strikingly the need for the cable transfers, against 32.48 and 32.49. Copennationalization of foreign assets which was decreed hagen checks finished at 21.48 and cable transfers
last December in order to provide the government at 21.49, against 21.77 and 21.78. Checks on
with sufficient foreign assets to meet external claims. Sweden closed at 24.82 and cable transfers at 24.83,
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1360
Financial Chronicle
March 2 1935
against 25.12 and 25.13; while checks on Norway
finished at 24.18 and cable transfers at 24.19, against
24.47 and 24.48. Spanish pesetas closed at 13.78
for bankers'sight bills and at 13.79 for cable transfers,
against 13.71 and 13.72.
that the Japanese unit will also be permitted to
depreciate further.
Closing quotations for yen checks yesterday were
28.25, against 28.48 on Thursday of last week.
Hong Kong closed at 48@48 3-16, against 45 5-16@
45 7-16; Shanghai at 39%@39%, against 37 9-16@
XCHANGE on the South American countries 379'; Manila at 49.95, against 49.95; Singapore at
continues exceptionally steady so far as official 56,against 573; Bombay at 36.47, against 36.98,
quotations are concerned. The Argentine Govern- and Calcutta at 36.47, against 36.98.
ment endeavors to follow sterling more or less closely
Gold Bullion in European Banks
in official rate quotations. Brazilian exchange moves
HE following table indicates the amount of gold
somewhat more independently, but nevertheless Rio
de Janeiro keeps its eye on the variations in London.
bullion (converted into pounds sterling at par
All the South American countries show a tendency to of exchange) in the principal European banks as of
Feb. 28 1935, together with comparisons as of the
expand the scope of the free exchange markets.
Argentine paper pesos closed on Friday, official corresponding dates in the previous four years:
quotations, at 329/i for bankers' sight bills, against Banks of- 1935
1931
1932
1934
1933
/i on Thursday of last week; cable transfers at
325
i
£
£
£
£
_ _. 193,060,880 192,002,585 150,966,736 121,452,735 141.761.881
323/
2, against 323
A. The unofficial or free market England
France a_ - _ 656,317,786 591,771,803 648,133,556 600,474,377 447.389,581
Germany b.
42,440,200 103,873,500
2,937,500
36,540,500
13,648.750
close was 25.70@25.75, against 25%. Brazilian Spain
96,622,000
89,942,000
90,733.000
90,467,000
90,354,000
57,309.000
62,952,000
76.780.000
60,854,000
63,263.000
milreis, official rates, are 8.12 for bankers' sight Italy
Netherlands
37,171,000
67,547,000
72,310,000
67.800,000
85,636.000
Nat. Belg'm
40,459,000
72,524,000
72,202,000
77.676,000
74.768,000
bills and 83. for cable transfers, against 8.12 and 83. Switzerland 68,261,000 67,548,000 88.884.000 64.694,000 25,719.000
13.352,000
16.080,000
14,568.000
11,438,000
11,440,000
The unofficial or free market close was 63'I, against Sweden
Denmark.
9,552,000
7.395,000
8,160.000
7.398,000
7.399.000
Norway
8,134,000
6,852,000
6,559,000
6,574.000
8,015.000
6%. Chilean exchange is nominally quoted on the
Total week. 1,244,460,166 1.206.234,138 1,285,399,792 1,150,526,312 981,343,962
new basis at 5.20, against 5.20. Peru is nominal at Prey. week 1.244 017 2201 9121171 212 1 9A9 279 n17 1 120 155 092 070828280
a These are the gold holdings of the Bank of France as reported in the new form
23.25, against 23.25.
of statement. b Gold holdings of the, Bank of Germany are exclusive of gold held
E
T
abroad, the amount of which the present year is £1,065.800.
XCHANGE on the Far Eastern countries conTo the Honor of the Courts
tinues to follow the trends which have been
manifest for a long period. The Chinese units are
Wednesday was a bad day for the Administration
firm owing to the high prices of world-silver. For a and its embattled brain trusters. At Wilmington,
few weeks past, it is understood, China has been Del.,
United States District Judge John P. Nields
buying silver in the London market in competitoin
dismissed the application of the Government for an
with the United States. It is reported that less silver
is reaching London from Shanghai as the supplies injunction against the Weirton Steel Company, inhave been curtailed by the Chinese export duties tended to destroy the company union plan of emand by the stricter surveillance exercised by China ployee representation. At Louisville, Ky., United
respecting smuggling of the metal from that country. States District Judge Charles I. Dawson granted
The Japanese control endeavors to keep the yen in the application of a group of coal mine operators in
alignment with sterling exchange, and while sterling western Kentucky for a temporary injunction
continues to move downward it seems quite probable against the
enforcement of the code for the bituFOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922
minous coal industry. In each of the two cases
FEB. 23 1935 TO MARCH 1 1935, INCLUSIVE
the Court, in the course of its decision, read the
Nan. Buying Rate for Cable Transfers in New York
Country and Monetary
Value in Untied States Money
Government some elementary but much needed lesUnit
Feb. 23 Feb. 25 Feb. 26 Feb. 27 Feb. 28 Mar. 1
sons on the difference between the New Deal gospel
Europe3
$
$
$
S
$
and the law of the land. Coming as they did close
Austria,sch111Ing
188470* .188525* .188608* .188910 .189191* .189141*
Belgium, belga
.234230 .234415 .234815 .235103 .235600 .235600
Bulgaria, lev
.012750* .012750* .012875* .012750* .012875* .012875*
on the heels of the decision of United States District
Czechoslovakia, krone .041960 .041937 .041981 .042000 .042070 .042035
Denmark, krone
217033 .217062 .217250 .216916 .216460 .215825
Judge William I. Grubb, tt Birmingham, Ala., reEngland, pound stern;4.861416 4.861916 4.863333 4.859333 4.849416 4.833583
Finland, markka
.021512 .021500 .021512 .021454 .021462 .021391
minding the Tennessee Valley Authority that it was
France, franc
.066217 .066238 .066313 .066364 .066499 .066466
Germany, reletismark .402721 .402864 .403314 .403692 .404669 .404764
Greece, drachma
.009380 .009375 .009380 .009390 .009415 .009390
not itself the sole judge of how much electric power
Holland, guilder
.678214 .678442 .679192 .679721 .681357 .681971
Hungary, pengo
297500 .297625* .295875* .297875* .297875 .298250*
it
might distribute, the rulings have given the reItaly. lire
084983 .084920 .085012 .085156 .085263 .085035
Norway, krone
.244233 .244245 .244483 .244140 .243670 .242916
Poland, zloty
covery
legislation some heavy jolts.
.189560 .189460 .189660 .190040 .190220 .190180
Portugal, escudo
044237 .044245 .044295 .044241 .044179 .044029
Rumania,leu
.010070 .010080 .010090 .010120 .010130 .010115
The Weirton case, which had been before the Court
Spain, peseta
137225 .137250 .137400 .137489 .137735 .137664
Sweden, krona
250608 .250652 .250866 .250504 .250033 .249266
for
nearly a year, involved an attempt on the part
Switzerland, franc__ _ .324842 .325046 .325450 .325623 .326292 .326067
Yugoslavia, dinar_._ _ .022818 .022831 .022837 .022820 .022806 .022906
Asiaof the Government to oust a company union on the
ChinaChefoo (yuan) dol'r .375000 .378750 .384166 .385833 .385416 .389166
ground
that it did not represent the kind of colHankow(yuan) dol r .375416 .379166 .384583 .386250 .385833 .389583
Shanghal(yuan)da .374375 .378281 .384375 .386041 .385416 .389166
lective bargaining contemplated by Section 7-A of
Tientsin(yuan) dol' .375416 .379166 .384583 .386250 .385833 .389583
Hongkong, dollar
.451875 .459375 .462656 .465000 .465781 .474687
India, rupee
366975 .367035 .367490 .466920 .366570 .365562
the National Industrial Recovery Act. The only
Japan, yen
283490 .283610 .284035 .283690 .283370 .282450
3ingapore (S. S.) dol'r .566875 .567500 .567500 .566875 .566875 .564375
constitutional ground, apparently, on which the
AustralasiaAustralia, pound
3 835125.3.85312V .854687* .850625°3.843750°3.840000*
New Zealand, pound_ 3.876250*3.876562*3.878593*3.874062'3.864166.3.863125*
Government presumed to stand was the contention
Africa3outh Africa, pound._ 4.810750'4.811500* 4.812000*4.808250•4.798750.4.785750*
that
the Weirton Steel Company, a wholly owned
North AmericaDenude, dollar
.999765 .999583 .999817 .999661 .998697 .998072
subsidiary of the National Steel Company, was en.999200 .999400 .999200 .999200 .999200 .999200
3uba, peso
%lexica., peso (silver). .277500 .277500 .277500 .277500 ,.277500 .277500
Newfoundland, dollar .997312 .997000 .997250 .997125 .996250 .995375
gaged in inter-State commerce, and hence was subSouth America.324000* .324087* .324100* .323930* .323125* .321937*
krgentina. peso
ject to Federal regulation according to the Govern.081225* .081225* .081225* .082225• .081225* .081225*
3razil, milreis
050625* .050625* .050825* .052625* .050625* .050625*
:3311e, peso
ment's interpretation of Section 7-A. The Court
.804850* .804550* .805250• .805750* .807650. .806725*
Iruguay, peso
583100* .573100* .576400* .574700* .573100* .573100*
")o1ombia. peso
made
short work of the Government's arguments.
* Nominal rates; firm rates not available.
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Volume 140
Financial Chronicle
It found, "by a clear preponderance of evidence,"
that the company union in question "affords a lawful and effective organization of the employees for
collective bargaining through representatives of
their own choosing," that it complies "in all respects" with the provisions of Section 7-A as well
as with those of the steel code, that it is "in all respects . . . directly operated and controlled" by
the employees without domination by the Company,
that the 49 representatives of the employees elected
in December, 1933, are equally free from domination
or control by the Company or its agents, that the
plan is "in all respects" satisfactory to "the great
majority" of the employees, and that the payment
of compensation by the Company to the representatives chosen and the payment of the expenses of
operating the plan "are lawful and do not constitute
acts of interference, restraint or coercion."
Regarding the inter-State commerce argument, the
Court held that the Company "is not engaged in
inter-State commerce save to a negligible extent,"
that its business is that of manufacture, and that
its ownership by the National Steel Company could
not change the character of its business from that
of manufacturing to that of commerce. "The plants
of the defendant are not a part of the inter-State
movement of goods. The plants are the cause of
the inter-State movement of goods. They originate
inter-State commerce." There was no analogy, the
Court declared, between the case of Chicago Board
of Trade vs. Olsen, in which the constitutionality of
the Grain Futures Act of 1922 was involved. "Here
the raw materials brought into defendant's plant
are never shipped out. No ore, coal, limestone or
scrap iron is shipped out into inter-State commerce.
What is shipped out are things entirely different
from the raw materials shipped in." If the plants
and manufacturing operations of the Weirton Steel
Company were to be regarded as instrumentalities
of inter-State commerce, "it follows that practically
all of the manufacturing industry of the United
States would be brought within the control of the
Federal Government. Such result has received the
unqualified condemnation of the Supreme Court"
in cases which the opinion cited and quoted. Section
7-A, accordingly, "as applied to defendant and its
business is unconstitutional and void."
The Kentucky case involved a different question.
A temporary injunction had previously been granted
on the application of 35 coal operators, none of
whom had acknowledged the authority of the administrative agency of the bituminous coal code,
and who sought protection against the loss which
they claimed would be suffered if the code were enforced. The case had been remanded to the District
Court by the Circuit Court of Appeals for a finding
of fact regarding the "irreparable loss" which it had
been claimed would be sustained.
Judge Dawson found (we quote from a summary
of this part of his decision in a dispatch to the New
York "Times") "that the cost of production under
2 cents a
the code would have been not less than 81/
ton more than otherwise; that the wage increase
would have been, for all of the 35 operators except
1361
possibly seven, greater than $3,000 (the amount
necessary to sustain a suit in a Federal court); that
the failure of the plaintiffs to comply with the order
would have subjected them to a fine of $500
a day, and that the District Attorney would have
been in duty bound to enforce the Act." He further
dismissed as fallacious the Government contention that possible gains from compliance with the
code should be offset against increased costs due to
higher wages. "The citizens of this country," he declared, "have the right to conduct their business
without unconstitutional interference or regulation
by governmental authority. Whenever the Government unconstitutionally interferes with the right
of a citizen to do business in his own way, that interference constitutes an injury to the property
rights of the citizen." In the case before him the
interference "takes the form of exacting payment of
wages in excess of what the citizen is willing to
pay. . . . Surely, in such a situation, the Government cannot justify its action by demonstrating that
the increased wages are more than absorbed by increased profits flowing to the citizen as the result
of operating his business under the illegal regulation thereof by the Government. If such is the law,
then a benevolent despotism at Washington, D. C.,
can take charge of all business in this country, regulating wages and hours of service and all the other
elements thereof, and the citizen would have no redress unless he could demonstrate that operation
under Government supervision would result in a loss
to him which otherwise would not have been sustained."
Judge Dawson had also found that the business
of the coal operators was intra-State, and he reaffirmed his previous conclusion that the National
Industrial Recovery Act, under which the code was
promulgated, was unconstitutional. Weight was also
given, apparently, to the argument that the right of
the Government to fix wages was not admitted, and
hence its legality must be regarded as in doubt. He
further recognized the right of the coal companies
to join in a common action, notwithstanding that
each of them had not suffered the minimum loss
which a Federal suit stipulates.
Both the Weirton case and the Kentucky coal case
will, of course, be appealed, and we shall have to
await a decision of the Supreme Court before knowing whether the rulings of the lower courts are to
stand. The attitude of the National Recovery Administration may be gathered, presumably, from
the reported comment of Blackwell Smith, its general counsel, that the ruling of Judge Nields "seems
clearly to be based on an outmoded theory of constitutional law." It is greatly to be hoped that there
may be no unnecessary delay in determining whether
Federal interference with manufacture on the pretence that it is inter-State commerce, and with introState coal mining on the pretence that an industry
can be subjected to the prescriptions of a code
whether it is intra-State or inter-State, is outmoded
under the Constitution and relegated to the uncontrolled policies of a "benevolent despotism" at Washington. In the meantime the decisions of Judges
Nields, Dawson and Grubb will bring them honor
among all those who still believe that there are personal and property rights which the Constitution
was framed to protect, and that learning, courage
and judicial temper still characterize the Federal
courts.
1362
Financial Chronicle
The Plight of the Railroads
What with old age pensions, unemployment insurance, relief projects, and a variety of other matters
engrossing the attention of Congress, the question
of transportation seems to be due for another period
of neglect. The delay is certainly not to be ascribed
to any lack of information regarding the condition
of the railroads or the absence of specific proposals
for dealing with transportation as a whole or in its
various parts, for at all of those points both Congress and the Administration have abundant material before them. Meantime, with comprehensive
legislation apparently deferred until a more convenient season, proposals which on their face seem
wise are in danger of being overshadowed by others
which are dangerous or at best call for careful
scrutiny.
In the report, the third since his appointment,
which Joseph B. Eastman, Federal Co-ordinator of
Transportation, submitted to the President on Jan.
30 (see the "Chronicle" for Feb. 2, Vol. 140, pages
693-696), it was pointed out that the financial condition of the railroads had not improved since the
previous report in January, 1934, and that the low
earnings were due "not only to the general depression, but to the great increase in competition from
other means of transport and to other changes in
economic conditions." It was possible, Mr. Eastman
thought, to "reduce railroad costs materially by coordination of facilities or service; to make further
reductions, and also improve service and add to
traffic, by using motor vehicles to supplement, or
as a substitute for, rail operation; to reduce costs
and improve service still further by using new types
of equipment now available or in process of development, and to increase railway revenues materially
by adequate charges for various incidental services,
driven down by wasteful competition." The present
rate structure, also, was "not well suited to modern
conditions." The ultimate aim was declared to be
"a system of transportation for the nation which
will supply the most efficient means of transport
and furnish service as cheaply as is consistent with
fair treatment of labor, and with earnings which
will support adequate credit and the ability to expand as need develops and to take advantage of all
improvements in the art." The system "must be in
the hands of reliable and responsible operators
whose charges for services will be known,dependable,
reasonable, and free from unjust discrimination."
Three plans by which this ultimate objective may
be attained were discussed in some detail by Mr.
Eastman, and two of them are prominent in most
current discussion of the railroad situation. Plan
I, as it is called, looks for the desired results through
a further extension of Federal regulation. In comparison with the railroads, which are minutely regulated, Mr. Eastman points out that motor and water
transport are regulated "little or not at all," with
the result that the public suffers from cut-throat
competition. Left to themselves the motor and
water transport agencies, the latter including port
terminals, cannot be expected to regulate their operations except with a view to their own interests, and
Plan I contemplates bringing them all under the
supervision of the Interstate Commerce Commission,
with a reorganization of that body so as to ensure,
among other things, more prompt action and systematic transportation planning.
March 2 1935
The essence of Plan I, as far as service and rates
are concerned, is the elimination of destructive competition by agreement among the various classes
of carriers under Federal supervision, not by the
absorption of motor transport by the railroads or
the enforced consolidation of companies into larger
units or territorial systems. Such co-operation
would naturally get rid of much duplication of
service and bring order into the rate structure,
although it would very likely result in the abandonment of a considerable amount of railway mileage.
It ought also to end the unfair competition which
the railroads have to meet from Government-owned
and operated barge lines in the Mississippi and other
Western and Southern rivers. It would not, on the
other hand, as Mr. Eastman points out, bring "a
great improvement in conditions quickly, but only
gradually," and it would "prove most successful if
there is an early and pronounced upturn in general
business conditions, and least successful if there is
no abatement of the depression."
A good deal is said and written about the excessive costs of railway operation and maintenance.
Notwithstanding the drastic reductions which many
roads have made during the past few years,including
an extensive deferral of expenditures for maintenance, improvements and equipment, it seems obvious that such co-ordination of transport service as
Plan I contemplates would facilitate still further
economies. It is not possible, however, for the railroads to push direct economies very far in a period
of rising prices for materials, high labor costs and
rapidly increasing taxation unless the volume of
traffic also mounts, and a remunerative volume of
traffic is what the railroads still lack. The chairman of the Reconstruction Finance Corporation,
Jesse H. Jones, in an address before the Traffic
Club of New York on Feb. 21, assured his hearers
that "nothing would stimulate business quite so
much, and re-employ people to the same extent, as
an increase in railroad traffic sufficient to give them
money to spend for equipment and maintenance and
for improving their property generally," but although he declared that "we all expect railroad
earnings to improve to the extent that the roads may
again operate profitably and in private hands," he
was not able to show where the desired increase was
to come from or what grounds there were for expecting it soon to appear.
A special handicap which, according to Mr. Eastman, has "had the effect, very largely, of preventing
accomplishment of the purposes" of the Emergency
Transportation Act of 1933, is the protection which
the Act accords to railway labor. Section 7-B of the
Act provides that "the number of employees in the
service of a carrier shall not be reduced," in consequence of anything done under the Act, "below the
number as shown by the payrolls of employees in
service during the month of May, 1933," after deducting the number removed from the rolls after
June 16, the date of the Act, by reason of death, normal retirements, or resignation, "but not more in
any one year than 5% of said number in service during May, 1933; nor shall any employee in such service be deprived of employment such as he had during
said month of May, or be in a worse position with
respect to his compensation for such employment,"
by reason of the application of the Act. Notwithstanding this protection, the Railway Labor Executives Association is urging upon Congress a bill estab-
Volume 140
Financial Chronicle
lishing a maximum six-hour day for railway employees without reduction in compensation, full
crew and train limit bills, and an amendment of
the Hours of Service Act making further reductions
in working hours. R. V. Fletcher, general counsel
for the Association of American Railroads, in an
address at San Francisco on Jan. 23, quoted Mr.
Eastman as estimating that the additional cost of
the six-hour bill, under present employment conditions, would amount to $400,000,000 annually, while
he himself estimated the total additional cost of all
the proposed measures at $1,250,000,000, or "roughly
twice as much as the burden of fixed charges now
resting upon the industry."
Mr. Jones, in his New York address, announced
that "now that we are through the emergency period
(!)," railroads "which must come to the Government
for financial assistance . . . must be prepared
to prove their cases in point of management, competitive conditions, and policy" as shown by their
farsightedness and energy "in meeting the growing
highway competition by improving their service, by
instituting economies in operation through pooling,
co-ordination and consolidation, and by a greater
use of trucks, buses and highways." He seems to
have assumed that the railroads should increasingly
enter the motor transport field, while Mr. Eastman
emphasized co-ordination of motor and rail services.
He further intimated that, when the roads are again
operating profitably, "railroad security holders will
perhaps need to take substantial reductions in principal as well as rate of return." Mr. Eastman, commenting in his report upon the general financial
situation, declared that "no good will be accomplished by piling up indebtedness through Reconstruction Finance Corporation loans unless the
carrier has a sufficiently sound financial structure
so that some measure of private credit is likely to
be regained rather quickly with an upturn in business." Otherwise, he said, the railroads would do
better to avail themselves of the Bankruptcy Act
(some of the railroad provisions of which, he suggested, need amendment), remaining under trusteeship "until future prospects can be forecast more
accurately," or else proceeding to immediate reorganization. "For the present," however, he added,
"private credit is not a dependable quantity, and
the Government must be the chief source of needed
capital funds. It should not provide funds for the
preservation of unsound financial structures, but it
can well be liberal in the provision of funds for well.
conceived plans of rehabilitation and modernization."
Plan II, in general a modification of the Prince
Plan upon which the Federal Co-ordinator made an
unfavorable report last year, calls for the large-scale
regional consolidation of the railroads into a number of systems. This scheme was dismissed by Mr.
Eastman as one which "does not appear either desirable or feasible." Plan III, Government ownership, is characterized as containing "the greatest
potentialities of good and at the same time the greatest possibilities of harm." It would solve, he thought,
the complex difficulties created by Government regulation of a privately-owned industry, but he could
see no sufficient evidence as yet of a public sentiment
that would make Government ownership a success,
and in the meantime the inevitable addition of billions to the public debt, the difficulty of making
labor economies while millions are unemployed, the
1363
practical certainty of a large deficit which the Treasury would have to meet, and problems of organization and administration seemed to him weighty
objections to the plan.
Mr. Eastman's doubts are valid to the point of
conclusiveness. Henry Bruere, President of the
Bowery Savings Bank of New York and a director
of the Union Pacific Railroad, has lately put the
matter in another way by saying that neither "financially" nor "spiritually" could Government ownership be afforded. Yet it is a serious question whether
the drift is not in the direction against which both
of these authorities have warned. The conditions
of railroad transportation in general are not improving, and Congress, as we have said, shows as
yet no special interest in making them better. Government loans may tide over emergent circumstances
and postpone bankruptcy, but they do not create
traffic or lessen the burden of fixed charges and
operating costs. It is doubtful if the roads, after
more than four years of depression and retrenchment, would be in a position to respond effectively
to the traffic demands of a pronounced business
upturn if one came, yet without a business upturn
they cannot hope to operate profitably. The decline
in the market value of railroad securities is disturbing, yet Mr. Jones, who insists that the roads must
pool, consolidate, and make "greater use of trucks,
buses and highways" if they want RFC loans,
offers nothing more encouraging to security holders
than "substantial reductions in principal as well as
rates of return" on their investments.
It seems almost superfluous to point out that the
railroads are of vastly more vital importance for
the industrial, business and financial welfare of the
country than are the schemes of "social security"
and miscellaneous public works which are being
pressed upon the attention of Congress, and that
their profitable maintenance is of immediate concern
to millions of wage earners and investors. We cannot go on indefinitely postponing the transportation
problem without inviting more receiverships, complicating the reorganization of individual roads or
systems, and weakening the financial structure of
roads that are still strong. It is upon such evidences
of unprofitable operation in private hands that the
demand for public ownership feeds, and the demand
will grow with every day that Congress allows the
situation to drift.
All Should Now Oppose Monetary
Tinkering
All thinking Americans must needs rally to the call for
Immediate return to gold made by ex-President Hoover. It
Is long past time for calling a halt upon the unworkable,
dangerous and uncertainty-breeding money and credit poli- •
cies of the Administration, and at the same time to kill •
before it gets started the Eccles plan for a White Housecontrolled banking system for trial of some more of the.
cart-before-the-horse theory that more money or credit is ,
the key to prosperity.
The one effective key is return to gold. If the President '
cannot be persuaded to lead out to this end, patriotism cind
common sense direct that a Senator of insight and courage
initiate such legislation and thus furnish an effective ranking point for the honest common sense of the country.
If the President will lead, all the 'better. If he will not,
It is high time that the country saved itself; The recent
gold clause decision has well emphasized the bad character
of all of the New Deal money tinkering. Let us have a
return to gold in the present session of Congress.
[The above is a copy of a letter sent to several Senators
by Dr. Raymond Phelan.]
1364
Financial Chronicle
March 2 1935
The Trust Companies in New York and Elsewhere
The banking institutions of the country made important strides during the past year, notwithstanding the stagnation of trade and industry, and the
growing tendency toward Federal control. Of prime
consideration was the task undertaken by the bankers of revamping the country's banking structure
along sound lines, so as to place them in a position to
render a greater and broader service to the public.
The tremendous responsibility placed upon the banking system as the hub of all business, at the outset
of the depression, was unparalleled in any other
one field, and this condition became more acute as
time went on. The collapse of the financial structure of the country induced fear and a lack of confidence among all the people and brought in its wake
large withdrawals of funds from our banking institutions. The banking situation had reached a critical stage, and with the widespread State bank holidays adding to the confusion, the President on
March 5 1933 proclaimed a nation-wide four-day
holiday, and all banking institutions were ordered
to suspend their operations. This brief period gave
the American people sufficient time for reflection
and deliberation, and they acted both wisely and
well. Wherever reorganizations became necessary,
depositors showed little reluctance to temporarily
forego their claims, and at the same time, whenever
new capital was required, they subscribed quite willingly, to insure sound banking conditions in their
community. The stockholders, likewise, recognized
their responsibility and faced the facts with a spirit
that was indeed heartening. The net result of this
co-operation on the part of many placed the banking
system of the country on a firm basis once more.
The report of the'Comptroller of the Currency for
the past year gives a fair indication of the status of
banks generally. The report discloses the fact that
out of the 1,417 National banks, with deposits of
$1,971,960,000, which were closed with the advent of
the bank holiday, 1,088 banks, with deposits of
$1,802,086,000 have reopened through reorganization, consolidation or otherwise, and are now performing their normal functions; 30 institutions
went into voluntary liquidation, paying $11,204,000
to their depositors; 294 banks, representing $152,048,000 in deposits, were placed in receivership, of
which seven, with deposits of $3,537,000, have formulated plans of one kind or another and may possibly
resume operations in the near future. The percentage of failures was very small, indeed, when
compared with the total number of all National
banking institutions placed on a restricted basis
after the bank holiday. In commenting further on
the status of financial institutions, the "American
Banker" points out that "at the close of the year
there were 5,555 National banks and 10,431 State
chartered banks in unrestricted operation. The
combined total represented 15,986 banks as compared with 18,390 banks at the end of 1932, and
24,630 banks at the close of 1929."
Trust business in the United States has made good
progress despite unfavorable conditions, and the
need for greater trust service is ever increasing. In
the past, when mergers and consolidations were the
rule, it often happened with the shifting of totals
from the National and State bank list to the trust
company classification that a difficulty arose in
determining whether the consolidation represented
an actual increase in trust business or otherwise.
When we speak of an increase in trust business, we
mean expansion as a measure of the growth of the
pure trust company, operating within distinctly
trust company lines, and from the Comptroller's
report dated Feb. 11 1935 it may be readily seen how
such a growth could come about. In his comments
on the trust powers of National banks, he stated:
"On June 30 1934 there were 1,928 National banks
having authority to exercise trust powers, with combined capital of $1,452,519,428 and banking assets of
$20,934,134,715, which represented 35.5% of the
number, 83.5% of the capital and 87.6% of the
resources of all the banks in the National banking
system. Of the number authorized to exercise trust
powers, 1,560 banks had active trust departments
and were administering 122,022 individual trusts
with assets aggregating $8,516,551,744. In addition,
they were administering 15,903 corporate trusts and
acting as trustees for outstanding note and bond
issues amounting to $11,484,461,737." This report
shows the extent to which National banks participate in the field of trust service.
Changes in trust procedure during 1934 have
occurred and methods have been adopted to further
safeguard the interest of depositors. Institutions
to-day are exercising greater care with respect to
losses carried on their books, and are providing for
such contingencies by building reserves to absorb
these losses as they occur. A further effort in the
way of restoring public confidence has been through
membership in the Federal Deposit Insurance Corporation, and since its establishment a total of 8,700
State institutions have become members, in addition
to all of the National banks. Then, too, banks to-day
are subject to greater supervision than was ever
known before in the history of the country. Where
a bank is a member of the Federal Reserve, the Fedeial Deposit Insurance Corporation or a Clearing
House Association, it is subject to examination by
each of these agencies, together with that of the
Comptroller of the Currency,orthe Banking Department in the State where it is doing business. Efforts
were made in the interest of unified bank examinations, and this was accomplished by having the various agencies draw up their forms along identical
lines. Thus, by rigid supervision, coupled with the
conservatism of the bankers as a group, the American banking system is stronger to-day than for a
long time past.
Another important step taken during the year by
banks throughout the country in the way of strengthening their institutions was the addition of new
capital through the sale of preferred stock and capital notes, and many more companies are readjusting
their capital structures in a like manner. The necessity of maintaining an adequate ratio of capital to
deposits is recognized and serves a two-fold purpose,
that of a further protection to depositors and as a
bulwark in times of stress.
Banking institutions for the most part are in a
high state of liquidity, but their chief concern lies
in finding an outlet for their surplus funds. Great
care must be exercised in the extension of credit,
and there has been and still is difficulty in finding
solvent borrowers whose loans will be both safe and
profitable. Hence, credit expansion must continue
Financial Chronicle
Volume 140
to mark time until a much greater improvement in
business occurs.
Continuing the practice begun by us a long time
ago, we print on subsequent pages our annual comparative returns of the trust companies in this city
(Manhattan and Brooklyn boroughs) and also those
in Boston, Philadelphia, Baltimore and St. Louis,
bringing down the figures to the close of 1934. For
this city the figures, as far as liabilities and assets of
the different companies are concerned, are those
furnished by the companies themselves, and are for
Dec. 31 1934, the Superintendent of Banking having
issued no call of condition whatever throughout the
year, thus leaving Dec. 31 1932 as the last date on
which a call was made by him.
Changes in trust companies in Greater New York
during 1934 were few and consisted in the main of
readjustments in capital structure. The most important of these were the steps taken by the stockholders of the Marine Midland Trust Co. of New
York on Jan. 10, by reducing the bank's capital
from $10,000,000 to $5,000,000, and the par value of
the stock from $20 a share to $10 a share. Similar
action was taken by the Marine Midland Corp.,
which controls the former institution. On Feb. 7
the company's outstanding capital stock was decreased to $27,755,050 of $5 par from $55,510,100
of $10 par, the difference being transferred to surplus account. In like manner the stockholders of
the Colonial Trust Co. on Dec. 14 adopted the proposal to reduce the capital of the institution from
$3,000,000, consisting of 30,000 shares of $100 par,
to $1,000,000, consisting of 40,000 shares of $25 par.
In addition, the Chemical Safe Deposit Co. of New
York (affiliate of the Chemical Bank & Trust Co.)
on June 30 received approval to decrease its capital
from $200,000 to $100,000 and its shares from 2,000
to 1,000 at a par value of $100 a share. Several companies in the course of the year liquidated their
capital notes.
In the foregoing we have been dealing with the trust
companies as a whole. As far as the separate companies
are concerned, the elaborate statements on subsequent pages
will enable the reader to ascertain what the experience
of each company has been as between 1932 and 1934. To
furnish a sort of general survey we introduce here the following table comprising all the separate companies in the
Boroughs of Manhattan and Brooklyn, and showing the
deposits on Dec. 31 of the last five years:
I )10E 11 f OF NEW YORK CITY TRUST COMPANIES.
Borough of Manhattan.Dec. 31 '30.Dec. 31 '31.Dec. 31 '82.1Dec. 30 '33. Dec. 31 '34
American Exp Bank &
$
$
I
$
3
(27)
Trust Co
27 24,361,270
(27)
(27)
(27)
Anglo-Sou Amer Tr_ _2 6,467,598 4,151,577 2,778.990 3,272,057 3,691,700
Banca Corn Ital Tr__3 15,458,519 12,725,359 11,044,805 10,163,470 8,082,954
Banco di Napoli Tr_28 8,244,620 5.336,467 4,412,083 6,354,979 6,372,754
Banco di Sidi Trust_ _4 11,795,611 9,098,162 6.121,550 6,843,616 9,522,472
638,466,081 538,413,189623,744,054583.603,582882,988,031
Bankers
Bank of Athens Trust _f 6.893,922 4,978,419 3,740.621 2,663,650 3,082,555
Bank of Europe Tr__ _0 13,730.997
(4)
(4)
(g)
(1)
Bank of Manhat Tr_26469,093,737 375,156,092352,960,27
(2(,)
(26)
Bank of NY & Tr__ _w 103.462,374 105,769,791104,970,279123,080,731 200,470,170
Broadway dr Plaza Tr 9 7,217,519
(9)
(9)
(9)
(9)
Cent Hanover Bk&Trk 660,778,800 608,191,909594,220,198 577,596,901 738,625,248
5.929.872 4,221,792
Mercantile Bk & Tr.13
(13)
(13)
Chemical Bk & Tr .i8 357,250.691 297,395,849322,930,705322,218,276 476,498,916
City Bk Farmers Tr_19 49,216.358 46,830,4
50,752,702 47,399,612 45,656,182
15 1,536,811 2,038,532 2,183,017 2,806,767 3,528,405
Clinton Trust Co
Colonial Trust CO ,16 12,403,357 14,078,247 8,954,718
(16)
6,417,647
Continental Bk & Tr 22 24,903,774 37,433,581 34,177,711 31,981,380 53.307,684
Corn Each Bk & Tr 14 248,209,247 239,008,843213.525,939211,789,105 237,557,793
31.747.240 33,501,236
Lawyers'-CountY --I 25,860,019
Empire
81,326,422 74,063.888 58,898,276 56,024,440 62,588,513
21
91,194
Equitable
173,43
664.188
(21)
(21)
Marine Midland Tr-1 63.455,491 53.400,853 61,865.031 65.851,850 84,741,003
Federation Bk & Tr-i 15,846,400
15,593,867 6,150,900 7,275.596
Fiduciary Trust Co__r
3,486.725 8,835.431 9,299,73 11,548,934
Fulton
18,257,6681 16,543,427 16,244.083 15,072.65 17,217,086
17 1,331.309,
1.061,029384 1,011.433.8721019582,852 1,260,064,445
Guaranty
Hellenic Bk & Tr _ _29 2,150,621 3,738.165 3.336,842 2,660,077 2,651.964
(22)
Internat Trust Co_ _
(12)
(22)
b 618.804,153 440,018,586 415,764,059 412,928,075482,555,114
Irving Trust Co
(20)
(20)
Int. Madison BkdiTr20 7.479.903
(20)
(20)
Lawyers Trust
24,053.187 17.573.382 13.571,840
(I)
(I)
325,010,943 252.070,083260,511,486245,859,381 334,157,758
New York
J Henry Schroder Tr 23 3.509,031 4,225,863 4,388,121 6,738,870 9.371,922
(z)
(z)
(z)
Times Square 'Fr Co_z 2,165.912
(z)
45,714,307 43,368,983 37.405.222 26.699,657 18,006.232
Title Guar & Trust_
Trust Co of N A. NY 3,410.110 3,351,771 3,460,836 3,683,237 4,467,962
Underwriters Tr Co_25 10.184,754 5,920,686 6,516,732 7,532,198 8,718,338
58.077.210 63,542,541 68,592,558 58,792,461 63,261,322
United States
Total
a 6.304833818 4.389,184.
4,384219.9983928476 890 4,075,954,865
1365
DEPOSITS OF NEW YORK CITY TRUST COMPANIES.
Borough of Brooklyn. *ec. 31 '30.Dec. 31 '31.Dec. 31 '82.Dec. 30 '33 Dec. 31 '34
3
$
8
$
$
I
8131,883,043117,184,588113,491.837 93.098,487 99,025,940
Brooklyn
(24)
(24)
(24)
(24)
Globe Bank & Trust 24 8.118,268
I
31,269,1841 30,948.05 29,474,440 27,092,448 30,962,512
Kings County
393,036.410382,273,563500,316,730
e219,456,274270,090,
Manufacturers
(a)
(a)
(s)
a 10.851,0
(a)
Midwood
Total
401,577.859418,223,545536.002,187502,464.498630.305,182
Total Greater N Y_.._ 15.708.488.375 4.809.408.323 4.8(04.222482 4430941 388 6,706,260,147
Corporation Trust Included in total for all the years: had deposits of $25,029
on Dec. 31 1934.
b Flatbugh Trust of Brooklyn was consolidated with Broadway of New York
City March 6 1912. The Broadway changed title to Irving Trust Nov. 3,1 1917
and Market & Fulton National consolidated with Irving in March 191b. On
April 19 1920 the Irving Trust was merged in the Irving National Bank and disappeared 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
Bank-Columbia Trust Co., and accordingly reappeared in the trust company Hat.
A merger of the Irving Bank-Columbia Trust Co. and the National Butchers &
Drovers Bank, under the Dame Irving Bank & Trust Co. became effective Sept. 20
1926. American Exchange-Pacific Bank was merged on Dec. 11 1926 with the
Irving Bank di Trust Co. under the name of American Exchange Irving Trust Co..
and on Feb. 1 1929 returned to Its former title, the Irving Trust Co.
Citizens Trust Co. took over Manufacturers' National Bank Aug. 12 191 4
becoming Manufacturers' Trust Co., which absorbed the West Side Bank, New
York City, June 15 1918, the Ridgewood National Bank Sept. 1 1921, the North
Bide Bank of Brooklyn April 281922. the Industrial Bank of New York City Dec 18
1922. the Columbia Bank Aug. 14 1923 and the Standard Bank and the Commonwealth Bank a of July 29 1927. Merger of the Capitol National Bank & Trust Co.,
Longtime Bank and United National Bank into the United Capitol N.Bank &
Tr. Co. on Mar. 9 1928. and later acquired by Manufacturers Trust Co. on June
6 1928. On Jan. 28 1929 absorbed the State Bank & Trust Co.. which on Dec. 31
1928 had deposits of $109,362,900; the Pacific Trust Co. on June 27 1930. and on
Aug. 11 1931 the Midwood Trust Co. of Brooklyn. On Aug. 25 1931 acquired
the Brooklyn National Bank; stockholders received the value realized upon the
assets turned over to the Manufacturers Trust Co. after payment of all liabilities.
The Chatham Phenix National Bank & Trust Co. merged with the Manufacturers
Trust Co. under the title of the latter on Feb. 9 1932. The N. Y. State Banking
Department on the same date approved the merger of the Empire City Safe Deposit
Co. into the Manufacturers Trust Co. under the title of the Manufacturers Safe
Deposit Co.
f Bank of Athens Trust Co. began business April 1 1926.
S Bank of Europe on Feb. 24 1926 entered the trust company list under the
title of the Bank of Europe Trust Co. On Aug. 28 1931 the Bank of Europe Trust
Co. and its affiliate, the Bank of Europe Safe Deposit Co.. were both taken over
by the State Banking Department.
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 business 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 consolidated 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.N
P' I Lawyer. Trust Co. began business Feb. 28 1925 to take over trust Tlisinelli
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.
r Began business In 19304
amig
o 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 to...9.d over to the Manufacturers Trust Co. after payment of liabilities.
w New York Life Insurance & Trust merged with Bank of New York, forming
Bank of New York & Trust Co. Sept. 1922.
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.
(I) Coal ez 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 June 28 1927 acquired the Security Bank.
Seas, on Aug. 25 1928 and the
Absorbed the private banking firm of Di Seas &
private banking business of Louis M. P. Scotto, 212 Columbia St., Brooklyn, as of
March 1929. The Bancomit Corporation. Investment affiliate of the Banes 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.
(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 1928 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.
(13) Chelsea Exchange Bank granted trust powers and title changed to the
Chelsea Bank & Trust Co. on Oct. 28 1929: closed on Dee. 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 & Plata 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 $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. 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 $75,057,000.
(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 business of the American
Express Bank & Trust Co., which was acquired by the Chase National Bank as of
the same date.
1366
Financial Chronicle
(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 Deo. 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 of
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 & Mtge. 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 Bank 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
the Equitable Trust Co. of New York, a Chase National affiliate.
(25) Opened for business May 24 1930
(29) Began business on Feb. 10 1930.
We have dealt with the financial institutions in
Greater New York, and we now turn our attention
to the rest of the State. The Marine Trust Co. of
Buffalo, with the approval of the New York State
Banking Department, on Sept. 12 acquired the Bank
of Snyder, at Snyder, and the Lackawanna National
Bank of Lackawanna, on Dec. 14. In addition to
the foregoing, the directors of the Marine Trust Co.
on Jan. 9 approved a reduction in the company's
capital from $12,500,000 to $8,000,000 and the issuance of capital notes in the amount of $6,000,000.
The Oystermen's National Bank and the Community
Trust Co., both of Sayville, L. I., capitalized at
$100,000 each, were consolidated on March 29 under
the title of the Oystermen's Bank & Trust Co., with
a capital of $150,000. The Mt. Vernon Trust Co.,
which has been operating on a restricted basis since
March 1933, was granted permission by the New
York State Banking Department on March 7 1934 to
reduce the par value of its stock from $20 to $10 a
share and to increase the number of shares from
75,000 to 150,000; on June 5 it opened without restrictions. The Huguenot Trust Co. of New Rochelle, which was closed on Jan. 2 for a short interval, also reopened on a normal basis on Jan. 31.
The Westchester Trust Co. of Yonkers was placed
in liquidation by the State Banking Department on
Jan. 2. Other changes of interest included the
revision by the Syracuse Trust Co. of its capital
through the sale of $1,400,000 of debentures to the
Reconstruction Finance Corporation and $400,000
locally, thus raising its capital to $4,300,000. The
First Trust & Deposit Co. of Syracuse also enlarged
its capital structure by selling $8,000,000 of capital
notes, but in connection with this increase reduced
the common capital from $5,400,000 to $1,620,000.
The Genesee Valley Trust Co. of Rochester cut
its common capital from $3,000,000 to $1,000,000
and sold $1,750,000 of capital notes. The Manufacturers & Traders Trust Co. of Buffalo on
Jan. 9 decreased its capital stock from $6,000,000
to $5,000,000 and issued capital debentures in the
latter amount. The First Citizens Bank & Trust
Co. of Utica on Oct. 3 reduced its capital to
$1,000,000 from $2,000,000, and at the same time
sold $4,000,000 of debentures. On Jan. 19 the Union
Trust Co. of Jamestown cut the bank's capital from
$600,000 to $400,000 and added $200,000 of capital
notes to its capital structure. The Marine Midland
Trust Co. of Binghamton early in the year decreased
the company's common capital from $750,000 to
$500,000, and in turn sold $300,000 of capital debentures. Some of the companies which sold capital
notes during the year without disturbing the com-
March 2 1935
mon capital included the Lincoln Alliance Bank &
Trust Co. in the amount of $3,500,000; the Union
Trust Co. totaling $2,000,000; the Central Trust Co.
in the sum of $1,500,000; the Security Trust Co.
amounting to $1,000,000, all of Rochester, and
$150,000 for the Citizens Trust Co. of Schenectady.
The Trust Co. of Larchmont on July 3 reduced the
par value of its shares from $50 to $10 and increased
the number of shares from 2,000 to 10,000, leaving
the capital unchanged at $100,000.
Further capital decreases embraced the Bank of
Huntington & Trust Co. of Huntington, which cut
its capital from $500,000 to $250,000 on Oct. 17; the
Osborne Trust Co. of East Hampton to $175,000
from $350,000; the Lafayette Trust Co. of Suffern
on Dec. 17 from $150,000 to $100,000, and at the
same time changed its name to the Lafayette Bank &
Trust Co. of Suffern; the Rye Trust Co. on Dec. 17
from $200,000 to $100,000, and the Lewis County
Trust Co. of Lowville from $200,000 to $100,000 on
Nov. 14; the Cortland Trust Co. on Jan. 19 from
$200,000 to $100,000; the Tonawanda Trust Co. of
Tonawanda in February to $400,000 from $500,000,
and the Great Neck Trust Co. on June 8 from
$225,000 to $60,000, and at a later date increased its
capital to $160,000.
In tabular form the capital increases or decreases
in New York State, outside Greater New York, are
set out in the following:
CAPITAL INCREASES IN NEW YORK STATE OUTSIDE GREATER
NEW YORK
Name
Date
Old
Capital
New
Capital
Amount of
Increase
9
Great Neck Trust Co
June 15
60.000
160,000
100,000
CAPITAL DECREASES IN NEW YORK STATE OUTSIDE GREATER
NEW YORK
Name
Date
Old
Capital
New
Capital
Amount of
Decrease
a
8
Binghamton-$
250,000
*Marine Midland Trust Co
500,000
760,000
Buffalo'Marine Trust Co
Jan. 9 12,500,000 8,000,000 4,500.000
*Manufacturers & Traders Trust Co__ _ Jan. 9 6,000,000 5,000,000 1,000,000
Cortland-100.000
Cortlan 1 Trust Co
200,000
100,000
Jan. 19
East Hampton175,000
Osborne Trust Co
175,000
350,000
Great Neck165,000
Great Neck Trust Co
June 8
225,000
60,000
Huntington250,000
Bank of Huntington & Trust Co
Oct. 17
250,000
500,000
Jamestown'Union Trust Co
Jan. 19
600,000
400,000
200,000
Lowalle100,000
Lewis County Trust Co
100,000
Nov. 14
200,000
Rochester*Genesee Valley Trust Co
3,000,000 1,000,000 2,000,000
RyeRye Trust Co
Dec. 17
100,000
200,000
100,000
Suffern50,000
100,000
Lafayette Trust Co. of Suffern
Dec. 17
150,000
Syracuse'First Trust & Deposit Co
5,400,000 1,620,000 3,780,000
Tonawanda100,000
400,000
Tonawanda Trust Co
Feb
500,000
Utica'First Oltlyana Rank & Ti lilt en
ore
a 2 non non 1 000 000 1 000 000
See capital notes table below.
NEW YORK STATE
Change of Title
of
Suffern
on Dec. 17 1924 changed its name to the Lafayette
Trust
Co.
Lafayette
Bank & Trust Co. of Suffern.
A list of some of the many companies that increased their capital funds during the year through
the sale of capital notes is as follows:
CAPITAL NOTES SOLD IN NEW YORK STATE OUTSIDE GREATER
NEW YORK
Amount
NameAmount
NameRochesterAlbany1,500,000
$2,500,000 Central Trust Co
First Trust Co
*Genesee Valley Trust Co.__ 1,750,000
Auburn500,000 Lincoln Alliance Ilk.& Tr. Co 3,500,000
Auburn Trust Co
1,000,000
Security Trust Co
Binghamton2,000,000
'Marine Midland Trust Co__
300,000 Union Trust Co
ScheneaadyBuffalo150,000
'Manufacturers & Traders
Citizens Trust Co
SyracuseTrust Co
5,000,000
*Marine Trust Co
6,000,000 'First Trust & Deposit Co- 8,000,000
1,800,000
Syracuse Trust Co
JamestownTroy'Union Trust Co
200,000
300,000
Troy Trust Co
KingstonUtica100,000
Kingston Trust Co
'First Citizens Bank & Tr. Co 4,000,000
Mt. Pleasant-1Vatertown275,000
Mt.Pleasant Bank & Tr. Co_
400,000
Northern New York Trust Co
Mt. Vernon1,500,000
Mt. Vernon Trust Co
242,425,000
Total
New Rochelle400,000
Huguenot Trust Co
* See table of capital decreases above
1,250,000
New Rochelle Trust Co
TRUST COMPANIES AT OTHER POINTS
Trust companies in Boston remain unchanged as to the
number, and total 11 institutions. There were only a few
changes of significance that occurred during the year, the
most important of which was the reduction in capital
stock of the United States Trust Co. on Jan. 31 from
$1,400,000 to $700,000, and the sale of preferred stock in
the amount of $1,000,000, thereby increasing its capital
structure in the sum of $300,000. The Union Trust Co. of
Boston also increased its capital from $500,000 to $750,000,
while the Stabile Bank & Trust Co. shows a reduction of
$50,000 from the former total of $250,000. After giving
effect to the above adjustments, aggregate capital for all
Boston trust companies for Dec. 31 1934 stood at $12,300,000,
representing a net increase of $500,000; surplus and undivided profits increased from $12,714,573, Dec. 30 1933, to
$12,897,108, Dec. 31 1934; deposits show a substantial increase and were $167,739,915 Dec. 31 1934 as against $132,935,057 Dec. 30 1933, with aggregate resources of $155,948,167 Dec. 30 1933 as compared with $186,876,293
Dec. 31 1934.
Following are the comparisons back to 1900:
BOSTON.
Dec. 81 1900 (16 000.)
Dec. 31 1901 (16 cos.)
Dec. 31 1902 (18 cos.)
Dec. 31 1903(19 coo.)
Dec. 31 1904 (19 cos.)
Dec. 31 1905 (19 cos.)
Dec. 31 1906 (16 cos.)
Dee. 31 1907 (19 coo.)
Dec. 31 1908 (19 cos.)
Dec. 31 1909 (19 cos.)
Dec. 31 1910 (19 cos.)
Dec. 31 1911 (19 cos.)
Dec. 31 1912 (21 coo.)
Dec. 31 1913(23 cos.)
Dec. 31 1914(24 cos.)
Dec. 31 1915 (26 cool
Dec. 31 1916 (29 eon.)
Dec. 31 1917 (29 cos.)
Dec. 31 1918(30 cos.)
Dec. 31 1919 (31 cos.)
Dec. 31 1920 (28 cos.)
Dec. 31 1921 (23 cos.)
Dec. 31 1922 (21 cos.)
Dee. 31 1923 (17 cos.)
Dec. 31 1924 (17 ow.)
Dee. 31 1925 (16 cos.)
Dec. 31 1926 (16 coe.)
flee. 81 1927 (17 cos.)
Die. 31 1928 (17 cos.)
Dec. 31 1929 (21 cos.)
Dec. 31 1930 (18 cos.)
Dec. 31 1931 (14 cos.)
Dec. 31 1932 (11 cos.)
Dec. 30 1938 (11 cos.)
TI.u.
RI 101/ ill nna 1
Capital.
$
8,450.000
9,000.000
11,100,000
12,100,000
12,500,000
12.500,000
11,100,000
11,750.000
11.750,000
12.150,000
12,250.000
14,850.000
16,250.000
17.250,000
17,450.000
18,480,200
19.150.000
21,479.800
21,650,000
26,077,000
26,329,300
23,450.000
23.850,000
18,650,000
18.750.000
21,750,000
24,400,000
28,400,000
31,400,000
25,700,000
17.200,000
14,300,000
12,100,000
12,100,000
10 wInnnn
Surplus and
Profits.
Deposits.
$
10.285,659
12,294,798
15,779,627
18,629,284
19.702.108
20,841,502
22,551.499
23,899,740
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
32,086.404
33,711,924
87.537,689
42.541.775
33.373.351
21.360,438
16.483,779
13,842,052
12,714,573
$
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
132,935,057
10007 Ina
1AT R.2.1 nlm
Aggregate
Resources.
$
108,198,705
129,288,584
143,144,410
143,010.520
172,053,315
181,397,831
191.885,064
160,704,415
210.125,658
224,090,822
228.753.660
258,248,404
251,622,062
260,582,621
269.125,151
336,704,22
383.460.075
414.609.942
466,298,771
560,096,231
495,145,451
456,840.071
507,282,281
413.589.461
438,755,961
469,871.20(
476,561,531
521.144.394
533.453.314
353.392,371
245.048,251
203,373,921
167.711,491
155,948.161
ICA 070
on.
Among the changes in trust companies in Baltimore, the
Maryland Trust Co., effective about March 26 1934, increased its capital funds through the sale of $2,000,000 of
capital debentures, and the Union Trust Co. by $500,000 in
the same manner. Thus, aggregate capital for all Baltimore institutions increased from $11,750,000 Dec. 30 1933 to
$12,750,000 Dec. 31 1934; surplus and profits declined from
$13,113,484 Dec. 30 1933 to $13,000,130 Dec. 31 1934; deposits
rose from $109,912,258 Dec. 30 1933 to $132,991,634 Dec. 31
1934, and aggregate resources from $136,811,976 to
$160,065,997.
The following are the totals for Baltimore back to December 31 1913:
BALTIMORB.
Dec. 31 1913(10 e00.)
Dec. 31 1914 (1000..)
Dee. 31 1915(11 ow.)
Dec. 31 1916 (11 cos.)
Dee.31 1917 (11 cos.)
Des. 31 1918 (11 cos.)
Dec. 31 1919 (12 cos.)
Dec. 31 1920 (12 cos.)
Dec. 31 1921 (13 cos.)
Dec. 31 1922(13 e00.)
Dec. 315923(14 cos.)
Dec. 31 1924 (14 000.)
Dec. 31 1925 (13 cos.)
Dee. 31 1926 (14 cos.)
Dec. 31 1927 (18 00..)
Dec. 311925 (18 oca.)
Dec. 31 1929 (12 cos.)
Dee. 31 1930 (11 cos.)
Dec. 31 1931 (10 cos.)
Dec. 31 1932 (10 cos.)
Deo. 30 1933 (8 000.)
— - — •"'''' --- s
Capital.
Surplus and
Profits.
$
$
8,950,000 12.177,127
8.950,000 11,407,783
8,650,000 11,851,317
8,650,000 12,539.306
8,650,000 12.765,927
8,650,000 13,309,150
9,150,000 14,099,513
10,250,000 14,967,987
10,800,000 15,988,624
11,500,000 17,361,792
13,000,000 19.596,373
13,200,000 20,909,399
13,950,000 21,895,365
14.950.000 24,440,935
14.950.000 25,779,855
15,800,000 28.486,023
17,150,000 27,766,787
19.100,000 31,404.661
18,600,000 28,122,063
18,600.000 23,677.678
11.750,000 13.113.484
..,,,
.......-. ,,,,.. ...,
DeposUs.
$
45,131,061
52,212,492
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
244.564,578
188.449,841
109,912,258
........... ,,..
Aggregate
Resources.
$
66,058.188
73.170,115
93,230,098
103,712,606
110,986.411
107,773.988
140.749.413
138,393.143
140,781,858
169,330,708
190.093,117
203.393.123
244,201.20)
243,740.127
276,363.725
271.793.422
289,334,532
327,102,271
296,402.760
260,875,585
136,811.975
„..... —
....
Trust companies in Philadelphia numbered 25 on Dec. 31
1934, unchanged from the previous year. Included among
the reorganizations that occurred the past year was the
1367
Financial Chronicle
Volume 140
Security Bank & Trust Co., successor to the Kensington
Security Bank & Trust Co., which opened for business on
Sept. 26 1934 with common capital in the amount of $300,000
and preferred stock of $250,000. Effective May 29 1934,
the Integrity Trust Co. added $7,000,000 in cash to its
capital structure; of this sum, $4,000,000 consisted of first
preferred stock and $3,000,000 of second preferred stock.
Other revisions in capital structure included the Real
Estate-Land Title & Trust Co., which issued preferred stock
in the amount of $7,500,000, and the Ninth Bank & Trust Co.
in the sum of $1,000,000; the Banca d'Italia Trust Co.
increased its capital by $25,000, and the Broad Street Trust
Co., on the other hand, reduced its capital from $1,000,000
to $400,000. The Pennsylvania Co. for Insurances on Lives
and Granting Annuities acquired, on Jan. 15, the Main Line
Trust Co. of Ardmore, and on Jan. 17 the title of the Mitten
Men & Management Bank & Trust Co. was changed to the
Mitten Bank & Trust Co. Capital for all Philadelphia trust
companies combined increased from $49,245,170 Dec. 30 1933
to $61,428,223 Dec.31 1934; surplus and profits were reduced
from $100,503,994 Dec. 30 1933 to $89,808,056 Dec. 31 1934,
with aggregate resources at $724,733,995 on Dec. 30 1933 as
compared with $792,749,398 on Dec. 31 1934.
Below is the record from Dec. 31 1900 to Dec. 30 1934:
PHILADELPHIA.
Capital.
Surplus and
Profits.
Depose..
Dec. 31 1900 (40 cos.)
Dec. 31 1961(41 cos.)
Dec. 31 1902 (41 cos.)
Dec. 31 1903 (43 cos.)
Dec. 31 1904 (43 cos.)
Dec. 311905 (44 coo.)
Dec. 31 1906 (52 cos )
Dec. 31 1907 (58 cos.)
Dec. 31 1908 (58 cos.)
Dec. 311909 (59 cos.)
Dec. 31 1910 (59 cos.)
Dec. 31 1911 (58 cos.)
Dec. 31 1912 (56 coo.)
Dec. 31 1913 (56 e0s.)
Dec. 31 1914 (56 cas.)
Dec. 31 1915 (56 cos.)
Dec. 31 1916 (56 cos.)
Dec. 31 1917 (54 cos.)
Dec. 31 1918 (56 cos.)
Dec. 31 1919 (57 cos.)
Dec. 31 1920 (64 coo.)
Dec. 31 1921 (66 cos.)
Dec. 31 1922 (69 cos.)
Dee. 31 1923 (76 coo.)
Dec. 31 1924 (81 cos.)
Dec 31 1925 (89 cos.)
Dee. 31 1926 (86 cos.).—
Dee. 31 1927 (82 Co..)
Dee. 31 1928 (80 cos.)
*Dee. 31 1929 (66 cos.)
Dec. 31 1930 (54 cos.)
Doe. 811931 (28 coe.)
aDee. 31 1932 (28 cos.).—
Dec.30 1933(25 Cos.)
, ...,,,, \
v........ .21 1110.. t,
$
28,399,965
31.927,006
33,142,233
34,320.337
34,800,980
35,312,363
36,931,963
38,727,909
39,068,955
39,897,218
39.931,416
38,511.733
36,797,836
39.162.538
39,069.243
38,870,193
38,879.993
40,579,993
41.307,608
44,142,068
45,338,668
46,098,921
47,554.243
53,525.235
57,839,244
61,440.874
64,612,832
74,735.750
77.808,900
81,742,010
68.477,960
54,101,370
51,997,970
49,245,170
Al .1952 992
$
27,826,941
33.885,857
37,514,329
39.654,877
42.344.733
45,594,298
49,590,018
50,840,244
52,000,976
55,374.818
59,187.488
62,262,427
64.847,539
65.535,659
65.932,688
69,298,540
73,775.140
77,779,452
78.408,601
81,801.490
87,915.257
91,183,753
88.125,428
110,457,610
129,778,397
148,171.713
148,436,275
150.738,418
172.946,116
205,455,959
199.120.865
149,983.688
120.275,110
100,503,994
120 env (100
$
136,496,312
149.137,386
153,151,355
161,231,152
202.8.55,986
209,213.087
193.283.134
169,669.224
200,983,530
217.196.883
208,837.834
224.225.832
231.712.367
232.941,234
238.256,333
297,235,195
331.108,286
327,597.906
335,093.397
405,373.275
417,307,021
407.600,404
489,308,038
599,915,842
656,621,057
759,772,771
795.599,739
924.937.431
897,506,491
923,889,600
896,244,975
659.659,295
579,623,410
533,144,636
090 701 007
Aggregate
Resources.
$
196.498.618
218,660.249
227,480,117
238,817,566
283.503,299
293,177,935
286,232,600
265,150,778
296,761,341
316.892.720
311,640.6415
328.196,392
337.179.556
341,764.741
347,588,292
407,024,322
444,775,175
452,498,281
505.489.011
576,019.954
591.315.171
561,639.991
635,130,394
771,778.294
859.818.395
960.052,041
1026,146,591
1163,615,791
1241.311,001
1223,597,621
1160,931,671
867.708,944
793.268,041
724,733,991
792.749.39)
•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 Dtmbel
Brae. Bank dc Trust Co.. owing to the non-receipt of their Dec. 31 1932 report.
St. Louis institutions numbered 16 on Dec. 31 1934 as
against 15 on Dec. 30 1933. This increase was due to the
Mutual Bank & Trust Co., which began business April 23
with a capital of $200,000. The Manufacturers Bank &
Trust Co. of St. Louis, to simplify its capital, issued a call
for retirement, on Dec. 14 1934, of its $1,215,000 of 4%
preferred stock at $20.80 a share for each $20 share. In
connection with the retirement of the preferred stock the
common capital was increased from $430,000 to $600,000
and surplus from $286,666 to $400,000. Effective June 15,
the Mercantile-Commerce Bank & Trust Co. divorced its
mid-town branch, the Mercantile-Commerce National Bank.
This was done at the direction of the Federal Reserve Board
In compliance with the Banking Act of 1933, the pertinent
provisions of which went into effect on June 16. Among the
numerous institutions which sold capital notes during the
year were the following:
A mount
Name—
Amount
Name—
Cass Bank & Trust Co
8300.000 North St. Louis Trust Co____ 5200,000
550,000
Chippewa Trust C°100,000 Northwestern Trust Co
100,000 Tower(Move Bank & Trust Co 300,000
Easton-Taylor Trust Co
Jefferson Dank & Trust Co_ - 250.000
$2,350,000
Total
50.000
Lindell Trust Co
Mississippi Valley Trust Co__ 500,000
The Bremen Bank & Trust Co. increased its common
capital from $400,000 to $700,000, and the Security National
Bank Savings & Trust Co. by the sale of $500,000 in preferred stock. Aggregate capital for St. Louis institutions
as a whole increased from $22,095,000 Dec. 30 1933 to $24,440,000 Dec. 31 1934; surplus and undivided profits were
further reduced from $9,181,635 Dec. 30 1933 to $7,829,258
Dec. 31 1934; deposits increased from $227,972,128 Dec. 30
1933 to $276,037,234 Dec. 31 1934, and aggregate resources
from $263,056,916 Dec. 30 1938 to $310,681,992 Dec. 31 1934.
1368
Financial Chronicle
Below are the items each year back to Dec. 31 1901:
ST. LOUIS.
Capital.
Dec.31 1901( 6 cos.)
Doc.31 1902( 9 con.)
Dec.31 1903( 8 cos.)
Dec.31 1904( Soon,)
Dec.31 1905( 6 cos.)
Dee. 31 1908( 9 cos.)
Dec. 31 1907( 8 cos.)
Dec.31 1908( 9 cos.)
Dec.31 1909 (13 cos.)
Dec. 31 1910(13 cos.)
Dec. 31 1911 (16 cos.)
Dec. 31 1912 (15 cos.)
Dec.31 1913 (16 ow.)
Dec. 31 1914 (16 cos.)
Dec. 31 1915 (14 cos.)
Dec. 311918 (15 cos.)
Dec. 31 1917 (15 coe.)
Dee.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 con.)
Dec. 31 1924 (20 cos.)._
Dec. 311928 (21 cos.)
Dee. 31 1926 (22 cos.)
Dec. 31 1927 (22 cos.)
Dec. 31 1928 (21 cos.)
'Dec. 31 1929 (21 cos.).—
Dec. 31 1930 (24 cos.)
Dec. 31 1931 (21 Cosi
Dec. 31 1932 (16 cm)._
)fm. 30 1933(15 cos.)
Ipe RI 1034 flit rival
Surplus and
Profits.
Aggregate
HU0U7C411.
Deposits.
3
3
$
41,339,273
13.425,660 14,471,934
20.485,300 24,922,243
62,910,106
62,563.117
19,000,000 24.915,483
78,706,702
16.000,000 22,507,930
71,681,442
16,100,000 23,365,609
74.512.832
16.350,000 23,584,914
66,329,762
13.350.000 22.537.837
61,619,831
13,452,400 22.782.021
14,752,400 19,428,356
73,959,732
73,015.086
14,752.000 19,505,474
78,169,009
15.002.400 19,591,743
84,229,211
14,900.000 19,617,825
83.329.512
14,950.000 19,600,492
81,741.093
13,050.000 19,024,203
*8.050.000 •12,738,269 *62,012,906
70.380,425
8,250,000 12,879,829
8.350,000 12.795,317
79,518.642
8.350.000 12,909,504 102,137,663
8,450.000 13,519,789 121,424,904
9,350.000 14.146,690 125,581,165
z12.450.000 zlS.300.040 s154,5513,540
12.650,000 15,662,452 171,019,489
12,950,000 16.147,139 170,608,193
13.400.000 15,620,518 193,958,238
13,600,000 16.262,276 190,966.610
13,950,000 17,542,288 205,474,676
13,950,000 19,874,590 202,893,571
16.700,000 21,447,250 245.452.552
25,000.000 18,792.155 342,152.127
26,700,000 21,030.288 355.378,247
23,700,000 16,423,553 265,916.325
22.700.000 14,478,686 242,406,026
22,095,000
9,181.635 227.972,128
94 aan nrin
7 090 205 270 n27 234
$
69,829,302
109,167,449
107.454,100
117,214.632
111,268,041
115.189.586
107,028.169
97,856.192
108,139.489
107,272,961
112,763.152
118,747,036
117,880,234
111,765,316
*94,068,996
91,509.254
98,906,145
123,397.168
153.394,692
145,780.886
:186,171,368
204,152,108
207,629,421
225.731,883
235.055,643
237,884,193
238,902,733
298,258,498
372,036,085
403,008,634
305.979.877
283.784,674
263,056.916
310_001_092
• Reduction in totals due to the elimination of the St. Louis Union Trust Co.,
whose banking businces was taken over by the newly organised Bt. Louis Union
Bank. The trust company reported no deposits on Dec. 31 1915, against $25,710,275 on Dec. 31 1914 and 811.244,321 aggregate resources Dec. 31 1915, against
136,935,227 on Dec. 31 1914.
I All items heavily increased through the establishment of the Liberty-Centra
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 St. Louts Trust Co.. all of which failed In -Tau.
1933. it was necessary for us to eliminate them from our totals for the year.
Black 30-Hour Bill
[Statement by Durable Goods Industries Committee.]
Before the Senate Judiciary Committee, on Feb. 15 (conducting hearings on the 30-hour week bill), it was expressed
as the firm conviction of the Durable Goods Industries Committee that the enactment of Senate Bill 87, the so-called
Black 30-hour bill, is against the best interests of the
people of the United States. Incidentally, it is explained
by the Committee that its position is that no legislation can
change the unalterable working of economic laws; that the
depression has worn itself out, and that the country can
achieve prosperity as rapidly, and only so rapidly, as sound
economic policies can create the long-range confidence which
will link idle dollars to idle men and increase production
volumes which, distributed, represent that higher national
real income so necessary to recovery.
The Durable Goods Industries Committee, as is noted in
its statement, which we give further below, was created
at the request of the Administration at Washington, and
the concluding portion of its statement summarizes the
position taken by it in its report to President Roosevelt on
May 14 1934. "We felt at that time and do still," says the
Committee, "that the fundamentals of that statement represent in broad essentials the requirements of any sound
recovery." The statement to the Senate Judiciary Committee, presented by A. J. Hettinger Jr., in his official
capacity as Executive Secretary of the Durable Goods Industries Committee, is given herewith:
The only personal note that will be contained in this
statement is that, were it not also my own profound conviction, I should not be uttering these words, regardless of
any position taken by that Committee.
Any decent citizen must concur with the essential statement of facts in the preamble of that bill:
Commerce has been, and is now, burdened by a patent and continued
idleness of workers as well as the mechanical appliances and implements
of production.
This continued idleness of men and machines renders it necessary to
feed and support more than 18,000,000 people, and is unjust both to
those who work and those who cannot obtain work.
Commerce and trade can best be revived, and the comfort and happiness
of the people can best be produced, by an economic readjustment that
supplies people jobs with wages, rather than charity without jobs.
Private business has not been able, and is not now able, to give jobs to
those who need them.
Business chaos, bankruptcies, insolvencies, misery, destitution and want
did result, and deprived the American people of the incalculable advantages
and benefits of the abundance of goods, commoditiea and services idle
machines and idle people could have produced if put to work.
To these words of the bill there is one criticism that must
be made: the scriptural "the half has not been told."
March 2 1935
The purpose of the bill commands the complete concurrence, not merely of our Committee, but of the country.
Its words are:
"to provide a fairer and more nearly balanced income;
"to put idle machines and people to work;
"to increase the purchasing power of the people and thereby stimulate
production to capacity;
"to revive languishing commerce and trade; and
"to promote the happiness and comfort of the people."
If this bill will achieve, or materially further the achievement, of those objectives, the Congress can have no duty
to the nation greater than its prompt enactment. And no
group of labor and no group of companies could experience
gains that were more than a mere fraction of those that
would be achieved by the durable goods industries and the
service industries whose employment and well-being depends
upon the rate of activity in the production of durable goods.
This depression, now entering its sixth year, has become a
durable goods depression. The production of consumers'goods
is 11% below that of 1929, but the output of durable goods,
in spite of the outpouring of Public Works Administration
expenditures by the billion, remains 47/
1
2% below the predepression totals. Furthermore, even this total rests upon
a precarious base. The Public Works Administration began
to function in July of 1933. Since that date reduction in
unemployment, through November of 1934, totaled 666,000.
The Bureau of Labor Statistics figures through October
credit 643,000 of that reduction to what can be termed
essentially direct public works activities. Take away
public works expenditures, and the net reduction in unemployment in the durable goods industries is 23,000. I wish
it were possible to bring all of these figures down to the
status as of this afternoon. That cannot be done. The
results would be moderately better than those quoted. Vary
these figures by any amount within the bounds of reason,
whether by 100,000 or 500,000, and the latter figure is
patently excessive. Nothing that any honest man can do
will shake by one iota that fact that this is a durable goods
depression.
Unemployment in the United States as of November is
estimated by Colonel Leonard P. Ayres at 10,845,000.
Put back to work every man normally employed in the
consumers' goods industries, and you have reduced that
depressing total by 1,385,000. One man out of every eight
idle men has again found his pay envelope.
Put back to work every man normally employed in the
service industries, and you have reduced unemployment by
an additional 4,586,000; a little better than three idle men
out of every eight know that one of the seven days in the
week is payday.
Put back to work those men who have produced the
durable goods of this nation, and you have done more than
re-employ the 4,874,000 jobless men who constitute the
largest group of the idle. You have started to restore the
ravages of the depression, and to rebuild America.
The service industries serve. Greatest among them are
the railroads. And the railroads are starving for the
tonnage which only the durable goods industries can give
in volume. The railroad crisis has become substantially a
durable goods crisis. Annual freight revenues derived
from but four groups of durable goods—metals, ores, lumber
and its products, and stone, sand and similar products—
have declined during the depression, according to the latest
figures available, $822,000,000, or 60%. Restore two-thirds
of the ground lost by the durable goods industries, and you
will no longer have two-thirds of a million railroad men
who have lost their jobs during the depression. More than
that, there will have been generated such an upward spiral
of business momentum that unemployment in the service
industries as a whole will melt away.
Then, and not until then, will you replace the 18,000,000
people whom this bill truly cites as being fed and clothed
by the Government, with men whose pay envelopes provide
that purchasing power above an existence level that is
indispensable to the re-employment of the 1,385,000 idle
men no longer needed by the consumers' goods industries
because there is no one to buy their products.
President Roosevelt is right in flinging out the challenge
that he will never accept the defeatist doctrine that we
must have or shall have an army of millions of permanently
unemployed in these United States of ours. The route to
re-employment runs from the durable goods Industries
through the service industries to the consumers' goods
industries.
Volume 140
Financial Chronicle
1369
The simple question with which we are confronted is in which it is hoped we are gradually emerging from the
whether this bill, introduced by Mr. Black in the Senate of depression than the provision which would, in actual practhe United States on Jan. 4 1935, will achieve, or materially tice, force substantially every employer to endeavor to
achieve, the objectives enumerated in it. Those objectives negotiate new wage settlements with his employees, except
have already been stated in some detail. It seems not in the unlikely event that he felt his competitive markets
unfair to summarize them as being, in the very language would absorb the materially higher unit labor costs sought
of the bill, "the incalculable advantages and benefits of by the bill. And every employee who did not insist on
the abundance of goods, commodities and services idle retaining the materially higher wage rates contemplated
machines and idle people could have produced if put to by the bill as an offset to the shortened working week he
was permitted to work would be making a double sacrifice—
work." If this means anything, it means that a depression
economy of scarcity must give way to a national economy accepting a smaller pay envelope, each dollar of which
based on plenty. It demands an increase in goods and suffered in purchasing power due to an inevitably rising
services produced which alone can create a standard of cost of living. National Recovery Administration codes
living more nearly compatible with the natural resources may conceivably protect the level of minimum wages, but
of the country and the ability and genius of the American the impact of higher costs would tend irresistably to drag
working man and business man—in short, the attainment wage rates above the minimum down toward the minimum.
of what the President has so often characterized as "a more A legal statute cannot provide protection against the working of inexorable economic laws. Goods must be produced
abundant life."
Stripped of the legal phraseology necessarily and prop- at a price at which they can be sold, and two-thirds of the
erly employed in the draft of the bill, this wholly admirable consumers of the country will have no higher incomes than
goal is to be achieved by still further shortening the work- before, regardless of the theoretical re-employment conteming week to not "more than five days in any week or more Plated by this Act among the other third.
The net result of these two so-called elements of flexithan six hours in any day." It is a 30-hour week bill.
would be to add strike compounded upon strike, to
bility
There is the proviso that "upon proper submission of
bureaucracy compounded upon bureaucracy. Yet even these
satisfactory proof of the existence of special conditions in
results are trivial compared with the broad economic impliany industry" exemptions may be granted.
cations of the measure.
Furthermore, "it shall be unlawful for any employer . . .
The real indictment of this 30-hour bill is equally strong,
to reduce, directly or indirectly, the daily, weekly or monthly
whether based on social or economic consequences. It would
wage rate in effect . . . until a reasonable opportunity
freeze the depression at present levels, if not make it worse;
has been afforded to his employees, through representatives
wrench, if not wreck, the bard-won progress toward gradual
of their own choosing by a majority vote, to meet with the
restoration of equilibriums in the commodity price structure;
employer or his representatives and to discuss and consider
create innumerable inter-industry difficulties; result in
all questions which may arise in connection with the reduccomplications interrupting the smooth flow of products
tion of such wage rate."
from one stage of production to another; reduce the volume
Increased national well being, as the bill states with
of production, the real income of the nation, and the
admirable clarity, is sought by shortening the industrial standard of living of its population. This bill, if enacted,
working week to 30 hours, maintaining the integrity of the would ask the farmer, who finds it difficult to make a
pay envelope and materially increasing wage rates—for the living on 60 hours of work a week, to support the industrial
industrial workers of the country. These industrial workers worker on 30 hours a week. Furthermore, it would ask the
would, during a period of prosperity, constitute slightly less man on the farm, who has not yet achieved price parity for
than one-third of all those gainfully employed; the propor- the goods he produces, to pay materially higher prices for
tion would be moderately less as of to-day. The cost of the industrial products he purchases; it would render the
goods produced by about one-third of all workers, and con- task confronting the Agricultural Adjustment Administrasumed by the country at large, including the other two- tion little short of impossible. Speaking with extreme modthirds of the workers, would be materially increased. eration, higher-cost industrial products would with diffiFurthermore, since the proportion of labor costs to total culty retain the position in the export markets that is still
costs varies from company to company, and from industry theirs, and our domestic markets would be subjected to
to industry, the whole structure of competitive commodity increased competition from foreign-made goods enjoying an
prices would be thrown into dis-equilibrium, necessitating appreciably greater differential in labor costs than before
an indeterminate period of readjustment in which recovery the enactment of this bill. Certainly, the interplay of these
would be retarded. Since small companies, especially those factors would not make for increased employment. The
In the smaller communities, are, in general, less highly so-called white collar classes would bear the burden of
mechanized, they would feel, to an even greater extent than higher costs of living without even theoretical protection.
their larger competitors, the impact of sharply-advancing
Written throughout this bill, though never specifically
labor costs. If the Congress is seeking a method of increasstated, is the blunt tacit assumption that labor is a tangible,
ing the difficulties of these small companies and one that inanimate commodity, interchangeable as spare parts in a
must, even in minor degree, tend toward monopoly, this
bank of machines, and capable of being shipped at cornmeasure provides it with such a vehicle.
modity rates from one part of the country to another. This
The two provisions in the bill, intended to insure a
is a cruel and unreal assumption. Unless this bill, by
measure of flexibility, must be passed over with but momensome process of alchemy not yet known to man, can transtary comment. If this analysis were confined to them form the idle freight car builder from New York State
alone it would require more time than I have at my into a
skilled operative in a rayon plant in Tennessee, the
disposal.
worker in a cast iron pipe factory in Birmingham into a
(1) The rigidity of the 30-hour work week will be allevi- machinist in Cincinnati, or a saw-mill operative into a
ated "upon the submission of satisfactory proof of the chemical worker on the Atlantic seaboard, it fails in even
existence of special conditions in any industry making it the vital phase of the mere mechanics of re-employment.
necessary for certain persons to be employed" over a longer Social responsibility must recognize that families, not
period. The avowed adoption of the 30-hour week phi- merely heads of families, are involved. Labor is not a
losophy throws emphasis on the words "special conditions commodity transferrable either geographically or Indusin any industry." If decisions are to be made on the basis trially, with the perfect abandon clearly implied in this bill.
of industries, there is utterly no flexibility for the indi- If we were to look beyond our own shores we would find
vidual company. It may be mentioned, parenthetically, that the stubbornness of that fact was discovered long ago.
that here again the chief sufferers will be the small cornReductions in hours and increases in real income which
panies. The experiences of the National Recovery Admin- constitute higher standards of living are evolutionary,
istration indicate the extreme difficulty, even granting the rather than revolutionary, processes. New inventions,
most sincere effort, of administering detailed regulations greater utilization of electric power, improved industrial
concerning many hundreds of industries and scores of thou- processes, increased labor efficiency and better management
sands of companies from the third and fourth floors of the afford three alternatives:
Commerce Building in Washington. This bill would cornFirst—The production of more goods with a given amount of labor—
a higher material standard of living.
pound bureaucracy upon bureaucracy.
production of the same amount of goods with less labor—
(2) It would be difficult for the ingenuity of man to s Second—The
greater degree of leisure.
write a section more likely to create labor wars over the
Third—A combination of a somewhat higher material standard of living
whole front of American industry during a critical period and a somewhat greater degree of leisure.
1370
Financial Chronicle
In practice, the last of these has been the American
tradition. During the period from 1900 to 1929 the country
increased its per capita production approximately 40% and
at the same time decreased its working week about 13%.
The automobile, radio and telephone became commonplaces
in the American home. If this bill is enacted, the reduction
of 40% to the working week since 1929 will be three times
as great as that which occurred during the period 1900 to
1929, a reduction entirely out of line with the estimate of
the Brookings Institute, under date of Jan. 3 1935, that
"the average increase in productivity in American economic
life as a whole (since the beginning of the depression)
would appear to be less than 10%." The simple consequence
would be to render it impossible to regain a standard of
living equal to that enjoyed by the country before 1929.
It might be added that anyone familiar with the difficulties of scheduling industrial operations, due to the irregular inflow of orders, special jobs, style factors and seasonal
influences, recognizes that the limitation of employment to
not more than five days a week nor more than six hours
In any day must, in actual practice, result in average work
weeks the year around that would probably be as near 25
as 30 hours. Such a course would place not merely the
unemployed, but the country as a whole, very nearly on a
subsistence basis. It is defeatist in character, and the
counsel of despair. To claim otherwise is to assume that
wealth can be shared without the necessity of creating it.
Ours has already been a disorderly economic recovery,
more erratic, chaotic and unpredictable in its movements
than that of any nation of commercial importance in the
world. Sweeping advances, both in 1933 and 1934, were
followed by confidence-wrecking, morale-testing declines.
We have covered more ground, seen more action, and yet
probably made less gain than the world as a whole. Industrial production in the United States, as measured by the
Federal Reserve Board, increased but 4% from 1933 to 1934.
Construction, the key durable goods industry, and increasingly the focal point of the Government's attack on the
depression, stands, in spite of the expenditures by the Public
Works Administration, at but half its 1931 volume. Residential construction, whether measured in volume or in
value, was lower in 1934 than during any previous year of
the depression.
The remedy to unemployment is not the Black 30-hour
bill, which would merely add a new series of dislocations.
Re-employment must be created where unemployment exists
—and that is chiefly in the durable goods industries. Durable goods are long-term commitments, involving heavy
Initial capital expenditures which can be recouped only by
income derived through a period of years. The essence of
such commitments is confidence extending beyond the immediate future. Without such confidence, stagnation in these
industries is inevitable. The Black 30-hour bill would
Intensify the stagnation that exists to-day. It would vitiate
such gains in durable goods employment and production as
will restore industrial equilibrium. Restored industrial
equilibrium is vital to widened markets for agricultural
products and the achievement of equilibrium between agriculture and industry. Thus runs the sequence of re-employment and recovery.
The position of these industries has already been stated
to the Government. Their wage rates are already substantially at 1929 levels. Employment in durable goods
industries is possible only as their products can be sold.
Such goods can be sold only on the basis of prices that will
create demand; but demand for durable goods has been and
can be deferred. The price the buyer will pay for a
product, the purchase of which can be deferred, determines
the maximum price the seller can obtain. Ability to defer
demand constitutes ability to shop closely and place pressure
on prices. Those industries have lost a considerable part
of their working capital through years of depression in
which income failed to meet out-of-pocket expenses, let
alone taxes, depreciation or return on capital investment.
The price at which their products can be sold determines
the cost that they can incur. Present costs, which have
failed to move goods and to create employment, must be
reduced to levels that will move goods and provide employment. To that end industry is devoting its every effort.
The 30-hour week simply will not provide labor in these
Industries with a decent living wage and permit costs and
prices at which buyers will purchase their products. It is
the one sure way to achieve continued depression.
March 2 1935
The Durable Goods Industries Committee, whose statement this is, was created at the express request of the
United States Government. General Hugh S. Johnson,
Administrator for Industrial Recovery, in his closing
address to the Conference of Code Authorities and Code
Committees, on March 7 1934, requested the durable goods
industries to elect a committee whose task would be "to
work with the Administration, not merely with, the National
Recovery Administration, and to report to the President
shortly on how we can create jobs in some way other than
any yet suggested." Specifically, he asked: "How are we
going to make jobs by production and consumption, which
is the only way to make them in the last analysis? How
are we going to activate the capital goods industries? What
more can we do than we have done?"
That committee reported to the President of the United
States on national recovery and employment under date of
May 14 1934. The detailed report it submitted to the President is a matter of record, and we believe it stood the test
of time. I desire, in closing, merely to quote the conclusions, each of which carried with it substantial supporting
evidence that the durable goods industries, with their vast
stagnant pool of unemployment, constitute at once the heart
of the depression and the road to recovery. This summary
of May 14 1934 is submitted without the alteration of a
single word. It is recognized that conditions have changed
during the nine months that have intervened, but the essentials of re-employment and recovery still hold. Some, but
not all, of those essentials have been achieved. Our hope
lies in continued progress.
1. Consideration of the present economic and social problems must be
in the following sequence—first, relief; second, recovery, and third, reform.
2. Of the . . . unemployed, nearly 5,000,000 are from the durable
goods industries, and half of these were employed normally in the construction industry.
3. The key to the unemployment problem is to be found in the stimulation of the construction and other durable goods industries, which will
create, in turn, opportunities for employment in the service and consumption
goods industries.
4. Reduction in maximum hours has already been created to, or possibly
beyond, the economic limit in durable goods industries under present conditions, and further reduction will not materially contribute to the
reduction of unemployment.
5. The durable goods industries, by reason of their present financial
situation and the nature of their business, are unable to absorb additional
employees or increased costs until the volume of sales of their products is
expanded.
6. These industries cannot hope for a substantial increase in their sales
volume until there is such a further restoration of confidence in the
economic future as will encourage the use by private investors of the
available supply of capital and credit.
7. Recovery will come when fundamental conditions promote rather than
retard the purchase of durable goods.
5. Some of the fundamental conditions needed for recovery in durable
goods industries already exist. The lag in their revival indicates the
absence of certain essential factors and the presence of certain definite
Interferences.
9. Chief among the fundamental conditions needed for recovery are:
(a) A free flow of private capital into private business.
(b) A sound real estate mortgage market.
(c) Industrial relations on a basis which will assure co-operation instead
of strife.
(d) A balanced price parity between agricultural commodities and manufactured goods.
(e) The further re-establishment of confidence—most important of all.
10. Essential to the establishment of confidence are the following:
(a) Assurance to private enterprise that the profit incentive will continue
to receive public approval as an energizing motive for economic activity.
(b) Public recognition that the only legitimate purpose of taxation is
to provide the necessary revenue for government and not to effect a
punitive redistribution of wealth which paralyzes business initiative, or
for any other purpose.
(c) Removal, through a permanent balancing of the budget, of the threat
of uncontrolled inflation.
(d) Removal of any remaining threat of a sudden and arbitrary change
in our monetary policies.
(e) Assurance that companies which have adjusted their business methods
and policies to the temporary emergency program of the National Recovery
Administration will be free front the uncertainties of unreasonable or
arbitrary administration.
(f) Clarification of the Government's policies toward measures and trends
which are inconsistent with out economic system.
11. A survey of the possibilities for immediate employment shows that
an immense need exists in a great diversity of fields for the products of
the durable goods industries. Chief among these are the construction
Industry, including modernizing and new housing. In addition, a vast
depreciation has occurred in the permanent equipment of the country. All
of these potential demands are waiting upon the establishment of the
needed favorable factors and upon the clearing up of the remaining unfavorable factors as enumerated in this report.
12. Long-continued unemployment is essentially a social and not an industrial problem. Its solution, through channels outside of industry, will
require the continued attention of the country for an indefinite period.
The Black 30-hour bill meets none of what we believe to
be the essentials of re-employment and sound recovery.
I thank you for the privilege you have accorded the Durable Goods Industries Committee of making this statement.
1371
Financial Chronicle
In the opinion of the undersigned, our life insurance and
The Supreme Court's Appellate
savings banks managements are particularly reprehensible in
Jurisdiction
their stupid silence. Yet they are the trusted guardians of
Volum* 140
The Editor,
"Commercial and Financial Chronicle":
In spite of the tremendous amount of printer's ink which
has been spread over countless pages guessing as to the
probable decision (and its results) of the United States
Supreme Court in the so-called gold clause cases and the
further amount of ink used in reporting the final decision,
I would like to call your attention to the fact that no one
has brought out the point that what the Supreme Court
had to say was really of very little importance. The
Constitution provides a means for Congress to remove from
the appellate jurisdiction of the Supreme Court any Act
which it may pass and over which the Supreme Court does
not have original jurisdiction. Original jurisdiction is held
in only a very few cases.
It is doubtful whether one person in a thousand knows
that the Supreme Court holds its appellate jurisdiction and
authority to pass on questions of constitutionality solely
at the discretion of the Congress. Article 3, Section 2, of
the Constitution provides that the Supreme Court should
hold appellate jurisdiction over certain cases "with such
exceptions and under such regulations as the Congress shall
make."
It is true that in the past Congress has usually allowed
the Supreme Court to pass on the constitutionality of its
acts, but that does not mean the Supreme Court has that
right if Congress wishes to deny it. Quite the contrary.
Should Congress want to pass a law without the possibility
of the Supreme Court later declaring it unconstitutional
all that is necessary under the powers granted by the
Constitution is for Congress to declare that the particular
law or Act will not come under the jurisdiction of the
Supreme Court, and the highest court in the land will be
powerless to act.
This has been done. To cite one case, ex parte McCardle,
7 Wallace 506, the Supreme Court was divested of jurisdiction, with the result it was forced to dismiss the case with
the remark that as it had been relieved of jurisdiction it
was powerless to act.
Most people are laboring under the impression that the
Supreme Court is in a position to act as a brake on Congress
and see that the law-making body of the land does not
violate the terms of the Constitution. Nothing can be
farther from the truth. Congress can pass any law it sees
fit regardless of whether it is constitutional or not and
the Supreme Court can do nothing about it if Congress
wants to divest the Court of its authority.
The cause of concern to those who believe the terms of
the Constitution should be upheld is how far Congress
might go or, if the Supreme Court is allowed to render
decisions, how subservient to the will of Congress it will
have to be in order to keep a semblance of its authority
In the eyes of the public.
The question seems to be important enough to be worthy
of some consideration by those interested in the welfare of
this country. Why it has not been given some publicity is
difficult to understand.
DONALD K. LAWYER.
Monetary Heresies
Editor,
"The Commercial and Financial Chronicle":
The strangest phenomenon of the New Deal is the prevailing acquiescence in its monetary heresies. Mass psychology is blind to the strong and increasing drift toward
drastic inflation of our currency. The people in general
seem childishly ignorant of what such inflation would mean
to their life insurance, savings and commercial deposits,
bonds, and every other dollar which they possess!
In Germany, all of such obligations and possessions were
wiped out, and in France much the greater part of such met
the same fate through inflation. It is recent history. Does
any sane man believe that the wisdom and self-control of the
American people is so far superior to that of the Europeans
mentioned as to prevent here a similarly appalling catastrophe? Is there any justification for that illusion in our
record as a people generally,in the last eight years especially?
Yet our life insurance and savings and commercial bank
managements, our universities, the pulpit and, to a typical
extent, the press, are, with the few exceptions proving the
general rule, as mute as the grave regarding the threatened
destruction above referred to.
the savings and hopes of many millions of people, who are
now sweetly lulled by our omniscient politicians. Our
politicians! They were wisely distrusted by the great
Fathers of American constitutional liberty! Yet the
Supreme Court has repudiated the Constitution in its old
sense. One of its Justices is so quoted in thinking so.
In 1896 our life insurance and savings banks managements
in many cases addressed letters to policyholders and depositors, warning them of the then impending dangers of freesilver. Such actions and similar influence turned the tide and
defeated that heresy. The soundest prosperity this country
ever had followed that defeat. Such a course of letterwriting by these managements above referred to would be
far more effective than the logic and eloquence of all the
prophets. But are the trusted guardians above referred to
too soft?
CHARLES A. MAURY.
Time Not Propitious for Stabilization
The Editor,
"The Commercial and Financial Chronicle":
Ever since Attorney-General Cummings tried to cajole
the Supreme Court by insinuating that an adverse decision
might scuttle the stabilization ship, the possibility that such
a vessel is afloat has been debated and commented upon
freely. Those in whom the wish was probably the father
of the thought can conceive that international currency stabilization is a condition that will now be attained shortly;
that the pound, the franc, the dollar, and perhaps other
potent monetary units will soon be stitched together in some
fashion. I am inclined to think it is only a mirage and
that the real object is still beyond the financial horizon.
Stabilization between only two currencies (let alone a
half dozen or more) calls for a period of relative firmness
and steadiness in the units' quotations for a considerable
length of time preceding actual negotiations. The project
can only succeed if the contestants are more or less at rest,
and not on the jump trying to reap an advantage over the
other. Currency stabilization attempted under less favorable circumstances runs the risk of being still-born.
What are the conditions and circumstances surrounding
this matter to-day? Does the time seem propitious? Are
all the attributes of a successful performance present? Decidedly not, in my humble opinion. The reverse is more
nearly true. Let us call the roll and see how these currencies line up. Let us see just how they would stand in
relation to each other if they were to be "frozen" into
their present position for the purpose of stabilization.
The Japanese yen has fallen lower since 1930 than any
other important entry, and at its present level the Nipponese
exporter has a tremendous advantage over the rest of the
world. Shall we make that permanent? Stabilization
would.
The Chinese currencies, tied to silver, are rising daily,
much to the discomfiture of Chinese commercial interests.
They are intensely dissatisfied with this state of affairs,
and may resort to most unusual methods and expediencies
to ease the pain. Stabilization is out of the question entirely, with them.
The American dollar, from all indications, is undervalued. It buys far more at home than it can abroad, and
If it is stabilized at its present level relative to the rest
of the world a drain of gold to this country will ensue
Indefinitely. Foreigners will buy goods, services and securities here, if their governments will permit them, and the
gold shipments that would follow would be harmful to us
as well as to those monetary systems that lost it.
The pound, and its sterling satellites, are hovering
around their all-time low points. Although gold, as a
commodity in the London free gold market, reached a new
high last week at 143 shillings 11 pence, the city is not
unanimous in its opinion that the desirable or ultimate
objective has been reached, reflecting a suspicion regarding
the dollar's advantage. Obviously, the British are not
ready to tie another Gordian knot.
The "gold bloc" is torn with dissension. A break in the
ranks is quite imminent. An orderly retreat is imperiled.
Each one is being undermined in a different fashion. Some
are threatened with budgetary strains, others by declines
In foreign trade, by political conditions, or by popular
1372
Financial Chronicle
March 2 1935
clamor. To establish the status quo for even a year would So he put his trust in the doctor. It was just another case
cause much discontent. Innumerable categories of blocked of misplaced confidence,for the doctor's sole aim was reformamarks, Belgian and Dutch trade restrictions, French unem- tion by destruction, not recovery. The banker has been
ployment at a new all-time high, and the Italian lira at a too docile, too complacent. Self assertion and initiative
new all-time low—all within a few days—do not savor of have been undeveloped qualities in his makeup. Laws have
regimentation for the sake of stabilization.
been formulated to guide him, but they have hardly ever
There is the picture, or at least all of its essential parts. been his brain children. However, it seems just to controI fail to see how all these divergent and conflicting tenden- vert my last statement, along comes a peripatetic banker
cies could possibly be deflected and directed into a co-ordi- from the Mormon community. He gives the bankers and
nated channel within a five-year period. And if an effort the country some degenerate legislation captioned "The
is made to lasso these wild monetary steers before they are Banking Act of 1935." This act contains among other things
ready to settle down to international tranquillity, it is the illuminating Title II, which proposes to alleviate the
almost a foregone conclusion that the results will only be suffering business, by allowing to make loans on real estate,
illusory. The time is simply not yet ripe, much to our "up to 75% of its appraised value and on an amortized basis
misfortune.
for 20 years. The geographical limitation of location of the
L. MERLE HOSTETLER.
real estate is removed. The aggregate amount of real estate
loans plus other real estate (except bank premises) is not to
exceed 60% of time deposits or 100% of capital and surplus,
Prostrate Bankers
whichever is the greater." Why are we to be taken back
The Editor,
and exposed to the evils of the days of 1920 to 1929 in real
"The Commeccial & Financial Chronicle."
The above appellation seems to fit more prefectly than any estate loans?
The reason for the submissive attitude of bankers to-day
other when speaking of the majority of our profession to-day.
I mean that the prostrate condition has been the result of is found in the figures recently released by the Reconstruction
many years of chastising both by the public and the present Finance Corporation for December 1934. On the asset
Administration. We have been the recipients of unceasing side of the statement of condition appear the items:
vituperation and continuous vilification. We have now been "Loans under Section 5"—
whipped into a condition of complete subjugation, so that
To banks and trust companies
$632,208,504
any proposal for the destruction of initiative, any pet nostrum Preferred stock, banks and trust companies_ _ 585,857,903
which would seek to deprive us of our liberty and freedom Capital notes and debentures, banks and trust
in the operation of our independent institutions, meets with
companies
260,101,838
a Yea or Amen. We listen to a cleric over the air, who damns
If
one
guttural
listens
noise being
will
hear
a
closely
low
he
the bankers in no uncertain terms and poisons the mind of
the public. Instead of defending our position, instead of emitted from the throats of those bankers who are slowly
taking up the cudgel in our own behalf, we meekly send him but surely being strangulated by the noose of paternalism.
It is not too late for the young bankers to shake off this
a donation!to cover his deficit, thus enabling him to continue
apparent lethargic condition. We can still assert ourselves.
his castigations.
We can oppose, with vigor, measures which are deleterious
The creeping paralysis which has robbed the present-day
to our well being. We can still regain the lost confidence'
glker of his:spunk, began, of course, with the depression
We think we have regained it because our deposits show
and is still at!t̀work. No doubt, thisimalady is a condition
an increase, but take away the insurance prop and this
which is attributable to the bankers, in some degree. It
artificial confidence will collapse. Let us build real conwas brought about by some of our voracious brothers,'who, fidence. Let
us inspire it through integrity, ethical conduct
through their cupidity, were primarily interested in exhibiting in all our affairs, and through an educational program which
to the stockholders an unexcelled net profit. The avenue will lift us back to a level where our vocation can again be
which led to this Pot of Gold was Real Estate Loan Com- called a worthy profession. Let us dispel the fears that still
missions. Competition, brought about by the entrance exist in the minds of the public. Make banking an honorable
into the banking field of unethical individuals, made it calling.
necessary for many good institutions to carry on unsound
M. W. UNSETH,
practices. These latter institutions, to forestall criticism
A young banker.
from stockholders because the net profits were meager in
comparison to those of the bank across the street, made real
estate loans which would otherwise have been rejected. la The Course of the Bond Market
Bankers who engaged in these pernicious practices, found
This week's decline in lower-grade rail bonds has taken
themselves in 1931 and 1932 with a premature crop of gray the average for Baa railroad issues to its lowest level since
hair. In the crisis of 1932 and 1933, after all salable and December 1933. The ensuing rally which began Wednesday
discountable assets had been disposed of, these good old was not vigorous enough to restore more than a small fracReal Estate Loans decided that the portfolio was an excellent tion of the decline. The rest of the lower-grade bond market
place to hybernate. They became from then on steady showed only very moderate hesitation in response to the
boarders.
weakness in rails. Higher-grade issues have continued at
These steady boarders constituted, with very few excep- recent top levels.
tions, the sum total of the assets of banks after the moraUnited States Government bonds pushed up to a new
torium in 1933. The patient, having had his life blood high peak last Saturday, possibly due to the announcement
(cash and liquid assets) drained, began, on March 13 1933, made last week that the March 15 financing would be conhis recuperative period with a coagulated blood stream fined to refunding, although some new money, to the amount
(Real Estate Loans). What could the banker patient do in of about $400,000,000, would be raised during the coming
this weakened condition? Along come "Fly by Night three months through an increase in the weekly offering
Doctor Repugnance" with his propositions, his quackery of bills by $25,000,000 each week. Also, the sale of "baby
and panaceas, offering succor to the gasping patient. The bonds" on a discount basis, to yield about 2.9% if held 10
first hypodermic injection, the radical and incompetent years, was begun March 1, and will bring in some additional
statutes of 1933, was given in extremis. "Stimulate the funds to the Government from small savers.
heart action sufficient to get the patient on crutches," said
Small price fluctuations were witnessed in high-grade
the emininet doctor. Subsequent "shots" given the pateint railroad bonds. New York Central 3/
1
2s, 1997, closed at
came with increasing degrees of potency. The doses were 9714 compared with 97% last week; Hocking Valley 4%s,
completed with the Federal Deposit Insurance Serum and 1999, advanced % point to 1171h. The trend of mediumthe proposed Banking Act of 1935. "The former was grade issues, however, was lower. Southern Ry. 5s, 1994, at
necessary," said the doctor, "to help the banker regain his 99% were off 3% points from Thursday a week ago. Pennlost prestige." Now that the law has increased deposits sylvania deb. 4%s, 1970, closed at 94%, down 214. Severe
and confidence has been restored to some degree, the patient price declines occurred among lower-grade rail issues at the
will nevertheless have to die. The doctor admitted he erred beginning of the week, and they closed, in most cases, at
in his diagnosis and prognosis. The verdict should have levels only slightly higher than the lows reached. St. Paul
been malignancy instead of just indigestion due to unmasti- mtge. 5s, 1975, at 18% were off 2% points; Lehigh Valley 5s,
cated Real Estate Loans and illiquid assets. The cremation 2003, closed at 45% for a loss of 5%; New York New Haven
will be done with the aid of the Banking Act of 1935.
& Hartford Os, 1948, declined 14 points to 37.
Considering general market conditions, public utility
As said before, what could the debilitated banker do?
He wanted to get well, he wanted to regain his lost strength. bonds gave a very satisfactory performance. Highest
Volume
1373
Financial Chronicle
140
grades and issues of strong investment caliber held firm,
while those lower in the scale dipped only moderately, and
then recovered. Prime investment issues showed advancing
tendencies, while the rest of the investment group remained
practically unmoved. More volatile issues displayed greater
irregularity, but in general they recovered noticeably.
Georgia Power 5s, 1967, advanced 3% points to 94% for the
week; Illinois Power & Light 6s, 1953, at 95 were up 3%
points; Interstate Power 5s, 1957, lost 2 points, closing at
70%. Holding company bonds were erratic, some advancing
while others lost ground. Federal Water Service 5%s, 1954,
gained 5 points, closing at 43%, while Cities Service Power
& Light 5%s, 1952, advanced % point to 30% for the week.
Industrial bonds have moved irregularly, with net changes
mixed. Fluctuations have been greatest, as in the last
few weeks, among second-line issues and in reflection of
particular developments. Oil bonds experienced virtually
no change in price. Tire and rubber issues show mixed
fractional changes. Steels, for the most part, have been
fractionally lower. Meat packing bonds have been firm,
with Wilson 6s, 1941, touching a new high at 110. Special
situations displaying Weakness were the Walworth and
Baldwin Locomotive issues, in both instances reflecting contemplated reorganizations. Walworth 6s, 1945, declined
4% for the week, closing at 43, and Baldwin Locomotive 6s,
1938, w. w., at 45 were off 9. Among moving picture issues,
Paramount and Loew's bonds have been firm, while Warner
Bros. Pictures 6s declined.
The foreign bond market again has been characterized by
only minor movements. German bonds have declined somewhat, as well as some of the Dutch issues. French bonds
sold a little higher. Other groups are virtually unchanged.
Moody's computed bond prices and bond yield averages
are given in the following tables:
MOODY'S BOND PRICES t
(Based on Average Yields)
MOODY'S BOND YIELD AVERAGES t
(Based on individual Closing Prices)
120 Domestic Corporate*
by Ratings
120
U. S.
Govt. Domes1935
Daily
Bonds
tie
Corp.*
Averages
*5
WVV,N.
.001sebMN.OMWOVVMN.WOOl
,
VINMNNNNC4 ........
X1.1
108.22
107.94
108.09
108.21
108.37
108.44
Stock
108.02
107.76
107.84
107.60
107.53
107.49
107.45
107.31
Stock
107.32
107.37
107.47
107.31
107.27
107.23
107.15
107.11
107.10
M ,
M
.....
•
3Nc,1
107.33
106.79
106.81
105.76
106.44
105.66
106.81
99.06
102.01
99.50
Aaa
Aa
A
Bea
RR.
101.64
101.64
101.47
101.47
101.81
102.14
82.99
82.87
82.26
82.14
83.35
83.97
97.78
97.94
97.62
97.47
98.73
99.68
101.97
101.97
101.81
101.47
101.31
101.14
100.98
100.81
84.10 99.84 100.81 108.03
84.10 100.00 100.65 107.85
84.22 100.17 100.49 107.85
84.10 100.17 99.84 108.03
83.72 99.64 99.68 108.03
83.60 99.68 99.68 107.85
83.60 99.52 99.52 107.81
83.23 99.20 99.20 107.81
100.65
100.81
100.49
100.17
100.17
100.17
100.17
100.33
100.33
82.87
82.99
82.50
81.54
80.95
81.42
81.90
82.26
82.38
110.05 100.81
109.31 99.52
109.12 99.52
108.94 98.88
111.35 102.14
108.57 98.73
108.75 99.04
93.11 81.78
84.35
82.26
82.50
81.54
84.60
80.95
83.72
68.38
102.47 119.48 111.35
102.30 119.48 111.16
102.14 119.48 110.98
101.97 119.48 110.98
102.64 119.48 111.16
102.81 119.48 111.16
Michell ge Clos ed102.81 119.27 111.16
102.81 119.07 111.16
102.81 119.07 111.16
102.64 119.27 110.79
102.47 119.07 110.79
102.30 119.07 110.79
102.14 118.66 110.79
101.97 118.66 110.61
Exchan ge Me ed101.81 118.86 110.61
101.97 118.66 110.61
101.64 118.66 110.42
101.14 118.45 110.42
100.81 118.25 110.23
100.98 118.25 110.23
101.14 118.25 110.05
101.31 118.25 110.05
101.31 118.04 11005
102.14
100.81
100.81
100.33
102.81
100.00
100.00
84.85
118.04
117.43
117.63
117.43
119.48
117.22
117.22
105.37
120 Domestic
Corporate* by Groups
99.20
99.20
99.04
98.41
97.78
98.25
98.73
99.04
99.04
P. U. Indus.
101.64
101.31
100.81
100.81
101.14
101.14
98.88
99.04
98.41
98.09
97.62
97.62
97.62
97.78
97.94
108.39
108.21
108.21
108.21
108.21
108.21
107.81
107.81
107.81
107.61
107.61
107.81
107.41
107.41
107.31
100.49 98.73 107.41
99.68 96.23 106.71
100.17 95.93 106.91
100.00 94.56 106.91
100.49 101.64 108.31
97.47 94.14 106.71
100.49 94.58 106.71
85.61 742.5 964
94.58 110.23 101.64
92.82
78.32
96.54
87.69 100.1'
76.35 100.65
7418
.5.581
7100
7844
86 64
RO I,
AU
120
1935
Daily
Dome,tie
Averages
120 Domestic
Corporate by Groups
120 Domestic Corporate
by Ratings
Aaa
AG
A
4.65
4.10
3.69
Mar. 1-- 4.60
4.65
4.11
3.69
Feb. 28._ 4.61
4.66
4.12
3.69
27... 4.62
4.66
4.12
3.69
26-- 4.63
4.64
4.11
3.69
25__ 4.59
4.62,
4.11
3.69
23__ 4.58
22._ Stock Exchan ge Clot ed4.63
4.11
3.70
21._ 4.58
4.63
4.11
3.71
20__ 4.58
4.11
4.64
3.71
19__ 4.58
4.66
4.13
3.70
18-- 4.59
4.13
4.67
3.71
16.... 4.60
4.68
4.13
3.71
15._ 4.61
4.13
4.69
3.73
14._ 4.62
4.14
4.70
3.73
13-- 4.63
12._ Stook Exchan ge Clos ed4.71
4.14
3.72
11- 4.64
4.70
4.14
3.73
9... 4.63
4.72
4.15
3.73
8__ 4.65
4.74
3.74
4.15
7__ 4.68
4.74
4.16
3.75
6__ 4.70
4.74
3.75
4.16
5... 4.69
4.74
3.75
4.17
4__ 4.68
4.73
4.17
3.75
2_. 4.67
4.73
4.17
3.76
L.- 4.67
Weekly4.17
4.70
3.78
4.62
Jan. 25..
4.78
4.21
3.79
18._ 4.70
4.78
4.22
3.78
11..
4.70
4.82
4.23
3.79
4.. 4.73
4.62
3.69
4.10
Low 1935 4.58
4.63
4.25
3.80
High 1935 4.75
4.81
4.24
8.80
Low 1934 4.75
6.06
5.20
4.43
High 1934 5.81
Yr. Ago5.22
5.65
4.16
Mar. 134 5.10
2 Yrs.Ago
TA* 155 8.54
471
581
6.75
tt
SO
TorP. U. Indus. eigns
Baa
RR.
5.96
5.97
6.02
6.03
5.93
5.88
4.89
4.88
4.90
4.91
4.83
4.77
4.85
4.67
4.70
4.70
4.68
4.68
4.26
4.27
4.27
4.27
4.27
4.27
8.03
6.05
6.05
6.05
6.03
6.02
5.87
5.87
5.86
5.87
5.90
5.91
5.91
5.94
4.76
4.75
4.74
4.74
4.76
4.77
4.78
4.80
4.70
4.71
4.72
4.76
4.77
4.77
4.78
4.80
4.28
4.29
4.29
4.28
4.28
4.29
4.29
4.29
6.02
6.01
6.01
6.01
6.05
8.04
8.04
6.04
5.97
5.96
6.00
6.08
6.13
6.09
6.05
6.02
6.01
4.80
4.80
4.81
4.85
4.89
4.86
4.83
4.81
4.81
4.82
4.81
4.85
4.87
4.90
4.90
4.90
4.89
4.88
4.29
4.29
4.29
4.30
4.30
4.29
4.31
4.31
4.32
6.01
6.01
6.01
6.04
6.01
6.01
6.01
6.11
6.11
5.85
6.02
6.00
6.08
5.83
6.13
5.90
7.58
4.72
4.77
4.74
4.75
4.72
4.91
4.72
5.75
4.e3
4.99
5.01
5.10
4.65
5.13
5.10
s.74
4.31
4.35
4.34
4.34
4.26
4.35
4.35
4.97
6.11
8.11
8.21
6.31
6.0
6.3:
8.3
8.6
6.36
4.97
5.59
4.74
7.4
9.04
7.07
6.35
6.20
11.14
•These prices are oomputed from average yields on the basis of one -ideal" bond (43i% coupon, maturing in 31 years) and do not purport to show either the average
level or the average movement ot actual price quotations. They merely serve to illustrate In a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market. For Moody's Index of bond prices by months back to 1928. see the Issue of Feb. 6 1932. page 907.
**Actual average price of 8 long-term Treasury Issues. t The latest complete list of bonds used In computing these Indexes was published in the issue of Oct. 13 1934,
page 2284. t t Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
BOOK REVIEW
Inflation Ahead! What to Do About It
A Series of 25 Semi-personal Letters of Guidance Intended
Primarily for Business Men, Investors and Laymen
By W. M. Kiplinger and Frederick Shelton. New York.
Simon and Schuster. $l.
According to the authors of this book, both well-known
Washington economists and business writers, inflation is
coming, not directly in consequence of the gold clause decision, but because the forces of inflation are at work and the
decision of the Supreme Court has removed one of the last
barriers. The decision, in other words, is only one of the
incidents in the picture.
It is the long range influences, the authors point out, that
are more important than current factors. Their analysis of
these influences, economic as well as political, tends to
show that while inflation is inevitable it is controllable, but
that the Government may fail to control it. Its beginnings,
they predict, will be seen late in 1935, but the full effects
will not be apparent until '1936 and 1937. Taken in connection with the natural forces of recovery it will cause a
business boom, beginning about the middle of 1936 and
reaching spectacular proportions in 1937 and the years
immediately thereafter. Over the long pull of several
years it will produce much higher stock prices, and for the
next two years higher bond prices. Commodity prices, it
is argued, will go higher, as will also prices of real estate,
and there will be increased business activity all along the
line except in durable goods, which will lag during the
next year.
The semi-personal letters which make up the book offer
practical suggestions about meeting inflation and the arrangement of personal or business affairs so as to take
advantage of it or protect oneself against it. The merits
or demerits of inflation are not emphasized, stress being
placed upon the practical aspects of the outlook as the authors
see it. Included in the list of letters is one on what happened in other countries under inflation, and another
adducing reasons for expecting that influences in Wash-.
ngton in the next few months will be "generally repressive
on business confidence."
Moody's Daily Index Advances Again Chiefly on
Strength in Hogs
Primary commodity markets have shown mixed trends
during the week under review, with declines outnumbering
gains. Moody's Daily Index of Staple Commodity Prices
advanced slightly for the second week in succession primarily
due to substantial gains in hog prices. The Index is now
158.3, against 157,9 the week before.
The rise in prices of top hogs from $9.00 to $9.55 was
responsible for about two-thirds of all the gains in the Index
calculation. The other advances,in silver, wheat,sugar and
cocoa were all of minor importance. Against the five advances were seven declines, participating fairly evenly in the
negative changes. These were in steel scrap, rubber, hides,
coffee, corn, cotton and silk, in the order named. Copper,
lead and wool tops were unchanged.
The movement of the Index number during the week, with
comparisons, is as follows:
Fri..
Feb. 22
Bat.,
Fe4b 23
Mon., Ftsb. 25
Tues., Feb. 26
Wed., Feb. 27
Thurs., Feb. 28
Fri.,
Mar. 1
Holiday
156.9
157.6
158.0
158.0
157.5
158.3
2 Weeks Ago, Feb. 15
Month Ago, Feb. 1
Year Ago. Mar. 1
1933-High, July 18
Low, Feb. 41934-35 High, Jan. 8,'35-Low, Jan. 2, 1934
157.4
153.5
138.3
148.9
78.7
160.9
126.0
1374
Financial Chronicle
March 2 1935
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME
Friday Night, March 1 1933.
Business activity was quite steady during the week.
While basic industries on the whole show a slight falling
off for the week, they make a generally favorable showing
as compared with last year. Steel operations declined to
47.9% of capacity as compared with 45.7% last year. Lumber production was the heaviest for any week thus far
in 1935, and shipments and new orders, although slightly
lower than in the previous week, were the second highest
of the year. Automobile production reached a new high
for the year, with the February total placed at 350,000 units
and estimates of as high as 425,000 units were made for
March. Electric output fell off slightly, and the gain over
last year was narrowed to 5.03%. The output of coal fell
off somewhat, but was still above that of a year ago. Crude
oil production dropped 32,200 barrels, but continued above
the Federal allowable. Retail business was still active,
but was adversely affected by the very changeable weather
recently. Retailers, however, are looking for the best
spring business in five years. Wholesale business was less
active. Commodity markets showed little activity and the
general trend was reactionary. Foodstuffs developed
marked weakness. Grain markets were less active and
lower for the week, despite a further decrease of 3,200,000
bushels in domestic visible supplies. Hogs were firm.
Sugar was in better demand and firmer and new highs
for both old and new contracts were made owing to buying
on the strong supply situation. Raws were higher. Hides
were rather quiet and somewhat weaker. Cotton showed
no activity to speak of and prices are lower for the week.
Tin was unsettled and weak with the demand small. Copper
was rather slow of sale. Lead was steady. Rubber was
fairly active but prices declined. The weather here was
very changeable during the week. Spring temperatures
were followed by a heavy snowfall on the 26th ult. Late
last week sleet and icy pavements interfered with traffic
and caused several deaths, and many injuries. Lower temperatures prevailed in the middle of the week. Freak
storms hit the West last Sunday. A tornado at Joplin,
Mo. demolished twelve homes, a garage and filling station,
and near-by Baxter Springs, Kansas, lost two houses and
a brick business building. Blizzards raged along a storm
trail from Canada through Montana, Wyoming, Utah, Col
orado and Nebraska. Dust storms blew across parts of
Nebraska, Colorado, Kansas and Wyoming. A tornado in
Oklahoma levelled a dozen or more houses at Douthat.
Snow, six to eight inches deep, covered thousands of dry
acres in Kansas, Wyoming and Colorado.
After falling to 3 below zero on the 27th ult. temperatures
rose slightly upstate on the 28th ult followed by a light
snow. Pennsylvania was swept by a heavy snowstorm
late last week. Freezing winds destroyed cattle in West
Texas early in the week. Terrific rain and hail storms
In Hawaii caused the death of eight persons late in the
week.
To-day it was fair and cold here, with temperatures
ranging from 22 to 38 degrees. The forecast was for fair
and warmer to-night and Saturday and probably Sunday.
Overnight at Boston it was 16 to 30 degrees; Pittsburgh,
30 to 32; Baltimore, 28 to 38; Portland, Me., 10 to 30;
Chicago, 32 to 36; Cincinnati, 32 to 42; Cleveland, 28 to 36;
Detroit, 28 to 32; Charleston, 36 to 46; Milwaukee, 28 to
32; Dallas, 42 .to 64; Savannah, 34 to 52; Kansas City,
42 to 54; Springfield, Mo., 44 to 58; Oklahoma City, 46
to 68; Denver, 32 to 58; Salt Lake City, 46 to 60; Los
Angeles, 50 to 66; San Francisco, 50 to 54; Seattle, 40 to 48;
Montreal, 4 to 24, and Winnipeg, 2 below to 24.
Freight Cars and Locomotive Orders on Feb. 1 1935
Above Same Date Last Year
Class I railroads of the United States on Feb. 1 had 818
new freight ears on order, according to reports just received
by the Association of American Railroads and made public
on March 1. On the same day last year 732 new freight
cars were on order and on the same date two years ago,
there were 2,223.
The railroads on Feb. 1 this year also had five new steam locomotives
and eighty new electric locomotives on order. New steam locomotives
on order on Feb. 1 1934, totaled one, and on the same date in 1933, there
were three. No figures are available to show the number of new electric
locomotives on order in previous years.
In January 1934, the railroads Installed 216 new freight cars. In the
same period last year, only two new cars were placed in service and in the
same month two years ago, the total number installed was 225.
Five new steam locomotives and ten new electric locomotives were placed
In service in January this year. The railroads installed no steam locomotives in January 1934, or January 1933.
Freight cars and locomotives leased or otherwise acquired are not included
In the above figures.
L Freight Cars in Need of Repairs on Feb. 1 Decline
Class I railroads on Feb. 1 had 285,256 freight cars in
need of repairs or 15.2% of the number on line, the Association of American Railroads announced on Feb. 28. This was
a decrease of 5,453 cars compared with the number in need
of such repairs on Jan. 1, at which time there were 290,709
or 15.5%. The Association further reported:
Freight cars in need of heavy repairs on Feb. 1 totaled 221.868 or 11.8%,
a decrease of 5,564 cars compared with the number in need of such repairs
on Jan. 1. while freight cars in need of light repairs totaled 63,388 or 3.4%,
an increase of 111 compared with Jan. 1.
Locomotives in need of classified repairs on Feb. 1 totaled 10,419 or 22.3%
of the number online. This was an increase of 75 compared with the number
In need of such repairs on Jan. 1,at which time there were 10,344 or 22.1%.
Class I railroads on Feb. 1 had 3,990 serviceable locomotives in storage
compared with 4,778 on Jan. 1.
Revenue Freight Car Loading for Latest Week Again
Decline
Loadings of revenue freight for the week ended Feb. 23
1935 totaled 552,896 cars. This is a decrease of 29,085
cars, or 5.0% from the preceding week, and a loss of 22,012
cars, or 3.8% from the total for the like week of 1934. The
comparison with the corresponding week of 1933 was more
favorable, the present week's loadings being 90,581 cars,
or 19.6% higher. For the week ended Feb. 16 loadings
were 3.0% below the corresponding week of 1934, but
12.5% above those for the like week of 1933. Loadings
for the week ended Feb. 9 showed a gain of 3.3% when
compared with 1934 and an increa,ssi of 17.9% when the
comparison is with the same week of 1933.
The first 16 major railroads to report for the week ended
Feb. 23 1935 loaded a total of 266,985 cars of revenue freight
on their own lines, compared with 279,041 cars in the preceding week and 274,162 cars in the seven days ended Feb. 24
1934. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
(Number of cars)
Loaded on Own Lines.
Weeks Ended
Received from ConnTns
Weeks Ended
Feb. 23 Feb. 16 Feb. 24 Feb. 23 Feb. 16 Feb. 24
1935
1935
1934
1935
1935
1934
Atch. Top. & Santa Fe Ry
Baltimore & Ohio RR
Chesapeake dr Ohio By
Chicago Burl. & Quincy RR Chicago Milw. St. P.& Pac. Ry_
Chicago & North Western Ry-- _
Gulf Coast Lines
Internat, Great Northern RR_
Missouri-Kansas-Texas RE
Missouri Pacific RR
New York Central Lines
N.Y. Chic. & St. Louis By
Norfolk & Western Ry
Pennsylvania RE
Pere Marquette Ry
Southern Pacific Lines
Wabash By
Total
16,076
25.264
22.124
12,048
15,048
12,386
2,449
1.801
3,588
12,410
40,564
3,872
17,876
52,151
5,369
19,280
4,679
16,363
27,282
22,404
12,769
16,687
13,194
2,223
1,682
3,732
12,823
42,721
3,913
18,673
55,105
5,365
19,404
4,701
16,502 4,558 4,480 4,165
27,199 13,813 14,738 13,634
21,889 6,927 6,874 7,025
14,251 6,145 6,521 5,655
15,856 6,333 6,605 5,792
13,500 8,973 9,058 8,642
2,588 1,017 1.120 1,239
2,972 1,976 1,959 2,114
3,934 2,525 2,433 2.401
13,101 6,904 6,472 7.409
39,724 58,245 60,525 61,019
3,440 8,947 8,952 8,832
18,359 3,603 3,845 3,512
53,868 33,084 35,068 34,123
4,883 5.042 5,403 5.185
17.444
x
x
4,652 8,340 8,598 7,393
286.955 279i141 214.162 176422 182 6111 175.140
x Not reported.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
(Number of Cars)
Weeks EndedChicago Rock Island & Pacific Ry
Illinois Central System
St. Louis-San Francisco
Total
Feb. 23 1935 Feb. 16 1935 Feb. 24 1934
19.683
18,660
19,759
26,057
26,112
28,831
11,223
11,448
11,872
56,963
58,038
56.844
The Association of American. Railroads in reviewing the
week ended Feb. 16 reported as follows:
Loading of revenue freight for the week ended Feb. 16 totaled 581,981
cars. This was a decrease of 10,579 cars below the preceding week and
18.287 cars below the corresponding week in 1934. It was, however, a
Increase of 64,452 cars above the corresponding week In 1933.
Miscellaneous freight loading for the week ended Feb. 16 totaled 212,581
cars, an increase of 1.997 cars above the preceding week, 7,578 cars above
the corresponding week in 1934, and 58,270 cars above the corresponding
week in 1933.
Loading of merchandise less than carload lot freight totaled 156,306 cars,
an Increase of 771 cars above the preceding week, but decreases of 4,454
cars below the corresponding week in 1934, and 2,505 cars below the same
week In 1933.
Coal loading amounted to 140,380 cars, a decrease of 10,424 cars below
the preceding week, and 9,099 cars below the corresponding week in 1934.
It was, however, an increase of 1,217 cars above the same week in 1933.
1375
Financial Chronicle
Volume 140
Grain and grain products loading totaled 25,189 cars, a decrease of 23
cars below the preceding week, 5,083 cars below the corresponding week in
1934. and 940 cars below the same week in 1933. In the Western Distictst
alone, grain and grain products loading for the week ended Feb. 16 totaled
15,645 cars, a decrease of 4,300 cars below the same week in 1934.
Live stock loading amounted to 11,569 cars, a decrease of 1,000 cars
below the preceding week,4,901 cars below the same week in 1934 and 3,940
cars below the same week in 1933. In the Western Districts alone, loading
of live stock for the week ended Feb. 16 totaled 8,714 cars, a decrease of
4,376 cars below the same week in 1934.
Forest products loading totaled 24,728 cars, a decrease of 686 cars below
the preceding week, but increases of 1,691 cars above the same week in
1934. and 10,594 cars above the same week in 1933.
Ore loading amounted to 3,190 cars, an increase of 57 cars above the
preceding week, but a decrease of 987 cars below the corresponding week in
1934. It was, however, an increase of 962 cars above the corresponding
week in 1933.
Coke loading amounted to 8.038 cars, a decrease of 1,271 cars below the
preceding week,and 3,082 cars below the same week in 1934, but an increase
of 794 cars above the same week in 1933.
Pocahontas and Northwestern districts showed increases for the week of
Feb. 16. compared with the corresponding week in 1934, in the number of
cars loaded with revenue freight, but the Eastern, Allegheny, Southern,
Southwestern districts showed reductions. All
Centralwestern and
districts reported increases compared with the corresponding week in 1933.
Loading of revenue freight in 1935 compared with the two previous years
follows.
4 weeks in January
Week of Feb. 2
Week of Feb. 9
Week of Feb. 16
Total
1935
1934
1933
2,170,471
598,164
592,560
581,981
2,183,081
565,401
573,898
600,268
1,924,208
486,059
504,663
517,529
3.943,176
3.922,648
3.432,459
In the following table we undertake to show also the loadings for separate roads and systems for the week ended
Feb. 16 1935. During this period a total of 57 roads showed
increases when compared with the corresponding week last
year. The most important of these roads which showed
increases were the Chesapeake & Ohio RR., the Illinois
Central System, the Southern Pacific RR. (Pacific Lines),
and thelNorfolk & Western RR.:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)-WEEK ENDED FEB. 16
1935
Eastern DistrictGroup ABangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N.Y.N.II. & Hartford
Rutland
Total
Group 13Delaware & Hudson
Delaware Lackawanna & West_
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_
'ittsburgh & Shawmut
Pittsburgh Shawmut,& North
Total
Group CAnn Arbor
Chicago Indianapolis & Loulsv.
C. C. C. & St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line_
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
N.Y. Chicago & St. Louis
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia__
Wabash
Wheeling & Lake Erie
Total
Grand total Eastern District_
Allegheny District•""
Akron Canton & Youngstown
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley
Cambria & Indiana
Central RR. of New Jersey
Cornwall
Cumberland & Pennsylvania...
Ligonier Valley
Long Island
b Penn-Reading Seashore Lines
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas DistrictChesapeake & Ohio
Norfolk & Western
Norfolk & Portsmouth Belt Line
Virginian
Total
Southern District-'
Group AAtlantic Coast Line
Clinehfleld
Charleston A• Western Carolina_
Durham Az Southern
Gainesville Midland
Norfolk Southern
Piedmont & Northern
Richmond Fred. & Potomac_
Southern Air Line
Southern System
Winston-Salem Southbound_
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
1934
1933
1935
1934
2,882
2,908
7,678
927
3,618
9,916
538
2,105
3,196
7,636
926
2,950
10,695
527
1,695
2,598
6,761
537
2,474
9,523
468
344
4,573
11,346
1,576
3,498
11,868
1,091
232
4,658
10,347
2,191
2,707
11,841
1,082
28,467
28,035
24,056
34,296
33,058
4,305
8,633
10,935
133
1,300
8,005
2,144
19,265
2,339
501
364
5,995
10,036
13,486
132
2,175
9,021
1,795
20,762
2,049
454
365
5,987
7,605
10,593
146
1,497
7,975
1,630
17,477
2,159
336
221
7,339
6,078
14,200
1,820
1,169
6,775
45
28,696
1,622
18
327
7,172
6,065
14,227
1,772
1,001
6,711
32
29,673
2,209
19
217
57,924
66,270
55,626
68,089
69,098
534
1,304
7,461
24
216
327
3,449
4,089
7,892
4,092
3,913
5,365
5,131
1,004
4,701
3,284
479
1,265
7,133
30
189
275
2,089
4,015
7,290
4,940
3,84.5
5,133
4,120
1,347
4,854
3,391
408
1,454
7,573
18
176
203
1,087
2,865
5,266
3,043
3,524
4,110
2,396
1,117
4,586
2,943
1,166
1,765
11,979
80
91
3,876
2,449
7,379
10,126
171
8,952
5,403
4,849
1,063
8,598
3,142
1,063
1,712
12,604
66
91
3,656
1,507
7,370
10,391
147
8,895
5,313
4,845
810
7,782
3.025
52,786
50,395
40,779
71,039
69,277
139,177
144,700
120,461
173,474
171,433
532
27.282
1,318
242
1,246
5,388
1
392
199
749
1,008
55,105
12,612
8,217
93
3,232
419
27,496
1,611
290
1,180
6,149
4
383
210
679
1,064
56,239
14,928
5,750
98
3,200
253
22,266
677
231
a
5,055
1
305
241
895
788
47,763
11,144
2,631
56
2,503
798
14,738
1,913
9
18
10,711
58
20
17
2,847
1,232
35,068
15,841
1,559
6,259
782
13,646
1,137
6
18
10,512
32
17
17
2,881
1,552
33.677
14,451
1,331
0
5,495
117,616
119,700
94,309
91,038
85,554
22,404
18,673
1,258
3,755
21,453
18,538
900
3,625
20,750
16,393
648
3,463
6,874
3,845
1,188
746
6,836
3,930
1.212
666
46,090
44,516
41,254
12,653
12,644
9,054
1,111
301
139
42
1,030
413
316
6,861
18,073
134
9,195
1,263
347
132
50
1,170
448
286
7,351
20,028
135
7,804
727
331
118
40
1,416
459
248
6,165
16,875
145
4,724
1,527
1,009
307
95
1,212
832
3,223
3,516
11,827
700
4,912
1,638
1,031
469
114
1,223
1,004
2,947
3,906
12,598
641
Group BAlabama Tennessee & Northern
Atlanta Birmingham & Coast__
Atl. & W.P.-W.RR. of Ala__
Central of Georgia
Columbus & Greenville
Florida East„Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah....
Mississippi Central
Mobile & Ohio
Nashville Chattanooga & St.',Tennessee Central
Total
Total Loads Received
from Connections
Total Revenue
Freight Loaded
Railroads
1935
1934
1935
1934
1933
148
622
615
3,533
188
1,103
606
235
1,191
18.521
18,307
102
117
1,621
2,612
363
182
706
629
3,580
207
1,155
883
394
1,191
18,139
19,827
94
130
1,671
3,029
386
195
556
493
2,689
170
1,098
688
235
1,028
17.250
17,311
114
147
1,530
2,278
309
132
774
925
2,592
262
581
1,312
396
756
8.850
3,738
382
249
1,305
2,166
657
400
790
1,048
2,637
219
664
1,401
508
601
8,500
3,993
500
172
1,341
2,400
679
49,884
52,203
46,091
25,077
25,853
54,049
56,336
Grand total Southern District_
87,358
92,617
80,420
Northwestern DistrictBelt By. of Chicago
Chicago & North Western
Chicago Great Western
Chicago Milw. St. P.& Pacific_
Chicago St. P. Minn. & Omaha
Duluth Missabe & Northern...
Duluth South Shore & Atlantic..
Elgin Joliet & Eastern
Ft. Dodge Des Moines Sz South
Great Northern
Green Bay & Western
Lake Superior & Ish peming._ _ _
Minneapolis & St. Louis
Minn. St. Paul & S. S. M
Northern Pacific
Spokane International
Spokane Portland & Seattle
840
13,194
1,882
16,687
3,363
580
604
5,287
241
9,519
667
288
1,412
4,446
7,526
90
1,068
706
14,240
2,233
17,059
3,645
593
549
4,120
255
8,216
533
257
1,641
4,085
7,931
78
970
659
12,650
1,843
15,607
3,168
467
458
2,730
246
7,987
541
198
1,556
4,427
7,072
61
580
1,726
9,058
2,490
6,605
2,699
103
305
6,172
144
2,772
482
101
1,524
2,258
2,397
177
819
1,455
9,118
2,134
6,933
2,758
142
353
4,193
123
1,827
350
118
1,268
2,059
2,041
178
839
67,694
67,161
60,250
39,832
34,889
16,363
2,396
213
12,769
1,649
9,551
2,973
869
2,142
381
926
1,884
564
71
14,107
160
261
10,575
494
1,066
17,612
2,380
183
14,335
1,699
10,547
3,034
964
2,153
199
989
1,868
545
114
13,454
213
413
11,352
248
944
16,820
2,744
184
12,858
1,489
9,967
2,851
1,054
2,564
571
1,215
1,667
305
69
9,724
225
314
10,010
1,019
854
4,430
1,903
33
6,521
1,054
6,632
1,983
845
1,783
4
803
1,066
202
29
3,643
204
875
5,967
5
1,217
4,128
1,624
28
5,738
528
6,202
2,095
761
1,534
2
982
936
294
63
3,225
240
853
5,636
5
1,063
79,364
83,251
76,504
39,249
35,937
Total
Central Western DistrictAtch. Top. & Sante Fe System_
Alton
Bingham & Garfield
Chicago Burlington & Quincy..
_
Chicago & Illinois Midland
Chicago Rock Island & Pacific_
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth & Denver City...
Illinois Terminal
North Western Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria & Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern DistrictAlton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern._
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas_
Litchfield & Madison
Midland Valley
Missouri & North Arkansas
15112souri-Kansas-Texas Lines
Missouri Pacific
Natchez & Southern
Quantal Acme & Pacific
St. Louis-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR.01St. Louis
Weatherford M. W.& N. W
Wichita Falls & Southern
156
133
162
2,223
1,682
116
1,409
1,135
131
463
546
103
3,732
12,823
34
66
6,811
1,819
5,297
3,666
1,948
25
202
122
140
170
2,923
2,891
162
1,495
1,348
201
416
527
77
4,292
13,256
35
106
7,298
1,893
5,311
3,823
1,608
22
207
117
148
216
2,067
2,675
136
1,361
1,330
110
417
832
51
4,322
12,204
45
107
7,107
1,778
4,266
3,177
1,342
23
a
3,837
329
134
1,120
1,959
886
1,380
721
296
70.5
178
182
2,433
6,472
21
103
3,191
1,999
1,991
3,106
14,269
32
59
3,360
332
167
1,350
1,914
858
1,197
740
319
758
311
293
2,587
7,486
20
114
3,337
2,052
2,273
3,436
16,246
32
48
49,228
45,403
43,831
48,323
44,682
Total
34,329
28.972
30.433
40,414
37,474
•Previous figures. a Not available. b Pennsylvania-Reading Seashore Lines Include the new consolidated lines of the West Jersey & Seashore RR., formerly Dorf of
Pennsylvania RR..and Atlantic City RR.,formerly part of Reading Co.
Total
"Annalist" Weekly Index of Wholesale Commodity
Prices for Week of Feb. 26 at Highest Level Since
1930-February Average Also Higher
Fresh advances for livestock and livestock products,
aided only by sugar and, slightly, by zinc, carried The
"Annalist" Weekly Index of Wholesale Commodity Prices
up to a new high since 1930, notwithstanding general declines
in the other commodities. The index stood at 124.9 on Feb.
26, against 124.5 (revised) a week ago, and 125.2 on July
1 1930. The "Annalist" presented its weekly index as
follows:
1376
Financial Chronicle
Feb. 20 1935 Feb. 19 1935 Feb. 27 1934
Farm products
122.4
a122.3
91.9
Food products
128.2
128.6
107.0
Textile products
a106.9
*106.7
122.5
Fuels
157.5
157.5
154.5
Metals
109.5
109.6
104.9
Building materials
111.9
111.9
113.6
Chemicals
98.7
98.7
99.5
Miscellaneous
79.8
80.2
87.0
All commodities
124.9
a124.5
108.2
bAll commodities on old dollar basis
a73.8
73.8
64.6
*Preliminary, aRevised. bilased on exchange quotations for France, Switzerland. Holland and Belgium.
As to prices during February the "Annalist" said:
The monthly average for February, reflecting the steady rise in the
weekly index, rose to 124.3 from 122.6 in January, and is now the highest
since June 1930, when it stood at 128.5.
THE ANNALIST MONTHLY INDEX OF WHOLESALE COMMODITY
PRICES
Unadjusted for seasonal variation (1913=100)
Feb. 1935
Jan. 1935
Feb. 1934
Farm products
121.7
91.8
Food products
128.0
106.6
Textile products
106.6
122.4
Fuels
158.2
155.5
Metals
109.6
104.9
Building materials
111.9
113.5
Chemicals
98.7
99.5
Miscellaneous
80.0
87.0
All commodities
124.3
108.1
hAll enmmnriltlea nn nit) dollar hie&
74.0
65.4
*Preliminary. aRevised. bBased on exchange quotations for France, Switzerland, Holland and Belgium.
Slight Increases Noted in Wholesale Commodity Prices
During Week of Feb. 23 by United States Department of Labor
Wholesale commodity prices continued their upward trend
during the week ending Feb. 23, Commissioner Lubin of
the Bureau of Labor Statistics of the United States Department of Labor announced Feb. 28. "The average level
of prices rose by 0.2 of a point to 79.6% of the 1926 average,"
the highest level reached during the past four years," Mr.
Lubin said, adding:
The Feb. 23 index is approximately 2% above the high point reached
In 1934, Sept. 8, when the index was 77.8. As compared with the corresponding week of a year ago this week's index is higher by 83 % and
when compared with the corresponding week of 1933 the index is up by more
than 33%. Since prices resumed their advance late in November of last
year, the accumulated rise has been 4%.
The advance in commodity prices was confined chiefly to farm products,
chemicals and drugs. Foods, hides and leather products, and building
materials showed smaller increases. Fuel and lighting materials and
housefurnishing goods registered slight decreases; while three groupstextile products, metals and metal products and miscellaneous commodities
-remained unchanged.
As compared with their low point of 1934, farm products registered
the greatest rise with an increase of 39%. Foods advanced 323,1%;
chemicals and drugs, 103a %; miscellaneous commodities,
%; and
hides and leather products, 3%. Textile products, fuel and lighting
materials, and metals and metal products, and housefurnishing goods
showed smaller increases. When compared with their respective high
points of 1934. foods are up by 7.8%; farm products, 7.5%; and chemicals
and drugs, 3.4%. All other groups were lower than the 1934 peak, ranging
from 1.4% for miscellaneous commodities to 9% for textile products.
From an announcement issued by the Department of
Labor we also take the following:
The greatest advance was reported for farm products with the average
rising nearly 1%. The increase was due to a 4.8% advance in livestock
and poultry and 0.7 of 1% in grains. Other farm products, including
eggs, apples, lemons, oranges, hay, potatoes, and wool, on the other hand.
were lower by 1 1-3%. Important commodities increasing in price were
oats, rye, wheat, hogs, cattle, live poultry, cotton, seeds. and onions.
The present farm products index, 79.9. Is 30.6% higher than a year ago
and 95.8% higher than two years ago, when the indexes were 61.2 and
40.8, respectively. For the first time since November 1930, the general
average of farm products has risen above the all-commodity index. It
Is now nearly 3% above the average for the group of "all commodities
other than farm products and foods."
Group index numbers for the high and low weeks of 1934, the week of
Feb. 23 1935, and percent of change are shown in the following table:
Commodity Groups
Feb. 23
1935
Date and High
of 1934
P. C. of
Change
Date and Low
of 1934
P.C.of
Inc.
All commodities
79.6
Sept. 8 77.8
Jan. 6 71.0
12.1
Farm products
Foods
Hides & leather prods
Textile products_ _ _ _
Fuel & lighting mans
Metals & metal prods
Building materials
Chemicals and drugs_
Henseturtilahing g'ds
Miscellaneous
All commodities other
than farm products
and foods
79.0
83.2
86.8
69.7
73.9
85.1
89.8
81.0
81.9
70.2
Sept. 8
Sept. 8
Feb. 10
Feb. 24
Nov. 17
May 12
June 30
Dec. 29
May 26
Dec. 15
74.3
77.2
90.5
76.7
76,1
88.8
87.8
78.3
83.9
71.2
+7.5
+7.8
-4.1
-9.1
-2.9
-4.2
-3.4
+3.4
-2.4
-1.4
Jan. 6
Jan. 6
Aug. 18
Dec. 8
Mar. 31
Jan. 6
Dec. 22
Jan. 6
Jan. 27
Jan. 6
39.2
32.7
3.1
0.6
2.1
2.2
0.1
10.5
0.2
6.5
77.7
Anr 28 70.2
-1.9
Jan. 6 77.0
+2.3
57.4
62.7
84.2
69.3
72.4
83.3
84.7
73.3
81.7
65.9
0.1
Continued advances In chemicals caused the group of chemica s and
drugs to increase by 0.7% to a new peak. Drugs and pharmaceuticals,
fertilizer materials, and mixed fertilizers, remained unchanged from the
previous week. The present index for the group as a whole, 81.0, is the
highest since April 1931.
Higher prices for lumber and paint materials in the group of building
materials resulted in the index for the group as a whole advancing 0.2 of 1%
to 84.8% of the 1926 average. Lower prices were reported for prepared
roofIngjand ,sand. The sub-groups of brick and tile, cement, structural
steeLiand lumber, and heating fixtures were unchanged.
March 2 1935
Wholesale food prices were up 0.1 of 1%. due largely to advances of
1.4% in meats and 0.8 of 1% in cereal products. Fruits and vegetables
were lower by 1%; butter, cheese and milk, 0.9 of 1%, and the sub-group
of other foods 0.6 of 1%. Price increases were reported for oatmeal,
wheat flour, hominy grits, corn meal, canned string beans, fresh and
cured pork, lard, oleo oil, raw sugar, and vegetable oils. Food items decreasing in price were butter, cheese, rye flour. canned pears, veal, coffee,
and pepper. Since Dec. 8 1934 wholesale food prices have shown a steady
upward tendency with an accumulated advance of 11%. The index for
the group, 83.2, is 24% above a year ago, when the index was 67.0 and
55% above two years ago, when the index was 53.7.
An increase of nearly ia of 1% for hides and skins forced the index for
hides and leather products up 0.1 of 1% to 86.8. Average prices for
shoes, leather, and other leather products were unchanged.
The index for housefurnishing goods, 81.9, was down 0.2 of 1%, due to
fractional decreases in average prices for both furniture and furnishings.
Fuel and lighting materials, with an index of 73.9, decreased 0.1 of 1%,
due to declining prices of gasoline. Kerosene, on the other hand, was
up slightly. Average prices of coal and coke were unchanged.
Textile products, with an index of 69.7, remained unchanged. Higher
prices for silk and rayon and other textile products, including burlap and
raw jute, were offset by a drop in cotton goods. The sub groups of clothing,
knit goods, and woolen and worsted goods, remained unchanged.
Metals and metal products, with an index of 85.1, also remained at the
level of the previous week. Although slight variations were reported in
average prices for pig tin, pig lead, and bar silver. The sub-groups of
agricultural implements, iron and steel, motor vehicles, and plumbing and
heating fixtures, were unchanged.
Advances of 1% In average prices of cattle feed and 0.8 of 1% In crude
rubber were counterbalanced by weakening prices of certain other miscellaneous commodities, with the result that the general level for the miscellaneous group as a whole remained stationary at 70.2. Average prices
of automobile tires and tubes and paper and pulp were unchanged.
The general level for tho group of "all commodities other than farm
products and foods" remained unchanged. The present index, 77.7, compared with 78.7 for a year ago and 66.2 for two years ago.
The index of the Bureau of Labor Statistics Is composed of 784 price
series weighted according to their relative importance in the country's
markets and based on average prices of the year 1926 as 100.
The following table shows index numbers for the main groups of commodities for the past five weeks and for the weeks of Feb. 24 1934 and
Feb. 25 1933.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF FEB. 23,
FEB. 16, FEB. 9, FEB. 2, AND JAN. 26 1935, AND FEB. 24 1934 AND
FEB. 25 1933. (1926=1000)
Commodity Croups
Feb.23 Feb.16 Feb. 9 Feb. 2 Jan 26 Feb.24 Feb.25
1935 1935 1935 1935 1935 1934 1933
All commodities
79.6
79.4
79.1
79.1
79.0
73.4
59.7
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
All commodities other than farm
products and foods
v vmmoncovommv
v000
V i.CDblx..Vki.iz
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
Unadjusted for seasonal variation 1913=100)
79.2
83.1
86.7
69.7
74.0
85.1
84.6
80.4
82.1
70.2
78.1
82.3
86.6
69.6
74.3
85.2
84.7
80.4
82.3
70.1
78.3
81.5
86.8
69.9
74.4
85.2
84.9
80.2
82.2
70.2
79.0
80.9
86.8
70.0
74.3
85.2
84.9
80.0
82.1
70.6
61.2
67.0
90.1
76.7
73.6
85.0
86.6
75.4
82.1
68.5
40.8
53.7
67.6
50.7
64.3
77.4
69.9
71.3
72.7
59.6
77.7
77.8
77.9
77.0
78.7
66.2
Reporting on wholesale commodity prices during the week
ended Feb. 16 the Department of Labor on Feb. 21 said:
Wholesale commodity prices resumed their upward trend during the week
ending Feb. 16. The average level of prices rose by 0.3 of a point to 79.4%
of the 1926 average, the highest level reached since December 1930.
The Feb. 16 index is 2.1% above the high point reached in 1934, Sept. 8.
when the index was 77.8, and 11.8% above the low point of 1934, 71.0 on
Jan. 6. As compared with the peak of 1933, 71.7 on Nov. 18, this week's
index is higher by 10.7%, and as compared with the low of 1933, 59.6 on
March 4, the index is higher by 33%. When compared with the corresponding week of a year ago, the present index Is higher by 7.7%, and when
compared with the corresponding week of 1933, it Is up by 32%. Since
prices began to advance in November of last year, the accumulated rise
has been nearly 4%.
The advance in commodity prices during the week was confined chiefly
to farm products and foods with hides and leather products, textile products,
and miscellaneous commodities showing smaller increases. Fuel and lighting
materials, metals and metal products, building materials, and house furnishing goods registered decreases. The group of chemicals and drugs remained
unchanged.
With the exception of building materials, all of the 10 major groups of
commodities included in the Index showed higher average prices than their
low points of 1934. Farm products registered the greatest rise with an
increase of 38%. Foods advanced 32.5%; chemicals and drugs. 9.7%;
miscellaneous commodities, 6.5%, and hides and leather products. 3%•
Textile products, fuel and lighting materials, metals and metal products.
and housefurnishing goods showed smaller Increases.
When compared with their respective high points of 1934, foods were up
by 7.6%; farm products, 6.6%. and chemicals and drugs. 2.7%. All other
groups were lower than the 1934 peak, ranging from 1.4% for miscellaneous
conunodities to 9% for textile products.
The greatest advance during the week was reported for farm products
with the average rising nearly 1.5%. The increase was due to a 3% advance
In prices for grains, 1.5% in livestock and poultry, and nearly 1% In other
farm products including cotton, eggs,lemons, peanuts and tobacco. Average
prices of oats, calves, sheep,live poultry, apples, oranges, potatoes and wool
were lower. The present farm products index, 79.2. Is 27.5% higher than a
year ago and 89% higher than two years ago when the indexes were 62.1
and 41.9. respectively.
Wholesale Commodity Price Average Shows Slight
Advance for Week of Feb. 23 According to National
Fertilizer Association
There was a slight advance in wholesale commodity prices
in the week ended Feb. 23 as measured by the index of The
National Fertilizer Association. This index rose to 78.3
compared with 78.2 the preceding week; 77.7 a month ago;
and 71.2 a year ago. The index last week was at the highest
level reached in the upward movement of commodity prices
which began in the spring of 1933. The three-year average
1926-1928 equals 100. An announcement issued Feb. 25
by the Association further said:
The trend of prices was mixed last week, with two of the component
groups in the index advancing and four declining. The rise in the grains,
feeds and livestock group was due to higher prices for oats, wheat, and hogs.
The fats and oils group continued its upward trend although there was a
slight decline in the price of butter last week.
Declines were registered by the foods, textiles, fertilizer materials, and
miscellaneous commodities groups although in every case the decline was
very small. Four items in the foods group declined and three advanced.
The slight drop in the textiles group was due to lower wool prices more than
counterbalancing slightly higher quotations of cotton and silk. Cho decline
in the miscellaneous commodities group was the result of a drop in coffee
prices and a slight rise in hides and rubber. The metals group remained
unchanged last week with a drop in scrap steel offsetting a rise in tin and
silver.
Twenty-five commodities advanced in price and 13 declined, compared
with 40 advances and 13 declines in the preceding week.
The index numbers and comparative weights for each of the 14 groups
Included in the index are shown in the table below.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1923=100)
Group
Latest
Week
Feb. 23
1935
Preceding
Week
Month
Ago
Year
Ago
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 livestock
Textiles
Miscellaneous commodities_ _
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural implements._ _ _
78.5
68.9
90.0
68.9
69.6
87.8
78.9
81.7
85.4
84.7
94.0
65.7
76.1
100.6
78.7
68.9
88.6
69.1
69.7
87.8
78.9
81.7
85.4
84.4
94.0
65.8
76.1
100.6
77.6
69.6
85.8
69.7
70.6
88.3
78.8
81.9
85.4
80.0
94.0
65.8
76.5
100.6
72.5
67.7
54.0
72.4
69.2
90.5
79.3
78.5
85.0
54.4
93.1
67.5
75.8
92.4
100.0
All groups combined. _ __ _
78.3
78.2
77.7
71.2
Per Cent
Each Group
Bears to the
Total Index
1377
Financial Chronicle
Volume 140
Increase of 23-% in Wholesale Commodity Prices from
December to January Reported by United States
Department of Labor
The general level of wholesale commodity prices advanced
2%from December to January; the index of the Bureau of
Labor Statistics of the United States Department of Labor
rose to 78.8% of the 1926 average, the highest level reached
since December 1930 when the index was 79.6. The January index, the Department of Labor said, registered an
advance of 9% over January 1934, when the index was
72.2, and an increase of 29% over January 1933 when the
index was 61.0. When compared with January 1930,
prices for the first month of the current year were down by
15%, and when compared with January 1929, they were
lower by 18%. On Feb. 20 the Department also stated:
Since February 1933, when wholesale prices reached their low point with
an Index of 59.8, the movement has been steadily upward, recording only
three minor recessions. The January 1935 index showed an increase of
nearly 32%tover the low point and was 1
above November 1934, the
high of the past four years when the index had advanced to 77.6.
Of the 10 major groups of items covered by the Bureau five-farm
products, foods. hides and loather products, textile products, chemicals and
drugs-registered increases in January as compared with the preceding
month. Four groups-fuel and lighting materials, metals and metal products. building materials, and miscellaneous commodities-showed decreases, while the group of housefurnishing goods remained unchanged.
IA. Changes in prices by groups of commodities were as follows.
Groups
Total
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
Increases
Decreases
No Change
187
130
467
34
58
14
27
8
13
14
9
7
3
24
25
5
20
9
12
10
8
3
14
9
39
22
65
7
105
62
72
51
35
Raw materials, including farm products, cocoa beans, copra, hides and
skins, raw silk, hemp, jute, sisal, crude petroleum, scrap steel, crude
rubber, and other similar commodities registered an advance of 4 % over
December and were 1934% above the January 1934 level. Finished products, among which are included more than 500 manufactured articles,
advanced 1 3. % over December and were 6 1-3% above the corresponding
month of 1934.
mi.Semi-manufactured articles, including such items as raw sugar, leather,
iron and steel bars, pig iron, and similar items, advanced 0.3 of 1% as
compared with the preceding month. However, when compared with the
corresponding month of last year, they were lower by 1%.
The rise in the general index was due to sharp advances in average prices
of farm products and foods as shown by the fact that the combined index
of "All commodities, exclusive of farm products and processed foods,"
registered a decline of 0.4 of I% between December and January. This
Index was lower than a year ago by 0.8 of 1%. The non-agricultural commodity group, which includes all commodities except farm products,
advanced 1.4% to a point 5% above a year ago.
14,The greatest advance from December to January was recorded by the
farm products group with the average rising 7.8%. Important articles
contributing to this rise were cows, with an increase of 44%; calves, 41%;
live poultry and hogs, 29%;steers, 19%;sheep, 15%; eggs, 7%;and apples,
3%. Smaller increases were shown for hops, peanuts, seeds, tobacco, and
potatoes. Rye, on the other hand, decreased 11%; Corn. 5%; and wheat,
2%. The January 1935 level of farm products, 77.6, was 32% above that
of January 1934. It was 82% higher than January 1933. As compared
with January 1929, however, farm products were lower by 27%•
Wholesale food proces for the month wore up 6% due to advances of
18% in ineatS, 5% in butter, cheese, and milk, 2% in the sub-group of
other foods, and a slight advance in fruits and vegetables. Cereal products
recorded a decrease. Price increases were reported for butter, cheese,
evaporated milk, fresh beef, fresh and cured pork, lard. oleomargarine,
pepper, salt, and vegetable oils. Important food items decreasing in price
were flour, corn meal, cured beef, and raw and granulated sugar. The
evel for the group as a whole advanced to 79.9% of the 1926 average
showing an increase of 24% over January 1934, and an increase of 43%
over January 1933, when the indexes were 64.3 and 55.8, respectively.
Chemicals and drugs, with an index of 79.3, advanced nearly 2% due
to higher prices of chemicals and fertilizer materials. Lower prices were
reported for drugs and pharmaceuticals and mixed fertilizers. Increases
of 5M % in the'average prices for hides and skins and 3 % for leather forced
the index of hide and leather products up 1 % to 86.2. The sub-groups of
shoes and other leather products were slightly lower.
Textile products rose 0.4 of I% during the month. Average prices of
silk and rayon were higher by 5%;knit goods, 2%.and other textile
products 0.3 of 1%. Cotton goods and woolen and worsted goods were
slightly lower. The sub-groups of clothing showed no change. The index
for the group, 70.3, was 8% lower than January a year ago when the index
was 76.5.
Lower prices for gas, electricity, petroleum products. and bituminous coal
resulted in the group of fuel and lighting materials declining 1%. Average
prices of coke were higher, while anthracite coal remained unchanged from
the level of the previous month.
Miscellaneous commodities, with an index of 70.7, were lower by about
and 0.4 of 1%
3. of I% due to decreases of nearly 5;5% for cattle feed
for other miscellaneous commodities. Crude rubber increased 0.4 of 1%.
and tubes
tires
while the sub-groups of paper and pulp and automobile
remained unchanged.
Weakening prices of lumber, brick and tile, and plumbing and heating
fixtures caused the group of building materials to drop 0.2 of 1%. Average
board,
prices of paint materials and other building materials, including wall
window glass, and gravel, were higher. The sub-groups of cement and
structural steel were unchanged. The January index for the building
of
materials group, 84.9, is 13,5% lower than for the corresponding month
1934.
The index of metals and metal products, 85.8, was lower by 0.1 of I%
subdue to declining prices of motor vehicles and heating supplies. The
prices
groups ofiron and steel and non-ferrous metals were higher. Average
of agricultural implements remained unchanged.
reflected
An increase inprices of furnishings was so slight that it was not
remained
in the general level of housefurnishing goods. The January index
at 81.2. Average prices of furniture were stationary.
The Bureau of Labor Statistics' index, which includes 784 price series
weighted according to their relative importance in the country's markets,
is based on the average prices of 1926 as 100.0.
Index numbers for the groups and sub-groups of commodities for January 1935, in comparison with December 1934, and January of each of the
past six years are contained in the accompanying table.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES
(1926=100.0)
Jan.
1931
Jan.
1930
Jan.
1029
Dec.
1934
Jan.
1934
Jan.
1933
Jan.
1932
77.6
Farm products
88.8
Grains
Livestock and poultry - - 73.3
76.6
Other farm products
79.9
Foods
Butter. cheese and milk_ 83.5
91.6
Cereal products
Fruits and vegetables._ 62.3
81.6
Meats
76.2
Other foods
Hides and leather products_ 86.2
97.1
Boots and shoes
71.1
Hides and skins
74.3
Leather
85.0
products
leather
Other
70.3
Textile products
78.4
Clothing
84.1
Cotton goods
63.5
Knit goods
28.6
Silk and rayon
Woolen and worsted goods 73.8
68.8
Other textile products
Fuel and lighting materials 72.9
82.3
Anthracite coal
96.3
Bituminous coal
86.4
Coke
Electricity
Gas
48.8
Petroleum products
Metals and metal products 85.8
Agricultural implements_ 92.7
85.7
Iron and steel
94.1
Motor vehicles
67.6
Non-ferrous metals
Poumbing and heating __ 68.0
84.9
Building materials
91.1
Brick and tile
93.9
Cement
79.9
Lumber
Paint and paint materials 79.0
68.0
Plumbing and heating
02.0
Structural steel
Other building materials_ 90.3
79.3
Chemicals and drugs
84.5
Chemicals
Drugs & pharmaceuticals 73.1
66.5
Fertilizer materials
73.3
Mixed fertilizers
Housefurnishing goods_ __ _ 81.2
84.3
Furnishings
78.2
Furniture
70.7
Miscellaneous
Automobile tires & tubes 47.5
116.2
Cattle feed
81.5
Paper and pulp
26.5
Rubber, crude..
80.4
Other miscellaneous
76.6
Raw materials
Semi-manufactured articles 71.2
80.8
Finished products
Non-agricultural commorl_ _ 78.9
All commodities other than
farm products and goods 77.7
72.0
91.5
57.2
75.1
75.3
79.6
92.2
62.4
69.0
74.3
85.1
97.2
67.4
71.8
85.7
70.0
78.4
84.3
61.9
27.1
74.0
68.6
73.7
82.3
96.5
85.6
93.1
89.3
49.8
85.9
02.7
85.6
94.6
67.5
68.8
85.1
91.2
93.9
81.2
78.8
68.8
92.0
89.8
77.8
82.2
73.4
65.3
73.7
81.2
84.2
78.2
71.0
47.5
123.1
81.5
26.4
80.7
73.1
71.0
79.5
77.8
58.7
63.7
41.1
67.4
64.3
65.0
85.8
68.0
48.9
64.0
89.5
98.5
77.2
79.9
87.0
76.5
87.5
86.5
70.6
29.7
84.3
76.9
73.1
81.5
90.8
83.5
92.3
90.8
51.1
85.5
85.2
83.6
96.9
66.1
72.5
86.3
86.6
93.9
87.4
78.4
72.5
86.8
89.8
74.4
78.8
65.2
68.4
71.2
80.8
82.9
78.8
67.5
43.2
68.5
83.0
18.9
81.8
64.1
71.9
76.0
75.0
42.6
32.9
37.8
48.7
55.8
55.2
60.9
53.0
49.5
60.1
68.9
83.3
43.0
57.1
78.2
51.9
61.9
50.1
48.4
27.0
53.4
66.3
66.0
88.7
79.8
75.3
103.2
96.7
38.7
78.2
84.5
78.5
91.3
46.4
62.8
70.1
74.9
81.2
55.9
68.1
62.8
81.7
79.4
71.6
79.3
54.9
62.3
62.7
72.9
73.5
72.3
61.2
44.6
38.2
72.0
6.5
76.8
50.2
56.9
66.7
64.9
52.8 73.1 101.0 105.9
46.7 62.4 93.8 98.3
53.4 75.2 100.5 102.1
54.8 75.3 103.9 111.3
64.7 80.7 97.3 98.9
67.8 83.7 97.2 108.8
71.0 75.7 87.6 89.0
62.2 76.9 103.9 87.4
61.9 88.4 106.2 105.7
61.9 74.5 91.0 95.5
79.3 88.7 105.1 113.4
88.8 95.1 103.8 106.7
49.0 64.4 104.2 124.1
77.5 90.8 103.3 120.5
98.9 102.3 106.1 107.5
59.6 71.3 87.2 92.5
69.6 79.1 88.9 91.6
55.8 73.5 94.7 100.4
55.8 64.8 85.9 89.9
37.7 49.0 75.2 34.3
63.3 73.7 84.9 91.4
70.7 77.2 87.9 94.5
67.9 73.3 81.7 84.2
94.8 88.9 91.2 91.6
84.4 88.1 91.9 93.7
80.5 83.8 84.1 84.5
107.5 99.9 96.9 96.1
98.6 95.8 92.6 92.3
38.8 50.4 67.3 71.9
81.8 86.9 97.2 100.1
85.5 94.4 97.3 99.2
79.9 85.5 92.0 94.5
95.3 95.1 103.1 107.3
55.4 69.5 101.3 101.2
74.1 87.4 92.2 99.7
74.8 83.8 94.3 95.5
79.3 87.0 93.1 95.1
75.2 90.3 90.4 04.6
65.6 76.4 92.3 93.1
75.4 83.2 95.4 92.7
74.1 87.4 92.2 99.7
77.3 83.0 97.0 97.0
81.0 87.8 96.9 98.0
75.7 84.5 93.0 95.6
80.6 88.3 98.0 100.7
60.6 65.3 69.6 72.0
69.9 81.4 89.8 94.6
75.5 90.4 97.1 97.1
77.7 88.3 93.8 93.9
76.1 84.9 92.9 93.4
79.5 92.1 94.8 94.4
65.6 72.2 81.3 82.7
39.7 47.2 53.0 56.5
53.0 75.0 113.5 134.8
78.0 83.6 88.1 88.9
9.3 17.1 31.1 403
85.2 89.9 99.3 96.8
58.3 72.7 94.0 98.8
63.1 73.7 90.2 94.6
72.1 81.5 92.1 94.7
70.3 79.3 90.7 93.8
78.0
78.3
67.3
71.7
79.0
89.5
78.8
All commodities
• Data not yet available.
76.9
72.2
61.0
67.3
73.2
92.5 95.9
Groups and Sub-groups
Jan.
1935
92.3
January Chain Store Sales Decline
January sales of tile chain stores reflected a greater than
seasonal lessening of trade activity generally, according to
the March issue of "Chain Store Age." A few companies
1378
Financial Chronicle
reported exceptionally favorable results, but business returns in the main were not quite up to the relative levels
of previous months. Five and ten store chains fared worst
of all, sales for that group falling below those for the corresponding month of 1934. The "Age" further stated:
Viewed as a whole, therefore, the state of trade in the field as measured
by the "Chain Store Age" index declined to a level of 91.7 of the 1929-1931
average for the month of January taken as 100. The index in December
1934 stood at 93.5. The composite standing in January this year was
still above the January 1934 point of 89.2, but a year ago there was a
gain of 2% in the index level from December to January.
In point of dollar volume, January sales of 18 leading chain store organizations covered by the index averaged $4,460,000 daily. This compares
with a total of $4,333,000 in January 1934 and $3,881,000 in the same
month of 1933. The percentage gain in total sales this year over last
was 2.9%.
In contrast to the trend of business in other classes of trade, sales of the
shoe group reported further improvement in January. The index of sales
for the month advanced to a preliminary level of approximately 110.0 from
108.3 in December 1934. The figure in January 1934 stood at 100.0, indicating an increase this year over last year of 10%.
The grocery group also made a favorable showing in comparison to the
composite performance of all chains included in the index. Total sales of
five leading systems in January showed the same net change from the
December total, as was the case during the base period BO that the index
figure remained unchanged at 86.0. This represented an increase of 6.8%
over the figure of 80.5 in January 1934.
Five and ten department store sales in January fell below those of the
same mouth last year. This is the first time that business of this group
failed to exceed that of the preceding year since May 1933. The index of
January sales was 94.5 against 98.2 in December 1934. A year ago the
figure rose from 93.3 in December to 96.0 in January. The poor showing
in January this year may be attributed to widespread cold and stormy
weather, which paralyzed trade in such organizations for several days.
The index figure of sales of two chains comprising the drug group in
January stood at 118.8 as against 120.0 in December 1934. The figure for
January 1934 was 108.3.
For the apparel group the index of sales of three chains in January
dropped to 94.6 from 98.7 in December. In January, last year, the index
stood at 93.2.
The "Chain Store Age" index of independent department store sales in
January, based on preliminary figures reported by the Federal Reserve
Board, declined to 68.8 of the 1929-1931 average for the month as 100,
from a level of 78.9 in December 1934. The index figure for such stores
in January 1934 was 66.0.
New York Federal Reserve Bank Reports Decrease of
1% in Sales of Chain Stores During January as
Compared with January 1934
"During January, total sales of the reporting chain store
systems in the Second (New York) District showed a decrease of 1% compared with January 1934, the first decline
from a year previous since October 1933." In stating this,
the Federal Reserve Bank of New York, in its "Monthly
Review" of March 1, added:
Sales of the 10-cent store systems showed the largest decline since March
1933, and the reductions reported by the shoe and candy chain stores were
the largest in a number of months. Variety store sales remained larger than
a year ago, but the increase was the smallest in six months. On the other
hand, sales of drug chains showed the largest increase since last March and
grocery chain sales registered a small advance which represented the most
favorable comparison with a year previous since May.
The decrease in sales per store of all reporting chains was somewhat
less than the decline recorded in total sales, as the aggregate number of
units operated continued slightly below a year ago. The reduction in the
total number of chain stores in operation continued to be attributable to
decreases in the grocery and shoe chains.
Percentage Change January 1935
Compared with January 1934
Type of Store
Number
of Stores
Total
Sales
Sales per
Store
Grocery
Ten-cent
Drug
Shoe
Variety
Candy
-2.7
+1.0
+5.9
-4.7
+0.8
+2.8
+1.8
-5.5
+6.6
-10.2
+4.7
-14.6
+4.7
-6.4
+0.8
-5.8
+3.8
-17.0
Total
-0.7
-1.1
-0.4
March 2 1935
district were 3% ahead of last year, a smaller increase, however, than was
reported for December.
Stocks of merchandise on hand, at retail valuation, were slightly lower
than a year ago in the department stores, but remained larger in the apparel
stores. Collections of accounts outstanding continued higher than a year
ago in the department stores but were at about the same rate in the apparel
stores.
Percentage Change from
a Year Ago
Per Cent of
Accounts
Outstanding
Stock Dec. 31 ColNet Sales
on Hand lected in Jan.
End of
Feb.
Jan.
to Jan. Month 1934 1935
Locality
New York
Buffalo
Rochester
Syracuse
Northern New Jersey
Bridgeport
Elsewhere
Northern New York State
Southern New York State
Hudson River Valley District
Capital District
Westchester and Stamford
All department stores
Apparel storm
Sales of the Buffalo, Rochester, Syracuse, Bridgeport and Capital District
department stores showed increases over January 1934, but only in the case
of the Rochester stores was the increase larger than that reported for December. In the New York City, Northern New Jersey and Southern New
York State department stores, the dollar volume of sales this year was
slightly below that of a year ago, following increases in the immediately
preceding months. Substantial declines, indicating the least favorable yearto-year comparisons in a number of months, were registered in the sales
of the Northern New York State, Westchester and Stamford, and Hudson
River Valley District stores. Sales of the reporting apparel stores in this
+5.8
+8.1
+7.4
+3.2
+3.9
+9.7
+5.9
-1.0
+7.9
+3.5
+7.4
--4.1
--7.2
--5.3
d-7.1
--10.6
62.6
44.6
46.4
31.3
42.1
36.5
31.0
53.4
49.9
47.0
36.4
43.4
38.1
32.3
+7.6
4-6-.$5
48.3
48.4
48.4
-1.4
Yi
+9.8
January sales and stocks in the principal departments are compared
with those of a year previous in the following table:
Stock on Hand
Net Sales
Percentage Char.ye FerCePlage Change
Jan. 31 1935
.January 1935
Compared with
Compared with
Jah. 31 1934
January 1934
Toys and sporting goods
Shoes
Cotton goods
Musical instruments and radio
Men's furnishings
Women's and misses ready-to-wear
Women's ready-to-wear accessories
Linens and handkerchiefs
Men's and boys' wear
Luggage and other leather goods
Toilet articles and drugs
Furniture
Hosiery
Home furnishings
Woolen goods
Silverware and Jewelry
Books and stationery
Silks and velvets
Miscellaneous
4-17.8
i-14.8
4-14.0
i-9.2
+8.8
4-3.1
4-1.4
4-0.9
-F.04
--6.1
--7.4
--7.9
--8.8
--10.3
--10.4
--11.1
--14.1
--lb.()
--3.4
+1.8
i-12.1
--9.0
--19.6
-1-5.8
4-5.7
4-4.1
--11.3
4-3.4
--6.2
--6.2
--18.4
1-2.6
--8.4
--3.0
4-3.9
4-1.3
--1.6
--1.8
As to department store sales in the metropolitan area of
New York during the first half of February the Bank said:
During the first half of February, total sales of the reporting department stores in the metropolitan area of New York were less than 1%
higher than in the corresponding period a year ago, and showed slightly
less than the usual seasonal expansion over the January level.
Increase of 5% Over Year Ago Noted in January Sales
of Wholesale Firms in New York Federal Reserve
District
The New York Federal Reserve Bank reports that "January sales of the reporting wholesale firms in the Second
(New York) District averaged 5% higher than last year, the
smallest advance since September." In its March 1 "Monthly
Review" the Bank also says:
Several individual lines, including hardware, shoes, paper, diamonds,
and jewelry, showed substantial increases in sales over a year ago, and
grocery firms reported a moderate increase, but sales ot men's clothing and
cotton goods were below a year ago, and sales of stationery and drugs were
about the same as last year, following substantial increases in all these
lines in the previous month. Sales of silk goods, reported on a yardage basis
by the National Federation of Textiles, also showed some decline in January,
following a sizable year to year increase in the previous month.
Merchandise stocks of the grocery, silk goods, drug, and diamond concerns at the end of January were considerably above last year, while Jewelry
stocks were practically unchanged from a year ago. The rate of collections of
accounts outstanding at the end of the previous month continued to average
higher than a year previous.
Commodity
Percentage Change
Jan. 1935 Compared
Jan. 1934
Net Sales
Department Store Sales During January in New York
Federal Reserve District Reported Practically Unchanged from January Last Year-Slight Increase
Noted in Sales in Metropolitan Area of New York
During First Half of February
"For the month of January," states the Federal Reserve
Bank of New York, "total sales of the reporting department
stores in the Second (New York) District were at approximately the same level as last year, following three months
in which moderate increases were recorded." Continuing,
the Bank also had the following to say in its "Monthly
Review" of March 1:
-0.5
+7.5
+8.4
+2.8
-2.0
+4.6
-3.0
-9.0
-0.1
-10.7
-1-6.4
-12.2
-0.1
+2.9
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Stationery
Paper
Diamonds
Jewelry
Stock on Hand
End of Month
Percentage of Account,
Outstanding Dec. 31
Collected in January
1934
+6.4
+13.2
95.6
-6.2
......
41.2
-15.738.0
*-3.8
t+15:i
57.9
+16.0
-0.1
+-2-9:6
-1-9:1
+22.1
-___
37.9
____
51.4
+11.647.8
+28.6
+171
}
45.1
+20.3
1935
91.1
44.5
41.3
68.5
72-6-.5
44.1
56.1
47.1
44.9
Weighted average..
+5.2
58.3
60.0
• Quantity figures reported by the National Federation of Tex Iles, Inc., not
Included In weighted average for total wholesale trade.
Production of Electricity During January 8% Above
Like Month of 1934
The Geological Survey, Department of the Interior, in
its monthly electrical report discloses that the production of
electricity for public use in the United States during the
month of January amounted to 8,267,154,000 kilowatthours. This is an increase of 8% when compared with
7,631,497,000 kwh. produced in January 1934. For the
month of December 1934 output totaled 8,057,525,000 kwh.
1379
Financial Chronicle
Volume 140
Of the January 1935 output a total of 3,265,703,000
kwh. was produced by water power and 5,001,451,000 kwh.
by fuels. The Survey's statement follows:
Arranged in tabular form,the output in kilowatt-hours of
the light and power companies of recent weeks and by
months is as follows:
DATA FOR RECENT WEEKS
PRODUCTION OF ELECTRICITY FOR PUBLIC USE IN THE UNITED
STATES (IN KILOWATT-HOURS)
Changes in Output
from Previous Year
Total by Water Power and Fuel
Division
Nov. 1934
Jan. 1935
Dec. 1934
552,644,000 586,775,000 615,958.000
New England
Middle Atlantic__ - 2,064,586,000 2,214,989,000 2,261,784,000
East North Central 1,720,552,000 1,829,941,000 1,899,877,000
West North Central 497,242,000 562,475,000 565,538,000
South Atlantic--_ 838,357,000 906,115,000 979,066,000
East South Central 356.000,000 336,358,000 347,319,000
West South Central 372,369,000 371,891,000 340,781,000
256,222,000 262,884,000 251,808,000
Mountain
947,758,000 986,097,000 1,005,023,000
Pacific
Dec.
Jan.
+6%
+4%
+5%
+22%
+12%
+27%
+9%
+10%
+6%
+10%
+7%
+7%
+21%
+10%
+13%
-1%
+7%
+8%
+8%
+8%
Total Un.States.. 7,605.730.000 8,057,525,000 8,267,154,000
The average daily production of electricity for public use in the United
States in January was 266,700,000 killwatt-hours, an increase of about
2.6% from the average daily production In December. The normal increase
from December to January is 0.5%. The production of electricity for
public use in 1935 therefore starts off in Jan. 8% above the daily rate in
January 1934, slightly larger than the daily rate for January 1929, and
4.5% smaller than the daily rate for January 1930, which was the maximum
recorded rate for January.
The average daily production of electricity by the use of water power in
January was 2.5% larger than in December.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY FOR PUBLIC USE
1934
1935
January
February
March_
April
May
June
July
August
September
October
November_
December
Kilowatt Hrs Kilowatt Hrs.
8,267,164,000 7,631.497,000
7,049,492,000
7,716,891,000
7,442,806.000
7,682,509,000
7,471,875,000
7,604,926,000
7,709,611,000
7,205,757,000
7,830,819,000
7,605,730,000
8.057.525,000
mt.!
Produced by
Water Power
1935
Over
1934
1934
1933
1935
1934
8%
____
____
____
____
__-___
____
____
____
____
__
10%
12%
15%
15%
10%
3%
1%
0%
x2%
5%
5%
8%
42%
____
____
___
____
---____
____
____
____
____
----
39%
33%
40%
47%
42%
36%
34%
32%
33%
34%
39%
30%
Jan. 5___
Jan. 12___
Jan. 19_
Jan. 26_
Feb. 2_
Feb. 9___
Feb. 16_ _ _
Feb. 23_
P. C.
Ch'pe
1.668,731.000 1,563,678,000 +6.7
1,772,609,000 1,646,271,000 +7.7
1,778,273,000 1.624,846,000 +9.4
1,781,666,000 1,610,542,000 +10.6
1,762.671,000 1,636,275,000 +7.7
1,763,696.000 1,651,535,000 +6.8
1,760,562,000 1,640,951,000 +7.3
1,728,293,000 1,646,465,000 +5.0
Weekly Data for Previous Years
in Millions of Kilowatt-Hours
1933
1932
1931
1930
1929
1.426
1.495
1,484
1,470
1.455
1,483
1,470
1,426
1,619
1,602
1,598
1,589
1,589
1,579
1,545
1.512
1,714
1,717
1,713
1,687
1,679
1,684
1.680
1,633
1,680
1,816
1.834
1.826
1.809
1.782
1,770
1,746
1,542
1,734
1,737
1,717
1,728
1,726
1,718
1,699
DATA FOR RECENT MONTHS
font?, of-
1934
January .._ _ _ 7,131,158,000
February-- 6,608.356,000
7,198.232,000
March
6,978,419,000
April
7,249,732,000
May
7,056,116,000
June
7,116,261,000
July
7.309,575,000
August
September_ 6,832,260,000
7,384,922,000
October
November_. 7,160,756,000
7,538.337,000
December
1933
%
Change
1932
6,480.897,000
5,835,263,000
6,182,281,000
6,024,855.000
6,532,686,000
6.809.440,000
7.058,600,000
7,218,678,000
6,931,652,000
7,094,412,000
6,831,573,000
7,009,164,000
+10.0
+13.2
+16.4
+15.8
+11.0
+3.6
+0.8
+1.3
-1.4
+4.1
+4.8
+7.5
7,011.736.000
6,494,091,000
6,771,684,000
6,294,302,000
6,219,554.000
6.130,077.000
6.112,175.000
6.310.667.000
6,317,733.000
6,633.865,000
6,507.804,000
6,638,424,000
1931
7,435,782,000
6.678.915,000
7,370,687,000
7,184,514,000
7,180,210,000
7,070.729,000
7,286,576.000
7.166.086.000
7,099,421,000
7,331,380,000
6,971,644,000
7,288.025.000
85,564,124,000 80,009.501,000 +6.9 77,442.112,00088,063.969.000
Total
covering approxiNote-The monthly figures shown above are based on reportsweekly
figures are
mately 92% of the electric light and power industry and the
based on about 70%.
Over
a KM.
0111110 AAR NIA
Week of-
1934
1935
gOor
x Decrease.
Coal Stocks and Consumption
The stocks of coal at electric power utility plants:were reduced again in
January 1935 and on Feb. 1 stood at 6,650,420 net:tons, a decrease of 1.6%.
The decrease in stocks was shared almost equally by both.bituminous coal
and anthracite. Bituminous coal stocks were reported at ,5,421,057 tons,
a decline of 85,459 tons or 1.6%,and anthracite stocks,wers,1,229,363 tons,
or 20,839 tons less than on Jan. 1, a decrease of 1.7%.
Consumption of coal by the electricipower utility -plants increased in
January 1935. From 2,722,113 net tons in December the consumption of
bituminous coal rose in January to 2,812,516 tons, an increase of 3.6%
while the use of anthracite increased from 145,081 tons in December to
160,282 tons in January, or 10.5% •
At the daily rate of consumption prevailing in January,there were stocks
of bituminous coal on hand at electric power utility plants on Feb. 1 to
last 60 days and enough anthracite for 238 days' requirements.
The quantities given in the tables are based on the operation of all power
plants producing 10,000 kilowatt-hours or more per month, engaged in
generating electricity for public use, including central stations, both commercial and municipal, electric railway plants, plants operated by steam
railroads generating electricity for traction, Bureau of Reclamation plants,
public works plants, and that part of the output of manufacturing plants
which is sold. The output of central stations, electric railway and public
works plants represents about 98% of the total of all types of plants. The
output as published by the Edison Electric Institute and the Electrical
World includes the output of central stations only. Reports are received
from plants representing over 95% of the total capacity. The output of
those plants which do not submit reports is estimated; therefore, the figures
of output and fuel consumption as reported in the accompanying tables are
on a 100% basis.
'The Coal Division, Bureau of Mines, co-operates in the preparation of
these reports.]
Bank of Montreal Reports Continued Improvement in
Canadian Business
Fears of a disturbance in the American currency situation,
now removed by the Supreme Court's decision in the gold
clause cases, and uncertainty over the legislative program
of the Canadian Government failed to halt industrial improvement in Canada during the past month, according to
the Feb. 22 monthly business summary of the Bank of
Montreal. The summary states:
Notwithstanding the uncertainties which have prevailed, the economic
index compiled by the Dominion Bureau of Statistics stood 13 points higher
in the second week in February than in the corresponding week of last year.
this representing a gain of one point over the preceding week.
The customary contraction of employment at the close of December was
much smaller than usual, the contraction in factory employment being the
smallest noted in any year since 1920. Among the favorable features of the
month has been a marked increase in automobile production; a production
of electricity that is surpassing all records; general activity In the production
and shipment of primary metals and in forestry industries; sharp gains in
construction contracts; continuation of the improvement in car loadings;
external trade at a higher level than a year ago; and a resumption of buoyancy in Dominion ordinary revenue..
improved
A feature of the business record of recent weeks has been the
showing of many industrial corporations and companies whose annual
number
the
but
uniform,
statements have been published. The record is not
been
of organizations whose profits have increased or whose losses have
substantially reduced is well above the total of those whose statements
compare unfavorably with earlier showings.
Summary of Business Conditions in United States by
Federal Reserve Board-Further Increase During
January Noted in Industrial Production
"Industrial output, which had shown a rapid growth in
December, increased further in January," said the Federal
Reserve Board in its summary of general business and
financial conditions in the United States, based upon statistics for January and the first three weeks of February.
"Activity in the building industry," the Bank stated,
"continued at a low level. Wholesale commodity prices
advanced considerably during January and the first half of
Electric Output for Latest Week Falls Below Previous February, reflecting chiefly marked increases in the prices of
Week but Remains Above Like Week of 1934
livestock and livestock products." The following is also
The Edison Electric Institute in its weekly statement from the Board's summary,issued Feb. 26:
discloses that the production of electricity by the electric
Production and Employment
light and power industry of the United States for the week
Volume of industrial production, as measured by the Board's seasonally
ended Feb. 23 1935 totaled 1,728,293,000 kwh. Total adjusted index, increased from 86% of the 1923-25 average in December to
in January. Activity in the steel and automobile industries continued
output for the latest week indicated a gain of 5.0% over 90%
to increase rapidly during January and the early part of February; in the
the corresponding week of 1934, when output totaled 1,646,- middle of the month, however, steel production declined. Output of
lumber increased in January but was still at a low level. At cotton and
465,000 kwh.
textile mills activity showed a considerable growth while in the
Electric output during the week ended Feb. 16 1935 totaled woolen
meatpacking industry output declined. Output of crude petroleum
1,760,562,000 kwh. This was a gain of 7.3% over the Increased further in January and the first half of February.
Factory employment and payrolls increased somewhat between the middle
1,640,951,000 kwh. produced during the week ended Feb. 17
of December and the middle of January, although a decline is usual at this
1934. The Institute's statement follows:
season. At automobile factories the volume of employment increased
PERCENTAGE INCREASE OVER 1934
Major Geographic
Divisions
Week Ended
Feb. 23 1935
Week Ended
Feb. 16 1935
Week Ended
Feb.9 1935
Week Ended
Feb. 2 1935
New England
Middle Atlantic
Central Industrial__ _ _
West Central
Southern States
Rocky Mountain
Pacific Coast
3.3
2.7
5.8
6.3
6.0
13.6
1.6
2.6
3.2
9.0
7.4
7.1
15.6
4.9
2.8
4.5
8.8
9.1
7.9
16.2
4.7
5.5
6.4
9.5
8.5
8.9
10.8
2.7
Total United States_
5.0
7.3
6.8
7.7
further by a large amount and there was substantial increases at steel mills,
foundries, and woolen mills. Employment in the meatpacking industry
continued to decline and in January VMS at about the same level as a year
ago. Among the non-manufacturing industries, the number employed at
retail trade establishments and on construction projects showed declines
of a seasonal nature.
Value of construction contracts awarded in January, as reported by the
F. W. Dodge Corp., was slightly larger than in December but considerably
smaller than a year ago, when the volume of public projects was exeeptionally large. The value of contracts awarded for residential building in
the three menthe from November to January was about the same as in the
corresponding periods of the two preceding years.
1380
Financial Chronicle
Distribution
Freight-car loadings showed a seasonal growth in January. At department stores the volume of business declined somewhat more than is usual
after the Christmas holidays.
Commodity Prices
The general level of wholesale commodity prices, as measured by the
Index of the Bureau of Labor Statistics, advanced from 77.9% of the 1926
average in the week ending Jan. 5 to 79.4% in the week ending Feb. 16.
During January prices of cattle and beef showed substantial increases and
In February the price of bogs advanced considerably. Prices of cotton,
grains, and silk showed a decline in January and the first few days of
February, followed by an advance in the middle of the month.
Bank Credit
During the five weeks ended Feb. 20 member bank balances with the
Reserve banks increased by 3260,000,000 and their excess reserves rose to
about $2,300.000,000. The principal factors in the increase were an
inflow of gold from abroad and disbursements by the Treasury of funds
previously held as cash or on deposit with the Federal Reserve banks.
Net demand deposits of weekly reporting member banks in leading cities
Increased by more than 8200,000,000 in the four weeks ended Feb. 13.
Total loans and investments of these banks showed no significant changes
during the period. Slight declines occurred in loans on securities and in
holdings of direct obligations of the United States Government, while
other loans and other securities increased somewhat.
Yields on United States Government securities declined slightly further
and other open market money rates continued at a low level.
Monthly Indexes of Federal Reserve Board for January
The Federal Reserve Board, under date of Feb. 26,
issued as follows its monthly indexes of industrial production,
factory employment, &c.:
BUSINESS INDEXES
(Index Numbers of the Federal Reserve Board, 1923-1925100.)a
Adjusted for
Seasonal Fartatkm
Jan.
1935
Dec.
1934
Without
Seasonal Adjustment
Jan.
1934
Jan.
1935
WOOM
0004
0,4,
00000
00,--100.44.
CoP , O0N4D
..
W00.14.400W0WO
04N0W04404,
1474
56
92
103
26
58
89
35
154
92
115
WWWNWO
A040N.q
44.
,
77
75
85
71VG74.50VOcO0
78
77
85
-4101 -444.0
WWWO4.01N ,
I.0I 0-440.
Jan,
1934
0N-4Z4S-.404
General Indexes-Industrial production, total
p90
987
Manufactures
989
p87
Minerals
p93
p91
Construction contracts, value bTotal
p27
p22
Residential
pll
p9
All other
939
p32
Factory employment c
80.4
78.8
Factory payrollsc-64.1
Freight-car loadings
Eli
58
Department store sales, value
p59
p72
Production Iruieses by Groups and
IndustrialsManufactures:
Iron and steel
79
76
Textiles
p102
v108
Food products
91
90
Lumber cut
29
33
Automobiles
p105
p87
Leather and shoes
p107
p99
Cement
42
25
Petroleum refining
__
__
Rubber tires and tubes__
Tobacco manufactures
156
128
Minerals:
Bituminous coal
p73
p81
Anthracite
p77
984
Petroleum
p129
p124
Zinc
71
76
Silver
__
Lead
__
__
Dec.
1934
74
71
129
76
54
60
25
10
36
78.1
63.2
56
134
40
10
64
73.3
54,0
58
57
53
91
102
30
46
r91
30
142
90
131
74
89
115
70
37
65
p Preliminary. r Revised.
a Indexes of production, car loadings, and department store sales based on daily
averages. b Based on three-month moving averages of F. W. Dodge data centered
at 2d month. c Indexes of factory employment and payrolls without seasonal
adjustment compiled by Bureau of Labor Statistics. Index of factory employment
adjusted for seasonal variation compiled by Federal Reserve Board. Underlying
figures are for payroll period ending nearest middle of month. January 1935
figures are preliminary, subject to revision.
FACTORY EMPLOYMENT AND PAYROLLS-INDEXES BY GROUPS
AND INDUSTRIES. (1923-192100.) a
Employment
Group and Industry
Payrolls
Adjusted for Sea- IVithout Seasonal 1Vithout Seasonal
tonal Variation
Adjustment
Adjustment
Jan. Dec. Jan. Jan. Dec. Jan, Jan. Dec Jan.
1935 1934 1934 1935 1934 1934 1935 1934 1934
69.3 67.7 64.9 67.7 66.6
81.4 79.2 71.8 79.6 78.5
93.2 84.4 72.1 92.1 r78.4
108.8 96.6 81.1 107.7 88.9
52.4 52.1 53.6 .51.6 52.0
76.9 76.1 68.1 76.0 76.9
48.8 47.8 47.2 47.1 47.8
51.7 51.2 52.0 47.2 50.1
9.5.1 92.1 88.1 95.2 92.8
94.8 92.4 88.5 95.8 94.0
91.3 87.4 83.1 89.4 86.0
89.1 88.9 83.6 88.3 84.8
104.7 107.9 104.0 94.3 103.8
60.7 61.6 58.4 56.5 61.9
95.1 96.1 91.7 95.8 97.8
108.4 7108.1 107.7 108.3 rlOS.8
107.7 407.1 106.6 108.1 rlO8.3
111.1 rI12.1 112.4 109.0 rI10.8
83.3 79.5 83.4 81.8 79.0
.0.6N1
,
:vineci0.n44e1r.:
t,:cie41
eCt.4t-00 404C41,
00000000000,00 0.001
41,
Iron and steel
Machinery
Transportation equipment
Automobile
Railroad repair shops
Non-ferrous metals
Lumber and products
Stone. clay and glass
Textiles and products
A. Fabrics
B Wearing apparel
Leather products
Food products
Tobacco products
Paper and printing
Chemicals & petroleum prods
A. Chemicals group,except
petroleum refining
B. Petroleum refining__
Rubber products
51.6
60.8
78.7
91.4
43.8
58.6
31.7
31.6
78.8
82.3
66.6
76.4
83.2
41.5
83.6
91.5
r47.6
60.2
r67.6
76.4
44.4
61.5
33.3
34.4
75.3
80.2
61.3
69.1
92.9
49.9
86.5
91.7
41.1
47.6
52.7
58.3
42.1
47.1
27.4
29.9
64.8
67.0
56.6
67.5
80.7
39.8
74.3
84.5
90.3 89.9 83.0
95.2 97.8 89.5
69.4 60.0 58.7
Total
80.4 79.0 75.1 78.6 78.1 73.3 64.1 63.2 54.0
a Indexes of factory employment and payrol s without seasons adjustment compiled by Bureau of Labor S atistics. Index of factory employment adjusted for
seasonal variation compiled by Federal Reserve Board. Underlying figures are for
payroll period ending nearest middle of month. January 1935 figures are preliminary, subject to revision.
r Revised.
Pacific Coast Business Continued Advance During
January, According to Wells Fargo Bank & Union
Trust Co. of San Francisco
Business on the Pacific Coast in January again witnessed
Fi continuation of the upswing which began last November,
March 2 1935
according to the current business outlook published by the
Wells Fargo Bank & Union Trust Co. of San Francisco. The
bank's index of coast activity climbed to 72.6% of the 19231925 average from 69% last October. The bank also
reported:
Expansion in diversified lines of industrial production were a major
factor in the advance. California department store sales in January rose
more than 10% above January last year, in contrast to a gain of 4% for
the nation as a whole, while January bank debits were 7% higher than
in January 1934.
The volume of newspaper advertising in the Far West expanded markedly
during January, rising about 7% above last year in the four largest cities
in California and approximately the same amount in eight other major
coast cities.
Substantially increased citrus fruit production is in prospect fcr the 1935
growing season. The navel orange crop is estimated at 16,900,000 boxes
as against 12,000,000 last year, while the lemon crop is estimated at
8,700,000 in contrast to 7,600,000 one year ago.
Automobile Production in January
January factory sales of automobiles manufactured in the
United States (including foreign assemblies from parts made
in the United States and reported as complete units or
vehicles), based on data reported to the Bureau of the
Census, consisted of 292,765 vehicles, of which 229,199 were
passenger cars, and 63,566 were trucks, as compared with
183,187 vehicles in December 1934, 156,907 vehicles in
January 1934, and 128,825 vehicles in January 1933.
The table below is based on data received from 112 manufacturers in the United States, 29 making passenger cars and
83 making trucks (10 of the 29 passenger car manufacturers
also making trucks). Of the 119 manufacturers reporting
prior to June 1934, seven have gone out of business. Figures
for passenger cars include taxicabs and those for trucks
include ambulances, funeral cars, fire apparatus, street
sweepers, and buses. Canadian figures are supplied by the
Dominion Bureau of Statistics.
AUTOMOBILE PRODUCTION (NUMBER OF VEHICLES)
Year
and
Month
United States
Canada
Passenger
Cars
Trucks
Total
292,765
229,199
63.566
10,607
8,269
2,338
156,907
231,707
331,263
354,745
331,652
308,065
266.576
234,810
168,871
132,491
78,465
183.187
113,652
187,666
274,738
289,031
273,765
261,852
223,868
183,500
123,909
84,593
45,556
128,059
43,255
44,041
56,525
65,714
57,887
46,213
42,708
51,310
44,962
47,988
32,909
55,128
6,904
8,571
14.180
18,363
20,161
13,905
11,114
9,904
5,579
3,780
1,697
2,732
4,946
7,101
12,272
15,451
16,504
10,810
8.407
7,325
4,211
2.125
1,052
2,334
1.598
1,470
1,908
2,912
3,657
3,095
2,707
2.579
1,368
1,655
646
398
Total (year)- - 2,778,739
2,190,099
588.640
116,890
92.538
24,352
128.825
105,447
115,272
176,432
214,411
249,727
229,357
232,855
191,890
134,683
60,683
80,565
109,833
90,128
97,469
149,755
180,651
207,597
191,265
191.414
157,376
104.870
42,365
50,789
18,992
15,319
17,803
26,677
33,760
42,130
38,092
41,441
34,424
29,813
18,318
29,776
3.358
3,298
6,632
8,255
9,306
7,323
6,540
6,079
6,808
3,682
2,291
3,262
2.921
3,025
5,927
6,957
8,024
6,005
5,322
4,919
4,358
2,723
1,503
2,171
437
273
705
1,298
1,372
1,318
1,218
1,160
1,450
959
788
1.091
Total (year).... 1,920.057
1,573.512
346.545
65.924
53.855
12.069
Total
1935January
1934January
February
March
April
May
June
July
August
September
October
November
December
1933January
February
March
April
May
June
July
August
September
October
November
December
Passenger
Trucks
Cars
Lumber Orders Continue to Exceed Production
The National Lumber Manufacturers Association reports
that new business at the lumber mills as well as lumber shipments and production during the week ended Feb. 23 1935,
were all higher than were preliminary figures of the preceding
week, indicating a slight upward trend. The production
total revised will probably be higher than any previous week
of 1935. These comparisons are based upon reports of 1,024
mills whose production during the week ended Feb. 23 was
163,624,000 feet; shipments, 175,660,000 feet; orders received, 178,257,000 feet. Revised figures for the preceding
week were mills, 1,184; production, 168,632,000 feet; shipments, 184,224,000 feet; orders, 188,560,000 feet.
All softwood regions but West Coast and California Redwood reported
orders above production during the week ended Feb. 23, total softwood
orders being 11% above output. All hardwood regions except North
Central reported orders below production, total hardwood orders showing
decline of 14%. All orders were 9% above output; shipments were 7%
above production. Southern Pine, West Coast, Western Pine, Northern
Hemlock, Northeastern Softwoods and Northern Hardwoods reported
orders above those of corresponding week of 1934, total softwood orders
were 14% above those of last year's week; hardwood orders were 5%
below in the same comparison. Production was 5% above that of similar
week of 1934; shipments were 17% above those of last year's week.
Unfilled orders on Feb. 23, as reported by 929 identical mills were the
equivalent of 30 days' average production, compared with 25 days' a year
ago. Identical mill stocks on Feb. 23 were the equivalent of 167 days'
output, compared with 167 days' on Feb. 24 1934.
Forest products carloadings totaled 24,728 cars during the week ended
Feb. 16 1935. This was 686 cars less than during the preceding week,
Volume 140
Financial Chronicle
1.691 cars above corresponding week of 1934 and 10,594/cars more than
those loaded during similar week of 1933.
Lumber orders reported for the week ended Feb. 23 1935, by 850 softwood mills totaled 168,503,000 feet, or 11% above the production of the
same mills. Shipments as reported for the same week were 163,402.000
feet, or 7% above production. Production was 152,294,000 feet.
Reports from 204 hardwood mills give new business as 9,754,000 feet,
or 14% below production. Shipments as reported for the same week
were 12,258,000 feet, or 8% above production. Productioniwas211,330,000 feet.
Unfilled Orders and Stocks
I. Reports from 1,271 mills on Feb. 23 1935, give unfilled orders of 876,559,000 feet and gross stocks of 4,843,751,000 feet. The 929 identical
mills report unfilled orders as 813,330,000 feet on Feb. 23 1935, or the
equivalent of 30 days' average production, compared with 678,464,000 feet.
or the equivalent of 25 days' average production on similar date a year ago.
IdenticallMill Reports
Last week's production of 728 identical softwood mills was 150,376,000
feet, and a year ago it was 144,047,000 feet; shipments were respectively
162,065,000 feet and 140,482,000; and orders received 166.941,000 feet,
and 146,082,000 feet. In the case of hardwoods, 121 identical mills
reported production last week and a year ago 10,657,000 feet and 9,670,000
feet; shipments 11,146,000 feet and 8,181,000 feet and orders 8,715,000
feet and 9,205,000 feet.
Rail Rates Lowered to Facilitate Movement of Pacific
Northwest Wheat to Drought Areas for Use as Feed
A plan with the dual purpose of removing a regional surplus of wheat in the Pacific Northwest and of relieving feed
shortage in four Northwestern States was inaugurated on
Feb. 20 by the publication of emergency freight rates which
bring about a 25% reduction from normal rates on carloads
of cracked soft white wheat in sacks, or on whole soft
white wheat to be cracked and sacked in transit, moving
from Idaho, Oregon and Washington, to officially designated drought counties in Montana, North Dakota, South
Dakota and Wyoming. An announcement issued Feb. 20
by the Agricultural Adjustment Administration also said:
The rates were filed by railroads in the Western territory, in co-operation
with the program of the Department of Agriculture to make additional
feed available to livestock feeders in the drought area of these four States
and were authorized for publication by the Interstate Commerce Commission on less than the usual 30-day notice, to become effective Feb. 20 1935.
The reduced rates apply only to shipments consigned by the North
Pacific Emergency Export Association, or a similar non-profit corporation
acting under an agreement with the Department of Agriculture. However,
membership in this Association is open to producers, associations of producers, and other grain handlers in the Pacific Northwest who wish to take
advantage of the opportunity to move wheat into the drought States for
feeding purposes. Livestock feeders purchasing such cracked wheat will
be entitled to the freight discount on presentation of certificates, to be
issued by county agents, certifying that such wheat is for feed use only,
and will not be sold or traded for profit. The reduced rates will apply
only on shipments leaving point of origin not later than April 30 1935,
and when such shipments are stopped in transit for cracking and sacking,
they must be forwarded from the transit point not later than May 10 1935.
All certificates for reduced rates must be surrendered on or before
May 15 1935.
It is estimated that the surplus of wheat in the Pacific Northwest is
between 7,000,000 and 10,000,000 bushels. The demand for this type of
wheat is limited, as it is largely used for mixing with other wheats, and
in special flours.
This wheat would ordinarily move into export channels, but because of
the unusually low level of export demand has not been absorbed. Because
of this regional surplus condition, market quotations for wheat on the
Pacific Coast have averaged 12c. to 15c. per bushel below prices in the
Middle West markets, and there has been little demand for it even at
the low prices.
Operations of Argentine Grain Board in 1934 Reported
as Having Resulted in Loss of $2,211,500—Grain
Shipments from Argentina to United States Last
Year Totaled $12,600,000.
In a cablegram from Buenos Aires, Feb. 22, to the New
York "Times" it was stated that the operation of the Argentine Grain Board last year produced a loss of 8,846,000 pesos,
equivalent to $2,211,500, according to the Board's report to
Luis Duhau, Minister of Agriculture. The cablegram went
on to say:
The Board was appointed in November 1933 to buy grains from farmers
at minimum prices fixed by the Government and sell to exporters at market
prices. Its report shows that it handled 144,686,400 bushels of wheat,
5,598,100 bushels of corn and 74,440 bushels of flaxseed. It did not
handle more flaxseed, because the market price rose above the Government's
minimum price.
The Board has announced that it will buy all corn offered this year if
the price continues to fall until it reaches that fixed as the minimum,
which is 4.50 pesos a quintal. At the present rate of exchange this price
is equivalent to 35c. a bushel. To-day's price was 4.70 pesos, or 36%c.
Feb. 26 advices from Buenos Aires to the same paper said:
Argentina's shipments of grain to the United States last year were 52%
greater in volume than in 1933, and were valued at $13,500,000, according
to statistics published to-day by the United States Chamber of Commerce
here. They totaled 18,700,000 bushels, compared with 12,300,000 bushels
in the earlier year.
The oats, barley and wheat sent last year to the United States were the
first shipments of those grains in recent years. These were as follows:
Oats, 8,030,100 bushels, valued at $2,225,400; barley, 23,333 bushels,
valued at $15,233 ; wheat, 117,840 bushels, valued at $66,580.
Exports of flaxseed to the United States declined from 10,500,000 bushels
in 1933 to 9,500,000 bushels last year, and those of rye decreased from
1,000,000 bushels to 170,000 bushels, but shipments of corn increased from
90,000 bushels to 819,000 bushels, valued at $466,000.
1381
The Chamber's figures also show shipments to the United States of
21,500,000 pounds of corned beef, valued at $1,500,000, and 470,000 pounds
of other meat products, valued at $44,000. Among other food products
sent them were 1,750,000 pounds of cheese, valued at $226,000; 1,750,000
pounds of beans, 165,000 pounds of poultry and 83,000 pounds of asparagus.
Total exports to the United States amounted to $30,200,000, which was
$4,000,000 less than in the previous year.
Wheat Supply in Berlin Said to Exceed Trade's
Demand
With regard to the Berlin grain market, Berlin advices,
Feb. 23, to the New York "Times" stated that although
deliveries of wheat to the market by farmers do not exceed
the quotas required by the law of 1934, the supply is in
excess of the demand. The cablegram added:
The stock of wheat within Germany at the end of January was 3,400,000
tons, against 5,700,000 tons at the end of July 1934.
The latter figure included the unconsumed surplus from the 1933 crop.
Consumption of wheat to Aug. 21, which is the end of the farming year,
was about 2,400,000 tons, and it is estimated that 1,000,000 tons will be
carried over into the next crop year.
The present area of winter wheat has been reduced 7% below last year,
however.
France Would End Grain Price-Fixing—Restoration of
Free Market Believed Objective of New Legislation
Gradual abolition of Government-fixed prices for wheat,
restoration of free market conditions, stabilization, possible
reduction of acreage and increased export aid "seem to be
the objectives" of the new wheat law enacted by the French
Parliament, according to an analysis of the statute on
Feb. 24 by the Bureau of Agricultural Economics. Advices
to this effect were contained in an account from Washington, Feb. 24, to the New York "Times," which also had the
following to say:
A new factor in the world wheat situation as a result of its transition
from an importer to an exporter of wheat, France and its agricultural
policies are being closely studied by the Bureau. The new statute is the
fifth adopted in that country since July 1933, and in connection with
which 70 decrees have been issued, 15 since enactment of the new law in
December.
"The new program aims at the gradual withdrawal of Government intervention without the disruption of the market," the Bureau explained. "The
first step in that direction is the elimination of the system of minimum
prices for wheat which has been operating since July 15 1933. This is
to be done gradually in order to make sure that existing storage contracts
based on the fixed-price system will be carried out and in order to protect
agricultural co-operatives from losses.
Co-operatives Protected
"The latter," the Bureau explained, "are holding large quantities of
wheat taken up on the assumption that the fixed prices stipulated in their
storage contracts would be realized.
"The new law provides for gradual liquidation of these and other stocks
at the previously fixed prices. This is to be accomplished by requiring all
millers, effective Feb. 16 1935, to purchase at least 45% of their wheat
requirements from the 1932-1933 carryover at $2.35 a bushel and at least
15% of their requirements from the 1933-1934 crop put in storage for
gradual sale at $1.93 a bushel. Millers may purchase the remaining 40%
of their requirements in the open market."
Further liquidation of the surplus, estimated at 75,000,000 to 90,000,000
bushels, is to be effected by continued Government purchases, governmental
premiums for denaturing wheat and subsidization of exports, the Bureau said.
Bounty to Relieve Market
"The Government hopes to relieve the market of some 33,000,000 bushels
during 1934-1935 by subsidized denaturing and exports. Denaturing, for
which the Government pays a premium of 71c. a bushel, is expected to
remove 15,000,000 bushels, and exports, for which it pays a bounty of
$1.25 a bushel, about 18,000,000 bushels."
Funds for financing the subsidy program are to be obtained, according
to the Bureau, from milling and production taxes. But the Bureau expects
France will have 35,000,000 to 45,000,000 bushels of wheat on hand by
July 1935, even after the projected removal program has been completed.
Turning to Argentina, a more important factor in the world wheat
market, the Bureau reported the 1935 harvest in that country, as officially
estimated, at from 220,000,000 to 230,000,000 bushels. This was substantially below last month's estimate.
The crop was first estimated in December at 252,000,000 bushels. This
compared with 286,000,000 bushels harvested last year and an average for
the preceding five years of 228,000,000 bushels.
Daily Average Crude Oil Output Drops 31,300 Barrels
During Latest Week
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
Feb. 23 1935 was 2,536,200 barrels. This was a loss of
31,300 barrels from the output of the previous week, but
exceeded the Federal allowable figure which became effective
Feb. 1. The increase amounted to 10,100 barrels. Daily
average production for the four weeks ended Feb. 23 1935
is estimated at 2,515,700 barrels. The daily average output
for the week ended Feb. 24 1934 totaled 2,226,050 barrels.
Further details as reported by the Institute follow:
Imports of crude and refined carat principarttnitedStateeporta totaled
403,000
.barrels for the week, a daily average of 57,5711barrels againsean
average of 163,571 barrels the week before and 126,000:barrels:over:the last
four weeks.
Receipts of California oil at Atlantic and Gulf Coaseports!totaled7112.000
barrels for the week, a daily averageof 16,000 barrels7against!an average.of
31,107 barrels over the last fourlweeks.
Reports received for the week ended Feb. 23 from refining companies
owning 89.8% of the 3,795,0001barreljestimated daily potentiaarefining
1382
Financial Chronicle
March 2 1935
Inter-State Commerce was drafting an oil regulation bill, and
that another measure has been prepared by Representative
Disney (Dem. Okla.).
The Oil Administrator also disclosed that he had sent
inspectors into the East Texas field as soon as the bill had
been signed by President Roosevelt and that they were preparing field reports on illegal producers for action by the
Oil Administration and the Department of Justice.
"The inspectors are working under the authority of the
Average
Actual Production
Federal
new Connally oil bill which made violators liable under the
4 Weeks
Week
Week Ended
Agency
law as soon as it was signed by President Roosevelt last
Ended
Ended
Allowable
Feb. 23
Feb. 24
Feb 23
Feb. 16
Effective
Friday night," he pointed out.
1935
1935
1934
1935
Feb. 1
Apparently part of the program described by Adminis507,100
475,750
499,050
440,400
Oklahoma
497,100
j61,19.9
146,750
139,000
140,700
109,900
138,600
trator Ickes, an oil bill providing for control of production
and definite limits upon imports conditioned upon domestic
62,750
61,850
61,050
52,300
Panhandle Texas
55,000
North Texas
57,400
57,000
56,950
consumption was introduced in the Senate Monday by
25,650
25.650
25,850
26,700
West Central Texas
149,950
150,200
151,100
128,700
West Texas
Senator Thomas (D. Okla.).
51,600
51,450
51,650
43,100
East Central Texas
432,800
415,200
Under the proposed measure stripper wells and wells of
436,400
433,650
East Texas
47,400
47,600
47,550
52,900
Conroe
settled production would continue practically exempt from
58.700
43,100
59,050
58,750
Southwest Texas
Coastal Texas (not includoutput control. This, of course, is contingent upon their
126,900
128,300
127,950
111,750
ing Conroe.)
operation in accord with quotas set for their respective
1,031,700 1,017,100 1,014,450 1,013,600
Total Texas
928,750
States. The new bill affects only flush pools and properties.
22,950
22,900
22,850
28,750
North Louisiana
"This is a minimum of Federal regulation with every co94,200
94,300
92,900
44,350
Coastal Louisiana
sideration given to State soverignty," Senator Thomas
109.500
117,150
117,200
115.750
73.100
Total Louisiana
explained. "It does not constitute Federal Control. On the
32,000
30,750
31,000
31,100
Arkansas
31.250
other hand, it does offer each oil State a degree of protection
Eastern (not incl. Mich.)_
100.700
105,400
106,850
103,850
92,650
30,000
37,250
38,550
Michigan
36,900
28,350
which it has never had in the past so that each State may
35.500
Wyoming
32,200
33.350
33,050
30,850
absolutely control production within its own limits and be
9,500
Montana
10,900
11,200
11,100
5.900
4,150
Colorado
3,500
4,200
3,950
2,800
guaranteed its due share of national production.
"Because oil is an exhaustible and irreplaceable natural
Total Rooky Mtn.States
48.500
47,250
48.750
48,100
39,550
resource of the greatest importance to our industrial life
New Mexico
49,400
47,200
47,300
47,150
41,600
California
488.600
488,300
517,300
502,800
440,500
and a vital element in the national defense," Senator Thomas
Total United States
said in commenting upon the measure, "it is imperative that
2,526,100 2,536,200 2,587,500 2,515,700 2,226.050
Note-The figures indicated above do not include any est mate of any oil which
this natural resource should not be wasted, dissipated, put
might have been surreptiously produced.
to improper use, or so exploited that it becomes a liability
CRUDE RUNS TO STILLS,FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS WEEK ENDED FEB. 23 1935
rather than an asset. It is an important element in the
(Figures in thousands of barrels of 42 gallons each)
industrial life of 18 or 20 States of the Nation.
"This natural resource is of such interest to the entire
Dotty Refining
Crude Runs Stocks a Stocks
Stocks
b Stocks
of
Capacity of Plants
of
of
to Stills
Nation
that there should be some national policy which
Gas
of
UnFinPotenRepor lag
District
Daily P C.- tailed finished Other
would aid in its conservation and in its proper development."
and
fiat
Aver- Oyer- Caw- Case- Motor Fuel
The proposed oil States' compact recently adopted in
Rate
Total P. C. age
ated
Oil
Fuel
line
line
Dallas
at a conference of Governors and representatives of
East Coast-582
582 100.0
488 83.8 16,539
927
200 9,991
Appalachian.
150
140 93.3
101 72.1 2.156
297
90
966
major
oil producing States was characterized as a "scrap
the
2nd., Ill., Ky
448
422 94.6
327 77.5 9,400
740
60 4.291
of paper" by Wirt Franklin, head of the Independent
Okla., Kan.,
Missouri__
461
744
415 3,846
386 83.7
226 58.5 5,287
Petroleum Association of America, speaking in the same
Inland Texas
351
167 47.6
215
430 1,868
103 61.7 1,391
Texas Gulf__
601
115 8,954
587 97.7
569 96.9 6,184 1,421
city
Wednesday.
La. Gulf ___
168
162 96.4
112 69.1 1,562
266
____ 3,903
No. La.-Ark.
92
41 53.2
253
41
70
434
77 83.7
In addressing the Dallas Chamber of Commerce and visitRocky Mtn_
113
96
64 68.7
36 56.3
893
50
718
ing oil men in connection with the I. P. A. convention
California__
848
822 96.9
429 52.2 10,734
940 2.560 65,610
scheduled for Dallas next November, Mr.Franklin advocated
Totals week:
Feb. 23 1935 3,795 3,409 89.8 2,432 71.3 d54 399 5,704 3,990 100.579
Federal aid to the industry in determining and allocating
Feb. 16 1935 3,795 3,409 89.8 2,440 71.6 e52,416 5.429 4,020 100.886
market demand for each State.
a Amount of unfinished gasoline contained in naphtha distillates. b Estimated
Includes unb ended natural gasoline at ret neries and plants; also blended motor
"The proposed oil States' compact signed at Dallas Feb. 16
fuel at plants c Includes 33,111,000 barrels at refineries and 19,305,000 barrels at
doesn't do a thing," he contended. "It is just a scrap of
bulk terminals, in transit and pipe lines. d Includes 34.191,000 barrels at refineries
and 20,208,000 barrels at bulk terminals in transit and pipe lines.
paper and not worth the paper its written on, and everybody in the business knows it."
Petroleum and Its Products-Restoration of Federal
The Texas Railroad Commission has issued orders setting
Tender Boards Promised Under Connally Bill- March production at a base of 1,028,549 barrels daily, an
East Texas" Hot Oil" Traffic Dips-Senator Thomas
Offers New Oil Measure-Wirt Franklin Flays increase of 2,000 barrels. The State allowable is 8,149
Inter-State Compact Plan-Crude Oil Production barrels in excess of the Federal recommendation for March.
The House Committee on Oil, Gas and Mining yesterday
Above Allowable
Re-establishment of the Federal Tender Boards in Texas (Friday) reported favorably a measure which would increase
to curb inter-State movements of contrabrand oil under the the tax on crude oil production from KI cent to 3-16 cent.
authority granted by the Connally bill, signed by President The tax provides funds for the Railroad Commission and
Roosevelt on Feb. 23, was promised by Administrator Ickes. Attorney-General's department for administrative purposes.
Reports from Oklahoma City yesterday (Friday) disclosed
The measure restoring the FTB is prepared and awaits only
that the State Senate passed the measure ratifying the interthe President's signature.
The Connally bill was finally passed by the Congress late State compact for crude oil regulation proposed at the recent
Feb. 22 although its passage was not made public until the conference of oil producing States' representatives in Dallas.
following day. The President signed the measure late The measure now goes to the House of Representatives.
Friday night but this also was not made known until the Governor Allred, of Texas, has urged the Texas Legislature
following day after he had left Washington for Hyde Park. to be the first to ratify the agreement, which he sponsored.
Other developments included the conclusion of the open
With the new bill, which provides for confiscation of contrabrand oil seized by the Government in effect immediately hearings held by the Senate Committee on Revenue and
following President Roosevelt's formal approval, "hot oil" Taxation on a House bill which would increase gross producmovements out of East Texas dwindled. Production also tion taxes on crude oil and natural gas from 3% of value to
declined as producers lost their inter-State markets.
8%,and decided to report the measure to the Senate without
Additional legislation, designed to give the Federal recommendation as to rates.
The State Corporation Commission set March daily
Government more control over the industry, will be pushed
by the Administration during the current session of Congress, allowable for Oklahoma at 491,000 barrels, the same level
Administratior Ickes disclosed in commenting upon the as established in Administrator Ickes'recommendations,and
a decline of 6,100 barrels from the previous month.
Connally bill.
Regulations issued Monday by Administrator Ickes
"The Connally bill, as a hot oil bill, is very satisfactory,
but it does not go far enough," Mr. Ickes stated. He added ordered that "all parties contemplating drilling an oil well
that the Cole sub-committee of the House Committee on in any new California pool shall first obtain the written
capacity of the United States, indicate that 2.432,000 barrels of crude oil
daily were run to the stills operated by those companies and that they had in
storage at refineries at the end of the week, 34,191.000 barrels of finished
gasoline; 5,704,000 barrels of unfinished gasoline and 100,579,000 barrels of
gas and fuel oil. Gasoline at Bulk Terminals, In transit and in pipe lines
amounted to 20.208,000 barrels.
Cracked gasoline production by companies owning 95.6% of the potential
Charging capacity of all cracking units, averaged 486,000 barrels daily
during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Volume 140
Financial Chronicle
permission of the oil umpire" for the State. The order,
effective Feb. 1, added that "approval by the umpire shall
be subject to review by me."
The approval or disapproval of the oil umpire will be
effective pending such a review, he stated. The Oil
Administrator also ordered that California oil production
quotas be established by districts instead of the State as
a whole.
Despite a drop of 31,300 barrels in daily average crude oil
output from the previous week, the total of 2,536,200
barrels recorded for the week ended Feb. 23 was 10,100
barrels above the Federal quota, the American Petroleum
Institute reported.
Texas production rose 2,650 barrels to 1,017,100 barrels,
against an allowable of 1,031,700 barrels. California also
held within its quota, a reduction of 29,000 barrels bringing
daily average output 300 barrels under its allowable of
488,600 barrels. Oklahoma exceeded its quota of 497,100
barrels despite a drop of 8,050 barrels in the week, preduction
reaching 499,050 barrels.
A decline of 856,000 barrels was shown in stocks of domestic and foreign crude oil during the week ended Feb. 23,
the Bureau of Mines reported late in the week. Total
stocks were pared to 321,367,000 barrels. The decline comprised a dip of 545,000 barrels in domestic stocks and 311,000
barrels in foreign crude holdings.
There were no price changes posted during the week.
Prices of Typical Crudes per Barrel at Wells
(All gravities where A.P.1. degrees are now shown)
Bradford. Pa
$2.55
Lima (Ohio Oil Co.)
1.15
Corning,Pa
1.32
Illinois
1.13
Western Kentucky
1.08
Mid-Cont.. Okla., 40 and above.- 1.08
.81
Hutchinson, Tex.. 40 and over
1.03
Snindletop. Tex.. 40 and over
Winkler, Tex
.75
Smackover, Ark., 24 and over
.70
Eldorado. Ark.. 40
$1.00
Rusk. ex.. 40 and over
1.00
Darst Creek
.87
Midland District. Mich
1.02
Sunburst, Mont
1.85
Santa Fe Springs, Calif.,40and over 1.34
Huntington. Calif., 26
1.01
Petrolia. Canada
2.10
REFINED PRODUCTS-FUEL OIL PRICES CUT 1-2 CENTKEROSENE ALSO REDUCED-BUFFALO PRICE WAR CONTINUES-MOTOR FUEL STOCKS RISE
A general reduction of % cent a gallon was posted Tuesday in retail fuel oil prices following a X cent reduction
posted in tank car prices over the week-end. The reductions
affect the entire metropolitan New York City area.
Under the new schedule, No. 1 fuel oil is now posted at
834 cents a gallon, No.2 at 634 and No.4 at 6 cents a gallon,
tank wagon. No. 3 is unchanged at 634 cents a gallon.
The market has been easy for several weeks and as the
normal seasonal decline in demand drew nearer, pricecutting competition, particularly in Brooklyn, grew more
wide-spread.
All of these factors, trade circles pointed out, combined to
force the price scale lower despite the fact that the time for
making contracts for next year is near at hand. Earlier
reports indicated that opposition to lowering prices due to
the latter factor had been the main protest against a general
reduction in prices to meet the "chiseling" competition.
The Socony-Vacuum Oil Co. Tuesday posted a cut in
tank-car prices of kerosene of X cent a gallon in New York
and New England. The reduction, met by all major competitors, brought New York, Boston and Providence prices
down to 6 cents and Portland, Me., down to 634 cents
a gallon.
.‘
Further weakening in the New Jersey retail gasoline
market developed Friday when the Standard Oil Co. of New
Jersey posted a State-wide reduction of % cent a gallon
in tank wagon and service station prices.
The change, however, does not affect areas where prices
have been subnormal. The new schedule, effective March 2,
lists Newark service station prices at 15.7 cents a gallon,
taxes included. Other companies met the reduction.
In the local gasoline market, tank car prices ruled slightly
easier as the % cent a gallon reduction posted following the
recent slashes in retail prices lowered the general price scale
to the new levels. Premium grades are now held at 6 cents a
gallon, with U. S. Motor offered at 534 cents, tank-car
lots, refinery.
Retail gasoline prices continue mixed with severe price
cutting continuing in certain sections of Brooklyn despite
the recent severe price slashes by major companies. Reports
of gasoline offered at $1 for eight gallons of major brand
gasoline, city tax excluded but all other taxes included,
compared with the general level of 14 cents a gallon, State
and Federal taxes.
Trade conferences called to discuss some means of ending
the current price uneasiness in retail gasoline markets in
the metropolitan New York City area failed to achieve any
1383
substantial success. It was reported that further meetings
will be held.
The Buffalo gasoline price war continues in full swing
with reductions posted during the week bringing the retail
level back to 12 cents a gallon, taxes included, which prevailed before the recent advances of 3 cents a gallon posted
by Socony-Vaecum in an attempt to end the war.
The latest flood of reductions in this area, where price
wars have been frequent during the past year, started late
last week and several successive cuts quickly eliminated the
recent gains.
Reductions of % cent a gallon in tank wagon and service
station prices of gasoline were posted Friday morning by
all major companies operating in the area covering Albany,
Utica and Schenectady where price-cutting competition has
resulted in a soft market position.
Chicago trade reports indicated a bullish feeling on retail
gasoline prices over the next few months, based mainly
upon the expected seasonal increase in demand when driving
weather improves. This has been stimulated, however, by
passage of the new Federal legislation.
Elimination of cheap gasoline refined from "hot oil" in
the East Texas field, which is expected as soon as the Federal
Tender Boards are re-established under the authority of the
Connally oil bill, will remove any threat of "distress" stocks
being dumped in the mid-west markets, it was pointed out.
With current wholesale prices approximately M cent a
gallon under the levels prevailing when the Federal Tender
Boards were dissolved last month following the adverse
ruling of the Supreme Court on the National Industrial
Recovery Act clause under which they had been established, higher levels are expected to develop in the immediate
future.
Gasoline stocks widened their gains in the week ended
Feb. 23, aided by a drop in demand due to unfavorable
weather, rising 1,983,000 barrels to 54,399,000 barrels at
the close of the week, reports to the American Petroleum
Institute disclosed. In the previous week, stocks were up
1,664,000 barrels.
Reporting refineries operated at 71.3% of capacity, compared with 71.6% in the previous week, with crude oil runs
to stills dipping 8,000 barrels to a daily average of 2,432,000
barrels. Gas and fuel oil stocks continued their seasonal
declines, dropping 307,000 barrels to 100,579,000 barrels.
Price changes t follow:
Feb. 22-Retail gasoline prices in Buffalo and the surrounding area
were cut 1 cent a gallon to 14 cents, taxes included, by all major companies.
Feb. 23-Retail gasoline prices in Buffalo and the surrounding area
were cut 1 cent a gallon to 13 cents, taxes included, by all major companies.
. cent a
Feb. 25-Tank car prices of No. 2 and 3 fuel oil were lowered h
gallon in New York harbor to 41i cents with the barge price at 414 cents
a gallon.
Feb. 26-All major companies cut retail fuel oil prices in the metropolitan New York City area 14 cent a gallon to 81§ cents a gallon for No. 1
and 61i cents for No. 2 and 6 cents for No. 4. No. 3 is unchanged at
61i cents.
Feb. 26-Retail gasoline prices in Buffalo and the surrounding area were
cut 1 cent a gallon to 12 cents, taxes included, by all major companies.
Feb. 26-All major companies lowered tank car prices of kerosene 14; cent
a gallon to 6 cents at New York, Boston and Providence and 631 cents at
Portland, Me.
Mar. 1-Tank wagon and service station prices of gasoline were cut 14
cent a gallon to-day by all major distributors at Albany. Troy and
Schenectady.
Mar. 1-Standard Oil of New Jersey posted a reduction of 1.4 cent a gallon
in tank wagon and service station prices throughout the State, except in
areas where prices have been subnormal. The new Newark price under
the revised schedule,effective March 2.1s 15.7 cents a gallon, taxes included.
Other companies met the cut.
Gasoline. Service Station, Tax Included
Minneapolis;
Cincinnati
$.175
2.14
New York
.165
New Orleans
.175
.125-.14 Cleveland
Brooklyn
Philadelphia
.21
Denver
157
Newark
66459
Pittsburgh
..17
$
17
Detroit
152
Camden
en
Ban Francisco
.185
.195
Jacksonville
16
Boston
.158
Bt.
Louis
.16
Houston
.12
Buffalo
.18
Los Angeles
Chicago
.163
Kerosene. 41.43 Water White. Tank Car, F.O.B. Refinery
'North Texas_$.03
iNew Orleans.3.05
New York:
.0314-.0314
(Bayonne)..$8.05gno6I Los Angeles- .0414-.0514 I Tulsa
Fuel OIL F.O.B. Refinery or Terminal
Gulf Coast C
$1.00
California 27 plus D
N. Y.(Bayonne):
21.05.1.201Phila., bunker C___ _ 1.15
Bunker C
1.00
Orleans C.
Diesel 28-30 D
$11..891New
15
Gas OM F.O.B. Refinery or Terminal
2.02.-0214
N.Y.(Bayonne):
Chicago:
GO -$.02-.0214 I Tulsa
2.0414-.05
27 plus
U.S. Gasoline, Motor(Above 65 Octane),Ta nkCar Lots. F.O.B. Refinery
New York:
Standard 011 N. J.:
r glieuts
-- _8.°4
..2 -.04
05
Nheives
Colonial-Beaton_ 30534 C
Loa
Texas
.06 Los Angeke.ex-.044:04St
.06
Socony-istiuum:
.014
Gulf
06 Gulf ports.... _
Tide Water 01106. .06
.0414-.041‘
Republic 01106 Tulsa
Itielifleld 011(Cal.) .06
Warn
Co. .06
Shell Riat'n Pet-erQuInla -LOB
New York prises do not include the 2 per cent City Sales Tax.
"The negotiations between the Japanese Government and
representatives of the Socony-Vacuum and Royal Dutch
Shell interests regarding the application of the new oil law
1384
Financial Chronicle
in Japan were adjourned last night until April," a wireless
dispatch to the New York "Times," carried in the issue of
March 1, said:
The dispatch continued:
This'action was taken on an understanding which, while it does not
register a definite agreement, does not extinguish the prospect that one
will be
:
reached when„-the conversations are renewed.
Thelmeetings have been proceeding in strict secrecy since Jan. 9 and
twelve have been held. The discussions were directed on the Japanese side
Lo,explaining the law requiring storage in Japan of six months' supplies
and on the foreign side to showing how its application would cause increased
expenses and, unless applied with discrimination, diminish the value of the
legitimate enterprise of the companies.
The,point reached in the present negotiations has been embodied in a
memorandum wherein the Japanese Government takes note that its new
oil lawthas caused uneasiness among foreign suppliers. While unable to
give definite assurances, the Japanese representatives explained the spirit
underlying thelnew law and particularly assured the foreign companies
that they would not be subjected to unfair treatment.
As the foreign companies, in the absence of an agreement on details,
arejnot.,yet satisfied, the conversations have been adjourned until April
with an:understanding that the Japanese.Government will then be prepared
to present concrete proposals.
Production of Coal During Week Ended Feb. 16 Below
Preceding Week
The weekly coal report of the United States Bureau of
Mines, Department of the Interior, reported that the total
production of bituminous coal during the week ended Feb. 16
is estimated at 8,515,000 net tons. This is a decrease of
35,000 tons, or 0.4%,from the output in the preceding week,
and compares with 8,015,000 produced in the corresponding
week of 1934.
Anthracite production in Pennsylvania during the week
ended Feb. 16 is estimated at 1,157,000 net tons, a decrease
of 231,000 tons, or 16.6%,from the output in the preceding
week. Production during the corresponding week in 1934
amounted to 1,655,000 tons.
During the coal year to Feb. 161935,309,216,000 net tons
of bituminous coal and 47,602,000 net tons of anthracite
were produced. This compares with 304,790,000 tons of
bituminous and 46,290,000 tons of anthracite produced in
the corresponding period of 1933-34. The Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS)
Week Ended
Feb. 16
1935 c
Feb. 9
1935 d
Coal Year to Date
Feb. 17
1934
1934-35
1933-34 e
1932-33 e
Bitum. coal: a
Total period_ 8,515,000 8,550,000 8,015,000 309,216,000 304,790,000 266,209,000
1.128,000
987,000
Daily avge__ 1,419,000 1,425,000 1,336,000 1,148,000
Pa. anthra.. b
Total period_ 1,157,000 1,388,000 1,655.000 47.602,000 46,290,000 43,625,000
178,300
173,400
162,800
Daily avge__ 192,800 231,300 275.800
Beehive coke:
734,200
803,200
33,900
575,700
25,700
16,400
Total period_
2,931
5,650
2,680
2.101
4,283
2,733
Daily avge__
a Includes lignite, coal made into coke, loca sales, and colliery fuel. b Includes
Sullivan County. washery and dredge coal, local sales, and cohiery fuel. c Subject to revision. d Revised. e Production for first week in April adjusted to
make comparable accumulations for the three years.
ESTIMATED WEEKLY PRODUCTION OF COAL BY STATES (NET TONS)
Week EndedFeb. 9
1935
Feb. 2
Yea. 10
Feb. 11
1935
1934
1933
205,000
201,000
210,000
181,000
Alabama
95,000
55,000
46,000
85,000
Arkansas and Oklahoma
124,000
98,000
131,000
227,000
Colorado
1.132,000 1,146,000
069,000 1,231,000
Illinois
411,000
418,000
368,000
364,000
Indiana
90,000
93,000
70,000
114,000
Iowa
168.000
122,000
146,000
208,000
Kansas and Missouri
718,000
678,000
650,000
626,000
Kentucky-Eastern
206.000
231,000
196,000
308,000
Western
Maryland
41,000
41,000
42,000
32,000
Montana
58,000
64,000
47,000
58,000
22.000
25,000
New Mexico
25,000
36,000
37,000
44,000
38,000
58,000
North Dakota
505,000
486,000
497,000
440,000
Ohio
Pennsylvania
2,120,000 2,084,000 1,750.000 1,555,000
Tennessee
96,000
93,000
88,000
95.000
15,000
14,000
12,000
16,000
Texas
66,000
43,000
112,000
66,000
Utah
187,000
Virginia
219,000
204,000
209,000
Washington
38,000
42.000
32,000
39,000
West Virginia-Southern a 1,538,000 1,490,000 1,553,000 1,480,000
407,000
Northern_ b
569,000
555,000
584,000
Wyoming
80,000
93,000
101,000
105,000
18,000
13,000
12,000
20,000
Other States
Total bituminous coal
Pennsylvania anthracite
TntlIrnul
Feb. 9
1929
389,000
166,000
282.000
1,755,000
492,000
129,000
196,000
1,003,000
410,000
65,000
90,000
60,000
63,000
484,000
3,007,000
129,000
25,000
147,000
276,000
71,000
2.149.000
720,000
161,000
23,000
8,550,000 8,490,000 7.720,000 7,970,000 12,292,000
1,388.000 1,503,000 1,222,000 1,244,000 1,762,000
0 0./52
nnn a nag Ann
4
na9 nnn
0 914
nnn
Id
onl ono
a Includes operations on the N. & W., C. & 0 , Virginian, K. & M., and B. C.
& G. b Rest of State, including Panhandle district and Grant. M neral, and
Tucker counties.
Tin Exports During January Under International
Tin Agreement Reported Above December
Exports of tin during January by the five countries
participating in the International Tin Agreement amounted
to 7,716 tons, compared with a corrected total of 7,682 tons
in December. In a communique issued by the International
Tin Committee it was noted that Bolivia during December
exported 2,002 tons of tin instead of 1,783 tons as pre-
March 2 1935
viously reported; the report for December was given in our
issue of Feb. 9, page 875. The communique covering
January exports, as made public on Feb. 21 by the New
York office of the International Tin Research & Development
Council, follows:
1. The International Tin Committee met at The Hague on Feb. 20 1935.
2. The monthly statistics as to exports are as follows.
Monthly Export
Permissible
Oct. 1 to
Jan. 1 to
Dec. 31 '34 Mar. 31 '35
N. E. I
Nigeria
Bolivia
Malaya
Siam
1,364
373
1,556
2,552
816
1,211
363
1,550
2,398
816
Exports
Worember
1934
December
1934
January
1935
1,398
354
1,743
2.967
768
1,777
379
.2,002
2,721
803
1,305
277
1,545
3,289
1,300
•This figure corrected from 1,783 in previous report.
3. At the end of Feburary 1935 7,476 tons of tin metal, being part of
the buffer stock held by the International Tin Committee, will appear
in the visible supplies.
4. The quotas of signatory countries from April 1 1935 will be fixed
a meeting of the Committee to be held on March 14 next.
at
International Copper Conference Draws Near-Zinc
Advances-Tin Price Breaks
"Metal and Mineral Markets" in its issue of Feb. 28
stated that non-ferrous metals, taken as a group, were
moderately active last week, and a better undertone prevailed
in most quarters. Tin, because of the sharp fall in London
prices, received a severe jolt. The International Tin Committee will soon ship a large part of the stocks held by the
so-called buffer pool to this country to allay the fears of
American consumers of a possible shortage in the domestic
reserves. The copper deliberations have finally reached
the stage where a general meeting is scheduled for early
in March. Prime Western zinc output is to be restricted,
which has imparted a much firmer tone to the market.
Lead sales were larger. Gold in London made anew high
for the movement, yesterday's quotation being -1-43s. 117d:
Silver in the open market closed at 561/0., New York, the
highest price since April, 1929. "Metal and Mineral Markets" further stated:
Copper Demand Good
Demand for copper in the domestic market continued at about the level
that has prevailed in recent weeks, sales for the seven-day period ended
Feb. 26 totaling 6,594 tons. Although brass interests reported a slight
falling off in their business, wire and cable manufacturers are said to be
experiencing an undiminished call for their products.
The immediate
outlook,for further improvement in the business of fabricators, as a group,
Is held.to be promising.
rheoutstanding development of the week centered about the forthcoming conference of world copper producers that will apparently take place
early next month in New York. Reports in the market yesterday (Feb. 27)
were to the effect that S. S. Taylor, managing director of Rhokana Corporation; Arthur D. Storke. managing director of Roan Antelope Copper
Mines; Edgar Sengier, administrative director of Union Minlore du HautKatanga; and A. J. Bellanger, general manager of Campagnle du Bolel,
were all sailing soon from Europe to participate in the conference. The
principal problems Involved in developing any scheme for curtailment
were said to have been thoroughly reviewed in the course of preliminary
meetings that have been held here and In London during the last few
months. General opinion in the trade appears to be that an agreement
will ultimately be reached by the group. How adequate the agreement
will be, is, of course, another question.
The price of copper abroad declined sharply last week,reacting with other
commodities to the break in tin on the London exchange. Buying also declined, owing principally to the fall in prices rather than to any real change
In consumptive demand for the metal. During the week, prices ranged
from 6.390c. to 6.700c., c.i.f.
The Copper Code Authority held a meeting on the question of regulating
sales of "dotnex" copper. A satisfactory solution of the problem has not
yet been reached.
Lead Buying Improves
Buying ot lead was on a larger scale last week, sales for the seven-day
period totaling about 4,800 tons. The bookings were not spread out evenly
over the market, which created the impression in more than one direction
that the week must have been a quiet one. However, virtually all sellers
regarded the general tone of the lead market as firmer than a week ago.
Quotations were repeated at 3.55c., New York, the contract settling basis
of the American Smelting & Refining Co., and at 3.40c., St. Louis. As in
recent weeks, St. Joseph Lead was able to sell its own brands at a premium
of $1 per ton.
Buying of lead by battery makers and corroders accounted for most of
the business placed here during the last week. Sheet-lead and pipe manufacturers took hold in a moderate way.
The January statistics, released during the week, indicated that the
movement of refined lead to consumers was about as good as in the month
previous. Production was curtailed sufficiently to bring about a reduction
in stocks of 3,464 tons. This was better than operators expected.
Zinc Price Advances
Sales of zinc last week were in fair volume, the total for the calendar
week standing slightly above 3,900 tons. Sellers became less willing to
book business as the week progressed. This condition was reflected in an
upward movement in the price of the metal to 3.75c.. St. Louis, on Monday
(Feb. 25), and to 3.80c. yesterday (Feb. 27), when many sellers were either
out of the market or booking limited quantities to regular customers.
Further progress toward effecting a curtailment of production was reported.
Tin Trade Excited
Questions addressed to the House of Commons disclosed that an unofficial
pool has been operating in tin. This news was regarded as damaging to
the tin plan, and brought out renewed selling pressure in London and
sharply lower prices. Messages received here ascribed the weakness
Financial Chronicle
Volume 140
abroad to "lack of support from the pool." It was also revealed that an
official of the British Metal Corporation favored a reduction in the price
of from £10 to E15 per ton. Consumers here wondered whether the tin
group had definitely abandoned the move to stabilize the price around the
unpopular £230 level. Not much business developed hero on the break
In prices. Last Monday. the most active trading day, about 500 tons
changed hands.
fhe International Tin Committee has decided to ship part of the buffer
stocks-7,476 tons-to the United States.
Chinese tin 99% was quoted nominally as follows: Feb. 21st, 49.000c.;
22d, Holiday; 23d, 48.200c.; 25th, 47.100c.: 26th, 46.625c.; 27th. 46.575c.
Annual Steel Ingot Capacity 69,734,701 Gross Tons
in 1934
Annual capacity for producing steel ingots in the United
States as of Dec.31 1934 was 69,734,701 gross tons according
to a report just issued by the American Iron and Steel
Institute.
No new capacity for the production of open hearth or
Bessemer ingots was created during 1934, in accordance
with the provisions of the Steel Code. The capacity reported for 1934, however, is slightly more than the 1933
figure, previously reported, due to the correction of an
error which was made by one producer of open hearth
ingots in reporting too low a figure for 1933.
Blast furnace capacity for producing pig iron was 50,134,241 gross tons annually as of Dec. 31 1934, a decline
from the annual capacity of 50,321,661 gross tons reported
for 1933, due to the abandonment of some furnaces. Annual
capacity for producing ferro-alloys was 846,000 gross tons
for 1934, as against 788,400 gross tons in 1933.
The following table shows details of annual capacities for
both 1934 and 1933:
ANNUAL BLAST FURNACE AND STEEL INGOT CAPACITIES AS OF
DEC. 31 1933 AND 1934-GROSS TONS
Annual Blast Furnace Capacities
Dec. 31 1934
Dec. 31 1933
Pig Iron
Ferro-Alloys
50,134,241
50,321,661
846,000
788,400
Total
50,980,241
51,110,061
Annual Steel Ingot Capacities
Basic 0. 11. Acid 0.11.
Dec. 31 1934_ 60,010,097
Dec. 31 1933_ 59,622,517
944,620
961.296
Bessemer
Electric
Crucible
Total
7,895,000
7.895,000
869,364
895,112
15,620
16,700
69,734,701
69,390,625
1385
has been granted authority by the Federal Court to spend $1.405,000 for
rails and fastenings.
A resolution has been adopted by the Steel Code Authority permitting
the shipment of rails and track supplies until Oct. 1 on sales made prior to
June 1. Regulation No. 9, covering structural material fabricated in
transit, has been amended to most some of the objections of fabricators.
Steel ingot output is off two points to 37% at Pittsburgh, one point to
35% in the Philadelphia district, seven points to 53% in the Valleys, four
points to 63% in the Cleveland area, five points to 41% at Buffalo and five
points to 80% in the Wheeling district.
The "Iron Age" composite prices for pig iron and finished steel are
unchanged at $17.90 a ton and 2.124c. a lb. respectively. The reaffirmation
of present prices for second quarter did not come as a surprise. The opening
of books on March I is not expected to stimulate buying except in sheets
and, to a more limited extent, in alloy steel bars.
Finished Steel
Based on steel bars, beams, tank plates.
Feb. 26 1935, 2.124c. a lb.
2.124c.
wire, rails, black pipe, sheets and hot
One week ago
One month ago
2.124c. rolled strips. These products make
One year ago
2.008c. 85% of the United States output.
Low
High
2 1240, Jan. 8
2.124c. Jan, 8
1935
2.008c. Jan. 2
1934
2 1990. Apr. 24
1.867c. Apr. 18
1933
2.0150. Oct. 3
1.926c. Feb. 2
1932
1 977c. Oct. 4
1.945c. Dec. 29
2.037c. Jan. 13
1931
2.273c. Jan. 7
2.0180. Dec. 9
1930
2.317c. Apr. 2
2.2730. Oct. 29
1929
2.217c. July 17
2.2860. Dec. 11
1928
2.212c. Nov. 1
2 4020. Jan. 4
1927
Pig Iron
Based on average of basic Iron at Valley
Feb. 26 1935. $17.90 a Grass Ton
One week ago
$17.90 furnace and foundry irons at Chicago.
17.90 Philadelphia, Buffalo, Valley and
One month ago
16.901 Birmingham.
One year ago
Low
High
$17.90 Jan. 8
317.90 Jan. 8
1935
16.90 Jan. 27
17.90 May 1
1934
16.90 Dec. 5
1933
13.56 Jan. 3
14.81 Jan. 5
1932
13.56 Dec. 8
1931
14.79 Dec. 15
15.90 Jan. 6
15.90 Dec. 16
18.21 Jan. 7
1930
18.21 Dec. 17
18.71 May 14
1929
18.59 Nov. 27
17.04 July 24
1928
17.54 Nov. 1
19.71 Jan. 4
1927
Steel Scrap
Feb. 28 1935, $11.67 a Gross Ton
Based on No. 1 heavy melting steel
One week ago
quotations at Pittsburgh, Philadelphia
$11.92
One month ago
12.17
and Chicago.
One year ago
Low
12.751
I1ig4
1935
$12.33 Jan. 8
$11.67 Feb. 26
1934
13.00 Mar. 13
9.50 Sept. 25
1933
12.25 Aug. 8
6.73 Jan. 3
1932
8.50 Jan. 12
6.42 July 5
1931
11.33 Jan. 6
8.50 Dec. 29
1930
15.00 Feb. 18
11.25 Dec. 9
1929
17.58 Jan. 29
14.08 Dec. 3
16.50 Dec. 31
1928
13.08 July 2
15.25 Jan, 11
1927
13.08 Nov.23
The American Iron and Steel Institute on Feb. 25 announced that telegraphic reports which it had received indiDownward Trend of Steel Output Not Yet Checked- cated that the operating rate of steel companies having
Ingot Rate Recedes Two Points Lower to 48%- 98.7% of the steel capacity of the industry will be 47.9%
Steel Prices Reaffirmed for Next Quarter
of the capacity for the current week, compared with 49.1%
The Feb. 28 issue of the "Iron Age" stated that steel last week, 52.5% one month ago, and 45.7% one year ago.
production and scrap prices suffered further declines. Ingot This represents a decrease of 1.2 points, or 2.4% from the
output receded in most of the important producing centers, estimate for the week of Feb. 18. Weekly indicated rates
and the national average dropped two points to 48% of of steel operations since Jan. 1 1934 follow
capacity. Notable exceptions to the general trend are
193419341934193429.3% Apr. 23
22.3% Dec. 3
54.0% Aug. 13
28.8%
Jan. 1
Chicago and Detroit, where operations have held at 54 and Jan
55.7% Aug. 20
30.7% Apr. 30
21.3% Dec. 10
32.7%
Jan.. 8
58.9% Aug. 27
34.2% May 7
19.1% Dec. 17
15
34.6%
100% respectively, and Birmingham, where an accumu32.5% May 14
18.4% Dec. 24
Jan. 22
56.6% Sept. 4
35.2%
lation of rail orders has lifted the district rate from 50 to Jan. 29
34.4% May 21
54.2% Sept. 10
20.9% Dec. 31
39.2%
37.5% May 28
Feb. 5
56.1% Sept. 17
22.3% 193554%. The "Age" continued:
24.2% Jan. 7
43.4%
39.9% June 4
Feb. 12
57.4% Sept. 24
Weakness in scrap prices is country-wide and recessions in heavy melting
steel at Pittsburgh and Chicago have depressed the "Iron Age" scrap composite from $11.924to $11.67 a ton. The improvement in sentiment that
followed tho gold.clause decision was short-lived. Continued curtailment of
steel works consumption of scrap has been accompanied by an increased
use of hot metal in keeping with the desire of producers to utilize the output
of recently lighted blast furnaces. Meanwhile the production of industrial
scrap.has been mounting. At Detroit, docks and yards ace loaded with old
material, and the flow of scrap from the West and Southwest is swelling.
It Is still a moot question whether consumption of finished steel has
suffered a:setback. The automotive industry has by no means abandoned
its plans for continued /heavy production, and container manufacturers
and farm equipment makers remain active users of mill products. It is
undoubtedly a fact that, except for shoots and possibly strip steel and alloy
steel _bars. the automobile makers are tomporarly well stocked with steel.
They have also probably built up a;comfortable inventory of finished cars.
But tho importance of stock accumulations may be easily over-emphasized
in view of difficulties that have been encountered in production co-ordination
now that's high rate of output has been attained. In a number of cases
automobile companies have been handicapped because deliveries of bodies
and other parts have fallen behind assembly schedules. In another instance
shipments of running boards-and incidentally of the sheets used to construct them-have been held up because of a strike. Despite these hindrances
Februaryiassemblies of the industry are estimated to have reached 360,000
units, and this total is expected to be raised to 400.000 In March.
As for April, motor car makers have sent mills large orders for sheets for
that deliveryiand these will be entered on March I when second quarter
books are opened.
Other stoel,consumers are in no haste to get protection for next quarter.
The spirits;of tho trade have ebbed with the recession in steel works:activity
and long-terinjundertakings are again being delayed. The:growing belligerency of Congress and the reintroduction of the highly:controversial Wagner
Labor Bill are:among developments in the national political scene which
are now disturbing business.
Construction work is still hampered by the weather. Structural steel
awards total only16.700 tons compared with 13.500 tons a week ago. New
projects callifor 8,500 tons. The General Petroleum Corp., Los Angeles.
will close soon on 8.000 tons of seamless steel pipe for an 88-mile oil line.
Chicago will take bids March 5 on 3.200 tons of cast iron pipe.
The,Bangor & Aroostook has ordered 1,000 tons of rails and the Chicago
Great Western has applied for Government funds to buy 5.000 tons. The
Burlington.,ha5.:placed17.000 tons of track fastenings. The Missouri Pacific
Feb. 19
Feb. 26
Mar, 5
Mar. 12
Mar. 19
Mar. 28
Apr. 2
Apr. 9
Apr. 16
43.6%
45.7%
47.7%
48.2%
46.8%
45.7%
43.3%
47.4%
50.3%
June 11
June 18
June 25
July 2
July 9
July 16
July 23
July 30
Aug. 6
56.9%
56.1%
44.7%
23.0%
27.5%
28.8%
27.7%
28.1%
25.8%
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
Nov. 5
Nov. 12
Nov. 19
Nov.28
23.2%
23.8%
22.8%
23.9%
25.0%
26.3%
27.3%
27.6%
28.1%
Jan. 14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Feb. 26
47.5%
49.5%
52.5%
52.8%
50.8%
49.1%
47.9%
"Steel" of Cleveland, in its summary of the iron and steel
markets on Feb. 25 stated:
Independent of another decline In steel ingot production last week, 3
points to 50%, demand for merchant pig iron and finished steel is strong.
Prices on practically all iron and steel products have now been extended
for second quarter and this has removed one of the chief uncertanities
which led many important consumers to withhold further commitments.
A stabilizing influence also has resulted from the gold-clause decision.
A heavy tonnage of steel will be enrolled on mill books this week. March 1,
for second quarter. Raw steel stocks have been reduced by the temporary
slowing in output and the outlook is appraised by steelmakers as encouraging.
Automobile manufacturers look for an extremely strong retail market for
the next four months. They are completing the.bestyebruary output since
1929. last week's assemblies holding at about 82,000. Considering the
numerous mechanical operations on the new models. Ford production
activity is probably at an all-time peak. Manufacturers of agricultural
implements are second only to the automobile industry in crowding mills
for delivery, and expect no slackening in their production for several months.
Payrolls in iron and steel and leading consuming plants are the highest
in years, and despite sporadic disturbances at some metalworking establishments serious labor difficulties are not anticipated. The President's
proposed extension for two years of National Recovery Administration evidently does not contemplate any notable change in the steel code.
Miscellaneous requirements for steel appear to be stimulated by demands
arising from rehabilitation of equipment in both metal manufacturing and
working industries. Of the United States Steel Corp.'s authorized $47,000,000 for new equipment $15,000.000 to $20,000.000 is to be spent in the
Gary, Ind., district, and $15,000,000 in the Pittsburgh area. Bethlehem
Steel Co. has already contracted for mill equipment as part of its $20,000,000
for Lackawanna, N. Y.
At least one Eastern and one Middle-Western owner of idle iron and steel
capacity are seeking Government loans to resume operations, one prac tically assured of $350,000.
Financial Chronicle
1386
Award of 13.376 tons of reinforcing bars last week exceeded structural
shapes, 10.343 tons. The former included 7,030 tons for the Los Angeles
metropolitan water district. The district will open bids soon on 15,000
tons of structural shapes for transmission towers, while the Allegheny
County Authority. Pittsburgh, may purchase 15,000 tons in March for a
plaza and bridge, PWA projects. A little more private work is appearing
In the shape market. General Motor's diesel locomotive plant in the
Chicago district has already developed inquiry for 2,000 tons.
The first large bona fide new pipe line project In many months is represented in the bids for Feb. 27 for 9,250 tons, an 88-mile line In California,
to be laid by the General Petroleum Corp.,subsidiary of the Socony-Vacuum
Co., New York. Chicago is In the market for 3,258 tons of cast pipe.
More inquiries for steel barges are turning up at Pittsburgh.
Most railroad activity is in track accessories, Chicago Burlington &
Quincy distributing 8,000 tons, Southern Pacific, 6,000 tons, and Northern
Pacific, 1,860 tons. Central of Georgia purchased 3,800 tons of rails.
Northeastern of Rio de Janeiro, Brazil, Is inquiring for 718 freight cars.
The Carnegie Steel Co. purchased 12,500 tons of No. 1 heavy melting
steel scrap at $13, delivered, Munhall, Pa. At Chicago and elsewhere,
however, the market Is quiet and prices easier, "Steel's" scrap composite
being down 17 cents to $11.58. German sellers shinned 6.500 tens of coke
to the New York district, now offered at 50 cents below the domestic market
there.
"Steel's" London correspondent cables British Iron and steel imports in
January advanced 14% to 130,544 gross tons, while exports were off 3%
to 181,211 tons.
Pittsburgh steelworks operations last week dropped 2 points to 37%;
Chicago, 10 to 53; Wheeling. 2 to 85; Cleveland was up 2 to 79. Detroit
March 2 1935
held at 100; Buffalo, 45; Birmingham, 553; eastern Pennsylvania, 31:
Youngstown, 60; New England,63.
Reflecting the decline in scrap, "Steel's" iron and steel price composite
Is down 4 cents to $32.50. The finished steel index remains $54.
Steel ingot production in the week ended Feb. 25,is placed
at about 50% of capacity, according to the "Wall Street
Journal" of Feb. 27. This compares with 52% in the
previous week and with 54% two weeks ago. The "Journal"
further states:
U. S. Steel is estimated at 46%. against 47% in the week before, and
48% two weeks ago. Leading independents are credited with a rate
of 52%. compared with 55% in the preceding week, and with 68% two
weeks ago.
The following table gives the percentage of production for the nearest
corresponding week of previous years, together with the change. in points.
from the week immediately preceding.
U. S. Steel
Industry
1935
1934
1933
1932
1931
1930
1929
1928
1927
50
45
1834
25
52
80
89A
8334
87
—1
46
+4
42
1534 — 35
2534 —1
+1
53
85;4_
+1
91
90___
+3
94
—2
+3
—135
—134
+134
—1
+1
— A
+34
Independents
52
4634
21
2434
5134
75
87
77
SO
—3
+2
—2
—2
+234
—2
+1
—1
+434
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 Feb. 27, as reported by
the Federal Reserve banks, was $2,453,000,000, a decrease
of $13,000,000 compared with the preceding week and of
$121,000,000 compared with the corresponding week in 1934.
After noting these facts, the Federal Reserve Board proceeds
as follows:
On Feb. 27 total Reserve bank credit amounted to $2,450,000.000, an
Increase of $2,000,000 for the week. This increase corresponds with increases of $74,000,000 in Treasury cash and deposits with Federal Reserve
banks and $17,000,000 in non-member deposits and other Federal Reserve
accounts and a decrease of $2,000,000 in Treasury and National bank
currency, offset in part by an increase of 835,000,000 in monetary gold
stock and a decrease of $57,000,000 in member bank reserve balances.
Relatively small changes were reported in holdings of discounted and
purchased bills, United States Government securities and industrial
advances.
Beginning with the week ended Oct. 31 1934, the Secretary
of the Treasury made payments to three Federal Reserve
banks, in accordance with the provisions of Treasury regulation issued pursuant to subsection (3) of Section 13-B of
the Federal Reserve Act, for the purpose of enabling such
banks to make industrial advances. Similar payments have
been made to other Federal Reserve banks upon receipt of
their requests by the Secretary of the Treasury. The amount
of the payments so made to the Federal Reserve banks is
shown in the weekly statement against the caption "Surplus
(Section 13-B)" to distinguish such surplus from surplus
derived from earnings, which is shown against the caption
"Surplus (Section 7)."
The statement in full for the week ended Feb. 27, in comparison with the preceding week and with the corresponding
date last year, will be found on pages 1436 and 1437.
Changes in the amount of Reserve bank credit outstanding
and in related items during the week and the year ended
Feb. 27 1935, were as follows:
Increase (+) or Decrease (—)
Since
Feb. 28 1934
Feb. 27 1935 Feb. 20 1935
$
—58,000,000
6,000,000
56,000.000
6,000,000
2,000,000
2,430,000,000
Bills discounted
Bills bought
U. S. Government securities
Industrial advances (not including
14.000.000 commitments—Feb. 27) 19,000,000
—12,000,000
Other Reserve bank credit
+19,000,000
—20,000.000
+2,000,000 —117,000,000
2,450,000,000
Total Reserve bank credit
8,524,000,000 +35,000,000 +1,086,000,000
Monetary gold stock
Treasury and National bank currency-2,520,000.000 —2,000,000 +218,000.000
+88.000.000
5,442,000,000
Money in circulation
Member bank reserve balances
4,588,000,000 —57,000,000 +1,495,000,000
Treasury cash and deposits with Fed3,006,000,000 +74,000,000 —435,000,000
eral Reserve banks
Non-member deposits and other Fed+38,000,000
457.000.000 +17,000,000
eral Reserve accounts
Returns of Member Banks in New York City and
Chicago—Brokers' Loans
Below is the statement of the Federal Reserve Board for
the New York City member banks and also for the Chicago
member banks for the current week, issued in advance of
the full statement of the member banks, which latter will
not be available until the coming Monday. The New York
City statement formerly included the brokers' loans of
reporting member banks and showed not only the total of
these loans but also classified them so as to show the amount
loaned for their "own account" and the amount loaned
for "account of out-of-town banks," as well as the amount
loaned "for the account of others." On Oct. 24 1934 the
statement was revised to show separately loans to brokers
and dealers in New York and outside New York, loans on
securities to others, acceptances and commercial paper,
loans on real estate, and obligations fully guaranteed both
as to principal and interest by the United States Government. This new style, however, now shows only the loans
to brokers and dealers for their own account in New York
and outside of New York, it no longer being possible to get
the amount loaned to brokers and dealers "for account of
out-of-town banks" or "for the account of others," these
last two items now being included in the loans on securities
to others. The total of these brokers' loans made by the
reporting member banks in New York City "for own account"
including the amount loaned outside of New York City,
stood at $638,000,000 on Feb. 27 1935, an increase of
$38,000,000 over the previous week.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES
New York
Feb. 271935
Feb. 20 1935
Feb. 28 1934
Loans and investments—total
7,401,000.000 7,307,000,000 7,006,000.000
Loans on securities—total
1,428,000.000 1,410,000,000 1,669,000,000
To brokers and dealers:
In New York
Outside New York
To others
582,000,000
56,000,000
790,000,000
542,000,000
58.000,000
810,000,000
651,000,000
47,000,000
971,000,000
228,000,000 227,000,0001
131,000,000 131,000,0001,662,000,000
1,20.5,000,000 1,193,000,000
Accepts. and commercial paper bought
Loans on real estateOther loans
U.S. Government direct obligatIons...._3,108,000,000 3,090,000,000 2,585,000,000
Obligations fully guaranteed by United
285,000.000 275,000,00011,090,000,000
States Government
1,016,000,000 981,000,000f
Other securities
Reserve with Federal Reserve Bank....1,773,000,000 1,826,000,000 1,091,000,000
39,000,000
54,000,000
53,000,000
Cash in vault
Net demand deposits
Time deposits
Government deposits
6,978.000,000 *6892,000,000 5,491,000.000
618,000,000 621,000,000 682,000,000
525,000.000 574.000,000 761,000,000
Due from bank_
Due to banks
67.000,000
72.000,000
83,000,000
1 958.000,000 1,985,000,000 1,334,000,000
Borrowings(tom Federal Reserve Bank_
Chicaoo
1 689,000,000 1,686,000,000 1,397,000.000
Loans on investments—total
Loans on securities—total
231,000,000
230,000,000
277,000,000
To brokers and dealers:
In New York
Outside New York
To others
28,000,000
25,000,000
178,000,000
26,000,000
25.000,000
179,000,000
16,000,000
32.000,000
229,000,000
50,000,000
18,000,000
227,000,000
51,000,0001
18,000,000 293,000,000
224,000,000
Accepts, and commercial paper bought
Loans on real estate
Other loans
U.S. Government direct obligations.._. 873,000,000
Obligations fully guaranteed by„United
78,000,000
States Government
212,000,000
Other securities
871,000,000
Reserves with Federal Reserve Bank.
Cashin vault
388,000,000
85,000,000
Net demand deposits
Time deposits
Government deposits
401,000,000
36,000,000
547,000,000
78,000,0001 280,000,000
214,000,0001
333,000,000
41,000.000
1.561,000,000 1,540,000,000 1,155.000,000
374,000,000 374,000,000 359,000,000
69,000,000
42.000,000
43,000,000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank.
•Revised.
186,000o00 191,000,000
501.000.000
495,000,000
173,000.000
825,000.000
Financial Chronicle
Volume 140
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks
themselves and covering the same week, instead of being
held until the following Monday, before which time the
statistics covering the entire body of reporting member banks
in 91 cities cannot be compiled.
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 Feb. 20:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on Feb. 20 shows decreases for the
week of $30.000,000 in total loans and investments and $50,000,000 in
Government deposits, and increases of $60,000.000 in net demand deposits
and $46,000.000 in reserve balances with Federal Reserve banks.
Loans on securities to brokers and dealers in New York City declined
$20,000,000 at reporting member banks in the New York district and
$23,000,000 at all reporting member banks; loans on securities to brokers
and dealers outside New York City increased $3,000,000; and loans on
securities to others declined $13,000,000. Holdings of acceptances and
commercial paper bought increased $5,000,000 in the New York district
and $9.000.000 at all reporting member banks; real estate loans showed
ittle change for the week; and "other loans" increased $9,000.000 in the
Chicago district, $8,000.000 in the Boston district and $7,000,000 at all
reporting member banks, and declined $5,000,000 in the New York district.
Holdings of United States Government direct obligations increased
$30.000,000 in the Chicago district. $8.000,000 in the Philadelphia district, $6.000,000 in the San Francisco district, and $19,000,000 at all
reporting member banks, and declined $25,000,000 in the New York
district and $8,000,000 in the Dallas district; holdings of obligations fully
guaranteed by the United States Government increased $12,000,000 at
all reporting banks; and holdings of other securities declined $33,000.000
in the New York district, $6,000,000 in the Chicago district, and $44,000,000
at all reporting banks.
Licensed member banks formerly included in the condition statement
of member banks in 101 leading cities, but not now included in the weekly
statement,had total loans and investments of$1,234,000,000 and net demand,
time and Government deposits of $1.417,000,000 on Feb. 20, compared
with $1.235,000,000 and $1,418,000,000, respectively, on Feb. 13.
A summary of the principal assets and liabilities of the reporting member
banks.in 91 leading cities, that are now included in the statement, together
with changes for the week and the year ended Feb. 20 1935. follows:
Increase (+I or Decrease (—)
Since
Feb. 21 1934
Feb. 13 1935
Feb. 20 1935
$
—30,000,000 +721,000.000
18,215,000,000
Loans and investments—total
Loans on securities—total
2,983,000,000
—33,000,000
—647,000,000
To brokers and dealers:
In New York
Outside New York
To others
684,000,000
168,000,000
2,131,000,000
—23,000,000
+3,000.000
—13,000,000
—172,000,000
+17,000,000
—492,000,000
Accepts, and confl paper bought— 437,000,000
969,000.000
Loans on real estate
3,161,000,000
Other loans
+9,000,0001
} —151,000,000
+7.000,000J
7,217,000,000
U.S. Govt. direct obligations
Obligations fully guaranteed by the
645,000,000
United States Government
2,803,000,000
Other securities
+19.000,000 +1,018,000,000
+12,000.0001 +501,000,000
—44,000,000j
IReserve with Fed. Res. banks—. 3,498,000,000
282,000,000
Cash In vault
+46,000,000 +1,500,000,000
—10.000,000
+52,000.0(0
14,160.000,000
4,447,000,000
1,086,000,000
+60,000,000 +2,914.000.000
—1,000,000
+75,000,000
—50.000,000 —332,000,000
1,860,000,000
4,471,000,000
+491,000,000
+49,000,000 +1,324,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F R. banks
—1,000,000
—11.000,000
Paris-Orleans Railroad Co. (France) To Pay March 1
Bonds at Gold
Coupons on 5
A. Iselin & Co., fiscal agents for the Paris-Orleans Railroad Co., announced Feb. 23 that the March 1 coupons on
the railroad's 5M% bonds due 1968 will be paid either (a)
in United States currency or (b) in United States currency
at the dollar equivalent of French francs (25.52 to the dollar
of face value of coupon), at the rate of exchange computed
on the basis of the average buying rate in New York for
exchange on Paris on the date of presentation.
Return from Abroad of F. Abbott Goodhue Following
Conclusion of Conferences in Berlin Incident to
Renewal of German "Standstill" Agreement
F. Abbott Goodhue, who participated in the Berlin conferences looking to the renewal of the German "Standstill"
agreement, (referred to in our issue of Feb. 23, page 1231)
returned from abroad on the Steamer Ile de France on
Feb. 27.
Mr. Goodhue, who is President of the Bank of Manhattan
Company of New York and Chairman of the American
Committee of Short Term Creditors of Germany, had the
following to say on Feb. 27 according to the "Times."
Mr. Goodhue said he was satisfied with the new agreement reached
between the creditors and German interests. In return for concessions
given by the Germans the creditors reduced interest rates, which averaged
from 3M to 4%, by one-half of 1%•
"I think the Germans were satisfied and we feel that we have made
headway," he said. "The agreement takes the place of the 1934 agreement,
which expires tomorrow."
1387
Mr. Goodhue said that German business was better than last year,
although it was difficult to determine how much of the improvement could
be credited to government aid.
A meeting of the Committee of which Mr. Goodhue is
Chairman was held at the Federal Reserve Bank on Feb. 28,
it was noted in the "Times" of March 1, which said:
The meeting was attended by several out-of-town bankers, including
those from Chicago, Philadelphia!and Boston and representatives of banks
on the Pacific Coast. The,new agreement provides for some concessions
to the German debtors in the form of reduced interest rates and concessions
to the creditors, chiefly in the form of reduction of unused credit lines. Although it has been signed by the American representatives, individual
banks are free to decide for themselves whether to adhere to the agreement.
Bankers present at yesterday's meeting said the responses made to
Mr. Goodhue's report of the meeting indicated the agreement was received
favorably.
Germany Converting Additional Government Obligations—Interest Rate Being Lowered from 6% to
43.%—Banks Lower Interest Rates 34 of 1%
A law decreed by the German Cabinet on Feb. 26, providrirfor the conversion of more than 2,000,000,000 marks'
worth of governmental obligations, hitherto paying 6% or
0, was signed by
more, to a uniform interest rate of 43 17
chancellor Hitler on Feb.271 It is stated that the operation
is being carried through under more or less the same conations of the recent successful conversion to the same interest
rate of 8,000,000,000 marks' worth of private mortgage
bonds and municipal loans. This previous conversion was
referred to in our issue of Jan. 26, page 558. A wireless
(17-patch from Berlin, Feb. 27, to the New York "Times" of
Feb. 28, had the following to say as to the latest conversion:
Under the law the conversion is "voluntary," and obligation owners
are entitled to protest the reduction of the interest rate on their particular
bonds within 10 days. In practice such a protest entails various disadvantages, not to say risks, and in a previous conversion only 0.23 of 1%
dared to object. As in the previous scheme, those accepting the conversion
will receive a cash bonus of 2%.
Involved in the present operation are all public loans and obligations
except those valorizing pre-inflation loans, colonial loans and loans that
pay only 5% or less. Excluded from the operation are international loans,
including the Dawes and Young loans, the terms of which are fixed by
treaty.
The present operation is another step in the direction of mobilizing the
nation's credit reserves and stretching the capital supply in the interests of
the government's "labor creation program," which involves "preparation for
armaments equality." Under a recently decreed law the government is
authorized to borrow all the money it needs, and the present conversion is
to enable it to do so more cheaply.
All quotations of convertible loans are being stricken from the Boerse
to-day and to-morrow.
According to United Press advices from Berlin, Feb. 28,
German banks, following the action of the German Government in reducing the interest on the public bonds, lowered
of 1%. The advices
their interest rates on an average of
added:
Credit rates at commercial banks were reduced to 2;4 to 3%% compared
with the previous levels of from 33i to 434%. Savings banks lowered their
of 1% to 3%.
interest rate
By so doing the banks fell into line with the Government's program of
term money and expanding credit facilities for public
long
cheapening
works programs.
Reichsbank Reported Planning Increase in Foreign Exchange Holdings
Zimmerman & Forshay, New York, announced this week
that they have been advised by their Berlin, Germany,
correspondents that the Reichsbank has again made Registermarks available for gift and support purposes. The renewed
use of Registermarks for these purposes being part of the
revised Standstill-Agreement will enable the Reichsbank to
increase its holdings of Foreign exchange, according to the
firm. Registermarks are still available for travelers, the
firm said, and Kreditmarks can still be used for mortgages.
loans, and investments.
Belgian Monetary Changes Opposed
According to Brussels advices to the New York "Times"
the directors of the National Bank of Belgium took a firm
stand on Feb. 25 against any interference with the country's
monetary system in an attempt to remedy economic conditions. "Monetary manipulation would solve none of the
difficulties Belgium has to face," said the bank's governor
at the board meeting the advices to the "Times" state.
United States and Belgium Sign Reciprocal Trade
Agreement—Pact, Effective in Thirty Days, Con-.
tains Forty-Five Concessions by Belgium and
Forty-Seven by This Country
The United States and Belgium on Feb. 27 signed a reciprocal trade agreement, effective after 30 days, which granted
to Belgium tariff reductions on 47 products averaging 24%.
In return, Belgium makes 45 concessions to the United
States, including 22 reductions on tariff items, agrees to
"freeze" the present rates on twelve articles, and liberalizes
1388
Financial Chronicle
the status of six other products, increasing import quotas
for some of these articles. The agreement may be terminated by either Government on six months' notice. It
extends to the Belgo-Luxemburg Economic Union and
represents the third pact of the kind concluded under the
President's reciprocal tariff bargaining powers. The two
previous agreements were with Cuba and Brazil. A dispatch from Washington Feb. 27 to the New York "Times"
described the signing of the agreement, and listed some of
the principal concessions, as follows:
Among the principal reductions accorded to the United States are a flat
rate of 250 francs per 100 kilograms on automobile parts, as compared
with the previous rates of from 780 to 1,800 francs, and a 15% reduction
on_assembled automobiles. Other reductions were on agricultural products,
includingigrapefrult, pears, oatmeal and cornstarch.
On manufactured products a substantial cut was made in duties on
calculating machines and the rate on radios was reduced from 20 to 17
francs per 100 kilograms.
Increases in quotas of this country's exports included 100% on lard
and a rise from 25,000 kilograms to 1,044.000 on pork and other meat
products.
Our concessions to Belgium include a one-third average cut in the duty
on plate glass, a 50% reduction on glass sand, a 25% reduction on cement,
a 20% reduction on iron and steel mill products, a reduction of one-third
on linen fabrics, and offrom 40 to 50% on hand-made lace and lace articles.
Favored Nation Safeguard
The agreement provides for general unconditional most-favored-nation
treatment, so that no discrimination may result from diversion of trade in
the products covered to third countries.
While the exchange question is not dealt with as such, the agreement
provides for modification or termination in the event of a wide variation
in the rate_of exchange, or in the event that as a result of the extension to
third countries of the concessions the third countries should obtain the
major benefit of the concessions.
The agreement, following similar accords with Cuba and Brazil, was not
so sweeping as had been hoped. Because of practical difficulties, the
method of exchanging letters was used to permit later negotiations for
further concessions on both sides and possible incorporation of all into
an agreement in treaty form.
Ceremony at Department
The letters were signed and exchanged in a ceremony at the State Department. th(letters having attached to them schedules covering detailed
points. William Phillips, as Acting Secretary of State, signed for the
United States. and Senator Pierre Forthomrae, Chief of the Belgian
economic mission, for his country.
Also present were Francis B. Sayre, Assistant Secretary of State; Count
Robert van der Straten-Ponthoz, the Belgian Ambassador. and Prince
Eugene de Ligne. Counselor of the embassy.
The letters exchanged, which with their appended tables of concessions
on both sides constituted the agreement, were between Mr. Phillips and
Senator Forthomme and were identical in import.
Senator Forthomme, in a statement, hailed the agreement as a step to
restore a normal economic situation in the world and voiced the hope that
all nations would "show their firm intent to enter the New Deal of a liberally
conceived exchange of goods and commodities."
Decree of Italian Government Requiring Permits for
All Imports—Measures Regarded as Move to Guard
Lira
The Italian Government has made all imports, with few
exceptions, subject to special permit by a decree published
in the official "Gazette" of Feb. 19 and effective from the
date of publication, according to cablegrams received in the
Department of Commerce at Washington from Ambassador
Breckenridge Long, Rome. The Department, in making this
known, Feb. 21, added:
Until March 31 1935 customs authorities may admit a fixed percentage
of the quantity of each product imported during the period from Feb. 16
to March 31 1934.
On a few products of special interest to the United States these percentages are as follows: Wheat, none; tobacco, none; lard and fatbacks, 20%;
raw cotton, 25%; iron and steel scrap, 30%; machinery, including office
machines, 25%; radio sets, 25%; motor vehicles, 25%; common lumber,
20%; paraffin, 25%; rosin, 35%, and leather, 25%.
Goods already paid for, if shipped prior to the date of the decree, will
be admitted. Special quota allotments already granted to the United
States are not affected by this measure.
Exception from these import restrictions may be made where general or
private exchanges for Italian products are arranged.
From Rome, Feb. 23, advices to the New York "Times"
stated that Italy's establishment of import quotas on 1,500
products is a logical part of the Fascist State's financial and
economic policy in its attempt to defend the lira. This
account continued:
When it was stabilized on the gold standard the lira was guaranteed by a
double reserve—gold and foreign currency or securities. In 1929 the gold
and foreign currency reserves were practically equal, a little more than
5,000,000,000 lire each [the lira was quoted yesterday at 8.51c.]. Until
1933 the gold reserve grew and the currency fell, until at the end of 1933
the gold reserve was more than 7,000,000,000 lire and the foreign currency
had fallen to 3,000,000,000 lire.
It may be said, then, that the lira at present is based entirely on gold,
and that Italian finance has passed from the gold exchange standard to
the gold standard.
A large part of the drop in foreign paper was caused by exportations of
capital caused by a constantly adverse balance of trade. It was necessary
to bring in gold, but instead of mounting, the gold reserve fell from
7,000,000,000 lire to 5,800,000,000 lire during 1934.
Italian currency was still thoroughly sound, since the gold coverage was
still more than 44%, but it was indispensable to take protective measures.
These were of two sorts financial and economic.
Since May 26 1934 it had been decreed that Italians going abroad could
carry away only a limited amount of money. This sum at present is set
as 2,000 lire. On Dec. 8 the monopoly of exchange and State supervision
March 2 1935
of private credits abroad were established. So much for the financial side.
In the economic domain, there was first of all the corporative organization to cut profits and increase exports.
Second, Italy arranged a series of commercial agreements with countries
exporting agricultural products, notably cattle. Italian cattle raisers were
protected.
Third, wheat importations were cut down, thanks to the fight for
increased production.
Fourth, foreign products are being replaced wherever possible by domestic.
Fifth, on April 16 1934 quotas were established for copper, wool and
coffee imports, the Government reserving the right to authorize purchases
of these commodities only in countries buying Italian products.
Sixth, en Jan. 19 1935 the Government suspended importations of wheat,
flour, fresh or frozen meat, silk, perfume, &c. All purchases of these were
made subject to quota.
Finally, last Tuesday, the Government extended the quota regulations
to apply to nearly everything that Italy imports. This was to give Italy
a weapon in bargaining with individual foreign States to make them take
Italian products.
Peru Approves Two Loans for National Defense and
Public Works
In United Press advices from Lima, Peru, Feb. 28, it was
stated that the Peruvian Congress that day had approved
two projected loans, one for 10,000,000 soles ($2,325,000)
for national defense and one for 13,000,000 soles ($3,000,000)
for redemption :of credits for construction of the Callao Port
works. The advices, continuing, said:
The Callao obligations are pending with the Frederick Snare Co. of New
York and the Cero de Pasco Copper Co., and cover repair of warehouses.
This issue through the national loan .enterprise would be at 8% with 2%
amortization. The defense loan would be at more favorable conditions,
guaranteed by products at Callao.
Argentine Deputies Fix Maximum Rate for Gold
From the New York "Journal of Commerce" we take the
following from Buenos Aires Feb. 22:
The Chamber of Deputies Finance Committee has completed its
study of all the Argentine Government's monetary projects which accompany the central banking scheme. These were approved with some modifications which consisted mainly, however, of verbal changes designed for
greater clarity.
The most important decision was made regarding Article 4 of the organization law, it being stipulated that the maximum rate for the revaluation of
gold in the conversion office would be 43,000 pesos per standard bar of
400 ounces troy. This is the equivalent of 15 pesos per pound sterling,
and coincides with the official buying rate from exporters. The Chamber of
Deputies convoked a plenary session for Tuesday next, when the monetary
projects will be considered.
It is announced that with the proceeds of the recently issued 4 % internal
loan of 50.000,000 pesos the Argentine Government will repatriate the
balances of the 5% Government loan of 1909 which are now outstanding
In New York, Paris and Xerlin. The American balance in circulation is
approximately $5,000.000. The retirement of the bonds ten years before
the due date brings to an end the first Argentine issue made in the United
States market. This operation will be effected March 1.
20% of March 1 Coupons to be Paid by San Paulo
(Brazil) on 7% Secured Sinking Fund Gold Bonds
External Water Works Loan of 1926.
Speyer & Co. and J. Henry Schroder Banking Corp., as
special agents for the State of San Paulo 7% Secured Sinking
Fund Gold Bonds External Water Works Loan of 1926,
announced yesterday (March 1) that, pursuant to the terms
of Decree No. 23,829 of the Chief of the Provisional Government of the United States of Brazil, funds have been deposited with them sufficient to pay 20% of the face amount
of the March 1, 1935 coupons of the above Loan. The
announcement added:
Acceptance
.
of such payment is optional with holders of the above bonds
and coupons, but, if accepted by them, must be accepted in full payment
of such coupons and of the claims for interest represented thereby. Coupon
holders will receive $7. per $35. coupon and $3.50 per $17.50 coupon, upon
surrender of coupons for cancellation accompanied by appropriate letter of
transmittal, at the office of either of the Special Agents.
Chilean Debt Mission Arrives in New York—Will Seek
Lower Interests Rates on Bonds
A special commission from Chile to discuss resumption of
partial debt service on $200,000,000 of Chilean bonds
arrived in New York on Feb. 26 on the "Santa Lucia." The
commission is headed by Don Ernesto Barros, Jr., former
Chilean Minister of Foreign Affairs and of Finance, and
includes Don Armando Hamel, Don Fernando Mardones,
Director of the Budget; Luis Izquerdo, former Minister of
Foreign Affairs, and Mariano Puga. The latter two are in
England but will come to New York shortly. From the
New York "Sun" of Feb. 26 we take the following:
Mt. Barros explained that it is proposed to discuss with holders of
Chilean governmental and municipal bonds adjustment of interest to
of 1%. on back and current account, such interest to be paid from nitrate
and copper export duties. After such an arrangement had been made
it would be possible to lift the 1931 moratorium. Most of the bond Issues
in default carry 6 to 7% interest. ln a prepared statement Mr. Barros said:
As a country traditionally honest in servicing its external obligations
we want our creditors to be convinced that what we are going to place at
their disposal is all we can give them without endangering the very life of
our nation.
Previous reference to the commission was given in our
issue of Feb. 9, page 881.
Volume 140
Financial Chronicle
Colombia Favors Imports of Capital-Owners Exempt
from Selling Part to Bank of the Republic at
Exchange Rate
The Consulate General of Colombia made known on Feb.
26 an Executive Decree issued Feb. 19 which exempts Colombian holders of foreign capital from the obligation of
selling 15% of their holdings, at an exchange rate, to the
Bank of the Republic. The Consulate General's announcement said:
By Executive Decree No. 289 of Feb. 19 1935, made in order to favor
the imports of capital into Colombia, it has been provided that the owners
of capital imported from the date ofsaid Decree are exempt from the obligation of selling to the Bank of the Republic the 15% at the exchange rate of
113% as had been provided by a former Decree; and that the owners of
capital imported since Feb. 18 1935, will obtain from the Board of Control
the respective permit for reimbursement of same, either in one payment or
by installments, in order that the reimbursement of such imported capital
may be made in a period not longer than six months,from such a date. It
also provides that the Board of Control may grant permits for the export of
interest or dividends on such imported capital.
Exchange Control Bill in Costa Rica
Vetoed By President
From a cablegram from San Jose, Costa Rica, to the New
York "Times" it is learned that President Ricardo Jiminez
Areamuno vetoed on Feb. 20, the Exchange Control
Bill, requiring exporters to transfer to Costa Rica all funds
derived from their sales abroad, one-fourth of which they
would have been compelled to sell to the Government at the
official rate of exchange. The cablegram continued:
It is understood the veto was mainly the result of objection by the United
Fruit Company that a forced sale at the official rate of 4.50 colones for the
dollar, while a free market would bring 5, constitutes a direct tax on the
banana industry estimated at 1,000,000 colones a year.
The company's concession exempts it from all taxation except a direct
export tax. The vetoed law also authorized the issue of 1,000,000 colones
in_unbacked paper, and the President declared too much has already been
put out.
Bolivia Cuts Mortgage Interest
Under date of Feb. 22 a wireless message from La Paz,
Bolivia, to the New York "Times," stated:
A Presidential decree promulgated to-day limits the interest on mortgages
to 8% and directs mortgage banks to refund the excess 2% in semi-annual
Interest paid in advance on 10% mortgages. It is hoped to encourage agricultural development by making loans easier to obtain and carry.
Finland to Redeem April 1 Outstanding 30-Year Sinking Fund 61/7
0 Gold Bonds Due Oct. 1 1954,
Series A, Finnish Guaranteed Municipal Loan of
1924
Associated Municipalities of Finland have announced
through the National City Bank of New York, fiscal agent,
the redemption on April 1 1935 of the outstanding 30-year
sinking fund 63% external gold bonds due Oct. 1 1954,
Series A, Finnish Guaranteed Municipal Loan of 1924. An
announcement in the matter said:
These bonds wore issued in October 1924 in the amount of $3,900,000
and the proceeds were applied for refunding and capital purposes, including
public improvements. There are $3,299,000 of these bonds at present
outstanding. They are the direct obligations of twenty-seven associated
municipalities of the Republic and were offered publicly at 91 and interest
In October 1924 by National City Company and Dillon, Read & Co.
The bonds are to be redeemed at a price equivalent to 100% of the
Principal amount thereof.
tad
Portion of 53% Gold Bonds of Metropolitan Water.
Sewerage and Drainage Board, New South Wales
(Australia)to be Purchased Through Sinking Fund
City Bank Farmers Company, New York, as successor
fiscal agent, is notifying holders of Metropolitan Water,
Sewerage and Drainage Board, New South Wales, Australia,
sinking fund gold bonds due April 1, 1950,
20-year 5
that there have been drawn by lot for redemption at their
principal amount on April 1, 1935, out of sinking fund
moneys, $44,000 of this issue. Bonds so designated will be
payable at the office of the Bank, 22 William Street, New
York,on and after the redemption date.
Tenders of Argentine 6% Gold Bonds State Railways
Issue of 1927 Invited by Chase National Bank
The Chase National Bank, New York, acting for the
fiscal agents of Government of the Argentine Nation external
sinking fund 6% gold bonds State Railways issue of 1927, is
inviting tenders for the sale to it, at prices below par, of a
sufficient amount of these bonds to exhaust the sum of
$344,063 available in the sinking fund. Tenders will be
received until noon, April 1, 1935, at the Corporate Trust
Department of the Bank, 11 Broad Street, New York.
$433,714 of 6% Gold Bonds of 1923 of Argentina to be
Purchased by Chase National Bank
The Chase National Bank, New York, acting for the
fiscal agents of Government of the Argentine Nation external
sinking fund 6% gold bonds of 1923 Series "A," is inviting
1389
tenders for the sale to it, at prices below par, of a sufficient
amount of these bonds to exhaust the sumpf $433,714
available in the sinking fund. Tenders will be received-7'71711
noon, April 1, 1935, at the Corporate Trust Department of
the Bank, 11 Broad Street, New York.
Argentine 6% Bonds Due Oct. 1, 1959 and Oct. 1, 1960
May be Tendered for Sale Until April 1
J. P. Morgan & Co. and The National City Bank of New
York, as fiscal agents, are notifying holders of Argentine
Government 6% bonds, due Oct. 1, 1959, and Oct. 1, 1960,
that upon receipt of sinking fund moneys due April 1, 1935,
tenders of such bonds, at a flat price, below par, will close on
April 1. Tenders of bonds are invited in an amount sufficient
to exhaust $287,961 on account of the Oct. 1, 1959, loan and
$155,388 on account of the Oct. 1, 1960 loan. Tenders
should be made at the offices of the fiscal agents.
Rulings on Public Credit External 7% Sinking Fund
Gold Bonds of Santa Fe (Argentina) by New York
Stock Exchange
The New York Stock Exchange, through its Secretary,
Ashbel Green, issued the following announcement on Feb. 28:
NEW YORK STOCK EXCHANGE
Committee on Securities
Feb. 28 1935.
Notice having been received that the interest due March 1 1935, (2%)
on Province of Santa Fe Publlc Credit External 7% Sinking Fund (3%
Annual Cumulative) gold bonds, due 1942. stamped, will be paid on said
date,
The Committee on Securities rules that the bonds be quoted ex-interest
2% on March 1 1935;
That the bonds shall continue to be dealt in "flat" and to be a delivery
In settlement of transactions made beginning March 1 1935. must carry the
Sept. 1 1935 and subsequent coupons.
ASHBEL GREEN,
Secretary,
New York Stock Exchange Rulings on 6% Refunding
External Sinking Fund Gold Bonds of Buenos Aires
(Argentina)
The following announcement was issued on Feb. 25 by
Ashbel Green, Secretary of the New York Stock Exchange
NEW YORK STOCK EXCHANGE
Committee on Securities
Feb. 25 1935.
Notice having been received that payment will be made on March 1
1935. of 822.86 Per 81,000 bond in cash and the balance in arrears certificates:on surrender of the "substituted coupon" due March 1 1935, from
Province of Buenos Aires 6% refunding external sinking fund gold bonds.
due 1961, "stamped".
The Committee on Securities rules that the bonds be quoted ex the March
1 1935, "substituted:coupon" on March 11935;
That the bonds shall continue to be dealt in "flat" and to be a delivery in
settlenent of transactions made beginning March 1 1935. must carry the
Sept. 11935,"substituted coupon" and the March 1 1936 and subsequent
regular coupons; and
That arrears certificates received in partial payment of "substituted
coupons" shall not be deliverable with the bonds.
ASHBEL GREEN, Secretary.
Depositing of Bonds with Bondholders' Protective
Committee for Republic of El Salvador Seen
Limited to April 1
The bondholders' protective committee for Republic of
El Salvador, of which F. J. Lisman is Chairman, announced
recently that the committee does not now expect that it will
be possible to accept further bonds for deposit after April 1
1935. The announcement said:
Deposits now amount to 94.80% of the Series A bonds; 96.04% of the
Series B bonds and 90.55% of the Series 0 bonds, or a total of 92.86% of
all bonds of all series outstanding.
Dougla.spradford, 120 Wall St., is Secretary of the committee.
Distribution of Cash and Scrip on German Dollar Bonds
Distribution of cash and scrip offered in satisfaction of
interest payments maturing on approximately 116 German
dollar bonds for the period Jan. 1 to June 30 1934 was begun
on Feb. 25. Payment is at the rate of 30% of the interest
due in dollars and 70% in reichsmark scrip. The offer
covers not only coupons maturing during the period mentioned, but also interest claims pertaining to bonds the principal of which has become due through serial maturities,
which interest claims are consequently not represented by
coupons. Regarding the distribution an announcement,
Feb. 25, said:
The list of German dollar obligations involved, together with the names
of 19 banking institutions acting as agents for the distribution of cash
and scrip, is being formally advertised. The advertisement states that
"this notice under no consideration is to be construed as an offering of
the scrip, or as an offer to buy or a solicitation of an offer to surrender
coupons."
1390
Financial Chronicle
March 2 1935
Distribution, which will begin to-day, follows the filing of a registration
statement by the Conversion Office for German Foreign Debts with the
Securities and Exchange Ocanmission, which became effective last week.
Holders of the unpaid coupons have the option of presenting their coupons
for the cash and scrip or of retaining them. Holders of serially matured
bonds have the option to present bonds for stamping of notation of interest
payment. The American special agents have made no recommendation in
the matter, leaving it entirely to the individual judgment of the coupon
holders and bondholders.
Before any payment can be made, the holder must receive a copy of the
prospectus and then forward his coupon and/or serially matured bonds to
the proper paying agent accompanied by a letter of transmittal.
420,249 shares, or 4.83% of the total outstanding. This
compares with 400,726 shares or 4.60% of the total issue
held Sept. 30 1934 and 280,589 shares or 3.22% held on
Sept. 30 1933. The number of common shares held abroad
has been increasing steadily in recent years, and the total
now held is the highest since June 30 1919, at which date
the figure was 465,434 shares (9.15%). As compared with
March 31 1914, just prior to the World War, when 1,285,636
shares, or 25.29% of the total, were held abroad, the present
figure
does not appear so large.
by
statement
registration
The filing with the SEC of the
Preferred stock held abroad increased slightly, the amount
the Conversion Office was noted in our issue of Feb. 23,
held on Dec. 31 1934 being 69,665 shares, or 1.93% of the
page 1231.
total issue, against 68,738 shares, or 1.91% held Sept. 30
Rulings of New York Stock Exchange Affecting Trans- 1934. A year ago, the total shares held abroad amounted
actions in Certain Foreign Bond Issues-Dealings to 69,640 shares, or 1.93%.
in "Flat" Continued
The floating supply of common stock, as indicated by
On Feb. 21 the New York Stock Exchange issued several stook held in brokers' names (domestic and foreign) on
rulings on certain bond issues which provided, among other Dec. 31 last amounted to 1,691,456 shares, or 19.44%
things, that the bonds shall continue to be dealt in "flat" of the total issue of 8,703,252 shares, an increase of 35,347
and to be a delivery in settlement of transactions must carry shares over the supply held on Sept. 30 1934. At the end
designated coupons. The rulings were announced as follows of December last year brokers held 1,636,349 shares, or
[we give here only the foreign State and municipal issues 18.80%. Brokers' holdings in New York State, which to
affected by the rulings; industrial issues affected are re- some extent indicate the position of Wall Street, were 1,509,ferred to in the "General Corporation and Investment News" 604 shares on Dec.31, or 17.35%, against 1,478,416 shares on
section of our issue of to-day.-Ed.]:
Sept. 30 last, or 16.99%, and 1,528,241 shares, or 17.56%,
NEW YORK STOOK EXCHANGE
a year ago.
Committee on Securities
Preferred holdings by brokers in all countries on Dec. 31
Feb. 21 1935.
last were 365,142 shares, or 10.13%, compared with 359,454
TO the Members:
shares, or 9.98%, on Sept. 30 last and 350,613 shares, or
Notice having been received that payment of 30% in cash and the
balance in scrip will be made beginning Feb. 25 1935 on coupons due
9.73%, a year ago.
from Jan. 1 1934 to June 30 1934, both inclusive, from the bonds listed
below, the Committee on Securities rules that beginning with transactions
made Feb. 26 1935 these bonds shall be ex-coupon;
That the bonds shall continue to be dealt in "flat," and to be a delivery
In settlement of transactions made beginning Feb. 26 1935, must carry
the coupon designated in each case and subsequent coupons; and
That scrip received in partial payment of coupons shall not be deliverable
with the bonds.
Bavaria, Free State of
External 20-year 654% sinking fund gold bonds, due 1945, Aug. 1 1934
coupon.
Berlin, City of
25-year 654.70 sinking fund gold bonds, municipal external loan of 1925,
due 1950, Oct. 1 1934 coupon.
30-year 6% external sinking fund gold bonds, due 1958, Dec. 31 1934
coupon.
Bremen, State of
10-year 7% external loan gold bonds, due 1935, Sept. 1 1934 coupon.
Cologne, City of
2% sinking fund gold bonds, due 1950, Sept. 15 1984 coupon.
/
25-year 81
Deutsche Bank
Stamped American participation certificates representing a participation
In 5-year 6% notes, due Sept. 1 1932 (extended to Sept. 1 1935), Sept. 1
1934 coupon.
Dresden, City of
20-year 7% sinking fund gold bonds, external loan of 1925, due 1945,
Nov. 1 1934 coupon.
Frankfort-on-Main, City of
25-year sinking fund 634% gold bonds, municipal external loan of 1928,
due 1953, Nov. 1 1934 coupon.
German Central Bank for Agriculture
Farm loan secured 6% gold sinking fund bonds, series A of 1928, due
1938, Oct. 15 1934 coupon.
First lien 7% gold farm loan sinking fund bonds, due 1950, Sept. 15 1934
coupon.
Farm loan secured 6% gold sinking fund bonds, second series of 1927,
due 1960, Oct. 15 1934 coupon.
Farm loan secured 6% gold sinking fund bonds, due 1960, July 15 1934
coupon.
German Provincial and Communal Banks-Consolidated Agricultural Loan
Secured sinking fund gold bonds, series A 634%, due 1958, Dec. 1 1934
coupon.
Hamburg, State of
20-year 6% gold bonds, due 1946, Oct. 1 1934 coupon.
Leipzig, City of
7% sinking fund gold bonds, external loan of 1926, due 1947, Aug. 1 1934
coupon.
Nuremberg, City of
External 25-year 6% sinking fund gold bonds, due 1952, Aug. 1 1934
coupon.
Prussia, the Free State of
634% sinking fund gold bonds, external loan of 1926, due 1951, Sept. 15
1934 coupon.
6% sinking fund gold bonds, external loan of 1927, due 1952, Oct. 15 1984
coupon.
Saxon State Mortgage Institution
Mortgage collateral sinking fund 7% guaranteed gold bonds, due 1945,
Dec. 1 1934 coupon.
Mortgage collateral sinking fund 634% guaranteed gold bonds, due 1946,
Dec. 1 1934 coupon.
ASHBEL GREEN, Secretary.
Foreign Holdings of United States Steel Corp. Stock
Foreign investors increased their holdings of U. S. Steel
Corp. common stock by 19,523 shares during the quarter
ended Dec. 31 1934, on that date holding an aggregate of
Trading in Gasoline and Crude Oil Futures on Commodity Exchange to be Inaugurated March 5Rules for Trading Adopted
By-laws and rules providing for trading in gasoline and
crude oil futures on the Commodity Exchange, Inc., have
been formally adopted and will become effective March 5.
The Exchange plans to inaugurate trading on March 5, the
first delivery month to be June, 1935.
Change in Hours for Trading in "Standard" Tin and
"Straits" Tin Futures on Commodity Exchange
The Commodity Exchange, Inc., has changed the hours
for trading in "standard" tin and "straits" tin futures,
effective Feb. 27. The new trading hours are as follows:
PUFTraradard" tin axe daily from 10:10 a. m. to 2:35 p. m.
azi=turdaysfrom 10:10 a.in. to 11:35 a. in. Daily trading
now in "straits" tin is from 10:15 a. in. to 2:50 p. in. and
from 10:15 a. in. to 11:50 a. m. Saturdays.
•
Tobacco Futures Trading Inaugurated on New York
Produce Exchange-James Clifton Stone Appointed
Chairman of Tobacco Trade Advisory Board
The New York Produce Exchange inaugurated its new
tobacco futures market on Feb. 25. The first sale of burley
tobacco was made by Jerome Lewine, of H. Hentz & Co., to
Wallace Brindley, of E. A. Pierce & Co., at 24.40c. a pound,
and the initial sale of flue cured tobacco, by Arthur Orvis,
of Orvis Brothers, went to James Eblen, of Eblen & Co., at
34.75c. a pound. The day's dealings were reported as brisk,
and prices, it is said, were regarded as satisfactory. Elsewhere in our issue of to-day we refer to the discontinuance
of the securities market of the Produce Exchange on Feb. 25.
The opening of the market was attended by interests representing brokerage and Southern tobacco circles. Brief addresses were made by Samuel Knighton, President of the
Exchange; James Clifton Stone, Chairman of the Tobacco
Trade Advisory Board, and James Lovatelli, Chairman of
the Committee on Tobacco. In his remarks, Mr. Knighton
said, in part:
Tobacco is the third largest agricultural crop produced in the United
States, ranking next to cotton and wheat. It is a commodity that may be
stored safely and beneficially for a term of years. In establishing this
future delivery market, we are confident that we are furnishing a facility
that, although new to the tobacco industry, is one that is much in demand
to round out the marketing of this historical and highly important
American product.
Such futures trading has long since proven its value in the marketing of
grain, cotton, cottonseed oil, rubber, silk, coffee, cocoa and other basic commodities, and should supply a link in tobacco marketing that will materially
strengthen the chain of commerce extending from producer to smoker.
The officers of the New York Produce Exchange have shouldered the
burden of pioneering at a time when conservatism is the watchword. They
have done so advisedly. I say advisedly because our members individually
will not only supplement the Exchange's endeavors to fully inform the trade
of the machinery provided for its use, but will prove to the trade their
ability to conduct a market that will give fair opportunity to seller and
buyer alike to make his transactions quickly and advantageously.
To our members I say that upon you depends primarily the success of
this undertaking. The responsibility devolves upon you to call into play
Financial Chronicle
Volume 140
that enthusiasm and energy which has so often stood you in good stead.
It is incumbent upon you to establish your contacts and convince the
tobacco industry of your right to a place in their marketing plans and
operations.
From Mr. Stone's remarks we quote:
I have been interested in the tobacco trade for many years from a producer's point of view and from a marketing point of view. I have given a
great deal of consideration and thought to the possibility of developing a
futures market for tobacco, and I have come to the definite conclusion it
can be done. The success of this market, as the President has just told
you, will depend largely upon you. It is not going to be easy. The tobacco
men, or the men interested in the tobacco business—especially in the manufacturers' and dealers' end—don't understand the futures market for tobacco.
A lot of educational work has to be done, but, in my opinion, when they
do understand it, you will have no trouble in making this section one of
the most important features in the Exchange.
There is no reason why a futures market cannot be developed in it if you
are selling in futures on some 25 different commodities on the Exchange.
The appointment of Mr. Stone as Chairman of the Tobacco
Trade Advisory Board of the Exchange was announced on
Feb. 21 by President Knighton. He is a former Vice-Chairman of the Federal Farm Board, and was founder, first
President and general manager of the Burley Tobacco Growers' Co-operative Association. He resides in Lexington, Ky.
The Tobacco Trade Advisory Board will consist of 12
members, to be chosen by Mr. Stone, engaged in all branches
of the tobacco industry and located in the tobacco territory.
It will be the object of the Advisory Board to represent
those engaged in the tobacco industry and to see that their
interests will be protected at all times. A committee, headed
by Harold S. Bache, of J. S. Bache & Co., New York, also
has been selected to represent the interests of brokerage
houses.
As to the futures market, an announcement issued by the
Exchange, prior to the opening of the trading, said:
Two contracts have been adopted, one for burley and one for flue cured
tobacco. The burley contract represents approximately one-third of the
American crop; the flue cured contract about one-half. Each contract
consists of 10,000 pounds of unstemrned, steam-dried or sweated tobacco
of a uniform grade and type, of one crop year, the output of one packer,
and packed in hogsheads of size and weights commercially used for the type
of tobacco tendered.
Price fluctuations will be in one-one hundredths of a cent and each
hundredth of a cent amounts to one dollar on a contract. Fluctuations
are limited to three cents per pound in one day.
The first delivery month upon opening of the market will be May 1935.
Trading hours will be from 10:30 a. m. to 3:00 p. in., with Saturday
closing at 12 noon.
Trading rules provide for every reasonable protection to buyer and seller
as to grade, weight, quality and keeping condition. Grade certificates are
Issued only by inspectors and graders licensed and employed by the United
States Department of Agriculture.
Through the establishment of this tobacco futures market, the tobacco
trade will have the same means of price protection through hedging as now
applies to cotton and grain.
Previous reference to the new market was made in our
Issue of Feb. 16, page 1063.
Filing
of Registration Statements Under Securities
Act of 1933
The Securities and Exclmnge Commission announced on
Feb. 25 the filing of six additional registration statements
under the Securities Act of 1933. The total involved is
$14,478,000, of which $7,550,000 represents new issues.
The securities involved are grouped as follows:
Commercial and industrial issues
Investment trusts
Certificates of deposit
Securities in reorganization
$350,000
7.200.000
413,000
6.515.000
The list of securities for which registration is pending
(statements Nos. 1292-1297 inclusive) follows:
Corporate Equities, Inc. (2-1292, Form 0-1) of New York, seeking to
issue an additional 2,215,384 trust endowment shares A, at an aggregate
offering price of $7,200,000.
Kiley Brewing Co., Inc. (2-1293, Form A-1) of Marion. Ind., seeking to
Issue 100,000 shares of $1 par value common stock at $3.50 Per share.
Bankers Bond & Mortgage Co. (2-1294, Form E-l) of Philadelphia. Pa..
proposing to effect a reduction ofinterest rate from 6% to 4% on $3,051,000
face value Edward D. Cuthbert guaranteed first mortgage bonds, and
an extension of maturities to March 15 1940 of bonds maturing from
March 15 1934 to March 15 1939, such bonds having heretofore been guaranty.. (See registration statement Mitten Bank Securities Corp. .File
2-1228.)
Bankers Bond & Mortgage Guaranty Co. of America (2-1295, Form E-1) of
Newark, N.J., proposing to effect a reduction of interest rate from 6% to 4%
on $3.051,000 face value Edward D. Cuthbert guaranteed first mortgage
bonds, and an extension of maturities to March 15 1940 of bonds maturing
March 15 1934 to March 15 1939 inclusive, such bonds having heretofore
been guaranteed by such company. (See registration statement Mitten
Bank Securities Corp.. File 2-1228.)
Waco Development Co. (2-1296, Form D-1A) of Waco, Tex., seeking
to issue certificates of deposit for $413.000 principal amount of first
mortgage 6% real estate gold notes of the Waco Hilton Hotel Co., being
called for deposit.
Waco Development Co. (2-1297, Form E-1) of Waco. Tex., seeking to
issue $413,000 principal amount of extension notes in exchange for first
mortgage 6% gold notes of Waco Hilton Hotel Co.
In making public the above list the Commission said:
In no case does the act of filing with the Commission give to any security
its approval or indicate that the Commission has passed on the merits
of the issue or that the registration statement itself is correct.
1391
The:last previous list of registration statements appeared
in our issue of Feb. 23, page 1232.
Regional Offices of SEC Opened in Chicago and Boston
The Securities and IExchange Commission announced on
Feb. 22 that two additional regional offices would be placed
in operation on March 1 1935, Chicago and Boston. The
announcement said:
The Chicago office will be under the supervision of Edward E. Barthel'Jr.
Headquarters for this office will be in the Continental Illinois National
Bank & Trust Co. Building.
The Boston office will be under the supervision of Edmund J. Brandon.
This office will be located in the National Shawmut Bank Building.
Appointments in both offices will be made from applications already
on file with the Commission in Washington.
The New York regional office has been operating for several months.
SEC Repeals Ruling Requiring Exchanges to Keep
Copies of Data Filed with Commission Concerning
Unlisted Securities
Thei Securitieslandi Exchange Commission on Feb. 21
repealediRule JF6, which required exchanges to obtain and
keep available for public inspection copies of all documents
filed with the Commission under Sections 12, 13, and 16 of
thel Securities Exchange Act concerning securities in their
unlisted trading.departments. The Commission announced:
These documents include financial and other data filed by issuers of
listed securities, and reports of holdings of officers, directors and principal
stockholders. They are open to inspection at the Washington office and
at the exchange upon which a security of the issuer is listed, and may be
obtained from the Commission upon request in accordance with its
regulations.
The text of the repealing regulation follows:
Repeal of Rule JF6—Rule 31'6, as promulgated Aug. 29. 1934, is hereby
repealed.
Richard Whitney of New York Stock Exchange Lists
Four Elements for Business Recovery—Adequate
Incentives for Private Enterprise and Restoration
of Confidence to Capital Essential
Four steps are required before business recovery in the
United States may be sustained and restore past prosperity,
Richard Whitney, President of the NewiYork Stock ExclTinge, said on Feb. 26 before the annual dinner of the
Engineers Society of Western Pennsylvania at Pittsburgh.
First, Mr. Whitney said, Government must administer
relief and institute reforms on a scale and in a manner that
will not impede the normal and automatic processes of
recovery. Second, the maladjustments which preceded the
1929 collapse must be corrected, at least in part. Third,
the country must be assured of security, including that of
the workmen in his job and security of capital in its substance
and return. Finally, incentives must be established which
will induce capital and management again to assume those
risks without which progress is impossible.
Mr. Whitney said he believed in the Government's duty
to aid the victims of "an economic tempest" but he warned
that our sympathy for the distressed must not prevent
"a cold,[sober realization of the danger in large-scale and
Governmentally administered kindness." ,Relief;payments
he said, are susceptible to widespread abuse and dangerous
expansion, while excessive relief presents a grave threat to
the fiscal integrity of the Government.
In discussing the question of "security," Mr. Whitney
said, in part:
Public attention has recently been directed toward security for the
common man, security against the helplessness of old age, security against
unemployment and the twin hazards of illness and accident. I would say
nothing to disparage the importance of this kind of security. Yet it is a
type of social legislation designed to meet the long term needs of the country.
Itis in no sense a direct contribution to recovery. in fact.insofar as it holds
above business the threat of undefined imposts. it may to that extent
constitute an impediment to recovery. Please understand that I am
appraising such security legislation only in the light of the effect which
it may have upon business.
The security which I have in mind as a condition of recovery is a security
against hazards over and above those which normally attend every business
enterprise. The security to which I refer is well illustrated by that highly
controversial clause in the National Industrial Recovery Act (the famous
7-A) which attempts to define the rights of labor. I have no desire nor
time to examine the history of that clause nor to offer my own conception
of an appropriate solution. This clause vitally affects the relations between
men and management in every industry. The interpretation which
management places upon that clause is emphatically not the interpretation which labor offers. No one seems to know what the Government
thinks it means. A study of attempted official constructions finds as
many on one side as on the other. I believe that most business men will
agree with me when I say that a definite interpretation of this vexatious
clause is preferable to continued uncertainty even though that interpretation be unfavorable to management. The point I make here is that
certainty of the conditions under which business men operate is urgently
needed.
The budget offers a similar illustration. I do not hold that a balanced
budget is an absolute and infallible guarantee of prosperity. The status
of the budget is, to a large degree, the consequence and not the cause of
business conditions. When the land is prosperous and rich revenues flow
into the treasury, when employment is general and relief demands negligible,
it is a simple matter for the Government to follow the path of fiscal virtue.
1392
Financial Chronicle
When hard times come, revenues decline. The Government is confronted
by categorical emergency demands and only a fiscal miracle could balance
the budget.
I am fully aware of the grave danger in Government outlays which are
not covered by current revenue. On the other hand, as a practical citizen
I am willing to concede that it is much easier to expound than to apply
the principles of sound public finance in the presence of a national emergency. With this concession. however, I do believe it desirable to define,
within reason, the period of the emergency, the total amount which the
Government intends to borrow and then to adhere to that program. The
average conservative citizen is not inclined to take a narrow view of the
budget problem. On the other hand, he would like some assurance that
the deficits will not be interminable or the debt infinite. Again I believe
such an assurance to be psychologically desirable at this time and its fulfillment politically practicable. It is a form of security which would contribute measurably to recovery.
Heavy industry, Mr.Whitney said, cannot subsist without
a steady flow of new capital which will not be forthcoming
unless assured a broad, open security market. Labor,
agriculture, business and finance, he contained, have one
common interest—recovery. He then added:
As we regard the scope and complexity of the recovery problem, we
realize that it cannot be solved by Governmental intervention alone. Such
Intervention can be, at best, only a temporary palliative. This is not a
criticism of the Government but rather a recognition of the magnitude and
difficulty of the task. Recovery, when it comes, must come, in the future
as in the past, through the initiative of private enterprise, the intelligence
of private management and the courage of private capital. National
policy, to be successful, should embrace these three cardinal instruments
of recovery.
Provide adequate incentives for private enterprise! Grant management
the maximum of freedom! Restore confidence to capital!
With these three great fundamentals achieved, then indeed is true
recovery assured.
March 2 1935
which he has no control, places a value on the security of the corporation
.
of
which he is a director, officer, or beneficial owner,either too low or too high.
Accordingly,such an interested party is entitled to the same protection and
consideration as is afforded other stockholders. In periods of emergency or
overoptimism he may serve a useful purpose for the benefit of other stockholders, by his willingness to purchase stock when it is unduly depressed as
well as supplying stock, if the market appraisal as reflected by high selling
prices,is out ofline with his own ideas based on his knowledge of the affairs
of the corporation. Activity of this type could be construed and defined as
sponsorship and is readily divorced from manipulation. Reference is made
in various sections of the Act to "manipulation and deceptive devices."
No assertion can be made that a man who employs his own capital and
risks his credit in protecting his own stock, and at the same time that of
the other stockholders, is in any different position from one who owns a
parcel of real estate and finds it of personal benefit to himself as well as that
of the community to protect his property by purchasing that of his neighbor
when his neighbor no longer is in a position to retain it.
Sponsorship by an individual, in itself, does not!assure a profit but it has
a tendency to equalize values and serves to keep them more in bounds with
legitimate values based on economic results of each indivual corporation.
Manipulation on the other hand is a device which artificially stimulates and
distorts values, but has a temporary effect, and leaves the security in a
weakened condition. There should be no penalty for sponsorship, whereas
punitive provisions could be incorporated in the Act to penalize a director,
officer or beneficial holder of stock who profits'either directly or indirectly
in any group, syndicate or pool formed for the purpose of manipulative
activity and the penalty for violation of this rule could carry with it not
only the necessity for the recovery of the profit involved but a substantial
fine as well.
Chairman Kennedy of SEC Sees No Reason Why Bank
Stocks Should Not Be Listed on Stock Exchanges—
Issues on New York Produce Exchange Lose Status
With Discontinuance of Its Securities Market
According to Joseph P. Kennedy, Chairman of the SecuriAmendment to Securities Exchange Act Suggested by ties Exchange Commission, the latter finds no reason why
V. G. Paradise—Proposes Change in Provision widely distributed bank stocks should not be listed on a
Covering Recovery of Profits Made by Officers— ltional Securities Exchange. The announcement of
Officials Trading in Company's Stock
Chairman Kennedy, on Feb. 24, was made incident to the
A suggestion that an amendment be made to Section 16(b) discontinuance this week of the Securities Market of the
of the Securities Exchange Act of 1934 has been made by New York Produce Exchange, as to which thelCommittee
Victor G. Paradise, a partner in the New York Stock had previously indicated that bank stocks listed thereon
Exchange firm of Frazier Jelke & Co., in a communication would, "under Section 7c of the Securities Exchange Act,
addressed to the Securities and Exchange Commission, lose the collateral value that they had theretofore possessed
made public Feb. 23. Mr. Paradise points out that as a result of being admitted to unlisted trading privileges on
"Section 16-b provides for court action for recovery of any the New York Produce Exchange."
profits made by a director, officer or any beneficial owner
The Commission this week said that "it sees no ground
of more than 10% of stock, such suit to be instituted for exercising its exempting powers to give these stocks the
by the corporation involved."
type of collateral value that will be denied them as unregisHe argues that "no assertion can be made that a man who tered stocks under Section 70 of the SEA when the securities
who employs his own capital and risks his credit in protecting division of the New York Produce Exchange closes." It
his own stock, and at the same time that of the other stock- added:
holders, is in any different position from one who owns a
It is well to point out that bank stocks can be listed with certainly as
parcel of real estate and finds it of personal benefit to him- great a facility on a national securities exchange as other stocks. The Commission is now preparing a form for the registration of such stocks. In the
self, as well as that of the community, to protect his property meantime a provisional form,known as Form 7,is available to these issuers,
by purchasing that of his neighbor when his neighbor no who may thus acquire for their security holders the benefits of registration
longer is in a position to retain it." Activity of this type upon a national securities exchange.
The New York "Times" points out that the Federal
Mr. Paradise contends "could be construed and defined as
Reserve Board ruled that the securities may be retained in
sponsorship and is readily divorced from manipulation."
Mr. Paradise suggests that "there should be no penalty accounts with brokers and dealers as collateral behind loans
for sponsorship, whereas punitive provisions could be incor- already made in conformity with the margin regulations.
porated in the Act to penalize a director, officer or beneficial However, the stocks will not be eligible collateral as the basis
holder of stock who profits either directly or indirectly in of any additional extension of credit by an account. The
any group, syndicate or pool formed for the purpose of Board's ruling is given elsewhere in this issue.
The "Times" of Feb. 26 said that the suggestion of Mr.
manipulative activity."
Kennedy has evoked little response among leading bankers
The suggestion of Mr. Paradise was made as follows:
here; among those mildly sympathetic toward the idea of
Several months have elapsed since complete control of the Securities
Exchanges throughout the country, has passed to the Securities Exchange
listing, it added, there is no disposition to move unless a
Commission. The vridsom and fairness shown by members of the Comlarge proportion of the banks agree to follow.
mission in approaching the many complex problems without bias, deserves
the highest commendation. Their appraisal of the situation from the
standpoint of public interest has prompted them to move slowly in formulating rules and regulations, maintaining a tempo which permits those
affected by provisions of the Securities Exchange Act of 1934 more readily
to absorb their intent and through co-operation to conform to the spirit
of the law.
Experience and time alone will determine whether the Act as it now
stands, will accomplish all the purposes sought. It is confidently expected
that in time to come those responsible for its execution will recommend
amendments to the Act to provide relief where it is required and to seek
clarification where necessary.
Section 18 (a) of the Act provides for monthly reports of holdings, by
directors, officers or any beneficial owners of more than 10% of any class of
an equity security as well as any changes in holdings from month to month.
'Section 16(b) provides for court action for recovery of any profits made by
a director, officer or any beneficial owner of more than 10% of stock, such
suit to be instituted by the corporation involved. If the corporation should
fall or refuse to bring such suit within 60 days after request to take action,
then an owner of any security of the corporation may act to recover the
profits in behalf of the corporation.
It is now contended that with the filing of statements of changes in
holdings, as provided for in Section 16 (a), ample opportunity has been
afforded the Commission to determine whether unfair methods are employed
by any of the interested parties referred to in 16 (a) in acquisition and sale
or in sale and repurchase of stock within a period of less than six months;
that by supervision and publicity the "public interest" will be served and
therefore Section 16(b) should be amended as to the provisions for compulsory litigation to recover the profit for and on behalf of the corporation.
It is a question whether an individual acting independently, even though
be may be in possession of what is termed "advance information," can be
regarded as profiting by such "information." if market conditions, over
SEC Rules Reports of Carriers Filed With ICC May Be
Filed in Place of Those Required Under Permanent
Registration Regulations
The Sectuitiesjand Exchange Commission, it was announced Feb. 20, has ruled that the reports of carriers filed
with the Interstate Commerce Commission may be filed in
place of reports required in the forms for permanent registration under the Securities Exchange Act. The announcement
continued:
The Commission has further ruled that such reports need not be independently audited except where the Interstate Commerce Commission
requires that they be so certified.
The Commission has also adopted a regulation providing
.
that;the accounting requirements imposed upon:any companiesiby other Federal regulatory
legislation take precedence over the requirements of the Commissionlas to
the same matters under the Securities Exchange Act.
Restrictions Proposed by SEC on Specialists and
Floor Traders on Stock Exchanges
A definite restriction upon the stock market operations of
floor traders and specialists has been proposed by the Securities and Exchange Commission in a memorandum sent to
National securities exchanges/and many of their members for
their consideration and opinion, it was learned in financial
Volume 140
Financial Chronicle
quarters on Feb. 28, according to the New York "Journal of
Commerce" which also said in part:
The restriction, as now proposed, is to take the form of prohibiting floor
traders and specialists from entering upon any commitment unless they are
able to handle the transaction, either for cash or on a margin basis equally
as rigid as the basis on which the public trades, it was said yesterday. At
the present time, the in-and-out trading of members on the floor bears no
relation to their financial responsibilities unless stock is held over night.
They may be in and out of thousands of shares during the day at their own
Choice, it is said.
Short Sales
Another of the Commission's suggestions . . . deals with the elimination of all present rules covering short selling. A general rule would be
substituted which would prohibit any short sales at a price more than a
quarter-point below the previous day's closing price. There would be no
further hindrance or disclosure, according to the report.
A third suggestion was a rule that when a trader buys stock at the offered
price, he may not buy again at the next higher fraction. There was also a
report that priority of execution for the orders of the public was being
considered.
Not Final Rules
It was reported yesterday that these suggestions are not final rules, but
represent the views of the Commission after months of study. The memorandum was sent here with the idea that Stock Exchange members and
officials would report back to the Commission whether they feel the suggestions are practical for rules.
It is stated that Richard Whitney, President of the
Exchange, has gone to Washington to discuss the drafts with
the Commission.
Suggestion That President of New York Stock Exchange
Be Salaried Man by E. A. Pierce
At a meeting of members of the New York Stock Exchange
and their office partners called for Feb. 25 by the Nominating
Committee, E. A. Pierce, of E. A. Pierce & Co., New York,
proposed that the Exchange place its President on a salary,
and suggested "a man of the type of the late President
Calvin Coolidge." Opinions in several brokerage quarters
on Feb. 27, it is said, failed to agree with the suggestion, but
it was felt the proposal should not be dismissed without some
consideration.
The annual election of the Exchange will be held on May
13 at which time a President will be chosen.
SEC Appeals Ruling of Fnderal Judge Caffey in Mining
Injunction Cases
An appeal was filed on Feb. 26 by the New York office
of the Securities and Exchange Commission from the order
of Federal Judge Francis G. Caffey dismissing injunction
suits brought against the Eurydice Gold Mining Co. and the
Stock Market Finance Co. Judge Caffey had ruled that
the Commission was without authority to institute on its own
initiative and authority injunction proceedings against
individuals or corporations. We gave previous reference to
the matter in our issue of Feb. 23, page 1231.
New York Produce Exchange Discontinues Securities
Trading—Federal Reserve Board Issues Ruling
Interpreting Regulation T Bearing on Securities
Affected
The securities market on the New York Produce Exchange
was discontinued on Feb. 25, at which time tobacco futures
trading was inaugurated; the inauguration of the tobacco.
trading is noted elsewhere in our issue of to-day. The
intention of the Produce Exchange to terminate dealings in
securities was referred to in these columns of Jan. 5, page 41.
The Federal Reserve Board on Feb. 23 issued a ruling
interpreting Regulation T in respect to securities affected by
the discontinuance of securities trading by the Produce
Exchange. The ruling follows:
SECURITIES AFFECTED BY DISCONTINUANCE OF SECURITIES
DIVISION OF NEW YORK PRODUCE EXCHANGE
Ruling No.41 Interpreting Regulation T
Announcement has been made that the New York Produce Exchange,
which is now a National securities exchange, will discontinue its Securities
Division in the near future. At that time all securities, including certain
bank stocks, which are now "registered securities" solely because of the
fact that they are listed on that exchange, or have unlisted trading privileges thereon, will cease to be "registered securities" as defined in Regulation T. In these circumstances the Federal Reserve Board has been asked
whether such of these securities as are at that time being carried for customers by brokers and dealers subject to Regulation T may continue to be
so carried and what "loan value," if any, such securities will have under
the regulation.
In reply the Board points out that, under Section 5(c) of Regulation T.
the creditor is given express permission to retain, until July 1 1937, as collateral for any credit initially extended prior to Oct. 1 1934, or extended in
conformity with the regulation, any collateral whatsoever, including unregistered non-exempted securities, provided that the collateral other than
exempted or registered securities shall not be the basis of any additional
extension of credit and shall be given no value in determining the maximum loan value of the securities in the account. The Securities Exchange
Act of 1934 and the regulations issued thereunder do not require liquidation
in consequence of the action of the New York Produce Exchange,inasmuch
as they do not force a broker or dealer to sell, or to compel his customers to
sell, securities which cease to be "registered securities." It is to be noted,
furthermore, that no provision of the Securities Exchange Act of 1934 or
of any regulation issued thereunder has imposed any restrictions on the
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amount of credit that may be extended on such securities by any bank
which is not a member of a national securities exchange.
The Board calls attention to the possibility that in the circumstances
recited the securities in certain accounts may no longer have loan value
equal to or greater than the adjusted debit balance of the account, so that
such accounts will become "restricted accounts" and will accordingly become subject to the provisions of Regulation T relating to such accounts.A
The text of Regulation T, governing margin requirements
under the Securities Exchange Act of 1934, was given in the
"Chronicle" of Sept. 29 1934, pages 1923 to 1926.
1934 Business Volume of Federal Intermediate Credit
Banks Reported 45% Above 1933
The volume of business of the 12 Federal Intermediate
Credit banks increased 45% in 1934 compared with 1933,
according to a statement issued at Washington, D. C.,
Feb. 23, by W. I. Myers, Governor of the Farm Credit Administration. Total credit extended to financing institutions and co-operative associations in 1934 amounted to
$405,885,559, compared with $278,673,376 in 1933, Mr.
Myers's statement said, continuing:
Of the total volume of credit extended during the year, $124,948,585, or
about 31%, represented paper discounted for privately-capitalized commercial banks, agricultural credit corporations and livestock loan companies;
$113,434,699, or about 28%, represented notes discounted for the regional
agricultural credit corporations; $110,133,809, or 27%, loans and discounts
for production credit associations, and $57,368,516, or 14%, loans to
farmers' co-operative marketing and purchasing associations.
Although $113,434,699 was advanced by the banks to the regional
agricultural credit corporations during 1934, a substantial part of the
discounts consisted of paper which the corporations previously had rediscounted with the Reconstruction Finance Corporation. This indebtedness
has been reduced by repayments aggregating $37,255,431 in 1933 and $112,976,122 in 1934, leaving $38,650,661 under discount at the close of 1934.
The paid-in capital of the 12 corporations amounts to $44,500,000. Five
of these corporations have repaid rediscounts with the Intermediate Credit
banks.
Since the regional agricultural credit corporations are now in liquidation,
and few privately-capitalized agricultural financing institutions dealing
with the banks are in position, because of their limited capital, to increase
their lines of credit materially, the major expansion in the discounting
operations of the Federal Intermediate Credit banks is originatirg with
the newly-organized production credit associations. The banks made loans
to and discounts for the associations of $110,133,809 in 1934, over twothirds of which was extended during the last half of the year. At the close
of 1933 only a few of the associations had begun to do business, and
discounts with the banks amounted to only $27,094.
Outstanding loans and discounts of the Intermediate Credit banks at
the end of 1934 totaled $189,816,609, compared with $149,462,951 at
Dec. 31 1933. Of the total amount of loans and discounts outstanding at
the close of 1934, $61,024,482, or about 32%, represented production credit
association loans and discounts; $38,650,661, or 20%, discounts for
regional agricultural credit corporations; $55,672,295, or about 30%, credit
extended to other financing institutions, and $33,969,171, or 18%, loans
to co-operative marketing and purchasing associations.
The Intemiediate Credit banks obtain loanable funds chiefly through the
issuance and sale of short-term collateral trust debentures to investors.
During 1934 the banks sold debentures aggregating $286,650,000 and had
outstanding on Dec. 31 debentures in the amount of $164,370,000, compared
with $128,185,000 outstanding at the close of 1933.
Of the total amount of $288,650,000 of debentures sold during 1934,
approximately $140,620,000, or 49%, carried maturities of six months or
less, while the balance, amounting to $146,030,000, or 51%, carried
maturities of more than six months but not exceeding 12 months.
During the past year the discount rate of the Intermediate Credit banks
has been the lowest in the history of these institutions. The ready demand
for short-term investments enabled the banks to lower their debenture
rates from 254% to 2, and then to 134% during the last six months of
the year. As a result, the Interest charged discounting institutions and
co-operative associations was lowered to 2%, substantially reducing the
cost of short-term money to farmers.
The net earnings of the Intermediate Credit banks for the year 1934
amounted to $2,872,041. During the year, after a careful survey of assets,
all questionable items were charged off or written down to conservative
values. The amount written off on loans and discounts, notes receivable,
deposits in closed banks, &c., but exclusive of depreciation on furniture
and equipment which was written down to $1 for each account, aggregated
$3,583,390, while recoveries amounted to $528,861, bringing the net
charge-offs from organization to date to $10,183,453, or 0.43 of 1% of the
total volume of loans and discount since 1923.
The paid-in capital of the 12 Federal Intermediate Credit banks on
Dec. 31 1934 was $70,000,000, and paid-in surpluses aggregated $30,000,000.
In addition, earned surpluses and reserves for contingencies of the banks
amounted to $3,896,880.
FCA Formed to Aid Farmers in Obtaining Right Kind
of Credit, Governor Myers Tells Presidents of
Federal Intermediate Credit Banks, Production
Credit Corporations and Banks for Co-operatives
The business of the Farm Credit Administration is not
merely to sell credit, but also to give service by helping the
farmer who needs credit to obtain the type of loan best
suited to his particular needs, W. I. Myers, Governor of the
FCA, told a joint conference of the Presidents of the Federal Intermeriate Credit banks, production credit corporations, and banks for co-operatives, meeting in Washington,
Feb. 18. He said:
The FOA has not been established to encourage farmers to use credit
but to assist the credit-using farmer in obtaining the type of credit beet
suited to his particular needs—and obtain it at the lowest possible coat
consistent with sound policy.
The service element Is as important as any other in the work of the FM.
The work of other credit institutions is to make loans from the lender's
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point of view. The work of the FCA is to borrow money from central
markets at the lowest available rates and re-loan it to farmers at cost—
in short, to provide credit from the farmer's point of view.
In discussing the outlook in the field of short-term and
co-operative credit, Governor Myers said the "worship of
liquidity" would not solve the problems of agricultural
financing. Continued progress toward a normal prosperity
demands sound cash financing on terms suited to the farmer's needs and maturity dates corresponding to the farmer's
marketing season," Mr. Myers said, adding:
Almost 15 years of declining farm commodity prices caused a nationwide need for farm replacements and equipment. The great majority of
these needs can be financed on a sound basis.
The production credit associations and the banks for co-operatives provide an effective machine for financing the present requirements for farm
replacements, equipment, minor repairs to farm buildings, work-stock and
other needs of farmers and farmers' co-operative organizations; and these
permanent credit institutions are proceeding confidently to the work,
realizing that the benefits of such financing is almost immediately reflected
in increased farm incomes and greater farm purchasing power.
Large Attendance at Annual Meetings of Production
Credit Associations Reported by Governor Myers
of FCA
Attendance at the annual meetings held by 562 production
credit associations since the first of the year has numbered
59,815 farmers, according to a statement made at Washington, D. C., Feb. 21, by W. I. Myers, Governor of the Farm
Credit Administration. The average attendance at these
meetings was 106. Governor Myers stated:
This has been the best-attended series of meetings ever held by farmers'
co-operatives in this country. It shows that farmers appreciate the opportunity they now have to operate their own local credit units which are
endeavoring to make credit available at the lowest possible cost to
competent farmers who can use it profitably.
Farmer-borrowers throughout the country have shown they are willing
and able to assume the responsibilities resulting from the local control of
their production credit associations, which is the basis on which all permanent institutions under the supervision of the FCA are organized.
Walter Tufts Appointed Assistant Deputy Governor
of FCA
W. I. Myers, Governor of the Farm Credit Administration, announced on Feb. 20 the appointment of Walter Tufts,
of Boston, Mass., as Assistant Deputy Governor to be in
charge of the Finance Subdivision of the Division of Finance
and Research. Mr. Tuft's work in the Division of Finance
and Research, which is under the direction of Deputy Governor F. F. Hill, will be concerned with the purchase and
sale of securities for the investment accounts of the different banks, corporations and associations under the supervision of the FCA, Mr. Myers said. This includes the gathering of statistics in connection with the issuance of farm
loan bonds and Federal Intermediate Credit Bank debentures, and approving transactions involving the transfer or
release of collateral securing farm mortgage bonds. Before
accepting the position with the FCA, Mr. Tufts was connected with the firm of Spencer, Trask & Co., investment
bankers, or Boston.
Plan for Liquidation of Assets of Chicago Joint Stock
Land Bank Opposed by C. G. Novotny & Co.
In a statement issued Feb. 25, C. G. Novotny & Co., Inc..
New York, specialists in the securities of Joint Stock and
Federal Land banks, states that bondholders have nothing
to gain by depositing bonds with the Protective Committee
of the Chicago Joint Stock Land Bank and there is little
likelihood of the Farm Credit Administration approving
a sale of the assets of the bank to the Protective Committee
on a low bid of $6,408,615 for approximately $23,355,000
book value of assets. Incident to the Protective Committee's
plan, which was referred to in our issue of Feb. 16, page 1068,
the firm says:
The Chicago Joint Stock Land Bank has paid to date $400 for each
$1,000 bond in liquidating dividends. The present receiver is performing
efficiently and the speed with which liquidation is progressing makes it
quite likely that additional liquidating dividends will be received by
bondholders during the next few months. In this connection it must be
borne in mind that the liquidation of the bank as it is presently being
conducted is under the supervision of the Farm Credit Administration.
We cannot understand what advantage would accrue to bondholders by
taking the liquidation of this bank out of the hands of an efficient
receiver, whose activities are supervised by an agency of the Government,
and placing them in the hands of a board of directors of a private corporation over whom the FOA would have no supervision. Under the terms
of the proposed plan bondholders would surrender their bonds, which are a
first lien upon the assets of the bank, in exchange for $140 per $1,000
bond of five-year income 4s and a voting trust certificate representing 10
shares of common stock in the new corporation.
The fact that interest on the new income 4s, even though earned, need
not be paid, and the necessity for providing a cash fund large enough to discharge them at maturity—five years—plus the statement of the Committee
that a substantial cash reserve would have to be maintained to administer
the assets of the bank would indicate that bondholders, going along with
March 2 1935
the proposed plan, must be content to wait an indefinite period before
receiving any income from their investment.
We do not feel that the income 4s would have as good a market as the
present receiver's certificates, and it is problematical what value the market
would place upon the voting trust certificates. Not knowing the names
of the proposed voting trustees, it is impossible to comment upon the type
of management the new corporation might have.
We are advising our customers not to deposit bonds with the Conunittee,
and in cases where deposits have been made to withdraw their bonds immediately in order to indicate their dissent from the plan proposed.
Six Amendments to Investment Bankers' Code
Approved by NIRA
Six amendments to the Investment;Bankers' Code to simplify budget provisions and to clarify other code provisions
and to clarify other code provisions were approved on Feb.21
by the National Industrial Recovery Board. Regarding
these amendments we quote the following from a Washington
dispatch Feb. 21 to the New York "Times":
Budget assessment amendments provide automatic suspension or cancellation of a member's registration in event of failure to pay assessments
after adequate notice, require submission of the reports upon which assessments are based, and provide for reinstatement of a canceled registration
upon full payment of assessments due. The provision for automatic cancellation empowers the Code Authority to grant exceptions to any one proving temporary inability to meet assessments.
One amendment amplifies the definition of "interim certificates" and
"interim receipts" to avoid the possibility that a temporary security, which
gives its holder all the legal rights of a permanent security, might be considered an interim receipt or certificate under code provisions, one of which
requires investment bankers to hold in trust all accounts covered by receipts
or certificates.
Another modifies Subsection (d) Section 1 of Article IV of the code, to
permit an organization which receives regularly recurring stock dividends
from a company neither controlled by nor affiliated with it to sell such
stock dividends and take up the proceeds as income, regardless of whether
the proceeds are more or less than the amount charged against earnings or
earned surplus by the issuing company.
The sixth amendment clarifies Section 2 of Article V. carrying out the
intent of the present section to provide a three-day waiting period during
which an investment banker may decide whether he shall participate in an
Issue, and a similar period during which an investor may decide whether
to confirm an order for a portion of a forthcoming issue.
Warning Against Mortgage Provisions of Administration's Banking Act Issued By G. W. Taylor, of
First Federal Savings and Loan Association of
New York—Regards Provisions as Paving Way for
Another Bank Disaster
Issuing a warning against adoption of the Banking Act
of 1935 in its present form, Gardner W. Taylor, President
of the First Federal Savings and Loan Association of New
York, said on Feb. 22 that the mortgage provisions of the
bill would pave the way for another bank disaster.
Although most of the criticism of the bill has centered
around the lodging of too much power in Washington, Mr.
Taylor said that its mortgage features were just as objectionable. Under the terms of proposed bill, he pointed out,
members of the Federal Reserve System will be permitted to
make mortgage loans on 75% of the property value, and for a
period of 20 years, in an amount not exceeding 60% of their
time deposits. In good times, Mr. Taylor said, such liberalization would be harmless, but that the policy ought to be
judged on its relation to a serious crisis. Mr. Taylor in his
comments on the bill said:
Ifa commercial bank were to make long term loans to the extent permitted
in the bill, it would soon find that when bad times came and withdrawals
increased, it would have not 60% of its long term deposits investediin
mortgages, but 100%, and then some. The bank would then be in a
position of having its demand deposits invested in mortgages. And that
Is the very condition which closed the doors of dozens of banks two years
ago.
Anyone who has had an opportunity to examine the mortgage portfolio
of a closed bank knows that most of the mortgages were good mortgages.
The difficulty lies in the still sound principle that demand deposits should
never be invested in long term loans of any kind. And that is an inevitable
consequence when commercial banks become too active in the mortgage
market.
Further than that, the Banking Act would make any asset of a member
bank rediscountable—mortgages and other long term paper as well as
straight commercial short term loans. Theoretically, it is desirable to
provide some sort of rediscounting for mortgages, but to use the Federal
Reserve banks, the liquidity of which is a keystone of the credit structure
of the country, as a rediscounting agency for mortgages would seriously
impair that liquidity.
For what does a bank do under the Act. It gives its own promissory
note with the mortgages as collateral, the terms being prescribed by the
Reserve bank. Since banks borrow only in emergencies, in a severe crisis,
they would load up the Reserve banks with notes on long term paper, and
as demands for more money were made on the Reserve banks, they would
either freeze up, or accept the other alternative—inflation.
There is no really good reason anyhow why commercial banks should
enter the mortgage business on any extended scale. The conservative
bankers don't want to, and the others would be interfering with the business
now being successfully handled by savings banks, building and loan associations, good mortgage companies, insurance companies, and the newly
created Federal savings and loan associations. As the recipients of savings
deposits, these institutions are the logical dispensary of long term credit.
They know the mortgage business from experience.
Instead of trying to push commercial banks into mortgage lending, the
Government should give support to the agencies already engaged in the
business, Just as it has done in the sponsorship of Federal savings and loan
associations. In these Federal associations, the government has created
an ideal source of mortgage money. Under strict supervision by the
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government, and with their shares insured by the Federal savings and Loan
Insurance Corp., they bring together the ideal condition—long term
savings and long term loans.
Banking Bill of 1935 Regarded by C. F. Zimmerman of
Pennsylvania Banking Association as Opposed to
Spirit of Free American Institutions
The Banking Bill of 1935 was the subject of criticism,
on Feb. 20, by Charles F. Zimmerman, President of the First
National Bank of Huntingdon and for 17 years Secretary
of the 'Pennsylvania Bankers Association. According to the
Philadelphia "Record," Mr. Zimmerman argued that the
Act, designed to centralize monetary control in Federal
hands, is diametrically opposed to the spirit of free American institutions. Mr. Zimmerman's criticisms were made
In addressing a Rotary Club luncheon at the BellevueStratford, Philadelphia, and in his comments 'he is reported
as saying that "the move is to take away from the Federal
Reserve System its own autonomy and to vest power in the
hands of a few in Washington." Reference was made by
Mr. Zimmerman to a resolution addressed to Senator Carter
Glass (Democrat, Virginia) by Group 6 of the Pennsylvania
Bankers Association, in which the bankers reaffirmed confidence in and earnest hope for continuation of the principal of self-government in the Federal Reserve banks. The
speaker declared that the answer made by Senator Glass
aptly expressed the attitude which should be taken—and
which he holds—with respect to the new banking legislation.
The reply made to the resolution by Senator Glass, as
quoted by Mr. Zimmerman, follows:
I have read with great satisfaction the resolution of Group 6, Pennsylvania Bankers Association, and I fervently trust that every group of the
Association end the Association itself will speedily go on record in the
same emphatic manner.
Otherwise, our existing banking structure will be wrecked by Mr. Eccles
[Governor of the Reserve Board] and his academic advisers. Indeed, the
whole banking fraternity of this country should bestir itself and not be
misled by the furtive statements which Mr. Eccles is making in his speeches
and interviews.
Taking exception to the provision in the. bill affecting the
Open Market Committee, Mr. Zimmerman said:
From the new Washington view, it seems they believe it necessary to set
up a new Open Market Committee to control the flow of credit. There is
no reason in experience, however, why the Open Market Committee arrangement now consisting of five or six Governors of the Federal Reserve banks
should be set aside and operated from Washington. Never has the Committee opposed Federal Reserve Board policies.
From the "Record" we also quote:
Mr. Zimmerman also foresees in the proposal to limit time of service on
a Federal Reserve Bank local board, the needless elimination of much sound
banking advice and experience. "Such a limitation," he said, "would automatically force out of Reserve service such outstanding bankers as Joseph
Wayne Jr. (President of the Philadelphia National Bank), under the plea
that Reserve management would be frozen by long-term service.
Dr. H. Parker Willis in Baltimore Address Criticizing
of Banking Act Warns Federal Reserve Board Is
Being Made Agency of President
In criticizing the Administration's Banking bill of 19350
Dr. H. Parker Willis on Feb. 21 alleged that the Administration is attempting to convert the Federal Reserve Board into
a direct personal agency of the President. The Baltimore
"Sun" of Feb. 22, authority for the foregoing, credits these
remarks to Dr. Willis on Feb. 21 in a speech delivered at a
forum dinner sponsored by the Baltimore Chapter of the
American Institute of Banking. Dr. Willis is reported as
declaring in his address that the "present series of lending
concerns in Washington have steadily skimmed off our business—the Government is mopping up the borrowing field
and supplying the rank and file of the public with what they
need in the way of credit." From the Baltimore "Sun" we
also quote:
The Columbia University financial expert, toward the close of his speech,
sketched the course which he believes the banks should take in the future.
He recommended that the Government finance its deficit operations as it did
in World War days—through the public and not the banks, in order that
the banking system may be relieved of a "tremendous burden." He further
recommended that emergency credit institutions,such as the HOLC and the
RFC should be abolished in order that business enterprise could go direct to
the public for its funds.
Immediate Action Urged
"Government control of banking is the quintessence of danger;it is supervision and direction of banks at large, the practical embodiment of that
danger in tangible form," he said, "It is difficult to arouse the public of any
country, and particularly the public of the United States, to the realize,
tion that financial problems touch the average men deeply and immediately;
that they are not an abstraction, but a reality.
"As such, they require direct and immediate action from the rank and
file of the community," he concluded. "The sooner it is realized,the earlier
we shall take some backward step from the precipice which we are now
rapidly approaching."
We likewise quote from the same paper in part as follows:
Calls Situation "Hazardous"
"The banks of this country today hold $16,000,000,000 in Government
securities-60% of the public debt," Dr. Willis declared. "It is on this
basis that the Government contends the banks are liquid. But there is no
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market for these bonds. . . . A Government which is reputedly
against pools maintains its securities at a fabulously high figure by a stabilization fund. The bonds are secured by nothing but the taxable basis of the
future." . . .
Dr. Willis, who had a major part in drafting the Federal Reserve Act,
went on to charge that "the Federal Reserve System has gone from bad to
worse because it has been subject to politics, both in personnel and action."
Charges Political Meddling
"The non-partisan character of the board has been vitiated by political
meddling," he said. "All Presidents have been equally guilty of a desire
for financial power and a disposition to use it when they get it. Apparently
the Government now wishes, by taking the profit out of banking,to make of
banks pure philosophic concerns." . . . .
Outlines 1935 Act
The Columbia University financial expert interpreted the Banking Act
of 1935, which he referred to as the "Eccles bill," as having the following
objectives:
Forcing State banks into the Federal Reserve System through the deposit
Insurance plan.
Placing practically the entire burden of deposit insurance on large banks.
Giving the President undisputed control of the Federal Reserve System
through unrestrictive appointive power of Federal Reserve Board governors.
Taking over the nation's banking system without paying for it, and
operating it as an agency for the Government.
Dr. Willis went on to say that the history of the banking system of the
United States is a "disgraceful record, embodying every world blunder of
the last century. . . ."
Dr. Willis, however, pointed out that he was not condemning any single
Administration. . . .
"Under the Mellon regime short-term notes were converted back into
short-term notes until the banks were more frozen in 1926 than they were in
1918 when we had out backs to the wall," he asserted. "In 1930, in a
Republican Administration, the policy of putting the deficits back into the
banks was adopted. But they've improved that system under the New
Deal."
New Offerings of Two Series of Treasury Bills Dated
March 6, 1936 in Amount of $100,000,000 or Thereabouts—$60,000,000 to be 182-Day Bills and $50,000,000 to be 273-Day Bills
A new offering of Treasury bills in two series for a total
amount of $100,000,000 or thereabouts was announced on
Feb. 28 by Henry Morgenthau, Jr., Secretary of the
Treasury. The bills, which will be sold on a discount basis
to the highest bidders, will be dated March 6, 1935. Each
series of the bills will be offered in amount of $50,000,000 or
thereabouts; one series will be 182-day bills, maturing Sept.
4, 1935, and the other 273-day bills, maturing Dec. 4, 1935.
The face amount of the bills of each series will be payable
without interest on their respective maturity dates. Tenders
to the bills will be received at the Federal Reserve banks, or
the branches thereof, up to 2 p. m., Eastern Standard Time,
Monday, March 4. Tenders will not be received at the
Treasury Department, Washington. Bidders, Secretary
Morgenthau pointed out, are required to specify the particular series for which each tender is made. The bids
accepted to the bills will be used in part to retire an issue of
similar securities in amount of $75,290,000 maturing March
6. Secretary Morgenthau's announcement of Feb. 28
continued:
The bills will be issued in bearer form only, and in amounts or denominations of $1,000, $10,000, 8100,000, $500.000, and $1,000,000 (maturity
value).
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e. g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on March 4.
1935, 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 for each series 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. Any tender which does not specifically refer to a particular
series will be subject to rejection. 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 6, 1935.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from all
taxation, except estate and inheritance taxes. No loss from the sale or
other disposition of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States or any of its possessions.
Tenders of $285,892,000 Received to Offering of Two
Issues of Treasury Bills Dated Feb. 27 1935 in
Combined Amount of $100,000,000—$50,054,000
Accepted to 182-Day Bills at Rate of 0.108% and
$50,185,000 to 273-Day Bills at Rate of 0.166%
Secretary of the Treasury Morgenthau announced on
Feb. 25 that tenders of $285,892,000 were received to the
offering of two series of Treasury bills, dated Feb. 27 1935,
offered in the aggregate amount of $100,000,000 or thereabouts. The Secretary said that tenders accepted for the
two issues totaled $100,239,000. The offering was an-
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nounced on Feb. 21 by Secretary Morgenthau, and the
tenders were received at the Federal Reserve banks and the
branches thereof up to 2 p.m., Eastern Standard Time,
Feb. 25. Bills were sold on a discount basis to the highest
bidders. Each issue was offered in amount of $50,000,000
or thereabouts; one of the series was 182-day bills, maturing
Aug. 28 1935 and the other 273-day bills (the longest maturity at which Treasury bills were ever issued), maturing
Nov. 27 1935. The accepted bids to the offering were used
in part to retire an issue of bills in amount of $75,065,000
which matured on Feb. 27. The details of the bids to the
two series dated Feb. 27 are as follows:
182-Day Treasury Bills, Maturing Aug. 28 1935
For this series, which was for $50,000,000, or thereabouts, the total
amount applied for was 8120,712.000, of which $50.054,000 was accepted.
The accepted bids ranged in price from 99.961, equivalent to a rate of
about 0.077% per annum, to 99.942, equivalent to a rate of about 0.115%
per annum, on a bank discount basis. Only part of the amount bid for at
the latter price was accepted. The average price of Treasury bills of this
series to be issued is 99.946 and the average rate Is about 0.108% per annum
on_a bank discount basis.
273-Day Treasury Bills, Maturing Nov. 27 1935
For this serieS, which was for $50,000,000, or thereabouts, the total
amount applied for was $165.180,000, of which $50,185,000 was accepted.
The accepted bids ranged in price from 99.911, equivalent to a rate of
about 0.117% per annum, to 99.872, equivalent to a rate of about 0.169%
per annum, on a bank discount basis. Only part of the amount bid for
at the latter price was accepted. The average price of Treasury bills of
this series to be issued is 99.874 and the average rate is about 0.166% per
annum on a bank discount basis.
The intention of the Treasury Department to offer weekly
issues of Treasury bills in excess of forthcoming maturities
was noted in our issue of Feb. 23, page 1236.
First Issue of "Baby Bonds," Series A, on Sale at
Approximately 14,000 Post Offices—Offering to
Be Terminated by Secretary of Treasury—Bonds
Bear Portraits of Former Presidents—Circular
Describing Offering
The initial issue of United States Savings Bonds, the
so-called "baby bonds," was offered for sale yesterday
(March 1) at approximately 14,000 post offices, which
include all first, second and third-class offices and all fourthclass offices located at county seats. Six bonds, the first to
be sold, were purchased by President Roosevelt in a White
House ceremony. Postmaster General Farley made the
sale. The President purchased a $25 bond for each of his
five grandchildren and one of a similar amount for himself.
The first issue, designated series A, will continue to be on
sale until notice of the termination of the offering is given
by the Secretary of the Treasury to the Postmaster-General.
The Treasury Department indicated on Feb. 25 that many
advance orders had been received for the bonds including
requests for purchase of the maximum amount of $10,000
which one person may buy in a single calendar year.
A Treasury Department circular, issued Feb. 25, describing
the first issue of bonds, notes that the bonds are exempt from
all present or future Federal, State or local taxation, with
the exception of estate or inheritance taxes and Federal
ncome surtaxes. The official circular also contains the
table of redemption values which is printed on the face of
each bond. This shows the value of the bond at any time
before maturity, so that the owner will know at all times
how much he will obtain if it becomes necessary to cash it
in an emergency. In an announcement issued Feb. 25 the
Treasury said:
Postal savings depositors may withdraw their savings for the purchase
of United States Savings Bonds without loss of interest. They may
withdraw their postal savings certificates and exchange them for the new
Government securities at the same post office window. The new bonds
will sell at prices which will yield an increase of value equal to a return
of slightly less than 3% compounded semi-annually, if held until maturity
in 10 years.
Each denomination bears the portrait of a President. The $25 bond
carries a picture of George Washington, while the likeness of Jefferson
appears on the $50 bond, Cleveland on the $100. Wilson on the $500. and
Lincoln on the $1,000 unit.
This is the first time that the picture of former President Wilson has
been used on a public debt security of the United States.
The Treasury Department circular of Feb. 25, describing
the first offering of United States Savings Bonds, Series A,
follows:
UNITED STATES SAVINGS BONDS—SERIES A
Treasury Department,
1935
Department Circular No. 529
Office of the Secretary,
Public Debt Service
Washington, Feb. 25 1935.
Offering of United States Savings Bonds, Series A
The Secretary of the Treasury, pursuant to the authority of the Second
Liberty Bond Act, approved Sept. 24 1917 as amended, offers for sale,
to the people of the United States, through the Postal Service, an issue
of bonds of the United States, designated United States Savings Bonds,
Series A, which will be issued on a discount basis, will mature in 10 years,
but will be redeemable before maturity at the option of owners. Beginning
March 1 1935 these bonds will be on sale at post offices of the first, second.
March 2 1935
and third classes and at selected post offices of the fourth class, in amounts
of $25 (maturity value) and multiples thereof; and they will continue to
be on sale until this offering is terminated by notice given by the Secretary
of the Treasury to the Postmaster-General.
Description of Bonds Offered
United States Savings Bonds, Series A. will be issued only in registered
form,in denominations of $25, $50. $100, $500 and $1,000 (maturity value)
at prices hereinafter set forth, and will bear the name and address of the
owner, the date as of which issued, and the date of maturity, which on
original issue shall be inscribed thereon by the authorized Postmaster
at the time of issue. All such savings bonds are to be dated as of the first
day of the month in which the issue price is received, and will mature and
be payable 10 years from such issue date. They may be redeemed
prior to maturity (but not within 60 days after the issue date), at the
owner's option,in accordance with the table of redemption values appearing
at the end of this circular, and set forth on the face of each bond. No
interest will be paid on savings bonds, but the purchase price has been
fixed so as to afford an investment yield of about 2.9% per annum cona•
pounded semi-annually if the bonds are held to maturity. If the owner
exercises his option to redeem his bond prior to maturity the yield will
be less, varying with the respective redemption values.
The savings bonds will not be transferable, and will be payable only to
the owner named thereon, except in case of death or disability of the owner
as a result of judicial proceedings, and then only in accordance with regulations prescribed from time to time by the Secretary of the Treasury. (See
Treasury Department Circular No. 530 dated Feb. 25 1935.) Savings
bonds issued through a post office shall be valid only if inscribed with the
owners' name and address, dated the first day of the month in which the
issue price is received, and duly delivered by an authorized Postmaster:
they will bear the facsimile signature of the Secretary of the Treasury,
the seal of the Treasury Department will be impressed thereon, and they
will bear the post office dating stamp.
The savings bonds shall be exempt, both as to principal and interest,
from all taxation now or hereafter imposed by the United States, any State,
or any of the possessions of the United States, or by any local taxing
authority, except (a) estate or inheritance taxes, and (b) graduated additional income taxes, commonly known as surtaxes, and excess-profits
and war-profits taxes, now or hereafter imposed by the United States,
upon the income or profits of individuals, partnerships, associations, or
corporations. The interest on an amount of bonds authorized by the
Second Liberty Bond Act. approved Sept. 24 1917, as amended, the
principal of which does not exceed in the aggregate $5,000, owned by
any individual. partnership, association, or corporation, shall be exempt
from the taxes provided for in clause (b) above. For the purposes of
determining taxes and tax exemptions, the increment in value of savings
bonds represented by the difference between the price paid and the
redemption value received (whether at or before maturity) shall be considered as interest.
Purchase
Savings bonds of Series A may be purchased for cash, at post offices of
the first, second, and third classes, and at selected post offices of the
fourth class, at any time while this offer is in effect; and, subject to regulations prescribed by the Board of Trustees of the Postal Savings Systoin,
the withdrawal of postal savings deposits, without loss of interest, will
be permitted for the purpose of acquiring savings bonds. The issue prices
of the various denominations of these bonds follow:
Denomination
Denomination
o
geos
Issue
(Maturity
Issue
(Maturity
Value)
Price
Value)
$317151.'080
$25
$18.75
$500
50
37.50
1,000
100
75.00
in.
It shall not be lawful for any one person at any one time to hold sa7v50
bonds issued during any one calendar year In an aggregate amount exceeding $10,000 (maturity value).
Delivery and Safekeeping of Bonds
Postmasters from whom savings bonds may be purchased are author
ized to deliver such bonds duly inscribed and dated upon receipt of the
purchase price. Deliveries should not be accepted by any purchaser
until he has verified that his name and address are duly inscribed on the
face of the bond and that the bond is duly dated the first day of the month
In which he made payment of the purchase price.
Any savings bond will be held in safekeeping by the Secretary of the
Treasury if the purchaser so desires, and in this connection the Secretary
will utilize the facilities of the Federal Reserve banks as fiscal agents of
the United States. The purchaser may arrange for such safekeeping at
the time he purchases his bond or subsequently. Postmasters generally
will assist owners in arranging for safekeeping, but will not act as safekeeping agents.
Payment at Maturity or on Redemption Prior to Maturity
Payment of any savings bond in accordance with its terms at maturity,
or at the appropriate redemption value prior to maturity (but not within
60 days after the issue date), will be made following presentation and
surrender of the bond, by registered 'nail or otherwise, at the expense and
risk of the owner, to the Treasury Department, Division of Loans and
Currency, Washington. D. C., or to any Federal Reserve bank, with the
request for payment appearing on the back of the bond duly executed
by the owner and certified by any United States Postmaster from whom
United States Savings Bonds may be purchased (authenticated by the
imprint of his post office dating stamp), by an executive officer of an
incorporated bank or trust company (authenticated by the impress of the
corporate seal of the bank or trust company), or by any other person duly
designated by the Secretary of the Treasury for the purpose. Payment
will be made by check drawn to the order of the owner, promptly after
discharge of registration at the Treasury Department. In case of the
death or disability of the registered owner, instructions should be obtained
from the Treasury Department, Division of Loans and Currency, Washington, D. C., before the request for payment is executed. Postmasters
generally will assit holders in securing payment at or before maturity, but
they will not make payment of savings bonds.
General Provisions
All bonds issued pursuant to this circular shall be subject to regulations
prescribed from time to time by the Secretary of the Treasury. Such
regulations may require, among other things, reasonable notice in case of
presentation of savings bonds for redemption prior to maturity. The
Initial regulations governing savings bonds aro contained in Treasury
Department Circular No. 530, dated Feb. 25 1935.
The Secretary of the Treasury may designate agencies other than post
offices for the sale of savings bonds of this series, and he reserves the right
to refuse to issue or permit to be issued hereunder any such savings bonds in,
any case or class of cases if he deems such action to be in the public interest.
The Secretary of the Treasury further reserves the right to terminate this
offer at any time, on notice to the Postmaster-General.
._„
Financial Chronicle
Volume 140
Postmasters of the first, second, and third classes, and selected postmasters of the fourth class, under regulations promulgated by the Postmaster-General. and Federal Reserve banks, as fiscal agents of the United
States, are authorized to perform such fiscal agency services as may be
requested of them in connection with the issue, delivery, safekeeping.
redemption, and payment of savings bonds.
The Secretary of the Treasury may at any time or from time to time
supplement or amend the terms of this circular, information as to which
will be promptly furnished to the Postmaster-General and to Federal
Reserve banks.
HENRY MORGENTHAU JR..
Secretary of the Treasury.
Table showing how United States Savings Bonds of Series A increase in
value during successive half-years following issue.
Maturity value
$25.00
S50.00
S100.00
S500.00
$1,000.00
Issue price
Redemption values after the
issue date:
First year
1 to I% Years
134 to 2 years
2 to 234 years
23 to 3 years
3 to 3% years
34 to 4 years
4 to 43 years
4% to 5 years
5 to 53. years
534 to 6 years
6 to 614 years
6% to 7 years
7 to 7% years
711 to 8 years
8 to 84 Years
8% to 9 years
9 to 99 years
93S to 10 years
Maturity value
$18.75
$37.50
$75.00
$375.00
$750.00
18.75
19.00
19.25
19.50
19.75
20.00
20.25
20.50
20.75
21.00
21.25
21.50
21.75
22.00
22.50
23.00
23.50
24.00
24.50
9500
37.50
38.00
38.50
39.00
39.50
40.00
40.50
41.00
41.50
42.00
42.50
43.00
43.50
44.00
45.00
46.00
47.00
48.00
49.00
nn OA
75.00
76.00
77.00
78.00
79.00
80.00
81.00
82.00
83.00
84.00
85.00
86.00
87.00
88.00
90.00
92.00
94.00
96.00
98.00
Inn nn
375.00
380.00
385.00
390.00
395.00
400.00
405.00
410.00
415.00
420.00
425.00
430.00
435.00
440.00
450.00
460.00
470.00
480.00
490.00
gnn nn
750.00
760.00
770.00
780.00
790.00
800.00
810.00
820.06
830.06
840.00
850.00
860.06
870.06
880.06
900.06
920.06
940.06
960.06
980.06
1 nnn nn
Previous reference to the bonds was made in our issue
of Feb. 23, page 1236. The text of the bill authorizing the
issuance of the bonds was given in these columns of Feb. 9,
page 892, instead of Feb. 16, page 1088, as indicated in our
item of Feb. 23.
$474,914 of Hoarded Gold Received During Week of
Feb. 20-$17,084 Coin and $467,830 Certificates
The Federal Reserve banks and the Treasurer's office
received $474,913.80 of gold coin and certificates during the
week of Feb. 20, it is shown by figures issued by the Treasury
Department on Feb. 25. Total receipts since Dec. 28 1933,
the date of the issuance of the order requiring all gold to be
returned to the Treasury, and up to Feb. 20, amounted to
$116,827,877.55. Of the amount received during the week
of Feb. 20, the figures show, $17,083.80 was gold coin and
$457,830 gold certificates. The total receipts are as follows:
Received by Federal Reserve banks.
Week ended Feb. 20 1935
Received previously
Total to Feb. 20 1935
Received by Treasurer's Office.
Week ended Feb. 20 1935
Received previously
Gold Coin
Cold Certificates
517.083.80
$452,930.00
29,884,737.75 84,186,620.03
829,901,821.55 884.639,550.00
$259,806.00
$4,900.00
2,021,800.00
Total to Feb. 20 1935
$259,806.00 $2,026,700.00
Note.-Cold bars deposited with the New York Assay Office to the amount of
$200,572.69 previously reported.
Transfer of Silver to United States Under Nationalization Order-Receipts During Week of Feb. 21
Totaled 152,331 Fine Ounces
Silver in amount of 152,331 fine ounces was transferred to
the United States during the week of Feb. 21 under the
Executive Order of Aug. 9 1934, nationalizing the metal.
Receipts since the 'order was issued and up to Feb. 21 total
112,411,338 fine ounces, it was noted in a statement issued
by the Treasury Department on Feb. 25. The order of Aug.9
was given in our issue of Aug. 11, page 858. In the Feb. 25
statement of the Treasury it is shown that the silver was
received at the various mints and assay offices during the
week of Feb. 21 as follows:
Fine Ounces
2,909
144,362
2,111
1,377
807
765
Philadelphia
New York
San Francisco
Denver
New Orleans
Seattle
Total for week ended Feb. 211035
152,331
Following are the weekly receipts since the order of Aug.9
was issued:
Week Ended- Fine Om.
193433,465,091
Aug. 17
•6,086,019
Aug. 24
12,301,731
Aug. 31
4,144.157
Sept. 7
3,984,363
Sept. 14
8,435,920
Sept. 21
2,550,303
Sept. 28
2,474,809
Oct. 5
2,883.948
Oct. 12
Week Ended- Fine Ozs.
Oct. 19
1,044,127
746.489
Oct. 26
Nov. 2
7,157,273
Nov. 9
3,665,239
Nov. 16
336,191
Nov. 23
261.870
Nov. 30
86,662
1)ec. 7
292,358
Dec. 14
444,308
Dec. 21
692,795
1Veek Ended- Fine On.
Dec. 28
63,105
1935Jan. 4
309,117
Jan. 11
535,734
Jan. 18
75,797
Jan. 25
62,077
Feb. 1
134,096
Feb. 8
33,806
Feb. 15
45,803
Feb. 21
152,331
Silver Received by Mints in Amount of 403,179.36 Fine
Ounces During Week of Feb. 21
During the week of Feb. 21, it is indicated in a statement
issued by the Treasury Department on Feb. 25, silver
amounting to 403,179.36 fine ounces was received by the
1397
various United States mints from purchases by the Treasury
in accordance with the President's proclamation of Dec. 21
1933. The proclamation was referred to in our issue of
Dec. 23 1933, page 4441. It authorizes the Treasury to
absorb at least 24,421,410 fine ounces of newly mined silver
annually. Receipts by the mints during the previous week
ended Feb. 15 amounted to 1,126,572.32 fine ounces. During
the latest week the Philadelphia Mint received 234,238.36
fine ounces, the San Francisco Mint 55,809 fine ounces and
the Denver Mint 113,132 fine ounces.
The total weekly receipts since the issuance of the proclamation are as follows (we omit the fractional part of the
ounce):
1Veek Ended- Ounces
1934Jan. 5
1.157
Jan. 12
547
Jan. 19
477
Jan. 26
94,921
Feb. 2
117.554
Feb. 9
375.995
Feb. 18
232,630
Feb. 23
322,627
Mar. 2
271.800
Mar. 9
126,604
Mar. 16
832,808
Mar. 23
369,844
Mar.30
354.711
Apr. 6
569,274
Apr. 13
10.032
Apr. 20
753,938
Apr. 27
436,043
May 4
647,224
May 11
600,631
May118
503,309
• Corrected figures.
Week Ended- Ounces
885,056
May 25
295,511
June 1
200,897
June 8
206,790
June 15
380,532
June 22
64,047
June 29
•1,218,247
July 6
230,491
July 13
115,217
July 20
292,719
July 27
118,307
Aug. 3
254,458
Aug. 10
649,757
Aug. 17
376,504
Aug. 24
11,574
Aug. 31
264.307
Sept. 7
353,004
Sept. 14
103,041
Sept. 21
1,054.287
Sept. 28
620,638
Oct. 5
609,475
Oct. 12
Week EndedOct. 19
Oct. 26
Nov. 2
Nov. 9
Nov. 16
Nov. 23
Nov.30
Dec. 7
Dec. 14
Dec. 21
Dec. 28
1935Jan. 4
Jan. 11
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb. 21
Ounces
712,206
268,900
826,342
359,428
1,025,955
443,531
359,296
487,693
648,729
797,206
484,278
467,385
504.363
732,210
973,305
321.760
1.167.706
1,126.572
403,179
Panama Insists That Payment By United States for
Annual Rental of Canal Be Made in Gold
Despite the protests lodged with the State Department
at Washington on Feb. 25 by Dr. Ricardo J. Olfaro, Minister
of Panama, against the payment by the United States in
currency other than gold, a check for $250,000 in payment
of the annual rental for the Panama Canal was sent on
Feb. 26 by the Treasury Department to Sullivan & Cromwell
of New York, fiscal agents of Panama, instead of gold coin
as prescribed in the treaty of 1904.
Earlier reference to the intention of Panama to insist on
the payment of the Canal annuity in gold, was made in these
columns Jan. 19, page 401. In indicating that the check
would be returned, advices from Washington, Feb. 26 to the
New York "Herald Tribune" said in part:
The first active international repercussions from the Supreme Court
decision in the gold clause cases were manifested to-day when Panama
invoked both the imajorityiand minority opinions of the court in a demand
for the gold payments which the United States is obligated to make under
the treaty of 1904.
The State Department evaded a clear-cut decision on the embarrassing
questionlof maintaining the letter of its bond. It repeated its performance
of a yearjago by tendering a Treasury check for $250,000, payable in devalued:currency, as this year's payment due under the pact with the Central
American republic.
Check Is Rejected
Dr. Ricardo/J. Altar°, Panama Minister, promptly issued instructions
to-night to the firm of Sullivan & Cromwell, in New York, fiscal agents
forihisicountry, to reject theYheck and return it to the State Department.
Since thislwas also done a year ago the amount in controversy is $500,000
on a goldjbasislof the:old standard. or $845,000 on the basis of what the same
amountiof gold is now worth on international exchanges.
As compensation for the canal privileges granted the United States in
Panama the treaty provides for annual payment of $250,000 in gold coin
of the11904 standard, which would be the equivalent of 8422,500 now.
Panamatclaims,this sum as the present yearly installment if gold coin of
the oldiweightlis refused.
Dr. Alfarolindicated to-night that he thought his case was excellent, and
heIintimated that the State Department had left the door at least open to
the possibility of meeting thelgold obligation. The Justice and Treasury
Departments took theicontroversy under advisement anew, and the result
may be the Administration's first public decision on procedure growing
out of the,SupremeSourt's action.
Gold Clause Upheld by Swedish Court-Rules Kreuger
& Toll Debentures Worth Higher Rate Prevailing
at Time of Bankruptcy
The gold clause in Kreuger & Toll unsecured debentures is
still operative as far as bankruptcy proceedings are concerned,
regardless of the prevailing American law, the Stockholm
(Sweden) Town Court ruled on Feb. 26, it was stated in
Associated Press accounts from Stockholm, which as given
in the New York "Times," added:
Thus a $1,000'clebenturelis to be considered worth 5.340 kronor. plus
interest. At the`prevailing rate of exchange, $1 equaling approximately
four kroner, the same bond 'Jwould be valued at only about 4,000 kronor, if
the American law were applied.
The court, in ruling that only Swedish law must apply, pointed out
that the dollar-krona rate on May 24 1932. when Kreuger & Toll were
declared bankrupt. was:on the:then existing gold parity of 5.34 kronor to Si.
The decision was regarded.
:as:mostlimportant, since secured or so-called
havelfirst:consideration in realization of Kreuger & Toll
:
"gold" debenturee
assets. A good share-of these:debentures are held in the United States.
The suit on which the decisionlwas handed down was brought by the
holder of a $1,000 debenture against the bankruptcy trustees, demanding
payment in gold.
1398
Financial Chronicle
Russia to Ship Gold for Debts to London
Instead of New York
From London Feb. 22, the New York "Times" reported
the following:
It is learned from an authoritative Russian source that the Soviet Government intends to ship gold to London in the future for settlements of its
trade debts, instead of to New York as hitherto.
Since the breakdown of the Russo-American debt negotiations, there has
been some speculation as to the Soviet's next move regarding her foreign
trade. A well-known authority on Anglo-Russian trade explained that the
shipment of gold to London was a more or less logical sequel to the break
with the United States.
A second important factor is the production of gold in Russia, which last
year set a record. Russia's biggest creditor in the past year has been
Germany, and her German debts are virtually liquidated, large part payments having been effected in gold.
The Soviet is increasing her purchases in Great Britain, not using the
export credit guarantee scheme because of its expenses. It is not surprising
that with her growing production of gold, Russia intends to use it to increase
Anglo-Russian trade.
President Roosevelt Signs Seed Loan Bill—Provides $60,000,000 for Loans to Farmers in Drought and
Storm Stricken Areas
The so-called seed loan bill, providing $60,000,000 to be
loaned to farmers in drought- and storm-stricken areas, was
signed on Feb. 20 by President Roosevelt. In signing the
measure, said Associated Press advices from Washington,
Feb. 20, President Roosevelt asked that the funds be taken
from the pending $4,880,000,000 work relief bill. The President sent a letter to this effect to Speaker Byrns of the
House of Repreftentatives, in which he suggested that since
the funds were primarily for drought relief they "should
therefore be defrayed from the general appropriation for
relief purposes." The letter, as contained in the Associated
Press advices, follows:
I have the henor to transmit herewith for, the consideration of Congress
a draft of a proposed provision making available to the Farm Credit Administration the amount of not to exceed $60,000,000 to carry into effect the
provisions of the Act entitled "An Act to provide for loans to farmers for
crop production and harvesting during the year 1935, and for other purposes," approved Feb. 20 1935.
This provision will enable the $60,000,000 being made available to the
FCA from the appropriation for relief purposes as carried in House Joint
Resolution No. 117, Seventy-fourth Congress, first session, as passed by
the House of Representatives on Jan. 24 1935.
The $60,000,000 required for making these loans to farmers is for relief
purposes principally in the drought-stricken areas and should therefore be
defrayed from the general appropriation for relief purposes contained in
House Joint Resolution No. 177.
As the contemplated expenditures from the pending relief appropriation
are included in the 1936 budget, the inclusion of the $60,000,000 within
such contemplated expenditures will not have the effect of increasing the
budget estimate of expenditures.
Incidentally, it was observed in the Associated Press
accounts from Washington, Feb. 20, that President Roosevelt signed a seed-loan bill last year and expressed the hope
it would be the last. The accounts from which we quote
added, in part:
Congress, however, sent another to the White House this session, and
there was speculation that the President might veto it. He had said that
expenditures outside the budget should be paid through new taxes.
Under the bill just signed by the President the Governor
of the FCA is authorized to make loans, through prescribed
agencies, for the production of crops, for harvesting crops,
and for feed of livestock, and for other purposes. The
maximum of each loan is fixed at $500, except in areas
certified by the President of the United States as a distressed emergency area, in which instance the Governor of
the FCA may make loans in amount to his discretion. Each
loan will bear interest at the rate of 5% per annum.
Congressional action on the measure began Jan. 21, when
the House suspended the rules and passed the bill. The
Senate Committee on Agriculture and Forestry, to which
the bill was then referred, amended it, and the Senate
adopted the measure, with amendments, on Jan. 30. On
the following day (Jan. 31) the House disagreed to the
Senate amendments, but the Senate insisted on the changes,
and the bill was submitted to conference. Under the terms
of the House bill provision was made for an appropriation
of $45,000,000; under the Senate bill an outright authorization for $100,000,000 was provided. The conference report,
providing for an appropriation of $60,000,000, was agreed
to by the Senate on Feb. 6 and by the House on Feb. 7. The
adopted bill was submitted to the President on Feb. 8.
President Roosevelt Vetoes Bill Appropriating $500,000
to Protect Oysters, Clams and Scallops from
Marine Pests
President Roosevelt on Feb. 25 vetoed a bill providing for
an appropriation of $500,000 for an investigation to determine methods of controlling and eradicating certain marine
pests, mainly leech, starfish and borer, injurious to oysters,
clams and scallops, in waters of the Atlantic and Gulf
March 2 1935
States. The President's veto message, to the House of Representatives, follows:
To the House of Representatives:
I return herewith, without my approval, H. R. 4018, entitled "An Act
to provide for the investigation, control and eradication of marine organisms injurious to shellfish in the Atlantic and Gulf States."
The bill authorizes appropriation of $500,000, or so much thereof as
may be necessary, to enable the Secretary of Commerce to conduct investigations and experiments for the determination of the best methods to control
the leech, starfish, borer, and other pests injurious to oysters, clams and
scallops, in waters of the Atlantic and Gulf States, immediately to apply
control measures, and to make payments for the removal of these pests in
such manners and under such regulations as he may prescribe.
I am not satisfied that this very large appropriation would acoomplish
the result hoped for. I cannot get assurance of the probability of permanent eradication or control of these marine pests. Science has not yet
discovered the answer. There is, on the other hand, every reason for
further investigation and experimentation with the hope that a practical
answer may be found. Such work can be carried on by the Bureau of
Fisheries under existing authority.
FRANKLIN D. ROOSEVELT.
The White House. Feb. 25 1935.
President Roosevelt Signs Connally Oil Control Bill
Passed by Congress—Designed to Curb "Hot Oil"
Shipments and to Overcome Objections to United
States Supreme Court in Voiding Section 9-C
of NIRA
Following the adoption on Feb. 22 by the House and
Senate of the conference report on the Connally Oil Control
Bill, the measure was signed by President Roosevelt on
the same day. The bill was originally passed by the Senate
on Jan. 22, as was noted in our issue of Jan. 26, page 567,
and as we indicated last week (page 1223) in changed form
it passed the House on Feb. 18. In noting the adoption of
the conference report by the House and Senate on Feb. 22,
United Press advices on that date from Washington to the
New York "Herald Tribune" said:
The conference report was adopted when minor differences were adjusted
between the two Houses. The bill replaces sections of the National Industrial Recovery Act which were declared invalid by the Supreme Court
and restores Federal control over oil shipments.
Section 3 of the Connally bill prohibits inter-State shipments of illegally
Produced oil, and a provision from the original House bill was incorporated
which authorizes the President to suspend a ban on such shipments.
Ban Made Valid
Senator Tom Connally, Democrat, Texas, sponsor of the bill, explained
that even if the Supreme Court rules the President is unable to lift embargoes, the prohibition on "hot oil" shipments still would be valid.
The bill is effective until June 15 1937. The original Senate bill Previded for regulation on a permanent basis.
Meanwhile, it was understood that the Administration was seeldng to
obtain Congressional support for permanent legislation which would establish strict Government control over the oil industry. A statement by
Oil Administrator Harold L. Ickes that he saw little reason why oil should
not be declared a publlc utility if present wasteful methods Persisted was
regarded as part of a campaign to force such legislation through Congress.
Measure Just a Start
Holding the threat of making oil a public utility, the Administration
could obtain far more stringent regulations than if it had to start at scrateh,
observers pointed out.
Mr. Ickes has said that the Connally measure does not go far enough.
However, it will give the Government some control, whereas it now has little authority to prohibit "hot oil" shipments.
Representative Wesley E. Disney, Democrat, of Oklahoma, has drafted
a bill which would set up a five-man board with Secretary Ickes as ex-officio
Chairman, which would limit domestic production to the basis of consumption and export demands. Under this proposal, violators would be fined
not more than $1,000 or sent to prison for not more than a year. AttorneyGeneral Homer S. Cummings is studying its constitutionality.
Strict Control Sought
The Administration, it was learned to-day, is secretly rallying Congressional support behind a plan to give the Government strict control over the
Nation's $12,000,000.000 oil industry.
Officials have mapped a well-planned campaign for power to curtail
crude petroleum production. They allowed Congress to pass the Connally
oil bill so they will have some authority to regulate the huge business if
present efforts fall.
From the Washington advices Feb. 22 to the New York
"Journal of Commerce" we take the following:
The bill In the form in which it went to the White House differed but
slightly from the draft as adopted by the Senate, it was explained by Senator Connally (Dean., Tex.). The House adopted a substitute for the Senate
bill wherein it qualified the absolute prohibition of the inter-State shipment
of oil, which the Senate bill contained, by adding a proviso to the effect
that whenever the President determined that supply and demand are
out of balance he might lift the prohibition and open up the inter-State
shipment of oil.
l'he conferees who undertook to compose the differences between the
Senate and House drafts agreed to put the absolute prohibition in one
section and the qualifying phrase in another section and in the latter they
incorporated the following.
"If any provision of this section or the application thereof shall be held
to be invalid, the validity or application of Section 3 shall not be affected
thereby."
"The purpose of adding that was that the Senate conferees were feartul
that it we should adopt the language of the House bill," said Senator Connally, "we should be just where we were before; that the Supreme Court
would hold the whole measure unconstitutional because it was dependent
upon the President's finding certain facts to exist."
The House bill provided for the termination of the legislation in June.
1936, but the date was extended one year to June, 1937.
The conferees were complimented by Senator Borth in their foresight for
having written into the text the suggestion that if it should be found that
the grant of authority to the President to let down the bars tor the movement
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Financial Chronicle
of oil, if he deemed supply and demand to be out of balance, was a delegation of Congress transcending its powers under the Constitution, the rest
of the measure would stand.
There was apparent sarcasm in the Senator's reference to the action of
the House in undertaking to restore language that was considered by Senators to be that which the Supreme Court held not in keeping with the
Powers of Congress.
Section 9-13 was rewritten so as to provide that "the members of any
board established under authority of Section 5 shall be appointed by the
President, without regard to the civil service laws, but subject to the Classification Act of 1923. as amended; and any such board may appoint, without regard to the civil service laws but subject to the Classification Act of
1923, as amended, such employees as may be necessary for the execution of
its functions under this Act."
Senator Thomas Introduces Bill to Limit Importation
of Oil
Production control for the petroleum oil industry, coupled
with definite limitations upon imports conditioned upon
domestic consumption, are proposed in a bill introduced in
the Senate on Feb. 25 by Senator Elmer Thomas (Dem.,
Okla.). Advices to the New York "Journal of Commerce"
from Washington, noting this, continued in part:
Stripper wells and wells of settled production would be practically exempt
from production restrictions under the bill as they are at the present time,
and their production made free to move in commerce, without any hindrance or supervision from any source, it being assumed that the commerce
quotas would correspond with the present code allocations to States and
those made by State authorities to pools and properties, only flush pools
and properties being affected.
"This is a minimum of Federal regulation with every consideration given
to State sovereignty," explained Senator Thomas. "It does not constitute
Federal control. On the other hand, it does offer to each oil State a degree
of protection which it has never had in the past so that each State may
absolutely control production within its own limits and be guaranteed its
due share of National production."
Letter Addressed by President Roosevelt to Senator
Glas Opposing McCarran "Prevailing Wage"
Amendment to Work Relief Bill
As was noted in these columns last week (page 1239),
despite the opposition voiced by President Roosevelt to the
McCarron "prevailing wage" amendment to the work relief
bill, the provision, by a vote of 44 to 43, was adopted by the
Senate on Feb. 21. While we are giving a more detailed
reference to the action of the Senate on the bill, we append
the letter addressed by the President to Senator Glass indieating his attitude against the provision:
THE WHITE HOUSE
Washington, Feb. 21 1935.
Dear Senator Glass: In response to your telephonic inquiry, I am very
glad to repeat what I told you and several members of your Committee
last week.
Every action of the Administration during the past two years has been
directed, first, to the objective of raising wage scales which, from the point
of view of public interest, were set at unconscionably low levels; and,
secondly, we have constantly followed the objective of preventing reductions
In existing wage scales.
So much for that, except that I might add that both of these objectives
are constantly before us and will continue so to be.
As you are aware, the practical operation of the principle of collective
bargaining, plus the operation of the National Industrial Recovery Act,
have in the overwhelming majority of cases of organized and unorganized
labor either raised wages or prevented any reduction in wages.
I object to and deny any assertion that the payment of wages to workers
now on the relief rolls at less than the prevailing rate of wages may, under
some theory, result in a lowering of wages paid by private employers. I
say this bemuse it is an obvious fact—first, that the Federal Government
and every State government will act to prevent reductions; and, secondly,
because public opinion throughout the country will not sustain reductions.
I have enough faith in the country to believe that practically 100% of
employers are patriotic enough to prevent the lowering of wages. In this
thought they will have the full support of the Government.
I think that the record of this Administration has demonstrated that in
the administering of this legislation I will not permit anything to be
done that will result in lowering the wage scale of the nation.
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
Bill Giving Intermediate Credit Banks Same Reserve
Note Issuing Powers as Federal Reserve Banks
Introduced in House by Representative Jones
A bill giving Intermediate Credit Banks the same reserve
note issuing privileges as Federal Reserve banks was introduced in the House on Feb. 25 by Representative Marvin
Jones, Texas (Democrat), Chairman of the House Agricultural Committee. In United Press advices from Washington on Feb. 25 Representative Jones was quoted as follows:
"This will be done on a perfectly sound basis," Representative Jones
said. "The 40% reserves will be provided and the 60% farm and ranch
paper will be used Just as commercial paper is now used for Federal Reserve
notes.
"This will do away with the necessity ofselling tax exempt bonds and will
substitute another method just as sound as the Federal Reserve notes. in
fact the same character of notes.
"This plan will still further reduce the interest rate on all types of farm
Paper."
The bill would aid small home owners by providing loans of not to exceed
$5.000 at a rate of interest not to exceed 2%. This provision would apply
only to existing indebtedness.
Representive Jones said the bill was not an Administration measure.
1399
HearingslBefore SenateTcommittee on Guffey Bill to
Classify Coal Industry as Public Utility—United
States Chamber of Commerce Opposes Legislation—
Coal Operators Also Voice Objections
On Feb. 26 opposition to the bill of Senator Guffey which
would give the bituminous coal industry the status of a
public utility, was registered by the Chamber of Commerce
of the United States. The views of the Chamber were
presented in a statement by its President, Henry I. Harriman, read into the record of a sub-committee of the Senate
Interstate Commerce Committee; hearings on the bill before
the sub-committee were begun on Feb. 19, as was noted in
our issue of Feb. 23, page 1242. The Chamber in its statement said:
The Chamber wishes to emphasize its objection to legislation which
would place an industry so essential to national progress as bituminous coal
mining under the permanent control ot Government agencies.
According to Washington advices Feb. 20 to the New
York "Journal of Commerce," Charles F. Hosford, Jr., of
the Coal Control Association of Western Pennsylvania, in
supporting the measure before the Senate Committee on
that day urged substitution of a new Title II to the bill
which would provide establishment of a $75,000,000 reserve
fund to aid in the rehabilitation of miners who would necessarily become unemployed with the elimination of "submarginal" coal fields from production. From the same
advices we quote:
The fund would be derived from the $300,000,000 bond issue provided
In the bill to be used also for the purpose of purchasing "submarginal" coal
fields.
Through establishment of the reserve fund, Mr. Hosford declared, miners
would be transferred to new fields and the States and Federal Government
would not be faced with the necessity of expending large sums for their
relief.
The new Title II would also provide for levying of taxes on production
to meet the coat of administration of the Act, in the following manner:
Four cents per ton during 1935; 7.3c. during 1936; 8.7c. during 1937
6.9c. during 1938; and 3.17c. for 1939 and each year thereafter until the
bonds had been paid off.
Under the Guffey bill a tax of 10c. per ton would be levied annually on
the bituminous output with the direction that not more than lc. per ton
shall be levied for any one year for each $30,000.000 of bonds issued.
The Act also proposes an excise tax of 25% on the selling price of all coal
at the mine, with a drawback of 99% of this tax to producers who accept
and comply with the code.
Henry Warrum, General Counsel for the United Mine Workers, also
supported the measure during the hearings to-day. He said that it was fair
to the consumers because they are protected by the proposed national
bituminous coal commission against exorbitant prices.
The trouble with the bituminous industry to-day, he argued, is the fact
that it has "carried on its back" the utilities and railroads, and has had to
recover its losses from the consumers.
Everyone knows that the problem of the industry is not due to the
depression, he added, because even in 1923 the industry was in disorder.
he same time (Feb. 20) a portion of President Roosevelt's NRA message to Congress (given in our Feb. 23 issue,
page 1237) in which he asserted the people of the United
States "need Government supervision" of certain natural
resources such as coal, oil and gas, was read into the record
of the Senate by Mr. Hosford. From Associated Press advices from Washington on Feb. 20 we quote:
John L. Lewis, President of the United Mine Workers of America and
an ardent supporter of the bill, said the President's statement "lays the
ghost of the fears of many people that he is opposed to this legislation."
According to United Press advices from Washington on
Feb. 21, N. W. Roberts, Administrator of the NRA bituminous pact, told the Senate committee that "the working of
the code has proved the wisdom of supervision and the need
for greatly increased control." These advices also had the
following to say:
Mr. Roberts said the Guffey bill, giving the bituminous industry a public
utility status, would benefit the industry.
"The industry," he said, "has been taken from the lowest possible ebb,
before the code, to the exact opposite. Only in recent months has it
broken down."
Senator A. Harry Moore (Dem., N. J.) asked if "price control could be
established without production allocation?"
"Both are necessary," Mr. Roberts replied ,"particularly if a decent
wage standard is to be maintained."
J. B. Brunot, Greensburg. Pa., Vice-President of the Irwin Gas Coal
Co.. appearing for the small producers,said."The proposed Act, with some
modifications, can prevent development of a monopoly by large producers."
"Unless a bill like the Guffey bill is accepted," he said, "the small producer will be exterminated."
Regarding the testimony on Feb. 26 when opponents of
the legislation were heard, we quote the following from the
Washington dispatch to the "Journal of Commerce":
H. R. Hawthorne, Vice-President Pocahontas Fuel Co., representing the
Smokeless Coal Operators Association of West Virginia, was the opening
witness for opponents of the measure.
James Carter of McDowell County, West Virginia, attacked the bill on
the ground it would encourage monopoly, high prices and undue profits
to certain interests.
Mr. Harriman's statement said the national Chamber's position "is that
the legislation would be superfluous and the code should be continued."
Hr. Hawthorne charged the Guifey bill meant "regimentation" and that
the coal reserve proposal foreshadowed "old age pensions for coal miners."
Northern operators, he said, would be favored above Souhern producers
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Financial Chronicle
March 2 1935
property rights would be violated and there would be "opportunity for
corruption."
Is in Favor of Code
He said he was in favor of the code, but was against the proposed measure
Senator Davis (Rep., Pa.) read from testimony given by Mr. Hawthorne
In hearings several years ago when it appeared the witness was fighting the
mine workers union. Senator Neely read from 1932 testimony when Mr.
Hawthorne opposed any kind of Government "experiment" to regulate
the coal industry.
part of the week. The President, who had been at his Hyde
Park (N. Y.) home for five days, returned to Washington
on Feb. 28, at which time a compromise proposal on the
wage provisions of the bill worked out, it is stated, by some
Democratic Senators who helped to adopt the McCarron
amendment, was laid before the President. From the
Washington advices Feb. 28 to the New York "Times" we
quote the following:
Senate Votes Investigation of NRA—Inquiry to be
Conducted by Finance Committee, Headed by
Senator Harrison, New Deal Leader
The Senate on Feb. 28 adopted the Nye-McCarran resolution, calling for an investigation of alleged charges of injustices, oppression, etc., in the administration of NRA codes,
after amending it so as to provide that the inquiry be conducted by the Finance Committee, headed by Senator Harrison, of Mississippi. As introduced the resolution called for
the investigation by the Senate Commerce Committee of
which Senator Nye (of North Dakota) is a member. Previous reference to the resolution was made in our issue of
Feb. 16, page 1074. Washington advices, Feb. 28, to the
New York "Times" of March 1, had the following to say
regarding the adoption of the resolution:
The proposal was transmitted to the White House by Senator Robinson,
the Democratic floor leader, who declined to say whether the President
responded favorably to it, or even whether he favored it himself. . . .
Senator Robinson was closeted with the President for an hour and a half.
He asked for an appointment with Mr. Roosevelt soon after the latter
returned from Hyde Park this morning. . . .
Mr. Harrison announced that there would be no "white-washing of the
Recovery Administration," but added that neither would there be any
spectacular "proceedings."
"The investigation will be conducted with a view to ascertaining all
of the facts, particularly as they bear upon corrections which should be
made In the NRA in the bill which soon will be proposed to extend its life,"
Senator Harrison said.
He said that he believed the inquiry would consume considerable time,
necessitating a delay in presenting the legislation for extending the NRA.
He announced that his committee would meet next Tuesday to consider
procedure.
Adoption of the resolution left two other movements for investigation of
the NRA without a way to turn. One of these, which had developed around
the original Nye-McCarran proposal, sought an investigation by a "select"
committee of the Senate.
The other, centering around the Borah resolution to investigate NRA
monopolistic tendencies, sought an inquiry by a sub-committee of the Judiciary Committee. This sub-committee already had been appointed, with
Senator King as chairman, and had assembled its staff of investigators,
headed by Lowell Mason. attache of the Darrow board, which investigated
the recovery administration last year.
Senator King is a member of the Finance Committee and will likely take
an active part in the authorized inquiry. He announced, nevertheless,
that he would keep the Borah resolution pending as a "club" to compel
thorough investigation by the Finance Committee.
In engineering the procedure whereby the other NRA inquiries were
abandoned, Senator Harrison promised that all points raised by the interested groups would be examined thoroughly. He invited sponsors of
the other resolutions to sit with his committee in developing the facts.
S. Senate Adopts Resolution Authorizing FTC to
Investigate Costs of Producing and Distributing
Foods to Consumers
A joint resolution authorizing the Federal Trade Commission to investigate the costs of producing and distributing
foods to consumers was passed by the Senate on Feb. 25.
The resolution, introduced by Senator Wheeler, of Montana,
appropriates $150,000 to conduct the investigation. It is
now before the House. In United Press advices from
Washington, Feb. 25, it was stated:
U.
The resolution directs the commission to inquire into charges that
monopoly and unfair competition were responsible for decline in farmers'
incomes. It authorizes the commission to examine the financial records
of any corporation engaged in producing or distributing food products.
The resolution has the support of officials of the Agricultural Adjustment
Administration and of Rexford G. Tugwell, Undersecretary of Agriculture.
whom Senator Wheeler defended last year when he was forced to explain
his fitness for a farm post to a Senate committee.
Senate Action on $4,880,000,000 Work Relief Bill Stayed
Following Insertion of McCarran "Prevailing
Wage" Provision and Adoption of Motion to Recommit Bill—Compromise Plan Brought Before
President
,880,000,000
Senate action on the Administration's
work relief bill has been at a standstill following the insertion
in the bill by the Senate on Feb. 21 of the McCarron amendment requiring payment of prevailing wages on emergency
public works, and the adoption on Feb. 22 of a motion to
recommit the bill to the Senate Appropriations Committee.
The adoption of the McCarron amendment was noted in our
reference to the bill a week ago, page 1239. The bill was
recommitted on Feb. 22 on motion of Senator Robinson, the
Democratic leader, at the request of Senator Glass, who had
warned that the President would veto the measure if the
amendment were made a part of the bill. The motion to
recommit was adopted without a roll call. The Senate
adjourned on Feb. 22 until Monday, Feb. 25, and on Feb. 26
Senator Glass, chairman of the Appropriations Committee,
is reported to have said he was "ready to proceed at any
time," but suggested that nothing would be done at least
until President Roosevelt returned to the Capital the latter
ticCarran Considered Out
Among those known to have been working on the compromise proposal
are Senators Wagner,O'Mahoney and Costigan. Democrats,and La Follette
Progressive. Senator McCarran, author of the "prevailing wage" amendment, attended a meeting of the group yesterday, but was considered out
of it today after his definite statement that "so far as ho was concerned,
there would be no compromise."
Senator Reynolds, Democrat of North Carolina, took the floor soon
after the Senate convened to urge a compromise on the measure. He had
voted for the McCarran amendment, but suggested one of his own which,
he said, would end the controversy entirely. He offered informally an
amendment requiring the payment of "prevailing wages" unless it were
determined by the President that his recovery program was being hampered
thereby. The decision would be left strictly to the President.
Senator Reynolds argued that his amendment would "remove the fence"
which Senators now wanted to "straddle." It would spike all criticisms,
he said. . . .
Senator McKellar of Tennessee read a speech urging that the relief
resolution be returned to the Senate and acted upon at once. He expressed the view that a measure without the McCarran amendment finally
would prevail.
Yesterday (March 1) Senator McCarran proposed a modification of his
prevailiag wage amendment to permit the President to regulate hours so
the private pay scale could be adhered to without additional cost; Senate
administration leaders are said to have rejected the proposal.
The following advices are from the Washington account
Feb. 28 to the New York "Herald Tribune":
Green Offers Plan
William Green, President of the American Federation of Labor and a
chief sponsor of the McCarran amendment, proposed as a possible avenue
of compromise that the President maintain the projected $50 a month
average for relief workers but pay the prevailing wage oven though it might
then become necessary to give fewer hours of employment a month to the
workers. Thus there would be no Increases in the cost to the Government,
he asserted.
Instead of President Roosevelt, some of whose friends have advised him
to take his case to the country in a nation-wide appeal, it was Mr. Green
who went to the country to-night in a radio plea against the wage phase
of the Administration's relief bill.
Speaking over the National Broadcasting Company network. Mr. Green
declared that a failure to pay the prevailing rate of wages would "result
In another wave of wage cutting in the private industries, undermining
the gains we have accumulated under the recovery program."
Mr. Green asserted that if the bill were passed without the McCarran
amendment its objective of eliminating the dole would not be accomplished
and it would "call for the payment of a price the nation cannot afford
to pay."
There were these other developments in the situation:
Representative Bertrand H. Snell, Republican leader of the House.
Introduced a resolution calling for immediate enactment of a direct relief
appropriation of $880,000,000, leaving the public-works angle of the bill.
with its $4,000,000,000 fund, for more mature consideration.
Speaker Joseph W. Byrnes turned down the Snell proposal, declaring
It would "destroy the whole purpose of the program."
Senator Robert R. Reynolds, Democrat. of North Carolina, proposed an
amendment on the Senate floor maintaining the prevailing-wage amendment
but authorizing the President to set aside prevailing rates whenever he
might determine that such payment was detrimental to private industry
or the recovery program.
The American Farm Bureau Federation entered the controversy by
indorsing the President's stand for a security wage to relief workers rather
than the rate of wage paid in private industry. The federation deplored
relief projects which promote desire of some citizens ot be employed, and
it condemned relief plans which penalized the taxpayers.
Harry L. Hopkins, Emergency Relief Administrator, announced the
receipt of 880,000,000 more from the public works administration to
finance relief demands of the states for the first half of March. He warned
that there remains only $96,000,000 which legally can be taken from other
sources to continue relief.
Indicating that one group of Senators, including possibly
a majority of Republicans and the "conservative" Democrats, were pleased over the turn of events with the recommittal of the bill to Committee, the Washington dispatch
Feb. 22 to the "Times" said:
They had hoped to substitute a smaller appropriation for direct relief
only. In their opinion it appeared possible today that they were to succeed.
Senator Barbour, who argued for a smaller appropriation for direct relief
in one of the opening speeches on the measure, expressed pleasure over the
course of events. The possibility of stopping the larger appropriation was
one of the reasons, although not the only one, which caused him to vote
for the "prevailing wage" amendment.
Senator Adams, who was ready to offer an amendment on the floor to cut
the appropriation to $2,880,000,000. also was highly pleased. He voted
for the "prevailing wage" amendment.
On Feb. 26 Senator McCarron was reported as saying that
he would be willing to vote for an appropriation for $1,880,000,000 for direct relief, leaving the question of work relief
to be disposed of later.
In the Senate on Feb. 21 Senator Glass denied that the
President proposed to spend "one dollar" of the $4,880,000,-
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000 in any manner to reduce wages or to put relief workers
in competition with those in private industry. We quote
from the Washington advices Feb. 21 to the "Times" which
went on to say:
He(the Senator] related that he had so understood the President's position
from the outset, but that yesterday he "took the precaution" to telephone
the Executive again. In reply he received the letter which he read to the
Senate. This letter is given elsewhere in our issue today.—Ed.]
Opposes Basis Relief Idea
After reading the letter, Senator Glass said:
"This whole measure is based on confidence in the integrity and judgment of the President. I repeat, therefore, that I cannot see how those
who have given him rhetorical service for so long in this chamber can now
question his sincerity."
The Senator remarked that, basically, he was opposed to the whole idea.
He had thought that the States and local communities could and should
have handled their relief responsibilities.
"But a different policy prevails, a policy which has put the States and
local communities in servitude to the Federal Government. And Mr.
President, I mean servitude to the extent that some of these miserable little
bureaucrats have seen fit and dolled to threaten the States." he said.
"'Federal aid, Federal aid.' There never was such a misnomer in the
English language. The Federal Government gets every dollar it receives
and is now spending from the taxpayers in the States.
"And let me tell my laboring friends now that when pay day comes—
and it will come if we do not have another repudication—they'll be the first
victims. Into their modest homes will stalk first the grim destroyer."
Senator McCarron briefly replied to Senator Glass. He argued that if
the wage scales of the country were not protected not only would fifty
years of organized effort be lost, but the very purposes of the recovery
policies would be destroyed. He then called for a record vote.
The 44 votes whereby the McCarron amendment was
adopted on Feb. 21 were cast by 21 Republicans, 21 Democrats, 1 Farmer-Laborite and one Progressive Senator; the
43 votes in opposition were those of 41 Democrats and
2 Republicans. In part the "Times" dispatch of Feb. 21
had the following to say incident to the adoption of the McCarron amendment:
Startled by the rebuff to the President, in which 21 Democrats joined
despite pleas from the White House, administration leaders, with the help
of Vice President Garner, were canvassing plans to-night for salvaging
the work relief program. . . .
'Gag Rule' Prevented House Vote
The House has not yet had a record vote on the "prevailing wage" proposal, having been prevented from facing this issue directly by the "gag rule"
with which the resolution was shoved through there four week ago. . ..
Senator Glass pointed to estimates made by Federal Emergency Relief
officials that the McCarron amendment would increase the cost of the program from $4,000,000,000 to a minimum of $6,340,000,000. Other estimates have ranged as high as $7,000,000,000. . . .
During the balloting, the atmosphere in the Senate was more tense than
at any time since the roll-call on the World Court protocols three weeks
ago, when the Senate administered the first set-back of the session to the
President. . . .
Senator Long Leaps In
When the roll was first called, the count stood 43 to 43—a tie which
would have defeated the amendment. But a second before Vice-President
Garner could announce the result, Senator Frazier arrived in the Chamber
and voted "aye." Even then the vote appeared to be tied, as Senator
Dickinson of Iowa who had transferred his pair with Senator Barkley to
Senator Frazier, would then have to withdraw his "aye."
At this juncture, however, Senator Long rushed across the chamber and
suggested to Senator Dickinson that he transfer his pair to Mrs. Caraway,
who was absent but would vote "aye" were she present.
Senator Robinson challenged the right of any one to say how Mrs. Caraway would vote. Senator Long replied that he had just called Mrs. Caraway's secretary and had been assured that she intended to vote for the
amendment. Senator Robinson,rod-faced and obviously annoyed, dropped
into his seat as Vice-President Garner announced the result.
During the few minutes before the vote, the Senate heard from the lips
of Senator Glass one of the most eloquent pleas for the President that has
been made in the Senate this session. Particular interest was aroused in
the Senate as it was the first time Senator Glass had so spoken for this
administration.
The Virginian bespoke the concern of the President over the budgetary
situation. Ho told the Senate in effect that the President had considerable
misgivings that Federal credit could stand such a strain as would result
should the "prevailing-wage" amendment be adopted.
He expressed his own assurance that the President would not use
the
powers granted to him under the pending measure to drag down the private
wage scales of the country, and exhibited a letter from the President so
stating. Ho castigated those Democratic Senators "who have flourished
In the smile of the present Executive," and have made of him "God's vice
regent on earth," and who now proposed to desert him in favor of organized
labor.
Glass Sees Blow to Our Credit
"I am sure that it is not in the mind of the President that he will so
administer this act that it would degrade the wage structure in private
Industry," said Senator Gloss. "And I say to you this act will not so
operate.
"It is the purpose of the President to give the people on relief rolls an
opportunity to recover and maintain their self-respect and to provide them
an opportunity for rendering some service for what they are now being paid
from the Federal Treasury.
"If we should go so far as to break the credit of the United States, what
would happen to the wage-earners?" he asked. "They would be that class
which would feel the disastrous effects of the breakdown of our credit."
Of the $28,000.000,000 of outstanding Government obligations, he pointed
out, $15,364,000,000 is held by the banks. The banks thus hold 55% of
the debt of the Government, while in Great Britain the banks hold only
11%.
"The banks have been brought to a state in which they are literally
obliged to take Treasury issues whether they want to or not," he exclaimed,
shaking his finger toward the Vice-President. "They are compelled to
take them in order to protect the bond market.
"Upon reliable information I say to you that a depreciation of as much a
10% in Government bonds now would render Insolvent 90% of the banks of
1401
the country. Is it any wonder then that the President of the United States
is intensely interested in this proposal?
"The credit of the country is here involved and, understanding that. I
think he has taken a patriotic position in exerting the intensest opposition
to what is known as the McCarron amendment."
That administration leaders assisted by Senator Wagner
in the role of volunteer mediator, were on Feb. 27 making
a last desperate effort to effect some sort of compromise on
the prevailing-wage amendment before President Roosevelt
reached the Capital was noted in the "Times" account from
Washington that day, which added:
After a day of conferences with some colleagues who had joined with him
in adopting the McCarron amendment in face of threats of a veto, Senator
Wagner reported that an "area" had been developed in which an agreement
might be made.
Senate Discussion Anent Decisions of United States
Supreme Court on Gold Clauses—Criticism Feb. 27
by Senator Glass of Administration's Gold Policy
in Debate with Senator Connally—Resolution
Introduced to Remove from Jurisdiction of Gold
Clause Act Government Bonds Issued Prior Thereto
Legislation which would remove from the jurisdiction of
the gold clause Act, Government bonds issued before its
enactment, thus bringing the Act into line with the findings
of the United States Supreme Court, was introduced in
Congress on Feb. 21, as to which Washington advices on
that date to the Baltimore "Sun" had the following to say:
The resolution, introduced by Senator Barbour (Rep., N. J.) and Refiresentative Hollister (Rep., Ohio) would amend the Gold Clause Act so that
it would not apply to bonds which the Government had issued prior to
June 5 1933.
Called Admission of Error
Referring to the Supreme Court's statement that the Act, in so far as
it affected Government bonds, had gone beyond "Congressional power."
Senator Barbour said the resolution would constitute "a candid and muchneeded admission by the Congress of its error."
"I do not feel that this measure," the Senator added, "creates any
danger of some persons garnering unfair profits by reason of the fact that
they are holders of United States obligations payable in gold and issued
prior to June 5 1933 since it is illegal to hold gold."
Passage of the resolution, Senator Barbour explained, thus would not
mean that holders of Liberty bonds would immediately be entitled to
redeem their bonds either in gold or in currency at the rate of $1.69 for
each dollar of the bonds. Additional legislation would be necessary
he said, if such provisions were to be made.
The Supreme's Court's conclusions in the gold clause
cases (handed down on Feb. 18) were referred to in these
columns Feb. 23, pages 1204-1215. The Court's opinions
brought extended discussion in the Senate on Feb. 21,
Senator Connally (Dem.) of Texas and Senator Glass (Dem.)
of Virginia, entering into a heated debate on the Administration's gold policies. Senator Connally, who brought the
subject of the Court's decision before the Senate, commented
as follows:
As a result of the decision it cannot be said that it is unnecessary for the
Government to go one step further and to end whatever uncertainty or
whatever feeling of uneasiness may arise from that particular feature of
the Court's opinion which held that, though the Congress did not possess
the power to strike out of the Government's obligations the gold clause,
still by reason of others acts of the Congress and the Government the
holder of the obligation in effect bad no present recourse.
I suggest to the Senate and those who are charged with responsibility
with respect to the policies of the Government that we ought speedily
to determine upon some policy which will meet whatever contingencies
might arise in order to give entire effect and complete certainty of decision
with reference to the currency and money questions of the United States.
The debate which ensued between Senators Connally
and Glass was developed after a reference made by the
former to the statement of former President Hoover urging
the restoration by the United States of the gold basis; this
statement of Mr. Hoover appeared in our issue of a week
ago, page 1247. As to the debate we quote as follows
from the Washington dispatch Feb. 21 to the Baltimore
"Sun":
Responding vigorously to a remark by Senator Connally that the country
is still on a gold standard, Senator Glass declared that "the Senator knows
we are not on a gold standard. We are on a flat basis, and, inder the
opinion handed down by the Supreme Court, we are on a fiat bond basis."
"The Supremo Court," the Virginian continued, "says what Congress
did was a cheat and a repudiation. . . .
Calls Gold Only Yardstick
Senator Connally replied that he had not known "the Senator had been
stirred as deeply as it appeared from his language." The Texan insisted.
however, that gold was necessary only as a "yardstick."
"You can't eat gold," he said, "and you don't wear it, except in perpetuation of a barbaric custom."
"No," interrupted Senator Glass, "you can't eat it, you can't wear it,
and you can't get it."
Should Be in Government's Hand
"You don't have to get it," Senator Connally countered. "It is necessary only as a standard of measurement, and for that reason it should
be the property of Government and not individuals."
1:11
Senator Glass agreed that the Government should have control over
money. But he added that he hoped Senator Connally would agree
"that when the Government has domination over money it will keep its
word and not swindle people and not write a lie into every bill it issues."
Pulling out of his pocket a Treasury note 'Mitch he held up to view,
Senator Glass continued:
1402
Financial Chronicle
"The Government says this 320 note that I have is 'redeemable in gold
on demand at the United States Treasury, or in gold or lawful money at
the Federal Reserve banks,' and the Senator knows that is not true. He
knows that it is a lie printed right on the face of the bill. He knows that
it will not be redeemed except with another piece of paper."
Asked If He Has Gold Note
Following this statement. Inquiry developed as to whether the note
displayed by Senator Glass was a gold note which, as in the case of the
metal itself, had been ordered to be turned into the Treasury following
the gold clause legislation. Senator Glass refused to disclose the exact
variety of the note.
It was pointed out, however, that Treasury notes other than those
known as gold notes had contained the words "redeemable in gold," and
that these notes had not been affected by the Treasury order. . . .
In discussing his proposal to amend the Gold Clause Act, Senator Barbour
said: "I believe that despite the recent decisions of the Supreme Court
we should not lose sight of the fact that the Government of the United
States has made a solemn promise or contract which is later repudiated.
"That the unconstitutionality of this repudiation exists is evident in
the statement of the Chief Justice, namely: 'We conclude that the joint
resolution of June 5 1933,in so far as it attempted to override the obligation
created by the bond in suit, went beyond Congressional power.'
Thinks Damage Beside Point
"It appears to me to be somewhat beside the point to assume the stand
that because the plaintiff in the suit had shown no damage he could not
recover."
Representative Hollister expressed similar views. He pointed out,
in addition, that in two recent decisions—involving the NRA and oil, and
the Liberty bond case—the Supreme Court has informed Congress that it
had gone beyond its powers. He urged that Congress admit its "error"
by adopting the joint resolution.
The following further account of the Senate debate on
Feb. 21 is taken from the Washington dispatch to the New
York "Times":
During the debate Senator Connally said holders of gold clause bonds
may have
could go before the Court of Claims "on the theory that they
by
suffered damage," and added that he wanted the "doubt" removed
legislation.
Senator Thomas suggested that persons might file claims with Congress.
bring
Senator Lewis referred to reports that gold bloc nations might
all
suit. If they did this he urged that Congress pass a bill to "seize
and
countries
these
in
abroad
held
income from every American security
apply it on the war debts."
Mr. Thomas declared there was not enough gold in the world to pay
even the expenses of the 34,880.000,000 work relief bill, and asserted the
nation was financed by the "kiting of checks."
Senator Couzens said if this was so the Department of Justice should
prosecute.
"Ninety-two per cent of the country's business is done by checks."
Senator Glass remarked, adding:
"I wonder what foreign debtors will think of the measure of our sincerity
In reproaching them with repudiation of their obligations when Congress
has repudiated the most sacred indebtedness on earth, the indebtedness
to fight the World War."
Thomas Attacks Gold Clause
$26,Mr. Thomas argued that the Government during the war issued
of monetary
000,000,000 ofgold bonds when there was not halfthat amount
Governgold in the world to redeem them. But Senator Glass said the
ment did this on the established theory that 150 years of banking business
was required to
had taught—"that only 5% of a gold redemption fund
redeem the bonds."
become due
"No sane person ever imagined that all the bowls would
the bonds we
at the same time," he continued. "At the time we issued
. . .
did not have half as much gold as now when we repudiated."
back the gold
The effect of the Barbour-Hollister program to bring
that
recalled
Hollister
Mr.
clause was explained by a statement in which
constitutional powers
the Supreme Court had held Congress exceeded its
in repudiating the clause in governmental and private contracts.
and correct
He contended that it was now up to Congress to recognize
the error.
No "Unjust Enrichment"
say that since
"It is true that a bare majority of the Court went on to
breach of contract, but
the plaintiff in that particular case was suing for
Hollister asserted.
had shown no damage, he could not recover," Mr.
established by the
"That is beside the point. The important principle
it must not
decision was that once this Government has made a contract
later repudiate it.
of allowing
position
the
in
be
to
"I believe that Congress does not want
adoption of the
unconstitutional laws to stand on the statute books. The
original goldjoint resolution I have introduced will result in leaving the
private contracts
clause resolution in constitutional form governing all
1933.
5
and all Government obligations incurred after June
legislation Ni,ould
"It may be argued by some that the adoption of this
obligations payable
result in unjust enrichment to holders of United States
it is to-day illegal
in gold which were issued prior to June 5 1933, but since
in no sense change the
to hold gold, the adoption of this resolution would
situation.
by Congress of its
"This resolution is a formal and proper admission
the land as expounded
error, a recognition of what is the supreme law of
by the Supreme Court.
Court "Warning" Is Cited
first in the 'hot oil' case and now in the
weeks,
"Twice within a few
Congress unequivocally
Liberty bond case,the Supreme Court has informed
repeated warnings are
that it has overstepped its powers. Unless these
paper."
of
scrap
a
heeded, the Constitution in truth becomes
official
Commenting on the Supreme Court's decision, a high Government
plan for legislation
expressed the opinion to-day that there was no present
on each 31 of
barring suits before the Court of Claims to collectect $1.69
gold-clause bonds held.
bonds had every
Officials said that foreign or other holders of American
their alleged
liberty to institute suit against the Government to collect
get "nowhere" with
losses. However, It was the opinion that they would
such suits.
might have acted
The idea was expressed that while the Government
decision, the holders
unconstitutionally, according to the Supreme Court
buying power of the present
of securities suffered no loss because of the
dollar.
high official expressed
p A similar opinion was held at the Treasury. A
bonds had no more recourse
the belief that foreign holders of American
and Justice Departments
than those in the United States. The Treasury
March 2 1935
were convinced that the Government had won its case "hands down,"
and that nothing remained to be done.
Social Security Bill—House Committee Votes to Increase Old-Age Pension Tax in Accordance With
Secretary Morgenthau's Recommendations—Use
of Annuity Fund by Treasury Reported Proposed
On Feb. 25 the House Ways and Means Committee, which
has been considering the Social Security bill, tentatively
voted to adopt amendments proposed by Secretary Morgenthau that would fix a payroll tax for financing the old age
security program at 2% with provision for a gradual increase
in the tax during three-year intervals to a maximum of 6%
within 12 years. In noting the action of the committee
advices from Washington to the New York "Times" said:
The President's Committee on Economic Security had recommended an
Initial payroll tax of 1%, with provision that it reach 5% at the end of
20 years by being stepped up 1% during each succeeding 5-year period.
This committee estimated the collections from a 1% tax at about 3500,000.000 annually based on present business conditions, and agreed that this
was about all business could bear at present. Later, it is understood, the
President's committee let it be known to the Ways and Means Committee
thatit would not be opposed to a higher tax.
The recommendations of Secretary Morgenthau were
referred to in our issue of Feb. 16, page 1076. Regarding
the further action of the Committee on Feb. 25 the "Times"
dispatch stated:
The Committee also voted to exempt farmers, domestics and so-called
casual laborers from the unemployment compensation and old age security
Provisions of the Wagner-Lewis-Doughton bill, which would carry out the
Administration's program. . . .
Nonpartisan Clause Dropped
The exemption of farmers, domestics and casual laborers had also been
proposed by Secretary Morgenthau on the ground that collection of taxes
from them would make the duties imposed on the Treasury Department
almost if not actually impossible of performance. Churches, hospitals,
educational institutions and nonprofit-making organizations also were
excluded.
Secretary Perkins was understood to have made known her opposition
to exemption of farmers, domestics and casual laborers to the President,
who, it is said, advised Ways and Means Committee members that these
classes should be retained if possible.
Another change tentatively voted by the Committee today was to provide that the Social Insurance Board should be an independent agency
instead of a part of the Labor Department as provided for in the bill as
introduced. It also moved to prevent bureaucratic control of State unemployment systems by depriving the Social Insurance Board of veto
power over personnel of their administrative boards.
Specifically, the committee struck out of the bill a provision requiring
State administrative boards to be nonpartisan in their make-up. The
stricken provision also contained a merit clause for State personnel.
During previous executive se6.4101113 the committee strengthened payroll
tax provisions as they applied to the unemployment compensation features
of the program, but removed clauses that would make the amount of the
initial tax conditional upon business conditions.
These were to the effect that the amount of the tax was not to exceed 1%
until 1938 unless between 1936 and the former date, the Federal Reserve
Index number of business activity should reach 85. This was changed to
provide an initial 1% tax beginning in January, 1936, and to increase anadditional 1% up to 3% to be applicable in 1938.
At the same time the committee struck out provisions which would have
Permitted employers with plant reserve funds and other devices for stabilizing their employment to pay a lower tax for the State system than would be
imposed on employers not maintaining plant systems. The original bill
would permit a lowering of the payroll tax from 3% to a minimum of 1.3%
in the form of "credit allowances" to plants with stabilized employment.
The members ofthe committee felt, however,that this would discriminate
against the small employer, who might be unable to set up such reserve
funds and destroy the uniformity otherwise characteristic of the Federal
3% levy.
According to Associated Press advices from Washington
Feb. 25 the creation of a reserve fund of more than 50 billion
dollars by 1980, with which the Government would take
tax exempt securities off the market and pay annuities to
persons over 65, was contemplated in the program approved
Feb. 25 by the Committee, the advices added:
Originally, the Social Security bill would have made the "contributory"
taxes for annuities begin in 1937 at 1%—half payable by the employee, half
by the employer.
The committee decided, however, that would not be enough to finance
the contributory annuities at the start and so raised the taxes to an initial
2%. . . .
To-day the committee agreed it would be unwise to make-the Federal
Government borrow the billions it would have to have before the system
became self-sustaining. Since no contributory annuity will be paid for at
least five years after the system becomes operative, the Treasury figures the
new tax rate will produce more than enough to meet all demands.
By 1980, in fact, the Treasury to-day estimated the tax would produce
$1,500.000,000 a year.
All of the money collected in this manner would be held by the Treasury
instalin trust, payable to s contributor—with interest—either in monthly
ments after he reaches 65 or to his heirs when he does. By 1980 the Treasury estimates the reserve would be 350,093,700,000.
The tax would be applicable to all salaries under 3250 a month.
Adviees to the effect that a new section for the Social
Security bill designed to make additional millions available
for Federal financing, was submitted to Congress on that
day by the Treasury, were contained in Associated Press
accounts from Washington on Feb. 26, which also said:
were buying
It would let the Treasury take money paid in by persons who
of the Governvoluntarily old-age annuities and use it to defray expenses
Government
ment. The money would be replaced by long or short term
securities.
Volume 140
Financial Chronicle
From the same advices we quote:
Over Miss Perkins's(Secretary of Labor] protest, and over the objections
of the Cabinet Committee on Economic Security, the Ways and Means
Committee decided that the proposed Social Insurance Board should be an
independent agency instead of under the Secretary of Labor.
--- The committee members denied that the change had been made because
of any desire to decrease Miss Perkins's authority.
A reference to the bill appeared in out Feb. 23 issue,
page 1241.
Hearings on Administration's Banking Act of 1935—
Chairman Crowley of FDIC, Before House Committee, Declares All Banks Should Be Required
to Support Insurance System
Before the House Committee on Banking and Currency
on Feb. 21 Leo T. Crowley, Chairman of the Board of the
Federal Deposit Insurance Corporation, declared that "all
banks, large and small, should be required to support the
insurance system."
Mr. Crowley went on to say that
"banking is no longer merely a private business proposition.
It involves great social consequences. Stability of the
banking system affects economic prosperity of the country.
Raising of a sufficient revenue, solely through the levying
of premiums against deposits of those receiving direct
insurance benefits will not be a fair distribution of the
burden." Mr. Crowley's comments were made incident
to the hearing on the Administration's banking bill of 1935,
a brief reference to what he had to say at the hearing having
appeared in our issue of Feb. 23, page 1241. As we indicated in these columns Feb. 9, page,893, the bill, which is
designed to broaden the powers of the Federal Reserve
Board, also proposes to amend the present deposit insurance
law. Revision of the pending bill to widen the powers
of the Corporation in the levying of assessments upon
banks is being studied by officials of the Corporation,
°cording to Washington advices Feb. 22 to the New York
"Journal of Commerce," which also said in part:
The proposition was advanced as a deterrent to the use of banks' funds
for speculative purposes during hearings on the bill before the House
Banking and Currency Committee by several of its members.
Questions asked by Chairman Leo T. Crowley of the FDIC by Representatives Goldsborough (Dem., Md.) and Clark (Dem., Idaho) revealed
that these and some of the other members of the Committee were of the
opinion that if the banks knew that they were likely to have a second
assessment levied upon them in any one year they would be inclined to
husband their resources.
Speculation Issue Raised
They further indicated the belief this additional premium liability
would have considerable influence against the flow of funds into channels
leading into speculative markets.
Opponents of the proposal indicated the feeling this would tend to
increase the uncertainty that is created by the assessment provisions
of the law as it is now proposed to be amended. . . .
In his appearance before the Committee to-day, Mr. Crowley appeared
hesitant to give his approval to the suggestion, but because of the great
interest of members of the Committee told them he would give it full
consideration.
Public confidence in the FDIC is believed by Mr. Crowley to be of paramount importance at this time. There are about 11,000 small banks
which are still outside the Corporation, it is said, and, if they could be
brought in, public confidence would be increased to that extent.
However, to write into the bill a provision which would permit the
Corporation to double the assessment upon the banks and compel them
to make payments into the fund at the rate of one-sixth of 1% of deposits,
instead of one-twelfth of 1% as provided in the bill, Mr. Crowley explained,
would only raise another obstacle to the bringing in of the remaining
banks.
Drain Distant Prospect
Mr. Crowley said that he did not see any likelihood of heavy drains on
the funds of the Corporation during the next several years but felt that
within the next 10 years there should be sufficient moneys in the fund to
meet all emergencies. He said that he did not care whether a portion
ot the aggregate amount was appropriated by the Government or not.
but said that a "cushion" should be formed within that period.
He said that the contribution that the Corporation is going to make to
banking is not the paying out of funds to meet bank closings, but elimination of mistakes in the system which have been brought out during the
past several years.
"The FDIC is the greatest vehicle of the Government for re-establishment of sound banking," he asserted. "Since the beginning of banking,
the system was never in better shape than it is now, but we must build
up reserves for the future. We would rather give up 50% of the contribution to get proper regulation."
At the Feb. 21 hearing Mr. Crowley declared that two
courses are open to the Insurance Corporation. He added:
"it can be a-charitable institution which will pay for the mistakes, bad
banking and dishonesty of bankers, in which case the cost of the insurance
must be set so high ,that it will be an injustice to every sound bank. Or,
by being placed on a sound basis, the Corporation may be used as an
instrument to improve the standards of bank management and reduce
the losses to depositors through bank failures. The latter course, which
I prefer, requires that the standards of bank supervision throughout the
country be improved, that the Corporation be given the right to protect
itself against excessive risks, and, finally that the Corporation be not
handicapped by taking into the Fund banks which are unsound or by
continuing in.the Fund banks which are mismanaged."
Endorsement by Mr. Crowley of the provision of the
bill amending the deposit insurance law was along the
following lines:
1. The maximum limit of insurance to any one depositor should be
retained at $5,000. since over 98% of the individual accounts In insured
1403
banks are fully
.
protected by
.
this limitation. l'o insure all deposits would
increase the liability of the FDIC from $16,500,000.000 to $30.000.000,000,
while benefitting only one out of every 100 bank depositors.
1. The FDIC should have the right to terminate the insurance of any
bank which refuses to correct bad banking practices, although protection
for depositors would continue for two years. Without this power, the
FDIC,in effect. will be sanctioning bad banking.
3. Banks should be permitted to withdraw from the Insurance Fund
if they elect, but depositors in such institutions should continue to receive
insurance protection for two years.
4. The FDIO should have the right to control reductions in capital
by its insured banks; otherwise rehabilitation efforts of recent years will
prove valueless.
5. The FDIC should have the right to review consolidations affecting
its insured banks, as well as the power to pass upon the soundness and
fairness of reorganization plans. Without these rights, banks may enter
the Insurance Fund through subterfuge and endanger the entire system.
6. The FDIC should have the right to set higher standards of admission for banks seeking to joing the Insurance Fund. Making mere
solvency the standard weakens the Fund.
7. Payments by banks for deposit insurance should be in the form of
definite annual premiums, rather than through stock purchases, with
premium receipts being added to reserve funds.
8. Premiums (assessments) which the insured banks pay should be
based on total deposits, since It would be unfair to small banks to base
premiums only on insured deposits.
9. The FDIC should have the right to purchase assets of operating
insured banks, in the interest of facilitating consolidations, averting impending losses and improving the entire banking structure.
10. The FDIC should have the right to publish any part of its examination report of an insured bank, after notice and attempted correction, when
it will help depositors and banking generally.
11. The FDIC should have the power to require banks to carry adequate
fidelity and other insurance, to protect its funds and to prevent failures,
12. Periodic reports of condition should be required of all insured banks
in the public interest.
13. Revision of procedure for paying off depositors in closed insured
banks and clarification of subrogation rights suggested in interest of
efficient operation of the FDIC.
14. Stock of the FDIO held by the Treasury and the Federal Reserve
banks should be of no par value and should pay no dividends.
15. The United States Treasury, because of the Government's vital
interest in maintaining a sound banking system, should purchase the obligations of the FDIC.
Supporting his approval of the above suggested changes,
Mr. Crowley furnished members of the Committee with
considerable data covering past banking records in this
country, including the following:
1. Ninety per cent of all licensed commercial banks in the United States
are now members of the Insurance Fund. On Oct. 1 1934 insured commercial banks numbered more than 14,000, and their deposits amounted
to some $36.000.000,000; while non-insured commercial banks then numbered only 1,100 with but $500,000.000 in deposits.
2. In the 70 years July 1 1964 to June 30 1934,some 16.000 commercial
banks failed in the United States. inflicting losses upon their depositors,
over and above all recoveries, of A63,000,000,000.
3. Based upon the number of bank failures during these 70 years, an
assessment of 1-3 of 1% of total deposits in all open commercial banks
would have been enough to cover losses; while an assessment of 1-8 of 1%
would have been sufficient to cover losses if periods of severe depression
were ignored.
4. The benefits of deposit insurance are not limited solely to the protection afforded individual depositors; banking involves great social consequences.
5. The FDIC has assisted greatly in rehabilitating the banks of this
country; Reconstruction Finance Corporation aid to State non-member
banks has been twice as great, in proportion to total deposit liabilities.
as that extended to member banks.
"In my opinion," Mr. Crowley declared, "the two major
objectives of those administering the affairs of the FDIC
should be, first, to assist in making the insured banks sound
financially and, second, to keep them in sound shape."
68 Mutual Savings Banks Members of FDIC—Insured
Accounts Number Nearly 1,500,000
Almost a million and a half accounts in mutual savings
banks throughout the country are insured by the Federal
Deposit Insurance Corporation, it is revealed by figures
made public recently. These accounts are in 68 banks in
12 States which are members of the FDIC Insurance Fund.
All but 6% of them are fully insured, the report shows.
The FDIC states that the 94 out of 100 accounts which
are thus being complete protection would be paid in full
in the event of bank closure while the remaining six would
be promptly paid up to the insurance maximum. In noting
the foregoing, an announcement issued yesterday (March 1)
by the FDIC continued:
Total deposits in mutual banks affected by the insurance are 81.037.739,000. of which 77% is entirely within the insurance limits. This high
ratio of insured to total deposits is accounted for by the smaller size of
deposits in mutuals. For the insured commercial banks of the country,
whose deposits average much larger, the same ratio is 43.5%.
Of the 68 mutual banks which are insuring their depositors with the
FDIC, 46 are allowing $5,000 as the maximum protection, while 22 have
chosen 112,500 as the limit of insurance. In addition to the mutuais which
are members of the FDIC fund, banks of this type in Connecticut. Massachusetts, New Hampshire. and New York have their own State-wide plans
for depositor protection.
Member mutual savings banks of the FDIC fund are located in the
following States.
Indiana
4
Oregon
1
Maine
6
Pennsylvania
2
Maryland
2
Vermont
19
Minnesota
1
Washington
3
New Jersey
21
Wisconsin
4
New York
2
Ohio
3
Total
66
1404
Financial Chronicle
House Approves $378,699,488 War Department Supply
Bill—Measure as Passed Without Record Vote
Gives President Discretionary Authority to Increase Army Personnel
The House of Representatives on Feb. 22 approved
without a record vote the $378,699,488 War Department
Supply Bill, and transmitted the measure to the Senate
for its consideration. The bill as passed by the House was
in substantially the same form as reported by the Appropriations Committee, since the House before approval had
eliminated an amendment which would have provided
$5,000,000 for a mandatory increase in the Army's enlisted
strength of 11,000 men. The bill, however, gives the
President discretionary authority to raise the enlisted
strength of the regular army from 118,750 to 165,000 and
the National Guard from a total of 190,000 to 195,000.
A Washington dispatch of Feb. 22 to the New York "Herald
Tribune" noted other features of the bill as approved by
the House as follows:
In addition, it was learned to-day, the President will be saddled with
responsibility for determining whether the Army will receive all, part or
none of an additional $400,000.000 program which the War Department
now plans to seek from the projected $4,000.000,000 works relief fund.
Having already outlined this program to the House Military Affairs Committee, the Army chiefs will also lay it before the President, who intends
to take personal charge of the allocation and expenditure of the works fund.
Thus Mr. Roosevelt will have to make the direct decision of whether
to add powerful strength in one brief space to the land and air armaments
of the War Department. The $400,000,000 of requests cover coast defense,
heavy aircraft additions, air bases, ammunition, artillery, mechanization,
motorization and housing, as well as the increase In the enlisted strength,
estimated to coat about $25,000,000 a year.
The War Department bill passed to-day gives $318,131,500 for military
purposes of the department and $60,567.966 for non-military purposes.
The Navy Department appropriation bill, which comes before the House
later, will grant funds of about 8477.000.000. The Army and Navy
military funds together will be the largest budget since the World War.
They will be supplemented by unspent Public Works Administration allocations, other funds from ordinary public works and probably some grants
from the works relief fund, bringing the total beyond the $1,000.000,000
mark.
There was a fairly close vote on the amendment for a mandatory rise of
11.000 men in the enlisted personnel, but this was rejected, 94 to 62. Army
chiefs had been hopeful that this amendment would carry, since they
would rather have a definite partial commitment than a larger authorization
dependent upon the President. They believe the latter is in sympathy
with them, but are doubtful be would act without Congressional assumption of definite initiative.
The House voted down, 119 to 31, an amendment which would have
prevented Federal aid for compulsory military training in schools and
colleges. The amendment was offered by Representative Vito Marcantonio, Republican, of New York, who asserted the issue. involving the right
of conscientious objectors to refuse military training at land-grant colleges.
was "whether the liberties of youth are to be abolished."
Hearings Before House Committee on Rayburn Bill
to Regulate Public Utility Holding Companies—
Dr. Splawn of ICC Indicates Those Concerned
in Drafting of Legislation—R. E. Healy of SEC
Heard by Committee
Hearings before the House Inter-State and Foreign Commerce Committee on the bill of Representative Rayburn,
designed to control and eventually to eliminate public
utility holding companies, were brought under way on
Feb. 19. On that date Dr. W. M. W. Splawn, a member
of the Interstate Commerce Conimission, appeared before
the House Committee when he made the following recommendations:
1. Federal regulation of Inter-State commerce In natural gas by pipe line.
2. Federal regulation of inter-State commerce In electric energy.
3. Elimination of the holding company from the power and gas industries. with possible exception of Its temporary use to bring into existence
an operating company serving a number of contiguous communities or
a single company which also might be an operating company, to conform
with State laws In a limited region.
4. "The disintegration of the objectionable and unwieldy so-called
holding company systems, should be encouraged by exempting from taxation the issuance or exchange of securities incident to an equitable redistribution of equities among the security holders of existing corporations.'
On the same date (Feb. 19) Bernard F. Weadock, VicePresident of the Edison Electric Institute, issued a statement which said that "instead of proving the necessity for
this bill, Dr. Splawn's testimony actually supports the
position of the public utility industry; namely, that if any
further legislation is necessary it should be corrective and
not destructive."
In Associated Press advices from Washington Feb. 21
it was stated that Dr. Splawn conducted a long study of
public utilities for the House Committee, and he told its
members on that date that he felt the utility industry would
help toward working out a bill. He is quoted as saying:
It is my conviction they will go along with you and that, when you
fix the rules, they'll play the game according to the rules.
The Rayburn bill was referred to in our Feb. 9 issue,
page 896.
A measure similar to the House bill was introduced in
the Senate by Senator Burton K. Wheeler (Dem.), of
March 2 1935
Montana, Chairman of the Senate Inter-State Commerce
Committee. Dr. Splawn again appeared before the House
Committee on Feb. 26, at which time the Washington
account to the New York "Journal of Commerce" said:
Seeks Drafters' Names
At the outset of his questioning of the witness, the New Jersey member
(Representative Wolverton) was particularly interested in learning the
names of those who framed the legislation.
Under repeated questioning, Dr. Splawn said that the bill represented
efforts of members of the Federal Trade Commission, Federal Power
Commission, and Interdepartmental Committee on Power. These, he
said, fixed the policy to be followed and the actual drafting of the measure
was done by Benjamin Cohen of Public Works Administration and Thomas
Cochran of Reconstruction Finance Corporation, who assisted in the
drafting of the Securities and Exchange bills of last session.
Dr. Splawn added that Chairman Rayburn (Dem.). of Texas, of the
House Committee, fixed the policy calling for dissolution of holding companies, asserting he wanted the bill to provide for their complete elimination
and written around that policy.
Representative Cooper (Rep.), of Ohio, recalled that in his previous
testimony Dr. Splawn made mention of the fact that If holding companies
are eliminated heads of operating and subholding companies "would play
the game." The witness explained that what he means was that if top
companies are dissolved, heads of regional companies would get together
to see that the Interests of investors and consumers are protected.
Favors Private Operation
He said that he was in favor of private operation of utility companies
as against municipal operation, but warned that a strong wave of sentiment has developed for municipally-owned and operated gas and electric
companies because of abuses under the present system.
He said that if a policy of regional operation of the companies is adopted
there should be no trouble concerning small plants now under holding
company control when the latter Is wiped out because they would be
"folded in" in the regional systems.
From the same advices we take the following:
Opposition to the stringent provisions of the measure which gives the
holding companies until Jan. 1 1940 to get out of business, was believed
to be the result largely of the numerous letters from investors In holding
companies securities which have been pouring into the offices of Congressmen since the measure was introduced several weeks ago.
Investors' Letter Read
One of these letters written by an aged couple In New Jersey was read
Into the records of the hearings by Representative Wolverton (Rep.).
of New Jersey. as an example typical of many he had received. The
couple stated that their entire savings were invested in utility holding
company stock and urged Congress to take no action which would wipe
out their equity.
Asked by Mr. Wolverton what protection the bill affords to investors
like these. Dr. Splawn replied that if the couple own stock in a holding
company which is in control of good securities they will be exchanged for
those held by the investors.
Representative Wolverton declared that the bill does not say that there
shall be an exchange of securities. It only says that holding companies
must be disposed of, he asserted. He asked Dr. Splawn what he thought
the term "disposed of" meant and the latter replied that he understood it
to mean an exchange of something of equal value. He added that if
the bill does not make that clear it should.
Turning to the question of the dissolution date (Jan. 1 1940) Representative Wolverton asked why any date was fixed and since it was set
at five years was it not true that framers of the legislation favored continuation of the evil practices during the five-year Period.
Denies Approval of Evils
Dr. Splawn denied any approval was given to the practices and said
that the reason a definite date was fixed was because of the experience
of Congress in connection with railroad consolidation. In 1920, he explained. Congress decreed that the railroads should be consolidated but
to date no such plan has as yet been put into effect.
He said that during the five-year period the holding companies would
be regulated by the Securities and Exchange Committee in the interests
of the consuming public and Investors.
Mr. Wolverton asked at this point: "If the Commission can devise
terms and conditions under which the interests of the consumers and the
Investors will be protected until 940, why can't the same conditions
be Imposed after 1940?" Dr. Splawn replied that the protection provided is the machinery that is set up during the process of rearrangement.
"You don't think the Commission will permit the evils to continue until
1940?" Mr. Wolverton inquired.
"No," Dr. Splawn said. "not if they can help it."
Mr. Wolverton pointed out the bill provides that some holding companies can continue after 1940, which would indicate, he said, that the
Commission can regulate and provide against the evil practices. . . .
In response to the questions of Representative Mapes(Rep.),of Michigan.
Dr. Splawn said that the benefits to be derived from the bill are theoretical
rather than real, but added that "we cannot weigh the benefits against
the disadvantages because it is an illogical set-up."
Mr. Mapes suggested that legislation should be passed to prevent holding companies from owning stock In another holding company. Dr.
Splawn agreed that this would be a great improvement if such a measure
could be adopted, but added that he did not believe that any one should
regulate the top holding companies because they are too involved.
Robert E. Healy, a member of the Securities and Exchange
Commission, was heard by the House Committee on Feb.
27, who is reported as stating that effective Federal regulation of utility holding company operations would suffice
to prevent recurrence of the abuses in the past. The
Washington dispatch Feb. 27 to the New York "Times"
from which we quote also had the following to say in part:
He would not agree, however, that such regulation would be as effective as their dissolution after five years, which is contemplated by the
bill now pending before the Committee and favored by Mr. Healy.
Pressing his objections to the Wheeler-Rayburn measure, which would
end the holding company structure after 1940, Representative Wolverton
of New Jersey drew from the SEC member concessions calculated by
the Republican opposition to damage the argument of advocates of the bill.
It was entirely possible through corrective legislation to prohibit the
millions of dollars by write-ups found in the financial statements of holding companies, by the Federal Trade Commission, Mr. Healy agreed.
Volume 140
Financial Chronicle
He conceded further that since the holding company bill was proposeP
primarily to protect investors and consumers against alleged evil practices, their interest could be protected by regulatory legislation without
compelling dissolution of the concerns in which their investments were
made.
Mr. Healy tell that an "ideal condition" could be created, both from
the standpoint ofinvestors and consumers,by providing a chain of operating
utility companies in the gas and electric field with the operations of each
confined to defined areas and under State or municipal regulation.
He added that the proposed Act was designed to bring about this "integration" of operating companies along more regional and economic lines
through the exchange of securities by holding companies during the next
five years.
Citing this as one of the chief alms of the legislation, Mr. Healy asserted his opposition to Federal control over consumer rates as suggested
by some members of the Committee. Such regulation, he contended,
was more properly the function of States and communities served by
the utility concerns. . . .
Write-ups by the Electric Bond & Share Co. amounting to several
millions of dollars, prior to the passage of the Securities Act, were next
cited by Mr. Healy.
Mr. Wolverton asked if the SEC had authority to prohibit holding
company write-ups, to which the witness replied that its only power was
to force full disclosure of the facts in the issuance of securities.
If Congress had the power to compel disclosure of padded capitalization, Mr. Wolverton contended, it also had ample authority to prohibit
issuance of securities. Mr. Healy said this was probably correct.
Noting that the Committee on Public Utility Executives
issued an analysis of the pending measure which predicted
that its enactment would "seriously impair the nation's
electric and'gas service and result in losses to investors
running into millions of dollars," Associated Press accounts
Feb. 27 from Washington also stated:
The bill would abolish all public utility holding companies after an
interval of five years, during which period they would be subjected to
strict regulation. It has the partial backing of the Administration.
.
The Committee of Public Utility Executives, in its statement to-day,
asserted it was "apparent" that the purpose of the measure was "not to
regulate but to destroy." The bill's "real effect," it continued, would
be "the nationalization of the electric and natural gas industries."
This would be accomplished, the statement said:
"(a) By eliminating, through the destruction of the holding company,
managerial, financial and technical co-ordination.
"(b) By making all, or practically all, operating companies common
carriers.
"fc) By taking effective regulatory authority away from the States
and vesting it in Federal commissions.
"(d) By so enlarging the scope of such regulation as to deprive management of all authority, initiative and independence, and
"(e) By relieving all governmental power operations from such
regulation."
The statement predicted passage of the bill would have the following
effects:
"(a) It would seriously impair the nation's electric and gas service.
"(b) It would impose such arbitrary and unject restrictions upon Private
management of operating companies as to lead toward Government ownership.
"(c) It would compel the liquidation of billions of dollars of securities
at enormous loss to millions of investors.
"(d) It would tend toward the destruction of all holding companies,
in whatever industry they may exist."
1405
In any event, the House Rules Committee up to this time is showing no
disposition to take seriously the McAuliffe charges.
At a luncheon of the City Club, in New York, on Feb. 13,
Mr. Dailey is reported as saying that he "personally" made
all the appointments to HOLO Jobs in New York State, and
that the employees were "taken from the ranks of the
Democratic party." The New York "Times" of Feb. 14,
from which we quote, added, in part:
The appointments were made, however, "on the basis of the integrity
of the applicant and his ability to perform the work required of him,"
Mr. Dailey explained; and the public service rendered, the loans made, and
the contracts for construction and other work "all have been on a strictly
non-partisan, non-political basis." There are about 1,200 full-time workers in the HOLO in New York State and nearly 2,000 part-time or fee
employees.
Replying to a question by Richard S. Childs, President of the City Club,
as to possible influence on elections of this practice of hiring only Democrats, Er, Dailey said he did not believe elections were won by patronage.
He added: "Elections are won by the public service given to the people
by the party in power. Where Democratic communities go Republican or
Republican communities turn Democratic, you will find always that the
turn in political fortunes came because the party in power did not realize
its responsibilities and give the kind of service it should have given."
He Reviews HOW Work
Mr. Dailey reviewed the work of his organization thus far, and pointed
out that 72.179 New York homes had been saved from foreclosure through
approval of nearly $400,000,000 in refinancing loans. He estimated that
about 100,000 cases would be approved and $500,000,000 paid out on
applications already in hand.
Section 7-A of NIRA Held Illegal When Applied to Companies in Intra-State Commerce—Federal Judge
Nields Rules Against Government in Weirton Steel
Co. Suit—Upholds Company Union for Collective
Bargaining
The Government sustained its most important court reverse incident to the legality of the National Industrial
Recovery Act on Feb. 27 when Judge John P. Nields, of the
Federal District Court of Delaware,ruled that Section 7-A of
the NIRA, containing the disputed collective bargaining
clause, was unconstitutional and invalid when applied to
companies not engaged in inter-State commerce. Handing
down a decision in which he said that the Government had
no authority to regulate the relations of the Weirton Steel
Company with its employees, Judge Nields said that Congress only has power to regulate business of an inter-State
character. He also decided that the company union or
employee representation plan of collective bargaining was
legal under the NIRA. Legal advisers of the Department
of Justice and the NRA said on Feb. 27 that an early appeal
from Judge Nields' decision would be carried to the Supreme
Court, and expressed their confidence that the highest triThe ieclarations against the bill of public utility com- bunal would reverse his ruling. Such an appeal could not
panies were noted in our Feb. 23 issue, page 1244.
be decided before next Fall, at the earliest.
Judge Nields' ruling dismissed the Government's suit
against the Weirton Company and denied the Government's
House Committee Concludes Hearings on Bill to
Increase Bond Issue of HOLC—Proposal for Crea- petition for an injunction to restrain the company from intertion of Committee to Investigate Corporation
ference with its employees' selection of representatives for
Open hearings on the measure introduced in Congress to the purpose of collective bargaining. He stated that no
increase from $3,000,000,000 to $4,500,000,000 the authorized interference had been proved by the Government, and that
bond issue of the Home Owners' Loan Corporation were the company union at Weirton was entirely free from intimiconcluded on Feb. 15 by the House Banking Committee. dation, domination or control by the management, while the
The pending measure was referred to in these columns Weirton election for co-operative bargaining representatives
Feb. 9, page 895. Before the House Rules Committee, on in 1933 was declared to be legal.
The Government's suit, which was argued over a period of
Feb. 15, a group of five Representatives is said to have
indorsed a resolution proposed by Representative Sweeney many months, was considered one of the most important
(Democrat) of Ohio for the creation of a special House com- tests of New Deal policies, and the result was regarded as a
mittee of seven to investigate the HOLO. Three of the five victory for the advocates of the company union, as well as
Representatives are reported to be Democrats and two Re- a defeat both for the Administration and for organized labor.
publicans. Associated Press advices from Washington on Reference to the action of the Weirton Steel Co. in challenging the Government's interpretation of Section 7-A, was
Feb. 15 said:
Representative Sweeney summed up his testimony by asserting that in
made in our issue of Jan.,12, page 259.
addition to having heard accusations of "inefficiency," he had received
A partial summary of this week's decision as contained in
Information indicating a "lack of business ability on the part of somebody."
Wilmington, Del., advices Feb.27 to the New York "Times,"
The complaints, he said, came from 45 States,
follows:
On Feb. 26 it was stated
in a 'Washington dispatch to the
New York "Herald Tribune" that despite the demand of
Representative Sweeney for an investigation the House
Rules Committee is not expected to act favorably on the
request. The dispatch added:
Representative Sweeney has laid before the Committee charges against
the New York Home Owners' Loan Corporation. This affidavit alleges
that Vincent Dailey, State Chairman and political aid of James A. Farley,
Postmaster-General, used the HOLC to promote the interests of the "Farley
faction of the Democratic party" as against the interests of the distressed
and needy home owner.
The affidavit came from John J. McAuliffe, former Chief Appraiser of
the HOLO in Brooklyn. He was let out by Mr. Dailey last June. He is
District Commander cf the Veterans of Foreign Wars and for years has
been a Democratic captain in Brooklyn.
It is not denied by Mr. Dailey that HOLO appointments were Democratic,
but he contends the administration of its affairs under his regime has
been efficient and in the interest of the owners of homes.
Judge Nields held that the Weirton Steel Co. was not engaged in interState commerce, despite the Government's contention to the contrary.
Pointing out that the United States Supreme Court had decided in a number
of cases that the commerce clause of the Constitution cannot be construed
to permit Congress to regulate the entire industrial life of the Nation, he
said that the Government under Section 7-A and the codes was attempting
to do just what the Supreme Court had condemned.
The Constitution does not give to Congress the power to regulate manufacture, he went on. and the Supreme Court cases to this effect "must stand
until the Constitution is amended." He held that the application of these
cases to the Weirton issue was "quite certain."
Raw materials brought into the Weirton plants were never shipped into
inter-State commerce, he continued. The finished products shipped out,
he explained, were "entirely different from the raw materials shipped tn."
"Hard Times" Plea Dismissed
"Ifthe defendant's manufacturing plant and operations are to be regarded
as instruments for the inter-State movement of goods," he went on, "it
follows that practically all of the manufacturing industry of the United
States would be brought within the control of the Federal Government.
1406
Financial Chronicle
Such result has received the unqualified condemnation of the Supreme
Court."
The fact that Weirton is a subsidiary of the National Steel Corporation,
which is engaged in inter-State commerce, does not change the status of
Weirton, according to Judge Nields.
Judge Nields dismissed the suggestion that recurrent hard times might
justify the suspension of constitutional limitations as one that "borders on
the fantastic and merits no serious consideracion."
Holding that the "relations between the defendant and its employes
do not affect inter-State commerce," Judge Nields said that a relationship
satisfactory to both management and workers was essential to the success of
a manufacturing enterprise and that the court would not disturb such a
relationship which he held existed under the Weirton plan of employee
representation.
He said that the Weirton plan embodies "the 20th century American
theory" of such relationship as dependent upon "mutual interest and goodwill," as opposed to the "traditional old-world theory" of an inevitable
diversity of interest.
Plant Union Agents Upheld
Pointing out that the company union representatives had functioned
efficiently and adjusted many grievances, as shown by the evidence, Judge
Nields said that they had been "fearless and independent" in all controversies with the management. He saw no objection to the company paying
to the workers' representatives $25 a month under the company union plan,
saying there was no evidence that any one had been influenced by this extra
compensation.
Judge Nields also differed with the Government regarding the payment
by the company of $6000 for printing ballots and posters for thr union.
The Government regarded this as intimidation.
The court held that the evidence showed that the workers and not the
management controlled the union. Besides settling a large majority of
disputes in favor of the employes, he pointed out, the company union had
obtained a 10 per cent wage increase for the men in March 1934.
Judge Nields found that the Weirton plan of employee representation was
modeled after one which had been in operation for 15 years among 70,000
employees of the Bethlehem Steel Company.
It was "significant," he continued, that the testimony at the trial showed
there was "practically no opposition" to the Bethlehem plan when it was
adopted and put into effect at Weirton. Evidence of coercion or interference at the June 1933, elections of the company union, he went on, were
"trifling and not worthy of mention." The participation of more than
four-fifths of the eligible employes, he added, was a "conclusive expression
of approval."
Contrasting the results of the company union plan with the efforts of
the Amalgamated Association of Iron, Steel and Tin Workers,an A. F. of L.
affiliate, to organize the Weirton workers, Judge Nields cited testimony that
only 183 Weirton employees were eligible to vote in Amalgamated elections
in 1934. He asserted that it was "absurd" that officers chosen by 183
employees should represent all the Weirton employees.
"Misrepresentation and threats of the closed shop and of increase in
Initiation fees are thoroughly borne out by a great preponderance of the
evidence," Judge Nields added. He held that union recognition, the object
of the Weirton strike in 1933, generally meant a closed shop. The National
Labor Board, he added, had no legal jurisdiction "when it purported to
assume jurisdiction" over the Weirton strike.
The following is the text of Judge Nields decision, as given
in Wilmington advices Feb. 27 to the New York "Times":
The manufacturing operations conducted by defendant in its various
plants or mills do not constitute inter-State commerce. The relations
between defendant and its employees do not affect inter-State commerce.
Manufacture is a co-operative enterprise. Production in quantity and
quality with consequent wages, salaries and dividends, depends upon a
sympathetic co-operation of management and workmen. A relation acceptable and satisfactory to both workman and management is an essential
feature of the enterprise. If satisfactory the Court will not disturb it. It
Is said this relation involves the problem of the economic balance of the
power of labor against the power of capital.
The theory of a balance of power or of balancing opposing powers is
based upon the assumption of an inevitable and necessary diversity of
Interest. This is the traditional Old World theory. It is not the 20th
century American theory of that relation as dependent upon mutual
interest, understanding and good-will. This modern theory is embodied in
the Weirton plan of employee organization. Furthermore, the suggestion
that recurrent hard times suspend constitutional limitations or casue manufacturing operations to so affect inter-State commerce as to subject them to
regulation by the Congress borders on the fantastic and merits no serious
consideration.
By a clear preponderance of evidence this Court finds that the plan of
employee representation in effect among the employees of the defendant
affords a lawful and effective organization of the employees for collective
bargaining through representatives of their own choosing; that in all respects
It complies with the provisions of Section 7-A of the National Industrial
Recovery Act and Section 1, Article IV, of the Steel Code; that in all
respects it is directly operated and controlled by the defendant's employees
and is not dominated or controlled by defendant or its agents; that in all
respects it is satisfactory to the great majority of defendant's employees;
that the 49 representatives elected in December 1933. are free from any
domination or control of defendant or its agents: and that the payment of
compensation by defendant to the representatives and the payment by
defendant of the expenses of operating the plan are lawful and do not constitute acts of interference, restraint or coercion.
Constitutionality of Section 7-A as Applied to Defendant's Business
The National Steel Corp. is not the defendant in this suit. It is true that
part of the business of that corporation is inter-State commerce. Weirton
Steel Co. is the sole defendant in this suit. Its business is the manufacture
of iron and steel products. Defendant is not engaged in inter-State commerce save to a negligible extent. In its relations to its employees as dealt
with in Section 7-A. it Is not engaged In Inter-State commerce. Those
relations are incident to manufacture. The fact that defendant is a wholly
owned subsidiary of National Steel Corp. cannot change the character of
defendant's business from that of manufacture to commerce. Therefore In
considering the question of the constitutionality of Section 7-A, the business
and corporate structure of the National Steel Corp. is immaterial.
Power to enact Section 7-A was not conferred upon Congress by the
"general welfare" recital In the Preamble to the Constitution, nor by the
"welfare clause," Article I, Section 8, of the Constitution. rho Preamble
Confers no power and the welfare clause is commonly considered as a specifiCation of the purpose for which money may be appropriated and not as a
substantive,grant of power. The enactment of Section 7-A either is authorized.by_the commerce clause of the Constitution or it is unauthorized and
therefore void. Article I, Section 8, provides:
. To regulate commerce w191
"The Congress shall have power,
States, and with the Indian tribes.
foreign nations, and among the severalI..
March 2 1935
The NIRA requires that every industrial code shall contain the provisions of Section-A. Subsection (1) assures to employees the right to organize and bargain collectively through representatives of their own choosing
free from interference, restraint or coercion of their employers. Subsection (2) bans yellow dog contracts. Subsection (3) refers to maximum
hours of labor and minimum rates of pay. With the last we have nothing
to do.
Yellow Dog Contract Ban Not a New Feature of Law
Collective bargaining and the banning of yellow dog contracts were not
new features of Congressional legislation. The Transportation Act, 1920
provides:
"It shall be the duty of all carriers and their officers, employees and
agents to exert every reasonable effort and adopt every available means to
avoid any interruption to the operation of any carrier growing out of any
dispute between the carrier and the employees or subordinate officials
thereof. All such disputes shall be considered, and if possible decided, in
conference between representatives designated and authorized so to confer
by the carriers, or the employees or subordinate officials thereof, directly
interested in the dispute."
The Railway Labor Act of 1926 provides:
"Representatives, for the purpose of this Act, shall be designated by
the respective parties in such manner as may be provided in their corporate
organization or unincorporated association, or by other means of collective action, without interference, influence or coercion exercised by either
party over the self-organization or designation of representatives by the
other."
The Norris-La Guardia Act of 1932 declares:
" . . . it is necessary that he (the worker) have full freedom of
association, self-organization and designation of representatives of his own
choosing to negotiate the terms and conditions of his employment, and
conditions of his employment, and that he 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 con certed activities for the purpose of collective bargaining or other mutual
aid or protection; . . . "
hp These earlier statutes reflect a purpose on the part of Congress to induce
and maintain united action of labor and management in the operation of
inter-State carriers and thus to prevent the Interruption of inter-. tate
commerce by labor disputes and strikes. By Section 7-A of the NIRA
this united action secured "under adequate Governmental sanction and
supervision" is sought to be projected and transplanted into every industry.
Economic Life of Country Brought into Scope of Codes
The NIRA provides machinery for the formulation and enforcement of
voluntary or prescribed codes and agreements relating to every branch of
industry. On Oct. 19 1934, there were over 2,400 lines of industry covered
by codes then approved. These codes include not only great manufacturing
industries such as the steel code, automobile code and textile code, but also
include the bankers code, hotel code, newspaper code, undertakers code and
baby carriage code. They bring within their scope the entire economic
life of the country.
In a number of cases the Supreme Court has declared that the commerce
clause of the Constitution cannot be construed to bring within the regulatory
Power of Congress the entire industrial life of the nation. In Kidd vs.
Pearson, 128 U. S. 1, 20, the Court held a statute of Iowa to be constitutional which prohibited the manufacture of liquor intended to be sold in
Inter-State shipment. The Court said:
"No distinction is more popular to the common mind, or more clearly
expressed in economic and political literature, than that between manufacturers and commerce. Manufacture is transformation—the fashioning
of raw materials into a change of form for use. The functions of commerce
are different. The buying and selling and the transportation incidental
thereto constitute commerce: and the regulation of commerce in the constitutional sense embraces the regulation at least of such transportation.
The legal definition of the term, as given by this Court in County of Mobile
vs. Kimbal, 102 U. S. 691. 702 is as follows: 'Commerce with foreign countries, and among the States, strictly considered, consists in intercourse
and traffic, including in these terms navigation, and the transportation
and transit of persons and property, as well as of the purchase, sale, and
exchange of commodities.'
"If it be held that the term includes the regulation of all such manufacturers as are intended to be the subject of commercial transactions in the
future, it is impossible to deny that it would also include all productive
industries that contemplate the same thing. The result would be that
Congress would be invested, to the exclusive of the States, with the power to
regulate, not only manufactures, but also agriculture, horticulture, stock
raising, domestic fisheries, mining—in short, every branch of human
industry. For is there one of them that does not contemplate, more or less
clearly, an inter-State or foreign market? Does not the wheat grower of the
northwest, and the cotton planter of the South, plant, cultivate, and
harvest his crop with an eye on the prices at Liverpool, New York and Chicago? The power being vested in Congress and denied to the States, It
would follow as an inevitable result that the duty would devolve on Congress
to regulate all of these delicate, multiform, and vital interests—interests
which in their nature are and must be,local in all the details of their successful management. It is not necessary to enlarge on, but only to suggest the
impracticability of such a scheme, when we regard the multitudinous
affairs involved, and the almost infinite variety of their minute details."
fields Dection 7-A Attempts Power Condemned by Court
The very thing so emphatically condemned by the Supreme Court is
what has been attempted by means of Section 7-A of the Recovery Act
and the codes approved thereunder.
Hammer vs. Dagenhart, 247 U. S. 251, 272, relates to the manufacture
of goodsiby child labor in the State of North Carolina. The Court distinguished the case from the cases upholding the lottery statute, the WhiteSlave Traffic Act and the Food and Drug Acts on the ground that North
Carolina had not forbidden child labor and the goods themselves were not
contraband or injurious. The Court said:
"The making of goods and the mining of coal are not commerce, nor does
the fact that these things are to be afterward shipped or used in inter-State
commerce, make their production a part thereof, Delaware Lackawanna Sc
Western RR. Co. vs. 1 urkonis, 238 U. S. 439. Over Inter-State transports,
tion, or its incidents, the regulatory power of Congress is ample, but the
production of articles, intended for inter-State commerce, is a matter of
local regulation. 'When the commerce begins is determined, not by the
character of the commodity, nor by the intention of the owner to transfer
It to another State for sale, nor by his preparation of it for transportation,
but by its actual delivery to a common carrier for transportation, or the
actual commencement of its transfer to another State.' (Mr. Justice Jackson in In re Green, 52 Fed, Rep. 113.) This principle has been recognized
often in this Court, Coe vs. Errol, 116 U. S. 517; Bacon vs. Illinois, 227 U.
EL 504, and cases cited. If it were otherwise, all manufacture intended
for Inter-State shipment would be brought under Federal control to the prac.
deal exclusion of the authority of the States, a result certainly not contem:
plated by the framers of the Constitution when they vested in Congress
the authority to regulate commerce among the States, Kidd vs. Pearson,
128 U. S. 1, 21."
This is a clear and emphatic statement that the commerce clause cannot
be construed so as Ad bring within the regulatory power of the Federal
Government the manufacture of goods intended for shipment In InterState commerce and a fortiori the entire economic life of the nation.
Cites Pennsylvania Decision Covering State Tax Power
Heisler vs. Thomas Colliery Co.. 260 U. S. 245, 259, involves the constitutionality of a statute of Pennsulvania imposing a tax upon each ton
of coal prepared for market. Eighty per cent of the coal was shipped
outside of the State and defendant contended this portion of the coal was
within the realm of inter-State commerce and could not be taxed by the
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State without interfering with the regulatory power of Congress. In
rejecting this contention the Court said:
"The reach and consequences of the contention repel its acceptance.
If the possibility, or, indeed, certainty, of exportation of a product or
article from a State determines it to be in Inter-State commerce before the
commencement of its movement from the State. it would seem to follow
that it is in such commerce from the instance of its growth or production,
and in the case of coals, as they lie in the ground. The result would be
curious. It would nationalize all industries, it would nationalize and withdraw from State jurisdiction and deliver to Federal commercial control
the fruits of California and the South, the wheat of the West and its meats.
the cotton of the South. the shoes of Massachusetts and the woolen industries of other Statts, at the very inception of their production or growth:
that is, the fruits unpicked, the cotton and wheat ungathered, hides and
flesh of cattle yet 'on the hoof,' wool yet unshorn, and coal yet unmined,
because they are in varying percentages destined for and surely to be
exported to States other than those of their productions."
In the Employers' Liability Cases, 207 U. S. 463, 502, the Court dealt
with a statute which subjected all the business of an inter-State carrier to
regulation by Congress although much of that business was intra-State
such as the work at railroad repair shops. In holding the statute unconstitutional the Court said:
"It remains only to consider the contention, which we have previously
quoted, that the Act is constitutional, although it embraces subjects not
within the power of Congress to regulate commerce, because one who
engages in inter-State commerce thereby submits all his business concerns
to the regulating power of Congress. To state the proposition is to refute it.
It assumes that because one engages in inter-State commerce he thereby
endows Congress with power not delegated to it by the Constitution; in
other words, with the right to legislate concerning matters of purely State
concern. It rests upon the conception that the Constitution destroyed that
freedom of commerce which it was its purpose to preserve, since it treats the
right to engage in inter-State commerce as a privilege which cannot be
availed of except upon such conditions as Congress may prescribe, even
although the conditions would be otherwise beyond the power of Congress.
It is apparent that if the contention were well founded it would extend the
power of Congress to every conceivable subject, however, inherently local.
would obliterate all the limitations of power imposed by the Constitution,
and would destroy the authority of the States as to all conceivable matters
which from the beginning have been, and must continue to be, under their
control so long as the Constitution endures."
Authority of Four Decisions by Supreme Court Stressed
The reduction ad absurdum process of reasoning of the Supreme Court
—that regulating manufacture involves the regulation of all industry—
was held to demonstrate the conclusion that the Constitution did not give
to Congress the power to regulate manufacture. The authority of these
four cases of the Supreme Court stands and must continue to stand until
the Constitution is amended. Their application to the business of
defendant is quite certain.
How then does the Government endeavor to escape the application
of this authority? The path pursued is womewhat devious. The Supreme
Court has held certain stockyards and a certain grain exchange subject to
regulation by the Congress under the commerce clause because they are
Instrumentalities of commerce and because their business interferes with
or imposes a burden upon the stream, current or flow of that commerce.
In the reasoning of these cases the court repeatedly employs the figure
of speech—"stream," "current" and "flow" of commerce. Applying this
language to defendant's business and assimilating the facts of defendant's
business to the facts of those cases. the Government pictures the raw
materials like ore, coal and limestone transported across State lines into
defendant's plants and after a complete transformation incident to the
processes of manufacture during a substantial period of time pictures
the finished products like structural steel and tine plate transported across
State lines to customers.
In defendant's business the Government sees a stream, current or flow
of ore, coal or limestone through defendant's plants emerging in the form
offinished products to be shipped across State lines to customers. Adopting
this figure of speech as applicable to defendant's business the Government
contends that the business of defendant and of the stockyards and exchange
are essentially the same and subject to Congressional regulation, A cursory
examination of the cases where the Supreme Court uses this figure ofspeech
exhibits the peculiar facts upon which the cases rest and clearly distinguish
them from the case in hand.
Swift Si Co. vs. United States, 196 U. S. 375, and Stafford vs. Wallace,
258 U. S. 495, are referred to as the "stockyard" cases. The court held
in these cases that the buying and selling in the stockyards is a mere incident
of the inter-State journey of the cattle and hogs which begins at the farms,
passes through the stockyards and ends at the final destination in other
States. This destination is fixed by the buying and selling of commission
men and dealers at the stockyards. The buying and selling merely determines the ultimate destination of an inter-State journey previously begun,
is merely an incident of that journey and takes place without any practical
interruption of the journey.
Government Put Reliance in a Ruling on Stockyards
In Stafford vs. Wallace, the authority on which the Government principally relies, the court in effect held that the stockyard is an instrumentsilty of inter-State movement of livestock and that both the stockyard
and what is incidentally done therein is a part of inter-State commerce
subject to regulation by Congress under the commerce clause. The court
said:
"The stockyards are not a place of rest or final destination. Thousands
of head of live stock arrive daily by carload and trainload lots, and must be
promptly sold and disposed of and moved out to give place to the constantly flowing trqffic that presses behind. The stockyards are but a throat
through which the current flows, and the transactions which occur therein
are only incident to this current from the West to the East, and from one
State to another.
"Such transactions can not be separated from the movement to which
they contribute and necessarily take on its character. The commission men
are essential in making the sales without which the flow of the current would
be obstructed, and this, whether they are made to packers or dealers. The
dealers are essential to the sales to the stock farmers and feeders.
"The sales are not in this aspect merely local transactions. They create
a local change of title, it is true, but they do not stop the flow; they merely
change the private interests in the subject of the current, not interfering
with, but, on the contrary, being indispensable to its continuity. The
origin of the live stock is in the West. its ultimate destination known to,
and intended by, all engaged in the business is in the Middle West and
East either as meat products or stock for feeding and fattening. This is the
definite and well-understood course of business. The stockyards and the
sales are necessary factors in the middle of this current of commerce."
The stockyards do not originally cause the inter-State movement of
livestock to take place through the yards. Their contribution as aids to
the inter-State movement may increase the amount of commerce. The
stockyards themselves and the clearing that takes place therein are a part
of the inter-State movement itself.
On the other hand, the plants of the defendant are not a part of the
Inter-State movement of goods. The plants are the cause of the interstatement movement of goods. They originate inter-State commerce.
It is because these plants consume raw materials and ship out finished
goods that inter-State commerce is created.
Grain Futures Act Case Held not to Be Analogous
Chicago Board of Trade vs. Olsen, 262 U. S. 1, involves the constitutionality of the Grain Futures Act of 1922. This Act regulates trans-
1407
actions on Boards of Trade where grain is sold for actual or future delivery.
When sales were for actual delivery the Court found that the Board of
Trade and the persons buying and selling thereon performed a function
substantially similar to the stockyards and were governed by the stockyard
cases. Furthermore, the Court accepted the findings of Congress that the
manipulations of boards through dealers in futures imposed a direct burden
upon inter-State commerce in grain and held that Congress was authorized
to regulate such dealings.
There is no analogy between the Olsen case and the case at bar. Here
the raw materials brought into defendant's plants are never shipped out.
No ore, coal, limestone or scrap iron is shipped out into inter-State commerce. What is shipped out are things entirely different from the raw
materials shipped in. The finished products are produced by extended
manufacturing operations involving mechanical, chemical and electrolytic
processes.
If defendant's manufacturing plants and manufacturing operations are
to be regarded as instruments for the inter-State movement of goods it
follows that practically all of the manufacturing industry of the United
States would be brought within the control of the Federal Government.
Such result has received the unqualified condemnation of the Supreme Court.
Phere is no showing on the part of plaintiff warranting the Court in
issuing an injunction. Section 7-A as applied to defendant and its business
Is unconstitutional and void.
This opinion contains a statement of the essential facts and of the law
applicable thereto in conformity with Equity Rule 70%.
The bill must be dismissed.
(Signed) JOHN P. NIELDS,
Feb. 27 1935.
Side by TVA of Electric Power Held Illegal by Judge
Grubb of Alabama—Temporary Restraining Order
Made Permanent
The sale of electric energy by the Tennessee Valley
Authority, in competition with privately-owned utilities,
was declared illegal on Feb. 22 by Judge William I. Grubb,
in the United States District Court at Birmingham, Ala.
Judge Grubb's decision, which was handed down orally, is
given in full under another heading in this issue. The
court's ruling dealt specifically with a contract under which
the Alabama Power Co. transferred its Northwestern Alabama transmission lines to the TVA; Judge Grubb held
that this would put TVA in the utility business, and that
the Authority had no right to conduct such a business. At
the same time Judge Grubb made permanent his temporary
restraining order, enjoining 14 North Alabama towns from
accepting or expending Public Works Administration funds
for the construction of competing systems. TVA and PWA
are both branches of the United States Government, and to
utilize PWA funds for competing systems would, in effect,
be assisting TVA in an illegal act, Judge Grubb held. It
was indicated that steps would immediately be taken toward
moving the case before the United States Supreme Court.
As to these plans, we quote the following from Washington,
Feb. 23, to the New York "Times":
In announcing to-day that he would join with the TVA in appealing the
case, Henry T. Hunt, chief counsel of the PWA, said that it was not
decided whether the appeal would be to the Circuit Court of Appeals in
New Orleans or directly to the Supreme Court by a writ of certiorari. If
the Government won the case in the Circuit Court, the power companies
would carry it to the highest tribunal, Government attorneys believed.
Senator Norris Predicts Reversal
There was considerable excitement in Congressional circles over Judge
Grubb's decision. Senator Norris, father of Muscle Shoals, predicted that
the Grubb ruling would be reversed by the Supreme Court.
"The effect of the injunction is to practically nullify the entire TVA
Act," he declared.
Other members of Congress pointed cut that the St. Lawrence power
project, which President Roosevelt favors, and other power "yardstick"
operations already under way, could not be carried out if Judge Grubb's
ruling were upheld.
The President's power program also faced a serious check from Congress,
for observers agreed that destruction of the $4,880,000,000 work relief
bill would make difficult the completion of several huge power projects
now under way.
As to Judge Grubb's ruling the Birmingham "Age-Herald"
of Feb. 23 had the following to say, in part:
Judge Grubb's decision was given at the close of the suit brought by a
group of preferred stockholders of the Alabama Power Co. attacking the
constitutionality of the TVA Act and the yardstick program of the
Authority under the Act. It required practically three weeks to take the
testimony and hear the arguments in the case.
James Lawrence Fly, chief counsel for the TVA, gave immediate notice
that an appeal would be filed. In the meantime, the injunction asked by
the stockholders in their suit will be drawn and issued Monday, probably.
Just before the close of the case, W. H. Mitchell appeared as representative of Sheffield, Florence, Tuscumbia and Decatur and asked that
the injunction which had prevented them from accepting PWA funds be
lifted.
Right Is Denied
Judge Grubb told Mr. Mitchell that TVA had no more right to sell to the
municipalities than it had to sell to others.
"Because there are generators at Wilson Dam doesn't give the TVA or
the United States Government the right to sell it as a private agency in
the State of Alabama," he said.
"I don't believe you could take the small amount needed to operate the
locks and the large amount generated and call the difference surplus. I
don't think it is the plan of TVA to confine the surplus to the amount
that would be produced incidental to a constitutional function. I think
the evidence shows clearly that TVA intended to produce power and sell
it and bought the facilities of the Alabama Power Co. to do it with."
The following further account of Judge Grubb's ruling is
from the Birmingham advices to the "Times":
Financial Chronicle
1408
Pointing out that he was not passing on the constitutionality of the Act
creating the TVA, Judge Grubb, in his decision, held that "under the
Tenth Amendment, or regardless of it, the United States has no right
within the limits of a State to conduct any proprietary business, unless
tied to some constitutional grant of power, and if the grant of power
existed it carried with it the right to do business."
He conceded that attached to a constitutional power, such as navigation,
national defense or flood control, a surplus of energy could be sold. On
the other hand, he said it appeared from the evidence that the TVA
intended to produce power, not as a surplus, but to go into the utility
business.
"As I read the case, if there is a bona fide surplus there is an implied
right to sell the surplus legitimately created," he said.
"I get the idea from the proof, not necessarily that the Act says so, but
that the directors have not arranged to dispose of any surplus of that
kind, but have treated all power as surplus either to show by example how
cheap power can be made by the Government, or in connection with its
experiments for other purposes in the Valley.
"Their idea is anything is a surplus over and above what they use. I
consider it essential to show this power was incidental to a constitutional
function, or an excess created in good faith.
"It seems that the evidence shows it is not a surplus that can be attributed
to any power, therefore its doing so is ultra vires and illegal. It puts
the TVA in the utility business and is ultra vires of its authority."
Denial of Legal Redress
Judge Grubb said that the plaintiffs might show they had suffered some
legal damage, but that, "since this is the Government, they will have to
accept that without legal redress," and added:
"I told counsel that all I would consider is the validity of the contracts
which conveyed the transmission lines (to the TVA by the Alabama Power
Co.) and the contract to buy the distribution plants, which was not
exercised but throws a light on their intentions."
The distribution systems referred to are those which took energy into
the 14 towns enjoined from accepting P1VA funds. Under a contract of
Aug. 4 1934 the Alabama Power Co. was to have conveyed to the TVA
these distribution systems for about $1,000,000.
The TVA had planned to dispose of them to the municipalities, lending
the towns the money, which was to be repaid by a 10% surcharge on
the TVA resale rates.
The TVA withdrew from this contract on Jan. 25, exercising its right
to do so in 60 days after approval of the transfer by the Alabama Public
Service Commission. The 60 days expired on Jan. 24 and the conveyance
was not made.
Judge Grubb indicated his view of the points at issue when at the
morning session he interrupted the argument of William C. Fitts Jr.,
associate counsel for the TVA, to say:
"Is it a legitimate governmental function to dispose of the power within
the State? I can't see where the United States gets any power under the
Constitution to engage in any business permanently."
"The Government undoubtedly has the right to generate whatever it needs,
and to dispose of the balance," he added, "but I don't think it means that
all the power in the river can be taken out of it and disposed of in a
permanent utility business.
"It involves the question of whether the Government has the right to
make a permanent disposition of the power created at the dam, no matter
how much or how little. I think it has a right to sell a surplus anywhere, at the darn or to build transmission lines and sell it. That doesn't
matter."
Mr. Fitts said he thought that the Government had the right to utilize
all the natural resources of the river and to dispose of the power created
in this utilization.
"That would be benevolent dictatorship," Judge Grubb responded.
Conflict With States' Rights
Mr. Fitts asked if there would be any difference "between the Alabama
Power Co. selling it and the TVA."
"Yes; the Alabama Power Co. is subject to regulation," the judge
replied. "If the Government cannot sell power without violating the law,
then it is better to waste it. The question of conflict between the United
States and the States might come in.
"Alabama has waived its rights, but other States might not do so.
The TVA wants to substitute itself for a utility and do business as a
utility. Don't you think this is a case where they create power for the
purpose of sale and that it is taken out of the river purely for sale?
"If the generators are held as a reserve for war, all you have to do is
to shut down the generators and not engage in a private business against
the law.
Bar to "Permanent Business"
"The mere fact that the TVA has the generators doesn't give you the
right to go into the permanent business of selling.
"If the power was created to sell, you can't claim you are selling a
surplus. Competition is only one element of engaging in business. The
test is the question of intent.
"I have never been able to bring myself to believe that the United
States could go into a permanent business within the limits of the States.
Of course, I suppose within the limits of the Territories, it undoubtedly
has the right."
Mr. Fitts then asked the judge if it would be legal to lease the generating
facilities.
Judge Grubb replied that the facilities could be leased to a legitimate
business which was subject to regulation. He added that, to his mind, the
situation was comparable with the United States building a steel plant
for national defense and then engaging in the permanent selling of steel
in competition with the industry.
David E. Lilienthal, power director of the TVA, was reported in Associated Press advices from Knoxville, on
Feb. 22, as stating that an immediate appeal would be taken
on the decision of Judge Grubb "in order that the Supreme
Court can authoritatively determine the meaning of the
language of the Act" creating the TVA. Mr. Lilienthal is
quoted as saying:
Judge Grubb, in his oral ruling made to-day, expressly disclaimed holding
the TVA Act unconstitutional, as urged by the Alabama Power Co. sbcckholders.
The trial judge's ruling is virtually confined to the meaning of the
words "surplus power" as used in the Act, holding that by those words
Congress did not confer upon the Authority the powers TVA believes
Congress granted it.
March 2 1935
The effect of the decision upon TVA activities is to defer the transfer
to TVA of certain transmission lines in Northwest Alabama, purchased from
the Alabama Power Co.
The Authority's operations, including construction activities on three
dams and the sale of power to various communities is in nowise affected
by the trial judge's decision, and will proceed as usual.
Previous items bearing on the TVA appeared in these columns Dec. 15,
page 3744 and Feb. 9, page 899.
Text of Decision of Judge Grubb of Alabama Holding
Illegal Sale by TVA of Electric Power
In another item extended mention is made of the decision,
on Feb. 22, of Judge William I. Grubb, of the United States
District Court at Birmingham, Ala., holding illegal the sale
by the Tennessee Valley Authority of electric energy in competition with privately-owned utilities. The text of the decision, which was delivered orally, follows:
The law in this case, as I said, was settled on the motion to dismiss for
want of equity, and it was settled this way; I don't mean settled for
good, but settled as far as this ease is concerned in the District Court.
So far as my conviction was, it was this: That under the Tenth Amendment, or regardless of it, the Government of the United States would have
no right, within the limits of a State, to conduct any private proprietary
business unless it did so in a way that was tied to some express or implied
constitutional grant of power.
If it was tied to such a grant of power, then the power carried with it
the proprietary business and the right to operate it on the part of the
Government in the State, and, in fact, the Government has a paramount
right over the State in that case.
Therefore, the question that was left open was whether the Government
was operating a proprietary business and whether it was attached to any
specific grant of power, or express or implied grant of power, under the
Constitution.
Now, those are the questions of fact we are to try, as I understand it, in
this trial. I told counsel that, while the bill contained many things, the
only one that I would regard would be the validity of this contract or transaction between the Alabama Power Co., which preferred stockholders are
assailing, and the TVA.
That is to say, the contract conveying the transmission lines, and certain
arrangements about the interchange of power.
Jan. 5 1934, I believe, was its date ; and also in connection with it the
contract of Aug. 9 was the option to buy certain distribution systems which
was not exercised by the TVA but which it seems to me throws light on
their purpose in buying the transmission lines, and it seems to one clear
from all the evidence, and from the nature of the transaction itself, that
the TVA purchased what they did from the Alabama Power Co. to enable
it to conduct the same kind of business that the Alabama Power Co. theretofore did with that same equipment, transmission, &c.
That is the business of a utility, making and conveying and distributing
electric energy.
Now, its right to do that, as I considered on the motion, was dependent
upon the showing that, in the conduct of some granted constitutional powers
it needed this electric power, and that either there was a surplus or that in
some way the electric power was connected with the constitutional power,
so that it had the right not only to make it but to sell it ; and the attempt
has been in this trial to show by the plaintiff, first, that the transaction
with the Alabama Power Co. was the one that created or put it in the
business of operating a utility business in Alabama, and second, that there
was no grant of power to which that business could be attached, and on the
other hand, the defendants have attempted to show—I don't know whether
they claimed they engaged in that business or didn't intend to or not,
controverting the first question, and controverting the second question,
they offer evidence tending to show that it was connected with either the
power or navigation or the inter-State commerce or the power of national
defense, including, first, the correction of the erosion and making of fertilizer
and probably some others—flood control.
There is no doubt, of course, under my ruling on the motion, and, as I
see it, under the law, that it is attached to any one of these powers, any
one or more of them, consisting in the making and selling and distributing,
as I understand it, both wholesale and retail, of the electric energy, that,
if that is attached to any one of these powers, then it is all right, legal.
On the other hand, if it cannot be attributed to any one of those powers.
then, as I see it, the TVA would be in the attitude of conducting for the
Government, since it is a governmental instrumentality, a completely
owned subsidiary of the Government, doing business in the State of Alabama,
in a proprietary way, and without any power to attach that business to;
and in that case it seems to me it would be an unauthorized ultra vices
business and therefore could not continue to be conducted legally.
Constitutionality of Act Creating TVA Not Passed On
Now, whether the Act creating the TVA is unconstitutional or net is a
matter of debate, which I don't find it necessary to pass on, either in the
proposition of the delegation of powers beyond what is legislatively proper
or what is constitutional, or whether on the question of authorizing a
business to be conducted that the Constitution does not authorize Congress
to authorize this corporation to conduct.
I haven't looked into the question of non-delegable powers and don't
pass on It.
As to the other, it seems to me that the fair construction of the Act
might limit the right of the TVA to sell any energy that was not surplus
energy ; and if it has that authority under the decisions of the Supreme
Court, is proper, as I understand it.
Right to Sell Surplus Energy
It has a right to sell the surplus energy defined to be the energy over
and above what the TVA would create in the use of some of its granted
constitutional powers; for instance, actuating of the locks with reference
to navigation, the lighting of villages, or many other things of that kind,
that give it the right to use electrioal energy; and, as I read the case,
Justice Brandeis, writing the opinion, if there is a surplus, recognizing the
impossibility of making the exact amount of electric power to cover the
needs, it has an implied right on the part of the instrumentality of the
Government to sell any power created over and above that, provided that
surplus is legitimately created ; that is, created in the exercise of a bona
fide effort to only make such power as is needed to carry on the constitutional power, either national defense or navigation, or perhaps others.
Now, I get the idea from the proof—I have listened to it intently—that
the endeavor of the TVA, not necessarily that the Act says so, the administrators, the directors in the administration of the affairs of the TVA,
have not arranged to dispose of merely a surplus of that kind, but, on the
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Financial Chronicle
contrary, that they have treated any surplus created by them of any size
and without any regard to its being created for the physical—I mean the
power being created only for the physical needs, and having done so with
the expectation of disposing of it, either in the way of furnishing an
example as to how cheap power could be made when the Government made
it or in aid of this experiment that is being conducted in the Valley.
I believe that the evidence shows that there is no substantial relation
between the power created and disposed of and intended to be disposed
of under the plan of the TVA and a surplus that is merely over it, what
is needed to carry the Government operation on physically; and that cannot
be made exact and is therefore an approximation.
I don't believe that the idea of the TVA in making the power and
planning like they have planned is that. I think the idea is that anything
is a surplus which is over and above what they actually use, and that
that gives them the right to use what they see fit.
As I see it, it would be essential to be shown either that this power
that is being disposed of, or intended to be disposed of, was actually needed
for some one of these constitutional functions or that it was the exercise
over and above what was so created by that function, and the amount
itself, and when that was created an excess was created in good faith and
not with an intention to make a different disposition of it while it was
being created and when it was being distributed.
So, that being the case, it seems to me that the evidence does show that
this isn't a surplus, and that it is not to be attributable to any constitutional power; and therefore it leaves the TVA in its disposition of it in
the attitude of a proprietary utility, just as the Alabama Power Co. was
before it made this contract, and therefore that it is doing so is ultra vires
of its right as a corporation, and that its directors in doing so acted ultra
vires of their charter.
Now, of course, the plaintiffs must suffer some injury from legal competition. That is ecsnething they would have to accept without legal
redress. But, as I see it, if the TVA have no right to engage in the business of making, and transmitting, and distributing, either through themselves to these municipal corporations of electric energy, as a business,
then that competition arising out of an illegal business could be complained
of by the Alabama Power Co. and in the event it refused to do so, by its
stockholders.
Now, with reference to the restraining order and the Public Works
Administration offer to loan the municipalities Government funds either
to purchase or build distributing systems in the different towns: As Mr.
Mitchell said, I held that the PWA had a right ordinarily to lend the
money for that purpose to the municipalities and that municipalities had
the right under the law of Alabama and the decisions of Alabama to accept
the loan, and if that is the end of it, the loan could not be enjoined.
However, it is here apparent from the showing in the case that the PWA
and the TVA, which are both Government branches, had both an understanding that the money was to be loaned by the PWA to the municipalities
to enable the TVA to have a market for its power by the transmission lines
reaching the municipalities.
Makes Permanent Temporary Injunction
Now, if the PWA have a right to make the loan and the municipalities
have a right to receive it under ordinary circumstances, the only offender,
of course, would be the TVA, which, if it was engaged in an illegal business
In distributing, it would be bringing about that wrong by inducing the
PWA to lend money to carry out that different illegal plan; and it seems
to me that is the situation here.
Undoubtedly, the PWA and the TVA think they are doing the right
thing; but if the court holds it is an ultra vires thing, the TVA engaging
In this business, then it seems to me, through the knowledge of the PWA,
It affects their right to loan money and the right of the municipalities to
receive the money, to receive it to aid in carrying out illegal competition,
or based on an illegal business, and in that event the TVA's distribution
would be illegal; so, it seems to me that the injunction ought to be made
permanent as to that feature of it in the final decree.
Federal Judge in Kentucky Rules Bituminous Coal
Code Invalid—Grants 35 Mine Operators Temporary Injunction Against Enforcement of NRA
Pact—Holds Industry is Intra-State
Federal Judge Charles I. Dawson of Louisville, Ky., on
Feb. 27 ruled that coal mining is an intra-state business,
and hence is beyond the regulatory powers of Congress.
Declaring that attempts by Congress to regulate wages in
the bituminous coal industry were therefore unconstitutional, Judge Dawson granted 35 mine operators of Western
Kentucky a temporary injunction against enforcement of
the bituminous coal code. Unconstitutional interference
with business by Governmental authority, the court held,
"constitutes an injury to the property rights of the citizen."
Government authorities, after the issuance of this ruling
(which was the second serious setback of the day for the
National Recovery Administration, with the Weirton decision representing the other important reverse) indicated
that they would appeal immediately. A dispatch of Feb.
27 from Louisville to the New York "Times" summarized
the principal features of Judge Dawson's order as follows:
Judge Dawson ruled recently that condemnation of private property
for slum clearance was beyond the authority of the Federal Government.
His decision on the Coal Code case came after the Circuit Court of
Appeals had remanded it to him for findings of fact on the issue of whether
the coal operators would suffer irreparable injury from enforcement of the
code. Previously he had granted a temporary injunction to the operators.
Higher Production Cost ,Seen
In his finding of facts, Judge Dawson held that the cost of production
code
would
have been not less than 834 cents a ton more than
under the
otherwise; that the wage increase would have been, for all of the 35 operators except possibly seven, greater than $3,000; that the failure of the
plaintiffs to comply with the order would have made them subject to prosecution and a fine of $500 a day, and that the District Attorney would have
been in duty bound to enforce the act.
The court also declared that the companies were engaged in intra-state
commerce.
While reaffirming his conclusion that the law was unconstitutional under
which the code was promulgated, Judge Dawson did not go further into
this phase.
1409
He rejectedlthe arguments of Government counsel that the operators
had not demonstrated irreparable damage in sufficient amount to bring
them within the $3,000 jurisdictional qualification for a Federal suit; that
the operators had failed to exhaust administrative remedies; that it is a
suit against the United States and therefore cannot be brought without
consent of Congress, or that the operators were not in imminent danger
of prosecution because the District Attorney had made no threats against
them.
As to "Irreparable Injury"
Judge Dawson took up the Government's contention that the Appellate
Court contemplated, in determining the question of irreparable inJurY,
that the possible gain from operations under the code would be offset
against higher wages,and that if the resulting loss were no greater than loss
under conditions where there was no code compliance, there has been no
injury.
"I am thoroughly satisfied that such is not the legal test in this character
of case," Judge Dawson ruled,"and I cannot believe that the Circuit Court
of Appeals intended any such consideration to be given to its opinion. The
slightest consideration, it seems to me, will demonstrate the fallacy of the
defendant's contention. The citizens of this country have the right to
conduct their business without unconstitutional interference or regulation
by Governmental authority.
"Whenever the Government unconstitutionally interferes with the right
of a citizen to do business in his own way, that interference constitutes an
injury to the property rights of the citizen; and that interference takes the
form of exacting payment of wages in excess of what the citizen is willing
to pay. To the extent of the increased wages, this citizen has been injured
in his property rights.
A "Benevolent Despotism"
"Surely, in such a situation, the Government cannot justify its action
by demonstrating that the increased wages are more than absorbed by
increased profits flowing to the citizen as the result of operating his business
under the illegal regulation thereof by the Government.
"If such is the law, then a benevolent despotism at Washington, D. C.,
can take charge of all business in this country, regulating wages and hours
of service and all the other elements thereof, and the citizen would have no
redress unless he could demonstrate that operation under Government
supervision would result in a loss to him which otherwise would not have
been sustained."
Federal Income Tax Ruling Affecting Income Earned
and Collected in Foreign Countries and Transmitted to United States
A. ruling to the effect that in computing for tax purposes
income earned and collected in foreign countries and transmitted to the United States, American taxpayers need not
necessarily use the official rate of exchange but may compute
their profits on "the rate of exchange which most clearly
reflects the taxpayer's income" was obtained on Feb. 27 by
The Merchants' Association of New York from Guy T.
Helvering, Commissioner of Internal Revenue. With regard
to the ruling the Association says:
Commissioner Helvering's ruling was made in response to a request which
The Association made of the Treasury Department some time ago for the
modification of the practice of the Department which has hitherto been to
compel taxpayers to figure their profits on the basis of the official rate of
exchange in effect at the time of the transfer of funds to this country or at
the end of the calendar or fiscal year, instead of permitting the utilization
of the exchange rate actually used in the transfer.
Inquiry by the Foreign Trade Committee of The Merchants' Association
showed that this practice resulted in many injustices, because in so many
countries the official rate of exchange has often been merely theoretical or
nominal. Instead of purchasing dollars at the official rate,those transmitting
funds to America, are compelled to go into the open market and buy exchange at whatever price they may have to pay. The amount of money
delivered to New York has frequently been reduced as much as 10% and
sometimes as much as 50% below what it would have been at the official
exchange rate.
Progress of Changes in American Home Mortgage
Practices Announced by FHLBB—Volume of Loans
by FHLBS Reported at $131,888,035-781,231 Loans
Closed by HOLC to Jan. 31
Revision of American home mortgage practices, with the
purpose of making loans safer for the lender and more
economical for the borrower, is making progress under the
our agencies administered by the Federal Home Loan Banks
Board, it was brought out in a statement issued by the
Board Feb. 16. The statement continued:
This is being accomplished by rapid substitution of the long-term amortized loan, payable monthly in small amounts, to replace the shor-tom
lump sum maturity loan, which has led to difficulty and widespread default
during the past few years. The same amortization principle underlies the
mortgage loans insured by the Federal Housing Administration under
Title H of the National Housing Act.
The Federal Home Loan Bank System was established in 1932 to provide
unlimited reserve credit for private thrift institutions which specialize in
long-term financing. To date, it has advanced to members a total of
$131.888,035.
When it was found necessary in 1933 for the Government as a relief
measure to lend directly' to distressed individual mortgagors. the Home
Owners' Loan Corporation was authorized by Congress to make amortized
loans on a 15-year basis. The required monthly instalment of $7.91 per
$1.000 of loan, covering both principal and interest, pays off the entire
mortgage within that period.
In a large proportion of cases, borrowers from the HOLC faced foreclosure because their three- Of five-year mortgages came due at a time
when they could not obtain refinancing anywhere. Up to Jan. 31 1935
the Corporation had closed 781,231 loans, the great majority for 15 years.
This figure represents more than one out of 10 of all owner-occupied homes
in the country.
Some 700 Federal savings and loan associations authorized by Congress
in 1933 are now operating in 43 States, either as new thrift and homefinancing institutions or converted building and loan associations formerly
under State charter. Loans by Federal savings and loan associations
are amortized over periods from 5 to 20 years.
1410
Financial Chronicle
An opportunity for building and loan associations to encourage new investment in their shares and thus expand their loaning facilities, is provided
by means of insurance of share accounts available to qualified institutions
through the Federal Savings & Loan Insurance Corporation, established
in June 1934. As of Feb. 1 1935, 553 associations had been insured,
representing total assets of approximately $176,000,000 held by some
230,000 people of small or moderate means whose savings are now protected up to $5,000 for each individual.
$4,752,980 Loaned by Federal Home Loan Bank of
Chicago During 1934, A. R. Gardner, President,
Reports to Stockholders—Interest Rate Lowered
to 3M%
The Federal Home Loan Bank of Chicago, organized two
years ago, loaned $4,752,980 to home owners during 1934
without calling upon the Treasury for more than $500,000
additional capital, A. R. Gardner, President of the Bank,
told stockholders at a recent meeting. He showed that the
Bank handled a total deposit business of nearly $2,000,000
during the year. The Bank makes no loans direct to homeowners but it is stated is a reserve system for the building
and loan associations which do make such loans, having
increased by $15,875,251 the available resources of its member associations since it started business. The members
have combined resources of $279,829,363 as of Dec. 31, and
held 74,604 mortgages on Illinois and Wisconsin homes.
Mr. Gardner pointed out how these resources have been coordinated for the first time in our economic history through
the Bank's operations and are now available as a base for
25 to 35% expansion of home mortgage funds. He said:
Thirty-one communities in Illinoisrand123 in Wisconsin which were not
represented in Home Loan Bank membreship a year ago now have access
to its facilities. There is a net gain since Dec. 31 1933, of 113 building and
loan associations.
The percentage of home vacancies are lowest In years and an acute shortage of desirable dwelling units is imminent. The future functions of
Government agencies are beingimore clearly defined and the whole course
of Government participation in home mortgage finance is being more
definitely charted. The whole field of home finance is being revamped
along the lines upon which it has been carried on by the building and loan
associationslfor more than 100 years. All these factors combine to show
the need for mobilized home mortgage resources such as has been developing
in the Home Loan Bank System in the past two years.
The Bank is paying its own way. Operating profit was $438,567.63
In 1934. Of this sum $27,292.861was paid to the Federal Home Loan Bank
Board as our share of the expenses of that body. Dividends of $198,821.92 were paid to the United States Government for the use of its $10,000,000 capital stock. Ample reserves havekbeen set up and dividends have
been paid to stockholding building and loan associations at the rate of 2%
per annum. Operating expenses for the year 1934 were $2,660.51 less
than similar expenses for the previous 14X months.
The Federal Home Loan Bank of Chicago recently lowered
its interest rate to 33'%; announcement that the Federal
Home Loan Bank Board at Washington had approved the
change was made on Feb. 19 by Mr. Gardner. He pointed
out that this is the second time that the Chicago Bank has
been the first of the 12 in the system to move toward lower
charges for the money which supplements community home
financing facilities. Last May the Chicago Bank reduced
rates from 5% to 4 and 432. Mr. Gardner further stated:
The 33,5% ratelwould apply to all types of advances from the Bank to
member building and loan associations, both collateralized and non-collateralized and would be effective on existing loans as well as on new loans
made. The reduction is in line with our consistent policy of making these
funds sol'attractive to the local home lending agencies that they will avail
themselves more and more of their $40.000,000 credit lines here at the
bank and get the money out to home-owners.
RFC1Wants1"to Help Railroads to Help Themselves,"
Says Chairman Jones of Corporation Before Traffic
Club—With Emergency Period Past, He Asserts
Roads Must Prove Justification for Financial
Assistance—Urges Code of Fair Competition for
Transportation Systems
Describing lending to railroads as "a small part of Reconstruction Finance Corporation activities, but to the extent
authorized by Congress," Jesse H. Jones, in addressing the
Traffic Club of New York, at the Hotel Commodore, in New
York City, on Feb. 21, told the gathering that "we want
to help railroads to help themselves." Mr. Jones, in his
further remarks, said:
I believe that I express a rather general feeling in saying that railroad
management has not been as far-sighted and as energetic as it might have
been in meeting the growing highway competition by improving their
service, by instituting economies in operation through pooling, co-ordination and consolidation, and by a greater use of trucks, buses and highways.
To what extent this is actually true I am not prepared to say, but the
point I want to make is that those roads which must come to the Government for financial assistance, now that we are through the emergency
period, must be prepared to prove their cases in point of management,
competitive conditions, and policy in the above respects.
While the Congress has given the RFC rather broad powers in lending
to railroads, our directors have no intention of dishing out loans without
a thorough study of all matters affecting the roads. We want to lend
where a good purpose will be served and the loans can be properly secured.
As far as we are able to, we should like to assist railroads in getting
cheaper interest rates, and to make them more independent of bankers.
Banker oontrol is naturally inclined to be restrictive. An officer or director
of a railroad should have no pecuniary interest, direct or indirect, in the
March 2 1935
sale or flotation of the road's securities. The primary interest of a banker
in serving as a director of a railroad, when stripped naked, is to make
money out of the banking or financing of the road. Many of our railroad
executives and operating heads are required to spend entirely too much of
their time traveling to and from New York to get orders from their bankers.
I am aware that railroads must have money, and that it Is gotten through
the sale of securities, as a rule by bankers, and that the bankers want
representation on the railroad boards. The trouble is that ordinarily it is
not representation they seek, but actual control by holding the purse
strings.
We have gone through five very trying years, and the test has been
severe, not only to individuals, but to the body politic as a whole, and if
we would serve our country and the generations to follow, we should do
everything within our power to avoid another such experience. Certainly
traffic and transportation contributed no more to this trouble than any
other phase of our economics, and I have no thought of laying more than a
proper share of the blame at their doors.
But if I could do so, I would impress upon everyone the necessity for
putting order into the most vital of all businesses—traffic and transportation.
We have come a long way in two years under President Roosevelt. We
went from the mountain tops in '29 to the bottomless depths in '33. In
the short period of four years we ran the gauntlet from affluence to
despair. The question now is will we profit by this experience, or, with
the danger past, go on as blindly as we did from '22 to '29? Are we
willing, each of us, to recognize the dangers and the rights of others, and
to co-operate in bringing about fair competition in all our dealings? Are
we willing to carry our proper share of the nation's burdens so that there
will be food, shelter, clothing and self-respect for all who are willing
to work for them?
Your job and mine, your purpose and mine, should be to assist to the
limit of our ability in bringing the country back to conditions where men
can support their families and maintain their self-respect; where effort
and initiative shall be properly rewarded; where all shall have equal opportunities, and more be over-privileged.
Every man within the sound of my voice occupies his position as the
result of effort and determination to advance his position. We do not
want to change that order of things, for it has been the greatest factor in
building our country, but the more fortunate must be willing to share
with the less fortunate, and we must have patience, one with the other, In
meeting situations that sometimes get out of control.
You, and the business institutions that you represent, can do a very
great deal in the common interest, if you will constantly keep in mind
the opportunity you have to contribute to the general welfare.
Conditions everywhere are improving, fear is gone, but capital is idle,
and men out of work want work. Traffic and transportation, if given
the opportunity through a code of fair competition, can provide more of it
than any other industry.
Earlier in his address Mr. Jones stated that "what is
needed, and all that is needed for the immediate future, is a
code of fair competition between the various forms of commercial transportation and transportation systems." From
the earlier portion of Chairman Jones's speccrh we quote as
follows:
We must continue to develop better means of travel and traffic, but
should be prudent enough to profit by retrospection, and provide for
amortization of the capital investment within the reasonable life of the
facility employed, remembering how soon things become old-fashioned and
even obsolete.
We develop an excellent system of railroads, serving every nook and
corner of the nation, built with private capital and by enterprising
initiative. We then proceed to parallel these railroads with competing
highways, built and maintained at public expense. This is not said in
criticism, but to illustrate one of our inconsistencies.
No one wants to do without modern highways, or to retard their further
development and use, but railroad and water transportation, so far as
anyone can now foresee, will always be necessary.
We are restless and exacting—never content with what we have. We
want to go places—some of us by the quickest possible method. Others
are not in such a great hurry. All must be accommodated.
What is needed, and all that is needed for the immediate future, is a
code of fair competition between the various forms of commercial transportation and transportation systems, and this should be established at the
earliest possible moment.
To do it effectively, and to avoid conflict between regulatory bodies,
one authority should control and supervise all inter-State traffic, fixing
rates end responsibility, and prescribing regulations for service and
schedules.
The public must have first consideration and be protected in matters of
safety for life and property, as well as rates and charges. The need for
fair and uniform rates and service, free from discrimination, brought about
the regulation of railway transportation. Transportation by highway is
now so important that similar regulation of highway carriers is vital to
the public interest.
There can be a division and allocation of traffic upon the principle of
each pound being carried by the agency best suited to carry it, and at the
proper rate. All traffic, by whatever agency, should bear its cost.
Our railroads must be maintained and at the highest possible standard,
especially lines and systems connecting the principal sections and centers
of the country. Shipping and travel by water must be kept abreast with
world competition. Coastwise and inland water shipping should be brought
under the same regulation as railroad and highway traffic. Our highways must be kept in repair and continually extended. Motor vehicles used
In the public service must be maintained and improved. There should be
regular, frequent and dependable air service between all principal points,
with proper and adequate landing fields at given distances, and only the
most modern flying equipment permitted in public service.
With the possible exception of that part which comes into competition
with other countries, all of this can be accomplished on a basis of the
traffic paying the cost, if we have the intelligence and the courage to
prescribe and enforce the necessary regulations.
We are inclined to get away from travel by train, except for the longer
distances, and certain types of freight can be moved more satisfactorily by
the highway, especially for short distances. So we must look to the
Inevitable abandonment of some railroad mileage, and some train service.
The railroads can regain some of their lost ground by improved equipment, air-conditioned trains, faster schedules, store-door service for freight,
&c.; but this recovery may be offset, in part, by the continued development
Volume 140
Financial Chronicle
of highway and motor service. In many places, highway vehicles can be
used by railways to supplement their rail service and avoid wasteful
duplication.
So, when it is demonstrated that a railroad track cannot be operated to
pay its way, motor service by the highway should take its place, and local
communities should not object.
People have a right to mail service, and to facilities for travel and
traffic, but the latter should not be had for one community by taxing
another. Taxes are already high enough and numerous enough. If a particular community will not support its railroad and can be served by the
highway, Chambers of Commerce should, in the general interest, co-operate
for the elimination of the particular piece of railroad track, rather than
to oppose its abandonment.
I appreciate that no community nor city, large or small, is willing to
lose a railroad, a railroad office or shop, or to diminish its population by a
single person, but that is a narrow and selfish view when the welfare of
the entire country, and an industry as important as the railroad industry, is
involved.
On one thing we can all agree—the highway is more essential in the
opinion of the individual, to the pleasure and welfare of the greater number
of people. If the railway or the highway must be done without, the railroad, if left to the vote, would be the first to go, but we cannot do without
either. The automobile has come to be a necessary part of our lives, and
automobiles demand good roads. None of us is willing to do without the
automobile or the good road.
Apropos of this point, I venture to observe that the business which is
having the greatest comeback in this out-of-balance period is that of
passenger automobiles. This demonstrates clearly what people want most.
The fact that we will continue to develop and use our highways, buy mote
motor cars, and travel by air, does not justify neglecting the railroads.
The railroads are not only necessary, but they employ a great many
people, directly and indirectly—more, perhaps, than any other industry,
notwithstanding possible claims to the contrary by the automotive industry.
Without arguing this point, nothing would stimulate business quite as
much, and re-employ people to the same extent, as an increase in railroad
traffic sufficient to give them money to spend for equipment and maintenance, and for improving their property generally.
It should be remembered, too, that railroads pay a very large amount of
taxes necessary in the support of State, county and municipal governments,
including our public schools, while exactly the contrary is true of highways,
which are built and maintained with tax money.
There is also a great deal of deferred railway maintenance, and much
equipment needs to be repaired or replaced. To have fast and safe railroad
service, all important main lines should be laid with rail weighing from
100 to 150 pounds. That program alone would provide employment for a
great many men, the investment of a great deal of money, and would make
traffic for several years.
Safety and comfort should be the first order in all forma of transportation. We are entitled to the best in everything, and usually the best is the
cheapest in the long run.
While we continue to improve our railroads, there should be better coordination and elimination of duplicated services. It is unnecessary to
send two trains to do the work of one, or for competing lines between
important centers to have identical schedules. Undoubtedly competition
provides the spur we need for good service, but certainly much duplication
could be eliminated, and the saving used for making more perfect that
which is retained.
While we all expect railroad earnings to improve to the extent that the
roads may again operate profitably, and in private hands, railroad security
holders will perhaps need to take substantial reductions in principal as
well as rate of return.
Some of our roads will be able to continue under their own power, but
others will need reorganization, readjustment of capital structure, and
credit which only the Government can furnish.
The Congress has authorized the RFC to assist railroads to a modest
degree, where, in the opinion of our directors and with the approval of
the Interstate Commerce Commission, it can properly be done without
apparent loss to the Government. We are authorized to lend in aid of
reorganizations, and we may, where it appears advisable, lend for maintenance and to buy equipment. We can buy railroad securities for the
account of an obligated road, if a good purpose will be served, but this
particular authority will be used with greet discretion.
New Wagner Labor Disputes Bill Opposed by National
Association of Manufacturers
Opposition to the "National Labor Relations Act" introduced on Feb.21 by Senator Wagner, has been voiced by the
National Association of Manufacturers, through its Counsel,
James A. Emery. The measure, the so-called "labor
disputes bill," was referred to in our Feb.23 issue, page 1241.
Mr. Emery in a statement issued at Washington on Feb. 24
said that like its predecessor (introduced last year) the bill
"emphasises coercion by the employer and ignores that of
the union. It would outlaw the company-dominated union,
which is just, but would encourage the union-dominated
company, which is unjust."
Mr. Emery also stated that "during the hearings on his
former measure, Senator Wagner declared that his own bill
ought to be amended so that 'intimidation, when it comes
from any source, either a trade organization, or company
union, or an employer, ought to be made an unfair labor
practice.'" Mr. Emery added inipart:
"The new bill repeats admitted defects of the former measure. Thus,
it would be an unlawful act for an employer, by discrimination, to encourage
or discourage membership in a Communist labor organization or one which
violated or did not keep its contracts, or has otherwise shown irresponsibility
in conduct or leadersh p. While declared to merely clarify Section 7-A,
the new bill destroys one of its most vital provisions by authorizing that
that membership in a particular form of labor organization may be made a
condition of employment by agreement with one kind of an organization or
another."
In Washington advices Feb. 21 to the New York "Times"
it was observed:
1411
Sweeping Powersfor New Board
Creating the National Labor Relations Board as a sort of supreme court
of labor boards, the bill would endow the new board with sweeping powers
to intervene in any labor dispute "concerning terms, tenure or conditions
of employment or concerning the association or representation of persons
in negotiating, fixing, maintaining, changing or seeking to arrange terms
or conditions of employment."
lia At present the various labor boards, with one or two exceptions, report
to the President through the Department of Labor. Under the new bill.
the National Labor Regulations Board would receive these reports. The
bill gives the new board jurisdiction over all labor boards whether established by code, agreement or law.
The Automobile Labor Board is established by agreement, the Newspaper Industrial Board by code and boards like the National Steel Labor
Board and the National Textile Labor Board bylaw. . . .
r
Wagner's Reply to Criticism
In a statement placed in the record, Senator Wagner disclaimed what he
termed an imputation in "widespread propaganda" that the bill would establish "a labor dictatorship," that it would create a closed shop for all industry
or that it would encourage national unionism.
Emphasizing that the bill would not prevent employes "from uniting
on an independent or company union basis, if by these terms we simply
mean an organization confined to the limits of one plant or one employer,"
he said that there was also nothing in the bill "to prevent employers from
maintaining free and direct relations with their employees or from participating in group insurance, mutual welfare, pension systems and other such
activities."
From the advices from Washington Feb. 21 to the New
York "Herald Tribune" we quote:
William Green, President of the American Federation of Labor, encouraged by the victory over President Roosevelt in labor's successful fight to
attach the McCarran prevailing rate of wage amendment to the Public
Works appropriation bill in the Senate, announced that his organization
would give the Wagner bill "full and complete support" and Predicted its
enactment at this session.
Guaranty Trust Co. of New York Regards as Misdirected the Recovery Policies Designed to
Stimulate Business and Prices by Increasing Bank
Deposits
That the recovery policies of the Federal Government,
"designed to stimulate business and raise prices by increasing
the volume of bank deposits are misdirected" is the contention of the Guaranty Trust Co. of New York;these policies
it says "will not achieve their purpose until the increase in
volume is accompanied by an increase in velocity." "Furthermore," says the Trust Co. of New York in the current issue
of "The Guaranty Survey," its review of business and
financial conditions in the United States and abroad, published on Feb. 28, "they are potentially dangerous; for they
result in the accumulation of a large volume of purchasing
power, which, when conditions become favorable to its use,
may get entirely beyond control and result in a serious inflation precisely at the time when restrictive measures are
indicated. Experience," continues "The Survey" "seems
to justify the double generalization that efforts to alter the
course of business by means of monetary and credit manipulation are ineffective at the time when their desired results
are really needed and are very difficult to control when the
situation is reversed and control becomes urgently requisite."
In discussing the velocity of bank deposits as a measure
of prosperity "The Survey" points out that the recovery
from the banking crisis and the efforts of the Federal Government to promote a general business revival have combined
to produce a curious situation in American banking. In
part it says:
Demand deposits have risen to the 1929 level; the reserves of commercial banks in excess of legal requirements have mounted to a record
height, providing a potential basis for a greater credit expansion than the
country has ever known; commercial banks are almost completely out of
debt to the Federal Reserve banks. Statistically, therefore, the banking
system is in a position to finance not only a normal recovery but an unprecedented business and price inflation. Yet actual advances in business
activity and in commodity prices have been very moderate. It is clear that,
If the recovery in banking is regarded as an active influence tending to
stimulate an advance in general business and a rise in prices, its visible
effects thus far have been almost negligible.
This apparently anomalous situation has led to a more general recognition
of the vital distinction between the volume and the velocity of bank deposits.
Volume refers to the total amount on deposit, velocity to the rats of turnover,in other words,the rate at which the deposits are used. The recovery
efforts of the Federal Government have been very successful in increasing
the volume of deposits. The restoration of confidence in the banks has
brought out large amounts of currency that were formerly hoarded. The
devaluation of the dollar and the partial resumption of the gold standard
increased the nominal gold holdings of the Government and were followed
by the greatest gold-import movement in the history of the country.
Finally, the borrowing and spending program of the Government has placed
large sums of money at the disposal of private individuals and corporations.
All these factors have contributed to the great expansion in bank deposits since the banking crisis of March 1933
To increase the amount of currency outstanding will not raise prices or
stimulate business if the additional currency goes into hoarding. Similarly.
to increase the volume of bank deposits will not raise prices or stimulate
business if the additional deposits are allowed to lie unused in the banks.
Whether the new purchasing power consists of currency or bank deposits
makes no essential difference in this respect. It is the amount used, not
the amount held, that influences business and prices.
In discussions of the financial aspects of business fluctuations, the importance of variations in velocity of circulation is usually underestimated.
In so far as general business recovery hinges on the banking situation,
therefore, it requires not a further increase in the volume of deposits but
1412
Financial Chronicle
an increase in their velocity of circulation. Such an increase in velocity
can come about only as a result of two things: first, a disposition to spend
on the part of holders of existing deposits, and,second, a disposition to borrow, thereby creating new derivative deposits, on the part of business
men. Neither of these desirable developments is within the control of
the banks themselves. Obviously, a bank has nothing to say regarding
the swiftness or slowness with which its depositors shall spend their money;
it is obliged to pay its deposits on demand.
Factors Retarding Velocity
The banks have everything to gain and nothing to lose by employing
their large surplus funds, which now earn nothing, in sound commercial
and industrial expansion; and they are anxious to do so. The difficulty
arises not from the unwillingness of the banks to lend but from the unwillingness ofbusiness men to borrow. This,again,cannot fairly be charged
to the undue timidity of business men. In many cases, the latter are prevented from pursuing aggressive policies by the paralysis of the market
for new securities, which, in turn, is due partly to the fear of currency
inflation on the part of investors and partly to the severe penalties provided
by the Federal Securities Act of 1933. In other cases, the incentive to
borrow for productive purposes is Weakened by the possibility of governmental interference and regulation and by the prospect of heavy taxation,
both of which obscure the outlook for corporate earnings.
In the final analysis, the factors that are retarding the velocity of circulation of bank deposits, and thereby nullifying all efforts to expand their
volume, are the factors that are impairing business confidence and inhibiting enterprise. A recovery policy that frankly abandoned the theory
of deposit expansion but that assured a balanced Federal budget at the
earliest practicable date, a stable currency, and an avoidance of further
regulation of business along lines that interfere with sound trade expansion
would probably result in an increase in velocity that would be far more
conducive to business recovery than any past or possible future increase
in volume due to currency devaluation and to governmental borrowing and
spending.
March 2 1935
it and enables every class of carriers to render well and with
reasonable profit the kinds of service it is economically best
fitted to render," said Samuel 0. Dunn, editor of the "Railway Age''and Chairman of theSimmons-Boardman Publishing
Co., in an address to the Mattoon Chamber of Commerce
at Mattoon, Ill. on Feb. 21. In part, Mr. Dunn spoke
as follows:
The transportation industry consists of all carriers, including especially
those operating by rail, highway, water and air. Its importance in any
constructive program of recovery is enormous because of its vast investment, the magnitude of its service, and its potential earning, employing and
buying capacity. The cost of its service to the public is greatly inflated
at present because it is over-developed in some respects and under-developed
in others. At the same time its employing and buying capacity are entirely
inadequate because almost all branches of it are being operated at a heavy
loss. Only by establishing some order and stability in the industry can it
be made profitable. Only by making it profitable can its buying power
be adequately increased because the bulk of its purchases from other industries must be made, directly or indirectly, from its profits. In the
aggregate it is much the largest customer of the capital goods industries,
which are the key to our entire present economic situation; and therefore
these industries cannot be more than partially revived without increased
buying from them by the transportation industry. . . .
One important reason for the present instability and uncertainty in every
branch of the transportation industry is lack of regulation which permits
"fly-by-night" carriers by both highway and water to invade the fields of
carriers rendering regular rail, highway or water service, get business by
cutting rates and causing demoralization, and then depart for some other
territory to work havoc in the same way there. Most carriers rendering
regular service, whether by rail, highway or water, as well as all competent
students of business and economics, agree that regulation of all carriers to
stop these piratical practices and the unfair discriminations they cause,
is necessary in the interest of the entire legitimate transportation industry
and the public.
Co-ordination in transportation is greatly needed, but to be of benefit to
all legitimate carriers and the public it must be established on a sound
economic basis. This means that each class of carriers must be given
opportunity to render the service it is best fitted for and required to render
it without imposing any burden upon the taxpaying public. The accomplishment of this objective requires comparable regulation of all carriers
and the withdrawal of all subsidies. It is the objective of the Federal
transportation legislation recommended by Co-ordinator of Transportation
Eastman and now before Congress. Its attainment will result in reductions
of present duplications of facilities and service both by the railways themselves and by them and other carriers, and reduce the total coat of transporation to the public. It will make possible reasonable profits for every
kind of carrier rendering service for which it is economically fitted. It
will thereby make possible a large increase of buying by the transportation
Industry as a whole from other industries and increases of business and
employment in communities, large and small, throughout the country.
Because of reduced railway earnings there are now about 700,000 former
railway employees out of work, and, in addition, probably another 700,000
persons out of work who would be re-employed in other industries if the
ability of the railways to buy from these other industries were restored.
But there is only one way adequately to increase the ability of the railways
and other carriers to increase their aggregate purchases from other industries, and this is to adopt measures that will put all carriers that have an
sconomic justification for existence on a profit basis by eliminating those
that can exist now only by practising every form of "chiseling," unfair
discrimination and demoralizing piracy.
N. Y. Regional Labor Board Rules Butler Grocery
Company Violated Section 7-A of NIRA—Recommends Collective Bargaining Negotiations with
Union—Some of Employees on Strike to Enforce
Demands
Charges that the James Butler Grocery Company of New
York City had illegally interfered with the organization of its
employees and thus had violated the collective bargaining
provisions of the National Industrial Recovery Act were
made on Feb. 27 by the Regional Labor Board, which had
investigated alleged grievances leading to a strike of some
of the company's workers on Feb. 23. Mrs. Anna M.
Rosenberg, New York State Compliance Director, began
a hearing Feb. 28 on wages and hours in the company's
stores, and at this hearing members of the Grocery and
Chain Store Executive and Employees Association, who
are on strike, testified that the company had violated the
retail grocery code. Union officials asserted late this week
that 600 of the 800 regular employees of the company were
on strike, but the company denied this statement, and said
that all stores were being operated as usual.
The New York Regional Labor Board on Feb. 27 recommended that the company begin collective bargaining
Automobile Industry Replies to NRA Report Made to
negotiations with the union as the representatives of the
President Roosevelt Criticizing Labor Relationworkers, and said that if this recommendation were not
ships in Industry—Automobile Manufacturers'
accepted within five days the case would be referred to the
Association Protests Dissemination of Document
National Labor Relations Board for "appropriate action."
The Automobile Manufacturers Association, in a letter
The New York "Herald Tribune" of Feb. 28 summarized to S. Clay Williams, Chairman of the National Industrial
the findings of the Board in part as follows:
Relations Board, lodges a protest against the report which
The Board's findings were signed by Mrs. Ellnore M. Herrick, Regional
the Board recently presented to President Roosevelt criticizDirector; Samuel C. Lamport, member for industry, and Rose Schneidering the labor relationships in the automotive industry. The
man, representing labor.
The findings read in part.
report was referred to in these columns Feb. 16, page 1085.
"As the result of mediation efforts of the New York Regional Labor
The letter replying to the report was written by Pyke JohnBoard and a hearing held on Nov. 5 1934, following which the Board
son, Vice-President of the Automobile Manufacturers Assorecommended that an election be held to determine the collective bargaining
agency desired by employees of the James Butler Grocery Company, such
ciation, and was released on Feb. 21 by Alvan Macauley, its
an election was held on Nov. 27 1934.
President. In the letter Mr. Williams states that "the in"Out of a total of 839 ballots cast, 430 voted to designate the Grocery
vestigators doubtless were deceived by the bulk of the testiChain Store Executives and Employees Association, Local 915, A. F. of L.,
and 357 voted against the union; two ballots were void.
mony of organizers of the American Federation of Labor
"At the hearing held before the Board on Nov. 5 1934. Mr. James Butler
and of witnesses marshaled by the A. F. of L. The public
Jr., stated,'You (the union) satisfy the Board (as to having a substantial
hardly will understand the degree to which the investinumber of members) and we will not question it.... We do not dispute
that we must agree to abide by a vote and negotiate with the union if it
were misinformed. The A. F. of L. presented stategators
gets a majority. I am perfectly willing to leave that to a vote, but I want
ments which were not based on facts." We also quote, in
to know what about the other side of the picture—to have the union leave
us alone and let us attend to our business if they lose.'"
part, as follows, the letter of Mr. Williams as given in the
The findings continued that the union had proved that the substantial
Detroit "Free Press" of Feb. 22:
number
members of the organization, the
of the Butler employees were
Butler company had refused to recognize the union as the exclusive bargaining agency, and threw obstacles in the way of the union's organization
efforbs.
•
The findings said the company consented to the election, agreed to abide
by the results and acknowledge the grocery union as the sole bargaining
agency for its employees. The Board's report cited that the real reason
for the company's attitude was expressed by one of its officials at a hearing
on Dec.26 1934, when this official said that even if the bulk of the company's
employees had chosen to be represented by the grocery union, the company
"would not recognize it."
Full Restoration of Prosperity Dependent on Restoration of Prosperty in Transportation Industry, Says
Samuel 0. Dunn
"There can be no full restoration of prosperity in this
country unless prosperity is restored in the transportation
industry, and there can be no prosperity in any branch of
the transportation industry until order replaces chaos within
When the President of the United States, in his letter of Nov. 21 1934
to the Chairman of the NIRB requested that Board to make a study of
the possibilities of regularizing employment and improving the conditions
of labor in the automobile industry, this industry felt that the Government
agency designated to make this report would undertake a disinterested and
sober appraisal of the facts and would base its recommendations upon
their scientific findings.
Now that the industry has had an opportunity to examine the report,
which was released to the press on Feb. 7 1935, It is constrained to write
and protest the making and dissemination of a document of tile character
by a Government Board.
It is a source of amazement to this industry that when there are such
acute economic problems pressing for solution the existing difficulties
should be multiplied and the minds of the public and the employees of the
industry confused by an investigation the intended purpose of which must
have been the clarification of problems and the discovery of means whereby
they might be more easily solved to the benefit of all concerned.
In employing the limited time at their disposal and the research resources
of the Government which had to be hastily assembled for the purpose, the
investigators did not narrow their study as they might have done, under
Volume
140
Financial Chronicle
their terms of reference, to regularity of employment in the automobile
manufacturing industry.
They show their conscientious intent in calling their report preliminary.
Yet it is obvious that, even as preliminary, the report connot withstand
the criticism of anybody who knows the facts, and it could not have been
made in its present form if the statements which it adopts had been
submitted to the industry before it was published. . . .
The one correct conclusion in the report, about the advantage of changing
the time of introducing models, the investigators took bodily from a report
the manufacturers had made for themselves earlier and had let the investigators have, and on which the industry had been working for some time at
the request of the Federal Government.
It is impossible, in a brief communication, to recite the very many inaccuracies, insufficiencies of data, distortions of available information and
carelessness in interpreting existing facts with which the testimony is
filled, but it might be of value to the Government departments under whose
supervision the testimony was received and made and to the general public
to recite a few of the more important conclusions based upon it and the
character of the data and argument which the A. F. of L. presented. . . .
No more serious indictment could be brought against an industry, particularly in times of general unemployment, than that the managers of the
industry have adopted the deliberate policy of discarding, because of age,
employees who have worked for them for a long time.
In many places in the report references are made to this policy as if there
were evidence that the policy was in force in the industry.
In one place, for instance—page 6, Summary,—they state that the
"automobile industry has set a new 'low end' age for displacement of workers. Men near 40 find great difficulty in securing jobs with the industry,
or being rehired after layoffs."
Nowhere in the report is there supplied any evidence whatsoever that
this is the fact or that it is the policy of any company in the industry.
The data employed to support this point are open to such serious criticism
and modification that one wonders how men of professional standing and
competency could have used them in the loose way in which they were
used. . . .
In spite of the plain relationship between work-spreading and the prevailing annual earnings of automobile workers, the report recommends a
further reduction in the maximum hours of work for this Industry.
Regulation Defeated
It is clear, from the experience of this industry, as well as from others,
that reduction in the length of the maximum work-week cannot have the
effect of increasing the earnings of labor but must necessarily result in
their reduction; first, because a larger number of persons will be employed
than are required, and, second, became the reduction of the length of the
work-week is bound to reflect itself in a rise in costs and selling prices
and, therefore, finally, in a reduction in the total volume of business done
by automobile companies.
The report disregards this fact in recommending a shorter work-week,
which clearly would prevent higher annual earnings and thus would defeat
the purpose of regularization.
76 Against 59
For the benefit of the many people who, by this time, will have read
the report and for those who have seen the summary of it in the newspapers,
it should be worth pointing out that the figures regularly compiled by
the National Industrial Conference Board show that the average hourly
earnings in the automobile industry at the close of 1934 were 76c., whereas
for all manufacturing industries they were 59c.
A more elaborate and detailed analysis of the entire report would merely
cumulate the evidence of its inaccuracies, faulty data, distortions of information, and careless interpretation of facts.
It should be a source of profound regret to everyone concerned that a
report, the avowed purpose of which was to improve the conditions of
labor, should be so made as to lend itself to the promotion of strife and
discord in the labor relations of an industry which to date has been relatively free from such disturbances.
It would seem unnecessary to point out the seriousness of such a threat
to an industry which is showing such marked signs of recovery and upon
which the recovery program of the Administration itself depends.
Certainly no situation should be permitted to develop which would
jeopardize the interests of the hundreds of thousands of employees of the
Industry who have before them the prospects of fuller employment than
they have enjoyed in the past four years.
From a Detroit dispatch, Feb. 23, to the New York
"Times," we take the following:
William Kundsen Criticizes Report
Meanwhile, after making a thorough study of the Henderson report on the
automobile industry recently made public by the National Recovery Administration, William Knudsen, Executive Vice-President of the General Motors
Corp., to-day said that he found many flaws in the report.
Workmen over 40 years of age were fully protected by the rule of
seniority, he said, urging employees "to reason it out for themselves."
"When anyone analyzes an industry of the magnitude of the automobile
industry in a few weeks' time, the report is bound to be hasty and more
or less incorrect," Mr. Knudsen said. "This is especially true when the
men working on the study have had no previous experience with the Industry.
In fact, some of the men who did major work on the Henderson report
had never been in an automobile plant, even as a sightseer.
"The industry need make no defense of labor-saving devices. The fruits
of these devices make work lighter and are given to the public in the shape
of cheaper motor cars or better motor cars for the same price, thereby
creating great new car sales and consequently greater employment."
President Green of A. F. of L. Denies That Strike in
Automobile Industry Is Contemplated—F. J. Dillon
Replies to Automobile Manufacturers' Association
Protesting Against NRA Report on Labor Relationships in Industry
Incident to the action of the Automobile Manufacturers
Association in protesting against the report of the National
Industrial Labor Board criticizing the labor relationships
in the industry, intimations of a strike were reported to
have been given on Feb. 22 when Francis J. Dillon, general
organizer of the American Federation of Labor, undertook
to reply to the Manufacturers Association. From United
Press accounts from Detroit, Feb. 22, we quote:
1413
"Nothing shall now stop the workers from carrying through plans for
securing correction of grievances through the only agency available to
them—the unions of the A. F. of L.," Mr. Dillon said in a prepared
statement.
Mr. Dillon previously had told the United Press the manufacturers were
"inviting" a strike by their stand.
At Detroit, on Feb. 23, William Green, President of the
A. F. of L., is quoted as saying "no such plan as starting a
strike in the great motor industry is contemplated." He
is also reported as saying:
We are thinking and working in terms of peace, collective bargaining and
independent workers. What is most wanted is an Automobile Labor Board
organized under the National Labor Relations Board. The American Federation of Labor does not consider the workers' councils promoted by the
ALB, of which Dr. Leo Wolman is Chairman, as free unions. To the
contrary, they are "company unions dominated by manufacturers, who pay
the union officials."
We want plant elections conducted by such a Board as the NLRB, which
is under the National Recovery Administration. If we get such elections,
and the workers agree to affiliate with independent unions, it will get our
support and approval.
We are not trying in any way to force laborers to join the A. F. of L.
There are now approximately 20,000 paid-up members in the Automobile
Union and an equally large number whose dues have lapsed because of
unemployment.
Recent elections in the automobile plants of Michigan were not bona
fide, and no purpose could be served by holding them. They were held
under company domination under which no free, independent election could
be held.
Advices from Detroit, Feb. 23, to the New York "Times"
also said, in part:
Statistics of the ALB, which show 3,137 workers in the Detroit region
pledged to the Federation, were answered with the assertion that "we
advised our members not to vote."
Mr. Green conferred to-day with the National Council of A. F. of L.
automobile unions, and later Francis J. Dillon, organizer of the Federation,
said the Council had authorized Mr. Green to start new negotiations at
once with the manufacturers for a mutual agreement on wages, hours and
conditions of employment.
Dr. 1Volm.an Summarizes Vote
Dr. NVolman this afternoon announced an up-to-date summary of election
results conducted under the supervision of his Board, including the votes
at the Fisher Body Corp. and Pontiac Motor Co. in Pontiac.
The total number of votes already cast is 74,162, with the A. F. of L.
running fourth in the list as compiled.
The voting shows the following results:
Organizations—
Voles
Unaffiliated
56.715
Employees' Associations
8.039
(ssociated Automobile Workers of America
3.254
American Federation of Labor
3,137
Mechanics Educational Society of America
482
Auto Workers Union
31
Auto Service Mechanics' Association
16
12
Society of Designing Engineers
11
Dingmen's Welfare Club
3
International Association of Machinists
1
1
Association of Certified Welders
99$
Blank
1.46$
Void
Total
74,162
New York Building Service Employees and Realty
Interests Sign Truce, Effective Until 1936—Federal
Mediation Ended Dispute
Final settlement of the labor disputes which resulted
from demands by building service employees in New York
City was believed assured on Feb. 28, when union officials
and representatives of real estate interests signed an agreement to be effective until Jan. 1 1936. A reference to the
walkout of building service employees was contained in our
issue of Feb. 23, pages 1253-54. The truce was concluded
by Edward C. Maguire, Counsel for the Building Service
Employees Union, and Walter Gordon Merritt, representing
the realty owners. It provides that former Justice Jeremiah
T. Mahoney, Chairman of the Regional Labor Board, shall
act as arbiter in any disputes which arise during the period
in which the agreement is effective. The compromise
settlement also provided that workers should receive a $2
increase in weekly wages. The agreement affects about
600 buildings and 18,000 to 20,000 elevator operators and
other service workers in the midtown New York area. Its
provisions were summarized as follows in the New York
"Times" of Feb. 27:
With the formal signing of the agreement, which will remain in force
until Jan. 31 1936, no further trouble is expected in the garment, fur and
millinery district, since an arbitration committee beaded by Mr. Mahoney
is to arbitrate any differences that may arise over enforcement.
The agreement was drawn up in final form yesterday by Edward C.
Maguire, Counsel for the union, and Walter Gordon Merritt, Counsel for
the Midtown and Pennzone associations, who represent most of the large
buildings involved.
Under the agreement all workers are to get a blanket $2 increase in
weekly wages. The wage scale, in turn, will be based upon a classification
of buildings. Class A buildings are those with more than 280,000 square
feet of gross area; Class B includes buildings from 120.000 to 280,000 square
feet, and Class C. those with 120,000 square feet or less. In no event shall
men in Class A buildings get less than $24. The minimum for Class B
buildings is set at $22, and for Class C buildings, $20.
Week to be Forty-eight Hours
The working week is to consist of 48 hours, including relief time of two
20-minute periods in each day. The work-week is to consist of 6 days.
The agreement Is to take effect not later than March 4 1935.
1414
Financial Chronicle
March 2 1935
The union characterized the agreement as "very satisfactory." Speaking
for property owners, the RealtyjAdvisory Board on Labor Relations, representing about 3,500 buildings outside the garment, fur and millinery
district, and headed by Major Henry H. Curran,issued a statement expressing satisfaction with the agreement.
of the Public Ownership League conference in Washington
on Feb. 25 by J. E. Bennett, Commissioner, of Portland,
Ore., and Western Chairman of the League's Committee
on Monetary Measures and Policies. United Press advices
from Washington from which we quote, also said:
Persons and Firms Selling Sweepstakes Tickets Barred
From Mails Under Post Office Order
Reporting that the Postoffiee Department had on Feb.
23 made another of its periodic attacks against lottery
tickets which come through despite the postal ban, Associated Press advices from Washington on that date added:
Mr. Bennett also discussed "the depression—its causes and remedies,'
Placing much of the blame on monetary policies. His resolution would
have labor, industry and agriculture, represented in the control of the
Federal Reserve System.
Public ownership of the Federal Reserve banks was also advocated by
former Senator Robert L. Owen, who co-operated in drafting the Federal
Reserve Act of 1913.
C. B. Whitnall, President of the Mutual Savings Bank of Milwaukee,
Wis., discussed the establishment of a national municipal currency such
as is advocated by the Wisconsin League of Municipalities.
The plan calls for issuance of currency by the Federal Government
against bonds of municipalities, which they issue against public works.
The plan/would not only do away with interest charges, Mr.Whitnall said,
but would oblige municipalities to keep their credit high so as to make their
bonds acceptable to the Government in exchange for currency. Under
his proposal the bonds would mature in twenty years and would be payable
at the rate of 5% a year. As they, matured, the currency issued would
be returned to the Government and the bonds canceled.
Mr.Whitnall, questioned from he floor, denied that this would constitute
uncontrolled inflation.
"To continue borrowing," Mr.Whitnall said, "is to continue our trend
toward economic slavery, which is perhaps more refined than chattel
slavery, but just as real."
A departmental order excluded 152 persons and firms from the United
States mails.
Lottery and sweepstakesitickets are barred from the mails, but hundreds of thousands of chances enter the country each year through subterfuge. The order today was aimed at persons and firms the postal inspectors believed were dealing in the tickets.
Eighty-five of the orders wereldirected at residents of Canada, including
the Montreal Post Graduate Hospital Trust Fund. The others were
divided, 37 in Havana, Cuba; 16 at Dublin, Irish Free State; 11 at Rome,
Italy, and one each in Brussels. Belgium, and the Duchy of Luxemburg.
To-day's action followed closely upon seizure yesterday by customs
inspectors of Philadelphia of $1,500,000 worth of Irish sweepstakes tickets.
The order, however, had no connection, officials said, with the Philadelphia
seizure.
The Department, in recent years, has issued thousands of fraud orders
aimed at breaking up the surreptitious sale of sweepstakes tickets in this
country.
William P. MacCracken, Jr., Surrenders to Serve Sentence Imposed Incident to Air-Mail Inquiry Suit
William P. MacCracken, Jr., Assistant Secretary of Commerce for Aeronautics in the Hoover Administration, surrendered himself on Feb. 26 at the District of Columbia jail
to serve the 10-day sentence imposed on him for contempt
of the United States Senate; reference to the decision of
the United States Supreme Court upholding the power of
the Senate to punish Mr. .MacCracken was made in these
columns Feb. 9, page 899. Incident to the surrender of Mr.
MacCracken we quote the following from a Washington dispatch, Feb. 26, to the New York "Times":
His surrender marks the end of one of the most remarkable controversies
over Senate prerogatives in the history of Congress. The Black special
committee of the Senate, investigating ocean and air mail oontracts, accused Mr. MacCracken a year ago this month of having permitted certain
papers, for which the Committee had issued a subpoena, to be removed from
his film and destroyed. The Senate found him guilty of contempt, gave
him a sentence of ten days, and then the controversy was carried to the
courts.
Has Trouble Finding Jail
The Supreme Court of the United States about a month ago, in an
opinion by Associate Justice Brandeis, upheld the sentence. Frank J. Hogan,
counsel for Mr. MacCracken, had contended that his client had given the
Black committee all the information it sought and that the Senate could
not punish for what amounted to a past act of which the defendant had
been purged. The Supreme Court refused to uphold this contention.
The Senate at the same time that it sentenced Mr. MacCracken sentenced
Colonel L. H. Brittin, vice-president of Northwestern Airways, and gave
him ten days. Mr. Brittin, saying he had no means to fight, went to
jail a year ago and served his time. Mr. MacCracken, even after the ruling
of the Supreme Court, contemplated asking a rehearing, but decided today to go to jail.
Mr. MacCracken gave out a statement in defense of his course, saying:
"After careful consideration I have concluded not to petition the Supreme
Court for a rehearing of my case, and in accordance with the stipulation
I entered into with the Sergeant-at-Arms of the Senate, I am surrendering
to serve my sentence. This I do conscious of the fact that I have done no
wrongful act."
Former Officers of Bank of United States, Bernard K.
Marcus and Saul Singer, Released from Prison
Bernard K. Marcus, President of the closed Bank of
United States, and Saul Singer, Executive Vice-President
of the bank, were released from prison on Feb. 27, and returned to their homes in Ne* York City after serving one
year, eleven months and six days of indeterminate sentences
of three to six years which were imposed upon them following the failure of the institution. Both men refused to
comment to reporters on their future plans. The New York
"Sun" of Feb. 27 outlined the cases in which they were convicted as follows:
The Bank of United States collapsed on Dec. 11 1930, to the accompaniment of a great scandal. Isidor J. Kresel and Herbert Singer were
also named in the indictments. Kresel, counsel for the bank, was convicted
and automatically disbarred as a lawyer. Recently, however, his conviction was reversed and subsequently he was reinstated as a member of
the bar. The Court of Appeals also reversed the conviction of Herbert Singer.
Marcus and Saul Singer were the only ones to go to prison.
The transaction on which the convictions were based revolved around
a complicated bit of bookkeeping which was in the nature of window
dressing for one of the subsidiaries. Certain credits were shuttled through
a series of accounts so that what had appeared to bank examiners to be a
bad debt no longer existed for one company, although no cash or other
sort of valuable had been added to any account.
Federal Ownership of Federal Reserve Banking System
Proposed in Resolution Offered at Conference
of Public Ownership League
A resolution calling for Federal ownership of the Federal
Reserve Banking System was offered at the closing session
Arthur W. Cutten Permitted to Trade on Grain Markets
Pending Appeal
A stay of the order of the Grain Futures Act Commission,
denying him trading privileges by all contract markets in
the United States for two years, was granted to Arthur
W.Cutten on Feb.28 by Judge Will M.Sparks, of the United
States Circuit Court of Appeals, Chicago, pending disposition
of an appeal filed by Mr. Cutten from the ruling. Judge
Sparks, it is reported, specified that, if the appeal is lost,
Mr. Cutten's suspension from trading will date from the
time the action is dismissed. Mr. Cutten's suspension from
grain markets of the United States was referred to in these
columns of Feb. 16, page 1067.
Gov. Lehman of New York Signs Bill Making Permanent Emergency Powers of State Banking
Board
It was announced on Feb. 28 that Gov. Lehman of New
York has signed the bill making permanent most of the
emergency powers granted to the State Banking Board two
years ago.
Annual Eastern Regional Savings Conference of Savings Division of American Bankers Association to
Be Held in New York March 7 and 8
Bank investments, real estate mortgages and public utility
securities are featured topics on the program for the annual
Eastern regional savings conference of the Savings Division
of the American Bankers Association, announced in New
York, Feb. 22, by W. Espey Albig, Deputy Manager of the
Association, to be held March 7 and 8 at the WaldorfAstoria, New York City. On the evening of the first day
the annual banquet will be held and the speakers will be
Walter M. W. Splawn, Commissioner of the Interstate Commerce Commission, Washington, D. C., and Henry F. Long,
Commissioner of Corporations and Taxation of Massachusetts, Boston, Mass. Philip A. Benson, President of the
Dime Savings Bank of Brooklyn, N. Y., will preside at the
banquet.
The conference area comprises the States of Connecticut,
Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia and West Virginia.
The program for the conference follows:
First Session, March 7, 10:00 A. M.
Call to order by Henry R. Kinsey, President Savings Banks Association
of the State of New York, President Williamsburgh Savings Bank,
Brooklyn, N. Y.
Address of welcome by Robert Louis Hoguet, Vice-President Emigrant
Industrial Savings Bank, New York City.
Response, Noah Lucas, President Connecticut Savings Banks Association
and Treasurer and Secretary Savings Bank of New Britain, New
Britain, Conn.
Address of James K. Steuart, Treasurer Savings Bank of Baltimore.
Baltimore, Md.
Address of Roderic Olzendam, Social Insurance Research Director Metropolitan Life Insurance Co., New York City.
Second Session, March 7, 2:15 P. M.
Presiding, T. J. Caldwell, President Savings Division, American Bankers
Association and Vice-President Union National Bank, Houston, Tex.
Address of John It. Burton, President National Bank of Far Rockaway,
Far Rockaway, Long Island, N. Y.
Address of Bernard F. Weadock, Vice-President • and Managing Director
Edison Electric Institute, New York City.
Address of C. W. Kellogg, Chairman of the Board, Engineers Public
Service, Inc., New York City.
Address of David Friday, Member Board of Directors, Bureau of Economic
Research, Waehington, D. C.
Third Seseion, March 8, 9:45 A. M.
Presiding, T. J. Caldwell.
Address of A. George Gilman, President Malden Savings Bank, Malden,
Mass.
Address of Robert E. Simon, President Carnegie Hall, Inc., and Member
Board of Governors, Real Estate Securities Exchange, New York City.
Address of Bernard F. Hogan, President The Greater New York Savings
Bank, Brooklyn, N. Y.
Address of William D. Gordon, President Bankers Bond & Mortgage Co.,
Philadelphia, Pa.
Comptroller of Currency O'Connor to Address Annual
Dinner of St. Patrick Society of Brooklyn March 16
J. F. T. O'Connor, Comptroller of the Currency, will be
one of the speakers at the annual dinner of the St. Patrick
Society of Brooklyn, N. Y. The dinner this year will be
held on March 16 at the Hotel Roosevelt, in New York City.
Financial Advertisers Association to Hold Annual
Convention in Atlantic City, N. J., Sept. 9 to 11
The Financial Advertisers Association, with central offices
in Chicago, will hold its twentieth annual convention in
Atlantic City, N. J., Sept. 9, 10 and 11. The New Jersey
members will be the hosts of the convention and W. H. Neal,
Vice-President of the Wachovia Bank & Trust Co., WinstonSalem, N. C., and Vice-President of the Association, will be
general chairman.
Edwin Bird
Wilson Elected President
Financial Advertisers
of New York
Edwin Bird Wilson, of Edwin Bird Wilson, Inc., was
elected President of the New York Financial Advertisers
at the annual business meeting and luncheon held Feb. 14.
Mr. Wilson succeeds William G. Rabe, Vice-President of the
Manufacturers' Trust Co., New York. Others elected for
the ensuing year were:
Amos Bancroft, First Boston Corp., First Vice-President; F. R. Kerman,
Public National Bank & Trust Co., Second Vice-President; Mabel F.
Thompson, Union Dime Savings Bank, Secretary, and Donald G. Price,
Franklin Savings Bank, Treasurer.
Stanford University (California) to Appoint Consulting
Professors in Graduate School of Business—Lectures by Business Leaders Approved
The Board of Trustees of Stanford University, California,
on Feb. 14 approved the appointment of consulting professors in the Graduate School of Business as a means of recruiting for the school the experience of business leaders on
the Pacific Coast. Under the arrangement, consulting professors of banking, marketing, public utility management,
industrial management, finance, &c., will be appointed to
give occasional lectures to classes and seminars, consult
with the regular faculty of the Graduate School of Business
on technical problems, and to counsel, in certain cases, advanced students engaged in research. An announcement in
the matter said:
It is planned to make a distinction in the academic ranking of the
consultants along functional lines. Only outstanding leaders in business
and finance will be invited to become consulting professors. Outstanding
staff executives, such as treasurers, comptrollers, sales and production managers, personnel managers, &c., may be invited to become associate consulting professors. Assistant consulting professors will comprise outstanding junior executives who show definite promise of attaining major executive positions. Occasionally consulting instructors may also be appointed;
these might be recent graduates of the Graduate School of Business who
show real promise and whose experience would be more and more valuable
to the school.
Reopening of Closed Banks for Business
of Restrictions
and Lifting
Since the publication in our issue of Feb. 23 (page 1254)
with regard to the banking situation in the various States,
the following further action is recorded:
ARKANSAS
Depositors in the Twin City Bank of North Little Rock,
Ark., which failed to reopen after the March 1933 banking
holiday, will receive 100% of their deposits through a Reconstruction Finance Corporation loan of $135,000, it was announced Feb. 21, according to Little Rock advices by the
Associated Press. The dispatch continued:
The announcement was made by Henry 0. Topf, President of the Twin
City Savings Bank,and Deputy Bank Commissioner in charge ofliquidating
the old Twin City Bank. Application for approval of a $135.000 loan from
the RFO wasfiled in Pulaski Chancery Court to-day (Feb.21) by Mr.Topf.
MICHIGAN
The reorganized Citizens' Trust & Savings BanleofrSturgis,
Mich., has reopened, we learn from the "Michigan Investor"
of Feb. 16. The institution, which was originally organized
in 1892, is capitalized at $200,000 with surplus and undivided
1415
Financial Chronicle
Volume 140
profits of $145,000 and has deposits of approximately $2,000,000. No change will be made in the officers, the paper
said.
The State Savings Bank of Warren, Mich.(which replaces
a bank of the same name) opened last week, releasing a
dividend of 40%, amounting to $260,000, to depositors of
the old institution, according to the "Michiagn Investor"
of Feb. 23, which furthermore said in part:
The bank is headed by Herbert H. Schmidt, 28 years old and the second
youngest bank President in Michigan. He served for six; years in Warren
before going to the Bank of Hamtramck. Mr.Schmidt will also,be Cashier
of the new bank and will have Walter Rickabus as Assistant& Cashier. IN
The new bank, which serves a trade area of 15,000 people, has a capital
of $40.000.
A dividend of 20%, totaling $280,000, was being distributed last week to depositors of the First National Bank of
Rochester, Mich.,closed, it is understood, since the Michigan
banking holiday, we learn from the "Michigan Investor"
of Feb. 23, which added:
This is the second payment since the bank's closing, the first of 25%
coming in November of 1933.
OHIO
The main office, together with the Garfield branch, of
The Bank of Cleveland, Cleveland, Ohio, which had been
operating on a 5% restricted basis since the banking holiday,
opened on an unrestricted basis on Feb. 17. In indicating
the proposed reopening of the institution without restrictions,
the Cleveland "Plain Dealer" of Feb. 17 had the following
to say in part:
Organized 22 years ago as the Klonowski Savings Bank, the BanIcrof
Cleveland was incorporated in 1920. Headquarters has remained at the
present site throughout. The bank has ba directors and all of the old
officers remain.
As part of the reopening requirements 55% of the deposits are made
available to depositors, while the 45% balance will be represented by
participation certificates for three years. This 45% will be credited in new
pass books, but no checks will be issued against this amount. The 55%
will be credited on the old books and will be available for depositors.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The value of memberships on the New York Stock Exchange declined $10,000 Feb. 26 in comparison with the last
previous sale of Jan. 17. The Stock Exchange announced
two transfers, the first at $83,000 and the second at $80,000.
On March 1 there was another transfer announced at $81,000.
The membership of Stephe- n J. Clark, deceased, on the
Commodity Exchange, Inc., was sold Feb. 26 to I. Henry
Hirsch, for another, at $2,000, unchanged from the last
previous sale.
Arrangements were comple-ted Feb. 26 for the sale of a
membership on the Chicago Stock Exchange for $2,250, down
$250 from the last previous sale.
Edward J. Rorke was rec-ently electedIto[thelBoard of
Trustees of the Brevoort Savings Bank, Brooklyn, New
York. Mr. Rorke is Superintendent of Delivery at the
General Post Office.
Washington E. Connor, whc, was one of Jay Gould's principal brokers on the New York Stock Exchange a half
century ago, died on Feb. 23 at the age of 89 years. Mr.
Connor was a former partner of W. E. Connor & Co., New
York, and had been closely associated with Andrew Carnegie,
Russell Sage, H. M. Flagler, George F. Baker, J. P. Morgan
Sr. and John D. Rockefeller. He began his career as a clerk
in 1866 with H. C. Stimson & Co. He became a member
of the Stock Exchange in 1871, and three years later was
Invited by Jay Gould to become a member of a firm with
William Belden to handle Mr. Gould's transactions on the
Exchange. In 1881 the firm of W. E. Connor & Co. was
formed, with Mr. Connor, George J. Gould and G. P. Morosini as general partners and Jay Gould as a special partner.
Mr. Connor retired from the firm in 1887 and sold his seat
on the Stock Exchange in 1910. The firm, which changed
Its name to Connor & Co., following Mr. Connor's resignation, suspended in 1912.
Milnor B. Dominick, who r- etired Jan. 1 this year as a
partner of the New York Stock Exchange firm of Dominick
& Dominick, New York, died of a heart attack on Feb. 23
at his home in Hackensack, N. J. He was 64 years old.
Mr. Dominick in 1888 entered Dominick & Dickerman, now
Dominick & Dominick. The firm had been founded in 1870
by members of a family related to his. Until his retirement Mr. Dominick was also Vice-President and a director
of the National Bond & Share Corp.
1416
Financial Chronicle
Robert Lossing Niles, former member of the New York
Stock Exchange, died on Feb. 21 in Merano, Italy. Mr.
Niles, who was 78 years old, became a member of the Stock
Exchange in 1883 and set up quarters at 20 Broad Street.
He sold his seat in 1925. Mr. Niles was the author of "A
Short Story of the New York Stock Exchange."
John E. King, a director of several banks in the Long
Island section of New York, died in Palatka, Fla., on
Feb. 14. Mr. King, who was 72 years old, had his home in
Islip, N. Y. He was a director of the First National Bank &
Trust Co., Bay Shore, N. Y.; the First National Bank, Islip;
the Union Savings Bank, Patchogue, N. Y., and the
Patchogue Mortgage Co. He was also Vice-President of the
lumber firm of E. Bailey & Sons.
On Feb. 15, the New York State Banking Department approved plans to reduce the capital stock and par value of
shares of the State Bank of Fillmore, Fillmore, N. Y., from
$25,000, consisting of 250 shares of the par value of $100 a
share, to $20,000, consisting of 1,000 shares of the par value
of $20 a share, and subsequently on the same date approved
an increase in the capital stock from $20,000 to $35,000.
Donald Kirkpatrick, President of the National Bank of
New Jersey, New Brunswick, N. J., announced Feb. 25 that
Louis Fenn Sperry Jr. has been elected a Vice-President of
the institution to fill an existing vacancy. The announcement added:
Mr. Sperry for the past 15 years has been identified with the banking
fraternity in New York State. Immediately following his graduation from
Williams College, in 1919, he joined the Guaranty Trust Co. of New York.
After serving that institution for about five years, he was called to
Auburn, N. Y., as Vice-President of the National Bank of Auburn. In
1929 he was again called to New York City as an officer of the Guaranty
Co. of New York, since dissolved under the terms of the Banking Act of
1933, which prohibited banks from maintaining securities affiliates. During the past few years Mr. Sperry has specialized in reorganization work
for industrial companies.
From the Newark "News" of Feb. 20 it is learned that
sale for $27,726.34 of assets of the defunct West Orange
Trust Co., valued at $521,899.82, was approved on Feb. 19
by Vice-Chancellor Berry. Application for approval was
made by John A. McKenna, counsel for State Banking Commissioner William H. Kelly, who is liquidating the institution. The court also approved payment of a 5% dividend
to depositors of the bank, amounting to $30,037.02, and the
setting aside of $6,000 to defray future costs of liquidation.
The paper continued, In part:
He referred to Special Master Charles F. Lynch the examination of the
Conrmissioner's report for recommendation as to disbursements. . . .
The bid which interested parties had been called upon to pass upon had
been $27,376.34, but Mr. McKenna told the court he had been able to
obtain $350 more for real estate mortgages since he held the sale three
weeks ago.
That the former State Bank of Linden, Linden, N. J., was
to open on Feb. 18 as a branch of the Linden Trust Co. of
that place was announced on Feb. 14. In noting this, Linden
advices on Feb. 15 to the Newark "News" also said:
The trust company, which is headed by George W. Bauer, President of
the Union County Trust Co., Elizabeth, purchased the bank at an examiner's
sale last year.
With reference to the affairs of the First National Bank
of East Orange, N. J., the Newark "News" of Feb. 20 carried
the following:
Depositors of the First National Bank of East Orange who established
claims between Oct. 6 1934 and Jan. 26 can get their dividend checks by
calling at the bank, J. R. Wilson Jr., receiver, announced to-day.
Mr. Wilson said he is holding about $15,000 in first dividend checks
which have not been called for and $12,000 in second dividend checks
which will be delivered on presentation of the receiver's certificate. Dividends amounting to $659,000 have now been authorized by the Comptroller.
A dispatch from Indiana, Pa., on Feb. 22, appearing in
the Philadelphia "Record," stated that depositors of the
Citizens' National Bank of Indiana were to receive a 12%
dividend totaling $72,170, according to an announcement by
J. Milford Tomb, receiver of the institution, on that date.
An initial dividend of 12%%, the dispatch said, was paid
in May 1933.
The Massanutten National Bank at Strasburg, Va., was
to surrender its Federal charter and become a State institution last week, according to an announcement on Feb. 19
by Richard S. Wright, President of the institution. Winchester, Va., advices on that date to the Richmond "TimesDispatch," from which this is learned, continuing said:
The change is sought, it was said, because new national banking regulations do not permit loans to a large class of farmers, who are the principal
customers of the bank. The Shenandrah National Bank at Woodstock in
March 2 1935
the same county recently surrendered its Federal charter for the same
reason and has become a State institution.
The following concerning the affairs of the defunct Washington Park National Bank of Chicago, Ill., appeared in the
Chicago "Tribune" of Feb. 19:
Depositors who have not filed their claims against the Washington Park
National Bank yesterday (Feb. 18) were urged to do so by Receiver W. J.
Schechter. He pointed out that more than 10,000 claims, mostly small
ones, have not been proved despite the fact that the bank has been closed
since June 1931, and that 55% of their money is awaiting them in dividends
declared to date.
Two Kasson, Minn., banks, the National Bank of Dodge
County and the National Farmers' Bank, capitalized at
$30,000 and $40,000, respectively, were placed in voluntary
liquidation on Feb. 4. Both institutions have been succeeded
by the Kasson State Bank of the same place.
Ralph D. Griffin, manager of the investment department
of the brokerage firm of Reinholdt & Gardner, St. Louis,
Mo., and who recently has been serving as a special Deputy
Commissioner in charge of several closed banks in that
area, was appointed an Assistant Vice-President of the
Mercantile-Commerce Bank & Trust Co. of St. Louis on
Feb. 24 and was to assume his new duties March 1. In
noting the matter, the St. Louis "Globe-Democrat" of
Feb. 25 furthermore said:
Mr. Griffin is a native of Chicago, having come to St. Louis about 35
years ago. He was associated with the International Shoe Co. from 1916
to 1920, helping to organize its tanning department and building the
Wood River factory, following which he entered the investment business.
He is a director of the Hunter Packing Co. and the Bank of Edwardsville,
Ill..
A new banking institution, the Bank of Montgomery, at
Tory, N. C., was opened for business on Feb. 8, according
to an announcement by Gurney P. Hood, State Banking
Commissioner for North Carolina. The Raleigh "News and
Observer" of Feb. 9, in noting the matter, went on to say,
in part:
The Bank of Montgomery is capitalized at $25,000 and has a surplus of
$12,500, Commissioner Hood said. It is a member of the Federal Deposit
Insurance Corporation. R. T. Poole is President of the bank; D. D. Bruton
and I. F. Russel are Vice-Presidents, and J. A. Harris is Cashier.
In indicating that liquidation of the Lafayette Bank &
Trust Co., of Fayetteville, N. C., had been completed, the
Raleigh "News & Observer" of Feb. 20 had the following to
say:
Depositors in the defunct Lafayette Bank & Trust Co., of Fayetteville,
N. 0., received a total of $280,363.20 in dividends and offsets, or 52%
of their deposits, Gurney P. Hood, State Bank Commissioner, announced
yesterday (Feb. 19).
Liquidation of the institution was completed the last day of 1934 at a
net cost of $12,526.54. The bank closed Jan. 11, 1930.
During liquidation payments made other than to depositors were: Preferred claims $36,075.04, 100 per cent ; and bills payable $25,000, 100
per cent.
Of total assets of $615,881.37, only 59.2%, or $364,806.35 was collected.
Forty and eight-tenths, or $251,075.02 was listed as not collectable by the
liquidating agent.
The Reconstruction Finance Corporation on Feb. 19 announced that it had authorized the establishment of additional branches of the Greenville Banking & Trust Co.,
Greenville, N. C., at Washington, Williamson and Hamilton,
N. C., according to Washington, D. C., advices on that date,
printed in the Raleigh "News & Observer." The dispatch
added:
The bank, of which E. G. Flannagan is President, already has branches
at Bethel, Belhaven and Snow Hill.
Stockholders of the American Bank & Trust Co., of New
Orleans, La., on Feb. 20 unanimously approved plans to in- _
crease the capital stock of the institution from $1,000,000 to
$2,500,000 by the issuance of $1,500,000 of additional stock.
The New Orleans "Times-Picayune" of Feb. 21, authority
for the above, also supplied the following details in part:
The bank's surplus is $500,000, and the new stock is to be issued at par,
so that the combined capital and surplus of the bank will be $3,000,000.
The authorization was approved at a special meeting of the stockholders,
which had been called for the purpose of amending the articles of incorporation of the bank so as to permit the capital increase, in accordance with
a resolution adopted by the directors Jan. 16.
Legal requirements in regard to advertising the authorization and other
details attending the capital increase make it likely that the increased capital
will be effective as of about April 1.
John Legier, President of the bank, said after the meeting that "there
was 95% of the shares represented in person and by proxy at the meeting. . . ."
As of Jan. 23, the First National Bank of Newberg, Ore.,
capitalized at $500,000, was placed in voluntary liquidation.
The institution was taken over by the United States National Bank of Newberg.
•
Volume 140
NEW YORK
BROOKLYN
BOSTON
Financial Chronicle
Trust Company Returns
1417
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
33 years ago, the compilation having been enlarged 18 years ago by the addition of Baltimore's institutions.
The statements occupy altogether 12 pages.
The dates selected for comparison are Dec. 31 1934, Dec. 30 1933 and Dec. 31 1932. 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.
Formerly it was the practice of the New York 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 1933 and 1934 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. 31 1934. 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.)
Resources—
Dec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Specie
51.498
$1,039
$2,680
Other curr. author, by laws of U.S
47,883
38,611
48,977
Cash items
169
524
296
Due from approved res. depositaries_ _
864,958
687,550
826,557
Duefrom other banks and trust co's
734,908
959,442
482,089
Stock and bond investments
2,111,507
2.179.173
2,183,420
Loans & clIsct. secured by collateral
518,547
639.575
447,856
Loans, discounts and bills purchased
not secured by collateral
865,638
375.333
367,943
Own acceptances purchased
105,432
34,506
727
Overdrafts
16
31,364
1,088
Customers' liability on acceptances
444,948
231,718
8.509
Customers'liab. on bills purchased__ _
35,679
158,318
Other assets
116,136
158,024
286,598
Total
Liabilities—
Capital
Surplus and undivided profits
Reserve fo- taxes, expenses,&c
Prnferred deposits, demand
Deposits, not preferred,demand
Deposits, not preferred, time
Bills payable
Bills purchased
Acceptances
Other liabilities
55,811,640 55,372.538 $4.815,058
$1,000,000 $1,000,000 51.000,000
533,275
509.458
732.434
70.103
237.473
18,024
108,993
95.077
140.901
1.716,095
1,116,223
2,283.171
1.866,612 2,060,757
354.917
19,036
23.074
35.679
158.318
445.228
232,686
8,910
71,334
66,149
95.309
Total
$5.811,640 $5.372,538 $4.815,058
Amt. of dep. on which int. Is paid- _ _ $1,916,612 52.145,138 32,457,000
'Banco di Napoli Trust Co.(New York).
Resources—
Dec. 31 '34. Dec. 30 '33 Dec. 31 '32
Specie
$62.,
Other curr. auth. by laws of U.
1102,930
Cash Items
$3,146,852 53.747,208
13,4,38
Duo from Fed. Res. Bank of N. Y _ _
20,483
Due from approved res. depositaries_
1,300,276
Due from other banks,tr. cos.,& bkrs
1.779,822
Stock and oond investments
3.883.750 3.282,576
2.282,398
Loans & (Beets. secured by bond and
mtge.or other real estate collateral_
56,720
Loans & discts sec. by other collet__
982.800
927.285
134.601
Loans, discounts and bills purchased
not secured by collateral
189,796
Own acceptances purchased
78.808
Bonds and mortgages owned
47.600
Customers' liability on acceptances
434,511
419,118
150,742
Cust. liab. on bills purchased & sold
34,111/
Other assets
81,079
111.803
115,664
Total
$8,528,992 $8.487.990 $6,308.126
Liabilities—
Capital
$1,000.000 $1,000.000 51.000,000
Surplus, undivided profits & res
720,487
711,216
700,000
Preferred deposits, demand
{.
Preferred deposits, time
25,905
Deposits, not preferred, demand_ - _ _ 6.372,754
6.354,979
1,266,580
Deposits, not preferred, time
2.473,020
Due to tr. cos., banks and bankers__.
646,577
Acceptances
434,511
419,118
150,742
Bills purchased
34,197
Other liabilities
1,240
2,677
11.104
Total
$8.528.992 *8.487.990 56,308.126
Amt.of deposits on wnich int. Is paid_
(1')
$3,420,502
* Began business May 24 1930.
Banca Commerciale Italians Trust Co. (New York)
Dec. 31 '34. Dec. 30'33. Dec. 31 '32.
Resources—
Specie
$16,660
511.709
$15.342
Other currency auth. by laws of U.S.
146.986
163,270
163.915
Cash items
36.954
196.294
Due from approved res've depositaries
817.669
580,307
2,386,609
Due from other banks and trust cos_.
840,787
3.381,976
2,920.639
Stock and bond investments
5.076.745
3.589.323
4,548.123
Due from foreign banks
4,669.835
95,256
Sundry foreign accounts
Call loans acct. customers
1,000.000
170.100
203.850
206,882
Loans & discts. sec. by bond & mtge_
2,887.462
3.123.761
Loans & discts.sec. by other collateral 2.100,512
Loans,disc. & bills pur.not sec.by coil 1.232.234
1,412,630
592.271
24,243
91.945
49.982
Own acceptances purchased
161
736
173
Overdrafts
173.100
223.200
Bonds and mortgages owned
156,625
334.217
558,406
598.406
Real estate
409,690
365,120
480.098
Customers' liability on acceptances_ _
11.068
Customers'liability on bills purchased
10.799
407,610
259,120
379,888
Other assets
Total
$16,534,359 513.811.128 516.777.203
Liabilities—
*2,000.000 *2.000,000 *2.000.000
Capital
2,016.469
Surplus and undivided profits
1.105,463 a1,100,022
125,294
44,343
121.199
Reserves for taxes exp.. conting., &c.
240.504
201,361
Preferred deposits, demand
211,500
Preferred deposits, time
55.506
20.651
Foreign currency accounts
4.765.091
2,005.529
2.294,293
Deposits, not preferred, demand_ __ _ 2.118,480
7,471,376
6,927,704
Deposits, not preferred, time
5.579,585
1.561,654
117,882
485,204
Due to trust cos.. banks & bankers...
10.799
11.068
Bills purchased
408,167
501,332
Acceptances
440,229
7.471
78.234
Other liabilities
96.280
Call loans account customers
1,000.000
Total
516,534.359 513,811.128 $16.777.203
Amt.of dep.on which int.is being paid $9,309,000 57,661,982 510.662,180
1933.
1932.
Supplementary—For Cal. Years—
1934.
$652,477
Total int. & comm. rec. during year_ $686.659
$621.006
169,874
120,339
All other profits rec. during year.__ _
86.309
Charged to undivided profit—
21,068
On account of depreciation
12,160
59,865
On account of other losses
12,500
105,000
On account of reserve
Int. credited to depos. during year....
246.711
294.162
278,624
Expenses during year, exclud'g taxes
485,338
538,519
472,273
Amt. of divs, declared on cap. stock_
25,000
7.661.982 10.662.180
Amt. deposits on which int. is paid
9,309,000
4.000
Taxes paid during year
2.000
4,130
* 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)
Resources—
Dec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Specie
525.200
11.929
Other currency auth. by laws of U.8Cash items
154,535
$590.946
51,370,250
Due from Fed. Reserve Bank of N. Y_
77.050
Due from approved res. depositaries_
397,457
Due fr, other bks., tr. cos. & bankers_
22,009
Stock and bond investments
2,520,362
3.497,740
2,264,398
Loans and discounts sec. toy collateral
331,760
287.3725
188,129
Una,disct. & bills pur. not sec. by coil
7,
241,985
Overdrafts
265
Customers liability on acceptance2,053
2,426
Other assets
55.919
58,760
43,235
Total
53,881,537 53,443,968 $4,818.275
Ma/Unties—
Capital
$500,000
$500,000
$500,000
Surplus including undivided profits
527.358
100.000
227.
;
58
Reserves for taxes, expenses, &c
38,907
192,615
Preferred deposits, demand
419.571
Preferred deposits, time
Deposits, not preferred. demand_ __ _ 3,082.555
802.255
2,663,650
Deposits, not preferred,time
2,415.057
Due trust cos.. banks and bankers
103,737
Acceptances
2,426
2.053
Other ILabilitiee
8,964
6,367
50,907
Total
53.881,537 $3.443,968 $44,818,275
Amount deposits on which int. is paid
$3,199,600
(?)
(?)
1418
Financial Chronicle
Bank of New York & Trust Co. (New York).
Resources-Dec.31 '34 Dec. 30 '33. Dec. 31 '32.
Specie
$38,173
Other curr.auth. by laws of U.
566,443
Cash items
$80,089,711 $21,361,036 7.097.476
Due fr. Fed.Reserve Bank of N.Y
12,175,370
Due fr. other bks., tr. cos.& bankers
1,722,204
Stock and bond investments
84,990,645 68.242.420 48,537.728
Loans and discounts secured by bond
& mtge. or other real estate collet_ I
70,668
Loans& disc,secured by other collat. 43,542,034 43.321.844 23,629,666
Loans, disc. & bills purchased not
secured by collateral
18,387.175
Own acceptances purchased281,473
Overdrafts
2,949
Bonds and mortgages owned
2,533,061 3,803,863 3,856,140
Real estate
7,955.759 8,050,354 8,201,835
Customers' liability on acceptances
2.166,169
4,730,033 5,873.693
Customers'liability on bilis purchased
5,147
Other assets
619,131
541,246
607,465
1
Total
$224.460,374$151,260,675$127,279.862
Liabilities-Capital
$6,000.000 $6,000,000 $6,000,000
Surplus and undivided profits
10,298,117 9,745,789 9,219,826
Capital note
1,000.000
Reserves for taxes, expenses, &c
1,696,423 4.243,343 3,820,461
Preferred deposits, demand
9,443,600
Preferred deposits, time
7.519.079
Deposits, not preferred, demand__,,_ 200,470.170 123.080.731 69.744,650
Deposits, not preferred,time
3.684,699
Due trust cos., banks and bankers
14.578.252
Acceptances
2.464.274
5,373.299 6.499,960
Other liabilities
622,365
805,021
690.852
' Total
$224,460,374$151,260,675$127.279,862
Amt.of dep. on which int. is paid_ _ _ _ $7,000,000 $9,500,000 $91,300,000
Supplementary Statistics.
Dec.31 '34
Dec. 30 '33.
Capital (Par $100)
$6,000.000
$6,000,000
Surplus and undivided profits
9,745,789
10,298,117
Gross deposits
123,080,731
200,470,170
Dividend rate per annum, payable quarterly
14
14
Book value
272
262
Approximate price range.
385,270
395-250
1934
Quarterly Earnings1932.
1933.
1931.
$5.82
First
$5.74
$6.77
$7.68
Second
4.22
4.49
2.60 ' a5.231
Second
1 416.661
7.97
Third
6.52
6.23
7.07
5.20
Fourth
a3.85
6.02
4.92
$23.21
$6.49
--$56.13
$22.77
a Regular earnings. d Transferred $1,000,000 from undivided profits,
due to revaluation of securities, &c.
Bankers Trust Co. (New York).
ResourcesDec. 31 '34 Dec. 30 '33. Dec. 31 '32.
Stock and bond investments
$484628525 282,748.672 355,393,373
Real estate
21,8b5,225 22,085,814 26.465,189
Bonds and mortgages owned
3,550,599 3,937,306 3.894.228
Loans on bond and mortgage or
82,437
other real estate collateral
Loans & disc. sec. by other collateral- 233104640 272084242 131,668.368
Loans, discounts and bills purchased
89,738,496
not secured by collateral
1
17,505,823
Own acceptances purchased
3,489
Overdrafts
Due from trust cos.. banks & bankers
14,265,838
53,606
Specie
660,098
Other currency auth. by laws of U. S.. 245077417 138626241
35,029,776
Cash items
53.976,518
Duefrom the Fed. Res. Bank of N.Y.
5,932,672 14,955,865 29,428.022
Customers' liability on acceptances
Customers' liability on bills purch..
60,849
35,328
sold with endorsement
2.764.280 4,383.214
3.136,701
Other assets
Total
$19
7
7-326107$737,202.4205762,609.324
Liabilities$25,000.000 $25,000.000 $25,000,000
Capital stock
Surplus fund and undivided profits 62,018,798 60,030,599 77,136.109
5.000,000
Capital note
5,672,223
Reserve for taxes. exp., conting., &c_c18,264.656 016.993,490
56,564,599
Preferred deposits, demand
3,190,372
Preferred deposits, time
882988031 613603582 387,531,942
Deposits, not preferred. demand
32,816,800
Deposits, not preferred, time
143,640,342
Due trust cos., banks and bankers
60,849
35,328
Bills purch.. Stc.,sold with endorsem't
6,803,883 16,172,954 30,380.065
Acceptances
2,215,411
616,024
401.795
liabilities
Other
$997326107$737,202.4205762,609,324
Total
$553,471,816
(7)
(7)
Amt.deposits on which int. is paid--1934
1932.
1933.
b9,605.510 $9,615,738
Net profits for year before dividends7.500.000 7,500,000
7.500,000
Dividends paid during year
a This figure includes contingency fund in the amount of $15,849,892.
b Net loss. c Includes contingency fund in the amount of $16,922,710.
Bank of Sicily Trust Co. (New York).
Dec. 31 '34 Dec. 31 '33. Dec. 31 '32.
ROSOUTCeS$13,216
$194.883
Specie
107.102
160,321
Other curr. author, by laws of U.S
447,725
384,706 $2,498,579
Cash items
321,103
Due from approved res've depositaries1
166,326
Due fr. other banks.tr. cos.& bankers' 1,162,288
3.596,039 4,306,222
7,065.714
Stock and bond investments
Loans & disc. secured by bond and
537.648
394,762
mortgageor other collateral
297,365
219,551
Loans & disc. secured by other coll
2,402,363
Loans, discounts and bills purchased
1,520,039
1,380,778
not secured by collateral
62,502
665
Overdrafts
53,613
8,289
Own acceptances purchased
434,411
509.015
532,284
Real estate
78,568
294,849
Customers' liability on acceptances..
37,968
155,430
214,371
294,082
Other assets
Total
$11,836.291 $9.515,216 $8,501,270
LiabilitiesCapital
$1,800,000 $1,800.000 *$1,800,000
413,577
Surplus and undivided profits.
450,231J
423,624
2,207
Reserves for taxes, expenses, &c____
21,04
162.961
Preferred deposits, demand
1,254,000
2,654
Preferred deposits, time
1,331,001
Deposits, not preferred, demand..
1.139,850 6,843.616
4,152.806
Deposits, not preferred, time
6,318.174f
472.128
810.4471
Due to trust cos., banks & bankers
130,661
294,849
Acceptances
37,968
33,274
126.520
31,182
Other liabilities
$14:gigin $911P" PAM
Total
Amt. deposits on which int. is paid-
*Capital Increased from $1,600,000 to $1.800,000 as of April 27 1932.
March 2 1935
*Bronx County Trust Co. (New York).
ResourcesDec. 31 '34.Dec. 30 '33. Dec. 31 '32.
Specie
i1660,850
Other curr. authoriz. by law of U.S $1,936,220 $1,506.152
504.855
Cash items
674,316
Due from approved res. depositaries..
572,495
Stock and bond investments
5,872,009 6,303.600 6,322.502
Loans & disc. sec. by bonds & mtges.
or other real estate collateral
1.491,029
{1,995.671
Loans and disc, sec. by other con_ _ _ _ 3,516,329
1,031,909
Loans,disc. & bills purch., not 80C. by
collateral
2.025.824 2,757.209
Overdrafts
4,093
Bonds and mortgages owned
1,634,757
1.748,162
1,995.074
Real estate
1,410.538
881,408
396,661
Customers' liability on acceptances
3.712
1,410
Other assets
375,864
928,607
313,210
Total
$14,155,343 $15,151,589 $16,957,53
LiabilitiesCapital stock
$542,500 $1,550.000 $1,550,000
Surplus fund and undivided profits
999.007
257.500
520,667
Capital notes
2,179,900 2.179.900
Reserves for taxes, exp., &c
700.183
583,917
Preferred deposits, demand
3.018,860
Preferred deposits, time
956,098
Deposits not preferred, demand
10,577,524 10,379,691
7.023,601
Deposits not preferred, time
2,588,528
Due to trust cos., banks & bankers.
21,798
Acceptances
3.712
Other liabilities;
574,087
42.991
14,002
Total
$14,155,343 $15,151,589 $16.957.534
Amount of dep. on which int. is paid$8,080,000
(7)
(7)
* Fordham National Bank and Bronx County Trust Co consolidated
as of Aug. 11929.
*Central Hanover Bank & Trust Co.(New York).
ResourcesDec. 31 '34 Dec. 30 '33. Dec. 31 '324
Stock and bond investments
$402,801,4035301,484,3745330,361,046
Real estate
20,395,428 19.146,909 19,511,570
Bonds and mortgages owned
4,527,348
4,134.936
Loans on bond or mtg.or oth.r. e. coll
4,569.701
Loans & disc, sec. by other
1158318816 241266791 168.250,756
colaterns.dic&
bills p
Lur.not
47,054,343
sec.by
colOverdrafts
39.578
Due from the Fed. Res. Bank of N.Y.1
C 76,475,881
Due from other bks.,tr. cos.& b'kers. I
13,352,176
I
Specie
1239112100 1108682891
252,092
Other currency auth. by laws of U. SI
I 2.140.468
Cash items
21.597,651
Customers liability acct. acceptances 10,502,092 21,924,781 22.312,518
Other assets
890,579 2,222,490 2.917.732
Total
$836,155,354$696,913,634$713.362,860
LiabilitiesCapital stock
$21,000,000 $21,000,000 $21,000,000
Surplusfund and undivided profits
61,512,764 61,264,418 69,031.231
Capital note
5,000.000
Reserve for taxes, int., &c
2,231.037
5,471,259 3,381,904
Preferred deposits, demand
38,894,533
Preferred deposits, time
32,184,594
Deposits, not pref., demand
738825248 577596901 345,624,354
Deposits, not pref., time
31,154,608
Due trust cos., banks and bankers....,.
146,362,110
Acceptances
11,211.305 23,956,056 22,945,397
Other liabilities
1,575,000 2,625,000 2.784,130
Total
$8361553545696,913.6345713.362,860
Amt.deposits on which int. paid.... _ _
(7)
452.202,000
(7)
* 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. 31 '34. Dec. 30 '33. Dec. 31 '32.
Specie
$309,742
$124,793
$158,418
Other currency auth. by laws of U.8_ 2,748.382
1,729.078
1.670,546
Cash items
77,127,805 22.155,010 21,774,749
Due from Fed. Res. Bank of N. Y....- 56,211,132 42,156,690 54,658,492
Due fr. other banks,trust cos.& bkrs. 33,172,854 9,121.976 3,977,830
Notes of Reconstruction Fin. Corp.... 5,000,000 5.000.000
Stock and bond investments
179,309,149 205,498,700 165,888,156
Loans and discounts secured by bond
& mortgage or other real estate coll.
1,814,333
2,602,052
Loans & disc. secured by other coll.- 185717919 66,493,129 83.905,513
Loans, discount and bills purchased.
not secured by collateral
43,081,489 53,121,897
Own acceptances purchased
5,957,230
1,892,692 6,602,629
Overdrafts
162,106
14,026
15,143
Bonds and mortgages owned
5,247,583 5,973,173 6,086.262
Real estate
7,973,952 7.267.421
2,561.731
Customers' liability on acceptances_ 9,524,569 22,614.439 19.840,930
Customers'liability on bills purchased
10.016,636
134,007
Other assets
2.138,726 2,762,985 2,242.793
Total
$570,601,379$447,716,5705425.241,149
LiabilitiesCapital
$20,000,000 $20,000,000 $21,000.000
Capital notes
5.000,000
Surplus and undivided profits
48,104,410 47,490.328
Reserve for taxes, exp.. conting., &c.. 15.247,937 14,201,512 45,412.502
13,301,712
Preferred deposits, demand
25,014,052
Preferred deposits. time
12,284,258
Deposits, not preferred. demand_ --- 476498 916 322218276 182,152,392
Deposits, not preferred, time
21,542,265
Due trust companies, banks & bankers
81,937.739
Bills payable
103,625
Acceptances
10,462,061 23.364,986 20,355,779
Bills purchased
10,016,636
134,007
Other liabilities
288,055 5,424,832
2,002,819
Total
$570,601,3795447,716,5708425,241,149
Total amount of deposits on which
interest is being paid
(7)
(7) $215,883.700
*Old Chemical Nat'l Bank converted to a State institution and
with U. S. Mortgage & Trust Co. as of June 29 1929 with name asmerged
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.
*City Bank Farmers Trust Co.(New York)
ResourcesDec. 31 '34. Dec. 30 '33.
Other currency auth. by laws of U. 8_47,078,995 $2,960,000
Due fr. approved reserve depositaries 7,828.538 11.990.087
Due fr. other banks,trust cos.&bkers.
49,882
179,882
Stock and bond investments
27,959,588 18.193,053
Loans and discounts secured by bond
& mortgage or other real estate coll.
18,750
7,750
Loans & disct. secured by other coll. 5,348,782 13,527,932
Loans, discounts and bill urchased,
not secured by collatera
6,199,429 6.075,788
Overdrafts and secured advances___
1,346,722 2.087.879
Bonds & mtges. & real est, securities
owned
5,295.720 6,269,821
Real estate
4,726,511
5,414,092
Other assets
2,306,911
2,618,279
Total
Dec. 31 '32.
$2.020,000
23.607,563
120.859
23,119,294
205.750
3,197.141
3,898,530
983,177
7,320,574
5,563,360
2,657,491
$68,159,828 $69,324,563 $72.693,740
Volume
Financial Chronicle
140
*City Bank Farmers Trust Co.(New York) (Concluded).
LiabilitiesCapital
$10.000,000
Surplus and undivided profits
12,223.691
Reserves for taxes, expenses, &c
279.955
Preferred deposits, demand
20,558,246
Preferred deposits, time
2,359,744
Deposits, not preferred, demand
19,226,283
Deposits, not preferred, time
2,581,348
Due to trust cos., banks and bankers
930,561
Other liabilities
$10,000.000 $10,000,000
11,748,151 11,797.536
176.048
107.569
19.023.170 24,591,062
1,914,782
2,290,022
25,421.427 22,727.031
240,620
310,834
833,753
799.613
35.933
752
Total
$68,159,828 $69,324,563 $72.693,740
Total amount of deposits on which
interest is being paid
$2,734,813 $1,508,206 $32,935,327
• Organized June 28 1929 to take over the trust business of the National
City Bank and the Farmers' Loan & Trust Co. a Lawful reserve with
Federal Reserve Bank.
*Clinton Trust Co., New York.
ResourcesDec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Specie
$7,705
Other curr. authorized by laws of U.S.
Cash items
45.722
$958,537
$578.244
Due from Federal Reserve Bank
266,464
Due from approved res. depositaries_
216,984
Stock and bond investments
1,905,889
1,371,811
1,372,066
Loans and discounts secured by bond
and mortgage or other real est. coll_
92,420
Loans & discount secured by 0th. coil_ 1,663,836
477,164
1.819.9/33
Loans, discounts and bills purchased
not secured by collateral
593.672
Real estate
42,500
Overdrafts
161
Bonds and mortgages owned
190,347
133,539
134.000
Other assets
26,106
21,297
24,818
Total
LiabilitiesCapital
Capital notes
Surplus and undivided profits
Reserve for taxes, expenses, &c
Preferred deposits, demand
Deposits not preferred, demand
Deposits not preferred, time
Other liabilities
$4,787,215 $3.924,874 $3.271,045
$500,000
250,000
352,469
156,341
1 3.528,405
$500,000
$500,000
350,041
268,066
529,053
50,902
329.052
1.339.999
513,967
8.072
2,806.7671
Total
$4,787,215 $3.924,874 $3.271,045
Total amount of deposits on which interest is being paid
(7)
$753.100 $1,383,700
• Began business Dec. 19 1929.
*Colonial Trust Co.(New York).
ResourcesDec. 31 '34. Dec. 31 '33. Dec. 31 '32.
Specie
$18,608
Other currency authorized by laws1 $153,552
of U. S.
107,763
Cash items
4,956
306,687
Due from Fed. Res. Bank of N.Y. _ _ 1,004.328
1,176,222
Due from approved res. depositaries_ _
646,448
2,184,623
Duo from other banks, trust companies & bankers
351,619
506,325
Stock & bond investments
2,379,322
3,201,588
Loans & discts. secured by bond &
mtge. or other real estate collateral_
39,500
61.750
Loans & discts. secured by other coil _ 2,299,828
2,503.990
Loans, discounts & bills purchased not
secured by collateral
1,279,874
2,087.977
Own acceptances purchased
37,839
58,596
Customers' liability on acceptances_ _
57.140
Figures
61,928
Other assets
108,868
for
20,911
Dec. 31 '33
Total
$8,363.274 unavailable $12,696,967
LiabilitiesCapital
$1.000,000
$3,000.000
Surplus & undivided profits
670,920
612,589
Reserves for taxes, exp.,conting., &c_
202,279
8,749
Preferred deposits, demand
1,083.813
1,427,565
Preferred deposits, time
150,000
62.600
Deposits, not preferred, demand_ _ _ _ 4,341,283
6.421.536
Deposits, not preferred, time
535,862
497,442
Due to trust cos.. banks & bankers_ _ _
305.361
545,575
Acceptances
64,376
67,335
Other liabilities
9,380
53,575
Total
$8.363,274
$12,696,967
Amount of deposits on which interest
Is being paid
(7)
$6.724.335
* Began business May 28 1929. Broadway Plaza Trust Co. merged
Into the Ilibernia Trust Co. April 4 1931. Effective June 27 1932 title
of the Hibernia Trust Co. changed to the Colonial Trust Co., no other
corporate change was involved.
*Corn Exchange Bank & Trust Co.(New York).
ResourcesDec. 31 '34.
Specie
Other curr. author, by laws of U. S
Cash items
$55,761,863
Duo from Federal Reserve Bank
Due from approved res. depositaries_
Duo from oth. bks., tr. cos. & bankers
Reconstruction Finance Corp. notes_ 6,000,000
Stock and bond investments
131,840,557
Loans & discts. sec. by bond & mtge.
or other real estate collateral
Loans & Meets. sec. by other collat
37,040,324
Loans, discounts and bills purchased
not secured by collateral
Own acceptances purchased
Overdrafts
36,124
Bonds and mortgages owned
120,043,953
Real estate
15,357,947
Customers' liability on acceptances__ 1,157.220
Other assets
1,480,787
Dec. 31 '33. Dec. 31 '32.
$1,133,226
5.007,557
$45.008,897 11,254,505
32,923,501
Lt976:832
3,000.000
121,081.455 103,314.053
36,952,398
2,858,445
26,003,555
30,621,795
137,593
28,366
a20,745,242 22,543.899
15,654.456 15.613,433
1,512.797
976,255
1.845.197
1,586,596
Total
$268,718,775 245,800,442 256,279,611
LiabilitiesCapital
$15,000,000 $15,000,000 $15.000,000
Surplus and undivided profits
16,124,857 16.011.337 22,550.000
Capital note
None
3.000.000
Reserves for taxes, expenses, &c
3,838,542
Preferred deposits, demand
26,297,126
Preferred deposits, time
150,075
1
Deposits, not preferred, demand
/237593918 2117891051150.060,339
Deposits, not preferred, time
22.390.514
097
220
14
Due trust cos., banks and bankers_ j
Acceptances
1.029.709
335,420
Other liabilities
Total
$268.718,775$245,800,442$256,279,611
Total amount of deposits on which in36.241.200 32,597,000 117.781.800
terest is being paid
• Name changed from Corn Exchange Bank as of May 21 1929.
a Less $650,000 reserve. b T,P49 $850,000 reserve.
1419
*The Continental Bank & Trust Co.(New York).
Resources-Dec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Specie
$33,277
Other curr. authorized under laws
$
$
of U.S
489,909
8.011.871
18,977,188
Cash items
885,285
Due from Fed. Res. Bank of N. Y
3,520,330
Due from oth, bks., tr. cos. & bankers
, 8.744.561
Call loans to brokers
6,898.255
8.572.415
Stock and bond investments
18,090,723 15.349.204 14,853.906
Notes of Reconstruction Fin, Corp_
100,000
Loans & disct. sec. by bond & mtge.
or other real estate collateral
78,250
6,178,5611
6.107.169
Loans & disc. sec. by other collateral_
9.986.957
Loans, discts. & bills purchased not
secured by collateral
4,995.193
4.705,081
8,116,548
Own acceptances purchased
58,120
9.048
Overdrafts
Bonds and mortgages owned
448.532
657.850
Furniture and fixtures
371.021
270,000
1,056.009
Customer liability on acceptances
1,130.301
1,097,509
94,497
Customers' liability on bills purchased
3,834.861
1,209.792
Other assets
414.009
446.948
Total
548,667.324
$46,463,666
$60,662.190
LiabilitiesCapital
$4,000,000 $4,000,000 $4,000.000
5.755.975
Surplus and undivided profits
4,627,380
3,608,859
Capital notes
100,000
1,105,841
Reserves for expenses, taxes, &c
762.804
1,547,974
7,422,855
Preferred deposits, demand
446,420
Preferred deposits, time
Deposits not preferred, demand
50.307,684 31,981.380 22,731.351
1.645.911
Deposits not preferred, time
1,931.174
Due to trust cos., banks and bankers_
Federal funds purchased
1.500,000
Acceptances other banks sold with our
3.8.34.860
endorsement
1.180,025
1,464,543
Acceptances
1,146,236
94.497
Bills purchased
149,617
396,357
Other liabilities
51,437
Total
$60,662,190 $48,667,324 $46,463,666
Total amount of deposits on which in$13.689.300
terest is being paid
(7)
(7)
* Formerly Continental Bank; changed to a trust company Nov. 111929.
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.
Corporation Trust Co.(New York).
ResourcesDec. 31 '34. Dec. 30 '33. Dec. 31 '32.
$501,925
Stock and bond investments
$502.340
$418,728
205.714
Due from trust cos., banks & bankers_
326,888
337,979
186
Specie
87
51
Other curr. authorized by laws of U. S
1,257
953
1,269
Cash items
1,912
1.678
1,755
608,813
Other assets
638.368
534,450
Total
$1,294,268 $1,470,816 $1,319,269
Liabilities$500,000
$500.000
Capital stock
$500,000
112.733
147,138
Surplus and undivided profits
147,377
364.423
373,688
Reserves for taxes, expenses, &c
357,514
44,313
58,642
Preferred deposits, demand
12,983
13.236
20,690
12,046
Deposits not preferred, demand
284,564
370,658
264,348
Other liabilities
$1,294,268 $1.470,816 $1.319.269
Total
*Lawyers' County Trust Co. (New York).
ResourcesDec. 31 '34. Dec. 30 '33. Dec. 31 '32.
$360,351
Specie
736,530
Other curr. auth. by laws of U. S 1
655,206
Cash items
83,212,587 $7.603,338
700,000
Due from Fed. Reserve Bank of N. Y_
.
4,6835:555102
Due from approved res. depositaries_
Due from other banks, tr cos.& bkers.
8,904.704
17,754,245 15.576,199
Stock and bond investments
Loans & disc, secured by bond and
732,829
mtge. or other real estate cell
2.900,660
Loans & disct. secured by other coll
9,326,565 10.196.822
Loans, disct. & bills purchased not
4,192,357335
secured by collateral
Overdrafts
1.810,500
1,813,130
Bonds and mortgages owned
1,792.131
384,541
77,063
Real estate, furniture and fixtures.-390,385
30,534
Customers liability on acceptances__Cu5tome7,427
427,688
253,135
Other assets
243.050
Total
$37,718,963 $35,834,592 $26.218,534
LiabilitiesCapital
$2,000,000 $2,000,000 *52.000,000
2.706.586
Surplus, incl. undivided profits
1.221,388
1.987,760
250,000
Capital notes
b
a313,216
Special reserve account
1.082,704
195.901
Reserves for taxes. expenses, &c
148,394
5,540,839
Preferred deposits, demand
1.000.000
Preferred deposits, time
Deposits not preferred, demand
33,501,236 31.747.240 11,982.757
1,420,337
Deposits not preferred time
Due to trust co.'s, banks & bankers
398,635
Acceptances
7,427
30,534
Other liabilities
99,420
56,143
81.573
Total
$37,718.963 $35,834,592 $26,218,534
Amt.of dep.on which int. is being pd.
$15,183,800
(7)
(7)
supplementary--For Cal. Year1932.
1934.
1933.
Total int. & comm. reed during year.
$900,629
All other profits received during year.
71,631
Charged to profit & loss on ace t res'es
535,416
Int. credited to depositors during year
154,148
Expenses during year. excl. taxes _ _ _ _
469,245
Amt.of dive. declared on capital stock $192,000
$192,000
192,000
* Merger of the County Trust Co. and the Lawyers' Trust Co. under
title of the Lawyers' County Trust Co. became effective Aug. 1 1933.
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.
b Capital notes liquidated on July 2 1934.
Empire Trust Co. (New York).
ResourcesDec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Stock and bond investments
$22,343,234 $18,947.430 $15,187.493
Bonds and mortgages owned
681,421
703,167
757.813
Real estate
2,188,08.3
2.612.003
2,547.706
Loans on bond & nitg.or otherr.e.coll_125,847,930 27,697.309f
821.345
Loans St disc. sec. by other collateral_ f
1 26.112,059
L'ns, disc. & bills pur. not sec. by coil_ 2,607,572
3.169.318
3.452.612
Overdrafts
1,518
Due from Federal Res. Bk. of N. Y
1.295,699
Due from approved res. depositaries
14,056,933
Due from other bks., tr. cos.& bkrs..-16,535,147 12.145.934
2,565,812
Specie
574.927
Other currency auth. by laws of U. S_ I
582,583
I
Cash items
7,195
J
Customers' liability on acceptances_
19,949
6,867
Other assets
617,393
839.378
1.009,916
Total
$70,862,475 $66.169.185 $68.904,085
Financial Chronicle
1420
Empire Trust Co. (New York) (Concluded.)
Liabilities-
Capital stock
b$3,000.000 $6,000.000 $6,000.000
2,700.000
Capital notes
3.188,563
Surplus fund and undivided profits_._ 2,421,163 *2.649.212
616.763
1,420.533
Reserves for taxes, expenses, Scc
57,850
10.356.068
Preferred deposits, demand
1
Preferred deposits.time4,230,878
Deposits, not preferred. demand----162,588,513 56.024.440 30,535,279
Deposits, not preferred, time7.995,303
5,780,748
Due trust roe, banks and bankers
j
6.867
19,949
Acceptances
193,616
75,000
75.000
Other liabilities
Total
$70,862,475 $66.169.185 $68,904,085
$49,753,010
Amt deposits on which Int Is
(?)
(7)
• After deduction of $750.000 reserve for contingencies.
b Capital stock reduced from $20 to $10 par value per share on Jan. 17
1934 and $3.000.000 together with $350,000 of undivided profits added to
reserves to cover depreciation in all the company' assets.
*Federation Bank & Trust Co.(New York).
Dec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Resources-
$1,539
Specie
28.225
Other currency auth. by laws of U. S_
57,752
$2,034.683 $1.584,475
Cash items
435,153
Due from Fed. Res. Bank of N. Y.
1,000,247
Due fr. oth. bks., tr. cos. & bankers_
5.506.469
1.122.317
1.834,560
Stock and bond Investments
3,741,055 a4.652.200
Special investment
Loans and discts. secured by bond &
mtge. other real estate collateral
44,500
364,049
1,341.315
Loans & discts. sec. by other collat
Loans, discounts, and bills purchased
8.000
not secured by collateral
44,727
39.539
Furniture and fixtures
92.974
51,149
103.730
Other assets
$9,094,882 $7,818,917 $7,174,859
Total
Liabilities-
11825,000
$825,000
$825.000
Capital
685,938
737,207
775.180
Surplus,incl. undivided profits
8,724
55,810
94.507
Reserves for taxes, expenses, &c
I857,190
Preferred deposits, demand
408,778
Preferred deposits, time
1.765,464
6.150.900
7,275,596
Deposits, not preferred, demand_
2,311,497
Deposits, not preferred, time
250,936
Due to tr. cos., banks and bankers
61,332
50.000
124,599
Other liabilities
$9,094,882 $7.818.917 $7,174,859
Total
$5,350,322
?)
(
(7)
_
_
paid_
is
Amt.of dep. on which int.
• 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.
Resources-
*Fiduciary Trust Co.(New York).
Dec. 31 '34. Dec. 31 '33. Dec. 31 '32.
$1,040
I
Specie
664,473
U. S_ $2,435,037 $1.728.412
Other currency auth. by laws of U
42,513
Cash items
483,884
Due from approved reserve depositors]
4.189.675
5,480.949 2.694.424
Stock and bond investments
4.365,032
6,557.609
Loans & discts. secured by collateral_ 6.113,477
Loans, discounts and bills purchased
1,216.404
498.443
225,000
not secured by collateral
58
Overdrafts
63.813
87.369
130,841
Other assets
$14,385,304 $11.566,257 $11,026.892
Total
Liabilities-
$1,000,000 $1,000.000 $1,000,000
Capital
1,000,000
1,000.000
1,000,000
Surplus,including undivided profits
130,515
178,615
317,948
Reserves
1.280.033
1.357.774
4.682,976
Preferred deposits, demand
6.587.553
7.494.531
6,936,308
Deposits not preferred, demand
889,654
433.503
178.559
Deposits not preferred, time
78,189
13.930
237,782
Due to trust cos., banks and bankers_
60.948
87.904
31.731
Other liabilities
$14.385,304 $11.566,257 $11,026,892
Total
$503,503 $8,835,373
Amt,dep. on which int. Is being paid_ $1,088,559
*Organized in 1930.
Fulton Trust Co. (New York).
Dec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Resources$12,372.349 $11,950,864 $11,116,992
Stock and bond Investments
657.250
632.850
614.350
Bonds and mortgages owned
Loans & disc. sec. by bond & mtge.
3.499,114
11,000
3.765,417
collateral
estate
real
other
or
4,467,401
Loans & disc. sec. by other collateral
238,050
Loans, disc. & bills pur. not sec. by col
3,475
Overdrafts
417,739
423,810
411.632
Real estate
2,385.149
2.414.502
3,309.504
Y
N.
of
Bank
Res.
Fed.
Due from
1.100,046
J
Due from approved res. depositaries_) 1.227.665
684,428
943,265
Due from other bks..trust cos.& bkrs.3
104,485
Specie
50,000
Other currency auth. by laws of U. S.
2,302
114,571
182.981
Cash Items
129.861
135.192
141.968
Other assets
$21,374,249
$20,108,097
$22,025,866
Total
Liabilities-
$2,000.000 $2,000.000 $2,000,000
Capital stock
3,003.049
2.600.552
2,692,462
Surplus fund & undivided profits
250,000
Capital note to R.F. C
61,032
119.153
51,504
Reserve for taxes, expenses, &c
1,511,986
Preferred deposits, demand
627.132
Preferred deposits. time
Deposits, not preferred, demand_ _- - 17,217,086 15.072,656 13.654.425
387,265
Deposits, not preferred, time
63,276
Due to trust cos., banks and bankers_
66.084
65.736
64,814
Other liabilities
$22,025,866 $20,108,097 $21,374,249
Total
$15,205,600
(7)
(7)
Amt. deposits on which Int. Is paid
*Net profit realized on security transactions not included in net operating
Income. All securities valued at the market on Dec. 30 1933 and the difference between market and book value charged to undivided profits.
*Guaranty Trust Co. New York).
Dec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Resources-
$560,560,123$500,886.783$639.689,503
Stock and bond investments
14,027.110 14,185.861 14,322,480
Real estate
2.391.701
2.393,977
2,579,303
Bonds and mortgages owned
Loans on bond and mortgage or other
629,521
real estate collateral
Loans & disc. sec. by other collateral_ 579712918 541614 199 257.173.995
Loans, discounts and bill purchased
175,390,298
not secured by collateral
15.178,325
Own acceptances purchased
46,999
Overdrafts
114.162,191
Due from Fed. Res. Bank of N. Y
36,800,384
Due fr. other tr. cos., bks. & bkrs
94,012
349718601 202490022
Specie
1,152,209
Other currency auth. by laws of U. S.
45.683,079
Cash items
00,000,000 29,637,638
Notes of It. F. 0
34,458,356 106,189.769 82,776.372
Customers' liability on acceptances
139,165
purch_
bills
acct.
liability
Customers'
16.034.327 22.155.564 21,964,336
Other assets
$1407594569
$1.577,090,738$419,553,813
Total
March 2 1935
Guaranty Trust Co. (New York) (Concluded)
LiabilitiesS90,000,0003390,000.000 $90,000,000
Capital stock
Surplus fund and tat ivided profits_177,294,720 177.985.636 181,233.494
20.000.000
Capital note
2.569.898
Reserve for taxes, exp., conting., Szc.. 10,267.571
36,009,344
Preferred deposits, demand
6.442,739
Preferred deposits, time
Deposits, not preferred, demand_ __ _ 1260064445 1019582652 704,610,845
61.564,252
Deposits not preferred time
222,806,693
Due trust cos., banks and bankers_ _ _
a34,458.356 106.189,769 85,968.777
Acceptances
5,708.549 16.249.362
4,500.000
Other liabilities_
139,165
87.207
505.646
Bills purchased sold with endorsement
$15-77.090.7383419.55:3.813$1407.594.56
Total
(?)
$933,954,000
(7)
Amt.depos.on which lot. Is paid-* National Bank of Commerce converted to a State institution and
merged into the Guaranty Trust Co. as of May 6 1929.
a Own acceptances in the amount of $60.449,862 held for investment not
Included in total.
*Hellenic Bank & Trust Co.(New York).
Dec. 31 '34. Dec.30.33. Dec. 31 '32.
Resources$26,886
$10,833
Specie
265
S.
5,155
U.
of
laws
by
auth.
currency
Other
13,763
1.121
$588,664
Cash items
668.199
92,029
Due from approved res've depositaries
700,038
638.882
Due from oth . bks., tr. cos. & bankers
2,672,648
2.424,932
3.244,501
Stock and bond investments
97.988
1.066,603
Loans and discts. secured by collateral
Loans, discounts and bills purchased
534,936
56.349
356,127
not secured by collateral
130,000
Own acceptances purchased
1.615
Overdrafts
130,000
28,556
Customers' liability on acceptances_
36.951
66.793
49.109
Other resources
$4.238,401 $4.391.253 $5.013,289
Total
Liabilities-
$1,000.000 $1,000,000 $1.000,000
Capital
508,547
214.673
205.259
Surplus,Including undivided profits
300.000
150,000
Capital reserves
21,550
50.273
21.010
Res, for taxes, exp., conting., &c_ _ _ _
100,000
Notes payable
275,068
Deposits not preferred, demand335,858
2,733.421
li 2,651,9641 2,247,008
Deposits not preferred, time
328,353
77,211
Due trust cos., banks & bankers
130,000
28.556
Acceptances
16.350
37,674
210.168
Other liabilities
$4.238.401 $4,391,253 $5.013,289
Total
$3,284,867
(7)
(7)
Amt of deposits on which int, is paid_
•Began business Feb. 10 1930.
Resources--
Irving Trust Co. (New York)
Dec. 31 '34. Dec. 30 '33. Dec. 31 '32.
$248.534
Specie
3.448,185
Other curr,author, by laws of U.S...
$185265828 $109913935 27.229,459
Cash items
80,090.390
Due from Fed. Rei Bank of N. Y
7,195,879
Due from other bks., trs. cos. and bkrs,
24.162,340 210.899.048 222.929,443
Stock and bond Investments
Loans& discts. on bonds & mtge.deed
1.086,633
or other real estate collateral
Loans & discts. sec. by other collat.. 154703 171 177945472 68,658,644
74,631.370
Loans disc. & bills pur., not sec. by col
17,899.187
Own acceptances purchased
17.868
Overdrafts
9,973,583
10.000,936 11,552.818
Bonds and mortgages owned
26,331,881 26,31 i .361 26,503,050
Real estate
4,993.429 12.736.074 10,079,025
Customers' liability on acceptances
34,022
Customers'liability on bills purchased
3.785,402
3.137.067
. 3.489.546
Other assets
553.810,674
552.501.775
$609.847,131
Total
Liabiliiies550.000,000 550,000.000 50,000,000
Capital stock
57,819,840 57,564.161 62,412,122
Surplus fund and undivided profits
(a)
5.000,000
1934
31
July
Capital note due
9,310.886 10.279,745
Reserves for conting., taxes, exp., &c_ 9,586.719
25,433,508
l'referred deposits, demand
19.046,448
Preferred deposits, time
Deposits, not preferred. demand.... 482555114 412928 075 266.778,452
24,084.066
time
preferred.
not
Deposits,
80,421,586
Due to trust cos., banks and bankers_
5.924.343 14,113,956 11,687,502
Acceptances
34,022
Bills purchased
3,633.224
3.584,697
3.961.115
Other liabilities
$609,847,131 552,501.775 553,810,674
Total
5302,491.700
Amt dep.on which int is being paid
(7)
(7)
a Capital note in the amount of $5,000,000 paid July 2 1934.
*Manufacturers' Trust Co.(New York).
Dec. 31 '34. Dec. 30 '3:3. Dec. 31 '32.
Resources-
278,13:3,809 192.992,753 185,084.794
Stock and bond investments
20.132.092 20,562,922 20,585.785
Real estate
25,383,939 25.730,422 26.223,249
Bonds and mortgages owned
Loans on bond & mtge. or oth.r.e.coll. 9,296,751 12,970,420 16,602,686
71,854,186 80,617.910 85.237.630
Loans & disc. sec. by other colt
Loans disc. & bills pur.not sec. by coll. 61,079,878 50.762.673 52.232,705
5,280,712
7.7:38,559 13.711,883
Own acceptances purchased
43,082
93,478
20,224
Overdrafts
Due from Fed. Res. Bank of N.Y.... 55,861,325 49,625,519 46,549,446
12,048.295
10.248.5:39
19.016,151
bankers
&
bks.
tr.co's.
other
from
Due
641,136
903,332
808,085
Specie
4.373,910
3,940,438
Other currency auth. by laws of U. S. 6,630,027
29,444,108 12,269,357
9.363,022
Cash items
16,272,679 23,269,048 26,648,664
Customers' liability on acceptances
6,548,808
1,231.466
Customers'liability on bills purch_
3.075.387
2,827./44
2.947,751
Other assets
$604,747,200 507.196.126 494,953,453
Total
Liabilities$32,935,000 $32,935,006432,935,000
Capital stock
Surplus fund and undivided profits- 10,297,483 10,297.483 20,297,483
25,000,000 25,000,000
Capital notes
18,598,600 25,344.731 18,938,798
Reserves for taxes, expenses, &c
116,066,531 64,738.838 35,758.710
Preferred deposits, demand
33,175,478 34,193,934 16,924,536
Preferred deposits, time
243,972.510 196,147,663 239.034,791
Deposits not preferred,demand
68,947,355 65,589,829• ,• .
Deposits, not preferred, time
38,154,855 21,603,299 31,009,480
Due to trust companies and banks
17,211,522 24.449.991 27.991.125
Acceptances
1,231,466
6.548.808
Bills purchased
346,550
523.170
387.566
Other liabilities
$604,747,200 507,196,126 494,953,453
Total
275,171,000
$96.760,141
112.695,453
Amt. dep. on which int. Is paid
* State Bank & Trust Co. merged into Manufacturers Trust Co. as of
Jan. 26 1929. Pacific Trust merged into Manufacturers' Trust Co. as of
June 27 1930: Midwood Trust Co. on Aug. 111931. taken over for liquidation and Brooklyn Nat. Bank on Aug. 25 1931. As to liquidation of mt.Madison Bank & Trust Co., American Union Bank, Bank of Europe &
Trust Co., Times Square Trust Co.. Globe Bank & Trust Co., see V. 133.
t Chatham Phenix Nat. Bank &
pp. 2866, 2711, 2555. 1394 and 896. Trust
Co. as of Feb. 9 1932, and
Trust Co. merged into Manufacturers
capital increased from $27.500.000 to $32.935,000 In connection with the
merger.
Volume 140
Financial Chronicle
1421
Marine-Midland Trust Co. (New York.)
Trust Company of North America (New York)(Concl).
ResourcesDec. 31 '34. Dec. 31 '33. Dec. 31 '32.
Stock and bond investments
$25,708,068 $35,244,423 $33,030.197
1,300,715
1,454,630
1,604,280
Bonds and mortgages owned
282,700
403.250
441.225
Loans on bond & mtge,or oth,r.e.coil
Loans & disc. sec. by other collateral_ 33,224,014 23,246.411 16.412.472
7.400,922
9,935.331
Loans disc. & bills pur.zot sec. by coil 9,050.415
3,350.867
1,361,490
2,067,601
Own acceptances purchased
2.544
2,151
1,519
Overdrafts
6,097,247
5,648.240
Due from Fed. Res. Bank of N. Y_.._ 10,630,035
105,095
163,260
98,000
Real estate
8,282.816
5.705,381
15,148,936
Due from other bks., tr cos.& bkrs
117,427
97,265
13t,583
Specie
495,187
410,000
750,998
Other currency auth. by laws of U.8_
441,850
507.796
832,027
Cash items
Customers' liability on acceptances &
5,601,520
5,259.807
3.774.128
letters of credit
696.755
Customers'liability on bills purch
587,347
590,139
838.578
Other assets
Liabilities$500.000
$600,000
$500.000
Capital stock
226.668
278.739
275.939
Surplus fund & undivided profits_
450,000
Capital notes
500.000
3.496
Reserve for taxes, expenses, &c
1.109.095
Preferred deposits, demand
19.059
Preferred deposits, time
4,467,962
3,683,237
1.613.998
Deposits not preferred, demand
646,388
Deposits not preferred, time
72,293
Due to trust cos., banks & bankers
49.274
34,641
54.810
Acceptances
11,649
28,720
25.949
Other liabilities
$5,722,624 i5r022,566 $4.306.727
Total
(1)
$1,986,441 $1.938,652
Amt.of dep.on which int. is being pd.
102,962,836 $88,387,591 $87,186,215
Total
Liabilities$5,000,000 $10,000.000 $10,000,000
Capital stock
1,000,000
R. F. C. capital note
5,546.186
Surplus fund and undivided profits_ 7,503,239 5,269.912
3,230,510
156,631
259,854
Reserves for taxes, expenses, &c
7.767.233
17,670,769 13.869,874
Preferred deposits, demand
1,509.650
925,100
1,918,046
Preferred deposits, time
Deposits, not preferred,demand
47,591,357 37,591,220 38,714,623
3.946,413
2,593,161
Deposits, not preferred, time
3,020,334
9,927.112
9.879,549
15,533,442
Due trust co's. banks and bankers
5,691,053
4,096.661
5,404,172
Acceptances and letters of credit
696.755
Bills purchased
156,680
1.465,303
Other liabilities
601.803
102,962,836 $88,387,591 $87,186,215
Total
Amt.deposits on which int. is paid...... $2,072,468 $5,755,346 $36,722,600
1933.
1932.
1934.
Supplementary-For Cal. YearTotal hit. & comm.received during yr $2,502,293 $2,511,889 $2,878.379
108,301
63,331
All other profits received during year..
351,673
Charged to profit and lossOn account of depreciation
20,675
On account of other losses
342,688
72,246
164,497
Int. credited to depositors during year
1,256,028
1,232,166
Expenses during year, excluding taxes 1,376.607
750,000
1.000.000
A.of diva,declared on capital stock 1,050,000
20.000
10,000
Taxes paid during Year
23,000
•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.
*(J. Henry)Schroder Trust Co.(New York).
Dec. 31 '34. Dec. 31 '33. Dec. 31 '32.
ResourcesSpecie
Other currency author.by laws of U.S.
4,071
34.921
Cash items
$1,428,804 *1.460.470
Due from Fed. Res. Bank of N. Y_ _ _
1.014,000
Due from approved res. depositaries_ _
101.908
Due from oth. bks., tr. cos. & bankers
6.937.891
4,595,752
Stock and bond investments
9,907,051
Loans &(Baas. secured by collaterall .
14,2461
30.875
Loans, discounts and bills purchased
not secured by collateral
8,370
91,111
27.969
45.475
Other assets
Total
$11,426,966 $8,440,575 35.835.886
Liabilities$700,000
$700,000
Capital
$1,000,000
807,298
628,848
Surplus and undivided profits
686,323
117,452
191,752
Reserves for taxes. exps., conting., &c
364.526
11,205.706
Preferred deposits, demand
6,738.870
839.192
Preferred deposits, time
I 9,371,922
2,341,223
Deposits not preferred, demand
Deposits not preferred, time
2,655
4.195
3,465
Other liabilities
Total
$11,426,966 $8,440,575 $5,835.886
Amt.dep. on which int. is being paid_
(1)
(1)
$4.165,341
New York Trust Co. (New York).
ResourcesDec. 31 '34. 'Dee. 31 '33. Dec. 31 '32.
Stock and bond investments
$150,834,851$120.672,178$117,214.023
R.F. C. Notes
2,500,000
2,500,000
Real estate
1,795,262
1,860,957
1,924,468
Bonds and mortgages owned
2,079,558
3,422,882
2.885,112
Loans on bond and mortgage or
other real estate collateral
3,944,856
4.591,789
5,762.931
Loans & disc. sec. by other collateral_ 77,492,225 75.904,990 84.221,543
Loans, discounts and bills purchased
not secured by collateral
29,950.689 26,125,496 26.321.983
Own acceptances purchased
7,538,420
761,674
7,781.205
Overdrafts
173,428
87,409
136,330
Due from Fed. Res. Bank of N. Y
47,158,445 30,961,538 41,657,214
Due from approved reserve deposit.._
450,117
397,821
503,282
Due from trust co's, banks & bankers
899,071
252,242
466,349
Specie
53,003
46.591
102.448
Other currency auth. by laws of N.Y.
605,788
633,283
655.537
Cash items
51,908,010 17,132,370 19,338,447
Customers' liability on acceptances
8,244,434 14,246,168 12.266.333
Customers' liabilities on bills purch._
15,488
30,222
62,707
Other assets
11,048,816
4,027,907
2,922.209
Total
8389,915,715 310,432.263
LiabilitiesCapital stock
$12,500,000 $12,500,000
Surplus fund and undivided profits
21,361,491 21.047.551
Capital notes
2,500,000
Reserves for taxes, expenses, &c
10,721,065 11.866.924
Preferred deposits, demand
32.022,519 29,009.901
Preferred deposits, time
„0 9,172,200
Deposits, not preferred, demand---192,321,229 144,782,173
Deposits, not preferred, time
8,327,848
6,519,358
Due trust co's, banks and bankers- 93,377.762 56,375,749
Acceptances
8,749,622 14,672.071
Rills purchased
15,488
30,223
Other liabilities
1,785,291
1.956.113
324,222.123
$12,500.000
22,019,413
15,276,517
17.488,767
9.710.324
146,873,888
13.425,435
73.013,073
12.499,406
62,707
1.352,593
Total
$389.915,715$310.432,263$324,222,123
Amount deposit on which int Is paid.... 16,746.000 13.470.401 329.079.019
Trust Company of North America (New York).
Dec. 31 '34. Dec. 31 '33. Dec. 31 '32.
Resources-Specie
$4.204
Other currency auth. by laws of U.8..
37.815
$1,512,880 $1,479,035
Cash items
1,357
Duo from Federal Reserve Bank
15,000
Due from approved res. depositaries_
1.244,372
Due from other bks., trust cos.& bkrs
112.939
1,444,311
1,199,890
Stock and bond investments
1,446.257
Loans & disc. sec. by bond & mtge.
or other real estate collateral
7.700
1.973,038
Loans & disc. see, by other collateral.. 2,624,815
616,291
Loans, disc'ts & bills purch. not see.
675,224
by collateral
26,585
Own acceptances purchased
57
Overdrafts
14,375
30,083
11,217
Bonds & mortgages owned
74,575
284,829
Customers' liability on acceptances...
46,122
51,668
55.691
61.587
Other assets
$5,722,624 $5.022,566 $4,306,727
Total
Title Guarantee & Trust Co. (New York).
Dec. 31 '34 Dec. 30 '33 Dec. 31 '32
AssetsCash,duefrom Fed. Res., etc., banks $4.230,959 $7,468,570 $15,589,465
600,000
1,325,000.
Call loans
1,154.016
306,101
U. S. Govt. securities, market value_ 2.026,803
1,646,761
2,455.665
State & munic. bonds, market value.- 1,417,775
1,447,901
7,938,446
899.656
Other stocks & bonds, market value2,139,7281 14,498,702
Demand or short-term loans secured 1,967.465
8,575,808)
Other loans and discounts (less res.) 6,427,728
Real estate securities2.415,300
614,781
471,143
Accounts receivable (less reserve)
498,601
1.691
392
755
Depositors' overdrafts
76,127
Advances as trustees-secured
282.069
550.263
Interest receivable (less reserve)
412,058
Real est. mtges. & int. thereon10.606,1651
Unpledged
Pledged to secure debenture notes 4.185,1621 16.058,182 17.939.892
Real estate:
Acquired for company's offices
(after deducting mortgage of
6.861,268
6.909.868
6.920.292
$135,000 held by another)
2,368,467
2,368,467
Acquired for other corp. purposes
253,339
2,275,825
3.301,825
Acquired through foreclosure
Title insurance reserve fund (cash
135,306
and marketable securities)
2,144.106
270.901
330.928
Stocks of associate companies
1,442,825
695,846
Other assets (less reserve)
Customers' liability for acceptances
149,977
319.817
123,972
and letters of credit
$47,165,500 $54.217.663 $72,068,996
Total
Liabilities$10,000.000 $10,000,000 $10,000.000
Capital
7,500,000 10,000,000 20,000,000
Surplus
669.252
467,093
660,355
Undivided profits
400,000
Dividends declared
3,000,000
3,000,000
Capital notes (sold to RFC)
3,933,125
Secured deb. notes (sold to RFC)
2,937,544
3,190,355
3.363,500
Reserve for contingencies
135.306
Reserve for title insurance
Reserve for taxes, interest, expenses
234.282
247,495
283,203
104,300
Clients'funds held awaiting invest-_
18,006,232 26,304.141 36.151,095
Deposits
1,254.128
610,472
395.516
Certified and officers' checks
319,817
149.977
134,971
Acceptances and letters of credit
$47,165.500 $54,217,663 $72.068.996
Total
Comparative Income Account
Dec. 31 '34 cDec.30'33 Dec. 31 '32
Years ended$3,400.887 *3.965,746 $6,040.405
Gross earnings
3,431.083
4.201.408
3,409,784
Expenses, &c
b8,897
534.663
1,838.997
Net profits
400,000
1,800,000
Dividends
a134,663
b8,897
a38,997
Surplus for year
1.07
60.02
3.68
Earned per share
500.000
500.000
500,000
Shares outstanding Dec. 31
74.81%
97.88%
Dividends to profits
a Before surplus adjustments of Dr. $780,000 in 1932 and Cr. $67.496
In 1933. b Loss or deficit. c During 1933 $10,000,000 was transferred
from surplus to reserve for contingencies, the principal portion of which
was used to reduce investments in stocks and bonds to market value at
Dec. 30 1933. During 1934 $2.500,000 was transferred from surplus to
reserve for contingencies and charges aggregating $2,752,811.73 net were
made against reserve for contingencies of which $2,376,091.92 was used
to provide or strengthen specific reserves.
*Underwriters Trust Co.(New York).
Dec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Resources$56,264
Specie
144.302
Other currency author.by laws of U.S.
257.527
$2,566,598 *1.002,939
Cash items
962.014
Due from approved res. depositariesDue from oth. bks., tr. cos. & bankers
5.029,481
4,028,837
4,491.915
Stock and bond investments
Loans & disc. sec, by bond & mtge.i
2,761.8091
7
177 40
2,990,906
or other real estate collateral
1.951.587
Loans & disc. sec. by other collateral.
Loans, discounts and bills purchased
747.485
801.402
886.486
not secured by collateral
87.748
216,885
123,869
Other assets
$9,811,516
$8.876.580
$10,596,696
Total
Liabilities$1,000,000 $1,000,000 t$1,000.000
Capital
1,044,662
806.388
810.860
Surplus and undivided profits
369,344
302.915
32,932
Reserve for taxes, expenses, &c
2.302.160
Preferred deposits, demand
1.279.543
7.532.198
8,718,338
Preferred deposits, time
2.303.928
Deposits not preferred, demand
631,102
Deposits not preferred, time
103.586
12.270
34,566
Other liabilities
310,596.696 *9.811.516 38.876.580
Total
34.355.821
(1)
(1)
Amt.of dep. on which int. is being pd.
* Began business Nov. 26 1929. t Capital reduced from *1,675.000
to $1.000,000 in October 1932.
United States Trust Co. (New York).
Dec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Resources$25,081,264 $24,645,762 *27.696.550
Stock and bond investments
2,000.000
2,000,000
2.200.000
Real estate
6.719,785
6,965.332
6,687,226
Bonds and mortgages owned
Loans & disc, secured by other collat. 30,210,587 32,308.216 31.099.348
Loans, discounts and bills purchased
4.146.248
1.811,029
1.949,875
not secured by collateral
6,586,882
5.500.000
Due from Fed. Reserve Bank of N.Y. 9,619,956
Due from approved res've depositaries 18,377.873 14.577.913 20,495,411
560.957
574.209
515.460
Other assets
Total
$94,442,241 $89.223,796 *98.663,846
LiabilitiesCapital stock
$2,000,000 *2.000.000 *2,000.000
Surplus fund & undivided profits
27,704,868 27,100.941 27.050.746
1,030.394
575.788
Reserves for taxes, exp.,coating., &c_ 1.166,412
Preferred deposits, demand
35,371.184 29,427,692 16.095.906
1,482.000 23.812.295
Preferred deposits, time
100,754
Deposits, not preferred. demand__.. 15,660,287 16,649,456 17.891.608
8,809,757
8,365,766
Deposits, not preferred, time
6,682,670
5,746,427
2,867,547
1.982.992
Due trust cos.. banks and bankers
444.754
300,000
Other liabilities
9.639
Total
$94.442,241 $89,223.796 $98,663,846
1932.
Supplementary-For. Cal. Year1933.
1934.
Total int. & comm. rec'd during year $3,408,577 $4,038.731 $4,385,675
493,232
All other profits received during year
646,890
35,126
379.563
Int. credited to depositors during year
1.055.346
1,435,901 1,286,542
Expenses during year, excluding taxes
1.400,000
Amt.of diva. declared on capital stock
1,400,000 1.400,000
356.342
351,259
Taxes paid during the year
428,473
Amt. deposits on which int. is paid
12,683,568 13.302.713 62.825,770
1422
Financial Chronicle
BROOKLYN COMPANIES
Kings County Trust Co. (Brooklyn).
*Brooklyn Trust Co. (Brooklyn).
ResourcesDec. 31 '34. Dec. 30 '33.
Cash on hand & due from Federal Reserve Bank & other banks
$23,766.195 $22,083,313
U. S. Government bonds
17,863.091
8,194,336
Reconstruction Finance Corp.notes_ - 2,000,000
Municipal bonds
3,644,927
4.200,366
Other securities
18,180,971 20,479,687
Call loans & bankers'acceptances_
19.065,984 20,031,249
Demand loans secured by collateral.... 8,303,409 11,486,481
Time loans and bills purchased
17,295,956 18,314,118
Loans on bonds & mortgages
2,132,300 2,164,399
Bank buildings
6,367,898 6.512,609
Customers' liability on acceptances- 1,457,826
2,031,671
Other resources
2,217,374
1.707.614
Total
LiabilitiesCapital stock
Dec. 31 '32.
$35,284,463
6,730,994
3.244,716
24,487,268
19,789,178
17,736,933
20,575,958
2,419,873
6,783,330
3.219,118
2,105.780
$122.295,931$117,205,843$142,377,611
"Ell'igilvuisded profits
Reserves
Deposits
Dividend payable Jan.2
Outstanding acceptances
Total
March 2 1935'
$8.200.000 $8,200,000 $8,200,000
4,000,000 4,000,000 8,000,000
1,323,739
1.309.274
2,337.112
8,104,934 8,425,568 7.070,916
99,025,939 93,098.487 113,286,337
164.000
82,000
205,000
1.477,319
2,090,514 3,278,246
$122,295,931$117,205,843$142,377,611
*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.
Dec. 31 '34. Dec. 30 '33. Dec. 31 '32.
ResourcesStock and bond investments
$16,849.218 $12,884.855 $11.048,556
Real estate
698.493
236,609'
752.078
Bonds and mortgages owned
2,305,491
2,368,083
2.433.285
Loans on bond & mtg. or oth.rm.coll.
537,936
453,971
381.723
Loans & disc. sec. by other collateral- 6,547,410 5.983.794 6.824.930
Bankers' acceptances
896 411
Loans disc.& bins pur.not sec. by coil.. 1,828.399 2,488,899 3.230,516
33
230.
Overdrafts
166
Due from approved res. depositaries- 7,076,010 6,329,457 9,965.559
Due from other tr COS., bks.& bankers
30.254
33,411
31,091
Specie
15.382
7.697
28,305
Other currency auth. by laws of U.S- 2,178,661
2,032,458
1.971.154
Cash items
95.528
215.497
34,963
464,566
Other assets
507,291
383.120
$38,582,451 $34,818,464 $36,750,574
Total
Liabilities
Capital stock
Surplus fund and undivided profits
Reserve for taxes expenses &c
Preferred deposits, demand
Deposits not preferred, demand
Deposits not preferred, time
Due trust co's, banks and bankers
Other liabilities
$500,000
$500.000
$500,000
6,053,327 6,768,387 6,665,136
431.200
919,800
68,800
13,476.480 9,916,436 13,252,922
15,915.870 16.001,647 14.837.280,
1,540,467
1,109,315
1,155.615
65.050
228.623
150,661
26.429
42,198
25,846
Total
$38.582.451 $334,818,464 $36.750,574
Amt.of deposits:on which int. Is paid.
$25.792.600.
(7)
(7)
BOSTON COMPANIES
*Bence Commerciale Italians Truat Co,(Boston).
Dec. 31 '34 Dec. 30 '33. Dec. 31 '32.
Resources$859,541
$895,523
Stocks and bonds
$907.971
Demand loans
85,807
129,150
272,398
Time loans with collateral
5,140
Other time loans
183,052
189,978
174,952
9,582
28,722
Bankers' acceptances purch. or disc
77,115
Overdrafts
236
6,644
Customers' liability acct. of accept
3.865
28.401
1
Safe deposit vaults,furn. & fixtures...
1
1
10,276
11.990
Interest accrued but not collected__ - _
13,223
309,280
230,563
Due from Reserve banks
161,022
Due from other banks
306.203
249,727
206,415
Cash, currency and specie
73,592
89,214
57,645
Other cash items
2,015
2,417
11,027
3,873
Prepaid expenses
Foreign exchange future contracts_130,826
150,314
Other resources
41,328
31,273
32,216
Total
$2,022,020 $2,012,737 $1,947,762
LiabilitiesCapital stock
$750,000
$750,000
$750,000
250,000
Surplusfund
250.000
375,000
Undiv. prof. less exp.,int. & tax. paid
25,079
51,641
5,642
Reserved for int., taxes & expenses.. _
1,160
1,150
7,596
97,262
138,246
Reserved for contingencies
70,299
31,246
Due to other banks
15,205
38,032
U. S. Government deposits
20,000
59
4,169
Demand deposits
511,921
560,392
Subject to check
509,866
125.543
14,057
Open accounts
131,677
5,043
9.820
Certified checks
1,896
11,693
18.612
Treasurer's checks
4,824
Time dep. not pay. within 30 days:
105,493
10,000
5,000
Open accounts
6,644
3,865
Acceptances
28,401
127,958
142,668
Foreign exchange future contracts__ _
15,360
Other liabilities
Total
Savings department (additional)
* Incorporated in 1929.
$2,022,020 $2.012,737 $1.947,762
$758,045
$677,850
$594,292
Boston Safe Deposit and Trust Co. (Boston).
Resources-
Bonds and stocks
Loans
Cash in office
Cash in banks
Exchanges for clearing house
Overdrafts and accrued interest
Cash items
Real estate
Other resources
Total
LiabilitiesCapital stock
Surplus
Profit and loss
Deposits
Reserved for taxes, etc
Int. reserve & for. ctf. of deposit
Other liabilities
Total
Rate of interest paid on deposits
Dividends paid in calendar year
Dec. 31 '34 Dec. 30 '33. Dec. 31 '32.
$15,022,526 $14,228,102 $10,749.623
11,257.035 9.637,394 10.092,988
1,173,411
1,213,341
1,036.468
5,651,372 4,591.790 7,493,456
1,093,139
476.965
321,931
21,321
20.960
24,614
1.332
49
3,505
1,700,000
1.700,000
1,700,000
53.248
307,638
163,968
$35,973,384 $32.176,239 $31,586.553
$2,000,000 $2,000,000 $2,000,000
3,000,000 3.000,000 3,000,000
895,336
871,403
850,501
29,686,822 25,920,277 25,366,695
379,211
332.476
388,716
5,234
2,510
114
36,881
$35,973,384 $32,176,239 $31.586.553
1932.
1933.
1934
34,1 & 31%
& 1%
$8 & $8 ext. $8 & $8 ext. $8 & $8 ext.
Columbia Trust Co.(Boston).
ResourcesU. 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
Dec. 31 '34 Dec. 30 '33. Dec. 31 '32.
$65,900
$84,850
$56,865
199.097
196,707
87.066
1,426,002
1,360,484
190,825
383,951
535.804
321,450
54,832
108.517
54.518
3,091
1
43,717
46,830
67,630
335,529
172,774
225,520
41.870
27,159
57,239
Total
LiabilitiesCapital stock
Surplus and profits and reserves
Deposits
Other liabilities
$1,061,114 $2,494.129 $2.592,985
$100,000
280,409
680,695
10
$100,000
386,217
1,852,282
155,630
$100,000
379.636
2,014,074
99,275
$1.061,114 $2,494,129 $2,592,985
Total
*Day Trust Co. (Boston).
ResourcesStocks and bonds
Loans and discounts
Cash and due from banks
Other resources
Total
Dec.31 '34. Dec. 31 '33. Dec. 31 '32.
$7.883,456 $6,792,222 $6,202,560
1,587,899 2,408.575
1,202,851
1,531.407
2,146.760
3,211,786
24,394
18,689
$12,298,093 $9.930.217 $10.782,289
*Day Trust Co. (Boston) (Concluded).
LiabilitiesCapital stock
2,500,000 $2,500.000 $2,500,000.
Surplus fund
285,000.
295.000
325,000
Undivided profits, less exp. & Int- _
14,504
111,802
28,881
Deposits
9,360,490 7,050.029 7,882,785
Reserved for taxes, &c
100,000.
50,000
Other liabilities
6,307
801
Total
$12,298,093 $9,930,217 $10,782,289
* Began business in July 1929.
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. 31 '34. Dec. 30 '33. Dec. 31 '32.
.515.462.165 $10.616,866 $12,912,956
1,915,000
1,885,000
1,945,000
7,860.160 9,626,288
9.284.015
11,040,738 6,848,927
6,130.692
112.453
108,028
124,576
$36,360,516 $29,115,109 $30,397,239.
1,000,000 $1,000,000 $1.000.000
2,000,000 2,000.000
2,000.000
914,413
876,352
869.981
178.503
59,558
64,493
350,000
350.000
350.000
31,877,630 24,781,812 26,057.661
26,644
33.334
40.552
13,326
14,053
14,552
$36,360,516 $25,115,109 $30,397.239.
* Pilgrim Trust Co.(Boston).
Dec. 31 '34. Dec. 31 '33.
ResourcesUnited States, State and municipal bonds
$403,314
$247,385
Other bonds
155,780
58,538
Cash in office and banks
1,073,828
509,729
Demand loans with collateral
83,834
61.587
Time loans with collateral
693,978
287,095
Other time loans
922,689
574,078
14,102
Furniture and fixtures
11,314
100,196
Customers'liab. acct. of accept.& letters of credit2,391
Other resources
1.418
21.333
Total
LiabilitiesCapital stock
Surplus, undivided profits & guarantee fund
U. S. Government deposit
Other deposits
Other liabilities
Letters of credit
Reserve for taxes
Total
* Began business on June 12 1933.
$3,449,139 $1,773,450
$200,000
110,189
65,000
2,963.762
3.365
100,196
6,627
$200.000
100,100
25,202
1,445,014
2,391
743
$3,449,139 $1,773,450.
Stabile Bank & Trust Co. (Boston).
ResourcesDec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Cash and due from banks
$166,726
$162,566
$104,592
Loans and discounts273,568
331,195
42S:‘885
Securities
380,480
416,633
Foreign department
43.180
62.049
66,449
23,808
Real estate, furn., fixtures & vaults18,032
14,655
46,114
Other assets
Total
LiabilitiesCapital
Surplus
Reserve
Undivided profits
Deposits
Other liabilities
Total
51,033,290
$896,695
3922.341
$200,000
50,000
80,651
34,085
605,529
63,025
$250.000
75,000
33,399
11,920
423,446
102,930
$250,000
75.000.
33,300
20.565
373,847
169,630
31,033,290
5896,695
$922,342
State Street Trust Co.(Boston).
Dec. 31 '34. Dec. 30 '33. Dec. 31 '32.
ReSOUICC35911,316$882,267
$823,265
Loans on real estate
23,907,114 22,690,802 27,294,148
Time loans
6,823,150 7.477.653 8,209.196
Demand loans
18,148,517 13,549,372 10,446,838
Investments
5,536,650.
10,160,366 7,755,315
Due from Federal Reserve Bank
5,138,038
7,808,359 4,316,448
Cash In office and banks
861.304
778,219
820,312
Real estate and safe deposit vaults
193.033
234,945
204,362
Interest & rent accrued, not collected
liability
on
account
acCustomers'
24,858
820,429
37,539
ceptances and letters of credit
57,453
1,492
546,096
Acceptances ofother banks end.& sold
12,065
12,692
11,177
Other assets
569,278,747 558,560,193 $58,655,850.
Total
*United States Trust Co. (Boston).
State Street Trust Co.(Boston) (Concluded.)
Liabilities—
$3,000,000 $3,000,000 $3,000,000
Capital stock
3,747,104 3,713,108 3,700.966
Surplus and undivided profits
85.446
79.456
99,710
Reserve for taxes, &c
9,746
28,940
13.758
Acceptances ofother banks end.& sold
18.775
of
credit
Acceptances and letters
874,380
23,781
issued and guaranteed
62.236,194 50.674.198 51,682,213
Deposits
158.704
190.111
158.200
Other liabilities
$69.278,747 $58,560,193 $58,655,850
Total
*(The) Union Trust Co.(Boston).
Dec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Resources-$900.092
$1,506,479 $2,925.966
U. S. and Mass. bonds
377.987
444.117
440,584
Other stocks and bonds
359,098
i573,812
1,551,040
1
Demand loans with collateral
558.164
756.078
Time loans with collateral
40,122
87,970
993.641
Other demand loans
Oth
286.794
173,511
Other time loans
3,406
Coupons for collection
732
Overdrafts
44.916
Oust. liab., letters of credit & accept_
848
74
Revenue stamps
728.435
Due from Reserve banks
22,513
1,740,7941
1 3,827.001
Due from other banks
104,597
Cash—Currency and specie
17,822
96,188
Checks on other banks
15.381
43,224
127,294
Other assets
Total
Liabilities—
Capital stock
.Preferred stock
Surplus fund
Undiv. prof., less exp.. int. & taxes
Reserved for taxes & contingencies
Due to banks
U. S. Government deposits
Deposits (demand)—
Subject to check
For payment of coupons, &c
Certified checks
Treasurer's checks
Deposits (time)—Ctfs. of deposit _ _
Open accounts
Other liabilities
1423
Financial Chronicle
Volume 140
88,490,955 $6.845.872 $3.411.853
8500.000
250,000
300,000
139.620
39,234
$500,000
8500,000
215,000
71.028
80,073
4.768,069
200.000
27,190
70.000
28.704
68,600
996.540
13,342
11,383
50.129
138,383
1.925
2.165.921
271,677
410
59.104
3,000
1.562
15.685
7,217,185
44.916
$8.490.955 $6,845,872 $3.411,853
Total
* Title changed to the Union Trust Co. of Boston effective as of Nov. 1
Co. On Dec. 1 1933 the Harris
Trust
Peabody
Kidder
the
formerly
1932;
Forbes Trust Co. of Boston was merged into the Union Trust Co.
Resources13. 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
Dec. 31 '34 Jan 31' 34. Dec. 31 '32.
$3.250,569 a$2.484,947 $1.422.144
3,296.609 3,576.370 3.772.766
2,779,9771
2,116,1091 5,073,986 6.529,629
4,560.008
2,524,595 2,305,065
87.230
144.570
261.130
Total
Liabilita es—
Capital stock
Preferred stock
Surplus
Undivided profits
Reserves
Deposits
Other liabilities
$14,228,989 313.584,938 $16,371,777
$700.000 b$700.000 61.400.000
1,000.000
1,000,000
1,000.000
350.000
350,000
651.364
294,249
308,972
133,834
185.809
138,504
11.707,874 11,053,324 13,186,579
1,556
23,639
814,228,989 813,584.938 616.371.777
Total
•Bank of Commerce & Trust Co. and United States Trust Co. consolidated as of Dec. 31 1931
a This amount comprises U. S. bonds only.
b Changes In capital structure effective as of Jan. 31 1934.
Winthrop Trust Co. (Winthrop, Mass.).
Resources—Dec.31 '34 Dec. 30 '33. Dec. 31 '32.
$400,041
$440.603
8883,996
U.S.and State of Mass. bonds
376.247
333,888
185.741
Other stocks and bonds
89.476
81.593
36,329
Demand loans with collateral
Other demand loans
5,473
29.483
Time loans with collateral
Other time loans
1,496,606
1,591.063
1,346,953
estate
real
on
Loans
25,000
25,000
25,000
Banking house and vaults
135.417
180.927
} 168.153
Due from banks
Cash, currency and specie
4,391
Other assets
Total
Liabilities—
Capital stock
Surplus and undivided profits
Deposits
Certified checks
Treasurers'checks
United States Governtlent deposits
Due to banks and bankers
Reserved for taxes and interest
Total
82,680,046 62,558,617 82.622,717
8100,000
131,642
$100,000
124.891
6100.000
141.571
2,406,718
2.295,158
2.354.396
41,686
38.568
26.750
82,680.046 32.558,617 $2.622,717
PHILADELPHIA COMPANIES
*Banca Commerciale Italians Trust Co.(Philadelphia).
Dec. 31 '34 Dec. 30 '33. Dec. 31 '32.
Resources-51,444,754 81,221.927 $1.161,269
Stocks and bonds
502,154
Demand loans with collateral
600,882
562.761
266,164
Other time loans and discounts
446,122
401,504
352,104
Due from banks excl. reserve
Customers' liability under letters of
191,461
194,551
136,460
credit and acceptances
12,849
11.435
17,710
Safe deposit vaults, turn. & fixtures
599.370
564.974
banks
Cash and due from Reserve
165,451
Future foreign exchange contracts
186.138
361,320
107,436
Other assets
$3.557.207 $3,413,421 $2.746.293
Total
Liabilities—
$1,000,000 $1,000,000 $1,000.000
Capital stock
522.952
421.606
300,0001
Surplus fund
12.6511
Undiv.prof..less exp.,lint. & taxes pd_
907,950
1.468.522
1,779.279
Deposits
136.460
194,551191,461
Letters of credit and acceptances
64.817
Reserved for expenses, taxes, &c
165,451
Future foreign exchange contracts
123,930
328,742
98.549
Other liabilities
$33.557.207 $3,413,421 $2,746.293
Total
•Began business Nov. 1 1929.
Chestnut Hill Title & Trust Co. (Philadelphia).
Dec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Resources-$56.875
$35.466
$50,993
Cash, specie and notes
28.408
50.573
48.069
_
agents__
reserve
Due from approved
360.512
256,469
222,874
Commercial paper purchased
161,752
158.677
138,358
Loans upon collateral
375,921
445.731
475.880
Bonds and stocks
201,258
176,881
193,091
Mortgage and judgments of record....
56,310
56,310
56,310
lot
Officebuilding and
85.755
118.957
96,033
Other real estate
13.773
12.396
11,994
Furniture and fixtures
9,912
9.722
5,883
Other assets
81.350.476
31.321,182
$1.299.485
Total
Liabilities—
Capital stock
Surplusfund
Undivided profits
Reserve for depredation
Demand deposits
Time deposits
Bills payable
Other liabilities
Total
$250,000
75,000
8,547
47.205
359.345
559,388
3250.000
125,000
1.032
33.119
285.452
509,578
116,300
701
8250.000
175,000
26,391
5,081
303,473
423,264
167.001
266
81,299,485 $1,321,182 $1,350,478
Banca d'Italia & Trust Co. (Philadelphia).
Dec. 31 '34Dec. 30 '33. Dec. 31 '32.
Resources—
$1.150
$51
$450
U.S. bonds
38,093
36.065
87,348
Other stocks and bonds
179,091
154,314
136,550
Mortgages and Judgments of record
65,642
8,924
10,072
Time & demand loans with collateral_
22,884
62,021
31,646
Commercial & other paper purchased34
1,454
26
Overdrafts
21,917
22.278
19,557
Office bldg., furniture and fixtures
55.650
64.677
64,677
Real estate
34,739
12,903
27.317
Due from Reserve banks
21.128
10,504
7.237
Cash, currency and specie
13,879
7.747
7.341
Other assets
12.474
18.282
11.406
Due from banks,excluding reserve$375,856
$392.019
$501.651
Total
Liabilities—
$125.000
8150.000
125,000
Capital stock
25.434
25,000
57.000
Surplusfund
1.845
5,355
3,590
Undlv. profits, less exp.,int.& taxes_
27,284
85,840
42,311
Demand deposits
122,311
100.462
215,635
Time deposits (savings fund, &c.)_...._
40,925
36,530
Bills payable
15,292
29.902
17.250
Reserves
9.120
5.860
2,580
Other liabilities
3501.651
Total
$392,019
375.856
Broad Street Trust Co. (Philadelphia).
Dec. 31 '34 Dec. 30 '33. Dec. 31 '32.
Resources—
$3382,893
$196.856
$319,552
Cash, specie and notes
Due from reserve banks
809.714
786.914
955.597
Loans secured by bonds & mortgages_
Loans on collateral
827.789 1,067,908
896,785
Bonds and investments
294,695
Mortgages & judgments of record_
1 896.394
1.010,877
1,011,913
Furniture and fixtures
Banking house and other real estate._ j
400
Miscellaneous resources
Total
Liabilities—
Capital stock
Surplus and undivided profits
Deposits subject to check
Certified checks
Treasurer's checks
Special time deposits
Reserve
Mortgage on banking house
Bills payable
Other liabilities, dividends unpaidTotal
$2.530,753 $3,248,592 $3,478.942
8400,000 61,000.000 $1.000.000
427,710
360,393
441.421
1,030.309
1.299,647
1.436,279
99,154
390,000
183.580
13,647
390,000
184,905
70,934
390,000
138.930
1,378
$2,530,753 $3,248,592 $33,478,942
Fidelity-Philadelphia Trust Co. (Philadelphia).
Dec. 31 '34 Dec. 30 '33. Dec. 31 '32.
Resources—
$5,004,321 65,443.078 $5.501.742
Bonds and mortgages owned
52.298,766 47.580.741 51.616,056
Stocks and bonds
33,827,346 31.106,260 35.171.409
Leans and discounts
4,043,150
Real estate, office buildings and lots _ 4,714,128 4.639,637
2,495,153 2,626,144 2,625.206
Furniture and fixtures
291.239
172.826
119.301
Oust. liab. on accep. & let, of credit
13,481
521.934
551.600
Cash on hand
6.303,862
6,209.345
9,482,909
Due from approved reserve agents
4.166.943
16,042,735 3.150.728
Due from other banks
1.248,068
903,808
1,519,602
Exchanges for clearing house
1.130.657
1,060,298
1.039,607
Miscellaneous
14,799
112.111,813
27,095,4688103,4
$1
Total
Liabilities—
$6,700,000 86.700.000 86,700,000
Capital stock
16,019,499 15,860.784 120.267.273
Surplus and profits
1,003,973. .687
Reserve for contingencies
458,537
794.761
Reserve for taxes,int.& expenses.....
102,257,130 78,705.783 84,424,311
Deposits
291.239
172.826
119,301
Letters of credit issued
428,989
458,182
200.804
Other liabilities
$127.095,468$103,414,7995112.111.813
Total
Trust department (additional)--31010112743$1.010,602.354$998.609,809
(The) Finance Co. of Pennsylvania (Philadelphia).
Dec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Resources—
$655,803
$368,464
$4469,767
Cash on hand
Duefrom banks.&c
696.978
894,836
861.161
_
owned._
&
paper
Commercial other
Loans on collateral
5.276,023 5.293.110 5,225,953
Stocks, bonds, &c
181,825
148.315
139,800
Mortgages
4,797,310 4,793.005 4.757,716
Real estate,turn.& fixtures
102,041
100,232
101.908
Other assets
$11,645,969 811.597,962 311.620.318
Total
Liabilities—
Capital stock
Surplus & undiv. prof
Res.for deprec..int.,taxes,&c
Deposits
Dividends unpaid
Miscellaneous liabilities
Total
$2.350,000 $2,350,000 62.350.000
7,786,456 7,784.463 7,762,019
764.364
805.599
879,182
665.477
594.102
557.224
70,500
55.842
59,500
7,956
7.956
13,607
811.645,969 811.597,962 811.620.316
1424
Financial Chronicle
Frankford Trust Co. (Philadelphia).
Integrity Trust Co.(Philadelphia).
ResourcesDec. 31 '34. Dec. 31 '33. Dec. 31 '32.
Real estate mortgagee$903,06
5 $1,100,550
Stocks and bends
3,993,341
2963.642 3
Loans on collateral
1,199,727
1,792,014
1,447,412
Loans on personal securities
1,074,881
1,097,641
1,531.854
Real estate
1,154,706
1,095,455
.
Cash on hand and reserve bonds
778,819
503,502
910,540
Cash on deposit
398,579
655,991
691,212
Other assets (incl. vault.furn.& flit.)
50.335
58,062
51.094
Total
$9,797,289 $9,167,029 $9,309,387
Capital stock
$500,000
$500,000
$500,000
Surplus and reserve fund
1,283,454
1,338,469
1,678.020
Undivided profits
204,746
143.726
173,378
Gen. dep. payable on demand & time 7,750,628 7,096,402
6.432,514
Other liabilities
58,461
58,780
555,127
Total
29,797,289 $9,167,029 $9,309.387
Trust department (additional)
29,358,877 $9.912.985 29.674.810
Gimbel Bros. Bank & Trust Co. (Philadelphia).
Total
LiabilitiesCapital
Surplus and undivided profits
Deposits subject to check
Certified checks
Treasurer's checks
Savings fund deposits
Special time deposits
Due to banks, excluding reserve
Other liabilities
Total
Trust department (additional)
Dec. 31 '34. Dec. 30 '33.
852,266
$54,831
106.742
125.200
64,506
179,556
246
212
150
767
}
9,134
22,213
1,676.171
83,365
6
115,000
16.340
1.259.360
115,000
86,436
22.376
$200.000
70,595
1
3200,000
56,596
456,806
410,935
1,367,360
1.191,125
18,770
12,395
7,295
$2,125,926 $1,865,951
$47.157
Girard Trust Co.(Philadelphia).
*Industrial Trust Co.(Philadelphia).
ResourcesDec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Cash and reserve
81,599,182
31,035.745
Loans on collateral
,693,574 6,328:717 7.820.856
}
5
Commercial paper purchased
Bonds, mortgages and judgments__
1,197,337 4.625.998 5.488.555
Stocks, bonds. &c
2,791,8871
Banking house, furniture and fixtures
405.681
408,8701
403,951
Customers'liability on letters ofcredit
1,594
Other real estate
867,199
Other resources
158,587
209.644
212.237
Total
$12,716,616 812.502,530 314.961.344
LiabilitiesCapital stock
$882.250
$882,250
$882,250
Surplus
Undivided profits
j• 2.688,255 3,058.312 3.888.629
Reserves
Deposits
9,127,962 8,262,096 9,532.976
Acceptances and letters of credit
1.594
Bills payable
300.000
649.700
Other liabilities
18,149
278
7.789
Total
212,716,616 $12,502.530 $14.964.344
Trust funds (additional)
$15,844,027 $14,627.209 214.331,246
•Consolidated with Fern Roc...r Trust Co. as of Feb. 15 1929. Name
changed from Industrial Trust, Title & Savings Co. to Industrial Trust Co.
as of Jan. 9 1929. Consolidated with Textile National Bank as of Jan. 2
1930; purchased assets of the Northeastern Title & Trust as of Nov. 12 1930.
$44,269.866 $42,545,391 $59.427,768
$39.945.320 $40,939,716 841.690.255
*West Philadelphia Title dc 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, $4,000,000 151 pref.
shares and 33,000.000 2nd pref. shares.
• Security Bank & Trust Co.(Phila.).
ResourcesDec. 31 '34.aDec. 30 '33.aDec. 31 '32.
Beal estate mortgages
$36,170 $1,494.889 $2,071,560
Loans on collateral & personal secur_
808,675 6.709,465 8,336,131
Stocks, bonds, &c
989.948 3,467.387 3.175.108
Cash on hand and on deposit
949.965
933,268.
Banking house
280,000
805.725
971.129
Other assets
26.940
289,910
147.101
Total
LiabilitiesCapital stock
Surplus and undivided Profits
Contingent fund
Deposits
Dividends payable Dec. 31
Reserve for taxes. &c
Bills payable
Miscellaneous liabilities
23,069,698 $13,700,624 $15,526,928
$550,000 $1,300,000 $1.300.000
145,694
2,117,448 2,183.347
767.908
815.834
2,369,866 7.553,546 8,207.675
26.050
4,021
20.409
1,931.683 2,922,989
4,138
26,018
50.624
Total
$3,089,698 $13.700,624 $15,526,928
• Kensington Trust Co. and National Security Bank & Trust Co. consolidated on June 28 1930 under name of Kensington Security Bank &
Trust Co. Kensington Security Bank & Trust Co. placed in liquidation
and on Sept.26 1934 was succeeded by the Security Bank & Trust Co.
a Report for the Kensington Security Bank & Trust Co.
$2,125,926 $1,865,951
RexourresDec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Cash and oserve
328,500,677 $13,308„431 $14,805,129
Due from h inks & clear, house exchs1
Loans
15,030,122 14,754,247 17,745.478
U. S. Govt. securities
49,322,585 45,757.215 39,198,543
Other secui Mee
25,205,159 25,875.114 26,678,692
Mortgages
2,676.812 2,666.082 1.249.301
Banking house
2,415,387 2,415,387
2,415,387
Other real estate
1,438,118
295,256
359.982
Customers,liability on letters of credit
118,812
146,786
242,806
Other resources
20.743
23,168
25.281
Total
-21247284151105,241,6842102.720.599
LiabilitiesCapital stock
24.000.000 $4,000.000 $4.000.000
Surplus fund
9,000,000 9,000,000 9,000,000
Undivided profits
1,511,335
1,242,624
1,012,309
Reserve for taxes
362,550
293,023
324,431
Reserve for deprec. of securities
2,132,936 3,941,055 4.001.165
Deposits
107,202,782 86,218.197 83,739,888
Dividend
*400,000
*400,000
400,000
Letters of credit issued
118.812
146,785
242.808
Total
$124728415$105.241.684$102,720.599
Trust dept., exel of corp. trusts
$958758509$940,010.412$938.135,810
• Dividend payable Jan. 2.
ResourcesDec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Mortgages and other real estate
$13,856,111322,305,392 $24,073,016
Stocks, bonds and other investments_ 7,968,9591
Loans on collateral and commercial
paper purchases
11.681,797 14,331,881 27.596,278
Banking houses, furniture & fixtures.. 2,227,789 2.731,375 2,782,437
Cash on hand & due from banks
8,231,162
2,893,122 4,235,282
Customers' Habil. on letters of credit18,953
4.850
276.990
Other assets, accrued Interest
285,095
278,971
463.765
Total
$44,269,866 842.545,391 $59.427,768
LiabilitiesCapital stock
087,995,973 $2,987,920 $2,987.920
Surplusfund
1,000,000
375,000 8,000,000
Undivided profits
131,389
134.190
1.000.330
Reserve for interest. taxes, &c
39,986
154,238
Deposits
34,858,327 37,860,475 44,486,039
Reserve for contingencies
197,186
385.244 2.500.000
Bills payable
780,000
Letters of credit & acceptances
18,953
4,850
276,990
Other liabilities
30,052
17,711
22.251
Total
Trust department (additional)
Germantown Trust Co. (Philadelphia).
ResourcesDec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Cash on hand,due from banks, btc-..- $1,539,336
$1,187,470 $1,097,697
Loans on collateral
5,126.811
5,818,124 6.941,259
Loans on bonds and mortgages
2,423,144 2.542.904 2,503.021
Stocks. bonds, &c
7,812,109 6,724,735 7.280.910
Commercial paper
270.605
293,727
310.350
Real estate, furniture and fixtures- 2,544,143 2,415,198 2,371,955
Other assets
190,129
186,169
226,145
Total
$19.906,277 $19,168,327 $20.731,337
LiabilitiesCapital stock
21,400,000 $1.400.000 $1.400,000
Surplus and profits
2,495,405 2,532,884 3,111,253
Reserve for contingencies. &c
1..510.300
1,185.445
Deposits
14,825,427 13.725.143 16,220.084
Total
$19,906,277 $19.168,327 $20,731,337
ResourcesCash,specie and notes
Cash due from approved reserve agents
Duefrom other banks,trust companies,&c
Nickels and cents
Exchanges for Clearing House
Time loans with collateral
Call loans with collateral
Bonds and stocks
Bonds and mortgage owned
Furniture and fixtures
Overdrafts
Other real estate
Other assets
March 2 1935
Liberty Title & Trust Co. (Philadelphia).
ResourcesDec. 31 '34. Dec. 31 '33. Dec. 31 '32.
Cash on hand
$238,448
$224,269
2192.452
Due from banks, &c
1,077,929
527.452
778,394
Loans on collateral
3,073,806 3,554,682 3,825.229
Stocks, bonds, &c
1,134,633
1,300,693
1,456.278
Mortgages
927,154
1,025.063
1,185,247
Commercial paper purchased
397,417
412.956
429,842
Real estate, furniture and equipment 1,669,199
446,353
284,840
Other resources
154,872
20.269
39.413
Total
-28,673,458 87,511.737 88.191.695
LiabilitiesCapital stock
$1.000,000 81.000,000 $1,000,000
1,100,000
1,100 000
1,300,000
13
::
111211:48ded profits
94,893
154,508
95,722
Reserve for depreciation
168,880
202.917
212,369
Title Insurance reserve fund
743
923
743
Deposits
6,196,834 5,052,919
5,582,240
Other liabilities
112,128
652
621
Total
28,673,458 $7,511,737 28,191,695
Trust department (additional)
212.281,320 812,758,624 812,299,459
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 '34. Dec. 31 '33. Dec. 31 '32.
$71,819
$118,843
$28,064
330,459
201,334
147.335
340,774
382,032
502.678
22,271
283,836
373.728
773,239
778.688
1.082.508
276,542
67,692
217.378
3.280.949 3,114,339 2,499.839
1,412,785
1.551,942
1,685,836
87,063
92,239
92,278
505,239
388.883
540.443
Total
$7,101,120 88.979,828 $7,150,085
LiabilitiesCapital stock
31,500,000 $1,500.000 '31,500,000
Surplusfund
400,000
300,000
300.000
Undivided profits
100,159
16,463
51,645
Reeve for int.. taxes & contingencies..
607,540
1,026,955
1.768.177
Demand deposits
997,758
618.438
393,721
Time deposits
3,475,319 2.843.732
2.207.451
Due to banks, trust companies. &c
3,230
3.230
3.220
Bills payable
628.022
722,663
Other liabilities
17,114
42,988
203.208
Total
$7,101,120 $6,979,828 $7.150.085
Trust department (additional)
3292,198
2272,603
$531.946
• Capital reduced from 83,500.000 to $1.500,000.
Northern Trust Co. (Philadelphia).
ResourcesReal estate mortgage loans
Investment securities
U. S. Govt. & municipal securities
Loans on collateral
Commercial paper
Real estate
Cash on hand and in bank
Exchanges for Clearing House
Other resources-accrued interest-
Dec. 31 '3-1. Dec. 30 '33. Dec. 31 '32.
$1.760,740 $1,793,990 $1,841,183
4,746,765 5,258.079
5.756,790
3,516,772
1,636,472
865,414
1,435,063
1,456,352 2.059.775
40,644
52.820.
814.961
807,381
897 708
1,202,681
1,656,513
2,223,218
86,211
57.588
-68.73-2
28.427
TotalLiabilitiesCapital stock
Surplus fund
Undivided profits
Reserves
Deposits
813,681,425 $12,760,339 $13531198
Total..
8500.000
2,000,000
444,939
953,286
9,763.200
$500,000
2,000,000
377.571
1,112,508
8.770.280
$500,000
3.000,000
320,328
513.000
9.197.870
813.661,425 812.760,339 813.531.198
Provident Trust Co. (Philadelphia).
*Ninth Bank & Trust Co. (Philadelphia).
Dec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Resources—
$9,196,468 $8,389.025 $11,661,936
Loans and discounts_
5,793,288
7.704,044
7,788,535
Investments
1.001.641
1,005,621
995,265
Banking house, vault, &c
115.706
112,754
122,668
Interest accrued
102,904
Other real estate
337,503
364.007
1,186.195
Due from banks
134.369
123.869
171.324
Clearing House exchanges
1,564,577
1,338.022
2,081,144
Cash and reserve
2,692
13.498
2,000
Customers' liability acct. acceptances
3,239
22,748
31,375
Other resources
$21,677.878 $19,073.588 $20,617,951
Total
Liabilities—
81,375,000 81,375,000 $1,375,000
Capital stock
1,000,000
Preference stock
1.776,353 t2.323.465
1,642.200
Surplus and profits
638.494
684,007
138,666
Reserve for taxes, &c
21.651
14,802
13,494
Discount unearned
15,808.524
15,189,303
17,485,893
Deposits
400.000
2,000
Bills payable and rediscount
2,692
-13,498
Acceptances & letters of credit issued_
48,125
20,625
20,625
Dividend payable Jan. 2
Total
Trust department (additional)
$21.677.878 $19,073,588 $20.617.951
$15,477,009 $15,882,859 814.741,792
* 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 11 1929. 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
$1.375,000 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 $1,003.287.98 in that account.
North Philadelphia Trust Co. (Philadelphia).
Resources—
Dec. 31 '34. Dec. 30 '33. Dec. 31 '32.
$2,447.722 $2,120.927 $2.024.305
Stocks and bonds
1.972.662
1,712,020
1,734,576
Mortgages
933.775
1,247.971
895,459
Amount loaned on collaterals
291,125
278.840
300,762
Amount loaned on personal securities
222,558
372,642
332,881
Cash on hand
279,743
488,282
547.864
Cash on deposit with banks
665.071
823,874
941.218
Real estate, furniture and fixtures
2,461
9,914
30,293
Other assets
Total
87,230,775 56,740,274
$6,705,896
5500.000
1,000.000
69,609
203.169
36.277
1.805
4,922,860
6,554
8500,000
1,300.000
92.737
78.287
35.745
6,293
4,692.834
87.230,775 56,740.274
$5,351,380 55,687,304
S6.705.896
85.236.500
Liabilities—
Capital stock
Surplus fund
Undivided profits
Reserve for depreciation & conting
Reserve for interest and taxes
Title insurance reserve
(len. dep. pay, on demand dt time
Other liabilities
Total
Trust department (additional)
$500,000
1,000.000
110,194
148.930
12,699
2.060
5,456,892
Pennsylvania Warehousing & Safe Deposit Co. (Phila.).
Resources—
Reser,e fund
Cash on hand
Due from banks and bankers
Loans & discounts
Investment securities owned
Real estate, furniture and fixtures
Other assets
Total
Liabilities—
tspltal stock
Surplus and undivided profits
Reserve
Deposits
Bills payable
Other liabilities
Total
Dcc. 31 '34 Dec. 30 '33. Dec. 31 '32.
8355,261
855,662
$66,620
1.820
33,325
33,097
26,570
223.488
316,815
375.908
455,054
492,221
590,627
492,339
376,720
1,432,974
1.433,686
1,437.007
112.521
78,272
88.348
$2,810,828 $2,771,826
82.895,681
$750.000
927,228
1750,000
849.251
$800,000
939.924
878.963
250.000
4,637
758,131
400,000
14,444
726.275
400.000
29.482
82.810,828
$2,771.826
$2.895.681
1
'Pennsylvania Co. for Insurances on Lives & Granting
Annuities (Philadelphia).
Dec. 31 '34 Dec. 30 '33.
Resources—
82.017,528 81.901,249
Cash on hand
54,163,377 40.432.899
Due from banks and bankers
67,121.471 69,661,883
Loans on collateral
63.245,998 73.146.954
Stocks, bonds, &c
10.535,51110.409,121
Mortgages
18,706,897 16.277,154
Commercial paper purchased
5.024,035
Reserve fund for protec'n of trust bal. 9,240,968
883,302
1,207.128
Interest accrued
1,162,825
1,000.247
Furniture and fixtures
980,624
1,077.132
Bank building
212,783
Customers' liab. let, of cred. & accep. 1,096,774
5,175.901
4.520.816
Other assets
Total
Dec. 31 '32.
$14,571,503
39.850.501
83,621,911
65.215,352
10.590,378
14.516.918
6,681,912
1.566,395
1,192.358
2,829.962
253,839
2,645.065
8233,513,513 225,689,067 243,536.094
Liabilities—
88.400.000 $8.400,000 58.400,000
Capital stock
12,000.000 17,000,000 17,000,000
Surplus fund
1,788.452
1,668.596
1,279,525
Undivided profits
9,606.558 11,303.272
2,293,704
_
___
_
__
_
Reserves_
205,826,032 187,146,365 203,158.022
Deposits
307,231
534,209
317.994
Interest payable to depositors
336,000
336,000
630.000
Dividend payable Jan. 2
842.649
740.996
Treas. checks & Clearing House bills 1,547,723
253,839
212,783
Letter of cred. issued & acceptances_ 1,096.774
26,690
134.578
150.682
Other liabilities
Total
Trust department (additional)
$233,513,513 8225689,067 8243536,094
(?)
859,689,610 843,186,761
• 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. On Dec. 27
1931 the Continental-Equitable Title & Trust Co. discontinued its banking
business atid transferred all its deposit accounts to the Pennsylvania Co.
for Insurances on Lives & Granting Annuities. On March 29 1934 the Main
Line Trust Co. was merged into the Pennsylvania Co. for Insurances on
Lives k Granting Anaulties,
1425
Financial Chronicle
Volume 140
Dec. 31 '34 Dec.30'33. Dec. 31 '32.
. $2,259,236 $2.311.164 $2,653.261
31.344.057 25,176,896 24,867.690
807,032
581.769
1,190.581
9,217,383 10,534,989 10.925.149
4,478,977
4.833,943
5,889,926
Real estate
6.068,310
6,577,152
Cash on hand & due from bks.& bkrs_ 10.363,160
508.356
464,686
559,560
miscellaneous assets
fieSOUTCPS-A ortgages
-tocks and bonds
Commercial paper
$60,823,903 550,480.599 850,308.775
Total
Liabilities—
$3.200,000 83.200.000 13.200.000
Capital stock
12,260,000 12,260,000 12,260.000
Surplus
1.403.427
1,605,955
1,665.508
Undivided profits
750.000
450.000
572.436
Reserve for contingencies 8: deprec__
160.000
a
a
Dividend payable Jan 2
293.117
285.631
384,099
Reserve for taxes, etc
31,967.892
32,527,269
42,572.801
Deposits
274,339
151.744
169.059
Other liabilities
860,823,903 850,480,599 550.308,775
Total
*Trust department (additional). Incl
386.873,101 83731831168381.709,094
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. land Nov. 1.
The Real Estate-Land Title & Trust Co.
(Philadelphia).
11 i'4i Dec. 31 '34 Dec. 30 '33.
Resources—
Cash on hand and due from banks__ $4.373.275 $3,856.931
21,923,536 21.070.869
Loans
26,547,901 19,777,801
Investments
1,915,671
1,894,527
Real estate
3.832,667
3.418,709
Other assets
$58,157,948 850.453.939
Total
Liabilities—
Capital stock paid in
Peeferred stoes _
Surplus and reserves
Undivided profits
Deposits
Other liabilities
Total
Trust dept. (additional)
Dec. 31 '32.
$5,911,466
24.503,793
19,515,687
1,937.538
3.797.217
855.665.701
17.500.000 $7,500.000 87.500.000
7,1,00.000
11,811.585 11.905351 13,66-5-670
1.719.803
1.239.593
328,924
30,963,039 26,154,451 31.245,915
2.134.313
3,654.544
54,400
158,157,948 850.453,939 $55,665.701
165,178,431 175.399.668 175,034.664
The Real Estate Trust Co. of Philadelphia
Dec. 31 '34 Dec. 30 '33. Dec. 31 '32.
Resources—
8253.000
$206.810
Lawful reserve bonds
349,834
1 1,509,377 81.401.7391
Cash on hand
1,363.441
1
1
bankers
and
banks
Due from
1.499.997
1.579.994
Call loans on collateral
1
1 1.423,790 186,025
Loans on bonds and mortgages
156,211
5,280.596 i
Loans on one and two name paper_ _ _ f
4.350,793
6.130.825
Stocks, bonds, &c
5.613,517
3.795.465
3,814,713
Real estate
159,259
194.927
109,891
Other assets
$13,295.406 312.252.721 513.932.076
Total
Liabilities—
$1,500,000 $1,500.000 83.027.800
Capital stock paid in common
2.000.000
2.000,000
2,000.000
gurnlm,
306.673
534,809
558,850
Undivided profits and conting. reserve
56.051
Building renewal reserve
832,000
Principal of ground rents
7.394.418
8,217.089
9,223.629
Deposits
234
63
Dividends unpaid
314.899
823
12.864
Other liabilities
Total
Trust department (additional)
$13,295,406 812,252,721 213.932.076
$55,692,323 $53.635.608 $51.641,302
Sonsitaly Bank & Trust Co. (Philadelphia.)
Dec. 31 '34 Dec. 30 '33. Dec. 31 '32.
Resources—
$28.703
$18,820
Cash, specie and notes
$95,673
• 73,999
139.227
Due front approved reserve agents__ _
340
370
655
Nickels and cents
25,000
32,270
Legal reserve securities at par
20.397
22,647
9,139
res
excl.
Due from bank'g instit.,
teral
ns with collateral
Time loans
399.870
419.505
230,836
I
Call loans with collateral
Loans secured by bond and mortgage_
paper
179.581
143.149
136,001
Bonds and stocks
214,880
171.562
95,293
}
Mortgages owned
Judgment of record owned
50.000
50.000
50,000
Office building and lot
12,213
12.425
6,377
Furniture and fixtures
384
207
Overdrafts
4,434
333
8
Other resources
Total
Liabilities—
Capital stock
Surplus fund
Undivided profits
Demand deposits
Time deposits
Other liabilities
Total
$718.626
$947.900
$977.772
$125,000
37,662
8125,000
110.390
$125,000
110.380
169,429
384.985
1,550
155,910
556,511
89
150.588
591,529
275
$718.626
8047.900
$977,772
Wyoming Bank & Trust Co. (Philadelphia).
Dec. 31 '34 Dec. 30 '33. Dec. 31 '32.
Resources—
$58.510
Cash, specie and notes
8152.004
47,513
1150.869{
Due from approved reserve agents__ _
14,000
Legal reserve securities
Time loans on collateral
500.725
405,490
551,578
Call loans on collateral
Loans on call on one name
10.690
Loans payable on demand
563,699
473.164
630.6941
U. S. and other bonds
119.119f
Preferred stocks—investment
98,775
Other real estate
211.153
208,700
135.700
Mortgages and Judgments of record_ _
148.275
115.722
Office building and lot
142.473(
26.540
Furniture and fixtures
37.111
64,098
Other resources
Total
Liabilities—
Capital stock
Surplus fund
Undivided profits
Demand deposits
Time deposits
Bills payable & rediscounts
Reserve for depreciation
Miscellaneous
Total
$1.839,398 81,413,737
31,612.966
8200.000
58.666
8200,000
144.394
532,969
510.734
110,000
1,067.951
1200.000
1
52,595
1.587.303i
200.621
1,368
$1,839,898 31.413.737
51.612.966
1426
Financial Chronicle
BALTIMORE COMPANIES
Colonial Trust Co. (Baltimore).
ResourcesDec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Loans and discounts
$463,305
$359.469
$325.961
Overdrafts, secured and unsecured
1
11
Stocks, bonds,securities. &c
1,082,832
1,084.489
1.628.664
Mortgages
108,850
83.150
77,150
Bkg. house. turn.. fixtures & vault
225,134
224,444
222,612
Other real estate
220,490
220,490
211,654
Checks and cash items
17
22,279
Due from approved reserve agents
104.981
128,826
270.757
Lawful money reserve in bank
14,827
15.454
Miscellaneous
12,627
16,910
12,830
Federal Deposit Ins. Corp
2,053
2,068
$2.237,347
Total
$2,773,986 $2,131.006
LiabilitiesCapital stock paid in
$400,000
$400.000
$400,000
400.000
Surplus fund
300,000
250,000
36,053
34.086
Undivided profits
25.088
1,379,694
Deposits
2,092,748
1,392,346
3.068
Reserve for interest and taxes
2.927
5.488
15.804
General reserve
962
2.728
Other liabilities
662
785
Total
. $2,773,986 $2.131,106 $2,237,.,47
Fidelity Trust Co.(Baltimore).
ResourcesDec. 31 '34. Dec. 31 '32'31.. Dec. 31
Loans and discounts
$33,038,666 $4,099,028 $5.373,040
Overdrafts, secured and unsecured
263
551
396
Stocks, bonds, securities, &c
10,172.062 8,505.833 11,265.072
Due from banks. bankers & trust cos- 1,046,862
879,474
5.921
Exchanges for Clearing House
221.550
303,062
198,988
Checks and other cash items
73.992
77,197
101,930
Due from approved reserve agents
1,880.290
1,922.860
4,233,592
Cash on hand
274,055
367.274
523.589
7,050
Due from cust'rs under letters of cred
4.210
34.033
Furniture and fixtures
75,000
75.000
12.210
Miscellaneous assets
27,993
67,400
Total
316,928,458 316.031.950 $21.908,035
LiabilitiesCapital stock paid in
$1,000.000 $1,000,000 S1,000,000
Surplus fund
1,250,000
500.000
500.000
196,680
Undivided profits
164,197
208,554
Due to banks, bankers and trust cos_
467.419
483,368
579,072
Due to approved reserve agents
646.416
30.182
35.852
Dividends unpaid
24,235
Deposits (demand)
9.928.765 12,213.921
9,845.101
Deposits (savings and special)
1,942,466
4,039,065
3,392,997
919,093
Reserve for taxes and interest.&c
167.536
41,303
135.000
100.000
Certificates of deposit
366.489
1.000.556
Trust deposits
1,106,558
1.533,325
City of Baltimore deposit
Liabilities under letters of credit
4.210
7,050
34.033
Total
$16.928,458 $16.031.950 $21,908,035
1934.
1933.
1932.
Divs. pd.on co.'s stk. in cal. year_- ______
24%
21%
Rate of interest paid on deposits
1 %.sav.3% 1 %.sav.3%
Equitable Trust Co. (Baltimore).
ResourcesDec. 31 '34. Dec. 31 '33. Dec. 31 '32.
Loans and discounts
$4,803,708 $5,310,167 $5,319,026
Overdrafts, secured and unsecured
1,348
2,751
1,864
Stocks, bonds, securities, &c
17,291.750 12.793,090 10,956,346
Bank. house, vaults, turn. & fixtures..
250,000
250,000
250,000
Due from banks, bankers & trust cos_
17,025
24,159
6,000
Due from approved reserve agents
1,990,388
1.767.361
2,867,001
Lawful money reserve in bank
499.016
399,069
223,924
Accrued interest receivable
120,112
128.144114,103
Miscellaneous
117.431
115,345
112,166
Total
$25,097,912 520,782,952 $19.850,431
LiabilitiesCapital stock paid in
$1.250,000 $1,250,000 $1,250,000
Surplus fund
1,000,000
1,000.000
1,500,000
Undivided profits
175,362
102,057
200.431
Due to banks, bankers and trust cos_
784,723
544.000
216,204
Due to approved reserve agents
667.239
303,247
1,931,717
Deposits (demand)
12,299,477 10,722.881
7,344,338
Deposits (time)
8,594,291
6,413.769
7.016,599
Dividends unpaid
12.431
12,228.
Reserved for taxes. interest, &c
262,772
386.134
337.710
Miscellaneous
51,617
48.636
28,514
Total
$25,097,912 320.782.952 $19,850,431
*Maryland Trust Co. (Baltimore).
ResourcesDec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Loans
$9,671,770 $13,133,346 $13,599.093
Stocks, bonds, securities, &c
12,781,481
8,168,580
8,769,854
Due from banks, bankers & trust cos_ 4.304.473
2,605,302
3,678.987
Cash on hand and on deposit
5,602.694
3,797,554
3,232.256
Banking houses and office buildings _ 1,700,000
1,7u8.076
1,690,211
354,248
Miscellaneous assets
312,488
271,277
Total
$34,414,666 $29,725,346 $31,241,678
LiabilitiesCapital stock
$1,000,000 52.500.000 $2,500,000
2,000.000
Capital debentures_ _- 500,000
Surplus
1.250.000
1.250,000
150,000
264,911
Undivided profits
319.910
100.244
132.582
Reserves
659.933
Deposits
30,051,134 25,540,606 26,992.290
53,599
46,896
Miscellaneous
69,585
Total
$34,414,666 $20,725,346 $331,241,678
• Continental Trust Co.. Drovers & Mechanics National Bank and
Maryland Trust Co. merged as of July 26 1930 under name of Maryland
Trust Co.
March 2 1935
Mercantile Trust Co. (Baltimore).
ResourcesDec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Loans and discounts
$7,178,208 $8,410,833 $8,889,203
Stocks, bonds, securities, &c
12,435.427 *8.402,418 *8,026,889
Banking house, furniture and fixtures 1,250,000
1,214,703
1,185.000
Cash on hand and on deposit
6,248,097
2,013,171
4.695.182
Accounts receivable
162,636
574,879
450.720
Foreign department
19,448
26,300
46.336
Clearing House exchanges
359,123
338,475
295,725
Customers'Habil. under letters of cred
32,401
63,909
88,510
Other assets
645.984
477.452
352.584
Total
$28,331,324 $21.522,140 $24.030,150
LiabilitiesCapital stock, paid in
$1,500,000 $1,500,000 $1,500,000
Surplus fund
3,500.000 3,500,000
3.560,000
Undivided profits
125,985
100,673
60,673
Reserve for interest, taxes,&c
344,698
314,976
262,365
Deposits (demand)
20,082,022 12,970,961 13,373.108
Deposits (time)
2,725,471
3.047,636
5,214,012
Letters of credit
32.401
63.908
88,510
Other liabilities
31.482
20,747
23.986
Total
$28,331.324 21.522.140 $24 030 150
* Investments carried at market prices as of Dec. 31.
Real Estate Trust Co.(Baltimore)
ResourcesLoans anti discounts
Investments
Mortgages
Other real estate owned
Furniture and fixtures
Due from approved reserve agents
Cash and due from other banks
Interest earned not collected
Miscellaneous
Total
LiabilitiesCapital stock
Surplus
Undivided profits and reserves
Deposits (demand)
Deposits (saving and sPedal)
Reserve for interest and taxes
Other liabilities
Total
Dec. 31 '34. Dec. 30 '33. Dec. 31 '32.
$757,877
$862.132
$4487,719
308,585
531,529
567.574
456.101
309.322
429.342
134.333
6,868
7,993
5.594
252.094
216,700
471,258
15.852
195,439
16,883
15,528
14,909
19,095
30.659
29,712
1,256
$2,008,848 $2,042,369 $2,093.137
$600,000
150.000
41,455
726,634
474.780
14,777
1,202
$600.000
150.000
64,455
996,570
199,934
11.764
19,646
$600.000
150.000
62.692
1.041,314
188.160
11.927
39,044
$2,008,848 32,042.369 $2,093,137
Safe Deposit & Trust Co.(Baltimore).
ResourcesStocks and bonds
Loans,secured
Mortgage loans
Cash on deposit
Bilis receivable
Real estate
Accrued interest receivable
Other assets
Dec. 31 '34 Dec. 30 3.'
Dec. 31 '32.
$5,548.012 $44.322,523 $6,333,329
1,704,074
2.473,099
2,094,222
566,967
709,340
746.256
3,287.749
6,626,537
7.139,182
3,275
142,875
275,000
275.000
275,000
16,731
4.217
11,956
825
19,037
5,708
Total
314.747,119 $14,700,806 $13,132,989
LiabilitiesCapital stock
32.000,000 $2.000,000 $2,000,000
Surplus
3,000,000
2,650,000
3,000.000
Undivided profits
1,145,560
877,280
1,067,337
Reserve for taxes
142,641
169,430
118.777
Deposits
3,226,263
5.776,157
3.843,895
Deposits, trust funds
2,860.016
2,682.761
4,600.797
Res've for deprec.in val. ofsecurities_
1,350.000
70.000
Total
$14,747,119 814.700.806 813,132,989
*Union Trust Co. of Maryland (Baltimore).
ResourcesDec. 31 '34 Dec. 31 '33. Dec.31'32.
Loans and discounts
$11,304.447 $14,609,687 833.312,009
Stocks, bonds, securities, &c
11.498,677
6,756,179 13,879,406
Banking houses.furniture & fixtures_ 2.195,023
2,269,473
3.219,308
Cash and duo from banks
9,908,975
5,627,759 11,895,516
Credit granted OD acceptances
386,100
6,848
Customers' Habil. under letters of cred
26,810
Other assets
856,562
578.526
605,361
Total
$35,763,684 $29,875.307 $63,297,675
LiabilitiesCapital stock paid in
$2,500,000 $2,500,000 $2,500,000
Surplus fund
1,500.000
1,500.000
5.000,000
Capital notes
500,000
500,000
Undivided profits
254.727
510.947
71,411
Reserve for interest and taxes, Ste
205.939
1,164,621
25,963
Deposits
30.803,018 25.198,069 45,254.708
R. F. C. advances
8,753,922
Letters of credit
26,810
Other liabilities
86,668
79,864
Total
$35.763,684 $29,875.307 363.297.675
* In October:192913urchased the National Bank of Baltimore. Absorbed
the Monumental City Bank July I 1930 and the Farmers & Merchants
Nat. Bank July 31 1930. On Dec. 12 1930 assumed management of
American Trust Co. (Bait.) and guaranteed the deposits. Placed on a
restricted basis in March 1933; reorganized and reopened for normal business on Dec. 18 1933.
ST. LOUIS COMPANIES
Easton-Taylor Trust Co. (St. Louis).
Chippewa Trust Co. (fit. Louis).
Resources-
Loans and discounts
Overdrafts
U. S. Government securities
Other bonds and securities
Stock in F. R. Bank, St. Louis
Banking house
Furniture and fixtures
Cash and due from banks
Other assets
Total
LiabilitiesCapital stock
tReserves
Jur
ntitsded profit
Dec. 31 '34. Dec. 30 '33. Dec. 31 '32.
$999,833
$946,154 $1,018,486
524
380
225,500
98,488
37,862
355,995
383 954
388,147
7,500
7.500
15,000
180,000
180,000
166,500
53,000
37,500
51,000
131.221
642,341
204.076
8.479
58.375
20.112
$2,314,622 $1.941,777 $1.962,472
}
4340,000
9.201
$200,000
50,000
1 22,153
4.973
499,424
999,367
$200,000
50,000
40,983
3.100
428,569
880,566
4,670
Deposits subject to check
693,543
Savings deposits
1 1,267,208
Time certificates of deposit
Unearned interest
539
50.000
Bonds borrowed
115,860
358.715
Bills payable
Total
$2,314,622 $1.941.777 31.962.472
a Capital account includes-Capital notes $100,000, 2,000 shares pref.
stock at 3100 a share and 2,000 shares CODIDIOD stock at $100 a share.
tiesourcesDec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Loans on collateral
$254.693
$356.383
$438,155
Loans on real estate
120,650
228,980
243,280
Other securities
40,330
25.944
38.131
Bonds and stocks (present value)......_
633,706
538,800
696.299
Due from banks and trust cos
387.727
102,120
110,874
Cash on hand, &c
110.644
56,034
40,309
Furniture and fixtures
7,773
7,773
7,772
Safe deposit vaults
9.129
9,129
9,129
Real estate
184,137
86,293
86,294
Other resources
16,558
44.187
32.647
Total
$1.765,347 $1,464,397 $1.694,136
LiabilitiesCapital stock paid In
$200.000
$200,000
3200,000
Capital notes
100,000
Surplus
40,000
100,000
100,000
Undivided profits
6,734
4,566
5,579
Reserves for interest, taxes, &c
11.876
8,287
6.611
Deposits. demand
644,413
542.171
492,096
Bills payable and rediscounts
149,580
134,674
Time deposits
170,068
225,459
Savings deposits
617,555
424,216
505,960
Treasurer's checks outstanding
13,504
10,095
10,369
Other liabilities
67
Total
$1,694.136
81.765,347 31.464,39
Lindell Trust Co. (St. Louis).
*Bremen Bank & Trust Co.(St. Louis).
ResourcesDec. 31 '34. Dec. 30 '33. Dec. 31 '32.
Loans on collateral security
1.3961,424 $1,098,713 $1,260,547
Loans on real estate security
383
Overdrafts by solvent customers..--382
181
Bonds and stocks
1,815.685 2,248,027
2,203,975
27.000
Stock in Fed. Res. Bk., St. Louis...
19.500
24,000
750.000
Stock in Bremen Investment Co
750,000
750,000
180.000
Real estate (company's office bldg.).176.000
172,000
17,879
Other real estate
51,191
74.513
428,253
United Sates Liberty bonds
548,908
885,475
28.000
Safe deposit vaults, furniture & fiat
25.200
22.400
634.531
Duefrom banks and bankers
519,746
536,213
143.192
Cash on hand
146,317
124,797
Other resources
4.999
Total
$5,760,178 $5,151,441 $5,717,812
Liabilities8400,000
Capital stock paid in
$400,000
$700,000
500.000
Burplu100,000
250.000
Undivideu profits less current ex16,794
penses and taxes paid
13,734
36,496
Reserve accounts
14,000
1,032,445
Deposits
1,338,093 1.002,379
Time certificates of deposit
2,625.182
2,256.014 2,328,422
Other deposits
4,502
7,164
9,199
Savings deposits
1.122,786
1,293,159 1,104.965
Treasurer's checks
9,931
19,807
37,840
Unpaid dividends
6,174
174
174
Total
85,760,178 85,151,441
15.717,812
•Organized as the Bremen Bank in 1868: name changed to Bremen
Bank & Trust Co. as of May 1 1930.
Cass Bank 8c Trust Co. (St. Louis).
ResourcesDec. 31 '34. Dec. 31 '33. Dec. 31 '32.
Loans on collateral security
$1.118,344 $1,414,1071 52.035,780
Loans on real estate security
629,189483.918)
Bonds and stocks
2,610,331
2,078,932
2,927.431
Stock in Fed. Res. Bank. St. LouLs
21.000
18,000
Real estate (company's office bldg.).150,000
150.000
150,000
Other real estate
95.516
84,399
86,275
Safety deposit vaults
80,000
90,000
100.000
Due from Fed. Res. Bank and other
banks and trust companies
361,352
378.142
269.571
Checks and other cash items
154,290
98.979
Cash on hand
194,622
121.298
109.322
All other resources
*7.062
9,371
Total
$5.350,691 $4,912.861 15,763.679
LiabilitiesCapital stock
$300,000
$300,000
$300.000
Capital noes
300.000
Surplus
300,000
400,000
100,000
Undiv. prof.less curr.exp.& taxes pd.
22,672
24,243
15,374
Deposits subject to draft at sight by
individuals and others
1,348,594
1,378,980
1,764,669
Time certificates of deposit
1,392,405
1 1.082,6171 1,274,333
Other time deposits(U.S.Postal Savs.)1
198.700
1
189,000
Savings deposits
1.402.880
1,687,595 1,386.144
U. S. Government deposits
42.645
17.000
Cashier's checks
22,542
39,922
70,041
Bills pay. & redisc'ts with F. R. Bank
165.000
Other liabilities
480,500
9,000
12,375
Total
$5,350,691 14,912.861
$5,763,679
• Federal Deposit Insurance Corporation.
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,taxes.&c
Deposits
Bills payable
1427
Financial Chronicle
Volume 140
Dec. 31 '34. Dec. 30 33. Dec. 31 32.
1818.113 $1,002.990 81.206,920
1.061,338
763.350 1.359.046
122,800
122.800
122,800
127,539
88,589
73,348
422,018
307,675
295,506
$2,551,808 82,285,404 13,057.620
*1400.370
9,356
2,142.082
3200,000
77,673
2,857
2.004,874
1200,000
151,757
3,786
2,377,077
325,000
Total
82,551,808 82.285,404 83,057,620
• Capital account-common stock 2,000 shares at $100 a share, capital
notes "A" $150,000 and capital notes "B"$100,000.
ResourcesLoans 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
Capital notes
Surplus
Undivided profits
Reserve for interest and taxes
Treasurer's checks outstanding
Deposits
Bills payable
Other liabilities
Total
Dec. 31 '34. Dec. 30 '33. Dec. 31 '32.
8870,299
$945.280 $1,015,915
2035
.
946,546
12.000
15,000
79
12,0
900
1
356,505
23
458
5:4
268
7
206.216
45,417
40,850
239.079
246
5,833
41 7
243,079
26,384
21,772
24,192
20,857
6,648
229
83,253,538 82.912.107 $2.475,228
300.000
50,000
100,000
36,680
10,853
38,339
2,708,054
$300,000
$300.000
100.000
23.701
19,854
7.355
2.456,277
100,000
31,249
7.678
21,871
1,852 975
160,000
1.455
32.475.228
9,612
4,920
$3,253,538 12,912.107
*Mercantile-Commerce Bank & Trust Co. (St. Louis).
Dec. 31 '34. Dec. 30 '33.
Resources$16,152,184 $18,245,397
Time loans
7,381.027 8,737.708
Demand loans
1.072,728
Acceptances of other banks
23,533,327 24,404.785
Bonds and stocks
Liberty bonds and U. S. Govt. certifi38,231,158 35.731.978
cates ofIndebtedness
360.000
360.000
Stock in F. R. Bank, St. Louis
Real estate (company s office bldg.)._ 2,550,000 2,600.000
700,000
700,000
Safe deposit vaults
1,500,000
1,500.000
Other real estate
3,452
8,481
Overdrafts
49,694,372 22,912.595
Cash due from banks
136,642
145,462
Cust's llabil, on letters of credit
5,412
11,037
Customers liability on acceptances...
Other resources
Dec. 31 '32.
811,009,652
18.532,096
26.045.309
28,253,880
450,000
2,600,000
700.000
1,700,000
3,110
29.247,378
2.743
109,970
67,676
$140,267,0485116,410,6978118,721.813
Total
Liabilities$10,000,000 $10,000.000 $10,000,000
Capital stock
2.000.000
5,000,000
2,000,000
Surplus
1.095,784
1,463.302
1,822,164
Undivided profits
75,000
110,000
170.000
Reserve for interest
603.700
550.477
377,166
Other reserves
4,878
5,635
4.841
Unpaid dividends
1C9,970
136,642
145,462
Bank's liability a,cc't letters of credit..
5.412
2,743
11,037
Bank's liability acc't acceptances..._
259.913
2,868.075
7.058,416
U. S. Government deposits
28,049.322 25,930,720 30,038,648
Time deposits
90,628.640 73,340,434 71,531,178
Demand deposits
$140,267,0488116.410,6978118.721.813
Total
* 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. 31 '34. Dec. 30 '33. Dec. 31 '32.
89,918,915 810.772.800 112,146,813
Stocks and bonds
25.958.452 13,586,983 11,563.610
U. S. Government securities
2.552.772 3,406.6732.031,381
Loans on real estate
14,448,241 20,245,926 16,010.623
Loans on collateral
Other negotiable & non-nego. paper.... 11,499.759 9,800,405 8.247,502
382,279
200,555
251,556
Customers liability on accept. &c _ _ 1,265,840
1,390.281
1,375.364
Real estate
411.651
)20.460,638 14,472,2091
Cash on hand
1 23.961.787
Due from banks
1.574,765
1.228,339
1,050,094
Other resources
887,530,708 575,617.404 177,068.101
Total
Liabilities$6,000.000 $6.000,000 16.000.000
Capital stock
500,000
Capital notes
1,500.000
2,500.000
1,200,000
Surplusfund
506,724
547,295
735,068
Undivided profits
1,000.000
407.000
Reserve for contingencies
8,139,824 6,978,193 7,513,958
Deposits (savings)
3,666,588 4,825,569 8.101.143
Deposits (time)
66,412,098 54,416.875 52,059,614
Deposits (demand)
200,555
382.279
credit
251,556
letters
of
Acceptances and
43,947
2,918
16,639
Accrued int. & taxes payable (net)_ _ _
101,589
4.846
201.935
Other liabilities
887,530,708 $75.617,404 577.068.101
Total
* 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.
Mound City Trust Co. (St. Louis).
* Manufacturers Bank & Trust Co.(St. Louis).
ResourcesDec. 31 '34. Dec. 30 '33.tDec. 31 '32.
Loans on collateral
Commercial paper & invest.secure.- 81,829,754 12.588.269 110.570,293
Loans on real estate
Customers' liab. a-c accept. & L.0
6,205
Overdrafts
159
1.428
Stock in Federal Reserve Bank
57.950
57.950
108,000
Bonds and stocks
4,220,433
2,082,617 7,433,797
Real estate (company's office bldg.)
387.941
350,000
350,000
Other real estate
580,905
Safe deposit vaults
37,500
37,500
38.200
and
due
Cash
from banks and bankers 2,796,007 4,593.285 2,942,113
Other resources
22.434
75.218
263,559
Assess,for ins. under Bkg. Act 193312,601
Total
$9,314,237 $9,797,440 $22.332,441
LiabilitiesCapital stock
$600,000
$430,000 12,150,000
Preferred stock
1,215,000
Surplus
400,000
286.667
750.000
Undivided profits
16,926
6.929
130.421
Reserve for preferred dividends
1.485
Reserve for depreciation, bank building & vaults
7,750
U. S. Govt., State, county or munici1,243,788
pal deposits & trustfunds
2,369,129
Deposits subject to draft by trust
companies, banks and bankers__ _
Deposits subject to drafts by individuals and others
7,045.773 7.857.359 19.251,815
Time certificates of deposit
Demand certificates of deposit
Savings deposits
Cashier's checks and certified checks
Cashier's checks acct, reserve purch_
44.000
Fidelity insurance fund
6,205
Contingent liability on letters ofcredit
89.314,237 $9,797,440 $22,332,441
Total
* Lafayette-South Side Bank & Trust Co. of St. Louis reorganization
the institution was re-opened under
and
plan was completed on Dec. 1 1933
title of the Manufacturers Bank & Trust Co. on Dec. 20 1933. t Figures
3lai 6IAS t Cr 13t 03. oaly,
uk,'if.):03-31.161
er•
61)
LW
or Dec. 31
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
Capital notes
Surplus
Undivided profits_ _ _ _ _.
Due Federal Reserve Bank
Deposits
Reserves, depreciation. &c
Dec. 31 '34 Dec. 31 '33. Dec. 31 '32.
$721.774
8689,553
$656.770
520.337
402.963
603,730
47.860
47,860
1
180.285
194,241
359,752
14.422
14,422
14.413
1,918
2,925
11.663
11.010
10,058
$1,680,432 11,329,837 51.495.688
850,000
150.000
50,000
2,774
1,415,586
12,072
$200,000
$200.000
50.000
2.287
50,000
1,023.734
3,816
50.000
11,000
75.000
1.123,716
35.972
$1.680,432 $1,329,837 51.495.688
Total
*Mutual Bank & Trust Co. (St. Louis).
ResourcesCash and duefrom banks
U. S. Government securities
Other bonds-City of St. Louis
Loans and discounts
Overdrafts
Equity in building & safe deposit vaults
Furniture and fixtures
Prepaid insurance & other resources
Net accrued interest
Total
LiabilitiesCapital
Surplus
Undivided profits
Other liabilities
U. S. Government deposits
All other deposits
Total
* Opened for business April 23 1934.
Dec. 31 '34.
8999,254
953.026
2.000
1,321,203
421
80.598
8,709
5,820
3,975
$3,375.006
$200.000
40,000
32.773
1,826
300,000
2,800,407
$3,375,006
1428
Financial Chronicle
North St. Louis Trust Co. (St. Louis).
ReSOUIT43Dec. 31 '34 Dec. 30 '33. Dee. 31 '32.
Bonds and stocks
$1,650.463 $1,145,102
5993.701
Loans and discounts
1,168,578
1,505,995
907,782
Due from Federal Reserve and other
banks and cash on hand
693,556
338,137
193,872
Real estate, furniture and fixtures
118.050
122.380.
Other real estate
22,024
50.074
Other resources
33,546
37.363
21,106
Total
53.886,217 53.199.051 *2.191.934
LiabilitiesCapital
5300.000
200.000
*300.000
Capital notes
200,000
Burp., undivided prof. & coaling. res..
184,626
139,443
112.770
Demand deposits
1,025,310
7.38,319
529,008
Savings anti time ctfs. of deposit
1,947.293 1,948.749
1.222.707
Dividend payable Jan. 1 1935
3,750
Treas, checks and div. checks
11,577
16,022
8.550
Bills payable
100.000
Other ilabilities--res. for int. & taxes
13,661 ,
6,518
18.899
Total
53.686,217 *3.199,051 $2,191.934
Northwestern Trust Co. (St. Louis).
ResourcesDec. 31 '34
Loans and discounts
31.985.826
Cash and due from banks
1,115,195
Real estate
189,866
Overdrafts
259
Banking house,furniture & fixtures
120,000
Bonds and stocks
3.869.097
Other assets
17.438
Total
57.297,481
LiabilitiesCapital stock
5500.000
Capital notes
550,000
Surplus
1
86.205
Undivided profits_
Deposits
6,155,101
Bills payable
Reserves
2,975
Bonds borrowed
Other liabilities
3.200
Total
$7.297.481
Dec. 30 '33. Dec. 31 '32.
52.980.866 53.405.015
523.191
467,291
191.751
87.601
259
973
120.000
120.000
4,517.020 4.757,900
18.401
$8,351,488 58.818.780
*500.000
$500.000
(1,000,000
1 16.765
6.642.983
180.000
4,000
1.000.000
8.665
6.956.115
250,000
4,000
100.000
7.740
$8,351,488 *8.818.780
Security National Bank Savings & Trust Co.(St. Louis).
Resources-Dec. 31 '34 Dec. 30 '33. Dec. 31 '32.
Loans
$1,670,887 $1,680,265 $1.757,381
Overdrafts
3.110
1,055
Bonds
2,022.390 2.219.921
2,730,549
Stock in Fed. Res. Bank, St. Louis_
30,000
15,000
15,000
Real estate (company office building)
460,739
310,564
304.183
Other real estate owned
72,465
30.458
14.877
U. S. Govt. certifs. of indebtedness
and Liberty Loan bonds
8,886,014 6,526,367 4.900.991
Cash and due from banks
2,687,917
1.663.604
1,759.536
Five per cent redemption fund
17,500
17.500
17.500
Due from customers acct. secs. purch.
5,000
Insurance premiums prepaid
6,145
4,823
Interest and commissions accrued__.
52,122
95.607
91,434
Other assets
15,794
8.298
Total
315.918,938 512.574,782 511.602,028
LiabilitiesCapital stock
$350,000
$350.000
$350.000
Preferred stock
500,000
Surplus
150,000
150,000
150,000
Undivided profits
151,224
223,593
224.887
Reserve for interest and taxes. etc_ _ _
11.315
23.220
80,551
Board of Education deposits
8,282.667
5.539,630
2,742.565
U.S. Govt., State and city deposits
*220,016
*315,983
1,203.500
All other deposits
5,807,319 5.522,356 6.400.525
Other reserves
105,047
100,000
100.000
Circulating notes outstanding
341,350
350,000
350,000
Total
$15.918.938 S12.574.782 *11.602,028
• U. S. Government deposits.
CURRENT
NOTICES
-The formation of the firm of Andrews, Ware & Co., Inc. to specialize
in United States Government securities, with offices in the Kuhn Loeb
Building at 52 William Street, New York, was announced by Edward P.
Andrews, Frank Ware, Ray H. Jantzer and George H. Armstrong. Mes
-ril.
Andrews, Jantzer and Armstrong resigned. effective Feb. 28.from the firm
of E. P. Andrews & Co.. Inc.
-Laurence M. Marks & Co.. investment bankers, announce that
Douglas E. Bartow and Emery Y. Morse, formerly with Evans. Stillman
& Co.. are now associated with them. They will be in charge of a department dealing in bonds as well as railroad equipment trust certificates.
-Trust Company of North America, 115 Broadway, N. Y., has issued a
supplementary bulletin on over-the-counter dealings as affected by the
Securities Exchange Act of 1934, following recent official announcements
Interpreting certain parts of the Act.
-Chas.E. Quincey & Co. have issued an interest table for U.S. Treasury
issues accrued during the month of March 1935 on each different 51.000
bond or note together with an interest table on Home Owners' Loan Corp.
and Federal Farm It ortgage bonds.
-T. L. Watson & CO., members New York Stock Exchange, announce
that Forst Haviland, formerly aigeneral partner of .7. H. Holmes & Co.,
and more recently connected with Harris, Upham & Co., has become
associated with them.
-Parson, Son & Co., 111 Broadway, N. Y., who are celebrating their
twenty-ninth birthday as dealers in municipal bonds, tbave prepared a
"special anniversary" list of bonds in addition to the usual comprehensive
list.
-J.S. Bache St Co. have prepared a booklet outlining the salient features
of the Tobacco Futures Contract as traded on the New York Produce
Exchange.
-Blyth & Co.. Inc ,120 Broadway, New York, has prepared to: distribution an analysis of the Chase National Bank and its common capital
stock.
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 2) bank exchanges for all cities of the United States
March 2 1935
Tower Grove Bank & Trust Co. (St. Louis).
ResourcesDec. 31 '34 Dec. 31 '33. Dec. 31 '32.
Loans on collateral
$2.748,217 $2,969,815 $1,404,104
Loans on real estate
1,001,011
1,049.600 3,356,837
Overdrafts
1,100
323
241
Bonds and stock, incl. $800,000 stock
in Govt. Security Holding Co
4.029,884 1,787.648
1,866,986
Stock in Fed. Res. Bank, St. Louis
33,000
24.000
24.000
Real estate(company's office bldg.)_ 144,021
150.292
153.741
Other real estate
100,835
38.398
164,453
U. S. Govt. cite. of indebtedness---364,000
497.000
U. S. Liberty bonds
1,681,000
885,604
915,885
Safe deposit vaults
25,000
29.556
35,448
Duefrom Federal Reserve Bank,other
trust companies and banks
1.343,762
789.065
682.547
Checks and other cash items
11,890
35.560
22,473
Cash on hand
112,210
138.519
112,344
Other resources
127.906
113,561
77,774
Furniture and fixtures
35.692
44,913
58.258
Total
$11,759,528 $8,584.135 58,844,808
LiabilitiesCapital stock paid in
$500,000
$500,000
$500,000
Capital notes
300,000
Surplus
300,000
300.000
300,000
Undivided profits
45,871
307,036
78,728
Reserves
11,788
14.260
96,972
Deposits subject to draft
4,723,142 3.315,731
2,947,639
Time certificates of deposit
1,444.797
1,386,107 1.012,055
Demand certificates of deposit
104,641
900
105,557
Savings deposits
3.982.116 2.633,729 3,031,701
Cashier's checks
88,698
91,106
83,164
Postal savings deposits
89,992
107.705
U. S. Government securities
461,336
265,083
Bills payable and rediscounts
20.000
Other liabilities
109
38,508
Total
$11.759.528 $8,584,135 $8.844,808
* Began business Oct. 14 1911.
*United Bank & Trust Co. (St. Louis).
ResourcesDec. 31 '34 Dec. 30 '33. Dec. 31 '32.
Loans and discounts
$2,692,901 $3,358,133 $3.310,038
U.S. Govt. bonds and securities
3.188,5002,541,5821,899,482
Other bonds and securities
1,711,963
245,615
888.771
Stock of Federal Reserve Bank
45,000
45,000
45.000
Stock in United Corp
a600,000
Overdrafts
33
342
664
Safe deposit vaults, turn. & fixtures...
28.832
18,025
23.099
Other real estate
206.718
211,718
233,318
Cash and sight exchange
1,376,082
2,283,574
1,397,808
Letters of credit
1.370
Other resources,Int. earned, uncollec_
62.642
51,643
46,581
Total
$9,353,547 $8,524.095 $8,636,792
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
$1,000,000 $1.000.000 $1.000.000
500.000
500,000
200,000
87,038
58,681
11,466
44,260
56,349
9,599
1,370
4,821,246 3.894,613 3.986.414
1.179.346
1,000,937
1,127.941
708.471
803.805
873,024
41.379
43.964
35.323
555,000
300,000
700,000
436,200
997.100
533,771
1.980
2,911
2.246
Total
*9.353,547 $8.524.095 $8.636,792
•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.
a The United Corp. Is a wholly owned subsidiary of this bank, with no
liabilities and whose assets consist entirely of cash.
from which it is possible to obtain weekly returns will be
5.2% above those for the corresponding week last year.
Our preliminary total stands at $6,042,086,185, against
$5,745,151,743 for the same week in 1934. At this center
there is a loss for the week ended Friday of 1.4%. Our
comparative summary for the week follows:
Clearings-Returns be Telegraph
Week r.ruting March 2
1935
1934
Per
Cent
New York_
Chicago
Philadelphia
Boston
Kansas City
Bt. Louis
Ban Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$3,198,908,753
212,102,207
300,000,000
177,000,000
73,771,396
66,200,000
99,500,000
88,424,141
99,588,848
55,208,356
49,726,725
27,900,000
$3,245,902,124
172,062,994
251,000,000
171.000.000
57,161,044
52,200,000
95,106,100
75,474,085
67,327,922
46,975,162
46,995,763
21,690,000
-1.4
+23.3
+19.5
+3.5
+29.1
+26.8
+4.82
+17.2
+47.9
+17.6
+5.8
+28.6
Twelve cities, 5 days
Other cities, 5 days
$4,448,328,426
.586,743,395
54,302,895,094
552,514,645
+3.4
+6.2
Total all cities, 5 clays
All cities, 1 day
$5,035,071,821
1,007,014,364
$4,855,409,739
889,742,004
+3.7
+13.2
56,042,086,185
55,745,151,743
+5.2
Total all cities for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Feb. 23. For
that week there is a decrease of 2.5%, the aggregate of
clearings for the whole country being $4,708,952,313, against
$4,828,915,150 in the same week in 1934.
Outside of this city there is an increase of 15.6%, the
bank clearings at this center having recorded a loss of 10.9%.
We group the cities according to the Federal Reserve districts in which they are located, and from this it appears
that in the New York Reserve District, including this city,
there is a loss of 10.3%, but in the Boston Reserve District
there is a gain of 8.5% and in the Philadelphia Reserve
District of 21.0%. The Cleveland Reserve District has to
its credit an increase of 15.5%, the Richmond Reserve District of 4.7%, and the Atlanta Reserve District 14.5%.
In the Chicago Reserve District there is an improvement of
19.6%, in the St. Louis Reserve District of 12.3%, and in
the Minneapolis Reserve District of 4.1%. The Kansas
City Reserve District has enlarged its totals by 16.2%, the
Dallas Reserve District by 7.5%, and the San Francisco
Reserve District by 24.2%.
In the following we furnish a summary of Federal Reserve
-districts:
SUMMARY OF BANK CLEARINGS
Week Ended Feb. 23
Clearings at1935
1933
$
$
%
214,391,453
188,585,747
+8.5
-10.3 2,746,676,271 2,664.047,303
250,423,260
279,981,572
+21.0
185,517,784
159.940,954
+15.5
+4.7
89,290.717
71,329,372
77,095,449
69,368,742
+14.5
311,914,920
174,503,339
+19.6
98.949,421
67,772,797
+12.3
56,775,949
48,000,011
+4.1
108,988,212
75,268,710
+16.2
28,114,697
+7.5
38.069,023
150,797,339
125,766,717
+24.2
$
187,203,925
3.025,340,055
298,570,930
182,220,817
82,933,870
105,239,135
325,140,880
102,641,561
65,181,317
109,858,570
43,629,089
180,992,164
$
172,512,111
3,374,091,563
246,761,091
157,779,539
79.163.413
91,877,771
271,891.825
91,363,379
62,592,316
94,544,517
40,601,999
145,730,636
110 cities
Total
Outside N. Y. City
4,708,952,313
1,768,575,341
4,828,915,150 -2.5
1.529,981,236 +15.6
4,035,308,929
1,367,786,275
4,228,240,830
1,649,583,739
32 cities
263.553.758
263.274.247 +0.1
195.114.111
213.959.401
Week Ended Peb. 23
Clearings at1935
Inc. or
Dec.
1934
1933
1932
$
First Federal Reserve Dist net-Boston
441,274
393,470
Me.-Bangor____
1,856,094
Portland
1.106,063
163,757.253 148,793.688
Mass.-Boston_ _
549.224
577,319
Fall River_ _
242,589
222,196
Lowell
560,598
527.542
New Bedford_ _
2,030,262
2.105.648
Springfield
824,305
1,116,928
Worcester
7,228,022
8,047,633
Conn.-Hartford.
2,390,917
2,703,831
New Haven_ _
6,909,200
6,142,000
R.I.-Providence
340,322
N.11.-Manches'r
849.658
Total(12 cities)
187,203,925
4-12.1
--40.4
4-10.1
--4.9
--8.4
--5.9
+3.7
+35.5
--10.2
--11.6
+12.5
4-149.7
2.52,136
1,536,057
167.237,280
536.193
279,435
388,292
2,596,034
1.290,535
5,156,368
3,162,260
5,875.100
276,057
324.918
1,767,926
185,750,615
696.164
187,052
491,331
2,730,528
1,909,235
6,858,236
5,519,245
7,719,000
437,203
+8.5
188,585,747
214,391,453
172,512,111
Second Feder al Reserve D istrict-New
5,946,047
4,006,203
N. Y.-Albany..
679,020
793.160
Binghamton _
23,304,660
23,100.000
Buffalo
414,495
658.992
Elmira
402,535
433.403
Jamestown..
2,940,376,972 3,298.953,914
New York
5,370.056
Rochester
4,965.972
2,592,349
3,104,144
Syracuse
2,193,127
3,130,229
Conn.-Stamford
224,839
N. J.-Montclair
.300,000
Newark
13.397.506
13,037,676
Northern N. J.
31,073,474
20,972,835
York
7,399,738
10,893,219
-32.6
652,989
553,512
+16.8
22.481.489
22,921,262
-0.9
827,769
438,298
+59.0
522,443
395,962
+7.7
-10.9 2,667,522,654 2,578.657,091
5,716,574
5.159,341
-7.5
+19.7
2.902,526
2,422,790
2.116,969
1,804,468
+42.7
334,461
260,563
+33.4
14,379.434
20,323,118
+2.8
22,112,136
19.924,768
+48.2
Total(12 cities) 3,025,340,055 3,374,091.553 -10.3 2.746,676.271 2,664,047,303
l'hIrd Federal Reserve Dist rict-Philad elphia
Pa.-Altoona_.
242,079 -37.2
162,030
Bethlehem.
a2.037,796
Chester
245,711
272,858 -9.9
Lancaster
619,375 +23.3
763,633
Philadelphia_
289,000,000 239,000,000 +20.9
Reading
840.809 +27.0
1,067,057
Scranton
1,963,384
1,930,526 +1.7
Wilkes-Barre
1,080,406
1,038,015 +4.1
York
857,809
734,431 +16.8
N. J.-Trenton..
2,083.000 +65.1
3,440,000
271,891,825 +19.6
174,503,339
311,914,920
43.600.000
16,109,263
7,869,874
55,600.000
15.046.220
9,773,348
Total(9 cities).
298,570,930
Fourth Feder al
Ohio-Akron _ _
Canton
Cincinnati _ _ _
Cleveland
Columbus
Mansfield
Youngstown...
Pa -Pittsburgh.
248,761,091 +21.0
417.371
2428,890
344,058
961,173
240,000,000
1,821.898
1,992,051
1,434,561
863,148
2,589,000
279,981.572
250,423,260
37,398,509
60,164,980
6.205,900
719.530
Reserve D strIct-Clev eland
32,808,216 ;21.0
48.854,832 +8.4
7,018,200 +20.2
924,907 +43.2
79,799.417
68,173,384 +17.1
31,422,463
57.523,385
6,578,400
819,302
Is
63,597.404
182,220,817
157,779,539 +15.5
159,940,954
185,517.784
Fifth Federal Reserve Dist rict-Richm ond120,042 +12.2
W.Va.-11unt'ien
134,742
1,880,000
1.450,000 +29.7
Va.-Norfolk_
42.0
25,219,979
24,723,187
Richmond
723,014 +4.1
752.427
S.C.-Charleston
41,657,118 +1.4
42,251,877
Md.-Baltimore.
10,495,052 +20.9
12,684,845
D.C.-WashInen
243,460
1,765,000
21,918,042
559,755
34,511,789
12,331,326
312,774
2,234,959
22,308,673
1,000,000
47.950,011
15,484,300
+4.7
71,329,372
89,290,717
+34.4
+21.2
+9.7
-17.7
+7.8
+32.4
+26.0
2,478,218
7,084,656
22,100.000
620,987
303,687
8.281,066
6,780,343
611,050
4 12.3
+5.5
67,143
21,041,612
2,530,117
7,827,986
23.600,000
810,070
388,346
9.433.596
7.913,442
I309,734
Is
90.158
23,692.000
91.877.771 +14.5
69,368.742
77.095,449
Total(5 cities).
Total(6 cities).
39,699,313
52,960,988
8,436,200
1,324,899
82,923,870
79,168,413
Sixth Federal Reserve Dist riet-Atlant
1,773,253
2,382,946
Tenn.-Knoxville
9,165,713
11,111,181
Nashville
33,100,000
36.300.000
Ga.-Atlanta__
1.002,246
824.985
Augusta
516,152
556,258
Macon
11,099.000
14,694,000
Fla.-Jack'nvIlle.
11,027,949
13,895,037
904,204
902.905
Mobile
M 199.-Jackson._
101,374
113,817
Vicksburg
23,187,880
24,458,006
La.-New Orleans
Total(10 cities)
105.239,135
325,140.880
Elehth Feder al
Ind,-Evansville.
Mo.-St. Louis..
Ky.-Louisville _ _
Tenn.-Memphis
III.- Jacksonville
Quincy
81,028,865
5,987
226,177
702,518
8,118,000
409,413
3,231,139
8.889,579
101,587
325,102
67.283.708
2.700.328
944,000
971.031
10.760.000
1,017.213
3.721,914
13,664.156
586.320
4.210,065
2,186,582
Reserve D intact- St. Louis63.900,000
25,091,520
13,341,041
55,900,000 +14.3
21,354.670 +17.5
13.792.709 -3.3
309,000
316.000
-2.2
193,660
529,853
102,641,561
91,363,379
/-12.3
67.772.797
80,949,421
Ninth Federal Reserve Ohs trict-111Inne apolls1,629,812 +21.1
1,974.349
Minn.-Duluth..
+4.0
40,288.872
41,894.954
Minneapolis...
+0.3
18,335,247
38,390,909
St. Paul
332,700 +50.2
499,780
S. D.-Aberdeen
260,360 4 42.4
370.796
Mont -Billings.
1,745,325 +17.5
2.050,529
Helena
1,303.084
32,471,671
12,133.390
426.085
186.515
1.474,266
2,046,303
39,573,235
13,066.195
489.769
262,775
1.337.672
+4.1
48.000,011
56.775,949
Tenth Federal Reserve Dis trict-Kansa s City51.645 +69.6
87.598
Neb.-Fremont..
51,301 +53.4
78,717
Hastings
1,690.174 +9.5
1,851,450
Lincoln
27.521,882 -10.8
24,549,337
Omaha
1,390,589 +56.0
2,169,258
Kan.-Topeka_ _ _
1.889,044 +11.5
2,105,591
Wichita
+28.9
58,564.471
75,485.844
Mo.-Kan. City.
2,607,775 +1.3
2,641,264
St. Joseph.. _.
392,747 +10.7
434,600
Colo.-Sol. Sp'its
384.889 +18.2
454.811
Pueblo
30.019
91,477
1.181.567
15,208,305
1,214.223
2,513.163
52,133,788
1.905,049
529.279
461,840
132,959
135,423
1,837.220
20,726.891
1.815.153
3,334.810
76.978,231
2,651,458
668,530
707,539
94,544,517 +16.2
75.268,710
108,988.212
Eleventh Fede rat Reserve District-Da 11.5616.178 +69.0
1,041,583
Tex.-Austin....
+7.0
31,218,371
33.401.182
Dallas
4,540,132 +20.1
5,452,247
Fort Worth _ _ _
2.345,000 -16.8
1,950,000
Galveston
1.882,318 -5.2
1,784,077
La.-Shreveport-
542,857
21,295,236
3,303.980
1,067.000
1,905,624
763.557
24.671.738
5,981,772
4,391,000
2.260,956
28.114,697
38.069.023
Twelfth Feder al Reserve D istrict- San Franc isco15.186.751
18,124,229 +16.4
21,089,392
Wash.-Seattle _
3.475.000
5.291,000 +13.7
6,016.000
Spokane
268.258
379.263 +16.9
443.287
Yakima
12.566,190
16.408,245 +20.9
19,829,405
Ore -Portland..
6,475.704
8,105.675 +30.0
10,536.697
Utah-S. L. City
2,400,963
2,341,065 +13.1
2,648,749
Callf.-Long 13'11.
2,283,920
2,112,038 +15.6
2.441.937
Pasadena
2,069,908
2,230,104 +199.8
6,685,653
Sacramento..,
78,479,644
87.622,403 +22.8
San Francisco. 107,593,467
827.684
1,242,353 +15.7
1,437.36
San Jose
677,749
768,115 +29.
998,02
Santa Barbara_
1,054,946
1.106,146 +15.0
1,272,190
Stockton
17.711.329
4,486,000
432,238
15.104,096
7.741.032
2,946,438
2.722.988
4,922,222
9E418,730
1,372.357
995,607
944.302
125,766.717
150,777,339
Total(4 cities).
Total(10 cities)
Total(5 cities).
Total(12 cities)
233.473
2284,275
221,781
746,252
269,000,000
966,801
1,703,039
1,070,207
670,019
5,370,000
1932
838.188
197,339,896
458.380
2,165,186
763.658
1,877.610
Total(6 cities).
We now add our detailed statement showing last week's
figures for each city separately for the four years:
1933
4,038,342
1.456.683
Is
355,296
143,823,635
277.588
1,659.654
376,48
932,847
1932
Federal Reserve Diets.
let Boston_ _ _ _12 cities
2nd New York_12 "
3rd Philadelphia 9 "
4th Cleveland__ 5 "
5th Richmond _ 6 "
6th Atlanta_ _ __10 "
7th Chicago __.19 "
8th St. Louis_._ 4 "
9th Minneapolis 6 "
10th Kansas City 10 "
11th Dallas
12th San Fran_.12 "
Inc. or
Dec.
1934
Seventh Feder al Reserve D strict-Chic ago46,074 +29.1
59,460
Mich.- Adrian _
278,810
262,508
Ann Arbor_ _ _ _
62,759,988 +34.5
84,410,824
Detroit
1.182,539 +23.9
1,465.169
Grand Rapids.
721.554 +43.0
1,032,148
Lansing
463,752 +14.7
532,028
lnd.-Ft. Wayne
8.475.600 +19.6
10,136,000
593,851 -8.3
544,310
South Bend..
3,748,530 -15.3
3,176,427
Terre Haute..
10,760,867 -3.0
10,437,613
Wis.- Milwaukee
255.359 +149.0
635,808
Ia.-Ced. Rapids
4,187,519 +30.8
5,477,214
Des Moines_ .._
+1.2
2,024,25
2,049,295
Sioux City...Waterloo
+7.6
232,99
250,775
Ill-Bloomington
200,865,590 172.551,75 +16.4
Chicago
385.200 -3.0
373,562
Decatur
1.988.142 +9.1
2.168,532
Peoria
459.88 +31.0
602,652
Rockford
775,74 -14.8
660,965
Springfield....
Total(19 cities)
Inc.or
Dec.
1934
1935
Week Ended Feb. 23 1935
Canada
1429 A
Financial Chronicle
Volume 140
65,181,317
109,858.570
43.629,089
180,992,16
62,592,316
40,601,999
+7.5
145,730.638 +24.2
Grand total (110
4,708,952,313 4,828,915.150
cities)
-2.5 4,035.308,929 4.228,240,830
Outside New York 1.768.575,341 1,529,961,236 +15.6 1,367.786.275 1,649.583.739
Week Ended Feb. 21
Clearings at
1935
1934
$
$
Canada106,140,849 105,620,148
Toronto
81,817,853
76.710,051
Montreal
24.089,143
29.344,324
Winnipeg
14.601.109
12,842.397
Vancouver
3,870,849
4,298.930
Ottawa
3,649,402
3,092,215
Quebec
1,738,743
1,938.155
Halifax
3,221,854
3,198,531
Hamilton
3,990,864
Calgary
4,287,061
1,424,298
St. John
1,385.861
1,339,530
1,385.182
Victoria
2,225,706
2,246.775
London
3,318.053
3,731,423
Edmonton
2.207.706
2,215,703
Regina
219,913
262,123
Brandon
310,032
Lethbridge
356,504
1,007,197
1,144,189
Saskatoon
401,355
Moose Jaw
411.964
643,171
674,474
Brantford
511.859
Fort William _ _._
516,726
440,697
New Westminster
403,809
192,861
Medicine Hat...
214,876
481,973
Peterborough....
493,303
500,432
455,125
Sherbrooke
865,979
806,437
Kitchener
2,377,412
2,084,636
Windsor
259,137
233.218
Prince Albert__ _ 604,472
610.332
Moncton
396.622
447,862
Kingston
352,468
415,266
Chatham
369.529
370,399
Sarnia
567.973
490,467
Sudbury
263.274.247
Total(32 cities)
263.553.258
Inc. or
Dec.
1933
1932
%
+0.5
-6.2
+21.8
-12.0
+11.1
-15.3
+11.5
-0.7
+7.4
-2.7
+3.4
+0.9
+12.5
+0.4
+19.2
+15.0
+13.6
+2.6
+4.9
+1.0
-8.4
+11.4
+2.4
-9.1
-8.9
+14.0
+11.1
+1.0
-11.4
+17.8
-0.2
+15.8
5
68,460,538
61,684,492
21.730.620
10,258.100
3,428,867
3,001,796
1,680,436
2,788,926
4,069,183
1,388,485
1,072.497
1,993,195
2.588.705
2,228,880
216.472
218,899
927,145
346 660
583,369
408,079
315,190
128,941
431,888
435,262
756,982
1,845,862
177,874
561.803
368.907
344,408
327.167
344,483
S
63,432,514
70,083,067
30,362.714
11.913,469
4,076,768
3,399,269
1,942,499
3,138,101
4,536,767
1.475.145
1,226,990
1.99E367
3,221,746
3,098,773
243,943
274,174
1.158,383
423.642
633,262
407.677
362,314
167.251
529,652
506,637
681,529
2,254.249
290,551
576,552
437.687
372,636
335.220
404.853
+0.1
195.114.111
213,959.401
a Not included In totals. b No clearings available. c Clearing House not
• Estimated.
functioning at present. d No clearings all banks closed.
1430
Financial Chronicle
THE CURB EXCHANGE
March 2 1935
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE
Trading on the Curb Exchange was quiet and without
Stocks
Bonds (Par Value)
Week Ended
noteworthy feature during most of the present week. Public
(Number
Mar. 1 1935
Foreign
Foreign
Shares)
Domestic Government Corporate
utilities and mining and metal shares have attracted some
Total
Saturday
103,320 53,297,000
buying and specialities have held a moderate amount of Monday
827,000
$25,000 $3,349,000
118,745 3,948,000
53,000
41,000 4,042,000
149,785 4.840,000
speculative attention, but price movements, as a rule, were Tuesday
63,000
32,000 4,935,000
Wednesday
139,180 4,240.000
46,000
30,000 4,316,000
Thursday
128,763 5,058,000
50,000
highly irregular with a tendency toward lower levels during Friday
28,000 5,136,000
208,125 4,693,000
90,000
49,000 4,8321,000
the first half of the week and a somewhat stronger market
Total
847,918 $26,076,000 $329.000 $205,000 $26,610,000
as the week advanced.
Sales at
Irregular price movements characterized the dealings on the
Week Ended Mar. 1
Jan. 1 to Mar. 1
New York Curb
Curb Exchtnge during the two-hour session on Saturday,
Exchange
1935
1934
1935
1934
and while there was some firmness apparent in the public Stocks-No,of shares_
847,918
1,713,227
6,303,271
18.023,277
utility shares, the advances were small and without special DomesticBonds
526,076.000 $22,910,000 8202,857,000 8202.130,000
329,000
significance. The power and light companies made good Foreign government
1,293,000
4,195,000
9,576,000
Foreign corporate
205.000
856,000
2,301,000
8,810,000
progress following the decision of an Alabama Federal Court
Total
826.610,000 $25,059,000 8209,353,000 8220,516,000
that power sales by the Tennessee Valley Authority were
illegal and moved ahead from fractions to 2 or more points.
Specialties continued to show moderate strength and there
THE ENGLISH GOLD AND SILVER MARKETS
was some buying in the mining and metal issues, but most
We reprint the following from the weekly circular of
of the market leaders registered fractional losses at the close
of the session. Outstanding among the latter were Allied Samuel Montagu & Co. of London, written under date of
Mills, American Gas & Electric common, Carrier Corp., Feb. 13 1935:
GOLD
Distillers Seagrams, Ford Motor of Canada A, Greyhound
The Bank of England gold reserve against notes amounted to E192,434,126 on the 6th instant, showing no change as compared with the previous
Corp., Humble Oil & Refining, and Swift & Co.
Trading was quiet during most of the session on Monday Wednesday.
In the open market gold to the value of about £2.100,000 was disposed of
and the trend of prices was generally toward lower levels. during the week.
Prices have ruled below dollar parity though to a smaller extent. There is
There were a few scattered stocks that were inclined to
a great deal of hesitancy to make shipments to New York as the
resist selling pressure, but these were largely in the preferred still
decision of the United States Supreme Court regarding the "gold clause"
group and the gains were usually in minor fractions. Prom- has not been made known,
nor has any definite time been appointed for the
inent in the declines were Aluminum Co. of America, Amer- announcement.
According
to
an
announcement
made on the 11th instant by Mr. Morgenican Cyanamid B, General Tire & Rubber, Glen Alden Coal, than, the Secretary
of the United States Treasury, the $2,000,000,000
Greyhound Corp. and Newmont Mining Corp.
Stabilization Fund established last year under the Gold Reserve Act had
Declines again predominated during the dealings on the been used in foreign exchange markets since Jan. 14th last to control the
It was stated that the fund would be used to manage the value o
Curb Exchange on Tuesday, many of the trading favorites dollar.
the dollar abroad whenever necessary.
slipping back from fractions to a point or more. Some
It is thought that a good proportion of the $169,000,000 of gold, imported
resistance was displayed by the mining and metal stocks, by the United States of America since the Supreme Court heard arguments
regarding the "gold clause," was purchased with foreign exchange acquired
but there was little activity apparent and this was largely by the Stabilization Fund.
for professional account. Recessions at the end of the
Quotations during the week:
Per Fine
Equivalent Value
session included among others, Aluminum Co. of America,
Ounce
of £ Sterling
Feb. 7
142s. Id.
lls. 11.506.
Carrier Corp., Creole Petroleum, Electric Bond & Share, Feb.
8
142s. 1 d.
lls. 11.46d.
Feb. 9Glen Alden Coal, Greyhound Corp., Humble Oil & Refining, Feb.
1428. 2 d.
us. 11.37d.
11
142g. 31.ld.
118. 11.296.
Sherwin-Williams and Hiram Walker.
Feb. 12
142s. 234d.
lis. 11.37d.
13
142s, 4d.
118. 11.230.
Small gains were in evidence as the market closed on Feb.
Average
142s. 2.30.
lls. 11.37d.
Wednesday, but during the earlier part of the session prices
The following were the United Kingdom imports and exports of gold
were inclined to sag and some of the prominent trading registered from mid-day on the 4th instant to mid-day on the 11th instant:
favorites showed little improvement. The advances were
Imports
Exports
not particularly noteworthy at any time and were, for the British South Africa-__ £1,353,775 United States of America £4,051,849
British West Africa....
107,407 France
624,192
most part, among the more active specialties and utilities. British India
524,053 Netherlands
90,000
666,325 Belgium
9.000
Stocks showing moderate gains included Greyhound Corp. France
Netherlands
37,688 Switzerland
58,347
Belgium
15,557 Saudi Arabia
Hollinger Consolidated Gold Mines, Hudson Bay Mining & Switzerland
10,000
11,470 Venezuela
69.895
Smeling, Sherwin-Williams, American Gas & Electric Egypt
541,000 Other countries
119
Other countries
24,279
common and Commonwealth Edison.
£3,281,554
£4,913,402
Price movements continued to show considerable irreguThe SS. Naldera which sailed from Bombay on the 9th instant carries
larity on Thursday, and while there were a number of small gold
to the value of about £770,000 consigned to London.
gains in evidence among the trading favorites, the market,
The Transvaal gold output for January 1935 amounted to 890,875 fine
as a whole, was slightly lower at the close. The volume of ounces as compared with 866,037 fine ounces for December 1934 and
fine ounces for January 1934.
dealings was again small and public participation down to 907,641
The Southern Rhodesian gold output for December 1934 amounted to
the minimum. Prominent among the stocks closing frac- 57,893 fine ounces as compared with 55,128 fine ounces for November 1934
tionally lower were such active issues as American Cyanamid and 56,814 fine ounces for December 1933.
SILVER
B, American Gas & Electric common, Atlas Corp., Creole
Quiet conditions have ruled in the market and movements in prices have
Petroleum, Distillers Seagrams, Ltd., Standard Oil of Ken- been
negligible. There has been further reselling by the Indian Bazaars
tucky and Humble Oil & Refining.
and speculators, but the nervous feeling has been loss apparent and a little
Mining and metal shares were in moderately good demand speculative buying has been seen during the week. China has given some
support and with the American Treasury willing to buy at current rates,a
on Friday, the gains ranging from fractions to 2 or more steady
tone has been maintained.
points. There was also some interest manifest in the
The following were the United Kingdom Imports and exports of silver
registered
from mid-day on the 4th Instant to-mid-day on the 11th Instant
specialties, but with the exception of Greyhound Corp.,
Imports
Perfect Circle and Murphy, the gains were in small fractions.
Exports
Hongkong
187,317 United States of America-- £582.200
The turnover for the day exceeded 200,000 shares and was Australia
26,663 Iraq
6,598
Japan
67,575 Netherlands
7,070
the largest volume of the week. As compared with Thurs- Iraq
11,773 Italy
1,778
9,075 France
day of last week, prices were generally lower, Allied Mills British West Africa
646
Aden and dependencies---7,499 Other countries
3,578
closing last night at 148
/i against 14% on Thursday of the Soviet Union
27,181
Germany
56.705
previous week; Aluminum Co. of America at 40% against Belgium
10,650
13,438
43%; American Cyanamid B at 17 against 173; Atlas Corp. France
Other countries
7,939
at 8 against 8%; Canadian Marconi at 1% against 1%;
£325,815
£601,870
Carrier Corp. at 173 against 183; Central States Electric
Quotations during the week:
at 5-16 against %; Cities Service at 1 against 13'; Distillers
IN LONDON
IN NEW YORK
Seagrams, Ltd., at 173/i against 17%; Electric Bond & Share
Bar Silver per Oz. Std.
(Per Ounce .999 fine)
Cash
2
Mos.
at 43
4 against 5; Fisk Rubber Corp. at 83
4against 93'; Ford Feb. 7
24IM.
2414d.
Feb. 6
53 15-16c.
Feb. 8
24 7-16d. 24 9-166.
Feb. 7
of Canada A at 293
54 1-130.
4 against 30%; Glen Alden Coal at 183
Feb. 9
24 7-166
24 9-166.
Feb. 8
54 Hc.
Feb.
11
against 19%; Humble Oil (New) at 483 against 49%;
24 7-166
24 9-166.
Feb. 9
543ic.
Feb. 12
24 7-166
249-166.
Feb.
11
54%c.
National Bellas Hess at 13A against 1%; Pennroad Corpora- Feb. 13
247-166.24 9-166.
Feb. 12
Holiday
Average
24.427d.
24.5596.
tion at 13. against 1%; Standard Oil of Kentucky at 203
The highest rate of exchange on New York recorded during the period
against 20%, and Swift & Co. at 17%, against 183i•
from the 7th instant to the 13th instant was 34.89, and the lowest $4.8734.
Financial Chronicle
Volume 140
INDIAN CURRENCY RETURNS
fr(in Lacs of Rupees)Jan. 22
Jan. 31
Feb. 7
Notes in circulation
18,358
18,295
18.367
Silver coin and bullion in India
9,425
9,267
9.386
Gold coin and bullion in India
4.155
4,155
4.155
Securities (Indian Government)
3,363
3.438
3.382
Securities (British Government)
1.424
1,435
1,435
Stocks in Shanghai on the 9th instant consisted of about 15,700.000
ounces in sycee, 256,000,000 dollars and 44.700,000 ounces in bar silver, as
compared with about 15,900.000 ounces in sycee, 255,000,000 dollars and
44,400,000 ounces in bar silver on the 2nd 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:
Silver, per oz__
Gold, p.fine oz
Consols,255%British 355%
lik W. L
British 4%
1960-90
Wed.,
Tues.,
Mon.,
Sat.,
Frt.,
Th,,rs.,
Mar. 1
Feb. 28
Feb. 27
Feb. 26
Feb. 25
Feb. 23
2554d. 25 11-16d. 26 1-16d.
25546. 25 9-16d.
251.1d.
1439.11d. 1438.955d. 143s.1355d. 142s.1155d. 1446.16.
145s.1d.
Holiday 8831
88%
88%
88%
88%
Holiday 106%
106%
106%
106%
10655
Hollday 118%
11831
118%
118%
11811
The price of silver in New York on the same days has been:
Silver in N. Y.,
(foreign) per
on.(cts.)----55%
U.S. Treasury.. 50.01
U. S. Treasury
(newly mined) 6455
5555
50.01
5555
50.01
56%
50.01
56%
50.01
56%
50.01
6435
6415
64%
6455
64%
Prices on Paris Bourse
The Berlin Stock Exchange
each
Mar.
1,
30
116
141
85
128
85
100
119
85
141
115
130
30
77
34
167
208
149
146
NATIONAL BANKS
The following information is issued by the office of the
Comptroller of the Currency, Treasury Department:
CHARTERS ISSUED
Feb. 20-The First National Bank in Glidden, Glidden, Iowa__ Capital
President, D. E. Waldron; Cashier, H. W.Porter. Will succeed $50,000
No.4814, The First National Bank of Glidden. Glidden, Iowa.
VOLUNTARY LIQUIDATIONS
Feb. 16-The First National Bank of Osmond, Nob
Ef.ective Sept. 29 1934. Liq. agent: James F. Toy, care of 25,000
Toy National Bank, Sioux City. Iowa. No absorbing or
succeeding bank.
Feb. 18-The First National Bank of Newberg, Ore
Effective Jan. 23 1935. Lief. agent: It. P. Gill, Newberg, Ore. 50,000
Absorbed by "United States National Bank of Newberg,"
Charter No. 9358.
Feb. 18-The Hardin County National Bank of Eldora, Iowa
Effective Feb. 14 1935. Liq. committee: D. M. Moser, James 50,000
Nuckolls and H. H. Turner, all of Eldora, Iowa. Succeeded
by "Hardin County National Bank in Eldora," Charter No.
14286.
Feb. 19-The National Bank of Dodge County at 'Casson, Alinn. 30,000
Effective Feb. 4 1935. Liq. agent: C. L. \Vinyard, 'Casson,
Minn. Succeeded by the Kasson State Bank, Kasson, Minn.
Capital
Feb. 19-National Farmers Bank of Kasson, Minn
$40,000
Effective Feb. 4 1935. Liq. agent: C. G. Palmer, Kasson,
Minn. Succeeded by the Kasson State Bank, Kasson, Minn.
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
10% Deer Park Holdings, Inc.(N. Y.), par 5100
1 Harrison-Rye Realty Corp
$ per Share
810 lot
$29 lot
By Adrian H. Muller & Son, Jersey City, N. J.:
loo Consolidated Nevada Utah Corp
600 Consolidated Goldfield Deep Mines Co. (Nevada corp.)
$1 lot
51 lot
By. R. L. Day & Co., Boston:
Stocks
Shares
4 Merchants National Bank, Boston, par 5100
10 Harvard Trust Co., Cambridge, par $20
10 Ludlow Manufacturing Associates
20 Central Power Sr Light 7% preferred, par $100
5 Allied Kid 655% convertible preferred
6 Dennison Manufacturing Co. preferred, par $100
10 Landers, Frary & Clark, par $25
3 The Collins Co., par $100
4 Connecticut Power Co. common, ex-dividend, par 525
56 Eagle Lock Co., par $25
2 Automatic Refrigerating Co., par $10
1 Boston Athenaeum, par $300
5 per Share
342
5434
98%
23%
87
47
36%
9454
32%
20%
4%
275
By Crockett & Co., Boston:
Quotations of representative stocks as received by cable each day
of the past week
Feb. 23 Feb. 25 Feb. 26 Feb. 27 Feb. 28 Mar. 1
Francs Francs Francs Francs Francs Francs Francs
Bank of Frans*,
10,600 10,500 10,400 10,300 10.300 10,400
Banque de Paris et Dee Pays Bait
876
883
879
862
867
Banque dL'Union Patisienne
473
482
466
451
456
Canadian Pacific
185
182
188
185
183
-181
Canal de Sues
17,900 17,700 17,800 17,900 17.900 18.000
Cl. Distr. d'Electricitle
1,145 1,137 1.137 1,122 1,130
Cle Generale d'Electricltie
1,250 1,240 1,230 1,220 1,230 1-,235
Cie Generale Transatiantique
23
23
23
23
23
____
Citroen B
67
67
68
68
66
Comptoir Nationale d'Escompte
969
968
967
956
970
Coty S A
84
80
SO
80
85
82
Courtieres
238
238
232
237
230
__Credit Commercial de France
592
586
587
580
581
Credit Lyonnalee
1,800 1,770 1,760 1,760 1,750 1-,780
Eau: Lyonnalse
2,190 2,160 2,180 2,160 2,140 2,170
Energie Electrique du Nord
500
500
501
502
495
Energie Electriuue du Littoral
711
710
709
702
701
_Kuhlmann
493
488
489
483
480
L'Atr Liquids
730
740
730
710
"iH)
710
Lyon (P L NI)
994
986
985
981
981
Nord Re
1,270 1,270 1.264 1.253 1,245
Orleans Ity
472
475
465
481
482
-iSi
Paths Capital
45
44
42
44
42
Peettiney
837
822
828
822
815
Rents& Perpetual 3%
82.50 82.60 82.40 81.50 81.50 82.00
Rents.4%. 1917
88.90 88.90 88.80 88.20 87.80 87.10
Rents.4%, 1918
87.60 87.75 87.90 87.00 86.60 87.20
Rented 455%, 1932 A
92.90 93.00 92.90 92.10 91.75 92.30
Rented 4%%, 1932 B
93.90 94.00 93.90 93.20 92.80 93.30
Rents. 5%, 1920
118.75 118.90 118.60 117.80 117.70 118.40
Royal Dutch
1,420 1,400 1.410 1,400 1.420 1,430
Saint Gobain C It C
1,135 1,122
1,126
1.141
1,126
Schneider & Cle
1,392 1,391
1,383 1,386 1,389
Societe Francalse Ford
47
47
49
46
47
48
Societe Generale Fanciers
48
48
47
46
46
Societe LyonnaLse
2,195 2,170 2.180 2,165 2,150
Societe Marseillailie
585
585
585
584
584
Tubize Artificial Silt pret
61
60
60
60
60
Union d'Eleetricitie
620
615
605
606
599
Wagon-Lits
62
62
62
61
62
Closing pric•• of representative stocks as received by cable
day of the past week
Feb. Feb. Feb. Feb. Feb.
25
23
26
27
28
Per Cent of Par
AllgenteineElektrizItasta-Geeellschaft(AEG) 28
29
29
29
29
Berliner liandela-Geeellschaft(5%)
113 112 113 113 115
Berliner Kraft U. Licht(10%)
140 139 140 141 141
Commerz-und Privet-Bank AG
82
82
84
83
84
Dauer Gas(7%)
126 125 125 129 129
Deutsche Bank und Disoonto-Geeellschaft_ 82
82
82
84
84
Deutsche Erdoel (4%)
99
99
99
99
99
Deutsche Reichebahn (German Rye) pf (7%)119 119 119 119 119
Dresdner Bank
82
82
83
84
84
Farbenindustrie 10(7%)
142 140 141 141
141
Geefuerel (5%)
114 113 113 115 115
Hamburg Electrle Werke(8%)
128 126 126 129 129
Hapag
31
30
30
30
31
Mannesmann Roehren
76
75
76
77
76
Norddeutachet Lloyd
33
33
33
33
33
ReicLuibank (12%)
163 167 169 167 166
Rheinbsche Braunkohle (12%)
208 209..iia 210 207
Salscletfurth (755%)
145
147
Siemens & Heist°(7%)
147
146 148 148 145
1431
Stocks
Shares
30 Air Container, common
6 Springfield Gas Light Co. voting trust certificates, par $25
Boruls$3,000 Iloughton & Dutton Building Trust 1st 43-4s. due Oct. 1 1941
$ per Share
3
17%
Per Cent
11% flat
By Barnes & Lofland, Philadelphia:
Stocks
Shares
S per Share
27 Central-Penn National Bank, par $10
27%
30 Philadelphia National Bank, par 620
71%
15 Corn Exchange National Bank & Trust Co., par $20
34%
BondsPer Cent
$500 Kemble Park Apartments, north corner Ogontz and Kemble Ares.
1st mtge. certificate of interest, due May 29 1933
11;1 flat
By A. J. Wright & Co., Buffalo:
Stocks
Shares
200 The Bank of Lancaster
5 per Share
$1 lot
DIVIDENDS
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in which
we show the dividends previously announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company
Per
Share
When Holders
Payable of Record
Acme Glove Works. Ltd.. 6)4% preferred
h$1% Mar. 15 Feb. 28
Affiliated Products (monthly)
Sc Apr. 1 Mar. 15
Allied Chemical & Dye Corp., pref.(quar.)
134% Apr. 1 Afar. 11
Aluminum Mfgs. (guar.)
50c Mar. 31 Mar. 15
Quarterly
50c June 30 June 15
Quarterly
50c Sept. 30 Sept. 15
Quarterly
50c Dec. 31 Dec. 15
7% preferred (quarterly)
5134 Mar.31 Mar. 15
7% preferred (quarterly)
81 34 June 30 June 15
7% preferred (quarterli
$134 Sept.30 Sept. 15
79 preferred (quarterly
$134 Dec. 31 Dec. 15
Amalgamated Leather
50c Apr. 1 Mar. 20
American Bank Note, preferred (quar.)
75c Apr. 1 Mar. 13
American Can Co., preferred (guar.)
134% Apr. 1 Mar. 15a
American Can Co., 7% pref. (quar.)
5134 Apr. I Afar. 15
American Felt. 6% pref. (guar.)
5134 Apr. 1 Mar. 15
American Hawaiian Steamship (guar.)
25c Apr. 1 Mar. 15
American Home Products (monthly)
20c Apr. I Mar. 14a
American News, N. Y. Corp.. (bi-monthly)_ _ _ _
25c Mar. 15 Mar. 5
American Paper Goods,7% pref.(quar.)
$134 Mar. 15 Mar. 5
American Power & Light Co., $6 preferred
373.4c Apr. 1 Mar. 11
35 preferred
31%c Apr. 1 Mar. 11
American Safety Razor (quarterly)
51 Mar.30 Mar. 8
Special
$1 Mar.30 Mar. 8
Extra
25c Afar. 30 Mar. 8
American Tobacco Co.. preferred (guar.)
% Apr. 1 Afar. 9
Art Metal Works, Inc. (quar.)
10c Afar. 21 Mar. 11
Associated Oil
35c Mar.30 Mar. 6
Babcock & Wilcox
10c Apr. 1 Mar. 20
Baldwin Co.,6% preferred A (guar.)
$134 Afar. 15 Feb. 28
Balfour Building, Inc., Tot. tr. ctfs. (quar.)_ _ _ _
Si Feb. 28 Feb. 13
Bankers National Life Ins. (Jersey City, N. J.)_
50c Mar. 15 Feb. 28
Battle Creek Gas Co.. 6% preferred (quar.) - 5134 Apr. 1 Mar. 20
Beech-Nut Packing Co., common (quar.)
75c Apr. 1 Mar. 12
Extra
50e Apr. 1 Mar. 12
Bell Telephone Co. of Canada
$134 Apr. 15 Mar. 23
Bellows & Co., A (guar.)
25c Mar. 15 Feb. 28
Biltmore Hats, Ltd.. 7% preferred (quar.)
__
5134 Mar. 15 Feb. 15
Binghamton Gas Works, 63-1% pref.(quar.)_ _ _ _ 51.56% Mar. 1 Feb. 19
Birmingham Electric, $7 preferred
/41% Apr. 1 Mar. 12
$6 preferred
h$134 Apr. 1 Mar. 12
Bohn Aluminum & Brass
75c Apr. 1 Mar. 15
Boston Elevated (quar.)
$155 Apr. I Mar. 9
Bower Roller Bearing (quar.)
25c Apr. 25 Apr. 1
Bradford Oil. A and B
10c Feb. 15 Jan. 31
Brazilian Traction, Light & Power, pref. (quar.) 5134 Apr. 1 Mar. 15
Bright (T. G.) & Co.(quar.)
734c Mar. 15 Feb. 28
6% preferred (quar.)
$134 Mar. 15 Feb. 28
British American Tobacco (Amer.) ord
10d Apr. 6 Mar. 1
"American" 5% preferred (5.-a.)
234% Apr. 6 Mar. 1
Amer. dep. rcts. ord. bearer (Interim)
tolOd Apr. 6 Mar. 1
Amer. dep. rcts. ord. registered (interim)-- wl0d Apr. 6 Mar. 1
Amer. dep. rcts. 5% pref. bearer (semi-ann.) =234% Apr. 6 Mar. 1
Amer. dep. rcts. 5% pref. registered (s.-an.).. =2%7 Apr. 6 Mar. 1
British Columbia Power Corp. (quar.)_
38c Apr. 15 Mar. 31
Bruck Silk Mills (quar.)
25c Apr. 1 Mar. 15
Extra
Sc Apr. 1 Mar. 15
Burt (F. N.) (quarterly)
50c Apr. 1 Mar. 15
Preferred (quarterly)
5134 Apr. 1 Mar. 15
Calarnba Sugar Estates (quar.)
40c Apr. I Mar. 15
Extra
Si Apr. I Mar. 15
Preferred (quar.)
35c Apr. 1 Mar. 15
California Elec. Generating Co.6% pref.(qu.)
51% Apr. I Mar. 5
Canada Malting Co., registered (guar.)
373.4c Mar. 15 Feb. 28
Bearer (quar.)
3734c Mar. 15
Canada Northern Power Corp., common (qu.)_ _
30c Apr. 25 Mar.30
7% cum. preferred (quar.)
134% Apr. 15 Afar. 30
Canada Permanent Mtge. Corp. (guar.)
52 Apr. 1 Mar. 15
Canadian Industries. Ltd., A & B (guar.)
$I Apr. 30 Mar.30
1432
Financial Chronicle
Name of Company
Per
Shari
When Holders
Payable of Record
Name of Company
March 2 1935
Per
Share
When Holders
Payable of Record
Canadian Celanese, Ltd., 7% cum. partic. pref. 551.91 Mar.30 Mar. 15
Memphis Power & Light, 57 pref. (quar.)
$1X Apr. I Mar. 16
7% cum. partic. preferred (guar.)
Mar.30 Mar. 15
$6 preferred (quarterly)
$1X Apr. 1 Mar. 16
Cairo Water,7% preferred (guar.)
Mississippi Valley Public Service51X Apr. 1 Mar. 20
Carter(Wm.)Co., preferred (guar.)
$1X Mar. 15 Mar. 10
6% preferred B (quar.)
Apr. 1 Mar. 22
Centllvre Brewing Corp.. $2 class A
Missouri Utilities, 7% preferred (quar.)
12 c Apr. 1 Mar. 20
Mar. 1 Feb. 21
Chrysler Corp. (quarterly)
Mar.30 Mar. 9
Mitchell (J. S.) & Co., preferred (quar.)
Apr. 1 Mar. 15.
51
Citizens Water (Wash.,Pa.),7% pref.(quar.)-Apr. 1 Mar. 20
Mock. Judson, Voehringer Co
250 Mar, 12 Mar. 1
Climax Molybdenum Co. (quar.)
Mar.30 Mar. 15
Monarch Life Insur. Co. (Springfield, Mass.)... $1 X Mar. 15 Mar. 1
Quarterly
Moore Corp. class A and 11 pref. (guar.)
Sc June 30 June 15
$1C Apr. 1 Mar. 15
Quarterly
Morris Finance, 7% preferred (quar.)
Sc Sept.30 Sept. 15
$1% Mar.30 Mar. 20
Quarterly
Class A (quar.)
Sc Dec. 30 Dec. 15
$
Clinton Trust Co.(New York) (quarterly) Class B (quar.)
301
1
Mar
50c Apr. 1 Mar. 15
, 20
ar:3°
0M
NIar
ar•
°
Clorox Chemical (quar.)
50c Apr. 1 Mar.30
Monroe Chemical, $3X pref. (guar.)
87c Apr. 1 Mar. 8
Extra
Mutual Chemical Co. of Amer.,6% pref. (qu.)
12Sic Apr. 1 Mar.30
Mar. 28 Mar. 21
Colt's Patent Fire Arms Mfg.(quar.)
31Sic Mar. 31 Mar. 9
6% preferred (quarterly
11X Jun 28 Jun 20
Columbia Broadcasting System, Inc.—
6
Sept.28 Sept. 19
preferred civarterly
Class A and B stock
40c Mar. 29 Mar. 13
6
preferred
preferr
quarterly
1
1t1 Dec. 28 Dec. 19
Columbia Investing Corp
Myers (F. E.) & Bro. (quarterly)
SIX Mar. 5 Feb. 28
40c Mar.30 Mar. 15
Commercial Credit (guar.)
National Bond & Share. extra
50c Mar.30 Mar. 11
25c Mar. 15 Feb. 28
8% cumulative preferred B (quarterly)
National Breweries, Ltd.(quar.)
50c Mar.30 Mar. 11
40c Apr. 1 Mar. 15
7% cumulative preferred (quarterly)
43c Mar.30 Mar. 11
Preferred (guar.)
44c Apr. 1 Mar. 15
6% 1st preferred (quarterly)
National Dairy Products, $7 pref. A & B (qu.) $ y Apr. 1 Mar. 11
$PA Mar.30 Mar. 11
$3 class A preferred (quarterly)
National Gypsum 707 preferred (quar.)
75c Mar.30 Mar. 11
Apr. 1 Mar. 16
1
Commercial Investment Trust Corp., corn.(qu.)
National Lead (quar.
Mar.30 Mar. 11.
50c Apr. 1 Mar. 5
I
13 May 15 Apr. 19
Preferred B (guar.
Convertible preferred (opt. 1929) (quar.)...._ m$1X Apr. 1 Mar. 5
Commercial Solvents Corp., common (extra)
National Standard (guar.)
25c Mar.30 Mar. 16
30c Apr. 1 Mar. 15
Commonwealth & Southern, $6 preferred
National Standard (quarterly)
750 Apr. 1 Mar. 8
50c Apr. 1 Mar. 15
Commonwealth Utilities Corp.,7% pref. A (qu.) $1 X Apr. 1 Mar. 15
Natomas Co.(guar.)
15c Apr. 1 Mar. 12
Apr. 1 Mar. 15
6% preferred B (guar.)
Neiman-Marcus Co. 7% Pref. (War-)
$1
Sly Feb. 20
Apr. 1 Mar. 15
$1
6X% preferred C (guar.)
7% preferred (quar.)
May 20
$1
Connecticut Electric Service (quar.)
513 Apr. 1 Mar. 22
Newark & Bloomfield RR.(semi-annual)
7c Apr. 1 Mar. 15
Consolidated Gas. preferred (quarterly)
New Bedford Cordage,7% pref. (guar.)
May 1 Mar 29
5131 Mar. 1 Feb. 20
Container Corp., 7% cumulative preferred __ _ _
Apr. 1 Maa. 11
New England Gas & Elec. $5X prof
37Sic May 1 Apr. 8
New Jersey Water, 7% pref. (guar.)
Continental Assurance Co., Chicago (guar.).-- 50c Mar. 31 Mar. 15
$i( Apr. 1 Mar. 20
New York Lackawanna & Western By.(qu.)
Continental Diamond Fiber Co
15c Mar.29 Mar. 14
$1X Apr. 1 Mar. 14
Continental Gin Co., Inc., 6%, pref
New York Merchandise (guar.)
h75c Apr. 1 Mar. 15
50c May 1 Apr, 20
Crowell Publishing Co. (quar.)
Extra
25c Mar. 25 Mar. 14
1 Apr.
1S2M
mar 20
15
Apr. 1 Mar. 9
New York Steam, $6 pref. (guar.)
Curtis Publishing, 57 preferred
Apr.
h$1
Dayton & Michigan RR. (s.-a.)
$7 preferred (quarterly)
87Xc Apr. 1 Mar. 16
$131 Apr. 1 Mar. 15
New York Telephone 6A % pref.(guar.)
51 Apr. 2 Mar. 16
51X Apr. 15 Mar. 20
8% preferred (quar.)
New York Transit Co
De Long Hook & Eye (quar.)
75c Apr. 1 Mar. 20
15c Apr. 15 Mar. 22
Oahu By. & Land (monthly)
SI
Apr. 15 Mar. 20
Diamond State Telephone, preferred (guar.)15c Mar. 16 Mar. 11
Ohio Finance,8% preferred
May 1 Mar. 15
Deposited Insurance Shares, ser. A (semi-ann.). e2S1
$13 Apr. 1 Mar. 11
Ohio Oil, preferred (quarterly)
Apr. 20 Mar.30
Dome Mines (quar.)
513. Mar. 15 Mar. 2
Apr. 1 Mar. 15
Ohio Service Holding Corp.. $5 Prof
Dominion Glass (quarterly)
50c Apr. 1 Mar. 15
Onomea Sugar Co. (monthly)
Apr. 1 Mar. 15
Preferred (quarterly)
20c Mar. 20 Mar. 11
Ontario Silknit, Ltd., 7% preferred (quar.)--- Dominion & Scott Investment. 5% Preferred
525c Mar. 1 Feb. 20
1X Mar. 15 Feb. 28
Dominion Textile (quar.)
Pantheon Oil (quar.)
c Feb. 28 Feb. 25
sig Apr. 1 Mar. 15
Preferred (quar.)
Pacific Finance Corp. of Calif. (Del.) (quar.)
$1 Apr. 15 Mar.30
Apr. 1 Mar. 15
Draper Corp. (quar.)
Apr. 1 Mar. 2
Preferred A (quar.}
6
20c May 1 Apr. 15
Driver-Harris. 7% preferred (quarterly)
Preferred C (quay.
$13(i Apr. 1 Mar. 21
16Sic May 1 Apr. 15
Preferred D guar.
Duke Power (quarterly)
75c Apr. I Mar. 15
17 c May 1 Apr. 15
Pacific Lighting $8 cum. pref.(quay.)
Preferred (quarterly)
Apr. 15 Mar.30
$13i. Apr. 1 Mar. 15
111
Parker Woolverine, 5% pref. (initial)
Elgin National Watch
15a Mar. 15 Mar 8
Mar. 20 Mar. I
1
Emporium-Capwell
Penn Central Light & Power, $5 pref. (quar.)_ - $1
Apr. 1 Mar. 11
20c Apr. 8 Mar. 25
Eureka Vacuum Cleaner (quar.)
$2.80 preferred (quay.)
Apr. 1 Mar. 11
20c Apr. 1 Mar. 15
7
Falconbridge Nickel Mines
Mar. 27 Mar. 12
Pennsylvania Glass Sand preferred (guar.)
$IN Apr. 1 Mar. 11;
Famise Corp., class A common (quar.)
Preferred
Apr. 1 Mar. 15
6Sic Apr. 1 Mar. 28
h$1
Ferro Enamel (guar.)
Pennsylvania Power Co., $6.60 pref. (me.). 15c Mar. 20 Mar. 9
55c Apr. 1 Mar. 20
First Holding Corp.(California)6% pref.(qu.). $1 Si Mar. 1 Feb. 20
$6.60 preferred (monthly)
55c May 1 Apr. 20
First National Stores (quar.)
$6.60 preferred (monthly)
82Sic Apr. I Mar 8
55c Juno I May 20
7% preferred (quarterly)
Juno 1 May 20
Slg Apr. I Mar. 8
$6 preferred (quarterly)
$1
8% preferred (quarterly)
Peoria Water Works Co., $7 pref. (quar.)
20c Apr. 1 Mar. 8
$1 X Apr. 1 Mar. 20
Flintirote Co
Perfect Circle Co. (quar.)
25c Mar. 25 Mar. 15
50c Apr. 1 Mar. 15
Flintkote, class A
Perfection Stores Co. (guar.)
25c Mar. 25 Mar. 15
30c Mar. 30 Mar. 20
Florence Stoves (quar.)
Peter Paul, Inc
50c Mar. 1 Feb. 18
el00% Mar. 15 Feb. 23
77
° preferred (quar.)
Peterborough RR.(Nashua, N. H.) (s.-a.)
$1.5i Mar. 1 Feb. 18
Si X Apr. 1 Mar. 25
Fort -Wayne & Jackson RR.5Si% prof.(e.-a.)-- $2g Sept. 2 Aug. 20
Philadelphia Electric Power 8% pref. (quar.)- -50c Apr. 1 Mar. 9
Frost Steel & Wire 707 pref.(guar.)
Philadelphia & Trenton RR.(quar.)
Mar. 15 Mar. 5
S2X Apr. 10 Apr. 1
General Fire Extingiusner
Plymouth 011 Co.. common
ioc Mar. 11 Mar. 5
250 Mar.30 Mar. 12a
General Mills, Inc.. preferred (quar.)
$i Apr. 1 Mar. 14a Powill River Co.7% preferred (guar.)
$11,* Mar. 1
General Railway Signal
Premier Gold Mining (guar.)
25c Apr. 1 Mar. 11
Apr. 15 Mar. 14
Preferred (quarterly)
Public Service Co. of Oklahoma$1 X Apr. 1 Mar. 11
Georgia Power Co., $6 preferred (guar.)
Apr. 1 Mar. 15
7 prior lien stock (quarterly)
$I
$1( Apr. 1 Mar. 20
$5 preferred (guar.)
$1 4 Apr. 1 Mar. 15
67 prior lien stock (quarterly)
S13 Apr. 1 Mar. 20
Publication Corp. 7% 1st & orig. pref. (quar.).... 51X Mar. 15 Mar. 5
25c Mar. 29 Mar. 11
Gillette Safety Razor (quar.)
Quaker Oats (quarterly)
Preferred (quarterly)
$1 Apr. 15 Apr. I
51 X May 1 Apr. 1
Gilmore Gasoline Plant, No. 1 (monthly)
Special
20c Feb. 25 Feb. 23
51 Apr. 15 Apr. 1
Mar.30 Mar. 16
Gold Dust. preferred (quar.)
Preferred (quarterly)
$1
$1X May 31 May 1
Reading Co., 2nd preferred (quar.)
50c Mar. 1 Feb. 26
Goodal Securitleo (guar.)
50c Apr. 11 Mar. 21
Reynolds Spring
Gordon Oil (Ohio), B (guar.)
25c Mar. 15 Mar. 1
10c Mar. 29 Mar. 15
Riverside Silk Mills, class A
30c Mar. 1 Feb. 19
Great Eastern Fire Ins."W.P., N.Y." (s -a.)..
h25c Apr. 1 Mar. 15
Class A (quar.)
$1 X Apr. I Mar 5
Great Western Power 7% prof. (quar.)
25c Apr. 1 Mar. 15
6% preferred (guar.)
$135 Apr. 1 Mar 5
Robbins (Sabin) Paper,7% prof. (titian)
$1.X Apr. 1 Mar.30
Ruberoid Co. (quar.)
60c Apr. 2 Mar. 15
Great Western Sugar (guar.)
250 Mar. 15 Mar I
Ruud Mfg. (quar.)
Apr. 2 Mar. 15
Preferred (quarterly)
$1
10c Mar. 15 Mar. 5
Quarterly
Green (D.) Co., preferred (quar.)
10c Juno 15 Juno 5
$1X Apr. 1 Mar. 15
San Carlos Milling Co. (monthly)
25c Apr. 1 Mar. 12
Grant (W. T.) Co., (quar.)
20c Mar. 15 Mar. 1
San Jose Water Works. 6% pref. (guar.)
250 Apr. 1 Mar. 12
Extra
37c Mar. 1 Feb. 20
Scott Papa' Co., common (quay.)
4351c Mar. 31 Mar. 18
Hackensack Water. class A pref. (quar.)
42}c Mar. 31 Mar. 16
Scovill mfg. Co. (quar.)
$2 Apr. 20 Apr. 10
Hannibal Bridge Co. (quar.)
250 Apr. 1 Mar. 15
2nd International Securities 6% 1st pref
25c Mar. 1 Feb. 23
62c Apr. 1 Mar. 15
Harriman Investment Fund (quar.)
Senior Securities (guar.)
Apr. 15 Mar. 30
$1
Harrisburg Gas, 707 preferred (quar.)
Mar. 11 Feb. 28
South Penn 011 (quar.)
sly Apr. 1 Mar. 12
30c Mar.30 Mar. 15
Hazel-Atlas Glass Co
Southern Acid & Sulphur (quar.)
Apr. 1 Mar. 9
Helme (Geo. W.) Co., common (guar.)
50c Mar, 15 Mar, 9
$1
Preferred (quarterly)
Apr. 1 Mar 9
Si X Apr, 1 Mar. 9
Preferred (quarterly)
Southern Canada Pow. Co.,607 cum. partic. pf_ 1 % Apr. 15 Mar. 20
75c Mar. 25 Mar. 14
Hercules Powder Co., common (quar.)
Southern Fire Insurance Co.(N. C.)(qu.)
Home Fire & Marine Insurance (quar.)
50c Mar. 15 Mar 5
37)c Mar. 28 Mar. 25
Southwestern Gas & El.• Co.,8% cum. pf.(qu.).
2 Apr. 1 Mar. 15
25c Mar, 15 Mar. 5
Honolulu Oil Corp.(quar.)
SIX Apr. 1 Mar. 15
707 cumulative preferred (quarterly)
Hope Webbing (quarterly)
$1S5 Feb. 1 Jan. 25
Southwestern Light & Power Co., $6 cum. pref_
50c Apr. I Mar. 15
25c Mar. 26 Mar. 11
Hoskins Manufacturing (guar.)
Spencer Kellogg & Sons, Inc. (quar.)
40c Mar. 30 Mar. 15
Extra
25c Mar. 26 Mar. 11
Standard Oil Co.(Ohio), 5% cum. pref.
Apr. 1 Mar. 31
Imnerlal Life Insurance (guar.)
S1( Apr. 15 Mar.30
No action was taken on common stock.
July 2 June 29
uarterly
13
3
Superior Portland Cement A
Oct. 1 Sept. 30
555c Mar. 1 Feb. 23
Quarterly
12Sic Apr. 1 Mar. 1
Swift & Co. (quarterly)
Quarterly
s3' -2-36 Dec. 31
Sylvania Industrial Corp. (quar.)
International Carriers, Ltd., common
25c Mar. 15 Mar. 5
Sc Apr. 1 Mar. 14
Tacony-Palmyra Bridge Co., A & B (guar.) _
25c Mar. 30 Mar. 10
Mar. 29 Mar. 11
International Cement Corp
Teck-Hughes Gold Mines
10c Apr. 1 Mar. 9
International Harvester (quar.)
15c Apr. 1 Mar. 20
Texas Gulf Sulphur Co
50c Mar. 15 Mar. 4
International Salt Co
37.Sic Apr. 1 Mar. 15a
Texon 011 & Land Co., common
15c Mar. 29 Mar. 9
$2 Apr. I Mar. 15
Intertype Corp., 1st pref. (quar.)
Thomson Electric Welding (guar.)
25c Mar. 1 Feb. 23
Investors Corp. of R. I., $6. 1st pref. (quar.)-- - 51.k Apr. 1 Mar. 20
Tide Water Assoc. 011,6% pref
Mar. 15 Feb. 28
552 Apr. 1 Mar. 11
Investors Fund of America, Inc
Tide Water Oil
35c Mar.30 Mar. 11
Ideal Finance Association, common A (quar.)- - 12 Vic Apr. 1 Mar. 9
Todd Shipyards
50c Mar. 20 Mar. 5
Cony. preferred (quar.)
50c Apr. I Mar 9
Traders Building Assoc. (quar.)
Preferred (quar.)
$2 Apr. I Mar. 9
$151 Mar. 1 Feb. 21
Union Carbide & Carbon Corp
Jamaica Public Service (quar.)
40c Apr. 1 Mar. 8
25c Apr. 1 Mar. 15
Union Refrigerator TransportPreferred (quarterly)
$1 X Apr. 1 Mar. 15
6 % preferred (semi-ann.)
Jefferson Lake 011,7% pref.(s.-a.)
350 Mar. 11 Mar 1
$331 Mar. 1 Feb. 28
United Corp.. preferred (no action)
Johns-Manville Corp., 7% pref. (quar.)
$1 X Apr. 1 Mar. 15
United States Foil Co.. class A & B. corn
Apr. 1 Mar. 15a
Jones (J. E.) Royalty Trust—
Preferred (quarterly)
Apr. 1 Mar. 150
Series A, partic. trust certificates
$3.46 Feb. 25 Jan. 31
United States Industrial Alcohol Co.,common_ _
Mar.30 Mar. 15a
$2.78 Feb. 25 Jan. 31
Series B, participating trust certificates
United States Petroleum (s.-a.)
June 15 June 5
Series C. participating trust certificates
$5.88 Feb. 25 Jan, 31
Semi-annually
Dec. 15 Dec. 5
Kalamazoo Allegan & Grand Rapids RR.—
Virginia Public Service, 7% pref. (quar.)
Semi-annually
52.95 Apr. 1 Mar. 15
Apr. 1 Mar. 11
Apr. 1 Mar. 15
6% preferred (guar.)
Kansas Electric Power Co.,7% pref. (quar.)_-- Si
Apr. I Mar. 11
Wagner Electric, pref. (quar.)
Apr. 1 Mar. 15
6% cumulative junior preferred (quar.)
Apr. 1 Mar. 20
Si
Warren RR. Co.(semi-annual)
Kimberly Clark Corp.,6% pref. (quar.)
Apr. 15 Apr. 5
51X Mar. 12
Wesson Oil & Snowdrift Co Inc., corn
Kirby Petroleum
12Sic Apr. 1 Mar. 15
10c Mar. 10 Fob. 28
Koppers Gas & Coke, pref. (quar.)
Extra
373c Apr. 1 Mar. 15
$1 X Apr. 1 Mar. 12
Lackawanna RR. of N. J., 4% gtd. (quar.)--Western Maryland Dairy, pref.(quar.)
$1 Apr. 1 Mar. 7
$30c Apr. 1 Mar. 20
Westmoreland, Inc. (quarterly)
Apr. 1 Mar. 15
Lily Tulip Cup (quar.)
3734c Mar. 15 Mar 4
Lindsay Light. preferred (quar.)
Weston Electrical Instrument. cl. A (quar.)__ _ _
17 c Mar. 14 Mar. 9
50c Apr. 1 Mar. 15
Apr. 1 Mar. 16
Weyenberg Shoe Mfg., pref.(quar.)
Lord & Taylor Co. (quar.)
5
$131 Mar. 15 Mar. 5
Wheeling Steel, 6% cum. prof
Lorillard (P) Co., common (quar.)
30c Apr. I Mar. 15
550c Apr. 1 Mar. 12
Preferred (quarterly)
Wilson & Co., Inc., common
51X Apr. 1 Mar. 15
123.c June 1 May 15
Preferred
May 1 Apr. 15
Loudon Packing (quar.)
51
37 c Apr. 1 Mar. 15
Wisconsin Public Service Corp., 7% cum. pref_ 87
Extra
123c Apr. 1 Mar. 15
Mar. 20 Feb. 28
Apr. 1 Mar. 20
Mar. 20 Feb. 28
Marion Water, 707 preferred (quar.)
6X% cumulative preferred
51
81
6% cumulative preferred
10c Mar. 15 Feb. 28
Maryland Fund, Inc
Mar. 20 Feb. 28
Sc Mar. 15 Feb. 28
Wolverine Tube. 7% preferred
Extra
553Si Mar. 1 Feb. 28
11.
1
1
I
Financial Chronicle
Volume 140
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.
When holders
Per
Share. Payable. of Record.
Adams Express Co.5% cum. pref. (guar.)
3134 Mar.30 Mar. 15a
Agnew-Surpass Shoe Stores, preference (guar.). 134% Apr. 1 Mar. 15
75c Apr. 1 Mar.28
Agricultural Insur.
.(Watertown, N.Y.)(quar.)
75c Mar. 4 Feb. 21
Ainsworth Mfg. Co.(special)
Alabama Power Co.,$7 pref. (guar.)
$134 Apr. 1 Mar. 15
$6 preferred (quarterly)
$134 Apr. 1 Mar. 15
$1i May I Apr. 15
$5 preferred (quarterly)
25c Mar. 15 Mar. 1
Allegheny Steel
10c Apr. 1 Mar. 25
Allied Laboratories (guar.)
10c Apr. 1 Mar. 25
Extra
8714c Apr. 1 Mar. 25
$314 convertible preferred (guar.)
25c Apr. 25 Apr. 1
Alpha Portland Cement
American Asphalt Roofing Corp.8% pref. (qu.) h$1 A Apr. 15 Mar.31
75c Apr. 1 Mar. 12
American Chicle (guar.)
$2 Mar. 15 Mar. 9
American Cigar (guar.)
5114 Apr. 1 Mar. 15
Preferred (quar.)
10c Mar. 11 Feb. 21
American Factors. Ltd.(monthly)
h$2 Apr. 1 Mar. 15
American Hair & Felt 1st preferred
20
ai.
Amer. Invest. Co. of Illinois, 7% pref.(quar.)_ 431‘c Apr.
ar' 16
gar
)
1l
50c
American Steel Foundries, 7% preferred (qu.)
American Stores Co. (quarterly)
50c Apr. 1 Mar. 15
50c Apr. 2 Mar. 5
American Sugar Refining (guar.)
Preferred (guar.)
$134 Apr. 2 Mar. 5
25c Mar. 15 Mar. 1
American Sumatra Tobacco (guar.)
3234 Apr. 15 Mar. 15
American Telep. & Teleg. Co.(guar.)
Amoskeag Co ,common
75c July 2 June 22
Preferred (semi-annual)
5234 July 2 June 22
Armour & Co. (III.) $6 prior pref. (guar.)
3114 Apr. 1 Mar. 10
gar
ar:
.10
1,4parr..
Armour & Co.(Del.) preferred (guar.)
20
Associates Investment Co.(quar.)
$134 Mar.30 Mar.20
7% preferred (quarterly)
25c Mar. 15 Feb. 21
Atlantic Refining Co.,common
50c Mar. 11 Feb. 28
Atlas Powder Co.(quarterly)
121.4c Apr. 2 Mar.20
Automatic Voting Machine Co.(guar.)
1214c July 2 June 20
Quarterly
35c Apr. 1 Mar. 18
Backstay Welt
Bamberger (L.) 814% prof. (qear.)
$134 Mar. 1 Feb. 15
c Apr. 1 Feb. 28
Bangor & Aroostook RR. (guar.)
$134 Apr. 1 Feb. 28
Preferred (quarterly)
75c Apr. 1 Mar. 11
Bangor Hydro-Electric (guar.)
$134 Apr. 1 Mar. 11
7% preferred (guar.)
6% preferred (quar.)
$114 Apr. 1 Mar. 11
e4t. Mar. 15 Feb. 28
Bayuk Cigars
Apr. 15 Mar.30
$1
1st preferred (guar.)
1 Feb. 15 Feb. 10
Belden Manufacturing
Belding-Corticelli. preferred (guar.)
3134 Mar. 15 Feb. 28
Birmingham Water Works Co.6% pref.(qu.). 3134 Mar. 15 Mar. 1
Bloch Bros. Tobacco. quarterly
3734c May 15 May 10
6% pref. (guar.)
$134 Mar.30 Mar.25
6% preferred (guar.)
5134 June 29 June 25
Mar.30 Feb. 28
Boston & Albany RR. Co
Boston Insurance (quarterly)
84 Apr. 1 Mar. 20
Boston & Providence RR.(guar.)
12.125 Apr. 1 Mar. 20
Quarterly
$2.125 July 1 June 20
2.125 Oct. 1 Sept. 20
Quarterly
2.125 Jan.2.36 Dec. 20
Si Mar. 25 Mar. 20
Brewer (C.)& Co.. Ltd.(mo.)
Briggs & Stratton Corp
75c Mar. 15 Mar. 5
Brine Mfg. Co.. Inc..common (guar.)
15c Apr. 1 Mar. 15
Class A (guar.)
50c Apr. 1 Mar. 15
Bristol Brass Corp. (guar.)
3715c Mar. 15 Feb. 28
Brooklyn-Manhattan Transit Corp.
Apr. 15 Apr. 1
Preferred (quarterly)
Preferred (quarterly)
$134 July 15 July 1
Brooklyn & Queens Transit $8 pref.(guar.). _
5 c Apr. 1 Mar. lb
31.14 Apr. 1 Mar. I
Brooklyn Union Gas (guar.)
Brown Forman Distillery $6 preferred (guar.)._ $114 Apr. 1 Mar. 20
Buckeye Pipe Line Co
75c Mar, 15 Feb. 21
50c Apr. 1 Mar. 15
Bucyrus-Erie Co. preferred (guar.)
40c Apr. 1 Mar. 15
Buffalo Niagara & Eastern Power, pf. (quar.)_ _
$5 preferred (guar.)
$134 May 1 Apr. 15
w234 an Apr. 5 Feb. 27
Burma Corp.. Amor. dep. receipt (interim)
15c Mar. 5 Feb. 2
Burroughs Adding Machine Co.(guar.)
Butler Water Works (Pa.) 7% pref.(11nar.)
$vg Mar. 15 Mar. 1
40c Apr. 1 Mar. 15
Calamba Sugar Estate (quarterly)
35c Apr. 1 Mar. 15
Preferred (quarterly)
5c May I Apr, 1
Calgary & Edmonton Corp. (initial)
California Ink (guar.)
50c Apr. 1 Mar. 22
California Packing (quar)
c Mar. 15 Feb. 28
Canadian Cottons (guar.)
1 Apr. 1 Mar. 15
Preferred (guar.)
$134 Apr. 1 Mar. 15
Canadian Foreign Investment (guar.)
Apr. 1 Mar. 15
Quarterly
40c July 1 June 15
Preferred (guar.)
$2 Apr. 1 Mar. 15
Preferred (guar.)
$2 July 1 June 15
Canadian Industries, Ltd., 7% Pref. (quar.)
- r$134 Apr. 15 Mar.30
Canadian Oil Coe., preferred (guar.)
r$2 Apr. 1 Mar. 20
Canfield Oil, preferred (guar.)
$134 Mar.31 Feb. 20
Carnation Co..7% preferred (guar.)
5134 Apr. 1 Mar. 20
7% preferred (guar.)
5134 July 1 June 20
7% preferred (quarterly)
$134 Oct. 1 Sept.20
Carolina Telep.& Teleg
$214 Apr. 1 Mar.25
Case (J I.). Co. preferred
$1 Apr. 1 Mar. 12
Carter (Wm.) Co., Inc., 6% preferred (quar.)_ - $134 Mar. 15 Mar. 10
Central Illinois Light Co.6% pref. (guar.)
Apr. 1 Mar. 15
7% preferred (quar.)
Apr. 1 Mar. 15
Centrifugal Pipe Corp.(quar.)
100 May 15 May 6
Quarterly
10c Aug. 15 Aug. 5
Quarterly
10c Nov. 15 Nov. 8
Champion Coated Paper, 1st preferred (guar.). $134 Apr. 1 Mar. 20
Special preferred (quarterly)
$134 Apr. I Mar. 20
Champion Fiber Co.. preferred (guar.)
$134 Apr. 1 Mar. 20
Chesapeake Corp. (guar.)
75c Apr. 1 Mar. 8
Chesapeake & Ohio (quar.)
70c Apr. 1 Mar. 8
l'referred (semi-ann.)
5334 July 1 June 7
$1 Mar. 29 Mar. 8
Chesebrough Manufacturing Co.(guar.)
50c Mar. 29 Mar. 8
Extra
75c Mar, 4 Feb. 20
Chestnut Hill RI1. (quar.)
Chicago Flexible Shaft (quar.)
30c Mar.30 Mar. 20
be Max. 30 Mar. 20
Extra
Chicago Rivet & Machine Co
3714c Mar. 12 Feb. 25
50c Apr. 1 Mar. 5
Chickasha Cotton Oil(special)
Christiana Securities. 7% pref. (quar.)
$134 Apr. 1 Mar. 20
Cincinnati Inter-Terminal RR. Co.
457 preferred (semi-annual)
32 Aug. 1 July 20
Cincinnati Union Terminal, preferred (guar.)... 5134 Apr. 1 Mar. 20
$134 July 1 June 20
Preferred (quar.
5111 Oct. 1 Sept. 20
Preferred (quar.)
$134 Jand 36 Dec. 20
Preferred (guar.)
50c Mar.30 Mar. 15
City Ice & Fuel (guar.)
20c Mar. 15 Feb. 28
Clark Equipment
$1.+4 Mar. 15 Feb. 28
Preferred (quar.)
8734c June 1 May 10
Cleveland & Pittsburgh By.7% guar.(quar.)
8734c Sept. 1 Aug. 10
7% guaranteed (guar.)
8734c Dec. 1 Nov. 9
7% guaranteed (qua?.
c June 1 May 10
Special guaranteed parl
50c Sept. I Aug. 10
Special guaranteed quar.
50c Dec. 1 Nov. 9
Special guaranteed guar.
Coast Counties Gas & Electric pref.(guar.).— $134 Mar. 15 Feb. 25
Colgate-Palmolive-Peet, preferred (quarterly)
5134 Apr. 1 Mar. 5
$1.10 Mar. 11 Feb. 25
Columbus & Xenia RR
50c Mar. 15 Feb. 28
Compressed Industrial Gases,(guar.)
$1 Mar. 31 Mar. 25
Confederation Life Assoc.."Toronto" (guar.).51 June 30 June 25
Quarterly
El Sept.30 Sept. 25
Quarterly
Quarterly
$1 Dec. 31 Dec. 25
m3(
I
371i
Name of Company.
1433
Per
When Holders
Share. Payable. ofRecord.
Congoleum-Nairn. Inc.(War.)
40c Mar. 15 Mar. 1
Consolidated Bakeries of Canada (guar.)
20c Apr. 1 Mar. 15
Consolidated Gas Co.(N. Y.)
25c Mar. 15 Feb. 11
Consolidated Gas El. Lt. & Pow. Co. of Balto.:
90c Apr. 1 Mar. 15
Common (quar.)
Series A 5% preferred (guar.)
$134 Apr. 1 Mar. 15
Series I)6% preferred (guar.)
Apr. 1 Mar. 15
Series E 534% Preferred (guar.)
$114 Apr. 1 Mar. 15
Consolidated investors Trust (seml-ann.)
50c Apr. 15 Apr. 1
Special
70c Apr. 15 Apr. 1
Consolidated Paper preferred (guar.)
1714c Apr. 1 Mar. 21
$134 Mar. 15 Feb. 28
Consumers Glass Co.,7% pref. (quar.)
Consumers Power Co.. $5 prof. (quar.)
5134 Apr. 1 Mar. 15
6% preferred (quarterly)
$114 Apr. 1 Mar. 15
6.6% preferred (quarterly)
$1.65 Apr. 1 Mar. 15
$1 A Apr. 1 Mar. 15
7% preferred (quarterly)
50c Apr. 1 Mar. 15
6% Preferred (monthly)
55c Apr. 1 Mar. 15
6.6% preferred (monthly)
1234c May 31 May 15
Coperweld Steel (guar.)
1214c Aug. 31 Aug. 15
Quarterly
12Ac Nov.30 Nov. 15
Quarterly
w6% Mar.25 Feb. 19
Courtaulds, Ltd. (final)
Crown Cork & Seal Co., Inc.. common (quar.)_ _
25c Mar, 6 Feb. 25a
Preferred (guar.)
67c Mar. 15 Feb. 28a
h$1 Apr. 1 Mar. 13
Crown Willamette Paper. 7% preferred
Crum & Forster, 8% preferred (guar.).
$2 Mar. 31 Mar.21
Mar. 15 Mar. I
Cuneo Press Inc. 614% preferred (quarterly).
Daniels & Fisher Stores
$2
Danville Traction & Power, preferred
314%
Dayton & Michigan RR.(semi-ann.)
8714c Apr. 1 Mar. 15
$1 Apr. 1 Mar. 15
8% preferred (quarterly)
Delaware & Bound Brook RR.Co.(guar.)
$2 Feb. 20 Feb. 18
25e Apr. 1 Mar.20
Devoe & Reynolds A & B (guar.)
A & B (extra)
25c Apr. 1 Mar.20
$151 Apr. 1 Mar.20
1st & 2nd preferred (guar.)
50c Apr. 20 Mar.30
Dome Mines. Ltd.(quar.)
Duplan Silk Corp.,8% preferred (guar.).
$2 Apr. 1 Mar. 8
Du Pont de Nemours (E. I.) & Co. corn.(qu.).
65c Mar. 15 Feb. 27
Debenture stock (guar.)
$114 Apr. 25 Apr, 10
Apr. 15 Mar. 15
Duquesne Light Co. 5% cum. 1st pref. (qu.) - $1
51.125 Apr. 1 Mar. 15
Eastern Gas& Fuel Assoc.,4 A % pref.(guar.)
8% preferred (quarterly)
$134 Apr. 1 Mar. 15
Sc Mar, 9 Feb. 20
Eastern Malleable Iron (guar.)
$11( Apr. 1 Mar. 5
Eastman Kodak common (guar.)
$134 Apr. 1 Mar. 5
Preferred (guar.)
Edison Brothers Stores (qeer.)
25c Mar. 25 Mar. 9
Preferred (guar.)
31 A Mar. 15 Feb. 28
25c Apr. 1 Mar. 20
Electric Controller & Mfg.(guar.)
50c Apr. 1 Mar. 9
Electric Storage Battery Co.coin. (qua?.)
50c Apr. 1 Mar. 9
Preferred (quar.)
Elizabeth & Trenton RR. (semi-ann.)
$1 Apr. 1 Mar.20
Semi-annual
$1 Oct. 1 Sept.20
5% preferred (semi-annual)
Apr. 1 Mar. 20
El
5% preferred (semi-annual)
Oct. 1 Sept. 20
$1
El Paso Electric Co.. Texas,6% prof.(guar.)._ $1
Apr. 15 Mar. 2fd
Emerson's Bromo Seltzer 8% preferred (quar.)
50c Apr. 1 Mar. 15
Empire & Bay State Telep.. 4% god.(guar.)...
June. 1 May 22
4% guaranteed (guar.)
1 Sept. 1 Aug. 22
4% guaranteed (guar.)
$1 Dec. 1 Nov. 21
Empire Power Corp $6 cum. preferred
$1% Apr. 1 Mar. 15
Eppens. Smith & Co., semi-annual
52 Aug. 1 July 27
Erie & Pittsburgh RR. Co.7% g1d• (quar.).._.... 8714c Mar. 9 Feb. 28
7 guaranteed (guar.)
8714c June 10 May 31
7 guaranteed (Qua?.
8714c Sept. 10 Aug. 31
7% guaranteed (guar.)
8714c Dec. 10 Nov.30
Guaranteed betterments (guar.)
80c June 1 May 31
Guaranteed betterment (qua?.)
80c Sept. 1 Aug. 31
Guaranteed betterment (guar.)
80c Dec. 1 Nov.30
Farmers & Traders Life Ins.(guar.)
$234 Apr. 1 Mar. 11
Faultless Rubber (guar.)
50c Apr, 1 Mar. lb
Fifth Ave. Bus Securities (guar.)
160 Mar. 29 Mar. 16
Florabeim Shoe Co.. A (guar.)
25c Apr. 1 Mar. 20
1211c Apr. 1 Mar. 20
Class B (guar)
Food Machinery Corp. preferred
50c Mar. 15 Mar. 10
Food Machinery Corp.
'
of N. Y
7 preferred (monthly)
50c Mar. 15 Feb. 10
preferred monthly
50c Apr. 15 A-"'. 10
614
614 o preferred monthly
50c May 15 May 10
50c June 15 June 10
614o preferred monthly
5
Freeport Texas preferred (guar.)
$114 May 1 Apr. 15
Galland Mercantile Laundry (guar.)
8715c Apr. I Mar.
General Cigar„ preferred (guar.)
31A June 1 May 23
25c Mar. 12 Feb. 14
General Motors Corp. common (guar.)
$5 preferred (qua?.)
$134 May 1 Apr. 8
Glen Palls Insurance (guar.)
4uc Apr. 1 Mar. 15
Glidden Co.(guar.)
25c Apr. 1 Mar. 18
Extra
15c Apr. 1 Mar. 18
Preferred (quarterly)
$134 Apr. 1 Mar. 18
Golden Cycle Corp.(guar.)
400 Mar. 10 Feb. 28
Extra
600 Mar. 10 Feb. 28
Gold & Stock Telegraph (guar.)
$114 Apr. 1 Mar.30
Goldblatt Bros., Inc.(quar.)
p3715c Apr. 1 Mar. 11
Goodyear Tire & Rubber.$7 pref.(guar.)
$1 Apr. 1 Mar. 1
Gottfried Baking Co.. Inc. preferred (quar.)
154% Apr. 1 Mar. 20
Preferred (quarterly)
134% July 1 June 20
Preferred (quarterly)
111% Oct. I Sept.20
Great Western Electro-Chemical pref. (quar.).. $114 Apr. 1 Mar. 21
Greenwich Water & Gas System,36% pref.(qu.) $114 Apr. 1 Mar.20
Greyhound Corp.. preferred A (quar.)
Apr. 1 Mar. 22
Mar. 15 Mar. 1
Gulf States Utilities Co.. $6 pref. (guar.)
$136 Mar. 15 Mar. 1
$514 preferred (quarterly)
Rabid Co.(guar.)
25c Mar.30
Extra
25c Mar.30
7% preferred (quar.)
$1% Mar.30
Hamilton Cotton. Ltd., preferred
h50c Apr. 2 Mar. 15
Hammermill Paper. pref.(guar.)
$114 Apr. 1 Mar. 15
Ilanna (M. A.) Co.(quar.)
25c Mar. 11 Mar. 5
Preferred (qua?.)
$134 Mar.20 Mar. 3
Harbison-Walker Refractories Co. pref. (guar.) $114 Apr. 20 Apr. 8
Hardesty (R.) Mfg. Co..7% pref.(guar.)
$134 June 1 May 15
7% preferred (quarterly)
$134 Sept. 1 Aug. 15
7% preferred (quarterly)
5134 Dec. 1 Nov. 5
Hawaii Consul. By.,7% pref. A (guar.)
20c Mar. 15 Mar. 5
200 June 15 June 5
7% preferred A (quarterly)
7% preferred A (quarterly)
20c Sept. 15 Sept. 5
7% preferred A (quarterly)
20c Dec. 15 Dec. 5
Hazeltine Corp
25c Mar. 15 Mar. 1
Hibbard, Spencer,Bartlett & Co.(monthly)_
10c Mar, 29 Mar. 22
Hickok Oil Corp. (semi-annual)
50c Mar. 15 Mar. 9
Preferred (quarterly)
Apr. 1
Honolulu Plantation Co.(monthly)
15c Mar. 10 Feb. 28
Humble Oil & Refining (guar.)
25c Apr. 1 Mar. 2
Hutchinson Sugar Plantation Co.(monthly)---.
100 Mar. 5 Feb. 28
Imperial Tobacco Co.of Great Britain & Ireland
Amer. deposit receipts for ord. reg
714% Mar. 8 Feb. 13
Amer.deposit receipts for ord.reg.(extra)_ w is. 6d. Mar. 8 Feb. 13
Indiana Hydro-Elec. Power,7% cum. pref.(qu.) 8714c Mar. 15 Feb. 28
Indianapolis Water Co.5% cum. pref.(guar.).- $15' Apr. 1 Mar. 12a
Insuranshares Certificates, Inc. (semi-ann.)____
7c Mar. 20 Mar. 12
International Bronze Powders8% cum partic. preferred (guar.)
3715c Apr. 15 Mar.31
International Business Machine Corp. (guar.)._ $114 Apr. 10 Mar.22
International Mining Corp
15c Mar, 20 Mar. 1
International Nickel Co.,common
r15c Mar.30 Feb. 28
International Ocean Tel. C.o. (quar.)
5 .5
1 Apr, 1 Mar.30
Co..
7%
let
International Power
preferred
Apr. 3 Mar. 15
International Silver, preferred
$1 Apr. 1 Mar. 14
Inter-Ocean Re-Insurance (semi-ann.)
$1 Mar. 9
Interstate Hosiery Mills (guar.)
50c May 15 May 1
Quarterly
50c Aug. 15 Aug. 1
Quarterly
50c Nov. 15 Nov. 1
Ii
1434
Financial Chronicle
Name of Company
Per
Share
When Holders
Payable of Record
Name of Company
March 2 1935
Per
Share
When Holders
Payable of Record
lntertype Corp..8% 1st preferred (guar.)
Oneida Community Ltd..7% pref
$2 Apr. 1 Mar. 15
851 Mar. 15 Feb. 28
Investment Trust of N. Y., Inc.—
Ontario Mfg. Co.(quarterly)
250 Mar.30 Mar. 20
Iron Fireman Mfg.(quar.)
25c June 1 May 10
Preferred (quarterly)
$134 Mar.30 M ar. 20
Quarterly
Page- Hersey Tubes, Ltd.(quar.)
25c Sept. 2 Aug. 10
r75c Apr. 1 Mar. 15
Quarterly
25c Dec. 2 Nov. 9
Preferred (quarterly)
r$1% Apr. 1 Mar. 15
Irving Air-Chute Co., Inc., common (quar.)....
Paraffine Cos.(quarterly)
10c Apr, 1 Mar. 15
50c Mar. 27 Mar. 16
Jefferson Lake 011 Co., Inc.,7% pref.(semi-an.)
Park Davis (quarterly)
35c Mar. 10
25c Mar.30 Mar. 20
Jewel Tea Co.. Inc. com.(guar.)
75c Apr. 15 Apr. 1
Extra
25c Mar.30 Mar. 20
Kelvinator Corp
1234c Apr. 1 Mar. 5
Penick & Ford (guar.)
75c Mar. 15 Mar. 1
Kalamazoo Vegetable Parchment (quar.)
Penna. Gas & Elec. Corp.(Dela.)7% pref.(qu.) $134 Apr. 1 Mar. 20
15c Mar.30 Mar. 20
Quarterly
15c June 30 June 20
Apr. 1 Mar. 20
$7 Preferred (quarterly)
$1
Quarterly
1.5c Sept.30 Sept. 20
Pennsylvania RR. Co
Mar. 15 Feb. 15
Quarterly
Pennsylvania Water & Power com.(quarterly)_
15c Dec. 30 Dec. 30
75c Apr. 1 Mar. 15
Kansas City Power & Light, pref. B (quar.)
Preferred (quarterly)
2184
1
3134 Apr.. 15
$134 Apr. 1 Mar. 15
Katz Drug Co.(quarterly)
Feb. 28
Peoples Drug Stores, Inc. (quar.)
75c Mar.
250 Apr. 1 Mar. 6
Preferred (quarterly)
$134 Apr. 1 Mar. 15
634% preferred (quarterly)
$1% Mar. 15 Mar. 1
Kaufman Dept. Stores preferred (guar.)
Pepper (Dr.)(quarterly)
3134 Apr, 1 Mar, 9
20c Mar. 1 Feb. 18
Kennecott Copper Corp
Quarterly
Mar.
15c Mar.30
15
20c June 1 May 15
Keystone Steel & Wire
Quarterly
50c Mar. 11 Mar. 1
20c Sept. 1 Aug. 15
$13.4 Apr. 1 Mar. 18
Kings County Lighting 6% pref. (quar.)
Quarterly
20c Dec. 1 Nov. 15
5% preferred (quar.)
3134 Apr. 1 Mar. 18
Pet Milk Co. corn. (quarterly)
250 Apr. I Mar. 11
7% preferred (guar.)
Preferred (quarterly)
3134 Apr. 1 Mar. 18
$1% Apr. 1 Mar. 11
Mein (D. Emil.) Co.(quarterly)
Philadelphia Co., $6 cum. preferred (quar.)__
25c Apr. 1 Mar. 20
5134 Apr. 1 Mar. I
Extra
1234c Apr. 1 Mar. 20
$5 cum. preferred (quar.
$1% Apr. 1 Mar. 1
Extra
Philadelphia & Trenton Hit. (quar.)
1234c July 1 June 20
$2A Apr. 10 Mar. 30
Knabb Barrel Co.. Inc.. pref.(s.-a.)
75c June 1
Quarterly
$2A July 10 June 30
Kresge (S. S.) Co
Quarterly
25c Mar.31 Mar. 12
$2)4 Oct. 10 Sept.30
Preferred (quar.)
Phoenix Finance Corp.. 8% pref. (qua:.)
3134 Mar. 31 Mar. 12
50c Apr. 10 Mar. 31
Kroger Grocery & Baking 6% preferred (quar.) $134 Apr.
8% preferred quarter.y)
ry
M
A par
r.
.1
29
0
50c July 10 June 30
7% preferred (quarterly)
8% preferred quarterly)
$1% M
50c Oct. 10 Sept.30
Lake Shore Mines, Ltd. (quar.)
8% preferred quarterly)
503 Mar. 15 Mar. 1
50c Jan. 10 Dec. 31
Bonus
Pioneer Gold Mines of B. C., Ltd.,common..
Mar. 15 Mar. 1
50
r20c Apr. 1 Mar. 2
Landis Machine preferred (quar.)
Pittsburgh. Bessemer & Lake Erie (8.-a.)
$1
Mar. 1155 Mar. 5
75c Apr. 1 Mar. 15
7% preferred (quarterly)
Pittsburgh Ft. Wayne & Chicago Ry.(quar.)
June 5
$14 June
$1% Apr. 1 Mar. 11
7% preferred (quarterly)
Quarterly
$134 Sept. 15 Sept. 5
$1 X July 1 June 10
7% preferred (quarterly)
Quarterly
$134 Dec. 15 Dec. 5
Oct. 1 Sept. 10
$1
Lehigh Portland Cement Co., preferred
Quarterly
8734c Apr. 1 Mar. 14
$13 Jan. 2 Dec. 10
Libbey-Owens-Ford Glass (qua:.)
7% preferreal(quar.)
30c Mar. 15 Feb. 28
Apr. 2 M.11
$1
Liggett & Myers Tobacco, pref. (qua:.)
79 preferred (qua:.)
3134 Apr. 1 Mar. 11
July 2 June 10
$1
Lincoln National Life Insurance (semi-ann.)—
60c Aug. 8 Aug. 2
79 preferred (quar.)
$14 Oct. 8 Sept. 10
757
Lind Air Products,6% pref. (quar.)
preferred (quar.)
3134 Apr. I Mar. 20
$154 Jan, 7 Dec. 10
Link Belt 634% preferred (guar.)
Pittsburgh Youngstown & Ashtabula ER.
3154 Apr. 1 Mar. 15
Little Miami RR. Co. spec. gtd.(quar.)
50c Mar. 9 Feb. 25
75' preferred (qua:.)
$1.% June 1 May 20
Special guaranteed (quarterly)
50c June 10 May 24
79 Preferred (quar.)
$1% Sept. 1 Aug. 20
Original capital
7% preferred (guar.)
$1 Mar. 9 Feb. 25
1% Dec. 1 Nov. 20
Original capital
Ponce Electric Co.. 7% pref.(quar.)
$1.10 June 10 May 24
% Apr. 1 Mar. 15
Lockhart Power Co.,7% pref.(s.-a.)
Pressed Metals of Amer.. Inc., common
$334 Mar. 30 Mar.30
Feb. 28
e2
Loew's, Inc. (quarterly)
Procter & Gamble Co. preferred (quar.)
50c May 30 Mar. 15
Pri. 15
1 Feb. 250
$1
London Tin Corp., American dep. recta.Protective Life Insurance (s -a.)
July 1 July 1
734% participating preferred (semi-annual) zw3 % Apr. 8 Mar. 6
Public Service Co.of N.11.$6 pref.(quar.)
$134 Mar. 15 Feb. 28
Loose-Wiles Biscuit, preferred (quarterly)
$1 34 Apr. 1 Mar. 18
$5 preferred (quarterly)
$1% Mar. 15 Feb. 28
Louisville Gas & Elec. Co.(Del.). cl. A & B com_ 3734c Mar.25 Feb. 28
Public Service of N. J. (guar.)
70c Mar. 30 Mar. 1
Long Island Lighting Co., ser A 7% preferred
134% Apr. 1 Mar. 15
$5 preferred (quarterly)
Mar.30 Mar. 1
$1
Series B 6% preferred
134% Apr. 1 Mar. 15
8% preferred quarterly)
Mar.30 Mar. 1
Lunkenheimer Co.634% pref(quarterly)
$134 Apr. 1 Mar. 21
757 preferred quarterly)
Mar.30 Mar. I
$1
6A % preferred (quarterly)
1
June
July
3134
20
6% preferred (monthly)
Mar.30 Mar. 1
5
634%preferred (quarterly)
1% Oct. 1 Sept.20
Public Service Electric & Gaspreferred (quarterly)
834
7% preferred (quarterly)
154 Jan, 1 Dec. 21
Mar. 30 Mar. 1
Magn (I.) & Co..8% pref. (quar.)
$5 preferred (quarterly)
$134 May 15 May 5
Mar. 30 Mar. 1
31
6% preferred (quarterly)
Puritan Ice, common
$134 Aug. 15 Aug. 5
Apr. 1 Dec. 31
6% preferred (quarterly)
$144 Nov. 15 Nov. 5
Queens Dom. Gas & Elec. Co.,6% cum. pf.(qu.) $1% Apr. 1 Mar. 15
Mapes Consolidated Mfg.(quar.)
75c Apr. 1 Mar. 15
Radio Corp. of America. A pref. (quar.)
Apr.
%
1 Mar. 1
Quarterly
75c July I June 14
Raybestos Manhattan
25c Mar. 15 Fob. 28
Mathieson Alkali Works (quarterly)
373.4c Apr. 1 Mar. 4
Rainier Pulp & Paper.$2 class A
May 10
June
h50c
1
Preferred (quarterly)
V% Apr. 11 M.
ar. 4
Rapid Electrotype
50c Mar. 15 Mar. 1
Mayflower Assoc.(guar.)
50c Mar. 5 Mar. 1
Heading Co. 1st preferred (quarterly)
50c. Mar. 14 Feb. 21
McClatchy Newspapers.7% pf.(qu.)
435jc June 1 May 31
Reeves (Daniel) Inc. (attar.)
1214c Mar. 15 Feb. 28
7% preferred (quarterly)
4334c Sept. I Aug. 31
634% preferred (guar.)
$i% Mar, 15 Feb. 28
7% preferred (quarterly)
43340 Dec. I Nov. 30
Reliance Grain Co.,634% pref.(quar.)
$1% Mar. 15 Feb. 28
McColl Frontenac 011 (quar.)
r20c Mar. 15 Feb. 15
lit-Rance Mfg.(Ill.) (quar.)
I5c May 1 Apr. 20
Merchants Fire Ins. "Denver"(quar.)
30c Feb. 15 Feb. 10
Preferred (quar.)
$151 Apr. 1 Mar. 21
Mesta Machine (quarterly)
3734c Apr. 1 Mar. 16
Reno Gold Mining Ltd. (quar.)
ac Apr. 1 Feb. 28
Metro-Goldwyn Mayer Pictures,7% pref.(qu.)_ 473.c Mar. 15 Feb. 28
Rice-Stix Dry Goods Co.. 1st & 2.1 pref.(quar.)
$1
Apr. 1 Mar. 15
Metropolitan Edison. $7 pref. (quar.)
314 Apr. 1 Feb. 28
Rich's. Inc. 634% preferred (quar.)
Mar.30 Mar. 15
51%
$6 preferred (quarterly)
Apr. 1 Feb. 28
$1
Rike-Kumler Co., corn.(guar.)
25c Mar. 11 Feb. 23
$5 preferred (quarterly)
Apr. 11
1 Feb.
St. Joseph Lead Co
.2
$1
18
10c Mar. 20 Mar. 8
Model Oils. Ltd
c
St. Louis Rocky Mountain & Pacific RR. Co.
Monarch Knitting Mills, Ltd.,7% pref
Apr.
1 Mar. 15
Mar.h$13(
Common (quarterly)
April 20 April 5a
Monsanto Chemical (qua:.)
25c Mar. 15 Feb. 25
Preferred (quarterly)
April 20 April 5a
Montgomery Ward,class A (quar.)
$134 Apr. 1 Mar. 21
Preferred (quarterly)
July 20 July 5
Montreal Cottons, preferred (quarterly)
Preferred (quarterly)
r$134 Mar. 15 Feb. 28
Oct. 21 Oct. 5a
Montreal Loan & Mortgage (quar.)
6234c Mar. 15 Feb. 28
San Joaquin Light & Power.7% pref.(qu.)
Mar. 15 Feb. 28
Moore Dry Goods (quar.)
6% prior preferred A (qua:.)
$134 Apr. 1 Apr. 1
Mar. 15 Feb. 28
Quarterly
3134 July 1 July 1
7% preferred A (quarterly)
Mar.
15 Feb. 28
Quarterly
6% preferred B (quarterly)
3134 Oct. 1 Oct. 1
Mar. 15 Feb. 28
Quarterly
Savannah Electric & Power$134 Jan. 1 Jan. 1
Morrell (John) & Co.(qua:.)
90c Mar. 15 Feb. 23
857 preferred A (quar.)
$2 Apr. 1 Mar. 15
Morris (Philip) Consol. (liquidating)
7 A % preferred B (quar.)
50c
Feb. 7
Apr. 1 Mar. 15
Morris5 & 10c to $1 Stores. Inc.,7% pref.(qu.)_ $134 Apr. 1 Mar. 20
7% preferred C (quar.)
Apr. 1 Mar. 15
7% preferred (quarterly)
634% preferred D (quar.)
3134 July 1 June 20
Apr. 1 Mar. 15
7% preferred (quarterly)
Schiff Co., common (qua:.)
$134 Oct. I Sept.20
Mar. 15 Feb. 28
Morris Plan Insurance Society. (quar.)
$1 June I May 27
Preferred (quar.)
Mar. 15 Feb. 28
Quarterly
Seaboard Oil of Del.(qua:.)
$1 Sept. 1 Aug. 27
33$3
85
:
5
1111:4
5:
c
e Mar. 15 Mar. 1
Quarterly
Extra
$1 Dec. 1 Nov. 26
Mar. 15 Mar. 1
Muncie Water Works Co.8% pref.(quar.)
Second Twin Bell Syndicate (monthly)
$2 Mar. 15 Mar. 1
20c Mar. 15 Feb 28
Mutual Telephone Co. (Hawaii) (monthly)_ _
Seeman Bros.. Inc. common (extra)
Sc Mar. 20 Mar. 11
50c May 1 Apr. 15
Nashua Gummed & Coated Paper.7% pf.(qu.)- 3134 Apr. 1 Mar. 25
Selected American Shares (semi-ann.)
2.1c Mar. 15 Feb. 28
Nassau & Suffolk Lighting, 7% preferred
Selfridge & Co
75c Apr. 1 Mar. 15
National Bearing Metal Corp. 7% pre
Sherwin Williams. Ltd.. preferred
h$1 A May 1 Apr .20
Apr. I Mar. 15
National Biscuit (quarterly)
Sioux City Stockyards Co. 3134 part ref(guar.) 3734c May 15 May 14
50c Apr. 15 Mar. 15
Preferred (quarterly)
3134 May 31 May 17
$1 A participating preferred (qua:.
373.4c Aug. 15 Aug. 14
National Bond & Share Corp
250 Mar. 15 Feb. 28
$134 participating preferred (qua:.
3734c Nov. 15 Nov. 14
National Finance Corp. of Amer..8% Pi% (qu.)
15c Apr. 1 Mar. 10
SIscoe Gold Mines(quar.)
Mar. 15 Feb. 28
National Lead, pref. A (quar.)
3134 Mar. 15 Mar. 1
Extra
Sc Mar. 15 Feb. 28
National 011 Products. $7 pref. (quar.)
Smith (S. Morgan) Co.(quarterly)
3134 Apr. 1 Mar. 20
May 1 May 1
$1
National Sugar Refining Co. of N.J.(quar.)
50c Apr. 1 Mar, 4
Quarterly
$1 Aug. 1 Aug. 1
Neisner Bros., Inc. (quar.)
25c Mar. 15 Mar. 1
Quarterly
$1 Nov. 1 Nov. 1
Extra
50c Mar. 15 Mar. 1
Socony-Vacuum 011 Co
150 Mar. 15 Feb. 20a
Newberry (J. J.) Co.(quar.)
South Carolina Power Co., $8 pref. (quar.)__..
40c Apr. 1 Mar. 18
$13.4 Apr. 1 Mar. 15
New Bradford Oil
South Calif. Ed Co.. Ltd..7% ser A pref(quar.) 4334c Mar. 15 Feb. 20
10c Mar, 15 Feb. 15
New England Telep. & Teleg. Co.(quar.)
657, series B preferred (quar.)
$134 Mar.30 Mar. 8
37 34c Mar. 15 Feb. 20
New Jersey Pow.& Lt. Co.. 38 pf.(quar.)
Apr.
South
I Feb. 28
Porto Rico Sugar Co.,com.(guar.)
3134
SOc Apr. 1 Mar. 9
$5 preferred (quarterly)
313.1 Apr. I Feb. 28
Preferred (quarterly)
2% Apr. 1 Mar. 9
New York & Queens Elec. Light & Power—
Southern Acid & Sulphur Co., Inc.
Quarterly
$2 Mar. 14 Mar. I
7% preferred (quarterly)
$1% Apr. 1 Mar. 9
New York Steam, $6 preferred (qua:.)
Southern & Atlantic Toles , gtd. (s.-a.)
$13.4 Apr. 1 Mar. 15
621%34c Apr. 1 Mar. 16
$7 preferred (quarterly)
Southern Colorado Power Co.. 7% preferred__ _
Mar. 15 Feb. 28
New York Transportation (quar.)
Southern Ry.(Great Britain)
4
Niagara Share Corp. of Md., pref. A (quer.)-- - $134 Apr. 1 Mar. 15
Preferred
4
Nineteen-Hundred Corp."A"-(quar.)
Standard Brands. Inc.. common (quar.)
50c May 15 Apr. 30
25c Apr. 1 Feb. 25
"A"(guar.)
50c Aug. 15 July 31
$7 cumul. preferred. series A (quar.)
$1X Apr. 1 Feb. 25
"A" (quar.)
50c Nov. 15 Oct. 31
Standard Coosa-Thatcher,7% pref. (quar.).._
$1% Apr. 15 Apr. 15
Noblitt-Sparks Industries (quarterly)
30c Apr. 1 Mar. 20
Standard Oil Co. of California
25c Mar. 15 Feb. 15
Norfolk & Western (quar.)
Standard Oil (Indiana )(quar.)
$2 Mar. 19 Feb. 28
25c Mar. 15 Feb. 15
Extra
52 Mar. 19 Feb. 28
Standard 011 of Kentucky (guar.)
250 Mar. 15 Feb. 28
North River Ins. Co.(quar.)
15c Mar. 11 Mar. I
Extra
25c Mar. 15 Feb. 28
Extra
10c Mar. 11 Mar. 1
Standard 011 Co. of N.J
Mar. 15 Feb. 15
Northern RR.Co.of N.J.4% gtd.(quar.)
Sun 011 Co.(guar.)
$1 June 1 May 20
25c Mar. 15 Feb. 25
ilk4% guaranteed (qua:.)
$1 Sept. 1 Aug. 20
Sunset, McKee Salesbook. class A (quar.)
3734c Mar. 15 Mar. 4
guaranteed
4%
(quar.)
Class B (quar.)
$1 Dec. I Nov. 21
25c Mar. 15 Mar. 4
Norwalk Tire & Rubber. pref.(guar.)
873.4c Apr. 1 m
M.28
1
Sylvanite Gold Mines (qua:.)
Sc Mar.30 Feb. 23
Oahu Sugar Co.(monthly)
10c Mar. 15 Mar.
Tennessee Electric Power Co.
Ohio Edison Co.. $5 preferred (quar.)
$1 34 Apr. 1 Mar. 15
Apr. 1 Mar. 15
(qua:.
55' 1st
$1
$8 preferred (quarterly)
$134 Apr. 1 Mar. 15
Apr. 1 Mar. 15
657 1st preferred qu.
SI
$8.60 preferred (quarterly)
$1.65 Apr. 1 Mar. 15
7% 1st preferredarer
preferred qu.
Apr 1. Mar. 15
$1
$7 preferred (quarterly)
$134 ALI% 1 Mar. 15
Apr. 1 Mar. 15
7.2% 1st preferred(qua:.)
$1.
$7.20 preferred (quarterly)
$1 80 Apr. 1 Mar. 15
65' preferred (monthly)
50c Apr. 1 Mar. 15
Oklahoma Gas & Elec.6% pref.(qua:.)
$134 Mar. 15 Feb. 28
Mar. 15
7.2% preferred (monthly)
60c
7% preferred (quar.)
$134 Mar. 15 Feb. 28
Tacony-Palmyra Bridge (guar.)
1 Mar. 10
m
t
i
a
ar
ri 30
25c ja
Omnibus Corp., pref.(qua:.)
Apr.1 , Mar. 15
Mar. 10
Class A (quarterly)
25c
kia
I
$0 Z.21 Mar. 155
sig
Per
Share
When Holders
Payable of Record
Texas Corp. (quarterly)
25c
Tex-0- Kan Flour Mills, pref.(guar.)
$1%
Thatcher Mfg. Co
25c
Timken Roller Bearing Co
25e
Tip-Top Tailors 7% pref. (quar.)
51SA"
Twin Bell Oil Syndicate (monthly)
$2
Underwood Elliott Fisher Co.common (quar.)_ 50c
Preferred (guar.)
$1Si
Union Pacific tt.lt. Co
$1 Si
Preferred (semi-annual)
$2
Union Twist Drill (quar.)_
25c
Preferred (quar.)
IDS(
United Biscuit Co of America, preferred (quar.) $1 3
,4
United-Carr Fastener
25c
United Dyewood preferred (quar.)
Sill
United Elastic (quarterly)
10e
United Gas & Electric Corp., preferred (quar.)_ _ 14,1%
United Gas improvement
Preferred (quarterly)
$13.1
United Light & Rys. (Del.)7% prior preferred (monthly)
,58 1-3c
6.36% prior preferred (monthly)
53c
8% prior preferred (monthly)
50c
United New Jeesey RR & Canal (quar.)
521,
United States Pipe & Fdy Co. (quar.)
12 Sic
Common (quar.)
12Sic
Common (guar.)
12 Sic
Common (quar.)
12 c
1st preferred (quar.)
3
1st preferred (quar.)
30c
1st preferred (guar.)
30c
1st preferred (quar.)
30c
United States Playing Card (quar.)
25c
Extra
25c
United States Sugar Corp.. pref. (quar.)
Si si
Preferred (quarterly)
$1 st
Universal Products
20c
Upper al ichigan l'ower & Light,6% pref.(quar.) SI Si
6% preferred (quarterly)
$1
6% preferred (quarterly)
Si Si
6% preferred quarterly
$1
Utica Chenattgo & Stemtiehanna Valley RR.—
Ouaranteed (send-annual)
$3
Utica Clinton A Binghamton 14y.—
Debenture stock (semi-ann.)
521i
Debenture stock (semi-ann.)
$2.i
Utica Knitting 7% preferred
h$3
Vapor Car Heating Co., Inc
$2
7% preferred (quarterly)
SI Si
Veetier Root (quarterly)
50c
Vermont x: lio.u,im I eiephone iserni-ano.)
$2
Victor-Monaghan Co., 7% preferred (quar.)
$114
Viking Pump, preferred (quar.)
60c
Virginia Electric & Power, $6 preferred (quar.)_
$1 3.
Apr. 1 Mar. 1
June 1 May 15
Apr. 1 Mar. 15
Mar. 5 Feb. 18
Apr. 1 Mar. 20
Mar. 5 Feb. 28
Mar.30 Mar. 12a
Mar. 30 Mar. 12a
Apr. 1 Mar, 1
Apr. 1 Mar. 1
Mar. 28 Mar. 20
Mar. 28 Mar. 20
May 1 Apr. 15
Mar. 15 Mar. 5
Apr. 1 Mar. 14
Mar. 23 Mar. 5
Apr. 1 Mar. 15
Mar. 30 Feb. 28
Mar. 30 Feb. 28
Name of Company
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 1 Mar. 15
Apr. 10 Mar. 20
Apr. 20 Mar. 30
July 20 June 29
Oct. 20 Sept. 30
Jan. 20 Dec. 31
Apr. 20 Mar. 30
July 20 June 29
ct. 20 Sept. 30
Jan. 20 Dec. 31
Apr. 1 Mar. 21
Apr. 1 Mar. 21
Apr. 5 Mar. 10
July 5 June 10
Mar.30 Mar. 20
May 1 Apr. 26
Aug. 1 July 27
Nov. 1 Oct. 26
2-1-'36 Jan. 27
May
1 Apr. 15
Tune 26 June 16
Dec. 26 Dec. 16
Mar. 18 Feb. 18
Mar. 9 Mar. 1
Mar. 9 Mar. 1
Mar. 31 Feb. 18
JuLy 1 June 15
Apr. 1 Mar. 20
Mar. 15 Mar. 1
Mar. 20 Feb. 28
Weekly Return of the New York City
Clearing House
The weekly statement issued by the New York City
Clearing House is given in full below:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR WEEK ENDED SATURDAY. FEB. 23 1935
f11,
1,
155
nan
S
$
112,803,000
10,298,100
311,715,000
25,431,700
38,273,300 al.044,092,000
48,101,400
368,685,000
177,294,700 51,083,385,000
286,057,000
10,297,500
61,512,800
610,023,000
16,124,900
198.030.000
407,252,000
89,218,100
57,819,800
408,959,000
3.608.900
32,862,000
68,839,400 c1,419,146,000
3,329,600
44,595,000
62,018,800 d656,338,000
8,160,400
13,951.000
7.503,200
61,506,000
21,361,500
244,522,000
7,644,700
56,066,000
.5,148,210
55,855,000
791 non nnn '7 A 1 't C., nnn
0000§.0§R88888§§§§§§
$
6,000,000
20,000,000
127,500,000
20,000,000
90,000,000
32,935,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
150,270,000
500,000
25,000,000
10,000,000
5.000,000
12,500,000
7,000,000
8,250,000
Time
Deposits,
.4 verage
,ZW.C4
Bank of NY es Trust CoBank of Manhattan Co_
National City liank____
Chemical Ilk & Trust Co
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover ilk & Tr Co
Corn Exch Bank Tr Co_
First National Bank __
Irving Trust Co
Continental Ilk & Tr Co_
Chase National Bank
Filth At enue Rank
Bankers Trust Co
Title Guar & Trust Co
Marine Midland Tr Co
New York Trust Co.__ _
Comml Nat llk & Tr Co
Public Nat Ilk & Tr Co
Net Demand
Deposits,
Average
+1.0W
Surplus and
Undivided
Profits
• Capital
..0.O,
ONC*,.WWNOOW
CC Id
P.WW.O.O.NOFWWWONOCnFtFiA,
Clearing House
Members
Totals
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended Feb. 22:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. FEB. 22 1935
NATIONAL AND STATE BANKS—AVERAGE FIGURES
Loans
Other Cash Res. Dep., Dep. Other
Disc. and Including N. Y. and Ranks and
Investments Bank Notes Elsewhere Trust Cos.
s
s
s
23,124,400
3,952,166
92,600
129,504
3,381,400
990,095
4.258.000
91.000
929.000
s
Gross
Deposits
s
2,4s7.700 24,218,000
176,348 4,350.778
251 0011
4 051 Ann
TRUST COMPANIES—AVERAGE FIGURES
Loans,
Disc. and
Investments
Manhattan—
Empire
Federation
Fiduciary
Fulton
lawyers County
United Staten
Brooklyn—
Brooklyn
trim,. ,
1 nrInto
Cash
s
Res. Dep., Dep. Other
N. F. and Ranks and
Elsewhere Trust Cos.
$
$
Gross
Deposits
s
s
52,952,200
7,299,945
12,628,535
18,959,300
30,811,900
59,430,136
*3,910.800 8,273.000
88,347
699,198
.808,555
663,454
.2,642,400
439,8(10
.6,314,000
703,500
15,539,956 16.610,658
2,457,200 55,.531,300
1,023,431 7,430,325
62,541 12,180,538
454,800 17.661,900
35,543,800
62,942,749
87,896,000
2,570,000 23,447,000
97 r17.1 5.314
9 ARA A511
234,000 100,290,000
'In nle gni•
7 1170 24.1
• Includes amount with Federal Reserte as follows: Empire. $2.759,100: FiduClary, 6558,800: Fulton, 82.460,100. lawyers County, $5,618,700.
When Holders
Per
Share. Payable. of Record
Name of Company.
37c Apr. 1 Mar. 15
Vortex Cup (quarterly)
62Sic Apr. 1 Mar. 15
Class A (quarterly)
Apr. 20 Apr. 10
15%4
Vulcan Detinning, preferred (quar.)
% July 20 July 10
Preferred (guar.)
1,4 % Oct. 19 Oct. 10
Preferred (guar.)
r25c Mar. 15 Feb. 22
Walker (H.). Gooderham & Worts. pref.(q1.)
Washington Ry.& Electric Co.5% prof.(quar.) 513.1 June 1 May 15
West Kootenay Power & Light, pre. (qu.)_ _ _ _
$1% Apr. 1 Mar. 20
10e Mar. 15 Feb. 28
Westland 011 Refining. A (monthly)
Westvaco Chlorine Products. pref. (quar.)
$13.1 Apr. 1 Mar. 15
/41U Mar. 15 Mar. 1
Whitman (Wm.) Co. 7% preferred
62Sic Mar. 31 Dial'. 20
Wilcox Welt ('orp. chats A (quar.)
Will & Baumer Candle Co.. Inc—
$2 Apr. 1 Mar. 15
Preferred
51 Si May 1
W1nsted Hosiery (quar.)
$1 Si Aug. 1
Quarterly
$13.1 Nov. 1
Quarterly
$1% Apr. 1 Mar. 25
Wisconsin Electric Power 6% pref. (guar.)
Apr. 1 Mar. 25
% preferred (quar.)
Wisconsin Michigan Power, preferred (quar.).._
$181 Mar. 15 Feb. 28
h50e Mar. 15 Feb. 28
Wisconsin Power & Light. 6% preferred
7% preferred
h58 1-3c Mar. 15 Feb. 28
10c Mar. 31 Mar. 15
Woodley Petroleum Co. (quar.)
10c Apr. 1 Mar. 9
Wright-liargreaves Mines(quar.)
Sc Apr. 1 Mar. 9
Extra
25e Apr. 1 Mar. 20
Wrigley (Wm.) Jr (monthly)
Apr. 15
50e
Vona Cooperative Mercantile Ins. (guar.)
July 15
50c
Quarterly
Oct. 15
.50c
Quarterly
t The New York Stock Exchange has ruled that stock wit not be quoted
ex-dividend on this date and not until further notice.
I The New York Curb Exchange Association has ruled that stock was
not be quoted ex-dividend on tnis date and not until further notice.
a Transfer books not closed for this dividend.
d Correction. • Payable in stock.
f Payable in common stock. g Payable in scrip. h On account of accu
mulated dividends. j Payable In preferred stock.
m Commercial Investment Trust Corp. has declared a guar. div. on the
cony. pref. stock, at the rate of 5 208 of one share of corn, stock, or, at the
option of the holler, in cash at the rate of $1.50 for each cony. pref. share.
n Standard Oil of N. J. div. of one sh. of Mission Corp. stock for each
25 shares of S. 0. of N. J. 525 par value and 4 she. of Mission Corp. stk.
for each 25 sha. of St. 0. of N. J. $100 par value.
p Goiciblatt Bros., Inc., declared a dividend of 373.i cents cash per
share, or 1-40th of a share of stock, at the option of the stockholders.
Fractional shares will not be issued.
r Payable in Canadian funds, and in the case of non-residents of Canada
a deduction of a tax of 5% of the amount of such dividend will be made.
u Payable in U. S. funds. to A unit, to Lees depositary expenses.
z Less tax. y A deduction has been made for expenses.
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 Feb. 27 1935,
in comparison with the previous week and the corresponding
date last year:
Feb. 27 1935 Feb. 20 1935 Feb. 28 1934
Assets—
S
3
$
Gold certificates on hand and due frem
2,106,196,000 2,128.108,000 1,177,989,000
U. S. Treasury _ x
3,625,000
1,307,000
Redemption fund—F. R. notes
1,307.000
48,982,000
70,710,000
Other cash
72,656,000
2,180,159,000 2,200,125,000 1,234,596,000
Total reserves
3,186,000
Redemption fund—F. It. bank notes
Bills discounted:
Secured by U. S. Govt. obilgations
11.397,000
1,420,000
1.845,000
direct & (or) fully guaranteed
19,890,000
2,517,000
Other bills discounted
2,514,000
Total bills discounted
Bills bought in open market
Industt lal advances
U. S. Government securities;
Bonds
Treasury notes
Certificates and bills
4,359,000
3,937,000
31,287,000
2,104,000
1,499,000
2,100,000
1,321,000
3,160,000
139,945,000
472,624,000
157,749,000
139,944.000
472,770,000
157,604,000
165,518,000
348,327,000
287,910,000
770,318,000
770,318,000
311,755,000
S'7•7 AA, nnn
• As per °Meta reports: National, 1)ec. 31 1934: State. Dec. 31 1934; trust
companies. Dee. 31 1934
Includes deposits in foreign branches as follows: (a) 6203,380.000:(9) 360,479,000;
(c) $82,723,000. (d) $26,338,000.
Manhauan
Grace National
Trade Bank of N. Y_
Brooklyn—
Peoole's National._ _
1435
Financial Chronicle
Volume 140
Total U. S. Government securi les_
Other securities
Foreign loans on gold
143,000
Total bills and securities
778,280,000
777,676,000
135,245,000
Gold held abroad
Due from foreign banks
F. It. notes of other banks
Uncollected items
Bank premises
All other assets
315,000
6,634,000
115,572,000
11,598,000
33,043,000
319.000
5.609,000
130,064,000
11,598,000
32,132,000
1,380,000
4,152,000
116,947,000
11,424,000
49,656,000
Tot al assets
_ 3,125,601,000 3,157,523,000 3,242,586,000
Liabilities—
F. It. notes in actual circulation___ ___ 658,338,000 658,731,000 614,321,000
F. It. bank notes in actual circulatio net
52,740,000
Deposits—Member bank reserve an 't.._ 2,051.971.000 2,117,029,000 1,270.783,000
U. S. Treasurer—General aceoun ;..._
44,023,000
7,628,000
9,612,000
Foreign bank
• ___
5,871,000
5,145,000
1,913.000
Other deposits
124,239,000 114.348.000
33,659.000
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13b)
Reserve for contingencies
All other liabilities
.2,226,104,000 2.244,150,000 1,315,967,000
120,195,000 132,640,000 102.554,000
59,711,000
59,724,000
58,492,000
49,964,000
49,964,000
45.217,000
877.000
877,000
7,501,000
7,501.000
4,737,000
2,898,000
3,949,000
52,558,000
Total liabilities
_ 3,125,601,000 3,157,523,000 2,242,586,000
Ratio of total reserves to deposit and
F. R. note liabilities combined__ _
75.69
63.99
75.8%
Contingent liability on bills purch Cseet
for foreign correspondents
157,00(1
166,000
1,907,000
Commitments to make industrial advances
-- _
5.449.000
4.930.000
•"Other cash" does not Include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
x These are certificates given by the U. S Treasury for the gold taken over
from the Reserve banks when the dollar was on Jan. 31 1934 devalued from 100
cents to 59 06 cents, these certificates being worth less to the extent of the difrence, the difference itself having been appropriated as profit by the Tressuri
under the provisions of the Gold Reserve Act 01 1934.
March 2 1935
Financial Chronicle
1436
Weekly Return of the Federal Reserve Board
The following is issued by the Federal Reserve Board on Thursday afternoon, Feb. 28, showing the condition of the
twelve.Reserve banks at the close of business on Wednesday. The first table presents 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."
BUSINESS FEB. 27 1935
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
Jan. 9 1935 Feb. 28 1934
Feb. 27 1935 Feb. 20 1935 Feb. 13 1935 Feb. 6 1935 Jan. 30 1935 Jan. 23 1935 Jan, 16 1935
$
S
S
$
s
$
$
$
S
ASSETS
5,237,503,000 5,182,076,000 3,895,811,000
Gold ctfs, on hand & due from U.S.Treas.x 5,543,025,000 5,516.081.000 5,449,639.000 5.445,101,000 5,350,959,000 5,281.298,000
35,138,000
19,060.000
17,398,000
17,398,000
15,875,000
18,559.000
16,549,000
15,852,000
15,799,000
Redemption fund (F. R. notes)
208,727,000
257,047,000 253,317,000 264,771,000 270,330,000 280.320,000 286,400.000 287.444.000 287,844,000
Other cash •
5 815,871,000 5,785,250,000 5,730,959,000 5,731,990,000 5.647,154,000 5.585,096.000 5,542.345,000
1,752,000
1.579,000
1.986,000
1.759,000
250.000
250.000
250,000
Total reserves
Redemption fund-F. R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations
direct and(or) fully guaranteed
Other bills discounted
3,113,000
3,351,00
3.451.000
3,059,000
2,719,000
3,207,000
3.124,000
3,304,000
3.558,000
3,500,000
6,294,000
3,394,000
13.604,000
3,617,000
5,468,780,000 4,139,676,000
1.964.000
12,595,000
3,588.000
3,406,000
18,362,000
46,028,000
64,390,000
6,994.000
17,221,000
8,688.000
7.058,000
6.428,000
6,510,000
5,926,000
62,345,000
5,611.000
5,582.000
5,539,000
5,538,000
5,503,000
5,502,000
5,501,000
5,505,000
Bills bought in open market
14,744.000
14,826,000
15,638,000
17,493,000
17,824,000
18,375,000
18,729,000
19,163,000
Industrial advances
395,682,000 442,830.000
395,688,000 395,743,000 395,726,000 395,630.000 395.652.000 395,850,000 395.627,000 1,507,117,000 1,055,420,000
U. S. Government securities-Bonds
1,511,198,000 1,511,675.000 1,511,683.000 1.511.666,000 1,511,693.000 1,506,888,000 1.508,667.000
Treasury notes
933,701,000
523,425,000 522.925,000 522,925,000 522,925,000 622.925.000 527.925,000 525.925,000 627.475,000
Certificates and bills
2,431,951,000
2.430.254,000
2.430,219,000
2,430,263,000
Total U. S. Government secUritles- 2,430,311,000 2,430,348,000 2,430,334,000 2,430,221,000 2,430,270,000
653,000
Other securities
Foreign loans on gold
2,559,339,000
2,461,443,000 2,460.504,000 2,460,721,000 2,459,978,000 2,460,359,000 2.480,128.000 2.467,828,000 2.457.603.000
Total bills and securities
Gold held abroad
3,485.000
805.000
806.000
805,000
805,000
805,000
805.000
807,000
803,000
Due from foreign banks
13,293,000
24.489.000
24,226,000
32.324,000
19,672,000
17,165,000
16.763,000
18,649,000
18,529,000
Federal Reserve notes of other banks
410,791,000
428.403,000
477,747,000 482,633,000 415.332,000 416.543,000 411,130,000 446,365.000 505.729,000
Uncollected items
52,382,000
49.190,000
49,296,000
49.306,000
49.307,000
49,436,000
49,336,000
49,436,000
49,436,000
Bank premises
44.850,000 117,441,000
45.589.000
46,961,000
48.444,000
46,349,000
45,286,000
45,814,000
46,657,000
All other assets
6,464,000
Total bills discounted
8 870,736,000 8.343.343,000 8,720,815,000 8.722,860,000 8.638,857,000 8,612,582,000 8,837,571,000 8,476.084,000 7,309,002,000
Total assets
LIABILITIES
F. R. notes in actual circulation
F. R. bank notes in actual circulatIon
3,138,751,000 3,127,655,000 3,118,015,000 3,101,685.000 3,068,172.000 3,068,915,000 3,099,050,000 3,138,987,000
26,185.000
25.869.000
25,683.000
25,697,000
25,827,000
1,192,000
1,242,000
1,324,000
Deposits-Member banks' reserve account 4,587,949,0004,644.795,000 4,580,341,000 4,632.647,000 4.541.755.000 4,500.919.000 4.387.560,000
67,227.000
56,481,000
49,155.000
35,434,000
38,422,000
72,312,000
99,181,000
U. S. Treasurer-General account_ a
18,339,000
19.083,000
16,073,000
13,424,000
13,567,000
13,629,000
14,355,000
Foreign banks
196,746,000 178.973,000 167.945,000 162,684,000 178,141,000 169,073,000 196,677,000
Other deposits
490.259,000
147,031,000
144,893,000
12,830,000
30,824,000
8,593,000
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
426,371,000
146,928,000
144,893,000
12.447,000
30,822,000
5,782,000
495,913,000
146,953,000
144.893,000
12.751,000
30,821,000
7.296.000
411.155.000
146,868,000
144.893,000
12.351,000
30,822,000
5,270,000
412.710.000
146.870,000
144,893,000
11.560,000
30,820,000
5,685.000
419.920.000
146.844,000
144,893.000
10.496,000
80,816,000
3,421,000
72.3%
72.1%
72.1%
71.8%
71.6%
71.3%
71.1%
66.3%
368,000
12,540,000
366,000
12,314,000
317,000
11,739,000
317.000
11,109,000
567.000
10.846,000
878,000
10.375.000
4,835,000
-
$
$
5
5
$
$
$
$
4,528,000
733,000
157.000
271.000
237.000
5.321.000
181,000
675,000
286.000
47,000
4,693,000
673,000
715,000
299,000
48,000
5.416,000
627,000
635,000
358,000
22,000
7,021,000
110.000
1,228,000
296,000
33,000
15,588,000
223,000
677,000
701,000
32,000
5,478,000
125,000
1,239,000
122,000
30,000
51,491,000
2,700,000
5,519.000
4,285,000
395,000
6,464,000
5,926,000
6,510,000
8,428,000
7,058,000
8,688,000
17.221,000
8.094,000
64,390,000
2,750,000
845,000
1,213,000
731,000
2.743,000
833,000
669,000
1,317,000
741,000
2,719,000
882,000
1,269.000
26.462,000
9,399,000
19,623.000
6,861,000
5.539.000
5.562,000
6.611,000
62,345,000
47.000
186,000
656,000
878,000
13,059.000
84,000
102,000
655.000
904,000
12,999,000
857,000
1,219,000
219.000
3,208,000
5,505.000
5,501.000
5.502,000
5,503,000
5,533,000
274,000
599,000
784,000
862,000
16,644.000
97.000
432.000
1.225.000
893,000
16.082.000
93,000
618,000
702,000
1,315,000
15,647,000
139,000
551,000
748,000
1,298,000
15,098,000
92,000
146,000
1,184,000
904,000
15.167,000
42,00
191,000
820,000
1.251,000
13,332.000
14,744.000
14,826,000
17,493.000
15,636,000
17,824,000
18,375,000
18.729,000
19,163,000
Total industrial advances
27,400,000
3q,,200,000
40,535,000
35,114,000
39.487,000
36,222,000
39.690.000
44,540,000
1-15 days U. S. certificates and bIlls____
45.53.7.00)
44;467.000
36.222.000
35,114.000
39.690,000
16-30 days U. S. certificates and bills-- 128.010,000 124.180,000 120,030,000
81.354,000
80.750.000 165,130,000 175,030,000 163.880,000 154.252,000
31-60 days U. S. certificates and bills...... 170.174.000 179.054.000
172.177,000 189,545,000 201,873.000 164.630,000
179,175,000
183,618,000
92.368.000
93,096,000
bills__
certificates
S.
and
61-90 days U.
2.001,189.000 1.999.427.000 2,111.235,000
Over 90 days U. S. certificates and bills__ 1,994,491,00 1.995.056.000 2.009,714,000 2.011.112.000 2.007,374,000
2.430,219,000 2,430.254,000
2,430,263,000
2,430,270,000
2,430.221,000
2.430,334,000
2.430.348,000
2,430,311,000
Total U. S. certificates and bills
ki Total municipal warrants
Federal Reserve NotesIssued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
li
IF In actual circulation
S
4,353,000
880,000
332,000
671,000
228,000
660.000
3,426,000
817,000
599,000
k
22,527,000
155,479,000
366,000
12,940,000
3.499,000
163.000
005.000
934,000
1-15'Mays municipal warrants
16-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
406,909,000
145,310,000
138,383,000
72.4%
3,388,000
1-15 days bills bought in open market
702,000
16-30 days bills bought in open market
704,000
31-60 days bills bought in open market
61-90 (lays bills bought in open market.-711,000
Over 90 days bills bought in open market
1-15 days industrial advances
16-30 days industrial advances
31-60 days industrial advances
61-90 days industrial advances
Over 90 days Industrial advances
506,428,000
146.839,000
144.893,000
10.526.000
30,808,000
3,355,000
357,000
13.963,000
657,000
1.506,000
3813,000
2.989.000
Total bills bought In open market
444.405,000
148,888.000
144.893,000
10.669,000
30,820,000
4.059.000
8,870,736,000 8.843.343,000 8.720.615.000 8.722,860.000 8.638.857.000 8,612.562,000 8.637,571,000 8,476,084,000 7,309,002,000
Total liabilities
Ratio of total reserves to deposits and
F. R. note liabilities combined
Contingent liability on bins purchased for
foreign correspondents
Commitments to make industrial advances
Total bills discounted
4.282,546,000 3,093,119,000
45,261,000
80.137.000
3,433.000
19,114,000
174,725,000 123,568,000
3,265,381,000
4,898,231,0004.875.819,000 4,834,165,000 4.844,189,000 4.792.450,000 4.738.230,000 4,869.803.000 4.556.522,000
Total deposits
Maturity Distribution of Bills and
Short-term Securities1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
2,979,637,000
195,376,000
201,999,000
91,980,000
130,568,000
107,874,000
401,279,000
933,701.000
636,000
17.000
653,000
3,224,644,000
3,422,825,000 3.419,985.000 3,382.242,000 3.379,971.000 3,865,435,000 3.386.374,000 3.433,031,000 3.480.183,000 245,007.000
284,074,000 292.330,000 264,227.000 278,286,000 297.263,000 319,459,000 333.981,000 343.198.000
3,136,987.000 2,979,637,000
3,138,751,000 3,127.655.000 3.118,015,000 3,101,685,000 3.063,172.000 3,066.915,000 3.099,050,000
Collateral Held by Agent as Security for
Notes Issued to Bank3.258,370.000 3.274,200.000 3.292,700.000 3.288.200,000 2,765,318,000
Gold ctfs. on hand & due from U.S.Treas_ 3,298,357,000 3,280,827,111 3.252,450,000 3,256,450,000
95,149.000
5,582,000
15,778.000
7,285,000
5,587,000
4,955,000
4.201.011
5,084,000
4,591,000
Byleligible paper
186,000.000 188.000.000 193,000,000 238,000,000 412,800,000
191,000,000
199.000,000
199.100,(8)31
189,000,000
U. S. Government securities
3,273,267.000
3.491.948.000 3.484,128,000 3.456.534.0903.452,405,090 3.449.957,000 3,469,485,000 3,501.478.000 3.531,782,000
Total collateral
t Revised figures.
•"Other cash" does not include Federal Reserve notes or a bank's Own Fede al Reserve bank notes.
dollar WM devalued from 100 cents to 59.03'. cents
x Them are certificates given by the U. S. Treasury for the gold taken over from the Reserve banks when the appropriated as profit by the Treasury under the
been
having
Itself
the
of
difference
difference
the
extent
on•Jan. 31 1931. these certificates being worth less to the
provisions of the Gold Reserve Act of 1934.
$100,000,000 Included In Government deposits on May 2 1934 transfetred to
a Caption changed from "Government" to "1.1. S. Treasurer-General account' and
t'Other deposits."
Financial Chronicle
Volume 140
1437
Weekly Return of the Federal Reserve Board (Concluded)
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS FEB. 27 1935
Two Ciphers (00) Omitted
Federal Reserve Bank of-
Boston
Total
New York
Phtla.
Cleveland Richmond Atlanta
Chicago
St.Louis Ifinneap Kan.City
Dallas
SanFran.
RESOURCES
$
$
$
$
$
$
$
8
S
$
s
S
$
ilold certificates on hand and due
from U. S. Treasury
5,543,025,0 398,427.0 2,106,196.0 283,312,0 415,885,0 186,165,0 112,817,0 1,080,935,0 193.022,0 140.455,0 189,931,0 118,355,0 317.525,0
Redemption fund-F.R. notes.1,307,0 2,080,0 1,640,0 1,359,0 3,459,0
15,799,0
375,0
660,0
476,0
445,0
222,0 3,280,0
496,0
Dthei cash
72,656,0 34,646,0 9,814,0 10,861,0 13,836,0
257,047,0 28,998,0
28,811,0 9.713,0 11,022,0 11,034,0 6,484,0 19,172,0
Total reserves_
5,815,871,0 427,800,0 2,180,159,0 320,038,0 427,339,0 198,385,0 130,112,0 1,110,406,0 203,180,0 151,953,0 201,461,0 125,061,0 339,977,0
Redem. fund-F. R. bank notes_
250,0
250,0
his discounted:
Sec. by U. S. Govt. obligations
direct Sr (or) hub/ guaranteed
3,113,0
1,845,0
353,0
105,0
267.0
115,0
100,0
285,0
10,0
13,0
20,0
Other bills discounted
141,0
2,514,0
382,0
3,351,0
42,0
82,0
23,0
66,0
5,0
6.0
23,0
31,0
36,0
Total bills discounted
Bills bought in open market
Industrial advancty,
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
6,464.0
5,505,0
19,163,0
4,359.0
2,104,0
1,499,0
147,0
404,0
2,102,0
395.688,0 23,214,0
1,511,198.0 99,020,0
523,425,0 35,445,0
Total U. S. Govt. 8ecurities_ 2,430,311,0 157,679.0
Total bills and securities
Due from foreign banks
Fed• Ros. notes of other banks
Uncollected Items
Bank premises
All other resources
Total resources
2,461.443,0 160,332,0
60,0
803,0
18,529,0
334,0
477.747,0 51.221,0
49,436.0 3,168,0
46,657,0
650,0
408.0
523,0
1,291,0
735,0
555,0
3,691,0
308,0
204.0
3.087,0
197,0
198,0
1,087.0
123,0
651,0
1.346,0
19,0
105,0
497,0
5,0
84,0
1,838,0
76.0
149,0
633,0
36,0
143,0
1,406,0
51,0
385,0
686,0
139,945,0 25,136,0 30,558,0 14,859,0 13,572,0
472,624.0 105,012,0 134,370,0 65,323,0 59,434,0
157,749,0 36.972,0 48,096,0 23,380,0 21,272,0
61,064,0 15,949,0 15,379,0 13,334,0 18,819,0 23,859,0
268,822.0 67.934,0 37,150.0 57.816,0 38,775,0 104,918,0
90,957,0 24,317,0 13,108,0 20.694,0 13,881,0 37,554,0
770,318,0 167,120,0 213,024,0 103,562,0 94,278,0
420,843,0 108,200,0 65,637,0 91,844,0 71,475,0 166,331,0
778,280,0 172,101,0 215,246,0 107,161,0 95,760,0
76,0
83,0
315,0
29.0
30,0
6,634,0
526,0 1,210,0
928,0 1,327,0
115,572,0 39,833,0 46,316,0 40,728,0 17,00,00
11,598,0 4,525,0 6.629,0 3,028,0 2,325.0
1,520,0 1,310,0 1,757,0
33,043.0 4,643,0
422,963,0 108,821,0 67,564,0 92,702,0 73,060,0 167.453,0
21,0
97,0
56,0
22.0
8,0
6.0
2,268,0
815,0
710,0 1,083,0
276,0 2,418,0
60,559,0 21,746,0 12,654,0 30,525.0 17,097,0 24,496.0
4,955,0 2,628,0 1,580,0 3,447.0 1,684,0 3,869,0
584,0
903,0
338,0
734,0
227,0
948,0
8,870,736,0 643,815,0 3,125,601,0 541,749,0 698,336,0 351,570,0 248,310,0 1,602,196,0 337,425,0 235,201,0 329.578,0 218.102,0 538,853,0
LIABILITIF.S
F. 11. notes in actual circulation_ 3,138,751,0 266,235,0 858,338,0 235,924,0 307,485,0 155,726,0 125,127,0
F. It. bank notes in actual cIrcurn
1,324.0 1,324,0
Deposits:
Member bank reserve account 4,587,949,0 290.872,0 2,051,971,0 221.443,0 302.120,0 133.996,0 81,643,0
U. S. Treasurer-Gen. acct._
99,181,0 5,024,0
44,023,0 4,598,0 6,890,0 5,656.0 6,429,0
Foreign bank
5,871,0 1,329,0 1,275,0
14,355.0
967,0
483.0
497,0
Other deposits
196,746,0 3,185,0 124,239,0 5,900,0 3,637,0 1,982,0 4,749,0
696,627,0 143,688,0 100,987,0 167,152,0 133,229,0 264.221,0
8,856,0 5,369,0 1,711.0 3,531,0 3,603,0 3,491.0
940,0
349,0
362,0
322,0
403,0
1,557,0
5,023,0 14,727,0 6.026,0 2,073.0 3,391.0 21.814,0
Total deposits
4,898,231,0 300,048,0 2,226,104,0 233,270,0 313,922,0 142,131.0 93,304,0
Deferred availability items
490,259,0 51 893,0 120.195,0 38,601.0 45,035.0 40,263,0 16,429,0
Capital paid in
147,031,0 10,763,0
59,724,0 15,142,0 13,119,0 5,053,0 4,389,0
Surplus (Section 7)
144,893,0 9,902,0
49,964,0 13,470,0 14,371,0 5,186,0 5,540,0
3urplus (Section 13-b)
12,830,0 1,789,0
877,0 2,098,0 1,007,0 1,697,0
754,0
Reserve for contingencies
30,824,0 1,648,0
7,501,0 2,996,0 3,000.0 1,416,0 2,599,0
All other liabilities
.
6,593,0
213,0
2,898,0
248,0
397,0
168.0
98,0
712,063,0 164,187,0 109,046,0 173,118,0 140,572,0290,466,0
66,502,0 23,488.0 12,778,0 29,838,0 ,20.054,0 25.183,0
12,780,0 4,072,0 3,128,0 4,050.0 4,017,0 10,794.0
21,350,0 4,655.0 3,420.0 3,613,0 3,777,0 9,645.0
649,0
626,0
523,0
477.0 1,003,0
1,330,0
809.0 1,363,0 2,062,0
5.325,0
894,0 1,211,0
346,0
1,329,0
284,0
265,0
161,0
186,0
Total liabilities
781,517,0 139,368,0 104,269,0 117,441,0 47,532,0 199,789,0
8,870,736,0 643.815,0 3,125,601,0 541,749,0 698,336,0 351,570.0 248,310,0 1,602,196.0 337,425,0 235,201,0 329,578,0 218,102,0 538,853,0
1Ratio of total ree, to dep. Sc F. R.
note liabilities combined
Contingent liability on bills purchased for torn correspondents
Cornmittments to make industrial
advances
72.4
75.5
75.6
68.2
68.8
66.6
59.6
74.3
66.9
71.2
69.3
66.5
357,0
23,0
157,0
31,0
30.0
12,0
11.0
37,0
9,0
8,0
9,0
8,0
13,963,0
2,282,0
5,449,0
298.0
1,322.0
627.0
731.0
453.0
1,437,0
30.0
188,0
69.3
22.0
1,146,8
•"Other Cash" does not include Federal Reserve notes or bank's own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT
Two Ciphers r00) Omitted
Federal Reserve Agent al-
Roston
Total
3.491.0411.0 301 710 0
Total collateral
Phila.
New York
Federal Reserve notes:
$
$
Issued to F.11.Bk.by F.R.Agt_ 3,422,825,0 287,481,0
Held by Fed.1 Reserve Bank_ __ 284,074.0 21,246,0
In actual circulation
. 3 138 751 0 266 235 0
Collateral held by Agent as se- ' '
'
' '
curlty for notes issued to bks:
Gold certificates on hand and
due from U. S. Treasury.... 3,298,357,0 301,617.0
Eligible paper
4,591,0
133,0
U. S. Government securities
189,000,0
Chicago
Cleveland Richmond Atlanta
St. Louis Afintutap. Kan. City
Dallas
SanFran.
$
$
$
$
$
758,622,0 251,888,0 321,908,0 164,153,0 142,719.0
100,284,0 15,964,0 14,423.0 8,427,0 17,592,0
$
S
$
$
$
$
818,189,0 145,503,0 108,618,0 123,792,0 53.877,0 246.075,0
36.672,0 6,135,0 4,349,0 6,351,0 6,345,0 46,286,0
658,338,0 235.924.0 307,485,0 155,726,0 125,127,0
781.517,0 139,308,0 104,269,0 117,441,0 47,532,0 199,789,0
788.706,0 222,000.0 292,215,0 143,340.0 80,685,0
2,772,0
276,0
389.0
617,0
180,0
30,000,0 30,000,0 21,000,0 65,000,0
826,420,0 133,936,0 109,500,0 125,000,0 54,675,0 220,263,0
13,0
37.0
29,0
45,0
100,0
30,000,0
13,000,0
791 478 0 252.617.0 322.604.0 164.616.0 145.865.0
826.520.0 146,949,0 109,500,0 125,045,0 54,704.0250.300,0
FEDERAL RESERVE BANK NOTE STATEMENT
Two Ciphers (00) Omitted
Federal Reserve Agent at-
Total
Bolton
Federal Reserve bank notes:
limed to F. It. Bk.(outstdg.).
Held by Fed'! Reserve Bank__
$
11,719,0
10,395,0
$
1,511,0
187,0
In actual circulation-net •_
Collat. pledged anst. outst. notes:
Discounted & purchased bills.
U. S. Government securities._
1,324,0
1,324,0
Total collateral
New York
Phila.
$
S
10,208,0
10,208.0
17,000,0
5,000,0
12,000,0
17.000.0
5.000.0
12.000.0
Cleveland Richmond Atlanta
Chicago
$
8
S
$
St. Louis MInneap. Kan. City
$
$
$
Dallas
SanFran.
3
$
• Does not include $95,043,000 of Federal Reserve bank notes for the
retirement of which Federal Reserve hanks have deposited lawful money with the Treasurer
of the United States.
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly
returns are obtained. These figures
are always a week behind those for the Reserve banks themselves. The comment of the Rese)ve
Board upon the figures for
the latest week appears in our department of "Current Events and Discussions," immediately preceding
which we also give the
figures of New York and Chicago reporting member banks for a week later.
PRINCIPAL ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
BANKS IN LEADING CITIES, BY DISTRICTS, ON FEB. 20 1935
(In Millions of Dollar-)
Federal Reserve District-Loans and Investments-total
Loans on securities-total
Total
Boston
New York
Phila.
Cleveland Richmond Atlanta
Chicago
St. Louis Minneap. Kan. City
Dallas
1,158
8,188
1,085
1,193
365
354
2,039
536
363
572
410
1.952
2,983
215
1,613
198
173
57
50
272
66
35
52
48
204
684
168
2.131
17
37
161
576
60
977
18
15
165
2
6
165
6
1
50
4
3
43
28
27
217
4
4
58
1
2
32
6
2
44
4
1
43
18
10
176
437
969
3,161
7,217
645
2,803
46
91
291
350
11
154
229
249
1,339
3,267
306
1,185
22
72
169
301
58
265
2
74
130
599
23
192
12
16
78
127
15
60
2
13
124
102
14
49
63
33
296
1,029
86
260
10
37
107
194
28
94
8
6
100
156
6
54
20
13
108
244
19
116
3
23
111
159
25
41
22
342
308
689
54
333
3,496
282
14,160
4,447
1,086
1,860
4,471
241
69
952
316
73
114
218
1,893
68
7,352
1,039
605
164
2,053
144
14
735
312
85
163
257
156
20
706
451
48
130
194
55
11
244
138
9
91
106
28
6
196
131
32
80
471
45
1,794
513
60
292
607
104
8
397
165
22
110
190
54
5
256
128
5
99
11
478
163
22
241
287
90
9
313
125
58
168
153
161
It
731
961
91
211
201
ro brokers and dealers:
In New York
Outside New Yerk
To others
Acceptances' and comm'l paper bought
Loans on real estate
Other loans
U. 8. Government direct obligations_
Oblige, fully guar. by U. S. Govt._ ._
Other securities
Reserve with Federal Reserve banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
nnrrnwinqa from F. R. banks
San Fran.
18,215
83
se
117
Financial Chronicle
1438
are go gamma'
&marital Cijrollirlr
United States Government Securities
Bankers Acceptances
PUBLISHED WEEKLY
NEW YORK AND HANSEATIC CORPORATION
Terms of Subscription-Payable in Advance
12 Mos.
Including Postage$15.00
United States, U. S. Possessions and Territories
16.50
In Dominion of Canada
18.50
South and Central America, Spain, Mexico and Cuba
Great Britain, Continental Europe (except Spain), Asia.
20.00
Australia and Africa
March 2 1935
97 WALL ST., NEW YORK
6 Mos.
$9.00
9.75
10.75
11.50
United States Treasury Bills-Friday, Mar. 1
Rates quoted are for discount at purchase.
WILLIAM B. DANA COMPANY, Publishers,
United States Government Securities on the New
York Stock Exchange-Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
Quotations after decimal point represent one or more 32nds
of a point.
Mar. 1
Daily Record of U.S. Bond Price Feb. 23 Feb. 25 Feb. 26 Feb. 27 Feb. 28
102.24
High 103.16 103.14 103.9 103.5 103
First Liberty Loan
102.18 102.19
33% bonds of 1932-47__ Low_ 103.16 103.7 103.3 103
102.18 102.23
Close 103.16 103.7 103.3 103
(First 354s)
58
91
68
281
53
28
Total sales in $1,000 units__
4% bonds of (high
1932-47
_
Close
--...
____
__
_.
____
____
Total sales in $1,000 units_ __
102.25 102.19
_103.3
_103.10 103.4
103.12
{High
bonds
451%
Converted
102.14
102.20
102.30
103
of 1932-47 (First 43.4s) Low_ 103.10 103.7
102.30 102.20 102.18
Close 103.10 103.7 103
261
10
8
113
16
7
Total sales in $1,000 units__
- - -------- -- , High
------Second converted 53, 5
____
____
____
____
____
____
bonds of 1932-47 (First( Low_
Second 45is)
_ _
_
_
.
_
Total sales in $1,000 units__
. 10-3.ii 16ic.iii 10-3.S.
{Mali 10-3.16 10-3..16 10-3-.1i
Fourth Liberty Loan
103.6
103.7
103.8
431% bonds of 1933-38._ Low_ 103.14 103.12 103.11
Close 103.15 103.12 103.12 103.9 103.7 103.7
(Fourth 45f,$)
23
5
8
6
32
5
Total sales in $1,000 units__
101.30 101.24 101.24 101.24 101.25
Iligli 10.26
Fourth Liberty Loan
101.19
101.23
101.22
101.24
101.23
101.25
Low_
called).
43% bonds (3d
Close 101.25 101.27 101.24 101.23 101.23 101.21
67
24
25
66
34
12
Total sales in $1,000 units...._
116.14 116.14 116.10 116.5 116.8
High 116
Treasury
Low.. 115.20 116.3 116.13 116.5 116.2 116.3
451s 1947-52
116.13 116.14 116.5 116.2 116.8
Close 116
37
67
16
5
194
7
Total sales in $1,000 units......
High 111.24 111.22 111.17 111.12 110.30 111.9
111.4
110.30
111.5
111.8
111.12
111.9
Low_
48, 1944-54
111.5 110.30 111.5
Close 111.19 111.14 111.8
281
2
15
56
12
361
Total sales in $1,000 units__
104.30 105.7
105
105.10
105.20
High 105.16
Low.. 105.16 105.13 105.6 104.30 104.27 104.31
451.9-351s, 1943-45
104.29 105.7
Close 105.16 105.13 105.6 105
165
178
27
12
89
15
Total sales in $1,000 units__
High 109.28 109.23 109.26 109.18 109.11 109.16
109.15
109.6
109.16
109.16
Low.. 109.28 109.20
3$1s, 1946-56
Close 109.28 109.23 109.16 109.16 109.11 109.15
5
104
75
5
61
13
TOtal sales In 51,000 units._
High 106.14 106.16 106.13 106.10 106.4 106.12
106.7
106
106.5
106.10
106.10
106.13
Low_
1943-47
334s,
106.12
Close 106.14 106.16 106.10 106.5 106.1
50
25
5
15
43
26
Total sales in $1,000 units_ _ _
High 103.29 103.28 103.23 103.18 103.10 103.19
103.13
103.6
103.14
Low_ 103.27 103.19 103.15
3a, 1951-55
Close 103.28 103.27 103.15 103.15 103.8 103.18
225
405
84
151
89
47
Total sales in $1,000 units_....
High 103.27 103.27 103.18 103.17 103.12 103.21
103.16
103.8
103.10
103.12
103.18
103.20
Low_
38. 1946-43
Close 103.26 103.20 103.12 103.12 103.8 103.21
593
234
92
59
380
175
Total sales In 31,000 units__ _
____ 106.24 106.19 106.18 106.14 106.22
High
____ 106.20 106.14 106.12 106.12 106.15
Low_
334s, 1940-43
___ 106.20 106.17 106.14 106.14 106.22
Close
124
22
101
108
155
____
Total sales in 31,000 units_ __
High 106.13 106.20 106.22 106.16 106.14 106.19
106.17
106.12
106.16
106.17
106.18
Low_ 106.13
334s, 1941-43
Close 106.13 106.18 106.18 106.16 106.14 106.19
104
17
1
85
58
1
Total sales in $1,000 units_ _ _
High 104.28 104.24 104.19 104.15 104.10 104.20
Low_ 104.20 104.19 104.14 104.13 104.8 104.9
354s, 1946-49
Close 104.28 104.20 104.18 104.13 104.8 104.19
353
57
206
237
36
528
Total sales in $1,000 units.....
High 104.28 104.27 104.22 104.19 104.12 104.20
104.10
104.9
104.12
104.16
Low_ 104.22 104.20
334s, 1949-52
Close 104.26 104.22 104.16 104.12 104.9 104.20
811
639
210
501
255
165
Total sales in $1,000 units_ _ _
High 106.23 106.21 106.19 106.14 106.14 106.24
Low_ 106.16 106.15 106.13 106.13 106.12 106.16
33.4s, 1941
Close 106.23 106.15 106.14 106.14 106.12 106.24
273
50
167
124
Ill
3
Total sales in $1,000 units......
High 105.16 105.13 105.9 105.4 104.29 105.5
Low.. 105.15 105.8 105.5 104.31 104.27 105
351s, 1944-46
Close 105.16 105.9 105.7 104.31 104.28 105.5
308
753
112
48
64
19
Total sales in 51,000 units__
___ 103.18 103.24
High 103.29 103.26 103.22
ederal Farm Mortgage
,
103.18
103.16
____
103.22
103.19
103.24
low..
334s, 1944-64
-_-_ 103.18 103.24
Close 103.24 103.19 103.22
2
210
1
15
18
Total sales in $1,000 units__
1.29 101.28 102
10101.30
High 102.12 102.5
?ederal Farm Mortgage
101.28 101.25 101.24 101.25
102
Low_ 102
3s, 1944-49
102.2 101.28 101.29 101.26 102
Close 102.6
48
100
43
29
105
67
Total sales in 31,000 units_ _.
High 102.14 102.8 102.5 101.29 101.28 102
zederal Farm Mortgage
101.26
101.24
101.26
101.30
Low_ 101.31 102.2
38, 1942-47
Close 102.14 102.3 101.30 101.29 101.24 102 21
21
17
36
112
28
Total sales in $1,000 units_ _ _
High 101.13 101.3 101.12 101.12 101.13 101.14
1tome Owners' Loan
Low.. 101.10 101.10 101.10 101.10 101.10 101.10
45, 1951
Close 101.12 101.10 101.10 101.11 101.13 101.11
5
10
13
36
56
Total sales in $1,000 units_._9
101.28 101.27 102.1
High 102.14 102.7 102.1
tome Owners' Loan
101.31 101.25 101.24 101.23 101.27
Low_ 102
38, series A, 1952
101.28 101.28 101.27 101.31
Close 102.7 102.1
669
86
103
149
122
186
Total sales in $1,000 units__
100.8
High 100.14 100.11 100.4 100.2 100.1
Iome Owners' Loan
100.2
99.28
99.28
99.30
100
Low_
100.4
1949
B,
231s, series
100.7
100.1
99.31 100
Close 100.12 100.5
506 1,434
444
402
1.193 1.123
Total sales in $1,000 units_ _ _
Note-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
6
1
2
1
1
4th 4310 (3d called)
Treasury 4540 1952
Treasury 45.1-3',is. 1943-45
Treasury 4s 1944-54
Treasury Is 1951-55
Treasury 3/0, 1943-47
101.20 to
116.8 to
to
105
111.5 to
103.11 to
106.6 to
101.22
116.8
105
111.5
103.11
106.6
Mar. 6 1935
Mar. 13 1935
Mar. 20 1935
Mar.27 1935
Apr. 3 1935
Apr. 10 1935
Apr. 17 1935
Am'. 24 1935
May 11035
May 8 1935
May 15 1935
May 22 1935
May 29 1935
Asked
Bid
Asked
Bid
William Street, Corner Spruce. New York.
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.20%
June 5 1935
June 12 1935
June 19 1935
June 26 1935
July 3 1935
July 10 1935
July 17 1935
July 25 1935
July 31 1935
Aug. 7 1935
Aug. 27 1935
0.10%
0.10%
0.10%
0.10%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
Quotations for United States Treasury Certificates of
Indebtedness, &c.-Friday, Mar. 1
Figures after decimal point represent one or snore 32ds of
a point.
Maturity
June 15
Sept. 15
Aug. 1
June 15
Mar. 15
Sept. 15
Dee. 15
Feb. 1
Dec. 15
1936___
1936___
1035......
1939__
1935._
I938.__
1935._
1938_
1936._
Int.
Rate
154%
154%
134%
254%
254%
254%
254%
234%
23%
101.6
101.28
101.5
102 25
100.30
104.7
102.9
104.21
104.10
Int.
Rate
Maturity
Asked
Bid
101.8
101.30
101.7
10227
101.0
104.9
102.11
104.23
104.12
Apr. 15
June 15
June 15
Feb. 15
Apr. 15
Mar. 15
Aug. 1
Sept. 15
1936_
1938_
1935......
1937___
1937__
1938._
1936_
1937_,
-
234%
234%
3%
3%
3%
3%
354%
1%
35,
Asked
Bid
103.7
105.9
101.18
104.27
105.2
105.21
104.10
106.1
103.9
105.11
101.20
104.29
105.4
105.23
104.12
106.3
The Week on the New York Stock Market-For review
of New York Stock market, see editorial pages.
TRANSACTIONS AT TI1E NEW YORK STOCK EXCHANGE,
DAILY. WEEKLY AND YEARLY
Week Ended
March 1 1935
536,190
744,200
946,398
933,420
573.640
637,462
Saturday
Monday
Tuesday
Wednesday _ _._
Thursday
Friday
Total
8890,000
1,156,000
1,105,000
1,493,000
1,326,000
1,568,000
84,844,000
7,900.000
9,844,000
9,354,000
7,986,000
6,606,000
4 371 310 546 534 ow)
1934
1935
Stocks-No, of shares_
Bonds
Government
State and foreign
Railroad Rs industrial
$2,876.000
3,137,000
2,432,000
1,750,000
3,391,000
5,889,000
Total
Bond
Sale.?
$8,610,000
12,193,000
13.381,000
12,597.000
12,703,000
14,063,000
57 SAR nnn sin 47% nnn 573.547.000
Week Ended Mar. 1
Sales at
New York Stock
Exchange
Total
United
Slates
Bonds
Railroad
State,
Stocks,
Number of and Aftscell. Municipal tt
ForeionBonds
Bonds
Shares
Jan. I to Mar. I
1935
1934
4,371,310
8,726,370
34,451,119
114,117,671
$19,475,000
7,538,000
46,534,000
$4,653,400
14,206,000
54,040,000
$148,844,000
71,465,000
344,556,000
$97,789,900
170,511,500
582,098,000
873.547.000 $72,899,400
$564,865.000
$850,399,400
CURRENT
NOTICES
-James Talcott, Inc. has been appointed factor for Barryville Fabrics.
Inc., New York City, distributors of woolens and for Wallkill Mfg. Co..
Inc., Wallkill, N. Y., manufacturers of felt hats.
-First of Michigan Corp., 20 Exchange Place, Now York. has issued a
list of State and municipal bonds yielding from 0.50% to 5.45%.
-Henry Gully & Associates, Inc., Consulting Security Analysts, have
moved their offices to 11 Broadway, New York City.
-Bristol & Willett, 115 Broadway, New York, are distributing the March
Issue of their Over-the-Counter Review.
-George R. Petty is the new head of the investment department of
Pearl & Co.
-William Ruhl formerly of Shields & Co., is now with Hill, Thompson
& Co.
-P. G. Walthew is now with B. J. Van Ingen & Co., Inc.
FOOTNOTES FOR NEW YORK STOCK PAGES
• Bid and asked prices, no sales on this day.
Companies reported in receivership.
a Deferred delivery.
r Cash sale.
z Ex-dividend.
y Ex-rights.
12 Adjusted for 25% stock dividend paid Oct. 1 1934.
44 Listed July 12 1934; par value 10s. replaced LI par, share for share.
44 Par value 550 lire listed June 27 1934; replaced 500 lire par value.
Is Listed Aug. 24 1933; replaced no par stock share for share.
Listed May 24 1934; low adjusted to give effect to 3 new shares exchanged for
1 old no par share.
4, Adjusted for 66 2-3% stock dividend payable Nov. 30 1934.
U Adjusted for 100% stock dividend paid April 30 1934.
"Adjusted for 100% stock dividend paid Dec. 31 1934.
w Par value 400 Bre; listed Sept. 20 1934; replaced 500 lire par value.
41 Listed April 4 1934; replaced no par stock share for share.
• Adjusted for 25% stock dividend paid June 1 1934.
The National Securities Exchanges on which low prices since July 1 1933 wars
made (designated by superior figures in tables), are as follows'
22 Pittsburgh Stock
12 Cincinnati Stock
I New York Stock
44 Richmond Stock
"Cleveland Stock
New York Curb
14 Colorado Springs Stock 44 St. Louis Stock
New York Produce
as Salt Lake City Stock
New York Real Estate 12 Denver Stock
44 San Francisco Stock
14 Detroit Stock
Baltimore Stock
San Francisco Curb
44
Stock
Angeles
Los
11
Boston Stock
22 San Francisco Mining
'I Lea Angeles Curb
Buffalo Stock
21 Seattle Stock
14 Minneapolis-St. Paul
California Stock
114 Spokane Stock
II New Orleans Stock
Chicago Stock
Washington(D.C.)Stock
Chicago Board of Trade 41 Philadelphia Stock
Curb
1 Chicago
Volume 140
1439
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Nine Pages-Page One
NOTICE-Cash and deferred delivery Balite are disregarded In the day's range, unites they are the only transactions of the day. No account is taken of such
isles In computing the range for the year.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Feb. 23
Monday
Feb. 25
Tuesday
Feb. 26
Wednesday
Feb. 27
Thursday
Feb. 28
Per share $ Per share S per share 8 Per share $ Per share
.36
3618 3634 36
3614 .35
40
.35
41
•110 112 *110 111
110 110 .105 112 •10414 112
512 578
54 61s
538 558
54 578
534 534
.89
91
89
89
*874 91
.8717 91
*8712 91
3034 3034 3034 3034 3012 3114 304 304 3012 3012
938 938
917 934
934 10
934 94
934 10
.5,2
6
g
6
6
6,4
512 5,2 *517 6
714 714
714 714
74
714
7,4 74
74 7,4
113 113
113 113 •112 113
111 112
112 112
112 Iii
lag
14 138
138
138 138
114
114
174 1734 17
17
164 1678 1612 17
1612 1718
Friday
Mar. 1
Sales
for
the
TVeek
STOCKS
NEW YORK STOCK
EXCHANGE
S per share Shares
Par
.35
42
60 Abraham & Straus
No par
111 111
100
Preferred
100
558 534 6,600 Adams Express
No par
.8712 01
20
Preferred
100
304 3034 1,100 Adams Millis
No par
10
1012 5,200 Address Multigr Corp
10
54 512
600 Advance Rumely
No par
714 714 4,100 Affiliated Products Inc__ _No par
11134 11134 1,000 Air Reduction Inc
No par
138
900 Air Way Elec Appliance No par
•114
1658 1734 13,700 Alaska Juneau Gold Min
10
Albany & Susquehanna
100
.24 3
- -27.8 -17g
24 258
*24 278
212 2,2 •214
27* ---400 A P W Paper Co
No par
118
114
173 Ps
138
112
114
138
114
1 18
1 18 8,700 Allegbany Corp
1,4
No par
,
1 118 5
4
418
.44 434
334 4
3,4 334
338 334 1,800
Pref A with $30 wart
100
•3
.358 4
.34 4
34 338 *3
4
3
3
4
Pref A with $40 warr
700
100
.358 4
.34 4
3
312 358
3
3
318
3
3
1,300
Pref A without wart
100
2238 224 2114 2134 *214 23 .2117 24 .2214 24
.2112 24
200 Allegheny Steel Co
No par
Allegheny & West 8% gtd_100
1551.7 1-37
1--35 1/51
134- 1351-4 13S2 134 1348 134 135
2.000 Allied Chemical & Dye_ __No par
*12614 1274 12612 12612 *1261, 12712 127 12717 •12614 12712 •12614 12714
300 Preferred
100
1612 17
1618 164 1578 1612 1534 1618 1618 1612 1618 1614
9,800 Allis-Chalmers Mfg
No par
1117
1712 1712 18
1738 18
1712 1712 1658 1714 1,700 Alpha Portland Cement No par
1814 1814
3
3
*3
314
24 24
3
3
273 278 .24 278
4 00 Amalgam Leather Co
1
.2912 3214 *2912 32,4 .2912 3214 •2912 32 .2912 32 .2912 3214
7% preferred
50
5414 55
54,4 54,2 5478 544 5434 5518 .5518 5534 5518 5558 1,400 Amerada Corp
No par
Am Agri Chem (Conn) pf _No par
5534 54 8 54l
-Si- -5-3- -521-2 12-12 1,400 Amer Agrlo Chem (Del) __No par
17
1714
1614 1678 1618 1617 16
164 1412 1512 5,600 American Bank Note
1617 15
10
5012 514 5112 5112 51
51
5114 51
51
51
51 12 51
760
Preferred
50
264 2614 26
2612 2618 2612 .26
2612 2612 27
2738 2734 1,600 Am Brake Shoe & Fdy___No par
.122 12234 122 122 •121 12234 12234 12234 •121 12312 .121 123
60
Preferred
100
118 119
11714 118
11714 11814 11612 11712 11712 118
117 11812 7,700 American Can
25
*156 15712 158 156
156 156 .15534 15612 157 157
157 157
Preferred
400
100
1458 15
1412 1514
1378 1412 1438 la
1414 15
•1434 15
3.900 American Car & Fdy
No par
34
3512 3214 3214 3217 33
3238 3212 324 3217 3214 3234 1,500
Preferred
100
•10
1114
101, 1014
1014 1014
1014 1014 •1038 1034 1084 104
700 American Chain
No par
52
52
5217 53
54
54
5312 55
•5558 60
*5712 60
1,100
7% preferred
100
•7214 73
7234 73,2 73
7312 72,4 7234 734 7314 7378 75
1.800 American Chicle
No par
.2934 35
•30
35
•30
35
*30
35
35 .30
Am Coal of Ni (Allegheny Co)25
33
•30
*234 378 .234 34 *234 378 *234 378 .234 3
.234 3
Amer Colortype Co
10
2634 27
2653 274 2612 2712 2512 2612 2614 2712 264 2714 7,300 Am Comml Alcohol Corp__20
814 878
574 918
9
934
9
94
912 104
958 10,4 12,900 American Crystal Sugar
10
7812 81
77
7912 7912 8012 7917 82
83
8412 1,770
8412 84
7% preferred
100
2
2
218 218
24 218
2
218 1,000 Amer Encaustic TIling.....No par
44 114 .358 414 438 114 .34 414 •332/ 414 •358 414
Amer European See's____No par
3
338
3
314
3
318
252 27s
234 278
278 24 11,500 Amer & Fore Power
No par
1934 1934 •20
2158 1934 20
20
20
20
20
1,000
.194 191
Preferred
No par
1
512
.512 6
*512 6 4
512
5
5
54 51
.434 512
300
2nd preferred
No par
.17
1812 .1714 1812 .1534 18
17
17
•1514 16
•1334 16
200
No par
$8 preferred
*1012 1212 .1034 12
•1012 12
1078 1078 •1012 12
•1017 11
100 Amer Hawaiian El 13 Co
10
.414 5
•4
412
.414 5
414 414
*4
418 414
41
400 Amer Hide & Leather___No par
22
22 .2112 2317 .214 22
2118 214 .2114 22
2134 213
Preferred
800
100
.3214 3212 3112 32
3112 32
3214
*3112
3214 3214 3I34 313
1,600 Amer Home Products
417 458
438 417
41 1
44 412
4,4
412 41
43s 434
3,900 Amerloan Ice
No par
33
3617 *3318 3617 36
36
•331s 3514 3514 3514 •34
36
700
6% non-cum pref
100
578 578
538 54
534 578
514 517
538 512
4,200 Amer Internal Corp
5,4 5,
No pat
_
2 Am L France & FoamIte_No par
•23,
3
3
212 -21-*
214 *214
2
•2
-21;
210
Preferred
100
13
14
1117 1258
12
1234
1214 134 13
1338 1234 1314 5,800 American Locomotive_ ___No par
40
4112 384 3814 38
3318 3712 38
37,
39
4 383s 39
Preferred
1.600
100
2178 22
2112 204 2112 2138 2012 2114 21
2134 2038 21
3,600 Amer Mach & Fdry Go.__Ne par
.54 817 '533 634
5
54
538 512 •8
614
5
5
1,600 Amer Mach & Metals__ _No par
54 518
•518 6,4
5
5
512 512 .
Voting trust etre
900
514 578
No Par
1418 1417 14
1412 15
144 1414 15
15
15
1538 154 5.400 Amer Metal Co Ltd
No par
*80
8118 •80
82
80
80 .7858
8018 8018 *80
82
300
6% cony preferred
100
2512 2517 .2514 26
.254 26 .251226
26
26
•25
28
200 Amer News, N Y Corp__ No par
214 218
238 258
218 238
2
24
218 2,4
24 214 10.600 Amer Power & Light____No par
I278 134 1217 134
1212 1234
12
1214 1217 1212 1212 1318 2.400
38 preferred
No par
104 104 1012 1038 10
1012 114
104 1058 1058 1012 11
3,200
$5 preferred
No par
13
134 1234 13
1212 13
1212 1234 1212 1234 1238 1258 24,900 Am Rad & Stand San'y
NO par
1344 135 .133 135 .133 135 .133 135 •I33 13412 13412 135
60
Preferred
100
194 2014 194 20
191 1 20
1858 1938 1938 1934 1918 1934 12.000 American Rolling MIII
25
7317 74
7217 7334 7314 7417 7238 7212 74
744 75
7512 4,600 American Safety Rasor __No par
517 517
*512 57
558 514
5,2 5,2
534 534
538 538 1,600 American Seating v I c___ No par
Amer Ship & Comm
No par
2115 221-7 -ii- 21
2211 -2212034 2034
'lig 21-7; ;2178 237
; --- 100 Amer Shipbuilding Co
No par
3412 3514 33e 3514 3312 35
3513 361
3412 3512 35
363s 14,900 Amer Smelting & Refg
No
par
12214 12234 •I22 124 •122 125 .12317 124 •123 124
*12212 124
500
Preferred
100
106 106 .10411 106 •1044 106 •10412 106 •105 10512 10512 10517
preferred
200
8%
2nd
cum
100
.67
688 .6717 68,4 .6717 68
6712 6734 *68
687s 6812 69
700 American Snuff
25
0 12512 1281 12512 125,2 126 126 *128 12817 130 130
131 131
50
Preferred
100
1578 16't 1538 1534 1514 154 15
1518 15
154 1514 1514 5.700 Amer Steel Foundries___ _No par
92
02
9158 9158 .91
914 9112 9112 92
92
911
93
320
Preferred
100
3817 39
3718 3778 3814 3814 384 3814 394 393s 3912 3912 1,500 American
Store.
No pa
6812 894 6714 6814 6712 6812 6714 68
6712 6818 67,4 86
Amer
Sugar Refining
7,300
100
•1304 135 .13118 135 •13218 13634 •13214 13634 1324 13258 •133 134
10
Preferred
100
211s 2034 21
.21
2012 2034 2018 2012 2204 2078 2014 205
, 1,700 Am Sumatra Tobacoo_ ___No pa
1014 1043 104 105
10478 10538 10434 1051 10534 10578 1054 10578 13,500 Amer
Telep & Teleg.
100
7914 791
7912 7912 7858 7914 .78
7917 7914 7917 7912 7912
700 American Tobacco
26
81
81114 8012 8012 8014 8012 7914 8014 8011 8114 8012 81
4,500
Common class B
25
•13578 141
*13517
13578 1354 137 137 •137 140
200
Preferred
100
458 438 "35%
4
414 -412
4
4
334 3,
334 334 •334 4
800 Lem Type Founders
No pa
12
1318
1112 12,4 12
1414 144 1314 14
12
1234 13
370
Preferred
100
1012 1114 1034 11,4 1014 114 1014 1058 1014 1034 1012 1034 10,900 Am Water Wks
& Elec._ _No pa
•53
55
55
55
*53
55
5314 5317 55
5714 .5314 57
800
lit
preferred
No
pa
58,
617 7
7
712
64 678
638 638
612
64 612 8,600 American Woolen
No pa
38
3714 3712 37
37
38
3733 39
3712 377s 3712 3838 3,20
Preferred
100
14
118
11g
118
lls
118
118 •1
1
1
1
1
1,400 2Am Waiting Paper
378
4
414
414 4,4 •4
4
4
34 334
312 312
70
Preferred
No eat
312 34
338333
3:2 334 •312 418 •312 412
334 334
90 Amer Zinc Lead & Smelt_100
3918 *36
3918 •311
40 .36
.36
39
•36
3918 •36
39
Preferred
25
1414 1012
10
10
101s
918 94
10,4
958 10
934 1038 38.100 Anaconda Copper Mining
50
1958
194 197s •10
1812 1812 .1712 1817 1812 1812 1814 18,4
500 Anaconda Wire et Cable__No par
1612 16,7 164 1612 •1614 1633 16
1612 1812 *164 1678
1614
700 Anchor Cap
Vo par
10517 10517 .105 107,2 •10518 10717 •1054 1071:*10514 107 •10514 107
10
$8.50 cony preferred__ _No par
•34 5
*318 5
.318 5
*314 5
•34 5
•318 5
Andes Copper Mining
10
40
404 403s 4038 3978 4012 40
4014 3978 40,4 3034 3934 2,000 Archer Daniels Midi'd___No par
.11812 -- '118'!-- _ •11812 _ _ .11812 _
.11812 -- •11812 ---7% preferred
100
106 106
10614 106,4 10512 106
10614 10814 1054 10512 •105 1051 ---666 Armour & Co (Del) pref
100
5
518
478
518
54 53s
434 5
44 5
44 5
24,300 Armour of Illinois new
5
68
68
6812 f193s 68
6812 6734 68
68
68,
4 6812 683
5.100
$8 cony pre1
No par
104 104 .104 105 •102 105 .102 105
*103 105 •103 105
100
Preferred
100
- a-
-541.
For footnotes see page 1438.
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
$ Per Mare
36 Feb 26
110 Jan 10
538 Feb 27
8434 Jan 2
2938 Feb 6
8 Jan 12
514 Jan 12
634 Jan 15
10912 Jan 29
114 Feb 27
1638 Feb 6
2
118
3,4
3
3
21
Jan 4
Feb 28
Feb 28
Feb 28
Feb 27
Jan 12
1324 Jan 15
12334 Jan 4
1518 Jan 15
1658 Mar 1
278 Feb 27
2814 Jan 10
4812 Jan 11
4717 Jan 2
1312 Jan 12
43 Jan 11
2514 Feb 15
119 Jan 8
110 Jan 15
1514 Jan 4
1378 Feb 27
3214 Feb 25
3 Jan 30
38 Jan 11
136 Feb 8
24 Feb 13
2512 Feb 27
612 Feb 5
5758 Jan 2
2 Feb 21
44 Jan 2
258 Feb 27
17 Jan 15
5 Feb 27
1312 Feb 5
1034 Feb 7
418 Feb 28
2058 Feb 7
305
,Jan 15
317 Jan 2
284 Jan 2
5,4 Jan 28
38 Feb ii
2 Feb 27
1117 Feb 25
3712 Feb 27
220 Jan 15
5 Feb 26
5 Jan 27
14 Jan 26
72 Jan 2
724 Jan 3
2 Feb 27
12 Feb 27
10 Feb 27
1238 Mar 1
13412Mar 1
1858 Feb 27
67 Jan 4
44 Jan 18
58 Jan 3
204 Feb 6
324 Feb 6
121 Feb 4
103 Feb 14
83 Jan 16
125 Feb 20
1418 Jan 15
88 Feb 4
3733 Feb 25
80 Feb 1
12612 Jan 3
1817 Jan 29
10234 Feb 7
7734 Feb 18
7878 Feb 18
12918 Jan 18
34 Feb 27
1117 Feb 27
1014 Feb 20
5314 Feb 27
534 Feb 27
37 Feb 15
1 Feb 28
34 Mar 1
317 Feb 26
38 Jan 5
9:8 Feb 27
1617 Jan 2
15 Feb 7
103 Jan 4
44 Jan 12
38 Jan 16
11814 Jan 4
9978 Jan 21
4$4 Feb 27
6412 Jan 15
85 Jan 2
Highest
July 1
1933 to Range for
Feb. 28 Year 1934
1935
High
Low Low
$ per share $ per oh
364 Jan 23
30
89
112 Jan 26
538
714 Jan 2
65
89 Jan 23
14,2
3312 Jan 2
1012Mar 1
6
614 Jan 3
478
838 Feb 11
8018
11534 Jan 8
178 Jan 7
114
r2018 Jan 9 t7 1633
170
2
312 Jan 8
118
17g Jan 7
314
7 Jan 4
612 Jan 2
3
638 Jan 5
3
1314
23 Jan 7
82
141 Jan 3 10712
12712 Feb 27 117
177s Feb 18
104
2014 Jan 5
1112
314 Feb 11
214
2114
324 Feb 19
27
57 Feb 18
2712
20
574 Feb 16
11 18
1817 Feb 19
3412
5212 Feb 13
1917
2958 Jan 3
88
1224 Feb 21
80
123 Feb 18
157 Feb 28 120
12
2014 Jan 9
3138
454 Jan 9
4
1178 Feb 18
14
55 Feb 27
4317
75 Mar 1
20
2
318 Jan 25
334 Jan 3
2034
1014 Mar 1
612
5412 Feb 28
32
14
3 Jan 3
4
54 Jan 21
252
54 Jan 3
1114
2338 Feb 14
5
817 Jan 7
20 Feb 14
10,4
1012
13 Jan 10
54 Jan 5
3,2
1734
2534 Jan 3
244
3212 Feb 11
3
478 Jan 17
254
374 Feb 16
44
64 Jan 3
Si
4 Jan 18
6 Jan 18
1112
204 Jan 9
3517
564 Jan 9
12
234 Jan 3
3
712 Jan 3
3
7 Jan 3
1278
1714 Feb 18
63
81 Feb 7
2034
26 Feb 28
2
334 Jan 4
1138
1514 Feb 13
1314 Feb 13
$ per
35
89
6
7014
18
64
34
44
914
1 38
164
128
234
1,4
432
4
378
3$
82
1151s
1224
1032
1112
212
25
39
38
2514
114
40
1933
96
Kng
12612
12
32
412
19
4814
22
34
204
64
64
14
4
37e
share
43
111
1178
285
344
1138
74
958
113
338
2378
205
778
514
164
144
1438
2318
9814
18034
110
2353
2014
744
45
555e
40
48
254
3012
38
122
114,
4
15212
334
554
1214
40
7058
3518
el:
6217
1317
7278
5
101:
1334
1134
30
161s Jan 7
138 Jan 4
24 Jan 7
7512 Mar 1
64 Feb 20
118 Jan 7
2614 Jan 7
401s Jan 7
12518 Jan 14
112 Jan 15
69 Feb 19
131 Feb 21
1814 Jan 9
92 Jan 4
43 Jan 9
7017 Feb 16
1324 Feb 2S
2438 Jan 3
10634 Jan 4
8434 Jan 7
8858 Jan 7
137 Feb 28
634 Jan 18
1938 Jan 18
z1478 Jan 10
80 Jan 5
914 Jan 2
4518 Jan 3
14 Jan 18
617 Jan 18
434 Jan 4
384 Jan 8
1238 Jan 7
194 Feb 21
1758 Jan 4
10712 Jan 30
518 Jan 3
4017 Feb 21
11812 Feb 21
10614 Feb 23
64 Jan 3
703s Jan 10
10617 Feb 4
10
11112
134
36
21s
52
1731
3014
100
7114
4834
108
1018
594
37
48
10318
1338
1004
654
67
1074
3
734
124
54
7
36
1
24
334
3818
10
94
1318
84
44
2614
.10
7614
312
464
54
934
10712
1238
3338
85
15
2817
71
57
43
108
1018
52
3518
4512
102
11
1004
8317
6478
105
2,8
7
1014
50
534
36
1
24
312
32
918
73s
1318
80
44
214
108
64
312
4614
3114
61g
1712
11
1012
312
174
254
3
2534
434
26
224
1017
4214
368,
10
4514
11
14
10
3858
7414
2358
1014
10
274
91
3414
124
2978
2814
314
144
3518
1238
34
418
124
63
21
3
114
912
174
1374
284
6534
731
'238
30
5114
125
109,2
71
1274
364
02
4434
72
1294
24
1254
8518
89
130,
13
2814
274
80
1712
83
,
4
4,4
1712
9
504
1734
1838
2414
106
104
39,8
117
10333
834
714
85
New York Stock Record-Continued-Page 2
1440
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Feb. 23
Monday
Feb. 25
Tuesday
Feb. 26
Wednesday
Feb. 27
Thursday
Feb. 28
Friday
Mar. 1
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
par
$ per share $ per share $ per share S per share 3 per share $ per share Shares
5
412 412 1,300 Arnold Constable Corp
458 434
412 412
434 47
*434 5
412 45
No par
418 418
100 Artloom Corn
*44 512 *418 5
*418 512
*418 512 "44 7
100
Preferred
*6838 ____ *6838 -___ *6838 ____ *6838 ____ *6838 --- *68% --__ ______
10
Art Metal Construction
1
1014 -1614 1014 10-14
4 2.300 Associated Dry Goods
918 16
638 -9-58 94 -9-34 934
100
200
6% lat preferred
*81
87
*8612 89
8612 8612 *84
87
*8118 87
90
90
100
100
7% 2d preferred
56
55
55
*51
55
*50
55 '
3504 55
*55
56
*55
25
39
Associated 011
•30
39
*30
39
*30
*30
35
*3012 39
*30
40
40
41
3J18 41% 395 4138 408 4134 4014 4218 38,000 A tub 'l'opeka & Santa Fe__ 100
4118 433
100
7912 80
1,600
Preferred
7618 79
7714 78
7512 7512 76
76
7812 79
100
26
5,400 Atlantic Coast Line RR
26
2712 26
2634 25
2612 2514 2678 25
2618 24
*434 6
500 At Cl & W I SS Lines___ _No par
*434 6
*4
7
*518 6
•54 6
6
6
100
Preferred
*8
11
10
*8
10
*8
11
*8
1134 *8
1012 *8
25
5,500 Atlantic Refining
2314 2318 235
2312 24
233 2312 2314 2358 2318 2312 23
No par
4014 4014 4012 *39
1,100 Atlas Powder
40
40
3978 397 *3912 40
40; 40
100
50
Preferred
110 110
10912 10912 *10912 110
10934 10934 *10912 110 *10912 110
4512 7
500 Atlas Tack Corp
No par
512 512
612
5
5
512 512 *5
7
*5
No par
2212 2212 2238 2258 22
2284 2114 2134 214 2212 2214 2214 3,300 Auburn Automobile
No par
600 Austin Nichols
*812 9
9
834 834
812 8% *812 9
9
9
9
Prior A
No pa
*4634 50
*4714 5018 *4634 5018 *4634 50
*51
5178 *4512 51
37
15,300 AytatIon Corp of Del (The)____5
4
414 412
4
414
312 4
334 4
412 412
No par
17
75,300 Baldwin Loco Works
24 3
238 27
112 258
14 2
134 2
2
100
Preferred
1034 13
9
1112
934 1034 1058 1034 1014 1012 8,800
1112 13
97 1012 1018 1034 1018 101* 24,000 Baltimore & Ohio
100
1012
958 1058
1012 1138 10
100
Preferred
1214
1034 1214 111 4 12
124 1234 1172 117o 3,200
12
1218 1234
340 Bamberger (L) & Co prof-.100
102 1021*
101 101 *1004 102 *101 102 *101 102
10134 102
Bangor & Aroostook
50
*38
3934 *375 39
*38
39
*3814 40
*3712 39
*37,8 39
Preferred
100
109 110
150
*110 11112 110 110 *10912 110 *10814 113 *110 113
No par
300 Barker Brothers
*353 4
338 33* •33* 4
314 314
338 338
*338 434
100
110
*3414 39
63-1% cony preferred
3414 3414 3414 3414 3414 3414 *3414 35
*3414 39
614 614 2,900 Barnacle]] Corp
5
618 614
6
64 638
618 638
618 614
63*
No par
1,900 Bayuk Cigars Inc
4318 4318 *4238 4314
*4138 4312 4338 4312 43
4414 *4114 43
40
100
1st preferred
010712 10934 1094 1094 *10934 112 *10812 _ _ 10934 10934 108 108
3,400 Beatrice Creamery
25
-4 171 1814 1814 19
1712 1734 1712 1712 1712 171, 1712 1-72
Preferred
100
•102 105 *102 105
*102 104 *102 104 *102 1021.2 *102
*743* -7-5
20
700 Beech-Nut Packing Co
7412 7412 7434
7314 7314 75
75
74
*73
75
1318 1314 4,500 Belding Hemingway Co__No par
1314 133
1314 1312 13% 1312 1338 1312 1314 133s
*111 12 130 *11112 130 *11112 130 *11614 130 *11614 130 *11614__ __ _ ___ Belgian Nat Rye part prat
10,200 Bendix Aviation
143* 15
5
14
1412 1434 1514
147 1538 1458 1538 1412 15
3,000 Beneficial Indus Loan____No par
16
16
16
16
154 1618 16
16
1534 16
1578 16
600 Best & Co
No par
37
3612 3612
37
3612 36% *36
*37
38
*3634 3714 37
2714 263* 2753 261* 2778 19,200 Bethlehem Steel Corp
No par
2734 2914 273* 2818 263* 2814 26
65
3,200
7% preferred
100
6412 65
6512 65
6612 68
65
6812 6912 67,4 68
690 Bigelow-Sanf Carpet Inc__ No par
183
1814 1812 1814 1814 1814 1812 18
19
1912 1814 19
4,800 Blaw-Knox Co
11
11
No par
1138 1134
1118 1112 1018 1114 1014 1058 1034 11
40 Bloomingdale Brothers
No par
20
20
19
*1678 20
*1678 20
*1678 20
*19
20
19
Preferred
100
110
106 107
105 10612 *10214 106 *103 106 *103 106 *10514 106
33
20 Blumenthal & Co pref
100
*3312 3534 33
*33
3712 *3312 3534 *3534 37
*33
39
73
5
734
753 8
814
78 734 4,300 Boeing Airplane Co
814 812
8
z 834
2,300 Bohn Aluminum & Br
56
56
5
56
56
5538 5534 55
56% 57
5512 5512 56
140 Bon And class A
No par
97
*96
97
97
97
97
97
97
*96% 97
97
97
25
243* 2518 2412 25
2438 25
2453 2478 7,300 Borden Co (The)
25
254 243* 247
10
31
32
3118 3278 323* 3338 3234 3418 21,200 Borg-Warner Corp
303* 3134 3014 31
47
*412 57
800 Boston & Maine
100
4%
412 478 *4t2 57
5
5
*478 9
4.34
1
*34
114
*34
1
:Botany Cons Mills claw A_ -50
1
534 1
*34
*34
1
22,400 Briggs Manufacturing_No th.r
2812 30
2818 2834 28
2878 2712 2838 2812 28% 2812 29
No par
3014 3038 3,400 Briggs & Stratton
3012 3034 30
3038 3014 3034 30
3014 304 303
*34
36
1,000 Bristol-Myero Co
36
3418 3412 3312 3378 3312 3312 3312 3312 *34
5
200 Brooklyn & Queens Tr_No par
*212 318
*214 212
212 212 *212 314
212 212 .212 3
1,200
Preferred
No par
*21
254 20
21
*2012 2318 2012 2012 *2012 2118 .201 21
5,600 Bklyn Manh Transit
No liar
4112 4034 4113 4114 4112 4134 42
4112 42
4114 4112 41
600
$13 preferred series A
No par
94
94
94
*9378 9412 9412 9412 9412 94%
94
94
94
No par
4714 4814 47
4814 4712 4712 1,700 Brooklyn Union Gas
4714 4712 4712 4712 4814 z48
No par
700 Brown Shoe Co
*58
5812 5812 5812 5812 5812 5812 5812
*47
59
*5614 .59
100
Preferred
*12434 __ .*12434 ____ ___ ___
*1243
*12434*12434 __
47
47
7
Bruns-Balke-Collender___No
par
7
400
*47
-5
*5
514 .47
478
4
4.7;
4
-518
10
55
8
1,500
Bucyrus-Erie
Co
53*
55*
553
534 *512
534 534
*534 6
534 6
_5
Preferred
*1012 114 *1012 1118 2,200
113* 1112 1118 1114
1078 113s
103* 11
100
6912
70
7% preferred
6812 *65
70
70
70
*65
6912 *65
7012 70
*68
No par
418 43
6,900 Budd (E 0) Mfg
418 414
414 438
334 414
378 414
414 412
100
7% preferred
840
2812 2912 2612 2812 2658 2734 2814 2814 2814 2814
2912 30
No par
2,500
Budd
Wheel
3
3
3% 318
338 338
318 34
338 312
318 318
Buloya Watch
No par
412
412 *4
41
*4
412 *4
412 *4
434 *4
*4
No par
1112 115* 2,200 Bullard Co_
1138 1118 111
12
1114 12
11
1218 1238 12
Burns Bros class A
No par
*118 3
*118 2
*118 3
•118 3
*118 3
•118 3
No par
Class A •t o
400
78
78
78
78
*1
114 *1
114
*113
114
%
78
Class
13
No par
5
5
*14
*14
55
*4
38
*14
58
*14
,
a
58
*11
No par
Class 13 ctfs
518
3
*18
34
*14
34
31
34
*18
*18
*4 118
100
5
5
540
7% preferred
412 5
5
434 5
5
538
.5
538 614
par
Macb____No
Burroughs
Add
3,500
8
147
15
1434 14%
s
154
1478 16
1459 147
15
1518 151 1
No par
200 :Bush Term
13
134 '31,
8
*134 2
134
134 *153
17
17
*134 2
100
200
Debenture
612
6'2
734
*6
9
*6
8
*6
9
*6
814 814
150 Bush Term Blgu prof 008_100
1414
1412 1412 14
14
1514
*14
16
•13
17
16
17
____ Butte & Superior Mining_ _10
-- ---- ---- ---- ---- ---- ---- ---- --14__1,100 Butte Copper & ZIne
---- ---- -------5
158
15
8
1
,
8
,
112 P2 .112 15
13 1% *112 134
No par
1
800 :ButterIck Co
118
1
118
1
1
118
14
114
118
114
114
par
No
Byers
2,800
Co
(A
815
1512
M)
143
4
15
1412
15
16
153
4
15
1512 1558
153*
100
Preferred
10
42
*42
45
45
42
*4014 45
*40
*4012 45
*4012 45
No par
41% 4112 4134 4,300 California Packing
41
41
x3934 41
407 4114 3934 4014 40
1
as 4,200 Callahan ZIno-Lead
34
31
34
31
78
34
34
34
78
4 ;
318 6,000 Calumet & Heela Cons Cop___25
3
3
3
3
318
3
318
318
3
3
3
700 Campbell W & C Fdy__No par
914 914
10
10
978 10
*914 912 *914 9% *914 912
5
94 1112 9,600 Canada Dry Ginger Ale
1250 1278 1114 1234
1318
1318 1314
13
1312 137
100
Canada Southern
*49
53
53
*49
53
53
*49
*4812 53
*19
*49
53
25
1138 114 1138 1134 1114 1138 11,900 Canadian Pacific
1138 1134
1134 117
1112 11%
No par
700 Cannon Mills
*3412 35
34
3414 35
35
*3414 35
3414 35
*3412 35
1
Capital Adminis el A
•313 64 *54 632 *54 54
*54 7
*512 134 *514 7
-------------10
Preferred
A
160
*3312
35
35
34
*331z
•34
36
3212 3312 3212 3212 33
-10 Carolina Clinch de Ohio Ry_100
*62
__ .62_ *8214 _ _ 8214 824 *8212 _ - *8278
100
10
Stud
*8812 1112 *8812 -6112 *8714 -9112 874 8714 .88 -9118 *88 1112
100
.5518 5714 5518 5634 5413 5612 537 5512 5512 5612 5512 5634 15,000 Case (J I) Co
100
Preferred certificates
210
91
9312 90
93
*9334 94
9334 9334 *9312 94
*9334 94
Caterpillar
Tractor
No
par
11,500
42
4259
423
4
42
41
4258
404
413*
42
4234 42
4234
No par
2912 2858 2978 2838 2912 284 2934 28% 2934 10,700 Celanese Corp of Am
2938 3018 29
No par
1,200 ICelotex Corp
214
21 1
2
2
2
218
2
218
214 214
214 214
No par
Certificate*
134 1,600
178
1%
17
17s
17
13*
2
218
17
24 24
100
Preferred
1,380
1812 1812 197
15% 1614 17
*1514 17
1812 1812 1518 1614
Aguirre
Asso__--No
par
6,600
Central
2634
26
26%
26
2414 2478 25
26
25
254
2434 25
*44
43
4014 4014 3912 4012 1,400 Central RR of New Jersey_ -100
*44
47
47
*43
4612 40
100 Century Ribbon Mills. _No par
*914 10
10
10
*914 11
*914 103 •914 104 *914 10
100
Preferred
*9914 105
*9914 101
*9914 103
*9914 105
*9914 101
*9914 105
443 16,600 Cerro de Pasco Copper___No par
43
43
4312 423* 4314 41% 4312 408 4338 425* 437
5
412 44 2,400 Certain-Teed Producti___No par
5
412 434
478 5
5
5
518 518
100
60
7% preferred
26
26
27
*26
28
28
27% 2718 *25
30
*26
30
5
100 Checker Cab
*432 10
5438 7
434 434 *438 7
*434 7
*434 7
1,800 Chesapeake Corp
No par
*417 43
42
4314 4312 42
4278 411 1 4212 41
4112 42
25
11,400 Chesapeake & Ohio
4178 4238 413 42
4112 414 41% 4218 4134 42
4238 43
:ChM & East Ill Ry Co
100
212 *14 212 •114 212
•114
*114 212 .114 212 *114 2
200
6% preferred
100
158 •158 2
Ps
5218 212
218 218 •1-53 218 *158 2
100
78 4,900 Chicago Great Western
112 15
112
4 138
34
*1%
131
112
138
112
3.500
Preferred
100
2
2
250 234
278 31 1
153 275
314
3
3'2 312
:Chic Ind dr Louts, prat_ _100
*134 334 *134 334
*134 33
*134 334 •134 234 *184 234
2
218 6,000 Chic Milw St P & Pac_-No par
2
2
2
2
214
2
*214 212
214 214
100
Preferred
25s 234 16,400
2
3
238 234
29 278
318
3
34 34
100
312 418
312 37
35* 378 14,600 Chicago & North Western
44
4
44 438
33* 4
3,100
100
63
4
Preferred
3
*614
7
712
53
8
612
7
6
0%
714
8
74
553
534 534 1,900 Chicago Pneumat Tool __No par
53*
6
6
534 6
54 57
514 512
Cony preferred
No par
2112 2178 2214 2214 2,100
2234 2314 2212 2212 213s 2212 2034 21
2
2,700 :Chicago Rock Isl & Pacific__100
2
218
2
134
2
13
4
17
8
13
13
4
134 2
100
900
7% preferred
3
3
234 234 *24 234
212 27
314
212 212
*3
100
212
200
6% preferred
214 *2
212
214
*2
212 *2
212 212 *214 27
Chic St Paul Minn & Om_ _100
100
Preferred
Vs par
200 Chicago Yellow Cab
1012
1014 *10
1034 *10
1034 .10
1034 *10
810
10
10
For footnotes see page 1438.
March 2 1935
Range Since Jan 1
On Basis of 100-share Lots
Lowest
Highest
July 1
1933 to Range for
Feb. 28 Year 1934
1935
Low Low
11158
$ per share $ per oh $ per share
share
6% Jan 3
278
Feb 27
d
8%
43 Feb 8
318
4
Feb 21
1012
6334 704
6334
Jan 22 704 Jan 22
353
418
934
714
714 1814
918 Feb26 13% Jan 8
44
46
90
8612 Feb26 95 Jan 24
6478
36
36
55 Feb26 70 Jan 18
26
2912 404
2934 Feb 21 31 Jan 12
3918
4514 7384
3918 Feb26 5558 Jan 7
5314
7018 90
7512 Feb 5 8612 Jan 5
2412 544
24
24 Feb 27 3714 Jan 4
5
16
5
7 Jan 7
S Feb 5
77
24
74
912 Jan 19
8 Jan 12
2112
2112 3514
23 Feb 28 25% Jan 2
3514 5512
18
3712 Jan 30 43 Jan 11
75
93
107
10634 Jan 2 110 Mar 1
512 164
512
734 Jan 8
5 Mar 1
1612
1612 573s
2114 Feb 27 2934 Jan 7
4
64 1658
812 Feb 27 14 Jan 2
2718
3114 65
50 Jan 28 63 Jan 2
55
334 10,
4
Jan 3
312
312 Feb 27
658 Jan 9
11 Feb 26
112
44 16
9
164 64%
9 Feb26 2634 Jan 21
958
1234 3411
93 Feb26 1478 Jan 7
104
15
373
1034 Feb26 1778 Jan 7
86
8612 1027s
1004 Feb 21 10212 Mar 1
35% 4612
2914
3718 Jan 29 4214 Jan 2
9518 115
9112
108 Jan 15 110 Jan 11
24
214
012
54 Jan 22
314 Feb 25
14
1618 38,2
321 Jan 15 404 Jan 22
57
578 10
7 Jan 5
6 Feb 7
23
4584
23
40 Jan 15 441* Jan 7
89
109,2
80
10734 Jan 11 1094 Feb 25
1014 19%
834
1618 Feb 4 19 Mar 1
100
55
55
10012 Jan 5 10218 Jan 28
76,
8
58
54
72 Feb 2 78 Jan 12
87
1514
7
1238 Jan 16 1312 Feb 23
127
9513
83;
Jan
8
3
11418
4
Jan
1123
934
934 2378
171z Jan 2
14 Feb 27
121, 194
1553 Feb 18 1738 Jan 7 3 12
40
21
26
34 Jan 30 3814 Feb 19
2418 494
23
26 Feb 27 343* Jan 8
5478 85
4438
6412 Feb 27 7734 Jan 9
194 40
18
18 Mar 1 2614 Jan 23
1614
6
6
137 Jan 8
1018 Feb26
17
20
16
18 Feb 16 2314 Jan 21
109
88
65
1034 Jai:322 108 Jan 3
28
5614
28
404 Jan 23
33 Mar 1
634 11 14
634
738 Feb 27 10 Jan 2
3334
4412 6834
53 Jan 29 5974 Jan 8
94
76
68
90 Jan 31
9718 Feb 20
19% 2814
18
2314 Jan 29 254 Jan 7
1618 3l38
2814 Jan 15 3118 Mar 1 • 1112
514 194
412
4% Feb 27
712 Jan 4
78
3
112 Jan 0
4
34 Feb 7
12
2838
64
2412 Feb 7 3018 Feb 20
14
1012
2713
234 Jan 17 313 Feb 21
25
20
37,2
z3312 Feb 8 3614 Jan 10
338
2
81*
2 Feb 5
312 Jan 5
3114 5814
20
20 Feb 25 317 Jan 3
2534
2814 4478
,Jan 15 4418 Feb 19
367
6914
8218 97
90 Jan 4 9612 Feb 20
46
8012
46
47 Feb 25 52 Jan 10
41
45
61
57 Jan 3 260 Feb 19
1184 1254
124 Feb 14 124 Feb 14 117
4
1078
4
678 Jan 9
478 Feb 27
312
1)38
312
63 Jan 7
6 Jan 2
144
6
3
6
1012 Jan 2 13 Jan
541
75
47
64 Jan 2 74 Jan 25
3
734
3
514 Jan 2
334 Feb26
16
44
16
26 Jan 15 33 Jan 22
538
2
2
414 Jan 22
3 Mar 1
47 Jan 16
212
37
64
418 Jan 23
418
578 1512
11 Feb 27 15 Jan 2
6
1,
8
234 Jan 23
1
2 Jan 19
88
118
413
112 Jan 23
78 Feb 27
138 Feb 7
1
312
1 Jan 8
1
4
12
212
12 Feb 6
158 Feb 20
4
1512
3
978 Jan 23
412 Feb 27
1012 21932
1012
1414 Jan 15 1534 Jan 7
24
378
34 Jan 21
134 Feb 27
14
2
284
612 Mar 1
1012 Jan 22
912
518 21
418
14 Mar 1 2212 Jan 21
218
138
1 12
2 Jan 3
112
14
34
112 Feb 26
1
118
434
134 Jan 3
1 Feb 27
13% 3234
134
1412 Feb 27 2058 Jan 7
40
40
6778
40 Feb 13 60 Jan 5
1658
1834 443*
3611 Jan 15 4212 Feb 18
12
124
12
118 Jan 3
12 Feb 19
2)4
234
64
418 Jan 7
3 Feb 8
0
6
157
8
9 Feb 5 118 Jan 3
1212 2912
164 Jan 7
1114
958Sfar 1
4812 5612
44
52 Jan 18 53 Feb 4
1334 Jan 9
1078
107
184
1114 Star 1
2214
2812 3814
335 Jan 2 36 Jan 10
53
718 Jan 9
414
104
534 Jan 29
26
2634 39
3212 Feb 25 37 Jan 9
60
74
85
8214 Feb 27 8412 Jan 15
0212
70
70
8714 Feb 27 90 Jan 2.)
35
8614
35
5134 Jan 15 63 Feb 18
56% 93
5678
90 Mar 1 99 Jan 8
15
23
3834
3612 Jan 16 44 Feb 18
1718 4472
1718
285* Jan 29 3538 Jan 7
1 18
578
118
2 Feb26
43* Jan 18
78
1
4
318 Jan 18
14 Mar 1
212
012 22%
1518 Feb26 2512 Jan 18
1834
1834 32,2
2214 Feb 13 26% Feb 29
53
92
40
5518 Jan 4
3912 Mar I
512 12%
1238 Jan 10
512
913 Feb 19
11012
82
75
102 Jan 26 10912 Jan 2
3014 4412
2334
385* Jan 15 47 Jan 7
724
23*
314
412 Feb 27
65* Jan 7
1712 35
3314 Jan 23
26 Mar I
105*
412
412
1612
13%
Jan
7
434 Feb 26
4878
34
2912
38 Feb 7 4478 Jan 4
391s 4858
3718
4034 Feb 6 4538 Jan 7
7
1 18
1
218 Jan 12
14 Jan 4
112
152
8
2% Jan 8
14 Feb 28
8
8
I%
512
214
Jan
7
58 Feb 28
312 11%
158
412 Jan 4
1,
8 Feb 28
7
134
134
2
812
2
3 Jan 3
2 Feb26
312 1314
2
434 Jan 4
2 Feb26
34
312 15
54 Jan 7
312 Feb26
53*
6114 28
5,
8 Feb26 105* Jan 8
97
33*
514 Feb 27
34
739 Jan 7
144
1414
2834
2034 Feb 27 264 Jan 7
I%
I%
8'4
253 Jan 9
134 Feb 23
91*
238
238
418 Jan 9
212 Feb26
13
2
2
4 Jan 10
214 Feb 28
14
118
612
114
314
4
918 z16
918
10 Feb 201 1118 Jan 3
$ per
412
4
7018
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Feb. 23
Monday
Feb. 25
1441
New York Stock Record-Continued-Page 3
Volume 140
Tuesday
Feb. 26
Wednesday
Feb. 27
Thursday
Feb. 28
Friday
Mar. 1
$ per share $ per share $ per share $ per share $ per share $ per share
28
28
28
28
2812 2812 274 28
28
2814 2734 28
434 5
518 538
5
*518 54
5
5
0
518
5
*912 14
*912 12
9
9
*10
14
*912 14
*912 12
3738 3918 37
364 3718 3558 364
3734 3658 3758 3558 363
2114 2112
2114 2114 21
21
214 211
2114 21
2118 21
921
92
92
92
93
*9138 93
93
92
9212 *9114 921
50
50
*32
.50
*32
50
*32
50
*32
*32
50
*32
78
1
1
1
1
4 1
1
78
1
78
78
1
12
12
*12
58
12
12
12
12
12
58
"2
4
4
*4
334
412 412 *3
512
*412 5
*412 514
*334 5
378 378 *312 412 *312 412
*334 514 *334 5
*1314 144 *1312 1414
14
14
*1312 1458 *14
14
1412 x14
*7658 82
*7638 84
8014 8014 *7658 82
*7658 ____ *7658 84
_ _ *4312
_
*434_ __ *4312
*4312 ___ *4312
__ *4312
--27
*25 27
*2512 27
2712 -2712 27 2712 27 -27
_ *11512 130 *116 130
*115 130 *115 130 *115 130 *115
17578 17934
•17012 177
17534 17534 *174 176 *173 fii 175 175
*56
5678 *5634 5678 *5658 5678
57
57
57
*56
57
*56
_ *340
- *340
*346
_ __ *340
_ *340
_ __ *340
- 17 1132 1714 -1-734
634 1612 1-7
1634 1
678
1634 1-718 1612 1103 103 *103 106
*10112 105 *10118 10212 10212 10212 103 103
1214 13
1178 1218 1218 1212 1218 1212
1178 1214
1214 13
7734 7734 7734 7734 7734 7734 7734
*7734 7912 *7734 7912 77
*658 9
*658 9
*658 9
*658 9
*638 9
*658 9
318 312
418 418
4
4
278 314
318 334
258 318
*13
18
*1334 18
*13
18
20
*1212 20
*16
20
*15
15
1512 1034 1234 11
1112
.17
18
1812 17
*1512 17
94 914
812
7
758
712 8
8
10
10
*10
12
9
9
*434 9
*512 8
74 778
74 74
912 912
7434 7614 *7512 7612 7512 7614
7512 7758 7538 7512 7514 76
3938 40
3878 38
41
4034 4334
3838 38'2 3758 3812 38
514
458 434
434 5
434 518
412 434
''
514
553
4812
5112 52
48
4734 45
50
46
5458 5438 *5114 53
*48
50
48
4814 47
47
*4034 46
*47
47
4912 47
4512 4578 4578 47
4658 47
4534 4678 4512 46
4512 46
*3012 32
*31
32
*31
3214 3112 3112 3012 3012
.3012 32
5534 557,1 57
*55
5534 5518 5518 5458 5514 *5412 5512 55
31
3058 31
31
3118 31
3112 3112 3112 *3012 3138 31
11214 113
111 111 *11012 11158 *11012 11158 *111 11178 11178 112
5914 5834 5912 594 5934
6034 61
5934 6012 5934 6012 59
*114 11518 *114 11518 *114 11518 *114 11478 *114 11478 *11312 115
2118 2134 2034 2138 2012 2114 2014 2058 2058 2114 2038 2114
1
14
1
14
1
118
1
118
1
118
1
118
35
3614 3434 3512 32
3312 13358 3434 3512 3634
36
32
*6
8
8
*6
8
*6
8
718 718
7
7
*6
3114
33
33
3214 3278 3012 3214 3034 314 x3034 31
31
*514 978 •914 1018 *914 10
934 934
958 938
953 958
28
28
28
30
*25
28
*24
28
*2414 27
2334 24
*44
75
*44
75
44
44
*40
75
*4012 75
*4012 75
812 812
812 812
*858 918
91s 918
834 834 *812 9
75
*7212 75
*7212 75
*70
*70
75
*70
75
*70
75
82
82
8112 8112
81
*81
8112 8014 8014 80
80
80
_ _
.72
*69 ____ *7312 _ _
*7312 - - *76 - - *76
534 --53
_-4
54 54
554 -53-4
512 -53-4
558 -53-4
534 -578
1914 1934
19
1934 1878 1938 1878 1918 1838 1834 19
19
1678 1738 1678 18
1818 1812
1712 1838 18
1878 1838 19
7218 7412 7338 744 7312 7412 75
76
7658 7712 7612 77
*134 2
*178 2
134
134
Vs
178
134
134
134
178
712 758
712 758
758 734
758 778
712 738
753 734
*1094 11112 *10912 11112 10912 10912 •108
__ *10912 _ _ 10912 10912
3 _-3
318 2-18
318 318
3
3
278 278
318 318
38
53
84
5/3
58
84
58
513
58
52
53
53
1112 1214
1134 1134 1214 1234 1218 1234 12
1234 1214 1212
414 414
438 458
44 412
438 412 *414 438
414 438
538 6
512 512
538 553
514 54
518 54 *54 512
78
1
78
78
1
*78
1
1
1
78
1
53
*50
52
50
50
*51
52
52
*51
52
51
51
*50
7114 7214 7012 7114 7038 7114 7014 7118 7118 7214 7158 72
8
8
8
814
8
8
8
84
812 9
878 878
32
3212 32
32
32
3258 3112 3214 3134 3218 3138 3158
118
118
118
118
1
118
1
1
1
1
"1
118
1758 18
1714 1712 1714 1738 1718 1712 1714 1758 1718 171
4712 4712 48
48
4714 4714 4634 4714 *47
48
*47
48
6618
66
6512 6534 65
6578 6418 65
6412 6434 6438 6434
154 154
154 154 *154
_-__ *154 ..- *155
_ *15618 _ __
''
538 512
553
54 5,
514 -514
8
53s 53
4
;
53s _-5339531
3918 3914 3914
3918 3914 3918 391,3 39
3958
3914 39
14
1414 *1334 14
1334 1334 14
14
1412 15
1412 1412
2618 2634 2618 2618 2614 2612 26
2614 2614 2614 26
2614
*44
4458 4434 4434 *4434 4514 24414 4412 4412 4412 4414 4453
*70
_
*7912 _
*7934 82
*79
8112 *78
_ _ *7612 _ _
*414 _-43-4
414 -414
438 438
4
44
414 114
414 -414
2012 2112 1934 20
19
1912 1812 19
*1834 1918 19
19
.60
63
*60
63 .60
61
60
60
*59
61
6012
.59
114
114
114
114
lig
118
1
1
118,
118
118
118
718 74
84 738 a514 554 a512 512
512 512 *512 678
534 678
652 678
658 7
612 7
658 7
658 678
524 541
54
55
55
5634 56
5678 57
574 56
58
43
4414 *434 45
434 4312 4312 4312 4414 4412 44
44
2014 2014 19
1912 1858 1914 1812 1834 1814 1812 184 1812
*97
97'2 9714 9714 9714 9814 9712 9712 9734 9734 9714 9712
212 251,
212 238
212 258
238 212
238 212
214
238
814 838
814 814
8
84
8
814
8
84
734 8
*7314 80
*7314 7338 *7314 8338 *7314 80
*7314 8338 *73
834
*62
6418 .61
70
*61
70
*61
70
*61
70
*61
70
2014
1812 1912 19
1912 204 *1858 1918 *1834 1914 1812 1834
*714 812 *74 812 *712 814 *712 814 *712 814 *712 814
2714 28
27
2734 27
2838 2634 2712 2758 28
28
2858
2012 2012 2018 2012 2012 2012 2014 2038 2014 2014 20
2014
31
33
3012 3112 2918 3114 2914 3014 30
3034 30
3034
1358 15
1334 14
1234 14
1234 1338 1338 14
1334 1438
3
338
218
218
234 234
214
178
218
212
24
153
*6712 69
6812 *6714 8812 6812 6812
6812 6812 6812 6812 .67
*234 478 *234 478 "234 47s '234 478 .234 478 *234 478
•13
15
*6
15
*6
15
*6
15
*6
15
*6
15
*12
4412 42
42
*3812 4112 *3914 42
*3914 42
•3914 42
*115 11814 *115 11614 115 115 *11034 11614 *11034 11614 *11034 11814
2814 28
*2734 2814 28
2812 2778 2778 2814 2838 2814 2838
37
*3612 37
3612 361
*36
37
3714 3714 37
3614 3614
38
3812 3734 3778 3734 38
3714 3878 3834 39'2 39
4034
918 918
918 92
978 1014
812 934
878 914
914 93e
2012 2138 2088 2114 2014 2153 2014 21
2138 2238 2012 21
1512 16
*1515 1534 *1518 1634 151g 1518 *1518 16'z 15
15
.614
71
*614
712
*614 71
*612 712 *614 712 '614 71
*14
52
*14
'2
*14
12
*14
1
*14
1
*14
lz
•53 1
*12
34
"2
34
"2
3
*12
3
"2
34
4
4
.358 4
312 358
312 31
*314 312
312 312
153 *15
1534 *15
15
15
*15
1512 1518 1518 •15
1512
*10412 112 *10412 112 *105 112 *105 112 *105 10712 *105 10712
9418 95
9358 9418 x9318 9378 9178 93'2 9234 934 92
9278
128 128
128 128
128 128
12734 12734 *12734 128 *12734 128
10412 1051 *10412 10514 *105 1054
10412 105
•104 105 *10412 105
_ _ *23 _ __ *23
*23
____ *23
*23 - _ _
514 1318
514 -518
612 612
814 614
512 512 *538 112
120 121
1194 12212 12012 12212 120 12012 12058 12078 121 12134
147 147 *148 150 *149 150 *149 150 *14912 150
147 147
1858 1914 1838 1834
1812 19
1778 1818
19
194 1834 19
518 514
378 4
438 434 •438 52
6
6
553 558
2434 24
2412
2414 2514 2414 2458 2418 2434 2334 2434 24
10814 10814 108 108
10814 10814 10814 10814 10814 10814 10812 10834
478 514
478 5
434
478
478 5
478 478
434 434
758
75*
734 734
734 73
Vs
Vs
734
753 734
734
178
17
2i8 238
2
218
138 2
158
2
112 134
612 612
6
618
6
614
6
6
---- - 7
7
578 578
534 511
512 518
5
5
5
5
514 -553
For footnotes see page 1438.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1
On Basta of 100-share Lots
Lowest
Highest
July 1
1933 to Range for
Feb. 28 Year 1934
1935
High
Low Lots
Par $ per share
$ per share I per sh
15
10 2612 Feb 7 294 Feb 18
Chickasha Cotton 011
318
434 Mar I
712 Jan 7
No par
Childs Co
9 Feb 23 1218 Jan 28
9
25
Chile Copper Co
2814
5 3512 Jan 29 4212 Jan 3
Chrysler Corp
1412
No par 20 Jan 14 21 12 Feb 19
City Ice & Fuel
6338
100 87 Jan 10 9312 Feb 19
Preferred
City Investing
100
3714
78 Jan 2
112 Jan 17
5,800 City Stores
No par
12
12 Jan 10
78 Jan 17
Voting trust certifs_ No par
1,200
4
2
No par
4 Feb 28
678 Jan 17
Class A
200
24
No par
34 Feb 27
618 Jan 17
Class A vtc
100
612
13 Feb 7 15 Jan 18
200 Clark Equipment
No par
60
10 Cleveland & Pittsburgh
50 8014 Feb 27 282 Feb 7
50
31
___ ___
Special
22
200 Cluett Peabody de Co____No par 244 Feb 1
2812 Jan 7
90
Preferred
100 11212 Jan 7 116 Feb 9
85
1,600 Coca-Cola Co (The)
No par 16178 Jan 2 17934 Mar 1
4512
100
Class A
No par 5512 Jan 5 57 Jan 23
200
Coca Cola Internet Corp_No par
9
10,500 Colgate-Palmolive-Peet__ No par 1818 Feb 5 1814 Jan 7
66
400
100 101 Jan 3 103 Feb 27
6% preferred
No
par
117
8
Feb
26
1534
Jan
7
21
978
4,000 Collins & Aikman
72
Preferred
100 77 Feb 26 85 Jan 8
70
5
Colonial Beacon Oil
72 Feb 15
No par
634 Jan 10
258 Feb 27
258
No par
512 Jan 21
6,000 :Colorado Fuel & Iron
9
Preferred
100 19 Jan 15 2812 Jan 21
1034
100 1034 Feb 28 1958 Jan 8
380 Colorado & Southern
7
100
7 Feb 26 15 Jan 8
450
4% 1st preferred
778
778 Feb 28 13 Jan 8
80
100
4% 26 preferred
45
1,900 Columbian Carbon v t a __No par 87 Jan 15 7758 Feb 23
1718
13,000 Columb Pict Corp v t cl___No par 3414 Jan 16 4334 Mar 1
412
412 Feb 27
734 Jan 10
38,200 Columbia Gas & Elec___No par
5914 Jan 26
48
2,200
Preferred series A
100 45 Mar 1
41
100 47 Jan 31 5134 Feb 9
100
5% preferred
1114
12,700 Commercial Credit
10 3912 Jan 2 4714 Feb 20
22
40
7% let preferred
25 29 Jan 5 3214 Feb 4
32
Class A
1,300
50 5212 Jan 7 57 Mar 1
23
Preferred B
25 2912 Jan 3 33 Jan 25
550
85
100 1094 Jan 2 113 Mar 1
150
63.4% first preferred
No par 5614 Feb 7 6214 Jan 9 332214
8,800 Comm Invest Trust
8412
No par 11378 Jan 16 11512 Jan 29
Cony preferred
1534
No par
1914 Feb 6 2378 Jan 7
28,100 Commercial Solvente
1 Feb 6
133 Jan 2
1
No par
48,000 Commonw'Ith & Sou
1738
No par 2918 Jan 4 4058 Feb 13
10,100
$6 preferred series
5
No par:
7 Feb 25
734 Jan 23
200 Conde Nast Pub.. Ino
1612
4,800 Congoleum-Nairn Ino
No par 3012 Feb 26 3478 Jan 2
714
No par
9 Feb 7 1012 Jan 18
300 Congress Cigar
28
140 Connecticut Ry dr Lighting_100 2334 Mar 1 42 Jan 4
44
Preferred
100 44
Feb 26 44 Feb 26
100
514 I
600 Consolidated Cigar
No par
812 Jan 30 1012 Jan 9
301.4
Preferred
100 73 Jan 14 74 Jan 24
4514
180
Prior preferred
100 7134 Feb 8 82 Feb 28
4514
_ ____
Prior pref ex-warrants
100
158
1
2,200 Consol Film Indus
538 Jan 7
712 Jan 16
734
1838 Feb 27 2218 Feb 15
4,800
Preferred
No par
1578
57,700 Consolidated Gas CO
No par 154 Feb 20 2258 Jan 11
No par
7218 Feb 23 82 Jan 11 x71
3,200
Preferred
214 Jan -18
1 12
600 Consol Laundries Corp
No par
134 Jan 3
714
73e Feb 6
834 Jan 2
No par
21,800 Condo! 011 Corp
100 10812 Feb 5 112 Jan 28 103
8% preferred
200
314 Feb 21
24
100
212 Jan 25
900 Consol RR of Cuba pre
Is
52 Feb 5
118 Jan 5
No par
7.400 Consolidated Textile
414
20 1058 Feb 7 135* Jan 10
5,100 Container Corp class A
2
4 Feb 6
54 Jan 9
No par
Class B
4,900
54 Feb 28
634 Jan 7
54
1,400 Continental Bat chum A No par
24
71 Jan 5
1 Jan 3
No par
3,300
Class B
4414
100 4614 Jan 28 &I Feb 19
Preferred
200
37
20 8284 Jan 15 7312 Feb 18
10,100 Continental Can Inc
6
918 Feb 18
7 Jan 15
5
3,600 Cont'l Diamond Fibre
20
2.50 30 Feb 7 34 Jan 8
3,000 Continental Insurance
134 Jan 8
34 Jan 2
84
No par
7,100 Continental Motors
1214
5 1834 Jan 15 1918 Jan 3
11,700 Continental 011 of Del
4012
130 Corn Exchange Bank Trust Co 20 4414 Jan 2 4812 Feb 14
25 62 Feb 6 68 Feb 18
5512
4,000 Corn Products Refining
100 149 Jan 2 154 Feb 23 133
Preferred
200
678 Jan 3
34
514 Mar 1
No par
3,500 (Doty Inc
23
No par 3578 Jan 15 3958 Feb 18
2,900 Cream of Wheat etre
7
No par
1212 Jan 15 1534 Feb 18
1,200 Crosley Radio Corp
1834
No par 2358 Jan 30 28 Feb 18
2,000 Crown Cork & Seal
32
No par 4312 Jan 4 45 Feb 18
700
$2.70 preferred
_ _ _ _ Crown VkPmette Pap let pfNo par 83 Jan 17 86 Jan 11 8749
353
4 Feb 4
538 Jan 10
No par
1,600 Crown Zellerbru3k v t o
14
1.200 Crucible Steel of Amerioa____100 1812 Feb 27 2514 Jan 7
30
100 60 Feb 27 68 Jan 2
Preferred
100
34
158 Feb 19
No pat
1 Jan 28
1,200 Cuba Co (The)
3
738 Feb 25
5 Jan 5
1,060 Cuba RR 8% pref
100
758 Feb 18
212
10
538 Jan 2
5,600 Cuban-American Sugar
1412
1,580
100 4012 Jan 3 56 Mar 1
Preferred
3518
800 Cudahy Packing
50 41 Feb 4 4712 Jan 2
1312
18 Feb 6 2278 Jan 8
No par
1,500 Curtis Pub CO (The)
3812
900
No par 9312 Jan 2 101 Jan 10
Preferred
2
3 Jan 2
23,700 Curtiss-Wright
1
214 Mar 1
334
6,200
Class A
1
738 Jan 28 1018 Jan 2
7314
Cushman's Sons 7% pref __100 7314 Jan 16 83 Feb 8
6418
No par 6412 Jan 23 85 Jan 19
8% preferred
912
No par 1714 Jan 2 2034 Feb 19
3,600 Cutler-Hammer Ino
512
Davega Stores Corp
5
758 Jan 2
814 Feb 14
1018
10,600 Deere de CO
No par
2412 Jan 15 31 Feb 18
1014
2,200
20 19 Jan 15 2034 Feb I
Preferred
2918
9,300 Delaware & Hudson
100 2918 Feb 26 4312 Jan 7
10,900 Delaware Lack & Weetern_50 1234 Feb 26
1234
1918 Jan 7
112
1,100 Deny & Rio Or West pref.-AGO
112 Feb 27
434 Jan 8
700 Detroit EdLson
55
100 67 Feb 18 78 Jan 25
Detroit & Mackinac Sty Co__100
4
4 Jan 5
6 Jan 17
112
5% non-cum preferred___100
8 Jan 4 11 Jan 29
200 Devoe & Reynolds A_ _No par 3834 Feb 15 5038 Jan 2
20
10
1St preferred
894
100 115 Feb 9 117 Jan 21
2,000 Diamond Match
21
No par
2612 Jan 2 2934 Jan 2S
600
Participating preferred
2733
25 3438 Jan 7 3714 Feb 25
20.900 Dome Mines Ltd
25
No Par 341s Jan 15 4034 Mar 1
3,300 Dominion Stores Ltd
812
No par
812 Feb 23 1258 Jan 28
11,100 Douglas Aircraft Co Inc No par 2014 Mar 1
114
2434 Jan 3
400 Dresser(SR) Mfg oonv A No par 144 Jan 15 1612 Feb 19
814
Convertible class B___ _No par
612 Feb 15
338
74 Jan 8
Duluth S S & Atlantle
100
38 Jan 9
38 Jan 9
4
4
Preferred
100
12 Feb 13
12 Feb 13
500 Dunhill International
1
312 Feb 7
54 Jan 18
3
200 Donlan Silk
No par
1358 Feb 5 1712 Jan 3
1312
Preferred
100
_
92
17,000 DuPont deNemours(E.I.)&Co.20 9178 Feb 2
.
9912 Feb 18 31 5978
1,600
6% non-voting deb
100 12678 Feb 8 129 Jan 8 10414
200 Duquesne Light 1st pref
100 104 Feb 18 107 Jan 17
85
Durham Hosiery Mills pref 100 22 Jan 15 22 Jan 15
13
1.600 Eastern Rolling Mills____No par
514 Feb 26
312
8 Jan 7
3,600 Eastman Kodak (N J)___No par 11012 Jan 16 12318 Feb 19
6512
20
6% cum preferred
100 141 Jan 4 147 Feb 18 120
8,600 Eaton Mfg Co
No par
1658 Jan 15 2078 Feb 18
10
1,400 Eitingon &Wild
No par
378 Feb 27
378
734 Jan 4
11,000 Mee Auto-Lite (The)
5 2312 Jan 29 29 Jan 3
114
150
100 107 Jan 23 10834 Mar 1
Preferred
75
5,400 Electric Boat
; 434 Feb 5
818 Jan 7
3
714 Jan 1
1,800 Elec & Mua Ind Am shares
838 Feb 18 33 512
9,800 Electric Power Or Light __No par
112 Feb 27
112
3 Jan 3
1,800
Preferred
No par
6 Feb 26
6
812 Jan 10
700
No pa
58 preferred
5 Feb 27
714 Jan 11
5
Shares
2,700
1,800
50
89,900
1,800
230
$ per share
1914 304
334 1138
1014
1758
2914 6038
1714 2438
87
9212
3714 52
12
218
38
114
24
558
2
514
834 2134
7012 78
38
45
2478 46
95
115
954 1614
5013 57
314
314
938 184
6812 10212
10
2812
94
74
5
9
34
834
1012 32
1658 4018
3314
13
30
11
58
7714
2112 4138
638 1914
62
7834
41
71
184 4014
2312 3018
38
53
24
3018
9112 110
3534 61
91
114
1554 3634
1
384
2112 524
5
1338
22
3538
714 1412
32
61
55
58
54 1338
31
75
4514 7478
49
70
158
614
104 2038
1812 4738
x71
95
112
453
714 1414
11218
108
24
834
12
21s
1314
618
238
5311
514 144
72
238
4414 64
5834 6412
6
1134
2338 3614
253
114
1534 2234
4012 51
554 844
135
15012
338
978
28
3814
1712
8
18% 3614
3512 4414
84
47
34
638
17
3838
44
71
75
318
84 1012
34
94
2018 65
37
524
1312 2918
4312 954
253
614
514
1214
7514 91
6412 90
11
2112
6
84
104 3418
1014 1914
35
7312
14
334
334 1314
8312 84
5
7
10
184
29
5514
99
117
21
2812
2814 3412
32
4614
11
23
1414 2812
814 20
5
1172
38
158
4
24
3
1134
1312 23
100
110
80
1034
115
12813
107
90
21
30
418 124
79
11612
147
120
1218 2212
6
194
313g
15
80
110
3
712
414
94
214
958
858 21
6
1934
New York Stock Record-Continued--Page 4
1442
111011 AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Feb. 23
Monday
Feb. 25
Tuesday
Feb. 26
Wednesday
Feb. 27
Thursday
Feb. 28
Friday
Mar. 1
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE
March 2 1935
Range Since Jan. 1
On Basis of 100-share Lags
Lowest
HWiest
July 1
1933 to Range for
Feb. 28 Year 1934
1935
High
Low Low
$ DV share $ Per sh
Par $ per share
$ Per share $ Per share $ per share 3 per share 8 per share Shares
No par 45 Jan 15 4912 Jan 7 3, 337
700 Elea Storage Battery
4512 4512 4534 4534 4512 4512 4534 4534 4512 4512
i2
.18
58
711 Jan 10
.12
12 Feb 5
5,
i2
No par
*13
12
200 :Elk Horn Coal Corp
12
12
%
%
I% Jan 10
73 Feb 4
50
8% part preferred
*34 13
*78
1
114
.78
*78
114
*34 138
45
Feb
19
6014
16
Jan
523
4
Endlcott-Johnson
Corp
50
400
5734 5734 .58
5838 *5812 60
15718 5912 157% 60
100 12534 Jan 10 130 Feb 20 112
Preferred
10
*12978 _ _
•1297g _
12934 12934 112912 _ _ .12978 _
I%
27 Jan 4
138 Mar 1
800 Engineers Public Serv_ _No par
138 -1-34
8
*2
178 -1-7..
2
214
178 17;
2
1018
14% Jan 2 2012 Feb 13
No par
15 cony preferred
1514 1514
*1514 18
200
*15
1613 1512 1512 *1514 17
11
1412 Feb 7 2113 Feb 13
No par
900
1778 1778
17
1614 1614
$535 preferred
1618 1612 164 1614 17
12
No par 17 Jan 18 2238 Feb 13
*1734 1912
*1734 20
$6 preferred
11734 20
*1734 20
11734 20
5
518Feb 18
5 Jan 7
1,000 Equitable Office Bldg.-No par
5
5
5 5
5
5
*5
518
5
.5
814
84 Feb26 14 Jan 4
100
4,400 Erie
938 10
9% 97
814 92
913 10
838 9
1018
4
Jan
1714
Feb
26
100 1018
First preferred
1.200
11
1238 11
104 1138 *11
1214 1214 1018 11
812
812 Feb 6 13 Jan 7
100
Second preferred
*7
812 *512 8
.634 812 *634 9
*71
9
50
50 Ms Feb 18 70 Feb 2
_ _ _ _ ___ Erie & Pittsburgh
_ *62%
.63 _ _ *63 _ _ *6218 _ _ *6218
638
1 1034 Jan 15 1238 Feb 19
1218 1,700 Eureka Vacuum Clean
ii 117 ii 12 -1218 12 --1134 1218 12
3
8,400 Evans Products Co
22
5 19 Jan 14 2314 Feb 21
21
2118 22
2112 2178 2034 2138 2034 22
37 Feb 26
3
*338 4
5 Jan 18
130 Exchange Buffet Corp___No par
338 338 *338 314 *3% 414 *34 358
1
214 Jan 19
133 Jan 15
26
30 Fairbanks Co
13
158
138 11
*158 2
*158 2
*1
134
312
938 Jan 18
618 Feb 18
814 64
100
140
Preferred
614 614
612 612
614 638
63 614
47
17 Jan 11 241 Feb 20
6,900 Fairbanks Morse ct Go___No par
22
2314 2034 2212 2012 2138 2214 2278 2214 23
25
Preferred
100 72 Jan 17 91 Feb 20
500
8812 8712 8712 .8712 90
88
89
8814 8912 89
8912 88
4
734 Feb 15
534 Jan 8
15
500 Federal Light & Tree
658 638
658 634 *612 678
678 67
164 712 *678 714
33
564 5612 5612 5612 .5612 60
Preferred
No par 48 Jan 8 58 Feb 7
120
58
5612 5612 58
*5612 58
45
100 Federal Min & Smelt Oo_100 45 Mar 28 50 Jan 17
*40
58
45
45
*48
.57
*48
57
60
*48
145
60
50
100 61 Feb 28 70 Jan 17
Preferred
100
155
70
61
61
65
*58
65 "58
*58
65
155
65
6 Jan 2 14 2%
413 Feb 5
400 Federal Motor Truck____No pat
412 413 *44 412
*412 478
*412 5
411 412 *412 48
1
7
Jan
13
412
Feb
Federal
200
338
Screw
Works____No
par
*3
33
4
13%
338
312
*318
*312 418
312 312
312 312
78
*70
1
I% Jan 7
7g
1
78
1
78 Feb 25
1
7g
78
1
118 2,400 Federal Water Serv A____No par
38
18
18 Feb 26 2038 Jan 7
300 Federated Dept Stores_ _No par
18
18
•17
18
*17
18
18
18
19
•I8
1912 19
2014
9
Jan
3413
Feb
6
Fidel
Phen
1,700
3112
3112
30%
Fire
Ins
N
Y1
_2.50
32
13118
31
314
32
*31
31
32
3214 314
64
1934
Filene's(Wm)Sons Co___No par
1934 Jan 10 2312 Jan 8
*____ 20 *____ 20 *____ 1912 .____ 1912 *__-- 1914 1 _--- 1914
z85
15
Jan
110%
Jan
23
00
100 107
64% preferred
107 107 *105 107
108 108 *107 108 *107 108
*108 110
1312
1818 Jan 7
1558 Feb 26
10
1538 1534 1.700 Firestone Tire & Rubber
154 1578 1534 153
1612 1634 1614 1638 1558 16
5718
Preferred series A
100 91% Feb 6 9458 Feb 20
800
*9312 937
94
9338 9338 9358 9334 94
937 94
94
94
4713 Feb 2 58 Jan 7 • 4738
3,500 First National Btores__No par
50
504 50
5018 4934 5014 50
514 52
504 5118 50
12%
22% Jan 4
Florsheirn Shoe °lase A___No par
19 Feb 21
*1912 2112 *1912 2112 *1912 2112
2112 *1912 21
119
2112 *19
2
33
632 Jan 7
No par
1.500 :Follansbee Bros
"258 278
252 Jan 23
258 258 *213 3
*3
234 3
234 27
2614 2814 2,500 Food Machinery Corp
No pa, 2014 Jan 15 2814 Mar 1 37 1014
2518 2514 243 2438 2412 25
25
2514 2434 25
812
1,400 Foster-Wheeler
13
13 Feb 6 17:2 Jan 2
No par
1312 1334 13% 1312 13% 1334 13
1334 14
15
15
4414
Preferred
No par 6834 Feb 16 77 Jan 2
165
70
165
70
*65
69
*65
69
165
69
165
70
614
No Dar
700 Foundation Co
*7
734 *7
638 Feb 26 1012 Jan 7
1638 7
7% 718
78
638 7
712 712
1653
8
Jan
25
Feb
20
I
2238
2,600 Fourth Nat Invest w w
227 2278 2314 2314 2314 2314 2312 2338 2338 2338 2312 24
814
Jan
2
9 Feb 14 1312
3,600 Fox Film class A
No par
978 10
934 10
934 10
934 10
10
1012 1034 10
20
60 Fkln Simon & Co inc 7% pf__100 3514 Jan 2 45 Jan 11
*36
3612 .36
313
3612
37
37
38
38
*3612 3734 30
2013
2
Jan
26
203
8
Feb
6
Freeport
Texas
CO
10
3,300
21
2112
2118
21
21
2118 2138 2134 2118 2118
22
22
Preferred
_
100 117 Feb 8 120% Jan 22 11312
_ *11638 _ _ 111658
__ *11658 _ _ *11658 _ _ *11658
•11658
1212
Fuller (G A) prior pret___No par
1634 Jan 15 24 Jan 25
_-21
*17
22 •17
*17 -21 •17 Zi *17 -22
*17 22
5
812 Jan 7 12 Jan 24
86 26 pref
No par
110
8% 8% *712 812 1638 812 1752 812
858 838
8158 838
l's
2% Jan 3
134 Feb 16
Gabriel Co (The) el A.-No par
*138
I% 1138
*138 2
2
134 "138 134
*13
1138 2
8
913 Jan 10
8 Feb 8
No par
300 Oamewell Co (The)
8
8
8
8
8
8
8
812 812
8
8
8
538
763 Jan 4
611 Jan 31
No par
612 612 1,700 Gen Amer Investors
678 678
7
7
634 67o
631 614
68 7
6413
Preferred
No par 8434 Jan 10 8712 Feb 15
*87
90
1868 90
*8614 90
*8614 90
*8618 90
*85
90
2534
5 3418 Feb 27 3814 Jan 5
3412 3514 2,600 Gen Amer Trans Corp
35
35
3512 343 35
3512 35
3512 3618 35
12
1878 Jan 9
10 1414 Mar 1
1414 144 2,300 General Asphalt
15
15
1514 144 15
1518 15-38 15
1512 1538
312
19
Feb
General
Baking
94
Jan
15
2,300
85
8
812 812
7%
5
812 812
838 812
812 812
812 812
812
$8 preferred
No par 115 Jan 10 125 Feb 25 100
20
125 125 *12312 125 *12314 125 *12312 124 *12312 124
•124 125
5
713 Jan 8
578 Feb 27
6
614 6,2 3,200 General Bronze
614 614
57a
6
6
6
6
6%
6
6,4
214
No par
314 Jan 3
212 Feb 7
300 General Cable
212 2% .24 23
*258 3
234 234 *212 234 *212 23
414
Class A
7 Jan 3
5 Jan 29
No par
*534 61s
5
5
514 514 1,100
614
5
512 *5
512 534
14
1% cum preferred
100 23 Feb 27 2711 Jan 7
300
123
25
24
.24
27
123
23
23
24
24
*24
25
2414
No par 5013 Feb 6 8314 Jan 8
5618 5533 5512 1,200 General Cigar Inc
*57
5718 57
5614 5614 56
5718 5614 57
97
7% preferred
100 12712 Jan 2 134% Jan 4
50
132 132 "131 13312 1130 13312 13312 13312 1133 13312 *133 13312
2012 Jan 15 2514 Feb 18 8 16
No par
2278 2338 2212 2314 23
2334 2278 2318 2318 2334 2234 2314 68.600 General Electric
11
Special
II Jan 2 11 18 Jan 3
10
11332 11332 111332 1138 11,82 1118 1118 1118 11332 11 18 11532 11 18 14,218
28
No par 3234 Jan 4 3512 Feb 18
3518 3514 3434 3514 3518 3534 3478 3514 3434 3518 3438 3478 7,400 General Foods
4
Jan
14
5
8
14
Feb
25
Gen'l
1,700
Gas
&
Elee
A
No
par
14
14
14
14
*14
38
%
14
14
38
33
as
12 Feb 20 1358 Jan 18
Cony oral series A__No par
514
*8
12
1112
*1112 1212 *1112 1212 '1112 1214 "1112 1212 111
61
12 Feb 26 14 Feb 5
37 pret class A
No par
50
*11
16
16
12 •__ __ 16 .11
12
•____ 16 .____ 16
712
*12
18
1534 Jan 15 16 Jan 24
No par
*12
18
18
$8 pret clase A
*12
*13
18
.....-- 18 *__ 18
Gen Ital Edison Elee Corp
5711 Jan 2 6134 Feb 5 34 54
608 •53
6078
*60
.____ 61
608 *--- 6018 1---- 608 153
51
28
Feb
05
654
597
s
Feb
6
General
Mills
No
par
2.100
64
643
4
6514
65
6412
65
65
*64
64%
6412
6412
Preferred
10(1 110 Jan 3 1184 Feb 14 10013
1117 118 *117 118 *11712 118 *1168 118 *11718 118 '1175.118
10 2918 Feb 27 344 Jan 3 *22238
30
3034 29% 3018 2934 3018 2938 3018 2938 30313 2958 30 100,400 General Motors Corp
84
$5 preferred
No pat x10712 Jan 4 113 Jan 28
2,900
112 112
11178 112
111-58 112
1118 112
Ill7s 1121 1 112 112
814
1178
1118 Feb 7 13 Jan 10
Gen Outdoor Ad! A
No per
•8
1212 '8
12
1218 *9
1218 *9
*8
1212 *9
34
2
1
Jan
Common
314
Jan
9
No
par
400
358
338
314 3,4
314 314
*314 338
*314 338 *314
3 4 314
1013
No par
400 General Printing Ink
123
2378
23
22
2218 23
22
22
2212 22
2213 23
1758 Feb 5 244 Feb 19
50
$6 preferred
8114
9818 9918 .9814 9912 *9814 9912 *9814 100
99
No Par 9312 Jan 22 9918 Feb 26
9812 984 99
15g
Pe J31129
No par
138
15s 1,100 Gen Public Service
153 158
158
138
134
258 Jan 3
158
134 I%
158
132,
2313
23 Mar 1
30 Jan 7
1,000 Gen Railway Signal
No par
23
2412 23
*2312 2378 *23
2418 25
2413 25
*2412 29
80
Jan
30
Preferred
100
40
91
80
Jan
2
88
88
88
187
.87
88
89
89
*89
90
90
90
1
118 Feb 23
134 Jan 10
1
118 4,700 Gen Realty & Utilities
1 18
118
1,8
118
14
I%
14
118
118
118
118
10
16 Jan 5 197k Jan 10
No par
$6 preferred
400
*16% 1738 '1612 1738 1612 1612 *1612 1738
•1634 174 1634 17
81:
1634 Jan 30 2014 Jan 3
No par
2,100 General Refractories
19
1912 1912 19
1914
1914 1914 1838 194 19
19
19
714
161* Jan 15 1973 Jan 2
Voting trust certifsNo par
1858 184 1812 18% 1812 1878 183 19
194
1838 1834 3,800
19
164
60 Gen Steel Castings pret No par
1614 Feb 27 32 Jan 22
*1814 20
18
18
*1212 1912 1614 17
*15
20
21
21
1313 Feb 5 154 Jan 10 6 712
No par
137 1418 6,000 Gillette Safety Razor
1334 1414
8 14
1334 1418 13,
1414
1418 14
14
4512
Cony preferred
No par
3,300
77
7012 Jan 4 77 Feb 28
77
7612 77
7478 76
7434 75
74
7418 7414 747
212
373 Jan 4
212 Feb 25
No par
234 234 3,500 Gimbel Brother,
278 278
212 234
212 212
2% 234
*234 278
1312
274 Jan 5
Preferred
21
100 21 Mar 1
400
2312 1213 228 21
2612 "21
2112 2112 •21
*214 23
12
2333 Feb 7 2778 Feb 21
No par
4,400 Glidden Co (The)
2632 2638 261,3 2638 2612 2718 2658 27
2718 2738 2612 27
8058
Prior preferred
200
100 104% Jan 2 10838 Mar 1
107 10838
10678 107
10718 10718 10612 10712 *10634 107 •10634 107
3%
312 Feb 28
438 Jan 25
5
338 334 4.100 Gobel (Adolf)
4
418
4
4
312 334
334 378
358 334
1534
15% Feb 7 18 Jan 7
No par
17
1738 4,900 Gold Dust Corp vie
1714
1678 1718 17
1714
1718 1712 1718 1738 17
9612
$6 cony preferred
No par 114% Jan 19 11612 Feb 25
100
1115 1164 11612 11612 1113 11712 1113 11712 1113 118 *113 118
8
0 Feb 27 11% Jan 7
No par
938 9,
8 5.300 Goodrich Co (13F)
958 95
9
914
918 978
958 978
10
1018
2612
100 45 Feb 7 5412 Jan 8
2,000
Preferred
49
49
4934 49
48
48
5114 4978 497
51
5112 50
1812
2018 Feb 27 26% Jan 7
13.000 Goodyear Tire & Rubb_No par
2014 2138 2018 21
2114 2178 21
2138 2012 2112 201g 21
7912 Feb 27 92 Jan 10 "50',
No par
let preferred
800
80
80
81
7912 80 .75
82
*8214 8412 81
85
85
318
338 Feb 27
N. par
35
512 Jan 3
312
38 312 4,400 Gotham Silk Hose
312 4
378 4
4
4
318
312
3813
1 25 50 Jan 3
Preferred
100 4018 F,)
40
38
3812 '35
"34
3812 *34
'34
39
4038 41
*41
44
112
218
Mar
I
314
Jan
3
1
Graham-Palge
Motors
6,800
214
21g
214
23
8
214
23
8
212
23
8
212
25
212 212
714 Jan 7
57
4
534 Feb 25
57
57
2,600 Granby COII8 M Srn & Pr100
6
6
614
614
6
531 612
64 6%
5 Jan 7
3 Feb 27
1
3
314 34 1,600 Grand Union Co It Ws
314 314
31g
3
338 338
31 4
314
338 338
17 Feb 25 2934 Jan 3
No par
17
Cony pref series
800
17
17
17
17
17
17
17
17
17
17
18
18
23 Jan 10 23 Jan 10
No par
2073
100 Granite City Steel
*2018 24
'2018 24
*2012 24
"2018 24
*2018 23
"201g 24
30
Feb
(W
T)
No
par
25
3514
Jan
3
I
Grant
1,300
3113
3112
3114
31
304
303
4
31
32
32
31
31
31
10 Feb 28 1273 Jan 7
No par
734
1012 1012 1012 4,700 Gt Nor Iron Ore Prop
1012 1013 1012 101* 1012 10% 1012 1012 10
1138
17% Jan 7
100 1138 Feb 26
25,900 Great Northern peel
1218 13
1214 13
1212 1234
124 138s
1138 1278 1138 1238
2653 Jan 15 3134 Feb 2,3
25
3034 3038 3114 304 3112 3078 3134 3078 311 15,600 Great Western Sugar__No par
3018 3138 30
99
100 119 Jan 2 12712 Feb 26
Preferred
110
12712 12712
126 126
12612 12612 127 12712 *12712 128 *12712 128
$ per share
4614 464
4,12
34
*78
114
59
59
•12912
__
214 _-214
•1514 17
1612 1658
.1734 20
'5
5
1014 1012
1212 1212
*712 812
*6914 _
.12
1-214
22
2234
338 334
1158 2
658 638
2278 2338
137
138
.18
.412
•1012
.____
.40
*2518
*3018
48
60
1618
07
.67
*10514
1838
•102
612
8312
038
*234
3912 137
2I
138
"1614
22
6
*4%
.10
15
.17
21
*40
68
26
2518
3112 *31
518
478
*58
60
6
678
7
938
67
70
__ 10512
1-8-58 1818
__ •102
6
-6-12
8338 8312
185
34
24
4
*36
50
134
178
*17
22
412
512
.8
15
14
21
62
*58
2518 .2514
3112 31
458
478
5978 58
614 *512
93* *7
*62
67
10512 *10514
1838 1818
_ _ *102
638
-6-14
*82
84
13,3
31
2% *234
18
Greene Cananea Copper
100 34 Feb 6 35 Feb 6
50
"36
50
140
*36
50
50
1 Feb 1
24 Feb 19
No par
53
15*
158 1,500 Guantanamo Sugar
15s
mm
112
134
134
714
100 19 Feb 16 23 Feb 21
Preferred
20
2312 11614 23
2212 2214 2212 118
43 Jan 30
4
6 J an 6
100
100 Gulf Mobile & Northern
6
511 .4
.4
412 *4
6
11
100 11 Feb 7 15 Feb 18
Preferred
11
.9
*912 11
11
*9
11
14
14 Feb 26 24 Jan 8
No par
400 Gulf States Steel
112
1912
22
*16
15
15
17
2514
Preferred
100 58 Feb 27 67 Jan 11
10
60
.40
60
.40
58
58
62
1
19,
25 2114 Jan 16 2514 Feb 18
100 Hackensack Water
2512 125% 2512 *2518 2512 *2518 2512
26
7% preferred clans A
25 30 Jan 18 32 Jan 15
10
3112
3112 131
131
3112 131
31
312
433 Feb 27
614 Jan 7
No par
5,400 Hahn Dept Stores
458 5
4% 45
438 434
478
11 Jan 7
18
Preferred
100 55 Jan 15 63,
6112 1,500
5734 5812 58
56
56
58
712 Jan 2 • 314
512 Mar 1
10
400 Hall Printing
512 512
64 *512 6% 1512 63s
912 Jan 8
914 Feb 18
No par
338
Hamilton Watch Co
938
938 •7
938 *7
93* •7
20
Preferred
100 63 Jan 4 75 Jan 23
50
65
65 .63
161
*61
70
70
77
10 Hanna(M A) Co $7 pl_No par 101 Jan 2 105,2 Feb 25
_ _ •10512 107 *10512 107 *10512 107
12
1634 Jan 17 20 Feb 18
1838 1812 185* 1834 1838 18,4 1,400 Harbison-Walk Refrae-No par
1-8-14
82
Preferred
100 993 Jan 7 102 Feb 19
- _- _
*10212 _ _ 4,10212 _ _ •10212
112
7 Jan 7
Cl! 1.400 Hat Corp of America el A ....1
512 Feb 6
"6,4 _-614 -6-12 .'6'4.614 -612
-6
1412
140
6 ii% preferred
100 81 Feb 6 8614 Jan 2
83
8312 *82
8312 8312 8312 83
15.
13 Jan 8
so Jan 2
38
Havana Electric Ry Co
No par
34
34
13s
*38
34
34
224
234 Jan 20
100
24 Jan 26
Preferred
20
"234 4
.24 4
*234 4
4
For footnotes see nage 1438.
3 per share
52
34
17
%
1
334
45
63
120
128
2
8%
10% 2312
11
2438
2513
13
1038
5
93
2473
14% 2814
23
9
50
68
7
143j
2714
9
3
1012
238
1
3% 1238
7
1834
7712
30
1114
4
34% 62
107
52
98
62
84
373
2
538
4
1
31
20
23% 3512
7
11
23
30
106
87
1313 2514
024
71
53
6914
15
25
1735
2
10,2 21%
8% 22
80
55
614 1714
1712 3712
814 1712
63
20
211s 5038
11312 16013
14
3312
19%
5
113
4%
8
20
558
11'2
87
73
43%
30
2813
12
6% 1438
100
108,2
5
1018
618
214
414 12
1413 33
598
27
97
12712
16% 254
1238
11
28
36%
34
1%
614 19
21
11
22
13
6218
60
6412
11
103
118
2458 42
3914 100
858 21
638
314
1012 3512
7338 96
5%
2
2312 4534
90
10112
3%
1
2638
10
1013 2338
10
20
17% 4812
813 14%
72
47
2%
6%
164 30
II', 2838
33
10712
3%
912
16
23
06% 120
18
.408 6234
1$12 4138
8614
64
1138
37s
3812 71%
pg
412
1338
4
4
8%
40
23
3115
21
33
4014
312 154
1214 33,2
25
3514
11838
102
59
18
34
34
714 31
1614
5
12
3534
1514 42
83
47
2013 2614
31
27
311
84
2514 6313
954
319
333 11%
63
25
84
10134
2438
13
100
87
758
1%
1934 02
28
1 12
812
3
New York Stock Record-Continued-Page 5
Volume 140
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Feb. 23
Monday
Feb. 25
Tuesday
Feb. 26
Wednesday
Feb. 27
Thursday
Feb. 28
Friday
Mar. I
Sales
for
the
Week
$ Per share $ Per share $ per share $ per share S per share $ per share Shares
*234 24
234
234
212 234
214
214
232 24
24 232
1,600
9412 9412 93
93
94
93
94
94
1,200
9214 9334 *9214 94
*125 132 .128 132 *128 132 *129 1354 *13014 13134 *13014 132
*1451,14712 14712 150 *14514 150 .146 150
150 150 *150 _ .
140
*14
154 *13
1512 *1234 15
*13
*1212 1514
15
*13
15
*7434 7534 7412 75
75
75
75
76
75
75
*75
7634
700
.12458 12434 12412 1244 124 12414 123 12312 122 12234 *12212 12412
540
.7812 80 .7812 80
7812 7818 *78
80
78
80
78
*78
200
1054 1054 •105 107
10534 10534 *1054 107 .1054 107 *1004 107
200
*74 772
'74 74
732 712 1,100
714
712 74
712
712 734
9
Ms
834 834
9
9
852 852
814 814
814 814
800
*335 305 *340 375
375 375
370 370
366 370
365 380
1,300
33
*3134 3314 33
3134 3212 31
3114 32
3218 *3134 334
1,600
818 8%
812 812
818 812
74 84
84 832
772 8
12,900
56
*54
.5212 55
*5412 56
5434 5434 5414 56
*5312 5534
400
*1312 1412 1412 1412 1412 1418 *1334 1412 *134 1414
.144 16
200
•234 3
234 234 *234 24
234 234 *234 3
600
234 234
4714 4714 4612 47
4512 464 4512 47
4834 4,300
4612 4812 46
*4
472 *414 434
34 4
1,600
234 34
34 34
24 3
*9
10
09
912
852 914
84 814
812 812 •818 9
700
10,900
94 1014
912 94
94 10
9
94
94 934
914 912
2
238 212
214
24 238
2
24 214
218
214
214 10,700
1014 1112 114 1134 1112 12
12
1212 1134 12
934 12
13,800
•17
164 1672 •1614 19
19
017
19
*164 18
18
18
200
51
5134 50
50
50
•49
50
51
St
5134 •4S
50
80
07
.758 812 *7
9
9
7
7
*7
8
40
*6
6'z
238 218 .238 212 *214 21
.214 234 0214 234
238 232
400
3112 3212 3052 3114 3012 3114 3038 31
304 3114 31
3132 14,200
6912 6912 6912 6912 69
63
*6514 69
69
6912 6912 *66
700
118 118 *116 120 *118 120
•113 120
120 120 .116. _
60
52
5214 5214 52
52
52
5112 52
52
5214 5214 -5212
1,900
3
3
3
3
234 27s
212 214
212 212
1,900
212 3
*432 434
412 412
432 412
432 432
414 432
4
414 2,500
1412 1434
1412 1434 1432 1412 14
1414 14
14
1414 1414 3,600
*34 434
34 334 *334 5
*334 5
*334 5
•352 47i .358 44 .3,
8 44 .34 44 •34 44
*14
16
16
16
18
1634 01414 1512 *1414 1512
212 212
214 238
24 214
2
24 .218 212
54 94
534 534
512 54 *518 54
532 54
4
4
4
4
314 4
314 34
334 334
38
38
*37
3614 3712 *361s 38
31)
*3612 38
*159 15912 1584 15834 157 157
15714 15812 159 159
54 54
5
5'8
434 44
412 478
452 434
284 2752 27
27
27
27
2634 2634 2658 27
3832 3912 3832 3912 3834 3934 384 3934 3912 3934
*13812 13934 •13812 13958 *13812 13958 13812 14014 *141 142
24 214
2
214
2
218
134 24
14 2
24 234 .234 272
252 234
258 232
252 234
2334 24
2314 234 2314 234 223
234 2332 234
*12512 1281 *12634 12812 12634 12634 .12514 12812 •12578 128)2
2
7s
2
7
.79
*4
3
*58
14
2
178
*72
*52
652
2314
10038
*30
44
*20
*6714
734
1134
*72
*612
14
1
.34 5
*358 472
15
1512
*212 3
512
5's
334 314
*3612 38
15912 161
*412
2612
3912
142
112
•252
2314
12612
434
2612
40
142
134
234
24
12612
172 178
----178 2
1
78
78
.34
*34
1
58
134
34
04
59
34
64 8
612
719
658 7
714 778
64 7
2314 231 *2314
2312 23)3 2334 2414 2438' 2412
231
10032 1004 1004
101
*9952 101
100 101
•9952 101
•30
304 .30
304 3018
304 30
30¼ 30
30
4412 4412 44
4414 4334 4334 44
44
44
4412
.20
23
.2014
2232 .20
22
21
23
22
•20
*67
704 .67
70
*6714 70
6912 6912 *6814 71
8
84
778
812
712 8
752 778
74 8
1112 1134
1138
1218
1134 1172 12
1112 12
12
•72
84
*72
841g *72
8412 072
8418 *72
8418
*852 7
7
7
672 7
74
*612 7
7
*3312 3412 .3312 3412 34
34
3372 3372 3314 3312 33
3314
115 115 *115.___ *115
_ •115
_ .*115
_ _ 115 115
*5612 57
5572 554 5534 -553-4 5612 -5i
5634 -56% 5612 57
4634 51
4812 4912 48
50
4614 48
4512 4634
4634 48
12134 1214 •120 12178 120 121 •120 122
122 122
12212 123
.135 175 .135 175 *140 175 *135 175 *135 175 .135 175
,
4 6112 61
613* 6138 60
61
6014 61
624
*61
6412 *61
•11552
__ *11552
-- •11552 . __ 1154 11558 11552 1154 *116 .. _
.632 _-7
.612 _-7
*(112 -612
612 614
-7-12
64 613 *6
*812 1012 *914 912
914 94
9
9
*8
9
*7's 9
872 84
858 852
812 84
812 852 *812 87g
834 834
1752 1752 1712 1712 1712 1732 1714 1738 1733 1734 *17
1778
.33
40 .33
40
*33
40 .33
40 .33
40
*33
40
112 112
132 152
Ds
132
14
114
114
132
114
132
11
11
1012 1012
9
972
8
812
81g
834 *812 912
.6
0
.6
9
*6
9
*5
9
*5
0
•5
612
*314 5
*314 5
•34 5
.314 452 .314
452
314 314
1632 1634
1672 1714
1614 1634
1614 1612 1612 1634 1634 164
*9312 95
*9312 95
95
95
95
95
9312 95
*9312 9478
1632 1634 1512 16
1514 16
1512 1572 1532 16
1512 16
*1012 1114 1034 104 1012 1012 *104 1114 1058 1052 1014 1014
*4
5
*4
5
*414 5
432 438 *4
5
*4
5
*2812 29
29
29
•2614 29
28
28
*27
32
*284 314
2052 2118 21
2052 21
2114 2072 21
207s 211g
2059 2072
.107 109 .10712 109
109 109
109 109
10934 11012 *10712 ItO'z
*358 412 *3
4
.3
4
.3
4
*3
4
.3
412
55
65
55
56
56
56
55
5512 554 .55
5614 5614
.59
6314 *594 65
*60
62
*5934 65
6114 6114 *60
6114
2413 2334 24
2472 254 24
2312 24
2334 24
2338 2384
18
.15
*15
18
18
*16
*15
17
15
15
15
15
.2612 28
*2612 28
2618 261g *2014 26
.2014 26
*2014 28
28
2734 2814 2734 28
28
2758 2734 2734 2734 2712 277s
•7
778 *7
73
•7
73
.7
8
*7
7
7
72
12
1l34 1124
11
1112 1034 1034 *1114 12
12
1112 1112
144 144 1414 141 •1334 143 .134 15
*1312 15
*13
15
99
9734 973
*95
0814 9814 098
90
98
98 .98
9912
8
814
7)4
714 8
614
634
65* 7
714
65s 714
2
21
2
2
172 178
172
172
172
14
914
*834
10
9
10
812 9
J'2
914 914
814
878
7114 7114 7014 711
72
72
6912 7014 7014 7012 704 7012
*1512 1612 1514 1512 1514 1514 1534 1534
1572 1572 *1534 16
28
2812 2712 2814 2752 2812 22612 2712 2634 27
2634 27
22
22
2252 22
*22
221 *224 2212 2214 2212 2214 2212
104 104 *10212 105 .10312 104
10312 10312 10412 10412 .10412 106
1054 10614 105 1054 104 105
106 107
1054 1064 106 10614
45412 ----•1541s ---- .1544 --- •155 160 *156 160 .15612 160
18
.1814 1812 1814 1814
1812 18
1858 1852 .18
18
1812
*1612 1612 .1614 1612 1634 1634
1612 17
18
1712 1712 *17
01912 2212 •1912 2218 *21
2112 1912 1912 *1812 21
21
21
2714 2714 2634 2712 2634 27
*2614 27
27
27
*2612 2714
3412 3512 3412 3512 3418 347g 3512 3534 354 36
3472 36
10414 10414 10414 10414 104 10412 10414 10412 *10372 10412 10412 10412
114
114
114
14
14
14
14 14
114
132 *114
112
2
2
*134 2
134
14
134 134
*134 2
134
178
3512 3552 3514 3514 3112 3412 3412 3412 3512 3512 35
35
12812 12812 12812 12812 12812 12812 12734 128
129 129
12712 12712
1978 2014
2014
1972 2014 2018 2014 20
2018 2012 20
2014
130 130
130 130
130 130 *125 130
13012 132
13112 132
1
112
lls
1
Ds
1
114
1
14
1
*1
118
012 1058 *912 12
912 934
752 9
814 814 •9
958
124 134 124 1234 *1272 13'2 21214 1214
13
13 .123s 1312
4018 39
3912 39'2 40
4012 421
4034 3914 3914 4012 4013
153
, i5'2 15
1412 15
*15
15
1532 1514 1512
1534 19
102 102 *10012 10114 10012 10012 09872 101
•102 104
•9978 101
4414 4414 4412 4412 4434 4434 .444 45
45
45
45
451
____ 11612 11612 *1164
_ •11734 ..._
.116 -- •116 ---_ •116
1
34
7
2434
1004
304
4412
2272
70
8
12
8412
7
For footnotes see page 1438.
34
STOCKS
NEW YORK STOCK
EXCHANGE
1443
Range Since Jan. 1
On Basis of 100-share Lots
Lowest
1
Highest
July 1
1933 to Range for
Feb. 28 Year 11.34
1935
H)
Loto I'm
$ per shard 8 per sta
Par 8 per share
2
214 Feb 27
Hayes Body Corp
372 Jan 2 3' 134
Hazel-Atlas Glass Co
25 85 Jan 2 9412 Feb 23
65
Helme (0 W)
94
26 127 Jan 5 130 Jan 9
Preterred
100 14212 Jan 10 150 Feb 25 120
Hercules Motors
11 Jan 8 16 Feb 20
No par
54
Hercules Powder
40
No par 7314 Feb 4 7752 Jan 8
$7 cum preferred
100 122 Feb 9 125 Jan 2 10418
Hershey Chocolate
44
No par 7312 Jan 2 8134 Jan 19
Cony preferred
No par 104 Jan 25 107 Jan 9
80
Holland Furnace
714 Feb 26
4
No par
94 Jan 7
Hollander & Sons (A)
814 Feb 28 11 Jan 2
54
5
Homestake Mining
100 338 Feb 5 39112 Jan 7 200
Houdaille-Hershey el A __No par 31 Jan 12 3634 Jan 25 * 7
Class B
912 Feb 19
212
No par
714 Jan 15
Household Finance part pf___ 50 49 Jan 2 56 Feb 26
43
Houston Oil of Tex tern cas_100 14 Feb 6 1734 Jan 2
1212
Voting trust ctts new
212
24 Feb 16
33s Jan 4
25
Howe Sound v t a
20
5 43 Jan 15 5212 Jan 31
Hudson & Manhattan
512 Jan 211
234
100
234 Feb 27
Preferred
814
814 Feb 27 134 Jan 211
100
Hudson Motor Car
No par
84 Feb 6 1234 Jan 7 31 6
Hupp Motor Car Corp
378 Jan 7
172
10
2 Feb 26
Illinois Central
934
1714 Jan 7
100
934 Feb 26
6% pref series A
1672
100 1672 Feb 26 2334 Jan 4
4612
Leased lines
5712 Jan 10
100 50 Feb 2RR Sec etfs series A--__1000
7
7 Feb 27 10 Jan 4
Indian Refining
10
214 Feb 6
21 1
212 Jan 2
Industrial Rayon
No par 3014 Jan 11 33 Jan 7 36 1314
Ingersoll Rand
45
No per 65 Jan 28 7012 Feb 20
Preferred
100 109 Jan 7 120 Feb 2S 105
Inland Steel
26
No par 504 Jan 16 554 Jan 2
212 Feb 24
Inspiration Cons Copper
212
20
372 Jan 8
Insuranshares Ctfs Inc
2
478 Feb 14
4 Mar 1
I
t1ntero,ro RapidTran v $0 __100 124 Jan 15 1612 Feb 19
512
Certificates
5
No Pa"
2
432 Jan 23
34 Feb 25
80 Internet Rye of Cent Amer_ _100
Certificates
No par
34 Feb 16
5 Jan 3
212
Preferred
100
16 Mar 1
50
64
1812 Jan 10
1,800 Intercont'l Rubber
2
No par
3 Jan 7
2 Feb 27
4
7 Jan 7
1,000 Interlake Iron
518Mar 1
No par
2,801 Internal Agricul
334 Feb 26
No par
5 Jan 2
112
Prior preferred
300
100 3312 Jan 15 424 Jan 25
10
1.900 Int Business Macbines--No Par 14912 Jan 15 16112 Feb 18 12534
4
1,800 Internal Carriers Ltd
412 Feb 27
652 Jan 8
1
3,400 International Cement____No par 2614 Feb 5 33 Jan 7
1835
13,400 Internet Harvester
2314
Vo par 3714 Jan 15 4372 Jan 2
500
Preferred
100 135 Jan 2 142 Mar 1 110
3,300 Int Hydro-El Sys el A
112 Mar 1
25
272 Jan 9
134
1.200 lot Mercantile Marine___No par
2
214 Jan 15
312 Feb 20
25,200 Int Nickel of Canada____,Vo par 2214 Jan 15 2412 Feb 18 23 14¼
500
Preferred
100 125 Feb 8 12634 Feb 19 101
Internal Paper 7% prof
814
100
1,200 Inter Pap & Pow el A____No par
3 Jan 8
172 Feb 2'
14
73
300
Class 13
No par
132 Jan 7
72 Feb 9
Class C
1,000
52 Feb 21
No par
118 Jan 19
4
5,400
612
612 Feb 25 12 Jan 7
Preferred
100
1,300 1nt Printing Ink Corp_--No par 2112 Jan 15 2412 Mar 1
9
170
Preferred
65
100 9812 Jan 2 101 Feb 26
300 Interruttlonal Salt
20
No par 29 Jan 21
3112 Jan 4
1,900 International Shoe
38
No par 4334 Feb 27 4514 Jan 10
19
28 Jan 4
100 21 Mar 1
300 International Silver
100 6912 Mar 28 75 Jan 3
60
77 preferred
40
21,800 Inter Telep & Teleg
712
No par
972 Jan 10
712 Feb 27
2,900 Interstate Dept Stores_No par
10 Feb 5 1234 Jan 7
234
Preferred
1614
100 75 Jan 29 844 Jan 7
434
74 Mar 1
1,100 Intertype Corp
No par
614 Jan 10
2034
1
31 Feb 7 36 Jan 8
900 Island. Creek Coal
50
85
Preferred
1 110 Jan 22 115 Feb 19
26
No par
5358 Feb 6 57 Jan 7
700 Jewel Tea Inc
12,900 Johns-Manville
4512 Mar 1
No par
5734 Jan 7
3612
87
Preferred
100 120 Feb 26 125 Jan 4
220
Joliet & Chic RR Co 7% gtd_100 130 Feb 19 130 Feb 19 115
45
320 Jones & Laugh Steel pref.-100 5612 Jan 2 73 Jan 23
9772
60 Kansas City P & L pf ser BNo par 11558 Feb 27 11558 Feb 27
500 Karma City Southern
643 Feb 27
64
100
84 Jan 7
9
300
9 Feb 27 1312 Jan 7
100
Preferred
514
872 Feb 18
2,500 Kaufmann Dept Stores $12.-50
712 Feb 6
12
6 1534 Jan 17 19 Feb 19
1,900 Kayser (J) a, CO
Kelth-Albee-Orpheum prat _100
15
1
7,100 :Kelly-Springtield,Tire
232 Jan 17
Ds Feb 26
6
1,400
713 Jan 2 1332 Jan 17
6% preferred
6
No par
212
Kelsey Hayes Wheel oonv.c1A__I
712 Jan 11
6 Jan 25
14
100
Class 13
412 Jan 2
1
314 Mar 1
1
Cs
6,000 Kelvinator Corp
1552 Feb 7 1814 Jan 9 ‘
No par
55 •
50 Kendall Co IR pf ser A_ No par 9034 Jan 8 95 Jan 29
31,100 Kennecott Copper
1512
No par
1832 Jan 7
1512 Feb 27
400 Kimberly-Clark
932
No par 1012 Jan 15 11 Jan 8
100 Kinney Co
214
4 Feb 6
No par
532 Jan 3
30
Preferred
12
No par 28 Feb 27 38 Jan 23
9,800 Kresge (3 5) Co
1014
10 2012 Jan 15 22 Feb 18
120
7% preferred
9914
100 10612 Jan 16 112 Jan 4
Kresge Dept Stores
2
No par
4 Jan 17
312 Jan 15
130
Preferred
12
100 42 Jan 11 5614 Mar 1
100 Kress (S ID & Co
2734
No par 60 Jan 29 6912 Jan 7
9,100 Kroger Groc & Bak
19
No par 234 Mar 1
2834 Jan 2
90 Laclede Gas Lt Co St Louis __100 15 Mar 28 21 Jan 12
15
10
5% preferred
26%
100 264 Feb 26 31 Jan 24
1,600 Lambert Co (The)
1932
No par
2634 Feb 6 2812 Jan 8
100 Lane Bryant
418
No par
9 Jan 3
64 Feb 13
1,000 Lee Rubber & Tire
54
6 104 Feb 27 1272 Jan 7
200 Lehigh Portland Cement
9
60 14 Feb 6 1732 Jan 7
40
7% preferred
73
100 894 Jan 3 99 Feb 20
5,600 Lehigh Valley RR
614
50
614 Feb 26 1112 Jan 7
2,800 Lehigh Valley Coal
172 Feb 27
172
No par
24 Jan 4
2,000
Preferred
4
1212 Jan 23
814 Mar 1
50
2,900 Lehman Corp (The)
5854
No par 6912 Jan 17 7434 Feb 19
900 Lam & Fink Prod CO
1112
1714 Jan 25
5 1514 Feb 27
9,700 Libby Owens Ford Glass__ Nowt 226 12 Feb 27 324 Jan 2
21
1,500 Life Savers Corp
154
5 2112 Jan 17 23 Jan 3
300 Liggett & Myers Tobacco_26 102 Jan 15 10712 Jan 4
714
3.900
Series B
7314
25 102 Jan 15 10912 Jan 4
Preferred
100 15112 Jan 30 156 Feb 19 123
600 Lily Tulip Cup Corp__No pa
1414
17 Feb 5 1914 Jan 31
500 Lima Locomot orka„--No par 1612 Feb 26 2412 Jan 5
1514
200 Link Belt Co
1112
No par
1714 Jan 16 22 Feb 16
1,200 Liquid Carbonic
1618
No par 2514 Feb 6 304 Jan 8
24,600 Loew's Incorporated
No par 3114 Feb 7 364 Feb 18
1912
800
Preferred
66
No par 102 Feb 1 10458 Jan 8
1.700 Loft Incorporated
Vo par
114
134 Jan 2
114 Jan 24
700 Long Bell Lumber A
No par
1
212 Feb 14
152 Jan 21
800 Loose-Wiles Biscuit
25 3412 Jan 28 364 Feb 20
3314
170
7% 1st preferred
100 126 Jan 30 129 Feb 23 116
9,200 Lorillard (P) Co
10 19 Jan 15 2132 Jan 3
1434
420
7% preferred
100 130 Feb 18 13512 Jan 25
9812
1.300 Loubilana 011
54
Vo par
1 Jan 4
172 Jan 7
210
Preferred
100
752 Feb 27
1412 Jan 8
8
1,000 LouLsville Gas & El A___No par 21214 Feb 27
1412 Jan 10
12
1,700 Louisville & Nashville
100 39 Feb 6 4712 Jan 7
344
1,700 Ludlum Steel
1
1412 Feb 27 1814 Jan 8
712
200
Cony preferred
No par 9014 Jan 4 103 Feb 18
50
900 MacAndrews & Forbes
10 40 Jan 24 48 Feb 19
21
10
67 preferred
100 113 Feb 8 11612 Feb 27
8752
100
204
$ per share
114
64
74
984
101
145
12312 153
5'4
1212
59
814
111
12534
484 7334
83
10512
434
1014
534 13
310 243012
Il
34
24
872
43
54
1212 394
212
552
3512 574
4
124
9
264
64 2414
172
74
1352 3872
21
50
4834 66
712 244
434
232
1932 3214
4912 7354
105
11634
344 56
252
672
24
432
bli 174
612 1212
2
7
212
632
732 2234
24
572
4
114
2
612
15
3714
131
164
44 1211
1832 374
2314 4072
110
137
212
915
2
8
21
294
11534 130
10
25
2
612
7,
52
812
9
156
21
38
19
59
712
312
2158
552
2404
90
33
39
101
135
45
974
64
104
6
1372
20
1
5
3
232
31,
24
247s
2512
101,
32
501
/
4
494
8412
1734
1634
8112
10
36
11012
574
66
121
140
7712
1144
1912
2732
1012
1812
3712
4
20
10
73,
204
114
6512 94
231.
16
972 184
3
74
1312 41
1332 2234
101 2114
212
714
55
19
36
654
234 334
20
634
27
60
2214 314
5
1414
7
144
11
20
7352 90
912 214
212
5
6
1632
8414 78
1112 234
2212 4372
1712 24
73
110
7412 11114
129
1524
16
2612
1514 3614
11 12 194
1618 3558
2078 37
72
105
112
3
3
1
3314 24434
11934 12812
154 2212
102 2130
4
34
74 2312
21
12
3734 6212
814
1912
60
97
30
4214
95
1114
204 33
New York Stock Record-Continued-Page 6
1444
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Feb. 23
Monday ' Tuesday
Feb. 26
Feb. 25
Wednesday
Feb. 27
Thursday
Feb. 28
Friday
Mar. 1
i per share $ per share 3 per share $ per share 3 per share 5 per share
2412 2478 2412 2458 2314 2414
26
25
2614 2512 26
26
3714
3738 3614 37
3634 3714 37
3814 3878 3714 3734 37
6
612 *618 6'2 •618 612
612
634 634 *6
634 '6
21
2078 21
2012 21
•2012 2078 *2012 2078 2012 2114
21
112
112 *114
138
112
112 112
112
134
*112
112 112
1212
*10
13
934 1034 *10
*1118 1212 1118 1118 1018 1018
138
158 *114
158 *114
134 *114
152 *114
158 158 *114
5
5
514
514
514
5
514 614
512 6
•414 514
0434 614 •434 714 *434 612 *434 714 *478 714 *434 7,4
*30
3612
*3312 39
*3312 39
*3012 39
*3312 39
*3312 39
1812 19
19
2038 19
20
1912 1814 1912 1814 1912 19
*1138 1212 .1138 1212 *1134 1212 '1134 1212 *1134 1212 *1134 12,4
1
1
1N
*1
2
112 01
01
2
01
1
1
5
47s
478 5
478 5
5
5
434 5
514
*5
578 6
6
6
578 6
614
61 1
6
6
618 614
1
•12
34
012
ps
*12
12
12
34
012
34
0,2
*513 434 *512 434 *112 434 *i12 434 *112 04 0112 484
4
334
514
*4
5
*4
5
412
3
53
8
53
4
53
*538
*114 2
*114 2
*114 3
*114 2
*114 2
'114 2
22
22
*2134 22
22
2278 2312 2212 2234 2212 2212 *19
758 734
734 818
778 814
734 734
734 8
812
8
812
*712
8
8
8
*758 812 *712 812
858
8
*8
2712 x2578 2658
2714 27
2612 2758 2618 2634 2612 2678 27
14412 14412 *14412 149 *14314 149
*144 149 *14412 149 *14412 148
4034 4034
*4034 42
*4038 42
42
4118 4114 4112 4112 .41
618 638
618 618
618
6
614 614
618 618
*614 812
37N 3814
3712 38
38
38
38
38
39
3912 *38
39
*35
37
37
40
3612
035
40
*35
40
*35
40
*35
90
*81
90
•82
90
91
*8018 91
91
9012 9012 91
3114 31N
3012 3114 3114 3112 3112 3112 3114 31N 3138 32
934 10
1018
10
918 10
914 10
912 10
978 10
•834 878
9
9
8N 9
812
8
*834 914
9
9
67
*65
68
*64
66
65
63
63
66
*64
68
*64
812
812 812 *8
0712 812 *712 812 *712 812 *712 812
451
4212 4314 43
*4118 4112 4114 43
4214 4114 42
42
9712 9712 9712 9734 9812 9812
98
98
*9814 99
9712 99
712 734
732 712
712
714
712 752
712 752
712 712
*4114 4112 4114 4212 4112 4318 4212 4318 4234 4234 4212 4312
1314
13
1314
13
1258 13
1234 13
1314 1234 13
13
*8914 93
*8914 93
8914 8914 *891f) 93
*8913 93
*8914 93
4312 4312 4358 4334 4334
4438 *43
43
4518 4512 4414 45
334 3N
334 4
378 4
418
4
412
418 418 *4
28
3012 28
*28
28
2812 2912 28
*2912 31
30
30
*2212 25
*2212 25
*2212 25
30
*22
23
23
*2014 30
2912 2918 2938 295* 3018
2912 29
2938 29
2918 2978 29
*2712 2814 *27N 2814 2714 2714 *2738 2814
2814 28
*28
28
3
238 234
3
278 3
234 278
278 278
278 278
1034 1078 1078 1078 1118 1114
1118 1078 11
1114 11
11
1012 1012 1138 1138 *1058 1112
1112 107 11
118 1178 11
61
62
6114 6112 61
6358 6212 6212 62
*6312 6414 63
70
6912 *6712 6814 6814 6834 8812 8812 6812 6834 70
69
•106 10712 *106 10712 *106 10712 '106 10712 10634 1071e
_
•106
413 438
412 412
412
414
438 438
438 458
412 lig
36
3614 3312 3312 3418 3558 *35
*33
37
*33
*3512 39
14
14
14
14
38
*14
38
14
38
*14
38
*14
1
834
1
*34
1
1
*34
1
*34
*34
*34 1
112
114 *1
114
1N
112
178 *114
114 •114
*114
114
2
IN
2
2
*134 214 •134 2
134 218
*218 214
314 312
338 358
312
3
35* 334
3,8 312
312 358
678 8
814
8
614 714
718 778
734
814 834
714
*11
@FedFRASER